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Report Date : |
24.04.2013 |
IDENTIFICATION DETAILS
|
Correct Name: |
BRITX WIRE ROPE INDUSTRY CORP. |
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Registered Office : |
No.134, Cheng Kon 3rd Rd., Nan-Tou City,
Nan-Tou County 540 |
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Country : |
Taiwan |
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Date of Incorporation : |
06.07.1987 |
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Com. Reg. No.: |
22559280 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacture and trade of wire rope and the related products. |
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No. of Employees : |
Not available |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 – 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. 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 1.8%, due primarily to a 13.1% year-on-year decline in exports. In
2010 GDP grew 10.7%, as exports returned to the level of previous years, and in
2011, grew 4.1%. In 2012, however, growth fell to 1.3%, 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 except for the
landmark Economic Cooperation Framework Agreement (ECFA) signed with China in
June 2010, so far Taiwan has been excluded from this greater economic
integration in part because of its diplomatic status. Negotiations continue on
such follow-on components of ECFA regarding trade in goods and services. The MA
administration has said that the ECFA will serve as a stepping stone toward
trade pacts with other key trade partners, which Taiwan subsequently launched
with Singapore and New Zealand. 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 trade surplus largely because of its surplus with China, and its
foreign reserves are the world's fifth largest, behind China, Japan, Saudi
Arabia, and Russia. 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. 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. 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: |
BRITX WIRE ROPE INDUSTRY CORP. |
|
Trade Name: |
GROWAY CABLE |
|
Supplied Name: |
GROWAY CABLE LLC |
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Trading Address: |
No.134, Cheng Kon 3rd Rd., Nan-Tou City, Nan-Tou County 540, Taiwan,
R.O.C. |
|
Supplied Address: |
P O Box 3-29, Nan Tou City |
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Telephone Number: |
+886-49-2252811 |
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Fax Number: |
+886-49-2255840 |
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E-mail: |
Notes:
Subject introduced that the supplied name is the trading name of subject, and the exact registered name is as above.
The supplied address is the postal address, but the subject didn’t confirm the postal address, and confirmed that the exact trading address is as above.
Note:
Subject declined to disclose the staff number, and from other sources, we couldn’t obtain the information, either.
Subject was incorporated
on
|
Name |
Subscription Amount |
|
Shujiao Lin |
7,500 |
| Zisheng
Liu |
4,500 |
|
Yanjun Liu |
5,400 |
|
Bingwu Liu |
7,200 |
The information above is that of subject’s major shareholders.
Subsidiaries:
|
1 |
|
|
Name |
Haicheng Greatx
Ind. Co., Ltd |
|
Registered
Address |
No. 8 Zhengchang
Rd., Wangshi Town, Haicheng City, Liaoning, China |
|
Telephone Number |
+86-412-3133001 |
|
Fax Number |
+86-412-3133006 |
|
2 |
|
|
Name |
Taymax Wire Rope
Ind. Corp. Co., Ltd |
|
Registered
Address |
175 Moo 7,
Thatoom,Srimahaphote, Prachinburi, 25140 Thailand |
|
Telephone Number |
+66-037-481052 |
|
Fax Number |
+66-037-481011 |
Core
Management
|
1 |
|
|
Name |
Shujiao Lin |
|
Position |
Board of
Chairman |
|
2 |
|
|
Name |
Zisheng Liu |
|
Position |
Director |
|
3 |
|
|
Name |
Yanjun Liu |
|
Position |
Director |
|
4 |
|
|
Name |
Bingwu Liu |
|
Position |
Supervisor |
Offices
& Factories
|
|
Headquarters |
|
Add |
No.134, Cheng Kon 3rd Rd., Nan-Tou City, Nan-Tou County 540, Taiwan,
R.O.C. |
Production
Information
l
Subject is a manufacturer of wire rope and the related products with the production activities
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
CA01060 |
Manufacture of wire cables. |
|
F401010 |
International trade |
|
ZZ99999 |
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 local and abroad.
l
Subject is mainly engaged in manufacturing and
trading of wire rope and the related
products.
l
Subject introduced that its Major products
sold
|
|
Product |
|
1 |
General industrial rope |
|
2 |
Control cable/ conduit |
|
3 |
Special purpose rope |
|
4 |
Slings & cable assemblies |
|
5 |
Wire |
|
6 |
Custom-made products |
|
7 |
Others |
l
Subject introduced that it has a factory located in
the mainland of China, help subject manufacture the products and contact with
the clients in the mainland of China.
l
Subject’s selling territory covers all over the
world, such as Western Europe, America, Asia and so on.
l
Subject introduced that 60% of products are mainly
exported.
l
Subject introduced that it obtained some
certifications, such as ISO9001:2008, JIS G 3525:2006, ISO/IEC 17025:2005,
ISO/TS 16949:2002, and Lloyd’s.
Import and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Subject declined to disclose the settlements information, and from other sources, we couldn’t obtain the information, either.
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
Wire rope and the related products |
COB, CBD, etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Wire rope and the related products |
L/C , T.T, 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 Ms. Liu declined to disclose its financials citing the grounds of company’s confidentiality; from other source we can not obtain the relevant information, either.
|
Name |
Citibank Taiwan
Limited |
|
SWIFT: |
CITITWTX |
Note:
Subject confirmed that it has accounts in Citibank Taiwan Limited, but the staff declined to disclose the exact account number of subject, and from our sources, we could not confirm, 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. Liu |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.30 |
|
UK Pound |
1 |
Rs.82.88 |
|
Euro |
1 |
Rs.70.80 |
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.