|
Report Date : |
15.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
HU LANE ASSOCIATE INC. |
|
|
|
|
Registered Office : |
No. 68, Huanhe St., Xizhi Dist., New Taipei
City 221 |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
09.07.1977 |
|
|
|
|
Com. Reg. No.: |
20759430 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturing and sales of connector,
housing, terminal and wafer and etc. |
|
|
|
|
No. of Employees : |
About 300 Employees (Headhunter) |
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 : |
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 (31.03.2012) |
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. 68, Huanhe
St., Xizhi Dist., New Taipei City 221, Taiwan (R.O.C.) |
|
Supplied Address: |
|
|
Telephone Number: |
+886-2-2694-0551 |
|
Fax Number: |
|
|
E-mail: |
Notes: The exact name and address are as
above.
|
Registered Name: |
HU LANE ASSOCIATE INC. |
|
Registered Address: |
No. 68, Huanhe St., Xizhi Dist., New Taipei
City 221, Taiwan (R.O.C.) |
|
Date of Foundation: |
1977-7-9 |
|
Registration Number: |
20759430 |
|
Registry: |
Department of Commerce, Ministry of Economic
Affairs, R.O.C. |
|
Registered Capital: |
NTD
1,000,000,000 (USD 33,500,000) (As of 2013.4, 1 NTD = 0.0335 USD) |
|
Paid-up Capital: |
NTD 884,051,050 (USD 29,615,710) |
|
Legal Representatives: |
Zixiong Zhang |
|
Legal Form: |
|
|
Principal Activities: |
Manufacturing
and sales of connector, housing, terminal and wafer and
etc. |
|
Staff: |
|
|
Listed at Stock Exchange: |
|
|
Date of Last Annual Return: |
Subject was incorporated
on 1977-7-9 with registered number 20759430
as Joint Stock Company in
Taiwan.
Subject listed on Taiwan Stock
Exchange on 2003-11-26.
|
Name |
Subscription Shares |
|
Zixiong Zhang |
3,761,427 |
|
Shengqing Hu |
5,256,270 |
|
Baoxi Li |
1,913,432 |
|
Hongming Lian |
2,366,577 |
|
Chunxiang Liu |
4,386,172 |
|
Shuhua Xu |
25,735 |
|
Shiliang Lin |
728,274 |
|
Yimin Zhan |
30,849 |
|
Suntian Lin |
24,476 |
The information above is that of subject’s major shareholders.
Related Companies
|
1 |
|
|
Name |
Hu Lane Electronic (Nan Jing) CO., LTD. |
|
Address |
No.38, Lai-Feng Rd. , Airport Industrial Park , Lokou Town ,
Jiang-Ning District, Nanjing , Jiangsu , China |
|
Telephone Number |
+86-25-5277-4425 |
|
Fax Number |
+86-25-5277-1366 |
|
2 |
|
|
Name |
Hu Lane Electronic (Shen Zhen) CO., LTD. |
|
Address |
Blk 4, 2nd New Industrial Area, Shanmen Village, Songgang, Baoan,
Shenzhen, China |
|
Telephone Number |
+86-755-231-3286 |
|
3 |
|
|
Name |
Hu Lane Associate Inc.(Hong Kong) |
|
Address |
Unit28, 20F. Blk B, Wah Lok Ind., Centre 31, Shen Wei St., Fo Tan Shatin N.T., HK |
|
Telephone Number |
|
|
Fax Number |
+852-2687-1576 |
|
E-mail |
|
|
4 |
|
|
Name |
Shenzhen Puguang Trading Limited Company (Liberal translation) |
|
Address |
Shanmen Village, Puan Songgang, Shenzhen City, Guangdong Province,
China |
|
Telephone Number |
+86-755-2714-7355 |
|
Fax Number |
+86-755-2771-8343 |
Core Management
Directors
|
1 |
|
|
Name |
Zixiong Zhang |
|
Position |
Board of Chairman |
|
2 |
|
|
Name |
Shengqing Hu |
|
Position |
Director |
|
3 |
|
|
Name |
Baoxi Li |
|
Position |
Director |
|
4 |
|
|
Name |
Hongming Lian |
|
Position |
Director |
|
5 |
|
|
Name |
Chunxiang Liu |
|
Position |
Director |
|
6 |
|
|
Name |
Yuanli Lin |
|
Position |
Independent Director |
|
7 |
|
|
Name |
Shuhua Xu |
|
Position |
Independent Director |
|
8 |
|
|
Name |
Shiliang Lin |
|
Position |
Supervisor |
|
9 |
|
|
Name |
Yimin Zhan |
|
Position |
Supervisor |
|
10 |
|
|
Name |
Suntian Lin |
|
Position |
Supervisor |
|
Total Employees |
About 300 Employees (Headhunter) |
Offices &
Factories
|
|
Headquarters |
|
Add |
No. 68, Huanhe St., Xizhi Dist., New Taipei City 221, Taiwan (R.O.C.) |
Production
Information
The subject is a manufacturer of connector, housing, terminal and wafer and
etc.
It is introduced that subject has factories in Taiwan and the mainland
of China for production.
It is introduced that subject’s factories have obtained ISO 9002: 1994,
QS 9000: 1995, QS 9000: 1998, ISO 9001: 2000, ISO/TS 16949: 2002 and ISO 14001:
2004 certifications.
Purchase
Information
The registered activities of subject:
|
Business Code |
Details |
|
-- |
Manufacturing and sales of electronic components (terminal) and
hardware components. |
|
-- |
Sales on domestic and overseas market of apparels, textiles,
handicraft and etc. |
|
-- |
Imports, exports and agents of products’ sales, bidding and marking
prices for domestic and overseas factories. |
|
CC01080 |
Manufacture of electronic material. |
|
CQ01010 |
Manufacture of mold. |
|
F119010 |
Wholesale of electronic material. |
|
F219010 |
Retail of electronic material. |
|
F106030 |
Wholesale of mold. |
|
F206030 |
Retail of mold. |
|
C804020 |
Manufacturing of industrial rubber products. |
|
C805050 |
Manufacturing of industrial plastic products. |
|
ZZ99999 |
Besides licensed business, all other business items those are not
banned or restricted. |
It is introduced that subject purchase raw materials and etc both in domestic
and overseas market.
The subject is engaged in sales of connector, housing, terminal and wafer and
etc.
It is introduced that subject’s selling
territory covers all over the world.
It is introduced that subject’s major customers
are automobile, motorbike, medical and electronic industry and etc.
It is introduced that subject’s products are
applied to automobile, motorbike, medical and electronic.
It is introduced that subject also can provide
OEM and ODM services.
Major products
|
1 |
Fuse |
|
2 |
Instrument Panel |
|
3 |
Automobile Lamp |
|
4 |
Electronic |
|
5 |
EFI(Electronic Fuel Injection Systems) |
|
6 |
ECU(Electronic Controller Unit) |
|
7 |
Automobile Digital Entertainment System |
|
8 |
Medical |
|
9 |
Wire to Board Connector(Wafer) |
|
10 |
Fasten Accessories |
|
11 |
LPG&CNG Converter |
|
12 |
Others- Terminal & Housing |
Import and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase
|
Payment Terms |
Proportion |
|
|
Raw materials
and etc |
COD, CBD and etc |
100% |
Foreign Purchase
|
Payment Terms |
Proportion |
|
|
Raw materials
and etc |
CBD and etc |
100% |
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
Connector, housing, terminal and wafer and etc |
COD, CBD and etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Connector, housing, terminal and wafer and etc |
CBD and etc |
100% |
Unit:
NTD/000
|
Date |
2012-12-31 |
2011-12-31 |
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash and
cash equivalents |
371,574.00 |
248,648.00 |
|
Changes in
the fair value of the financial liability on profit and loss-flow |
419.00 |
395.00 |
|
Notes
receivable - net |
55,223.00 |
59,842.00 |
|
Accounts
receivable - net |
205,308.00 |
263,833.00 |
|
Accounts receivable
- related parties - net |
293,088.00 |
450,518.00 |
|
Other
receivables |
21,738.00 |
24,324.00 |
|
Other
receivables - related parties |
272,936.00 |
104,536.00 |
|
Inventories |
143,727.00 |
152,310.00 |
|
Other
current assets |
54,692.00 |
56,258.00 |
|
Current
assets |
1,418,705.00 |
1,360,664.00 |
|
Funds and Investments |
|
|
|
Equity
investments under equity method |
1,280,081.00 |
1,188,448.00 |
|
Investments |
1,280,081.00 |
1,188,448.00 |
|
Funds
and long-term investments |
1,280,081.00 |
1,188,448.00 |
|
Fixed Assets |
|
|
|
Cost |
|
|
|
Land |
100,183.00 |
100,183.00 |
|
Buildings
and structures |
74,915.00 |
76,387.00 |
|
Machinery
and equipment |
150,469.00 |
159,122.00 |
|
Transportation
equipment |
7,728.00 |
5,789.00 |
|
Office
Equipment |
17,576.00 |
21,659.00 |
|
Leasehold
improvements |
1,576.00 |
1,576.00 |
|
Revaluation
increment |
79,144.00 |
79,144.00 |
|
Cost and
revaluation increment |
431,591.00 |
443,860.00 |
|
Accumulated
depreciation |
-124,106.00 |
-130,525.00 |
|
Construction
in process and prepayment for equipments |
6,902.00 |
8,589.00 |
|
Cost and
revaluation increment |
314,387.00 |
321,924.00 |
|
Intangible
Assets |
|
|
|
Computer
software cost |
12,417.00 |
11,766.00 |
|
Intangible
assets |
12,417.00 |
11,766.00 |
|
Other Assets |
|
|
|
Other
assets |
19,913.00 |
22,438.00 |
|
Assets |
3,045,503.00 |
2,905,240.00 |
|
Liabilities and
Stockholders' Equity |
|
|
|
Liabilities |
|
|
|
Current Liabilities |
|
|
|
Short-Term
Borrowing |
35,000.00 |
79,062.00 |
|
Financial
liabilities at fair value through profit or loss--flow |
0.00 |
94.00 |
|
21,577.00 |
33,533.00 |
|
|
Accounts
payable |
83,643.00 |
96,257.00 |
|
Accounts
payable - related parties |
83,784.00 |
60,779.00 |
|
Income tax
payable |
51,081.00 |
43,446.00 |
|
Accrued
expenses |
104,815.00 |
102,798.00 |
|
Other
payables - related parties |
76,857.00 |
40,705.00 |
|
Other
payables |
12,966.00 |
13,672.00 |
|
Other
current liabilities |
469,723.00 |
470,346.00 |
|
Long term
Liabilities |
|
|
|
Reserves |
|
|
|
Reserve
for land revaluation increment tax |
45,119.00 |
45,119.00 |
|
Reserves |
45,119.00 |
45,119.00 |
|
Other Liabilities |
|
|
|
Pension
reserve / accrued pension liability |
68,621.00 |
68,573.00 |
|
Other liabilities-others |
11,369.00 |
10,126.00 |
|
Other
liabilities |
79,990.00 |
78,699.00 |
|
Liabilities |
594,832.00 |
594,164.00 |
|
Stockholders' Equity |
|
|
|
Capital |
|
|
|
Common
stock |
884,051.00 |
864,910.00 |
|
Advance
receipts for common stock |
352.00 |
172.00 |
|
Capital Surplus |
|
|
|
Capital
surplus - additional paid-in capital |
585,112.00 |
585,112.00 |
|
Capital
Surplus- Gain on Sale of Fixed Assets |
101.00 |
101.00 |
|
Capital
surplus - long-term equity investments |
8.00 |
8.00 |
|
Capital
surplus - Consolidated surplus |
53,723.00 |
53,723.00 |
|
Capital
surplus - employee stock option |
13,649.00 |
10,887.00 |
|
Capital
surplus |
652,593.00 |
649,831.00 |
|
Retained
Earnings |
|
|
|
Legal
reserve |
262,282.00 |
222,905.00 |
|
Special Reserve |
0.00 |
20,682.00 |
|
Inappropriate
retained earnings |
623,396.00 |
490,953.00 |
|
Retained
earnings |
885,678.00 |
734,540.00 |
|
Stockholders’' Equity
and Other adjustment |
|
|
|
Cumulative translation
adjustments |
27,857.00 |
61,483.00 |
|
Unrealized
Revaluation Increment |
140.00 |
140.00 |
|
Equity
adjustments |
27,997.00 |
61,623.00 |
|
Stockholders‘
equity |
2,450,671.00 (USD 82,097,479) |
2,311,076.00 (USD 77,421,046) |
|
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) |
17,700.00 |
8,000.00 |
(As of 2013.4, 1 NTD = 0.0335 USD)
Unit:
NTD/000
|
Date |
2012 |
2011 |
|
Sales |
1,698,770.00 (USD 56,908,795) |
1,862,759.00 (USD 62,402,427) |
|
4,853.00 |
6,690.00 |
|
|
Sales |
1,693,917.00 |
1,856,069.00 |
|
Operating income |
1,693,917.00 |
1,856,069.00 |
|
Operating
costs |
1,063,457.00 |
1,230,874.00 |
|
Gross
profit (loss) from operations |
630,460.00 |
625,195.00 |
|
Unrealized
gain from inter-affiliate accounts. |
2,347.00 |
0.00 |
|
Selling
expense |
90,481.00 |
123,142.00 |
|
General
and administrative expenses |
128,758.00 |
128,736.00 |
|
Research
And Development Expenses |
44,783.00 |
41,100.00 |
|
Operating
expenses |
264,022.00 |
292,978.00 |
|
Operating
income (loss) |
364,091.00 |
332,217.00 |
|
Non-Operating Income |
|
|
|
Income
from long-term equity investments under the equity method |
98,819.00 |
88,649.00 |
|
Investment
income |
98,819.00 |
88,649.00 |
|
Miscellaneous
income |
55,981.00 |
44,072.00 |
|
Non-operating
revenues and gains |
154,800.00 |
132,721.00 |
|
Non-Operating Expenses |
|
|
|
Foreign
exchange loss |
23,983.00 |
0.00 |
|
Miscellaneous
disbursements |
761.00 |
7,065.00 |
|
Non-operating
expenses and losses |
24,744.00 |
7,065.00 |
|
Income
from continuing operations before income tax |
494,147.00 |
457,873.00 |
|
Income tax
expense (benefit) |
74,393.00 |
64,093.00 |
|
Income
from continuing operations |
419,754.00 |
393,780.00 |
|
Net income
(loss) |
419,754.00 (USD 14,061,759) |
393,780.00 (USD 13,191,630) |
|
Primary Earnings per
Share |
|
|
|
Primary
earnings per share |
4.75 |
4.47 |
|
Diluted earnings per
share |
|
|
|
Diluted
earnings per share |
4.70 |
4.42 |
(As of 2013.4, 1 NTD = 0.0335 USD)
|
Date |
2012 |
2011 |
|
|
|
|
|
419,754.00 |
393,780.00 |
|
|
Adjustments to Reconcile Net Income to
Net Cash Provided by (Used in) Operating Activities |
|
|
|
Depreciation
Expense |
36,916.00 |
39,656.00 |
|
Amortization
Expense |
6,687.00 |
1,444.00 |
|
Share-based
Compensation |
676.00 |
1,619.00 |
|
Loss (Gain) on
Decline (Recovery) in Market Value, Scrap and Obsolescence of Inventories |
6,126.00 |
6,828.00 |
|
Investment Loss
(Income) Recognized under Equity Method |
(98,819.00) |
(88,649.00) |
|
Received the equity method investment
company cash dividend |
17,400.00 |
0.00 |
|
Loss (Gain) on
Disposal of Property, Plan and Equipment |
(90.00) |
404.00 |
|
(1,725.00) |
(916.00) |
|
|
Financial assets
and liabilities unrealized loss assessment (interest) |
(24.00) |
0.00 |
|
Unrealized gain from inter-affiliate
accounts. |
2,347.00 |
0.00 |
|
Loss (Gain) on
Deferred Income Tax |
(5,288.00) |
(5,955.00) |
|
|
|
|
|
Trading
financial assets (increase) decrease |
1,631.00 |
3,615.00 |
|
220,574.00 |
(156,957.00) |
|
|
(165,814.00) |
(90,391.00) |
|
|
3,491.00 |
(12,556.00) |
|
|
9,353.00 |
(12,648.00) |
|
|
Other operation (income) loss |
55.00 |
(638.00) |
|
(1,565.00) |
47,147.00 |
|
|
7,635.00 |
925.00 |
|
|
2,017.00 |
(878.00) |
|
|
Increase
(Decrease) in Other Payable |
36,152.00 |
(34,009.00) |
|
(706.00) |
5,001.00 |
|
|
48.00 |
562.00 |
|
|
Other operating liabilities gains (decrease) |
(1,103.00) |
7,431.00 |
|
495,728.00 |
104,815.00 |
|
|
|
|
|
|
Acquisition of Investments Accounted for
by Equity Method |
(40,428.00) |
(240,339.00) |
|
The capital return of shares by the investment companies under equity
method |
0.00 |
143,219.00 |
|
Purchase of Property, Plant and Equipment |
(33,919.00) |
(77,685.00) |
|
Proceeds from Disposal of Property, Plant
and Equipment |
179.00 |
576.00 |
|
Decrease (Increase) in Refundable
Deposits |
(138.00) |
(219.00) |
|
Increase in Deferred Charges |
(2,530.00) |
(459.00) |
|
Purchase of Intangible Assets |
(1,632.00) |
(144.00) |
|
Net Cash Provided by (Used in) Investing
Activities |
(78,468.00) |
(175,051.00) |
|
Cash Flows from Financing Activities |
|
|
|
Increase (Decrease) in Short-term Loans |
(44,062.00) |
79,062.00 |
|
cash dividends |
(251,286.00) |
(287,261.00) |
|
Cash capital increase |
0.00 |
0.00 |
|
Exercise of Employee Stock Options |
4,077.00 |
7,615.00 |
|
Net Cash Provided by (Used in) Financing
Activities |
(291,271.00) |
(200,584.00) |
|
Effect rates of exchange |
(3,063.00) |
(314.00) |
|
Net Increase (Decrease) in Cash and Cash Equivalents |
122,926.00 |
(271,134.00) |
|
Cash and Cash Equivalents, Beginning of year |
248,648.00 |
519,782.00 |
|
Cash and Cash Equivalents, End of year |
371,574.00 |
248,648.00 |
|
Supplemental Cash Flow Information |
|
|
|
Interest Paid- Excluding Capitalized
Interest |
128.00 |
1,758.00 |
|
75,425.00 |
74,107.00 |
|
|
Does not affect the investment and financing activities cash flow |
|
|
|
Reserve and recapitalization |
17,330.00 |
41,037.00 |
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. Qiu |
|
Department |
Sales Department |
|
E-mail |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.44 |
|
|
1 |
Rs.83.77 |
|
Euro |
1 |
Rs.71.33 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.