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Report Date : |
18.11.2013 |
IDENTIFICATION DETAILS
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Name : |
WEI MENG INDUSTRIAL CO., LTD. |
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Registered Office : |
No. 17-3, Neighborhood 2, Chih-Lan Village
(32743), Hsin-Wu, Taoyuan |
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Country : |
Taiwan |
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Date of Incorporation : |
21.04.1978 |
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Com. Reg. No.: |
44985132 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacturing and sales of machinery and
equipment for textile |
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No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 |
|
Moderate |
B1 |
|
High |
B2 |
|
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.
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Source
: CIA |
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Company Name: |
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Supplied Name: |
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Trading Address: |
No. 17-3,
Neighborhood 2, Chih-Lan Village (32743), Hsin-Wu, Taoyuan, Taiwan. |
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Supplied Address: |
|
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Telephone Number: |
+886-3-490-1077/3-497-2288 |
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Fax Number: |
Subject was incorporated
on 1978-4-21 with registered number 44985132 as
Joint Stock Company in Taiwan.
|
Name |
Subscription Shares |
|
Yuantan Yu |
9,000 |
|
Manmei Huang |
|
|
5,000 |
|
|
Yiru Yu |
5,000 |
|
Yilin Yu |
1,000 |
The information above is that of subject’s major shareholders.
Factory
|
Address: |
3, Alley 1, Lane 421, Sec.2, Jin-Ling Rd.,
Pin-Chen Taoyuan Taiwan R.O.C. |
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Date of Foundation: |
1969-1-1 |
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Date of Registration: |
1979-11-7 |
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Factory Registration Number: |
99624765 |
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Factory Manager: |
Yuantan Yu |
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Status: |
In Production |
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Date of Last Annual Return: |
2002-6-13 |
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Major Products: |
292 Other professional equipment 115 Textiles |
Core Management
Directors
|
1 |
|
|
Name |
Yuantan Yu |
|
Position |
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2 |
|
|
Name |
Manmei Huang |
|
Position |
Director |
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3 |
|
|
Name |
Yiru Yu |
|
Position |
Director |
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4 |
|
|
Name |
Yilin Yu |
|
Position |
Supervisor |
Offices &
Factories
|
|
Headquarters |
|
Add |
·
Subject is a manufacturer of machinery and equipment for textile and etc.
·
It is introduced that subject has a factory in
Taiwan for production.
The registered activities of subject:
|
|
Details |
|
1 |
Designing, manufacturing and sales of weaving, tile, screen cloth and
their related equipment. |
|
2 |
Importing and exporting business of above related products. |
|
3 |
Operation and investment of above related business. |
·
The components and raw material for production are
mostly purchased from abroad.
·
The subject is mainly engaged in sales of machinery and equipment for textile and etc.
·
It is introduced that
subject’s selling territory includes Asia, Africa, the Middle East, America and
etc.
·
It is introduced that
subject’s major customers are manufacturers of textiles.
Major Products
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|
Product |
|
1 |
Shading Net Machine |
|
2 |
Film Slitting Extension Machine |
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3 |
Raschel Knitting Machine |
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4 |
Onion Bag Machine |
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5 |
Fishing Net Making Machine |
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6 |
Packing Bag Machine |
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7 |
Monofilament Making Machine |
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8 |
Flat Yarn Making Machine |
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9 |
Safety Net Machine |
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10 |
Wrapping Machine |
|
11 |
Film Blow Making Machine |
Import and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic
Purchase
|
Payment Terms |
Proportion |
|
|
Raw materials,
components and etc |
COD, CBD and etc |
100% |
Foreign
Purchase
|
Payment Terms |
Proportion |
|
|
Raw materials, components
and etc |
CBD and etc |
100% |
Sales
Domestic
Markets
|
Sales Terms |
Proportion |
|
|
Machinery and equipment for textile and etc. |
COD, CBD and etc |
100% |
|
|
|
Export
|
Sales Terms |
Proportion |
|
|
Machinery and equipment
for textile and etc. |
CBD and 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. Chen 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 |
Ms. Chen |
|
Department |
Sales Department |
|
E-mail |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.06 |
|
|
1 |
Rs.101.15 |
|
Euro |
1 |
Rs.84.95 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.