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MIRA
INFORM REPORT
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Report No. : |
497761 |
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Report Date : |
15.03.2018 |
IDENTIFICATION DETAILS
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Name : |
TEN POW CHEMICAL INDUSTRY CO LTD |
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Registered Office : |
No. 37, Lane 480, Sec. 2, Feng Shih Rd.,
Fengyuan Dist., Taichung City 420, Taiwan (R.O.C.) |
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Country : |
Taiwan |
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Date of Incorporation : |
07.06.1978 |
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Com. Reg. No.: |
55845290 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacturing and Sale of Nylon Fiber,
etc. |
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No. of Employees : |
About 50 |
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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Taiwan |
A1 |
A1 |
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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: |
TEN POW CHEMICAL INDUSTRY CO LTD |
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Trading Address: |
No. 40-25, Po Kung Keng, San Yi. Miao Li
Hsien, 367 Taiwan |
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Supplied Address: |
NO.40.25, PO KUNG KENG, SHI HU TSUEN SAN YI,
MIAO LI HSIEN R.O.C |
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Telephone Number: |
+886-37-877566 |
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Fax Number: |
+886-37-877568 |
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E-mail: |
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Website: |
Note: The exact name and address are as above.
Company Identification Details
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Registered Name: |
Ten Pow Chemical Industry Co., Ltd. |
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Registered Address: |
No. 37, Lane 480, Sec. 2, Feng Shih Rd.,
Fengyuan Dist., Taichung City 420, Taiwan (R.O.C.) |
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Date of Foundation: |
1978-6-7 |
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Registration Number: |
55845290 |
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Registry: |
Taichung City Government |
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Registered Capital: |
(As of 2018.3, 1 NTD = 0.034 USD) |
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Paid-up Capital: |
NTD 29,000,000 (USD 986,000) |
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Legal Representatives: |
Pingshan Xie |
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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: |
History
Subject was incorporated
on 1978-6-7 with registered number 55845290
as Joint Stock Company in Taiwan.
Corporate Structure
Factory
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Name: |
Sanyi Plant |
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Address: |
No. 40-25, Po Kung Keng, Yisi Lin, Xihu Village, San Yi Hsiang, Miao
Li Hsien, 367 Taiwan |
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Date of Foundation: |
1998-9-21 |
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Date of Registration: |
1999-10-8 |
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Factory Registration Number: |
99631628 |
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Factory Manager: |
Pingshan Xie |
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Status: |
In production |
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Date of Last Annual Return: |
2017-1-12 |
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Major Products: |
185 Man-made fibre |
Shareholders
Major Shareholders
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Name |
Subscription Shares |
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Pingshan Xie |
300,000 |
| Lixuan Xie |
500,000 |
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Mengzhi Xie |
510,000 |
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Peihua He |
261,000 |
Management Information
Core Management
Directors
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1 |
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Name |
Pingshan Xie |
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Position |
Board Chairman |
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2 |
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Name |
Lixuan Xie |
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Position |
Director |
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3 |
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Name |
Mengzhi Xie |
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Position |
Director |
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4 |
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Name |
Peihua He |
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Position |
Supervisor |
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Personnel Structure
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Total Employees |
About 50 Employees |
Operation Information
Offices & Factories
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Headquarters |
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Add |
Production Information
Subject is engaged in manufacturing of nylon fiber, etc.
Subject has a factory in Miaoli, Taiwan for production.
Purchase Information
The registered activities of subject:
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1 |
Manufacturing and processing of man-made fibers: nylon (polyamine)
fiber bulk, Dacron (dion) fiber bulk, polyethylene fiber bulk and
polypropylene fiber. |
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2 |
Trading of related machinery and spare parts. |
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3 |
Import and export business for above mentioned affairs. |
It is introduced that the raw materials for production are mostly purchased
in Taiwan local market.
Subject’s some machineries and equipment are imported from Japan and
South Korea.
Subject is engaged in sale of nylon fiber,
etc.
The major products are nylon fiber, functional fiber, cotton spinning,
woolen spinning, cotton spun yarn,
electrostatic flocking, non-woven fabric and carpet textile, needle punching
and termal bonding, etc.
It is introduced that the size of nylon fiber is from 1.5 den. To 70
den., and its cut length is from 38mm to 152mm.
The sales regions are domestic market, India, Africa, Europe, USA, and
Australia, etc.
Subject’s major customers are manufacturers of garment, toys and
carpets, etc.
Import and export right:
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Import right |
Yes |
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Export right |
Yes |
Settlements
Purchase
Domestic Purchase
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Products |
Raw materials |
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Payment Terms |
T/T, Cash, etc. |
Import
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Products |
Machinery and equipment |
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Payment Terms |
L/C, T/T, etc. |
Sales
Domestic Markets
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Product |
Nylon fiber, etc. |
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Selling Terms |
T/T, Cash, etc. |
Export
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Product |
Nylon fiber, etc. |
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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.
Bankers
Subject declined to disclose its bank details; from other source we
could not obtain the relevant information, either.
Public Record
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.
Special Note
Interview Details
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Name: |
Ms. Xu |
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Department |
Sales Department |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.99 |
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1 |
INR 90.83 |
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Euro |
1 |
INR 80.58 |
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TWD |
1 |
INR 2.22 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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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 |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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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
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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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.