MIRA INFORM REPORT

Report No. :	331283
Report Date :	10.07.2015

IDENTIFICATION DETAILS

Name :	MICROELECTRONICS TECHNOLOGY, INC.
Registered Office :	No.1 Innovation Road Ii Hsinchu Science-Based Industrial Park, Hsinchu
Country :	Taiwan
Financials (as on) :	31.12.2014
Date of Incorporation :	31.03.1983
Com. Reg. No.:	47255762
Legal Form :	Joint Stock Company
Line of Business :	Manufacturing and sale of microwave radios
No. of Employee :	About 600 Employees About 2,000 employees (Group)

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Exist

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

Contact Points

Company Name:	Microelectronics Technology, Inc.
Supplied Name:	Microelectronics Technology Inc.
Trading Address:	No.1 Innovation Road II Hsinchu Science-Based Industrial Park, Hsinchu, Taiwan, R.O.C.
Supplied Address:	No. 1 Innovation Road II, Hsinchu Science Park, Hsinchu
Telephone Number:	+886-3-577-3335
Fax Number:	+886-3-577-0936

Notes: The exact name and address are as above.

Company Identification Details

Registered Name:	MICROELECTRONICS TECHNOLOGY, INC.
Registered Address:	No.1 Innovation Road Ii Hsinchu Science-Based Industrial Park, Hsinchu, Taiwan, R.O.C.
Date of Foundation:	1983-3-31
Registration Number:	47255762
Registry:	Science Park Administration, MOST
Registered Capital:	NTD 7,000,000,000 (USD 226,100,000) (As of 2015.07, 1 NTD = 0.0323 USD)
Paid-up Capital:	NTD 3,352,857,330 (USD 108,297,292)
Legal Representatives:	Qijia Xie
Legal Form:	Joint Stock Company
Principal Activities:	Manufacturing and sale of microwave radios
Staff:	About 600 Employees About 2,000 employees (Group)
Listed at Stock Exchange:	Yes; stock symbol: 2314
Date of Last Annual Return:	2015-6-26

History

Subject was incorporated on 1983-3-31 with registered number 47255762 as Joint Stock Company in Taiwan.

Subject listed on Taiwan Stock Exchange on 1999-8-8

Change of Name

Former English Name:	Microelectronics Technology,Inc.
Current English Name:	Microelectronics Technology, Inc.

Corporate Structure

Factory

Address:	No.1 Innovation Road II Hsinchu Science-Based Industrial Park, Hsinchu, Taiwan, R.O.C.
Date of Registration:	1983-4-29
Factory Registration Number:	95A00038
Factory Manager:	Huayan Wang
Status:	In production
Date of Last Annual Return:	2009-4-22
Major Products:	272 Communication equipment

Major Related Companies

1
Company Name	Jupiter Technology (Wuxi) Co., Ltd.
Address	13 Minjiang Rd. Wuxi State High and New Technology Industry Development Zone, Jiangsu, P.R. China
Tel	+86-510-8522-8800
Fax	+86-510-8522-9892
2
Company Name	MTI Laboratory, Inc.
Address	201 Continental Blvd. Suite 300, El Segundo, CA 90245, USA
Tel	+1-310-955-3700
Fax	+1-310-955-3770
3
Company Name	Radiocomp MTI
Address	Krakasvej 17, DK-3400 Hillerød, Denmark
Tel	+45-70-231-024
Fax	+45-70-231-022
4
Company Name	Sasson Capital
Address	No. 19-2 San-Chong Road 7th Floor Building 3, Nankang District, Taipei 115, Taiwan, R.O.C.
Tel	+886-2-2655-0711
Fax	+886-2-3655-0717

Shareholders

Major Shareholders

Name	Subscription Shares
Qijia Xie	6,406,559
Cybertan Technology Inc.	50,835,148
Xinjie Yan	661,307
Hong Yang Venture Investment Co., Ltd (Literal Translation)	14,524,146

Shareholder Information:

1
Registered Name:	Cybertan Technology Inc.
Registered Address:	No.99, Park Avenue III, Hsinchu Science Park, Hsinchu 308, Taiwan, R.O.C.
Former Name:	Cyber Tan Technology Inc.
Date of Foundation:	1998-6-10
Registration Number:	16594892
Registry:	Science Park Administration, MOST
Registered Capital:	NTD 3,630,000,000 (USD 117,249,000) (As of 2015.07, 1 NTD = 0.0323 USD)
Paid-up Capital:	NTD 3,294,564,180 (USD 106,414,423)
Legal Representatives:	Zecan Chen
Legal Form:	Joint Stock Company
Date of Last Annual Return:	2015-6-4
2
Registered Name:	Hong Yang Venture Investment Co., Ltd (Literal Translation)
Registered Address:	15/F, No.207, Sec.3, Beixin Rd., Fuxingli, Xindian Dist., New Taipei City
Date of Foundation:	1996-9-6
Registration Number:	97164611
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 6,824,900,000 (USD 220,444,270) (As of 2015.07, 1 NTD = 0.0323 USD)
Paid-up Capital:	NTD 6,824,900,000 (USD 220,444,270)
Legal Representatives:	Decai Huang
Legal Form:	Joint Stock Company
Date of Last Annual Return:	2014-12-30

Management Information

Core Management

Directors

1
Name		Qijia Xie
Position		Board Chairman
2
Name	Zecan Chen
Position		Director
3
Name	Xinjie Yan
Position		Director & Manager
Date of Appointment of Manager		1990-4-2
4
Name	Zhonghe Wu
Position		Director
5
Name	Huailu Yin
Position		Director
6
Name	Qintai Shi
Position		Director
7
Name	Meilei Xiao
Position		Independent Director
8
Name	Shufen Wang
Position		Supervisor
9
Name	Jinsheng Hong
Position		Supervisor

Personnel Structure

Total Employees

About 600 Employees About 2,000 employees (Group)

Operation Information

Offices & Factories

	Headquarters
Add	No.1 Innovation Road Ii Hsinchu Science-Based Industrial Park, Hsinchu, Taiwan, R.O.C.

Production Information

Subject is engaged in manufacturing of microwave radios, etc.

Subject has a factory in Hsinchu, Taiwan and a factory in Wuxi City, Jiangsu Province, Mainland China for production.

Subject obtained the certifications of ISO 9001 in 1994, ISO 14000 in 1999 and TL 9000 in 2001.

Purchase Information

The registered activities of subject:

Business Code	Details
CC01030	Appliances and audio-visual electronic products manufacturing
CC01070	Wireless communication equipment and apparatus manufacturing
CC01080	Electronic components manufacturing
CC01101	Controlled telecommunications radio-frequency devices manufacturing
CC01990	Other mechanical electrical and electronic equipment manufacturing industry
E701010	Communication engineering
E701020	KU satellite TV channel C channel equipment installation industry
E701030	Controlled telecommunications radio-frequency equipment installation engineering industry
EZ99990	Other engineering
F401010	International trade
F401021	Controlled telecommunications radio-frequency devices of input industry
I501010	Product design industry
--	Personal communications equipment components, subsystems and systems of research, development, design, production, manufacturing and sales.
--	Infinite microwave communication system of electronic components and electronic equipment products of research, development, design, production, manufacturing and sales.
--	Microwave and low frequency integrated circuit and used substrate and capacitor production and sell.
--	High cycle of microwave, millimeter photoelectric communication with the electronic components products production and sell
--	Microwave, millimeter affected local system and the system of photoelectric products production and sell.
--	Comprehensive outsourcing and its own production of microwave and optical components of the local systems and products production and sell.
--	Produce and sell satellite broadcast television equipment and systems.
--	Design and manufacture customers set specifications before the relevant products.
--	Provide the product referred to in the preceding paragraph and phase of the business inspection, maintenance, processing, installation of necessary assistance and services.
--	Concurrently with business related to import and export trade business.

The components and raw materials for production are both purchased at home and abroad.

Sales Information

Subject is engaged in sale of microwave radios, etc.

Subject’s major products are microwave radios, LNB, VSAT, mobile products, RFID, etc.

Subject’s sales regions mainly focus on Asia, USA and Europe, etc.

It is introduced that subject also provides ODM/OEM services, etc.

Major products

Category	Products
LNB	Universal series, supreme series, circular series, prime focus, C band series, etc.
VSAT	0.25W Ku-Band BUC, 1W Ku-Band BUC, 2W Ku-Band BUC, 3W Ku-Band BUC, 4W Ku-Band BUC, Ku-Band TRIA & LNB, 2W C-Band BUC, etc.
Microwave Radio	Point-to-Point, POE, etc.
RFID	RFID ME™, RFID Modules, Development Kit, etc.
Mobile products	CDMA PA, WCDMA PA, GSM PA, RRH, etc.

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

Products	Components and raw materials, etc.
Payment Terms	T/T, Cash, etc.

Import

Products	Components and raw materials
Payment Terms	L/C, T/T

Sales

Domestic Markets

Product	Microwave radios
Selling Terms	T/T, Cash

Export

Product	Microwave radios
Selling Terms	L/C, T/T

Balance Sheet

Unit: NTD/000

Consolidated	2014-12-31	2013-12-31
Assets
Current assets
Cash and cash equivalents
Total cash and cash equivalents	1,364,924	1,515,758
Current financial assets at fair value through profit or loss
Total current financial assets at fair value through profit or loss	15,291	9,054
Notes receivable, net
Notes receivable, net	10,739	55,854
Accounts receivable, net
Accounts receivable, net	930,168	694,778
Accounts receivable due from related parties, net
Accounts receivable due from related parties, net	3,562	30,397
Other receivables
Other receivables, net	79,227	99,224
Other receivables due from related parties
Other receivables due from related parties, net	0	5,549
Inventories
Total inventories	1,484,172	1,401,584
Prepayments
Total prepayments	51,062	46,341
Other current assets
Total other current assets	58,195	62,169
Total current assets	3,997,340	3,920,708
Non-current assets
Non-current available-for-sale financial assets
Non-current available-for-sale financial assets, net	232,295	284,758
Non-current financial assets at cost
Non-current financial assets at cost, net	0	33,942
Property, plant and equipment
Total property, plant and equipment	1,043,642	960,532
Intangible assets
Total intangible assets	351,544	423,333
Deferred tax assets	493,531	503,515
Other non-current assets
Total other non-current assets	44,737	49,033
Total non-current assets	2,165,749	2,255,113
Total assets	6,163,089	6,175,821
Liabilities
Current liabilities
Short-term borrowings
Total short-term borrowings	1,853,286	1,429,054
Current financial liabilities at fair value through profit or loss
Total current financial liabilities at fair value through profit or loss	0	3,274
Accounts payable
Total accounts payable	1,319,967	1,312,679
Accounts payable to related parties
Total accounts payable to related parties	360	0
Other payables
Total other payables	496,155	381,867
Current tax liabilities	3,973	12,534
Current provisions
Total current provisions	37,124	41,032
Other current liabilities
Total other current liabilities	118,584	160,166
Total current liabilities	3,829,449	3,340,606
Non-current liabilities
Long-term borrowings
Total long-term borrowings	0	71,400
Non-current provisions
Total non-current provisions	12,438	0
Deferred tax liabilities
Total deferred tax liabilities	123,492	116,837
Other non-current liabilities
Total other non-current liabilities	190,010	188,081
Total non-current liabilities	325,940	376,318
Total liabilities	4,155,389	3,716,924
Equity
Equity attributable to owners of parent
Share capital
Ordinary share	3,352,858	3,352,858
Total capital stock	3,352,858	3,352,858
Capital surplus
Capital surplus, additional paid-in capital
Total capital surplus, additional paid-in capital	240,738	240,738
Capital surplus, employee share options	78,661	77,030
Capital surplus, share options	900,000	900,000
Total capital surplus	1,219,399	1,217,768
Retained earnings
Unappropriated retained earnings (accumulated deficit)
Total unappropriated retained earnings (accumulated deficit)	-2,642,749	-2,105,478
Total retained earnings	-2,642,749	-2,105,478
Other equity interest
Exchange differences on translation of foreign financial statements
Total exchange differences on translation of foreign financial statements	78,081	-8,120
Total other equity interest	78,081	-8,120
Total equity attributable to owners of parent	2,007,589	2,457,028
Non-controlling interests	111	1,869
Total equity	2,007,700	2,458,897
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

Profit and Loss Account

Unit: NTD/000

Consolidated	2014	2013
Operating revenue
Total operating revenue	6,263,053	6,807,747
Operating costs
Total operating costs	5,586,603	6,266,724
Gross profit (loss) from operations	676,450	541,023
Gross profit (loss) from operations	676,450	541,023
Operating expenses
Selling expenses
Total selling expenses	246,415	368,049
Administrative expenses
Total administrative expenses	155,922	196,749
Research and development expenses
Total research and development expenses	695,494	822,813
Total operating expenses	1,097,831	1,387,611
Net operating income (loss)	-421,381	-846,588
Non-operating income and expenses
Other income
Total other income	35,800	56,017
Other gains and losses
Other gains and losses, net	-97,052	-55,164
Finance costs
Finance costs, net	38,624	39,250
Total non-operating income and expenses	-99,876	-38,397
Profit (loss) from continuing operations before tax	-521,257	-884,985
Tax expense (income)
Total tax expense (income)	19,407	27,571
Profit (loss) from continuing operations	-540,664	-912,556
Profit (loss)	-540,664	-912,556
Other comprehensive income
Exchange differences on translation	103,875	64,900
Actuarial gains (losses) on defined benefit plans	1,617	8,434
Income tax related to components of other comprehensive income	17,656	11,012
Other comprehensive income, net	87,836	62,322
Total comprehensive income	-452,828	-850,234
Profit (loss), attributable to:
Profit (loss), attributable to owners of parent	-538,888	-912,023
Profit (loss), attributable to non-controlling interests	-1,776	-533
Comprehensive income attributable to:
Comprehensive income, attributable to owners of parent	-451,070	-849,823
Comprehensive income, attributable to non-controlling interests	-1,758	-411
Basic earnings per share
Basic earnings (loss) per share from continuing operations	-1.35	-2.28
Total basic earnings per share	-1.35	-2.28
Diluted earnings per share
Diluted earnings (loss) per share from continuing operations	-1.35	-2.28
Total diluted earnings per share	-1.35	-2.28

Cash Flows

Unit: NTD/000

Consolidated	2014	2013
Profit (loss) from continuing operations before tax	-521,257	-884,985
Profit (loss) before tax	-521,257	-884,985
Adjustments
Adjustments to reconcile profit (loss)
Depreciation expense	180,908	233,783
Amortization expense	106,905	139,967
Provision (reversal of provision) for bad debt expense	4,920	823
Net loss (gain) on financial assets or liabilities at fair value through profit or loss	-14,606	-1,381
Interest expense	38,624	39,250
Interest income	-10,344	-8,563
Share-based payments	5,801	7,243
Loss (gain) on disposal of property, plan and equipment	7,484	5,647
Loss (gain) on disposal of investments	0	-7,302
Impairment loss on financial assets	95,834	0
Impairment loss on non-financial assets	0	97,416
Unrealized foreign exchange loss (gain)	3,974	5,620
Other adjustments to reconcile profit (loss)	9	-60,055
Total adjustments to reconcile profit (loss)	419,509	452,448
Changes in operating assets and liabilities
Changes in operating assets
Decrease (increase) in financial assets held for trading	5,161	5,620
Decrease (increase) in notes receivable	45,115	-54,410
Decrease (increase) in accounts receivable	-166,747	631,297
Decrease (increase) in other receivable	42,590	73,872
Decrease (increase) in inventories	-54,775	178,286
Decrease (increase) in prepayments	-2,902	-3,104
Total changes in operating assets	-131,558	831,561
Changes in operating liabilities
Increase (decrease) in accounts payable	-52,653	3,803
Increase (decrease) in other payable	6,994	-99,542
Increase (decrease) in provisions	7,949	9,819
Increase (decrease) in other current liabilities	16,317	-25,130
Increase (decrease) in accrued pension liabilities	2,854	-128,836
Total changes in operating liabilities	-18,539	-239,886
Total changes in operating assets and liabilities	-150,097	591,675
Total adjustments	269,412	1,044,123
Cash inflow (outflow) generated from operations	-251,845	159,138
Interest received	9,087	8,685
Interest paid	-37,436	-41,333
Income taxes refund (paid)	-19,497	-14,146
Net cash flows from (used in) operating activities	-299,691	112,344
Cash flows from (used in) investing activities
Proceeds from capital reduction of available-for-sale financial assets	6,042	5,975
Acquisition of financial assets at cost	0	-4,147
Proceeds from disposal of financial assets at cost	0	25,270
Acquisition of property, plant and equipment	-160,110	-81,185
Proceeds from disposal of property, plant and equipment	20,658	13,375
Increase in refundable deposits	-612	-6,812
Decrease in refundable deposits	6,344	2,487
Acquisition of intangible assets	-27,136	-34,395
Decrease in other financial assets	0	854,514
Net cash flows from (used in) investing activities	-154,814	775,082
Cash flows from (used in) financing activities
Increase in short-term loans	3,372,182	3,697,283
Decrease in short-term loans	-2,967,185	-4,231,529
Repayments of long-term debt	-142,800	-392,340
Decrease in guarantee deposits received	979	-1,840
Decrease in lease payable	-264	-888
Net cash flows from (used in) financing activities	262,912	-929,314
Effect of exchange rate changes on cash and cash equivalents	40,759	18,267
Net increase (decrease) in cash and cash equivalents	-150,834	-23,621
Cash and cash equivalents at beginning of period	1,515,758	1,539,379
Cash and cash equivalents at end of period	1,364,924	1,515,758
Cash and cash equivalents reported in the statement of financial position	1,364,924	1,515,758

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.

Bankers

Subject declined to disclose its bank details; from other source we could not obtain the relevant information, either.

Public Record

Mortgage

No chattel mortgage record of subject has been found within the recent 3 months.

Lawsuit

1
Trial Number:	2014, Chu, 111
Date of Trial:	2014-6-6
Reason:	Invalidating Judgement
Claimant:	Veterans Affairs Commission Taipei veterans services (also the heritage administrator of Hanmin Li)
Defendant:	Not stated
2
Trial Number:	2014, Chu, 112
Date of Trial:	2014-5-29
Reason:	Invalidating Judgement
Claimant:	Veterans Affairs Commission Taipei veterans services (also the heritage administrator of Caiwang Lin)
Defendant:	Not stated
3
Trial Number:	2012, Su, 349
Date of Trial:	2012-9-26
Reason:	Compensation for damages
Claimant:	Microelectronics Technology, Inc.
Defendant:	Hong Kong Shang Yi Media Publishing Co., Ltd. Taiwan Branch (Literal Translation), Minghui Qiu and Zhiqin Zhang
4
Trial Number:	2012, Chong Jia Su, 2
Date of Trial:	2012-4-17
Reason:	Partition of inheritance
Claimant:	Zhongxiu Luo
Defendant:	Chunmei Luo, Chuncui Luo, Shikui Luo and Yixiong Luo

Special Note

Interview Details

Name	Mr. Song
Department	Sales Department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.51
UK Pound	1	Rs.97.85
Euro	1	Rs.70.50

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%)

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