|
Report Date : |
09.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
REWARD WOOL INDUSTRY CORPORATION |
|
|
|
|
Registered Office : |
12th Fl., No.310, Sec.4, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation : |
23.07.1964 |
|
|
|
|
Com. Reg. No.: |
11311608 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Sales of Wool Tops, Superwash Tops, Carbonized Wool, and
Wool Grease |
|
|
|
|
No. of Employees : |
About 110 Employees |
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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
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|
|
|
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Taiwan |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
|
Company Name: |
|
|
Supplied Name: |
|
|
Trading Address: |
12th Floor, Kuangfu Building 310, Sec 4,
Chung Hsiao Fast Road, Taipei 106, Taiwan |
|
Supplied Address: |
12th Floor Kuang Fu Building 310 Sec-4 Chung
Hsiao East Taipei 106 |
|
Telephone Number: |
+886-2-27811161 |
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Fax Number: |
|
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E-mail: |
|
Credit Opinion: |
|
Registered Name: |
Reward Wool Industry
Corporation |
|
Registered Address: |
12th Fl., No.310,
Sec.4, Chung Hsiao E. Rd., Taipei, Taiwan |
|
Date of Foundation: |
|
|
Registration Number: |
|
|
Registry: |
Department of Commerce,
Ministry of Economic Affairs, R.O.C. |
|
Registered Capital: |
NTD 1,793,000,000 (USD 61,105,100) (As of 2012.5, 1 NTD =
0.03408 USD) |
|
Paid-up Capital: |
NTD 1,793,000,000 (USD
61,105,100) |
|
Legal Representatives: |
Rouer Ying |
|
Legal Form: |
|
|
Principal Activities: |
Sales of Wool Tops, Superwash Tops, Carbonized Wool, and Wool Grease |
|
Staff: |
|
|
Listed at Stock Exchange: |
|
|
Date of Last Annual Return: |
|
Year |
Events |
|
1988 |
Production capacity of wool top and
carbonized wool was greatly expanded. |
|
1992 |
Jointly invested in Reward (Ningbo)
Wool Industry Co., Ltd. to develop mainland China market |
|
1995 |
Equipped
Kroy/CMT processing system for making value-added superwash and lustre soft
tops. |
Subject was incorporated on
Subject was listed on Taiwan Stock Exchange on
Awards
|
Year |
Awards |
|
2008 |
Blue chip importer and exporter |
|
2009 |
Blue chip importer and exporter |
|
2010 |
Blue chip importer and exporter |
Standard
of Blue chip importer and exporter
Unit: USD
|
Year |
Amount |
|
2008 |
19,000,000 |
|
2009 |
15,000,000 |
|
2010 |
20,000,000 |
|
Name |
Subscription
Shares |
|
Zhong Cheng Investment
Co. (translated) |
25,971,338 |
|
Xinhe Xingyang Co. (translated) |
|
|
3,104,203 |
|
|
Yong Fu
Investment Co. (translated) |
416,039 |
|
Li Tai
Investment Co. (translated) |
9,482,794 |
Notes:
The information above is that of subject’s major shareholders.
l
Subject has two factories in Liu-Tu and
Hsin-Wu, Taiwan.
|
Site Area:
|
|
|
Liu-Tu |
|
|
Hsin-Wu |
|
And subject has a
subsidiary located in Ningbo, China, but subject declined to disclose more
details about it.
Core
Management
|
1 |
|
|
Name |
Rouer Ying |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Chaoming Chen |
|
Position |
|
|
3 |
|
|
Name |
Minghao Ying |
|
Position |
Director |
|
4 |
|
|
Name |
Meilan Yu |
|
Position |
Director |
|
5 |
|
|
Name |
Xiwan Xu |
|
Position |
Director |
|
6 |
|
|
Name |
Lianghong Wu |
|
Position |
Director |
|
7 |
|
|
Name |
Guanzhi Wang |
|
Position |
Director |
|
8 |
|
|
Name |
Musheng Cao |
|
Position |
Supervisor |
|
9 |
|
|
Name |
Xiangyi Cao |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 110 Employees |
Offices
& Factories
|
|
Headquarters |
|
Add |
Production
Information
l
Subject is a manufacturer of wool tops, superwash tops, carbonized wool,
and wool grease with the
production activities
Purchase
Information
l
The registered
activities of subject:
|
Business Code |
Details |
|
1 |
Manufacturing
and sales of wool top(including carbonized wool) |
|
2 |
Processing of
other wool’s shrinkproof and dyeing
and finishing |
|
3 |
Import and
export related mentioned business |
|
4 |
Warehouse of
related raw materials |
l
The raw material for production is mostly purchased
from abroad.
l
The subject is mainly engaged in manufacturing and
trading of Wool Tops, Superwash Tops, Carbonized Wool, and
Wool Grease.
l
Subject introduced that the materials are directly
purchased from Australia
l
The subject sells products all over the world.
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
Subject declined to disclose the purchase settlements information, and
from other sources, we couldn’t obtain the information, either.
Sales
Domestic Markets (Taiwan)
|
Sales Terms |
Proportion |
|
|
CBD, etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Wool Tops,
Superwash Tops, Carbonized Wool, and Wool Grease |
T.T, L/C, CBD,
etc |
100% |
Unit: NTD/000
|
|
|
|
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash and cash
equivalents |
492,540.00 |
903,646.00 |
|
Financial assets
measured at fair value through profit or loss - current |
0.00 |
8,937.00 |
|
Accounts
receivable - net |
18,142.00 |
44,620.00 |
|
Other
receivables |
5,141.00 |
7,399.00 |
|
Inventories |
869,353.00 |
321,341.00 |
|
Other
prepayments |
22,900.00 |
49,547.00 |
|
Other current
assets |
28,906.00 |
4,353.00 |
|
Current assets |
1,436,982.00 |
1,339,843.00 |
|
Funds and
Investments |
|
|
|
Available-for-sale
financial assets - non current |
2,938.00 |
3,525.00 |
|
Financial assets
carried at cost - non current |
680.00 |
680.00 |
|
Equity
investments under equity method |
475,251.00 |
447,276.00 |
|
Investments |
475,251.00 |
447,276.00 |
|
Funds and
long-term investments |
478,869.00 |
451,481.00 |
|
Fixed Assets |
|
|
|
Cost |
|
|
|
Land |
38,922.00 |
38,922.00 |
|
Buildings and
structures |
292,628.00 |
317,373.00 |
|
Machinery and equipment |
1,074,902.00 |
1,077,464.00 |
|
Transportation
equipment |
8,602.00 |
9,792.00 |
|
Other facilities |
9,413.00 |
11,558.00 |
|
Revaluation
increment |
235,222.00 |
235,222.00 |
|
Cost and
revaluation increment |
1,659,689.00 |
1,690,331.00 |
|
Accumulated
depreciation |
-1,238,641.00 |
-1,251,340.00 |
|
Construction in
process and prepayment for equipments |
593.00 |
165.00 |
|
Fixed assets |
421,641.00 |
439,156.00 |
|
Intangible
Assets |
|
|
|
Other Assets |
|
|
|
Idled assets |
437,853.00 |
440,953.00 |
|
Guarantee
deposits paid |
34.00 |
34.00 |
|
Deferred income
tax assets - non current |
14,735.00 |
29,373.00 |
|
Other assets |
452,622.00 |
470,360.00 |
|
Assets |
2,790,114.00 |
2,700,840.00 |
|
Liabilities and
Stockholders' Equity |
|
|
|
Liabilities |
|
|
|
Current
Liabilities |
|
|
|
Accounts payable |
3,194.00 |
4,760.00 |
|
Accrued expenses |
18,617.00 |
20,632.00 |
|
Advance receipts |
4,710.00 |
9,061.00 |
|
Other current
liabilities |
532.00 |
716.00 |
|
Current
liabilities |
27,053.00 |
35,169.00 |
|
Long term
Liabilities |
|
|
|
Reserves |
|
|
|
Reserve for land
revaluation increment tax |
193,097.00 |
193,097.00 |
|
Reserves |
193,097.00 |
193,097.00 |
|
Other
Liabilities |
|
|
|
Pension reserve
/ accrued pension liability |
114,394.00 |
117,619.00 |
|
Guarantee
deposits received |
1,687.00 |
1,653.00 |
|
Other
liabilities |
116,081.00 |
119,272.00 |
|
Liabilities |
336,231.00 |
347,538.00 |
|
Stockholders'
Equity |
|
|
|
Capital |
|
|
|
Common stock |
1,750,000.00 |
1,750,000.00 |
|
Capital Surplus |
|
|
|
Capital surplus
- additional paid-in capital |
96,562.00 |
96,562.00 |
|
Capital surplus
- treasury stock transactions |
21,604.00 |
21,604.00 |
|
Capital surplus
- long-term equity investments |
9,261.00 |
9,261.00 |
|
Capital surplus
- other |
138.00 |
138.00 |
|
Capital surplus |
127,565.00 |
127,565.00 |
|
Retained
Earnings |
|
|
|
Legal reserve |
74,186.00 |
74,186.00 |
|
Unappropriated
retained earnings |
-77,755.00 |
-138,527.00 |
|
Retained
earnings |
-3,569.00 |
-64,341.00 |
|
Stockholders'
Equity and Other adjustment |
|
|
|
Cumulative
translation adjustments |
151,567.00 |
111,171.00 |
|
Unrealized gains
(losses) on financial instruments |
76.00 |
663.00 |
|
Unrealized
Revaluation Increment |
428,244.00 |
428,244.00 |
|
Equity
adjustments |
579,887.00 |
540,078.00 |
|
Stockholdersˉ
equity |
2,453,883.00 |
2,353,302.00 |
|
Number of
treasury stock acquired by the company and subsidiaries (unit: share) |
0.00 |
0.00 |
Unit: NTD/000
|
|
To |
To |
|
Sales |
277,989.00 |
363,685.00 |
|
Other operating
revenue |
18,007.00 |
20,912.00 |
|
Operating income |
295,996.00 |
384,597.00 |
|
Cost of sales |
252,345.00 |
345,138.00 |
|
Other operating
costs |
8,258.00 |
9,257.00 |
|
Operating costs |
260,603.00 |
354,395.00 |
|
Gross profit
(loss) from operations |
35,393.00 |
30,202.00 |
|
Selling expense |
2,607.00 |
4,903.00 |
|
General and administrative
expenses |
6,849.00 |
7,237.00 |
|
Operating
expenses |
9,456.00 |
12,140.00 |
|
Operating income
(loss) |
25,937.00 |
18,062.00 |
|
Non-Operating
Income |
|
|
|
Interest income |
921.00 |
2,004.00 |
|
Rent income |
2,995.00 |
2,760.00 |
|
Revaluation gain
on financial assets |
0.00 |
13.00 |
|
Miscellaneous
income |
695.00 |
559.00 |
|
Non-operating
revenues and gains |
4,611.00 |
5,336.00 |
|
Non-Operating
Expenses |
|
|
|
Interest expense |
78.00 |
18.00 |
|
Foreign exchange
losses |
194.00 |
730.00 |
|
Miscellaneous
disbursements |
2,427.00 |
2,310.00 |
|
Non-operating
expenses and losses |
2,699.00 |
3,058.00 |
|
Income from
continuing operations before income tax |
27,849.00 |
20,340.00 |
|
Income tax
expense (benefit) |
2,316.00 |
3,347.00 |
|
Income from
continuing operations |
25,533.00 |
16,993.00 |
|
Net income
(loss) |
25,533.00 |
16,993.00 |
|
Primary Earnings
per Share |
|
|
|
Primary earnings
per share |
0.15 |
0.10 |
|
Diluted earnings
per share |
|
|
|
Name |
Taiwan Bank |
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.
|
Name |
Mr. Chan |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.34 |
|
UK Pound |
1 |
Rs.86.09 |
|
Euro |
1 |
Rs.69.37 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
---- |
NB |
New Business |
---- |
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.