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Report No. : |
302346 |
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Report Date : |
14.01.2015 |
IDENTIFICATION DETAILS
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Name : |
TAIWAN AUTOGLASS INDUSTRY CORPORATION |
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Registered Office : |
11/F., No. 261, Nanking E. Rd., Sec.3,
Taipei |
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Country : |
Taiwan |
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Date of Incorporation : |
20.05.1988 |
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Com. Reg. No.: |
22853621 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacturing and Sale of Auto Glasses. |
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No. of Employees : |
About 300 Employees |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 : |
Unknown |
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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 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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. 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: |
+886-2-2713-0333 |
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Fax Number: |
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E-mail: |
Notes: The complete name and address are as above.
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Registered Name: |
Taiwan Autoglass Industry Corporation |
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Registered Address: |
11/F., No. 261, Nanking E. Rd., Sec.3,
Taipei, Taiwan |
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Date of Foundation: |
1988-5-20 |
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Registration Number: |
22853621 |
|
Registry: |
Taipei City Government |
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Registered Capital: |
NTD 400,000,000
(USD 12,400,000) (As of 2015.01, 1 NTD = 0.03140 USD) |
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Paid-up Capital: |
NTD 300,000,000
(USD 9,300,000) |
|
Legal Representatives: |
Bofeng Lin |
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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 1988-5-20 with registered number 22853621
as Joint Stock Company in Taiwan.
Factory
|
Name: |
Taichung Factory |
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Address: |
No.222-1, Zili 3rd Road, Caonan Li, Wuqi District, Taichung
City, Taiwan |
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Tel: |
+886-4-2639-0333 |
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Fax: |
+886-4-2639-3515 |
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Date of Registration: |
1988-11-30 |
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Factory Registration Number: |
99633223 |
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Factory Manager: |
Bofeng Lin |
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Status: |
In Production |
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Date of Last Annual Return: |
2001-7-10 |
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Major Products: |
231 glasses and related products |
Major Shareholders
|
Name |
Subscription Shares |
|
Taiwan Glass
Industry Corp. |
|
|
26,100,000 |
|
|
Pilkington Int'l Holdings B.V. |
3,000,000 |
|
Lim Kien Seng Kah Kih Co., Ltd. |
900,000 |
Shareholder Information:
|
1 |
|
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Registered Name: |
Taiwan Glass Industry Corp. |
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Registered Address: |
Floor 11, No.261, Sec.3, Nanking E. Rd.,
Taipei |
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Date of Foundation: |
1964-9-5 |
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Registration Number: |
11914002 |
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Registry: |
Department of Commerce, Ministry of Economic
Affairs, R.O.C. |
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Registered Capital: |
NTD 26,000,000,000
(USD 806,000,000) (As of 2015.01, 1 NTD = 0.0310 USD) |
|
Paid-up Capital: |
NTD 23,780,608,000
(USD 737,198,848) |
|
Legal Representatives: |
Bofeng Lin |
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Legal Form: |
Joint Stock Company |
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Date of Last Annual Return: |
2014-9-9 |
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2 |
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Registered Name: |
Lim Kien Seng Kah Kih Co., Ltd. |
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Registered Address: |
11th Fl. 261, Nanking E. Rd.,
Sec. 3, Taipei |
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Date of Foundation: |
1968-6-27 |
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Registration Number: |
11368215 |
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Registry: |
Taipei City Government |
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Registered Capital: |
NTD 600,000,000
(USD 18,600,000) (As of 2015.01, 1 NTD = 0.0310 USD) |
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Paid-up Capital: |
NTD 420,000,000 (USD 13,020,000) |
|
Legal Representatives: |
Boshi Lin |
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Legal Form: |
Joint Stock Company |
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Date of Last Annual Return: |
2012-11-5 |
Core Management
Directors
|
1 |
||
|
Name |
Bofeng Lin |
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Position |
Board Chairman |
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2 |
||
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Name |
Boshi Lin |
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Position |
Director |
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3 |
||
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Name |
Fujiki Ichiro |
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Position |
Director |
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4 |
||
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Name |
Jiaming Lin |
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Position |
Supervisor |
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5 |
||
|
Name |
Zhilang Wu |
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Position |
Manager |
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Date of Appointment: |
2014-3-24 |
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Personnel
Structure
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Total Employees |
About 300 Employees |
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Headquarters |
|
Add |
Production
Information
· Subject is engaged in manufacturing of auto glasses, etc.
· Subject has a factory in Taichung City, Taiwan for production.
· Subject obtained the certification of ISO 9001, ISO 14001 and QS 9000, etc.
· It is introduced that subject provides OEM service.
Purchase
Information
The registered activities of subject:
|
Business Code |
Details |
|
C901020 |
Manufacturing of glasses and related products |
|
ZZ99999 |
Besides licensed business, all other business items those are not
banned or restricted |
The components and raw material for production are purchased from both
home and abroad.
· Subject is engaged in sale of auto glasses, etc.
· Subject’s major products are laminated safety glass, toughened safety glass and so on.
· Subject’s sales regions include domestic market, Japan and Europe, etc.
· Subject’s major customers are as follows for reference.
|
Area |
Customers |
|
Taiwan Domestic Market |
Ford, Toyota, Mitsubishi, Honda, Nissan, Honda |
|
Japan |
Suzuki, Hino |
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Europe |
Mazda, Ford, Nissan, Subaru |
Import and export right:
|
Import right |
Yes |
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Export right |
Yes |
Purchase
Domestic Purchase
|
Products |
Raw materials, etc |
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Payment Terms |
Cash, T/T, etc |
Import
|
Products |
Raw materials, etc |
|
Payment Terms |
T/T, etc |
Sales
Domestic Markets
|
Product |
Auto glasses, etc |
|
Selling Terms |
Cash, T/T, etc |
Export
|
Product |
Auto glasses, etc |
|
Selling Terms |
T/T, etc |
· 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. Liu declined to disclose its financials citing the grounds of company’s confidentiality; from other sources we could not obtain such information, either.
Subject declined to disclose its bank details; from other source we
could not 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 Details
|
Name |
Mr. Liu |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.10 |
|
|
1 |
Rs.94.10 |
|
Euro |
1 |
Rs.73.42 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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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 |
-- |
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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.