MIRA
INFORM REPORT
|
Report No. : |
322719 |
|
Report Date : |
21.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
CKM BUILDING MATERIAL CORP. |
|
|
|
|
Registered Office : |
No.9, Industrial Rd., Guantian Dist., Tainan
City 720 |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
06.08.1982 |
|
|
|
|
Com. Reg. No.: |
69797158 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturing and sale of building
materials. |
|
|
|
|
No. of Employee : |
About 300 |
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 : |
Slow but correct |
|
|
|
|
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 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Taiwan |
A2 |
A1 |
|
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 ofINVESTMENT
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. However, negotiations on follow-on
components of ECFA, including an agreement on trade in services, deals on trade
in goods, and dispute resolution—have stalled. In early 2014, the government
bowed to public demand for a new law governing the oversight of cross-Strait
agreements, before any additional deals with China are implemented; the
legislature has yet to vote on such legislation, leaving the future of ECFA up
in the air as President MA enters his final full year in office. MA has
portrayed ECFA as Taiwan’s key to greater participation in East Asia’s free
trade networks. 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 expected to account for 20% of
the island's total population by 2025. The island runs a trade surplus, largely
because of its surplus with China, and its foreign reserves are the world's
fourth largest, behind those of China, Japan, 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. 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, the 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 has helped Taiwan develop into a
local RMB hub. Closer economic links with the mainland bring greater
opportunities for the Taiwan economy, but also pose new challenges as the
island becomes more economically dependent on China at a time when political
differences remain unresolved. During 2014, the press paid increasing attention
to domestic economic issues while pushing aside the debates over trade
liberalization that were a hallmark of MA’s tenure. The media focused on the
divide between Taiwan’s “haves” and “have nots,” providing extensive coverage
of public frustration with stagnant wages, skyrocketing housing prices, and the
difficulty of finding entry-level jobs.
|
Source
: CIA |
Contact Points
|
Company Name: |
|
|
Supplied Name: |
|
|
Trading Address: |
|
|
Supplied Address: |
|
|
Telephone Number: |
+886-6-698-6623 |
|
Fax Number: |
|
|
Website: |
Notes: The exact address is as above.
Company Identification Details
History
Subject was incorporated
on 1982-8-6 with registered number 69797158 as Joint Stock Company in Taiwan.
Subject listed on Taiwan Over-The-Counter Securities Exchange on
2000-12-6.
Corporate Structure
Factory
|
Address: |
No.9, Industrial Rd., Guantian Dist., Tainan
City 720, Taiwan |
|
Date of Foundation: |
1988-11-8 |
|
Date of Registration: |
1990-7-21 |
|
Factory Registration Number: |
99657111 |
|
Factory Manager: |
Qing’an Chen |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2001-12-3 |
|
Major Products: |
252 Metal structure and building components 291 Metal processing machinery equipment |
Office
|
Name: |
Taipei Office |
|
Address: |
11F., No.187, Sec. 4, New Taipei Blvd., Xinzhuang Dist., New Taipei
City 24250, Taiwan (R.O.C.) |
|
Telephone Number: |
+886-2-8522-7936 |
|
Fax Number: |
+886-2-8522-1936 |
Branches
|
1 |
|
|
Name: |
Shanghai Branch |
|
Address: |
No. 1133, Hui Jing Road, Shanghai Qingpu Industrial Zone, Shanghai,
China |
|
Telephone Number: |
+86-21-5970-5558 |
|
Fax Number: |
+86-21-5970-5555 |
|
2 |
|
|
Name: |
Chongqing Branch |
|
Address: |
Jiangjiayan Area Tongliang Industrial Zone, Chongqing, China |
|
Telephone Number: |
+86-23-4562-6159 |
|
Fax Number: |
+86-23-4562-6259 |
|
3 |
|
|
Name: |
India Branch |
|
Address: |
E-314 Crystal Plaza New Link Road Andheri (W) Mumbai 400 053 India |
|
Telephone Number: |
+91-982-101-4747 |
Shareholders
Major Shareholders
|
Name |
Subscription Shares |
|
Bosen Investment Co., Ltd. (Literal
Translation) |
|
|
16,161,796 |
|
|
Tuoxiong Chen |
501,685 |
|
Jianzhong Yan |
138,385 |
|
Junnan Shi |
133,725 |
|
Yonghe Guo |
551,680 |
|
Rongping Lai |
90,228 |
|
Dengyuan Huang |
60,297 |
Major Shareholder Information:
|
Registered Name: |
Bosen Investment Co., Ltd. (Literal Translation) |
|
Registered Address: |
2F, No. 31, Lane 10, Sec. 1, Zhonghua E. Rd.,
East Dist., Tainan City, Taiwan |
|
Date of Foundation: |
1996-12-6 |
|
Registration Number: |
97331266 |
|
Registry: |
Tainan City Government |
|
Registered Capital: |
NTD 91,919,990 (USD 2,987,399.68) (As of 2015.05, 1 NTD = 0.0325 USD) |
|
Paid-up Capital: |
NTD 91,919,990 (USD 2,987,399.68) |
|
Legal Representatives: |
Qing’an Chen |
|
Legal Form: |
Joint Stock Company |
|
Date of Last Annual Return: |
2009-11-23 |
Management Information
Core Management
Directors
|
1 |
||
|
Name |
Qing’an Chen |
|
|
Position |
Chairman of the Board |
|
|
2 |
||
|
Name |
Yuanteng Chen |
|
|
Position |
Director & Manager |
|
|
Date of Appointment |
2013-7-1 |
|
|
3 |
||
|
Name |
Jianzhong Yan |
|
|
Position |
Director |
|
|
4 |
||
|
Name |
Junnan Shi |
|
|
Position |
Director |
|
|
5 |
||
|
Name |
Chen Tuoxiong |
|
|
Position |
Director |
|
|
6 |
||
|
Name |
Yonghe Guo |
|
|
Position |
Supervisor |
|
|
7 |
||
|
Name |
Rongping Lai |
|
|
Position |
Supervisor |
|
|
8 |
||
|
Name |
Dengyuan Huang |
|
|
Position |
Supervisor |
|
Personnel
Structure
|
Total Employees |
About 300 Employees |
Operation Information
Offices &
Factories
|
|
Headquarters |
|
Add |
Production
Information
Subject is engaged in manufacturing of building materials
Subject has a factory in Taiwan for production.
Subject has obtained the certification of ISO 9001.
Purchase
Information
The registered activities of subject:
|
Business Code |
Details |
|
-- |
Manufacturing and sale of light steel and fire door |
|
-- |
The related import and export business |
|
-- |
Manufacturing and sale of kinds of machinery |
|
C901060 |
Refractory products manufacturing |
|
CA01050 |
Steel secondary processing industry |
|
CA01100 |
Secondary aluminum processing industry |
|
CA02010 |
Metal structures and components manufacturing |
|
CA02020 |
Aluminum and copper products manufacturing |
|
CA04010 |
Surface treatment industry |
|
CB01010 |
Machinery equipment manufacturing |
|
F111070 |
Meatal building materials wholesaling |
|
F111080 |
Doors and Windows construction materials wholesaling |
|
F211010 |
Building materials retailing |
|
F199990 |
Other wholesaling (metal raw materials) |
|
F106010 |
Hardware wholesaling |
|
ZZ99999 |
Besides licensed business, all other business items those are not
banned or restricted. |
The raw materials for production are both purchased in domestic market
and abroad.
Subject is engaged in sale of building
materials, etc.
The major products of the subject include metal ceilings,
micro-perforated acoustical panel, exposed grid, concealed grid, etc.
Subject’s sales regions are domestic market, Japan, Korea, Singapore,
Southeast Asia, America, Europe, etc.
Subject’s major customers are constructors and decoration companies,
etc.
Import and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Settlements
Purchase
Domestic Purchase
|
Products |
Raw materials |
|
Payment Terms |
T/T, Cash |
Import
|
Products |
Raw materials |
|
Payment Terms |
L/C, T/T |
Domestic Markets
|
Product |
Building materials |
|
Selling Terms |
T/T, Cash |
Export
|
Product |
Building materials |
|
Selling Terms |
L/C, T/T |
Balance Sheet
Unit: NTD/000
|
Consolidated |
2014-12-31 |
2013-12-31 |
|
Current Assets |
|
|
|
Cash and cash equivalents |
206,531 |
255,593 |
|
Financial assets valued by fair-current |
0 |
3,232 |
|
Financial assets for sale-current net |
8,477 |
10,603 |
|
Notes receivable, net |
61,739 |
61,146 |
|
Accounts receivable, net |
209,090 |
190,191 |
|
Other accounts receivable, net |
3,967 |
4,077 |
|
Tax assets |
754 |
754 |
|
Inventories |
175,344 |
195,293 |
|
Prepayments |
7,856 |
6,971 |
|
Other current assets |
2,336 |
1,583 |
|
Total current assets |
676,094 |
729,443 |
|
Non-current assets |
|
|
|
Property, plant and equipment |
1,065,997 |
1,036,196 |
|
Intangible assets |
2,367 |
2,014 |
|
Deferred tax assets |
13,753 |
12,107 |
|
Other non-current assets |
47,908 |
47,693 |
|
Total non-current assets |
1,130,025 |
1,098,010 |
|
Total assets |
1,806,119 |
1,827,453 |
|
Current liabilities |
|
|
|
Short-term borrowings |
201,413 |
521,455 |
|
Notes payable |
1,893 |
9,038 |
|
Accounts payable |
38,882 |
46,337 |
|
Other payables |
53,492 |
51,284 |
|
Tax liabilities |
17,297 |
2,093 |
|
Other current liabilities |
2,526 |
62,018 |
|
Total current liabilities |
315,503 |
692,225 |
|
Non-current liabilities |
|
|
|
Long-term liabilities |
410,000 |
0 |
|
Deferred tax liabilities |
11,238 |
10,867 |
|
Other non-current liabilities |
56,051 |
54,076 |
|
Total non-current liabilities |
477,289 |
64,943 |
|
Total liabilities |
792,792 |
757,168 |
|
Common share capital |
700,132 |
664,979 |
|
Total share capital |
700,132 |
664,979 |
|
Capital reserve |
|
|
|
Total capital reserve |
128,514 |
114,850 |
|
Retained earnings |
|
|
|
Legal reserve |
80,033 |
58,652 |
|
Special reserve |
24,285 |
24,285 |
|
Unappropriated retained earnings
(accumulated deficit) |
118,690 |
213,816 |
|
Total retained earnings |
223,008 |
296,753 |
|
Other equity |
|
|
|
Total other equity |
25,086 |
10,338 |
|
-63,413 |
-16,635 |
|
|
Total equity attributable to the parent company |
1,013,327 |
1,070,285 |
|
Total equity |
1,013,327 |
1,070,285 |
|
Number of shares in entity held by entity and
by its subsidiaries |
3,906,000 |
1,130,000 |
Profit and Loss Account
Unit: NTD/000
|
Consolidated |
2014 |
2013 |
|
Sales revenue |
1,381,996 |
1,412,217 |
|
sales allowance |
10,139 |
17,485 |
|
Sales revenue net |
1,371,857 |
1,394,732 |
|
Total sales revenue |
1,371,857 |
1,394,732 |
|
Operating costs |
1,103,430 |
1,121,627 |
|
Gross profit (loss) from operations |
268,427 |
273,105 |
|
Gross profit (loss) from operations-net |
268,427 |
273,105 |
|
Operating costs |
|
|
|
Selling expenses |
122,152 |
137,048 |
|
Administrative expenses |
99,567 |
104,652 |
|
Research and development expenses |
8,096 |
9,190 |
|
Total operating expenses |
229,815 |
250,890 |
|
Operating income (loss) |
38,612 |
22,215 |
|
Non-operating income and expenses |
|
|
|
Other income |
3,229 |
3,210 |
|
Other income (loss) |
9,521 |
205,178 |
|
Financial cost net |
7,183 |
13,105 |
|
Total non-operating income and expenses |
5,567 |
195,283 |
|
Net income (loss) before tax |
44,179 |
217,498 |
|
Total tax income (loss) |
17,527 |
2,190 |
|
Profit (loss) from continuing operations |
26,652 |
215,308 |
|
Net income (loss) |
26,652 |
215,308 |
|
Other net income (loss) |
|
|
|
Foreign cash balance operating mechanism
conversion of the financial statements |
15,861 |
28,232 |
|
Financial assets for sale unrealized
evaluation of profit and loss |
-1,113 |
825 |
|
Determine the welfare program actuarial
profit (loss) |
-5,035 |
442 |
|
Income tax related to comprehensive income
components |
-856 |
75 |
|
Other comprehensive income (loss) |
10,569 |
29,424 |
|
Comprehensive income (loss) |
37,221 |
244,732 |
|
Net profit (loss) attributable to: |
|
|
|
Net income or loss of parent company |
26,652 |
215,308 |
|
Comprehensive profit (loss) attributable to: |
|
|
|
Comprehensive profit (loss) of parent
company |
37,221 |
244,732 |
|
Basic earnings per share |
0.40 |
3.70 |
|
Diluted earnings per share |
0.40 |
3.10 |
Cash Flows
Unit: NTD/000
|
Consolidated |
2014 |
2013 |
|
Cash flows from (used in) operating activities,
indirect method |
|
|
|
Profit (loss) from continuing operations
before tax |
44,179 |
217,498 |
|
Profit (loss) before tax |
44,179 |
217,498 |
|
Depreciation expense |
59,228 |
60,463 |
|
Amortization expense |
1,962 |
1,500 |
|
Provision (reversal of provision) for bad
debt expense |
2,938 |
-1,030 |
|
Net income or loss of financial assets and
liabilities by fair value |
0 |
-2,259 |
|
Interest expense |
7,183 |
13,105 |
|
Interest income |
-2,635 |
-2,379 |
|
Income gain |
-594 |
-831 |
|
Loss (gain) on disposal of property, plant
and equipment |
-831 |
-196,978 |
|
Transfer charge number of property, plant
and equipment |
342 |
0 |
|
Loss (gain) on disposal of other assets |
0 |
-2,242 |
|
Unrealized foreign exchange loss (gain) |
-3,981 |
-960 |
|
Other items |
5,085 |
2,010 |
|
Total income or loss non-effect cash flow |
68,697 |
-129,601 |
|
Decrease (increase) in financial assets for
sale |
3,232 |
-855 |
|
Decrease (increase) in notes receivable |
-597 |
-20,168 |
|
Decrease (increase) in accounts receivable |
-23,833 |
1,357 |
|
Decrease (increase) in other accounts
receivable |
4 |
-660 |
|
Decrease (increase) in inventory |
16,306 |
-21,418 |
|
Decrease (increase) in prepayment |
-1,115 |
4,860 |
|
Decrease (increase) in other current assets |
-1,003 |
1,612 |
|
Total net changes in operating assets |
-7,006 |
-35,272 |
|
Increase (decrease) in notes payable |
-7,006 |
-12,524 |
|
Increase (decrease) in accounts payable |
-6,652 |
1,165 |
|
Increase (decrease) in other accounts
payable |
9,514 |
17,342 |
|
Increase (decrease) in other current
liabilities |
71 |
482 |
|
Increase (decrease) in accrued pension
liabilities |
-3,060 |
580 |
|
Total net changes in operating liabilities |
-7,133 |
7,045 |
|
Total changes in operating assets and
liabilities |
-14,139 |
-28,227 |
|
Total adjustments |
54,558 |
-157,828 |
|
Cash inflow (outflow) generated from
operations |
98,737 |
59,670 |
|
Interest received |
2,635 |
2,379 |
|
Charge of the dividend |
594 |
831 |
|
Interest paid |
-13,441 |
-9,481 |
|
Income taxes refund (paid) |
-2,807 |
-2,187 |
|
Net cash flows from (used in) operating
activities |
85,718 |
51,212 |
|
Cash flows from (used in) investing
activities |
|
|
|
Financial assets disposing of the primitive
recognition and designated as fair value through profit or loss according to
the measure |
0 |
0 |
|
Acquisition of financial assets for sale |
0 |
-5,000 |
|
Disposal of financial assets for sale |
1,013 |
10,970 |
|
Acquisition of property, plant and equipment |
-74,864 |
-542,872 |
|
Proceeds from disposal of property, plant
and equipment |
1,124 |
296,652 |
|
Acquisition of intangible assets |
-623 |
-2,209 |
|
Decrease in other financial assets |
343 |
872 |
|
Increase in other non-current assets |
115 |
-5,657 |
|
Net cash flows from (used in) investing
activities |
-72,892 |
-247,244 |
|
Net cash flows from (used in) financing
activities |
|
|
|
Increase in short-term borrowing |
-313,824 |
164,406 |
|
Proceeds from long-term debt |
-14,300 |
0 |
|
Long-term borrowing |
410,000 |
0 |
|
Cash dividends paid |
-96,218 |
-7,085 |
|
Employees stock options |
14,826 |
22,843 |
|
Storage stock costs |
-63,413 |
0 |
|
Net cash flows from (used in) financing activities |
-62,929 |
180,164 |
|
Effect of exchange rate changes on cash and
cash equivalents |
1,041 |
-5,475 |
|
Net increase (decrease) in cash and cash
equivalents |
-49,062 |
-21,343 |
|
Cash and cash equivalents at beginning of
period |
255,593 |
276,936 |
|
Cash and cash equivalents at end of period |
206,531 |
255,593 |
|
Cash and cash equivalents reported in the
statement of financial position |
206,531 |
255,593 |
Note: Subject didn’t submit its individual financial information; we
obtained its consolidated financials as above for reference.
The above
financial figures are based on the IFRSs Accounting System.
Bankers
Subject declined to disclose its bank details; from other source we
could not obtain the relevant information, either.
Public Record
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.
Special Note
Interview Details
|
Name |
Mr. Gao |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.86 |
|
|
1 |
Rs.98.89 |
|
Euro |
1 |
Rs.70.73 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
ANK |
,
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.