|
Report Date : |
03.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
SUN FAVORITE CO.,
LTD. |
|
|
|
|
Registered Office : |
20F., No.3, Sec. 1, Minsheng Rd., Banqiao Dist., New Taipei City 220, |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Date of Incorporation : |
28.10.1996 |
|
|
|
|
Com. Reg. No.: |
97249941 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Trading of papers,
paper machines and wines |
|
|
|
|
No. of Employees : |
30 |
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 |
|
Payment Behaviour : |
Unknown |
|
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 |
|
Company Name: |
|
|
Supplied Name: |
|
|
Trading Address: |
20F., No.3, Sec. 1, Minsheng Rd., Banqiao Dist., New Taipei City 220,
Taiwan (R.O.C.) |
|
Supplied Address: |
20F, NO.3 MIN-SHENG RD., SEC.1, PANCHIAO CITY, TAIPEI HSIEN, TAIWAN |
|
Telephone Number: |
+886-2-2959-9788 |
|
Fax Number: |
|
|
E-mail: |
|
|
Website: |
Notes: The exact
name and address are as above.
|
Registered Name: |
Sun Favorite Co.,
Ltd. |
|
Registered
Address: |
20F., No.3,
Sec. 1, Minsheng Rd., Banqiao Dist., New Taipei City 220, Taiwan (R.O.C.) |
|
Date of
Foundation: |
1996-10-28 |
|
Registration
Number: |
97249941 |
|
Registry: |
New Taipei City
Government |
|
Registered
Capital: |
NTD 100,000,000 (USD 3,310,000) (As of 2014.11, 1
NTD = 0.0331 USD) |
|
Paid-up Capital: |
NTD 100,000,000
(USD 3,310,000) |
|
Legal
Representatives: |
Juanjuan Lu |
|
Legal Form: |
|
|
Principal
Activities: |
|
|
Staff: |
|
|
Listed at Stock Exchange: |
|
|
Date of Last Annual Return: |
Subject was incorporated on 1996-10-28 with registered number 97249941 as Joint Stock Company in Taiwan.
Change of Name
|
Former Chinese Name: |
山發國際股份有限公司 |
|
Current Chinese Name: |
山富貿易股份有限公司 |
Branch
|
Name |
Zhongshan Branch |
|
Address |
1/F., No.14, Lane 39, Sec 2, Zhongshan North Road, Zhongshan District, Taipei City, Taiwan |
|
Registration Number |
53713962 |
|
Date of Registration |
2012-6-28 |
|
Status |
Live |
|
Manager Name |
Lide Zhou |
|
Date of Last Annual Return |
2014-9-22 |
Major Shareholders
|
Name |
Subscription Shares |
|
Juanjuan Lu |
|
|
1,000,000 |
|
|
Qiaoyun Zheng |
3,000,000 |
|
Shuyun Zheng |
2,000,000 |
|
Renming Zheng |
1,425,000 |
|
Ran Yun Co., Ltd. |
60,000 |
Shareholder
Information:
|
Registered Name: |
Ran Yun Co., Ltd. |
|
Registered
Address: |
1F, No.26,
Min-Sheng Rd., Banqiao Dist., New Taipei City 220, Taiwan (R.O.C.) |
|
Date of
Foundation: |
1994-7-5 |
|
Registration
Number: |
84993215 |
|
Registry: |
New Taipei City
Government |
|
Registered
Capital: |
NTD
30,000,000 (USD 993,000) (As of 2014.11, 1
NTD = 0.0331 USD) |
|
Paid-up Capital: |
NTD 30,000,000
(USD 993,000) |
|
Legal
Representatives: |
Zhenglong Zheng |
|
Legal Form: |
Joint Stock
Company |
|
Date of Last
Annual Return: |
2014-8-28 |
Core Management
Directors
|
1 |
||
|
Name |
Juanjuan Lu |
|
|
Position |
Board Chairman |
|
|
2 |
||
|
Name |
Qiaoyun Zheng |
|
|
Position |
Executive Director |
|
|
3 |
||
|
Name |
Shuyun Zheng |
|
|
Position |
Director |
|
|
4 |
||
|
Name |
Renming Zheng |
|
|
Position |
Director |
|
|
5 |
||
|
Name |
Ailing Qi |
|
|
Position |
Director |
|
|
6 |
||
|
Name |
Qinghui You |
|
|
Position |
Director |
|
|
7 |
||
|
Name |
Qiong-E Lan |
|
|
Position |
Director |
|
|
8 |
||
|
Name |
Qilei Guo |
|
|
Position |
Director |
|
|
9 |
||
|
Name |
Lide Zhou |
|
|
Position |
Director & Manager |
|
|
Appointment Date of Manager |
2007-5-25 |
|
|
10 |
||
|
Name |
Dongliang Lai |
|
|
Position |
Director |
|
|
11 |
||
|
Name |
A-Song Yang |
|
|
Position |
Supervisor |
|
Personnel Structure
|
Total Employees |
About 30 Employees |
|
|
Headquarters |
|
Add |
20F., No.3, Sec. 1, Minsheng Rd., Banqiao Dist., New Taipei City 220, Taiwan (R.O.C.) |
Production Information
Subject is a trader of papers, paper machines and wines, etc without any production activities.
Purchase Information
The registered activities of subject:
|
Business Code |
Details |
|
F102030 |
Wholesale of alcohol and tobacco |
|
F203020 |
Retail of alcohol and tobacco |
|
F109070 |
Wholesale of stationery, music instrument, recreational supplies |
|
F209060 |
Retail of stationery, music instrument, recreational supplies |
|
F113030 |
Wholesale of precise instrument |
|
F213040 |
Retail of precise instrument |
|
F106010 |
Wholesale of hardware |
|
F206010 |
Retail of hardware |
|
F107010 |
Wholesale of paint and coating |
|
F207010 |
Retail of paint and coating |
|
F107020 |
Wholesale of dye and pigment |
|
F207020 |
Retail of dye and pigment |
|
F113050 |
Wholesale of computer and office equipment |
|
F213030 |
Retail of computer and office equipment |
|
F114030 |
Wholesale of automobile and haulage motor’s components |
|
F214030 |
Retail of automobile and haulage motor’s components |
|
F113020 |
Wholesale of electric appliance |
|
F213010 |
Retail of electric appliance |
|
F107200 |
Wholesale of chemicals |
|
F207200 |
Retail of chemicals |
|
F102040 |
Wholesale of beverage |
|
F203010 |
Retail of grocery and beverage |
|
F102170 |
Wholesale of grocery |
|
F101050 |
Retail of aquatic product |
|
F106050 |
Wholesale of glass-ceramic ware |
|
F105050 |
Wholesale of furniture, beddings, kitchen utensils, decorations |
|
F205040 |
Retail of furniture, beddings, kitchen utensils, decorations |
|
F201030 |
Retail of aquatic product |
|
F113010 |
Wholesale of machinery |
|
F213080 |
Retail of mechanical appliance |
|
F111090 |
Wholesale of building materials |
|
F211010 |
Retail of building materials |
|
F118010 |
Wholesale of software |
|
F218010 |
Retail of software |
|
F401010 |
International trade business |
|
E801010 |
Interior decoration |
|
E801020 |
Doors and windows installation |
|
E801030 |
Interior steel frame engineering |
|
H701010 |
Development and leasing of resident and building |
|
H701020 |
Development of industrial factory building |
|
H701040 |
Development of specific professional area |
|
I301010 |
Software service |
|
I503010 |
Landscape and interior design |
|
E604010 |
Machines installation |
|
E605010 |
Computer installation |
|
F401171 |
Import of alcohol |
|
F112040 |
Wholesale of petroleum product |
|
F212050 |
Retail of petroleum product |
|
JE01010 |
Leasing industry |
|
ZZ99999 |
Besides licensed business, all other business items those are not banned or restricted. |
Subject purchases papers
mainly in Taiwan and Mainland China.
Subject imports
paper machines and wines mainly from abroad.
We obtained some of
subject’s suppliers’ information as follows for reference.
|
Product |
Supplier/ Brand |
Origin |
|
Paper Machines |
Metso Oyj |
Finland |
|
Wines |
The First Editions |
UK |
|
Georg Rafael, Stonehedge |
USA |
Subject is engaged in sale of papers, paper machines and wines, etc.
The major export products include fine paper, industrial paper and tissue paper and so on.
The major import products include paper machines, raw materials for paper industry, premium and single malt whisky.
It is introduced that subject’s cooperative liquor stores almost covers all over Taiwan.
Subject’s sales regions include Asia, Europe and America, etc.
Import and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
Domestic Purchase
|
Products |
Paper, etc |
|
Payment Terms |
Cash, T/T, etc |
Import
|
Products |
Machines and
wines, etc |
|
Payment Terms |
T/T, etc |
Sales
Domestic Markets
|
Product |
Machines and
wines, etc |
|
Selling Terms |
Cash, T/T, etc |
Export
|
Product |
Paper, etc |
|
Selling Terms |
L/C, 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. Chen declined to disclose its financials citing the grounds of
company’s confidentiality; from other sources we could not obtain such
information, either.
Subject declined to disclose its bank details; from other source we could 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.
Interview Details
|
Name |
Ms. Chen |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.41 |
|
|
1 |
Rs.98.06 |
|
Euro |
1 |
Rs.77.19 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIS |
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.