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Report Date : |
14.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
SHENG YAR PLASTIC CO., LTD. |
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|
|
|
Registered Office : |
No.80, Lane 183, Jhuzih St., Huatan Township, Changhua County 503 |
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|
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Country : |
Taiwan |
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Date of Incorporation : |
20.03.1986 |
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|
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Com. Reg. No.: |
22084860 |
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|
|
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacture and sales of plastic products |
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|
|
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No. of Employees : |
About 20 Employees |
RATING & COMMENTS
|
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 |
|
Payment Behaviour : |
No Complaints |
|
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: |
No. 436 Hsi-Nan St. Huatan Hsiang, Changhua
County 503 Taiwan |
|
Supplied Address: |
No. 436 Hsi-Nan St. Huatan Hsiang, Changhua
County 503 Taiwan |
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Telephone Number: |
+886-4-786-7176 |
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Fax Number: |
|
|
E-mail: |
Notes: Subject’s exact name and address are as above and it is introduced that the
supplied name is the one responsible for foreign sales business.
|
Credit Opinion: |
|
Registered Name: |
Sheng Yar Plastic Co., Ltd. |
|
Registered Address: |
No.80, Lane 183, Jhuzih St., Huatan Township, Changhua County 503,
Taiwan (R.O.C.) |
|
Date of Foundation: |
1986-3-20 |
|
Registration Number: |
22084860 |
|
Registry: |
MOEA Central Office |
|
Registered Capital: |
(As of 2013.06, 1 NTD = 0.0340 USD) |
|
Legal Representatives: |
Yuxian Li |
|
Legal Form: |
|
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Principal Activities: |
|
|
Staff: |
|
|
Listed at Stock Exchange: |
|
|
Date of Last
Annual Return: |
Subject was incorporated on 1986-3-20 with registered
number 22084860 as Private
Limited Liability Company in Taiwan.
|
Name |
Subscription Amount |
|
Yuxian Li |
3,400,000 |
The information
above is that of subject’s major shareholders.
Former
Shareholders
(Unit: NTD)
|
Name |
Subscription Amount |
|
Junfu Li |
6,000,000 |
It is introduced that subject also has a factories in Mainland China for
production, but the detail information we cannot obtain from any sources.
Core
Management
Director
|
Name |
Yuxian Li |
|
Position |
Director |
Personnel
Structure
|
Total Employees |
About 20 Employees |
Offices
& Factories
|
|
Headquarters |
|
Add |
No. 436 Hsi-Nan St. Huatan Hsiang, Changhua County 503 Taiwan |
Production
Information
l
Subject is engaged in manufacturing of plastic products, etc.
l
Subject has factories in Changhua County, Taiwan and Mainland China for production.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
C801100 |
Manufacture of synthetic resin and plastic |
|
C805010 |
Manufacture of plastic skin, cloth, board, pipe,
etc. |
|
F107990 |
Wholesale of other chemicals |
|
F207990 |
Retail of other chemicals |
|
F401010 |
International trade |
|
ZZ99999 |
Besides licensed business,
all other business items those are not banned or restricted. |
l
The raw materials for production are mostly
purchased in domestic market.
l Subject is engaged
in sale of plastic products, etc.
l
The major products sold by subject include PU
synthetic leather, TPU synthetic leather and microfibre synthetic leather, etc
l Subject’s sales
regions include Taiwan domestic market, Mainland China, Indonesia, Malaysia,
Thailand, Singapore, Vietnam, and Philippines, etc.
l The products sold by subject are applied to footwear, uppholstery,
automotive and accessories, etc.
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase
|
Terms |
Proportion |
|
|
Raw materials,
etc |
Cash, T/T, etc |
100% |
Foreign Purchase
Sales
Domestic Markets
|
Terms |
Proportion |
|
|
Plastic
products, etc |
Cash, T/T, etc |
100% |
Export
|
Terms |
Proportion |
|
|
Plastic
products, etc |
L/C, T/T, 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. Wang 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. Wang |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.41 |
|
|
1 |
Rs.91.62 |
|
Euro |
1 |
Rs.78.12 |
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.