|
Report Date : |
15.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
QUANMAX INC. |
|
|
|
|
Formerly Known As : |
KONTRON ASIA INC. |
|
|
|
|
Registered Office : |
5F., No.415, Sec.2,
Ti-Ding Blvd., Neihu District, Taipei 114, R.O.C. |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
30.06.2011 |
|
|
|
|
Date of Incorporation : |
09.09.1999 |
|
|
|
|
Com. Reg. No.: |
70399869 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and
sales of electronic products. |
|
|
|
|
No of Employees : |
About 120
Employees (including factory’s 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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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: |
5F, N. 415, Sec. 2, Ti-Ding Blvd. Neihu District, Taipei 114 |
|
Supplied Address: |
5F, N. 415, Sec. 2, Ti-Ding Blvd. Neihu District, Taipei 114 |
|
Telephone Number: |
+886-2-2799-2789 |
|
Fax Number: |
|
|
E-mail: |
|
|
Website: |
Notes: The exact
name and address are as above.
Subject was incorporated on 1999-9-9 with registered number 70399869 as Joint Stock Company in Taiwan.
Subject listed on Taiwan Over-The-Counter Securities Exchange on 2006-12-29 with stock symbol: 3549 and delisted on 2012-3-21.
Change of Name
|
Former Chinese Name: |
控創科技股份有限公司 |
|
Current Chinese Name: |
光宸科技股份有限公司 |
|
Former English Name: |
Kontron Asia Inc. |
|
Current English Name: |
Quanmax Inc. |
Factory
|
Address: |
2F., No.415, No.413, Sec.2, Ti-Ding Blvd., Neihu District, Taipei 114, Taiwan, R.O.C. |
|
Date of Registration: |
2008-11-26 |
|
Factory Registration Number: |
63022082 |
|
Factory Manager: |
Guokai Zheng |
|
Status: |
In production |
|
Date of Last
Annual Return: |
2009-9-11 |
|
Major Products: |
271 Computer and its peripheral equipment |
Related Companies
|
1 |
|
|
Name |
Quanmax Japan Inc. |
|
Address |
9F, Grace Takanawa, 2-14-17, Takanawa, Minato-ku, Tokyo, 108-0074 Japan |
|
Telephone Number |
+81-3-4590-6765 |
|
Fax Number |
+81-3-6674-1794 |
|
|
|
|
2 |
|
|
Name |
Quanmax (Hong Kong) Limited |
|
Registration Number |
1149528 |
|
Date of Foundation |
2007-7-13 |
|
Telephone Number |
+852-2566-7309 |
|
Fax Number |
+852-2508-9385 |
|
3 |
|
|
Registered Name: |
Guang En Electronic Technology (Shanghai) Co., Ltd (Literal Translation) |
|
Registered Address: |
401, No.142,TianLin Rd, Shanghai, China |
|
Date of Foundation: |
2007-11-27 |
|
Registration Number: |
310000400550728 |
|
Registry: |
Shanghai Industry and Commerce Bureau |
|
Registered Capital: |
USD 380,000 |
|
Legal Representatives: |
Menghong Chen |
|
Legal Form: |
Private Limited Liability Company |
|
Operation Term: |
2007-11-27 to 2027-11-26 |
|
Principal Activities: |
Computer network engineering design and development of industrial control system software, the industrial computer and the computer communication equipment data transmission equipment import and export and wholesale. |
|
4 |
|
|
Name |
Quanmax USA (RSI) |
|
Address |
4790 Irvine Blvd., Suite 105-318, Irvine, CA 92620 |
|
Telephone Number |
+1-949-272-2930 |
|
Fax Number |
+1-714-731-3039 |
|
|
|
Major Shareholders
|
Name |
Subscription Shares |
|
Ai Si En Di Technology Co., Ltd (Literal Translation) |
44,320,000 |
Shareholder Information:
|
Registered Name: |
Ai Si En Di Technology Co., Ltd (Literal Translation) |
|
Registered
Address: |
4F., No.415,
Sec.2, Ti-Ding Blvd., Neihu District, Taipei 114, Taiwan, R.O.C. |
|
Date of
Foundation: |
2013-8-16 |
|
Registration
Number: |
54351609 |
|
Registry: |
Taipei City
Government |
|
Registered
Capital: |
NTD 794,790,200
(USD 26,148,598) (As of 2014.10, 1 NTD
= 0.0329 USD) |
|
Paid-up Capital: |
NTD 13,000,000
(USD 427,700) |
|
Legal
Representatives: |
Menghong Chen |
|
Legal Form: |
Joint Stock Company |
|
Date of Last
Annual Return: |
2014-7-15 |
Core Management
Directors
|
1 |
||
|
Name |
Menghong Chen |
|
|
Position |
Board Chairman |
|
|
2 |
||
|
Name |
Guokai Zheng |
|
|
Position |
Director & Manager |
|
|
Appointment Date of Manager |
2005-5-13 |
|
|
3 |
||
|
Name |
Hannes Niederhauser |
|
|
Position |
Director |
|
|
4 |
||
|
Name |
Rudolf Wieczorek |
|
|
Position |
Supervisor |
|
Personnel
Structure
|
Total Employees |
About 120 Employees (including factory’s employees) |
|
|
Headquarters |
|
Add |
5F., No.415, Sec.2, Ti-Ding Blvd., Neihu District, Taipei 114, Taiwan, R.O.C. |
Production
Information
· Subject is engaged in manufacturing of electronic products.
· Subject has a factory in Taiwan for production.
· Subject obtained the certification of QC 080000 and ISO 9001.
· Subject supplies OEM and ODM services.
Purchase
Information
· The registered activities of subject:
|
Business Code |
Details |
|
F113020 |
Electrical appliance wholesale industry |
|
F213010 |
Electrical appliance retail industry |
|
F401010 |
The international trade industry |
|
F113050 |
Computer and transactional machinery and equipment wholesale industry |
|
F213030 |
Computers and transactional machinery and equipment retail industry |
|
CC01110 |
Computer and peripheral equipment manufacturing industry |
|
CC01060 |
Wired communication equipment manufacturing industry |
|
CC01070 |
Wireless communication equipment manufacturing machinery |
|
CC01080 |
Electronic components manufacturing |
|
E603050 |
Automatic control equipment engineering |
|
E605010 |
Computer equipment installation industry |
|
F113030 |
Precision instruments wholesale |
|
F113070 |
Telecommunications equipment wholesale |
|
F119010 |
Electronics material wholesale |
|
F118010 |
Information software wholesale |
|
F213040 |
Precision instruments retail |
|
F213060 |
Telecommunications equipment retail |
|
F219010 |
Electronics components retail |
|
F218010 |
Information software retail |
|
I301010 |
Information software services |
|
I301020 |
Data processing services |
|
I301030 |
Electronic information supply services |
|
F401021 |
The controlled telecommunications radio-frequency devices input industry |
|
ZZ99999 |
Besides licensed business, all other business items those are not banned or restricted. |
·
The components and raw materials for production
are purchased from Taiwan, America, and Europe, etc.
· Subject is engaged in sale of electronic products.
· It is introduced that subject provides semi/full custom solutions to meet specific application requirements unique to its customers' situations.
· Subject’s sales regions include Taiwan, Mainland China, Southeast Asia, America, Europe, etc.
· One of subject’s major customers is Tatung Co. of America Inc.
Major Products
|
Types |
Products |
|
Industrial Motherboards & SBCs |
3.5" Embedded Boards, Mini-ITX Motherboards, Accessory. |
|
Embedded Systems |
Multi-media Player, Embedded Box PCs- Compact Series, Open Pluggable Specification (OPS) Compliance, Network Security Appliance, In-Vehicle Box PCs. |
|
Industrial Panel
PCs |
Multi-media Panel PC, Industrial Panel PC, Open Frame Panel PC. |
|
Computer-On-Modules |
ETX Modules, COM-Express™ Module. |
|
Customer-Specific
Solutions |
Digital Signage Network Player, Embedded Computer, Industrial Touch Panel PC. |
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
1. Domestic Purchase
|
Products |
Components and raw materials. |
|
Payment Terms |
T/T, Cash, etc. |
2. Import
|
Products |
Components and raw materials. |
|
Payment Terms |
L/C, T/T, etc. |
Sales
1. Domestic Markets
|
Product |
Electronic
products. |
|
Selling Terms |
T/T, Cash, etc. |
2. Export
|
Product |
Electronic
products. |
|
Selling Terms |
L/C, T/T, etc. |
Unit: NTD/000
|
|
2011-6-30 |
2010-6-30 |
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash and cash equivalents |
115,040.00 |
153,979.00 |
|
Financial assets measured at fair value through profit or loss - current |
0.00 |
4,189.00 |
|
Notes receivable - net |
156.00 |
255.00 |
|
Accounts receivable - net |
23,779.00 |
34,991.00 |
|
Accounts receivable - related parties - net |
96,310.00 |
151,155.00 |
|
Other receivables |
1,584.00 |
2,883.00 |
|
Other receivables–related parties |
32,482.00 |
75,888.00 |
|
Inventories |
70,384.00 |
114,957.00 |
|
Prepaid expenses |
0.00 |
0.00 |
|
Advances to suppliers |
2,277.00 |
2,703.00 |
|
Other current assets |
55,384.00 |
91,998.00 |
|
Current assets |
397,396.00 |
632,998.00 |
|
Funds and Investments |
|
|
|
Investments |
648,244.00 |
563,551.00 |
|
Funds and investments |
648,244.00 |
563,551.00 |
|
Fixed Assets |
|
|
|
Cost |
|
|
|
Buildings and structures |
9,302.00 |
10,734.00 |
|
Machinery and equipment |
10,582.00 |
12,565.00 |
|
Lease improvement |
7,018.00 |
6,583.00 |
|
Other equipment |
0.00 |
336.00 |
|
Revaluation increment |
0.00 |
0.00 |
|
Cost and revaluation increment |
26,902.00 |
30,218.00 |
|
Accumulated depreciation |
-20,371.00 |
-23,014.00 |
|
Net fixed assets |
6,531.00 |
7,204.00 |
|
Intangible Assets |
|
|
|
Cost of software |
687.00 |
1,783.00 |
|
Intangible assets |
687.00 |
1,783.00 |
|
OtherAssets |
|
|
|
Guaranteed deposits paid |
3,474.00 |
9,306.00 |
|
Deferred expenses |
1,613.00 |
6,235.00 |
|
Long-term notes receivable and payment |
0.00 |
0.00 |
|
Long-term notes receivable and payment - related parties |
26,383.00 |
0.00 |
|
Deferred income tax assets-non current |
18,752.00 |
1,728.00 |
|
Other assets - other |
26,227.00 |
25,275.00 |
|
Other assets |
76,449.00 |
42,544.00 |
|
Assets |
1,129,307.00 (USD 37,154,200.00) |
1,248,080.00 (USD 41,061,832.00) |
|
Liabilities and Stockholders' Equity |
|
|
|
Liabilities |
|
|
|
Current Liabilities |
|
|
|
Short-term borrowing |
156,737.00 |
215,410.00 |
|
Financial liabilities measured at fair value through profit or loss - current |
165.00 |
0.00 |
|
Notes payable |
1,709.00 |
367.00 |
|
Accounts payable |
78,726.00 |
139,048.00 |
|
Income tax payable |
11,000.00 |
0.00 |
|
Accrued expenses |
13,101.00 |
15,560.00 |
|
Others accounts payable- related parties |
0.00 |
0.00 |
|
Others accounts payable |
766.00 |
766.00 |
|
Advance receipts |
11,257.00 |
15,912.00 |
|
Long-term liabilities -current portion |
0.00 |
0.00 |
|
Other current liabilities |
766.00 |
1,260.00 |
|
Current liabilities |
274,227.00 |
388,323.00 |
|
Long term Liabilities |
|
|
|
Long-term loan |
0.00 |
0.00 |
|
Long term Liabilities |
0.00 |
0.00 |
|
Reserves |
|
|
|
Other Liabilities |
|
|
|
Other liabilities - other |
0.00 |
0.00 |
|
Other liabilities |
0.00 |
0.00 |
|
Liabilities |
274,227.00 |
388,323.00 |
|
Stockholders' Equity |
|
|
|
Capital |
|
|
|
Common stock |
499,200.00 |
499,200.00 |
|
Capital Surplus |
|
|
|
Capital Surplus - share premium |
8,000.00 |
8,000.00 |
|
Capital Surplus–long-term investment |
7,899.00 |
16,023.00 |
|
Capital surplus |
15,899.00 |
24,023.00 |
|
Retained Earnings |
|
|
|
Legal reserve |
95,479.00 |
95,479.00 |
|
Special reserve |
35,137.00 |
35,137.00 |
|
Unappropriated retained earnings |
319,622.00 |
285,280.00 |
|
Retained earnings |
450,238.00 |
415,896.00 |
|
Stockholders' Equity and Other adjustment |
|
|
|
Cumulative translation adjustments |
-77,957.00 |
-79,362.00 |
|
Treasury stock |
-32,300.00 |
0.00 |
|
Stockholders' equity and other adjustment |
-110,257.00 |
-79,362.00 |
|
Stockholders-equity |
855,080.00 (USD 28,132,132.00) |
859,757.00 (USD 28,286,005.00) |
|
Number of treasury stock acquired by the company and subsidiaries (unit: share) |
1,900,000.00 |
0.00 |
|
Equivalent shares of outstandings of advance receipts for common stock (unit: share) |
0.00 |
0.00 |
(As of 2014.10, 1 NTD = 0.0329 USD)
Unit: NTD/000
|
|
2011-1-1~2011-6-30 |
2010-1-1~2010-6-30 |
|
Sales |
357,226.00 (USD 11,752,735.00) |
532,420.00 (USD 17,516,618.00) |
|
Sales returns |
372.00 |
196.00 |
|
Sales discounts and allowances |
179.00 |
3,536.00 |
|
Net sales |
356,675.00 |
528,688.00 |
|
Service revenue |
2,954.00 |
1,568.00 |
|
Other operating income |
88.00 |
155.00 |
|
Operating income |
359,717.00 |
530,411.00 |
|
Operating costs |
313,966.00 |
526,934.00 |
|
Gross profit (loss) from operations |
45,751.00 |
3,477.00 |
|
Unrealized gains on intercompany transactions |
0.00 |
0.00 |
|
Selling expense |
19,437.00 |
20,141.00 |
|
General and administrative expenses |
14,589.00 |
16,955.00 |
|
Research and development expenses |
18,858.00 |
30,723.00 |
|
Operating expenses |
52,884.00 |
67,819.00 |
|
Operating income (loss) |
-7,133.00 |
-64,342.00 |
|
Non-Operating Income |
|
|
|
Interest income |
73.00 |
72.00 |
|
Investment income |
20,416.00 |
0.00 |
|
Revaluation gain on financial assets |
0.00 |
13,843.00 |
|
Miscellaneous income |
1,793.00 |
3,804.00 |
|
Non-operating revenues and gains |
22,282.00 |
17,719.00 |
|
Non-Operating Expenses |
|
|
|
Interest expense |
1,613.00 |
1,387.00 |
|
Investment loss |
0.00 |
268,769.00 |
|
Loss on disposal on fixed assets |
301.00 |
45.00 |
|
Loss on exchange |
123.00 |
17,820.00 |
|
Revaluation loss on financial assets |
900.00 |
0.00 |
|
Miscellaneous disbursements |
477.00 |
103.00 |
|
Non-operating expenses and losses |
3,414.00 |
288,124.00 |
|
Income from continuing operations before income tax |
11,735.00 |
-334,747.00 |
|
Income tax expense (benefit) |
998.00 |
33,597.00 |
|
Income from continuing operations |
10,737.00 |
-368,344.00 |
|
Net income (loss) |
10,737.00 (USD 353,247.00) |
-368,344.00 (USD -12,118,518.00) |
|
Primary Earnings per Share |
|
|
|
Primary earnings per share |
0.22 |
-7.38 |
|
Diluted earnings per share |
|
|
(As of 2014.10, 1 NTD = 0.0329
USD)
Note: Since
subject’s stock delisted on 2012-3-21 and it 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 declined to disclose its financials citing the grounds of company’s
confidentiality; from other sources we could not obtain such information,
either.
|
Name |
Taishin International Bank |
Mortgage
No chattel mortgage record of subject has been found.
Lawsuit
Up to date of reporting, no existing or latent litigation of the subject has been found.
Interview Details
|
Name |
Ms. Zhen |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.11 |
|
|
1 |
Rs.98.15 |
|
Euro |
1 |
Rs.77.68 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
SMN |
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.