MIRA
INFORM REPORT
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Report Date : |
02.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
COSTCO PRESIDENT TAIWAN INC |
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Registered Office : |
268 Chiu Tsung Rd Section 1 Neihu Dist Taipei City 114 |
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Country : |
Taiwan |
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Date of Incorporation : |
08.02. 1996 |
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Com. Reg. No.: |
96972798 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importing a wide range of consumer products, food and beverage items. Direct sales through their own retail outlet in Taipei, Taichung and Kaohsiung cities. |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 5,000,000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
COSTCO
PRESIDENT TAIWAN INC
268 CHIU TSUNG RD SECTION 1 NEIHU DIST
TAIPEI CITY 114, TAIWAN
TEL: 886-2-87919988 FAX: 886-2-87920872
EXECUTIVE SUMMARY
INCORPORATION DATE :
FEBRUARY 8, 1996
REGISTRATION NO. :
96972798
LEGAL FORM :
PRIVATE
CHIEF EXECUTIVE :
MR. CHIEN-HUA CHAO ( MANAGER)
STAFF STRENGTH :
1,400
CAPITAL :
US$ 132,770,066
BUSINESS LINE :
IMPORTER
TURNOVER : $362,756,952.84 (AS OF DEC. 31,
2006)
EQUITIES :
N/A (AS OF DEC. 31, 2006)
PAYMENT :
ABOVE AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 5,000,000
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : WELL
KNOWN
EXCHANGE RATE :
TWD 30.41016 = 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*
===============
1976 -
Opened the first location under the PRICE CLUB name
1983 -
Opened the first COSTCO Warehouse in Seattle, WA, USA
1993 -
Merging of COSTCO and PRICE CLUB operating under the name of PRICECOSTCO.
January 1997 -
Commenced Kaohsiung City head office and warehouse.
July 1999 -
Commenced Nei-hu Taipei City office and warehouse.
2001 -
Commenced Hsihchih City Taipei-Hsien office and warehouse.
January 2005 -
Commenced Chungho City Taipei-Hsien office.
November 2007 - Opened the Taichung branch store.
*Company Name*
=============
Incorporated as :
PRICECOSTCO PRESIDENT (SOUTH) INC
Date of incorporation : 8 February, 1996
Changed name to : COSTCO
PRESIDENT TAIWAN INC
Year of change :
1997
*Company Registration*
==================
License number : 96972798
Date issued : 8
February, 1996
Issuing authority : Ministry of Economic Affairs (MOEA)
Branch Registration Details
-------------------------------------
(1)
License number : 27948648
Date issued : 17
November, 2006
Issuing authority : Ministry of
Economic Affairs (MOEA)
Type of license : Taichung
Branch License
(2)
License number : 80033968
Date issued : 27
November, 2003
Issuing authority : Ministry of
Economic Affairs (MOEA)
Type of license : Chungho
Branch License
(3)
License number : 16846757
Date issued : 16 June,
1999
Issuing authority : Ministry of
Economic Affairs (MOEA)
Type of license : Hsihchih
Branch License
(4)
License number : 16439323
Date issued : 4 March,
1998
Issuing authority : Ministry of
Economic Affairs (MOEA)
Type of license : Neihu
Branch License
*Capital Details*
============
Registered capital increase : NTD 4,400,000,000.00
Initial paid-up capital
: NTD 3,880,000,000.00
Paid-up capital increase :
NTD 4,021,900,000.00
Date of increase
: N/A
*Office & Facilities*
===============
Size :
33,651 sq. meters (Approx)
Location : Taipei
City
Facilities : Modern
office & showroom
Property status : Owned by
COSTCO PRESIDENT TAIWAN INC.
Type of building : Commercial building
Comment : Serves as
office and warehouse.
*Corporate & Organization Structure*
===========================
A large sized company operated and managed by an experienced team of
professionals, including a number of expatriates.
*Industry Ranking*
===============
The company ranked as Top 5000 largest companies in Taiwan.
Details of rank as follows:
Year Rank
------- --------
2004 453
2005 345
2006 270
*Reputation*
==========
Reference checking for the purpose of establishing the firm's reputation
within the respective industry failed to reveal any negative information.
Note: In fact COSTCO maintains an excellent business reputation in
Taiwan and is a highly respected high volume retailer.
Web
site: www.costco.com.tw
the design is professional and the content is well organized. At present it is
in both Chinese and English versions.
E-mail: richardchang@costco.com.tw
For the past two years there is no record of litigation.
*Major Shareholders*
=================
Total number of
shares : 433,734,313
Shareholders'
Name No. of
Shares
% of Shares
---------------------------
------------------ ----------------
COSTCO WHOLESALE CORP
221,204,500
51.00
TA LI INT'L
CORP
177,357,497
40.89
UNDISCLOSED
SHAREHOLDER
31,544,313
7.27
PRESIDENT DEPARTMENT STORE CO
LTD
3,628,003
0.84
Management: Mr. Chien-hua Chao,
Manager
Ms. May Wong, Executive
Ms. Melissa Yeh, Manager
Name Nationality
Job Description Dept. / Division
Mr. Chien-hua Chao Taiwanese
Manager Division
Ms. May Wong Taiwanese
Executive Human Resources
Ms. Melissa Yeh Taiwanese
Manager Marketing
Mr. Ahmen Po-meng Lee Taiwanese
Manager Regional
Mr. Richard Su-han Chang Taiwanese
CEO -
Mr. Hai-li Wu Taiwanese
General Manager -
Mr. Justin Callahan American Vice
President -
*Key Personnel*
============
(1)
Mr. Richard Su-han Chang
Founder :
Co-founder
Date of birth : 25
November, 1964
Place of birth :
Huntington Beach, California USA
Tel no :
2-87919988 ext. 198
Email address :
richardchang@costco.com.tw
Work experience : With 10
years work experience
Association : Member
of American Chamber of Commerce in Taipei
Other position : Chairman
and General Manager, COSTCO PRESIDENT TAIWAN INC NEI-HU
WAREHOUSE
(2)
Mr. Justin Callahan
Email address :
justincallahan@costco.com.tw
Association : Member
of American Chamber of Commerce in Taipei
Other position : Vice
President, COSTCO PRESIDENT TAIWAN INC NEI-HU WAREHOUSE
(3)
Mr. Ahmen Po-meng Lee
Association : Member
of American Chamber of Commerce in Taiwan
*Main Products & Services*
=====================
Specializes in two areas of work:
1. Importing a wide range of consumer products, food and beverage items.
2. Direct sales through their own retail outlet in Taipei, Taichung and
Kaohsiung cities.
Sales are generated to consumers based on membership.
It also includes two types of membership:
- Business
- Gold Star
Purchases and sells under the "Kirkland" signature product
brand.
Products: Almonds
Aluminum
cookware
Aluminum household
cookware
Aluminum foil
Apparel
*Payment Terms*
==============
Sales
-------
Local : Cash basis
Credit card
(Consumer purchases via their retail outlets)
Purchases
-------------
Local : Cash
30-60 days
credit
Import : Letter of Credit
(L/C)
Documents
against Acceptance (D/A)
Open
Account/DA terms with settlement using Telegraphic Transfer (T/T)
*Associations*
============
Member of the following associations:
- American Chamber of Commerce in Taiwan
- German Business Association of Taiwan
*Competitors*
===========
The following locally based firms supply similar range of products:
- MAKRO TAIWAN LTD
- SUNG CHING SUPERMARKET CO LTD
- RT MART INT'L LTD
- DIAREX ENTERPRISE CO LTD
- LENSHINE INT'L TRADING CO LTD
- PROMAR PROCUREMENT & MARKETING INC
- SHOHO CO LTD
- SAN CHIANG ENTERPRISE CO LTD
- CHOU CHIN INDUSTRIAL CO LTD
- YUMAOWU ENTERPRISE CO LTD
- WELLCOME TAIWAN CO LTD
- KIEN CHIA TRADING CO LTD
- PRESICARRE CORP
- TESCO STORES (TAIWAN) LTD
- FAR EASTERN GEANT CO LTD
- CYMASUN PERISHABLES CORP
- LENSHINE INT'L TRADING CO LTD
- SHOHO CO LTD
- TA-LEE ISETAN CO LTD
- EVER RICH DUTY FREE SHOP CORP
*Domestic Suppliers*
=================
60% of its products are purchased from local suppliers which include :
(1)
Supplier's name :
UNI-PRESIDENT ENTERPRISES CORP
Supplied products :
Beverages
(2)
Supplier's name :
NESTLE TAIWAN LTD
Supplied products : Milk
and milk products
(3)
Supplier's name :
YAKULT CO LTD
Supplied products :
Fermented milk drinks
(4)
Supplier's name : MAO
BAO INC
Supplied products :
Cleaning preparations
Annual purchase : NTD
10,726,000.00
*Imports*
========
An average of 40% of products is imported from overseas market including
Bulgaria, Honduras, Morocco, Madagascar and Malta.
*Local Distribution Network*
======================
100% of the annual turnover is attributed to local sales.
Breakdown of sales is as follows:
% of Sales
Customers
--------------
--------------
80 Individual or End-users
20 Corporate
- Business owners
- Wholesalers
- Purchasing for re-sale
*International Trade Activity*
=======================
2002 - Previously engaged
in the export market.
*Export Markets*
=============
There is no record of export since the prime focus of the firm's
activity is concentrated on local sales only.
*Overseas Suppliers*
=================
Major overseas suppliers include :
(1)
Supplier's name :
COSTCO WHOLESALE KOREA INC
Country :
South Korea
(2)
Supplier's name :
BAROSSA VALLEY ESTATE WINERY
Country :
Australia
Product
: Red wines
(3)
Supplier's name : WINE
IN STYLE LTD
Country :
Japan
*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 3481
2001 0989
2002 1017
2003 0521
2004 0576
2005 0319
2006 (Not yet released, but it is understood that the
firm's ranking for 2006 will be within the Top 300 firms.)
*LOCAL BRANCHES & MANAGEMENT*
=================================
Branch : COSTCO PRESIDENT TAIWAN INC (OFFICE & WAREHOUSE) - TAICHUNG
CITY
Branch Address : 289 Wen Hsin South 3rd Rd Nantun Dist, Taichung City,
408
Branch Tel : [+886] 4-37042855
Branch Employees : 330
Branch : COSTCO PRESIDENT TAIWAN INC (OFFICE & WAREHOUSE) - HSIHCHIH
CITY
Branch Address : 158 Da Tung Rd Section 1 Hsihchih City, Taipei Hsien
221
Branch Tel : [+886] 2-26907335
Branch Employees : 230
Branch : COSTCO PRESIDENT TAIWAN INC - CHUNGHO CITY
Branch Address : 347 Chung Shan Rd Section 2 Chungho City, Taipei Hsien
235
Branch Tel : [+886] 2-22425289
Branch Employees : 210
Branch : COSTCO PRESIDENT TAIWAN INC (OFFICE & WAREHOUSE) -
KAOHSIUNG CITY
Branch Address : 656 Chung Hwa 5 Rd Chienchen Dist, Kaohsiung City, 806
Branch Tel : [+886] 7-3380006
Branch Fax : [+886] 7-5353465
Branch Employees : 240
Branch : COSTCO PRESIDENT TAIWAN INC - TAIPEI CITY
Branch Address : 255 Min Shan St Neihu Dist, Taipei City, 114
Branch Employees : 110
*(Subsidiaries, Joint-ventures & Affiliates)
===============================
Company Name : COSTCO PRESIDENT TAIWAN INC (SHIH-CHIH)
Address : 158 Datung Rd Section 1 Hsihchih City 221 Taipei Hsien Taiwan
Country : Taiwan
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Consumer Products
Company Name : COSTCO PRESIDENT TAIWAN INC NEI-HU WAREHOUSE
Address : 1Fl, 268 Jiu-zong Rd Section 1 Neihu Dist Taipei City 114
Taiwan
Country : Taiwan
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Importer
Industry : Consumer Products
*Subsidiaries, Joint-ventures & Affiliates*
===============================
Maintains 473 locations worldwide.
The following companies are not branches but rather independent business
licenses using almost identical business names of the holding company.
- COSTCO PRESIDENT TAIWAN INC (NEI-HU)
Activity: Maintained as the
head administration office and hypermarket.
- COSTCO PRESIDENT TAIWAN INC (SHIH-SHIH)
Activity: Maintained as the
hypermarket.
*IMPORTER AGENCY LISTING*
==========================
Supplier : STARBUCKS CORP
Country of Origin : USA
Product Description : Coffee
Brand : Starbucks
Year : 1998
Supplier : MCCORMICK & CO INC
Country of Origin : USA
Product Description : Curry powder
Brand : McCormick
Year : 2000
Supplier : PACIFIC SALMON INDUSTRIES INC
Country of Origin : Canada
Product Description : Smoked salmon
Brand : Pacific
Year : 1999
*Branches*
=========
Kaohsiung City
----------------------
Size : 31,728 sq. meters (Approx.)
Location : Central
Business District in Kaohsiung City
Facilities : Modern
office & showroom
Property status : Rented
Type of building : Commercial building
Comment : Serves as office and warehouse.
Taipei City
---------------
Other tel no. : 2-87910110
PAYMENT RATING : 2 OBTAINED SCORES :
78
|
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
FAIRLY LARGE amounts depending on individual judgement experience.
The firm's financials for Taiwan are consolidated with those of COSTCO
head office operations in USA, and are therefore not released independently.
However, financial summaries were obtained for reference.
*Int´l Trade Activity (Currency: U.S. $'s)
==============================
Year Imports Exports Total
2001 $23,610,767.01 n/a $23,610,767.01
2002 $23,818,279.99 $3,776.00 $23,822,055.99
2003 $55,768,962.00 $0.00 $55,768,962.00
2004 $65,164,490.98 $0.00 $65,164,490.98
2005 $106,365,474.00 $0.00 $106,365,474.00
2006 $124,579,448.97 $0.00 $124,579,448.97
*Financial Summary (Currency: U.S. $'s)
=============================
Year Sales Assets Net Income
2004 $204,511,278.20 $150,375,939.85 $19,237,740.33
2005 $284,360,189.57 $157,977,883.10 $21,706,161.14
2006 $362,756,952.84 $187,424,425.63 $28,567,110.04
SC is considered large-sized in its line with a long history. Credit
dealings with SC in favorable terms can be considered.
Attached:
trade references
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Importing 0115 Corn
Importing 0134 Potatoes,
white or irish
Importing 0174 Citrus
fruits
Importing 0913 Shellfish
Importing 2000 Food
and Kindred Products
Importing 2023 Milk
and cream, condensed, evaporated, and dry
Importing 2024 Ice
cream
Importing 2026 Fluid
milk and cream, and related products
Importing 2034 Food
products, dried and dehydrated
Importing 2035 Pickled
fruits and vegetables, vegetable sauces and seasonings, and salad dressings
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Importing 0200 Meat
& edible meat offal
Importing 0201 Meat
of bovine animals, fresh or chilled
Importing 0201202000 Beef cuts, high-quality, with bone in, processed, fresh or
chilled
Importing 0201302000 Beef cuts, high-quality, boneless, processed, fresh or chilled
Importing 0202302000 Beef cuts, high-quality, boneless, processed, frozen
Importing 0203 Meat
of swine (pork), fresh, chilled or frozen
Importing 0204100000 Carcasses and half-carcasses of lamb, fresh or chilled
Importing 0204220000 Sheep-meat, cuts with bone in, fresh or chilled
Importing 0207 Meat
& ed offal of poultry, fresh, chill or frozen
Importing 0208900000 Meat and edible meat offal, fresh, chilled or frozen
DETAILED PRODUCT
CLASSIFICATION & ACTIVITY
Activity Product/Service Description
Importer Toiletries
Importer Cosmetic
brushes
Importer Perfumes
Importer Bathrooms &
toilets
Importer Crisp
breads
Importer Bread
Importer Shoes
male/female fashion
Importer Footwear for
men & women
Importer Footwear &
other consumer
Importer Footwear
INTERNATIONAL
TRADE : ACTIVITY & MARKETS
Importing from Africa
Importing from Argentina
Importing from Asia
Importing from Australia
Importing from Austria
Importing from Bangladesh
Importing from Belgium
Importing from Brazil
Importing from Cambodia
Importing from Canada
Importing from Chile
Importing from China
Importing from Colombia
Importing from Costa Rica
Importing from Czech Republic
Importing from Denmark
Importing from Dominica
Importing from Dominican Republic
Importing from Egypt
Importing from El Salvador
Importing from Europe
Importing from France
Importing from Germany
Importing from Guatemala
Importing from Honduras
Importing from Hong Kong
Importing from India
Importing from Indonesia
Importing from Israel
Importing from Italy
Importing from Japan
Importing from Jordan
Importing from Lesotho
Importing from Macau
Importing from Malaysia
Importing from Mauritius
Importing from Mexico
Importing from Middle East
Importing from Morocco
Importing from Netherlands
Importing from New Zealand
Importing from North America
Importing from Norway
Importing from Oceania
Importing from Oman
Importing from Pakistan
Importing from Panama
Importing from Peru
Importing from Philippines
Importing from Poland
Importing from Portugal
Importing from Romania
Importing from Russia
Importing from Singapore
Importing from Slovak Republic
Importing from Slovenia
Importing from South Africa
Importing from South America
Importing from South Korea
Importing from Spain
Importing from Sri Lanka
Importing from Switzerland
Importing from Thailand
Importing from Tunisia
Importing from Turkey
Importing from USA
Importing from United Kingdom
Importing from Vietnam
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)