MIRA INFORM REPORT
|
Report No. : |
332840 |
|
Report Date : |
27.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
Kingsignal
Technology Co., LTD. |
|
|
|
|
Registered Office : |
Rm. 302, Building 9, Shenzhen Software Park, 2nd Keji Center Road, Nanshan District, Shenzhen City, Guangdong Province, 518057 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
02.04.2002 |
|
|
|
|
Com. Reg. No.: |
440301103260302 |
|
|
|
|
Legal Form : |
Shares Limited Company |
|
|
|
|
Line of Business : |
Subject is
mainly engaged in technology development, manufacturing and selling communication equipment. (Main Products:
wire & cable, connectors, assemblies, accessories.) |
|
|
|
|
No. of Employees : |
1,537 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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. In 2014 the People’s Bank of China (PBOC) doubled 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 2014 stood as the largest economy in the world, surpassing the US that year... 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 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 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
Kingsignal Technology Co., LTD.
RM. 302, BUILDING 9, SHENZHEN SOFTWARE PARK, 2ND KEJI CENTER ROAD,
NANSHAN DISTRICT, SHENZHEN CITY, GUANGDONG PROVINCE, 518057 PR CHINA
TEL: 86 (0) 755-86338291/26978149 FAX: 86 (0)
755-26581802
EXECUTIVE
SUMMARY
INCORPORATION DATE :
APR. 2, 2002
REGISTRATION NO. : 440301103260302
REGISTERED LEGAL FORM : SHARES LIMITED COMPANY
STAFF STRENGTH : 1,537
REGISTERED CAPITAL : CNY 408,532,375
BUSINESS LINE :
TECHNOLOGY DEVELOPMENT, MANUFACTURING AND TRADING
TURNOVER : CNY 1,194,048,000 (CONSOLIDATED, AS OF
DEC. 31, 2014)
EQUITIES : CNY 812,494,000
(CONSOLIDATED, AS OF DEC. 31, 2014)
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.2127 = USD
1
Adopted
abbreviations:
ANS - amount not
stated
NS - not stated
SC - subject
company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
SC was registered as a Limited Liabilities
Company at local administration for Industry & Commerce (AIC - The official
body of issuing and renewing business license) on Apr. 2, 2002, and has been
under present legal form since 2010.
Company Status: Shares limited co. This form of business in PR
China is defined as a legal person. Its registered capital is divided into
shares of equal par value and the co. raises capital by issuing share
certificates by promotion or by public offer. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to the extent of its total assets. The co has independent
property of legal person and enjoys property rights of legal person. The characteristics of the shares limited co. are as
follows: The establishment of the co.
requires at least two promoters and no more than 200, half of whom shall be domiciled
in The minimum registered capital
of a co. is CNY The board of directors must
consist of five to nineteen directors. If the co.
raises capital by public offer, the promoters must not subscribe less than
35% of the total shares. the promoters’ shares are restricted to transfer-
within one year of the offer. A state-owned enterprise that
is restructured into a shares limited co. must comply with the conditions
& requirements specified under the law & administrative rule.
SC’s registered
business scope includes technology development, manufacturing (with another
license) and selling communication cables (excluding the power cable) and
connectors, RF connectors, jumper assembly, passive components, electronic
wiring harness and communications equipment; manufacturing (with another
license) and selling optical fiber cable, optical connectors, optoelectronic
components; technical development of
related products (excluding franchise, the control, monopoly and restricted
items); engaged in import and export business; general cargo (license valid
until September 26, 2015).
SC is mainly
engaged in technology development, manufacturing and selling communication
equipment, etc.
Mr. Huang Changhua
is legal representative and chairman of SC at present.
SC is known to have approx. 1,537 employees at present,
including 1,110 production staff, 124 administrative staff, 154 technicians, 39
financial staff, and 110 salesmen.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in Shenzhen. The detailed premise information is
unknown.
http://www.kingsignal.cn/
The design is professional and the content is well organized. At present it is
in Chinese and English versions.
E-Mail: kingsignal@kingsignal.com; mark.li@kingsignal.com
SC is a listed company in Shenzhen Stock Exchange Market with the code
of 300252.
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2002-09 |
Registered capital |
CNY 100,000 |
CNY 500,000 |
|
2003-07 |
CNY 500,000 |
CNY 2,000,000 |
|
|
2003-07 |
Company name |
Shenzhen
Kingsignal Cable Technology Development Co., Ltd. (Literal translation) |
Shenzhen Kingsignal
Cable Technology Co., Ltd |
|
2004-07 |
Registered capital |
CNY 2,000,000 |
CNY 9,900,000 |
|
2008-04 |
Registration No. |
4403012085840 |
Present one |
|
2010-03 |
Registered capital |
CNY 9,900,000 |
CNY 81,000,000 |
|
Company name |
Shenzhen
Kingsignal Cable Technology Co., Ltd. |
Present one |
|
|
Legal form |
Limited
Liabilities Company |
Present one |
|
|
2011-09 |
Registered capital |
CNY 81,000,000 |
CNY 108,000,000 |
|
2013-07 |
CNY 108,000,000 |
CNY 110,345,000 |
|
|
2013-08 |
CNY 110,345,000 |
CNY 164,344,996 |
|
|
2014-04 |
CNY 164,344,996 |
CNY 164,554,996 |
|
|
2014-07 |
CNY 164,554,996 |
CNY 163,444,227 |
|
|
2014-11 |
CNY 163,444,227 |
CNY 163,412,950 |
|
|
2015-07 |
CNY 163,412,950 |
Present amount |
Organization code: 736281327
Tax registration certificate no.: 440301736281327
For the past two years there is no record of litigation.
MAIN
SHAREHOLDERS: (As of Mar. 31, 2015)
Name %
of Shareholding
Huang Changhua 37.12
Zhang Tian 13.12
Zheng Jun 9.12
China Minsheng Banking Co., Ltd.- Orient Selected Mixed Open-end Securities
Investment Fund 2.81
China Construction Bank - Baoying Resource Selected Stock Securities
Investment Fund 2.24
China Construction Bank - Yinhua Core Value Selected Stock Securities
Investment Fund 1.41
Agricultural Bank of China - Baoying
Strategic Growth Stock Securities
Investment Fund 1.2
Wang Zhiming 1.18
China Merchants Bank Co., Ltd. - Baoying New
Value Flexible Configuration
Hybrid Securities Investment Fund 0.97
China Construction Bank Corporation – Fullgoal CSI Military Index Classify
Securities Investment Fund 0.82
Other shareholders 30.01
l
Legal Representative and Chairman:
Mr. Huang Changhua, born in 1968, with
Master's degree. He is currently responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as legal
representative and chairman.
Also working in Jinnuo (Tianjin)
Business Factoring Co., Ltd. (Literal translation) as legal representative
l General Manager
and Director:
Mr. Zheng Jun, born in
1973, EMBA. He is currently responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as general
manager and director.
Also working in Changzhou Kingsignal
Fengshi Communication Equipment Co., Ltd., Kingsignal Optical Fiber & Cable
(Ganzhou) Co., Ltd. as legal representative and working in Kingsignal
Technology Co., Ltd. Production Department as principal.
l Directors:
Xiao Donghua Also working in Kingsignal
Cable Technology (Ganzhou) Co., Ltd. as legal representative.
Huo Quansheng
Jiang Huijiang
Qu Xianfu
Wang Cheng
l
Supervisors:
Xin Yanrui
Li Kejia
Wu Hua
SC is mainly
engaged in technology development, manufacturing and selling communication equipment.
Main Products:
wire & cable, connectors, assemblies, accessories, etc.
SC sources its materials 80% from domestic
market and 20% 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 Check, T/T, L/C and Credit of 30-60 days.
Note: SC’s
management declined to release its main suppliers and customers.
Trademark &
Patents
|
Registration No. |
7163204 |
7163203 |
6758279 |
|
Registration Date |
|
|
|
|
Trademark Design |
|
|
|
Subsidiaries:
Changzhou
Kingsignal Fengshi Communication Equipment Co., Ltd.
=============================
Incorporation
Date:
Registration
No.: 320483000060769
Registered
Capital: CNY 10,800,000
Chief
Executive: Zheng Jun
Kingsignal
Cable Technology (Ganzhou) Co., Ltd.
=============================
Incorporation
Date:
Registration
No.: 360703210001732
Registered
Capital: CNY 10,000,000
Chief
Executive: Xiao Donghua
Kingsignal
Optical Fiber & Cable (Ganzhou) Co., Ltd.
=================================
Incorporation
Date:
Registration
No.: 360703210011516
Registered
Capital: CNY 11,760,000
Chief
Executive: Zheng Jun
Jinnuo
(Tianjin) Business Factoring Co., Ltd. (Literal translation)
===============================
Incorporation
Date:
Registration
No.: 120116000165782
Registered
Capital: CNY 100,000,000
Chief
Executive: Huang Changhua
Etc.
Branch:
Kingsignal
Technology Co., Ltd. Production Department
=================================
Incorporation
Date:
Registration
No.: 440301104808802
Principal:
Zheng Jun
Etc.
Overall payment appraisal:
( ) Excellent (
) Good (X) Average (
) Fair ( ) Poor
( ) Not yet 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.
SC’s management
declined to release its bank details.
Consolidated
Balance Sheet
|
Unit: CNY’000 |
as of Dec. 31, 2013 |
as of Dec. 31, 2014 |
|
336,037 |
406,965 |
|
|
Interest
receivable |
1,811 |
666 |
|
Notes receivable |
46,459 |
37,554 |
|
Inventory |
151,741 |
184,939 |
|
Accounts
receivable |
534,438 |
566,474 |
|
Advances to
supplies |
11,862 |
9,302 |
|
Other receivables |
13,768 |
10,575 |
|
Other current
assets |
26,530 |
8,232 |
|
|
------------------ |
------------------ |
|
1,122,646 |
1,224,707 |
|
|
Fixed assets |
165,038 |
223,821 |
|
Projects under
construction |
25,416 |
659 |
|
Intangible assets |
27,569 |
70,203 |
|
Deferred tax
assets |
6,167 |
7,504 |
|
Long-term deferred
expenses |
6,887 |
7,691 |
|
Long-term
investment |
74,631 |
0 |
|
Other assets |
73,494 |
280,631 |
|
|
------------------ |
------------------ |
|
Total assets |
1,501,848 |
1,815,216 |
|
|
============= |
============= |
|
Short loans |
399,300 |
561,000 |
|
Accounts payable |
228,158 |
260,142 |
|
Notes payable |
103,910 |
122,554 |
|
Advances from customers |
2,223 |
3,842 |
|
Employee pay payable |
10,444 |
16,541 |
|
Taxes payable |
6,243 |
11,777 |
|
Interest payable |
1,137 |
1,246 |
|
Other Accounts payable |
33,728 |
15,760 |
|
Other current liabilities |
0 |
0 |
|
|
----------------- |
----------------- |
|
Current liabilities |
785,143 |
992,862 |
|
Non-current liabilities |
3,716 |
9,860 |
|
|
------------------ |
------------------ |
|
Total liabilities |
788,859 |
1,002,722 |
|
Equities |
712,989 |
812,494 |
|
|
------------------ |
------------------ |
|
Total liabilities & equities |
1,501,848 |
1,815,216 |
|
|
============= |
============= |
Consolidated
Income Statement
|
Unit: CNY’000 |
as of Dec. 31, 2013 |
as of Dec. 31, 2014 |
|
746,605 |
1,194,048 |
|
|
Cost of goods sold |
582,109 |
882,827 |
|
Taxes and additional of main operation |
5,600 |
10,188 |
|
Sales expense |
44,266 |
67,982 |
|
Management expense |
60,338 |
90,870 |
|
Finance expense |
23,931 |
36,856 |
|
Asset impairment loss |
31,087 |
10,074 |
|
Investment income |
10,140 |
0 |
|
Non-operating
income |
8,780 |
19,708 |
|
Non-operating expenses |
732 |
5,385 |
|
Profit before tax |
17,462 |
109,574 |
|
Less: profit tax |
1,561 |
|
|
Profits |
15,901 |
93,929 |
Important
Ratios
=============
|
|
as of Dec. 31, 2013 |
as of Dec. 31, 2014 |
|
*Current ratio |
1.43 |
1.23 |
|
*Quick ratio |
1.24 |
1.05 |
|
*Liabilities to assets |
0.53 |
0.55 |
|
*Net profit margin (%) |
2.13 |
7.87 |
|
*Return on total assets (%) |
1.06 |
5.17 |
|
*Inventory /Turnover ×365 |
75 days |
57 days |
|
*Accounts receivable/Turnover ×365 |
262 days |
174 days |
|
*Turnover/Total assets |
0.50 |
0.66 |
|
* Cost of goods sold/Turnover |
0.78 |
0.74 |
PROFITABILITY:
FAIRLY GOOD
l The turnover of SC
appears fairly good in 2013, and good in 2014.
l SC’s net profit
margin is average in 2013, and fairly good in 2014.
l SC’s return on
total assets is average in 2013, and fairly good in 2014.
l
SC’s cost of goods sold is average, comparing with
its turnover.
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 is average.
l
The accounts receivable of SC is fairly large.
l
The short-term loan of SC is fairly large.
l
SC’s turnover is in a fair level in both years,
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.
SC is considered large-sized in its line with fairly stable financial
conditions. The large amount of accounts receivable and short-term loan could
be a threat to SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.89 |
|
|
1 |
Rs.99.10 |
|
Euro |
1 |
Rs.70.12 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
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.