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Report No. : |
329250 |
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Report Date : |
02.07.2015 |
IDENTIFICATION DETAILS
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Name : |
SIMCO SPRING MACHINERY COMPANY |
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Registered Office : |
6F.-1, No.27, Ln. 61, Sec. 1, Guangfu Rd., Sanchong
Dist., New Taipei City 241 |
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Country : |
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Date of Incorporation : |
31.08.1999 |
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Com. Reg. No.: |
16994258 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Subject is manufacturing and sale of spring
manufacturing machines |
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No. of Employee : |
About 20 |
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Taiwan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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, follow-on components of ECFA, including a signed agreement on trade in services, negotiations 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 under 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 fifth largest, behind those of China, Japan, Saudi Arabia, 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, 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 decent entry-level jobs.
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Source
: CIA |
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Company Name: |
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Supplied Name: |
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Trading Address: |
6F.-1, No.27, Ln. 61, Sec. 1,
Guangfu Rd., Sanchong Dist., New Taipei City 241, Taiwan (R.O.C.) |
|
Supplied Address: |
6F-1, No. 27 Ln 61, Sec 1,
Guangfu Rd, Sanchung dist, New Taipei City 24158 |
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Telephone Number: |
+886- 2-2995-4088 |
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Fax Number: |
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E-mail: |
Notes:
The exact address is as above.
Subject was incorporated on
1999-8-31 with registered number 16994258 as Joint Stock Company in Taiwan.
Factory
|
Address: |
6F.-1, No.27, Ln. 61, Sec. 1, Guangfu Rd.,
Sanchong Dist., New Taipei City 241, Taiwan (R.O.C.) |
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Date
of Foundation: |
1999-10-13 |
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Date
of Registration: |
1999-11-2 |
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Factory
Registration Number: |
99607210 |
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Factory
Manager: |
Binghui Lin |
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Status: |
In Production |
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Date
of Last Annual Return: |
2002-7-23 |
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Major
Products: |
25 Manufacturing of metal products 29 Manufacturing o machinery and equipment |
Office
|
Name |
India
office |
|
Address |
UG-36,
Kirti Shikhar Building, District Center, Janakpuri,New Delhi-110058, India. |
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Telephone
Number |
+
91-9818620111/9560253348/9560253345 |
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E-mail |
Major
Shareholders
|
Name |
Subscription
Shares |
|
Binghui
Lin |
1,400,000
|
|
Huihuang
Chen |
437,500
|
|
Dengyuan
Zheng |
262,500
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Core
Management
Directors
|
1 |
||
|
Name |
Binghui
Lin |
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Position |
Chairman
of the Board |
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2 |
||
|
Name |
Huihuang
Chen |
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Position |
Director
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3 |
||
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Name |
Dengyuan
Zheng |
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Position |
Director
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4 |
||
|
Name |
Chaoyang
Zheng |
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Position |
Supervisor
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Personnel
Structure
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Total
Employees |
About
20 Employees |
Offices
& Factories
|
|
Headquarters |
|
Add |
6F.-1,
No.27, Ln. 61, Sec. 1, Guangfu Rd., Sanchong Dist., New Taipei City 241,
Taiwan (R.O.C.) |
Production
Information
Subject
is engaged in manufacturing of spring manufacturing machines, etc.
Subject
has a factory in Taiwan for production.
Subject
obtained the certification of ISO 9001.
Purchase
Information
The
registered activities of subject:
|
Business
Code |
Details |
|
CA02040 |
Manufacturing
of spring. |
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CA02050 |
Manufacturing
of ATOS. |
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CB01010 |
Manufacturing
of machinery and equipment. |
|
CC01050 |
Manufacturing
of equipment for storage and handling with files. |
|
CC01060 |
Manufacturing
of wired communication equipment. |
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CD01030 |
Manufacturing
of automobile and related components. |
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F401010 |
International
trading business. |
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I601010 |
Renting
industry. |
The
components and raw materials for production are purchased both at home and
abroad.
Subject is engaged in sale of spring manufacturing machines,
etc.
The major
products are CNC spring former, wire/strip former, CNC spring coiler, garter
spring machine, spring ends grinder, tempering furnace, spring testing machine,
peripherals equipment, automatic tube bending machines, etc.
Subject’s
sales regions are domestic market, Southeast Asia, Europe America, Australia,
etc.
The
general delivery lead time of subject for small machine is about 30 days, while
for heavy machine is about 150 days.
Subject’s
major customers are manufacturers of industrial machines, etc.
Import
and export right:
|
Import
right |
Yes |
|
Export
right |
Yes |
Purchase
Domestic
Purchase
|
Products |
Components, raw materials, etc. |
|
Payment Terms |
T/T, Cash, etc. |
Import
|
Products |
Components, raw materials, etc. |
|
Payment Terms |
L/C, T/T, etc. |
Domestic
Markets
|
Product |
Spring manufacturing machines, etc. |
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Selling Terms |
T/T, Cash, etc. |
Export
|
Product |
Spring manufacturing machines, 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 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. Yang |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.62 |
|
UK Pound |
1 |
Rs.99.89 |
|
Euro |
1 |
Rs.70.77 |
INFORMATION DETAILS
|
Analysis Done by
: |
SAN |
|
|
|
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Report Prepared
by : |
ASH |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
|
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 |
|
<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.