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Report Date : |
22.09.2012 |
IDENTIFICATION DETAILS
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Name : |
UNITED OCEAN FOODS CO., LTD. |
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Registered Office : |
1F., No.193, |
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Country : |
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Date of Incorporation : |
21.09.2009 |
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Com. Reg. No.: |
29028230 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Import and sales of seafood, etc |
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No. of Employees : |
About 40 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 : |
Slow but correct |
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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
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Taiwan |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
TAIWAN - ECONOMIC OVERVIEW
Taiwan has a dynamic
capitalist economy with gradually decreasing government guidance of investment
and foreign trade. In keeping with this trend, some large, state-owned banks and
industrial firms have been privatized. Exports, led by electronics, machinery,
and petrochemicals have provided the primary impetus for economic development.
This heavy dependence on exports exposes the economy to fluctuations in world
demand. In 2009, Taiwan's GDP contracted 1.9%, due primarily to a 20%
year-on-year decline in exports. In 2010 GDP grew 10.9%, as exports returned to
the level of previous years, and in 2011, grew 5.2%. However, 2012 growth will
likely be less, according to most forecasters, because of softening global
demand. Taiwan's diplomatic isolation, low birth rate, and rapidly aging
population are major long-term challenges. Free trade agreements have
proliferated in East Asia over the past several years, but so far Taiwan has been
excluded from this greater economic integration largely because of its
diplomatic status with the exception of the landmark Economic Cooperation
Framework Agreement (ECFA) signed with China in June 2010. The MA
administration has said that the ECFA will serve as a stepping stone toward
trade pacts with other regional partners, and negotiations on a deal with
Singapore began this year. Follow-on components of ECFA, including deals on
trade in goods, services, and investment, have yet to be completed. Taiwan's
Total Fertility rate of just over one child per woman is among the lowest in
the world, raising the prospect of future labor shortages, falling domestic
demand, and declining tax revenues. Taiwan's population is aging quickly, with
the number of people over 65 accounting for 10.9% of the island's total
population as of 2011. The island runs a large trade surplus, and its foreign
reserves are the world's fourth largest, behind China, Japan, and Russia. Since
2005 China has overtaken the US to become Taiwan's second-largest source of
imports after Japan. China is also the island's number one destination for
foreign direct investment. Three financial memorandums of understanding,
covering banking, securities, and insurance, took effect in mid-January 2010, opening
the island to greater investments from the mainland's financial firms and
institutional investors, and providing new opportunities for Taiwan financial
firms to operate in China. Closer economic links with the mainland bring
greater opportunities for the Taiwan economy, but also poses new challenges as
the island becomes more economically dependent on China while political
differences remain unresolved.
Source
: CIA
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Company Name: |
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Supplied Name: |
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Trading Address: |
No.195, Fodao Rd., Qianzhen Dist., Kaohsiung
City 806, Taiwan (R.O.C.) |
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Supplied Address: |
10F No 828 Zhong Hua 1st Roadgushan Dist
Kaohsiung 804 Taiwan |
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Telephone Number: |
+886-7-882-1812 |
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Fax Number: |
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E-mail: |
Note: The exact name and address are as above and subject introduced that the
supplied address didn’t belong to them.
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Credit Opinion: |
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Registered Name: |
United Ocean Foods Co., Ltd. |
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Registered Address: |
1F., No.193, Fodao Rd., Qianzhen Dist., Kaohsiung City 806, Taiwan (R.O.C.) |
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Date of Foundation: |
2009-9-21 |
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Registration Number: |
29028230 |
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Registry: |
Economic Development Bureau, Kaohsiung City |
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Registered Capital: |
NTD 60,000,000
(USD 2,040,000) (As of 2012.09, 1 NTD = 0.034 USD) |
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Paid-up Capital: |
NTD 60,000,000 (USD 2,040,000) |
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Legal Representatives: |
Jiayin Lin |
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Legal Form: |
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Principal Activities: |
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Staff: |
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Listed at Stock
Exchange: |
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Date of Last Annual
Return: |
Subject was incorporated on 2009-9-21 with registered
number 29028230 as Joint Stock Company in Taiwan.
|
Name |
Subscription Shares |
|
Jiayin Lin |
2,500,000 |
|
Zhipeng Chen |
|
|
1,300,000 |
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Caiti Chen |
700,000 |
|
Miaoxian Lin |
1,500,000 |
The information
above is that of subject’s major shareholders.
Related Company
|
Name |
Johnson Seafood
Inc. |
|
Address |
No.195, Fodao Rd.,
Qianzhen Dist., Kaohsiung City 806, Taiwan (R.O.C.) |
|
Telephone Number |
+886-7-822-1812 |
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Fax Number |
+886-7-822-1962 |
Core
Management
Directors
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1 |
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Name |
Jiayin Lin |
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Position |
Board Director |
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2 |
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Name |
Zhipeng Chen |
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Position |
Director |
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3 |
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Name |
Caiti Chen |
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Position |
Director |
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4 |
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Name |
Miaoxian Lin |
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Position |
Supervisor |
Personnel
Structure
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Total Employees |
About 40 Employees |
Offices
& Factories
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|
Headquarters |
|
Add |
No.195, Fodao Rd., Qianzhen Dist., Kaohsiung City 806, Taiwan (R.O.C.) |
Production
Information
l
Subject is an importer of seafood without any
production activities.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
F101050 |
Wholesale of seafood |
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F101130 |
Wholesale of vegetable and fruit |
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F102170 |
Wholesale of food and grocery |
|
F401010 |
International trade business |
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ZZ99999 |
Besides licensed business, all other business items
those are not banned or restricted. |
l It is introduced that subject purchases product mainly from abroad such
as India, Bangladesh, Vietnam, Thailand, South Korea, Australia, Mexico, Chile,
and Canada, etc.
l The subject has a proportion of 100% for import.
l
Subject is engaged in sales of seafood.
l Subject’s sales
region is major in domestic market.
l Subject’s major
customers include wholesaler, hotel, and chain restaurants, etc.
Major products
sold
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|
Product |
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1 |
Halibut |
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2 |
Mackerel |
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3 |
Plaice |
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4 |
Sea Bass |
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5 |
Trout |
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6 |
Crab-King |
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7 |
Shrimp-White |
|
8 |
Cuttlefish |
Import and export
right:
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Import right |
Yes |
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Export right |
Yes |
Purchase
Domestic Purchase
Subject has little
domestic purchase.
Foreign Purchase
|
Payment Terms |
Proportion |
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CBD, etc |
100% |
Sales
Domestic Markets (Taiwan and Mainland of China)
|
Sales Terms |
Proportion |
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Seafood, etc |
COD, CBD, etc |
100% |
Export
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 relevant staff Ms. Joyce 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 disclose its bank details; from other source we
cannot obtain the relevant information, either.
Mortgage
No chattel mortgage record of subject has been found within the recent 3
months.
Lawsuit
|
2011, Xiongjian, 722 |
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Date of Trial: |
2011-6-23 |
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Reason: |
Payment for fare |
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Name |
Ms. Joyce |
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Department |
Sales Department |
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E-mail |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.90 |
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|
1 |
Rs.87.60 |
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Euro |
1 |
Rs.70.01 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
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 |
-- |
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.