|
Report Date : |
21.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
FONG KEE INTERNATIONAL MACHINERY CO., LTD. |
|
|
|
|
Registered Office : |
No.168, Cheng Pei First Rd., Yongkang Dist.,
Tainan City 710, Taiwan (R.O.C.) |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Date of Incorporation : |
02.03.1966 |
|
|
|
|
Com. Reg. No.: |
68928408 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and trading of plastic extrusion
machinery and equipment, etc. |
|
|
|
|
No. of Employees : |
190 |
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) |
|
|
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: |
Fong Kee International Machinery Co., Ltd. |
|
Supplied Name: |
Fong Kee International Machinery Co Ltd. |
|
Trading Address: |
No.168, Cheng Pei First Rd., Yongkang Dist., Tainan City 710, Taiwan
(R.O.C.) |
|
Supplied Address: |
No. 168 Cheng Pei First Rd Yongkang Dist. Tainan City 710 |
|
Telephone Number: |
+886-6-2532157 |
|
Fax Number: |
+886-6-2533079 |
Notes:
The exact subject’s name and address are as above mentioned.
|
Credit Opinion: |
Subject was incorporated on 1966-3-2 with registered number 68928408 as Joint Stock Company in Taiwan.
Change of Name
|
Former English Name |
Fong Kee Iron Works Co., Ltd. |
|
Current English Name |
Fong Kee International Machinery Co., Ltd. |
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 |
|
Name |
Subscription Shares |
|
Canwen Wei |
3,335,500 |
| Canren Wei |
3,687,000 |
|
Zongxiu Wei |
958,000 |
|
Tingying Wei |
858,500 |
|
Shuzhen Wei |
2,744,500 |
The information
above is that of subject’s major shareholders.
Core
Management
Directors
|
1 |
|
|
Name |
Canwen Wei |
|
Position |
Chairman |
|
Date of
Appointment |
2012-2-6 |
|
2 |
|
|
Name |
Canren Wei |
|
Position |
Director |
|
3 |
|
|
Name |
Zongxiu Wei |
|
Position |
Director |
|
4 |
|
|
Name |
Tingying Wei |
|
Position |
Director |
|
5 |
|
|
Name |
Shuzhen Wei |
|
Position |
Supervisor |
Personnel
Structure
|
Total
Employees |
About 190
Employees |
Offices &
Factories
|
|
Headquarters |
|
Add |
No.168, Cheng Pei First Rd., Yongkang Dist., Tainan City 710, Taiwan
(R.O.C.) |
Production
Information
l
Subject produces plastic extrusion
machinery and equipment, etc.
l
Subject has its factory in Taiwan.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
E599010 |
Piping engineering industry |
|
F107170 |
Wholesale trade of industrial additives |
|
F113010 |
Machinery wholesale industry |
|
F113990 |
Other Machinery and Equipment |
|
F207170 |
Industrial additives retail |
|
F213080 |
Machinery and Equipment Retail |
|
F213990 |
Other mechanical appliances retail |
|
F401010 |
International trade |
|
CB01010 |
Machinery and Equipment Manufacturing |
|
CB01990 |
Other machinery manufacturing |
|
C805010 |
Imitation leather, cloth, plate, pipe
manufacturing |
|
C805020 |
Plastic film, bags manufacturing |
|
F107990 |
Other chemical products, wholesale trade |
|
F207990 |
Other chemical products retail |
|
F107190 |
Plastic film, bags wholesale trade |
|
F207190 |
Plastic film, bags retail |
Besides licensed business, all other business items those are not banned
or restricted.
l
The components and raw material for production are
purchased from both domestic and abroad.
l
The subject has a
proportion of 50% for Import
l
The subject is mainly engaged in
manufacturing, processing and trading of plastic extrusion machinery and
equipment.
l
Subject’s machineries include Blow Moulding, Blown
Film, Cast Film, Sheet Making, Lamination Machine, etc.
l
Subject makes technology exchange with excellent
manufacturer in Japan, Europe, and the U.S. regularly.
l
Subject has both domestic and foreign markets.
l
Subject exports all over the world according to
customers’ orders.
l
The subject has a
proportion of 50% for export.
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
Domestic Purchase
|
Payment Terms |
Proportion |
|
|
Components and raw material |
COD, CBD, etc. |
100% |
Foreign Purchase
|
Payment Terms |
Proportion |
|
|
Components and raw material |
CBD, etc. |
100% |
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
Plastic extrusion machinery and
equipment. |
CBD, etc. |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Plastic extrusion machinery and equipment. |
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’s relevant staff Mr. Li declined to disclose its financials
citing the grounds of company’s confidentiality; 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.
|
Name |
Mr. Li |
|
E-mail |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.91 |
|
UK Pound |
1 |
Rs.87.38 |
|
Euro |
1 |
Rs.70.24 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.