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Report Date : |
31.08.2012 |
IDENTIFICATION DETAILS
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Correct Name : |
GOLDEN CHANG INDUSTRIAL CO., LTD. |
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Registered Office : |
No.15, Wan Chuan St., Sanchong
Dist., New Taipei City 241 |
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Country : |
Taiwan |
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Date of Incorporation : |
10.07.1973 |
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Com. Reg. No.: |
04940785 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacturing and sales of shoes and boots, etc |
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No. of Employees : |
Over 10,000 Employees (Group) |
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 |
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High |
B2 |
|
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. 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.15, Wan Chuan St., Sanchong Dist., New Taipei City
241, Taiwan (R.O.C.) |
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Supplied Address: |
P O Box 957 Offshore Incorportion Center Road Town BVI C/O No. 15 Wan Chuan Street Taiwan |
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Telephone Number: |
+886-2-2973-8364 |
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Fax Number: |
Notes: Subject’s registered name and current address are as above and it is introduced that the supplied name also belongs to subject.
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Credit Opinion: |
|
Registered Name: |
Golden Chang Industrial Co., Ltd. |
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Registered Address: |
No.15, Wan Chuan St., Sanchong Dist., New
Taipei City 241, Taiwan (R.O.C.) |
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Date of Foundation: |
1973-7-10 |
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Registration Number: |
04940785 |
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Registry: |
New Taipei City Government |
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Registered Capital: |
NTD 51,000,000 (USD 1,703,400) (As of 2012.08, 1 NTD = 0.0334 USD) |
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Paid-up Capital: |
NTD 51,000,000 (USD 1,703,400) |
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Legal Representatives: |
Suxin He |
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Legal Form: |
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Principal Activities: |
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Staff: |
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Listed at Stock
Exchange: |
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|
Date of Last
Annual Return: |
Subject was incorporated on 1973-7-10 with registered number 04940785 as Joint Stock Company in Taiwan.
|
Name |
Subscription Shares |
|
Suxin He |
3,960 |
|
Shuren He |
7,920 |
|
Xinghui Peng |
1,410 |
|
Xingzhao Cai |
1,530 |
The information above is that of subject’s major shareholders.
Related Companies
|
1 |
|
|
Name |
Oftenrich Holdings Company Limited |
|
2 |
|
|
Name |
Zhongshan Glory Shoes Industrial Limited |
|
Address |
Tanzhou, Zhongshan City,
Guangdong Province, China |
|
3 |
|
|
Name |
Kim
International Company Limited |
|
Address |
Vietnam |
|
4 |
|
|
Name |
Zhang Shan Lu Mei Da Shoes Industrial Limited |
|
Address |
Tanzhou, Zhongshan City,
Guangdong Province, China |
|
5 |
|
|
Name |
Vietnam Xin Chang Shoes Company Limited |
|
Address |
Ben Cat
District, Binh Duong Province, Vietnam |
|
6 |
|
|
Name |
Xin Chang Shoes (BD) Limited |
|
Address |
Comilla, Bangladesh |
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7 |
|
|
Name |
Zhongshan Xin Chen Shoes
Material Limited |
|
Address |
Zhongshan City, Guangdong Province, China |
Core
Management
|
1 |
|
|
Name |
Suxin He |
|
Position |
Board Director |
|
2 |
|
|
Name |
Shuren He |
|
Position |
Director |
|
3 |
|
|
Name |
Xinghui Peng |
|
Position |
Director |
|
4 |
|
|
Name |
Xingzhao Cai |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
Over 10,000 Employees
(Group) |
Offices
& Factories
|
|
Headquarters |
|
Add |
No.15, Wan Chuan St., Sanchong Dist., New
Taipei City 241, Taiwan (R.O.C.) |
Production
Information
l
Subject is engaged in manufacturing of shoes and
boots.
l
It is introduced that subject has factories in
mainland China, Bangladesh and Vietnam.
l
The monthly production capacity of mainland China
factories is about 1,300,000 pairs.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
-- |
Manufacturing and sales of small size gasoline engine
generator, entertainment engine generator, refrigerator and its parts |
|
-- |
Manufacturing and sales of chemical materials
such as papermaking materials, building materials, ceramics, and wax |
|
-- |
Manufacturing and sales of leather and plastic shoes |
|
-- |
Entrusted leasing and sales of buildings to
builder and property developer |
|
-- |
Sales of antique furniture |
|
-- |
Import, export, quotation and bid business of
above for home and overseas companies |
|
I501010 |
Design of products’ appearance |
|
IZ99050 |
Agency service |
l
The raw materials such as cowhide, horsehide,
sheepskin, full grains and grain splits leather for production are purchased
both home and abroad.
l
Subject is engaged in sales of shoes and boots.
l
Subject’s sales regions include Europe, America,
Canada, and Asia, etc.
l
Subject has their own brand “Road Mate”.
l
It is introduced that subject’s factories can
provide OEM service.
l
Subject’s factories produce shoes for many brands
such as “Timberland”, “Dr Martens”, “Wal-Mart”, “LL Bean”, “Caterpillar” and
“Wolverine World Wide”, etc.
l
It is introduced that subject’s annual sales is
over USD 250,000,000.
Major types of
shoes sold
|
|
Type |
|
1 |
Goodyear shoe |
|
2 |
cement shoe |
|
3 |
heat sealed shoe |
|
4 |
PU pouring shoe |
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
Domestic Purchase (Taiwan and Mainland, China)
|
Payment Terms |
Proportion |
|
|
Raw materials |
COD, CBD, etc |
100% |
Foreign Purchase
|
Payment Terms |
Proportion |
|
|
Raw materials |
CBD, etc |
100% |
Sales
Domestic Markets (Taiwan and Mainland, China)
|
Sales Terms |
Proportion |
|
|
COD, CBD, Credit Sales, etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Shoes and boots |
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 Mr. He 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 |
Mr. He |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.65 |
|
UK Pound |
1 |
Rs.88.10 |
|
Euro |
1 |
Rs.69.84 |
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.