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Report Date : |
24.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
SINGTEX INDUSTRIAL CO., LTD. |
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Registered Office : |
1F., No.10, Wuquan 2nd Rd., Xinzhuang Dist.,
New Taipei City 24892 |
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Country : |
Taiwan |
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Date of Incorporation : |
14.03.1989 |
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Com. Reg. No.: |
23282425 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacture and sales of fabric and raiment, etc |
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No. of Employees : |
About 200 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 |
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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 (31.03.2012) |
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. 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: |
1F., No.10, Wuquan 2nd
Rd., Xinzhuang Dist., New Taipei City 24892, Taiwan (R.O.C.) |
|
Supplied Address: |
No. 10, Wu-Chun
2nd Road Wu-ku Indl. Park, Hsinchuang City, Taipei Hsien Taiwan 248 |
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Telephone Number: |
+886-2-8512-7888 |
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Fax Number: |
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E-mail: |
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Website: |
Notes: The exact name and address are as above
Subject was incorporated
on 1989-3-14 with registered number 23282425
as Joint Stock Company in Taiwan.
Awards
|
Year |
Awards |
|
2011 |
Blue chip importer and exporter |
Standard of Blue chip importer and exporter
Unit: USD
|
Year |
Amount |
|
2011 |
22,000,000 |
Certifications
|
|
|
|
1 |
Global Rccycle Standard Certificate |
|
2 |
SINGTEX received the global recycled
system/material certificaton issued by TÜV Rheinland |
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3 |
Laboratory approval certificate of L.L Bean |
|
4 |
Laboratory approval certificate of Vf |
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5 |
EN 14058- Protective clothing - Garments for protection against cool
environments |
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6 |
EN 343 - Protective clothing - Protection against rain |
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7 |
EN 471 High-visibility warning clothing |
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8 |
Rundtest Fabric Properties |
|
9 |
Certificate of Consultancy for Quality Enhancement Strategy Alliance
Project |
|
10 |
Bluesign approved fabric Certificate |
|
11 |
ILAC Mutual Recognition Arrangement / ISO 9001 Qualifucation |
|
12 |
TAF Textile Laboratory Certificate of Accreditation |
|
13 |
Product Carbon Footprint Verification Statement(SGS). |
|
Name |
Subscription
Shares |
|
7,192,298 |
|
|
7,192,298 |
|
|
38,882 |
|
|
10,000 |
|
|
32,653 |
|
|
62,291 |
|
|
373,746 |
The information above is that of subject’s major shareholders.
Factory
|
Address: |
Gong Nan Road #15-1,Guan Yin County, Tao
Yuan District, Tai Wan ( Guan Yin Industrial Area ) |
Core Management
|
1 |
|
|
Name |
Guoqin Chen |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Meihui Lai |
|
Position |
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3 |
|
|
Name |
Shufen Wang |
|
Position |
Director |
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4 |
|
|
Name |
Songyun Huang |
|
Position |
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|
5 |
|
|
Name |
Zhengzhong Hu |
|
Position |
Director |
|
6 |
|
|
Name |
Yaotang Huang |
|
Position |
Supervisor |
|
7 |
|
|
Name |
Shuli Cai |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 200 Employees |
Offices &
Factories
|
|
Headquarters |
|
Add |
1F., No.10, Wuquan 2nd Rd., Xinzhuang Dist., New Taipei City 24892,
Taiwan (R.O.C.) |
Production
Information
The subject is engaged in manufacturing, processing, and design of fabric and
raiment, etc.
Subject has a factory in Guanyin
Township, Taiwan for production.
Purchase
Information
The registered activities of subject:
|
Business Code |
Details |
|
F401010 |
International trade |
|
F105050 |
Wholesale of furniture, sleeping goods, kitchen
appliance and decoration. |
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F205040 |
Retail of furniture, sleeping goods, kitchen appliance and decoration. |
|
CN01010 |
Manufacture of furniture and decoration. |
|
C301010 |
The industry of spinning. |
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C302010 |
The industry of weaving |
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C303010 |
The industry of unwoven cloth |
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C305010 |
The industry of dyeing and finishing |
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C306010 |
The industry of clothing |
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C307010 |
The manufacture of furnishings |
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CZ99020 |
The manufacture of zippers and buttons |
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F104110 |
Wholesale of piece goods, clothing, shoes, hats and decoration of
clothing. |
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F204110 |
Retail of piece goods, clothing, shoes, hats and
decoration of clothing. |
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ZZ99999 |
Besides licensed business, all other business items those are not banned
or restricted. |
The raw materials for production are purchased from both home and
abroad.
The subject is mainly engaged in sales of fabric and
raiment, etc.
The selling territory is mainly in North America, Europe, Japan and Hong
Kong, etc.
Subject has their own brand “Singtex”
The major customers of the subject are Nike, New Balance, HUGO,
Timberland and The North Face, etc.
The major fabrics sold by subject include: windproof, waterproof, highly
breathable series, high density water pressure resistance series, fast wicking
series, two layers’ functional fabrics, three layers’
functional fabrics, 3D functional fabrics, push & pull series and the
special features fabric series, etc
Import and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
|
Product |
Payment Terms |
Proportion |
|
COD, CBD, etc |
100% |
Foreign Purchase
|
Payment Terms |
Proportion |
|
|
CBD, etc |
100% |
Sales
Domestic Markets
|
Sales Terms |
Proportion |
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|
COD, CBD, etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Fabric And Raiment |
CBD, 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. Li. 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.
|
Name |
Mr. Li |
|
Department |
Sales department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.77 |
|
|
1 |
Rs.85.13 |
|
Euro |
1 |
Rs.71.57 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
|
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 |
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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.