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MIRA INFORM REPORT
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Report No. : |
503034 |
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Report Date : |
19.04.2018 |
IDENTIFICATION DETAILS
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Name : |
SOFAR MACHINE CO., LTD. |
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Registered Office : |
No.13, Lane 22, Dawan E. Rd., Yongkang
Dist., Tainan City 710 |
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Country : |
Taiwan |
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Date of Incorporation : |
14.04.2008 |
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Com. Reg. No.: |
28963152 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing and sale of machinery and
components |
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No. of Employees : |
Not available |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Taiwan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
TAIWAN - ECONOMIC OVERVIEW
Taiwan has a dynamic capitalist economy that is driven largely by industrial manufacturing, and especially exports of electronics, machinery, and petrochemicals. This heavy dependence on exports exposes the economy to fluctuations in global demand. Taiwan's diplomatic isolation, low birth rate, rapidly aging population, and increasing competition from China and other Asia Pacific markets are other major long-term challenges.
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 of that year, inked a trade pact with Singapore. However, follow-on components of the ECFA, including a signed agreement on trade in services and negotiations on trade in goods and dispute resolution, have stalled. In early 2014, the government bowed to public demand and proposed 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 uncertain. President TSAI since taking office in May 2016 has promoted greater economic integration with South and Southeast Asia through the New Southbound Policy initiative and has also expressed interest in Taiwan joining the Trans-Pacific Partnership as well as bilateral trade deals with partners such as the US. These overtures have likely played a role in increasing Taiwan’s total exports, which rose 11% during the first half of 2017, buoyed by strong demand for semiconductors.
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 nearly 20% of the island's total population by 2025.
The island runs a trade surplus with many economies,
including China and the US, 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 and has also secured greater market access for its investors on the
mainland. In August 2012, the Taiwan Central Bank signed a memorandum of
understanding (MOU) on cross-Strait currency settlement with its Chinese
counterpart. The MOU allows for the direct settlement of Chinese
renminbi (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 opportunities for Taiwan’s economy but also pose challenges as political differences remain unresolved and China’s economic growth is slowing. President TSAI’s administration has made little progress on the domestic economic issues that loomed large when she was elected, including concerns about stagnant wages, high housing prices, youth unemployment, job security, and financial security in retirement. TSAI has made more progress on boosting trade with South and Southeast Asia, however, which may help insulate Taiwan’s economy from a fall in mainland demand should China’s growth slow in 2018.
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Source : CIA |
Company
name and address
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Company Name: |
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Trading Name: |
Yota International Co. Ltd. |
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Supplied Name: |
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Trading Address: |
No.13, Lane 22,
Dawan E. Rd., Yongkang Dist., Tainan City 710, Taiwan |
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Supplied Address: |
No. 13, Lane 22,
Dawan E Rd. Yongkang City Tainan County 710 (R.O.C) |
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Telephone Number: |
+886-6-271-6038 |
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Fax Number: |
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Website: |
Notes:
The exact name and address are as above. The
supplied name is subject’s trading name.
Company
Identification Details
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Registered Name: |
Sofar Machine Co., Ltd. |
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Registered Address: |
No.13, Lane 22, Dawan E. Rd., Yongkang Dist., Tainan
City 710, Taiwan |
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Date of Foundation: |
2008-4-14 |
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Registration Number: |
28963152 |
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Registry: |
Tainan City Government |
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Registered Capital: |
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Legal Representatives: |
Mingfa Chen |
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Legal Form: |
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Principal Activities: |
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Staff: |
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Listed at Stock Exchange: |
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Date of Last Annual Return: |
Note: Subject declined to disclose the number of staff,
and from other source we cannot obtain the related information, either.
History
Subject was
incorporated on 2008-4-14 with registered number 28963152 as Private Limited
Liability Company in Taiwan.
Corporate
Structure
Factory
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Address: |
No.13, Lane 22, Dawan E. Rd., Yongkang Dist.,
Tainan City 710, Taiwan |
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Date
of Registration: |
2008-12-2 |
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Factory
Registration Number: |
99711630 |
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Factory Manager: |
Mingfa
Chen |
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Status: |
In
Production |
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Date of Last Annual Return: |
2008-12-2 |
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Major Products: |
291
machinery equipment for metal processing |
Shareholders
Major
Shareholders
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Name |
Subscription Amount |
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Mingfa Chen |
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7,750,000 |
Management
Information
Core
Management
Directors
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Name |
Mingfa
Chen |
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Position |
Director
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Operation
Information
Offices
& Factories
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Headquarters |
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Add |
No.13, Lane 22, Dawan E. Rd., Yongkang Dist., Tainan City 710, Taiwan |
Production
Information
Subject
is engaged in manufacturing of machinery and equipment, etc.
Subject
has a factory in Taiwan for production.
Purchase
Information
The
registered activities of subject:
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Business
Code |
Details |
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CB01010
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Manufacturing
of machinery and equipment |
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CB01990
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Other
machinery manufacturing |
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F401010
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The
international trade |
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ZZ99999
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Besides
licensed business, all other business items those are not banned or
restricted. |
The
components and raw materials of the subject are purchased both at home and
abroad.
Subject is engaged in sale of machinery and
equipment, etc.
The
major products are hot chamber die casting M/C, automation for hot chamber and
related accessories, etc.
Subject’s
sales regions are domestic market and abroad.
The
general delivery lead time of subject is about 90 days.
Subject’s
major customers are manufacturing enterprises, etc.
Import
and export right:
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Import
right |
Yes |
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Export
right |
Yes |
Settlements
Purchase
Domestic
Purchase
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Products |
Components
and raw materials |
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Payment Terms |
T/T, Cash, etc. |
Import
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Products |
Components
and raw materials |
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Payment Terms |
L/C, T/T, etc. |
Domestic
Markets
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Product |
Machinery
and equipment, etc. |
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Selling Terms |
T/T, Cash, etc. |
Export
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Product |
Machinery
and equipment, etc. |
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Selling Terms |
L/C, T/T, etc. |
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
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Name |
Ms. Chen |
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Department |
Sales Department |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.68 |
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1 |
INR 93.98 |
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Euro |
1 |
INR 81.30 |
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TWD |
1 |
INR 2.24 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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PRI |
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Report Prepared
by : |
SYL |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.