|
Report Date : |
25.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
NEW BEST WIRE INDUSTRIAL CO., LTD. |
|
|
|
|
Registered Office : |
No.12-19, Lai Guan Liau, Chia Lie Dist., Tainan City |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
30.06.2012 |
|
|
|
|
Date of Incorporation : |
25.11.1993 |
|
|
|
|
Com. Reg. No.: |
84703335 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and sales of wire rods, etc |
|
|
|
|
No. of Employees : |
About 268 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 |
|
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) |
|
|
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
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.
|
Source : CIA |
|
Company Name: |
|
|
Supplied Name: |
|
|
Trading Address: |
No.12-19, Lai Guan Liau, Chia Lie Dist.,
Tainan City, Taiwan (R.O.C.) |
|
Supplied Address: |
|
|
Telephone Number: |
|
|
Fax Number: |
Notes: Subject’s exact name and address are as above.
|
Credit Opinion: |
|
Registered Name: |
New Best Wire Industrial Co., Ltd. |
|
Registered Address: |
No.12-19, Lai Guan Liau, Chia Lie Dist., Tainan City, Taiwan (R.O.C.) |
|
Date of Foundation: |
|
|
Registration Number: |
84703335 |
|
Registry: |
Department of Commerce, Ministry of Economic Affairs, R.O.C. |
|
Registered Capital: |
NTD 1,000,000,000 (USD 33,700,000) (As of 2012.09, 1 NTD = 0.0337 USD) |
|
Paid-up Capital: |
NTD 995,740,000 (USD 33,556,438) |
|
Legal Representatives: |
Yutang Wu |
|
Legal Form: |
|
|
Principal Activities: |
|
|
Staff: |
|
|
Listed at Stock
Exchange: |
|
|
Date of Last
Annual Return: |
Subject was incorporated on
Subject got over-the-counter with the Stock Symbol as 5013
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 |
|
Yutang Wu |
4,114,041 |
|
Huotu Wang |
|
|
4,983,620 |
|
|
Zhengkun Chen |
3,670,839 |
|
Caiming Liu |
414,120 |
|
Guangrong Investment Co, Ltd (Literal Translation) |
1,543,013 |
|
Changyuan Chen |
1,023,248 |
The information above is that of subject’s major shareholders.
Related Company
|
Name |
Suzhou New Best
Wire Tech Co. , Ltd |
|
Address |
No. 8, NEW BEST Road,
Xinhua Industrial Management Area, Wangting Town, Xiangcheng District, Suzhou
City, China |
|
Tel: |
+86-512-66709826?66708707 |
|
Fax: |
+86-512-66709827? |
Other Address
|
Name |
TELEP Factory |
|
Address |
No. 1-25, Lai Guan Liau, Chia Lie, Tainan 722, Taiwan, R.O.C. |
|
Tel: |
+886-6-7263399 |
|
Fax: |
+886-6-7266026 |
Core
Management
|
1 |
|
|
Name |
Yutang Wu |
|
Position |
Board Chairman
& Manager |
|
Date of
Appointment |
|
|
2 |
|
|
Name |
Huotu Wang |
|
Position |
Director |
|
3 |
|
|
Name |
Zhengkun Chen |
|
Position |
Director |
|
4 |
|
|
Name |
Caiming Liu |
|
Position |
Director |
|
5 |
|
|
Name |
Mengying Wu |
|
Position |
Director |
|
6 |
|
|
Name |
Changyuan Chen |
|
Position |
Supervisor |
|
7 |
|
|
Name |
Wenquan Ruan |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 268 employees |
Offices
& Factories
|
|
Headquarters |
|
Add |
No.12-19, Lai Guan Liau, Chia Lie Dist., Tainan City, Taiwan (R.O.C.) |
Production
Information
l
Subject’s business can be divided into two parts:
wire business and EP business
l
Subject is engaged in manufacture of Carbon steel
wires, stainless steel wire and alloy steel wire rods, etc
l
It is introduced that subject has been certificated
by ISO-TS 16949-2002 and ISO 9001: 2000, etc
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
-- |
Manufacture, processing and sales of wire rods,
stainless steel wire rods, black wires, Metal wires, screws, Nut wires,
Galvanized steel wire nails and Iron plate of stainless steel plates, etc |
|
-- |
Import and export trading business of the above mentioned
products. |
|
CB01010 |
Manufacture of mechanical
equipment |
|
F401010 |
International Trading Business |
|
ZZ99999 |
Besides licensed business, all other business items
those are not banned or restricted. |
l
Subject purchases mainly from domestic market and
it cooperates with the local steel mills,
etc
l The subject is
mainly engaged in sales of Carbon steel wires, stainless steel wire and alloy
steel wire rods, etc
l
Subject’s products are applied to TFT and LCD
industry, electronic industry and automatic industry, etc
l
Subject’s products are both sold in domestic and
overseas market
Major products
|
Wire Business |
Stainless Steel Wire
(SAE / AISI) Carbon Steel Wire (SAE
/ AISI) Alloy Steel Wire (SAE /
AISI) |
|
EP Business |
EP Grade MPEP (ECB) Grade BA Grade |
|
Automatic Welding Fitting Manual Welding Fitting |
|
|
Tank |
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase
|
Payment Terms |
Proportion |
|
|
Metal materials,
etc |
CBD, COD, Credit
Sales, etc |
100% |
Foreign Purchase
Subject has little import
business of raw materials.
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
CBD, etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
CBD, etc |
100% |
Unit: NTD/000
|
|
|
|
|
Cash and cash
equivalents |
58,871 |
86,243 |
|
Notes receivable
- net |
104,829 |
59,282 |
|
Accounts
receivable - net |
441,045 |
559,862 |
|
Accounts
receivable - related parties - net |
20,746 |
9,449 |
|
Other
receivables |
11,970 |
24,470 |
|
Other
receivables - related parties |
18,561 |
216 |
|
Current assets |
1,936,481 |
1,629,918 |
|
Inventories |
1,264,247 |
883,257 |
|
Inventories-manufacturing |
1,264,247 |
883,257 |
|
Advance Payment |
8,107 |
4,346 |
|
Other current
assets |
8,105 |
2,793 |
|
Deferred Income
Tax Assets - Flow |
579 |
2,384 |
|
Restricted
assets |
147 |
400 |
|
Other Current
Assets-Other |
7,379 |
9 |
|
435,687 |
373,701 |
|
|
Long-term
investments at equity, |
435,687 |
373,701 |
|
Funds And
Long-Term Investments |
435,687 |
373,701 |
|
Land |
360,707 |
317,034 |
|
Buildings And
Structures |
265,128 |
264,132 |
|
Machinery and
equipment |
450,672 |
440,781 |
|
Transporting
Equipment |
6,977 |
6,142 |
|
3,527 |
2,560 |
|
|
Total Fixed
assets Costs |
1,122,928 |
1,062,059 |
|
Appraisal
Increment |
. |
. |
|
Accumulated
depreciation |
-383,926 |
-325,537 |
|
Total Net Fixed
Assets |
801,586 |
778,572 |
|
Total Cost and
Appraisal Increment |
1,122,928 |
1,062,059 |
|
Construction in progress
and Prepayments for equipment |
62,584 |
42,050 |
|
Construction in
progress |
29,485 |
. |
|
Prepayments for
equipment |
33,099 |
42,050 |
|
Other Devices |
35,917 |
31,410 |
|
Deferred Pension
Costs |
74 |
221 |
|
Total Intangible
Assets |
74 |
221 |
|
1,132 |
765 |
|
|
8,800 |
6,987 |
|
|
Long-Term Notes Receivable
and funds |
. |
. |
|
Overdue
Receivables |
. |
. |
|
Total Other
Assets |
9,932 |
7,752 |
|
Total Assets |
3,183,760 |
2,790,164 |
|
Short-term
borrowings |
200,000 |
29,901 |
|
Notes payable |
142,301 |
154,649 |
|
Accounts
payable |
41,567 |
30,332 |
|
11,314 |
19,939 |
|
|
Accrued
expenses |
52,265 |
62,978 |
|
Changes in the
fair value of the financial liability on profit and loss-flow |
1,727 |
707 |
|
Current
Liabilities |
584,545 |
491,859 |
|
Other Payables |
56,957 |
44,370 |
|
5,969 |
2,585 |
|
|
Long-Term
Liabilities - Current Portion |
72,000 |
128,000 |
|
Long-Term Loans
- Current Portion |
72,000 |
128,000 |
|
Other
Current Liabilities |
445 |
18,398 |
|
Current
Liabilities-Others |
445 |
18,398 |
|
Long-Term
Borrowings |
1,037,963 |
826,000 |
|
Long Term Bank
Loans |
1,037,963 |
826,000 |
|
Long-Term Liabilities |
1,037,963 |
826,000 |
|
Retirementallowancereserve/
Accrued Pension Liabilities |
37,869 |
42,285 |
|
26,694 |
21,980 |
|
|
Deferred income
tax liabilities - non-current |
26,694 |
21,980 |
|
Other
liabilities |
6,887 |
7,776 |
|
Deferred
Credit-Affiliate Company Benefi |
6,887 |
7,776 |
|
Total Other
Liabilities |
71,450 |
72,041 |
|
Total
Liabilities |
1,693,958 |
1,389,900 |
|
Ordinary Share
Capital |
976,215 |
871,620 |
|
stock dividends
to Be Assigned |
19,525 |
104,595 |
|
995,740 |
976,215 |
|
|
Capital surplus
- Share Premium Account |
10,337 |
10,337 |
|
Capital surplus
- Common stock share premium |
10,337 |
10,337 |
|
Capital surplus
- long-term equity investments |
951 |
951 |
|
Capital
surplus-Other |
158 |
90 |
|
Capital surplus-
Other |
158 |
90 |
|
Total Capital
surplus |
11,446 |
11,378 |
|
154,713 |
136,247 |
|
|
Special Reserve |
25,408 |
25,408 |
|
Unappropriated
retained earnings |
285,954 |
262,533 |
|
Accumulated
Profit Or Loss |
285,954 |
262,533 |
|
466,075 |
424,188 |
|
|
Cumulative
translation adjustments |
32,572 |
11,111 |
|
Net Loss Not
Recognized As Pension Cost |
-16,031 |
-22,628 |
|
Stockholders' Equity
and Other adjustment |
16,541 |
-11,517 |
|
Issued shares
equivalent to Shareholder funds received in advance (under the provision of
Shareholder’s Equity) |
-. |
-. |
|
Number of
Treasury Stock Acquired by Parent Company and Subsidiaries (unit: Share) |
-. |
-. |
|
Total
Stockholders' Equity |
1,489,802 (USD 50,206,327) |
1,400,264 (USD 47,188,897) |
(As of 2012.09, 1 NTD =
0.0337 USD)
Unit: NTD/000
|
|
~ |
~ |
|
Sales |
1,527,948 (USD 51,491,848) |
1,922,022 (USD 64,772,141) |
|
Net Sales |
1,451,767 |
1,846,438 |
|
Total sales
revenue |
1,479,010 |
1,865,979 |
|
Sales returns |
25,441 |
18,533 |
|
Sales discounts
and allowances |
1,802 |
1,008 |
|
Total Labor
income |
76,181 |
75,584 |
|
Processing
income |
76,181 |
75,584 |
|
total cost of
sales |
1,448,530 |
1,754,636 |
|
cost of goods
sold |
1,386,913 |
1,693,436 |
|
61,617 |
61,200 |
|
|
Processing costs |
61,617 |
61,200 |
|
Gross profit
(loss) from operations |
79,418 |
167,386 |
|
Unrealized Gains
on Intercompany Transactions |
1,372 |
1,541 |
|
Realized Gains
on Intercompany Transactions |
1,637 |
623 |
|
Operating
expenses |
65,027 |
66,059 |
|
Selling expense |
40,906 |
43,727 |
|
General and
administrative expenses |
22,027 |
20,707 |
|
Research and
development expenses |
2,094 |
1,625 |
|
Operating income
(loss) |
14,656 |
100,409 |
|
Non-operating
revenues and gains |
44,577 |
33,863 |
|
Interest income |
54 |
77 |
|
Investment
income |
17,238 |
26,359 |
|
Inome from
investments under the equity method |
17,238 |
26,359 |
|
Gains on
disposal of fixed assets |
3 |
766 |
|
Foreign exchange
income |
. |
769 |
|
Income from Bad
debt turning |
16,860 |
. |
|
Revaluation gain
on financial assets |
4,953 |
179 |
|
Miscellaneous
income |
5,469 |
5,713 |
|
Non-Operating
Expenses and Loss |
17,895 |
11,805 |
|
Interest expense |
10,905 |
8,740 |
|
Loss on Disposal
of fixed assets |
643 |
2,776 |
|
Foreign exchange
losses |
6,347 |
. |
|
Miscellaneous
disbursements |
. |
289 |
|
Income from
continuing operations before income tax |
41,338 |
122,467 |
|
Income tax
expense (benefit) |
16,645 |
23,336 |
|
Unit Net Income
from continuing operations |
24,693 |
99,131 |
|
Net income
(loss) |
24,693 (USD 832,154) |
99,131 (USD 3,340,715) |
|
Primary Earnings
per Share(Unit: NTD) |
0.25 |
1.00 |
|
Diluted earnings
per share(Unit: NTD) |
0.25 |
0.99 |
(As of 2012.09, 1 NTD = 0.0337 USD)
Subject did not introduce its bank details and from other source we can not 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.
|
Department |
Sales department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.29 |
|
UK Pound |
1 |
Rs.86.44 |
|
Euro |
1 |
Rs.68.95 |
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.