|
Report Date : |
08.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
CHAIN YARN CO., LTD. |
|
|
|
|
Registered Office : |
19F.-6, No.386, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
23.05.1988 |
|
|
|
|
Com. Reg. No.: |
22927617 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturing of
fibers |
|
|
|
|
No. of Employees |
450 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow but correct |
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Taiwan |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Taiwan has a dynamic capitalist economy with gradually decreasing government guidance of investment and foreign trade. 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. Taiwan's diplomatic isolation, low birth rate, and rapidly aging population are other major long-term challenges. Free trade agreements have proliferated in East Asia over the past several years, and following the landmark Economic Cooperation Framework Agreement (ECFA) signed with China in June 2010, Taiwan in July 2013 signed a free trade deal with New Zealand—Taipei’s first-ever with a country with which it does not maintain diplomatic relations—and in November inked a trade pact with Singapore. Negotiations continue on follow-on components of ECFA regarding trade in goods and a dispute resolution mechanism; a trade in services agreement is under review in the legislature. 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 11.2% of the island's total population as of 2012. The island runs a large overall trade surplus largely because of its surplus with China, and its foreign reserves are the world's sixth largest, behind China, Japan, Saudi Arabia, Russia, and Switzerland. In 2006 China overtook 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. Taiwan since 2009 has gradually loosened rules governing Chinese investment on the island, and has also secured greater market access for its investors in the mainland. In August 2012, Taiwan Central Bank signed a memorandum of understanding on cross-Strait currency settlement with its Chinese counterpart. The MOU allows for the direct settlement of Chinese RMB and the New Taiwan dollar across the Strait, which could help develop Taiwan into a local RMB hub. 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: |
19F.-6,
No.386, Shizheng Rd., Xitun Dist., Taichung City 40756, Taiwan (R.O.C.) |
|
Supplied Address: |
|
|
Telephone Number: |
+886-4-2311-1313 |
|
Fax Number: |
|
|
Email: |
|
|
Website: |
Notes: The exact
name and address are as above.
|
Registered Name: |
Chain Yarn Co.,
Ltd. |
|
Registered
Address: |
19F.-6, No.386,
Shizheng Rd., Xitun Dist., Taichung City 40756, Taiwan (R.O.C.) |
|
Date of
Foundation: |
1988-5-23 |
|
Registration
Number: |
22927617 |
|
Registry: |
Department of Commerce,
Ministry of Economic Affairs, R.O.C. |
|
Registered
Capital: |
NTD 1,800,000,000 (USD 61,200,000) (As of 2014.08, 1
NTD = 0.0340 USD) |
|
Paid-up Capital: |
NTD 1,537,279,020
(USD 52,267,487) |
|
Legal
Representatives: |
Chengyu Huang |
|
Legal Form: |
|
|
Principal
Activities: |
|
|
Staff: |
|
|
Listed at Stock Exchange: |
|
|
Date of Last Annual Return: |
Subject was incorporated on 1988-5-23 with registered number 22927617 as Joint Stock Company in Taiwan.
Subject listed on
Taiwan Emerging Stock Exchange on 2010-11-22.
Factories
|
1 |
|
|
Name: |
Douliu Silk
Factory |
|
Address: |
No.156-1, Dougong 10th Road, Liunan Li, Douliu City, Yunlin County, Taiwan |
|
Date of Registration: |
2012-1-16 |
|
Factory Registration Number: |
09000157 |
|
Factory Manager: |
Bowen Ji |
|
Status: |
In Production |
|
Date of Last
Annual Return: |
2012-1-16 |
|
Major Products: |
185 artificial fiber |
|
2 |
|
|
Name: |
Zhushan Factory |
|
Address: |
No.20, Yanping 3rd Road & Yanping 2nd Road, Yanping Li, Zhushan Town, Nantou County, Taiwan |
|
Date of Foundation: |
1988-6-17 |
|
Date of Registration: |
1989-9-7 |
|
Factory Registration Number: |
99652320 |
|
Factory Manager: |
Juncheng Wu |
|
Status: |
In Production |
|
Date of Last
Annual Return: |
2014-4-21 |
|
Major Products: |
185 artificial fiber |
|
3 |
|
|
Name: |
Zhushan 2nd
Factory |
|
Address: |
Yanping Road, Yanping Li, Zhushan Town, Nantou County, Taiwan |
|
Date of Foundation: |
1997-9-11 |
|
Factory Registration Number: |
99652321 |
|
Factory Manager: |
Juncheng Wu |
|
Status: |
In Production |
|
Date of Last
Annual Return: |
2004-6-17 |
|
Major Products: |
292 other special machinery |
|
4 |
|
|
Name: |
Douliu Factory |
|
Address: |
No.156, Dougong 10th Road, Liunan Li, Douliu City, Yunlin County, Taiwan |
|
Date of Registration: |
1999-11-15 |
|
Factory Registration Number: |
99653285 |
|
Factory Manager: |
Yongshan Chen |
|
Status: |
In Production |
|
Date of Last
Annual Return: |
2012-6-29 |
|
Major Products: |
111 spinning 185 artificial fiber 184 synthetic resin, plastic and rubber |
Major Shareholders
|
Name |
Subscription Shares |
|
Chengyu Huang |
|
|
19,958,130 |
|
|
Zongming Lv |
2,853,640 |
|
Caifa Investment Co., Ltd. (Literal Translation) |
4,037,903 |
|
Xilai Wang |
1,479,585 |
|
China Development Industrial Bank Co., Ltd |
15,828,324 |
|
Mengxuan Wu |
13,418 |
|
Hongrong Lian |
1,362,823 |
|
Xirui Bai |
22,000 |
Shareholder Information
|
1 |
|
|
Registered Name: |
Caifa Investment Co., Ltd. (Literal Translation) |
|
Registered
Address: |
11/F-1, No.99, Sec
2, Chongqing North, Datong District, Taipei City, Taiwan |
|
Date of
Foundation: |
2008-1-9 |
|
Registration
Number: |
28838583 |
|
Registry: |
Taipei City
Government |
|
Registered
Capital: |
NTD 5,000,000 (USD
170,000) (As of 2014.08, 1
NTD = 0.0340 USD) |
|
Paid-up Capital: |
NTD 5,000,000 (USD
170,000) |
|
Legal
Representatives: |
Yining Yang |
|
Legal Form: |
Joint Stock Company |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
-- |
|
2 |
|
|
Registered Name: |
China Development Industrial Bank Co., Ltd |
|
Registered
Address: |
China Development Building, No.125, Sec 5, Nanjing East
Road, Songshan District, Taipei City, Taiwan |
|
Date of
Foundation: |
1959-5-14 |
|
Registration
Number: |
11147207 |
|
Registry: |
Department of
Commerce, Ministry of Economic Affairs, R.O.C. |
|
Registered
Capital: |
NTD 92,668,510,000
(USD 3,150,729,340) (As of 2014.08, 1
NTD = 0.0340 USD) |
|
Paid-up Capital: |
NTD 61,603,994,100
(USD 2,094,535,799) |
|
Legal
Representatives: |
Muzai Chen |
|
Legal Form: |
Joint Stock Company |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2014-5-13 |
Hangzhou Office
|
Address: |
Room 906, Lv Du World Trade Plaza Office Building, No. 819, Shi Xin Zhong Road, Xiao Shan District, Hangzhou, China |
|
Tel: |
+86-571-22820168 |
|
Fax: |
+86-571-22820167 |
Core Management
Directors
|
1 |
||
|
Chengyu Huang |
||
|
Position: |
Board Chairman |
|
|
2 |
||
|
Name: |
Zongming Lv |
|
|
Position: |
Director |
|
|
3 |
||
|
Name: |
Caifa Investment Co., Ltd. (Literal Translation) |
|
|
Position: |
Director |
|
|
4 |
||
|
Name: |
Xilai Wang |
|
|
Position: |
Director |
|
|
5 |
||
|
Name: |
China Development Industrial Bank Co., Ltd |
|
|
Position: |
Director |
|
|
6 |
||
|
Name: |
Dingyu Zhan |
|
|
Position: |
Independent Director |
|
|
7 |
||
|
Name: |
Mengxuan Wu |
|
|
Position; |
Independent Director |
|
|
8 |
||
|
Name: |
Hongrong Lian |
|
|
Position: |
Supervisor |
|
|
9 |
||
|
Name: |
Ximing Xiao |
|
|
Position: |
Supervisor |
|
|
10 |
||
|
Name: |
Xirui Bai |
|
|
Position: |
Supervisor |
|
Personnel Structure
|
Total Employees |
About 450 Employees |
|
|
Headquarters |
|
Add |
19F.-6, No.386, Shizheng Rd., Xitun Dist., Taichung City 40756, Taiwan (R.O.C.) |
Production Information
Subject is engaged in manufacturing of fibers, etc.
Subject has factories in Nantou and Douliu County, Taiwan for production.
Subject obtained the certification of ISO 14001 and OHSAS 18001.
Purchase Information
The registered activities of subject:
|
Business Code |
Details |
|
C301010 |
Spinning industry |
|
C399990 |
Manufacturing of other textile and products |
|
C801100 |
Manufacturing of synthetic resin and plastic |
|
C801120 |
Manufacturing of artificial fiber |
|
F401010 |
International trade business |
|
ZZ99999 |
Besides licensed business, all other business items those are not banned or restricted. |
The raw materials “CPL” for production are mostly purchased in domestic market.
Subject’s major supplier is China Petrochemical Development Corporation (Taiwan).
Subject is engaged in sale of fibers, etc.
Subject’s major products include nylon 6 chip, nylon 6 yarn, nylon 66 yarn, nylon 6/66 ATY and nylon engineering plastics, etc.
The products are applied to the industries of sports, automotive, industrial and national defense.
Subject has their own brand “Sup-Lite”, “Dura-Fila”, “Greenlon” and “Fun-Max”, etc.
We obtained the proportion of subject’s revenue in 2013 as follows for reference.
|
Product |
The proportion of revenue in 2013 |
|
Nylon Chip |
40% |
|
Nylon Yarn |
55% |
|
Nylon ATY |
5% |
Import and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
Domestic Purchase
|
Products |
Raw materials |
|
Payment Terms |
T/T, etc |
Import
Subject has little
import.
Sales
Domestic Markets
|
Product |
Fibers, etc |
|
Selling Terms |
Cash, T/T, etc |
Export
|
Product |
Fibers, etc |
|
Selling Terms |
L/C, T/T, etc |
Unit: NTD/000
|
|
2012-12-31 |
2011-12-31 |
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash and cash
equivalents |
89,193.00 |
125,624.00 |
|
Notes receivable -
net |
178,396.00 |
153,842.00 |
|
Accounts
receivable - net |
409,430.00 |
290,949.00 |
|
Inventories |
981,830.00 |
1,269,311.00 |
|
Prepayment |
110,780.00 |
127,068.00 |
|
Other current
assets |
249,843.00 |
157,095.00 |
|
Current assets |
2,019,472.00 |
2,123,889.00 |
|
Funds and
Investments |
|
|
|
Long-term equity
investment under equity method |
7,604.00 |
8,682.00 |
|
Investments |
7,604.00 |
8,682.00 |
|
Funds and
investments |
7,604.00 |
8,682.00 |
|
Fixed Assets |
|
|
|
Cost |
|
|
|
Land |
314,251.00 |
316,031.00 |
|
Building and
structure |
1,770,983.00 |
1,189,698.00 |
|
Machinery and
equipment |
3,309,477.00 |
3,172,604.00 |
|
Transportation
equipment |
17,065.00 |
17,065.00 |
|
Office equipment |
6,320.00 |
5,050.00 |
|
Other equipment |
95,149.00 |
80,999.00 |
|
Revaluation |
53,621.00 |
54,883.00 |
|
Cost and
revaluation |
5,566,866.00 |
4,836,330.00 |
|
Accumulated
depreciation |
-2,332,037.00 |
-2,018,451.00 |
|
Construction in process
and prepayment for equipments |
1,135,697.00 |
391,248.00 |
|
Fixed assets |
4,370,526.00 |
3,209,127.00 |
|
Intangible Assets |
|
|
|
Software cost |
16,447.00 |
439.00 |
|
Intangible assets |
16,447.00 |
439.00 |
|
Other Assets |
|
|
|
Guarantee deposits
paid |
619.00 |
1,237.00 |
|
Deferred charges |
25,460.00 |
15,135.00 |
|
Deferred income
tax assets –non current |
54,651.00 |
15,736.00 |
|
Other assets |
80,730.00 |
32,108.00 |
|
Assets |
6,494,779.00 |
5,374,245.00 |
|
Liabilities and Stockholders'
Equity |
|
|
|
Liabilities |
|
|
|
Current
Liabilities |
|
|
|
Short-term
borrowing |
1,407,087.00 |
1,046,848.00 |
|
Short-term notes
and bills payable |
94,991.00 |
94,991.00 |
|
Notes payable |
4,365.00 |
2,994.00 |
|
Accounts payable |
451,300.00 |
482,471.00 |
|
Income tax payable |
0.00 |
8,369.00 |
|
Accrued expenses |
196,915.00 |
157,127.00 |
|
Other payables |
142,268.00 |
103,262.00 |
|
Long-term
liabilities -current portion |
190,820.00 |
170,820.00 |
|
Other current
liabilities |
68,024.00 |
110,617.00 |
|
Current
liabilities |
2,555,770.00 |
2,177,499.00 |
|
Long-term
Liabilities |
|
|
|
Long-term loan |
2,195,410.00 |
1,286,230.00 |
|
Long-term
liabilities |
2,195,410.00 |
1,286,230.00 |
|
Reserves |
|
|
|
Land value-added
tax reserves |
22,839.00 |
23,449.00 |
|
Reserves |
22,839.00 |
23,449.00 |
|
Other Liabilities |
|
|
|
Pension reserves／Accrued pension liabilities |
25,934.00 |
16,965.00 |
|
Guarantee deposit
received |
0.00 |
1.00 |
|
Other liabilities |
25,934.00 |
16,966.00 |
|
Liabilities |
4,799,953.00 |
3,504,144.00 |
|
Stockholders'
Equity |
|
|
|
Capital |
|
|
|
Common stock |
1,537,279.00 |
1,537,279.00 |
|
Capital Surplus |
|
|
|
Capital surplus -
share premium |
94,510.00 |
94,510.00 |
|
Capital surplus |
94,510.00 |
94,510.00 |
|
Retained Earnings |
|
|
|
Legal reserve |
129,077.00 |
129,077.00 |
|
Unappropriated
retained earnings |
-70,264.00 |
93,114.00 |
|
Retained earnings |
58,813.00 |
222,191.00 |
|
Stockholders' Equity
and Other adjustment |
|
|
|
Cumulative
translation adjustments |
-70.00 |
517.00 |
|
Net loss not
recognized as pension cost |
-19,488.00 |
-8,830.00 |
|
Unrealized
revaluation |
23,782.00 |
24,434.00 |
|
Stockholders'
equity and other adjustment |
4,224.00 |
16,121.00 |
|
Stockholders’
equity |
1,694,826.00 (USD 57,624,084.00) |
1,870,101.00 (USD 63,583,434.00) |
(As of 2014.08, 1 NTD = 0.0340 USD)
Unit: NTD/000
|
|
2012 |
2011 |
|
Sales |
8,278,179.00 (USD 281,458,086.00) |
7,409,933.00 (USD 251,937,722.00) |
|
Sales returns |
69,772.00 |
13,052.00 |
|
Sales discount |
10,489.00 |
3,536.00 |
|
Sales |
8,197,918.00 |
7,393,345.00 |
|
Operating income |
8,197,918.00 |
7,393,345.00 |
|
Cost of selling |
8,121,252.00 |
7,253,334.00 |
|
Operating costs |
8,121,252.00 |
7,253,334.00 |
|
Gross profit
(loss) from operations |
76,666.00 |
140,011.00 |
|
Selling expense |
120,579.00 |
105,343.00 |
|
General and administrative
expenses |
85,516.00 |
74,780.00 |
|
Research and
development expenses |
32,339.00 |
27,460.00 |
|
Operating expenses |
238,434.00 |
207,583.00 |
|
Operating income
(loss) |
-161,768.00 |
-67,572.00 |
|
Non-Operating
Income |
|
|
|
Interest income |
450.00 |
527.00 |
|
Investment income |
0.00 |
847.00 |
|
Investment income
under equity method |
0.00 |
847.00 |
|
Gains on disposal
of fixed assets |
2,301.00 |
0.00 |
|
Foreign exchange
gains |
17,183.00 |
21,543.00 |
|
Miscellaneous
income |
9,186.00 |
174,346.00 |
|
Non-operating
revenues and gains |
29,120.00 |
197,263.00 |
|
Non-Operating
Expenses |
|
|
|
Interest expense |
53,071.00 |
44,767.00 |
|
Investment losses
under equity method |
370.00 |
0.00 |
|
Investment losses |
370.00 |
0.00 |
|
Loss on disposal
of fixed assets |
0.00 |
39,734.00 |
|
Loss on work
stoppages |
8,525.00 |
22,189.00 |
|
Miscellaneous
disbursements |
0.00 |
10,642.00 |
|
Non-operating
expenses and losses |
61,966.00 |
117,332.00 |
|
Income from continuing
operations before income tax |
-194,614.00 |
12,359.00 |
|
Income tax expense
(benefit) |
-31,236.00 |
29,237.00 |
|
Income from
continuing operations |
-163,378.00 |
-16,878.00 |
|
Net income (loss) |
-163,378.00 (USD -5,554,852.00) |
-16,878.00 (-573,852.00) |
(As of 2014.08, 1 NTD = 0.0340 USD)
Unit: NTD/000
Note: The above
financial figures are based on the Taiwan generally accepted accounting
principle.
Subject declined to disclose its bank details; from other source we could not obtain the relevant information, either.
Mortgage
|
1 |
|
|
Case Type: |
Chattel Mortgage |
|
Official Document
No.: |
10331043180 |
|
Debtor Name: |
Chain Yarn Co.,
Ltd. |
|
Creditor Name: |
Cooperative
Commercial Bank Co., Ltd. West Taichung Branch |
|
Date of Received: |
2014-7-29 |
|
Status: |
Registered |
|
2 |
|
|
Case Type: |
Chattel Mortgage |
|
File No.: |
092855 |
|
Debtor Name: |
Chain Yarn Co.,
Ltd. |
|
Document Number: |
09605188840 |
|
Date of
Registration: |
2007-12-11 |
|
Date of
Alteration: |
2010-1-6 |
|
3 |
|
|
Case Type: |
Chattel Mortgage |
|
File No.: |
099387 |
|
Debtor Name: |
Chain Yarn Co.,
Ltd. |
|
Document Number: |
09930266350 |
|
Date of Registration: |
2010-2-23 |
|
Date of
Alteration: |
2010-3-1 |
|
4 |
|
|
Case Type: |
Chattel Mortgage |
|
File No.: |
110149 |
|
Debtor Name: |
Chain Yarn Co.,
Ltd. |
|
Document Number: |
10331043180 |
|
Date of
Registration: |
2014-7-29 |
Lawsuit
|
1 |
|
|
Trial Number: |
2005,Zhongsu,10 |
|
Date of Trial: |
2005-11-7 |
|
Reason: |
Payment for notes |
|
Claimant: |
Not Stated |
|
Defendant: |
Chain Yarn Co.,
Ltd. |
|
2 |
|
|
Trial Number: |
2005,Zhongbu,28 |
|
Date of Trial: |
2005-1-5 |
|
Reason: |
Payment for notes |
|
Claimant: |
Not Stated |
|
Defendant: |
Chain Yarn Co.,
Ltd. |
Interview Details
|
Name |
Ms. Liu |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.41 |
|
|
1 |
Rs.103.42 |
|
Euro |
1 |
Rs.82.17 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIS |
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.