|
Report Date : |
18.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
QUANMAX INC. |
|
|
|
|
Registered Office : |
5F., No.415, Sec.2, Ti-Ding Blvd., Neihu District, Taipei 114 |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
30.06.2011 |
|
|
|
|
Date of Incorporation : |
09.09.1999 |
|
|
|
|
Com. Reg. No.: |
70399869 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturing and sales of electronic products, etc |
|
|
|
|
No. of Employees : |
About 70 Employees |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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: |
|
|
Former Name: |
Kontron Asia
Inc. |
|
Supplied Name: |
|
|
Trading Address: |
5F., No.415, Sec.2, Ti-Ding Blvd., Neihu
District, Taipei 114, Taiwan, R.O.C. |
|
Supplied Address: |
4F, No. 415, Ti-Ding Blvd. Sec. 2, Neihu
District, Taipei Taiwan 114 |
|
Telephone Number: |
+886-2-2799-2789 |
|
Fax Number: |
|
|
E-mail: |
Notes: The exact name and address are as above.
|
Credit Opinion: |
Subject was incorporated on 1999-9-9 with registered
number 70399869 as Joint Stock Company in Taiwan.
Subject was listed
on Taiwan stock exchange on 2006-12-29 with stock symbol: 3549 and delisted on
2012-3-21.
Change of Name
|
Former English
Name |
Kontron Asia
Inc. |
|
Current English
Name |
Quanmax Inc. |
|
Name |
Subscription Shares |
|
Menghong Chen |
350,000 |
|
Ample Nation Limited |
|
|
4,830,000 |
|
|
Guokai Zheng |
1,291,783 |
|
Yijun Huang |
416,000 |
The information
above is that of subject’s major shareholders.
Related Companies
|
1 |
|
|
Name |
Quanmax Japan
Inc. |
|
Address |
9F, Grace
Takanawa, 2-14-17, Takanawa, Minato-ku, Tokyo, 108-0074 Japan |
|
Telephone Number |
+81-3-4590-6765 |
|
Fax Number |
+83-3-6674-1794 |
|
2 |
|
|
Name |
Quanmax
(Shanghai) Inc. |
|
Address |
401,
No.142,TianLin Rd, Shanghai, China |
|
Telephone Number |
+86-21-5427-2262 |
|
Fax Number |
+86-21-5427-5155 |
|
3 |
|
|
Name |
Quanmax USA
(RSI) |
|
Address |
4790 Irvine
Blvd., Suite 105-318, Irvine, CA 92620 |
|
Telephone Number |
+1-949-272-2930 |
|
Fax Number |
+1-714-731-3039 |
Core
Management
Directors
|
1 |
|
|
Name |
Menghong Chen |
|
Position |
Board Director |
|
2 |
|
|
Name |
Hannes
Niederhauser |
|
Position |
Director |
|
3 |
|
|
Name |
Rudolf Wieczorek |
|
Position |
Director |
|
4 |
|
|
Name |
Guokai Zheng |
|
Position |
Director |
|
Date of
Appointment |
2005-5-13 |
|
5 |
|
|
Name |
Zhiwen Liu |
|
Position |
Supervisor |
|
6 |
|
|
Name |
Gengzuo Ou |
|
Position |
Supervisor |
|
7 |
|
|
Name |
Yijun Huang |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 70 Employees |
Offices
& Factories
|
|
Headquarters |
|
Add |
5F., No.415, Sec.2, Ti-Ding Blvd., Neihu District, Taipei 114, Taiwan,
R.O.C. |
Production
Information
l
Subject is engaged in manufacturing of electronic products, etc.
l
It is introduced that subject has R&D centers
and factories in mainland China, Taipei city, and Malaysia, etc.
l
Subject has obtained the certification of ISO 9001
and QC0800.
l
It is introduced that subject imports some
technology from Japan and Europe.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
F113020 |
Wholesale of electrical equipment |
|
F213010 |
Retail of electrical equipment |
|
F401010 |
International trade business |
|
F113050 |
Wholesale of computer and office equipment |
|
F213030 |
Retail of computer and office equipment |
|
CC01110 |
Manufacturing of computer and office equipment |
|
CC01060 |
Manufacturing of wire communication equipment |
|
CC01070 |
Manufacturing of wireless communication equipment |
|
CC01080 |
Manufacturing of electronic component |
|
E603050 |
Engineering of automatic control equipment |
|
E605010 |
Computer installation |
|
F113030 |
Wholesale of precise instrument |
|
F113070 |
Wholesale of telecommunications equipment |
|
F119010 |
Wholesale of electronic materials |
|
F118010 |
Wholesale of software |
|
F213040 |
Retail of precise instrument |
|
F213060 |
Retail of telecommunications equipment |
|
F219010 |
Retail of electronic materials |
|
F218010 |
Retail of software |
|
I301010 |
Software service |
|
I301020 |
Software processing service |
|
I301030 |
Software service supplying |
|
F401021 |
Import of RF equipment controlled by telecom |
|
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 products,
etc.
l
It is introduced that subject also engaged in
providing semi/full custom solutions in many industrial applications.
l
The major products sold by subject include
motherboards and SBCs, embedded systems, industrial panel PCs and network
security appliance, etc.
l
Subject’s sales regions include Asia, Europe and
America, etc.
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase
|
Payment Terms |
Proportion |
|
|
Components, etc |
COD, CBD, etc |
100% |
Foreign Purchase
|
Payment Terms |
Proportion |
|
|
Components, etc |
CBD, etc |
100% |
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
Electronic
products |
COD, CBD, etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Electronic
products |
CBD, etc |
100% |
Unit: NTD/000
|
|
2011-6-30 |
2010-6-30 |
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash and cash equivalents |
115,040.00 |
153,979.00 |
|
Financial assets measured at fair value through profit
or loss - current |
0.00 |
4,189.00 |
|
Notes receivable - net |
156.00 |
255.00 |
|
Accounts receivable - net |
23,779.00 |
34,991.00 |
|
Accounts receivable - related parties - net |
96,310.00 |
151,155.00 |
|
Other receivables |
1,584.00 |
2,883.00 |
|
Other receivables–related parties |
32,482.00 |
75,888.00 |
|
Inventories |
70,384.00 |
114,957.00 |
|
Prepaid expenses |
0.00 |
0.00 |
|
Advances to suppliers |
2,277.00 |
2,703.00 |
|
Other current assets |
55,384.00 |
91,998.00 |
|
Current assets |
397,396.00 |
632,998.00 |
|
Funds and Investments |
|
|
|
Investments |
648,244.00 |
563,551.00 |
|
Funds and investments |
648,244.00 |
563,551.00 |
|
Fixed Assets |
|
|
|
Cost |
|
|
|
Buildings and structures |
9,302.00 |
10,734.00 |
|
Machinery and equipment |
10,582.00 |
12,565.00 |
|
Lease improvement |
7,018.00 |
6,583.00 |
|
Other equipment |
0.00 |
336.00 |
|
Revaluation increment |
0.00 |
0.00 |
|
Cost and revaluation increment |
26,902.00 |
30,218.00 |
|
Accumulated depreciation |
-20,371.00 |
-23,014.00 |
|
Net fixed assets |
6,531.00 |
7,204.00 |
|
Intangible Assets |
|
|
|
Cost of software |
687.00 |
1,783.00 |
|
Intangible assets |
687.00 |
1,783.00 |
|
OtherAssets |
|
|
|
Guaranteed deposits paid |
3,474.00 |
9,306.00 |
|
Deferred expenses |
1,613.00 |
6,235.00 |
|
Long-term notes receivable and payment |
0.00 |
0.00 |
|
Long-term notes receivable and payment - related
parties |
26,383.00 |
0.00 |
|
Deferred income tax assets-non current |
18,752.00 |
1,728.00 |
|
Other assets - other |
26,227.00 |
25,275.00 |
|
Other assets |
76,449.00 |
42,544.00 |
|
Assets |
1,129,307.00 |
1,248,080.00 |
|
Liabilities and Stockholders' Equity |
|
|
|
Liabilities |
|
|
|
Current Liabilities |
|
|
|
Short-term borrowing |
156,737.00 |
215,410.00 |
|
Financial liabilities measured at fair value
through profit or loss - current |
165.00 |
0.00 |
|
Notes payable |
1,709.00 |
367.00 |
|
Accounts payable |
78,726.00 |
139,048.00 |
|
Income tax payable |
11,000.00 |
0.00 |
|
Accrued expenses |
13,101.00 |
15,560.00 |
|
Others accounts payable- related parties |
0.00 |
0.00 |
|
Others accounts payable |
766.00 |
766.00 |
|
Advance receipts |
11,257.00 |
15,912.00 |
|
Long-term liabilities -current portion |
0.00 |
0.00 |
|
Other current liabilities |
766.00 |
1,260.00 |
|
Current liabilities |
274,227.00 |
388,323.00 |
|
Long term Liabilities |
|
|
|
Long-term loan |
0.00 |
0.00 |
|
Long term Liabilities |
0.00 |
0.00 |
|
Reserves |
|
|
|
Other Liabilities |
|
|
|
Other liabilities - other |
0.00 |
0.00 |
|
Other liabilities |
0.00 |
0.00 |
|
Liabilities |
274,227.00 |
388,323.00 |
|
Stockholders' Equity |
|
|
|
Capital |
|
|
|
Common stock |
499,200.00 |
499,200.00 |
|
Capital Surplus |
|
|
|
Capital Surplus - share premium |
8,000.00 |
8,000.00 |
|
Capital Surplus–long-term
investment |
7,899.00 |
16,023.00 |
|
Capital surplus |
15,899.00 |
24,023.00 |
|
Retained Earnings |
|
|
|
Legal reserve |
95,479.00 |
95,479.00 |
|
Special reserve |
35,137.00 |
35,137.00 |
|
Unappropriated retained earnings |
319,622.00 |
285,280.00 |
|
Retained earnings |
450,238.00 |
415,896.00 |
|
Stockholders' Equity and Other adjustment |
|
|
|
Cumulative translation adjustments |
-77,957.00 |
-79,362.00 |
|
Treasury stock |
-32,300.00 |
0.00 |
|
Stockholders' equity and other adjustment |
-110,257.00 |
-79,362.00 |
|
Stockholders-equity |
855,080.00 (USD 29,072,720.00) |
859,757.00 (USD 29,231,738.00) |
|
Number of treasury stock acquired by the company and
subsidiaries (unit: share) |
1,900,000.00 |
0.00 |
|
Equivalent shares of outstandings of advance
receipts for common stock (unit: share) |
0.00 |
0.00 |
(As of 2013.03, 1 NTD =
0.0340 USD)
Unit: NTD/000
|
|
2011-1-1~2011-6-30 |
2010-1-1~2010-6-30 |
|
Sales |
357,226.00 (USD 12,145,684.00) |
532,420.00 (USD 18,102,280.00) |
|
Sales returns |
372.00 |
196.00 |
|
Sales discounts and allowances |
179.00 |
3,536.00 |
|
Net sales |
356,675.00 |
528,688.00 |
|
Service revenue |
2,954.00 |
1,568.00 |
|
Other operating income |
88.00 |
155.00 |
|
Operating income |
359,717.00 |
530,411.00 |
|
Operating costs |
313,966.00 |
526,934.00 |
|
Gross profit (loss) from operations |
45,751.00 |
3,477.00 |
|
Unrealized gains on intercompany transactions |
0.00 |
0.00 |
|
Selling expense |
19,437.00 |
20,141.00 |
|
General and administrative expenses |
14,589.00 |
16,955.00 |
|
Research and development expenses |
18,858.00 |
30,723.00 |
|
Operating expenses |
52,884.00 |
67,819.00 |
|
Operating income (loss) |
-7,133.00 |
-64,342.00 |
|
Non-Operating Income |
|
|
|
Interest income |
73.00 |
72.00 |
|
Investment income |
20,416.00 |
0.00 |
|
Revaluation gain on financial assets |
0.00 |
13,843.00 |
|
Miscellaneous income |
1,793.00 |
3,804.00 |
|
Non-operating revenues and gains |
22,282.00 |
17,719.00 |
|
Non-Operating Expenses |
|
|
|
Interest expense |
1,613.00 |
1,387.00 |
|
Investment loss |
0.00 |
268,769.00 |
|
Loss on disposal on fixed assets |
301.00 |
45.00 |
|
Loss on exchange |
123.00 |
17,820.00 |
|
Revaluation loss on financial assets |
900.00 |
0.00 |
|
Miscellaneous disbursements |
477.00 |
103.00 |
|
Non-operating expenses and losses |
3,414.00 |
288,124.00 |
|
Income from continuing operations before income
tax |
11,735.00 |
-334,747.00 |
|
Income tax expense (benefit) |
998.00 |
33,597.00 |
|
Income from continuing operations |
10,737.00 |
-368,344.00 |
|
Net income (loss) |
10,737.00 (USD 365,058.00) |
-368,344.00 (USD -12,523.70) |
|
Primary Earnings per Share |
|
|
|
Primary earnings per share |
0.22 |
-7.38 |
|
Diluted earnings per share |
|
|
(As of 2013.03, 1 NTD =
0.0340 USD)
|
Name |
Taishin International Bank |
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. Li |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.16 |
|
|
1 |
Rs.81.74 |
|
Euro |
1 |
Rs.70.50 |
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.