MIRA
INFORM REPORT
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Report No. : |
308457 |
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Report Date : |
17.02.2015 |
IDENTIFICATION DETAILS
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Name : |
ACCELINK TECHNOLOGIES CO., LTD. |
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Registered Office : |
No. 1 Tanhu Road, Canglongdao Development Zone Jiangxia District, Wuhan,
Hubei Province 430205 Pr |
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Country : |
China |
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Financials (as on) : |
30.09.2014 |
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Date of Incorporation : |
22.01.2001 |
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Com. Reg. No.: |
420000400004240 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Subject is engaged in researching, manufacturing and selling optical,
electrical parts technology and products in the information technology field.
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No. of Employee : |
3,804 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
No complaints |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
China |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
|
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. 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 and expanded the daily trading band within which the RMB is permitted to fluctuate. 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 2013 stood as the second-largest economy in the world after the US, having surpassed Japan in 2001. The dollar values of China's agricultural and industrial output each exceed those of the US; China is second to the US in the value of services it produces. Still, per capita income is below the world average. 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 2011 more than 250 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.
|
Source
: CIA |
Company name and address
ACCELINK
TECHNOLOGIES CO., LTD.
NO. 1 TANHU ROAD, CANGLONGDAO DEVELOPMENT ZONE
JIANGXIA DISTRICT, WUHAN, HUBEI PROVINCE 430205 PR CHINA
TEL: 86 (0) 27-87692735
FAX: 86 (0) 27-87692735
EXECUTIVE SUMMARY
Date of Registration : january 22, 2001
REGISTRATION NO. : 420000400004240
LEGAL FORM : Shares limited company
REGISTERED CAPITAL : CNY 209,889,584
staff : 3,804
BUSINESS CATEGORY : RESEARCHING & manufacturing & TRADING
REVENUE :
CNY 1,872,919,000 (CONSOLIDATED,
JAN. 1, 2014 TO SEP. 30, 2014)
EQUITIES :
CNY 2,364,325,000 (CONSOLIDATED, AS OF SEP. 30, 2014)
WEBSITE : www.accelink.com
E-MAIL :
hr@accelink.com
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.25 = 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 shares limited company of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.: 420000400004240.
SC’s Organization Code Certificate
No.: 72576928-X
SC’s registered capital: CNY 209,889,584
SC’s paid-in capital: CNY 209,889,584
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
|
Registered Capital |
CNY 186,181,377 |
CNY 203,498,584 |
|
|
Registered Capital |
CNY 203,498,584 |
CNY 209,889,584 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) (As
of September 30, 2014) |
% of Shareholding |
|
Wuhan Fiberhome Technologies
Group Co., Ltd. |
47.79 |
|
Jiangsu Zhongtian Technology
Investment & Management Co., Ltd. |
8.05 |
|
China Merchants Wealth-China Merchants
Bank-Hengtai Huasheng No. 1 Specific Asset Administration Plan |
2.42 |
|
National Social Security Fund
503 |
1.98 |
|
Southwest Securities Inc. |
1.34 |
|
Huaan Fund-China Everbright Bank-Zhonghai
Trust-Zhonghai-Guangxun Technology (Ruicheng II) Assembled Funds Trust |
1.29 |
|
Taikang Life Insurance Co.,
Ltd.-Bonus-Personal Bonus |
1.2 |
|
Taida Hongli Fund-Minsheng Bank-Taida
Hongli Value Growth No. 30 Asset Management Plan |
1.14 |
|
Taida Hongli Fund-Pudong
Development Bank-Taida Hongli Value Growth No. 32 Asset Management Plan |
1.13 |
|
China Great Wall Asset
Management Corporation |
1.1 |
|
Other Shareholders |
32.56 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
Chairman |
Lu Guoqing |
|
Vice Chairman |
Yu Shaohua |
|
General Manager |
Hu Guangwen |
|
Deputy General Manager |
Huang Xuanze |
|
Hu Qianggao |
|
|
Mao Hao |
|
|
Jin Zhengwang |
|
|
Lv Xiangdong |
|
|
Yu Xianghong |
|
|
Xu Yong |
RECENT DEVELOPMENT
SC listed in Shenzhen Stock Exchange Market with the stock code 002281.
SHAREHOLDER CHART & BACKGROUND
Name % of Shareholding
(As
of September 30, 2014)
Wuhan Fiberhome Technologies
Group Co., Ltd. 47.79
Jiangsu Zhongtian Technology
Investment & Management Co., Ltd. 8.05
China Merchants Wealth-China
Merchants Bank-Hengtai
Huasheng No. 1 Specific Asset
Administration Plan 2.42
National Social Security Fund
503 1.98
Southwest Securities Inc. 1.34
Huaan Fund-China Everbright
Bank-Zhonghai Trust-Zhonghai-Guangxun
Technology (Ruicheng II)
Assembled Funds Trust
1.29
Taikang Life Insurance Co.,
Ltd.-Bonus-Personal Bonus
Taida Hongli Fund-Minsheng
Bank-Taida Hongli Value
Growth No. 30 Asset Management
Plan 1.14
Taida Hongli Fund-Pudong
Development Bank-Taida Hongli
Value Growth No. 32 Asset
Management Plan 1.13
China Great Wall Asset
Management Corporation 1.1
Other Shareholders 32.56
Wuhan Fiberhome Technologies Group Co., Ltd.
----------------------------------------------------------
Registration No.:
420100000276346
Legal Form: Limited Liabilities
Company
Registered Capital: CNY
647,315,800
Legal Representative: Tong
Guohua
Jiangsu Zhongtian Technology Investment & Management Co., Ltd.
------------------------------------------------------------
Registration No.:
320691000002077
Date of Registration: February
12, 2003
Legal Form: Limited Liabilities
Company
Registered Capital: CNY
80,000,000
Legal Representative: Xue Jiping
Southwest Securities Inc.
------------------------------
Registration No.:
500000000001505
Date of Registration: June 7,
1990
Legal Form: Shares Limited
Company
Registered Capital: CNY
2,822,554,562
Legal Representative: Yu Weijia
Web: www.swsc.com.cn
China Great Wall Asset Management Corporation
---------------------------------
Registration No.:
100000000032539
Date of Registration: November
2, 1999
Legal Form: Sole State-owned
Enterprise
Registered Capital: CNY
10,000,000,000
Legal Representative: Zhang
Xiaosong
Web: www.gwamcc.com
MANAGEMENT
Lu Guoqing Legal
Representative and Chairman
---------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 53
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as legal
representative and chairman
Yu Shaohua, Vice Chairman
------------------------------------------------
Ø
Gender: M
Ø
Age: 53
Ø Qualification:
University
Ø Working experience
(s):
At
present, working in SC as vice chairman
Hu Guangwen, General Manager
------------------------------------------------------
Ø
Gender: M
Ø
Age: 52
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as general manager
Deputy
General Manager
---------------------------------
Huang Xuanze
Hu Qianggao
Mao Hao
Jin Zhengwang
Lv Xiangdong
Yu Xianghong
Xu Yong
BUSINESS OPERATION
SC’s registered
business scope includes researching, manufacturing and selling optical,
electrical parts technology and products in the information technology field,
and related technology services; importing and exporting commodities and
technology.
SC is mainly
engaged in researching, manufacturing and selling optical, electrical parts
technology and products in the information technology field.
SC’s main products include:
Chips
Components and modules
SC sources its materials 80% from domestic market, and 20% from overseas
market. SC sells 30% of its products in domestic market, and 70% 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 Check, T/T, L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is
known to have approx. 3,804
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
invest in the following companies:
Accelink
USA Corporation
Accelink
Europe Co., Ltd.
Wuhan
Accelink Information Technology Co., Ltd.
Accelink
HongKong Co., Ltd.
Wuhan
Accelink Electric Technology Co., Ltd.
Wuhan
Telecommunication Devices Co., Ltd.
Accelink
Denmark A/S
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 local SAIC.
FINANCIALS
Consolidated Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2013 |
As
of Sep. 30, 2014 |
|
518,712 |
929,052 |
|
|
Notes receivable |
265,938 |
263,121 |
|
Accounts
receivable |
506,723 |
910,504 |
|
Advances to
suppliers |
46,938 |
56,247 |
|
Other receivable |
11,661 |
13,211 |
|
Inventory |
608,837 |
782,938 |
|
Non-current
assets due within one year |
88 |
0 |
|
Other current
assets |
5,061 |
14,847 |
|
|
------------------ |
------------------ |
|
Current assets |
1,963,958 |
2,969,920 |
|
Financial assets
available for sale |
0 |
0 |
|
Long-term
receivables |
0 |
0 |
|
Investment real
estate |
0 |
0 |
|
Long-term equity
investment |
9,587 |
9,587 |
|
Fixed assets |
603,056 |
594,225 |
|
Construction in
progress |
4,469 |
10,174 |
|
Engineering
materials |
0 |
0 |
|
Intangible
assets |
37,376 |
33,562 |
|
Goodwill |
6,559 |
6,559 |
|
Long-term
prepaid expenses |
8,852 |
5,011 |
|
Deferred income
tax assets |
10,079 |
12,282 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
2,643,936 |
3,641,320 |
|
|
============= |
============= |
|
Short-term loans |
86,123 |
91,986 |
|
Notes payable |
306,129 |
376,167 |
|
Accounts payable |
382,630 |
616,221 |
|
Advances from
clients |
7,636 |
25,501 |
|
Payroll payable |
53,107 |
38,261 |
|
Tax payable |
13,952 |
3,459 |
|
Dividend payable |
0 |
0 |
|
Interest payable |
52 |
10 |
|
Other payable |
55,961 |
56,949 |
|
Non-current
liabilities due within one year |
0 |
0 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
905,590 |
1,208,554 |
|
Non-current
liabilities |
66,525 |
68,441 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
972,115 |
1,276,995 |
|
Equities |
1,671,821 |
2,364,325 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
2,643,936 |
3,641,320 |
|
|
============= |
============= |
Consolidated Income Statement
|
Unit: CNY’000 |
As
of Dec. 31, 2013 |
Jan.
1, 2014 to Sep. 30, 2014 |
|
Revenue |
2,132,697 |
1,872,919 |
|
Cost of sales |
1,667,381 |
1,440,008 |
|
Sales tax and extra charges |
32,123 |
8,673 |
|
Sales expense |
65,688 |
48,623 |
|
Management expense |
271,902 |
221,445 |
|
Finance expense |
-5,128 |
-729 |
|
Assets impairment loss |
2,023 |
24,889 |
|
Investment
income |
-413 |
0 |
|
Non-operating
income |
82,901 |
15,553 |
|
Non-operating expense |
844 |
807 |
|
Profit before
tax |
180,351 |
144,756 |
|
Less: profit tax |
16,836 |
14,465 |
|
Profits |
163,515 |
130,291 |
Important Ratios
=============
|
|
As of Dec. 31, 2013 |
As of Sep. 30, 2014 |
|
*Current ratio |
2.17 |
2.46 |
|
*Quick ratio |
1.50 |
1.81 |
|
*Liabilities
to assets |
0.37 |
0.35 |
|
*Net profit
margin (%) |
7.67 |
6.96 |
|
*Return on
total assets (%) |
6.18 |
3.58 |
|
*Inventory /
Revenue ×365/270 |
105
days |
113 days |
|
*Accounts
receivable / Revenue ×365/270 |
87
days |
132 days |
|
*Revenue /
Total assets |
0.81 |
0.51 |
|
*Cost of sales
/ Revenue |
0.78 |
0.77 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l The revenue of SC appears fairly good
in its line.
l SC’s net profit
margin is average.
l SC’s return on total
assets is average.
l
SC’s cost of sales is average, comparing with its revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a fairy
good level.
l
SC’s quick ratio is maintained in a fairly good
level.
l
The inventory of SC appears large.
l
The accounts receivable of SC is large.
l
The short-term loans of SC appear
average.
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 low.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered large-sized in its line with fairly stable
financial conditions. The large amount of inventory & accounts receivable
may be a threat to SC’s financial condition. Taking into consideration of SC’s
general performance, reputation as well as market conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.20 |
|
|
1 |
Rs.96.00 |
|
Euro |
1 |
Rs.71.00 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
Report Prepared
by : |
ANK |
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.