MIRA INFORM REPORT

Report No. :	495396
Report Date :	08.03.2018

IDENTIFICATION DETAILS

Name :	EDISON OPTO CORPORATION
Registered Office :	5F., No.800, Chung Cheng Rd., Zhonghe Dist., New Taipei City 235
Country :	Taiwan
Financials (as on) :	31.12.2016
Date of Incorporation :	04.10.2001
Com. Reg. No.:	12907747
Legal Form :	Joint Stock Company
Line of Business :	Manufacturing and Sale of Automotive LED, etc.
No. of Employees :	About 400 (Taiwan) About 1,000 (Group)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Good
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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
Taiwan	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

TAIWAN - ECONOMIC OVERVIEW

Taiwan has a dynamic capitalist economy that is driven largely by industrial manufacturing, and especially exports of electronics, machinery, and petrochemicals. This heavy dependence on exports exposes the economy to fluctuations in global demand. Taiwan's diplomatic isolation, low birth rate, rapidly aging population, and increasing competition from China and other Asia Pacific markets are other major long-term challenges.

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 of that year, 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 uncertain. President TSAI since taking office in May 2016 has promoted greater economic integration with South and Southeast Asia through the New Southbound Policy initiative and has also expressed interest in Taiwan joining the Trans-Pacific Partnership as well as bilateral trade deals with partners such as the US. These overtures have likely played a role in increasing Taiwan’s total exports, which rose 11% during the first half of 2017, buoyed by strong demand for semiconductors.

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 with many economies, including China and the US, 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 and has also secured greater market access for its investors on 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 renminbi (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 opportunities for Taiwan’s economy but also pose challenges as political differences remain unresolved and China’s economic growth is slowing. President TSAI’s administration has made little progress on the domestic economic issues that loomed large when she was elected, including concerns about stagnant wages, high housing prices, youth unemployment, job security, and financial security in retirement. TSAI has made more progress on boosting trade with South and Southeast Asia, however, which may help insulate Taiwan’s economy from a fall in mainland demand should China’s growth slow in 2018.

Source : CIA

Contact Points

Company Name:	EDISON OPTO CORPORATION
Supplied Name:	EDISON OPTO CORPORATION
Trading Address:	4F, No.800, Chung-Cheng Rd., Chung-Ho Dist, New Taipei City, Taiwan
Supplied Address:	4f, No.800, Chung-Cheng Road, Chung-Ho Dist, New Taipei, City Roc
Telephone Number:	+886- 2-8227-6996
Fax Number:	+886-2-8227-6997

Notes: The exact name and address are as above.

Company Identification Details

Registered Name:	Edison Opto Corporation
Registered Address:	5F., No.800, Chung Cheng Rd., Zhonghe Dist., New Taipei City 235, Taiwan
Date of Foundation:	2001-10-4
Registration Number:	12907747
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 2,000,000,000 (USD 68,000,000) (As of 2018.3, 1 NTD = 0.034 USD)
Paid-up Capital:	NTD 1,303,023,790 (USD 44,302,808.86)
Legal Representatives:	Jianrong Wu
Legal Form:	Joint Stock Company
Principal Activities:	Manufacturing and sale of automotive LED, etc.
Staff:	About 400 Employees (Taiwan) About 1,000 Employees (Group)
Listed at Stock Exchange:	Yes; Stock Code: 3591
Date of Last Annual Return:	2018-2-2

History

Subject was incorporated on 2001-10-4 with registered number 12907747 as Joint Stock Company in Taiwan.

Subject listed on Taiwan Stock Exchange on 2011-11-12.

Corporate Structure

Factories

1
Address:	5F.-1, 5F-2, 5F-3, 5F-4, 5F-5, No.800, Chung Cheng Rd., Zhonghe Dist., New Taipei City 235, Taiwan
Date of Registration:	2002-1-8
Factory Registration Number:	99602782
Factory Manager:	Jianrong Wu
Status:	In Production
Date of Last Annual Return:	2008-6-2
Major Products:	264 Photoelectric materials and components 269 Other electronic components 284 LED equipment
2
Name:	Zhonghe The 2^nd Factory
Address:	7F-3, No.800, Chung Cheng Rd., Zhonghe Dist., New Taipei City 235, Taiwan
Date of Registration:	2008-6-5
Factory Registration Number:	99718398
Factory Manager:	Jianrong Wu
Status:	In Production
Date of Last Annual Return:	2008-6-5
Major Products:	264 Photoelectric materials and components 269 Other electronic components 284 LED equipment

Related Companies

1
Name:	Edison Opto (Dong Guan) Co., Ltd
Address:	B13 Xi-Cheng Industrial Park, Heng-Li, Dongguan City, Guangdong Province, China
Telephone Number:	+86 769 8101 1898
Fax Number:	+86 769 8101 1899
2
Name:	Yangzhou Edison Opto Corporation
Address:	No.101, West Hua-Yang Road, Yangzhou City, Jiangsu Province, China 225009
Telephone Number:	+86 514 8777 7101
Fax Number:	+86 514 8777 7102
3
Name:	Edison Opto USA Corporation
Address:	1809 Excise Avenue, Suite 201,Ontario, California 91761 USA
Telephone Number:	+1 909 284 9710
Fax Number:	+1 909 460 8130

Shareholders

Major Shareholders

Name	Subscription Shares
Jianrong Wu
1,834,397
Youngtek Electronics Corporation	2,424,149
Juji Investment Co., Ltd. (Literal Translation)	2,694,348
Weixin Investment Co., Ltd. (Literal Translation)	3,041,140

Major Shareholder Information:

1
Registered Name:	Youngtek Electronics Corporation
Registered Address:	No. 13, Alley 17, Lane 99, Buding Rd., Buding Li, Hsinchu City, Taiwan
Date of Foundation:	1991-7-22
Registration Number:	86244737
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 1,500,000,000
Paid-up Capital:	NTD 1,284,979,890
Legal Representatives:	Binglong Wang
Legal Form:	Joint Stock Company
Date of Last Annual Return:	2017-7-12
2
Registered Name:	Juji Investment Co., Ltd. (Literal Translation)
Registered Address:	18F-2, No. 7, Lane 71, Yinhe St., Bade Dist., Taoyuan City, Taiwan
Date of Foundation:	1998-6-28
Registration Number:	16601253
Registry:	Taoyuan City Government
Registered Capital:	NTD 25,000,000
Paid-up Capital:	NTD 25,000,000
Legal Representatives:	Wenting Zheng
Legal Form:	Joint Stock Company
Date of Last Annual Return:	2017-2-24
3
Registered Name:	Weixin Investment Co., Ltd. (Literal Translation)
Registered Address:	9F, No.800, Chung Cheng Rd., Zhonghe Dist., New Taipei City, Taiwan
Date of Foundation:	2004-8-16
Registration Number:	27352668
Registry:	New Taipei City Government
Registered Capital:	NTD 500,000
Legal Representatives:	Jianrong Wu
Legal Form:	Private Limited Liability Company
Date of Last Annual Return:	2017-4-7

Management Information

Core Management

Directors

1
Name		Jianrong Wu
Position		Chairman of the Board
2
Name	Youngtek Electronics Corporation
Position		Director
3
Name	Juji Investment Co., Ltd. (Literal Translation)
Position		Director
4
Name	Weixin Investment Co., Ltd. (Literal Translation)
Position		Director
5
Name	Nanyang Wu
Position		Director
6
Name	Congnan Zhou
Position		Director
7
Name	Ruxi Liu
Position		Independent Director
8
Name	Yongjia Gu
Position		Independent Director
9
Name	Baida Shi
Position		Independent Director

Personnel Structure

Total Employees

About 400 Employees (Taiwan) About 1,000 Employees (Group)

Operation Information

Offices & Factories

	Headquarters
Add	4F, No.800, Chung-Cheng Rd., Chung-Ho Dist, New Taipei City, Taiwan

Production Information

Subject is engaged in manufacturing of automotive LED, etc.

Subject has factory in Taiwan for production.

It is introduced that subject’s group has factories in Dongguan City and Yangzhou City, the Mainland of China for production.

It is introduced that the Taiwan factory is mainly engaged in manufacturing of automotive LED, some LED components, LED module, etc.

Purchase Information

The registered activities of subject:

Business Code	Details
CC01040	Lighting equipment manufacturing
CC01080	Electronic component manufacturing
E603080	Traffic signal installation engineering
EZ06010	Traffic signs engineering
F119010	Electronics material wholesale business
F213090	Traffic sign equipment retail
F219010	Electronics components retail business
F401010	The international trade business
ZZ99999	Besides licensed business, all other business items those are not banned or restricted.

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

Sales Information

Subject is engaged in sale of automotive LED, etc.

The major products include automotive LED, lighting components, LED module, LED strip, horticulture lighting, lighting products, etc.

Subject’s products are mainly applied for retail shop, street, office lighting, residential, hospitality, automotive, etc.

Subject’s sales regions are Taiwan, The Mainland of China, Southeast Asia, etc.

Subject’s major customers are manufacturers of LED products and automotive, etc.

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

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

Import

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

Sales

Domestic Markets

Product	Automotive LED, etc.
Selling Terms	T/T, Cash, etc.

Export

Product	Automotive LED, etc.
Selling Terms	L/C, T/T, etc.

Balance Sheet

Unit: NTD/000

Consolidated	2016-12-31	2015-12-31
Assets
Current assets
Cash and cash equivalents
Total cash and cash equivalents	1,054,705	1,175,320
Current financial assets at fair value through profit or loss
Total current financial assets at fair value through profit or loss	0	0
Notes receivable, net
Notes receivable, net	6,447	22,896
Accounts receivable, net
Accounts receivable, net	692,190	610,737
Accounts receivable due from related parties, net
Accounts receivable due from related parties, net	0	3,105
Other receivables
Other receivables, net	15,626	16,082
Other receivables due from related parties
Other receivables due from related parties, net	0	1,260
Inventories
Total inventories	309,314	299,890
Prepayments
Total prepayments	129,186	99,432
Other current assets
Total other current assets	3,055	3,371
Total current assets	2,210,523	2,232,093
Non-current assets
Non-current available-for-sale financial assets
Non-current available-for-sale financial assets, net	0	0
Non-current financial assets at cost
Non-current financial assets at cost, net	149,719	149,719
Investments accounted for using equity method
Investments accounted for using equity method, net	0	53,364
Property, plant and equipment
Total property, plant and equipment	2,064,075	2,375,218
Intangible assets
Total intangible assets	42,131	31,187
Deferred tax assets	55,244	50,532
Other non-current assets
Prepayments for business facilities	7,530	30,117
Long-term prepaid rents	36,407	40,566
Other non-current assets, others
Total other non-current assets, others	37,119	40,075
Total other non-current assets	81,056	110,758
Total non-current assets	2,392,225	2,770,778
Total assets	4,602,748	5,002,871
Liabilities and equity
Liabilities
Current liabilities
Short-term borrowings
Total short-term borrowings	329,000	537,407
Current financial liabilities at fair value through profit or loss
Total current financial liabilities at fair value through profit or loss	0	498
Notes payable
Total notes payable	155	24
Accounts payable
Total accounts payable	543,322	451,159
Accounts payable to related parties
Total accounts payable to related parties	0	14
Other payables
Total other payables	164,040	155,008
Current tax liabilities	5,592	4,317
Other current liabilities
Long-term liabilities, current portion
Bonds payable, current portion	0	14,108
Total long-term liabilities, current portion	0	14,108
Other current liabilities, others	86,627	65,012
Total other current liabilities	86,627	79,120
Total current liabilities	1,128,736	1,227,547
Non-current liabilities
Non-current financial liabilities at fair value through profit or loss
Total non-current financial liabilities at fair value through profit or loss	0	0
Bonds payable
Total bonds payable	0	0
Deferred tax liabilities
Total deferred tax liabilities	22,183	17,791
Other non-current liabilities
Total other non-current liabilities	50,214	50,122
Total non-current liabilities	72,397	67,913
Total liabilities	1,201,133	1,295,460
Equity
Equity attributable to owners of parent
Share capital
Ordinary share	1,323,824	1,326,232
Share capital awaiting retirement	0	0
Total capital stock	1,323,824	1,326,232
Capital surplus
Total capital surplus	2,271,012	2,457,102
Retained earnings
Legal reserve	0	0
Special reserve	0	0
Unappropriated retained earnings (accumulated deficit)
Total unappropriated retained earnings (accumulated deficit)	-89,967	-138,164
Total retained earnings	-89,967	-138,164
Other equity interest
Exchange differences on translation of foreign financial statements
Total exchange differences on translation of foreign financial statements	-38,763	157,920
Unrealized gains (losses) on available-for-sale financial assets
Total unrealized gains (losses) on available-for-sale financial assets	-2,251	-1,260
Other equity, others
Other equity, unearned compensation	-12,458	-29,625
Total other equity, others	-12,458	-29,625
Total other equity interest	-53,472	127,035
Treasury shares	205,401	170,051
Total equity attributable to owners of parent	3,245,996	3,602,154
Equity attributable to former owner of business combination under common control	0	0
Non-controlling interests	155,619	105,257
Total equity	3,401,615	3,707,411
Total liabilities and equity	4,602,748	5,002,871
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	9,500,000	7,000,000

Profit and Loss Account

Unit: NTD/000

Consolidated	2016	2015
Operating revenue
Total operating revenue	3,333,970	3,402,379
Operating costs
Total operating costs	2,901,086	2,980,465
Gross profit (loss) from operations	432,884	421,914
Gross profit (loss) from operations	432,884	421,914
Operating expenses
Selling expenses
Total selling expenses	139,585	174,990
Administrative expenses
Total administrative expenses	193,698	200,958
Research and development expenses
Total research and development expenses	94,522	104,023
Total operating expenses	427,805	479,971
Net operating income (loss)	5,079	-58,057
Non-operating income and expenses
Other income
Total other income	29,059	36,170
Other gains and losses
Other gains and losses, net	-99,007	-90,606
Finance costs
Interest expense	4,650	13,467
Finance costs, net	4,650	13,467
Share of profit (loss) of associates and joint ventures accounted for using equity method
Share of profit (loss) of associates and joint ventures accounted for using equity method, net	-3,347	-6,746
Total non-operating income and expenses	-77,945	-74,649
Profit (loss) from continuing operations before tax	-72,866	-132,706
Tax expense (income)
Total tax expense (income)	12,062	15,737
Profit (loss) from continuing operations	-84,928	-148,443
Profit (loss)	-84,928	-148,443
Other comprehensive income
Components of other comprehensive income that will not be reclassified to profit or loss
Gains (losses) on remeasurements of defined benefit plans	0	0
Gains (losses) on revaluation	0	0
Change in fair value of financial liability attributable to change in credit risk of liability	0	0
Equity related to non-current assets classified as held for sale	0	0
Gains (losses) from investments in equity instruments	0	0
Share of other comprehensive income of associates and joint ventures accounted for using equity method, components of other comprehensive income that will not be reclassified to profit or loss
Share of other comprehensive income of associates and joint ventures accounted for using equity method, components of other comprehensive income that will not be reclassified to profit or loss	0	0
Other components of other comprehensive income that will not be reclassified to profit or loss	-3,385	-2,182
Income tax related to components of other comprehensive income that will not be reclassified to profit or loss	0	0
Components of other comprehensive income that will not be reclassified to profit or loss	-3,385	-2,182
Components of other comprehensive income that will be reclassified to profit or loss
Exchange differences on translation	-204,107	-48,665
Unrealised gains (losses) on valuation of available-for-sale financial assets	-1,624	-709
Components of other comprehensive income that will be reclassified to profit or loss	-205,731	-49,374
Other comprehensive income, net	-209,116	-51,556
Total comprehensive income	-294,044	-199,999
Profit (loss), attributable to:
Profit (loss), attributable to owners of parent	-86,582	-135,982
Profit (loss), attributable to non-controlling interests	1,654	-12,461
Comprehensive income attributable to:
Comprehensive income, attributable to owners of parent	-287,641	-186,690
Comprehensive income, attributable to non-controlling interests	-6,403	-13,309
Basic earnings per share
Total basic earnings per share	-0.71	-1.07

Cash Flows

Unit: NTD/000

Consolidated	2016	2015
Cash flows from (used in) operating activities, indirect method
Profit (loss) from continuing operations before tax	-72,866	-132,706
Profit (loss) before tax	-72,866	-132,706
Adjustments
Adjustments to reconcile profit (loss)
Depreciation expense	239,459	238,769
Amortization expense	16,297	20,372
Provision (reversal of provision) for bad debt expense	3,559	2,297
Net loss (gain) on financial assets or liabilities at fair value through profit or loss	-498	4,560
Interest expense	4,650	13,467
Interest income	-11,473	-26,364
Share-based payments	11,095	25,557
Share of loss (profit) of associates and joint ventures accounted for using equity method	3,347	6,746
Loss (gain) on disposal of property, plan and equipment	40,518	1,425
Loss (gain) on disposal of investments	8,171	697
Impairment loss on non-financial assets	4,460	24,326
Reversal of impairment loss on non-financial assets	0	-3,257
Loss (gain) on bond redemption	769	20,075
Total adjustments to reconcile profit (loss)	320,354	328,670
Changes in operating assets and liabilities
Changes in operating assets
Decrease (increase) in notes receivable	16,449	-4,667
Decrease (increase) in accounts receivable	-72,601	98,991
Decrease (increase) in accounts receivable due from related parties	3,105	23,345
Decrease (increase) in other receivable	567	28,377
Decrease (increase) in other receivable due from related parties	1,260	-1,152
Decrease (increase) in inventories	15,940	132,806
Decrease (increase) in prepayments	-25,519	17,757
Decrease (increase) in other current assets	22,842	-400
Decrease (increase) in other operating assets	858	343
Total changes in operating assets	-37,099	295,400
Changes in operating liabilities
Increase (decrease) in notes payable	-71	-30
Increase (decrease) in accounts payable	82,657	-6,029
Increase (decrease) in accounts payable to related parties	-14	-367
Increase (decrease) in other payable	10,965	8,800
Increase (decrease) in other current liabilities	1,842	18,695
Increase (decrease) in net defined benefit liability	695	667
Increase (decrease) in other operating liabilities	168	79
Total changes in operating liabilities	96,242	21,815
Total changes in operating assets and liabilities	59,143	317,215
Total adjustments	379,497	645,885
Cash inflow (outflow) generated from operations	306,631	513,179
Interest received	11,850	26,795
Interest paid	-4,930	-7,076
Income taxes refund (paid)	-11,003	-19,851
Net cash flows from (used in) operating activities	302,548	513,047
Cash flows from (used in) investing activities
Acquisition of investments accounted for using equity method	-54,950	-22,206
Proceeds from disposal of investments accounted for using equity method	0	1,440
Acquisition of property, plant and equipment	-100,052	-346,535
Proceeds from disposal of property, plant and equipment	46,341	27,607
Increase in refundable deposits	-954	-3,791
Decrease in refundable deposits	6,615	6,983
Acquisition of intangible assets	-965	-5,227
Proceeds from disposal of intangible assets	26	0
Net cash inflows from business combination	56,963	0
Increase in other non-current assets	0	369,170
Increase in prepayments for business facilities	-13,482	-21,685
Net cash flows from (used in) investing activities	-60,458	5,756
Cash flows from (used in) financing activities
Increase in short-term loans	2,271,333	2,941,037
Decrease in short-term loans	-2,479,740	-3,035,130
Repayments of bonds	-14,900	-421,532
Increase in guarantee deposits received	125	52
Decrease in guarantee deposits received	-131	-626
Cash dividends paid	-40,000	-40,000
Payments to acquire treasury shares	-31,337	-101,962
Change in non-controlling interests	-999	44,527
Net cash flows from (used in) financing activities	-295,649	-613,634
Effect of exchange rate changes on cash and cash equivalents	-67,056	-13,623
Net increase (decrease) in cash and cash equivalents	-120,615	-108,454
Cash and cash equivalents at beginning of period	1,175,320	1,283,774
Cash and cash equivalents at end of period	1,054,705	1,175,320
Cash and cash equivalents reported in the statement of financial position	1,054,705	1,175,320

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

Name	E. Sun Bank

Public Record

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.

Special Note

Interview Details

Name	Ms. Xu
Department	Sales Department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.96
UK Pound	1	INR 90.34
Euro	1	INR 80.75
TWD	1	INR 2.22

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	NIS
Report Prepared by :	TPT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.