|
Report Date : |
11.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
DKSH TAIWAN LTD. |
|
|
|
|
Registered Office : |
1,3,5,7-10F, 24,
26-10F, 22-10F-1 No.22, Lane 407, Sec. 2, Tiding Blvd., Neihu District,
Taipei City 114 |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
04.12.2001 |
|
|
|
|
Com. Reg. No.: |
70824858 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Trading of daily
supplies, medical devices, chemical products |
|
|
|
|
No. of Employees : |
1,200 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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. In 2009, Taiwan's GDP contracted 1.8%, due primarily to a 13.1% year-on-year decline in exports. In 2010 GDP grew 10.7%, as exports returned to the level of previous years, and in 2011, grew 4.0%. In 2012, however, growth fell to 1.3%, 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 except for the landmark Economic Cooperation Framework Agreement (ECFA) signed with China in June 2010, so far Taiwan has been excluded from this greater economic integration in part because of its diplomatic status. Negotiations continue on such follow-on components of ECFA regarding trade in goods and services. The MA administration has said that the ECFA will serve as a stepping stone toward trade pacts with other key trade partners, which Taiwan subsequently launched with Singapore and New Zealand. 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 trade surplus largely because of its surplus with China, and its foreign reserves are the world's fifth largest, behind China, Japan, Saudi Arabia, and Russia. 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. 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. 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: |
DKSH Taiwan Ltd. |
|
Supplied Name: |
DKSH Taiwan Ltd |
|
Trading Address: |
10F., No.22, Lane
407, Sec. 2, Tiding Blvd., Neihu District, Taipei City 114, Taiwan (R.O.C.) |
|
Supplied Address: |
10F, ND 22 Lane 407
Ti Ding Blvd Section 2 Neihu Technology Park Taipei 114 |
|
Telephone Number: |
+886-2-8752-6666 |
|
Fax Number: |
+886-2-8752-6000 |
Notes: The exact
name and address are as above.
Subject was incorporated on 2001-12-4 with registered number 70824858 as Joint Stock Company in Taiwan.
Change of Name
|
Former Chinese Name |
迪恆股份有限公司 |
|
Current Chinese Name |
台灣大昌華嘉股份有限公司 |
|
Former English Name |
Diethelm Keller(Taiwan) & Co., Ltd. |
|
Current English Name |
DKSH Taiwan Ltd. |
|
Name |
Subscription Shares |
|
DKSH Holding Ltd. |
22,336,500 |
The information above is that of subject’s major shareholders.
Parent Company
|
Name |
DKSH Holding Ltd. |
|
Address |
Wiesenstrasse 8, 8034 Zurich, Switzerland |
|
Telephone Number |
+41-44-386-72-72 |
|
Fax Number |
+41-44-386-72-82 |
|
Staff: |
About 26,263 Employees |
|
Listed at Stock Exchange: |
Yes; (Public, SWX:DKSH) |
Related
Companies
|
1 |
|
|
Name |
DKSH Management Ltd. |
|
Address |
Wiesenstrasse 8, 8034 Zurich, Switzerland |
|
Telephone Number |
+41-44-386-72-72 |
|
Fax Number |
+41-44-386-72-82 |
|
2 |
|
|
Name |
DKSH International Ltd. |
|
Address |
Wiesenstrasse 8, 8034 Zurich, Switzerland |
|
Telephone Number |
+41-44-386-72-72 |
|
Fax Number |
+41-44-386-72-82 |
|
3 |
|
|
Name |
DKSH Management (Thailand) Limited |
|
Address |
2106 Sukhumvit Road, Bangchak, Prakhanong 10260 Bangkok Thailand |
|
Telephone Number |
+66 2 220 9733 |
|
4 |
|
|
Name |
DKSH Management Pte. Ltd. |
|
Address |
238A Thomson Road, #25-01/03, Novena Square Office Tower A, 307684 Singapore |
|
Telephone Number |
+65 6578 9830 |
|
Fax Number |
+65 6578 9844 |
|
5 |
|
|
Name |
DKSH Pharmaceutical (Shanghai) Ltd. |
|
Address |
Shanghai |
|
6 |
|
|
Name |
DKSH Hong Kong Ltd. |
|
Address |
Hong Kong |
|
7 |
|
|
Name |
DKSH Japan K.K. |
|
Address |
Tokyo |
|
8 |
|
|
Name |
DKSH India Pvt. Ltd. |
|
Address |
Bombay-Mumbai |
|
9 |
|
|
Name |
DKSH (China) Co. Ltd. |
|
Address |
Shanghai |
|
10 |
|
|
Name |
Edward Keller (Shanghai) Ltd. |
|
Address |
Shanghai |
Note: It is
introduced that subject has many members covering all over the world, we
listed 10 members as subject's related companies for references.
Core Management
Directors
|
1 |
|
|
Name |
Charles Toomey |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Gonpo Tsering |
|
Position |
Director |
|
3 |
|
|
Name |
Xuehui Cheng |
|
Position |
Director |
|
4 |
|
|
Name |
Claus Hendrik Bressmer |
|
Position |
Supervisor |
Personnel Structure
|
Total Employees |
About 1,200 Employees |
Offices & Factories
|
|
Headquarters |
|
Add |
10F., No.22, Lane 407, Sec. 2, Tiding Blvd., Neihu District, Taipei City 114, Taiwan (R.O.C.) |
Production Information
Subject is a trader of daily supplies, medical devices, chemical products and etc without any production activities
Purchase Information
The registered activities of subject:
|
Business Code |
Details |
|
F108021 |
Wholesales of western medicine. |
|
F208021 |
Retails of western medicine. |
|
F108031 |
Wholesales of medical devices. |
|
F208031 |
Retails of medical devices. |
|
E604010 |
Installation of machinery. |
|
EZ05010 |
Installation of instrument and apparatus. |
|
F106020 |
Wholesales of daily supplies. |
|
F113010 |
Wholesales of machinery. |
|
F113020 |
Wholesales of electrical appliances. |
|
F113030 |
Wholesales of precision instrument. |
|
F113070 |
Wholesales of telecommunication equipment. |
|
F206020 |
Retails of daily supplies. |
|
F213010 |
Retails of electrical appliances. |
|
F213040 |
Retails of precision instrument. |
|
F213060 |
Retails of telecommunication equipment. |
|
F213080 |
Retails of machinery and molds. |
|
F401010 |
International trading business. |
|
Storage. |
|
|
IZ06010 |
Packaging industry. |
|
E801070 |
Installation of cooking utensils and plumping products. |
|
F107030 |
Wholesales of cleaning supplies. |
|
F207030 |
Retails of cleaning supplies. |
|
F107010 |
Wholesales of coating and covering. |
|
F107020 |
Wholesales of dyes and pigments. |
|
F107070 |
Wholesales of medicine for animals. |
|
F108040 |
Wholesales of cosmetics. |
|
F207020 |
Retails of dyes and pigments. |
|
Retails of fertilizers. |
|
|
F207070 |
Retails of medicine for animals. |
|
F207080 |
Retails of environmental medicine. |
|
F208040 |
Retails of cosmetics. |
|
F113990 |
Wholesales of other machinery and tools. |
|
F213990 |
Retails of other machinery and tools. |
|
CB01010 |
Manufacturing of machinery and equipment. |
|
CC01030 |
Manufacturing of electrical appliances and audio visual electronic products. |
|
E603050 |
Project of automatic controlling device. |
|
E603080 |
Project of traffic signs. |
|
G202010 |
Operating of parks. |
|
E605010 |
Installation of computer. |
|
F118010 |
Wholesales of information software. |
|
F218010 |
Retails of information software. |
|
I301010 |
Servicing of information software. |
|
I301020 |
Handling with the files. |
|
I301030 |
Servicing of electronic information supplying. |
|
F107080 |
Wholesales of environmental medicine. |
|
F102170 |
Wholesales of food and miscellaneous goods. |
|
F104110 |
Wholesales of cloth, apparel, shoes, caps, umbrella and accessories of garment. |
|
F204110 |
Retails of cloth, apparel, shoes, caps, umbrella and accessories of garment. |
|
F105050 |
Wholesales of furniture, sleeping supplied, kitchenware and decorations. |
|
F205040 |
Retails of furniture, sleeping supplied, kitchenware and decorations. |
|
F203010 |
Retails of food, drinks and miscellaneous goods. |
|
F113060 |
Wholesales of measuring instruments directives. |
|
F113100 |
Wholesales of equipment for pollution prevention. |
|
F213050 |
Retails of measuring instruments directives. |
|
F213100 |
Retails of equipment for pollution prevention. |
|
F207010 |
Retails of coating and covering. |
|
F112040 |
Wholesales of petroleum product. |
|
F212050 |
Retails of petroleum product. |
|
F102030 |
Wholesales of cigarettes and wine. |
|
F113050 |
Wholesales of computer and related equipment. |
|
F203020 |
Retails of cigarettes and wine. |
|
F213030 |
Retails of computer and related equipment |
|
F401171 |
Importing of alcohol. |
|
F102040 |
Wholesales of drinks. |
|
F401021 |
Importing of radio-frequency devices under telecommunications regulation. |
|
C802041 |
Manufacturing of western medicine. |
|
CF01011 |
Manufacturing of medical devices. |
|
ZZ99999 |
Besides licensed business, all other business items those are not banned or restricted. |
It is introduced that subject purchases its products both at home and abroad.
It is introduced that subject has about 192 suppliers covering all over the wordl.
The subject is mainly engaged in sales of daily supplies, medical devices, chemical products and etc.
It is introduced that subject’s selling territory’s selling territory is mainly in Taiwan, Hong Kong and the mainland of China, etc.
It is introduced that subject has 25,000 stores in Taiwan for retails.
It is introduced that subject is an agent and distributor of the famous pet food brands named “Eukanuba” in Taiwan.
Major Products and Services
|
Products and Services |
Items |
|
Healthcare |
Ethical pharmaceuticals, over-the-counter (OTC), consumer health, as well as medical devices, and are delivered to multiple professional healthcare outlets. |
|
Technology |
Technical and service solutions in the areas of industry, infrastructure, energy, research, food and beverage, as well as advanced metals. |
|
Fast Moving Consumer Goods |
Daily supplies and etc. |
|
Luxury & Lifestyle |
Cosmetics and etc |
|
Performance Materials |
Beverage & Dairy, Food Supplements & Nutrition, and Food Service. |
Import and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase
|
Payment Terms |
Proportion |
|
|
Daily supplies, medical devices, chemical products and etc. |
COD, CBD and etc |
100% |
Foreign Purchase
|
Payment Terms |
Proportion |
|
|
Daily supplies, medical devices, chemical products and etc. |
CBD and etc |
100% |
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
Daily supplies, medical devices, chemical products and etc. |
COD, CBD and etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Daily supplies, medical devices, chemical products and etc. |
CBD and etc |
100% |
Subject has no
obligations to disclose its financial statements to the third party according
to the relevant policy in Taiwan and the only source from which we can obtain
the information is the subject itself.
We
found the consolidated financial information of subject’s parent company (DKSH
Holding Ltd.) from public files for
reference.
Unit: CHF/Million
|
Date |
2012-12-31 |
2011-12-31 |
|
Cash and cash equivalents |
253.60 |
192.80 |
|
Trade receivables |
1,623.40 |
1,511.90 |
|
Inventories |
848.80 |
792.40 |
|
Prepaid expenses |
26.90 |
20.50 |
|
Other receivables |
221.50 |
196.10 |
|
Current income tax receivable |
3.80 |
3.60 |
|
Current assets |
2,978.00 |
2,717.30 |
|
Intangible assets |
130.00 |
119.50 |
|
Other receivables |
3.50 |
6.10 |
|
Property, plant and equipment |
143.80 |
147.70 |
|
Financial assets |
25.10 |
25.60 |
|
Investments in associates |
23.60 |
3.90 |
|
Retirement benefit assets |
21.50 |
20.90 |
|
Deferred tax assets |
29.50 |
27.10 |
|
Non-current assets |
377.00 |
350.80 |
|
Total assets |
3,355.00 |
3,068.10 |
|
Borrowings |
118.50 |
226.60 |
|
Trade payables |
1,505.60 |
1,354.70 |
|
Current income tax liabilities |
34.00 |
29.40 |
|
Other payables and accrued expenses |
344.90 |
320.50 |
|
Current provisions |
3.70 |
7.30 |
|
Current liabilities |
2,006.70 |
1,938.50 |
|
Borrowings |
80.90 |
44.20 |
|
Other non-current liabilities |
18.70 |
18.30 |
|
Deferred tax liabilities |
18.70 |
20.60 |
|
Non-current provisions |
4.10 |
5.40 |
|
Retirement benefit obligations |
21.50 |
18.40 |
|
Non-current liabilities |
143.90 |
106.90 |
|
Total liabilities |
2,150.60 |
2,045.40 |
|
Share capital |
6.40 |
6.30 |
|
Reserves and retained earnings |
1,164.60 |
989.20 |
|
Equity attributable to the shareholders of the Group |
1,171.00 |
995.50 |
|
Non-controlling interest |
33.40 |
27.20 |
|
Total equity |
1,204.40 |
1,022.70 |
|
Total equity and liabilities |
3,355.00 (USD 3,733,779,500) |
3,068.10 (USD 3,414,488,490) |
(As of 2014.2, 1
CHF = 1.1129 USD)
Unit: CHF/Million
|
Date |
2012 |
2011 |
|
Net sales |
8,834.10 (USD 9,831,469,890) |
7,340.00 (USD 8,168,686,000) |
|
Other income |
44.40 |
53.90 |
|
Goods and material purchased and consumables used |
-7,489.10 |
-6,191.60 |
|
Employee benefit expenses |
-519.70 |
-457.30 |
|
Depreciation, amortization and impairments |
-42.70 |
-37.80 |
|
Other operating expenses |
-549.70 |
-469.60 |
|
Operating profit (EBIT) |
277.30 |
237.60 |
|
Net finance costs |
-13.90 |
-8.80 |
|
Gain on sale of shareholding |
24.90 |
0.10 |
|
Share of profit of associates |
0.10 |
0.30 |
|
Profit before tax |
288.40 |
229.20 |
|
Income tax expenses |
-79.00 |
-76.90 |
|
Profit after tax |
209.40 |
152.30 |
|
Attributable to: |
|
|
|
Shareholders of the Group |
201.20 |
147.10 |
|
Non-controlling interest |
8.20 |
5.20 |
|
Earnings per share for profit attributable to the shareholders of the Group |
|
|
|
Basic earnings per share |
3.18 |
2.37 |
|
Diluted earnings per share |
3.11 |
2.31 |
(As of 2014.2, 1
CHF = 1.1129 USD)
|
Date |
2012-1-1~2012-3-31 |
2011-1-1~2012-12-31 |
|
Profit before tax |
288.40 |
229.20 |
|
Non-cash adjustments |
|
|
|
Depreciation, amortization and impairments on |
|
|
|
Property, plant and equipment |
31.30 |
24.30 |
|
Intangible assets |
11.40 |
13.50 |
|
Recycling of currency translation losses of business disposed |
7.10 |
-- |
|
Share-based payment transaction expense |
13.90 |
23.90 |
|
Gain on sale of tangible and intangible assets |
-7.40 |
-0.30 |
|
Net finance costs |
13.90 |
8.80 |
|
Share of profit of associates |
-0.10 |
-0.30 |
|
Gain on bargain purchase |
-1.40 |
-22.20 |
|
Gain on sale of shareholding |
-32.00 |
-- |
|
Gain on remeasuring the previous interest to fair value |
-- |
-3.70 |
|
Change in provisions and other non-current liabilities |
-3.20 |
0.90 |
|
Change in other non-current assets |
1.90 |
10.80 |
|
Working capital adjustments |
|
|
|
Increase in trade and other receivables and prepayments |
-173.20 |
-101.80 |
|
Increase in inventories |
-61.10 |
-111.50 |
|
Increase in trade and other payables |
184.60 |
147.00 |
|
Interest received |
1.00 |
2.00 |
|
Interest paid |
-8.50 |
-8.30 |
|
Taxes paid |
-76.40 |
-78.30 |
|
Net cash flows from operations |
190.20 |
134.00 |
|
Proceeds from sale of property, plant and equipment |
12.30 |
3.10 |
|
Purchase of property, plant and equipment |
-47.70 |
-39.00 |
|
Proceeds from sale of intangible assets |
0.50 |
2.10 |
|
Purchase of intangible assets |
-5.80 |
-9.70 |
|
Proceeds from sale of financial assets |
1.20 |
-- |
|
Purchase of financial assets and investments in associates |
-20.90 |
-0.30 |
|
Acquisition of subsidiary net of cash |
-15.00 |
-24.20 |
|
Disposal of subsidiary net of cash |
39.40 |
-- |
|
Net cash flows used in investing activities |
-36.00 |
-68.00 |
|
Proceeds from current and non-current borrowings |
395.20 |
360.70 |
|
Repayment of current and non-current borrowings |
-453.10 |
-275.20 |
|
Dividend paid |
-40.80 |
-247.20 |
|
Net proceeds from net investment hedges |
7.60 |
7.00 |
|
Proceeds from sale of treasury shares |
-- |
0.20 |
|
Dividend paid to non-controlling interest |
-2.10 |
-1.80 |
|
Net cash flows from financing activities |
-93.20 |
-156.30 |
|
Cash and cash equivalents, as of January |
192.80 |
287.60 |
|
Effect of exchange rate changes |
-0.20 |
-4.50 |
|
Net increase/(decrease) in cash and cash equivalents |
61.00 |
-90.30 |
|
Cash and cash equivalents, as of December 31 |
253.60 |
192.80 |
Subject
declined to disclose its bank details; from other source we cannot 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.
|
Name |
Ms. Lee |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.19 |
|
|
1 |
Rs.102.14 |
|
Euro |
1 |
Rs.84.74 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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.