|
Report Date : |
30.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
ADVANCED COMMUNICATION TECHNOLOGY & SOLUTIONS CORPORATION |
|
|
|
|
Registered Office : |
12Fl., No.18, Sec.1, Chang-An East Road,
Taipei City 104 |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2013 31.12.2012 (Consolidated) |
|
|
|
|
Date of Incorporation : |
22.09.2004 |
|
|
|
|
Com. Reg. No.: |
27364398 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
· engaged in Providing Services of Network Communication Solution and Value Added Mobile Applications Subject is the Agent of the Brand “Midtronics”. Engaged in Manufacturer of Electronic Components Engaged in Installation of KU satellite
TV channels, C Channel
Equipment Engaged in Installation of RF equipment controlled by telecom Engaged in Installation of computer Engaged as Wholesaler of Electrical Equipment Engaged as Wholesaler of Precise Instrument Engaged as Wholesaler of computer
and Office Equipment |
|
|
|
|
No of Employees : |
About 40 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 – 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: |
12Fl., No.18, Sec.1,
Chang-An East Road, Taipei City 104, Taiwan, R.O.C. |
|
Supplied Address: |
|
|
Telephone Number: |
+886-2-2522-2122 |
|
Fax Number: |
|
|
E-mail: |
|
|
Website: |
Notes: The exact name and address are as above.
|
Credit Opinion: |
|
Registered Name: |
|
|
Registered Address: |
12Fl., No.18, Sec.1, Chang-An East Road,
Taipei City 104, Taiwan, R.O.C. |
|
Date of Foundation: |
2004-9-22 |
|
Registration Number: |
27364398 |
|
Registry: |
Taipei City Government |
|
Registered Capital: |
NTD 120,000,000 (USD 4,080,000) (As of 2014.07, 1 NTD = 0.0340 USD) |
|
Paid-up Capital: |
NTD 112,882,980 (USD
3,838,021) |
|
Legal Representatives: |
Zhaoyou Xu |
|
Legal Form: |
|
|
Principal Activities: |
· engaged in Providing Services of Network Communication Solution and Value Added Mobile Applications Subject is the Agent of the Brand “Midtronics”. Engaged in Manufacturer of Electronic Components Engaged in Installation of KU satellite
TV channels, C Channel
Equipment Engaged in Installation of RF equipment controlled by telecom Engaged in Installation of computer Engaged as Wholesaler of Electrical Equipment Engaged as Wholesaler of Precise Instrument Engaged as Wholesaler of computer
and Office Equipment |
|
Staff: |
|
|
Listed at Stock Exchange: |
|
|
Date of Last Annual Return: |
Subject was incorporated
on 2004-9-22 with registered number 27364398 as Joint Stock Company in Taiwan.
|
Name |
Subscription Shares |
|
Jiankun Chen |
419,897 |
|
United Fiber Optic Communication Inc. |
|
|
6,718,360 |
|
|
Weiyun Huang |
773,771 |
The information above is that of subject’s major shareholders.
Shareholder Information
|
Registered Name: |
United Fiber Optic Communication Inc. |
|
Registered Address: |
No.12, Creation Road IV, Science-Based
Industrial Park, Hsinchu, Taiwan, R.O.C. |
|
Date of Foundation: |
1986-4-2 |
|
Registration Number: |
21223267 |
|
Registry: |
Science Park Administration |
|
Registered Capital: |
NTD 1,400,000,000 (USD 47,600,000) (As of 2014.07, 1 NTD = 0.0340 USD) |
|
Paid-up Capital: |
NTD 876,887,640 (USD 29,814,180) |
|
Legal Representatives: |
Zhaoyou Xu |
|
Legal Form: |
Joint Stock Company |
|
Listed at Stock Exchange: |
Yes; Stock Symbol: 4903 |
|
Date of Listed: |
2001-5-14 |
|
Date of Last Annual Return: |
2014-6-23 |
Note: From public
files we found “United Fiber Optic Communication Inc.” has 59.59% ownership of
subject as of 2013-12-31.
Offices
|
1 |
|
|
Name: |
USA Office |
|
Address: |
188 Technology Drive, Suite N, Irvine, CA
92618, USA |
|
Tel: |
+1-949-679-5855 |
|
2 |
|
|
Name: |
Kaohsiung Office |
|
Address: |
Room B, 14/F., No.7, Siwei 4th
Road, Lingya District, Kaohsiung City, Taiwan |
|
Fax: |
+886-7-536-1155 |
Core Management
|
1 |
|
|
Name |
Zhaoyou Xu |
|
Position |
Board President |
|
2 |
|
|
Name |
Jiankun Chen |
|
Position |
Vice-President |
|
3 |
|
|
Name |
Jinchen Hou |
|
Position |
Director |
|
4 |
|
|
Name |
Shumei Ke |
|
Position |
Director |
|
5 |
|
|
Name |
Weiyun Huang |
|
Position |
Director & Manager |
|
Date of Appointment |
2010-1-4 |
|
6 |
|
|
Name |
Dexiang Feng |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 40
Employees |
Offices &
Factories
|
|
Headquarters |
|
Add |
12Fl., No.18, Sec.1, Chang-An East Road,
Taipei City 104, Taiwan, R.O.C. |
Operation
Information
l
Subject is engaged in providing
services of network communication
solution and value added mobile applications
l
Subject’s service
regions include Taiwan, Mainland China and so on.
l
It is
introduced that subject imports technology from USA and Europe
l
Subject is
the agent of the brand “Midtronics”.
l
Subject’s
major customer is “Chunghwa Telecom” and Tai Power Company
Major Solutions
|
Type |
Solution |
|
Transmission |
Multiservice SDH transmission backbone Metro WDM Systems Metro ATM Systems Multiservice Switch (MSS) Portfolio - Frame
Relay, X.25 Network OSA clock systems |
|
IP |
Carrier Grade Multi-Service Router Platform Carrier Grade Metro Ethernet Switch Network Security Platform NGN Solutions & Integration IMS Solution & Convergence Integration |
|
Wireless |
Repeaters for GSM, DCS, WCDMA and their
applications Accessories for Mobile Base Station (antenna
& Tower Amplifier) and their applications Micro/Pico 2G/3G Repeaters and their applications Wimax Base Station and Repeaters Wireless Coverage Field Testing, Measuring &
Post Analysis Point-to-Point Microwave System, 6~38 GHz Point-to-Multipoint Microwave System, 5.4 GHz,
5.8 GHz, & 26 GHz Millimeter Wave Gigabit Ethernet Solution,
60 GHz / 80 GHz |
|
Application |
3G Hsdpa And Wimax Acceleration Solution Network Management System (nms) For Wire/Wireless
Network Elements Customized Development For Mobile Multimedia
Application Optimization Tools & Services For
Wire/Wireless Networks Network Security, Monitoring &
Management |
|
HFC Network |
HFC High Speed Broadand Access & Applicaiton Full HD Video Compression and Content Distribution Design, Implementation and Integration of Digital
Headend Conditional Access Integration & Value
Added Services |
|
Battery Testing |
-- |
l
The registered activities of subject:
|
Business Code |
Details |
|
CC01080 |
Manufacturing of electronic components |
|
E701020 |
Installation of KU satellite TV channels,
C channel equipment |
|
E701030 |
Installation of RF equipment controlled by
telecom |
|
E605010 |
Installation of computer |
|
F113020 |
Wholesale of electrical equipment |
|
F113030 |
Wholesale of precise instrument |
|
F113050 |
Wholesale of computer and office equipment |
|
F113070 |
Wholesale of telecommunications equipment |
|
F119010 |
Wholesale of electronic material |
|
F118010 |
Wholesale of software |
|
F213010 |
Retail of electrical equipment |
|
F213030 |
Retail of computer and office equipment |
|
F213040 |
Retail of precise instrument |
|
F213060 |
Retail of telecommunications equipment |
|
F218010 |
Retail of software |
|
F219010 |
Retail of electronic material |
|
F401010 |
International trade business |
|
I301010 |
Software service |
|
I301020 |
Data processing service |
|
I301030 |
Electronic information supply service |
|
I501010 |
Product design |
|
IZ99990 |
Other industry and commerce service |
|
JZ99050 |
Agency business |
|
F401021 |
Import of RF equipment controlled by
telecom |
|
I401010 |
General advertising services |
|
I103060 |
Management consulting business |
|
E701011 |
Telecommunication engineering business |
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
It is
introduced that the details of settlements are to be negotiated.
Subject has no obligations to disclose its financial statements to the third party according to the relevant policy in Taiwan and the only source from which we can obtain the information is the subject itself.
Subject’s relevant staff Mr. Wang 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 parent company (United Fiber Optic
Communication Inc.) from public files for reference.
Consolidated Balance Sheet
Unit: NTD/000
|
2012-12-31# |
2011-12-31# |
|
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash and cash equivalents |
377,730.00 |
350,752.00 |
|
Changes in the fair value of the financial asset on profit and
loss-flow |
170.00 |
0.00 |
|
Financial assets available for sale-current |
30,037.00 |
61,191.00 |
|
Notes receivable - net |
289.00 |
3,085.00 |
|
Accounts receivable - net |
222,619.00 |
130,466.00 |
|
Inventories |
113,035.00 |
84,211.00 |
|
Construction in process |
299,790.00 |
231,291.00 |
|
Other current assets |
33,617.00 |
20,952.00 |
|
Other current assets |
1,077,287.00 |
881,948.00 |
|
Funds and investments |
|
|
|
Financial assets available for sale- non current |
68,844.00 |
56,073.00 |
|
Investments |
22,692.00 |
18,969.00 |
|
Funds and investments |
91,536.00 |
75,042.00 |
|
Fixed Assets |
|
|
|
Cost |
|
|
|
Land |
0.00 |
23,370.00 |
|
Buildings and structures |
213,783.00 |
226,160.00 |
|
Machinery and equipment |
300,465.00 |
303,848.00 |
|
Transportation equipment |
10,315.00 |
9,598.00 |
|
Office equipment |
26,186.00 |
26,648.00 |
|
Fixed assets cost |
550,749.00 |
589,624.00 |
|
Accumulated depreciation |
-382,881.00 |
-381,411.00 |
|
Accumulated impairment - fixed assets |
0.00 |
-4,036.00 |
|
Construction in process and prepayment for equipments |
1,264.00 |
0.00 |
|
Fixed assets |
169,132.00 |
204,177.00 |
|
Intangible Assets |
|
|
|
Other Assets |
|
|
|
Guarantee deposits paid |
16,947.00 |
34,939.00 |
|
Deferred charges |
8,082.00 |
6,940.00 |
|
Other assets - other |
61,321.00 |
102,212.00 |
|
Other assets |
86,350.00 |
144,091.00 |
|
Assets |
1,424,305.00 |
1,305,258.00 |
|
Liabilities and Stockholders’ Equity |
|
|
|
Liabilities |
|
|
|
Current Liabilities |
|
|
|
Short-term borrowing |
6,547.00 |
1,667.00 |
|
Changes in the fair value of the financial liability on profit and
loss-flow |
0.00 |
1,140.00 |
|
Accounts payable |
264,666.00 |
124,279.00 |
|
Income tax payable |
3,893.00 |
4,324.00 |
|
Billing on contract |
40,581.00 |
34,834.00 |
|
Long-term liabilities - current portion |
13,333.00 |
196,034.00 |
|
Other current liabilities |
66,497.00 |
54,989.00 |
|
Current liabilities |
395,517.00 |
417,267.00 |
|
Long term Liabilities |
|
|
|
Bonds payable |
79,562.00 |
0.00 |
|
Long-term loans |
16,667.00 |
30,000.00 |
|
Long term liabilities |
96,229.00 |
30,000.00 |
|
Reserves |
|
|
|
Other Liabilities |
|
|
|
Retirement allowance reserve/ Accrued pension liabilities |
13,704.00 |
13,034.00 |
|
Guarantee deposit received |
419.00 |
886.00 |
|
Other liabilities |
14,123.00 |
13,920.00 |
|
Liabilities |
505,869.00 |
461,187.00 |
|
Stockholders’ Equity |
|
|
|
Capital |
|
|
|
Common stock |
762,480.00 |
761,690.00 |
|
Capital Surplus |
|
|
|
Capital surplus - share premium |
9,947.00 |
317.00 |
|
Capital surplus - long-term investment |
487.00 |
0.00 |
|
Capital surplus - stock options |
7,097.00 |
16,720.00 |
|
Capital surplus |
17,531.00 |
17,037.00 |
|
Retained Earnings |
|
|
|
Legal reserve |
11,194.00 |
5,817.00 |
|
Special reserve |
47,568.00 |
5,508.00 |
|
Unappropriated retained earnings |
68,554.00 |
66,603.00 |
|
Retained earnings |
127,316.00 |
77,928.00 |
|
Stockholders' Equity and Other adjustment |
|
|
|
Cumulative translation adjustments |
-353.00 |
-353.00 |
|
Net loss not recognized as pension cost |
-13,664.00 |
-12,964.00 |
|
Unrealized gains (losses) on financial instruments |
-22,157.00 |
-34,251.00 |
|
Stockholders' equity and other adjustment |
-36,174.00 |
-47,568.00 |
|
Minority equity |
47,283.00 |
34,984.00 |
|
Stockholders - equity |
918,436.00 (USD 31,226,824.00) |
844,071.00 (USD 28,698,414.00) |
|
Number of treasury stock acquired by the 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 |
(As of 2014.07, 1 NTD = 0.0340 USD)
Unit: NTD/000
|
|
2013-12-31* |
|
ASSETS |
|
|
CURRENT ASSETS |
|
|
Cash and cash equivalents |
219,886.00 |
|
Financial assets at fair value through profit or loss -current |
20.00 |
|
Available-for-sale financial assets - current |
6.00 |
|
Debt investment with no active market-current |
37,877.00 |
|
Notes receivable |
37.00 |
|
Trade receivables |
358,088.00 |
|
Amounts due from customers for construction contracts |
339,286.00 |
|
Other receivables |
1,646.00 |
|
Inventories |
70,615.00 |
|
Other current assets |
13,121.00 |
|
Total current assets |
1,040,582.00 |
|
NONCURRENT ASSETS |
|
|
Available-for-sale financial assets - noncurrent |
93,234.00 |
|
Debt investment with no active market - non current |
36,051.00 |
|
Investments accounted for using the equity method |
18,601.00 |
|
Property, plant and equipment |
185,198.00 |
|
Intangible assets |
5,575.00 |
|
Deferred income tax assets |
2,252.00 |
|
Refundable deposits |
9,393.00 |
|
Total noncurrent assets |
350,304.00 |
|
LIABILITIES AND EQUITY |
|
|
CURRENT LIABILITIES |
|
|
Short-term bank loans |
106,773.00 |
|
Financial liabilities at fair value through profit or loss - current |
-- |
|
Notes payable |
2,993.00 |
|
Accounts payable |
137,315.00 |
|
Accounts payable - related parties |
15.00 |
|
Amounts due to customers for construction contracts |
67,682.00 |
|
Bonus to employees and remuneration to directors and supervisors |
2,940.00 |
|
Other payables |
42,507.00 |
|
Current income tax liabilities |
2,145.00 |
|
Provisions |
11,491.00 |
|
Current portion of long-term debts |
13,333.00 |
|
Current portion of bonds payable |
-- |
|
Other current liabilities |
3,365.00 |
|
Total current liabilities |
390,559.00 |
|
NONCURRENT LIABILITIES, NET OF CURRENT PORTION |
|
|
Bonds payable |
21,557.00 |
|
Long-term debts |
3,334.00 |
|
Accrued pension cost |
12,952.00 |
|
Guarantee deposits |
320.00 |
|
Total noncurrent liabilities |
38,163.00 |
|
Total liabilities |
428,722.00 |
|
EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY |
|
|
Share capital |
|
|
Common shares |
870,028.00 |
|
Capital surplus |
17,283.00 |
|
Retained earnings |
|
|
Legal reserve |
18,037.00 |
|
Special reserve |
36,174.00 |
|
(Accumulated deficit) unappropriated earnings |
-30,132.00 |
|
Total retained earnings |
24,079.00 |
|
Other equity |
-4,134.00 |
|
Total equity attributable to owners of the Company |
907,256 |
|
NONCONTROLLING INTERESTS |
54,908.00 |
|
Total equity |
962,164.00 (USD
32,713,576.00) |
|
TOTAL |
1,390,886.00 (USD
47,290,124.00) |
(As of 2014.07, 1 NTD = 0.0340 USD)
Consolidated Profit and Loss Account
Unit: NTD/000
|
Date |
2012# |
2011# |
|
Sales |
1,545,204.00 (USD
52,536,936.00) |
1,034,841.00 (USD 35,184,594.00) |
|
Sales returns |
1,143.00 |
248.00 |
|
Sales |
1,544,061.00 |
1,034,593.00 |
|
Operating income |
1,544,061.00 |
1,034,593.00 |
|
Cost of sales |
1,276,704.00 |
809,834.00 |
|
Operating costs |
1,276,704.00 |
809,834.00 |
|
Gross profit (loss) from operations |
267,357.00 |
224,759.00 |
|
Selling expense |
100,728.00 |
101,516.00 |
|
General and administrative expenses |
70,404.00 |
59,444.00 |
|
Research and development expenses |
17,420.00 |
14,907.00 |
|
Operating expenses |
188,552.00 |
175,867.00 |
|
Operating income (loss) |
78,805.00 |
48,892.00 |
|
Non-Operating Income |
|
|
|
Interest income |
1,926.00 |
4,491.00 |
|
Investment income |
0.00 |
2,052.00 |
|
Dividends |
0.00 |
2,052.00 |
|
Gains from disposal of fix assets |
0.00 |
429.00 |
|
Disposal of investment interests |
542.00 |
0.00 |
|
Foreign exchange gains |
1,183.00 |
1,162.00 |
|
Rental income |
1,753.00 |
2,285.00 |
|
Gain on valuation of financial asset |
1,367.00 |
1,817.00 |
|
Miscellaneous income |
20,935.00 |
15,156.00 |
|
Non-operating revenues and gains |
27,706.00 |
27,392.00 |
|
Non-Operating Expenses |
|
|
|
Interest expense |
4,239.00 |
5,468.00 |
|
Investment loss recognized under equity method |
1,008.00 |
1,289.00 |
|
Investment losses |
1,008.00 |
1,289.00 |
|
Loss on disposal of fixed assets |
497.00 |
148.00 |
|
Miscellaneous disbursements |
13,433.00 |
62.00 |
|
Non-operating expenses and losses |
19,177.00 |
6,967.00 |
|
Income from continuing operations before income tax |
87,334.00 |
69,317.00 |
|
Income tax expense (benefit) |
6,198.00 |
6,441.00 |
|
Income from continuing operations |
81,136.00 |
62,876.00 |
|
Consolidated net profits and losses |
68,430.00 |
53,774.00 |
|
Minority equity gains and losses |
12,706.00 |
9,102.00 |
|
Consolidated profit and loss |
81,136.00 |
62,876.00 |
|
Primary Earnings per Share |
|
|
|
Primary earnings per share |
0.90 |
0.71 |
|
Diluted Earnings Per Share |
|
|
|
Diluted earnings per share |
0.77 |
0.60 |
(As of 2014.07, 1 NTD = 0.0340 USD)
Unit: NTD/000
|
|
2013* |
|
OPERATING REVENUE |
|
|
Sales |
696,179.00 |
|
Construction revenue |
742,854.00 |
|
Service revenue |
24,765.00 |
|
Other operating revenue |
1,152.00 |
|
Total operating revenues |
1,464,950 (USD
49,808,300.00) |
|
OPERATING COSTS |
|
|
Cost of goods sold |
623,637.00 |
|
Construction cost |
674,898.00 |
|
Service cost |
5,794.00 |
|
Other operating cost |
619.00 |
|
Total operating costs |
1,304,948.00 |
|
GROSS PROFIT |
160,002.00 |
|
OPERATING EXPENSES |
|
|
Marketing |
80,917.00 |
|
General and administrative |
66,235.00 |
|
Research and development |
26,606.00 |
|
Total operating expenses |
173,758.00 |
|
OPERATING (LOSS) INCOME |
-13,756.00 |
|
NONOPERATING INCOME AND EXPENSES |
|
|
Other income |
6,817.00 |
|
Other gains and losses |
-2,515.00 |
|
Financial costs |
-2,129.00 |
|
Share of loss of associates |
-3,519.00 |
|
Total nonoperating income and expenses |
-1,346.00 |
|
INCOME (LOSS) BEFORE INCOME TAX |
-15,102.00 |
|
INCOME TAX EXPENSE |
5,291.00 |
|
NET INCOME (LOSS) FOR THE YEAR |
20,393.00 (USD
693,362.00) |
(As of 2014.07, 1 NTD = 0.0340 USD)
Consolidated Cash Flows
Unit: NTD/000
|
Date |
2012# |
2011# |
|
Cash Flows from Operating Activities - Indirect Method |
|
|
|
Consolidated profit and loss |
81,136.00 |
62,876.00 |
|
Adjustments to Reconcile Net Income to Net Cash Provided by (Used in)
Operating Activities |
|
|
|
Depreciation Expense |
14,831.00 |
15,203.00 |
|
Amortization Expense |
1,683.00 |
1,554.00 |
|
-1,310.00 |
-1,817.00 |
|
|
3,865.00 |
4,697.00 |
|
|
Investment Losses Recognized Under Equity Method |
1,008.00 |
1,289.00 |
|
Loss (Gain) on Disposal of Property, Plant and Equipment |
497.00 |
-281.00 |
|
Losses (gains) on Disposal of Available-for-sale Non Current Assets |
-17,375.00 |
0.00 |
|
Losses (gains) on Disposal of Investment |
-542.00 |
0.00 |
|
Losses (gains) on redeemed bonds payable |
10,467.00 |
0.00 |
|
Loss (Gain) on Deferred Income Tax |
-951.00 |
-714.00 |
|
Changes in Operating Assets and Liabilities |
|
|
|
Decrease (Increase) in Financial Assets Held for Trading |
-57.00 |
0.00 |
|
Decrease (Increase) in Notes Receivable |
2,796.00 |
-2,617.00 |
|
Decrease (Increase) in Accounts Receivable |
-92,153.00 |
60,954.00 |
|
Decrease (Increase) in Inventories |
-28,824.00 |
-22,694.00 |
|
Decrease (Increase) In Construction in Process Reduced Remaining Sum
of Billing on Contract |
-68,499.00 |
-74,851.00 |
|
Decrease (Increase) in Prepaid Expenses |
-8,744.00 |
-8,412.00 |
|
Increase (Decrease) in Accounts Payable |
140,387.00 |
12,442.00 |
|
Increase (Decrease) in Income Tax Payable |
-431.00 |
2,316.00 |
|
Increase (Decrease) in Billing on Contract Reduced Remaining Sum of
Construction in Process |
5,747.00 |
733.00 |
|
Increase (Decrease) in Other Current Liabilities |
14,187.00 |
10,093.00 |
|
Increase (Decrease) in Accrued Pension Liabilities |
-30.00 |
-9,958.00 |
|
Net Cash Provided by (Used in) Operating Activities |
57,688.00 |
50,813.00 |
|
Cash Flows from Investing Activities |
|
|
|
Acquisition of Available-for-sale financial assets |
-30,573.00 |
-61,000.00 |
|
Proceeds from sale of Available-for-sale Financial Assets |
61,542.00 |
0.00 |
|
Income from long-term equity investments under the equity method |
-4,500.00 |
0.00 |
|
Proceeds from Available-for-sale Non Current Asset |
46,286.00 |
0.00 |
|
Purchase of Property, Plant and Equipment |
-9,194.00 |
-5,957.00 |
|
Proceeds from Disposal of Property, Plant and Equipment |
429.00 |
0.00 |
|
Increase (Decrease) in Guaranteed Deposits Paid |
17,992.00 |
12,961.00 |
|
Increase in Deferred Charges |
-2,825.00 |
-234.00 |
|
Increase (Decrease) in Restricted Assets |
37,492.00 |
36,984.00 |
|
Net Cash Provided by (Used in) Investing Activities |
116,649.00 |
-17,246.00 |
|
Cash Flows from Financing Activities |
|
|
|
Increase (Decrease) in Short-term Loans |
4,880.00 |
-20,227.00 |
|
Redeemed and Repurchased Convertible Bond |
-117,414.00 |
0.00 |
|
Repayment of Long-term Debt |
-13,333.00 |
-13,333.00 |
|
Increase (Decrease) in Guarantee Deposits Received |
-467.00 |
311.00 |
|
Issued Cash Dividends |
-19,042.00 |
0.00 |
|
Employees Execute Stock Option |
797.00 |
2,864.00 |
|
Changes in minority interest |
-2,780.00 |
-402.00 |
|
Net Cash Provided by (Used in) Financing Activities |
-147,359.00 |
-30,787.00 |
|
Exchange Influence |
0.00 |
1.00 |
|
Net Increase (Decrease) in Cash and Cash Equivalents |
26,978.00 |
2,781.00 |
|
Cash and Cash Equivalents, Beginning of year |
350,752.00 |
347,971.00 |
|
Cash and Cash Equivalents, End of year |
377,730.00 |
350,752.00 |
|
Supplemental Cash Flow Information |
|
|
|
Interest Paid |
380.00 |
788.00 |
|
Interest Paid- Excluding Capitalized Interest |
380.00 |
788.00 |
|
Income Tax Paid |
7,580.00 |
4,106.00 |
|
Non-cash Investing and Financing Activities |
|
|
|
Current Portion of Long-term Liabilities |
13,333.00 |
13,333.00 |
|
Fixed Assets Reclassified Available-for-sale Non Current Assets |
28,911.00 |
0.00 |
|
Other |
487.00 |
-14,707.00 |
|
Investing Activities Affecting Both Cash and Non-cash Items |
|
|
|
Cash Paid for Acquisition of Property, Plant and Equipment |
|
|
|
Cash Received from Disposal of Fix Assets |
|
|
|
Proceeds from Sale of Property and Equipment |
0.00 |
429.00 |
|
Increase (Decrease) in other account receivable – Disposal of Fix
Assets |
429.00 |
-429.00 |
|
Cash Received from Disposal of Fix Assets |
429.00 |
0.00 |
|
Other Supplemental Information |
|
|
|
Purchase of Available-for-sale financial assets |
30,523.00 |
61,050.00 |
|
Increase in Investment Payable |
50.00 |
-50.00 |
Unit: NTD/000
|
|
2013* |
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
Income (loss) before income tax |
-15,102.00 |
|
Adjustments to reconcile income (loss)
before income tax to net cash (used in) provided by operating activities: |
|
|
Depreciation |
16,128.00 |
|
Amortization |
1,346.00 |
|
Net loss (gain) on fair value change of
financial assets designated as at fair value through profit or loss |
150.00 |
|
Financial costs |
2,129.00 |
|
Interest revenue |
-1,207.00 |
|
Dividend revenue |
-2,008.00 |
|
Compensation cost of employee share
options |
1,131.00 |
|
Share of profits of associates |
3,519.00 |
|
Loss on disposal of property, plant and
equipment |
71.00 |
|
Gain on disposal of noncurrent assets
classified as held for sale |
-- |
|
Gain on disposal of available-for-sale
financial assets net |
-70.00 |
|
Gain of foreign currency exchange |
-258.00 |
|
Loss on redemption of convertible bonds |
-- |
|
Changes in operating assets and
liabilities: |
|
|
Decrease in notes receivable |
252.00 |
|
Increase in trade receivables |
-135,469.00 |
|
(Increase) decrease in amounts due from
customers for construction contracts |
-122,337.00 |
|
(Increase) decrease in other receivables |
-348.00 |
|
Decrease (increase) in inventories |
42,420.00 |
|
Decrease (increase) in other current
assets |
105,377.00 |
|
Decrease in financial liabilities held for
trading |
- |
|
(Decrease) increase in notes payable |
-42,659.00 |
|
(Decrease) increase in accounts payable |
-81,684.00 |
|
Increase in amounts due to customers for
construction contracts |
27,101.00 |
|
Increase (decrease) in other payables |
4,285.00 |
|
Increase in provisions |
2,041.00 |
|
(Decrease) increase in other current
liabilities |
-3,176.00 |
|
Decrease in accrued pension cost |
-2,196.00 |
|
(Decrease) increase in bonus to employees
and remuneration to directors and supervisors |
-9,533.00 |
|
Cash (used in) provided by operating
activities |
-210,097.00 |
|
Interest received |
1,227.00 |
|
Interest paid |
-787.00 |
|
Income tax paid |
-7,626.00 |
|
Net cash (used in) provided by operating
activities |
-217,283.00 |
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
Purchase of available-for-sales financial
assets |
-- |
|
Proceeds of the disposal of
available-for-sale financial assets |
30,070.00 |
|
(Purchase) disposal of debt investments
with no active market |
-4,105.00 |
|
Purchase of investments accounted for by
the equity method |
-- |
|
Proceeds of the disposal of noncurrent
assets classified as held for sale |
-- |
|
Payments for property, plant and equipment |
-30,281.00 |
|
Proceeds of the disposal of property,
plant and equipment |
-- |
|
Decrease in refundable deposits |
7,554.00 |
|
Payments for intangible assets |
-823.00 |
|
Dividend received |
2,008.00 |
|
Net cash provided by investing activities |
4,423.00 |
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
Increase in short-term bank loans |
218,217.00 |
|
Decrease in short-term bank loans |
-117,789.00 |
|
Repayments of bond payables |
-- |
|
Repayments of long-term debts |
-13,333.00 |
|
Decrease in guarantee deposits received |
-99.00 |
|
Dividends paid to owners of the Company |
-38,183.00 |
|
Proceeds of the exercise of employee stock
options |
10,105.00 |
|
Dividends paid to noncontrolling interests |
-3,958.00 |
|
Net cash provided by (used in) financing
activities |
54,960.00 |
|
EFFECTS OF EXCHANGE RATE CHANGES ON THE BALANCE
OF CASH HELD IN FOREIGN CURRENCIES |
56.00 |
|
NET (DECREASE) INCREASE IN CASH AND CASH
EQUIVALENTS |
-157,844.00 |
|
CASH AND CASH EQUIVALENTS, BEGINNING OF
YEAR |
377,730.00 |
|
CASH AND CASH EQUIVALENTS, END OF YEAR |
219,886.00 |
Note:
· (#)Figures are based on the Taiwan generally accepted accounting principle.
(*) Figures are based on the IFRSs Accounting System.
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. Wang |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.10 |
|
UK Pound |
1 |
Rs.102.04 |
|
Euro |
1 |
Rs.80.74 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
MNL |
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.