MIRA
INFORM REPORT
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Report Date : |
10.05.2013 |
IDENTIFICATION DETAILS
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Name : |
SEA FORTUNE CO., LTD. |
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Registered Office : |
20F.-1, No.109, Sec. 1, Zhongshan Rd., Xinzhuang Dist.,
New Taipei City 242 |
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Country : |
Taiwan |
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Date of Incorporation : |
14.09.1987 |
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Com. Reg. No.: |
22638861 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Trading of musical instrument and etc. |
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No. of Employees : |
About 20 Employees |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 |
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Risk Category |
ECGC
Classification |
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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 4.1%. 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.
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Source : CIA |
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Company Name: |
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Supplied Name: |
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Trading Address: |
20F.-1, No.109,
Sec. 1, Zhongshan Rd., Xinzhuang Dist., New Taipei City 242, Taiwan (R.O.C.) |
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Supplied Address: |
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Telephone Number: |
+886-2-8522-7550 |
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Fax Number: |
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E-mail: |
Notes: The exact name and address are as above.
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Registered Name: |
Sea Fortune Co., Ltd. |
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Registered Address: |
20F.-1, No.109, Sec. 1,
Zhongshan Rd., Xinzhuang Dist., New Taipei City 242, Taiwan (R.O.C.) |
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Date of Foundation: |
1987-9-14 |
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Registration Number: |
22638861 |
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Registry: |
New Taipei City Government |
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Registered Capital: |
NTD 32,000,000 (USD 1,072,000) (As of 2013.5, 1 NTD = 0.0335 USD) |
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Paid-up Capital: |
NTD 32,000,000 (USD 1,072,000) |
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Legal Representatives: |
Guanqun Zhang |
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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 1987-9-14 with registered number 22638861 as Joint Stock Company in Taiwan.
|
Name |
Subscription
Shares |
|
Guanqun Zhang |
31,640 |
|
Yizheng Lin |
|
|
360 |
|
The information above is that of subject’s major shareholders.
Related Company
|
Name |
Haikuo Musical Co., Ltd |
|
Address |
20F.-1, No.109, Sec. 1, Zhongshan Rd.,
Xinzhuang Dist., New Taipei City 242, Taiwan (R.O.C.) |
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Telephone Number: |
+886-2-8522-7550 |
|
Fax Number: |
+886-2-8522-7551 |
Office
|
Address |
2nd Floor, No.20, Sec 1, Renai Road, Taipei City, Taiwan |
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Telephone Number: |
+886-2-2393-1279 |
Core
Management
|
1 |
|
|
Name |
Guanqun Zhang |
|
Position |
Board Chairman |
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2 |
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Name |
Shuping Sun |
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Position |
Director |
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3 |
|
|
Name |
Yizheng Lin |
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Position |
Director |
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4 |
|
|
Name |
Yingying Li |
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Position |
Supervisor |
Personnel Structure
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Total Employees |
About 20 Employees |
Offices
& Factories
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|
Headquarters |
|
Add |
20F.-1, No.109, Sec. 1, Zhongshan Rd.,
Xinzhuang Dist., New Taipei City 242, Taiwan (R.O.C.) |
l
Subject is a trader of musical instrument and etc without any production activities
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
F401010 |
International trading business. |
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F114010 |
Wholesales of automobiles. |
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F114030 |
Wholesales of components and equipment of
automobiles and locomotives. |
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F214010 |
Retails of automobiles. |
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F214030 |
Retails of components and equipment of
automobiles and locomotives. |
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F113020 |
Wholesales of electrical appliances. |
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F213010 |
Retails of electrical appliances. |
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F109070 |
Wholesales of stationery, musical
instruments and recreation supplies. |
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F209060 |
Retails of stationery, musical instruments
and recreation supplies. |
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E603090 |
Installing of lightings. |
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E601020 |
Installing of electrical appliances. |
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I401010 |
General service for advertisement. |
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F113050 |
Wholesales of computer and its machinery
and equipment for transaction. |
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F213030 |
Retails of computer and its machinery and
equipment for transaction. |
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F399990 |
Other comprehensive retails. |
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F113010 |
Wholesales of machinery. |
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F213080 |
Retails of equipment and tools. |
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F119010 |
Wholesales of electronic materials. |
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F219010 |
Retails of electronic materials. |
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F113070 |
Wholesales of telecommunication equipment. |
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F213060 |
Retails of telecommunication equipment. |
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F401021 |
Inputting of controlled telecommunications
radio frequency equipment. |
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ZZ99999 |
Besides licensed business, all other business
items those are not banned or restricted. |
l
It is introduced that subject imports products from
Europe and America, etc.
l
The subject is mainly engaged in sales of musical
instrument and etc.
l
It is introduced that subject’s major products are electric
guitar, electric bass, drum kit and etc.
l
It is introduced that subject’s selling territory
is mainly in Asia and etc.
l
It is introduced that subject’s customers are
direct customers and etc.
l
It is introduced that subject is the agent of the
brand “Fender” in Asia.
l
It is introduced that subject sells products with
many brands, such as “Gort”, “DiMarzio”, “SEIKO”, “ESP” and etc.
Import and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase
The subject has
little purchase in domestic market.
Foreign Purchase
|
Payment
Terms |
Proportion |
|
|
Musical
instrument and etc. |
CBD
and etc |
100% |
Sales
Domestic Markets
|
Sales
Terms |
Proportion |
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|
Musical
instrument and etc. |
COD,
CBD and etc |
100% |
Export
|
Sales
Terms |
Proportion |
|
|
Musical
instrument and etc. |
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. Sun declined to discloses its financials citing the grounds of company’s confidentiality; from other source we can not 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. Sun |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.24 |
|
UK Pound |
1 |
Rs.84.30 |
|
Euro |
1 |
Rs.71.36 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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 |
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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 |
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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.