|
Report Date : |
30.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
WISTRON CORPORATION |
|
|
|
|
Registered Office : |
No.5 Hsin An Road, Science-Based Industrial Park, Hsinchu |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
30.05.2001 |
|
|
|
|
Com. Reg. No.: |
12868358 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturing and sales of electronic products,
communication equipment and etc. |
|
|
|
|
No. of Employees : |
About 60,000 Employees (Group) |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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
|
Company Name: |
Wistron Corporation |
|
Supplied Name: |
|
|
Trading Address: |
|
|
Supplied Address: |
5, Hsin-Ann Rd
Science-Based Industrial Park Hsinchu 300, Taiwan |
|
Telephone Number: |
+886-2-6616-9999 |
|
Fax Number: |
|
|
E-mail: |
Notes: The exact name is as above. And the supplied address belongs to subject’s
factory.
|
Registered Name: |
|
|
Registered Address: |
No.5 Hsin An
Road, Science-Based Industrial Park, Hsinchu, Taiwan, R.O.C. |
|
Date of Foundation: |
2001-5-30 |
|
Registration Number: |
12868358 |
|
Registry: |
Science Park Administration |
|
Registered Capital: |
NTD 25,000,000,000
(USD 813,746,000) |
|
Paid-up Capital: |
NTD 21,979,431,570 (USD 715,427,000) |
|
Legal Representatives: |
Xianming Lin |
|
Legal Form: |
|
|
Principal Activities: |
Manufacturing and sales
of electronic
products, communication equipment and etc. |
|
Staff: |
|
|
Listed at Stock Exchange: |
|
|
Date of Last Annual Return: |
Subject was incorporated on 2001-5-30 with registered number 12868358 as Joint Stock Company in Taiwan.
Subject was listed on Taiwan stock exchange with the stock symbol 3231 on 2003-8-19.
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 Amount |
|
Xianming Lin |
24,464,931 |
|
Zhenrong Shi |
2,395,291 |
|
Botuan Huang |
1,324,050 |
|
Hongbo Xie |
931,857 |
|
Zhongren Zheng |
69,944 |
The information above is that of subject’s major
shareholders.
|
1 |
|
|
Name |
|
|
Address |
No. 168, The First Avenue, Comprehensive Bonded
Zone, Kunshan City, Jiangsu Province, China |
|
Telephone Number |
+86-512-5736-7888 |
|
Fax Number |
+86-512-5736-7999 |
|
2 |
|
|
Name |
Wistron Zhongshan Limited Company |
|
Address |
No.38, Jidong Road, Torch Hi-Tech Industrial Development Zone, Zhongshan City, Guangdong Province, China |
|
Telephone Number |
+86-760-233-8238 |
|
Fax Number |
+86-760-233-82382 |
Factory
|
Name |
Hsinchu Factory |
|
Address |
No.5 Hsin An Road, Science-Based Industrial
Park, Hsinchu, Taiwan,
R.O.C. |
Office
|
Name |
Hsichih Office |
|
Address |
21F, 88, Sec 1, Hsintai 5th Rd, Hsichih New Taipei City
22181, Taiwan, R.O.C. |
Core
Management
|
1 |
|
|
Name |
Xianming Lin |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Zhenrong Shi |
|
Position |
Director |
|
3 |
|
|
Name |
Hongbo Xie |
|
Position |
Director |
|
4 |
|
|
Name |
Botuan Huang |
|
Position |
Director |
|
5 |
|
|
Mingzhi Xuan |
|
|
Position |
Independent
Director |
|
6 |
|
|
Name |
Guozhi Cai |
|
Position |
Independent Director |
|
7 |
|
|
Name |
Guofeng Wu |
|
Position |
Independent Director |
|
8 |
|
|
Name |
Zhongren Zheng |
|
Position |
Independent Director |
|
9 |
|
|
Name |
Dugong Cai |
|
Position |
Independent Director |
Personnel
Structure
|
Total Employees |
About 60,000 Employees |
Offices
& Factories
|
|
Headquarters |
|
Add |
No.5 Hsin An Road, Science-Based Industrial
Park, Hsinchu, Taiwan, R.O.C. |
Production
Information
l
Subject is a manufacturer of electronic
products, communication equipments and etc.
l
It is introduced that subject has three factories
in Hsinchu, Taiwan, Kunshan
City, Jiangsu Province, China and Zhongshan City, Guangdong Province, China for
production.
l
It is introduced that subject’s factories has
obtained ISO 9001, ISO1 4000, OHSAS 18000, ESD, QC 080000 certifications.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
CC01060 |
Wire communication mechanical equipment
manufacturing |
|
CC01070 |
Wireless communication mechanical
equipment manufacturing |
|
CC01080 |
Electronic components manufacturing |
|
I301010 |
Information software service |
|
I501010 |
Design industry |
|
F401010 |
International Trading Business |
|
CE01030 |
Optical instrument manufacturing |
|
F401021 |
The controlled telecommunications
radio-frequency devices input industry (radio transmitting-receiving set) |
|
CC01101 |
Controlled telecommunications
radio-frequency devices Manufacturing (radio transmitting-receiving set) |
|
CC01030 |
Appliances and audio-visual electronic
manufacturing |
|
CC01110 |
Computer and its peripheral equipment
manufacturing |
|
JA02010 |
The repair of electrical and electronic
products |
|
J101090 |
The waste disposal industry |
l
It is introduced that subject purchases
raw materials, components and etc for products both in domestic and
overseas market.
Sales
Information
l
The subject is engaged in sales of electronic products, communication equipments and etc.
l
It is introduced that subject’s selling territory
covers all over the world.
l
It is introduced that subject’s major customers are
manufacturers, wholesalers, distributors of electronic products and etc.
l
It is introduced that subject can also provide OEM,
ODM services and etc.
Major products sold
|
|
Product |
|
1. |
PCs |
|
2. |
servers and storage systems |
|
3. |
networking products |
|
4. |
display products |
|
5. |
communication devices |
Import and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
Domestic Purchase
|
Payment Terms |
Proportion |
|
|
COD, CBD and etc. |
Foreign Purchase
|
Payment Terms |
Proportion |
|
|
CBD and etc. |
100% |
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
Electronic products, communication
equipments and etc. |
COD, CBD and etc. |
100% |
Export
|
Sales Terms |
Proportion |
|
|
electronic products, communication
equipments and etc. |
CBD and etc. |
100% |
Unit:
NTD/000
(As of 2013.3, 1 NTD =
0.0326 USD)
Unit: NTD/000
|
|
2012 |
2011 |
|
Sales |
601,339,897.00 (USD
19,603,680,642.20) |
591,140,834.00 (USD
19,271,191,188.40) |
|
Sales returns |
2,581,304.00 |
4,663,651.00 |
|
Sales |
598,758,593.00 |
586,477,183.00 |
|
Operating income |
598,758,593.00 |
586,477,183.00 |
|
Cost of sales |
574,159,694.00 |
562,007,162.00 |
|
Operating costs |
574,159,694.00 |
562,007,162.00 |
|
Gross profit (loss) from operations |
24,598,899.00 |
24,470,021.00 |
|
Unrealized gains on intercompany
transactions |
20,652.00 |
0.00 |
|
Realized gains on intercompany
transactions |
0.00 |
194,047.00 |
|
Selling expense |
6,000,843.00 |
6,054,862.00 |
|
General and administrative expenses |
1,650,580.00 |
1,616,494.00 |
|
Research and development expenses |
11,252,487.00 |
11,051,558.00 |
|
Operating expenses |
18,903,910.00 |
18,722,914.00 |
|
Operating income (loss) |
5,674,337.00 |
5,941,154.00 |
|
Non-Operating Income |
|
|
|
Interest income |
22,620.00 |
24,516.00 |
|
Income from long-term equity investments
under the equity method |
3,261,181.00 |
4,634,824.00 |
|
Investment income |
3,261,181.00 |
4,634,824.00 |
|
Gains on disposal of fixed assets |
1,075.00 |
1,777.00 |
|
Gains on sale of investments |
14,593.00 |
70,808.00 |
|
Rent income |
30,552.00 |
32,614.00 |
|
Revaluation gain on financial assets |
0.00 |
86,596.00 |
|
Miscellaneous income |
159,741.00 |
157,740.00 |
|
Non-operating revenues and gains |
3,489,762.00 |
5,008,875.00 |
|
Non-Operating Expenses |
|
|
|
Interest expense |
996,563.00 |
596,441.00 |
|
Loss on disposal of fixed assets |
482.00 |
29.00 |
|
Foreign exchange losses |
443.00 |
121,156.00 |
|
Revaluation loss on financial assets |
31,582.00 |
0.00 |
|
Miscellaneous disbursements |
7,220.00 |
44,473.00 |
|
Non-operating expenses and losses |
1,036,290.00 |
762,099.00 |
|
Income from continuing operations before
income tax |
8,127,809.00 |
10,187,930.00 |
|
Income tax expense (benefit) |
1,461,378.00 |
1,122,902.00 |
|
Income from continuing operations |
6,666,431.00 |
9,065,028.00 |
|
Net income (loss) |
6,666,431.00 (USD
217,325,650.60) |
9,065,028.00 (USD
295,519,912.80) |
|
Primary Earnings per Share |
|
|
|
Primary earnings per share |
3.06 |
4.15 |
|
Diluted earnings per share |
|
|
|
2.83 |
4.06 |
(As of 2013.3, 1 NTD =
0.0326 USD)
Unit: NTD/000
|
|
2012 |
2011 |
|
Cash
Flows from Operating Activities - Indirect Method |
|
|
|
Net
Income (Loss) |
6,666,431
|
9,065,028
|
|
Adjustments
to Reconcile Net Income to Net Cash Provided by (Used in) Operating
Activities |
|
|
|
Depreciation
Expense |
2,744,322 |
2,124,752 |
|
Amortization
Expense |
407,935 |
611,922 |
|
Amortization
of Discounts (Premiums) on Bonds Payable |
172,740 |
0 |
|
Effects
of Exchange Rate Changes Of Bonds Payable |
225,903 |
0 |
|
Investment
Loss (Income) Recognized under Equity Method |
3,003,079 |
4,389,033 |
|
Loss
(Gain) on Disposal of Property, Plan and Equipment |
593 |
1,748 |
|
Property,
Plan and Equipment Transferred to Expenses |
163 |
7,248 |
|
Loss
(Gain) on Disposal of Investments |
14,593 |
70,808 |
|
Unrealized
Revaluation Loss (Gain) on Financial Assets and Liabilities |
31,582 |
86,596 |
|
Loss
(Gain) on Bond Redemption |
1,650 |
0 |
|
Loss
(Gain) on Deferred Income Tax |
594,775 |
1,090,514 |
|
Other
Adjustments to Reconcile Net Income |
0 |
73,967 |
|
Changes
in Operating Assets and Liabilities |
|
|
|
Decrease
(Increase) in Accounts Receivable |
13,252,582 |
10,733,490 |
|
Decrease
(Increase) in Accounts Receivable - Related Parties |
5,194,546 |
414,152 |
|
Decrease
(Increase) in Other Receivable- Related Parties |
21,206 |
16,046 |
|
Decrease
(Increase) in Inventories |
453,629 |
4,282,661 |
|
Decrease
(Increase) in Other Prepayments |
815,087 |
627,214 |
|
Decrease
(Increase) in Other Current Assets |
104,014 |
134,711 |
|
Decrease
(Increase) in Other Financial Assets |
574,217 |
1,122,305 |
|
Increase
(Decrease) in Notes Payable |
6,089 |
1,687 |
|
Increase
(Decrease) in Accounts Payable |
495,958 |
6,953,929 |
|
Increase
(Decrease) in Accounts Payable - Related Parties |
22,093,892 |
7,396,391 |
|
Increase
(Decrease) in Accrued Expenses |
2,309,624 |
3,407,384 |
|
Increase
(Decrease) in Other Payable - Related Parties |
313,205 |
858,893 |
|
Increase
(Decrease) in Other Current Liabilities |
718,733 |
105,744 |
|
Increase
(Decrease) in Deferred Credits |
20,652 |
194,047 |
|
Increase
(Decrease) in Other Operating Liabilities |
669,470 |
265,022 |
|
Net
Cash Provided by (Used in) Operating Activities |
170,284 |
3,903,206 |
|
Cash
Flows from Investing Activities |
|
|
|
Proceeds
from Disposal of Available-for-sale Financial Assets |
17,239 |
45,828 |
|
Acquisition
of Financial Assets Carried at Cost |
119,875 |
293,642 |
|
Proceeds
from Disposal of Financial Assets Carried at Cost |
7,485 |
0 |
|
Capital
Reduction of Financial Assets Carried at Cost |
34,387 |
4,683 |
|
Acquisition
of Investments Accounted for by Equity Method |
7,947,253 |
4,994,149 |
|
Proceeds
from Disposal of Investments Accounted for by Equity Method |
0 |
25,961 |
|
Proceeds
from Capital Reduction of Investments Accounted for under Equity Method |
556 |
0 |
|
Purchase
of Property, Plant and Equipment |
2,682,446 |
4,885,231 |
|
Proceeds
from Disposal of Property, Plant and Equipment |
55,437 |
9,536 |
|
Decrease
(Increase) in Other Receivables - Related Parties |
2,359,404 |
164,607 |
|
Purchase
of Intangible Assets |
272,204 |
356,980 |
|
Decrease
(Increase) in Other Assets |
196,987 |
116,358 |
|
Net
Cash Provided by (Used in) Investing Activities |
13,463,065 |
10,724,959 |
|
Cash
Flows from Financing Activities |
|
|
|
Increase
(Decrease) in Short-term Loans |
10,346,667 |
14,385,877 |
|
Proceeds
from Issuance of Bonds |
8,277,119 |
0 |
|
Redemption
and Repurchase of Convertible Bonds |
146,510 |
0 |
|
Proceeds
from Long-term Debt |
3,614,310 |
1,728,120 |
|
Repayment
of Long-term Debt |
0 |
10,467,120 |
|
Increase
(Decrease) in Guarantee Deposits Received |
212,260 |
541 |
|
Cash
Dividends Paid |
4,572,705 |
6,299,707 |
|
Exercise
of Employee Stock Options |
329,940 |
240,321 |
|
Treasury
Stock Sold to Employees |
5,173 |
89,781 |
|
Net
Cash Provided by (Used in) Financing Activities |
18,066,254 |
323,269 |
|
Net
Increase (Decrease) in Cash and Cash Equivalents |
4,432,905 |
7,145,022 |
|
Cash
and Cash Equivalents, Beginning of year |
12,925,794 |
20,070,816 |
|
Cash
and Cash Equivalents, End of year |
17,358,699
|
12,925,794
|
|
Supplemental
Cash Flow Information |
|
|
|
Interest
Paid- Excluding Capitalized Interest |
991,834
|
562,226
|
|
Income
Tax Paid |
0
|
1,572,930
|
|
Non-cash
Investing and Financing Activities |
|
|
|
Current
Portion of Long-term Liabilities |
606,886
|
0
|
|
Unrealized
Valuation Gains or Losses on Financial Instruments |
89,823 |
48,136 |
|
Unrealized
Gains or Losses on Financial Instruments Recognized due to Equity Changes in
Long-term Investments |
7,052 |
33,362 |
|
Cumulative
Translation Adjustments |
1,837,748 |
1,553,624
|
|
Cash
Dividends Payable |
2,508
|
2,387
|
Mortgage
No chattel mortgage record of subject has been found within the recent 3
months.
Lawsuit
|
Trial Number: |
2012, Shensu, 393 |
|
Date of Trial: |
2012-10-31 |
|
Reason: |
To pay payment for goods |
|
2 |
|
|
Trial Number: |
2012, Bu, 695 |
|
Date of Trial: |
2012-8-21 |
|
Reason: |
To pay payment for goods |
|
3 |
|
|
Trial Number: |
2006, Zi, 11 |
|
Date of Trial: |
2008-4-11 |
|
Reason: |
Defamation |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.39 |
|
UK Pound |
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
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.