|
Report Date : |
02.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
SHIH-KUEN PLASTICS COMPANY LIMITED |
|
|
|
|
Registered Office : |
32-26, Ma-Tou Kou, Ma-Kou Li, Ma-Tou Dist.,
Tainan City |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
07.10.1986 |
|
|
|
|
Com. Reg. No.: |
22281617 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
· Engaged in manufacturing and sale of PVC sheets including glow sheet, reflective sheet, semi-rigid sheet, PE Sheet, PEVA sheet, EVA sheet, Embossed PVC sheet, Transparent PVC sheet & plastic film ·
Engaged in manufacturing and sale trading of
various plastic products ·
Engaged in trading and manufacturing of
various shoes and non-woven fabric. |
|
|
|
|
No. of Employees |
Not Available |
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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. 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. Taiwan's diplomatic
isolation, low birth rate, and rapidly aging population are other major
long-term challenges. Free trade agreements have proliferated in East Asia over
the past several years, and following the landmark Economic Cooperation
Framework Agreement (ECFA) signed with China in June 2010, Taiwan in July 2013
signed a free trade deal with New Zealand—Taipei’s first-ever with a country
with which it does not maintain diplomatic relations—and in November inked a
trade pact with Singapore. Negotiations continue on follow-on components of
ECFA regarding trade in goods and a dispute resolution mechanism; a trade in
services agreement is under review in the legislature. 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 11.2% of the island's total population as of 2012. The
island runs a large overall trade surplus largely because of its surplus with
China, and its foreign reserves are the world's sixth largest, behind China,
Japan, Saudi Arabia, Russia, and Switzerland. In 2006 China overtook 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. Taiwan since
2009 has gradually loosened rules governing Chinese investment on the island,
and has also secured greater market access for its investors in the mainland.
In August 2012, Taiwan Central Bank signed a memorandum of understanding on
cross-Strait currency settlement with its Chinese counterpart. The MOU allows
for the direct settlement of Chinese RMB and the New Taiwan dollar across the
Strait, which could help develop Taiwan into a local RMB hub. 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: |
32-26, Ma-Tou
Kou, Ma-Kou Li, Ma-Tou Dist., Tainan City, Taiwan |
|
Supplied Address: |
32-26, MA-TOU
KOU, MA-KOU LI, MA-TOU TOWN, TAINAN HSIEN Taiwan |
|
Telephone Number: |
+886-6-570-1212 |
|
Fax Number: |
Notes: Subject’s exact name and address are as above.
|
Credit Opinion: |
Notes: Subject
declined to disclose the number of staff, and from other source we cannot
obtain the information.
Subject was incorporated on 1986-10-7 with registered number 22281617 as Joint Stock Company in Taiwan.
Subject listed on Taiwan Stock Exchange on 2000-9-28
|
Name |
Subscription Shares |
|
Zhangfu Lin |
5,470,180 |
|
Zhicheng Hong |
|
|
2,308,687 |
|
|
Zhaoyu Huang |
1,105,007 |
|
Huizhen Ma |
186,720 |
|
Juncheng Chen |
4,417,253 |
|
Manling Huang |
1,847,235 |
|
Zhimin Chen |
13,711 |
|
Huanwen Chen |
2,126,514 |
The information
above is that of subject’s major shareholders.
Core Management
|
1 |
|
|
Name |
Zhangfu Lin |
|
Position |
Board of Chairman |
|
2 |
|
|
Name |
Zhicheng Hong |
|
Position |
Director |
|
3 |
|
|
Name |
Zhaoyu Huang |
|
Position |
Director |
|
4 |
|
|
Name |
Huizhen Ma |
|
Position |
Director |
|
5 |
|
|
Name |
Juncheng Chen |
|
Position |
Director |
|
6 |
|
|
Name |
Manling Huang |
|
Position |
Director |
|
7 |
|
|
Name |
Zhimin Chen |
|
Position |
Director |
|
8 |
|
|
Name |
Liangzhen Zhou |
|
Position |
Supervisor |
|
9 |
|
|
Name |
Cicheng Zhou |
|
Position |
Supervisor |
|
10 |
|
|
Name |
Huanwen Chen |
|
Position |
Supervisor |
|
11 |
|
|
Name |
Juncheng Chen |
|
Position |
Manager |
|
Date of appointment: |
1996-11-20 |
Offices &
Factories
|
|
Headquarters |
|
Add |
32-26, Ma-Tou Kou, Ma-Kou Li, Ma-Tou Dist., Tainan City, Taiwan |
Production
Information
l
Subject is engaged in manufacturing of PVC sheets
l
It is introduced that subject has a factory in Taiwan
for production, but we cannot obtain the detail information.
l
Subject obtained the certification of ISO 9001.
Purchase
Information
The registered
activities of subject:
|
|
Details |
|
-- |
Manufacturing and sale trading of various
plastic products |
|
-- |
Trading and manufacturing of various shoes
and non-woven fabric. |
|
ZZ99999 |
Besides licensed
business, all other business items those are not banned or restricted. |
l
The raw materials for production are both purchased
at home abroad.
l Subject is engaged
in sale of PVC sheets
l
The major products sold by subject include glow
sheet, reflective sheet, semi-rigid sheet, PE Sheet, PEVA sheet, EVA sheet,
Embossed PVC sheet, Transparent PVC sheet & plastic film
l
Subject’s sales regions include domestic market,
Japan, Korea, Southeast Asia, USA, North America, Europe, South Africa, etc.
l
Subject’s major customers are Dario Mejia Henao
S.A, R.l Plastics Inc. and Command Plastic Corp., etc.
Import and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase
|
Terms |
Proportion |
|
|
Raw
materials, etc. |
T/T,
Cash, etc |
100% |
Foreign Purchase
|
Terms |
Proportion |
|
|
Raw
materials, etc. |
L/C,
T/T, etc |
100% |
Sales
Domestic Markets
|
Terms |
Proportion |
|
|
PVC
sheets, etc. |
T/T,
Cash, etc |
100% |
Export
|
Terms |
Proportion |
|
|
PVC
sheets, etc. |
L/C,
T/T, etc |
100% |
Unit: NTD/000
|
|
2012-12-31 |
2011-12-31 |
|
Assets |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
324,961.00 |
269,326.00 |
|
Notes receivable - net |
62,664.00 |
73,179.00 |
|
Accounts receivable - net |
152,300.00 |
136,618.00 |
|
Other receivables |
2.00 |
13.00 |
|
Inventories |
118,709.00 |
92,561.00 |
|
Advance payment |
2,137.00 |
1,206.00 |
|
Other current assets |
45.00 |
26.00 |
|
Current assets |
660,818.00 |
572,929.00 |
|
Funds and Investments |
|
|
|
Fixed assets |
|
|
|
Cost |
|
|
|
Land |
179,885.00 |
179,885.00 |
|
Buildings and structures |
137,641.00 |
127,768.00 |
|
Machinery and equipment |
495,297.00 |
495,314.00 |
|
Warehousing equipment |
24,641.00 |
26,097.00 |
|
Transportation equipment |
6,036.00 |
6,036.00 |
|
Office equipment |
3,981.00 |
4,838.00 |
|
Other facilities |
6,785.00 |
6,595.00 |
|
Fixed assets and cost |
854,266.00 |
846,533.00 |
|
Accumulated depreciation |
-510,768.00 |
-487,836.00 |
|
Construction in process and prepayment for equipments |
0.00 |
6,206.00 |
|
Fixed assets-net |
343,498.00 |
364,903.00 |
|
Intangible Assets |
|
|
|
Other assets |
|
|
|
Guarantee deposits paid |
338.00 |
328.00 |
|
Deferred income tax assets - non current |
1,362.00 |
1,410.00 |
|
Other assets |
1,700.00 |
1,738.00 |
|
Assets |
1,006,016.00 (USD 33,097,926.40) |
939,570.00 (USD 30,911,853) |
|
Liabilities and Stockholders' Equity |
|
|
|
Liabilities |
|
|
|
Current Liabilities |
|
|
|
Short-term accounts payable |
0.00 |
30,919.00 |
|
Bills payable |
14,379.00 |
12,397.00 |
|
Accounts payable |
98,117.00 |
93,337.00 |
|
Income tax payable |
22,080.00 |
7,072.00 |
|
Accrued expenses |
32,103.00 |
21,230.00 |
|
Other payables |
995.00 |
4,798.00 |
|
Current liabilities |
167,674.00 |
169,753.00 |
|
Long term Liabilities |
|
|
|
Reserves |
|
|
|
Other liabilities |
|
|
|
Pension reserve / accrued pension liability |
13,238.00 |
13,430.00 |
|
Guarantee deposits received |
1,211.00 |
4,737.00 |
|
Other liabilities |
14,449.00 |
18,167.00 |
|
Liabilities |
182,123.00 |
187,920.00 |
|
Guarantee deposits received |
|
|
|
Other liabilities |
|
|
|
Liabilities |
550,140.00 |
550,140.00 |
|
Capital Surplus |
|
|
|
Capital surplus - additional paid-in capital |
75.00 |
75.00 |
|
Total capital surplus |
75.00 |
75.00 |
|
Retained Earnings |
|
|
|
Legal reserve |
103,885.00 |
97,164.00 |
|
Special earning reserve |
5,939.00 |
10,356.00 |
|
Unappropriated retained earnings |
169,882.00 |
99,854.00 |
|
Retained earnings |
279,706.00 |
207,374.00 |
|
Stockholders' Equity and Other adjustment |
|
|
|
Net loss not recognized as pension cost |
-6,028.00 |
-5,939.00 |
|
Equity adjustments |
-6,028.00 |
-5,939.00 |
|
Stockholders‘ equity |
823,893.00 (USD 27,106,079.70) |
751,650.00 (USD 24,729,285.00) |
|
Number of treasury stock acquired by the company and subsidiaries (unit:
share) |
0.00 |
0.00 |
|
Stcok receivable in advance (under shareholder's equity) and shares
equivalents (unit: share) |
0.00 |
0.00 |
(As of 2014.03, 1 NTD =
0.0329 USD)
Unit: NTD/000
|
|
2012 |
2011 |
|
Sales |
1,438,699.00 (USD 47,333,197.10) |
1,351,374.00 (USD 44,460,204.60) |
|
Sales return |
7,304.00 |
12,051.00 |
|
Sales discounts |
21,606.00 |
21,454.00 |
|
Sales net income |
1,409,789.00 |
1,317,869.00 |
|
Operating income |
1,409,789.00 |
1,317,869.00 |
|
Cost of sales |
1,175,329.00 |
1,180,105.00 |
|
Operating costs |
1,175,329.00 |
1,180,105.00 |
|
Gross profit (loss) from operations |
234,460.00 |
137,764.00 |
|
Selling expense |
41,400.00 |
36,219.00 |
|
General and administrative expenses |
27,497.00 |
22,261.00 |
|
Research and development expenses |
5,536.00 |
4,930.00 |
|
Operating expenses |
74,433.00 |
63,410.00 |
|
Operating income (loss) |
160,027.00 |
74,354.00 |
|
Non-Operating Income |
|
|
|
Interest Income |
838.00 |
225.00 |
|
Gains On Exchange |
0.00 |
2,906.00 |
|
Miscellaneous Income |
740.00 |
745.00 |
|
Non-Operating Income and Interest |
1,578.00 |
3,876.00 |
|
Non-Operating Expense And Loss |
|
|
|
Interest Espense |
4.00 |
35.00 |
|
Fixed Assets Loss |
21.00 |
5.00 |
|
Investment Loss |
27.00 |
0.00 |
|
Loss on Exchage |
798.00 |
0.00 |
|
Miscellaneous Expense |
53.00 |
0.00 |
|
Non-operating Expense And Loss |
903.00 |
40.00 |
|
Pre-Tax Profit To Continue Operating Units (Net Loss) |
160,702.00 |
78,190.00 |
|
Income tax expense (benefit) |
27,855.00 |
10,981.00 |
|
Net Income (Loss) to Continue Operating Units |
132,847.00 |
67,209.00 |
|
Net income (loss) |
132,847.00 |
67,209.00 |
|
Primary Earnings per Share |
|
|
|
Net Income (Loss) to Continue Operating Units |
2.41 |
1.22 |
|
Primary Earnings per Share |
2.41 |
1.22 |
|
Diluted earnings per share |
|
|
|
Net Income (Loss) to Continue Operating Units |
2.41 |
1.22 |
|
Diluted earnings per share |
2.41 |
1.22 |
Unit: NTD/000
|
|
2012 |
2011 |
|
|
|
|
|
132,847 |
67,209 |
|
|
Adjustments |
|
|
|
27,133 |
28,432 |
|
|
Bad debt expense column (Transfer income) |
163 |
-21 |
|
Disposition and discard fixed assets loss (interests) |
21 |
5 |
|
Unrealized exchange loss (interests |
474 |
-2,429 |
|
Net Change of Operating Assets and Liabilities |
|
|
|
10,515 |
15,021 |
|
|
-15,845 |
8,838 |
|
|
11 |
515 |
|
|
-26,148 |
451 |
|
|
-931 |
1,481 |
|
|
Deferred tax assets (increase) decrease |
29 |
-87 |
|
Deferred debits (increase) decrease |
0 |
237 |
|
Notes payable increases (decreases) |
2,234 |
1,339 |
|
Increase (Decrease) in Accounts Payable) |
4,780 |
-12,400 |
|
15,008 |
5,944 |
|
|
10,873 |
-3,162 |
|
|
Increase (Decrease) in Other Payable |
-780 |
1,453 |
|
-281 |
195 |
|
|
160,103 |
113,021 |
|
|
|
|
|
|
Acquisition of fixed assets |
-9,024 |
-19,038 |
|
Sale of Fix Asset |
0 |
0 |
|
Refundable deposit increase or decrease |
-10 |
0 |
|
Net Cash Provided by (Used in) Investing Activities |
-9,034 |
-19,038 |
|
Cash Flows from Financing Activities |
|
|
|
Increase (Decrease) in Short-term Loans |
-30,919 |
17,433 |
|
Guarantee deposit received increase (decrease) |
-3,526 |
3,839 |
|
Cash dividends |
-60,515 |
-44,011 |
|
Net Cash Provided by (Used in) Financing Activities |
-94,960 |
-22,739 |
|
Exchange Influence |
-474 |
2,429 |
|
Net Increase (Decrease) in Cash and Cash Equivalents |
55,635 |
73,673 |
|
Cash and Cash Equivalents, Beginning of year |
269,326 |
195,653 |
|
Cash and Cash Equivalents, End of year |
324,961 |
269,326 |
|
Supplemental Cash Flow Information |
|
|
|
Interest Paid- Excluding Capitalized Interest |
4 |
35 |
|
12,818 |
5,124 |
|
|
Investing Activities Affecting Both Cash and Non-cash Items |
|
|
|
Cash for fixed assets |
|
|
|
Increase of fixed assets |
5,749 |
20,123 |
|
Increase (Decrease) in Payable for Equipment Purchased |
3,023 |
-833 |
|
Long-term notes payable increase and decrease |
252 |
-252 |
|
Cash for fixed assets |
9,024 |
19,038 |
Subject declined
to disclose any information about bankers, and we can not obtain the
information from other source.
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. Lin |
|
Department |
Sales |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.09 |
|
UK Pound |
1 |
Rs.99.85 |
|
Euro |
1 |
Rs.82.58 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.