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Report Date : |
17.10.2013 |
IDENTIFICATION DETAILS
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Name : |
FONG KEE INTERNATIONAL MACHINERY CO., LTD. |
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Formerly Known
as: |
Fong Kee Iron Works Co., Ltd. |
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Registered Office : |
No.168, |
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Country : |
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Date of Incorporation : |
02.03.1966 |
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Com. Reg. No.: |
68928408 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacturing and |
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No. of Employees : |
About 200 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 |
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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 4.0%. 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: |
No.168, Cheng
Pei First Rd., Yongkang Dist., Tainan City 710, Taiwan (R.O.C.) |
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Supplied Address: |
|
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Telephone Number: |
+886-6-253-2157 |
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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: |
Fong Kee International Machinery Co., Ltd. |
|
Registered Address: |
No.168, Cheng Pei First Rd., Yongkang Dist.,
Tainan City 710, Taiwan (R.O.C.) |
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Date of Foundation: |
1966-3-2 |
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Registration Number: |
68928408 |
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Registry: |
Tainan City Government |
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Registered Capital: |
NTD 190,000,000
(USD 6,460,000) (As of 2013.10, 1 NTD = 0.0340 USD) |
|
Paid-up Capital: |
NTD 190,000,000 (USD 6,460,000) |
|
Legal Representatives: |
Canwen Wei |
|
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 1966-3-2 with registered number 68928408
as Joint Stock Company in
Taiwan.
Change of Name
|
Former Chinese Name |
鳳記鐵工廠股份有限公司 |
|
Current Chinese Name |
鳳記國際機械股份有限公司 |
|
Former English Name |
Fong Kee Iron Works Co., Ltd. |
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Current English Name |
Fong Kee International Machinery Co., Ltd. |
|
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.
Factories
|
1 |
|
|
Name: |
Fong Kee International Machinery Co., Ltd. |
|
Address: |
No.168, Cheng Pei First Rd., Yongkang Dist., Tainan City 710, Taiwan
(R.O.C.) |
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Date of Foundation: |
1988-8-2 |
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Date of Registration: |
1989-7-8 |
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Factory Registration Number: |
99656633 |
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Factory Manager: |
Canwen Wei |
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Status: |
In Production |
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Date of Last Annual Return: |
2007-8-1 |
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Major Products: |
292 Other special
machinery 220 Plastic products |
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2 |
|
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Name: |
Fong Kee International Machinery Co., Ltd.
The 2nd Factory |
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Address: |
No.7, Lane 160, Cheng Pei First Rd., Yongkang Dist., Tainan City 710,
Taiwan (R.O.C.) |
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Date of Registration: |
2004-6-15 |
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Factory Registration Number: |
99684453 |
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Factory Manager: |
Canwen Wei |
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Status: |
In Production |
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Date of Last Annual Return: |
2007-8-1 |
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Major Products: |
292 Other special machinery |
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3 |
|
|
Name: |
Fong Kee International Machinery Co., Ltd. Guantian
Factory |
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Address: |
No.52, Industrial Road, Erzhen Li, Guantian District, Tainan City,
Taiwan, (R.O.C.) |
|
Date of Registration: |
2009-10-26 |
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Factory Registration Number: |
99711833 |
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Factory Manager: |
Canwen Wei |
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Status: |
In Production |
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Date of Last Annual Return: |
2009-10-26 |
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Major Products: |
292 Other special machinery |
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Area: |
About 12,000 square meters |
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4 |
|
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Name: |
Zhongshan Fong Kee Machinery Co., Ltd.
(Literal Translation) |
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Registered Address: |
Shenghui North Industrial Area, Jiangjun Village, Nantou Town,
Zhongshan City, Guangdong Province, China |
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Date of Registration: |
2006-3-13 |
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Registry: |
Industry and Business Administration Bureau of Zhongshan City |
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Registered Capital: |
USD 1,500,000 |
|
Legal Representatives: |
Shangzhi Cai |
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Area: |
About 6,700 square meters |
Core
Management
|
1 |
|
|
Name |
Canwen Wei |
|
Position |
Board Chairman |
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2 |
|
|
Name |
Canren Wei |
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Position |
Director/ Manager |
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Date of Appointment |
2012-2-6 |
|
3 |
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Name |
Zongxiu Wei |
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Position |
Director |
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4 |
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Name |
Tingying Wei |
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Position |
Director |
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5 |
|
|
Name |
Shuzhen Wei |
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Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 200
Employees (Taiwan Area) |
Offices
& Factories
|
|
Headquarters |
|
Add |
No.168, Cheng Pei First Rd., Yongkang Dist.,
Tainan City 710, Taiwan (R.O.C.) |
l
Subject is engaged in manufacturing and sale of
machines.
l
Subject has factories in Tainan, Taiwan and
Guangdong Province, China for production.
l
Subject obtained the certifications of ISO
9001:2008 and CE.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
E599010 |
Piping engineering industry |
|
F107170 |
Wholesale of industrial additives |
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F113010 |
Wholesale of machinery |
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F113990 |
Wholesale of other machinery and equipment |
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F207170 |
Retail of industrial additives |
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F213080 |
Retail of machinery and equipment |
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F213990 |
Retail of other mechanical appliances |
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F401010 |
International trade business |
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CB01010 |
Manufacturing of machinery and equipment |
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CB01990 |
Manufacturing of other machinery |
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C805010 |
Manufacturing of imitation leather, cloth,
plate, pipe |
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C805020 |
Manufacturing of plastic film and bags |
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F107990 |
Wholesale of other chemical products |
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F207990 |
Retail of other chemical products |
|
F107190 |
Wholesale of Plastic film and bags |
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F207190 |
Retail of plastic film and bags |
l
The components for production are purchased from
both home and abroad such as Taiwan domestic market, Japan and Germany, etc.
l
Subject is engaged in sale of machines.
l
The major products sold by subject include blow
moulding machine, blown film line, sheet making machine, plastic extrusion
lamination machine, and cast film making machine
l
Subject’s sales regions include Asia, Europe and
America, etc.
l
It is introduced that the product delivery date is
about three to six months.
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase
|
Terms |
Proportion |
|
|
Components,
etc |
T/T,
Cash, etc |
100% |
Foreign Purchase
|
Terms |
Proportion |
|
|
L/C, T/T, etc |
100% |
Sales
Domestic Markets
|
Terms |
Proportion |
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Machines,
etc |
T/T,
Cash, etc |
100% |
Export
|
Terms |
Proportion |
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Machines,
etc |
L/C,
T/T, 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. Wei 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. Wei |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.69 |
|
UK Pound |
1 |
Rs.98.59 |
|
Euro |
1 |
Rs.83.67 |
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 |
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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 |
|
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 |
|
<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.