|
Report Date : |
17.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
KMC (KUEI MENG) INTERNATIONAL INC. |
|
|
|
|
Formerly Known As : |
CNET TECHNOLOGY INC. |
|
|
|
|
Registered Office : |
8F.-5, No.425, Jhonghua Rd., Yongkang Dist., Tainan City 710, |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
20.04.1989 |
|
|
|
|
Com. Reg. No.: |
22099483 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturing and sales of bicycle chain and motorcycle component |
|
|
|
|
No. of Employees : |
25 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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: |
|
|
Former Name: |
Cnet Technology Inc. |
|
Supplied Name: |
|
|
Trading Address: |
8F.-5, No.425, Jhonghua Rd., Yongkang Dist., Tainan City 710, Taiwan (R.O.C.) |
|
Supplied Address: |
8F-5, no. 4 & 5, Jhonghua Rd, Yongkang Dist Taiwan City 71079 |
|
Telephone Number: |
+886-6-303-7111 |
|
Fax Number: |
|
|
E-mail: |
Notes: The exact
name and address are as above.
Subject was incorporated on 1989-4-20 with registered number 22099483 as Joint Stock Company in Taiwan.
Subject listed on Taiwan Over-The-Counter Securities exchange on 1995-12-26
Change of Name
|
Former English Name |
Cnet Technology Inc. |
|
Current English Name |
Kmc (Kuei Meng) International Inc. |
|
Name |
Subscription Shares |
|
Kmc Transton Industries Limited |
45,154,530 |
|
Dingnan Gao |
1,853,891 |
The information above is that of subject’s major shareholders.
Shareholder
Information:
|
Registered Name: |
Kmc Transton Industries Limited |
|
Registered Address: |
8F-1,No.425,Chung Hua Rd., Yongkang Dist., Tainan City 710, Taiwan (R.O.C.) |
|
Date of Foundation: |
1991-1-14 |
|
Registration Number: |
23968994 |
|
Registry: |
Department of Commerce, Ministry of Economic Affairs, R.O.C. |
|
Registered Capital: |
NTD 500,000,000 (USD 16,950,000) (As of 2014.1, 1 NTD = 0.0339 USD) |
|
Paid-up Capital: |
NTD 500,000,000 (USD 16,950,000) |
|
Legal Representatives: |
Yingjin Wu |
|
Legal Form: |
Joint Stock Company |
|
Date of Last Annual Return: |
2013-10-22 |
Related Companies
|
1 |
|
|
Name |
Kmc Chain Ind. Co.，Ltd |
|
Tel |
+886-6-201-9103 |
|
Fax |
+886-6-201-9107 |
|
2 |
|
|
Name |
CNet Technology Corporation. |
|
Region |
America |
|
3 |
|
|
Name |
Kmc Transmission (Cheng Du) Co., Ltd. |
|
Tel |
+86-28-8485-2227 |
|
4 |
|
|
Name |
Kmc Chain (Vietnam) Co., Ltd. |
|
Tel |
+84-8-866-2823 |
|
5 |
|
|
Name |
Kmc Transmission (S.H.) Co., Ltd. |
|
Tel |
+86-512-5345-1661 |
Core Management
Directors
|
1 |
|
|
Name |
Yingjin wu |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Ruizhang wu |
|
Position |
Director/Manager |
|
Date of Appointment |
2011-10-4 |
|
3 |
|
|
Name |
Jiongfen wang |
|
Position |
Director |
|
4 |
|
|
Name |
Jincheng jian |
|
Position |
Independent director |
|
5 |
|
|
Name |
Yuting huang |
|
Position |
Independent director |
|
6 |
|
|
Name |
Yanggang xu |
|
Position |
Supervisor |
|
7 |
|
|
Name |
Dingnan gao |
|
Position |
Supervisor |
Personnel Structure
|
Total Employees |
About 25 Employees (Taiwan office) |
Offices & Factories
|
|
Headquarters |
|
Add |
8F-1,No.425,Chung Hua Rd., Yongkang Dist., Tainan City 710, Taiwan (R.O.C.) |
Production Information
Subject is engaged in manufacturing of bicycle chain and motorcycle component, etc.
Subject has factories in Taiwan and the mainland of China for production.
Subject obtained the certification of ISO9002.
Purchase Information
The registered activities of subject:
|
Business Code |
Details |
|
CC01060 |
Cable machinery equipment manufacturing industry |
|
CC01070 |
Wireless communications equipment manufacturing machinery |
|
CC01101 |
Controlled telecommunications radio-frequency devices manufacturing |
|
F401010 |
The international trade |
|
CC01110 |
Computer and peripheral equipment manufacturing industry |
|
F114030 |
Gasoline, locomotive parts equipped with wholesalers |
|
F214030 |
Equipped with car, motorcycle parts retail |
|
CD01040 |
The locomotive and its parts manufacturing |
|
CD01050 |
Bicycle and parts manufacturing |
|
CD01990 |
Other means of transport and its parts manufacturing |
|
F114040 |
Wholesaling bicycle and its parts |
|
F214040 |
Bicycles and spare parts retail |
|
F214990 |
Other means of transport and its spare parts retail |
|
F114990 |
Other means of transport and its parts wholesaling |
|
ZZ99999 |
Besides licensed business, all other business items those are not banned or restricted. |
The components and raw material for production are purchased from both home and abroad.
The subject is mainly engaged in sales of bicycle chain and motorcycle component, etc.
The major products sold by subject include engine chain, motorcycle chain, bicycle assembler, etc.
The products are applied in mountain bike, road bicycle, performance car, Comfort Bike, etc.
The subject sales regions include Asia, America, Europe, etc.
Subject sales the product with the brand of “KMC”.
Subject’s main customers include MTB Bundesliga International, etc.
Import and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase
|
Products |
Components and raw material |
|
Terms |
Cash, T/T, etc |
Import
|
Products |
Components and raw material |
|
Terms |
Sales
Domestic Markets
|
Product |
Bicycle chain and motorcycle component, etc. |
|
Terms |
T/T, Cash, etc |
Export
|
Products |
Bicycle chain and motorcycle component, etc. |
|
Terms |
L/C, etc |
Unit: NTD/000
|
|
2012-12-31 |
2011-12-31 |
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash and cash equivalents |
54,623.00 |
812,558.00 |
|
Notes receivable - net |
1,165.00 |
0 |
|
Accounts receivable - net |
18,210.00 |
24,318.00 |
|
Accounts receivable - related parties - net |
148,051.00 |
33,632.00 |
|
Inventories |
410 |
6,430.00 |
|
Other current assets |
20,760.00 |
27,475.00 |
|
Current assets |
243,219.00 |
904,413.00 |
|
Funds and Investments |
|
|
|
Long-term investments under equity method |
1,174,991.00 |
29,057.00 |
|
Investments |
1,174,991.00 |
29,057.00 |
|
Funds and investments |
1,174,991.00 |
29,057.00 |
|
Fixed Assets |
|
|
|
Cost |
|
|
|
Office equipment |
1,224.00 |
608 |
|
Lease improvement |
1,999.00 |
5,060.00 |
|
The cost of the fixed assets in total |
3,223.00 |
5,668.00 |
|
Accumulated depreciation |
-746 |
-2,212.00 |
|
Accumulated impairment - fixed assets |
0 |
-1,346.00 |
|
Fixed assets |
2,477.00 |
2,110.00 |
|
Intangible Assets |
|
|
|
Other Assets |
|
|
|
Guarantee deposits paid |
0 |
1,029.00 |
|
Deferred charges |
0 |
81 |
|
Other assets - other |
2,016.00 |
2,016.00 |
|
Other assets |
2,016.00 |
3,126.00 |
|
Assets |
1,422,703.00 |
938,706.00 |
|
Liabilities and Stockholders' Equity |
|
|
|
Liabilities |
|
|
|
Current Liabilities |
|
|
|
Short-term borrowing |
168,490.00 |
0 |
|
Notes payable |
232 |
47 |
|
Accounts payable |
258 |
258 |
|
Accounts payable - related parties |
93,593.00 |
71,856.00 |
|
Accrued expenses |
5,081.00 |
3,155.00 |
|
Other current liabilities |
4,993.00 |
1,082.00 |
|
Current liabilities |
272,647.00 |
76,398.00 |
|
Long term Liabilities |
|
|
|
Long-term borrowings |
30,000.00 |
0 |
|
Long-term liabilities |
30,000.00 |
0 |
|
Reserves |
|
|
|
Other Liabilities |
|
|
|
Liabilities |
302,647.00 |
76,398.00 |
|
Stockholders' Equity |
|
|
|
Capital |
|
|
|
Common stock |
1,030,343.00 |
1,030,343.00 |
|
Capital Surplus |
|
|
|
Capital surplus - additional paid-in capital |
0 |
0 |
|
Capital reserves - storage stock trading |
0 |
0 |
|
Gain capital reserves - dispose assets |
0 |
0 |
|
Capital reserves - the donated assets |
0 |
0 |
|
Capital surplus - long-term equity investments |
0 |
0 |
|
Excessive forehead capital reserves - merger |
0 |
0 |
|
Capital surplus - employee stock option |
0 |
0 |
|
Capital reserves - stock options |
0 |
0 |
|
Capital reserves – others |
0 |
0 |
|
Capital surplus |
0 |
0 |
|
Retained Earnings |
|
|
|
Unappropriated retained earnings |
83,322.00 |
-173,595.00 |
|
Retained earnings |
83,322.00 |
-173,595.00 |
|
Stockholders' Equity and Other adjustment |
|
|
|
Cumulative translation adjustments |
1,702.00 |
0 |
|
Unrealized gains (losses) on financial instruments |
4,689.00 |
5,560.00 |
|
Equity adjustments |
6,391.00 |
5,560.00 |
|
Stockholders‘ equity |
1,120,056.00 |
862,308.00 |
|
Number of Treasury Stock Acquired by Parent Company and Subsidiaries (unit: Share) |
0 |
0 |
|
Equivalent Shares of Outstandings of Advance Receipts for Common Stock (Unit: Share) |
0 |
0 |
Unit: NTD/000
|
|
2012 |
2011 |
|
Sales |
672,902.00 |
161,021.00 |
|
Sales discounts and allowances |
4,423.00 |
8,717.00 |
|
Sales |
668,479.00 |
152,304.00 |
|
Operating income |
668,479.00 |
152,304.00 |
|
Cost of sales |
534,941.00 |
138,791.00 |
|
Operating costs |
534,941.00 |
138,791.00 |
|
Gross profit (loss) from operations |
133,538.00 |
13,513.00 |
|
Affiliate company has achieved between interests |
0 |
1,897.00 |
|
Selling expense |
10,154.00 |
13,749.00 |
|
General and administrative expenses |
23,758.00 |
25,150.00 |
|
Research and development expenses |
0 |
1,358.00 |
|
Operating expenses |
33,912.00 |
40,257.00 |
|
Operating income (loss) |
99,626.00 |
-24,847.00 |
|
Non-Operating Income |
|
|
|
Interest income |
2,971.00 |
1,542.00 |
|
Income from long-term equity investments under the equity method |
145,103.00 |
8,099.00 |
|
Investment income |
145,103.00 |
8,099.00 |
|
Gains on disposal of fixed assets |
190 |
1 |
|
Disposal of investment interests |
0 |
25,950.00 |
|
Foreign exchange gains |
3,155.00 |
1,299.00 |
|
Bad back |
2,802.00 |
0 |
|
Miscellaneous income |
2,162.00 |
1,095.00 |
|
Non-operating revenues and gains |
156,383.00 |
37,986.00 |
|
Non-Operating Expenses |
|
|
|
Interest expense |
1,027.00 |
12 |
|
loss on disposal of investments |
0 |
13,182.00 |
|
Impairment loss on assets |
0 |
1,346.00 |
|
Miscellaneous disbursements |
95 |
1 |
|
Non-operating expenses and losses |
1,122.00 |
14,541.00 |
|
Income from continuing operations before income tax |
254,887.00 |
-1,402.00 |
|
Income tax expense (benefit) |
-2,030.00 |
-3,007.00 |
|
Income from continuing operations |
256,917.00 |
1,605.00 |
|
Net income (loss) |
256,917.00 |
1,605.00 |
|
Primary Earnings per Share |
|
|
|
Primary earnings per share |
2.49 |
0.02 |
|
Diluted earnings per share |
|
|
|
Diluted earnings per share |
2.49 |
0.02 |
Unit: NTD/000
|
|
2012 |
2011 |
|
Cash Flows from Operating Activities - Indirect Method |
$256,917 |
$1,605 |
|
Net Income (Loss) |
|
|
|
Adjustments to Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities |
631.00 |
1,017 |
|
Depreciation Expense |
81.00 |
325.00 |
|
Bad debt expense item number (income) |
-2,802.00 |
5,205.00 |
|
Share-based Compensation |
529 |
-609.00 |
|
Inventory plate (surplus) |
427.00 |
0.00 |
|
Loss (Gain) on Decline (Recovery) in Market Value, Scrap and Obsolescence of Inventories |
-145,103.00 |
-8,099.00 |
|
Investment Loss (Income) Recognized under Equity Method |
-190 |
-1 |
|
Loss (Gain) on Disposal of Property, Plan and Equipment |
0.00 |
-12,768.00 |
|
Non-financial assets impairment losses |
0.00 |
1,346.00 |
|
Between affiliate companies realized gains and losses |
0.00 |
-1,897.00 |
|
Impairment Losses on Financial Asset |
-2,030 |
-3,007 |
|
Other Adjustments to Reconcile Net Income |
|
|
|
Changes in Operating Assets and Liabilities |
-1,165.00 |
0 |
|
Decrease (Increase) in Notes Receivable |
8,910.00 |
-25,850.00 |
|
Decrease (Increase) in Accounts Receivable |
-114,419.00 |
-9,254.00 |
|
Decrease (Increase) in Accounts Receivable - Related Parties |
0 |
3,074.00 |
|
Decrease (Increase) in Other Receivable- Related Parties |
5,064 |
8,615.00 |
|
Decrease (Increase) in Inventories |
-1,255.00 |
1,996.00 |
|
Increase (Decrease) in Income Tax Payable |
185 |
-1,539 |
|
Decrease (Increase) in Other Current Assets |
0 |
-632 |
|
Increase (Decrease) in Accounts Payable |
21,737 |
67,363.00 |
|
Increase (Decrease) in Accounts Payable - Related Parties |
1,926 |
869 |
|
Increase (Decrease) in Other Payable - Related Parties |
4,183.00 |
36.00 |
|
Increase (Decrease) in Accrued Pension Liabilities |
33,626.00 |
27,795.00 |
|
Net Cash Provided by (Used in) Operating Activities |
|
|
|
Cash Flows from Investing Activities |
0 |
6,919 |
|
Acquisition of Financial Assets Carried at Cost |
0.00 |
25,950 |
|
Capital Reduction of Financial Assets Carried at Cost |
-1,000,000 |
0 |
|
Disciplinary action by the equity method of the long-term equity investment cost |
0 |
4,200 |
|
Acquisition of Investments Accounted for by Equity Method |
-1,270.00 |
-2,083.00 |
|
Purchase of Property, Plant and Equipment |
190.00 |
61.00 |
|
Proceeds from Disposal of Property, Plant and Equipment |
1,029.00 |
148.00 |
|
Restricted assets increase or decrease |
10,000.00 |
0.00 |
|
Purchase of Intangible Assets |
-990,051.00 |
35,195 |
|
Net Cash Provided by (Used in) Investing Activities |
|
|
|
Cash Flows from Financing Activities |
168,490 |
0 |
|
Increase (Decrease) in Short-term Notes and Bills Payable |
30,000.00 |
0.00 |
|
Increment of cash |
0 |
424,800 |
|
Exercise of Employee Stock Options |
198,490.00 |
424,800.00 |
|
Net Cash Provided by (Used in) Financing Activities |
-757,935 |
487,790 |
|
Net Increase (Decrease) in Cash and Cash Equivalents |
812,558 |
324,768 |
|
Cash and Cash Equivalents, Beginning of year |
$54,623 |
$812,558 |
|
Cash and Cash Equivalents, End of year |
|
|
|
Supplemental Cash Flow Information |
$978 |
$12 |
|
Interest Paid |
$978 |
$12 |
|
Interest Paid- Excluding Capitalized Interest |
0.00 |
67.00 |
|
Income Tax Paid |
|
|
|
Investing Activities Affecting Both Cash and Non-cash Items |
|
|
|
Cash Paid for Acquisition of Property, Plant and Equipment |
998.00 |
2,083.00 |
|
Increase in Property, Plant and Equipment |
272.00 |
0.00 |
|
Increase (Decrease) in Payable for Equipment Purchased |
$1,270 |
$2,083 |
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 |
Ms. Huang |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.53 |
|
|
1 |
Rs.100.73 |
|
Euro |
1 |
Rs.83.84 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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.