MIRA INFORM REPORT

Report Date :

22.03.2012

IDENTIFICATION DETAILS

Name :	TECHMOSA INTERNATIONAL INCORPORATION

Registered Office :	6f., No.118, Lide St., Zhonghe Dist., New Taipei City 235

Country :	Taiwan

Financials (as on) :	30.09.2011

Date of Incorporation :	14.04.1989

Com. Reg. No.:	23295097

Legal Form :	Joint Stock Company

Line of Business :	Distributing of electronic components

No. of Employees :	About 100 Employees

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 1,000,000
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

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Contact Points

Company Name:	Techmosa International Incorporation
Supplied Name:	Techmosa International Inc
Trading Address:	6f., No.118, Lide St., Zhonghe Dist., New Taipei City 235, Taiwan (R.O.C.)
Supplied Address:	6F, No. 118 Lide St., Zhonghe Dist., New Taipei
Telephone Number:	+886 2-8226-7698
Fax Number:	+886 2-2225-8960
E-mail:	service@techmosa.com.tw

Notes:

The supplied name and address are incomplete, and the exact name and address are as above.

Credit Summary

Credit Rating:	Maximum credit USD 1,000,000
Credit Opinion:	Business connections are permissible.

Company Identification Details

Registered Name:	Techmosa International Incorporation
Registered Address:	6f., No.118, Lide St., Zhonghe Dist., New Taipei City 235, Taiwan (R.O.C.)
Date of Foundation:	1989-4-14
Registration Number:	23295097
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 800,000,000 (USD 27,049,400) (As of 2012.3, 1 NTD = 0.03381 USD)
Paid-up Capital:	NTD 739,490,700 (USD 25,003,500)
Legal Representatives:	Wenzong Zheng
Legal Form:	Joint Stock Company
Principal Activities:	Distributing of electronic components
Staff:	About 100 Employees
Listed at Stock Exchange:	Yes (Public, TPE: 3389)
Date of Last Annual Return:	2012-2-20

History

Subject was incorporated on 1989-4-14 with registered number 23295097 as Joint Stock Company in Taiwan.

Subject was listed on Taiwan Stock Exchange on 2008-10-01.

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

Shareholders

(Unit: NTD)

Name

Subscription Amount

WT Microelectronics Co., Ltd.

73,949,070

The information above is that of subject’s major shareholders.

Subsidiaries & Branches

Parent Company

Name	WT Microelectronics Co., Ltd.
Address	14F, No.738, Chung Cheng Road, Chung Ho District, New Taipei City 235, Taiwan
Telephone Number	+886 2-8226 9088
Fax Number	+886 2-8226 9099

Branch:

1
Name	HsinChu - Branch Office
Address	6F-15, No.38, Tai-yuan Street, Chupei, Hsinchu Hsien 302, Taiwan, R.O.C.
Telephone Number	+886 3 5526181
Fax Number	+886 3 5526155
E-mail	claire_wu@techmosa.com.tw
2
Address	Room L-M-N, Floor 6, Building A, Fortune Plaza,#7002 Shennan Road, Shenzhen, China
Telephone Number	+ 86 755 23972351 / 23972410 / 23972312 / 23972483
Fax Number	+ 86 755 23972309
E-mail	service_sz@techmosa.com.tw

Personnel Information

Core Management

Directors

1
Name	Wenzong Zheng
Position	Board of Chairman
2
Name	Wenhong Xu
Position	Director
3
Name	Xiuxing Hu
Position	Director
4
Name	Gaozhong Cai
Position	Supervisor

Personnel Structure

Total Employees

About 100 Employees

Operation Information

Offices & Factories

	Headquarters
Add	6f., No.118, Lide St., Zhonghe Dist., New Taipei City 235, Taiwan (R.O.C.)

Production Information

l Subject is a trader of electronic components without any production activities

Purchase Information

l The registered activities of subject:

Business Code	Details
F119010	Wholesale of electronic components
F113050	Wholesale of computer components
F118010	Wholesale of software
I501010	Design Industry
ZZ99999	Besides licensed business, all other business items those are not banned or restricted.

l The components for production are purchased from both local abroad.

Sales Information

l Subject is mainly engaged in distributing of electronic components and the related products.

l Subject introduced that the products’ brands of subject distribution include Atmel, Pericom, Bcdsemi, Upi-Semi and so on.

l Subject’s selling territory covers all over the world.

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Subject declined the purchase settlements information, and from other sources, we couldn’t obtain the information, either.

Sales

Domestic Markets (Taiwan)

Product	Sales Terms	Proportion
Electronic components and the related products	COD, etc	100%

Export

Product	Sales Terms	Proportion
Electronic components and the related products	T.T, L/C, etc	100%

Balance Sheet

Unit: NTD/000

	2011-9-30	2010-9-30
Assets
current assets
Cash and cash equivalents	157,476.00	215,130.00
Net Notes receivable	15,845.00	19,978.00
Net accounts receivables	1,691,437.00	967,519.00
Accounts receivable - related parties	42,443.00	41,116.00
Other receivables	214,793.00	292,439.00
Deposit money	810,237.00	1,119,470.00
Prepaid expenses	1,549.00	836
Advance payment	20,023.00	27,199.00
Other current assets	113,735.00	176,046.00
Current assets	3,067,538.00	2,859,733.00
Mutual funds and investment
Long-term of equity investment	50,932.00	33,380.00
Investment	50,932.00	33,380.00
Mutual funds and investment	50,932.00	33,380.00
Fixed assets
Cost
Transport equipment	0	5,107.00
Office equipment	4,143.00	2,080.00
Leasehold improvements	15,021.00	13,646.00
Other equipment	699	698
Fixed assets cost	19,863.00	21,531.00
Accumulated depreciation	-15,223.00	-15,485.00
Net fixed assets	4,640.00	6,046.00
Intangible assets
Deferred pension costs	2,283.00	2,491.00
Total intangible assets	2,283.00	2,491.00
Other assets
The leased assets	47,351.00	47,856.00
Deposit paid	1,939.00	1,029.00
Deferred expense	2,792.00	957
Other assets - other	1,900.00	1,900.00
Total other assets	53,982.00	51,742.00
Total assets	3,179,375.00	2,953,392.00
Liabilities and shareholders' equity
Debts
Current liability
Short term loan	388,505.00	448,761.00
Accounts payable	515,459.00	529,546.00
Income tax payable	15,587.00	35,235.00
Accrued expenses payable	89,774.00	99,664.00
Other payables	117,940.00	65,839.00
Advance payment	505	44
Other current liabilities	1,094.00	3,271.00
Current liability	1,128,864.00	1,182,360.00
Long term liabilities
Long term loan	869,158.00	606,418.00
Long term liabilities	869,158.00	606,418.00
Each preparation
Other liabilities
For retirement / pension liability	4,517.00	4,259.00
Guarantee deposits & margins received	593	568
Deferred income tax	3,188.00	657
Total other liabilities	8,298.00	5,484.00
Total liabilities	2,006,320.00	1,794,262.00
Shareholders' rights and interests
Capital stock
Ordinary share capital	739,491.00	724,991.00
Capital surplus
Capital surplus - issue premium	121,037.00	121,037.00
Capital surplus - other	944	944
Total capital surplus	121,981.00	121,981.00
Retained earnings
Statutory surplus reserve	81,458.00	56,658.00
Special reserve	6,579.00	3,481.00
Not appropriated retained earnings	228,206.00	256,134.00
Total retained earnings	316,243.00	316,273.00
Shareholder rights and interests adjustment project together
Cumulative translation adjustments	-866	-788
Net loss not recognized as pension cost	-3,794.00	-3,327.00
Shareholder rights and interests adjustment project together	-4,660.00	-4,115.00
Total stockholders' equity	1,173,055.00	1,159,130.00
New Issued (under stockholders' equity section) shares Equivalents (Unit: Shares)	0	0
Treasury Stock of held by parent company also as held by subsidiaries (Unit: Shares)	0	0

Profit and Loss Accounts

Unit: NTD/000

	2010-10-1 To 2011-9-30	2009-10-1 To 2010-9-30
Sales revenue	6,239,827.00	7,510,892.00
Sales return	14,106.00	21,068.00
Sales allowances	75,368.00	63,890.00
Net sales	6,150,353.00	7,425,934.00
Total revenue	6,150,353.00	7,425,934.00
Cost of goods sold	5,669,464.00	6,859,516.00
Total cost of sales	5,669,464.00	6,859,516.00
Operating profit (gross loss)	480,889.00	566,418.00
Selling expenses	189,620.00	189,133.00
General and administrative expenses	61,276.00	74,116.00
Research and development expenses	19,404.00	20,031.00
Total operating expenses	270,300.00	283,280.00
Operating profit (loss)	210,589.00	283,138.00
Operating income and interest
Interest income	239	405
Income from investment	14,891.00	12,632.00
Investment Income Recognized Under Equity Method	14,891.00	12,632.00
Sanctions Fixed Assets Interests	101	0
Exchange Gain	12,159.00	11,697.00
Rental income	1,621.00	1,862.00
Miscellaneous Income	5,589.00	663
Operating income and interest	34,600.00	27,259.00
Non-operating expenses and losses
Interest Cost	17,836.00	22,828.00
Loss on disposal of fixed assets	0	158
Miscellaneous Cost	604	454
Non-operating expenses and losses	18,440.00	23,440.00
Continuing Operations' Income (Loss) Before unit tax	226,749.00	286,957.00
Income tax expense (income)	39,392.00	47,313.00
Continuing Operations' Unit net income (loss)	187,357.00	239,644.00
Net income (loss)	187,357.00	239,644.00
Basic earnings per share	2.53	3.29
Dilute earning per share	2.5	3.24

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

Ms. Lian

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.50.59
UK Pound	1	Rs.80.34
Euro	1	Rs.67.14

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.