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Report Date : |
14.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
HO TZUNG MACHINERY CORPORATION |
|
|
|
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Registered Office : |
No.603, Sec.3, Chung Shan Rd., Tanzi Dist.,
Taichung City 427, Taiwan (R.O.C.) |
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|
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Country : |
Taiwan |
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|
|
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Date of Incorporation : |
15.01.1988 |
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|
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Com. Reg. No.: |
22711898 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacturing and sale of machinery |
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|
|
|
No. of Employees : |
30 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
No complaints |
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|
|
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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 – December 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Taiwan |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
|
Company Name: |
|
|
Supplied Name: |
|
|
Trading Address: |
No.603, Sec.3, Chung Shan Rd., Tanzi Dist.,
Taichung City 427, Taiwan (R.O.C.) |
|
Supplied Address: |
|
|
Telephone Number: |
+886-4-2532-4185 |
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Fax Number: |
|
|
E-mail: |
Notes: The exact name and address are as above.
|
Credit Opinion: |
|
|
Risk Analysis: |
Average creditworthiness |
Subject was incorporated on 1988-1-15
with registered number 22711898
as Joint Stock Company in
Taiwan.
|
Name |
Subscription Shares |
|
Jianlin Liu |
428,750 |
|
Kuiyou Liu |
|
|
505,312 |
|
|
Bizhu Liao |
183,750 |
|
Gengyou Liu |
428,750 |
The information above is that of subject’s major shareholders.
Factory
|
Address: |
No.603, Sec.3, Chung Shan Rd., Tanzi Dist.,
Taichung City 427, Taiwan (R.O.C.) |
|
Date of Foundation: |
1989-1-19 |
|
Date of Registration: |
1991-9-9 |
|
Factory Registration Number: |
99633057 |
|
Factory Manager: |
Jianlin
Liu |
|
Status: |
In
Production |
|
Date of Last Annual Return: |
2013-12-27 |
|
Major Products: |
293
general equipment |
Related Company
|
Name: |
Yi Tzung Precision Machinery Corp. |
|
Address: |
No.601, Sec.3, Chung Shan Rd., Tanzi Dist.,
Taichung City 427, Taiwan (R.O.C.) |
|
Telephone Number: |
+886-4-2532-4185 |
|
Fax Number: |
+886-4-2533-7810 |
Core
Management
Directors
|
1 |
|
|
Name |
Jianlin Liu |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Kuiyou Liu |
|
Position |
Director |
|
3 |
|
|
Name |
Bizhu Liao |
|
Position |
Director |
|
4 |
|
|
Name |
Gengyou Liu |
|
Position |
Director |
|
5 |
|
|
Name |
Ruijuan Huang |
|
Position |
Supervisor |
Personnel
Structure
|
Total
Employees |
About 30 Employees |
Offices &
Factories
|
|
Headquarters |
|
Add |
No.603, Sec.3, Chung Shan Rd., Tanzi Dist., Taichung City 427, Taiwan
(R.O.C.) |
Production
Information
l
Subject is engaged in manufacturing of
machinery, etc.
l
Subject has a factory in Taichung City,
Taiwan for production.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
1 |
Manufacturing, processing and sale of all kinds
of Chill roller, cast steel roller, plastic processing machinery, rubber processing
machinery, related parts, double housing planer, nodular cast iron, alloy
steel, copper casting, gear reducer and parts, gear machining and parts, oil
hydraulic system and parts, precision gear |
|
2 |
Sale of iron material |
|
3 |
Manufacturing and sale of all kinds of moulder |
|
4 |
Import and export of above business |
|
5 |
As agent assist in developing quoting, bidding
and distributing about above mentioned products |
l
The components for production are
mostly purchased in domestic market.
l
Subject is engaged in sale of machines,
etc.
l
The major products sold by subject
include metal cutting machine, intensive mixer, dispersion kneader, mixing
mill, calendar, extruder, upender and bale cutter, etc.
l
The machines sold by subject are
applied to manufacturing of tyre, footwear, plastic products and rubber
products, etc.
l
Subject’s sales regions include
domestic market, Southeast Asia, Europe and America, etc.
l
One of subject’s major customers is
Plasticaucho Industrial S.A.
Import
and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase
|
Terms |
Proportion |
|
|
Components, etc |
Cash, T/T, etc |
100% |
Foreign Purchase
Subject has little
import.
Sales
Domestic
Markets
|
Terms |
Proportion |
|
|
Machines, etc |
Cash, T/T, etc |
Export
|
Terms |
Proportion |
|
|
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 Mr. Zhuo 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. Zhuo |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.27 |
|
|
1 |
Rs.103.46 |
|
Euro |
1 |
Rs.84.87 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.