|
Report Date : |
13.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
BEL FUSE (MACAO COMMERCIAL OFFSHORE)
LIMITED |
|
|
|
|
Registered Office : |
Em Macau, Rua
De Xangai No 175, Edificio Da Associacao Commercial De Macau H13 |
|
|
|
|
Country : |
Macau |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
28.10.2005 |
|
|
|
|
Com. Reg. No.: |
SO22741 |
|
|
|
|
Legal Form : |
Limited
Liability Company |
|
|
|
|
Line of Business : |
Subject is engaged in handling with the daily files and financial
files |
|
|
|
|
No. of Employees : |
About 10 Employees |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but 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 – September 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Macau |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Macau ECONOMIC OVERVIEW
Since opening up its
locally-controlled casino industry to foreign competition in 2001, Macau has attracted
tens of billions of dollars in foreign investment, transforming the territory
into one of the world's largest gaming centers. Macau's gaming and tourism
businesses were fueled by China''s decision to relax travel restrictions on
Chinese citizens wishing to visit Macau. By 2006, Macau''s gaming revenue
surpassed that of the Las Vegas strip, and gaming-related taxes accounted for
more than 70% of total government revenue. Macau''s economy slowed dramatically
in 2009 as a result of the global economic slowdown, but strong growth resumed
in 2010-11, largely on the back of tourism from mainland China and the gaming
sectors. In 2012, this city of 582,000 hosted nearly 28 million visitors.
Almost 60% came from mainland China. Macau''s traditional manufacturing
industry has slowed greatly since the termination of the Multi-Fiber Agreement
in 2005. China is Macau''s second largest goods export market, behind Hong
Kong, and followed by the United States. In 2012, exports were less than US$1
billion, while gaming receipts were US$38 billion, a 13.5% increase over 2011.
Macau''s economy expanded by 10% in 2012; although impressive, it was a slower
growth rate than in previous years. Macau continues to face the challenges of
managing its growing casino industry, money-laundering, and the need to
diversify the economy away from heavy dependence on gaming revenues. Macau''s
currency, the pataca, is closely tied to the Hong Kong dollar, which is also
freely accepted in the territory.
Source
: CIA
|
Company Name (in
English): |
|
|
Company Name (in Portuguese): |
Bel Fuse (Comercial Offshore De Macau) Limitada |
|
Supplied Name: |
|
|
Trading Address: |
Em
Macau, Rua De Xangai No 175, Edificio Da Associacao Commercial De Macau H13 |
|
Supplied Address: |
RUA DE XANGAI, NO.175, EDIFICIO DA ASSOCIACAO COMMERCIAL
DE MACAU 13 ANDAR H-K MACAU |
|
Telephone Number: |
|
|
Fax Number: |
|
|
E-mail: |
Notes:
The exact
name and address are as above.
|
Credit
Opinion: |
Business connections are permissible. |
|
Registered Name: |
Bel Fuse (Macao Commercial Offshore) Limited |
|
Registered Address: |
Em
Macau, Rua De Xangai No 175, Edificio Da Associacao Commercial De Macau H13 |
|
Date of Registration: |
|
|
Business
Registered Number: |
|
|
Legal Form: |
|
|
Registered
Capital: |
MOP 100,000 (USD 12,310) (As
of 2013.12, 1 MOP = 0.1231 USD) |
|
Principal
Activities: |
Handling
with the daily files and financial files |
|
Staff: |
About 10 Employees |
|
Listed at Stock Exchange: |
No |
|
Information
Ended at: |
2013-11-27 |
Subject was
incorporated on 2005-10-28 with registered number SO22741 as Limited Liability
Company in Macao.
|
Subscription Amount |
Proportion of Investment (%) |
|
|
100,000 |
100% |
|
|
Total |
100,000 |
100% |
Major Shareholder Information:
|
Name: |
|
|
Address: |
206 Van Vorst
Street, Jersey City, New Jersey, 07302, U.S.A. |
Parent Company
|
Name: |
|
|
Address: |
206 Van Vorst Street, Jersey City, New Jersey, 07302,
U.S.A. |
|
Tel: |
+1-201-432-0463 |
|
Fax: |
+1-201-432-9542 |
|
Stake Interest in Subject : |
100% |
|
Listed at Stock Exchange: |
Yes; (Public, NASDAQ: BELFA/ BELFB) |
|
Staff: |
About 4,166 Employees |
Major Related Companies
|
1.Bel
Fuse Europe Ltd. 28 Turkey Court Turkey Mill, Ashford Road Maidstone ME14 5PP United Kingdom Tel 44-1622-757-395 Fax 44-1622-663-252 (Fax) 2. Bel Stewart GmbH Industriestrasse 20 61381 Friedrichsdorf Germany Tel 49-6172-9552-0 Fax 49-6172-9552-40 (Fax) 3. Bel Stewart Net, s.r.o. Na Bojišti 2 (entry from Ke Karlovu St) Praha 2 120 00 Czech Republic +420 296 180 000 +420 296 180 001 +420 296 180 003 (Fax) 4. Cinch Connectors Ltd. Shireoaks Road Worksop S80 3HA Nottinghamshire United Kingdom 44-1-909-474131 44-1-909-478321 (Fax) 5. Bel Fuse Ltd. 8/F Luk Hop Industrial Building 8 Luk Hop Street San Po Kong Kowloon, Hong Kong Tel 852-2328-5515 Fax 852-2352-3706 (Fax) |
Core Management
Management as of 2013-11-27
Board of Directors:
|
1 |
|
|
Name: |
Colin Wallace Dunn |
|
Registered Address: |
9 Femcliff Terrace, Short Hills, Nj 07078, Em U.S.A |
|
Position: |
Director |
|
Marital Status: |
Married |
|
2 |
|
|
Name: |
Cheung Wah Choi |
|
Registered Address: |
Room 2, 1/F., Tower B, Pearl Garden, Pearl Island, Tuen
Mun, Hong Kong |
|
Position: |
Director |
|
Marital Status: |
Married |
|
3 |
|
|
Name: |
Tso Yiu Kwan |
|
Registered
Address: |
FLAT B, 21/FL,
Block 1, Peak One, No 63 Mei Tin Road, Tai Wai, Shatin, New Territories, Hong
Kong |
|
Position: |
Director |
|
Marital Status: |
Married |
|
|
|
|
Name: |
Fung Kam Ping,
Regina |
|
Registered
Address: |
Room B, 6F, Hoi
Tou Mansion, Riviera Garden, Tsuen
Wan, New Territories, Hong Kong |
|
Position: |
Director |
|
Marital Status: |
Married |
|
Authorized Signatures |
|
|
Any one of the above directors can sign on behalf of the
subject with seal affixed. |
|
Personnel Structure
|
Total Employees |
Offices & Factories
|
|
Office |
|
Address: |
Em Macau, Rua De Xangai No
175, Edificio Da Associacao Commercial De Macau H13 |
Premises Information
Office address:
|
Address: |
Em
Macau, Rua De Xangai No 175, Edificio Da Associacao Commercial De Macau H13 |
|
Owners: |
Lao
Fu Ip E Multher Chan Wai |
|
Matriz: |
70883 |
|
Nature: |
Urban |
|
Duration: |
10
years since 2013-7-29 |
Operation Information
l The subject is mainly engaged in handling with the daily files and financial files.
l It is introduced that subject's major customers are memebers of subject's group.
l It is introduced that subject’s group is mainly engaged in manufacturing and sales of DC/DC converters, transformers, connector modules, fuses and value added modules and etc.
l It is introduced that’s subject doesn’t take orders.
The subject has no obligation to supply its financial
statement to the third party. Subject’s relevant staff Ms. Fung declined to
disclose any finical information of subject for us.
We
found the consolidated financial information of subject’s parent company (Bel
Fuse Inc) from public files for
reference.
Unit: USD/000
|
Date |
2012-12-31 |
2011-12-31 |
|
ASSETS |
|
|
|
Current Assets: |
71,262.00 |
88,241.00 |
|
Marketable securities |
2.00 |
5,731.00 |
|
Accounts receivable - less allowance for doubtful accounts |
43,086.00 |
39,107.00 |
|
Inventories |
54,924.00 |
53,361.00 |
|
Restricted cash, current |
12,993.00 |
12,991.00 |
|
Prepaid expenses and other current assets |
4,480.00 |
4,092.00 |
|
Refundable income taxes |
2,955.00 |
2,871.00 |
|
Deferred income taxes |
1,434.00 |
1,295.00 |
|
Total Current Assets |
191,136.00 |
207,689.00 |
|
Property, plant and equipment - net |
34,988.00 |
39,414.00 |
|
Deferred income taxes |
1,403.00 |
2,814.00 |
|
Intangible assets - net |
20,963.00 |
10,877.00 |
|
Goodwill |
14,218.00 |
4,163.00 |
|
Other assets |
12,510.00 |
11,954.00 |
|
TOTAL ASSETS |
275,218.00 |
276,911.00 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
Accounts payable |
18,862.00 |
18,459.00 |
|
Accrued expenses |
25,360.00 |
22,936.00 |
|
Accrued restructuring costs |
122.00 |
-- |
|
Notes payable |
205.00 |
-- |
|
Income taxes payable |
1,040.00 |
224.00 |
|
Dividends payable |
799.00 |
806.00 |
|
Total Current Liabilities |
46,388.00 |
42,425.00 |
|
Long-term Liabilities: |
|
|
|
Liability for uncertain tax positions |
2,161.00 |
4,132.00 |
|
11,045.00 |
9,274.00 |
|
|
Other long-term liabilities |
233.00 |
-- |
|
Total Long-term Liabilities |
13,439.00 |
13,406.00 |
|
Total Liabilities |
59,827.00 |
55,831.00 |
|
Commitments and Contingencies |
|
|
|
Stockholders' Equity: |
-- |
-- |
|
Preferred stock, no par value, 1,000,000 shares authorized; none
issued - - |
217.00 |
217.00 |
|
Class B common stock, par value $.10 per share, 30,000,000 shares |
937.00 |
964.00 |
|
Additional paid-in capital |
20,452.00 |
25,420.00 |
|
Retained earnings |
195,212.00 |
196,029.00 |
|
Accumulated other comprehensive loss |
-1,427.00 |
-1,550.00 |
|
Total Stockholders' Equity |
215,391.00 |
221,080.00 |
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
275,218.00 |
276,911.00 |
Unit: USD/000
|
Date |
2012 |
2011 |
|
Net sales |
286,594.00 |
295,121.00 |
|
Costs and expenses: |
|
|
|
Cost of sales |
240,092.00 |
244,749.00 |
|
Selling, general and administrative |
39,343.00 |
39,284.00 |
|
Litigation charges |
26 3,471 |
8,103.00 |
|
Restructuring charges |
5,245.00 |
314.00 |
|
Loss (gain) on disposal/sale of property, plant and equipment |
183.00 |
-93.00 |
|
Income from operations |
1,705.00 |
7,396.00 |
|
Impairment of investment |
-775.00 |
-- |
|
(Loss) gain on sale of investments |
-142.00 |
119.00 |
|
Interest expense |
-16.00 |
-- |
|
Interest income and other, net |
266.00 |
357.00 |
|
Earnings before (benefit) provision for income taxes |
1,038.00 |
7,872.00 |
|
(Benefit) provision for income taxes |
-1,364.00 |
4,108.00 |
|
Net earnings |
2,402.00 |
3,764.00 |
|
Earnings per share: |
|
|
|
Class A common share - basic and diluted |
0.17 |
0.28 |
|
Class B common share - basic and diluted |
0.21 |
0.33 |
|
Weighted-average shares outstanding: |
|
|
|
Class A common share - basic and diluted |
2,174,912.00 |
2,174,912.00 |
|
Class B common share - basic and diluted |
9,624,578.00 |
9,597,661.00 |
|
Dividends paid per share: |
|
|
|
Class A common share |
0.24 |
0.24 |
|
Class B common share |
0.28 |
0.28 |
|
Net earnings |
2,402.00 |
3,764.00 |
|
Other comprehensive income (loss): |
|
|
|
Currency translation adjustment |
281.00 |
-236.00 |
|
Reclassification adjustment for write-down/loss on sale of marketable |
569.00 |
-- |
|
-- |
-74.00 |
|
|
Unrealized holding (losses) gains on marketable securities arising
during |
-251.00 |
-507.00 |
|
Change in unfunded SERP liability, net of taxes of ($210), |
-476.00 |
-694.00 |
|
Other comprehensive income (loss) |
123.00 |
-1,511.00 |
|
Comprehensive income |
2,525.00 |
2,253.00 |
|
Date |
2012 |
2011 |
|
Cash flows from operating activities: |
|
|
|
Net earnings |
2,402.00 |
3,764.00 |
|
Adjustments to reconcile net earnings to net cash |
|
|
|
Depreciation and amortization |
9,072.00 |
8,667.00 |
|
Stock-based compensation |
1,767.00 |
1,709.00 |
|
Loss (gain) on disposal/sale of property, plant and equipment |
183.00 |
-93.00 |
|
Impairment/loss on disposal of assets related to restructuring |
1,389.00 |
-- |
|
Loss (gain) on sale of investments |
142.00 |
-119.00 |
|
Impairment of investment |
775.00 |
-- |
|
Other, net |
97.00 |
1,114.00 |
|
Net Cash Provided by Operating Activities |
11,609.00 |
30,267.00 |
|
Cash flows from investing activities: |
|
|
|
Purchase of property, plant and equipment |
-4,744.00 |
-2,928.00 |
|
Purchase of marketable securities |
-24.00 |
-5,135.00 |
|
(Purchase of) proceeds from surrender of |
-- |
-2,406.00 |
|
Cash transferred (to) from restricted cash |
-- |
-12,830.00 |
|
Payments for acquisitions, net of cash acquired |
-19,410.00 |
-- |
|
Proceeds from sale of marketable securities |
5,119.00 |
433.00 |
|
Proceeds from disposal/sale of property, plant and equipment |
193.00 |
386.00 |
|
Net Cash Used In Investing Activities |
-18,866.00 |
-22,480.00 |
|
Cash flows from financing activities: |
|
|
|
Dividends paid to common shareholders |
-3,225.00 |
-3,205.00 |
|
Decrease in notes payable |
-17.00 |
-- |
|
Purchase and retirement of Class B common stock |
-6,644.00 |
-- |
|
Net Cash Used In Financing Activities |
-9,886.00 |
-3,205.00 |
|
Effect of exchange rate changes on cash |
164.00 |
-170 |
|
Net (Decrease) Increase in Cash and Cash Equivalents |
-16,979.00 |
4,412.00 |
|
Cash and Cash Equivalents - beginning of year |
88,241.00 |
83,829.00 |
|
Cash and Cash Equivalents - end of year |
71,262.00 |
88,241.00 |
|
Changes in operating assets and liabilities consist of: |
|
|
|
Decrease (increase) in accounts receivable |
260.00 |
14,172.00 |
|
(Increase) decrease in inventories |
-343.00 |
3,561.00 |
|
Increase in prepaid expenses and other current assets |
-273.00 |
-1,746.00 |
|
Increase in other assets |
-230.00 |
-140.00 |
|
(Decrease) increase in accounts payable |
-1,422.00 |
-2,683.00 |
|
Increase in accrued expenses |
553.00 |
501.00 |
|
Increase in other liabilities |
11.00 |
-- |
|
Increase (decrease) in accrued restructuring costs |
122.00 |
-507.00 |
|
Supplementary information: |
|
|
|
Cash paid during the year for: |
|
|
|
Income taxes, net of refunds received |
1,464.00 |
1,947.00 |
|
Interest |
16.00 |
-- |
|
Details of acquisition (see Note 2): |
|
|
|
Fair value of identifiable net assets acquired |
12,677.00 |
-- |
|
Goodwill |
9,724.00 |
-- |
|
Fair value of net assets acquired |
22,401.00 |
-- |
|
Details of acquisition (see Note 2): |
|
|
|
Fair value of identifiable net assets acquired |
12,677.00 |
-- |
|
Goodwill |
9,724.00 |
-- |
|
Fair value of net assets acquired |
22,401.00 |
-- |
|
Fair value of consideration transferred |
22,401.00 |
-- |
|
Less: Cash acquired in acquisition |
-2,991.00 |
-- |
|
Cash paid for acquisition, net of cash acquired |
19,410.00 |
-- |
Subject declined to disclose
its bank details; from other source we cannot obtain the relevant information,
either.
|
Name: |
Ms. Fung |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.62 |
|
|
1 |
Rs.100.84 |
|
Euro |
1 |
Rs.84.98 |
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.