MIRA
INFORM REPORT
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Report Date : |
04.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
FOCUS (TAIWAN) FOOTWEAR CO LTD |
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Registered Office : |
136 Yuan Lu Rd Section 3 Puhsin Hsiang Changhwa Hsien 513 |
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Country : |
Taiwan |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
AUGUST 11, 1997 |
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Com. Reg. No.: |
16192670 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Production of samples per OEM customer design. Manufacturing on an OEM basis in Vietnam. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 50,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
name &
address
FOCUS (TAIWAN) FOOTWEAR CO LTD
136 YUAN LU RD SECTION 3 PUHSIN HSIANG CHANGHWA HSIEN 513, TAIWAN
TEL : 886-4-8294551
FAX : 886-8-8280555
EXECUTIVE SUMMARY
INCORPORATION DATE :
AUGUST 11, 1997
REGISTRATION NO. :
16192670
LEGAL FORM :
PRIVATE LIMITED COMPANY
CHIEF EXECUTIVE :
MR. CHING-LIANG WU (CHAIRMAN)
STAFF STRENGTH :
20
CAPITAL :
US$ 451,671
BUSINESS LINE :
EXPORTER
TURNOVER : US $3,507,109 (AS OF
DEC. 31, 2005)
EQUITIES :
N/A (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : USD
50,000
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
TWD 33.2 = US$1 AS OF 2007-4-4
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
M – million
TWD –Taiwan New Dollars
*Company Registration *
====================
License number : 16192670
Date issued : 11
August, 1997
Issuing authority : Ministry of Economic Affairs (MOEA)
*Office & Facilities*
===============
Size : 987
sq. meter (Approx.)
Location : Outer
suburb of Changhwa City
Facilities :
Modern
Property status : Owned by
FOCUS (TAIWAN) FOOTWEAR CO LTD.
Type of building : Retail
outlet in a semi-residential building
*Corporate & Organization Structure*
============================
A small - medium sized manufacturer /trading company operated and managed
by the prime owner and an experienced team of professionals.
Note:
The company is operated in parallel with another company, JI-GI SHOES CO
LTD owned by the same investors and which shares responsibilities in regard to
their manufacturing facilities in Vietnam.
*Factories, Size & Locations*
======================
There is no longer any manufacturing facilities in Taiwan. ALL
production is performed in their Vietnam factory.
*Reputation*
==========
Reference checking for the purpose of establishing the firm's reputation
within the respective industry failed to reveal any negative information.
Email :
jigi@ms2.hinet.net
SC is not known to host website of its own at present.
For the past two years there is no record of litigation.
*Major Shareholders*
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Shareholders' Name No
of Shares
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Mr. Ching-liang Wu
500,000
Ms. Li-hua You
500,000
Mr. Chen-yu Wu
100,000
Mrs. Miao-chen Chiu Wu
100,000
*COMPANY MANAGEMENT*
=========================
Name Nationality
Job Description Dept. / Division
Mr. Chao-yuan Chang Taiwanese Assist. Manager -
Mr. Ching-liang Wu Taiwanese
General Manager -
Management Details - 1
Personal Unique Identifier : MI01774178
Name : Mr. Chao-yuan Chang Sex : M
*Key Personnel*
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Mr. Ching-liang Wu
Founder :
Co-Founder
Resident status : Taiwan
Place of birth : Taiwan
Work experience : More than 15
years experience.
Responsibilities : Handles the
daily operation of the firm including all financials, sales and legal matters.
*Main Products & Services*
======================
Specializes in the following areas of work:
1. Management of a Vietnam factory which is owned and operated by the
Taiwan firm.
2. Production of samples per OEM customer design.
3. Manufacturing on an OEM basis in Vietnam.
Note:
The firm specializes in ONLY producing women footwear which is suitable
for the Asian market. (Foot sizes of Asian women is very different to those of North
America and European markets.)
The Taiwan company was originally a manufacturer of shoes in Taiwan, but
in the mid-late 90's as costs increased, most of the Taiwan shoe manufacturers
moved operations to Vietnam.
Products : Animal leather
Bovine leather
Cotton
fabrics
Finishing
agents
Footwear
*Payment Terms*
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Sales
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Local : Cash
30-90 days credit
Export : Letter of Credit (L/C)
Document against Acceptance (D/A)
Settlement using
Bankwire transfer (T/T)
Purchase
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Local : 30-90 days credit
*Associations*
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Member of :
- Footwear Industrial Information Center
*Local Distribution Network*
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The company is largely focused on the export market and hence very
little domestic sales are achieved.
*Export Markets*
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100% of the annual turnover is attributed to export.
*International Trade Activity*
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In previous years, the firm imported a range of footwear into Taiwan.
But in the recent three (3) years the firm has changed focus of business, and
no longer imports.
*(Subsidiaries , Joint-ventures & Affiliates)
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Company Name : JI-GI SHOES CO LTD
Address : 136 Yuan Lu Rd Section 3 Puhsin Hsiang 513 Changhwa Hsien
Taiwan
Country : Taiwan
Relationship : Affiliate
Legal Form : Private Limited Company
Company Type : Exporter
Industry : Footwear
PAYMENT RATING : 3 OBTAINED SCORES : 60
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Implication |
Implications |
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1 |
Scores 85–100 |
Excellent |
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2 |
Scores 75 – 84 |
Above Average |
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3 |
Scores 50 – 74 |
Average |
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4 |
Scores 35 – 49 |
Fair |
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5 |
Scores 15 – 34 |
Below Average |
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6 |
Scores 01 – 14 |
Poor |
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NR |
No Data |
No Data |
The rating indicates the
payment pattern of SC based upon our Payment Database, comments from suppliers of
SC, information from banks (if available), as well as industrial sources.
Dealings on open terms may be possible for
MODERATE amounts depending on individual judgement experience.
*Financials*
==========
As a private limited company with a paid-up capital of less than USD 6
million, there is no legal requirement according to local corporate law for
public disclosure of detailed financials.
Although financial summary was obtained for reference.
*Bank Details*
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Bank Name : FIRST COMMERCIAL BANK CO LTD
Branch : Chungcheng Dist,Taipei City
Branch Address : 10Fl, 30 Chungking South Rd Section 1 Chungcheng Dist
Taipei City 100 (Head Office)
SWIFT Code : FCBKTWTP
Bank Name : MEGA INT'L COMMERCIAL BANK CO LTD
Branch : Chungshan Dist,Taipei City
Branch Address : 100 Chi Lin Rd Chungshan Dist Taipei City 104 (Head
Office)
SWIFT Code : ICBCTWTP
*FINANCIAL SUMMARY (Currency:
U.S. $'s)
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Year Sales Assets Net Income
2005 $3,507,109.00 $726,698.26 $264,770.93
*Int´l Trade Activity (Currency:
U.S. $'s)
==============================
Year Imports Exports Total
2003 n/a $4,000,000.00
$4,000,000.00
2004 n/a $3,000,000.00
$3,000,000.00
2005 $20,000.00 $2,500,000.00 $2,520,000.00
Over the past 10 years, SC has made a stable growth with satisfactory
profit. It is considered a credit line up to USD 50,000 appears to be within
SC’s capacities.
Attached:
trade references
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 2241 Narrow
woven fabrics
Exporting 2261 Finish
Cotton Fabrics
Exporting 2299 Textile
goods
Exporting 2399 Fabricated
textile products
Exporting 3100 Leather
and Leather Products
Exporting 3144 Women's
footwear, footwear made on a basis or platform of wood, not having an
inner
sole or a protective metal toe cap
Exporting 3149 Footwear
Exporting 3199 Leather
goods
Exporting 3499 Fabricated
metal products
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 3809930000 Finishing agents, dye carriers to accelerate the dyeing or fixing
of dyestuffs &
other
products and prep used in leather or like industries
Exporting 4104 Bovine
or equine leather, no hair
Exporting 4107 Leather
of animals, no hair
Exporting 5806391000 Narrow woven fabrics, other than goods of heading 5807; other
woven fabrics,
not
pile, of wool or fine animal hair
Exporting 5903101000 Textile fabrics, impregnated, coated, covered or laminated with
plastics or
polyvinyl
chloride: of cotton
Exporting 5903201000 Other fabrics, of cotton, impregnated, covered, coated or
laminated with
polyurethane
Exporting 6405 Footwear
Exporting 6405909000 Other footwear
Exporting 6406200000 Parts of footwear, and similar articles, with outer soles and
heels of rubber or
plastics
Exporting 6406991505 Leg warmers of man-made fibers, greater than or equal to 23
percent of wool or
fine
animal hair
DETAILED PRODUCT CLASSIFICATION & ACTIVITY
Activity Product/Service
Description
Exporting Footwear part
Exporting Footwear, materials
Exporting Leg warmer
Exporting Metal beads
Exporting Narrow woven fabrics
Exporting Textile fabrics
Exporting Women's dress shoes
INTERNATIONAL TRADE : ACTIVITY & MARKETS
Exporting to Asia
Exporting to Cambodia
Exporting to Vietnam
RATING
EXPLANATIONS
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)