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Report No. : |
352354 |
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Report Date : |
03.12.2015 |
IDENTIFICATION DETAILS
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Name : |
HONG HWA ELECTRIC CO., LTD. |
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Registered Office : |
No. 6, Alley 9, Lane 81, Sec. 2, Tan Fu Rd.,
Tanzi Dist., Taichung City 427 |
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Country : |
Taiwan |
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Date of Incorporation : |
02.09.1985 |
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Com. Reg. No.: |
05693044 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacturing and sales of household appliances |
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No. of Employee : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 : |
Slow but correct |
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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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Taiwan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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. 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. However, follow-on components of the ECFA, including a signed agreement on trade in services and negotiations on trade in goods and dispute resolution, have stalled. In early 2014, the government bowed to public demand and proposed a new law governing the oversight of cross-Strait agreements, before any additional deals with China are implemented; the legislature has yet to vote on such legislation, leaving the future of ECFA up in the air as President MA enters his final full year in office. MA has portrayed ECFA as Taiwan’s key to greater participation in East Asia’s free trade networks.
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 expected to account for nearly 20% of the island's total population by 2025.
The island runs a trade surplus, largely because of its surplus with China, and its foreign reserves are the world's fifth largest, behind those of China, Japan, Saudi Arabia, 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, the Taiwan Central Bank signed a memorandum of understanding (MOU) 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 has helped Taiwan develop into a local RMB hub.
Closer economic links with the mainland bring greater opportunities for Taiwan’s economy but also pose new challenges as the island becomes more economically dependent on China at a time when political differences remain unresolved. During 2014, the press paid increasing attention to domestic economic issues, while pushing aside the debates over trade liberalization that were a hallmark of MA’s tenure. The media focused on the divide between Taiwan’s “haves” and “have nots,” providing extensive coverage of public frustration with stagnant wages, skyrocketing housing prices, and the difficulty of finding decent entry-level jobs.
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Source
: CIA |
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Company Name: |
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Supplied Name: |
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Trading Address: |
No. 6, Alley 9, Lane 81, Sec. 2, Tan Fu Rd.,
Tanzi Dist., Taichung City 427, Taiwan (R.O.C.) |
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Supplied Address: |
"No.6 ALLEY 9, LANE 81, SEC.2, TAN FU
ROAD TAN TZE HSIANG, TAICHUNG HSIEN TAIWAN. R.O.C |
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Telephone Number: |
+886-4-2533-4106 |
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Fax Number: |
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Email: |
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Registered Name: |
HONG HWA
ELECTRIC CO., LTD. |
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Registered Address: |
No. 6, Alley 9, Lane 81, Sec. 2, Tan Fu Rd., Tanzi Dist., Taichung City
427, Taiwan (R.O.C.) |
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Date of Foundation: |
1985-9-2 |
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Registration Number: |
05693044 |
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Registry: |
Taichung City Government |
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Registered Capital: |
(As of 2015.12, 1 NTD = 0.0310 USD) |
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Paid-up Capital: |
NTD 20,000,000 (USD 620,000) |
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Legal Representatives: |
Zhenlu Lin |
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Legal Form: |
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Principal Activities: |
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Staff: |
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Listed at Stock Exchange: |
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Date of Last
Annual Return: |
Note: Subject declined to disclose the number of
staff, and from other source we cannot obtain the information, either.
Subject was incorporated on 1985-9-2 with registered
number 05693044 as Joint Stock Company in Taiwan.
Factory
|
Address: |
No. 6, Alley 9, Lane 81, Sec. 2, Tan Fu Rd., Tanzi Dist., Taichung City
427, Taiwan (R.O.C.) |
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Date of
Foundation: |
1986-10-27 |
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Date of Registration: |
1987-3-21 |
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Factory
Registration Number: |
99641918 |
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Factory Manager: |
Zhenlu Lin |
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Status: |
In Production |
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Date of Last Annual Return: |
2003-2-25 |
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Major Products: |
285 household appliances 284 lighting equipment 281 electricity
generation and transmission power machinery |
Major Shareholders
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Name |
Subscription Shares |
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Zhenlu Lin |
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10,304 |
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Lifei Chen |
4,848 |
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Mufa Chen |
2,424 |
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Zhenhui Lin |
2,424 |
Core Management
Directors
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1a |
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Name |
Zhenlu Lin |
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Position |
Chairman of the
Board |
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2 |
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Name |
Lifei Chen |
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Position |
Director |
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3 |
||
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Name |
Mufa Chen |
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Position |
Director |
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4 |
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Name |
Zhenhui Lin |
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Position |
Supervisor |
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Offices &
Factories
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|
Headquarters |
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Add |
No. 6, Alley 9, Lane 81, Sec. 2, Tan Fu Rd., Tanzi Dist., Taichung City
427, Taiwan (R.O.C.) |
Production Information
l
Subject is engaged in manufacturing of household appliances,
etc.
l
Subject has a factory in Taiwan for production.
Purchase Information
l
The registered activities of subject:
|
No. |
Details |
|
1 |
Manufacturing, processing and sale of kinds of electric
fans, fan motors, desk fans, rotating fans, hot fans, household electric
fans, ventilating fans, heater, juice machines, lighting lamps, etc. |
|
2 |
Manufacturing, processing and sale of kinds of
motor assembly. |
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3 |
Manufacturing, processing and sale of audio
equipment like radios, recorders and speakers, etc. |
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4 |
Manufacturing, processing and sale of electronic
communications bulb, light bulb, protector, lightning arrester, terminal
board, electronic watch and electronic clock. |
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5 |
Investment, import and export of the above
related business. |
l
The components and raw materials for production are
mainly purchased at domestic market.
l Subject is engaged
in sale of household appliances, etc.
l
The major products are electric fans including
stand fan, desk fans, rotating fans, wall fans, AC motors, etc.
l
It is introduced that subject only sells its
products in Taiwan local market.
l
Subject’s major customers are household appliance
stores, supermarkets, and wholesalers of household appliances, etc.
Import and export
right:
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Import right |
Yes |
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Export right |
Yes |
Purchase
1.
Domestic Purchase
|
Products |
Components and
raw materials |
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Payment Terms |
T/T, Cash, etc. |
2.
Import
Subject has little import.
1.
Domestic Markets
|
Product |
Household appliances, etc. |
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Selling Terms |
T/T, Cash, etc. |
2.
Export
Subject has little
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 declined to disclose its financials citing the
grounds of company’s confidentiality; from other sources we could not obtain
such information, either.
Subject declined
to disclose its bank details; from other source we could 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.
Interview Details
|
Name |
Ms. Chen |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.62 |
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UK Pound |
1 |
Rs.100.34 |
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Euro |
1 |
Rs.70.67 |
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TWD |
1 |
Rs. 2.03 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
ASH |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.