MIRA
INFORM REPORT
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Report Date : |
26.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
JOFONT INDUSTRIAL CO LTD |
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Registered Office : |
68 Ting Wo Tungshan Hsiang Tainan Hsien 733 |
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Country : |
Taiwan |
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Date of Incorporation : |
AUGUST 27, 1986 |
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Com. Reg. No.: |
22247837 |
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Legal Form : |
Private |
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Line of Business : |
Importation of a wide range of spices and food
ingredients. Manufacturing of food additives. |
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 : |
USD 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
name & address
JOFONT INDUSTRIAL CO LTD
68 TING WO TUNGSHAN HSIANG TAINAN HSIEN 733, TAIWAN
TEL : [+886] 6-6328479
FAX : [+886] 6-6328179
EXECUTIVE SUMMARY
INCORPORATION DATE :
AUGUST 27, 1986
REGISTRATION NO. :
22247837
LEGAL FORM :
PRIVATE
CHIEF EXECUTIVE :
MR. MING-YI LIAO (CHAIRMAN)
STAFF STRENGTH :
35
CAPITAL :
US$
302,297
BUSINESS LINE :
MANUFACTURING
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 33.15500 = US$1 AS OF 2007-3-26
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 Name*
==============
Previous name :
JEOU FANG SPICE TRADING CO LTD
Changed name to :
JOFONT INDUSTRIAL CO LTD
Date of change :
N/A
*Company Registration*
===================
License number :
22247837
Date issued
: 27 August, 1986
Issuing authority :
Ministry of Economic Affairs (MOEA)
*Trading Names*
==============
Although the company is legally registered by the name
listed above, it is commonly known as DELICIOUS SUPPLIER INT'L CORP under which
it operates locally.
*Office & Facilities*
================
Size
: 325.9 sq ft (Approx)
Location
: Tainan Hsieh
Property status :
Rented
Type of building :
Industrial building
Comments :
Serves as office and factory.
*Factories, Size & Locations*
=======================
Size
: 325.9 sq ft (Approx)
Location
: Tainan Hsieh
Property status
: Rented
Type of building
: Industrial building
Comments
: Serves as office and factory.
*Corporate & Organization Structure*
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A small sized company operated and managed by the owner and
family.
*Licenses & Permits*
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License number :
99656746
Date issued
: 17 July, 1992
Issuing authority :
Industrial Development Bureau, (MOEA)
Type of license :
Factory License
*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.jofont.com
SC’s website is unable to be landed at present for the technical reason.
Email : jofont.tw@msa.hinet.net
For the past 21 years there is no record of litigation.
*Major Shareholders*
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Shareholders' Name No. of Shares
-------------------------- ------------------
Mr. Ying-chung Liao 4,493,500
Mr. Ming-yi Liao
3,593,500
Management : Mr. Hsien-jung Chiu, Manager
Mr. Ying-chung Liao, General Manager
Mr. Ming-yi Liao, President
Name Nationality Job Description
Mr. Hsien-jung Chiu Taiwanese Manager (Sales)
Mr. Ying-chung Liao
Taiwanese General Manager
Mr. Ming-yi Liao Taiwanese President
*Key Personnel*
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Mr. Ming-yi Liao
Founder
: Co-founder
Resident status
: Taiwan
Responsibilities
: Handles the daily operation of the firm including all financials and
legal matters.
Work experience : More than 20 years
*Main Products & Services*
======================
Specializes in the following areas of work :
1. Importation of a
wide range of spices and food ingredients from South East Asia, for use in the firm's
Taiwan
factory.
2. Manufacturing of
food additives.
3. Management of sales to both domestic and international
markets, with particular focus on China market.
Products : Carboxylic acid
Food
additives
Natural
spices
Seasoning
Food
preparations
*Payment Terms*
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Sales
-------
Local : Cash
30-60
days credit
Export : Letter of Credit (L/C)
Telegraphic Transfer (T/T)
Purchases
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Local : Cash
30-90
days credit
Import : Letter of
Credit (L/C)
Documents against Acceptance (DA) and Settlement using Telegraphic
Transfer (T/T)
*Competitors*
===========
The following locally based companies supply similar range
of products :
- CHANCE WELL ENTERPRISE CO LTD
- EIDIWANG BREWERY & FOODS CO LTD
- FWUSOW INDUSTRY CO LTD
- GREAT PEAK FOODS CO LTD
- JIA YUH ENTERPRISE CO LTD
- COSTCO PRESIDENT TAIWAN INC
*Local Distribution Network*
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70% of the annual turnover is attributed to local
sales.
*Export Markets*
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30% of the annual turnover is attributed to export.
*International Trade Activity*
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At the time of the reviewing this report, government
authorities which monitor import/exports had not completed the compilation and
release of figures for 2006.
Hence the most recently available figures remain those of
2005.
*Subsidiaries, Joint-ventures & Affiliates*
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It is understood that JOFONT maintains investments into
three (3) affiliate factories in China. However, the firm was unwilling to
disclose name and contact details of their "affiliate factories" in
China, and therefore it has not been possible to accurately identify and link
these entities as assets to the firm.
PAYMENT RATING : 3 OBTAINED SCORES : 58
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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 Taiwan corporate
law for public disclosure of detailed financials.
*Bank Details*
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Bank Name : HUA NAN COMMERCIAL BANK LTD
Branch : Chungcheng Dist,Taipei City
Branch Address : Chiayi
SWIFT Code : HNBKTWTP
*Int´l Trade Activity
(Currency: U.S. $'s)
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Year Imports Exports Total
2003
$700,000.00
$300,000.00 $1,000,000.00
2004
$800,000.00
$400,000.00 $1,200,000.00
2005
$600,000.00
$400,000.00 $1,000,000.00
Over the past 21 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.
Attached:
trade references
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting
2087 Flavoring extracts and flavoring sirups
Manufacturing 2035 Pickled
fruits and vegetables, vegetable sauces and seasonings, and salad
dressings
Manufacturing
2087 Flavoring
extracts and flavoring sirups
Manufacturing
2099 Food products
Trading 2035 Pickled
fruits and vegetables, vegetable sauces and seasonings, and salad
dressings
Trading
2099 Food
products
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service
Description
Exporting
0910990000 Spices
Exporting
2103906060 Mixed condiments and mixed seasonings
Exporting
2106 Food preparations
Exporting
2918190000 Carboxylic acids with alcohol function
but without other oxygen function
not
elsewhere specified or included
Importing
0904110000 Pepper of the genus piper (black and
white), neither crushed nor ground
Importing
2106900300 Food preps,<5.5% butterfat mixed with
other ingredients inch sugar if
>16% milk solids capable of
being further processed/etc,see general note 15
Manufacturing
0910990000 Spices
Manufacturing
2103906060 Mixed condiments and mixed seasonings
Manufacturing
2106 Food preparations
DETAILED PRODUCT CLASSIFICATION & ACTIVITY
Activity Product/Service
Description
Importing Pepper
Manufacturing
Food additives
Manufacturing
Seasoning
Manufacturing
Natural spices
INTERNATIONAL TRADE : ACTIVITY & MARKETS
Exporting to Asia
Exporting to China
Importing from Asia
Importing from China
Importing from Indonesia
Importing from Malaysia
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%)