|
Report Date : |
16.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
VOLUNTEER ENTERPRISE CO., LTD. |
|
|
|
|
Registered Office : |
FL. 11-1, No.436, Nanking West Road, Taipei |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Date of Incorporation : |
02.07.1977 |
|
|
|
|
Com. Reg. No.: |
7604639 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Engaged in manufacturing of textile products and the
related products. |
|
|
|
|
No. of Employees : |
80 |
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 |
|
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 |
|
Supplied Name: |
|
|
Trading Address: |
|
|
Supplied Address: |
|
|
Telephone Number: |
|
|
Fax Number: |
|
|
E-mail: |
Notes:
Subject’s exact name and address are as above mentioned.
Subject
was incorporated on
|
Name |
Subscription Shares |
|
Muxiong Liu |
3,406,000 |
The information above is that of subject’s major shareholder.
Factories
|
1 |
|
|
Name: |
Taiwan Factory |
|
Address: |
No.9
Hsinglong Road, Taoyuan City, Taiwan |
|
Date of Foundation: |
1969-11-1 |
|
Date of Registration: |
1970-10-1 |
|
Factory Registration Number: |
99621276 |
|
Factory Manager: |
Muxiong
Liu |
|
Status: |
In
Production |
|
Date of Last Annual Return: |
2013-4-18 |
|
2 |
|
|
Name |
China mainland
Factory |
|
Address |
No.107 Tanyao Road,Tanhang
Town Jiading Shanghai, China |
|
Telephone Number |
+86-21-59951775/59951376 |
|
Fax Number |
+86-21-59950775 |
Core Management
Directors
|
1 |
|
|
Name |
Muxiong Liu |
|
Position |
Board Chairman/Manager |
|
Date of
appointment |
1977-6-9 |
|
2 |
|
|
Name |
Bi’e Lv |
|
Position |
Director |
|
3 |
|
|
Name |
Bizhao Lv |
|
Position |
Director |
|
4 |
|
|
Name |
Wenyan Lv |
|
Position |
Supervisor |
Personnel Structure
|
Total Employees |
About 80 Employees |
Offices
& Factories
|
|
Headquarters |
|
Add |
Production
Information
l
Subject is engaged in manufacturing of textile
products and the related products.
l
Subject has factories in Taiwan and the
mainland of China for production.
l
Subject obtained the certification of
Oeko-Tex100.
Purchase
Information
l
The registered activities of subject:
|
1 |
Manufacture, processing and sales of all sorts of
cotton tapes, silk tapes, elastic band and shoelace, etc |
|
2 |
Manufacture, bleaching and dyeing processing and
sales of all sorts of textiles such as cotton, silk, nylon yarn, etc |
|
3 |
Manufacture and sales of components of knitting
machines. |
|
4 |
Import and export trading business. |
|
5 |
Agent involved in Sales, price quoting service,
bidding service and investment about the above mentioned items for both
domestic and overseas market. |
l
It is introduced that
subject purchases raw materials such as grey yarn mainly from its cooperative
suppliers in local market.
l
Subject is
engaged in processing and trading of textile products and
the related products.
l
Subject’s major products
include nylon stretch yarn, polyester raw white yarn, polyester
dyed yarn, etc.
l
Subject introduced that it has its own brands named
"SHINYLON" and "ALL BEAUTY".
l
Subject introduced that its customers mainly are
textile factories, etc.
l
The subject sales regions include Asia, America, etc.
l
Subject’s main customer is Hilos Y Textiles, S.A.
De C.V.
Purchase
Domestic Purchase
|
Payment Terms |
Proportion |
|
|
Raw materials |
COD, Credit Sales, etc |
100% |
Foreign Purchase
Subject seldom imports.
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
Textile materials |
CBD, etc |
Export
|
Payment/Terms |
Proportion |
|
|
Textile materials |
L/C, 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 declined to disclose its financial information citing the grounds
of company’s confidentiality, and from other source we can not obtain the
relevant information, either.
|
Name |
ICBC Bank |
|
Address |
Taiwan |
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 |
The Operator |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.12 |
|
|
1 |
Rs.101.53 |
|
Euro |
1 |
Rs.85.41 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.