MIRA INFORM REPORT

 

 

Report Date :

18.01.2014

 

IDENTIFICATION DETAILS

 

Name :

GEM FONT CORPORATION

 

 

Registered Office :

3Fl., No.116, Hsin Sen South Road., Sec.1, Taipei City

 

 

Country :

Taiwan

 

 

Date of Incorporation :

31.12.1958       

 

 

Com. Reg. No.:

03341208

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

·         Engaged in processing and trading of food materials

·         Manufacturer of candy

·         Manufacturer of baked and steam food

·         Manufacturer of edible fat and oil

·         Manufacturer of flour

·         Manufacturer of sugar

·         Manufacturer of condiment

·         Manufacturer of beverage

 

 

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 :

Slow but Correct  

 

 

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 – September 30, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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:

Gem Font Corporation

Supplied Name:

GEMFONT CORPORATION

Trading Address:

No.116, Hsin Sen South Road., Sec.1, Taipei City, Taiwan

Supplied Address:

116 Hsin Sen S Rd Sec 1 gemfont Building taipei ROC

Telephone Number:

+886-2-2341-5137

Fax Number:

+886-2-2351-1475

E-mail:

info@gemfont.com.tw

Notes: The exact name and address are as above.

 

 

Credit Summary

 

Credit Opinion:

Business connections are permissible.

 

 

Company Identification Details

 

Registered Name:

Gem Font Corporation

Registered Address:

3Fl., No.116, Hsin Sen South Road., Sec.1, Taipei City, Taiwan

Date of Foundation:

1958-12-31

Registration Number:

03341208

Registry:

Taipei City Government

Registered Capital:

NTD 50,000,000 (USD 1,700,000)

(As of 2014.01, 1 NTD = 0.0340 USD)

Paid-up Capital:

NTD 50,000,000 (USD 1,700,000)

Legal Representatives:

Xiuqin Jiangxu

Legal Form:

Joint Stock Company

Principal Activities:

Processing and trading of food materials

Staff:

About 300 Employees

Listed at Stock Exchange:

No

Date of Last Annual Return:

2013-12-2

 

 

History

 

Subject was incorporated on 1958-12-31 with registered number 03341208 as Joint Stock Company in Taiwan.

 

 

Shareholders

 

Name

Subscription Shares

Xiuqin Jiangxu

4,995,000         

 

Yizheng Qiu

 

2,000

 

Yuzhang Xu

1,000

 

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

 

 

Subsidiaries & Branches

 

Factories

1

Name:

Wugu Factory

Address:

No.22, Wugong 6th Road, Wugu District, New Taipei City, Taiwan

Date of Registration:

2001-6-8

Factory Registration Number:

99600338

Factory Manager:

Xiuqin Jiangxu

Status:

In Production

Date of Last Annual Return:

2011-7-20

Major Products:

089 other food

2

Address:

No.19, Wugong 6th Road, Wugu District, New Taipei City, Taiwan

Date of Foundation:

1992-1-22

Date of Registration:

1992-2-11

Factory Registration Number:

99601954

Factory Manager:

Xiuqin Jiangxu

Status:

In Production

Date of Last Annual Return:

2011-7-21

Major Products:

089 other food

 

Related Companies

1

Name:

Kwok Wah Trading Co., Ltd.

Address:

No.116, Hsin Sen South Road., Sec.1, Taipei City, Taiwan

2

Name:

Sunfont Inc.

Address:

No.116, Hsin Sen South Road., Sec.1, Taipei City, Taiwan

3

Name

Ali-Mon Corporation

Address:

No.116, Hsin Sen South Road., Sec.1, Taipei City, Taiwan

 

Agents in Mainland China

1

Name

Young & Fine Food Tech (Shanghai)Co., Ltd.

Address

1F Building A, No.8, Lane 1305, Huajing Rd., Shanghai 200231

Tel:

+86-21-6496-5566

Fax:

+86-21-6496-5656

Date of Registration:

2008-6-10

Registration Number:

310000400575730

Registry:

Shanghai Industrial and Commercial Bureau

Registered Capital:

USD 700,000

Paid-up Capital:

USD 700,000

Legal Representatives:

Yuzhang Xu

Operation Period:

From 2008-6-10 to 2028-6-9

2

Name

Young & Fine Food Tech (Xiamen) Co., Ltd.

Address

No. 8055 Xiang'an West Road, Xiamen Torch (Xiang'an) Industrial Area, Xiamen 361101I

Tel:

+86-592-570-0309

Fax:

+86-592-570-0311

Registration Number:

2002-9-9

Date of Registration:

350298400003552

Registered Capital:

USD 350,000

Paid-up Capital:

USD 350,000

Legal Representatives:

Yuzhang Xu

 

 

Personnel Information

 

Core Management

Directors

1

Name

Xiuqin Jiangxu

Position

Board Chairman

2

Name

Yizheng Qiu

Position

Director

3

Name

Yuzhang Xu

Position

Director

4

Name

Yijie Huang

Position

Supervisor

Personnel Structure

Total Employees

About 300 Employees

 

 

Operation Information

 

Offices & Factories

 

Headquarters

Add

No.116, Hsin Sen South Road., Sec.1, Taipei City, Taiwan

 

Production Information

l         Subject is engaged in processing and trading of food materials.

l         Subject has factories and warehouses in Wugu District, New Taipei City, Taiwan.

l         Subject obtained the certifications of ISO 9001 and ISO 9002, etc.

 

Purchase Information

l         The registered activities of subject:

Business Code

Details

A102060

Grain industry

C104010

Manufacturer of candy

C104020

Manufacturer of baked and steam food

C105010

Manufacturer of edible fat and oil

C106010

Manufacturer of flour

C108010

Manufacturer of sugar

C109010

Manufacturer of condiment

C110010

Manufacturer of beverage

C113020

Manufacturer of semi-finished alcohol

C114010

Manufacturer of food additives

C199010

Manufacturer of noodle and vermicelli

C199030

Manufacturer of ready meal

C199040

Manufacturer of soy food

C199990

Manufacturer of other unclassified food

C802120

Manufacturer of industry assistants

C802200

Manufacturer of coating, paint, dye and pigment

C802990

Manufacturer of other chemical products

F102020

Wholesale of edible fat and oil

F102030

Wholesale of alcohol and tobacco

F102170

Wholesale of food and grocery

F102180

Wholesale of alcohol

F103010

Wholesale of feed

F107010

Wholesale of paint and coating

F107170

Wholesale of industry assistants

F107200

Wholesale of chemical materials

F107990

Wholesale of other chemical products

F109070

Wholesale of stationery, musical instrument, recreational supplies

F113010

Wholesale of machinery

F113020

Wholesale of electric appliance

F121010

Wholesale of food additives

F202010

Retail of feed

F203010

Retail of food, beverage and grocery

F203020

Retail of alcohol and tobacco

F203030

Retail of alcohol

F207010

Retail of paint and coating

F207170

Retail of industry assistants

F207200

Retail of chemical materials

F207990

Retail of other chemical materials

F208021

Retail of western medicine

F208050

Retail of B class medicine

F209060

Retail of stationery, musical instrument, recreational supplies

F213010

Retail of electric appliance

F213080

Retail of machinery

F221010

Retail of food additives

F401010

International trade business

JZ99050

Intermediary service

ZZ99999

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

 

l         Subject purchases products from both home and abroad.

l         We obtained some of subject’s suppliers’ information as follows for reference.

 

1

Name

Bio Springer

Address:

103, rue Jean Jaurès F-94704 Maisons-Alfort Cedex France

Tel:

+33-1-4977-1846

Fax:

+33-1-4977-0358

Supply Products:

Yeast, etc

2

Name

CP Kelco U.S., Inc.

Address:

Cumberland Center II 3100 Cumberland Boulevard Suite 600 Atlanta, GA 30339 USA

Tel:

+1-678-247-7300

Fax:

+1-678-247-2797

Supply Products:

Sodium carboxymethyl cellulose

3

Name

Diana Naturals

Address:

7 Allée Ermengarde d'Anjou, ZAC Atalante Champeaux CS 41137, 35011 Rennes Cedex, France

Tel:

+33-2-9929-2030

Supply Products:

Concentrated fruit and vegetable juice

4

Name

Koninklijke DSM N.V.

Address:

Het Overloon 1, PO Box 6500, HEERLEN, 6411TE, Netherlands

Tel:

+31-45-578-8111

Fax:

+31-45-574-2595

Supply Products:

Docosahexaenoic acid, etc

5

Name

Kalsec Inc

Address:

P.O. Box 50511 Kalamazoo, MI 49005-0511, USA

Tel:

+1-269-349-9711

Fax:

+1-269-382-3060

Supply Products:

Natural colors, natural flavor extracts, antioxidants, hop extracts

 

Sales Information

l         Subject is engaged in sale of food materials

l         Subject’s sales regions include Taiwan, Mainland China and other Asia countries, etc.

l         Subject’s major customers are food and beverage manufacturers.

 

Major products

 

Product

1

Food Flavors

2

Savory Flavors

3

Sweeteners

4

Gums

5

Flavoring Agents

6

Food Longevity

7

Emulsifiers

8

Spices

9

Natural Extract

10

Coloring Agents

11

Nutritional Enriching agents

12

Cultures

13

Fruit and Vegetable Products

14

Proteins

15

Starches

16

Acidulants

17

Enzymes

18

Phosphate

19

Antioxidants

20

Preservatives

 

Import and export right:

Import right

Yes

Export right

Yes

 

 

Settlements

 

Purchase

Domestic Purchase

Product

Terms

Proportion

Food materials, etc

Cash, T/T, etc

100%

 

Foreign Purchase

Product

Terms

Proportion

Food materials, etc

L/C, T/T, etc

100%

 

 

 

 

              

Sales

Domestic Markets

Product

Terms

Proportion

Food materials, etc

Cash, T/T, etc

100%

Export

Product

Terms

Proportion

Food materials, etc

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. Su 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

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

Ms. Su

Department

Sales Department

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.35

UK Pound

1

Rs.100.21

Euro

1

Rs.83.52

 

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

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.