|
Report Date : |
13.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
CHIN FU INDUSTRIAL CORP. |
|
|
|
|
Formerly Known As : |
CHIN FU BAMOO & WOOD CO., LTD. |
|
|
|
|
Registered Office : |
No.143, Chiu Kang Lane, Tin Tsuoh Li Lu Kang
Chen, Changhua Hsien |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Date of Incorporation : |
27.06.2000 |
|
|
|
|
Com. Reg. No.: |
70589179 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and sales of bamboo & timber
processing machines |
|
|
|
|
No. of Employees : |
About 20 Employees (Taiwan) |
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.143, Chiu
Kang Lane, Tin Tsuoh Li Lu Kang Chen, Changhua Hsien, Taiwan, R.O.C. |
|
Supplied Address: |
|
|
Telephone Number: |
|
|
Fax Number: |
|
|
E-mail: |
Notes:
The supplied address is incomplete, and the
exact address is as above.
Subject was incorporated
on
Change of Name
|
Former English Name |
CHIN FU BAMOO & WOOD CO., LTD. |
|
Current English Name |
CHIN FU INDUSTRIAL CORP. |
|
Name |
Subscription Shares |
|
Jinrong Hong |
500 |
|
Zhikun Hong |
|
|
600 |
|
|
Mengjuan Hongli |
600 |
|
Yinghua Hongwu |
500 |
The information above is that of subject’s major shareholders.
Factory in the mainland of China
|
Address: |
Sima District, Changping Town Dongguan City, Guanddong Province, China |
|
Tel: |
+86-769-3391188‧86-769-3393698 |
|
Fax: |
+86-769-3392898 |
Factory in Taiwan
|
Factory Registered Number |
99645668 |
|
Address: |
No.143, Chiu Kang Lane, Tin Tsuoh Li Lu Kang
Chen, Changhua Hsien, Taiwan,R.O.C. |
|
Principal Name |
Jinrong Hong |
|
Date of Foundation: |
|
|
Date of Registration: |
|
|
Date of Last Annual Return: |
|
|
Range |
29 Manufacture of machinery |
|
Main Products |
292 Other specialized products |
Core Management
Directors
|
1 |
|
|
Name |
Jinrong Hong |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Zhikun Hong |
|
Position |
Director |
|
3 |
|
|
Name |
Mengjuan Hongli |
|
Position |
Director |
|
4 |
|
|
Name |
Yinghua Hongwu |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 20 Employees (Taiwan) |
Offices &
Factories
|
|
Headquarters |
|
Add |
No.143, Chiu Kang Lane, Tin Tsuoh Li Lu Kang Chen, Changhua Hsien,
Taiwan, R.O.C. |
Production
Information
Subject is a manufacturer of bamboo & timber processing machines and
the related products with the production activities
Purchase
Information
The registered activities of subject:
|
Business Code |
Details |
|
CB01010 |
Manufacture of mechanical equipment |
|
F113010 |
Wholesales of machinery |
|
F213080 |
Retails of mechanical restraints |
|
F111990 |
Wholesales of other building materials (bamboo flooring) |
|
F105990 |
Wholesales of other furniture and Installed products (curtain) |
|
F111060 |
Wholesales of bathroom equipments |
|
F211010 |
Retails of building materials |
|
F205990 |
Retails of other furniture and Installed products (curtain) |
It is introduced that subject purchases raw materials and components
mainly from Taiwan.
The subject is mainly engaged in
manufacturing and trading of bamboo & timber processing machines and the
related products.
Subject introduced that subject has factories both in Taiwan and the
mainland of China for production
Subject introduced that its Major products sold as following:
|
|
Products |
|
1 |
Bamboo and Wood Toothpick Working Machine |
|
2 |
Bamboo Skewer Working Machine (Bar-B-Q) |
|
3 |
Bamboo Genroku and Rikyu and Tensoke Type Chopstick Working Machine |
|
4 |
Round Chopstick Working Machine |
|
5 |
Bamboo Chopstick (Wari-Bashi) Working Machine |
|
6 |
Wood Chopstick Working Machine |
|
7 |
Machine for Bamboo Chair Mat Working Machine |
|
8 |
Bamboo Incense Stick Working Machine |
|
9 |
Cotton Buds Working Machine |
|
10 |
Straw Working Machine |
|
11 |
Wood Ice-Cream Spoon Working Machine |
|
12 |
Automatic Incense Cone Making Machine |
|
13 |
Packaging Machine |
|
14 |
Others |
Subject’s products are both sold in domestic and overseas market.
Import and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase
|
Payment Terms |
Proportion |
|
|
Raw materials
and components, etc |
COD, Credit
Sales, etc |
100% |
Foreign Purchase
Subject has little
import business
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
Bamboo & timber
processing machines, etc |
CBD, etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Bamboo &
timber processing machines, etc |
CBD, etc |
100% |
Notes: Ms. Li introduced that the detailed
settlement is to be negotiated.
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. Chan declined to
introduce the latest financials citing the grounds of company’s
confidentiality; from other source we can not obtain the relevant information,
either.
|
Name |
Taiwan Bank |
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. Chan |
|
Department |
Sales department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.67 |
|
|
1 |
Rs.100.71 |
|
Euro |
1 |
Rs.84.72 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.