MIRA
INFORM REPORT
|
Report Date : |
11.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SUN RISE CHEMICAL IND CO LTD |
|
|
|
|
Registered Office : |
4fl, 17 Min Sheng East Rd Section 3 Chungshan Dist, Taipei
City 104 |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
21.07.1975 |
|
|
|
|
Com. Reg. No.: |
34051082 |
|
|
|
|
Legal Form : |
Private |
|
|
|
|
Line of Business : |
Manufacturing of various types of optical brightening agents and other related products. Selling to both domestic and international markets of products produced by the firm. Manufacturing of an OEM basis in China and Taiwan. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 100,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
Name and address
SUN RISE CHEMICAL IND
CO LTD
4FL, 17 MIN SHENG EAST RD SECTION 3 CHUNGSHAN DIST
TAIPEI CITY 104, TAIWAN
TEL: 886-2-25028811 FAX: 886-2-25060050
EXECUTIVE SUMMARY
INCORPORATION DATE : JULY 21, 1975
REGISTRATION NO. : 34051082
LEGAL FORM : PRIVATE
CHIEF EXECUTIVE : MR. FU-LIANG WU (CHAIRMAN)
STAFF STRENGTH : 60
CAPITAL : US$ 2,107,799
BUSINESS LINE : MANUFACTURER
TURNOVER : N/A (AS OF DEC. 31, 2005)
EQUITIES : N/A (AS OF DEC. 31, 2005)
PAYMENT : AVERAGE
RECOMM. CREDIT RANGE : USD 100,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : TWD 33.06780 = US$1 AS OF 2007-4-11
*Company History*
================
21 June, 1975 - Established in Hsin Chuan City Taipei to produce melamine resin for textile use.
September 1976 - Moved plant to Taoyuan City, with the inclusion of producing Optical Brightening Agents (for paper and textile use), as well as textile auxiliaries.
March 1984 - Moved plant to new plant in Taoyuan County.
1987 - Invested in SUNWIDE INC based in Philippines, to produce melamine resin, with a capital of PHP 10,000,000.00.
1993 - Cooperated with Japan's MEKTRON to produce water and oil repellent agent.
1994 - Finished first stage construction for new plant in Kuan-in.
May 1997 - Finished second stage construction and office building.
2003 - Invested USD 2,400,000 to establish SUN RISE CHEMICAL (TAICANG) IND CO LTD in Jiangsu China.
May 2005 - Started production in Taicang plant, with an area of 36,000 sq. meters.
*Company
Registration*
===================
License number : 34051082
Date issued : 21 July, 1975
Issuing authority : Ministry of Economic Affairs (MOEA)
*Capital Details*
=============
Initial registered capital : NTD 2,000,000.00
Capital increases as follows :
Date Amount (NTD)
------ --------------------
March 1984 19,200,000.00
May 1997 62,000,000.00
May 2005 61,000,000.00
Jan, 2006 70,000,000.00
*Licenses &
Permits*
=================
License number : 9962202200
Date issued : 28 May, 1996
Issuing authority : Industrial Development Bureau, MOEA
Type of license : Factory license
*Office &
Facilities*
================
Size : 100 sq. meter (Approx.)
Location : Central Business District (CBD)
Facilities : Modern
Property status : Rented
Type of building : Commercial
Comments : Serves as office
*Factories, Size
& Locations*
======================
Size : 3,680 sq. meter (Approx.)
Location : Kuanyin Hsiang
Facilities : Modern
Type of building : Industrial building
Property status : Owned by SUN RISE CHEMICAL IND CO LTD
*Corporate &
Organization Structure*
============================
A medium specialized company operated and managed by the family owners and an experienced team of professionals
*Reputation*
===========
Reference checking for the purpose of establishing the firm's reputation within the respective industry failed to reveal any negative information.
Web site: www.sunrise-oba.com The design is professional and the content is well organized. At present it is in both Chinese and English versions.
E-mail: srcoba@ms29.hinet.net
For the past two years there is no record of litigation.
*Major Shareholders*
===================
Shareholders' Name No. of Shares
-------------------------- ------------------
Mr. Fu-liang Wu 5,984
Mr. Cheng-kai Hsieh 3,858
Mr. Min-hsuan Wu 2,990
Mr. Tien-pao Wu -
Management: Mr. Chris Yi-chin Wu, Manager
Mr. Tsung-wei Wu, Manager
Mr. Fu-liang Wu, General Manager
Name Nationality Job Description Dept. / Division
Mr. Chris Yi-chin Wu Taiwanese Manager Administration
Mr. Tsung-wei Wu Taiwanese Manager Sales
Mr. Fu-liang Wu Taiwanese General Manager -
*Key Personnel*
============
(1)
Mr. Fu-liang Wu
Founder : Co-Founder
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.
Resident status : Taiwan
(2)
Mr. Chris Yi-chin Wu
Email : chris@sunrise-oba.com.tw
*Main Products &
Services*
======================
Specializes in the following areas of work:
1. Manufacturing of various types of optical brightening agents and other related products.
2. Selling to both domestic and international markets of products produced by the firm.
3. Manufacturing of an OEM basis in China and Taiwan.
Products also include:
- Optical Brightening Agents (OBA) for paper / detergent / textile industry, cellulose, polyester and polyamide fiber
- Sunwhite for cellulose / polyester fibers, paper industry and detergent.
Products: Machines
Synthetic organic products
Aniline
Nitrile-function compounds
Diethylamine
*Payment Terms*
==============
Sales
-------
Local : Sales or Credit
Export : Letter of Credit (L/T)
Telegraphic Transfer (T/T)
Purchases
--------------
Local : Cash or Credit
*Quality
Certification*
==================
Obtained the following certifications :
(1)
Type of certification : ISO 14001-2004 Environmental Management Standard certification
Issuing authority : SGS UNITED KINGDOM'S LTD
Date of certification : January 2006
(2)
Type of certification : ISO 9001-2000 Quality System certification
Issuing authority : SGS UNITED KINGDOM'S LTD
Year of certification : 2003
(3)
Type of certification : ISO 9002 Quality System certification
Issuing authority : SGS UNITED KINGDOM'S LTD
Date of certification : May 1997
*Production Capacity*
==================
Current capacity : 14,000 metric tons/year
Product : Optical Brightening Agents (OBA)
*Associations*
===========
Member of :
- Taiwan Dyestuffs & Pigments Industrial Association
*Competitors*
===========
The following locally based companies supply similar range of products :
- KUAN CHUAN CHEMICAL INDUSTRIES LTD
- ALLIED INDUSTRIAL CORP LTD
- EVERLIGHT CHEMICAL INDUSTRIAL CORP
- T&T INDUSTRIES CORP
*Deal Making*
===========
Date of deal : 2004
Nature of deal : Exclusive Agency Agreement
Parties involved : NISSEI KYOEKI CO LTD
Details : The company signed an exclusive agency agreement with NISSEI KYOEKI CO LTD for
promoting and selling Optical Brightening Agents for Paper Industry in Japan.
*Local Distribution
Network*
=======================
45% of the annual turnover is attributed to local sales.
*Export Markets*
=============
55% of the annual turnover is attributed to export.
*Overseas Suppliers*
=================
Company name Country Product
-------------------- ---------- -----------
TECHNIDYNE USA - ISO Spectrophotometer
SHIMADZU CORP Japan - High Performance Liquid Chromatography (HPLC)
- UV/VIS Spectrophotometer
*(Subsidiaries,
Joint-ventures & Affiliates)
=================================
Company Name : CHEMICAL (TAICANG) IND CO LTD
Address : Bin Zhou Rd Gang Kou Zone Taicang 215400 Jiangsu China
Country : China
Relationship : Joint-Venture
Legal Form : Private Limited Company
Company Type : Manufacturer
Industry : Chemicals
*Subsidiaries,
Joint-ventures & Affiliates*
=================================
CHEMICAL (TAICANG) IND CO LTD
This is a joint venture between the following companies:
- SUN RISE CHEMICAL IND CO LTD, Taiwan
- SCORPIO (AUSTRALIA) PTY LTD, Australia
*OVERSEAS AGENTS AND
DISTRIBUTORS*
====================================
Agent : NISSEI KYOEKI CO LTD
Country of Origin : Japan
Product Description : Optical Brightening Agents
Year : 2004
PAYMENT RATING :3 OBTAINED SCORES :
66
|
Rating Key |
Implication |
Implications |
|
1 |
Scores 85–100 |
Excellent |
|
2 |
Scores 75 – 84 |
Above Average |
|
3 |
Scores 50 – 74 |
Average |
|
4 |
Scores 35 – 49 |
Fair |
|
5 |
Scores 15 – 34 |
Below Average |
|
6 |
Scores 01 – 14 |
Poor |
|
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.
*Bank Details*
=============
Bank name : FIRST COMMERCIAL BANK CO LTD
Branch : Taipei
Swift code : FCBKTWTP
*Financial History*
===============
May 1997 - Obtained a total assets amounting to NTD 350,000,000.00.
As a private limited company there is no legal requirement according to local corporate law for public disclosure of detailed financials. Although financial summaries were obtained for reference.
*Int´l Trade Activity
(Currency: U.S. $'s)
===============================
Year Imports Exports Total
2003 $2,000,000.00 $4,000,000.00 $6,000,000.00
2004 $2,500,000.00 $6,000,000.00 $8,500,000.00
2005 $3,000,000.00 $7,000,000.00 $10,000,000.00
*Financial Summary
(Currency: U.S. $'s)
==============================
Year Sales Assets Net Income
2006 $9,700,000.00 $3,399,800.00 $722,000.00
Over the past 32 years, SC has made a stable growth with satisfactory profit. It is considered a credit line up to USD 100,000 appears to be within SC’s capacities.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)