Final Report
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Report Date : |
08.05.2012 |
IDENTIFICATION DETAILS
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Name : |
HWA HONG CHEMICAL CO., LTD. |
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Registered Office : |
No.12, |
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Country : |
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Date of Incorporation : |
23.03.1987 |
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Com. Reg. No.: |
22523544 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
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No. of Employees : |
About 80 employees |
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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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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Company Name: |
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Supplied Name: |
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Trading Address |
12&18 Hsin Tu Road Chien Chen District, Kaohsiung, Taiwan, R.O.C. |
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Supplied Address: |
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Telephone Number: |
+886-7-8131235 |
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Fax Number: |
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E-mail: |
Notes: Subject’s exact name and address are as above.
Subject was incorporated on
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Name |
Subscription
Shares |
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Qixiang Dong |
19,000 |
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Ruizhu Pan |
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18,000 |
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Weizhen Dong |
1,450 |
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Youren Dong |
1,450 |
The information above is that of subject’s major shareholders.
Subject has 2 two
factories
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1 |
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Address: |
12 Hsin Tu Road Chien Chen District, Kaohsiung,
Taiwan, R.O.C. |
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2 |
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Address: |
18 Hsin Tu Road Chien Chen District, Kaohsiung, Taiwan, R.O.C. |
Core
Management
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1 |
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Name |
Qixiang Dong |
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Position |
Board Chairman |
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2 |
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Name |
Ruizhu Pan |
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Position |
Director |
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3 |
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Name |
Weizhen Dong |
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Position |
Director |
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4 |
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Name |
Youren Dong |
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Position |
Supervisor |
Offices
& Factories
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Headquarters |
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Add |
12&18 Hsin Tu Road Chien Chen District, Kaohsiung, Taiwan, R.O.C. |
Production
Information
l
Subject is engaged in manufacture of hot melt
adhesives and subject has factories, and one produces EVA hot melt adhesives system,
and the other one produce T.P.R. hot melt pressure sensitive adhesives system
l
It is introduced that subject’s production capacity
reaches 15,000 MTS/year
l
Subject obtained the certification of ISO-9002
certificated by UKAS.
Purchase
Information
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The registered activities of subject:
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1 |
Manufacture, processing and sales of adhesion agent
and hot melting glue guns |
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2 |
General import and export trading business
besides licensed business |
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Subject purchases raw materials both at home and
abroad and it is introduced that 90% of the raw materials are imported from
Japan, U.S.A. and Europe and Japan is subject’s major purchasing land.
Sales
Information
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Subject is engaged in sales of hot melt adhesives
and its products include EVA hot melt adhesives and T.P.R. hot melt pressure
sensitive adhesives
l
Subject’s products are applied to plywood, PVC
floor tile, footwear manufacturing, bookbinding, packaging, etc
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Subject’s products are both sold in domestic and
overseas market
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Subject’s general delivery date is 2 weeks for one
container of goods.
Import and export
right:
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Import right |
Yes |
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Export right |
Yes |
Purchase
Domestic Purchase
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Payment Terms |
Proportion |
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Raw materials, etc |
COD, Credit Sales, etc |
100% |
Foreign Purchase
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Payment Terms |
Proportion |
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Raw materials, etc |
CBD, etc |
100% |
Sales
Domestic Markets
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Sales Terms |
Proportion |
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Hot Melt Adhesives, etc |
COD, CBD, etc |
100% |
Export
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Sales Terms |
Proportion |
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Hot Melt Adhesives, etc |
CBD, etc |
100% |
Subject has no obligations to disclose its financial statements to the third
party according to the relevant policy in Taiwan and the only source from which
we can obtain the information is the subject itself.
Subject’s director Mr. Dong declined to disclose its financials citing
the grounds of company’s confidentiality; from other source we can not obtain
the relevant information, either.
Subject declined
to confirm whether the supplied banker First Commercial Bank, San Br. No. 186,
Chung Hwa 3 Road Chin Chen District, Kaobhsiung Taiwan a/c no. 704-10-005215
belongs to subject, from other source, we can not find any relevant
information.
Mortgage
No chattel mortgage record of subject has been found within the recent 3 months.
Lawsuit
Up to date of reporting, no existing or latent litigation of the subject has been found.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.53.34 |
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UK Pound |
1 |
Rs.86.09 |
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Euro |
1 |
Rs.69.37 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.