MIRA
INFORM REPORT
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Report Date : |
12.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
GLORIA MATERIAL TECHNOLOGY CORP |
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Registered Office : |
1FL, 35 Hsin Chung Rd Hsinying City Tainan Hsien 730 |
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Country : |
Taiwan |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
19.03. 1993 |
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Com. Reg. No.: |
84252697 |
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Legal Form : |
Public Company |
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Line of Business : |
Imports of Stainless Steel, Steel Coils and other Steel-Related Raw
Materials. |
RATING &
COMMENTS
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MIRA’s Rating : |
Aaa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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Maximum Credit Limit : |
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
GLORIA
MATERIAL TECHNOLOGY CORP
1FL, 35 HSIN CHUNG RD HSINYING CITY TAINAN
HSIEN 730, TAIWAN
TEL: 886-6-6520000 FAX:
886-6-6520033
EXECUTIVE SUMMARY
INCORPORATION DATE :
MARCH 19, 1993
REGISTRATION NO. :
84252697
LEGAL FORM :
PUBLIC COMPANY
CHIEF EXECUTIVE :
MR. HSING-SHIH CHEN (CHAIRMAN)
STAFF STRENGTH :
724
CAPITAL :
US$ 149,253,731
BUSINESS LINE :
MANUFACTURER
TURNOVER :
NTD 10,364,315,000 (AS OF DEC. 31, 2007)
EQUITIES :
NTD 5,872,270,000 (AS OF DEC. 31, 2007)
PAYMENT :
EXCELLENT
RECOMM. CREDIT RANGE : UP TO
USD 5,000,000
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STRONG
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : GOOD
EXCHANGE RATE :
TWD 30.83081 = 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*
===============
January 1995 - P-M HSS was
acquired from the Industrial Development Bureau.
October 1996
- Honored to get certificate of Chemical Property Laboratory from
Chinese National Laboratory Accreditation.
January 1997
- Acquired commercial titanium alloy leading plan from Industrial Development
Bureau.
October 1998 - Listed on
the Taiwan OTC Exchange.
May 1999 - Acquired duplex stainless steel leading plan from
Industrial Development Bureau.
June 2004 - Build the
Mold Insert Plant.
September 2004
- Received approval "Integrated Manufacturing & Service Program
of Mould Material & Mould Industry" from Ministry of Economic Affairs,
ROC-Department of Industrial Technology.
January 2006 - Became
Smiths Supplier
June 2006 - Became
Stryker supplier
-
Became Moog supplier
July 2006 - Became
Boeing supplier
August 2006 - Became
Westland supplier
February 2007 - Became
Bombardier supplier
May 2007 - Became
Curtis Wright supplier
*Company Name*
==============
Incorporated as : GLORIA HEAVY INDUSTRIAL CORP
Date of incorporation : 19 March, 1993
Changed name to : GLORIA MATERIAL TECHNOLOGY CORP
Date of change : June 1999
*Licenses & Permits*
=================
License number : 9965651400
Date issued : April 1990
Issuing authority : Industrial Development Bureau, MOEA
Type of license : Factory license
*Capital Details*
============
Initial registered capital: NTD 800,000,000.00
Authorized capital increases as follows:
Date
Amount (NTD)
-------
-------------------
April 2005
4,000,000,000.00
January 2007
4,500,000,000.00
Paid-up capital increases/decreases as follows:
Date
Amount (NTD)
-------
---------------------
October 2005
2,655,191,060.00
August 2005
2,536,801,960.00
July 2005
2,463,525,020.00
April 2005
2,455,332,960.00
October 2006
2,900,264,510.00
July 2006
2,898,315,710.00
April 2006
2,801,606,250.00
January 2006
2,719,585,660.00
January 2007
2,953,492,260.00
- 2,997,388,240.00
*Office & Facilities*
===============
Building size : 93,600
sq. meters (Approx)
Location : Tainan
Hsien
Facilities :
Modern
Property status : Rented
Type of building : Industrial
building
Comment : Serves
as office, factory and warehouse
Other Contact Details
-----------------------------
Fax no. : 6-6520030
Email address : maggie@gmtc.com.tw, webmaster@mail.gmtc.com.tw, jbr@gmtc.com.tw, pipi@gmtc.com.tw
Area Tel No Fax No
------- --------- ----------
America & EU
6-6520000
6-6520088
England & Australia
6-6520000
6-6520088
*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).
A large sized company operated and managed by an experienced team of
professionals.
*Industry Ranking*
===============
Generally regarded as one of the Top 1000 Companies in manufacturing
industry of Taiwan.
Year Rank
------ ---------
2005 249
Generally regarded as one of the Top 5000 Companies in manufacturing
industry of Taiwan, details of rank are as follows:
Year Rank
------- -------
2004 626
2005 522
2006 511
*Sales Ranking*
=============
Details of rank are as follows:
Year Rank
------- --------
1996 520
1997 438
1998 397
2000 424
2001 393
2002 401
*Reputation*
==========
Reference checking for the purpose of establishing the firm's reputation
within the respective industry failed to reveal any negative information.
*Auditors*
=========
DELOITTE & TOUCHE TOHMATSU
*Registrar*
=========
MEGA SECURITIES CO LTD
Web
site: www.gmtc.com.tw
the design is professional and the content is well organized. At present it is
in both Chinese and English versions.
E-mail: david@mail.gmtc.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 Amount (NTD) %
------------------- ----------- ----------------- ---------- ----
EVERGREEN DEVELOPMENT CORP Taiwan 22,797,213.00 n/a n/a
CHENG JUI INVESTMENT CO LTD Taiwan 18,993,000.00 n/a n/a
Mr. Hsing-shih Chen Taiwan 1,938,532.00 n/a n/a
Ms. Shu-yuan Lin Taiwan
238,334.00 n/a n/a
Mr. Wen-kun Hsieh Taiwan
169,062.00 n/a n/a
Management: Mr. Chen-chiang
Shen, Manager
Mr. Chun-che Chien, Manager
Mr. Hui-chang Shao, Manager
Name Nationality Job Description Dept. / Division
Mr. Chen-chiang Shen Taiwanese
Manager Assets
Mr. Chun-che Chien Taiwanese
Manager Assets
Mr. Hui-chang Shao Taiwanese
Manager Assets
Ms. Shu-chen Chang Taiwanese
Manager Human Resources
Ms. Tina Li-lin Chen Taiwanese
Manager Sales
Mr. Shih-feng Chang Taiwanese
Assist. Manager -
Ms. Yu-chen Lee Taiwanese
Finance Controller -
Mr. Cheng-hsiang Chen Taiwanese General Manager -
Ms. Shu-chen Wang Taiwanese
Representative -
Mr. Wen-kun Hsieh Taiwanese
Vice Chairman -
*Main Products & Services*
======================
Specializes in the following areas of work:
1. Imports of stainless steel, steel coils and other steel-related raw
materials.
2. Manufacturing a wide range of special alloy metal materials and
related steel metals.
3. Exports and domestic sales of its finished products.
Products also include:
- 400 Series steel
- 300 Series steel
Products: Air compressor rotors
Alloy steel
bars
Alloy steel raw
materials
Alloy steel
strips
Alloy steel
tools
*Brand*
======
Gloria
*Payment Terms*
=============
Sales
--------
Local : Cash
30-60 days credit
Export : Letter of Credit (L/C)
Telegraphic Transfer (T/T)
Documents against
Acceptance (D/A)
Purchases
--------------
Local : Cash
30-60 days credit
Import : Letter of Credit (L/C)
Telegraphic
Transfer (T/T)
Documents against
Acceptance (D/A)
Open account /DA
terms with settlement using Telegraphic Transfer (T/T)
*Exhibition Participation*
===================
Participated in the following local exhibitions:
(1)
Exhibition fair : Taipei
International Electronics Spring Show
Dates attended : 18-22 April,
2003
Location : Taipei
World Trade Center - Exhibition Hall
(2)
Exhibition fair : TAITRONICS -
Finished Products (Taipei International Electronics Show)
Dates attended : 16-20 October, 2003
Location : Taipei
World Trade Center - Exhibition Hall
*Association*
==========
Member of the following associations :
- Taiwan Mold & Die Industry Association 2003-2004
- Taiwan Forging Association
*Competitors*
===========
The following locally based firms supply similar range of products.
- QUINTAIN STEEL CO LTD
- ASIA PACIFIC LON KANG STEEL CO LTD
- CHINA INDUSTRIAL IMPLEMENTS CO LTD
- EVER STEEL ENTERPRISE CO LTD
- FORMOSA HEAVY INDUSTRIES CORP
- TSAI SEE ENTERPRISE CO LTD
- CHUN YUAN STEEL INDUSTRY CO LTD
- WEI CHIH STEEL INDUSTRIAL CO LTD
- TUNG HO STEEL ENTERPRISE CORP
- FENG HSIN IRON & STEEL CO LTD
- CHINA STEEL CORP
- YIEH UNITED STEEL CORP
- KAI CHING INDUSTRY CO LTD
*Detailed Product Specifications*
==========================
Product
Application
----------
-----------------
Cold work tool steel Rollers
Hot work tool steel Copper rollers
High speed steel Cutting tools, shaving
cutter, punches, mould and die
ESR (electroslag remelting) steel Turbine blade, optical mould
*Quality Certification*
=================
Obtained the following certifications:
(1)
Type of certification : ISO 9002
Issuing authority : BCIQ
Date of certification :
September 1993
(2)
Type of certification : ISO 9002
Issuing authority : BSI
Date of certification : October
1994
Approved number : FM 29391
(3)
Type of certification : ISO 9002
Issuing authority : DQS
(Germany)
Date of certification : August
1996
Approved number : 020095
(4)
Type of certification : ISO
14001
Issuing authority : SGS
Date of certification : June
1999
Approved number : 92051
(5)
Type of certification : AS9100
Issuing authority : AFAQ
Date of certification : April
2006
(6)
Type of certification : AS9100
Issuing authority : QMI
Date of certification : June
2006
*Awards*
========
Received the following awards:
(1)
Award : Industrial
Technology Advancement
Date : April 1998
(2)
Award : GEPS Supplier
& Lab Accreditation
Date : May 2000
(3)
Award : SWPC
(SIEMENS-WESTINGHOUSE POWER CORP) Supplier
Date : November
2001
(4)
Award :
"Excellent Emerging Supplier"
Awarded by : GEPS
Date : February
2002
(5)
Award : Siemens AG
Supplier
Awarded by : N/A
Date : September
2003
(6)
Award : Toshiba
Supplier
Awarded by : N/A
Date : September
2003
(7)
Award : Hitachi
Supplier
Awarded by : N/A
Date : February
2004
(8)
Award : Mitsubishi
Supplier
Awarded by : N/A
Date : March
2004
*Machinery & Equipment*
=====================
Machinery/ Equipment include the following:
1) Melting facilities
- Ultra-high power
electric arc furnace
- Ladle heating furnace
featured temperature & chemical composition control, inclusion removing
& shape control
- VD/VOD for gas content
and low carbon content control
- ESR (Electroslag
Remelting) for fine structure and super cleanness inclusion control
2) Forging facilities
- Rotary Heating Furnace
- 4-Hammers Precision
Forging Machine
3) Rolling facilities
- 3 Hi Roughing Mill
- GFM hydraulic driving
with CNC precision rolling mill
4) Heat Treatment Facilities
- Bogie Type Furnace
- Walking Beam Heating
Furnace
- Continuous Roller
Hearth Annealing Furnace
- Batch Type Furnace
- Quenching-Tempering
Facility
5) Finishing facilities
- Provided with the diversified finishing equipment to ensure
the quality of surface and straightness:
- Straightening Machine
- Multi-Roll
Straightening Machine
- 2-Roll Straightening
Machine
- Reeling Machine
- Peeling Machine
- Centerless Grinding
Machine
*Production Capacity*
================
(1)
Item
Current Capacity (tons)
Current Capacity (tons)
2004 2005
--------
---------------------------------
---------------------------------
Stainless steel
27,764
29,820
High alloy steel
25,544
23,454
Low alloy steel
8,810
8,328
Other 6,887 9,425
End products
1,073 1,483
---------------------------------
---------------------------------
Total 70,078 72,510
(2)
Item : HIGH-ALLOY STEEL
Maximum capacity : 16,189 (NTD 1,000/Tons)
Current capacity : 1,750,447
(NTD 1,000/Tons)
Year :
2006
(3)
Item :
LOW-ALLOY STEEL
Maximum capacity : 11,090 (NTD 1,000/Tons)
Current capacity : 716,850
(NTD 1,000/Tons)
Year :
2006
(4)
Item :
STAINLESS STEEL
Maximum capacity : 32,924 (NTD 1,000/Tons)
Current capacity :
3,854,511 (NTD 1,000/Tons)
Year : 2006
(5)
Item :
Finished Products
Maximum capacity : 2,501 (NTD 1,000/Tons)
Current capacity :
419,356 (NTD 1,000/Tons)
Year :
2006
(6)
Item :
Other related steel
Maximum capacity : 8,044 (NTD 1,000/Tons)
Current capacity : 368,557
(NTD 1,000/Tons)
Year :
2006
*Local Distribution Network*
======================
An estimated 37% of the annual turnover is attributed to local
sales.
*Export Markets*
=============
An estimated 63% of the annual turnover is attributed to export.
Products are exported to the following countries:
Country
% of Exports
------------
--------------------
American
63
Asia 15
Africa & Australia
12
Europe
10
*Overseas Suppliers*
================
Major overseas suppliers include:
Materials/Component
Country
------------------------------
---------------
Stainless steel embryo
Sweden, UK
Carbon steel embryo
Russia, Japan, Korea, Brazil
Molybdenum iron
China
Vanadium iron Russia, China, South Africa
Ferrotungsten
China
*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
------ -------
2004 238
2005 192
2006 188
*International Dumping Charges*
==========================
September 1998 - Reported that the company was guilty of dumping of
stainless steel round bars based on the Canadian tribunal investigation of
steel imports.
*LOCAL BRANCHES & MANAGEMENT*
=================================
Branch :
GLORIA MATERIAL TECHNOLOGY CORP - TAOYUAN HSIEN
Branch Address : : 43-9
Ta Hu Rd Kueishan Hsiang, Taoyuan Hsien 333
Branch Tel :
[+886] 3-3970523
Branch Fax :
[+886] 3-3282458
Branch Employees : 20
*(Subsidiaries , Joint-ventures & Affiliates)
===============================
Company Name : CHENG JUI INVESTMENT CO LTD
Country : Taiwan
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Service
Industry : Financial Services - General
Company Name : FAITH EASY ENTERPRISES LTD
Country : Samoa
Relationship : Subsidiary
Legal Form : Unknown
Industry : N/A
Company Name : GLORIA SPECIAL STEEL PROFILE CORP
Country : Taiwan
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Metals & Metal Products
Company Name : GOLDEN WIN STEEL INDUSTRIAL CORP
Address : 1Fl, 35 Hsin Chung Rd Hsinying City 730 Tainan Hsien Taiwan
Country : Taiwan
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Metals & Metal Products
Company Name : GOLDEN WIN STEEL INDUSTRIAL CORP
Address : 8 Vietnam-Singapore Industrial Park 27 St Thuan An Binh Duong
Vietnam
Country : Vietnam
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Metals & Metal Products
Company Name : GUANGZHOU GOLDWAY SPECIAL METAL CO LTD
Address : Danshui Sanjie Xiqu Economic & Technology Development Zone
Guangzhou 510730 Guangdong China
Country : China
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Metals & Metal Products
Company Name : JINYUN GOLDWAY SPECIAL METAL CORP (CHINA GUANGZHOU)
Address : Guangzhou Economic & Technology Development District
Huangpu Dist Guangzhou 510530 Guangdong China
Country : China
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Metals & Metal Products
Company Name : RAINBOW SHINES LTD
Country : Samoa
Relationship : Subsidiary
Legal Form : Private company with limited liability
Industry : N/A
Company Name : RAINBOW SHINES LTD - VIETNAM
Country : Vietnam
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Metals & Metal Products
Company Name : S-TECH CORP
Address : 168 Chia Fang St Hsinying City 730 Tainan Hsien Taiwan
Country : Taiwan
Relationship : Subsidiary
Legal Form : Public Company applying for Stock Market Listing
Company Type : Manufacturer
Industry : Metals & Metal Products
Company Name : SHINE STEEL MOLD CORP
Address : 1Fl, 39, Lane 220, Jhongjheng South Rd 1Fl Yungkang City 710
Tainan Hsien Taiwan
Country : Taiwan
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Metals & Metal Products
Company Name : TIANJIN GOLDWAY SPECIAL METAL CORP
Address : Tianjin Economic Technological Development Area 16 Fourth Ave
Tianjin China
Country : China
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Metals & Metal Products
Company Name : ZHEJIANG JIAXING GOLDWAY SPECIAL METAL CO LTD
Address : Zhejiang Jiaxing Economic Development Zone South ChaXiangFang
Resident South Changming Rd China
Country : China
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Metals & Metal Products
PAYMENT RATING : 1 OBTAINED SCORES :
85
|
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 : 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
Bank Name : FUBON COMMERCIAL BANK
Branch : Ta-an Dist,Taipei City
Branch Address : 2Fl B1 Fubon Banking Center 169 Jen Ai Rd Section 4
Ta-an Dist Taipei City 106 (Head Office)
SWIFT Code : This bank does not have a SWIFT Code
Bank Name : MEGA INT'L COMMERCIAL BANK CO LTD
Branch : Chungcheng Dist,Taipei City
Branch Address : 123 Jhongsiao E Rd Section 2 Chungcheng Dist Taipei
City 100 (Head Office)
SWIFT Code : ICBCTWTP
Bank Name : TA CHONG COMMERCIAL BANKING CORP
Branch : Linya Dist,Kaohsiung City
Branch Address : 58 Chung Cheng 2nd Rd Linya Dist Kaohsiung City 802
(Head Office)
SWIFT Code : OURBTWTP
Bank Name : TAIWAN BUSINESS BANK
Branch : Tatung Dist,Taipei City
Branch Address : International Department 3Fl, 30 Ta Cheng St Tatung
Dist Taipei City 103 (Head Office)
SWIFT Code : MBBTTWTP
Balance Sheet
Currency : NTD
Denomination : in Thousand
31 December, 2007
------------------------
Assets
Current Assets
Cash and cash equivalents 294,585.00
Notes receivable - net 102,641.00
Accounts receivable - net 1,768,201.00
Accounts receivable - related parties - net 254,411.00
Other receivables 31,403.00
Inventories
2,949,167.00
Prepaid expenses
679.00
Other prepayments 217,086.00
Other current assets 29,874.00
Current assets
5,648,047.00
Funds and Investments
Financial assets carried at cost - non current 35.00
Equity investments under equity method 1,251,192.00
Investments
1,251,192.00
Funds and long-term investments
1,251,227.00
Fixed Assets
Cost
Land
1,617,775.00
Land improvements
3,389.00
Buildings and structures 847,134.00
Machinery and equipment 3,909,026.00
Transportation equipment 73,399.00
Office equipment 23,980.00
Maintenance equipment and tools 72,859.00
Leased assets
263,920.00
Leasehold improvements 310.00
Other facilities
33,764.00
Fixed assets cost
6,845,556.00
Accumulated depreciation (2,470,203.00)
Construction in process and prepayment for
equipment
1,185,762.00
Fixed assets
5,561,115.00
Intangible Assets
Deferred pension cost 3,801.00
Intangible assets
3,801.00
Other Assets
Guarantee deposits paid 15,541.00
Deferred charges
98,111.00
Other assets - other 2,071.00
Other assets
115,723.00
Assets
12,579,913.00
Liabilities and Stockholders' Equity
Liabilities
Current Liabilities
Short-term borrowings 1,179,957.00
Short-term notes and bills payable 319,730.00
Financial liabilities measured at fair value
through profit or loss - current 234,598.00
Accounts payable
357,549.00
Accounts payable - related parties 13,183.00
Income tax payable 217,013.00
Accrued expenses
282,411.00
Other payables
81,583.00
Advance receipts 32,162.00
Long-term liabilities - current portion 400,000.00
Other current liabilities 1,676.00
Current liabilities 3,119,862.00
Long term Liabilities
Bonds payable
1,598,043.00
Long-term borrowings 1,499,775.00
Long-term notes and accounts payable 263,920.00
Long-term liabilities 3,361,738.00
Reserves
Other Liabilities
Pension reserve / accrued pension liability 100,726.00
Guarantee deposits received 7,028.00
Deferred income tax liabilities 44,011.00
Other liabilities - other 74,278.00
Other liabilities 226,043.00
Liabilities
6,707,643.00
Stockholders' Equity
Capital
Common stock 2,997,388.00
Capital Surplus
Capital surplus - additional paid-in capital 732,570.00
Capital surplus - treasury stock transactions 170.00
Capital surplus - donated assets received 3,502.00
Capital surplus - long-term equity investments 45,431.00
Capital surplus - stock option 35,321.00
Capital surplus
816,994.00
Retained Earnings
Legal reserve
213,231.00
Unappropriated retained earnings 1,647,157.00
Retained earnings 1,860,388.00
Stockholders' Equity and Other adjustment
Cumulative translation adjustments 35,894.00
Net loss not recognized as pension cost (16,543.00)
Unrealized gains (losses) on financial instruments 178,149.00
Equity adjustments
197,500.00
Stockholders' equity 5,872,270.00
Income Statement
Currency : NTD
Denomination : in
Thousand
31 December, 2007
------------------------
Total Sales 10,364,315.00
Sales returns
8,232.00
Sales discounts and allowances 19,963.00
Sales 10,336,120.00
Operating income
10,336,120.00
Cost of sales
8,302,483.00
Operating costs
8,302,483.00
Gross profit (loss) from operations 2,033,637.00
Unrealized gains on intercompany transactions 65,053.00
Realized gains on intercompany transactions 45,882.00
Selling expense
359,909.00
General and administrative expenses 163,803.00
Research and development expenses
86,522.00
Operating expenses
610,234.00
Operating income (loss) 1,404,232.00
Non-Operating Income
Interest income 2,695.00
Inome from long-term equity investments
under the equity method
304,567.00
Investment income 304,567.00
Gains on disposal of fixed assets 804.00
Gains on sale of investments 6,143.00
Gains on physical inventory 4,214.00
Foreign exchange gains 17,368.00
Miscellaneous income 38,076.00
Non-operating revenues and gains 373,867.00
Non-Operating Expenses
Interest expense
139,553.00
Loss on disposal of fixed assets 2,038.00
Loss on physical inventory 7,031.00
Loss on inventory valuation and obsolescence 4,139.00
Revaluation loss on financial liabilities 26,368.00
Miscellaneous disbursements 49,752.00
Non-operating expenses and losses 228,881.00
Income from continuing operations before
income tax
1,549,218.00
Income tax expense (benefit) 264,342.00
Income from continuing operations 1,284,876.00
Net income (loss)
1,284,876.00
Primary Earnings per Share
Primary earnings per share
4.33
*Financial Ratios*
==============
31
December, 2007
------------------------
Profitability
Profit Margin (%) 12.43
Return on Assets (%) 10.21
Leverage
Total Debt Equity (Times) 1.14
Total Asset To Total Equity
2.14
Asset Management
Total Assets Turnover (Times) 0.82
Fixed Assets Turnover (Times) 1.86
Liquidity
Current Ratio 1.81
Quick Ratio 0.87
*Financial Summary (Currency: U.S. $'s)
===============================
Year Sales Assets Net Income
1999 $75,574,937.50 $175,788,968.75 -$4,666,656.25
2000 $83,684,292.38 $171,894,307.93 $395,178.85
2001 $79,165,931.51 $146,614,944.86 $925,420.78
2002 $88,408,594.42 $141,153,664.85 $4,123,684.97
2003 $95,696,568.63 $156,723,471.74 $4,878,748.56
2004 $157,847,488.72 $206,211,879.70 $18,607,699.25
2005 $212,069,889.42 $243,511,248.03 $29,412,985.78
2006 $217,280,683.19 $281,745,314.39 $28,669,830.71
2007 $311,892,576.95 $379,599,064.57 $38,771,152.69
Int´l Trade Activity (Currency: U.S. $'s)
==============================
Year Imports Exports Total
2001 $24,160,569.01 $49,677,352.99 $73,837,922.00
2002 $26,914,155.99 $49,969,087.01 $76,883,243.00
2003 $41,254,764.99 $53,324,237.00 $94,579,001.99
2004 $77,442,172.00 $84,330,616.30 $161,772,788.30
2005 $88,021,953.02 $130,255,770.02 $218,277,723.04
2006 $106,799,428.99 $136,483,338.00 $243,282,766.99
SC is considered large-sized in its line with a development history of
15 years. Taking into consideration of SC’s general performance, a credit line
up to USD 5,000,000 appears to be within SC’s capacities.
Attached:
trade references
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 3462 Iron
& steel forgings
Exporting 3499 Fabricated metal products,
Importing 2800 Chemicals
and Allied Products
Importing 2899 Chemical
preparations,
Importing 3251 Brick
and structural clay tile
Importing 3255 Clay
refractory
Importing 3325 Steel
Foundries, NEC
Importing 3545 Machine
tool accessories, and parts,
Importing 3561 Pumps
and pumping equipment, except fluid power pumps
Importing 3567 Industrial
furnaces and ovens, and parts,
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 6902101000 Magnesite bricks
Exporting 7202920000 Ferrovanadium
Exporting 7215500015 Other bars and rods iron or nonalloy steel cold-formed or
cold-finished less than
0.25
percent carbon
Exporting 7222190000 Other bars and rods of stainless steel, hot-rolled, other than
circular cross-
section
Exporting 7222200000 Other bars and rods of stainless steel, not further worked than
cold-formed or
cold-finished
Exporting 7224 Alloy
steel in ingots, other primary form & semif pr
Exporting 7224100000 Ingots and other primary forms alloy steel not stainless
Exporting 7224100030 Tool steel ingots and other primary forms
Exporting 7228100000 Other bars and rods of high-speed steel
Exporting 7228302000 Other bars and rods ball-bearing steel not furthr wrkd than
hot-worked or extruded
DETAILED PRODUCT
CLASSIFICATION & ACTIVITY
Activity Product/Service Description
Exporter Ingots,
steel
Exporter Stainless steel
rods
Exporter Magnesite brick
Importer Carbon
electrodes
Importer Nickel
alloys
Importer Clay
bricks
Importer Ferro
silicon
Importer Ferro
molybdenum
Importer Ferro
vanadium
Importer Gas analysis
apparatus
INTERNATIONAL
TRADE : ACTIVITY & MARKETS
Exporting to Africa
Exporting to Asia
Exporting to Australia
Exporting to Belgium
Exporting to Brazil
Exporting to Canada
Exporting to Chile
Exporting to China
Exporting to Cuba
Exporting to Europe
Exporting to Finland
Exporting to France
Exporting to Germany
Exporting to Hong Kong
Exporting to Hungary
Exporting to India
Exporting to Indonesia
Exporting to Iran
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 Norway
Exporting to Oceania
Exporting to Pakistan
Exporting to Peru
Exporting to Philippines
Exporting to Singapore
Exporting to South Africa
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 Vietnam
Importing from Africa
Importing from Asia
Importing from Australia
Importing from Austria
Importing from Brazil
Importing from Canada
Importing from Chile
Importing from China
Importing from Cuba
Importing from Czech Republic
Importing from Egypt
Importing from Europe
Importing from France
Importing from Germany
Importing from India
Importing from Iran
Importing from Italy
Importing from Japan
Importing from Kazakhstan
Importing from Kuwait
Importing from Malaysia
Importing from Mexico
Importing from Middle East
Importing from Mongolia
Importing from New Zealand
Importing from North America
Importing from Norway
Importing from Oceania
Importing from Panama
Importing from Philippines
Importing from Poland
Importing from Portugal
Importing from Romania
Importing from Russia
Importing from Singapore
Importing from South Africa
Importing from South Korea
Importing from Spain
Importing from Sweden
Importing from Switzerland
Importing from Thailand
Importing from Turkey
Importing from UAE
Importing from USA
Importing from Ukraine
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%)