MIRA INFORM REPORT

 

 

Report No. :

497621

Report Date :

20.03.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

SITA SYSTEM LTD

 

 

Registered Office :

2F.-1, No.77, Singhua Rd., Nangang District, Taipei City 115, Taiwan (R.O.C.)

 

 

Country :

Taiwan

 

 

Date of Incorporation :

08.07.1999

 

 

Com. Reg. No.:

86845160

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Trading of textiles and garment materials and etc

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

B

 

Credit Rating

Explanation

Rating Comments

B

Medium Risk

Business dealings permissible on a regular monitoring basis

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Taiwan

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

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.

 

Source : CIA

 

COMPANY name AND ADDRESS

 

Company Name:

Sita System Ltd.

Supplied Name:

Sita System Ltd

Trading Address:

2F.-1, No.77, Singhua Rd., Nangang District, Taipei City 115, Taiwan (R.O.C.)

Supplied Address:

2F-1, NO.77, XING HUA ROAD, NANGANG, TAIPEI , TAIWAN

Telephone Number:

+886-2-27839613

Fax Number:

+886-2-27839612

Notes: The exact name and address are as above.

 

 

Company Identification Details

 

Registered Name:

Sita System Ltd.

Registered Address:

2F.-1, No.77, Singhua Rd., Nangang District, Taipei City 115, Taiwan (R.O.C.)

Date of Foundation:

1999-7-8

Registration Number:

86845160

Registry:

Taipei City Government

Registered Capital:

NTD 10,000,000 (USD 300,000)

Legal Representatives:

Enda Liao

Legal Form:

Private Limited Liability Company

Principal Activities:

Trading of textiles and garment materials and etc.

Staff:

N/A

Listed at Stock Exchange:

No

Date of Last Annual Return:

2016-5-24

Notes: Subject declined to disclose its staff number; from other source we cannot obtain the relevant information, either.

 

 

History

 

Subject was incorporated on 1999-7-8 with registered number 86845160 as Private Limited Liability Company in Taiwan.

 

 

Corporate Structure

 

Subject did not introduce whether it has any subsidiaries or branches, from other source we can not obtain the relevant information, either.

 

Shareholders

 

Major Shareholders

(Unit: NTD)

           

Name

Subscription Amount

Enda Liao

6,500,000
 

 

Management Information

 

Core Management

 

Directors

Name

Enda Liao

Position

Director

 

 

Operation Information

 

Offices & Factories

 

 

Headquarters

Add

2F.-1, No.77, Singhua Rd., Nangang District, Taipei City 115, Taiwan (R.O.C.)

 

Production Information

 

·         Subject is a trader of textiles and garment materials and etc without any production activities.

 

Purchase Information

 

The registered activities of subject:

Business Code

Details

F401010

International trading business

F104110

Wholesales of fabric, garment, shoes, caps, umbrellas and garments accessories.

F204110

Retails of of fabric, garment, shoes, caps, umbrellas and garments accessories.

ZZ99999

Besides licensed business, all other business items those are not banned or restricted.

 

·         Subject purchases its products both at home and abroad.

·         It is introduced that subject imports from Southeast Asia, India, Uzbekistan and etc.

 

 

Sales Information

 

·         Subject is engaged in sale of textiles and garment materials and etc.

·         The major products include cotton yarn, cotton fabric, stitch bonded fabric and etc.

·         Subject’s sales regions are mainly in Taiwan and the mainland of China.

·         Subject’s major customers are manufacturers or designers of textile and garment, etc.

 

Import and export right:

Import right

Yes

Export right

Yes

 

 

Settlements

 

Purchase

Domestic Purchase

Products

Textiles and garment materials and etc.

Payment Terms

Cash, T/T and etc.

 

Import

Products

Textiles and garment materials and etc.

Payment Terms

L/C, T/T and etc.

 

Sales

Domestic Markets

Product

Textiles and garment materials and etc.

Selling Terms

Cash, T/T and etc.

 

Export

It is introduced that subject has little export.

 

 

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 Mr. Liao declined to disclose its financials citing the grounds of company’s confidentiality; from other sources we could not obtain such information, either.

 

 

Bankers

 

Subject declined to disclose its bank details; from other source we could not obtain the relevant information, either.

 

Public Record

 

Mortgage

 

Case Type:

Chattel Mortgage

Registered Number:

20-104-424-1(11792)

Debtor Name:

Sita System Ltd.

Registry:

Directorate-General of Highways, MOTC

Name of Mortgagee:

Nuo Men Enterprise Limited (Literal Translation)

Date of Registration:

2015-5-7

Amount of Secure Claims:

NTD 750,000

Type of Mortgage:

Automobile, heavy-duty machine, bicycle and trailer

 

Lawsuit

Up to date of reporting, no existing or latent litigation of the subject has been found.

 

 

Special Note

 

Interview Details

Name

Mr. Liao

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 65.04

UK Pound

1

INR 90.56

Euro

1

INR 79.78

TWD

1

INR 2.24

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

VAR

 

 

Report Prepared by :

KET

                                                


 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

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)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.