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Report Date : |
01.02.2013 |
IDENTIFICATION DETAILS
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Name : |
CHUNG SHING TEXTILE MARKETING CO., LTD. |
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Registered Office : |
2F., NO.550, Sec.4, Chung Hsiao E. Rd., Taipei City 11071 |
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Country : |
Taiwan |
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Date of Incorporation : |
20.10.2006 |
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Com. Reg. No.: |
28440296 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacture and sales of chemical fiber and underwear, etc |
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No. of Employees : |
About 400 employees |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 (31.03.2011) |
Current Rating (30.06.2012) |
|
Taiwan |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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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. 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: |
2F., NO.550, Sec.4, Chung Hsiao E. Rd., Taipei City 11071, Taiwan
(R.O.C.) |
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Supplied Address: |
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Telephone Number: |
+886-2-2345-8855 |
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Fax Number: |
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E-mail: |
Notes: The exact name and address are as above.
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Credit Opinion: |
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Registered Name: |
Chung Shing Textile Marketing Co., Ltd. |
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Registered Address: |
2F., NO.550, Sec.4, Chung Hsiao E. Rd., Taipei City 11071, Taiwan
(R.O.C.) |
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Date of Foundation: |
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Registration Number: |
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Registry: |
Department of Commerce, Ministry of Economic Affairs, R.O.C. |
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Registered Capital: |
NTD 1,035,000,000 (USD
35,086,500) (As of 2013.1, 1 NTD = 0.0339 USD) |
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Paid-up Capital: |
NTD 1,035,000,000 (USD 35,086,500) |
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Legal Representatives: |
Hanxiong Wu |
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Legal Form: |
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Principal Activities: |
Manufacture and sales
of chemical fiber and underwear, etc |
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Staff: |
Over 900 employees
(Group Staff in Taiwan) |
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Listed at Stock
Exchange: |
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Date of Last Annual
Return: |
Subject was incorporated on 2006-10-20 with registered
number 28440296 as Joint Stock Company in Taiwan.
Awards
|
Year |
Awards |
|
2009 |
Blue chip
importer and exporter |
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2010 |
Blue chip
importer and exporter |
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2011 |
Blue chip
importer and exporter |
Standard of Blue
chip importer and exporter
Unit:
USD
|
Year |
Amount |
|
2009 |
15,000,000 |
|
2010 |
20,000,000 |
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2011 |
22,000,000 |
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Name |
Subscription Shares |
|
103,500,000 |
The information
above is that of subject’s major shareholders.
Parent Company
|
Name |
Chung Shing
Textile Co., Ltd. |
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Tel: |
+886-2-2345-5777 |
Factory
|
Name: |
Yangmei Factory |
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Address: |
No.567,
Zhongshan S. Rd., Yangmei City, Taoyuan County,
Taiwan (R.O.C.) |
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Tel: |
+886-2-2345-5777 |
Core
Management
Directors
|
1 |
|
|
Name |
Hanxiong Wu |
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Position |
Board Chairman |
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Date of
Appointment |
2006-12-7 |
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2 |
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Name |
Taijun Bao |
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Position |
Director |
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3 |
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Name |
Zirong Huang |
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Position |
Director |
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4 |
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Name |
Zhengfeng Lin |
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Position |
Director |
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5 |
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Name |
Danian Zhang |
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Position |
Director |
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6 |
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Name |
Ronghui Lin |
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Position |
Supervisor |
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7 |
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Name |
Tiancai Lin |
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Position |
Supervisor |
Offices
& Factories
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|
Headquarters |
|
Add |
2F., NO.550, Sec.4, Chung Hsiao E. Rd., Taipei City 11071, Taiwan
(R.O.C.) |
Production
Information
l
Subject is engaged in manufacturing of chemical
fiber and underwear, etc
l
The subject was divided into the department of chemical fibers and underwear.
l
The department of chemical
fibers manufactures of (P.T.Y) polyester textured
yarn, (P.O.Y) polyester p-oriented yarn, (P.S.F) polyester staple fiber and pet chip.
And the department of underwear manufactures underwear.
l
The subject has obtained ISO 9001 and ISO 14001
certifications.
l
The subject’s annual
production capacities of chemical fibers are as follows for reference:
Unit: Tons
|
Products |
Annual production capacity |
|
(P.T.Y) polyester textured yarn |
29,000 |
|
(P.O.Y) polyester p-oriented yarn, |
113,150 |
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(P.S.F) polyester staple fiber |
68,000 |
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Pet chip |
109,500 |
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
C301010 |
Spinning Industry |
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C306010 |
Garment Industry |
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C307010 |
Clothing product manufacturing |
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C399990 |
Manufacture of other textiles products |
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C801100 |
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C801120 |
Manufacture of Artificial fiber |
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F104110 |
Wholesale of apparel, cloth,
shoes, headwear, umbrella and raiment. |
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F107200 |
Wholesale of chemical materials |
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F109070 |
Wholesale of school supply and stationery,
musical instrument and amusement articles. |
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F204110 |
Retails of apparel, cloth, shoes, headwear,
umbrella and raiment. |
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F301010 |
Department Store Industry |
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F301020 |
Super Market Industry |
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F399010 |
Convenience Store Industry |
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F401010 |
International Trading Business |
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ZZ99999 |
Besides licensed business, all other business
items those are not banned or restricted. Umbrella and |
l
It is introduced the chemical materials for
production are mostly purchased in Taiwan domestic market.
l The subject is
engaged in sales of chemical
fiber and underwear, etc.
l
The subject’s selling
territory covers the whole world.
l
The subject has many
brands of underwear, such as THREEGUN, YOUR SUN, INNER RICH and etc.
Major products
sold
|
Type |
Product |
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(P.T.Y) polyester
textured yarn, (P.O.Y) polyester p-oriented yarn, (P.S.F) polyester staple
fiber and pet chip |
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Underwear |
- |
Import and export
right:
|
Import right |
Yes |
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Export right |
Yes |
Domestic Purchase
|
Payment Terms |
Proportion |
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COD, CBD, Credit
Sales, etc |
100% |
Foreign Purchase
Subject has little
import.
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
100% |
Export
|
Payment Terms |
Proportion |
|
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Chemical fiber
and underwear |
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. Xu declined to
disclose its financials citing the grounds of company’s confidentiality; from
other source we can not obtain the relevant information, either.
|
Name |
Bank of Taiwan Co., Ltd |
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 |
Mr. Xu |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.29 |
|
|
1 |
Rs.84.22 |
|
Euro |
1 |
Rs.72.23 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.