MIRA
INFORM REPORT
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Report Date : |
03.09.2007 |
IDENTIFICATION DETAILS
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Name : |
YIEH UNITED STEEL CORP |
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Registered Office : |
600 Shing Loong St Jia Hsing Lii Kangshan, Chen |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
December 21, 1988 |
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Com. Reg. No.: |
23218395 |
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Legal Form : |
Public Company |
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Line of Business : |
Imports of stainless steel, steel coils and other related
steel-related raw materials. Manufacturing a wide range of raw materials used in cold and hot steel
production. Export and domestic sale of its finished products. |
RATING & COMMENTS
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MIRA’s Rating : |
Aaa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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Maximum Credit Limit : |
Up To US$ 30,000,000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name &
address
YIEH UNITED STEEL CORP
CHEN
TEL : 886-7-6232255
FAX : 886-7-6233148
EXECUTIVE SUMMARY
INCORPORATION DATE :
DECEMBER 21, 1988
REGISTRATION NO. :
23218395
LEGAL FORM :
PUBLIC COMPANY
CHIEF EXECUTIVE :
MR. YI-SHOU LIN (CHAIRMAN)
STAFF STRENGTH :
1,897
CAPITAL :
US$ 483,383,686
BUSINESS LINE :
MANUFACTURER
TURNOVER :
TWD 31,233,029,000 (AS OF 31 MARCH, 2007)
EQUITIES :
TWD 27,548,932,000 (AS OF 31 MARCH, 2007)
PAYMENT :
EXCELLENT
RECOMM.
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STRONG
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
WELL-KNOWN
EXCHANGE RATE :
TWD 33.0049 = US$1
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
M – million
TWD –
*Company History*
================
May 1995 -
Commenced its Steckel Mill
- Commenced its #1 & #2 Cold Rolling Mill
September 1995 -
Commenced its #1EAF and Slab Continuous Caster
April 1996 -
Commenced its Billet Caster
June 1996 -
Joined International Stainless Steel Forum (ISSF) as one of the Founding Board
members
September 1996 - Commenced
its #2 EAF.
May 1997 -
Joined as member of Board of Director of 1st ISSF.
July 1997 -
Joined
August 1997 - Commenced
its Bright Annealing Line.
November 1997 - Commenced
its #3 Cold Rolling Mill.
April 1998 -
Applied for US A2
May 1998 -
Re-elected consecutively member of Board of Director of 2nd ISSF.
1999 -
Faced an 8% anti-dumping tariff for its exports of hot-rolled stainless steel
to the
January 1999 -
Re-elected consecutively member of Board of Director of 3rd ISSF.
September 1999 - Commenced
its CTL.
May 2000 -
Re-elected consecutively member of Board of Director of 4th ISSF.
May 2001 -
Re-elected consecutively member of Board of Director of 5th ISSF.
June 2002 -
Became members of the ICDA visit YUSCO.
March 2003 - Based
YUSCO Representative Office in
*Registrar*
=========
The firm does not employ any external Registrar. All management is
handled internally.
*Licenses & Permits*
================
License number : 99664992
Date issued : 5 July 1995
Issuing authority : Industrial
Development Bureau, MOEA
Type of license : Factory license
*Accountants*
===========
CHIEN HSING UNION & CO
*Capital Details*
=============
Authorized capital : TWD 16,000,000,000
Paid-up capital : TWD
13,860,000,000
*Office & Facilities*
================
Building size : 126,503 sq
ft (Approx)
Location :
Facilities : Modern
Property status : Owned by
YIEH UNITED STEEL CORP
Type of building : Industrial building
Comment : Serves as
office and factory.
Other contact details
----------------------------
E-mail :
yu62214@mail.yusco.com.tw
Tel no. : 7-6232062
Fax no. : 7-6233150
*Corporate & Organization Structure*
============================
A very large-sized specialized company operated and managed by an
experienced team of professionals.
The company is NOT listed on the TSE (Taiwan Stock Exchange) or OTC
(Over-the-counter Exchange) but rather just a "public company"
belonging to the category of "Shin gui" (Public company applying for
Listing in OTC).
*Industry Ranking*
================
Generally regarded as one of the Top 5000 Companies in manufacturing
industry of
Details of rank are as follows:
Year Rank
------- ---------
2004 48
2005 55
2006 43
Generally regarded as one of the Top 1000 Companies in manufacturing
industry of
*Sales Ranking*
=============
Generally regarded as one of the Top 5000 Companies in terms of sales.
Details of rank as follows:
Year Rank
------- ---------
2006 24
*Reputation*
==========
Reference checking for the purpose of establishing the firm's reputation
within the respective industry failed to reveal any negative information.
Note: This firm and the owner maintains an exceptionally good reputation
within the steel industry in
Web
site: www.yusco.com.tw The design is professional and the content is
well organized. At present it is both in Chinese and English versions.
Email : webmaster@ylg.com.tw
For the past two years there is no record of litigation.
*Major Shareholders*
=================
Shareholders' Name
No. of Shares
--------------------------
--------------------
WEI CHIAO INVESTMENT DEVELOPMENT CO LTD 140,205,828
HSIN YANG INVESTMENT DEVELOPMENT CO LTD 34,064,225
YU SHENG INVESTMENT DEVELOPMENT
CO LTD 586,680
KUO TUNG INVESTMENT DEVELOPMENT CO LTD 180,045
KUO CHIAO INVESTMENT DEVELOPMENT CO LTD 106,846
*COMPANY MANAGEMENT*
=========================
Name Nationality
Job Description Dept.
/ Division
Ms. Jung-ching Tseng Taiwanese Manager Administration
Mr. Chih-wen Tai Taiwanese
Manager Business
Mr. Wen-chien Hsu Taiwanese Manager Business
Ms. Yin-chen Wang Taiwanese Assist. Manager Finance
Mr. Huang-tsai Yeh Taiwanese
Manager Finance
Ms. Hsiang-yi Chen Taiwanese
Executive Human Resources
Mr. Ming-tung Wu Taiwanese
Manager Product
Mr. Ju-ming Chen Taiwanese
Assist. Manager Production
Mr. Shih-lin Wu Taiwanese Assist. Manager Purchasing
Mr. Wen-chao Huang Taiwanese Assist. Manager Purchasing
Mr. Chuan-yi Tai Taiwanese
Assist. Manager Sales
Mr. Hao-shang Liu Taiwanese
Director Technology
Mr. Chen-hui Huang Taiwanese Assist. Manager -
Mr. Chen-ping Wu Taiwanese
Assist. Manager -
Mr. Ching-hui Chen Taiwanese
Assist. Manager -
Mr. Ko-liang Yeh Taiwanese
Assist. Manager -
Mr. Ming-li Chien Taiwanese
Assist. Manager -
Mr. Pei-te Huang Taiwanese
Assist. Manager -
Mr. Tsan-lieh Huang Taiwanese
Assist. Manager -
Mr. Tsung-hsien Lin Taiwanese
Assist. Manager -
Mr. Yao-tien Huang Taiwanese
Assist. Manager -
Ms. Chia-chen Wang Taiwanese Assist. Manager -
Mr. Chung-chi Kuo Taiwanese
Vice General Manager -
*Key Personnel*
=============
Mr. Yi-shou Lin
Founder : Co- founder
Work experience : More than 36 years
Responsibilities : Handles the
daily operation of the firm including all financials and legal matters.
Resident status :
Mr. Huang-tsai Yeh
Tel no. : 7-6232255 Ext no. 8301
E-mail :
yu68053@mail.yusco.com.tw
Ms. Yin-chen Wang
Tel no. : 7-6232255 Ext no. 8310
E-mail : yu68613@mail.yusco.com.tw
Ms. Hsiang-yi Chen
Tel no. : 7-6232255 Ext no. 8121
E-mail :
yu61147@mail.yusco.com.tw
*Main Products & Services*
=====================
Specializes in three main areas of work:
1. Imports of stainless steel,
steel coils and other related steel-related raw materials.
2. Manufacturing a wide range of
raw materials used in cold and hot steel production, including carbon steel
products and cold rolled steel sheet used in the steel factory furnaces.
3. Export and domestic sale of
its finished products.
Products : Billets, stainless steel
Carbon
electrodes
Carbon steel
products
Ceramic
goods
Clay
*Product/Brand/Logo Licensing*
==========================
Type of licensing : Product
licensing
Licensor :
Country :
Details of license : License to
produce galvalume
*Payment Terms*
=============
Sales
------
Local : Cash
30-90 days credit
Export : Letter of Credit (L/C)
Document against
Acceptance (D/A) Telegraphic Transfer (T/T)
Purchases
--------------
Local : 30-90 days credit
Import : Letter of Credit (L/C)
Document against
Acceptance (D/A) Telegraphic Transfer (T/T)
Open account /DA
terms with settlement using Telegraphic Transfer (T/T)
*Competitors*
===========
The following locally based companies supply similar range of products:
- ACERS STEEL INDUSTRIAL CO LTD
- CHINA STEEL CORP
- PROSPERITY TIEH ENTERPRISE CO LTD
- WU JII INDUSTRY CO LTD
- SHANG SHING STEEL INDUSTRIAL CO LTD
- AN FENG STEEL CO LTD
- CHUN YUAN STEEL INDUSTRY CO LTD
- GLORIA MATERIAL TECHNOLOGY CORP
- CHAIN CHON INDUSTRIAL CO LTD
- CHIA FAR INDUSTRIAL FACTORY CO LTD
*Awards*
========
Received the following awards :
Award : Excellent
Awarded by : N/A
Date : October 2000
Details : For EAF
Award : Excellent
Awarded by : N/A
Date : July 2001
Award : Excellent
Awarded by : N/A
Date : August 2001
Award : Excellent
Awarded by : N/A
Date : October 2001
Details : For Hot
Rolling Mill
Award : Excellent
Awarded by : N/A
Date : October 2002
Details : For Cold
Rolling Mill
*Production Capacity*
==================
Units : metric tons
Product
1997 1996 1995
--------------
---------- ----------- ----------
Hot Rolled Coils
2,783,884 2,056,077 1,995,567
Cold Rolled Coils 2,018,176 1,854,666 1,691,872
Steel Plates
1,090,870 1,089,158 934,114
Wire Rods
1,029,548
980,211 928,948
Steel Strip
510,910 456,008 420,414
Steel Billet 112,620 20,236 62,877
Pig Iron
10,859 23,381 30,099
Equipments
Item
Current Capacity
metric tons/year
---------------- ----------- ------------------------------
Steel melting Stainless
steel slabs and billets
1,000,000
Hot rolling mill Hot rolled
stainless steel coils and plates 900,000
Cold rolling plant Hot rolled
No. 1 coils
250,000
2D and 2B stainless steel coils 340,000
Bright Annealed stainless steel coils 60,000
Year : 2006
Item Maximum Capacity (TWD/
metric ton) Current Capacity (TWD/
metric ton)
------- -------------------------------------------------
-----------------------------------------
Stainless Steel Billets
1,050,800,000
63,286,000
Stainless Steel Slabs
1,050,800,000
967,702,000
Hot Rolled Stainless Steel
Sheet in Coil-Black
1,008,000,000
920,343,000
Hot Rolled Stainless Steel Sheet
Plates-Black 1,008,000,000
14,651,000
Hot Rolled Stainless Steel Sheet
Plates No. 1 725,000,000 735,078,000
Cold Roll Stainless Steel 480,200,000
480,117,000
*Quality Certification*
==================
Obtained the following certifications :
Type of certification : ISO 9002
Issuing authority : TUV
Date of certification : December
1997
Type of certification : AD-W2, AD-W10
Issuing authority : TUV
Date of certification : July 1998
Type of certification : EPA Taiwan Laboratory Certification
Issuing authority : N/A
Date of certification : May 1999
Type of certification : ISO 14001
Issuing authority : TUV
Date of certification : August
2000
Type of certification : ISO 9002
ISO 14001
OHSAS 18001
Issuing authority : DNV
Date of certification : November
2001
Type of certification : PED Certification
Issuing authority : TUV
Date of certification : June 2002
Type of certification : ISO 9001:2000
Issuing authority : DNV
Date of certification : December
2002
*Local Distribution Network*
=======================
An estimated 80% of the annual turnover is attributed to local sales.
*Domestic Raw Materials Suppliers*
============================
Major local suppliers include:
- TAIWAN NICKEL PRECISION TECHNOLOGY CO
- ORIX TAIWAN CORP
- CHINA STEEL CORP
*Domestic Suppliers*
=================
CHINA STEEL CORP
ORIX TAIWAN CORP
TAIWAN NICKEL PRECISION TECHNOLOGY CO
*Domestic Customers*
==================
Major local customers include :
Customer's/Client's Name : TA CHEN STAINLESS PIPE CO LTD
Product/Buying : Stainless steel coil
Annual Sales :
TWD 836,750,000
Customer's/Client's name : YEOU YIH STEEL CO LTD
Product/Buying :
Stainless steel plank width
Other local customers include :
- YEUN CHYANG INDUSTRIAL CO LTD
- YIEH MAU CORP
- YIEH HSING ENTERPRISE CO LTD
- FROCH ENTERPRISE CO LTD
- YUE SENG INDUSTRIAL CO LTD
*Export Markets*
=============
An estimated 20% of the annual turnover is attributed to export.
*International Trade Ranking*
========================
The firm has been ranked among
Details of rank are as follows :
Year Rank
----- ---------
2003 17
2004 19
2005 19
*Overseas Suppliers*
=================
Major overseas suppliers include :
Suppliers' name
Country
---------------------
-----------
ELG HANIEL METALS LTD
NORIMET LTD
GLENCORE AG
ERAMET MARIETTA INC
THANAKHUN METAL CO LTD
BHP BILLITON LTD
PAMCO - DIVISION OF ENERFLEX LTD
ANEKA TAMBANG TBK PT
*Overseas Customers*
==================
Major customers in
- LIANZHONG STAINLESS STEEL CORP
- WINNTER STAINLESS STEEL TUBE CO LTD
*(Subsidiaries , Joint-ventures & Affiliates)
=================================
Company Name : CHAO YING INVESTMENT DEVELOPMENT CORP
Address : 2Fl,
Country :
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Service
Industry : Financial Services - General
Company Name : CHIN CHUN INVESTMENT DEVELOPMENT CORP
Address : 2Fl,
Country :
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Service
Industry : Financial Services - General
Company Name : CHUNG HUNG STEEL CORP
Address :
Country :
Relationship : Affiliate
Legal Form : Public Listed Company
Company Type : Manufacturer
Industry : Metals & Metal Products
Company Name : HSIN PANG INVESTMENT DEVELOPMENT CORP
Address : 2Fl,
Country :
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Service
Industry : Financial Services - General
Company Name : JUNG FENG INVESTMENT DEVELOPMENT CORP
Address : 2Fl,
Country :
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Service
Industry : Financial Services - General
Company Name : LIANZHONG STAINLESS STEEL CORP
Address : Economy & Technology Development Zone
Country :
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Metals & Metal Products
Company Name : LUNG YUAN INVESTMENT DEVELOPMENT CORP
Address : 2Fl,
Country :
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Service
Industry : Financial Services - General
Company Name : PUBLIC ZONE CO LTD
Address :
Country :
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Metals & Metal Products
Company Name : UNITED (
Country :
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Metals & Metal Products
Company Name : UNITED WINNER METALS LP
Address :
Country :
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Metals & Metal Products
Company Name : VALLEYFIELD LTD
Address : Offshore Chambers
Country :
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Metals & Metal Products
Company Name : YIEH HSING ENTERPRISE CO LTD
Address :
Country :
Relationship : Affiliate
Legal Form : Public Listed Company
Company Type : Manufacturer
Industry : Metals & Metal Products
Company Name : YIEH MAU CORP
Address :
Country :
Relationship : Affiliate
Legal Form : Public Company
Company Type : Manufacturer
Industry : Metals & Metal Products
*Strategic Partners & Alliances*
=========================
Group/Alliance Name : YIEH LOONG Group
Group Members : YIEH
LOONG ENTERPRISE CO LTD
YIEH HSING ENTERPRISE CO LTD
YIEH PHUI ENTERPRISE CO LTD
TAI STEEL ENGINEERING
AIRSTAR ENTERPRISE CO LTD
LIEN KANG HEAVY INDUSTRIAL CO LTD
YIEH MAU CORP
PAYMENT RATING : 1 OBTAINED SCORES : 85
|
Implication |
Implications |
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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 Details*
============
Bank Name : BANK OF
Branch : Chungcheng Dist,
Branch Address :
SWIFT Code : BKTWTWTP
Bank Name : CHANG HWA COMMERCIAL BANK LTD
Branch : Central Dist,
Branch Address :
SWIFT Code : CCBCTWTP
Bank Name : CHIAO TUNG BANK CO LTD
Branch : Chungcheng Dist,
Branch Address :
SWIFT Code : BKCMTWTP
Bank Name : COSMOS BANK
Branch : Ta-an Dist,
Branch Address : Prince Tower
SWIFT Code : CSMBTWTP
Bank Name : FIRST COMMERCIAL BANK CO LTD
Branch : Chungcheng Dist,
Branch Address : 10Fl,
SWIFT Code : FCBKTWTP
Bank Name : FUBON COMMERCIAL BANK
Branch : Ta-an Dist,
Branch Address : 2Fl B1 Fubon Banking Center 169 Jen Ai Rd Section 4
Ta-an Dist Taipei City 106 (Head Office)
SWIFT Code : This bank does not have a SWIFT Code
Bank Name : HUA NAN COMMERCIAL BANK LTD
Branch : Chungcheng Dist,
Branch Address :
SWIFT Code : HNBKTWTP
Bank Name : MEGA INT'L COMMERCIAL BANK CO LTD
Branch : Chungcheng Dist,
Branch Address :
SWIFT Code : ICBCTWTP
Bank Name : LAND BANK OF
Branch : Chungcheng Dist,
Branch Address :
SWIFT Code : LBOTTWTP
Bank Name : SHANGHAI COMMERCIAL & SAVINGS BANK LTD
Branch : Chungshan Dist,
Branch Address :
SWIFT Code : SCSBTWTP
Bank Name : TAI-SHING INT'L BANK
SWIFT Code : This bank does not have a SWIFT Code
Bank Name : TAIWAN BUSINESS BANK
Branch : Tatung Dist,
Branch Address :
SWIFT Code : MBBTTWTP
Bank Name : TAIWAN COOPERATIVE BANK
Branch : Chungcheng Dist,
Branch Address :
SWIFT Code : TACBTWTP
Bank Name : CHINFON COMMERCIAL BANK
Branch : Chungcheng Dist,
Branch Address :
SWIFT Code : CFCBTWTP
Bank Name : HSINCHU INT'L BANK
Branch :
Branch Address : 6Fl,
SWIFT Code : HCBATWTH
Balance Sheet
Currency :
TWD
Denomination : in
thousands
Financial year ending : 31
December
31
March,
2002 2003 2004
2005 2006 2007
------------ -----------
----------
---------- ---------- ---------------
Current Assets
7,407,732 9,887,392 13,513,451
12,959,646 17,538,396 19,245,516
Funds & long-term investments 1,179,598
2,330,640 5,429,994
8,737,482 12,335,609 13,330,977
Property
26,577,662 25,268,073 23,847,857
22,283,409 21,071,392 21,324,550
Intangible Assets 15,749 --
18,855
17,704 16,502 16,502
Other Assets 806,409 786,601 805,763 63,271 533,484 498,334
Total Assets
35,987,150 38,272,706
43,615,920 44,061,512 51,495,383
54,415,879
Current Liabilities (Before) 8,687,602
9,181,291 13,054,660 15,533,058
19,247,611 18,908,969
(After) 9,346,909
10,573,559 14,446,232 15,533,058
19,247,611 18,908,969
Long-term Liabilities
11,054,458 11,180,218 9,470,228 7,617,486
5,151,384 7,264,206
Other Liabilities
73,963 88,283 260,149
457,823 682,096 693,772
Total Liabilities (Before)
19,810,023 20,449,792
22,785,037 23,608,367 25,081,091
26,866,947
(After) 20,475,330
21,842,060 24,176,609 23,608,367
25,081,091 26,866,947
Common Stock
13,200,000 13,860,000
13,860,000 13,860,000 13,860,000
13,860,000
Capital Reserve
340,659 406,310 544,177 682,907 725,140 725,140
Retained Earnings (Before) 3,947,254 4,880,239 7,939,491 7,192,163
12,324,358 11,047,142
(After) 2,621,947
3,487,971 6,547,919 7,192,163
12,324,358 11,047,142
Income Statement
Currency :
TWD
Denomination : in
thousands
Financial year ending : 31 December
31
March,
2002 2003 2004
2005 2006 2007
------------ ----------- ---------- ---------- ---------- -----------------
Operating Revenue 40,783,484 47,855,184
64,173,414 62,219,726
92,002,470 31,233,029
Gross Profit 6,415,636 4,535,780 7,089,732 3,691,145 8,919,120
2,034,440
Operating Income
5,427,080 3,336,330 5,734,389
2,354,293 7,414,349
1,697,944
Non-operating Income 60,128 69,020 37,804
60,583
75,243 10,785
Non-operating Expense 1,038,518 631,845 655,861
785,559
741,274 151,937
Net Income 3,785,905 2,258,292 4,470,241 644,244 5,552,695 1,178,805
Earnings (losses) per share (After)
3.03 1.81 3.58 0.52
4.45 0.94
*Financial Ratios*
==============
2002 2003 2004 2005 2006
------------
----------- ---------- ---------- ----------
Ratio of liabilities to Assets % 55.05 53.43
52.24
53.58 48.71
Ratio of long-term capital to fixed Assets % 102.46 114.78 137.06 125.97 149.80
Current ratio %
85.33 107.69 103.51 86.75 91.12
Quick ratio % 20.37 28.98 32.26 28.24 31.71
Interest coverage
5.54 6.21 9.94 2.51 10.90
Turnover of receivable (times) 33.57 44.91 42.31 33.30 38.65
Average collection period of receivable 11.00 8.00 9.00 11.00 9.00
Turnover of inventories (times) 13.43 12.12 10.95 9.87 12.05
Average days of sales
27.00 30.00 33.00 37.00 30.00
Turnover of fixed assets (times) 1.53 1.89 2.63 2.79 4.37
Turnover of total assets (times) 1.13 1.25 1.47 1.41 1.79
Return on total assets % 12.48 7.36 12.12 2.81 12.79
Return on shareholder's Equity % 25.34 13.28 23.13 3.12 23.69
Operating income
41.11 24.07 41.37 16.99 53.49
Net income before tax
35.73 23.73 42.31 8.57 52.92
Profit margin %
9.28 4.72 6.97 1.04 6.04
Retroactive
3.03 1.81 3.58 0.52 4.45
Cash flows ratio % 53.46 38.46 31.20 13.09 43.67
Cash flows adequacy % 123.58 114.43 80.74 93.20 99.69
Cash reinvestment ratio % 12.71 7.18 6.23 2.58 16.55
Degree of operating leverage 1.31 1.50 1.31 1.77 1.25
Degree of financial leverage 1.24 1.23 1.13 1.50 1.11
*Financial Summary (Currency:
===============================
Year Sales Assets Net Income
1998 US$
808,148,148.15 US$ 1,277,777,777.78 US$ 459,259,259.26
2001 US$
939,059,779.45 US$ 1,078,264,654.67 -US$ 41,468,369.12
2002 US$
1,172,276,056.34 US$ 1,034,410,750.22 US$ 108,821,644.15
2003 US$
1,379,907,266.44 US$ 1,103,595,905.42 US$ 65,117,993.08
2004 US$
1,930,027,488.72 US$ 1,311,756,992.48 US$ 134,443,338.35
2005 US$
1,965,868,120.06 US$ 1,392,148,878.36 US$ 20,355,260.66
2006 US$ 2,781,211,305.93
US$ 1,556,692,351.87 US$
167,856,559.85
*Int´l Trade Activity (Currency:
================================
Year Imports Exports Total
1997 US$ 313,900,000.00 US$ 155,500,000.00 US$ 469,400,000.00
1998 US$ 266,000,000.00 US$ 138,600,000.00 US$ 404,600,000.00
2001 US$ 542,871,516.98 US$ 309,372,387.00 US$ 852,243,903.98
2002 US$ 673,067,893.99 US$ 498,653,257.98 US$ 1,171,721,151.97
2003 US$ 867,427,034.98 US$ 537,967,019.98 US$ 1,405,394,054.96
2004 US$ 1,253,233,082.71 US$ 632,481,203.01 US$ 1,885,714,285.72
2005 US$ 1,281,200,631.91 US$ 813,270,142.18 US$ 2,094,470,774.09
2006 US$ 1,299,879,081.02 US$ 853,990,326.48 US$ 2,153,869,407.50
SC is considered an old-established business with stable financial
conditions. It is considered a credit line up to US$ 30,000,000 appears to be
within SC’s capacities.
Attached:
trade references
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 3325 Steel
Foundries, NEC
Exporting 3499 Fabricated
metal products
Importing 1459 Clay,
ceramic, and refractory minerals
Importing 2600 Paper
and allied Products
Importing 3255 Clay
refractories
Importing 3561 Pumps and pumping equipment, except
fluid power pumps
Importing 5065 Electronic
Parts/Equip, NEC
Importing 5093 Scrap
& Waste Materials
Importing 9224 Fire
Protection
Manufacturing 331207 Steel
Plate/Sheet/Strip
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 7219220000 Flat-rolled
stainless steel
over
Exporting 721931 Flat rolled
products of stainless steel of a width of
rolled;
of a thickness of
Exporting 721932 Flat rolled
products of stainless steel of a width of
a
thickness of
Exporting 721935 Flat rolled
products of stainless steel of a width of
a
thickness of less than
Exporting 721990 Other flat
rolled products of stainless steel of a width of
Exporting 7221000000 Bars
and rods, stainless steel, hot-rolled, in irregularly wound coils
Exporting 7326 Articles
of iron or steel
Importing 2522100000 Quicklime
Importing 2528900000 Natural
borates (other than sodium borates) and concentrates thereof, natural
boric
acid containing not more than 85 pct h3b03
Importing 3816 Refractory
cements, mortars, concretes, etc
DETAILED PRODUCT CLASSIFICATION & ACTIVITY
Activity Product/Service
Description
Importer Natural
borates
Importer Cultured
crystals
Importer Grindstones
Importer Ferromanganese
Importer Torque
converter
Importer Fire
extinguisher parts
Importer Heat exchange
units
Importer Turbine
pumps
Importer Manganese
Importer Titanium
castings
INTERNATIONAL TRADE : ACTIVITY & MARKETS
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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. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)