|
Report Date : |
29.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
CHENS KINGSHIP CO., LTD. |
|
|
|
|
|
|
Registered Office : |
5F-2, No.200, Chung Ming Rd., Taichung |
|
|
|
|
|
|
Country : |
Taiwan |
|
|
|
|
|
|
Date of Incorporation : |
08.06.1995 |
|
|
|
|
|
|
Com. Reg. No.: |
89545069 |
|
|
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
|
|
Line of Business : |
Manufacture and sales of moulds, etc |
|
|
|
|
|
|
No. of Employees : |
Over 100 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
No Complaints |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
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. In keeping with this trend, some large, state-owned banks
and industrial firms have been privatized. 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 1.9%, due
primarily to a 20% year-on-year decline in exports. In 2010 GDP grew 10.9%, as
exports returned to the level of previous years, and in 2011, grew 5.2%.
However, 2012 growth will likely be less, according to most forecasters,
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 so
far Taiwan has been excluded from this greater economic integration largely
because of its diplomatic status with the exception of the landmark Economic
Cooperation Framework Agreement (ECFA) signed with China in June 2010. The MA
administration has said that the ECFA will serve as a stepping stone toward trade
pacts with other regional partners, and negotiations on a deal with Singapore
began this year. Follow-on components of ECFA, including deals on trade in
goods, services, and investment, have yet to be completed. 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 10.9% of the island's total population
as of 2011. The island runs a large trade surplus, and its foreign reserves are
the world's fourth largest, behind China, Japan, and Russia. Since 2005 China
has overtaken 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. 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
|
Company Name: |
|
|
Supplied Name: |
|
|
Trading Address: |
|
|
Supplied Address: |
|
|
Telephone Number: |
+886-4-2326-8683 |
|
Fax Number: |
|
|
E-mail: |
Notes:
Subject’s exact name and address are as above.
|
Credit Opinion: |
|
Registered Name: |
Chens Kingship Co., Ltd. |
|
Registered Address: |
|
|
Date of Foundation: |
|
|
Registration Number: |
89545069 |
|
Registry: |
MOEA Central Office |
|
Registered Capital: |
(As of 2012.12, 1 NTD = 0.0332 USD) |
|
Paid-up Capital: |
NTD 23,100,000 (USD 766,920) |
|
Legal Representatives: |
Lijuan Chen |
|
Legal Form: |
|
|
Principal Activities: |
|
|
Staff: |
|
|
Listed at Stock
Exchange: |
|
|
Date of Last
Annual Return: |
Notes: The staff information is estimated and only
for reference.
Subject was incorporated on
|
Name |
Subscription Shares |
|
Lijuan Chen |
550,000 |
|
Liming Cai |
|
|
550,000 |
|
|
Maorong Lin |
550,000 |
|
Wenkui Liu |
110,000 |
|
Shiming Chen |
110,000 |
|
Xiunai Chenxiao |
275,000 |
The information
above is that of subject’s major shareholders.
It is introduced that subject has an office in Guangdong, the mainland of
China, while the details are not disclosed.
Core
Management
|
1 |
|
|
Name |
Lijuan Chen |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Liming Cai |
|
Position |
Director |
|
3 |
|
|
Name |
Maorong Lin |
|
Position |
Director |
|
4 |
|
|
Name |
Wenkui Liu |
|
Position |
Director |
|
5 |
|
|
Name |
Shiming Chen |
|
Position |
Director |
|
6 |
|
|
Name |
Xiunai Chenxiao |
|
Position |
Supervisor |
Offices
& Factories
|
|
Headquarters |
|
Add |
Production
Information
l
Subject is composed of mold making factory,
injection factory and trading company
Purchase
Information
l
The registered activities of subject:
|
|
General Import and export trading business
Besides licensed business |
l Subject purchases
raw materials both at local and abroad.
l The subject is
mainly engaged in trading of moulds for electrical appliances (air
conditioners, refrigerators, washing machines, fans, etc), and furniture
products (tables, chairs, crates, closets, etc.)
l
Subject’s products are mainly sold in overseas
market, while the domestic customers are not declined.
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
Domestic Purchase
|
Payment Terms |
Proportion |
|
|
Raw materials |
COD, etc |
100% |
Foreign Purchase
|
Payment Terms |
Proportion |
|
|
Raw materials |
CBD, etc |
100% |
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
Moulds |
COD, CBD, etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Moulds |
CBD, 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 declined to disclose its financials citing the grounds of
company’s confidentiality; from other source we can not obtain the relevant
information, either.
Subject declined to
disclose its bank details; from other source we can 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.
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.85 |
|
|
1 |
Rs.88.39 |
|
Euro |
1 |
Rs.72.63 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.