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Report Date : |
09.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
SOCO MACHINERY CO. , LTD. |
|
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|
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Registered Office : |
No.3, |
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Country : |
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|
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Date of Incorporation : |
28.08.1979 |
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Com. Reg. No.: |
52579072 |
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Legal Form : |
Joint Stock Company |
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|
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Line of Business : |
Manufacturing and Sales of Machinery. |
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|
|
|
No. of Employees : |
About 200 |
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 |
|
Payment Behaviour : |
Slow but correct |
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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. 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 |
|
Company Name: |
|
|
Supplied Name: |
|
|
Trading Address: |
No.3, Jingke E.
Rd., Nantun Dist., Taichung City 40852, Taiwan |
|
Supplied Address: |
|
|
Telephone Number: |
+886-4-2359-1888 |
|
Fax Number: |
|
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E-mail: |
Notes: The exact name and address are as
above.
|
Registered Name: |
Soco Machinery Co., Ltd. |
|
Registered Address: |
No.3, Jingke E. Rd., Nantun Dist., Taichung
City 40852, Taiwan |
|
Date of Foundation: |
1979-8-28 |
|
Registration Number: |
52579072 |
|
Registry: |
Taichung City Government |
|
Registered Capital: |
NTD
385,400,000 (USD 13,103,600) (As of 2014.07, 1 NTD = 0.0340 USD) |
|
Paid-up Capital: |
NTD 385,400,000 (USD 13,103,600) |
|
Legal Representatives: |
Zhiyuan Lin |
|
Legal Form: |
|
|
Principal Activities: |
|
|
Staff: |
|
|
Listed at Stock Exchange: |
|
|
Date of Last Annual Return: |
Subject was
incorporated on 1979-8-28 with registered number 52579072 as Joint Stock Company in Taiwan.
|
Name |
Subscription Shares |
|
Zhiyuan Lin |
15,033,790 |
|
Jinxiu Lian |
|
|
8,526,172 |
|
|
Wanjian Huang |
1,777,041 |
|
Yiting Lin |
2,391,673 |
The information above is that of subject’s major shareholders.
Factories
|
1 |
|
|
Address: |
No.7, Industrial Park 14th Road,
Xiehe Li, Xitun Dist., Taichung City, Taiwan |
|
Date of Registration: |
1986-7-29 |
|
Factory Registration Number: |
99669159 |
|
Factory Manager: |
Zhiyuan Lin |
|
Status: |
In Production |
|
Date of Last Annual Return: |
1986-7-29 |
|
Major Products: |
259 other metal products 291 metal processing machinery |
|
2 |
|
|
Name: |
Taichung Factory |
|
Address: |
No.3, Jingke E. Rd., Nantun Dist., Taichung
City 40852, Taiwan |
|
Date of Registration: |
2011-8-15 |
|
Factory Registration Number: |
66000457 |
|
Factory Manager: |
Zhiyuan Lin |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2011-8-15 |
|
Major Products: |
251 metal hand tool and mould 291 metal processing machinery 292 other special-purpose mechanical device 293 general machinery |
|
3 |
|
|
Name: |
Taichung 2nd Factory |
|
Address: |
No.9, Industrial Park 14th Road,
Xiehe Li, Xitun Dist., Taichung City, Taiwan |
|
Date of Foundation: |
1991-10-24 |
|
Date of Registration: |
1992-10-21 |
|
Factory Registration Number: |
99669160 |
|
Factory Manager: |
Zhiyuan Lin |
|
Status: |
In Production |
|
Date of Last Annual Return: |
1992-10-21 |
|
Major Products: |
259 other metal products 293 general machinery 291 metal processing machinery |
|
4 |
|
|
Name: |
Taichung 3rd Factory |
|
Address: |
No.131, Industrial Park 1st Road,
Xiehe Li, Xitun Dist., Taichung City, Taiwan |
|
Date of Registration: |
2003-11-10 |
|
Factory Registration Number: |
99672493 |
|
Factory Manager: |
Zhiyuan Lin |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2005-6-20 |
|
Major Products: |
251 metal hand tool and mould 291 metal processing machinery 292 other special-purpose mechanical device 293 general machinery |
Related Companies
|
1 |
|
|
Name |
Soco Machinery (Zhangjiagang) Manufacturing Co., Ltd. |
|
Address |
No.2, Haixin N. Rd., Nanfeng Town, Zhangjiagang, 215628 |
|
Telephone Number |
+86-512-5861-6901 |
|
Fax Number |
+86-512-5862-0007 |
|
2 |
|
|
Name |
Dosoco Enterprise( M ) Sdn Bhd |
|
Address |
No. 15, Jalan Pengeluaran U1/78, Taman Perindustrian Batu Tiga, 40000
Shah Alam, Selangor Darul Ehsan, Malaysia |
|
Telephone Number |
+603-5510-7072 |
|
Fax Number |
+603-5510-7151 |
|
3 |
|
|
Name |
Soco UK - Langbow Ltd |
|
Address |
222 Wolseley Court, Towers Plaza, Wheelhouse Road, Rugeley,
Staffordshire WS15 1UW |
|
Telephone Number |
+44-1889-575380 |
|
Fax Number |
+44-1889-578872 |
Core Management
Directors
|
1 |
|
|
Name |
Zhiyuan Lin |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Jinxiu Lian |
|
Position |
Director |
|
3 |
|
|
Name |
Wanjian Huang |
|
Position |
Director |
|
4 |
|
|
Name |
Yiting Lin |
|
Position |
Supervisor |
Personnel Structure
|
Total Employees |
About 200 Employees |
Offices &
Factories
|
|
Headquarters |
|
Add |
No.3, Jingke E. Rd., Nantun Dist., Taichung City 40852, Taiwan |
Production
Information
·
Subject is engaged in Manufacturing of
Machinery
·
Subject has factories in Taichung City,
Taiwan for Production.
Purchase
Information
The
registered activities of subject:
|
Business Code |
Details |
|
-- |
Manufacturing, processing and sales of sawing machine (circular saw,
vertical band saw, oil pressure bow saw) and hardware tools |
|
-- |
Manufacturing, processing and sales of bench lathe, metal cut-off machine,
radial drilling machine, milling machine, CNC machine tool, components of
hardware tools, metal furniture and related components |
|
CE01010 |
Manufacturing of general instrument |
|
CB01010 |
Manufacturing of machinery |
|
CB01030 |
Manufacturing of pollution-prevention equipment |
|
-- |
Import and export of above items |
·
The components and raw materials for
production are mostly purchased in domestic market.
·
Subject import technology from Japan
and Germany.
·
Subject is engaged in sale of machinery
·
The major products sold by subject
include laser cutting machine, tube bender, tube/bar cutting machine, tube end
finishing machine, saw blade processing machine, and saw blades
·
Subject has its own brand “SOCO”.
·
Subject’s sales regions include Asia,
Europe and America
·
Subject’s major customers are Haven
Mfg. Corporation, Calson Industries, Imocom S.A, Scotiabank Peru Saa and Xplast
S.A
Import
and Export Right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic
Purchase
|
Terms |
Proportion |
|
|
Components
and raw materials |
T/T, Cash |
100% |
Foreign
Purchase
|
Terms |
Proportion |
|
|
Raw
materials |
T/T |
100% |
Sales
Domestic
Markets
|
Terms |
Proportion |
|
|
Machines |
T/T, Cash |
100% |
Export
|
Terms |
Proportion |
|
|
Machines |
L/C, T/T |
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 cannot obtain the relevant information, either.
Subject declined to disclose any
information about bankers, and we can not obtain the information from other
source.
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 |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.26 |
|
|
1 |
Rs.97.51 |
|
Euro |
1 |
Rs.77.94 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SDA |
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.