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Report Date : |
02.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
CHUEN-SHIN FEEDS CO., LTD. |
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Registered Office : |
15F.-3, No.1071, Zhongzheng Rd., Taoyuan City, Taoyuan County 330 |
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Country : |
Taiwan |
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Date of Incorporation : |
03.08.1974 |
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Com. Reg. No.: |
83395697 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacturing, processing and sales of aquaculture feed |
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No. of Employees : |
About 120 Employees |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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. 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 |
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Company Name: |
|
|
Supplied Name: |
|
|
Trading Address: |
15F, No.1071,
Zhongzheng Rd., Taoyuan City, Taoyuan County 330, Taiwan (R.O.C.) |
|
Supplied Address: |
|
|
Telephone Number: |
+886-3-355-7066 |
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Fax Number: |
|
|
E-mail: |
Notes: The exact name and address are as
above; the supplied address belongs to subject’s former address.
|
Registered Name: |
Chuen-Shin Feeds Co., Ltd. |
|
Registered Address: |
15F.-3, No.1071, Zhongzheng Rd., Taoyuan City,
Taoyuan County 330, Taiwan (R.O.C.) |
|
Date of Foundation: |
1974-8-3 |
|
Registration Number: |
83395697 |
|
Registry: |
MOEA Central Office |
|
Registered Capital: |
NTD 226,800,000
(USD 7,711,200) (As of 2014.12, 1 NTD = 0.0340 USD) |
|
Paid-up Capital: |
NTD 226,800,000 (USD 7,711,200) |
|
Legal Representatives: |
Zhongping Chen |
|
Legal Form: |
|
|
Principal Activities: |
|
|
Staff: |
|
|
Listed at Stock Exchange: |
|
|
Date of Last Annual Return: |
Subject was incorporated
on 1974-8-3 with registered number 83395697
as Joint Stock Company in
Taiwan.
Major Shareholder
|
Name |
Subscription Shares |
|
Ye Cherng Industrial Products Co., Ltd. |
22,680 |
Shareholder
Information
|
Name |
Ye Cherng Industrial Products Co., Ltd. |
|
Address |
14F-1, No.1071 Chung-Cheng Road, 330 Taoyuan City, Taiwan, R.O.C. |
|
Date of Foundation: |
1984-11-10 |
|
Registration Number: |
43935888 |
|
Registry: |
Department of Commerce, Ministry of Economic Affairs, R.O.C. |
|
Registered Capital: |
NTD 3,500,000,000 (USD 119,000,000) (As of 2014.12, 1 NTD = 0.0340 USD) |
|
Paid-up Capital: |
NTD 3,015,290,050 (USD 102,519,862) |
|
Legal Representatives: |
Zhongping Chen |
|
Legal Form: |
Joint Stock Company |
|
Date of Last Annual Return: |
2013-10-21 |
Note: The exact registered name of subject’s shareholder is as above. The
shareholder’s name supplied in our last report on 2013-3-6 was liberal
translation.
Factories
|
1 |
|
|
Name: |
Pingdong Factory |
|
Address: |
No.2, Jianguo Road, Fengtian Village, Neibu Township, Pingdong County,
Taiwan |
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Date of Foundation: |
1987-2-3 |
|
Date of Registration: |
1988-2-18 |
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Factory Registration Number: |
99665541 |
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Factory Manager: |
Hexiu Chen |
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Status: |
In Production |
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Date of Last Annual Return: |
2007-11-26 |
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Major Products: |
087 animal feed |
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2 |
|
|
Name: |
Neibu Factory |
|
Address: |
No.402, Zhonglin Road, Zhonglin Village, Neibu Township, Pingdong
County, Taiwan |
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Date of Foundation: |
1969-1-1 |
|
Date of Registration: |
1974-8-22 |
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Factory Registration Number: |
99665538 |
|
Factory Manager: |
Zhongping Chen |
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Status: |
In Production |
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Date of Last Annual Return: |
2011-9-21 |
|
Major Products: |
087 animal feed |
Core Management
Directors
|
1 |
|
|
Name |
Zhongping Chen |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Junmou Chen |
|
Position |
Director |
|
3 |
|
|
Name |
Jigang Ke |
|
Position |
Director |
|
4 |
|
|
Name |
Ruilan Yang |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 120 Employees |
Offices &
Factories
|
|
Headquarters |
|
Add |
15F, No.1071, Zhongzheng Rd., Taoyuan City, Taoyuan County 330, Taiwan
(R.O.C.) |
Production
Information
· Subject is engaged in manufacturing and processing of aquaculture feed, etc.
· Subject has factories in Pingdong County, Taiwan for production.
Purchase
Information
· The registered activities of subject:
|
C201010 |
Manufacturing of animal feed |
|
F103010 |
Wholesale of animal feed |
|
F202010 |
Retail of animal feed |
|
F401010 |
International trade business |
|
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.
· Subject’s major foreign suppliers are Northwest Grains International, Llc, Industrial Pesquera Junin Saecuador, etc.
· Subject is engaged in sales of aquaculture feed, etc.
· Subject’s major products include fish meal, fish oil, squid liver meal, shrimp meal, scallop meal, fish soluble, mineral premix, vitamin premix, eel feed, marine fish feed, fresh water fish feed, crab feed, frog feed, fresh water prawn feed, etc.
· Subject’s sales regions include Taiwan domestic market, mainland China, Japan, Singapore, USA, Thailand, India, Indonesia, and Brazil, etc.
· One of subject’s major customers is Ming Dynasty Fish & Shrimp Co., Inc.
Import and export right:
|
Import right |
Yes |
|
Export right |
Yes |
|
Product |
Raw materials |
|
Payment Terms |
Cash, T/T, etc |
Foreign
Purchase
|
Raw materials |
|
|
Payment Terms |
T/T, etc |
Sales
Domestic
Markets
|
Product |
Feed, etc |
|
Payment Terms |
Cash, T/T, etc |
Export
|
Product |
Feed, etc |
|
Payment Terms |
T/T, etc |
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. Zhang declined to
disclose its financials citing the grounds of company’s confidentiality; from
other source we cannot obtain the relevant information, either.
Subject declined to disclose its bank details;
from other source we cannot obtain the relevant information, either.
Mortgage
|
Case Type: |
Chattel Mortgage |
|
File No.: |
088608 |
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Debtor Name: |
Chuen-Shin Feeds Co., Ltd. |
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Document Number: |
09505162160 |
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Date of Registration: |
2006-9-18 |
Lawsuit
Up to date of reporting, no existing or latent
litigation of the subject has been found.
|
Name |
Ms. Zhang |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.14 |
|
|
1 |
Rs.97.05 |
|
Euro |
1 |
Rs.77.37 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NIT |
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 |
|
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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 |
|
|
-- |
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.