MIRA
INFORM REPORT
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Report Date : |
01.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
YEAR CHINA MACHINERY CO LTD |
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Registered Office : |
26-1 Hsia Nei Li Nei Ting Li Chungli City Taoyuan Hsien 320 |
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Country : |
Taiwan |
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Date of Incorporation : |
15.02.1993 |
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Com. Reg. No.: |
84182124 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importing a range of circular knitting machine from China. Exports and domestic sales of imported machines. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
YEAR
CHINA MACHINERY CO LTD
26-1 HSIA NEI LI NEI TING LI CHUNGLI CITY
TAOYUAN HSIEN 320, TAIWAN
TEL: 886-3-4612581 FAX: 886-3-4612583
EXECUTIVE SUMMARY
INCORPORATION DATE :
FEBRUARY 15, 1993
REGISTRATION NO. :
84182124
LEGAL FORM :
PRIVATE
CHIEF EXECUTIVE :
MR. LUNG-HAO CHEN (GENERAL MANAGER)
STAFF STRENGTH :
6
CAPITAL :
US$ 331,675
BUSINESS LINE :
TRADER
TURNOVER :
N/A (AS OF DEC. 31, 2006)
EQUITIES :
N/A (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 100,000
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
TWD 30.42350 = 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
*Licenses & Permits*
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License number : 99624363
Date issued : 24 February, 1992
Issuing authority : Industrial Development Bureau, MOEA
Type of license : Factory license
Note: Although the company still maintains a manufacturing license in
Taiwan, the actual facilities have been closed, and ALL production now takes in
the China facility.
*Factories, Size & Locations*
======================
The company is a trading house focused on importation of overseas
products, and maintains no manufacturing facilities.
*Corporate & Organization Structure*
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A small sized specialized company operated and managed by the owner.
*Reputation*
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Reference checking for the purpose of establishing the firm's reputation
within the respective industry failed to reveal any negative information.
SC is not known to host website of its own at present.
E-mail: yearchin@ms18.hinet.net
For the past two years there is no record of litigation.
*Major Shareholders*
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Total number of shareholders: 4
Total number of shares: 8,000
Shareholders Country
Number %
------------------------ ---------- ----------- -------
Mr. Lung-hao Chen Taiwan 6,100.00 76.25
Mr. Tung-ming Chen Taiwan 1,000.00
12.50
Ms. Ya-mei Huang Taiwan 700.00 8.75
Ms. Tsui-ying Chen Taiwan 200.00 2.50
Management: Ms. Yi-ting Yeh,
Executive
Mr. Lung-hao Chen, General Manager
Name Nationality
Job Description Dept. / Division
Ms. Yi-ting Yeh Taiwanese
Executive Sales & Marketing
Mr. Lung-hao Chen Taiwanese
General Manager -
*Main Products & Services*
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Specializing in the following main areas of work:
1. Importing a range of circular knitting machine from China.
2. Exports and domestic sales of imported machines.
Products: Circular knitting machines
Knitting machine
parts
Textile
machines
*Payment Terms*
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Sales
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Local : 30-90 days credit
Cash
Export : Letter of Credit (L/C)
Document against
Acceptance (D/A)
Telegraphic
Transfer (T/T)
Purchases
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Local : 30-90 days credit
Import : Letter of Credit (L/C)
Document against
Acceptance (D/A)
Telegraphic
Transfer (T/T)
*Competitors*
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The following locally based companies supply similar range of products:
- YANHAN TRADING CO
- GOLD CMY INDUSTRY CO LTD
- YEAH HSIAN ENTERPRISE CO LTD
- CHEMEX INDUSTRIAL CO LTD
- TAINING MACHINE INDUSTRIAL CO LTD
*Domestic Customers*
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Virtually all of the circular knitting machine to industry factory.
*Local Distribution Network*
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An estimated 30% of the annual turnover is attributed to local
sales.
*Export Markets*
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An estimated 70% of the annual turnover is attributed to export.
Note : At the time of performing this report, the 2007 export figures
had not yet been released by the Ministry of Economic Affairs which monitors
exports and imports.
*(Subsidiaries , Joint-ventures & Affiliates)
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Company Name : DRAGON
MACHINERY CO LTD
Address :
26-1 Hsia Nei Li, Nei Ting Li Chungli City 320 Taoyuan Hsien Taiwan
Country :
Taiwan
Relationship :
Affiliate
Legal Form :
Unknown
Industry :
N/A
PAYMENT RATING : 3 OBTAINED SCORES :
60
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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 |
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4 |
Scores 35 – 49 |
Fair |
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5 |
Scores 15 – 34 |
Below Average |
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6 |
Scores 01 – 14 |
Poor |
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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 SMALL
amounts depending on individual judgement experience.
As a private limited company with a paid-up capital of less than USD 6
million, there is no legal requirement according to local corporate law for
public disclosure of detailed financials.
Although financial summaries were obtained for reference.
*BANK DETAILS*
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Bank Name :
CHINATRUST COMMERCIAL BANK LTD
Branch :
Chungli City
Branch Address : 500
Yenping Rd
SWIFT Code :
CTCBTWTP
Bank Name : E.SUN COMMERCIAL
BANK LTD
Branch : Taoyuan
City
Branch Address: 300 Sanmin Rd Section 2
SWIFT Code ESUNTWTP
*Financial Summary (Currency: U.S. $'s)
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Year Sales Net Income
2006 $7,194,679.56 $287,182.59
*Int´l Trade Activity (Currency: U.S. $'s)
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Year Imports Exports Total
2004 n/a $5,292,800.00
$5,292,800.00
2005 $680,000.00 $5,710,000.00 $6,390,000.00
2006 $1,350,000.00 $4,500,000.00 $5,850,000.00
SC is considered small-sized in its line with a long history. Taking
into consideration of SC’s general performance, a credit line up to USD 100,000
appears to be within SC’s capacities.
Attached:
trade references
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 3582 Dry
cleaning & pressing machines
Importing 3552 Textile
machines, and parts and attachments,
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 8447111000 Hosiery knitting machines, circular, with cylinder diameter not
exceeding 165 mm
Exporting 8451400000 Washing, bleaching or dyeing machines
Exporting 8451800000 Machinery of heading 8451
Importing 8447121000 Hosiery knitting machines, circular, with cylinder diameter
exceeding 165 mm
INTERNATIONAL
TRADE : ACTIVITY & MARKETS
Exporting to Asia
Exporting to Bangladesh
Exporting to India
Exporting to Pakistan
Importing from Asia
Importing from China
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)