MIRA
INFORM REPORT
|
Report Date : |
16th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
CHINA
GLAZE CO. LTD. |
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Registered Office : |
136
Chung Hsing Rd Section 4 Chutung Chen Hsinchu Hsien 310, Taiwan |
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Country : |
Taiwan |
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Financials (as on) : |
2005 |
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Date of Incorporation : |
06.12.1974 |
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Com. Reg. No.: |
47056834 |
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Legal Form : |
Public Listed Company |
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Line of Business : |
Manufacturer
and Trader of ceramic tiles, electronic components and chemical
products. |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD1,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
Company name & Address
CHINA
GLAZE CO LTD
136 CHUNG HSING RD SECTION 4 CHUTUNG CHEN HSINCHU HSIEN 310, TAIWAN
TEL :886-3-5824128
FAX :886-3-5824688
EXECUTIVE SUMMARY
INCORPORATION DATE :
DECEMBER 6, 1974
REGISTRATION NO. :
47056834
LEGAL FORM :
PUBLIC LISTED COMPANY
CHIEF EXECUTIVE :
MR. JONATHAN HSIEN-TSUNG TSAI (CHAIRMAN)
STAFF STRENGTH :
227
CAPITAL :
US$ 69,528,416
BUSINESS LINE :
MANUFACTURER
TURNOVER :
NTD 1,869,784,000 (AS OF DEC. 31, 2005)
EQUITIES :
NTD 2,126,859,000 (AS OF DEC. 31, 2005)
PAYMENT :
EXCELLENT
RECOMM. CREDIT RANGE : USD
1,000,000 (PERIODICAL REVIEW)
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE : NTD 32.8371 = US$1 AS OF 2006-11-16
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
M - million
TWD – Taiwan New Dollars
*Company History*
===============
1996 - Listed on Taiwan Stock Exchange.
*Company Registration*
====================
License Number
: 47056834
Date Issued : 6
December, 1974
Issuing Authority :
Ministry of Economic Affairs (MOEA)
*Capital Details*
============
Authorized capital :
NTD 2,300,000,000.00
Paid-up capital : NTD
1,640,079,020.00
Capital increases/decreases as follows :
Date Amount (NTD)
------- --------------------
1974 500,000.00
1987 29,700,000.00
1991 102,300,000.00
1993 198,000,000.00
1994 212,000,000.00
1995 188,600,000.00
1996 76,360,000.00
1997 100,000,000.00
1998 145,530,000.00
1999 74,376,500.00
2000 124,172,520.00
*Registrar*
=========
TAIWAN INT'L SECURITIES CORP
*Office & Facilities*
===============
Size :
5,629 sq ft (Approx)
Location :
Hsinchu Hsien
Property status
: Owned by CHINA GLAZE
CO LTD
Type of building :
Industrial &Commerical building
Comments
: Serves as office and
warehousing.
Other Contact Details
-----------------------------
Tel: 3-7754451
Fax no.
: 3-5820543
E-mail add. :
emd@mail.china-glaze.com.tw, 00448@mail.china-glaze.com.tw
*Corporate & Organization Structure*
=============================
Organization and management of the company is
divided into the following:
- Ceramic Business Division
- Building Material Division
- Electronic Material Division
*Factories, Size & Locations*
======================
Type of building :
Industrial Building
Building size
: 146 sq ft (Approx)
Location
: Miaoli Hsien
*Industry Ranking*
===============
- Ranked as Taiwan's largest manufacturing
corporations.
- Generally regarded as one of the Top 1000
Companies in Manufacturing Industry of Taiwan.
*Sales Ranking*
============
Details of Rank are as follows
Year
Rank
------
------
1992
489
1996
517
1997
565
1998
602
2005
739
*Reputation*
==========
Reference checking for the purpose of establishing
the firm's reputation within the respective industry failed to reveal any
negative information.
*Auditors*
========
- DIWAN
- ERNST & YOUNG
Web
site: www.china-glaze.com.tw
The design is professional and the content is well organized. At
present it is both in Chinese and English version.
Email : vip@mail.china-glaze.com.tw
For the
past two years there is no record of litigation.
*Major Shareholders*
==================
Shareholders' Name No of Shares
---------------------------
-----------------
Mr. Hsien-tsung Tsai 18,890,212
Mr. Hsien-lung Tsai 18,210,004
Mr. Hsien-chang Tsai 13,535,624
Mr. Hsien-teh Tsai 11,713,085
HA TAI INVESTMENT CO LTD 5,010,642
Ms. Hsiang-hsueh Lin 4,206,810
Mrs. Kuei-mei Tsai Hung 3,718,975
Ms. Yu-pei Tsai 3,161,047
YI CHUAN INVESTMENT CO LTD 2,915,000
CHI PENG INVESTMENT CO LTD 2,155,000
Mr. Fang-jen Tsai 1,946,106
Mr. Yu-chieh Tsai 1,060,501
Mr. Sung-yu Tsai 1,000,000
HSING KUO INVESTMENT CO LTD 276,984
Mr. Ko-an Hsu 109,084
Mr. Chan-ping
Su 108
Name Nationality
Job Description
Mr. Chin-wen Yang Taiwanese
Vice General Manager
Mr. Hsien-lung Tsai Taiwanese General
Manager
Mr. Hsien-teh Tsai Taiwanese
Manager Finance Dept.
Mr. Hsien-tsung Tsai Taiwanese President
Mr. Lance Ning-hsin Lo Taiwanese Engineer
Mr. Wen-an Yang Taiwanese
Accountant
Mr. Yung-kang Lin Taiwanese
Supervisor
Ms. Hui-chun Chang Taiwanese
Finance Manager
*Key Personnel*
=============
(1)
Mr. Jonathan Hsien-tsung Tsai
Founder :
Co-founder
Work experience
: More than 20 years.
Responsibilities
: Daily operation of the
firm including all financial and legal matters
Resident status
: Taiwan
(2)
Mr. Lance N. H. Lo
Department
: Technical Department
Responsibilities :
Technical Application Engineer
(3)
Mr. Hsien-teh Tsai
Department : Finance
Dept.
(4)
Mr. Hsien-lung Tsai
General Manager
Other Position :
Pulic Relations Manager
(5)
Ms. Hui-chun Chang
Finance Manger
Other Position :
Deputy Pulic Relations Manager
*Main Products & Services*
=======================
Specializes in manufacturing and trading ceramic tiles, electronic components and
chemical products.
Also include the following products:
- Decoration glaze
- Calcined zinc oxide
- Man-made marble filler
- Thick film materials for microelectronics
Products : Body
stains
Building material
Compose glazes
Color stain
Electronic materials
Brand New Cristons
*Payment Terms*
==============
Sales
------
Local : 30-60 days credit
Export :
Letter of Credit (L/C)
Telegraphic Transfer (T/T)
Purchases
--------------
Local :
30-90 days credit
Import :
Letter of Credit (L/C)
Telegraphic Transfer (T/T)
*Competitors*
===========
The following locally based companies supply
similar range of products :
- FERRO INDUSTRIAL PRODUCTS LTD
- COLOROBBIA TAIWAN CO LTD
- ENERGIND INT'L CO LTD
*Exhibition Participation*
===================
Exhibition/Fair
: TAITRONICS SPRING - Taipei Int'l
Electronics Spring Show
Dates attended :
26-30 April, 2001
Location
: Taipei World Trade Centre Exhibition Hall
*Awards*
========
Year
Award
-------
----------
1991
Excellent Tax-pay Corporation
1992
Corporate Environment Protection
1993
Excellent Harmony Corporation
1994
Enery Conservation
1996
It's very well made in Taiwan
*Production Capacity*
==================
(1)
Year :
2005
Current capacity : 55,324 (NTD
1,000/Ton)
Maximum capacity :
62,400 (NTD 1,000/Ton)
Items : Ceramic dyes
Year :
2005
Current capacity
: 56,258 (NTD 1,000/Ton)
Maximum capacity :
62,400 (NTD 1,000/Ton)
Items
: Ceramic dyes
(2)
Year :
2005
Current capacity : 12,042 (NTD
1,000/sq ft)
Maximum capacity :
13,333 (NTD 1,000/sq ft)
Items :
Glazed ceramics
Year :
2005
Current capacity : 7,842 (NTD
1,000/sq ft)
Maximum capacity :
13,333 (NTD 1,000/sq ft)
Items :
Glazed ceramics
*Quality Certification*
=================
(1)
Type of certification : ISO-9001
Issuing authority : BCIQ (ROC)
Year of certification : 1994
(2)
Type of certification : ISO-9001
Issuing authority : BSI (UK)
Year of certification : 1994
(3)
Type of certification : ISO 9001
Year of certification : 1998
Certification Item : Chemical
products
*Local Distribution Network*
=====================
34.4% of the annual turnover is attributed to local
sales.
*Domestic Raw Materials Suppliers*
=============================
- SIBELCO ASIA PTE LTD TAIWAN BRANCH (SINGAPORE)
- TILANE CHEMICAL CO LTD
- SUN BEAM TECH INDUSTRIAL CO LTD
- CATHAY CHEMICAL WORKS INC
*Export Markets*
=============
65.6% of the annual turnover is attributed to
export. Products are exported to the following countries:
Country % of Exports
----------- ----------------
South East Asia 13.35
China 5.00
Other country 1.49
*International Trade Ranking*
========================
The firm has been ranked among Taiwan's Top
Importers/Exporters based on the standard measured by the Board of Foreign
Trade (BOFT)
Details of rank are as follows :
Year Rank
----- ---------
1997 565
*Overseas Customers*
=================
Company Name Country
---------------------- -------------
EVERWIN TRADING CO LTD Virgin
Islands (British)
NEPTUNE PREMIER LTD Virgin
Islands (British)
*OVERSEAS AGENTS AND DISTRIBUTORS*
=====================================
Agent :
LUOYANG JINGXIN CERAMIC CO LTD
Global Identifier :
P0192992
Country of Origin :
China
Product Description : Colored glazes
Brand :
China Glaze
Agent :
SWISS LLOYD LTD
Global Identifier :
P0241601
Country of Origin :
Sri Lanka
Agent :
AL-FATCH INT'L
Global Identifier :
P0873907
Country of Origin :
Pakistan
Agent :
DWISAKTI MULIA PT
Global Identifier :
P0873901
Country of Origin :
Indonesia
Product Description : Ceramic material
Agent :
MS INDUSTRIAL SUPPLIES CO LTD
Global Identifier :
31614138
Country of Origin :
Thailand
Agent :
SUNTECH CORP
Global Identifier :
P0873965
Country of Origin :
South Korea
Agent :
CHUNGYO (M) SDN BHD
Global Identifier :
P0873933
Country of Origin :
Malaysia
Agent :
THUONG BANG TRADING & SERVICE CO LTD
Global Identifier :
P0873968
Country of Origin :
Vietnam
*LOCAL BRANCHES & MANAGEMENT*
=================================
Branch :
CHINA GLAZE CO LTD - PATEH CITY
Branch Address : 86, Lane 2345, Hsing Feng Rd
Branch Zip : 334
Branch City : Pateh City
Branch State :
Taoyuan Hsien
Branch Tel :
[+886] 3-3678915
Branch Fax :
[+886] 3-3678796
Branch Email :
vip@china-glaze.com.tw
*(Subsidiaries , Joint-ventures &
Affiliates)
================================
Company Name :
CGC DEVEOPMENT LTD
Global Identifier :
P0875268
Country :
Virgin Islands (British)
Relationship :
Subsidiary
Legal Form :
Private Limited Company
Industry :
Not Applicable
Company Name :
CHANG HUA CO LTD
Global Identifier :
P0874952
Country :
Samoa
Relationship :
Affiliate
Legal Form :
Private Limited Company
Company Type :
Trader
Industry :
Hardware & Tools
Company Name :
DWISAKTI MULIA PT
Global Identifier :
P0873901
Address :
Jalan Cideng Timur 35 Jakarta 10130 Indonesia
Country :
Indonesia
Relationship :
Affiliate
Legal Form :
Private Limited Company
Company Type :
Trader
Industry :
Hardware & Tools
Company Name :
EVER TRADING CO LTD
Global Identifier :
P0875270
Country :
Virgin Islands (British)
Relationship :
Subsidiary
Legal Form :
Private Limited Company
Company Type :
Trader
Industry :
Construction & Construction Materials
Company Name :
EXOJET TECHNOLOGY CORP
Global Identifier :
P0875274
Country :
Taiwan
Relationship :
Subsidiary
Legal Form :
Private Limited Company
Company Type :
Trader
Industry :
Construction & Construction Materials
Company Name :
FU CHIEH CO LTD
Global Identifier :
P0874951
Country :
Belize
Relationship :
Affiliate
Legal Form :
Private Limited Company
Company Type :
Trader
Industry :
Hardware & Tools
Company Name :
FU HAO CO LTD
Global Identifier :
P0874954
Country :
Brunei
Relationship :
Affiliate
Legal Form :
Private Limited Company
Company Type :
Trader
Industry :
Hardware & Tools
Company Name :
GUANGDONG SANSHUI T & H GLAZE CO LTD
Global Identifier :
P0525304
Address : Dabusha Industrial Development
Zone Datang Town Sanshui 528143
Guangdong China
Country :
China
Relationship :
Subsidiary
Legal Form :
Private Limited Company
Company Type :
Manufacturer
Industry :
Chemicals
Company Name :
LUNG HUA CO LTD
Global Identifier :
P0874953
Address :
Negara Brunei
Country :
Brunei
Relationship :
Affiliate
Legal Form :
Private Limited Company
Company Type
: Trader
Industry :
Hardware & Tools
Company Name :
NEPTUNE PREMIER LTD
Global Identifier :
P0875271
Country :
Virgin Islands (British)
Relationship :
Subsidiary
Legal Form :
Private Limited Company
Company Type :
Trader
Industry :
Construction & Construction Materials
Company Name :
SHANGHAI T&H CO LTD
Global Identifier :
P0874016
Address :
538 Jindu Rd Minhang Dist Shanghai China
Country :
China
Relationship :
Subsidiary
Legal Form :
Private Limited Company
Company Type :
Manufacturer
Industry
: Construction & Construction Materials
Company Name :
T&H GLAZE CO LTD
Global Identifier :
P0039408
Address :
Ind Development Dist Ta ang Chen Sanshui 528143 Guangdong China
Country :
China
Relationship :
Subsidiary
Legal Form :
Private Limited Company
Company Type :
Manufacturer
Industry :
Construction & Construction Materials
Company Name :
YUAN SHENG INVESTMENT CO LTD
Global Identifier :
P0875279
Country :
Taiwan
Relationship :
Subsidiary
Legal Form :
Private Limited Company
Company Type :
Service
Industry :
Financial Services - General
*Strategic Partners & Alliances*
=========================
Group/Alliance name : CHINA GLAZE GROUP
Electronic Material Division mainly produce the key
material of electronic component-thick film material has being cooperated with
Heraeus-Germany in strategy since 1998, in order to provide domestic customer
with the most complete and high quality of electronic materials to replace the
long-term monopoly of American and Japanese maker in Taiwan.
PAYMENT RATING :1 OBTAINED SCORES :
86
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Implication |
Implications |
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1 |
Scores 85–100 |
Excellent |
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2 |
Scores 75 – 84 |
Above Average |
|
3 |
Scores 50 – 74 |
Average |
|
4 |
Scores 35 – 49 |
Fair |
|
5 |
Scores 15 – 34 |
Below Average |
|
6 |
Scores 01 – 14 |
Poor |
|
NR |
No Data |
No Data |
The
rating indicates the payment pattern of SC based upon our Payment Database,
comments from suppliers of SC, information from banks (if available), as well
as industrial sources.
Dealings on open terms may be possible for FAIRLY
LARGE amounts depending on individual judgement experience.
BALANCE SHHET
Currency
: NTD
Denomination : In Thousands
2001 2002 2003
2004 2005
-------------- -------------- --------------
--------------
--------------
Current Assets
1,234,294 1,000,736 943,282 1,048,500 1,111,293
Permanent Assets
1,381,386 1,141,833 1,033,736 1,019,790
1,066,390
Other Assets 286,173 435,937
510,559 381,422 310,390
Current Liabilities 871,758 892,256
890,886 924,425 790,630
Long-term Liabilities 507,500 434,500
233,500 118,500 300,800
Common stock 1,640,079 1,640,079 1,640,079
1,640,079 1,640,079
Capital Reserve 12,755 6,518
7,402 7,548 8,172
Retained Earnings 367,488 307,040 346,974
348,439 430,087
Total Assets 3,512,086 3,361,084
3,234,042 3,149,390 3,320,198
Total Liabilities
1,439,370 1,397,478 1,205,126
1,139,602 1,193,339
Total Shareholder's Equity
2,072,716 1,963,606 1,028,916 2,009,788
2,126,859
PROFIT & LOSS
Currency
: NTD
Denomination : In Thousands
2001 2002 2003
2004 2005
-------------- -------------- -------------- -------------- --------------
Sales 1,618,191 1,453,864 1,339,138 1,698,260 1,869,784
Gross Profit 317,037 298,875 272,864
356,352 353,095
Operating Income 87,651 95,399
80,935 147,429 95,000
Net Income 43,853 (66,685) 39,934 9,268 82,231
Earnings Per Share 0.27 (0.40) 0.24
0.06 0.50
*Financial Ratios*
==============
(1)
2001 2002
2003 2004 2005
--------------
--------------
--------------
-------------- --------------
Ratio of liabilities to assets (%) 40.98
41.58 37.26 36.18 35.94
Ratio of long-term capital to
fixed assets (%) 186.78 210.02
218.86 208.70 227.65
Current ratio (%) 141.59 112.16
105.88 113.42 140.56
Quick ratio (%) 87.46 66.38
67.21 64.05 85.40
Interest coverage 221.43 (93.81)
179.45 224.01 667.24
Turnover of receivable (times) 3.43
3.35 3.31 4.02
3.88
Average collection period
of receivable 106 109 110 91 94
Turnover of inventories (times) 2.58 2.67 2.85 3.40 3.52
Average days of sales 141 137 128
107 104
Turnover of fixed assets (times) 1.17
1.15 1.23 1.65 1.79
Turnover of total assets (times) 0.46
0.42 0.41 0.53 0.58
Return on total assets (%) 2.33 (1.03) 1.89 0.80 2.97
Return on shareholder's equity
2.18 (3.30) 2.00 0.46 3.98
Operating income 5.34 5.82 4.93 8.99 5.79
Net income before tax 3.54 (4.94) 1.44
1.63 6.39
Profit margin (%) 2.71 (4.59) 2.99
0.55 4.40
0.27 (0.40) 0.24 0.06 0.50
Cash flows ratio (%) 19.50 33.50 18.51
11.33 22.17
Cash flows adequacy (%)
38.73 148.48 181.25
149.51 272.36
Cash reinvestment ratio (%)
5.70 9.56 5.65 3.70 5.54
Degree of operating leverage
1.81 1.16 1.17
1.09 1.13
Degree of financial leverage
2.20 1.78 1.58 1.17 1.24
(3)
Year Net Worth Return on
Return on Return
on Debt to Return on
(NTD 100 million) Sales (%)
Assets (%) Net
Worth (%) Asset (%) Equity (%)
-------
-----------------
---------------- ----------------
-----------------
---------------
---------------
2001 20.58 3.34 1.54 2.62 41.25
2002 20.31 1.53 0.67 - 40.63 1.13
* FINANCIALS SUMMARY (Currency: U.S. $'s)
===============================
Year Sales
Assets Net Income
2001 $46,958,531.63 $101,917,759.72 $1,272,576.90
2002 $41,789,709.69 $96,610,635.24 -$1,916,786.43
2003 $38,614,129.18 $93,253,806.23 $1,151,499.42
2004 $51,075,488.72 $94,718,496.24 $278,736.84
2005 $59,076,903.63 $104,903,570.30 $2,598,135.86
*Int´l Trade Activity (Currency: U.S. $'s)
===============================
Year Imports
Exports Total
2001 n/a $30,804,796.75
$30,804,796.75
2002 n/a $27,414,049.55
$27,414,049.55
2003 $9,070,745.99
$25,330,868.74 $34,401,614.73
2004 $14,212,912.99
$33,505,520.60 $47,718,433.59
2005 $15,673,000.00
$38,754,448.78 $54,427,448.78
SC is
considered medium-sized in its line with favorable market conditions. It is
considered a credit line up to USD1,000,000 appears to be within SC’s
capacities upon a periodical review basis.
Attached: trade references
SIC
PRODUCT CLASSIFICATION & ACTIVITY
Activity
Code Product/Service
Description
Manufacturing
1793 Glass & Glazing Work
Manufacturing
3253 Ceramic wall and floor tile
Trading 2800 Chemicals and Allied Products
Trading 2816 Inorganic pigments
Trading 3269 Ceramic articles
Trading 3600 Electronic & Electric Equip.
Trading 3679 Electronic components
HARMONIZED
PRODUCT CLASSIFICATION & ACTIVITY
Activity
Code Product/Service Description
Manufacturing
6908 Glazed ceramic flags & paving, hearth tiles, etc
Manufacturing
6908900050 Other glazed ceramic flags, paving, tiles,
mosaic cubes, and the like
Trading 2839900000 Silicates; commercial alkali metal silicates
Trading 3204170000 Pigments & preparations based thereon
Trading 3207 Prep pigments etc for ceramic etc indust; frit etc
Trading 3207100000 Prepared pigments, prepared opacifiers, prepared colors and
similar
preparations
Trading 3207401000 Glass frit and other glass, in the form of powder, granules or
flakes,
ground
or pulverized
Trading 3823909050 Chemical products and preparations of the chemical or allied
industries
Trading 6908 Glazed ceramic flags & paving, hearth tiles, etc
Trading 7106 Silver (incl prec plated), unwr, semimfr or powder
DETAILED
PRODUCT CLASSIFICATION & ACTIVITY
Activity
Product/Service Description
Manufacturing
Engobes
Manufacturing
Glazed ceramic floor tiles
Manufacturing
Glazed ceramic tiles
Manufacturing
Glazed stains
Manufacturing
Zirconium silicates
Manufacturing
Transparent frits
Manufacturing
Opaque frits
Trading Ceramic dyes
Trading Ceramic pigments
Trading Frits
INTERNATIONAL
TRADE : ACTIVITY & MARKETS
Exporting to Asia
Exporting to Bangladesh
Exporting to China
Exporting to Hong Kong
Exporting to Indonesia
Exporting to Japan
Exporting to Malaysia
Exporting to Middle East
Exporting to Philippines
Exporting to Singapore
Exporting to South Korea
Exporting to Sri Lanka
Exporting to Thailand
Exporting to V.I. (British)
Exporting to Vietnam
Importing from Africa
Importing from Asia
Importing from Australia
Importing from Austria
Importing from Belgium
Importing from China
Importing from Europe
Importing from France
Importing from Germany
Importing from India
Importing from Indonesia
Importing from Italy
Importing from Japan
Importing from Middle East
Importing from Oceania
Importing from South Africa
Importing from Turkey
Importing from USA
Importing from Ukraine
Importing from United Kingdom
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|