|
Report Date : |
09.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
HONOR SEIKI COMPANY LIMITED |
|
|
|
|
Formerly Known As : |
Honor Machine Engineering Co.,
Ltd. |
|
|
|
|
Registered Office : |
No.658, Sec.1, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
21.05.1987 |
|
|
|
|
Com. Reg. No.: |
22503723 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturer of CNC vertical Lathes & single purpose CNC lathes |
|
|
|
|
No. of Employees : |
About 200 Employees |
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 |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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 (31.03.2012) |
Current Rating (30.06.2012) |
|
Taiwan |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
|
Company Name: |
|
|
Supplied Name: |
|
|
Trading Address: |
No.658, Sec.1, Chung Shan Rd., Hunei Dist.,
Kaohsiung City 829, Taiwan (R.O.C.) |
|
Supplied Address: |
No. 6 Sec 2 Chunng-Shan Rd Hunei Dist.
Kaohsiung City 829 Taiwan |
|
Telephone Number: |
|
|
Fax Number: |
|
|
E-mail: |
Notes:
The supplied name is incomplete, and the exact name is as above.
The supplied address is incorrect, and the exact address is as above.
|
Credit Opinion: |
Subject was incorporated on
Change of Name
|
Former Chinese Name |
榮田機器工程股份有限公司 |
|
Current Chinese Name |
榮田精機股份有限公司 |
|
Former English Name |
Honor Machine Engineering Co., Ltd. |
|
Current English Name |
Honor Seiki Company
Limited |
Awards
|
Year |
Awards |
|
2008 |
Blue chip importer and exporter |
|
2009 |
Blue chip importer and exporter |
|
2010 |
Blue chip importer and exporter |
Standard of Blue
chip importer and exporter
Unit: USD
|
Year |
Amount |
|
2008 |
19,000,000 |
|
2009 |
15,000,000 |
|
2010 |
20,000,000 |
|
Subscription
Share |
|
|
Fuying
Investment Co., Ltd |
5,875,321 |
|
Tongtai Machine & Tool Co., Ltd |
|
|
18,254,424 |
|
The information above is that of subject’s major shareholders.
Parent Company
|
Name |
Tongtai Machine & Tool Co., Ltd |
|
Date of Registration |
|
Core
Management
|
1 |
|
|
Name |
Songtian Chen |
|
Position |
Board of Chairman |
|
2 |
|
|
Name |
Junlong Zheng |
|
Position |
Director |
|
3 |
|
|
Name |
Kuncong Wang |
|
Position |
Director |
|
4 |
|
|
Name |
Dengcai Xie |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 200 Employees |
Offices
& Factories
|
|
Headquarters |
|
Add |
No.658, Sec.1, Chung
Shan Rd., Hunei Dist., Kaohsiung City 829, Taiwan (R.O.C.) |
Production
Information
l
Subject is a manufacturer of CNC vertical Lathes
and the related products with the production activities
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
1 |
Manufacture and
trade of machinery, hardware, material and accessories. |
|
2 |
Manufacture and
trade of pollution prevention equipment |
|
3 |
Import and
export of the products above |
l
The components and raw material for production are
purchased from local.
l
Subject is mainly engaged in manufacturing and
trading of CNC vertical Lathes and the related products.
l
Subject introduced that its brand named HONOR.
l
Subject introduced that it also has some offices in
Taichung, Taipei, and it has after-service office in Shanghai.
l
Subject introduced that its major products sold as
following:
|
|
Product |
|
1 |
CNC Vertical
Lathe |
|
2 |
CNC High Speed
Drilling Master |
|
3 |
CNC Vertical
Turning Center |
|
4 |
CNC Vertical
Grinding Machine |
|
5 |
Parts of Vehicle
Processing Line |
|
6 |
CNC Special
Purpose Machine |
|
7 |
Others |
l
Subject’s selling territory covers all over the
world.
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Subject declined to disclose the settlements information, and from other
sources, we couldn’t obtain the information, either.
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’s relevant staff Ms. Lee declined to disclose its financials
citing the grounds of company’s confidentiality; from other source we can not
obtain the relevant information, either.
The bankers’ information is not available from the subject or other sources.
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.
|
Name |
Ms. Lee |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.44 |
|
UK Pound |
1 |
Rs.87.00 |
|
Euro |
1 |
Rs.69.47 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 |
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 |
|
---- |
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.