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Report Date : |
03.09.2012 |
IDENTIFICATION DETAILS
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Name : |
SUN YARN TEXTILE CO., LTD. |
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Registered Office : |
No.697, Sec.2, Chang Tsao Rd., Homei Township, Chang Hwa County 508 |
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Country : |
Taiwan |
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Date of Incorporation : |
07.04.1969 |
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Com. Reg. No.: |
59214014 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacturing and sales of cotton and blended yarn, etc |
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No. of Employees : |
About 200 employees |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 |
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Restricted |
C2 |
|
Off-credit |
D |
TAIwAN - ECONOMIC OVERVIEW
Taiwan has a dynamic capitalist economy with gradually decreasing
government guidance of investment and foreign trade. In keeping with this trend,
some large, state-owned banks and industrial firms have been privatized.
Exports, led by electronics, machinery, and petrochemicals have provided the
primary impetus for economic development. This heavy dependence on exports
exposes the economy to fluctuations in world demand. In 2009, Taiwan's GDP
contracted 1.9%, due primarily to a 20% year-on-year decline in exports. In
2010 GDP grew 10.9%, as exports returned to the level of previous years, and in
2011, grew 5.2%. However, 2012 growth will likely be less, according to most
forecasters, because of softening global demand. Taiwan's diplomatic isolation,
low birth rate, and rapidly aging population are major long-term challenges.
Free trade agreements have proliferated in East Asia over the past several
years, but so far Taiwan has been excluded from this greater economic
integration largely because of its diplomatic status with the exception of the
landmark Economic Cooperation Framework Agreement (ECFA) signed with China in
June 2010. The MA administration has said that the ECFA will serve as a
stepping stone toward trade pacts with other regional partners, and
negotiations on a deal with Singapore began this year. Follow-on components of
ECFA, including deals on trade in goods, services, and investment, have yet to
be completed. Taiwan's Total Fertility rate of just over one child per woman is
among the lowest in the world, raising the prospect of future labor shortages,
falling domestic demand, and declining tax revenues. Taiwan's population is aging
quickly, with the number of people over 65 accounting for 10.9% of the island's
total population as of 2011. The island runs a large trade surplus, and its
foreign reserves are the world's fourth largest, behind China, Japan, and
Russia. Since 2005 China has overtaken the US to become Taiwan's second-largest
source of imports after Japan. China is also the island's number one
destination for foreign direct investment. Three financial memorandums of
understanding, covering banking, securities, and insurance, took effect in
mid-January 2010, opening the island to greater investments from the mainland's
financial firms and institutional investors, and providing new opportunities
for Taiwan financial firms to operate in China. Closer economic links with the mainland
bring greater opportunities for the Taiwan economy, but also poses new
challenges as the island becomes more economically dependent on China while
political differences remain unresolved.
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Source : CIA |
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Company Name: |
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Supplied Name: |
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Trading Address: |
No.697, Sec.2, Chang Tsao Rd., Homei
Township, Chang Hwa County 508, Taiwan, R.O.C. |
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Supplied Address: |
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Telephone Number: |
+886-4-752-5121 |
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Fax Number: |
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E-mail: |
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Website: |
Notes: The exact name and address are as above.
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Credit Opinion: |
|
Registered Name: |
Sun Yarn Textile Co., Ltd. |
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Registered Address: |
No.697, Sec.2, Chang Tsao Rd., Homei Township, Chang Hwa County 508,
Taiwan, R.O.C. |
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Date of Foundation: |
1969-4-7 |
|
Registration Number: |
59214014 |
|
Registry: |
MOEA Central Office |
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Registered Capital: |
NTD 190,400,000 (USD 6,359,360) (As of 2012.09, 1 NTD = 0.0334 USD) |
|
Paid-up Capital: |
NTD 190,400,000 (USD 6,359,360) |
|
Legal Representatives: |
Zongxian Wei |
|
Legal Form: |
|
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Principal Activities: |
|
|
Staff: |
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Listed at Stock
Exchange: |
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|
Date of Last
Annual Return: |
Subject was incorporated on 1969-4-7 with registered number 59214014 as Joint Stock Company in Taiwan.
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 |
|
Zongxian Wei |
1,001,414 |
|
Jingxiang Fang |
319,377 |
|
Hexiong Lin |
318,137 |
|
Xueling Deng |
50,000 |
|
Zengmao Lin |
186,000 |
|
Zonghui Wei |
1,956,791 |
|
Zongzhe Wei |
913,619 |
|
Baichuan Huang |
57,700 |
|
Lingtian Wei |
190,400 |
|
Zengguang Lin |
129,082 |
The information above is that of subject’s major shareholders.
Factory
|
Name |
Sioushuei
Factory |
|
Address |
134. Minjhu St.,
Sioushuei, Changhwa, Taiwan |
|
Telephone Number |
+886-4-769-2510 |
|
Fax Number |
+886-4-769-4215 |
Office
|
Name |
Taipei Office |
|
Address |
27. 2F., Yanping
N. Road, Sec.1, Taipei, Taiwan |
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Telephone Number |
+886-2-2555-3469 |
|
Fax Number |
+886-2-2558-3825 |
Core
Management
|
1 |
|
|
Name |
Zongxian Wei |
|
Position |
Board Director |
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Date of
Appointment |
1986-8-1 |
|
2 |
|
|
Name |
Jingxiang Fang |
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Position |
Director |
|
3 |
|
|
Name |
Hexiong Lin |
|
Position |
Director |
|
4 |
|
|
Name |
Xueling Deng |
|
Position |
Director |
|
5 |
|
|
Name |
Zengmao Lin |
|
Position |
Director |
|
6 |
|
|
Name |
Zonghui Wei |
|
Position |
Director |
|
7 |
|
|
Name |
Zongzhe Wei |
|
Position |
Director |
|
8 |
|
|
Name |
Baichuan Huang |
|
Position |
Director |
|
9 |
|
|
Name |
Lingtian Wei |
|
Position |
Supervisor |
|
10 |
|
|
Name |
Zengguang Lin |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 200 Employees |
Offices
& Factories
|
|
Headquarters |
|
Add |
No.697, Sec.2, Chang Tsao Rd., Homei Township, Chang Hwa County 508,
Taiwan, R.O.C. |
Production
Information
l
Subject is engaged in manufacturing of cotton and
blended yarn, etc.
l
Subject has two factories in Taiwan for production.
l
The annual production capacity of OE yarn is about
180,000 bales (32,659,200 KGS).
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
-- |
Operation of spinning, weaving and other textiles
printing and dyeing business. |
|
-- |
Import and export of above products |
|
-- |
Processing and sales of above products |
|
-- |
Leasing of frozen storage, processing of food,
operating of supermarket, sales of garment computer equipment |
|
-- |
Operation and reinvestment of above |
l
The machines and raw materials for production are
purchased both home and abroad.
l Subject is engaged
in sales of cotton and blended yarn, etc.
l
Subject’s sales regions include Southeast Asia,
Europe, America, and other Asian countries, etc.
l
It is introduced that subject’s sales revenue is
about USD 45,000,000 last year
Major products
sold
|
Product |
Application |
|
Cotton Yarn |
Denim, Gery Cloth, Curtains |
|
Slub Yarn |
Denim |
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Rayon Yarn |
Clothing For Lady |
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Polyester Yarn |
Table Cloth, Umbrellas, Curtains |
|
Blended Yarn |
Back Cloth For Brushing |
|
Acrylic Yarn |
Sweaters |
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
Domestic Purchase (Taiwan and Mainland, China)
|
Payment Terms |
Proportion |
|
|
Machines and raw materials |
COD, CBD, etc |
100% |
Foreign Purchase
|
Payment Terms |
Proportion |
|
|
Machines and raw materials |
CBD, etc |
100% |
Sales
Domestic Markets (Taiwan)
|
Sales Terms |
Proportion |
|
|
COD, CBD, etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Cotton and blended yarn |
CBD, etc |
100% |
Notes: Subject’s settlement for export is generally in USD
Subject has no obligations to disclose its financial statements to the third party according to the relevant policy in Taiwan and the only source from which we can obtain the information is the subject itself.
Subject’s relevant staff Ms. Liu declined to disclose its financials citing the grounds of company’s confidentiality; from other source we can not obtain the relevant information, either.
Subject declined to disclose its bank details; from other source we
cannot obtain the relevant information, either.
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 |
Ms. Liu |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.72 |
|
UK Pound |
1 |
Rs.87.95 |
|
Euro |
1 |
Rs.69.66 |
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 |
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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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
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 |
|
---- |
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.