MIRA
INFORM REPORT
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Report Date : |
04.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
FLAVOR FULL FOODS INC |
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Registered Office : |
53 Wuku Industrial Park Wu Chuan Rd Wuku Hsiang Taipei Hsien 248 |
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Country : |
Taiwan |
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Date of Incorporation : |
08.11.1983 |
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Com. Reg. No.: |
12467902 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Research and Development of Soybean Oil, Canola Oil and other Oil
Products. |
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 : |
USD 500,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
FLAVOR
FULL FOODS INC
53 WUKU INDUSTRIAL PARK WU CHUAN RD
WUKU HSIANG TAIPEI HSIEN 248, TAIWAN
TEL: 886-2-22981539 FAX: 886-2-22981206
EXECUTIVE SUMMARY
INCORPORATION DATE :
NOVEMBER 8, 1983
REGISTRATION NO. :
12467902
LEGAL FORM :
PRIVATE
CHIEF EXECUTIVE :
MR. ANDREW WEN-NAN CHEN (CHAIRMAN)
STAFF STRENGTH :
100
CAPITAL :
US$ 9,505,130
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 500,000
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
TWD 30.68350 = 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
*Company History*
===============
February 1965 - Mr. Pai-chuan Chen and his wife
established the company, engaged in the production and sale of peanut oil and
sesame oil.
May 1986 - Created the leading brand,
FOREWAY, and launched into the overseas market.
March 2000 - Developed health-oriented
seasoning products and created such products as sesame butter and sesame
seasoning with Japanese flavor.
September 2002 -
Computerized the corporation entirely and succeeded in introducing ERP.
June 2003 - Established the first
affiliate in CHINA-FLAVOR FULL (SHANGHAI) OIL & FOODS LTD
December 2004 - Introduced
EIP system and integrated the enterprise resource.
*Company Name*
==============
Established as : CHIEN FA EDIBLE OIL MANUFACTORY
Date of established :
February 1965
Changed name to : FLAVOR FULL FOODS INC
Date of change : November 1983
*Licenses & Permits*
================
(1)
License number : 99646837
Date issued : 7 June 1987
Issuing authority : Industrial
Development Bureau, MOEA
Type of license : Factory license
(2)
License number :
99602548
Issuing authority :
Industrial Development Bureau, MOEA
Type of license : Factory license
*Capital Details*
=============
Initial paid up capital: NTD 5,000,000.00
Paid up capital increases as follows:
Date
Increase (NTD)
-----
-----------------------
January 1997
80,000,000.00
December 1999 120,000,000.00
November 2001
210,000,000.00
July 2004
300,000,000.00
--
315,000,000.00
*Office & Facilities*
===============
Land size : 1,153.97 sq. meters
Building size : 2,516.97 sq meters
Location : Wuku Industrial Park, Taipei Hsien
Property status : Owned
Type of building : Industrial
Comments : Serves as office and warehouse.
Other Contact Details
-----------------------------
Tel nos. :
2-22981546 / 22987526 / 22992589 / 22980392 / 22995475 / 22983916 / 22983915 /
22997269
Fax no :
2-22988370
E-mail : -
flavor@flavor.com.tw
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wd09@flavor.com.tw
-
jason@flavor.com.tw
Previous Contact Details
---------------------------------
Address : 22 Lane 10 Chi Lin Rd Chungshan Dist
Taipei City, 104
Location : Residential Area
Size : 1,332 sq. feet
Comment : General office is located in second floor
*Factories, Size & Locations*
======================
(1)
Size : 2,516 square meters (Approx.)
Location : Taipei Hsien
Type of building : Industrial building
Property status : Owned by FLAVOR FULL FOODS INC.
Comment : Serves as office and factory 1.
(2)
Size : 6,143 square meters (Approx.)
Location : Changwa Hsien
Type of building : Industrial building
Property status : Owned by FLAVOR FULL FOODS INC.
*Corporate Organization & Structure*
=============================
A large specialized company operated and managed by an experienced team
of professionals.
Organizational Chart
---------------------------
Chairman
|
Manager
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---------------------
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Taipei
Office Factory Manager
| |
---------------- Workers
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Kaohsiung Taichung
Office Office
*Industry Ranking*
===============
- Generally regarded as one of the Top 500 Companies in trading industry
of Taiwan.
*Sales Ranking*
=============
Details of Rank are as follows:
Year Rank
------ ------
2003 1653
2004 1530
2005 1653
*Awards*
========
Received the following awards:
(1)
Award : Innovative Product Prize
Awarded by : N/A
Date : June 1987
(2)
Award : Golden Prize for National Quality Assurance
Products
Awarded by : N/A
Date : December 2001
Details : The event
hosted by Chinese Industry, Commerce, Economy, Trade, Science & Technology
Development Association under the guidance of National Science Council,
Executive Yuan because of the sesame butter and sesame seasoning with Japanese
flavor.
*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.flavor.com.tw
The design is professional and the content is well organized. At present it is
in both Chinese and English versions.
E-mail: flavor@ms6.hinet.net
For the past two years there is no record of litigation.
*Major Shareholders*
================
Total number of shareholders: 4
Total number of shares: 11,893,642
Shareholders Country %
----------------------------- ---------- ------
Mr. Andrew Wen-nan Chen Taiwan 31.35
Mr. Jui-li Chen Taiwan 31.35
Mr. Yang-ming Chen Taiwan 31.35
Ms. Hsin-mei Hung Taiwan 5.94
Management: Ms. Freda Yi-ping
Lin, Executive
Mr. Yang-ming Chen, Vice President
Mr. Andrew Wen-nan Chen, General Manager
Name Nationality
Job Description Dept. / Division
Ms. Freda Yi-ping Lin Taiwanese
Executive Human Resources
Mr. Yang-ming Chen Taiwanese
Vice President Operations
Mr. Andrew Wen-nan Chen Taiwanese
General Manager -
*Main Products & Services*
======================
Specializing in three main areas of work:
1. Research and development of soybean oil, canola oil and other oil
products.
2. Import of raw materials.
3. Manufacture of a wide range of related oil products, such as peanut
oil, sesame oil and sunflower oil.
4. Local sales and export of its finished products.
Product lines include:
- 100% Pure Sesame Oil
- 100% Pure Black Sesame Oil
- Blended Sesame Oil
- Hot Chili Oil
- Stir Fry Oil
- Sesame Spread
- Sesame Sauce
- Cold Pressed Pure Sesame Oil
- Sesame Seeds
Products: Canola meat & oil
Corn oil
Corns
Food products
Fruit jams
*Payment Terms*
==============
Sales
--------
Local : 30-60 days credit
Export : Letter of Credit (L/C)
Telegraphic
Transfer (T/T)
Purchases
--------------
Local : 30-60 days credit
Import : Letter of Credit (L/C)
Telegraphic
Transfer (T/T)
*Quality Certification*
=================
Obtained the following certifications:
(1)
Type of certification : ISO
9002
Date of certification : March
1998
(2)
Type of certification : HACCP
food safety and health certification.
Date of certification : February 2004
*Machinery & Equipment*
=====================
Machinery/Equipment : Cleaning, frying and filtering machines
Amount :
NTD 15 million
*Production Capacity*
==================
Current capacity: 6,000 tones per year
*Exhibition Participation*
====================
Participated in the following local exhibitions:
(1)
Exhibition Fair : 9th Taipei International Food Show
Date : 9-12
June, 1999
Location : Taipei World
Trade Center - Exhibition Hall
(2)
Exhibition fair : 10th Taipei International Food Show
Date attended : 15-18 June, 2000
Location : Taipei World Trade Center - Exhibition Hall
(3)
Exhibition fair : 11th Taipei
International Food Show
Date attended : 14-17 June, 2001
Location : Taipei World Trade Center - Exhibition Hall
(4)
Exhibition fair : Taipei
International Food Machinery & Technology Show
Dates attended : 21-25 June,
2001
Location : Taipei World
Trade Center - Exhibition Hall
(5)
Exhibition/Fair : FOOD TAIPEI -
Taipei Int'l Food Show
Date attended : 21 June, 2006 -
24 June, 2006
Location : Taipei
World Trade Center (TWTC)
(6)
Exhibition/Fair : Food
Kaohsiung
Date attended : 24 November,
2005 - 27 November, 2005
Location : Taipei
World Trade Center (TWTC)
*Competitors*
===========
The following locally based companies supply similar range of products :
1. HSEI-YI CO LTD
2. TING HSIN OIL & FAT INDUSTRIAL CO LTD
3. YU FA OLEIN CO LTD
4. PRESIDENT NISSHIN CORP
5. GREAT WALL ENTERPRISE CO LTD
*Domestic Raw Materials Suppliers*
===========================
10% of the raw materials are locally sourced.
*Imports*
=======
90% of the raw materials are imported from various sources with 65%
accounted for indirect imports from Singapore.
*Local Distribution Network*
======================
An estimated 41% of the annual turnover is attributed to the local
sales.
Sales breakdown as per customers:
Distributor % of Sales
--------------- ---------------
Wholesalers 85
Supermarkets 15
Sales breakdown as per region:
Region %
---------
---
Northern Taiwan 50
Southern Taiwan 50
*Export Markets*
=============
An estimated 59% 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.
*International Trade Ranking*
=======================
The firm has been ranked among Taiwan's Top Importers/Exporters based on
the standard measured by the
Board of Foreign Trade (BOFT)
Details of rank are as follows:
Year Rank
----- ------
1997 3,123
2004 1,530
2005 1,653
2006 1,941
*LOCAL BRANCHES & MANAGEMENT*
================================
Branch : FLAVOR FULL FOODS INC - TAICHUNG CITY
Branch Address : 957 Sung Tsu Rd Peitun Dist, Taichung City, 406
Branch Tel : [+886] 4-24250361
Branch Fax : [+886] 4-23857502
Branch Employees : 20
Branch : FLAVOR FULL FOODS INC - KAOHSIUNG CITY
Branch Address : 420 Ting Shan St Sanming Dist, Kaohsiung City, 807
Branch Tel : [+886] 7-3851069
Branch Fax : [+886] 7-3857502
Branch Employees : 18
*(Subsidiaries , Joint-ventures & Affiliates)
===============================
Company Name : FLAVOR FULL OIL FOOD CO LTD
Address : B-5 Area 1755 Hong Mei Nan Rd Shanghai 200237 China
Country : China
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Food Products
Company Name : HONG CHUANG TRADING CO LTD
Address : 22, Lane 33, Tai Shun St Hsinchuang City 242 Taipei Hsien
Taiwan
Country : Taiwan
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Importer
Industry : Agricultural Products
Company Name : YOBAO TRADING CO LTD
Country : Taiwan
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Food Products
Company Name : YUMBO INDUSTRIAL CORP
Address : Wuku Industrial Park 53 Wu Chuan Rd Wuku Hsiang 248 Taipei
Hsien Taiwan
Country : Taiwan
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Food Products
*OVERSEAS AGENTS AND DISTRIBUTORS*
====================================
Agent : SUN WAH TRADING CO
Country of Origin : Hong Kong
Product Description : Sesame oil
Brand : FLAVOR FULL FOODS
Agent : CROP LAND CO LTD
Country of Origin : Thailand
Product Description : Sesame oil
Brand : FLAVOR FULL FOODS
PAYMENT RATING : 3 OBTAINED SCORES :
71
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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 there is no legal requirement according to
local corporate law for public disclosure of detailed financials.
The turnover of the Taiwan operations does not reflect the gross
turnover of the firm's investments and operations in China. It is understood
that the turnover for each of these operations are lodged in dependently under
the corporate names of the respective subsidiaries.
*Bank Details*
============
Bank name : HUA NAN COMMERCIAL BANK
Branch : Cheng Kung
Account number : 194564
Swift code : HNBKTWTP
Type of account : Savings
*Financial Ratios*
==============
Year Shareholder's Return on Return on
Return on Debt to Debt to
Equity (NTDM) Sales (%) Assets (%)
Equity (%) Assets (%) Equity (%)
------- ------------------ ------------- -------------- -------------- -------------- ----------
2001 1.28 1.20 1.63 7.81 79.12 -
*Financial Summary (Currency: U.S. $'s)
===============================
Year Sales Assets Net Income
2001 $24,000,000.00 $17,700,000.00 $290,000.00
2002 $29,700,000.00 $3,328,054.04 $234,000.00
2003 $23,200,000.00 $18,300,000.00 $245,000.00
2004 $38,500,000.00 $18,500,000.00 $500,751.88
2005 $36,000,000.00 $18,500,000.00 $519,747.24
2006 $31,200,000.00 $19,100,000.00 $450,725.51
*Int´l Trade Activity (Currency: U.S. $'s)
==============================
Year Imports Exports Total
2001 $8,951,926.00 $3,692,423.01 $12,644,349.01
2002 $11,377,597.01 $5,020,126.01 $16,397,723.02
2003 $7,085,075.00 $6,129,697.00 $13,214,772.00
2004 $13,922,552.00 $8,412,628.99 $22,335,180.99
2005 $13,279,303.00 $7,997,986.00 $21,277,289.00
2006 $6,000,000.00 $8,590,000.00 $14,590,000.00
Credit Opinion: USD 500,000.00
SC is considered medium-sized in its line with a long history. The given
credit line appears to be within SC’s capacities.
Attached:
trade references
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 0115 Corn
Exporting 2079 Shortening,
table oils, margarine and other edible fats and oils,
Importing 2075 Soybean
oil and byproducts
Importing 2656 Sanitary
food and beverage containers except folding
Manufacturing 2000 Food
and Kindred Products
Manufacturing 2076 Vegetable
oils and byproducts, except corn, cottonseed, and soybean
Manufacturing 2079 Shortening,
table oils, margarine and other edible fats and oils,
Manufacturing 2099 Food
products,
Trading 2000 Food and
Kindred Products
Trading 2033 Canned
fruits, vegetables, preserves, jams, and jellies
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 1515290020 Corn (maize) oil and its fractions, once-refined (subject to alkalai
or caustic wash but not bleached or deodorized) not chemically modified
Exporting 1515500000 Seasame oil and its fractions, whether or not refined but not
chemically modified
Exporting 1515900000 Fixed vegetable fats and oils, not chemically modified
Exporting 1517100000 Margarine, excluding liquid margarine
Exporting 1518000000 Animal or vegetable fats & oils/their fractions, boiled,
oxidized, etc; inedible mixtures or preparations of animal or vegetable fats
and oils
Importing 0904200000 Fruits of the genus capsicum (peppers) or of the genus pimenta
(e.g., allspice), dried or crushed or ground
Importing 1206 Sunflower
seeds, whether or not broken
Importing 1207400000 Sesame seeds, whether or not broken
Importing 1507100000 Soybean oil and its fractions, crude, whether or not degummed
Importing 1511 Palm oil & its fractions,
not chemically modified
DETAILED PRODUCT
CLASSIFICATION & ACTIVITY
Activity Product/Service Description
Importer Soyabean
oil
Importer Sunflower
seeds
Importer Tanks &
vats
Importer Sunflower seed
oil
Manufacturer Sesame oil
Manufacturer Sunflower oil
Manufacturer Peanut oil
Manufacturer Palm oil
Manufacturer Corn oil
Manufacturer Stir fry oil
INTERNATIONAL
TRADE: ACTIVITY & MARKETS
Exporting to Asia
Exporting to Australia
Exporting to Canada
Exporting to China
Exporting to Hong Kong
Exporting to Israel
Exporting to Japan
Exporting to Malaysia
Exporting to Netherlands
Exporting to North America
Exporting to Oceania
Exporting to Philippines
Exporting to Singapore
Exporting to Thailand
Exporting to USA
Importing from Africa
Importing from Argentina
Importing from Asia
Importing from Burkina Faso
Importing from Cambodia
Importing from Canada
Importing from China
Importing from Europe
Importing from Germany
Importing from India
Importing from Indonesia
Importing from Iran
Importing from Malaysia
Importing from Middle East
Importing from Myanmar
Importing from Nigeria
Importing from North America
Importing from Pakistan
Importing from Saudi Arabia
Importing from Singapore
Importing from South Africa
Importing from South Korea
Importing from Sri Lanka
Importing from Thailand
Importing from USA
Importing from Uzbekistan
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%)