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Report Date : |
20.04.2013 |
IDENTIFICATION DETAILS
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Name : |
NUNG LAI CO., LTD. |
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Registered Office : |
1f., No.6, Ln. 94, Desing W. Rd., Shihlin Dist., Taipei City 11158 |
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Country : |
Taiwan |
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Date of Incorporation : |
09.05.2001 |
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Com. Reg. No.: |
12862137 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacture and trade of zipper, buckle and the related products. |
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No. of Employees : |
About 90 Employees |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 (31.03.2011) |
Current Rating (30.06.2012) |
|
Taiwan |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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. 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 1.8%, due
primarily to a 13.1% year-on-year decline in exports. In 2010 GDP grew 10.7%,
as exports returned to the level of previous years, and in 2011, grew 4.1%. In
2012, however, growth fell to 1.3%, 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 except for the landmark Economic
Cooperation Framework Agreement (ECFA) signed with China in June 2010, so far
Taiwan has been excluded from this greater economic integration in part because
of its diplomatic status. Negotiations continue on such follow-on components of
ECFA regarding trade in goods and services. The MA administration has said that
the ECFA will serve as a stepping stone toward trade pacts with other key trade
partners, which Taiwan subsequently launched with Singapore and New Zealand.
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 11.2% of the island's
total population as of 2012. The island runs a large trade surplus largely
because of its surplus with China, and its foreign reserves are the world's
fifth largest, behind China, Japan, Saudi Arabia, and Russia. 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. 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. In August 2012, Taiwan Central Bank signed a memorandum of
understanding on cross-Strait currency settlement with its Chinese counterpart.
The MOU allows for the direct settlement of Chinese RMB and the New Taiwan
dollar across the Strait, which could help develop Taiwan into a local RMB hub.
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: |
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Supplied Address: |
1st Floor No. 6 Lane 94, tehhsing West Road,
Taipei 11148 Taiwan |
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Telephone Number: |
+886-2-28326199 |
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Fax Number: |
Notes:
The exact name and address are as above.
|
Credit Opinion: |
Subject was incorporated on
Change of Name
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Former Chinese
Name |
隆錸鈕釦配件股份有限公司 |
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Current Chinese
Name |
隆錸實業股份有限公司 |
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Subscription Shares |
|
|
Hongju Wu |
60,000 |
|
Kuanrong Xu |
450,000 |
|
Pengquan Xu |
241,500 |
|
Jinzhu Xu |
150,000 |
The information
above is that of subject’s major shareholders.
|
Address: |
No.16, 22 Road,
Taichung Industrial Park, Taichung City, Taiwan, R.O.C. |
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Telephone Number: |
+886-4-23591045 |
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Fax Number: |
+886-4-24528010
, 23591339 |
Subject introduced
that it has a plant located in Dongwan, the mainland of China, but he declined
to disclose more details.
Core
Management
Directors
|
1 |
|
|
Name |
Hongju Wu |
|
Position |
Board of
Chairman |
|
2 |
|
|
Name |
Kuanrong Xu |
|
Position |
Director |
|
3 |
|
|
Name |
Pengquan Xu |
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Position |
Director |
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4 |
|
|
Name |
Jinzhu Xu |
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Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 90 Employees |
Offices
& Factories
|
|
Headquarters |
|
Add |
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Production
Information
l
Subject is a manufacturer of zipper, buckle and the related products
with the production activities
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
C307020 |
Manufacture of zipper |
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C399990 |
Manufacture of other textile products(snap
fastener, shoe buckle, etc) |
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F104010 |
Wholesale of cloth |
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F104020 |
Wholesale of garment |
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F204010 |
Retail of cloth |
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F204020 |
Retail of garment |
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F106010 |
Wholesale of hardware |
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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. |
l
The components and raw material for production are
mostly purchased from local.
l
Subject is mainly engaged in manufacturing and
trading of zipper, buckle and the
related products.
l
Subject introduced that its Major products
are sold as following
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|
Product |
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1 |
Buckles Series |
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2 |
Cord Locks |
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3 |
Ring |
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4 |
Hooks |
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5 |
Handles |
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6 |
Puller |
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7 |
Plastic
Snap Fasteners |
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8 |
Snap
Buttons |
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9 |
Sewing
Buttons |
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10 |
Prong Snap
|
|
11 |
STUDS
& SHOULDER PADS |
|
12 |
Ladder
Locks |
|
13 |
Eyelets |
|
14 |
Other
Products |
|
15 |
METAL
HARDWARES&ACCESSORIES |
|
16 |
Specialty
Products |
|
17 |
3D Product
Photo |
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18 |
Fabric
Cover Product |
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19 |
Key Chain |
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20 |
Trouser
Hook |
|
21 |
Cell Phone
Accessory |
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22 |
Name Tag |
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23 |
Webbing
End Cover |
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24 |
Cuff Link |
|
25 |
TPU Spring |
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26 |
Bead |
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27 |
Magnet |
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28 |
Acetabula |
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29 |
Land Yard |
|
30 |
Labels |
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31 |
Water
Bottle |
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32 |
Clip |
|
33 |
Sewing
Patch |
|
34 |
MP3 Player
Tunnel |
|
35 |
Jean
Button |
|
36 |
Cord End |
l
Subject introduced that it also supplies R&D
services.
l
Subject introduced that its plant located in
Taichung, Taiwan, and in Dongwan, the mainland of China, it also has a plant,
but its staff declined to disclose more details about them.
l
Subject’s selling territory covers all over the
world.
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Subject declined to
disclose the purchase settlements information, and from other sources, we couldn’t
obtain the information, either.
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
Zipper, buckle
and the related products. |
COB, CBD, etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Zipper, buckle and
the related products. |
L/C , T.T, 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’s relevant staff Mr. Xu declined to disclose its financials
citing the grounds of company’s confidentiality; from other source we can not
obtain the relevant information, either.
The bankers’ information
is not available from the 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.
|
Name |
Mr. Xu |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.03 |
|
|
1 |
Rs.82.43 |
|
Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
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 |
|
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 |
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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 |
-- |
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.