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Report Date : |
06.03.2014 |
IDENTIFICATION DETAILS
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Name : |
SIMCO SPRING MACHINERY COMPANY |
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Registered Office : |
6F.-1, No.27, Ln. 61, Sec. 1, Guangfu Rd., Sanchong Dist., New Taipei City 241 |
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Country : |
Taiwan |
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Date of Incorporation : |
31.08.1999 |
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Com. Reg. No.: |
16994258 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacturing and sales of spring
manufacturing machines, peripherals equipment |
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No. of Employees : |
About 20 |
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 |
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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 |
|
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. Taiwan's diplomatic
isolation, low birth rate, and rapidly aging population are other major
long-term challenges. Free trade agreements have proliferated in East Asia over
the past several years, and following the landmark Economic Cooperation
Framework Agreement (ECFA) signed with China in June 2010, Taiwan in July 2013
signed a free trade deal with New Zealand—Taipei’s first-ever with a country
with which it does not maintain diplomatic relations—and in November inked a
trade pact with Singapore. Negotiations continue on follow-on components of
ECFA regarding trade in goods and a dispute resolution mechanism; a trade in
services agreement is under review in the legislature. 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 overall trade surplus largely because of its surplus with
China, and its foreign reserves are the world's sixth largest, behind China,
Japan, Saudi Arabia, Russia, and Switzerland. 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. Taiwan since
2009 has gradually loosened rules governing Chinese investment on the island,
and has also secured greater market access for its investors in the mainland.
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: |
6F.-1, No.27,
Ln. 61, Sec. 1, Guangfu Rd., Sanchong Dist., New Taipei City 241, Taiwan
(R.O.C.) |
|
Supplied Address: |
6F-1, No. 27,
LN-61, Sec 1, , Guangfu Rd., Sanchong Dist., New Taipei City 24158,Taiwan |
|
Telephone Number: |
+886- 2-2995-4088 |
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Fax Number: |
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E-mail: |
Notes: The exact name and
address are as above.
Subject was incorporated
on 1999-8-31 with registered number 16994258
as Joint Stock Company in
Taiwan.
|
Name |
Subscription Shares |
|
Binghui Lin |
1,400,000 |
|
Huihuang Chen |
437,500 |
|
Dengyuan Zheng |
262,500 |
The information above is that of subject’s major shareholders.
Factory
|
Address: |
6F.-1, No.27, Ln. 61, Sec. 1, Guangfu Rd.,
Sanchong Dist., New Taipei City 241, Taiwan (R.O.C.) |
|
Date of Foundation: |
1999-10-13 |
|
Date of Registration: |
1999-11-2 |
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Factory Registration Number: |
99607210 |
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Factory Manager: |
Binghui Lin |
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Status: |
In Production |
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Date of Last Annual Return: |
2002-7-23 |
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Major Products: |
25 Manufacturing of metal products 29 Manufacturing o machinery and equipment |
Office
|
Name |
India office |
|
Address |
UG-36, Kirti Shikhar Building, District Center, Janakpuri,New
Delhi-110058, India. |
|
Telephone Number |
+ 91-9818620111,
91-9560253348. 91-9560253345 |
|
E-mail |
Note: It is introduced that subject has offices in offices in Shanghai,
Tianjin, Zhejiang and Guangdong, the mainland of China, but the subject
declined to the details for us, and we cannot obtain the relevant information
from any valid sources
Core Management
Directors
|
1 |
|
|
Name |
Binghui Lin |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Huihuang Chen |
|
Position |
Director |
|
3 |
|
|
Name |
Dengyuan Zheng |
|
Position |
Director |
|
4 |
|
|
Name |
Chaoyang zheng |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 20 Employees |
Offices &
Factories
|
|
Headquarters |
|
Add |
6F.-1, No.27, Ln. 61, Sec. 1, Guangfu Rd., Sanchong Dist., New Taipei
City 241, Taiwan (R.O.C.) |
Production
Information
·
Subject is a manufacturer of spring manufacturing machines, peripherals
equipment
·
It is introduced that
subject has a factory in Taiwan for production.
·
It is introduced that
subject has obtained ISO 9001 certification.
Purchase Information
The registered activities of subject:
|
Business Code |
Details |
|
CA02040 |
Manufacturing of spring. |
|
CA02050 |
Manufacturing of ATOS. |
|
CB01010 |
Manufacturing of machinery and equipment. |
|
CC01050 |
Manufacturing of equipment for storage and handling with files. |
|
CC01060 |
Manufacturing of wired communication equipment. |
|
CD01030 |
Manufacturing of automobile and related components. |
|
F401010 |
International trading business. |
|
I601010 |
Renting industry. |
The components and raw material for production are purchased both at
home and abroad.
·
The subject is mainly engaged in sales of spring manufacturing machines, peripherals
equipment
·
It is introduced that subject’s selling territory
includes America, Europe, Australia, South-East Asia and the mainland of China
·
It is introduced that subject’s major customers are
machine building industry
·
Major Products
|
|
Product |
|
1 |
CNC Spring Former |
|
2 |
CNC Spring Coiler |
|
3 |
Wire/Strip Former |
|
4 |
Garter Spring Machine |
|
5 |
Spring Ends Grinder |
|
6 |
Tempering Furnace |
|
7 |
Spring Testing Machine |
|
8 |
Decoiler |
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic
Purchase
|
Payment Terms |
Proportion |
|
|
Components, raw
materials |
COD, CBD |
100% |
Foreign
Purchase
|
Payment Terms |
Proportion |
|
|
Components, raw
materials |
CBD |
100% |
Sales
Domestic
Markets
|
Sales Terms |
Proportion |
|
|
Spring
manufacturing machines, peripherals equipment |
COD, CBD |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Spring manufacturing machines, peripherals equipment |
COD, CBD |
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. Lin 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. Lin |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.86 |
|
|
1 |
Rs.103.06 |
|
Euro |
1 |
Rs.84.92 |
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 |
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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 |
|
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.