MIRA
INFORM REPORT
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Report Date : |
17.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
TAIWAN FORART CO LTD |
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Registered Office : |
5, Lane 21, Tai Lin Rd Section 2 Taishan Hsiang, Taipei Hsien 243 |
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Country : |
Taiwan |
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Date of Incorporation : |
28.05.2002 |
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Com. Reg. No.: |
13122168 |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Importing of various range of metal laminates, high pressure
decorative laminates and related laminates for construction industry |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 5,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name & address
TAIWAN FORART CO
LTD
5, LANE 21, TAI LIN RD SECTION 2 TAISHAN HSIANG
TAIPEI HSIEN 243, TAIWAN
TEL: 886- 2-22961975 FAX:
886- 2-22966526
EXECUTIVE SUMMARY
INCORPORATION DATE : MAY
28, 2002
REGISTRATION NO. :
13122168
LEGAL FORM :
PRIVATE
CHIEF EXECUTIVE :
MR. CHUI-KUNG WU (CHAIRMAN)
STAFF STRENGTH :
7
CAPITAL :
US$ 155,280
BUSINESS LINE :
IMPORTER
TURNOVER :
N/A (AS OF DEC. 31, 2007)
EQUITIES :
N/A (AS OF DEC. 31, 2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 5,000
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
TWD 33.22260 = 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: 4Fl, 6 Ho Ping East Rd Section 1 Ta-an Dist
Taipei City 106
*Office & Facilities*
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Size : 168
sq. meters (Approx.)
Location :
Residential district
Property status : Rented
Previous address : 10Fl-1, 126
Rooseveit Rd Section 2 Taipei City
*Factories, Size & Locations*
======================
The company is a trading house focused on importation of overseas
products, and maintains no manufacturing facilities.
*Corporate & Organization Structure*
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A small-sized company operated and managed by the principal owner.
www.forart.com.tw
The design is professional and the content is well organized. At present it is
in Chinese version.
E-mail: service@forart.com.tw
For the past two years there is no record of litigation.
*Major Shareholders*
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Total number of shareholders: 2
Total number of shares: N/A
Shareholders Country Number Amount %
Mr. Chui-kung Wu Taiwan n/a n/a 99.00
Undisclosed Shareholders n/a n/a n/a 1.00
Management: Ms. Yi-chun Su,
Representative
Mr. Chui-kung Wu, General Manager
Name Nationality
Job Description Dept. / Division
Ms. Yi-chun Su Taiwanese
Representative Sales
Mr. Chui-kung Wu Taiwanese
General Manager -
*COMPANY DIRECTORS*
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1
Name : Mr. Chui-kung Wu
Nationality : Taiwanese
Country of Residence : Taiwan
*Main Products & Services*
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Specializes in the following areas of work:
1. Importing of various range of metal laminates, high pressure decorative
laminates and related laminates for construction industry from its factory in
China.
3. Sales and distribution of products to local market.
Products also include:
- High pressure decorative laminates
- CSPC laminates
Carries the following brand names:
- FORART
- GREENLAM
Products: Chemical-resistance SPC
Custom
laminates
Decorative
laminates
Metal
laminates
Natural
veneers
*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)
Telegraphic
Transfer (T/T)
*Competitors*
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The following locally based firms supply similar range of products :
- APEX WOOD PRODUCTS CO
- HSIN TAI RUBBER INDUSTRIAL CO LTD
- G-TAN INTERNATIONAL CO LTD
- KEDING ENTERPRISES CO LTD
- JAW KUEN ENTERPRISE CO LTD
*Local Distribution Network*
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100% of the annual turnover is attributed to local sales to construction
firms and corporate clients.
*Export Markets*
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There is no record of export. Since the prime focus of the firm's
activity is concentrated on the local sales only.
*IMPORTER AGENCY LISTING*
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Supplier : GREENPLY INDUSTRIES LTD
Country of Origin : India
Product Description : HPLC system
Brand : Greenlam
Year : 2002
PAYMENT RATING : 3 OBTAINED SCORES :
50
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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 USD6
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 : BANK OF TAIWAN
Branch : Taishan Hsiang,
Branch Address : 120 Chung Ching South Rd Section 1 Chungcheng Dist
Taipei City 100 (Head Office)
SWIFT Code : BKTWTWTP
Bank Name : MEGA INT'L COMMERCIAL BANK CO LTD
Branch : Taishan Hsiang,
Branch Address : 123 Jhongsiao E Rd Section 2 Chungcheng Dist Taipei
City 100 (Head Office)
SWIFT Code : ICBCTWTP
*Financial Summary (Currency: U.S. $'s)
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Year Sales Assets Net Income
2007 $497,887.75 $90,525.05 $26,252.26
*Int´l Trade Activity (Currency: U.S. $'s)
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Year Imports Exports Total
2005 $456,985.97 n/a
$456,985.97
2006 $396,510.01 n/a
$396,510.01
2007 $365,411.98 n/a
$365,411.98
SC is considered small-sized in its line with a development history of 6
years. The above credit amount appears to be beyond SC’s capacities, while a
credit line up to USD 5,000 is recommended.
Attached:
trade references
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Importing 2435 Hardwood
veneer and plywood
Importing 2436 Softwood
veneer and plywood
Importing 5039 Construction
Materials, NEC
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Importing 3920100000 Other plates, sheets, film, foil & strip, of plastic,
noncelluar & not reinforced, laminated, supported or combined with oth mat,
of polymers of ethylene
Importing 4412 Plywood,
veneered panels & similar laminated wood
Importing 5900 Impregnated,
coated, covered, or laminated textile prod, textile prod for industrial use
DETAILED PRODUCT
CLASSIFICATION & ACTIVITY
Activity Product/Service Description
Importer Translucent laminates
Importer Solid phenolic
core laminates
INTERNATIONAL
TRADE: ACTIVITY & MARKETS
Country / Region Main Trading Activity
Asia / Pacific Importing
Europe Importing
China Importing
India Importing
Italy Importing
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.82 |
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UK Pound |
1 |
Rs.73.08 |
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Euro |
1 |
Rs.65.56 |
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%)