MIRA INFORM REPORT

Report No. :	328266
Report Date :	20.06.2015

IDENTIFICATION DETAILS

Name :	ASIAN PLASTIC MACHINERY CO., LTD.

Registered Office :	No.1-1, Sung Chiang N. Rd., Industry Park, Chung-Li City, Taoyuan

Country :	Taiwan

Date of Incorporation :	28.12.1987

Com. Reg. No.:	22663360

Legal Form :	Joint Stock Company

Line of Business :	Manufacturing and sale of machinery.

No. of Employees :	About 400

RATING & COMMENTS

MIRA’s Rating :

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

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, 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.

Source : CIA

Contact Points

Company Name:	ASIAN PLASTIC MACHINERY CO., LTD.
Supplied Name:	ASIAN PLASTIC MACHINERY CO. LTD,
Trading Address:	No.1-1, Sung Chiang N. Rd., Industry Park, Chung-Li City, Taoyuan, Taiwan
Supplied Address:	1FL CHUNG-LI INDUSTRIAL PARK 1 SUNG CHIANG NORTH RD CHUNGLI CITY TAOYUAN HSIEN 320 TAIWAN
Telephone Number:	+886- 3-452-2288
Fax Number:	+886- 3-452-0670 / 452-0261

Note: The exact name and address are as above.

Company Identification Details

Registered Name:	Asian Plastic Machinery Co., Ltd.
Registered Address:	No.1-1, Sung Chiang N. Rd., Industry Park, Chung-Li City, Taoyuan, Taiwan
Date of Foundation:	1987-12-28
Registration Number:	22663360
Registry:	MOEA Central Office
Registered Capital:	NTD 50,000,000 (USD 1,625,000) (As of 2015.5, 1 NTD = 0.0325 USD)
Paid-up Capital:	NTD 50,000,000 (USD 1,625,000)
Legal Representatives:	Zhenyuan Jiang
Legal Form:	Joint Stock Company
Principal Activities:	Manufacturing and sale of machinery.
Staff:	About 400 employees
Listed at Stock Exchange:	No
Date of Last Annual Return:	2014-10-6

History

Subject was incorporated on 1987-12-28 with registered number 22663360 as Joint Stock Company in Taiwan.

Corporate Structure

Major related Company

Name	Chen Hsong Machinery Co. Ltd (literal translation)
Address:	No.1-1, Sung Chiang N. Rd., Industry Park, Chung-Li City, Taoyuan, Taiwan
Tel:	+886- 3-452-2288
Fax:	+886- 3-452-0670

Offices:

1
Name	Taipei Office
Address:	No. 351, New Taipei Rd., Sec. 6, Taishan Dist., New Taipei City, Taiwan
Tel:	+886-2-2903-5321
Fax:	+886-2-2903-5321
2
Name	Taichung Office
Address:	No.619, jianguo Rd., Wuri Dist., Taichung City 414, Taiwan(R.O.C.)
Tel:	+886-4-2338-3718
Fax:	+886-4-2338-3718
3
Name	Kaohsiung Office
Address:	1F., No.71, Zhongshan S. Rd., Gangshan Dist., Kaohsiung City 820, Taiwan (R.O.C.)
Tel:	+886-7-626-7767
Fax:	+886-7-626-7767
4
Name	Kunshan Office
Address:	No. 434, Chen Chuan M. Rd., Kun Shan City, Jiang Su Province, P.R.C.
Tel:	+86-512-5730-6792
Fax:	+86-512-5730-6793
5
Name	Fuzhou Office
Address:	Rm. 402, No. 303, Guohuo Apartment 2 Guohuo East Road, Fuzhou City, P.R.C.
Tel:	+86-591-3630217
Fax:	+86-591-3630217
6
Name	Changan Office
Address:	Building 4, Wusha LiWu, Zhengan Rd, Changan Town Dongguan City, P.R.C.
Tel:	+86-769-5329250/60
Fax:	+86-769-5329280
7
Name	Zhangmuton Office
Address:	1F, Building A, No.51 Dongshen Road, Baoshan Industrial Park, Zhangmuton Town, Dongguan City, P.R.C.
Tel:	+86-769-7123325
Fax:	+86-769-7123324
8
Name	Chongging Office
Address:	No.29 #E-12-6 Tianchen Road, Shapingba Distrtict, Chongging, P.R.C.
Tel:	+86-23-65366185
Fax:	+86-23-65366372

Shareholders

Major Shareholders

Name

Subscription Shares

British Virgin Islands Shangai Wei Le Gao Company

(Literal Translation)

5,000,000

Management Information

Core Management

Directors

1
Name	Zhenyuan Jiang
Position	Board Chairman
2
Name	Liyuan Jiang
Position	Director
3
Name	Hanhua Wu
Position	Director
4
Name	Taixiong Xie
Position	Supervisor

Personnel Structure

Total Employees

About 400 employees

Operation Information

Offices & Factories

	Headquarters
Add	No.1-1, Sung Chiang N. Rd., Industry Park, Chung-Li City, Taoyuan, Taiwan

Production Information

Subject is engaged in manufacturing of machinery.
It is introduced that subject has factories in Taiwan for production, but the subject declined to disclose its detail, and from other source we can’t obtain the information, either.
Subject has obtained the certifications of ISO 9001:2000 and ISO 14001:2004.

Purchase Information

The registered activities of subject:

1	Manufacture and sales of numerical control injection plastic molding machines
2	General import and export trading business and department stores selling business.
3	Bidding, price quoting and sales business for domestic and overseas customers except futures

The components and raw material for production are purchased from both home and abroad.
It is introduced that subject imports technology from Japan, USA and Germany.

Sales Information

Subject is engaged in sale of machinery.
The major products sold by the products are plastic extruding machines, injection molding machine auxiliary equipment, feeding renewable crushers, plastic molding machines and Plastic molding machines.
Subject’s products are mainly applied to industries of automobile, packing, electronic products and so on.
It is introduced that subject has own brand called “Chen Hsong” (Literal Translation).
Subject’s sales regions include Mainland China, Southeast Asia, Japan and USA, etc.
Subject’s major customers are manufacturers of shoes, electronic products, and communication equipment.

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

Products	Raw material
Payment Terms	T/T, Cash

Import

Products	Raw material
Payment Terms	L/C, T/T

Sales

Domestic Markets

Product	Machinery
Selling Terms	T/T, Cash

Export

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

Bankers

Subject declined to disclose its bank details; from other source we could not obtain the relevant information, either.

Public Record

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.

Special Note

Interview Details

Name	Mr. Zhang
Department	Sales Department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.82
UK Pound	1	Rs.101.26
Euro	1	Rs.72.36

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	ANK

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.