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Report Date : |
11.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
NEXPOWER TECHNOLOGY CORPORATION |
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|
|
Registered Office : |
No.2, Houke S. Rd., Houli Dist., Taichung City 421 |
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Country : |
Taiwan |
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Date of Incorporation : |
25.11.2005 |
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Com. Reg. No.: |
28040138 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacturing and sales of thin film PV module, etc |
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No. of Employees : |
About 400 Employees |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Taiwan |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Taiwan - ECONOMIC OVERVIEW
Taiwan has a dynamic capitalist economy with gradually decreasing government
guidance of investment and foreign trade. In keeping with this trend, some
large, state-owned banks and industrial firms have been privatized. Exports,
led by electronics, machinery, and petrochemicals have provided the primary
impetus for economic development. This heavy dependence on exports exposes the
economy to fluctuations in world demand. In 2009, Taiwan's GDP contracted 1.9%,
due primarily to a 20% year-on-year decline in exports. In 2010 GDP grew 10.9%,
as exports returned to the level of previous years, and in 2011, grew 5.2%.
However, 2012 growth will likely be less, according to most forecasters,
because of softening global demand. Taiwan's diplomatic isolation, low birth
rate, and rapidly aging population are major long-term challenges. Free trade
agreements have proliferated in East Asia over the past several years, but so
far Taiwan has been excluded from this greater economic integration largely
because of its diplomatic status with the exception of the landmark Economic
Cooperation Framework Agreement (ECFA) signed with China in June 2010. The MA
administration has said that the ECFA will serve as a stepping stone toward
trade pacts with other regional partners, and negotiations on a deal with
Singapore began this year. Follow-on components of ECFA, including deals on
trade in goods, services, and investment, have yet to be completed. Taiwan's
Total Fertility rate of just over one child per woman is among the lowest in
the world, raising the prospect of future labor shortages, falling domestic
demand, and declining tax revenues. Taiwan's population is aging quickly, with
the number of people over 65 accounting for 10.9% of the island's total
population as of 2011. The island runs a large trade surplus, and its foreign
reserves are the world's fourth largest, behind China, Japan, and Russia. Since
2005 China has overtaken the US to become Taiwan's second-largest source of
imports after Japan. China is also the island's number one destination for
foreign direct investment. Three financial memorandums of understanding,
covering banking, securities, and insurance, took effect in mid-January 2010,
opening the island to greater investments from the mainland's financial firms
and institutional investors, and providing new opportunities for Taiwan
financial firms to operate in China. Closer economic links with the mainland
bring greater opportunities for the Taiwan economy, but also poses new
challenges as the island becomes more economically dependent on China while
political differences remain unresolved.
|
Source : CIA |
Notes: The exact address is as above.
|
Credit Opinion: |
|
Registered Name: |
NexPower Technology Corporation |
|
Registered Address: |
No.2, Houke S. Rd., Houli Dist., Taichung City 421, Taiwan (R.O.C.) |
|
Date of Foundation: |
2005-11-25 |
|
Registration Number: |
28040138 |
|
Registry: |
Central Science and Industry Administrative Bureau (Literal
Translation) |
|
Registered Capital: |
NTD 7,000,000,000
(USD 238,700,000) (As of 2012.10, 1 NTD = 0.0341 USD) |
|
Paid-up Capital: |
NTD 4,875,287,500 (USD 166,247,303.75) |
|
Legal Representatives: |
Jiacong Hong |
|
Legal Form: |
|
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Principal Activities: |
|
|
Staff: |
|
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Listed at Stock
Exchange: |
|
|
Date of Last
Annual Return: |
Subject was incorporated on 2005-11-25 with registered
number 28040138 as Joint Stock Company in Taiwan.
Change of Name
|
Former Chinese
Name |
晶能科技股份有限公司 |
|
Current Chinese
Name |
聯相光電股份有限公司 |
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 Shares |
|
United Microelectronics Corporation |
215,282,904 |
| Unimicron Technology Corporation |
17,745,000 |
|
Hongcheng Venture Capital Investment Corporation
(Literal Translation) |
24,600,000 |
The information above is that of subject’s major shareholders.
Parent Company
|
Name: |
United
Microelectronics Corporation |
|
Address: |
No. 3, Li-Hsin
2nd Road, Hsinchu Science Park, Hsinchu, Taiwan, R.O.C. |
|
Tel: |
+886-3-578-2258 |
|
Fax: |
+886-3-577-9392 |
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E-mail: |
|
|
Listed at Stock
Exchange: |
Yes; Stock Symbol: TWSE: 2303, NYSE: UMC |
Related Company
|
Name |
Unimicron
Technology Corporation |
|
Address: |
38, Hsing Pong
Rd., Kwei Shan Ind. Park, Taoyuan County; Taiwan |
|
Tel: |
+886-3-350-0386 |
|
Fax: |
+886-3-350-0372 |
|
Listed at Stock
Exchange: |
Yes; Stock Symbol: TWSE:3037 |
Core
Management
|
1 |
|
|
Name |
Jiacong Hong |
|
Position |
Board Director |
|
2 |
|
|
Name |
Qidong Liu |
|
Position |
Director |
|
3 |
|
|
Name |
Zaisheng Shen |
|
Position |
Director |
|
4 |
|
|
Name |
Shiwei Sun |
|
Position |
Director |
|
5 |
|
|
Name |
Guohui Zhou |
|
Position |
Director |
|
6 |
|
|
Name |
Meiyuan Wang |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 400 Employees |
Offices
& Factories
|
|
Headquarters |
|
Add |
No.2, Houke S. Rd., Houli Dist., Taichung City 421, Taiwan (R.O.C.) |
l
Subject is engaged in manufacturing of thin film PV
module, etc.
l
Subject has two factories in Taiwan for production.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
CC01080 |
Manufacture of electronic components |
|
CC01090 |
Manufacture of battery |
|
CC01010 |
Manufacture of generator, and distribution
machine |
|
E601010 |
Installation of electrical equipment |
|
F119010 |
Wholesale of electronic material |
|
F219010 |
Retail of electronic material |
|
F401010 |
International trade (above products) |
|
IG03010 |
Service of energy technology |
l
The components and raw materials for production are
purchased both home and abroad.
Sales
Information
l Subject is engaged
in sales of thin film PV module, etc.
l
Subject’s sales regions include Europe, America,
and other Asian countries, etc.
l
Subject obtained the certifications of ISO 9001 and
ISO 14001.
l
It is introduced that subject has many cooperative
distributors in different parts of the world such as Germany, Spain, France,
Greece, Italy, Mexico, Portugal, and United States, etc
Major products
sold
|
|
Product |
|
1 |
5’’ Monocrystalline solar cell |
|
2 |
Standard module |
|
3 |
Low-voltage module |
|
4 |
BIPV module |
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
Domestic Purchase
|
Payment Terms |
Proportion |
|
|
Components and raw materials |
COD, CBD, etc |
100% |
Foreign Purchase
|
Payment Terms |
Proportion |
|
|
CBD, etc |
100% |
Sales
Domestic Markets (Taiwan and Mainland China)
|
Sales Terms |
Proportion |
|
|
Thin film PV module, etc |
COD, CBD, Credit Sales, etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Thin film PV module, etc |
CBD, etc |
100% |
Notes: Subject’s settlement for export is generally in USD
Subject has no obligations to disclose its financial statements to the third party according to the relevant policy in Taiwan and the only source from which we can obtain the information is the subject itself.
Subject’s relevant staff Ms. Xu declined to disclose its financials citing the grounds of company’s confidentiality; from other source we can not obtain the relevant information, either.
Subject declined to disclose its bank details; from other source we
cannot obtain the relevant information, either.
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. Xu |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.04 |
|
UK Pound |
1 |
Rs.84.83 |
|
Euro |
1 |
Rs.68.21 |
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.