MIRA
INFORM REPORT
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Report Date : |
10.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
IPSIDO CORP |
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Registered Office : |
11Fl-13, 262 Ho Nan Rd Section 2 Hsitun Dist Taichung City 407 |
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Country : |
Taiwan |
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Date of Incorporation : |
02.06.2005 |
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Com. Reg. No.: |
27805677 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Import and local purchase of various types of titanium dioxide, ethylene
and related raw materials for in-house use. Manufacture of various range of PE bags, films and other related
plastic products. Sales and Distribution to both domestic and international
markets. |
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 : |
No Complaints |
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Litigation : |
Clear |
name & address
IPSIDO
CORP
329 LU HO RD SECTION 2 LUKANG CHEN
CHANGHWA HSIEN 505, TAIWAN
TEL: 886-4-7773452 FAX: 886- 4-7779236
EXECUTIVE SUMMARY
INCORPORATION DATE :
JUNE 2, 2005
REGISTRATION NO. :
27805677
LEGAL FORM :
PRIVATE
CHIEF EXECUTIVE :
MR. SUNG-CHIAO SU (CHAIRMAN)
STAFF STRENGTH :
27
CAPITAL :
US$ 1,925,466
BUSINESS LINE :
MANUFACTURER
TURNOVER :
N/A (AS OF DEC. 31, 2007)
EQUITIES :
N/A (AS OF DEC. 31, 2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 100,000
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
TWD 33.49831 = 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
Registered Legal Address : 11Fl-13, 262 Ho Nan Rd Section 2 Hsitun Dist Taichung
City 407
*Licenses & Permits*
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License number : 9967983000
Date issued : 28
September, 2005
Issuing authority : Industrial Development Bureau, MOEA
*Office & Facilities*
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Size : 1,242 square meters (Approx.)
Location : Changhwa
County
Property status : Rented
Type of building : Industrial building
Comments : Serves as
office and factory
Other tel no :
4-7073555
*Corporate & Organization Structure*
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A small sized company operated and managed by the owner and an
experienced team of professionals.
SC is not known to host website of its own at present.
E-mail: thsu@enfly.com.tw
For the past two years there is no record of litigation.
*Major Shareholders*
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Total number of shareholders: 4
Total number of shares: n/a
Shareholders Country Number Amount %
Mr. Lung-tsung Sung Taiwan n/a n/a n/a
Mr. Sung-chiao Su Taiwan n/a n/a n/a
Ms. Shih-fen Huang Taiwan n/a n/a n/a
Mr. Chin-yao Huang Taiwan 600,000.00 n/a n/a
Management: Mr. Gimmy Yao-teh Huang, General Manager
Name Nationality
Job Description
Mr. Gimmy Yao-teh Huang Taiwanese
General Manager
*COMPANY DIRECTORS*
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1
Name : Mr. Sung-chiao Su
Nationality : Taiwanese
Country of Residence : Taiwan
*Main Products & Services*
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Specializes in the following areas of work:
1. Import and local purchase of various types of titanium dioxide,
ethylene and related raw materials for in-house use.
2. Manufacture of various range of PE bags, films and other related
plastic products.
3. Sales and distribution to both domestic and international
markets.
Products: Films
HDPE bags
LDPE bags
PE films
Plastic bags
*Payment Terms*
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Sales
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Local : 30 - 90 days credit
Cash
Export : Letter of Credit (L/C)
Telegraphic
Transfer (T/T)
Purchases
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Local : 30 - 90 days credit
Import : Letter of Credit (L/C)
Telegraphic
Transfer (T/T)
*Domestic Customers*
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Major local customers include:
- Department of Environmental Protection (Taipei City Government)
*Competitors*
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The following locally based companies supply similar range of products :
- ALLEN PLASTIC INDUSTRIES CO LTD
- CHIU LIH PLASTIC CO LTD
- DOMINANT SUPPLY CORP
- INM BEM INDUSTRIAL CO LTD
- MAGICAL FILM ENTERPRISE CO LTD
*Local Distribution Network*
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Approximately 40% of the annual turnover is attributed to local
sales.
*Export Markets*
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Approximately 60% of the annual turnover is attributed to export.
SC is not known to have any subsidiary at present.
PAYMENT RATING : 3 OBTAINED SCORES :
63
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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 financial.
Although financial summaries were obtained for reference.
*BANK DETAILS*
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Bank Name : MEGA
INT'L COMMERCIAL BANK CO LTD
Branch :
Chungcheng Dist, Taipei City
Branch Address : 123
Jhongsiao E Rd Section 2 Chungcheng Dist Taipei City 100 (Head Office)
SWIFT Code :
ICBCTWTP
Bank Name : LAND
BANK OF TAIWAN
Branch :
Chungcheng Dist, Taipei City
Branch Address : 46
Kuan Chien Rd Chungcheng Dist Taipei City 100 (Head Office)
SWIFT Code :
LBOTTWTP
*Financial Summary (Currency: U.S. $'s)
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Year Sales Assets Net Income
2007 $21,726,010.86 $1,207,000.60 $573,325.29
*Int´l Trade Activity (Currency: U.S. $'s)
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Year Imports Exports Total
2006 $2,640,334.98 $14,402,210.97 $17,042,545.95
2007 $5,698,173.99 $17,803,679.00 $23,501,852.99
SC is considered small-sized in its line with a development history of 3
years. Taking into consideration of SC’s general performance, 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 2673 Plastics,
foil, and coated paper bags
Exporting 3081 Plastics
film, strips, and sheets, unsupported
Exporting 3089 Plastics
products,
Manufacturing 2673 Plastics,
foil, and coated paper bags
Manufacturing 3081 Plastics
film, strips, and sheets, unsupported
Manufacturing 3089 Plastics
products,
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 3900 Plastics
& articles thereof
Exporting 3920 Plates,
sheets, film etc no ad, non-cel etc, plastics
Exporting 3921 Plates,
sheets, film, foil & strip, plastics
Exporting 3923 Containers
(boxes, bags etc), closurers etc, plastics
Exporting 3926909050 Other articles of plastic,
Exporting 4202929040 Other bags, outer surface plastic sheeting,
Manufacturing 3900 Plastics
& articles thereof
Manufacturing 3920 Plates,
sheets, film etc no ad, non-cel etc, plastics
Manufacturing 3921 Plates,
sheets, film, foil & strip, plastics
Manufacturing 3923 Containers
(boxes, bags etc), closurers etc, plastics
DETAILED PRODUCT
CLASSIFICATION & ACTIVITY
Activity Product/Service Description
Manufacturer LDPE bags
Manufacturer PE films
Manufacturer Films
Manufacturer Plastic bags
Manufacturer HDPE bags
INTERNATIONAL
TRADE: ACTIVITY & MARKETS
Country / Region Main Trading Activity
Asia / Pacific Exporting,
Importing
Europe Importing
North America Exporting
Importing
China Importing
Indonesia Exporting
Ireland Importing
Malaysia Importing
Saudi Arabia Importing
Singapore Importing
Thailand Importing
USA Exporting,
Importing
United Arab Emirates Importing
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.12 |
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UK Pound |
1 |
Rs.72.59 |
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Euro |
1 |
Rs.63.52 |
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%)