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Report Date : |
24.12.2013 |
IDENTIFICATION DETAILS
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Name : |
ASIAN GLORY INCORPORATION |
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Registered Office : |
No.2, Alley 1, Lane 11, Yajou Rd., Tucheng Dist., New
Taipei City 236 |
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Country : |
Taiwan |
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Date of Incorporation : |
10.11.1995 |
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Com. Reg. No.: |
89779100 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Engaged in manufacturing and selling of precision metal
products |
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No. of Employees : |
About 20 Employees |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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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 : |
Slow but Correct |
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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 – September 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Taiwan |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source : CIA |
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Company Name: |
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Supplied Name: |
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Trading Address: |
No.2, Alley 1,
Lane 11, Yajou Rd., Tucheng Dist., New Taipei City 236, Taiwan (R.O.C.) |
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Supplied Address: |
1F, NO.315 SINCIANG
RD., FONGSHAN DIST., KAOHSIUNG CITY, TAIWAN,R.O.C. |
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Telephone Number: |
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Fax Number: |
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E-mail: |
Notes: The exact name and
address are as above and subject relevant staff Ms. Chen didn’t introduce
whether the supplied address belongs to subject. From other sources, the
relevant information cannot be confirmed, either.
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Credit Opinion: |
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Registered Name: |
Asian Glory Incorporation |
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Registered Address: |
No.2, Alley 1, Lane 11, Yajou Rd., Tucheng
Dist., New Taipei City 236, Taiwan (R.O.C.) |
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Date of Foundation: |
1995-11-10 |
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Registration Number: |
89779100 |
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Registry: |
New Taipei City Government |
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Registered Capital: |
(As of 2013.12, 1 NTD = 0.0340 USD) |
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Paid-up Capital: |
NTD 23,000,000 (USD 782,000) |
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Legal Representatives: |
Yushu Lv |
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Legal Form: |
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Principal Activities: |
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Staff: |
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Listed at Stock Exchange: |
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Date of Last Annual Return: |
Subject was incorporated on 1995-11-10 with registered number 89779100 as Joint Stock Company in Taiwan.
|
Name |
Subscription Shares |
|
Yushu Lv |
15,000 |
|
Decai Chen |
|
|
2,000 |
|
|
Xingxing Chen |
2,000 |
|
Meiying Cai |
2,000 |
The information
above is that of subject’s major shareholders.
Factory
|
Address: |
No.2, Alley 1, Lane 11, Yajou Rd., Tucheng
Dist., New Taipei City 236, Taiwan (R.O.C.) |
|
Date of Registration: |
2002-7-18 |
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Factory Registration Number: |
99607084 |
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Factory Manager: |
Yushu Lv |
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Status: |
In Production |
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Date of Last Annual Return: |
2008-8-12 |
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Major Products: |
249 other base
metal 252 metal
structure and building component 259 other metal
product 293 general
machinery 251 metal hand
tool and mould 303 automobile
parts 312 motor and
its parts 313 bicycle and
its parts 319 unclassified other transport machine and its parts |
Related Company
|
Name |
Xia Chen Corporation (Literal Translation) |
|
Address: |
No.2, Alley 1, Lane 11, Yajou Rd., Tucheng
Dist., New Taipei City 236, Taiwan (R.O.C.) |
Core
Management
|
1 |
|
|
Name |
Yushu Lv |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Decai Chen |
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Position |
Director |
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3 |
|
|
Name |
Xingxing Chen |
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Position |
Director |
|
4 |
|
|
Name |
Meiying Cai |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 20 Employees |
Offices
& Factories
|
|
Headquarters |
|
Add |
No.2, Alley 1, Lane 11, Yajou Rd., Tucheng
Dist., New Taipei City 236, Taiwan (R.O.C.) |
Production
Information
l
Subject is engaged in manufacturing of precision
metal products
l
It is introduced that subject has a factory in New Taipei
City, Taiwan for production.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
-- |
General
import and export trade business |
|
-- |
Dealing
in import and export trade business of hardware machinery, construction
materials, textile, shoes, timber product, furniture, stationery gift,
dyestuff, coatings, spice (excluding of the poisonous substance controlled by
related regulations ), electric and computer finished products, related spare
parts, automobile, ship and their related spare parts. |
|
-- |
Design, purchase and sales of musical
instrument, office machine, environmental protection equipment. Purchase and sales
of lift, construction machinery, metal plates and wiring material, lathes,
models, wood working machinery and related spare parts. |
|
-- |
Purchase
and sales of garments, lining, glass fiber and raw materials, picture, tape
and glasses (excluding of contact lenses) electric appliance products. |
|
-- |
Import
and export business of above mentioned products and acting as agent in biding
and quoting for domestic and international factories. |
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-- |
Consulting
service for inviting investment from the domestic and abroad (excluding of
consulting service in security investment and accounting business). |
|
-- |
Research,
analysis and consulting services of home and abroad market promoting |
|
ZZ99999 |
Besides licensed business, all other
business items those are not banned or restricted. |
l
The components and raw materials for production are
mostly purchased in domestic market.
l
Subject is engaged in sale of precision metal
products
l
The metal products sold by subject are applied to
headset, drawing instrument and other electronic products
l
Subject’s sales regions include domestic market,
other Asian countries and America, etc.
l
One of subject’s major customers is Eubiz Inc
(USA).
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
Domestic Purchase
|
Terms |
Proportion |
|
|
Components
and raw materials |
Cash,
T/T, etc |
100% |
Foreign Purchase
Sales
Domestic Markets
|
Terms |
Proportion |
|
|
Precision
metal products, etc |
Cash,
T/T, etc |
100% |
Export
|
Terms |
Proportion |
|
|
Precision
metal products, etc |
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 Ms. Chen 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
Up to date of reporting, no existing or latent litigation of the subject has been found.
|
Interview Date |
2013-12-19 |
|
Name |
Ms. Chen |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.99 |
|
UK Pound |
1 |
Rs.101.37 |
|
Euro |
1 |
Rs.84.82 |
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 |
|
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 |
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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.