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Report Date : |
26.09.2012 |
IDENTIFICATION DETAILS
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Name : |
TOONG IN ELECTRONIC CORP. |
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Registered Office : |
10FL.-8, No.738, Chung Cheng Rd., Zhonghe Dist., New Taipei City 235 |
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Country : |
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Date of Incorporation : |
14.04.1979 |
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Com. Reg. No.: |
34265486 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacture and sales of electronics |
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No. of Employees : |
About 70 employees ( |
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RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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Taiwan |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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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. 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
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Company Name: |
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Supplied Name: |
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Trading Address: |
10FL.-8, No.738, Chung Cheng Rd., Zhonghe
Dist., New Taipei City 235, Taiwan (R.O.C.) |
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Supplied Address: |
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Telephone Number: |
+886-2-8226-1866 |
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Fax Number: |
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E-mail: |
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Website: |
Notes: Subject’s exact name and address are as above and it is introduced that the
supplied name belongs to subject’s related company (factory) in Dongguan named
Data Target International Ltd.
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Credit Opinion: |
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Registered Name: |
TOONG IN ELECTRONIC CORP. |
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Registered Address: |
10FL.-8, No.738, Chung Cheng Rd., Zhonghe Dist., New Taipei City 235,
Taiwan (R.O.C.) |
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Date of Foundation: |
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Registration Number: |
34265486 |
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Registry: |
New Taipei City Government |
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Registered Capital: |
(As of 2012.09, 1 NTD = 0.0337 USD) |
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Paid-up Capital: |
NTD 18,000,000 (USD 606,600) |
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Legal Representatives: |
Nengqi Huang |
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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
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Name |
Subscription Shares |
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Nengqi Huang |
1,080,000 |
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Meiman Chen |
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540,000 |
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Yingzhen Huang |
90,000 |
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Nenglie Huang |
90,000 |
The information above
is that of subject’s major shareholders.
Related Companies (Factories)
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1 |
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Name |
Data Target International Ltd. |
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Address |
Dong-guan City,
Guangdong Province, China |
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Notes |
The Company was
found in Sept. The factory size
is 21,780 square meters with a capital of 1.5 million US dollars and 1,900
employees |
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2 |
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Name |
Jiang-Xi Yee-Tai
Elec. Ltd. |
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Address |
Jiangxi
Province, China |
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Notes |
The company was
opened in Nov. 2004. The factory has
45,000 square meters and contains 1,800 employees. |
Branch
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Name |
Tai-Chung Branch |
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Address |
Tai-Chung,
Taiwan, China |
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Address |
The branch manages
the purchasing and shipping affairs, engineering and sales business. |
Core
Management
Directors
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1 |
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Name |
Nengqi Huang |
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Position |
Board Chairman |
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2 |
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Name |
Meiman Chen |
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Position |
Director |
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3 |
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Name |
Yingzhen Huang |
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Position |
Director |
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4 |
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Name |
Nenglie Huang |
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Position |
Supervisor |
Personnel
Structure
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Total Employees |
About 70 employees (Taiwan) |
Offices
& Factories
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Headquarters |
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Add |
10FL.-8, No.738, Chung Cheng Rd., Zhonghe Dist., New Taipei City 235,
Taiwan (R.O.C.) |
Production
Information
l
Subject’s factories are
engaged in manufacture of Bluetooth /noise canceling audio products, wire/wireless
headphone, headset, earphone, speaker box, hands-free, multimedia-PC headset
and microphone, etc
l
Subject has two related
factories in the mainland of China for production.
l
It is introduced that
subject supplies OEM and ODM service.
l
It is introduced that
subject has been certificated by OHSAS 18001 and ISO14001, etc
Purchase
Information
l
The registered activities of subject:
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1 |
Manufacture and sales
of speakers, loudspeaker
boxes, earphones and sound equipment, etc |
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2 |
Import and export
business for the above mentioned items
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3 |
Price quoting, bidding
and sales business of the relevant products for domestic and overseas market and
Interbank foreign guarantee business |
l
Subject purchases raw materials and equipment both
at home and abroad.
l
The subject is mainly
engaged in sales of Bluetooth /noise canceling audio products, wire/wireless headphone,
headset, earphone, speaker box hands-free, multimedia-PC headset, and
microphone, etc
l
Subject has its own brand
named TOONGIN.
l
Subject’s products are
both sold in domestic and overseas market and it exports to Japan and USA, etc
Major products
sold
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Type |
Items |
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Import and export
right:
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Import right |
Yes |
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Export right |
Yes |
Domestic Purchase
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Payment Terms |
Proportion |
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Raw materials,
etc |
COD, Credit
Sales, etc |
100% |
Foreign Purchase
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Payment Terms |
Proportion |
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Raw materials
and equipment, etc |
CBD, etc |
100% |
Sales
Domestic Markets
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Sales Terms |
Proportion |
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Headphones, etc |
CBD, etc |
100% |
Export
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Sales Terms |
Proportion |
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Headphones, etc |
CBD, etc |
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. Sharon 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.
|
Name |
Sharon |
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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 |
Rs.53.53 |
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1 |
Rs.86.82 |
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Euro |
1 |
Rs.69.03 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.