MIRA
INFORM REPORT
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Report Date : |
08.02.2014 |
IDENTIFICATION DETAILS
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Name : |
UNIVERSAL TEXTILE CO., LTD. |
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Registered Office : |
7F 62-5 Sining North Rd., Taipei, 103 |
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Country : |
Taiwan |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
12.09.1969 |
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Legal Form : |
Public Independent Company |
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Line of Business : |
Engaged in production, processing, dying and distribution of textile
products. Subject provides two categories of products which includes fiber
fabrics as well as textured yarns. Subject’s products portfolio consists of filament suit fabrics,
lightweight fabrics for women's apparels, polyester textured yarns, as well
as filament and staple fiber yarn cross weaving fabrics |
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No. of Employees : |
374 (31.12.2012) |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 32,65,000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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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 – december 01, 2013
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Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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Taiwan |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Taiwan ECONOMIC OVERVIEW
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. In 2009, Taiwan's GDP contracted 1.8%, due primarily to a 13.1% year-on-year decline in exports. In 2010 GDP grew 10.7%, as exports returned to the level of previous years, and in 2011, grew 4.0%. In 2012, however, growth fell to 1.3%, 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 except for the landmark Economic Cooperation Framework Agreement (ECFA) signed with China in June 2010, so far Taiwan has been excluded from this greater economic integration in part because of its diplomatic status. Negotiations continue on such follow-on components of ECFA regarding trade in goods and services. The MA administration has said that the ECFA will serve as a stepping stone toward trade pacts with other key trade partners, which Taiwan subsequently launched with Singapore and New Zealand. 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 trade surplus largely because of its surplus with China, and its foreign reserves are the world's fifth largest, behind China, Japan, Saudi Arabia, and Russia. 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. 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. 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.
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Source : CIA |
Company name & address
Universal Textile Co.,
Ltd.
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Business Description
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Universal Textile Co., Ltd. is a Taiwan-based company engaged in
production, processing, dying and distribution of textile products. The Company
mainly provides two categories of products: fiber fabrics as well as textured
yarns. The Company’s products portfolio consists of
filament suit fabrics, lightweight fabrics for women's apparels, polyester
textured yarns, as well as filament and staple fiber yarn cross weaving
fabrics. The Company distributes its products principally in Taiwan, the rest
of Asia, Europe and the Americas. For the nine months ended 30 September
2013, Universal Textile Co., Ltd. revenues remained flat at NT$1.58B. Net income
increased from NT$25.2M to NT$58.5M. Revenues reflect Spinning segment
increase of 4% to NT$803.7M, also reflect False Twist segment decrease of 4%
to NT$778M. Net income benefited from Selling Expense decrease of 7% to
NT$79.2M (expense), Foreign Exchange Losses decrease of 71% to NT$2.2M
(expense). |
Industry
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Industry |
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ANZSIC 2006: |
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ISIC Rev 4: |
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NACE Rev 2: |
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NAICS 2012: |
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UK SIC 2007: |
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US SIC 1987: |
Key Executives
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Name |
Title |
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Wuhua Jian |
Deputy General Manager-Business Division |
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General Manager, Director |
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Qiuhuang Wang |
Finance Manager |
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Chairman of the Board |
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Huizhen Hong |
Director |
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Financial Summary
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Credit Limit
USD 32,65,000
Stock Snapshot
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1 - Profit &
Loss Item Exchange Rate: USD 1 = TWD 29.57962
2 - Balance Sheet Item Exchange Rate: USD
1 = TWD 29.012
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