MIRA
INFORM REPORT
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Report Date : |
15.05.2007 |
IDENTIFICATION DETAILS
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Name : |
SUNTEX FIBER CO LTD |
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Registered Office : |
91 Pei Yuan Rd Li Hao Hsiu Homei, Chen Changhwa Hsien 508 |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
December 20, 1982 |
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Com. Reg. No.: |
59326215 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Research and development of technologies related to nylon fiber. Manufacturing of various types
of nylon fiber. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
Up To USD 600,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
SUNTEX FIBER CO LTD
91 PEI YUAN RD LI HAO HSIU HOMEI
CHEN CHANGHWA HSIEN 508,
TEL : 886-4-7568176
FAX : 886-4-7568197
EXECUTIVE SUMMARY
INCORPORATION DATE :
DECEMBER 20, 1982
REGISTRATION NO. :
59326215
LEGAL FORM :
PRIVATE LIMITED COMPANY
CHIEF EXECUTIVE :
MR TIEN-MU PAI (CHAIRMAN)
STAFF STRENGTH :
210
CAPITAL :
US$ 12,646,793
BUSINESS LINE :
MANUFACTURER
TURNOVER :
US$67,911,532.39 (AS OF DEC. 31, 2005)
EQUITIES :
N/A (AS OF DEC. 31, 2005)
PAYMENT :
ABOVE AVERAGE
RECOMM.
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
TWD 33.33057 = US$1 AS OF 2007-5-14
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
M - million
TWD –
*Company Registration*
===================
License Number : 59326215
Date issued : 20 December,
1982
Issuing Authority : Ministry of
Economic Affairs (MOEA)
*Company History*
===============
1999 - Opened new
nylon 66 production line.
*Office & Facilities*
================
Comments : Serves as
office, factory and warehouse.
Other e-mail :
suntex@tcts.seed.net.tw
*Corporate & Organization Structure*
============================
A large sized company operated and managed by an experienced team of
professionals.
*Factories, Size & Locations*
======================
Size : 31,150 square meter
(Approx)
Location : Changhwa Hsien
Facilities : Modern
Type of building : Industrial building
Property status : Owned by company, SUNTEX FIBER CO
LTD.
*Capital Details*
=============
Capital increases as follows:
Year
Increases (NTD)
--------- --------------------------
1996
120,000,000
-
420,000,000
*Licenses & Permits*
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License number : 9964998500
Date issued : 20 June
1991
Issuing authority : Industrial Development
Bureau, MOEA
Type of license : Factory
license
*Industry Ranking*
================
Generally regarded as one of the Top 5000 Companies in Manufacturing
Industry of Taiwan.
Details of rank are as follows:
Year Rank
------- ---------
2004 1756
2005 1540
*Reputation*
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Reference checking for the purpose of establishing the firm's reputation
within the respective industry failed to reveal any negative information.
*Awards*
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Award : Ultramid Fiber Quality Award 2002/2003
Awarded by : Ultramid (BASF)
*Insurance Companies*
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- SHIN KONG LIFE INSURANCE CO LTD
- SHIN KONG FIRE & MARINE INSURANCE CO LTD
Web
site: www.suntexfiber.com.tw
The design is professional and the content is well organized. At present
it is both in Chinese and English versions.
E-mail: sales@suntexfiber.com.tw
For the past two years there is no record of litigation.
*Major Shareholders*
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Shareholder's Name No. of shares
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Hung-yu Pai
24,550
Chin-fa Pai
21,110
A-feng Pai
16,500
Lai-fa Pai
14,950
Tien-mu Pai
3,700
Management: Mr. Chih-yang Yeh,
Manager
Mr. Hui-chen Liao, Executive
Mr.
Tsan-jung Pai, General Manager
Name Nationality
Job Description Dept. / Division
Mr. Chih-yang Yeh Taiwanese Manager Finance
Mr. Hui-chen Liao Taiwanese
Executive Human Resources
Mr. Tsan-jung Pai Taiwanese
General Manager -
Mr. Tien-mu Pai Taiwanese
President -
*Key Personnel*
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Tien-mu Pai
Founder : Co-founder
Born :
Work experience : More than 25 years experience.
Responsibilities : Handles the
daily operation of the firm including all financials, sales and legal matters.
Resident status :
*Main Products & Services*
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Specializes in the following areas of work :
1. Research and development of technologies related to nylon fiber.
2. Manufacturing of various types
of nylon fiber.
3. Selling to both domestic and
international markets of products produced by the firm.
Products: Nylon products
Yarns, nylon
filament
Nylon chips
Polyamide 6
Weaving
machinery
*Brand*
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Suntex
*Payment Terms*
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Sales
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Local : 30-90 days credit
Cash
Export : Letter of Credit (L/C)
Document against
Acceptance (D/A)
Telegraphic Transfer
(T/T)
Purchase
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Local : 30-90 days credit
Import : Letter of Credit (L/C)
Open account / D/A
terms with settlement using Telegraphic Transfer (T/T)
*Associations*
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Member of the following associations:
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*Competitors*
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The following locally based companies supply similar range of products :
- HUALON CORP
- TAINAN SPINNING CO LTD
- CHAIN YARN CO LTD
- GEMLOOM TEXTILE CO LTD
*Domestic Customers*
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Customer's Name : ECLAT
TEXTILE CO LTD
Products/Materials :
Filament
*Local Distribution Network*
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An estimated 80% annual turnover is attributed to local sales.
*International Trade Activity*
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At the time of preparing this report, the Taiwan Ministry of Economic
Affairs had not yet released trade figures for 2006.
*Export Markets*
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An estimated 20% annual turnover is attributed to export.
*International Trade Ranking*
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The firm has been ranked among
Details of rank are as follows :
Year Rank
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2005 725
SC is not known to have any subsidiary at
present.
PAYMENT RATING : 2 OBTAINED SCORES : 77
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Implication |
Implications |
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1 |
Scores 85–100 |
Excellent |
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2 |
Scores 75 – 84 |
Above Average |
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3 |
Scores 50 – 74 |
Average |
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4 |
Scores 35 – 49 |
Fair |
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5 |
Scores 15 – 34 |
Below Average |
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6 |
Scores 01 – 14 |
Poor |
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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.
As a private limited company there is no legal requirement according to
local corporate law for public disclosure of detailed financials.
Although financial summary was obtained.
*Bank Details*
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Bank Name : FIRST COMMERCIAL BANK CO LTD
Global Identifier : 31535094
Branch : Chungcheng Dist,
Branch Address : 10Fl,
SWIFT Code : FCBKTWTP
*Financial Summary (Currency:
=============================
Year Sales Assets Net Income
2004 $41,984,962.41 n/a $2,406,015.04
2005 $67,911,532.39 $9,162,717.22 $3,791,469.19
*Int´l Trade Activity (Currency:
==============================
Year Imports Exports Total
1996 $15,800,000.00 $4,300,000.00 $20,100,000.00
1997 $17,600,000.00 $6,700,000.00 $24,300,000.00
1998 $14,200,000.00 $6,000,000.00 $20,200,000.00
2003 $1,595,918.97 $12,208,234.00 $13,804,152.97
2004 $17,801,502.98 $14,683,534.98 $32,485,037.96
2005 $31,443,120.98 $23,330,746.98 $54,773,867.96
Over the past 25 years, SC has made a stable growth with satisfactory
profit. It is considered a credit line up to USD 600,000 appears to be within
SC’s capacities.
Attached:
trade references
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 2282 Yarn
Mills
Importing 2899 Chemical
preparations,
Importing 3552 Textile
machines, and parts and attachments,
Manufacturing 2221 Broad
woven fabrics, manmade fibers and silk
Manufacturing 2281 Yarn,
spun, of cotton, man-made fibers, and silk
Manufacturing 2282
Yarn Mills
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 5402316000 Synthetic
filament yarn: multiple, folded, or cabled textured yarns of nylon
filament,
less than or equal to 500 decitex, not put up for retail sale
Exporting 5402410010 Synthetic
filament yarn (other than sewing thread): multifilament, untwisted or
twisted
less than 5 turns per meter, of nylon, partially oriented
Importing 3403111000 Preparations
for the treatment of textile materials cont petroleum oils or oils
obtained
from bituminous minerals
Importing 3908100000 Polyamide-6,-11,-12,-6,6,-6,9,-6,10
or -6,12
Importing 8445200000 Textile
spinning machines
Importing 8448391000 Parts
of spinning, doubling or twisting machines
Manufacturing 5407 Woven
fab of syn fil yarn, incl monofil 67 dec etc
Service 9960 Export
trading/management company
DETAILED PRODUCT CLASSIFICATION & ACTIVITY
Activity Product/Service Description
Importing Textile treatment preparations
Importing Spinning machines
Manufacturing Nylon 6
Manufacturing Polyester filament yarn
Manufacturing Nylon fiber
Manufacturing Nylon filament
Manufacturing Nylon 66
INTERNATIONAL TRADE : ACTIVITY & MARKETS
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to UAE
Exporting to
Exporting to
Importing from
Importing from
Importing from
Importing from
Importing from
Importing from
Importing from
Importing from
Importing from
Importing from
Importing from
Importing from
RATING EXPLANATIONS
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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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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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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)