MIRA
INFORM REPORT
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Report Date : |
18.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
SAN SHING FASTECH CORP |
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Registered Office : |
355 Chung Shan Rd Section 3 Nan Shing
Village Kueijen Hsiang Tainan Hsien
711 |
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Country : |
Taiwan |
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Financials (as on) : |
2006 |
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Date of Incorporation : |
02.07.1978 |
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Com. Reg. No.: |
68040606 |
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Legal Form : |
Public Listed Company |
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Line of Business : |
Research and Development of Technologies Related to Nut Forming
Equipments |
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 3,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
SAN
SHING FASTECH CORP
355 CHUNG SHAN RD SECTION 3 NAN SHING
VILLAGE
KUEIJEN HSIANG TAINAN HSIEN 711, TAIWAN
TEL: 886-6-2306611 FAX: 886- 6-2306000
EXECUTIVE SUMMARY
INCORPORATION DATE :
JULY 2, 1978
REGISTRATION NO. :
68040606
LEGAL FORM :
PUBLIC LISTED COMPANY
CHIEF EXECUTIVE :
MR CHI-YUAN KO (CHAIRMAN)
STAFF STRENGTH :
1,093
CAPITAL :
US$ 69,402,535
BUSINESS LINE :
MANUFACTURER
TURNOVER :
NTD 5,637,184,000 (AS OF 2006)
EQUITIES :
NTD 2,768,409,000 (AS OF 2006)
PAYMENT :
ABOVE AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 3,000,000
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY GOOD
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
TWD 33.0398 = 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: 355-6 Chung Shan Rd Section 3 Nan Shing
Village Kueijen Hsiang Tainan Hsien 711
*Company Name*
==============
Previous name : SAN SHING
HARDWARE WORKS CO LTD
Changed name to : SAN SHING FASTECH CORP
Date of change : July 2002
*Company History*
===============
1965 - Mr. Yuan-He Lee established the
company focusing on the production of hinges at the initial stage.
1968 - Completed the development of the first
self-made nut forming machine for nut production.
1974 - Exported technology to Japan, and
authorized the use of company's technical patent.
1975 - Obtained Level A quality control
certification from Commodity Inspection Bureau.
1976 - Obtained CNS mark from the National
Bureau of Standards, Ministry of Economy.
1992 -
Registered the trade mark for San Shing in the USA.
- Stepped ahead of others,
passing the British SGS assessment, as well as acquiring ISO 9002
certification.
1993 - Obtained certification for CLNA
testing laboratory from National Bureau of Standard, Ministry of Economy.
1996 - Obtained QS-9000 certification.
1997 - Obtained the certification of testing
laboratory required by FQA via NVLAP in the USA.
1997 -
Obtained ISO 14001 certification for environmental management.
17 January, 1998 - Became a public listed company with ticker no., 5007 at the
TAI Stock Exchanges
1998 -
Shares were officially registered for trading.
- Signed cooperative contract
with TFS of the Textron Group in the USA for a joint-venture factory which
produced fasteners such as high class screws (bolts) and rivets.
- Signed contract with a
well-known fastener group in Europe - NEDSCHROEF HERENTALS NV for authorization
to use its forging and forming machine to assemble fasteners, with a technology
patent.
1999 -
Obtained AS 9000 quality system certification of aviation standard.
2002 -
Entered into a strategic alliance with Maclean Fogg in the USA.
- Obtained OHSAS 18001
certification for our occupational safety and health management system.
2004 -
Obtained ISO/TS 16949 certification for quality management.
2006 -
Ended the joint-venture with TFS of TEXTRON GROUP in the USA
- Started to develop own screws
and bolts, which are supplied to major vehicle manufacturers in Europe and
America.
- Obtained AS 9100 certification for quality management.
*Capital Details*
============
Initial paid-up capital : NTD
200,000.00
Paid-up capital increases as follows:
Year Increases
(NTD)
------
----------------------
1990
600,000,000.00
1997
1,188,223,340.00
2006
2,199,568,590.00
*Licenses & Permits*
================
(1)
License number : 9965665702
Date issued : 16 December, 1974
Issuing authority :
Industrial Development Bureau, MOEA
Type of license : Factory license
(2)
License number : 9970974700
Date issued : 16 March, 2007
Issuing authority : Industrial Development Bureau, MOEA
Type of license : Factory license
*Loan & Facilities*
==============
Loan facility : NTD 2,000,000,000.00
Lender : FIRST
COMMERCIAL BANK CO LTD
BANK OF
TAIWAN
CHINA
TRUST COMMERCIAL BANK
CENTRAL
TRUST OF CHINA
BANK
SINOPAC CO LTD
Date of loan : 27 June, 2003
*Office & Facilities*
===============
Size : 70,210 sq. meters (approx.)
Location : Tainan Hsien
Type of building : Industrial building
Property status : Owned by SAN SHING FASTECH CORP
Comments : Serves as office and factory
Other Contact Details
-----------------------------
Tel no : 6-2391211
Previous Contact Details
---------------------------------
(1)
Address : 66 Ming Chu Rd 744
Tainan Hsien
(2)
Address : 851 Chung Shan Rd
Nan Shing Village 744 Tainan Hsien
*Corporate & Organization Structure*
============================
A large-sized company operated and managed by an experienced team of
professionals.
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).
Corporate
Organization
---------------------------------
Shareholders |
|
------------Supervisor
|
Board of
Directors
|
Chairman
|
General
Manager
|
| ------Head Engineer
Workers' Safety------|
Sanitation-------|
|------Office of General Manager
| |
|
---------------------
Quality Control-------|
| | |
Section | Planning
Auditing Secretary
| Section Office Office
|
|---------------|------------------|-------------|----------------|
Quality Manufacturing Technical Sales
General
Standard | Dept.
Dept. Administration
Control | | | |
Dept. | R&D | -------------
| | | | |
| | Personnel
| Accounting
| |
|
----------------------
| |
| | |
|
Information
Tooling Nut
Machinery |
Plant Plant Plant
-----------
| |
Section Section
I II
*Industry Ranking*
==============
Generally regarded as one of the Top 5000 Companies in Manufacturing
Industry of Taiwan.
Details of rank are as follows:
Year Rank
------- ---------
2004 436
2005 533
2006 629
*Reputation*
==========
Reference checking for the purpose of establishing the firm's reputation
within the respective industry failed to reveal any negative information.
*Accountants*
===========
DIWAN, ERNST & YOUNG
*Registrar*
=========
MASTERLINK SECURITIES CORP
Stock Market Code: 5007
Web
site: www.sanshing.com.tw the design
is professional and the content is well organized. At present it is in Chinese,
Japanese and English versions.
Email: sanshing@mail.sanshing.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
%
------------------------------- --------- ----
HON PING INVESTMENT CO LTD Taiwan n/a
HON CHING INVESTMENT CO LTD Taiwan n/a
TAIFAS CORP Taiwan n/a
HO CHIEN INVEST INT'L CORP Taiwan n/a
Mr. Shun-sheng Wu Taiwan n/a
Mr. Cheng-da Tsai Taiwan
n/a
Mr. Jung-chin Wu Taiwan
n/a
Management: Mr. Chun-hsiao Hsu,
Manager
Mr. Chun-jung Chen, Manager
Mr. Chien-chung Chen, Assist. Manager
Name Nationality
Job Description Dept. / Division
Mr. Chun-hsiao Hsu Taiwanese Manager Account
Mr. Chun-jung Chen Taiwanese Manager Finance
Mr. Chien-chung Chen Taiwanese Assist. Manager -
Mr. Ching-tien Lin Taiwanese
Assist. Manager -
Mr. Jung-teh Yang Taiwanese
Assist. Manager -
Mr. Tsu-jen Lu Taiwanese Assist. Manager -
Mr. Tung-kuang Yang Taiwanese Assist. Manager -
Mr. Wen-chieh Lin Taiwanese
General Manager -
*Main Products & Services*
=====================
Specializes in the following areas of work:
1. Research and Development of technologies related to nut forming
equipments.
2. Manufacturing of various types of nuts, screws, and related machines.
3. Selling to both domestic and international markets.
Produced the following three main product lines:
Product Line % of Total Output
----------------- ------------------------
Nuts 68
- AISI C1008-C1045
Steel Coil 24
Nut Forming Machinery 6
Tooling for Building Structures 2
- Wire Pointing Machine
- Wire Drawing Machine
- Tapping Machine
- Die Assembling Machine
Maintains over 127 production method patents, in more than 20 countries
worldwide.
Products: Articles, cast
steel
Casting molds
Extruders
Extruding
machines
Hot rolled steel
coils
*Brand*
======
SAN SHING
*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)
*Associations*
============
Member of the following associations:
- Taiwan Association of Machinery Industry
- Taiwan Mold & Die Industry Association
*Competitors*
===========
The following locally based firms supply similar range of products :
- CHAEN WEI CORP
- BOLTUN CORP
- SHYANG SHEAV ENTERPRISE CO LTD
- SUN BEAM METAL INDUSTRIAL CO LTD
- ANCHOR FASTENERS INDUSTRIAL CO LTD
*Quality Certification*
================
(1)
Type of certification : ISO 9002
Issuing authority : SGS, UK
Date of certification : December
1992
(2)
Type of certification : ISO 17025 of CNLA
Issuing authority : National
Bureau of Standard, Ministry of the Economy
Date of certification : January
1993
(3)
Type of certification : ISO 9002
Issuing authority : Bureau
of Commodity Inspection, Ministry of the Economy
Date of certification : February
1996
(4)
Type of certification : QS 9000
ISO 9002
Issuing authority : ENTELA
INC, USA
Date of certification : May 1996
(5)
Type of certification : ISO 17025
Issuing authority : NVLAP
(National Voluntary Laboratory Accreditation Program, NIST, United States
Department of Commerce
Date of certification : June
1997
(6)
Type of certification : SAE AS9000
Issuing authority :
Registration Accreditation Board of the United States
Date of certification : October
1999
Other details :
Passed the audit by ENTELA INC, USA
(7)
Type of certification : ISO/TS 16949:2000
Issuing authority : TUV
INDUSTRY SERVICE GMBH
Date of certification :
September 2004
Other details :
Passed the audit by TUV RHEINLAND GMBH, Taiwan
(8)
Type of certification : AS9100B
Issuing authority : QMI
MANAGEMENT SYSTEM REGISTRATION, Canada
Date of certification : March
2006
Other details :
Passed the audit by AFAQ/BESTCERT LTD
*Local Distribution Network*
=====================
Approximately 27% annual turnover is attributed to local sales.
*International Trade Activity*
=====================
At the time of preparing this report, the Ministry of Economic Affairs
had not yet released trade figures for 2007.
*Export Markets*
=============
Approximately 73% annual turnover is attributed to export.
The firm's export market is divided according to product lines, as below
:
Country
% of Export
-----------------
--------------------
USA 34
Europe 35
Asia 2
Oceania 1
Africa 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
------ ----------
2001 308
2002 277
2003 264
2004 258
2005 257
2006 301
*LOCAL BRANCHES & MANAGEMENT*
================================
Branch: SAN SHING FASTECH CORP - TAINAN HSIEN
Branch Address: 66 Ming Chu Rd Hsinshih Hsiang, Tainan Hsien 744
Branch Tel : [+886] 6-2217623
Branch : SAN SHING FASTECH CORP - TAINAN HSIEN
Branch Address : 851 Chung Shan Rd Nan Shing Village Kueijen Hsiang,
Tainan Hsien 711
*(Subsidiaries, Joint-ventures & Affiliates)
===============================
Company Name : FASTEEL CO LTD
Address : 1F, 66 Min Tsu Rd Section 2 Central Dist Tainan City 700
Taiwan
Country : Taiwan
Relationship : Joint-Venture
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Metals & Metal Products
Company Name : HEXICO ENTERPRISE CO LTD
Address : 355-3 Chung Shan Rd Section 3 Kueijen Hsiang 711 Tainan Hsien
Taiwan
Country : Taiwan
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Hardware & Tools
Company Name : SAN SHING HEAT-TREATING CO LTD
Address : 355-2 Chung Shan Rd Section 3 Kueijen Hsiang 711 Tainan Hsien
Taiwan
Country : Taiwan
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Hardware & Tools
Company Name : STAR ONE INVESTING CO LTD
Address : 355-6 Chung Shan Rd Section 3 Nan Shing Village Kueijen Hsiang
711 Tainan Hsien Taiwan
Country : Taiwan
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Service
Industry : Financial Services - General
Company Name : STAR THREE INVESTING CO LTD
Address : 355-6 Chung Shan Rd Section 3 Nan Shing Village Kueijen Hsiang
711 Tainan Hsien Taiwan
Country : Taiwan
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Service
Industry : Financial Services - General
Company Name : STAR TWO INVESTING CO LTD
Address : 355-6 Chung Shan Rd Section 3 Nan Shing Village Kueijen Hsiang
711 Tainan Hsien Taiwan
Country : Taiwan
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Service
Industry : Financial Services - General
Company Name : U-WIN FASTENERS CO LTD
Address : 1Fl, 355-6 Chung Shan Rd Section 3 Kueijen Hsiang 711 Tainan
Hsien Taiwan
Country : Taiwan
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Hardware & Tools
Subsidiaries, Joint-ventures & Affiliates*
=================================
Joint venture
--------------------
FASTEEL CO LTD
This is a joint venture between the following companies:
- TUNG KUANG ENTERPRISE CO LTD
- SAN SHING FASTECH CORP
PAYMENT RATING : 2 OBTAINED SCORES :
79
|
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 TAIWAN
Branch : Chungcheng Dist,Taipei City
Branch Address : 120 Chung Ching South Rd Section 1 Chungcheng Dist
Taipei City 100 (Head Office)
SWIFT Code : BKTWTWTP
Bank Name : FIRST COMMERCIAL BANK CO LTD
Branch : Chungcheng Dist,Taipei City
Branch Address : 10Fl, 30 Chungking South Rd Section 1 Chungcheng Dist
Taipei City 100 (Head Office)
SWIFT Code : FCBKTWTP
Balance Sheet
Currency : NTD
Denomination : in Thousands
2002 2003 2004
2005 2006
------
------ ------ ------ ------
Current Assets
1,747,325 1,881,098 2,714,069
2,398,801 2,193,655
Funds & long-term investments
578,003 608,143 675,040 710,944 589,563
Property 2,343,410 2,420,386 2,421,259
2,443,343 2,457,758
Other Assets 342,453 147,896 147,788 124,102 102,603
Current Liabilities
(Before)
1,540,195
1,336,229 2,511,168 2,344,546 1,722,074
(After)
1,660,341
1,553,967 2,955,893 2,692,021 1,722,074
Long-term Liabilities 1,375,000 1,400,000
700,000
480,000 420,000
Other Liabilities 138,423 154,939
181,445 158,183 182,695
Common stock 1,898,455 1,974,393 2,033,625
2,114,970 2,199,569
Capital Reserve 181,065 193,494 215,037 266,312 299,961
Retained Earnings (Before) 287,470 402,423 730,111 685,256 804,468
(After) 91,386 125,453
204,041 253,182 804,468
Total Assets 5,090,211 5,128,594 6,020,640
5,732,007 5,389,170
Total Liabilities (Before) 3,388,665 3,226,215
3,727,660 3,178,721 2,620,761
(After)
3,508,811
3,443,953 4,172,385 3,526,196 2,620,761
Total Shareholder's Equity (Before) 1,701,546 1,902,379
2,292,980 2,553,286 2,768,409
(After) 1,581,400 1,684,641
1,848,255 2,205,811 2,768,409
Income Statament
Currency : NTD
Denomination : in Thousands
2002 2003 2004 2005 2006
------ ------ ------ ------ ------
Operating revenue 5,128,571 5,926,282
8,198,355
6,640,383 5,637,184
Gross Profit 730,360 882,837 1,167,862 928,101
994,185
Operating Income 401,116 463,487
711,168
518,512 634,005
Non-operating income 85,451 109,570
115,746
150,559 143,532
Non-operating expense
-189,477 -120,432 (73,092)
(71,831) (57,354)
Net Income 223,934 311,037 604,658 481,215
551,287
Earnings (losses) per share (After)
1.14
1.59 3.09 2.45 2.81
Note: Although summary financials were obtained for reference for 2006,
at the time of preparing this report 2007 financials had not been submitted to
Taiwan Tax Authorities. At the time of preparing this report, financials for
2007 had not yet been released.
*Financial Ratios*
=============
(1)
2002 2003 2004
2005 2006
------
------ ------ ------ ------
Ratio of liabilities to Assets % 66.57 62.91 61.92 55.46 48.63
Ratio of long-term capital to fixed Assets% 131.29
136.44 123.61 124.14 133.80
Current ratio% 113.45 140.78 108.08
102.31 127.38
Quick ratio% 71.15 78.28 59.33 54.71
76.42
Interest coverage 2.61 5.08 14.21 12.60 20.78
Turnover of receivable (times) 8
8 8 7 7
Average collection period of receivable 46.4
47.77 43.35 52.90 53.28
Turnover of inventories (times) 7.28 7.12 6.99 4.93 4.70
Turnover of expense (times) 15 12 13
11 11
Average days of sales 50.11 51.26 52.22
74.04 77.65
Turnover of fixed assets (times) 2.19 2.45 3.39 2.72 2.29
Turnover of total assets (times) 1.01 1.16 1.36
1.16 1.05
Return on total assets% 4.40 6.06 10.04 8.40 10.23
Return on shareholder's Equity% 13.16 16.35
26.37 18.85 19.91
Operating Income
21.13 23.47 34.97 24.52 28.82
Net Income before tax 15.65 22.92 37.07
28.24 32.74
Profit margin% 4.37 5.25 7.38 7.25 9.78
Retroactive 1.19 1.65 3.21
2.55 2.81
Cash flows ratio% 32.44 32.37 10.63 37.03 67.21
Cash flows adequacy% 25.72
61.26 95.48 109.16 126.88
Cash reinvestment ratio% 10.39 6.12 1.37
9.13 15.38
Degree of operating leverage 2.04 1.99 1.71 1.96 2.32
Degree of financial leverage 1.86 1.31 1.09
1.11 1.06
*Financial Structure*
===============
Market Details
--------------------
The firm's sales revenue is divided between exports and domestic sales
in the following proportions:
Product Line Exports (%) Domestic Sales (%)
------------------ -------------- -------------------------
Nuts 98 2
Nut Forming Equipment 30 70
(Used In-House)Tooling 30 70
*Financial Summary (Currency: U.S. $'s)
=============================
Year Sales Assets Net Income
1988 $36,777,777.78 $43,851,851.85 $1,272,962.96
1989 $41,074,074.07 $49,259,259.26 $1,780,740.74
1990 $41,555,555.56 $55,259,259.26 $1,256,296.30
1991 $50,333,333.33 $80,703,703.70 $181,111.11
1992 $54,333,333.33 $90,296,296.30 $667,777.78
1993 $78,407,407.41 $94,740,740.74 $3,445,185.19
1998 $159,333,333.33 $219,629,629.63 $12,111,111.11
2001 $107,167,730.70 $155,774,811.38 $1,799,187.46
2002 $147,415,090.54 $146,312,474.85 $6,436,734.69
2003 $170,884,717.42 $147,883,333.33 $8,968,771.63
2004 $246,567,067.67 $181,071,879.70 $18,185,203.01
2005 $209,806,729.86 $181,106,066.35 $15,204,265.40
2006 $170,410,640.87 $162,913,240.63 $16,665,266.02
*Int´l Trade Activity (Currency: U.S. $'s)
=============================
Year Imports Exports Total
1986 $600,000.00 $20,900,000.00 $21,500,000.00
1987 $600,000.00 $22,000,000.00 $22,600,000.00
1988 $800,000.00 $26,100,000.00 $26,900,000.00
1990 $2,700,000.00 $32,000,000.00 $34,700,000.00
1991 $3,300,000.00 $37,300,000.00 $40,600,000.00
1992 $5,000,000.00 $43,200,000.00 $48,200,000.00
1993 $3,200,000.00 $51,600,000.00 $54,800,000.00
1996 $3,500,000.00 $81,200,000.00 $84,700,000.00
1997 $10,000,000.00 $83,900,000.00 $93,900,000.00
1998 $50,000,000.00 $100,000,000.00 $150,000,000.00
2004 $25,791,508.00 $124,978,332.00 $150,769,840.00
2005 $23,833,903.00 $129,330,297.98 $153,164,200.98
2006 $17,331,240.99 $121,322,377.00 $138,653,617.99
Over the past 30 years, SC has made a stable growth with satisfactory
profit. It is considered a credit line up to USD 3,000,000 appears to be within
SC’s capacities.
Attached:
trade references
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Manufacturing 3423 Hand
and edge tools, except machine tools and hand saws
Manufacturing 3452 Bolts,
nuts, screws, rivets, and washers
Manufacturing 3462 Iron
& steel forgings
Manufacturing 3546 Power
driven hand tools, and parts,
Manufacturing 3549 Metalworking
machinery
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 3926904500 Gaskets, washers & other seals
Exporting 7318 Screws,
bolts, nuts, washers etc, iron or steel
Exporting 7318160000 Nuts of iron or steel
Exporting 7318190000 Threaded articles of iron or steel (not bolts, nuts or screws)
Exporting 7318210000 Spring washers and other lock washers, iron or steel
Exporting 7318210090 Spring washers and other lock washers of iron or steel
Exporting 7318220000 Washers other than lock washers, iron or steel
Exporting 7318290000 Other non-threaded articles (fasteners) of iron or steel
Exporting 7326 Articles
of iron or steel
Exporting 8203300000 Metal cutting shears and similar tools, and parts
DETAILED PRODUCT
CLASSIFICATION & ACTIVITY
Activity Product/Service Description
Exporter Machines,
forging
Exporter Washers
Exporter Non-threaded
steel articles
Exporter Non-threaded
iron articles
Exporter Threading
machine
Importer Steel
Importer Extruders
Importer Extruding
machines
Importer Machines for
wire working
Importer Iron &
steel rods, bars
INTERNATIONAL TRADE
: ACTIVITY & MARKETS
Exporting to Africa
Exporting to Asia
Exporting to Australia
Exporting to Belgium
Exporting to Brazil
Exporting to Canada
Exporting to China
Exporting to Denmark
Exporting to Egypt
Exporting to Europe
Exporting to Finland
Exporting to France
Exporting to Germany
Exporting to India
Exporting to Indonesia
Exporting to Ireland
Exporting to Israel
Exporting to Italy
Exporting to Japan
Exporting to Malaysia
Exporting to Mexico
Exporting to Middle East
Exporting to Netherlands
Exporting to New Zealand
Exporting to North America
Exporting to South Africa
Exporting to South America
Exporting to South Korea
Exporting to Spain
Exporting to Sweden
Exporting to Switzerland
Exporting to Thailand
Exporting to Turkey
Exporting to UAE
Exporting to USA
Exporting to United Kingdom
Importing from Asia
Importing from Europe
Importing from Germany
Importing from Japan
Importing from North America
Importing from South Korea
Importing from Thailand
Importing from USA
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
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%)