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Report Date : |
31.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
YEONG CHIN MACHINERY INDUSTRIES CO., LTD. |
|
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|
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Registered Office : |
888, |
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Country : |
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|
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Date of Incorporation : |
16.04.1969 |
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|
|
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Com. Reg. No.: |
55051523 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacture and sales of mechanical equipment |
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No. of Employees : |
About 800 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 (31.03.2011) |
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: |
888, Homu Rd., Shengang Dist., Taichung City
429, Taiwan (R.O.C.) |
|
Supplied Address: |
|
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Telephone Number: |
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|
Fax Number: |
Notes: Subject’s exact name and address are as above.
|
Credit Opinion: |
|
Registered Name: |
Yeong Chin Machinery Industries Co., Ltd. |
|
Registered Address: |
888, Homu Rd., Shengang Dist., Taichung City 429, Taiwan (R.O.C.) |
|
Date of Foundation: |
|
|
Registration Number: |
55051523 |
|
Registry: |
Department of Commerce, Ministry of Economic Affairs, R.O.C. |
|
Registered Capital: |
NTD 2,000,000,000 (USD 66,800,000) (As of 2012.08, 1 NTD = 0.0334 USD) |
|
Paid-up Capital: |
NTD 566,780,000 (USD 18,930,452) |
|
Legal Representatives: |
Boyuan Chen |
|
Legal Form: |
|
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Principal Activities: |
|
|
Staff: |
|
|
Listed at Stock
Exchange: |
|
|
Date of Last
Annual Return: |
Subject was incorporated on
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 |
|
Boyuan Chen |
3,389,018 |
|
Boyang Chen |
|
|
948,022 |
|
|
Chang Shuo Investment Co., Ltd (Liternal Translation) |
305 |
|
China Development Industrial Bank (Liternal Translation) |
10,665,600 |
|
Bochang Chen |
522,787 |
|
Bochuan Chen |
3,389,018 |
The information above is that of subject’s major shareholders.
It is introduced that subject has more than 50 service locations in the world including an assembly factory in China, a technical center in Malaysia (YCM MALAYSIA SDN BHD.), a branch in USA (YCM Americas, Inc.) and warehouses in Europe, etc. while the details are not disclosed.
Core
Management
|
1 |
|
|
Name |
Boyuan Chen |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Boyang Chen |
|
Date of
Appointment |
Director |
|
3 |
|
|
Name |
Chang Shuo
Investment Co., Ltd (Liternal
Translation) |
|
Date of
Appointment |
Director |
|
4 |
|
|
Name |
China
Development Industrial Bank (Liternal
Translation) |
|
Position |
Bocheng Chen |
|
Date of
Appointment |
Director |
|
5 |
|
|
Name |
Bochang Chen |
|
Position |
Supervisor |
|
6 |
|
|
Name |
Bochuan Chen |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 800 employees |
Offices
& Factories
|
|
Headquarters |
|
Add |
888, Homu Rd., Shengang Dist., Taichung City 429, Taiwan (R.O.C.) |
Production
Information
l
Subject is a engaged in manufacture of mechanical
equipment
l
It is introduced that subject has been awarded the
certificate of the ISO-9001 Quality Assurance System authorized by Bureau of
Standard, the Ministry of Economy Affair in Taiwan.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
CA01030 |
Steel casting industry |
|
CA02990 |
Manufacture of other metal products |
|
CB01010 |
Manufacture of mechanical equipment |
|
CQ01010 |
Manufacture of mould |
|
E603050 |
Automatic controlling equipment engineering
industry |
|
E604010 |
Machinery installation industry |
|
I301010 |
Information software services |
|
ZZ99999 |
Besides licensed business, all other business
items those are not banned or restricted. |
l
Subject purchases raw materials both at home and
abroad.
l
The subject is mainly engaged in sales of
mechanical equipment
l
Subject’s products are both sold in domestic and
overseas market and it is introduced that subject has more than 50 service
locations in the world including an assembly factory in China, a technical
center in Malaysia (YCM MALAYSIA SDN BHD.), a branch in USA (YCM Americas,
Inc.) and warehouses in Europe, etc.
Major products
|
Vertical
Machining Center |
|
|
Double Column
Vertical Machining Center |
|
|
Horizontal
Machining Center |
|
|
CNC Turning
Center |
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase
|
Payment Terms |
Proportion |
|
|
Raw materials,
etc |
COD, Credit
Sales, etc |
100% |
Foreign Purchase
|
Payment Terms |
Proportion |
|
|
Raw materials,
etc |
CBD, Credit
Sales, etc |
100% |
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
Mechanical
equipment |
CBD , etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Mechanical 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 declined to disclose its financials citing the grounds of company’s confidentiality; from other source we can not obtain the relevant information, either.
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.54.16 |
|
UK Pound |
1 |
Rs.86.83 |
|
Euro |
1 |
Rs.69.85 |
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 |
|
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.