MIRA
INFORM REPORT
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Report Date : |
12.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
FORMOSA NAWONSUITH CORP |
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Registered Office : |
1-7, Lane 171, Nankang Rd Section 1 Nankang Dist Taipei City 115 |
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Country : |
Taiwan |
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Date of Incorporation : |
15.03.1986 |
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Com. Reg. No.: |
22026341 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importing of non-woven materials for in-house OEM products. Outsourcing to local factories with value-added processing of fabrics
and other related products. |
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 50,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
FORMOSA
NAWONSUITH CORP
1-7, LANE 171, NANKANG RD SECTION 1
NANKANG DIST TAIPEI CITY 115, TAIWAN
TEL: 886-2-26522069 FAX: 886-2-26522611
EXECUTIVE SUMMARY
INCORPORATION DATE : MARCH 15, 1986
REGISTRATION NO. :
22026341
LEGAL FORM :
PRIVATE
CHIEF EXECUTIVE :
MR. JUI-TAI LIN (CHAIRMAN)
STAFF STRENGTH :
10
CAPITAL :
US$ 492,611
BUSINESS LINE : TRADER
TURNOVER :
N/A (AS OF DEC. 31, 2007)
EQUITIES :
N/A (AS OF DEC. 31, 2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 50,000
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
TWD 31.88184 = 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*
================
Size : 45 sq meters (Approx)
Location : Central Business District (CBD)
Property status : Rented
Type of building : Commercial building
Other e-mail address : fnc03868@ms2.hinet.net
Other Contact Details
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Address : 9Fl, 42
Wen Hua 2nd Section 1 Linkou Hsiang Taipei Hsien 244
Contact person : Mr. Ming-fu
Hsieh
*Factories, Size & Locations*
======================
The company is a trading house focused on importation of overseas
products, and maintains no manufacturing facilities.
*Corporate & Organization Structure*
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A small sized specialized company operated and managed by the owner.
SC is not known to host website of its own at present.
E-mail: fnc.taipei@msa.hinet.net
For the past two years there is no record of litigation.
*Major Shareholders*
===============
Total number of shareholders: 4
Total number of shares: 6,600
Shareholders Country Number Amount %
Mr. Jui-tai Lin Taiwan
2,100.00 n/a 31.82
Mr. Shih-lai Lo Taiwan 1,950.00 n/a
29.55
Mr. Cheng-chung Chiu Taiwan 1,500.00 n/a 22.73
Ms. Hui-ching Hsu Taiwan 1,050.00 n/a 15.91
Management: Mr. Albert Luo, Manager
Mr.
Jui-tai Lin, General Manager
Name Nationality
Job Description
Mr. Albert Luo Taiwanese
Manager Sales
Mr. Jui-tai Lin Taiwanese General Manager -
*COMPANY DIRECTORS*
====================
1
Name : Mr. Jui-tai Lin
Nationality : Taiwanese
Country of Residence : Taiwan
*Main Products & Services*
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Specializes in the following areas of work :
1. Importing of non-woven materials for in-house OEM products.
2. Outsourcing to local factories with value-added processing of fabrics
and other related products.
3. Sales and distribution of finished products to local and overseas
markets.
Products: Deodorizers
Elastomeric
polyurethanes
Fabrics
Hydrometers
Machines, heat
pressing
*Payment Terms*
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Sales
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Local : Cash
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)
Document against Acceptance
(D/A)
Telegraphic
Transfer (T/T)
Open account /DA
terms with settlement using Telegraphic Transfer (T/T)
*Competitors*
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The following locally based companies supply similar range of products :
- JWU AN CO LTD
- MAKRITE INDUSTRIES INC
- MASTER & FRANK ENTERPRISE CO LTD
- PROBONDED INT'L CO LTD
- SUN JAKE INDUSTRIES CO LTD
*Local Distribution Network*
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An estimated 50% of the annual turnover is attributed to local
sales.
*Export Markets*
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An estimated 50% of the annual turnover is attributed to export.
*Subsidiaries, Joint-ventures & Affiliates*
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FORMOSA NAWONSUITH CORP is understood to maintain an "affiliate
factory" in China. The location of the factory supplied was in Guangdong,
Jiangsu, but without any detailed address, or contact details.
Since the firm was unwilling to disclose name and contact details of
their "affiliate factory" in China, it is assumed that this factory
is owned by third parties to whom orders are outsourced.
PAYMENT RATING : 3 OBTAINED SCORES :
55
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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 local corporate law for
public disclosure of detailed financials.
Although financial summaries were obtained for reference.
*BANK DETAILS*
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Bank Name : BANK OF TAIWAN
Branch : Nankang Dist, Taipei City
Branch Address : 120 Chung Ching South Rd Section 1 Chungcheng Dist
Taipei City 100 (Head Office)
SWIFT Code : BKTWTWTP
Bank Name : HUA NAN COMMERCIAL BANK LTD
Branch : Nankang Dist, Taipei City
Branch Address : 38 Chung King South Rd Section 1 Chungcheng Dist Taipei
City 100 (Head Office)
SWIFT Code : HNBKTWTP
*Financial Summary (Currency: U.S. $'s)
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Year Sales Assets Net Income
2007 $2,383,826.19 $573,325.29 $87,507.54
*Int´l Trade Activity (Currency: U.S. $'s)
==============================
Year Imports Exports Total
2005 $1,250,000.00 n/a $1,250,000.00
2006 $1,370,000.00 $47,000.00 $1,417,000.00
2007 $800,000.00 $1,193,799.03 $1,993,799.03
SC is considered small-sized in its line with a development history of 22
years. Taking into consideration of SC’s general performance, a credit line up
to USD 50,000 appears to be within SC’s capacities.
Attached:
trade references
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Importing 2821 Plastics
materials and resins
Trading 2200 Textile
Mill Products
Trading 2297 Nonwoven
fabrics
Trading 2299 Textile
goods,
Trading 2399 Fabricated
textile products,
Trading 3552 Textile machines,
and parts and attachments,
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Importing 3909200000 Melamine resins
Importing 3909501000 Polyurethanes,elastomeric
Importing 3921140000 Plates,sheets,film,foil & strip,cellular,of regenerated
cellulose
Importing 9025800000 Hydrometers and similar floating instruments, pyrometers,
hygrometers and psychrometers
Trading 5602903000 Felt,
whether or not impregnated, coated, covered or laminated: laminated fabrics
Trading 5603 Nonwovens,
whether or not impregnated, coated etc
Trading 5911 Textile
products etc. for specific tech uses
Trading 8451300000 Ironing
machines and presses (including fusing presses)
DETAILED PRODUCT
CLASSIFICATION & ACTIVITY
Activity Product/Service Description
Trader Machines, heat
pressing
Trader Textiles
Trader Non-woven
fabrics
Trader Deodorizers
Trader Resin
coatings
INTERNATIONAL
TRADE: ACTIVITY & MARKETS
Country / Region Main Trading Activity
Asia / Pacific Exporting
Europe Importing
Spain Importing
Switzerland Importing
United Kingdom Importing
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.77 |
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UK Pound |
1 |
Rs.80.67 |
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Euro |
1 |
Rs.64.20 |
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%)