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MIRA INFORM REPORT
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Report No. : |
497034 |
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Report Date : |
15.03.2018 |
IDENTIFICATION DETAILS
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Name : |
LU CHU SHIN YEE WORKS CO., LTD. |
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Registered Office : |
No.46, Shin Ming Rd., Luzhu Dist., Kaohsiung City 821, Taiwan (R.O.C.) |
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Country : |
Taiwan |
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Date of Incorporation : |
30.12.1968 |
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Com. Reg. No.: |
88342707 |
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Legal Form : |
Joint Stock
Company |
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Line of Business : |
Manufacturing and sale of fastener nuts |
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No. of Employees : |
400 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Taiwan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
TAIWAN -
ECONOMIC OVERVIEW
Taiwan has a dynamic capitalist economy that is driven largely by industrial manufacturing, and especially exports of electronics, machinery, and petrochemicals. This heavy dependence on exports exposes the economy to fluctuations in global demand. Taiwan's diplomatic isolation, low birth rate, rapidly aging population, and increasing competition from China and other Asia Pacific markets are other major long-term challenges.
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 of that year, 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 uncertain. President TSAI since taking office in May 2016 has promoted greater economic integration with South and Southeast Asia through the New Southbound Policy initiative and has also expressed interest in Taiwan joining the Trans-Pacific Partnership as well as bilateral trade deals with partners such as the US. These overtures have likely played a role in increasing Taiwan’s total exports, which rose 11% during the first half of 2017, buoyed by strong demand for semiconductors.
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 with many economies, including China and the US, 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 and has also secured greater market access for its investors on 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 renminbi (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 opportunities for Taiwan’s economy but also pose challenges as political differences remain unresolved and China’s economic growth is slowing. President TSAI’s administration has made little progress on the domestic economic issues that loomed large when she was elected, including concerns about stagnant wages, high housing prices, youth unemployment, job security, and financial security in retirement. TSAI has made more progress on boosting trade with South and Southeast Asia, however, which may help insulate Taiwan’s economy from a fall in mainland demand should China’s growth slow in 2018.
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Source : CIA |
Company
name and address
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Company Name: |
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Supplied Name: |
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Trading Address: |
No.46, Shin Ming
Rd., Luzhu Dist., Kaohsiung City 821, Taiwan (R.O.C.) |
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Supplied Address: |
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Telephone Number: |
+886-7-696-4211~8 |
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Fax Number: |
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E-mail: |
Notes:
The exact name and address are as above.
Company
Identification Details
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Registered Name: |
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Registered Address: |
No.46, Shin Ming Rd., Luzhu Dist., Kaohsiung City
821, Taiwan (R.O.C.) |
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Date of Foundation: |
1968-12-30 |
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Registration Number: |
88342707 |
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Registry: |
Economic Development Board of Kaohsiung City
Government |
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Registered Capital: |
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Paid-up Capital: |
NTD 360,000,000 (USD 12,240,000) |
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Legal Representatives: |
Renzhe Cai |
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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: |
History
Subject was
incorporated on 1968-12-30 with registered number 88342707 as Joint Stock Company in Taiwan.
Corporate
Structure
Factories
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1 |
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Address: |
No.46, Shin Ming Rd., Yaliao Li, Luzhu Dist.,
Kaohsiung City 821, Taiwan (R.O.C.) |
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Date
of Foundation: |
1990-12-31 |
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Date
of Registration: |
1990-12-31 |
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Factory
Registration Number: |
99664269 |
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Factory Manager: |
Renzhe
Cai |
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Status: |
In
Production |
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Date of Last Annual Return: |
2010-6-14 |
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Major Products: |
259
Other metal products 293
General machinery equipment |
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2 |
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Name: |
The 2nd Factory |
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Address: |
No.667,
Fuxing Rd., Yaliao Li, Luzhu Dist., Kaohsiung
City 821, Taiwan (R.O.C.) |
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Date
of Foundation: |
1990-12-31 |
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Date
of Registration: |
1990-12-31 |
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Factory
Registration Number: |
99664440 |
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Factory Manager: |
Renzhe
Cai |
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Status: |
In
Production |
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Date of Last Annual Return: |
2016-2-22 |
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Major Products: |
259
Other metal products |
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3 |
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Name: |
The 3rd Factory |
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Address: |
No.19,
Ln.232, Zhongzheng Rd., Luzhu Dist., Kaohsiung
City 821, Taiwan (R.O.C.) |
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Date
of Registration: |
2008-12-8 |
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Factory
Registration Number: |
99712330 |
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Factory Manager: |
Renzhe
Cai |
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Status: |
In
Production |
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Date of Last Annual Return: |
2010-6-14 |
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Major Products: |
259
Other metal products |
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4 |
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Name: |
The 6th Factory |
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Address: |
No.13,
Ln.232, Zhongzheng Rd., Zhunan Li, Luzhu Dist., Kaohsiung City 821, Taiwan (R.O.C.) |
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Date
of Foundation: |
1990-12-31 |
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Date
of Registration: |
1990-12-31 |
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Factory
Registration Number: |
99662653 |
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Factory Manager: |
Renzhe
Cai |
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Status: |
In
Production |
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Date of Last Annual Return: |
2010-6-14 |
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Major Products: |
259
Other metal products |
Related Companies
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1 |
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Name
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Suzhou
Zhong Xin Precision Industry Co.,Ltd. |
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Address
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No.56,
Jinjiang Rd., Shengpu Branch, Industrial Park, Suzhou, China |
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Telephone
Number |
+86-512-6760-3081 |
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Contact
Person |
+86-512-67605909 |
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Email |
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2 |
|
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Name
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Rosario
Fasteners Corporation |
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Address
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Philippine
Economic Zone Authority Rosario, Cavite, Philippines 4106 Philippines |
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Telephone
Number |
+63-46-437-2015 |
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Contact
Person |
+63-46-437-2019 |
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Email |
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3 |
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Name
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Philshin
Works Corporation |
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Address
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Amaya
1, Tanza, Cavite, Philippines |
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Telephone
Number |
+63-46-437-1851 |
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Contact
Person |
+63-46-437-1853 |
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Email |
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Shareholders
Major
Shareholders
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Name |
Subscription Shares |
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Renzhe Cai |
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3,831,789 |
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Hejie
Ye |
2,169,039 |
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Wusong
Cai |
1,936,562 |
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Shoushui
Yan |
187,828 |
Management
Information
Core
Management
Directors
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1 |
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Name |
Renzhe
Cai |
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Position |
Chairman
of the Board & Manager |
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Date
of Appointment for Manager: |
1998-5-16 |
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2 |
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Name |
Hejie
Ye |
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Position |
Director |
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3 |
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Name |
Wusong
Cai |
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Position |
Director |
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4 |
||
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Name |
Shoushui
Yan |
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Position |
Supervisor |
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Personnel
Structure
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Total
Employees |
About
400 Employees |
Operation
Information
Offices
& Factories
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|
Headquarters |
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Add |
No.46, Shin Ming
Rd., Luzhu Dist., Kaohsiung City 821, Taiwan (R.O.C.) |
Production
Information
Subject
is engaged in manufacturing of fastener nuts, etc.
Subject
has factories in Taiwan for production.
Subject
obtained the certifications of ISO 9001, ISO 9002, ISO/TS 16949, etc.
Purchase
Information
The
registered activities of subject:
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Business
Code |
Details |
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-- |
Manufacturing,
processing, trading of screw, nut, bag cap, polished steel bar and rod, wire |
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-- |
Manufacturing,
processing, trading of shot iron, flat iron, angle iron, groove iron, section
steel, rebar |
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Manufacturing,
processing, trading of cold forging and hot forging of hydraulic pressure and
vapor pressure system |
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Manufacturing,
processing, trading of machinery and parts tools |
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Import
and export of above products |
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ZZ99999 |
Besides
licensed business, all other business items those are not banned or
restricted. |
The
raw materials for production are purchased both at home and abroad.
Subject is engaged in sale of fastener nuts,
etc.
The
major products are hex nuts, cap nuts, wing nuts, flange nuts, conical nuts,
wheel nuts, fastener screw
and bolts, etc.
Subject’s
sales regions are domestic market, Southeast Asia, America, Europe, etc.
It
is introduced that subject’s major customers include Wink Fasteners, Inc., Accutite
Fasteners, Inc., and Supply Technologies LLC., etc.
Import
and export right:
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Import
right |
Yes |
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Export
right |
Yes |
Settlements
Purchase
Domestic
Purchase
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Products |
Raw materials, etc. |
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Payment Terms |
T/T, Cash, etc. |
Import
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Products |
Raw materials, etc. |
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Payment Terms |
L/C, T/T, etc. |
Domestic
Markets
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Product |
Fastener nuts, etc. |
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Selling Terms |
T/T, Cash, etc. |
Export
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Product |
Fastener nuts, etc. |
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Selling Terms |
L/C, T/T, etc. |
Financial
Information
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.
Bankers
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Name |
Mega
International Commercial Bank Co., Ltd. |
Public
Record
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.
Special
Note
Interview
Details
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
INR 64.99 |
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|
1 |
INR 90.83 |
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Euro |
1 |
INR 80.58 |
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TWD |
1 |
INR 2.23 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
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Report Prepared
by : |
SYL |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.