|
Report Date : |
16.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
TECHWISE (MACAO COMMERCIAL OFFSHORE) CIRCUITS LIMITED |
|
|
|
|
Registered Office : |
Em Macau, Avenida Da Praia Grande No. 599, Commercial Rodrigues A3 |
|
|
|
|
Country : |
Macau |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
29.07.2002 |
|
|
|
|
Com. Reg. No.: |
SO 15844 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Trading of printed circuit board |
|
|
|
|
No. of Employees : |
10 |
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Macau |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
MACAU - ECONOMIC OVERVIEW
Since opening up its
locally-controlled casino industry to foreign competition in 2001, Macau has
attracted tens of billions of dollars in foreign investment, transforming the
territory into one of the world's largest gaming centers. Macau's gaming and
tourism businesses were fueled by China's decision to relax travel restrictions
on Chinese citizens wishing to visit Macau. By 2006, Macau's gaming revenue
surpassed that of the Las Vegas strip, and gaming-related taxes accounted for
more than 70% of total government revenue. Macau's economy slowed dramatically
in 2009 as a result of the global economic slowdown, but strong growth resumed
in 2010-11, largely on the back of tourism from mainland China and the gaming
sectors. In 2013, this city of 598,000 hosted more than 28 million visitors.
Almost two-thirds came from mainland China. Macau's traditional manufacturing
industry has slowed greatly since the termination of the Multi-Fiber Agreement
in 2005. China is Macau's second largest goods export market, behind Hong Kong,
and followed by the United States. In 2013, exports increased about 9% over
2012. Macau's economy expanded by more than 10% in 2013. Macau continues to
face the challenges of managing its growing casino industry, risks from
money-laundering activities, and the need to diversify the economy away from
heavy dependence on gaming revenues. Macau's currency, the pataca, is closely
tied to the Hong Kong dollar, which is also freely accepted in the territory.
In 2013, Macau signed a supplementary agreement to its Comprehensive Economic
Partnership Agreement with mainland China. The agreement, which took effect in
January 2014, facilitates trade in services, including finance, health, social
services, sports, and tourism.
|
Source
: CIA |
|
Company Name (in
English): |
TECHWISE (MACAO
COMMERCIAL OFFSHORE) CIRCUITS LIMITED |
|
Company Name (in
Portuguese): |
Techwise
(Commercial Offshore De Macau) Circuitos Limitada |
|
Supplied Name: |
|
|
Trading Address: |
Em Macau, Avenida Da Praia Grande No. 599, Commercial Rodrigues A3 |
|
Supplied
Address: |
Av.Da Praia N599, Edificio Commercial Rodrigues 3 Andar A Macau |
|
Telephone
Number: |
|
|
Fax Number: |
The exact name and address are as above.
|
Registered Name: |
Techwise (Macao Commercial Offshore) Circuits Limited |
|
Registered Address: |
Em Macau, Avenida Da Praia Grande No. 599, Commercial Rodrigues A3 |
|
Date of Registration: |
2002-7-29 |
|
Business Registered Number: |
SO 15844 |
|
Legal Form: |
Private Limited Liability Company |
|
Registered Capital: |
MOP 100,000 (USD 12,320) (As of 2014.04, 1 MOP = 0.1232 USD) |
|
Principal Activities: |
Trading of printed circuit board |
|
Staff: |
About 10 Employees |
|
Listed at Stock Exchange: |
No |
|
Information Ended at: |
2014-4-1 |
Subject was incorporated on 2002-7-29 with registered number SO 15844 as Private
Limited Liability Company in Macau.
Shareholders
|
Subscription
Amount |
Proportion of
Investment (%) |
|
|
Kingboard Investment Limited |
100,000 |
100% |
|
Total |
100,000 |
100% |
Major Shareholder Information:
|
Name: |
Kingboard Investments Limited |
|
Address: |
2/F., Harbor View 1, No.12 Science Park East Avenue, Phase 2 Hong Kong
Science Park, Shatin, New Territories, Hong Kong |
Parent Company
|
Name: |
Kingboard Investments Limited |
|
Address: |
2/F., Harbor View 1, No.12 Science Park East Avenue, Phase 2 Hong Kong
Science Park, Shatin, New Territories, Hong Kong |
|
Date of Registration: |
1987-10-20 |
|
Registered Number: |
201249 |
|
Legal Form: |
Private Limited Liability Company |
Ultimate Parent
Company
|
Name: |
Kingboard Chemical Holdings Ltd. |
|
Address: |
2/F., Harbor View 1, No.12 Science Park East Avenue, Phase 2 Hong Kong
Science Park, Shatin, New Territories, Hong Kong |
|
Country of Incorporation: |
Cayman Islands |
|
Staff: |
About 50,000 Employees |
|
Listed at Stock Exchange: |
Yes; Stock Symbol: HKSE:148 |
|
Date of Listed: |
1993-10-8 |
Note: We obtained
subject’s ultimate parent company information from public files.
Related Companies
|
1 |
|
|
Name: |
Techwise Circuits Company Limited |
|
Address: |
1/F, Harbour View 1, No.12 Science Park East Avenue, Phase 2 Hong Kong
Science Park, Shatin, N.T., H.K. |
|
Telephone Number: |
+852-2677-8928 |
|
Fax Number: |
+852-2677-8385 |
|
Email: |
|
|
2 |
|
|
Name: |
Huiyang Techwise Industrial Technology Co., Ltd. |
|
Address: |
Huiyang Economic Development Zone, Huizhou City, Guangdong Province, China |
|
Telephone Number: |
+86-752-350-0078 |
|
Fax Number: |
+86-752-350-0306 |
|
Area: |
About 34,000 square meters |
|
3 |
|
|
Name: |
Techwise (Fogang) Circuits Limited |
|
Address: |
Kingboard Industry Park, Shi Jiao Town, Fogang Country, Qing Yuan, Guangdong
Province, China |
|
Telephone Number: |
+86-763- 429-6800 |
|
Fax Number: |
+86-763-428-7599 |
|
Area: |
About 45,000 square meters |
|
4 |
|
|
Name: |
Techwise Shirai (Fogang) Circuits Limited |
|
Address: |
Town South Industry Park, Shi Jiao Town, Fogang Country, Qing Yuan,
Guangdong Province, China |
|
Telephone Number: |
+86-763-420-1888 |
|
Fax Number: |
+86-763-420-1308 |
|
Area: |
About 38,000 square meters |
Core Management
|
1 |
|
|
Name: |
Cheung Kowk Wing |
|
Address: |
Kam On Garden Block B,No.12-20, Ma On Path, Kau To, Shatin, New
Territories, Hong Kong |
|
Marital Status: |
Married |
|
2 |
|
|
Name: |
Chang Wing Yiu |
|
Address: |
Home 25, Sixteen St., Hong Lok Yuen, Tai Po, New Territories, Hong
Kong |
|
Marital Status: |
Married |
|
3 |
|
|
Name: |
Mok Cham Hung Chadwick |
|
Address: |
Flat A, 4/F, 20 Babing Ton Path, Mid-Levels, Hong Kong |
|
Marital Status: |
Married |
|
4 |
|
|
Name: |
Cheung Wail In Stephanie |
|
Address: |
Flat B. 2/F., Blk 3, Villa Concerto, Symphony Bay, Ma On Shan, N.T.,
Hong Kong |
|
Marital Status: |
Married |
Personnel
Structure
|
Total Employees |
Offices &
Factories
|
|
Office |
|
Address: |
Em Macau, Avenida Da Praia Grande No. 599,
Commercial Rodrigues A3 |
|
Area: |
73.60 square meters |
Premises
Information
Office address:
|
Address: |
Em Macau, Avenida Da Praia Grande No. 599, Commercial Rodrigues A3 |
|
Owners: |
F. Rodrigues Sucessores, Limitada |
|
Matriz: |
73199 |
|
Nature: |
Urban |
|
Duration: |
-- |
Production
Information
·
Subject is a trader of printed circuit board without
any production activities.
·
It is introduced that subject’s group has factories
in mainland China for production and the monthly production capacity is about
2,700,000 square feet.
Purchase
Information
Subject purchases products mainly from their group factories in mainland
China.
Sales Information
·
Subject is engaged in sale of printed circuit
board.
·
It is introduced that subject also provide
accounting, administrative and logistic services
·
Subject’s sales regions include domestic market, Japan
and Europe
·
The products sold by subject obtained the
certification of TS16949.
·
The products sold by subject are applied to
automobile, communications, and computer
Purchase
Domestic Purchase
|
Product |
Terms |
Proportion |
|
Printed circuit board |
Interior Settlement, T/T, Cash |
100% |
Import
Subject has little import.
Sales
Domestic Markets
|
Product |
Terms |
Proportion |
|
Printed circuit board |
T/T, Cash, |
100% |
Export
|
Product |
Terms |
Proportion |
|
Printed circuit board |
L/C, T/T |
100% |
Subject has no obligations to disclose its
financial statements to the third party according to the relevant policy in Macao
and the only source from which we can obtain the information is the subject
itself.
Subject’s relevant staff declined to disclose
its financials citing the grounds of company’s confidentiality; from other
source we cannot obtain the relevant information, either.
We found the consolidated financial information of subject’s ultimate
parent company (Kingboard Chemical Holdings Ltd.) from public files for
reference.
Unit: HKD/000
|
Date |
2012-12-31 |
2011-12-31 |
|
Non-current assets |
5,743,663 |
3,505,610 |
|
Properties, plant and equipment |
18,726,836 |
18,357,984 |
|
Prepaid lease payments |
1,023,789 |
947,807 |
|
Other non-current assets |
-- |
712,707 |
|
Goodwill |
2,288,149 |
2,288,149 |
|
Interests in associates |
649,317 |
746,359 |
|
Held-to-maturity investments |
-- |
972,883 |
|
Available-for-sale investments |
3,166,084 |
4,285,141 |
|
Non-current deposits |
404,510 |
1,433,910 |
|
Deferred tax assets |
5,398 |
14,342 |
|
|
32,007,746 |
33,264,892 |
|
Current assets |
|
|
|
Inventories |
3,448,609 |
2,926,128 |
|
Properties held for development |
10,063,615 |
9,227,363 |
|
Trade and other receivables and prepayments |
8,487,915 |
8,414,105 |
|
Bills receivables |
2,209,153 |
2,120,683 |
|
Other current assets |
712,531 |
-- |
|
Prepaid lease payments |
30,329 |
26,034 |
|
Taxation recoverable |
56,643 |
42,580 |
|
Bank balances and cash |
3,914,991 |
4,437,442 |
|
|
28,926,786 |
27,194,335 |
|
Current liabilities |
|
|
|
Trade and other payables |
4,959,412 |
5,023,154 |
|
Bills payables |
874,954 |
1,001,947 |
|
Deposits received from pre-sale of
residential units |
379,156 |
1,423,679 |
|
Derivative financial instruments |
-- |
13,761 |
|
Taxation payable |
554,666 |
660,536 |
|
Bank borrowings |
5,734,281 |
6,723,757 |
|
|
12,502,469 |
14,846,834 |
|
Net current assets |
16,424,317 |
12,347,501 |
|
Total assets less current liabilities |
48,432,063 |
45,612,393 |
|
Non-current liabilities |
|
|
|
Deferred tax liabilities |
258,118 |
167,194 |
|
Bank borrowings |
12,024,799 |
11,450,813 |
|
|
12,282,917 |
11,618,007 |
|
|
36,149,146 |
33,994,386 |
|
Capital and reserves |
|
|
|
Share capital |
85,467 |
85,467 |
|
Share premium and reserves |
30,560,168 |
27,959,913 |
|
Equity attributable to owners of the Company |
30,645,635 |
28,045,380 |
|
N on-controlling interests |
5,503,511 |
5,949,006 |
|
Total equity |
36,149,146 (USD 4,663,239,834) |
(USD 4,385,275,794) |
(As of 2014.04, 1 HKD = 0.1290
USD)
Consolidated
Profit and Loss Account
|
Date |
2012 |
2011 |
|
Revenue |
(USD
4,810,451,151) |
(USD
4,716,120,288) |
|
Cost of sales and services rendered |
-32,185,963 |
-30,736,317 |
|
Gross profit |
5,104,356 |
5,822,755 |
|
Other income, gains and losses |
372,683 |
829,564 |
|
Distribution costs |
-915,402 |
-903,585 |
|
Administrative costs |
-1,475,352 |
-1,468,680 |
|
Gain (loss) on disposal of available-for-sale investments |
2,634 |
-30,161 |
|
Gain on disposal of held-to-maturity investments |
83,138 |
-- |
|
Share-based payments |
-105,754 |
-236,099 |
|
Impairment loss on properties, plant and equipment |
-12,847 |
-136,738 |
|
Impairment loss on available-for-sale investments |
-35,002 |
-83,878 |
|
Gain on disposal of a subsidiary |
9,822 |
34,592 |
|
Finance costs |
-349,451 |
-361,881 |
|
Gain on deemed disposal of an associate |
30,377 |
– |
|
Share of results of associates |
217,791 |
254,823 |
|
Share of results of jointly controlled entities |
-- |
-1,075 |
|
Profit before taxation |
2,926,993 |
3,719,637 |
|
Income tax expense |
-420,028 |
-513,061 |
|
Profit for the year |
2,506,965 |
3,206,576 |
|
Profit for the year attributable to: |
|
|
|
Owners of the Company |
2,097,031 |
2,594,142 |
|
Non-controlling interests |
409,934 |
612,434 |
|
|
2,506,965 |
3,206,576 |
|
Earnings per share |
|
|
|
Basic |
HKD 2.454 |
HKD 3.039 |
|
Diluted |
HKD 2.454 |
HKD 3.031 |
(As of 2014.04, 1 HKD = 0.1290 USD)
Consolidated Cash
Flows
Unit: HKD/000
|
Date |
2012 |
2011 |
|
OPERATING ACTIVITIES |
|
|
|
Profit before taxation |
2,926,993 |
3,719,637 |
|
Adjustments for: |
|
|
|
Share of results of associates |
-217,791 |
-254,823 |
|
Share of results of jointly controlled
entities |
-- |
1,075 |
|
Depreciation of properties, plant and
equipment |
2,199,986 |
2,134,650 |
|
Impairment loss recognised in respect of
trade and other receivables |
26,831 |
56,315 |
|
Impairment loss recognised in respect of
inventories |
1,552 |
25,942 |
|
Dividends from available-for-sale
investments |
-109,432 |
-121,113 |
|
Interest expenses and other finance charges |
349,451 |
361,881 |
|
(Gain) loss on disposal of available-for-sale
investments |
-2,634 |
30,161 |
|
Gain on disposal of held-to-maturity
investments |
-83,138 |
-- |
|
Gain on fair value changes of investment
properties |
-28,915 |
-412,361 |
|
Gain on deemed disposal of an associate |
-30,377 |
-- |
|
Release of prepaid lease payments |
30,434 |
24,146 |
|
Interest income |
-192,228 |
-131,070 |
|
Impairment loss on available-for-sale
investments |
35,002 |
83,878 |
|
Loss on disposal and write off of
properties, plant and equipment |
48,617 |
14,370 |
|
Share-based payments |
105,754 |
236,099 |
|
Gain on disposal of a subsidiary |
-9,822 |
-34,592 |
|
Gain on disposal of prepaid lease payments |
-653 |
-- |
|
Impairment loss recognised in respect of
properties, plant and equipment |
12,847 |
136,738 |
|
Operating cash flows before movements in working capital |
5,062,477 |
5,870,933 |
|
Increase in properties held for development |
-429,808 |
4,019,171 |
|
(Increase) decrease in inventories |
-519,348 |
404,737 |
|
Increase in trade and other receivables and prepayments |
-208,169 |
-376,921 |
|
Increase in bills receivables |
-88,993 |
-92,121 |
|
(Decrease) increase in trade and other
payables |
-258,355 |
-611,471 |
|
Decrease in bills payables |
-126,746 |
-219,076 |
|
(Decrease) increase in deposits from pre-sale
of residential units |
-1,044,172 |
309,461 |
|
N et decrease in derivative financial
instruments |
-- |
-33,493 |
|
Cash generated from operations |
2,386,886 |
2,455,820 |
|
Hong Kong Profits Tax paid |
-2,772 |
-5,295 |
|
PRC Land Appreciation Tax (“LAT”) paid |
-31,936 |
-- |
|
Other income taxes paid |
-501,406 |
-456,295 |
|
NET CASH FROM OPERATING ACTIVITIES |
1,850,772 |
1,994,230 |
|
INVESTING ACTIVITIES |
|
|
|
Purchase of available-for-sale investments |
-2,407,553 |
-3,565,543 |
|
Net cash outflow on acquisition of
subsidiaries |
-1,504,544 |
-404,519 |
|
Purchase of properties, plant and equipment |
-1,295,175 |
-2,274,228 |
|
Purchase of investment properties |
-703,808 |
-4,813 |
|
Deposits paid for acquisition of properties, plant and equipment |
-93,911 |
-1,206,914 |
|
Net cash (outflow) inflow on disposal of subsidiaries |
-30,264 |
165,962 |
|
Increase in pledged bank deposits |
-29,679 |
-5,577 |
|
Prepaid lease payments made |
-14,092 |
-77,702 |
|
Proceeds from disposal of available-for-sale investments |
4,037,734 |
659,828 |
|
Proceeds from disposal of held-to-maturity investments |
1,061,626 |
-- |
|
Dividend received from an associate |
216,977 |
178,971 |
|
Interest received |
177,598 |
127,918 |
|
Proceeds from disposal of properties, plant
and equipment |
76,436 |
374,637 |
|
Dividends received from available-for-sale investments |
109,432 |
121,113 |
|
Proceeds from disposal of prepaid lease payments |
15,166 |
47,776 |
|
Considerations paid for additional interest in an associate |
-- |
-50,988 |
|
Purchase of held-to-maturity investments |
-- |
-890,667 |
|
N ET CASH USED IN INVESTING ACTIVITIES |
-384,057 |
-6,804,738 |
|
FINANCING ACTIVITIES |
|
|
|
Repayment of bank borrowings |
-8,397,574 |
-4,382,738 |
|
Consideration paid for acquisition of
additional interests in subsidiaries |
-605,885 |
-106,724 |
|
Interest and other finance charges paid |
-356,967 |
-370,322 |
|
Dividend paid on ordinary shares |
-299,134 |
-854,667 |
|
Dividend paid to non-controlling
shareholders of subsidiaries |
-233,370 |
-484,793 |
|
New bank borrowings raised |
7,850,325 |
10,163,923 |
|
Proceeds from exercise of warrants |
4 |
27,824 |
|
Capital contribution from non-controlling
shareholders of subsidiaries |
-- |
4,437 |
|
Proceeds from exercise of share options |
-- |
16,730 |
|
NET CASH (USED IN) FROM FINANCING ACTIVITIES |
-2,042,601 |
4,013,670 |
|
NET DECREASE IN CASH AND CASH EQUIVALENTS |
-575,886 |
-796,846 |
|
CASH AND CASH EQUIVALENTS AT THE BEGINNING
OF THE YEAR |
4,304,197 |
5,022,022 |
|
EFFECT OF FOREIGN EXCHANGE RATE CHANGES |
23,789 |
79,021 |
|
CASH AND CASH EQUIVALENTS AT THE END OF THE
YEAR |
3,752,100 |
4,304,197 |
|
ANALYSIS OF THE BALANCES OF CASH AND CASH
EQUIVALENTS |
|
|
|
Bank balances and cash |
3,914,991 |
4,437,442 |
|
Less: Pledged bank deposits |
-162,891 |
-133,245 |
|
Balances of cash and cash equivalents |
3,752,100 |
4,304,197 |
Subject declined to disclose its bank details; from other source we
cannot obtain the relevant information, either.
|
Name: |
Mr. Zheng |
|
Department: |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.26 |
|
|
1 |
Rs.100.71 |
|
Euro |
1 |
Rs.83.27 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NNA |
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.