MIRA INFORM REPORT

Report No. :	510036
Report Date :	24.05.2018

IDENTIFICATION DETAILS

Name :	CHIA CHIEN INDUSTRIAL CO., LTD.

Registered Office :	No.10, Alley 12, Lane 199, Sanjyun St., Shulin Dist., New Taipei City 238, (R.O.C.)

Country :	Taiwan

Date of Incorporation :	17.01.1980

Com. Reg. No.:	36008982

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturing and sales of motor components

No. of Employees :	Not Available

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory

Payment Behaviour :	Slow but Correct

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

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

Contact Points

Company Name:	Chia Chien Industrial Co., Ltd.
Supplied Name:	CHIA CHIEN INDUSTRIAL CO. LTD.
Trading Address:	No. 22, San Lung St. Su-Lin Dist., New Taipei City, R.O.C.
Supplied Address:	No. 22, San Lung St. Su-Lin Dist New Taipei City, R.O.C.
Telephone Number:	+886-2-2689-2171
Fax Number:	+886-2-2689-1900
E-mail:	chiachien36008982@gmail.com

Notes: The exact name and address are as above.

Company Identification Details

Registered Name:	Chia Chien Industrial Co., Ltd.
Registered Address:	No.10, Alley 12, Lane 199, Sanjyun St., Shulin Dist., New Taipei City 238, Taiwan (R.O.C.)
Date of Foundation:	1980-01-17
Registration Number:	36008982
Registry:	New Taipei City Government
Registered Capital:	NTD 29,360,000 (USD 968,880) (As of 2018.5, 1 NTD = 0.033 USD)
Legal Representatives:	Qingui Huang
Legal Form:	Private Limited Liability Company
Principal Activities:	Manufacturing and sales of motor components, etc.
Staff:	N/A
Listed at Stock Exchange:	No
Date of Last Annual Return:	2016-05-25

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

History

Subject was incorporated on 1980-01-17 with registered number 36008982 as Private Limited Liability Company in Taiwan.

Change of Name

Former English Name:	Chia Chien Industry Co., Ltd.
Current English Name:	Chia Chien Industrial Co., Ltd.

Corporate Structure

Factory

Name:	Shulin Factory
Address:	No. 22, Sanlong St., Shulin Dist., New Taipei City, Taiwan
Date of Registration:	2004-10-26
Factory Registration Number:	99693234
Factory Manager:	Qingui Huang
Status:	In Production
Date of Last Annual Return:	2004-10-26
Major Products:	292 Other specialized machinery equipment 293 General machinery equipment 251 Metal hand tool or mold

Shareholder

Major Shareholders

(Unit: NTD)

Name	Subscription Amount
Qingui Huang
2,200,000

Management Information

Core Management

Director

Name	Qingui Huang
Position	Director

Operation Information

Offices & Factories

	Headquarters
Add	No. 22, San Lung St. Su-Lin Dist., New Taipei City, R.O.C.

Production Information

Subject is engaged in manufacturing of motor components, etc.

Subject has a factory in Taiwan for production.

Subject obtained the certification of ISO 9001.

Purchase Information

The registered activities of subject:

No.	Details
1.	Manufacturing, processing and sales of machinery, hardware and forging component
2.	Manufacturing, processing and sales of motor parts, molds and punch processing
3.	Import and export of the above related products
4.	Quotation and distribution of the above related products both home and abroad

The raw materials and components are purchased both home and abroad.

Sales Information

Subject is engaged in sales of motor components, etc.

The major products are DC motor iron core, shaded pole motor iron core, cooling fan motor iron core, induction motor iron core, brushless motor iron core and universal motor iron core, etc.

Subject’s sales regions include domestic market, Thailand, Vietnam and India, etc.

The general delivery lead time of subject is about 15 days.

Subject’s major customers are manufacturers of motors, etc.

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

Products	Raw materials and components, etc.
Payment Terms	T/T, Cash, etc.

Import

Products	Raw materials and components, etc.
Payment Terms	L/C, T/T, etc.

Sales

Domestic Markets

Product	Motor components, etc.
Selling Terms	T/T, Cash, etc.

Export

Product	Motor components, etc.
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

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

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

Name	Ms. Sun
Department	Sales Department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 68.21
UK Pound	1	INR 91.43
Euro	1	INR 80.24
TWD	1	INR 2.28

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

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	TRU

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.