|
Report Date : |
28.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
YC INOX CO., LTD. |
|
|
|
|
Registered Office : |
No.270, Sec.4, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation : |
31.01.1973 |
|
|
|
|
Reg. No.: |
59068700 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and sales of stainless steel
products |
|
|
|
|
No. of Employees : |
Over 700 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 : |
Regular |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Taiwan |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Taiwan - ECONOMIC OVERVIEW
Taiwan has a dynamic capitalist economy with gradually decreasing government guidance of investment and foreign trade. In keeping with this trend, some large, state-owned banks and industrial firms have been privatized. Exports, led by electronics, machinery, and petrochemicals have provided the primary impetus for economic development. This heavy dependence on exports exposes the economy to fluctuations in world demand. In 2009, Taiwan's GDP contracted 1.9%, due primarily to a 20% year-on-year decline in exports. In 2010 GDP grew 10.9%, as exports returned to the level of previous years, and in 2011, grew 5.2%. However, 2012 growth will likely be less, according to most forecasters, because of softening global demand. Taiwan's diplomatic isolation, low birth rate, and rapidly aging population are major long-term challenges. Free trade agreements have proliferated in East Asia over the past several years, but so far Taiwan has been excluded from this greater economic integration largely because of its diplomatic status with the exception of the landmark Economic Cooperation Framework Agreement (ECFA) signed with China in June 2010. The MA administration has said that the ECFA will serve as a stepping stone toward trade pacts with other regional partners, and negotiations on a deal with Singapore began this year. Follow-on components of ECFA, including deals on trade in goods, services, and investment, have yet to be completed. Taiwan's Total Fertility rate of just over one child per woman is among the lowest in the world, raising the prospect of future labor shortages, falling domestic demand, and declining tax revenues. Taiwan's population is aging quickly, with the number of people over 65 accounting for 10.9% of the island's total population as of 2011. The island runs a large trade surplus, and its foreign reserves are the world's fourth largest, behind China, Japan, and Russia. Since 2005 China has overtaken the US to become Taiwan's second-largest source of imports after Japan. China is also the island's number one destination for foreign direct investment. Three financial memorandums of understanding, covering banking, securities, and insurance, took effect in mid-January 2010, opening the island to greater investments from the mainland's financial firms and institutional investors, and providing new opportunities for Taiwan financial firms to operate in China. Closer economic links with the mainland bring greater opportunities for the Taiwan economy, but also poses new challenges as the island becomes more economically dependent on China while political differences remain unresolved.
Source : CIA
|
Company Name: |
|
|
Supplied Name: |
|
|
Trading Address: |
No.270, Sec.4,
Jungshan Rd., Shijou Shiang, Chang-Hwa Hsien, Taiwan, R.O.C. |
|
Supplied Address: |
|
|
Telephone Number: |
|
|
Fax Number: |
|
|
E-mail: |
Notes:
Subject’s exact name and address are as above.
|
Registered Name: |
YC Inox Co., Ltd. |
|
Registered Address: |
No.270, Sec.4, Jungshan Rd., Shijou Shiang,
Chang-Hwa Hsien, Taiwan, R.O.C. |
|
Date of Foundation: |
|
|
Registration Number: |
59068700 |
|
Registry: |
Department of Commerce, Ministry of Economic Affairs,
R.O.C. |
|
Registered Capital: |
NTD
4,600,000,000 (USD 153,640,000) (As of 2012.11, 1 NTD = 0.0334 USD) |
|
Paid-up Capital: |
NTD 3,701,188,570 (USD 123,619,698) |
|
Legal Representatives: |
Qingke Zhang |
|
Legal Form: |
|
|
Principal Activities: |
|
|
Staff: |
|
|
Listed at Stock Exchange: |
|
|
Date of Last Annual Return: |
Subject was incorporated
on
Subject was listed on Taiwan Stock Exchange
with the stock symbol 2034 on
Change of Name:
|
Former English Name |
Yeun Chyang Industrial Co., Ltd. |
|
Current English Name |
YC Inox Co., Ltd. |
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 |
|
Taiqiang Investment Co., Ltd (Literal Translation) |
50,031,539 |
|
Jinyu Zhang |
|
|
4,332,935 |
|
|
Lielin Zhan |
260,000 |
|
Liangzhi Zhang |
219,017 |
|
Songlin Shi |
1,693,396 |
|
Zhengxiong Pan |
233,857 |
|
Tianshang Xie |
3,583,098 |
|
Taishan Chen |
116,743 |
|
Zuoxiang Xu |
50,000 |
The information above is that of subject’s major shareholders.
Sales offices and
factory
|
1 |
|
|
Name |
Intl. Sales & Marketing Dept. |
|
Contact Person |
Senior Manager (Sheet/Plate/Coil) Mr.Alfred Kuo |
|
Tel: |
+ 886-4-8899666 EXT:231 |
|
E-mail: |
|
|
2 |
|
|
Name |
Intl. Sales & Marketing Dept. |
|
Contact Person |
Manager (Pipe/Tube) Ms.Heather Yen |
|
Tel: |
+886-4-8899666 Ext:219 |
|
E-mail: |
|
|
3 |
|
|
Name: |
Shijou Factory |
|
Address: |
No.270, Sec.4, Jungshan Rd., Shijou Shiang, Chang-Hwa Hsien, Taiwan,
R.O.C. |
|
Tel |
+886-4-8899666 |
|
Fax |
+886-4-8899768 |
Core Management
Directors
|
1 |
|
|
Name |
Qingke Zhang |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Jinpeng Zhang |
|
Position |
Director |
|
3 |
|
|
Name |
Jinyu Zhang |
|
Position |
Director & Manager |
|
Date of Appointment |
|
|
4 |
|
|
Name |
Lielin Zhan |
|
Position |
Director |
|
5 |
|
|
Name |
Liangzhi Zhang |
|
Position |
Director |
|
6 |
|
|
Name |
Songlin Shi |
|
Position |
Director |
|
7 |
|
|
Name |
Zhengxiong Pan |
|
Position |
Director |
|
8 |
|
|
Name |
Tianshang Xie |
|
Position |
Supervisor |
|
9 |
|
|
Name |
Taishan Chen |
|
Position |
Supervisor |
|
10 |
|
|
Name |
Zuoxiang Xu |
|
Position |
Supervisor |
Personnel Structure
|
Total Employees |
Over 700 employees |
Offices & Factories
|
|
Headquarters |
|
Add |
No.270, Sec.4, Jungshan Rd., Shijou Shiang, Chang-Hwa
Hsien, Taiwan, R.O.C. |
Production Information
Subject is engaged in manufacture of stainless steel products and
subject has been certificated by JIS MARK, ISO 14001, OHSAS 18001, ISO9002 and
TOSHMS, etc
It is introduced that subject’s monthly production capacity of stainless
steel plate reaches 23,000 metric tons and monthly production capacity of
stainless steel pipe is 10,000 metric tons
Purchase Information
The registered activities of subject:
|
Business Code |
Details |
|
CA01050 |
Steel secondary
processing industry |
|
CA03010 |
Heat treatment
industry |
|
CA04010 |
Surface
treatment |
|
E599010 |
Piping
engineering |
|
F106010 |
Wholesales of
hardware |
|
F401010 |
International Trading
Business |
|
ZZ99999 |
Besides licensed
business, all other business items those are not banned or restricted. |
Subject purchases both at home and abroad and it is introduced that the steel
materials are mainly purchased from steel mills in Taiwan.
Subject purchases raw materials including 304,
The subject is mainly engaged in sales of
stainless steel products.
Subject’s products are both sold in domestic and overseas market and
subject’s sales business spreads over the whole world.
Major products
sold
|
1 |
|
|
2 |
|
|
3 |
|
|
4 |
|
|
5 |
|
|
6 |
|
|
7 |
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
Domestic Purchase
|
Payment Terms |
Proportion |
|
|
Raw materials, etc |
Credit Sales,
COD, etc |
100% |
Foreign Purchase
|
Payment/Terms |
Proportion |
|
|
Raw materials, etc |
CBD, L/C, etc |
100% |
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
CBD, etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Stainless steel products |
CBD, L/C, etc |
100% |
Unit: NTD/000
|
|
|
|
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash and cash equivalents |
363,654.00 |
167,370.00 |
|
Financial assets measured at fair value through profit or loss -
current |
7,752.00 |
11,155.00 |
|
Notes receivable - net |
116,962.00 |
115,724.00 |
|
Accounts receivable - net |
2,638,399.00 |
2,636,613.00 |
|
Other receivables |
555,331.00 |
340,466.00 |
|
Inventories |
5,346,402.00 |
6,461,517.00 |
|
Other prepayments |
73,463.00 |
219,578.00 |
|
Other current assets |
30,769.00 |
1,560.00 |
|
Current assets |
9,132,732.00 |
9,953,983.00 |
|
Funds and Investments |
|
|
|
Financial assets carried at cost - non current |
187,444.00 |
187,444.00 |
|
Equity investments under equity method |
117,185.00 |
128,530.00 |
|
Investments |
117,185.00 |
128,530.00 |
|
Funds and long-term investments |
304,629.00 |
315,974.00 |
|
Fixed Assets |
|
|
|
Cost |
|
|
|
Land |
1,087,269.00 |
1,087,269.00 |
|
Buildings and structures |
596,556.00 |
524,822.00 |
|
Machinery and equipment |
1,512,555.00 |
1,323,701.00 |
|
Transportation equipment |
96,062.00 |
84,420.00 |
|
Office equipment |
31,345.00 |
29,445.00 |
|
Leasehold improvements |
4,380.00 |
4,380.00 |
|
Other facilities |
174,314.00 |
158,134.00 |
|
Fixed assets cost |
3,502,481.00 |
3,212,171.00 |
|
Accumulated depreciation |
-1,135,608.00 |
-989,660.00 |
|
Construction in process and prepayment for equipments |
33,166.00 |
69,612.00 |
|
Fixed assets |
2,400,039.00 |
2,292,123.00 |
|
Intangible Assets |
|
|
|
Deferred pension cost |
0.00 |
3,301.00 |
|
Intangible assets |
0.00 |
3,301.00 |
|
OtherAssets |
|
|
|
Guarantee deposits paid |
160.00 |
160.00 |
|
Deferred charges |
35,299.00 |
28,796.00 |
|
Long-term notes and accounts receivable |
0.00 |
0.00 |
|
Deferred income tax assets - non current |
16,200.00 |
15,625.00 |
|
Other assets - other |
92,252.00 |
73,592.00 |
|
Other assets |
143,911.00 |
118,173.00 |
|
Assets |
11,981,311.00 |
12,683,554.00 |
|
Liabilities and Stockholders' Equity |
|
|
|
Liabilities |
|
|
|
Current Liabilities |
|
|
|
Short-term borrowings |
2,537,599.00 |
3,393,657.00 |
|
Short-term notes and bills payable |
99,909.00 |
99,884.00 |
|
Financial liabilities measured at fair value through profit or loss -
current |
0.00 |
0.00 |
|
Notes payable |
1,056.00 |
828.00 |
|
Accounts payable |
484,301.00 |
216,437.00 |
|
Income tax payable |
93,342.00 |
63,879.00 |
|
Accrued expenses |
184,850.00 |
173,520.00 |
|
Other payables |
12,639.00 |
28,673.00 |
|
Advance receipts |
245,647.00 |
295,031.00 |
|
Long-term liabilities - current portion |
35,508.00 |
398,799.00 |
|
Other current liabilities |
15,679.00 |
10,411.00 |
|
Current liabilities |
3,710,530.00 |
4,681,119.00 |
|
Long term Liabilities |
|
|
|
Bonds payable |
0.00 |
0.00 |
|
Long-term borrowings |
1,319,569.00 |
860,285.00 |
|
Long-term liabilities |
1,319,569.00 |
860,285.00 |
|
Reserves |
|
|
|
Reserve for land revaluation increment tax |
890.00 |
890.00 |
|
Reserves |
890.00 |
890.00 |
|
Other Liabilities |
|
|
|
Pension reserve / accrued pension liability |
125,536.00 |
116,863.00 |
|
Guarantee deposits received |
181,151.00 |
256,063.00 |
|
Other liabilities - other |
3,793.00 |
3,793.00 |
|
Other liabilities |
310,480.00 |
376,719.00 |
|
Liabilities |
5,341,469.00 |
5,919,013.00 |
|
Stockholders' Equity |
|
|
|
Capital |
|
|
|
Common stock |
3,701,189.00 |
3,698,582.00 |
|
Advance receipts for common stock |
0.00 |
176.00 |
|
Capital Surplus |
|
|
|
Capital surplus - additional paid-in capital |
1,843,398.00 |
1,831,010.00 |
|
Capital surplus - stock option |
0.00 |
9,696.00 |
|
Capital surplus - other |
5,239.00 |
5,239.00 |
|
Capital surplus |
1,848,637.00 |
1,845,945.00 |
|
Retained Earnings |
|
|
|
Legal reserve |
514,270.00 |
457,197.00 |
|
Special reserve |
22,004.00 |
29,513.00 |
|
Unappropriated retained earnings |
574,834.00 |
725,930.00 |
|
Retained earnings |
1,111,108.00 |
1,212,640.00 |
|
Stockholders' Equity and Other adjustmen |
|
|
|
Net loss not recognized as pension cost |
-30,608.00 |
-22,004.00 |
|
Unrealized gains (losses) on financial instruments |
9,404.00 |
29,090.00 |
|
Unrealized Revaluation Increment |
112.00 |
112.00 |
|
Equity adjustments |
-21,092.00 |
7,198.00 |
|
Stockholdersˉ equity |
6,639,842.00 (USD
221,770,723) |
6,764,541.00 (USD 225,935,669) |
|
Number of treasury stock acquired by the company and subsidiaries
(unit: share) |
0.00 |
0.00 |
|
|
0.00 |
17,620.00 |
(As of 2012.11, 1
NTD = 0.0334 USD)
Unit: NTD/000
|
|
~ |
~ |
|
Sales |
6,595,082.00 (USD
220,275,739) |
6,101,870.00 (USD
203,802,458) |
|
Sales returns |
4,016.00 |
1,415.00 |
|
Sales discounts and allowances |
296.00 |
8.00 |
|
Sales |
6,590,770.00 |
6,100,447.00 |
|
Operating income |
6,590,770.00 |
6,100,447.00 |
|
Cost of sales |
6,316,342.00 |
5,766,100.00 |
|
Operating costs |
6,316,342.00 |
5,766,100.00 |
|
Gross profit (loss) from operations |
274,428.00 |
334,347.00 |
|
Selling expense |
190,211.00 |
165,065.00 |
|
General and administrative expenses |
25,911.00 |
27,553.00 |
|
Operating expenses |
216,122.00 |
192,618.00 |
|
Operating income (loss) |
58,306.00 |
141,729.00 |
|
Non-Operating Income |
|
|
|
Interest income |
3.00 |
2.00 |
|
Inome from long-term equity investments under the equity method |
10,965.00 |
2,273.00 |
|
Investment income |
10,965.00 |
2,273.00 |
|
Gains on disposal of fixed assets |
340.00 |
1,139.00 |
|
Foreign exchange gains |
0.00 |
44,860.00 |
|
Revaluation gain on financial assets |
1,568.00 |
883.00 |
|
Miscellaneous income |
1,808.00 |
2,396.00 |
|
Non-operating revenues and gains |
14,684.00 |
51,553.00 |
|
Non-Operating Expenses |
|
|
|
Interest expense |
12,157.00 |
11,741.00 |
|
Investment loss |
0.00 |
0.00 |
|
Loss on disposal of fixed assets |
0.00 |
0.00 |
|
Foreign exchange losses |
27,473.00 |
0.00 |
|
Miscellaneous disbursements |
900.00 |
401.00 |
|
Non-operating expenses and losses |
40,530.00 |
12,142.00 |
|
Income from continuing operations before income tax |
32,460.00 |
181,140.00 |
|
Income tax expense (benefit) |
4,020.00 |
31,306.00 |
|
Income from continuing operations |
28,440.00 |
149,834.00 |
|
Net income (loss) |
28,440.00 (USD 949,896) |
149,834.00 (USD 5,004,456) |
|
Primary Earnings per Share |
|
|
|
Primary earnings per share |
0.08 |
0.41 |
|
Diluted earnings per share |
|
|
|
Diluted earnings per share |
0.08 |
0.40 |
(As of 2012.11, 1 NTD = 0.0334 USD)
Unit: NTD/000
|
|
~ |
~ |
|
Cash Flows from Operating Activities - Indirect Method |
|
|
|
Net Income (Loss) |
28,440 |
149,834 |
|
Adjustments to Reconcile Net Income to Net Cash Provided by (Used in)
Operating Activities |
|
|
|
Depreciation Expense |
40,735 |
40,816 |
|
Amortization Expense |
1,948 |
2,163 |
|
Amortization of Discounts (Premiums) on Bonds Payable |
0 |
499 |
|
Loss (Gain) on Decline (Recovery) in Market Value, Scrap and
Obsolescence of Inventories |
0 |
0 |
|
Investment Loss (Income) Recognized under Equity Method |
(10,965) |
(2,273) |
|
Loss (Gain) on Disposal of Property, Plan and Equipment |
(340) |
(1,139) |
|
Unrealized Revaluation Loss (Gain) on Financial Assets and Liabilities |
(1,568) |
(883) |
|
Changes in Operating Assets and Liabilities |
|
|
|
Decrease (Increase) in Notes Receivable |
(32,053) |
(73,603) |
|
Decrease (Increase) in Accounts Receivable |
(2,789) |
(171,804) |
|
Decrease (Increase) in Other Receivables |
107,149 |
107,473 |
|
Decrease (Increase) in Inventories |
6,341 |
(1,103,468) |
|
Decrease (Increase) in Other Prepayments |
(55,912) |
104,186 |
|
Decrease (Increase) in Other Current Assets |
(1,872) |
0 |
|
Decrease (Increase) in Deferred Tax Assets |
3,428 |
11,196 |
|
Increase (Decrease) in Notes Payable |
334 |
75 |
|
Increase (Decrease) in Accounts Payable |
239,215 |
(9,079) |
|
Increase (Decrease) in Income Tax Payable |
593 |
19,293 |
|
Increase (Decrease) in Accrued Expenses |
(34,183) |
(44,984) |
|
Increase (Decrease) in Other Payables |
0 |
0 |
|
Increase (Decrease) in Receipts in Advance |
20,458 |
36,167 |
|
Increase (Decrease) in Other Current Liabilities |
5,753 |
1,226 |
|
Increase (Decrease) in Accrued Pension Liabilities |
337 |
1,127 |
|
Net Cash Provided by (Used in) Operating Activities |
315,049 |
(933,178) |
|
Cash Flows from Investing Activities |
|
|
|
Purchase of Property, Plant and Equipment |
(86,973) |
(74,248) |
|
Proceeds from Disposal of Property, Plant and Equipment |
943 |
2,000 |
|
Increase in Deferred Charges |
(884) |
(1,490) |
|
Decrease (Increase) in Other Assets |
(592) |
0 |
|
Net Cash Provided by (Used in) Investing Activities |
(87,506) |
(73,738) |
|
Cash Flows from Financing Activities |
|
|
|
Increase (Decrease) in Short-term Loans |
(326,910) |
962,396 |
|
Increase (Decrease) in Short-term Notes and Bills Payable |
34 |
(94) |
|
Repayment of Long-term Debt |
(6,154) |
(41,779) |
|
Increase (Decrease) in Guarantee Deposits Received |
(3,781) |
(12,722) |
|
Net Cash Provided by (Used in) Financing Activities |
(336,811) |
907,801 |
|
Effect of Exchange Rate Changes |
0 |
0 |
|
Net Increase (Decrease) in Cash and Cash Equivalents |
(109,268) |
(99,115) |
|
Cash and Cash Equivalents, Beginning of year |
472,922 |
266,485 |
|
Cash and Cash Equivalents, End of year |
363,654 |
167,370 |
|
Supplemental Cash Flow Information |
|
|
|
Interest Paid- Excluding Capitalized Interest |
12,430 |
11,277 |
|
Income Tax Paid |
0 |
816 |
|
Non-cash Investing and Financing Activities |
|
|
|
Current Portion of Long-term Liabilities |
35,508 |
398,799 |
|
Conversion of Bonds to Common Stock |
0 |
386 |
Subject did not introduce its bank details;
from other source we can not obtain the relevant information, either.
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.
|
Department |
Sales department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.70 |
|
|
1 |
Rs.89.34 |
|
Euro |
1 |
Rs.72.35 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
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.