MIRA
INFORM REPORT
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Report Date : |
21.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
RIITS TRADING CO LTD |
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Registered Office : |
3FL, 86, Huai Ning St Chungcheng Dist Taipei City 100 |
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Country : |
Taiwan |
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Date of Incorporation : |
27.10. 1987 |
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Com. Reg. No.: |
22655093 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Local purchasing a wide range of basonyl dyes, reactive dyes and
related chemical products. Importing of a wide range of disperse dyes, acid dyes, solvent dyes
and related chemical products. |
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 & address
RIITS
TRADING CO LTD
3FL, 86, HUAI NING ST CHUNGCHENG DIST
TAIPEI CITY 100, TAIWAN
TEL: 886-2-23612328 FAX: 886-2-23315877
EXECUTIVE SUMMARY
INCORPORATION DATE :
OCTOBER 27, 1987
REGISTRATION NO. :
22655093
LEGAL FORM :
PRIVATE
CHIEF EXECUTIVE :
MR. CHAILLY MING-YUAN WENG (CHAIRMAN)
STAFF STRENGTH :
5
CAPITAL :
US$ 1,127,695
BUSINESS LINE :
TRADER
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 : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
TWD 30.47756 = 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
Trading Name / DBA : RD
RED DEAN
Office & Facilities*
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Size : 140 sq. meter (Approx)
Location : Taipei city
Property status :
Rented
Type of Building : Commercial building
Other contact details
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Fax no : 2-23883957
Email : riits.weng@msa.hinet.net / angela.riits@hotmail.com
Website : riits.trade-taiwan.org
Note:
The office facilities are shared with a related company, GOLDEN KING DYE
CO LTD.
*Factories, Size & Locations*
======================
The company is a trading house, and maintains no manufacturing
facilities.
*Corporate & Organization Structure*
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A small-medium sized company operated and managed by the owners and a
professional management team.
Web
site: http://www.taiwantrade.com.tw/riits
The design is professional and the content is well organized. At present it is
in English version.
E-mail: riits@ms10.hinet.net
For the past two years there is no record of litigation.
*Major Shareholders*
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Total number of shareholders: 4
Total number of shares: 18,180
Shareholders Country Number
Amount %
----------------- ---------- ----------- ----------- -------
Mr. Chailly Ming-yuan Weng Taiwan 7,000.00 n/a n/a
Mr. Chang-lu Chen Taiwan 4,380.00 n/a n/a
Ms. Su-mei Chen Taiwan 3,800.00 n/a n/a
Mr. Shi-fang Weng Taiwan 3,000.00 n/a n/a
Management: Ms. Shu-yi Wang,
Representative
Mr. Chailly Ming-yuan Weng, General Manager
Name Nationality
Job Description Dept. / Division
Ms. Shu-yi Wang Taiwanese
Representative Sales
Mr. Chailly Ming-yuan Weng Taiwanese
General Manager -
*COMPANY DIRECTORS*
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1
Name : Mr. Chailly Ming-yuan Weng
Nationality : Taiwan
Country of Residence : Taiwan
*Main Products & Services*
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Specializes in the following areas of work:
1. Local purchasing a wide range of basonyl dyes, reactive dyes and
related chemical products.
2. Importing of a wide range of disperse dyes, acid dyes, solvent dyes
and related chemical products.
3. Selling to both domestic and international markets.
Products: Acid dyes
Basacid dyes
Basonyl dyes
Direct dyes
Disperse dyes
*Payment Terms*
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Sales
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Local : 30 - 90 days credit
Cash
Export : Letter of Credit (L/C)
Telegraphic
Transfer (T/T)
Purchase
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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 :
- ABLE ADVANCED CHEMICALS CO LTD
- CHEER PENG TRADING CO LTD
- DYEXCEL CHEMICAL INDUSTRIAL CORP
- FARSMART CO LTD
- MEDINA TRADING CO LTD
*Domestic Customers*
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Most of domestic sales are achieved through direct sales to local
manufacturers, as well as to local trading houses which also export.
*Local Distribution Network*
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90% of the annual turnover is attributed to local sales.
*Export Markets*
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10% of the annual turnover is attributed to export.
NOTE:
At the time of performing this report, the 2007 import / 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 : GOLDEN KING DYE CO LTD
Address : 3Fl, 86, Huai Ning St Chungcheng Dist Taipei City 100 Taiwan
Country : Taiwan
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Chemicals
*IMPORTER AGENCY LISTING*
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Supplier : KYUNGIN CO KR
Country of Origin : South Korea
Product Description : Dyes
Brand : KYUNG-IN
Year : 1997
Supplier : BASF GMBH
Country of Origin : Germany
Product Description : Dyes
Brand : BASF
Year : 1992
Supplier : KYUNGIN CO KR
Country of Origin : South Korea
Product Description : Dyes
Brand : KYUNG-IN
Year : 1997
Supplier : BASF GMBH
Country of Origin : Germany
Product Description : Dyes
Brand : BASF
Year : 1992
Supplier : KYUNGIN CO KR
Country of Origin : South Korea
Product Description : Dyes
Brand : KYUNG-IN
Year : 1997
Supplier : BASF GMBH
Country of Origin : Germany
Product Description : Dyes
Brand : BASF
Year : 1992
PAYMENT RATING : 3 OBTAINED SCORES :
63
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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 USD6
million, there is no legal requirement according to local corporate law for
public disclosure of detailed financial.
Although financial summaries were obtained for reference.
Note: At the time of preparing this report, 2007 financial has not been
submitted to Taiwan Tax Authorities.
*BANK DETAILS*
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Bank Name : BANK OF TAIWAN
Branch : Chungcheng Dist,Taipei City
Branch Address : 120 Chung Ching South Rd Section 1
SWIFT Code : BKTWTWTP
Bank Name : MEGA INT'L COMMERCIAL BANK CO LTD
Branch : Chungcheng Dist,Taipei City
Branch Address : 123 Jhongsiao E Rd Section 2
SWIFT Code : ICBCTWTP
*Int´l Trade Activity (Currency: U.S. $'s)
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Year Imports Exports Total
2004 $6,512,364.00 $265,124.00 $6,777,488.00
2005 $5,469,871.00 $469,571.00 $5,939,442.00
2006 $6,321,653.99 $536,540.99 $6,858,194.98
*Financial Summary (Currency: U.S. $'s)
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Year Sales Net Income
2006 $9,885,126.96 $377,871.83
SC is considered small-sized in its line with a development history of 21
years. A credit line at the above amount appears beyond SC’s capacities, while
a credit line up to USD 100,000 is recommended.
Attached:
trade references
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Trading 2800 Chemicals
and Allied Products
Trading 2899 Chemical
preparations,
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 3204110000 Disperse dyes and preparations based thereon
Importing 3204110000 Disperse dyes and preparations based thereon
Importing 3204120000 Acid dyes, whether or not premetallized, and preparations based
thereon; mordant dyes & preparations based thereon
Importing 3204160000 Reactive dyes & preparations based thereon
Importing 3809910000 Finishing agents and dye carriers containing 5 percent or more
by weight of 1 or more aromatic or modified aromatic substances
DETAILED PRODUCT
CLASSIFICATION & ACTIVITY
Activity Product/Service Description
Trader Disperse
dyes
Trader Basonyl
dyes
Trader Basacid
dyes
INTERNATIONAL
TRADE: ACTIVITY & MARKETS
Exporting to Asia
Exporting to Colombia
Exporting to Europe
Exporting to Hong Kong
Exporting to Italy
Exporting to Singapore
Exporting to South America
Exporting to Syria
Exporting to Vietnam
Importing from Asia
Importing from China
Importing from Europe
Importing from Germany
Importing from India
Importing from Indonesia
Importing from Italy
Importing from Japan
Importing from South Korea
Importing from Thailand
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%)