x
|
Report Date : |
16.02.2012 |
|
|
|
|
Tel. No.: |
886 7 621 4121 |
|
Fax No.: |
886 7 622 3256 |
IDENTIFICATION DETAILS
|
Name : |
CHUN YU WORKS & CO., LTD. |
|
|
|
|
Registered Office : |
1fl., No.1-1, Chia Shing Rd., Gangshan
Dist., Kaohsiung City 820, Taiwan (R.O.C.) |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
30.09.2011 |
|
|
|
|
Date of Incorporation : |
27.03.1965 |
|
|
|
|
Com. Reg. No.: |
88187108 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture of bolts, nuts, hex socket
screws, and steel bar etc. |
|
|
|
|
No. of Employees : |
About 450 Employees |
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 800,000 |
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Taiwan |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Notes:
The supplied address is incomplete, and the exact address is as above.
|
Credit Rating: |
Subject was
incorporated on
Subject was listed on Taiwan Stock Exchange on
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 |
|
Subscription
Share |
|
|
Kaotai Machinery
Co., Ltd. |
10,000,000 |
| Shihe
Li |
3,767,998 |
|
Minghuang Li |
3,000,322 |
|
Debin Sun |
3,000,103 |
|
Xichang
Li |
2,506,911 |
|
Jindi Gan |
2,500,000 |
|
Shiren Li |
3,205,408 |
The information above is that of subject’s major shareholders.
Related Companies:
|
1 |
|
|
Kangshan Plant, Kaohsiung |
|
|
Registered Address |
No. 100, Tapao St., Kangshan Town, Kaohsiung
County 82063, Taiwan (R.O.C.) |
|
Telephone Number |
+886-7-622-4111 |
|
Fax Number |
+886-7-621-6697 |
|
Name |
No.1, Chiashing Rd, Kangshan Town, Kaos |
|
2 |
|
|
Name |
PT. Moonlion Industries Indonesia |
|
Registered Address |
Jl. Rawa Bali | No.8 Industrial Estate
Pulogadung, Jakarta 13920, Indonesia |
|
Telephone Number |
+62-21-4602888 |
|
Fax Number |
+62-21-4602887 |
|
3 |
|
|
Name |
Chun Zu Machinery Ind. Co., Ltd. |
|
Registered Address |
No. 50, Tapao St., Kangshan Town, Kaohsiung
County 82063, Taiwan (R.O.C.) |
|
Telephone Number |
+886-7-6212196~8 |
|
Fax Number |
+886-7-6221718 |
|
4 |
|
|
Name |
Shanghai Chun Zu
Machinery Industry Co., Ltd. |
|
Registered Address |
No. 6639 Jihe Road, Baihe Town, Qingpu District
Shanghai City 201709, China |
|
Telephone Number |
+86-21-59742888 |
|
Fax Number |
+86-21-59742882 |
|
5 |
|
|
Name |
Hi-Ace Trading
Co., Ltd. |
|
Registered Address |
|
|
Telephone Number |
+886-2-25925167 |
|
Fax Number |
+886-2-25940724 |
|
6 |
|
|
Name |
Chun Yu Works
(U.S.A) Inc. |
|
Registered Address |
3534 Philadelphia St., Chino, CA 91710, US |
|
Telephone Number |
+1-090-627-9915 |
|
Fax Number |
+1-090-627-6255 |
|
7 |
|
|
Name |
Chun Yu
(DongGuan) Metal Products Co., Ltd. |
|
Registered Address |
Song Mu Shan Administration Zone, Dalang,
Dongguan City 523795, Guangdong Province, China |
|
Telephone Number |
+86-769-83310921 |
|
Fax Number |
+86-769-83181001 |
|
8 |
|
|
Name |
Shanghai
Tongsheng Trading Co., Ltd. |
|
Registered Address |
No. 9088, Hutai Rd., Luojing Town, Baoshan
District, Shanghai City 200949,China |
|
Telephone Number |
+86-21-66877015 |
|
Fax Number |
+86-21-66877012 |
|
9 |
|
|
Name |
Shanghai Uchee
Hardware Products CO., LTD |
|
Registered Address |
No. 5, Minying Rd., Luojing Town, Baoshan
District, Shanghai City 200949,China |
|
Telephone Number |
+86-21-66877022 |
|
Fax Number |
+86-21-66877011 |
|
10 |
|
|
Name |
Chun Yu Bio-Tech
Co., Ltd. |
|
Registered Address |
No. 269, Chiahua Rd., Kangshan Town, Kaohsiung
County 82056, Taiwan ( R.O.C.) |
|
Telephone Number |
+886-7-6218318 |
|
Fax Number |
+886-7-6210665 |
|
11 |
|
|
Name |
Chun Yu (AnShan)
Metal Products Co., Ltd. |
Core
Management
Directors
|
1 |
|
|
Name |
Jianfu Gan |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Shihe Li |
|
Position |
Director |
|
3 |
|
|
Name |
Minghuang Li |
|
4 |
|
|
Name |
Deshi Sun |
|
Position |
Director |
|
5 |
|
|
Name |
Xichang Li |
|
Position |
Director |
|
6 |
|
|
Name |
Jidi Gan |
|
Position |
Supervisor |
|
7 |
|
|
Name |
Shiren Li |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 450 Employees |
Offices
& Factories
|
|
Headquarters |
|
Add |
No. 1, Chiashing
Rd., Kangshan Town, Kaohsiung County 82057, Taiwan (R.O.C.) |
Production
Information
l
Subject is a manufacturer of bolts,
nuts, hex socket screws, and steel bar etc. with the production activities.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
F401010 |
International
trade |
|
F107100 |
Wholesale of
basic chemical material |
|
ZZ99999 |
Besides licensed
business, all other business items those are not banned or restricted. |
l
The components and raw material for
production are mostly purchased from abroad.
l
Subject is mainly engaged in
manufacturing and trading of bolts, nuts, hex socket screws, and steel bar etc.
and the related products.
l
Subject’s major products sold as
following:
|
|
Product |
|
1 |
Automotive |
|
2 |
Railway System |
|
3 |
Construction |
|
4 |
Electronic |
|
5 |
Machinery |
|
6 |
Aerospace |
|
7 |
Green Energy |
|
8 |
Collated Screw |
|
9 |
Annealing Wire |
l
Subject introduced that it has the
certifications such as CNS12681, ISO9001, AS9100, ISO/TS16949, IRIS
(International Railway Industry Standard), and A2LA (American Association for
Laboratory Accreditation) certified.
l
Subject’s selling territory covers all
over the world.
Import and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
Subject
declined the purchase settlements information, and from other sources, we
couldn’t obtain the information, either.
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
Bolts, nuts, hex socket screws, and steel bar etc. and the related
products. |
CBD, etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Bolts, nuts, hex socket screws, and steel bar etc. and the related
products. |
T.T, L/C, etc. |
100% |
Unit: NTD /000
|
|
|
|
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash and cash equivalents |
345,153.00 |
1,109,538.00 |
|
Financial assets measured at fair value through
profit or loss - current |
1,634.00 |
46,818.00 |
|
Notes receivable - net |
80,374.00 |
65,675.00 |
|
Accounts receivable - net |
561,355.00 |
393,753.00 |
|
Accounts receivable - related parties - net |
213,232.00 |
245,165.00 |
|
Other receivables |
21,536.00 |
19,156.00 |
|
Other receivables - related parties |
519,226.00 |
339,204.00 |
|
Inventories |
1,642,849.00 |
1,411,672.00 |
|
Other prepayments |
6,986.00 |
11,554.00 |
|
Other current assets |
17,134.00 |
21,609.00 |
|
Current assets |
3,409,479.00 |
3,664,144.00 |
|
Funds and Investments |
|
|
|
Available-for-sale financial assets - non current |
236,163.00 |
216,447.00 |
|
Financial assets carried at cost - non current |
5,442.00 |
5,942.00 |
|
Equity investments under equity method |
1,417,034.00 |
1,184,210.00 |
|
Cash surrender value of life insurance |
11,375.00 |
11,336.00 |
|
Investments |
1,428,409.00 |
1,195,546.00 |
|
Funds and long-term investments |
1,670,014.00 |
1,417,935.00 |
|
Fixed Assets |
|
|
|
Cost |
|
|
|
Land |
273,552.00 |
273,552.00 |
|
Buildings and structures |
787,299.00 |
732,500.00 |
|
Machinery and equipment |
1,994,643.00 |
1,911,435.00 |
|
Utilities equipment |
52,297.00 |
34,088.00 |
|
Transportation equipment |
26,704.00 |
29,421.00 |
|
Office equipment |
54,515.00 |
40,685.00 |
|
Other facilities |
82,025.00 |
92,044.00 |
|
Revaluation increment |
901,211.00 |
630,174.00 |
|
Cost and revaluation increment |
4,172,246.00 |
3,743,899.00 |
|
Accumulated depreciation |
-2,296,576.00 |
-2,276,791.00 |
|
Construction in process and prepayment for
equipments |
177,169.00 |
240,871.00 |
|
Fixed assets |
2,052,839.00 |
1,707,979.00 |
|
Intangible Assets |
|
|
|
Deferred pension cost |
0 |
8,431.00 |
|
Intangible assets |
0 |
8,431.00 |
|
Other Assets |
|
|
|
Rental assets |
68,494.00 |
68,412.00 |
|
Guarantee deposits paid |
100 |
580 |
|
Deferred charges |
10,188.00 |
10,572.00 |
|
Deferred income tax assets - non current |
143,667.00 |
151,235.00 |
|
Other assets - other |
19,739.00 |
20,207.00 |
|
Other assets |
242,188.00 |
251,006.00 |
|
Assets |
7,374,520.00 |
7,049,495.00 |
|
Liabilities and Stockholders' Equity |
|
|
|
Liabilities |
|
|
|
Current Liabilities |
|
|
|
Short-term borrowings |
1,859,273.00 |
2,142,699.00 |
|
Short-term notes and bills payable |
219,536.00 |
289,402.00 |
|
Notes payable |
94,147.00 |
101,305.00 |
|
Notes payable - related parties |
2,443.00 |
11,631.00 |
|
Accounts payable |
76,578.00 |
68,137.00 |
|
Accrued expenses |
95,722.00 |
91,901.00 |
|
Other payables - related parties |
188,288.00 |
322,874.00 |
|
Other payables |
42,439.00 |
19,473.00 |
|
Advance receipts |
22,605.00 |
26,710.00 |
|
Long-term liabilities - current portion |
238,074.00 |
67,673.00 |
|
Current liabilities |
2,839,105.00 |
3,141,805.00 |
|
Long term Liabilities |
|
|
|
Long-term borrowings |
378,166.00 |
283,050.00 |
|
Long-term liabilities |
378,166.00 |
283,050.00 |
|
Reserves |
|
|
|
Reserve for land revaluation increment tax |
293,140.00 |
248,660.00 |
|
Reserves |
293,140.00 |
248,660.00 |
|
Other Liabilities |
|
|
|
Pension reserve / accrued pension liability |
247,424.00 |
264,654.00 |
|
Guarantee deposits received |
398 |
1,104.00 |
|
Other liabilities - other |
9,438.00 |
9,514.00 |
|
Other liabilities |
257,260.00 |
275,272.00 |
|
Liabilities |
3,767,671.00 |
3,948,787.00 |
|
Stockholders' Equity |
|
|
|
Capital |
|
|
|
Common stock |
2,877,740.00 |
2,877,740.00 |
|
Capital Surplus |
|
|
|
Capital surplus - treasury stock transactions |
240,355.00 |
240,316.00 |
|
Capital surplus - long-term equity investments |
5,487.00 |
5,487.00 |
|
Capital surplus |
245,842.00 |
245,803.00 |
|
Retained Earnings |
|
|
|
Legal reserve |
80,166.00 |
80,166.00 |
|
Unappropriated retained earnings |
-453,615.00 |
-652,930.00 |
|
Retained earnings |
-373,449.00 |
-572,764.00 |
|
Cumulative translation adjustments |
273,772.00 |
220,774.00 |
|
Net loss not recognized as pension cost |
-68,695.00 |
-70,756.00 |
|
Unrealized gains (losses) on financial
instruments |
216,027.00 |
195,383.00 |
|
Unrealized Revaluation Increment |
492,757.00 |
261,673.00 |
|
Stockholders' Equity and Other adjustment |
-57,145.00 |
-57,145.00 |
|
Equity adjustments |
856,716.00 |
549,929.00 |
|
Stockholdersˉ equity |
3,606,849.00 |
3,100,708.00 |
|
Number of treasury stock acquired by the company
and subsidiaries (unit: share) |
23,830,450.00 |
23,830,450.00 |
Unit: NTD /000
|
|
To
|
To |
|
Sales |
3,520,327.00 |
2,651,163.00 |
|
Sales discounts and allowances |
20,951.00 |
25,290.00 |
|
Sales |
3,499,376.00 |
2,625,873.00 |
|
Operating income |
3,499,376.00 |
2,625,873.00 |
|
Cost of sales |
3,167,056.00 |
2,364,523.00 |
|
Operating costs |
3,167,056.00 |
2,364,523.00 |
|
Gross profit (loss) from operations |
332,320.00 |
261,350.00 |
|
Unrealized gains on intercompany transactions |
4,820.00 |
3,665.00 |
|
Realized gains on intercompany transactions |
3,704.00 |
584 |
|
Selling expense |
154,525.00 |
151,628.00 |
|
General and administrative expenses |
108,367.00 |
110,555.00 |
|
Operating expenses |
262,892.00 |
262,183.00 |
|
Operating income (loss) |
68,312.00 |
-3,914.00 |
|
Non-Operating Income |
|
|
|
Interest income |
6,425.00 |
2,607.00 |
|
Income from long-term equity investments under
the equity method |
155,173.00 |
156,729.00 |
|
Dividends |
14,188.00 |
12,877.00 |
|
Investment income |
169,361.00 |
169,606.00 |
|
Gains on disposal of fixed assets |
55 |
0 |
|
Foreign exchange gains |
65,697.00 |
0 |
|
Revaluation gain on financial assets |
33,508.00 |
0 |
|
Miscellaneous income |
8,143.00 |
21,286.00 |
|
Non-operating revenues and gains |
283,189.00 |
193,499.00 |
|
Non-Operating Expenses |
|
|
|
Interest expense |
36,146.00 |
27,283.00 |
|
Loss on disposal of fixed assets |
0 |
1,720.00 |
|
Loss on sale of investments |
33,743.00 |
0 |
|
Foreign exchange losses |
0 |
51,771.00 |
|
Impairment loss on assets |
500 |
0 |
|
Revaluation loss on financial assets |
0 |
1,390.00 |
|
Miscellaneous disbursements |
2,342.00 |
2,458.00 |
|
Non-operating expenses and losses |
72,731.00 |
84,622.00 |
|
Income from continuing operations before income
tax |
278,770.00 |
104,963.00 |
|
Income tax expense (benefit) |
31,809.00 |
47,089.00 |
|
Income from continuing operations |
246,961.00 |
57,874.00 |
|
Net income (loss) |
246,961.00 |
57,874.00 |
|
Primary Earnings per Share |
|
|
|
Primary earnings per share |
0.94 |
0.22 |
|
Diluted earnings per share |
|
|
The bankers’ information is not available from the subject or other sources.
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.
|
Name |
Ms. Li |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.25 |
|
|
1 |
Rs.77.45 |
|
Euro |
1 |
Rs.64.89 |
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.