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MIRA INFORM REPORT
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Report No. : |
515928 |
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Report Date : |
25.06.2018 |
IDENTIFICATION DETAILS
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Name : |
U-LONG HIGH-TECH TEXTILE CO., LTD. |
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Formerly Known As : |
U-LONG PROSPERITY CO., LTD. |
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Registered Office : |
No.10, Kon-Fu Road, Chia-Tai Industrial
Zone, Tai-Pao City, Chia-I Hsien, Taiwan, R.O.C. |
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Country : |
Taiwan |
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Date of Incorporation : |
25.07.1980 |
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Com. Reg. No.: |
79838241 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacturing and Sales of Fabric, etc. |
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No. of Employees : |
About 280 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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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
|
Country Name |
Previous Rating (31.12.2017) |
Current Rating (01.04.2018) |
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Taiwan |
A1 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
TAIWAN - ECONOMIC OVERVIEW
Taiwan has a dynamic capitalist economy that is driven largely by industrial manufacturing, and especially exports of electronics, machinery, and petrochemicals. This heavy dependence on exports exposes the economy to fluctuations in global demand. Taiwan's diplomatic isolation, low birth rate, rapidly aging population, and increasing competition from China and other Asia Pacific markets are other major long-term challenges.
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 of that year, inked a trade pact with Singapore. However, follow-on components of the ECFA, including a signed agreement on trade in services and negotiations on trade in goods and dispute resolution, have stalled. In early 2014, the government bowed to public demand and proposed a new law governing the oversight of cross-Strait agreements, before any additional deals with China are implemented; the legislature has yet to vote on such legislation, leaving the future of ECFA uncertain. President TSAI since taking office in May 2016 has promoted greater economic integration with South and Southeast Asia through the New Southbound Policy initiative and has also expressed interest in Taiwan joining the Trans-Pacific Partnership as well as bilateral trade deals with partners such as the US. These overtures have likely played a role in increasing Taiwan’s total exports, which rose 11% during the first half of 2017, buoyed by strong demand for semiconductors.
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 expected to account for nearly 20% of the island's total population by 2025.
The island runs a trade surplus with many economies, including China and the US, and its foreign reserves are the world's fifth largest, behind those of China, Japan, Saudi Arabia, 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 and has also secured greater market access for its investors on the mainland. In August 2012, the Taiwan Central Bank signed a memorandum of understanding (MOU) on cross-Strait currency settlement with its Chinese counterpart. The MOU allows for the direct settlement of Chinese renminbi (RMB) and the New Taiwan dollar across the Strait, which has helped Taiwan develop into a local RMB hub.
Closer economic links with the mainland bring opportunities for Taiwan’s economy but also pose challenges as political differences remain unresolved and China’s economic growth is slowing. President TSAI’s administration has made little progress on the domestic economic issues that loomed large when she was elected, including concerns about stagnant wages, high housing prices, youth unemployment, job security, and financial security in retirement. TSAI has made more progress on boosting trade with South and Southeast Asia, however, which may help insulate Taiwan’s economy from a fall in mainland demand should China’s growth slow in 2018.
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Source
: CIA |
Contact
Points
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Company Name: |
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Supplied Name: |
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Trading Address: |
No.10, Kon-Fu
Road, Chia-Tai Industrial Zone, Tai-Pao City, Chia-I Hsien, Taiwan, R.O.C. |
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Supplied Address: |
NO 10 KON FU
ROAD CHIA TAI INDUSTRIAL ZONE TAI PAO CITY CHIA 1 HSIEN TAIWAN |
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Telephone Number: |
+886-5-2372711 |
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Fax Number: |
Notes: The exact name and address are as above.
Company
Identification Details
History
Subject was incorporated
on 1980-07-25 with registered number 79838241
as Joint Stock Company in Taiwan.
Change of Name
|
Former English Name: |
U-Long Prosperity Co., Ltd. |
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Current English Name: |
U-Long High-Tech Textile Co., Ltd. |
Corporate
Structure
Factories
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1 |
|
|
Address: |
No.10, Kon-Fu Road, Chia-Tai Industrial
Zone, Tai-Pao City, Chia-I Hsien, Taiwan, R.O.C. |
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Date of Foundation: |
1983-11-28 |
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Date of Registration: |
1983-12-23 |
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Factory Registration Number: |
99655953 |
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Factory Manager: |
Dengbo Xiao |
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Status: |
In Production |
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Date of Last Annual Return: |
2009-10-26 |
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Major Products: |
112 weaving |
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2 |
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Name: |
The 2nd Factory |
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Address: |
No. 2, Kon-Fu Road, Chia-Tai Industrial
Zone, Tai-Pao City, Chia-I Hsien, Taiwan, R.O.C. |
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Date of Foundation: |
1996-05-02 |
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Date of Registration: |
1996-06-18 |
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Factory Registration Number: |
99655954 |
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Factory Manager: |
Dengbo Xiao |
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Status: |
In Production |
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Date of Last Annual Return: |
2009-10-26 |
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Major Products: |
112 weaving |
Shareholders
Major Shareholders
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Name |
Subscription Shares |
|
Dengbo Xiao |
|
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15,495,200 |
|
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Youman Zhao |
367,000 |
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Chonghu Xiao |
61,100 |
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Qingliang Wu |
611,000 |
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Changyan Investment Co., Ltd. (Literal translation) |
20,023,200 |
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Ziliang Industrial Co., Ltd. (Literal translation) |
4,343,700 |
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Yuli Lai |
36,600 |
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Zhengxing Xu |
2,500,000 |
Management
Information
Core Management
Directors
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1 |
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Name |
Dengbo Xiao |
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Position |
Board Chairman |
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2 |
||
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Name |
Youman Zhao |
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Position |
Director |
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3 |
||
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Name |
Chonghu Xiao |
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Position |
Director |
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4 |
||
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Name |
Qingliang Wu |
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Position |
Director |
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5 |
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Name |
Zhongbin Xiao |
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Position |
Director |
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6 |
||
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Name |
Shiting Wang |
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Position |
Director |
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7 |
||
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Name |
Yuli Lai |
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Position |
Supervisor |
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8 |
||
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Name |
Zhengxing Xu |
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Position |
Supervisor |
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Personnel Structure
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Total Employees |
About 280 Employees |
Operation
Information
Offices & Factories
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Headquarters |
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Add |
No.10, Kon-Fu Road, Chia-Tai Industrial Zone, Tai-Pao City, Chia-I
Hsien, Taiwan, R.O.C. |
Production Information
Subject is engaged in manufacturing of fabric, etc.
Subject has factories in Taiwan for production.
Subject obtained the certification of ISO 9001.
Purchase Information
The registered activities of subject:
|
Business Code |
Details |
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C301010 |
Spinning industry |
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C302010 |
Weaving industry |
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C303010 |
Non-woven fabric industry |
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C305010 |
Printing and dyeing finishing industry |
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C306010 |
Garment industry |
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C307010 |
Garment accessories manufacturing |
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C399990 |
Other textiles and products manufacturing |
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CJ01010 |
Hatting industry |
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CK01010 |
Shoes making industry |
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CL01010 |
Umbrella making industry |
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CM01010 |
Cases, bags, bags manufacturing |
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CZ99990 |
Unclassified other industrial products |
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F104110 |
Cloth, garment, shoes, hat, umbrella and garment accessories wholesale
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F199990 |
Other wholesale |
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F204110 |
Cloth, garment, shoes, hat, umbrella and garment accessories retail |
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F299990 |
Other retail |
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F401010 |
International trade |
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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 both home and abroad.
Subject is engaged in sales of fabric, etc.
The major products are finished fabric such as stretch, double weave,
functional yarn, nature like, nature contents, fancy yarn and greige fabric,
etc.
Subject’s sales regions include domestic market, Southeast Asia and
America, etc.
The general delivery lead time of subject is about 30-45 days.
Subject’s major customers are manufacturers of garments, etc.
Import and export right:
|
Import right |
Yes |
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Export right |
Yes |
Settlements
Purchase
Domestic Purchase
|
Products |
Raw materials, etc. |
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Payment Terms |
T/T, Cash, etc. |
Import
|
Products |
Raw materials, etc. |
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Payment Terms |
L/C, T/T, etc. |
Domestic Markets
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Product |
Fabric, etc. |
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Selling Terms |
T/T, Cash, etc. |
Export
|
Product |
Fabric, etc. |
|
Selling Terms |
L/C, T/T, etc. |
Financial
Information
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
sources we could not obtain such information, either.
Banker
|
Name |
Hua Nan Commercial Bank Limited |
Public
Record
Mortgage
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1 |
|
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Case Type: |
Chattel Mortgage |
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Registered Number: |
114703 |
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Debtor Name: |
U-Long High-Tech Textile Co., Ltd. |
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Registry: |
MOEA Central Office |
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Name of Mortgagee: |
Taiwan Business Bank Limited Jiayi Branch |
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Date of Registration: |
2017-05-17 |
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Amount of Secure Claims: |
NTD 17,420,000 |
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Type of Mortgage: |
Machinery equipment or tool |
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2 |
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Case Type: |
Chattel Mortgage |
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Registered Number: |
113680 |
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Debtor Name: |
U-Long High-Tech Textile Co., Ltd. |
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Registry: |
MOEA Central Office |
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Name of Mortgagee: |
Chang Hwa Commercial Bank East Jiayi Branch |
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Date of Registration: |
2016-09-29 |
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Amount of Secure Claims: |
NTD 10,000,000 |
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Type of Mortgage: |
Machinery equipment or tool |
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3 |
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Case Type: |
Chattel Mortgage |
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Registered Number: |
111970 |
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Debtor Name: |
U-Long High-Tech Textile Co., Ltd. |
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Registry: |
MOEA Central Office |
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Name of Mortgagee: |
Taiwan Business Bank Limited Jiayi Branch |
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Date of Registration: |
2015-08-18 |
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Amount of Secure Claims: |
NTD 7,980,000 |
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Type of Mortgage: |
Machinery equipment or tool |
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4 |
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Case Type: |
Chattel Mortgage |
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Registered Number: |
109325 |
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Debtor Name: |
U-Long High-Tech Textile Co., Ltd. |
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Registry: |
MOEA Central Office |
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Name of Mortgagee: |
Chang Hwa Commercial Bank East Jiayi Branch |
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Date of Registration: |
2014-02-24 |
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Amount of Secure Claims: |
NTD 4,190,000 |
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Type of Mortgage: |
Machinery equipment or tool |
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5 |
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Case Type: |
Chattel Mortgage |
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Registered Number: |
109324 |
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Debtor Name: |
U-Long High-Tech Textile Co., Ltd. |
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Registry: |
MOEA Central Office |
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Name of Mortgagee: |
Chang Hwa Commercial Bank East Jiayi Branch |
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Date of Registration: |
2014-02-24 |
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Amount of Secure Claims: |
NTD 1,950,000 |
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Type of Mortgage: |
Machinery equipment or tool |
Lawsuit
Up to date of reporting, no existing or latent
litigation of the subject has been found.
Special
Note
Interview Details
|
Name |
Ms. Yan |
|
Department |
Sales Department |
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E-mail |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 67.77 |
|
|
1 |
INR 89.95 |
|
Euro |
1 |
INR 78.85 |
|
TWD |
1 |
INR 2.24 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
PRA |
|
|
|
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.