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Report Date : |
04.12.2013 |
IDENTIFICATION DETAILS
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Name : |
MICHAEL KORS (HK) LIMITED TAIWAN BRANCH |
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Registered Office : |
7F.-4, No.89, Songren Rd., Xinyi Dist., Taipei
City 11073 |
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Country : |
Taiwan |
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Date of Incorporation : |
17.11.2011 |
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Com. Reg. No.: |
53020743 |
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Legal Form : |
Branch of Michael Kors (HK)
Limited Registered in Hong Kong |
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Line of Business : |
·
Trader of garment, bag and watch Wholesaler of textile, garment, shoes, umbrella,
accessories Wholesaler of cosmetic Wholesaler of watch Wholesaler of glasses |
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No. of Employees : |
About 100 Employees (Taiwan Office) About 6,000 Employees (Group) |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
TATUS |
PROPOSED CREDIT LINE |
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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 – September 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Taiwan |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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. 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 4.0%. 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.
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Source : CIA |
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Company Name: |
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Supplied Name: |
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Trading Address: |
7F.-4, No.89,
Songren Rd., Xinyi Dist., Taipei City 11073, Taiwan (R.O.C.) |
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Supplied Address: |
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Telephone Number: |
+886-2-8758-2303 |
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Fax Number: |
Notes: The exact
name and address are as above and the supplied name belongs to subject’s head
office in Hong Kong.
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Credit Opinion: |
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Registered Name: |
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Registered Address: |
7F.-4, No.89, Songren Rd., Xinyi Dist.,
Taipei City 11073, Taiwan (R.O.C.) |
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Date of Foundation: |
2011-11-17 |
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Registration Number: |
53020743 |
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Registry: |
Department of Commerce, Ministry of Economic
Affairs, R.O.C. |
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In the Republic of China Operating Funds: |
(As of 2013.11, 1 NTD = 0.0340 USD) |
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Litigation and Non-litigation Agent's Name:: |
Seng-Kiat Lee |
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Legal Form: |
Branch of Michael Kors (HK) Limited Registered in Hong
Kong |
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Principal Activities: |
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Staff: |
About 100 Employees (Taiwan Office) About 6,000 Employees (Group) |
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Listed at Stock Exchange: |
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Date of Last Annual Return: |
Subject was incorporated on 2011-11-17 with registered number 53020743 as Branch of Michael Kors (HK) Limited in Taiwan.
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Name: |
Michael Kors (HK) Limited |
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Address: |
Unit 1001, 10/F,
Miramar Tower 132 Nathan Road, Tsim Sha Tsui, Hong Kong |
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Proportion of Investment (%) |
|
|
100% |
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Head Office
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Name: |
Michael Kors (HK) Limited |
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Address: |
Unit 1001, 10/F, Miramar Tower 132 Nathan Road,
Tsim Sha Tsui, Hong Kong |
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Date of Registration: |
2010-9-6 |
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Registration Number: |
1501763 |
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Tel: |
+852-3928-5563 |
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Fax: |
+852-3928-5697 |
Note: It is
introduced that subject has 6 stores in different part of Taiwan, but the detail
information we cannot obtain from any sources.
Core
Management
|
Seng-Kiat Lee |
|
|
Position |
Manager |
Personnel
Structure
|
Total Employees |
About 100 Employees
(Taiwan Office) About 6,000
Employees (Group) |
Offices
& Factories
|
|
Headquarters |
|
Add |
7F.-4, No.89, Songren Rd., Xinyi Dist.,
Taipei City 11073, Taiwan (R.O.C.) |
Production
Information
l
Subject is a trader of garment, bag and watch without any production activities.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
F104110 |
Wholesale of textile, garment, shoes,
umbrella, accessories |
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F108040 |
Wholesale of cosmetic |
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F110010 |
Wholesale of watch |
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F110020 |
Wholesale of glasses |
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F115010 |
Wholesale of jewellery and precious metal |
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F204110 |
Retail of textile, garment, shoes,
umbrella, accessories |
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F208040 |
Retail of cosmetic |
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F210010 |
Retail of watch |
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F210020 |
Retail of glasses |
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F215010 |
Retail of jewellery and precious metal |
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F401010 |
International trade business |
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ZZ99999 |
Besides licensed
business, all other business items those are not banned or restricted. |
l
Subject purchases products from its group cooperative
factories in Asian countries and USA.
l
Subject is engaged in sale of garment, bag and
watch.
l
Subject’s sale region is mainly in Taiwan domestic
market.
l
Subject has 6 stores in Taiwan which are spread in
the departments of Taipei 101, Breeze Square, Shin Kong Mitsukoshi, Mega City,
Big City, and Kuang San Sogo, etc.
l
Subject sells products with the brand “Michael
Kors”, “KORS Michael Kors” and “MICHAEL Michael Kors”, etc.
Import and export
right:
|
Import right |
Yes |
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Export right |
Yes |
Domestic Purchase
|
Terms |
Proportion |
|
|
Garment,
etc |
Cash,
T/T, etc |
Foreign Purchase
|
Terms |
Proportion |
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|
Garment,
etc |
L/C,
T/T, etc |
100% |
Sales
Domestic Markets (Taiwan)
|
Terms |
Proportion |
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|
Garment,
etc |
Cash,
T/T, etc |
100% |
Export
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. Wang 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
cannot 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 |
Ms. Wang |
|
Department |
Marketing Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.34 |
|
UK Pound |
1 |
Rs.102.06 |
|
Euro |
1 |
Rs.84.46 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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 |
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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 |
-- |
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.