|
Report Date : |
13.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
FECO CORPORATION |
|
|
|
|
Registered Office : |
7F., No.327, Sec. 1, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
01.09.1980 |
|
|
|
|
Com. Reg. No.: |
20864974 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Trading of food materials, machinery and equipment for food, etc. |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow but correct |
|
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Taiwan |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
TAIWAN - ECONOMIC OVERVIEW
Taiwan has a dynamic capitalist economy with gradually
decreasing government guidance of investment and foreign trade. 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 1.8%, due
primarily to a 13.1% year-on-year decline in exports. In 2010 GDP grew 10.7%,
as exports returned to the level of previous years, and in 2011, grew 4.0%. In
2012, however, growth fell to 1.3%, 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 except for the landmark Economic
Cooperation Framework Agreement (ECFA) signed with China in June 2010, so far
Taiwan has been excluded from this greater economic integration in part because
of its diplomatic status. Negotiations continue on such follow-on components of
ECFA regarding trade in goods and services. The MA administration has said that
the ECFA will serve as a stepping stone toward trade pacts with other key trade
partners, which Taiwan subsequently launched with Singapore and New Zealand.
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 11.2% of the island's
total population as of 2012. The island runs a large trade surplus largely
because of its surplus with China, and its foreign reserves are the world's
fifth largest, behind China, Japan, Saudi Arabia, and Russia. In 2006 China
overtook 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. In August 2012, Taiwan Central Bank signed a memorandum of
understanding on cross-Strait currency settlement with its Chinese counterpart.
The MOU allows for the direct settlement of Chinese RMB and the New Taiwan
dollar across the Strait, which could help develop Taiwan into a local RMB hub.
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
|
Company Name: |
|
|
Supplied Name: |
|
|
Trading Address: |
7F., No.327, Sec. 1, Tiding Blvd., Neihu
Dist., Taipei City 11494, Taiwan (R.O.C.) |
|
Supplied Address: |
|
|
Telephone Number: |
+886-2-2791-2828 |
|
Fax Number: |
|
|
E-mail: |
Notes: The exact name and address are as above.
|
Credit Opinion: |
|
Registered Name: |
Feco Corporation |
|
Registered Address: |
7F., No.327, Sec. 1, Tiding Blvd., Neihu Dist., Taipei City 11494,
Taiwan (R.O.C.) |
|
Date of Foundation: |
1980-9-1 |
|
Registration Number: |
20864974 |
|
Registry: |
Taipei City Government |
|
Registered Capital: |
NTD 120,000,000 (USD 4,020,000) (As of 2013.08, 1 NTD = 0.0335 USD) |
|
Paid-up Capital: |
NTD 120,000,000 (USD 4,020,000) |
|
Legal Representatives: |
Xinzhi Su |
|
Legal Form: |
|
|
Principal Activities: |
Trading of food
materials, machinery and equipment for food, etc. |
|
Staff: |
|
|
Listed at Stock
Exchange: |
|
|
Date of Last
Annual Return: |
Notes: We contacted with
the subject again, the subject refused to disclose the information about its
staff, and we cannot get any relevant information from the valid sources,
either.
Subject was incorporated on 1980-9-1 with registered
number 20864974 as Joint Stock Company in Taiwan.
|
Name |
Subscription Shares |
|
Xinzhi Su |
38,680 |
|
Lianggeng Wang |
|
|
10,080 |
|
|
Jihua Lin |
10,080 |
|
Mingxiong Zhang |
10,080 |
The information above
is that of subject’s major shareholders.
It is introduced that subject has two branch offices in Taichung and
Kaoshong, Taiwan but the subject declined to disclose further information for
us and we cannot obatin the related information from other sources.
Core
Management
|
Name |
Xinzhi Su |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Lianggeng Wang |
|
Position |
Director |
|
3 |
|
|
Name |
Jihua Lin |
|
Position |
Director |
|
4 |
|
|
Name |
Mingxiong Zhang |
|
Position |
Supervisor |
Offices
& Factories
|
|
Headquarters |
|
Add |
7F., No.327, Sec. 1, Tiding Blvd., Neihu Dist., Taipei City 11494,
Taiwan (R.O.C.) |
Production
Information
l
Subject is a trader of food materials, machinery and equipment for food, etc without any
production activities
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
-- |
External guarantee for the importing and exporting
business and the business between the related trade discounts. |
|
-- |
Trading of rubber materials, plastic materials,
raw materials of cleaning supplies, chemical materials of printing and
dyeing. (Besides licensed toxicity, explosivity
and other disposed goods) |
|
-- |
Importing and exporting, designing, installing
and maintenance of machinery. |
l
It is introduced that subject imports its products
from USA, Germany and etc.
l
The subject is mainly engaged in sales of food materials, machinery and equipment for
food, etc.
l
It is introduced that
subject’s selling territory is mainly in domestic market.
l
It is introduced that
subject’s major customers are restaurants, cafes, tea shop, supermarkets,
hotels, convenient stores and etc.
l
It is introduced that
subject are selling many brands such as “HENNY PENNY”, “Lincoln”, “Vita-Mix”,
“Wmf”, “ BELLAGIO”, “Teisseire”, “EURO’S”, ‘ DALLAS’ and etc.
l
It is introduced that
subject has many suppliers, such as “HEENY PENNY CORPORATION’, “BUNN-O-MATIC
CORPORATION”, “MANITOWOC FOODSERVICE”, “CLEVELAND OPERATIONS” and etc.
Major supplier
|
1 |
|
|
Name |
|
|
Address |
1219 U.S. 35
West P.O. Box 60 Eaton, OH 45320,USA |
|
Telephone Number
|
+1-937-456-8400 |
|
Fax Number |
+1-937-456-8504 |
|
2 |
|
|
Name |
Bunn-O-Matic
Corporation |
|
Address |
1400 Stevenson
Drive Springfield, Illinois 62703, USA |
|
Telephone Number
|
+1-217-529-6601 |
|
3 |
|
|
Name |
Manitowoc
Foodservice |
|
Address |
613 Kaixuan
Road, Building G, Shanghai, China 200051 |
|
Telephone Number
|
+86-21-6152-6100 |
|
Fax Number |
+86-21-6152-6030 |
|
4 |
|
|
Name |
|
|
Address |
1333 East 179th
Street, Cleveland, Oh 44110, USA |
|
Telephone Number
|
+1-216-481-4900 |
|
Fax Number |
+1-216-481-3782 |
Note: We tried to
ask the further information of the supplier, but the subject declined to
disclose the details of its supplies for us. Thus we supplied the above information
of subject’s suppliers coming from the public files.
Major Products
|
|
Product |
|
1 |
Coffee maker |
|
2 |
Tea machine |
|
3 |
Food materials |
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase
The subject has
little purchases in domestic market.
Foreign Purchase
|
Payment Terms |
Proportion |
|
|
Food materials,
machinery and equipment for food, etc. |
CBD and etc |
100% |
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
Food materials,
machinery and equipment for food, etc. |
COD, CBD and etc |
100% |
Export
The subject has little 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 Mr. Su declined to disclose its financials
citing the grounds of company’s confidentiality; from other source we can not
obtain the relevant information, either.
|
Name |
First Commercial Bank, Hsin-hu Branch |
|
Account Number |
16910018810 |
Note: We contacted with the subject again, the subject’s related staff confirmed
the information as above. And she also confirmed that the supplied account
number 169-40-003128 is not the subject’s account number.
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.
|
Name |
Mr. Su |
|
Department |
Sales Department |
|
E-mail |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.80 |
|
|
1 |
Rs.94.21 |
|
Euro |
1 |
Rs.81.03 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
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.