|
Report Date : |
21.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
CUTES CORPORATION |
|
|
|
|
Registered Office : |
No. 2-22, Nan Yuan Rd., Chungli City, Taoyuan County 32063 |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Date of Incorporation : |
11.11.1978 |
|
|
|
|
Com. Reg. No.: |
12200469 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and sales of motors |
|
|
|
|
No. of Employees : |
About 120 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 – 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. Taiwan's diplomatic isolation, low birth rate, and rapidly aging population are other major long-term challenges. Free trade agreements have proliferated in East Asia over the past several years, and following the landmark Economic Cooperation Framework Agreement (ECFA) signed with China in June 2010, Taiwan in July 2013 signed a free trade deal with New Zealand—Taipei’s first-ever with a country with which it does not maintain diplomatic relations—and in November inked a trade pact with Singapore. Negotiations continue on follow-on components of ECFA regarding trade in goods and a dispute resolution mechanism; a trade in services agreement is under review in the legislature. 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 overall trade surplus largely because of its surplus with China, and its foreign reserves are the world's sixth largest, behind China, Japan, Saudi Arabia, Russia, and Switzerland. 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. Taiwan since 2009 has gradually loosened rules governing Chinese investment on the island, and has also secured greater market access for its investors in the mainland. 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: |
No. 2-22, Nan
Yuan Rd., Chungli City, Taoyuan County 32063, Taiwan (R.O.C.) |
|
Supplied Address: |
|
|
Telephone Number: |
+886-3-452-6161/ 461-2333 |
|
Fax Number: |
|
|
E-mail: |
Notes: Subject’s exact name and address are as
above.
Subject was incorporated on
|
Name |
Subscription Shares |
|
Kai Yang Investment Co., Ltd (Literal Translation) |
1,951,206 |
|
Jin Yu Investment Co., Ltd (Literal Translation) |
1,198,949 |
|
Duo Yi Li Co., Ltd (Literal Translation) |
1,167,819 |
|
Zhaoming Chen |
1,061,654 |
|
Congzhi Jiang |
228,702 |
|
Qilai Bai |
1,334,870 |
|
Huizhu Wangchen |
485,512 |
The information above is that of subject’s major shareholders.
Shareholder Information:
|
1 |
|
|
Registered Name: |
Kai Yang Investment Co., Ltd (Literal
Translation) |
|
Registered Address: |
No.289, Rongmin Road, Zhongli City, Taoyuan
County, Taiwan |
|
Date of Foundation: |
1999-3-12 |
|
Registration Number: |
16871256 |
|
Registry: |
MOEA Central Office |
|
Registered Capital: |
NTD 58,880,000 (USD 2,001,920) (As of 2014.03, 1 NTD = 0.0340 USD) |
|
Paid-up Capital: |
NTD 58,880,000 (USD 2,001,920) |
|
Legal Representatives: |
Guangchun Xu |
|
Legal Form: |
Joint Stock Company |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2011-8-26 |
|
2 |
|
|
Registered Name: |
Jin Yu Investment Co., Ltd (Literal
Translation) |
|
Registered Address: |
3rd Floor, No.24, Lane 30, Xinghua
Road, Nangang District, Taipei City, Taiwan |
|
Date of Foundation: |
2009-11-25 |
|
Registration Number: |
24482864 |
|
Registry: |
Taipei City Government |
|
Registered Capital: |
NTD 29,980,000 (USD 1,019,320) (As of 2014.03, 1 NTD = 0.0340 USD) |
|
Paid-up Capital: |
NTD 29,980,000 (USD 1,019,320) |
|
Legal Representatives: |
Huitong Bai |
|
Legal Form: |
Joint Stock Company |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2012-10-29 |
|
3 |
|
|
Registered Name: |
Duo Yi Li Co., Ltd (Literal Translation) |
|
Registered Address: |
No.293, Sec 1, Shengde Road, Zhongli City,
Taoyuan County, Taiwan |
|
Date of Foundation: |
1997-3-10 |
|
Registration Number: |
97395492 |
|
Registry: |
MOEA Central Office |
|
Registered Capital: |
NTD 46,880,000 (USD 1,593,920) (As of 2014.03, 1 NTD = 0.0340 USD) |
|
Paid-up Capital: |
NTD 15,000,000 (USD 510,000) |
|
Legal Representatives: |
Guangchun Xu |
|
Legal Form: |
Joint Stock Company |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2012-4-24 |
Factory
|
Address: |
No. 2-24, 2-32 Nan Yuan Rd., Chungli City, Taoyuan County 32063,
Taiwan (R.O.C.) |
|
Date of Foundation: |
1985-10-23 |
|
Date of Registration: |
1987-3-19 |
|
Factory Registration Number: |
99623744 |
|
Factory Manager: |
Guangchun Xu |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2011-6-23 |
|
Major Products: |
289 other electrical equipment 293 mechanical equipment |
Southern China
Office
|
Address: |
Room 102, Building 2, Yangguang Garden, Yangmingshan Garden, Chiling
Village, Houjie , Dongguan City, Guangdong Province, China |
|
Tel: |
+86-769-8589-9037/ 8589-9047 |
|
Fax: |
+86-769-8589-3965 |
Related Company
|
Name: |
Jiu Yi Electro-Mechanical Co., Ltd. (Literal Translation) |
|
Address: |
No, 98, Lane 2775, Bao-An Road, Malu Town, Jiading District, Shanghai
City, China |
|
Tel: |
+86-21-6915-8205 |
|
Fax: |
+86-21-6915-8209 |
|
Date of Foundation: |
2001-4-3 |
|
Registration Number: |
310000400261630 |
|
Registered Capital: |
USD 1,230,000 |
|
Legal Representatives: |
Guangchun Xu |
Core Management
Directors
|
1 |
|
|
Name |
Guangchun Xu |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Huirong Baiyang |
|
Position |
Vice president |
|
3 |
|
|
Name |
Junjie Li |
|
Position |
Director |
|
4 |
|
|
Name |
Xinghui Li |
|
Position |
Director |
|
5 |
|
|
Name |
Zhaoming Chen |
|
Position |
Director |
|
6 |
|
|
Name |
Congzhi Jiang |
|
Position |
Director |
|
7 |
|
|
Name |
Qilan Bai |
|
Position |
Director |
|
8 |
|
|
Name |
Junxiong Hong |
|
Position |
Supervisor |
|
9 |
|
|
Name |
Huitong Bai |
|
Position |
Supervisor |
|
10 |
|
|
Name |
Huizhu Wangchen |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 120 Employees |
Offices &
Factories
|
|
Headquarters |
|
Add |
No. 2-22, Nan Yuan Rd., Chungli City, Taoyuan County 32063, Taiwan
(R.O.C.) |
|
Construction Area |
Production
Information
Subject is a manufacturer of motors and other equipment and it is
introduced that subject has passed the certifications of ISO 9001, DNV ISO 9001
and 2008 revision certification.
Purchase
Information
The registered activities of subject:
|
Business Code |
Details |
|
CC01010 |
Manufacture of electricity generateing, power transmission, power
distribution equipment |
|
CC01080 |
Manufacture of electronic components |
|
CC01990 |
Other electrical machine and electro-mechanical devices |
|
F401010 |
International trading business |
|
ZZ99999 |
Besides licensed business, all other business items those are not
banned or restricted. |
Subject purchases both at home and abroad and it is introduced that
subject’s purchasing all depends on the specific condition and customers’
demands.
·
The subject is mainly engaged in sales of motors
·
Subject’s products are both sold in domestic and
overseas market.
·
One of subject’s major customers is Vooner Vacuum
Co.
Major products
|
DC motor |
DC motor unit < 3000HP |
|
DC motor set control system, 16 units in total. 27000HP |
|
|
DC drive controller (imported, Germany ABB) |
|
|
AC motor |
Inverter: 0.5HP~500HP |
|
AC variable control system (vector variable frequency control) |
|
|
AC/DC motor, imported |
|
|
External AC motor and fan |
|
|
AC servo motor and PM motor |
|
|
Fluid machine |
Liquid ring vacuum pump, compressor ( < |
|
Root's blower ( < |
|
|
Centrifugal blower and vacuum system |
|
|
Mechanical booster vacuum pump |
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
Domestic Purchase
|
Terms |
Proportion |
|
|
Raw materials and components |
Cash, T/T |
100% |
Foreign Purchase
|
Terms |
Proportion |
|
|
Raw materials and components |
L/C, T/T |
100% |
Sales
Domestic Markets
|
Terms |
Proportion |
|
|
Motors |
Cash, T/T |
100% |
Export
|
Terms |
Proportion |
|
|
Motors |
L/C, T/T |
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 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 can not 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. Lv |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.13 |
|
|
1 |
Rs.101.17 |
|
Euro |
1 |
Rs.84.59 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.