MIRA INFORM REPORT
|
Report Date : |
02.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
COMPAL COMMUNICATIONS INC. |
|
|
|
|
Registered Office : |
8F., No.385, Yangguang St., Neihu District,
Taipei City 114 |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
12.02.1999 |
|
|
|
|
Com. Reg. No.: |
16836505 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturing and sale of mobile phone and communication
products |
|
|
|
|
No. of Employees : |
About 1,500 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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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. 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 1.8%, due
primarily to a 13.1% year-on-year decline in exports. In 2010 GDP grew 10.7%,
as exports returned to the level of previous years, and in 2011, grew 4.0%. In
2012, however, growth fell to 1.3%, 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 except for the landmark Economic Cooperation
Framework Agreement (ECFA) signed with China in June 2010, so far Taiwan has
been excluded from this greater economic integration in part because of its
diplomatic status. Negotiations continue on such follow-on components of ECFA
regarding trade in goods and services. The MA administration has said that the
ECFA will serve as a stepping stone toward trade pacts with other key trade
partners, which Taiwan subsequently launched with Singapore and New Zealand.
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 11.2% of the island's
total population as of 2012. The island runs a large trade surplus largely
because of its surplus with China, and its foreign reserves are the world's
fifth largest, behind China, Japan, Saudi Arabia, and Russia. In 2006 China
overtook 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. In August 2012, Taiwan Central Bank signed a memorandum of
understanding on cross-Strait currency settlement with its Chinese counterpart.
The MOU allows for the direct settlement of Chinese RMB and the New Taiwan
dollar across the Strait, which could help develop Taiwan into a local RMB hub.
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: |
|
|
Former Name: |
Trinity Communications Inc. |
|
Supplied Name: |
|
|
Trading Address: |
No.385,
Yangguang St., Neihu District, Taipei City 114, Taiwan (R.O.C.) |
|
Supplied Address: |
Nei Hu District
Yang Guang St Asia Plaza Building B 385 Taipei Taiwan |
|
Telephone Number: |
+886-2-8751-6228 |
|
Fax Number: |
|
|
E-mail: |
Notes: The exact name and address are as
above.
Subject was incorporated
on 1999-2-12 with registered number 16836505
as Joint Stock Company in
Taiwan.
Subject was listed on Taiwan stock exchange on 2003-12-9.
Change of Name
|
Former Name |
Trinity Communications Inc. |
|
Current Name |
Compal Communications Inc. |
|
Name |
Subscription Shares |
|
Ruicong Chen |
2,715,929 |
|
Zhaocheng Chen |
|
|
3,448,071 |
|
|
Compal Electronics, Inc. |
290,355,904 |
|
Shenghua Peng |
705,944 |
|
Nanxiong Li |
4,038,522 |
The information above is that of subject’s major shareholders.
Related Company
|
Name |
|
|
Registered Address: |
No.581, Rueiguang Rd., Neihu District, Taipei City 114, Taiwan
(R.O.C.) |
|
Date of Foundation: |
1984-6-1 |
|
Registration Number: |
21222725 |
|
Registry: |
Department of Commerce, Ministry of Economic Affairs, R.O.C. |
|
Registered Capital: |
NTD 60,000,000,000 (USD 2,040,000,000) (As of 2013.06, 1 NTD = 0.0340 USD) |
|
Paid-up Capital: |
NTD 44,126,526,250 (USD 1,500,301,893) |
|
Legal Representatives: |
Shengxiong Xu |
|
Legal Form: |
Joint Stock Company |
|
Listed at Stock Exchange: |
Yes; Stock Symbol: 2324 |
|
Date of Last Annual Return: |
2013-1-7 |
Core Management
Directors
|
1 |
|
|
Name |
Ruicong Chen |
|
Position |
Board Director |
|
2 |
|
|
Name |
Zhaocheng Chen |
|
Position |
Director/ Manager |
|
Date of Appointment |
2008-10-1 |
|
3 |
|
|
Name |
Changqi Ke |
|
Position |
Director |
|
4 |
|
|
Name |
Shenghua Peng |
|
Position |
Director |
|
5 |
|
|
Name |
Qingxiong Lv |
|
Position |
Director |
|
6 |
|
|
Name |
Wenda Xu |
|
Position |
Director |
|
7 |
|
|
Name |
Dugong Cai |
|
Position |
Independent Director |
|
8 |
|
|
Name |
Maogui Lin |
|
Position |
Independent Director |
|
9 |
|
|
Name |
Guoqiang Hu |
|
Position |
Independent Director |
|
10 |
|
|
Name |
Nanxiong Li |
|
Position |
Supervisor |
|
11 |
|
|
Name |
Chenju Fan |
|
Position |
Supervisor |
|
12 |
|
|
Name |
Liqiu Zhang |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 1,500 Employees |
Offices &
Factories
|
|
Headquarters |
|
Add |
No.385, Yangguang St., Neihu District, Taipei City 114, Taiwan (R.O.C.) |
Production
Information
Subject is engaged in manufacturing of mobile phone and communication
products, etc.
It is introduced that subject has factories in Taiwan and Nanjing City,
Jiangsu Province, China for production.
Subject can provide OEM and ODM services.
Subject obtained the certifications of ISO 14001 and CE.
Purchase
Information
The registered activities of subject:
|
Business Code |
Details |
|
CC01070 |
Manufacturing of wireless communication equipment |
|
CC01060 |
Manufacturing of wire communication equipment |
|
CC01101 |
Manufacturing of RF devices controlled by telecom |
|
F113070 |
Wholesale of telecom equipment |
|
F401021 |
Import of RF devices controlled by telecom |
|
ZZ99999 |
Besides licensed business, all other
business items those are not banned or restricted. |
The components and raw materials for production are purchased from both
home and abroad.
Subject is engaged in sale of mobile phone
and communication products, etc.
The major products sold by subject include mobile phone, tablet product,
data module, and robot products, etc.
Subject has their own robot brand called “UrRobot”.
Subject’s sales regions include Asia, Europe and America, etc.
Subject’s major customers are “Alcatel”, “Motorola” and “Microsoft”,
etc.
Import and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase
|
Terms |
Proportion |
|
|
Components and
raw materials |
T/T, Cash, etc |
100% |
Foreign Purchase
|
Terms |
Proportion |
|
|
Components and
raw materials |
L/C, T/T, etc |
100% |
Sales
Domestic Markets
|
Terms |
Proportion |
|
|
Communication products |
T/T, Cash, etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Communication
products |
L/C, T/T, etc |
100% |
Unit: NTD/000
|
|
2012-12-31 |
2011-12-31 |
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash and cash equivalents |
6,624,540.00 |
2,339,648.00 |
|
Available-for-sale financial assets - current |
74,003.00 |
61,863.00 |
|
Accounts receivable - net |
4,387,566.00 |
10,176,053.00 |
|
Accounts receivable - related parties - net |
2,490,988.00 |
47,743.00 |
|
Other receivables - related parties |
0.00 |
572,502.00 |
|
Other financial assets - current |
104,459.00 |
149,068.00 |
|
Inventories |
1,788,710.00 |
3,785,108.00 |
|
Other current assets |
121,852.00 |
191,750.00 |
|
Current assets |
15,592,118.00 |
17,323,735.00 |
|
Funds and Investments |
|
|
|
Financial assets carried at cost - non current |
15,000.00 |
15,000.00 |
|
Equity investments under equity method |
3,719,693.00 |
3,733,496.00 |
|
Investments |
3,719,693.00 |
3,733,496.00 |
|
Funds and long-term investments |
3,734,693.00 |
3,748,496.00 |
|
Fixed Assets |
|
|
|
Cost |
|
|
|
Machinery and equipment |
4,675.00 |
4,675.00 |
|
Other facilities |
689,765.00 |
609,746.00 |
|
Fixed assets cost |
694,440.00 |
614,421.00 |
|
Accumulated depreciation |
-565,694.00 |
-477,367.00 |
|
Construction in process and prepayment for equipments |
5,100.00 |
6,324.00 |
|
Fixed assets |
133,846.00 |
143,378.00 |
|
Intangible Assets |
|
|
|
Computer software cost |
26,838.00 |
31,369.00 |
|
Intangible assets |
26,838.00 |
31,369.00 |
|
OtherAssets |
|
|
|
Guarantee deposits paid |
95,535.00 |
95,583.00 |
|
Other assets - other |
5,053.00 |
2,546.00 |
|
Other assets |
100,588.00 |
98,129.00 |
|
Assets |
19,588,083.00 |
21,345,107.00 |
|
Liabilities and Stockholders' Equity |
|
|
|
Liabilities |
|
|
|
Current Liabilities |
|
|
|
Short-term borrowings |
1,422,960.00 |
272,475.00 |
|
Accounts payable |
3,237,370.00 |
5,655,248.00 |
|
Accounts payable - related parties |
2,250,453.00 |
3,689,331.00 |
|
Accrued expenses |
931,987.00 |
783,273.00 |
|
Other payables - related parties |
385.00 |
4,652.00 |
|
Other current liabilities |
778,585.00 |
1,118,004.00 |
|
Current liabilities |
8,621,740.00 |
11,522,983.00 |
|
Long term Liabilities |
|
|
|
Reserves |
|
|
|
Other Liabilities |
|
|
|
Deferred income tax liabilities |
235,390.00 |
242,023.00 |
|
Other liabilities - other |
688.00 |
5,227.00 |
|
Other liabilities |
236,078.00 |
247,250.00 |
|
Liabilities |
8,857,818.00 |
11,770,233.00 |
|
Stockholders' Equity |
|
|
|
Capital |
|
|
|
Common stock |
6,077,270.00 |
6,077,270.00 |
|
Capital Surplus |
|
|
|
Capital surplus - additional paid-in capital |
354,041.00 |
354,041.00 |
|
Capital surplus - treasury stock transactions |
20,792.00 |
20,792.00 |
|
Capital surplus - employee stock option |
84,045.00 |
20,462.00 |
|
Capital surplus |
458,878.00 |
395,295.00 |
|
Retained Earnings |
|
|
|
Legal reserve |
1,871,632.00 |
1,871,632.00 |
|
Special reserve |
218,382.00 |
597.00 |
|
Unappropriated retained earnings |
2,510,865.00 |
1,559,574.00 |
|
Retained earnings |
4,600,879.00 |
3,431,803.00 |
|
Stockholders' Equity and Other adjustment |
|
|
|
Cumulative translation adjustments |
-318,018.00 |
-229,320.00 |
|
Unrealized gains (losses) on financial instruments |
22,368.00 |
10,938.00 |
|
Treasure stock |
-111,112.00 |
-111,112.00 |
|
Equity adjustments |
-406,762.00 |
-329,494.00 |
|
Stockholdersˉ equity |
10,730,265.00 (USD 364,829,010.00) |
9,574,874.00 (USD 325,545,716.00) |
|
Number of treasury stock acquired by the company and subsidiaries
(unit: share) |
3,144,000.00 |
3,144,000.00 |
|
|
0.00 |
0.00 |
(As of 2013.07, 1 NTD = 0.0340 USD)
|
|
2012 |
2011 |
|
Sales |
45,187,980.00 (USD 1,536,391,320.00) |
17,841,498.00 (USD 606,610,932.00) |
|
Sales returns |
624,467.00 |
28,045.00 |
|
Sales discounts and allowances |
345.00 |
12,255.00 |
|
Sales |
44,563,168.00 |
17,801,198.00 |
|
Other operating revenue |
792,801.00 |
503,048.00 |
|
Operating income |
45,355,969.00 |
18,304,246.00 |
|
Operating costs |
41,878,618.00 |
16,120,012.00 |
|
Gross profit (loss) from operations |
3,477,351.00 |
2,184,234.00 |
|
Selling expense |
107,002.00 |
121,539.00 |
|
General and administrative expenses |
490,814.00 |
346,010.00 |
|
Research and development expenses |
1,857,402.00 |
1,645,182.00 |
|
Operating expenses |
2,455,218.00 |
2,112,731.00 |
|
Operating income (loss) |
1,022,133.00 |
71,503.00 |
|
Non-Operating Income |
|
|
|
Interest income |
32,783.00 |
52,697.00 |
|
Income from long-term equity investments under the equity method |
139,441.00 |
0.00 |
|
Investment income |
139,441.00 |
0.00 |
|
Foreign exchange gains |
0.00 |
10,734.00 |
|
Miscellaneous income |
164,222.00 |
121,057.00 |
|
Non-operating revenues and gains |
336,446.00 |
184,488.00 |
|
Non-Operating Expenses |
|
|
|
Losses from long-term equity investments under the equity method |
0.00 |
421,577.00 |
|
Investment loss |
0.00 |
421,577.00 |
|
Loss on sale of investments |
34,830.00 |
0.00 |
|
Foreign exchange losses |
40,362.00 |
0.00 |
|
Miscellaneous disbursements |
771.00 |
54.00 |
|
Non-operating expenses and losses |
75,963.00 |
421,631.00 |
|
Income from continuing operations before income tax |
1,282,616.00 |
-165,640.00 |
|
Income tax expense (benefit) |
113,540.00 |
566.00 |
|
Income from continuing operations |
1,169,076.00 |
-166,206.00 |
|
Net income (loss) |
1,169,076.00 (USD 39,748,584.00) |
-166,206.00 (USD -5,651,004.00) |
|
Primary Earnings per Share |
|
|
|
Income (loss) from continuing operations |
1.93 |
-0.27 |
|
Primary earnings per share |
1.93 |
-0.27 |
|
Diluted earnings per share |
|
|
|
Income (loss) from continuing operations |
1.91 |
-0.27 |
|
Diluted earnings per share |
1.91 |
-0.27 |
(As of 2013.07, 1 NTD = 0.0340 USD)
Unit: NTD/000
|
|
2012 |
2011 |
|
Cash Flows from Operating Activities - Indirect Method |
|
|
|
Net Income (Loss) |
1,169,076.00 |
-166,206.00 |
|
Adjustments to Reconcile Net Income to Net Cash Provided by (Used in)
Operating Activities |
|
|
|
Depreciation Expense |
92,870.00 |
116,358.00 |
|
Amortization Expense |
35,883.00 |
46,925.00 |
|
Provision (Reversal of Provision) for Bad Debts Losses |
-1,059.00 |
-2,093.00 |
|
Provision (Reversal of Provision) for Sales Returns, Discounts and
Allowances |
86,865.00 |
-5,789.00 |
|
Share-based Compensation |
63,583.00 |
41,390.00 |
|
Loss (Gain) on Decline (Recovery) in Market Value, Scrap and
Obsolescence of Inventories |
3,590.00 |
-25,138.00 |
|
Investment Loss (Income) Recognized under Equity Method |
-139,441.00 |
421,577.00 |
|
Cash Dividends Received from Investments Accounted for under Equity
Method |
3,325.00 |
3,170.00 |
|
Loss (Gain) on Disposal of Investments |
34,830.00 |
0.00 |
|
Unrealized Gain (Loss) on Intercompany Transactions |
-227.00 |
-272.00 |
|
Changes in Operating Assets and Liabilities |
|
|
|
Decrease (Increase) in Accounts Receivable |
3,259,436.00 |
-8,283,691.00 |
|
Decrease (Increase) in Inventories |
1,992,808.00 |
-2,600,296.00 |
|
Decrease (Increase) in Other Prepayments |
58,056.00 |
-96,702.00 |
|
Decrease (Increase) in Other Financial Assets |
617,111.00 |
-522,972.00 |
|
Decrease (Increase) in Deferred Tax Assets |
10,628.00 |
70,674.00 |
|
Decrease (Increase) in Other Operating Assets |
764.00 |
0.00 |
|
Increase (Decrease) in Accounts Payable |
-2,417,878.00 |
5,081,840.00 |
|
Increase (Decrease) in Accounts Payable - Related Parties |
-1,438,878.00 |
1,902,080.00 |
|
Increase (Decrease) in Income Tax Payable |
83,429.00 |
425.00 |
|
Increase (Decrease) in Other Payables |
21,311.00 |
95,390.00 |
|
Increase (Decrease) in Other Current Liabilities |
-299,712.00 |
220,698.00 |
|
Increase (Decrease) in Deferred Tax Liabilities |
6,881.00 |
-81,175.00 |
|
Increase (Decrease) in Other Operating Liabilities |
0.00 |
-2,848.00 |
|
Net Cash Provided by (Used in) Operating Activities |
3,243,251.00 |
-3,786,655.00 |
|
Cash Flows from Investing Activities |
|
|
|
Proceeds from Disposal of Investments Accounted for by Equity Method |
5,227.00 |
0.00 |
|
Purchase of Property, Plant and Equipment |
-85,813.00 |
-51,166.00 |
|
Proceeds from Disposal of Property, Plant and Equipment |
848.00 |
1,953.00 |
|
Purchase of Intangible Assets |
-29,137.00 |
-21,539.00 |
|
Other Investing Activities |
48.00 |
-578.00 |
|
Net Cash Provided by (Used in) Investing Activities |
-108,827.00 |
-71,330.00 |
|
Cash Flows from Financing Activities |
|
|
|
Increase (Decrease) in Short-term Loans |
1,150,485.00 |
257,834.00 |
|
Increase (Decrease) in Guarantee Deposits Received |
-17.00 |
0.00 |
|
Cash Dividends Paid |
0.00 |
-302,690.00 |
|
Purchase of Treasury Stock |
0.00 |
-111,112.00 |
|
Treasury Stock Sold to Employees |
0.00 |
47,520.00 |
|
Net Cash Provided by (Used in) Financing Activities |
1,150,468.00 |
-108,448.00 |
|
Net Increase (Decrease) in Cash and Cash Equivalents |
4,284,892.00 |
-3,966,433.00 |
|
Cash and Cash Equivalents, Beginning of year |
2,339,648.00 |
6,306,081.00 |
|
Cash and Cash Equivalents, End of year |
6,624,540.00 |
2,339,648.00 |
|
Supplemental Cash Flow Information |
|
|
|
Interest Paid |
735.00 |
0.00 |
|
Interest Paid- Excluding Capitalized Interest |
735.00 |
0.00 |
|
Income Tax Paid |
6,986.00 |
10,125.00 |
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 |
Mr. Wang |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.15 |
|
|
1 |
Rs.90.05 |
|
Euro |
1 |
Rs.77.06 |
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 |
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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.