MIRA
INFORM REPORT
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Report Date : |
14.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
HONG CHUANG TRADING CO LTD |
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Registered Office : |
22, Lane 33, Tai Shun St Hsinchuang City Taipei Hsien 242 |
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Country : |
Taiwan |
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Date of Incorporation : |
07.02.2003 |
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Com. Reg. No.: |
0135022 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importing a Wide Range of Sesame Seeds and Peanuts |
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 50,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address of the company
HONG
CHUANG TRADING CO LTD
22, LANE 33, TAI SHUN ST HSINCHUANG CITY
TAIPEI HSIEN 242, TAIWAN
TEL: 886-2-89935391 FAX: 886-2-89903500
EXECUTIVE SUMMARY
INCORPORATION DATE :
FEBRUARY 7, 2003
REGISTRATION NO. :
80135022
LEGAL FORM :
PRIVATE
CHIEF EXECUTIVE :
MR. HSI-MING CHEN (GENERAL MANAGER)
STAFF STRENGTH :
8
CAPITAL :
US$ 633,675
BUSINESS LINE :
IMPORTER
TURNOVER :
N/A (AS OF DEC. 31, 2006)
EQUITIES :
N/A (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 50,000
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
TWD 31.66168 = 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
Office & Facilities*
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Size
: 90 square meters
(Approx.)
Location : Suburb of Taipei city
Property status : Rented
Type of building : Residential district
*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 owner.
*Reputation*
==========
Reference checking for the purpose of establishing the firm's reputation
within the respective industry failed to reveal any negative information.
SC is not known to host website of its own at present.
E-mail: jason@flavor.com.tw
For the past two years there is no record of litigation.
*Major Shareholders*
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Total number of shareholders: 3
Total number of shares: 21,000,000
Shareholders Number
%
--------------------- --------------- ------
Mr. Hsi-ming Chen 7,000,000.00 33.33
Mr. Jui-li Chen 7,000,000.00 33.33
Mr. Wen-nan Chen 7,000,000.00 33.33
Management: Mr. Jason Fu,
Manager
Mr. Hsi-ming Chen, General Manager
Name Nationality
Job Description Dept. / Division
Mr. Jason Fu Taiwanese
Manager Purchasing
Mr. Hsi-ming Chen Taiwanese
General Manager -
*Main Products & Services*
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Specializes in the following areas of work:
1. Importing a wide range of sesame seeds and peanuts.
2. Selling of products to domestic markets.
Products: Beans
Peanuts
Pumpkin seeds
Sesame seed
*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 companies supply similar range of products :
- FU FANN ENTERPRISE CORP
- DONCHAO ENTERPRISE CO LTD
- GLOBAL-MART FOODS CO LTD
- HO GI FOOD CO LTD
- LUNG CHING FOOD CO LTD
*Local Distribution Network*
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100% of the annual turnover is attributed to local sales through the
following distribution channels:
- Food manufacturers
- Food outlets
- Restaurants
*International Trade Activity*
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The "export" figures listed above, is not actual products
being exported by HONG CHUANG, but a small percentage of returned goods by the
firm.
At the time of preparing this report, the Ministry of Economic Affairs
had not yet released trade figures for 2007.
*(Subsidiaries, Joint-ventures & Affiliates)
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Company Name : FLAVOR
FULL FOODS INC
Address : 53
Wuku Industrial Park Wu Chuan Rd Wuku Hsiang 248 Taipei Hsien Taiwan
Country :
Taiwan
Relationship :
Affiliate
Legal Form : Private
company with limited liability
Company Type :
Manufacturer
Industry :
Food Products
PAYMENT RATING : 3 OBTAINED SCORES :
53
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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 USD 6
million, there is no legal requirement according to local corporate law for
public disclosure of detailed financials.
Although summary financials were obtained for reference.
*Bank Details*
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Bank Name : CHANG
HWA COMMERCIAL BANK LTD
Branch :
Hsinchuang City
Branch Address : 657-1
Chung Cheng Rd
SWIFT Code :
CCBCTWTP
Bank Name : FAR
EASTERN INT'L BANK
Branch :
Hsinchuang City
Branch Address : 209 Fu
Hsing Rd Section 1
SWIFT Code :
FEINTWTP
*Financial Summary (Currency: U.S. $'s)
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Year Sales Net Income
2006 $1,783,555.02 $139,056.83
*Int´l Trade Activity (Currency: U.S. $'s)
=============================
Year Imports Exports Total
2004 $1,620,000.00 $0.00 $1,620,000.00
2005 $2,700,000.00 $0.00 $2,700,000.00
2006 $1,490,000.00 $40,000.00 $1,530,000.00
SC is considered small-sized in its line with a 5 years development
history. Taking into consideration of SC’s general performance, a credit line
up to USD 50,000 appears to be within SC’s capacities.
Attached:
trade references
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Importing 0100 Agricultural
Production-Crops
Importing 5153 Grain
& Field Beans
Importing 5191 Farm
Supplies
Trading 0100 Agricultural
Production-Crops
Trading 5153 Grain &
Field Beans
Trading 5191 Farm
Supplies
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Importing 0713311000 Beans of the species vigna mungo (l.) hepper or vigna radiata
(l.) wilczek, seeds of a kind used for sowing, dried
Importing 0713906000 Dried leguminous vegetables except seeds for sowing, entered
for consumption may 1 to august 31, shelled
Importing 1202 Peanuts
(ground-nuts), raw
Importing 1207400000 Sesame seeds, whether or not broken
Importing 1209 Seeds,
fruit and spores, for sowing
Importing 1209918055 Pumpkin seed of a kind used for sowing
Trading 0713311000 Beans
of the species vigna mungo (l.) hepper or vigna radiata (l.) wilczek, seeds of
a kind used for sowing, dried
Trading 0713906000 Dried
leguminous vegetables except seeds for sowing, entered for consumption may 1 to
august 31, shelled
Trading 1202 Peanuts
(ground-nuts), raw
Trading 1207400000 Sesame
seeds, whether or not broken
DETAILED PRODUCT
CLASSIFICATION & ACTIVITY
Activity Product/Service Description
Trader Sesame
seed
Trader Pumpkin
seeds
Trader Peanuts
INTERNATIONAL
TRADE : ACTIVITY & MARKETS
Importing from Asia
Importing from Cambodia
Importing from China
Importing from Indonesia
Importing from Myanmar
Importing from Thailand
Importing from Vietnam
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%)