|
Report Date : |
29.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
ZIG SHENG INDUSTRIAL CO., LTD. |
|
|
|
|
Registered Office : |
No.60, Dongwanshou Rd., Xinling Vil.,
Gueishan Township, Taoyuan County 33355 |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
30.09.2012 |
|
|
|
|
Date of Incorporation : |
18.08.1969 |
|
|
|
|
Com. Reg. No.: |
43295237 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and trade of nylon chip and the
related products. |
|
|
|
|
No. of Employees : |
About 1,300 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 : |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
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: |
ZIG SHENG INDUSTRIAL CO., LTD. |
|
Supplied Name: |
ZIG SHENG INDUSTRIAL CO LTD. |
|
Trading Address: |
|
|
Supplied Address: |
2FL 70 Shi Ning N Rd. 43295237, Taipei |
|
Telephone Number: |
+886-2-25557151 |
|
Fax Number: |
+886-2-25505652 |
|
E-mail: |
Notes: The
supplied address is incomplete, and the exact address is as above.
Subject was incorporated
on
Subject was listed on Taiwan Stock Exchange on
Awards
|
Year |
Awards |
|
2009 |
Blue chip importer and exporter |
|
2010 |
Blue chip importer and exporter |
|
2011 |
Blue chip importer and exporter |
Standard of Blue chip importer and exporter
Unit: USD
|
Year |
Amount |
|
2009 |
15,000,000 |
|
2010 |
20,000,000 |
|
2011 |
22,000,000 |
|
Subscription Shares |
|
|
Shouchun Ye |
25,438,560 |
| Baihuang
Su |
48,772,728 |
|
Qinglang Su |
16,044,407 |
|
Zonghao Ye |
12,368,626 |
|
Yisheng You |
1,557,279 |
|
Qingyuan Su |
48,527,118 |
|
Guansheng Investment Co., Ltd |
7,907,476 |
The information above is that of subject’s major shareholders.
Factories:
|
1 |
|
|
Name |
KWEI SHAN 1st Factory district |
|
Address: |
No.60, Dongwanshou Rd., Xinling Vil , Gueishan Township, Taoyuan
County 33355, Taiwan |
|
Tel |
+886-3-3295267 |
|
Fax |
+886-3-3295270 |
|
2 |
|
|
Name |
KUAN YIN 2nd Factory district |
|
Address: |
No. 522, Sec. 1, Chenggong Rd., Guanyin Township, Taoyuan County
32844, Taiwan |
|
Tel |
+886-3-4838961 |
|
Fax |
+886-3-4837154 |
|
3 |
|
|
Name |
KUAN YIN 3rd Factory district |
|
Address: |
No. 506, Sec. 1, Chenggong Rd., Guanyin Township, Taoyuan County
32844, Taiwan |
|
Tel |
+886-3-4832267 |
|
Fax |
+886-3-4837594 |
|
4 |
|
|
Name |
DAY UAN Factory district |
|
Address: |
No.17, Dagong Rd., Dayuan Township, Taoyuan County 33759, Taiwan |
|
Tel |
+886-3-3869910 |
|
Fax |
+886-3-3869120 |
Core Management
Directors
|
1 |
|
|
Name |
Shouchun Ye |
|
Position |
Board of Chairman |
|
2 |
|
|
Name |
Baihuang Su |
|
Position |
Director |
|
3 |
|
|
Name |
Qinglang Su |
|
Position |
Director |
|
4 |
|
|
Name |
Zonghao Ye |
|
Position |
Director |
|
5 |
|
|
Name |
Yisheng You |
|
Position |
Director |
|
6 |
|
|
Name |
Qingyuan Su |
|
Position |
Supervisor |
|
7 |
|
|
Name |
Guansheng Investment Co., Ltd |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 1,300 Employees |
Offices &
Factories
|
|
Headquarters |
|
Add |
|
Production
Information
Subject is a manufacturer of nylon chips and the related products with
the production activities
Purchase
Information
The registered activities of subject:
|
Business Code |
Details |
|
1 |
Process , manufacture and trade of nylon products |
|
2 |
Manufacture and trade of chemical products |
|
3 |
Manufacture and trade of polyester products |
|
ZZ99999 |
Besides licensed business, all other business items those are not
banned or restricted. |
The components and raw material for production are purchased from both
local and abroad.
Subject is mainly engaged in manufacturing
and trading of nylon chip and the
related products.
Subject introduced that its major
products sold as following:
|
|
Product |
|
Engineering Plastic |
CPL |
|
|
E.P. Grade Nylon 6 Chip |
|
|
Composite Materials |
|
Nylon Fiber |
Spinning Grade Nylon 6 Chip |
|
|
Nylon 6 Filament |
|
|
Nylon Textured Yarn |
|
Polyester Fiber |
PTA EG |
|
|
Polyester Chip |
|
|
Polyester Filament |
|
|
Polyester Textured Yarn |
|
|
Others |
Subject’s selling territory covers all over the world, such as U.S.A,
Europe and so on.
Import and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Subject declined
to disclose the purchase settlements information, and from other sources, we
couldn’t obtain the information, either.
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
Nylon chip and the related products |
COB, CBD, etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Nylon chip and the related products |
L/C , T.T, etc. |
100% |
Notes: Subject’s
settlement for export is generally in USD
Unit: NTD /000
|
|
|
|
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash and
cash equivalents |
29,729.00 |
14,193.00 |
|
Financial
assets measured at fair value through profit or loss - current |
378,262.00 |
578,913.00 |
|
Notes
receivable - net |
404,984.00 |
305,925.00 |
|
Notes
receivable - related parties - net |
0.00 |
18.00 |
|
Accounts
receivable - net |
1,172,776.00 |
1,200,064.00 |
|
Accounts
receivable - related parties - net |
75,408.00 |
93,027.00 |
|
Other
receivables |
66,400.00 |
92,379.00 |
|
Other
financial assets - current |
0.00 |
2.00 |
|
Inventories |
2,703,372.00 |
4,104,828.00 |
|
Other
prepayments |
33,524.00 |
33,063.00 |
|
Other
current assets |
21,360.00 |
67,635.00 |
|
Current
assets |
4,885,815.00 |
6,490,047.00 |
|
Funds and Investments |
|
|
|
Financial
assets carried at cost - non current |
151,222.00 |
151,222.00 |
|
Funds
and long-term investments |
151,222.00 |
151,222.00 |
|
Fixed Assets |
|
|
|
Cost |
|
|
|
Land |
1,561,421.00 |
1,884,415.00 |
|
Buildings
and structures |
2,799,159.00 |
2,377,112.00 |
|
Machinery
and equipment |
7,791,111.00 |
7,049,699.00 |
|
Transportation
equipment |
69,650.00 |
67,420.00 |
|
Other
facilities |
177,502.00 |
164,512.00 |
|
Revaluation
increment |
480,571.00 |
480,574.00 |
|
Cost and
revaluation increment |
12,879,414.00 |
12,023,732.00 |
|
Accumulated
depreciation |
-5,731,630.00 |
-5,301,970.00 |
|
Construction
in process and prepayment for equipments |
331,822.00 |
674,605.00 |
|
Fixed
assets |
7,479,606.00 |
7,396,367.00 |
|
Intangible Assets |
|
|
|
Deferred
pension cost |
0.00 |
0.00 |
|
Intangible
assets |
0.00 |
0.00 |
|
OtherAssets |
|
|
|
Rental
assets |
551,414.00 |
578,598.00 |
|
Guarantee
deposits paid |
2,157.00 |
3,215.00 |
|
Deferred
charges |
50,102.00 |
36,386.00 |
|
Deferred
income tax assets - non current |
142,032.00 |
31,585.00 |
|
Other
assets |
745,705.00 |
649,784.00 |
|
Assets |
13,262,348.00 |
14,687,420.00 |
|
Liabilities and
Stockholders' Equity |
|
|
|
Liabilities |
|
|
|
Current Liabilities |
|
|
|
Short-term
borrowings |
1,106,587.00 |
3,881,245.00 |
|
Short-term
notes and bills payable |
899,649.00 |
649,658.00 |
|
Notes
payable |
254,866.00 |
222,479.00 |
|
Notes
payable - related parties |
27.00 |
0.00 |
|
Accounts
payable |
897,354.00 |
1,155,468.00 |
|
Accounts
payable - related parties |
312.00 |
315.00 |
|
Income tax
payable |
439.00 |
103,879.00 |
|
Accrued
expenses |
267,989.00 |
252,882.00 |
|
Other
payables |
68,448.00 |
161,949.00 |
|
Advance
receipts |
136,407.00 |
83,231.00 |
|
Long-term
liabilities - current portion |
0.00 |
0.00 |
|
Other
current liabilities |
739.00 |
893.00 |
|
Current
liabilities |
3,632,817.00 |
6,511,999.00 |
|
Long term Liabilities |
|
|
|
Long-term
borrowings |
2,099,606.00 |
699,794.00 |
|
Long-term
liabilities |
2,099,606.00 |
699,794.00 |
|
Reserves |
|
|
|
Reserve
for land revaluation increment tax |
137,395.00 |
137,395.00 |
|
Reserves |
137,395.00 |
137,395.00 |
|
Other Liabilities |
|
|
|
Pension
reserve / accrued pension liability |
210,270.00 |
173,100.00 |
|
Guarantee
deposits received |
19,335.00 |
19,335.00 |
|
Other
liabilities |
229,605.00 |
192,435.00 |
|
Liabilities |
6,099,423.00 |
7,541,623.00 |
|
Stockholders' Equity |
|
|
|
Capital |
|
|
|
Common
stock |
6,057,063.00 |
5,187,092.00 |
|
Capital Surplus |
|
|
|
Capital
surplus - additional paid-in capital |
377,227.00 |
352,927.00 |
|
Capital
surplus - treasury stock transactions |
43,700.00 |
43,700.00 |
|
Capital
surplus - long-term equity investments |
32,107.00 |
32,107.00 |
|
Capital
surplus |
453,034.00 |
428,734.00 |
|
Retained Earnings |
|
|
|
Legal
reserve |
127,833.00 |
114,575.00 |
|
Special
reserve |
4,606.00 |
9,747.00 |
|
Unappropriated
retained earnings |
174,258.00 |
1,064,659.00 |
|
Retained
earnings |
306,697.00 |
1,188,981.00 |
|
Stockholders' Equity
and Other adjustmen |
|
|
|
Cumulative
translation adjustments |
-4,606.00 |
-4,606.00 |
|
Net loss
not recognized as pension cost |
0.00 |
-5,141.00 |
|
Unrealized
Revaluation Increment |
350,737.00 |
350,737.00 |
|
Equity
adjustments |
346,131.00 |
340,990.00 |
|
Stockholdersˉ
equity |
7,162,925.00 |
7,145,797.00 |
|
Number of
treasury stock acquired by the company and subsidiaries (unit: share) |
0.00 |
0.00 |
|
|
0.00 |
0.00 |
Unit: NTD /000
|
|
To |
To |
|
Sales |
13,012,327.00 |
14,814,634.00 |
|
Sales
returns |
9,443.00 |
21,332.00 |
|
Sales
discounts and allowances |
19,558.00 |
7,757.00 |
|
Sales |
12,983,326.00 |
14,785,545.00 |
|
Operating
income |
12,983,326.00 |
14,785,545.00 |
|
Operating
costs |
12,874,758.00 |
13,736,049.00 |
|
Gross
profit (loss) from operations |
108,568.00 |
1,049,496.00 |
|
Selling
expense |
185,555.00 |
182,580.00 |
|
General
and administrative expenses |
114,722.00 |
89,321.00 |
|
Research
and development expenses |
51,501.00 |
55,723.00 |
|
Operating
expenses |
351,778.00 |
327,624.00 |
|
Operating
income (loss) |
-243,210.00 |
721,872.00 |
|
Non-Operating Income |
|
|
|
Interest
income |
61.00 |
24.00 |
|
Dividends |
38,001.00 |
36,413.00 |
|
Investment
income |
38,001.00 |
36,413.00 |
|
Gains on
disposal of fixed assets |
2,643.00 |
560.00 |
|
Gains on
sale of investments |
8,976.00 |
17,489.00 |
|
Foreign
exchange gains |
5,056.00 |
71,405.00 |
|
Rent
income |
38,951.00 |
40,535.00 |
|
Revaluation
gain on financial assets |
13,031.00 |
0.00 |
|
Miscellaneous
income |
37,075.00 |
32,783.00 |
|
Non-operating
revenues and gains |
143,794.00 |
199,209.00 |
|
Non-Operating Expenses |
|
|
|
Interest
expense |
51,918.00 |
29,282.00 |
|
Loss on
disposal of fixed assets |
4,636.00 |
0.00 |
|
Foreign
exchange losses |
0.00 |
0.00 |
|
Revaluation
loss on financial assets |
0.00 |
15,350.00 |
|
Miscellaneous
disbursements |
28,659.00 |
28,186.00 |
|
Non-operating
expenses and losses |
85,213.00 |
72,818.00 |
|
Income
from continuing operations before income tax |
-184,629.00 |
848,263.00 |
|
Income tax
expense (benefit) |
-40,679.00 |
97,287.00 |
|
Income
from continuing operations |
-143,950.00 |
750,976.00 |
|
Net income
(loss) |
-143,950.00 |
750,976.00 |
|
Primary Earnings per
Share |
|
|
|
Primary
earnings per share |
-0.25 |
1.45 |
|
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
|
|
|
|
Lawsuit Date: |
|
|
Lawsuit Cause: |
Service by publication |
|
Name |
Ms. Xie |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.89 |
|
|
1 |
Rs.84.92 |
|
Euro |
1 |
Rs.72.51 |
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.