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Report Date : |
30.05.2013 |
IDENTIFICATION DETAILS
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Name : |
TRAVEL FOX INTERNATIONAL INCORPORATION |
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Registered Office : |
18f-1, No.510, Sec.5, Chung-Hsiao E. Rd., Taipei |
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Country : |
Taiwan |
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Date of Incorporation : |
09.05.1988 |
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Com. Reg. No.: |
22880789 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Trade of garment and the related products |
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No. of Employees : |
Not
Available |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
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 : |
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 – 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 4.1%. 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: |
18f-1, No.510,
Sec.5, Chung-Hsiao E. Rd., Taipei, Taiwan, R.O.C |
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Supplied Address: |
|
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Telephone Number: |
+886-2-2759-4886/2 22094991 |
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Fax Number: |
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E-mail: |
Notes:
· The supplied name is not accurate, and the exact name is as above.
· The supplied address is incomplete, and the exact address is as above.
Note:
· The supplied number is not the vat number of subject, it is the registered number.
· Subject declined to disclose the staff number, and from other sources, we couldn’t obtain the information, either.
Subject was incorporated on 1988-5-9 with registered number 22880789 as Joint Stock Company in Taiwan.
|
Subscription Shares |
|
|
Zixian Zheng |
1,620,000 |
|
Shuhui Ji |
820,000 |
|
Xiuchun Ji |
1,584,000 |
|
Zhenghong Chen |
816,000 |
The information above is that of subject’s major shareholders.
Subject
introduced that it has many stores and exhibition stand located in the mainland
of China, Asia and so on. But subject declined to disclose more details about them
Core
Management
|
1 |
|
|
Name |
Zixian Zheng |
|
Position |
|
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2 |
|
|
Name |
Shuhui Ji |
|
Position |
|
|
3 |
|
|
Name |
Xiuchun Ji |
|
Position |
|
|
4 |
|
|
Name |
Zhenghong Chen |
|
Position |
|
Offices
& Factories
|
|
Headquarters |
|
Add |
18f-1, No.510, Sec.5, Chung-Hsiao E. Rd.,
Taipei, Taiwan, R.O.C |
Production
Information
l
Subject is a trader of garment and the related products.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
I503010 |
Design Industry |
|
F102030 |
Wholesale of tobacco |
|
F203010 |
Retail of food and beverage |
|
F203020 |
Retail of tobacco |
l
The productions are mostly purchased from abroad.
l Subject is mainly
engaged in trading of garment and the
related products.
l
Subject introduced that its major products are the
several kinds of shoes.
l
Subject introduced that it has 5 famous brands of
its products, such as Travel Fox, CABLE & CO., JUMP, FLY LONDON and
SOFTINOS.\
l
Subject introduced that its products are mainly
manufactured in Italy and Portugal.
l
Subject introduced that it is the general agent of FLY LONDON in Asia.
l Subject
introduced that its selling territory mainly covers Asia, such as South Korea,
Japan, Thailand, the mainland of China and so on.
l And subject declined to disclose more details information about it.
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
Subject declined to disclose the purchase settlements information, and from other sources, we couldn’t obtain the information, either.
Sales
Domestic Markets
|
Sales
Terms |
Proportion |
|
|
Garment
and the related products. |
COB,
CBD, etc |
100% |
Export
|
Sales
Terms |
Proportion |
|
|
Garment
and the related products. |
L/C , T.T, etc. |
100% |
Notes: Subject’s settlement for export is generally in USD
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 declined to disclose its financials citing the grounds of company’s confidentiality; from other source we can not obtain the relevant information, either.
The bankers’ information is not available from the subject or other sources.
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.
Note:
A lady answered the phone, but she declined to disclose her name.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.24 |
|
UK Pound |
1 |
Rs.84.54 |
|
Euro |
1 |
Rs.72.32 |
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 |
|
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.