|
Report Date : |
18.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
TAINERGY TECH CO., LTD. |
|
|
|
|
Registered Office : |
No.5, Tzu-Chiang 1st Road, Chungli
Industrial Zone, Taoyuan County 32063 |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
30.09.2011 |
|
|
|
|
Date of Incorporation : |
14.05.2007 |
|
|
|
|
Com. Reg. No.: |
28675574 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and Trade of Solar Products |
|
|
|
|
No. of Employees : |
About 440 Employees |
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 : |
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 |
|
Company Name: |
|
|
Supplied Name: |
|
|
Trading Address: |
|
|
Supplied Address: |
No. 5,
Tzu-Chuang 1st Road, Ghungu Industrial Zone, Taoyuan Hsein Taiwan |
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Telephone Number: |
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|
Fax Number: |
|
|
E-mail: |
Notes:
The supplied address is the factory address of
subject, and the headquarter address is as above.
|
Credit Rating: |
|
|
Credit Opinion: |
Subject was incorporated
on
Subject was listed on Taiwan Stock Exchange on
Awards
|
Year |
Awards |
|
2008 |
Blue chip importer and exporter |
|
2009 |
Blue chip importer and exporter |
|
2010 |
Blue chip importer and exporter |
Standard of Blue chip importer and exporter
Unit: USD
|
Year |
Amount |
|
2008 |
19,000,000 |
|
2009 |
15,000,000 |
|
2010 |
20,000,000 |
|
Name |
Subscription Amount |
|
Kenmec Mechanical Engineering Co., Ltd |
72,977,627 |
|
Xiuzhi Jian |
|
|
774,834 |
|
|
Henian Liao |
381,546 |
The information above is that of subject’s major shareholders.
Factory
|
Address |
No.5,Tzu-Chiang lst Road, Chungli lndustrial Zone, Taoyuan Hsien,
Taiwan |
Core Management
Directors
|
1 |
|
|
Name |
Qingfu Xie |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Zhouhuang Bai |
|
Position |
Director |
|
3 |
|
|
Name |
Weidi Chen |
|
Position |
Director |
|
4 |
|
|
Name |
Honglin Chen |
|
Position |
Director |
|
5 |
|
|
Name |
Zhentai Xiao |
|
Position |
Independent Director |
|
6 |
|
|
Name |
Jianzhou Zhu |
|
Position |
Independent Director |
|
7 |
|
|
Name |
Caiwan Cai |
|
Position |
Independent Director |
|
8 |
|
|
Name |
Caifu Lin |
|
Position |
Independent Director |
|
9 |
|
|
Name |
Xiuzhi Jian |
|
Position |
Supervisor |
|
10 |
|
|
Name |
Zhongnan Fang |
|
Position |
Supervisor |
|
11 |
|
|
Name |
Henian Liao |
|
Position |
Supervisor |
Personnel Structure
|
Total Employees |
About 440 Employees |
Offices & Factories
|
|
Headquarters |
|
Add |
Production Information
Subject is a manufacturer of solar
products with the production activities.
Purchase Information
The registered activities of subject:
|
Business Code |
Details |
|
CC01010 |
Manufacture of power, |
|
CC01060 |
Manufacture of wire communication equipment |
|
CC01070 |
Manufacture of wireless communication equipment |
|
CC01080 |
Manufacture of electronic material |
|
CC01090 |
Manufacture of battery |
|
F401010 |
International trade |
|
ZZ99999 |
Besides licensed business, all other business items those are not
banned or restricted. |
The components and raw material for production are mostly purchased from
local Taiwan.
Subject is mainly engaged in manufacturing,
designing and trading of solar products and the related products.
Subject introduces that its main products are multicrystalline silicon
solar cell of 2 bus bar, 3 bus bar and so on.
Subject introduced that it obtained some certifications, such as ISO
9001:2000(CNS 12681) and so on.
Subject’s selling territory covers all over the world.
Import and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
Subject declined the purchase settlements information, and from other sources,
we couldn’t obtain the information, either.
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
Solar products and the related products. |
CBD, etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Solar products and the related products. |
T.T, L/C, etc. |
100% |
Unit: NTD/000
|
|
|
|
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash and cash equivalents |
504,820.00 |
557,917.00 |
|
Financial assets measured at fair value through
profit or loss - current |
243 |
0 |
|
Available-for-sale financial assets - current |
50,054.00 |
60,062.00 |
|
Notes receivable - net |
4,687.00 |
0 |
|
Accounts receivable - net |
592,872.00 |
203,470.00 |
|
Accounts receivable - related parties - net |
0 |
122,497.00 |
|
Other receivables |
117,869.00 |
85,390.00 |
|
Other receivables - related parties |
82,950.00 |
110 |
|
Inventories |
229,935.00 |
106,998.00 |
|
Other prepayments |
93,340.00 |
116,329.00 |
|
Other current assets |
65,815.00 |
21,978.00 |
|
Current assets |
1,742,585.00 |
1,274,751.00 |
|
Funds and Investments |
|
|
|
Equity investments under equity method |
570,650.00 |
291,113.00 |
|
Investments |
570,650.00 |
291,113.00 |
|
Funds and long-term investments |
570,650.00 |
291,113.00 |
|
Fixed Assets |
|
|
|
Cost |
|
|
|
Machinery and equipment |
1,773,509.00 |
1,010,702.00 |
|
Transportation equipment |
2,076.00 |
557 |
|
Office equipment |
22,505.00 |
11,730.00 |
|
Maintenance equipment and tools |
19,444.00 |
14,286.00 |
|
Leasehold improvements |
324,310.00 |
217,024.00 |
|
Other facilities |
96 |
0 |
|
Fixed assets cost |
2,141,940.00 |
1,254,299.00 |
|
Accumulated depreciation |
-555,192.00 |
-267,454.00 |
|
Construction in process and prepayment for
equipments |
768,735.00 |
252,757.00 |
|
Fixed assets |
2,355,483.00 |
1,239,602.00 |
|
Intangible Assets |
|
|
|
Computer software cost |
624 |
150 |
|
Intangible assets |
624 |
150 |
|
Other Assets |
|
|
|
Guarantee deposits paid |
1,634,760.00 |
1,918,920.00 |
|
Deferred charges |
80,115.00 |
86,027.00 |
|
Deferred income tax assets - non current |
35,292.00 |
67,969.00 |
|
Other assets - other |
500,315.00 |
528,973.00 |
|
Other assets |
2,250,482.00 |
2,601,889.00 |
|
Assets |
6,919,824.00 |
5,407,505.00 |
|
Liabilities and Stockholders' Equity |
|
|
|
Liabilities |
|
|
|
Current Liabilities |
|
|
|
Short-term borrowings |
862,938.00 |
290,000.00 |
|
Financial liabilities measured at fair value through
profit or loss - current |
92 |
0 |
|
Notes payable |
16,210.00 |
45,884.00 |
|
Accounts payable |
293,283.00 |
307,763.00 |
|
Accounts payable - related parties |
8,481.00 |
0 |
|
Income tax payable |
0 |
38,601.00 |
|
Accrued expenses |
134,356.00 |
102,868.00 |
|
Other payables - related parties |
193,611.00 |
294,517.00 |
|
Other payables |
84,454.00 |
9,082.00 |
|
Advance receipts |
92,082.00 |
183,561.00 |
|
Long-term liabilities - current portion |
627,855.00 |
480,000.00 |
|
Other current liabilities |
2,365.00 |
1,097.00 |
|
Current liabilities |
2,315,727.00 |
1,753,373.00 |
|
Long term Liabilities |
|
|
|
Long-term borrowings |
1,012,272.00 |
954,787.00 |
|
Long-term liabilities |
1,012,272.00 |
954,787.00 |
|
Reserves |
|
|
|
Other Liabilities |
|
|
|
Guarantee deposits received |
20,615.00 |
35,497.00 |
|
Other liabilities - other |
21,941.00 |
31,753.00 |
|
Other liabilities |
42,556.00 |
67,250.00 |
|
Liabilities |
3,370,555.00 |
2,775,410.00 |
|
Stockholders' Equity |
|
|
|
Capital |
|
|
|
Common stock |
1,339,700.00 |
1,007,500.00 |
|
Stock dividend to be distributed |
120,750.00 |
0 |
|
Capital Surplus |
|
|
|
Capital surplus - additional paid-in capital |
1,981,589.00 |
1,210,201.00 |
|
Capital surplus |
1,981,589.00 |
1,210,201.00 |
|
Retained Earnings |
|
|
|
Legal reserve |
70,064.00 |
18,298.00 |
|
Special reserve |
17,592.00 |
0 |
|
Unappropriated retained earnings |
-589 |
400,757.00 |
|
Retained earnings |
87,067.00 |
419,055.00 |
|
Stockholders' Equity and Other adjustmen |
|
|
|
Cumulative translation adjustments |
20,128.00 |
-4,723.00 |
|
Unrealized gains (losses) on financial
instruments |
35 |
62 |
|
Equity adjustments |
20,163.00 |
-4,661.00 |
|
Stockholdersˉ equity |
3,549,269.00 |
2,632,095.00 |
|
Number of treasury stock acquired by the company
and subsidiaries (unit: share) |
0 |
0 |
Unit: NTD/000
|
|
To |
To |
|
Operating income |
3,418,578.00 |
2,972,721.00 |
|
Operating costs |
3,545,553.00 |
2,360,806.00 |
|
Gross profit (loss) from operations |
-126,975.00 |
611,915.00 |
|
Selling expense |
33,236.00 |
18,953.00 |
|
General and administrative expenses |
64,275.00 |
58,118.00 |
|
Research and development expenses |
34,095.00 |
56,838.00 |
|
Operating expenses |
131,606.00 |
133,909.00 |
|
Operating income (loss) |
-258,581.00 |
478,006.00 |
|
Non-Operating Income |
|
|
|
Interest income |
2,502.00 |
1,834.00 |
|
Inome from long-term equity investments under the
equity method |
0 |
3,955.00 |
|
Investment income |
0 |
3,955.00 |
|
Gains on sale of investments |
450 |
269 |
|
Foreign exchange gains |
38,043.00 |
0 |
|
Revaluation gain on financial assets |
786 |
0 |
|
Miscellaneous income |
13,756.00 |
4,000.00 |
|
Non-operating revenues and gains |
55,537.00 |
10,058.00 |
|
Non-Operating Expenses |
|
|
|
Interest expense |
34,966.00 |
37,223.00 |
|
Losses from long-term equity investments under
the equity method |
10,012.00 |
0 |
|
Investment loss |
10,012.00 |
0 |
|
Loss on disposal of fixed assets |
0 |
541 |
|
Foreign exchange losses |
0 |
8,926.00 |
|
Revaluation loss on financial liabilities |
932 |
0 |
|
Miscellaneous disbursements |
0 |
0 |
|
Non-operating expenses and losses |
45,910.00 |
46,690.00 |
|
Income from continuing operations before income
tax |
-248,954.00 |
441,374.00 |
|
Income tax expense (benefit) |
18,815.00 |
40,617.00 |
|
Income from continuing operations |
-267,769.00 |
400,757.00 |
|
Net income (loss) |
-267,769.00 |
400,757.00 |
|
Primary Earnings per Share |
|
|
|
Primary earnings per share |
-2 |
3.91 |
|
Diluted earnings per share |
|
|
|
Diluted earnings per share |
-2 |
3.84 |
The bankers’ information is not available from the
subject or other sources.
Mortgage
No chattel mortgage record of subject has been found within the recent 3
months.
Lawsuit
Up to date of reporting, no existing or latent
litigation of the subject has been found.
|
Name |
Mr. Jian |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.21 |
|
|
1 |
Rs.77.75 |
|
Euro |
1 |
Rs.64.58 |
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.