MIRA
INFORM REPORT
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Report Date : |
04.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
TUNG HO SPINNING WEAVING & DYEING CO
LTD
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Registered Office : |
277 Kung Yeh Rd Matou Chen Tainan Hsien 721 |
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Country : |
Taiwan |
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Financials (as on) : |
2007 |
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Date of Incorporation : |
11.09.1959 |
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Com. Reg. No.: |
73141105 |
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Legal Form : |
Public Listed Company |
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Line of Business : |
Importer of Chemical Raw Materials for in-house production of textile
materials. Research and Development of Synthetic Fiber, Flame Retardant Yarn and
related textiles. |
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 : |
USD 1,500,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
TUNG
HO SPINNING WEAVING & DYEING CO LTD
277 KUNG YEH RD MATOU CHEN TAINAN HSIEN 721,
TAIWAN
TEL: 886-6-5703211 FAX: 886-6-5703382
EXECUTIVE SUMMARY
INCORPORATION DATE : SEPTEMBER 11, 1959
REGISTRATION NO. :
73141105
LEGAL FORM :
PUBLIC LISTED COMPANY
CHIEF EXECUTIVE :
MS. SHU-YING TSAI (CHAIRMAN)
STAFF STRENGTH :
659
CAPITAL :
US$ 118,226,601
BUSINESS LINE :
MANUFACTURER & TRADER
TURNOVER :
NTD 4,259,436,000 (AS OF 2007)
EQUITIES :
NTD 1,802,795,000 (AS OF 2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 1,500,000
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
TWD 31.62994 = 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*
===============
2 February, 1976
- Listed on the Taiwan Stock Exchange.
*Licenses & Permits*
================
(1)
License number : 9965648100
Date issued : 14 October,
1975
Issuing authority :
Industrial Development Bureau, MOEA
(2)
License number : 9965798800
Date issued :16
January, 1990
Issuing authority : Industrial
Development Bureau, MOEA
*Capital Details*
=============
Authorized capital : NTD
3,600,000,000.00
Initial paid up capital :
NTD 2,000,000.00
Capital increase : NTD
2,200,000,000.00
Date of increase : N/A
*Office & Facilities*
================
Size
: 1,421 square meter(Approx)
Location :
Tainan Hsien
Property status :
Owned by TUNG HO SPINNING WEAVING & DYEING CO LTD
Type of building :
Industrial building
Comment : Serves as office and factory 1
Other e-mail : anita@tungho.com.tw/
tunghon@ms21.hinet.net
Previous contact details
--------------------------------
Address : 369
Chung Shan Rd Jente Hsiang Tainan Hsien 717
Telephone number :
2-22688911
*Factories, Size & Locations*
======================
Factory 2
-------------
Size
: 2,584 square meters (Approx)
Location :
Tainan Hsien
Type of building :
Industrial building
*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 861
2006 842
2007 814
*Sales Ranking*
=============
Details of rank are as follows :
Year Rank
---------- ----------
2002 369
2001 312
2000 346
1998 264
1997 239
1996 209
*Accountants*
===========
KPMG
*Registrar*
=========
CHINA TRUST SECURITIES
http://cens.com/ishow/t/tungho/The design is professional and the content is well organized.
At present it is in Chinese version.
E-mail: star@tungho.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 %
LASTER TECH CORP LTD Taiwan n/a n/a n/a
Public Shareholdings traded n/a
n/a n/a n/a
via Stock Exchange
Ms. Shu-ying Tsai Taiwan 28,000,626.00 n/a n/a
YU SHUN DEVELOMENT Taiwan 28,000,626.00 n/a n/a
& INVESTMENT CO LTD
FENG TAR WOOL INDUSTRY Taiwan 1,972,084.00 n/a n/a
CO LTD
Mr. Yu-chieh Cheng Taiwan 1,540,262.00 n/a n/a
Mr. Yen-hsian Yeh Taiwan 90,251.00 n/a n/a
Mr. Ju-kang Hu Taiwan 578.00 n/a n/a
Management: Mr. Kuang-hsian Lin,
Consultant
Mr. Chen-yu Lee, Manager
Mr. Jung-sheng Cheng, Chairman
Name Nationality
Job Description Dept. / Division
Mr. Kuang-hsian Lin Taiwanese
Consultant Management
Mr. Chen-yu Lee Taiwanese
Manager Sales
Mr. Jung-sheng Cheng Taiwanese Chairman -
Mr. Chun-mao Chen Taiwanese General Manager -
Mr. Shui-yuan Huang Taiwanese General Manager -
Mr. Ying-fung Hsu Taiwanese
General Manager -
Mr. Chia-hung Cheng Taiwanese Representative -
Mr. Tsai-wang Hsu Taiwanese
Vice General Manager -
*COMPANY DIRECTORS*
=====================
1
Name : Mr. Jung-sheng Cheng
Nationality : Taiwanese
2
Name : Ms. Shu-ying Tsai
Nationality : Taiwanese
*Main Products & Services*
======================
Specializes in the following areas of work:
1. Importing a wide range of
chemical raw materials for in-house production of textile materials.
2. Research and development of various range of synthetic fiber, flame
retardant yarn and related textiles.
3. Sales and distribution of products predominantly to domestic market.
Products: Bamboo charcoal yarn
Flame retardant
yarn
MEG (monoethylene
glycol)
PC (polyester
cotton) yarns
PET recycled
chips
*Brand*
======
Cool Soft
Coral
Pearltex
Shells
*Payment Terms*
=============
Sales
-------
Local : Cash
30-90 days credit
Export : Letter of Credit (L/C)
Telegraphic
Transfer (T/T)
Purchases
--------------
Local : 30-90 days credit
Import : Letter of Credit (L/C)
Telegraphic
Transfer (T/T)
*Competitors*
===========
The following locally based companies supply similar range of products :
- HUALON CHEMICAL & TEXTILE CO LTD
- CHAIN YARN CO LTD
- DE LICACY INDUSTRIAL CO LTD
- ELAN TEXTILE CO LTD
- FORMOSA TAFFETA CO LTD
- REGAL SPINNING ENTERPRISES CO LTD
- TA HSIEH TEXTILE DYEING CORP
- HUALON CHEMICAL & TEXTILE CO LTD
*Quality Certification*
================
Type of certification : ISO 9002
*Production Capacity*
=================
Item
: Blending Textile
Current capacity : 101,260
pieces
Maximum capacity : 101,354
pieces
*Local Distribution Network*
=======================
Approximately 95% of the annual turnover is attributed to local
sales.
*Export Markets*
=============
Approximately 5% 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
----- ------
2001 606
2002 646
2003 766
2004 1,051
2005 1,107
2006 1,461
2007 1,526
*LOCAL BRANCHES & MANAGEMENT*
==================================
Branch : TUNG HO SPINNING WEAVING & DYEING CO - JENTE HSIANG
Branch Address : 687 Chung Shan Rd Jente Hsiang, Tainan Hsien 717
Branch Tel : [+886] 6-7001840
Branch Fax : [+886] 6-7060967
Branch Email : tunghon@ms21.hinet.net
Branch : TUNG HO SPINNING WEAVING & DYEING CO LTD - TAIPEI CITY
Branch Address : 13Fl W & T World Trade Square 376 Jen Ai Rd Section
4 Ta-an Dist, Taipei City, 106
Branch Tel : [+886] 2-27001840
Branch Fax : [+886] 2-27060967
Branch Employees : 27
*(Subsidiaries, Joint-ventures & Affiliates)
==========================
Company Name : HSIN HO CONSTRUCTION CO LTD
Country : Taiwan
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Service
Industry : Construction & Construction Materials
Company Name : NANOPOLYMER COMPOSITES CORP
Address : 29 Huan East Section 2 Shanhwa Chen 741 Tainan Hsien Taiwan
Country : Taiwan
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Plastics & Products
PAYMENT RATING : 3 OBTAINED SCORES :
71
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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
MODERATE amounts depending on individual judgement experience.
Balance Sheet
Currency : NTD
Denomination : in Thousand
2006 2007
------------
----------
Current Assets 1,203,767 1,253,949
Funds & long-term investments 175,296 73,208
Property 2,854,038 3,422,575
Other Assets 810,658 247,078
Current Liabilities
(Before)
2,473,020 2,120,069
(After)
2,473,020
--
Long-term Liabilities 822,159 830,724
Other Liabilities 266,253 281,916
Common stock 2,200,000 2,200,000
Capital Reserve 3,914 1,860
Retained Earnings (Before) (8,889,243) (863,383)
(After)
(8,889,243)
--
Total Assets
5,095,351 5,035,504
Total Liabilities
(Before)
3,561,432 3,232,709
(After)
3,561,432
--
Total Shareholder's Equity 1,533,919 1,802,795
Income Statement
Currency : NTD
Denomination : in Thousand
2006 2007
------------ ----------
Operating revenue 3,928,790 4,259,436
Gross Profit
50,255 256,587
Operating Income (70,942) 135,916
Non-operating income 161,042 102,571
Non-operating expense 147,246 212,627
Net Income
(57,146) 25,860
Earnings (losses) per share (After) (0.26) (0.12)
*Financial Ratios*
==============
2006 2007
------------ ------------
Ratio of liabilities to Assets % 69.90 64.20
Ratio of long-term capital
to fixed Assets %
82.55 76.95
Current ratio % 48.68 59.15
Quick ratio %
18.39 18.32
Interest coverage 0.25 1.33
Turnover of receivable (times) 11.05 12.23
Average collection period
of receivable
33.02 29.84
Turnover of inventories (times) 5.82 5.00
Turnover of expense (times) 11.87 9.99
Average days of sales
62.71 73.00
Turnover of fixed assets (times) 1.38 1.24
Turnover of total assets (times) 0.77 0.85
Return on total assets % (1.12) 0.51
Return on shareholder's Equity % (3.73) 1.43
Operating Income (1.45) 0.61
Net Income before tax (2.6) 1.18
Profit margin %
(1.45) 0.61
*Financial Summary (Currency: U.S. $'s)
==============================
Year Sales Assets Net Income
1998 $13,866,666.67 $30,351,851.85
-$19,925,925.93
2001 $96,952,988.97 $189,001,741.15 -$14,886,825.30
2002 $96,349,525.73 $181,230,238.57 -$3,133,084.22
2003 $101,445,126.87 $176,724,942.33 -$2,565,743.94
2004 $120,884,631.58 $176,281,744.36 -$3,424,060.15
2005 $117,638,515.01 $166,187,740.92 -$13,943,380.73
2006 $118,766,324.06 $154,031,166.87 -$1,727,509.07
2007 $128,528,545.56 $151,946,409.17 $780,325.89
*Int´l Trade Activity (Currency: U.S. $'s)
===============================
Year Imports Exports Total
1996 $44,200,000.00 $54,100,000.00 $98,300,000.00
1997 $35,300,000.00 $28,700,000.00 $64,000,000.00
1998 $34,100,000.00 $27,600,000.00 $61,700,000.00
2005 $15,257,029.00 $18,339,284.01 $33,596,313.01
2006 $15,533,614.00 $10,751,389.00 $26,285,003.00
2007 $15,573,652.26 $7,652,136.87 $23,225,789.13
SC is considered large-sized in its line with a long development
history. Taking into consideration of SC’s general performance, a credit line
up to USD 1,500,000 appears to be within SC’s capacities.
Attached:
trade references
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 2281 Yarn,
spun, of cotton, man-made fibers, and silk
Manufacturing 2211 Broad
woven fabrics, cotton
Manufacturing 2221 Broad
woven fabrics, manmade fibers and silk
Manufacturing 2262 Finish
Man Fiber/Silk Fabric
Manufacturing 2284 Thread
and handwork yarns
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 3907910000 Other polyesters, unsaturated
Exporting 3908907000 Other polyamides in primary forms
Exporting 5004000000 Silk yarn, other than yarn, not spun from silk waste, not put
up for retail sale
Exporting 5205110000 Cotton yarn (except sewing thread), 85% or more by weight of
cotton, not put up for retail sale, single yarn of uncombed fibers not over 14
nm
Exporting 5206110000 Single uncombed yarns, of cotton, less than 85 percent by
weight of cotton, less than or equal to 14 nm, not for retail sale
Exporting 5206120000 Single uncombed yarns, of cotton, less than 85 percent by
weight of cotton, greater than 14 nm but less than or equal to 43 nm, not for
retail sale
Exporting 5206210000 Single combed yarns, of cotton, less than 85 percent by weight
of cotton, less than or equal to 14 nm, not put up for retail sale
Exporting 5503200000 Synthetic staple fibers, not carded or combed, or otherwise
processed for spinning: of polyesters
Exporting 5509530000 Yarn (other than sewing thread) of synthetic staple fibers not
put up for retail sale of polyester stple fiber mixed m/s cotton
Exporting 5509590000 Yarns, other than sewing thread, of polyester staple fibers,
mixed mainly or solely with other fibers, not put up for retail sale
DETAILED PRODUCT
CLASSIFICATION & ACTIVITY
Activity Product/Service Description
Manufacturer Water transport
yarn
Manufacturer Bamboo charcoal
yarn
Manufacturer Polyester
fabrics
Manufacturer PET recycled
chips
Manufacturer Yarns
INTERNATIONAL
TRADE: ACTIVITY & MARKETS
Country / Region Main Trading Activity
Asia / Pacific Exporting,
Importing
Europe Exporting,
Importing
Middle-East Exporting
North America Importing
Pacific Importing
South America Importing
Australia Importing
Brazil Importing
China Exporting
Cyprus Exporting
Czech Republic Importing
Germany Importing
Hong Kong Exporting,
Importing
Italy Exporting
Importing
Japan Importing
Malaysia Exporting
Mongolia Exporting
Pakistan Importing
Poland Exporting
,Importing
South Korea Exporting
Spain Exporting
Switzerland Importing
USA Exporting,
Importing
United Arab Emirates Exporting
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.37 |
|
UK Pound |
1 |
Rs.78.09 |
|
Euro |
1 |
Rs.63.41 |
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 |
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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 |
|
<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%)