MIRA
INFORM REPORT
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Report Date : |
13.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
PAILING MACHINERY MILL CO., LTD |
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Registered Office : |
Juifang Industrial Park 8 Ting Ping Rd, Juifan Chen Taipei Hsien 224, |
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Country : |
Taiwan |
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Financials (as on) : |
30.06.2003 |
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Date of Incorporation : |
10.06.1977 |
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Com. Reg. No.: |
20765242 |
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Legal Form : |
Private |
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Line of Business : |
Importation of Raw Materials |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 500,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name and address
PAI LUNG MACHINERY MILL CO LTD
JUIFANG INDUSTRIAL PARK 8 TING PING RD
JUIFAN CHEN TAIPEI HSIEN 224, TAIWAN
TEL: 886-2-24978888 FAX: 886-2-24965666
EXECUTIVE SUMMARY
INCORPORATION DATE : JUNE 10, 1977
REGISTRATION NO. : 20765242
LEGAL FORM : PRIVATE
CHIEF EXECUTIVE : MR. PING-TZU WANG (CHAIRMAN)
STAFF STRENGTH : 203
CAPITAL : US$ 14,966,807
BUSINESS LINE : MANUFACTURER
TURNOVER : NTD 789,311,000 (AS OF JUN. 30, 2003)
EQUITIES : NTD 308,529,000 (AS OF JUN. 30, 2003)
PAYMENT : AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 500,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : TWD 32.27250 = US$1
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 History*
===============
1977 - Founded as a manufacturer of circular knitting machines.
1979 - Moved to Nan-Kang.
1992 - Released electronic six-color auto stripper.
- Established Management Information System (MIS)
June 1996 - Became a Public Company.
1998 - Set up Panchiao branch offices.
1999 - Developed new models of machineries.
26 April, 2004 - Reverted to Private Company approved and implemented by the Taiwan Securities and Futures Commission, Ministry of Finance
*Capital Details*
============
Initial authorized capital: NTD 5,000,000.00
Authorized capital increases as follows:
Date Amount (NTD)
------ --------------------
1991 25,000,000.00
1993 100,000,000.00
1997 390,880,000.00
1998 452,111,590.00
Paid-up capital increases as follows:
Date Amount (NTD)
------ --------------------
-- 250,588,290.00
-- 275,647,110.00
*Licenses & Permits*
================
License number : 9961754500
Date issued : 6 March, 1999
Issuing authority : Industrial Development Bureau, MOEA
Type of license : Factory license
*Office & Facilities*
===============
Size : 15,555 sq. meters (Approx)
Location : Juifang Industrial Park
Property status : Rented
Type of building : Industrial building
Comments : Serves as head office, warehouse, and factory.
Other Contact Details
-----------------------------
Fax no. : 2-24965002
E-mail addresses : hsulong@bailung.com.tw / webmaster@pailung.com.tw
Previous Contact Details
---------------------------------
Address : 1Fl, 10, Alley 14, Lane 21, San Chung Rd Nankang Dist., Taipei
Tel no. : 2-27836688
Fax no. : 2-26522557
Year of relocation : 1998
*Corporate & Organization Structure*
===========================
A large sized company operated and managed by an experienced team of professionals.
*Awards*
========
Received the following awards:
(1)
Award : Golden Dragon Award
Year : 1981-1983
Details : Awarded for machine design for its 16" and 30" cog-style double knitting machine.
(2)
Award : National Award of Excellence ("Very Well Made in Taiwan")
Awarded by: Ministry of Economic Affairs (MOEA)
Year : 1993
Details : Awarded to honor the company's enhancing image of Taiwan's product
(3)
Award : National Award of Excellence
Year : 1996
Details : Awarded to honor the company's enhancing image of Taiwan's product
*Auditors*
=========
KPMG CERTIFIED PUBLIC ACCOUNTANTS, Taiwan
*Industry Ranking*
===============
Generally regarded as one of the Top 1000 Companies in Manufacturing Industry of Taiwan.
Details of rank are as follows"
Year Rank
----- -----
1992 722
2005 940
2006 765
*Sales Ranking*
============
Details of Rank are as follows:
Year Rank
------ ------
1998 671
1997 651
1996 627
*Reputation*
==========
Reference checking for the purpose of establishing the firm's reputation within the respective industry failed to reveal any negative information.
www.pailung.com.tw The design is professional and the content is well organized. At present it is in both Chinese and English versions.
E-mail: salesman@pailung.com.tw
For the past two years there is no record of litigation.
*Major Shareholders*
================
Shareholders' Name No. of Shares
-------------------------- ------------------
Mr. James Chien-chang Wang 1,801,515
LUNG CHENG INVESTMENT CO LTD 1,768,750
Mr. Wan-yi Chen 1,647,010
CHAO WEI INVESTMENT CO LTD 1,561,559
Mrs. Chin-hua Cheng Lin 1,283,834
Mr. Cheng-te Lin 86,321
Mr. Shih-yang Chen 11,778
Mr. Chung-ming Wu -
Management: Mr. Cheng-te Lin, Manager
Mr. Po-long Chin, Manager
Mr. Lion Ching, Executive
Name Nationality Job Description Dept. / Division
Mr. Cheng-te Lin Taiwanese Manager Engineering
Mr. Po-long Chin Taiwanese Manager MIS
Mr. Lion Ching Taiwanese Executive Marketing
Mr. Tsung-chen Tu Taiwanese Manager R&D
Mr. Brian Lan Taiwanese Manager Sales
Mr. James Chien-chang Wang Taiwanese General Manager -
Mr. Po-chen Chen Taiwanese Vice Chairman -
*Key Personnel*
=============
(1)
Ping-tzu Wang
Founder : Co-Founder
Work experience : More than 20 years
Responsibilities : Handles the daily operation of the firm including all financials and legal matters.
(2)
Brian Lan
E-mail address : brianlan@pailung.com.tw
Work experience : More than 20 years
Responsibilities : Handles the daily sales operation of the firm.
(3)
Lion Ching
E-mail address : lionching@pailung.com.tw
(4)
James Chien-chang Wang
E-mail address : jameswang@pailung.com.tw
*Main Products & Services*
=====================
Specializing in five (5) main areas of work:
1. Importation of raw materials.
2. Assembly and production of finished products such as circular knitting machines incorporating some of the raw materials imported.
3. Export of its finished products.
4. Provides trial run, pattern design and maintenance.
5. Engaged in OEM activities.
Products are categorized into the following:
1) Ordinary:
1. Single knit machine series
- Two/Four-track machine
- Mini-jacquard machine
- Three-end fleece machine
- Electronic four-color and six-color stripper machine
2. Double knit machine series
- Large/mini jacquard machine
- Computerized electronic jacquard knitting machine
- Electronically controlled four and six colors striper machine
3. Rib knit machine series
- Four-track rib machine
- Rib mesh pattern wheel
- Electronic jacquard machine
4. Terry knit machine series
- Single face & double face terry machine
- pile shearing machine
- pile cutting electronic jacquard machine
2) Mechanical Jacquard
3) Computerized-controlled models
1. Computer-controlled color knitting machines
- Single and double knit 4/6 color stripper knitting machines
- Single knit 4/6 color pattern jacquard models
2. Computer jacquard knitting machines
- Single knit computer jacquard
- Double knit computer jacquard
- Rib mesh transferred pattern jacquard
- Single eyelet jacquard knitting machines
- Single knit float plating computer jacquard
- Terry jacquard models
Also introduced more than 35 different machines including the following:
- Fully electronic needle selection jacquard machines
- Double-knit 37-step mini-jacquard with sinker ring machines
Products: After-sales services
Circular knitting machines
Converters
Double knitting machines
Electronic jacquard machines
*Brand*
======
PAI LUNG
*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)
*Competitors*
===========
The following locally based companies supply similar range of products :
- CHINA MAN-MADE FIBER CORP
- LKM KNITTING MACHINERY CO LTD
- TAIWAN GIU CHUN INDUSTRIAL CO LTD
- YU JONG MACHINERY CO LTD
- WELLMADE ENTERPRISE CO LTD
- CTC UNION TECHNOLOGIES CO LTD
- AQUARAMIC TECHNOLOGY INC
*Quality Certification*
=================
Obtained the following certifications:
(1)
Type of certification : ISO - 9000
Issuing authority : ROC's Bureau of Commodity Inspection
Status : Pending
Other details : Although it is not required for a knitting machine manufacturer to undergo ISO 9000 approval, The Company has applied for approval to be recognized as a manufacturer of high quality and world-class products.
(2)
Type of certification : European safety standard (CE) mark
Issuing authority : AVI LTD
Year of certification : 1995
(3)
Type of certification : CE Mark
Issuing authority : AVI CO - Belgium
Year of authority : 1995
*Long & Short Term Investment*
=========================
Type of investment : Plant Construction (Juifang factory)
Year of investment : 1993
Investment amount : USD16 million
Other investors : - HONG KONG BANK
- CHINA VENTURE MANAGEMENT INC
*Detailed Product Specifications*
==========================
Product : Six-color Auto Stripper
Features : Capable of carrying six different yarn colors and now patented in many other countries.
*Technologies Developed and/or Acquired*
==================================
The following technologies have been developed:
(1)
Name of technology : Side milling technology
Other details : Sinkers are adopted with side milling technology, specially designed by PAI LUNG. It can eliminate the yarn tension during the needle movement and decrease the
frequency of disruption in operation. It can also reduce the rate of hollowed fabrics to increase the efficiency of the machine and the fabric quality.
(2)
Name of technology : Double side terry with computer jacquard
Megapile with computer jacquard
Swing cams
Year developed : 1999
*Patents*
=======
Maintains 90 patent rights both in Taiwan and overseas which includes the following :
(1)
Product : Swiveled course change device
(2)
Year of registration : 1995
Product : Mono System (MS)
Other details : Used in the machine in over 10 nations.
*Machinery & Equipment*
====================
Machinery/ Equipment include:
- High-frequency inducting heater
- Flexible manufacture system (FMS)
- Vertical machine center
- Advance CNC machines
*Production Capacity*
==================
Item : Knitting machines and components
Current capacity : 1,143 sets/year
Maximum capacity : 1,800 sets/year
*Domestic Customers*
=================
Major local customers include :
- GAU HONG ENTERPRISE CO LTD
- HEWLETT PACKARD TAIWAN LTD
- KING TEXTILE CO LTD
- MONARCH INDUSTRIAL CORP
*Domestic Raw Material Suppliers*
==========================
Major local suppliers include :
Company Name Material / Components
-------------------- ---------------------------------
YUAN CHIEH CASTING INDUSTRY CO LTD Casting
KAUYEH INDUSTRIAL CO LTD Casting
MEMMINGER-IRO (ASIA) CO LTD Roving creel
CHINA HUASENG ELECTRICAL CO LTD Control Box
*Imports*
========
The following auxiliary products equipped in knitting machines are imported:
Product Country
----------- ------------
Yarn storage unit Germany, USA
Yarn support pressured oil lubricator Germany, USA
Frequency variation inverter Japan
*Local Distribution Network*
=======================
15% of the annual turnover is attributed to local sales.
*International Trade Activity*
======================
1980 - Started to market its products in Malaysia and Thailand under its own brand name, Pai Lung.
1986 - Began to established an international marketing network under their own brand name.
*Export Markets*
==============
85% of the annual turnover is attributed to export.
Products are exported to the following countries:
Country % of Exports
----------- -----------------
Asia 80
America 11
Europe 8
Others 1
*Overseas Agents & Distributors*
=========================
Maintains 36 overseas agents/distributors and distribution channel in 32 countries around the world.
*Overseas Suppliers*
================
Major overseas suppliers include:
(1)
Supplier's name : GROZ-BECKERT KG
Country : Germany
Materials/Component : Knitting needles
(2)
Supplier's name : MEMMINGER-IRO GMBH
Country : Germany
Materials/Component : Yarn storage device and Tube style yarn support
*Overseas Customers*
=================
Company name : MORCHEM CORP
Country : USA
*International Exhibition Participation*
=============================
Exhibition fair : International Textile Machine (ITMA)
Year attended : 1995
Location : Milan, Italy
*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 rank are as follows:
Year Rank
------- -------
2001 966
2002 782
2003 771
2004 1019
*(Subsidiaries, Joint-ventures & Affiliates)
===============================
Company Name : CROWN PASA IND CO LTD
Country : Taiwan
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Machinery
Company Name : HORN-SHUOH ENTERPRISE CO LTD
Address : 144 Huan Ho St Hsihchih City 221 Taipei Hsien Taiwan
Country : Taiwan
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Machinery
Company Name : KEEN FORTUNE (HK) LTD
Address : Rm 907 Charm Centre 700 Castle Peak Rd Kowloon Hong Kong
Country : Hong Kong
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Machinery
Company Name : NOVA / PAILUNG KNITTING MACHINERY LLC
Country : USA
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Machinery
Company Name : PAI CHING CO LTD
Address : Juifang Industrial Park 55 Ting Ping Rd Juifan Chen 224 Taipei Hsien Taiwan
Country : Taiwan
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Machinery
Company Name : TRUSTNET (BRITISH VIRGIN ISLANDS) LTD
Address : 14Fl Ellen Skelton Bldg Fishers Lane Road Town Tortola Virgin Islands (British)
Country : Virgin Islands (British)
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Service
Industry : Financial Services - General
*OVERSEAS AGENTS AND DISTRIBUTORS*
===================================
Agent : MARUBENI TEKMATEX CORP
Country of Origin : Japan
Product Description : Circular knitting machines
Brand : Pai Lung
Year : 1999
PAYMENT RATING : 3 OBTAINED SCORES :
72
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Rating Key |
Implication |
Implications |
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1 |
Scores 85–100 |
Excellent |
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2 |
Scores 75 – 84 |
Above Average |
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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 Details*
===========
Bank name : HUA NAN COMMERCIAL BANK
Branch : Nan-sung San
Swift code : HNBKTWTP
(1)
Balance Sheet
Currency : NTD
Denomination : In Thousands
30 June, 2003
------------------
Current Assets 861,048
Funds & long-term investments 125,327
Property 520,260
Intangible Assets 23,205
Other Assets 54,752
Total Assets 1,623,042
Current Liabilities (Before) 1,090,679
(After) 1,090,679
Long-term Liabilities 209,576
Other Liabilities 14,258
Total Liabilities (Before) 1,314,513
(After) 1,314,513
Common stock 250,588
Retained Earnings (Before) 55,727
(After) 55,727
Total Shareholder's Equity (Before) 308,529
(After) 308,529
Income Statement
Currency : NTD
Denomination : In Thousands
30 June, 2003
------------------
Operating revenue 789,311
Gross Profit 169,087
Operating Income 42,277
Non-operating income 16,454
Non-operating expense 37,765
Net Income 17,827
Earnings (losses) per share 0.71
(2)
Balance Sheet
Currency : NTD
Denomination : In Thousands
2002 2001 2000 1999 1998 1997
------- ------- ------- ------ ------ ------
Current Assets 772,631 711,371 823,406 989,946 815,960 913,790
Permanent Assets 537,194 531,003 552,501 540,062 504,488 235,656
Other Assets 97,323 77,164 132,651 184,202 196,281 50,717
Total Assets 1,554,956 1,431,075 1,613,073 1,819,115 1,613,355 1,299,826
Current Liabilities
Before Allocation 1,066,208 984,888 885,976 981,836 896,833 689,071
After Allocation - 984,888 885,976 981,836 896,833 689,071
Long-term Liabilities 195,736 192,605 224,379 221,373 121,300 47,500
Total Liabilities
Before Allocation 1,261,944 1,177,493 1,115,707 1,213,733 1,027,656 744,237
After Allocation - 1,177,493 1,115,707 1,213,733 1,027,656 745,017
Common stock 250,588 452,111 452,111 452,111 452,111 390,880
Capital Reserve - 43,868 79,253 79,232 79,232 113,997
Retained Earnings
Before Allocation 40,063 (245,392) (35,385) 70,589 50,608 46,648
After Allocation - (245,392) (35,385) 70,589 50,608 19,816
Total Shareholder's Equity
Before Allocation 293,012 253,582 497,366 605,382 585,699 555,589
After Allocation - 253,582 497,366 605,382 585,699 554,809
Income Statement
Currency : NTD
Denomination : In Thousands
2002 2001 2000 1999 1998 1997
------- ------- ------- ------ ------ ------
Sales 1,366,853 859,682 1,246,552 1,218,438 1,287,770 1,348,069
Gross sales 291,759 107,059 280,830 325,914 342,686 339,827
Operating Income 62,596 (178,688) (72,153) 62,659 82,681 21,952
Interest Income 4,015 3,068 3,386 3,282 1,780 3,289
Interest Expenses 63,788 65,206 67,619 58,927 49,592 28,266
Income Before Income Tax 60,471 (249,183) (139,703) 11,132 20,242 26,400
Net Income 40,064 (245,392) (105,953) 19,981 31,206 27,920
Earnings per Share (NTD) 1.6 (5.43) (2.34) 0.44 0.69 0.62
Note: The Company has not lodged the latest annual returns in the local registry hence no up-to-date detailed financial information could be provided. Because the company is no longer public, it is not obliged to make any public disclosure of financials. Hence no ratios are available.
*Financial Ratios*
==============
2002 2001 2000 1999 1998 1997
------- ------- ------- ------ ------ ------
Financial structure (%)
Ratio of liabilities to Assets (%) 81 82 69 67 64 5
Ratio of long-term capital to
fixed Assets (%) 91 84 129 153 140 256
Solvency
Current ratio (%) 72 72 93 101 91 133
Quick ratio (%) 35 31 43 55 49 67
Interest coverage 2 - - 11 2
Operating Efficiency
Turnover of receivable (times) 4.87 3.76 4.3 3.61 3.92 4.48
Average collection period of
receivable 75 97 85 101 93 82
Turnover of inventories (times) 2.5 1.93 2.33 2.33 2.4 2.69
Average days of sales 146 189 156 156 152 135
Turnover of fixed assets (times) 2.5 1.62 2.26 2.33 3.48 6.62
Turnover of total assets (times) 0.9 0.6 0.77 0.71 0.88 1.22
Profitability
Return on total assets (%) 7 (13) (3) 4 5 4
Return on shareholder's Equity (%) 15 (65) (19) 3 5 6
Operating Income 25 (40) (16) 14 18 6
Net Income before tax 24 (55) (31) 2 4 7
Profit margin (%) 3 (29) (9) 2 2 2
Earnings per share 1.6 (5.43) (2.34) (0.44) 0.69 0.62
Cash Flows
Cash flows ratio (%) 6 4 - 5 10 -
Cash flows adequacy (%) 27 23 14 13 - -
Cash reinvestment ratio (%) 9 7 - 5 10 -
Leverage
Degree of operating leverage 17.91 3.48 - 13.85 11.11 40.23
Degree of financial leverage (52.51) 0.73 0.5 16.79 2.5 -
*Financial Summary (Currency: U.S. $'s)
==============================
Year Sales Assets Net Income
1997 $49,928,481.48 $48,141,703.70 $1,034,074.07
1998 $42,925,666.67 $53,778,500.00 $1,040,200.00
1999 $38,076,187.50 $56,847,343.75 $624,406.25
2000 $38,773,001.56 $50,173,343.70 -$3,295,583.20
2001 $24,947,243.18 $41,528,583.87 -$7,121,067.90
2002 $39,288,674.91 $44,695,487.21 $1,151,595.29
2005 $49,921,011.06 $50,552,922.59 $916,271.72
2006 $66,777,509.07 $51,481,257.56 $1,944,074.97
*Int´l Trade Activity (Currency: U.S. $'s)
=============================
Year Imports Exports Total
1997 n/a $43,437,778.89 $43,437,778.89
1998 n/a $37,345,330.00 $37,345,330.00
1999 n/a $33,126,283.13 $33,126,283.13
2000 $2,991,338.01 $42,774,210.02 $45,765,548.03
2001 $990,021.59 $23,083,049.91 $24,073,071.50
2002 $1,511,560.13 $28,810,793.33 $30,322,353.46
2003 $2,064,191.98 $33,918,284.00 $35,982,475.98
2004 $3,203,697.98 $32,301,500.00 $35,505,197.98
2005 $3,175,118.01 $43,400,534.98 $46,575,652.99
2006 $3,988,123.00 $61,240,151.00 $65,228,274.00
Over the past 30 years, SC has made a stable growth with satisfactory profit. It is considered a credit line up to USD 500,000 appears to be within SC’s capacities.
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code
Product/Service Description
Importing 3600 Electronic & Electric Equip.
Importing 3699 Electrical equipment and supplies, and parts,
Importing 3965 Needles, pins, buttons, and clothing fasteners
Manufacturing 3552 Textile machines, and parts and attachments,
Manufacturing 3559 Special industry machinery, and parts,
Service 8900 Services, NEC
Trading 3552 Textile machines, and parts and attachments,
Trading 3559 Special industry machinery, and parts,
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code
Product/Service Description
Exporting 8446290000 Weaving machines (looms) for weaving fabrics of a width exceeding 30 cm, shuttle type
Exporting 8447 Machines, knitting, stitch-bond, lace, net etc.
Exporting 8447119000 Circular knitting machines with cylinder diameter not exceeding 165 mm, other than for knitting hosiery
Exporting 8447129000 Circular knitting machines with cylinder diameter exceeding 165 mm, other than for knitting hosiery
Exporting 8448 Auxiliary machinery for use with textile machines
Exporting 8448201000 Parts of machines for extruding or drawing man-made textile filaments
Exporting 8452 Sewing machines (not book-sew), cover etc; needles
Exporting 8452900010 Parts of household sewing machines
Importing 8448 Auxiliary machinery for use with textile machines
Importing 8448513000 Needles for knitting machines
DETAILED PRODUCT
CLASSIFICATION & ACTIVITY
Activity Product/Service Description
Importer Machine tool accessories
Importer Electronics, equipment control
Importer Converters
Importer Needles
Importer Sinkers
Importer Lubricating pots
Importer Tube style yarn supports
Importer Yarn storage devices
Importer Knitting needles
Manufacturer Shearing machines
INTERNATIONAL
TRADE: ACTIVITY & MARKETS
Exporting to Africa
Exporting to Argentina
Exporting to Asia
Exporting to Australia
Exporting to Bangladesh
Exporting to Belgium
Exporting to Brazil
Exporting to Canada
Exporting to Chile
Exporting to China
Exporting to Colombia
Exporting to Egypt
Exporting to El Salvador
Exporting to Europe
Exporting to France
Exporting to Germany
Exporting to Greece
Exporting to Guatemala
Exporting to Honduras
Exporting to Hong Kong
Exporting to India
Exporting to Indonesia
Exporting to Iran
Exporting to Israel
Exporting to Italy
Exporting to Japan
Exporting to Kenya
Exporting to Macau
Exporting to Malaysia
Exporting to Mauritius
Exporting to Mexico
Exporting to Middle East
Exporting to Morocco
Exporting to Nepal
Exporting to New Zealand
Exporting to Nigeria
Exporting to North America
Exporting to Oceania
Exporting to Pakistan
Exporting to Peru
Exporting to Philippines
Exporting to Poland
Exporting to Portugal
Exporting to Russia
Exporting to South Africa
Exporting to South Korea
Exporting to Spain
Exporting to Sri Lanka
Exporting to Syria
Exporting to Tanzania
Exporting to Thailand
Exporting to Turkey
Exporting to USA
Exporting to United Kingdom
Exporting to Uruguay
Exporting to Uzbekistan
Exporting to Venezuela
Exporting to Vietnam
Exporting to Zimbabwe
Importing from Asia
Importing from China
Importing from Europe
Importing from Germany
Importing from Hong Kong
Importing from Japan
Importing from North America
Importing from USA
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. |
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%)