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Report No. : |
352967 |
|
Report Date : |
11.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
VISION WIDE TECH CO., LTD. |
|
|
|
|
Registered Office : |
No.43, 17th Industrial Rd., Taiping Dist.,
Taichung City 411, (R.O.C.) |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
03.04.1999 |
|
|
|
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Com. Reg. No.: |
16885104 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturing and Sales of CNC Machine. |
|
|
|
|
No. of Employees : |
About 150 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Taiwan |
A1 |
A1 |
|
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. 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.
|
Source
: CIA |
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Company Name: |
|
|
Supplied Name: |
|
|
Trading Address: |
No.43, 17th
Industrial Rd., Taiping Dist., Taichung City 411, Taiwan (R.O.C.) |
|
Supplied Address: |
|
|
Telephone Number: |
+886-4-2271-2000 |
|
Fax Number: |
|
|
E-mail: |
Notes: Subject’s exact name and address are as
above. Subject did not explain the supplied address.
Subject was incorporated
on 1999-4-3 with registered number 16885104
as Joint Stock Company in Taiwan.
Change of Name
|
Former Chinese Name: |
喬崴進科技有限公司 |
|
Current Chinese Name: |
喬崴進科技股份有限公司 |
Factory
|
Address: |
No.43, 17th Industrial Rd., Taiping Dist., Taichung
City 411, Taiwan (R.O.C.) |
|
Date of Registration: |
2007-8-23 |
|
Factory Registration Number: |
99704423 |
|
Factory Manager: |
Shengxun Hong |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2012-3-14 |
|
Major Products: |
291 Machinery and equipment for processing of metal |
Major Shareholders
|
Name |
Subscription Shares |
|
Shengxun Hong |
1,347,374 |
|
Songjiang Chen |
2,624,112 |
|
Zheyu Chen |
1,316,672 |
|
Ruikun Jiang |
320,000 |
|
Shuyue Li |
2,804,533 |
|
Xiaotong Zhang |
1,448,055 |
|
Yancheng Chen |
200,000 |
|
Singapore Shangjunyuan Holding Co., Ltd.
(Literal Translation) |
2,000,000 |
|
Shumei He |
1,064,762 |
Core Management
Directors
|
1 |
||
|
Name |
Shengxun Hong |
|
|
Position |
Board Chairman |
|
|
2 |
||
|
Name |
Songjiang Chen |
|
|
Position |
Director |
|
|
3 |
||
|
Name |
Zheyu Chen |
|
|
Position |
Director |
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|
4 |
||
|
Name |
Ruikun Jiang |
|
|
Position |
Deputy Chairman |
|
|
5 |
||
|
Name |
Shuyue Li |
|
|
Position |
Director |
|
|
6 |
||
|
Name |
Xiaotong Zhang |
|
|
Position |
Director |
|
|
7 |
||
|
Name |
Luohui Huang |
|
|
Position |
Director |
|
|
8 |
||
|
Name |
Yancheng Chen |
|
|
Position |
Director |
|
|
8 |
||
|
Name |
Lin Pang |
|
|
Position |
Director |
|
|
8 |
||
|
Name |
Shumei He |
|
|
Position |
Supervisor |
|
Personnel Structure
|
Total Employees |
About 150 Employees |
Offices & Factories
|
|
Headquarters |
|
Add |
No.43, 17th Industrial Rd., Taiping Dist., Taichung City 411, Taiwan
(R.O.C.) |
|
Construction Area |
Production Information
Subject is engaged in manufacturing of CNC machine, etc.
Subject has a factory in Taiwan for production.
It is introduced that subject obtained the certification and awards as
following:
|
1 |
TAIWAN EXCELLENCE 2012 (SF SERIES) |
|
2 |
TAIWAN EXCELLENCE 2011 (NF SERIES) |
|
3 |
TAIWAN EXCELLENCE 2008 (VH SERIES) |
|
4 |
ISO 9001 : 2008 (certificated by TÜV Nord) |
|
5 |
ISO 14001 : 2004 (certificated by BUREAU VERITAS) |
|
6 |
Machinery Directive: 2006/42/EC |
|
7 |
Electrical Safety: EN60204-1:2006 |
|
8 |
Low Voltage: 2004/108/EC |
|
9 |
Electromagnetic Compatibility |
|
10 |
2004/108/EC |
|
11 |
Electromagnetic Compatibility: 2004/108/EC certificated by
Safenet(U.K.) |
|
12 |
CE |
Purchase Information
The registered activities of subject:
|
Business Code |
Details |
|
CB01010 |
Manufacturing of machinery and equipment. |
|
CC01010 |
Manufacturing of related equipment for machinery for electricity
generation, electricity transmission. |
|
F113010 |
Wholesales of machinery. |
|
F113030 |
Wholesales of precise instrument. |
|
F113070 |
Wholesales of telecommunication equipment. |
|
F401010 |
International trading business. |
The components and raw materials for production are purchased both at
home and abroad.
Subject is engaged in sale of CNC machine, etc.
The major products of the subject are High Efficiency Machining, Rigid
Heavy Cutting, Moving Beam/ Fixed Beam 5-Face Machining, High Performance
5-Axis Machining Center, Portal Milling Machine and so on.
The major sales regions of the subject are Taiwan, the Mainland of
China, Japan, Korea, India, U.S.A., Canada, Australia, Mexico, Brazil, Africa,
Europe and etc.
It is introduced that subject has distributors in many countries of
Asia, America, Europe, Africa, etc.
Subject’s major customers are manufacturers of metal products, such as
molds etc.
It is introduced that subject’s products are applied to manufacturing
and processing of plastic, aerospace, power generation and automotive and etc.
It is introduced that subject has its own brand named “Vision Wide”.
Import and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
Domestic Purchase
|
Products |
Components and raw materials |
|
Payment Terms |
Cash, T/T and etc |
Import
|
Products |
Components and raw materials |
|
Payment Terms |
L/C, T/T and etc |
Sales
Domestic Markets
|
Product |
CNC machine, etc. |
|
Selling Terms |
Cash, T/T and etc |
Export
|
Product |
CNC machine, etc. |
|
Selling Terms |
L/C, T/T and etc |
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.
We obtained the following financial information
of the subject from our database for your reference:
Unit: NTD/000
|
|
2013-12-31 |
2012-12-31 |
|
Current assent |
|
|
|
Cash and cash equivalents |
47,804 |
112,730 |
|
Notes receivable |
2,741 |
11,560 |
|
Receivables |
100,328 |
53,093 |
|
Other receivable |
9,649 |
5,287 |
|
Inventories |
491,474 |
379,906 |
|
Prepayment and other current assets |
11,244 |
5,980 |
|
Deferred income tax asset-current |
1,979 |
-- |
|
Restricted current assets |
19,517 |
16,539 |
|
Total current assets |
684,736 |
585,095 |
|
Funds and investment |
|
|
|
Financial assets in available- non-current |
305 |
305 |
|
Long term investments under equity method |
51,296 |
55,364 |
|
Total funds and investments |
51,601 |
55,669 |
|
Fixed assets |
|
|
|
Cost |
|
|
|
Land |
201,406 |
201,406 |
|
Building |
63,775 |
63,481 |
|
Machinery and equipment |
41,560 |
39,236 |
|
Transportation equipment |
9,326 |
6,446 |
|
Office equipment |
19,275 |
17,698 |
|
Other facilities |
43,546 |
37,946 |
|
Total cost |
378,888 |
366,213 |
|
Reduce: Accumulated depreciation |
-86,890 |
-76,873 |
|
Prepayment for lands |
41,590 |
-- |
|
Net total fixed assets |
333,588 |
289, 340 |
|
Other assets |
|
|
|
Refundable deposits |
2,963 |
1,104 |
|
Unamortized costs |
3,950 |
3,310 |
|
Deferred income tax assets-non-current |
1,758 |
-- |
|
Total other assets |
8,671 |
4,414 |
|
Total assets |
1,078,596 |
934, 518 |
|
Liabilities |
|
|
|
Current liabilities |
|
|
|
Short-term borrowing |
246,030 |
166,463 |
|
Notes payable |
78,712 |
55,910 |
|
Accounts payable |
193,324 |
211,321 |
|
Income tax payable |
3,213 |
4,816 |
|
Accrued expenses |
38,532 |
34,816 |
|
Long term borrowing- current portion |
18,773 |
16,349 |
|
Advance receipts |
92,969 |
67,682 |
|
Other current liabilities |
4,950 |
621 |
|
Total current liabilities |
676,503 |
557,978 |
|
Long-term liabilities |
|
|
|
Long-term borrowing |
120,304 |
119,897 |
|
Lease payable-non-current |
313 |
413 |
|
Total long-term liabilities |
120,617 |
120,310 |
|
|
|
|
|
Other-other liabilities |
3,551 |
-- |
|
Total other liabilities |
3,551 |
-- |
|
Total liabilities |
800,671 |
678,288 |
|
Shareholders’ equity |
|
|
|
Capital stock |
240,000 |
210,000 |
|
Retained earnings |
|
|
|
Legal reserve |
14,620 |
11,097 |
|
Unappropriated retained earnings |
23,763 |
35,754 |
|
Other shareholder’s equity items |
|
|
|
Cumulative translation adjustments |
-63 |
-226 |
|
Unrealized gain or loss on financial investments |
-395 |
-395 |
|
Total shareholder’s equity |
277,925 |
256, 230 |
|
Total shareholder’s equity and liabilities |
1,078,596 |
934,518 |
Unit: NTD/000
|
|
2013 |
2012 |
|
Operating income |
|
|
|
Sales |
1,194,455 |
1,171,215 |
|
Reduce: sales returns |
-203 |
-43 |
|
Reduce: sales discounts and allowances |
-1,289 |
-1,558 |
|
Net operating income |
1,192,963 |
1,169,614 |
|
Operating cost |
-957,634 |
-940,351 |
|
Gross income from operation |
235,329 |
229,263 |
|
Operating expenses |
-197,911 |
-182,759 |
|
Gains on operating |
37,418 |
46,504 |
|
Non-operating income and gains |
|
|
|
Interest income |
213 |
124 |
|
Investments income on equity-method |
654 |
2,253 |
|
Other income |
3,864 |
1,160 |
|
Total non-operating income and gains |
4,731 |
3,537 |
|
Total non-operating expenses and loss |
|
|
|
Interest expenses |
-6,672 |
-6,608 |
|
Investments loss recognizated under equity method |
-8,437 |
-- |
|
Other loss |
- |
-750 |
|
Total non-operating income and loss |
-15,109 |
-7,358 |
|
Income before tax |
27,040 |
42, 683 |
|
Income tax expenses |
-4,008 |
-7, 451 |
|
Net profit |
23,032 |
35,232 |
|
1 |
|
|
Name |
Chang Hwa Commercial Bank, Ltd, Nan-Taichung Branch |
|
2 |
|
|
Name |
Mega International Commercial Bank. Co., Ltd |
Mortgage
|
1 |
|
|
Case Type: |
Chattel Mortgage |
|
Registered Number: |
60-102-424-1(26475) |
|
Name of Buyer: |
Vision Wide Tech Co., Ltd. |
|
Registry: |
Directorate-General of Highways, MOTC |
|
Name of Seller: |
Taiwan Binshi Zirong Investment Co., Ltd.
(Literal Translation) |
|
Date of Registration: |
2013-9-23 |
|
Amount of Secure Claims: |
NTD 2,880,000 |
|
Type of Mortgage: |
Large heavy machinery, bike, trailer and car |
|
2 |
|
|
Case Type: |
Chattel Mortgage |
|
Registered Number: |
60-101-424-1(27924) |
|
Name of Buyer: |
Vision Wide Tech Co., Ltd. |
|
Registry: |
Directorate-General of Highways, MOTC |
|
Name of Seller: |
Central Motor Co., Ltd. |
|
Date of Registration: |
2012-11-1 |
|
Amount of Secure Claims: |
NTD 1,200,000 |
|
Type of Mortgage: |
Large heavy machinery, bike, trailer and car |
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.79 |
|
|
1 |
Rs.101.37 |
|
Euro |
1 |
Rs.73.46 |
|
TWD |
1 |
Rs.2.04 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
HEE |
|
|
|
|
Report Prepared
by : |
NIT |
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.