|
Report No. : |
323645 |
|
Report Date : |
28.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
E-TON SOLAR TECH. CO., LTD |
|
|
|
|
Registered Office : |
No.498, Sec. 2, Bentian Rd., Annan Dist.,
Tainan City 709 |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
26.12.2001 |
|
|
|
|
Com. Reg. No.: |
12999083 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturing and sale of solar cells |
|
|
|
|
No. of Employee : |
About 620 Employees |
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 : |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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, negotiations on follow-on components of ECFA, including an agreement
on trade in services, deals 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 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 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 fourth largest, behind those of China, Japan,
and Russia. 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 entry-level jobs.
|
Source
: CIA |
|
Company Name: |
|
|
Former Name: |
E-Ton Solar Tech. Ind. Co., Ltd. |
|
Supplied Name: |
|
|
Trading Address: |
No.498, Sec. 2,
Bentian Rd., Annan Dist., Tainan City 709, Taiwan |
|
Supplied Address: |
No. 498 Section
2, Bentian Rd., An-Ban District Tainan 709 Taiwan |
|
Telephone Number: |
+886-6-384-0777 |
|
Fax Number: |
|
|
E-mail: |
|
|
Website: |
Notes: The exact name is as above.
Subject was incorporated
on 2001-12-26 with registered number 12999083
as Joint Stock Company in Taiwan.
Subject listed on Taiwan Over-The-Counter Securities Exchange on
2006-3-8.
Factory
|
Address: |
No.498, Sec. 2, Bentian Rd., Annan Dist., Tainan City 709, Taiwan |
|
Date of Registration: |
2002-11-25 |
|
Factory Registration Number: |
99676604 |
|
Factory Manager: |
Xinqun Xu |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2012-3-3 |
|
Major Products: |
264 Photoelectric material and components |
Major Shareholders
|
Name |
Subscription Shares |
|
Inventec Corporation |
|
|
231,520,528 |
|
|
Fudai Investment Co., Ltd. (Literal Translation) |
42,500,000 |
|
Licheng Ye |
25,100,000 |
Shareholder Information:
|
1 |
|
|
Registered Name: |
Inventec Corporation |
|
Registered Address: |
No. 66, Hougang St., Shilin Dist., Taipei
City, Taiwan |
|
Date of Foundation: |
1975-6-9 |
|
Registration Number: |
04322046 |
|
Registry: |
Department of Commerce, Ministry of Economic
Affairs, R.O.C. |
|
Registered Capital: |
NTD 36,500,000,000 (USD 1,186,250,000) (As of 2015.05, 1 NTD = 0.0325 USD) |
|
Paid-up Capital: |
NTD 35,874,750,660 (USD 1,165,929,397) |
|
Legal Representatives: |
Shiqin Li |
|
Legal Form: |
Joint Stock Company |
|
Date of Last Annual Return: |
2014-6-27 |
|
2 |
|
|
Registered Name: |
Fudai Investment Co., Ltd. (Literal Translation) |
|
Registered Address: |
5F-5, No. 148, Sec. 4, Zhongxiao E. Rd.,
Da’an Dist., Taipei City, Taiwan |
|
Date of Foundation: |
1990-5-30 |
|
Registration Number: |
23641914 |
|
Registry: |
Department of Commerce, Ministry of Economic
Affairs, R.O.C. |
|
Registered Capital: |
NTD 1,500,000,000 (USD 48,750,000) (As of 2015.05, 1 NTD = 0.0325 USD) |
|
Paid-up Capital: |
NTD 1,500,000,000 (USD 48,750,000) |
|
Legal Representatives: |
Licheng Ye |
|
Legal Form: |
Joint Stock Company |
|
Date of Last Annual Return: |
2014-4-16 |
Core Management
Directors
|
1 |
||
|
Name |
Xinqun Xu |
|
|
Position |
Chairman of the Board |
|
|
2 |
||
|
Name |
Qingzhang Wen |
|
|
Position |
Director & Manager |
|
|
Date of Appointment for Manager |
2011-6-24 |
|
|
3 |
||
|
Name |
Xinhua Yang |
|
|
Position |
Director |
|
|
4 |
||
|
Name |
Jinbao You |
|
|
Position |
Director |
|
|
5 |
||
|
Name |
Mingzhang Lai |
|
|
Position |
Independent Director |
|
|
6 |
||
|
Name |
Yangzong Cai |
|
|
Position |
Independent Director |
|
|
7 |
||
|
Name |
Yingzhi Wu |
|
|
Position |
Independent Director |
|
|
8 |
||
|
Name |
Licheng Ye |
|
|
Position |
Supervisor |
|
|
9 |
||
|
Name |
Xianhe Cheng |
|
|
Position |
Supervisor |
|
Personnel
Structure
|
Total Employees |
About 620 Employees |
Offices & Factories
|
|
Headquarters |
|
Add |
No.498, Sec. 2, Bentian Rd., Annan Dist., Tainan City 709, Taiwan |
Production
Information
Subject is engaged in manufacturing of solar cells, etc.
Subject has a factory in Taiwan for production.
It is introduced that subject’s annual capacity has been about 880 MW
since 2011.
Purchase
Information
The registered activities of subject:
|
Business Code |
Details |
|
ZZ99999 |
Besides licensed business, all other
business items those are not banned or restricted. |
The components and raw materials for production are both purchased at
home and abroad.
Subject is engaged in sale of solar cells,
etc.
The major products of the subject include solar cells, solar energy
related application products and photoelectric materials, etc.
Subject’s sales regions are domestic market and abroad.
Two of subject’s major customers are E Ton America, Llc. and E Ton Power
Tech Co., Ltd.
Import and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
Domestic Purchase
|
Products |
Components and raw materials, etc. |
|
Payment Terms |
T/T, Cash, etc. |
Import
|
Products |
Components and raw materials, etc. |
|
Payment Terms |
L/C, T/T, etc. |
Domestic Markets
|
Product |
Solar cells, etc. |
|
Selling Terms |
T/T, Cash, etc. |
Export
|
Product |
Solar cells, etc. |
|
Selling Terms |
L/C, T/T, etc. |
Unit: NTD/000
|
Consolidated |
2014-12-31 |
2013-12-31 |
|
Current assets |
|
|
|
Cash and cash equivalents |
22,975 |
228,111 |
|
Financial assets for sale-current asset |
0 |
634 |
|
Accounts receivable, net |
438,464 |
274,697 |
|
Accounts receivable-related parties net |
129,936 |
44,725 |
|
Other accounts receivable, net |
33,778 |
285,447 |
|
Inventories |
1,291,626 |
586,791 |
|
Prepayment |
1,346,374 |
526,107 |
|
Other current assets |
130,950 |
97,489 |
|
Total current assets |
3,394,103 |
2,044,001 |
|
Non-current assets |
|
|
|
Financial assets valued by cost- non-current net |
60,000 |
60,000 |
|
Property, plant and equipment |
3,833,218 |
4,100,508 |
|
Net investment non-current assets |
590,080 |
618,025 |
|
Intangible assets |
857 |
2,238 |
|
Deferred tax assets |
66,228 |
66,228 |
|
Other non-current assets |
1,125,316 |
2,679,667 |
|
Non-current assets |
5,675,699 |
7,526,666 |
|
Total assets |
9,069,802 |
9,570,667 |
|
Current liabilities |
|
|
|
Short-term borrowings |
198,093 |
394,515 |
|
Notes payable |
38,142 |
43,582 |
|
Accounts payable |
655,258 |
415,283 |
|
Other accounts payable |
481,032 |
433,724 |
|
Other current liabilities |
16,889 |
32,955 |
|
Total current liabilities |
1,389,414 |
1,320,059 |
|
Non-current liabilities |
|
|
|
Long-term borrowings |
240,000 |
0 |
|
Total non-current liabilities |
240,000 |
0 |
|
Total liabilities |
1,629,414 |
1,320,059 |
|
Total equity |
|
|
|
attributable to the parent company |
|
|
|
Common stock |
7,794,498 |
7,794,498 |
|
Total equity |
7,794,498 |
7,794,498 |
|
Capital surplus |
|
|
|
Total capital surplus |
2,148,495 |
2,147,942 |
|
Retained earnings |
|
|
|
Total retained earnings |
-2,333,989 |
-1,573,913 |
|
Total other equity |
-1,822 |
-4,579 |
|
Total equity attributable to owners of parent |
7,607,182 |
8,363,948 |
|
Non-controlling equity |
-166,794 |
-113,340 |
|
Total equity |
7,440,388 |
8,250,608 |
|
Number of shares in entity held by entity and by its subsidiaries |
0 |
0 |
Unit: NTD/000
|
Consolidated |
2014 |
2013 |
|
Net sales revenue |
4,452,140 |
3,268,572 |
|
Operating revenue |
4,452,140 |
3,268,572 |
|
Operating costs |
4,538,710 |
3,738,353 |
|
Gross profit (loss) from operations |
-86,570 |
-469,781 |
|
Gross profit (loss) from operations net |
-86,570 |
-469,781 |
|
Operating expenses |
|
|
|
Selling expenses |
55,059 |
34,609 |
|
Administrative expenses |
164,340 |
205,250 |
|
Research and development expenses |
69,273 |
79,304 |
|
Total operating expenses |
288,672 |
319,163 |
|
Operating income (loss) |
-375,242 |
-788,944 |
|
Non-operating income and expenses |
|
|
|
Other income |
297 |
2,968 |
|
Other income or loss net |
-426,869 |
-794,092 |
|
Financial costs net |
11,782 |
27,782 |
|
Non-operating income and expenses total |
-438,354 |
-818,906 |
|
Income or loss net before tax |
-813,596 |
-1,607,850 |
|
Total tax income (loss) |
18 |
60 |
|
Profit (loss) from continuing operations-net |
-813,614 |
-1,607,910 |
|
Net profit (loss) |
-813,614 |
-1,607,910 |
|
Other comprehensive income (loss) net |
|
|
|
Exchange differences on translation |
-670 |
156 |
|
Unrealized income or loss of financial assets for sale |
3,097 |
352 |
|
Determine the welfare program actuarial profit (loss) |
414 |
-166 |
|
Other comprehensive income or loss net |
2,841 |
342 |
|
Comprehensive income or loss |
-810,773 |
-1,607,568 |
|
Net profit (loss) attributable to: |
|
|
|
Net income or loss of parent company |
-760,490 |
-1,574,401 |
|
Net income or loss of non-controlling equity |
-53,124 |
-33,509 |
|
Comprehensive profit (loss) attributable to: |
|
|
|
Comprehensive profit (loss) of parent company |
-757,319 |
-1,575,644 |
|
Comprehensive profit (loss) of non-controlling equity |
-53,454 |
-31,924 |
|
Basic earnings per share |
|
|
|
Diluted earnings per share |
-0.98 |
-2.16 |
Unit: NTD/000
|
Consolidated |
2014 |
2013 |
|
Cash flows from (used in) operating activities, indirect method |
|
|
|
Profit (loss) from continuing operations before tax |
-813,596 |
-1,607,850 |
|
Profit (loss) before tax |
-813,596 |
-1,607,850 |
|
Depreciation expense |
739,639 |
731,204 |
|
Amortization expense |
3,041 |
18,457 |
|
Provision (reversal of provision) for bad debt expense |
0 |
455 |
|
Net income or loss of financial assets and liabilities by fair value |
0 |
-3,370 |
|
Interest expense |
11,782 |
27,782 |
|
Interest income |
-297 |
-2,968 |
|
Share-based payments |
553 |
9,870 |
|
Loss (gain) on disposal of property, plant and equipment |
2,043 |
-4,487 |
|
Loss (gain) on disposal of investment property assets |
0 |
-74,983 |
|
Loss (gain) on disposal of investments |
-2,478 |
0 |
|
Impairment loss on non-financial assets |
353,240 |
835,936 |
|
Other items |
343 |
142 |
|
Total income or loss non-effect cash flow |
1,107,866 |
1,538,038 |
|
Decrease (increase) in accounts receivable |
-248,978 |
-60,810 |
|
Decrease (increase) in other accounts receivable |
14,362 |
-41,674 |
|
Decrease (increase) in inventories |
-704,835 |
-277,147 |
|
Decrease (increase) in prepayments |
752,806 |
308,276 |
|
Decrease (increase) in other current assets |
-11,649 |
10,968 |
|
Total net changes in operating assets |
-198,294 |
-60,387 |
|
Increase (decrease) in notes payable |
-3,057 |
1,624 |
|
Increase (decrease) in accounts payable |
239,975 |
117,184 |
|
Increase (decrease) in other accounts payable |
28,495 |
25,056 |
|
Increase (decrease) in other current liabilities |
-16,065 |
-28,450 |
|
Total net changes in operating liabilities |
249,348 |
115,414 |
|
Total changes in operating assets and liabilities |
51,054 |
55,027 |
|
Total adjustments |
1,158,920 |
1,593,065 |
|
Cash inflow (outflow) generated from operations |
345,324 |
-14,785 |
|
Interest received |
326 |
2,939 |
|
Interest paid |
-11,555 |
-36,897 |
|
Income taxes refund (paid) |
-18 |
-60 |
|
Net cash flows from (used in) operating activities |
334,077 |
-48,803 |
|
Cash flows from (used in) investing activities |
|
|
|
Disposal of financial assets for sale |
6,281 |
0 |
|
Acquisition of financial assets valued by financial assets |
0 |
-10,000 |
|
Acquisition of property, plant and equipment |
-470,726 |
-374,859 |
|
Proceeds from disposal of property, plant and equipment |
3,507 |
2,433 |
|
Acquisition of intangible assets |
-150 |
-1,177 |
|
Proceeds from disposal property |
0 |
110,611 |
|
Increase in other financial assets |
-115,642 |
0 |
|
Decrease in other financial assets |
0 |
17,754 |
|
Increase in other non-current assets |
-5,188 |
-1,834 |
|
Net cash flows from (used in) investing activities |
-581,918 |
-257,072 |
|
Net cash flows from (used in) financing activities |
|
|
|
Decrease in short-term borrowing |
-196,421 |
-985,193 |
|
Company debt payment |
0 |
-6,830 |
|
Proceeds from long-term debt |
240,000 |
0 |
|
Repayments of long-term debt |
0 |
-484,000 |
|
Decrease in other accounts payable-related parties |
0 |
-1,010,415 |
|
Increase in cash |
0 |
2,819,672 |
|
Net cash flows from (used in) financing activities |
43,579 |
333,234 |
|
Effect of exchange rate changes on cash and cash equivalents |
-874 |
2,752 |
|
Net increase (decrease) in cash and cash equivalents |
-205,136 |
30,111 |
|
Cash and cash equivalents at beginning of period |
228,111 |
198,000 |
|
Cash and cash equivalents at end of period |
22,975 |
228,111 |
|
Cash and cash equivalents reported in the statement of financial
position |
22,975 |
228,111 |
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
|
1 |
|
|
Case Type: |
Chattel Mortgage |
|
File No.: |
098903 |
|
Debtor Name: |
E-Ton Solar Tech. Co., Ltd. |
|
Document Number: |
09830512080 |
|
Date of Registration: |
2009-12-22 |
|
Date of Alteration: |
-- |
|
2 |
|
|
Case Type: |
Chattel Mortgage |
|
File No.: |
098886 |
|
Debtor Name: |
E-Ton Solar Tech. Co., Ltd. |
|
Document Number: |
09830512100 |
|
Date of Registration: |
2009-12-21 |
|
Date of Alteration: |
-- |
|
3 |
|
|
Case Type: |
Chattel Mortgage |
|
File No.: |
098923 |
|
Debtor Name: |
E-Ton Solar Tech. Co., Ltd. |
|
Document Number: |
09830513610 |
|
Date of Registration: |
2009-12-23 |
|
Date of Alteration: |
2010-3-8 |
Lawsuit
Up to date of reporting, no existing or latent
litigation of the subject has been found.
Interview Details
|
Name |
Ms. Li |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.95 |
|
|
1 |
Rs.98.64 |
|
Euro |
1 |
Rs.69.86 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SDA |
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.