MIRA
INFORM REPORT
|
Report Date : |
11.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
UNIVERSAL INC |
|
|
|
|
Registered Office : |
10FL Rebar Bldg 372 Lin-Shen North Rd Chungshan Dist Taipei City 104 |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
2007 |
|
|
|
|
Date of Incorporation : |
14.10.1962 |
|
|
|
|
Com. Reg. No.: |
11455800 |
|
|
|
|
Legal Form : |
Public Listed Company |
|
|
|
|
Line of Business : |
Local purchasing and importing of various types of plastic resin pellets,
softener and related raw materials for in-house use. Research and development of various range of meltblown fabrics, SMMS
fabrics and related textiles products |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 1,000,000 |
|
|
|
|
Status : |
Very Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
name & address
UNIVERSAL
INC
10FL REBAR BLDG 372 LIN-SHEN NORTH RD
CHUNGSHAN DIST TAIPEI CITY 104, TAIWAN
TEL: 886-2-25119161 FAX: 886-2-25374473
EXECUTIVE SUMMARY
INCORPORATION DATE :
OCTOBER 14, 1962
REGISTRATION NO. :
11455800
LEGAL FORM :
PUBLIC LISTED COMPANY
CHIEF EXECUTIVE :
MR. WEN-CHIA CHEN (CHAIRMAN)
STAFF STRENGTH :
149
CAPITAL :
US$ 40,372,671
BUSINESS LINE :
MANUFACTURER
TURNOVER :
NTD 1,110,779,000 (AS OF 2007)
EQUITIES :
NTD 1,265,439,000 (AS OF 2007)
PAYMENT :
ABOVE AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 1,000,000
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
TWD 33.37064 = 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*
===============
October 1962 -
Established to produced knitted gloves and leather's gloves under Chairman of
the
Board, Wil-lian Huang
1978 - Became the largest producer of gloves in
the world
1990 -
3.2M spunbond nonwoven fabrics machine from Reifenhauser installed and began
mass production
1991 -
4.2M spunbond and 3.2M meltblown nonwoven fabrics machine fron Reifenhauser
installed and began mass production
1997 -
The subsidiary company, EVERBIG INT'L INVESTMENT LTD, (HK) implemented the
re-investment of XIAMEN UNIVERSAL
INC, in Xiamen, China to produced the
converted medical products of nonwoven.
1999 -
Public listed on the OTC stock market (Taiwan)
2000 -
Public listed on the TSEC stock market (Taiwan)
- Constructed 4.2M SMMS production line from Reifenhauser at Pai-Ho
Factory
2002 -
Company's capital reached USD25.6 million
*Licenses & Permits*
================
License number : 9965626501
Date issued : 28
October, 1972
Issuing authority : Industrial
Development Bureau, MOEA
*Capital Details*
=============
Authorized capital
: NTD
1,300,000,000.00
Initial paid-up capital : NTD 2,500,000.00
Paid-up capital increases as follows :
Date
Increase (NTD)
------
---------------------
1983 70,000,000.00
1989
127,500,000.00
1990
197,500,000.00
1992
300,000,000.00
2003
891,110,000.00
*Office & Facilities*
===============
Size : 856
sq. meter (Approx.)
Location : Taipei
city
Property status : Owned by
UNIVERSAL INC
Type of building : Commercial
building
Comment : Premises
is shared with HENG DA INVESTMENT CO LTD
Previous address : 88-36 Ko Chuang Nei 732
*Factories, Size &
Locations*
======================
Size :
16,528 square meter(Approx.)
Location : Tainan
County
Type of building : Industrial
building
Property status : Owned by
UNIVERSAL INC
*Corporate & Organization Structure*
============================
A large sized company operated and managed by an experienced team of
professionals.
*Industry Ranking*
================
Generally regarded as one of the Top 5000 Companies in Manufacturing
Industry of Taiwan. Details of rank are as follows :
Year Rank
------- ---------
2005 2463
2006 2423
2007 2202
*Sales Ranking*
=============
Has appeared in Taiwan's Top 500 Companies from 1985 through 1987 :
Year Rank Sales (USD)
-----
-------
----------------
1987 1003 11.13 million
1986 909 9.05 million
1985 577 10.04 million
*Accountants*
============
DELOITTE & TOUCHE CO
*Registrar*
=========
CHINATRUST SECURITIES CO LTD
www.uk.com.tw
The design is professional and the content is well organized. At present it is
in Chinese and English versions.
E-mail: uk@uk.com.tw
For the past two years there is no record of litigation.
*Major Shareholders*
===============
Total number of shareholders : 9
Total number of shares : n/a
Shareholders Country Number Amount %
Mr. Ming-hsiung Huang Taiwan n/a n/a n/a
HENG DA INVESTMENT Taiwan
25,218,413.00 n/a n/a
CO LTD
Ms. Mei-hui Huang Taiwan 5,253,108.00 n/a n/a
Mr. Chen-nan Lin Taiwan 867,468.00 n/a n/a
Mr. Hsiao-chin Huang Taiwan 797,118.00 n/a
n/a
Mr. Kuo-ho Cheng Taiwan 389,819.00 n/a n/a
Mr. Fu-tsai Kao Taiwan 218,119.00 n/a n/a
Mr. Huo-bao Kung Taiwan 110,127.00 n/a n/a
Mr. Hung-chang Tsai Taiwan 92,708.00 n/a
n/a
Management: Ms. Shu-chi Liao, Manager
Mr. Shou-lu Chou, Manager
Ms. Mei-hui Huang, General Manager
Name Nationality
Job Description Dept. / Division
Ms. Shu-chi Liao Taiwanese
Manager Account
Mr. Shou-lu Chou Taiwanese
Manager Assets
Ms. Mei-hui Huang Taiwanese
General Manager -
Ms. Chin-mei Kao Taiwanese
Vice General Manager -
*COMPANY DIRECTORS*
=====================
1
Name : Mr. Wen-chia Chen
Nationality : Taiwanese
Country of Residence : Taiwan
*Main products & services*
======================
Specializes in the following areas of work:
1. Local purchasing and importing of various types of plastic resin
pellets, softener and related raw materials for in-house use.
2. Research and development of various range of meltblown fabrics, SMMS
fabrics and related textiles products.
3. Manufacturing a wide range of gloves, snow boots, baby diapers, knits
and related products.
4. Selling to both domestic and international markets.
Products: Hats
Hats, knitted
Knitted gloves
Knitted
outerwear
Leather gloves
*Brand*
======
Uniweb
*Payment Terms*
=============
Sales
------
Local : Cash
30 - 90 days
credit
Export : Letter of credit (L/C)
Telegraphic
transfer (T/T)
Purchase
-------------
Local : 30 - 90 days credit
Import : Letter of credit (L/C)
Telegraphic
transfer (T/T)
*Production Capacity*
=================
(1)
Item : Spunbond non-woven fabrics
Maximum Capacity : 2,376 ( metric tons / 1,000)
Current Capacity :
1,701.3 ( metric tons / 1,000)
(2)
Item
: Meltblown non-woven fabrics
Maximum Capacity : 600 ( metric tons / 1,000)
Current Capacity : 252 (
metric tons / 1,000)
(3)
Item :
SMMS & SMS Composite non-woven fabrics
Maximum Capacity : 12,000 ( metric tons / 1,000)
Current Capacity : 10,385 (
metric tons / 1,000)
*Associations*
===========
Member of :
- Taiwan Glove Manufacturers Association
*Competitors*
===========
The following locally based companies supply identical range of products
:
- K & T UNITED CO LTD
- SHINING CROWN HATS MFG CORP
- QUEEN KWAN ENTERPRISE CO LTD
- LONG WAY ENTERPRISE CO LTD
- CHIA HUI INDUSTRIAL CO LTD
- ECLAT TEXTILE CO LTD
- FAITHFUL PRINTING EQUIPMENT & SUPPLY CO LTD
*Domestic Customers*
================
Most of domestic sales are achieved through direct sales to local
manufacturers.
*Local Distribution Network*
=======================
Approximately 65% of the annual turnover is attributed to local
sales.
*Export Markets*
=============
Approximately 35% of the annual turnover is attributed to export.
Products are exported to the following countries :
Country % of
Exports
-----------
----------------
South-East Asian 15%
Noruth-East Asian 16%
Europe
4%
*LOCAL BRANCHES & MANAGEMENT*
=================================
Branch : UNIVERSAL INC - MATOU CHEN
Branch Address : 34 Jen Ai Rd Matou Chen, Tainan Hsien 721
Branch Tel : [+886] 6-5722154
*(Subsidiaries , Joint-ventures & Affiliates)
============================
Company Name : CARNATION INDUSTRIAL CO LTD
Address : 287 Chung Te 9th Rd Peitun Dist Taichung City 406 Taiwan
Country : Taiwan
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Leather Goods, Tanned & Imitation
Company Name : EVERBIG INT'L INVESTMENT LTD
Address : A12, 9Fl Kailey Industrial Centre - Block A 12 Fung Yip St
Chai Wan Hong Kong Hong Kong
Country : Hong Kong
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Service
Industry : Financial Services - General
Company Name : LIEN JUNG FIBER INDUSTRY CO LTD
Address : 277 Min Feng Rd Ruey Yuan Li Yangmei Chen 326 Taoyuan Hsien
Taiwan
Country : Taiwan
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Textiles & Raw Material
Company Name : PAN OVERSEAS CORP
Address : 12Fl, 1 Nanking East Rd Section 4 Sungshan Dist Taipei City
105 Taiwan
Country : Taiwan
Relationship : Subsidiary
Legal Form : Public Listed Company
Company Type : Trader
Industry : Footwear
Company Name : PAN OVERSEAS FOOD CORP
Address : 243 Kuai Chien Rd Wu Pai Village Erhshui Hsiang 530 Changhwa
Hsien Taiwan
Country : Taiwan
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Food Products
Company Name : PAN OVERSEAS MOTOR CORP
Address : 9Fl 159 Keelung Rd Section 1 Chungshan Dist Taipei City 104
Taiwan
Country : Taiwan
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Motor Vehicles, Parts & Accessories
Company Name : PAN OVERSEAS TEXTILE CORP
Address : 10Fl Rebar Bldg 372 Lin-shen North Rd Chungshan Dist Taipei
City 104 Taiwan
Country : Taiwan
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Textiles & Raw Material
Company Name : XIA MEN UNIVERSAL INDUSTRIAL CO LTD
Address : 261-271 East Huan Cheng Rd Cheng Dong Area Tongan Xiamen
361100 Fujian China
Country : China
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Textiles & Raw Material
PAYMENT RATING : 2 OBTAINED SCORES :
75
|
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 : Chungshan Dist,Taipei City
Branch Address : 150 Chung Shan North Rd Section 1
SWIFT Code : BKTWTWTP
Bank Name : CHIAO TUNG BANK CO LTD
Branch : Chungshan Dist,Taipei City
Branch Address : 156-1 Sungchiang Rd
SWIFT Code : BKCMTWTP
Bank Name : LAND BANK OF TAIWAN
Branch : Chungshan Dist,Taipei City
Branch Address : 26 Ming Chuan West Rd
SWIFT Code : LBOTTWTP
Balance Sheet
Currency : NTD
Denomination : In thousands
2006 2007
-------------- -------------
Current Assets 510,499.00 572,683.00
Funds & long-term investments 118,545.00 202,623.00
Property
684,251.00 600,850.00
Other Assets 52,878.00 48,970.00
Current Liabilities (Before) 102,948.00 75,848.00
(After) 129,681.00 -
Long-term Liabilities
- -
Other Liabilities
36,766.00 38,927.00
Common stock 891,110.00 891,110.00
Capital Reserve
766.00 3,158.00
Retained Earnings (Before) 231,794.00 310,673.00
(After) 205,061.00 -
Total Assets
1,366,173.00 1,425,126.00
Total Liabilities (Before) 184,626.00
159,687.00
(After) 211,359.00 -
Total Shareholder's Equity (Before) 1,181,547.00
1,265,439.00
(After) 1,154,814.00 -
Income Statement
Currency : NTD
Denomination : In thousands
2006 2007
-------------- --------------
Operating revenue
901,424.00 1,110,779.00
Gross Profit
121,535.00 163,144.00
Operating Income
63,740.00 105,570.00
Non-operating income 9,173.00 18,984.00
Non-operating expense 6,216.00 7,225.00
Net Income
31,697.00 105,612.00
Earnings (losses) per share (After) 0.36 1.19
*Financial Ratios*
==============
2006 2007
-------------- -------------
Ratio of liabilities to Assets % 13.51 11.21
Ratio of long-term capital to fixed Assets% 172.68
210.61
Current ratio%
495.88 755.04
Quick ratio%
364.30 562.38
Interest coverage 150.88 171.04
Turnover of receivable (times) 6.74 7.67
Average collection period of receivable 54.15 47.58
Turnover of inventories (times) 7.25 7.26
Turnover of expense (times) 15.60 18.36
Average days of sales 50.34 50.27
Turnover of fixed assets (times) 1.32 1.85
Turnover of total assets (times) 0.66 0.78
Return on total assets%
2.32 7.41
Operating Income
7.15 11.85
Net Income before tax 7.48 13.17
Profit margin%
3.52 9.51
*Financial Summary (Currency: U.S. $'s)
==============================
Year Sales Assets Net Income
2003 $14,953,027.68 $48,891,983.85
$777,076.12
2004 $14,081,744.36 $42,153,022.56 -$1,875,819.55
2005 $27,003,696.68 $42,094,944.71 $1,126,003.16
2006 $27,249,818.62 $41,299,062.88 $958,192.26
2007 $33,517,773.08 $43,003,198.55 $3,186,843.69
*Int´l Trade Activity (Currency: U.S. $'s)
===============================
Year Imports Exports Total
1985 $300,000.00 $600,000.00 $900,000.00
1986 $300,000.00 $800,000.00 $1,100,000.00
1987 $300,000.00 $10,600,000.00 $10,900,000.00
1992 $2,800,000.00 $3,100,000.00 $5,900,000.00
2005 $7,094,661.01 $11,536,669.98 $18,631,330.99
2006 $4,497,770.07 $12,045,695.01 $16,543,465.08
2007 $4,058,735.12 $11,141,496.44 $15,200,231.56
SC is considered large-sized in its line with a development history of
46 years. Taking into consideration of SC’s general performance, a credit line
up to USD 1,000,000 appears to be within SC’s capacities.
Attached:
trade references
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Manufacturing 2251 Hosiery
Exc Socks, Female
Manufacturing 2253 Knit
outerwear
Manufacturing 2259 Knitting
Mills, NEC
Manufacturing 2299 Textile
goods,
Manufacturing 2353 Hats,
caps, and millinery
Manufacturing 2389 Apparel
and accessories,
Manufacturing 2399 Fabricated
textile products,
Manufacturing 3100 Leather
and Leather Products
Manufacturing 3151 Leather
gloves and mittens
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 5603110010 Non-woven fabrics of man-made filaments, other than floor
covering underlays and laminated fabrics, weighing not more than 25 g/m2;
imatation suede""
Exporting 5603120000 Nonwovens, whether or not impregnated, coated, covered or
laminated: of manmade filaments weighing more than 25 g/m2 but not more than 70
g/m2
Exporting 5603130090 Oth non-woven fab, of man-made filaments, oth thanfloor
covering underlays & laminated fab, not impreg/coated/covered, weighing
> 70 and =< 150 g/m2
Importing 3402191000 Organic surface active agents,other,aromatic or modified
aromatic
Importing 3902100000 Polypropylene
Importing 5910000000 Transmission or conveyor belts or belting, of textile material,
whether or not impregnated coated, covered, or laminated with plastics or rein
w/metal
Importing 8448490000 Parts and accessories of weaving machines (looms) or of their
auxiliary machinery
Importing 8479899598 Machines and mechanical appliances having individual functions,
not specified or included elsewhere in chapter 84
Importing 8501534000 Ac motors multi-phase, exceeding 75kw but under 149.2kw
Manufacturing 4203290000 Gloves,
mittens & mitts, not designed for use in sports
DETAILED PRODUCT
CLASSIFICATION & ACTIVITY
Activity Product/Service Description
Manufacturer Hats
Manufacturer Socks
Manufacturer Leg warmer
Manufacturer Spunbond
Manufacturer Melt-blown
nonwoven fabric
Manufacturer PP melt blown
INTERNATIONAL
TRADE: ACTIVITY & MARKETS
Country / Region Main Trading Activity
Asia / Pacific Exporting,
Importing
Europe Exporting,
Importing
North America Exporting,
Importing
Pacific Exporting
Australia Exporting
Belgium Importing
China Exporting
Denmark Exporting
France Exporting,
Importing
Germany Exporting,
Importing
Hong Kong Exporting
Italy Exporting
Japan Exporting
Malaysia Exporting
Netherlands Importing
New Zealand Exporting
Singapore Importing
South Korea Exporting,
Importing
Spain Exporting
Sweden Importing
Thailand Exporting
USA Exporting,
Importing
United Kingdom Exporting
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.52 |
|
UK Pound |
1 |
Rs.72.62 |
|
Euro |
1 |
Rs.63.76 |
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%)