MIRA
INFORM REPORT
|
Report Date : |
26th
June 2006 |
IDENTIFICATION
DETAILS
|
Name : |
JI-EE INDUSTRY CO LTD |
|
|
|
|
Registered Office : |
498 Pen Tian St Section 2 Annan Dist
Tainan City 709, Taiwan |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
2003 |
|
|
|
|
Date of Incorporation : |
23 September, 1981 |
|
|
|
|
Com. Reg. No.: |
73682410 |
|
|
|
|
Legal Form : |
Private Company |
|
|
|
|
Line of Business : |
Engaged
in the business of :
|
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
NAME & ADDRESS
JI-EE
INDUSTRY CO LTD
498 PEN TIAN ST SECTION 2 ANNAN DIST TAINAN CITY 709, TAIWAN
TEL:886-6-3840568
FAX:886-6-3840968
EXECUTIVE SUMMARY
INCORPORATION DATE : 23 SEPTEMBER, 1981
REGISTRATION NO. : 73682410
LEGAL FORM : PRIVATE COMPANY
CHIEF EXECUTIVE : MR. STEPHEN SHIH-CHANG WU (CHAIRMAN)
STAFF STRENGTH : 500
CAPITAL : US$ 20,625,000
BUSINESS LINE : MANUFACTURER
TURNOVER : N/A (AS OF DEC. 31, 2004)
EQUITIES : N/A (AS OF DEC. 31, 2004)
PAYMENT : AVERAGE
RECOMM. CREDIT RANGE : USD 900,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : TWD 32.7075 = US$1 AS OF 2006-6-23
*Company
History*
================
1981 - Established factory in Yungkang
Industrial Park, Tainan.
1982 - Provided first water pump to
CMC (MITSUBISHI TAIWAN).
1989 - FNH became the first OEM
overseas customer.
1993 - Introduced small engine
production.
1994 - Established factory in Mainland
China.
- Built Shen Zhen Yibao
Plant in China producing and marketing small engines.
1997 - Provided ODM service to RENAULT
VI (France) and MAZDA (Japan).
1999 - Delivered water pumps and oil
pumps to Cummins.
2000 - Established factory in Annan
Dist, Tainan
2001 - Built new plant (EVP) and
totally invested USD 33,000,000.
2002 - Provided OEM for VOLVO
POWERTRAIN, MACK TRUCK INT'L POWERTRAIN, Deutz.
- A new company has been
established for the production of solar cell.
*Company
Registration*
====================
License
number : 73682410
Date
issued : 23 September, 1981
Issuing
authority : Ministry of Economic
Affairs (MOEA)
*Company
Name*
=============
Incorporated
as : SANYCO INDUSTRY CO LTD
Changed
name to : JI-EE INDUSTRY CO LTD
Year of
change : 2002
*Assets*
========
Type of
Asset : Machinery and equipment
Amount : USD 3,999,999
*Capital
Details*
=============
Initial
registered capital : NTD 528,000,000.00
Capital
increases as follow :
Date
Amount
-------
------------
- 626,300,000.00
-
660,000,000.00
*Office
& Facilities*
================
Size : 24,117 sq. meters
Type of
building : 5-storey commercial &
industrial mixed building
Location : Annan Dist
Property
status : Owned by JI-EE INDUSTRY CO
LTD
No. of
QC Staff : 10-19
No. of
R&D Staff : 10-19
Comments : Serves as office, warehouse and
second factory.
Other
contact details
----------------------------
Email : eton@globalsources.com
Website
: www.globalsources.com/eton.com
www. Gl2216.21cpp.com
*Corporate
& Organization Structure*
=============================
Organization
and management of the company is divided into the following sections:
-
Administrative Division
-
Accounting Division
-
Marketing & Sales Division
-
R&D Division (for auto parts and engines & vehicles)
-
Manufacturing Division
*Factories,
Size & Locations*
========================
(1)
APP-Auto Part Plant
-----------------------------
No. of
Worker : 200-249
No. of
QC Staff : 30-39
No of R
& D Staff : 30-39 (Dept. 1- Auto
parts and Dept. 2- Engine & vehicle)
Size : 25,026 square
meters (269,377 square feet)
Location : Yungkang Industrial Park,
Tainan
(2) No
of Workers : 60-79
Location : Annan Dist, Tainan
Size : 30,032 square meters (322,916 square feet)
*Warehousing
Facilities*
====================
(1)
Size : 2,500 square meter
Location : Yungkang Industrial Park, Tainan (Factory
1)
(2)
Size : 4,000 square meter
Location
: Annan Dist (Factory 2)
*Long
& Short Term Investment*
===========================
Invested
in the following :
- NTD
35,000,000 for its factory and 5-storey office building
- USD 50
million in three factories in Taiwan and one in mainland China.
*Industry
Ranking*
================
Considered
as Taiwan's first ATV manufacturer
*Reputation*
==========
Reference
checking for the purpose of establishing the firm's reputation within the
respective industry failed to reveal any negative information.
Web site:
www.e-ton.com.tw
Email : sales@e-ton.com.tw
For the
past two years there is no record of litigation.
*Major
Shareholders*
================
Shareholders'
Name No. of Shares
-------------------------- ------------------
Mr.
Jui-tung Hsu
14,163,597
Mr.
Chi-feng Huang 2,826,507
Mr.
Stephen Shih-chang Wu 2,706,926
Mr.
Hsiu-lien Huang 1,261,774
Mr.
Chi-chao Cheng 1,110,683
Mr.
Chun-pang Huang 513,028
Previous
shareholdings
--------------------------------
Total
number of shareholders : 6
Total
number of shares :
21,477,477
Shareholders'
Name No of Shares % of Shares
-------------------------- ------------------ ----------------
Mr.
Yu-jung Hsieh
13,484,278
62.78
Mr.
Chi-fen Huang
2,691,271
12.53
Mr.
Stephen Shih-chang Wu
2,554,500
11.89
Ms.
Hsiu-lien Huang
1,201,404
5.59
Mr.
Chi-chao Cheng
1,057,542
4.93
Mr.
Chun-pang Huang 488,482 2.28
*Key
Personnel*
============
Mr.
Stephen Shih-chang Wu
Born : 1949
Age : 57 years old
Education : National Cheng Kung
University, Machinery Graduate School
Work
experience : More than 20 years
Responsibilities : Handles the daily operation of the
firm including all financials and legal matters.
Resident status : Taiwan
Management
: Mr. Andy Chih-fan Chen, Sales &
Marketing Executive
Mr.
Kuo-neng Huang, Sales Manager
Mr.
Leslie Wei-chung Wu, Sales & Marketing Executive
*COMPANY
MANAGEMENT*
========================
Name Job
Description Nationality
Mr. Stephen
Shih-chang Wu CEO Taiwan
Ms.
Tanya Hui-tzu Lin Sales
Support Taiwan
*Main
Products & Services*
======================
Specializes
in three (3) main areas of work:
1.
Import of raw materials.
2.
Assembly and production of all-terrain vehicles (ATV) and other related machine
parts incorporating some of the raw materials imported.
3.
Exports its finished products.
Also
offers the following services :
- OEM
services to worldwide customers
-
Assistance in quality inspection and product maintenance
-
After-sales service
Products
: All terrain vehicles (ATV)
All-terrain bicycles
Aluminium casting parts
Automobile parts
Crank cases
Brand
E-Ton
Brand
JI-EE
Brand
SANYCO
*Detailed
Product Specifications*
==========================
1. Brand
name : E-TON
a. All Terrain Vehicle (ATV)
- 40cc-150cc
- For Recreation, sport and utility
b. Electric Vehicles
- Electric Scooter
- Electric Bicycle
- Electric Wheel Chair
c. Small Engines
- 50cc 2 stroke (CVT)
- 90cc 2 stroke (CVT)
- 150cc 4 stroke (CVT reverse gear)
d. Motorcycle/Scooter (from China Plant)
2. Brand
name : SANYCO
a. Motorcycle engines
- 4 Stroke Motorcycle, 125, 150cc Engines
- 4 Stroke Scooter, 50, 100, 125, 150cc
Engines
b. Motorcycle Engine Parts
- Oil Pump
- Carburetors
- Aluminum Casting Parts
- Clutch, Wet Type
c.Auto Parts
- Pumps
- Machined Parts
*Machinery
& Equipment*
=====================
Machinery/
Equipment include:
Machine/Equipment Quantity
------------------------- ------------
-
Aluminum die casting machines 8
sets
-
Machining lines 34
-
Assembly lines 20
-
Product validation stands
-
Measuring equipment
-
CMM 3 sets
-
Roundness measuring machine
-
Conveyor type cleaning machine
- Air
Gage by line side
-
Load-cell press
-
Performance test stand
- Air
leak test stand
-
Checking gages by line side
Details
of machines used in every plant are as follows :
(1)
Location : Yungkang
Industrial Park, Tainan (Factory 1)
Machines
used : 34 machine-operated production lines and 20 assembly lines
(2)
Location : Annan Dist
(Factory 2)
Machines
used : Two professional assembly lines capable of producing 200,000 units of
ATVs, scooters, electric bicycles, and more.
It also maintains an automatic packing line, product identification
system, and quick container-loading facilities.
- R
& D machines are sourced from USA and Taiwan.
-
Utilizing CAD, Pro-E and Alieas equipment in developing an average of 3 to 5
new products each year.
*Payment
Terms*
==============
Sales
--------
Local : Cash
30-days credit
Export :
Letter of Credit (L/C) at sight
Purchases
---------------
Local : Cash or Credit
Import :
Letter of Credit (L/C)
*Quality
Certification*
==================
Received
the following approvals/certifications :
Certification Year
----------------- -------
ISO / TS
16949 2002
ISO
9001 2000
IS0
14001 1996
ISO
13485 1996
ISO
9002 1992 &
1994
QS 9000
The
following certifications/approvals are for its manufacturing plant in Yungkang
Industrial Park and in Annan Dist in Tainan :
- ISO
9001
- ISO
14001
- CE
*Associations*
===========
Member
of :
- Taiwan
Bicycle Exportes' Association (TBEA)
*Production
Capacity*
===================
Product : All-Terrain vehicles
(ATV)
Current
Capacity : 19,999 set per month
Maximum
Capacity : 100,000 set per month
*Competitors*
============
The
following five (5) locally based companies supply similar range of products:
1. DINLI
METAL INDUSTRIAL CO
2. HER
CHEE INDUSTRIAL CO LTD
3. KENSTONE
METAL CO LTD
4.
STANDARD MOTOR CORP
5.
UNILLI MOTOR CO LTD
*Awards*
========
(1)
Award : Ford Q1 supplier
award
Year : 1991
(2)
Award : PPM award
Awarded
by : RENAULT TRUCK (France)
Date : October 2000 and September
2002
(3)
Award : Industrial Excellence
Award
Awarded
by : Industrial Development Bureau, Ministry of Economic Affairs
Date : 2005
*Exhibition
Participation*
====================
Participated
in the following local exhibitions :
(1)
Exhibition Fair : Taipei International
Auto/Motorcycle Parts & Accessories Show
Date
Attended : 17-20 May, 2000
Location : Taipei World Trade Center
Exhibition Hall
(2)
Exhibition Fair : Taipei International
Auto/Motorcycle Parts and Accessories Show
Date
Attended : 19-22 May, 2001
Location : Taiwan World Trade Centre -
Exhibition Hall
(3)
Exhibition Fair : Taipei International
Cycle Show
Date
Attended : 11-14 April, 2002
Location : Taipei World Trade Center
Exhibition Hall
*Mergers & Acquisitions*
======================
Type : Merger
Party
involved : E-TON DYNAMICS
TECHNOLOGY INDUSTRY CO LTD
Date of
transaction : 1 July, 2002
Details : Merged with E-TON DYNAMICS TECHNOLOGY INDUSTRY CO LTD,
taking over all the responsibilities and obligations that belong to the former
E-TON. Despite the merger, most things will be kept the same such as :
- The current locations and facilities for
the manufacture/assembly of ATV and electric scooters;
- Contact person;
- Phone number, fax number, e-mail
addresses, and post address;
- The same website address; and
- The E-TON brand
*Domestic
Raw Materials Suppliers*
=============================
- 90% of
the materials used in Yungkang Industrial Park, Tainan plant are purchased
locally.
- 100%
of the materials used in Annan Dist plant are purchased locally.
*Domestic
Agents & Distributors*
============================
Agent
Company Name : STONEY CREEK
Product : All Terrain
Vehicle (ATV)
*Local
Distribution Network*
=======================
16% of
the annual turnover is attributed to local sales.
*International
Exhibition Participation*
===============================
Participated
in the following international exhibitions :
(1)
Exhibition Fair : Dealer News
International Powersports
Location : Indian Convention Center and RCA
Dome
Date
Attended : 16-18 February, 2002
(2)
Exhibition Fair : The 23rd Bangkok
International Motor Show
Location : Bangkok International Trade and
Exhibition Center (BITEC)
Date
Attended : 29 March - 7 April, 2002
(3)
Exhibition Fair : Intermet Munchen 2002
Location : New Munich Trade Fair Center
Date
Attended : 15-22 September, 2002
(4)
Exhibition Fair : Dealer News
International Powersports (Dealer Expo 2004)
Location : Indianapolis Convention Center
and RCA Dome, Indianapolis, IN, USA
Date
Attended : 14-16 February, 2004
(5)
Exhibition Fair : The Int'l Trade Fair
for Motorcycles & Scooters (Intermotmunchen 2004)
Location : New Munich Trade Fair Centre,
Munich Germany
Date
Attended : 15-19 September, 2004
*Export
Markets*
=============
84% of
the annual turnover is attributed to export.
*Overseas
Customers*
==================
Major
customers include:
-
CUMMINS ENGINE CO INC
- YAMAHA
- VOLVO
-
POWERTRAIN
- FORD
- MAZDA
- NISSAN
-
MITSUBISHI
-
RENAULT IV
-
NAVISTAR INT'L
- HONDA
- ISUZU
- HYSTER
*(Subsidiaries
, Joint-ventures & Affiliates)
===============================
Company
Name : ANHUI E-TON MOTOR INDUSTRIAL CO LTD
Global
Identifier : P0351211
Address
: Economic & Technology Development Zone Chuzhou 239000 Anhui China
Country
: China
Relationship
: Affiliate
Legal
Form : Private Company
Company
Type : Trader
Industry
: Motor Vehicles, Parts & Accessories
Company
Name : E-TON AMERICA INC
Global
Identifier : P0214328
Address
: Suite 220, 4009 Distribution Drive Garland 75041 Texas USA
Country
: USA
Relationship
: Subsidiary
Legal
Form : Private Company
Company
Type : Manufacturer
Industry
: Motor Vehicles, Parts & Accessories
Company
Name : E-TON SOLAR TECH CO LTD
Global
Identifier : P0351205
Address
: 498 Pen Tien Rd Section 2 Annan Dist Tainan City 709 Taiwan
Country
: Taiwan
Relationship
: Subsidiary
Legal
Form : Public Company
Company
Type : Manufacturer
Industry
: Motor Vehicles, Parts & Accessories
Company
Name : SAN YES AUTOMOTIVE TECHNOLOGY CO LTD
Global
Identifier : 31524301
Address
: Kuantien Industrial Park 41 Chien Yeh Rd Kuantien Hsiang 720 Tainan Hsien
Taiwan
Country
: Taiwan
Relationship
: Affiliate
Legal
Form : Private Company
Company
Type : Manufacturer
Industry
: Motor Vehicles, Parts & Accessories
Company
Name : SHENZHEN YIBAO INDUSTRIAL CO LTD
Global
Identifier : P0240106
Address
: Shang-Nan Industrial Park 130 Huang Pu Rd Baoan Dist Shenzhen 518125
Guangdong China
Country
: China
Relationship
: Subsidiary
Legal
Form : Private Company
Company
Type : Manufacturer
Industry
: Motor Vehicles, Parts & Accessories
*Subsidiaries,
Joint-ventures & Affiliates*
=================================
-
Maintains more than 90,000 units in the USA and the rest of the world.
-
Maintains 3 plants located in both Taiwan and China with total 1250 employees
to offer customers worldwide.
*Strategic
Partners & Alliances*
=========================
Group
name : E-TON GROUP
Flagship
company : JI-EE INDUSTRY CO LTD
Activities : Engaged in 3
manufacturing operations: auto parts, power vehicles and green energy
- Q1
Partner of FORD MOTOR CO
PAYMENT RATING :2 OBTAINED SCORES :
79
|
Implication |
Implications |
|
|
1 |
Scores 85–100 |
Excellent |
|
2 |
Scores 75 – 84 |
Above Average |
|
3 |
Scores 50 – 74 |
Average |
|
4 |
Scores 35 – 49 |
Fair |
|
5 |
Scores 15 – 34 |
Below Average |
|
6 |
Scores 01 – 14 |
Poor |
|
NR |
No Data |
No Data |
The
rating indicates the payment pattern of SC based upon our Payment Database,
comments from suppliers of SC, information from banks (if available), as well
as industrial sources.
Dealings on open terms may be possible for
FAIRLY LARGE amounts depending on individual judgement experience.
Bank:
TAIWAN COOPERATIVE BANK
Bank:
INDUSTRIAL BANK OF TAIWAN
*Financial
Summary (Currency: U.S. $'s)
==============================
Year Sales Assets
Net Income
2003 $40,945,790.08 $21,826,989.62 $1,620,970.39
*Int´l
Trade Activity (Currency: U.S. $'s)
==============================
Year Imports Exports
Total
2000 $1,244,167.96 $29,860,031.10 $31,104,199.06
2001 $1,973,302.38 $29,599,535.69 $31,572,838.07
2002 $3,772,635.81 $40,241,448.69 $44,014,084.50
2003 $2,613,062.00 $37,311,970.99 $39,925,032.99
2004 $6,446,968.00 $59,691,956.00 $66,138,924.00
2005 $7,000,000.00 $65,000,000.00 $72,000,000.00
Over the
past 25 years, SC has made a stable growth with satisfactory profit. We
consider a credit line up to USD900,000 appears acceptable.
Attached:
trade references
SIC
PRODUCT CLASSIFICATION & ACTIVITY
Activity
Code Product/Service
Description
Exporting 3592
Carburetors/Pistons/Valves
Exporting 3594
Fluid power pumps and
motors, and parts,
Exporting 3714
Motor vehicle parts and
accessories,
Exporting
3751
Motorcycles, bicycles, and
parts,
Exporting 5012
Auto & Other Motor
Vehicles
Exporting 5013
Vehicle Supplies & New
Parts
Manufacturing 3519 Internal combustion
engines,
Manufacturing 3592 Carburetors/Pistons/Valves
Manufacturing 3594 Fluid power pumps and motors,
and parts,
Manufacturing 3714 Motor vehicle parts and
accessories,
HARMONIZED
PRODUCT CLASSIFICATION & ACTIVITY
Activity
Code Product/Service
Description
Exporting 8302303000
Other mountings, fittings and
similar articles suitable for motor vehicles,
and
parts thereof, of iron or steel, aluminum or zinc
Exporting 8412809000
Engines and motors
Exporting 8412909080
Parts of engines and motors
Exporting 8413301000
Fuel-injection pumps for
compression-ignition engines
Exporting 8413500080
Hydraulic fluid power pumps
Exporting 8483103050
Camshafts and crankshafts
Exporting 8703
Motor cars & vehicles
for transporting persons
Exporting 8708
Parts & access for
motor vehicles (head 8701-8705
Exporting 8708935000
Clutches and parts for vehicles
Exporting 8711
Motorcycles (incl mopeds)
& cycles with aux motor
DETAILED
PRODUCT CLASSIFICATION & ACTIVITY
Activity
Product/Service Description
Exporting Electric
bicycles
Exporting Electric
vehicles
Exporting Engine
fittings
Exporting Folding
bicycles
Exporting Motorcycles
Exporting Motorcycle
parts
Exporting Motorcycle
engines
Exporting Motorcycle
engine parts
Exporting Motor
scooters
Exporting Machine
parts
INTERNATIONAL
TRADE : ACTIVITY & MARKETS
Exporting
to Asia
Exporting
to Australia
Exporting
to Austria
Exporting
to Belgium
Exporting
to Brazil
Exporting
to Canada
Exporting
to China
Exporting
to Cyprus
Exporting
to Europe
Exporting
to France
Exporting
to Germany
Exporting
to Guatemala
Exporting
to Hungary
Exporting
to India
Exporting
to Ireland
Exporting
to Israel
Exporting
to Italy
Exporting
to Japan
Exporting
to Mexico
Exporting
to Netherlands
Exporting
to North America
Exporting
to Norway
Exporting
to Oceania
Exporting
to Philippines
Exporting
to Poland
Exporting
to Qatar
Exporting
to Singapore
Exporting
to Slovenia
Exporting
to South America
Exporting
to South Korea
Exporting
to Spain
Exporting
to Sri Lanka
Exporting
to Switzerland
Exporting
to Thailand
Exporting
to USA
Exporting
to United Kingdom
Exporting
to V.I. (USA)
Importing
from Asia
Importing
from Europe
Importing
from France
Importing
from Germany
Importing
from India
Importing
from Italy
Importing
from Japan
Importing
from North America
Importing
from Switzerland
Importing
from USA
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |