MIRA INFORM REPORT
|
Report Date : |
20.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
FORMOSA ADVANCED TECHNOLOGIES CO., LTD. |
|
|
|
|
Registered Office : |
No.329, Ho Nan St., Touliu
640 |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
30.09.2011 |
|
|
|
|
Date of Incorporation : |
11.09.1990 |
|
|
|
|
Com. Reg. No.: |
23826736 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Package of electronic products |
|
|
|
|
No. of Employees
: |
3,000 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 100,000 |
|
|
|
|
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 30th, 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: |
|
|
Supplied Name: |
|
|
Trading Address: |
|
|
Supplied Address: |
329 Ho Nan St., Lin Chung Li, Touliu City,
Yunlin 64073, Touliu City, Yunlin Taiwan |
|
Telephone Number: |
|
|
Fax Number: |
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|
E-mail: |
Notes:
The exact address is as above.
Credit
Summary
|
Credit Rating: |
|
|
Credit Opinion: |
Company
Identification Details
|
Registered Name: |
Formosa Advanced Technologies Co., Ltd. |
|
Registered Address: |
No.329, Ho Nan St., Touliu 640 Taiwan, R.O.C. |
|
Date of Foundation: |
|
|
Registration Number: |
23826736 |
|
Registry: |
Department of Commerce, Ministry of Economic Affairs,
R.O.C. |
|
Registered Capital: |
NTD 5,000,000,000 (USD 166,621,000) (As of 2012.1, 1 NTD = 0.03332 USD) |
|
Paid-up Capital: |
NTD 4,422,222,230 (USD 147,367,000) |
|
Legal Representatives: |
Wenyuan Wang |
|
Legal Form: |
|
|
Principal Activities: |
|
|
Staff: |
|
|
Listed at Stock
Exchange: |
|
|
Date of Last
Annual Return: |
History
Subject was incorporated on
Subject was listed on Taiwan Stock Exchange on
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 |
|
2008 |
19,000,000 |
|
2009 |
15,000,000 |
|
2010 |
20,000,000 |
Shareholders
|
Subscription
Shares |
|
|
Formosa Taffeta Co., Ltd |
290,464,472 |
|
Xianzheng Zhang |
|
|
139,983 |
|
|
Junming Huang |
10,000 |
|
Wencai Chen |
247,669 |
|
Yu Yuang Textile Co., Ltd |
1,600,851 |
|
Zongxian Chen |
40,750 |
The information above
is that of subject’s major shareholders.
Subsidiaries &
Branches
Parent Company
|
Name |
Formosa Taffeta
Co., Ltd |
|
Date of
Registration |
317, Shu Liu
RD., Touliu 640, Taiwan, R.O.C |
|
Telephone Number: |
+886-5-5573966/ 5-5573884-5/
5-5573886-7 |
|
Fax Number: |
+886-5-5573969 |
Factory
|
Address: |
No.329, Ho Nan St., Touliu 640 Taiwan, R.O.C. |
|
Telephone Number: |
+886-5-557-4888 |
|
Fax Number: |
+886-5-557-4601 |
Personnel
Information
Core
Management
|
1 |
|
|
Name |
Wenyuan Wang |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Shiming Xie |
|
Position |
Vice Chairman |
|
3 |
|
|
Name |
Yongzai Wang |
|
Position |
Director |
|
4 |
|
|
Name |
Fuyuan Hong |
|
Position |
Director |
|
5 |
|
|
Name |
Minzhang Li |
|
Position |
Director |
|
6 |
|
|
Name |
Xianzheng Zhang |
|
Position |
Director |
|
7 |
|
|
Name |
Junming Huang |
|
Position |
Director |
|
8 |
|
|
Name |
Wencai Chen |
|
Position |
Director |
|
9 |
|
|
Name |
Gong Wang |
|
Position |
Independent
Director |
|
10 |
|
|
Name |
You Zheng |
|
Position |
Independent
Director |
|
11 |
|
|
Name |
Mingwei Lu |
|
Position |
Independent
Director |
|
12 |
|
|
Name |
Hongzhi Yang |
|
Position |
Supervisor |
|
13 |
|
|
Name |
Zhennan Lin |
|
Position |
Supervisor |
|
14 |
|
|
Name |
Zongxian Chen |
|
Position |
Supervisor |
|
15 |
|
|
Name |
Boalie Hou |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
2,000-3,000 Employees |
Operation
Information
Offices
& Factories
|
|
Headquarters |
|
Add |
Production
Information
l
Subject is a manufacturer of DRAM assembly, testing
and module Turn-Key service.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
CC01080 |
Manufacture of electronic components |
|
ZZ99999 |
Besides licensed business, all other business
items those are not banned or restricted. |
l
The components and raw material for production are
purchased from local and abroad.
l
The subject is mainly engaged in manufacturers of
DRAM assembly, testing and module Turn-Key service.
l
Major products sold as following:
|
|
Product |
|
1 |
|
|
2 |
DIMM |
|
3 |
Flash Card |
|
4 |
LED |
l
Subject introduced that the main selling territory
is domestic market.
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Settlements
Subject declined the
settlements information, and from other sources, we couldn’t obtain the
information, either.
Balance
Sheet
Unit: NTD/000
|
|
|
|
|
Assets |
|
|
|
Current
Assets |
|
|
|
Cash
and cash equivalents |
771,472.00 |
611,301.00 |
|
Financial
assets measured at fair value through profit or loss - current |
0.00 |
9,347.00 |
|
Available-for-sale
financial assets - current |
636,512.00 |
545,728.00 |
|
Notes
receivable - net |
3,163.00 |
127,944.00 |
|
Accounts
receivable - net |
849,371.00 |
909,069.00 |
|
Accounts
receivable - related parties - net |
1,393,505.00 |
1,071,262.00 |
|
Other
receivables |
1,667.00 |
7,187.00 |
|
Inventories |
1,062,674.00 |
1,100,358.00 |
|
Other
current assets |
320,229.00 |
558,898.00 |
|
Current
assets |
5,038,593.00 |
4,941,094.00 |
|
Funds
and Investments |
|
|
|
Available-for-sale
financial assets - non current |
47,328.00 |
225,180.00 |
|
Financial
assets carried at cost - non current |
99,375.00 |
99,375.00 |
|
Funds
and long-term investments |
146,703.00 |
324,555.00 |
|
Fixed
Assets |
|
|
|
Cost |
|
|
|
Land
improvements |
860.00 |
860.00 |
|
Machinery
and equipment |
19,113,953.00 |
16,323,204.00 |
|
Transportation
equipment |
28,245.00 |
21,227.00 |
|
Other
facilities |
4,244,107.00 |
3,719,562.00 |
|
Fixed
assets cost |
23,387,165.00 |
20,064,853.00 |
|
Accumulated
depreciation |
-13,792,367.00 |
-11,337,492.00 |
|
Construction
in process and prepayment for equipments |
1,485,637.00 |
2,335,006.00 |
|
Fixed
assets |
11,080,435.00 |
11,062,367.00 |
|
Intangible
Assets |
|
|
|
OtherAssets |
|
|
|
Idled
assets |
1,410.00 |
4,538.00 |
|
Guarantee
deposits paid |
5,776.00 |
8,597.00 |
|
Deferred
charges |
318,024.00 |
346,547.00 |
|
Deferred
income tax assets - non current |
234,470.00 |
319,218.00 |
|
Other
assets - other |
0.00 |
21,983.00 |
|
Other
assets |
559,680.00 |
700,883.00 |
|
Assets |
16,825,411.00 |
17,028,899.00 |
|
Liabilities
and Stockholders' Equity |
|
|
|
Liabilities |
|
|
|
Current
Liabilities |
|
|
|
Short-term
borrowings |
930,572.00 |
716,720.00 |
|
Short-term
notes and bills payable |
609,819.00 |
1,754,823.00 |
|
Financial
liabilities measured at fair value through profit or loss - current |
26,136.00 |
0.00 |
|
Notes
payable |
145.00 |
6,913.00 |
|
Accounts
payable |
635,763.00 |
554,459.00 |
|
Accounts
payable - related parties |
30,805.00 |
123,631.00 |
|
Income
tax payable |
135,718.00 |
117,303.00 |
|
Accrued
expenses |
390,784.00 |
271,768.00 |
|
Other
payables |
145,800.00 |
232,534.00 |
|
Long-term
liabilities - current portion |
845,786.00 |
1,308,286.00 |
|
Other
current liabilities |
6,213.00 |
6,291.00 |
|
Current
liabilities |
3,757,541.00 |
5,092,728.00 |
|
Long
term Liabilities |
|
|
|
Long-term
borrowings |
3,794,928.00 |
3,070,714.00 |
|
Long-term
liabilities |
3,794,928.00 |
3,070,714.00 |
|
Reserves |
|
|
|
Other
Liabilities |
|
|
|
Pension
reserve / accrued pension liability |
10,681.00 |
0.00 |
|
Guarantee
deposits received |
200.00 |
0.00 |
|
Other
liabilities |
10,881.00 |
0.00 |
|
Liabilities |
7,563,350.00 |
8,163,442.00 |
|
Stockholders'
Equity |
|
|
|
Capital |
|
|
|
Common
stock |
4,422,222.00 |
4,422,222.00 |
|
Capital
Surplus |
|
|
|
Capital
surplus - additional paid-in capital |
2,411,111.00 |
2,411,111.00 |
|
Capital
surplus |
2,411,111.00 |
2,411,111.00 |
|
Retained
Earnings |
|
|
|
Legal
reserve |
601,030.00 |
448,228.00 |
|
Special
reserve |
7,647.00 |
7,792.00 |
|
Unappropriated
retained earnings |
1,803,452.00 |
1,561,548.00 |
|
Retained
earnings |
2,412,129.00 |
2,017,568.00 |
|
Stockholders'
Equity and Other adjustmen |
|
|
|
Net
loss not recognized as pension cost |
-33,816.00 |
0.00 |
|
Unrealized
gains (losses) on financial instruments |
50,415.00 |
14,556.00 |
|
Equity
adjustments |
16,599.00 |
14,556.00 |
|
Stockholdersˉ
equity |
9,262,061.00 |
8,865,457.00 |
|
Number
of treasury stock acquired by the company and subsidiaries (unit: share) |
0.00 |
0.00 |
Profit/Loss
Account
Unit: NTD/000
|
|
To |
To |
|
Sales |
9,188,619.00 |
8,667,641.00 |
|
Sales
discounts and allowances |
22,447.00 |
74,677.00 |
|
Sales |
9,166,172.00 |
8,592,964.00 |
|
Operating
income |
9,166,172.00 |
8,592,964.00 |
|
Cost
of sales |
7,687,488.00 |
7,368,821.00 |
|
Operating
costs |
7,687,488.00 |
7,368,821.00 |
|
Gross
profit (loss) from operations |
1,478,684.00 |
1,224,143.00 |
|
Selling
expense |
10,757.00 |
11,579.00 |
|
General
and administrative expenses |
42,313.00 |
39,045.00 |
|
Research
and development expenses |
35,202.00 |
30,672.00 |
|
Operating
expenses |
88,272.00 |
81,296.00 |
|
Operating
income (loss) |
1,390,412.00 |
1,142,847.00 |
|
Non-Operating
Income |
|
|
|
Interest
income |
1,060.00 |
2,977.00 |
|
Dividends |
50,474.00 |
31,100.00 |
|
Investment
income |
50,474.00 |
31,100.00 |
|
Gains
on disposal of fixed assets |
2,630.00 |
1,842.00 |
|
Foreign
exchange gains |
50,488.00 |
0.00 |
|
Revaluation
gain on financial assets |
0.00 |
1,555.00 |
|
Miscellaneous
income |
70,071.00 |
9,019.00 |
|
Non-operating
revenues and gains |
174,723.00 |
46,493.00 |
|
Non-Operating
Expenses |
|
|
|
Interest
expense |
36,646.00 |
23,587.00 |
|
Foreign
exchange losses |
0.00 |
10,181.00 |
|
Loss
on depreciation and valuation loss form idle assets |
734.00 |
2,908.00 |
|
Impairment
loss on assets |
209,280.00 |
0.00 |
|
Revaluation
loss on financial assets |
7,647.00 |
0.00 |
|
Revaluation
loss on financial liabilities |
26,136.00 |
0.00 |
|
Miscellaneous
disbursements |
2,363.00 |
3,324.00 |
|
Non-operating
expenses and losses |
282,806.00 |
40,000.00 |
|
Income
from continuing operations before income tax |
1,282,329.00 |
1,149,340.00 |
|
Income
tax expense (benefit) |
259,105.00 |
98,211.00 |
|
Income
from continuing operations |
1,023,224.00 |
1,051,129.00 |
|
Net
income (loss) |
1,023,224.00 |
1,051,129.00 |
|
Primary
Earnings per Share |
|
|
|
Income
(loss) from continuing operations |
2.31 |
2.38 |
|
Primary
earnings per share |
2.31 |
2.38 |
|
Diluted
earnings per share |
|
|
Bankers
The bankers’ information is not available from the subject or other sources.
Public Record
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.
Interview
Details
|
Name |
Mr. Chen |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.29 |
|
UK Pound |
1 |
Rs.77.60 |
|
Euro |
1 |
Rs.64.67 |
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.