MIRA INFORM REPORT
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Report Date : |
03.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
FORMOSA TAFFETA CO LTD |
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Registered Office : |
11fl, 201 Tun Hwa North Rd, Sungshan Dist Taipei City 105 |
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Country : |
Taiwan |
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Financials (as on) : |
2007 |
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Date of Incorporation : |
19.04.1973 |
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Com. Reg. No.: |
14001199 |
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Legal Form : |
Public Listed Company |
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Line of Business : |
Research and development of various textile products |
RATING &
COMMENTS
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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 : |
USD 25,000,000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Name & address
FORMOSA TAFFETA CO
LTD
11FL, 201 TUN HWA NORTH RD
SUNGSHAN DIST TAIPEI CITY 105, TAIWAN
TEL: 886-2-87701688 FAX:
886-2-27174316
EXECUTIVE SUMMARY
INCORPORATION DATE :
APRIL 19, 1973
REGISTRATION NO. :
14001199
LEGAL FORM :
PUBLIC LISTED COMPANY
CHIEF EXECUTIVE :
MR. WILLIAM WEN-YUAN WANG (PRESIDENT)
STAFF STRENGTH :
4,623
CAPITAL :
US$ 523,187,775
BUSINESS LINE :
MANUFACTURER
TURNOVER :
NTD 29,252,296,000 (AS OF 2007)
EQUITIES :
NTD 60,809,712,000 (AS OF 2007)
PAYMENT :
EXCELLENT
RECOMM. CREDIT RANGE : UP TO
USD 25,000,000
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STRONG
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
WELL-KNOWN
EXCHANGE RATE :
TWD 33.51500 = US$1
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*
===============
1985 -
Became a public listed company.
*Licenses & Permits*
================
(1)
License number : 99653024
Date issued : 7
December, 1974
Issuing authority : Industrial Development Bureau, MOEA
Type of license : Factory
license
(2)
License number : 99653052
Date issued : 19
October, 1995
Issuing authority : Industrial Development Bureau, MOEA
Type of license : Factory
license
*Capital Details*
=============
Initial registered capital
: NTD 11,182,999,996.16
Capital increases as follows:
Date
Amount (NTD)
------- --------------------
- 15,412,000,000.00
- 16,840,000,000.00
- 16,846,646,370.00
Initial paid-up capital : NTD 240,000,000.00
Paid-up capital increases as follows:
Date
Amount (NTD)
-------
--------------------
- 8,379,770,000.00
- 16,846,646,370.00
*Office & Facilities*
================
Size : 776
sq. meters (Approx.)
Location : Central
Business District (CBD)
Property status : Rented
Other Contact Details
-----------------------------
Tel no : 2-27155354
Fax nos : 2-27133784 / 27171158 / 27131329
Previous Contact Details
---------------------------------
Address : 317 Shr Lyou Rd Dou
Lyou City Yun Ling Hsien
Tel no : 2-7716381
Fax no : 55-573966
*Factories, Size & Locations*
======================
Other tel nos. : 5-5537884 to 7
Maintains two (2) manufacturing facilities:
(1)
Size :
113,919 sq. meters (Approx.)
Location : Yunlin
Hsien
Property status : Owned by FORMOSA TAFFETA CO LTD
Type of building : Industrial
(2)
Size :
6,938 sq meters (Approx.)
Location : Yunlin
Hsien
Property status : Rented
Type of building : Industrial
*Corporate & Organization Structures*
==============================
Organizational Chart
---------------------------
Staff Conference
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|--Sponsor
|
Board Committee
|
Chairman of the Board
|
President
|
|--Business Admin Center
|--Audit
Office |
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|--Personnel Admin G
Executive Vice
President |
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|--Quality Assurance G
Senior Vice
President--|
|
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|--Project G
|--President's
Office---|
|
|--Project G
_______________________________|________________________________
| | | | |
| |
1st 2nd 3rd R&D Finance Admin Oil Business
Business Business Business Center Division Division Division
in
Div Div Div
Scheduling
Organization and management of the company is divided into the following
divisions :
- Business
- Production
- Administration
- Research & Development
- Finance
*Industry Ranking*
===============
- Generally regarded as one of the Top 1000 Companies in manufacturing
industry of Taiwan.
- Generally regarded as one of the Top 5000 Companies in Manufacturing
Industry of Taiwan.
Details of rank are as follows:
Year Rank
------- ---------
2004 132
2005 139
2006 147
2007 150
*Sales Ranking*
=============
Details of rank are as follows:
Year Rank
------ ------
1996 54
1997 52
1998 53
2000 64
2001 63
2002 61
2003 69
2004 73
2005 72
2006 72
*Accountants*
============
- ERNST & YOUNG CONSULTANTS
*Auditors*
=========
- DIWAN ERNST & YOUNG CORPORATE FINANCE INC
*Registrar*
=========
FORMOSA TAFFETA CO LTD SECURITIES DEP
www.ftc.com.tw
The design is professional and the content is well organized. At present it is
in both Chinese and English versions.
E-mail: ted@ftc.com.tw
For the past two years there is no record of litigation.
*Major Shareholders*
===============
Total number of shareholders: N/A
Total number of shares: N/A
Shareholders Country Number Amount %
FORMOSA CHEMICAL & USA
630,022,431.00 n/a n/a
FIBER CORP
JURIDICAL PERSON n/a
4,151,942.00 n/a n/a
CHANGHUA COUNTY
SU-WANG LAI FOUNDATION
HUNG MAO DEVELOPMENT Taiwan 3,043,228.00 n/a n/a
CO LTD
Mr. James Min-chang Lee Taiwan
281,538.00 n/a n/a
Mr. Ming-tang Huang Taiwan 145,747.00 n/a n/a
KAI FU INVESTMENT CO LTD Taiwan 103,000.00 n/a n/a
Mr. Tien-hsuan Tsai Taiwan 75,000.00 n/a n/a
Mr. Wu-chuan Hsieh Taiwan 23,747.00 n/a n/a
Management: Mr. Wu-lang Lai, Manager
Mr. Li-hsiang Chen, Deputy Manager
Mr. James Min-chang Lee, Manager
Name Nationality
Job Description Dept. / Division
Mr. Wu-lang Lai Taiwanese
Manager Finance
Mr. Li-hsiang Chen Taiwanese
Deputy Manager Public Relations
Mr. James Min-chang Lee Taiwanese
Manager Sales
Mr. Hao-chien Huang Taiwanese
Assist. Manager -
Mr. Chen-nan Lin Taiwanese
Chief Accountant -
Mr. Shih-ming Hsieh Taiwanese
General Manager -
Mr. Kuo-yi Lee Taiwanese
Manager -
Mr. Ming-tang Huang Taiwanese
Manager -
Mr. William Wen-yuan Wang Taiwanese
President -
Mr. Kun-huang Chen Taiwanese
Vice General Manager -
*COMPANY DIRECTORS*
=====================
1
Name : Mr. Ching-su Lin
Nationality : Taiwanese
2
Name : Mr. Fu-yuan Hung
Nationality : Taiwanese
3
Name : Mr. Hsin-niu Chen
Nationality : Taiwanese
4
Name : Mr. Ming-tang Huang
Nationality : Taiwanese
5
Name : Mr. Sheng-fu Lu
Nationality : Taiwanese
6
Name : Mr. William Wen-yuan Wang
Nationality : Taiwanese
Country of Residence : Taiwan
7
Name : Mr. Wu-lang Lai
Nationality : Taiwanese
8
Name : Mr. Yuan-fang Chen
Nationality : Taiwanese
*Main Products & Services*
======================
Specializes in the following areas of work:
1. Research and development of
various textile products.
2. Importing a wide range of
chemical raw materials for in-house production of textile products.
3. Manufacturing wide range of
various types textile products and fabrics.
4. Export and local sales of its
products.
Products also include the following:
- Hi-moisture permeable and micro-porous W/P sportswear fabrics
- Super soft touching and permeable W/P outdoor fabrics
- Special nylon texturized outdoor fabrics
Products: Acetyl bags
Bags
Cotton fabrics
Dyes
Fabrics, man-made
fibers
*Brand*
======
Abletex
Formosa
Formosa Silkey
Microfeel
*Detailed Product Specifications*
==========================
1. Safety & Life Fabric Products (NOMEX, Kevlar, NEGA-STAT)
- The fiber has inherent and
permanent flame resistance and it is unaffected by washing or exposure to the
sun. The fiber has extremely low heat conductivity making it an excellent flame
retardant because it will not burst into flames when exposed to heat. 3. The
fiber will self-extinguish and, because of its carbonization property, will not
melt.
2. Sports & Casual Products
- Available in taffeta,
satin, oxford, both-side, gingham, yarn dyed, metallic shine, interweave,
melange, calendering, emboss, dobby, sheer-sucker, matweave, rib, fancy rib,
tussor and tropical rainbow color.
3. Lady's & gentleman's Fashion Products
- Have adopted the use of
thick and thin yarn, interweave, microfiber, stretchable fiber, differently
shrinkable combined yarn, metallic image yarn, blended yarn and textured yarn.
The functional finishes include softened finishing, soil release, anti-static
and anti-UV protection.
4. Staple Woven Fabric Products
- Such as Shantung, Chambray
fabric, transparency chiffon, dry-linen touch, wool-like, spun-like,
peach-skin, suede-like, stretchable, leather image, plastic image, opaque
metallic shine and a variety of others.
5. Rainy & Sunshine Fabric Products
- The type of cloths are
taffeta, pongee, twill, satin, piece dye, gingham and various other types. The
surface finishes include a thin-light weight transparency, different color on
both sides, opal printing, discharge printing and wax touch. This kind of
fabric is suitable for use in ladies, men, children, golf, garden, beach,
sports stadium and advertising umbrellas.
6. Outdoor's Fabric Products
- Important characteristics
of this type of cloth are its durable water repellency, waterproof, oil
repellence, stain release, down proof, anti-tack, wind-breaker, high tearing
strength, wrinkle, softing finishing, oil-touch, wax-like, foam coating, sun
protection treatment, waterproof with moisture permeable, warmness, golden or
silver coating, pearl coating, color added for sliver coating, opal printing,
discharge printing, stretchable, peach skin, suede-like, thermal resistant and
flame retardant, abrasion resistant Kevlar - fabric, crease resist finishing,
preshrunk finishing and anti-static.
7. Special Finishes Fabric Products
- Have installed 87,200
spindles for 20's to 60's available for woven or knitted fabric such as cotton
yarn, T/C yarn, CVC yarn, polyester spun yarn and yarn dyed. This plant has
also gradually developed high tech fields for the weaving of fiber.
8. Home & Comfort Fabric Products
- Furnishing textiles include
such thing as curtains, curtain lin-ing, shower curtains, sheets, seat covers,
table cloths, and base fabric for towels. These textiles utilize cotton,
polyamide, and polyester blends or interweave. They are characterized by their
light resistant, down proof, water proof, water repellent, stain
release, mold resistant, deodorizing,
bacteria resistance and flame retardant qualities.
9. Tyre Cord Fabric Products
- This plat produces tyre
cord, chafer, and conveyor ducks. Its capacity is 3,200 tons per month and it
is a renowned manufacturer in Asia. The main processes are: twisting, weaving,
dipping and packing.
10. PE Bags Fabric Products
- This plant uses high
density polyethylene to produce shopping bags, merchandise bags, roll bags, and
garbage bags for supermarkets, convenience stores, department stores, and
groceries.
Also maintains the following new products:
1. BODYTEK - made by using
the hi-tech materials of "Far Infra-Red (FIR)" fiber
2. SUN-ECO - a kind of
functional fabric adopted the dual deodorized materials, the photo-catalyst (photocatalytic
titanium dioxide), to create an effect that is workable for getting rid of
odors and bacteria.
3. Abletex - keeps you
dry and comfortable. Abletex is a revolutionary fabric that helps you to meet
your challenges with all of the agility you need, while keeping you dry and
comfortable.
4. Bluesign - displays
responsibilities and sightedness with regard to Environment, Health and Safety
(EHS) either in manufacturing phrases, finished products and technologies.
5. Hi-Sett* - using the
ultra thin fiber with the state-of-the-art weaving and dyeing techniques,
Hi-Sett creates superb coverture featuring multiple functions of waterproof,
wind-breaking, durable water-repulsion, moisture and vapor permeability etc.
6. M2PTEX*e - has excellent
softness and flexibility; its metal surface (nickel, copper, copper/nickel)
which also forms excellent electrical conduction, possesses outstanding
anti-electromagnetic interference capacity.
7. PERMADRY* - durable quick-dry fabrics.
8. IllumiNITE - could
reflect oncoming light in a way that illuminates the full silhouette of an
oncoming object.
*Payment Terms*
=============
Sales
------
Local : Cash or Credit
Export : Letter of Credit (L/C)
Telegraphic Transfer
(T/T)
Purchases
--------------
Local : Cash or Credit
Import : Letter of Credit (L/C)
Open account /DA
terms with settlement using Telegraphic Transfer (T/T)
*Quality Certification*
=================
Obtained the following certifications:
(1)
Type of Certification: ISO9002
Granted the ISO 9002 certificate to the following division:
- The First Business Division Dyeing and Finishing Plant 5
- The First Business Division Special
- The First Business Division Weaving Plant 1
- The First Business Division Weaving Plant 2
- The First Business Division
- The First Business Plant Dyeing and Finishing
- The First Business Plant,
Print Plant
- Tyre Cord Plant 1
(2)
Also passed the following standards:
- QCC
- CWQC
- QMU
- ADR
- IE
- 5'S
- ISO
- TPM
*Product / Brand/Logo Licensing*
==========================
Licensed under : DUPONT & ICI
Brand : Teflon,
Nomex, Kevlar, Tactel and Trevira
Product :
Fabrics
*Production Capacity*
==================
Item Current Capacity
------- ---------------------------
Nylon textures
1,159 Million Yards
Umbrella frame 3,057 T
Tire cord fabrics
4,883 T
PE plastic bag
2,770 T
(1)
Year :
2006
Maximum capacity : 312,000 (NTD 1000/Yards)
Current capacity : 252,685
(NTD 1000/Yards)
Item : Nylon textures
(2)
Year :
2006
Maximum capacity : 12,000 (NTD 1000/Tons)
Current capacity : 7,633 (NTD
1000/Tons)
Item :
PE plastic bag
(3)
Year :
2006
Maximum capacity : 29,520 (NTD 1000/Yards)
Current capacity : 26,302
(NTD 1000/Yards)
Item :
Cotton
(4)
Year :
2006
Maximum capacity : 38,400 (NTD 1000/Tons)
Current capacity : 41,118
(NTD 1000/Tons)
Item :
Cord fabric
(5)
Year :
2006
Maximum capacity : 3,525 (NTD 1000/Yards)
Current capacity : 3,664 (NTD
1000/Yards)
Item :
Weave cloth
(7)
Item : Cotton yarn
Maximum Capacity : 26,400 (per / NTD 1,000)
Current Capacity : 23,344
(per / NTD 1,000)
(8)
Item :
Cord fabric
Maximum Capacity : 51,281 (metric ton/ NTD 1,000)
Current Capacity : 46,328
(metric ton/ NTD 1,000)
*Exhibition Participation*
====================
Participated in the following local exhibitions :
(1)
Exhibition fair : Taipei
International Sporting Goods Show 2001
Dates attended : 15-18 April, 2001
Location : Taipei World
Trade Center - Exhibition Hall
(2)
Exhibition fair : Taipei
International Textile & Apparel Show 2005 (TITAS)
Dates attended : 29 September - 1 October, 2005
Location : Taipei
World Trade Center - Exhibition Hall
*Associations*
============
Member of the following associations :
- Taiwan Plastic Bags Exporters Association
- The Taiwan Plastics Industry Association
- Taiwan Electrical & Electronic Manufacturers' Association (TEEMA)
- Taiwan Silk Association
*Competitors*
===========
The following locally based companies supply similar range of products:
- U-LONG PROSPERITY CO LTD
- NAM LIONG ENTERPRISE CO LTD
- HONMYUE ENTERPRISE CO LTD
- TAIG CHEIN TEXTILE CO LTD
- LEALEA ENTERPRISE CO LTD
- TUNG HO SPINNING WEAVING & DYEING CO LTD
- GONG YUAN ENTERPRISE CO LTD
- HSIEH FONG INDUSTRIAL CO LTD
- NAN YA PLASTICS CORP
*Local Distribution Network*
=======================
Approximately 59% of the annual turnover is attributed to local
sales.
*Export Markets*
=============
Approximately 41% of the annual turnover is attributed to export.
*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 79
2003 103
2004 121
2005 100
2006 101
2007 99
*International Exhibition Participation*
==============================
Participated in the following overseas exhibitions:
(1)
Exhibition fair : PV2005
Dates attended : 9-12 March, 2005
Location : Paris,
France
(2)
Exhibition fair :
Techtextil-Symposium, Frankfurt
Dates attended : 7-9 June, 2005
Location : Frankfurt, Germany
(3)
Exhibition fair : European
Outdoor Trade Fair
Dates attended : 7-9 June, 2005
Location :
Friedrichshafen, Germany
(4)
Exhibition fair : Outdoor
Retailer Summer Market 2005
Dates attended : 11-14 August, 2005
Location : Salt Lake
City, USA
(5)
Exhibition fair : Saigon Textile
& Garment Industry Expo
Date attended : August 2005
Location : Saigon,
Vietnam
(6)
Exhibition fair : PV2005
Dates attended : 20-23
September, 2005
Location : Paris,
France
(7)
Exhibition fair : Intertextile
Shanghai Apparel Fabrics
Date attended : October 2005
Location : Shanghai,
China
(8)
Exhibition fair : Shaxi Apparel
Show
Date attended : October 2005
Location : Zhongshan, China
*LOCAL BRANCHES & MANAGEMENT*
=================================
Branch : FORMOSA TAFFETA CO LTD - TOULIU CITY
Branch Address : 319 Ho Nan St Touliu City, Yunlin Hsien 640
Branch Employees : 236
*(Subsidiaries, Joint-ventures & Affiliates)
==========================
Company Name : ASIA PACIFIC INVESTMENT CO
Address : 8Fl, 201-33 Tun Hua North Rd Ta-an Dist Taipei City 106 Taiwan
Country : Taiwan
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Service
Industry : Financial Services - General
Company Name : FORMOSA ADVANCED TECHNOLOGIES CO LTD
Address : 329 Ho Nan St Touliu City 640 Yunlin Hsien Taiwan
Country : Taiwan
Relationship : Subsidiary
Legal Form : Public Company
Company Type : Trader
Industry : Electronic Products & Components
Company Name : FORMOSA BP CHEMICALS CORP
Address : Formosa Industrial Park Mailiao Hsiang 638 Yunlin Hsien Taiwan
Country : Taiwan
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Chemicals
Company Name : FORMOSA CHEMICALS & FIBRE CORP
Address : Formosa Plastics Bldg 201 Tun Hua North Rd Sungshan Dist
Taipei City 105 Taiwan
Country : Taiwan
Relationship : Affiliate
Legal Form : Public Listed Company
Company Type : Manufacturer
Industry : Chemicals
Company Name : FORMOSA FCFC CARPET CORP
Address : 2Fl Formosa Plastics Bldg 201-24 Tun Hua North Rd Sungshan
Dist Taipei City 105 Taiwan
Country : Taiwan
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Textiles & Raw Material
Company Name : FORMOSA IDEMITSU PETROCHEMICAL CORP
Address : Rm 660, 5Fl Formosa Plastics Bldg 201-24 Tun Hua North Rd
Sungshan Dist Taipei City 105 Taiwan
Country : Taiwan
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Petrochemicals
Company Name : FORMOSA PETROCHEMICAL CORP
Address : Rm 99, 4Fl Formosa Plastics Bldg 201 Tun Hua North Rd Sungshan
Dist Taipei City 105 Taiwan
Country : Taiwan
Relationship : Affiliate
Legal Form : Public Listed Company
Company Type : Manufacturer
Industry : Petrochemicals
Company Name : FORMOSA TAFFETA (CHANGSHU) CO LTD
Address : Changshu Dongnan Economic Development Zone 1 Peng-hu Rd
Changshu 215500 Jiangsu China
Country : China
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Textiles & Raw Material
Company Name : FORMOSA TAFFETA (DONG NAI) CO LTD
Address : Nhon Trach 3 I Z Hiep Phuoc Com Nhon Trach Dong Nai Vietnam
Country : Vietnam
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Textiles & Raw Material
Company Name : FORMOSA TAFFETA (HK) CO LTD
Address : Rm 1105, 11Fl China Hong Kong City - Tower 6, 33 Canton Rd Tsim
Sha Tsui Kowloon Hong Kong
Country : Hong Kong
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Garments & Accessories
Company Name : FORMOSA TAFFETA (ZHONG SHAN) CO LTD
Address : Shen Xi Village Shenwan Town Zhongshan 528462 Guangdong China
Country : China
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Textiles & Raw Material
Company Name : FORMOSA TAFFETA (ZHONG SHAN) CO LTD - SHANGHAI OFFICE
Address : Rm 2401 Far East Int'l Plaza Bldg A 319 Xian Xia Rd Shanghai
200051 China
Country : China
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Textiles & Raw Material
Company Name : FORMOSA TAFFETA VIETNAM CO LTD
Address : Rm 505, 5Fl Saigon Tower 29 Le Duan Blvd District 1 Ho Chi
Minh Vietnam
Country : Vietnam
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Textiles & Raw Material
Company Name : FORMOSA TECHNOLOGICS CO LTD
Address : 329 Honan St Touliu City 640 Yunlin Hsien Taiwan
Country : Taiwan
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Service
Industry : Professional Services
Company Name : FTC AMERIA CORP
Address : 5Fl, 1359 Broadway New York 10018 New York USA
Country : USA
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Textiles & Raw Material
Company Name : FTC INT'L SRL
Address : Via Oltrecolle 121 Como 22100 Como (CO) Italy
Country : Italy
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Textiles & Raw Material
Company Name : HCM CITY OFFICE OF FORMOSA TAFFETA VIETNAM CO LTD
Country : Vietnam
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Textiles & Raw Material
Company Name : NAN YA TECHNOLOGY CORP
Address : Hwaya Technology Park 669 Fu Hsing 3rd Rd Kueishan Hsiang 333
Taoyuan Hsien Taiwan
Country : Taiwan
Relationship : Affiliate
Legal Form : Public Listed Company
Company Type : Manufacturer
Industry : Electronic Products & Components
Company Name : TERAX COMMUNICATION TECHNOLOGIES INC
Address : 5Fl Hsinchu Science-Based Industrial Park 5 Technology Rd
Hsinchu City 300 Taiwan
Country : Taiwan
Relationship : Affiliate
Legal Form : Public Company
Company Type : Manufacturer
Industry : Electronic Products & Components
Company Name : XIAMEN XIANGYU FORMOSA IMPORT & EXPORT TRADING CO LTD
Address : Rm B5 7Fl Xiangyu Bldg - Xiangyu Free Tax Zone Xiamen 361006
Fujian China
Country : China
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Textiles & Raw Material
*Strategic Partners & Alliances*
=========================
Group Name : FORMOSA
PLASTICS GROUP
Group members : NAN YA PLASTICS
CORP
FORMOSA CHEMICALS & FIBRE CORP
CYMA PLYWOOD & LUMBER CO LTD
FORMOSA PLASTICS MARINE CORP
SUNRISE PLYWOOD CORP
SUNNYWOOD PRODUCT (USA) CORP
CABIUM BUSINESS GROUP (USA)
TAI SHIH TEXTILE INDUSTRIAL CORP
FORMOSA PLASTICIZER CORP
YUNG CHIA CHEMICAL INDUSTRIAL CORP
FORMOSA TAFFETA CO LTD
TAIRAY GARMENTS MFG CO
WENG FUNG INDUSTRIAL CO LTD
FEDERAL TEXTILE INDUSTRIAL CORP
TAH SHIN SPINNING CORP
FORMOSA SCOVILL CORP
FORMOSA PLASTICS TRANSPORT
FAIRWAY CORP
MING CHI INSTITURE OF TECHNOLOGY
CHANG GUNG MEMORIAL HOSPITAL
FORMOSA PLASTICS (USA) CORP
NAN YA PLASTICS (USA)
CORP
JM MFG CO - USA
NAN YA INDAH PLASTICS CORP - Indonesia
MAI-LIAO POWER CORP
*OVERSEAS AGENTS AND DISTRIBUTORS*
====================================
Agent : DEESTONE INT'L CO LTD
Country of Origin : Thailand
Product Description : Car tires
Brand : Formosa
Year : 1988
Agent : ITOCHU CORP
Country of Origin : Japan
Product Description : Textile accessories
Brand : Taffeta
Year : 1951
PAYMENT RATING : 1 OBTAINED SCORES :
95
|
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
Branch : Chungcheng Dist,Taipei City
Branch Address : Touliu
SWIFT Code : BKTWTWTP
Bank Name : CHANG HWA COMMERCIAL BANK LTD
Branch : Touliu City
Branch Address : 70 Chung Shan Rd
SWIFT Code : CCBCTWTP
Bank Name : TAIWAN COOPERATIVE BANK
Branch : Chungcheng Dist,Taipei City
Branch Address : 77 Kuan Chien Rd
SWIFT Code : TACBTWTP
Balance Sheet
(1)
Currency : NTD
Denomination : in Thousand
2006 2005
-------
-------
Current Assets 11,809,722 12,244,698
Funds & long term investments
43,363,199 15,884,552
Property 8,114,578 7,829,736
Intangible Assets 76,309 82,738
Other Assets 1,752,693 1,820,978
Total Assets 65,116,501 37,862,702
Current Liabilities (Before) 4,764,195
5,316,225
(After) - 6,967,857
Longterm Liabilities 10,680,404 8,618,108
Other Liabilities 731,426 729,877
Total Liabilities (Before) 16,176,025
14,664,210
(After)
- 16,315,842
Common stock 16,846,646 16,516,320
Capital Reserve 97,628 23,561
Retained Earnings (Before) 8,340,071 6,918,135
(After)
- 4,936,177
Total Shareholder's Equity
(Before)
48,940,476 23,198,492
(After)
- 21,546,860
Income Statement
(1)
Currency : NTD
Denomination : in Thousand
2006 2005
-------
-------
Sales 27,841,274 25,810,339
Gross Profit 2,919,925 3,077,406
Operating Income 861,605 996,146
Non-operating income
3,633,537 2,792,715
Non-operating expenses 633,105 786,069
Income Before Income Tax
3,862,037 3,002,792
Net Income 3,560,079 2,561,869
Earnings (losses) per share 2.02 1.52
(2)
Currency : NTD
Denomination : in Thousand
2007
-------
Assets
Current Assets
11,792,003.00
Funds & long-term investments
50,527,892.00
Property
8,792,247.00
Other Assets 1,836,770.00
Current Liabilities (Before)
3,973,237.00
Long-term Liabilities 7,175,781.00
Other Liabilities
1,060,062.00
Common stock
16,846,646.00
Capital Reserve
698,968.00
Retained Earnings (Before)
13,344,628.00
Total Assets 73,018,792.00
Total Liabilities (Before)
12,209,080.00
Total Shareholder's Equity (Before) 60,809,712.00
(2)
Currency : NTD
Denomination : in Thousand
2007
-------
Operating revenue
29,252,296.00
Gross Profit 2,895,386.00
Operating Income
769,691.00
Non-operating income
7,700,692.00
Non-operating expense
855,201.00
Net Income
7,373,791.00
*Financial Ratios*
==============
(1)
2006 2005
-------
-------
Ratio of liabilities to Assets % 24.84 38.73
Ratio of long-term capital to
fixed Assets % 734.74 406.36
Current ratio % 247.88 230.33
Quick ratio % 131.28
124.07
Interest coverage 14.62 14.51
Turnover of receivable (times) 10.40
11.06
Average collection period
of receivable 35.00 33.00
Turnover of inventories (times) 4.67 4.48
Average days of sales 78.00 82.00
Turnover of total assets (times) 0.43 0.68
Return on total assets % 5.47 6.77
Operating Income % 5.11 6.12
Net Income before tax % 22.92 12.42
Profit margin % 12.79 9.93
(2)
2007
-------
Ratio of liabilities to Assets (%) 16.72
Ratio of long-term capital to fixed Assets (%) 773.24
Current ratio (%)
296.79
Quick ratio (%)
146.63
Interest coverage 25.17
Turnover of receivable (times)
9.75
Average collection period of receivable 37.00
Turnover of inventories (times) 4.97
Turnover of expense (times)
11.25
Average days of sales 73.00
Turnover of fixed assets (times) 3.33
Turnover of total assets (times)
0.40
Return on total assets (%)
10.10
Operating Income
4.57
Net Income before tax 45.20
Profit margin (%)
25.21
*Financial Summary (Currency: U.S. $'s)
==============================
Year Sales Assets Net Income
1998 $544,814,814.81 $936,481,481.48 $50,666,666.67
1999 $459,655,156.25 $953,505,687.50 $53,365,562.50
2000 $529,560,933.13 $967,126,438.57 $71,141,959.56
2001 $473,910,940.22 $942,642,135.81 $29,513,493.91
2002 $530,317,706.24 $939,335,441.22 $50,420,781.83
2003 $575,599,769.32 $1,025,338,956.17 $45,806,055.36
2004 $723,779,879.70 $1,118,420,691.73 $63,108,300.75
2005 $815,492,543.44 $1,196,293,902.05 $80,943,728.28
2006 $841,634,643.29 $1,968,455,290.21 $107,620,284.16
2007 $882,688,473.14 $2,203,343,150.27 $222,504,254.68
Int´l Trade Activity (Currency: U.S. $'s)
==============================
Year Imports Exports Total
1992 $106,700,000.00 $174,800,000.00 $281,500,000.00
1996 $83,700,000.00 $225,100,000.00 $308,800,000.00
1997 $95,900,000.00 $237,900,000.00 $333,800,000.00
1998 $65,100,000.00 $183,200,000.00 $248,300,000.00
1999 $60,600,000.00 $191,800,000.00 $252,400,000.00
2004 $57,894,932.99 $274,976,234.98 $332,871,167.97
2005 $61,762,174.00 $333,017,377.57 $394,779,551.57
2006 $62,000,003.99 $344,014,510.28 $406,014,514.27
2007 $108,307,672.99 $358,780,929.39 $467,088,602.38
SC is considered large-sized in its line with a development history of
35 years. Taking into consideration of SC’s general performance, a credit line
up to USD 25,000,000 appears to be within SC’s capacities.
Attached:
trade references
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 2673 Plastics,
foil, and coated paper bags
Importing 2899 Chemical
preparations,
Manufacturing 2221 Broad
woven fabrics, manmade fibers and silk
Manufacturing 2241 Narrow
woven fabrics
Manufacturing 2262 Finish
Man Fiber/Silk Fabric
Manufacturing 2299 Textile
goods,
Manufacturing 2300 Apparel/Other
Textile Products
Manufacturing 2392 Housefurnishings,
Manufacturing 2399 Fabricated
textile products,
Manufacturing 2673 Plastics,
foil, and coated paper bags
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 3204120000
Acid dyes, whether or not premetallized,
and preparations based thereon; mordant dyes & preparations based thereon
Exporting 3809910000 Finishing agents and dye carriers containing 5 percent or more
by weight of 1 or more aromatic or modified aromatic substances
Exporting 3923 Containers
(boxes, bags etc), closurers etc, plastics
Exporting 3923210000 Sacks & bags(including cones) of polymers of ethylene
Exporting 3924100000 Tableware and kitchenware of plastics
Exporting 5208321000 Dyed plain weave woven fabrics, greater than or equal to 85
percent cotton, greater than 100 g/m2 but less than or equal to 200 g/m2
hand-loomed
Exporting 5210 Woven
cotton fab, un 85% cot, mmfmix, n/ov 200g/m2
Exporting 5210314020 Dyed poplin or broadcloth, less than 85 percent by weight of
cotton, mixed with man-made fibers, weighing less than or equal to 200 g/m2,
#42 or less
Exporting 5211 Woven
cotton fabrics, un 85% cot, mmfmix, ov 200g/m2
Exporting 5211390020 Dyed satin weave or twill weave: sateens, less than 85 percent
by weight of cotton, mixed with man-made fibers, weighing greater than 200 g/m2
DETAILED PRODUCT
CLASSIFICATION & ACTIVITY
Activity Product/Service Description
Exporter Industrial
fabrics
Exporter Fabrics,
man-made fibers
Exporter Cotton
fabrics
Exporter Plastic
bags
Exporter Plastic
sacks
Exporter Metal smallware
& fittings
Importer Nylon
yarns
Importer Polyester
Importer Raw cotton
Importer Dyes
INTERNATIONAL
TRADE: ACTIVITY & MARKETS
Country / Region Main Trading Activity
Asia / Pacific Exporting,Importing
Europe Exporting,Importing
Middle-East Exporting
North America Exporting,Importing
Pacific Exporting
Argentina Exporting
Australia Exporting
Austria Importing
Belgium Exporting
Brazil Exporting
Canada Exporting
Chile Exporting
China Exporting,Importing
Czech Republic Exporting,Importing
Egypt Exporting
France Exporting,Importing
Germany Exporting,Importing
Hong Kong Exporting,Importing
India Exporting,Importing
Indonesia Exporting,Importing
Iran Exporting
Israel Exporting
Italy Exporting,Importing
Japan Exporting,Importing
Kenya Exporting
Macao Exporting
Malaysia Exporting
Mexico Exporting
Netherlands Importing
New Zealand Exporting
Pakistan Exporting
Philippines Exporting
Poland Exporting,Importing
Portugal Exporting
Russia Exporting
San Marino Exporting
Singapore Exporting,Importing
South Africa Exporting
South Korea Exporting,Importing
Spain Exporting,Importing
Sri Lanka Exporting
Sweden Importing
Switzerland Exporting,Importing
Syria Exporting
Thailand Exporting,Importing
Turkey Exporting,Importing
USA Exporting,Importing
United Arab Emirates Exporting
United Kingdom Exporting,Importing
Uruguay Exporting
Vietnam Exporting,Importing
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.90 |
|
UK Pound |
1 |
Rs.74.30 |
|
Euro |
1 |
Rs.63.42 |
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. |
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%)