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MIRA INFORM REPORT
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Report No. : |
516332 |
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Report Date : |
22.06.2018 |
IDENTIFICATION DETAILS
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Name : |
PALMARY MACHINERY CO. LTD. |
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Registered Office : |
No. 77 Gongye Rd, Dali City, Taichung County 412 |
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Country : |
Taiwan |
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Date of Incorporation : |
11.06.1998 |
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Com. Reg. No.: |
16524622 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Subject
is engaged in sale of grinding machines. |
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No. of Employees : |
About 180 Employees |
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 : |
No Complaints |
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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 (31.12.2017) |
Current Rating (01.04.2018) |
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Taiwan |
A1 |
A2 |
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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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Supplied Name: |
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Trading Address: |
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Supplied Address: |
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Telephone Number: |
+886-4-2492-9799 |
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Fax Number: |
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E-mail: |
Crediteyes
Notes: The exact name and address are as above.
Company
Identification Details
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Palmary Machinery Co., Ltd. |
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Registered
Address: |
No.77, Gongye Rd., Dali Dist., Taichung City 412,
Taiwan (R.O.C.) |
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Date
of Foundation: |
1998-6-11 |
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Registration
Number: |
16524622 |
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Registry: |
Taichung City Government |
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Registered
Capital: |
NTD 218,017,510 (USD 7,194,577.83) (As of 2018.6, 1 NTD = 0.033 USD) |
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Paid-up
Capital: |
NTD 218,017,510 (USD 7,194,577.83) |
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Legal
Representatives: |
Qinglong Zheng |
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Legal
Form: |
Joint Stock Company |
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Principal
Activities: |
Manufacturing and sales of grinding machines, etc. |
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Staff: |
About 180 Employees |
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Listed
at Stock Exchange: |
No |
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Date
of Last Annual Return: |
2017-3-17 |
History
Subject was
incorporated on 1998-6-11 with registered number 16524622 as Joint
Stock Company in Taiwan.
Change
of Name
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Former
Chinese Name: |
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Current
Chinese Name: |
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Corporate
Structure
Factories
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1 |
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Address: |
No.77, Gongye Rd., Dali Dist., Taichung City 412,
Taiwan (R.O.C.) |
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Date
of Registration: |
2008-1-2 |
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Factory
Registration Number: |
99712535 |
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Factory Manager: |
Qinglong
Zheng |
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Status: |
In
Production |
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Date of Last Annual Return: |
2008-1-2 |
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Major Products: |
291
machineries for processing of metal 292
other special developing equipment 251
metal hand tool and mold 303
automobile components 312
haulage motor and components |
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Name: |
The 2nd Factory |
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Address: |
No. 51, 53, Industrial 9th Road, Renhua Li, Dali
Dist., Taichung City, Taiwan |
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Date
of Registration: |
2006-10-28 |
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Factory
Registration Number: |
66004983
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Factory Manager: |
Qinglong
Zheng |
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Status: |
In
Production |
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Date of Last Annual Return: |
2016-10-28 |
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Major Products: |
291
machineries for processing of metal 251
metal hand tool and mold 303
automobile components 312
haulage motor and components |
Related Companies
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1 |
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Name |
|
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Address |
No.288,
Yongxiang Road, Cao-E Street, Shangyu City, Zhejiang Province, China |
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Telephone
Number |
+86-575-8218-6082 |
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Fax
Number |
+86-575-8218-6085 |
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2 |
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Name |
Palmary Machinery Co., Ltd. (Thailand) |
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Address |
200
Moo 1 Khaerai, Kratumban, Samutsakorn Thailand, 74110 |
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Telephone
Number |
+66-34-476225 |
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Fax
Number |
+66-34-849516 |
Shareholders
Major
Shareholders
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Name |
Subscription Shares |
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Qinglong Zheng |
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5,573,476 |
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Changzhu
Lin |
1,288,821 |
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Zhimeng
Wang |
937,126 |
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Jinzu
Lin |
906,510 |
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Mingjie
Zheng |
818,323 |
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Zhenfang
Zhang |
1,019,824 |
Management
Information
Core
Management
Directors
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1 |
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Name |
Qinglong
Zheng |
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Position |
Chairman
of the Board |
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2 |
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Name |
Changzhu
Lin |
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Position |
Director
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3 |
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Name |
Zhimeng
Wang |
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Position |
Director |
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4 |
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Name |
Jinzu
Lin |
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Position |
Director |
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5 |
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Name |
Mingjie
Zheng |
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Position |
Director |
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6 |
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Name |
Zhenfang
Zhang |
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Position |
Supervisor
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7 |
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Name |
Murakami
Zinshi |
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Position |
Manager
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Date
of Appointment |
2017-3-6 |
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8 |
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Name |
Kanasawa
Shuuichi |
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Position |
Manager
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Date
of Appointment |
2017-3-6 |
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9 |
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Name |
Imai
Shin |
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Position |
Manager
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Date
of Appointment |
2017-3-6 |
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Personnel
Structure
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Total
Employees |
About 180 Employees |
Operation
Information
Offices
& Factories
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|
Headquarters |
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Add |
Production
Information
Subject
is engaged in manufacturing of grinding machines, etc.
Subject
has factories in Taiwan for production.
Subject
obtained the certifications of ISO 9001 and CE.
Purchase Information
The
registered activities of subject:
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Business
Code |
Details |
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CB01990 |
Other
machinery manufacturing (machine tools, grinder, lathe, milling machine, drilling
machine and parts thereof) |
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F213990 |
Other
machinery and equipment retail (machine tools, grinder, lathe, milling
machine, drilling machine and parts thereof) |
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CP01010 |
Hand
tools manufacturing industry |
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CQ01010 |
Mold
manufacturing industry |
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F206030 |
Mold
retail |
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CB01010 |
Machinery
and equipment manufacturing |
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F213080 |
Machinery
and equipment retail |
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CD01030 |
Automotive
and parts manufacturing (only for auto parts) |
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CD01040 |
Motorcycles
and parts manufacturing |
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F214030 |
Retail
of automobiles and motorcycles’ spare and accessory parts |
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F401030 |
Manufacturing
exports |
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F206010 |
Retail
of hardware |
The components and raw materials for production are
purchased at Taiwan, the Mainland of China and from Japan, Europe, etc.
Subject purchases facilities
almost from Japan.
Subject is engaged in sale of grinding
machines, etc.
The
major products include centerless grinder, cylindrical grinder, internal grinder,
CNC grinding machines, special grinding machine, etc.
Subject’s
sale regions include Taiwan, mainland China, Japan, Indonesia, Thailand, South
Korea, USA, Germany, etc.
It
is introduced that subject can provide ODM service.
Subject’s
major customers include “BLACK&DECKER”, “KENNAMETAL”, “GM”, “RUDOLPH”,
“Canon”, “HITACHI” and “DENSO”, 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 |
Grinding
machines, etc. |
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Selling Terms |
T/T, Cash, etc. |
Export
|
Product |
Grinding
machines, 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
|
Name |
International
Commercial Bank of China |
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. Helen Yu |
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Department |
Sales Department |
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Email: |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
INR 68.20 |
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UK Pound |
1 |
INR 89.58 |
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Euro |
1 |
INR 78.79 |
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TWD |
1 |
INR 2.24 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
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Report Prepared
by : |
POJ |
RATING EXPLANATIONS
|
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.