MIRA
INFORM REPORT
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Report Date : |
21.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
FOMEX TECHNOLOGY CO LTD |
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Registered Office : |
3 KoYuan 1st Rd Hsitun Dist Taichung City 407 |
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Country : |
Taiwan |
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Date of Incorporation : |
13.01.2004 |
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Com. Reg. No.: |
80634060 |
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Legal Form : |
Private Company with Limited Liability |
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Line of Business : |
Importing and Domestic Purchasing of Raw Materials used for In-House Production. |
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 : |
Regular |
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Litigation : |
Clear |
name and address of the company
FOMEX
TECHNOLOGY CO LTD
3 KO YUAN 1ST RD HSITUN DIST TAICHUNG CITY
407, TAIWAN
TEL: 886-4-24619333 FAX: 886-4-24612223
EXECUTIVE SUMMARY
INCORPORATION DATE :
JANUARY 13, 2004
REGISTRATION NO. :
80634060
LEGAL FORM :
PRIVATE
CHIEF EXECUTIVE :
MR. TZU-CHING WANG (CHAIRMAN)
STAFF STRENGTH :
63
CAPITAL :
US$ 4,526,252
BUSINESS LINE :
MANUFACTURER
TURNOVER :
N/A (AS OF DEC. 31, 2006)
EQUITIES :
N/A (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 100,000
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
TWD 32.31598 = 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
*Capital Details*
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Registered capital : NTD 150,000,000.00
Paid-up capital : NTD
130,000,000.00
*Licenses & Permits*
================
License number : 93000023
Date issued : 16 May,
2005
Issuing authority : Industrial
Development Bureau, MOEA
Type of license : Factory
license
*Office & Facilities*
================
Comment :
Serves as office and factory.
Other e-mail : tzuching@fomex.com.tw
Previous contact details
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Address : 2Fl, 92 Tzu Chiang 1st St Taichung Hsien 435
Tel no. : 4-26301436
Fax no. : 4-26301545
*Factories, Size & Locations*
======================
Type of building : Industrial
building
Building size : 3,125 sq.
meters (approx.)
Location : Taichung
City
Property status : Owned by
FOMEX TECHNOLOGY CO LTD
*Corporate & Organization Structure*
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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.
www.fomex.com.tw
the design is professional and the content is well organized. At present it is
in English version.
E-mail: sales@fomex.com.tw
For the past two years there is no record of litigation.
*Major Shareholders*
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Shareholders' Name
No of Shares
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SHENG YUEH INVESTMENT CO LTD 4,232,380
Mr. Tzu-ching Wang 2,060,000
MEGA INT'L COMMERCIAL BANK CO LTD 1,600,000
WINPAC TRADING CO LTD
900,000
Mr. Chia-fu Lin
550,000
Mr. Chien-ju Liu
500,000
Ms. Yen-yin Wang 240,000
Management: Mr. Tzu-ching Wang, Manager
Name Nationality
Job Description Dept.
/ Division
Mr. Tzu-ching Wang Taiwanese Manager Sales
*Key Personnel*
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Mr. Tzu-ching Wang
Founder : Co-founder
Resident status : Taiwan
Work experience : More than 3
years
Responsibilities : Handles the
daily operation of the firm including all financials and legal matters.
*Main Products & Services*
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Specializes in the following areas of work:
1. Importing and domestic purchasing of raw materials used for in-house
production.
2. Manufacturing of metalized film for film capacitor.
3. Sales and distribution of its manufactured products to the domestic
and international markets.
Products: Metal Film
Metallized
polyester film
Metallized
polypropylene film
Plastic films
Pressed pattern
films
*Payment Terms*
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Sales
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Local : 30-90 days credit
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)
*Competitors*
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The following locally based firms supply similar range of products:
- HAW SHUENN ELECTRONICS INDUSTRY CO LTD
- SEIKA ELECTRIC CO LTD
- ALL BENEFIT CO LTD
- HUEY JANN ELECTRONICS INDUSTRY CO LTD
- TAIWAN TAI YANG ELECTRONIC CO LTD
*Machinery & Equipment*
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Full-equipped with the most sophisticated and advanced web coating
facility, and support by technology introduced from Japan and Germany to
produce the metalizing (both Al and Al/Zn Alloy) for PET as thin as 1.5um and
BOPP 3.5um.
*Production Capacity*
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Item: Metalized film
Current capacity : 100 tons per month (Projected threefold increase to
300 tons per month in the next 3 to 5 years.)
*Local Distribution Network*
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Approximately 90% of the annual turnover is attributed to local
sales.
*Export Markets*
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Approximately 10% of the annual turnover is attributed to export.
NOTE: At the time of performing this report, the 2007 export figures had
not yet been released by the Ministry of Economic Affairs which monitors
exports and imports.
*(Subsidiaries, Joint-ventures & Affiliates)
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Company Name : FOMEX
TECHNOLOGY CO LTD - TAICHUNG BRANCH
Country : Taiwan
Relationship :
Affiliate
Legal Form :
Private company with limited liability
Company Type : :
Manufacturer
Industry :
Plastics & Products
PAYMENT RATING : 3 OBTAINED SCORES : 60
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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 Taiwan 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 : Central Dist, Taichung City
Branch Address : 38 Tzu Yu Rd Section 2 Central Dist Taichung City 400
(Head Office)
SWIFT Code : CCBCTWTP
*Financial Summary (Currency: U.S. $'s)
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Year Sales Assets Net Income
2006 $5,909,915.36 $1,916,565.90 $374,848.85
*Int´l Trade Activity (Currency: U.S. $'s)
==============================
Year Imports Exports Total
2004 $2,774,000.00 $0.00 $2,774,000.00
2005 $935,000.00 $30,000.00 $965,000.00
2006 $1,744,000.00 $235,000.00 $1,979,000.00
SC is considered medium-sized in its line with a short history. 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
Manufacturing 3081 Plastics
film, strips, and sheets, unsupported
Manufacturing 3089 Plastics
products,
Trading 3081 Plastics
film, strips, and sheets, unsupported
Trading 3089 Plastics products,
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 3920200000 Other plates, sheets, film, foil & strip of plast,
noncelluar & not reinforcd,
laminated,
supported or combind with oth mat of polymers of propylene
Exporting 3920410000 Plates, sheets, film, etc, noncelluar, not reinforced,
laminated, combined of
polymers
of vinyl chloride, rigid
Exporting 3920620000 Plates, sheets, film, foil & strip, noncelluar not
reinforced, laminated, combined of
polyethylene
terephthalate
Importing 3920200000 Other plates, sheets, film, foil & strip of plast,
noncelluar & not reinforcd,
laminated,
supported or combind with oth mat of polymers of propylene
Importing 3920620000 Plates, sheets, film, foil & strip, noncelluar, not
reinforced, laminated, combined
of
polyethylene terephthalate
Manufacturing 3921 Plates,
sheets, film, foil & strip, plastics
Manufacturing 3926 Articles
of plastics (inc polymers & resins)
INTERNATIONAL
TRADE: ACTIVITY & MARKETS
Exporting to Asia
Exporting to Hong Kong
Importing from Asia
Importing from China
Importing from Europe
Importing from Germany
Importing from South Korea
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%)