MIRA
INFORM REPORT
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Report Date : |
25.06.2007 |
IDENTIFICATION DETAILS
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Name : |
FORWARD CHEMICAL CORP |
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Registered Office : |
44, Lane 219, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
July 7, 1993 |
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Com. Reg. No.: |
84423171 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importation of chemical materials used in electro-analysis,
electro-plating, and metal surface finishing industries. Domestic marketing and sales of its imported 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 15,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
FORWARD CHEMICAL CORP
44, LANE 219,
TEL : 886-2-29649502
FAX : 886-2-29575903
EXECUTIVE SUMMARY
INCORPORATION DATE :
JULY 7, 1993
REGISTRATION NO. :
84423171
LEGAL FORM :
PRIVATE LIMITED COMPANY
CHIEF EXECUTIVE :
MS. SUSAN SHU-TSEN YU (CHAIRMAN)
STAFF STRENGTH :
3
CAPITAL :
US$ 150,557
BUSINESS LINE :
TRADER
TURNOVER :
US$750,604.59 (AS OF DEC. 31, 2006)
EQUITIES :
N/A (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
TWD 32.77030 = US$1 AS OF 2007-6-22
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
M - million
TWD –
*Company Registration*
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License number : 84423171
Date issued : 7 July,
1993
Issuing authority : Ministry of
Economic Affairs (MOEA)
*Factories, Size & Locations*
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The company is a trading house focused on importation of overseas
products, and maintains no
manufacturing facilities.
*Office & Facilities*
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Size : 88 sq.
meters (Approx.)
Location :
Property status : Owned by Mr.
Brian Tien-chun Huang
Type of building : Retail outlet
in a semi-residential building
Comment : Serves as
office and warehouse.
Other e-mail :
fwd2@ms15.hinet.net
*Corporate & Organization Structure*
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A small-sized company operated and managed by the owner and family members.
*Reputation*
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Reference checking for the purpose of establishing the firm's reputation
within the respective industry failed to reveal any negative information.
Web
site: www.surtek.com.tw
The design is professional and the content is well organized. At present
it is in both Chinese and English versions.
E-mail: leoch.lomond@msa.hinet.net
For the past two years there is no record of litigation.
*Major Shareholders*
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Shareholders' Name % of Shares
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Ms. Susan Shu-tsen Yu 99.00
Undisclosed Shareholder 1.00
Management: Mr. Brian Tien-chun
Huang, General Manager
Ms. Susan Shu-tsen Yu, President
Name Nationality
Job Description
Mr. Brian Tien-chun Huang Taiwanese
General Manager
Ms. Susan Shu-tsen Yu Taiwanese
President
*Key Personnel*
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(1)
Ms. Susan Shu-tsen Yu
Founder : Sole
Founder
Resident status :
Work experience : More than 15 years.
Responsibilities : Handles the
daily operation of the firm including all financial and legal matters.
(2)
Mr. Brian Tien-chun Huang
Address : 44, Lane
219,
*Main Products & Services*
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Specializes in the following areas of work :
1. Importation of chemical materials used in electro-analysis,
electro-plating, and metal surface finishing industries.
2. Domestic marketing and sales of its imported products.
Products: Hydrocarbons
Inorganic
compound
Acid copper
brighteners
Brightener, chromium
& nickel
Brighteners
*Payment Terms*
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Sales
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Local : Cash
30-90 days credit
Purchases
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Local : 30-90 days credit
Import : Letter of Credit (L/C)
Open account /DA
terms with settlement using Telegraphic Transfer (T/T)
*Competitors*
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The following locally based companies supply similar range of products:
- AURUM MOUNT INDUSTRIAL CORP
- BAI JING ENTERPRISE CO LTD
- ELANC CHEMICAL CO LTD
- GOODFOUND CHEMICAL INDUSTRIAL CORP
- SAN FU CHEMICAL CO LTD
*Domestic Customers*
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The key local market are electro-plating manufacturers.
*Local Distribution Network*
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100% of the annual turnover is attributed to local sales.
*Export Markets*
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There are no significant levels of exports, since the prime focus of the
firm's activity is concentrated on the local sales only.
SC is not known to have any subsidiary at
present.
PAYMENT RATING : 3 OBTAINED SCORES : 56
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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 SMALL
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 :
Swiftcode : CCBCTWTP
*Financial Summary (Currency:
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Year Sales Net Income
2006 $750,604.59 $87,666.26
*Int´l Trade Activity (Currency:
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Year Imports Exports Total
2004 $420,000.00 $0.00 $420,000.00
2005 $450,000.00 $5,000.00 $455,000.00
2006 $480,000.00 $0.00 $480,000.00
SC is considered small-sized in its line with a long operating history.
It is considered a credit line up to USD 15,000 appears to be within SC’s
capacities.
Attached:
trade references
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Importing 2800 Chemicals
and Allied Products
Importing 2819 Industrial
inorganic chemicals,
Trading 2800 Chemicals
and Allied Products
Trading 2819 Industrial
inorganic chemicals,
Trading 2899 Chemical
preparations,
Trading 5169 Chemicals/Allied
Prdts, NEC
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Importing 2904 Hydrocarbon
derivatives, sulfonated, nitrated etc
Importing 2904100000 Hydrocarbon
derivatives containing only sulfo groups, their salts andesters
Importing 2933390000 Compounds
containing an unfused pyridine ring (whether or not hydrogenated) in
the
structure
Importing 3824903900 Mixtures
of two or more inorganic compounds
Trading 2800 Inorganic
chem, org/inorg compounds of precious metals, isotopes
Trading 3800 Miscellaneous
chemical products
Trading 3823905050 Chemical
products and preparations of the chemical or allied industries
DETAILED PRODUCT CLASSIFICATION & ACTIVITY
Activity Product/Service Description
Trading Metal strippers
Trading Plating chemicals electroless
Trading Rotary nickel brighteners
Trading Tin brighteners
Trading Zinc brighteners
Trading Speciality chemicals
Trading Pre-treatment chemicals
Trading Plating chemicals
Trading Inorganic chemicals
Trading Chemical intermediates
INTERNATIONAL TRADE : ACTIVITY & MARKETS
Importing from
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Importing from
Importing from
Importing from
Importing from
Importing from
Importing from
Importing from
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%)