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Report Date : |
05.06.2013 |
IDENTIFICATION DETAILS
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Name : |
CHING CHI MACHINE CO., LTD. |
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Registered Office : |
13F, No.33, Sec.2, San Min Rd., Banqiao Dist., New Taipei City 220 |
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Country : |
Taiwan |
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Date of Incorporation : |
07.02.1967 |
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Com. Reg. No.: |
33381521 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacturing and sales of sewing machines and its parts |
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No. of Employees : |
About 100 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Taiwan |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 4.0%. 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: |
13F, No.33, Sec.2, San Min Rd., Banqiao
Dist., New Taipei City 220, Taiwan (R.O.C.) |
|
Supplied Address: |
13F, NO.33, SEC. 2, SAN MIN RD., PANCHIAO
CITY, TAIPEI Taiwan |
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Telephone Number: |
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Fax Number: |
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E-mail: |
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Website: |
Notes: The exact name and address are as above.
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Credit Opinion: |
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Registered Name: |
Ching Chi Machine Co., Ltd. |
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Registered Address: |
13F, No.33, Sec.2, San Min Rd., Banqiao Dist., New Taipei City 220,
Taiwan (R.O.C.) |
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Date of Foundation: |
1967-2-7 |
|
Registration Number: |
33381521 |
|
Registry: |
New Taipei City Government |
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Registered Capital: |
NTD 33,500,000 (USD
1,139,000) (As of 2013.06, 1 NTD = 0.0340 USD) |
|
Paid-up Capital: |
NTD 33,500,000 (USD 1,139,000) |
|
Legal Representatives: |
Yaotang Wang |
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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 1967-2-7 with registered
number 33381521 as Joint Stock Company in Taiwan.
Awards
|
Year |
Awards |
|
2008 |
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 |
|
2010 |
20,000,000 |
|
Name |
Subscription Shares |
|
Yaotang Wang |
1,100,000 |
|
Yaoping Wang |
|
|
1,100,000 |
|
|
Ruirong Wang |
1,100,000 |
|
Qingbo Lin |
50,000 |
The information
above is that of subject’s major shareholders.
Related Companies
|
Registered Name |
Sing Chi Sewing
Machine (Hong Kong) Company Limited |
|
Former Name |
Hoday Limited |
|
Address |
Unit 28, 10/F., Metro
Cetro Centre 11, No.21 Lam Hing Street, Kowloon Bay, Kowloon, Hong Kong |
|
Registration Number: |
247566 |
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Date of Registration: |
1989-4-4 |
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Telephone Number |
+852-2753-6683 |
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Fax Number: |
+852-2331-3760 |
Factory
|
Name: |
Taipow Machine
Co., Ltd. |
|
Address: |
No.784, Sec 3,
Ankang Road, Xindian City, Taipei County, Taiwan, R.O.C. |
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Telephone
Number: |
+886-2-2215-2162 |
|
Fax Number: |
+886-2-2215-2860 |
Core
Management
Directors
|
1 |
|
|
Name |
Yaotang Wang |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Yaoping Wang |
|
Position |
Director |
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Date of
Appointment |
1991-6-27 |
|
3 |
|
|
Name |
Ruirong Wang |
|
Position |
Director |
|
4 |
|
|
Name |
Qingbo Lin |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 100 Employees |
Offices
& Factories
|
|
Headquarters |
|
Add |
13F, No.33, Sec.2, San Min Rd., Banqiao Dist., New Taipei City 220,
Taiwan (R.O.C.) |
Production
Information
l
Subject is engaged in manufacturing of sewing
machines and its parts, etc.
l
Subject has a factory in Xindian City, Taiwan for
production.
l
Subject obtained the certification of ISO
9001:2000.
Purchase
Information
l
The registered activities of subject:
|
1 |
Manufacturing and sales of sewing machine and its
parts |
|
2 |
Manufacturing and repairing of all kinds of
machinery |
|
3 |
Manufacturing and sales of motor and ironware |
|
4 |
Operation and investment of above business |
l
The components for production are purchased from
both home and abroad.
l
Subject is engaged in sales of sewing machines and
its parts, etc.
l
It is introduced that subject also provide
maintenance and components supply services.
l
Subject’s sales regions include South Korea, Japan,
Southeast Asia, Europe, and America, etc.
l
Subject has their own brand “Kingtex”.
l
Subject’s major customer is garment manufacturer.
l
The sewing machines are applied to manufacturing of
shirt, underwear, panties and briefs, etc.
Major products
|
|
Product |
|
1 |
Small Cylinder Bed Interlock Stitch Machine |
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2 |
High Speed Cylinder Bed Interlock Stitch Machine |
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3 |
High Speed Flat Bed Interlock Stitch Machine |
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4 |
High Speed, Single-Needle Lockstitch Machine |
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5 |
Multi-Needle Double Chain Stitch Machine |
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6 |
4 Needle Flat-Seamer, Feed-Off-The-Arm Machine |
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7 |
Super High Speed Overlock Machine |
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8 |
Ultra High Speed Overlock Machine |
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9 |
Computer-Controlled Direct-Drive High-Speed
Bartacking Machine |
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10 |
Twin Needle, Needle Feed Lockstitch Machine |
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11 |
High Speed Zig-Zag Industrial Sewing Machine |
Import and export
right:
|
Import right |
Yes |
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Export right |
Yes |
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Payment Terms |
Proportion |
|
|
Components, etc |
COD, CBD, etc |
100% |
Foreign Purchase
|
Payment Terms |
Proportion |
|
|
CBD, etc |
100% |
Sales
Domestic Markets
|
Sales Terms |
Proportion |
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|
Sewing machines,
etc |
COD, CBD, etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Sewing 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’s relevant staff Mr. Wang 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 cannot 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. Wang |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.64 |
|
|
1 |
Rs.86.68 |
|
Euro |
1 |
Rs.73.97 |
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 |
|
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 |
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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.