|
Report Date : |
16.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
SONG HO INDUSTRIAL CO., LTD. |
|
|
|
|
Registered Office : |
No.61, Nan-Kong 3 Road, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
15.09.1972 |
|
|
|
|
Com. Reg. No.: |
85611896 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
· engaged in Manufacturing & sale of Steel Products including Steel Bar, Steel Wire, Wire Rope, Cold Drawing Finished Bar, Water-Control Gate Machinery, Galvanized Steel Strand and Inner Cable · Engaged in Steel Rolling and Extruding · Engaged in Secondary processing of steel materials · Engaged in manufacturing Steel Wires and Cables · Engaged in manufacturing Metal Wire Products |
|
|
|
|
No of Employees : |
About 280
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
|
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
|
Source : CIA |
|
Company Name: |
|
|
Supplied Name: |
|
|
Trading Address: |
No.61, Nan-Kong
3 Road, |
|
Supplied Address: |
HEAD OFFICE #
61, NAN-KONG 1 ROAD, |
|
Telephone Number: |
+886-49-225-3551 |
|
Fax Number: |
|
|
E-mail: |
Notes: The exact name and address are as above.
|
Credit Opinion: |
|
Registered Name: |
Song Ho Industrial Co., Ltd. |
|
Registered Address: |
No.61, Nan-Kong 3 Road, |
|
Date of Foundation: |
1972-9-15 |
|
Registration Number: |
85611896 |
|
Registry: |
MOEA Central Office |
|
Registered Capital: |
NTD 500,000,000
(USD 17,000,000) (As of 2014.12, 1 NTD = 0.0340 USD) |
|
Paid-up Capital: |
NTD 496,220,760
(USD 16,871,506) |
|
Legal Representatives: |
Minshun Lin |
|
Legal Form: |
|
|
Principal Activities: |
engaged in Manufacturing & sale of Steel Products including Steel Bar, Steel Wire, Wire Rope, Cold Drawing Finished Bar, Water-Control Gate Machinery, Galvanized Steel Strand and Inner Cable |
|
Staff: |
|
|
Listed at Stock Exchange: |
|
|
Date of Last Annual Return: |
Subject was
incorporated on 1972-9-15 with registered number 85611896 as Joint Stock Company in
Subject listed on Taiwan Over-The-Counter Securities
Exchange on 2001-3-5.
Factories
|
1 |
|
|
Address: |
|
|
Date of Foundation: |
1969-1-1 |
|
Factory Registration Number: |
99652224 |
|
Factory Manager: |
Minshun Lin |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2014-4-23 |
|
Major Products: |
291
metal processing machinery 293 general machinery |
|
2 |
|
|
Address: |
No. 328, Zhonghua Rd., Yongfeng Li, Nan Tou City, Nan Tou Hsien, Taiwan |
|
Date of Foundation: |
2000-5-5 |
|
Date of Registration: |
2000-7-6 |
|
Factory Registration Number: |
99652292 |
|
Factory Manager: |
Minshun Lin |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2000-7-6 |
|
Major Products: |
293 general machinery |
Major Shareholders
|
Subscription Shares |
|
|
Minshun Lin |
|
|
4,626,300 |
|
|
Tingfang Lin |
6,551,030 |
|
Huiyan Hong |
3,867,470 |
|
Yifu Jian |
46,328 |
|
Jinnan Li |
209,000 |
|
Yanyu Liu |
2,502,715 |
|
Jiagui Hong |
186,340 |
Core Management
|
1 |
||
|
Name |
Minshun Lin |
|
|
Position |
Board Chairman |
|
|
2 |
||
|
Name |
Tingfang Lin |
|
|
Position |
Deputy Chairman |
|
|
3 |
||
|
Name |
Huiyan Hong |
|
|
Position |
Director |
|
|
4 |
||
|
Name |
Yifu Jian |
|
|
Position |
Director |
|
|
5 |
||
|
Name |
Jinnan Li |
|
|
Position |
Director |
|
|
6 |
||
|
Name |
Yanyu Liu |
|
|
Position |
Supervisor |
|
|
7 |
||
|
Name |
Jiagui Hong |
|
|
Position |
Supervisor |
|
Personnel
Structure
|
Total Employees |
About 280 Employees |
Offices &
Factories
|
|
Headquarters |
|
Add |
Production
Information
l Subject is engaged
in manufacturing of steel products
l It is introduced
that subject’s Nan Kong factory is about 49,000 square meters.
l Subject obtained
the certifications of ISO 9002 and ISO 14001.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
CA01020 |
Steel Rolling and Extruding |
|
CA01050 |
Secondary processing of steel materials |
|
CA01060 |
Steel Wires and Cables Manufacturing |
|
CA02090 |
Metal Wire Products Manufacturing |
|
CA03010 |
Metal Heat Treating |
|
CA04010 |
Surface treatment |
|
CB01010 |
Machinery and Equipment Manufacturing |
|
CB01990 |
Other mechanical equipment manufacturing |
|
CC01010 |
Power Generation, Transmission and
Distribution Machinery Manufacturing |
|
CI01010 |
Rope, Cable and Net Manufacturing |
|
E604010 |
Installation of l Machinery and Equipment |
|
F401010 |
International Trading Business |
|
F113990 |
Manufacturing of other mechanical
appliances |
|
F213990 |
Retailing of other mechanical appliance |
|
C801060 |
Manufacturing of synthetic rubber |
|
C804020 |
Manufacturing of industrial rubber
products |
|
C804990 |
Manufacturing of other rubber products |
|
ZZ99999 |
Besides licensed business, all other
business items those are not banned or restricted. |
l
The raw materials for production are mostly
purchased in domestic market.
l Subject
is mainly engaged in sale of steel products
l The major products sold by the subject include Steel Bar, Steel Wire, Wire Rope, Cold Drawing Finished Bar, Water-Control Gate Machinery, Galvanized Steel Strand and Inner Cable
l
Subject’s sales regions include
domestic market, Japan, Korea, India, Southeast Asia, Europe and America, etc.
l
One of the subject’s major customers is
WCJ Pilgrim Wire Llc.
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
1.
Domestic Purchase
|
Products |
Raw materials |
|
Payment Terms |
2.
Import
Subject has little
import.
Sales
1.
Domestic Markets
|
Product |
Steel products |
|
Selling Terms |
Cash, T/T, etc |
2.
Export
|
Product |
Steel products |
|
Selling Terms |
L/C, T/T, etc |
Unit: NTD/000
|
2013-12-31 |
2012-12-31 |
|
|
Current assets |
|
|
|
Cash and cash equivalents |
338,084 |
275,123 |
|
Notes receivable, net |
225,019 |
205,792 |
|
Accounts receivable, net |
389,028 |
347,552 |
|
Other receivable, net |
8,144 |
9,783 |
|
Inventories |
710,291 |
669,704 |
|
Prepayment |
10,747 |
10,433 |
|
Other current assets |
13,666 |
8,097 |
|
Total current assets |
1,694,979 |
1,526,484 |
|
Non-current assets |
|
|
|
Non-current financial assets at cost –non
current |
63,649 |
57,071 |
|
Property, plant and equipment |
1,084,660 |
969,432 |
|
Investment property, net |
668 |
668 |
|
Intangible assets |
246 |
0 |
|
Deferred tax assets |
43,876 |
43,515 |
|
Other non-current assets |
18,896 |
25,625 |
|
Total non-current assets |
1,211,995 |
1,096,311 |
|
Total assets |
2,906,974 |
2,622,795 |
|
Current liabilities |
|
|
|
Short-term borrowings |
310,998 |
180,832 |
|
Short-term notes and bills payable |
109,847 |
59,919 |
|
Notes payable |
199,907 |
162,140 |
|
Accounts payable |
36,511 |
35,510 |
|
Other payables |
62,999 |
57,994 |
|
Current tax liabilities |
19,112 |
2,141 |
|
Other current liabilities |
232,351 |
219,902 |
|
Total current liabilities |
971,725 |
718,438 |
|
Non-current liabilities |
|
|
|
Long-term loan |
647,782 |
660,162 |
|
Deferred tax liabilities |
167,603 |
167,603 |
|
Other non-current liabilities |
86,853 |
93,810 |
|
Total non-current liabilities |
902,238 |
921,575 |
|
Total liabilities |
1,873,963 |
1,640,013 |
|
Equity attributable to owners of parent |
|
|
|
Share capital |
|
|
|
Ordinary share |
496,221 |
496,221 |
|
Total capital stock |
496,221 |
496,221 |
|
Capital surplus |
|
|
|
Capital surplus |
8,000 |
8,000 |
|
Retained earnings |
|
|
|
Legal reserve |
156,209 |
152,622 |
|
Special reserve |
4,147 |
73,010 |
|
Unappropriated retained earnings
(accumulated deficit) |
361,087 |
248,181 |
|
Total retained earnings |
521,443 |
473,813 |
|
Other equity interest |
|
|
|
Total other equity interest |
-30 |
-2,517 |
|
Treasury stock |
0 |
0 |
|
Total equity attributable to owners of
parent |
1,025,634 |
975,517 |
|
Non-controlling interests |
7,377 |
7,265 |
|
Total equity |
1,033,011 |
982,782 |
|
Equivalent issue shares of advance receipts for
ordinary share |
0 |
0 |
|
Number of shares in entity held by entity and by
its subsidiaries |
0 |
0 |
Unit: NTD/000
|
Consolidated |
2013 |
2012 |
|
Total operating revenue |
2,619,626 |
2,622,008 |
|
Total operating costs |
2,317,886 |
2,401,335 |
|
Gross profit (loss) from operations |
301,740 |
220,673 |
|
Gross profit (loss) from operations, net |
301,740 |
220,673 |
|
Operating expenses |
|
|
|
Selling expenses |
84,191 |
78,765 |
|
Administrative expenses |
67,631 |
65,221 |
|
Research and development expenses |
5,188 |
5,139 |
|
Total operating expenses |
157,010 |
149,125 |
|
Net operating income (loss) |
144,730 |
71,548 |
|
Non-operating income and expenses |
|
|
|
Other income |
2,455 |
4,403 |
|
Other gains and losses, net |
-3,799 |
-4,966 |
|
Finance costs, net |
18,180 |
17,421 |
|
Total non-operating income and expenses |
-19,524 |
-17,984 |
|
Profit (loss) from continuing operations
before tax |
125,206 |
53,564 |
|
Total tax expense (income) |
25,648 |
17,127 |
|
Profit (loss) from continuing operations |
99,558 |
36,437 |
|
Profit (loss) |
99,558 |
36,437 |
|
Other comprehensive income |
|
|
|
Exchange differences on translation |
3,131 |
-3,168 |
|
Actuarial gains (losses) on defined
benefit plans |
3,171 |
-10,754 |
|
Income tax related to components of other
comprehensive income |
1,048 |
-2,343 |
|
Other comprehensive income, net |
5,254 |
-11,579 |
|
Total comprehensive income |
104,812 |
24,858 |
|
Profit (loss), attributable to: |
|
|
|
Profit (loss), attributable to owners of parent |
99,581 |
36,789 |
|
Profit (loss), attributable to non-controlling
interests |
-23 |
-352 |
|
Comprehensive income attributable to: |
|
|
|
Comprehensive income, attributable to owners of
parent |
104,700 |
25,346 |
|
Comprehensive income, attributable to
non-controlling interests |
112 |
-488 |
|
Basic earnings per share |
|
|
|
Total basic earnings per share |
2.01 |
0.74 |
|
Diluted earnings per share |
|
|
|
Total diluted earnings per share |
2.01 |
0.74 |
Unit: NTD/000
|
Consolidated |
2013 |
2012 |
|
Cash flows from (used in) operating
activities, indirect method |
|
|
|
Profit (loss) from continuing operations
before tax |
125,206 |
53,564 |
|
Profit (loss) before tax |
125,206 |
53,564 |
|
Depreciation expense |
82,218 |
92,485 |
|
Amortization expense |
395 |
1,584 |
|
Provision (reversal of provision) for bad
debt expense |
9,975 |
4,497 |
|
Interest expense |
18,180 |
17,421 |
|
Interest income |
-431 |
-645 |
|
Dividend income |
-258 |
-1,340 |
|
Loss (gain) on disposal of property, plant
and equipment |
-200 |
-416 |
|
Loss (gain) on disposal of investment
property |
0 |
-1,290 |
|
Non-cash gains and losses items |
109,879 |
112,296 |
|
Decrease (increase) in notes receivable |
-19,227 |
58,290 |
|
Decrease (increase) in accounts receivable |
-51,451 |
19,637 |
|
Decrease (increase) in other receivables |
1,673 |
-5,896 |
|
Decrease (increase) in inventories |
-40,587 |
174,938 |
|
Decrease (increase) in prepayment |
-314 |
9,309 |
|
Decrease (increase) in other current
assets |
-5,569 |
1,804 |
|
Total changes in operating assets |
-115,475 |
258,082 |
|
Increase (decrease) in notes payable |
37,767 |
-75,428 |
|
Increase (decrease) in accounts payable |
1,001 |
1,418 |
|
Increase (decrease) in other payable |
5,752 |
-12,952 |
|
Increase (decrease) in other current
liabilities |
302 |
-8,097 |
|
Increase (decrease) in accrued pension
liabilities |
-3,786 |
-3,690 |
|
Total changes in operating liabilities |
41,036 |
-98,749 |
|
Total changes in operating assets and
liabilities |
-74,439 |
159,333 |
|
Total adjustments |
35,440 |
271,629 |
|
Cash inflow (outflow) generated from
operations |
160,646 |
325,193 |
|
Interest received |
397 |
722 |
|
Dividends received |
258 |
1,340 |
|
Interest paid |
-18,202 |
-17,618 |
|
Income taxes refund (paid) |
-10,086 |
-41,212 |
|
Net cash flows from (used in) operating
activities |
133,013 |
268,425 |
|
Cash flows from (used in) investing
activities |
|
|
|
Proceeds from disposal of financial assets
at cost |
-6,578 |
0 |
|
Acquisition of property, plant and
equipment |
-132,464 |
-46,926 |
|
Proceeds from disposal of property, plant
and equipment |
1,265 |
1,913 |
|
Proceeds from disposal of investment properties |
0 |
11,845 |
|
Increase in other non-current assets |
-51,114 |
-95,032 |
|
Net cash flows from (used in) investing
activities |
-188,891 |
-128,200 |
|
Cash flows from (used in) financing
activities |
|
|
|
Increase in short-term loans |
2,037,652 |
1,489,100 |
|
Decrease in short-term loans |
-1,907,486 |
-1,541,734 |
|
Increase in short-term notes and bills
payable |
419,216 |
319,421 |
|
Decrease in short-term notes and bills
payable |
-369,288 |
-339,461 |
|
Proceeds from long-term debt |
350,001 |
388,200 |
|
Repayments of long-term debt |
-350,234 |
-343,986 |
|
Cash Dividends |
-54,583 |
-124,055 |
|
Net cash flows from (used in) financing
activities |
125,278 |
-152,515 |
|
Effect of exchange rate changes on cash
and cash equivalents |
-6,439 |
-1,815 |
|
Net increase (decrease) in cash and cash
equivalents |
62,961 |
-14,105 |
|
Cash and cash equivalents at beginning of period |
275,123 |
289,228 |
|
Cash and cash equivalents at end of period |
338,084 |
275,123 |
|
Cash and cash equivalents reported in the
statement of financial position |
338,084 |
275,123 |
Note: Subject didn’t submit its individual financial information; we obtained
its consolidated financials as follows for reference.
The above financial figures are based on the IFRSs Accounting System.
Subject declined to disclose its bank details; from other source we could 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.
Interview Details
|
Name |
Ms. Wu |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.65 |
|
UK Pound |
1 |
Rs.98.53 |
|
Euro |
1 |
Rs.78.02 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.