|
Report Date : |
29.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
LOGAH TECHNOLOGY CORPORATION |
|
|
|
|
Registered Office : |
5F.-3, No.36, Tai-Yuan St., Jhubei City, Hsinchu County 30265 |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
30.09.2012 |
|
|
|
|
Date of Incorporation : |
22.12.2003 |
|
|
|
|
Com. Reg. No.: |
80617029 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Design, Manufacturing and sales of electronic components, etc |
|
|
|
|
No. of Employees : |
About 140 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: |
5F.-3, No.36, Tai-Yuan St., Jhubei City,
Hsinchu County 30265, Taiwan (R.O.C.) |
|
Supplied Address: |
5F-3, NO 36 TAI-TUEN ST CUPEI HSINCHU,
HSIEN, TAIWAN 302 TAIWAN |
|
Telephone Number: |
+886-3-552-5328 |
|
Fax Number: |
|
|
Website: |
Notes: The exact address is as above.
|
Credit Opinion: |
|
Registered Name: |
Logah Technology Corporation |
|
Registered Address: |
5F.-3, No.36, Tai-Yuan St., Jhubei City, Hsinchu County 30265, Taiwan
(R.O.C.) |
|
Date of Foundation: |
2003-12-22 |
|
Registration Number: |
80617029 |
|
Registry: |
Department of Commerce, Ministry of Economic Affairs, R.O.C. |
|
Registered Capital: |
NTD 2,000,000,000 (USD 68,000,000) (As of 2013.01, 1 NTD = 0.0340 USD) |
|
Paid-up Capital: |
NTD 1,127,430,580 (USD 38,332,639.72) |
|
Legal Representatives: |
Huihuang Wu |
|
Legal Form: |
|
|
Principal Activities: |
Design, Manufacturing
and sales of electronic components, etc |
|
Staff: |
|
|
Listed at Stock
Exchange: |
|
|
Date of Last
Annual Return: |
Subject was incorporated on 2003-12-22 with registered
number 80617029 as Joint Stock Company in Taiwan.
Subject listed on Taiwan stock exchange on 2008-10-29.
|
Name |
Subscription Shares |
|
Lite-On Technology Corporation |
21,386,750 |
|
Fuding Venture Capital Investment
Corporation (Literal Translation) |
|
|
484,396 |
The information above
is that of subject’s major shareholders.
Parent Company
|
Name |
Lite-On
Technology Corporation |
|
Address |
No.392, Ruiguang
Road, Neihu District, Taipei City, Taiwan, R.O.C. |
|
Telephone Number |
+886-2-8798-2888 |
|
Fax Number |
+886-2-8798-2760 |
|
Listed at Stock
Exchange: |
Yes; Stock
Symbol: TPE: 2301 |
|
Principal
Activity: |
Manufacturing
and sales of imaging products, enclosures, power supplies and LEDs, etc |
Plant
|
Name |
Logah Electronics (Suzhou) Co., Ltd. |
|
Address |
Lianhua Road,
Wujiang City, Suzhou City, Jiangsu Province, China |
|
Telephone Number |
+86-512-6336-1588 |
|
Fax Number |
+86-512-6336-1118 |
Core
Management
Directors
|
1 |
|
|
Name |
Huihuang Wu |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Guangzhong Chen |
|
Position |
Director |
|
3 |
|
|
Name |
Gongyuan Song |
|
Position |
Director |
|
4 |
|
|
Name |
Guangzhong Teng |
|
Position |
Director |
|
5 |
|
|
Name |
Qilin Wei |
|
Position |
Director |
|
6 |
|
|
Name |
Decheng Qiu |
|
Position |
Director |
|
7 |
|
|
Name |
Jinshun Wu |
|
Position |
Independent
Director |
|
8 |
|
|
Name |
Zhonghe Tai |
|
Position |
Independent
Director |
|
9 |
|
|
Name |
Youxuan Fu |
|
Position |
Independent
Director |
Personnel
Structure
|
Total Employees |
About 140 Employees |
Offices
& Factories
|
|
Headquarters |
|
Add |
5F.-3, No.36, Tai-Yuan St., Jhubei City, Hsinchu County 30265, Taiwan
(R.O.C.) |
Production
Information
l
Subject is engaged in design and manufacturing of electronic
components, etc.
l
Subject has a R&D center in Jhubei City, Taiwan.
l
Subject has a plant in Jiangsu, China for
production.
l
Subject can provide OEM and ODM services.
l
Subject obtained the certifications of ISO 9001 and
ISO 14001.
Purchase Information
l
The registered activities of subject:
|
Business Code |
Details |
|
CC01080 |
Manufacturing of electronic components |
|
I501010 |
Product design |
|
F119010 |
Manufacturing of electronic material |
|
CC01010 |
Manufacturing of generator, electricity
transmission machine, electricity distribution machine |
|
CC01030 |
Manufacturing of electrical equipment |
|
ZZ99999 |
Besides licensed
business, all other business items those are not banned or restricted. |
l
The components for production are purchased from
both home and abroad.
l Subject is engaged
in sales of electronic components, etc.
l
The major products sold by subject are CCFL
Inverter, LED Converter, power board, T-balance board, PV inverter, wireless
charger, and battery charger, etc.
l
Subject’s sales regions include Asia, Europe and
America, etc.
l
The inverter and display power supply are
application to LCD TV, Notebook, and LCD Monitor, etc.
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase
|
Payment Terms |
Proportion |
|
|
Components |
COD, CBD, etc |
100% |
Foreign Purchase
|
Payment Terms |
Proportion |
|
|
CBD, etc |
100% |
Sales
Domestic Markets
(Taiwan and Mainland China)
|
Sales Terms |
Proportion |
|
|
Electronic
components |
COD, CBD, Credit
Sale, etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Electronic
components |
CBD, etc |
100% |
Notes: Subject’s settlement for export is generally in USD
Unit: NTD/000
|
|
2012-9-30 |
2011-9-30 |
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash and cash equivalents |
827,828.00 |
951,116.00 |
|
Accounts receivable - net |
440,882.00 |
747,896.00 |
|
Other receivables - related parties |
130,121.00 |
325,632.00 |
|
Inventories |
11,042.00 |
27,354.00 |
|
Other current assets |
25,032.00 |
17,739.00 |
|
Current assets |
1,434,905.00 |
2,069,737.00 |
|
Funds and Investments |
|
|
|
Equity investments under equity method |
916,373.00 |
880,338.00 |
|
Investments |
916,373.00 |
880,338.00 |
|
Funds and long-term investments |
916,373.00 |
880,338.00 |
|
Fixed Assets |
|
|
|
Cost |
|
|
|
Land |
56,369.00 |
56,369.00 |
|
Buildings and structures |
125,263.00 |
125,263.00 |
|
Machinery and equipment |
50,669.00 |
51,251.00 |
|
Transportation equipment |
1,829.00 |
1,829.00 |
|
Office equipment |
14,948.00 |
15,321.00 |
|
Leasehold improvements |
1,273.00 |
330.00 |
|
Other facilities |
2,012.00 |
1,063.00 |
|
Fixed assets cost |
252,363.00 |
251,426.00 |
|
Accumulated depreciation |
-62,052.00 |
-56,462.00 |
|
Fixed assets |
190,311.00 |
194,964.00 |
|
Intangible Assets |
|
|
|
Other Assets |
|
|
|
Guarantee deposits paid |
202.00 |
242.00 |
|
Deferred charges |
11,421.00 |
12,721.00 |
|
Other assets - other |
256.00 |
188.00 |
|
Other assets |
11,879.00 |
13,151.00 |
|
Assets |
2,553,468.00 |
3,158,190.00 |
|
Liabilities and Stockholders' Equity |
|
|
|
Liabilities |
|
|
|
Current Liabilities |
|
|
|
Financial liabilities measured at fair value
through profit or loss - current |
0.00 |
4,770.00 |
|
Accounts payable |
14,074.00 |
0.00 |
|
Accounts payable - related parties |
408,575.00 |
404,706.00 |
|
Accrued expenses |
44,151.00 |
76,203.00 |
|
Other payables |
225,157.00 |
619,689.00 |
|
Other current liabilities |
962.00 |
2,738.00 |
|
Current liabilities |
692,919.00 |
1,108,106.00 |
|
Long term Liabilities |
|
|
|
Reserves |
|
|
|
Other Liabilities |
|
|
|
Deferred income tax liabilities |
47,790.00 |
63,251.00 |
|
Other liabilities - other |
672.00 |
672.00 |
|
Other liabilities |
48,462.00 |
63,923.00 |
|
Liabilities |
741,381.00 |
1,172,029.00 |
|
Stockholders' Equity |
|
|
|
Capital |
|
|
|
Common stock |
1,127,431.00 |
1,127,431.00 |
|
Capital Surplus |
|
|
|
Capital surplus - additional paid-in capital |
321,278.00 |
321,278.00 |
|
Capital surplus |
321,278.00 |
321,278.00 |
|
Retained Earnings |
|
|
|
Legal reserve |
171,664.00 |
171,664.00 |
|
Special reserve |
0.00 |
12,644.00 |
|
Unappropriated retained earnings |
163,023.00 |
301,898.00 |
|
Retained earnings |
334,687.00 |
486,206.00 |
|
Stockholders' Equity and Other adjustment |
|
|
|
Cumulative translation adjustments |
28,691.00 |
51,246.00 |
|
Equity adjustments |
28,691.00 |
51,246.00 |
|
Stockholders-equity |
1,812,087.00 (USD 61,610,958.00) |
1,986,161.00 (USD 67,529,474.00) |
|
Number of treasury stock acquired by the company and
subsidiaries (unit: share) |
0.00 |
0.00 |
|
|
0.00 |
0.00 |
Unit: NTD/000
|
|
2012-1-1~2012-9-30 |
2011-1-1~2011-9-30 |
|
Sales |
1,190,214.00 (USD 40,467,276.00) |
2,095,100.00 (USD 71,233,400.00) |
|
Sales returns |
6,419.00 |
3,348.00 |
|
Sales |
1,183,795.00 |
2,091,752.00 |
|
Operating income |
1,183,795.00 |
2,091,752.00 |
|
Operating costs |
1,116,247.00 |
1,906,260.00 |
|
Gross profit (loss) from operations |
67,548.00 |
185,492.00 |
|
Selling expense |
22,394.00 |
28,796.00 |
|
General and administrative expenses |
61,420.00 |
72,314.00 |
|
Research and development expenses |
63,121.00 |
73,012.00 |
|
Operating expenses |
146,935.00 |
174,122.00 |
|
Operating income (loss) |
-79,387.00 |
11,370.00 |
|
Non-Operating Income |
|
|
|
Interest income |
2,800.00 |
2,147.00 |
|
Income from long-term equity investments under
the equity method |
0.00 |
26,716.00 |
|
Investment income |
0.00 |
26,716.00 |
|
Foreign exchange gains |
0.00 |
8,029.00 |
|
Revaluation gain on financial assets |
2,588.00 |
0.00 |
|
Miscellaneous income |
5,236.00 |
11,873.00 |
|
Non-operating revenues and gains |
10,624.00 |
48,765.00 |
|
Non-Operating Expenses |
|
|
|
Losses from long-term equity investments under
the equity method |
52,823.00 |
0.00 |
|
Investment loss |
52,823.00 |
0.00 |
|
Loss on disposal of fixed assets |
0.00 |
1,247.00 |
|
Foreign exchange losses |
4,658.00 |
0.00 |
|
Revaluation loss on financial liabilities |
0.00 |
15,625.00 |
|
Miscellaneous disbursements |
1,021.00 |
321.00 |
|
Non-operating expenses and losses |
58,502.00 |
17,193.00 |
|
Income from continuing operations before income
tax |
-127,265.00 |
42,942.00 |
|
Income tax expense (benefit) |
-3,431.00 |
25,924.00 |
|
Income from continuing operations |
-123,834.00 |
17,018.00 |
|
Net income (loss) |
-123,834.00 (USD -4,210,356.00) |
17,018.00 (USD 578,612.00) |
|
Primary Earnings per Share |
|
|
|
Primary earnings per share |
-1.10 |
0.15 |
|
Diluted earnings per share |
|
|
|
Diluted earnings per share |
-1.10 |
0.15 |
Unit: NTD/000
|
|
2012-1-1~2012-9-30 |
2011-1-1~2011-9-30 |
|
Net Income (Loss) |
(123,834) |
17,018 |
|
Adjustments to Reconcile Net Income to Net Cash
Provided by (Used in) Operating Activities |
|
|
|
Depreciation Expense |
9,289 |
10,925 |
|
Provision (Reversal of Provision) for Bad Debts
Losses |
-996 |
86 |
|
Difference Between Net Pension Cost and Plan
Contribution |
-63 |
-16 |
|
Loss (Gain) on Decline (Recovery) in Market
Value, Scrap and Obsolescence of Inventories |
1,179 |
852 |
|
Loss (Gain) on Physical Inventory |
4 |
0 |
|
Investment Loss (Income) Recognized under Equity
Method |
52,823 |
-26,716 |
|
Loss (Gain) on Disposal of Property, Plant and
Equipment |
0 |
1,247 |
|
Unrealized Revaluation Loss (Gain) on Financial
Assets and Liabilities |
0 |
4,770 |
|
Loss (Gain) on Deferred Income Tax |
-3,078 |
5,960 |
|
Other Adjustments to Reconcile Net Income |
-79 |
-79 |
|
Changes in Operating Assets and Liabilities |
|
|
|
Decrease (Increase) in Accounts Receivable |
145,553 |
409,451 |
|
Decrease (Increase) in Other Receivable- Related
Parties |
95,763 |
265,264 |
|
Decrease (Increase) in Inventories |
10,088 |
-11,569 |
|
Decrease (Increase) in Other Prepayments |
-2,988 |
3,698 |
|
Increase (Decrease) in Accounts Payable |
14,074 |
-101 |
|
Increase (Decrease) in Accounts Payable - Related
Parties |
98,636 |
-209,313 |
|
Increase (Decrease) in Income Tax Payable |
0 |
-2,697 |
|
Increase (Decrease) in Accrued Expenses |
-6,059 |
-1,548 |
|
Increase (Decrease) in Other Payables |
-133,986 |
-286,300 |
|
Increase (Decrease) in Other Current Liabilities |
-819 |
-2,832 |
|
Net Cash Provided by (Used in) Operating
Activities |
155,507 |
178,100 |
|
Cash Flows from Investing Activities |
|
|
|
Proceeds from Disposal of Financial Assets as Fair
Value through Profit or Loss |
-292 |
0 |
|
Purchase of Property, Plant and Equipment |
-4,502 |
-140,220 |
|
Proceeds from Disposal of Property, Plant and
Equipment |
2 |
224 |
|
Decrease (Increase) in Refundable Deposits |
30 |
1,858 |
|
Increase in Deferred Charges |
-1,869 |
-2,102 |
|
Net Cash Provided by (Used in) Investing
Activities |
-6,631 |
-140,240 |
|
Cash Flows from Financing Activities |
|
|
|
Net Increase (Decrease) in Cash and Cash
Equivalents |
148,876 |
37,860 |
|
Cash and Cash Equivalents, Beginning of year |
678,952 |
913,256 |
|
Cash and Cash Equivalents, End of year |
827,828 |
951,116 |
|
Supplemental Cash Flow Information |
|
|
|
Income Tax Paid |
1,310 |
23,011 |
|
Non-cash Investing and Financing Activities |
|
|
|
Cash Dividends Payable |
0 |
112,743 |
|
Investing Activities Affecting Both Cash and
Non-cash Items |
|
|
|
Cash Paid for Acquisition of Property, Plant and
Equipment |
|
|
|
Increase in Property, Plant and Equipment |
(4,668) |
(140,285) |
|
Increase (Decrease) in Payable for Equipment
Purchased |
166 |
65 |
|
Cash Paid for Acquisition of Property, Plant and
Equipment |
(4,502) |
(140,220) |
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. Lv |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.89 |
|
|
1 |
Rs.84.92 |
|
Euro |
1 |
Rs.72.51 |
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.