MIRA INFORM REPORT

 

 

 

 

Report Date :

19.11.2012

 

IDENTIFICATION DETAILS

 

Name :

GLORY TRADE FINANCE LIMITED TAIWAN BRANCH (H.K.)

 

 

Registered Office :

11F., No.288, Rueiguang Rd., Neihu District, Taipei City 114

 

 

 

 

Country :

Taiwan

 

 

 

 

Date of Incorporation :

19.09.2001

 

 

 

 

Com. Reg. No.:

70818032

 

 

 

 

Legal Form :

Private Limited Liability Company

 

 

 

 

Line of Business :

Wholesale of Software

 

 

 

 

No. of Employees :

ABOUT 10 EMPLOYEES (TAIWAN OFFICE)

 

 

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 :

Exist

 

 

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 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

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. 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

 

Contact Points

 

Company Name:

GLORY TRADE FINANCE LIMITED TAIWAN BRANCH (H.K.)

Supplied Name:

GLORY TRADE FINANCE LTD. TAIWAN BRANCH (HK)

Trading Address:

11F., No.288, Rueiguang Rd., Neihu District, Taipei City 114, Taiwan (R.O.C.)

Supplied Address:

Taiwan

Telephone Number:

+886-2-2659-0168

Fax Number:

+886-2 2659-0286

E-mail:

glorytwn@ms8.hinet.net

Notes: The complete address is as above.

 

 

Company Identification Details

 

Registered Name:

Glory Trade Finance Limited Taiwan Branch (H.K.)

Registered Address:

11F., No.288, Rueiguang Rd., Neihu District, Taipei City 114, Taiwan (R.O.C.)

Date of Foundation:

2001-9-19

Registration Number:

70818032

Registry:

Department of Commerce, Ministry of Economic Affairs, R.O.C.

Registered Capital:

NTD 11,000,000 (USD 374,000)

(As of 2012.11, 1 NTD = 0.0340 USD)

Paid-up Capital:

NTD  (USD )

Legal Representatives:

Hiranandani Shilpa Dalu

Legal Form:

Private Limited Liability Company

Principal Activities:

Trading of textile, etc

Staff:

About 10 Employees (Taiwan Office)

Listed at Stock Exchange:

No

Date of Last Annual Return:

2007-10-18

 

 

History

 

Subject was incorporated on 2001-9-19 with registered number 70818032 as Private Limited Liability Company in Taiwan.

 

 

Shareholders

 

Major shareholder

Name:

Glory Trade Finance Limited

Date of Registration

2001-09-19

Registered Number

70818032

 

 

Subsidiaries & Branches

 

Parent Company

Name

Glory Trade Finance Limited

Date of Registration

2001-09-19

Registered Number

70818032

 

Related Companies

1

Name

Guangzhou Office

Address

Room-1809,B Block Huabiao Square, 609 Tianhe Northern Rd., Tianhe District, Guangzhou City, Guangdong Province, China, P.R.C

Telephone Number

+86-20-3847-2519

Fax Number

+86-20-3847-2926

2

Name

Shaoxing Office

Address

World Trade Center, A2-17Floor,06-07,Keqiao, Shaoxing City, Zhejiang Province, China, P.R.C

Telephone Number

+86-575-456-7757

Fax Number

+86-575-456-7756

3

Name

India Office

Address

Room.603,6th Floor,24th Road, Kohinoor Niwas, TPS iii, Khar West, Mumbai-52, India

Telephone Number

+91-22-2648-0944

Fax Number

+91-22-2648-1266

4

Name

Glory Trade Finance S.A.

Address

Cofrisa 8 Local 9, Calle 17, Ave.San Eladio Zona Libre De Colon, Republica De Pananma

Telephone Number

+507-445-3560

Fax Number

+507-445-3562

5

Name

Imp Y Exp Glotex Itda

Address

Manzana 2.Galpon 19, Zofri, Iquique, Chile

Telephone Number

+56-57-417196

Fax Number

+56-57-417207

 

 

Personnel Information

 

Core Management

 

Directors

Name

Hiranandani Shilpa Dalu

Position

Manager

 

Personnel Structure

 

Total Employees

About 10 Employees (Taiwan Office)

 

 

Operation Information

 

Offices & Factories

 

 

Headquarters

Add

11F., No.288, Rueiguang Rd., Neihu District, Taipei City 114, Taiwan (R.O.C.)

 

Production Information

 

Subject is a trader of textile, etc without any production activities.

 

Purchase Information

 

The registered activities of subject:

Business Code

Details

F118010

Wholesale of software

F401010

International trade business

I301010

Software service

ZZ99999

Besides licensed business, all other business items those are not banned or restricted.

 

Subject purchases products from both home and abroad such as mainland China, South Korea and India, etc

 

Sales Information

 

Subject is engaged in sales of textile, etc.

Subject’s sales regions include Asia, Central and South America, etc.

Subject has sales office in Panama, Chile, and Mexico, etc.

The major products sold by subject include mini matts, printed chiffons, jeans cloth, charmuse satin, poly viscose, pique, peach skin, and suiting shirting, etc.

 

Import and export right:

Import right

Yes

Export right

Yes

 

 

Settlements

 

Purchase

 

Domestic Purchase

Product

Payment Terms

Proportion

Textiles

COD, CBD, etc

100%

 

Foreign Purchase

Product

Payment Terms

Proportion

Textiles

CBD, etc

100%

 

Sales

 

Domestic Markets

Product

Sales Terms

Proportion

Textiles

COD, CBD, etc

100%

 

Export

Product

Sales Terms

Proportion

Textiles

CBD, etc

100%

 

 

Financial Information

 

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. Chen declined to disclose its financials citing the grounds of company’s confidentiality; from other source we can not obtain the relevant information, either.

 

 

Bankers

 

Subject declined to disclose its bank details; from other source we cannot obtain the relevant information, either.

 

 

Public Record

 

Mortgage

 

No chattel mortgage record of subject has been found within the recent 3 months.

 

Lawsuit

 

Trial number:

2011, Beihaishang, 1

Date of trial:

2012-1-4

Reason:

Compensation for damages

 

 

 

Interview Details

 

Name

Mr. Chen

Department

Sales Department

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.99

UK Pound

1

Rs.87.21

Euro

1

Rs.70.22

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIT

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.