MIRA INFORM
REPORT
|
Report Date : |
30.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
SHIHLIN PAPER CORPORATION |
|
|
|
|
Registered Office : |
31, Fu Teh Road, Shihlin, Taipei |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
30.06.2011 |
|
|
|
|
Date of Incorporation : |
08.09.1959 |
|
|
|
|
Com. Reg. No.: |
11038101 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturing and sales
of paper and pulp |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 300,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment
Behaviour : |
No Complaints |
|
|
|
|
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: |
|
|
Supplied Name: |
|
|
Trading Address: |
|
|
Supplied Address: |
|
|
Telephone Number: |
+886-2-2881-1111 |
|
Fax Number: |
Credit
Summary
|
Credit Rating: |
|
|
Credit Opinion: |
Company
Identification Details
Listing
Information
|
Symbol |
Shihlin Paper |
|
Code |
1903 |
|
Date of Listing |
1963-12-09 |
History
Subject was incorporated on 1959-9-8
with registered number 11038101 as Joint Stock Company in Taiwan.
Awards
|
Year |
Awards |
|
2008 |
Blue chip importer and exporter |
|
2009 |
Blue chip importer and exporter |
|
2010 |
Blue chip importer and exporter |
Standard of Blue chip importer and exporter
Unit: USD
|
Year |
Amount |
|
2008 |
19,000,000 |
|
2009 |
15,000,000 |
|
2010 |
20,000,000 |
Shareholders
|
Name |
Subscription
Shares |
|
Tai Bao
Trading Co., Ltd |
907,667 |
|
Boting Chen |
|
|
1,055,043 |
|
|
Junsheng
Lin |
463,080 |
|
Zhengxiong
Lin |
825,905 |
|
Chengzhi
Chen |
6,662,389 |
|
Zhixiang
Chen |
351,236 |
|
Daxing Investment
Co., Ltd |
35,232 |
|
Caituan |
18,150,259 |
|
Xinbei
Lin |
2,015,686 |
|
Li Chen |
12,674,381 |
|
Yinru
Chen |
5,440,018 |
Notes:
The information above is
that of subject’s major shareholders.
Subsidiaries &
Branches
Personnel
Information
Core Management
|
1 |
|
|
Name |
Chaochuan Chen |
|
Position |
Board Chiarman |
|
2 |
|
|
Name |
Boting Chen |
|
Position |
Vice-Director |
|
3 |
|
|
Name |
Junsheng Lin |
|
Position |
Director |
|
4 |
|
|
Name |
Zhengxiong Lin |
|
Position |
Director |
|
5 |
|
|
Name |
Huiying Chen |
|
Position |
Director |
|
5 |
|
|
Name |
Chengzhi Chen |
|
Position |
Director |
|
5 |
|
|
Name |
Zhixiang Chen |
|
Position |
Director |
|
5 |
|
|
Name |
Chaoheng Chen |
|
Position |
Director |
|
5 |
|
|
Name |
Jiankun Chen |
|
Position |
Director |
|
5 |
|
|
Name |
Yican Li |
|
Position |
Director |
|
5 |
|
|
Name |
Zhengxian Lin |
|
Position |
Director |
|
5 |
|
|
Name |
Xinbei Lin |
|
Position |
Auditor |
|
5 |
|
|
Name |
Li Chen |
|
Position |
Auditor |
|
5 |
|
|
Name |
Yinru Chen |
|
Position |
Auditor |
Personnel Structure
|
Total Employees |
More than
50 Employees |
Operation
Information
Offices & Factories
|
|
Headquarters
|
|
Add |
Production Information
l
Subject
produces paper and pulp.
l
The
subject produces in Taiwan.
Purchase Information
l
The raw
material for production is mostly purchased from domestic markets.
l
The
subject is mainly engaged in sales of paper and pulp.
l
The
subject sells products around the world.
Import and export right:
|
Import
right |
Yes |
|
Export
right |
Yes |
Settlements
Purchase
Domestic
Purchase (Taiwan and Mainland, China)
|
Payment
Terms |
Proportion |
|
|
Raw
Materials |
COD,
etc |
100% |
Foreign
Purchase
Sales
Domestic
Markets (Taiwan)
|
Sales
Terms |
Proportion |
|
|
Paper
and pulp |
100% |
Export
|
Sales
Terms |
Proportion |
|
|
Paper
and pulp |
CBD,
etc |
100% |
Financial
Information
Balance Sheet
Unit: NTD/thousand
|
|
2011-06-30 |
2010-06-30 |
|
Accounting Title |
Amount |
Amount |
|
Accounting Title |
Amount |
Amount |
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash and cash equivalents |
26,449.00 |
36,065.00 |
|
Financial assets measured at fair value through
profit or loss - current |
33,004.00 |
0.00 |
|
Available-for-sale financial assets - current |
640,099.00 |
620,419.00 |
|
Notes receivable - net |
15,000.00 |
10,000.00 |
|
Accounts receivable - net |
69,145.00 |
71,875.00 |
|
Other financial assets - current |
9,789.00 |
22,109.00 |
|
Inventories |
347,400.00 |
365,927.00 |
|
Other prepayments |
7,522.00 |
11,404.00 |
|
Other current assets |
1.00 |
4,559.00 |
|
Current assets |
1,148,409.00 |
1,142,358.00 |
|
Funds and Investments |
|
|
|
Financial assets carried at cost - non current |
4,126.00 |
4,126.00 |
|
Equity investments under equity method |
3,612,596.00 |
3,688,233.00 |
|
Investments |
3,612,596.00 |
3,688,233.00 |
|
Funds and long-term investments |
3,616,722.00 |
3,692,359.00 |
|
Fixed Assets |
|
|
|
Cost |
|
|
|
Land |
6,310.00 |
6,310.00 |
|
Buildings and structures |
528,455.00 |
525,391.00 |
|
Machinery and equipment |
2,776,265.00 |
2,738,697.00 |
|
Transportation equipment |
50,400.00 |
60,916.00 |
|
Other facilities |
47,705.00 |
47,144.00 |
|
Revaluation increment |
84,627.00 |
84,627.00 |
|
Cost and revaluation increment |
3,493,762.00 |
3,463,085.00 |
|
Accumulated depreciation |
-3,073,182.00 |
-3,035,849.00 |
|
Construction in process and prepayment for
equipments |
9,385.00 |
7,151.00 |
|
Fixed assets |
429,965.00 |
434,387.00 |
|
Intangible Assets |
|
|
|
Computer software cost |
1,283.00 |
0.00 |
|
Deferred pension cost |
13,777.00 |
23,336.00 |
|
Intangible assets |
15,060.00 |
23,336.00 |
|
Other Assets |
|
|
|
Rental assets |
36,590.00 |
36,699.00 |
|
Idled assets |
164,747.00 |
165,202.00 |
|
Guarantee deposits paid |
487.00 |
487.00 |
|
Deferred charges |
11,986.00 |
25,809.00 |
|
Other assets - other |
23,168.00 |
23,168.00 |
|
Accumulated impairment - other assets |
-139,778.00 |
-139,778.00 |
|
Other assets |
97,200.00 |
111,587.00 |
|
Assets |
5,307,356.00 |
5,404,027.00 |
|
Liabilities and Stockholders' Equity |
|
|
|
Liabilities |
|
|
|
Current Liabilities |
|
|
|
Short-term borrowings |
460,000.00 |
375,000.00 |
|
Short-term notes and bills payable |
149,890.00 |
269,846.00 |
|
Notes payable |
12,375.00 |
8,730.00 |
|
Accounts payable |
180,800.00 |
141,736.00 |
|
Accrued expenses |
46,933.00 |
56,796.00 |
|
Advance receipts |
23,355.00 |
16,548.00 |
|
Other current liabilities |
3,051.00 |
10,653.00 |
|
Current liabilities |
876,404.00 |
879,309.00 |
|
Long term Liabilities |
|
|
|
Reserves |
|
|
|
Reserve for land revaluation increment tax |
29,405.00 |
29,405.00 |
|
Reserves |
29,405.00 |
29,405.00 |
|
Other Liabilities |
|
|
|
Pension reserve / accrued pension liability |
93,317.00 |
105,117.00 |
|
Guarantee deposits received |
2,801.00 |
3,272.00 |
|
Other liabilities |
96,118.00 |
108,389.00 |
|
Liabilities |
1,001,927.00 |
1,017,103.00 |
|
Stockholders' Equity |
|
|
|
Capital |
|
|
|
Common stock |
2,600,391.00 |
2,600,391.00 |
|
Capital Surplus |
|
|
|
Capital surplus - additional paid-in capital |
0.00 |
0.00 |
|
Capital surplus - treasury stock transactions |
0.00 |
0.00 |
|
Capital surplus - gain on disposal of fixed assets |
0.00 |
0.00 |
|
Capital surplus - donated assets received |
0.00 |
0.00 |
|
Capital surplus - long-term equity investments |
0.00 |
0.00 |
|
Capital surplus - premium from merger |
0.00 |
0.00 |
|
Capital surplus - stock option |
0.00 |
0.00 |
|
Capital surplus - other |
0.00 |
0.00 |
|
Capital surplus |
0.00 |
0.00 |
|
Retained Earnings |
|
|
|
Legal reserve |
0.00 |
0.00 |
|
Special reserve |
0.00 |
0.00 |
|
Unappropriated retained earnings |
-1,662,035.00 |
-1,524,884.00 |
|
Retained earnings |
-1,662,035.00 |
-1,524,884.00 |
|
Stockholders' Equity and Other adjustmen |
|
|
|
Unrealized gains (losses) on financial instruments |
88,917.00 |
33,261.00 |
|
Unrealized Revaluation Increment |
3,278,156.00 |
3,278,156.00 |
|
Equity adjustments |
3,367,073.00 |
3,311,417.00 |
|
Stockholdersˉ equity |
4,305,429.00 |
4,386,924.00 |
|
Number of treasury stock acquired by the company
and subsidiaries (unit: share) |
0.00 |
0.00 |
|
|
0.00 |
0.00 |
Income Statement
Unit: NTD/thousand
|
|
2011-06-30 |
2010-06-30 |
|
Sales |
1,191,607.00 |
1,004,756.00 |
|
Sales |
1,191,607.00 |
1,004,756.00 |
|
Operating income |
1,191,607.00 |
1,004,756.00 |
|
Cost of sales |
1,094,141.00 |
934,881.00 |
|
Operating costs |
1,094,141.00 |
934,881.00 |
|
Gross profit (loss) from operations |
97,466.00 |
69,875.00 |
|
Selling expense |
75,232.00 |
71,703.00 |
|
General and administrative expenses |
19,695.00 |
18,071.00 |
|
Research and development expenses |
5,927.00 |
4,700.00 |
|
Operating expenses |
100,854.00 |
94,474.00 |
|
Operating income (loss) |
-3,388.00 |
-24,599.00 |
|
Non-Operating Income |
|
|
|
Gains on disposal of fixed assets |
0.00 |
35.00 |
|
Gains on sale of investments |
0.00 |
33.00 |
|
Foreign exchange gains |
2,198.00 |
34.00 |
|
Rent income |
7,189.00 |
7,444.00 |
|
Revaluation gain on financial assets |
98.00 |
0.00 |
|
Miscellaneous income |
2,160.00 |
11,655.00 |
|
Non-operating revenues and gains |
11,645.00 |
19,201.00 |
|
Non-Operating Expenses |
|
|
|
Interest expense |
2,681.00 |
2,240.00 |
|
Losses from long-term equity investments under the
equity method |
39,673.00 |
47,782.00 |
|
Other investment loss |
0.00 |
10,945.00 |
|
Investment loss |
39,673.00 |
58,727.00 |
|
Loss on disposal of fixed assets |
1,536.00 |
395.00 |
|
Miscellaneous disbursements |
282.00 |
7,961.00 |
|
Non-operating expenses and losses |
44,172.00 |
69,323.00 |
|
Income from continuing operations before income
tax |
-35,915.00 |
-74,721.00 |
|
Income tax expense (benefit) |
0.00 |
0.00 |
|
Income from continuing operations |
-35,915.00 |
-74,721.00 |
|
Net income (loss) |
-35,915.00 |
-74,721.00 |
|
Primary Earnings per Share |
|
|
|
Primary earnings per share |
-0.14 |
-0.29 |
|
Diluted earnings per share |
|
|
Bankers
|
Name |
Public
Record
Mortgage
No chattel mortgage record
of subject has been found within the recent 3 months.
Lawsuit
Up to date of reporting, no existing or latent litigation of the subject has been found.
Interview
Details
|
Name |
Jiankun Chen |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.93 |
|
UK Pound |
1 |
Rs.76.52 |
|
Euro |
1 |
Rs.66.65 |
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.