|
Report No. : |
302244 |
|
Report Date : |
14.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
MING JANG SEWING MACHINE CO., LTD. |
|
|
|
|
Registered Office : |
No.1, Wenming 2nd St., Guishan Dist., Taoyuan City 333, |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Date of Incorporation : |
20.10.2002 |
|
|
|
|
Com. Reg. No.: |
28012772 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturing and
sale of sewing machine |
|
|
|
|
No. of Employees : |
40 |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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 |
|
Company Name: |
|
|
Supplied Name: |
|
|
Trading Address: |
No.1, Wenming 2nd
St., Guishan Dist., Taoyuan City 333, Taiwan (R.O.C.) |
|
Supplied Address: |
No 1 Wenming 2nd St, Leshan Village Gulshan Township Taoyuan Country
33383 |
|
Telephone Number: |
+886-3-318-7788 |
|
Fax Number: |
|
|
E-mail: |
|
|
Website: |
Notes: The exact
name and address are as above.
|
Registered Name: |
MING JANG SEWING MACHINE CO., LTD. |
|
Registered
Address: |
No.1, Wenming 2nd St.,
Guishan Dist., Taoyuan City 333, Taiwan (R.O.C.) |
|
Date of
Foundation: |
2002-10-20 |
|
Registration
Number: |
28012772 |
|
Registry: |
MOEA Central
Office |
|
Registered
Capital: |
NTD 50,000,000 (USD 1,550,000) (As of 2015.01, 1
NTD = 0.0310 USD) |
|
Paid-up Capital: |
NTD 50,000,000
(USD 1,550,000) |
|
Legal
Representatives: |
Jinwang Liao |
|
Legal Form: |
|
|
Principal
Activities: |
|
|
Staff: |
|
|
Listed at Stock Exchange: |
|
|
Date of Last Annual Return: |
Subject was incorporated on 2002-10-20 with registered number 28012772 as Joint Stock Company in Taiwan.
Factory
|
Name: |
Linkou Factory |
|
Address: |
No.1, Wenming 2nd St., Guishan Dist., Taoyuan City 333, Taiwan (R.O.C.) |
|
Date of Registration: |
2012-3-2 |
|
Factory Registration Number: |
03000959 |
|
Factory Manager: |
Jinwang Liao |
|
Status: |
In Production |
|
Date of Last
Annual Return: |
2012-3-2 |
|
Major Products: |
292 other special-purpose mechanical device |
Major Shareholders
|
Name |
Subscription Shares |
|
Jinwang Liao |
|
|
2,000,000 |
|
|
Chunxiang Lin |
2,000,000 |
|
Yanxian Lin |
1,000,000 |
Core Management
Directors
|
1 |
||
|
Name |
Jinwang Liao |
|
|
Position |
Board Chairman |
|
|
2 |
||
|
Name |
Chunxiang Lin |
|
|
Position |
Director |
|
|
3 |
||
|
Name |
Yanxian Lin |
|
|
Position |
Director |
|
|
4 |
||
|
Name |
Qiuxiang Xie |
|
|
Position |
Supervisor |
|
Personnel Structure
|
Total Employees |
About 40 Employees |
Offices & Factories
|
|
Headquarters |
|
Add |
No.1, Wenming 2nd St., Guishan Dist., Taoyuan City 333, Taiwan (R.O.C.) |
Production Information
Subject is engaged in manufacturing of sewing machine, etc.
Subject has a factory in Taoyuan County, Taiwan for production.
Purchase Information
The registered activities of subject:
|
Business Code |
Details |
|
CB01010 |
Manufacturing of machinery |
|
F113010 |
Wholesale of machinery |
|
F213080 |
Retail of mechanical appliance |
|
F401010 |
International trade business |
|
ZZ99999 |
Besides licensed business, all other business items those are not banned or restricted. |
The components and raw materials for production are mostly
purchased in domestic market.
Subject is engaged in sale of sewing machine, etc.
Subject’s major products are flat seaming machine, interlock stitch machine and so on.
Subject’s sales regions include Asia, Europe and America, etc.
Subject’s major type of customer is garment manufacturer.
Import and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
Domestic Purchase
|
Products |
Components and raw materials |
|
Payment Terms |
Cash, T/T, etc |
Import
Subject has little
import.
Sales
Domestic Markets
|
Product |
Sewing machine,
etc |
|
Selling Terms |
Cash, T/T, etc |
Export
|
Product |
Sewing machine,
etc |
|
Selling Terms |
L/C, T/T, etc |
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. Xie declined to disclose its financials citing the grounds of
company’s confidentiality; from other sources we could not obtain such
information, either.
Subject declined to disclose its bank details; from other source we could not 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.
Interview Details
|
Name |
Mr. Xie |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.10 |
|
|
1 |
Rs.94.10 |
|
Euro |
1 |
Rs.73.42 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NIS |
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.