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Report Date : |
21.06.2013 |
IDENTIFICATION DETAILS
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Name : |
CHAHENG PRECISION CO., LTD. |
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Registered Office : |
No.9, |
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Country : |
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Date of Incorporation : |
24.10.1987 |
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Com. Reg. No.: |
22540430 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacturing and sales of aircraft and its related components. |
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No. of Employees : |
About 260 Employees |
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 – 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 4.0%. 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: |
No.9, Luke 10th Rd., Luzhu Dist., Kaohsiung
City 821, Taiwan (R.O.C.) |
|
Supplied Address: |
|
|
+886-7-695-5598 |
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Fax Number: |
+886- 7-695-5589 |
Notes: The exact name and address are as above.
|
Credit Opinion: |
|
Registered Name: |
Chaheng Precision Co., Ltd. |
|
Registered Address: |
No.9, Luke 10th Rd., Luzhu Dist., Kaohsiung City 821, Taiwan (R.O.C.) |
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Date of Foundation: |
1987-10-24 |
|
Registration Number: |
22540430 |
|
Registry: |
Southern Taiwan Science Park Administration |
|
Registered Capital: |
NTD 500,000,000 (USD 16,750,000) (As of 2013.6, 1 NTD = 0.0335 USD) |
|
Paid-up Capital: |
NTD 336,060,450 (USD 16,750,000) |
|
Legal Representatives: |
Yizhen Ji |
|
Legal Form: |
|
|
Principal Activities: |
Manufacturing and sales
of aircraft and its related components. |
|
Staff: |
|
|
Listed at Stock
Exchange: |
|
|
Date of Last
Annual Return: |
Subject was incorporated on 1987-10-24 with registered number
22540430 as Joint Stock Company in Taiwan.
|
Name |
Subscription Shares |
|
Yizhen Ji |
1,860,000 |
|
Menghuang You |
|
|
1,117,292 |
|
|
Jialing Su |
2,000 |
|
Changing Investment Limited (Liberal Translation) |
7,836,057 |
|
Thunder Power Co, Ltd |
2,699,997 |
|
Xiongsheng Investment Limited (Liberal
Translation) |
445,466 |
|
Blade Aerospace Limited |
5,313,481 |
|
Yuqing Zhang |
915,484 |
The information
above is that of subject’s major shareholders.
Branch Companies
|
Name |
Chaheng
Precision Co., Ltd. Benjhou Industrial Park Branch |
|
Former Name |
Chaheng
Precision Co., Ltd. Kaohsiung Science Park Branch |
|
Registered
Address |
No.41, Bengong 1st
Rd., Gangshan Dist., Kaohsiung City 820, Taiwan (R.O.C.) |
|
Registration
Number |
13111845 |
|
Date of
Registration |
2008-4-30 |
|
Status |
Live Company |
|
Manager Name |
Yizhen Ji |
|
Date of Last
Annual Return |
2010-7-20 |
|
Telephone Number: |
+886-7-623-2576 |
|
Fax Number: |
+886-7-695-5589 |
|
Description |
The company is
mainly engaged in manufacturing of aero-engine fan blades. |
Factories
|
Name |
Benjhou 2nd
Factory |
|
Address |
No.30, Bengong W.
Rd., Gangshan Dist., Kaohsiung City 820, Taiwan (R.O.C. |
|
Description |
The factory is
mainly in engaged in aerospace precision stamping and forming business. |
Core
Management
Directors
|
1 |
|
|
Name |
Yizhen Ji |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Menghuang You |
|
Position |
Director |
|
3 |
|
|
Name |
Jialing Su |
|
Position |
Director |
|
4 |
|
|
Name |
Changing
Investment Limited (Liberal Translation) |
|
Position |
Director |
|
5 |
|
|
Name |
Thunder Power
Co, Ltd |
|
Position |
Director |
|
6 |
|
|
Name |
Xiongsheng
Investment Limited |
|
Position |
Director |
|
7 |
|
|
Name |
Lingqian Zeng |
|
Position |
Supervisor |
|
8 |
|
|
Name |
Wuxiong Wu |
|
Position |
Supervisor |
|
9 |
|
|
Name |
Yuqing Zhang |
|
Position |
Supervisor |
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Total Employees |
About 260 Employees |
Offices
& Factories
|
|
Headquarters |
|
Add |
No.9, Luke 10th Rd., Luzhu Dist., Kaohsiung City 821, Taiwan (R.O.C.) |
Production
Information
l
The subject is a manufacturer of aircraft and its related components.
l
It is introduced that
subject has three factories in Taiwan for production.
l
It is introduced that
subject has obtained following certifications:
|
Quality System Accreditation |
AFNOR ISO9002 certified |
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AFNOR AS9100 certified |
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AIDC S-200 certified |
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GE Aviation S-1000 certified |
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Rolls-Royce CQC103 certified |
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Snecma GRP0087 certified |
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Honeywell ACS certified |
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Sumitomo certified |
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Eaton certified |
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Ametek certified |
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Woodward certified |
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33 Aerospace Special Process Certifications |
Blue Etch, BEA Cleaning |
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Varnish, DFL Coating |
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Degreasing |
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Pickling |
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Shot Peening |
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FPI |
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Plasma Coating -WC 17% |
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Cu, Ni, In Coating |
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Arcwire Coating |
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RTV |
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Aluminum-Silicon And Polyester Coating |
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T400 Coating |
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T800 Coating |
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Vacuum Heat Treatment |
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Brazing |
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Precipitation Hardening |
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Stress Relieving |
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TIG Welding |
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Laser Welding |
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CNC EDM |
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Fast Hole EDM |
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Wire Cut |
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Hole Making |
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Metallographic Optical |
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Hardness Test |
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Plasma Deposit Examination |
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Macrographic Inspection |
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Tensile Test |
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Erosion Testing |
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Wet Chemical Analysis |
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X-Ray |
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Laser Cutting |
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Laser Marking |
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
CB01010 |
Manufacturing of machinery and equipment. |
|
CB01990 |
Manufacturing of other machinery. |
|
CC01080 |
Manufacturing of electronic components. |
|
CD01060 |
Manufacturing of aircraft and its components. |
|
CQ01010 |
Manufacturing of molds. |
|
F401010 |
International trading business. |
|
Researching, developing, manufacturing, producing
and sales of following products: |
|
|
1 |
Aerospace precision ring components. |
|
2 |
Aerospace air-foil blade. |
|
3 |
Sideline in international trading business of
above related products. |
l
It is introduced that subject purchases raw materials,
components, equipment and etc both in domestic and overseas markets.
l
The subject is mainly engaged in sales of aircraft and its related components.
l
It is introduced that subject’s
selling territory include Asia, USA, Canada, Europe and etc.
l
It is introduced that
subject’s major customers are manufactures of aircrafts and etc.
l
It is introduced that
subject’s products are applied to airplane, airbus, Boeing and etc.
l
It is introduced that
subject is the second supplier of GE Aviation in Taiwan.
Major Products
|
1 |
Aero-engine Fan Blade |
|
2 |
Aero-engine Compressor Assembly |
|
3 |
Aero-engine OGV Diffuser |
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4 |
Aero-engine Combustor Assembly |
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5 |
Super Alloy Stamping & Forming Assemblies |
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6 |
Aero-engine Assemblies & Others |
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase
|
Payment Terms |
Proportion |
|
|
Raw materials, components,
equipment and etc |
COD, CBD and etc |
100% |
Foreign Purchase
|
Payment Terms |
Proportion |
|
|
Raw materials,
components, equipment and etc |
CBD and etc |
100% |
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
Aircraft and its related components. |
CBD and etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Aircraft and its related components |
CBD and 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 Ms. Su 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. Su |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.70 |
|
|
1 |
Rs.92.22 |
|
Euro |
1 |
Rs.79.18 |
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 |
|
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.