|
Report No. : |
336507 |
|
Report Date : |
17.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
MICRO-STAR INTERNATIONAL CO., LTD. |
|
|
|
|
Registered Office : |
No.69, Li-De St., Zhonghe Dist., New Taipei
City 235 |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
04.08.1986 |
|
|
|
|
Com. Reg. No.: |
22178368 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Subject is engaged in manufacturing and sale
of motherboards and computer hardware. |
|
|
|
|
No. of Employee : |
·
About 1,600 (Taiwan)
|
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. 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 the ECFA, including a signed agreement on trade in services and negotiations on trade in goods and dispute resolution, have stalled. In early 2014, the government bowed to public demand and proposed 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 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 expected to account for nearly 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 (MOU) 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 Taiwan’s 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: |
Micro-Star International Co., Ltd. |
|
Supplied Name: |
|
|
Trading Address: |
No.69, Li-De St.,
Zhonghe Dist., New Taipei City 235, Taiwan |
|
Supplied Address: |
|
|
Telephone Number: |
+886-2-3234-5599 |
|
Fax Number: |
Note:
The exact name is as above. The supplied number
+886-2-3234-5488 belong to subject’s fax number.
Subject was
incorporated on 1986-8-4 with registered number 22178368
as Joint
Stock Company in Taiwan.
Subject listed on Taiwan Stock Exchange on
1998-10-31.
Factories
|
1 |
|
|
Name: |
Zhonghe Plant |
|
Address: |
No.69, Li-De St., Zhonghe Dist., New Taipei City
235, Taiwan (R.O.C.) |
|
Date
of Foundation: |
1996-3-27 |
|
Date
of Registration: |
1997-8-28 |
|
Factory
Registration Number: |
99607752 |
|
Factory Manager: |
Xiang
Xu |
|
Status: |
In
production |
|
Date of Last Annual Return: |
2002-8-9 |
|
Major Products: |
271 Computer and
its peripheral equipment |
|
2 |
|
|
Name: |
Zhonghe 3rd Plant |
|
Address: |
No. 488, Ban S. RD., Zhonghe Dist., New Taipei City 235, Taiwan
(R.O.C.) |
|
Date of Foundation: |
1998-10-15 |
|
Date of
Registration: |
2000-8-30 |
|
Factory
Registration Number: |
99606668 |
|
Factory Manager: |
Xiang Xu |
|
Status: |
In production |
|
Date of Last Annual Return: |
2003-11-24 |
|
Major Products: |
271 Computer and
its peripheral equipment |
Related Companies
|
1 |
|
|
Name |
MSI
Computer Corp. (L.A. Office) |
|
Address
|
901
Canada Court, City of Industry, CA 91748 |
|
Tel
|
+1-626-913-0828 |
|
2 |
|
|
Name |
MSI
Technology GmbH |
|
Address
|
Hanauerland
strasse 318, 60314 Frankfurt am Main, Germany |
|
Tel
|
+49-69-40893-0 |
|
Fax
|
+49-69-40893-202 |
|
3 |
|
|
Name |
MSI
Czech & Slovak |
|
Address
|
LCS
Business Centre, Videnska 546/55, 639 00 Brno, Czech Republic |
|
Tel
|
+420-543-524-300 |
|
4 |
|
|
Name |
MSI
Computer SARL |
|
Address
|
50
Boulevard Antoine Giroust, 77600 Bussy St. Georges, France |
|
Tel
|
+33-1-6476-4949 |
|
Fax
|
+33-1-6476-4948 |
|
5 |
|
|
Name |
MSI
Computer (Australia) Pty. Ltd. |
|
Address
|
Unit
16, 22 Princes Rd East Auburn, NSW 2144, Australia |
|
Tel
|
+61-2-9748-0070 |
|
Fax
|
+61-2-9748-0799 |
|
6 |
|
|
Name |
Micro-Star
International Co., Ltd. |
|
Address
|
Room
2501-2508, Block A, Xi’nian Centre, No. 6021, Shennan Rd., Futian Dist.,
Shenzhen City, China |
|
Tel
|
+86-755-3395-9911 |
|
Fax
|
+86-755-3395-9912 |
Major
Shareholders
|
Name |
Subscription Shares |
|
Xiang
Xu |
51,983,151 |
|
Jinqing Huang |
|
|
23,637,377 |
|
|
Wentong
Lin |
29,672,499 |
|
Xianneng
You |
17,892,824 |
|
Qilong
Lu |
19,374,835 |
|
Shengchang
Jiang |
1,117,074 |
|
Rongfeng
Cai |
297,647 |
|
Junxian
Xu |
821,415 |
|
Fenlan
Xu |
13,408,517 |
|
Gaoshan
Xu |
418,686 |
Core
Management
Directors
|
1 |
||
|
Name |
Xiang
Xu |
|
|
Position |
Board
Chairman & Manager |
|
|
Date
of Appointment of Manager |
1994-4-25 |
|
|
2 |
||
|
Name |
Jinqing
Huang |
|
|
Position |
Director |
|
|
3 |
||
|
Name |
Wentong
Lin |
|
|
Position |
Director |
|
|
4 |
||
|
Name |
Xianneng
You |
|
|
Position |
Director |
|
|
5 |
||
|
Name |
Qilong
Lu |
|
|
Position |
Director |
|
|
6 |
||
|
Name |
Shengchang
Jiang |
|
|
Position |
Director |
|
|
7 |
||
|
Name |
Rongfeng
Cai |
|
|
Position |
Director |
|
|
8 |
||
|
Name |
Songzhou
Wang |
|
|
Position |
Independence
Director |
|
|
9 |
||
|
Name |
Zhengyi
Liu |
|
|
Position |
Independence
Director |
|
|
10 |
||
|
Name |
Junxian
Xu |
|
|
Position |
Supervisor |
|
|
11 |
||
|
Name |
Fenlan
Xu |
|
|
Position |
Supervisor |
|
|
12 |
||
|
Name |
Gaoshan
Xu |
|
|
Position |
Supervisor |
|
Personnel
Structure
|
Total
Employees |
About 1,600 Employees (Taiwan) About 15,000 Employees (Group) |
Offices
& Factories
|
|
Headquarters |
|
Add |
No.69, Li-De St., Zhonghe Dist., New Taipei City 235, Taiwan |
Production
Information
Subject
is engaged in manufacturing of motherboards
and computer hardware, etc.
Subject
has factories in Taiwan for production.
Subject
obtained the certifications of ISO-9001, ISO 14001 and OHSAS 18001.
Purchase
Information
The
registered activities of subject:
|
Business
Code |
Details |
|
1 |
Design,
manufacturing and trading of all kinds of computer hardware software and finished
products, components |
|
2 |
Manufacturing
and trading of electronic components |
|
3 |
Trading
of the above related products |
|
4 |
As an agent assists in developing quoting, bidding and
distributing about home and abroad companies' products. |
|
CC01030 |
Manufacturing
of appliances |
|
CC01060 |
Manufacturing
of cable machinery equipment |
|
CC01070 |
Manufacturing
of mechanical equipment with wireless communications |
|
CE01030 |
Manufacturing
of optical instrument |
|
CH01040 |
Manufacturing
of toys |
|
F109040 |
Wholesale
of toys and entertainment Products |
|
F113020 |
Wholesale
of appliances |
|
F113050 |
Wholesale
of computer and
transactional equipment |
|
F113070 |
Wholesale
of telecommunications equipment |
|
F209030 |
Retail
of toys and entertainment Products |
|
F213030 |
Retail
of computer equipment and transactional |
|
F213060 |
Retail
of telecommunications equipment |
|
F213010 |
Retail
of electric equipment |
|
CC01101 |
Manufacturing
of the controlled telecommunications radio-frequency devices |
|
F401021 |
Importing
of radio-frequency devices under telecommunications regulation. |
|
CF01011 |
Manufacturing
of medical devices |
|
F108031 |
Wholesale
of medical devices. |
|
F208031 |
Retail
of medical devices. |
|
CE01010 |
Manufacturing
of general instrument |
|
ZZ99999 |
Besides
licensed business, all other business items those are not banned or
restricted. |
The
components and raw material for production are mostly purchased at home and
abroad.
Subject is engaged in sale of motherboards and computer hardware, etc.
It
is introduced that subject also provides OEM and ODM services.
It
is introduced that subject has own brand named “Micro-Star”
Subject’s
sales regions primarily are Europe, Asia and America, etc.
Subject’s
major customers are manufacturers of computers, etc.
Major
products
|
Types |
Products |
|
Motherboards |
Motherboards for Intel and AMD platforms |
|
Multimedia graphic cards |
NVIDIA and AMD series products |
|
Servers |
server motherboards, blade servers and rackmount
servers, etc. |
|
Barebones |
all-in-one personal computers (PCs), mini PCs, liquid
crystal display (LCD) PCs |
|
Industrial computers |
industrial computer motherboards and industrial
computer systems |
|
Consumer electronics |
automobile electronic products, communication products,
as well as notebook computers and smart robots, etc. |
Import
and export right:
|
Import
right |
Yes |
|
Export
right |
Yes |
Purchase
Domestic
Purchase
|
Products |
Raw material, etc. |
|
Payment Terms |
T/T, Cash, etc. |
Import
|
Products |
Raw material, etc. |
|
Payment Terms |
L/C, T/T, etc. |
Sales
Domestic
Markets
|
Product |
Motherboards and computer hardware, etc. |
|
Selling Terms |
T/T, Cash, etc. |
Export
|
Product |
Motherboards and computer hardware, etc. |
|
Selling Terms |
L/C, T/T, etc. |
Unit: NTD/000
|
Consolidated |
2014-12-31 |
2013-12-31 |
|
Cash and cash equivalents |
10,002,083 |
10,328,590 |
|
Financial assets at fair value through profit or loss - current |
36,586 |
0 |
|
Notes receivable, net |
8,372 |
1 |
|
Accounts receivable, net |
12,562,726 |
12,086,606 |
|
Other receivables |
282,901 |
260,736 |
|
Current income tax assets |
21,207 |
3,836 |
|
Inventories, net |
15,553,209 |
11,453,060 |
|
Prepayments |
1,282,857 |
1,326,234 |
|
Current Assets |
39,749,941 |
35,459,063 |
|
Non-current assets |
|
|
|
Financial assets carried at cost - noncurrent – net |
0 |
10,000 |
|
Investments accounted for under equity method |
479 |
433 |
|
Property, plant and equipment |
5,848,330 |
5,583,526 |
|
Investment property - net |
405,364 |
211,706 |
|
Deferred income tax assets |
250,542 |
187,368 |
|
Other non-current assets |
170,059 |
188,558 |
|
Non-current assets |
6,674,774 |
6,181,591 |
|
Total assets |
46,424,715 |
41,640,654 |
|
Current liabilities |
|
|
|
Short-term borrowings |
2,139,056 |
1,200,595 |
|
Financial liabilities at fair value through profit or loss - current |
0 |
3,831 |
|
Notes payable |
8 |
3,505 |
|
Accounts payable |
15,272,310 |
13,803,209 |
|
Other payables |
2,888,150 |
2,343,323 |
|
Current income tax liabilities |
386,113 |
287,760 |
|
Provisions for liabilities - current |
224,816 |
221,810 |
|
Other current liabilities |
639,600 |
598,087 |
|
Current Liabilities |
21,550,053 |
18,462,120 |
|
Non-current liabilities |
|
|
|
Long-term borrowings |
16,413 |
18,748 |
|
Deferred income tax liabilities |
5,634 |
4,471 |
|
Other non-current liabilities |
320,079 |
217,729 |
|
Non-current liabilities |
342,126 |
240,948 |
|
Total Liabilities |
21,892,179 |
18,703,068 |
|
Equity attributable to owners of parent |
|
|
|
Share capital |
|
|
|
Share capital - common stock |
8,448,562 |
8,448,562 |
|
Total capital stock |
8,448,562 |
8,448,562 |
|
Capital surplus |
|
|
|
Capital surplus |
2,920,142 |
2,920,142 |
|
Retained earnings |
|
|
|
Legal reserve |
2,723,897 |
2,526,611 |
|
Special reserve |
389,482 |
389,482 |
|
Unappropriated retained earnings |
9,579,139 |
8,462,643 |
|
Total retained earnings |
12,692,518 |
11,378,736 |
|
Other equity interest |
|
|
|
Total other equity interest |
471,314 |
190,146 |
|
Equity attributable to owners of the parent |
24,532,536 |
22,937,586 |
|
Total equity |
24,532,536 |
22,937,586 |
Unit: NTD/000
|
Consolidated |
2014 |
2013 |
|
Sales revenue |
84,901,773 |
71,879,047 |
|
Operating costs |
73,387,333 |
62,620,507 |
|
Net operating margin |
11,514,440 |
9,258,540 |
|
Selling expenses |
|
|
|
General & administrative expenses |
4,412,360 |
3,728,810 |
|
Research and development expenses |
773,023 |
661,381 |
|
Total operating expenses |
2,735,708 |
2,491,761 |
|
Selling expenses |
7,921,091 |
6,881,952 |
|
Operating profit |
3,593,349 |
2,376,588 |
|
Non-operating income and expenses |
|
|
|
Other income |
500,265 |
425,724 |
|
Other gains and losses |
-469,334 |
-56,007 |
|
Finance costs |
47,156 |
14,344 |
|
Share of profit/(loss) of associates and joint ventures accounted for
under equity method |
46 |
-1,658 |
|
Total non-operating income and expenses |
-16,179 |
353,715 |
|
Profit before income tax |
3,577,170 |
2,730,303 |
|
Income tax expense |
563,309 |
753,611 |
|
Profit for the year from continuing operations |
3,013,861 |
1,976,692 |
|
Profit for the year |
3,013,861 |
1,976,692 |
|
Other comprehensive income |
|
|
|
Cumulative translation differences of foreign operations |
281,168 |
372,234 |
|
Actuarial loss on defined benefit plan |
-12,490 |
-2,615 |
|
Income tax relating to the components of other comprehensive income |
-2,123 |
-445 |
|
Total other comprehensive income for the year |
270,801 |
370,064 |
|
Total comprehensive income for the year |
3,284,662 |
2,346,756 |
|
Profit attributable to: |
|
|
|
Owners of the parent |
3,013,861 |
1,972,857 |
|
Non-controlling interests |
0 |
3,835 |
|
Comprehensive income attributable to: |
|
|
|
Owners of the parent |
3,284,662 |
2,342,921 |
|
Non-controlling interests |
0 |
3,835 |
|
Total basic earnings per share |
3.57 |
2.34 |
|
Total diluted earnings per share |
3.53 |
2.31 |
Unit: NTD/000
|
Consolidated |
2014 |
2013 |
|
Cash Flows From Operating Activities |
|
|
|
Consolidated profit before tax for the year |
3,577,170 |
2,730,303 |
|
Profit (loss) before tax |
3,577,170 |
2,730,303 |
|
Depreciation (including investment properties) |
532,397 |
568,189 |
|
Amortization (including long-term prepaid rents) |
9,742 |
9,581 |
|
Reversal of provision for bad debts |
-68,958 |
-7,762 |
|
Net gains on financial assets and liabilities at fair value through
profit or loss |
-40,417 |
-11,254 |
|
Interest expense |
47,156 |
14,344 |
|
Interest income |
-137,549 |
-63,025 |
|
Share of (profit) losses of associates and joint ventures accounted for
under equity method |
-46 |
1,658 |
|
(Gains) losses from disposal of property, plant and equipment |
-2,516 |
3,949 |
|
Impairment loss of financial instruments |
10,000 |
0 |
|
Losses (gains) from unrealized foreign currency exchange |
71,248 |
-22,093 |
|
421,057 |
493,587 |
|
|
Financial assets at fair value through profit or loss |
0 |
38,836 |
|
Notes receivable, net |
-8,371 |
4,340 |
|
Accounts receivable |
-407,162 |
-1,880,937 |
|
Other receivables |
-22,236 |
183,812 |
|
Inventories, net |
-4,100,149 |
-1,389,445 |
|
Prepayments |
43,377 |
100,144 |
|
(Increase) Decrease in other operating assets |
9,624 |
-12,636 |
|
Total changes in operating assets |
-4,484,917 |
-2,955,886 |
|
Net changes in liabilities relating to operating activities |
-3,497 |
3,281 |
|
Notes payable |
1,469,101 |
2,590,571 |
|
Accounts payable |
544,320 |
350,055 |
|
Provisions for liabilities - current |
3,006 |
59,059 |
|
Other liabilities - current |
42,455 |
253,222 |
|
Pension obligation |
8,460 |
-4,394 |
|
Other liabilities - non-current |
-10,334 |
1,982 |
|
Total changes in operating liabilities |
2,053,511 |
3,253,776 |
|
Total changes in operating assets and liabilities |
-2,431,406 |
297,890 |
|
Total adjustments |
-2,010,349 |
791,477 |
|
Cash generated from operations |
1,566,821 |
3,521,780 |
|
137,636 |
64,374 |
|
|
Payment of interest |
-46,649 |
-13,134 |
|
Payment for income tax |
-544,338 |
-92,211 |
|
Net cash provided by operating activities |
1,113,470 |
3,480,809 |
|
Cash Flows From Investing Activities |
|
|
|
Acquisition of property, plant and equipment |
-913,871 |
-211,364 |
|
Proceeds from disposal of property, plant and equipment |
13,213 |
10,000 |
|
Increase in guarantee deposit received |
-867 |
-3,893 |
|
0 |
-1,013 |
|
|
Net cash used in investing activities |
-901,525 |
-206,270 |
|
Cash flows from financing activities |
|
|
|
Increase in short-term borrowings |
938,461 |
122,455 |
|
Bonds Redeemed |
0 |
-707,000 |
|
Payments of long-term borrowings |
-3,277 |
-2,504 |
|
Increase in guarantee deposit received |
91,734 |
30,431 |
|
Cash dividends paid |
-1,689,712 |
-253,456 |
|
Reacquisition of non-controlling interest |
0 |
-4,800 |
|
Cash distribution from capital reserve |
0 |
-675,885 |
|
Net cash used in financing activities |
-662,794 |
-1,490,759 |
|
Effect of exchange rate |
124,342 |
203,657 |
|
(Decrease) increase in cash and cash equivalents |
-326,507 |
1,987,437 |
|
Cash and cash equivalents at beginning of year |
10,328,590 |
8,341,153 |
|
Cash and cash equivalents at end of year |
10,002,083 |
10,328,590 |
Note: Subject didn’t submit
its individual financial information; we obtained its consolidated
financials as above 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
Up
to date of reporting, no existing or latent litigation of the subject has been
found.
Interview
Details
|
Name |
Mr. Li |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.12 |
|
UK Pound |
1 |
Rs.101.62 |
|
Euro |
1 |
Rs.72.56 |
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
ASH |
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.