|
Report No. : |
322156 |
|
Report Date : |
11.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
KAULIN MANUFACTURING CO., LTD. |
|
|
|
|
Registered Office : |
11th Fl., No.128, Sec.3, Min Shen
E. Rd., Taipei |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
05.10.1965 |
|
|
|
|
Com. Reg. No.: |
29538509 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and sale of sewing machines and related
components. |
|
|
|
|
No of Employees : |
About 1,000 |
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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: |
11th
Fl., No.128, Sec.3, Min Shen E. Rd., Taipei, Taiwan, R.O.C. |
|
Supplied Address: |
|
|
Telephone Number: |
+886-2-2713-0232 |
|
Fax Number: |
|
|
E-mail: |
Notes: The exact name and address are as
above.
Subject was incorporated on
Subject listed on Taiwan Stock Exchange with the Stock Code: 1531 on
2000-9-11.
Major Shareholder
|
Name |
Subscription Shares |
|
Yuwen Lin |
12,178,873 |
|
Shengzhi Lin |
6,837,205 |
|
Sumei Chen |
61,369 |
|
Yuzhen Lin |
1,786,803 |
|
Xiurong Lin |
2,248,319 |
Factory
|
Name: |
Nankan Factory |
|
Address: |
No.42, Sec. 1, Minsheng North Road, Gueishan Township, Taoyuan County,
Taiwan R.O.C. |
|
Tel: |
+886-3-326-2128-31 |
|
Fax: |
+886-3-326-2127 |
|
Date of Foundation: |
1990-2-20 |
|
Date of Registration: |
1990-8-14 |
|
Factory Registration Number: |
99625751 |
|
Factory Manager: |
Yuwen Lin |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2002-8-14 |
|
Major Products: |
292 other special-purpose mechanical device |
Subsidiary
|
Name |
Kaulin Machinery and Electronic Industrial (Ningbo) Co., Ltd. |
|
Address |
No.16, Longtan Shan Road., Beilun District, Ningbo City, Zhejiang
Province, China |
|
Telephone Number: |
+86-574-8611-5888 |
|
Fax Number: |
+86-574-8611-4666 |
|
Date of Registration: |
2005-4-5 |
|
Registration Number: |
330200400017588 |
|
Registered Capital: |
USD 36,500,000 |
|
Legal Representatives: |
Wenbin Chen |
Related Companies
|
1 |
|
|
Name |
America Siruba Latin America Inc. |
|
Address |
11380 NW 36th Terrace, Doral, Fl 33178, U.S.A |
|
Telephone Number: |
+1-305-477-4562 |
|
Fax Number: |
+1-305-477-7524 |
|
2 |
|
|
Name |
India Siruba Machinery India Private Limited |
|
Address |
#268, 1st Floor, 18th 'D' Main Road, 6th
Block, Koramangala, Bangalore-560095, Karnataka India |
|
Telephone Number: |
+91-080-4155-7057 |
|
Fax Number: |
+91-080-4155-7056 |
|
3 |
|
|
Name |
Siruba Investment Pte. Ltd. |
Core Management
Directors
|
1 |
|
|
Name |
Yuwen Lin |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Shengzhi Lin |
|
Position |
Director |
|
3 |
|
|
Name |
Yingzhou Chen |
|
Position |
Director |
|
4 |
|
|
Name |
Jingsong Wang |
|
Position |
Director |
|
5 |
|
|
Name |
Sumei Chen |
|
Position |
Director |
|
6 |
|
|
Name |
Yuzhen Lin |
|
Position |
Supervisor |
|
7 |
|
|
Name |
Paizheng Wang |
|
Position |
Supervisor |
|
8 |
|
|
Name |
Xiurong Lin |
|
Position |
Supervisor |
|
9 |
|
|
Name |
Peijia Lin |
|
Position |
Manager |
|
Date of Appointment |
2013-3-1 |
Personnel
Structure
|
Total Employees |
About 1,000 Employees |
Offices &
Factories
|
|
Headquarters |
|
Add |
11th Fl., No.128, Sec.3, Min Shen E. Rd., Taipei, Taiwan,
R.O.C. |
Production
Information
Subject is engaged in manufacturing and sale of sewing machines and related components, etc.
Subject has factories in Taiwan and Mainland China for production.
Purchase
Information
The registered
activities of subject:
|
Business Code |
Details |
|
-- |
Manufacture, installation and sales of all kinds of sewing machine
and components |
|
-- |
Casting, processing and sales of milling products. |
|
-- |
Surface treatment, spray painting and baking
finishing of all kinds of metal. |
|
-- |
Manufacture, installation and sales of all kinds of All kinds of
transport equipment mechanical parts |
|
-- |
Casting, processing and sales of sewing machine components |
|
-- |
Agent and sales business of the products for domestic and overseas
customers |
|
-- |
Import and export trading business of above mentioned products. |
|
ZZ99999 |
Besides licensed business, all other business items those are not
banned or restricted. |
The components for production are purchased in Taiwan and Mainland
China.
It is introduced that some production facilities are imported from
Japan.
Subject is engaged in sale of sewing machines and components.
Subject’s major products include bag closers, overlock stitch machines,
interlock machines, double chainstitch machines, lockstitch machines, picoting
chainstitch machines, button holing machines, button sewing machines, bar
tacking machines, zig-zag machines and feed-off-the-arm machines.
The products are applied in the sewing and processing of bags, apparels,
underwear, shoes, leather products and curtains, etc.
Subject provides its products under the brand named “SIRUBA” and
“KAULIN”.
Subject’s sales regions include Taiwan, Mainland China, Indian, Pakistan
and Tunisia
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
Domestic Purchase
|
Products |
Raw materials and components |
|
Payment Terms |
Cash, T/T |
Import
|
Products |
Facilities |
|
Payment Terms |
T/T |
Sales
Domestic Markets
|
Product |
Sewing machines |
|
Selling Terms |
Cash, T/T |
Export
|
Product |
Sewing machines |
|
Selling Terms |
L/C, T/T |
Unit: NTD/000
|
|
2013-12-31 |
2012-12-31 |
|
Assets |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
|
|
|
Total cash and cash equivalents |
1,165,275 |
2,342,100 |
|
Current financial assets at fair value through profit or loss |
|
|
|
Total current financial assets at fair value through profit or loss |
22,976 |
0 |
|
Current available-for-sale financial assets |
|
|
|
Current available-for-sale financial assets, net |
110,166 |
161,194 |
|
Current bond investment without active market |
|
|
|
Current bond investment without active market, net |
408,861 |
23,101 |
|
Notes receivable, net |
|
|
|
Notes receivable, net |
176,919 |
76,286 |
|
Accounts receivable, net |
|
|
|
Accounts receivable, net |
764,667 |
686,489 |
|
Inventories |
|
|
|
Total inventories |
1,162,735 |
1,054,387 |
|
Prepayments |
|
|
|
Other prepaid expenses |
57,256 |
41,003 |
|
Total prepayments |
57,256 |
41,003 |
|
Other current assets |
|
|
|
Total other current assets |
15,479 |
16,204 |
|
Total current assets |
3,884,334 |
4,400,764 |
|
Non-current assets |
|
|
|
Non-current financial assets at fair value through profit or loss |
|
|
|
Total non-current financial assets at fair value through profit or
loss |
0 |
10,008 |
|
Non-current available-for-sale financial assets |
|
|
|
Non-current available-for-sale financial assets, net |
54,741 |
35,123 |
|
Property, plant and equipment |
|
|
|
Total property, plant and equipment |
1,489,415 |
1,233,107 |
|
Investment property, net |
|
|
|
Investment property, net |
40,511 |
0 |
|
Intangible assets |
|
|
|
Goodwill |
157,885 |
158,044 |
|
Other intangible assets, net |
|
|
|
Other intangible assets, net |
8,151 |
5,441 |
|
Total intangible assets |
166,036 |
163,485 |
|
Deferred tax assets |
69,068 |
69,356 |
|
Other non-current assets |
|
|
|
Long-term prepaid rents |
57,651 |
55,858 |
|
Other non-current assets, others |
|
|
|
Total other non-current assets, others |
3,577 |
7,988 |
|
Total other non-current assets |
61,228 |
63,846 |
|
Total non-current assets |
1,880,999 |
1,574,925 |
|
Total assets |
5,765,333 |
5,975,689 |
|
Total assets (USD/000) |
195,444.79 |
202,575.86 |
|
Liabilities |
|
|
|
Current liabilities |
|
|
|
Short-term borrowings |
|
|
|
Total short-term borrowings |
447,075 |
290,400 |
|
Notes payable |
|
|
|
Total notes payable |
62,619 |
61,964 |
|
Accounts payable |
|
|
|
Total accounts payable |
430,062 |
258,216 |
|
Other payables |
|
|
|
Total other payables |
120,839 |
270,424 |
|
Current tax liabilities |
84,283 |
37,156 |
|
Other current liabilities |
|
|
|
Long-term liabilities, current portion |
|
|
|
Total long-term liabilities, current portion |
11,922 |
63,888 |
|
Other current liabilities, others |
29,910 |
19,925 |
|
Total other current liabilities |
41,832 |
83,813 |
|
Total current liabilities |
1,186,710 |
1,001,973 |
|
Non-current liabilities |
|
|
|
Long-term borrowings |
|
|
|
Total long-term borrowings |
0 |
11,616 |
|
Deferred tax liabilities |
|
|
|
Total deferred tax liabilities |
291,065 |
312,004 |
|
Other non-current liabilities |
|
|
|
Accrued pension liabilities |
72,785 |
72,385 |
|
Other non-current liabilities, others |
535 |
535 |
|
Total other non-current liabilities |
73,320 |
72,920 |
|
Total non-current liabilities |
364,385 |
396,540 |
|
Total liabilities |
1,551,095 |
1,398,513 |
|
Equity |
|
|
|
Equity attributable to owners of parent |
|
|
|
Share capital |
|
|
|
Ordinary share |
1,931,511 |
1,931,511 |
|
Total capital stock |
1,931,511 |
1,931,511 |
|
Capital surplus |
|
|
|
Total capital surplus |
338,901 |
338,901 |
|
Retained earnings |
|
|
|
Legal reserve |
612,518 |
579,856 |
|
Special reserve |
188,788 |
188,788 |
|
Unappropriated retained earnings (accumulated deficit) |
|
|
|
Total unappropriated retained earnings (accumulated deficit) |
1,113,614 |
1,241,105 |
|
Total retained earnings |
1,914,920 |
2,009,749 |
|
Other equity interest |
|
|
|
Total other equity interest |
28,906 |
-92,636 |
|
Total equity attributable to owners of parent |
4,214,238 |
4,187,525 |
|
Non-controlling interests |
0 |
389,651 |
|
Total equity |
4,214,238 |
4,577,176 |
|
Total equity (USD/000) |
142,862.67 |
155,166.27 |
|
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 |
(As of
2014.10, 1 NTD = 0.0339 USD)
Unit: NTD/000
|
|
2013 |
2012 |
|
Operating revenue |
|
|
|
Net sales revenue |
|
|
|
Net sales revenue |
3,019,440 |
2,719,381 |
|
Total operating revenue |
3,019,440 |
2,719,381 |
|
Total operating revenue (USD/000) |
102,359.02 |
92,187.02 |
|
Operating costs |
|
|
|
Cost of sales |
|
|
|
Total cost of sales |
2,338,718 |
2,089,194 |
|
Total operating costs |
2,338,718 |
2,089,194 |
|
Gross profit (loss) from operations |
680,722 |
630,187 |
|
Gross profit (loss) from operations |
680,722 |
630,187 |
|
Operating expenses |
|
|
|
Selling expenses |
|
|
|
Total selling expenses |
154,404 |
195,325 |
|
Administrative expenses |
|
|
|
Total administrative expenses |
206,799 |
235,230 |
|
Research and development expenses |
|
|
|
Total research and development expenses |
46,297 |
49,374 |
|
Total operating expenses |
407,500 |
479,929 |
|
Net operating income (loss) |
273,222 |
150,258 |
|
Non-operating income and expenses |
|
|
|
Other income |
|
|
|
Other income, others |
46,875 |
62,403 |
|
Total other income |
46,875 |
62,403 |
|
Other gains and losses |
|
|
|
Other gains and losses, net |
84,329 |
123,004 |
|
Finance costs |
|
|
|
Finance costs, net |
5,752 |
7,135 |
|
Total non-operating income and expenses |
125,452 |
178,272 |
|
Profit (loss) from continuing operations before tax |
398,674 |
328,530 |
|
Tax expense (income) |
|
|
|
Total tax expense (income) |
109,254 |
96,799 |
|
Profit (loss) from continuing operations |
289,420 |
231,731 |
|
Profit (loss) |
289,420 |
231,731 |
|
Profit (loss) (USD/000) |
9,811.34 |
7,855.68 |
|
Other comprehensive income |
|
|
|
Exchange differences on translation |
142,491 |
-132,051 |
|
Unrealised gains (losses) on valuation of available-for-sale financial
assets |
19,469 |
13,459 |
|
Actuarial gains (losses) on defined benefit plans |
391 |
2,220 |
|
Other comprehensive income |
-24,992 |
18,660 |
|
Other comprehensive income, net |
137,359 |
-97,712 |
|
Total comprehensive income |
426,779 |
134,019 |
|
Profit (loss), attributable to: |
|
|
|
Profit (loss), attributable to owners of parent |
283,438 |
200,061 |
|
Profit (loss), attributable to non-controlling interests |
5,982 |
31,670 |
|
Comprehensive income attributable to: |
|
|
|
Comprehensive income, attributable to owners of parent |
405,304 |
122,411 |
|
Comprehensive income, attributable to non-controlling interests |
21,475 |
11,608 |
|
Basic earnings per share |
|
|
|
Total basic earnings per share |
1.47 |
1.04 |
|
Diluted earnings per share |
|
|
|
Total diluted earnings per share |
1.46 |
1.03 |
(As of
2014.10, 1 NTD = 0.0339 USD)
Unit: NTD/000
|
|
2013 |
2012 |
|
Cash flows from (used in) operating activities, indirect method |
|
|
|
Profit (loss) from continuing operations before tax |
398,674 |
328,530 |
|
Profit (loss) before tax |
398,674 |
328,530 |
|
Adjustments |
|
|
|
Adjustments to reconcile profit (loss) |
|
|
|
Depreciation expense |
168,200 |
182,039 |
|
Amortization expense |
2,577 |
4,181 |
|
Provision (reversal of provision) for bad debt expense |
2,557 |
-1,547 |
|
Net loss (gain) on financial assets or liabilities at fair value
through profit or loss |
-12,968 |
-9,776 |
|
Interest expense |
5,752 |
7,135 |
|
Interest income |
-34,852 |
-41,140 |
|
Loss (gain) on disposal of property, plan and equipment |
-847 |
-192,713 |
|
Loss (gain) on disposal of investments |
-4,323 |
-1,804 |
|
Impairment loss on financial assets |
0 |
35,274 |
|
Impairment loss on non-financial assets |
5,333 |
12,382 |
|
Reversal of impairment loss on non-financial assets |
-16,412 |
-33,900 |
|
Unrealized foreign exchange loss (gain) |
2,038 |
18,525 |
|
Other adjustments to reconcile profit (loss) |
-8,699 |
3,120 |
|
Total adjustments to reconcile profit (loss) |
108,356 |
-18,224 |
|
Changes in operating assets and liabilities |
|
|
|
Changes in operating assets |
|
|
|
Decrease (increase) in notes receivable |
-95,179 |
23,409 |
|
Decrease (increase) in accounts receivable |
-87,682 |
579,691 |
|
Decrease (increase) in inventories |
-40,773 |
340,507 |
|
Decrease (increase) in prepayments |
-17,398 |
28,579 |
|
Decrease (increase) in other current assets |
-17,561 |
2,444 |
|
Total changes in operating assets |
-258,593 |
974,630 |
|
Changes in operating liabilities |
|
|
|
Increase (decrease) in notes payable |
655 |
-28,948 |
|
Increase (decrease) in accounts payable |
192,355 |
-154,280 |
|
Increase (decrease) in other payable |
-12,647 |
-23,922 |
|
Increase (decrease) in other current liabilities |
10,585 |
10,074 |
|
Total changes in operating liabilities |
190,948 |
-197,076 |
|
Total changes in operating assets and liabilities |
-67,645 |
777,554 |
|
Total adjustments |
40,711 |
759,330 |
|
Cash inflow (outflow) generated from operations |
439,385 |
1,087,860 |
|
Interest received |
34,214 |
50,066 |
|
Interest paid |
-5,515 |
-7,054 |
|
Income taxes refund (paid) |
-115,198 |
-108,669 |
|
Net cash flows from (used in) operating activities |
352,886 |
1,022,203 |
|
Cash flows from (used in) investing activities |
|
|
|
Acquisition of available-for-sale financial assets |
-759,598 |
-563,800 |
|
Proceeds from disposal of available-for-sale financial assets |
814,800 |
646,729 |
|
Acquisition of bond investments without active market |
-385,760 |
0 |
|
Proceeds from disposal of bond investments without active market |
0 |
1,039,496 |
|
Proceeds from disposal of subsidiaries |
-723 |
0 |
|
Acquisition of property, plant and equipment |
-411,552 |
-132,198 |
|
Proceeds from disposal of property, plant and equipment |
5,991 |
258,627 |
|
Decrease in refundable deposits |
865 |
1,745 |
|
Acquisition of intangible assets |
-5,081 |
-3,024 |
Note: The above financial figures are based on
the IFRSs Accounting System.
|
Name |
Mega International Commercial Bank Co., Ltd., |
|
Address |
No.128 Minagaa Shang E. Road Sec3, Taipei City, Taiwan. |
Mortgage
No chattel mortgage record of subject has been found within the recent 3
months.
Lawsuit
Up to date of report, no existing or latent litigation
of the subject has been found.
|
Name |
Ms. Yang |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.05 |
|
|
1 |
Rs.99.04 |
|
Euro |
1 |
Rs.71.76 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.