MIRA
INFORM REPORT
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Report Date : |
15.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
HIFAST CO LTD |
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Registered Office : |
593 Chung Ming Rd East Dist Tainan City 701 |
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Country : |
Taiwan |
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Date of Incorporation : |
21.09.2001 |
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Com. Reg. No.: |
12902270 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Import and Local of wide range of Small Machine Tools. |
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 6,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
HIFAST
CO LTD
593 CHUNG MING RD EAST DIST TAINAN CITY 701,
TAIWAN
TEL: 886-6-2881056 FAX: 886-6-2881436
EXECUTIVE SUMMARY
INCORPORATION DATE :
SEPTEMBER 21, 2001
REGISTRATION NO. :
12902270
LEGAL FORM :
PRIVATE
CHIEF EXECUTIVE :
MR. DAVID CHUN-TING CHEN (CHAIRMAN)
STAFF STRENGTH :
3
CAPITAL :
US$ 165,837
BUSINESS LINE :
TRADER
TURNOVER :
N/A (AS OF DEC. 31, 2006)
EQUITIES :
N/A (AS OF DEC. 31, 2006)
PAYMENT :
FAIR
RECOMM. CREDIT RANGE : UP TO
USD 6,000
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
TWD 30.94898 = 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 : 100 sq. meters (Approx)
Location : Tainan City
Property status : Rented
Type of building : Commercial
building
*Factories, Size & Locations*
======================
The company is a trading house and maintains no manufacturing
facilities.
*Corporate & Organization Structure*
============================
A small -sized company operated and managed by the owner.
SC is not known to host website of its own at present.
E-mail: hifast@ms71.hinet.net
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. David Chun-ting Chen Taiwan n/a n/a 99.00
Undisclosed Shareholders n/a n/a n/a 1.00
Management: Mr. David Chun-ting Chen, General Manager
Name Nationality
Job Description
Mr. David Chun-ting Chen Taiwanese
General Manager
*COMPANY DIRECTORS*
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1
Name : Mr. David Chun-ting Chen
Nationality : Taiwan
Country of Residence : Taiwan
*Main Products & Services*
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Specializes in the following areas of work:
1. Import and local of wide range of small machine tools.
2. Sales and distribution of products to domestic market, mostly to its
affiliated company UNISTRONG INDUSTRIAL CO LTD.
Products: Anchors
Bolts
Machine tools
Nuts
Screws
*Payment Terms*
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Sales
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Local : 30 - 90 days credit
Cash
Purchases
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Local : 30 - 90 days credit
Import : Letter of Credit (L/C)
Telegraphic
Transfer (T/T)
Open account /DA
terms with settlement using TelegraphicTransfer (T/T)
*Competitors*
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The following locally based companies supply similar range of products :
- CHAEN WEI CORP
- BOLTUN CORP
- SHYANG SHEAV ENTERPRISE CO LTD
- SUN BEAM METAL INDUSTRIAL CO LTD
- ANCHOR FASTENERS INDUSTRIAL CO LTD
*Local Distribution Network*
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100% of the annual turnover is attributed to local sales.
*International Trade Activity*
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There is no record of exports because the prime focus of the firm's
activity is concentrated on local sales only.
Note: 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 :
UNISTRONG INDUSTRIAL CO LTD
Address :
591-1 Chung Min Rd East Dist Tainan City 701 Taiwan
Country :
Taiwan
Relationship :
Affiliate
Legal Form :
Private company with limited liability
Company Type :
Manufacturer
Industry :
Machinery
PAYMENT RATING : 4 OBTAINED SCORES :
48
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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 financial summaries were obtained for reference.
Note: At the time of preparing this report, 2007 financial has not yet
been submitted to Taiwan Tax Authorities.
*BANK DETAILS*
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Bank Name : TAIWAN BUSINESS BANK
Branch : Tatung Dist,Taipei City
Branch Address : International Department 3Fl, 30 Ta Cheng St
SWIFT Code : MBBTTWTP
*Int´l Trade Activity (Currency: U.S. $'s)
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Year Imports Exports Total
2004 $260,000.00 $210,000.00 $470,000.00
2005 $280,000.00 $50,000.00 $330,000.00
2006 $290,000.00 $0.00 $290,000.00
*Financial Summary (Currency: U.S. $'s)
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Year Sales Net Income
2006 $362,756.95 $23,881.50
SC is considered small-sized in its line with a development history of 7
years. Taking into consideration of SC’s general performance, a credit line up
to USD 6,000 appears to be within SC’s capacities.
Attached:
trade references
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Importing 3429 Hardware,
Importing 3452 Bolts,
nuts, screws, rivets, and washers
Importing 3544 Special
dies, tools, jigs, and fixtures
Importing 3546 Power
driven hand tools, and parts,
Trading 3429 Hardware,
Trading 3452 Bolts,
nuts, screws, rivets, and washers
Trading 3544 Special
dies, tools, jigs, and fixtures
Trading 3546 Power
driven hand tools, and parts,
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Importing 7316 Anchors,
grapnels and parts thereof, of iron/steel
Importing 7318 Screws,
bolts, nuts, washers etc, iron or steel
Importing 8207 Interchange
tools for hand- or machine-tools, bmpt
Importing 8207400000 Tools for tapping or threading, parts thereof, of base metal
Importing 8302 Hardware,
fixtures, castors etc & parts, base metal
Importing 8466 Parts
etc for machine tools of head 8456 to 8465
Trading 7316 Anchors,
grapnels and parts thereof, of iron/steel
Trading 7318 Screws,
bolts, nuts, washers etc, iron or steel
Trading 8207 Interchange
tools for hand- or machine-tools, bmpt
Trading 8207400000 Tools
for tapping or threading, parts thereof, of base metal
DETAILED PRODUCT
CLASSIFICATION & ACTIVITY
Activity Product/Service Description
Importer Tapping
tools
Importer Washers
Importer Nuts
Trader Screws
Trader Machine
tools
Trader Washers
Trader Anchors
Trader Threading
tools
Trader Tapping
tools
Trader Nuts
INTERNATIONAL
TRADE: ACTIVITY & MARKETS
Importing from Asia
Importing from Europe
Importing from India
Importing from Ireland
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%)