MIRA INFORM REPORT
|
Report Date : |
29.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
SILICONWARE PRECISION INDUSTRIES CO., LTD. |
|
|
|
|
Registered Office : |
No.123, Sec.3, Da Fong Rd., Tanzi Dist.,
Taichung City 427, Taiwan (R.O.C.) |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
30.09.2012 |
|
|
|
|
Date of Incorporation : |
17.05.1984 |
|
|
|
|
Com. Reg. No.: |
55991080 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
IC encapsulation and testing services |
|
|
|
|
No. of Employees : |
20,618 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 : |
Good |
|
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
Contact
Points
Notes: Subject’s exact name and address are as above.
Credit
Summary
|
Credit Opinion: |
Company
Identification Details
|
Registered Name: |
SILICONWARE PRECISION INDUSTRIES CO., LTD. |
|
Registered Address: |
No.123, Sec.3, Da Fong Rd., Tanzi Dist., Taichung City 427, Taiwan
(R.O.C.) |
|
Date of Foundation: |
|
|
Registration Number: |
55991080 |
|
Registry: |
Department of Commerce, Ministry of Economic Affairs, R.O.C. |
|
Registered Capital: |
NTD 36,000,000,000 (USD 1,220,400,000) (As of 2013.1, 1
NTD = 0.0339 USD) |
|
Paid-up Capital: |
NTD
31,163,611,390 (USD 1,056,446,426) |
|
Legal Representatives: |
Wenbo Lin |
|
Legal Form: |
|
|
Principal Activities: |
|
|
Staff: |
|
|
Listed at Stock
Exchange: |
TWSE Stock Symbol: 2325 NASDAQ Stock Symbol: SPIL |
|
Date of Last
Annual Return: |
History
Subject was incorporated on
Subject was listed
at Taiwan Stock Exchange on
Awards
|
Year |
Awards |
|
2009 |
Blue chip
importer and exporter |
|
2010 |
Blue chip
importer and exporter |
|
2011 |
Blue chip
importer and exporter |
Standard of Blue
chip importer and exporter
Unit:
USD
|
Year |
Amount |
|
2009 |
15,000,000 |
|
2010 |
20,000,000 |
|
2011 |
22,000,000 |
Shareholders
|
Name |
Subscription Shares |
|
Wenbo Lin |
68,674,075 |
| Qiwen
Cai |
43,175,555 |
|
Wenlong Lin |
20,754,751 |
|
Yanjun Zhang |
11,776,417 |
|
Wenrong Lin |
5,081,914 |
|
Zhenzhi Huang |
746,737 |
|
Yingda Liu |
311,000 |
|
Jingshan Ao |
146,292 |
|
Xiaoyu Luo |
472 |
|
Wenlong Cheng |
10,133,937 |
|
Yuhu Liu |
7,438,972 |
|
Wenqing Lin |
11,200,000 |
The information
above is that of subject’s major shareholders.
Subsidiaries &
Branches
Branch
|
Branch
Registered Number |
16130839 |
|
Branch Name |
Hsin |
|
Branch Manager |
Yusheng Wu |
|
Branch Address |
No. 17, Hsinchu
City Park No. 2 Road, Hsinchu Industrial Park, Taiwan |
|
Date of
Incorporation |
|
|
Date of Last
Annual Return: |
|
Other Address
|
Name |
No. 45, Jieshou Road, Xinzhu City, Taiwan |
|
Address |
+886-3-577-6621 |
|
Tel: |
+886-3-563-2352 |
Factories
|
1 |
|
|
Name: |
No. 153, Zhongshan Road
Sec 3, Tanzi Township, Taichung, Taiwan427 |
|
Address: |
+886-4-2534 -1525 |
|
Tel |
+886-4-2534 -2025 |
|
2 |
|
|
Name: |
Xinzhu No.1 Factory |
|
Address: |
No.4, Yanxin 4 Road,
Xinzhu Science Park, Xinzhu, Taiwan 300 |
|
Tel |
+886-3- 577-3151 |
|
3 |
|
|
Name: |
Xinzhu No.2 Factory |
|
Address: |
No. 17, Xinzhu City
Park, Xinzhu Sciencebased industrial parkm, Taiwan 300 |
|
Tel |
+886-3- 578-5599 |
|
Fax: |
+886-3- 579-0462 |
Branch in the mainland of China
|
Name: |
Siliconware Precision
Industries (Suzhou) Co., Ltd |
|
Address: |
No. 288, Fengli Street,
Suzhou industrial park,
Suzhou, China |
|
Tel |
+86-512-62535288 |
|
Fax: |
+86-512-62536216 |
Offices
|
1735 Technology Drive, #300 San Jose, CA 95110
Level 28, Shinagawa Intercity Tower A, Tel: +49-89-1247-66520 Fax:+49-89-1247-66599 1 Maritime Square, #09-16, |
Personnel
Information
Core
Management
Directors
|
1 |
|
|
Name |
Wenbo Lin |
|
Position |
President |
|
Date of
Appointment |
|
|
2 |
|
|
Name |
Qiwen Cai |
|
Position |
Vice President
& Manager |
|
Date of
Appointment |
|
|
3 |
|
|
Name |
Wenlong Lin |
|
Position |
Director |
|
4 |
|
|
Name |
Yanjun Zhang |
|
Position |
Director |
|
5 |
|
|
Name |
Wenrong
Lin |
|
Position |
Director |
|
6 |
|
|
Name |
Zhenzhi Huang |
|
Position |
Director |
|
7 |
|
|
Name |
Yingda Liu |
|
Position |
Director |
|
8 |
|
|
Name |
Jingshan Ao |
|
Position |
Director |
|
9 |
|
|
Name |
Xiaoyu Luo |
|
Position |
Director |
|
10 |
|
|
Name |
Wenlong Cheng |
|
Position |
Supervisor |
|
11 |
|
|
Name |
Yuhu Liu |
|
Position |
Supervisor |
|
12 |
|
|
Name |
Wenqing Lin |
|
Position |
Supervisor |
Operation
Information
Offices
& Factories
|
|
Headquarters |
|
Add |
No.123, Sec.3, Da Fong Rd., Tanzi Dist., Taichung City 427, Taiwan
(R.O.C.) |
Production
Information
l
Subject is mainly engaged
in IC encapsulation and testing services
l
Subject is also engaged
processing of memory sticks, and it supplies OEM service.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
-- |
Manufacture, processing and sales of IC, transistor, Leds digital display board, Leds
light show, optotransistor, complex
circuit, membrane
circuit, thick
film circuit,
etc |
|
-- |
Import and export trading business of the above
mentioned items |
|
CC01080 |
Manufacture of electronic components |
|
IZ99990 |
Other Industry and commerce services (IC
encapsulation and testing services) |
l
Subject purchase both at home and abroad and it is
introduced that subject can purchase according to the customers’ demands.
l
The subject is mainly engaged in supplying
semiconductor packaging and testing services.
l
The Company operates its businesses through
packaging services, which deals with ball grid array (BGA) integrated circuits
(ICs), flip-chip BGA ICs and other IC products; bumping services, which offers
8- and 12-inch wafer bumping; testing services, which deals with 8- and 12-inch
wafer sort testing, final testing and system level testing, as well as other
business, which offers flash memory cards and other products.
l
Subject also supplies OEM Service for memory
sticks.
l
Subject’s products are both sold in domestic and
overseas market and subject mainly exports to Europe and America, etc
l
Subject’s major customers are Electronic products
manufacturers such as Semiconductor manufacturers, etc and as of
l
Subject’s general delivery date is 7 days.
Major items
|
1 |
|
|
2 |
|
|
3 |
|
|
4 |
|
|
5 |
|
|
6 |
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Settlements
Domestic Purchase
|
Payment Terms |
Proportion |
|
|
Raw materials, etc |
COD, Credit Sales, etc |
100% |
Foreign Purchase
|
Payment Terms |
Proportion |
|
|
Raw materials, etc |
CBD, etc |
100% |
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
Supplying IC encapsulation and testing services
and OEM Service, etc |
Monthly closing, etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Supplying IC
encapsulation and testing services and OEM Service, etc |
Monthly closing, etc |
100% |
Balance
Sheet
Unit: NTD/000
|
|
|
|
|
Assets |
|
|
|
Current
Assets |
|
|
|
Cash
and cash equivalents |
15,466,412.00 |
12,676,891.00 |
|
Notes
receivable - net |
30,398.00 |
20,774.00 |
|
Accounts
receivable - net |
10,699,880.00 |
10,922,030.00 |
|
Other
financial assets - current |
963,960.00 |
770,359.00 |
|
Inventories |
3,200,465.00 |
4,077,006.00 |
|
Other
current assets |
890,935.00 |
846,437.00 |
|
Current
assets |
31,252,050.00 |
29,313,497.00 |
|
Funds
and Investments |
|
|
|
Available-for-sale
financial assets - non current |
4,084,626.00 |
3,802,867.00 |
|
Financial
assets carried at cost - non current |
1,932,643.00 |
1,939,343.00 |
|
Equity
investments under equity method |
7,029,841.00 |
5,975,304.00 |
|
Investments |
7,029,841.00 |
5,975,304.00 |
|
Funds
and long-term investments |
13,047,110.00 |
11,717,514.00 |
|
Fixed
Assets |
|
|
|
Cost |
|
|
|
Land |
2,903,192.00 |
2,903,192.00 |
|
Buildings
and structures |
17,376,249.00 |
15,185,379.00 |
|
Machinery
and equipment |
50,339,999.00 |
50,305,937.00 |
|
Utilities
equipment |
814,446.00 |
813,124.00 |
|
Office
equipment |
931,002.00 |
955,522.00 |
|
Other
facilities |
2,850,675.00 |
2,572,417.00 |
|
Fixed
assets cost |
75,215,563.00 |
72,735,571.00 |
|
Accumulated
depreciation |
-37,522,415.00 |
-37,280,080.00 |
|
Construction
in process and prepayment for equipments |
5,633,920.00 |
3,941,596.00 |
|
Fixed
assets |
43,327,068.00 |
39,397,087.00 |
|
Intangible
Assets |
|
|
|
OtherAssets |
|
|
|
Guarantee
deposits paid |
13,923.00 |
7,314.00 |
|
Deferred
charges |
960,269.00 |
1,066,582.00 |
|
Deferred
income tax assets - non current |
753,536.00 |
1,268,231.00 |
|
Other
assets - other |
78,442.00 |
61,242.00 |
|
Other
assets |
1,806,170.00 |
2,403,369.00 |
|
Assets |
89,432,398.00 |
82,831,467.00 |
|
Liabilities
and Stockholders' Equity |
|
|
|
Liabilities |
|
|
|
Current
Liabilities |
|
|
|
Accounts
payable |
5,477,600.00 |
7,770,895.00 |
|
Income
tax payable |
407,097.00 |
340,131.00 |
|
Accrued
expenses |
3,067,976.00 |
2,854,026.00 |
|
Other
payables |
5,399,529.00 |
3,194,920.00 |
|
Long-term
liabilities - current portion |
1,566,958.00 |
0.00 |
|
Other
current liabilities |
277,328.00 |
386,720.00 |
|
Current
liabilities |
16,196,488.00 |
14,546,692.00 |
|
Long
term Liabilities |
|
|
|
Long-term
borrowings |
13,693,717.00 |
9,562,005.00 |
|
Long-term
liabilities |
13,693,717.00 |
9,562,005.00 |
|
Reserves |
|
|
|
Other
Liabilities |
|
|
|
Other
liabilities - other |
548,729.00 |
395,923.00 |
|
Other
liabilities |
548,729.00 |
395,923.00 |
|
Liabilities |
30,438,934.00 |
24,504,620.00 |
|
Stockholders'
Equity |
|
|
|
Capital |
|
|
|
Common
stock |
31,163,611.00 |
31,163,611.00 |
|
Capital
Surplus |
|
|
|
Capital
surplus - additional paid-in capital |
14,290,224.00 |
14,290,224.00 |
|
Capital
surplus - premium from merger |
1,929,136.00 |
1,929,136.00 |
|
Capital
surplus - other |
253,728.00 |
234,167.00 |
|
Capital
surplus |
16,473,088.00 |
16,453,527.00 |
|
Retained
Earnings |
|
|
|
Legal
reserve |
7,645,816.00 |
7,162,092.00 |
|
Unappropriated
retained earnings |
4,075,524.00 |
3,699,705.00 |
|
Retained
earnings |
11,721,340.00 |
10,861,797.00 |
|
Stockholders'
Equity and Other adjustmen |
|
|
|
Cumulative
translation adjustments |
138,548.00 |
365,747.00 |
|
Net
loss not recognized as pension cost |
-377,304.00 |
-268,568.00 |
|
Unrealized
gains (losses) on financial instruments |
838,369.00 |
715,054.00 |
|
Treasure
stock |
-964,188.00 |
-964,321.00 |
|
Equity
adjustments |
-364,575.00 |
-152,088.00 |
|
Stockholdersˉ
equity |
58,993,464.00 |
58,326,847.00 |
|
Number
of treasury stock acquired by the company and subsidiaries (unit: share) |
38,042,000.00 |
38,042,000.00 |
|
|
0.00 |
0.00 |
Profit and
Loss Account
Unit: NTD/000
|
|
To |
To |
|
Sales |
44,180,514.00 |
42,117,446.00 |
|
Sales
discounts and allowances |
604,863.00 |
163,284.00 |
|
Sales |
43,575,651.00 |
41,954,162.00 |
|
Operating
income |
43,575,651.00 |
41,954,162.00 |
|
Cost
of sales |
35,970,860.00 |
35,738,221.00 |
|
Operating
costs |
35,970,860.00 |
35,738,221.00 |
|
Gross
profit (loss) from operations |
7,604,791.00 |
6,215,941.00 |
|
Unrealized
gains on intercompany transactions |
801.00 |
41.00 |
|
Selling
expense |
632,366.00 |
586,754.00 |
|
General
and administrative expenses |
1,232,098.00 |
1,071,595.00 |
|
Research
and development expenses |
1,787,319.00 |
1,440,106.00 |
|
Operating
expenses |
3,651,783.00 |
3,098,455.00 |
|
Operating
income (loss) |
3,952,207.00 |
3,117,445.00 |
|
Non-Operating
Income |
|
|
|
Interest
income |
62,637.00 |
29,069.00 |
|
Inome
from long-term equity investments under the equity method |
703,322.00 |
527,391.00 |
|
Investment
income |
703,322.00 |
527,391.00 |
|
Miscellaneous
income |
480,945.00 |
533,700.00 |
|
Non-operating
revenues and gains |
1,246,904.00 |
1,090,160.00 |
|
Non-Operating
Expenses |
|
|
|
Interest
expense |
107,176.00 |
14,724.00 |
|
Impairment
loss on assets |
94,409.00 |
0.00 |
|
Miscellaneous
disbursements |
227,892.00 |
160,719.00 |
|
Non-operating
expenses and losses |
429,477.00 |
175,443.00 |
|
Income
from continuing operations before income tax |
4,769,634.00 |
4,032,162.00 |
|
Income
tax expense (benefit) |
710,181.00 |
366,223.00 |
|
Income
from continuing operations |
4,059,453.00 |
3,665,939.00 |
|
Net
income (loss) |
4,059,453.00 |
3,665,939.00 |
|
Primary
Earnings per Share |
|
|
|
Primary
earnings per share |
1.32 |
1.18 |
|
Diluted
earnings per share |
|
|
|
Diluted
earnings per share |
1.31 |
1.17 |
Bankers
Subject declined to disclose its bank details; from other source we can
not obtain the relevant information, either.
Public
Record
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.
Interview
Details
|
Department |
Sales department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.53.89 |
|
UK Pound |
1 |
Rs.84.92 |
|
Euro |
1 |
Rs.72.50 |
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.