MIRA INFORM REPORT

 

 

Report Date :

29.11.2012

 

IDENTIFICATION DETAILS

 

Name :

TAIWAN RAILWAYS ADMINISTRATION

 

 

Registered Office :

No.3, Beiping W. Rd., Jhongjheng District, Taipei City 100

 

 

Country :

Taiwan

 

 

Year of Establishment :

1887

 

 

Com. Reg. No.:

Not Available 

 

 

Legal Form :

Government Institution

 

 

Line of Business :

Management and operating of Taiwan railway

 

 

No. of Employees :

About 13,363 employees

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

Payment Behaviour :

Regular

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 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

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:

Taiwan Railways Administration

Supplied Name:

Taiwan Railways Administration

Trading Address:

No.3, Beiping W. Rd., Jhongjheng District, Taipei City 100, Taiwan

Supplied Address:

No. 3, Beiping West Road, Jhongjheng District, Taipei City 100

Telephone Number:

+886-2-2381-5226

Notes: Subject’s exact name and address are as above.

 

 

Credit Summary

 

Credit Opinion:

Business connections are permissible.

 

 

Company Identification Details

 

Registered Name:

Taiwan Railways Administration

Date of Foundation:

1887

Director

Zhigu Fan

Legal Form:

Government Institution

Principal Activities:

Management and operating of Taiwan railway

Staff:

About 13,363 employees

 

Notes: Subject is a Government Institution, we can not obtain its registration information and we supplied the general information of subject above for reference.

 

History

 

Subject was founded in 1887 as Government Institution in Taiwan

 

History of Taiwan Railway Construction

Stations

Mileage
(km)

Builder

Year
opened
to traffic

Year of
construction

Illustration

Keelung -- Taipei

28.6

Before 1911(Liu, Min-Chuan)

1891

1887

 

Taipei -- Hsinchu

78.1

Before 1911(Liu, Min-Chuan)

1893

1888

 

Kaohsiung Port --
Jioucyutang

17.4

Before 1945,
the Ministry of Taiwan Railway

1907

1904

 

Hsinchu - Jhunan

19.0

Before 1945,
the Ministry of Taiwan Railway

1908

1899

 

Jhunan -- Changhua
(Mountain Line)

89.3

Before 1945,
the Ministry of Taiwan Railway

1908

1899

 

Changhua --
Kaohsiung Port

189.0

Before 1945,
the Ministry of Taiwan Railway

1908

1899

 

Huashan -- Taipei

1.2

Before 1945,
the Ministry of Taiwan Railway

1912

1912

Double
track added

Jioucyutang -- Pingtung

7.2

Before 1945,
the Ministry of Taiwan Railway

1913

1911

 

Keelung -- Taipei
(Double track)

28.6

Before 1945,
the Ministry of Taiwan Railway

1919

1912

 

Jhunan -- Changhua
( Main Line )

91.2

Before 1945,
the Ministry of Taiwan Railway

1922

1919

 

Guanshan -- Taitung

41.9

Before 1945,
Taiwan Taitung Pioneer Company

1922

1922

Purchased

Pingtung -- Nanjhou

22.4

Before 1945,
the Ministry of Taiwan Railway

1923

1920

 

Badu -- Suao

95.0

Before 1945,
the Ministry of Taiwan Railway

1924

1917

 

Keelung -- Badu
(Yilan Branch line)

3.7

Before 1945,
the Ministry of Taiwan Railway

1926

1921

 

Yuli -- Guanshan

41.4

Before 1945,
the Ministry of Taiwan Railway

1926

1921

 

Taipei -- Jhunan
(Double track)

97.1

Before 1945,
the Ministry of Taiwan Railway

1935

1927

Double
track added

Tainan -- Kaohsiung Port
(Double track)

46.5

Before 1945,
the Ministry of Taiwan Railway

1935

1927

Double
track added

Gushan -- Kaohsiung
(Double track)

2.6

Before 1945,
the Ministry of Taiwan Railway

1940

1937

Double
track added

Nanjhou -- Fangliao

18.0

Before 1945,
the Ministry of Taiwan Railway

1941

1940

 

Kaohsiung -- Fongshan
(Double track)

5.7

Before 1945,
the Ministry of Taiwan Railway

1942

1937

Double
track added

Minsyong -- Chiayi
(Double track)

9.3

Before 1945,
the Ministry of Taiwan Railway

1942

1938

Double
track added

Tainan -- Sinshih
(Double track)

11.4

Before 1945,
the Ministry of Taiwan Railway

1943

1939

Double
track added

Changhua -- Minsyong
(Double track)

71.7

Taiwan Railway Administration

1970

1957

Double
track added

Chiayi -- Sinshih
(Double track)

50.1

Taiwan Railway Administration

1970

1957

Double
track added

Sinpu -- Tongsiao
(Double track)

5.8

Taiwan Railway Administration

1974

1974

Double
track added

Yuanli -- Rihnan
(Double track)

7.8

Taiwan Railway Administration

1974

1974

Double
track added

Sincheng – Hualien Port
(Double track)

19.2

Government of Taiwan Province

1975

1973

 

Dongshan -- Suaosin
(Double track)

5.4

Taiwan Railway Administration

1977

1974

Double
track added

Sihjiaoting– Rueifang
(Double track)

5.8

Taiwan Railway Administration

1977

1974

Double
track added

Mudan -- Shuangsi
(Double track)

3.1

Taiwan Railway Administration

1978

1974

Double
track added

Hualien -- Heping

39.4

Government of Taiwan Province

1979

1978

Double
track added

Heping -- Suaosin

39.8

Government of Taiwan Province

1980

1973

Double
track added

Hualien -- Taitung
(Increasing track gauge)

162.2

Government of Taiwan Province

1982

1978

East
line widened

Erjie -- Luodong
(Double track)

3.1

Government of Taiwan Province

1982

1980

Double
track added

Luodong -- Dongshan
(Double track)

5.0

Government of Taiwan Province

1982

1980

Double
track added

Waiao -- Toucheng
(Double track)

3.7

Government of Taiwan Province

1982

1980

Double
track added

Shihcheng --Dali
(Double track)

2.7

Government of Taiwan Province

1983

1980

Double
track added

Toucheng -- Jiaosi
(Double track) >

6.3

Government of Taiwan Province

1983

1980

Double
track added

Sihcheng -- Yilan
(Double track)

3.6

Government of Taiwan Province

1983

1980

Double
track added

Badu -- Sihjiaoting
(Double track)

3.8

Government of Taiwan Province

1984

1980

Double
track added

Shuangsi -- Fulong
(Double track)

9.1

Government of Taiwan Province

1984

1980

Double
track added

Dali -- Gueishan
(Double track)

9.7

Government of Taiwan Province

1984

1980

Double
track added

Jiaosi -- Sihcheng
(Double track)

4.7

Government of Taiwan Province

1984

1980

Double
track added

Yilan -- Erjie
(Double track)

5.8

Government of Taiwan Province

1984

1980

Double
track added

Rueifang -- Houtong
(Double track)

4.5

Government of Taiwan Province

1985

1980

Double
track added

Sandiaoling -- Mudan
(Double track)

3.7

Government of Taiwan Province

1985

1980

Double
track added

Fulong -- Shihcheng
(Double track)

5.6

Government of Taiwan Province

1985

1980

Double
track added

Suaosin -- Suao
(Double track)

4.5

Government of Taiwan Province

1985

1980

Double
track added

Taitungsin -- Jhihben

12.7

Government of Taiwan Province

1985

1980

Double
track added

Jioucyutang -- Lioukuaicuo
(Double track)

5.0

Government of Taiwan Province

1987

1983

Double
track added

 

 

Shareholders

 

Information on shareholders is not appropriate for government institution

 

 

Personnel Information

 

Core Management

Director

Zhigu Fan

Date of Birth

1954.12

Education

Bachelor of Traffic Management Science in 1978 (National Cheng Kung University)

Master of Geological technology and traffic engineering in 1985 (Asian Institute Of Technology)

Have been in University of Leeds and University of Bradford(1995) for research

Transportation technology and management doctor  (National Cheng Kung University)

Experience

Taiwan Railway Administration

Intern, terminal attendant, conductor and subsection chief

Transport Division of Taiwan provincial government

section chief, deputy director

Ministry of Communications

deputy director, central office director

Taiwan Motor Transportation Company

President

 

Ministry of Communications

Counselor, Transportation industry management team executive secretary

Taiwan Railway Administration

Deputy general director, director

 

Former Directors

Name

Period

Fengnan Chen

2006.11.14~2007.06.26

Nuanxuan He

2006.03.31~2006.11.13 (acting director)

Dawen Xu

2003.12.05~2006.03.30

Dezhi Huang

2000.11.01~2003.12.04

Depei Chen

1996.08.01~2000.10.31

Shifang Chen

1991.07.16~1995.07.31

Shoucen Zhang

1987.09.01~1991.07.15

Yuanli Bu

1983.06.16~1987.08.31

Ping Dong

1980.03.16~1983.06.15

Rui Fan

1976.06.16~1980.03.15

Denian Chen

1972.06.09~1976.06.15

Shuxi Chen

1968.10.25~1972.06.08

Zebin Lin

1966.05.03~1968.10.24

Renshou Xu

1963.02.09~1966.05.02

Shungeng Chen

1961.02.09~1963.02.08

Heng Mo

1949.03.05~1961.02.08

Zhonglai Lang

1948.03.06~1949.03.04

Qingwen Chen

1945.12.21~1948.03.05

 

 

Operation Information

 

Offices & Factories

 

Headquarters

Add

No.3, Beiping W. Rd., Jhongjheng District, Taipei City 100, Taiwan

 

Operation Information

Subject is independent institution UNDER the jurisdiction of the ministry of communications engaged in management and operation of the Traditional railway network in Taiwan and it has 13 organization units, 5 task units and 2 hospitality units

 

Subject has different vehicle types including major items as follows

1

Tze-Chiang Limited Express (T. C. Ltd Exp)

2

Taroko Express

3

Chu-Kuang Express (C.K. Exp)

4

B.C.K.

5

Fu-Hsing Semi Express (F.H. Semi Exp)

6

Local Express

7

Local Train

8

Ordinary Express Train

Organization chart description: The three Deputy Director Generals, Chief Secretary, and Chief Engineer are under the Director General to assist the Director General with the administration affairs. There are also thirteen organizational units - Transportation Department, Construction Department, Rolling Stock Department, Electrical Engineering Department, Planning Department, Procurement and Storage Department, General Affairs Department, Secretariat, Personnel Office, Accounting Office, Civil Service Ethics Office, Occupational Safety & Health Office, and Employees Training Center - as well as five mission-oriented entities - the Legal Affairs Unit, Safety and Investigation Committee, Project Construction Department, Safety Corp. and Customer Service Center, two direct subsidiaries - the Freight Service Head Office and Catering Service Head Office.

Subject takes over railway construction, renovation, management and operation including passenger and cargo transportation.

Train Service operating status

 

2007

2008

2009

2010

2011

Passenger
Service

Number of passenger

16,969

17,866

17,937

18,976

20,582

Pass-kilometer

893,739

871,778

838,686

899,841

971,960

Revenue(NT dollar)

1,456,118

1,412,076

1,345,868

1,462,618

1,557,684

Freight
Service

Tonnages

1,143

1,111

958

1,043

1,066

Ton-kilometer

88,174

92,529

76,987

86,630

84,770

Revenue(NT dollar)

101,414

104,704

88,633

99,733

98,504

Revenue (Passenger& Freight)

1,557,532

1,516,781

1,434,501

1,562,351

1,656,188

 

Major Project(s) in process

1

Double Line Project of the mountain line between Zhunan and Fongyuan

2

Electrification Project between Kaohsiung and Pingtung

3

Eastern Railway Upgrading Project

 

Major Projects in the Future

1

To promote Integrated Station Development projects in BOT mode

2

The renewal of track structure to ensure operation safety

3

Upgrading of Railway Safety Equipment

4

Upgrading of electrical equipment

5

Diversification of operations and increase of revenues

6

To enhance land development

 

Subject also supplies wayside traveling and venue leasing service, etc

 

 

Settlements

 

Purchase

Subject did not introduce its purchase terms

Sales

Subject’s customers are mainly passengers and goods clients, etc, thus the general settlement is CBD, and COD, etc

 

 

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 declined to disclose its financials and from other source we can not obtain the relevant information, either.

 

 

Bankers

 

Subject declined to disclose its bank details and from other source we can not obtain the relevant information, either.

 

 

Public Record

 

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.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.70

UK Pound

1

Rs.89.34

Euro

1

Rs.72.35

 

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%)

 

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