MIRA
INFORM REPORT
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Report Date : |
28.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
CHENG FONG CHEMICAL CO LTD |
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Registered Office : |
8FL, 2-2 Nan Ya West Rd Section 2, Panchiao City Taipei
Hsien 220 |
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Country : |
Taiwan |
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Date of Incorporation : |
October 12, 1957 |
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Com. Reg. No.: |
33059683 |
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Legal Form : |
Private |
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Line of Business : |
Imports of raw materials used in chemical and pharmaceutical products. Local purchasing of pharmaceutical chemicals for in-house value-added
processing. Manufacturing of bulk pharmaceutical products. Export and domestic sales of its finished products. |
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 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
CHENG FONG CHEMICAL CO LTD
8FL, 2-2 NAN YA WEST RD SECTION 2
PANCHIAO CITY TAIPEI HSIEN 220, TAIWAN
TEL : 886-2-29667811
FAX : 886-2-29669575
EXECUTIVE SUMMARY
INCORPORATION DATE :
OCTOBER 12, 1957
REGISTRATION NO. :
33059683
LEGAL FORM :
PRIVATE
CHIEF EXECUTIVE :
MS. LI-CHING CHEN (CHAIRMAN)
STAFF STRENGTH :
60
CAPITAL :
US$ 3,050,694
BUSINESS LINE :
MANUFACTURER
TURNOVER :
N/A (AS OF DEC. 31, 2006)
EQUITIES :
N/A (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 200,000
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
TWD 32.35410 = US$1
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
*Licenses & Permits*
=================
License number : 99625693
Date issued : 16 July,
1988
Issuing authority : Industrial
Development Bureau, MOEA
Type of license : Factory
license
*Office & Facilities*
===============
Size : 88 sq.
meters (approx)
Location :
Commercial area
Property status : Owned by
CHENG FONG CHEMICAL CO LTD
Type of building :
Semi-residential building
Other e-mail add : cf541226@tpts1.seed.net.tw
*Factories, Size & Locations*
======================
Type of building : Industrial
building
Building size : 3996 sq ft
(Approx)
Location : Taoyuan
County
Property status : Owned by
CHENG FONG CHEMICAL CO LTD
Facilities :
Modern
*Corporate & Organization Structure*
=============================
A medium sized specialized company operated and managed by the owner
*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.cf-chemical.com.tw SC’s
website is unable to be landed at present for the technical reason.
E-mail: cheng.fong@msa.hinet.net
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. Jung-lung Chu 60,770
Ms. Ching-wa Tsai 35,952
Ms. Li-ching Chen 33,000
Mrs. Yueh-kuei Hung Chu 16,000
Mr. Chin-li Yang
7,500
Mr. Hung-chih Wu
4,050
Management: Mr. Chi-wei Liao,
Manager
Mr. Chao-teh Wu, Manager
Mr. Shu-ming Liao, Manager
Name Nationality
Job Description Dept. / Division
Mr. Chi-wei Liao Taiwanese
Manager Factory
Mr. Chao-teh Wu Taiwanese
Manager Human Resources
Mr. Shu-ming Liao Taiwanese
Manager Sales
Mr. Hung-chih Wu Taiwanese
General Manager -
*Key Personnel*
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(1)
Ms. Li-ching Chen
Founder : Co-Founder
Work experience : More the 50 years
Responsibilities : Handles the
daily operation on the firm including all financial and legal matters
(2)
Mr. Chao-teh Wu
Email : ar.wu@msa.hinet.net
*Main Products & Services*
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Specializing in the following main areas of work:
1. Imports of raw materials used in chemical and pharmaceutical products
from USA and Asia.
2. Local purchasing of pharmaceutical chemicals for in-house value-added
processing.
3. Manufacturing of bulk pharmaceutical products, such as lenitive,
vitamin senitivepseudo ephedrine HCI, diclofenac sodium, mefenamic acid.
4. Export and domestic sales of its finished products.
Products also include:
- Mesulphen
- DL-N-methylephedrine hydrochloride
- Nalidixic acid
- DL- phenylpropanolamine hydrochloride
- D-(+)- psedoephedrine hydrochloride
Products: Diclofenac potassium
Diclofenac
sodium
Ethoxybenzamide
Mefenamic acid
Nicotinamide
*Payment Terms*
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Sales
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Local : Cash
30-90 days
credit
Export : Letter of Credit (L/C)
Telegraphic
Transfer (T/T)
Documents against
Acceptance (D/A)
Purchases
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Local : 30 - 90 days credit
Import : Letter of Credit (L/C)
Telegraphic
Transfer (T/T)
Documents
against Acceptance (D/A)
Open account /DA
terms with settlement by Telegraphic Transfer (T/T)
*Quality Certification*
==================
Obtained the following certifications:
(1)
Type of certification : CEP (Certificate of Suitability/Europe)
Year of certification : 1998 and
2003
(2)
Type of certification : cGMP Certificate of Pseudoephedrine
Date of certification : 15 June,
2004
(3)
Type of certification : cGMP Certificate of Phenylpropanolamine HCl
Date of certification : 12
September, 2003
(4)
Type of certification : Renewal European CEP for Diclofenac Sodium
Date of certification : 6
August, 2003
(5)
Type of certification : ISO Certificate
Date of certification : 12 June,
2003
(6)
Type of certification : cGMP Certificate of Diclofenac Sodium
Date of certification : 5
December, 2002
*Competitors*
============
The following locally based companies supply similar range of products :
1. AH TORNG BOR BIOTECHNOLOGY
PHARM CO LTD
2. BEST SHINE NUTRITION CO LTD
3. ASTAR CHEMICAL & PHAR CO
LTD
4. CHI SHENG CHEMICAL CORP
5. HSIN WAN JEN CHEMICAL &
PHARMACEUTICAL CO LTD
6. SCINOPHARM TAIWAN LTD
7. EVERLIGHT CHEMICAL
INDUSTRIAL CORP
8. WELL-BEING BIOCHEMICAL CORP
9. SYN-TECH CHEM & PHARM CO
LTD
10. CHUNGHWA CHEMICAL SYNTHESIS & BIOTECH CO LTD
*Domestic Suppliers*
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- SCI PHARMTECH INC
*Domestic Agents & Distributors*
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- KHS SYNCHEMICA CORP
*Local Distribution Network*
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An estimated 40% of the annual turnover is attributed to local sales.
*Export Markets*
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An estimated 60% of the annual turnover is attributed to export.
SC is not known to have any subsidiary at
present.
PAYMENT RATING : 3 OBTAINED SCORES : 74
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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.
Although, financial summaries were obtained for reference.
*Bank Details*
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Bank Name : FUBON COMMERCIAL BANK
Global Identifier : 31535207
Branch : Ta-an Dist, Taipei City
Branch Address : 2Fl B1 Fubon Banking Center 169 Jen Ai Rd Section 4
Ta-an Dist Taipei City 106 (Head Office)
SWIFT Code : This bank does not have a SWIFT Code
Bank Name : TAIWAN COOPERATIVE BANK
Global Identifier : 31537378
Branch : Chungcheng Dist, Taipei City
Branch Address : 77 Kuan Chien Rd Chungcheng Dist Taipei City 100 (Head
Office)
SWIFT Code : TACBTWTP
*Financial Summary (Currency: U.S. $'s)
==============================
Year Sales Assets Net Income
2004 $5,263,157.89 n/a n/a
2006 $4,882,103.99 $2,052,599.76 $529,020.56
Int´l Trade Activity (Currency: U.S. $'s)
===============================
Year Imports Exports Total
2004 $1,500,000.00 $600,000.00 $2,100,000.00
2005 $1,800,000.00 $1,500,000.00 $3,300,000.00
2006 $2,000,000.00 $3,000,000.00 $5,000,000.00
SC is considered an old-established business in small size. A credit
line up to USD 200,000 appears to be within SC’s capacities.
Attached:
trade references
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Manufacturing 2800 Chemicals
and Allied Products
Manufacturing 2834 Pharmaceutical
preparations
Manufacturing 2899 Chemical
preparations,
Trading 2800 Chemicals
and Allied Products
Trading 2834 Pharmaceutical
preparations
Trading 2899 Chemical
preparations,
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 2921120000 Diethylamine and its salts
Exporting 2939420000 Pseudoephedrine and its salts
Exporting 2939490000 Ephedrines and their salts
Importing 2914500000 Ketone-phenols and ketones with other oxygen function
Importing 2916390000 Aromatic monocarboxylic acids, their anhydrides, halides,
peroxides, peroxyacid
and
their derivatives not elsewhere specified or included
Importing 2925190000 Imides and their derivatives (excluding sacharin), salt thereof
Importing 2933390000 Compounds containing an unfused pyridine ring (whether or not
hydrogenated) in
the
structure
Importing 3815110000 Support catalysts with nickel or nickel compounds as the active
substance
Manufacturing 2939700000 Nicotine
and its salts
Manufacturing 3000 Pharmaceutical
products
DETAILED PRODUCT
CLASSIFICATION & ACTIVITY
Activity Product/Service Description
Manufacturer Nicotinamide
Manufacturer Nicotinic
acid
Manufacturer Salicylamide
Manufacturer Pharmaceutical
ingredients
Trader Diclofenac
potassium
Trader Diclofenac
sodium
Trader Ethoxybenzamide
Trader Mefenamic
acid
Trader Nicotinamide
Trader Nicotinic
acid
INTERNATIONAL
TRADE: ACTIVITY & MARKETS
Exporting to Asia
Exporting to Brazil
Exporting to Europe
Exporting to India
Exporting to Japan
Exporting to Philippines
Exporting to Singapore
Exporting to Vietnam
Importing from Asia
Importing from China
Importing from Japan
Importing from North America
Importing from USA
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. |
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%)