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Report Date : |
20.04.2013 |
IDENTIFICATION DETAILS
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Name : |
PALMARY MACHINERY CO., LTD. |
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Registered Office : |
No.77, Gongye Rd., Dali Dist., Taichung City 412 |
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Country : |
Taiwan |
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Date of Incorporation : |
11.06.1998 |
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Com. Reg. No.: |
16524622 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacturing and sales of grinding machines, etc. |
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No. of Employees : |
About 140 Employees |
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. 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 1.8%, due
primarily to a 13.1% year-on-year decline in exports. In 2010 GDP grew 10.7%,
as exports returned to the level of previous years, and in 2011, grew 4.1%. In
2012, however, growth fell to 1.3%, 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 except for the landmark Economic
Cooperation Framework Agreement (ECFA) signed with China in June 2010, so far Taiwan
has been excluded from this greater economic integration in part because of its
diplomatic status. Negotiations continue on such follow-on components of ECFA
regarding trade in goods and services. The MA administration has said that the
ECFA will serve as a stepping stone toward trade pacts with other key trade
partners, which Taiwan subsequently launched with Singapore and New Zealand.
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 11.2% of the island's
total population as of 2012. The island runs a large trade surplus largely
because of its surplus with China, and its foreign reserves are the world's
fifth largest, behind China, Japan, Saudi Arabia, and Russia. In 2006 China
overtook 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. In August 2012, Taiwan Central Bank signed a memorandum of
understanding on cross-Strait currency settlement with its Chinese counterpart.
The MOU allows for the direct settlement of Chinese RMB and the New Taiwan
dollar across the Strait, which could help develop Taiwan into a local RMB hub.
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: |
No.77, Gongye Rd., Dali Dist., Taichung City 412, Taiwan (R.O.C.) |
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Supplied Address: |
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Telephone Number: |
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Fax Number: |
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E-mail: |
Notes: The exact name and address are as above.
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Credit Opinion: |
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Registered Name: |
Palmary Machinery Co., Ltd. |
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Registered Address: |
No.77, Gongye Rd., Dali Dist., Taichung City 412, Taiwan (R.O.C.) |
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Date of Foundation: |
1998-6-11 |
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Registration Number: |
16524622 |
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Registry: |
MOEA Central Office |
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Registered Capital: |
NTD 140,798,500 (USD 4,787,149) (As of 2013.04, 1 NTD = 0.0340 USD) |
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Paid-up Capital: |
NTD 140,798,500 (USD 4,787,149) |
|
Legal Representatives: |
Qinglong Zheng |
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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: |
Subject was incorporated on 1998-6-11 with registered
number 16524622 as Joint Stock Company in Taiwan.
|
Name |
Subscription Shares |
|
Qinglong Zheng |
4,873,940 |
|
Mingjie Zheng |
|
|
416,900 |
|
|
Changzhu Lin |
826,220 |
|
Jinzu Lin |
606,400 |
|
Zhimeng Wang |
985,400 |
|
Zhenfang Zhang |
682,200 |
The information
above is that of subject’s major shareholders.
Related Companies
|
1 |
|
|
Name |
|
|
Address |
No.288, Yongxiang Road,
Cao-E Street, Shangyu
City, Zhejiang Province, China |
|
Telephone Number |
+86-575-8218-6082 |
|
Fax Number |
+86-575-8218-6085 |
|
2 |
|
|
Name |
Palmary Machinery Co.,
Ltd. (Thailand) |
|
Address |
200 Moo 1 Khaerai, Kratumban, Samutsakorn
Thailand, 74110 |
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Telephone Number |
+66-34-476225 |
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Fax Number |
+66-34-849516 |
Core
Management
Directors
|
1 |
|
|
Name |
Qinglong Zheng |
|
Position |
Board Director |
|
2 |
|
|
Name |
Mingjie Zheng |
|
Position |
Director |
|
3 |
|
|
Name |
Changzhu Lin |
|
Position |
Director |
|
4 |
|
|
Name |
Jinzu Lin |
|
Position |
Director |
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5 |
|
|
Name |
Zhimeng Wang |
|
Position |
Director |
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6 |
|
|
Name |
Zhenfang Zhang |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 140 Employees |
Offices
& Factories
|
|
Headquarters |
|
Add |
No.77, Gongye Rd., Dali Dist., Taichung City 412, Taiwan (R.O.C.) |
Production
Information
l
Subject is engaged in manufacturing of grinding machines, etc.
l
Subject has a factory (about 12,000 square meters) in
Taiwan at the trading address for production.
l
Subject has a specialized R & D and technical
departments, and it cooperates with “SANYO” a famous company in Japan.
l
It is introduced that subject can provide ODM
service.
l
Subject obtained the certifications of ISO 9001 and
CE.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
CB01990 |
Other machinery manufacturing (machine tools,
grinder, lathe, milling machine, drilling machine and parts thereof) |
|
F213990 |
Other machinery and equipment retail (machine
tools, grinder, lathe, milling machine, drilling machine and parts thereof) |
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CP01010 |
Hand tools manufacturing industry |
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CQ01010 |
Mold manufacturing industry |
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F206030 |
Mold retail |
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CB01010 |
Machinery and equipment manufacturing |
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F213080 |
Machinery and equipment retail |
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CD01030 |
Automotive and parts manufacturing (only for auto
parts) |
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CD01040 |
Motorcycles and parts manufacturing |
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F214030 |
Retail of automobiles and motorcycles’ spare and
accessory parts |
|
F401030 |
Manufacturing exports |
|
F206010 |
Retail of hardware |
l
The components for
production are purchased from Japan, Europe, mainland of China, etc.
l
Subject purchases facilities
almost from Japan.
l
The subject is engaged in sale of grinding machines, etc.
l
The major products sold by subject include centerless grinder, cylindrical grinder, internal grinder,
CNC grinding machines, special grinding machine, etc.
l
Subject’s sale regions include Taiwan, mainland
China, Japan, Thailand, USA, Germany, South Korea,
l
The subject has a proportion of 70% for export.
l
Subject’s major customers include
“BLACK&DECKER”, “KENNAMETAL”, “GM”, “RUDOLPH”, “Canon”, “HITACHI” and
“DENSO”, etc.
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase
|
Payment Terms |
Proportion |
|
|
Components |
COD, CBD, etc |
100% |
Foreign Purchase
|
Payment Terms |
Proportion |
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Components and
facilities |
CBD, etc |
100% |
Sales
Domestic Markets
|
Sales Terms |
Proportion |
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Grinding
machines |
COD, CBD, etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Grinding
machines |
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 Ms. Yu declined to disclose its financials
citing the grounds of company’s confidentiality; from other source we can not
obtain the relevant information, either.
|
Name |
International
Commercial Bank of China |
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. Yu |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.03 |
|
|
1 |
Rs.82.43 |
|
Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
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 |
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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-- |
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.
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