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Report Date : |
09.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
COTTINGHAM LTD. |
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Registered Office : |
1F., No.60, Jinfeng St., Neihu Dist., Taipei City 11469 |
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Country : |
Taiwan |
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Date of Incorporation : |
22.11.2011 |
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Com. Reg. No.: |
53556816 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Trader of beverage including brandy, whisky, vodka, cider and beer. |
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No. of Employees : |
About 30 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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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.
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Source : CIA |
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Company Name: |
|
|
Supplied Name: |
|
|
Trading Address: |
1F., No.60,
Jinfeng St., Neihu Dist., Taipei City 11469, Taiwan (R.O.C.) |
|
Supplied Address: |
|
|
Telephone Number: |
+886-2-2793-8226 |
Notes: The exact name and address are as above.
|
Credit Opinion: |
Subject was incorporated on 2011-11-22 with registered number 53556816 as Joint Stock Company in Taiwan.
|
Name |
Subscription Amount |
|
Cottingham & Co. (International) Ltd. |
500,000 |
The information above is that of subject’s major shareholders.
Shareholder Information:
|
Name |
Cottingham & Co. (International) Ltd. |
|
Address |
Vanterpool Plaza, 2nd Floor, Wickhaas
Cay I, Road Town, Tortola, British Virgin Islands |
It is introduced that subject has a sales agent in Dongguan City, Guangdong Province, China, but the detail information we cannot obtain from any sources.
Core
Management
|
Cottingham Michael John |
|
|
Position |
Director |
|
ID Number |
AC00429286 |
Personnel
Structure
|
Total Employees |
About 30 Employees |
Offices & Factories
|
|
Headquarters |
|
Add |
1F., No.60, Jinfeng St., Neihu Dist., Taipei
City 11469, Taiwan (R.O.C.) |
l
Subject is a trader of beverage without any
production activities.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
F102030 |
Wholesale of alcohol and tobacco |
|
F102040 |
Wholesale of beverage |
|
F102170 |
Wholesale of food and grocery |
|
F105050 |
Wholesale of furniture, bedding, kitchen
utensil, decoration |
|
F106010 |
Wholesale of hardware |
|
F106020 |
Wholesale of daily supplies |
|
F113010 |
Wholesale of machinery |
|
F113020 |
Wholesale of electric appliance |
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F113030 |
Wholesale of precise instrument |
|
F203010 |
Retail of food and beverage |
|
F203020 |
Retail of alcohol and tobacco |
|
F205040 |
Retail of furniture, bedding, kitchen
utensil, decoration |
|
F206010 |
Retail of hardware |
|
F206020 |
Retail of daily supplies |
|
F213010 |
Retail of electric appliance |
|
F213040 |
Retail of precise instrument |
|
F213080 |
Retail of machinery |
|
F399040 |
No store retail |
|
F401010 |
International trade business |
|
F401171 |
Import of alcohol |
|
F501030 |
Beverage store |
|
F501050 |
Hotel industry |
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F501060 |
Restaurant industry |
|
I101090 |
Food consultant |
|
I103060 |
Management consultant |
|
I105010 |
Art advisory consultant |
|
J202010 |
Industry fostering business |
|
JE01010 |
Leasing industry |
|
JZ99050 |
Intermediary service |
|
ZZ99999 |
Besides licensed
business, all other business items those are not banned or restricted. |
l
Subject purchases products mainly from abroad such
as UK, Belgium and Denmark, etc.
l
We obtained some of subject’s major suppliers’
information as follows for reference:
|
1 |
|
|
Name: |
The Drambuie Liqueur Company Limited |
|
Address: |
8 Grand Union Office Park, Packet Boat
Lane, Uxbridge, UB8 2GH, UK |
|
Tel: |
+44-1895-458680 |
|
2 |
|
|
Name: |
Tomatin Distillery |
|
Address: |
Tomatin Inverness-shire, Scotland, IV13
7YT, UK |
|
Tel: |
+44-1463-248148 |
l
Subject is engaged in sale of beverage
l
The major products sold by subject include brandy,
whisky, vodka, cider and beer.
l
Subject’s sales region is mainly in Taiwan domestic
market.
l
Subject’s major customers are pub, lounge bar,
restaurant and hotel, etc.
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase
Subject has little
domestic purchase.
Foreign Purchase
|
Terms |
Proportion |
|
|
Beverage,
etc |
T/T,
etc (90 day open account facilities) |
100% |
Sales
Domestic Markets
(Taiwan)
|
Terms |
Proportion |
|
|
Beverage,
etc |
Cash,
T/T, etc |
100% |
Export
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 |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.24 |
|
UK Pound |
1 |
Rs.102.17 |
|
Euro |
1 |
Rs.84.82 |
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.