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MIRA INFORM REPORT
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Report No. : |
489034 |
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Report Date : |
03.02.2018 |
IDENTIFICATION DETAILS
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Name : |
DK PHOTONICS TECHNOLOGY LIMITED |
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Registered Office : |
7/F, Bldg C, Qinghu Technology Park, Qingxiang Road, Qinghu Community
Longhua Street Longhua New Dist. Shenzhen Guangdong Province, Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
30.04.2014 |
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Credibility Code : |
91440300305928299G |
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Legal Form : |
Limited liabilities co. |
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Line of Business : |
Subject’s business scope includes technical development and sales of communication
device and communication equipment; selling optical raw materials, optical
passive devices and optical active devices; import and export business. |
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No. of Employees : |
5 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
C |
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Credit Rating |
Explanation |
Rating Comments |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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. China has implemented reforms in a gradualist fashion, resulting in efficiency gains that have contributed to a more than tenfold increase in GDP since 1978. Reforms began with the phaseout 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 continues to pursue an industrial policy, state support of key sectors, and a restrictive investment regime. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2016 stood as the largest economy in the world, surpassing the US in 2014 for the first time in modern history. China became the world's largest exporter in 2010, and the largest trading nation in 2013. Still, China's per capita income is below the world average.
After keeping its currency tightly linked to the US dollar for years, China in July 2005 moved to an exchange rate system that references a basket of currencies. From mid-2005 to late 2008, the renminbi appreciated more than 20% against the US dollar, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing announced it would allow a resumption of gradual liberalization. From 2013 until early2015, the renminbi (RMB) appreciated roughly 2% against the dollar, but the exchange rate fell 13% from mid-2015 until end-2016 amid strong capital outflows in part stemming from the August 2015 official devaluation; in 2017 the RMB resumed appreciating against the dollar – roughly 7% from end-of-2016 to end-of-2017. From 2013 to 2017, China had one of the fastest growing economies in the world, averaging slightly more than 7% real growth per year. In 2015, the People’s Bank of China announced it would continue to carefully push for full convertibility of the renminbi, after the currency was accepted as part of the IMF’s special drawing rights basket. However, since late 2015 the Chinese Government has strengthened capital controls and oversight of overseas investments to better manage the exchange rate and maintain financial stability.
The Chinese Government faces numerous economic challenges including: (a) reducing its high domestic savings rate and correspondingly low domestic household consumption; (b) managing its high corporate debt burden to maintain financial stability; (c) controlling off-balance sheet local government debt used to finance infrastructure stimulus; (d) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and college graduates, while maintaining competitiveness; (e) dampening speculative investment in the real estate sector without sharply slowing the economy; (f) reducing industrial overcapacity; and (g) raising productivity growth rates through the more efficient allocation of capital and state-support for innovation. Economic development has progressed further in coastal provinces than in the interior, and by 2016 more than 169.3 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of China’s population control policy known as the “one-child policy” - which was relaxed in 2016 to permit all families to have two children - 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 urbanization. The Chinese Government is seeking to add energy production capacity from sources other than coal and oil, focusing on natural gas, nuclear, and clean energy development. In 2016, China ratified the Paris Agreement, a multilateral agreement to combat climate change, and committed to peak its carbon dioxide emissions between 2025 and 2030.
The government's 13th Five-Year Plan, unveiled in March 2016, emphasizes the need to increase innovation and boost domestic consumption to make the economy less dependent on government investment, exports, and heavy industry. However, China has made more progress on subsidizing innovation than rebalancing the economy. Beijing has committed to giving the market a more decisive role in allocating resources, but the Chinese Government’s policies continue to favor state-owned enterprises and emphasize stability. Chinese leaders in 2010 pledged to double China’s GDP by 2020, and the 13th Five Year Plan includes annual economic growth targets of at least 6.5% through 2020 to achieve that goal. 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. Chinese leaders also have undermined some market-oriented reforms by reaffirming the “dominant” role of the state in the economy, a stance that threatens to discourage private initiative and make the economy less efficient over time. The slight acceleration in economic growth in 2017—the first such uptick since 2010—gives Beijing more latitude to pursue its economic reforms, focusing on financial sector deleveraging and its Supply-Side Structural Reform agenda, first announced in late 2015.
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Source
: CIA |
Company
name and address
Company Name : DK PHOTONICS TECHNOLOGY LIMITED
Address : 7/F,
BLDG C, QINGHU TECHNOLOGY PARK, QINGXIANG RoAD, qinghu community LONGHUA street longhua new dist.
SHENZHEN GUANGDONG PROVINCE, PR CHINA
Telephone : 0086-755-36820366
Facsimile : 0086-755-26746512
Website : http://www.dkphotonics.com/
Email : sales@dkphotonics.com
REGISTRATION INFORMATION
Established
Date : 2014-04-30
Credibility Code : 91440300305928299G
Legal Form : Limited liabilities co.
Issuing
Authority : Administration for Industry &
Commerce (AIC) – Shenzhen
Status : Active
Registered
Capital : RMB 500,000
Paid Up Capital : RMB 500,000
Turnover : RMB -- (as of Dec. 31, 2016)
Equities : RMB -92,000 (as of
Dec. 31, 2016)
Chief
Executive : Wei
Kunrui
Business Line : Trade
Manpower : 5
Tax
Registration
Certificate
No. : 91440300305928299G
Credit
rating : A(Y2016)
Organization
Code : 30592829-9
HS code : 4403160UUS
Import & Export code : 4403305928299
Financial
Condition : Fair
Business
Size : Small Enterprise
Payment : Slow
Registered Address
room 725 7/F, BLDG C,
QINGHU TECHNOLOGY PARK, QINGXIANG ROAD, QINGHU COMMUNITY LONGHUA STREET LONGHUA
NEW DIST. SHENZHEN GUANGDONG PROVINCE, PR CHINA
Company
Status: Limited liabilities co.
This
form of business in PR China is defined as a legal person. No more than fifty
shareholders contribute its registered capital jointly. Shareholders bear
limited liability to the extent of shareholding, and the co. is liable for its
debts only to extent of its total assets. The characteristics of this form of
co. are as follows:
Upon
the establishment of the co., an investment certificate is issued to the each
of shareholders.
The
board of directors is comprised of three to thirteen members.
The
minimum registered capital for a co. is RMB 30,000.
Shareholders
may take their capital contributions in cash or by means of tangible assets or
intangible assets such as industrial property and non-patented technology.
Cash
contributed by all shareholders must account for at least 30% of the registered
capital.
Existing
shareholders have pre-exemption right to purchase shares of the co. offered for
sale by the other shareholders and to subscribe for the
newly increased registered capital of the co.
Premise
The subject operates from premises located at the
heading address, and this address houses its operating office in Shenzhen. Our
checks reveal that the subject rents the total premise, but the square meters
are unknown.
MANAGEMENT
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Position |
Name |
Nationality |
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Legal representative,
General Manager Executive Director |
Wei Kunrui |
Chinese |
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Supervisors |
Wei Kunze |
Chinese |
MAJOR SHAREHOLDERS
Name % Shareholding
Wei Kunrui 90
Wei Kunze 10
KEY EVENTS
No Significant Changes.
BUSINESS OPERATIONS
The
subject’s registered business scope includes technical development and sales of
communication device and communication equipment; selling optical raw
materials, optical passive devices and optical active devices; import and
export business.
The subject is mainly engaged in selling optical
passive components.
Products:
High power Components
PM Components
Circulator & Isolator
1064nm Components
Pump Combiner
Fused Products
WDM Products
Hybrid Device for EDFA
FBG Products
Patchcord & Attenuator
Etc.
The subject sources its materials 70% from domestic market, and 30% from
overseas market. the subject sells 30% of its products in domestic market, and
70% to overseas market, mainly U.S.A. and Europe, Russia, etc.
The buying terms of the subject include Check, T/T, L/C and Credit of
30-60 days. The payment terms of the subject include Check, T/T, L/C and Credit
of 30-60 days.
SUPPLIER
& CUSTOMER
No record.
RELATED COMPANIES
No Subsidiary
NEGATIVE INFORMATION
Lawsuit Record: No record.
Trade payment experience: The subject 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 the subject was placed to us for collection
within the last 6 years.
Customs administrative
penalty: No record.
Equity freeze information: No record.
Administrative Penalty: No record.
MORTGAGE
There is no record of mortgage information at
present.
TRADEMARK
No record.
PATENT
No record.
BANKING
Minsheng
Bank of China Shenzhen Southern China City Small and Micro Enterprises Special
Subbranch
Account No.: 150393933
ABBREVIATED FINANCIAL STATEMENT
Financial
Summary
===============
Unit:
RMB’000
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As of Dec.
31, 2015 |
As of Dec.
31, 2016 |
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Total assets |
209 |
142 |
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Total liabilities |
200 |
234 |
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Equities |
9 |
-92 |
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-------------- |
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Total liabilities & equities |
209 |
142 |
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========= |
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Turnover |
1,500 |
-- |
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Profits before tax |
300 |
-101 |
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Less: tax |
100 |
0 |
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Profits |
200 |
-101 |
Important
Ratios
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As of Dec.
31, 2015 |
As of Dec.
31, 2016 |
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*Liabilities to assets |
0.96 |
1.65 |
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*Net profit margin (%) |
13.33 |
-- |
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*Return on total assets (%) |
95.69 |
-71.13 |
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*Turnover/Total assets |
7.18 |
-- |
PROFITABILITY:
FAIR
The
turnover of the subject appears average in its line.
the
subject’s net profit margin is fairly good in 2015.
the
subject’s return on total assets is fairly good
in 2015 but fair in 2016.
the
subject’s turnover is in a fairly good level in 2015, comparing with the size
of its total assets.
LEVERAGE:
FAIR
The
debt ratio of the subject is high.
The
risk for the subject to go bankrupt is high.
TREND ANALYSIS
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2014 |
2015 |
2016 |
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Sales Trend |
-- |
-- |
-- |
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Profit margin |
-- |
-- |
-- |
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Debt to assets ratio |
-- |
-- |
Ç |
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Overall
Financial Condition |
□Good □Fairly Good □Stable □Fairly Stable ■Fair □Poor |
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COMMENT
The
subject was registered as a Limited liabilities co. at local Administration for
Industry & Commerce (AIC - The official body of issuing and renewing business
license).
The
subject is considered small-sized in its line with fair financial conditions.
In view of the equity of the subject which is negative.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.07 |
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1 |
INR 91.33 |
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Euro |
1 |
INR 80.03 |
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CNY |
1 |
INR 10.18 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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VIV |
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Report Prepared
by : |
DNS |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.