|
Report Date : |
28.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
SINON CORPORATION |
|
|
|
|
Registered Office : |
1FL., No.23, Sec.1, Mei Chuan W. Road, W.
District, Taichung City |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
30.09.2012 |
|
|
|
|
Date of Incorporation : |
20.11.1963 |
|
|
|
|
Reg. No.: |
51911712 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Supplier of pesticides, fertilizers, cement, plastic cloth, etc. |
|
|
|
|
No. of Employees : |
2,997 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 (31.03.2011) |
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: |
|
|
Supplied Address: |
|
|
Telephone Number: |
+886-4-2693-4261 |
|
Fax Number: |
|
|
E-mail: |
Notes: Subject’s exact name and address are as
above. And the supplied address is the headquarter of subject’s shareholder Kuo Sing
Information Co., Ltd (Literal Translated)
|
Registered Name: |
SINON CORPORATION |
|
Registered Address: |
1FL., No.23, Sec.1, Mei Chuan W. Road, W.
District, Taichung City, Taiwan (R.O.C.) |
|
Date of Foundation: |
|
|
Registration Number: |
51911712 |
|
Registry: |
Department of Commerce, Ministry of Economic Affairs,
R.O.C. |
|
Registered Capital: |
NTD
3,900,000,000 (USD 132,210,000) (As of 2012.12, 1 NTD = 0.0339 USD) |
|
Paid-up Capital: |
NTD 3,336,920,390 (USD 113,121,601) |
|
Legal Representatives: |
Wenbin Yang |
|
Legal Form: |
|
|
Listed at Stock Exchange: |
Yes, Public, TPE:1712 |
|
Staff: |
|
|
Listed at Stock Exchange: |
|
|
Date of Last Annual Return: |
Subject was incorporated on
Subject was listed at Taiwan Stock Exchange with the Stock Symbol: 1712
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 |
|
Name |
Subscription Shares |
|
Wenbin Yang |
5,156,314 |
|
Boyan Hong |
|
|
7,119,235 |
|
|
Tiancheng Yang |
1,000,000 |
|
Jiawen Investment Co., Ltd (Literal Translated) |
2,232,443 |
|
Tianjun Yang |
1,628,584 |
|
Zhongxin Yang |
177,460 |
|
Zhenglang Chen |
482,877 |
|
Chunzhen Guowu |
2,624,509 |
|
Zeren Yu |
64,288 |
|
Zifang Yan |
67,247 |
|
Kuo Sing Information Co., Ltd (Literal Translated) |
1,527,693 |
|
Zhongzheng Wang |
310,578 |
|
Maozhang Zhang |
10,478 |
The information above is that of subject’s major shareholders.
Dissolved Branches
|
1 |
|
|
Branch Registered Number: |
16441550 |
|
Branch Status |
Dissolved |
|
Branch Name |
Kaohsiung Branch |
|
Branch Manager |
Shangwu Peng |
|
Branch Address |
No. 71-1, Beiduan Street, Yancheng District, Kaohsiung City, Taiwan |
|
Date of Incorporation |
|
|
Date of Last Annual Return: |
|
|
2 |
|
|
Branch Registered Number: |
16441545 |
|
Branch Status |
Dissolved |
|
Branch Name |
Jiayi Branch |
|
Branch Manager |
Xicheng Ruan |
|
|
No. 136, Zhongshan Road, Dalin Town, Jiayi County, Taiwan |
|
Date of Incorporation |
|
|
Date of Last Annual Return: |
|
Related Companies
|
Sinon Australia
Pty. Ltd. Fax: +61-2-88145591 Sinon do Brazil
Ltda. Website: www.sinon.com.br Sinon Chemical (China) Co., Ltd No. 28 Beicun Road, Zhelin, Fengxian,
Shanghai, China. Fax: +86-21-5749-3703 Website: www.sinon.com.cn
Sinon EU GMBH Fax: +49-40-6599 5158 PT Sinon
Indonesia Fax: +62-21-52994599 Sinon USA Inc. Fax: +1-925 299 1419 Sinon (Thailand)
Co., Ltd. Fax: +66-2-6786875 |
|
|
Core Management
Directors
|
1 |
|
|
Name |
Wenbin Yang |
|
Position |
President |
|
2 |
|
|
Name |
Boyan Hong |
|
Position |
Vice President |
|
3 |
|
|
Name |
Tiancheng Yang |
|
Position |
Director & Manager |
|
Date of Appointment |
|
|
4 |
|
|
Name |
Nianheng Liao |
|
Position |
Director |
|
5 |
|
|
Name |
Tianjun Yang |
|
Position |
Director |
|
6 |
|
|
Name |
Zhongxin Yang |
|
Position |
Director |
|
7 |
|
|
Name |
Zhenglang Chen |
|
Position |
Director |
|
8 |
|
|
Name |
Chunzhen Guowu |
|
Position |
Director |
|
9 |
|
|
Name |
Zeren Yu |
|
Position |
Director |
|
10 |
|
|
Name |
Zifang Yan |
|
Position |
Director |
|
11 |
|
|
Name |
Renming Yang |
|
Position |
Supervisor |
|
12 |
|
|
Name |
Zhongzheng Wang |
|
Position |
Supervisor |
|
13 |
|
|
Name |
Maozhang Zhang |
|
Position |
Supervisor |
Offices & Factories
|
|
Headquarters |
|
Add |
Production Information
Subject cooperates
with many world famous enterprises. For example, subject signed OEM contract
for herbicide intermediate with “Bayer” and supplies products from February,
2009. In 2009 subject supplied about 1,000 tons products to “Bayer”.
Products
manufactured by subject have passed ISO-9001 and ISO-9002.
Purchase Information
The major registered activities of subject:
|
Business Code |
Details |
|
A101020 |
Crop cultivation industry |
|
A101030 |
Special crop cultivation industry |
|
A102050 |
Agricultural services |
|
C801030 |
Manufacture of Precision chemical materials |
|
F107120 |
Wholesales of Precision chemical materials |
|
ZZ99999 |
Besides licensed business, all other business items those are not
banned or restricted. |
The subject is principally engaged in distribution of plant
protection products.
Subject’s products
include pesticides, fertilizers, agricultural materials, raw pesticides and finished
pesticides, precision chemicals and the intermediates, lunch boxes, meals, and
food materials distribution, environmental agents, cling film and other
household goods, as well as plastic products, etc
As of
Subject sells its
products both at home and abroad in Taiwan, Mainland China, Europe, Japan,
Brazil, the United States, Thailand, Australia, Indonesia and other countries.
Subject is the
largest manufacturer of pesticides in Taiwan with Market share about 23%. And
30% of pesticides and fertilizers are sold in Taiwan, while others are sold to
mainland of China, Europe, Japan, Brazil, Thailand,
USA, Australia, etc. Cement, plastic cloth, etc are mainly sold in local area.
Subject has
offices in Brazil, Germany, mainland of China, USA, etc to develop new markets,
and maintain customer relationship.
Import and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase
|
Payment Terms |
Proportion |
|
|
Raw materials,
etc |
COD, Credit
Sales, etc |
100% |
Foreign Purchase
|
Payment Terms |
Proportion |
|
|
Raw materials, etc
|
CBD, etc |
100% |
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
Pesticides,
fertilizers, cement, plastic cloth, etc. |
COD, CBD, etc. |
100% |
Export
|
Payment/ Terms |
Proportion |
|
|
Pesticides,
fertilizers, etc. |
CBD, L/C, etc. |
100% |
Unit: NTD/100 Million
|
|
|
|
|
|
Assets |
|
|
|
|
Cash And Cash Equivalents |
0.92 |
0.91 |
1.34 |
|
Short-Term Investment - |
0 |
0 |
0 |
|
Accounts receivable and notes |
15.48 |
10.49 |
11.53 |
|
Other Receivables |
0.65 |
0.33 |
0.68 |
|
Loan To Other-Short-Term |
0 |
0 |
0 |
|
Inventories |
13.2 |
11.44 |
9.91 |
|
Prepaid & Advance |
1.19 |
0.71 |
0.62 |
|
Other Current Assets |
4.26 |
3.18 |
0.62 |
|
35.7 |
27.07 |
24.69 |
|
|
Total Long-Term Investment |
27.93 |
23.42 |
21.56 |
|
18.18 |
17.17 |
10.4 |
|
|
Buildings & Construction Costs |
7.18 |
7.15 |
6.89 |
|
Machinery and equipment cost |
15.09 |
14.02 |
13.48 |
|
Other equipment cost |
5.45 |
5.25 |
5.09 |
|
Fixed Assets Appraisal Increment |
7.18 |
7.18 |
0.55 |
|
Fixed assets accumulated depreciation |
-16 |
-14.8 |
-13.5 |
|
Loss Res.-Fixed Asst |
0 |
0 |
0 |
|
Unfinished project and equipment funds in advance |
4.06 |
0.46 |
0.31 |
|
41.14 |
36.42 |
23.23 |
|
|
Deferred Assets |
3.48 |
3.57 |
4.18 |
|
Intangible Assets |
0 |
0 |
0 |
|
Miscellaneous Assets |
1.42 |
1.38 |
1.43 |
|
Total Other Assets |
4.9 |
4.95 |
5.61 |
|
Total Assets |
109.67 |
91.86 |
75.09 |
|
Liabilities |
|
|
|
|
13.08 |
9.78 |
6.32 |
|
|
Commercial Paper Payable |
1.9 |
1.9 |
0.5 |
|
Accounts payable and notes |
7.65 |
6.16 |
5.84 |
|
Accrued Charge |
3.38 |
2.77 |
3 |
|
0 |
0.18 |
0.18 |
|
|
Other Payables |
0 |
2.88 |
0 |
|
Income Tax Payable |
0.29 |
0.29 |
0.12 |
|
Long-Term Debt-Current Portion |
2 |
2.51 |
2.04 |
|
1.04 |
0.59 |
0.59 |
|
|
Total Current Liabilities |
29.33 |
27.06 |
18.58 |
|
Total long-term liabilities |
22 |
6.38 |
3.9 |
|
Deferred Credit |
1.03 |
1.03 |
1.03 |
|
Reserve For Pension |
4.15 |
3.84 |
3.4 |
|
0 |
0 |
0 |
|
|
Reserve For Land Revaluation Increment Tax |
2.58 |
2.58 |
0.11 |
|
Reserve For Losses |
0 |
0 |
0 |
|
Miscellaneous Liabilities |
1.19 |
1.3 |
1.01 |
|
Total Other Liabilities and reserves |
8.96 |
8.76 |
5.55 |
|
Total Liabilities |
60.29 |
42.19 |
28.04 |
|
Stockholder's Equity |
|
|
|
|
Capital - Common Stock |
33.37 |
33.37 |
35.27 |
|
Capital - Preferred Stock |
0 |
0 |
0 |
|
4.64 |
4.64 |
0.86 |
|
|
4.05 |
3.69 |
3.33 |
|
|
Special Reserve |
0 |
1.41 |
0.97 |
|
Unappropriated Surplus |
9.47 |
8.22 |
8.25 |
|
Long -Term Investment
evaluation loss |
0.02 |
0 |
0.02 |
|
Shareholder’s Equity |
49.37 (USD
4,937,000,000) |
49.66 (USD 4,966,000,000) |
47.06 (USD 4,706,000,000) |
(As of 2012.12, 1 NTD = 0.0339 USD)
Unit: NTD/100 Million
|
|
~ |
~ |
~ |
|
EBTA |
|
|
|
|
Net Sales |
61.79 (USD 6,179,000,000) |
72.71 (USD 7,271,000,000) |
66.47 (USD 6,647,000,000) |
|
48 |
55.75 |
50.07 |
|
|
Gross operation profit |
13.79 |
16.96 |
16.4 |
|
Unrealized sales between affiliate Companies |
-0.16 |
0.16 |
-0.06 |
|
11.44 |
14.48 |
14.89 |
|
|
2.2 |
2.64 |
1.45 |
|
|
non-operating income |
|
|
|
|
0 |
0 |
0 |
|
|
Investment income/dividend income |
1.49 |
1.11 |
1.04 |
|
Gain on Disposal of investment |
0 |
0 |
1.3 |
|
Revolution of Loss on
Investment |
0 |
0 |
0 |
|
Gains on disposal of assets |
0 |
0.02 |
0 |
|
Revolution of loss on inventories |
0 |
0 |
0 |
|
Exchange Gain |
0 |
0.19 |
0 |
|
0.31 |
0.63 |
0.49 |
|
|
Total Non-Operating Income |
1.8 |
1.94 |
2.83 |
|
Non-Operating Expenses |
|
|
|
|
0.39 |
0.28 |
0.2 |
|
|
0 |
0 |
0 |
|
|
Loss On Disposal Of Investments |
0 |
0 |
0 |
|
Revolution of loss on investment |
0 |
0 |
0 |
|
Loss On Disposal Of Assets |
0.01 |
0.01 |
0.01 |
|
0.06 |
0 |
0.43 |
|
|
Assets evaluation loss |
0 |
0 |
0 |
|
Other Loss |
0.03 |
0.01 |
0 |
|
Total Non-Operating Expenses |
|
0.3 |
0.64 |
|
3.5 |
|
|
|
|
Net Profit Before Tax |
0.63 |
4.27 |
3.63 |
|
2.87 |
0.69 |
0.11 |
|
|
Ordinary Income |
0 |
3.58 |
3.52 |
|
Gain From Discontinued Operations |
0 |
0 |
0 |
|
0 |
0 |
0 |
|
|
Cumulative Effects |
2.87 |
0 |
0 |
|
0.85 (USD 85,000,000) |
3.58 (USD 358,000,000) |
3.52 (USD 352,000,000) |
|
|
Earnings per share Unit: NTD |
33.67 |
1.02 |
1.01 |
|
weighted average equity capital |
0 |
35.22 |
35.03 |
|
Special dividend liabilities in season |
3.5 |
0 |
0 |
(As of 2012.12, 1 NTD = 0.0339 USD)
Subject declined to disclose its bank details
and 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.
Lawsuits
|
Trial Number |
2006,Zhonglaojian,75 |
|
Trial Date |
|
|
Cause |
Payment of severance pay |
|
2 |
|
|
Trial Number |
2006, Zhonglaojian,75 |
|
Trial Date |
|
|
Cause |
Payment of severance pay |
|
3 |
|
|
Trial Number |
2006,Zhonglaojian,75 |
|
Trial Date |
|
|
Cause |
Payment of severance pay |
|
4 |
|
|
Trial Number |
2006, Zhongjian,5857 |
|
Trial Date |
|
|
Cause |
Confirming that creditor's rights does not exist, etc |
|
5 |
|
|
Trial Number |
1996,Zhongjian,2084 |
|
Trial Date |
|
|
Cause |
Return of guarantee deposit and rent |
|
6 |
|
|
Trial Number |
1996,Zhongjian,2084 |
|
Trial Date |
|
|
Cause |
Return of guarantee deposit and rent |
|
7 |
|
|
Trial Number |
2003,Zhongjian ,1828 |
|
Trial Date |
|
|
Cause |
Payment of goods |
|
Department |
Sales department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.27 |
|
|
1 |
Rs.82.49 |
|
Euro |
1 |
Rs.69.88 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.