MIRA INFORM REPORT

 

 

Report No. :

336519

Report Date :

13.08.2015

           

IDENTIFICATION DETAILS

 

Name :

PAI LUNG MACHINERY MILL CO., LTD.

 

 

Registered Office :

No.8, Ding Ping Rd., Ruifang Dist., New Taipei City 224

 

 

Country :

Taiwan

 

 

Date of Incorporation :

10.06.1977

 

 

Com. Reg. No.:

20765242

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

·         engaged in Manufacturing & sales of Knitting Machines

·         Subject product ranges includes Circle Knitting Machine (such as Single Knit, Double Knit, Rib Knit, Terry Knit, Special Frame, Special Frame, Ultra High Speed Series) & Knitting Machine

 

 

No of Employees :

About 210 Employees

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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. However, negotiations on follow-on components of ECFA, including an agreement on trade in services, deals on trade in goods, and dispute resolution—have stalled. In early 2014, the government bowed to public demand for a new law governing the oversight of cross-Strait agreements, before any additional deals with China are implemented; the legislature has yet to vote on such legislation, leaving the future of ECFA up in the air as President MA enters his final full year in office. MA has portrayed ECFA as Taiwan’s key to greater participation in East Asia’s free trade networks. 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 expected to account for 20% of the island's total population by 2025. The island runs a trade surplus, largely because of its surplus with China, and its foreign reserves are the world's fourth largest, behind those of China, Japan, 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. 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, the 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 has helped Taiwan develop into a local RMB hub. Closer economic links with the mainland bring greater opportunities for the Taiwan economy, but also pose new challenges as the island becomes more economically dependent on China at a time when political differences remain unresolved. During 2014, the press paid increasing attention to domestic economic issues while pushing aside the debates over trade liberalization that were a hallmark of MA’s tenure. The media focused on the divide between Taiwan’s “haves” and “have nots,” providing extensive coverage of public frustration with stagnant wages, skyrocketing housing prices, and the difficulty of finding entry-level jobs.

 

Source : CIA

 

Company name and address

 

Company Name:

Pai Lung Machinery Mill Co., Ltd.

Supplied Name:

Pai Lung Machinery Mill Co., Ltd

Trading Address:

No.8, Ding Ping Rd., Ruifang Dist., New Taipei City 224, Taiwan (R.O.C.)

Supplied Address:

No 8, Ting Ping Road, Ruei-Fang District New Taipei City

Telephone Number:

+886-2-2497-8888

Fax Number:

+886-2-2496-5666

E-mail:

sales@pailung.com.tw

Website:

www.pailung.com.tw

Notes: The exact name and address are above.

 

 

Company Identification Details

 

Registered Name:

Pai Lung Machinery Mill Co., Ltd.

Registered Address:

No.8, Ding Ping Rd., Ruifang Dist., New Taipei City 224, Taiwan (R.O.C.)

Date of Foundation:

1977-6-10

Registration Number:

20765242

Registry:

New Taipei City Government

Registered Capital:

NTD 496,000,000 (USD 15,376,000)

(As of 2015.03, 1 NTD = 0.031 USD)

Paid-up Capital:

NTD 432,147,110 (USD 13,396,560)

Legal Representatives:

Jiancang Wang

Legal Form:

Joint Stock Company

Principal Activities:

·         engaged in Manufacturing & sales of Knitting Machines

·         Subject product ranges includes Circle Knitting Machine (such as Single Knit, Double Knit, Rib Knit, Terry Knit, Special Frame, Special Frame, Ultra High Speed Series) & Knitting Machine

Staff:

About 210 Employees

Listed at Stock Exchange:

No

Date of Last Annual Return:

2013-8-14

 

History

 

Subject was incorporated on 1977-6-10 with registered number 20765242 as Private Limited Liability Company in Taiwan.

 

 

Corporate Structure

 

Factory

Name:

Ruifang Factory

Address:

No.8, Ding Ping Rd., Ruifang Dist., New Taipei City 224, Taiwan (R.O.C.)

Date of Registration:

1999-3-6

Factory Registration Number:

99617545

Factory Manager:

Jiancang Wang

Status:

In Production

Date of Last Annual Return:

2013-6-19

Major Products:

293 general machinery

251 metal hand tool and mould

 

Major Related Companies

1

Name

PaiLung (Hubei) Manufacturing Co., Ltd.

Address

No.178 Huangzhou Street, Huanggang City, Hubei Province, China

Telephone Number

+86-713-8396-888

Fax Number

+86-713-8396-298

2

Name

Vanguard Pai Lung LLC

Address

601 McArthur Circle, Monroe, NC 28110-5009, USA

 

Shareholders

 

Major Shareholders

Name

Subscription Shares

Jiancang Wang

10,586,265

Longsheng Investment Company Limited (Literal Translation)

6,201,544

Zhaowei Investment Company Limited (Literal Translation)

6,201,544

Wanyi Chen

1,647,010

Jinchuan Sun

1,421,205

Jinhua Chenlin

1,283,834

Shiyang Chen

14,852

 

Shareholder Information:

1

Name

Longsheng Investment Company Limited (Literal Translation)

Date of Foundation:

1996-1-30

Registration Number:

96932446

Registry:

Taipei City Government

Registered Capital:

NTD 38,200,000 (USD 1,184,200)

(As of 2015.03, 1 NTD = 0.031 USD)

Paid-up Capital:

NTD 28,000,000 (USD 968,000)

Legal Representatives:

Jiancang Wang

Legal Form:

Joint Stock Company

Date of Last Annual Return:

2013-4-23

2

Name

Zhaowei Investment Company Limited (Literal Translation)

Date of Foundation:

1996-2-1

Registration Number:

96933938

Registry:

Taipei City Government

Registered Capital:

NTD 38,200,000 (USD 1,184,200)

(As of 2015.03, 1 NTD = 0.031 USD)

Paid-up Capital:

NTD 28,000,000 (USD 968,000)

Legal Representatives:

Jiancang Wang

Legal Form:

Joint Stock Company

Date of Last Annual Return:

2013-4-18

 

 

Management Information

 

Core Management

Directors

1

Name

Jiancang Wang

Position

Board Chairman & Manager

Appointment Date of Manager:

1997-6-13

2

Name

Shuhui He

Position

Director

3

Name

Bozhen Chen

Position

Director

4

Name

Wanyi Chen

Position

Director

5

Name

Jinchuan Sun

Position

Director

6

Name

Jinhua Chenlin

Position

Supervisor

7

Name

Shiyang Chen

Position

Supervisor

8

Name

Pengfei Su

Position

Supervisor

 

Personnel Structure

Total Employees

About 210 Employees

 

 

Operation Information

 

Offices & Factories

 

Headquarters

Add

No.8, Ting Ping Rd., Ruifang Dist., New Taipei City 224, Taiwan (R.O.C.)

 

Production Information

 

Purchase Information

 

Business Code

Details

C801120

Synthetic fiber industry

C805050

Industrial plastic products manufacturing

C805070

Reinforced plastic products manufacturing

C805990

Other plastic products manufacturing

CB01010

Machinery and equipment manufacturing

JE01010

Rental services

F118010

Wholesales of information software

F218010

Retails of information software

I301010

Services of information software

CD01030

Automobile and parts manufacturing

F114030

Wholesales of car and motorcycle spare parts

F214030

Retails of equipped with car, motorcycle parts

ZZ99999

Besides licensed business, all other business items those are not banned or restricted.

·           It is introduced that subject purchases its components and from China, Japan, Europe.

·           It is introduced that subject purchases some products from its related factory in the mainland of China.

 

Sales Information

 

 

Import and export right:

Import right

Yes

Export right

Yes

 

 

Settlements

 

Purchase

1.     Domestic Purchase

Products

Components

Payment Terms

T/T, Cash

2.     Import

Products

Components

Payment Terms

L/C, T/T

 

Sales

1.     Domestic Markets

Product

Machines

Selling Terms

Cash, T/T

2.     Export

Product

Machines

Selling Terms

L/C, T/T

 

 

Financial Information

 

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. Zhuang declined to disclose its financials citing the grounds of company’s confidentiality; from other sources we could not obtain such information, either.

 

 

Bankers

 

Name

Taiwan Bank

 

 

Public Record

 

Mortgage

1

Case Type:

Chattel Mortgage

Certificate No.:

062599

Debtor Name:

Pai Lung Machinery Mill Co., Ltd.

Document Number:

534363

Date of Registration:

1999-7-19

Status:

Paid off

2

Case Type:

Chattel Mortgage

Certificate No.:

064800

Debtor Name:

Pai Lung Machinery Mill Co., Ltd.

Document Number:

564683

Date of Registration:

2000-1-31

Status:

Paid off

3

Case Type:

Chattel Mortgage

Certificate No.:

083413

Debtor Name:

Pai Lung Machinery Mill Co., Ltd.

Document Number:

09405107000

Date of Registration:

2005-5-9

Status:

Paid off

4

Case Type:

Chattel Mortgage

Certificate No.:

099067

Debtor Name:

Pai Lung Machinery Mill Co., Ltd.

Document Number:

09930253380

Date of Registration:

2010-1-12

 

Lawsuit

1

Trial Number:

2001,haishang,83

Date of Trial:

2002-7-19

Reason:

Compensation for damages

Claimant:

Pai Lung Machinery Mill Co., Ltd.

Defendant:

Zhenxing International Co., Ltd. (Literal Translation)

2

Trial Number:

2001,haishang,58

Date of Trial:

2002-10-4

Reason:

Compensation for damages

Claimant:

Pai Lung Machinery Mill Co., Ltd.

Defendant:

Zhenxing International Co., Ltd. (Literal Translation)

3

Trial Number:

2004,Su,3554

Date of Trial:

2004-8-23

Reason:

Returned cash deposit

Claimant:

Pai Lung Machinery Mill Co., Ltd.

Defendant:

Kanghe Leasing Co.., Ltd. (Literal Translation)

4

Trial Number:

2006,zhi,1

Date of Trial:

2006-3-8

Reason:

Returned unjust enrichment

Claimant:

Pai Lung Machinery Mill Co., Ltd.

Defendant:

Not Stated

5

Trial Number:

2006,zhi,1

Date of Trial:

2006-4-4

Reason:

Returned unjust enrichment

Claimant:

Pai Lung Machinery Mill Co., Ltd.

Defendant:

Not Stated

 

 

Special Note

 

Interview Details

Name

Ms. Zhuang

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.64.83

UK Pound

1

Rs.101.00

Euro

1

Rs.71.82

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

NIT

 

               

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.