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Report Date : |
08.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
SEA FORTUNE CO., LTD. |
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|
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Registered Office : |
4F.-3, No.3, Wuquan 1st Rd., Xinzhuang Dist., New Taipei City 24892 |
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Country : |
Taiwan |
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Date of Incorporation : |
14.09.1987 |
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Com. Reg. No.: |
22638861 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Trading of musical instruments |
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No. of Employees : |
About 20 Employees |
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 |
|
Status : |
Moderate |
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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 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately 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: |
|
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Supplied Name: |
|
|
Trading Address: |
4F.-3, No.3,
Wuquan 1st Rd., Xinzhuang Dist., New Taipei City 24892, Taiwan |
|
Supplied Address: |
|
|
Telephone Number: |
+ 886-2-2298-3688 |
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Fax Number: |
|
|
E-mail: |
Notes: The exact name and address are as
above.
|
Registered Name: |
SEA FORTUNE CO., LTD. |
|
Registered Address: |
4F.-3, No.3, Wuquan 1st
Rd., Xinzhuang Dist., New Taipei City 24892, Taiwan |
|
Date of Foundation: |
1987-9-14 |
|
Registration Number: |
22638861 |
|
Registry: |
New Taipei City Government |
|
Registered Capital: |
NTD 45,000,000
(USD 1,489,500) (As of 2014.5, 1 NTD = 0.0331 USD) |
|
Paid-up Capital: |
NTD 45,000,000 (USD 1,489,500) |
|
Legal Representatives: |
Guanqun Zhang |
|
Legal Form: |
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Principal Activities: |
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|
Staff: |
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Listed at Stock Exchange: |
|
|
Date of Last Annual Return: |
Subject was incorporated
on 1987-9-14 with registered number 22638861
as Joint Stock Company in
Taiwan.
|
Name |
Subscription Shares |
|
Guanqun Zhang |
44,640 |
|
Yizheng Lin |
|
|
360 |
The information above is that of subject’s major shareholders.
Related Company
|
Name |
|
|
Address |
4F.-3, No.3, Wuquan 1st Rd., Xinzhuang
Dist., New Taipei City 24892, Taiwan |
|
Telephone Number: |
+886-2-2393-7936 |
|
Fax Number: |
+886-2-2393-1279 |
Office
|
Address |
1st Floor, No.24, Sec 1, Renai Road, Taipei City, Taiwan |
|
Telephone Number: |
+886-2-2393-7936 |
Core Management
Directors
|
1 |
|
|
Name |
Guanqun Zhang |
|
Position |
Chairman of the Board |
|
2 |
|
|
Name |
Shuping Sun |
|
Position |
Director |
|
3 |
|
|
Name |
Yizheng Lin |
|
Position |
Director |
|
4 |
|
|
Name |
Yingying Li |
|
Position |
Supervisor |
|
Total Employees |
About 20 Employees |
Offices &
Factories
|
|
Headquarters |
|
Add |
4F.-3, No.3, Wuquan 1st Rd., Xinzhuang Dist., New Taipei City 24892,
Taiwan |
Production
Information
Subject is a trader of musical
instruments without
any production activities
Purchase
Information
The registered activities of subject:
|
Business Code |
Details |
|
F401010 |
International trading business. |
|
F114010 |
Wholesales of automobiles. |
|
F114030 |
Wholesales of components and equipment of automobiles and locomotives. |
|
F214010 |
Retails of automobiles. |
|
F214030 |
Retails of components and equipment of automobiles and locomotives. |
|
F113020 |
Wholesales of electrical appliances. |
|
F213010 |
Retails of electrical appliances. |
|
F109070 |
Wholesales of stationery, musical instruments and recreation supplies. |
|
F209060 |
Retails of stationery, musical instruments and recreation supplies. |
|
E603090 |
Installing of lightings. |
|
E601020 |
Installing of electrical appliances. |
|
I401010 |
General service for advertisement. |
|
F113050 |
Wholesales of computer and its machinery and equipment for
transaction. |
|
F213030 |
Retails of computer and its machinery and equipment for transaction. |
|
F399990 |
Other comprehensive retails. |
|
F113010 |
Wholesales of machinery. |
|
F213080 |
Retails of equipment and tools. |
|
F119010 |
Wholesales of electronic materials. |
|
F219010 |
Retails of electronic materials. |
|
F113070 |
Wholesales of telecommunication equipment. |
|
F213060 |
Retails of telecommunication equipment. |
|
F401021 |
Inputting of controlled telecommunications radio frequency equipment. |
|
ZZ99999 |
Besides licensed business, all other business items those are not
banned or restricted. |
|
J304010 |
Book publishing industry |
|
J399990 |
Other publishing |
Subject’s products are both purchased from abroad like Japan, Germany,
Europe
·
The subject is mainly engaged in sales of musical
instruments
·
The major products sold by the subject are electric
guitar, electric bass, drum kit, metronome and so on.
·
Subject is the agent of the following brands CME,
DiMarzio, DYNATONE, EBS., IBANEZ, LTD, SEIKO, ROCKBAG, MUSIC MAN, FENDER
·
Subject’s major sales regions include domestic
market and surrounding countries.
·
It is introduced that subject’s major customers are
direct customers.
·
It is introduced that subject’ related company has
music room for teaching students.
·
Subject has special repairing center for its
products
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase
The subject has little purchase in domestic
market.
Foreign
Purchase
|
Terms |
Proportion |
|
|
Musical
instruments |
100% |
Sales
Domestic
Markets
|
Terms |
Proportion |
|
|
Musical
instrument |
Cash, T/T |
100% |
Export
|
Terms |
Proportion |
|
|
Musical
instrument |
T/T, L/C |
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 declined to discloses
its financials citing the grounds of company’s confidentiality; from other
source we can 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.
|
Name |
Ms. Li |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.04 |
|
|
1 |
Rs.101.97 |
|
Euro |
1 |
Rs.83.58 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NNA |
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.