MIRA
INFORM REPORT
|
Report Date : |
17.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SHE HONG
INDUSTRIAL CO. LTD. |
|
|
|
|
Registered Office : |
6 Taichung Industrial Park 6th Rd Hsitun Dist Taichung City 407 |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Date of Incorporation : |
23.12.1970 |
|
|
|
|
Com. Reg. No.: |
51321357 |
|
|
|
|
Legal Form : |
Private limited Company |
|
|
|
|
Line of Business : |
Engaged in the assembly
and production of industrial machineries and parts. |
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 |
|
Maximum Credit Limit : |
USD 400,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
Company Name & Address
SHE
HONG INDUSTRIAL CO LTD
6 TAICHUNG INDUSTRIAL PARK 6TH RD HSITUN
DIST TAICHUNG CITY 407, TAIWAN
TEL : 886-4-23592747
FAX : 886-4-23592837
EXECUTIVE SUMMARY
INCORPORATION DATE :
DECEMBER 23, 1970
REGISTRATION NO. :
51321357
LEGAL FORM :
PRIVATE
CHIEF EXECUTIVE :
MR. CHIEN-CHIH CHEN (CHAIRMAN)
STAFF STRENGTH :
420
CAPITAL :
US$ 4,739,336
BUSINESS LINE :
MANUFACTURER
TURNOVER :
N/A (AS OF DEC. 31, 2005)
EQUITIES :
N/A (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : USD
400,000
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
TWD 32.34200= US$1 AS OF 2006-12-01
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
M - million
TWD –Taiwan New Dollars
*Company Registration*
===================
(1)
License number : 51321357
Date issued : 23 December, 1970
Issuing authority : Ministry of Economic Affairs (MOEA)
(2)
License number : 99669169
Date issued : 15 July, 1981
Issuing authority : Industrial Development Bureau, MOEA
License type : Factory License
*Capital Details*
============
Initial registered capital
: NTD 60,000,000
Capital increases as follows :
Date
Increase (NTD)
------
----------------------
-
80,000,000
-
100,000,000
-
150,000,000
*Office & Facilities*
================
Size : 5,235 sq. meters (Approx.)
Location : Taichung Industrial Park
Property status : Owned by the company, SHE HONG
INDUSTRIAL CO LTD
Type of building : Industrial
Building
Comments : Serves as office, factory, and
warehouse.
Other Contact Details
-----------------------------
Fax no. : 4-23593674
Email : antonio@hartford.com.tw
sales@hartford.com.tw
Website : www.machiningcenter.com.tw
Previous fax no : 4-23503443
*Corporate & Organization Structure*
===========================
A large company mainly operated and managed by an experienced team of
professionals.
*Factories, Size & Locations*
======================
Type of building : Industrial
Building
Land size : 43,200 sq. ft. (Approx.)
Location : Taichung Industrial Park
*Industry Ranking*
================
(1) Hartford is the largest machine tools manufacturer in Taiwan, based
on 1999 R.O.C. Customs Authority
Annual Report.
(2) Generally regarded as one of the Top 500 Companies in manufacturing
industry of Taiwan.
(3) Generally regarded as one of the Top 1000 Companies in manufacturing
industry of Taiwan.
*Sales Ranking*
=============
Details of Rank are as follows :
Year Rank
------ ------
1996 900
1997 681
1998 653
2002 824
2003 852
2004 564
2005 485
*Reputation*
===========
Reference checking for the purpose of establishing the firm's reputation
within the respective industry failed to reveal any negative information.
Web
site: www.hartford.com.tw The design is professional and the content is well
organized. At present it is both in Chinese and English version.
E-mail: public@hartford.com.tw
For the past two
years there is no record of litigation.
*Major Shareholders*
================
Shareholders' Name No. of Shares
------------------------- ------------------
Mr. Chien-chih Chen
21,700
Mr. Pin-wan Chen
19,450
Mr. Kuan-lin Chen
19,450
Mr. Su Yu 17,300
Management: Mr. Daniel Mao-sung
Lu, Int'l Marketing Manager
Mr. Hsin-hua Yeh, General Manager
Ms. Ming-yu
Tai, Human Resource Consultant
*Key Personnel*
============
(1)
Mr. Chien-chih Chen
Founder : Co-founder
Work experience : More than 30 years
Responsibilities : Daily operation of the firm including
all financial, sales and legal matters
Resident status : Taiwan
(2)
Mr. Daniel Mao-sung Lu
E-mail :
daniel@hartford.com.tw
*Main Products & Services*
=====================
Specializes in the assembly and production of industrial machineries and
parts.
Products also include:
- 5-axis Vertical machining center
- 5-axis double column machining center
Products: Cast iron parts
Double-column
machining center
Electrical machinery parts
Paper
machinery
Vertical
machining centers
*Brand*
======
Hartford
*Payment Terms*
=============
Sales
--------
Local : Cash
30-60 days credit.
Export : Letter of
Credit (L/C)
Telegraphic Transfer (T/T)
Purchases
--------------
Local : Cash
30-60 days credit
Import : Letter of
Credit (L/C)
Telegraphic Transfer (T/T)
*Quality Certification*
=================
Received the following certifications:
(1)
Type of certification :
ISO9002
Year of certification : 1994
(2)
Products also passed the following approvals:
- CE
- TUV
- TNO
*Associations*
===========
Member of :
- Taiwan Mold & Die Industry Association
*Competitors*
===========
The following locally based companies supply similar range of products:
- ALEX-TECH MACHINERY INDUSTRIAL CO LTD
- DAH LIH MACHINERY INDUSTRY CO LTD
- KENT INDUSTRIAL CO LTD
- LONG CHANG MACHINERY CO LTD
- ROUNDTOP MACHINERY INDUSTRIES CO LTD
*Exhibition Participation*
===================
Participated in the following local exhibitions :
(1)
Exhibition fair : Taipei Int'l Machine Tool Show
Date attended : 20-25 March, 2001
Location : Taipei World Trade
Center - Exhibition Hall
(2)
Exhibition fair : Taipei Int'l Machine Tool Show
Date attended : 18-23 March, 2003
Location : Taipei World Trade Center -
Exhibition Hall
Scheduled exhibition
-----------------------------
Exhibition/Fair :
TIMTOS
Date attended : 12-17 March, 2007
Location : Taiwan
*Domestic Suppliers*
================
- KUDU METAL INDUSTRY CO LTD
*Local Distribution Network*
======================
15% of the annual turnover is attributed to local sales, generally to
direct end-user sales managed by the company directly.
*Export Markets*
==============
85% of the annual turnover is attributed to exports.
*Overseas Customers*
==================
Customer's/Client's name
Country
---------------------------------- -------------
PRATT & WHITINEY CORP
--
GENERAL ELECTRIC CO
USA
TOYOTA MOTOR CORP Japan
IAI CORP Japan
*International Trade Ranking*
========================
The firm has been ranked among Taiwan's Top Importers/Exporters based on
the standard measured by the Board of Foreign Trade (BOFT)
Details of ranked are as follows :
Year Ranked
------ ----------
1997 656
2005 472
*International Exhibition Participation*
==============================
Participated in the following overseas exhibition:
(1)
Exhibition/Fair :
EMEX
Date attended : 1-3 May, 2006
Location : New Zealand
(2)
Exhibition/Fair : The
17th Int'l Exhibition on Precision Enginering
Date attended : 3-7 May, 2006
Location : Malaysia
(3)
Exhibition/Fair :
MACH 2006
Date attended : 15-19 May, 2006
Location : United Kingdom
(4)
Exhibition/Fair :
INTUSTRIAL
Date attended : 16-19 May, 2006
Location : Hungary
(5)
Exhibition/Fair :
EMAQH
Date attended : 18-23 May, 2006
Location : Argentina
(6)
Exhibition/Fair :
Int'l Engineering Trade
Date attended : 22-25 May, 2006
Location : Slovakia
(7)
Exhibition/Fair :
Metalcobrodka
Date attended : 23-27 May, 2006
Location : Russia
(8)
Exhibition/Fair :
MECANICA
Date attended : 23-27 May, 2006
Location : Brazil
(9)
Exhibition/Fair :
South China Int'l Machinery & Materials Exhibition
Date attended : 23-26 May, 2006
Location : China
(10)
Exhibition/Fair :
10th Int'l Fair of Plastics Processing
Date attended : 30 May - 2 June, 2006
Location : Poland
(11)
Exhibition/Fair : Aus
Tech
Date attended : 30 May - 2 June, 2006
Location : Australia
(12)
Exhibition/Fair :
IMTS
Date attended : 6-13 September, 2006
Location : USA
(13)
Exhibition/Fair :
IMAK - TATEF
Date attended : 12-17 September, 2006
Location : Turkey
(14)
Exhibition/Fair :
BIMU MILAND
Date attended : 5-10 October, 2006
Location : Italy
(15
Exhibition/Fair :
EMAF - Int'l Exhibition of Machinery, Tools & Accessories
Date attended : 14-18 November, 2006
Location : Portugal
(16)
Exhibition/Fair :
Riga Tech
Date attended : 23-26 November, 2006
Location : Estonia
(17)
Exhibition/Fair :
Machine Tool Indonesia
Date attended : 6-9 December, 2006
Location : Indonesia
Scheduled exhibition
----------------------------
(1)
Exhibition/Fair :
IMTEX
Date attended : 18-24 January, 2007
Location : India
(2)
Exhibition/Fair : EMO
Date attended : 17-22 September, 2007
Location : Germany
*(Subsidiaries, Joint-ventures & Affiliates)
===============================
Company Name : HARTFORD
INDUSTRIAL CO LTD
Global Identifier : P0009280
Address : 12
3rd Rd Industrial Area Hsitun Dist Taichung City 407 Taiwan
Country :
Taiwan
Relationship :
Affiliate
Legal Form :
Private Limited Company
Company Type : Trader
Industry :
Motor Vehicles, Parts & Accessories
Company Name : KAO HONG
INDUSTRIAL CO LTD
Global Identifier : 31612206
Address : Ladkrabang Industrial
Estate 115/1 Chalongkrung Rd Lumplatiew Ladkrabang
Bangkok 10520 Thailand
Country :
Thailand
Relationship :
Subsidiary
Legal Form :
Private Limited Company
Company Type : Trader
Industry :
Machinery
*OVERSEAS AGENTS AND DISTRIBUTORS*
====================================
Agent :
LOADPEARL LTD
Global Identifier : 30404359
Country of Origin : Hong
Kong
Product Description :
Milling machines
Brand :
Hartford
Year :
2000
Agent :
HERLESS MACHINERY CORP
Global Identifier : P0348994
Country of Origin :
Australia
Product Description :
Industrial machinery
Brand :
Hartford
Year :
2001
PAYMENT RATING :3
OBTAINED SCORES : 71
|
Implication |
Implications |
|
|
1 |
Scores 85–100 |
Excellent |
|
2 |
Scores 75 – 84 |
Above Average |
|
3 |
Scores 50 – 74 |
Average |
|
4 |
Scores 35 – 49 |
Fair |
|
5 |
Scores 15 – 34 |
Below Average |
|
6 |
Scores 01 – 14 |
Poor |
|
NR |
No Data |
No Data |
The rating
indicates the payment pattern of SC based upon our Payment Database, comments from
suppliers of SC, information from banks (if available), as well as industrial
sources.
Dealings on open
terms may be possible for MODERATE amounts depending on individual judgement
experience.
Bank Name : BANK OF TAIWAN
SWIFT Code : BKTWTWTP
Bank Name : CHANG HWA
COMMERCIAL BANK LTD
SWIFT Code : CCBCTWTP
Bank Name : INTERNATIONAL COMMERCIAL BANK OF CHINA, THE
*Financial Ratios*
==============
(1)
Year Shareholder's Return on Return on Return on Debt to
Equity (NTDM) Sales (%) Assets (%)
Equity (%) Assets (%)
-------
------------------
-------------
--------------
--------------
--------------
1998 265.00 3.52 5.04 17.74 71.57
(2)
Year Net Worth Return on Return on Return on
Debt to Return on
(NTD 100 Million) Sales (%) Asset (%) Net
Worth (%) Asset (%) Equity (%)
------
-----------------------
---------------
-------------
--------------------
--------------
---------------
2001 2.19 0.89 1.30 4.57 71.41
2002 2.13 1.46 2.33 - 73.87 8.92
2003 - 0.96 8.97 - 83.51 -
2005 267 1 - 19 80 2.88
As a private limited company with a paid-up capital of less than USD 6
million, there is no legal requirement according to Taiwan corporate law for
public disclosure of detailed financials.
*Financial Summary (Currency: U.S.
$'s)
==============================
Year Sales Assets
Net Income
1998 $49,407,407.41 $34,518,518.52 $1,740,740.74
2001 $32,762,623.33 $22,228,670.92 $290,191.53
2002 $37,539,522.85 $23,426,271.92 $546,133.95
2003 $42,128,027.68 $27,277,970.01 $40,369.09
2004 $79,969,924.81 $38,015,037.59 $992,481.20
2005 $100,379,146.92 $43,001,579.78 $1,358,609.79
*Int´l Trade Activity (Currency: U.S. $'s)
==============================
Year Imports Exports Total
2001 $29,244.28 $30,222,876.99 $30,252,121.27
2002 $357,268.99 $33,415,016.99 $33,772,285.98
2003 $194,367.99 $34,968,603.00 $35,162,970.99
2004 $430,822.98 $61,950,428.99 $62,381,251.97
2005 $350,000.00 $8,000,000.00 $8,350,000.00
Over the past 36
years, SC has made a stable growth with satisfactory profit. It is considered a
credit line up to USD 400,000 appears to be
within SC’s capacities.
ATTACHED: TRADE REFERENCES
SIC PRODUCT
CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 3400 Fabricated
Metal Products
Exporting 3500 Industrial
Machinery & Equipment
Exporting 3554
Paper industries machines
and equipment, and parts and attachments,
nspf
Exporting 5084 Industrial
Machinery/Equip
Importing 3562 Ball
and roller bearings, and balls, rollers and parts,
Manufacturing 3500 Industrial
Machinery & Equipment
Manufacturing 3541 Machine
tools, metal-cutting, and parts,
Manufacturing 3542 Machine
tools metal-forming, and parts,
Manufacturing 3545 Machine
tool accessories, and parts,
Manufacturing 3569 General
industrial machinery and equipment, and parts,
HARMONIZED
PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 8441800000 Machinery for making up paper pulp, paper or paperboard
Exporting 8457 Machining
centers, unit const mach etc work metal
Exporting 8457100005 Machining centers, used or rebuilt
Exporting 8457100055 Machining centers with automatic tool changers,
horizontal-spindle
machines
with a y-axis travel of not over 685 mm.
Exporting 8459 Machine
tools for drilling, boring, milling etc
Exporting 8459610040 Milling machines, except knee type, metal removing, numerically
controlled,
used or rebuilt
Exporting 8466931030 Cast-iron parts not advanced & machined only for the
removal of fins,
gates,
etc, for metalworking machine tools for cut, grind or finishing
gears
Exporting 8548900000 Electrical parts of machinery or apparatus nesoi in chapter 85
Importing 3926901000 Buckets & pails,of plastic
Importing 8482 Ball
or roller bearings and parts
DETAILED
PRODUCT CLASSIFICATION & ACTIVITY
Activity Product/Service
Description
Exporting Milling machines
Exporting Machining centers
Importing Ball bearings
Importing Torque converters
Importing Chain sprockets
Importing Plastic buckets
Manufacturing Attachments
Manufacturing Band saw machines
Manufacturing CNC 5 axis machining center
Manufacturing CNC double column machines
INTERNATIONAL
TRADE : ACTIVITY & MARKETS
Exporting to Argentina
Exporting to Asia
Exporting to Australia
Exporting to Austria
Exporting to Bangladesh
Exporting to Belgium
Exporting to Brazil
Exporting to Chile
Exporting to China
Exporting to Colombia
Exporting to Czech Republic
Exporting to Denmark
Exporting to Egypt
Exporting to Estonia
Exporting to Europe
Exporting to Finland
Exporting to France
Exporting to Germany
Exporting to Hong Kong
Exporting to India
Exporting to Indonesia
Exporting to Iran
Exporting to Israel
Exporting to Italy
Exporting to Japan
Exporting to Latvia
Exporting to Lebanon
Exporting to Malaysia
Exporting to Middle East
Exporting to Netherlands
Exporting to New Zealand
Exporting to North America
Exporting to Norway
Exporting to Pakistan
Exporting to Philippines
Exporting to Poland
Exporting to Portugal
Exporting to Romania
Exporting to Russia
Exporting to Saudi Arabia
Exporting to Singapore
Exporting to Slovenia
Exporting to South Africa
Exporting to South America
Exporting to South Korea
Exporting to Spain
Exporting to Sri Lanka
Exporting to Sweden
Exporting to Switzerland
Exporting to Syria
Exporting to Thailand
Exporting to Tunisia
Exporting to Turkey
Exporting to UAE
Exporting to USA
Exporting to Ukraine
Exporting to United Kingdom
Exporting to Vietnam
Importing from Asia
Importing from Europe
Importing from Germany
Importing from Japan
Importing from North America
Importing from USA
Importing from United Kingdom
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)