|
Report Date : |
28.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
SESODA CORPORATION |
|
|
|
|
Registered Office : |
23F., No.99, Sec. 2, Tun Hwa S. Rd., Da-An District, Taipei City 106 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
30.09.2011 |
|
|
|
|
Date of Incorporation : |
02.03.1957 |
|
|
|
|
Com. Reg. No.: |
11384405 |
|
|
|
|
Legal Form : |
Overseas Company |
|
|
|
|
Line of Business : |
Manufacture and trading of chemicals, etc. |
|
|
|
|
No. of Employees : |
About 150 employees |
RATING & COMMENTS
|
MIRAs 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 100,000 |
|
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 |
|
Company Name: |
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|
Supplied Name: |
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|
Trading Address: |
|
|
Supplied Address: |
|
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Telephone Number: |
+886-2-27047272 |
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Fax Number: |
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E-mail: |
Notes:
The exact subjects address is as above mentioned.
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Credit Rating: |
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|
Credit Opinion: |
Subject was incorporated on 1957-3-2 with registered
number 11384405 as Overseas Company in Taiwan.
Change of Name
|
Former English
Name |
South East Soda
Manufacturing Co., Ltd. |
|
Current English
Name |
Sesoda Corporation |
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 |
|
Yinfan Qian |
10,197,132 |
|
Lide Chen |
|
|
10,197,132 |
|
|
Kaiyuan Chen |
2,367,111 |
|
Yingbiao Zhu |
2,367,111 |
|
Tianxing Zhao |
3,081,171 |
|
Zhongli Wu |
2,339,771 |
|
Zhiwen Wu |
2,339,771 |
|
Bofu Li |
2,723,000 |
The information
above is that of subjects major shareholders.
Core
Management
Directors
|
1 |
|
|
Name |
Yinfan Qian |
|
Position |
Chairman |
|
2 |
|
|
Name |
Lide Chen |
|
Position |
Director |
|
3 |
|
|
Name |
Kaiyuan Chen |
|
Position |
Director |
|
4 |
|
|
Name |
Yingbiao Zhu |
|
Position |
Director |
|
5 |
|
|
Name |
Tianxing Zhao |
|
Position |
Director |
|
6 |
|
|
Name |
Zhongli Wu |
|
Position |
Director |
|
7 |
|
|
Name |
Zhiwen Wu |
|
Position |
Director |
|
8 |
|
|
Name |
Bofu Li |
|
Position |
Supervisor |
|
9 |
|
|
Name |
Baokui Zhu |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 150 employees |
Offices
& Factories
|
|
Headquarters |
|
Add |
|
Production
Information
l
Subject manufactures chemical products.
l
Subject has its factory in Taiwan.
l
Subject is the largest Potassium Sulfate (SOP)
manufacturer in Taiwan with more than 40 years of experience in the fertilizer
business and certified by ISO 9001: 2000/CNS 12681.
l
Subjects current annual capacity stands at 90,000
tons with ongoing plans for expansion at existing factory in Suao, Taiwan as
well as exploring future worldwide opportunities.
l
Subject also manufactures Hydrochloric Acid, Liquid
Calcium Chloride, etc.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
C801010 |
Basic chemical industry |
|
C801110 |
Manufacturing of fertilizer |
|
C802990 |
Manufacturing of Other Chemical Products |
|
C802090 |
Manufacturing of Cleaning supplies |
|
C802200 |
Manufacturing of Coatings, paints, dyes and
pigments |
|
F113010 |
Wholesales of Machinery |
|
C701010 |
Printing Industry |
|
C702010 |
Plate-making industry |
|
G801010 |
Warehousing |
|
F103010 |
Wholesales of feed |
|
J101050 |
Environmental testing services industry |
|
F107050 |
Wholesales of fertilizer |
|
F107100 |
Wholesales of Basic chemical materials |
|
F107070 |
Wholesales of Animal drugs |
|
F107080 |
Wholesales of Environmental agents |
|
F107110 |
Wholesales of Petrochemical feedstock |
|
F111020 |
Wholesales of Cement and concrete products |
|
C901050 |
Manufacturing of Cement and concrete products |
|
F112020 |
Wholesales of Coal and coal products |
|
F107130 |
Wholesales of synthetic resin |
|
F115020 |
Wholesales of ore |
|
F119010 |
Wholesales of Electronic Materials |
|
F219010 |
Retailing of Electronic Materials |
|
F102130 |
Wholesales of Condiment |
|
F107010 |
Wholesales of paints, coatings |
|
F107020 |
Wholesales of dyes, pigments |
|
F107170 |
Wholesales of Industrial additives |
|
F401010 |
International trade |
|
F106010 |
Wholesales of Hardware |
|
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 domestic.
l
Subject cooperates with companies that are dominant
in the global market of certain basic materials, importing their products.
l
Subject imports soda ash, sugar, sodium bicarbonate,
etc.
l
The subject has a
proportion of 50% for Import
l
The subject is mainly engaged in manufacturing and
processing of various chemical products.
l
Subjects products include Potassium Sulfate (SOP),
Hydrochloric Acid, Liquid Calcium Chloride, soda ash, sugar, sodium
bicarbonate, etc.
l
Subject has both domestic and foreign markets.
l
Subject exports all over the world according to
orders.
l
The subject has a
proportion of 50% for export.
Import and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
Domestic Purchase
|
Payment Terms |
Proportion |
|
|
Components and raw material |
COD, CBD, etc. |
100% |
Foreign Purchase
|
Payment Terms |
Proportion |
|
|
soda ash, sugar, sodium bicarbonate, etc. |
CBD, etc. |
100% |
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
Chemicals |
CBD, etc. |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Chemicals |
CBD, etc. |
100% |
Unit: NTD/000
|
Date |
2011-9-30 |
2010-9-30 |
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash and cash equivalents |
335,051.00 |
348,920.00 |
|
Financial assets measured at fair value through
profit or loss - current |
9,222.00 |
10,180.00 |
|
Available-for-sale financial assets - current |
287,002.00 |
461,786.00 |
|
Notes receivable - net |
138,782.00 |
108,371.00 |
|
Accounts receivable - net |
337,221.00 |
330,356.00 |
|
Other receivables - related parties |
409.00 |
941.00 |
|
Other financial assets - current |
46,887.00 |
39,875.00 |
|
Inventories |
518,917.00 |
255,188.00 |
|
Other current assets |
32,890.00 |
50,655.00 |
|
Current assets |
1,706,381.00 |
1,606,272.00 |
|
Funds and Investments |
|
|
|
Financial assets carried at cost - non current |
65,264.00 |
69,040.00 |
|
Equity investments under equity method |
1,387,260.00 |
1,331,491.00 |
|
Investments |
1,387,260.00 |
1,331,491.00 |
|
Funds and long-term investments |
1,452,524.00 |
1,400,531.00 |
|
Fixed Assets |
|
|
|
Cost |
|
|
|
Land |
554,591.00 |
554,591.00 |
|
Buildings and structures |
508,449.00 |
503,215.00 |
|
Machinery and equipment |
601,554.00 |
589,534.00 |
|
Transportation equipment |
2,592.00 |
2,592.00 |
|
Other facilities |
63,693.00 |
62,507.00 |
|
Revaluation increment |
618,474.00 |
618,488.00 |
|
Cost and revaluation increment |
2,349,353.00 |
2,330,927.00 |
|
Accumulated depreciation |
-889,271.00 |
-847,480.00 |
|
Accumulated impairment - fixed assets |
-37,800.00 |
-12,910.00 |
|
Construction in process and prepayment for
equipments |
101,515.00 |
48,008.00 |
|
Fixed assets |
1,523,797.00 |
1,518,545.00 |
|
Intangible Assets |
|
|
|
Other Assets |
|
|
|
Guarantee deposits paid |
8,803.00 |
5,859.00 |
|
Other assets - other |
25,113.00 |
26,232.00 |
|
Other assets |
33,916.00 |
32,091.00 |
|
Assets |
4,716,618.00 |
4,557,439.00 |
|
Liabilities and Stockholders' Equity |
|
|
|
Liabilities |
|
|
|
Current Liabilities |
|
|
|
Short-term borrowings |
282,043.00 |
432,777.00 |
|
Short-term notes and bills payable |
99,825.00 |
119,932.00 |
|
Financial liabilities measured at fair value
through profit or loss - current |
154.00 |
0.00 |
|
Notes payable |
13,575.00 |
5,700.00 |
|
Accounts payable |
425,130.00 |
139,855.00 |
|
Income tax payable |
44,153.00 |
26,233.00 |
|
Accrued expenses |
91,644.00 |
107,008.00 |
|
Other payables - related parties |
4,619.00 |
4,791.00 |
|
Other current liabilities |
9,356.00 |
7,159.00 |
|
Current liabilities |
970,499.00 |
843,455.00 |
|
Long term Liabilities |
|
|
|
Long-term borrowings |
0.00 |
50,000.00 |
|
Long-term liabilities |
0.00 |
50,000.00 |
|
Reserves |
|
|
|
Reserve for land revaluation increment tax |
166,990.00 |
166,990.00 |
|
Reserves |
166,990.00 |
166,990.00 |
|
Other Liabilities |
|
|
|
Deferred income tax liabilities |
192,433.00 |
198,535.00 |
|
Other liabilities |
192,433.00 |
198,535.00 |
|
Liabilities |
1,329,922.00 |
1,258,980.00 |
|
Stockholders' Equity |
|
|
|
Capital |
|
|
|
Common stock |
1,578,397.00 |
1,578,397.00 |
|
Capital Surplus |
|
|
|
Capital surplus - treasury stock transactions |
2,379.00 |
2,379.00 |
|
Capital surplus - donated assets received |
2,110.00 |
1,269.00 |
|
Capital surplus - long-term equity investments |
11,204.00 |
12,805.00 |
|
Capital surplus - other |
4,079.00 |
4,079.00 |
|
Capital surplus |
19,772.00 |
20,532.00 |
|
Retained Earnings |
|
|
|
Legal reserve |
548,913.00 |
507,194.00 |
|
Inappropriate retained earnings |
1,007,460.00 |
847,251.00 |
|
Retained earnings |
1,556,373.00 |
1,354,445.00 |
|
Stockholders' Equity and Other adjustment |
|
|
|
Cumulative translation adjustments |
-54,588.00 |
-41,168.00 |
|
Net loss not recognized as pension cost |
0.00 |
0.00 |
|
Unrealized gains (losses) on financial
instruments |
58,093.00 |
157,604.00 |
|
Unrealized Revaluation Increment |
228,649.00 |
228,649.00 |
|
Equity adjustments |
232,154.00 |
345,085.00 |
|
Stockholdersˉ equity |
3,386,696.00 |
3,298,459.00 |
|
Number of treasury stock acquired by the company and
subsidiaries (unit: share) |
0.00 |
0.00 |
|
|
0.00 |
0.00 |
Unit: NTD/000
|
Date |
2010-10-1 to 2011-9-30 |
2009-10-1 to 2010-9-30 |
|
|
|
|
|
Sales |
2,044,546.00 |
2,111,308.00 |
|
Sales returns |
236.00 |
1,062.00 |
|
Sales discounts and allowances |
9,576.00 |
18,481.00 |
|
Sales |
2,034,734.00 |
2,091,765.00 |
|
Operating income |
2,034,734.00 |
2,091,765.00 |
|
Cost of sales |
1,446,165.00 |
1,531,841.00 |
|
Operating costs |
1,446,165.00 |
1,531,841.00 |
|
Gross profit (loss) from operations |
588,569.00 |
559,924.00 |
|
Selling expense |
186,635.00 |
265,084.00 |
|
General and administrative expenses |
88,228.00 |
88,847.00 |
|
Operating expenses |
274,863.00 |
353,931.00 |
|
Operating income (loss) |
313,706.00 |
205,993.00 |
|
Non-Operating Income |
|
|
|
Interest income |
579.00 |
334.00 |
|
Income from long-term equity investments under
the equity method |
68,152.00 |
68,484.00 |
|
Dividends |
4,209.00 |
4,226.00 |
|
Investment income |
72,361.00 |
72,710.00 |
|
Gains on sale of investments |
54,110.00 |
41,318.00 |
|
Foreign exchange gains |
0.00 |
3,932.00 |
|
Rent income |
284.00 |
338.00 |
|
Revaluation gain on financial assets |
0.00 |
180.00 |
|
Miscellaneous income |
7,370.00 |
8,019.00 |
|
Non-operating revenues and gains |
134,704.00 |
126,831.00 |
|
Non-Operating Expenses |
|
|
|
Interest expense |
2,783.00 |
4,273.00 |
|
Foreign exchange losses |
11,486.00 |
0.00 |
|
Impairment loss on assets |
3,776.00 |
0.00 |
|
Revaluation loss on financial assets |
367.00 |
0.00 |
|
Revaluation loss on financial liabilities |
154.00 |
0.00 |
|
Miscellaneous disbursements |
981.00 |
1,178.00 |
|
Non-operating expenses and losses |
19,547.00 |
5,451.00 |
|
Income from continuing operations before income
tax |
428,863.00 |
327,373.00 |
|
Income tax expense (benefit) |
68,256.00 |
-11,740.00 |
|
Income from continuing operations |
360,607.00 |
339,113.00 |
|
Net income (loss) |
360,607.00 |
339,113.00 |
|
Primary Earnings per Share |
|
|
|
Primary earnings per share |
2.28 |
2.15 |
|
Diluted earnings per share |
|
|
|
Diluted earnings per share |
2.27 |
2.14 |
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 |
Mr. Chen |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.91 |
|
|
1 |
Rs.81.27 |
|
Euro |
1 |
Rs.67.98 |
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 SCs 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.