|
Report No. : |
327714 |
|
Report Date : |
23.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
APAC OPTO ELECTRONICS INC. |
|
|
|
|
Formerly Known As : |
APAC OPTOELECTRONICS INC. |
|
|
|
|
Registered Office : |
No.3,Tzu Chiang Rd., Fengshan Village, Hukuo Hsiang, Hsinchu Hsien, R.O.C. |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
20.07.1998 |
|
|
|
|
Com. Reg. No.: |
16634613 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturing and Trading of Fiber-Optic
Communication Products. |
|
|
|
|
No. of Employees : |
About 500 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: |
No.3,Tzu Chiang
Rd., Fengshan Village, Hukuo Hsiang, Hsinchu Hsien, Taiwan, R.O.C. |
|
Supplied Address: |
3 Tzu Chiang
Road, hsinchu Industrial park, Hukow, Hsinchu hsien 303 |
|
Telephone Number: |
+886- 3-598-6799 |
|
Fax Number: |
+886- 3-598-6655 |
Notes: The exact name and address are as above.
|
Registered Name: |
APAC Opto Electronics Inc. |
|
Registered Address: |
No.3,Tzu Chiang Rd., Fengshan Village, Hukuo
Hsiang, Hsinchu Hsien, Taiwan, R.O.C. |
|
Date of Foundation: |
1998-7-20 |
|
Registration Number: |
16634613 |
|
Registry: |
Department of Commerce, Ministry of Economic
Affairs, R.O.C. |
|
Registered Capital: |
NTD
1,000,000,000 (USD 32,400,000) (As of 2015.06, 1 NTD = 0.0324 USD) |
|
Paid-up Capital: |
NTD 778,276,570 (USD 25,216,161) |
|
Legal Representatives: |
Zhengyan Ye |
|
Legal Form: |
|
|
Principal Activities: |
Manufacturing and
trading of fiber-optic communication products |
|
Staff: |
|
|
Listed at Stock Exchange: |
Yes; Stock
Symbol 4908 |
|
Date of Last Annual Return: |
Subject was incorporated
on 1998-7-20 with registered number 16634613
as Joint Stock Company in Taiwan.
Subject listed on Taiwan Over-The-Counter Securities Exchange on
2002-2-27.
|
Former English Name: |
APAC Optoelectronics Inc. |
|
Current English Name: |
APAC Opto Electronics Inc. |
Factory
|
Address: |
1F, 2F, 3F, 4F and 5F, No.3,Tzu Chiang Rd.,
Fengshan Village, Hukuo Hsiang, Hsinchu Hsien, Taiwan, R.O.C. |
|
Date of Registration: |
2010-4-23 |
|
Factory Registration Number: |
99700640 |
|
Factory Manager: |
Zhengyan Ye |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2014-1-17 |
|
Major Products: |
269 other electronic components |
Major Shareholders
|
Name |
Subscription Shares |
|
Zhengyan Ye |
1,743,281 |
|
Xiuxia You |
660,901 |
|
Duanyou Hong |
318,289 |
|
Jiu Yang Investment Co., Ltd (Literal Translation) |
6,723,512 |
|
Zhiyuan Liu |
291,149 |
|
Mingyan Ye |
1,694,979 |
Shareholder Information:
|
Registered Name: |
Jiu Yang Investment Co., Ltd (Liberal Translation) |
|
Registered Address: |
5F., No.232, Sec. 3, Chengde Rd., Datong
Dist., Taipei City, Taiwan (R.O.C.) |
|
Date of Foundation: |
1993-3-30 |
|
Registration Number: |
84253339 |
|
Registry: |
Taipei City Government |
|
Registered Capital: |
NTD 95,000,000 (USD 3,078,000) (As of 2015.06, 1 NTD = 0.0324 USD) |
|
Paid-up Capital: |
NTD 95,000,000 (USD 3,078,000) |
|
Legal Representatives: |
Youji Chen |
|
Legal Form: |
Joint Stock Company |
|
Date of Last Annual Return: |
2013-9-4 |
Core Management
Directors
|
1 |
||
|
Name |
Zhenyan Ye |
|
|
Position |
Board Chairman |
|
|
2 |
||
|
Name |
Xiuxia You |
|
|
Position |
Director |
|
|
3 |
||
|
Name |
Duanyou Hong |
|
|
Position |
Director |
|
|
4 |
||
|
Name |
Jiu Yang Investment Co., Ltd (Literal Translation) |
|
|
Position |
Director |
|
|
5 |
||
|
Name |
Zhiyuaqn Liu |
|
|
Position |
Director |
|
|
6 |
||
|
Name |
Mingyan Ye |
|
|
Position |
Supervisor |
|
|
7 |
||
|
Name |
Chunxia Liu |
|
|
Position |
Supervisor |
|
|
8 |
||
|
Name |
Yueling Chen |
|
|
Position |
Supervisor |
|
Personnel
Structure
|
Total Employees |
About 500 Employees |
Offices &
Factories
|
|
Headquarters |
|
Add |
No.3,Tzu Chiang Rd., Fengshan Village, Hukuo Hsiang, Hsinchu Hsien,
Taiwan, R.O.C. |
Production
Information
· Subject is engaged in manufacturing of fiber-optic communication products, etc.
· Subject has a factory in Hsinchu Hsien, Taiwan for production.
· Subject obtained the certifications of ISO 9001 and ISO 14001.
Purchase
Information
The registered activities of subject:
|
Business Code |
Details |
|
CC01110 |
Manufacturing of computer and related equipment. |
|
CC01120 |
Manufacturing and copying of files storage media. |
|
CC01060 |
Manufacturing of wired communication equipment. |
|
CC01070 |
Manufacturing of wireless communication equipment. |
|
CC01080 |
Manufacturing of components and parts. |
|
CE01030 |
Manufacturing of optical instrument. |
|
F113050 |
Manufacturing of computer and office equipment. |
|
F113070 |
Wholesales of telecommunication equipment. |
|
F119010 |
Wholesales of telecommunication materials. |
|
F213030 |
Retails of computer and office equipment. |
|
F213060 |
Retails of telecommunication equipment. |
|
F218010 |
Retails of information media. |
|
F219010 |
Retails of electronic materials. |
|
F401010 |
International trading business. |
|
ZZ99999 |
Besides licensed business, all other business items those are not
banned or restricted. |
Subject purchases raw materials and components from both home and
abroad.
· Subject is engaged in sale of fiber-optic communication products, etc.
· It is introduced that subject’s products are applied to many fields such as telecom, datacom, video, CATV and etc.
· It is introduced that subject also provides OEM services.
· Subject’s sales regions cover Asia, Europe, America and etc.
· Subject’s major customers are manufacturers of communications for internet service providers and telecommunications operating companies.
Major products
|
No. |
Products |
|
1 |
Optical Transceiver |
|
2 |
Copper Transceiver |
|
3 |
Optical Sub Assembly |
|
4 |
Optical Extender |
|
5 |
To-Can Assembly |
|
6 |
Fiber Converter |
|
7 |
Fiber Extender |
|
8 |
Micro/Pico Projector |
|
9 |
SMART Lighting |
Import and export right:
|
Import right |
Yes |
|
Export right |
Yes |
PURCHASE
Domestic Purchase
|
Products |
Raw materials and etc. |
|
Payment Terms |
Cash, T/T and etc |
Import
|
Products |
Raw materials and etc. |
|
Payment Terms |
L/C, T/T and etc |
SALES
Domestic Markets
|
Product |
Fiber-optic communication products, etc. |
|
Selling Terms |
Cash, T/T and etc |
Export
|
Product |
Fiber-optic communication products, etc. |
|
Selling Terms |
Cash, T/T and etc |
Unit: NTD/000
|
|
2014-12-31 |
2013-12-31 |
|
Current assets |
|
|
|
Cash and cash equivalents |
604,373 |
565,908 |
|
Notes receivable, net |
138,345 |
159,863 |
|
Accounts receivable, net |
572 |
1,078 |
|
Inventories |
310,078 |
196,791 |
|
Prepayments |
5,876 |
3,205 |
|
Other current assets |
4,077 |
4,251 |
|
Total current assets |
1,063,321 |
931,096 |
|
Non-current assets |
|
|
|
Real property, plant and equipment |
381,664 |
418,107 |
|
Intangible assets |
2,295 |
2,691 |
|
Deferred income tax assets |
4,898 |
7,444 |
|
Other non-current assets |
6,421 |
4,776 |
|
Non-current assets |
395,278 |
433,018 |
|
Assets |
1,458,599 |
1,364,114 |
|
Current liabilities |
|
|
|
Account payable |
85,877 |
104,157 |
|
Income tax liability |
15,979 |
22,571 |
|
Other current liabilities |
109,248 |
91,515 |
|
Current liabilities |
211,104 |
218,243 |
|
Non-current liabilities |
|
|
|
Deferred income tax liabilities |
402 |
1,404 |
|
Other non-current liabilities |
1,250 |
5,256 |
|
Non-current liabilities |
1,652 |
6,660 |
|
Liabilities |
212,756 |
224,903 |
|
Share capital |
|
|
|
Ordinary share |
756,277 |
748,082 |
|
Deferred capital |
1,940 |
10,066 |
|
Total capital stock |
758,217 |
758,148 |
|
Capital surplus |
|
|
|
Capital surplus |
57,118 |
38,648 |
|
Retained earnings |
|
|
|
Retained earnings |
430,508 |
342,415 |
|
Total equity |
1,245,843 |
1,139,211 |
|
For the cancellation of equity shares (unit:
share) |
0 |
0 |
|
Advance share (equity) under the about when issuing
shares (unit: share) |
82,000 |
441,500 |
|
Number of treasury stock acquired by the
company and subsidiaries (unit: share) |
0 |
0 |
Unit: NTD/000
|
|
2014 |
2013 |
|
Sales |
1,310,646 |
1,294,556 |
|
Sales return |
243 |
3,952 |
|
Sales discounts |
99 |
1,254 |
|
Sales net income |
1,310,304 |
1,289,350 |
|
Operating income |
1,310,304 |
1,289,350 |
|
Operating costs |
915,641 |
954,119 |
|
Gross profit (loss) from operations |
394,663 |
335,231 |
|
Gross profit (loss) from operations, net |
394,663 |
335,231 |
|
Operating expenses |
|
|
|
Selling expenses |
28,329 |
28,814 |
|
Administrative expenses |
48,165 |
42,226 |
|
Research and development expenses |
107,571 |
108,877 |
|
Total operating expenses |
184,065 |
179,917 |
|
Operating income (loss) |
210,598 |
155,314 |
|
Non-operating income and expenses |
|
|
|
Other income |
6,202 |
4,368 |
|
Other gains and losses, net |
14,073 |
13,427 |
|
Finance costs, net |
0 |
19 |
|
Total non-operating income and expenses |
20,275 |
17,776 |
|
Profit (loss) from continuing operations
before tax |
230,873 |
173,090 |
|
Income tax expense (income) |
28,740 |
41,287 |
|
Profit (loss) from continuing operations |
202,133 |
131,803 |
|
Profit (loss) |
202,133 |
131,803 |
|
Other comprehensive profit and loss (net) |
|
|
|
Actuarial gains (losses) on defined benefit
plans |
3,129 |
-986 |
|
Income tax related to components of other
comprehensive income |
532 |
-168 |
|
2,597 |
-818 |
|
|
Total comprehensive income |
204,730 |
130,985 |
|
Basic earnings per share |
|
|
|
Total basic earnings per share |
2.68 |
1.76 |
|
Diluted earnings per share |
|
|
|
Total diluted earnings per share |
2.61 |
1.73 |
Unit: NTD/000
|
|
2014 |
2013 |
|
Cash flows from (used in) operating
activities, indirect method |
|
|
|
Profit (loss) from continuing operations before tax |
230,873 |
173,090 |
|
Profit (loss) before tax |
230,873 |
173,090 |
|
Depreciation expense |
57,813 |
67,814 |
|
Amortization expense |
765 |
722 |
|
Interest expense |
0 |
19 |
|
Interest income |
-6,202 |
-4,368 |
|
Share based payment compensation cost |
7,413 |
15,511 |
|
Non-cash gains and losses items |
59,789 |
79,698 |
|
Decrease (increase) in notes receivable |
-799 |
762 |
|
Decrease (increase) in accounts receivable |
22,317 |
19,947 |
|
Decrease (increase) in other receivable |
546 |
-864 |
|
Decrease (increase) in inventories |
-113,287 |
14,356 |
|
Decrease (increase) in prepayments |
-3,093 |
913 |
|
Decrease (increase) in other current asset |
174 |
636 |
|
Total changes in operating assets |
-94,142 |
35,750 |
|
Increase (decrease) in accounts payable |
-18,280 |
12,638 |
|
Increase (decrease) in other current liabilities |
17,455 |
-15,572 |
|
Increase (decrease) in accrued pension liabilities |
-877 |
-654 |
|
Total changes in operating liabilities |
-1,702 |
-3,588 |
|
Total changes in operating assets and liabilities |
-95,844 |
32,162 |
|
Total adjustments |
-36,055 |
111,860 |
|
Cash inflow (outflow) generated from operations |
194,818 |
284,950 |
|
Interests collected |
6,162 |
4,590 |
|
Interest paid |
0 |
-19 |
|
Income taxes refund (paid) |
-33,898 |
-19,440 |
|
Net cash flows from (used in) operating activities |
167,082 |
270,081 |
|
Cash flows from (used in) investing activities |
|
|
|
Acquisition of property, plant and equipment |
-11,530 |
-4,775 |
|
Decrease in guaranteed deposits paid |
0 |
30 |
|
Acquisition of intangible assets |
-369 |
-1,148 |
|
Other non-current assets increased |
-11,207 |
-4,373 |
|
Net cash flows from (used in) investing activities |
-23,106 |
-10,266 |
|
Cash flows from (used in) financing activities |
|
|
|
Cash dividends paid |
-116,637 |
-149,606 |
|
Exercise of Employee Stock Options |
11,126 |
10,428 |
|
Net cash flows from (used in) financing activities |
-105,511 |
-139,178 |
|
Net increase (decrease) in cash and cash equivalents |
38,465 |
120,637 |
|
Cash and cash equivalents at beginning of period |
565,908 |
445,271 |
|
Cash and cash equivalents at end of period |
604,373 |
565,908 |
|
Cash and cash equivalents reported in the statement of financial
position |
604,373 |
565,908 |
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
|
1 |
|
|
Trial Number: |
2003, Su, 878 |
|
Date of Trial: |
2004-6-11 |
|
Reason: |
Payment for goods |
|
Claimant: |
Wha Yu Industrial Co., Ltd. |
|
Defendant: |
APAC Opto Electronics Inc. |
|
2 |
|
|
Trial Number: |
2003, Bu, 914 |
|
Date of Trial: |
2003-12-4 |
|
Reason: |
Payment for goods |
|
Claimant: |
Wha Yu Industrial Co., Ltd. |
|
Defendant: |
APAC Opto Electronics Inc. |
|
3 |
|
|
Trial Number: |
2005, Chu, 399 |
|
Date of Trial: |
2005-8-26 |
|
Reason: |
Invalidating judgment |
|
Claimant: |
|
|
Defendant: |
Not stated |
|
4 |
|
|
Trial Number: |
2011, Sicui, 63 |
|
Date of Trial: |
2011-2-18 |
|
Reason: |
Service by publication |
|
Claimant: |
Weinan Li |
|
Defendant: |
Not stated |
|
5 |
|
|
Trial Number: |
2011, Chu, 206 |
|
Date of Trial: |
2011-7-8 |
|
Reason: |
Invalidating judgment |
|
Claimant: |
Weinan Li |
|
Defendant: |
Not stated |
Interview Details
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.51 |
|
|
1 |
Rs.100.94 |
|
Euro |
1 |
Rs.72.32 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NIT |
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.