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Report Date : |
20.05.2014 |
IDENTIFICATION DETAILS
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Correct Name : |
JENNCHONG
PLASTICS MACHINERY WORKS. CO., LTD. |
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Registered Office : |
No.90, Nan Pyi Nan Shin Village, Tai Pao Hsiang, Chia I
Hsien |
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Country : |
Taiwan |
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Date of Incorporation : |
26.10.1989 |
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Com. Reg. No.: |
23511588 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
· Engaged in manufacturing and sale of machines including blow film extruder, monofilament extruder, strapping band extruder, tape extruder and extruded net making machine Engaged in designing, manufacturing, processing of all
kinds of plastic machinery Engaged in manufacturing and processing of Plastic
products |
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No of Employees : |
About 30 Employees |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 |
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Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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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. 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.
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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.90, Nan Pyi Nan
Shin Village, Tai Pao Hsiang, Chia I Hsien, Taiwan |
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Supplied Address: |
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Telephone Number: |
+886-5-237-6175 |
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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: |
Subject was
incorporated on 1989-10-26 with registered number 23511588 as Joint Stock
Company in Taiwan.
|
Name |
Subscription Shares |
|
Jinyuan Wang |
1,600 |
|
Huimin Xu |
|
|
3,300 |
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|
Shaoshi Wang |
3,300 |
|
Tingyi Wang |
2,400 |
The information above is that of subject’s major shareholders.
Factory
|
Address: |
No.90, Nan Pyi Nan Shin Village, Tai Pao Hsiang,
Chia I Hsien, Taiwan |
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Date of Foundation: |
1989-11-15 |
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Date of Registration: |
1990-8-1 |
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Factory Registration Number: |
99654801 |
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Factory Manager: |
Jinyuan Wang |
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Status: |
In Production |
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Date of Last Annual Return: |
2001-11-20 |
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Major Products: |
292 other special-purpose mechanical device |
Core Management
|
1 |
|
|
Name |
Jinyuan Wang |
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Position |
Board Chairman |
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2 |
|
|
Name |
Huimin Xu |
|
Position |
Director |
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3 |
|
|
Name |
Shaoshi Wang |
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Position |
Director |
|
4 |
|
|
Name |
Tingyi Wang |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 30 Employees |
Offices &
Factories
|
|
Headquarters |
|
Add |
No.90, Nan Pyi Nan Shin Village, Tai Pao
Hsiang, Chia I Hsien, Taiwan |
Production
Information
l
Subject is engaged in manufacturing of
machines
l
Subject has a factory in Chia I Hsien, Taiwan for production.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
1 |
Design, manufacturing, processing of all
kinds of plastic machinery |
|
2 |
Manufacturing and processing of Plastic
products |
|
3 |
Import and export of above items |
l
The components for production are
mostly purchased in domestic market.
l
Subject is engaged in sale of machines.
l
The major products sold by subject
include blow film extruder, monofilament extruder, strapping band extruder,
tape extruder and extruded net making machine
l
The products sold by subject are
applied to the industries of packaging, food and beverage, etc.
l
The general delivery lead time of
subject is about 4~8 weeks.
l
Subject’s sales regions include
domestic market, Mainland China, Japan, South Korea, India, other Asian
countries, Europe and America, etc.
l
Subject’s major customers are Alco High
Tech Group Inc, Empaques Del Cauca S.A. and Strapack Inc.
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase
|
Terms |
Proportion |
|
|
Components,
etc |
T/T,
Cash, etc |
100% |
Foreign Purchase
Sales
Domestic Markets
|
Terms |
Proportion |
|
|
Machines,
etc |
T/T,
Cash, 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 Mr. Wang declined to disclose its financials citing the grounds of company’s confidentiality; from other source we can not obtain the relevant information, either.
|
Name: |
Mega International Commercial Bank Co.,
Ltd. (Chia I Branch) |
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Address: |
No.259, Wenhua Road, Chia I Hsien, Taiwan |
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Swift Code: |
ICBCTWTP022 |
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Account Number: |
022-58-005881 |
Note: The supplied
account number is not confirmed by subject; from other sources, 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. Wang |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.43 |
|
UK Pound |
1 |
Rs.98.28 |
|
Euro |
1 |
Rs.80.12 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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 |
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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.