|
Report Date : |
14.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
SYSCOM COMPUTER ENGINEERING COMPANY |
|
|
|
|
Registered Office : |
6F., No.115, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
17.07.1975 |
|
|
|
|
Com. Reg. No.: |
4967550 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Providing syndicated services |
|
|
|
|
No of Employees : |
About 800 Employees |
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 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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: |
B1, 2-7/F, No.115, Emei St., Wanhua Dist.,
Taipei City 10844, Taiwan |
|
Supplied Address: |
|
|
Telephone Number: |
+886-2-2191-6066 |
|
Fax Number: |
Notes: The exact address is as above, and the supplied address is not complete.
|
Credit Opinion: |
Subject was incorporated on 1975-7-17 with registered number 4967550 as Joint Stock Company in Taiwan.
Subject is listed on Taiwan Stock Exchange on 2001-5-22.
Branches
|
1 |
|
|
Name |
Tainan Branch |
|
Registration
Number |
84310021 |
|
Date of
Registration |
1994-3-3 |
|
Status |
Active
|
|
Manager Name |
Jianxing Huang |
|
Date of Last
Annual Return |
2002-9-2 |
|
2 |
|
|
Name |
Taichung Branch |
|
Registration
Number |
23413762 |
|
Date of
Registration |
1989-6-5 |
|
Status |
Active |
|
Manager Name |
Jianxing Huang |
|
Date of Last
Annual Return |
2014-1-17 |
|
3 |
|
|
Name |
Gaoxiong Branch |
|
Registration
Number |
23413756 |
|
Date of
Registration |
1989-6-5 |
|
Status |
Active
|
|
Manager Name |
Jianxing Huang |
|
Date of Last
Annual Return |
2002-9-2 |
Offices
|
1 |
|
|
Name |
Taoyuan Office |
|
Address |
7/F, No. 373-6,
Zhongshan Rd., Taoyuan City, Taiwan |
|
Tel |
+886-3-333-9842 |
|
Fax |
+886-3-333-9840 |
|
2 |
|
|
Name |
Xinzhu Office |
|
Address |
8-6/F, No. 27,
Guanxin Rd., East Dist., Xinzhu City, Taiwan |
|
Tel |
+886-3-579-5842 |
Related Companies
|
1 |
|
|
Name |
DBMaker Japan,
Inc. |
|
Address |
Tokyo, Japan |
|
Tel |
+81-3-5206-7398 |
|
Fax |
+81-3-5206-7396 |
|
2 |
|
|
Name |
Syscom Computer Engineering (Thailand) Company (Literal Translation) |
|
Address |
Room B11, 6 Fl., 138 Boonmitr Building, Silom Road, Bangrak, Bangkok
10500, Thailand. |
|
Tel |
+66-2-634-0305~7 |
|
Fax |
+66-2-634-0308 |
|
3 |
|
|
Name |
Syscom Computer Engineering (Vietnam) Company (Literal Translation) |
|
Address |
B12, No.319, Ly
Thuong Kiet, Ward 15, Dist.11, HCMC, Vietnam |
|
Tel |
+84-8-3863-8393 |
|
Fax |
+84-8-3863-8394 |
|
4 |
|
|
Name |
CASEMaker Inc. |
|
Address |
1680 Civic
Center Drive, Santa Clara,CA 95050, U.S.A |
|
Tel |
+1-408-261-8265 |
|
Fax |
+1-408-261-2153 |
|
5 |
|
|
Name |
Syscom Computer Engineering (Shenzhen) Company (Literal Translation) |
|
Address |
Room 805,
Zhuoyue Shidai Plaza, No. 4068, Yitian Rd., Futian Central Dist., Shenzhen
City, China |
|
Tel |
+86-755-8378-0029 |
|
Fax |
+86-755-8378-2067 |
Major Shareholders
|
Name |
Subscription Shares |
|
Ruifu Liu |
|
|
21,929,787 |
|
|
Ruilong Liu |
402,562 |
|
Suyun Zheng |
2,254 |
|
Fengqiu You |
1,273 |
|
Zhijun Liu |
3,110,689 |
|
Chengling Pan |
2,329 |
Core Management
Directors
|
1 |
||
|
Name |
Ruifu Liu |
|
|
Position |
Chairman of the
Board |
|
|
2 |
||
|
Name |
Ruilong Liu |
|
|
Position |
Director |
|
|
3 |
||
|
Name |
Bowen Wang |
|
|
Position |
Director |
|
|
4 |
||
|
Name |
Suyun Zheng |
|
|
Position |
Director |
|
|
5 |
||
|
Name |
Fengqiu You |
|
|
Position |
Director |
|
|
6 |
||
|
Name |
Kunshan Chen |
|
|
Position |
Supervisor |
|
|
7 |
||
|
Name |
Zhijun Liu |
|
|
Position |
Supervisor |
|
|
8 |
||
|
Name |
Chengling Pan |
|
|
Position |
Supervisor |
|
|
9 |
||
|
Name |
Ruilong Liu |
|
|
Position |
Manager |
|
|
Date of Appointment |
1993-11-8 |
|
Personnel
Structure
|
Total Employees |
About 800 Employees |
Offices & Factories
|
|
Headquarters |
|
Add |
B1, 2-7/F, No.115, Emei St., Wanhua Dist., Taipei City 10844, Taiwan |
Operation
Information
· The registered activities of subject:
|
Business Code |
Details |
|
E605010 |
Computer equipment installation industry |
|
E701010 |
Communication engineering |
|
F113050 |
Computer and transactional machine equipment
wholesaling |
|
F113070 |
Telecommunications equipment wholesale business |
|
F118010 |
Information software wholesaling |
|
F119010 |
Electronics material wholesale business |
|
F213030 |
Computers and transactional machinery and
equipment retail |
|
F213060 |
Telecommunications equipment retail |
|
F218010 |
Information software retail |
|
F219010 |
Electronics components retail business |
|
F401010 |
The international trade |
|
G902011 |
The second category of telecom enterprise |
|
I103060 |
Management consulting |
|
I301010 |
Information software services |
|
I301020 |
Data processing services |
|
I301030 |
Electronic information supply services |
|
I501010 |
Products designing |
|
J303010 |
Publishing journal (journal) |
|
J304010 |
Book industry |
|
JA02010 |
The repair business of electrical and electronic
products |
|
JA02990 |
Other repair business |
|
F401021 |
Input industry of controlled telecommunications
radio-frequency devices |
|
ZZ99999 |
Besides licensed business, all other business
items those are not banned or restricted. |
l
Subject is engaged in providing syndicated services,
etc. without any production activities.
l
The services supplied by the subject include
hardware and software programming, development, import and maintenance
services, the overall information outsourcing service, consulting and training
services, etc.
l
The distribution products of the subject are A+M
(Analysis and Moving Solution), Cisco Collaboration Solution, etc.
l
The major service objects of the subject are
communications system, management and information system in Bank, medical
information system, securities information management solutions, etc.
l
It is introduced that subject has service stations
in Taiwan, Mainland China, Japan, Thailand, Vietnam, USA, etc.
Import and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Subject declined to disclose the detail settlement information of the subject, and it is introduced that the details of settlements are to be negotiated.
Unit: NTD/000
|
|
2013-12-31 |
2012-12-31 |
|
Total cash and cash equivalents |
341,361 |
398,470 |
|
Current available-for-sale financial assets, net |
74,914 |
3,907 |
|
Current bond investment without active market,
net |
145,804 |
123,376 |
|
Notes receivable, net |
29,675 |
17,710 |
|
Accounts receivable |
1,484,034 |
1,351,918 |
|
Lease payments receivable |
39 |
1,104 |
|
Accounts receivable, net |
1,484,073 |
1,353,022 |
|
Other receivables, net |
9,976 |
6,241 |
|
Total inventories |
361,586 |
510,157 |
|
Total prepayments |
150,755 |
177,039 |
|
Other current assets, others |
17,664 |
9,645 |
|
Total other current assets |
17,664 |
9,645 |
|
Total current assets |
2,615,808 |
2,599,567 |
|
Non-current available-for-sale financial assets,
net |
1,580 |
1,450 |
|
Non-current financial assets at cost, net |
3,589 |
4,784 |
|
Non-current bond investment without active
market, net |
71,622 |
77,152 |
|
Investments accounted for using equity method,
net |
150,545 |
90,263 |
|
Total property, plant and equipment |
455,433 |
380,156 |
|
Other intangible assets, net |
12,361 |
12,976 |
|
Total intangible assets |
12,361 |
12,976 |
|
Deferred tax assets |
25,861 |
18,200 |
|
Total other non-current assets, others |
6,389 |
32,439 |
|
Total other non-current assets |
6,389 |
32,439 |
|
Total non-current assets |
727,380 |
617,420 |
|
Total assets |
3,343,188 (USD 111,328,160.40) |
3,216,987 (USD 107,125,667.10) |
|
Total short-term borrowings |
72,400 |
196,908 |
|
Total notes payable |
4,405 |
718 |
|
Total accounts payable |
1,048,830 |
1,004,178 |
|
Total other payables |
203,928 |
85,968 |
|
Current tax liabilities |
20,775 |
13,060 |
|
Total advance receipts |
121,609 |
84,883 |
|
Other current liabilities, others |
9,444 |
33,075 |
|
Total other current liabilities |
131,053 |
117,958 |
|
Total current liabilities |
1,481,391 |
1,418,790 |
|
Deferred tax liabilities, income tax |
16,875 |
6,749 |
|
Total deferred tax liabilities |
16,875 |
6,749 |
|
Accrued pension liabilities |
118,667 |
118,985 |
|
Guarantee deposits received |
10,373 |
12,644 |
|
Other non-current liabilities, others |
1,095 |
3,190 |
|
Total other non-current liabilities |
130,135 |
134,819 |
|
Total non-current liabilities |
147,010 |
141,568 |
|
Total liabilities |
1,628,401 |
1,560,358 |
|
Ordinary share |
1,000,000 |
1,000,000 |
|
Total capital stock |
1,000,000 |
1,000,000 |
|
Total capital surplus |
511 |
0 |
|
Legal reserve |
202,436 |
194,349 |
|
Special reserve |
17,619 |
17,619 |
|
Total unappropriated retained earnings
(accumulated deficit) |
474,515 |
436,533 |
|
Total retained earnings |
694,570 |
648,501 |
|
Total other equity interest |
-4,998 |
-13,189 |
|
Total equity attributable to owners of parent |
1,690,083 |
1,635,312 |
|
Non-controlling interests |
24,704 |
21,317 |
|
Total equity |
1,714,787 (USD 57,102,407.10) |
1,656,629 (USD 55,165,745.70) |
(As of 2014.08, 1 NTD = 0.0333 USD)
Unit: NTD/000
|
|
2013 |
2012 |
|
Net sales revenue |
4,257,097 (USD 141,761,330.10) |
4,741,682 (USD 157,898,010.60) |
|
Total service revenue |
611,125 |
545,311 |
|
Other operating revenue, net |
228 |
349 |
|
Total operating revenue |
4,868,450 |
5,287,342 |
|
Total cost of sales |
3,384,827 |
3,882,283 |
|
Total cost of services |
487,423 |
459,681 |
|
Total operating costs |
3,872,250 |
4,341,964 |
|
Gross profit (loss) from operations |
996,200 |
945,378 |
|
Gross profit (loss) from operations |
996,200 |
945,378 |
|
Total selling expenses |
718,581 |
680,845 |
|
Total research and development expenses |
184,171 |
176,299 |
|
Total operating expenses |
902,752 |
857,144 |
|
Net operating income (loss) |
93,448 |
88,234 |
|
Total other income |
41,548 |
27,325 |
|
Other gains and losses, net |
-13,365 |
-15,989 |
|
Finance costs, net |
4,482 |
4,621 |
|
Share of profit (loss) of associates and joint ventures
accounted for using equity method, net |
-3,932 |
2,105 |
|
Total non-operating income and expenses |
19,769 |
8,820 |
|
Profit (loss) from continuing operations before
tax |
113,217 |
97,054 |
|
Total tax expense (income) |
18,034 |
22,405 |
|
Profit (loss) from continuing operations |
95,183 |
74,649 |
|
Profit (loss) |
95,183 |
74,649 |
|
Exchange differences on translation |
9,498 |
-11,516 |
|
Unrealized gains (losses) on valuation of
available-for-sale financial assets |
311 |
34 |
|
Actuarial gains (losses) on defined benefit plans |
-260 |
-9,922 |
|
Total share of other comprehensive income of
associates and joint ventures accounted for using equity method |
792 |
-1,523 |
|
Income tax related to components of other comprehensive
income |
346 |
0 |
|
Other comprehensive income, net |
9,995 |
-22,927 |
|
Total comprehensive income |
105,178 |
51,722 |
|
Profit (loss), attributable to owners of parent |
94,809 |
73,002 |
|
Profit (loss), attributable to non-controlling interests |
374 |
1,647 |
|
Comprehensive income, attributable to owners of
parent |
104,260 |
50,482 |
|
Comprehensive income, attributable to
non-controlling interests |
918 |
1,240 |
|
Basic earnings (loss) per share from continuing
operations |
0.95 |
0.73 |
|
Total basic earnings per share |
0.95 |
0.73 |
|
Diluted earnings (loss) per share from continuing
operations |
0.95 |
0.73 |
|
Total diluted earnings per share |
0.95 |
0.73 |
(As of 2014.08, 1 NTD = 0.0333 USD)
Unit: NTD/000
|
|
2013 |
2012 |
|
Cash flows from (used in) operating activities,
indirect method |
|
|
|
Profit (loss) from continuing operations before
tax |
113,217 |
97,054 |
|
Profit (loss) before tax |
113,217 |
97,054 |
|
Depreciation expense |
83,756 |
77,841 |
|
Amortization expense |
1,228 |
1,147 |
|
Provision (reversal of provision) for bad debt
expense |
-497 |
1,183 |
|
Interest expense |
4,482 |
4,621 |
|
Interest income |
-3,682 |
-4,012 |
|
Dividend income |
-51 |
-47 |
|
Share of loss (profit) of associates and joint
ventures accounted for using equity method |
3,932 |
-2,105 |
|
Loss (gain) on disposal of property, plan and
equipment |
9,921 |
11,340 |
|
Loss (gain) on disposal of investments |
-1,473 |
-763 |
|
Impairment loss on financial assets |
1,206 |
0 |
|
Impairment loss on non-financial assets |
23,183 |
7,743 |
|
Unrealized foreign exchange loss (gain) |
5,844 |
-6,640 |
|
Total adjustments to reconcile profit (loss) |
127,849 |
90,308 |
|
Decrease (increase) in notes receivable |
-11,965 |
-10,997 |
|
Decrease (increase) in accounts receivable |
-125,242 |
-137,846 |
|
Decrease (increase) in other receivable |
-3,152 |
9,711 |
|
Decrease (increase) in inventories |
99,853 |
-62,503 |
|
Decrease (increase) in prepayments |
26,665 |
-36,099 |
|
Decrease (increase) in other current assets |
6,780 |
5,715 |
|
Decrease (increase) in other operating assets |
262 |
1,056 |
|
Total changes in operating assets |
-6,799 |
-230,963 |
|
Changes in operating liabilities |
|
|
|
Increase (decrease) in notes payable |
3,687 |
-12,487 |
|
Increase (decrease) in accounts payable |
40,334 |
164,173 |
|
Increase (decrease) in other payable |
113,970 |
-45,274 |
|
Increase (decrease) in receipts in advance |
36,726 |
44,406 |
|
Increase (decrease) in other current liabilities |
-23,631 |
13,507 |
|
Increase (decrease) in accrued pension
liabilities |
-578 |
1,362 |
|
Total changes in operating liabilities |
170,508 |
165,687 |
|
Total changes in operating assets and liabilities |
163,709 |
-65,276 |
|
Total adjustments |
291,558 |
25,032 |
|
Cash inflow (outflow) generated from operations |
404,775 |
122,086 |
|
Interest received |
3,678 |
4,025 |
|
Dividends received |
51 |
1,027 |
|
Interest paid |
-4,487 |
-4,616 |
|
Income taxes refund (paid) |
-5,213 |
-15,925 |
|
Net cash flows from (used in) operating
activities |
398,804 |
106,597 |
|
Acquisition of available-for-sale financial
assets |
-1,201,800 |
-809,700 |
|
Proceeds from disposal of available-for-sale
financial assets |
1,132,447 |
909,062 |
|
Proceeds from disposal of bond investments
without active market |
-16,898 |
-48,708 |
|
Acquisition of investments accounted for using
equity method |
-65,000 |
0 |
|
Acquisition of property, plant and equipment |
-142,361 |
-74,830 |
|
Proceeds from disposal of property, plant and
equipment |
312 |
433 |
|
Decrease in refundable deposits |
8,469 |
-1,754 |
|
Acquisition of intangible assets |
-212 |
-282 |
|
Increase in other non-current assets |
3,168 |
2,542 |
|
Net cash flows from (used in) investing
activities |
-281,875 |
-23,237 |
|
Cash flows from (used in) financing activities |
|
|
|
Decrease in short-term loans |
-126,593 |
71,011 |
|
Increase in guarantee deposits received |
-2,271 |
8,924 |
|
Increase in other non-current liabilities |
-2,095 |
3,190 |
|
Cash dividends paid |
-50,000 |
-50,000 |
|
Change in non-controlling interests |
2,980 |
0 |
|
Other financing activities |
0 |
-242 |
|
Net cash flows from (used in) financing
activities |
-177,979 |
32,883 |
|
Effect of exchange rate changes on cash and cash
equivalents |
3,941 |
-5,759 |
|
Net increase (decrease) in cash and cash
equivalents |
-57,109 |
110,484 |
|
Cash and cash equivalents at beginning of period |
398,470 |
287,986 |
|
Cash and cash equivalents at end of period |
341,361 |
398,470 |
|
Cash and cash equivalents reported in the
statement of financial position |
341,361 |
398,470 |
Note: The above financial information belongs to the form of after adopting IFRSs.
Subject declined to disclose its bank details; from other source we could not 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.
Interview Details
|
Name |
Ms. Li |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.24 |
|
|
1 |
Rs. 103.01 |
|
Euro |
1 |
Rs. 81.89 |
INFORMATION DETAILS
|
Analysis Done by
: |
RSM |
|
|
|
|
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 |
-- |
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.