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Report No. : |
322704 |
|
Report Date : |
21.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
CUTES CORPORATION |
|
|
|
|
Registered Office : |
No. 2-22, Nan Yuan Rd., Zhongli Dist., Taoyuan City 320 |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Date of Incorporation : |
11.11.1978 |
|
|
|
|
Com. Reg. No.: |
12200469 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturing and sales of machinery and
equipment |
|
|
|
|
No. of Employees : |
About 120 Employees |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Taiwan |
A2 |
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, 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. However, negotiations on follow-on components of ECFA, including an agreement on trade in services, deals on trade in goods, and dispute resolution—have stalled. In early 2014, the government bowed to public demand for 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 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 fourth largest, behind those of China, Japan, 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. 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 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 the Taiwan 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 entry-level jobs.
|
Source
: CIA |
|
Company Name: |
|
|
Supplied Name: |
|
|
Trading Address: |
No. 2-22, Nan
Yuan Rd., Zhongli Dist., Taoyuan City 320, Taiwan (R.O.C.) |
|
Supplied Address: |
|
|
Telephone Number: |
+886-3-452-6161/462-8081 |
|
Fax Number: |
|
|
E-mail: |
Notes:
The
exact name and address is as above. The supplied address is not complete.
Subject was
incorporated on 1978-11-11 with registered number 12200469 as Joint Stock Company in Taiwan.
Factories
|
1 |
|
|
Address: |
No.2-22,
Nanyuan Rd., Zhongyi Li, Zhongli Dist., Taoyuan City, Taiwan. |
|
Date
of Foundation: |
1969-01-01 |
|
Date
of Registration: |
1981-01-17 |
|
Factory
Registration Number: |
99623746 |
|
Factory Manager: |
Zhaoming
Chen |
|
Status: |
In
Production |
|
Date of Last Annual Return: |
2014-05-27 |
|
Major Products: |
281
Electricity generation, transmission and distribution machinery 293
General machinery equipment |
|
2 |
|
|
Name: |
The 2nd Factory |
|
Address: |
No.2-24,
2-32, Nanyuan Rd., Zhongyi Li, Zhongli Dist., Taoyuan City, Taiwan. |
|
Date
of Foundation: |
1985-10-23 |
|
Date
of Registration: |
1987-03-19 |
|
Factory
Registration Number: |
99623744 |
|
Factory Manager: |
Zhaoming
Chen |
|
Status: |
In
Production |
|
Date of Last Annual Return: |
2014-05-27 |
|
Major Products: |
289
Other electrical equipment 293
General machinery equipment |
Group Companies
|
1 |
|
|
Name: |
Cutes
(Zhejiang) Corporation |
|
Address: |
No,
588, Chuangye Road, Xindai Town, Pinghu City, Zhejiang, China |
|
Tel: |
+86-573-8560-9911 |
|
Fax: |
+86-573-8560-1093 |
|
2 |
|
|
Name: |
South
China Branch |
|
Address: |
Room
202, Building 8, Yangguang Garden, Yangmingshan Garden, Chiling Village, Houjie,
Dongguan City, Guangdong Province, China |
|
Tel: |
+86-768-8589-9037/0769-8589-9047 |
|
Fax: |
+86-769-8589-3965 |
Major Shareholders
|
Name |
Subscription Shares |
|
Zhaoming Chen |
|
|
1,061,654 |
|
|
Kaiyang
Investment Company Ltd. (Literal Translation) |
1,951,206 |
|
Qilan
Bai |
1,334,870 |
|
Wangwenhua
Co., Ltd (Literal
Translation) |
2,107,900 |
|
Shunxiong
Shao |
244,698 |
|
A-Zpro
Corporation |
1,167,819 |
|
Jinyu
Investment Company Ltd. |
1,198,949 |
Shareholders’
Information:
|
1 |
|
|
Registered Name: |
Jinyu
Investment Company Ltd. (Literal Translation) |
|
Registered Address: |
3/F, No.24, Lane 30, Xinghua Rd., Nangang Dist.,
Taipei City, Taiwan. |
|
Date of Foundation: |
2009-11-25 |
|
Registration Number: |
24482864 |
|
Registry: |
Taipei City Government |
|
Registered Capital: |
NTD 29,980,000 (USD 974,350) (As of 2015.5, 1 NTD = 0.0325 USD) |
|
Paid-up Capital: |
NTD 29,980,000 (USD 974,350) |
|
Legal Representatives: |
Huitong Bai |
|
Legal Form: |
Joint Stock Company |
|
Date of Last Annual Return: |
2012-10-29 |
|
2 |
|
|
Registered Name: |
A-Zpro Corporation |
|
Registered Address: |
No.293, Sec.1, Shengde Rd., Neicuo Li, Zhongli
Dist., Taoyuan City, Taiwan. |
|
Date of Foundation: |
1997-03-10 |
|
Registration Number: |
97395492 |
|
Registry: |
MOEA Central Office |
|
Registered Capital: |
NTD 46,880,000 (USD 1,523,600) (As of 2015.5, 1 NTD = 0.0325 USD) |
|
Paid-up Capital: |
NTD 15,000,000 (USD 487,500) |
|
Legal Representatives: |
Guangchun Xu |
|
Legal Form: |
Joint Stock Company |
|
Date of Last Annual Return: |
2012-04-24 |
|
3 |
|
|
Registered Name: |
Wangwenhua Co., Ltd. (Literal Translation) |
|
Registered Address: |
2/F., No.5, Lane 78, Huaide Street, Beitou Dist., Taipei
City, Taiwan. |
|
Date of Foundation: |
2012-11-30 |
|
Registration Number: |
53955460 |
|
Registry: |
Taipei City Government |
|
Registered Capital: |
NTD 29,800,000 (USD 968,500) (As of 2015.5, 1 NTD = 0.0325 USD) |
|
Legal Representatives: |
Yuyan Li |
|
Legal Form: |
Private Limited Liability Company |
|
Date of Last Annual Return: |
2014-12-30 |
|
4 |
|
|
Registered Name: |
Kaiyang Investment Company Ltd. (Literal Translation) |
|
Registered Address: |
No.289, Rongmin Rd., Zhongli Dist., Taoyuan City, Taiwan. |
|
Date of Foundation: |
1999-03-12 |
|
Registration Number: |
16871256 |
|
Registry: |
MOEA Central Office |
|
Registered Capital: |
NTD 58,880,000 (USD 1,913,600) (As of 2015.5, 1 NTD = 0.0325 USD) |
|
Paid-up Capital: |
NTD 58,880,000 (USD 1,913,600) |
|
Legal Representatives: |
Guangchun Xu |
|
Legal Form: |
Joint Stock Company |
|
Date of Last Annual Return: |
2011-08-26 |
Core Management
Directors
|
1 |
||
|
Name |
Zhaoming
Chen |
|
|
Position |
Chairman
of the Board |
|
|
2 |
||
|
Name |
Xinghui
Li |
|
|
Position |
Vice
Chairman of the Board |
|
|
3 |
||
|
Name |
Qilan
Bai |
|
|
Position |
Director |
|
|
4 |
||
|
Name |
Guangchun
Xu |
|
|
Position |
Director |
|
|
5 |
||
|
Name |
Junxiong
Hong |
|
|
Position |
Director |
|
|
6 |
||
|
Name |
Zongzhi
Jiang |
|
|
Position |
Director |
|
|
7 |
||
|
Name |
Shunxiong
Shao |
|
|
Position |
Director |
|
|
8 |
||
|
Name |
Junjie
Li |
|
|
Position |
Supervisor |
|
|
9 |
||
|
Name |
Shixiong
Lin |
|
|
Position |
Supervisor |
|
|
10 |
||
|
Name |
Huitong
Bai |
|
|
Position |
Supervisor |
|
Personnel
Structure
|
Total
Employees |
About
120 Employees |
Offices
& Factories
|
|
Headquarters |
|
Add |
No. 2-22, Nan Yuan Rd., Zhongli Dist., Taoyuan City 320, Taiwan |
Production
Information
Subject
is engaged in manufacturing of machinery and equipment
Subject
has factories in Taiwan for production.
Subject
obtained the certification of ISO 9001.
Purchase Information
The
registered activities of subject:
|
Business
Code |
Details |
|
CC01010 |
Manufacturing
Electricity generation, transmission and distribution machinery |
|
CB01010 |
Machinery
and equipment manufacturing |
|
F401010 |
International
Trade |
|
ZZ99999 |
Besides
licensed business, all other business items those are not banned or
restricted. |
The
components and raw materials for production are purchased from both home and
abroad.
It
is introduced that the copper pieces for machine are mainly purchased from
Japan.
Subject is engaged in sale of machinery and
equipment
The
major products are Inverter/AC Motor Driver, DC Motor, AC/DC Control System,
Vacuum Pumps & Compressors, Root’s Blower, External Motor & Fans, AC
Induction Servo Motor and so on.
Subject’s
sales regions include domestic market, Korea, India, Russia, United States,
Canada, Australia
The
products of subject are mainly applied for machine tools, cranes, blowers and
water pumps
Subject’s
major customers are industrial and agricultural products stores, cars
manufacturers, electrical machinery manufacturers
Some
agent information of subject listed as below for your reference:
|
1 |
|
|
Name: |
Company
S.R.L. |
|
Address: |
L.
N. ALEM 3346, Buenos Aires, Argentina |
|
2 |
|
|
Name: |
Comfort
Reliance Eng. Co. Ltd |
|
Address: |
3
Erehthiou Str., 2nd Floor, Strovolos P.O. Box 28297, 2092 Nicosia-Cyprus |
|
3 |
|
|
Name: |
PT
Duta Teknik |
|
Address: |
Jl.
Tanah Pasir No. 45C (Samping Gedong Panjang) Jakarta -Utara. Indonesia |
|
4 |
|
|
Name: |
Devanshi
Electronics Pvt. Ltd. |
|
Address: |
F-40,
Nanddham Ind. Est., Marol Maroshi Rd., Andheri (E), Mumbai - 59, India |
|
5 |
|
|
Name: |
New
West Technologies - NWT |
|
Address: |
Suite
#19, 5th Floor Landmark Plaza, 5/6 Jail Road Lahore Pakistan |
|
6 |
|
|
Name: |
Ashoor
Electric Motors |
|
Address: |
P.O.
Box 6755, Jeddah 21452, Saudi Arabia |
|
7 |
|
|
Name: |
Control
Electric Co. |
|
Address: |
First
Industrial Road, P.O. Box 40483 SHARJAH - U.A.E. |
|
8 |
|
|
Name: |
Linh
Mau Company Limited |
|
Address: |
105
Xuan Hong St., Ward 12, Tan Binh. Dist, HCMC Vietnam |
|
9 |
|
|
Name: |
Soluciones
Industriales |
|
Address: |
Calle
2 #7 Los Cajuiles Santiago Rep. Dom. |
Import
and export right:
|
Import
right |
Yes |
|
Export
right |
Yes |
Purchase
Domestic
Purchase
|
Productsz |
Raw materials |
|
Payment Terms |
T/T, Cash |
Import
|
Products |
Raw materials |
|
Payment Terms |
L/C, T/T |
Domestic
Markets
|
Product |
Machinery and equipment |
|
Selling Terms |
T/T, Cash |
Export
|
Product |
Machinery and equipment |
|
Selling Terms |
L/C, T/T |
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.
|
Name |
Mega
International Commercial Bank |
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 |
Mr. Chen |
|
Department |
Sales Department |
|
E-mail |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.87 |
|
UK Pound |
1 |
Rs.98.89 |
|
Euro |
1 |
Rs.70.73 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
VNT |
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.