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Report Date : |
27.12.2013 |
IDENTIFICATION DETAILS
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Name : |
SUMITOMO CORPORATION TAIWAN LTD. |
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Registered Office : |
8th Fl., No.260, |
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Country : |
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Date of Incorporation : |
11.04.1991 |
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Com. Reg. No.: |
23930695 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Trading of metal products, chemicals, machinery, living related goods |
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No. of Employees : |
100 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Taiwan |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 |
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
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Company Name: |
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Supplied Name: |
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Trading Address: |
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Supplied Address: |
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Telephone Number: |
+886-2-2715-8948 |
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Fax Number: |
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E-mail: |
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Website: |
The exact name and address are as above
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Registered Name: |
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Registered Address: |
8th Fl., No.260, Tun Hwa N. Rd., Taipei, Taiwan, R.O.C. |
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Date of Foundation: |
1991-4-11 |
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Registration Number: |
23930695 |
|
Registry: |
Department of Commerce, Ministry of Economic Affairs, R.O.C. |
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Registered Capital: |
NTD 785,000,000 (USD 26,690,000) (As of 2013.12, 1 NTD = 0.0340 USD) |
|
Paid-up Capital: |
NTD 610,000,000 (USD 20,740,000) |
|
Legal Representatives: |
Kouichirou Kusano |
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Legal Form: |
|
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Principal Activities: |
Trading of metal products, chemicals,
machinery, living related goods, etc |
|
Staff: |
|
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Listed at Stock Exchange: |
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Date of Last Annual Return: |
Subject was incorporated on 1991-4-11 with registered
number 23930695 as Joint Stock Company in Taiwan.
|
Subscription Shares |
|
|
61,000,000 |
The information above is that of subject’s major shareholders.
|
Name: |
Sumitomo Corporation |
|
Address: |
Harumi Island Triton Square Office Tower Y, 8-11 Harumi 1-chome,
Chuo-ku, Tokyo 104-8610 Japan |
|
Date of Foundation: |
1919-12-24 |
|
Paid-up Capital: |
YEN 219,300,000 |
|
Legal Representatives: |
Kuniharu Nakamura |
|
Staff: |
About 5,213 Employees |
Note: We obtained
subject’s ultimate parent company information from public files.
Parent Company
|
Name |
|
|
Address: |
Strawinskylaan 917 1077 XX Amsterdam The Netherlands |
Branch
|
Name |
Kaohsiung Branch |
|
Address |
20F, No. 6, Si Wei 3rd Rd., Kaohsiung 80250, Taiwan. |
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Registration Number |
89282755 |
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Date of Registration |
1994-9-8 |
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Status |
Live Company |
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Manager Name |
Kiyoshihikari Zinguu |
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Date of Last Annual Return |
2010-11-3 |
Related Companies
|
1 |
|
|
Name |
Taiwan Rolling Stock Co., Ltd. |
|
Address |
458. Hsin-Hsing Rd, Hu-Kou, Hsin-Chu County, 30353 Taiwan, R.O.C. |
|
Date of Registration |
2002-10-16 |
|
Tel |
+886-3-597-4909 |
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Fax |
+886-3-597-4920 |
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2 |
|
|
Name |
Sumitronics Taiwan Co., Ltd. |
|
Address |
7/F., No.415, Sec 2, Gongdao 5th Road, Hsinchu City, Taiwan |
|
Tel |
+886-3-571-1499 |
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3 |
|
|
Nam |
Mason Metal Industry Co., Ltd |
|
4 |
|
|
Name |
Sanyou Drugstores, Ltd. |
Core Management
Directors
|
1 |
|
|
Name |
Kouichirou Kusano |
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Position |
Board Chairman |
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Date of Appointment |
2012-6-21 |
|
2 |
|
|
Name |
Uruoi Suzuki |
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Position |
Director |
|
3 |
|
|
Name |
Zhengxin Zhou |
|
Position |
Director |
|
4 |
|
|
Name |
Bingjun Lai |
|
Position |
Supervisor |
Personnel Structure
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Total Employees |
About 100 Employees |
Offices & Factories
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|
Headquarters |
|
Add |
Production Information
Subject is a trader of metal products, chemicals, machinery, living
related goods, etc without any production activities.
Purchase Information
The registered activities of subject:
|
Business Code |
Details |
|
A102061 |
The grain business |
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E801010 |
Interior decorating business |
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F103010 |
Fodder wholesale business |
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F106010 |
Hardware wholesale business |
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F107080 |
Environmental medicine wholesale business |
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F199990 |
Other wholesale business |
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F202010 |
Fodder retail business |
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F206010 |
Hardware retail business |
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F207080 |
Environmental medicine retail business |
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F299990 |
Other retail business |
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H703100 |
Real estate leasing industry |
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I103060 |
Management consulting business |
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I503010 |
Landscape interior design industry |
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F401021 |
Telecommunication regulation radio frequency equipment import industry |
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F401010 |
The international trade business |
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F213060 |
Telecommunication equipment retail business |
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F113070 |
Telecommunication equipment retail business |
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ZZ99999 |
Besides licensed business, all other business items those are not
banned or restricted. |
Subject purchases products from both home and abroad such as Taiwan
domestic market, Japan, and Brazil, etc.
The subject is mainly engaged in sale of metal products, chemicals,
machinery, and living related goods, etc.
Subject’s sales regions include Asia, Europe, America, and Australia,
etc.
Subject’s metal products are applied to manufacturing of automobile and
household appliances, etc.
Subject is divided into 5 divisions and we obtained the detail
information as follows for reference.
|
Division |
Product |
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Metal Products And Mineral Resources Division |
Semi-Finished Products, Steel Sheets, Steel Coils, Steel Bars, Tubes
And Pipes Etc |
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Chemical Division |
Organic Chemicals: Olefins, Aromatics, Monomers, Organic Acids Plastic: Poly Olefins, PET, PS, ABS, PMMA, Fluorocarbon Resins and
High Performance Films for optical use. Functional Chemicals: Inorganic Chemicals, Cosmetic Ingredients,
Functional Polymers, Agricultural and Pharmaceutical Intermediates. Electronic Materials: Semiconductor Materials, Display Materials,
Print Circuit Board Materials, LED Materials, Recording Media Materials. |
|
Machinery Division |
Railway projects, Railway Cars, Automobiles & Equipments, Ships,
Aircrafts Machinery and Components, Machine Tools and Construction Equipments LED Related Lithium Battery Material and Related Device |
|
Living Related and Consumer Goods Division |
Materials and Supplies, Food Products, Textiles and Other Consumer
Products, etc |
Import and export right:
|
Import right |
Yes |
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Export right |
Yes |
Domestic
Purchase
|
Terms |
Proportion |
|
|
Metal products, chemicals,
machinery, living related goods, etc |
Cash, T/T etc |
100% |
Foreign
Purchase
|
Terms |
Proportion |
|
|
Metal products,
chemicals, machinery, living related goods, etc |
L/C, etc |
100% |
Sales
Domestic
Markets
|
Terms |
Proportion |
|
|
Metal products,
chemicals, machinery, living related goods, etc |
Cash, T/T, etc |
100% |
Export
|
Terms |
Proportion |
|
|
Metal products,
chemicals, machinery, living related goods |
L/C, 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 relevant staff Mr. Wu 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
Up to date of reporting, no existing or latent
litigation of the subject has been found.
|
Name |
Mr. Wu |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.98 |
|
|
1 |
Rs.101.49 |
|
Euro |
1 |
Rs.84.79 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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 |
|
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 |
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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 |
|
<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.