|
Report Date : |
06.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
MICROTIPS TECHNOLOGY INC. |
|
|
|
|
Registered Office : |
12FL., No.31, Lane 169, Kang Ning St., Xizhi
Dist., New Taipei City 221, |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
27.07.1995 |
|
|
|
|
Com. Reg. No.: |
89649873 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturing and sales of electronic and
electrical products |
|
|
|
|
No. of Employees |
About 500 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 – March 31st, 2014
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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. 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.31,
Lane 169, Kang Ning St., Xizhi Dist., New Taipei City 221, Taiwan (R.O.C.) |
|
Supplied Address: |
|
|
Telephone Number: |
+886-2-2692-3889 |
|
Fax Number: |
Notes: The exact name and address are as above.
Subject was incorporated
on 1995-7-27 with registered number 89649873
as Joint Stock Company in
Taiwan.
Subject listed on Taiwan stock exchange on 2004-6-18.
|
Name |
Subscription Shares |
|
Huasheng Wu |
3,256,870 |
|
Jingdai Lu |
1,335,471 |
|
Junliang Liu |
540,000 |
|
Jianzhong Nie |
52,774 |
The information above is that of subject’s major shareholders.
Factories
|
1 |
|
|
Address: |
5F-1, No. 25, Lane 169, Kang Ning St., Xizhi
Dist., New Taipei City 221, Taiwan (R.O.C.) |
|
Date of Foundation: |
1995-10-10 |
|
Date of Registration: |
1995-11-1 |
|
Factory Registration Number: |
99607838 |
|
Factory Manager: |
Huasheng Wu |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2003-12-24 |
|
Major Products: |
271 Computer and related equipment 272 Communications equipment 269 Other electronic components 264 Optoelectronic materials and components |
|
2 |
|
|
Address: |
12F-1, 12F-2 and 12F-3, No.31, Lane 169,
Kang Ning St., Xizhi Dist., New Taipei City 221, Taiwan (R.O.C.) |
|
Date of Foundation: |
1999-12-16 |
|
Date of Registration: |
2000-1-7 |
|
Factory Registration Number: |
99607872 |
|
Factory Manager: |
Huasheng Wu |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2003-12-24 |
|
Major Products: |
271 Computer and related equipment 272 Communications equipment 269 Other electronic components |
|
3 |
|
|
Name: |
Dong-Guang Factory |
|
Address: |
Dong-Shen Road, Si-Ma Village, Chang-Ping Down, Dong-Guang City,
Guang-Dong Province, China -523570 |
|
Telephone Number: |
+86-769-83975888 |
|
Fax Number: |
+86-769-83971122 |
Related Companies
|
Name |
Microtips Technology, LLC |
|
Address: |
3504 Lake Lynda Drive, Ste. #110 Orlando, FL 32817 U.S.A. |
|
Telephone Number: |
+1-888-499-8477 |
|
Fax Number: |
+1-407-273-0771 |
|
E-mail: |
Core Management
Directors
|
1 |
|
|
Name |
Huasheng Wu |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Jingdai Lu |
|
Position |
Director |
|
Date of Appointment |
2004-9-27 |
|
3 |
|
|
Name |
Guojian Fang |
|
Position |
Director |
|
4 |
|
|
Name |
Boxin Wang |
|
Position |
Director |
|
5 |
|
|
Name |
Junliang Liu |
|
Position |
Director |
|
6 |
|
|
Name |
Jianzhong Nie |
|
Position |
Independent Director |
|
7 |
|
|
Name |
Wuxiong Fu |
|
Position |
Independent Director |
|
8 |
|
|
Name |
Xianzeng Yang |
|
Position |
Supervisor |
|
9 |
|
|
Name |
Jianfu Lin |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 500 Employees |
Offices &
Factories
|
|
Headquarters |
|
Add |
12FL., No.31, Lane 169, Kang Ning St., Xizhi Dist., New Taipei City
221, Taiwan (R.O.C.) |
Production
Information
Subject is a manufacturer of electronic and electrical products and etc.
It is introduced that subject had factories in
Taiwan and the mainland of China.
It is introduced that subject has obtained ISO
9001:2008 certification.
Purchase
Information
The registered activities of subject:
|
Business Code |
Details |
|
CC01080 |
Manufacturing of electronic components. |
|
F119010 |
Wholesales of electronic components. |
|
CC01110 |
Manufacturing of computer and related equipment. |
|
F118010 |
Wholesales of information software. |
|
F401010 |
International trading business. |
|
E701010 |
Communication engineering industry. |
|
F113020 |
Wholesales of electrical appliances. |
|
F113030 |
Wholesales of precision instrument. |
|
F113050 |
Wholesales of computer and office equipment. |
|
F113070 |
Wholesales of telecommunication materials. |
|
E601010 |
Installing of electrical appliances. |
|
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 and electrical products and etc.
It is introduced that subject’s major products
include display modules, board assembly, audio equipments and etc.
It is introduced that subject’s selling
territory includes Asia, Europe, America and etc.
It is introduced that subject’s major
customers are manufacturers of audio - visual equipment, sonic equipment and
etc.
It is introduced that subject also provides OEM, ODM services.
Import and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase
|
Payment Terms |
Proportion |
|
|
Raw materials, components
and etc |
COD, CBD and etc |
100% |
Foreign Purchase
|
Payment Terms |
Proportion |
|
|
Raw materials,
components and etc |
CBD and etc |
100% |
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
Electronic and electrical products and etc. |
COD, CBD and etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Electronic and electrical products and etc. |
CBD and etc |
100% |
Unit: NTD/000
|
Date |
2012-12-31 |
2011-12-31 |
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash and
cash equivalents |
244,480.00 |
185,620.00 |
|
Notes
receivable - net |
0.00 |
230.00 |
|
Accounts receivable
- net |
126,010.00 |
91,859.00 |
|
Accounts
receivable - related parties - net |
51,797.00 |
55,127.00 |
|
Notes
receivable - net |
2,933.00 |
3,685.00 |
|
Accounts
receivable - net |
3,803.00 |
101.00 |
|
Inventories |
21,109.00 |
30,088.00 |
|
Other
current assets |
20,121.00 |
13,199.00 |
|
Current
assets |
470,253.00 |
379,909.00 |
|
Funds and Investments |
|
|
|
Long-Term
investments at equity |
225,481.00 |
234,049.00 |
|
Investments |
225,481.00 |
234,049.00 |
|
Funds
and long-term investments |
225,481.00 |
234,049.00 |
|
Fixed Assets |
|
|
|
Cost |
|
|
|
Land |
40,303.00 |
40,303.00 |
|
Buildings
and structures |
25,397.00 |
27,648.00 |
|
Machinery
and equipment |
8,105.00 |
16,377.00 |
|
Transportation
equipment |
0.00 |
0.00 |
|
Other
facilities |
11,202.00 |
13,303.00 |
|
Fixed
Assets |
85,007.00 |
97,631.00 |
|
Accumulated
depreciation |
-18,877.00 |
-29,487.00 |
|
Construction
in process and prepayment for equipments |
0.00 |
0.00 |
|
Fixed
assets |
66,130.00 |
68,144.00 |
|
Intangible Assets |
|
|
|
OtherAssets |
|
|
|
Guarantee
deposits paid |
2,609.00 |
2,609.00 |
|
Deferred
charges |
1,927.00 |
2,103.00 |
|
Deferred
income tax assets - non current |
0.00 |
0.00 |
|
Other
assets |
0.00 |
0.00 |
|
Other
assets |
4,536.00 |
4,712.00 |
|
Assets |
766,400.00 |
686,814.00 |
|
Liabilities and
Stockholders' Equity |
|
|
|
Liabilities |
|
|
|
Current Liabilities |
|
|
|
Short-term
notes and bills payable |
0.00 |
0.00 |
|
Notes
payable |
9,258.00 |
2,692.00 |
|
Accounts
payable |
14,316.00 |
16,875.00 |
|
Accounts
payable - related parties |
62,178.00 |
29,067.00 |
|
Income tax
payable |
12,180.00 |
0.00 |
|
Accrued
expenses |
25,923.00 |
54,331.00 |
|
Other
payables |
0.00 |
2,075.00 |
|
Long-Term
Liabilities -Current Portion |
7,699.00 |
6,833.00 |
|
Other
current liabilities |
5,241.00 |
6,597.00 |
|
Current
liabilities |
136,795.00 |
118,470.00 |
|
Long term Liabilities |
|
|
|
Long-term
borrowings |
1,736.00 |
9,389.00 |
|
Long-term
liabilities |
1,736.00 |
9,389.00 |
|
Reserves |
|
|
|
Other Liabilities |
|
|
|
Deferred
income tax |
11,222.00 |
10,352.00 |
|
Other
Liabilities- others |
1,234.00 |
1,408.00 |
|
Other
Liabilities |
12,456.00 |
11,760.00 |
|
Liabilities |
150,987.00 |
139,619.00 |
|
Stockholders' Equity |
|
|
|
Capital |
|
|
|
Common
stock |
441,093.00 |
389,203.00 |
|
Capital Surplus |
|
|
|
Capital
surplus - additional paid-in capital |
40,554.00 |
27,988.00 |
|
Capital
surplus |
40,554.00 |
27,988.00 |
|
Retained Earnings |
|
|
|
Legal
reserve |
38,084.00 |
33,117.00 |
|
Unappropriated
retained earnings |
82,711.00 |
76,313.00 |
|
Retained
earnings |
120,795.00 |
109,430.00 |
|
Stockholders' Equity
and Other adjustmen |
|
|
|
Cumulative
translation adjustments |
12,971.00 |
20,574.00 |
|
|
0.00 |
0.00 |
|
Equity
adjustments |
12,971.00 |
20,574.00 |
|
Stockholders‘
equity |
615,413.00 (USD 20,370,170.30) |
547,195.00 (USD 18,112,154.50) |
|
Number of
treasury stock acquired by the company and subsidiaries (unit: share) |
0.00 |
0.00 |
|
|
0.00 |
0.00 |
(As of 2014.6, 1 NTD = 0.0331 USD)
Unit: NTD/000
|
Date |
2012 |
2011 |
|
Sales |
1,168,762.00 (USD 38,686,022.20) |
1,201,857.00 (USD 39,781,466.70) |
|
Sales
Return |
9,223.00 |
7,703.00 |
|
Sales |
1,159,539.00 |
1,194,154.00 |
|
Operating
income |
1,159,539.00 |
1,194,154.00 |
|
Cost of
sales |
987,185.00 |
1,048,364.00 |
|
Gross
profit (loss) from operations |
172,354.00 |
145,790.00 |
|
Unrealized gain
from inter-affiliate accounts. |
870.00 |
999.00 |
|
Realized
gain from inter-affiliate accounts. |
999.00 |
1,633.00 |
|
Selling
expense |
40,627.00 |
52,061.00 |
|
General
and administrative expenses |
42,692.00 |
42,458.00 |
|
Research
and development expenses |
21,697.00 |
23,598.00 |
|
Operating
expenses |
105,016.00 |
118,117.00 |
|
Operating
income (loss) |
67,467.00 |
28,307.00 |
|
Non-Operating Income |
|
|
|
Interest
income |
461.00 |
1,358.00 |
|
Investment
income |
4,054.00 |
16,486.00 |
|
Investment
income recognized under equity method |
4,054.00 |
16,486.00 |
|
Gains
on disposal of fixed assets |
46.00 |
46.00 |
|
Foreign
exchange gains |
0.00 |
15,459.00 |
|
Incomes of
switching back of bad debt |
784.00 |
3,358.00 |
|
Miscellaneous
income |
971.00 |
1,159.00 |
|
Non-operating
revenues and gains |
6,316.00 |
37,866.00 |
|
Non-Operating
Expenses and Loss |
|
|
|
Interest
expense |
257.00 |
300.00 |
|
Investment
loss recognized under equity method |
0.00 |
0.00 |
|
Investment
loss |
0.00 |
0.00 |
|
Loss on
disposal of fixed assets |
23.00 |
0.00 |
|
Loss on
exchange |
8,026.00 |
0.00 |
|
Miscellaneous
disbursements |
0.00 |
0.00 |
|
Non-operating
expenses and losses |
8,306.00 |
300.00 |
|
Income (loss) from
continuing operations before income tax |
65,477.00 |
65,873.00 |
|
Income tax
expense (benefit) |
15,192.00 |
16,202.00 |
|
Income
from continuing operations-net |
50,285.00 |
49,671.00 |
|
Net income
(loss) |
50,285.00 |
49,671.00 |
|
Primary Earnings per
Share |
|
|
|
Primary
earnings per share |
1.22 |
1.28 |
|
Diluted earnings per
share |
|
|
|
Diluted
earnings per share |
1.21 |
1.26 |
(As of 2014.6, 1 NTD = 0.0331 USD)
|
Date |
2012 |
2011 |
|
|
|
|
|
50,285.00 |
49,671.00 |
|
|
Adjustments to
Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities |
|
|
|
5,996.00 |
7,212.00 |
|
|
526.00 |
584.00 |
|
|
Bad debt expense
item number (income) |
-784.00 |
-3,358.00 |
|
Loss (Gain) on Decline (Recovery) in Market Value, Scrap and
Obsolescence of Inventories |
1,152.00 |
-2,457.00 |
|
-4,054.00 |
-16,486.00 |
|
|
Cash dividends
from the invested companies under equity method |
894.00 |
2,656.00 |
|
Loss (Gain) on
Disposal and abandonment of Property, Plan and Equipment |
-23.00 |
-46.00 |
|
Loss (Gain) on
Deferred Income Tax |
-394.00 |
10,433.00 |
|
Other
Adjustments to Reconcile Net Income |
-626.00 |
-1,215.00 |
|
|
|
|
|
230.00 |
-19.00 |
|
|
-33,367.00 |
28,385.00 |
|
|
Decrease (Increase) in Accounts Receivable - Related Parties |
3,330.00 |
-6,248.00 |
|
752.00 |
-1,189.00 |
|
|
7,827.00 |
6,045.00 |
|
|
-1,034.00 |
3,060.00 |
|
|
Increase
(Decrease) in Notes Payable |
6,565.00 |
-754.00 |
|
-2,559.00 |
-3,552.00 |
|
|
33,111.00 |
29,067.00 |
|
|
12,180.00 |
-6,151.00 |
|
|
-28,408.00 |
-4,357.00 |
|
|
Increase
(Decrease) in Other Payable |
-2,075.00 |
1,284.00 |
|
-1,355.00 |
-2,405.00 |
|
|
48,169.00 |
90,160.00 |
|
|
|
|
|
|
Long-term investments increased equity |
0.00 |
-57,650.00 |
|
Purchase of Property, Plant and Equipment |
-4,006.00 |
-4,870.00 |
|
Decrease (Increase) in Refundable Deposits
|
0.00 |
-1,300.00 |
|
Decrease (Increase) in Other receivables-
related parties |
-3,702.00 |
10,462.00 |
|
Other investment activities |
-350.00 |
-1,570.00 |
|
Net Cash Provided by (Used in) Investing
Activities |
-8,058.00 |
-54,928.00 |
|
Cash Flows from Financing Activities |
|
|
|
Borrowing the long term loans |
0.00 |
10,000.00 |
|
Pay for he long term loans |
-6,787.00 |
-2,667.00 |
|
Cash dividends |
-38,920.00 |
-62,272.00 |
|
Increment of cash |
64,456.00 |
0.00 |
|
Net Cash Provided by (Used in) Financing
Activities |
18,749.00 |
-54,939.00 |
|
Net Increase (Decrease) in Cash and Cash Equivalents |
58,860.00 |
-19,707.00 |
|
Cash and Cash Equivalents, Beginning of year |
185,620.00 |
205,327.00 |
|
Cash and Cash Equivalents, End of year |
244,480.00 |
185,620.00 |
|
Supplemental Cash Flow Information |
|
|
|
Interest Paid |
260.00 |
298.00 |
|
Interest Paid- Excluding Capitalized
Interest |
260.00 |
298.00 |
|
3,406.00 |
11,920.00 |
|
|
Investing Activities Affecting Both Cash and Non-cash Items |
|
|
|
Long-Term Liabilities -Current Portion |
7,699.00 |
6,833.00 |
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 |
Ms. Su |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.30 |
|
UK Pound |
1 |
Rs.99.34 |
|
Euro |
1 |
Rs.80.70 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
SDA |
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.