MIRA INFORM REPORT
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Report Date : |
16.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
TOUNG LOONG TEXTILE MFG. CO., LTD. |
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Registered Office : |
19F, No.31, San Ming Rd.,
Banqiao Dist., New Taipei City 220 |
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Country : |
Taiwan |
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Date of Incorporation : |
14.08.1961 |
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Com. Reg. No.: |
18770509 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacture and trading of textile products, etc. |
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No. of Employees
: |
More than 50 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
|
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 |
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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
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Company Name: |
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Supplied Name: |
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Trading Address: |
19F, No.31, San Ming Rd., Banqiao Dist., New
Taipei City 220, Taiwan (R.O.C.) |
|
Supplied Address: |
19F 1 Number 31 San Ming Rd., Sec. 2 Pan
Chiao District New Taipei City Taiwan |
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Telephone Number: |
+886-2-29612112 |
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Fax Number: |
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E-mail: |
Notes:
The exact subject’s address is as above mentioned.
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Credit Opinion: |
Subject was incorporated on 1961-8-14 with registered number 18770509 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 |
|
Xiuxiong You |
4,501,901 |
|
Zhicheng You |
|
|
2,880,396 |
|
|
Rongjie You |
5,841,986 |
|
Rongli You |
5,697,230 |
|
Jiahong You |
2,223,207 |
|
Qiuyue Chen |
5,001,294 |
|
Zhiping Chen |
1,898,284 |
|
Guoqin Chen |
365,159 |
|
Chen Xu Meixia |
639,133 |
|
Rongchun You |
1,151,000 |
|
Zhuwang Cai |
1,151,000 |
|
Kaiping Zhang |
1,151,000 |
|
Jinzong You |
1,727,010 |
|
Gao Ping |
641,327 |
|
Jingwei Zhou |
4,770,556 |
The information above is that of subject’s major shareholders.
Core
Management
|
Name |
Xiuxiong You |
|
Position |
Chairman |
|
2 |
|
|
Name |
Zhicheng You |
|
Position |
Director |
|
Date of
Appointment |
2010-6-17 |
|
3 |
|
|
Name |
Rongjie You |
|
Position |
Director |
|
4 |
|
|
Name |
Rongli You |
|
Position |
Director |
|
5 |
|
|
Name |
Jiahong You |
|
Position |
Director |
|
6 |
|
|
Name |
Qiuyue Chen |
|
Position |
Director |
|
7 |
|
|
Name |
Zhiping Chen |
|
Position |
Director |
|
8 |
|
|
Name |
Guoqin Chen |
|
Position |
Director |
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9 |
|
|
Name |
Chen Xu Meixia |
|
Position |
Director |
|
10 |
|
|
Name |
Rongchun You |
|
Position |
Director |
|
11 |
|
|
Name |
Zhuwang Cai |
|
Position |
Director |
|
12 |
|
|
Name |
Kaiping Zhang |
|
Position |
Director |
|
13 |
|
|
Name |
Jinzong You |
|
Position |
Supervisor |
|
14 |
|
|
Name |
Gao Ping |
|
Position |
Supervisor |
|
15 |
|
|
Name |
Jingwei Zhou |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
More than 50 employees |
Offices
& Factories
|
|
Headquarters |
|
Add |
19F, No.31, San Ming Rd., Banqiao Dist., New Taipei City 220, Taiwan (R.O.C.) |
Production
Information
l
Subject produces textile products.
l
Subject has factories in Taiwan, Vietnam, and
Cambodia.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
1 |
Manufacturing, sales and wholesale business of
man-made fiber stitching and weaving yarn |
|
2 |
Manufacturing and distribution of a variety of
cotton, wool, ramie, rayon and other hybrid lines |
|
3 |
Distribution related to the line categories of textile
manufacturing |
|
4 |
Manufacturing and processing of a variety of
fiber line class, fiber textile weaving |
|
5 |
Timber (logs), import and export trading business |
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6 |
Import and export trade business |
Besides licensed business, all other business items those are not banned
or restricted.
l
The components and raw material for production are
purchased from both domestic and abroad.
l
The subject has a
proportion of 50% for Import
l
The subject is mainly engaged in manufacturing and
processing of various textile yarns.
l
Subject produces zipper stitching, Velcro yarn,
textile yarn, ribbon yarn, trademark yarn, etc.
l
Subject has both domestic and foreign markets.
l
Subject exports mainly to Southeast Asia, Vietnam,
East Asia, etc.
l
The subject has a
proportion of 50% for export.
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
Domestic Purchase
|
Payment Terms |
Proportion |
|
|
Components and raw material |
COD, CBD, etc. |
100% |
Foreign Purchase
|
Payment Terms |
Proportion |
|
|
Components and raw material |
CBD, etc. |
100% |
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
Textile yarns |
CBD, etc. |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Textile yarns |
CBD, etc. |
100% |
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.
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. Hong |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.12 |
|
UK Pound |
1 |
Rs.85.15 |
|
Euro |
1 |
Rs.68.60 |
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 |
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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 |
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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 |
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NB |
New Business |
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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.