|
Report Date : |
18.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
SKYMEDI CORPORATION |
|
|
|
|
|
|
Registered Office : |
6f, No.10-1,
Lixing 1st Road, Hsinchu Science Park, Hsinchu |
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Country : |
Taiwan |
|
|
|
|
|
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Financials (as on) : |
30.06.2012 |
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Date of Incorporation : |
25.09.2003 |
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Com. Reg. No.: |
80551862 |
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Legal Form : |
Joint Stock
Company |
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|
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Line of Business : |
Manufacture and trade
of Multi-Media and the related products. |
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|
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|
|
No. of Employees : |
About 260
Employees (Group) |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
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
|
Company Name: |
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|
Supplied Name: |
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Trading Address: |
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Supplied Address: |
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Telephone Number: |
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Fax Number: |
+ 886-3-5781626 |
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E-mail: |
Notes:
The supplied name is not accurate, and the exact name is as above.
The supplied address is former address , and the exact 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 |
|
|
Fujia Xiong |
1,556,179 |
|
KTC-Sun CORPORATION |
|
|
3,383,525 |
|
|
Samsung Venture Investment Corporation |
4,489,363 |
|
Dianfang Lin |
1,091,958 |
|
Kunrui Lu |
573,665 |
|
Minghong Zhou |
136,851 |
|
Qixiong Lin |
1,150,260 |
The information
above is that of subject’s major shareholders.
Shen Zhen Office
|
Address: |
Rm 2709-2710,
International Chamber of Commerce Tower, No.168, Fuhua Rd.3, CBD
Futian District , Shenzhen, China |
|
Telephone Number: |
+86-755-88313786 |
|
Fax Number: |
+86-755-88313787 |
Core
Management
|
1 |
|
|
Name |
Fujia Xiong |
|
Position |
Board of Chairman |
|
2 |
|
|
Name |
Jianhua Chen |
|
Position |
Director |
|
3 |
|
|
Name |
Mingsu Kim |
|
Position |
Director |
|
4 |
|
|
Name |
Dianfang Lin |
|
Position |
Director |
|
5 |
|
|
Name |
Kunrui Lu |
|
Position |
Director |
|
6 |
|
|
Name |
Minghong Zhou |
|
Position |
Director |
|
7 |
|
|
Name |
Weimin Shen |
|
Position |
Individual Director |
|
8 |
|
|
Name |
Risheng Chen |
|
Position |
Individual Director |
|
9 |
|
|
Name |
Tailing Zhong |
|
Position |
Individual Director |
|
10 |
|
|
Name |
Qixiong Lin |
|
Position |
Supervisor |
|
11 |
|
|
Name |
Xiaoyuan Feng |
|
Position |
Supervisor |
|
12 |
|
|
Name |
Shuangren Zhou |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 260 Employees (Group) |
Offices
& Factories
|
|
Headquarters |
|
Add |
|
Production
Information
l
Subject is a manufacturer of multi-media products
and the related products with the production activities
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
CC01080 |
Manufacture of
electronic materials |
|
I501010 |
Design of
products |
|
I301010 |
Supply of
software |
|
F401010 |
International
trade |
l
The components and raw material for production are
mostly purchased from local.
l Subject is mainly
engaged in designing, manufacturing and trading of multi-media products and the
related products.
l
Subject introduced that it also has an office
located in Shenzhen, the mainland of China, which helps subject deal with the
business in the mainland of China.
l
Subject introduced that its Major products sold as
following:
|
|
Product |
|
1 |
Flash Card
Controller |
|
2 |
USB Flash Disk
Controller |
|
3 |
Card Reader
Controller |
|
4 |
SSD Controller |
|
5 |
eMMC Controller |
|
6 |
Bridge
Controller |
|
7 |
Others |
l
Subject’s selling territory covers all over the
world, such as Hong Kong, America, Asia and so on.
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
Subject declined to disclose the purchase settlements information, and
from other sources, we couldn’t obtain the information, either.
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
Multi-media
products and the related products |
COB, CBD, etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Multi-media
products and the related products |
L/C , T.T, etc. |
100% |
Notes: Subject’s settlement for export is generally in USD
Unit: NTD/000
|
|
|
|
|
Assets |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
1,319,408.00 |
1,398,173.00 |
|
Net Notes receivable |
0.00 |
0.00 |
|
19,351.00 |
31,840.00 |
|
|
Accounts receivable - related parties |
48,634.00 |
339,974.00 |
|
Other receivables |
8,693.00 |
18,019.00 |
|
Other receivables - related parties |
3,991.00 |
1,418.00 |
|
Inventories |
242,624.00 |
400,075.00 |
|
Advance Charge |
5,813.00 |
6,395.00 |
|
Other Current assets |
1,249.00 |
6,257.00 |
|
Current assets |
1,649,763.00 |
2,202,151.00 |
|
Fund and investment |
|
|
|
financial assets at cost – non current |
159,532.00 |
64,866.00 |
|
Long-Term Of equity investment |
29,572.00 |
702.00 |
|
Investment |
29,572.00 |
702.00 |
|
Other non-current financial assets |
136,219.00 |
130,093.00 |
|
Fund and investment |
325,323.00 |
195,661.00 |
|
Fixed assets |
|
|
|
Cost |
|
|
|
machine equipment |
98,695.00 |
79,969.00 |
|
office equipment |
7,101.00 |
12,368.00 |
|
Leasehold equipment |
15,890.00 |
17,833.00 |
|
Fixed assets cost |
121,686.00 |
110,170.00 |
|
accumulated depreciation |
-44,998.00 |
-59,693.00 |
|
Net fixed assets |
76,688.00 |
50,477.00 |
|
immaterial assets |
|
|
|
Other immaterial assets |
30,183.00 |
19,234.00 |
|
Total immaterial assets |
30,183.00 |
19,234.00 |
|
Other assets |
|
|
|
guarantee deposit and margin paid |
1,855.00 |
1,256.00 |
|
deferred expenses |
80,922.00 |
64,095.00 |
|
Total other assets |
82,777.00 |
65,351.00 |
|
Total assets |
2,164,734.00 |
2,532,874.00 |
|
Liabilities and shareholders' equity |
|
|
|
liabilities |
|
|
|
Current liabilities |
|
|
|
44,805.00 |
200,970.00 |
|
|
Notes Payable |
0.00 |
0.00 |
|
100,547.00 |
223,033.00 |
|
|
0.00 |
2,722.00 |
|
|
Expense Payable |
54,110.00 |
140,660.00 |
|
Other Payable |
338,502.00 |
412,352.00 |
|
received in advance |
663.00 |
2,205.00 |
|
1,776.00 |
1,674.00 |
|
|
540,403.00 |
983,616.00 |
|
|
Long Term Liabilities |
|
|
|
Other liability |
|
|
|
Total Liabilities |
540,403.00 |
983,616.00 |
|
Shareholders’ Equity |
|
|
|
Capital |
|
|
|
common equity |
638,356.00 |
546,077.00 |
|
capital reserve |
|
|
|
635,497.00 |
388,679.00 |
|
|
781.00 |
17,247.00 |
|
|
Total capital reserve |
636,278.00 |
405,926.00 |
|
reserved surplus |
|
|
|
Statutory surplus reserve |
114,816.00 |
79,335.00 |
|
Special reserve |
757.00 |
0.00 |
|
Not appropriated retained earnings |
235,013.00 |
519,711.00 |
|
Total Retained earnings |
350,586.00 |
599,046.00 |
|
cumulative translation adjustment |
-889.00 |
-1,791.00 |
|
Shareholder rights and interests adjustment
project |
-889.00 |
-1,791.00 |
|
Total stockholders' equity |
1,624,331.00 |
1,549,258.00 |
|
Treasury Stock of held by parent company also as
held by subsidiaries (Unit: Shares) |
0.00 |
0.00 |
Unit: NTD/000
|
|
|
|
|
Sales revenue |
1,470,032.00 |
|
|
Sales return |
13.00 |
6,067.00 |
|
sales allowance |
210.00 |
28.00 |
|
Net sales |
616,234.00 |
1,463,937.00 |
|
Total revenue |
616,234.00 |
1,463,937.00 |
|
cost of goods |
477,203.00 |
767,514.00 |
|
Total operating cost |
477,203.00 |
767,514.00 |
|
Operating profit (loss) |
139,031.00 |
696,423.00 |
|
distribution expense |
37,752.00 |
75,295.00 |
|
General and administrative expenses |
58,800.00 |
72,481.00 |
|
research and development expenses |
253,331.00 |
283,329.00 |
|
Total operating expenses |
349,883.00 |
431,105.00 |
|
Operating income (net loss) |
-210,852.00 |
265,318.00 |
|
Operating income and interest |
|
|
|
interest income |
4,645.00 |
2,816.00 |
|
profit on exchange |
0.00 |
4,022.00 |
|
Miscellaneous income |
9,287.00 |
17,213.00 |
|
Operating income and interest |
13,932.00 |
24,051.00 |
|
Expense and loss |
|
|
|
interest charge |
660.00 |
1,322.00 |
|
Accounted for using equity method investment loss |
11,317.00 |
13,264.00 |
|
investment losses |
11,317.00 |
13,264.00 |
|
Loss on disposal of fixed assets |
11.00 |
0.00 |
|
exchange loss |
783.00 |
0.00 |
|
Impairment loss |
61,106.00 |
0.00 |
|
Loss on valuation of financial asset |
0.00 |
1,122.00 |
|
Miscellaneous expenditure |
0.00 |
35.00 |
|
Expense and loss |
73,877.00 |
15,743.00 |
|
-270,797.00 |
273,626.00 |
|
|
-2,167.00 |
2,826.00 |
|
|
Continuing Operations' Income (Loss) |
-268,630.00 |
270,800.00 |
|
Net income (loss) |
-268,630.00 |
270,800.00 |
|
Continuing Operations' Unit net income (loss) |
-4.21 |
5.28 |
|
Basic earnings per share |
-4.21 |
5.28 |
|
Continuing Operations' Unit net income (loss) |
-4.21 |
5.00 |
|
Diluted earnings per share |
-4.21 |
5.00 |
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. Chen |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.75 |
|
|
1 |
Rs.85.07 |
|
Euro |
1 |
Rs.69.04 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.