MIRA
INFORM REPORT
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Report Date : |
30.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
SIMCO SPRING MACHINERY CO |
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Registered Office : |
6FL-1, 27, Lane 61 Kwang Fu Rd Section 1
Sanchung City Taipei Hsien 241 |
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Country : |
Taiwan |
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Date of Incorporation : |
31.08.1999 |
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Com. Reg. No.: |
16994258 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importing of raw materials / components for in-house OEM production Exporting to international markets and selling a small percentage of goods to local market. |
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 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
SIMCO
SPRING MACHINERY CO
6FL-1, 27, LANE 61 KWANG FU RD SECTION 1
SANCHUNG CITY
TAIPEI HSIEN 241, TAIWAN
TEL: 886-2-29954088 FAX: 886-2-29994685
EXECUTIVE SUMMARY
INCORPORATION DATE :
AUGUST 31, 1999
REGISTRATION NO. :
16994258
LEGAL FORM :
PRIVATE
CHIEF EXECUTIVE :
MR. KENNY PING-HUI LIN (CEO)
STAFF STRENGTH :
20
CAPITAL :
US$ 1,149,425
BUSINESS LINE :
MANUFACTURER
TURNOVER :
N/A (AS OF DEC. 31, 2006)
EQUITIES :
N/A (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 200,000
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
TWD 30.35211 = 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 : 99607210
Date issued : 2 November 1999
Issuing authority :
Industrial Development Bureau, MOEA
Type of license : Factory license
*Office & Facilities*
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The office is located at the same premises as the factory.
Other e-mail :
simco@ms18.hinet.net
*Factories, Size & Locations*
=======================
Building size : 317 sq meters (Approx)
Location : Taipei County
Facilities : Modern
Type of building : Industrial
building
Property status : Rented
Comment : Serves as office, factory and
warehouse.
Note: Although rented by the company, the premises are owned by
chairman conglomerate, SPRING MING CO
LTD.
*Corporate & Organization Structure*
===========================
A small sized specialized company operated and managed by the owner.
www.simcotw.com
The design is professional and the content is well organized. At present it is
in English version.
E-mail: simco@simcotw.com
For the past two years there is no record of litigation.
*Major Shareholders*
===============
Total number of shareholders: 4
Total number of shares: 2,100,001
Shareholders Country Number Amount %
Mr. Kenny Ping-hui Lin Taiwan 1,400,000.00 n/a 66.67
Mr. Hui-huang Chen Taiwan 437,500.00 n/a
20.83
Mr. Teng-yuan Cheng Taiwan 262,500.00 n/a
12.50
Mr. Chao-yang Cheng Taiwan
1.00 n/a -
Management: Ms. Tina Lin,
Manager
Mr. Kenny Ping-hui Lin, CEO
Name Nationality
Job Description Dept. / Division
Ms. Tina Lin Taiwanese
Manager Sales
Mr. Kenny Ping-hui Lin Taiwanese
CEO -
*COMPANY DIRECTORS*
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Name : Mr. Kenny Ping-hui Lin
Nationality : Taiwan
Country of Residence : Taiwan
*Main Products & Services*
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Specializing in the following main areas of work:
1. Importing of raw materials / components for in-house OEM production
2. Manufacturing a wide range of various types of spring machinery, CNC
versatile spring former, CNC spring coiler and other related equipment of
spring industry.
3. Exporting to international markets and selling a small percentage of
goods to local market.
Products: CNC single point former
CNC spring coiling
machine
CNC spring former
machine
CNC tension spring
machine
CNC torsion
former
*Brand*
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SIMCO
*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)
Telegraphic
Transfer (T/T)
*Competitors*
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The following locally based companies supply similar range of products:
- CHING HWEE INT'L TRADING CO LTD
- NEW FORM-TECH ENTERPRISE CO LTD
- YEOU HEUY MACHINE CO LTD
- EVERRISING MACHINERY CORP
- G&M MACHINERY CO LTD
*Local Distribution Network*
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An estimated 5% of the annual turnover is attributed to local
sales.
*Export Markets*
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An estimated 95% of the annual turnover is attributed to export.
*(Subsidiaries, Joint-ventures & Affiliates)
=================================
Company Name :
SPRING MING CO LTD
Address :
8, Alley 30, Lane 207, Ming An Rd Hsinchuang City 242 Taipei Hsien Taiwan
Country
: Taiwan
Relationship Affiliate
Legal Form :
Private company with limited liability
Company Type
: Importer
Industry : Hardware & Tools
PAYMENT RATING : 3 OBTAINED SCORES :
65
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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
MODERATE 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 : BANK OF TAIWAN
Branch : Chungcheng Dist,Taipei City
Branch Address : 120 Chung Ching South Rd Section 1
SWIFT Code : BKTWTWTP
Bank Name : FIRST COMMERCIAL BANK CO LTD
Branch : Chungcheng Dist,Taipei City
Branch Address : 10Fl, 30 Chungking South Rd Section 1
SWIFT Code : FCBKTWTP
Bank Name : TAIWAN COOPERATIVE BANK
Branch : Chungcheng Dist,Taipei City
Branch Address : 77 Kuan Chien Rd
SWIFT Code : TACBTWTP
*Int´l Trade Activity (Currency: U.S. $'s)
==============================
Year Imports Exports Total
2005 $37,000.00 $6,300,000.00 $6,337,000.00
2006 $40,000.00 $7,750,000.00 $7,790,000.00
2007 $49,000.00 $8,200,000.00 $8,249,000.00
*Financial Summary (Currency: U.S. $'s)
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Year Sales Net
Income
2007 $18,406,759.20 $875,075.44
SC is considered small-sized in its line with a development history of 9
years. Taking into consideration of SC’s general performance, a credit line up to
USD 200,000 appears to be within SC’s capacities.
Attached:
trade references
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Manufacturing 3500 Industrial
Machinery & Equipment
Manufacturing 3549 Metalworking
machinery
Manufacturing 3567 Industrial
furnaces and ovens, and parts,
Manufacturing 5084 Industrial
Machinery/Equip
Trading 3500 Industrial
Machinery & Equipment
Trading 3549 Metalworking
machinery
Trading 3567 Industrial
furnaces and ovens, and parts,
Trading 5084 Industrial
Machinery/Equip
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 8462 Machine
tools for forging, bending, stamping etc
Exporting 8462290010 Bending, folding, straightening or flattening machines
(including presses), metal forming, except numerically controlled, used or
rebuilt
Exporting 8463 Machine
tools for working metal
Exporting 8463300040 Machines for working wire, metal forming, used or rebuilt
Exporting 8466940000 Parts for machines of heading 8462 or 8463
Manufacturing 8416 Furnace
burners; mechanical stokers etc, parts
Manufacturing 8460900080 Machine
tools for finishing metal by removing metal using grinding stones, abrasives or
polishing products, except n/c, valued $3,025 and over
Manufacturing 8462 Machine
tools for forging, bending, stamping etc
Manufacturing 8462290010 Bending,
folding, straightening or flattening machines (including presses), metal
forming, except numerically controlled, used or rebuilt
Manufacturing 8462990010 Machine
tools (including presses) working by forming metal, used or rebuilt
DETAILED PRODUCT
CLASSIFICATION & ACTIVITY
Activity Product/Service Description
Manufacturer Wire-forming
machines
Manufacturer Spring coiling
machine
Manufacturer Spring ends
grinders
Manufacturer Spring
testers
Manufacturer Furnace
Manufacturer Strip forming
machine
Manufacturer CNC versatile
spring former
Manufacturer CNC torsion spring
machine
Manufacturer CNC tension spring
machine
Manufacturer Multi slide
forming machine
INTERNATIONAL
TRADE: ACTIVITY & MARKETS
Exporting to Argentina
Exporting to Asia
Exporting to Belgium
Exporting to Brazil
Exporting to China
Exporting to Europe
Exporting to Finland
Exporting to Germany
Exporting to Hong Kong
Exporting to India
Exporting to Japan
Exporting to Malaysia
Exporting to Mexico
Exporting to Netherlands
Exporting to North America
Exporting to Norway
Exporting to Singapore
Exporting to South Africa
Exporting to South America
Exporting to South Korea
Exporting to Thailand
Exporting to Turkey
Exporting to USA
Exporting to United Kingdom
Exporting to Vietnam
Importing from Asia
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.79 |
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UK Pound |
1 |
Rs.85.04 |
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Euro |
1 |
Rs.67.39 |
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%)