MIRA INFORM REPORT
|
Report Date : |
21.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
KAOHSIUNG MONOMER COMPANY LTD. |
|
|
|
|
Registered Office : |
No. 1, Hsing Kung Rd., Dashe Dist., Kaohsiung City 815 |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
30.09.2011 |
|
|
|
|
Date of Incorporation : |
10.06.1976 |
|
|
|
|
Com. Reg. No.: |
85803825 |
|
|
|
|
Legal Form : |
Overseas Company |
|
|
|
|
Line of Business : |
Manufacture and sales of artificial marble, stone
chocolate, chocolate plate, bullet-proof board, insulation board, etc |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 50,000 |
|
Status : |
Moderate |
|
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 30th, 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 |
|
Company Name: |
Kaohsiung Monomer Company Ltd. |
|
Supplied Name: |
Kaohsiung Monomer Co Ltd. |
|
Trading Address: |
No. 1, Hsing Kung Rd., Dashe Dist., Kaohsiung City 815, Taiwan (R.O.C.) |
|
Supplied Address: |
1 Hsing Kung Road TA She Hsiang Kaohsiung 811, Taiwan |
|
Telephone Number: |
+886-7-3516651 |
|
Fax Number: |
+886-7-3519098 |
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E-mail: |
Notes:
The exact subject’s name and address are as above mentioned.
|
Credit Rating: |
|
|
Credit Opinion: |
Subject was incorporated on 1976-6-10 with registered number 85803825 as Overseas 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 |
|
Name |
Subscription Shares |
|
Qingjing Shen |
20,000,000 |
| Xijin
Cai |
20,000,000 |
|
Feng Heng |
20,000,000 |
|
Xijin Liu |
30,000,000 |
|
Boyan Lan |
30,000,000 |
|
Yusi Xie |
30,000,000 |
|
Dingli Ke |
30,000,000 |
|
Xingfang Yan |
30,000,000 |
|
Puming Peng |
20,000,000 |
The information
above is that of subject’s major shareholders.
Core
Management
|
1 |
|
|
Name |
Qingjing Shen |
|
Position |
Chairman |
|
2 |
|
|
Name |
Xijin Cai |
|
Position |
Director |
|
3 |
|
|
Name |
Feng Heng |
|
Position |
Director |
|
4 |
|
|
Name |
Xijin Liu |
|
Position |
Director |
|
Date of
Appointment |
1995-8-1 |
|
5 |
|
|
Name |
Boyan Lan |
|
Position |
Director |
|
6 |
|
|
Name |
Yusi Xie |
|
Position |
Director |
|
7 |
|
|
Name |
Dingli Ke |
|
Position |
Director |
|
8 |
|
|
Name |
Xingfang Yan |
|
Position |
Supervisor |
|
9 |
|
|
Name |
Puming Peng |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 130 employees |
Offices
& Factories
|
|
Headquarters |
|
Add |
No. 1, Hsing Kung Rd., Dashe Dist., Kaohsiung City 815, Taiwan (R.O.C.) |
Production
Information
l
Subject manufactures and processes artificial marble, stone chocolate, chocolate
plate, bullet-proof board, insulation board, etc.
l
Subject
manufactures according to customers’ orders.
l
Subject’s processing line is in Korea.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
1 |
Production and export of
methyl methacrylate monomer calcium sulfate |
|
2 |
Manufacturing, processing
and export within the sulfuric acid, sulfuric acid and ammonium sulfate
(Ammonium Sulfate Fertilizer) |
|
3 |
Commissioned abroad for
processing and manufacture of methyl methacrylate monomer |
|
4 |
Manufacture and export (cyanide propanol) |
|
5 |
Manufacturing and sales of
gas-electric symbiosis of steam and industrial and commercial electricity |
|
6 |
Import and sale of the
products of the foreign parent and its affiliates |
|
7 |
General import and export |
|
ZZ99999 |
Besides licensed
business, all other business items those are not banned or restricted. |
l
The components and raw material for production are
purchased from domestic markets.
l
The subject has no
proportion for Import
l
The subject is mainly engaged in manufacturing and
processing of various building materials.
l
Subject’s products include artificial marble, stone chocolate, chocolate
plate, bullet-proof board, insulation board, etc.
l
Subject shipped raw material to Korea, and shipped
finished goods back to Taiwan for sales.
l
Subject has the advanced technology assistance of
foreign countries.
l
It
is introduced that subject’s main markets are domestic markets.
l
And
they have their own foreign customers and seldom accept other foreign orders.
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
Domestic Purchase
|
Payment Terms |
Proportion |
|
|
Components and raw material |
CBD, etc. |
1005 |
Foreign Purchase
Notes: Subject seldom imports.
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
Artificial
marble, etc. |
CBD, etc. |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Artificial
marble, etc. |
CBD, etc. |
100% |
Subject has no obligations to disclose its financial statements to the
third party according to the relevant policy in Taiwan and the only source from
which we can obtain the information is the subject itself.
Subject’s relevant staff Ms. Wu declined to disclose its financials
citing the grounds of company’s confidentiality; from other source we can not
obtain the relevant information, either.
We found the financials of the investing company “China Petrochemical
Development Corporation” of subject, supplying as follows for reference.
Balance Sheet
Unit: NTD/000
|
Date |
2011-9-30 |
2010-9-30 |
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash and cash equivalents |
12,192,496.00 |
5,563,407.00 |
|
Financial assets measured at fair value through
profit or loss - current |
455,898.00 |
0.00 |
|
Accounts receivable - net |
3,558,881.00 |
2,788,013.00 |
|
Accounts receivable - related parties - net |
322,872.00 |
226,288.00 |
|
Other financial assets - current |
52,502.00 |
330,222.00 |
|
Inventories |
3,184,084.00 |
2,124,493.00 |
|
Prepaid expenses |
634,482.00 |
471,963.00 |
|
Other prepayments |
214,238.00 |
76,860.00 |
|
Other current assets |
1,700.00 |
1,501,169.00 |
|
Current assets |
20,617,153.00 |
13,082,415.00 |
|
Funds and Investments |
|
|
|
Financial assets measured at fair value through profit
or loss - non current |
0.00 |
511,887.00 |
|
Available-for-sale financial assets - non current |
3,623,260.00 |
1,271,408.00 |
|
Financial assets carried at cost - non current |
546,738.00 |
546,738.00 |
|
Equity investments under equity method |
4,608,100.00 |
6,396,156.00 |
|
Investments |
4,608,100.00 |
6,396,156.00 |
|
Other financial assets - non current |
19,931.00 |
49,175.00 |
|
Funds and long-term investments |
8,798,029.00 |
8,775,364.00 |
|
Fixed Assets |
|
|
|
Cost |
|
|
|
Land |
5,288,932.00 |
5,288,932.00 |
|
Land improvements |
205,604.00 |
205,880.00 |
|
Buildings and structures |
1,694,466.00 |
1,566,345.00 |
|
Machinery and equipment |
30,864,122.00 |
32,119,655.00 |
|
Transportation equipment |
50,506.00 |
62,666.00 |
|
Other facilities |
120,137.00 |
109,328.00 |
|
Revaluation increment |
0.00 |
0.00 |
|
Cost and revaluation increment |
38,223,767.00 |
39,352,806.00 |
|
Accumulated depreciation |
-23,738,211.00 |
-22,988,122.00 |
|
Accumulated impairment - fixed assets |
-734,657.00 |
-407,167.00 |
|
Construction in process and prepayment for
equipments |
2,456,046.00 |
362,708.00 |
|
Fixed assets |
16,206,945.00 |
16,320,225.00 |
|
Intangible Assets |
|
|
|
Other Assets |
|
|
|
Rental assets |
3,681,564.00 |
3,682,130.00 |
|
Idled assets |
4,404,598.00 |
4,183,056.00 |
|
Other assets - other |
87,658.00 |
41,408.00 |
|
Other assets |
8,173,820.00 |
7,906,594.00 |
|
Assets |
53,795,947.00 |
46,084,598.00 |
|
Liabilities and Stockholders' Equity |
|
|
|
Liabilities |
|
|
|
Current Liabilities |
|
|
|
Accounts payable |
1,621,402.00 |
1,613,709.00 |
|
Accounts payable - related parties |
36,803.00 |
462,663.00 |
|
Income tax payable |
840,464.00 |
309,802.00 |
|
Accrued expenses |
1,898,281.00 |
1,497,101.00 |
|
Other financial liabilities - current |
134,828.00 |
5,123.00 |
|
Long-term liabilities - current portion |
680,000.00 |
1,482,600.00 |
|
Other current liabilities |
9,250.00 |
4,224.00 |
|
Current liabilities |
5,221,028.00 |
5,375,222.00 |
|
Long term Liabilities |
|
|
|
Long-term borrowings |
4,910,000.00 |
8,888,999.00 |
|
Long-term notes and accounts payable |
1,358,250.00 |
1,557,850.00 |
|
Long-term liabilities |
6,268,250.00 |
10,446,849.00 |
|
Reserves |
|
|
|
Reserve for land revaluation increment tax |
3,871,792.00 |
3,871,792.00 |
|
Reserves |
3,871,792.00 |
3,871,792.00 |
|
Other Liabilities |
|
|
|
Pension reserve / accrued pension liability |
1,617.00 |
2,275.00 |
|
Other liabilities - other |
116,265.00 |
595,746.00 |
|
Other liabilities |
117,882.00 |
598,021.00 |
|
Liabilities |
15,478,952.00 |
20,291,884.00 |
|
Stockholders' Equity |
|
|
|
Capital |
|
|
|
Common stock |
19,744,593.00 |
17,949,630.00 |
|
Capital Surplus |
|
|
|
Capital surplus - long-term equity investments |
198,549.00 |
314,533.00 |
|
Capital surplus |
198,549.00 |
314,533.00 |
|
Retained Earnings |
|
|
|
Legal reserve |
588,642.00 |
0.00 |
|
Inappropriate retained earnings |
11,907,157.00 |
3,444,244.00 |
|
Retained earnings |
12,495,799.00 |
3,444,244.00 |
|
Stockholders' Equity and Other adjustment |
|
|
|
Cumulative translation adjustments |
-119,502.00 |
-33,447.00 |
|
Net loss not recognized as pension cost |
-9,421.00 |
0.00 |
|
Unrealized gains (losses) on financial
instruments |
708,690.00 |
-1,184,315.00 |
|
Unrealized Revaluation Increment |
5,298,287.00 |
5,302,069.00 |
|
Equity adjustments |
5,878,054.00 |
4,084,307.00 |
|
Stockholdersˉ equity |
38,316,995.00 |
25,792,714.00 |
|
Number of treasury stock acquired by the company
and subsidiaries (unit: share) |
0.00 |
0.00 |
|
|
0.00 |
0.00 |
Income Statement
Unit: NTD/000
|
Date |
2010-10-1 to 2011-9-30 |
2009-10-1 to 2010-9-30 |
|
Operating income |
33,753,165.00 |
29,295,520.00 |
|
Operating costs |
27,574,289.00 |
25,052,304.00 |
|
Gross profit (loss)
from operations |
6,178,876.00 |
4,243,216.00 |
|
Unrealized gains on
intercompany transactions |
1,040.00 |
-300.00 |
|
Realized gains on
intercompany transactions |
2,331.00 |
-116.00 |
|
Selling expense |
135,536.00 |
114,618.00 |
|
General and administrative
expenses |
496,454.00 |
272,873.00 |
|
Research and
development expenses |
179,167.00 |
205,473.00 |
|
Operating expenses |
811,157.00 |
592,964.00 |
|
Operating income (loss) |
5,369,010.00 |
3,650,436.00 |
|
Non-Operating Income |
|
|
|
Interest income |
55,821.00 |
14,400.00 |
|
Income from long-term
equity investments under the equity method |
1,186,133.00 |
914,090.00 |
|
Dividends |
40,846.00 |
63,424.00 |
|
Investment income |
1,226,979.00 |
977,514.00 |
|
Gains on disposal of
fixed assets |
115,104.00 |
0.00 |
|
Gains on sale of
investments |
4,674,277.00 |
188,263.00 |
|
Rent income |
18,343.00 |
25,041.00 |
|
Miscellaneous income |
164,331.00 |
74,111.00 |
|
Non-operating revenues
and gains |
6,254,855.00 |
1,279,329.00 |
|
Non-Operating Expenses |
|
|
|
Interest expense |
57,431.00 |
134,848.00 |
|
Financial expense |
23,780.00 |
51,067.00 |
|
Impairment loss on
assets |
0.00 |
188,640.00 |
|
Revaluation loss on
financial assets |
131,426.00 |
121,237.00 |
|
Miscellaneous
disbursements |
81,628.00 |
94,698.00 |
|
Non-operating expenses
and losses |
294,265.00 |
590,490.00 |
|
Income from continuing
operations before income tax |
11,329,600.00 |
4,339,275.00 |
|
Income tax expense
(benefit) |
1,130,300.00 |
458,147.00 |
|
Income from continuing
operations |
10,199,300.00 |
3,881,128.00 |
|
Net income (loss) |
10,199,300.00 |
3,881,128.00 |
|
Primary Earnings per
Share |
|
|
|
Primary earnings per
share |
5.17 |
1.97 |
|
Diluted earnings per
share |
|
|
|
Diluted earnings per
share |
5.14 |
1.96 |
No information on bankers is available from 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. Wu |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.25 |
|
UK Pound |
1 |
Rs.79.76 |
|
Euro |
1 |
Rs.66.52 |
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.