|
Report Date : |
30.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
OPTO TECH CORPORATION |
|
|
|
|
Formerly Known As : |
OPTO TECH CORP. |
|
|
|
|
Registered Office : |
No.8, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
30.09.2012 |
|
|
|
|
Date of Incorporation : |
21.12.1983 |
|
|
|
|
Com. Reg. No.: |
47255947 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturer of optoelectronic semiconductor components and related products |
|
|
|
|
No. of Employees : |
1,742 employees as of 2012-6-30 |
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 : |
Regular |
|
Litigation : |
Exists |
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
|
Company Name: |
|
|
Supplied Name: |
|
|
Trading Address: |
No.8, Innovation Rd. 1, Hsinchu
Science-Based Industrial Park, Hsinchu, Taiwan, R.O.C. |
|
Supplied Address: |
|
|
Telephone Number: |
+886-3-5638951 |
|
Fax Number: |
|
|
E-mail: |
Notes: Subject’s exact name and address are as above.
|
Credit Opinion: |
|
Registered Name: |
Opto Tech Corporation |
|
Registered Address: |
No.8, Innovation Rd. 1, Hsinchu Science-Based Industrial Park, Hsinchu,
Taiwan, R.O.C. |
|
Date of Foundation: |
|
|
Registration Number: |
47255947 |
|
Registry: |
Science Park Administration |
|
Registered Capital: |
NTD 10,000,000,000 (USD 339,000,000) (As of 2012.10, 1 NTD = 0.0339 USD) |
|
Paid-up Capital: |
NTD 5,456,621,150 (USD 184,979,457) |
|
Legal Representatives: |
Yongqiang Huang |
|
Legal Form: |
|
|
Principal Activities: |
Manufacture of
optoelectronic semiconductor components and related products. |
|
Staff: |
|
|
Listed at Stock
Exchange: |
Yes TPE:2340 |
|
Date of Last
Annual Return: |
Subject was incorporated on
Subject was listed at Taiwan Stock exchange with the stock
symbol: 2340 on
Change of Name
|
Former English Name |
OPTO TECH CORP. |
|
Current English Name |
OPTO TECH CORPORATION |
Awards
|
Year |
Awards |
|
2009 |
Blue chip
importer and exporter |
|
2010 |
Blue chip
importer and exporter |
|
2011 |
Blue chip
importer and exporter |
Standard of Blue chip
importer and exporter
Unit: USD
|
Year |
Amount |
|
2009 |
15,000,000 |
|
2010 |
20,000,000 |
|
2011 |
22,000,000 |
|
Name |
Subscription Shares |
|
Yongqiang Huang |
2,625,600 |
|
Hongdong Wang |
|
|
2,219,743 |
|
|
Chuiquan Zhang |
377,503 |
|
Nichia Taiwan Corporation |
31,755,947 |
|
Hitachi Cable, Ltd. |
33,369,899 |
|
1,295,000 |
|
|
Shuang Xin Security Investment Consultant |
666,874 |
|
Legg Mason Global Asset Management（Taiwan） |
5,361,681 |
|
Zhihua Han |
245,000 |
The information
above is that of subject’s major shareholders.
Core
Management
|
1 |
|
|
Name |
Yongqiang Huang |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Hongdong Wang |
|
Position |
Director |
|
3 |
|
|
Name |
Chuiquan Zhang |
|
Position |
Director |
|
4 |
|
|
Name |
Nichia Taiwan
Corporation |
|
Position |
Director |
|
5 |
|
|
Name |
Hitachi Cable,
Ltd. |
|
Position |
Director |
|
6 |
|
|
Name |
|
|
Position |
Director |
|
7 |
|
|
Name |
Shuang Xin
Security Investment Consultant Co. Ltd. (Literal
Translated) |
|
Position |
Director |
|
8 |
|
|
Name |
Legg Mason
Global Asset Management（Taiwan） |
|
Position |
Supervisor |
|
9 |
|
|
Name |
Zhihua Han |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
1,742 employees as of |
Offices
& Factories
|
|
Headquarters |
|
Add |
No.8, Innovation Rd. 1, Hsinchu Science-Based Industrial Park, Hsinchu,
Taiwan, R.O.C. |
Production
Information
l
Subject is a trader of optoelectronic semiconductor
components and related products.
Purchase
Information
l
The major registered activities of subject:
|
Business Code |
Details |
|
CC01080 |
Manufacture of electronic components |
|
CC01040 |
Manufacture of lighting equipment |
|
E603080 |
Traffic Signal Installation Engineering |
|
E603090 |
Lighting equipment installation engineering |
|
F401010 |
International Trading Business |
|
JE01010 |
Leasing Industry |
|
CC01060 |
Manufacture of Cable communication mechanical
equipment |
|
CC01101 |
Manufacture of Controlled telecommunications
radio-frequency devices |
|
IG03010 |
Energy Services |
l
Subject purchases both at home and abroad according
to the specific conditions and customers’ demands
l
The subject is mainly engaged in sales of
optoelectronic semiconductor components and related products.
l
Subject’s major products are classified into three
categories: light emitting diode (LED) components, including LED chips and
infrared emitting diode chips; light detecting diode components, including
light detecting diode chips, optoelectronic detecting semiconductor chips and
high power electronic components, among others, as well as system products,
including LED information display screens, LED lighting systems and LED
automobile lights.
l
It is introduced that during the year ended
December 31, 2011, subject obtained approximately 59.34%, 22.19% and 13.31% of
its total revenue from its lighting components, detecting components and system
products, respectively.
l
Subject’s products are both sold in domestic
markets and to overseas markets, including Europe, the Americas and the rest of
Asia.
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase
|
Payment Terms |
Proportion |
|
|
Raw materials,
etc |
COD, Credit
Sales, etc |
100% |
Foreign Purchase
|
Payment Terms |
Proportion |
|
|
Raw materials,
etc |
CBD, etc |
100% |
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
Optoelectronic semiconductor components and
related products. |
CBD, etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Optoelectronic semiconductor components and
related products. |
CBD, etc |
100% |
Unit: NTD/000
|
|
|
|
|
Cash and cash
equivalents |
2,151,291 |
2,412,263 |
|
Notes receivable
- net |
10,442 |
35,548 |
|
Notes receivable
- related parties - net |
. |
2 |
|
Accounts
receivable - net |
1,853,842 |
1,705,157 |
|
Accounts
receivable - related parties - net |
182,262 |
293,077 |
|
Other
receivables |
14,089 |
19,955 |
|
Other current
assets-flow |
101,936 |
36,916 |
|
Current Assets |
5,635,585 |
6,141,602 |
|
Inventories |
1,261,383 |
1,379,572 |
|
Advanced Charge |
13,625 |
11,783 |
|
prepayments |
630 |
23,211 |
|
Other current
assets |
46,072 |
53,358 |
|
Deferred income
tax assets - flow |
41,640 |
51,028 |
|
Other current
assets-Other |
4,432 |
2,330 |
|
Changes in the fair
value of the financial assets on profit and loss-flow |
13 |
170,760 |
|
Investments |
1,302,186 |
1,340,215 |
|
Long-Term
Investments At Equity, |
1,302,186 |
1,340,215 |
|
Financial assets
for sale - non current |
28,245 |
40,946 |
|
Financial assets
at cost – non current |
539,117 |
560,182 |
|
Fund and
investment |
1,869,548 |
1,941,343 |
|
Buildings And
Structures |
1,715,103 |
1,709,686 |
|
3,978,434 |
3,526,930 |
|
|
Hydroelectric
Equipment |
990,054 |
972,653 |
|
Pollution-Prevention
Equipment |
588,103 |
575,570 |
|
Transporting
Equipment |
5,241 |
5,241 |
|
49,136 |
48,019 |
|
|
Accumulated
impairment-fixed assets |
-9,296 |
-9,310 |
|
Total Fixed
Assets Cost |
8,952,965 |
8,362,157 |
|
-6,034,059 |
-5,666,930 |
|
|
3,155,037 |
3,219,012 |
|
|
Cost and
revaluation value-added aggregate |
8,952,965 |
8,362,157 |
|
Unfinished
project and equipment funds in advance |
245,427 |
533,095 |
|
Other Devices |
1,626,894 |
1,524,058 |
|
Deferred
pension cost |
1,964 |
2,182 |
|
Total Intangible
Assets |
1,964 |
2,182 |
|
Idle Assets |
42,986 |
108,034 |
|
11,314 |
8,234 |
|
|
37,879 |
28,135 |
|
|
Deferred income
tax assets - non-current |
280,380 |
239,214 |
|
Total Other
Assets |
372,559 |
383,617 |
|
Total Assets |
11,034,693 |
11,687,756 |
|
Short-term
borrowings |
554,513 |
817,070 |
|
Notes payable |
12,102 |
19,051 |
|
Accounts
payable |
802,860 |
623,293 |
|
Accounts payable
- related parties |
790,509 |
980,629 |
|
Income tax
payable |
23,639 |
. |
|
Accrued expenses |
300,101 |
315,586 |
|
Changes in the
fair value of the financial liability on profit and loss-flow |
. |
6,020 |
|
Current
liabilities |
3,534,958 |
3,521,148 |
|
Other Payables |
89,586 |
114,426 |
|
62,907 |
43,259 |
|
|
Long-Term
Liabilities -Current Portion |
877,017 |
577,894 |
|
Other Current
Liabilities |
21,724 |
23,920 |
|
Long-term
borrowings |
241,176 |
960,926 |
|
Long term
Liabilities |
241,176 |
960,926 |
|
Pension reserve
/ accrued pension liability |
145,136 |
154,924 |
|
Deposits
Received |
58 |
450 |
|
Other
Liabilities-Others |
20,782 |
15,965 |
|
Total Other
Liabilities |
165,976 |
171,339 |
|
Total
Liabilities |
3,942,110 |
4,653,413 |
|
Common stock |
5,456,621 |
5,490,051 |
|
5,456,621 |
5,490,051 |
|
|
Capital
Reserves- share premium account |
313,140 |
315,058 |
|
Capital
Reserves-Common stock share premium |
313,140 |
315,058 |
|
Capital
Reserves-treasury stock trade |
60,256 |
60,625 |
|
Capital
Reserves-long term investment |
175,202 |
173,257 |
|
Capital Reserves
- Employee Stock Options - |
162,929 |
115,006 |
|
Total Capital
Reserves |
711,527 |
663,946 |
|
262,183 |
216,841 |
|
|
Special Reserves |
90,871 |
115,018 |
|
Unappropriated
Retained Earnings |
679,860 |
701,825 |
|
Total Retained
Earnings |
1,032,914 |
1,033,684 |
|
Cumulative Translation
Adjustment |
39,327 |
58,944 |
|
Net Loss Not
Recognized As Pension Cost |
-78,296 |
-93,124 |
|
Unrealized gain
or loss on financial instrument, |
-42,811 |
-91,123 |
|
-26,699 |
-28,035 |
|
|
Shareholders'
equity other adjustment |
-108,479 |
-153,338 |
|
Equivalent
Shares of Outstandings of Advance Receipts for Common Stock (Unit: Share) |
. |
. |
|
Number of
Treasury Stock Acquired by Parent Company and Subsidiaries (unit:
Share) |
1,107,276 |
1,224,276 |
|
Total
Shareholder’s equity |
7,092,583 (USD 240,438,564) |
7,034,343 (USD 238,464,228) |
(As of 2012.10, 1 NTD =
0.0339 USD)
Unit: NTD/000
|
|
~ |
~ |
|
Total Revenues |
4,913,715 (USD 166,574,939) |
5,500,583 (USD 186,469,764 |
|
Sales Net Income |
4,733,460 |
5,238,401 |
|
Total sales
revenue |
4,858,630 |
5,334,694 |
|
Sales returns |
81,241 |
53,038 |
|
Sales discounts
and allowances |
43,929 |
43,255 |
|
Other
operating revenue |
180,255 |
262,182 |
|
Total Operating
costs |
3,939,442 |
4,297,604 |
|
Cost Of Goods
Sold |
3,818,957 |
4,162,095 |
|
Other Operating
Costs |
120,485 |
135,509 |
|
Gross Profit
(Loss) From Operations |
974,273 |
1,202,979 |
|
Unrealized gains
on intercompany transactions |
661 |
642 |
|
Gains on
Intercompany Transactions |
869 |
4,125 |
|
606,622 |
661,202 |
|
|
Distribution
Cost |
96,810 |
134,853 |
|
General and
administrative expenses |
343,758 |
380,704 |
|
Research and
development expenses |
166,054 |
145,645 |
|
Operating income
(loss) |
367,859 |
545,260 |
|
Non-Operating
Income |
31,436 |
31,153 |
|
Interest income |
9,084 |
8,526 |
|
Investment
Income |
9,940 |
14,131 |
|
Income Gains |
9,940 |
14,131 |
|
Gain On Disposal
Of Investments. |
1,550 |
2,710 |
|
Rental Receipts |
1,042 |
1,148 |
|
Financial assets
evaluation interests |
. |
65 |
|
Miscellaneous
Income |
9,820 |
4,573 |
|
Non-Operating
Expenses and Loss |
72,047 |
77,141 |
|
Interest expense |
23,041 |
23,310 |
|
32,367 |
40,908 |
|
|
Loss from
investments under the equity method |
32,367 |
36,526 |
|
Other investment
loss |
. |
4,382 |
|
Loss on disposal
of fixed assets |
12 |
877 |
|
Foreign exchange
losses |
10,710 |
2,091 |
|
2,508 |
2,344 |
|
|
Idle Assets
Depreciation |
37 |
37 |
|
Financial assets
evaluation loss |
1,217 |
. |
|
Financial
Liabilities evaluation loss |
. |
5,981 |
|
Miscellaneous
disbursements |
2,155 |
1,593 |
|
Income from
continuing operations before income tax |
327,248 |
499,272 |
|
Income tax
expense (benefit) |
52,278 |
100,919 |
|
Income from
continuing operations |
274,970 |
398,353 |
|
Net income
(loss) |
274,970 (USD 9,321,483) |
398,353 (USD 13,504,167) |
|
Primary
earnings per share (Unit: NTD) |
0.50 |
0.73 |
|
Diluted earnings
per share (Unit: NTD) |
0.50 |
0.72 |
(As of 2012.10, 1 NTD = 0.0339 USD)
Subject did not introduce its bank details and
from other source we can not obtain the relevant information, either.
Mortgage
No chattel
mortgage record of subject has been found within the recent 3 months.
Lawsuit
|
Trial Number |
2011,Sisheng,303 |
|
Trial Date |
|
|
Reason |
Determining the
amount of litigation costs |
|
2 |
|
|
Trial Number |
2010,Chongsu,77 |
|
Trial Date |
|
|
Reason |
Returning
consumption loan |
|
3 |
|
|
Trial Number |
2010,Sisheng,366 |
|
Trial Date |
|
|
Reason |
Determining the
amount of litigation costs |
|
4 |
|
|
Trial Number |
2010,Bu,614 |
|
Trial Date |
|
|
Reason |
|
|
5 |
|
|
Trial Number |
2010,Shensu,106 |
|
Trial Date |
|
|
Reason |
|
|
6 |
|
|
Trial Number |
2010,Bu,493 |
|
Trial Date |
|
|
Reason |
Petition
mediation |
|
7 |
|
|
Trial Number |
2010,Bu,179 |
|
Trial Date |
|
|
Reason |
|
|
8 |
|
|
Trial Number |
2005,Su,609 |
|
Trial Date |
|
|
Reason |
Payment of the
loan |
|
9 |
|
|
Trial Number |
2005,Bu,684 |
|
Trial Date |
|
|
Reason |
Payment of the
loan |
|
Department |
Sales department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.81 |
|
UK Pound |
1 |
Rs.86.52 |
|
Euro |
1 |
Rs.69.50 |
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.