MIRA
INFORM REPORT
|
Report Date : |
10.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PACIFIC HOSPITAL SUPPLY CO LTD |
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Registered Office : |
19 Tzu Chiang Rd Tunglo Hsiang Miaoli Hsien 366 |
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Country : |
Taiwan |
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Financials (as on) : |
2007 |
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Date of Incorporation : |
06.08.1977 |
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Com. Reg. No.: |
20765714 |
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Legal Form : |
Public Company |
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Line of Business : |
Manufacturing of medical supplies and clinical oxygen and gas piping systems. Sales and distribution of manufactured products to local and
international markets. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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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 |
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Maximum Credit Limit : |
USD 800,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
PACIFIC
HOSPITAL SUPPLY CO LTD
4FL, 160 TA YEH RD PEITOU DIST
TAIPEI CITY 112, TAIWAN
TEL: 886-2-28955050 FAX: 886-2-28917873
EXECUTIVE SUMMARY
INCORPORATION DATE :
AUGUST 6, 1977
REGISTRATION NO. :
20765714
LEGAL FORM :
PUBLIC COMPANY
CHIEF EXECUTIVE :
MR. GEORGE YUAN-YUNG LEE (CHAIRMAN)
STAFF STRENGTH :
504
CAPITAL :
US$ 18,633,540
BUSINESS LINE :
MANUFACTURER
TURNOVER :
NTD 832,847,000 (AS OF 2007)
EQUITIES :
NTD 636,478,000 (AS OF 2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 800,000
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
TWD 33.49831 = 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 –Taiwan New Dollars
Registered Legal Address: 19 Tzu Chiang Rd Tunglo Hsiang Miaoli Hsien
366
*Company History*
=================
Mid-1991 - Gave TRI-FORTUNE HOSPITAL SUPPLY CO LTD the
sole right to sell their medical oxygen piping systems.
9 February, 2004 - Became listed
in TSE - OTC Market
2005 -
Tong-Lo consumables factory was constructed and ready for production.
2006 - The
first convertible bond was no longer traded over the counter.
August 2007 - The automatic
warehousing system was implemented officially.
*Company Registration*
===================
(1)
License number : 20765714
Date issued : 6
August, 1977
Issuing authority : Ministry of
Economic Affairs
(2)
License number : 80705043
Date issued : 18
February, 2004
Issuing authority : Ministry of Economic Affairs
Type of license : Taipei
Branch license
*Company Name*
=============
Incorporated as :
PACIFIC SURGICAL PRODUCTS CO LTD
Date of incorporation : 6 August, 1977
Changed name to : PACIFIC
HOSPITAL SUPPLY CO LTD
Date of change : 13
April, 2004
*Capital Details*
==============
Authorized capital : NTD 600,000,000.00
Initial paid-up capital : NTD 1,000,000.00
Paid up capital increases as follows :
Year
Increase to (NTD)
------
------------------------
1992
35,550,000.00
1998 50,000,000.00
2000
156,310,000.00
2001
192,000,000.00
2002
230,000,000.00
2004
301,315,000.00
- 382,379,990.00
-
480,000,000.00
*Licenses & Permits*
=================
(1)
License number : 9963196300
Date issued : 17 July,
1995
Issuing authority : Industrial Development Bureau, MOEA
Type of license : TUNGLO Factory license
Address : 11 Min
Chih Rd ,Tunglo Hsiang
(2)
License number : 9963293301
Date issued : 19 July,
2002
Issuing authority : Industrial Development Bureau, MOEA
Type of license : TUNGLO
3rd Factory license
Address : 16 Min
Sheng Rd,Tunglo Hsiang
(3)
License number : 9963194000
Date issued : 15
December, 1984
Issuing authority : Industrial Development Bureau, MOEA
Type of license : Factory
license
Address : 19 Tzu Chiang Rd, Tunglo Hsiang
*Office & Facilities*
================
Size :
165.32 sq meters (Approx)
Location : Taipei
City
Property status : Rented
Type of building : Commercial
Other tel no :
2-28337323
*Factories, Size & Locations*
=======================
The firm maintains three (3) manufacturing premises as listed below:
(1)
Size :
991sq meter (Approx)
Location : Miaoli
Hsien
Type of building : Industrial building
(2)
Size :
1200 sq meters (Approx)
Location : Miaoli
Hsien
Type of building : Industrial building
(3)
Size :
1100square meter(Approx)
Location : Miaoli Hsien
Type of building : Industrial building
*Corporate & Organization Structure*
=============================
The company is listed on the OTC (Over-the-counter Exchange) but is
considered a "public company" belonging to the category of "Shang
gui" (Emerging Public companies).
Organization Chart
-------------------------
Chairman
|
General Manager
|
-----------------------------------------------------
| | | |
Assistant Factory 1 Factory 2 Factory 3
| Manager
Manager Manager (*)
|
| | |
| (13) (52)
(16)
| | |
Admin. Design Secr/Runner
(5) (5) (2)
(*) There is one manager who is
responsible for both Factory 2 & Factory 3.
*Industry Ranking*
================
Generally regarded as one of the Top 5000 Companies in Manufacturing
Industry of Taiwan.
Details of rank are as follows:
Year Rank
------ -------
2005 3178
2006 2729
2007 2590
*Auditors*
=========
- DELOITTE & TOUCHE CO
*Registrar*
=========
- FUBON SECURITIES CO LTD
www.pahsco.com.tw
SC’s website is unable to be landed at present for the technical reason.
E-mail: pahsco@ms9.hinet.net
For the past two years there is no record of litigation.
*Major Shareholders*
===============
Total number of shareholders: 8
Total number of shares: n/a
Shareholders Country Number Amount %
Mr. Kuei-chieh Chou Taiwan n/a n/a n/a
Mr. Jen Chung Taiwan 3,968,403.00 n/a n/a
Mr. George Yuan-yung Lee Taiwan 2,715,166.00 n/a n/a
Ms. Min-chih Chang Taiwan 1,379,293.00 n/a n/a
Ms. An-ting Chung Taiwan 243,043.00 n/a n/a
Mr. Fu-yi Chiang Taiwan 120,000.00 n/a n/a
Mr. Li-min Cheng Taiwan 21,521.00 n/a n/a
Mr. Yuan-nung Wu Taiwan 144.00 n/a n/a
Management: Ms. Yi-chun Wang,
Manager
Mr.
Chia-cheng Wu, Director
Mr. Chin-hui Liao, Manager
Name Nationality
Job Description Dept. / Division
Ms. Yi-chun Wang Taiwanese
Manager Audit
Mr. Chia-cheng Wu Taiwanese
Director Catering & Conference
Mr. Chin-hui Liao Taiwanese
Manager Factory
Ms. Yun-feng Liao Taiwanese
Manager Factory
Ms. Nancy Chang Taiwanese
Manager Human Resources
Ms. Li-mei Chen Taiwanese
Manager Int'l
Mr. Cheng-lung Lee Taiwanese
Manager R&D
Mr. Ming-chung Chen Taiwanese
Manager R&D
Mr. Denice Hsin-yueh Chen Taiwanese
Representative Sales
Ms. Hsiu-ting Chang Taiwanese
Representative Sales
Ms. Li-hua Hsu Taiwanese
Representative Sales
Ms. Hilda Li-jung Chen Taiwanese
Assist. General Manager -
Mr. Jen Chung Taiwanese
General Manager -
Mr. Chi-chung Wang Taiwanese
Manager -
Mr. Chih-ming Lai Taiwanese
Manager -
Mr. Jacky Chia-mao Lee Taiwanese
Vice General Manager -
Mr. Kai-fang Chang Taiwanese
Vice General Manager -
*COMPANY DIRECTORS*
=====================
1
Name : Mr. George Yuan-yung Lee
Nationality : Taiwanese
Country of Residence : Taiwan
*Main Products & Services*
======================
Specializes in the following areas of work:
1. Manufacturing a wide range of medical supplies and clinical oxygen
and gas piping systems.
2. Sales and distribution of manufactured products to local and
international markets.
Note: Production is tailored to special client's requirements.
Product also include:
- Underwater thoracic drainage units
Products: Air bacteria filters
Anesthesia
circuit
Catheters
Cotton bat
Cotton sphere
*Brand*
======
PACIFIC
PASCO
*Payment Terms*
==============
Sales
-------
Local : 30-90 days credit
Cash
Export : Letter of Credit (L/C)
Telegraphic
Transfer (T/T)
Purchases
--------------
Local : 30-90 days credit
Import : Letter of Credit (L/C)
Telegraphic Transfer (T/T)
Open account /DA
terms with settlement using Telegraphic Transfer (T/T)
*Quality Certification*
==================
Obtained the following certifications:
- ISO 9001
- CE
- GMP
- UL
*Production Capacity*
==================
(1)
Item :
Medical treatment consume
Maximum capacity : 67,000,000 (NTD 1000/Tons)
Current capacity :
49,860,382 (NTD 1000/Tons)
Year :
2007
(2)
Item :
Medical treatment instrument
Maximum capacity : 200,000 (NTD 1000/Tons)
Current capacity :
84,652 (NTD 1000/Tons)
Year :
2007
(3)
Item :
Medical treatment construction
Current capacity : 187 (NTD
1000/Tons)
Year :
2007
*Exhibition Participation*
====================
Participated in the following local exhibitions:
(1)
Exhibition fair : MEDIPHAR
TAIPEI - Int'l Show on Medical Equipment, Pharmaceuticals & Bio-Technology
Dates attended : 7-10 November, 2003
Location : Taipei
World Trade Center (TWTC)
(2)
Exhibition fair : MEDIPHAR
TAIPEI - Int'l Show on Medical Equipment, Pharmaceuticals & Bio-Technology
Dates attended : 4-7 November, 2004
Location : Taipei
World Trade Center (TWTC)
*Associations*
============
Member of :
- Taiwan Medical Industry Association
*Competitors*
===========
The following locally based firms supply similar range of products :
- AGILENT TECHNOLOGIES TAIWAN LTD
- CHARMING HEALTH BUSINESS CO LTD
- FORTUNE MEDICAL INSTRUMENT CORP
- MIN BRIGHT CORP
- UNIK SURGICAL SUTURES CO LTD
- VADI MEDICAL TECHNOLOGY CO LTD
- YUNG KANG MEDICAL DEVICE & TECHNOLOGIC CO LTD
*Imports*
========
Medical grade plastics are imported.
*Domestic Agents & Distributors*
===========================
- MING HWAY TRADING CO LTD
*Local Distribution Network*
=======================
40% of the annual turnover is attributed to local sales.
*Export Markets*
==============
60% of the annual turnover is attributed to export.
*International Trade Ranking*
=======================
The firm has been ranked among Taiwan's Top Importers/Exporters based on
the standard measured by the
Board of Foreign Trade (BOFT)
Details of rank are as follows :
Year Rank
------ -------
2006 2241
*LOCAL BRANCHES & MANAGEMENT*
=================================
Branch : PACIFIC HOSPITAL SUPPLY CO LTD - TUNGLO HSIANG
Branch Address : 16 Min Sheng Rd Tunglo Hsiang, Miaoli Hsien 366
Branch : PACIFIC HOSPITAL SUPPLY CO LTD - MIAOLI CITY
Branch Address : 19 Tzi Chiang Rd Miaoli City, Miaoli Hsien 360
Branch : PACIFIC HOSPITAL SUPPLY CO LTD - KAOHSIUNG CITY
Branch Address : 479 Wen Chun Rd Tsoying Dist, Kaohsiung City, 813
Branch Tel : [+886] 7-3508150
Branch : PACIFIC HOSPITAL SUPPLY CO LTD - TUNGLO HSIANG
Branch Address : 11 Min Chih Rd Tunglo Hsiang, Miaoli Hsien 366
Branch Tel : [+886] 7-3508150
*(Subsidiaries , Joint-ventures & Affiliates)
=============================
Company Name : ATLANTIC HOSPITAL SUPPLY CO LTD
Address : Tung Lo Ind. Park 11 Min Che Rd Tsaochiao Hsiang 361 Miaoli Hsien
Taiwan
Country : Taiwan
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Medical Equipment & Pharmaceutical
Company Name : BUCKLAND INC LTD
Country : Virgin Islands (British)
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Medical Equipment & Pharmaceutical
Company Name : PACIFIC HOSPITAL SUPPLY CO LTD
Country : Virgin Islands (British)
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Medical Equipment & Pharmaceutical
Company Name : PACIFIC MEDICAL ENGINEERING & CONSULTANT CO LTD
Address : 53 Kuo Hsin 21 Lin Nan Shih Li Miaoli City 360 Miaoli Hsien
Taiwan
Country : Taiwan
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Service
Industry : Professional Services
*OVERSEAS AGENTS AND DISTRIBUTORS*
===================================
Agent : LABO-MEDICA PTE LTD
Country of Origin : Singapore
Product Description : Tubings
Brand : Pahsco
Year : 1996
*IMPORTER AGENCY LISTING*
==========================
Supplier : HILL-ROM INC
Country of Origin : USA
Product Description : Hospital equipment
Brand : Hill-Rom
Year : 2000
Supplier : OXYGEN GENERATING SYSTEMS INC
Country of Origin : USA
Product Description : Oxygenating system
Brand : OGSI
Year : 2000
PAYMENT RATING : 3 OBTAINED SCORES :
74
|
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 MODERATE
amounts depending on individual judgement experience.
*BANK DETAILS*
===============
Bank Name : LAND BANK OF TAIWAN
Branch : Shihlin Dist,Taipei City
Branch Address : 689 Chung Shan North Rd Section 5
Account No. : 009-051-61103-6
SWIFT Code : LBOTTWTP
Balance Sheet
Currency : NTD
Denomination : in thousand
2006 2007
------- ---------
Current Assets 522,303 525,431
Funds & long-term investments 8,233 7,847
Property 267,741 295,260
Other Assets 12,199 9,452
Current Liabilities (Before) 212,417 193,068
(After)
285,330 -
Long-term Liabilities 925 -
Other Liabilities 13,271
15,597
Common stock 414,430 418,153
Capital Reserve 64,826 64,858
Retained Earnings (Before)
109,893 154,224
(After)
36,980 -
Total Assets 815,762 845,143
Total Liabilities (Before) 226,613 208,665
(After) 299,526 -
Total Shareholder's Equity (Before) 589,149
636,478
(After) 516,236 -
Income Statement
Currency : NTD
Denomination : in thousand
2006 2007
------- ---------
Operating revenue 738,926 832,847
Gross Profit 201,415 240,872
Operating Income 90,862 109,600
Non-operating income 22,359 15,273
Non-operating expense 11,385 6,404
Net Income
78,717 117,244
Earnings (losses) per share (After) 2.03 2.82
*Financial Ratio*
=============
2006 2007
------- ---------
Ratio of liabilities to Assets % 27.78 24.69
Ratio of long-term capital to fixed
Assets%
220.39 215.57
Current ratio%
245.89 272.15
Quick ratio% 162.44 160.51
Interest coverage 62.38 91.64
Turnover of receivable (times) 6.08 6.73
Average collection period of receivable 60.03
54.22
Turnover of inventories (times) 3.93 3.58
Average days of sales 92.87 102.07
Turnover of fixed assets (times) 2.76 2.82
Turnover of total assets (times) 0.91 0.99
Return on total assets% 9.65 13.87
Operating Income 21.92 26.21
Net Income before tax 24.57 28.33
Profit margin% 10.65 14.08
*Financial Summary (Currency: U.S. $'s)
==============================
Year Sales Assets Net Income
1988 $3,244,529.80 n/a $35,430.28
1989 $4,329,498.88 n/a $98,240.28
1990 $4,885,333.56 n/a $141,413.20
1992 $5,074,074.07 $3,481,481.48 n/a
2000 $11,876,018.66 $11,602,799.38
$1,277,045.10
2001 $12,322,460.82 $12,249,535.69 $137,144.52
2002 $11,935,010.06 $12,392,785.28 $372,837.02
2003 $14,215,282.58 $13,594,492.50 $1,120,732.41
2004 $18,236,270.68 $22,693,864.66 $1,930,796.99
2005 $16,772,069.51 $22,679,652.45 $924,802.53
2006 $22,337,545.34 $24,660,278.11 $2,379,594.92
2007 $25,131,170.79 $25,502,202.78 $3,537,839.47
*Int´l Trade Activity (Currency: U.S. $'s)
===============================
Year Imports Exports Total
2002 $600,000.00 $4,000,000.00 $4,600,000.00
2003 $1,000,000.00 $6,000,000.00 $7,000,000.00
2004 $800,000.00 $10,000,000.00 $10,800,000.00
2005 $880,000.00 $14,200,000.00 $15,080,000.00
2006 $1,062,327.00 $14,956,070.01 $16,018,397.01
2007 $960,000.00 $16,500,000.00 $17,460,000.00
SC is considered large-sized in its line with a development history of
31 years. Taking into consideration of SC’s general performance, a credit line
up to USD 800,000 appears to be within SC’s capacities.
Attached:
trade references
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 3069 Fabricated
rubber products,
Exporting 3841 Surgical
and medical instruments and apparatus,
Exporting 3845 Electromedical
and electrotherapeutic apparatus, and parts,
Exporting 5047 Medical/Dental
Equip/Supplies
Manufacturing 3069 Fabricated
rubber products,
Manufacturing 3827 Optical
instruments, and parts,
Manufacturing 3841 Surgical
and medical instruments and apparatus,
Manufacturing 3845 Electromedical
and electrotherapeutic apparatus, and parts,
Manufacturing 3851 Ophthalmic
goods, and parts,
Manufacturing 5047 Medical/Dental
Equip/Supplies
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 3926 Articles
of plastics (inc polymers & resins)
Exporting 4003000000 Reclaimed rubber in primary forms or in plates, sheets or strip
Exporting 8543809400 Electrical machines and apparatus, for electrical nerve similation
Exporting 9000 Optical,
photographic, cinematographic, measuring, checking, precision, medical or
surgical instruments & accessories
Exporting 9018200000 Ultraviolet or infrared ray apparatus, and parts and
accessories
Exporting 9018903000 Anesthetic instruments and appliances and parts and accessories
Exporting 9018908000 Other instruments and appliances used in medical, surgical,
dental or veterinary sciences
Exporting 9019200000 Ozone therapy, oxygen therapy, aerosol therapy, artifical
respiration or other therapeutic respiration apparatus; parts and accessories
Exporting 9020 Breathing
appliances & gas masks nesoi; parts etc
Exporting 9026800000 Instruments and apparatus for measuring or checking other
variables of liquids or gases
DETAILED PRODUCT
CLASSIFICATION & ACTIVITY
Activity Product/Service Description
Exporter Hoses
Exporter Medical
equipment
Exporter Medical
supplies
Exporter Medicine
kits
Exporter Urinary
catheters
Exporter Thoracic instruments
Exporter Suction
units
Exporter Suction
catheters
Exporter Retractors
Exporter Rectal
tubes
INTERNATIONAL
TRADE: ACTIVITY & MARKETS
Country / Region Main Trading Activity
Asia / Pacific Exporting,Importing
Europe Exporting,Importing
Middle-East Exporting,Importing
North America Exporting,Importing
Pacific Exporting
Afghanistan Exporting
Angola Exporting
Argentina Exporting
Australia Exporting
Austria Exporting
Belgium Exporting
Benin Exporting
Bolivia Exporting
Brazil Exporting
Bulgaria Exporting
Burkina Faso Exporting
Cambodia Exporting
Canada Exporting
Chile Exporting
China Exporting,Importing
Colombia Exporting
Costa Rica Exporting
Czech Republic Exporting
Denmark Exporting
Dominica Exporting
Ecuador Exporting
Egypt Exporting
El Salvador Exporting
France Exporting
Germany Exporting
Greece Exporting
Guatemala Exporting
Guinea-Bissau Exporting
Guyana Exporting
Haiti Exporting
Hong Kong Exporting
India Exporting
Indonesia Exporting,Importing
Ireland Exporting
Israel Exporting,Importing
Italy Exporting,Importing
Japan Exporting
Kuwait Exporting
Latvia Exporting
Lebanon Exporting
Malaysia Exporting,Importing
Mexico Exporting
Nepal Exporting
Netherlands Exporting
Nicaragua Exporting
Nigeria Exporting
Oman Exporting
Pakistan Exporting
Panama Exporting
Peru Exporting
Philippines Exporting
Portugal Exporting
Qatar Exporting
Russia Exporting
Saudi Arabia Exporting
Singapore Exporting
South Africa Exporting
South Korea Exporting,Importing
Spain Exporting
Sri Lanka Exporting
Swaziland Exporting
Sweden Exporting
Tanzania Exporting
Thailand Exporting
Trinidad & Tobago Exporting
Turkey Exporting
USA Exporting,Importing
Uganda Exporting
Ukraine Exporting
United Arab Emirates Exporting
United Kingdom Exporting,Importing
Vietnam Exporting
Yemen (Sanna) Exporting
Zimbabwe Exporting
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.12 |
|
UK Pound |
1 |
Rs.72.59 |
|
Euro |
1 |
Rs.63.52 |
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%)