|
Report No. : |
355476 |
|
Report Date : |
23.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
KAIMEI ELECTRONIC CORP. |
|
|
|
|
Registered Office : |
13Fl-2, No.81, Sec.1, Hsin Tai 5 Rd., Xizhi Dist.,
New Taipei City 221, Taiwan (R.O.C.) |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
28.11.1973 |
|
|
|
|
Com. Reg. No.: |
04413051 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturing and Sales of Machines. |
|
|
|
|
No. of Employees : |
About 1,424 |
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: |
|
|
Supplied Name: |
|
|
Trading Address: |
13Fl-2, No.81,
Sec.1, Hsin Tai 5 Rd., Xizhi Dist., New Taipei City 221, Taiwan (R.O.C.) |
|
Supplied Address: |
13TH FL, NO 81,
SEC 1, XINTAI 5 TH RD, XIZHI DIST NEW TAIPEI CITY 22101 |
|
Telephone Number: |
+886-2-2698-1010 |
|
Fax Number: |
Notes: The exact name and address are as above.
Subject was incorporated
on 1973-11-28 with registered number 04413051
as Joint Stock Company in Taiwan.
Factories
|
1 |
|
|
Name: |
Xizhi Factory |
|
Address: |
13Fl-2, No.81, Sec.1, Hsin Tai 5 Rd., Xizhi Dist., New Taipei City 221,
Taiwan (R.O.C.) |
|
Date of Foundation: |
1997-04-19 |
|
Date of Registration: |
1997-05-15 |
|
Factory Registration Number: |
99606583 |
|
Factory Manager: |
Wendeng He |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2013-12-26 |
|
Major Products: |
271 Computer and its peripheral equipment 272 Communications equipment 269 Other electric components |
|
2 |
|
|
Address: |
No.51, Fengtian Rd., Jiaxing Village, Dapi Township, Yunlin County,
Taiwan |
|
Date of Foundation: |
1974-03-10 |
|
Date of Registration: |
1977-09-21 |
|
Factory Registration Number: |
99653089 |
|
Factory Manager: |
Wendeng He |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2014-03-10 |
|
Major Products: |
262 Passive component manufacturing 272 Communications equipment 275 Measure, navigation, control equipment and clock 284 Lighting equipment |
|
3 |
|
|
Name: |
Malaysia Factory |
|
Address: |
3, Lebuh 2, Bandar Sultan, Suleiman, Taiwanese Industrial Park, 42000 Port
Klang, Selangor Darul Ehsan, Malaysia |
|
Tel: |
+60-3-31762700 |
|
4 |
|
|
Name: |
China Shen-Zhen Factory |
|
Address: |
10th Industry Area, 2nd Donghuan, Longhua, Shenzhen city, PRC |
|
Tel: |
+86-755-28135359 |
|
5 |
|
|
Name: |
China Su-Zhou Factory |
|
Address: |
No.68, Wen Du Road, Wang Ting Town, Wuxian, Municipality, Jiangsu
Province, the PRC |
|
Tel: |
+86-512-6538-9874 |
Related Company
|
1 |
|
|
Name: |
Jamicon Electronic Tech.(Shanghai) Co., LTD |
|
Address: |
No. 1758, Lian You Rd, Minhang District, Shanghai, China |
|
Tel: |
+86-21-6465-4931/4934 |
|
Fax: |
+86-21-6465-1783 |
|
2 |
|
|
Name: |
China Jamicon Electronic Tech. |
|
Address: |
No.155, Ln. 1510, Ji Di Rd., Minhang District; , Shang Hai, China |
|
Tel: |
+86-21-5458-0669 |
Branch
|
Name: |
Hong Kong Branch |
|
Address: |
Block A, 3/F., King Win Factory Building, Jingye Street, Guantang,
Kowloon, Hong Kong |
|
Tel: |
+852-2763-6820 |
Major Shareholders
|
Name |
Subscription Shares |
|
Wendeng He |
|
|
7,506,197 |
|
|
Chengxi Zhang |
10,354,699 |
|
Jieren Zheng |
75,667 |
|
Zuotian Lin |
4,626,064 |
|
Minzhe Qiu |
2,615,302 |
|
Honglin Weng |
2,320,000 |
|
Zhenchang Huang |
6,825,000 |
|
Shumei Zhang |
2,365,304 |
|
Youlin Investment Co., Ltd. (Literal Translation) |
2,100,642 |
Core Management
Directors
|
1 |
||
|
Name |
Wendeng He |
|
|
Position |
Chairman of the Board |
|
|
2 |
||
|
Name |
Chengxi Zhang |
|
|
Position |
Director |
|
|
3 |
||
|
Name |
Jieren Zheng |
|
|
Position |
Director & Manager |
|
|
Date of Appointment for Manager |
2013-04-12 |
|
|
4 |
||
|
Name |
Zuotian Lin |
|
|
Position |
Director |
|
|
5 |
||
|
Name |
Minzhe Qiu |
|
|
Position |
Director |
|
|
6 |
||
|
Name |
Honglin Weng |
|
|
Position |
Director |
|
|
7 |
||
|
Name |
Zhenchang Huang |
|
|
Position |
Director |
|
|
8 |
||
|
Name |
Shunquan Zhan |
|
|
Position |
Independent Director |
|
|
9 |
||
|
Name |
Huifeng Xu |
|
|
Position |
Independent Director |
|
|
10 |
||
|
Name |
Shumei Zhang |
|
|
Position |
Supervisor |
|
|
11 |
||
|
Name |
Youlin Investment Co., Ltd. (Literal Translation) |
|
|
Position |
Supervisor |
|
Personnel Structure
|
Total Employees |
About 1,424 Employees (Group) |
Offices & Factories
|
|
Headquarters |
|
Add |
13Fl-2, No.81, Sec.1, Hsin Tai 5 Rd., Xizhi Dist., New Taipei City 221,
Taiwan (R.O.C.) |
Production Information
Subject is engaged in manufacturing of capacitors, etc.
Subject has factories in Taiwan, Mainland China and Malaysia for
production.
Subject obtained the certification of ISO 9001, ISO 9002 and ISO 14001.
Purchase Information
The registered activities of subject:
|
Business Code |
Details |
|
CB01010 |
Machinery equipment manufacturing |
|
CB01990 |
Other machinery manufacturing |
|
CC01010 |
Electricity generation, transmission and distribution machinery
manufacturing |
|
CC01030 |
Appliances and audio-visual electronic products manufacturing |
|
CC01040 |
Lighting equipment manufacturing |
|
CC01070 |
Wireless communications machinery and instrument |
|
CC01080 |
Electric component manufacturing |
|
CC01990 |
Other electrical and electronic machinery equipment |
|
CC01110 |
Computer and its peripheral equipment manufacturing |
|
F113070 |
Telecommunications equipment wholesaling |
|
F119010 |
Electrical materials wholesaling |
|
F213060 |
Telecommunications equipment wholesaling |
|
F219010 |
Electrical materials retailing |
|
F401010 |
International trade |
|
ZZ99999 |
Besides licensed business, all other business items those are not
banned or restricted. |
The components and raw material for production are purchased from both
home and abroad.
Subject is engaged in sales of capacitors.
The products of subject are mainly applied for vehicle-mounted industry
and auto industry.
It is introduced that subject can provide OEM and ODM services for
customers.
Subject’s sales regions include domestic market, Southeast Asia, America
and Europe.
It is introduced that there are sales branches in Japan, USA and Europe.
Subject’s major customers are manufacturers of electronic products.
Major products
|
|
Products |
|
Lighting |
Electronic ballast, LED driver, LED other products |
|
Capacitor |
Electrolytic, electric double layer |
|
Fan |
DC fan, AC fan, accessory |
Import and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
Domestic Purchase
|
Products |
Raw materials and components |
|
Payment Terms |
T/T, Cash |
Import
|
Products |
Raw materials and components |
|
Payment Terms |
L/C, T/T |
Domestic Markets
|
Product |
Capacitors |
|
Selling Terms |
T/T, Cash |
Export
|
Product |
Capacitors |
|
Selling Terms |
L/C, T/T |
Unit: NTD/000
|
Consolidated |
2014-12-31 |
2013-12-31 |
|
Current assets |
|
|
|
Cash and cash equivalents |
795,539 |
751,528 |
|
Financial liabilities measured at fair value
through profit or loss - current |
4,430 |
4,015 |
|
Notes receivable, net |
20,321 |
21,173 |
|
Accounts receivable, net |
402,509 |
446,115 |
|
Accounts receivable-related party, net |
0 |
443 |
|
Other accounts receivable, net |
1,225 |
3,763 |
|
Tax asset |
428 |
4,018 |
|
Inventories |
350,023 |
348,471 |
|
Prepayments |
15,146 |
16,149 |
|
Other current assets |
35,663 |
30,314 |
|
Current assets |
1,625,284 |
1,625,989 |
|
Non-current assets |
|
|
|
Investment by
the equity method, net |
7,444 |
7,864 |
|
Real property, plant and equipment |
625,577 |
692,770 |
|
Investment
property, net |
56,023 |
56,872 |
|
Deferred income tax assets |
33,851 |
33,756 |
|
Other non-current assets |
27,825 |
27,156 |
|
Non-current assets |
750,720 |
818,418 |
|
Assets |
2,376,004 |
2,444,407 |
|
Current liabilities |
|
|
|
Short-term borrowing |
23,585 |
20,000 |
|
Notes payable |
1,103 |
1,475 |
|
Account payable |
195,329 |
196,164 |
|
Account payable-related party |
0 |
38 |
|
Other accounts payable |
118,533 |
112,915 |
|
Income tax liability |
19,247 |
6,362 |
|
Other current liabilities |
47,803 |
95,783 |
|
Current liabilities |
405,600 |
432,737 |
|
Non-current liabilities |
|
|
|
Long-term borrowings |
52,500 |
171,500 |
|
Deferred income tax liabilities |
49,369 |
43,292 |
|
Other non-current liabilities |
100,175 |
103,994 |
|
Non-current liabilities |
202,044 |
318,786 |
|
Liabilities |
607,644 |
751,523 |
|
Ordinary share |
1,363,895 |
1,363,895 |
|
Total capital stock |
1,363,895 |
1,363,895 |
|
Retained earnings |
176,624 |
154,624 |
|
Other equity |
191,853 |
138,379 |
|
Treasury stock |
-24,333 |
-24,333 |
|
Total equity attributable to owners parent |
1,761,432 |
1,685,958 |
|
Non-controlling interests |
6,928 |
6,926 |
|
Total equity |
1,768,360 |
1,692,884 |
|
For cancellation
of equity shares (unit: share) |
0 |
0 |
|
Advance share (equity) under the about when
issuing shares (unit: share) |
0 |
0 |
|
Number of treasury stock acquired by the
company and subsidiaries (unit: share) |
1,774,064 |
1,774,064 |
Unit: NTD/000
|
Consolidated |
2014 |
2013 |
|
Operating income |
1,777,287 |
1,926,753 |
|
Cost of sales |
1,434,228 |
1,569,228 |
|
Operating costs |
1,434,228 |
1,569,228 |
|
Gross profit (loss) from operations |
343,059 |
357,525 |
|
Gross profit (loss) from operations, net |
343,059 |
357,525 |
|
Operating expenses |
|
|
|
Selling expense |
90,299 |
96,221 |
|
Administrative expenses |
146,087 |
140,658 |
|
Research and development expenses |
14,317 |
18,432 |
|
Operating expenses |
250,703 |
255,311 |
|
Operating profit (loss) |
92,356 |
102,214 |
|
Non-operating revenues and gains |
|
|
|
Other income |
19,594 |
17,030 |
|
Other profit (loss), net |
7,629 |
3,741 |
|
Net financial
cost |
2,957 |
7,424 |
|
Related companies and joint venture share profits and losses
recognized by employing the equity method, net |
-420 |
-288 |
|
Total non-operating revenue (cost) |
23,846 |
13,059 |
|
Profit (loss) from continuing operations
before tax |
116,202 |
115,273 |
|
Income tax expense (income) |
29,471 |
16,531 |
|
Profit (loss) from continuing operations |
86,731 |
98,742 |
|
Profit (loss) from continuing operations
before tax |
86,731 |
98,742 |
|
Other comprehensive profit and loss (net) |
|
|
|
Exchange differences on translation |
53,708 |
49,163 |
|
Actuarial gains (losses) on defined benefit
plans |
3,894 |
26,433 |
|
Income tax related to components of other
comprehensive income |
662 |
4,493 |
|
56,940 |
71,103 |
|
|
Total comprehensive income |
143,671 |
169,845 |
|
Net profit (loss) attributable to: |
|
|
|
Profit (loss), attributable to owners of
parent |
86,963 |
98,986 |
|
Profit (loss), attributable to
non-controlling interests |
-232 |
-244 |
|
Comprehensive income, attributable to: |
|
|
|
Comprehensive income, attributable to owners
of parent |
143,669 |
169,725 |
|
Comprehensive income, attributable to
non-controlling interests |
2 |
120 |
|
Basic earnings per share |
|
|
|
Total basic earnings per share |
0.65 |
0.74 |
|
Diluted earnings per share |
|
|
|
Total diluted earnings per share |
0.64 |
0.73 |
Unit: NTD/000
|
Consolidated |
2014 |
2013 |
|
Cash flows
from (used in) operating activities, indirect method |
|
|
|
Profit (loss) from continuing operations before tax |
116,202 |
115,273 |
|
Profit (loss) before tax |
116,202 |
115,273 |
|
Depreciation expense |
79,074 |
89,957 |
|
Amortization expense |
2,526 |
2,617 |
|
Bad debt expense item number (income) |
-705 |
-1,830 |
|
Net loss (gain) on financial assets or liabilities at fair value
through profit or loss |
-420 |
-151 |
|
Interest expense |
2,957 |
7,424 |
|
Interest income |
-7,995 |
-3,991 |
|
Related companies and joint venture share profits and losses
recognized by employing the equity method, net |
420 |
288 |
|
Loss (gain) on disposal of property, plant and equipment |
3,362 |
923 |
|
Disposal of loss (profit) of investment |
-3,966 |
0 |
|
Non-effect on cash gains and losses items |
75,253 |
95,237 |
|
Decrease (increase) in notes receivable |
1,042 |
-1,700 |
|
Decrease (increase) in accounts receivable |
47,515 |
23,701 |
|
Decrease (increase) in accounts receivable-related party |
443 |
3,641 |
|
Decrease (increase) in other receivable |
1,623 |
-842 |
|
Decrease (increase) in other receivable-related party |
0 |
481 |
|
Decrease (increase) in inventories |
5,815 |
48,786 |
|
Decrease (increase) in other current asset |
3,303 |
3,641 |
|
Decrease (increase) in other financial asset |
-2,993 |
-726 |
|
Total changes in operating assets |
56,748 |
76,982 |
|
Increase (decrease) in notes payable |
-372 |
534 |
|
Increase (decrease) in accounts payable |
-6,914 |
-10,246 |
|
Increase (decrease) in accounts payable-related party |
-38 |
-2,467 |
|
Increase (decrease) in other payable |
7,671 |
1,658 |
|
Increase (decrease) in other current liabilities |
13,424 |
-6,827 |
|
Increase (decrease) in accrued pension liabilities |
-806 |
-14,552 |
|
Total changes in operating liabilities |
12,965 |
-31,900 |
|
Total changes in operating assets and liabilities |
69,713 |
45,082 |
|
Total adjustments |
144,966 |
140,319 |
|
Cash inflow (outflow) generated from operations |
261,168 |
255,592 |
|
Interests collected |
8,296 |
5,048 |
|
Interest paid |
-3,008 |
-8,570 |
|
Income taxes refund (paid) |
-7,059 |
1,581 |
|
Net cash flows from (used in) operating
activities |
259,397 |
253,651 |
|
Cash flow of investment activities |
|
|
|
Disposal of financial assets valued by cost |
3,966 |
0 |
|
Acquisition of property, plant and equipment |
-2,252 |
-20,924 |
|
Decrease in other non-current asset |
-2,513 |
-315 |
|
Net cash flows from (used in) investing activities |
-799 |
-21,239 |
|
Cash flows from (used in) financing activities |
|
|
|
Increase in short-term borrowings |
3,585 |
0 |
|
Decrease in short-term borrowings |
0 |
-195,408 |
|
Long-term borrowings |
0 |
43,510 |
|
Repayments of long-term debt |
-166,500 |
0 |
|
Increase in guarantee deposit received |
34 |
0 |
|
Decrease in guarantee deposit received |
0 |
-3,333 |
|
Cash dividends paid |
-68,195 |
0 |
|
Other financing activities |
-5,135 |
0 |
|
Net cash flows from (used in) financing activities |
-236,211 |
-155,231 |
|
Effect of exchange rate changes on cash and cash equivalents |
21,624 |
22,096 |
|
Net increase (decrease) in cash and cash equivalents |
44,011 |
99,277 |
|
Cash and cash equivalents at beginning of period |
751,528 |
652,251 |
|
Cash and cash equivalents at end of period |
795,539 |
751,528 |
|
Cash and cash equivalents reported in the statement of financial
position |
795,539 |
751,528 |
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 |
Ms. Lin |
|
Department |
Sales Department |
|
E-mail |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.30 |
|
|
1 |
Rs.98.70 |
|
Euro |
1 |
Rs.72.33 |
|
TWD |
1 |
Rs.2.02 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
TPT |
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.