MIRA
INFORM REPORT
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Report Date : |
04.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
JI-GI SHOES 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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Date of Incorporation : |
FEBRUARY 2, 1989 |
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Com. Reg. No.: |
23195457 |
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Legal Form : |
Private |
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Line of Business : |
Management of Vietnam factory which is owned and operated by the
Taiwan firm. 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 : |
Up To USD 50,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
JI-GI SHOES 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 :
FEBRUARY 2, 1989
REGISTRATION NO. :
23195457
LEGAL FORM : PRIVATE
CHIEF EXECUTIVE :
MR. CHING-LIANG WU (CHAIRMAN)
STAFF STRENGTH :
20
CAPITAL :
US$ 451,671
BUSINESS LINE :
EXPORTER
TURNOVER :
N/A (AS OF DEC. 31, 2005)
EQUITIES :
N/A (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 50,000
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
TWD 33.19940 = 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 : 23195457
Date issued : 2
February, 1989
Issuing authority : Ministry of
Economic Affairs (MOEA)
*Office & Facilities*
===============
Size
: 987sqaure meter
(Approx.)
Location : Outer suburb of Changhwa city
Facilities : Modern
Property status : Owned by company.
Type of Building : Retail outlet in a semi-residential
building
Comments :
Serves as office.
*Corporate & Organization Structure*
============================
A small-medium sized manufacturer /trading company operated and managed
by the prime owner and an experienced team of professionals.
The company is operated in parallel with another company, FOCUS (TAIWAN)
FOOTWEAR 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.
E-mail: jigi@ms2.hinet.net
For the past two years there is no record of litigation.
*Major Shareholders*
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Shareholder's Name No. of shares
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Ching-liang Wu 8,090,000
Li-hua You 4,490,000
Management: Mr. Chao-yuan Chang,
Assist. Manager
Mr. Ching-liang Wu, General Manager
Name Nationality
Job Description
Mr. Chao-yuan Chang Taiwanese Assist. Manager
Mr. Ching-liang Wu Taiwanese
General Manager
*Key Personnel*
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Ching-liang Wu
Founder :
Co-founder
Born : Taiwan
Work experience : More than 15
years experience.
Responsibilities : Handles the
daily operation of the firm including all financials, sales and legal matters.
Resident status : Taiwan
*Main Products & Services*
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Specializes in the following areas of work:
1. Management of Vietnam factory which is owned and operated by the
Taiwan firm.
2. Production of samples per OEM customer design.
Note: The firm specializes ONLY in producing women footwear which is
suitable for the Asian market. (Foot sizes of Asian women are very different to
those of North America and European markets.)
3. Manufacturing on an OEM basis in Vietnam.
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: Bovine leather
Clasps
Footwear
Footwear, materials
Goat leather
*Payment Terms*
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Sales
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Local : 30-90 days credit
Cash
Export : Letter of Credit (L/C)
Document against
Acceptance (D/A) settlement using Bank wire 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.
*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 directly into Taiwan themselves.
*Export Markets*
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100% of the annual turnover is attributed to export.
*(Subsidiaries, Joint-ventures & Affiliates)
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Company Name : FOCUS (TAIWAN) FOOTWEAR 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.
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.
*Financial Summary (Currency: U.S. $'s)
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Year Sales Assets Net Income
2005 $900,473.93 $154,281.20 $173,744.08
*Int´l Trade Activity (Currency: U.S. $'s)
==============================
Year Imports Exports Total
2003 n/a $5,000,000.00
$5,000,000.00
2004 n/a $4,000,000.00
$4,000,000.00
2005 n/a $3,000,000.00
$3,000,000.00
Over the past 18 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 2335 Women's
and misses' dresses
Exporting 3111 Leather,
tanned or finished
Exporting 3149 Footwear,
Exporting 3965 Needles,
pins, buttons, and clothing fasteners
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 4104 Bovine
or equine leather, no hair
Exporting 4106 Goat
or kidskin leather, no hair
Exporting 4107900000 Leather of other animals, without hair on
Exporting 5806391000 Narrow woven fabrics, other than goods of heading 5807; other
woven fabrics,
not
pile, of wool or fine animal hair
Exporting 5903201000 Other fabrics, of cotton, impregnated, covered, coated or
laminated with
polyurethane
Exporting 6405 Footwear
Exporting 6406200000 Parts of footwear, and similar articles, with outer soles and
heels of rubber or
plastics
Exporting 8308 Clasps,
buckles, hooks etc, beads & spangles, base metal
Exporting 9607190000 Slide fasteners
DETAILED PRODUCT CLASSIFICATION & ACTIVITY
Activity Product/Service Description
Exporting Narrow woven fabrics
Exporting Slide fastener
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%)