MIRA
INFORM REPORT
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Report Date : |
01.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
YIEH HSING ENTERPRISE CO LTD |
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Registered Office : |
369 Pao Mi Rd Kangshan Chen Kaohsiung Hsien 820 |
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Country : |
Taiwan |
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Financials (as on) : |
2007 |
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Date of Incorporation : |
18.07. 1978 |
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Com. Reg. No.: |
75992214 |
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Legal Form : |
Public Listed Company |
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Line of Business : |
Manufacturing and trading fabricated steel products and related metal
products. Designing, manufacturing and installing whole-plant machinery and
environmental protection equipment |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
YIEH
HSING ENTERPRISE CO LTD
369 PAO MI RD KANGSHAN CHEN
KAOHSIUNG HSIEN 820, TAIWAN
TEL: 886-7-6111111 FAX: 886-7-6124187
EXECUTIVE SUMMARY
INCORPORATION DATE : JULY 18, 1978
REGISTRATION NO. :
75992214
LEGAL FORM :
PUBLIC LISTED COMPANY
CHIEF EXECUTIVE :
MR. HSIEN-TUNG LIU (CHAIRMAN)
STAFF STRENGTH :
273
CAPITAL :
US$ 328,407,225
BUSINESS LINE :
MANUFACTURER
TURNOVER :
NTD 10,586,658,000 (AS OF 2007)
EQUITIES :
NTD 5,376,953,000 (AS OF 2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 1,000,000 (PERIODICAL REVIEW)
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
TWD 31.47592= 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*
===============
September 1998 - Attended in
joining talks with the STEEL AUTHORITY OF INDIA's executives together with the five
Taiwan's steelmakers regarding Technology cooperation and investments.
October 1998 - Stocks were
approved by the Securities & Futures Bureau, Financial Supervisory
Commission Executive Yuan, ROC for listing on the Taiwan Stock Exchange.
*Capital Details*
=============
Share value
: NTD 10.00/-each
Initial authorized capital
: NTD 6,000,000.00 divided into 600,000 shares
Authorized capital increase :
NTD 5,000,000,000.00 divided into 500,000,000 shares
Latest capital increase
: NTD 10,000,000,000.00
Paid-in capital
: NTD 3,801,684,510.00 divided into 380,168,451 shares
*Licenses & Permits*
================
(1)
License number : 9966143001
Date issued : 31
December, 1990
Issuing authority : Industrial
Development Bureau, MOEA
Type of license : Sour
withdrawing Factory license
(2)
License number : 9966142901
Date issued : 5 May,
1992
Issuing authority : Industrial
Development Bureau, MOEA
Type of license : Mangle
Steels Factory license
(3)
License number : 9966555901
Date issued : 21
November, 1997
Issuing authority : Industrial
Development Bureau, MOEA
Type of license : STAINLESS
STEEL Factory license
(4)
License number : 9966555802
Date issued : 21
November, 1997
Issuing authority : Industrial
Development Bureau, MOEA
Type of license : Pingnan 's
wire stock Factory license
*Office & Facilities*
================
Size : 16,243 sq. meters
Location :
Kaohsiung Hsien
Type of building :
Industrial
Property status : Owned by
YIEH HSING ENTERPRISE CO LTD
Comment : Serves as
office, factory and warehouse.
Previous Contact Details
-----------------------------------
Address : 297 Yu Liao Rd Yu
Liao Village Chiaotou Hsiang Kaohsiung Hsien 825, Taiwan
Fax no. : 7-6113400
*Factories, Size & Locations*
======================
The firm maintains four (4) manufacturing premises as listed below:
(1)
Size :
16,243.52 sq. meters (Approx)
Location :
Kaohsiung Hsien
Type of building : Industrial
building
Property status : Owned by
YIEH HSING ENTERPRISE CO LTD
Comment : Serves
as office and factory
Address : 369
Pao Mi Rd, Kangshan Chen Kaohsiung Hsien 820
(2)
Size :
23,263.42 sq. meters (Approx)
Location :
Kaohsiung Hsien
Type of building : Industrial
building
Property status : Owned by
YIEH HSING ENTERPRISE CO LTD
Comment : Serves
as office and factory
Address : 379
& 379-1 Pao Mi Rd , Kangshan Chen Kaohsiung Hsien 820
(3)
Size :
23,287.86 sq. meters (Approx)
Location :
Pingtung Hsien
Type of building :
Industrial building
Property status : Owned by
YIEH HSING ENTERPRISE CO LTD
Comment : Serves
as office and factory
Address : 4-3
Yung Hsiang Rd, Fangliao Hsiang Pingtung Hsien 940
(4)
Size :
23,100.69 sq. meters (Approx)
Location :
Pingtung Hsien
Type of building :
Industrial building
Property status : Owned by
YIEH HSING ENTERPRISE CO LTD
Comment : Serves
as office and factory
Address : 4-5
Yung Hsiang Rd, Fangliao Hsiang Pingtung Hsien 940
*Corporate & Organization Structure*
=============================
A large sized company mainly operated and managed by an experienced team
of professionals.
*Industry Ranking*
===============
- Generally regarded as one of the Top 5000 Companies in Manufacturing
Industry of Taiwan. Details of rank are as follows:
Year Rank
------- ---------
2005 457
2006 425
2007 389
- Considered as Taiwan's largest manufacturing corporations.
- Generally regarded as one of the Top 1000 Companies in Manufacturing
Industry of Taiwan.
*Sales Ranking*
============
Details of Rank are as follows
Year Rank
------ ------
1996 86
1997 76
1998 86
2000 77
2001 134
2002 189
*Accountants*
===========
- CLOCK & CO, CPAs
- Yung-chi Lai, CPA 1
- Ying-lai Chou, CPA 2
*Registrar*
==========
- YIEH HSING ENTERPRISE CO LTD
www.yheco.com.tw The design is professional
and the content is well organized. At present it is in both Chinese and English
versions.
E-mail: yh001@eyieh.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: 380,168,451
Shareholders Country Number Amount (NTD) %
Public shareholdings traded n/a
336,763,402.00 3,367,634,020.00 88.58
via Stock Exchange
WEI CHIAO INVESTMENT Taiwan
36,939,493.00 369,394,930.00 9.72
DEVELOPMENT CO LTD
HSING LUNG INVESTMENT Taiwan 6,271,923.00 62,719,230.00 1.65
DEVELOPMENT CO LTD
KUO CHIAO INVESTMENT Taiwan
103,544.00 1,035,440.00 0.03
DEVELOPMENT CO LTD
KUO TUNG INVESTMENT Taiwan
90,089.00 900,890.00 0.02
DEVELOPMENT CO LTD
Management: Mr. Hung-hsiang Chuang,
Manager
Mr. Hsin-chang Lin, Director
Mr. Teh-wei Tai, Manager
Name Nationality
Job Description Dept. / Division
Mr. Hung-hsiang Chuang Taiwanese
Manager Account
Mr. Hsin-chang Lin Taiwanese
Director Engineering
Mr. Teh-wei Tai Taiwanese
Manager Export
Mr. Wen-tsan Chiu Taiwanese
Manager Facility
Mr. Huang-chi Hsu Taiwanese
Manager Factory
Mr. Shen-chi Yen Taiwanese
Manager Factory
Mr. Tu-cheng Hsiung Taiwanese
Manager Factory
Mr. Tai-hsun Wang Taiwanese
Manager Finance
Mr. Ching-sheng Yu Taiwanese
Consultant Financial
Mr. Ching-wu Hsu Taiwanese
Assist. Manager Production
Mr. Po-chih Lee Taiwanese
Manager Quality Control
Mr. Shen-chi Chuang Taiwanese
Manager Quality Control
Mr. Wu-chiang Wang Taiwanese
Director Sales
Mr. Jung-chih Yang Taiwanese
Manager Sales
Mr. Tzu-ching Liu Taiwanese
Manager Sales
Mr. Chien-hsiung Wang Taiwanese
Assist. Manager -
Mr. Kuei-pin Ou Taiwanese
Assist. to President -
Mr. Mao-tsung Lin Taiwanese
CEO -
Mr. Chi-chuan Ku Taiwanese
General Manager -
Mr. Chi-you Ma Taiwanese
General Manager -
Mr. Chung-wei Lee Taiwanese
General Manager -
Mr. Chen-ping Wu Taiwanese
Vice Director General -
*Main Products & Services*
======================
Specializes in the following areas of work :
1. Manufacturing and trading fabricated steel products and related metal
products.
2. Designing, manufacturing and installing whole-plant machinery and
environmental protection equipment.
3. Also provides residential and commercial building construction
services.
4. Selling to both domestic and international markets.
Products: Carbon steel wires
Environmental
protection eqpt
Fabricated steel
products
Residential
construction
Slotted angle &
fittings
*Brand*
======
YH
Yieh Hsing
*Payment Terms*
=============
Sales
------
Local : Cash
30-90 days credit
Export : Letter of Credit (L/C)
Telegraphic
Transfer (T/T)
Purchases
---------------
Local : Cash
30-90 days credit
Import : Letter of Credit (L/C)
Telegraphic
Transfer (T/T)
*Competitors*
===========
The following locally based companies supply identical range of products
:
- ACERS STEEL INDUSTRIAL CO LTD
- CHANG YEE STEEL CO LTD
- EVER LASTING STAINLESS STEEL
- GLORY LI STEEL CO LTD
- TAI HSING INDUSTRY CO LTD
- ASIA PACIFIC LON KANG STEEL CO LTD
*Production Capacity*
==================
Item :
Wire stock
Maximum capacity : 200,000 (NTD 1,000.00/Tons)
Current capacity : 97,913
(NTD 1,000.00/Tons)
Year :
2007
*Mergers & Acquisitions*
=====================
Type :
Merger
Parties involved : YIEH YIH
ENTERPRISE CO LTD
Date of transaction : December 1986
Details :
The company which is the surviving entity merged with YIEH YIH ENTERPRISE CO
LTD.
*Local Distribution Network*
=======================
An estimated 67% of the annual turnover is attributed to local sales.
*Export Markets*
==============
An estimated 33% 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 126
2001 152
2002 269
2003 250
2004 287
2005 199
2006 222
*International Dumping Charges*
==========================
In September 1998 it was reported that the company was charged by the US
International Trade Commission (ITC) with anti-dumping charges on the import of
stainless steel wire rods. ITC would
charge the company with 0.02 percent which is considered too small to be
subject to anti-dumping charges.
*LOCAL BRANCHES & MANAGEMENT*
================================
Branch : YIEH HSING ENTERPRISE CO LTD - FANGLIAO HSIANG
Branch Address : 4-3 Yung Hsiang Rd Fangliao Hsiang, Pingtung Hsien 940
Branch Tel : [+886] 8-8669533
Branch : YIEH HSING ENTERPRISE CO LTD - FANGLIAO HSIANG
Branch Address : 4-5 Yung Hsiang Rd Fangliao Hsiang, Pingtung Hsien 940
Branch Tel : [+886] 8-8669533
Branch : YIEH HSING ENTERPRISE CO LTD - KANGSHAN CHEN
Branch Address : 379 Pao Mi Rd Kangshan Chen, Kaohsiung Hsien 820
*(Subsidiaries, Joint-ventures & Affiliates)
===============================
Company Name : PACIFIC HARBOUR STEVEDORING CORP
Country : Taiwan
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Service
Industry : Professional Services
Company Name : YEOU YIH STEEL CO LTD
Address : 2 Yung Kung 10th Rd Yung-an Hsiang 828 Kaohsiung Hsien Taiwan
Country : Taiwan
Relationship : Affiliate
Legal Form : Public Company
Company Type : Manufacturer
Industry : Metals & Metal Products
Company Name : YIEH CORP
Address : 3Fl, 6 Yi Ta Rd Yenchao Hsiang 824 Kaohsiung Hsien Taiwan
Country : Taiwan
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Metals & Metal Products
Company Name : YIEH PHUI ENTERPRISE CO LTD
Address : 369 Yuliao Rd Yu Liao Tsun Chiaotou Hsiang 825 Kaohsiung Hsien
Taiwan
Country : Taiwan
Relationship : Affiliate
Legal Form : Public Listed Company
Company Type : Manufacturer
Industry : Metals & Metal Products
Company Name : YIEH UNITED STEEL CORP
Address : 600 Shing Loong St Jia Hsing Lii Kangshan Chen 820 Kaohsiung
Hsien Taiwan
Country : Taiwan
Relationship : Affiliate
Legal Form : Public Company applying for Stock Market Listing
Company Type : Manufacturer
Industry : Metals & Metal Products
*Strategic Partners & Alliances*
=========================
(1)
Group/Alliance name : YIEH LOONG Group
Group members : - YIEH LOONG
ENTERPRISE CO LTD
- YIEH PHUI ENTERPRISE CO LTD
- YIEH UNITED STEEL CORP
- TAIWAN STEEL
- TAI STEEL ENGINEERING
- AIRSTAR ENTERPRISE CO LTD
- LIEN KANG HEAVY INDUSTRIAL CO LTD
- YIEH MAU CORP
- I-SHOU UNIVERSITY
(2)
Associated with OVERSEAS MARKETING CO LTD, Bangladesh
PAYMENT RATING :
3 OBTAINED SCORES : 60
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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
MODERATE amounts depending on individual judgement experience.
*BANK DETAILS*
===============
Bank Name : CHANG
HWA COMMERCIAL BANK LTD
Branch :
Kangshan Chen
Branch Address : 293
Kang Shan Rd
SWIFT Code :
CCBCTWTP
Bank Name : CHIAO
TUNG BANK CO LTD
Branch : Chungcheng
Dist,Taipei City
Branch Address : 91
Heng Yang Rd Chungcheng Dist Taipei City 100 (Head Office)
SWIFT Code :
BKCMTWTP
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 : MEGA
INT'L COMMERCIAL BANK CO LTD
Branch :
Kangshan Chen
Branch Address : 138
Chung Shan North Rd
SWIFT Code :
ICBCTWTP
Balance Sheet
Currency : NTD
Denomination : in Thousands
2006 2007
----------- -----------
Current Assets 2,802,194 2,295,337
Funds & long-term investments 3,092,205 3,097,114
Property 7,620,483 7,547,215
Other Assets
923,272 893,597
Current Liabilities (Before) 8,070,472 6,204,730
(After)
8,070,472 --
Long-term Liabilities 2,599,257 2,062,971
Other Liabilities 180,752 188,609
Common stock 6,399,985 7,320,572
Capital Reserve
5 5
Retained Earnings (Before) (2,821,601)
(1,952,652)
(After)
(2,821,601) --
Total Assets 14,438,154
13,833,263
Total Liabilities (Before) 10,850,481 8,456,310
(After) 10,850,481 --
Total Shareholder's Equity (Before) 3,587,673
5,376,953
(After) 3,587,673 --
Income Statement
Currency : NTD
Denomination : in Thousands
2006 2007
----------- -----------
Operating revenue 9,204,571 10,586,658
Gross Profit
(51,375) 364,365
Operating Income (306,283) 112,475
Non-operating income
87,629 80,903
Non-operating expense 421,034 340,078
Net Income
(688,318) (210,464)
Earnings (losses) per share (After) (1) (0)
*Financial Ratios*
==============
2006 2007
----------- -----------
Ratio of liabilities to Assets % 75 61
Ratio of long-term capital to
fixed Assets% 81 99
Current ratio%
35 37
Quick ratio%
17 19
Interest coverage (1) 1
Turnover of receivable (times) 41 40
Average collection period of
receivable 9 9
Turnover of inventories (times) 11 10
Turnover of expense (times) 9 16
Average days of sales 34 36
Turnover of fixed assets (times) 1 1
Turnover of total assets (times) 1 1
Return on total assets% (5) (2)
Return on shareholder's Equity% (19) (4)
Operating Income (5) 2
Net Income before tax (10) (2)
Profit margin% (7) (2)
*Financial Summary (Currency: U.S. $'s)
==============================
Year Sales Assets Net Income
2000 $447,682,581.65 $654,198,413.69 $29,206.84
2001 $247,716,976.20 $536,156,094.02 -$48,974,695.30
2002 $182,075,050.30 $488,466,484.62 -$48,477,953.43
2003 $183,392,935.41 $469,036,188.00 $7,856,747.40
2004 $241,538,045.11 $428,637,624.06 $5,774,165.41
2005 $257,042,685.62 $444,080,157.98 -$19,557,756.71
2006 $278,251,844.01 $436,461,729.14 -$20,807,678.36
2007 $319,452,564.88 $417,418,919.73 -$6,350,754.38
*Int´l Trade Activity (Currency: U.S. $'s)
===============================
Year Imports Exports Total
2002 $39,647,528.00 $56,447,707.01 $96,095,235.01
2003 $68,440,817.99 $47,268,742.99 $115,709,560.98
2004 $59,539,976.00 $74,565,372.99 $134,105,348.99
2005 $117,373,985.97 $96,491,107.99 $213,865,093.96
2006 $95,548,780.99 $108,051,935.97 $203,600,716.96
2007 $97,000,000.00 $102,000,000.00 $199,000,000.00
SC is considered large-sized in its line with a development history of
30 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 upon a periodical
review basis.
Attached:
trade references
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 3317 Steel
Pipe & Tubes
Manufacturing 3312 Blast
furnace, steel works, and rolling mill products
Manufacturing 331207 Steel
Plate/Sheet/Strip
Manufacturing 3317 Steel
Pipe & Tubes
Manufacturing 3400 Fabricated
Metal Products
Manufacturing 3462 Iron
& steel forgings
Manufacturing 3500 Industrial
Machinery & Equipment
Service 1629 Heavy
Construction, NEC
Trading 3312 Blast furnace, steel works, and rolling mill
products
Trading 3400 Fabricated
Metal Products
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 7213 Bars
& rods, iron & na steel, h-r irreg coils
Exporting 7213990010 Other bars and rods of iron or nonalloy steel, hot-rolled,
irreg coils, under .25 pct carbon
Exporting 7221000000 Bars and rods, stainless steel, hot-rolled, in irregularly
wound coils
Exporting 7304 Tubes,
pipes etc, seamless, iron & steel
Importing 6902901010 Clay bricks, refractory, other than siliceous (not over 50
percent mgo, cao and/or cr203 or alumina and/or silica)
Importing 7207 Semifinished
products of iron or nonalloy steel
Importing 7207190000 Semifinished products of iron or nonalloy steel less than 0.25
percent carbon, cross section other than rectangular or square
Importing 7207200000 Semifinished products of iron or nonalloy steel, 0.25 percent
or more of carbon
Importing 7208 Flat-roll
iron & na steel n/un600mm wd hot-rl, not clad
Importing 7218 Stainless
steel in ingots etc & semifin products
DETAILED PRODUCT
CLASSIFICATION & ACTIVITY
Activity Product/Service Description
Manufacturer Steel rods
Manufacturer Whole-plant
equipment
Manufacturer Environmental
protection eqpt
Manufacturer Steel plate
Manufacturer Fabricated steel
products
Manufacturer Steel wire
Manufacturer Steel coil
Manufacturer Carbon steel
wires
Service Residential
construction
INTERNATIONAL
TRADE: ACTIVITY & MARKETS
Country / Region Main Trading Activity
Africa Exporting
Asia / Pacific Exporting,Importing
Europe Exporting,Importing
Middle-East Exporting
North America Exporting
South America Exporting,Importing
Afghanistan Exporting
Australia Exporting
Belgium Exporting
Brazil Importing
Canada Exporting
China Exporting,Importing
Germany Exporting,Importing
Hong Kong Exporting
India Exporting,Importing
Ireland Exporting
Israel Exporting
Italy Exporting
Japan Exporting
Malaysia Exporting
Mexico Exporting
Philippines Exporting
Russia Importing
Singapore Exporting
South Africa Exporting
South Korea Exporting,Importing
Thailand Exporting
USA Exporting,Importing
United Kingdom Exporting,Importing
Venezuela Exporting
Vietnam Exporting
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.21 |
|
UK Pound |
1 |
Rs.79.76 |
|
Euro |
1 |
Rs.64.72 |
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%)