MIRA INFORM REPORT
|
Report Date : |
11.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
I HWA INDUSTRIAL CO LTD |
|
|
|
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Registered Office : |
11, |
|
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|
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Country : |
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|
|
|
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Financials (as on) : |
30.09.2010 |
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Date of Incorporation : |
02.08.1968 |
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|
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Com. Reg. No.: |
33144175 |
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|
Legal Form : |
Joint Stock Company |
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|
|
|
Line of Business : |
Manufacturing and sales
of finished fabric, wool yarn, cotton yarn and dye, etc |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 500,000 |
|
Status : |
Good |
|
Payment
Behaviour : |
No Complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
|
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Contact
Points
|
Company Name: |
|
|
Supplied Name: |
|
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Trading Address: |
11, |
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Supplied Address: |
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Telephone Number: |
+886-6-6985911 |
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Fax Number: |
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E-mail: |
Credit
Summary
|
Credit Rating: |
|
|
Credit Opinion: |
Company
Identification Details
|
Registered Name: |
I Hwa Industrial Co Ltd |
|
Registered
Address: |
11, |
|
Date of
Foundation: |
|
|
Registration
Number: |
|
|
Registry: |
Department of Commerce, Ministry of
Economic Affairs |
|
Registered
Capital: |
|
|
Paid-up Capital: |
NTD 1,675,000,000
(USD 57,787,500) |
|
Legal
Representatives: |
Maw-Jang Wong |
|
Legal Form: |
|
|
Principal
Activities: |
Manufacturing
and sales of finished fabric, wool yarn, cotton yarn and
dye, etc |
|
Staff: |
|
|
Industry: |
Textiles |
|
Listed at Stock Exchange: |
Stock Code:1456 Listing date: Symbol: I-HWA |
|
Date of Last Annual Return: |
History
Subject was incorporated on
Shareholders
|
Name |
Subscription Shares |
|
4,206,290 |
|
|
Mao-chin Weng |
|
|
4,149,581 |
|
|
N/A |
1,532,065 |
|
Rongquan Weng |
1,532,065 |
|
Dapeng Zhang |
1,532,065 |
|
Dahu Zhang |
1,532,065 |
|
Quanhui Weng |
1,532,065 |
|
Jinghua Zhengli |
2,933,932 |
|
Wenjin Chen |
32,684 |
|
Maolong Weng |
2,732,817 |
|
Xuezhu Hong |
23,200 |
|
Rongzhi Weng |
2,843,391 |
Notes: The information above is that of subject’s major shareholders.
Subsidiaries
& Branches
Branch Companies
|
1 |
|
|
Name |
Fun City Yuanlin nationality |
|
Registration Number |
96971637
|
|
Date of Registration |
|
|
Status |
Live Company |
|
Manager Name |
|
|
Date of Last Annual Return |
|
|
2 |
|
|
Name |
|
|
Registration Number |
96971622
|
|
Date of Registration |
|
|
Status |
Live Company |
|
Manager Name |
|
|
Date of Last Annual Return |
|
|
3 |
|
|
Name |
Zhongshan |
|
Registration Number |
96971643 |
|
Date of Registration |
|
|
Status |
|
|
Manager Name |
|
|
Date of Last Annual Return |
|
|
4 |
|
|
Name |
Zhongshanyi |
|
Registration Number |
89405052 |
|
Date of Registration |
|
|
Status |
|
|
Manager Name |
Quanhui Weng |
|
Date of Last Annual Return |
|
|
5 |
|
|
Name |
Renaiyi |
|
Registration Number |
89390641 |
|
Date of Registration |
|
|
Status |
Dissolved |
|
Manager Name |
Wenke Chen |
|
Date of Last Annual Return |
|
Personnel
Information
Core Management
|
Name |
Maw-Jang Wong |
|
Position |
Chairman |
|
2 |
|
|
Name |
Mao-chin Weng |
|
Position |
General Manager |
|
3 |
|
|
Name |
Rongquan Weng |
|
Position |
|
|
4 |
|
|
Name |
Dapeng Zhang |
|
Position |
Vice-president |
|
5 |
|
|
Name |
Dahu Zhang |
|
Position |
Director |
|
6 |
|
|
Name |
Quanhui Weng |
|
Position |
Director |
|
7 |
|
|
Name |
Jinghua Zhengli |
|
Position |
Director |
|
8 |
|
|
Name |
Wenjin Chen |
|
Position |
Director |
|
9 |
|
|
Name |
Maolong Weng |
|
Position |
Director |
|
10 |
|
|
Name |
Xuezhu Hong |
|
Position |
|
|
10 |
|
|
Name |
Rongzhi Weng |
|
Position |
Auditor |
Personnel Structure
|
Total Employees |
About
1,200 Employees |
Operation
Information
Offices & Factories
|
|
Factories
|
|
Add |
11, |
|
Construction Area |
Production Information
l
The
subject owns worsted mill, spinning mill, weaving mill, yarn dyeing mill and finishing
mill, specialized in manufacturing of textile, dyeing and finishing.
l
The
subject produces finished fabric, wool yarn, cotton yarn
and dye, etc.
l
The
subject produces in
Purchase Information
l
The
registered activities of subject:
|
Business Code |
Details
|
|
1 |
Manufacturing,
dyeing and finishing, import and export of cotton yarn, synthetic yarn,
synthetic fiber, blended yarn, wool yarn and other cloth |
|
2 |
Manufacturing
and import and export of dyes and dye intermediates, pigments and pigment
intermediates and other auxiliaries |
|
3 |
Import
and export of above mentioned kinds of textile manufacturing machines and
parts |
|
4 |
Production,
manufacturing, processing, import and export of resins, plastics, special
polymer chemical products, special pharmaceutical raw materials and other
chemicals. |
|
5 |
Agency,
underwriting, pricing, and other services for above mentioned indicators used
by domestic and abroad manufacturers |
|
6 |
Commissioned the construction company to develop industrial zone which is approved by administrative department
|
|
7 |
Lease
and re-leasing business of conveyance (except of car rental) |
|
8 |
Playground
business (except of amusement park business) |
|
9 |
Import
and export business of hosting computer system, peripherals and application
software, consumables |
|
10 |
Buying
and selling of supermarket and department store |
|
11 |
Manufacturing,
processing and marketing of cosmetics |
|
12 |
Manufacturing,
dyeing and finishing, import and export of belts, hats, socks |
|
13 |
Import
and export business of deformed steel, steel, steel pipe, angle steel |
|
14 |
Planning,
design and technical services of steam/electricity co-generation system |
|
15 |
Import
and export business of co-generation |
|
16 |
Handling
of industrial waste |
|
H701020 |
Development
and rental of industry factory |
|
H701040 |
Development
of specific professional areas |
|
H701050 |
Investment
and construction of public construction industry |
|
H701060 |
Development
of new cities and new communities |
|
H701070 |
Zone
expropriation and agency rezoning of municipal land |
|
H703010 |
Factory
rental industry |
|
H703020 |
Warehouse
rental industry |
|
H703030 |
Building
leasing industry |
|
E801010 |
Upholstery
industry |
|
E801020 |
Installation
of windows and doors industry |
|
E201010 |
Landscape
engineering industry |
|
H704010 |
housing
intermediation industry |
|
H704020 |
land
intermediation industry |
|
I301010 |
data
storage and manufacturing of treatment facility |
|
CC01050 |
manufacturing
of electronic components |
|
CC01080 |
wholesales
of electronic materials |
|
F119010 |
retail of
electronic material |
|
F219010 |
Manufacturing
and marketing of helmets, masks, body armor and other protective equipment |
|
CZ99990 |
manufacturing
of wireless communication equipment and apparatus |
|
CC01030 |
electrical
manufacturing industry |
|
EZ05010 |
installation
of apparatus and instruments |
|
C306010 |
garments |
|
F104020 |
wholesales
of clothing |
|
F204020 |
retail
of clothing |
|
ZZ99999 |
Besides
approval business, prohibit or restrict items should not operated. |
l
The raw material for production is mostly purchased from
domestic markets.
l The subject is a member of the Chia Heir Group.
l
The
subject is engaged in sales of finished fabric, wool yarn,
cotton yarn and dye, etc.
l
The
subject sells products all over the world.
Import and export right:
|
Import
right |
Yes |
|
Export
right |
Yes |
Settlements
Purchase
Domestic
Purchase (
|
Payment Terms |
Proportion |
|
|
COD, etc |
Foreign
Purchase
|
Payment
Terms |
Proportion |
|
|
Raw
material |
100% |
Sales
Domestic
Markets (
|
Sales
Terms |
Proportion |
|
|
Finished
fabric, wool yarn, cotton yarn and dye, etc |
CBD,
etc |
100% |
Export
|
Sales
Terms |
Proportion |
|
|
Finished
fabric, wool yarn, cotton yarn and dye, etc |
CBD,
etc |
100% |
Financial
Information
Balance Sheet
Income Statement
Unit: NTD/Thousand
|
|
|
|
|
Accounting Title |
Amount |
Amount |
|
Sales |
1,524,173.00 (USD 52,583,969) |
1,457,262.00 (USD 50,275,539) |
|
Sales returns |
4,985.00 |
5,742.00 |
|
Sales discounts and allowances |
22,192.00 |
21,524.00 |
|
Sales |
1,496,996.00 |
1,429,996.00 |
|
Rental sale |
21,150.00 |
28,800.00 |
|
Operating income |
1,518,146.00 |
1,458,796.00 |
|
Operating costs |
1,460,533.00 |
1,423,485.00 |
|
Gross profit (loss) from operations |
57,613.00 |
35,311.00 |
|
Selling expense |
53,272.00 |
47,704.00 |
|
General and administrative expenses |
61,279.00 |
60,784.00 |
|
Research and development expenses |
1,647.00 |
1,572.00 |
|
Operating expenses |
116,198.00 |
110,060.00 |
|
Operating income (loss) |
-58,585.00 |
-74,749.00 |
|
Non-Operating Income |
|
|
|
Interest income |
108.00 |
62.00 |
|
Dividends |
58.00 |
48.00 |
|
Investment income |
58.00 |
48.00 |
|
Gains on disposal of fixed assets |
5,303.00 |
0.00 |
|
Foreign exchange gains |
8,637.00 |
6,615.00 |
|
Rent income |
2,750.00 |
2,757.00 |
|
Miscellaneous income |
13,159.00 |
10,205.00 |
|
Non-operating sales and gains |
30,015.00 |
19,687.00 |
|
Non-Operating Expenses |
|
|
|
Interest expense |
39,643.00 |
52,331.00 |
|
Losses from long-term equity investments under
the equity method |
305.00 |
81,298.00 |
|
Investment loss |
305.00 |
81,298.00 |
|
Loss on disposal of fixed assets |
164.00 |
526.00 |
|
Impairment loss on assets |
3,364.00 |
387.00 |
|
Miscellaneous disbursements |
4,757.00 |
2,506.00 |
|
Non-operating expenses and losses |
48,233.00 |
137,048.00 |
|
Income from continuing operations before
income tax |
-76,803.00 |
-192,110.00 |
|
Income tax expense (benefit) |
10,251.00 |
1,583.00 |
|
Income from continuing operations |
-87,054.00 |
-193,693.00 |
|
Net income (loss) |
-87,054.00 |
-193,693.00 |
|
Primary Earnings per Share |
|
|
|
Primary earnings per share |
-0.53 |
-1.19 |
|
Diluted earnings per share |
|
|
(As of 2011.04, 1 NTD = 0.0345 USD)
Bankers
|
Name |
Taiwan
Bank |
Public
Record
Mortgage
No chattel mortgage
record of subject has been found within the recent 3 months.
Lawsuit
Up to date of reporting, no existing or
latent litigation of the subject has been found.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.04 |
|
|
1 |
Rs.72.20 |
|
Euro |
1 |
Rs.63.40 |
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 |
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 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.