|
Report Date : |
25.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
CVC TECHNOLOGIES INC. |
|
|
|
|
Registered Office : |
No.190, Gongye 9th Rd., Dali Dist., Taichung City 412 |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
30.06.2012 |
|
|
|
|
Date of Incorporation : |
19.08.2002 |
|
|
|
|
Com. Reg. No.: |
80234971 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturing and sales of machinery, etc. |
|
|
|
|
No. of Employees : |
About 170 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 : |
Exists |
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
|
Company Name: |
|
|
Supplied Name: |
|
|
Trading Address: |
No.190, Gongye 9th
Rd., Dali Dist., Taichung City 412, Taiwan (R.O.C.) |
|
Supplied Address: |
|
|
Telephone Number: |
+886-4-3705-6666 |
|
Fax Number: |
|
|
E-mail: |
|
|
Website: |
Notes: The exact name and address are as above.
|
Registered Name: |
CVC Technologies Inc. |
|
Registered Address: |
No.190, Gongye 9th Rd., Dali
Dist., Taichung City 412, Taiwan (R.O.C.) |
|
Date of Foundation: |
2002-8-19 |
|
Registration Number: |
80234971 |
|
Registry: |
MOEA Central Office |
|
Registered Capital: |
NTD 300,000,000 (USD
10,200,000) (As of 2013.03, 1 NTD = 0.0340 USD) |
|
Paid-up Capital: |
NTD 206,360,000
(USD 7,016,240) |
|
Legal Representatives: |
Shenghui Yang |
|
Legal Form: |
|
|
Principal Activities: |
|
|
Staff: |
|
|
Listed at Stock Exchange: |
|
|
Date of Last Annual Return: |
Subject was incorporated on 2002-8-19 with registered number 80234971 as Joint Stock Company in Taiwan.
Subject was listed on Taiwan Stock Exchange on 2009-5-27.
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 |
|
Name |
Subscription Shares |
|
Shenghui Yang |
4,207,500 |
|
Shihao Yang |
|
|
2,365,000 |
|
|
Fengzhu Guoshi |
968,000 |
|
Yutian Xie |
11,000 |
|
Yizhen Lin |
176,010 |
|
Jinyu Song |
118,800 |
The information above is that of subject’s major shareholders.
Related Companies
|
1 |
|
|
Name |
CVC Technologies, Inc. (USA) |
|
Address |
10861 Business Drive, Fontana, CA 92337 |
|
Telephone Number |
+1-909-355-0311 |
|
Fax Number |
+1-909-355-0411 |
|
2 |
|
|
Name |
Shanghai Huangjiang Light Industry Machinery Co., Ltd. |
|
Address |
1 Building, Lane 1343, Tongpu Rd., Putuo District, Shanghai, China
200333 |
|
Telephone Number |
+86-21-5270-3030 |
|
Fax Number |
+86-21-5269-6019 |
Core
Management
Directors
|
1 |
|
|
Name |
Shenghui Yang |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Shihao Yang |
|
Position |
Director |
|
3 |
|
|
Name |
Fengzhu Guoshi |
|
Position |
Director |
|
4 |
|
|
Name |
Yutian Xie |
|
Position |
Independent Director |
|
5 |
|
|
Name |
Wensen Luo |
|
Position |
Independent Director |
|
6 |
|
|
Name |
Wentian Zhang |
|
Position |
Supervisor |
|
7 |
|
|
Name |
Yizhen Lin |
|
Position |
Supervisor |
|
8 |
|
|
Name |
Jinyu Song |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 170
Employees |
Offices
& Factories
|
|
Headquarters |
|
Add |
No.190, Gongye 9th Rd., Dali
Dist., Taichung City 412, Taiwan (R.O.C.) |
Production
Information
l
Subject is engaged in manufacturing of machinery,
etc.
l
It is introduced that subject has a factory (about 20,000
square meters) in Taichung city, Taiwan for production.
l
Subject obtained the certifications of ISO
9001:2000, CE and UL.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
CC01110 |
Manufacturing of computer and office
equipment |
|
CB01010 |
Manufacturing of machinery |
|
F113050 |
Wholesale of computer and office equipment |
|
F213030 |
Retail of computer and office equipment |
|
F113010 |
Wholesale of machinery |
|
F213080 |
Retail of machinery |
|
F401010 |
International trade business |
|
F208040 |
Retail of cosmetic |
|
F108040 |
Wholesale of cosmetic |
|
IG01010 |
Biological technology service |
|
F102170 |
Wholesale of food and grocery |
|
I301030 |
Electronic information supply service |
|
I301020 |
Data processing service |
|
F113030 |
Wholesale of precise instrument |
|
F213040 |
Retail of precise instrument |
|
JE01010 |
Leasing industry |
|
F108021 |
Wholesale of western medicine |
|
F208021 |
Retail of western medicine |
|
F108011 |
Wholesale of traditional Chinese medicine |
|
F208011 |
Retail of traditional Chinese medicine |
|
F114060 |
Wholesale of ship and its parts |
|
F214060 |
Retail of ship and its parts |
|
C802100 |
Manufacturing of cosmetic |
|
F108051 |
Sales of cosmetic pigments |
|
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 It is introduced that subject imports some technology from Europe and
USA.
l Subject is engaged in sales of machinery, etc.
l The major products sold by subject include automatic labeling machinery,
pharmaceutical packaging machinery, nutriceutical packaging, liquid and tablet
full line, etc.
l Subject’s sales regions include mainland China, Japan, South Korea,
Africa, Europe and America, etc.
l It is introduced that subject has a research and development centre in
Italy.
l Subject has their own brand “CVC”.
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 |
|
|
Components |
CBD,
etc |
100% |
Sales
Domestic Markets
|
Sales
Terms |
Proportion |
|
|
Machinery |
COD,
CBD, etc |
100% |
Export
|
Sales
Terms |
Proportion |
|
|
Machinery |
CBD,
etc |
100% |
Unit: NTD/000
|
|
2012-6-30 |
2011-6-30 |
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash and cash equivalents |
73,368.00 |
27,281.00 |
|
Accounts receivable - net |
73,457.00 |
105,192.00 |
|
Accounts receivable - related parties -
net |
75,106.00 |
92,113.00 |
|
Other receivables - related parties |
63,922.00 |
44,364.00 |
|
Other financial assets-current |
19,485.00 |
27,850.00 |
|
Inventories |
190,588.00 |
177,009.00 |
|
Prepayment |
4,740.00 |
8,990.00 |
|
Other current assets |
17,007.00 |
25,245.00 |
|
Current assets |
517,673.00 |
508,044.00 |
|
Funds and Investments |
|
|
|
Long-term equity investment under
equity method |
39,201.00 |
62,120.00 |
|
Investments |
39,201.00 |
62,120.00 |
|
Funds and investments |
39,201.00 |
62,120.00 |
|
Fixed Assets |
|
|
|
Cost |
|
|
|
Land |
112,617.00 |
112,617.00 |
|
Buildings and structures |
246,084.00 |
244,811.00 |
|
Machinery and equipment |
56,859.00 |
55,874.00 |
|
Transportation equipment |
2,514.00 |
2,514.00 |
|
Other facilities |
34,413.00 |
33,780.00 |
|
Cost of fixed assets |
452,487.00 |
449,596.00 |
|
Accumulated depreciation |
-50,622.00 |
-31,480.00 |
|
Construction in process and prepayment for
equipments |
1,325.00 |
1,449.00 |
|
Fixed assets |
403,190.00 |
419,565.00 |
|
Intangible Assets |
|
|
|
Computer software cost |
388.00 |
112.00 |
|
Deferred pension costs |
15,830.00 |
19,588.00 |
|
Other intangible assets |
10,515.00 |
12,033.00 |
|
Intangible assets |
26,733.00 |
31,733.00 |
|
Other Assets |
|
|
|
Guarantee deposits paid |
2,532.00 |
3,951.00 |
|
Deferred expenses |
1,747.00 |
1,644.00 |
|
Deferred income tax assets-non
current |
1,934.00 |
889.00 |
|
Other assets |
6,213.00 |
6,484.00 |
|
Assets |
993,010.00 |
1,027,946.00 |
|
Liabilities and Stockholders' Equity |
|
|
|
Liabilities |
|
|
|
Current Liabilities |
|
|
|
Short-term borrowing |
216,253.00 |
245,043.00 |
|
Notes payable |
1,343.00 |
7,168.00 |
|
Accounts payable |
151,530.00 |
141,512.00 |
|
Accounts payable - related parties |
254.00 |
4,591.00 |
|
Income tax payable |
67.00 |
80.00 |
|
Accounts payable - related parties |
3,601.00 |
0.00 |
|
Advance receipts |
22,971.00 |
23,058.00 |
|
Long-Term Liabilities -Current Portion |
10,775.00 |
0.00 |
|
Other current liabilities |
37,903.00 |
40,028.00 |
|
Current liabilities |
444,697.00 |
461,480.00 |
|
Long-term Liabilities |
|
|
|
Long-term loan |
174,686.00 |
176,000.00 |
|
Long-term liabilities |
174,686.00 |
176,000.00 |
|
Reserves |
|
|
|
Other Liabilities |
|
|
|
Pension reserve / accrued pension
liability |
32,116.00 |
32,505.00 |
|
Other liabilities - other |
21,555.00 |
16,653.00 |
|
Other liabilities |
53,671.00 |
49,158.00 |
|
Liabilities |
673,054.00 |
686,638.00 |
|
Stockholders' Equity |
|
|
|
Capital |
|
|
|
Common stock |
206,360.00 |
206,360.00 |
|
Capital Surplus |
|
|
|
Capital surplus–share premium |
113,640.00 |
159,640.00 |
|
Capital surplus–long-term investments |
13.00 |
13.00 |
|
Capital surplus |
113,653.00 |
159,653.00 |
|
Retained Earnings |
|
|
|
Legal reserve |
0.00 |
32,971.00 |
|
Unappropriated retained earnings |
2,231.00 |
-53,337.00 |
|
Retained earnings |
2,231.00 |
-20,366.00 |
|
Stockholders' Equity and Other adjustment |
|
|
|
Cumulative translation adjustments |
-2,288.00 |
-4,339.00 |
|
Stockholders' equity and other adjustment |
-2,288.00 |
-4,339.00 |
|
Stockholders-equity |
319,956.00 (USD
10,878,504.00) |
341,308.00 (USD 11,604,472.00) |
|
Number of treasury stock acquired by the
company and subsidiaries (unit: share) |
0.00 |
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
|
|
2012-1-1~2012-6-30 |
2011-1-1~2011-6-30 |
|
Sales |
379,613.00 (USD 12,906,842.00) |
399,831.00 (USD 13,594,254.00) |
|
Sales returns |
5,774.00 |
19,305.00 |
|
Sales discount |
63.00 |
1,287.00 |
|
Sales |
373,776.00 |
379,239.00 |
|
Operating income |
373,776.00 |
379,239.00 |
|
Cost of selling |
269,218.00 |
281,916.00 |
|
Operating costs |
269,218.00 |
281,916.00 |
|
Gross profit (loss) from operations |
104,558.00 |
97,323.00 |
|
Unrealized gains on intercompany
transactions |
-1,848.00 |
-6,205.00 |
|
Selling expense |
43,677.00 |
58,526.00 |
|
General and administrative expenses |
17,781.00 |
34,994.00 |
|
Research and development expenses |
20,172.00 |
25,831.00 |
|
Operating expenses |
81,630.00 |
119,351.00 |
|
Operating income (loss) |
24,776.00 |
-15,823.00 |
|
Non-Operating Income |
|
|
|
Interest income |
46.00 |
37.00 |
|
Miscellaneous income |
6,518.00 |
1,831.00 |
|
Non-operating revenues and gains |
6,564.00 |
1,868.00 |
|
Non-operating expenses and losses |
|
|
|
Interest expenses |
4,675.00 |
3,585.00 |
|
Loss on investment under the equity method |
26,361.00 |
29,116.00 |
|
Investment losses |
26,361.00 |
29,116.00 |
|
Loss on disposal of fixed assets |
0.00 |
8,164.00 |
|
Foreign exchange losses |
32.00 |
2,242.00 |
|
Non-operating expenses and losses |
31,068.00 |
43,107.00 |
|
Income from continuing operations before
income tax |
272.00 |
-57,062.00 |
|
Income tax expense (benefit) |
-1,959.00 |
-2,770.00 |
|
Income from continuing operations |
2,231.00 |
-54,292.00 |
|
Net income (loss) |
2,231.00 (USD 75,854.00) |
-54,292.00 (USD -1,845,928.00) |
|
Primary Earnings per Share |
|
|
|
Primary earnings per share |
0.11 |
-2.63 |
|
Diluted earnings per share |
|
|
|
Diluted earnings per share |
0.11 |
-2.63 |
(As of 2013.03, 1 NTD =
0.0340 USD)
Unit: NTD/000
|
|
2012-1-1~2012-6-30 |
2011-1-1~2011-6-30 |
|
Cash Flows from Operating Activities -
Indirect Method |
|
|
|
Net Income (Loss) |
2,231 |
(54,292) |
|
Adjustments to Reconcile Net Income to Net
Cash Provided by (Used in) Operating Activities |
|
|
|
Depreciation Expense |
9,650 |
7,925 |
|
Selling Expense |
1,915 |
1,061 |
|
Provision for Bad Debt |
-4,946 |
3,605 |
|
Loss (Gain) on Decline (Recovery) in Market
Value, Scrap and Obsolescence of Inventories |
11,688 |
171 |
|
Loss (Gain) on Inventories |
-17 |
396 |
|
Investment Loss (Income) Recognized under
Equity Method |
26,361 |
29,116 |
|
Loss (Gain) on Disposal of Property, Plant
and Equipment |
0 |
8,164 |
|
Unrealized gains on intercompany
transactions |
-1,848 |
-6,205 |
|
Changes in Operating Assets and
Liabilities |
|
|
|
Decrease (Increase) in Notes Receivable |
1 |
-60 |
|
Decrease (Increase) in Accounts Receivable |
12,032 |
9,072 |
|
Decrease (Increase) in Accounts Receivable - Related Parties |
8,499 |
2,165 |
|
Decrease (Increase) in Other Receivable |
-37,152 |
-27,612 |
|
Decrease (Increase) in Inventories |
-52,482 |
-53,401 |
|
Decrease (Increase) in Prepaid Expenses |
1,221 |
253 |
|
Decrease (Increase) in Prepayment |
7,131 |
30,628 |
|
Decrease (Increase) in Other Current
Assets |
-579 |
-4,303 |
|
Decrease (Increase) in Other Financial
Assets |
0 |
341 |
|
Decrease (Increase) in Deferred Income
Tax Assets |
-1,959 |
-3,471 |
|
Increase (Decrease) in Notes Payable |
-2,804 |
-38,485 |
|
Increase (Decrease) in Accounts Payable |
58,309 |
70,193 |
|
Increase (Decrease) in Accounts Payable - Related Parties |
202 |
-5,255 |
|
Increase (Decrease) in Income Tax Payable |
-4 |
-4,794 |
|
Increase (Decrease) in Accrued Expenses |
-7,458 |
-9,130 |
|
Increase (Decrease) in Other Accrued
Expenses |
124 |
0 |
|
Increase (Decrease) in Advance Receipts |
-6,402 |
17,222 |
|
Increase (Decrease) in Other Current
Liabilities |
315 |
724 |
|
Increase (Decrease) in Accrued Pension
Liabilities |
1,726 |
1,643 |
|
Net Cash Provided by (Used in) Operating
Activities |
25,754 |
-24,329 |
|
Cash Flows from Investing Activities |
|
|
|
Increase in Long-term Investments at
Equity |
0 |
-25,114 |
|
Purchase of Property, Plant and Equipment |
-690 |
-24,308 |
|
Decrease (Increase) in Refundable Deposits |
568 |
-2,269 |
|
Increase (Decrease) in Deferred Expenses |
0 |
-1,719 |
|
Increase (Decrease) in Restricted
Assets |
-416 |
1,962 |
|
Net Cash Provided by (Used in) Investing
Activities |
-538 |
-51,448 |
|
Cash Flows from Financing Activities |
|
|
|
Increase (Decrease) in Short-term Loans |
-26,977 |
76,543 |
|
Long-term Loan |
9,461 |
0 |
|
Net Cash Provided by (Used in) Financing Activities |
-17,516 |
76,543 |
|
Exchange Influence |
0 |
0 |
|
Net Increase (Decrease) in Cash and Cash
Equivalents |
7,700 |
766 |
|
Cash and Cash Equivalents, Beginning of year |
65,668 |
26,515 |
|
Cash and Cash Equivalents, End of year |
73,368 |
27,281 |
|
Supplemental Cash Flow Information |
|
|
|
Interest Paid |
4,544 |
3,510 |
|
Interest Paid - Excluding Capitalized
Interest |
4,544 |
3,510 |
|
Income Tax Paid |
4 |
5,527 |
|
Non-cash Investing and Financing
Activities |
|
|
|
Inventories Transfer to Fixed Asset |
0 |
4,204 |
|
Investing Activities Affecting Both Cash
and Non-cash Items |
|
|
|
Cash on Purchase of Fixed Assets |
|
|
|
Increased in Fixed Assets |
690 |
24,975 |
|
Increase (Decrease) in Accounts Payable for
Purchase of Equipment |
0 |
(667) |
|
Cash on Purchase of Fixed Assets |
690 |
24,308 |
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
|
1 |
|
|
2009,Zhongbu,573 |
|
|
Date of Trial: |
2009-4-6 |
|
Reason: |
Payment for remuneration |
|
2 |
|
|
Trial Number: |
2011,Zhonglaojian,11 |
|
Date of Trial: |
2011-4-28 |
|
Reason: |
Payment for severance |
|
Name |
Ms. Zeng |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.34 |
|
UK Pound |
1 |
Rs.82.56 |
|
Euro |
1 |
Rs.70.10 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.