|
Report Date : |
14.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
HIGH CEDAR ENTERPRISE CO., LTD. |
|
|
|
|
Registered Office : |
No.168-6, Hann Bin Rd., Qingshui Dist.,
Taichung City 436 |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Date of Incorporation : |
26.03.1975 |
|
|
|
|
Com. Reg. No.: |
55701694 |
|
|
|
|
Legal Form : |
Joint Stock Company |
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|
|
|
Line of Business : |
Manufacturing and sale of sports equipment |
|
|
|
|
No. of Employees : |
About 130 Employees (Taiwan) |
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 4.0%. 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 |
|
Company Name: |
High Cedar Enterprise Co., Ltd. |
|
Supplied Name: |
SALES MASTER CO LTD |
|
Trading Address: |
No.168-6, Hann Bin Rd., Qingshui Dist.,
Taichung City 436, Taiwan (R.O.C.) |
|
Supplied Address: |
60 Market Square P O Box 364 Belize City |
|
Telephone Number: |
+886-4-2626-5549 |
|
Fax Number: |
+886-4-2626-7952 |
|
E-mail: |
Notes: The exact name and address are as
above.
It is introduced that the supplied name is the
one responsible for foreign sales business and the supplied address is not
clear, we cannot confirm whether the supplied address belongs to subject at
present.
Subject was incorporated
on 1975-3-26 with registered number 55701694
as Joint Stock Company in
Taiwan.
|
Name |
Subscription Shares |
|
Maoxiu Wang |
1,290 |
| Shuyan Linwang |
300 |
|
Hongfei Lin |
10 |
|
Yonghan Wang |
46,700 |
|
Maoxiong Wang |
400 |
The information above is that of subject’s major shareholders.
Factories
|
1 |
|
|
Address: |
No.168-6, Hann Bin Rd., Qingshui Dist.,
Taichung City 436, Taiwan (R.O.C.) |
|
Date of Foundation: |
1981-11-9 |
|
Date of Registration: |
1981-11-9 |
|
Factory Registration Number: |
99633432 |
|
Factory Manager: |
Maoxiu Wang |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2009-3-9 |
|
Major Products: |
115 textile 130 leather and fur products 331 sports and entertainment products 339 other products |
|
2 |
|
|
Name: |
1st Factory |
|
Address: |
No.380, Ziqiang Road, Caonan Li, Wuqi District, Taichung City, Taiwan (R.O.C.) |
|
Date of Foundation: |
1993-5-26 |
|
Date of Registration: |
1996-10-9 |
|
Factory Registration Number: |
99633433 |
|
Factory Manager: |
Maoxiu Wang |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2001-8-6 |
|
Major Products: |
115 textile 130 leather and fur products |
|
3 |
|
|
Name: |
Xingfu Factory |
|
Address: |
No.288, Gaomei Road, Guoxing Li, Qingshui District, Taichung City,
Taiwan, (R.O.C.) |
|
Date of Registration: |
2013-8-21 |
|
Factory Registration Number: |
66002096 |
|
Factory Manager: |
Maoxiu Wang |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2013-8-21 |
|
Major Products: |
115 textile 331 sports and entertainment products |
Note: It is introduced that subject also has a factory in Guangdong
Province, Mainland China for production and the staff number is about 350.
Core Management
Directors
|
1 |
|
|
Name |
Maoxiu Wang |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Shuyan Linwang |
|
Position |
Director |
|
3 |
|
|
Name |
Hongfei Lin |
|
Position |
Director |
|
4 |
|
|
Name |
Yonghan Wang |
|
Position |
Director |
|
5 |
|
|
Name |
Maoxiong Wang |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 130 Employees (Taiwan) |
Offices &
Factories
|
|
Headquarters |
|
Add |
No.168-6, Hann Bin Rd., Qingshui Dist., Taichung City 436, Taiwan
(R.O.C.) |
Production Information
Subject is engaged in manufacturing of sports equipment, etc.
It is introduced that subject has factories in Taiwan and Mainland China
for production.
The staff number of subject’s Taiwan factory is about 130 and the staff
number of Mainland China factory is about 350.
Purchase
Information
The registered activities of subject:
|
1 |
Manufacturing, processing and sale of all kinds of sport balls, track
and field equipment, plastic grips of racket and bat |
|
2 |
Manufacturing, processing and sale of tennis guard band, jogging belt,
sportswear, cuff, elbow guard, kneecap, head band, gloves, and protective
equipment |
|
3 |
Manufacturing, processing and sale of |
|
4 |
Manufacturing and sale of towel cloth, towel band and gauze band |
|
5 |
Import and export of above items |
The components and raw materials for production are mostly purchased in
domestic market.
Subject is engaged in sale of sports equipment, etc.
The major products sold by subject include
racket grip, sweat band, hockey grip, baseball grip, golf grip, bike grip, and
handle bar tapes, etc.
Subject’s sales regions include domestic
market, Southeast Asia, Europe and America, etc.
Subject’s major customers are Dominant Golf,
Llc and Cran Barry Inc.
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
Subject has little
import.
Sales
Domestic Markets
|
Terms |
Proportion |
|
|
Sports equipment, etc |
Cash, T/T, etc |
100% |
Export
|
Terms |
Proportion |
|
|
Sports equipment, etc |
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 Ms. Kelly 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. Kelly |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.45 |
|
|
1 |
Rs.101.17 |
|
Euro |
1 |
Rs.85.55 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.