MIRA
INFORM REPORT
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Report Date : |
25.08.2007 |
IDENTIFICATION DETAILS
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Name : |
TEAPO ELECTRONIC CORP |
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Registered Office : |
3, Lane 89, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
September 11, 1978 |
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Com. Reg. No.: |
34230543 |
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Legal Form : |
Public Listed Company |
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Line of Business : |
Importing and local purchasing of raw materials. Manufacturing of wide range of electronic components and
related products Exporting and local distribution of manufactured products. |
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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Maximum Credit Limit : |
USD 500,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
TEAPO ELECTRONIC CORP
3, LANE 89,
TEL : [+886] 2-22674151
FAX : [+886] 2-22679798
EXECUTIVE SUMMARY
INCORPORATION DATE :
SEPTEMBER 11, 1978
REGISTRATION NO. :
34230543
LEGAL FORM :
PUBLIC LISTED COMPANY
CHIEF EXECUTIVE :
MS. HSIANG-YEN CHEN (CHAIRMAN)
STAFF STRENGTH :
132
CAPITAL :
US$ 172,205,438
BUSINESS LINE :
MANUFACTURER
TURNOVER :
NTD 534,800,000 (AS OF DEC. 31, 2006)
EQUITIES :
NTD 4,144,439,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
TWD 33.0790 = US$1 AS OF 2007-8-24
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
M - million
TWD –
*Company History*
===============
1993 - Established Teapo
1997 - Joined YAGEO
Group.
29 August, 1998
- Company stock listed in OTC market
2001 - Dongguan factory
certified by ISO9001
2003 - Established Teapo
Suzhou Factory and certified by ISO9001
2004 - Suzhou Factory
certified by ISO-14000
*Licenses & Permits*
================
License number :
99614448
Date issued :
2 June 1970
Issuing authority :
Industrial Development Bureau, MOEA
Type of license :
Factory license
*Capital Details*
============
Initial registered capital
: NTD 80,000,000.00
Capital increase
: NTD 5,700,000,000.00
Year of increase
: 2007
Paid-up capital
: NTD 3,753,887,840.00
*Office & Facilities*
===============
Size
: 14,316 sq. feet (approx.)
Facilities
: Modern
Property status :
Owned by TEAPO ELECTRONIC CORP
Type of building :
Industrial
Comments :
Serves as office and factory.
Tel no ext.
: 238
Other contact details
----------------------------
Fax nos : 2-22674480/2-22678676
Emails :
carrie@teapo.com
simon@teapo.com
hank@mail.teapo.com
Previous contact details
--------------------------------
Tel no : 2-29143000
Fax no : 2-29143348
*Corporate & Organization Structure*
===========================
A large specialized company operated and managed by an
experienced team of professionals.
*Industry Ranking*
================
Generally regarded as one of the Top 5000 Companies in
Manufacturing Industry of Taiwan.
Details of rank are as follows:
Year Rank
-------
---------
1999 489
2000 615
2001 616
2002 827
2004 2174
2005 2626
2006 3211
*Sales Ranking*
============
Details of rank are as follows:
Year Rank
------ -------
1992 432
1996 536
1997 551
1998 505
2006 1884
*Registrar*
========
FUBON SECURITIES CO LTD
Stock market code : 2375
*Reputation*
==========
Reference checking for the purpose of establishing the
firm's reputation within the respective industry failed to reveal any negative
information.
Web
site: www.teapo.com.tw
The design
is professional and the content is well organized. At present it is both in
Chinese and English versions.
Email : sales@teapo.com
For the past 29 years there is no record of litigation.
*Major Shareholders*
================
Shareholders' Name
No. of Shares
--------------------------
-----------------
YAGEO CORP
47,922,541
KUO CHUNG DEVELOPMENT CORP 13,380,000
SHENG-TAI INVESTMENT CORP
1,474,139
SIN HENG CO LTD
418,861
HUAN-TAI INVESTMENT CORP 209,430
Management : Ms. Hui-fen Lee, Manager
Mr. Feng-jung Lin, Manager
Mr. Hsi-hsien Liu, Executive
Name
Nationality Job Description
Ms. Hui-fen Lee Taiwanese Manager Account
Mr. Feng-jung Lin Taiwanese
Manager Finance
Mr. Hsi-hsien Liu Taiwanese
Executive Human Resources
Mr. Sheng-tien Chen Taiwanese Executive Sales
Mr. Tsung-yi Huang Taiwanese
Assist. Manager
Mr. Chen-lin Lee Taiwanese CEO
Mr. David Chih-ming Yen Taiwanese General Manager
Mrs. Ching-sheng Chiang-hsieh Taiwanese Manager
Ms. Sandy Wu Taiwanese
Representative -
Mr. Huang-chieh Chiu Taiwanese Vice
General Manager
*Key Personnel*
============
(1)
Hsiang-yen Chen
Founder
: Co-Founder
Work experience :
More than 25 years
Responsibility :
Handles the daily operation of the firm including all financials and legal
matters.
(2)
Hsi-hsien Liu
Tel : 2-22674151 Ext : 244
Fax
: 2-22678676
Email
: hr.job@teapo.com
(3)
Sandy Wu
Email
: sandy_wu@mail.teapo.com
*Main Products & Services*
====================
Specializes in the following areas of work:
1. Importing and local purchasing of raw materials.
2. Manufacturing of wide range of electronic components and
related products
3. Exporting and local distribution of manufactured
products.
Products : Air humidifiers
Aluminum electric capacitors
Aluminum foil
Azelaic acid
Chip
capacitors
Brand : Teapo
*Payment Terms*
=============
Sales
-------
Local : Cash
30-90 days credit
Export : Letter of credit (L/C)
Telegraphic transfer (T/T)
Documents against acceptance (D/A)
Purchases
--------------
Local : 30-90 days
credit
Import : Letter of credit (L/C)
Telegraphic
transfer (T/T)
Documents
against acceptance (D/A)
Open
account/DA terms with settlement by telegraphic transfer (T/T)
*Associations*
============
Member of :
-
*Competitors*
==========
The following companies supply similar range of products:
Comparison of Gross Margins: (%)
Year LELON LUXON TEAPO KAIMEI
---------
----------- ------------ ------------ -------------
1996 17.27 19.59 13.26 13.08
1997 20.06 17.54 16.89 12.57
1998 25.48 15.80 14.20 9.44
3Q1999 17.02 16.88 2.59 7.37
Comparison of Sales Growth: (%)
Year LELON LUXON TEAPO KAIMEI
--------- ----------- ------------ ------------ -------------
1996 -5.41 -2.17 NA 4.50
1997 39.45 45.69 8.14 15.61
1998 52.64 31.33 10.87 11.30
3Q1999 25.99 24.78 12.35 -43.12
The following locally based firms also supply similar range
of products:
- AID ELECTRONICS CORP
- ARCOPACIFIC
- ANALOG INTEGRATIONS CORP
- CARLI ELECTRONICS CO LTD
- CENTRALION INDUSTRIAL INC
- CAPXON ELECTRONIC INDUSTRIAL CO LTD
- EVER GRACE ELECTRONIC INDUSTRIALS CO LTD
*Exhibition Participation*
===================
Participated in the following local exhibitions:
(1)
Exhibition Fair :
Location :
Taipei World Trade Ctr Exhibition Hall
Dates attended : 8-12
October, 1999
(2)
Exhibition fair :
TAITRONICS 2000
Dates attended : 9-13
October, 2000
Location :
*Quality Certification*
=================
(1)
Type of certification : IECQ
Year of certification
: 1987
(2)
Type of certification : ISO9002
Year of certification
: 1993
(3)
Type of certification : ISO 9002
Year of certification
: 1988
Other details
: Tu-cheng factory certified
(4)
Type of certification : QS9000
Year of certification
: 2000
Other details
: Tu-cheng factory certified
*Production Capacity*
================
(1)
Item
: Aluminum electric capacitors
Current capacity :
60,000,000/month
(2)
Item : Electrolytic
capacitor
Maximum Capacity :
164,366 (NTD1000/Amounts)
Current Capacity
: 164,366 (NTD1000/Amounts)
Year : 2005
(3)
Item : Plastic capacitor
Maximum Capacity :
563 (NTD1000/Amounts)
Current Capacity
: 563 (NTD1000/Amounts)
Year : 2005
(4)
Item : Chip capacitor
Maximum Capacity :
12,434 (NTD1000/Amounts)
Current Capacity
: 12,434 (NTD1000/Amounts)
Year : 2005
*Accountants*
===========
DELOITTE & TOUCHE CO
*Domestic Raw Materials Suppliers*
===========================
(1)
Supplier's name
: ZENITRON CORP
Material/components :
Transistors and high voltage diodes
(2)
Supplier's Name
: LUMAX INT'L CORP LTD
*Domestic Customers*
=================
Major local customers include:
(1)
Customer's name : SIRTEC INT'L CO LTD
Product/Buying :
Capacitor
(2)
Customer's name : LITE-ON IT CORP
Product/Buying :
Electronic products
(3)
Customer's name : HEWLETT-PACKARD DEVELOPMENT CO
*Local Distribution Network*
=======================
An estimated 52% of the annual turnover is attributed to
local sales.
*Export Markets*
=============
An estimated 48% of the annual turnover is attributed to
export.
*Overseas Suppliers*
================
(1)
Country :
Supplier's name : NIHON KAIHEIKI INDUSTRY CO LTD
(2)
Country :
Supplier's name : BECROMAL SPA
*Overseas Customers*
================
Customer's name : TEAPO ELECTRONIC (HK) LIMITED
Country
:
*International Trade Ranking*
======================
The firm has been ranked among
Details of rank are as follows:
Year Rank
-----
------
1997 378
2003 1,609
*LOCAL BRANCHES & MANAGEMENT*
=================================
Branch : TEAPO ELECTRONIC CORP -
Branch Address : 3Fl,
Branch Tel : [+886] 2-29105658
Branch Fax : [+886] 2-29105352
Branch Employees : 6
*(Subsidiaries , Joint-ventures & Affiliates)
================================
Company Name : BERMUDA TEAPO HOLDINGS CO
Country :
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Service
Industry : Financial Services - General
Company Name : DONGGUAN
Address :
Country :
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Metals & Metal Products
Company Name : DONGGUAN YI KANG MACHINE CO LTD
Address : Wen Yi Tang Yin Hu Area Tangxia Town Dongguan
523726
Country :
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Machinery
Company Name : DONGGUAN YUNG HSIN ELECTRONICS CO LTD
Address :
Country :
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Electronic Products & Components
Company Name : HSUN CHIEH INVESTMENT CO LTD
Address : 1Fl, 100 Hsin I Rd Section 5
Country :
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Service
Industry : Professional Services
Company Name : LUXON ELECTRONICS (BVI) CO LTD
Country :
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Electronic Products & Components
Company Name : LUXON ELECTRONICS (DONGGUAN) CORP
Address : Wen Yi Tang Bao Shi Area Qingxi Town Dongguan 523660
Country :
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Electronic Products & Components
Company Name : LUXON ELECTRONICS (HK) CORP
Country :
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Electronic Products & Components
Company Name : LUXON SYSTEMS CORP
Address :
Country :
Relationship : Subsidiary
Legal Form : Public Company
Company Type : Manufacturer
Industry : Electronic Products & Components
Company Name : LUXON TECHNOLOGY CORP
Address : 43-3
Country :
Relationship : Subsidiary
Legal Form : Public Company
Company Type : Manufacturer
Industry : Electronic Products & Components
Company Name : SHANGHAI TOKYO ELECTRONICS CO LTD
Address :
Country :
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Electronic Products & Components
Company Name : SOUND VICTORY LTD
Country :
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Electronic Products & Components
Company Name : SUZHOU LUXON ELECTRONICS CORP
Address : Yun Dong Economic Development Zone
Country :
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Electronic Products & Components
Company Name : TEAPO ELECTRONIC (DONGGUAN) CORP
Address :
Country :
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Electronic Products & Components
Company Name : TEAPO ELECTRONIC (HK) LTD
Country :
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Electronic Products & Components
Company Name : TEAPO ELECTRONIC (
Address :
Country :
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Electronic Products & Components
Company Name : YU HSIN INVESTMENT DEVELOPMENT CO LTD
Address : 4Fl,
Country :
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Service
Industry : Financial Services - Financing Deal
Company Name : YU PO TECHNOLOGY CORP
Country :
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Electronic Products & Components
*Subsidiaries, Joint-ventures & Affiliates*
===============================
Maintains factory in
*Strategic Partners & Alliances*
========================
Group Name : YAGEO GROUP
PAYMENT RATING : 3 OBTAINED SCORES : 69
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Implication |
Implications |
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1 |
Scores 85–100 |
Excellent |
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2 |
Scores 75 – 84 |
Above Average |
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3 |
Scores 50 – 74 |
Average |
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4 |
Scores 35 – 49 |
Fair |
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5 |
Scores 15 – 34 |
Below Average |
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6 |
Scores 01 – 14 |
Poor |
|
NR |
No Data |
No Data |
The rating indicates the
payment pattern of SC based upon our Payment Database, comments from suppliers of
SC, information from banks (if available), as well as industrial sources.
Dealings on open terms may be possible for
MODERATE amounts depending on individual judgement experience.
*BANK DETAILS*
===============
Bank Name : BANK OF
Branch : Chungcheng Dist,
Branch Address :
SWIFT Code : BKTWTWTP
Bank Name : TA CHONG COMMERCIAL BANKING CORP
Branch : Linya Dist,
Branch Address :
SWIFT Code : OURBTWTP
Bank Name : TAI-SHING INT'L BANK
SWIFT Code : This bank does not have a SWIFT Code
*Financials*
=========
Balance Sheet
Currency :
NTD
Denomination : In thousands
2002 2003 2004 2005 2006
------------
------------
------------
------------ --------
Current Assets 1,188,367 1,303,515 951,624 1,296,389 1,081,904
Funds & long-term investments 1,783,140 1,866,555 1,795,219 3,458,891 3,278,752
Property
450,468 390,580 289,959 586,117 476,498
Other Assets 190,003 91,770 538,568 873,049 925,853
Intangible Assets
Total Assets 3,674,925 3,698,742 3,611,150 6,256,160 5,799,422
Current Liabilities
(Before) Before 423,226 563,571 610,883 1,336,045 777,045
(After) After
540,196 642,526 610,883 1,336,045
Long-term Liabilities
Other Liabilities
Total Liabilities
(Before) Before 666,226 728,610 848,257 1,671,421 1,654,983
(After) After 783,196 807,565 848,257 1,671,421
Common stock 1,916,873 1,936,443 1,990,132 3,695,945 3,753,888
Capital Reserve 819,378 819,598 819,598 589,967 615,085
Retained Earnings
(Before) Before
230,042 193,972 116,136 36,575 (455,891)
(After) After 93,502 61,328 116,136 36,575
Income Statement
Currency :
NTD
Denomination : In
thousands
2002 2003 2004 2005 2006
------------ ------------ ------------ ------------ ------------
Operating revenue 1,235,538 1,217,081 998,598 767,194 534,800
Gross Profit 59,768 80,381 110,121 100,629 47,661
Operating Income (58,924) (5,127) 31,224 5,313 (127,024)
Net Income
Earnings (losses)
per share
(After)
0.52 0.51 0.28 (0.35)
*Financial Ratios*
==============
2002 2003 2004 2005 2006
------------
------------ ------------ ------------ ------------
Ratio of liabilities to Assets % 18.13 19.70 23.49 26.72 28.54
Ratio of long-term capital
to fixed Assets% 708.33 793.62 1,021.83 816.35 1,025.07
Current ratio%
280.79 231.30 155.78 97.03 139.23
Quick ratio%
224.32 210.84 138.30 90.49 131.23
Interest coverage
4.70 10.27 12.46 (1.88) (15.15)
Turnover of receivable (times) 1.59 2.01 2.26 1.66 1.23
Average collection period
of receivable
230 182 161 220 297
Turnover of inventories (times) 4.45 6.55 7.98 7.10 7.14
Average days of sales 82 56 46 51 51
Turnover of fixed assets (times) 2.74 3.12 2.93 1.75 1.01
Turnover of total assets (times) 0.34 0.33 0.28 0.12 0.09
Return on total assets% 2.93 2.95 1.61 (1.25) (7.78)
Return on shareholder's Equity% 3.41 3.36 1.91 (2.17) (11.28)
Operating Income (3.07) (0.26) 1.57 0.14 (3.38)
Net Income before tax 5.05 5.26 3.18 (1.87) (13.31)
Profit margin%
8.11 8.25 5.49 (10.37) (92.08)
Retroactive
0.52 0.51 0.28 (0.35)
Cash flows ratio% 103.48 39.55 55.52 50.33 (0.16)
Cash flows adequacy% 0.39 0.62 1.21 1.16 1.45
Cash reinvestment ratio% 9.20 2.94 7.50 12.43 (0.02)
Degree of operating leverage (19.68) (229.50) 30.89 138.36 (4.21)
Degree of financial leverage 0.69 0.32 1.22 (0.28) 0.80
*Int´l Trade Activity (Currency:
==============================
Year Imports Exports Total
1992
$13,100,000.00
$26,300,000.00 $39,400,000.00
1996
$23,300,000.00
$9,600,000.00 $32,900,000.00
1997
$32,900,000.00
$15,000,000.00 $47,900,000.00
1998
$34,800,000.00
$21,600,000.00 $56,400,000.00
1999
$34,500,000.00
$35,600,000.00 $70,100,000.00
2004 $4,000,000.00 $3,000,000.00 $7,000,000.00
2005
$3,000,000.00
$2,500,000.00 $5,500,000.00
2006
$4,500,000.00
$4,240,000.00 $8,740,000.00
*Financial Summary (Currency:
==============================
Year Sales Assets Net Income
1992
$47,407,407.41
$47,962,962.96
$47,481,481.48
1998
$67,925,925.93
$117,222,222.22
$5,518,518.52
2001
$46,691,816.60
$130,441,091.12 $5,252,466.63
2002
$35,514,170.74
$105,631,647.03
-$1,693,705.09
2003
$35,094,607.84
$106,653,460.21
-$147,837.37
2004
$30,033,022.56
$108,606,015.04
$939,067.67
2005 $24,239,936.81 $197,666,982.62 $167,867.30
2006
$16,166,868.20
$175,315,054.41
-$3,839,903.26
SC is considered a normally advancing concern with steady customers and
good base to meet its trade engagements.
Credit in the range of moderate amount can be considered.
Attached:
trade references
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code
Product/Service Description
Exporting 3089 Plastics
products
Exporting 3499 Fabricated
metal products
Exporting 3675 Electronic
capacitors
Exporting 3678 Connectors,
for electronic applications
Exporting 3679 Electronic
components
Importing 2899 Chemical
preparations
Importing 3569 General
industrial machinery and equipment, and parts
Importing 3674 Semiconductors
and related devices, and parts
Importing 5065 Electronic
Parts/Equip, NEC
Manufacturing 3612 Transformers, and parts
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code
Product/Service Description
Exporting 3824901100 Cultured crystals, weighing not less than 2.5 g each in the
form of ingots
Exporting 3919901000 Self-adhesive plates, sheets, film, foil, tape, etc, of
plastic, having a light
reflecting
surface produced by glass grains (ballotini)
Exporting 3926901000 Buckets & pails, of plastic
Exporting 7607190000 Aluminum foil, not backed, not over 0.2mm thick, worked
Exporting 8003000000 Tin bars, rods, profiles and wire
Exporting 8479891000 Air humidifiers or dehumidifiers, not incorporating a
refrigerating unit
Exporting 8532 Electric
capacitors, fixed, variable or adjustable (preset)
Exporting 8532220020 Fixed capacitors, aluminum electrolytic, not exceeding 18mm in diameter
Exporting 8532250010 Fixed capacitors, paper, plastic, ac, less than 300 v,
dielectric
Exporting 8532290020 Fixed capacitors, mica dielectric
DETAILED PRODUCT CLASSIFICATION & ACTIVITY
Activity Product/Service
Description
Exporter Tin
bars
Exporter Fixed
capacitors
Exporter Cultured
crystals
Exporter Plastic
capacitors
Exporter Electrolytic
capacitors
Exporter Aluminum
electric capacitors
Exporter Chip
capacitors
Importer Plastic
sheets, film
Importer Machines
Importer Transistors
INTERNATIONAL TRADE: ACTIVITY & MARKETS
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Importing from
Importing from
Importing from
Importing from
Importing from
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)