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Report Date : |
05.06.2013 |
IDENTIFICATION DETAILS
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Name : |
HSIANG CHENG ELECTRIC CORP. |
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Registered Office : |
4f, No. 11, Lane 235, Pao-Chiao Rd., Xindian Dist., New Taipei City 231 |
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Country : |
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Date of Incorporation : |
22.05.1979 |
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Com. Reg. No.: |
20822089 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacture and trade of the series products for power system and the related products. |
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No. of Employees : |
About 100 Employees |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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.
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: |
4-FL, No. 11, Lane 235, Pao-Chiao Road,
Hsin-Tien City, Taipei Taiwan |
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Telephone Number: |
+886-2-29175865 |
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Fax Number: |
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E-mail: |
Notes:
The exact address is as above.
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Credit Opinion: |
Subject was incorporated on
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Subscription Shares |
|
|
Zhijie Lin |
210,000 |
|
Linyun Chen |
210,000 |
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Shuzhen Lin |
100,000 |
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Dapei Lin |
100,000 |
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Zhixiang Zhan |
50,000 |
The information above
is that of subject’s major shareholders.
Core
Management
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1 |
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Name |
Zhijie Lin |
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Position |
Board of
Chairman |
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2 |
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Name |
Linyun Chen |
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Position |
Vice of Chairman |
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3 |
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Name |
Shuzhen Lin |
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Position |
Director |
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4 |
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Name |
Dapei Lin |
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Position |
Director |
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5 |
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|
Name |
Zhixiang Zhan |
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Position |
Director |
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6 |
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Name |
Lihua Chen |
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Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 100 Employees |
Offices
& Factories
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|
Headquarters |
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Add |
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Production
Information
l
Subject is a manufacturer of the series products for power system and the related
products with the production activities
Purchase Information
l
The registered activities of subject:
|
Business Code |
Details |
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CB01010 |
Manufacture of machines |
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CB01990 |
Manufacture of other machines |
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CC01080 |
Manufacture of components |
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CE01010 |
Manufacture of general instrument |
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F113010 |
Wholesale of machines |
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F113030 |
Wholesale of precious machines |
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F113990 |
Wholesale of other machines |
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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 series products for power
system and the related products.
l
Subject introduced that its Major products
sold as following:
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Product |
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Digital Power Meter / Transducer |
Digital Power Meter for Utility |
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Digital Power Meter for Industry |
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Digital Power Transducer for Utility |
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Digital Power Transducer for Industry |
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Multifunctional Power Quality Meter / Transducer |
Multifunctional Power Quality Meter |
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Multifunctional Power Quality Transducer |
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Power Quality Meter |
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Measuring Instrument / Device |
Portable Power / Energy Testing Device |
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Power Calibrator (Source) |
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Field Testing Instrument |
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Energy Meter Test Bench |
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WH Meter |
Single Phase Energy Meter |
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Three phase Energy Meter |
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Three phase Multi-Function Energy Meter |
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System Product |
RTU(Remote Terminal Unit) |
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DTU(Distribution Terminal Unit) |
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FTU(Feeder Terminal Unit) |
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GPRS Modem |
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Other Products |
Current Transformers |
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Accessories |
Optical Scanner |
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Voltage Clamp |
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Current Clamp |
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Converter |
l
Subject introduced that the types of its clients
include public and private power companies, factory and building automation
system, famous industrial companies, steel and petrifaction companies.
l
Subject’s selling territory covers both domestic and
overseas markets, such as Pan-America, Asia, Russia, Europe, Africa and so on.
Import and export
right:
|
Import right |
Yes |
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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 |
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Series products
for power system and the related products. |
COB, CBD, etc |
100% |
Export
|
Sales Terms |
Proportion |
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Series products
for power system 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 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.
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 |
Ms. Chen |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.64 |
|
|
1 |
Rs.86.68 |
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Euro |
1 |
Rs.73.97 |
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 |
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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.