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Report Date : |
20.02.2013 |
IDENTIFICATION DETAILS
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Name : |
SHENG HUNG INDUSTRIAL CO., LTD. |
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Registered Office : |
No. 116, G/Fl.,. Hou Kang St., Shih Lin District Taipei |
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Country : |
Taiwan |
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Date of Incorporation : |
06.12.1957 |
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Com. Reg. No.: |
11663005 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacture and sales of fibers, cloth and etc. |
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No. of Employees : |
About 350 employees |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
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. 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. 116, G/Fl.,. Hou Kang St., Shih Lin
District Taipei Taiwan R.O.C. |
|
Supplied Address: |
|
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Telephone Number: |
+886-2-2882-7822 |
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Fax Number: |
|
|
Website: |
Notes: The exact name and address are as above.
|
Credit Opinion: |
|
Registered Name: |
Sheng Hung Industrial Co., Ltd. |
|
Registered Address: |
No. 116, G/Fl.,. Hou Kang St., Shih Lin
District Taipei Taiwan R.O.C. |
|
Date of Foundation: |
|
|
Registration Number: |
|
|
Registry: |
Taipei City Government |
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Registered Capital: |
NTD 375,000,000 (USD 12,637,500) (As of 2013.02, 1 NTD = 0.0337USD) |
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Paid-up Capital: |
NTD 375,000,000 (USD 12,637,500) |
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Legal Representatives: |
|
|
Legal Form: |
|
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Principal Activities: |
Manufacture and sales
of fibers, cloth and etc. |
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Staff: |
|
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Listed at Stock
Exchange: |
|
|
Date of Last
Annual Return: |
Subject was incorporated on 1957-12-6 with registered
number 11663005 as Joint Stock Company in Taiwan.
Awards
|
Year |
Awards |
|
2009 |
Blue chip
importer and exporter |
|
2010 |
Blue chip
importer and exporter |
Standard of Blue chip
importer and exporter
Unit:
USD
|
Year |
Amount |
|
2009 |
15,000,000 |
|
2010 |
20,000,000 |
|
Subscription
Shares |
|
|
Yujun Liu |
9,571,969 |
|
Biyu
Caichen |
|
|
25,264,431 |
|
|
Yishan Chen |
1,349,000 |
The information above
is that of subject’s major shareholders.
|
Name |
Kunshan Sheng Yu
Non-Wovens Co., Ltd. |
|
Address |
No.134, Lu Xi
Road, He Feng village, Lu Jia county, Kun Shan City, China |
|
Telephone Number |
+86-512-8260-8806 |
|
Fax Number |
+86-512-5767-2565 |
Factory
|
Name |
Tao Yuan Factory |
|
Address |
No.491 Sec.3,
Jung Jeng E.Rd., DayuanShiang, Taoyuan, Taiwan R.O.C. |
|
Telephone Number |
+886-3-381-7222 |
|
Fax Number |
+886-3-381-7229 |
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Area: |
About 70,000
Square Meters |
Core
Management
Directors
|
1 |
|
|
Name |
Shengchang Chen |
|
Position |
|
|
Date of
Appointment |
1989-7-6 |
|
2 |
|
|
Name |
Yujun Liu |
|
Position |
Director |
|
3 |
|
|
Name |
Biyu Caichen |
|
Position |
Director |
|
4 |
|
|
Name |
Yishan Chen |
|
Position |
|
|
Total Employees |
About 350 employees |
Offices
& Factories
|
|
Headquarters |
|
Add |
No. 116, G/FL.,. Hou Kang St., Shih Lin District Taipei Taiwan R.O.C. |
Production
Information
l
The subject is a manufacturer of fibers, cloth and
etc.
l
It is introduced that the
subject has a factory (about 70,000 square meters) in Taoyuan County, Taiwan for production.
l
It is introduced that the annual capacity of
subject is about 30,000,000 meters.
l
The subject has obtained ISO 9001 and ISO 14001
certifications.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
-- |
Manufacture, process and sales of rubber and
plastic products. |
|
-- |
Manufacture, process and sales of rubber and
plastic raw materials. |
|
-- |
Manufacture, process and sales of non-woven fiber
products. |
|
-- |
Manufacture, process and sales of fibers and
knitgoods. |
|
-- |
International trade of related products. |
|
ZZ99999 |
Besides licensed
business, all other business items those are not banned or restricted. |
l
It is introduced that the subject purchases raw
materials for productions are both in domestic and oversea markets.
l
It is introduced that the subject imports equipment
from Germany and France.
l
It is introduced that the subject imports
technologies from Germany and Japan.
l
The subject is engaged in sales of fibers, cloth and etc.
l
It is introduced that subject’s sales region covers
all over the world.
l
The P-tex printing materials are applied to
interior decoration, movable stand, religious art and construction.
Major products
|
1 |
E-Tex Water Soluble Nonwoven |
|
2 |
E-Tex Water Soluble Nonwoven |
|
3 |
|
|
4 |
Chemical Bond Nonwoven Fabric |
|
5 |
Disposable Spunlace Nonwoven |
|
6 |
Thermal Bonded, Dot Fusing Nonwoven Interlining |
|
7 |
Nonwoven Artificial Leather |
|
8 |
Wet Process Polyurethane Synthetic Leather |
|
9 |
Elastic Nonwoven |
|
10 |
Temperature Insulation Nonwoven |
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase
|
Payment Terms |
Proportion |
|
|
100% |
Foreign Purchase
|
Payment Terms |
Proportion |
|
|
Raw materials
and equipment |
100% |
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
COD, CBD and
etc. |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Cloth |
CBD and 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 Ms. Zhang 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 |
Ms. Zhang |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.29 |
|
|
1 |
Rs.84.09 |
|
Euro |
1 |
Rs.72.44 |
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.