|
Report Date : |
02.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
ACME ELECTRONICS CORPORATION |
|
|
|
|
Registered Office : |
8th Fl., No.39, Ji-Hu Road, Nei-Hu District,
Taipei 114 |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
30.09.2012 |
|
|
|
|
Date of Incorporation : |
05.09.1991 |
|
|
|
|
Com. Reg. No.: |
86124395 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturing and sales of electrical and
electronic components and etc. |
|
|
|
|
No. of Employees : |
About 300 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 : |
Satisfactory |
|
Payment Behaviour : |
Usually correct |
|
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
|
Company Name: |
|
|
Supplied Name: |
|
|
Trading Address: |
8th Fl., No.39, Ji-Hu Road, Nei-Hu District, Taipei 114, Taiwan, R.O.C. |
|
Supplied Address: |
8th Floor, No. 39, Ji-Hu Rd., Nei-Hu
Districy, Taipei City 114 |
|
Telephone Number: |
+886-2-2798-0337 |
|
Fax Number: |
Notes: The exact name and address are as above.
|
Credit Opinion: |
|
Registered Name: |
ACME ELECTRONICS CORPORATION |
|
Registered Address: |
8th Fl., No.39, Ji-Hu Road, Nei-Hu District,
Taipei 114, Taiwan, R.O.C. |
|
Date of Foundation: |
|
|
Registration Number: |
|
|
Registry: |
Department of Commerce, Ministry of Economic Affairs, R.O.C. |
|
Registered Capital: |
|
|
Paid-up Capital: |
NTD 1,814,767,430 (USD 59,705,848,447) |
|
Legal Representatives: |
Yigui Wu |
|
Legal Form: |
|
|
Principal Activities: |
Manufacturing and sales
of electrical
and electronic components and etc. |
|
Staff: |
|
|
Listed at Stock
Exchange: |
|
|
Date of Last
Annual Return: |
Subject was incorporated on 1991-9-5 with registered
number 86124395 as Joint Stock Company in Taiwan.
|
Former Chinese Name |
|
|
Current Chinese Name |
|
Name |
Subscription Shares |
|
USI Corporation |
49,250,733 |
|
Mao Chang Investment Co Ltd (Liberal
translated) |
|
|
10,539,463 |
|
The information
above is that of subject’s major shareholders.
Related Companies
|
1 |
|
|
Name |
ACME Electronics
( Kunshan ) Co., Ltd |
|
Address |
No. 533, Huangpujiang
North Rd., Kunshan City,215337, Jiang-Su Province, China |
|
Telephone Number |
+86-512-5793-2888 |
|
Fax Number |
+86-512-5766-4667 |
|
E-mail |
|
|
2 |
|
|
Name |
ACME Electronics
(Guangzhou) Co.,Ltd |
|
Address |
No.2 Fuqian East
Road ,Zeng-jiang Street East Square, Guangzhou–Zengcheng City
,511300,Guangdong Province, China |
|
Telephone Number |
+86-20-3285-1888 |
|
Fax Number |
+86-20-3285-1666 |
|
E-mail |
|
Factory
|
Name |
Kuan-Yin Factory |
|
Address |
No.2, Kuo-Chien
2nd Rd., Kuan-Yin Industrial District, Taoyuan County 328, Taiwan |
|
Telephone Number |
+886-2-2798-0337 |
|
Fax Number |
+886-2-2659-9511 |
|
E-mail |
Core
Management
Directors
|
1 |
|
|
Name |
Yigui Wu |
|
Position |
Board Chairman |
|
Date of
Appointment |
2001-1-31 |
|
2 |
|
|
Name |
Cangyu Zhuang |
|
Position |
|
|
3 |
|
|
Name |
Xiancong Wu |
|
Position |
|
|
4 |
|
|
Name |
Huiming Zheng |
|
Position |
|
|
5 |
|
|
Name |
Jizhong Zhang |
|
Position |
|
|
6 |
|
|
Name |
Zhentu Liu |
|
Position |
Director |
|
7 |
|
|
Name |
Biaochun Chen |
|
Position |
|
|
8 |
|
|
Name |
Yanhui Zhang |
|
Position |
|
|
9 |
|
|
Name |
Liqiu Zhang |
|
Position |
Independent
Director |
|
10 |
|
|
Name |
Shanke Xu |
|
Position |
|
|
11 |
|
|
Name |
Qiyin Ruan |
|
Position |
|
|
12 |
|
|
Name |
Huizhong Jiang |
|
Position |
Supervisor |
|
Total Employees |
About 300 Employees (Taiwan) |
Offices
& Factories
|
|
Headquarters |
|
Add |
8th Fl., No.39, Ji-Hu Road, Nei-Hu District, Taipei 114, Taiwan, R.O.C. |
Production
Information
l
The subject is a manufacturer of
electrical and electronic components and etc.
l
It is introduced that subject has a factory in Kuan
Yin, Taiwan for production.
l
It is introduced that subject’s factory has
obtained ISO14001, QS 9000, ISO 9001, ISO 9002 certifications.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
CC01080 |
Manufacturing of electronic components. |
|
CB01010 |
Manufacturing of machinery. |
|
CC01010 |
Manufacturing of power machinery, transmission
machinery and distribution machinery. |
|
CC01990 |
Manufacturing of other electronic and electrical
machinery and materials. |
|
F401010 |
International trading business. |
|
ZZ99999 |
Besides licensed business, all other business
items those are not banned or restricted. |
l
It is introduced that subject purchases raw
materials and etc both in domestic and overseas market.
l
The subject is engaged in sales of electrical and electronic components and etc.
l
It is introduced that subject’s selling territory
covers all over the world.
l
It is introduced that subject’s major customers are
manufacturers of electrical products, electronic products and etc.
l
It is introduced that subject’s products are
applied to 3C devices, including power supplies, desktop monitors, notebooks,
broadband network systems, telephone switching systems, relay stations, mobile
phones, PDAs, LCD TVs, digital cameras, digital video cameras, video games
handsets, scanners, et
Major products
|
|
Mn-Zn ferrite cores |
|
|
Ni-Zn Ferrite cores |
|
|
Sapphire Ingot |
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase
|
Payment Terms |
Proportion |
|
|
COD,CBD and etc |
Foreign Purchase
|
Payment Terms |
Proportion |
|
|
CBD and etc |
100% |
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
Electrical and
electronic components and etc. |
COD,CBD and etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Electrical and
electronic components and etc. |
CBD and etc |
100% |
|
|
2012-9-30 |
2011-9-30 |
|
Assets |
|
|
|
Current
Assets |
|
|
|
Cash
and cash equivalents |
93,000.00 |
11,739.00 |
|
Notes
receivable - net |
19,067.00 |
32,429.00 |
|
Accounts
receivable - net |
229,435.00 |
255,731.00 |
|
Accounts
receivable - related parties - net |
37,226.00 |
113,752.00 |
|
Other
receivables |
3,582.00 |
5,196.00 |
|
Other
receivables - related parties |
83,743.00 |
126,011.00 |
|
Inventories |
286,585.00 |
308,234.00 |
|
Other
current assets |
16,426.00 |
13,770.00 |
|
Current
assets |
769,064.00 |
866,862.00 |
|
Funds
and Investments |
|
|
|
Equity
investments under equity method |
2,670,456.00 |
2,807,646.00 |
|
Investments |
2,670,456.00 |
2,807,646.00 |
|
Funds
and long-term investments |
2,670,456.00 |
2,807,646.00 |
|
Fixed
Assets |
|
|
|
Cost |
|
|
|
Land |
82,657.00 |
82,657.00 |
|
9,330.00 |
9,330.00 |
|
|
Buildings
and structures |
228,081.00 |
195,617.00 |
|
Machinery
and equipment |
425,442.00 |
379,843.00 |
|
Transportation
equipment |
451.00 |
451.00 |
|
Other
facilities |
64,092.00 |
61,293.00 |
|
Total
cost of fixed assets |
810,053.00 |
729,191.00 |
|
Accumulated
depreciation |
-449,682.00 |
-396,926.00 |
|
Construction
in process and prepayment for equipments |
27,525.00 |
48,406.00 |
|
Fixed
assets |
387,896.00 |
380,671.00 |
|
Intangible
Assets |
|
|
|
Deferred
Pension Cost |
30.00 |
38.00 |
|
Total
intangible assets |
30.00 |
38.00 |
|
OtherAssets |
|
|
|
Dormant
Assets |
9,985.00 |
17,477.00 |
|
Deposit
Paid |
7,750.00 |
7,937.00 |
|
Deferred
charges |
4,492.00 |
894.00 |
|
Other
assets |
22,227.00 |
26,308.00 |
|
Assets |
3,849,673.00 |
4,081,525.00 |
|
Liabilities
and Stockholders' Equity |
|
|
|
Liabilities |
|
|
|
Current
Liabilities |
|
|
|
Money Borrowed
For Short Time |
86,464.00 |
308,293.00 |
|
Short-term
notes and bills payable |
369,639.00 |
309,793.00 |
|
684.00 |
1,842.00 |
|
|
Notes
Payable - related parties |
0.00 |
2,663.00 |
|
Accounts
payable |
37,528.00 |
59,237.00 |
|
Accounts
payable - related parties |
37,303.00 |
107,605.00 |
|
Income
tax payable |
21,237.00 |
6,106.00 |
|
Other
payables- related parties |
4,050.00 |
1,666.00 |
|
120,000.00 |
0.00 |
|
|
Other
current liabilities |
28,243.00 |
41,620.00 |
|
Current
liabilities |
705,148.00 |
838,825.00 |
|
Long
term Liabilities |
|
|
|
Long-term
borrowings |
330,000.00 |
300,000.00 |
|
Long-term
liabilities |
330,000.00 |
300,000.00 |
|
Reserves |
|
|
|
Other
Liabilities |
|
|
|
Pension
reserve / accrued pension liability |
22,733.00 |
23,615.00 |
|
Deferred
Income Taxes |
19,571.00 |
34,182.00 |
|
Other
liabilities-others |
9,256.00 |
17,135.00 |
|
Other
liabilities |
51,560.00 |
74,932.00 |
|
Liabilities |
1,086,708.00 |
1,213,757.00 |
|
Stockholders'
Equity |
|
|
|
Capital |
|
|
|
Common
stock |
1,815,007.00 |
1,642,525.00 |
|
Capital
Surplus |
|
|
|
Capital
surplus - additional paid-in capital |
439,459.00 |
435,910.00 |
|
Capital
surplus-others |
23,874.00 |
836.00 |
|
463,333.00 |
436,746.00 |
|
|
Retained
Earnings |
|
|
|
Legal
reserve |
200,692.00 |
151,924.00 |
|
Unappropriated
retained earnings |
225,720.00 |
536,362.00 |
|
Retained
earnings |
426,412.00 |
688,286.00 |
|
Stockholders'
Equity and Other adjustmen |
|
|
|
Cumulative
translation adjustments |
67,302.00 |
108,670.00 |
|
Net
loss not recognized as pension cost |
-9,089.00 |
-8,459.00 |
|
Equity
adjustments |
58,213.00 |
100,211.00 |
|
Stockholders‘
equity |
2,762,965.00 (USD 90,901,548.50) |
2,867,768.00 (USD 94,350,159.40) |
|
Number
of treasury stock acquired by the company and subsidiaries (unit: share) |
0.00 |
0.00 |
|
Equivalent Shares of Outstandings of Advance
Receipts for Common Stock (Unit: Share) |
0.00 |
0.00 |
(As of 2013.4, 1 NTD =
0.0329 USD)
Unit: NTD/000
|
Date |
|
|
|
Sales |
1,167,419.00 (USD 38,408,085.10) |
1,342,525.00 (USD 44,169,072.50) |
|
Sales
return |
14,014.00 |
12,472.00 |
|
Sales
discounts and allowances |
1,455.00 |
1,198.00 |
|
Sales |
1,151,950.00 |
1,328,855.00 |
|
Operating
income |
1,151,950.00 |
1,328,855.00 |
|
Cost
of sales |
1,029,350.00 |
1,177,626.00 |
|
Operating
costs |
1,029,350.00 |
1,177,626.00 |
|
Gross
profit (loss) from operations |
122,600.00 |
151,229.00 |
|
Realized
( Unrealized) gain from inter-affiliate accoun |
5,493.00 |
2,916.00 |
|
Selling
expense |
24,688.00 |
27,221.00 |
|
General
and administrative expenses |
59,855.00 |
81,361.00 |
|
49,452.00 |
55,006.00 |
|
|
Operating
expenses |
133,995.00 |
163,588.00 |
|
Operating
income (loss) |
-5,902.00 |
-9,443.00 |
|
Non-Operating
Income |
|
|
|
Interest
income |
738.00 |
502.00 |
|
Inome
from long-term equity investments under the equity method |
7,838.00 |
463,375.00 |
|
Investment
income |
7,838.00 |
463,375.00 |
|
Gains
on disposal of fixed assets |
2,446.00 |
0.00 |
|
Foreign
exchange gains |
0.00 |
13,747.00 |
|
Evaluation
of financial assets |
125.00 |
0.00 |
|
Miscellaneous
income |
36,821.00 |
60,644.00 |
|
Non-operating
revenues and gains |
47,968.00 |
538,268.00 |
|
Non-Operating
Expenses |
|
|
|
Interest
expense |
12,277.00 |
11,414.00 |
|
Disposal
of fixed assets loss |
0.00 |
3,559.00 |
|
12,613.00 |
0.00 |
|
|
Evaluation
of financial assets loss |
0.00 |
1,355.00 |
|
Income
from continuing operations before income tax |
3,725.00 |
4,839.00 |
|
Income
tax expense (benefit) |
28,615.00 |
21,167.00 |
|
Income
from continuing operations |
13,451.00 |
507,658.00 |
|
Net
income (loss) |
12,530.00 (USD 412,237) |
19,982.00 (USD 657,407.80) |
|
Primary
Earnings per Share |
921.00 |
487,676.00 |
|
Primary
earnings per share |
921.00 |
487,676.00 |
|
Diluted
earnings per share |
|
|
|
Diluted
earnings per share |
0.01 |
2.72 |
|
Income
from continuing operations before income tax |
|
|
|
Income
tax expense (benefit) |
0.01 |
2.68 |
(As of 2013.4, 1 NTD =
0.0329 USD)
|
2012-1-1~2012-3-31 |
2011-1-1~2012-12-31 |
|
|
Cash Flows from Operating Activities - Indirect
Method |
|
|
|
Net Income
(Loss) |
921.00 |
487,676.00 |
|
Adjustments to
Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities |
|
|
|
Depreciation
Expense |
44,447 |
40,570 |
|
Bad debt expense
accrual (transfer income) number |
0 |
3,500 |
|
Share-based Compensation |
804 |
2,040 |
|
Loss (Gain) on
Decline (Recovery) in Market Value, Scrap and Obsolescence of Inventories |
4,030 |
(2,493) |
|
investment
profit (income ) recognized under equity method |
(7,838) |
(463,375) |
|
Investment Loss (Income)
Recognized under Equity Method |
118,890 |
62,620 |
|
Disposal and
scrapping of idle assets loss (interest) |
(2,446) |
3,559 |
|
Financial assets
and liabilities unrealized loss assessment (interest) |
0 |
1,920 |
|
Realized gain from
inter-affiliate accounts. |
(5,493) |
(2,916) |
|
Net changes in
operating assets and liabilities |
|
|
|
Decrease
(Increase) in Accounts Receivable |
116,184 |
(25,629) |
|
Other accounts
receivable (increase) decrease |
72,922 |
152,656 |
|
17,619 |
37,731 |
|
|
(3,630) |
494 |
|
|
(5,164) |
10,825 |
|
|
Accounts payable
to increase (decrease) |
(95,832) |
17,017 |
|
Increase
(Decrease) in Income Tax Payable |
15,131 |
(26,457) |
|
2,384 |
(158,846) |
|
|
(1,504) |
1,467 |
|
|
Other operating liabilities
increase (decrease) |
(9,999) |
(26,436) |
|
261,426 |
115,923 |
|
|
|
|
|
|
Acquisition of
Investments Accounted for by Equity Method |
0 |
(85,139) |
|
Purchase of
Property, Plant and Equipment |
(48,528) |
(103,733) |
|
Proceeds from
Disposal of Property, Plant and Equipment |
1,672 |
10,941 |
|
Decrease
(Increase) in Refundable Deposits |
187 |
(20) |
|
Increase in
Deferred Charges |
(4,240) |
(671) |
|
(29,040) |
(30,275) |
|
|
Other Investing
Activities |
0 |
0 |
|
Net Cash
Provided by (Used in) Investing Activities |
(79,949) |
(208,897) |
|
Cash Flows from Financing Activities |
|
|
|
Increase (Decrease)
in Short-term Loans |
(221,829) |
(18,707) |
|
Increase
(Decrease) in Short-term Notes and Bills Payable |
59,846 |
105,184 |
|
Proceeds from
Long-term Debt |
150,000 |
0 |
|
Repayment of
Long-term Debt |
0 |
(12,500) |
|
Exercise of Employee
Stock Options |
(98,543) |
(115,862) |
|
Net Cash
Provided by (Used in) Financing Activities |
10,310 |
29,243 |
|
Net Increase (Decrease) in Cash and Cash
Equivalents |
(100,216) |
(12,642) |
|
Cash and Cash Equivalents, Beginning of year |
81,261 |
(105,616) |
|
Cash and Cash Equivalents, End of year |
11,739 |
117,355 |
|
Supplemental Cash Flow Information |
93,000.00 |
11,739.00 |
|
Exercise of
Employee Stock Options |
|
|
|
Interest Paid |
12,398.00 |
11,308.00 |
|
Interest Paid- Excluding
Capitalized Interest |
12,398.00 |
11,308.00 |
|
2,563.00 |
35,594.00 |
|
|
Does not affect the investment and financing
activities cash flow |
|
|
|
Long-term
liabilities due within one year |
120,000.00 |
0.00 |
|
Investing Activities Affecting Both Cash and
Non-cash Items |
|
|
|
Cash Paid for
Acquisition of Property, Plant and Equipment |
|
|
|
Increase in
Property, Plant and Equipment |
45,150.00 |
100,294.00 |
|
Increase (Decrease)
in Payable for Equipment Purchased |
3,378.00 |
3,439.00 |
|
Cash Paid for
Acquisition of Property, Plant and Equipment |
48,528.00 |
103,733.00 |
|
Cash Received
from Disposal of Property, Plant and Equipment |
|
|
|
Proceeds from Disposal
of Property, Plant and Equipment |
1,672.00 |
9,338.00 |
|
Decrease
(Increase) in Other Receivables- Disposal of Property, Plant and Equipment |
0.00 |
1,603.00 |
|
Cash received
from Disposal of Long-term Investments under Equity Method |
1,672.00 |
10,941.00 |
Open
Account Bank
|
Name |
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. Wang |
|
Department |
Sales Department |
|
E-mail |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.54.38 |
|
UK Pound |
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.