MIRA
INFORM REPORT
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Report Date : |
10.09.2007 |
IDENTIFICATION DETAILS
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Name : |
JUNG DI HSING INDUSTRY CO LTD |
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Registered Office : |
11FL, 168 Min Sheng East Rd Section 2 |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
September 15, 1967 |
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Com. Reg. No.: |
49394207 |
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Legal Form : |
Private |
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Line of Business : |
Importation of raw materials of footwear from overseas. Manufacturing a wide kinds of shoes, such as basketball
shoes, running shoes and hiking shoes. Export and local sales of its manufactured shoes and
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 USD500,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name &
address
JUNG DI HSING INDUSTRY CO LTD
11FL, 168 MIN SHENG EAST RD SECTION 2 CHUNGSHAN DIST
TEL : [+886] 2-25015787
FAX : [+886] 2-25027787
EXECUTIVE SUMMARY
INCORPORATION DATE :
SEPTEMBER 15, 1967
REGISTRATION NO. :
49394207
LEGAL FORM :
PRIVATE
CHIEF EXECUTIVE :
MR. WAN-CHENG LU (CHAIRMAN)
STAFF STRENGTH :
68
CAPITAL :
US$ 4,531,722
BUSINESS LINE :
MANUFACTURER
TURNOVER :
US$ 8,948,004.84 (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 :
TWD33.0607 = US$1 AS OF
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
M – million
TWD –
Note: Instead of the given address, SC is now operating at the heading
address.
*Company History*
==============
1967 - Opened as
manufacturing and exporting footwear and started to make athletic footwear
for CITC on the basis of OEM
1973 - Pioneered to
manufacture athletic footwear for PUMA in
from PUMA CORP.
1978 - Pointed as the
First manufacturer in
1980 - Named as a pioneer
to produce athletic footwear for MIZUNO in
1981 - Established
JUNG-CHENG ARCHITECTURE CO LTD the office building of twelve floors
in
1987 - Provided athletic
footwear to NIKE as a leading sub-contractor in
1990 - Had set the stage
for the founding of Holiday Ktv.
- Started to
manufacture athletic footwear with brand Ellesse for the US Line and
International line as well.
1 November 1991 -
New XIN-ER I-CHUAN ENTERPRISES FACTORY was founded in
November, 1991 -
Expanded the assembling lines in
January 1992 - Demand soon exceeded products line ranging
from valley ball, casual, basketball footwear
to tennis footwear for major
April 1992
- Moved all the production lines in
June 1992
- Set-up its second line.
June 1993
- Started to produce cleats, basketball cleats footwear for MIZUNO as
well as safety Sieel
Toe Cap footwear for H H BROWN.
September 1993 -
Built new workshop for stitching in order to strengthen productivity.
February 1994
- Established new workshop building for assembling.
June 1994
- Completed new building for assembling.
- Started to
manufacture athletic footwear with ELLESSE brand for Japanese market.
March 1995
- Completed new building for assembling.
- Started to
manufacture specialty footwear as ESR safety working boots for H H BROWN.
September 1995 -
Set-up new building for administration.
April 1996
- Completed the new office building for administration which designated
as multipurpose as
following :
First Floor - Office, reception room. Second Floor - Meeting room, Education
&
employees as
Chief in Section.
July 1996
- Extended Engineering Section of
as well as
test in working traveler before production.
January 1997
- Started to manufacture Sd functional safety boots & research the
innovative process to
manufacture
the first Consumer-oriented GORE-TEX Tm Lined Footwear.
June 1997
- Approved By GORE-TEX as a Qualified supplier of this specialty lined
footwear to H H
BROWN and other
water proof footwear market as well.
July 1997
- Began to produce golf shoes.
August 1997
- Set-up the fourth line & engaged in production.
November 1997 -
Started to project lined footwear for L L BEAN.
January 1998
- Certified as the Member of "SATRA".
February 1998
- Engaged in new engineering for exclusive Opanka Construction such as
hand sewing
sandals as
well as rugged safety work footwear.
March 1998
- Started to produce Hiker & Athletic footwear for L L BEAN.
April 1998
- Set-up the second new building for assembling as well as dormitory for
workers.
May 1998
- Constructed new building for cafeteria which including kitchen
appliance & entertainment
center for
all of employees.
December 1998 -
Procured PVC Injection machine & engaged in R & D PVC Injection
footwear.
April 1999
- Built the second work shop building .
June 1999
- Built laboratory in accordance with Satra standard under the
assistance of "SATRA".
July 1999
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October 1999 - Started to produce iron age Opanka
safety shoes.
December 1999 -
Passed Lab testing certification & became the pioneer being qualified in
Shoes Industry,
in
accordance with Satra standard.
January 2000 - Set-up the fifth line & engaged
in production.
September 2000 -
Started to produce DUNHAM safety shoes.
October 2000
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April 2001
- Pioneered to manufacture GORE-TEX Policeman Boots under authorized
directly by CSI
Hong Hong.
September 2001 -
First month production quantity reached to three hundred thousand pairs.
October 2001
- Incorporated with GORE-TEX, and got the tender from Singapore
Government
- Started to
produce Singapore GORE-TEX combat boots.
June 2002
- Started to produce madras GORE-TEX dress shoes.
May 2003
- Set-up one more 2nd floor to enlarged development capacity.
June 2003
- Enlarged GORE-TEX shoes production capacity. One for GORE-TEX Bootie
production
was set-up
by separately.
*Company Name*
=============
Incorporated as
: JUNG LI HSING INDUSTRY CO LTD
Date of incorporation
: 15 September, 1967
Changed name to
: JUNG DI HSING INDUSTRY CO LTD
Year of change
: 1983
*Licenses & Permits*
================
License number :
99631686
Date issued
: 12 March, 1970
Issuing authority
: Industrial Development Bureau,
MOEA
Type of license
: Factory License
*Office & Facilities*
===============
Size
: 280 sq. meter (Approx.)
Location
: Center Business District (CBD)
Property status
: Owned by JUNG DI HSING INDUSTRY CO LTD
Type of building :
Residential building
Previous Contact Details
--------------------------------
Address : 116 Hsin An Rd, 111 Shihlin Dist
Tel no. :
2-28616743
*Factories, Size & Locations*
======================
Size
: 900 sq. meters (Approx.)
Location
: Miaoli Hsien
Property status
: Owned by JUNG DI HSING INDUSTRY
CO LTD
Type of building
: Industrial building
*Corporate & Organization Structure*
============================
A medium -sized company operated and managed by an
experienced team of professionals.
*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.jdh.com.tw
The design is professional and the
content is well organized. At present it is in English version.
Email : jdh@mail.jdh.com.tw
For the past 40 years there is no record of litigation.
*Major Shareholders*
===============
Shareholders' Name No. of Shares
------------------------- ------------------
Mr. Wan-cheng Lu 7,421,820
Mr. Yen-chin Lu 2,456,564
Mr. Yen-hsien Lu 2,427,834
Ms. Pi-man Lu 865,014
Management : Mr. Charles Lin, Manager
Mr. Wan-chan Lu, CEO
Mr. Wan-cheng Lu, General Manager
Name Nationality Job Description
Mr. Charles Lin
Taiwanese
Manager Sales
Mr. Wan-chan Lu
Taiwanese CEO
Mr. Wan-cheng Lu
Taiwanese General
Manager
Mr. Yen-chin Lu
Taiwanese
Manager
Mr. Vincent Lien
Taiwanese
Representative
Mr. Xie Taiwanese Representative
*Key Personnel*
=============
Mr. Wan-cheng Lu
Founder
: Co-founder
Work experience :
More than 30 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. Importation of raw materials of footwear from overseas.
2. Manufacturing a wide kinds of shoes, such as basketball
shoes, running shoes and hiking shoes.
3. Export and local sales of its manufactured shoes and
components.
Products : Athletic footwear
Baseball shoes
Basketball shoes
Boots
Casual shoes
Brand : Ellesse
*Payment Terms*
=============
Sales
------
Local : 30-60 days
credit
Export : Letter of Credit (L/C)
Telegraphic Transfer (T/T)
Purchases
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Local : 30-60 days
credit
Import : Letter of Credit (L/C)
Open account
/DA terms with settlement using Telegraphic Transfer (T/T)
*Associations*
===========
Member of :
-
*Competitors*
==========
The following locally based companies supply similar range
of products:
- AGUILA ENTERPRISES CO LTD
- BELWIDE TRADING LTD
- EDICO INT'L LTD
- SPORTS GEAR CO LTD
- G-HONG TRADING CO LTD
*Quality Certification*
=================
Achieved the following certifications :
(1)
Type of certification : ISO 9002
Date of certification
: July 1998
(2)
Type of certification : ISO 9001
Date of certification
: March 2003
*Local Distribution Network*
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Approximately 15% of the annual turnover is attributed to
local sales.
*Export Markets*
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Approximately 85% of the annual turnover is attributed to
export.
*Overseas Customers*
=================
Major overseas customer includes:
- MIZUNO
- H H BROWN
- ACHILLES
- LE COQ SPORTIF
- UMBRO
- ASAHI
- GOLDWIN
- CSI
- SMOD
-
- BROWNING DEXTER
- COVE
- COROLINA
-
-
- CR
- TAS
*International Trade Ranking*
======================
The firm has been ranked among
Details of rank are as follows :
Year
Rank
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2001
2138
2002
2384
2003
2394
2004
2478
*LOCAL BRANCHES & MANAGEMENT*
=================================
Branch : JUNG DI HSING INDUSTRY CO LTD -
Branch Address : 12Fl-2,
Branch Tel : [+886] 4-24718217
Branch Fax : [+886] 4-24738031
Branch Email : vincent@mail.jdh.com.tw
*(Subsidiaries , Joint-ventures & Affiliates)
================================
Company Name : I-CHUAN ENTERPRISES (
Address : Rm 19 7Fl Proficient Industrial Centre - Block A
Country :
Relationship : Affiliate
Legal Form : Private company with limited liability
Industry : N/A
Company Name : JUNG CHENG ARCHITECTURE CO LTD
Address : 168 Min Sheng East Rd Section 2
Country :
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Service
Industry : Construction & Construction Materials
Company Name : XIN-ER I-CHUAN ENTERPRISES FACTORY
Address : Xin-Er Industrial Area Jing Bao An Xian Shiyan
Country :
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Footwear
Maintains a total of 40,000 sq. meters facility with 2,400
employees in
PAYMENT RATING : 3 OBTAINED SCORES : 69
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Rating Key |
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 USD6 million, there is no legal requirement according to
Although financial summaries were obtained for reference.
*BANK DETAILS*
===============
Bank Name : BANK OF
Branch : Chungcheng Dist,
Branch Address :
SWIFT Code : BKTWTWTP
Bank Name : CHANG HWA COMMERCIAL BANK LTD
Branch : Central Dist,
Branch Address :
SWIFT Code : CCBCTWTP
*Int´l Trade Activity (Currency:
==============================
Year
Imports Exports Total
2003
$320,092.99
$10,768,760.01
$11,088,853.00
2004
$864,084.00
$12,455,002.02
$13,319,086.02
2005
$299,000.00
$7,385,000.00
$7,684,000.00
2006
$400,000.00
$7,934,000.00 $8,334,000.00
*Financial Summary (Currency:
===============================
Year Sales Assets Net Income
2006
$8,948,004.84
$719,467.96
$1,091,293.83
SC is considered a normally advancing concern with steady customers and
good base to meet its trade engagements.
Credit in the range of moderate amount can be considered.
Attached:
trade references
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code
Product/Service Description
Exporting 3149 Footwear
Exporting 5139 Footwear
Manufacturing 2299 Textile goods
Manufacturing 3021 Rubber and plastics footwear
Manufacturing 3100 Leather and Leather Products
Manufacturing 3111 Leather, tanned or finished
Manufacturing 3143 Men's footwear; work footwear
Manufacturing 3144 Women's footwear, footwear
made on a basis or platform of wood, not having an
inner
sole or a protective metal toe cap
Manufacturing 3149 Footwear
Manufacturing 3199 Leather goods
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code
Product/Service Description
Exporting 3919901000 Self-adhesive plates,sheets,film,foil,tape,etc,of
plastic,having a light reflecting
surface
produced by glass grains (ballotini)
Exporting 5407100000 Woven fabrics of synthetic filament high tenacity yarn, of
nylon or other
polyamides
or of polyesters
Exporting 6406100000 Footwear uppers and upper parts except stiffeners
Exporting 6406200000 Parts of footwear, and similar articles, with outer soles and
heels of rubber or
plastics
Exporting 6406991520 Parts of footwear of textile materials-mmf leg-warmers
Manufacturing 4205 Articles of leather
Manufacturing 6403300000
Footwear made on a base or platform
of wood, not having an inner sole or a
protective
metal toe-cap
Manufacturing 6405 Footwear
Manufacturing
6405201500 Footwear nesoi
with uppers of textile materials, house slippers
Trading 6401100000 Waterproof footwear with outer soles and uppers of rubber or
plastics: footwear
incorporating
a protective metal toe-cap
DETAILED PRODUCT CLASSIFICATION & ACTIVITY
Activity Product/Service
Description
Manufacturer Baseball
shoes
Manufacturer Hiking
shoes
Manufacturer Safety
shoes
Manufacturer Nurse
shoes
Manufacturer Casual
shoes
Manufacturer Basketball
shoes
Manufacturer Tennis
shoes
Manufacturer Volleyball
shoes
Manufacturer Jogging
shoes
Manufacturer Golf
shoes
INTERNATIONAL TRADE: ACTIVITY & MARKETS
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
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. |
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%)