MIRA
INFORM REPORT
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Report Date : |
04.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
SHIEQ FANG ENTERPRISE CO LTD |
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Registered Office : |
2, Lane 451, Tung Feng Rd North Dist Tainan City 704 |
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Country : |
Taiwan |
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Date of Incorporation : |
July 9, 1986 |
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Com. Reg. No.: |
22220725 |
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Legal Form : |
Private |
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Line of Business : |
Trading of a wide range of processed leather. Outsourcing leather products to manufacturers in Taiwan for value added
processing. Sales and distribution of products to local and international
markets. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
Up To USD 30,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
SHIEQ FANG ENTERPRISE CO LTD
2, LANE 451, TUNG FENG RD NORTH DIST TAINAN CITY 704, TAIWAN
TEL : 886-6-2341158
FAX : 886-6-2342115
EXECUTIVE SUMMARY
INCORPORATION DATE :
JULY 9, 1986
REGISTRATION NO. :
22220725
LEGAL FORM :
PRIVATE
CHIEF EXECUTIVE :
MR. HSIEN-TA CHEN (CHAIRMAN)
STAFF STRENGTH :
6
CAPITAL :
US$ 211,225
BUSINESS LINE :
TRADER
TURNOVER :
N/A (AS OF DEC. 31, 2006)
EQUITIES :
N/A (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 30,000
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
TWD 32.25850 = 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
*Office & Facilities*
===============
Size : 171 sq.
meters (Approx)
Location : Tainan
City
Property status : Rented
Type of building : Mixed
residential
Other tel. no. :
6-2378158
*Factories, Size & Locations*
======================
The company is a trading house focused on export of locally made
products, and maintains no manufacturing facilities.
Note
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Previously the firm has leather processing facilities in Taiwan, but due
to increasing labor costs in Taiwan, the firm closed its manufacturing
operations in Taiwan, and invested into facilities in China.
*Corporate & Organization Structure*
===========================
A small-sized company mainly operated and managed by the owner of the
firm.
*Reputation*
==========
Reference checking for the purpose of establishing the firm's reputation
within the respective industry failed to reveal any negative information.
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. Hsien-ta Chen
1,500,000
Mr. Sheng-li Chen
1,100,000
Mr. Sheng-ching Chen
1,100,000
Management: Mr. Hsien-ta Chen, General Manager
Name Nationality
Job Description
Mr. Hsien-ta Chen Taiwanese
General Manager
*Key Personnel*
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Mr. Hsien-ta Chen
Founder :
Co-founder
Work experience : More than 20
years
Responsibilities : Handles the
daily operation of the firm including all financial and legal matters.
*Main Products & Services*
====================
Specializes in the following areas of work:
1. Trading of a wide range of processed leather.
2. Outsourcing leather products to manufacturers in Taiwan for value
added processing.
3. Sales and distribution of products to local and international
markets.
Products: Buffed leather
Finishing
agents
Handmade paper
Leather goods
Leather
products
*Payment Terms*
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Sales
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Local : 30-60 days credit
Export : Telegraphic Transfer (T/T)
Purchases
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Local : 30-90 days credit
Import : Letter of Credit (L/C)
Telegraphic Transfer
(T/T)
*Competitors*
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The following locally based companies supply similar range of products:
- AQUAGREEN CO LTD
- SUN ELECT TRADING CO LTD
- LEADEX UNITED CORP
- GO ASIA LEATHER CO
- CAROL YOUNG CORP
*Local Distribution Network*
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Approximately 27% of the annual turnover is attributed to local
sales.
*Export Markets*
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Approximately 73% of the annual turnover is attributed to export.
*Subsidiaries, Joint-ventures & Affiliates*
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SHIEQ FANG ENTERPRISE CO LTD is understood to maintain an
"affiliate factory" in China. The location of the factory was
supplied as China but without any detailed address, or contact details.
Since the firm was unwilling to disclose name and contact details of
their "affiliate factory" in China, it is assumed that this factory
is owned by third parties to whom orders are outsourced.
PAYMENT RATING : 3 OBTAINED SCORES : 52
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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 : CHANG HWA COMMERCIAL BANK LTD
Branch : Central Dist, Taichung City
Branch Address : 38 Tzu Yu Rd Section 2 Central Dist Taichung City 400
(Head Office)
SWIFT Code : CCBCTWTP
Bank Name : CHINATRUST COMMERCIAL BANK LTD
Branch : Hsin-i Dist, Taipei City
Branch Address : 14Fl China Trust Bldg 3 Sung Shou Rd Hsin-i Dist Taipei
City 110 (Head Office)
SWIFT Code : CTCBTWTP
*Financial Summary (Currency: U.S. $'s)
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Year Sales Assets Net Income
2006 $2,515,114.87 $108,827.09 $63,482.47
*Int´l Trade Activity (Currency: U.S. $'s)
==============================
Year Imports Exports Total
2004 $450,000.00 $3,210,000.00 $3,660,000.00
2005 $250,000.00 $1,730,000.00 $1,980,000.00
2006 $330,000.00 $1,840,000.00 $2,170,000.00
SC is considered small-sized in its line with a long history. Taking
into consideration of SC’s general performance, a credit line up to USD 30,000
appears to be within SC’s capacities.
Attached:
trade references
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Trading 3100 Leather and
Leather Products
Trading 3199 Leather
goods,
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
Trading 4205 Articles
of leather
Trading 4811901000 Handmade
paper, coated, impregnated, covered, surface-colored, surface-
decorated
or printed, in rolls or sheets
DETAILED PRODUCT CLASSIFICATION
& ACTIVITY
Activity Product/Service Description
Trader Leather
products
Trader Suede
Trader Upper
leather
Trader Handmade
paper
INTERNATIONAL
TRADE : ACTIVITY & MARKETS
Exporting to Asia
Exporting to Hong Kong
Importing from Asia
Importing from China
Importing from Europe
Importing from Italy
Importing from Japan
Importing from South America
Importing from Venezuela
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%)