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Report Date : |
02.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
SHE HONG INDUSTRIAL CO. LTD. |
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Registered Office : |
No.6, Road 6, Industrial Area, Taichung
Taiwan R.O.C |
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Country : |
Taiwan |
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Date of Incorporation : |
23.12.1970 |
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Com. Reg. No.: |
51321357 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacturing and sales of CNC machine tools |
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No. of Employees : |
About 450 Employees |
RATING & COMMENTS
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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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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Taiwan |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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: |
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Supplied Address: |
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Telephone Number: |
+886-4 2359-2747 |
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Fax Number: |
+886-4-2358-1793 |
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E-mail: |
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Website: |
Notes: The exact name and address are as above.
|
Registered Name: |
SHE HONG INDUSTRIAL CO., LTD. |
|
Registered Address: |
No.6, Road 6, Industrial Area, Taichung Taiwan R.O.C. |
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Date of Foundation: |
1970-12-23 |
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Registration Number: |
51321357 |
|
Registry: |
Department of Commerce, Ministry of Economic Affairs, R.O.C. |
|
Registered Capital: |
NTD 500,000,000 (USD
17,000,000) (As of 2013.11, 1 NTD = 0.0340 USD) |
|
Paid-up Capital: |
NTD 500,000,000 (USD 17,000,000) |
|
Legal Representatives: |
Guanling Chen |
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Legal Form: |
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Principal Activities: |
|
|
Staff: |
|
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Listed at Stock
Exchange: |
|
|
Date of Last
Annual Return: |
Subject was incorporated on
1970-12-23 with registered number 51321357 as Joint Stock
Company in Taiwan.
|
Name |
Subscription Shares |
|
Guanling Chen |
73,905 |
|
Shu You |
|
|
109,334 |
|
|
Pinwan Chen |
73,905 |
|
Jianzhi Chen |
75,000 |
The information
above is that of subject’s major shareholders.
Factories
|
1 |
|
|
Address: |
No.6, Road 6, Industrial Area, Taichung Taiwan R.O.C. |
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Date of Foundation: |
1981-7-15 |
|
Date of Registration: |
1985-9-9 |
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Factory Registration Number: |
99669169 |
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Factory Manager: |
Guanling
Chen |
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Status: |
In
Production |
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Date of Last Annual Return: |
2012-3-27 |
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Major Products: |
291
metal processing machinery |
|
2 |
|
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Name: |
The 3rd Factory |
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Address: |
No.
Jingke North Road, Wenshan Li, Nantun District, Taichung City, Taiwan, R.O.C. |
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Date of Registration: |
2010-4-8 |
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Factory Registration Number: |
99720656 |
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Factory Manager: |
Guanling
Chen |
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Status: |
In
Production |
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Date of Last Annual Return: |
2012-3-27 |
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Major Products: |
291
metal processing machinery 292
other special machinery |
Note: It is introduced that subject also has a
factory in Thailand, but the detail information we cannot obtain from any
sources.
Related Company
|
Name |
Hartford Motors Co., Ltd. |
|
Address |
No.3, Jingke North Road, Taichung, Taiwan |
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Telephone Number |
+886-4-2359-9218 |
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Fax Number |
+886-4-2359-3673 |
Directors
|
1 |
|
|
Name |
Guanling Chen |
|
Position |
Board Director |
|
2 |
|
|
Name |
Shu You |
|
Position |
Director |
|
3 |
|
|
Name |
Pinwan Chen |
|
Position |
Director |
|
4 |
|
|
Name |
Jianzhi Chen |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 450 Employees |
Offices
& Factories
|
|
Headquarters |
|
Add |
Production
Information
l
Subject is engaged in manufacturing of machinery, etc.
l
Subject has
two factories in Taichung, Taiwan and one factory in Thailand for production.
l
The area of
subject’s Taiwan factories is about 70,000 square meters.
l
The annual
capacity of subject is about 2,400 machines.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
-- |
Manufacturing, processing, and sales of
automobile, motor, and machine element |
|
-- |
Manufacturing, processing, and sales of
ironmongery |
|
-- |
Manufacturing, processing, and sales of all kinds
of machinery and hardware tool |
|
ZZ99999 |
Besides licensed business, all other business
items those are not banned or restricted. |
l
The components and raw materials for
production are mostly purchased from both home and abroad such as Taiwan
domestic market, Japan and Germany, etc.
l Subject
is engaged in sales of CNC machine tools, etc.
l
Subject’s sales regions include Asia, Europe,
America, and Australia, etc.
l
The products sold by subject are
applied to manufacturing of airplane, automobile, and electronic products, etc.
l
Subject’s major customers include
“Pratt Whitney”, “Boeing”, “BMW”, “Toyota Honda”, and “Samsung”, etc.
l
Subject’s has their own brand
“Hartford”.
Major
products
|
|
Product |
|
1 |
Vertical Machining Center |
|
2 |
Double Column Machining Center |
|
3 |
Multi-Surface Double Column Machining Center |
|
4 |
Horizontal Machining Center |
|
5 |
Precision Boring & Milling Machine |
|
6 |
Special Purpose Machining Center |
|
7 |
5 Axis Machining Center |
Import
and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase
|
Terms |
Proportion |
|
|
Components, etc |
Cash, T/T, etc |
100% |
Foreign Purchase
|
Terms |
Proportion |
|
|
Components, etc |
L/C, T/T, etc |
100% |
Sales
Domestic Markets
|
Terms |
Proportion |
|
|
Cash, T/T, etc |
100% |
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 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.
|
Name: |
Taiwan
Business Bank |
Note: The bank information is not confirmed by subject.
Mortgage
No chattel mortgage record of subject has been found within
the recent 3 months.
Lawsuit
|
1 |
|
|
Trial Number: |
2012, Zhonglaojian,54 |
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Date of Trial: |
2012-12-26 |
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Reason: |
Severance pay |
|
Claimant: |
Yuhui Chen |
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Defendant: |
She Hong Industrial Co., Ltd. |
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2 |
|
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Trial Number: |
2012, Zhongbu,1225 |
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Date of Trial: |
2012-7-16 |
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Reason: |
Severance pay |
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Claimant: |
Yuhui Chen |
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Defendant: |
She Hong Industrial Co., Ltd. |
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3 |
|
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Trial Number: |
2008,Zhonglaojian,17 |
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Date of Trial: |
2008-7-23 |
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Reason: |
Make sure the employment relationship exists |
|
4 |
|
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Trial Number: |
2008,Zhonglaojian,17 |
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Date of Trial: |
2008-7-1 |
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Reason: |
Make sure the employment relationship exists |
|
5 |
|
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Trial Number: |
2008,Zhongbu,170 |
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Date of Trial: |
2008-1-23 |
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Reason: |
Make sure the employment relationship exists |
|
6 |
|
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Trial Number: |
2006,Zhongbu,979 |
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Date of Trial: |
2006-8-15 |
|
Reason: |
Severance pay |
|
Name |
Ms. Dai |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.60.34 |
|
UK Pound |
1 |
Rs.101.45 |
|
Euro |
1 |
Rs.83.31 |
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 |
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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.