MIRA
INFORM REPORT
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Report Date : |
12.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
DAH SAN ELECTRIC WIRE & CABLE CORP |
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Registered Office : |
369 Yun Lin Rd Section 3 Touliu City Yunlin Hsien 640 |
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Country : |
Taiwan |
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Financials (as on) : |
2007 |
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Date of Incorporation : |
15.04.1974 |
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Com. Reg. No.: |
64829434 |
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Legal Form : |
Public Listed Company |
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Line of Business : |
Local purchasing and importing of various types of aluminum strips,
kaolin, refined coppers and other related raw materials for in-house use. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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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 1,000,000 |
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Status : |
Very Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
DAH
SAN ELECTRIC WIRE & CABLE CORP
369 YUN LIN RD SECTION 3 TOULIU CITY
YUNLIN HSIEN 640, TAIWAN
TEL: 886-5-5222331 FAX: 886- 5-5220478
EXECUTIVE SUMMARY
INCORPORATION DATE :
APRIL 15, 1974
REGISTRATION NO. :
64829434
LEGAL FORM :
PUBLIC LISTED COMPANY
CHIEF EXECUTIVE :
MR. WEN-BIN SO (CHAIRMAN)
STAFF STRENGTH :
255
CAPITAL :
US$ 37,267,081
BUSINESS LINE :
MANUFACTURER
TURNOVER :
NTD 4,160,239,000 (AS OF DEC. 31, 2007)
EQUITIES :
NTD 1,200,593,000 (AS OF DEC. 31, 2007)
PAYMENT :
ABOVE AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 1,000,000
MARKET CONDITION :
COMPETITIVE
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
*Company History*
===============
1984 -
Started technical cooperation with SHOWA ELECTRIC WIRE & CABLE CO of Japan.
1996 -
Started to produce UL-approved LAN cables.
30 March, 2000 - Became
a public listed company under code 1615 with symbol DAH SAN.
2003 -
Started to produce 161 KV high voltage power cables.
*Licenses & Permits*
================
(1)
License number : 9965303800
Date issued : 20
December, 1991
Issuing authority : Industrial
Development Bureau, MOEA
(2)
License number : 9965303500
Date issued : 18 July,
1974
Issuing authority :
Industrial Development Bureau, MOEA
*Capital Details*
=============
Authorized capital :
NTD 1,200,000,000.00
Initial paid-up capital :
NTD 10,000,000.00
Paid-up capital increases as follows:
Year Amount (NTD)
------- -----------------------
1977 20,000,000.00
1981 35,000,000.00
-- 968,500,290.00
*Office & Facilities*
================
Size : 5,299 sq. meter
(Approx.)
Location :
Yunlin County
Property status : Owned
by DAH SAN ELECTRIC WIRE & CABLE CORP.
Type of building :
Industrial building
Comment :
Serves as office and factory.
Other contact details
----------------------------
Tel no : 5-5222333
E-mails : - purchase@dahsan.com.tw
*Factories, Size & Locations*
======================
Size
: 3,674 sq. meter (Approx.)
Location : Yunlin County
Property status : Owned
by DAH SAN ELECTRIC WIRE & CABLE CORP.
Type of building :
Industrial building
*Corporate & Organization Structure*
============================
A large sized company operated and managed by an experienced team of
professionals.
*Industry Ranking*
==============
- Ranked among Taiwan's largest manufacturing corporations
- Generally regarded as one of the Top 5000 Companies in Manufacturing
Industry of Taiwan.
Details of rank are as follows :
Year Rank
------- ---------
2005 928
2006 666
2007 828
*Sales Ranking*
=============
Details of rank as follows :
Year Rank
------ -------
1992 461
1997 453
1998 474
1999 481
2002 743
2003 794
2004 610
*Auditor*
========
KPMG, Cerified Public Accountants
*Registrar*
=========
GRAND CATHAY SECURITIES CORP
www.dahsan.com.tw
The design is professional and the content is well organized. At present it is
in Chinese, Japanese and English versions.
E-mail: dah.san@msa.hinet.net
For the past two years there is no record of litigation.
*Major Shareholders*
===============
Total number of shareholders: N/A
Total number of shares: N/A
Shareholders Country Number Amoun %
Mr. Wen-kuan So Taiwan 17,341,740.00 n/a n/a
TA CHIN INVESTMENT CO LTD Taiwan 10,875,600.00 n/a n/a
BIN YANG INVESTMENT CO LTD Taiwan 7,200,000.00 n/a n/a
Ms. Ai-chin Chao Taiwan 667,279.00 n/a n/a
Ms. Chun-hua Hsu Taiwan 72,549.00 n/a n/a
Mr. Yung-tang Hsieh Taiwan 11,277.00 n/a n/a
Mr. Chi-chiang Hua Taiwan 10,376.00 n/a n/a
Ms. Pi-yun Hung Taiwan 10,346.00 n/a n/a
Mr. Wu-ping Kuo Taiwan
4,831.00 n/a n/a
Management: Mr. Min-chan Hsu,
Commissioner
Mr. Wen-kuan So, General Manager
Ms. Tsai-fen Hsieh, Manager
Name Nationality
Job Description
Mr. Min-chan Hsu Taiwanese
Commissioner
Mr. Wen-kuan So Taiwanese
General Manager
Ms. Tsai-fen Hsieh Taiwanese
Manager
*COMPANY DIRECTORS*
=====================
1
Name : Mr. Wen-bin So
Nationality : Taiwanese
Country of Residence : Taiwan
2
Name : Mr. Wen-kuan So
Nationality : Taiwanese
*Main Products & Services*
======================
Specializes in the following areas of work :
1. Local purchasing and importing of various types of aluminum strips, kaolin,
refined coppers and other related raw materials for in-house use.
2. Manufacturing various range of electronic wires, cables and other
related electronic products.
3. Sales and distribution of manufactured products to local and overseas
markets.
Products: Aluminum strip
Bare copper
wires
Communication
cables
Electric
cables
Electric wires
*Brand*
======
DAH SAN
*Payment Terms*
=============
Sales
--------
Local : Cash
30-90 days credit
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)
*Quality Certification*
=================
Obtained the following certifications:
(1)
Type of certification : ISO 9002
Years of certification : 1994 & 1995
(2)
Type of certification : JIS
Years of certification : 2004
Other details :
Obtained for Coaxial Cable for CATV products
(3)
Type of certification : ETL
Years of certification : 2005
Other details :
Obtained for CAT.6 LAN cable products.
*Competitors*
===========
The following locally based companies supply similar range of products :
- ASIA ELECTRIC WIRE & CABLE CO LTD
- CHENGYA ELECTRIC WIRE & CABLE CO LTD
- DAN CHIEF ENTERPRISE CO LTD
- JUMBO ELECTRIC WIRE & CABLE CO LTD
- SMT ELECTRONIC TECHNOLOGY LTD
*Local Distribution Network*
=======================
Approximately 90% of the annual turnover is attributed to local
sales.
*Export Markets*
=============
Approximately 10% 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
----- --------
1997 1216
2001 1948
2002 1959
2003 1718
2004 1432
2005 1339
2006 1010
2007 853
*LOCAL BRANCHES & MANAGEMENT*
=================================
Branch : DAH SAN ELECTRIC WIRE & CABLE CORP - KAOHSIUNG CITY
Branch Address : 7FI, 255-3, Chiu Ju 2ed Rd Sanming Dist, Kaohsiung
City, 807
Branch Tel : [+886] 7-3223110
Branch Employees : 7
Branch : DAH SAN ELECTRIC WIRE & CABLE CORP - TAIPEI CITY
Branch Address : 85-1 Ning Po West St Chungcheng Dist, Taipei City, 100
Branch Email : taipei@dahsan.com.tw
Branch Employees : 12
PAYMENT RATING : 2 OBTAINED SCORES :
75
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Implication |
Implications |
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1 |
Scores 85–100 |
Excellent |
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2 |
Scores 75 – 84 |
Above Average |
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3 |
Scores 50 – 74 |
Average |
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4 |
Scores 35 – 49 |
Fair |
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5 |
Scores 15 – 34 |
Below Average |
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6 |
Scores 01 – 14 |
Poor |
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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 TAIWAN
Branch : Chungcheng Dist, Taipei City
Branch Address : 120 Chung Ching South Rd Section 1
SWIFT Code : BKTWTWTP
Bank Name : MEGA INT'L COMMERCIAL BANK CO LTD
Branch : Touliu City
Branch Address : 225 Yun Lin Rd Section 2
SWIFT Code : ICBCTWTP
Balance Sheet
Currency : NTD
Denomination : In Thousand
2006 2007
----------------
----------------
Current Assets 1,345,837.00 1,187,282.00
Funds & long-term
investments 52,480.00 49,612.00
Property 866,398.00 943,022.00
Other Assets 126,799.00 62,501.00
Current Liabilities (Before)
778,973.00 662,251.00
(After)
778,973.00
--
Long-term Liabilities 305,617.00 317,934.00
Other Liabilities 61,657.00
61,639.00
Common stock 968,500.00 968,500.00
Capital Reserve -- --
Retained Earnings (Before)
243,887.00 260,395.00
(After)
243,887.00
--
Total Assets 2,391,514.00 2,242,417.00
Total Liabilities (Before) 1,146,247.00
1,041,824.00
(After)
1,146,247.00
--
Total Shareholder's
Equity (Before) 1,245,267.00 1,200,593.00
(After) 1,245,267.00 --
Income Statement
Currency : NTD
Denomination : In Thousand
2006 2007
---------------- ----------------
Operating revenue 3,605,694.00 4,160,239.00
Gross Profit 368,388.00 342,897.00
Operating Income 246,209.00 224,828.00
Non-operating income 23,340.00 12,227.00
Non-operating expense 70,565.00 37,023.00
Net Income 171,203.00 156,248.00
Earnings (losses) per share (After) 1.77 1.61
*Financial Ratios*
===============
2006
2007
---------------- ----------------
Ratio of liabilities to Assets % 47.93 46.46
Ratio of long-term capital 179.00 161.03
to fixed Assets %
Current ratio % 172.77 179.28
Quick ratio % 91.38 90.24
Interest coverage
8.19
Turnover of receivable (times) 10.15 9.73
Average collection period of receivable 36.00
38.00
Turnover of inventories (times) 6.14
6.78
Turnover of expense (times)
Average days of sales 59.00 54.00
Turnover of fixed assets (times) 4.16 4.41
Turnover of total assets (times) 1.51 1.86
Return on total assets % 7.16 6.97
Operating Income 25.42 23.21
Net Income before tax 20.55 20.65
Profit margin % 4.75 3.76
*Financial Summary (Currency: U.S. $'s)
==============================
Year Sales Assets Net Income
1992 $43,333,333.33 $47,074,074.07
$1,512,592.59
1998 $70,851,851.85 $65,666,666.67 $3,333,333.33
2001 $42,919,326.76 $61,781,775.97 -$1,073,708.65
2003 $45,652,739.33 $66,895,213.38 -$1,399,423.30
2004 $73,843,368.42 $64,979,398.50 $3,548,932.33
2005 $79,470,078.99 $70,091,121.64 -$646,382.31
2006 $108,999,214.03 $72,294,860.94 $5,175,423.22
2007 $125,535,274.59 $67,664,966.81 $4,714,785.76
*Int´l Trade Activity (Currency: U.S. $'s)
===============================
Year Imports Exports Total
1996 $21,300,000.00 $7,000,000.00 $28,300,000.00
1997 $9,500,000.00 $7,600,000.00 $17,100,000.00
1998 $13,100,000.00 $5,800,000.00 $18,900,000.00
2005 $19,765,407.99 $7,520,300.98 $27,285,708.97
2006 $30,353,277.00 $10,696,568.98 $41,049,845.98
2007 $42,541,563.01 $9,812,576.98 $52,354,139.99
SC is considered large-sized in its line with a development history of 34
years. Taking into consideration of SC’s general performance, a credit line up
to USD 1,000,000 appears to be within SC’s capacities.
Attached:
trade references
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 3357 Nonferrous
metal wire and cable, drawn and insulated
Exporting 3496 Fabricated
wire products,
Exporting 3643 Current-carrying wiring devices
Exporting 5063 Electrical
Equip/Wiring
Exporting 5065 Electronic
Parts/Equip, NEC
Importing 2299 Textile
goods,
Importing 3499 Fabricated
metal products,
Importing 5162 Plastics
Mat'ls/Basic Forms
Manufacturing 3357 Nonferrous
metal wire and cable, drawn and insulated
Manufacturing 3496 Fabricated
wire products,
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 4415100000 Cases, boxes, crates, drums and similar packings of wood;
cable-drums of wood
Exporting 5609 Art
of yarn like of head 5404/5405 twine or cable
Exporting 7408190000 Refined copper wire, with a maximum cross-sectional dimension
under 6mm
Exporting 8544 Insulated
wire, cable etc; opt sheath fib cables
Exporting 8544200000 24sulated coaxial cable and coaxial electrical conductors
Exporting 8544592040 Insulated electric conductors > 600 v of copper
Importing 2507000000 Kaolin and other kaolinic clays, whether or not calcined
Importing 3901100010 Polyethylene having a specific gravity of less than 0.94,linear
low density polyethylene
Importing 3901200000 Polyethylene having a specific gravity of 0.94 or more
Importing 3901901000 Polymers of ethylene in primary form, elastomeric
DETAILED PRODUCT
CLASSIFICATION & ACTIVITY
Activity Product/Service Description
Exporter Power
cables
Exporter Rubber
wires
Exporter Power wires
& cables
Exporter PVC electric
wires
Exporter Electronic
wires
Importer Polymers
Importer Aluminum
strip
Importer Refined
copper
Importer Kaolin
Manufacturer PVC electric
wires
INTERNATIONAL
TRADE: ACTIVITY & MARKETS
Country / Region Main Trading Activity
Africa Exporting
Asia / Pacific Exporting,Importing
Europe Exporting,Importing
Middle-East Exporting
North America Exporting,Importing
Pacific Importing
South America Exporting,Importing
Australia Importing
Belgium Exporting,Importing
Canada Exporting
Chile Exporting,Importing
Costa Rica Exporting
Denmark Exporting
France Exporting
Germany Exporting
India Exporting,Importing
Israel Exporting
Italy Exporting
Japan Exporting,Importing
Netherlands Exporting
Philippines Importing
Saudi Arabia Exporting
Singapore Exporting
South Africa Exporting
Sweden Exporting,Importing
USA Exporting,Importing
United Arab Emirates Exporting
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.71 |
|
UK Pound |
1 |
Rs.72.85 |
|
Euro |
1 |
Rs.64.70 |
RATING
EXPLANATIONS
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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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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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)