MIRA
INFORM REPORT
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Report Date : |
30th
January, 2007 |
IDENTIFICATION
DETAILS
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Name : |
TAINAN SPINNING CO LTD |
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Registered Office : |
511 Yu Nung Rd East
Dist Tainan City 701, Taiwan |
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Country : |
Taiwan |
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Financials (as on) : |
30.09.2006 |
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Date of Incorporation : |
21.03.1955 |
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Com. Reg. No.: |
68919301 |
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Legal Form : |
Public Listed Company |
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Line of Business : |
1.
Importing of textile used chemicals. 2.
Production of raw materials of weave cloths and other related products
incorporating some of the raw materials imported. 3.
Exporting of finished products. |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD1,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Name & Address
TAINAN SPINNING CO
LTD
511 YU NUNG RD EAST
DIST TAINAN CITY 701, TAIWAN
TEL:886-6-2376161 FAX:886-6-2361156
EXECUTIVE SUMMARY
INCORPORATION DATE :
MARCH 21, 1955
REGISTRATION NO. :
68919301
LEGAL FORM :
PUBLIC LISTED COMPANY
CHIEF EXECUTIVE :
MR. KAO-HUI CHENG (CHAIRMAN)
STAFF STRENGTH :
1,988
CAPITAL :
US$ 457,434,609
BUSINESS LINE :
MANUFACTURER
TURNOVER :
NTD 8,980,131,000 (AS OF 30 SEPTEMBER, 2006)
EQUITIES :
NTD 21,982,842,000 (AS OF 30 SEPTEMBER, 2006)
PAYMENT :
ABOVE AVERAGE
RECOMM. CREDIT RANGE :
USD 1,000,000
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
NTD 32.92000 = US$1 AS OF 2007-1-30
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
M - million
TWD –Taiwan New Dollars
*Company
History*
===============
March
1955
-
Established by Mr. Shan-lien Wu.
- Purchased a land of 12 hectares in Tainan
City to construct Tainan Spinning Plant.
December,
1955
-
Commenced production in Tainan Spinning
Plant with all the 10,000 spindles.
1958
-
Installment of weaving looms in Tainan Spinning Plant.
1970
- Established the Jenteh Spinning Plant.
1971
- Commenced production in Jenteh Spinning
Plant.
1973
- Established the Polyester Staple Fiber
Plant in Jenteh.
1975
- Appointed Director Kao-huei Cheng as
President and elected Hsiu-chi Wu to be the
Vice Chairman of the Board.
1976
-
Commenced production of polyester staple fiber.
-
Installed Open-End Spinning Frame in Jenteh Spinning Plant.
1984
-
Acquired CENTURY INDUSTRIAL CO which produced polyester pre-oriented yarn and named TAITZU POLYESTER FILAMENT PLANT.
1986
-
Established the Hsinshih factory.
February
1986
- Acquired SOUTH LAND TEXTILE CO LTD which
produced cotton yarns and named HSINGHSIH SPINNING PLANT.
1988
- Chairman San-lien Wu passed away.
- Mr.
Hsiu-chi Wu took over as Chairman.
January
1988
-
Elected Kao-huei Cheng as Vice-Chairman of the Board.
3
OCtober, 1989
- Became
listed on the Taiwan Stock Exchange
1993
- President
Kao-Huei Cheng became CEO of Tainan Spinning Group.
- Mr.
Shang-Hsiung Chuang succeeded as President
1995
-
Stopped the production of the Tainan head factory and moved some machines to
Vietnam factory.
1997
-
Vietnam Plant started production.
2001
- Shut
down the II & III production lines of Jenteh Spinning Plant and all their equipment was moved to
Vietnam.
-
President Shang-hsiung Chuang retired.
- Mr.
Po-ming Hou succeeded as the President of company.
*Company
Registration*
===================
License
number : 68919301
Date
issued : 21 March, 1955
Issuing
authority : Ministry of Economic
Affairs (MOEA)
*Capital
Details*
=============
Initial
capital : NTD 7,500,000.00
Capital
increases/decreases are as follows :
Year Increase/Decrease (NTD)
------- ----------------------------------
1986 1,815,000,000.00
1987 2,450,000,000.00
1988 3,431,000,000.00
1989 4,500,000,000.00
1992 8,037,000,000.00
1998 12,619,000,000.00
2000 15,013,380,000.00
2003 14,935,240,000.00
Market
capitalization : NTD 32,052,640,000.00
Year : 1995
*Registrar*
========
TAINAN
SPINNING
*Factories,
Size & Locations*
======================
Maintains
the following factories:
Jen Te
Factory (Factory 2)
------------------------------------
Land
size :
470,000 sq feet
Land
area : 47 hectares
Location : Outer of Tainan
City
Year
established : 1970
Polyester
Staple Fiber Plant (Factory 3)
----------------------------------------------------
Year
established : 1973
Taitzu
Polyester Filament Plant (Factory 4)
--------------------------------------------------------
Land
size :
180,000 sq feet
Land
area : 18 hectares
Location : Outer of Tainan
City
Year
established : 1984
Hsinshih
Factory (Factory 5)
---------------------------------------
Land
size :
100,000 sq feet
Land
area : 10 hectares
Location : Outer of Tainan
City
Year
established : 1986
*Office
& Facilities*
===============
Size : 10,348 sq meters (Approx)
Location : Tainan City
Property
status : Owned by TAINAN SPINNING CO LTD
Type of
building : Commercial & Industrial mixed
Comments : Serves as office,
factory 1 and warehouse.
*Corporate
& Organization Structure*
=============================
Organization
and management of the company is divided into several departments:
Department In-Charged Telephone nos. Fax nos. E-mail address
---------------- --------------- --------------------- ----------- --------------------
1. Spinning Yarn
Sales Mr. Hsiu 06-2376161 ext 405 06-2356629
yarnsale@tainanspin.com.tw
2. Chemical Fiber
Sales Mr. Kao 06-2376161 ext 462 06-2372815 polysale@tainanspin.com.tw
3. Procurement Mr. Wu 06-2376161 ext 522 06-2086213 buyer@tainanspin.com.tw
ORGANIZATIONAL
CHART
---------------------------------------
Board of Directors
|
|
President
|
|
Vice President
&
Chairman
|
|
General Manager
|
|
|---------------------------------General Manager
| Room
| |
CEO
___________|______________
| | | |
| Auditing
Department | Investment Department
| |
Vice General Manager |
|
___________|_____________
| | |
| Quality
Assurance Marketing & Planning
|
Department
Department
|
Development
Association--------|------Assistance
|
___________________________________|____________________________________________
| |
| | | |
| | | | | | |
|
Secretariat |
People | Textile Sales | Chemical | General |
Materials | Financial |
| Relationship | Dept. | Fiber | Affairs | & |
Dept. |
| Dept. | | Dept. | Dept. | Supplies | |
| | | | |
Dept. | |
| | | |
| | |
Accounting Chemical Tai-tzu
Jen-teh Hsin-shih Taipei Overseas
Dept. Fiber Factory Factory
Factory Office Branches
Factory
*Industry
Ranking*
==================
(1)
Considered
as 9th of the largest man-made fiber manufacturer and was also ranked as 44th
among Taiwan's largest manufacturer.
(2)
Ranked
51st among Taiwan's largest manufacturing corporations in 1992.
(3)
Generally
regarded as one of the Top 1000 Companies in Manufacturing Industry of Taiwan,
details of rank are as follows:
Year Rank
------- ---------
1999 115
2000 116
2001 122
*Sales
Ranking*
=============
Details
of rank are as follows:
Year Rank
------ ------
1996 65
1997 70
1998 92
*Reputation*
===========
Maintains
a very high and good reputation in the local market. The company's products are
household recognized brands.
Reference
checking for the purpose of establishing the firm's reputation within the
respective industry failed to reveal any negative information.
*Auditors*
=========
PRICEWATERHOUSECOOPERS
LTD
Web
site: www.tainanspin.com.tw SC’s website is unable to be landed at
present for the technical reason.
Email : general@mail.tainanspin.com.tw
For the
past two years there is no record of litigation.
*Major
Shareholders*
=================
Shareholders' Name No. of Shares
-------------------------- ---------------------
Mr.
Po-yi Hou 92,107,746
Mr.
Po-yu Hou 91,797,471
Mr.
Po-ming Hou 87,880,752
Mrs.
Pei-hua Hou Chen 23,483,205
Mr.
Ying-chih Chuang 15,666,608
Mr.
Chao-nan Wu 14,075,385
Mr.
Kuo-keng Chen 9,874,434
Mr.
Chung-ho Wu 9,649,910
Mr.
Kao-huei Cheng 8,963184
Mr.
Liang-hung Wu 8,958,573
Ms.
Tzu-hsiu Wu 8,845,347
Mrs.
Mao-yu Cheng Hung 7,013,638
Mrs.
Chao-mei Wu Tseng 5,780,419
Ms.
Yin-yin Chen 4,923,370
Mr.
Yin-lang Wu 4,627,655
Mr.
Ying-nan Chuang 3,622,346
Mr.
Kuo-chen Chen 2,381,769
Mr.
Lung-nan Sun 2,257,675
Mr.
Chin-yuen Kao 2,015,669
Mr.
Wen-ten Hou 1,702,685
Mr.
Wu-chung Hou 1,683,820
Mr.
Yu-feng Yen 1,282,731
Mr.
Chih-sheng Hou 432,660
Mr.
Shu-min Wu 303,124
Mrs.
Ching-chien Hou Su 54,491
Ms.
Yi-chen Chang 15,161
Name Nationality
Job Description
Mr.
Cheng-ho Chen Taiwanese Assist. Manager
Mr.
Jui-teh Huang Taiwanese Vice General Manager
Mr.
Meng-sheng Liao Taiwanese Manager Account
Mr.
Ming-chen Liu Taiwanese Manager Finance
Mr.
Po-ming Hou Taiwanese General Manager
Mr.
Tung-yuan Yang Taiwanese Vice General Manager
Ms.
Li-lin Cheng Taiwanese Assist. Manager
*Key
Personnel*
==============
(1)
Shan-lien
Wu
Founder : Co-Founder
Status : Deceased
(2)
Yu-li Ho
Founder : Co-Founder
Status : Deceased
(3)
Kao-hui
Cheng
Founder : Co-Founder
Age : 73 years
Resident
status : Taiwan
Responsibilities :
Handle the daily operation of the firm including all financial and legal
matters
Work
experience : More than 30 years
Other
position : Director of UNI-PRESIDENT ENTERPRISES CORP
Chairman of NANTEX INDUSTRY CO LTD.
*Main Products & Services*
======================
Specializing
in three main areas of work:
1.
Importing of textile used chemicals.
2.
Production of raw materials of weave cloths and other related products
incorporating some of the raw materials imported.
3.
Exporting of finished products.
Carries
the brand following brand:
- TONY
JEANS
- TONY
WEAR
Products
: Blended yarns
Carded
cotton yarns
Combed
cotton yarns
Core
spun yarns
Cotton
yarns
Brand
EMELY
Brand
NANLON
Brand
TAITZLON
*Payment
Terms*
=============
Sales
------
Local :
Cash
30-60 days credit
Export : Letter of Credit (L/C)
Telegraphic Transfer (T/T)
Purchases
--------------
Local :
Cash
30-60 days credit
Import : Letter of Credit (L/C)
Telegraphic Transfer (T/T)
*Competitors*
===========
The
following locally based firms supply similar range of products/services:
-
FORTUNE TEXTILE CO LTD
- DAH
CHICH ENTERPRISE CO LTD
-
JOHNSON LACE CO LTD
- CHYANG
SHENG DYEING & FINISHING CO LTD
-
CRINKLE TEXTILE CO LTD
- LEALEA
ENTERPRISE CO LTD
*Association*
===========
Member
of :
- Taiwan
Man-Made Fiber Industries Association
*Machinery
& Equipment*
====================
Machinery/
Equipment include:
Machine/Equipment Brand Model Quantity
------------------------- -------- ------------ ---------------
Computer IBM S38
Spinning
Jenny - - 119,000 units
*Production
Capacity*
==================
Item Current Capacity Maximum Capacity
------- -------------------------- ------------------------
OE
Yarn 30,000
spindle
38,610 spindle
Cotton
yarn 180,000
spindle 181,787 spindle
Polyester
cotton 136,999 tons 140,000 tons
Ployester 48,435 tons 60,000 tons
Silk
raw 117,919 tons
120,000
tons
Silk raw
with filature 14,269 tons 14,400
tons
Other
products:
Item Tons per day
------ -------------------
Polyester-Pre-Oriented
Yarn 210
Polyster
Stable Fiber
250
Chip 180
Spinning:
Ring
spinning 161,952 spindles
OE
spinning 2,592 spindles
*Quality
Certification*
==================
Obtained
the following certifications:
(1)
Type of
certification : ISO-9002
Year of
certification : 1994
Other
details : JenTeh Spinning Plant and Polyester
Staple Fiber Plant passed the certificate.
(2)
Type of
certification : ISO-9002
Year of
certification : 1995
Other
details : Taitzu Polyester Filament Plant and
Hsinshih Spinning Plant passed the
certificate.
(3)
Type of
certification : ISO-14001
Year of
certification : 1999
Other
details : Taitzu Polyester Filament Plant and
Polyester Staple Fiber Plant passed the
certificate.
*Subcontractors*
==============
Company
name :
THREE H TAIWAN INDUSTRIES CORP
Work
performed : Designing,
installing, and maintaining fire protection system in petrochemical
factory.
*Local
Distribution Network*
=======================
45% of
the annual turnover is attributed to local sales.
*Domestic
Raw Materials Suppliers*
============================
Major
local suppliers include:
(1)
Supplier's
name : CHINA AMERICAN PETROCHEMICAL CO LTD
Material/components
: PTA
Annual
purchase : NTD 4,312,076,000.00
(2)
Supplier's
name : ORIENTAL UNION CHEMICAL CORP
Material/components
: EG
Annual
purchase : NTD 729,783,000.00
*Domestic
Customers*
==================
Major
local customers include:
(1)
Customer's/Client's
name : ECLAT TEXTILE CO LTD
Product/Buying : Spun yarn
(2)
Other
customers include:
- YI
JINN INDUSTRIAL CO
- HSIN
PAO TEXTILE CO LTD
- UNITED
RAW MATERIAL SOLUTIONS INC
*Export
Markets*
=============
55% of
the annual turnover is attributed to export.
*International
Trade Ranking*
======================
Ranked
94th among Taiwan's Top Importers/Exporters based on the standard measured by
the Board of Foreign Trade (BOFT) in 1997.
*Overseas
Customers*
=================
Company
name : FASHIONTEX
Country : South Africa
Annual
sales : NTD 847,817,000.00
*OVERSEAS
AGENTS AND DISTRIBUTORS*
=====================================
Agent : AAFLOAT TEXTILES
(INDIA) LTD
Country
of Origin : India
*LOCAL BRANCHES & MANAGEMENT*
==================================
Branch : TAINAN SPINNING CO
LTD - TAIPEI CITY
Branch
Address : 4Fl San Lien Bldg
560 Chung Hsiao East Rd Section 4 Hsin-i Dist, Taipei City,
110
Branch
Tel : [+886]
2-27589888
Branch
Fax : [+886] 2-27582804
Branch
Employees : 200
Branch : TAINAN SPINNING CO
LTD (FACTORY 5) - HSINSHIH HSIANG
Branch
Address : 111 Chung Hua Rd
Yung Chiao Village Hsinshih Hsiang, Tainan Hsien 744
Branch
Tel : [+886] 6-5982611
Branch
Employees : 250
Branch : TAINAN SPINNING CO
LTD (FACTORY 4) - JENTE HSIANG
Branch
Address : 419 Chung Cheng Rd
Section 3 Jente Hsiang, Tainan Hsien 717
Branch
Tel : [+886] 6-2724421
Branch
Fax : [+886] 6-2724401
*(Subsidiaries,
Joint-ventures & Affiliates)
================================
Company
Name : HOWARD BEACH
RESORT-KENTING CO LTD
Address : 2 Ken-ting Rd Hengchun
Chen 946 Pingtung Hsien Taiwan
Country : Taiwan
Relationship
: Minor Investments
Legal
Form : Private Limited
Company
Company
Type : Service
Industry
: Hotel,
Entertainment & Recreation
Company
Name : HOWARD PLAZA HOTEL
Address : 160 Jen Ai Rd Section 3
Ta-an Dist Taipei City 106 Taiwan
Country : Taiwan
Relationship
: Affiliate
Legal
Form : Private Limited
Company
Company
Type : Service
Industry
: Hotel,
Entertainment & Recreation
Company
Name : NAN FAN CONSTRUCTION CO
LTD
Address : 4Fl, 90 Chung Shan Rd
Central Dist Tainan City 700 Taiwan
Country : Taiwan
Relationship
: Subsidiary
Legal
Form : Private Limited
Company
Company
Type : Service
Industry
: Construction
& Construction Materials
Company
Name : NAN FAN INDUSTRIAL CO
LTD
Address : 4Fl, 90 Chung Shan Rd
Central Dist Tainan City 700 Taiwan
Country : Taiwan
Relationship
: Subsidiary
Legal
Form : Private Limited
Company
Company
Type : Service
Industry
: Construction
& Construction Materials
Company
Name : NANTEX INDUSTRY CO LTD
Address : Lin Yuan Industrial
Park 9 Industrial 1st Rd Linyuan Hsiang 832 Kaohsiung
Hsien Taiwan
Country : Taiwan
Relationship
: Affiliate
Legal
Form : Public Listed
Company
Company
Type : Manufacturer
Industry
: Rubber &
Products
Company
Name : PRESIDENT ENERGY
DEVELOPMENT LTD
Address : Seven Miles Beach Grand
Cayman Cayman Islands
Country : Cayman Islands
Relationship
: Subsidiary
Legal
Form : Private Limited
Company
Company
Type : Service
Industry
: Financial
Services - General
Company
Name : SCINO PHARM TAIWAN LTD
Address : Southern Taiwan Science
Park Nanke 8th Rd Shanhwa Chen 741 Tainan Hsien
Taiwan
Country : Taiwan
Relationship
: Subsidiary
Legal
Form : Private Limited
Company
Company
Type : Trader
Industry
: Medical
Equipment & Pharmaceutical
Company Name
: SOUTH EPITAXY CORP
Address : Southern Taiwan Science
Park 16 Ta Shun 9th Rd Shanhwa Chen 741 Tainan
Hsien Taiwan
Country : Taiwan
Relationship
: Subsidiary
Legal
Form : Public Listed
Company
Company
Type : Manufacturer
Industry
: Electronic
Products & Components
Company
Name : TAINAN SPINNING CO LTD
Address : Bien Hoa 2 IP Bien Hoa
Dong Nai Vietnam
Country : Vietnam
Relationship
: Subsidiary
Legal
Form : Private Limited
Company
Company
Type : Manufacturer
Industry
: Textiles &
Raw Material
*Strategic
Partners & Alliances*
=========================
Group/Alliance
name : TAINAN SPINNING Group
Holding
company : PRESIDENT ENERGY DEVELPOMENT LTD
Country : Cayman Islands (British)
Flagship
company : TAINAN SPINNING CO LTD
Country : Taiwan
Management
center : Tainan, Taiwan
Group
members : - TAINAN SPINNING CO LTD (Vietnam)
- NAN
FAN CONSTRUCTION CO LTD
-
HOWARD BEACH RESORT KENTING CO LTD
-
NANTEX INDUSTRY CO LTD
PAYMENT RATING : 2 OBTAINED SCORES :
84
|
Implication |
Implications |
|
|
1 |
Scores 85–100 |
Excellent |
|
2 |
Scores 75 – 84 |
Above Average |
|
3 |
Scores 50 – 74 |
Average |
|
4 |
Scores 35 – 49 |
Fair |
|
5 |
Scores 15 – 34 |
Below Average |
|
6 |
Scores 01 – 14 |
Poor |
|
NR |
No Data |
No Data |
The
rating indicates the payment pattern of SC based upon our Payment Database,
comments from suppliers of SC, information from banks (if available), as well
as industrial sources.
Dealings on open terms may be possible for
FAIRLY LARGE amounts depending on individual judgement experience.
*BANK DETAILS*
===============
Bank Name
: BANK OF TAIWAN
Branch : Chungcheng
Dist,Taipei City
Branch
Address : 120 Chung Ching
South Rd Section 1 Chungcheng Dist Taipei City 100 (Head
Office)
SWIFT
Code : BKTWTWTP
Bank
Name : CHANG HWA COMMERCIAL BANK LTD
Branch :
Central Dist,Taichung City
Branch
Address : 38 Tzu Yu Rd Section
2 Central Dist Taichung City 400 (Head Office)
SWIFT
Code : CCBCTWTP
Balance Sheet
Currency : NTD
Denomination : in Thousand
30 September, 2006 2005 2004
2003 2002 2001
------------------------- ------ ------ ------ ------
------
Current Assets 3,273,221 3,834,196 5,925,407 6,082,215 5,229,931 4,871,500
Funds &
long-term
investments 11,969,420 11,120,322 7,552,791 8,162,621 8,043,038
7,839,973
Property
8,372,914 8,846,706 9,445,040 9,755,996
10,276,026 10,974,533
Intangible
Assets
87,083 98,304 117,965
137,626 642,082 601,563
Other Assets
4,607,774 4,634,757 4,679,781 4,874,019
4,930,045 4,985,496
Total Assets 28,310,412 28,534,285
27,720,984 29,012,477 29,121,122 29,273,065
Current Liabilities
(Before) 1,583,080 2,869,692 1,634,494
2,748,646 2,711,202 3,251,096
(After)
2,869,692 1,957,819 3,229,316 3,043,692
3,251,096
Long-term
Liabilities
0 349,426 877,550 1,148,008 1,602,401
Other
Liabilities
1,367,926 1,316,788 1,169,984 939,641
740,637 629,884
Total Liabilities
(Before) 6,327,570 7,563,044 9,097,999
10,509,932 10,543,942
11,454,719
(After)
7,563,044 9,421,324 10,990,602 10,876,432
11,454,719
Common stock 14,935,240 14,935,240 14,935,240 14,935,240
15,013,380 15,013,380
Capital
Reserve 4,424,072 1,864,856 1,839,095
1,803,112 2,020,343
Retained Earnings
(Before) 2,756,660 2,478,050 2,779,949 2,430,968 1,859,354
890,189
(After)
2,478,050 2,456,624 1,950,298 1,526,824
890,189
Total Shareholder's
Equity
(Before) 21,982,842 20,971,241
18,622,985 18,502,545 18,577,180 17,818,346
(After)
20,971,241 18,299,660 18,021,875 18,244,690 17,818,346
Income Statement
Currency : NTD
Denomination : in
Thousand
30 September, 2006 2005
2004 2003 2002 2001
------------------------- ------ ------
------ ------ ------
Operating
revenue
8,980,131 14,167,620 15,022,219 11,816,265
10,903,071 9,446,614
Gross Profit
699,683 778,196 1,101,926 1,132,859
1,061,950 262,439
Operating
Income
24,236 (171,896) 208,604 323,071
271,192 (592,494)
Non-operating
income
675,705 604,991 1,010,251 721,738
558,743 134,161
Non-operating
expense 349,640 (324,530) (223,299) (57,071)
(78,845) (179,598)
Net Income
278,609 21,426 829,651 904,104
750,802 (973,895)
Earnings (losses)
per share 0.19 0.01
0.56 0.61 0.50 (0.65)
Financial Ratios
2005 2004 2003 2002 2001
------- ------- -------
------- -------
Ratio of
liabilities to Assets (%) 26.51 32.82
36.23 36.21 39.13
Ratio of long-term
capital to fixed Assets (%) 237.05 200.87
198.65 191.95 176.96
Current ratio
(%) 133.61 362.52 221.28
192.90 150.00
Quick ratio (%) 41.15 57.23 39.88 40.23 35.59
Interest
coverage 5.11 43.96 20.73
8.07 (2.16)
Turnover of
receivable (times)
15.48 16.99
12.79 13.36 10.09
Average collection
period of receivable 23.58 21.48
28.54 27.32 36.17
Turnover of
inventories (times)
5.92 6.36 5.21 5.70
5.88
Turnover of expense
(times)
12.11 14.11 11.17 11.78 15.17
Average days of
sales 61.66
57.39 70.06 64.04 62.07
Turnover of fixed
assets (times)
1.55 1.56 1.18 1.03 0.80
Turnover of total
assets (times) 0.50 0.53 0.41
0.37 0.32
Return on total
assets (%)
0.10 2.93 3.15 2.72
(2.86)
Return on
shareholder's Equity (%) 0.11 4.47 4.88
4.13 (5.32)
Operating
Income (1.15) 1.40 2.16
1.81 (3.95)
Net Income before
tax 0.73 6.67
6.61 5.00 (4.25)
Profit margin
(%) 0.15 5.52 7.65
6.89 (10.31)
Retroactive 0.01 0.56 0.61
0.50 (0.65)
Cash flows ratio
(%) 10.29 61.92 17.26
39.46 2.62
Cash flows adequacy
(%) 73.70 115.24 116.43 61.20 74.01
Cash reinvestment
ratio (%) - 1.46 0.46
2.89 0.24
Degree of operating
leverage 37.32 (29.22)
(2.86) (1.18) (0.90)
Degree of financial
leverage
0.95 1.01 1.06 1.26 0.79
*FINANCIALS SUMMARY (Currency: U.S. $'s)
====================================
Year Sales Assets Net Income
1996 $441,481,481.48 $1,081,481,481.48 $18,219,259.26
1997 $457,777,777.78 $1,128,148,148.15 $36,682,666.67
1998 $340,333,333.33 $1,038,666,666.67 $446,900.00
1999 $302,051,156.25 $998,357,750.00 $5,600,875.00
2000 $324,305,349.92 $949,052,970.45 $456,982.89
2001 $274,132,733.60 $849,479,541.50 -$28,261,607.66
2002 $313,396,694.45 $837,054,383.44 $21,580,971.54
2003 $340,722,750.87 $836,576,614.76 $26,069,896.19
2004 $451,789,473.68 $833,714,285.71 $24,932,330.83
2005 $447,634,123.22 $901,557,187.99 $676,966.82
*Int´l Trade Activity (Currency: U.S. $'s)
===============================
Year Imports Exports Total
1996 $0.00 $114,785,185.18 $114,785,185.18
1997 $0.00 $119,022,222.22 $119,022,222.22
1998 $0.00 $88,486,666.67 $88,486,666.67
1999 $105,254,687.50 $110,795,937.50 $216,050,625.00
2000 $94,627,371.70 $69,879,937.79 $164,507,309.49
2001 $66,865,280.09 $89,195,965.06 $156,061,245.15
2002 $66,778,094.34 $152,420,175.40 $219,198,269.74
2003 $67,303,260.99 $151,299,800.00 $218,603,060.99
2004 $60,383,790.02 $240,499,607.01 $300,883,397.03
2005 $67,432,326.00 $245,376,524.01 $312,808,850.01
SC is considered an old-established business in large size. It is considered a credit line up to USD1,000,000 appears to be within SC’s capacities.
ATTACHED: TRADE REFERENCES
SIC PRODUCT CLASSIFICATION &
ACTIVITY
Activity Code Product/Service Description
Exporting 2262 Finish Man Fiber/Silk Fabric
Exporting 2281 Yarn, spun, of cotton, man-made fibers, and silk
Exporting 2284 Thread and handwork yarns
Exporting 2299 Textile goods
Exporting 2821 Plastics materials and resins
Exporting 3199 Leather goods
Exporting 3552 Textile machines, and parts and attachments
Importing 2800 Chemicals and Allied Products
Importing 2869 Industrial organic chemicals
Importing 2899 Chemical preparations
HARMONIZED PRODUCT CLASSIFICATION
& ACTIVITY
Activity Code Product/Service Description
Exporting 3907 Polyethers, expoxides & polyesters, primary forms
Exporting 3907600000 Polyethylene terephthalate
Exporting 4204000000 Articles of leather or composition leather used in machinery or
mechanical appliances or for other technical uses
Exporting 5000 Silk, inc. yarns & woven fabrics thereof
Exporting 5205 Cotton yarn (not sewing thread) nu 85% cot no retail
Exporting 5205220000 Single combed cotton yarns, greater than or equal to 85 percent cotton,
greater than 14 nm but less than or equal to 43 nm, not put up for retail
sale
Exporting 5206240000 Single combed yarns, of cotton, less than 85 percent by weight of cotton,
greater than 52 nm but less than or equal to 80 nm, not for retail sale
Exporting 5206420000 Multiple, folded, cabled combed yarns, of cotton, less than 85 percent ,
greater than 14 nm but less than or equal to 43 nm, not up for retail sale
Exporting 5402 Synthetic filament yarn (no sew thread), no retail
Exporting 5402330000 Synthetic filament yarn other than sewing thread, not put up for retail
sale, textured yarn of polyesters
DETAILED PRODUCT CLASSIFICATION &
ACTIVITY
Activity
Product/Service
Description
Exporting Fancy yarns
Exporting Leather, articles
Exporting PC (polyester cotton) yarns
Exporting Polyester DTY
Exporting Synthetic filament yarn
Exporting Slub yarns
Exporting Single combed cotton yarns
Exporting Pre-oriented yarns (POY)
Exporting Polyethylene tetraplate (PET)
Exporting Polyester fiber yarn
INTERNATIONAL TRADE : ACTIVITY &
MARKETS
Exporting to Argentina
Exporting to Asia
Exporting to Australia
Exporting to Bangladesh
Exporting to Belgium
Exporting to Brazil
Exporting to Chile
Exporting to China
Exporting to Dominican Republic
Exporting to Ecuador
Exporting to Egypt
Exporting to Europe
Exporting to Guatemala
Exporting to Hong Kong
Exporting to India
Exporting to Indonesia
Exporting to Iran
Exporting to Israel
Exporting to Italy
Exporting to Japan
Exporting to Malaysia
Exporting to Mexico
Exporting to Middle East
Exporting to New Zealand
Exporting to Oceania
Exporting to Pakistan
Exporting to Peru
Exporting to Philippines
Exporting to Poland
Exporting to Russia
Exporting to Saudi Arabia
Exporting to South Africa
Exporting to South America
Exporting to South Korea
Exporting to Sri Lanka
Exporting to Thailand
Exporting to Turkey
Exporting to USA
Exporting to United Kingdom
Exporting to Vietnam
Importing from Argentina
Importing from Asia
Importing from Austria
Importing from Belgium
Importing from China
Importing from Egypt
Importing from Europe
Importing from France
Importing from Germany
Importing from India
Importing from Italy
Importing from Japan
Importing from Middle East
Importing from Oceania
Importing from Saudi Arabia
Importing from Singapore
Importing from South America
Importing from Switzerland
Importing from USA
Importing from United Kingdom
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|