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Report Date : |
05.07.2014 |
IDENTIFICATION DETAILS
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Name : |
SEA GLORY FISHERY
PRODUCT CO., LTD. |
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|
|
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Registered Office : |
1st Floor, No.143, Nan Ya Road,
Chian Chen Dist., Kaohsiung |
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Country : |
Taiwan |
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Date of Incorporation : |
05.01.1999 |
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Com. Reg. No.: |
16475100 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
· engaged in trading of seafood including fresh fish, frozen fish, shrimp, crab & shellfish · Engaged in wholesaling fresh and frozen fish · Engaged in wholesaling other aquatic product, agricultural products and animal by-products (fish fry) · Engaged in retailing aquatic product · Engaged retailing other aquatic product, agricultural products and animal by-products (fish fry) · Engaged in retailing food and drinks · Engaged in wholesaling accessory food |
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No of Employees : |
About 10 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 |
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Payment Behaviour : |
No complaints |
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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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Taiwan |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
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 |
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Company Name: |
|
|
Supplied Name: |
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Trading Address: |
1st
Floor, No.143, Nan Ya Road, Chian Chen Dist., Kaohsiung, Taiwan, R.O.C. |
|
Supplied Address: |
|
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Telephone Number: |
+886-7-813-9372 |
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Fax Number: |
Notes: The exact name and address are as above.
|
Credit Opinion: |
Subject was incorporated on 1999-1-5 with registered number 16475100 as Joint Stock Company in Taiwan.
|
Name |
Subscription
Shares |
|
Yuanlong Hong |
1,800 |
|
Shunzhong Hong |
200 |
The information above is that of subject’s major shareholders.
Subject did not introduce
whether it has any subsidiaries or branches, from other source we can not
obtain the relevant information, either.
Core Management
|
1 |
|
|
Name |
Yuanlong Hong |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Huilong Wu |
|
Position |
Director |
|
3 |
|
|
Name |
Zhishang Li |
|
Position |
Director |
|
4 |
|
|
Name |
Shunzhong Hong |
|
Position |
Supervisor |
Offices &
Factories
|
|
Headquarters |
|
Add |
1st Floor, No.143, Nan Ya Road,
Chian Chen Dist., Kaohsiung, Taiwan, R.O.C. |
Production
Information
l
Subject is a trader of seafood without any
production activities.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
F101050 |
Wholesales of fresh and frozen fish |
|
F102010 |
Wholesales of frozen food |
|
F101990 |
Wholesales of other aquatic product,
agricultural products and animal by-products (fish fry) |
|
F201030 |
Retails of aquatic product |
|
F201990 |
Retails of other aquatic product,
agricultural products and animal by-products (fish fry) |
|
F203010 |
Retails of food and drinks |
|
F401010 |
International trading business |
|
F102160 |
Wholesales of accessory food |
|
F102990 |
Wholesales of other food (fish flour and
surumi) |
l
Subject purchases products from both home and
abroad; we obtained some detail information as follows for reference:
|
Product |
Original Area |
|
Fish, shrimp, crab, shellfish |
USA, Japan, etc |
|
Fish |
Taiwan |
l The subject is
mainly engaged in sales of seafood
l
It is introduced that subject’s major products
includes fresh fish, frozen fish, shrimp, crab & shellfish
l
Subject’s sales region focuses on Asian market.
l
It is introduced that subject’s major customers are
distributors of seafood, etc.
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
Domestic Purchase
|
Terms |
Proportion |
|
|
Seafood,
etc |
Cash,
T/T, etc |
100% |
|
Product |
Terms |
Proportion |
|
Seafood,
etc |
T/T,
etc |
100% |
Sales
Domestic Markets
|
Terms |
Proportion |
|
|
Seafood,
etc |
Cash,
T/T, etc |
100% |
Export
|
Terms |
Proportion |
|
|
Seafood,
etc |
T/T,
etc |
100% |
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.
Subject declined to disclose its bank details; from other source we cannot 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.
|
Name |
Ms. Huang |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.79 |
|
UK Pound |
1 |
Rs.102.66 |
|
Euro |
1 |
Rs.81.32 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.