|
Report Date : |
03.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
BENQ MEDICAL TECHNOLOGY CORPORATION |
|
|
|
|
Registered Office : |
7FL., No.46, Zhou-z st., Neihu Dist., Taipei
City 114 |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
30.06.2012 |
|
|
|
|
Date of Incorporation : |
21.03.1989 |
|
|
|
|
Reg. No.: |
23285106 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and trade of medical treatment
equipment, etc |
|
|
|
|
No. of Employees : |
About 120 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 : |
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: |
|
|
Supplied Name: |
|
|
Trading Address: |
7FL., No.46,
Zhou-Z St., Neihu Dist., Taipei City 114, Taiwan (R.O.C.) |
|
Supplied Address: |
|
|
Telephone Number: |
+886-2-8797-5533 |
|
Fax Number: |
|
|
E-mail: |
Notes: Subject’s exact name and address are as
above.
Subject was incorporated
on
Change of Name
|
Former English Name |
TRIDENT MEDICAL CORPORATION |
|
Current English Name |
BENQ MEDICAL TECHNOLOGY CORPORATION |
|
Name |
Subscription Shares |
|
BenQ Corporation |
19,000,000 |
|
Guanneng Wang |
|
|
584,844 |
|
The information above is that of subject’s major shareholders.
Parent Company
|
Name |
BenQ Corporation |
|
Address |
Taiwan |
|
Activities: |
Manufacture and sales of electronic products including projectors,
electronic readers, digital cameras, etc And it owns 354 patents globally. |
|
Staff |
Over 1,500 employees (Group) |
Factory
|
Name |
No.7, Kung 5Rd,.Kung2 Industrial Zone, Linkou Hsiang, 244 Taipei
Hsien,Taiwan. |
|
Address |
No.7, Gongwu Road, Gonger |
|
Tel |
+886-2-2601-7227 |
|
Fax: |
+886-2-2601-6197 |
Related Company
|
Name |
Med-Asia International Trading ( Shanghai ) Co., Ltd |
|
Tel |
+86-21-6327-7161~63 |
|
Fax: |
+86-21-6327-7169 |
|
E-mail: |
Core Management
Directors
|
1 |
|
|
Name |
Qihong Chen |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Hui Lei |
|
Position |
Director |
|
3 |
|
|
Name |
Anzuo Zhang |
|
Position |
Director |
|
4 |
|
|
Name |
Tanglong Xu |
|
Position |
Director & Manager |
|
Date of Appointment |
|
|
5 |
|
|
Name |
Yanshu Zhang |
|
Position |
Director |
|
6 |
|
|
Name |
Zhengchun Li |
|
Position |
Independent Director |
|
7 |
|
|
Name |
Mingxiu Cai |
|
Position |
Independent Director |
|
8 |
|
|
Name |
Keyong You |
|
Position |
Supervisor |
|
9 |
|
|
Name |
Guanneng Wang |
|
Position |
Supervisor |
Personnel Structure
|
Total Employees |
About 120 employees |
Offices & Factories
|
|
Headquarters |
|
Add |
7FL., No.46, Zhou-z st., Neihu Dist., Taipei City 114, Taiwan (R.O.C.) |
Production Information
Subject is engaged in research, development and manufacture of medical
treatment equipment and consumable items
Subject manufactures the products such as operating
tables and operating
lamps, etc
It is introduced that subject has been certificated by GMP、ISO9001、ISO13485、CE and ETL, etc
It is introduced that subject took part in a strategic alliance with
major domestic medical equipment manufacturer Shin-Sheng Medical and Eastern
Medical in an official merger in 1998.
Purchase Information
The registered activities of subject:
|
Business Code |
Details |
|
CF01011 |
Manufacture of medical treatment equipment |
|
CE01010 |
Manufacture and sales of general instruments |
|
F108031 |
Wholesales of medical treatment equipment |
|
F208031 |
Retails of medical treatment equipment |
|
F113030 |
Wholesales of precise instrument |
|
F213040 |
Retails of precise instrument |
|
F108021 |
Wholesales of Western medicine |
|
F208021 |
Retails of Western medicine |
|
F113060 |
Wholesales of measuring instruments |
|
F213050 |
Retails of measuring instruments |
|
F119010 |
Wholesales of electronic materials |
|
EZ05010 |
Installation of Electronic Instrument |
|
F401010 |
International Trading Business |
|
I103060 |
Management and consulting service |
|
EZ13010 |
|
|
E599010 |
Tube assembling industry |
|
E605010 |
Installation o computer components |
|
I301020 |
Data processing services |
|
F113070 |
Wholesales of Telecom equipment |
|
F213060 |
Retails of Telecom equipment |
|
F118010 |
Wholesales of Information software |
|
F218010 |
Retails of Information software |
|
I301030 |
Electronic information supplying services |
|
E603050 |
Self control equipment engineering |
|
F401021 |
Import of Controlled telecommunications radio-frequency devices |
|
I501010 |
Product design industry |
|
E801010 |
Interior Decoration Industry |
Subject purchases raw materials and components
both at home and abroad and it is introduced that subject is also the agent of
foreign branded equipment and consumable items.
The subject is mainly engaged in sales of medical
treatment equipment and consumable items
Subject’s products are both sold in domestic and overseas market and it
is introduced that subject’s products are sold to about 40 counties and subject
also has related group companies for overseas sales.
Major products
|
Types |
Brand/items |
|
Tables |
Operating Tables |
|
Gynecology Tables |
|
|
Surgical Light |
Dr. Lite Series |
|
DomeLUX Series |
|
|
Trilite LED Series |
|
|
Exam. Light |
|
|
TriLite LS800 Series |
|
|
Medical Consumable Product |
Cardinal Health |
|
Respiratory Care Products |
|
|
Trulife pressure resistant pad Series, etc |
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
and medical equipment, etc |
CBD, etc |
100% |
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
Medical
Equipment and consumable items, etc |
CBD, etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Medical Equipment
and consumable items, etc |
CBD, etc |
100% |
Unit: NTD/000
|
|
|
|
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash and cash equivalents |
247,015 |
239,538 |
|
Financial assets measured at fair value
through profit or loss - non current |
45,795 |
60,565 |
|
Notes receivable - net |
2,799 |
4,023 |
|
Accounts receivable - net |
105,778 |
109,502 |
|
Accounts receivable - related parties - net |
2,131 |
3,234 |
|
Inventories |
72,739 |
64,056 |
|
Advanced Charge |
4,715 |
3,528 |
|
Other Current Assets |
5,273 |
8,092 |
|
Current Assets |
486,245 |
492,538 |
|
Funds and Investments |
|
|
|
Investments |
33,007 |
31,895 |
|
Funds and Investments |
33,007 |
31,895 |
|
Fixed Assets |
|
|
|
Cost |
|
|
|
Land |
59,114 |
59,114 |
|
Buildings and structures |
49,822 |
49,822 |
|
Machinery and equipment |
141,836 |
172,636 |
|
Transportation equipment |
1,264 |
1,721 |
|
Other facilities |
13,447 |
13,687 |
|
Revaluation increment |
37,673 |
37,673 |
|
Cost and revaluation increment |
303,156 |
334,653 |
|
Accumulated depreciation |
-95,299 |
-116,086 |
|
Accumulative impairment - fixed assets |
-47,623 |
-55,678 |
|
Construction in process and prepayment for equipments |
1,547 |
0 |
|
Fixed assets-Net |
161,781 |
162,889 |
|
Intangible Assets |
|
|
|
OtherAssets |
|
|
|
Guarantee deposits paid |
7,004 |
4,696 |
|
9,587 |
13,233 |
|
|
Other Assets |
6,420 |
8,123 |
|
Total Other Assets |
23,011 |
26,052 |
|
Total Assets |
704,044 |
713,374 |
|
Liabilities and Stockholders' Equity |
|
|
|
Liabilities |
|
|
|
Current liabilities |
|
|
|
Short Term Borrowing |
48,776 |
40,763 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
65,813 |
62,993 |
|
Accounts payable - related parties |
1,254 |
1,681 |
|
Accrued expenses |
23,300 |
40,883 |
|
Other payables |
18,733 |
37,467 |
|
Other Current Liabilities |
24,302 |
21,618 |
|
Current liabilities |
182,178 |
205,405 |
|
Long Term Liabilities |
|
|
|
Reserves |
|
|
|
Reserve For Land Revaluation Increment Tax |
19,908 |
19,908 |
|
Total Reserves |
19,908 |
19,908 |
|
Other Liabilities |
|
|
|
Pension reserve / accrued pension liability |
5,830 |
6,696 |
|
Total Other Liabilities |
5,830 |
6,696 |
|
Total Liabilities |
207,916 |
232,009 |
|
Stockholders' Equity |
|
|
|
|
|
|
|
Common stock |
374,670 |
374,670 |
|
Capital Surplus |
|
|
|
Capital surplus- Share Premium Account |
50 |
50 |
|
Capital surplus - Premium From Merger |
781 |
781 |
|
Capital surplus - Employee Stock Options |
10,316 |
3,154 |
|
Capital surplus |
11,147 |
3,985 |
|
|
|
|
|
Legal reserve |
45,742 |
43,066 |
|
Unappropriated retained earnings |
63,263 |
58,741 |
|
Total retained earnings |
109,005 |
101,807 |
|
Stockholders' Equity and Other adjustment |
|
|
|
Cumulative translation adjustments |
280 |
-123 |
|
Unrealized Revaluation increment |
1,026 |
1,026 |
|
Total Stockholders' Equity and Other
adjustment |
1,306 |
903 |
|
Stockholders' Equity |
496,128 (USD 16,818,739) |
481,365 (USD 16,318,274) |
|
Number of treasury stock acquired by the
company and subsidiaries (unit: share) |
0.00 |
0.00 |
|
Issued shares equivalent to Shareholder
funds received in advance (under the provision of Shareholder’s Equity)
(unit: share) |
0.00 |
0.00 |
(As of 2012.12, NTD = 0.0339 USD)
Unit: NTD/000
|
|
~ |
~ |
|
278,879 (USD 9,453,998) |
246,257 (USD 8,348,112) |
|
|
Total Cost Of Sales |
175,530 |
158,005 |
|
Gross profit (loss) from operations |
103,349 |
88,252 |
|
Unrealized gains on intercompany transactions |
104 |
18 |
|
Realized gains on intercompany transactions |
0 |
0 |
|
Selling expense |
47,824 |
37,727 |
|
General and administrative expenses |
17,035 |
14,361 |
|
Research and development expenses |
26,217 |
16,117 |
|
Operating expenses |
91,076 |
68,205 |
|
Operating income (loss) |
12,169 |
20,029 |
|
Non-Operating Income |
|
|
|
940 |
840 |
|
|
Income from investment |
0 |
303 |
|
Miscellaneous income |
1,546 |
1,433 |
|
Non-operating revenues and gains |
2,486 |
2,576 |
|
Non-Operating Expenses and Loss |
|
|
|
Interest Expenses |
247 |
160 |
|
Investment Loss |
651 |
0 |
|
Impairment Loss |
1,177 |
3,189 |
|
Miscellaneous disbursements |
197 |
1,011 |
|
Non-operating expenses and losses |
2,272 |
4,360 |
|
Income from continuing operations before income tax |
12,383 |
18,245 |
|
Income tax expense (benefit) |
1,310 |
6,350 |
|
Income from continuing operations |
11,073 |
11,895 |
|
Net income (loss) |
11,073 (USD 375,375) |
11,895 (USD 403,241) |
|
Primary Earnings per Share |
|
|
|
Unit net profit/loss from continuing
operations |
0.30 |
0.32 |
|
Primary Earnings per Share |
0.30 |
0.32 |
|
Diluted earnings per share |
|
|
|
Unit Net Profit/Loss From Continuing
Operations |
0.29 |
0.31 |
|
Diluted earnings per share |
0.29 |
0.31 |
(As of 2012.12, NTD = 0.0339 USD)
Unit: NTD/000
|
|
~ |
~ |
|
|
|
|
|
Net Income (Loss) |
11,073 |
11,895 |
|
Adjustments to Reconcile Net Income to Net Cash Provided by (Used in)
Operating Activities |
|
|
|
Depreciation Expense
|
4,976 |
5,479 |
|
Distribution Expense |
2,042 |
2,385 |
|
share-based payment awards costs |
3,683 |
3,006 |
|
Investment Loss (Income) Recognized under Equity Method |
651 |
-303 |
|
Loss (Gain) on Disposal of Fixed Assets |
-52 |
80 |
|
Unrealized Revaluation Loss (Gain) on Financial Assets and
Liabilities |
-175 |
-179 |
|
Non-financial asset impairment loss |
1,177 |
3,189 |
|
Loss (Gain) on Deferred Income Tax
|
274 |
6,315 |
|
Changes in Operating Assets and Liabilities |
|
|
|
Decrease (Increase) in Notes Receivable
|
1,197 |
-392 |
|
Decrease (Increase) in Accounts Receivable
|
-8,763 |
-11,480 |
|
Decrease (Increase) in Accounts Receivable - Related Parties |
1,730 |
184 |
|
Decrease (Increase) in Inventories |
9,555 |
-22,136 |
|
Decrease (Increase) in Prepayments |
-1,957 |
-2,251 |
|
Decrease (Increase) in Other Current Assets |
137 |
-2,276 |
|
Increase (Decrease) in Notes Payable |
0 |
0 |
|
Increase (Decrease) in Accounts Payable |
17,708 |
16,995 |
|
Increase (Decrease) in Accounts Payable - Related Parties |
203 |
-1,791 |
|
Increase (Decrease) in Accrued Expenses |
-28,919 |
-8,356 |
|
Increase (Decrease) in Other Current Liabilities |
6,113 |
3,453 |
|
Increase (Decrease) in accrued pension liabilities |
-419 |
-447 |
|
Net Cash Provided by (Used in) Operating Activities |
20,234 |
3,370 |
|
Cash Flows from Investing Activities
|
|
|
|
Acquisition Of Fixed Assets |
-1,941 |
-1,511 |
|
Sale Of Fix Asset |
52 |
0 |
|
Decrease (Increase) in refundable deposits |
-4,306 |
-1,016 |
|
Decrease (Increase) in
Restricted assets |
425 |
0 |
|
Decrease (Increase) in Other Assets
|
-213 |
-312 |
|
Net Cash Provided by (Used in) Investing Activities
|
-5,983 |
-2,839 |
|
Cash Flows from Financing Activities
|
|
|
|
Decrease (Increase) in Short term borrowing |
12,005 |
7,380 |
|
Decrease (Increase) in refundable deposits |
0 |
-155 |
|
Net Cash Provided by (Used in) Financing Activities |
12,005 |
7,225 |
|
Net Increase (Decrease) in Cash and Cash Equivalents |
26,256 |
7,756 |
|
Cash and Cash Equivalents, Beginning of year
|
220,759 |
231,782 |
|
Cash and Cash Equivalents, End of year
|
247,015 |
239,538 |
|
Supplemental Cash Flow Information
|
|
|
|
Interest Paid- Excluding Capitalized Interest |
247 |
160 |
|
Income Tax Paid |
865 |
82 |
|
Non-cash Investing and Financing Activities |
|
|
|
Cumulative Translation Adjustments |
-198 |
0 |
|
Cash Dividends Payable |
18,733 |
37,467 |
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
Up to date of reporting, no existing or latent
litigation of the subject has been found.
|
Department |
Sales department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.39 |
|
|
1 |
Rs.88.76 |
|
Euro |
1 |
Rs.72.19 |
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.