MIRA
INFORM REPORT
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Report Date : |
02.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHUN ON ELECTRONIC CO LTD |
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Registered Office : |
8FL-5, 504 Yuan Shan Rd Chungho City Taipei Hsien 235 |
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Country : |
Taiwan |
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Financials (as on) : |
2006 |
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Date of Incorporation : |
12.01. 1996 |
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Com. Reg. No.: |
89827686 |
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Legal Form : |
Public Company |
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Line of Business : |
Sourcing of Suppliers in China (PRC). |
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 1,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
SHUN
ON ELECTRONIC CO LTD
8FL-5, 504 YUAN SHAN RD
CHUNGHO CITY TAIPEI HSIEN 235, TAIWAN
TEL: 886-2-22287525 FAX: 886-2-22287523
EXECUTIVE SUMMARY
INCORPORATION DATE :
JANUARY 12, 1996
REGISTRATION NO. :
89827686
LEGAL FORM :
PUBLIC COMPANY
CHIEF EXECUTIVE :
MR. SEN-YING CHIU (CHAIRMAN)
STAFF STRENGTH :
31
CAPITAL :
US$ 33,167,496
BUSINESS LINE :
TRADER
TURNOVER :
NTD 822,921,000 (AS OF 2006)
EQUITIES :
NTD 1,258,147,000 (AS OF 2006)
PAYMENT :
ABOVE AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 1,000,000
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY GOOD
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
TWD 30.43500 = US$1
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
M - million
TWD –Taiwan New Dollars
*Company Name*
=============
Incorporated as : SHUN ON ELECTRONIC LTD
Date of incorporation : 12
January, 1996
Changed name to : SHUN ON ELECTRONIC CO LTD
Date of change : N/A
*Company History*
===============
18 November, 2003 - Became
listed on the OTC (Over-the-counter Exchange) of the Taiwan Stock Exchange.
21 January, 2008 - Listed
on the Taiwan Stock Exchange (with ticker no. 6283).
*Capital Details*
============
Authorized capital : NTD
1,000,000,000.00
Initial paid-up capital : NTD
5,000,000.00
Paid-up capital increases as follows:
Year Amount (NTD)
------
--------------------
2000
120,000,000.00
2001
195,000,000.00
2002
279,850,000.00
2003
333,000,000.00
2004
396,000,000.00
2005 496,810,270.00
2006
683,891,110.00
--
756,130,890.00
*Licenses & Permits*
================
License number : 9961571500
Date issued : 31 July,
2000
Issuing authority : Industrial
Development Bureau, MOEA
Type of license : Factory
license
Note: Although the firm continues to maintain a valid manufacturing
license in Taiwan, in fact the firm's original manufacturing facilities were
closed several years ago and moved to China (PRC) due to the significant
differences in labor costs.
*Office & Facilities*
================
Size : 384 square meter (Approx)
Location : Taipei Hsien
Type of building : Industrial
building
Property status : Owned by SHUN ON ELECTRONIC CO LTD
Comment : The administrative offices which
manage the China factory and receipt of orders, is located in the premises
which were previously used for manufacturing in Taiwan.
Other tel no :
867698731794
*Corporate & Organization Structure*
============================
A small-medium sized 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
------- ---------
2004 2581
2005 2728
2006 2557
*Reputation*
==========
Reference checking for the purpose of establishing the firm's reputation
within the respective industry failed to reveal any negative information.
*Auditors*
========
DELOITTE & TOUCHE
*Registrar*
=========
SHIN KONG SECURITIES CORP
Stock Market Code: 6283
Web
site: www.soe-ele.com the design is
professional and the content is well organized. At present it is in both
Chinese and English versions.
E-mail: sales.tp@soe-ele.com
For the past two years there is no record of litigation.
*Major Shareholders*
================
Total number of shareholders: N/A
Total number of shares: N/A
Shareholders Country Number Amount %
---------------- ---------- ------------ ----------- ------
Mr. Lien-kuo Hu Taiwan n/a n/a n/a
Mr. Pei-chih Wang Taiwan n/a n/a n/a
Mr. Sen-ying Chiu Taiwan 2,938,028.00 n/a n/a
Mr. Yao-wei Chou Taiwan 2,402,588.00 n/a n/a
Mr. Jung-teh Chang Taiwan 1,699,090.00 n/a n/a
Mr. Kao-shun Lin Taiwan 592,865.00 n/a n/a
Mr. Ming-chang Hsieh Taiwan 538,343.00 n/a
n/a
CHUNG HUA INT'L Taiwan
215,084.00 n/a n/a
INVESTMENT CO LTD
Mr. Jung-pao Kang Taiwan 17,411.00 n/a n/a
Management: Mr. Wen-jan Liao,
Executive
Mr. Shih-hao Fang, Auditor
Mr. Sen-ying Chiu, General Manager
Name Nationality
Job Description Dept. / Division
Mr. Wen-jan Liao Taiwanese
Executive Sales
Mr. Shih-hao Fang Taiwanese
Auditor -
Mr. Sen-ying Chiu Taiwanese
General Manager -
Ms. Melody Sung Taiwanese
Special Assistant -
Mr. Chih-lung Wang Taiwanese Vice General Manager -
Mr. Jung-teh Chang Taiwanese
Vice General Manager -
Mr. Kuang-liang Wang Taiwanese Vice General Manager -
*COMPANY DIRECTORS*
=====================
1
Name : Mr. Sen-ying Chiu
Nationality : Taiwan
Country of Residence: Taiwan
*Main Products & Services*
=====================
Specializes in the following areas of work:
1. Sourcing of suppliers in China (PRC).
2. In Taiwan, the company handles international marketing and sales of
keyboard membrane products, which originated from China. However, orders and
shipments are made directly to clients from China, and not via Taiwan.
Products: Audio visual channel products
Computer
peripherals
Electronic
products
Home
appliances
Keypads, conductive
silicon
*Payment Terms*
=============
Sales
-------
Local : 30 - 90 days credit
Cash
Export : Letter of Credit (L/C)
Telegraphic
Transfer (T/T)
Purchases
--------------
Local : 30 - 90 days credit
Import : Letter of Credit (L/C)
Telegraphic
Transfer (T/T)
*Competitors*
===========
The following locally based companies supply similar range of products :
- AXIOMTEK CO LTD
- CASTLES TECHNOLOGY CO LTD
- UNIKEY ELECTRONICS CO LTD
- MAGICAL FILM ENTERPRISE CO LTD
- TE SHEN CO LTD
*Local Distribution Network*
======================
Approximately 95% annual turnover is attributed to local sales.
*International Trade Activity*
======================
Note: At the time of preparing this report, the Ministry of Economic
Affairs had not yet released trade figures for 2007.
*Export Markets*
=============
Approximately 5% annual turnover is attributed to export.
Products are exported to the following countries:
Country % of Exports
-----------
-------------------
Asia 66
Europe 28
America 1
Others
5
*(Subsidiaries, Joint-ventures & Affiliates)
================================
Company Name : AIT ELECTRONICS TECHNOLOGY CO LTD
Address : Yin Shan Industrial Zone Qingxi Town Dongguan Guangdong China
Country : China
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Electronic Products & Components
Company Name : ATTENA TECHNOLOGY CORP
Address : 8Fl-5, 504 Yuan Shan Rd Chungho City 235 Taipei Hsien Taiwan
Country : Taiwan
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Service
Industry : Professional Services
Company Name : BOURBON SHUN ON TECHNOLOGIES CO LTD
Address : Trust Net Chambers Road Town Tortola Virgin Islands (British)
Country : Virgin Islands (British)
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Electronic Products & Components
Company Name : CHUNG HUA INT'L INVESTMENT CO LTD
Address : 28Fl, 97 Tun Hua South Rd Section 2 Ta-an Dist Taipei City 106
Taiwan
Country : Taiwan
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Service
Industry : Financial Services - General
Company Name : FU YI INVESTMENT LTD
Address : 4Fl Scotia Centre Georgetown Grand Cayman Cayman Islands
Country : Cayman Islands
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Service
Industry : Financial Services - General
Company Name : GOLDCORP LTD
Address : Trust Net Chamber Apia Samoa
Country : Samoa
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Service
Industry : Professional Services
Company Name : HSUN CHENG HOLDING LTD
Address : Offshore Chambers Apia Samoa
Country : Samoa
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Service
Industry : Financial Services - General
Company Name : JIAXING CHUNXIANG ELECTRONIC TECHNOLOGY CO LTD
Address : Kang Shan Rd Cheng Yuan Rd East North Area Chia Hsin City Zhe
Jiang China
Country : China
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Electronic Products & Components
Company Name : MEMTECH ELECTRONIC PRODUCTS PTE LTD
Address : Ubi Tech Park 10 Ubi Crescent #04-68 408564 Singapore
Country : Singapore
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Electronic Products & Components
Company Name : POLYTECH COMPONENT PTE LTD
Address : Ubi Tech Park 10 Ubi Crescent #04-68 408564 Singapore
Country : Singapore
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Electronic Products & Components
Company Name : POLYTECH ELECTRONICS TECHNOLOGY (DONG GUAN) CO LTD
Address : Jin Xing Industrial Zone Qingxi Town Dongguan Guangdong China
Country : China
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Electronic Products & Components
Company Name : POLYTECH TECHNOLOGY CO LTD
Address : Level 3 Alexander House 35 Cybercity Ebene Mauritius
Country : Mauritius
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Electronic Products & Components
Company Name : POWER-ONE TECHNOLOGY CO LTD
Address : 5 Gang Shan Rd Dong Bei District Economic Development Zone
Jiaxing Zhejiang China
Country : China
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Electronic Products & Components
Company Name : SHUN ON ELECTRONIC CO LTD
Address : Huntlaw Bldg Georgetown Grand Cayman Cayman Islands
Country : Cayman Islands
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Electronic Products & Components
Company Name : SHUN ON ELECTRONIC CO LTD
Address : Jin Long Industrial Zone Qingxi Town Dongguan Guangdong China
Country : China
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Electronic Products & Components
Company Name : UNITED TECHNOLOGY SYSTEM
Address : Ubi Tech Park Blk 10 Ubi Crescent #04-67 408564 Singapore
Country : Singapore
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Electronic Products & Components
PAYMENT RATING : 2 OBTAINED SCORES :
76
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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 |
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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
FAIRLY LARGE amounts depending on individual judgement experience.
*BANK DETAILS*
===============
Bank Name : BANK OF TAIWAN
Branch : Chungcheng Dist,Taipei City
Branch Address : 120 Chung Ching South Rd Section 1
SWIFT Code : BKTWTWTP
Bank Name : MEGA INT'L COMMERCIAL BANK CO LTD
Branch : Chungho City
Branch Address : 124 Chung Shan Rd Section 2
SWIFT Code : ICBCTWTP
Balance Sheet
Currency : NTD
Denomination : in Thousands
2002 2003 2004 2005
2006
-------- -------- -------- --------
--------
Current Assets 339,297 356,542 456,986
419,077 616,719
Funds & long-term investments 332,868
546,839 787,908 912,672 1,007,903
Property 37,383 35,241 52,871
51,718 47,856
Other Assets 411 1,936 3,436
3,687 3,134
Current Liabilities (Before) 188,346
294,940 317,354 386,564 325,063
(After)
219,552 348,790 377,262 392,835
Long-term Liabilities -- --
281,050 68,595 16,884
Other Liabilities 27,308 63,857 71,734 73,047 75,518
Common stock 279,850 333,000 396,000 496,810 683,891
Capital Reserve 85,000 85,147 85,223
199,049 326,316
Retained Earnings (Before) 125,606
168,064 211,325 177,390 251,561
(After)
41,250 51,214 92,417 168,893
Total Assets 709,959 940,558 1,301,201
1,387,154 1,675,612
Total Liabilities (Before) 215,654 358,797
670,138 528,206 417,465
(After)
246,860 412,647 730,046 534,477
Total Shareholder's Equity (Before)
494,305 581,761 631,063 858,948
1,258,147
(After) 463,099 527,911
726,642 852,677
Income Statement
Currency : NTD
Denomination : in Thousands
2002 2003 2004
2005 2006
-------- -------- -------- -------- --------
Operating revenue 434,509 664,179
739,398 720,463 822,921
Gross Profit 69,754 78,256 120,048 87,622 97,223
Operating Income 34,910 33,640
78,260 45,662 58,495
Non-operating income 118,245 136,356
118,873 56,665 107,903
Non-operating expense 822 957
16,119 1,417 7,432
Net Income 117,922 133,615 163,615 88,031 140,315
Earnings (losses) per share (After) 2.5
2.67 3.3 1.28 2.49
Note: At the time of preparing this report, 2007 financial has not been
submitted to Taiwan Tax Authorities.
Additionally, because the firm is now ONLY manufacturing in China and
exporting from China to international markets, the company is essentially just
handling administrative issues relating to orders and shipments. Therefore, the turnover figures for the
Taiwan operations are not entirely reflective of the firm's total business
activities in China.
*Financial Ratios*
==============
2002 2003
2004 2005 2006
-------- -------- -------- --------
--------
Ratio of liabilities to Assets % 30.40
38.10 51.50 38.10
24.91
Ratio of long-term capital to
fixed Assets%
1,322.30 1,650.80 1,725.20 1,793.50 2,664.31
Current ratio% 180.10 120.90 144.00
108.40 189.72
Quick ratio% 179.20 119.90 139.70
107.70 181.40
Interest coverage 1,480 449.40 117.20
107.70 112.87
Turnover of receivable (times) 3 3 3 3 3
Average collection period
of receivable
128 132.00 133.00 119.00
114.42
Turnover of inventories (times) 348.1 290.30 293.60
346.90 58.81
Average days of sales 1 1.00
1.00 1.00 1.00
Turnover of fixed assets (times) 11.60 18.80 14.00
13.90 17.20
Turnover of total assets (times) 0.60
0.70 0.60 0.50 0.49
Return on total assets% 16.61 14.20
12.60 6.30 8.37
Return on shareholder's Equity% 23.86
22.97 25.93 10.25 11.15
Operating Income 12.50 10.10
19.80 9.20 8.55
Net Income before tax 54.40 50.80
45.70 20.30 23.24
Profit margin% 27.10
20.10 22.10 12.20 17.05
Retroactive 2.50 2.67 3.30
1.58 2.49
Cash flows ratio% 26.90 9.50 27.10
10.60 --
Cash flows adequacy% 26.50 23.70
27.90 36.20 5.61
Cash reinvestment ratio% 6.00 -- 4.40 -- --
Degree of operating leverage 2.02 2.46
1.55 1.89 1.66
Degree of financial leverage 1 1 1
1.02 1.02
*Financial Summary (Currency: U.S. $'s)
===============================
Year Sales Assets Net Income
2002 $12,489,479.74 $20,406,984.77 $3,389,537.22
2003 $19,151,643.60 $27,121,049.60 $3,852,797.00
2004 $22,237,533.83 $31,013,563.91 $4,920,751.88
2005 $22,763,443.92 $43,827,930.49 $2,781,390.21
2006 $24,876,692.87 $50,653,325.27 $4,241,686.82
Int´l Trade Activity (Currency: U.S. $'s)
=============================
Year Imports Exports Total
2004 $320,000.00 $2,210,000.00 $2,530,000.00
2005 $240,000.00 $1,490,000.00 $1,730,000.00
2006 $160,000.00 $1,250,000.00 $1,410,000.00
Over the past 12 years, SC has made a stable growth with satisfactory
profit. It is considered a credit line up to USD 1,000,000 appears to be within
SC’s capacities.
Attached:
trade references
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 3555 Printing
trades machines and equipment, and parts and accessories,
Trading 3577 Computer
peripheral equipment, and parts,
Trading 3600 Electronic
& Electric Equip.
Trading 3674 Semiconductors
and related devices, and parts,
Trading 3679 Electronic
components,
Trading 5065 Electronic
Parts/Equip, NEC
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 3403190000 Lubricating preparations containing petroleum oils or oils
obtained from bituminous minerals
Exporting 8443190000 Offset printing machinery
Exporting 8541402000 Photosensitive semiconductor devices, light emitting diodes (led's)
Importing 8534000020 Printed circuits having a base of plastic impregnated with
glass consisting of 3 or more layers of conducting materials
Trading 8473103000 Parts
and accessories of word processing machines
Trading 8534 Printed
circuits
Trading 8541402000 Photosensitive
semiconductor devices, light emitting diodes (led's)
Trading 8542 Electronic
integrated circuits & microassembl, parts
Trading 8542500000 Electronic
integrated circuits , and microassemblies
DETAILED PRODUCT
CLASSIFICATION & ACTIVITY
Activity Product/Service Description
Trader Electronic
products
Trader Keypads,
conductive silicon
Trader Home appliances
Trader Telecommunication
products
Trader Medical
apparatus
Trader Testing instruments
Trader Computer
peripherals
Trader Audio visual
channel products
INTERNATIONAL
TRADE: ACTIVITY & MARKETS
Exporting to Asia
Exporting to China
Exporting to Hong Kong
Importing from Asia
Importing from China
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%)