MIRA
INFORM REPORT
|
Report Date : |
19.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
PRIMAX ELECTRONICS LTD. |
|
|
|
|
Registered Office : |
No.669, Rueiguang Rd., Neihu District, Taipei City 114 |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
30.06.2011 |
|
|
|
|
Date of Incorporation : |
20.03.2006 |
|
|
|
|
Com. Reg. No.: |
28006928 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and sales of consumer and business electronics |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 2,000,000 |
|
Status : |
Good |
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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: |
PRIMAX ELECTRONICS LTD. |
|
Supplied Name: |
Primax Electronics And Telecommunication Co. Ltd. |
|
Trading Address: |
No.669, Rueiguang Rd., Neihu District, Taipei City 114, Taiwan (R.O.C.) |
|
Supplied Address: |
Taiwan |
|
Telephone Number: |
+886-2-2798-9008 |
|
Fax Number: |
+886-2-8798-7675 |
Credit Summary
|
Credit Rating: |
|
|
Credit Opinion: |
Company
Identification Details
|
Registered Name: |
PRIMAX ELECTRONICS LTD. |
|
Registered Address: |
No.669, Rueiguang Rd., Neihu District, Taipei City 114, Taiwan (R.O.C.) |
|
Date of Foundation: |
|
|
Registration Number: |
28006928 |
|
Registry: |
Department of Commerce, Ministry of Economic Affairs, R.O.C. |
|
Registered Capital: |
NTD 5,000,000,000 (USD 165,500,000) (As of 2011.11,
1 NTD = 0.0331 USD) |
|
Paid-up Capital: |
NTD
3,974,746,180 (USD 131,564,099) |
|
Legal Representatives: |
Lixing Liang |
|
Legal Form: |
|
|
Principal Activities: |
|
|
Staff: |
|
|
Listed at Stock
Exchange: |
|
|
Date of Last
Annual Return: |
Notes: The staff numbers is estimated for
reference.
History
Subject was
incorporated on
Subject as listed
in TWSE in Jan, 1995
Change of Name
|
Former Chinese
Name |
鴻傳科技股份有限公司 |
|
Current Chinese
Name |
致伸科技股份有限公司 |
|
Former English
Name |
HONG CHUAN
ELECTRONICS LTD. |
|
Current English
Name |
PRIMAX
ELECTRONICS LTD. |
Shareholders
|
Name |
Subscription Shares |
|
Lixing Liang |
500,001 |
| Asia
pacific Growth Fund V, L.P. |
74,313,691 |
|
Haihong Yang |
829,308 |
|
Ziting Yang |
1,926,963 |
|
PMX LLC |
74,313,691 |
|
Youwei Cai |
1,000,000 |
|
Jiangzhan Xu |
3,590,977 |
|
Zhaonan Xu |
4,191,246 |
The information
above is that of subject’s major shareholders.
Related Companies
and Production Bases
|
1 |
|
|
Name |
|
|
Address: |
Room 1520-21,
15/F., Block A, Hi Tech Industrial Centre, 5-21, Pak Tin Par Street, Tsuen
Wan, N.T. Hong Kong |
|
Tel |
+852-2787-1192 |
|
Fax: |
+852-2787-5545 |
|
2 |
|
|
Name |
|
|
Address: |
7020. Koll
Centre Parkway, Suite 136 Pleasanton, CA 94566 |
|
Tel |
+1-925-249-2260 |
|
Fax: |
+1-925-249-2261 |
|
3 |
|
|
Name |
|
|
Address: |
7/F., JR
Hatchobri Bldg., |
|
Tel |
+81-3-3551-3077 |
|
Fax: |
+82-3-3551-3099 |
|
4 |
|
|
Name |
|
|
Address: |
Liuwu District,
Shek Kit Town, Dongguan City, Guangdong Province, P.R.C. |
|
Tel |
+86-769-8663-1652 |
|
5 |
|
|
Name |
|
|
Address: |
Han-Po Road
West, Yushan Town, Kunshan City, Huangsu Province, China |
|
Tel |
+86-512-5793-3338 |
|
Fax: |
+86-512-5793-3328 |
|
6 |
|
|
Name |
GuangZhou R&D Center
(Zhongda) |
|
Address: |
135 13th Floor,
Xingang Xi Road, Secience & Technology Building Zhongshan University,
Haizhu District Guangzhou Guangdong China. |
|
Tel |
+86-20-8411-1366 |
|
Fax: |
+86-20-8411-1356 |
|
7 |
|
|
Name |
GuangZhou R&D Center
(Kecun) |
|
Address: |
356 3rd Floor,
Xingang Road, Love-in Mall Building A Haizhu District Guangzhou Guangdong
China |
|
Tel |
+86-20-3431-8530 |
|
Fax: |
+86-20-3431-8531 |
|
8 |
|
|
Name |
|
|
Address: |
2th Floor,
Hanhai Plaza (1+1 Plaza) 10, Caihefang Road Haidian District, Beijing 100080,
China |
|
Tel |
+86-10-8260-7122 |
|
Fax: |
+86-10-8260-7133 |
Personnel
Information
Core
Management
Directors
|
1 |
|
|
Name |
Lixing Liang |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Jarolon TSANG |
|
Position |
Director |
|
3 |
|
|
Name |
Haihong Yang |
|
Position |
Director |
|
4 |
|
|
Name |
Ziting Yang |
|
Position |
Director |
|
5 |
|
|
Name |
Bonnie Sum Wai Lo |
|
Position |
Director |
|
6 |
|
|
Name |
Rongxi Liu |
|
Position |
Independent
Director |
|
7 |
|
|
Name |
Taizhao Gu |
|
Position |
Independent
Director |
|
8 |
|
|
Name |
Youwei Cai |
|
Position |
Supervisor |
|
9 |
|
|
Name |
Jiangzhan Xu |
|
Position |
Supervisor |
|
10 |
|
|
Name |
Zhaonan Xu |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
16,000 employees (Group) |
The staff numbers
is estimated for reference.
Operation
Information
Offices
& Factories
|
|
Headquarters |
|
Add |
No.669, Rueiguang Rd., Neihu District, Taipei City 114, Taiwan (R.O.C.) |
Production
Information
l
Subject is a manufacturer of consumer and business
electronics.
l
It is introduced that subject also has factories
and research and development centers in the mainland of China to deal with
production.
Purchase
Information
l
The major registered activities of subject:
|
Business Code |
Details |
|
CB01020 |
Manufacture of clerical machines and equipments |
|
CC01030 |
Manufacture of Electrical and electronic
audio-visual products |
|
CC01060 |
Manufacture of Cable communication mechanical
equipment |
|
CC01070 |
Manufacture ofWireless communication mechanical
equipment |
|
CC01080 |
Manufacture of Electronic Components |
|
CC01110 |
Manufacture of computer and relevant equipments |
|
I301010 |
Information software services |
|
F113050 |
Wholesale of computer and Clerical machines and
equipments |
|
F118010 |
Wholesales of Information Software |
|
F401010 |
International Trading Business |
|
ZZ99999 |
Besides licensed business, all other business
items those are not banned or restricted. |
l
Subject purchases both at home and abroad.
l
The subject is mainly engaged in sales of consumer
and business electronics and its main products and service can be divided into
3 types as follows:
|
PC Peripheral |
Mice, keyboards, touch pads, camera modules, etc. |
|
Mobile communication |
Camera modules, Bluetooth headsets, cell phone
and mobile device accessories, etc. |
|
System products |
Printers, multi-function printers (MFP),
scanners, shredders, laminators, etc. |
l
Subject’s products are both sold in domestic and
overseas market and it is introduced that subject has sales and marketing
offices in Hong Kong , Japan , Europe and the United states to deal with the
local sales business.
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Settlements
Purchase
Domestic Purchase
|
Payment Terms |
Proportion |
|
|
Raw materials and equipment, etc |
COD, Credit Sales, etc |
100% |
Foreign Purchase
|
Payment Terms |
Proportion |
|
|
Raw materials and equipment, etc |
CBD, Credit Sales, etc |
100% |
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
Consumer And Business Electronics, etc |
COD, etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Consumer And Business Electronics, etc |
CBD, etc |
100% |
Balance Sheet
Unit: NTD/000
|
|
|
|
|
Cash and cash equivalents |
915,521 |
1,198,278 |
|
Notes receivable - net |
3,533,088 |
5,194,002 |
|
Accounts receivable - related parties - net |
568,105 |
649,281 |
|
Other financial assets-Current |
287,268 |
35,716 |
|
Current Assets |
7,550,960 |
9,031,298 |
|
Inventories |
2,109,138 |
1,803,324 |
|
Inventories-manufacturing |
2,109,138 |
1,803,324 |
|
Other Current Assets |
127,170 |
130,748 |
|
Changes in the fair value of the financial assets
on profit and loss-flow |
10,670 |
19,949 |
|
Investment |
2,982,523 |
2,527,978 |
|
Long-term investments at equity |
2,982,523 |
2,527,978 |
|
Other financial Assets-Non Current |
0 |
13,090 |
|
Financial Assets at cost - Non current -Non
Current |
35,843 |
62,026 |
|
Fund and Investment |
3,018,366 |
2,603,094 |
|
Land |
7,574 |
7,574 |
|
Buildings and structures |
62,451 |
62,451 |
|
Machinery and equipment |
199,865 |
196,678 |
|
Total Fixed assets costs |
269,890 |
266,703 |
|
Accumulated depreciation |
-196,795 |
-168,843 |
|
Net Fixed Assets |
76,256 |
101,698 |
|
Total Cost and surplus arising on revaluation |
269,890 |
266,703 |
|
Unfinished project and equipment funds in advance |
3,161 |
3,838 |
|
252,886 |
300,844 |
|
|
1,160,800 |
1,160,800 |
|
|
Other Intangible Assets |
97,431 |
134,771 |
|
Total Intangible Assets |
1,511,117 |
1,596,415 |
|
279,449 |
282,994 |
|
|
Other assets-Others |
91,099 |
126,046 |
|
Total Other Assets |
370,548 |
409,040 |
|
Total Assets |
12,527,247 |
13,741,545 |
|
9,841 |
25,168 |
|
|
Accounts payables- related parties |
4,189,825 |
5,241,660 |
|
Accrued charge |
845,360 |
712,240 |
|
Changes in the fair value of the financial
liability on profit and loss-flow |
16,056 |
80,454 |
|
Designated Changes in the fair value of the
financial liability on profit and loss-flow |
16,056 |
80,454 |
|
Current Liabilities |
5,731,042 |
6,491,629 |
|
Other payables |
397,475 |
0 |
|
397,475 |
0 |
|
|
272,485 |
32,107 |
|
|
272,485 |
32,107 |
|
|
Long-Term Liabilities -Current Portion |
0 |
400,000 |
|
0 |
1,400,000 |
|
|
Longterm Liabilities |
0 |
1,400,000 |
|
Deferred Income Tax |
103,156 |
63,800 |
|
The deferred income tax liabilities-Non Current |
103,156 |
63,800 |
|
Other Liabilities-other |
139,849 |
151,036 |
|
Unrealized leaseback interests |
139,849 |
151,036 |
|
Total Other Liabilities |
243,005 |
214,836 |
|
Total Liabilities |
5,974,047 |
8,106,465 |
|
Common Stock |
3,974,746 |
3,830,791 |
|
Capital Collected In Advance |
0 |
3,281 |
|
3,974,746 |
3,834,072 |
|
|
41,072 |
9,278 |
|
|
41,072 |
9,278 |
|
|
7,478 |
8,131 |
|
|
261,834 |
241,758 |
|
|
Total capital reserve |
310,384 |
259,167 |
|
Legal reserve |
241,722 |
106,081 |
|
Unappropriated Retained Earnings |
2,245,647 |
1,448,540 |
|
Total Retained Earnings |
2,487,369 |
1,554,621 |
|
cumulative translation adjustment |
-214,332 |
-11,538 |
|
Net loss not recognized as pension cost |
-4,967 |
-1,242 |
|
Stockholders' Equity Other adjustment |
-219,299 |
-12,780 |
|
New Issued (under stockholders' equity section)
shares Equivalents (Unit: Shares) |
0 |
287 |
|
Treasury Stock of held by parent company also as
held by subsidiaries (Unit: Shares) |
0 |
0 |
|
Stockholders’ Equity |
6,553,200 (USD 216,910,920) |
5,635,080 (USD 186,521,148) |
(As of 2011.11, 1 NTD = 0.0331 USD)
Profit and Loss
Account
Unit: NTD/000
|
|
~ |
~ |
|
18,038,930 (USD 597,088,583) |
15,312,729 (USD 506,851,330) |
|
|
Net Sales Revenue |
17,435,410 |
14,987,133 |
|
Total Sales Revenue |
17,749,070 |
15,055,669 |
|
Sales Returns |
313,660 |
68,536 |
|
603,520 |
325,596 |
|
|
603,520 |
325,596 |
|
|
Total operating costs |
16,562,520 |
13,895,925 |
|
Gross Profit (Loss) |
1,476,410 |
1,416,804 |
|
Unrealized
Affiliate Company Benefit |
1,392 |
335 |
|
Total Operating Expenses |
876,024 |
896,047 |
|
Distribution Cost |
300,884 |
326,325 |
|
General Andadministrative Expenses |
120,380 |
120,923 |
|
Research And Development Expenses |
454,760 |
448,799 |
|
Net operating Profit (loss) |
598,994 |
520,422 |
|
Non-operating revenue and profit |
175,638 |
260,453 |
|
1,102 |
2,684 |
|
|
109,636 |
106,781 |
|
|
Foreign Exchange Gain |
35,273 |
123,694 |
|
Financial assets evaluation interests |
10,670 |
19,949 |
|
Miscellaneous Income |
18,957 |
7,345 |
|
Non-operating expenses and losses |
33,023 |
114,947 |
|
13,935 |
25,008 |
|
|
Financial Liabilities evaluation loss |
16,056 |
80,454 |
|
Miscellaneous expenses |
3,032 |
9,485 |
|
741,609 |
665,928 |
|
|
174,083 |
72,217 |
|
|
Continuing Operations' Unit net income (loss) |
567,526 |
593,711 |
|
Net income (loss) |
567,526 (USD 18,785,111) |
593,711 (USD 19,651,834) |
|
Basic earnings per share |
1.44 |
1.56 |
|
Dilute earning per share |
1.40 |
1.52 |
(As of 2011.11, 1 NTD = 0.0331 USD)
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
|
91,北簡,4893 |
|
|
Date of Trial |
910517 |
|
reason |
Return of Rent
deposit |
Interview Details
|
Department |
Sales department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.35 |
|
|
1 |
Rs.80.97 |
|
Euro |
1 |
Rs.69.26 |
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.