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Report Date : |
08.02.2014 |
IDENTIFICATION DETAILS
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Name : |
CHEN SOUND INDUSTRIAL CO., LTD. |
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Registered Office : |
No.62-6, |
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Country : |
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Date of Incorporation : |
24.10.1985 |
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Com. Reg. No.: |
55923675 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacturing and sales of tool magazines and related products. |
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No. of Employees : |
80 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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
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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.62-6, Jhongche Road, Shengang, Taichung 429, Taiwan R.O.C |
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Supplied Address: |
Level 2 Lotemau Centre C/O 62-6 Chung Che Road Shen Kang Ksiang Taichung 111 Hsien |
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Telephone Number: |
+886-4-2562-4338 |
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Fax Number: |
Notes: The exact
name and address are as above.
Subject was incorporated on 1985-10-24 with registered number 55923675 as Joint Stock Company in Taiwan.
|
Name |
Subscription Shares |
|
Ying Sun |
10,000 |
|
Shuling You |
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|
2,500 |
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|
Hewei Sun |
2,500 |
The information above is that of subject’s major shareholders.
Factory
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1 |
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Address: |
No.19, Aly. 28, Lane 851, Zhongshan Rd., Shengang Dist., Taichung City, Taiwan (R.O.C.) |
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Date of Foundation: |
1987-8-17 |
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Date of Registration: |
1989-2-20 |
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Factory Registration Number: |
99641554 |
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Factory Manager: |
Ying Sun |
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Status: |
In Production |
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Date of Last Annual Return: |
2012-2-4 |
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Major Products: |
293 General machinery and equipment. 251 Metal hand tools and molds. |
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2 |
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Name |
Hangzhou Heying Precision Machinery Co.,Ltd |
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Address |
No. 120, Xinbei Road, Xiaoshan District, Hangzhou City, Zhejiang Province, The Mainland OF China |
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Telephone Number |
+86-0571-82831200 |
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Fax Number |
+86-0571-82831251 |
Core Management
Directors
|
1 |
|
|
Name |
Ying Sun |
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Position |
Board Chairman |
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2 |
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Name |
Shuling You |
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Position |
Director |
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3 |
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Name |
Hewei Sun |
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Position |
Director |
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4 |
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Name |
Xiuqin You |
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Position |
Supervisor |
Personnel Structure
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Total Employees |
About 80 Employees |
Offices & Factories
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Headquarters |
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Add |
No.62-6, Jhongche Road, Shengang, Taichung 429, Taiwan R.O.C |
Production Information
Subject is a manufacturer of tool magazines and related products.
It is introduced that subject has two factories in Taiwan and the mainland of China for production.
It is introduced that subject has obtained ISO 9001 and ISO 9002 certifications.
Purchase Information
The registered activities of subject:
|
Business Code |
Details |
|
CB01010 |
Manufacturing of machinery and equipment. |
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CQ01010 |
Manufacturing of molds. |
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F401010 |
International trading business. |
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F113010 |
Wholesales of machinery. |
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F213080 |
Retails of machinery and molds. |
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F106030 |
Wholesales of molds. |
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F206030 |
Retails of molds. |
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F119010 |
Wholesales of electronic materials. |
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F219010 |
Retails of electronic materials. |
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ZZ99999 |
Besides licensed business, all other business items those are not banned or restricted. |
It is introduced that subject purchases its raw materials, components and etc both at home and abroad.
The subject is mainly engaged in sales of tool magazines and related products.
It is introduced that subject’s selling territory includes South Korea, China, Brazil, Canada, India, Spain, Poland, Russia, Italy, New Zealand and etc.
It is introduced that subject’s major customers are manufacturers of machinery, hardware, metal components and etc.
It is introduced that subject has 3 agents in the mainland of China, the information are as followings:
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1 |
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Name |
Shanghai Huiwen Machinery Equipment Co.,Ltd. |
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Telephone Number |
+86-021-6917-2124 |
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Fax Number |
+86-021-6917-2118 |
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2 |
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Name |
Shanghai JingYue Mechanical & Electrical Technology Co., Ltd |
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Telephone Number |
+86-021-6131-3551 |
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Fax Number |
+86- 021-6131-3551 |
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3 |
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Name |
Beijing Gold Machine Equipment Co., Ltd |
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Telephone Number |
+86-010-6150-5101 |
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Fax Number |
+86-010-6150-5100 |
Major Products
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Product |
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1 |
Turntable style tool magazines |
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2 |
Carousel style tool magazines |
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3 |
Chain style tool magazines |
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4 |
Umbrella style tool magazines |
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5 |
Horizontal style tool magazine |
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6 |
Tool magazines for vertical mills / Tool magazines for complex processing machine |
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7 |
Gate style / Flat bed style tool magazines |
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8 |
Parts ( Booster cylinder, Hydraulic cylinder , vacuum hydraulic cylinder, Boosters, etc ) |
Import and export right:
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Import right |
Yes |
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Export right |
Yes |
Domestic Purchase (Taiwan and Mainland, China)
|
Payment Terms |
Proportion |
|
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Raw materials, components and etc |
COD, CBD and etc |
100% |
Foreign Purchase
|
Payment Terms |
Proportion |
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Raw materials, components and etc |
CBD and etc |
100% |
Sales
Domestic Markets
|
Sales Terms |
Proportion |
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Tool magazines and related products. |
COD, CBD and etc |
100% |
Export
|
Sales Terms |
Proportion |
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|
Tool magazines and related products. |
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. Liu 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. Liu |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.32 |
|
|
1 |
Rs.101.78 |
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Euro |
1 |
Rs.84.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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.