|
Report Date : |
18.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
WIN SEMICONDUCTORS CORP. |
|
|
|
|
Registered Office : |
No.69, Technology |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation : |
16.10.1999 |
|
|
|
|
Com. Reg. No.: |
70752257 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and trade
of electronic materials and the related products |
|
|
|
|
No. of Employees : |
About 1,400 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 |
|
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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: |
69 Technology 7th Rd. Hwaya Technology Park
Kuei Shan Hsiang, Tao Yuan Shien Taiwan 333 |
|
Supplied Address: |
No. 35 Technology 7th Rd., Hwaya Technology
Park Kuei Shan Hsiang Tao Yuan Shien Taiwan |
|
Telephone Number: |
|
|
Fax Number: |
|
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E-mail: |
Notes:
The supplied address is the subject’s other office address, and the exact headquarter address is as above.
|
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 |
|
Subscription
Shares |
|
|
Jincai Chen |
21,737,971 |
|
Guoyi Ye |
|
|
55,042,791 |
|
|
Shenyi Li |
300,000 |
|
Yuqi Wang |
2,716,243 |
|
Wenming Zhang |
980,000 |
|
International
Fiber Technology Co., Ltd (translated) |
6,300,000 |
The information above is that of subject’s major shareholders.
Office:
|
Name |
No.358, Hwaya 2th Rd., Hwaya Technology Park,
Kuei Shan Hsiang, Tao Yuan Shien, Taiwan 333 |
Core
Management
|
1 |
|
|
Name |
Jincai Chen |
|
Position |
Board of Chairman |
|
2 |
|
|
Name |
Weilin Wang |
|
Position |
Director |
|
3 |
|
|
Name |
Zhaoshun Zhang |
|
Position |
Director |
|
4 |
|
|
Name |
Guoyi Ye |
|
Position |
Director |
|
5 |
|
|
Name |
Shenyi Li |
|
Position |
Director |
|
6 |
|
|
Name |
Yuqi Wang |
|
Position |
Director |
|
7 |
|
|
Name |
Wenming Zhang |
|
Position |
Director |
|
8 |
|
|
Name |
Shichuan Xie |
|
Position |
Supervisor |
|
9 |
|
|
Name |
Meilan Wang |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 1,400 Employees. |
Offices
& Factories
|
|
Headquarters |
|
Add |
69 Technology
7th Rd. Hwaya Technology Park Kuei Shan Hsiang, Tao Yuan Shien Taiwan 333 |
Production
Information
l
Subject is a manufacturer of electronic materials and the related products
without any production activities
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
CC01080 |
Manufacture of
electronic materials |
|
F119010 |
Wholesale of
electronic materials |
|
ZZ99999 |
Besides licensed
business, all other business items those are not banned or restricted. |
l
The components and raw material for production are
mostly purchased from abroad.
l
Subject is mainly engaged in manufacturing and
trading of electronic material and the related products.
l
Subject introduced that its major products include
GaAs MMIC’s (monolithic microwave ICs) and RFIC's (radio frequency ICs) and so
on.
l
Subject introduced that it can also supplied the
services, such as Turn-Key
Solution, Foundry
Service, Layout &
Mask Service,Testing
Service, 3rd Party
Design Houses.
l
Subject introduced some partners of subject, such
as PLEXTEK, ROKE, IMST, TNO and so on.
l
Subject’s selling territory covers all over the
world.
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Subject declined to disclose the settlements information, and from other
sources, we couldn’t obtain the information, either.
Unit: NTD/000
|
|
|
|
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash and cash equivalents |
851,669.00 |
548,257.00 |
|
Fair value of financial assets - Current |
1,859,991.00 |
1,624,423.00 |
|
Available for sale financial assets - Current |
144,866.00 |
0 |
|
Net accounts receivable |
302,571.00 |
280,644.00 |
|
Accounts receivable - related parties |
381,752.00 |
468,173.00 |
|
Other receivables - related parties |
0 |
587 |
|
Other financial assets- current |
460,253.00 |
308,299.00 |
|
Goods in stock |
1,826,591.00 |
1,677,806.00 |
|
Other current assets |
601,223.00 |
236,305.00 |
|
Current assets |
6,428,916.00 |
5,144,494.00 |
|
Fund and investment |
|
|
|
Available for sale financial assets-non current |
198,687.00 |
0 |
|
Financial assets carried at cost – non current |
558,934.00 |
916,746.00 |
|
Bonds investment without market price – non
current |
344,783.00 |
344,783.00 |
|
Long-term equity investment |
478,930.00 |
711,807.00 |
|
Investment |
478,930.00 |
711,807.00 |
|
Fund and Investment |
1,581,334.00 |
1,973,336.00 |
|
Fixed assets |
|
|
|
Cost |
|
|
|
Land |
802,337.00 |
802,337.00 |
|
Buildings and contractures |
721,851.00 |
721,851.00 |
|
Machine equipment |
9,837,358.00 |
8,507,893.00 |
|
Pollution control equipment |
1,958,997.00 |
1,834,644.00 |
|
Office equipment |
108,883.00 |
107,331.00 |
|
Other equipment |
93,596.00 |
19,082.00 |
|
Fixed assets cost |
13,523,022.00 |
11,993,138.00 |
|
Accumulated depreciation |
-3,463,980.00 |
-4,715,274.00 |
|
Unfinished works and prepaid for equipment |
1,155,092.00 |
2,727,393.00 |
|
Net fixed assets |
11,214,134.00 |
10,005,257.00 |
|
Intangible assets |
|
|
|
Total Intangible assets |
104,137.00 |
126,374.00 |
|
Other Assets |
|
|
|
Guarantee deposits & margins paid |
19,263.00 |
19,292.00 |
|
Deferred expense |
0 |
47,258.00 |
|
Deferred income tax assets-non current |
138,878.00 |
165,812.00 |
|
Other Assets-other |
23,327.00 |
23,163.00 |
|
Total other assets |
181,468.00 |
255,525.00 |
|
Total assets |
19,509,989.00 |
17,504,986.00 |
|
Liabilities and shareholders' equity |
|
|
|
Liability |
|
|
|
Current liability |
|
|
|
Short term loan |
0 |
345,355.00 |
|
Accounts payable |
1,539,911.00 |
1,170,398.00 |
|
Accrued expenses payable |
682,985.00 |
603,108.00 |
|
Other payables |
194,436.00 |
217,104.00 |
|
One year or operating cycle long term liabilities |
1,285,698.00 |
1,135,447.00 |
|
Other current liabilities |
37,092.00 |
31,889.00 |
|
Current liabilities |
3,740,122.00 |
3,503,301.00 |
|
Long term loan |
5,053,291.00 |
4,748,460.00 |
|
Long term liabilities |
5,053,291.00 |
4,748,460.00 |
|
Each preparation |
|
|
|
Other liabilities |
|
|
|
For retirement / pension liability |
4,867.00 |
2,885.00 |
|
Total other liabilities |
4,867.00 |
2,885.00 |
|
Total liabilities |
8,798,280.00 |
8,254,646.00 |
|
Shareholders' rights and interests |
|
|
|
Capital stock |
|
|
|
Ordinary share capital |
6,486,767.00 |
6,209,895.00 |
|
Capital surplus |
|
|
|
1,532,340.00 |
1,286,326.00 |
|
|
24 |
31,237.00 |
|
|
344,216.00 |
62,798.00 |
|
|
Total capital reserve |
1,876,580.00 |
1,380,361.00 |
|
Retained earnings |
|
|
|
130,842.00 |
0 |
|
|
For not retained earnings |
2,397,810.00 |
1,622,932.00 |
|
Total Retained earnings |
2,528,652.00 |
1,622,932.00 |
|
Total shareholders’ equity and other adjustment |
|
|
|
Cumulative Translation Adjustments |
10,872.00 |
1,651.00 |
|
Unrealized revaluation value |
-191,162.00 |
35,501.00 |
|
Total shareholders’ equity and other adjustment |
-180,290.00 |
37,152.00 |
|
Total stockholders' equity |
10,711,709.00 |
9,250,340.00 |
|
Treasury Stock of held by parent company also as
held by subsidiaries (Unit: Shares) |
0 |
0 |
|
Advance payment of the stock (equity under the
covenant) when the number of issued shares (unit: Unit) |
0 |
0 |
|
|
To
|
To
|
|
2,482,594.00 |
1,810,190.00 |
|
|
Sales return |
9,519.00 |
1,979.00 |
|
Sales allowances |
1,226.00 |
1,500.00 |
|
Net Sales Revenue |
2,471,849.00 |
1,806,711.00 |
|
Total Sales Revenue |
2,471,849.00 |
1,806,711.00 |
|
Total cost of sales |
1,872,684.00 |
1,308,170.00 |
|
Gross Profit (Loss) |
599,165.00 |
498,541.00 |
|
Distribution Cost |
24,022.00 |
16,810.00 |
|
General and administrative expenses |
201,501.00 |
80,111.00 |
|
Research and development expenses |
149,563.00 |
97,942.00 |
|
Total operating expenses |
375,086.00 |
194,863.00 |
|
Net operating Profit (loss) |
224,079.00 |
303,678.00 |
|
Non-operating revenue and profit |
|
|
|
210 |
54 |
|
|
Income From Investment |
0 |
16,719.00 |
|
Investment Income Recognized Under Equity Method |
0 |
16,719.00 |
|
Disposal of investment Interests |
151,835.00 |
0 |
|
Sanctions Fixed Assets Interests |
168,613.00 |
14,740.00 |
|
Miscellaneous Income |
1,733.00 |
8,593.00 |
|
Non-operating income and interests |
322,391.00 |
40,106.00 |
|
Non-operating expenses and losses |
|
|
|
22,640.00 |
12,285.00 |
|
|
Accounted for using equity method investment loss |
47,014.00 |
0 |
|
Investment losses |
47,014.00 |
0 |
|
Loss on disposal of fixed assets |
0 |
7,705.00 |
|
Exchange loss |
7,476.00 |
9,286.00 |
|
Miscellaneous expenditure |
3,173.00 |
0 |
|
Expense and loss |
80,303.00 |
29,276.00 |
|
466,167.00 |
314,508.00 |
|
|
11,258.00 |
0 |
|
|
Continuing Operations' Unit net income (loss) |
454,909.00 |
314,508.00 |
|
Net income (loss) |
454,909.00 |
314,508.00 |
|
Earnings per share |
|
|
|
Basic earnings per share |
0.7 |
0.51 |
|
Dilute earning per share (Unit: NTD) |
0.69 |
0.5 |
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. Lee |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.29 |
|
UK Pound |
1 |
Rs.86.61 |
|
Euro |
1 |
Rs.68.87 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.