|
Report Date : |
03.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
YEM CHIO CO., LTD. |
|
|
|
|
Registered Office : |
No.423, Sec.3, Ming Chi Rd., Taishan Dist., New Taipei City 243 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
07.03.1978 |
|
|
|
|
Com. Reg. No.: |
35894259 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturing and sales of adhesive tapes and plastic materials, etc |
|
|
|
|
No. of Employees : |
About 500 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 |
|
Status : |
Good |
|
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Taiwan |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
|
Company Name: |
|
|
Supplied Name: |
|
|
Trading Address: |
No.423, Sec.3, Ming Chi Rd., Taishan Dist.,
New Taipei City 243, Taiwan (R.O.C.) |
|
Supplied Address: |
6F No. 423 Sec 3, Mingzhi Road, Taishan
Distt., New tapei City 243 |
|
Telephone Number: |
+886-2-2904-6002-4/
2-2903-3102 |
|
Fax Number: |
+886-2-2904-6014/
2-2903-6729 |
|
E-mail: |
|
|
Website: |
Note:
The correct address is as above mentioned.
|
Credit Opinion: |
|
Registered Name: |
Yem Chio Co., Ltd. |
|
Registered Address: |
No.423, Sec.3, Ming Chi Rd., Taishan Dist., New Taipei City 243, Taiwan
(R.O.C.) |
|
Date of Foundation: |
|
|
Registration Number: |
35894259 |
|
Registry: |
Department of Commerce, Ministry of Economic Affairs,
R.O.C. |
|
Registered Capital: |
NTD 5,000,000,000 (USD 167,000,000) (As of 2012.07, 1 NTD = 0.0334 USD) |
|
Paid-up Capital: |
NTD 2,974,888,960 (USD 99,361,291.26) |
|
Legal Representatives: |
Zhixian Li |
|
Legal Form: |
|
|
Principal Activities: |
Manufacturing and sales of adhesive tapes and
plastic materials, etc |
|
Staff: |
|
|
Listed at Stock
Exchange: |
|
|
Date of Last
Annual Return: |
Subject was incorporated on
Subject was listed on Taiwan Stock Exchange on
2008-1-21.
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 |
|
Name |
Subscription Shares |
|
Zhixian Li |
17,457,437 |
|
Ying Quan International Co., Ltd
(Translated) |
|
|
20,786,045 |
|
|
Asia Plastic Co., Ltd (Translated) |
19,531,093 |
|
Zhengjian Zeng |
1,210,134 |
The information
above is that of subject’s major shareholders.
Factories:
|
1 |
|
|
Name |
Fang-Yang
Factory |
|
Address |
No.28, Kung Chu
2nd Rd., Fang Yuan Industrial Park, Fang Yuan Hsiang,Chang Hwa Hsien, Taiwan. |
|
Telephone Number |
+886-4-8962140 |
|
Fax Number |
+886-4-8962921 |
|
2 |
|
|
Name |
Chang-Bin
Factory |
|
Address |
No.12 Kung Yei
Tung 3rd Rd., Chung Bin Industrial Park, Lu-Kang Village, Chang Hwa Hsien,
Taiwan |
|
Telephone Number |
886-4-781-0246 |
|
Fax Number |
886-2-781-0247 |
|
3 |
|
|
Name |
Bopp Film
Factory |
|
Address |
Chang Hwa
County, Taiwan |
|
Telephone Number |
+886-4-781-1356 |
|
Fax Number |
+886-4-781-1221 |
|
Email |
|
Related Company:
|
1 |
|
|
Name |
Wong Chio
Construction Co., Ltd |
|
2 |
|
|
Ningbo Asia Plastics Technology Co., Ltd |
|
|
Address |
201 Huangshan West Road, Beilun, Ningbo,
Zhejiang, China. |
|
Telephone Number |
+86-574-86802588 |
|
Fax Number |
+86-574-86861077 |
|
3 |
|
|
Name |
Wanglih
(Vietnam) Co., Ltd. |
|
Telephone Number |
+84-8-729-0574~5 |
|
Fax Number |
+84-8-729-0576 |
|
4 |
|
|
Name |
U-Com Fashion
Hotel Co., Ltd. |
|
Address |
No. 389, Sec. 1,
Wenhua 3rd Road, Linkow Dist., New Taipei City 244, Taiwan
(R.O.C.) |
|
Telephone Number |
+886-2-2600-8822 |
|
Fax Number |
+886-2-2608-7844 |
Core
Management
Directors
|
1 |
|
|
Name |
Zhixian Li |
|
Position |
Chairman |
|
2 |
|
|
Name |
Shunjiao Zhang |
|
Position |
Independent
Director |
|
3 |
|
|
Name |
Dingwen Li |
|
Position |
Independent
Director |
|
4 |
|
|
Name |
Shuwei Li |
|
Position |
Director |
|
5 |
|
|
Name |
Wenrong Jiang |
|
Position |
Director |
|
6 |
|
|
Name |
Hongquan Huang |
|
Position |
Supervisor |
|
7 |
|
|
Name |
Sishan Lin |
|
Position |
Supervisor |
|
8 |
|
|
Name |
Zhengjian Zeng |
|
Position |
Supervisor |
|
9 |
|
|
Name |
Yifeng Huang |
|
Position |
Manager |
|
Date of
Appointment |
|
Personnel
Structure
|
Total Employees |
About 500 Employees |
Offices
& Factories
|
|
Headquarters |
|
Add |
No.423, Sec.3, Ming Chi Rd., Taishan Dist., New Taipei City 243, Taiwan
(R.O.C.) |
Production
Information
l
Subject is engaged in manufacturing of adhesive
tapes and plastic materials, etc.
l
Subject obtained the
certifications of ISO 9001: 2000 and ISO 14001:2004.
l
It is introduced that subject has three factories in
Taiwan and the annual capacities of products are as followed for reference:
|
Products |
Annual Capacity |
|
Adhesive tape |
90 million square meters |
|
resin |
70,000 tons |
|
BOPP Film |
65,000 tons |
|
BOPA Film |
48,000 tons |
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
-- |
Manufacturing,
processing and sales of various adhesive tape (tape for packing, tape for
stationery, type for double side, tape for printing, tape for trademark kind of
paper, tape for medical treatment) |
|
-- |
Manufacturing,
processing and sales of hardware machinery such as straps, baler, packing
machine, cartoning sealing machine, hasp, sealing needle, etc |
|
-- |
Manufacturing, processing
and sales of plastic bag, plastic rope, telescopic film, rubber band, bubble
pad, plastic gloves, plastic tube, plastic basket |
|
-- |
Manufacturing, processing and sales of Paper,
cardboard and paper bags, cartons, paper cups, paper tube |
|
-- |
Import and export above related products |
|
F107140 |
Wholesale of plastic raw material |
|
F109020 |
Wholesale of stationery |
|
F113050 |
Wholesale of office machine equipment |
|
ZZ99999 |
Besides licensed business,
all other business items those are not banned or restricted. |
l
The raw materials for production are purchased both
in domestic and abroad.
l
Subject is engaged in sales of adhesive tapes and
plastic materials, etc.
l
Subject’s sales regions both in domestic and
overseas market, including Southeast Asia, America, Africa, Europe, etc and the
export proportion is 40%.
Major products
sold
|
|
Products |
|
1 |
Biaxially Oriented Polypropylene Film |
|
2 |
Tapes |
|
3 |
Adhesive |
|
4 |
Packaging Material |
|
5 |
Banding Machine |
|
6 |
Shrinker |
|
7 |
Baling Machine |
|
8 |
Cartoning Sealing Machine |
|
9 |
Hot Melt Gun |
|
10 |
Packaging Machine for stretch film |
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
Domestic Purchase (Taiwan and Mainland, China)
|
Payment Terms |
Proportion |
|
|
Raw materials |
COD, Credit Sales, etc |
100% |
Foreign Purchase
|
Payment Terms |
Proportion |
|
|
Raw materials |
COD, etc |
100% |
Sales
Domestic Markets (Taiwan and Mainland, China)
|
Sales Terms |
Proportion |
|
|
Adhesive tapes and plastic materials, etc |
COD, CBD, etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Adhesive tapes and plastic materials, etc |
CBD, etc |
100% |
Notes: Subject’s settlement for export is generally in USD
Unit: NTD/000
|
Date |
2011-12-31 |
2010-12-31 |
2009-12-31 |
|
Assets |
|
|
|
|
Cash And Due
From Banks |
0.00 |
0.00 |
0.00 |
|
Other Earning
Assets Total |
0.00 |
0.00 |
0.00 |
|
Net Loans |
0.00 |
0.00 |
0.00 |
|
Cash And
Equivalents |
2,516.34 |
2,747.03 |
1,402.54 |
|
Marketable
Securities |
602.02 |
579.25 |
800.53 |
|
Cash And
Marketable Securities |
3,118.36 |
3,326.28 |
2,203.07 |
|
Accounts
Receivable |
2,297.97 |
1,809.52 |
1,534.13 |
|
Loans Receivable |
430.46 |
483.56 |
379.94 |
|
Other Receivable |
87.92 |
227.00 |
259.25 |
|
Receivables |
2,816.35 |
2,520.08 |
2,173.32 |
|
Raw Materials |
1,035.51 |
799.83 |
610.99 |
|
Work In Progress |
743.15 |
547.63 |
1,476.79 |
|
Finished Goods |
4,169.27 |
5,123.57 |
3,207.76 |
|
Other
Inventories |
95.78 |
129.10 |
73.88 |
|
Inventories |
6,043.71 |
6,600.13 |
5,369.41 |
|
Prepaid Expenses |
121.08 |
285.65 |
51.26 |
|
Other Current
Assets |
211.54 |
230.84 |
252.27 |
|
Total Current
Assets |
12,311.03 |
12,962.97 |
10,049.33 |
|
Land And
Improvements |
2,381.59 |
2,125.13 |
1,241.54 |
|
Building And
Improvements |
2,895.94 |
2,439.99 |
2,243.23 |
|
Machinery
Furniture And Equipment |
6,760.94 |
6,164.57 |
5,997.28 |
|
Construction In
Progress |
1,280.59 |
188.04 |
541.13 |
|
Other Fixed
Assets |
866.05 |
296.08 |
296.29 |
|
Gross Fixed
Assets |
14,212.49 |
11,228.57 |
10,334.23 |
|
Accumulated
Depreciation, Total |
(4,443.85) |
(3,886.65) |
(3,948.59) |
|
Net Fixed Assets |
9,768.65 |
7,341.92 |
6,385.64 |
|
Intangibles |
220.13 |
170.94 |
171.46 |
|
Goodwill (Cost
In Excess) |
183.28 |
116.78 |
140.16 |
|
Other Non Current
Assets |
190.19 |
91.25 |
264.50 |
|
Total Assets |
23,498.36 |
21,515.69 |
17,649.79 |
|
Liabilities |
|
|
|
|
Accounts Payable |
764.30 |
921.08 |
783.45 |
|
Accrued Expenses |
272.04 |
299.86 |
304.53 |
|
Short Term Debt |
3,995.30 |
6,028.52 |
2,847.35 |
|
Current Portion
Of Long Term Debt |
1,206.00 |
2,018.90 |
2,598.86 |
|
Accrued
Liabilities |
0.00 |
0.00 |
0.00 |
|
Other Current
Liabilities |
513.49 |
610.74 |
1,200.62 |
|
Total Current
Liabilities |
6,751.14 |
9,879.10 |
7,734.81 |
|
Long Term Debt |
6,291.49 |
3,364.91 |
2,113.34 |
|
Capital Lease
Obligations |
301.72 |
303.29 |
296.86 |
|
Total Long Term
Debt |
6,593.21 |
3,668.20 |
2,410.19 |
|
Total Debt |
11,794.52 |
11,715.61 |
7,856.40 |
|
Deferred Income
Tax Liabilities |
29.38 |
30.89 |
30.55 |
|
Minority
Interest Liabilities |
3,060.97 |
2,989.53 |
3,112.56 |
|
Other
Liabilities Total |
564.82 |
325.83 |
312.97 |
|
Total
Liabilities |
16,999.51 |
16,893.54 |
13,601.09 |
|
Stockholders
Equity |
|
|
|
|
Preferred Stock
Redeemable |
0.00 |
0.00 |
0.00 |
|
Preferred Stock
Non Redeemable |
0.00 |
0.00 |
0.00 |
|
Common Stock
Equity |
2,965.69 |
2,746.23 |
2,304.16 |
|
Additional Paid
In Capital |
1,359.30 |
1,155.04 |
867.42 |
|
Retained
Earnings |
1,950.39 |
895.58 |
848.29 |
|
Treasury Stock |
0.00 |
0.00 |
0.00 |
|
E S O P Debt
Guarantee |
|
|
|
|
Equity
Unrealized Gains Or Losses |
167.75 |
14.77 |
13.47 |
|
Other Equity
Adjustments |
55.71 |
(189.46) |
15.37 |
|
Total Equity |
6,498.85 (USD 217,061.59) |
4,622.15 (USD 154,379.81) |
4,048.70 (USD 135,226.58) |
|
Total
Liabilities And Stock Equity |
23,498.36 (USD 784,845.22) |
21,515.69 (USD 718,624.05) |
17,649.79 (USD 589,502.97) |
(As of 2012.07, 1 NTD = 0.0334 USD)
Unit: NTD/000
|
Date |
2011 |
2010 |
2009 |
|
Operating
Revenue |
19,552.54 (USD 653,054.84) |
15,513.88 (USD 518,163.59) |
7,421.47 (USD 247,877.10) |
|
Total Revenue |
19,552.54 |
15,513.88 |
7,421.47 |
|
Cost Of Sales |
16,336.53 |
13,187.09 |
6,098.31 |
|
Gross Operating
Profit |
3,216.01 |
2,326.78 |
1,323.16 |
|
Research And
Development Expenses |
50.23 |
69.13 |
8.41 |
|
Selling General
And Administrative Expenses |
1,380.86 |
1,532.47 |
607.63 |
|
Depreciation And
Amortization |
0.00 |
0.00 |
0.00 |
|
Other Operating
Expense |
0.00 |
0.00 |
0.00 |
|
Operating
Expenses |
17,767.63 |
14,788.70 |
6,714.36 |
|
Operating Income |
1,784.92 |
725.18 |
707.11 |
|
Non-Operating
Expenses |
|
|
|
|
Non Interest
Income Bank |
0.00 |
0.00 |
0.00 |
|
Non Interest
Expense Bank |
0.00 |
0.00 |
0.00 |
|
Interest Expense |
0.00 |
0.00 |
0.00 |
|
Other Net |
56.61 |
318.69 |
6.47 |
|
Pre Tax Income |
1,702.32 |
1,026.77 |
680.96 |
|
Income Taxes |
150.66 |
81.07 |
53.46 |
|
Minority
Interest |
(181.03) |
(398.30) |
(57.11) |
|
Equity In
Affiliates |
0.00 |
0.00 |
0.00 |
|
Non-Recurring
Events |
|
|
|
|
Extraordinary
Income (Loss) |
0.00 |
0.00 |
0.00 |
|
Total Net Income |
1,370.63 (USD 45,779.04) |
547.40 (USD 18,283.16) |
570.39 (USD 19,051.03) |
|
Preferred
Dividends |
0.00 |
0.00 |
0.00 |
|
Net Income
Available For Common |
1,370.63 |
547.40 |
570.39 |
(As of 2012.07, 1
NTD = 0.0334 USD)
|
Date |
2011 |
2010 |
2009 |
|
Net Income Or
Loss |
1,551.66 |
945.70 |
627.51 |
|
Depreciation
Expenses |
365.25 |
356.30 |
220.52 |
|
Amortization
Expenses |
17.64 |
19.36 |
12.22 |
|
Amortization Of Intangibles
Expenses |
17.64 |
19.36 |
12.22 |
|
Deferred Income
Taxes |
(2.63) |
(12.28) |
(22.19) |
|
Non Cash Items |
31.33 |
(378.77) |
(32.44) |
|
Increase Or
Decrease In Working Capital |
120.77 |
(1,414.31) |
(2,035.49) |
|
Cash From Operating
Activities |
2,084.02 |
(484.00) |
(1,229.87) |
|
Investing
Activities |
|
|
|
|
Capital
Expenditures |
(1,864.52) |
(2,020.93) |
(556.25) |
|
Other Investing
Changes Net |
(554.39) |
18.10 |
(739.12) |
|
Cash From
Investing Activities |
(2,418.91) |
(2,002.84) |
(1,295.37) |
|
Financing
Activities |
|
|
|
|
Financing Cash
Flow Items |
0.31 |
(49.65) |
(0.01) |
|
Paymentof Cash
Dividends |
(178.51) |
(150.11) |
(48.66) |
|
Issuance Of
Capital Stock Net |
0.00 |
0.00 |
0.00 |
|
Issuance Of Debt
Net |
300.60 |
4,222.02 |
2,504.99 |
|
Cash From
Financing Activities |
122.40 |
4,022.26 |
2,456.33 |
|
Effectof
Exchange Rate Changes |
(144.94) |
(227.19) |
(11.52) |
|
Net Change In
Cash And Cash Equivalents |
(357.43) |
1,308.23 |
(80.43) |
Subject declined to disclose its bank details; from other source we
cannot obtain the relevant information, either.
Mortgage
No chattel mortgage record of subject has been found within the recent 3
months.
Lawsuit
|
Trial Number: |
98, beijian, 29756 |
|
Date of Trial: |
981028 |
|
Reason: |
Payment for goods |
|
Name |
Mr. Li |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.83 |
|
|
1 |
Rs.87.41 |
|
Euro |
1 |
Rs.70.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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.