|
Report Date : |
15.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
JIH KAO ENTERPRISE CO., LTD. |
|
|
|
|
Registered Office : |
9Fl., No.26, Sec.2, Min Chuan E. Rd., Taipei |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Date of Incorporation : |
02.04.1981 |
|
|
|
|
Com. Reg. No.: |
12322809 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturing and sale of fitness equipment |
|
|
|
|
No. of Employees : |
About 70 Employees |
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 |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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 |
|
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. 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 |
|
Company Name: |
|
|
Supplied Name: |
|
|
Trading Address: |
|
|
Supplied Address: |
|
|
Telephone Number: |
+886-2-2537-3397 |
|
Fax Number: |
+886-2-2521-4956 |
|
E-mail: |
Notes: The exact name and address are as above.
|
Credit Opinion: |
|
Registered Name: |
Jih Kao Enterprise Co., Ltd. |
|
Registered Address: |
9Fl., No.26, Sec.2, Min Chuan E. Rd., Taipei
Taiwan R.O.C. |
|
Date of Foundation: |
1981-4-2 |
|
Registration Number: |
12322809 |
|
Registry: |
Taipei City Government |
|
Registered Capital: |
NTD 68,000,000 (USD
2,312,000) (As of 2013.06, 1 NTD = 0.0340 USD) |
|
Paid-up Capital: |
NTD 68,000,000 (USD 2,312,000) |
|
Legal Representatives: |
Hongtu Chen |
|
Legal Form: |
|
|
Principal Activities: |
|
|
Staff: |
|
|
Listed at Stock Exchange: |
|
|
Date of Last Annual Return: |
Subject was incorporated on 1981-4-2 with registered number 12322809 as Joint Stock Company in Taiwan.
|
Name |
Subscription Shares |
|
Hongtu Chen |
2,690,080 |
|
Fuguang Wu |
|
|
2,539,800 |
|
|
Wenqi Lin |
672,520 |
|
Yuhong Lin |
522,920 |
The information above is that of subject’s major shareholders.
Factory
|
Name |
Guanyin Factory |
|
Address |
No.26, Jingjian 4th Road, Guanyin Township, Taoyuan County,
Taiwan, R.O.C. |
|
Tel |
+886-2-2521-4956 |
|
Fax |
+886-2-2537-3397 |
Core
Management
|
1 |
|
|
Name |
Hongtu Chen |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Fuguang Wu |
|
Position |
Director |
|
3 |
|
|
Name |
Wenqi Lin |
|
Position |
Director |
|
4 |
|
|
Name |
Yuhong Lin |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 70
Employees |
Offices
& Factories
|
|
Headquarters |
|
Add |
Production
Information
l
Subject is engaged in manufacturing of fitness
equipment, etc.
l
Subject has a factory in Guanyin Township, Taoyuan
County, Taiwan for production.
l
Subject obtained the certifications of ISO 9001,
ISO 9002 and CE.
Purchase
Information
l
The registered activities of subject:
|
1 |
Manufacturing, processing and sale of
sports goods, fitness equipment and their related parts (indoor bike, rowing
machines, massager, and running machine) |
|
2 |
Sale of toys (except electronic toys) |
|
3 |
Sale of building materials, textile
products, wash machines and hardwares (except steel rolling) |
|
4 |
Trading of above items |
|
5 |
Agent, price quoting, bidding service,
Import, export and marketing of all kinds of above mentioned items. |
l
The components and raw materials for production are
mostly purchased in domestic market.
l
Subject is engaged in sale of fitness equipment,
etc.
l
Subject’s sales regions include Japan, South Korea,
Southeast Asia, Europe and USA, etc.
l
Subject has their own brand “FitLux” and “JKexer”.
l
It is introduced that the brand “FitLux” caters to
high-end home use and the brand “JKexer” caters to mid-range commercial and
home use.
Major products
|
Brand |
Product |
|
FitLux |
DC Motorized Treadmill Magnetic Upright Bike Elliptical Trainer Magnetic Rower Magnetic Stepper |
|
JKexer |
Motorized Treadmills Racing Bikes Stepper And Relevant Fitness Equipment |
Import and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase
|
Terms |
Proportion |
|
|
Components
and raw materials |
Cash,
T/T, etc |
100% |
Foreign Purchase
Sales
Domestic Markets
|
Terms |
Proportion |
|
|
Fitness
equipment |
Cash,
T/T, etc |
100% |
Export
|
Terms |
Proportion |
|
|
Fitness
equipment |
L/C,
T/T, 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’s relevant staff Mr. Wu 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 |
Mr. Wu |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.57.74 |
|
UK Pound |
1 |
Rs.90.64 |
|
Euro |
1 |
Rs.77.02 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.