|
Report Date : |
28.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
UNIFOSA CORP. |
|
|
|
|
Registered Office : |
3F.-6, No.5, Alley 22, Lane 513, Juey Kuang Rd., Taipei
City, |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
06.05.1994 |
|
|
|
|
Com. Reg. No.: |
84783772 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturing and sales of electronic components and parts |
|
|
|
|
No. of Employees |
130 |
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 : |
Slow but correct |
|
|
|
|
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) |
|
Taiwan |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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. Taiwan's diplomatic isolation, low birth rate, and rapidly aging population are other major long-term challenges. Free trade agreements have proliferated in East Asia over the past several years, and following the landmark Economic Cooperation Framework Agreement (ECFA) signed with China in June 2010, Taiwan in July 2013 signed a free trade deal with New Zealand—Taipei’s first-ever with a country with which it does not maintain diplomatic relations—and in November inked a trade pact with Singapore. Negotiations continue on follow-on components of ECFA regarding trade in goods and a dispute resolution mechanism; a trade in services agreement is under review in the legislature. 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 overall trade surplus largely because of its surplus with China, and its foreign reserves are the world's sixth largest, behind China, Japan, Saudi Arabia, Russia, and Switzerland. 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. Taiwan since 2009 has gradually loosened rules governing Chinese investment on the island, and has also secured greater market access for its investors in the mainland. 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: |
3F., No.5, Alley 22, Lane 513, Juey Kuang Rd., Taipei City, Taiwan, R.O.C. |
|
Supplied Address: |
|
|
Telephone Number: |
+886-2-8797-1108 |
|
Fax Number: |
|
|
E-mail: |
Notes: The exact name and address are as above.
|
Registered Name: |
UNIFOSA CORP. |
|
Registered Address: |
3F.-6, No.5, Alley 22, Lane 513, Juey Kuang Rd., Taipei City, Taiwan, R.O.C. |
|
Date of Foundation: |
1994-5-6 |
|
Registration Number: |
84783772 |
|
Registry: |
Department of Commerce, Ministry of Economic Affairs, R.O.C. |
|
Registered Capital: |
NTD 1,500,000,000 (USD 49,650,000) (As of 2014.4, 1 NTD = 0.0331 USD) |
|
Paid-up Capital: |
NTD 916,288,330 (USD 30,329,144) |
|
Legal Representatives: |
Qingzhong Cheng |
|
Legal Form: |
|
|
Principal Activities: |
Manufacturing and sales of electronic components and parts, etc. |
|
Staff: |
|
|
Listed at Stock Exchange: |
|
|
Date of Last Annual Return: |
Subject was incorporated on 1994-5-6 with registered number 84783772 as Joint Stock Company in Taiwan.
Subject listed on Taiwan stock exchange on 2004-12-27.
|
Name |
Subscription Shares |
|
Qingzhong Cheng |
187,092 |
|
Yue Li Investment Co., Ltd (Liberal translation) |
20,123,533 |
|
Changan Jiang |
577,290 |
|
Wuxing Xiao |
1,464,453 |
The information above is that of subject’s major shareholders.
Shareholder
Information:
|
1 |
|
|
Registered Name: |
Yue Li Investment Co., Ltd (Liberal translation) |
|
Registered Address: |
8F., No.104, Sec. 1, Zhongcheng Rd., Shilin Dist., Taipei City, Taiwan (R.O.C.) |
|
Date of Foundation: |
2007-4-26 |
|
Registration Number: |
28670888 |
|
Registry: |
Taipei City Government |
|
Registered Capital: |
NTD 30,000,000 (USD 993,000) (As of 2014.4, 1 NTD = 0.0331 USD) |
|
Legal Representatives: |
Zhendeng Wu |
|
Legal Form: |
Private Limited Liability Company |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2010-5-17 |
Factories
|
1 |
|
|
Name: |
Xindian Plant 1 |
|
Address: |
6F., No.2, Aly. 1, Lane 235, Baoqiao Rd., Xindian Dist., New Taipei City, Taiwan (R.O.C.) |
|
Date of Foundation: |
2000-7-19 |
|
Date of Registration: |
2000-8-14 |
|
Factory Registration Number: |
99614079 |
|
Factory Manager: |
Qingzhong Cheng |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2013-2-27 |
|
Major Products: |
271 Computer and related equipment 272 Communication equipment 269 Other electronic components and parts |
|
2 |
|
|
Name: |
Xindian Plant 2 |
|
Address: |
6F., No.4, Aly. 1, Lane 235, Baoqiao Rd., Xindian Dist., New Taipei City, Taiwan (R.O.C.) |
|
Date of Foundation: |
2000-7-19 |
|
Date of Registration: |
2000-8-16 |
|
Factory Registration Number: |
99614752 |
|
Factory Manager: |
Qingzhong Cheng |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2013-2-27 |
|
Major Products: |
271 Computer and related equipment 272 Communication equipment 269 Other electronic components and parts |
Office
|
Address |
6F., No.4, Aly. 1, Lane 235, Baoqiao Rd., Xindian Dist., New Taipei City, Taiwan (R.O.C.) |
|
Telephone Number |
+886-2-2914-8001 |
|
Fax Number |
+886-2-2914-7975 |
Core Management
Directors
|
1 |
|
|
Name |
Qingzhong Cheng |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Yue Li Investment Co., Ltd (Liberal translation) |
|
Position |
Director |
|
3 |
|
|
Name |
Changan Jiang |
|
Position |
Director |
|
4 |
|
|
Name |
Wuxing Xiao |
|
Position |
Director |
|
5 |
|
|
Name |
Wenjin Li |
|
Position |
Independent Director |
|
6 |
|
|
Name |
Fuxing Zhang |
|
Position |
Independent Director |
|
7 |
|
|
Name |
Qizhong You |
|
Position |
Independent Director |
Personnel Structure
|
Total Employees |
About 130 Employees |
Offices & Factories
|
|
Headquarters |
|
Add |
3F.-6, No.5, Alley 22, Lane 513, Juey Kuang Rd., Taipei City, Taiwan, R.O.C. |
Production Information
Subject is a manufacturer of electronic components and parts, etc.
It is introduced that subject has two factories in Taiwan for production.
It is introduced that subject had obtained ISO 9001: 2000 certification.
Purchase Information
The registered activities of subject:
|
Business Code |
Details |
|
CB01020 |
Manufacturing of office machines. |
|
CC01060 |
Manufacturing of wired telecommunication equipment. |
|
CC01070 |
Manufacturing of wireless telecommunication equipment. |
|
CC01080 |
Manufacturing of electronic components and parts. |
|
CC01110 |
Manufacturing of computer and related equipment. |
|
E605010 |
Installing of computer. |
|
E701030 |
Installing project of radio-frequency devices under telecommunications regulation. |
|
E701040 |
Installing of simple telecommunication equipment. |
|
F113050 |
Wholesales of computer and office equipment. |
|
F113070 |
Wholesales of telecommunication equipment. |
|
F118010 |
Wholesales of information software. |
|
F119010 |
Wholesales of electronic materials. |
|
F213030 |
Retails of computer and office equipment. |
|
F213060 |
Retails of telecommunication equipment. |
|
F218010 |
Retails of information software. |
|
F219010 |
Retails of electronic materials. |
|
F401010 |
International trading business. |
|
F601010 |
Intellectual property industry. |
|
I199990 |
Other consultant services. |
|
I301010 |
Information software services. |
|
I501010 |
Designing for products. |
|
ZZ99999 |
Besides licensed business, all other business items those are not banned or restricted. |
The components and raw material for production are purchased both at home and abroad.
The subject is mainly engaged in sales of electronic components and parts, etc.
It is introduced that subject’s selling territory includes Asia, America, Europe and etc.
It is introduced that subject’s major customers are manufacturers of computers, computer accessories and etc.
It is introduced that subject can also provide OEM and ODM services.
Major Products
|
|
Products |
|
1 |
DRAM Module |
|
2 |
FLASH Product |
Import and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase
|
Payment Terms |
Proportion |
|
|
Components and parts, etc. |
COD, CBD and etc |
100% |
Foreign Purchase
|
Payment Terms |
Proportion |
|
|
Components and parts, etc. |
\CBD and etc |
100% |
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
Electronic components and parts, etc. |
COD, CBD and etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Electronic components and parts, etc. |
CBD and etc |
100% |
Unit: NTD/000
|
Date |
2012-12-31 |
2011-12-31 |
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash and cash equivalents |
122,786.00 |
100,126.00 |
|
Changes in the fair value of the financial liability on profit and loss-flow |
9,446.00 |
0.00 |
|
Notes receivable - net |
255.00 |
0.00 |
|
Accounts receivable - net |
91,348.00 |
153,219.00 |
|
Other financial asset-current |
16,168.00 |
73,414.00 |
|
Inventories |
541,617.00 |
622,032.00 |
|
Prepayments |
1,262.00 |
8,362.00 |
|
Other current assets |
44,917.00 |
67,929.00 |
|
Current assets |
827,799.00 |
1,025,082.00 |
|
Funds and Investments |
|
|
|
Available-for-sale financial assets - non current |
59,952.00 |
54,624.00 |
|
Equity investments under equity method |
1,593.00 |
1,691.00 |
|
Investments |
1,593.00 |
1,691.00 |
|
Funds and long-term investments |
61,545.00 |
56,315.00 |
|
Fixed Assets |
|
|
|
Cost |
|
|
|
Land |
105,299.00 |
105,299.00 |
|
Buildings and structures |
45,515.00 |
46,255.00 |
|
Machinery and equipment |
31,505.00 |
31,505.00 |
|
Office equipment |
669.00 |
2,432.00 |
|
Other facilities |
0.00 |
80.00 |
|
Revaluation increment |
0.00 |
0.00 |
|
Cost and revaluation increment |
182,988.00 |
185,571.00 |
|
Accumulated depreciation |
-31,064.00 |
-27,286.00 |
|
Construction in process and prepayment for equipments |
0.00 |
0.00 |
|
Fixed assets |
151,924.00 |
158,285.00 |
|
Intangible Assets |
|
|
|
Cost of Deferred retirement |
304.00 |
342.00 |
|
Intangible Assets |
304.00 |
342.00 |
|
OtherAssets |
|
|
|
Guarantee deposits paid |
930.00 |
787.00 |
|
OtherAssets |
76,500.00 |
76,500.00 |
|
Guarantee deposits paid |
77,430.00 |
77,287.00 |
|
Assets |
1,119,002.00 |
1,317,311.00 |
|
Liabilities and Stockholders' Equity |
|
|
|
Liabilities |
|
|
|
Current Liabilities |
|
|
|
Short-term borrowings |
115,000.00 |
230,000.00 |
|
Short-term notes and bills payable |
0.00 |
0.00 |
|
Notes payable |
8,231.00 |
97,942.00 |
|
Accounts payable |
43,132.00 |
23,727.00 |
|
Accrued expenses |
9,615.00 |
16,135.00 |
|
Advance Receipts |
1,249.00 |
53.00 |
|
Long-Term Liabilities -Current Portion |
15,375.00 |
15,023.00 |
|
Other current liabilities |
1,992.00 |
441.00 |
|
Current liabilities |
194,594.00 |
383,321.00 |
|
Long term Liabilities |
|
|
|
Long-term borrowings |
100,128.00 |
115,503.00 |
|
Long-term liabilities |
100,128.00 |
115,503.00 |
|
Reserves |
|
|
|
Other Liabilities |
|
|
|
Pension reserve / accrued pension liability |
4,206.00 |
4,535.00 |
|
Other liabilities |
4,206.00 |
4,535.00 |
|
Liabilities |
298,928.00 |
503,359.00 |
|
Stockholders' Equity |
|
|
|
Capital |
|
|
|
Common stock |
650,576.00 |
650,576.00 |
|
Capital Surplus |
|
|
|
Capital surplus - additional paid-in capital |
164,591.00 |
388,154.00 |
|
Capital surplus |
164,591.00 |
388,154.00 |
|
Retained Earnings |
|
|
|
Legal reserve |
0.00 |
0.00 |
|
Special reserve |
0.00 |
0.00 |
|
Unappropriated retained earnings |
6,186.00 |
-223,563.00 |
|
Retained earnings |
6,186.00 |
-223,563.00 |
|
Stockholders' Equity and Other adjustmen |
|
|
|
Cumulative translation adjustments |
-367.00 |
-299.00 |
|
Net loss of not recognized as pension cost |
-912.00 |
-916.00 |
|
Equity adjustments |
-1,279.00 |
-1,215.00 |
|
Stockholders‘ equity |
820,074.00 (USD 27,144,449.40) |
813,952.00 (USD 26,941,811.20) |
|
Number of treasury stock acquired by the company and subsidiaries (unit: share) |
0.00 |
0.00 |
|
|
0.00 |
0.00 |
(As of 2014.4, 1 NTD = 0.0331 USD)
Unit: NTD/000
|
2012 |
2011 |
|
|
Sales |
2,121,518.00 (USD 70,222,245.80) |
4,231,853.00 (USD 140,074,334.30) |
|
Sales return |
3,696.00 |
37,926.00 |
|
Sales discounts and allowances |
1,102.00 |
54,870.00 |
|
Sales |
2,116,720.00 |
4,139,057.00 |
|
Operating income |
2,116,720.00 |
4,139,057.00 |
|
Cost of sales |
2,034,532.00 |
4,287,931.00 |
|
Gross profit (loss) from operations |
82,188.00 |
-148,874.00 |
|
Selling expense |
19,260.00 |
27,939.00 |
|
General and administrative expenses |
22,155.00 |
24,437.00 |
|
Research and development expenses |
4,517.00 |
4,893.00 |
|
Operating expenses |
45,932.00 |
57,269.00 |
|
Operating income (loss) |
36,256.00 |
-206,143.00 |
|
Non-Operating Income |
|
|
|
Interest income |
243.00 |
322.00 |
|
Miscellaneous income |
0.00 |
3,011.00 |
|
Rental income |
12.00 |
23.00 |
|
Miscellaneous income |
164.00 |
335.00 |
|
Non-operating revenues and gains |
419.00 |
3,691.00 |
|
Non-Operating Expenses |
|
|
|
Interest expense |
11,016.00 |
17,483.00 |
|
Investment loss recognized under equity method |
30.00 |
29.00 |
|
Other Investment loss |
9,072.00 |
0.00 |
|
Investment loss |
9,102.00 |
29.00 |
|
Loss on disposal of fixed assets |
0.00 |
7.00 |
|
Foreign exchange loss |
9,645.00 |
0.00 |
|
Loss on Financial assets evaluation |
107.00 |
0.00 |
|
Miscellaneous Disbursements |
0.00 |
14.00 |
|
Non-operating expenses and losses |
29,870.00 |
17,533.00 |
|
Income from continuing operations before income tax |
6,805.00 |
-219,985.00 |
|
Income tax expense (benefit) |
619.00 |
3,578.00 |
|
Income from continuing operations |
6,186.00 |
-223,563.00 |
|
Net income (loss) |
6,186.00 |
-223,563.00 |
|
Primary Earnings per Share |
|
|
|
Primary earnings per share |
0.10 |
-3.44 |
|
Diluted earnings per share |
|
|
|
Diluted earnings per share |
0.10 |
0.00 |
|
Date |
2012 |
2011 |
|
|
|
|
|
6,186.00 |
-223,563.00 |
|
|
Adjustment Item |
|
|
|
6,361.00 |
12,189.00 |
|
|
30.00 |
29.00 |
|
|
0.00 |
7.00 |
|
|
Loss (Gain) on Disposal of Investments |
9,072.00 |
0.00 |
|
Loss (Gain) on Unrealized evaluation of financial asset and liabilities. |
107.00 |
0.00 |
|
|
|
|
|
Decrease (Increase) in Notes Receivable |
-255.00 |
5,794.00 |
|
61,871.00 |
365,304.00 |
|
|
80,415.00 |
59,610.00 |
|
|
Decrease (Increase) in prepayments |
7,100.00 |
-6,623.00 |
|
22,393.00 |
2,581.00 |
|
|
Decrease (Increase) in Other Financial Assets |
57,246.00 |
-14,998.00 |
|
Decrease (Increase) in deferred income tax assets |
619.00 |
3,578.00 |
|
Increase (Decrease) in Notes Payable |
-89,711.00 |
82,448.00 |
|
19,405.00 |
-148,052.00 |
|
|
-6,520.00 |
-1,824.00 |
|
|
Increase (Decrease) in advance receipts |
1,196.00 |
53.00 |
|
1,551.00 |
92.00 |
|
|
-287.00 |
-136.00 |
|
|
176,779.00 |
136,489.00 |
|
|
|
|
|
|
Proceeds from Disposal of Available-for-sale Financial Assets |
-9,553.00 |
0.00 |
|
Acquisition of Financial Assets Carried at Cost |
-14,400.00 |
-54,624.00 |
|
Purchase of Property, Plant and Equipment |
0.00 |
-105.00 |
|
Increase (Decrease) in refundable deposits |
-143.00 |
0.00 |
|
Net Cash Provided by (Used in) Investing Activities |
-24,096.00 |
-54,729.00 |
|
Cash Flows from Financing Activities |
|
|
|
Increase (Decrease) in Short-term Loans |
-115,000.00 |
-125,000.00 |
|
Increase (Decrease) in Short-term Notes and Bills Payable |
0.00 |
-29,931.00 |
|
Proceeds from Long-term Debt |
-15,023.00 |
-14,716.00 |
|
Net Cash Provided by (Used in) Financing Activities |
-130,023.00 |
-169,647.00 |
|
Net Increase (Decrease) in Cash and Cash Equivalents |
22,660.00 |
-87,887.00 |
|
Cash and Cash Equivalents, Beginning of year |
100,126.00 |
188,013.00 |
|
Cash and Cash Equivalents, End of year |
122,786.00 |
100,126.00 |
|
Supplemental Cash Flow Information |
|
|
|
Interest Paid- Excluding Capitalized Interest |
12,062.00 |
16,723.00 |
|
24.00 |
34.00 |
|
|
Investing Activities Affecting Both Cash and Non-cash Items |
|
|
|
Long term liabilities due within one year |
15,375.00 |
15,023.00 |
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
Up to date of reporting, no existing or latent litigation of the subject has been found.
|
Name |
Mr. Geng |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.11 |
|
|
1 |
Rs.102.70 |
|
Euro |
1 |
Rs.84.52 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
DPT |
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 |
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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.