MIRA INFORM REPORT
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Report No. : |
353435 |
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Report Date : |
09.12.2015 |
IDENTIFICATION DETAILS
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Name : |
SHENZHEN
KEXIN COMMUNICATION TECHNOLOGY CO., LTD. |
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Registered Office : |
Building 1, Kexin Community, Huiye Road South, Hi-Tech Industrial Park, Tangjia Community, Gongming Office, Guangming New Zone, Shenzhen City, Guangdong Province 210019 Pr |
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Country : |
China |
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Financials (as on) : |
30.06.2014 |
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Date of Incorporation : |
28.08.2001 |
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Com. Reg. No.: |
440301102944993 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Subject includes R
& D, manufacture and sales of communication network wiring equipment,
optical devices, broadband access network equipment; R & D, manufacture
and sales of communication base station, data center, data center room
cabinet and air conditioning and energy-saving equipment, communication power
supply and power distribution equipment, radio communications tower mast
steel structure; R & D, manufacture and sales of communications test,
monitoring, management equipment and communication construction tools; development,
sales and technology transfer of communications test, monitoring, management
software technology; design, construction, maintenance of communication and
communication network engineering, pipeline engineering, intelligent building
engineering, security engineering, integrated wiring project (excluding those
prohibited by law); consultation and technical service, sales, installation,
commissioning, maintenance and repair of communication equipment, electronic
products, radio and television equipment and computer software and hardware
information; import and export business (excluding those prohibited by law).
Licensed business items: impacted by environment of construction project. |
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No. of Employees : |
981 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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China |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
CHINA - ECONOMIC OVERVIEW
Since the late 1970s China has moved from a closed, centrally planned system to a more market-oriented one that plays a major global role - in 2010 China became the world's largest exporter. Reforms began with the phasing out of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, growth of the private sector, development of stock markets and a modern banking system, and opening to foreign trade and investment. China has implemented reforms in a gradualist fashion. In recent years, China has renewed its support for state-owned enterprises in sectors considered important to "economic security," explicitly looking to foster globally competitive industries. The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2014 stood as the largest economy in the world, surpassing the US for the first time in modern history. Still, China's per capita income is below the world average.
After keeping its currency tightly linked to the US dollar for years, in July 2005 China moved to an exchange rate system that references a basket of currencies. From mid-2005 to late 2008 cumulative appreciation of the renminbi against the US dollar was more than 20%, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing allowed resumption of a gradual appreciation. In 2014 the People’s Bank of China (PBOC) doubled the daily trading band within which the RMB is permitted to fluctuate.
The Chinese government faces numerous economic challenges, including: (a) reducing its high domestic savings rate and correspondingly low domestic consumption; (b) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and increasing numbers of college graduates; (c) reducing corruption and other economic crimes; and (d) containing environmental damage and social strife related to the economy's rapid transformation. Economic development has progressed further in coastal provinces than in the interior, and by 2014 more than 274 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of population control policy is that China is now one of the most rapidly aging countries in the world. Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the North - is another long-term problem. China continues to lose arable land because of erosion and economic development. The Chinese government is seeking to add energy production capacity from sources other than coal and oil, focusing on nuclear and alternative energy development.
Several factors are converging to slow China's growth, including debt overhang from its credit-fueled stimulus program, industrial overcapacity, inefficient allocation of capital by state-owned banks, and the slow recovery of China's trading partners. The government's 12th Five-Year Plan, adopted in March 2011 and reiterated at the Communist Party's "Third Plenum" meeting in November 2013, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent in the future on fixed investments, exports, and heavy industry. However, China has made only marginal progress toward these rebalancing goals. The new government of President XI Jinping has signaled a greater willingness to undertake reforms that focus on China's long-term economic health, including giving the market a more decisive role in allocating resources. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China also implemented several economic reforms in 2014, including passing legislation to allow local governments to issue bonds, opening several state-owned enterprises to further private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
|
Source
: CIA |
Company
Name and address
SHENZHEN KEXIN COMMUNICATION TECHNOLOGY CO., LTD.
BUILDING 1, KEXIN COMMUNITY,
HUIYE ROAD SOUTH, HI-TECH INDUSTRIAL PARK, TANGJIA COMMUNITY, GONGMING OFFICE, GUANGMING
NEW ZONE, SHENZHEN CITY, GUANGDONG PROVINCE 210019 PR CHINA
TEL: 86 (0) 755-29893456
FAX: 86 (0) 755-29891702
EXECUTIVE
SUMMARY
Date
of Registration :
AUGUST 28, 2001
REGISTRATION
NO. :
440301102944993
LEGAL
FORM : SHARES LIMITED Company
REGISTERED
CAPITAL : CNY 120,000,000
staff :
981
BUSINESS
CATEGORY : developing & MANUFACTURING & TRADING
REVENUE :
CNY 185,807,000 (From Jan. 1,
2014 to Jun. 30, 2014)
EQUITIES :
CNY 245,738,000 (As Of Jun. 30, 2014)
WEBSITE : www.szkexin.com.cn
E-MAIL :
szkexin@szkexin.com.cn
PAYMENT
:
AVERAGE
MARKET
CONDITION :
COMPETITIVE
FINANCIAL
CONDITION : fairly
stable
OPERATIONAL
TREND : fairly STEADY
GENERAL
REPUTATION : AVERAGE
EXCHANGE
RATE : CNY
6.41 = USD 1
Adopted
abbreviations (as follows)
SC - Subject Company (the company inquired by you)
N/A – Not available
CNY – China Yuan Ren Min Bi
OPERATIONAL
TREND & GENERAL REPUTATION
This section aims
at indicating the relative positions of SC in respect of its operational trend
& general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be
determined
LEGAL STATUS
& HISTORY
SC was established as a limited liabilities
company of PRC on August 28, 2001.
However, SC changed to present legal form, and was registered as shares limited
company of PRC with State Administration of Industry & Commerce (SAIC)
under registration No.: 440301102944993
in 2012.
SC’s Organization Code Certificate No.: 73113302-6
SC’s Tax No.: 440301731133026
SC’s registered capital: CNY 120,000,000
SC’s paid-in capital: CNY 120,000,000
Registration
Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2010-6-28 |
Legal Representative |
Tang Jianan |
Zhang Fengfeng |
|
2011-9-30 |
Legal Representative |
Zhang Fengfeng |
Chen Dengzhi |
|
2011-12-23 |
Registered Capital |
CNY 10,200,000 |
CNY 12,371,133 |
|
2012-7-27 |
Registered Capital |
CNY 12,371,133 |
CNY 13,745,703 |
|
2012-7-31 |
Registered Capital |
CNY 13,745,703 |
CNY 60,000,000 |
|
2012-10-24 |
Registered Capital |
CNY 60,000,000 |
CNY 100,000,000 |
|
Company Name |
Shenzhen Kexin Communication Technology Co.,
Ltd. |
Shenzhen Kexin Communication Technology Co.,
Ltd. |
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|
Legal Form |
Limited Liabilities Company |
Shares Limited Company |
|
|
2014-6-18 |
Registered
Capital |
CNY 100,000,000 |
CNY 120,000,000 |
Current Co
search indicates SC’s shareholders & chief executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Zhang Fengfeng |
18.85 |
|
Chen Dengzhi |
16.84 |
|
Zhong Hengxing |
13.09 |
|
Zeng Xianqi |
12.61 |
|
Other Shareholders |
38.61 |
SC’s Chief
Executives:-
|
Position |
Name |
|
Legal Representative, Chairman and General
Manager |
Chen
Dengzhi |
|
Director |
Wen Chunyi |
|
Wang Qiwen |
|
|
Zhang Lin |
|
|
Zeng Xianqi |
|
|
Zhang Fengfeng |
|
|
Ding Yougang |
|
|
Tian Yanqun |
|
|
Liu Ziping |
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|
Supervisor |
Ouyang Xingtao |
|
Pan Meiyong |
|
|
Chen Xu |
RECENT
DEVELOPMENT
No recent
development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Zhang Fengfeng 18.85
Chen Dengzhi 16.84
Zhong Hengxing 13.09
Zeng Xianqi 12.61
Other Shareholders 38.61
MANAGEMENT
Chen Dengzhi, Legal
Representative, Chairman and General Manager
------------------------------------------------------------------------------------------------------
Ø
Gender:
M
Ø
Age: 42
Ø Qualification: University
Ø Working experience
(s):
At present, working in SC as legal
representative, chairman and general manager
Director
-----------
Wen Chunyi
Wang Qiwen
Zhang Lin
Zeng Xianqi
Zhang Fengfeng
Ding Yougang
Tian Yanqun
Liu Ziping
Supervisor
--------------
Ouyang Xingtao
Pan Meiyong
Chen Xu
BUSINESS
OPERATION
SC’s registered business scope includes R & D, manufacture and sales of communication network wiring
equipment, optical devices, broadband access network equipment; R & D,
manufacture and sales of communication base station, data center, data center
room cabinet and air conditioning and energy-saving equipment, communication
power supply and power distribution equipment, radio communications tower mast
steel structure; R & D, manufacture and sales of communications test,
monitoring, management equipment and communication construction tools;
development, sales and technology transfer of communications test, monitoring,
management software technology; design, construction, maintenance of communication
and communication network engineering, pipeline engineering, intelligent
building engineering, security engineering, integrated wiring project
(excluding those prohibited by law); consultation and technical service, sales,
installation, commissioning, maintenance and repair of communication equipment,
electronic products, radio and television equipment and computer software and
hardware information; import and export business (excluding those prohibited by
law). Licensed business items: impacted by environment of construction project.
SC is mainly engaged in development,
manufacture and sales of communication facilities.
Brand: KEXIN
SC’s products mainly include: Wireless access
products, Integrated Network Cabinet, The other distribution products,
Intelligent ODN.
SC sources its materials 90% from domestic market, and 10% from overseas market. SC sells 80% of its products in domestic market, and 20% to overseas market.
The buying terms of SC include Check, T/T,
L/C and Credit of 30-60 days. The payment terms of SC include T/T, L/C and
Credit of 30-60 days.
*Major Customers:
==============
China Mobile
Communications Corporation
China United
Network Communications Limited
China Telecom
Corporation Limited
Hacisco Joint Stock
Company
Shandong Xinwei
Network Engineering Co., Ltd.
*Major Suppliers:
==============
Chao Zhou Three-Circle (Group) Co., Ltd.
Shenzhen Gotole Precision Industry Co., Ltd.
Hangzhou Zhizhuo Communication Science &
Technology Co., Ltd.
Hengyang Zhongke Optoelectronics Co., Ltd.
Staff
& Office:
--------------------------
SC is known to have approx. 981
staff at present.
SC owns an area as its operating office and factory,
but the detailed information is unknown.
RELATED COMPANY
SC
is known to have 3 subsidiaries at present:
Shenzhen Kexin Hengsheng Communication Technology
Co., Ltd.
Shenzhen Weikete Precision Products Co., Ltd.
Nanchang Huanda Jinrui Technology Co., Ltd.
PAYMENT
Overall payment
appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be determined
The appraisal
serves as a reference to reveal SC's payments habits and ability to pay. It is based on the 3 weighed factors: Trade
payment experience (through current enquiry with SC's suppliers), our
delinquent payment and our debt collection record concerning SC.
Trade payment experience: SC did not provide any name of trade/service suppliers and we have no
other sources to conduct the enquiry at present.
Delinquent payment record: None in our database.
Debt collection
record: No overdue amount owed by
SC was placed to us for collection within the last 6 years.
BANKING
The bank information
of SC is not filed in SAIC.
FINANCIALS
Consolidated
Balance Sheet
|
Unit:
CNY’000 |
As of Dec. 31, 2013 |
As of Jun. 30, 2014 |
|
102,318 |
50,455 |
|
|
Notes receivable |
1,368 |
3,866 |
|
Accounts
receivable |
171,917 |
189,962 |
|
Advances to
suppliers |
2,320 |
3,498 |
|
Other
receivable |
5,980 |
8,287 |
|
Inventory |
92,976 |
192,744 |
|
Non-current
assets within one year |
0 |
0 |
|
Other
current assets |
1,236 |
8,698 |
|
|
------------------ |
------------------ |
|
Current
assets |
378,115 |
457,510 |
|
Fixed
assets |
16,900 |
16,157 |
|
Construction
in progress |
0 |
0 |
|
Intangible
assets |
3,221 |
41,782 |
|
Long-term
prepaid expenses |
1,297 |
938 |
|
Deferred
income tax assets |
3,211 |
3,752 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
assets |
402,744 |
520,139 |
|
|
============= |
============= |
|
Short-term
loans |
30,000 |
50,000 |
|
Notes
payable |
18,638 |
28,454 |
|
Accounts
payable |
100,858 |
158,542 |
|
Wages
payable |
8,028 |
12,872 |
|
Taxes
payable |
3,906 |
6,728 |
|
Advances
from clients |
0 |
560 |
|
Other
payable |
634 |
1,232 |
|
Other
current liabilities |
11,500 |
12,661 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
173,564 |
271,049 |
|
Non-current
liabilities |
8,607 |
3,352 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
182,171 |
274,401 |
|
Equities |
220,573 |
245,738 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
402,744 |
520,139 |
|
|
============= |
============= |
Consolidated
Income Statement
|
Unit:
CNY’000 |
As of Dec.
31, 2013 |
From Jan. 1, 2014 to Jun. 30, 2014 |
|
Revenue |
434,085 |
185,807 |
|
Cost of sales |
272,283 |
99,205 |
|
Taxes and surcharges |
3,358 |
1,119 |
|
Sales expense |
53,093 |
31,013 |
|
Management expense |
39,249 |
21,942 |
|
Finance expense |
2,525 |
-98 |
|
Non-business
income |
839 |
569 |
|
Non-business expenditure |
89 |
25 |
|
Profit
before tax |
60,095 |
30,385 |
|
Less:
profit tax |
9,013 |
5,220 |
|
51,082 |
25,165 |
Important Ratios
=============
|
|
As of Dec. 31, 2013 |
As of Jun. 30, 2014 |
|
*Current ratio |
2.18 |
1.69 |
|
*Quick ratio |
1.64 |
0.98 |
|
*Liabilities to assets |
0.45 |
0.53 |
|
*Net profit margin (%) |
11.77 |
13.54 |
|
*Return on total assets (%) |
12.68 |
4.84 |
|
*Inventory / Revenue ×365/180 |
79 days |
187 days |
|
*Accounts receivable/ Revenue ×365/180 |
145 days |
185 days |
|
*Revenue/Total assets |
1.08 |
0.36 |
|
*Cost of sales / Revenue |
0.63 |
0.53 |
FINANCIAL
COMMENTS
PROFITABILITY: FAIRLY GOOD
l
The
revenue of SC appears fairly good in its line.
l
SC’s
net profit margin is fairly good.
l
SC’s
return on total assets is fairly good.
l SC’s cost of sales is low, comparing with
its revenue.
LIQUIDITY: AVERAGE
l The current ratio of SC is maintained in a
normal level.
l SC’s quick ratio is maintained in a normal
level.
l The inventory of SC appears large.
l The accounts receivable of SC appears large.
l SC’s short-term loans are in an average
level.
l SC’s revenue is in a fair level, comparing
with the size of its total assets.
LEVERAGE: AVERAGE
l The debt ratio of SC is average.
l The risk for SC to go bankrupt is average.
Overall financial condition of the SC:
Fairly Stable.
CONCLUSIONS
SC is considered
medium-sized in its line with fairly stable financial conditions. The large
amount of inventory and accounts receivable may be a threat to SC’s financial
condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.80 |
|
|
1 |
Rs.100.49 |
|
Euro |
1 |
Rs.72.52 |
|
CNY |
1 |
Rs.10.41 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
NB |
New Business |
-- |
|
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major sections
of this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.