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Report Date : |
20.03.2014 |
IDENTIFICATION DETAILS
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Name : |
HARPRO RESOURCES LIMITED |
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Registered Office : |
1F., No.243, Sinfu Rd., Fengshan Dist., Kaohsiung City 830
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Country : |
Taiwan |
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Date of Incorporation : |
18.05.1996 |
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Com. Reg. No.: |
89759174 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
· Engaged in trading of steel products including hot-dip galvanizing, hot rolled steel, cold rolled steel, prepainted steel, aluminum, galvanized steel coil, carbon steel, stainless steel product ferrosilicon and ferromanganese-silicon. · Wholesaler of hardware · Wholesaler of building materials · Wholesaler of vegetable and fruit · Wholesaler of alcohol and tobacco · Wholesaler of tea |
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No. of Employees |
About 20 Employees |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Taiwan |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 |
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Company Name: |
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Supplied Name: |
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Trading Address: |
1F., No.243,
Sinfu Rd., Fengshan Dist., Kaohsiung City 830, Taiwan (R.O.C.) |
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Supplied Address: |
I F, NO. 243
Sintu Road, Fongshan City Kaohsiung County 83080 |
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Telephone Number: |
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Fax Number: |
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E-mail: |
Notes: The exact name and address are as above.
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Credit Opinion: |
Subject was
incorporated on 1996-5-18 with registered number 89759174 as Joint Stock Company in Taiwan.
|
Name |
Subscription Shares |
|
Zhengxiong Wu |
2,140,000 |
|
Lizhen Chen |
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|
270,000 |
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|
Hongfu Wu |
270,000 |
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Li-zhen Chen |
175,000 |
The information above is that of subject’s major shareholders.
It is
introduced that subject has an office in Mainland China, but the detail information
we cannot obtain from any sources.
Core Management
|
1 |
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|
Name |
Zhengxiong Wu |
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Position |
Board Chairman |
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2 |
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|
Name |
Lizhen Chen |
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Position |
Director |
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3 |
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|
Name |
Hongfu Wu |
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Position |
Director |
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4 |
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Name |
Li-zhen Chen |
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Position |
Supervisor |
Personnel
Structure
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Total Employees |
About 20
Employees |
Offices &
Factories
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|
Headquarters |
|
Add |
1F., No.243, Sinfu Rd., Fengshan Dist., Kaohsiung
City 830, Taiwan (R.O.C.) |
Production
Information
l
Subject is a trader of steel products
without any production activities.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
F106010 |
Wholesale of hardware |
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F111090 |
Wholesale of building materials |
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F206010 |
Retail of hardware |
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F211010 |
Retail of building materials |
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F401010 |
International trade business |
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F101130 |
Wholesale of vegetable and fruit |
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F102030 |
Wholesale of alcohol and tobacco |
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F102050 |
Wholesale of tea |
l Subject purchases products from both home and abroad. We obtained some of
subject’s purchase information as follows for reference.
|
Product |
Origin |
Supplier |
|
Hot-Dip Galvanizing, Aluminum, Hot Rolled
Steel, Cold Rolled Steel, Prepainted Steel, Galvanized Steel Coil, Carbon Steel,
Stainless Steel Product |
Taiwan |
Sheng Yu Steel Co. Ltd |
|
Ferrosilicon, Ferromanganese-silicon |
India |
Tata Steel Limited |
l Subject is engaged in sale of steel products
l The major products sold by subject include hot-dip galvanizing, hot
rolled steel, cold rolled steel, prepainted steel, aluminum, galvanized steel
coil, carbon steel, stainless steel product ferrosilicon and ferromanganese-silicon.
l Subject’s sales regions include Taiwan, Mainland China, Southeast Asia,
Middle East, Europe, Central and South America, etc.
l Subject’s major customers in Taiwan are electric furnace plants.
|
Import right |
Yes |
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Export right |
Yes |
Domestic Purchase
|
Terms |
Proportion |
|
|
Steel
products, etc |
T/T,
Credit Sale, etc |
100% |
Foreign Purchase
|
Terms |
Proportion |
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|
Steel
products, etc |
L/C,
T/T, etc |
100% |
Sales
Domestic Markets
|
Terms |
Proportion |
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|
Steel
products, etc |
T/T,
etc |
100% |
Export
|
Terms |
Proportion |
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|
Steel
products, etc |
L/C,
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. Su 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. Su |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.09 |
|
UK Pound |
1 |
Rs.101.41 |
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Euro |
1 |
Rs.85.08 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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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 |
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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.