|
Report Date : |
26.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
SOLAR APPLIED MATERIALS TECHNOLOGY CORP. |
|
|
|
|
Formerly Known As : |
SOLAR APPLIED MATERIAL TECHNOLOGY CORP. |
|
|
|
|
Registered Office : |
No.85, Cheng-Kung St., Guantian Dist.,
Tainan City 720, Taiwan (R.O.C.) |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
29.08.1978 |
|
|
|
|
Com. Reg. No.: |
43787872 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and trade of precious
metal, thin films and the related products. |
|
|
|
|
No. of Employees : |
1,400 |
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 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 |
|
Company Name: |
|
|
Supplied Name: |
|
|
Trading Address: |
No.1, Gangya 3rd Rd , Annan District, Tainan
City 709, Taiwan, R.O.C |
|
Supplied Address: |
|
|
Telephone Number: |
|
|
Fax Number: |
Notes:
The exact address is as above.
|
Credit Rating: |
|
|
Credit Opinion: |
Subject was incorporated on
Subject was listed on Taiwan Stock
Exchange on
Change of Name
|
Former English Name |
Solar Applied Material Technology
Corp. |
|
Current English Name |
Solar Applied Materials Technology
Corp. |
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 |
|
Subscription
Shares |
|
|
Lihe Chen |
11,090,571 |
|
Hetian Investment Co., Ltd (Translated) |
|
|
16,927,610 |
|
|
Qifeng Huang |
4,505,320 |
|
Litian Chen |
5,873,067 |
|
Shengyuan
Investment Co., Ltd (Translated) |
5,596,155 |
The information
above is that of subject’s major shareholders.
Factories and
Branches:
|
1 |
|
|
Name |
ESTP Plant |
|
Address |
No. 16 , Gong 1st Rd. , Tainan Country
Environment Science&Technology Park, Liuying Township, Taiwan R.O.C |
|
Telephone Number |
+886-6-6025008 |
|
Fax Number |
+886-6-6230676 |
|
2 |
|
|
Name |
Solar Park – Engineer Development & Service
Center |
|
Address |
No.1, Sec. 2, Huanyuan E. Rd., Liuying Township,
Tainan County 736, Taiwan R.O.C |
|
Telephone Number |
+886-6-6025008 |
|
Fax Number |
+886-6-6234147 |
|
3 |
|
|
Name |
Kuangtien Plant |
|
Address |
No. 85 , Cheng-Kung St. , Kuang-Tien Industrial
District, Tainan Country, 72046 Taiwan R.O.C |
|
Telephone Number |
+886-6-6987612 |
|
Fax Number |
+886-6-6985613 |
|
4 |
|
|
Name |
North Region Operation Center |
|
Address |
|
|
5 |
|
|
Name |
Taichung Office |
|
Address |
|
|
Telephone Number |
+886-4-23753941 |
|
Fax Number |
+886-4-23753940 |
Subject introduced that it also has some offices and
factories located in the mainland of China, but subject declined to disclose
the details about them.
Office in
overseas:
|
1 |
|
|
Name |
SG Office |
|
Address |
32 Ang Mo Kio Industrial Park2, #05-09 Sing
Industrial Complex Singapore 569510 |
|
Telephone Number |
+65 6756 3174 |
|
2 |
|
|
Name |
US office |
|
Address |
46710 Fremont Blvd., Fremont, CA 94538 |
|
Telephone Number |
+1 510-668-0618 |
|
Fax Number |
+1 510-668-0568 |
Subject introduced
that it has some agencies in the US, Canada, Netherlands, and if the customers
want purchase the products from the countries, should contact the headquarter
first in Taiwan.
Core
Management
Directors
|
1 |
|
|
Name |
Lihe Chen |
|
Position |
Board of Chairman |
|
2 |
|
|
Name |
Cangxiao Li |
|
Position |
Director |
|
3 |
|
|
Name |
Jianyong Ma |
|
Position |
Director |
|
4 |
|
|
Name |
Qifeng Huang |
|
Position |
Director |
|
5 |
|
|
Name |
Litian Chen |
|
Position |
Director |
|
6 |
|
|
Name |
Jintang Zeng |
|
Position |
Independent Director |
|
7 |
|
|
Name |
Zhaolin Yang |
|
Position |
Independent Director |
|
8 |
|
|
Name |
Deming Zhang |
|
Position |
Supervisor |
|
9 |
|
|
Name |
Jiajun Chen |
|
Position |
Supervisor |
|
10 |
|
|
Name |
Yansong Yang |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 1,400 Employees |
Offices
& Factories
|
|
Headquarters |
|
Add |
No.1, Gangya 3rd
Rd , Annan District, Tainan City 709, Taiwan, R.O.C |
Production
Information
l
Subject is a manufacturer and trader of
precious metal, thin films and the related products with the production
activities
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
J101040 |
Disposal of
Waste material; |
|
CA04010 |
Disposal of
metal surface |
|
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 both local and abroad.
l
Subject is mainly engaged in
manufacturing and trading of precious metal, thin films and the related
products.
l
Subject introduced that its major products
consist of four categories: precious chemicals/ materials, special chemicals,
resources recycling and thin film target and evaporation materials.
l
Subject introduced some famous partners
of it, such as Ames Solar Applied Silver Materials Corp., Forcera Materials
Co., Ltd. and HTC & Solartech Service Limited.
l
Subject introduced that its trademark
is named as SOLAR.
l
Subject’s selling territory covers all
over the world. Subject introduced that it has some offices and agencies
located 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 (Taiwan)
|
Sales Terms |
Proportion |
|
|
Precious metal, thin films and the related products. |
COD, etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Precious metal, thin films and the related products. |
T.T, L/C, etc |
100% |
Unit: NTD/000
|
|
|
|
|
Assets |
|
|
|
current assets |
|
|
|
Cash and cash equivalents |
121,081.00 |
281,860.00 |
|
Fair value of financial assets - current |
72,937.00 |
20,336.00 |
|
Net Notes receivable |
103,509.00 |
61,628.00 |
|
Net accounts receivables |
1,139,308.00 |
1,287,201.00 |
|
Accounts receivable - related parties |
196,661.00 |
73,039.00 |
|
Other financial assets- current |
37,002.00 |
6,148.00 |
|
Deposit money |
6,714,109.00 |
6,738,072.00 |
|
Advance payment |
775,269.00 |
456,631.00 |
|
Other current assets |
413,027.00 |
528,442.00 |
|
Current assets |
9,572,903.00 |
9,453,357.00 |
|
Mutual funds and investment |
|
|
|
Financial assets carried at cost – non current |
230,162.00 |
166,022.00 |
|
Long-term of equity investment |
2,956,618.00 |
2,337,119.00 |
|
Investment |
2,956,618.00 |
2,337,119.00 |
|
Mutual funds and investment |
3,186,780.00 |
2,503,141.00 |
|
Fixed assets |
|
|
|
Cost |
|
|
|
Land |
245,312.00 |
225,859.00 |
|
Buildings and constructions |
1,951,383.00 |
1,903,786.00 |
|
Machine Equipment |
1,699,320.00 |
1,286,544.00 |
|
Storage equipment |
412,004.00 |
269,079.00 |
|
Transport equipment |
31,598.00 |
24,326.00 |
|
Office equipment |
90,551.00 |
61,373.00 |
|
Other equipment |
562,103.00 |
451,703.00 |
|
Value through revaluation |
23,977.00 |
23,977.00 |
|
Total Cost and value through revaluation |
5,016,248.00 |
4,246,647.00 |
|
Accumulated depreciation |
-1,520,600.00 |
-1,148,866.00 |
|
Construction in progress and prepayments for
equipment |
2,482,206.00 |
595,607.00 |
|
Net Fixed Assets |
5,977,854.00 |
3,693,388.00 |
|
Intangible assets |
|
|
|
Computer software cost |
59,761.00 |
56,637.00 |
|
Deferred pension costs |
2,423.00 |
0 |
|
Other intangible assets |
18,026.00 |
29,856.00 |
|
Total intangible assets |
80,210.00 |
86,493.00 |
|
Other assets |
|
|
|
The leased assets |
0 |
21,653.00 |
|
Deposit paid |
61,227.00 |
72,197.00 |
|
Deferred expense |
6,641.00 |
2,854.00 |
|
Other assets - other |
30,736.00 |
21,000.00 |
|
Total other assets |
98,604.00 |
117,704.00 |
|
Total assets |
18,916,351.00 |
15,854,083.00 |
|
Liabilities and shareholders' equity |
|
|
|
Debts |
|
|
|
Current liability |
|
|
|
Short term loan |
1,311,136.00 |
2,122,828.00 |
|
Fair value of financial liabilities |
5,720.00 |
0 |
|
Hedging derivative financial liabilities |
16,899.00 |
466,012.00 |
|
Notes payable |
70,340.00 |
24,564.00 |
|
Accounts payable |
422,783.00 |
369,687.00 |
|
Accounts payable-related parties |
98,071.00 |
80,785.00 |
|
Income tax payable |
57,129.00 |
164,870.00 |
|
Accrued expenses payable |
408,534.00 |
498,865.00 |
|
Other payables |
567,498.00 |
90,935.00 |
|
One year or operating cycle long term liabilities
due within |
1,682,000.00 |
0 |
|
Other current liabilities |
48,590.00 |
37,046.00 |
|
Current liability |
4,688,700.00 |
3,855,592.00 |
|
Long term liabilities |
|
|
|
Fair value of financial liabilities non-current |
6,977.00 |
0 |
|
Corporate bonds payable |
3,743,405.00 |
1,500,000.00 |
|
Long term loan |
1,026,629.00 |
1,691,020.00 |
|
Long term liabilities |
4,777,011.00 |
3,191,020.00 |
|
Each preparation |
|
|
|
Land appreciation tax |
8,504.00 |
8,504.00 |
|
Each preparation total |
8,504.00 |
8,504.00 |
|
Other liabilities |
|
|
|
For retirement / pension liability |
31,671.00 |
27,955.00 |
|
Guarantee deposits & margins received |
64 |
92 |
|
Mining rights of long-term equity investment
credit balance |
217,746.00 |
166,344.00 |
|
Deferred income tax |
31,882.00 |
23,575.00 |
|
Other liabilities-other |
28,110.00 |
31,114.00 |
|
Total other liabilities |
309,473.00 |
249,080.00 |
|
Total liabilities |
9,783,688.00 |
7,304,196.00 |
|
Shareholders' rights and interests |
|
|
|
Capital stock |
|
|
|
Ordinary share capital |
3,739,481.00 |
2,997,654.00 |
|
Stock dividend to be distributed |
0 |
838 |
|
Capital surplus |
|
|
|
3,063,542.00 |
3,063,127.00 |
|
|
16,854.00 |
0 |
|
|
4,766.00 |
4,766.00 |
|
|
226,681.00 |
0 |
|
|
Total capital surplus |
3,311,843.00 |
3,067,893.00 |
|
Retained earnings |
|
|
|
Statutory surplus reserve |
680,112.00 |
519,675.00 |
|
Special reserve |
37,947.00 |
0 |
|
Not appropriated retained earnings |
1,374,118.00 |
2,124,165.00 |
|
Total retained earnings |
2,092,177.00 |
2,643,840.00 |
|
Shareholder rights and interests adjustment
project together |
|
|
|
Cumulative translation adjustments |
72,538.00 |
-43,435.00 |
|
Unrealized revaluation value |
5,488.00 |
5,488.00 |
|
Treasury Stock |
-88,864.00 |
-122,391.00 |
|
Shareholder rights and interests adjustment
project together |
-10,838.00 |
-160,338.00 |
|
Total stockholders' equity |
9,132,663.00 |
8,549,887.00 |
|
New Issued (under stockholders' equity section)
shares Equivalents (Unit: Shares) |
2,236,000.00 |
1,954,700.00 |
|
Treasury Stock of held by parent company also as
held by subsidiaries (Unit: Shares) |
0 |
0 |
Unit: NTD/000
|
|
2011 |
2010 |
|
Sales revenue |
62,431,647.00 |
42,480,390.00 |
|
Sales return |
6,490.00 |
4,507.00 |
|
Sales allowances |
4,782.00 |
3,313.00 |
|
Net sales |
62,420,375.00 |
42,472,570.00 |
|
Total revenue |
62,420,375.00 |
42,472,570.00 |
|
Total sales cost
|
60,192,765.00 |
40,009,391.00 |
|
Operating profit (gross loss) |
2,227,610.00 |
2,463,179.00 |
|
Selling expenses |
168,344.00 |
197,894.00 |
|
General and administrative expenses |
393,972.00 |
487,178.00 |
|
Research and development expenses |
328,744.00 |
265,443.00 |
|
Total operating expenses |
891,060.00 |
950,515.00 |
|
Operating profit (loss) |
1,336,550.00 |
1,512,664.00 |
|
Operating income and interest |
|
|
|
Interest income |
13,878.00 |
11,999.00 |
|
Income from investment |
9,453.00 |
24,608.00 |
|
Investment Income Recognized Under Equity Method |
0 |
17,389.00 |
|
Dividend income |
9,453.00 |
7,219.00 |
|
Sanctions Fixed Assets Interests |
0 |
322 |
|
Sanctions Investment Interests |
13,199.00 |
0 |
|
Exchange Gain |
0 |
483,012.00 |
|
Rental income |
5,369.00 |
5,257.00 |
|
Financial asset evaluation interest |
0 |
12,952.00 |
|
Miscellaneous Income |
86,286.00 |
53,386.00 |
|
Operating income and interest |
128,185.00 |
591,536.00 |
|
Non-operating expenses and losses |
|
|
|
Interest Cost |
218,517.00 |
144,129.00 |
|
Accounted for using equity method investment loss |
36,878.00 |
0 |
|
Investment losses |
36,878.00 |
0 |
|
Loss on disposal of fixed assets |
4,976.00 |
0 |
|
Loss on disposal of investments |
0 |
651 |
|
Exchange loss |
210,545.00 |
0 |
|
Financial expenses |
17,586.00 |
14,255.00 |
|
Loss on valuation of financial asset |
45,548.00 |
0 |
|
Evaluation of loss of financial liabilities |
28,770.00 |
0 |
|
61 |
120 |
|
|
Non-operating expenses and losses |
562,881.00 |
159,155.00 |
|
Continuing Operations' Income (Loss) Before unit
tax |
901,854.00 |
1,945,045.00 |
|
Income tax expense (income) |
95,337.00 |
340,665.00 |
|
Continuing Operations' Unit net income (loss) |
806,517.00 |
1,604,380.00 |
|
Net income (loss) |
806,517.00 |
1,604,380.00 |
|
Basic earnings per share |
2.16 |
4.31 |
|
Dilute earning per share |
2.13 |
4.27 |
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 |
Ms. Qiu |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.90 |
|
|
1 |
Rs.80.77 |
|
Euro |
1 |
Rs.67.40 |
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.