|
Report Date : |
25.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
TOP UNION ELECTRONICS CORPORATION |
|
|
|
|
Registered Office : |
No.480, Nioupu E. Rd., Hsinchu City 300,
Taiwan R.O.C. |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
15.02.1990 |
|
|
|
|
Com. Reg. No.: |
23576977 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Subject is engaged in providing services |
|
|
|
|
No. of Employees : |
300 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: |
|
|
Supplied Name: |
|
|
Trading Address: |
|
|
Supplied Address: |
|
|
Telephone Number: |
+886-3-538-6139 |
|
Fax Number: |
|
|
E-mail: |
Notes:
The exact name and address are as above.
|
Registered Name: |
TOP UNION ELECTRONICS CORPORATION |
|
Registered Address: |
No.480, Nioupu E. Rd., Hsinchu City 300, Taiwan R.O.C. |
|
Date of Foundation: |
1990-2-15 |
|
Registration Number: |
23576977 |
|
Registry: |
Department of Commerce, Ministry of Economic Affairs, R.O.C. |
|
Registered Capital: |
NTD 1,000,000,000 (USD 33,900,000) (As of 2013.11, 1 NTD = 0.0339 USD) |
|
Paid-up Capital: |
NTD 783,017,210 (USD 26,544,283) |
|
Legal Representatives: |
Shihe Cui |
|
Legal Form: |
|
|
Principal Activities: |
|
|
Staff: |
|
|
Listed
at Stock Exchange: |
|
|
Date of Last
Annual Return: |
Subject was incorporated on 1990-2-15 with registered
number 23576977
as Joint Stock Company
in Taiwan.
Subject
listed on Taiwan Over-The-Counter Securities exchange on 2004-4-29.
|
Subscription Shares |
|
|
Shihe Cui |
2,683,775 |
|
Boxiang Liao |
2,135,616 |
|
Chengzhong investment co ltd(Literal Translation) |
2,918,680 |
|
Yingquan Song |
411,964 |
|
Donglong su |
676,121 |
|
Jincai Lin |
582,415 |
|
Mingxian Peng |
1,022,966 |
The information
above is that of subject’s major shareholders.
Shareholder
Information:
|
Registered Name: |
Chengzhong
investment co ltd (Literal Translation) |
|
Registered Address: |
10-2F, No. 3-2, Yuanqu Street, Nangang District,
Taipei City |
|
Date of Foundation: |
2002-10-17 |
|
Registration Number: |
80286956 |
|
Registry: |
Taipei City Government |
|
Registered Capital: |
NTD 78,000,000 (USD 2,644,200) (As of 2013.11, 1 NTD = 0.0339 USD) |
|
Paid-up Capital: |
NTD 78,000,000 (USD 2,644,200) |
|
Legal Representatives: |
Bingzhong Song |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2012-9-26 |
Factories
|
1 |
|
|
Address: |
No.480, Nioupu E. Rd., Hsinchu City 300, Taiwan
R.O.C. |
|
Date of Registration: |
2005-10-14 |
|
Factory Registration Number: |
99668941 |
|
Factory Manager: |
Shihe
Cui |
|
Status: |
In
Production |
|
Major Products: |
2013-11-12 |
|
2 |
|
|
Address: |
No.
171-1, Dahu Road, Haishan Alley, Xinzhu City |
|
Date of Foundation: |
1995-11-24 |
|
Date of Registration: |
1996-1-18 |
|
Date of closing business |
2006-8-21 |
|
Factory Registration Number: |
99667649 |
|
Factory Manager: |
Chaoqin
Song |
|
Status: |
Close
Business |
|
Date of Last Annual Return: |
2006-8-21 |
|
3 |
|
|
Address: |
No.
17, 576 Alley, 1 Sec, Guangfu Road, Longshan Lane, Xinzhu City |
|
Date of Foundation: |
1994-8-9 |
|
Date of Registration: |
1994-9-14 |
|
Date of closing business |
2001-3-1 |
|
Factory Registration Number: |
99175075 |
|
Factory Manager: |
Chaoqin
Song |
|
Status: |
Close
Business |
|
Date of Last Annual Return: |
2001-3-1 |
|
4 |
|
|
Address: |
No.
44-1, 576 Alley, 1 Sec, Guangfu Road, Longshan Lane, Xinzhu City |
|
Date of Foundation: |
1990-5-4 |
|
Date of Registration: |
1990-6-11 |
|
Date of closing business |
1994-9-27 |
|
Factory Registration Number: |
99153389 |
|
Factory Manager: |
Chaoqin
Song |
|
Status: |
Close
Business |
|
Date of Last Annual Return: |
1994-9-27 |
Directors
|
1 |
|
|
Name |
Shihe cui |
|
Position |
Board chairman |
|
2 |
|
|
Name |
Boxiang liao |
|
Position |
Director |
|
3 |
|
|
Name |
Chengzhong Investment
Co Ltd (Literal Translation) |
|
Position |
Director |
|
4 |
|
|
Name |
Yinquan Song |
|
Position |
Director |
|
5 |
|
|
Name |
Donglong Su |
|
Position |
Director |
|
6 |
|
|
Name |
Yongshun Zhuang |
|
Position |
Independent
Director |
|
7 |
|
|
Name |
Qinghe Li |
|
Position |
Independent
Director |
|
8 |
|
|
Name |
Jincai Lin |
|
Position |
Supervisor |
|
9 |
|
|
Name |
Mingxian Peng |
|
Position |
Supervisor |
|
10 |
|
|
Name |
Boyong Chen |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 300
Employees (Taiwan) |
Offices
& Factories
|
|
Headquarters |
|
Add |
Production
Information
l
Subject is engaged in providing
services.
l
Subject has 3 factories in Taiwan and
the mainland of China for production.
l
Subject obtained the certification of
ISO9001, ISO 14000, etc.
l
It is introduced subject provided OEM
services.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
CC01030 |
Appliances and audio-visual electronic products
manufacturing |
|
CC01060 |
Cable machinery equipment manufacturing industry |
|
CC01070 |
Wireless communications equipment manufacturing
machinery |
|
CC01080 |
Electronic components manufacturing |
|
CC01990 |
Other mechanical electrical and electronic
equipment manufacturing industry |
|
F119010 |
Electronics material wholesale business |
|
F219010 |
Electronics components retail business |
|
F401010 |
The international trade |
|
I599990 |
Other design |
|
CC01101 |
Controlled telecommunications radio-frequency
devices manufacturing |
|
ZZ99999 |
Besides licensed business, all other business items
those are not banned or restricted. |
l
The components and raw material for
production are purchased both home and abroad.
l
The subject is mainly engaged in providing services.
l
The major services sold by subject include PCB assembly foundry
services, Electronic parts agency service, electronic product assembly
services, etc.
l
The subject sales regions include Asia,
America, Europe, etc.
Major
Service provided by subject
|
Type |
Detail |
|
Design And Development |
ICT fixture ICT software design Test tooling creating Automated Optical Inspection Design for test |
|
PCB manufacturing |
Manufacturing fixture Parts placement optimization Manufacturing process design Generation and review of manufacturing process
documentation |
|
Design for Procurement |
BOM and AVL review Generation and review of procurement
specifications |
|
Design for Assembly |
Case assembly Packing and shipping Generation and review of assembly process
documentation |
|
|
|
Import
and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase
|
Terms |
Proportion |
|
|
Components
and raw material, etc. |
Cash,
T/T, etc |
100% |
Foreign
Purchase
|
Terms |
Proportion |
|
|
Components
and raw material, etc. |
100% |
Sales
Domestic Markets
|
Terms |
Proportion |
|
|
Services,
etc. |
T/T,
Cash, etc |
100% |
Export
|
Terms |
Proportion |
|
|
Services,
etc. |
L/C,
etc |
100% |
Unit: NTD/000
|
|
2012-12-31 |
2011-12-31 |
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash and cash equivalents |
109,650.00 |
172,985.00 |
|
Notes receivable - net |
3,476.00 |
4,926.00 |
|
Accounts receivable - net |
98,290.00 |
144,949.00 |
|
Inventories |
233,592.00 |
266,838.00 |
|
Other current assets |
19,719.00 |
12,718.00 |
|
Current assets |
464,727.00 |
602,416.00 |
|
Funds and Investments |
|
|
|
Long-term investments under equity
method |
628,191.00 |
625,036.00 |
|
Investments |
628,191.00 |
625,036.00 |
|
Funds and investments |
628,191.00 |
625,036.00 |
|
Fixed Assets |
|
|
|
Cost |
|
|
|
Land |
80,113.00 |
80,113.00 |
|
Buildings and structures |
333,237.00 |
333,237.00 |
|
Machinery and equipment |
168,997.00 |
156,578.00 |
|
Transportation equipment |
7,487.00 |
7,487.00 |
|
office equipment |
7,227.00 |
4,261.00 |
|
Other facilities |
9,098.00 |
9,098.00 |
|
Cost and revaluation increment |
606,159.00 |
590,774.00 |
|
Accumulated depreciation |
-171,993.00 |
-132,177.00 |
|
Fixed assets |
434,166.00 |
458,597.00 |
|
Intangible Assets |
|
|
|
Intangible assets |
8,582.00 |
13,260.00 |
|
OtherAssets |
|
|
|
Guarantee deposits paid |
19.00 |
19.00 |
|
Other assets |
19.00 |
19.00 |
|
Assets |
1,535,685.00 |
1,699,328.00 |
|
Liabilities and Stockholders' Equity |
|
|
|
Liabilities |
|
|
|
Current Liabilities |
|
|
|
short-term borrowing |
50,000.00 |
0.00 |
|
notes payable |
0.00 |
586.00 |
|
Accounts payable |
176,074.00 |
175,547.00 |
|
Accounts payable - related parties |
537.00 |
10,452.00 |
|
Accrued expenses |
44,738.00 |
53,756.00 |
|
Other payables |
2,322.00 |
5,170.00 |
|
advance receipt |
58,610.00 |
79,633.00 |
|
Long-Term Liabilities -Current Portion |
0.00 |
155,474.00 |
|
Other current liabilities |
1,445.00 |
4,439.00 |
|
Current liabilities |
333,726.00 |
485,057.00 |
|
Long term Liabilities |
|
|
|
Reserves |
|
|
|
Other Liabilities |
|
|
|
Pension reserve / accrued pension liability |
35,675.00 |
35,830.00 |
|
Guarantee deposits received |
1,032.00 |
1,032.00 |
|
Other liabilities |
36,707.00 |
36,862.00 |
|
Liabilities |
370,433.00 |
521,919.00 |
|
Stockholders' Equity |
|
|
|
Capital |
|
|
|
Common stock |
771,279.00 |
745,851.00 |
|
Capital Surplus |
|
|
|
Capital surplus - additional paid-in capital |
146,842.00 |
107,121.00 |
|
Capital reserves - storage stock
trading |
14,457.00 |
14,457.00 |
|
Capital surplus - employee stock option |
1,274.00 |
41,142.00 |
|
Capital surplus |
162,573.00 |
162,720.00 |
|
Retained Earnings |
|
|
|
Legal reserve |
71,182.00 |
65,932.00 |
|
Unappropriated retained earnings |
94,806.00 |
122,066.00 |
|
Retained earnings |
165,988.00 |
187,998.00 |
|
Stockholders' Equity and Other adjustment |
|
|
|
Cumulative translation adjustments |
65,412.00 |
80,840.00 |
|
Equity adjustments |
65,412.00 |
80,840.00 |
|
Stockholders‘ equity |
1,165,252.00 |
1,177,409.00 |
|
Number of Treasury Stock Acquired
by Parent 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 |
Unit: NTD/000
|
|
2012 |
2011 |
|
Sales |
1,091,027.00 |
944,491.00 |
|
Return Inward |
11,368.00 |
2,909.00 |
|
Sales |
1,079,659.00 |
941,582.00 |
|
Operating income |
1,079,659.00 |
941,582.00 |
|
Operating costs |
994,612.00 |
836,059.00 |
|
Gross profit (loss) from operations |
85,047.00 |
105,523.00 |
|
Selling expense |
24,345.00 |
23,255.00 |
|
General and administrative expenses |
35,806.00 |
51,497.00 |
|
Research and
development expenses |
16,473.00 |
10,645.00 |
|
Operating expenses |
76,624.00 |
85,397.00 |
|
Operating income (loss) |
8,423.00 |
20,126.00 |
|
Non-Operating Income |
|
|
|
Interest income |
446.00 |
459.00 |
|
Income from long-term equity investments under
the equity method |
18,583.00 |
30,316.00 |
|
Investment income |
18,583.00 |
30,316.00 |
|
Gains on disposal of fixed assets |
0.00 |
6,233.00 |
|
Foreign exchange gains |
0.00 |
4,098.00 |
|
Miscellaneous income |
1,379.00 |
2,721.00 |
|
Non-operating revenues and gains |
20,408.00 |
43,827.00 |
|
Non-Operating Expenses |
|
|
|
Interest expense |
5,352.00 |
6,011.00 |
|
Investment losses under equity method |
95.00 |
934.00 |
|
Impairment loss on assets |
2,444.00 |
0.00 |
|
Miscellaneous
disbursements |
1.00 |
1,091.00 |
|
Non-operating expenses and losses |
7,892.00 |
8,036.00 |
|
Income from continuing operations before income
tax |
20,939.00 |
55,917.00 |
|
Income tax expense (benefit) |
-3,293.00 |
3,416.00 |
|
Income from continuing operations |
24,232.00 |
52,501.00 |
|
Net income (loss) |
24,232.00 |
52,501.00 |
|
Primary Earnings per Share |
|
|
|
Primary earnings per share |
0.31 |
0.69 |
|
Diluted earnings per share |
|
|
|
Diluted earnings per share |
0.31 |
0.63 |
Unit: NTD/000
|
|
2012 |
2011 |
|
Cash Flows from Operating Activities - Indirect
Method |
24,232.00 |
52,501.00 |
|
Net Income (Loss) |
|
|
|
Adjustments to Reconcile Net Income to Net Cash
Provided by (Used in) Operating Activities |
40,184.00 |
36,663.00 |
|
Depreciation Expense |
6,743.00 |
6,025.00 |
|
Amortization Expense |
74.00 |
341.00 |
|
Share-based Compensation |
5,226.00 |
6,008.00 |
|
Loss (Gain) on Decline (Recovery) in Market
Value, Scrap and Obsolescence of Inventories |
-18,583.00 |
-30,316.00 |
|
Investment Loss (Income) Recognized under Equity
Method |
95.00 |
-5,299.00 |
|
Loss (Gain) on
Deferred Income Tax |
0.00 |
7,476.00 |
|
Other Adjustments to Reconcile Net Income |
|
|
|
Changes in Operating Assets and Liabilities |
1,450.00 |
-2,909.00 |
|
Decrease (Increase) in Notes Receivable |
46,659.00 |
-47,535.00 |
|
Decrease (Increase) in Other Receivable- Related
Parties |
33,246.00 |
-46,350.00 |
|
Decrease (Increase) in Inventories |
-6,777.00 |
3,523.00 |
|
Impairment
Losses on Financial Asset |
-224.00 |
-120.00 |
|
Changes in Operating Assets and Liabilities |
-586.00 |
320.00 |
|
Decrease (Increase) in Notes Receivable |
527.00 |
16,813.00 |
|
Decrease (Increase) in Accounts Receivable |
-9,915.00 |
10,452.00 |
|
Decrease (Increase) in Accounts Receivable -
Related Parties |
0.00 |
-7,081.00 |
|
Increase (Decrease) in Income Tax Payable |
-9,018.00 |
8,562.00 |
|
Increase (Decrease) in Accrued Expenses |
-958.00 |
-1,969.00 |
|
Advance payment
increase (decrease) |
-21,023.00 |
16,794.00 |
|
Increase (Decrease) in Other Payable - Related Parties |
-255.00 |
188.00 |
|
Increase (Decrease) in Other Current Liabilities |
-155.00 |
-2,103.00 |
|
Increase (Decrease) in Accrued Pension
Liabilities |
90,942.00 |
21,984.00 |
|
Net Cash Provided by (Used in) Operating
Activities |
|
|
|
Acquisition of Investments Accounted for by
Equity Method |
-18,587.00 |
-40,059.00 |
|
Purchase of Property, Plant and Equipment |
0.00 |
7,368.00 |
|
Increase in Deferred Charges |
-2,065.00 |
-16,450.00 |
|
Purchase of Intangible Assets |
-20,652.00 |
-49,141.00 |
|
Net Cash Provided by (Used in) Investing
Activities |
|
|
|
Cash Flows from Financing Activities |
50,000.00 |
0.00 |
|
Redemption and
buy back the convertible corporate bonds |
-160,700.00 |
0.00 |
|
Proceeds from Disposal
of Property, Plant and Equipment |
0.00 |
1,000.00 |
|
Cash dividends |
-23,121.00 |
-43,970.00 |
|
Repayment of
Long-term Debt |
196.00 |
820.00 |
|
Employees to buy
called shares |
0.00 |
6,618.00 |
|
Exercise of Employee Stock Options |
-133,625.00 |
-35,532.00 |
|
Net Cash Provided by (Used in) Financing
Activities |
-63,335.00 |
-62,689.00 |
|
Net Increase (Decrease) in Cash and Cash
Equivalents |
172,985.00 |
235,674.00 |
|
Cash and Cash Equivalents, Beginning of year |
109,650.00 |
172,985.00 |
|
Cash and Cash Equivalents, End of year |
|
|
|
Supplemental Cash Flow Information |
90.00 |
3.00 |
|
Interest Paid |
90.00 |
3.00 |
|
Interest Paid- Excluding Capitalized Interest |
4,543.00 |
10,516.00 |
|
Income Tax Paid |
|
|
|
The maturity to
cope with corporate bonds in a year |
0.00 |
155,474.00 |
|
Corporate bonds
into common stock |
0.00 |
3,371.00 |
|
Income Tax Paid |
|
|
|
Investing Activities Affecting Both Cash and
Non-cash Items |
|
|
|
Cash Paid for Acquisition of Property, Plant and
Equipment |
15,848.00 |
40,645.00 |
|
Increase in Property, Plant and Equipment |
2,739.00 |
-586.00 |
|
Increase (Decrease) in Payable for Equipment
Purchased |
18,587.00 |
40,059.00 |
Mortgage
No chattel mortgage record of subject has been found within the
recent 3 months.
|
Trial Number: |
2007,Jiaosheng,147 |
|
Date of Trial: |
2007-11-29 |
|
Reason: |
Violation of traffic regulations on administrative
penalties for objection |
|
Name |
Ms. Pan |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.63.02 |
|
UK Pound |
1 |
Rs.102.04 |
|
Euro |
1 |
Rs.84.91 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.