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Report Date : |
07.08.2014 |
IDENTIFICATION DETAILS
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Name : |
CHIN FU INDUSTRIAL CORP. |
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Registered Office : |
No.143, Chiu Kang Lane, Tin Tsuoh Li Lu Kang Chen, Changhua Hsien, Taiwan, R.O.C. |
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Country : |
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Date of Incorporation : |
27.06.2000 |
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Com. Reg. No.: |
70589179 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacturing and sales of machines |
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No. of Employees : |
30 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Taiwan |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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. Taiwan's
diplomatic isolation, low birth rate, and rapidly aging population are other
major long-term challenges. Free trade agreements have proliferated in East
Asia over the past several years, and following the landmark Economic
Cooperation Framework Agreement (ECFA) signed with China in June 2010, Taiwan
in July 2013 signed a free trade deal with New Zealand—Taipei’s first-ever with
a country with which it does not maintain diplomatic relations—and in November
inked a trade pact with Singapore. Negotiations continue on follow-on
components of ECFA regarding trade in goods and a dispute resolution mechanism;
a trade in services agreement is under review in the legislature. 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 overall trade surplus largely because of
its surplus with China, and its foreign reserves are the world's sixth largest,
behind China, Japan, Saudi Arabia, Russia, and Switzerland. 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. Taiwan since 2009 has gradually loosened rules governing Chinese investment
on the island, and has also secured greater market access for its investors in
the mainland. 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: |
+886-4-7789998/ 7776868 |
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Fax Number: |
+886- 4-778-3909 |
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E-mail: |
Notes: The exact
name and address are as above.
|
Registered Name: |
Chin Fu Industrial Corp. |
|
Registered Address: |
No.143, Chiu Kang Lane, Tin Tsuoh Li Lu Kang Chen, Changhua Hsien,
Taiwan, R.O.C. |
|
Date of Foundation: |
2000-6-27 |
|
Registration Number: |
70589179 |
|
Registry: |
MOEA Central Office |
|
Registered Capital: |
NTD 26,000,000
(USD 884,000) (As of 2014.08, 1 NTD = 0.0340 USD) |
|
Paid-up Capital: |
NTD 26,000,000 (USD 884,000) |
|
Legal Representatives: |
Jinrong Hong |
|
Legal Form: |
|
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Principal Activities: |
|
|
Staff: |
|
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Listed at Stock
Exchange: |
|
|
Date of Last
Annual Return: |
Subject was incorporated on
2000-6-27 with registered number 70589179 as Joint Stock Company in Taiwan.
Change
of Name
|
Former English Name: |
Chin Fu Bamoo & Wood Co., Ltd. |
|
Current English Name: |
Chin Fu Industrial Corp. |
Factory
|
Address: |
No.143, Chiu Kang Lane, Tin Tsuoh Li Lu Kang Chen,
Changhua Hsien, Taiwan, R.O.C. |
|
Date
of Foundation: |
1969-1-1 |
|
Date
of Registration: |
1978-9-14 |
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Factory
Registration Number: |
99645668 |
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Factory Manager: |
Jinrong Hong |
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Status: |
In
Production |
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Date of Last Annual Return: |
2011-11-22 |
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Major Products: |
292
Other special purpose equipment |
Major Shareholders
|
Name |
Subscription Shares |
|
Jinrong Hong |
|
|
500 |
|
|
Zhikun Hong |
600 |
|
Mengjuan Lihong |
600 |
|
Yihua Wuhong |
500 |
Core Management
Directors
|
1 |
||
|
Name |
Jinrong Hong |
|
|
Position |
Board Chairman |
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2 |
||
|
Name |
Zhikun Hong |
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Position |
Director |
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3 |
||
|
Name |
Mengjuan Lihong |
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Position |
Director |
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|
4 |
||
|
Name |
Yihua
Wuhong |
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Position |
Supervisor |
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Offices & Factories
|
|
Headquarters |
|
Add |
No.143, Chiu Kang Lane, Tin Tsuoh Li Lu Kang Chen, Changhua Hsien,
Taiwan, R.O.C. |
Production Information
l
Subject is engaged in manufacturing of machines,
etc.
l
Subject has a factory in Changhua Hsien, Taiwan for production.
l
Subject obtained the certification of
ISO 9001.
Purchase Information
l
The registered activities of subject:
|
Business Code |
Details |
|
F113010 |
Wholesale of machinery |
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F213080 |
Retail of mechanical appliance |
|
F111990 |
Wholesale of other building materials |
|
F105990 |
Wholesale of other furniture and decorations |
|
F111060 |
Wholesale of sanitary ware |
|
F211010 |
Retail of building materials |
|
F205990 |
Retail of other furniture and decorations
(curtain) |
l
The components and raw materials for
production are mainly purchased in domestic market.
l
Subject is engaged in sale of machines,
etc.
l
Subject’s sales regions include domestic
market, Mainland China, Japan, USA and Europe, etc.
l
Subject’s major customers are A Y N
Restrepo S En C S (Colombia), Zumaeta Preising Gerardo Luis (Peru), DLS
Industries Pvt. Ltd., S.S.Fusion Gratings (India) P. Ltd, etc.
Major
Products
|
|
Products |
|
1 |
Bamboo and Wood Toothpick Working
Machine |
|
2 |
Bamboo Skewer Working Machine |
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3 |
Bamboo Genroku and Rikyu and Tensoke
Type Chopstick Working Machine |
|
4 |
Round Chopstick Working Machine |
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5 |
Bamboo Chopstick Working Machine |
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6 |
Wood Chopstick Working Machine |
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7 |
Machine for Bamboo Chair Mat Working
Machine |
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8 |
Bamboo Incense Stick Working Machine |
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9 |
Cotton Buds Working Machine |
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10 |
Straw Working Machine |
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11 |
Wood Ice-Cream Spoon Working Machine |
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12 |
Automatic Incense Cone Making Machine |
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13 |
Packaging Machine |
Import
and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
Domestic Purchase
|
Products |
Components
and raw materials |
|
Payment Terms |
Cash, T/T |
Import
Subject has little import.
Sales
Domestic Markets
|
Product |
Machines |
|
Selling Terms |
Cash, T/T |
1.
Export
|
Product |
Machines |
|
Selling Terms |
L/C, T/T |
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 Mr. Hong declined to disclose its financials
citing the grounds of company’s confidentiality; from other sources we could
not obtain such information, either.
Subject declined to disclose its bank
details; from other source we could 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.
Interview Details
|
Name |
Mr. Hong |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.33 |
|
|
1 |
Rs.103.43 |
|
Euro |
1 |
Rs.81.96 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
PDT |
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 |
|
|
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 |
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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.