MIRA INFORM REPORT
|
Report Date : |
20.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
FORMOSA EPITAXY INCORPORATION |
|
|
|
|
Registered Office : |
No.99, Lun Yuan 1st Rd., Lung-Tan, Taoyuan, Hsinchu Science Park |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
04.11.1999 |
|
|
|
|
Com. Reg. No.: |
70754136 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and sales of InGaN LED wafer and chip, etc |
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 |
|
Maximum Credit Limit : |
USD 200,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment
Behaviour : |
Usually Correct |
|
|
|
|
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 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Taiwan |
a2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Contact
Points
|
Company Name: |
|
|
Supplied Name: |
|
|
Trading Address: |
No.99, Lun Yuan 1st Rd., Lung-Tan, Taoyuan, Hsinchu Science Park,
Taiwan, R.O.C. |
|
Supplied Address: |
|
|
Telephone Number: |
|
|
Fax Number: |
|
|
E-mail: |
Notes: Subject’s exact name and address are as
above.
Credit
Summary
|
Credit Rating: |
|
|
Credit Opinion: |
Company
Identification Details
History
|
Company-Incorporated |
|
|
2000.04 |
Finished in collaboration with ITRI(
Industry Taiwan Research Institute) on Blue GaN wafer |
|
2000.04 |
Blue wafer was developed in-house |
|
2001.01 |
Blue Wafer was approved and mass-production |
|
2001.04 |
Green Wafer was approved and
mass-production |
|
2001.06 |
Near-UV Wafer was approved and
mass-production |
|
2001.08 |
Blue, Green and near-UV chips were approved
and mass-production |
|
2002.06 |
Funding award from Next Generation Lighting
Plan supported by Taiwan Ministry of Economic Affairs |
|
2002.08 |
The National Enterprise Golden Award |
|
2003.01 |
ROC Outstanding Award( Enterprise Item) |
|
2003.04 |
IPO, 2003/April, 11th Taiwan Weighted Index
Stock Market, High Technology Item (3061) |
|
2003.09 |
Super high brightness- Digital Penetration
ITO blue chip mass production ( 60-80% brightness is enhanced) |
Awards
|
Year |
Awards |
|
2007 |
Blue chip importer and exporter |
|
2008 |
Blue chip importer and exporter |
|
2009 |
Blue chip importer and exporter |
Standard of Blue chip importer and exporter
Unit: USD
|
Year |
Amount |
|
2007 |
18,000,000 |
|
2008 |
19,000,000 |
|
2009 |
15,000,000 |
Shareholders
|
Name |
Subscription
Shares |
|
Fen-Ren
Chien |
6,308,783 |
|
Mitsui & Co. (Taiwan), Ltd |
|
|
74,693,000 |
|
|
San
Chih Semiconductor Co. |
17,920,329 |
|
Yujia
Construction Co, Ltd (Literal
Translation) |
5,469,378 |
|
Huifeng
Development Co., Ltd (Literal Translation) |
2,037,109 |
|
Rongdi
Construction Co, Ltd |
51,185 |
The information above is that of subject’s major shareholders.
Subsidiaries &
Branches
Related Companies
|
Mitsui & Co. (Taiwan), Ltd San Chih Semiconductor Co. Yujia Construction Co, Ltd (Literal Translation) Huifeng Development Co., Ltd (Literal
Translation) Rongdi Construction Co, Ltd |
|
Tekcore Co., Ltd Coherent, Inc Cree, Inc Fairchild Semiconductor International, Inc OSRAM Opto Semiconductors Inc. EPSTAR Corporation Avago Technologies Limited |
Personnel
Information
Core Management
|
1 |
|
|
Name |
Fen-Ren Chien |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Ichikawa, Makoto |
|
Position |
Director |
|
3 |
|
|
Name |
Suzuki kojiro |
|
Position |
Director |
|
4 |
|
|
Name |
Longda Li |
|
Position |
Director |
|
5 |
|
|
Name |
Yujia Construction Co, Ltd
(Literal Translation) |
|
Position |
Director |
|
6 |
|
|
Name |
Jinhuang Huang |
|
Position |
Independent |
|
7 |
|
|
Name |
Manxiang Li |
|
Position |
Independent |
|
8 |
|
|
Name |
Hanzhang Liu |
|
Position |
Supervisor |
|
9 |
|
|
Name |
Rongdi Construction Co, Ltd |
|
Position |
Supervisor |
Personnel Structure
|
Total Employees |
About 950 employees |
Operation
Information
Offices & Factories
|
|
Headquarters
|
|
Add |
No.99, Lun Yuan
1st Rd., Lung-Tan, Taoyuan, Hsinchu Science Park, Taiwan, R.O.C. |
Production Information
l
Subject
is engaged in research, development, manufacture and distribution of indium
gallium nitride (InGaN) wafers and chips.
Purchase Information
l
The
major registered activities of subject:
|
Business
Code |
Details
|
|
CC01080
|
Manufacture
of electronic component |
|
CC01040
|
Manufacture
of lighting equipment |
|
F401010
|
International
Trading Business |
|
E601010
|
electrical equipment
installation |
|
I501010
|
Product
design industry |
l
Subject purchases
both at home and abroad and subject’s purchasing all depends on the specific
conditions and customers’ demands.
l
Subject
is engaged in distribution of indium gallium nitride (InGaN) wafers and chips.
l
Subject
mainly supplies blue InGaN wafers, green InGaN wafers and ultraviolet InGaN
wafers, which are primarily applied in manufacture of consumer electronic
products, display panels, automobile parts, industrial instruments and lamps,
such as handheld consumer electronics, notebook computers, liquid crystal
display (LCD) television backlight products, traffic lamps, instrument
backlight products, fog lamps, program controllers, medical equipment and road
lamps, among others.
l
Subject’s
products are both sold in domestic and overseas market and it is introduced
that subject’s sales mainly focus Asia and America such as South Korea, Taiwan,
US, HK and China, etc
Import and export right:
|
Import
right |
Yes |
|
Export
right |
Yes |
Settlements
Purchase
Domestic
Purchase
|
Payment
Terms |
Proportion |
|
|
Raw
materials |
COD,
etc |
100% |
Foreign
Purchase
|
Payment
Terms |
Proportion |
|
|
Raw
materials |
CBD,
etc |
100% |
Sales
Domestic
Markets
|
Sales
Terms |
Proportion |
|
|
Indium gallium nitride (InGaN) wafers and
chips, etc |
CBD,
etc |
100% |
Export
|
Sales
Terms |
Proportion |
|
|
Indium gallium nitride (InGaN) wafers and
chips, etc |
CBD,
etc |
100% |
Balance
Sheet
Unit: NTD/000
|
|
|
|
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash and cash equivalents |
5,532,731.00 |
1,588,251.00 |
|
Available-for-sale financial assets -
current |
200,185.00 |
0.00 |
|
Notes receivable - net |
30,276.00 |
23,671.00 |
|
Accounts receivable - net |
1,490,834.00 |
855,696.00 |
|
Accounts receivable - related parties - net |
343,626.00 |
68,918.00 |
|
Other receivables |
45,555.00 |
14,249.00 |
|
Inventories |
842,963.00 |
304,926.00 |
|
Other prepayments |
16,089.00 |
27,867.00 |
|
Other current assets |
107,257.00 |
133,953.00 |
|
Current assets |
8,609,516.00 |
3,017,531.00 |
|
Funds and Investments |
|
|
|
Available-for-sale financial assets - non
current |
59,220.00 |
36,866.00 |
|
Financial assets carried at cost - non
current |
30,152.00 |
9,000.00 |
|
Equity investments under equity method |
1,287,644.00 |
727,920.00 |
|
Prepayments for long-term investments |
37,802.00 |
0.00 |
|
Investments |
1,325,446.00 |
727,920.00 |
|
Funds and long-term investments |
1,414,818.00 |
773,786.00 |
|
Fixed Assets |
|
|
|
Cost |
|
|
|
Land |
69,534.00 |
69,534.00 |
|
Buildings and structures |
1,610,740.00 |
1,183,407.00 |
|
Machinery and equipment |
5,634,435.00 |
3,922,786.00 |
|
Transportation equipment |
3,858.00 |
4,054.00 |
|
Office equipment |
24,197.00 |
22,906.00 |
|
Leased assets |
357,906.00 |
214,411.00 |
|
Fixed assets cost |
7,700,670.00 |
5,417,098.00 |
|
Accumulated depreciation |
-2,959,128.00 |
-2,218,938.00 |
|
Construction in process and prepayment for
equipments |
559,387.00 |
807,874.00 |
|
Fixed assets |
5,300,929.00 |
4,006,034.00 |
|
Intangible Assets |
|
|
|
Patents |
8,143.00 |
7,462.00 |
|
Franchise |
5,575.00 |
7,670.00 |
|
Deferred pension cost |
152.00 |
0.00 |
|
Intangible assets |
13,870.00 |
15,132.00 |
|
OtherAssets |
|
|
|
Guarantee deposits paid |
5,484.00 |
2,393.00 |
|
Deferred income tax assets - non current |
148,222.00 |
58,036.00 |
|
Other assets - other |
37,806.00 |
40,271.00 |
|
Other assets |
191,512.00 |
100,700.00 |
|
Assets |
15,530,645.00 |
7,913,183.00 |
|
Liabilities and Stockholders' Equity |
|
|
|
Liabilities |
|
|
|
Current Liabilities |
|
|
|
Short-term borrowings |
58,800.00 |
0.00 |
|
Financial liabilities measured at fair
value through profit or loss - current |
2,081.00 |
0.00 |
|
Notes payable |
5,479.00 |
3,668.00 |
|
Accounts payable |
886,557.00 |
342,591.00 |
|
Accounts payable - related parties |
305.00 |
1,467.00 |
|
Income tax payable |
138,727.00 |
39,495.00 |
|
Accrued expenses |
338,740.00 |
166,739.00 |
|
Other payables |
75,690.00 |
79,351.00 |
|
Long-term liabilities - current portion |
302,497.00 |
283,888.00 |
|
Other current liabilities |
151,315.00 |
47,328.00 |
|
Current liabilities |
1,960,191.00 |
964,527.00 |
|
Long term Liabilities |
|
|
|
Financial liabilities measured at fair
value through profit or loss - non current |
0.00 |
0.00 |
|
Bonds payable |
0.00 |
0.00 |
|
Long-term borrowings |
632,711.00 |
635,206.00 |
|
Long-term notes and accounts payable |
234,641.00 |
179,435.00 |
|
Long-term deferred revenues |
130,352.00 |
0.00 |
|
Long-term liabilities |
997,704.00 |
814,641.00 |
|
Reserves |
|
|
|
Other Liabilities |
|
|
|
Pension reserve / accrued pension liability |
688.00 |
0.00 |
|
Guarantee deposits received |
8.00 |
16.00 |
|
Other liabilities |
696.00 |
16.00 |
|
Liabilities |
2,958,591.00 |
1,779,184.00 |
|
Stockholders' Equity |
|
|
|
Capital |
|
|
|
Common stock |
4,806,227.00 |
3,286,507.00 |
|
Advance receipts for common stock |
0.00 |
946.00 |
|
Capital Surplus |
|
|
|
Capital surplus - additional paid-in
capital |
6,547,152.00 |
2,384,328.00 |
|
Capital surplus - treasury stock
transactions |
10,626.00 |
2,438.00 |
|
Capital surplus - employee stock option |
3,115.00 |
8,212.00 |
|
Capital surplus - stock option |
86,025.00 |
39,105.00 |
|
Capital surplus |
6,646,918.00 |
2,434,083.00 |
|
Retained Earnings |
|
|
|
Legal reserve |
38,620.00 |
16,542.00 |
|
Special reserve |
0.00 |
0.00 |
|
Unappropriated retained earnings |
1,170,852.00 |
418,925.00 |
|
Retained earnings |
1,209,472.00 |
435,467.00 |
|
Stockholders' Equity and Other adjustmen |
|
|
|
Cumulative translation adjustments |
-79,495.00 |
-15,081.00 |
|
Net loss not recognized as pension cost |
-1,805.00 |
0.00 |
|
Unrealized gains (losses) on financial
instruments |
-3,795.00 |
2,996.00 |
|
|
-5,468.00 |
-10,919.00 |
|
Equity adjustments |
-90,563.00 |
-23,004.00 |
|
Stockholdersˉ equity |
12,572,054.00 (USD 433,735,863) |
6,133,999.00 (USD 211,622,966) |
|
Number of treasury stock acquired by the company
and subsidiaries (unit: share) |
209,000.00 |
418,000.00 |
|
|
0.00 |
35,000.00 |
(As of 2011.08, 1
NTD = 0.0345 USD)
Income
Statements
Unit: NTD/000
|
|
~ |
~ |
|
Sales |
1,110,314.00 (USD 38,305,833) |
738,872.00 (USD 25,491,084) |
|
Sales returns |
6,889.00 |
7,959.00 |
|
Sales |
1,103,425.00 |
730,913.00 |
|
Construction and engineering revenue |
2,066.00 |
4,966.00 |
|
Operating income |
1,105,491.00 |
735,879.00 |
|
Cost of sales |
933,423.00 |
448,939.00 |
|
Cost of construction and engineering
service |
1,990.00 |
4,596.00 |
|
Operating costs |
935,413.00 |
453,535.00 |
|
Gross profit (loss) from operations |
170,078.00 |
282,344.00 |
|
Unrealized gains on intercompany
transactions |
2,560.00 |
2,787.00 |
|
Selling expense |
30,463.00 |
21,376.00 |
|
General and administrative expenses |
44,205.00 |
35,430.00 |
|
Research and development expenses |
34,217.00 |
29,324.00 |
|
Operating expenses |
108,885.00 |
86,130.00 |
|
Operating income (loss) |
58,633.00 |
193,427.00 |
|
Non-Operating Income |
|
|
|
Interest income |
6,533.00 |
1,796.00 |
|
Inome from long-term equity investments
under the equity method |
0.00 |
0.00 |
|
Investment income |
0.00 |
0.00 |
|
Gains on disposal of fixed assets |
0.00 |
867.00 |
|
Gains on sale of investments |
16,393.00 |
685.00 |
|
Foreign exchange gains |
26,233.00 |
0.00 |
|
Reversal of provision for bad debts |
0.00 |
11,057.00 |
|
Revaluation gain on financial assets |
0.00 |
0.00 |
|
Revaluation gain on financial liabilities |
0.00 |
0.00 |
|
Miscellaneous income |
21,764.00 |
5,894.00 |
|
Non-operating revenues and gains |
70,923.00 |
20,299.00 |
|
Non-Operating Expenses |
|
|
|
Interest expense |
6,337.00 |
1,575.00 |
|
Losses from long-term equity investments
under the equity method |
23,766.00 |
6,537.00 |
|
Investment loss |
23,766.00 |
6,537.00 |
|
Loss on disposal of fixed assets |
81.00 |
0.00 |
|
Foreign exchange losses |
0.00 |
5,548.00 |
|
Revaluation loss on financial liabilities |
5,510.00 |
0.00 |
|
Miscellaneous disbursements |
0.00 |
0.00 |
|
Non-operating expenses and losses |
35,694.00 |
13,660.00 |
|
Income from continuing operations before
income tax |
93,862.00 |
200,066.00 |
|
Income tax expense (benefit) |
-744.00 |
2,825.00 |
|
Income from continuing operations |
94,606.00 |
197,241.00 |
|
Net income (loss) |
94,606.00 (USD 3,263,907) |
197,241.00 (USD 6,804,815) |
|
Primary Earnings per Share |
|
|
|
Primary earnings per share |
0.20 |
0.61 |
|
Diluted earnings per share |
|
|
|
Diluted earnings per share |
0.20 |
0.60 |
(As of 2011.08, 1 NTD = 0.0345 USD)
Cash Flows
Unit: NTD/000
|
|
~ |
~ |
|
Cash
Flows from Operating Activities - Indirect Method |
|
|
|
Net
Income (Loss) |
94,606 |
197,241 |
|
Adjustments
to Reconcile Net Income to Net Cash Provided by (Used in) Operating
Activities |
|
|
|
Depreciation
Expense-Operating |
236,000 |
47,361 |
|
Amortization
Expense-Operating |
13,697 |
9,993 |
|
Provision
(Reversal of Provision) for Bad Debts Losses |
3,188 |
-11,057 |
|
Loss
(Gain) of Inventory Valuation Obsolescence or Recoveries |
26,320 |
-1,269 |
|
Investment
Loss/(Income) Recognized under Equity Method |
23,766 |
6,537 |
|
Loss
(Gain) on Disposal of Fixed Assets |
81 |
-867 |
|
Loss/(Gain)
on Sale of Investments |
-16,393 |
-685 |
|
Unrealized
Revaluation Loss/(Gain) on Financial Assets and Liabilities |
5,510 |
0 |
|
Unrealized
Gain (Loss) on Inter-affiliate Accounts |
2,560 |
2,787 |
|
Loss
(Gain) on Deferred Income Tax |
-13,095 |
-15,010 |
|
Other
Adjustments to Reconcile Net Income to Net |
|
|
|
Cash
Provided by (Used in) Operating Activitie |
-5,961 |
-3 |
|
Changes
in Operating Assets and Liabilities |
|
|
|
Decrease
(Increase) in Financial Assets Held for Trading |
0 |
10,685 |
|
Decrease
(Increase) in Notes Receivable |
44,262 |
-5,703 |
|
Decrease
(Increase) in Accounts receivable |
-272,476 |
-11,388 |
|
Decrease
(Increase) in Accounts Receivable - Related Parties |
-75,562 |
9,943 |
|
Decrease
(Increase) in Other Receivables |
34,130 |
3,478 |
|
Decrease
(Increase) in Inventories |
-182,934 |
-55,634 |
|
Decrease
(Increase) in Other Prepayments |
-11,772 |
-34,627 |
|
Increase
(Decrease) in Financial Liabilities Held for Trading |
-3,859 |
0 |
|
Increase
(Decrease) in Notes Payable |
-1,090 |
-3,680 |
|
Increase
(Decrease) in Accounts Payable |
134,150 |
39,386 |
|
Increase
(Decrease) in Accounts Payable - Related Parties |
-2,039 |
597 |
|
Increase
(Decrease) in Income Tax Payable |
11,865 |
17,648 |
|
Increase
(Decrease) in Accrued Expenses |
34,143 |
38,797 |
|
Increase
(Decrease) in Other Current Liabilities |
1,246 |
-36,270 |
|
Net
Cash Provided by (Used in) Operating Activities |
80,343 |
308,260 |
|
Cash
Flows from Investing Activities |
|
|
|
Acquisition
of Available-for-sale Financial Assets |
-200,000 |
0 |
|
Acquisition
of Financial Assets Carried at Cost |
-1,238 |
0 |
|
Proceeds
from Disposal of Financial Assets Carried at Cost |
25,079 |
0 |
|
Decrease
(Increase) in Prepayments for Long-term Investments |
-37,802 |
0 |
|
Acquisition
of Property, Plant and Equipment |
-407,961 |
-469,011 |
|
Proceeds
from Disposal of Property, Plant and Equipment |
0 |
1,300 |
|
Decrease
(Increase) in Refundable Deposits |
-1,933 |
-72 |
|
Increase
in Deferred Charges |
-18,908 |
-13,841 |
|
Decrease
(Increase) in Other Receivables - Related Parties |
-147,000 |
0 |
|
Decrease
(Increase) in Restricted Assets |
141 |
45 |
|
Other
Investing Activities |
-319 |
-265 |
|
Net
Cash Provided by (Used in) Investing Activities |
-789,941 |
-481,844 |
|
Cash
Flows from Financing Activities |
|
|
|
Increase/(Decrease)
in Short-term Loans |
58,800 |
0 |
|
Proceeds
from Long-term Debt |
300,000 |
71,320 |
|
Repayment
of Long-term Debt |
-72,846 |
-88,352 |
|
Capital
Addition |
3,277,443 |
0 |
|
Employee
Stock Options Exercised |
36,815 |
2,407 |
|
Net Cash
Provided by (Used in) Financing Activities |
3,600,212 |
-14,625 |
|
Net
Increase/(Decrease) in Cash and Cash Equivalents |
2,890,614 |
-188,209 |
|
Cash
and Cash Equivalents, Beginning of year |
2,642,117 |
1,776,460 |
|
Cash and
Cash Equivalents, End of year |
5,532,731 |
1,588,251 |
|
Supplemental
Cash Flow Information |
|
|
|
Interest
Paid |
2,975 |
3,547 |
|
Capitalized
Interest |
-1,187 |
-1,927 |
|
Interest
Paid- Excluding Capitalized Interest |
1,788 |
1,620 |
|
Income Tax
Paid |
486 |
187 |
|
Non-cash
Investing and Financing Activities |
|
|
|
Current
Portion of Long-term Liability |
302,497 |
283,888 |
|
Capitalize
Lease Acquisition of Leased Assets |
0 |
214,411 |
|
Other |
27,892 |
8,596 |
|
Investing
Activities Affecting Both Cash and Non-cash Items |
|
|
|
Cash
Paid for Acquisition of Property, Plant and Equipment |
|
|
|
Increase
in Property, Plant and Equipment |
381,099 |
490,481 |
|
Increase/(Decrease)
in Payable for Equipment Purchased |
26,862 |
-21,470 |
|
Cash
Paid for Acquisition of Property, Plant and Equipment |
407,961 |
469,011 |
Bankers
Subject declined to disclose its bank details; from other source we can not
obtain the relevant information, either.
Public
Record
Mortgage
No chattel mortgage
record of subject has been found within the recent 3 months.
Lawsuit
|
98,補,87 |
|
|
Trial Date: |
980121 |
|
Reason: |
Interview
Details
|
Department |
Sales department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.61 |
|
UK Pound |
1 |
Rs.75.32 |
|
Euro |
1 |
Rs.65.68 |
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.