|
Report Date : |
13.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
SUN YARN TEXTILE CO., LTD. |
|
|
|
|
Registered Office : |
No.697, Sec.2, Chang Tsao Rd., Homei
Township, Chang Hwa County 508 |
|
|
|
|
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 Sale of Textiles. |
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|
|
|
No of Employees : |
About 200 |
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 : |
Unknown |
|
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 - 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.
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: |
No.697, Sec.2,
Chang Tsao Rd., Homei Township, Chang Hwa County 508, Taiwan, R.O.C. |
|
Supplied Address: |
|
|
Telephone Number: |
+886-4-752-5121 |
|
Fax Number: |
|
|
E-mail: |
Notes: The exact name and address are as
above.
|
Registered Name: |
Sun Yarn Textile Co., Ltd. |
|
Registered Address: |
No.697, Sec.2, Chang
Tsao Rd., Homei Township, Chang Hwa County 508, Taiwan, R.O.C. |
|
Date of Foundation: |
1969-4-7 |
|
Registration Number: |
59214014 |
|
Registry: |
MOEA Central Office |
|
Registered Capital: |
NTD 190,400,000
(USD 6,264,160) (As of 2014.10, 1 NTD = 0.0329 USD) |
|
Paid-up Capital: |
NTD 190,400,000 (USD 6,264,160) |
|
Legal Representatives: |
Zongxian Wei |
|
Legal Form: |
|
|
Principal Activities: |
Manufacturing
and sales of textiles, etc. |
|
Staff: |
|
|
Listed at Stock Exchange: |
|
|
Date of Last Annual Return: |
Subject was incorporated
on 1969-4-7 with registered number59214014 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.
Factories
|
1 |
|
|
Address: |
No.697, Sec.2, Chang Tsao Rd., Homei
Township, Chang Hwa County 508, Taiwan, R.O.C. |
|
Date of Foundation: |
1969-1-1 |
|
Date of Registration: |
1969-1-1 |
|
Factory Registration Number: |
99649083 |
|
Factory Manager: |
Zongxian Wei |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2004-12-28 |
|
Major Products: |
111 Spinning 112 Weaving |
|
2 |
|
|
Name: |
Sioushuei Factory |
|
Address: |
134. Minjhu St., Sioushuei, Changhwa, Taiwan |
|
Date of Foundation: |
1969-1-1 |
|
Date of Registration: |
1974-5-10 |
|
Factory Registration Number: |
99649855 |
|
Factory Manager: |
Zongxian Wei |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2012-10-6 |
|
Major Products: |
111 Spinning 112 Weaving |
|
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 |
|
Telephone Number |
+886-2-2555-3469 |
|
Fax Number |
+886-2-2558-3825 |
Core Management
Directors
|
1 |
|
|
Name |
Zongxian Wei |
|
Position |
Board Director & Manager |
|
Date of Appointment of the Manager |
1986-8-1 |
|
2 |
|
|
Name |
Jingxiang Fang |
|
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
Subject is engaged in manufacturing of textiles, etc.
Subject has two factories in Chang Hwa County
of Taiwan for production.
It is introduced that subject’s monthly
production capacity of OE yarn is about 14,500 bales (2,630 tons); monthly
production capacity of slub yarn is
about 5,200 bales (950 tons)
Purchase
Information
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 |
The raw materials of the subject are both purchased at home and abroad.
It is introduced that 90% of cotton and comber are purchased from
abroad, while 10% of the comber acrylic and polyester rayon of the subject are
purchased at home.
Subject is engaged in sale of textiles, etc.
The major products of the subject include Cotton Yarn, Slub Yarn, Rayon
Yarn, Polyester Yarn, Blended Yarn, Acrylic Yarn, etc.
It is introduced that subject’s products are mainly used for
manufacturing of Denim, Gery Cloth, Curtains, Clothing for Lady, Table Cloth,
Umbrellas, Curtains, Sweaters, Back Cloth for Brushing, etc.
The main sales regions of the subject are
domestic market, Japan, Korea, Southeast Asia, Europe, America, etc.
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase
|
Products |
Textiles, |
|
Payment Terms |
T/T, Cash |
Import
|
Products |
Textiles |
|
Payment Terms |
L/C, T/T |
Domestic Markets
|
Product |
Textiles |
|
Selling Terms |
T/T, Cash |
Export
|
Product |
Textiles |
|
Selling Terms |
L/C, T/T |
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 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. Chen |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.16 |
|
|
1 |
Rs.98.62 |
|
Euro |
1 |
Rs.77.67 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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.