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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

487519

Report Date :

29.01.2018

 

IDENTIFICATION DETAILS

 

Name :

FLEX-AUTO INDUSTRIAL CORPORATION

 

 

Registered Office :

No.52-1, Ln. 319, Sec. 2, Xinsheng Rd., Zhongli Dist., Taoyuan City 32056, Taiwan, R. O. C.

 

 

Country :

Taiwan

 

 

Date of Incorporation :

24.04.2989

 

 

Com. Reg. No.:

23299185

 

 

Legal Form :

Private limited company owned by private individual(s)

 

 

Line of Business :

Trade of industrial production line, assembly line, testing line, product conveyor system and components, etc.

 

 

No. of Employees :

10

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

B

 

 

Credit Rating

Explanation

Rating Comments

B

Medium Risk

Business dealings permissible on a regular monitoring basis

 

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

 

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

Taiwan

A1

A1

 

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 that is driven largely by industrial manufacturing, and especially exports of electronics, machinery, and petrochemicals. This heavy dependence on exports exposes the economy to fluctuations in global demand. Taiwan's diplomatic isolation, low birth rate, rapidly aging population, and increasing competition from China and other Asia Pacific markets are other major long-term challenges.

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 of that year, inked a trade pact with Singapore. However, follow-on components of the ECFA, including a signed agreement on trade in services and negotiations on trade in goods and dispute resolution, have stalled. In early 2014, the government bowed to public demand and proposed a new law governing the oversight of cross-Strait agreements, before any additional deals with China are implemented; the legislature has yet to vote on such legislation, leaving the future of ECFA uncertain. President TSAI since taking office in May 2016 has promoted greater economic integration with South and Southeast Asia through the New Southbound Policy initiative and has also expressed interest in Taiwan joining the Trans-Pacific Partnership as well as bilateral trade deals with partners such as the US.

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 expected to account for nearly 20% of the island's total population by 2025.

The island runs a trade surplus with many economies, including China and the US, and its foreign reserves are the world's fifth largest, behind those of China, Japan, Saudi Arabia, 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 and has also secured greater market access for its investors on the mainland. In August 2012, the Taiwan Central Bank signed a memorandum of understanding (MOU) on cross-Strait currency settlement with its Chinese counterpart. The MOU allows for the direct settlement of Chinese renminbi (RMB) and the New Taiwan dollar across the Strait, which has helped Taiwan develop into a local RMB hub.

Closer economic links with the mainland bring opportunities for Taiwan’s economy but also pose challenges as political differences remain unresolved and China’s economic growth is slowing. Domestic economic issues loomed large in public debate ahead of the January 2016 presidential and legislative elections, including concerns about stagnant wages, high housing prices, youth unemployment, job security, and financial security in retirement

 

Source : CIA

 

COMPANY INFORMATION

 

Registration No.：

23299185

English Company Name：

FLEX-AUTO INDUSTRIAL CORPORATION

Registered Address in English：

No.52-1, Ln. 319, Sec. 2, Xinsheng Rd., Zhongli Dist., Taoyuan City 32056, Taiwan, R. O. C.

Address of Operating Office：

No.23, Ln. 670, Xingdong Rd., Zhongli Dist., Taoyuan City 32058, Taiwan, R. O. C.

URL：

http://www.flexauto.com.tw/

E-mail：

flex.auto@msa.hinet.net

TEL：

+886-3-4533-959

 

 

 

FAX：

+886-3-4533-985

 

 

 

Established on：

April 24, 1989

No. of Employees：

10

Business Type：

  Manufacturing   Service    Banking/Financing

NACE Code：

2840

 

 

 

 

 

 

 

 

 

Business Size：

  Super Large   Large   Medium   Medium-Small   Small

Legal Form：

 Private limited company owned by private individual(s)

 Family Enterprise

  Limited Company

 

 

FACTORY AND BRANCH

 

 Subject company claims to have no factory and branch.

 

 

AFFILIATE

 

 Subject company claims to have no affiliate.

 

 

HISTORY

 

Change in Company Name/Form

Subject company has kept its present name and form since its establishment.

 

 

 

CAPITAL INCREASE/DECREASE

 

Registered capital read NT$ 5,000,000 (fully paid-up) at the time of establishment.

 

Subsequent Capital Increase/Decrease

NIL

 

 

PLAN FOR CAPITAL INCREASE/DECREASE & STOCK LISTING – NIL

 

 

ACTUAL BUSINESS ITEMS/ ACTIVITIES

 

1

Trade of industrial production line, assembly line, testing line, product conveyor system and components, etc.

 

●  MAIN SHAREHOLDERS

Name

Position

Stake (NT$)

Ratio (%)

Note

 

Chung, Han-Hsiao

 

 

 

Director

 

900,000

 

18.00

 

Wife

 

Liu, Pang-Hui & other relatives

 

 

 

Shareholder

 

4,100,000

 

82.00

 

Husband

Total No. of Shareholders：Declined

 

CORPORATE SHAREHOLDER OVERVIEW – NIL

 

RELATIONSHIP BETWEEN MAIN SHAREHOLDERS

 

Spouse

Parent/Children

Siblings

Relatives/In-Laws

Schoolmates

Associates

Friends

Members in Same Business Group

Institutional Investors

Others (specified as follows)：

 

 

MANAGEMENT（CHAIRMAN AND GENERAL MANAGER）

 

Chairman

Name (Chinese)：

 

English：

Chung, Han-Hsiao

Sex：

Female

ID No.：

Declined

 

 

Date of Birth：

In her 50s

 

Place of Birth：

Taiwan

 

Education：

Senior high school graduate

 

Experience：

Declined

 

Years in Subject Company’s Line of Business：

More than 20 years

 

Other Business Investments : NIL

 

 

General Manager（President）

Name (Chinese)：

 

English：

Liu, Pang-Hui

Sex：

Male

ID No.：

H101*****9

 

 

Date of Birth：

In his 50s

 

Place of Birth：

Taiwan

 

Education：

College graduate

 

Experience：

Managing director of Jiu Mao Industrial Co., Ltd.(鉅茂實業(有))

 

Years in Subject Company’s Line of Business：

More than 30 years

 

Other Business Investments : NIL

 

 Information provided by Ms. Lee, accounting staff

 

 

PREMISES

 

 

Registered Office：

 

The premise reports a total floor space of 107.64 square meters and is registered under the name of person with Liu as surname

Note：Information related to ownership status of subject premises is obtained from computerized official issued by local land administration authority.

 

MAJOR PRODUCTION FACILITY – NIL

 

MORTGAGE RECORD OF MOVEABLE PROPERTIES

 

NIL

 

DOMESTIC SUPPLIERS

 

Raw Material / Product

Supplier

Payment Term

 

Aluminum alloys

 

Companies in related fields

 

 Based on agreed terms

 

OVERSEAS SUPPLIERS – NIL

 

 

BRAND NAMES OF PRODUCTS LICENSED FOR SALE BY SUBJECT COMPANY

 

 Subject company declines the brand name carried.

DOMESTIC CUSTOMERS

 

Raw Material / Product

Customer

Payment Term

 

Industrial production line, Assembly line, Testing line, Automation product conveyor system

 

CREATION FOOD CO., LTD., UNI-PRESIDENT ENTERPRISES CORP.

Traders in related fields

 

 Based on agreed terms

 

MAIN DOMESTIC SALES CHANNELS – NIL

 

 

OVERSEAS CUSTOMERS

 

Raw Material/ Products

Country/Region

 

Industrial production line, Assembly line, Testing line, Automation product conveyor system

 

United States, Canada, United Kingdom, France, Germany, Other European countries, Russia, China, India, Middle East, Japan, SE Asia

 

 

Payment Terms

 

 T/T (100%)

 

 

OVERSEAS PRODUCTION BASES / SALES OUTLETS

 

Country

Name of Company

Type

 

Shangshai & Guangzhou, China

 

 

 

Factory

Subsidiary/Branch

Office

Other：

 

COMPLIANCE WITH LOCAL / INTERNATIONAL STANDARDS – NIL

 

 

BANKERS

 

 

The Shanghai Commercial & Savings Bank, Chung Li Branch

Account No.：Declined

 

 

Active since：Declined

Current Status：Normal    Dishonored

 

 Information provided by Ms. Lee, accounting staff

 

 

PAYMENT RECORD

 

As of Jan. 19, 2018, relevant records obtained from Clearing House indicate：

No dishonored banking record filed against subject company during the past three years.

No dishonored banking record filed against subject company’s registered person-in-charge during the past three year.

 

 

STATUS QUALIFIED GOVERNMENT SUPPLIER

 

Subject company’s status as a qualified government supplier has not been suspended during the past one year.

 

 

LITIGATION/COURT RECORD

 

Subject company has been involved in neither litigation nor legal proceeding during the past two years.

 

 

INTELLECTUAL PROPERTY（PATENT and TRADEMARK）

 

No patent is found registered under the name of subject company.

A total of 3 trademarks is found registered under the name of subject company；the most recent 5 items are listed as follows for reference：

No.

Registration No.

Trademark

 

1

 

00514977

 

富而鏈

 

2

 

00049355

 

富而鏈Flex-Auto

 

3

 

00483588

 

富聯Flex-AUTO

 

 

OPERATING INCOME 2014~2016（NT$：1,000）

 

 Subject company declines to reveal related information for security reasons.

 

 

 

TRADE RECORD（USD）

 

YEAR

TOTAL IMPORT

TOTAL EXPORT

2016

500,000-1,000,000

4,000,000-5,000,000

2015

500,000-1,000,000

4,000,000-5,000,000

2014

0-500,000

3,000,000-4,000,000

 

01/01~12/31, 2016：BREAKDOWN OF SALES BY PRODUCTS（NT$：1,000）

 Subject company declines to reveal related information for security reasons.

 

●  SALES PERFORMANCE 01~11, 2017（NT$：1,000）

－－

 

●  FINANCIAL PROFILE（NT$：1,000）

 Subject company declines to reveal related information for security reasons.

 

 

CORPORATE RANKING 2014~2016

 

 Subject company is not listed in the Top 1000 Largest Corporation in Taiwan and is not listed in the Directory of Leading Importers and Exporters in Taiwan.

 

 

SUMMARY

 

 Highly cooperative    Reasonably cooperative    Wary but generally cooperative

 

Subject is specialized in trade of industrial production line, assembly line, testing line, product conveyor system and components, mainly relying of trade of automation product conveyor system. Products are mainly supplied to industries such as Food Beverages & Plastic Bottle, bearing, automotive & machined parts, cosmetic, detergent & tissue Paper, electronic & electric, etc.

 

Approximately 100% of the business products or needed raw materials are procured from domestic companies in related fields

 

Subject relies mainly on export sale that accounts for approximately 80.00% of its total business revenues. Major overseas export markets include United States, Canada, United Kingdom, France, Germany, Other European countries, Russia, China, India, Middle East, Japan and SE Asia, etc. The rest 20.00% business revenues are contributed by domestic customers that include CREATION FOOD CO., LTD., UNI-PRESIDENT ENTERPRISES CORP. and traders in related fields

 

Financial information is considered as business confidentiality and subject refuses to release them. Secondary source indicates that its self-owned capital appears to be inadequate, load of liabilities and/or loans from shareholders seem to be at acceptable level; short-term solvency is normal. Sales performance in recent years appears to be steady with approximate annual sale revenues around NT$ 50 to 80 millions.

 

 

RESULT OF MEDIA SEARCH

 

No adverse news or reports related to subject company and its registered person-in-charge have been identified during the past two years.

 

 

OUR COMMENTS

 

 

Credit or business dealings with subject company are deemed acceptable while monitoring on a regular basis remains desirable. But not enough information and data could be obtained to facilitate the rating.

 

●  APPENDICES - NIL

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 63.50

UK Pound

1

INR 90.92

Euro

1

INR 79.07

TWD

1

INR 2.19

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIY

 

 

Report Prepared by :

KET

                                                


 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.