MIRA
INFORM REPORT
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Report Date : |
5th March, 2007 |
IDENTIFICATION
DETAILS
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Name : |
RUENTEX INDUSTRIES LTD |
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Registered Office : |
13fl-1, 308 Pa Teh Rd Section 2 Chungshan Dist Taipei City 104 ,
Taiwan |
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Country : |
Taiwan |
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Financials (as on) : |
30.09.2006 |
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Date of Incorporation : |
14.01.1976 |
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Com. Reg. No.: |
14053007 |
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Legal Form : |
Public Listed |
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Line of Business : |
Import of raw materials, Production of a range of textile
products incorporating some of the raw materials imported & Export of its
finished products. |
RATING &
COMMENTS
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MIRA’s Rating : |
Aaa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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Maximum Credit Limit : |
USD 5,000,000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Name & Address
RUENTEX INDUSTRIES
LTD
13FL-1, 308 PA TEH RD SECTION 2 CHUNGSHAN
DIST TAIPEI CITY 104 , TAIWAN
TEL :
[+886] 2-81617999
FAX :
[+886] 2-81617962
EXECUTIVE SUMMARY
INCORPORATION DATE :
JANUARY. 14, 1976
REGISTRATION NO. :
14053007
LEGAL FORM :
PUBLIC LISTED
CHIEF EXECUTIVE :
MS. CHI-FAN WANG (CHAIRMAN)
STAFF STRENGTH :
1,624
CAPITAL :
US$ 305,114,855
BUSINESS LINE :
MANUFACTURER
TURNOVER :
NTD3,747,825,000 (AS OF SEP. 30, 2006)
EQUITIES :
NTD 7,991,502,000 (AS OF SEP. 30, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
UP TO USD 5,000,000
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
GOOD
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
TWD 32.89619 = US$1 AS OF 2007-03-05
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*
===============
1976 - Merged with its
five affiliated companies in response to the Government's advocacy for
the
expansion of private enterprises and
has organized an integrated operation handling
not only imports of
raw cotton but also spinning, weaving, dyeing, finishing, and
printing.
1977 - Became a public
company when approved by the Ministry of Economic Affairs and listed
on the Taiwan Stock Exchange.
1997 - Opened RT-Mart Penchen store.
1998 - Opened RT-Mart Chung Ho store.
*Company Registration*
===================
License number : 14053007
Date issued
: 14 January, 1976
Issuing authority : Ministry of Economic Affairs (MOEA)
*Capital Details*
============
Share value
: NTD 10.00/-each
Authorized capital
: NTD 9,962,000,000.00
Initial paid-up capital : N/A
Paid-up capital increases as follows :
Date
Increase/decrease (NTD)
------
-----------------------------------
1995
4,308,912,470.00
1996
4,567,447,220.00
1998
7,505,249,000.00
1999
7,880,511,450.00
August, 2006
7,793,409,450.00
*Office & Facilities*
===============
Size :
70 sq. meters
Location : Taipei City
Property status : Rented
Type of building :
Commercial
Other Contact Details
-----------------------------
Fax nos :
2-27060997 (Operator)
2-27079799 (Sales)
2-23256544 (Trading)
E-mail : david@mail.ruentex.com.ts
Previous contact details
--------------------------------
Address :
21Fl Ruentex Tower 76 Tun Hua South Rd Section 2 Ta-an Dist Taipei City 106
Tel no : 2-27058181
Fax no : 2-27031170
*Machinery & Equipment*
====================
The company operates six mills which form an integrated
production lines from spinning, dyeing, sizing, weaving, finishing & printing.
The machines are controlled by computer networks which allow immediate response
to any production problem.
Each mill is allocated to specific areas of production.
Mill No 1 : Sizing, Dyeing, Weaving & Finishing
Mill No 2 : Printing & Dyeing
Mill No 3 : Spinning, Dyeing, Sizing & Weaving
Mill No 4 : Spinning
Mill No 5 : Dyeing, Weaving
Mill No 6 : Weaving
*Factories, Size & Locations*
=======================
Factory 1
-------------
Type of building :
Manufacturer
Land size
: 162,000 sq feet ( Approx)
Location
: Taoyuan Hsien
Factory 2
-------------
Type of building :
Manufacturer
Land size
: 129,600 sq feet ( Approx)
Location
: Taoyuan Hsien
Factory 3
-------------
Type of building :
Manufacturer
Land size
: 122,400 sq feet ( Approx)
Location
: Taoyuan Hsien
*Corporate & Organization Structure*
=============================
Organization and management of the company is divided into four
(4) business divisions :
1. Textile - Diverse varieties of textile products in
one-stop shopping.
2. Trade - Offers garment proofing, production and agency
- Own
the agency of Nautica men's wear and provide business uniform styling service
3. Hyper-mart - Diversification into new business arena.
4. Construction
Also maintains an R&D division that service for total
capacity of Try weave 400 patterns and Hand room 1,000 patterns per month.
*Industry Ranking*
==============
(1)Considered one of Taiwan's leading textile manufacturers.
(2)Generally regarded as one of the Top 1000 Companies in
Manufacturing Industry of Taiwan.
*Sales Ranking*
============
Details of rank are as follows:
Year Rank
------
------
1996 293
1997 134
1998 106
2000 117
2001 123
2002 143
*Auditors*
=========
DELOITTE & TOUCHE
*Registrar*
=========
RUENTEX INDUSTRIAL
*Reputation*
==========
Reference checking for the purpose of establishing the
firm's reputation within the respective industry failed to reveal any negative
information.
Web site: www.ruentex.com.tw The design is professional and the content
is well organized. At present it is both in Chinese and English version.
Email : james@mail.ruentex.com.tw
Litigation
( 1 ) Not Adverse
Position :
Plaintiff
Other Parties Involved :
Position Country Party's Name
Defendant Taiwan PAN ASIA INVESTMENT CO LTD
Case Issue : A petition to the Court to nullify the purchase
contract between parties and to be compensated in the amount of NT$44,513,600.0
Date Closed : 1 January, 2003
Status : Defendant lost
Summary : PAN ASIA INVESTMENT CO LTD had expressed its
disapprovement against its contract between RUENTEX INDUSTRIES LTD for the
purchase TRANS ASIA DEVELOPMENT CORP's shares from PAN ASIA INVESTMENT CO LTD.
Litigation
( 2 ) Not Adverse
Position : Defendant
Other Parties Involved : Position Country Party's Name
Plaintiff Taiwan PAN
ASIA INVESTMENT CO LTD
Case Issue : An appeal to the Court to reverse the decision
of a lower court on the nullification of a purchase contract between parties.
Court : High Court, Taiwan
Date Closed : 30 December, 2003
Status : Case closed
Summary : RUENTEX INDUSTRIES LTD stated that the amount of
NT$1,760,000,000 as shown in the purchase contract of shares were an
approximated amount, revealing that the actual amount should be
NT$1,762,920,000 (for 140,288,500 shares) based from the market value. But PAN
ASIA INVESTMENT CO LTD stated that the shares of TRANS ASIA DEVELOPMENT CORP
should be sold at book value. RUENTEX INDUSTRIES LTD had performed a financial
investigation with TRANS ASIA DEVELOPMENT CORP and discovered that the market
value of TRANS ASIA DEVELOPMENT CORP were NT$1,116,620,000 which is far below
of its book value of US$517,290,000 and stated that per share price should be marked
as NT$2.587. PAN ASIA lost the case and was asked to pay NT$9,459,247.80 to
RUENTEX.
*Stock Exchange Listing Details*
=========================
Country for listing : Taiwan
Name of Stock Exchange : Name Acronym
TAIWAN STOCK EXCHANGE TSE
Trading Symbol / No. :
RUENTEX I
Date of listing :
20 July, 1977
Date of de-listing :
n/a
Company Registrar :
n/a
*Major Shareholders*
=================
Shareholders' Name No.of Shares
--------------------------
-----------------
RUENTEX DEVELOPMENT CO LTD 122,666,863
Shares are held by the following on behalf of RUENTEX
DEVELOPMENT CO LTD :
- Mr. Po-hsueh Hsieh
- Mr. Chih-chuan Chen
HUI HUNG INVESTMENT CO LTD 64,534,022
Shares are held by the following on behalf of HUI HUNG
INVESTMENT CO LTD :
- Mr. Ming-chung Chang
- Mr. Hsi-chiang Chao
- Mr. Chih-chang Hsu
- Mr. Yi-tsung Lin
- Mr. Chi-fan Wang
Management : Mr. Jen-lu Hsu, Manager
Mr. Tsung-lien Tsai, Manager
Mr. Ching-chih Chang, Assist. General Manager
Name
Nationality
Job Description
Mr. Jen-lu Hsu Taiwanese Manager Factor
Mr. Tsung-lien Tsai Taiwanese Manager Factor
Mr. Ching-chih Chang Taiwanese Assist.General Manager -
Mr. Chia-yi Huang Taiwanese Assist. Manager -
Mr. Ching-shun Wang Taiwanese Assist. Manager -
Mr. Chih-chang Hsu Taiwanese General Manager -
Mr. Cheng-chou Hsueh Taiwanese Vice General Manager -
Mr. Fan-wen Meng Taiwanese Vice General Manager -
Mr. Jui-nan Chang Taiwanese Vice General Manager -
Mr. Ming-chung Chang Taiwanese Vice General Manager -
Mr. Tai-min Kuo Taiwanese Vice General Manager -
Mr. Teh-liang Cheng Taiwanese Vice General Manager -
Mr. Tien-jie Lee Taiwanese Vice General Manager -
Mr. Wen-chun Chang Taiwanese Vice General Manager -
Mr. Yi-wen Wang Taiwanese Vice General Manager -
Ms. Hsiu-yen Chang Taiwanese Vice General Manager -
Mr. Chin-nan Lin Taiwanese Vice President -
Mr. Ming-jui Huang Taiwanese Vice President -
Mr. Yi-tsung Lin Taiwanese Vice President -
*Key Personnel*
============
(1)
Ms. Chi-fan Wang
Age
: 56 years
Born
: 18 January, 1948
Work experience : More than 10 years
Responsibilities :
Daily operation of the firm including all financial and legal matters.
Resident status :
Taiwan
(2)
Mr. Fan-wen Meng
Responsibilities : Financial Department
Email address :
wen-meng@mail.ruentex.com.tw
(3)
Mr. Tai-min Kuo
Responsibilities : Financial Department
*Main Products & Services*
======================
Specializes in three (3) main areas of work :
1. Import of raw materials.
2. Production of a range of textile products incorporating
some of the raw materials imported.
3. Export of its finished products.
Products are categorized into 3 types :
1. Yarn-dyed fabrics
- Such as
gingham, oxford, brushed twill, peach, seersucker, dobby, denim, chambray. The major raw
materials are
100% cotton, T/C, lycra, rayon, and linen
2. Piece-dyed fabrics
- The major raw
materials are 100% cotton, lycra, rayon, and linen.
3. Corduroy
- The major raw
materials are 100% cotton and lycra.
Products : Chambrays fabric
Corduroy
fabrics
Cotton
Dobby
fabrics
Micro suede
Brand Charles River
Brand Ruentex
*Payment Terms*
=============
Sales
------
Local : 30-60 days
credit
Export : Letter of Credit (L/C)
Telegraphic Transfer (T/T)
Purchases
--------------
Local : 30-60 days credit
Import : Letter of Credit (L/C)
Telegraphic Transfer (T/T)
*Associations*
============
Member of :
- The Importers and
Exporters Association of Taipei
*Competitors*
===========
The following locally based firms supply similar range of
products :
- CHIA HER INDUSTRIAL CO LTD
- EVEREST TEXTILE CO LTD
- MIGHTY ALLIANCE CORP
- SUMMIT INT'L LILY CO LTD
- TAINAN ENTERPRISES CO LTD
- FULL PLENTY INDUSTRY CO LTD
- DESIRE DEVELOPMENT INC
*Quality Certification*
==================
Obtained the following certifications :
(1)
Type of certification : ISO 9001
Date of certification
: June 2001
(2)
Type of certification : ISO 14001
Date of certification
: October 2001
(3)
Obtained the following certifications :
- OEKO-tex
- DuPont LYCRA
*International Exhibition Participation*
==============================
Participated in the following international exhibitions :
(1)
Exhibition fair :
ASAP Exhibition
Date attended : 18-21 February, 2002
Location :
Las Vegas, USA
(2)
Exhibition fair :
INTERSTOFF ASIA Exhibition
Date attended : 19-21 March, 2002
Location :
Hong Kong
(3)
Exhibition fair :
TEXWORLD Exhibition
Date attended : September 2002
Location :
Paris, France
(4)
Exhibition fair :
TNTER TEXTILE Exhibition
Date attended : October 2002
Location :
Shanghai, China
(4)
Exhibition fair :
OSAKA FABRIC'S SHOW
Date attended : November 2002
Location :
Japan
*Production Capacity*
=================
Category Composition Products Current capacity
(thousand yards/month)
------------- ------------------ ------------ --------------------------
Yarn-dyed fabrics
- Cotton
Oxford, Pin-point 4,500
- TC, CVC Oxford, Flanel
- Rayon, Model 40/50/60" (dress shirt)
Rayon, Tencel Gingham,
-
Lycra Peach,
Dobby, Wrinkle
- Linen Resistant,
0 Voile, Crepe, Denim, Chambray
Denim - Cotton Denim, Chambray 1,000
Piece-dyed fabrics
- Cotton
Wrinkle resistant 1,800
- Cotton/Rayon Mole skin
- Linen Peach
- Cotton/Lycra Indigo piece-dyed
Corduroy - Cotton Fashion corduroy
- Cotton/Lycra Dobby, Y/D Corduroy,
Indigo Piece-dyed
*Accountants*
===========
DELOITTE & TOUCHE
*Domestic Raw Materials Suppliers*
============================
Major local suppliers include :
- HEWLETT PACKARD TAIWAN LTD
- TAI AN TEXTILE CO LTD
*Domestic Customers*
=================
Company Name : ATTAIN ENTERPRISE CO LTD
Buying
: Piece dyed and Printed flannel
*Local Distribution Network*
=======================
88% of the annual turnover is attributed to local sales.
*Imports*
========
Cotton are imported from US, Pakistan and India.
*Export Markets*
=============
12% of the annual turnover is attributed to export.
Breakdown of export as per product are as follows :
Product Country/Region % of Export
------------- ---------------------- --------------
Cotton fabrics Asia 65.00
USA 25.00
Europe
5.00
Others
5.00
Ginghams cloths
Asia 65.00
USA
25.00
Europe
5.00
Others
5.00
Denims, cotton Asia 65.00
USA 25.00
Europe
5.00
Others
5.00
*Overseas Suppliers*
=================
Major overseas suppliers include :
(1)
Supplier's name :
N/A
Country
: Indonesia, India, Pakistan
Product/material : Cotton yarn
(2)
Supplier's name :
N/A
Country
: Pakistan
Product/material :
Griege cloth
*Overseas Customers*
==================
Major overseas customers include :
- EDDI BAUER
- JC PENNEY
- LEVI'S
- LIZ CLAIBORNE
- TOMMY HILFIGER
*International Trade Ranking*
========================
The firm has been ranked among Taiwan's Top Importers/Exporters
based on the standard measured by the Board of Foreign Trade (BOFT)
Details of rank are as follows :
Year Rank
-----
---------
1997 176
*Local Branches & Management*
=======================
Branch :
RUENTEX INDUSTRIES LTD - PINCHEN CITY
Branch Address :
13 Industrial 1 Rd Pinchen City, Taoyuan Hsien 324
Branch Tel :
[+886] 3-4695354
Branch :
RUENTEX INDUSTRIES LTD (FACTORY 3) - YANGMEI CHEN
Branch Address :
30 Shang-syh-hwu 4th Shang-hwu Li Yangmei Chen, Taoyuan Hsien 326
Branch Tel :
[+886] 3-4722405
Branch Fax :
[+886] 3-4725257
Branch :
RUENTEX INDUSTRIES LTD - CHUNGHO CITY
Branch Address :
B1, B2, 228 Chung Shan Rd Section 2 Chungho City, Taipei Hsien 235
Branch Tel :
[+886] 2-82411111
Branch :
RUENTEX INDUSTRIES LTD (FACTORY 2)- KUANYIN HSIANG
Branch Address :
59 Ching Chien 1st Rd Kuanyin Hsiang, Taoyuan Hsien 328
Branch Tel :
[+886] 2-82411111
* Subsidiaries,
Joint-ventures & Affiliates *
================================
Company Name :
CHIN-AN INVESTMENT CO LTD
Global Identifier :
P0344238
Address :
21Fl Ruentex Tower 76 Tun Hua South Rd Section 2 Ta-an Dist Taipei City 106
Taiwan
Country :
Taiwan
Relationship :
Subsidiary
Legal Form :
Private Limited Company
Company Type :
Service
Industry :
Financial Services - General
Company Name :
CHING-HUNG INVESTMENT CO LTD
Global Identifier :
P0904416
Country :
Taiwan
Relationship :
Affiliate
Legal Form :
Private Limited Company
Company Type :
Service
Industry :
Financial Services - General
Company Name :
CITY LINK CO LTD
Global Identifier :
P0344251
Address :
11Fl-1, 308 Pateh Rd Section 2 Chungshan Dist Taipei City 104 Taiwan
Country :
Taiwan
Relationship :
Affiliate
Legal Form :
Private Limited Company
Company Type :
Service
Industry :
Construction & Construction Materials
Company Name :
EAST CAPITAL INT'L LTD
Global Identifier :
P0344255
Address :
Offshore Incorporation's Centre Road Town Tortola Virgin Islands (British)
Country :
Virgin Islands (British)
Relationship :
Subsidiary
Legal Form :
Private Limited Company
Company Type :
Service
Industry :
Financial Services - General
Company Name :
FU-LI INVESTMENT CO LTD
Global Identifier :
P0344235
Address :
21Fl Ruentex Tower 76 Tun Hua South Rd Section 2 Ta-an Dist Taipei City 106
Taiwan
Country :
Taiwan
Relationship :
Subsidiary
Legal Form :
Private Limited Company
Company Type :
Service
Industry :
Financial Services - General
Company Name :
FU-YI INVESTMENT CO LTD
Global Identifier :
P0904420
Country :
Taiwan
Relationship :
Affiliate
Legal Form :
Private Limited Company
Company Type : Service
Industry :
Financial Services - General
Company Name :
FULL SHINE INT'L HOLDING LTD
Global Identifier :
P0344241
Address :
Tropic Isle Bldg Wickhams Cay Road Town Tortola Virgin Islands (British)
Country :
Virgin Islands (British)
Relationship :
Subsidiary
Legal Form :
Private Limited Company
Company Type :
Service
Industry :
Financial Services - General
Company Name :
GOLD LEAF INT'L GROUP CO LTD
Global Identifier :
P0344242
Address :
Tropic Isle Bldg Wickhams Cay Road Town Tortola Virgin Islands (British)
Country :
Virgin Islands (British)
Relationship :
Subsidiary
Legal Form :
Private Limited Company
Company Type :
Service
Industry :
Financial Services - General
Company Name :
HO-CHI INVESTMENT CO LTD
Global Identifier :
P0344249
Address :
21Fl Ruentex Tower 76 Tun Hua South Rd Section 2 Ta-an Dist Taipei City 106
Taiwan
Country :
Taiwan
Relationship :
Affiliate
Legal Form :
Private Limited Company
Company Type :
Service
Industry :
Financial Services - General
Company Name :
KOMPASS GLOBAL SOURCING SOLUTIONS LTD
Global Identifier :
P0344243
Address :
21Fl Ruentex Tower 76 Tun Hua South Rd Section 2 Ta-an Dist Taipei City 106
Taiwan
Country :
Taiwan
Relationship :
Subsidiary
Legal Form :
Private Limited Company
Company Type :
Trader
Industry : Textiles & Raw
Material
Company Name :
NEW ZONE INT'L LTD
Global Identifier :
P0904421
Country :
Samoa
Relationship :
Subsidiary
Legal Form :
Private Limited Company
Company Type :
Trader
Industry : Textiles & Raw
Material
Company Name :
RT MART INT'L LTD
Global Identifier :
P0344252
Country :
Syria
Relationship :
Affiliate
Legal Form :
Private Limited Company
Industry :
N/A
Company Name :
RT MART INT'L LTD
Global Identifier :
T0009754
Address :
2Fl, 36, Lane 128, Hsin Hu 1st Rd Neihu Dist Taipei City 114 Taiwan
Country :
Taiwan
Relationship :
Minor Investments
Legal Form :
Private Limited Company
Company Type :
Trader
Industry :
Consumer Products
Company Name :
RUEN FU NEWLIFE CORP
Global Identifier :
31536935
Address :
19Fl 76 Tun Hua South Rd Section 2 Ta-an Dist Taipei City 106 Taiwan
Country :
Taiwan
Relationship :
Affiliate
Legal Form :
Private Limited Company
Company Type :
Service
Industry :
Construction & Construction Materials
Company Name :
RUENTEX DEVELOPMENT CO LTD
Global Identifier :
31536931
Address :
24Fl Ruentex Tower 76 Tun Hua South Rd Section 2 Ta-an Dist Taipei City 106
Taiwan
Country :
Taiwan
Relationship :
Subsidiary
Legal Form :
Public Listed Company
Company Type :
Service
Industry :
Construction & Construction Materials
Company Name :
RUNTEX CEMENT CO LTD
Global Identifier :
P0344246
Country :
Taiwan
Relationship :
Subsidiary
Legal Form :
Private Limited Company
Company Type :
Trader
Industry :
Construction & Construction Materials
Company Name :
SHING YEN CONSTRUCTION DEVELOPMENT CO LTD
Global Identifier :
P0904354
Address :
11Fl-1, 308 Pa Teh Rd Section 2 Chungshan Dist Taipei City 104 Taiwan
Country :
Taiwan
Relationship :
Affiliate
Legal Form :
Private Limited Company
Company Type :
Service
Industry :
Construction & Construction Materials
*Strategic Partners & Alliances*
=========================
Group/Alliance name :
RUENTEX Group
Holding company : RUENTEX INDUSTRIES LTD
Country :
Taiwan
Group members
: - RUENTEX DEVELOPMENT CO LTD
- FU-LI INVESTMENT CO LTD
- CHIN-AN INVESTMENT CO LTD
- CHIN-AN INVESTMENT CO LTD
- FULL SHINE INT'L HOLDING
LTD
- GOLD LEAF INT'L GROUP CO
LTD
- EAST CAPITAL INT'L LTD
- KOMPASS GLOBAL SOURCING
SOLUTIONS LTD
- RUNTEX CEMENT CO
LTD
- HO-CHI INVESTMENT CO LTD
- SHING YEH CONSTRUCTION
& DEVELOPMENTCO LTD
- CITY LINK CO LTD
- RT MART INT'L LTD
- RUEN FU NEWLIFE CORP
*Importer agency listing*
=================
Supplier :
NAUTICA ENTERPRISE INC
Global Identifier :
P0316860
Country of Origin :
USA
Product Description :
Clothes
Brand :
NAUTICA
Year :
1993
Supplier :
DANIEL CREMIEUX
Global Identifier :
P0747760
Country of Origin :
France
Product Description :
Clothes
Brand :
DanielCremieux
Year :
2002
*Import Agencies*
===============
Also maintains import agencies from the following :
Country
Agency for
Product
Year
------------- ----------------- ------------
---------
USA JEEP Clothes 2002
France Kookai Underwear 2002
*Domestic Agency Contracts Maintained*
=================================
- COSA LIEBERMANN TRADING CO LTD
*TRADE STATISTICS
(Currency: U.S. $'s)
====================================
Year
Imports
Exports
Total
2000
$23,202,445.01
$95,966,018.97
$119,168,463.98
2001
$23,568,818.75
$86,792,620.89
$110,361,439.64
2002
$30,084,881.58
$78,341,983.18 $108,426,864.76
PAYMENT
RATING :1 OBTAINED SCORES :
85
|
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 LARGE
amounts depending on individual judgement experience.
*Bank Details*
=================
Bank Name :
BANK OF TAIWAN
Global Identifier :
31534064
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 :
FIRST COMMERCIAL BANK CO LTD
Global Identifier :
31535094
Branch :
Chungcheng Dist,Taipei City
Branch Address :
10Fl, 30 Chungking South Rd Section 1 Chungcheng Dist Taipei City 100 (Head
Office)
SWIFT Code :
FCBKTWTP
Bank Name :
LAND BANK OF TAIWAN
Global Identifier :
31536266
Branch :
Chungcheng Dist,Taipei City
Branch Address :
46 Kuan Chien Rd Chungcheng Dist Taipei City 100 (Head Office)
SWIFT Code :
LBOTTWTP
Bank Name :
TAIPEI FUBON COMMERCIAL BANK CO LTD
Global Identifier :
31537349
Branch :
Chungshan Dist,Taipei City
Branch Address :
50 Chung Shan North Rd Section 2 Chungshan Dist Taipei City 104 (Head
Office)
SWIFT Code :
TPBKTWTP
*Financials*
==========
(1)
Balance Sheet
Currency : NTD
Denomination : In
Thousand
2001 2002 2003 2004 2005
------------ ------------ ------------ ------------
------------
Current Assets
4,653,129
4,409,499 3,646,283 2,687,088 3,236,290
Funds & long-term 9,486,138
6,761,193 7,054,290 6,526,451
6,954,117
investments
Property 5,743,136 6,267,733
5,657,498 5,211,143 4,569,074
Intangible Assets 89,662 98,005 42,126
82,992 48,091
Other Assets 896,898 851,952
473,489 482,546 420,587
Total Assets
20,779,301
18,290,377 16,831,560 14,907,228 15,180,068
Current Liabilities
6,802,248
6,560,711 6,591,672 3,491,376 4,134,520
(Before)
(After) 6,802,248 6,560,711
6,591,672 3,491,376 -
Long-term Liabilities
5,493,039
5,165,445 2,696,035 3,809,773 3,324,116
Other Liabilities 583,487 630,177
602,930 679,980 663,840
Total Liabilities
12,878,774 12,356,333 9,890,637
7,981,129 8,122,476
(Before)
(After) 12,878,774 12,356,333
9,890,637 7,981,129 -
Common stock
7,880,511
7,880,511 7,880,511 7,880,511
7,880,511
Capital Reserve 359,979
490,019 469,238 470,358 397,029
Retained Earnings
-127,889
-436,245 284,084 391,471 755,312
(Before)
(After) -127,889 -436,245
284,084 391,471 -
Total Shareholder's Equity
(Before) 7,900,527 5,934,044 6,940,923
6,926,099 7,057,592
(After) 7,900,527 5,934,044 6,940,923
6,926,099 -
Income Statement
Currency :
NTD
Denomination : In Thousand
2001 2002 2003 2004 2005
-------- -------- -------- -------- -------
Operating revenue
9,042,214 8,526,397 8,956,428 6,779,805 5,603,012
Gross Profit 1,432,719 1,391,110
1,448,642 1,285,338 1,028,993
Operating Income
188,815 149,522 165,380 339,852 63,465
Non-operating income
2,016,016 612,743 1,461,418 413,829
724,147
Non-operating expense -1,451,223 -1,036,553
-846,597 -593,473 -273,369
Net Income 724,552 -298,451
702,653 126,540 382,644
Earnings (losses) per share 0.92
-0.44 1.03 0.19
0.57
(2)
Balance Sheet
Currency :
NTD
Denomination : In Thousand
30 September, 2006
--------------------------
Current Assets 3,343,519
Funds & long-term investments 7,594,667
Property
4,498,543
Intangible Assets 48,090
Other Assets 380,798
Total Assets 15,865,617
Current Liabilities (Before) 3,963,061
(After) -
Long-term Liabilities 3,225,383
Other Liabilities 665,808
Total Liabilities (Before) 7,874,115
(After) -
Common stock 7,793,410
Capital Reserve 495,688
Retained Earnings (Before) 869,858
(After) -
Total Shareholder's Equity (Before) 7,991,502
(After) -
Income Statement
Currency :
NTD
Denomination : In Thousand
30 September, 2006
--------------------------
Operating revenue 3,747,825
Gross Profit 603,626
Operating Income -178,225
Non-operating income 825,254
Non-operating expense -237,582
Net Income 417,925
Earnings (losses) per share 0.52
Int’1 Trade Activity(Currency: U.S.$’s)
=================================
Year
Imports
Exports Total
2003
$23,241,500.00 $67,615,582.99 $90,857,082.99
2004
$23,038,936.00
$87,714,811.01
$110,753,747.01
2005
$20,749,291.00
$65,960,232.99
$86,709,523.99
*Financial Summary(Currency: U.S.$’s)
==================================
Year Sales Assets Net Income
1998
$302,549,533.33
$688,000,000.00
$6,470,266.67
1999
$307,323,031.25
$642,500,000.00
-$76,656,250.00
2000
$302,791,944.01
$671,539,657.85
-$11,608,958.01
2001
$262,397,388.28
$602,997,707.49
$21,025,885.08
2002
$245,081,833.86
$525,736,619.72
-$8,578,643.29
2003 $258,259,169.55 $485,339,100.35 $20,261,043.83
2004
$203,903,909.77
$448,337,684.21
$3,805,714.29
2005
$177,030,394.94
$479,623,001.58
$12,089,857.82
*Financial Ratios*
2001 2002 2003
2004 2005
Ratio of liabilities to Assets (%) 61.98
67.56 58.76 53.54 53.51
Ratio of long-term capital
to fixed Assets
(%) 233.21 177.09 170.34
206.02 227.22
Current ratio (%) 68.41 67.21
55.32 76.96 78.27
Quick ratio (%) 29.12 24.49
28.46 36.62 36.58
Interest coverage 2.06 0.52
2.88 1.66 3.09
Turnover of receivable (times) 13.11
11.85 10.52 4.28 12.4
Average collection
period of
receivable
28 31 35 26 30
Turnover of inventories (times) 3.62
4.23 3.35 3.56 3.25
Turnover of payable (times) 5.67
5.8 5.28 4.89 6.16
Average days of sales 101 86 109
103 112
Turnover of fixed assets (times) 1.57
1.36 1.58 1.3 1.23
Turnover of total assets (times) 0.44 0.47 0.53 0.45
0.37
Return on total assets (%) 5.94 0.67 5.77
1.94 3.47
Return on shareholder's Equity (%) 9.9 -4.31 10.92 1.83
5.47
Operating Income 2.4 1.9 2.1
4.31 -0.81
Net Income before tax 9.56 -3.48
9.9 2.03 4.91
Profit margin (%) 8.01 -3.5 7.85
1.87 6.83
Retroactive 0.92 -0.44 1.03 0.19 0.57
Cash flows ratio (%) 4.61 0.51 29.2
17.89 2.58
Cash flows adequacy (%) 7.24 1.17 12.54
62.21 106.28
Cash reinvestment ratio (%) 2.01
0.25 15.95 4.64 0.81
Degree of operating leverage 9.64
11.75 10.61 4.83 -21.34
Degree of financial leverage -0.36
-0.35 -0.67 3.46 0.25
Over the past 31 years, SC has made a stable growth with satisfactory
profit. It is considered a credit line up to USD 5,000,000 appears to be within
SC’s capacities.
ATTACHED: TRADE REFERENCES
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting
2211 Broad woven fabrics, cotton
Exporting
2261 Finish
Cotton Fabrics
Importing
2300
Apparel/Other Textile Products
Importing
2322 Men's and
boys' underwear and nightwear
Importing
2341 Women's
girls', and infants' underwear and nightwear
Importing
2389 Apparel and
accessories
Importing
2899 Chemical
preparations
Importing
3552 Textile
machines, and parts and attachments
Manufacturing
2211 Broad
woven fabrics, cotton
Manufacturing
2261 Finish
Cotton Fabrics
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 5209420020 Yarns of different colors blue denim fabric, greater than or
equal to 85 percent by
weight of
cotton, exceeding 200 g/m2 but not exceeding 360 g/m2
Exporting 5210392090 Dyed twills, less than 85 percent by weight of cotton, mixed
mainly or solely with
man-made
fibers, weighing less than or equal to 200 g/m2
Exporting 5407540040 Printed fabrics, other than flat, greater than or equal to
85 percent by weight of
textured
polyester filament yarns, less than or equal to 170 g/m2
Exporting 5407732020 Yarns of different colors, dyed woven fabric, greater than or
equal to 85 percent
by weight of
other synthetic filaments, not exceeding 170 g/m2
Exporting 5516920070 Dyed oxford cloth, less than 85 percent by weight of
artificial staple fibers, mixed
mainly or
solely with other fibers
Exporting 5603009010 Non-woven fabrics, impregnated with other materials, not
laminated, not floor
underlay;
coated or covered with other material; imatation suede""
Importing 3809920000 Finishing agents, dye carriers to accelerate the dyeing or
fixing of dyestuffs & oth
product
& prep of a kind used in the paper industry
Importing
6100 Articles
of apparel & clothing accessories-knitted or crocheted
Importing
6108 Women's or
girls' slips, pjs, etc, knit or crocheted
Importing
6200 Articles of
apparel & clothing accessories-not knitted or crocheted
DETAILED PRODUCT CLASSIFICATION & ACTIVITY
Activity Product/Service
Description
Exporting
Peach finish fabrics
Exporting
Printed fabrics
Exporting
Seersucker
Exporting
Yarn-dyed fabrics
Exporting
Yarn-dyed gingham
Exporting
Piece dyed fabric
Exporting
Oxford fabrics
Exporting
Denim fabrics
Importing
Clothes
Importing
Weaving machinery
INTERNATIONAL TRADE : ACTIVITY & MARKETS
Exporting to Asia
Exporting to Australia
Exporting to Austria
Exporting to Bangladesh
Exporting to Belgium
Exporting to Bulgaria
Exporting to Cambodia
Exporting to Canada
Exporting to Chile
Exporting to China
Exporting to Colombia
Exporting to Dominican Republic
Exporting to Egypt
Exporting to Europe
Exporting to Fiji
Exporting to France
Exporting to Germany
Exporting to Honduras
Exporting to Hong Kong
Exporting to India
Exporting to Indonesia
Exporting to Italy
Exporting to Japan
Exporting to Macau
Exporting to Malaysia
Exporting to Mauritius
Exporting to Middle East
Exporting to Myanmar
Exporting to Netherlands
Exporting to North America
Exporting to Oceania
Exporting to Oman
Exporting to Pakistan
Exporting to Peru
Exporting to Philippines
Exporting to Poland
Exporting to Portugal
Exporting to Romania
Exporting to Singapore
Exporting to South Africa
Exporting to South Korea
Exporting to Sri Lanka
Exporting to Thailand
Exporting to Turkey
Exporting to UAE
Exporting to USA
Exporting to Vietnam
Importing from Asia
Importing from Brazil
Importing from China
Importing from Europe
Importing from France
Importing from Germany
Importing from Hong Kong
Importing from India
Importing from Indonesia
Importing from Israel
Importing from Italy
Importing from Japan
Importing from Macau
Importing from Mauritius
Importing from Morocco
Importing from North America
Importing from Pakistan
Importing from Peru
Importing from Philippines
Importing from Switzerland
Importing from Thailand
Importing from Turkey
Importing from USA
Importing from Vietnam
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 |
|
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%)
PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions