|
Report No. : |
335029 |
|
Report Date : |
03.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
MAXTEK TECHNOLOGY CO., LTD. |
|
|
|
|
Registered Office : |
5F, No.13-20, Sec.6, Min Chiuan E. Rd., Nei Hu, Taipei 114, R.O.C. |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2014 (Consolidated) |
|
|
|
|
Date of Incorporation : |
16.12.1991 |
|
|
|
|
Com. Reg. No.: |
86320262 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and Trading of Semiconductor Parts. |
|
|
|
|
No. of Employees : |
About 210 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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Taiwan |
A1 |
A1 |
|
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. However, follow-on components of ECFA, including a signed agreement on trade in services, negotiations on trade in goods, and dispute resolution—have stalled. In early 2014, the government bowed to public demand for a new law governing the oversight of cross-Strait agreements, before any additional deals with China are implemented; the legislature has yet to vote on such legislation, leaving the future of ECFA up in the air as President MA enters his final full year in office. MA has portrayed ECFA as Taiwan’s key to greater participation in East Asia’s free trade networks. Taiwan's total fertility rate of just under 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 expected to account for 20% of the island's total population by 2025. The island runs a trade surplus, largely because of its surplus with China, and its foreign reserves are the world's fifth largest, behind those of China, Japan, Saudi Arabia, 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, the 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 has helped Taiwan develop into a local RMB hub. Closer economic links with the mainland bring greater opportunities for the Taiwan economy, but also pose new challenges as the island becomes more economically dependent on China at a time when political differences remain unresolved. During 2014, the press paid increasing attention to domestic economic issues while pushing aside the debates over trade liberalization that were a hallmark of MA’s tenure. The media focused on the divide between Taiwan’s “haves” and “have nots,” providing extensive coverage of public frustration with stagnant wages, skyrocketing housing prices, and the difficulty of finding decent entry-level jobs.
|
Source
: CIA |
|
Company Name: |
|
|
Supplied Name: |
|
|
Trading Address: |
5F, No.13-20, Sec.6, Min Chiuan E. Rd., Nei
Hu, Taipei 114, Taiwan, R.O.C. |
|
Supplied Address: |
5F NO 13-20 SEC 6 MIN CHIUAN E ROAD NEI HU
TAIPEI 114 TAIWAN R.O.C |
|
Telephone Number: |
+886-2-2794-6060 |
|
Fax Number: |
|
|
E-mail: |
Notes: The exact name and
address are as above.
Subject was incorporated on 1991-12-16 with registered number 86320262 as Joint Stock Company in Taiwan.
Subject listed on Taiwan Stock Exchange on 2006-10-26.
Related Companies
|
1 |
|
|
Name |
Hongtech
Electronics Co., Ltd. |
|
Address |
6F, No.13-19, Sec.6,
Min-Chiuan E. Rd., Nei-Hu, Taipei, 114, Taiwan, R.O.C |
|
Telephone Number |
+886-2-8791-4466 |
|
Fax Number |
+886-2-8791-1221 |
|
2 |
|
|
Name |
Maxtek
International (HK) Limited |
|
Address |
Unit E, 22/F., Southeast
Industrial Building, 611-619 Castle Peak Road, Tsuen Wan, New Territories,
Hong Kong |
|
Telephone Number |
+852-2690-9898 |
|
Fax Number |
+852-2690-9300 |
|
3 |
|
|
Name |
Suzhou Xuanxin
Electronic Technology Co., Ltd (Literal Translation) |
|
Address |
607 Room, 1
Building, Gold elephant city, 378 Donghuan Road, Suzhou Industrial Park,
Jiangsu Province, China Post:215006 |
|
Telephone Number |
+86-512-6878-4526 |
|
Fax Number |
+86-512-6878-4527 |
Major Shareholders
|
Name |
Subscription
Shares |
|
Jinrong Gao |
9,750,912 |
|
Xian Liu |
|
|
2,356,233 |
|
|
Fanren Kong |
1,365,270 |
|
Taishan Dai |
4,171,330 |
Core Management
Directors
|
1 |
||
|
Name |
Jinrong Gao |
|
|
Position |
Board Chairman |
|
|
2 |
||
|
Name |
Xian Liu |
|
|
Position |
Director |
|
|
3 |
||
|
Name |
Fanren Kong |
|
|
Position |
Director |
|
|
4 |
||
|
Name |
Chengyu Xu |
|
|
Position |
Independent
Director |
|
|
5 |
||
|
Name |
Shengshi Dai |
|
|
Position |
Independent
Director |
|
|
6 |
||
|
Name |
Maonan Jian |
|
|
Position |
Supervisor |
|
|
7 |
||
|
Name |
Yuanlong Zhang |
|
|
Position |
Supervisor |
|
|
8 |
||
|
Name |
Taishan Dai |
|
|
Position |
Supervisor |
|
Personnel Structure
|
Total Employees |
About 210 Employees |
Offices & Factories
|
|
Headquarters |
|
Add |
5F, No.13-20,
Sec.6, Min Chiuan E. Rd., Nei Hu, Taipei 114, Taiwan, R.O.C. |
Production Information
· Subject is engaged in manufacturing of semiconductor parts, etc.
· It is introduced that subject has factories in Taiwan for production.
Purchase Information
The
registered activities of subject:
|
Business Code |
Details |
|
CC01060 |
Manufacturing of
cable communications equipment |
|
CC01070 |
Manufacturing of wireless
communications equipment |
|
CC01080 |
Manufacturing of
electronic components |
|
CC01110 |
Manufacturing of
computer and peripheral equipment |
|
F113070 |
Wholesale of
telecommunications equipment |
|
F213060 |
Retail of telecommunications
equipment |
|
F113050 |
Wholesale of
computers and transactional machinery and equipment |
|
F213030 |
Retail of
computers and transactional machinery and equipment |
|
F119010 |
Wholesale of
electronic materials |
|
F219010 |
Retail of
electronic materials |
|
I501010 |
Design of
products |
|
I599990 |
Other design |
|
F401010 |
International
trade business |
|
ZZ99999 |
Besides licensed
business, all other business items those are not banned or restricted. |
The components and
raw materials for production are mostly purchased both at home and abroad, such
as Southeast Asia, and America.
· Subject is engaged in sale of semiconductor parts.
· The major products sold by subject include RF products, Digital STB & Car STB Turnkey Solution, NIM Module & Turnkey Solution, and USB Dongle & Turnkey Solution, Connectivity & Hub Processor, Power Switch Circuits, Ambient Light Sensor, and Nand Flash Controller.
· Subject has its own brand “MOSFET”.
· Subject sells products with the brand “IDT, Richtek, Prolific, JMicron, Qwave, M-Star, OmniVision, Sensortek, and Himax.”
· Subject’s sales regions include Taiwan, Mainland China, Southeast Asia, Northern Europe, America.
· Subject’s major customers are manufacturer of automobile, television, CarTV/CarBox, Home media box, and personal computer.
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
PURCHASE
Domestic
Purchase
|
Products |
Components and
raw materials |
|
Payment Terms |
T/T, Cash. |
Import
|
Products |
Components and
raw materials |
|
Payment Terms |
L/C, T/T. |
SALES
Domestic Markets
|
Product |
Semiconductor parts. |
|
Selling Terms |
T/T, Cash. |
Export
|
Product |
Semiconductor parts. |
|
Selling Terms |
L/C, T/T. |
Unit: NTD/000
|
Consolidated |
2014-12-31 |
2013-12-31 |
|
Assets |
|
|
|
Current assets |
|
|
|
Cash and cash
equivalents |
|
|
|
Total cash and
cash equivalents |
543,293 |
499,784 |
|
Notes receivable,
net |
|
|
|
Notes receivable,
net |
24,243 |
24,320 |
|
Accounts
receivable, net |
|
|
|
Accounts
receivable, net |
2,423,662 |
2,340,368 |
|
Other receivables |
|
|
|
Other
receivables, net |
68,941 |
71,999 |
|
Inventories |
|
|
|
Total inventories |
1,037,886 |
838,828 |
|
Prepayments |
|
|
|
Total prepayments |
25,530 |
35,720 |
|
Other current
assets |
|
|
|
Total other
current assets |
239,967 |
225,166 |
|
Total current
assets |
4,363,522 |
4,036,185 |
|
Non-current
assets |
|
|
|
Non-current available-for-sale
financial assets |
|
|
|
Non-current
available-for-sale financial assets, net |
135,608 |
80,651 |
|
Non-current
financial assets at cost |
|
|
|
Non-current
financial assets at cost, net |
7,000 |
7,000 |
|
Property, plant
and equipment |
|
|
|
Total property,
plant and equipment |
17,389 |
21,573 |
|
Intangible assets |
|
|
|
Total intangible
assets |
6,594 |
8,654 |
|
Deferred tax
assets |
25,888 |
46,827 |
|
Other non-current
assets |
|
|
|
Total other
non-current assets |
13,865 |
10,355 |
|
Total non-current
assets |
206,344 |
175,060 |
|
Total assets |
4,569,866 |
4,211,245 |
|
Liabilities |
|
|
|
Current
liabilities |
|
|
|
Short-term
borrowings |
|
|
|
Total short-term
borrowings |
1,806,064 |
1,779,626 |
|
Notes payable |
|
|
|
Total notes
payable |
5,339 |
5,811 |
|
Accounts payable |
|
|
|
Total accounts
payable |
746,860 |
624,872 |
|
Other payables |
|
|
|
Total other
payables |
107,765 |
93,740 |
|
Current tax
liabilities |
7,775 |
106 |
|
Other current
liabilities |
|
|
|
Total other
current liabilities |
31,948 |
11,970 |
|
Total current
liabilities |
2,705,751 |
2,516,125 |
|
Non-current
liabilities |
|
|
|
Deferred tax
liabilities |
|
|
|
Total deferred
tax liabilities |
94,460 |
83,590 |
|
Other non-current
liabilities |
|
|
|
Accrued pension
liabilities |
52,121 |
49,912 |
|
Guarantee
deposits received |
1,344 |
15 |
|
Total other
non-current liabilities |
53,465 |
49,927 |
|
Total non-current
liabilities |
147,925 |
133,517 |
|
Total liabilities |
2,853,676 |
2,649,642 |
|
Equity |
|
|
|
Equity
attributable to owners of parent |
|
|
|
Share capital |
|
|
|
Ordinary share |
702,813 |
702,813 |
|
Total capital
stock |
702,813 |
702,813 |
|
Capital surplus |
|
|
|
Total capital
surplus |
260,493 |
260,493 |
|
Retained earnings |
|
|
|
Total retained
earnings |
684,082 |
612,084 |
|
Other equity
interest |
|
|
|
Total other
equity interest |
68,802 |
-13,787 |
|
Total equity
attributable to owners of parent |
1,716,190 |
1,561,603 |
|
Total equity |
1,716,190 |
1,561,603 |
|
Number of share
capital awaiting retirement |
0 |
0 |
|
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 |
Unit: NTD/000
|
Consolidated |
2014 |
2013 |
|
Operating revenue |
|
|
|
Total operating
revenue |
8,751,706 |
|
|
Operating costs |
|
|
|
Total operating
costs |
8,578,022 |
8,174,820 |
|
Gross profit
(loss) from operations |
606,542 |
576,886 |
|
Gross profit
(loss) from operations |
606,542 |
576,886 |
|
Operating
expenses |
|
|
|
Selling expenses |
|
|
|
Total selling
expenses |
349,986 |
378,645 |
|
Administrative
expenses |
|
|
|
Total
administrative expenses |
115,215 |
109,200 |
|
Research and
development expenses |
|
|
|
Total research
and development expenses |
44,977 |
40,921 |
|
Total operating
expenses |
510,178 |
528,766 |
|
Net operating
income (loss) |
96,364 |
48,120 |
|
Non-operating
income and expenses |
|
|
|
Other income |
|
|
|
Total other
income |
39,693 |
25,976 |
|
Other gains and
losses |
|
|
|
Other gains and
losses, net |
65,749 |
27,517 |
|
Finance costs |
|
|
|
Finance costs,
net |
26,804 |
21,857 |
|
Total
non-operating income and expenses |
78,638 |
31,636 |
|
Profit (loss)
from continuing operations before tax |
175,002 |
79,756 |
|
Tax expense
(income) |
|
|
|
Total tax expense
(income) |
31,332 |
19,140 |
|
Profit (loss)
from continuing operations |
143,670 |
60,616 |
|
Profit (loss) |
143,670 |
60,616 |
|
Other
comprehensive income |
|
|
|
Exchange
differences on translation |
41,237 |
14,405 |
|
Unrealised gains
(losses) on valuation of available-for-sale financial assets |
54,957 |
38,372 |
|
Actuarial gains
(losses) on defined benefit plans |
-1,391 |
1,687 |
|
Income tax
related to components of other comprehensive income |
13,605 |
7,642 |
|
Other
comprehensive income, net |
81,198 |
46,822 |
|
Total
comprehensive income |
224,868 |
107,438 |
|
Profit (loss),
attributable to: |
|
|
|
Profit (loss), attributable
to owners of parent |
143,670 |
60,616 |
|
Comprehensive
income attributable to: |
|
|
|
Comprehensive
income, attributable to owners of parent |
224,868 |
107,438 |
|
Basic earnings
per share |
|
|
|
Total basic
earnings per share |
2.04 |
0.86 |
|
Diluted earnings
per share |
|
|
|
Total diluted
earnings per share |
2.03 |
0.86 |
Unit: NTD/000
|
Consolidated |
2014 |
2013 |
|
Cash flows from
(used in) operating activities, indirect method |
|
|
|
Profit (loss) from
continuing operations before tax |
175,002 |
79,756 |
|
Profit (loss)
before tax |
175,002 |
79,756 |
|
Adjustments |
|
|
|
Adjustments to
reconcile profit (loss) |
|
|
|
Depreciation
expense |
7,769 |
8,436 |
|
Amortization
expense |
3,646 |
3,798 |
|
Provision
(reversal of provision) for bad debt expense |
-1,203 |
5,460 |
|
Interest expense |
26,804 |
21,857 |
|
Interest income |
-1,254 |
-1,062 |
|
Share of loss
(profit) of associates and joint ventures accounted for using equity method |
0 |
-62 |
|
Total adjustments
to reconcile profit (loss) |
35,762 |
38,427 |
|
Changes in
operating assets and liabilities |
|
|
|
Changes in
operating assets |
|
|
|
Decrease
(increase) in notes receivable |
77 |
-3,116 |
|
Decrease
(increase) in accounts receivable |
-85,279 |
-344,364 |
|
Decrease
(increase) in other receivable |
5,903 |
-46 |
|
Decrease
(increase) in inventories |
-199,058 |
448,024 |
|
Decrease
(increase) in prepayments |
10,190 |
-4,946 |
|
Decrease
(increase) in other current assets |
-348 |
-734 |
|
Decrease
(increase) in other financial assets |
9,714 |
-13,276 |
|
Total changes in
operating assets |
-258,801 |
81,542 |
|
Changes in
operating liabilities |
|
|
|
Increase
(decrease) in notes payable |
-472 |
-10,279 |
|
Increase (decrease)
in accounts payable |
121,988 |
-187,326 |
|
Increase
(decrease) in other payable |
14,304 |
-32,240 |
|
Increase
(decrease) in other current liabilities |
19,978 |
-11,253 |
|
Increase
(decrease) in accrued pension liabilities |
818 |
-310 |
|
Total changes in
operating liabilities |
156,616 |
-241,408 |
|
Total changes in
operating assets and liabilities |
-102,185 |
-159,866 |
|
Total adjustments |
-66,423 |
-121,439 |
|
Cash inflow
(outflow) generated from operations |
108,579 |
-41,683 |
|
Interest received |
1,154 |
941 |
|
Interest paid |
-27,083 |
-21,289 |
|
Income taxes
refund (paid) |
-5,459 |
-31,515 |
|
Net cash flows
from (used in) operating activities |
77,191 |
-93,546 |
|
Cash flows from
(used in) investing activities |
|
|
|
Acquisition of
property, plant and equipment |
-3,601 |
-3,746 |
|
Proceeds from
disposal of property, plant and equipment |
12 |
615 |
|
Acquisition of
intangible assets |
-1,586 |
-1,829 |
|
Proceeds from
disposal of intangible assets |
0 |
200 |
|
Increase in other
financial assets |
-24,167 |
-40,454 |
|
Increase in other
non-current assets |
-3,678 |
-3,236 |
|
Increase in
prepayments for business facilities |
168 |
-607 |
|
Net cash flows
from (used in) investing activities |
-32,852 |
-49,057 |
|
Cash flows from
(used in) financing activities |
|
|
|
Increase in
short-term loans |
26,438 |
227,863 |
|
Decrease in
short-term notes and bills payable |
0 |
-29,995 |
|
Increase in
guarantee deposits received |
1,329 |
-20 |
|
Cash dividends
paid |
-70,281 |
-119,478 |
|
Net cash flows
from (used in) financing activities |
-42,514 |
78,370 |
|
Effect of
exchange rate changes on cash and cash equivalents |
41,684 |
14,983 |
|
Net increase
(decrease) in cash and cash equivalents |
43,509 |
-49,250 |
|
Cash and cash
equivalents at beginning of period |
499,784 |
549,034 |
|
Cash and cash
equivalents at end of period |
543,293 |
499,784 |
|
Cash and cash
equivalents reported in the statement of financial position |
543,293 |
499,784 |
Note: Subject didn’t submit its individual financial information; we obtained
its consolidated financials as follows for reference.
The above financial
figures are based on the IFRSs Accounting System.
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
|
Trial Number: |
2001, beijian, 5389 |
|
Date of Trial: |
2001-4-13 |
|
Reason: |
Return price |
|
Claimant: |
Zhi Bo Technology Co., Ltd. (Literal Translation) |
|
Defendant: |
Maxtek Technology Co., Ltd. |
Interview
Details
|
Name |
Ms. Zhang |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.01 |
|
UK Pound |
1 |
Rs.99.84 |
|
Euro |
1 |
Rs.51.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
VNT |
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 |
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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.