|
Report Date : |
02.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
ASROCK INC. |
|
|
|
|
Registered Office : |
2F., No.37, Sec.
2, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
10.05.2002 |
|
|
|
|
Com. Reg. No.: |
80333613 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturing and sales
of related components for computer |
|
|
|
|
No. of Employees |
250 |
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: |
2F., No.37, Sec. 2, Jhongyang S. Rd., Beitou District, Taipei City 112,
Taiwan (R.O.C.) |
|
Supplied Address: |
2F NO.37 SEC 2 JHONGYANG S RD, BEITOU DISTRICT, TAIPEI CITY 112, TAIWAN
R.O.C. |
|
Telephone Number: |
+886-2-2896-5588 |
|
Fax Number: |
|
|
E-mail: |
Notes: The exact
name and address are as above.
Subject was incorporated on 2002-5-10 with registered number 80333613 as Joint Stock Company in Taiwan.
Subject listed on Taiwan stock exchange on 2007-11-8.
Factories
It is introduced that subject has two factories in Shenzhen City, the mainland of China and Vietnam, however, the subject declined to disclose detailed location for us, and we didn’t find any relevant information from any valid sources.
Subsidiary Companies
|
1 |
|
|
Name |
ASRock EUROPE B.V. |
|
Address |
Bijsterhuizen 11-11 6546 AR Nijmegen The Netherlands |
|
Telephone Number |
+31-24-345-44-33 |
|
Fax Number |
+31-24-345-44-38 |
|
E-mail: |
|
|
2 |
|
|
Name |
ASRock America, Inc. |
|
Address |
13848 Magnolia Ave, Chino, CA91710, U.S.A. |
|
Telephone Number |
+1-909-590-8308 |
|
Fax Number |
+1-909-590-1026 |
|
E-mail: |
|
Major Shareholders
|
Name |
Subscription Shares |
|
Hua Wei Investment Co., Ltd (Liberal Translation) |
57,217,754 |
Shareholder
Information:
|
Registered Name: |
Hua Wei Investment Co., Ltd (Liberal Translation) |
|
Registered
Address: |
7F.-2, No.167, Guangming
Rd., Beitou Dist., Taipei City, Taiwan (R.O.C.) |
|
Date of
Foundation: |
1998-3-24 |
|
Registration
Number: |
16441411 |
|
Registry: |
Department of
Commerce, Ministry of Economic Affairs, R.O.C. |
|
Registered
Capital: |
NTD 9,792,546,000 (USD
324,133,273) (As of 2014.08, 1
NTD = 0.0331 USD) |
|
Paid-up Capital: |
NTD 9,792,546,000
(USD 324,133,273) |
|
Legal
Representatives: |
Zixian Tong |
|
Legal Form: |
Joint Stock Company |
|
Date of Last
Annual Return: |
2013-12-10 |
Core Management
Directors
|
1 |
||
|
Name |
Shichang Xu |
|
|
Position |
Board Chairman |
|
|
2 |
||
|
Name |
Yiru Liu |
|
|
Position |
Director |
|
|
3 |
||
|
Name |
Zaideng Wu |
|
|
Position |
Director |
|
|
4 |
||
|
Name |
Zixian Tong |
|
|
Position |
Director |
|
|
5 |
||
|
Name |
Zijiang Yang |
|
|
Position |
Independent Director |
|
|
6 |
||
|
Name |
Jinrong Wu |
|
|
Position |
Independent Director |
|
|
7 |
||
|
Name |
Ai Wei |
|
|
Position |
Independent Director |
|
Personnel Structure
|
Total Employees |
About 250 Employees (Taiwan) |
Offices & Factories
|
|
Headquarters |
|
Add |
2F., No.37, Sec. 2, Jhongyang S. Rd., Beitou District, Taipei City 112, Taiwan (R.O.C.) |
Production Information
Subject is engaged in manufacturing of related components for computer and etc.
Subject has two factories in Shenzhen City, the mainland of China and Vietnam for production.
Purchase Information
The registered activities of subject:
|
Business Code |
Details |
|
ZZ99999 |
Besides licensed business, all other business items those are not banned or restricted. |
It is introduced that subject purchase components and etc both at home and abroad.
Subject is engaged in sale of related components for computer and etc.
Subject’s sales regions cover Asia, Europe, America, etc.
Subject’s major customers are system integrators, manufacturers, repairers and distributors of PC, electronic components.
It introduced that subject can provide OEM services.
It is introduced that subject’s minimal quantity of OEM orders about motherboard is 6,400 pieces.
Major Products
|
|
Items |
|
1 |
Motherboard |
|
2 |
Industrial PC |
|
3 |
Gaming barebone |
|
4 |
Mini Pc |
|
5 |
Server/workstation |
Import and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
Domestic Purchase
|
Products |
Components and etc |
|
Payment Terms |
Cash and T/T, etc |
Import
|
Products |
Components and etc |
|
Payment Terms |
Sales
Domestic Markets
|
Product |
Related components
for computer and etc. |
|
Selling Terms |
Cash and T/T, etc |
Export
|
Product |
Related components
for computer and etc. |
|
Selling Terms |
L/C and T/T, etc |
Unit: NTD/000
|
|
2013-12-31 |
2012-12-31 |
|
Assets |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
|
|
|
Total cash and cash equivalents |
2,126,236 |
3,506,210 |
|
Current available-for-sale financial assets |
|
|
|
Current available-for-sale financial assets, net |
11,415 |
90,979 |
|
Current bond investment without active market |
|
|
|
Current bond investment without active market, net |
1,874,916 |
207,733 |
|
Accounts receivable, net |
|
|
|
Accounts receivable, net |
905,364 |
836,553 |
|
Inventories |
|
|
|
Total inventories |
3,487,853 |
3,649,681 |
|
Other current assets |
|
|
|
Total other current assets |
163,767 |
112,348 |
|
Total current assets |
8,569,551 |
8,403,504 |
|
Non-current assets |
|
|
|
Non-current available-for-sale financial assets |
|
|
|
Non-current available-for-sale financial assets, net |
0 |
0 |
|
Non-current bond investment without active market |
|
|
|
Non-current bond investment without active market, net |
324,140 |
0 |
|
Property, plant and equipment |
|
|
|
Total property, plant and equipment |
74,182 |
52,442 |
|
Intangible assets |
|
|
|
Total intangible assets |
170 |
283 |
|
Deferred tax assets |
26,471 |
29,979 |
|
Other non-current assets |
|
|
|
Guarantee deposits paid |
9,191 |
8,916 |
|
Total other non-current assets |
9,191 |
8,916 |
|
Total non-current assets |
434,154 |
91,620 |
|
Total assets |
9,003,705 |
8,495,124 |
|
Total assets(USD) |
298,022,636 |
281,188,604 |
|
Liabilities |
|
|
|
Current liabilities |
|
|
|
Short-term borrowings |
|
|
|
Total short-term borrowings |
0 |
0 |
|
Notes payable |
|
|
|
Total notes payable |
420 |
1,133 |
|
Accounts payable |
|
|
|
Total accounts payable |
1,915,124 |
1,646,991 |
|
Other payables |
|
|
|
Total other payables |
557,498 |
530,478 |
|
Current tax liabilities |
71,528 |
38,885 |
|
Other current liabilities |
|
|
|
Total other current liabilities |
90,935 |
157,553 |
|
Total current liabilities |
2,635,505 |
2,375,040 |
|
Non-current liabilities |
|
|
|
Deferred tax liabilities |
|
|
|
Total deferred tax liabilities |
165 |
553 |
|
Other non-current liabilities |
|
|
|
Accrued pension liabilities |
20,395 |
26,735 |
|
Total other non-current liabilities |
20,395 |
26,735 |
|
Total non-current liabilities |
20,560 |
27,288 |
|
Total liabilities |
2,656,065 |
2,402,328 |
|
Equity |
|
|
|
Equity attributable to owners of parent |
|
|
|
Share capital |
|
|
|
Ordinary share |
1,150,416 |
1,150,416 |
|
Total capital stock |
1,150,416 |
1,150,416 |
|
Capital surplus |
|
|
|
Total capital surplus |
2,798,923 |
2,798,666 |
|
Retained earnings |
|
|
|
Legal reserve |
1,135,293 |
1,031,744 |
|
Special reserve |
347,585 |
251,286 |
|
Unappropriated retained earnings (accumulated deficit) |
|
|
|
Total unappropriated retained earnings (accumulated deficit) |
1,154,325 |
1,208,269 |
|
Total retained earnings |
2,637,203 |
2,491,299 |
|
Other equity interest |
|
|
|
Total other equity interest |
-294,017 |
-347,585 |
|
Total equity attributable to owners of parent |
6,292,525 |
6,092,796 |
|
Non-controlling interests |
55,115 |
0 |
|
Total equity |
6,347,640 |
6,092,796 |
|
Total equity |
210,106,884 |
201,671,548 |
|
Equivalent issue shares of advance receipts for ordinary share |
0 |
0 |
|
Number of shares in entity held by entity and by its subsidiaries |
0 |
0 |
(As of 2014.08, 1
NTD = 0.0331 USD)
Unit: NTD/000
|
|
2013 |
2012 |
|
Operating revenue |
|
|
|
Total operating revenue |
10,360,980 |
10,658,237 |
|
Total operating revenue(USD) |
342,948,438 |
352,787,645 |
|
Operating costs |
|
|
|
Total operating costs |
8,131,567 |
8,608,076 |
|
Gross profit (loss) from operations |
2,229,413 |
2,050,161 |
|
Gross profit (loss) from operations |
2,229,413 |
2,050,161 |
|
Operating expenses |
|
|
|
Selling expenses |
|
|
|
Total selling expenses |
432,646 |
422,728 |
|
Administrative expenses |
|
|
|
Total administrative expenses |
190,539 |
219,170 |
|
Research and development expenses |
|
|
|
Total research and development expenses |
451,783 |
305,476 |
|
Total operating expenses |
1,074,968 |
947,374 |
|
Net operating income (loss) |
1,154,445 |
1,102,787 |
|
Non-operating income and expenses |
|
|
|
Other income |
|
|
|
Total other income |
74,125 |
55,514 |
|
Other gains and losses |
|
|
|
Other gains and losses, net |
38,571 |
-1,296 |
|
Finance costs |
|
|
|
Finance costs, net |
0 |
46 |
|
Total non-operating income and expenses |
112,696 |
54,172 |
|
Profit (loss) from continuing operations before tax |
1,267,141 |
1,156,959 |
|
Tax expense (income) |
|
|
|
Total tax expense (income) |
209,104 |
121,146 |
|
Profit (loss) from continuing operations |
1,058,037 |
1,035,813 |
|
Profit (loss) |
1,058,037 |
1,035,813 |
|
Profit (loss) (USD) |
35,021,025 |
34,285,410 |
|
Other comprehensive income |
|
|
|
Exchange differences on translation |
86,190 |
-127,278 |
|
Unrealised gains (losses) on valuation of available-for-sale financial assets |
-32,622 |
7,399 |
|
Actuarial gains (losses) on defined benefit plans |
5,810 |
-7,504 |
|
Income tax related to components of other comprehensive income |
988 |
-1,276 |
|
Other comprehensive income, net |
58,390 |
-126,107 |
|
Total comprehensive income |
1,116,427 |
909,706 |
|
Profit (loss), attributable to: |
|
|
|
Profit (loss), attributable to owners of parent |
1,061,415 |
1,035,813 |
|
Profit (loss), attributable to non-controlling interests |
-3,378 |
0 |
|
Comprehensive income attributable to: |
|
|
|
Comprehensive income, attributable to owners of parent |
1,119,805 |
909,706 |
|
Comprehensive income, attributable to non-controlling interests |
-3,378 |
0 |
|
Basic earnings per share |
|
|
|
Total basic earnings per share |
9.23 |
9.00 |
|
Diluted earnings per share |
|
|
|
Total diluted earnings per share |
9.15 |
8.92 |
(As of 2014.08, 1
NTD = 0.0331 USD)
Unit: NTD/000
|
|
|
|
|
Cash flows from (used in) operating activities, indirect method |
|
|
|
Profit (loss) from continuing operations before tax |
1,267,141 |
1,156,959 |
|
Profit (loss) before tax |
1,267,141 |
1,156,959 |
|
Adjustments |
|
|
|
Adjustments to reconcile profit (loss) |
|
|
|
Depreciation expense |
6,101 |
4,959 |
|
Amortization expense |
5,602 |
2,160 |
|
Interest expense |
0 |
46 |
|
Interest income |
-65,867 |
-23,630 |
|
Dividend income |
-750 |
-240 |
|
Loss (gain) on disposal of investments |
-8,239 |
0 |
|
Total adjustments to reconcile profit (loss) |
-63,153 |
-16,705 |
|
Changes in operating assets and liabilities |
|
|
|
Changes in operating assets |
|
|
|
Decrease (increase) in accounts receivable |
-68,811 |
-109,468 |
|
Decrease (increase) in inventories |
161,828 |
233,874 |
|
Decrease (increase) in other current assets |
-11,364 |
22,461 |
|
Total changes in operating assets |
81,653 |
146,867 |
|
Changes in operating liabilities |
|
|
|
Increase (decrease) in notes payable |
-713 |
102 |
|
Increase (decrease) in accounts payable |
268,133 |
34,803 |
|
Increase (decrease) in other payable |
27,020 |
8,716 |
|
Increase (decrease) in other current liabilities |
-66,618 |
-157,696 |
|
Increase (decrease) in accrued pension liabilities |
-530 |
-1,043 |
|
Total changes in operating liabilities |
227,292 |
-115,118 |
|
Total changes in operating assets and liabilities |
308,945 |
31,749 |
|
Total adjustments |
245,792 |
15,044 |
|
Cash inflow (outflow) generated from operations |
1,512,933 |
1,172,003 |
|
Income taxes refund (paid) |
-183,296 |
-233,091 |
|
Net cash flows from (used in) operating activities |
1,329,637 |
938,912 |
|
Cash flows from (used in) investing activities |
|
|
|
Proceeds from disposal of available-for-sale financial assets |
55,182 |
0 |
|
Acquisition of bond investments without active market |
-1,991,323 |
0 |
|
Proceeds from disposal of bond investments without active market |
0 |
25,854 |
|
Acquisition of property, plant and equipment |
-26,650 |
-3,762 |
|
Increase in refundable deposits |
-275 |
-975 |
|
Acquisition of intangible assets |
-5,489 |
-2,340 |
|
Interest received |
35,082 |
23,726 |
|
Dividends received |
750 |
240 |
|
Net cash flows from (used in) investing activities |
-1,932,723 |
42,743 |
|
Cash flows from (used in) financing activities |
|
|
|
Decrease in short-term loans |
0 |
-23,507 |
|
Cash dividends paid |
-920,333 |
-1,265,458 |
|
Interest paid |
0 |
-46 |
|
Change in non-controlling interests |
58,750 |
0 |
|
Net cash flows from (used in) financing activities |
-861,583 |
-1,289,011 |
|
Effect of exchange rate changes on cash and cash equivalents |
84,695 |
-125,558 |
|
Net increase (decrease) in cash and cash equivalents |
-1,379,974 |
-432,914 |
|
Cash and cash equivalents at beginning of period |
3,506,210 |
3,939,124 |
|
Cash and cash equivalents at end of period |
2,126,236 |
3,506,210 |
|
Cash and cash equivalents reported in the statement of financial position |
2,126,236 |
3,506,210 |
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 |
Mr. Lee |
|
Department |
Sales Department |
|
E-mail |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.47 |
|
|
1 |
Rs.100.42 |
|
Euro |
1 |
Rs.79.39 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.