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Report Date : |
30.10.2014 |
IDENTIFICATION DETAILS
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Name : |
HONGPLAS INTERNATIONAL CORPORATION LIMITED |
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Registered Office : |
7F.-4, No.152, Sec. 1, Taichung Port Rd.,
West Dist., Taichung City 40354 |
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Country : |
Taiwan |
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Date of Incorporation : |
11.08.2010 |
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Com. Reg. No.: |
53137440 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Trading of Chemicals |
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No. of Employees : |
About 15 Employees |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 – 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 |
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Moderate |
B1 |
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High |
B2 |
|
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. 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: |
Hongplas International Corporation Limited |
|
Supplied Name: |
Hongplas International Corpora |
|
Trading Address: |
7F.-4, No.152, Sec. 1, Taichung Port Rd., West
Dist., Taichung City 40354, Taiwan (R.O.C.) |
|
Supplied Address: |
7F-5, No. 186, Sec 2, Taiwan Bou Rd., West
Dist., Taichury |
|
Telephone Number: |
+886-4-2326-7429 |
|
Fax Number: |
+886-4-2326-4432 |
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E-mail: |
Notes: The exact name and address are as
above.
Subject was incorporated on 2010-08-11 with
registered number 53137440 as Joint Stock Company in Taiwan.
Brief Introduction
|
The subject belongs to Hong En group, a
leading recycle company in Taiwan, mainly has dealt with recycle plastic for
30 years, focusing on recycling PP, PE, ABS and PET. In order to expend prime
grade resin in Taiwan and oversea market, Hong En sets up subject by a new
and professional operating team, mainly import and export products of primes
grade PP, PE, PVC, EVA, ABS, PET, and PA6. |
Major Shareholders
|
Name |
Subscription Shares |
|
Horng En Co., Ltd. |
600,000 |
|
Horng Gee Co., Ltd |
600,000 |
|
Maochen Zhang |
300,000 |
|
Baoying Weng |
750,000 |
|
Qingrou Hong |
750,000 |
Shareholder
Information
|
1 |
|
|
Name |
Horng En Co., Ltd |
|
Registration Number |
86806053 |
|
Date of Registration |
1992-7-27 |
|
Registered Address |
No.22-1, Kung Ye Rd., Hou Liao Tsun, Fangyuan Hsiang, Chang Hua Hsien,
Taiwan |
|
Legal Representative |
Zhesheng Hong |
|
2 |
|
|
Name |
Horng Gee Co., Ltd |
|
Registration Number |
89362912 |
|
Date of Registration |
1995-3-24 |
|
Registered Address |
No.33, Kung Chiu Rd., Fang Yuan Hsiang, Changhua Hsien, Taiwan, R.O.C. |
|
Legal Representative |
Zheyan Hong |
Related Company
|
Name |
Hongsuo Trading (Shanghai) Co., Ltd |
|
Registration Number |
310000400550179 |
|
Date of Registration |
2007-11-23 |
|
Registered Address |
Room 1601, No.425, Yishan Road, Shanghai City, China |
|
Legal Representative |
Mingdian Hong |
|
Tel. |
+86-21-5186-3158 |
|
Fax |
+86 21-5489-0062 |
Core Management
Directors
|
1 |
|
|
Name |
Zhesheng Hong |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Zheyan Hong |
|
Position |
Director |
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3 |
|
|
Name |
Maochen Zhang |
|
Position |
Director |
|
4 |
|
|
Name |
Baoying Weng |
|
Position |
Director |
|
5 |
|
|
Name |
Qingrou Hong |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 15 Employees |
Offices &
Factories
|
|
Headquarters |
|
Add |
7F.-4, No.152, Sec. 1, Taichung Port Rd., West Dist., Taichung City
40354, Taiwan (R.O.C.) |
Production
Information
Subject is a trader of chemicals such as primes grade PP, PE, PVC, EVA,
ABS, and PET without any production activities.
Purchase
Information
The registered activities of subject:
|
Business Code |
Details |
|
F107200 |
Wholesale of chemical raw materials |
|
F107990 |
Wholesale of other chemical products |
|
F107190 |
Wholesale of plastic film and plastic bag |
|
F107020 |
Wholesale of dye and pigment |
|
F104110 |
Wholesale of cloth, garments, shoes, hats, umbrella and apparel
accessories |
|
F207020 |
Retail of dye and pigment |
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F207190 |
Retail of plastic film and plastic bag |
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F207200 |
Retail of chemical raw materials |
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F207990 |
Retail of other chemical products |
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F204110 |
Retail of cloth, garments, shoes, hats, umbrella and apparel
accessories |
|
F401010 |
International trade |
|
ZZ99999 |
Besides licensed business, all other
business items those are not banned or restricted |
It is introduced that subject purchases products from both home and
abroad.
·
Subject
is engaged in sales of chemicals, etc.
·
Subject’s
sales regions include mainland China, Vietnam, Philippines, Colombia,
Bangladesh, India, Albania and Brazil, etc.
·
The
major products sold by subject include PP, PE, PVC, EVA, ABS, PET and PA6.
·
Subject’s
major customers include Plastic products manufacturer,
·
Subject’s
major products’ applications are as follows for reference.
|
Type |
Product |
Application |
|
PE Polyethylene |
High Density Polyethylene Low Density Polyethylene Linear Low Density Polyethylene |
Plastic bag, packaging films, sponge, toy, and tin, etc |
|
PP Polyethylene |
Homopolymer Impact Copolymer Random Copolymer |
Woven bag, bottom of carpet |
|
RECYCLED PE |
Recycled-HDPE (Pipe) Recycled-HDPE Recycled-LDPE Recycled-LLDPE |
Straight tube, bellows, sewage pipe, screwed pipe, cable sleeve |
Import and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
Domestic Purchase
|
Products |
Chemicals, etc |
|
Payment Terms |
Cash, T/T, etc |
Import
|
Products |
Chemicals, etc |
|
Payment Terms |
T/T, etc |
Sales
Domestic Markets
|
Product |
Chemicals, etc |
|
Selling Terms |
Cash, T/T, etc |
Export
|
Product |
Chemicals, etc |
|
Selling Terms |
Cash, 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. Hong declined to
disclose its financials citing the grounds of company’s confidentiality; 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. Hong |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.32 |
|
|
1 |
Rs.99.00 |
|
Euro |
1 |
Rs.78.14 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
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 |
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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 |
|
|
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.