MIRA INFORM REPORT

 

 

Report Date :

07.11.2013

 

IDENTIFICATION DETAILS

 

Name :

CHIA FAR INDUSTRIAL FACTORY CO., LTD.

 

 

Registered Office :

2F., No.83, Tai Yuan Road, Taipei

 

 

Country :

Taiwan

 

 

Date of Incorporation :

22.11.1973

 

 

Com. Reg. No.:

04457563

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacturing and sale of steel products

 

 

No. of Employees :

About 300 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

 

Contact Points

 

Company Name:

Chia Far Industrial Factory Co., Ltd.

Supplied Name:

CHIA FAR INDUSTRIAL FACTORY CO LTD.

Trading Address:

2F., No.83, Tai Yuan Road, Taipei, Taiwan

Supplied Address:

2FNo. 83 Tai Yuan Road taipie

Telephone Number:

+886-2-2555-9090

Fax Number:

+886-2-2559-1515

E-mail:

info@chiafar.com

Notes: The exact name and address are as above.

 

 

Company Identification Details

 

Registered Name:

CHIA FAR INDUSTRIAL FACTORY CO., LTD.

Registered Address:

2F., No.83, Tai Yuan Road, Taipei, Taiwan

Date of Foundation:

1973-11-22

Registration Number:

04457563

Registry:

Department of Commerce, Ministry of Economic Affairs, R.O.C.

Registered Capital:

NTD 1,358,000,000 (USD 46,172,000)

(As of 2013.10, 1 NTD = 0.0340 USD)

Paid-up Capital:

NTD 1,358,000,000 (USD 46,172,000)

Legal Representatives:

Yaren Zheng

Legal Form:

Joint Stock Company

Principal Activities:

Manufacturing and sale of steel products

Staff:

About 300 Employees

Listed at Stock Exchange:

No

Date of Last Annual Return:

2012-7-9

 

 

History

 

Subject was incorporated on 1973-11-22 with registered number 04457563 as Joint Stock Company in Taiwan.

 

 

Shareholders

 

Name

Subscription Shares

Yaren Zheng

1,381,018         

Huihuang Li

4,063,995

Guoji Ding

2,448,535

Sunzhi Yang

552,738

Ermin Wu

692,064

Guoying Ding

525,723

 

The information above is that of subject’s major shareholders.

 

 

Subsidiaries & Branches

 

Factories

1

Name:

Buxin Factory

Address:

No.5, Sec 2, Youshi Road, 7 Lin, Gaoshan Li, Yangmei City, Taoyuan County, Taiwan

Date of Registration:

01-7-19

Factory Registration Number:

99621477

Factory Manager:

Yaren Zheng

Status:

In Production

Date of Last Annual Return:

2002-6-7

Major Products:

241 steel

2

Name:

Youshi Factory

Address:

No.13 & 15, Shiyi Road, Youshi Industrial Zone, Yangmei City, Taoyuan County, Taiwan

Date of Foundation:

1969-1-1

Date of Registration:

1975-4-19

Factory Registration Number:

99623174

Factory Manager:

Yaren Zheng

Status:

In Production

Date of Last Annual Return:

2007-2-21

Major Products:

241 steel

3

Name:

Youshi 2nd Factory

Address:

No.17, Shiyi Road, Youshi Industrial Zone, Yangmei City, Taoyuan County, Taiwan

Date of Foundation:

1988-11-9

Date of Registration:

1989-10-16

Factory Registration Number:

99623171

Factory Manager:

Yaren Zheng

Status:

In Production

Date of Last Annual Return:

2002-1-31

Major Products:

241 steel

 

 

Personnel Information

 

Core Management

 

Directors

1

Name

Yaren Zheng

Position

Board Chairman

2

Name

Huihuang Li

Position

Director

3

Name

Guoji Ding

Position

Director/ Manager

Date of Appointment

1980-11-10

4

Name

Sunzhi Yang

Position

Director

5

Name

Ermin Wu

Position

Director

6

Name

Guoying Ding

Position

Supervisor

 

Personnel Structure

 

Total Employees

About 300 Employees

 

 

 

Operation Information

 

Offices & Factories

 

 

Headquarters

Add

2F., No.83, Tai Yuan Road, Taipei, Taiwan

 

Production Information

 

Subject is engaged in manufacturing of steel products, etc.

Subject has factories in Taoyuan County, Taiwan for production.

Subject obtained the certifications of ISO 9001, ISO 14001 and OHSAS 18001.

 

Purchase Information

 

The registered activities of subject:

Business Code

Details

CA01020

Steel rolling and extrusion industry

CA01050

Steel secondary processing industry

CA03010

Heat treatment business

CA04010

Surface treatment business

F106010

Wholesale of hardware

F401010

International trade business

CC01070

Manufacturing of wireless communication equipment

F113070

Wholesale of telecom equipment

F213060

Retail of telecom equipment

ZZ99999

Besides licensed business, all other business items those are not banned or restricted.

 

The raw materials for production are purchased from both home and abroad.

It is introduced that some production facilities are imports from Japan and Europe, etc.

 

Sales Information

 

Subject is engaged in sale of steel products, etc.

The major products sold by subject include stainless steel coil/ strip, stainless steel sheet, and stainless steel spring materials, etc.

Subject’s sales regions include Asia, Middle, Europe and America, etc.

The products sold by subject are applied to the industries of photoelectricity and electronic materials, etc.

 

Import and export right:

Import right

Yes

Export right

Yes

 

 

Settlements

 

Purchase

 

Domestic Purchase

Product

Terms

Proportion

Raw materials and facilities, etc

Cash, T/T, etc

100%

 

Foreign Purchase

Product

Terms

Proportion

Raw materials and facilities, etc

L/C, T/T, etc

100%

 

Sales

 

Domestic Markets

Product

Terms

Proportion

Steel products

Cash, T/T, etc

100%

 

Export

Product

Terms

Proportion

Steel products

L/C, T/T, etc

100%

 

 

Financial Information

 

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. Lin declined to disclose its financials citing the grounds of company’s confidentiality; from other source we can not obtain the relevant information, either.

 

 

Bankers

 

Subject declined to disclose its bank details; from other source we cannot obtain the relevant information, either.

 

 

Public Record

 

Mortgage

 

1

Case Type:

Chattel Mortgage

Certificate No.:

034388

Debtor Name:

Chia Far Industrial Factory Co., Ltd.

Document Number:

312981

Date of Registration:

1989-10-19

Date of Alteration:

1989-10-19

Status:

Paid off

2

Case Type:

Chattel Mortgage

Certificate No.:

034449

Debtor Name:

Chia Far Industrial Factory Co., Ltd.

Document Number:

312993

Date of Registration:

1989-10-24

Date of Alteration:

1989-10-24

Status:

Paid off

3

Case Type:

Chattel Mortgage

Certificate No.:

041419

Debtor Name:

Chia Far Industrial Factory Co., Ltd.

Document Number:

474447

Date of Registration:

1992-12-15

Date of Alteration:

--

Status:

Paid off

4

Case Type:

Chattel Mortgage

Certificate No.:

042052

Debtor Name:

Chia Far Industrial Factory Co., Ltd.

Document Number:

097012

Date of Registration:

1993-3-19

Date of Alteration:

--

Status:

Paid off

5

Case Type:

Chattel Mortgage

Certificate No.:

059359

Debtor Name:

Chia Far Industrial Factory Co., Ltd.

Document Number:

829934

Date of Registration:

1998-9-21

Date of Alteration:

--

Status:

Paid off

6

Case Type:

Chattel Mortgage

Certificate No.:

066950

Debtor Name:

Chia Far Industrial Factory Co., Ltd.

Document Number:

573264

Date of Registration:

2000-7-31

Date of Alteration:

--

Status:

Paid off

7

Case Type:

Chattel Mortgage

Certificate No.:

070475

Debtor Name:

Chia Far Industrial Factory Co., Ltd.

Document Number:

09005101130

Date of Registration:

2001-5-31

Date of Alteration:

--

Status:

Paid off

8

Case Type:

Chattel Mortgage

Certificate No.:

070507

Debtor Name:

Chia Far Industrial Factory Co., Ltd.

Document Number:

09005101780

Date of Registration:

2001-6-1

Date of Alteration:

--

Status:

Paid off

9

Case Type:

Chattel Mortgage

Certificate No.:

078749

Debtor Name:

Chia Far Industrial Factory Co., Ltd.

Document Number:

09305081850

Date of Registration:

2004-2-27

Date of Alteration:

--

Status:

Paid off

10

Case Type:

Chattel Mortgage

Certificate No.:

105703

Debtor Name:

Chia Far Industrial Factory Co., Ltd.

Document Number:

10130316880

Date of Registration:

2012-4-12

11

Case Type:

Chattel Mortgage

Certificate No.:

106145

Debtor Name:

Chia Far Industrial Factory Co., Ltd.

Document Number:

10130332330

Date of Registration:

2012-7-3

 

Lawsuit

 

Up to date of reporting, no existing or latent litigation of the subject has been found.

 

 

Interview Details

 

Name

Ms. Lin

Department

Sales Department

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.6192

UK Pound

1

Rs.99.60

Euro

1

Rs.83.74

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.