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Report Date : |
03.11.2012 |
IDENTIFICATION DETAILS
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Name : |
POLYMAC MACHINERY CO., LTD. |
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Registered Office : |
26, Kong-Yeh |
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Country : |
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Date of Incorporation : |
10.03.1987 |
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Com. Reg. No.: |
22404792 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacture and sales of shoe making machines, etc |
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No. of Employees : |
About 25 Employees (estimated) |
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RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Taiwan |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
TAIWAN - ECONOMIC OVERVIEW
Taiwan has a dynamic capitalist
economy with gradually decreasing government guidance of investment and foreign
trade. In keeping with this trend, some large, state-owned banks and industrial
firms have been privatized. Exports, led by electronics, machinery, and
petrochemicals have provided the primary impetus for economic development. This
heavy dependence on exports exposes the economy to fluctuations in world
demand. In 2009, Taiwan's GDP contracted 1.9%, due primarily to a 20%
year-on-year decline in exports. In 2010 GDP grew 10.9%, as exports returned to
the level of previous years, and in 2011, grew 5.2%. However, 2012 growth will
likely be less, according to most forecasters, because of softening global
demand. Taiwan's diplomatic isolation, low birth rate, and rapidly aging
population are major long-term challenges. Free trade agreements have
proliferated in East Asia over the past several years, but so far Taiwan has
been excluded from this greater economic integration largely because of its
diplomatic status with the exception of the landmark Economic Cooperation
Framework Agreement (ECFA) signed with China in June 2010. The MA
administration has said that the ECFA will serve as a stepping stone toward
trade pacts with other regional partners, and negotiations on a deal with
Singapore began this year. Follow-on components of ECFA, including deals on
trade in goods, services, and investment, have yet to be completed. 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 accounting for 10.9% of the island's total
population as of 2011. The island runs a large trade surplus, and its foreign
reserves are the world's fourth largest, behind China, Japan, and Russia. Since
2005 China has overtaken 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. Three financial memorandums of understanding,
covering banking, securities, and insurance, took effect in mid-January 2010,
opening the island to greater investments from the mainland's financial firms
and institutional investors, and providing new opportunities for Taiwan
financial firms to operate in China. Closer economic links with the mainland
bring greater opportunities for the Taiwan economy, but also poses new
challenges as the island becomes more economically dependent on China while
political differences remain unresolved.
Source
: CIA
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Company Name: |
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Supplied Name: |
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Trading Address: |
26, Kong-Yeh 15th Rd., Taiping Dist.,
Taichung City 411, Taiwan (R.O.C.) |
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Supplied Address: |
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Telephone Number: |
+886-4-2271-1636 |
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Fax Number: |
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E-mail: |
Notes:
The supplied address is incomplete, and the exact address is as above.
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Credit Opinion: |
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Registered Name: |
Polymac Machinery Co., Ltd. |
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Registered Address: |
26, Kong-Yeh 15th Rd., Taiping Dist., Taichung City 411, Taiwan
(R.O.C.) |
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Date of Foundation: |
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Registration Number: |
22404792 |
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Registry: |
MOEA Central Office |
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Registered Capital: |
(As of 2012.11, 1 NTD = 0.0333 USD) |
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Paid-up Capital: |
NTD 25,000,000 (USD 832,500) |
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Legal Representatives: |
Kunbin Liu |
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Legal Form: |
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Principal Activities: |
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Staff: |
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Listed at Stock
Exchange: |
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Date of Last
Annual Return: |
Notes: The staff information is estimated and only
for reference.
Subject was incorporated on
|
Name |
Subscription Shares |
|
Kunbin Liu |
9,700 |
|
Jianfu Liu |
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|
2,300 |
|
|
Xingzi Zhuang |
8,430 |
The information
above is that of subject’s major shareholders.
Core
Management
Directors
|
1 |
|
|
Name |
Kunbin Liu |
|
Position |
Board Chairman |
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2 |
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|
Name |
Hepen Liu |
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Position |
Director |
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3 |
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Name |
Jianfu Liu |
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Position |
Director |
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4 |
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Name |
Xingzi Zhuang |
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Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 25 Employees
(estimated) |
Offices
& Factories
|
|
Headquarters |
|
Add |
26, Kong-Yeh 15th Rd., Taiping Dist., Taichung City 411, Taiwan
(R.O.C.) |
Production
Information
l
Subject is a manufacturer of PVC, TPR, EVA
injection and PU pouring system shoes making machines.
Purchase
Information
l
The registered activities of subject:
|
1 |
Manufacture, processing and sales of shoes making
machine, plastic injection machine, packaging machine, and relevant
components, etc |
|
2 |
Import and export trading business of the above
items |
|
3 |
Bidding service, price quoting, and marketing
service for both domestic and overseas customers |
l
Subject purchases raw materials and components both
at local and abroad.
l
The subject is mainly engaged in sales of machines including
shoe machine, PVC shoe making machine, TPR shoe making machine, PU shoe making
machine, EVA shoe making machine, shoe making machine, plastic machine, etc.
l
Subject’s products are for making sole, slipper,
sandal, long boots, lady heels and sports shoes etc.
l
It is introduce that subject supplies OEM service
l
Subject introduced that its Major products sold as
following:
l
Subject’s products are both sold to domestic and
overseas market and it is introduced that subject’s sales regions include North
America South America, Caribbean East Asia Southeast Asia Mid-East, Africa,
Hong Kong, the mainland of China, etc
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
Domestic Purchase
|
Payment Terms |
Proportion |
|
|
Raw materials and components, etc |
COD, etc |
100% |
Foreign Purchase
|
Payment Terms |
Proportion |
|
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Raw materials and components, etc |
CBD, etc |
100% |
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
Shoe making machines, etc |
CBD, etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Shoe making machines, etc |
CBD, etc |
100% |
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 declined to disclose the financials citing the grounds of
company’s confidentiality, and we found subject’s annual sales as NTD
3,600,000.00 from public files, while it is not confirmed by subject and only
for reference.
Subject declined to disclose its bank details; from other source we can
not obtain the relevant information, either.
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.
|
Department |
Sales department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.66 |
|
|
1 |
Rs.86.37 |
|
Euro |
1 |
Rs.69.24 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
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 |
|
-- |
NB |
New Business |
-- |
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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.