|
Report Date : |
30.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
SHIEH YIH
MACHINERY INDUSTRY CO., LTD. |
|
|
|
|
Registered Office : |
No.446, Nan Shang Rd., Kueisan Hsiang,
Taoyuan |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
02.03.1982 |
|
|
|
|
Com. Reg. No.: |
36096704 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
engaged in manufacturing & sale of mechanical press including servo press, special application press, high speed press, C frame & straight 1~ 2 point mechanical presses. |
|
|
|
|
No of Employees : |
About 400 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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Taiwan |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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: |
|
|
Supplied Address: |
|
|
Telephone Number: |
+886-3-212-1008/352-5466 |
|
Fax Number: |
Notes: The exact name
and address are as above.
|
Credit Opinion: |
Subject was incorporated on 1982-3-2 with registered number 36096704 as Joint Stock Company in Taiwan.
Subject was listed on Taiwan exchange on 2002-4-26.
|
Name |
Subscription Shares |
|
Yahui Guo |
3,616,138 |
|
Yucheng Investment Co., Ltd. (Literal
Translation) |
|
|
12,000,000 |
|
|
Ziwu Luo |
1,130,831 |
The information above is that of subject’s major shareholders.
Shareholder
Information:
|
Name: |
Yucheng Investment Co., Ltd. (Literal Translation) |
|
Registered Address: |
9F, No. 183, Gangqian Rd., Neihu Dist.,
Taipei City, Taiwan |
|
Date of Foundation: |
2009-11-27 |
|
Registration Number: |
24483527 |
|
Registry: |
Taipei City Government |
|
Registered Capital: |
NTD 150,000,000 (USD 4,965,000) (As of 2014.5, 1 NTD = 0.0331 USD) |
|
Paid-up Capital: |
NTD 127,100,000 (USD 4,207,010) |
|
Legal Representatives: |
Xiue Chen |
|
Legal Form: |
Joint Stock Company |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2014-5-15 |
Factory
|
Address: |
No.446, Nan Shang Rd., Kueisan Hsiang,
Taoyuan, Taiwan |
|
Date of Foundation: |
1969-1-1 |
|
Date of Registration: |
1983-1-31 |
|
Factory Registration Number: |
99624211 |
|
Factory Manager: |
Yahui Guo |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2013-5-29 |
|
Major Products: |
293 ordinary engineering devices |
Relate Companies
|
1 |
|
|
Name: |
Xie Yi Tech Machinery (China) Co., Ltd |
|
Address: |
No.88 Xing Puzhong Lu, Qiandeng Kunshan
City, Jiangsu, China |
|
Tel: |
+86-512-5740-7900 |
|
Fax: |
+86-512-5740-7899 |
|
2 |
|
|
Name: |
Xie Yi Tech Machinery (China) Co., Ltd
(Dongguan) |
|
Address: |
1F Hsin-sin Builing Kun-Don, Duan Bo Chong She
Ho-Men Ehen |
|
Tel: |
+86-512-57407900 |
|
Fax: |
+86-512-57407899 |
|
3 |
|
|
Name: |
Seyi-America, Inc. |
|
Address: |
203 Lemon Creek Drive, Unit A, Walnut, Ca
91789 U.S.A. |
|
Tel: |
+1-909-839-1151 |
|
Fax: |
+1-909-455-7700 |
|
4 |
|
|
Name: |
Seyi-America, Inc. |
|
Address: |
843 Joint Park Blvd Tullahoma TN 37388 |
|
Tel: |
+1-931-455-7700 |
|
Fax: |
+1-931-455-6092 |
Core Management
|
1 |
|
|
Name |
Yahui Guo |
|
Position |
Chairman of the Board |
|
2 |
|
|
Name |
Gengyi Zheng |
|
Position |
Director |
|
3 |
|
|
Name |
Tingjun Guo |
|
Position |
Director |
|
4 |
|
|
Name |
Huixiong Yu |
|
Position |
Independent Director |
|
5 |
|
|
Name |
Haiqing Wang |
|
Position |
Independent Director |
|
6 |
|
|
Name |
Jinren Fu |
|
Position |
Supervisor |
|
7 |
|
|
Name |
Ziwu Luo |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 400
Employees |
Offices &
Factories
|
|
Headquarters |
|
Add |
Production
Information
l
Subject is engaged in manufacturing of mechanical
press
l
Subject has a factory (about 12,500 square meters)
in Taiwan for production.
l
Subject obtained the certification of ISO 9001 and
ISO 14001.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
CB01010 |
Machinery and equipment manufacturing |
|
CB01990 |
Other machinery manufacturing |
|
I301010 |
Information software services |
|
I599990 |
Other design |
|
ZZ99999 |
Besides licensed business, all other
business items those are not banned or restricted. |
l
The components and raw materials for production are
both purchased at home and abroad.
l
Subject is engaged in sale of mechanical press
l
The major products sold by subject include servo
press, special application press, high speed press, C frame & straight 1~ 2
point mechanical presses
l
Subject’s sales regions include domestic market,
Japan, Korea, Vietnam, India, Southeast Asia, US, Canada, Europe, Brazil,
Australia, etc.
l
Subject has service carters in Tianjin City,
Qingdao City, Kunshan City, Dongguan City, Fuzhou City, etc. of Mainland China.
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase
|
Terms |
Proportion |
|
|
Components
and raw materials, etc. |
T/T,
Cash, etc |
100% |
Foreign Purchase
|
Terms |
Proportion |
|
|
Components
and raw materials, etc. |
L/C,
T/T, etc |
100% |
Sales
Domestic Markets
|
Terms |
Proportion |
|
|
Mechanical
press, etc. |
T/T,
Cash, etc |
100% |
Export
|
Terms |
Proportion |
|
|
Mechanical
press, etc. |
L/C,
T/T, etc |
100% |
Unit: NTD/000
|
|
2012-12-31 |
2011-12-31 |
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash and cash equivalents |
644,470.00 |
729,341.00 |
|
Changes in fair value included in the profits
and losses of the financial assets - current |
2,646.00 |
2,453.00 |
|
Notes receivable - net |
88,070.00 |
138,119.00 |
|
Accounts receivable - net |
150,683.00 |
194,425.00 |
|
Accounts receivable - related parties -
net |
102,812.00 |
193,149.00 |
|
Other receivables-current |
9,809.00 |
11,757.00 |
|
Other receivables-related parties |
105,343.00 |
55,924.00 |
|
Inventories |
562,830.00 |
567,381.00 |
|
Other current assets |
64,939.00 |
64,285.00 |
|
Current assets |
1,731,602.00 (USD 57,316,026.20 |
1,956,834.00 (USD 64,771,205.40) |
|
Financial assets for sale-non current |
37,730.00 |
11,506.00 |
|
Cost measure of financial assets-non current |
7,000.00 |
7,000.00 |
|
Equity method long term investment |
1,324,336.00 |
1,281,821.00 |
|
Long-term investment fund in advance |
60,047.00 |
0.00 |
|
Investment |
1,384,383.00 |
1,281,821.00 |
|
Funds and investments |
1,429,113.00 |
1,300,327.00 |
|
Land |
125,720.00 |
125,720.00 |
|
Buildings and structures |
222,623.00 |
218,839.00 |
|
Machinery and equipment |
287,361.00 |
355,979.00 |
|
Transportation equipment |
92.00 |
4,627.00 |
|
Office equipment |
7,730.00 |
15,950.00 |
|
Other facilities |
20,557.00 |
67,269.00 |
|
Revaluation increment |
0.00 |
0.00 |
|
Cost and revaluation increment |
664,083.00 |
788,384.00 |
|
Accumulated depreciation |
-338,099.00 |
-442,049.00 |
|
Fixed assets-net |
325,984.00 |
346,335.00 |
|
Computer software cost |
16,403.00 |
13,329.00 |
|
Intangible Assets |
16,403.00 |
13,329.00 |
|
Leasing assets |
120,986.00 |
122,132.00 |
|
Refundable deposits |
1,797.00 |
1,355.00 |
|
Deferred expenses |
5,521.00 |
1,778.00 |
|
Other assets |
128,304.00 |
125,265.00 |
|
Assets |
3,631,406.00 |
3,742,090.00 |
|
Short-term borrowings |
153,446.00 |
11,834.00 |
|
Notes payable |
3,216.00 |
5,344.00 |
|
Accounts payable |
579,414.00 |
658,017.00 |
|
Accounts payable-related parties |
1,895.00 |
4,281.00 |
|
Expenses payable |
93,483.00 |
118,361.00 |
|
Advance receipt |
159,538.00 |
88,436.00 |
|
Long term Liabilities within one year and
one operating cycle |
0.00 |
56,773.00 |
|
Other current liabilities |
5,616.00 |
3,443.00 |
|
Current liabilities |
996,608.00 |
946,489.00 |
|
Long-term borrowings |
303,280.00 |
412,652.00 |
|
Long-term liabilities |
303,280.00 |
412,652.00 |
|
Pension reserve / accrued pension
liability |
151,037.00 |
145,861.00 |
|
Deposits received |
363.00 |
352.00 |
|
Deferred income tax |
112,197.00 |
112,437.00 |
|
Other liabilities-other |
5,900.00 |
4,095.00 |
|
Other liabilities |
269,497.00 |
262,745.00 |
|
Liabilities |
1,569,385.00 |
1,621,886.00 |
|
Common stock |
1,434,811.00 |
1,454,811.00 |
|
Capital surplus-share premium account |
309,716.00 |
349,220.00 |
|
Capital surplus-storage stock trading |
5,030.00 |
0.00 |
|
Capital surplus-employee stock options |
2,378.00 |
2,378.00 |
|
Capital surplus |
317,124.00 |
351,598.00 |
|
Legal reserve |
152,764.00 |
134,986.00 |
|
Inappropriate retained earnings |
122,019.00 |
106,429.00 |
|
Retained earnings |
274,783.00 |
241,415.00 |
|
Cumulative translation adjustments |
47,473.00 |
89,210.00 |
|
Net loss not recognized as pension cost |
19,165.00 |
2,941.00 |
|
Treasury stock |
-31,335.00 |
-19,771.00 |
|
Stockholders‘ equity and other adjustment |
35,303.00 |
72,380.00 |
|
Stockholders‘ equity |
2,062,021.00 (USD 68,252,895.10) |
2,120,204.00 (USD 70,178,752.40) |
|
Number of treasury stock acquired by the
company and subsidiaries (unit: share) |
3,047,000.00 |
2,000,000.00 |
(As of 2014.05, 1 NTD =
0.0331 USD)
Unit: NTD/000
|
|
2012 |
2011 |
|
Sales |
1,907,246.00 (USD 63,129,842.60) |
2,384,719.00 (USD 78,934,198.90) |
|
Sales of depreciation |
1,428.00 |
2,682.00 |
|
Sales net income |
1,905,818.00 |
2,382,037.00 |
|
Other operating income |
51,398.00 |
55,063.00 |
|
Operating income |
1,957,216.00 |
2,437,100.00 |
|
Cost of sales |
1,525,595.00 |
1,940,017.00 |
|
Other operating costs |
4,556.00 |
5,829.00 |
|
Operating costs |
1,530,151.00 |
1,945,846.00 |
|
Gross profit (loss) from operations |
427,065.00 |
491,254.00 |
|
Affiliate companies unrealized profits |
5,900.00 |
4,095.00 |
|
Affiliate companies realized profits |
4,095.00 |
10,293.00 |
|
Distribution cost |
219,155.00 |
269,653.00 |
|
General and administrative expenses |
102,613.00 |
132,409.00 |
|
Research and development expenses |
63,823.00 |
37,365.00 |
|
Operating expenses |
385,591.00 |
439,427.00 |
|
Operating income (loss) |
39,669.00 |
58,025.00 |
|
Interest income |
5,250.00 |
2,329.00 |
|
Investment income |
93,930.00 |
129,461.00 |
|
Investment income of equity method |
93,256.00 |
129,118.00 |
|
Income gain |
674.00 |
343.00 |
|
Gains on disposal of fixed assets |
23.00 |
0.00 |
|
Interest on exchange |
0.00 |
21,910.00 |
|
Rental income |
5,784.00 |
5,673.00 |
|
Financial assets evaluation |
193.00 |
0.00 |
|
Financial liability evaluation |
1,890.00 |
0.00 |
|
Miscellaneous income |
29,618.00 |
19,759.00 |
|
Non-operating revenues and gains |
136,688.00 |
179,132.00 |
|
Interest expense |
7,049.00 |
8,015.00 |
|
Fix assets loss |
9.00 |
614.00 |
|
Loss on exchange |
19,446.00 |
0.00 |
|
Financial assets evaluation loss |
0.00 |
48.00 |
|
Miscellaneous expenses |
2,368.00 |
8,134.00 |
|
Non-operating expenses and losses |
28,872.00 |
16,811.00 |
|
Net pre-tax profit (loss) of continue to
business units |
147,485.00 |
220,346.00 |
|
Income tax expense (benefit) |
25,466.00 |
42,563.00 |
|
Net interest (loss) from continuing
operations |
122,019.00 |
177,783.00 |
|
Net income (loss) |
122,019.00 |
177,783.00 |
|
Primary Earnings per Share |
0.86 |
1.24 |
(As of 2014.05, 1 NTD =
0.0331 USD)
|
|
2012 |
2011 |
|
122,019.00 |
177,783.00 |
|
|
30,659.00 |
34,770.00 |
|
|
5,009.00 |
4,300.00 |
|
|
Bad debt expense item number (income) |
-14,931.00 |
6,134.00 |
|
Obsolete stocks, scrap and bed debts loss (back up interest) |
299.00 |
-8,470.00 |
|
-93,256.00 |
-129,118.00 |
|
|
Disposition and discard fixed assets
losses (interest) |
-14.00 |
614.00 |
|
Financial assets and liabilities
unrealized loss evaluation (interest) |
-193.00 |
48.00 |
|
Unrealized profits and losses between
affiliate companies |
1,805.00 |
0.00 |
|
Realized profits and losses between
affiliate companies |
0.00 |
-6,198.00 |
|
Loss (gain) on deferred income tax |
21,312.00 |
40,426.00 |
|
Operating assets and liabilities net change |
|
|
|
Notes receivable (increase) decrease |
50,329.00 |
-27,389.00 |
|
Accounts receivable (increase) decrease |
58,393.00 |
2,368.00 |
|
Decrease (increase) in accounts receivable
- related parties |
90,337.00 |
-33,763.00 |
|
Other accounts receivable (increase)
decrease |
1,948.00 |
721.00 |
|
Decrease (increase) in other accounts
receivable - related parties |
-49,419.00 |
-55,924.00 |
|
4,252.00 |
-68,913.00 |
|
|
-20,442.00 |
-2,013.00 |
|
|
Increase (decrease) in other operating
assets |
0.00 |
-1,699.00 |
|
Increase (decrease) in notes payable |
-2,128.00 |
-9,601.00 |
|
Increase (decrease) in accounts payable |
-78,603.00 |
32,178.00 |
|
Increase (decrease) in accounts payable-
related parties |
-2,386.00 |
4,281.00 |
|
Increase (decrease) in accounts payable |
-23,199.00 |
66,345.00 |
|
Decrease (increase) in other accounts
receivable - related parties |
0.00 |
-11,553.00 |
|
71,102.00 |
10,645.00 |
|
|
2,173.00 |
-242.00 |
|
|
Decrease (increase) inaccrued pension liabilities |
5,176.00 |
3,759.00 |
|
Net cash provided by (used in) operating
activities |
180,242.00 |
29,489.00 |
|
Net cash of investment activities |
|
|
|
Gain financial assets for sale |
-10,000.00 |
0.00 |
|
Increase (decrease) in long term investment
amount |
-60,047.00 |
0.00 |
|
Acquisition of fixed assets |
-9,172.00 |
-11,658.00 |
|
Discipline fixed assets amount |
24.00 |
0.00 |
|
Increase (decrease) in refundable deposits |
-442.00 |
-7.00 |
|
Increase in deffered expenses |
-4,900.00 |
0.00 |
|
Increase (decrease) in restricted assets |
7,240.00 |
9,764.00 |
|
Purchase of intangible assets |
-8,605.00 |
-11,296.00 |
|
Net cash provided by (used in) investing
activities |
-85,902.00 |
-13,197.00 |
|
Cash flow of financing activities |
|
|
|
Increase (decrease) in short term
borrowing |
141,612.00 |
1,847.00 |
|
Long term borrowing |
1,308,980.00 |
495,000.00 |
|
Repay long-term borrowing |
-1,475,125.00 |
-296,345.00 |
|
Increase (decrease) in deposits received |
11.00 |
62.00 |
|
Issue cash stock interest |
-123,354.00 |
-86,089.00 |
|
Storage stocks to buy back the cost |
-31,335.00 |
0.00 |
|
Net cash provided by (used in)
financing activities |
-179,211.00 |
114,475.00 |
|
Net increase (decrease) in cash and cash
equivalents |
-84,871.00 |
130,767.00 |
|
Cash and cash equivalents, beginning of
year |
729,341.00 |
598,574.00 |
|
Cash and cash equivalents, end of year |
644,470.00 |
729,341.00 |
|
Complementary reveal of cash flow |
|
|
|
Interest paid |
7,569.00 |
7,836.00 |
|
Decrease: capitalized interest |
0.00 |
0.00 |
|
Interest paid- excluding capitalized
interest |
7,569.00 |
7,836.00 |
|
Income tax paid |
4,370.00 |
3,869.00 |
|
Investment and financing activities non influencing cash flow |
|
|
|
Long-term debt in one year |
0.00 |
56,773.00 |
Note: We cannot
obtain the new financial information of 2013, and the subject declined to
disclose the information, either.
Subject declined
to disclose any information about bankers, and we can not obtain the
information from other source.
Mortgage
|
1 |
|
|
Case Type: |
Chattel Mortgage |
|
Certificate No.: |
074479 |
|
Debtor Name: |
Shieh Yih Machinery Industry Co., Ltd. |
|
Document Number: |
09105151880 |
|
Date of Registration: |
2002-11-18 |
|
2 |
|
|
Case Type: |
Chattel Mortgage |
|
Certificate No.: |
080901 |
|
Debtor Name: |
Shieh Yih Machinery Industry Co., Ltd. |
|
Document Number: |
09305167980 |
|
Date of Registration: |
2004-9-8 |
|
3 |
|
|
Case Type: |
Chattel Mortgage |
|
Certificate No.: |
080903 |
|
Debtor Name: |
Shieh Yih Machinery Industry Co., Ltd. |
|
Document Number: |
09305167990 |
|
Date of Registration: |
2004-9-8 |
Lawsuit
Up to date of reporting, no existing or latent litigation of the subject has been found.
|
Name |
Mr. Guo |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.84 |
|
UK Pound |
1 |
Rs.98.41 |
|
Euro |
1 |
Rs.80.03 |
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.