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Report Date : |
28.09.2012 |
IDENTIFICATION DETAILS
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Name : |
CHAO LONG MOTOR PARTS CORP. |
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|
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Registered Office : |
No.10, Lane 151, |
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Country : |
|
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|
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Date of Incorporation : |
14.01.1986 |
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Com. Reg. No.: |
22000216 |
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|
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Legal Form : |
Joint Stock
Company |
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|
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Line of Business : |
Manufacture and sales of the vehicles and
motorcycle instruments, etc |
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|
|
|
No. of Employees : |
290 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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
|
Country Name |
Previous Rating (31.03.2012) |
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: |
No.10, Lane 151, Kwangmin Road, Sec 2, Luchu
Village, Taoyuan Hsien 338, Taiwan |
|
Supplied Address: |
No. 10 Lane 151 Kwang Min Rd., sec 2 Luchu Village Taoyuan Hsien 338
Taiwan |
|
Telephone Number: |
|
|
Fax Number: |
Notes: Subject’s exact name and address are as above.
Subject
was incorporated on
|
Name |
Subscription Shares |
|
Jingxiang Li |
1,175,000 |
|
Qimou Liu |
|
|
289,000 |
|
|
Yuanhe Li |
141,000 |
|
Chengfeng Li |
106,894 |
|
Yongqing Zhang |
928,648 |
|
Jiahe Liu |
87,142 |
|
Jianren Xiao |
300,641 |
|
Yuzhen Jiang |
173,704 |
|
Wenliang Wang |
133,618 |
The information above is that of subject’s major shareholders.
Factory:
|
Address: |
No.10, Lane 151, Kwangmin Road, Sec 2, Luchu Village, Taoyuan Hsien
338, Taiwan |
|
Telephone Number: |
+886-03-32237118 |
|
Fax Number: |
+886-03-3224046 |
|
Land Area |
7,423 Square Meters |
|
PLANT
AREA |
6,636 Square Meters |
Core Management
|
1 |
|
|
Name |
Jingxiang Li |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Qimou Liu |
|
Position |
Director |
|
3 |
|
|
Name |
Yuanhe Li |
|
Position |
Director |
|
4 |
|
|
Name |
Chengfeng Li |
|
Position |
Director |
|
5 |
|
|
Name |
Yongqing
Zhang |
|
Position |
Director |
|
6 |
|
|
Name |
Jiahe Liu |
|
Position |
Director |
|
7 |
|
|
Name |
Jianren Xiao |
|
Position |
Director |
|
8 |
|
|
Name |
Yuzhen Jiang |
|
Position |
Supervisor |
|
9 |
|
|
Name |
Wenliang Wang |
|
Position |
Supervisor |
Personnel
Structure
|
Total
Employees |
About 290
employees |
Offices &
Factories
|
|
Headquarters |
|
Add |
No.10, Lane 151, Kwangmin Road, Sec 2, Luchu Village, Taoyuan Hsien
338, Taiwan |
Production
Information
l
Subject is engaged in R&D and manufacture of
vehicles and motorcycle clusters, etc
l
Subject has been certificated by QS 9000, ISO
14001, OHSAS 18001 and ISO/TS 16949, etc
Purchase
Information
l
The major registered activities of subject:
|
Business Code |
Details |
|
-- |
Manufacture, processing and sales of Car, motorcycle and bicycle parts |
|
-- |
Manufacture, processing and sales of Auto & Moto Simple type speed table and
tachometers, etc |
|
CB01020 |
Manufacture of Routine machinery |
|
F113050 |
Wholesales of Routine machinery and equipment |
|
F213030 |
Retails of Routine machinery and equipment |
|
CC01080 |
Manufacture of electronic components |
|
F119010 |
Wholesales of electronic materials |
|
F219010 |
Retails of electronic materials |
|
I301030 |
Electronic information supplying services |
l
Subject purchases raw materials and components both
at home and abroad.
l
It is introduced that Subject cooperates with Yazaki,
Japan, Visteon UK and Denso Japan for technology support
l
The subject is mainly engaged in sales of vehicles
and motorcycle clusters including car meters, motorcycle meters, etc
l
Subject’s products are applied to passenger car, recreation
vehicles, commercial cars, Military trucks and motorcycles, etc
l
Subject’s products are both sold in domestic and
overseas market and subject mainly exports to Europe and Americas, etc
l
It is introduced that subject has made 60% on
motorcycle stopwatches and 40% on car's market share
in
Major Customers
|
Taiwan |
|
|
4W Company |
2W Company |
|
TOYOTA |
SANYUNG - SYM |
|
FORD |
YAMAHA |
|
SUZUKI |
SUZUKI |
|
MITSUBISHI |
MOTIVE POWER IND
- PGO |
|
-- |
KWANG YANG
MOTORS - KYMCO |
|
Overseas Customers |
|
|
Company |
Country |
|
YAMAHA |
Japan, Brazil,
France, Spain |
|
SUZUKI |
U.S.A. , Spain |
|
ALSONS AUTO
PARTS |
Pakistan |
|
SPEEDY MONENTUM |
Malaysia |
|
SIEMENS V.D.O |
Malaysia ,
Indonesia |
|
TELEFLEX |
U.S.A. |
|
THOMAS G.FARIA |
U.S.A |
|
AUTO METER |
U.S.A |
|
E.C.I.E |
Italy |
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase
|
Payment Terms |
Proportion |
|
|
Raw materials
and components, etc |
COD, Credit
Sales, etc |
100% |
Foreign Purchase
|
Payment Terms |
Proportion |
|
|
Raw materials
and components, etc |
CBD, Credit
Sales, etc |
100% |
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
Vehicles And
Motorcycle Clusters, etc |
CBD, etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Vehicles And
Motorcycle Clusters, 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 declined to disclose its financials citing the grounds of
company’s confidentiality; from other source we found that subject’s annual
sales reaches USD 39,800,000, but the information is not confirmed and only for
reference.
Information on bank details is not available
from subject or other sources.
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.53.25 |
|
|
1 |
Rs.86.23 |
|
Euro |
1 |
Rs.68.63 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.