MIRA
INFORM REPORT
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Report Date : |
28.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
POU CHEN CORP |
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Registered Office : |
2 FU Kung Rd Fuhsing Hsiang Changhwa Hsien 506 |
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Country : |
Taiwan |
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Financials (as on) : |
2006 |
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Date of Incorporation : |
04.09.1969 |
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Com. Reg. No.: |
58711014 |
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Legal Form : |
Public Listed Company |
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Line of Business : |
Research and Development of Technologies Related to Shoe's Material |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 5,000,000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
POU
CHEN CORP
2 FU KUNG RD FUHSING HSIANG
CHANGHWA HSIEN 506, TAIWAN
TEL: 886-4-7695147 FAX: 886-4-7695150
EXECUTIVE SUMMARY
INCORPORATION DATE :
SEPTEMBER 4, 1969
REGISTRATION NO. :
58711014
LEGAL FORM :
PUBLIC LISTED COMPANY
CHIEF EXECUTIVE :
MR. CHI-CHIEN TSAI (PRESIDENT)
STAFF STRENGTH :
3,082
CAPITAL :
US$ 1,146,650,573
BUSINESS LINE :
MANUFACTURER
TURNOVER :
NTD 14,223,544,000 (AS OF 2006)
EQUITIES :
NTD 37,055,594,000 (AS OF 2006)
PAYMENT :
EXCELLENT
RECOMM. CREDIT RANGE : UP TO
USD 5,000,000
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STRONG
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : WELL
KNOWN
EXCHANGE RATE :
TWD 31.06250 = 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*
==============
1958 - Year established.
1969 - Started manufacturing PVC
sandals and indoor slippers.
1979 - Received its first
orders from ADIDAS.
1980 - Signed ADIDAS as its
first big name client.
1985 - Appointed by REEBOK as
its primary manufacturer of athletic shoes.
1988 - Began to move its factories
in China.
1990 - Designated by NIKE as
its main manufacturer.
- Established its
owned mould shop.
1997 - Got adverse press coverage over alleged
poor working conditions when a supervisor at its Vietnam plant, which made
shoes for NIKE, was sentenced to six months jail for physically abusing
workers.
1999 - The Group diversified
into electronics industry by investing GBM.
2002 - Acquired all
shareholding of PRIME ASIA LEATHER CORP.
- Sold 67 companies
to Yue Yuen for "upstream" vertical integration.
2003 - YUE YUEN was named as one of the
constituent stocks of Morgan Stanley Capital Investment Standard Index Series
(MSCI) and the Hang Seng Index.
2004 - Turned to be an industrial holding
company with footwear and electronics as core businesses
2006 - The company's Headquarter and WINDSOR
HOTEL (Taichung) inaugurated in Taichung.
*Capital Details*
============
Authorized capital : NTD
38,000,000,000.00
Initial paid up capital : NTD
500,000.00.00
Paid up capital increase: NTD 25,118,539,870.00
Capital increases as follows:
Year Increase (NTD)
-------
--------------------
1973
12,000,000.00
1976
30,000,000.00
1977 52,000,000.00
1978
80,000,000.00
1982
160,000,000.00
1984
170,000,000.00
1987
379,000,000.00
1989
920,000,000.00
1990
1,106,000,000.00
1999 8,564,219,950.00
2000
12,291,746,190.00
2001
13,520,920,800.00
2002
16,325,822,290.00
2003
18,847,994,530.00
2004
20,936,733,860.00
2005
23,057,928,160.00
2006 24,380,563,360.00
*Licenses & Permits*
================
(1)
License number : 9964549900
Date issued : 4 September, 1972
Issuing authority :
Industrial Development Bureau, MOEA
Type of license : Factory license
(2)
License number : 9964549200
Date issued : 10 January, 1975
Issuing authority :
Industrial Development Bureau, MOEA
Type of license : Factory license
(3)
License number : 9964550200
Date issued : 30 October, 1978
Issuing authority Industrial Development Bureau, MOEA
Type of license : Factory license
(4)
License number : 9964550300
Date issued : 20 April, 1976
Issuing authority :
Industrial Development Bureau, MOEA
Type of license : Factory license
(5)
License number : 9967947101
Date issued : 20 August, 2004
Issuing authority :
Industrial Development Bureau, MOEA
Type of license : Factory license
(6)
License number : 9967974800
Date issued : 21 July, 2005
Issuing authority :
Industrial Development Bureau, MOEA
Type of license : Factory license
*Office & Facilities*
================
The office is located at the same premises as the factory.
Other e-mail: ir@pouchen.com
Previous Contact Details
---------------------------------
Address: Rm A 9Fl Land Reform Museum 1 Tun Hua South Rd Section 1
Sungshan Dist Taipei City 105
Tel no. : 2-25776134
Fax no. : 2-25774773
*Factories, Size & Locations*
======================
The firm maintains two (2) manufacturing premises as listed below:
(1)
Size : 34,560 square meters (Approx.)
Location : Changhwa Hsien
Type of building : Industrial building
Property status : Owned by POU CHEN CORP
Comments : Serves as office and factory
(2)
Size : 3,538 square meters (Approx.)
Location : Changhwa Hsien
Type of building : Industrial building
Property status : Rented
*Corporate & Organization Structure*
===========================
A large-sized company operated and managed by an experienced team of
professionals.
Organization and management of the company is divided into nine (9)
departments.
Listed on TSEC on 19 January, 1990 (Stock code: 9904)
-
Controlled by several members of the Tsai family.
Shareholders
|
|-----Supervisors
|
Board of
Directors
|
Chairman
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|-----Office of Administrative Assistants
|
General Manager
|
-|----------------------------------|-----------------------------------------|-
Chemical Shoe
General
Production Manufacturing Affairs
Division Division
Division
|
| |
-|-------------|-
-|------------------|---------------|- -|--------------|-
| | | | | |
|
Raw Material R&D Production Production
Finance General Auditing
Sec.(Shoes) Sec. Sec. I
Sec. III Sec. Admin.
| | | Sec.
|-EVA Fac. Production Production
|
| Sec. II Sec. IV |-Personnel
|-Chungdi Fac. |
|
|-Purchasing
|-Rubber Fac.
|
|-Publics
Relation
*Industry Ranking*
==============
(1)
Ranked among Taiwan's largest manufacturing corporations.
Details of rank are as follows:
Year Rank
------ -------
1989 71
1990 57
1991 55
1992 61
1993 61
(2)
The firm has been ranked among Taiwan's largest FOOTWEAR manufacturing
corporations.
Details of rank are as follows:
Year Rank
------ -------
1989 1
1990 1
1991 1
1992 1
1993 1
(3)
- Currently ranked as the largest manufacturer of shoes in the world.
- World's largest OEM/ODM shoemaker.
- Covers 20% of the world's shoe industry.
(4)
Generally regarded as one of the Top 1,000 Companies in Manufacturing
Industry of Taiwan.
Details of rank are as follows:
Year Rank
------- ---------
1999 95
2000 110
2001 108
2002 074
2003 039
2004 017
2005 021
2006 020
*Sales Ranking*
=============
Generally regarded as one of the top 500 manufacturing companies in
Taiwan in terms of sales.
*Reputation*
==========
Reference checking for the purpose of establishing the firm's reputation
within the respective industry failed to reveal any negative information.
*Auditor*
========
DELOITTE TOUCHE TOHMATSU INT'L
*Registrar*
=========
TAIWAN INT'L SECURITIES CORP
Web
site: www.pouchen.com.tw
the design is professional and the content is well organized. At present it is
both in Chinese and English versions.
E-mail: amy@mail.pouchen.com.tw
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 %
----------------------------------------------- ---------- -------------------- ----
PANAM PLANTEGENET GROUP LTD n/a 181,039,843.00 n/a
Mr. Chi-chien Tsai Taiwan
30,096,499.00 n/a
CHANG CHING INVESTMENT CO LTD n/a 11,557,758.00 n/a
Mr. Nai-fang Tsai Taiwan
8,534,753.00 n/a
SHEACHANG ENTERPRISE CORP n/a 3,745,913.00
n/a
CHANG MING INVESTMENT CO LTD n/a 2,703,426.00
n/a
LAI CHIA INVESTMENT CO LTD n/a 2,272,923.00 n/a
Management: Mr. George Wei, Manager
Mr. Pei-kuei Chen, Assist. General Manager
Mr. Wu-cheng Lu, Assist. Manager
Name Nationality
Job Description Dept. / Division
Mr. George Wei Taiwanese
Manager Business Development
Mr. Pei-kuei Chen Taiwanese
Assist. General Manager -
Mr. Wu-cheng Lu Taiwanese
Assist. Manager -
Ms. Fang-mei Chen Taiwanese Assist. Manager -
Ms. Ming-kun Ho Taiwanese
Assist. Manager -
Ms. Tsai Taiwanese
Assistant -
Mr. Cheng-nan Shih Taiwanese Finance Controller -
Mr. Chin-chu Lu Taiwanese
General Manager -
Mr. David N. F. Tsai Taiwanese
General Manager -
Mr. Lu-ming Chan Taiwanese
General Manager -
Mr. Nai-fang Tsai Taiwanese
General Manager -
Mr. Sung-yen Kung Taiwanese General Manager -
Mr. Tai-yo Kuo Taiwanese
General Manager -
Mr. Edward Y. Ku Taiwanese
Lawyer -
Mr. Chi-chien Tsai Taiwanese
President -
Mr. Chi-jui Tsai Taiwanese
President -
Mr. Lu-ming Tsan Taiwanese
Representative -
*Main Products & Services*
====================
Specializes in the following areas of work:
1. Research and Development of technologies related to shoe's material.
2. Manufacturing of athletic and casual shoes (OEM and ODM).
3. Selling to both domestic and international markets.
These shoes are produced from several different types of materials, as
listed below :
- Genuine Leather - made by the first and second layer of cow skin
- Imitation Leather
- Plastic
- Rubber
- Artificial leather - contains more than 50% of artificial fiber and
including fabric, PVC injection and cushion
Produces for more than 30 shoe companies on both an OEM and ODM basis
for the following brands:
- NIKE (30%)
- REEBOK (8%)
- LA GEAR
- CONVERSE
- ADIDAS (15%)
- AVIA
- NEW BALANCE
- ROCKPORT
- TIMBERLAND
- ASICS TIGER
- PUMA
- KEDS
- CLARKS
- EASY SPIRIT
Breakdown of revenue as per activity/product for the year 2001 as
follows:
Activity/Product % of Revenue
----------------------- ---------------------
Trading 52
Materials for footwear 28
Mould 8
Paper 4
Chemical 3
Construction nominal and others 3
Cloth produce 2
Products: Athletic shoes
Boxes
Casual shoes
Electronic
peripherals
Footwear
accessories
*Brand*
======
APSPOX
Can-flex
Dualex
Pou Chen
Sorelex
YYSPORTS
*Payment Terms*
=============
Sales
------
Local : 30-60 days credit
Export : Letter of Credit (L/C)
Documents against Acceptance (D/A)
Purchases
--------------
Local : 30-60 days credit
Import : Letter of Credit (L/C)
Documents against
Acceptance (D/A)
*Competitors*
===========
The following locally based companies supply similar range of products:
1. FENG TAY ENTERPRISES CO LTD
2. COMFORT FOOTWEAR CO LTD
3. SHUI HUA LEATHER INDUSTRIAL CO LTD
4. ZUCCA CORP
5. WEAR LEAPER FOOTWEAR CO LTD
6. ST TAI SHOES CO LTD
7. EMPEROR FOOTWEAR CO LTD
8. FONE TAI ENTERPRISE CO LTD
9. DOUBLE FORCE INVESTMENT LTD
10. THRIVE ENTERPRISE CO LTD
11. SPORTS GEAR CO LTD
12. RICE SHOE CO LTD
*Associations*
===========
Member of:
- Taiwan Footwear Manufactures Association
*Technologies Developed and /or Acquired*
================================
Maintains technologically advanced, computerized shoe design equipment,
including both CAD and CAM systems. This technology enables the firm's R&D
department to create state of the art designs on behalf of several
international brand names.
*Production Capacity*
================
Year: 2002
Item Maximum
Capacity/Pairs Current
Capacity/Pairs
---------------
---------------------------------- ------------------------------
Sport Shoe
2,160,000 2,058,329
Walking shoe
165,572 360,000
Other details: It operates more than 180 production lines including
overseas factories.
*Local Distribution Network*
======================
10% of the annual turnover is attributed to local sales.
*International Trade Activity*
======================
NOTE: At the time of preparing this report, the Ministry of Economic
Affairs had not yet released trade figures for 2007.
*Export Markets*
=============
90% of the annual turnover is attributed to export.
Breakdown of export as follows:
Region % of
Exports
----------- -------------------
Asia
96
USA
1
Europe
2
Others
1
*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 44
2001 69
2002 78
2003 88
2004 126
2005 122
2006 153
*LOCAL BRANCHES & MANAGEMENT*
=================================
Branch : POU CHEN CORP - TAICHUNG CITY
Branch Address : 78-2 Taichung Kang Rd Section 3 West Dist, Taichung
City, 403
Branch Tel : [+886] 4-24615678
Branch Fax : [+886] 4-24606668
Branch Employees : 21
Branch : POU CHEN CORP - YUNGCHING HSIANG
Branch Address : 277 Yung Fu Rd Section 1 Yungching Hsiang, Changhwa
Hsien 512
Branch Tel : [+886] 4-8229333
Branch Employees : 126
Branch : POU CHEN CORP POU CHEN CORP
Branch Address : 255 Chang Lu Rd Section 7
Branch Tel : [+886] 4-7771630
Branch Employees : 19
Branch : POU CHEN CORP - FUHSING HSIANG
Branch Address : 391 Fan Hua Rd Section 2 Fuhsing Hsiang, Changhwa Hsien
506
Branch Tel : [+886] 4-7751001
Branch Employees : 21
Branch : POU CHEN CORP - FUHSING HSIANG
Branch Address : 190 Fu Shan Rd Section 4 Fuhsing Hsiang, Changhwa Hsien
506
Branch Tel : [+886] 4-7754111
Branch Fax : [+886] 4-7754056
Branch Employees : 174
*(Subsidiaries, Joint-ventures & Affiliates)
================================
Company Name : BARITS DEVELOPMENT CORP
Address : Tahsin Industrial Park 25 HsinKung 2nd Rd Tienchung Chen 520
Changhwa Hsien Taiwan
Country : Taiwan
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Leather Goods, Tanned & Imitation
Company Name : BARITS INVESTMENT LTD
Country : Virgin Islands (British)
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Service
Industry : Financial Services - General
Company Name : GLOBAL BRANDS MANUFACTURE LTD
Address : 21Fl Taipei Century Plaza 456 Hsin Yi Rd Section 4 Hsin-i Dist
Taipei City 110 Taiwan
Country : Taiwan
Relationship : Affiliate
Legal Form : Public Company
Company Type : Trader
Industry : Computer & Information Products
Company Name : MING WANG INVESTMENTS CO LTD
Country : Taiwan
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Service
Industry : Financial Services - General
Company Name : PAO FU INVESTMENT LTD
Country : Virgin Islands (British)
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Service
Industry : Financial Services - General
Company Name : PAO YU INSURANCE LTD
Address : 9Fl-3, 3 Tun Hua South Rd Section 1 Sungshan Dist Taipei City
105 Taiwan
Country : Taiwan
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Service
Industry : Financial Services - General
Company Name : POU CHEN (INDONESIA) LTD
Country : Indonesia
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Footwear
Company Name : POU CHEN CORP
Address : 11 Han Thuyen St District 1 Ho Chi Minh Vietnam
Country : Vietnam
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Footwear
Company Name : POU CHEN CORP
Address : 2 Industrial Zone Sanxiang Town Zhongshan 528463 Guangdong
China
Country : China
Relationship : Affiliate
Legal Form : Sole-proprietorship
Company Type : Manufacturer
Industry : Footwear
Company Name : POU HSIANG INVESTMENT CORP
Address : Rm A 9Fl 1 Tun Hwa South Rd Sungshan Dist Taipei City 105
Taiwan
Country : Taiwan
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Service
Industry : Financial Services - General
Company Name : POU JEN INDUSTRIAL CO LTD
Address : 215-9 Cheng Kung Rd Changhwa City 500 Changhwa Hsien Taiwan
Country : Taiwan
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Garments & Accessories
Company Name : POU SHINE INVESTMENTS CO LTD
Country : Taiwan
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Service
Industry : Financial Services - General
Company Name : POU YUEN TECHNOLOGY CO LTD
Address : 8Fl, 107 Taichung-kang Rd Section 3 Hsitun Dist Taichung City
407 Taiwan
Country : Taiwan
Relationship : Subsidiary
Legal Form : Public Company
Company Type : Manufacturer
Industry : Machinery
Company Name : POU YUEN VIETNAM ENTERPRISE LTD
Address : D10/89Q Tan Tao Industrial Park National Highway 1A Binh Tri
Dong Ward Binh Chanh Ho Chi Minh Vietnam
Country : Vietnam
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Footwear
Company Name : PRIME ASIA LEATHER CORP
Address : Tahsin Industrial Park 25 Shinkon 2nd Rd Tienchung Chen 520
Changhwa Hsien Taiwan
Country : Taiwan
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Leather Goods, Tanned & Imitation
Company Name : PRO ARCH TECHNOLOGY INC
Address : 8Fl China General Plastics Bldg 3 Tun Hua South Rd Section 1
Sungshan Dist Taipei City 105 Taiwan
Country : Taiwan
Relationship : Affiliate
Legal Form : Public Company
Company Type : Manufacturer
Industry : Electronic Products & Components
Company Name : SUNG MING INVESTMENT LTD
Address : 2 Fu Kung Rd Fuhsing Hsiang 506 Changhwa Hsien Taiwan
Country : Taiwan
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Service
Industry : Financial Services - General
Company Name : TECHVIEW INT'L TECHNOLOGY INC
Address : 2Fl, 188 Wen Hwa 2nd Rd Kueishan Hsiang 333 Taoyuan Hsien
Taiwan
Country : Taiwan
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Electronic Products & Components
Company Name : WINDSOR ENTERTAINMENT CO LTD
Address : 78-3 Chung Kang Rd Section 3 Hsitun Dist Taichung City 407
Taiwan
Country : Taiwan
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Service
Industry : Hotel, Entertainment & Recreation
Company Name : YUE YUEN INDUSTRIAL (HOLDINGS) LTD
Address : 7Fl Hop Hing Industrial Bldg Block A-D 702 Castle Peak Rd
Kowloon Hong Kong
Country : Hong Kong
Relationship : Subsidiary
Legal Form : Public Listed Company
Company Type : Trader
Industry : Footwear
Company Name : YUN YANG INVESTMENTS CO LTD
Country : Taiwan
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Service
Industry : Financial Services - General
*Subsidiaries, Joint-ventures & Affiliates*
===============================
Maintains more than 150,000 employees as of year 2003 in its factories
in China, Indonesia and Vietnam which manufactures a total of 80 million pairs
of sports shoes each year.
*Strategic Partners & Alliances*
=========================
Group name : POU CHEN
GROUP
Flagship company : POU CHEN CORP
Details : Consists
of nine local overseas firms within the manufacturing trade, and financial
industries.
PAYMENT RATING : 1 OBTAINED SCORES :
93
|
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 LARGE
amounts depending on individual judgement experience.
*Bank Details*
============
Bank Name : CHANG HWA COMMERCIAL BANK LTD
Branch : Central Dist,Taichung City
Branch Address : 38 Tzu Yu Rd Section 2 Central Dist Taichung City 400
(Head Office)
SWIFT Code : CCBCTWTP
Bank Name : CHINATRUST COMMERCIAL BANK LTD
Branch : Hsin-i Dist,Taipei City
Branch Address : 14Fl China Trust Bldg 3 Sung Shou Rd Hsin-i Dist Taipei
City 110 (Head Office)
SWIFT Code : CTCBTWTP
Bank Name : CITIBANK NA
Branch : Sungshan Dist,Taipei City
Branch Address : Walsin Financial Bldg 117-1 Min Sheng East Rd Section 3
Sungshan Dist Taipei City 105 (Head Office)
SWIFT Code : CITITWTX
Balance Sheet
Currency : NTD
Denomination : in Thousands
2002 2003 2004 2005 2006
------ ------ ------ ------ -------
Current Assets 4,581,138 12,336,612 9,560,404 6,511,070 5,700,059
Funds & long-term investments 28,003,092
36,075,334 35,798,226 38,230,499 43,712,006
Property 2,855,608 3,556,042 4,589,573
5,471,851 4,226,967
Other Assets 515,141 791,803 759,478 690,575
3,237,808
Current Liabilities
(Before)
3,616,868 5,101,334 11,485,370 6,945,100
4,963,017
(After)
4,546,507
7,155,762 13,578,736 10,481,182 9,495,091
Long-term Liabilities 5,222,061 15,191,000
8,272,045 9,650,453 14,191,633
Other Liabilities 364,722 383,375 445,138 535,576
580,049
Common stock 16,325,822 18,847,994 20,936,734 23,057,928
24,426,857
Capital Reserve 2,292,065 2,334,161 2,461,050
2,511,981 2,527,272
Retained Earnings (Before) 10,251,481
12,880,289 12,854,470 12,875,934 13,841,558
(After)
6,799,669 10,825,861 8,669,050 8,069,587
8,671,770
Total Assets 35,954,979 52,759,801 50,707,681
50,903,995 56,876,840
Total Liabilities (Before) 9,339,840 20,811,908
20,338,752 17,217,676 19,821,246
(After)
10,269,480
22,866,336 22,432,118 20,753,758 24,353,320
Total Shareholder's Equity (Before)
26,615,138
31,947,893 30,368,929 33,686,319 37,055,594
(After) 25,685,499 29,893,465
28,275,563 30,150,237 32,523,520
Income Statement
Currency : NTD
Denomination : in Thousands
2002 2003 2004 2005
2006
------ ------ ------ ------ -------
Operating revenue 10,512,096 10,759,015 17,141,724
13,759,919 14,223,544
Gross Profit 2,885,148 3,036,307 3,110,506
2,868,499 2,647,612
Operating Income 687,524 557,285 716,898
458,400 201,861
Non-operating income 4,190,613 6,303,849
4,948,204 4,624,802 6,117,663
Non-operating expense 621,033 539,525
1,329,484 1,027,410 989,210
Net Income 4,198,104.00 6,348,359.00 4,246,338.00
4,227,942.00 5,771,971.00
Earnings (losses) per share (After) 1.69 2.53 1.71 1.87 2.55
*Financial History*
================
1995 -
Obtained a market capitalization of NTD 11,148,630,000
18 February 2003 - Obtained a market
capitalization of NTD 54,854,755,200
18 February 2003 - Otained a
turnover of NTD 15,664,129,000
*Financial Ratios*
==============
2002 2003 2004 2005 2006
------ ------ ------ ------ -------
Ratio of liabilities to Assets % 25.98 39.45
40.11 33.82 34.85
Ratio of long-term capital to fixed
Assets % 1,114.90 1,325.60 839.93
791.99 1,212.39
Current ratio % 126.66 241.83 83.24
93.75 114.85
Quick ratio % 122.76 238.34 78.73
77.66 112.12
Interest coverage 9.48 14.30 10.69
10.98 14.48
Turnover of receivable (times) 7.93 8.34
10.84 6.40 7.08
Average collection period of
receivable 46.00 44.00 34.00
57.00 52.00
Turnover of inventories (times) 49.49 56.92 41.17
13.09 18.47
Turnover of expense (times) 8.11 7.75
11.54 7.06 8.46
Average days of sales 7.00 6.00 9.00
28.00 20.00
Turnover of fixed assets (times) 3.85
3.36 4.21 2.74 2.93
Turnover of total assets (times) 0.29
0.20 0.34 0.27 0.25
Return on total assets % 11.68 12.03 8.37
8.31 10.15
Return on shareholder's Equity % 15.77
19.87 13.98 12.55 15.58
Operating Income 4.21 1.88 3.42 1.99 0.83
Net Income before tax 26.08 33.54
20.71 17.59 21.82
Profit margin % 39.94 59.01 24.77 30.73 40.58
Retroactive 1.69 2.53 1.71 1.87 2.55
Cash flows ratio % 10.10 22.79
14.26 65.21 43.13
Cash flows adequacy % 6.22 6.15
21.89 45.60 42.29
Cash reinvestment ratio % 1.09
0.71 - 5.48 -
Degree of operating leverage 14.16 27.82
21.92 27.37 66.53
Degree of financial leverage 3.71 (2.9) 2.66 8.79 (0.89)
*Financial Structure*
===============
Sales breakdown as per product:
1994 1995 1996 1997
1998 1999
Sports footwear
56.8 50.2
36.1 20.0 17.8 14.7
Casual shoes
13.8 15.4 7.0
3.4 4.1 3.7
Material production
3.5
4.1 2.7 1.0 0.2
0.3
Material trading
20.8 29.1 53.6 75.6
72.6 76.8
Others 5.2 1.4 0.7
0.0 5.3 4.5
'94-'95 '95-'96
'96-'97 '97-'98 CAGR
yoy yoy yoy
yoy '94-'97
Sports footwear -9.2 -14.7
-12.3 -23.1 -15.0
Casual shoes 14.5 -46.1
-22.8 3.2 -16.3
Material production
19.9 -22.0 -40.8 -80.1
-42.4
Material trading 43.5 119.0
123.0 -17.0 55.3
Others -72.7 -43.7 -100.0
NA NA
*Financial Summary (Currency: U.S. $'s)
=============================
Year Sales Assets Net Income
1998 $361,640,633.33 $596,840,966.67 $86,740,100.00
1999 $345,071,843.75 $788,829,031.25 $111,290,281.25
2000 $347,230,077.76 $869,133,841.37 $71,594,618.97
2001 $302,337,637.84 $1,002,265,148.00 $88,098,229.83
2002 $302,158,551.31 $1,033,486,030.47 $120,669,847.66
2003 $310,236,880.05 $1,521,332,208.77 $183,055.33
2004 $515,540,571.43 $1,525,043,037.59 $127,709,413.53
2005 $434,752,575.04 $1,608,341,074.25 $133,584,265.40
2006 $429,974,123.34 $1,719,372,430.47 $174,485,217.65
*Int´l Trade Activity (Currency: U.S. $'s)
=============================
Year Imports Exports Total
2000 $45,213,269.02 $320,684,292.38 $365,897,561.40
2001 $33,274,949.51 $278,233,006.09 $311,507,955.60
2002 $23,055,454.53 $28,082,177.92 $51,137,632.45
2004 $22,078,291.01 $301,654,135.34 $323,732,426.35
2005 $18,046,364.01 $316,587,677.73 $334,634,041.74
2006 $19,941,692.17 $283,382,570.01 $303,324,262.18
SC is considered large-sized in its line with a long history. Credit dealings
with SC in favorable terms can be considered.
Attached:
trade references
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 3021 Rubber
and plastics footwear
Exporting 3100 Leather
and Leather Products
Exporting 3199 Leather
goods,
Exporting 5139 Footwear
Importing 2299 Textile
goods,
Importing 2657 Folding
paperboard boxes
Importing 2821 Plastics
materials and resins
Importing 2822 Synthetic
rubber
Manufacturing 3021 Rubber
and plastics footwear
Manufacturing 3142 House
slippers
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 3926 Articles
of plastics (inc polymers & resins)
Exporting 4002190000 Styrene-butadiene rubber (sbr); carboxylated styrene-butadiene
rubber (xsbr), except latex
Exporting 4002990000 Synthetic rubber and fatice derived from oils, in primary forms
or plates, sheets or strip
Exporting 4005100000 Compounded rubber, unvulcanized, compounded with carbon black
or silica
Exporting 4008210000 Plates, sheets and strip of vulcanized rubber, exc hard rubber,
of noncellular rubber
Exporting 4016996050 Other articles of vulcanized rubber other than hard rubber
Exporting 4017000000 Hard rubber (for example, ebonite) in all forms, including
waste and scrap; articles of hard rubber
Exporting 4811 Paper,
paperboard, wad etc, coat etc, roll etc
Exporting 4816 Paper,
carbon, self-copy etc, boxed or not
Exporting 4819 Cartons
etc paper; office box files etc, paper etc
DETAILED PRODUCT
CLASSIFICATION & ACTIVITY
Activity Product/Service Description
Importer Polymers
Importer Boxes
Manufacturer Sports shoes
Manufacturer Casual shoes
Manufacturer Leather shoes
Manufacturer Athletic
shoes
Manufacturer Footwear,
athletic
Manufacturer PVC sandals
Manufacturer Indoor
slippers
Manufacturer Plastic
slippers
INTERNATIONAL
TRADE : ACTIVITY & MARKETS
Exporting to Algeria
Exporting to Asia
Exporting to Australia
Exporting to Austria
Exporting to Belgium
Exporting to Brazil
Exporting to Bulgaria
Exporting to Canada
Exporting to Chile
Exporting to China
Exporting to Colombia
Exporting to Denmark
Exporting to Ecuador
Exporting to Egypt
Exporting to Europe
Exporting to France
Exporting to Germany
Exporting to Hong Kong
Exporting to Hungary
Exporting to India
Exporting to Indonesia
Exporting to Ireland
Exporting to Italy
Exporting to Japan
Exporting to Macau
Exporting to Malaysia
Exporting to Malta
Exporting to Mexico
Exporting to Middle East
Exporting to Mozambique
Exporting to Netherlands
Exporting to New Zealand
Exporting to North America
Exporting to Oceania
Exporting to Panama
Exporting to Philippines
Exporting to Poland
Exporting to Portugal
Exporting to Romania
Exporting to Singapore
Exporting to South Africa
Exporting to South America
Exporting to South Korea
Exporting to Spain
Exporting to Sweden
Exporting to Thailand
Exporting to Turkey
Exporting to UAE
Exporting to USA
Exporting to United Kingdom
Exporting to Uruguay
Exporting to Vietnam
Exporting to Zambia
Importing from Argentina
Importing from Asia
Importing from Australia
Importing from Austria
Importing from Belgium
Importing from Brazil
Importing from Canada
Importing from China
Importing from Europe
Importing from France
Importing from Germany
Importing from Hong Kong
Importing from Hungary
Importing from India
Importing from Indonesia
Importing from Italy
Importing from Japan
Importing from Malaysia
Importing from Mexico
Importing from Netherlands
Importing from New Zealand
Importing from North America
Importing from Norway
Importing from Oceania
Importing from Philippines
Importing from Portugal
Importing from Singapore
Importing from South America
Importing from South Korea
Importing from Spain
Importing from Switzerland
Importing from Thailand
Importing from USA
Importing from United Kingdom
Importing from Vietnam
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%)