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Report Date : |
02.08.2013 |
IDENTIFICATION DETAILS
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Name : |
TENSION STEEL INDUSTRIES CO., LTD. |
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|
|
|
Registered Office : |
9F. No. 127, Sec. 2, Chien Kuo N. Rd., Taipei |
|
|
|
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Country : |
Taiwan |
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|
|
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Date of Incorporation : |
19.06.1973 |
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|
|
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Com. Reg. No.: |
12275995 |
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|
|
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Legal Form : |
Joint Stock Company |
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|
|
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Line of Business : |
Manufacturing and sale of steel products, etc |
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|
|
|
No. of Employees : |
About 130 Employees |
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 |
|
Status : |
Satisfactory |
|
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 4.0%. 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
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Company Name: |
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Supplied Name: |
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Trading Address: |
|
|
Supplied Address: |
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Telephone Number: |
+886-2-2500-6206 |
|
Fax Number: |
Notes: The exact name and address are as above.
|
Credit Opinion: |
Subject was incorporated on 1973-6-19 with registered
number 12275995 as Joint Stock Company in Taiwan.
Change of Name
|
Former Chinese
Name |
天聲鋼鐵工業股份有限公司 |
|
Current Chinese
Name |
天聲工業股份有限公司 |
|
Name |
Subscription Shares |
|
Shuizhen Zhang |
16,710,973 |
|
Ten Liang Enterprise Corporation |
|
|
10,368,674 |
|
|
Tingting Zhang |
1,262,902 |
The information
above is that of subject’s major shareholders.
Factories
|
1 |
|
|
Name |
Hsinchu Factory |
|
Address |
No. 23, Nan-Gang
St. Hsin-Chu, Taiwan (30095) |
|
Tel |
+886-3-537-2167 |
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Fax |
+886-3-537-0919 |
|
2 |
|
|
Name |
Gansan Factory |
|
Address |
No. 23, Ben-Gong
W.Road, Gan-San, Kao-Hsiong, Taiwan |
|
Tel |
+886-7-624-2831 |
|
Fax |
+886-7-624-2836 |
Related Companies
|
Name |
Ten Liang
Enterprise Corporation |
|
Registered
Address: |
7F., No.127,
Sec. 2, Chien Kuo N. Rd., Jhongshan District, Taipei City 104, Taiwan
(R.O.C.) |
|
Date of
Foundation: |
1987-8-12 |
|
Registration
Number: |
22624825 |
|
Registry: |
Taipei City
Government |
|
Registered
Capital: |
NTD 95,000,000
(USD 3,230,000) (As of 2013.08,
1 NTD = 0.0340 USD) |
|
Paid-up Capital: |
NTD 95,000,000
(USD 3,230,000) |
|
Legal
Representatives: |
Wenxin Zhang |
|
Legal Form: |
Joint Stock
Company |
|
Listed at Stock
Exchange: |
No |
|
Date of Last
Annual Return: |
2012-8-29 |
Core
Management
Directors
|
1 |
|
|
Name |
Shuizhen Zhang |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Baolian Chen |
|
Position |
Director |
|
3 |
|
|
Name |
Tingjia Zhang |
|
Position |
Director |
|
4 |
|
|
Name |
Tingting Zhang |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 130 Employees |
Offices
& Factories
|
|
Headquarters |
|
Add |
Production
Information
l
Subject is engaged in manufacturing of steel
products, etc.
l
Subject has factories in Hsinchu and Kaohsiung,
Taiwan for production.
l
It is introduced that the Hsinchu factory is about
5,600 square meters.
l
Subject obtained the certification of ISO
9001:2000.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
-- |
Wholesale and retail of galvanized steel pipe,
steel tube and sheet |
|
-- |
Agent, price quoting, and trading of all kinds of
above mentioned items |
|
F118010 |
Wholesale of software |
|
F113020 |
Wholesale of electrical equipment |
|
F113050 |
Wholesale of office equipment |
|
F113070 |
Wholesale of electrical equipment |
|
F119010 |
Wholesale of electronic material |
|
CC01050 |
Manufacturing of data storage and processing |
|
CC01080 |
Manufacturing of electronic component |
|
F218010 |
Retail of software |
|
F213010 |
Retail of electrical equipment |
|
F213030 |
Retail of office equipment |
|
F213060 |
Retail of telecommunication equipment |
|
F219010 |
Retail of electronic material |
|
F105010 |
Wholesale of furniture |
|
F205010 |
Retail of furniture |
|
E604010 |
Installation of machinery |
l
The raw materials for production are mostly
purchased in domestic market.
l
Subject import some facilities from Japan for
production.
l
Subject is engaged in sale of steel products, etc.
l The major products
sold by subject include cold and hot-rolled square tube, cold and hot-rolled
rectangular tube, cold and hot-rolled round tube, cold and hot-rolled cone type
tube, cold and hot-rolled oval tube, galvanize square tube, and galvanize round
tube, etc.
l Subject’s sales
regions include Asia, Europe and America, etc
l It is introduced
that subject annual revenue is about USD 80,000,000.
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase
|
Terms |
Proportion |
|
|
Raw materials |
T/T, Cash, etc |
100% |
Foreign Purchase
|
Terms |
Proportion |
|
|
Facilities |
L/C, T/T, etc |
100% |
Sales
Domestic Markets
|
Terms |
Proportion |
|
|
Steel products |
T/T, Cash, etc |
100% |
Export
|
Terms |
Proportion |
|
|
Steel products |
L/C, T/T, 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 Mr. Huang 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
|
2011, Beijian, 9174 |
|
|
Date of Trial: |
2011-10-3 |
|
Reason: |
Payment for goods |
|
Name |
Mr. Huang |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.74 |
|
|
1 |
Rs.92.05 |
|
Euro |
1 |
Rs.80.60 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.