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Report Date : |
09.07.2014 |
IDENTIFICATION DETAILS
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Name : |
EURASITEX CORPORATION |
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Registered Office : |
2Fl., No.60, |
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Country : |
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Date of Incorporation : |
24.08.1988 |
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Com. Reg. No.: |
23040264 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacturing and sales of home textiles |
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No. of Employees : |
About 80 Employees |
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 |
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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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Taiwan |
A2 |
A2 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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. Taiwan's diplomatic isolation, low birth rate, and rapidly aging population are other major long-term challenges. Free trade agreements have proliferated in East Asia over the past several years, and following the landmark Economic Cooperation Framework Agreement (ECFA) signed with China in June 2010, Taiwan in July 2013 signed a free trade deal with New Zealand—Taipei’s first-ever with a country with which it does not maintain diplomatic relations—and in November inked a trade pact with Singapore. Negotiations continue on follow-on components of ECFA regarding trade in goods and a dispute resolution mechanism; a trade in services agreement is under review in the legislature. 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 overall trade surplus largely because of its surplus with China, and its foreign reserves are the world's sixth largest, behind China, Japan, Saudi Arabia, Russia, and Switzerland. 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. Taiwan since 2009 has gradually loosened rules governing Chinese investment on the island, and has also secured greater market access for its investors in the mainland. 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: |
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Supplied Address: |
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Telephone Number: |
+886-2-2577-7756 |
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Fax Number: |
+886-2-2570-1241 |
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Email: |
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Website: |
Notes: The exact address is as above
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Registered Name: |
EURASITEX CORPORATION |
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Registered Address: |
2Fl., No.60, Pei Ning Rd., Taipei, Taiwan,
R.O.C. |
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Date of Foundation: |
1988-8-24 |
|
Registration Number: |
23040264 |
|
Registry: |
Taipei City Government |
|
Registered Capital: |
NTD 85,000,000
(USD 2,813,500) (As of 2014.07, 1 NTD = 0.0331 USD) |
|
Paid-up Capital: |
NTD 85,000,000 (USD 2,813,500) |
|
Legal Representatives: |
Maolin Jian |
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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 1988-8-24 with registered number 23040264
as Joint Stock Company in
Taiwan.
|
Name |
Subscription Shares |
|
Maolin Jian |
3,919,600 |
|
Sufen Huang |
|
|
2,433,067 |
|
|
Zhimin Jian |
568,399 |
|
Zhibin Jian |
744,201 |
The information above is that of subject’s major shareholders.
Factory
|
Name |
Linkou Factory |
|
Address |
No.6, Gong 3rd Road, Linkou District, New Taipei City,
Taiwan |
|
Tel: |
+886-2-2601-9775 |
Branch Companies
|
1 |
|
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Name: |
|
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Tel: |
+886-4-2313-9350 |
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Fax: |
+886-4-2314-9390 |
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2 |
|
|
Name: |
Tainan Branch |
|
Address: |
No.37, Sheng-Hua Street, , Tainan
County , Yungkang City, Taiwan |
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Tel: |
+886-6-313-9780 |
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Fax: |
+886-6-313-9724 |
|
3 |
|
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Name: |
Kaohsiung Branch |
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Address: |
No. 92-1, Bao-Yang Street, Kaohsiung
city, Taiwan |
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Tel: |
+886-7-395-9888 |
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Fax: |
+886-7-395-9777 |
Related Company:
|
Name: |
Shanghai Eurasitex Textile Co. Ltd. (Literal Translation) |
|
Address: |
1-2/F., Classic Europe & America Hall, No. 1258, Wuzhong Road,
Minxing District, Shanghai City, China |
|
Tel: |
+86-21-5422-0567 |
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Fax: |
+86-21-5422-0575 |
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Registration Number: |
310112000461861 |
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Date of Foundation: |
2004-4-16 |
|
Registered Capital: |
CNY 1,500,000 |
|
Legal Representatives: |
Yuchang Zhang |
|
Notes: |
The company has offices in Shenzhen, Beijing, Chengdu, Wuhan and
Chongqing. |
Core Management
Directors
|
1 |
|
|
Name |
Maolin Jian |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Sufen Huang |
|
Position |
Director |
|
3 |
|
|
Name |
Zhimin Jian |
|
Position |
Director |
|
4 |
|
|
Name |
Zhibin Jian |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 80 Employees |
Offices &
Factories
|
|
Headquarters |
|
Add |
Production
Information
·
Subject is engaged in manufacturing of home
textiles
·
Subject has a factory in Linkou, New Taipei City,
Taiwan for production.
·
It is introduced that subject has obtained ISO 9000
certification.
Purchase
Information
The registered activities of subject:
|
Business Code |
Details |
|
-- |
Processing, manufacture, sales, import and export business of bed spread
and curtain |
|
-- |
Processing, manufacture, sales, import and export business of all
kinds of fabric and textiles |
|
-- |
General import and export trading business |
|
-- |
As an agent assists in developing quoting, bidding and distributing
about home and abroad companies’ products |
|
I503010 |
landscape, indoor design industry |
|
E801010 |
Indoor upholster industry |
The raw materials for production purchased from both home and abroad
such as Taiwan, Mainland China and Italy
·
Subject is engaged in sale of home textiles
·
It is introduced that the types of textiles include
silk, jacquard, chenille, velvet, blackout, printed, taffetta, organza and
fire-retardant fabrics.
·
It is introduced that subject also provides design
and installation services
·
The products sold by subject are applied to
curtains, bedding sets and mattress pads
·
Subject’s sales regions include Taiwan, Mainland
China, India, other Asian counties, Europe and America
·
Subject’s major types of customers are designers,
hotels, restaurants, enterprises and individuals
·
One of subject’s major customers is Saletex Fabrics
Ltd (USA).
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase
|
Terms |
Proportion |
|
|
Raw materials |
T/T, Cash |
100% |
Foreign
Purchase
|
Terms |
Proportion |
|
|
Raw materials |
L/C, T/T |
100% |
Sales
Domestic
Markets
|
Terms |
Proportion |
|
|
Home textiles |
T/T, Cash |
100% |
Export
|
Terms |
Proportion |
|
|
Home textiles |
L/C, T/T |
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.
|
Name |
Industrial Bank of 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 |
Ms. Chen |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.80 |
|
|
1 |
Rs.102.42 |
|
Euro |
1 |
Rs.81.32 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NNA |
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 |
|
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.