MIRA INFORM REPORT
|
Report Date : |
08.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
YIEH UNITED STEEL CORPORATION |
|
|
|
|
Registered Office : |
No.600, Xinglong st., Jiaxing Vil., Gangshan Dist.,
Kaohsiung City 82057 |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Date of Incorporation : |
21.12.1988 |
|
|
|
|
Com. Reg. No.: |
23218395 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and sales of Steel products. |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 2,000,000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment
Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Taiwan |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Contact
Points
|
Company Name: |
|
|
Trading Name: |
YUSCO |
|
Supplied Name: |
|
|
Trading Address: |
No.600, Xinglong St., Jiaxing Vil., Gangshan Dist., Kaohsiung City
82057, Taiwan (R.O.C.) |
|
Supplied Address: |
600 Shing Long St Jia Shing LII, Kangshan Jenn Kaohsiung Hsien,
Kaohsiung, Tawan |
|
Telephone Number: |
|
|
Fax Number: |
|
|
E-mail: |
Notes: Subject’s exact name and address are as
above.
Credit
Summary
|
Credit Rating: |
|
|
Credit Opinion: |
Company
Identification Details
|
Registered Name: |
Yieh United Steel
Corporation |
|
Registered
Address: |
No.600, Xinglong
st., Jiaxing Vil., Gangshan Dist., Kaohsiung City 82057, Taiwan (R.O.C.) |
|
Date of Foundation: |
|
|
Registration
Number: |
23218395 |
|
Registry: |
Department of
Commerce, Ministry of
Economic Affairs, R.O.C. |
|
Registered
Capital: |
NTD 20,956,320,000 (USD 720,897,408) (As of 2011.09, 1
NTD = 0.0344 USD) |
|
Paid-up Capital: |
NTD
20,956,320,000 (USD 720,897,408) |
|
Legal
Representatives: |
Yishou Lin |
|
Legal Form: |
|
|
Principal
Activities: |
|
|
Staff: |
|
|
Listed at Stock Exchange: |
|
|
Date of Last Annual Return: |
History
|
Founding of subject |
|
|
1995.05. |
Hot Strip Mill commenced and began
production. |
|
1995.05. |
HR APL commenced and began
production. |
|
1995.05. |
#1 & #2 Cold Rolling Mill
commenced and began production. |
|
1995.08. |
CR APL and #3 Cold Rolling Mill
commenced and began start-up. |
|
1995.09. |
#1EAF and Slab Continuous Caster
commenced and began production. |
|
1996.04. |
Billet Caster commenced and began
production. |
|
1996.06. |
Subject affiliated with ISSF as one
of the 13 Founding directors. |
|
1996.10. |
#2 EAF commenced and began
production. |
|
1997.12. |
Certified by TUV ISO 9002 Quality
System, Germany. |
|
1998.04. |
Certified by US A2 |
|
1998.07. |
Certified by TUV AD-W2, AD-W10,
Germany. |
|
2000.08. |
Certified by TUV CERT ISO 14001,
Germany. |
|
2000.10. |
EAF was honored with "Excellent
Enterprise of Energy Savings". |
|
2001.11. |
Certified by DNV ISO9001；ISO14001 and OHSAS18001, Norway. |
|
2001.12. |
Commission of Lisco as a intergrated
mill in Guangzhou, China. |
|
2004.01. |
TPM launched by establishment of
management . |
|
2004.02. |
The Resource Treatment Plant was
commissioned. |
|
2005.02. |
Certified by Taiwan Government on
antibiotic of low nickel austenitic staimless steel. |
|
2005.09. |
Certified by Taiwan Government on
antibiotic of ferritic stainless steel. |
|
2006.03. |
Certified by Taiwan,EU,China etc. 15
countries on low nickel austenitic stainless steel. |
|
2006.11. |
NO.2 batch annealin furnace was settled
completed and began production . |
|
2008.01. |
Cold rolling mill 3 was extended
completed,and added No.5,No.6 cold rolling mill ,and No |
Awards
|
Year |
Awards |
|
2007 |
Blue chip importer and exporter |
|
2008 |
Blue chip importer and exporter |
|
2009 |
Blue chip importer and exporter |
Standard of Blue chip importer and exporter
Unit: USD
|
Year |
Amount |
|
2007 |
18,000,000 |
|
2008 |
19,000,000 |
|
2009 |
15,000,000 |
Shareholders
|
Name |
Subscription
Shares |
|
Wei
Chiao Investment Development Co., Ltd (Literal Translation) |
211,991,210 |
|
Guo Chiao Investment Development Co., Ltd (Literal Translation) |
|
|
161,550 |
|
|
Yu
Sheng Investment Development Co., Ltd (Literal Translation) |
887,059 |
|
Yusheng
Investment Development Co., Ltd (Literal Translation) |
51,505,107 |
|
GuoTong
Investment Development Co., LTD
(Literal Translation) |
272,227 |
Major Shareholder Information:
|
Name: |
Wei Chiao Investment Development Co., Ltd
(Literal Translation) |
|
Address |
No. 4, Lane 53, Nanjiang Street, Fengshan
City, Kaohsiung County, Taiwan |
|
Date of Incorporation: |
|
|
Registered Number: |
22267158 |
|
Tel |
+886-7-6114104 |
|
Fax: |
+886-7-6120407 |
Subsidiaries &
Branches
Affliates:
|
Lianzhong
Stainless Steel Corporation YUSCO combined
with LISCO, with an annual capacity of 2,000,000 tones per year, is one of Yieh
Phui Enterprise Co., Ltd. Yieh
Phui (China) Technomaterial Co., Ltd. Changshu
Chief Leading Edge Construction Materials Co. Ltd. Yieh
Phui combined with Yieh Phui (China), with an annual capacity of 2,500,000
tons per year, will become the largest galvanized steel maker in the world.
Yieh
Hsing Enterprise Co., ltd. is one of the largest wire rod maker in the world. Yieh
Mau Corp Yieh
Mau Corp, with the best procedure for stainless steel surface finishing, is
the major |
Personnel
Information
Core Management
|
1 |
|
|
Name |
Yishou Lin |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Zhongqi Guo |
|
Position |
Director |
|
3 |
|
|
Name |
Pingyong Liang |
|
Position |
Director |
|
4 |
|
|
Name |
Huangcai Ye |
|
Position |
Director |
|
5 |
|
|
Name |
Hexing Lai |
|
Position |
Director |
|
6 |
|
|
Name |
Linmao Wu |
|
Position |
Supervisor |
|
7 |
|
|
Name |
Jingcong Huang |
|
Position |
Supervisor |
|
8 |
|
|
Name |
Yongxian Chen |
|
Position |
Supervisor |
Personnel Structure
|
Total Employees |
About 1,500 employees |
Operation
Information
Offices & Factories
|
|
Headquarters
|
|
Add |
No.600, Xinglong
St., Jiaxing Vil., Gangshan Dist., Kaohsiung City 82057, Taiwan (R.O.C.) |
l
Subject
is a manufacturer of steel products
l
Subject’s
steel melting operation has an annual capacity of 1,000,000 metric tons producing
stainless steel slabs and billets and its hot rolling mill can produce 900,000
metric tons of hot rolled stainless steel coils and plates per year. The cold rolling plant has capacity to
produce 250,000 metric tons of hot rolled No. 1 coils, 340,000 metric tons of
2D and 2B stainless steel coils and 60,000 metric tons of Bright Annealed
stainless steel coils.
l
Subject
was certified by ISO 9002 AND 14001.
Purchase Information
l
The
registered activities of subject:
|
Business Code |
Details
|
|
-- |
Manufacture,
processing and sale of all kinds of Carbon steel, stainless steel,
cold-rolled steel plate, Cold rolled steel sheet, galvanized
steel sheet and Painting steel plates, etc |
|
-- |
Manufacture,
processing and sale of all kinds of Carbon steel, special steel including
steel wire structural steel |
|
J101050 |
Environmental
testing services |
|
CA01990 |
Other nonferrous metal
basic industry |
|
ZZ99999 |
Besides
licensed business, all other business items those are not banned or
restricted. |
l
Subject did not introduce its purchasing information
l
The subject is mainly engaged in sales of steel
products including Stainless Steel Slabs, Stainless Steel Billets, Hot Rolled
Stainless Steel Plates – Black, Hot Rolled Stainless Steel Sheet in Coil –
Black, Hot Rolled Stainless Steel, Cold Roll Stainless Steel - 2D, Cold Roll Stainless Steel - 2B, Cold
Roll Stainless Steel - BA, etc
l
Subject’s products are both sold in domestic and
overseas market.
Import and export right:
|
Import
right |
Yes |
|
Export
right |
Yes |
Settlements
Purchase
Subject did not
introduce its purchasing terms.
Sales
Domestic
Markets
|
Sales
Terms |
Proportion |
|
|
Steel
Products |
COD,
CBD, etc |
100% |
Export
|
Sales
Terms |
Proportion |
|
|
Steel
Products |
CBD,
etc |
100% |
Notes: Subject’s settlement for export is generally
in USD
Balance
Sheet
Unit: NTD/000
|
|
|
|
|
Cash & cash equivalents |
2,147,070 |
1,796,225 |
|
Accounts receivable-net |
1,117,387 |
1,190,926 |
|
Accounts receivable-net-related parties |
556,785 |
563,134 |
|
Other receivables |
93,440 |
395,312 |
|
Other receivables-related parties |
607,843 |
68,624 |
|
Current Assets |
13,654,765 |
14,580,746 |
|
Inventories |
5,167,879 |
7,737,230 |
|
Inventories-manufacturing |
5,167,879 |
7,737,230 |
|
Advance Payment |
3,795,450 |
2,667,970 |
|
Non-Current Assets For Sale |
37,107 |
0 |
|
Other urrent assets |
69,453 |
114,193 |
|
69,453 |
114,193 |
|
|
Financial assets at fair value through
income statement-Current |
62,351 |
47,132 |
|
Investment |
19,077,513 |
19,028,178 |
|
Long-Term Investments At Equity |
19,077,513 |
19,028,178 |
|
For sale financial assets-non current |
3,275,733 |
3,146,447 |
|
Financial assets at cost - noncurrent . |
910,128 |
887,590 |
|
Bonds investment without market price-Non
Current |
450,627 |
0 |
|
Fund
And Investments |
23,714,001 |
23,062,215 |
|
Land |
2,914,380 |
2,914,380 |
|
Buildings |
5,185,404 |
5,137,815 |
|
Machinery & equipment |
30,932,408 |
31,195,760 |
|
Computers and communication
apparatus |
295,858 |
268,477 |
|
Transportation equipment |
268,061 |
232,393 |
|
Office Equipment |
45,945 |
42,553 |
|
Total Fixed Assets Cost |
42,945,295 |
43,051,960 |
|
Accumulated Depreciation |
-23,855,186 |
-22,317,334 |
|
Property and equipment cost－net |
19,813,324 |
21,081,633 |
|
Total Cost and surplus arising on
revaluation |
42,945,295 |
43,051,960 |
|
Construction In Progress And Prepayments
For Equipment |
723,215 |
347,007 |
|
Construction In Progress |
723,215 |
347,007 |
|
Other Devices |
3,303,239 |
3,260,582 |
|
Deferred Pension Costs |
11,787 |
12,966 |
|
Total Intangible Assets |
11,787 |
12,966 |
|
477,368 |
477,373 |
|
|
2,520 |
3,335 |
|
|
The deferred income tax assets-non current |
205,939 |
0 |
|
Other Assets-other |
139,093 |
176,200 |
|
Total Other Assets |
824,920 |
656,908 |
|
Total Assets |
58,018,797 |
59,394,468 |
|
8,066,177 |
10,325,360 |
|
|
Term Notes And Bills Payable |
349,649 |
649,033 |
|
Notes Payable |
364,458 |
270,147 |
|
Account Payable |
2,450,055 |
2,762,777 |
|
Account Payable-Related Parties |
1,274,040 |
252,318 |
|
214,715 |
502,265 |
|
|
Accrued Expenses |
416,510 |
568,096 |
|
Changes in the fair value of the financial
liability on profit and loss-current |
614 |
0 |
|
Other payables-related parties |
1,530,432 |
2,855,187 |
|
Current Liabilities |
19,226,738 |
22,976,264 |
|
Other payables |
1,262,268 |
1,278,964 |
|
129,776 |
102,689 |
|
|
129,776 |
102,689 |
|
|
Long-Term Liabilities -Current Portion |
3,164,044 |
3,409,428 |
|
For sale non-current assets relative
liabilities |
4,000 |
0 |
|
11,425,627 |
7,962,227 |
|
|
Funded Liabilities |
11,425,627 |
7,962,227 |
|
Retirementallowancereserve/ Accrued Pension
Liabilities |
680,493 |
533,402 |
|
38 |
38 |
|
|
Deferred Income Tax |
0 |
103,560 |
|
Other Liability-Other |
34,398 |
28,611 |
|
Deferred Credit-Affiliate Company Benefit |
34,398 |
28,611 |
|
Total Other Liabilities |
714,929 |
665,611 |
|
Total Liabilities |
31,367,294 |
31,604,102 |
|
Ordinary Share Capital |
20,956,320 |
17,463,600 |
|
stock dividends to be distributed |
1,047,816 |
3,492,720 |
|
Share Capital |
22,004,136 |
20,956,320 |
|
Capital Surplus- treasury stock |
834,422 |
708,874 |
|
Capital Surplus-gain on disposal of assets |
340,311 |
340,311 |
|
Capital Surplus- permanent investment |
50,164 |
18,098 |
|
Total Capital Surplus |
1,224,897 |
1,067,283 |
|
2,620,933 |
2,371,284 |
|
|
Unappropriated Retained Earnings |
1,712,044 |
3,474,345 |
|
Retained earnings amounted to |
4,332,977 |
5,845,629 |
|
Cumulative Translation Adjustments |
-125,973 |
756,980 |
|
Net Loss Not Recognized As Pension Cost |
-299,803 |
-202,780 |
|
Unrealized gain or loss on financial
instrument |
833,269 |
684,934 |
|
Treasury Stock |
-1,318,000 |
-1,318,000 |
|
Total Shareholders' equity and other
adjustment |
-910,507 |
-78,866 |
|
Treasury Stock held by parent Company
(Unit: Share) |
209,245,680 |
174,371,400 |
|
Total Shareholders' equity |
26,651,503 (USD 916,811,703) |
27,790,366 (USD955,988,590) |
(As of 2011.09, 1 NTD = 0.0344 USD)
Profit and
Loss Account
Unit: NTD/000
|
|
~ |
~ |
|
40,370,652 |
38,162,624 |
|
|
Net Sales Revenue |
40,370,652 |
38,162,624 |
|
Total Sales Revenue |
41,477,735 (USD 1,426,834,084) |
39,371,578 (USD 1,354,382,283) |
|
Sales Returns |
1,250 |
1,106 |
|
Sales Discounts And Allowances |
1,105,833 |
1,207,848 |
|
38,738,038 |
35,415,593 |
|
|
Gross profit (loss) |
1,632,614 |
2,747,031 |
|
Unrealized gain from inter-affiliate
accounts. |
19,709 |
28,611 |
|
Realized gain from inter-affiliate
accounts. |
16,785 |
25,876 |
|
Total operating expenses |
646,901 |
835,708 |
|
Distribution Cost |
406,248 |
576,939 |
|
General And Administrative Expenses |
240,653 |
258,769 |
|
Net operating profit (Loss) |
982,789 |
1,908,588 |
|
Non-operating revenue and profit |
139,586 |
667,205 |
|
Interest Income |
16,218 |
11,138 |
|
Income From Investment |
97,425 |
306,556 |
|
Investment Profit Recognized Under Equity
Method |
0 |
237,890 |
|
97,425 |
68,666 |
|
|
0 |
278,537 |
|
|
Financial assets evaluation Profit |
0 |
10,204 |
|
Miscellaneous Expenses
Income |
25,943 |
60,770 |
|
Non-operating expenses and losses |
906,502 |
203,633 |
|
225,264 |
203,633 |
|
|
646,529 |
0 |
|
|
Investment Loss Recognized Under Equity
Method |
646,529 |
0 |
|
31,909 |
0 |
|
|
Financial assets evaluation Loss |
2,186 |
0 |
|
Financial Liabilities evaluation Loss |
614 |
0 |
|
Net Profits (loss) before tax from continuing
operations |
215,873 |
2,372,160 |
|
21,562 |
474,778 |
|
|
Unit Net Profits (loss) before tax from
continuing operations |
194,311 |
1,897,382 |
|
Net Profits (loss) |
194,311 (USD 6,684,298) |
1,897,382 (USD 65,269,941) |
|
Basic earnings per share |
0.11 |
1.26 |
(As of 2011.09, 1 NTD = 0.0344 USD)
Bankers
Subject declined to disclose its bank details; from other source we can not obtain the relevant information, either.
Public
Record
Mortgage
No chattel mortgage
record of subject has been found within the recent 3 months.
Lawsuit
Court Action:
|
98,雄簡調,84 |
|
|
Trial Date: |
980415 |
|
Reason |
Interview
Details
|
Department |
Sales department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.02 |
|
UK Pound |
1 |
Rs.73.61 |
|
Euro |
1 |
Rs.64.78 |
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 |
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 |
|
---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.