|
Report No. : |
312756 |
|
Report Date : |
20.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
FORMOSA FLEXIBLE
PACKAGING CORP. |
|
|
|
|
Formerly Known As : |
China Gravure
Industries, Inc. |
|
|
|
|
Registered Office : |
3rd Fl., No.127, Sung Chiang Rd., Taipei |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Date of Incorporation : |
25.02.1964 |
|
|
|
|
Com. Reg. No.: |
11027006 |
|
|
|
|
Legal Form : |
Joint Stock
Company |
|
|
|
|
Line of Business : |
engaged in Manufacturing and sales of Packaging Products including Stand-Up Pouch, Gusset Bags, Paper Stand-Up, Aluminum Tops, Rollstock, Technology/ESD & FIBC Liners |
|
|
|
|
No of Employees : |
About 240 Employees |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 150,000 |
|
|
|
|
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Taiwan |
A2 |
A1 |
|
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: |
|
|
Former Name: |
China Gravure Industries, Inc. |
|
Supplied Name: |
|
|
Trading Address: |
No.28, Guangfu
Rd., Hukou Township, Hsinchu County 30351, Taiwan (R.O.C.) |
|
Supplied Address: |
|
|
Telephone Number: |
+886-3-598-2593 |
|
E-mail: |
Notes: The exact name and address are as above.
|
Credit Opinion: |
|
|
Maximum Credit Limit |
USD 150,000 |
Subject was incorporated on 1964-2-25 with registered number 11027006 as Joint Stock Company in Taiwan.
|
Former English Name: |
China Gravure Industries, Inc. |
|
Current English Name: |
Formosa Flexible Packaging Corp. |
Factory
|
Name: |
Hsinchu Plant |
|
Address: |
No.28, Guangfu Rd., Hukou Township, Hsinchu County 30351, Taiwan
(R.O.C.) |
|
Date of Foundation: |
1983-9-13 |
|
Date of Registration: |
1986-7-17 |
|
Factory Registration Number: |
99630180 |
|
Factory Manager: |
Zhicheng Huang |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2013-8-14 |
|
Major Products: |
220 Plastic products |
Offices
|
United States
Sales Office Address: 2 Park
Plaza, Suite 1260, Irvine, California, USA 92614 Email: sales@formosapackaging.com
Phone: +1 (949)
943-3688 Taichung Office Address:
No.8,Ln.28,Fengming St.,Xitun Dist.,Taichung City 40744,Taiwan (R.O.C.) Phone: +886
4-2701-2773 Fax：+886 4-2702-7449 Tainan Office Address:
No.16-6, Aly. 2, Ln. 388, Sec. 4, Haidian Rd., Annan Dist.,Tainan City 70966,
Taiwan (R.O.C.) Phone: +(886)
6-245-2500 Fax:+886 6-245-1920 |
Major Shareholders
|
Subscription Shares |
|
|
Corporate Body Huang Ke Ming Health
Foundation (Liberal Translation) |
500 |
|
He Tai Automobile Co., Limited (Liberal
Translation) |
|
|
1,007,609 |
|
|
Jin Ju Investment Co., Ltd (Liberal
Translation) |
106,021 |
|
Shang Yao Investment Co., Ltd (Liberal
Translation) |
55,087 |
|
He Yu Investment Co., Ltd (Liberal
Translation) |
262,250 |
Shareholder
Information:
|
1 |
|
|
Registered Name: |
Shang Yao Investment Co., Ltd (Liberal Translation) |
|
Registered Address: |
6F.-5, No.172, Changchun Rd., Zhongshan
Dist., Taipei City, Taiwan (R.O.C.) |
|
Date of Foundation: |
1993-2-19 |
|
Registration Number: |
84131673 |
|
Registry: |
Taipei City Government |
|
Registered Capital: |
NTD 92,000,000 (USD 2,852,000) (As of 2015.03, 1 NTD = 0.031 USD) |
|
Paid-up Capital: |
NTD 92,000,000 (USD 2,852,000) |
|
Legal Representatives: |
Mingliang Li |
|
Legal Form: |
Joint Stock Company |
|
Date of Last Annual Return: |
2010-6-25 |
|
2 |
|
|
Registered Name: |
He Yu Investment Co., Ltd (Liberal Translation) |
|
Registered Address: |
7F., No.121, Songjiang Rd., Zhongshan Dist.,
Taipei City, Taiwan (R.O.C.) |
|
Date of Foundation: |
1981-11-25 |
|
Registration Number: |
12357757 |
|
Registry: |
Taipei City Government |
|
Registered Capital: |
NTD 180,000,000 (USD 5,580,000) (As of 2015.03, 1 NTD = 0.031 USD) |
|
Paid-up Capital: |
NTD 180,000,000 (USD 5,580,000) |
|
Legal Representatives: |
Lihua Lin |
|
Legal Form: |
Joint Stock Company |
|
Date of Last Annual Return: |
2014-3-26 |
|
3 |
|
|
Registered Name: |
Jin Ju Investment Co., Ltd (Liberal Translation) |
|
Registered Address: |
8F., No.101, Fuxing N. Rd., Songshan Dist.,
Taipei City, Taiwan (R.O.C.) |
|
Date of Foundation: |
1992-4-16 |
|
Registration Number: |
86512542 |
|
Registry: |
Department of Commerce, Ministry of Economic
Affairs, R.O.C. |
|
Registered Capital: |
NTD 504,000,000 (USD 15,624,000) (As of 2015.03, 1 NTD = 0.031 USD) |
|
Paid-up Capital: |
NTD 504,000,000 (USD 15,624,000) |
|
Legal Representatives: |
Yizhong Su |
|
Legal Form: |
Joint Stock Company |
|
Date of Last Annual Return: |
2014-7-16 |
|
4 |
|
|
Registered Name: |
He Tai Automobile Co., Limited (Liberal Translation) |
|
Registered Address: |
8F., No.101, Fuxing N. Rd., Songshan Dist.,
Taipei City, Taiwan (R.O.C.) |
|
Date of Foundation: |
1955-4-25 |
|
Registration Number: |
03251108 |
|
Registry: |
Department of Commerce, Ministry of Economic
Affairs, R.O.C. |
|
Registered Capital: |
NTD 6,000,000,000 (USD 186,000,000) (As of 2015.03, 1 NTD = 0.031 USD) |
|
Paid-up Capital: |
NTD 5,461,791,840 (USD 169,315,547) |
|
Legal Representatives: |
Nanguang Huang |
|
Legal Form: |
Joint Stock Company |
|
Date of Last Annual Return: |
2015-1-14 |
Core Management
|
1 |
||
|
Name |
Zhicheng Huang |
|
|
Position |
Board Chairman |
|
|
2 |
||
|
Name |
Shebang Su |
|
|
Position |
Director |
|
|
3 |
||
|
Name |
Wenrui Huang |
|
|
Position |
Director |
|
|
4 |
||
|
Name |
Rongfu Huang |
|
|
Position |
Director |
|
|
5 |
||
|
Name |
Yongli Su |
|
|
Position |
Director |
|
|
6 |
||
|
Name |
Mingliang Li |
|
|
Position |
Director |
|
|
7 |
||
|
Name |
Huang George |
|
|
Position |
Director |
|
|
8 |
||
|
Name |
Wensheng Ke |
|
|
Position |
Supervisor |
|
|
9 |
||
|
Name |
Mingyuan Li |
|
|
Position |
Manager |
|
|
Date of Appointment |
2014-6-1 |
|
Personnel Structure
|
Total Employees |
About 240
Employees |
Offices &
Factories
|
|
Headquarters |
|
Add |
No.28, Guangfu Rd., Hukou Township, Hsinchu
County 30351, Taiwan (R.O.C.) |
Production
Information
l
Subject is engaged in manufacturing of packaging
products
l
Subject has a factory in Taiwan for production.
l
It is introduced that subject has obtained
certifications of ISO-9002 and ISO-9001.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
-- |
Manufacturing, processing and sales of
packaging materials and packaging container. |
|
-- |
Commercial art and packaging designing. |
|
-- |
Manufacturing, processing and sales of
plastic products (polyethylene, propathene, polyester, polyvinyl chloride, aromatic
polyamides, polrvinyl benzene and vinyl acetate monomer) |
|
-- |
Importing and exporting business of above
related products. (Besides futures) |
|
-- |
Technical consultant services of above
related business. |
l
It is introduced that subject purchases its raw
materials both at home and abroad.
l Subject is engaged
in sale of packaging products
l
The major products include stand-up pouch, gusset
bags, paper stand-up, aluminum tops, rollstock, technology/ESD & FIBC
liners
l
Subject’s sales regions cover Asia, Europe, America
.
l
Subject’s major customers are food industry,
packaging industry, pharmaceutical industry .
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
1.
Domestic Purchase
|
Products |
Raw materials |
|
Payment Terms |
Cash, T/T |
2.
Import
|
Products |
Raw materials |
|
Payment Terms |
L/C, T/T |
Sales
1.
Domestic Markets
|
Product |
Packaging products . |
|
Selling Terms |
Cash, T/T |
2.
Export
|
Product |
Packaging products . |
|
Selling Terms |
L/C, T/T |
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 Mr. Zhong 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 |
Mr. Zhong |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.42 |
|
UK Pound |
1 |
Rs.92.99 |
|
Euro |
1 |
Rs.67.29 |
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.