|
Report Date : |
15.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
MACROBLOCK, INC. |
|
|
|
|
Registered Office : |
3F-5,6, No.18, Pu-Ting Rd., Hsinchu 300 |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
25.06.1999 |
|
|
|
|
Com. Reg. No.: |
16948543 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturing and sales of related products
for LED |
|
|
|
|
No. of Employees : |
Not Available |
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: |
Macroblock, Inc. |
|
Supplied Name: |
MACROBLOCK INC |
|
Trading Address: |
Floor 6-4, No. 18, Pu-Ting Rd., Hsinchu
30072, Taiwan, R.O.C |
|
Supplied Address: |
F3-5, No.18, Pu-Ting Road, Hsinchu, Taiwan
(300), R.O.C. Taiwan |
|
Telephone Number: |
+886-3-579-0068 |
|
Fax Number: |
+886-3-579-7534 |
|
E-mail: |
Notes: The exact name and address are as
above. The supplied address is the subject’s registered address.
Subject was incorporated
on 1999-6-25 with registered number 16948543
as Joint Stock Company in
Taiwan.
The subject has listed on Taiwan stock exchange on 2007-10-29.
|
Name |
Subscription Shares |
|
Lichang Yang |
788,735 |
| Zhongyou
Wu |
535,222 |
|
Guanghong Huang |
251,819 |
|
Shaling Guo |
305,784 |
|
China Development Financial Holding Corporation |
500,000 |
|
IBT Holdings Corporation |
400,000 |
|
Rixin Investment Co Ltd (Liberal Translation) |
74,687 |
|
Kangmao Liu |
2,773 |
|
Guodong Diao |
100 |
|
Shifang Liu |
264,599 |
|
Xiaomei Guo |
13,000 |
The information above is that of subject’s major shareholders.
Office
|
Name |
South koura office |
|
Address |
17F31720, jongro tower, jongro-gu, seoul korea |
|
Zip Code |
100-789 |
Core Management
Directors
|
1 |
|
|
Name |
Lichang Yang |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Zhongyou Wu |
|
Position |
Director |
|
3 |
|
|
Name |
Guanghong Huang |
|
Position |
Director |
|
4 |
|
|
Name |
Shaling Guo |
|
Position |
Director |
|
5 |
|
|
Name |
China Development Financial Holding Corporation |
|
Position |
Director |
|
6 |
|
|
Name |
IBT Holdings Corporation |
|
Position |
Director |
|
7 |
|
|
Name |
Rixin Investment Co Ltd (Liberal Translation) |
|
Position |
Director |
|
8 |
|
|
Name |
Kangmao Liu |
|
Position |
Independent Director |
|
9 |
|
|
Name |
Guoping Zhang |
|
Position |
Independent Director |
|
10 |
|
|
Name |
Guodong Diao |
|
Position |
Independent Director |
|
11 |
|
|
Name |
Jiahua Fu |
|
Position |
Supervisor |
|
12 |
|
|
Name |
Shifang Liu |
|
Position |
Supervisor |
|
12 |
|
|
Name |
Xiaomei Guo |
|
Position |
Supervisor |
Offices &
Factories
|
|
Headquarters |
|
Add |
Floor 6-4, No. 18, Pu-Ting Rd., Hsinchu 30072, Taiwan, R.O.C |
Production
Information
The subject is a manufacturer of related
products for LED and etc.
It is introduced that subject has a factory in
Taiwan for production.
It is introduced that subject has obtained ISO
9001: 2000 and etc certifications.
Purchase
Information
The registered activities of subject:
|
Business Code |
Details |
|
IZ99990 |
Other trading business services |
|
F119010 |
Wholesales of electronic materials. |
|
F219010 |
Retails of electronic materials. |
|
F401010 |
International trading business. |
|
I501010 |
Designing of products. |
|
CC01080 |
Manufacturing of electronic components. |
|
F113020 |
Wholesales of electrical appliances. |
|
F213010 |
Retails of electrical appliances. |
|
CC01040 |
Manufacturing of lighting appliances. |
|
ZZ99999 |
Besides licensed business, all other business items those are not
banned or restricted. |
It is introduced that subject purchases components and etc both at home
and aboard.
The subject is mainly engaged in sales of LED and etc.
It is introduced that subject’s selling
territory covers all over the world.
It is introduced that subject’s products are
applied to the lighting of construction, traffic signs, computers and etc.
Major Products
|
1 |
LED Display Driver IC |
|
2 |
LED Power Module |
Import and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase
|
Payment Terms |
Proportion |
|
|
Components and
etc |
COD, CBD and etc |
100% |
Foreign Purchase
|
Payment Terms |
Proportion |
|
|
Components and
etc |
CBD and etc |
100% |
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
LED and etc. |
COD, CBD and etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
LED and etc. |
CBD and etc |
100% |
Notes: Subject’s
settlement for export is generally in USD
Unit: NTD/000
|
Date |
2012-12-31 |
2011-12-31 |
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash and
cash equivalents |
1,070,819.00 |
1,131,494.00 |
|
Changes in
the fair value of the financial liability on profit and loss-flow |
8.00 |
0.00 |
|
Available-for-sale
financial assets -current |
0.00 |
4,047.00 |
|
Accounts
receivable - net |
121,277.00 |
51,238.00 |
|
Accounts
receivable - related parties - net |
46,961.00 |
50,151.00 |
|
Other
receivables |
39,558.00 |
14,186.00 |
|
Inventories |
308,277.00 |
252,507.00 |
|
Other current assets |
53,033.00 |
39,863.00 |
|
Current assets |
1,639,933.00 |
1,543,486.00 |
|
Funds and Investments |
|
|
|
Equity
investments under equity method |
152,846.00 |
201,942.00 |
|
Investments |
152,846.00 |
201,942.00 |
|
Funds
and long-term investments |
152,846.00 |
201,942.00 |
|
Fixed Assets |
|
|
|
Cost |
|
|
|
Land |
44,014.00 |
44,014.00 |
|
Buildings
and structures |
60,534.00 |
60,534.00 |
|
Machinery
and equipment |
113,777.00 |
98,299.00 |
|
Transportation
equipment |
2,480.00 |
3,672.00 |
|
Office
equipment |
27,919.00 |
25,229.00 |
|
Leasehold
improvements |
13,239.00 |
15,214.00 |
|
Other
facilities |
5,585.00 |
2,742.00 |
|
Fixed
Assets |
267,548.00 |
249,704.00 |
|
Accumulated
depreciation |
-96,444.00 |
-74,677.00 |
|
Construction
in progress and advance equipment |
556.00 |
770.00 |
|
Fixed
assets net |
171,660.00 |
175,797.00 |
|
Intangible Assets |
|
|
|
Deferred
pension cost |
692.00 |
778.00 |
|
Other
Intangible Assets |
37,390.00 |
35,902.00 |
|
Intangible
Assets |
38,082.00 |
36,680.00 |
|
Other Assets |
|
|
|
Guarantee deposits
paid |
6,694.00 |
5,995.00 |
|
Deferred
charges |
12,599.00 |
10,949.00 |
|
Other
assets-others |
0.00 |
62.00 |
|
Other
assets |
19,293.00 |
17,006.00 |
|
Assets |
2,021,814.00 |
1,974,911.00 |
|
Liabilities
and Stockholders' Equity |
|
|
|
Liabilities |
|
|
|
Current Liabilities |
|
|
|
Accounts
payable |
225,613.00 |
226,869.00 |
|
Accounts
payable - related parties |
154.00 |
0.00 |
|
Income tax
payable |
32,213.00 |
27,768.00 |
|
Accrued
expenses |
108,272.00 |
109,295.00 |
|
Other
payables |
34,106.00 |
35,270.00 |
|
Other
current liabilities |
15,097.00 |
11,663.00 |
|
Current
liabilities |
415,455.00 |
410,865.00 |
|
Long term Liabilities |
|
|
|
Long-term
notes and accounts payable |
180.00 |
222.00 |
|
Long-term
liabilities |
180.00 |
222.00 |
|
Reserves |
|
|
|
Other Liabilities |
|
|
|
Pension
reserve / accrued pension liability |
1,983.00 |
3,523.00 |
|
Other liabilities-others
|
1,297.00 |
1,671.00 |
|
Other
Liabilities |
3,280.00 |
5,194.00 |
|
Liabilities |
418,915.00 |
416,281.00 |
|
Stockholders' Equity |
|
|
|
Capital |
|
|
|
Common
stock |
331,564.00 |
331,564.00 |
|
Capital Surplus |
|
|
|
Capital
surplus - additional paid-in capital |
795,570.00 |
795,570.00 |
|
Capital
surplus - employee stock option |
82,074.00 |
58,657.00 |
|
Capital
surplus |
877,644.00 |
854,227.00 |
|
Retained
Earnings |
|
|
|
Legal reserve |
160,450.00 |
130,977.00 |
|
Specific
reserve |
12,785.00 |
18,902.00 |
|
Unappropriated
retained earnings |
303,891.00 |
303,669.00 |
|
Retained
earnings |
477,126.00 |
453,548.00 |
|
Stockholders'
Equity and Other adjustmen |
|
|
|
Cumulative
translation adjustments |
-7,866.00 |
-3,947.00 |
|
Net
loss not recognized as pension cost |
-7,645.00 |
-7,342.00 |
|
Unrealized
gains (losses) on financial instruments |
0.00 |
-1,496.00 |
|
|
-67,924.00 |
-67,924.00 |
|
Equity
adjustments |
-83,435.00 |
-80,709.00 |
|
Stockholders‘
equity |
1,602,899.00 (USD 53,697,117) |
1,558,630.00 (USD 52,214,105) |
|
Number of
treasury stock acquired by the company and subsidiaries (unit: share) |
500,000.00 |
500,000.00 |
|
|
0.00 |
0.00 |
(As of 2013.6, 1 NTD = 0.0335 USD)
Unit: NTD/000
|
Date |
2012-1-1~2012-12-31 |
2011-1-1~2012-12-31 |
|
Sales |
2,653,214.00 (USD 88,882,669) |
2,175,373.00 (USD 72,874,996) |
|
Sales
return |
270,063.00 |
137,577.00 |
|
Sales |
2,383,151.00 |
2,037,796.00 |
|
Operating
income |
2,383,151.00 |
2,037,796.00 |
|
Cost of
sales |
1,560,400.00 |
1,248,068.00 |
|
Gross
profit (loss) from operations |
822,751.00 |
789,728.00 |
|
Realized gain from inter-affiliate
account |
374.00 |
827.00 |
|
Selling
expense |
113,897.00 |
104,886.00 |
|
General
and administrative expenses |
109,899.00 |
116,203.00 |
|
Research and
development expenses |
285,253.00 |
257,019.00 |
|
Operating
expenses |
509,049.00 |
478,108.00 |
|
Operating
income (loss) |
314,076.00 |
312,447.00 |
|
Non-Operating Income |
|
|
|
Interest
income |
12,528.00 |
10,672.00 |
|
Investment
income |
218.00 |
200.00 |
|
Income
Gain |
218.00 |
200.00 |
|
Gains on
disposal of fixed assets |
207.00 |
0.00 |
|
Gains on
sale of investments |
219.00 |
0.00 |
|
Foreign
exchange gains |
3,487.00 |
17,159.00 |
|
Evaluation
of financial assets |
656.00 |
20.00 |
|
Miscellaneous
income |
1,961.00 |
1,964.00 |
|
Non-operating
revenues and gains |
19,276.00 |
30,015.00 |
|
Non-Operating Expenses |
|
|
|
Interest
expense |
13.00 |
4.00 |
|
Loss from
investments under the equity method |
12,940.00 |
13,757.00 |
|
Loss from
investments |
12,940.00 |
13,757.00 |
|
Loss on
disposal of fixed assets |
400.00 |
849.00 |
|
Loss on
sale of investments |
0.00 |
1,235.00 |
|
Miscellaneous
disbursements |
0.00 |
121.00 |
|
Non-operating
expenses and losses |
13,353.00 |
15,966.00 |
|
Income
from continuing operations before income tax |
319,999.00 |
326,496.00 |
|
Income
tax expense (benefit) |
25,373.00 |
31,767.00 |
|
Income
from continuing operations |
294,626.00 |
294,729.00 |
|
Net
income (loss) |
294,626.00 (USD 9,869,971) |
294,729.00 (USD 9,873,422) |
|
Primary Earnings per
Share |
|
|
|
Primary
earnings per share |
9.02 |
9.01 |
|
Diluted earnings per
share |
|
|
|
Diluted
earnings per share |
8.89 |
8.89 |
(As of 2013.6, 1 NTD = 0.0335 USD)
|
Date |
2012-1-1~2012-12-31 |
2011-1-1~2012-12-31 |
|
|
|
|
|
294,626.00 |
294,729.00 |
|
|
Adjustments to Reconcile Net Income to Net
Cash Provided by (Used in) Operating Activities |
|
|
|
30,373.00 |
25,444.00 |
|
|
Share-based Compensation |
40,971.00 |
39,747.00 |
|
Loss (Gain) on Decline (Recovery)
in Market Value, Scrap and Obsolescence of Inventories |
23,417.00 |
36,155.00 |
|
12,940.00 |
13,757.00 |
|
|
193.00 |
849.00 |
|
|
-219.00 |
1,235.00 |
|
|
Unrealized gain from inter-affiliate accounts. |
-374.00 |
-827.00 |
|
Loss (Gain) on Deferred Income Tax |
-7,984.00 |
3,752.00 |
|
Other Adjustments to Reconcile Net Income |
2,277.00 |
0.00 |
|
|
|
|
|
Decrease (Increase) in Financial Assets for
trading |
-8.00 |
0.00 |
|
-70,039.00 |
-8,630.00 |
|
|
Decrease (Increase) in
Accounts Receivable - Related Parties |
3,190.00 |
5,426.00 |
|
-25,372.00 |
-6,047.00 |
|
|
-55,770.00 |
-10,942.00 |
|
|
-5,186.00 |
-9,004.00 |
|
|
-1,256.00 |
94,299.00 |
|
|
154.00 |
0.00 |
|
|
4,445.00 |
7,240.00 |
|
|
-1,023.00 |
36,527.00 |
|
|
Increase (Decrease) in Other Payable) |
-1,164.00 |
-716.00 |
|
1,478.00 |
454.00 |
|
|
-1,757.00 |
-1,253.00 |
|
|
243,912.00 |
522,195.00 |
|
|
|
|
|
|
Made available for sale financial assets |
-230,000.00 |
-55,805.00 |
|
Proceeds from Disposal of Available-for-sale Financial Asset |
235,762.00 |
53,777.00 |
|
Mining rights law is investment company capital return of
shares |
29,960.00 |
0.00 |
|
Purchase of Property, Plant and Equipment |
-26,887.00 |
-30,723.00 |
|
Proceeds from Disposal of Property, Plant and Equipment |
314.00 |
0.00 |
|
Decrease (Increase) in Refundable Deposits |
-699.00 |
-670.00 |
|
Increase in Deferred Charges |
-23,826.00 |
-13,774.00 |
|
Purchase of Intangible Assets |
-18,163.00 |
-21,437.00 |
|
Net Cash Provided by (Used in) Investing Activities |
-33,539.00 |
-68,632.00 |
|
Cash Flows from Financing Activities |
|
|
|
Cash dividend |
-271,048.00 |
-261,251.00 |
|
Treasury stock repurchase cost |
0.00 |
-67,924.00 |
|
Cash flow for investment activities |
-271,048.00 |
-329,175.00 |
|
Net Increase (Decrease) in Cash and Cash Equivalents |
-60,675.00 |
124,388.00 |
|
Cash and Cash Equivalents, Beginning of year |
1,131,494.00 |
1,007,106.00 |
|
Cash and Cash Equivalents, End of year |
1,070,819.00 |
1,131,494.00 |
|
Supplemental Cash Flow Information |
|
|
|
Interest Paid |
13.00 |
4.00 |
|
Interest Paid- Excluding Capitalized Interest |
13.00 |
4.00 |
|
28,912.00 |
20,775.00 |
|
|
Investing Activities Affecting Both Cash and Non-cash Items |
|
|
|
Cash Paid for Acquisition of Property, Plant and Equipment |
|
|
|
Increase in Property, Plant and Equipment |
26,681.00 |
32,644.00 |
|
Increase (Decrease) in Payable for
Equipment Purchased |
164.00 |
-1,699.00 |
|
Increase (Decrease) in lease account payable |
42.00 |
-222.00 |
|
Cash Paid for Acquisition of Property, Plant and
Equipment |
26,887.00 |
30,723.00 |
|
Cash Received from Disposal of Property, Plant and Equipment |
|
|
|
Purchase of intangible assets price paid cash |
18,163.00 |
21,437.00 |
|
Purchase of intangible assets price |
20,451.00 |
21,874.00 |
|
Increase (Decrease) in other payable |
-2,288.00 |
-437.00 |
|
Cash of payment fordeferred charges |
23,826.00 |
13,774.00 |
|
Deferred purchase cost price |
23,658.00 |
16,870.00 |
|
Decrease (Increase) in Other Receivables（other
liabilities） |
168.00 |
-3,096.00 |
|
Name |
First Commercial Bank |
Mortgage
No chattel mortgage record of subject has been found within the recent 3
months.
|
Trial Number: |
2007, Chongzhi, 3 |
|
Date of Trial: |
2011-1-3 |
|
Reason: |
Payment for damages |
|
2 |
|
|
Trial Number: |
2009, Zhi, 1 |
|
Date of Trial: |
2011-1-3 |
|
Reason: |
Payment for damages |
|
3 |
|
|
Trial Number: |
2007- Chongzhi, 3 |
|
Date of Trial: |
2009-2-18 |
|
Reason: |
Payment for damages |
|
4 |
|
|
Trial Number: |
2007, Zhi, 5 |
|
Date of Trial: |
2007-9-10 |
|
Reason: |
Payment for damages |
|
Name |
Ms. Lin |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.57.74 |
|
|
1 |
Rs.90.64 |
|
Euro |
1 |
Rs.77.02 |
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 |
---- |
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.