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Report Date : |
01.02.2013 |
IDENTIFICATION DETAILS
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Name : |
WU TUNG CO., LTD. |
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Registered Office : |
4F.-2., No.77, Sec.4, Nanking E. Rd., Taipei |
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Country : |
Taiwan |
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Date of Incorporation : |
20.07.1978 |
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Com. Reg. No.: |
20793985 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacturing and sales of chemicals, etc |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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
|
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 |
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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: |
4F.-2., No.77, Sec.4, Nanking E. Rd.,
Taipei, Taiwan, R.O.C. |
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Supplied Address: |
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Telephone Number: |
+886-2-2545-2626 |
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Fax Number: |
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E-mail: |
Notes: The exact name and
address are as above.
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Credit Opinion: |
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Registered Name: |
Wu Tung Co., Ltd. |
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Registered Address: |
4F.-2., No.77, Sec.4, Nanking E. Rd., Taipei, Taiwan, R.O.C. |
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Date of Foundation: |
1978-7-20 |
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Registration Number: |
20793985 |
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Registry: |
Taipei City Government |
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Registered Capital: |
(As of 2013.01, 1 NTD = 0.0340 USD) |
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Paid-up Capital: |
NTD 29,000,000 (USD 986,000) |
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Legal Representatives: |
Kunhui Chen |
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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: |
Notes: Subject declined
to disclose its staff number; from other source we cannot obtain the relevant
information, either.
Subject was incorporated on 1978-7-20 with registered
number 20793985 as Joint Stock Company in Taiwan.
|
Name |
Subscription Shares |
|
Kunhui Chen |
130,000 |
|
Xinghui Chen |
|
|
463,000 |
|
|
Jinmei Lai |
30,000 |
|
Yanzhen Chen |
15,000 |
|
Hesong Chen |
90,000 |
The information
above is that of subject’s major shareholders.
Factory
|
Name |
Kaohsiung
Factory |
|
Address |
No.2, Zhongli
Street, Xiaogang District, Kaohsiung City, Taiwan |
|
Telephone Number |
+886-7-871-7260 |
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Fax Number: |
+886-7-871-1987 |
Core
Management
|
1 |
|
|
Name |
Kunhui Chen |
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Position |
Board Chairman |
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2 |
|
|
Name |
Xinghui Chen |
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Position |
Director |
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3 |
|
|
Name |
Jinmei Lai |
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Position |
Director |
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4 |
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|
Name |
Yanzhen Chen |
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Position |
Director |
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5 |
|
|
Name |
Hesong Chen |
|
Position |
Supervisor |
Offices
& Factories
|
|
Headquarters |
|
Add |
4F.-2., No.77, Sec.4, Nanking E. Rd., Taipei, Taiwan, R.O.C. |
Production
Information
l
Subject is engaged in manufacturing of chemicals,
etc.
l
Subject has a factory in Kaohsiung city, Taiwan for
production.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
C801020 |
Manufacturing of petrochemical materials |
|
C801990 |
Manufacturing of other chemical materials |
|
F107990 |
Wholesale of other chemical products |
|
F401010 |
International trade business |
|
ZZ99999 |
Besides licensed business, all other business items
those are not banned or restricted. |
l
The raw materials for production are mostly
purchased in domestic market.
l Subject is engaged
in sales of chemicals, etc.
l
Subject’s sales regions include Japan, Philippines,
and Malaysia, etc.
l
The major products sold by subject include
Triethylene Glycol, ethylene glycol, diethylene glycol
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase
|
Payment Terms |
Proportion |
|
|
Raw materials |
COD, CBD, etc |
100% |
Foreign Purchase
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
Chemicals |
COD, CBD, etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Chemicals |
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’s relevant staff Ms. Chen 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. Chen |
|
Position |
Sales |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.29 |
|
|
1 |
Rs.84.22 |
|
Euro |
1 |
Rs.72.23 |
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 |
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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 |
|
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 |
|
-- |
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.