MIRA
INFORM REPORT
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Report Date : |
18.05.2007 |
IDENTIFICATION DETAILS
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Name : |
ITEQ CORP |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
April 10, 1997 |
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Com. Reg. No.: |
97179403 |
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Legal Form : |
Public Company |
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Line of Business : |
Research and development of technologies related to PCB and CCL . Manufacturing of electronic components |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
Up To USD 2,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
ITEQ CORP
PING CHEN INDUSTRIAL PARK
PINCHEN CITY TAOYUAN HSIEN 324,
TEL: 886-3-4192345
FAX: 886-3-4192382
EXECUTIVE SUMMARY
INCORPORATION DATE :
APRIL 10, 1997
REGISTRATION NO. :
97179403
LEGAL FORM :
PUBLIC COMPANY
CHIEF EXECUTIVE :
MR. HAI-WEI WAN (CHAIRMAN)
STAFF STRENGTH :
295
CAPITAL :
US$ 90,334,237
BUSINESS LINE :
MANUFACTURER
TURNOVER :
NTD 1,639,590,000 (AS OF MAR. 31, 2006)
EQUITIES :
NTD 2,971,229,000 (AS OF MAR. 31, 2006)
PAYMENT :
EXCELLENT
RECOMM.
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STRONG
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : GOOD
EXCHANGE RATE :
TWD 33.35500 = US$1 AS OF 2007-5-18
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
M - million
TWD –
*Company History*
===============
February 1998 - Started
the mass production
November 1998 - Reached
monthly break even point
November 2000 - Released
low DK, halogen free products in TPCA
November 2001 - Released
laser drillable prepreg materials in TPCA & Productronica
2002 -
Started the operation of new factories in
June 2005 -
Obtained Green Partner (SONY)
*Company History*
================
February 1998 - Started
the mass production
November 1998 - Reached
monthly break even point
November 2000 - Released
low DK, halogen free products in TPCA
November 2001 - Released
laser drillable Prepreg materials in TPCA& Productronica
2002 -
Started the operation of new factories in
June 2005 -
Obtained Green Partner (SONY)
*Company Registration*
===================
License number : 97179403
Date issued : 10 April,
1997
Issuing authority : Ministry of
Economic Affairs (MOEA)
*Company Name*
==============
Incorporated as : ITC
ELECTRONICS CORP
Date incorporated : 10 April,
1997
Changed name to : ITEQ CORP
Date of change : N/A
*Capital Details*
=============
Paid-up capital
: NTD 2,343,409,890
Initial registered capital :
NTD 320,000,000
Capital increases as follows :
Year Increase/Decrease
(NTD)
------
----------------------------------
1999
450,000,000
2001
711,430,000
2002 811,430,000
2004 1,517,965,360
2005 1,840,000,000
with paid-up capital of NTD 1,829,313
-
3,000,000,000
*Licenses & Permits*
=================
(1)
License number : N/A
Date issued : May 1998
Issuing authority : BOI
Type of license : Obtained BOI
Grant (High Tg Materials)
(2)
License number : N/A
Date issued : 6 June, 1999
Issuing authority : Ministry of Economic Affairs (MOEA)
Type of license : Obtained MOEA
Grant (Low Flow Prepreg)
(3)
License number : N/A
Date issued : October 2001
Issuing authority : BOI
Type of license : Obtained BOI
Grant (Fast Cured Low DK Materials)
(4)
License number : 9962168900
Date issued : 2 June, 1997
Issuing authority : Industrial
Development Bureau, MOEA
Type of license : Factory
license
*Office & Facilities*
================
Size : 10,380
sq. meter (Approx)
Location : Taoyuan
Hsien
Property status : Owned by ITEQ
CORP
Facilities : Modern
Type of building : Industrial
building
Comments : Serves as
office, factory and warehouse.
Other contact details:
-----------------------------
Sales Department
Tel no : 3-4191130
Fax no : 3-4191131
E-mail : iteq@ms18.hinet.net
overseas_sales@iteq.com.tw
derek@iteq.com.tw
tompeng@iteq.com.tw
michael@mail.iteq.com.tw
*Factories, Size & Locations*
=======================
Size : 7,292.52
sq. meter (Approx)
Location : Taoyuan
Hsien
Property status : Owned by ITEQ
CORP
Facilities : Modern
Type of building : Industrial
building
*Corporate & Organization Structure*
============================
The company is listed on the OTC (Over-the-counter Exchange), but is considered a "public company"
belonging to the category of "Shang gui" (Emerging Public companies).
A large sized company mainly operated and managed by an experienced team
of professionals.
*Industry Ranking*
================
Generally regarded as one of the Top 1000 Companies in Manufacturing
Industry of Taiwan.
Details of rank are as follows:
Year Rank
------- ---------
2005 287
*Reputation*
===========
Reference checking for the purpose of establishing the firm's reputation
within the respective industry failed to reveal any negative information.
*Accountants*
===========
DELOITTE & TOUCHE
*Insurance Companies*
=================
NAN SHAN LIFE INSURANCE CO LTD
*Registrar*
=========
CHINA TRUST COMMERCIAL BANK
Stock Market Code :6213
Web
site: www.iteq.com.tw The design is professional and the content is
well organized. At present it is in English version.
E-mail: johnhan@mail.iteq.com.tw
For the past two years there is no record of litigation.
*Major Shareholders*
=================
Shareholder's Name
No. of shares
--------------------------
-------------------
Mr. Hai-wei Wan 3,642,275
Mr. Chi-tsu Kao
1,668,900
Mr. Chao-chun Hsu
3,967,611
PAO
Mr. Chia-chin Tsai
-
Mr. Jung-sheng Pai -
TAI LUNG DEVELOPMENT INVESTMENT
CO LTD
2,197,025
Mr. Chen-pan Hung
592,190
Mr. Tung-ching Sung
-
Management: Mr. Yi-tien Lu,
Manager
Mr. Chien-wu Liu, Manager
Dr. Chen-yi Chen, Manager
Name Nationality
Job Description Dept. / Division
Mr. Yi-tien Lu Taiwanese
Manager Finance
Mr. Chien-wu Liu Taiwanese
Manager Marketing
Dr. Chen-yi Chen Taiwanese
Manager R&D
Mr. Mike Lin Taiwanese
Representative Sales
Mr. Michael Yi-shih Chen Taiwanese
Assist. to Chairman -
Mr. Chi-tsu Kao Taiwanese
General Manager -
Mr. Ting-tsai Peng Taiwanese General Manager -
Mr. Hai-wei Wan Taiwanese
Managing Director -
Mr. Chen-ting Kuo Taiwanese
Vice General Manager -
Mr. Chih-hung Tang Taiwanese
Vice General Manager -
Mr. Chung-lin Hung Taiwanese
Vice General Manager -
Mr. Hsiao-kang Chang Taiwanese
Vice General Manager -
Mr. Jui-tsan Huang Taiwanese
Vice General Manager -
Mr. Wei Chao Taiwanese
Vice General Manager -
*Key Personnel*
=============
Mr. Hai-wei Wan
Founder :
Co-founder
Work experience : More than
10 years.
Resident status :
Responsibilities : Handles
the daily operation of the firm including all financials and legal matters.
*Main Products & Services*
======================
Specializes in the following areas of work :
1. Research and development of technologies related to PCB and CCL .
2. Manufacturing of electronic components such as:
- Copper clad laminates and prepreg
- PCB (printed circuit boards)
- High performance thin core and prepreg (High Tg, Low DK, Green
Laminate, etc)
- Advanced mass lam service (4-16 Layer)
3. Selling to both domestic and international markets of products
produced by the firm.
Products: Coloring matter
Copper clad
laminates
Electronic
parts
Natural gums
Films
*Brand*
======
ITEQ
*Payment Terms*
==============
Sales
-------
Local : Cash
30-60 days credit
Export : Letter of Credit (L/C)
Telegraphic Transfer
(T/T)
Purchases
--------------
Local : Cash
30-90 days credit
Import : Letter of Credit (L/C)
Open account / D/A
terms with settlement using Telegraphic Transfer (T/T)
*Quality Certification*
==================
(1)
Type of certification : ISO-9002
Issuing authority : BSI
Date of certification : September
1998
(2)
Type of certification : QS-9000
Issuing authority : BSI
Date of certification : March
2000
*Competitors*
===========
The following locally based companies supply similar range of products :
- ACHEM TECHNOLOGY CORP
- BOARDTEK ELECTRONICS CORP
- CADAC ELECTRONIC CO LTD
- DAR HARNQ INDUSTRY CO LTD
- EVERGREEN HITECH CONSULTANTS LTD
*Machinery & Equipment*
=====================
Major QA Equipment includes:
1. Copper Clad Laminate
Equipment
Item
---------------
-------
Differential Scanning Calorimetry (DSC) Tg
Thermal Mechanical Analyzer (TMA) Tg, Coefficient of
Thermal Expansion
Dynamic Mechanical Analyzer (DMA) Tg, Viscoelastic
Properties
Capillary Rheometer
Rheological Properties,Dynamic Viscosity
RF Impedance Analyzer Dielectric Constant, Dissipation Factor
High Resistance Meter
Surface Resistance, Volume Resistance
Ion Migration Tester
CAF Resistance
FT-IR Spectrum
Analysis
Viscometer
Viscosity
Mini Hot Press
Scale Flow, Resin Flow
CECO Hot Plate
Gel Time
Peeling Strength Tester
Peel Strength
2. Mass Lam:
Equipment
Item
---------------
-------
AOI & VRS
Open & short & defect of pattern check
E/T
Open
& short
X-RayDouble Spindle Drilling Tooling hole
drilling & dimension
Microscope
Shape of pattern measurement
Microsection Clarification
of registration, dielectric layer & defect
3-D Measurement
Dimensional stability analysis
X-Ray
Inspection
Registration
*Production Capacity*
==================
Unit : 1,000 (sq meters)
Year : 2004
(1)
Item : PP
(Preprge)
Maximum Capacity : 330,624
Current Capacity : 310,309
(2)
Item
: CCL (Copper Clad Laminate)
Maximum capacity : 109,158
Current capacity : 105,467
(3)
Item : ML (Mass Lam)
2004
Maximum capacity : 13,800
Current capacity : 12,874
2005
Maximum capacity : 7,495
Current capacity : 7,426
*Domestic Raw Materials Suppliers*
=============================
-
*Domestic Customers*
================
Major local customers include:
- O T I CO LTD
- UNI-CIRCUIT INC
*Local Distribution Network*
=======================
An estimated 32% of the annual turnover is attributed to local sales
*Export Markets*
==============
An estimated 68% of the annual turnover is attributed to export.
Note:
The export figures listed above are NOT a total reflection of export
amounts, because the company also exports via numerous local trading houses
which in turn export under their own corporate name.
*Overseas Customers*
===================
(1)
Country :
Customer's Name : ANZINDO
GRATIA INT'L PT
(2)
Country :
Customer's Name : SAN MIGUEL
CORP
*International Trade Ranking*
========================
The firm has been ranked among
Board of Foreign Trade (BOFT) :
Details of rank are as follows :
Year Rank
----- ---------
2001 866
2002 709
2003 700
2004 915
2005 1,144
*Subsidiaries, Joint-ventures & Affiliates*
=================================
Maintains
*Strategic Partners & Alliances*
=========================
Maintains the following CCL Global network service centers :
Country Company
Name
Tel no Fax no
-----------
---------------------
--------- ---------
COATEK
INC
408-9869385 408-9861402
IMS
HOLDCO INC
978-5374717 978-5374747
South Korea DAEWON INNOVATION
CORP
2-26323967 2-26313692
Japan
NAGASE
& CO LTD 3-36653053 3-36653898
---------------------
-
E-mail : sales@karavalielectronics.com
-
Web : www.karavalielectronics.com
*(Subsidiaries, Joint-ventures & Affiliates)
================================
Company Name : BON MON INVESTMENT CO
Country :
Relationship : Subsidiary
Legal Form : Private Limited Company
Company Type : Service
Industry : Financial Services - General
Company Name : COATEK INC
Address : 2272 Calle De Luna
Country :
Relationship : Affiliate
Legal Form : Private Limited Company
Company Type : Manufacturer
Industry : Chemicals
Company Name : EAGLE GREAT INVESTMENTS LTD
Country :
Relationship : Subsidiary
Legal Form : Private Limited Company
Company Type : Service
Industry : Financial Services - General
Company Name : EVER SMART INT'L (HK) CO LTD
Country :
Relationship : Subsidiary
Legal Form : Private Limited Company
Company Type : Service
Industry : Professional Services
Company Name : EVER SMART INT'L CORP
Country :
Relationship : Subsidiary
Legal Form : Private Limited Company
Company Type : Service
Industry : Professional Services
Company Name : INSPIRE INVESTMENTS LTD
Country :
Relationship : Subsidiary
Legal Form : Private Limited Company
Company Type : Service
Industry : Financial Services - General
Company Name : INTERNATIONAL PARTNERS LTD
Address : Level
Country :
Relationship : Subsidiary
Legal Form : Private Limited Company
Industry : N/A
Company Name : ITEQ (DONGGUAN) CORP
Address :
Country :
Relationship : Subsidiary
Legal Form : Private Limited Company
Company Type : Manufacturer
Industry : Electronic Products & Components
Company Name : ITEQ (
Address : Xishan Economic &
Country :
Relationship : Subsidiary
Legal Form : Private Limited Company
Company Type : Manufacturer
Industry : Electronic Products & Components
Company Name : ITEQ (
Country :
Relationship : Subsidiary
Legal Form : Private Limited Company
Company Type : Trader
Industry : Electronic Products & Components
Company Name : ITEQ
Country :
Relationship : Subsidiary
Legal Form : Private Limited Company
Company Type : Trader
Industry : Electronic Products & Components
Company Name : ITEQ HOLDING LTD
Country :
Relationship : Subsidiary
Legal Form : Private Limited Company
Company Type : Service
Industry : Financial Services - General
Company Name : ITEQ INT'L LTD
Country :
Relationship : Subsidiary
Legal Form : Private Limited Company
Company Type : Service
Industry : Professional Services
Company Name : ITEQ TECHNOLOGY CO LTD
Country :
Relationship : Subsidiary
Legal Form : Private Limited Company
Company Type : Service
Industry : Professional Services
Company Name : LYBIZ CO
Country :
Relationship : Affiliate
Legal Form : Private Limited Company
Company Type : Trader
Industry : Electronic Products & Components
Company Name : MAO CHENG (DONG GUAN) ELECTRONICS CO LTD
Country :
Relationship : Subsidiary
Legal Form : Private Limited Company
Company Type : Trader
Industry : Electronic Products & Components
Company Name : MEGA CROWN HOLDINGS LTD
Country :
Relationship : Subsidiary
Legal Form : Private Limited Company
Company Type : Service
Industry : Financial Services - General
Company Name : NIKKO SHOJI CO LTD
Address : 1-16 Kaigan 2-chome Minato-ku Tokyo 1050022 Japan
Country :
Relationship : Affiliate
Legal Form : Private Limited Company
Company Type : Trader
Industry : Chemicals
Company Name : SCB INTERCONNECTION SOLUTIONS PVT LTD
Address : Plot # 4A & B 314 Devika Tower - Commercial Complex
Chander Nagar
Country :
Relationship : Affiliate
Legal Form : Private Limited Company
Company Type : Trader
Industry : Electronic Products & Components
Company Name : UCHEM PRODUCTS PTE LTD
Address :
Country :
Relationship : Affiliate
Legal Form : Private Limited Company
Company Type : Trader
Industry : Machinery
PAYMENT RATING : 1 OBTAINED SCORES : 85
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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 |
|
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 LARGE
amounts depending on individual judgement experience.
*Bank Details*
=================
Bank Name : CHINATRUST COMMERCIAL BANK LTD
Branch : Hsin-i Dist,
Branch Address : 14Fl
SWIFT Code : CTCBTWTP
Bank Name : MEGA INT'L COMMERCIAL BANK CO LTD
Branch : Chungshan Dist,
Branch Address :
SWIFT Code : ICBCTWTP
Bank Name : BANK OF OVERSEAS CHINESE
Branch : Chungcheng Dist,
Branch Address :
SWIFT Code : OCCBTWTP
Bank Name : TA CHONG COMMERCIAL BANKING CORP
Branch : Linya Dist,
Branch Address :
SWIFT Code : OURBTWTP
Bank Name : TAI-SHING INT'L BANK
SWIFT Code : This bank does not have a SWIFT Code
BALANCE SHEET
Currency : NTD
Denomination : In thousand
2001 2002 2003 2004 2005 31 March, 2006
---------
-------- ------- -------- ------- ---------------------
Current Assets
624,642 1,157,656 1,979,188 2,800,276 2,265,720 2,436,306
Funds & long-term
investments 51,927 163,257 368,863
642,883 1,366,605 1,473,543
Property 1,072,318 1,019,928 1,073,357 1,154,505 879,139 862,743
Intangible Assets
Other Assets
79,845 51,565 45,655 38,400 219,413 201,989
Total Assets
1,828,732 2,392,406 3,467,063 4,636,064 4,730,877 4,974,581
Current Liabilities
(Before) 712,378 802,137 1,343,622 1,644,401 1,064,097 1,172,503
(After) 717,798 825,719 1,357,582 1,745,109
Long-term Liabilities
322,463 620,535 817,116 722,946 852,046 820,662
Other Liabilities 3,790 116 1,335 1,712 10,483 10,187
Total Liabilities
(Before) 1,038,631 1,422,788 2,162,113 2,369,059 1,926,626 2,003,352
(After) 1,044,051 1,446,370 2,176,033 2,469,767
Common stock
711,440 811,440 1,025,306 1,517,966 1,914,654 1,935,054
Capital Reserve 71,010 71,010 82,577 345,927 438,697 451,995
Retained Earnings
(Before) 73,596 149,539 249,874 505,421 461,682 598,934
(After) 68,176 101,614 101,494 190,618
INCOME STATEMENT
Currency : NTD
Denomination : In thousand
2001 2002 2003 2004 2005 31 March, 2006
---------
-------- ------- -------- ------- ---------------------
Operating revenue 1,346,573 1,713,287 2,876,455 5,460,517 5,762,501 1,639,590
Gross Profit
218,113 371,482 443,808 670,596 469,786 121,011
Operating Income 64,754 146,353 188,635 334,520 167,977 62,129
Non-operating income
35,564 31,367 41,548 216,274 218,837 116,218
Non-operating
expense 70,281 75,425 47,953 136,692 116,310 25,332
Net Income
34,046 81,693 148,260 403,927 271,064 137,251
Earnings (losses) per
share (After) 0.50 1.00 1.73 2.73 1.52 0.71
*Financial Ratios*
==============
2001 2002 2003 2004 2005 31 March, 2006
--------- -------- ------- -------- ------- ---------------------
Ratio of liabilities to
Assets % 57.00 59.00 62 51.00 41.00 40.00
Ratio of long-term
capital to fixed
Assets % 104.00 156.00 198.00 259.00 416.00 440.00
Current ratio %
88.00 144.00 147.00 170.00 213.00 208.00
Quick ratio %
70.00 108.00 116.00 151.00 185.00 182.00
Interest coverage
1.00 3.00 6.00 11.00 5.00 11.00
Turnover of receivable
(times) 3.79 3.72 3.16 3.30 3.13 4.08
Average collection
period of receivable 96 98 116 110 117 89.00
Turnover of inventories
(times) 8.07 8.33 10.25 16.56 18.71 20.91
Turnover of expense
(times) 4.47
4.24 3.64 5.95 5.52 7.33
Average days of sales 45 44 36 22 20 17.00
Turnover of fixed assets
(times) 1.26 1.68 2.68 4.73 6.55 1.90
Turnover of total assets
(times) 0.74 0.72 0.83 1.18 1.22 0.33
Return on total assets %
4.00 6.00 6.00 11.00 7.00 3.00
Return on shareholder's
Equity % 5.00 9.00 13.00 23.00 11.00 5.00
Operating Income
9.00 18.00 18.00 22.00 9.00 3.00
Net Income before tax
4.00 13.00 18.00 27.00 14.00 8.00
Profit margin %
3.00 5.00 5.00 7.00 5.00 8.00
Retroactive
0.50 1.03 1.73 3.09 1.52 0.71
Cash flows ratio %
3.00 3.00
0.55
Cash flows adequacy % 1.90 1.70 72.17 75.23
Cash reinvestment ratio % 2.00
1.00
11.48
Degree of operating
leverage 1.98 1.51 1.71 1.29 1.58 2.22
Degree of financial
leverage 6.14 1.52 1.27 1.14 1.56 1.33
*Int´l Trade Activity (Currency:
==============================
Year Imports Exports Total
2004 $11,578,704.99 $28,479,420.99 $40,058,125.98
2005 $10,538,326.98 $21,848,948.97 $32,387,275.95
2006 $20,089,523.97 $14,556,436.97 $34,645,960.94
*Financial Summary (Currency:
==============================
Year Sales Assets Net Income
2000 $38,501,150.86 $62,193,779.16 $3,449,206.84
2001 $39,076,407.43 $53,068,253.05 $987,986.07
2002 $49,246,536.36 $68,767,059.50 $2,348,174.76
2003 $82,942,762.40 $99,972,981.55 $4,275,086.51
2004 $164,226,075.19 $139,430,496.24 $12,148,180.45
2005 $182,069,541.86 $149,474,786.73 $8,564,423.38
Over the past 10 years, SC has made a stable growth with satisfactory
profit. It is considered a credit line up to USD 2,000,000 appears to be within
SC’s capacities.
Attached:
trade references
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 2861 Gum
and wood chemicals
Exporting 3081 Plastics
film, strips, and sheets, unsupported
Importing 2891 Adhesives
and sealants
Manufacturing 3600 Electronic
& Electric Equip.
Manufacturing 3672 Printed
circuit boards
Manufacturing 3679 Electronic
components,
Manufacturing 5065 Electronic
Parts/Equip, NEC
Trading 2899 Chemical
preparations,
Trading 3351 Copper,
rolled or drawn
Trading 3672 Printed
circuit boards
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 1301900000 Natural
gums, gum resins, resins and balsams
Exporting 2908 Phenol
or phenol-alcohol deriv, halog, sulf etc
Exporting 3204194000 Other,
including mixtures of coloring matter of two or more of the subheadings
3204.11
to 3204.19, products described in additional
Exporting 3702420000 Other
film without sprocket holes of a width exceeding 610 mm and of a length
exceeding
200 m, other than for color photography
Exporting 3921 Plates,
sheets, film, foil & strip, plastics
Exporting 3921901000 Plates,
sheets, film, foil & strip except cellular, combined with textile materials
Exporting 3926 Articles
of plastics (inc polymers & resins)
Exporting 7019320000 Thin
sheets (voiles), nonwoven, of glass fibers
Exporting 7409400000 Plates,
sheet and strip of cu-nckl base alloys (cupro-nickel) or copper-nickel-zinc
base
alloys (nickel silver)
Exporting 7410110000 Copper
foil, not backed, of refined copper
DETAILED PRODUCT CLASSIFICATION & ACTIVITY
Activity Product/Service Description
Exporting Plastic electronic components
Importing Copper foil
Importing Glues
Importing Nuclear magnetic resonance
Importing Fiber glass fabrics
Importing Epoxide resins
Manufacturing Copper clad laminates
Manufacturing PCB (printed circuit boards)
Manufacturing Laminated products
Trading Copper foil
INTERNATIONAL TRADE : ACTIVITY & MARKETS
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Importing from
Importing from
Importing from
Importing from
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Importing from
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%)