|
Report Date : |
21.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
KAULIN MANUFACTURING CO., LTD. |
|
|
|
|
Registered Office : |
11th Fl., No.128, Sec.3, Min Shen
E. Rd., Taipei, Taiwan, R.O.C. |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
30.09.2012 |
|
|
|
|
Date of Incorporation : |
05.10.1965 |
|
|
|
|
Com. Reg. No.: |
29538509 |
|
|
|
|
Legal Form : |
Joint Stock
Company |
|
|
|
|
Line of Business : |
Manufacture and sale of sewing machines and
components, etc |
|
|
|
|
No. of Employees : |
1,100 |
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 : |
Usually correct |
|
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: |
Kaulin Manufacturing Co., Ltd. |
|
Supplied Name: |
KAULIN MFG., CO., LTD |
|
Trading Address: |
11th Fl., No.128, Sec.3, Min Shen E. Rd., Taipei, Taiwan,
R.O.C. |
|
Supplied Address: |
11F 128 SEC, 3 MIN SHEN E. ROAD TAIPEI, TAIWAN |
|
Telephone Number: |
+886-2-2713-0232 |
|
Fax Number: |
+886-2-2713-0501 |
|
E-mail: |
Notes: Subject’s
complete name and address are as above.
|
Registered Name: |
Kaulin Manufacturing Co., Ltd. |
|
Registered Address: |
11th Fl., No.128, Sec.3, Min Shen E. Rd., Taipei, Taiwan,
R.O.C. |
|
Date of Foundation: |
|
|
Registration Number: |
29538509 |
|
Registry: |
Department of Commerce, Ministry of Economic Affairs, R.O.C. |
|
Registered Capital: |
NTD 2,000,000,000 (USD 67,800,000) (As of 2013.03, 1 NTD = 0.0339 USD) |
|
Paid-up Capital: |
NTD 1,931,510,800 (USD 65,478,216) |
|
Legal Representatives: |
Yuwen Lin |
|
Legal Form: |
|
|
Principal Activities: |
|
|
Staff: |
|
|
Listed at Stock
Exchange: |
|
|
Date
of Last Annual Return: |
Subject was incorporated on
Subject was listed in Taiwan Stock Exchange with the Stock Symbol as 1531 on 2000-9-11.
Awards
|
Year |
Awards |
|
2008 |
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 |
|
2010 |
20,000,000 |
|
Name |
Subscription Shares |
|
Yuwen Lin |
11,013,873 |
|
Shengzhi Lin |
6,864,205 |
|
Peijia Lin |
5,726,038 |
|
Wenxiong Su |
65,928 |
|
Sumei Chen |
61,369 |
|
Yuzhen Lin |
1,840,803 |
|
Xiurong Lin |
2,275,319 |
The information above is that of subject’s major shareholders.
Factory
|
Address |
No.42, Sec. 1,
Minsheng N. Rd., Gueishan Township, Taoyuan County, Taiwan R.O.C. |
|
Tel number: |
+886-3-326-2128-31 |
|
Fax number: |
+886-3-326-2127 |
Related Companies
|
1 |
|
|
Name |
Kaulin Machinery
and Electronic Industrial (Ningbo) Co., Ltd. |
|
Address |
No. 16, Long Tan
Shang Rd., Bei Lun Dist. Ningbo City, Zhejiang Province, China |
|
Telephone
Number: |
+86-574-8611-5888 |
|
Fax Number: |
+86-574-8611-4666 |
|
2 |
|
|
Name |
America Siruba
Latin America Inc. |
|
Address |
11380 NW 36th
Terrace, Doral, Fl 33178, U.S.A |
|
Telephone
Number: |
+1-305-477-4562 |
|
Fax Number: |
+1-305-477-7524 |
|
3 |
|
|
Name |
India Siruba
Machinery India Private Limited |
|
Address |
#268, 1st
Floor, 18th 'D' Main Road, 6th Block, Koramangala,
Bangalore-560095, Karnataka India |
|
Telephone
Number: |
+91-080-4155-7057 |
|
Fax Number: |
+91-080-4155-7056 |
Core
Management
Directors
|
1 |
|
|
Name |
Yuwen Lin |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Shengzhi Lin |
|
Position |
Director |
|
3 |
|
|
Name |
Peijia Lin |
|
Position |
Director |
|
Date of
Appointment |
2013-3-1 |
|
4 |
|
|
Name |
Wenxiong Su |
|
Position |
Director |
|
5 |
|
|
Name |
Yingzhou Chen |
|
Position |
Director |
|
6 |
|
|
Name |
Jingsong Wang |
|
Position |
Director |
|
7 |
|
|
Name |
Sumei Chen |
|
Position |
Director |
|
8 |
|
|
Name |
Yuzhen Lin |
|
Position |
Supervisor |
|
9 |
|
|
Name |
Paizheng Wang |
|
Position |
Supervisor |
|
10 |
|
|
Name |
Xiurong Lin |
|
Position |
Supervisor |
Personnel Structure
|
Total Employees |
About 1,100 Employees |
Offices
& Factories
|
|
Headquarters |
|
Add |
11th Fl., No.128, Sec.3, Min Shen E. Rd., Taipei, Taiwan,
R.O.C. |
Production Information
l
It is introduced that subject’s factory
in Taiwan operates as
a researching and developing center and the factory in mainland of China focus
on manufacturing of sewing machines.
l
Subject’s factories also offers related
components, technology services and training services
Purchase Information
l
The registered activities of subject:
|
Business Code |
Details |
|
-- |
Manufacture, installation and sales of all kinds
of sewing machine
and components |
|
-- |
Casting, processing and sales of milling
products. |
|
-- |
Surface treatment, spray
painting and baking
finishing of all kinds of metal. |
|
-- |
Manufacture, installation and sales of all kinds
of All kinds of transport equipment mechanical parts |
|
-- |
Casting, processing and sales of sewing machine
components |
|
-- |
Agent and sales business of the products for
domestic and overseas customers |
|
-- |
Import and export trading business of above
mentioned products. |
|
ZZ99999 |
Besides licensed business, all other business
items those are not banned or restricted. |
l
It is introduced that subject purchases components
from mainland of China, etc.
l
It is introduced that Subject imports equipment
from Japan.
l
Subject is engaged in selling of sewing machines
and related spare parts including bag closers, overlock stitch machines,
interlock machines, double chainstitch machines, lockstitch machines, picoting
chainstitch machines, button holing machines, button sewing machines, bar
tacking machines, zig-zag machines and feed-off-the-arm machines, among others.
l
Subject’s products are applied in the sewing and
processing of bags, apparels, underwear, shoes, leather products and curtains,
etc
l
Subject provides its products under the brand named
“SIRUBA”.
l
Subject’s products are both sold in domestic and
overseas market and it is introduced that Subject has sales agencies in Indian,
Pakistan, mainland of china, Tunisia, etc. that in charge of the sales business
in local market.
Import
and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase
|
Payment Terms |
Proportion |
|
|
Components, etc. |
CBD, etc. |
100% |
Foreign Purchase
|
Payment Terms |
Proportion |
|
|
Equipment, etc. |
L/C, etc. |
100% |
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
Sewing machine |
CBD, etc. |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Sewing machine |
L/C, etc. |
100% |
Unit: NTD/000
|
|
2012-9-30 |
2011-9-30 |
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash and cash equivalents |
381,433.00 |
225,575.00 |
|
Available-for-sale financial assets - current |
105,988.00 |
142,107.00 |
|
Notes receivable - net |
17,297.00 |
8,195.00 |
|
Accounts receivable - net |
501,228.00 |
822,833.00 |
|
Accounts receivable - related parties - net |
305,494.00 |
509,977.00 |
|
Other receivables - related parties |
26,869.00 |
77,915.00 |
|
Inventories |
108,236.00 |
148,284.00 |
|
Other current assets |
31,826.00 |
20,039.00 |
|
Current assets |
1,478,371.00 |
1,954,925.00 |
|
Funds and Investments |
|
|
|
Financial assets measured at fair value through
profit or loss - non current |
2,080.00 |
0.00 |
|
Available-for-sale financial assets - non current |
31,484.00 |
49,870.00 |
|
Equity investments under equity method |
3,240,691.00 |
3,201,440.00 |
|
Investments |
3,240,691.00 |
3,201,440.00 |
|
Funds and long-term investments |
3,274,255.00 |
3,251,310.00 |
|
Fixed Assets |
|
|
|
Cost |
|
|
|
Land |
199,362.00 |
199,362.00 |
|
Buildings and structures |
74,548.00 |
73,902.00 |
|
Machinery and equipment |
2,919.00 |
2,918.00 |
|
Transportation equipment |
9,470.00 |
8,211.00 |
|
Other facilities |
46,562.00 |
45,714.00 |
|
Revaluation increment |
0.00 |
0.00 |
|
Cost and revaluation increment |
332,861.00 |
330,107.00 |
|
Accumulated depreciation |
-98,208.00 |
-92,043.00 |
|
Construction in process and prepayment for
equipments |
2,130.00 |
0.00 |
|
Fixed assets |
236,783.00 |
238,064.00 |
|
Intangible Assets |
|
|
|
Computer software cost |
2,260.00 |
3,781.00 |
|
Intangible assets |
2,260.00 |
3,781.00 |
|
OtherAssets |
|
|
|
Guarantee deposits paid |
1,699.00 |
1,700.00 |
|
Other assets |
1,699.00 |
1,700.00 |
|
Assets |
4,993,368.00 |
5,449,780.00 |
|
Liabilities and Stockholders' Equity |
|
|
|
Liabilities |
|
|
|
Current Liabilities |
|
|
|
Notes payable |
57,818.00 |
111,704.00 |
|
Accounts payable |
35,347.00 |
63,735.00 |
|
Accounts payable - related parties |
259,736.00 |
278,343.00 |
|
Income tax payable |
5,002.00 |
30,709.00 |
|
Accrued expenses |
71,402.00 |
91,722.00 |
|
Advance receipts |
3,655.00 |
1,748.00 |
|
Current liabilities |
432,960.00 |
577,961.00 |
|
Long term Liabilities |
|
|
|
Financial liabilities measured at fair value
through profit or loss - non current |
0.00 |
447.00 |
|
Long-term liabilities |
0.00 |
447.00 |
|
Reserves |
|
|
|
Other Liabilities |
|
|
|
Pension reserve / accrued pension liability |
51,240.00 |
49,360.00 |
|
Guarantee deposits received |
535.00 |
535.00 |
|
Deferred income tax liabilities |
307,767.00 |
304,251.00 |
|
Other liabilities - other |
24,733.00 |
40,421.00 |
|
Other liabilities |
384,275.00 |
394,567.00 |
|
Liabilities |
817,235.00 |
972,975.00 |
|
Stockholders' Equity |
|
|
|
Capital |
|
|
|
Common stock |
1,931,511.00 |
1,931,511.00 |
|
Capital Surplus |
|
|
|
Capital surplus - additional paid-in capital |
90,000.00 |
90,000.00 |
|
Capital surplus - long-term equity investments |
2,276.00 |
2,276.00 |
|
Capital surplus - premium from merger |
248,901.00 |
248,901.00 |
|
Capital surplus |
341,177.00 |
341,177.00 |
|
Retained Earnings |
|
|
|
Legal reserve |
579,856.00 |
527,450.00 |
|
Special reserve |
48,461.00 |
48,461.00 |
|
Unappropriated retained earnings |
1,129,673.00 |
1,379,567.00 |
|
Retained earnings |
1,757,990.00 |
1,955,478.00 |
|
Stockholders' Equity and Other adjustment |
|
|
|
Cumulative translation adjustments |
177,565.00 |
269,064.00 |
|
Unrealized gains (losses) on financial
instruments |
-32,110.00 |
-20,425.00 |
|
Equity adjustments |
145,455.00 |
248,639.00 |
|
Stockholders-equity |
4,176,133.00 (USD 141,570,908.70) |
4,476,805.00 (USD 151,763,689.50) |
|
Number of treasury stock acquired by the company
and subsidiaries (unit: share) |
0.00 |
0.00 |
|
|
0.00 |
0.00 |
(As of 2013.03, 1 NTD = 0.0339 USD)
Unit: NTD/000
|
|
2012-1-1~2012-9-30 |
2011-1-1~2011-9-30 |
|
Sales |
1,644,556.00 (USD 55,750,448.40) |
2,897,165.00 (USD 98,213,893.50) |
|
Sales returns |
16,905.00 |
21,811.00 |
|
Sales |
1,627,651.00 |
2,875,354.00 |
|
Operating income |
1,627,651.00 |
2,875,354.00 |
|
Operating costs |
1,344,115.00 |
2,358,326.00 |
|
Gross profit (loss) from operations |
283,536.00 |
517,028.00 |
|
Realized gains on intercompany transactions |
10,263.00 |
8,999.00 |
|
Selling expense |
66,655.00 |
68,130.00 |
|
General and administrative expenses |
72,071.00 |
131,710.00 |
|
Research and development expenses |
35,245.00 |
43,572.00 |
|
Operating expenses |
173,971.00 |
243,412.00 |
|
Operating income (loss) |
119,828.00 |
282,615.00 |
|
Non-Operating Income |
|
|
|
Interest income |
1,821.00 |
3,288.00 |
|
Income from long-term equity investments under
the equity method |
153,845.00 |
299,529.00 |
|
Investment income |
153,845.00 |
299,529.00 |
|
Gains on sale of investments |
1,715.00 |
1,146.00 |
|
Foreign exchange gains |
0.00 |
74,913.00 |
|
Reversal of provision for bad debts |
5,479.00 |
0.00 |
|
Revaluation gain on financial assets |
1,848.00 |
0.00 |
|
Miscellaneous income |
5,528.00 |
3,561.00 |
|
Non-operating revenues and gains |
170,236.00 |
382,437.00 |
|
Non-Operating Expenses |
|
|
|
Foreign exchange losses |
34,887.00 |
0.00 |
|
Miscellaneous disbursements |
593.00 |
1,196.00 |
|
Non-operating expenses and losses |
35,480.00 |
1,196.00 |
|
Income from continuing operations before income
tax |
254,584.00 |
663,856.00 |
|
Income tax expense (benefit) |
51,946.00 |
125,972.00 |
|
Income from continuing operations |
202,638.00 |
537,884.00 |
|
Net income (loss) |
202,638.00 (USD 6,869,428.20) |
537,884.00 (USD 18,234,267.60) |
|
Primary Earnings per Share |
|
|
|
Primary earnings per share |
1.05 |
2.78 |
|
Diluted earnings per share |
|
|
|
Diluted earnings per share |
1.04 |
2.76 |
(As of 2013.03, 1 NTD = 0.0339 USD)
Unit: NTD/000
|
|
2012-1-1~2012-9-30 |
2011-1-1~2011-9-30 |
|
Cash Flows from Operating Activities - Indirect
Method |
|
|
|
Net Income (Loss) |
202,638 |
537,884 |
|
Adjustments to Reconcile Net Income to Net Cash
Provided by (Used in) Operating Activities |
|
|
|
Depreciation Expense |
9,448 |
9,699 |
|
Provision (Reversal of Provision) for Bad Debts
Losses |
-5,479 |
42,505 |
|
Provision (Reversal of Provision) for Sales
Returns, Discounts and Allowances |
7,800 |
15,300 |
|
Difference Between Net Pension Cost and Plan
Contribution |
1,612 |
786 |
|
Loss (Gain) on Decline (Recovery) in Market
Value, Scrap and Obsolescence of Inventories |
6,664 |
-5,267 |
|
Investment Loss (Income) Recognized under Equity
Method |
-153,845 |
-299,529 |
|
Loss (Gain) on Disposal of Property, Plant and
Equipment |
44 |
20 |
|
Loss (Gain) on Disposal of Investments |
-1,715 |
-1,146 |
|
Unrealized Revaluation Loss (Gain) on Financial
Assets and Liabilities |
-1,848 |
447 |
|
Realized Loss (Gain) on Intercompany Transactions |
-10,263 |
-8,999 |
|
Loss (Gain) on Deferred Income Tax |
23,515 |
73,577 |
|
Other Adjustments to Reconcile Net Income |
-2,666 |
-2,985 |
|
Changes in Operating Assets and Liabilities |
|
|
|
Decrease (Increase) in Notes Receivable |
-6,799 |
10,280 |
|
Decrease (Increase) in Accounts Receivable |
203,238 |
-281,417 |
|
Decrease (Increase) in Accounts Receivable -
Related Parties |
160,342 |
-74,977 |
|
Decrease (Increase) in Inventories |
20,833 |
-34,312 |
|
Decrease (Increase) in Other Prepayments |
-885 |
-1,203 |
|
Increase (Decrease) in Notes Payable |
-33,094 |
3,760 |
|
Increase (Decrease) in Accounts Payable |
-12,387 |
-21,350 |
|
Increase (Decrease) in Accounts Payable - Related
Parties |
58,589 |
-38,536 |
|
Increase (Decrease) in Income Tax Payable |
-31,050 |
-6,991 |
|
Increase (Decrease) in Accrued Expenses |
-30,781 |
-20,298 |
|
Increase (Decrease) in Other Current Liabilities |
2,244 |
-979 |
|
Net Cash Provided by (Used in) Operating
Activities |
406,155 |
-103,731 |
|
Cash Flows from Investing Activities |
|
|
|
Acquisition of Available-for-sale Financial
Assets |
-470,800 |
-699,397 |
|
Proceeds from Disposal of Available-for-sale
Financial Assets |
608,719 |
692,328 |
|
Name |
Megaa International Commercial Bank
Co., Ltd., |
|
Address
|
No.128 Minagaa Shang E. Road Sec3,
Taiapaei, Taiwan. |
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. Yang |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.37 |
|
|
1 |
Rs.82.07 |
|
Euro |
1 |
Rs.70.03 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.