MIRA
INFORM REPORT
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Report Date : |
10.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
CHINA GENERAL
PLASTICS CORP |
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Registered Office : |
7fl Kong Yen Bldg 37 Chi Hu Rd Neihu Dist Taipei City 114 |
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Country : |
Taiwan |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
29.04.1964 |
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Com. Reg. No.: |
116868106 |
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Legal Form : |
Public |
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Line of Business : |
Research and Development of technologies related to plastic products. Manufacturing of various range of vinyl films and other related products. Selling to both domestic and international markets of products produced by the firm. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Name and Address
CHINA GENERAL PLASTICS CORP
7FL KONG YEN BLDG 37 CHI HU RD NEIHU DIST TAIPEI CITY 114, TAIWAN
TEL: [+886] 2-26582158 FAX: [+886] 2-26599514
EXECUTIVE SUMMARY
INCORPORATION DATE : APRIL 29, 1964
REGISTRATION NO. : 11686106
LEGAL FORM : PUBLIC
CHIEF EXECUTIVE : MR. QUINTIN YI-KUEI WU (CHAIRMAN)
STAFF STRENGTH : 882
CAPITAL : US$ 150,557,061
BUSINESS LINE : MANUFACTURER
TURNOVER : NTD 7,405,353 ,000 (AS OF DEC. 31, 2005)
EQUITIES : NTD 4,745,992,000 (AS OF DEC. 31, 2005)
PAYMENT : AVERAGE
RECOMM. CREDIT RANGE : USD 1,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : TWD 33.04079 = US$1 AS OF 2007-4-10
*Company History*
================
1985 - CGP GROUP invested a total of USD 4,000,000 in the acquisition of WESTLAKE POLYMERS INC in Louisiana, USA a new production facility producing polyesterene
1991 - Commenced production of CPG's glasswool insulation plant known as ACI Insulation located in Toufen.
*Company
Registration*
===================
License number : 11686106
Date issued : 29 April, 1964
Issuing authority : Ministry of Economic Affairs (MOEA)
*Capital Details*
=============
Initial registered capital: NTD 3,135,000,000.00
Capital increases as follows:
Date Increase (NTD)
------ ------------------------
2001 4,248,000,000.00 with paid-up capital of NTD 4,248,035,280.00
-- 5,000,000,000.00
Market capitalization : NTD 8,745,450,000
Year : 1995
*Office &
Facilities*
===============
Size : 499.37 sq meters
Size : 1,400 sq. meter (Approx)
Location : Taipei City
Facilities : Modern
Property status : Rented
Type of building : Industrial building
Comments : Also occupies the 9th and 12th floor of the building.
Other contact details
----------------------------
Tel no : 2-87516888
Fax no : 2-26599516 / 2699520
Email : mailmaster@cgpc.com.tw
*Factories, Size
& Locations*
======================
Size : 3,300 sq. meters (Approx)
Location : Miaoli Hsien
Facilities : Modern
Property status : Owned by CHINA GENERAL PLASTICS CORP
Type of building : Industrial building
*Machinery &
Equipment*
====================
Machinery/ Equipment include:
- Soft film calendar line
- PVC plant debottlenecking system
- VCM storage and loading system
The Toufen facilities specifically maintain
- two 250-metric ton resin silos
- a vinyl chloride monomer recovery unit
- printing equipment and surface treatment equipment
Additionally, the Toufen Plant also maintains a Chlor-alkali unit from KASHIMA CHLORINE AND ALKALI CO as well as two HORTON SPHERES (VCM storage tanks).
*Corporate &
Organization Structure*
=============================
Organization and management of the company is divided into:
- Building and Leather Division
- Fabrication Division
- Film Division
- Consumer Division
A large specialized company operated and managed by an experienced team of professionals.
*Industry Ranking*
================
- Considered as one of the top three largest PVC resin manufacturers in Taiwan.
- Generally regarded as one of the Top 500 Companies in Service Industry of Taiwan.
- Generally regarded as one of the Top 1000 Companies in Manufacturing Industry of Taiwan.
Details of rank are as follows:
Year Rank
------- ---------
1999 153
2000 172
2001 179
2005 230
*Sales Ranking*
============
Details of Rank are as follows
Year Rank
------ ------
1987 35
1996 122
1997 127
1998 146
2000 167
2001 175
2002 200
*Auditors*
=========
TNS TAX CONSULTING & CO
*Registrar*
=========
CHINA GENERAL PLASTICS CORP (Stock Department)
Stock Market Code: 1305
*Licenses &
Permits*
================
License number : 9963180100
Date issued : 16 April 1969
Issuing authority : Industrial Development Bureau, MOEA
Type of license : Factory license
*Reputation*
==========
Reference checking for the purpose of establishing the firm's reputation within the respective industry failed to reveal any negative information.
*Insurance Companies*
==================
Insurance company : FUBON LIFE ASSURANCE CO LTD
Web site: www.cgpc.com.tw The design is professional and the content is well organized. At present it is both in Chinese and English versions.
Email : cgpcstkqa@cgpc.com.tw
For the past 43 years there is no record of litigation.
*Major Shareholders*
=================
Shareholders' Name No of Shares
------------------------ -----------------
LIANG CHU INT'L INVESTMENT CO LTD 107,720,625
The following on behalf of LIANG CHU INT’L INVESTMENT CO LTD holds shares:
- Mr. Yi-kuei Wu
- Mr. Feng-chiang Miao
- Mr. Yao-sheng Chen
- Mr. Kuo-hua Shen
- Mr. Ta-chih Cheng
- Mr. Yi-shao Ko
- Mr. Chen-tu Liu
- Mr. Sheng-chuan Wu
- Mr. Hsin-huai Chou
Management : Mr. Chien-chou Kuo, Manager
Mr. Chang-shun Lee, Manager
Mr. Jung-min Wang, Manager
Name Nationality Job Description
Mr. Chien-chou Kuo Taiwanese Manager (Account)
Mr. Chang-shun Lee Taiwanese Manager (Administration)
Mr. Jung-min Wang Taiwanese Manager (Factor)
Ms. Hsiu-chin Wu Taiwanese Manager (Finance)
Mr. Chi-hung Hu Taiwanese Manager (Marketing)
Mr. Chao-tzu Ho Taiwanese Assist. Manager
Mr. Cheng-yi Hsu Taiwanese Assist. Manager
Mr. Hung-yang Cheng Taiwanese Assist. Manager
Mr. Yen-chih Chen Taiwanese Assist. Manager
Mr. James Shih-ping Fu Taiwanese Assistant
Mr. Chun-yen Chang Taiwanese Deputy General Manager
Mr. Hsiao-hua Lu Taiwanese Finance Controller
Mr. Kenoneill Ni Er Ou Taiwanese General Manager
Mr. Kuo-hua Shen Taiwanese General Manager
Mr. Teh-huai Chou Taiwanese General Manager
Mr. Ting-chen Chao Taiwanese General Manager
Mr. Chen-chen Lin Taiwanese Manager
Mr. David Chung-yuan Liu Taiwanese Manager
Mr. Paul Ying Taiwanese Senior Vice President
Mr. Ku-men Lu Taiwanese Supervisor
Mr. Ku-yun Hsin Taiwanese Supervisor
Mr. Wu-ying Tai Taiwanese Supervisor
Mr. Pi-kuang Chung Taiwanese Vice General Manager
*Key Personnel*
=============
(1)
Mr. Quintin Yi-kuei Wu
Resident status : Taiwan
Founder : Co-Founder
Work experience : More than 30 years.
Responsibilities : Handles the daily operation of the firm including all financials and legal matters.
(2)
Mr. Yen-chih Chen
Tel no : 3-7612079
Email : yencchen@cgpc.com.tw
(3)
Mr. James Shih-ping Fu
Tel no : 2-27983758
Email : jamesfu@tpte.usife.com.tw
(4)
Mr. David Chung-yuan Liu
Tel no : 2-27983716
Email : davidliu@cgpc.com.tw
*Main Products &
Services*
======================
Specializes in the following areas of work:
1. Research and Development of technologies related to plastic products.
2. Manufacturing of various range of vinyl films and other related products.
3. Selling to both domestic and international markets of products produced by the firm.
Products : Curtains
Fabrics
Lubricant additives
Polymers
Reservoirs
*Payment Terms*
==============
Sales
------
Local : Cash
30-60 days credit
Export : Letter of Credit (L/C)
Telegraphic Transfer (T/T)
Purchases
--------------
Local : Cash
30-90 days credit
Import : Letter of Credit (L/C)
Telegraphic Transfer (T/T)
*Associations*
===========
Member of the following associations:
- Taiwan Regional Association of Synthetic Leather
- German Business Association of Taiwan
*Competitors*
===========
The following locally based companies supply similar range of products:
- BAYER TAIWAN CO LTD
- CHUNG HWA PULP CORP
- HANDY CHEMICAL CORP
- INMAX INDUSTRIAL CO LTD
- KINGYORKER ENTERPRISE CO LTD
- SAN FANG CHEMICAL INDUSTRY CO LTD
- TONG YANG INDUSTRY CO LTD
- OCEAN PLASTICS CO LTD
*Quality
Certification*
==================
Type of certification : ISO-9002
*Production Capacity*
=================
Maximum Capacity : 8,500 mt/year
*Merger &
Acquisition*
===================
Type : Acquisition
Parties involved : BTR NYLEX CORP
CHINA GENERAL PLASTICS CORP (CGP)
TAITA CHEMICAL CO
ASIA POLYMER CORP
PRIVATE INVESTMENT CO OF ASIA
Date of transaction : July 1986
Details : CGP, TAITA CHEMICAL CO and ASIA POLYMER CORP were purchased by the Australian chemical firm BTR NYLEX CORP for a combined investment of USD87.5 million BTR now owns 51% of CGP, and over 30% of both TAITA and ASIA POLYMER BTR bought a portion of these shares from PRIVATE INVESTMENT CO OF ASIA and also made an additional investment of USD27.6 million, of which it has dedicated USD8.7 million to CGP, USD10.2 million to ASIA POLYMER and USD8.6 million to TAITA CHEMICAL
*Technologies
Developed and/or Acquired*
=====================================
The following technologies have been acquired :
(1)
Name of technology : Clean reactor technology
Acquired from : BF GOODRICH CO
Country : USA
(2)
Name of technology : Advanced Resin Production Technology
Acquired from : CHISSO CORP
Country : Japan
(3)
Also acquired a technology from RENOLT of West Germany
*Accountants*
============
DELOITTE & TOUCHE
*Projects*
========
(1)
Type of Project : Building of Petrochemical Project
Location : Johor State, Malaysia
Specification : The project costs MYR 8.5 billion (USD3.15B)
(2)
Type of project : Producing PE and PP raw materials
Location : Philippines
Project Partner : USI CORP (Taiwan)
Specification : CGP and USI CORP will invest USD20,000,000 to produce PE and PP raw materials in the Philippines. The project is to be financed with USD 80,000,000 direct capital from the companies and USD120,000,000 loans. USI will maintain 60% majority holding in the venture while PHILIPPINE NATIONAL OIL CORP will take up 10% of the company's total equity.
*Domestic Raw
Materials Suppliers*
============================
Major local suppliers include:
- AIRLIFE FREIGHT TAIWAN CORP
- TAIWAN VCM CORP
- UPC TECHNOLOGY CORP
- NAN YA PLASTICS CORP
*Domestic Customers*
=================
Major local customers include:
- GLOBE INDUSTRIES CORP
- TAIWAN VCM CORP
- UNION INVESTMENT LTD
- PONG YU PLASTICS CO LTD
*Local Distribution
Network*
=======================
40% of the annual turnover is attributed to local sales.
*Imports*
========
Has been recorded in the China External Trade Development Council from 1985 to 1986 for maintaining the following imported products:
Classification Products
------------------ ------------
Minerals Sea Salt (Solar Salt)
Chemicals Sodium Hydroxide in Aqueous Solution
Petrochemicals Black Carbon, and Synthetic Dioctyl Phthalate (DOP)
Plastics Vinyl Chloride and Copolymer Polyvinyl Alcohol
Other chemicals Titanium Dioxide
Chemical product Blue Pigment, Yellow Pigment, and Catalyst for Polymerization
Precious metals Silver, Semi-manufactured
Metal products Gas Reservoirs of Iron or Steel
Machinery Machinery/Mechanical Appliances for Rubber & Artificial Plastics Industries
Machinery, Electrical Automatic Dimension Measuring Equipment
*International Trade
Activity*
======================
Has been recorded in the China External Trade Development Council for maintaining the following exported products:
1985 to 1986
-----------------
Classification Products
------------------ ------------
Plastic products : PVC Cloth Sheet
Polyvinyl Chloride Film
Material of 50% PVC
Machinery : Machinery/Mechanical Appliances for use in the Rubber and Artificial Plastic Industries.
1987 to 1988
-----------------
Classification Products
------------------ ------------
Chemicals : Dioctyl Phthalate (DOP)
Polyvinyl Chloride Resin
PVC compound
Plastic products : PVC Cloth sheets
Polyvinyl Chloride Film
Material of 50% PVC
*Export Markets*
=============
60% of the annual turnover is attributed to export
*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 290
2005 276
*International
Exhibition Participation*
==============================
Exhibition fair : CHINAPLAS - Int'l Exhibition on Plastics & Rubber Industries
Date attended : 29 June, 2004 - 3 July, 2004
Location : China
*LOCAL BRANCHES &
MANAGEMENT*
===================================
Branch : CHINA GENERAL PLASTICS CORP - TAICHUNG CITY
Branch Address : 279 Min Tzu Rd West Dist, Taichung City, 403
Branch Tel : [+886] 4-22245515
Branch : CHINA GENERAL PLASTICS CORP - TAOYUAN CITY
Branch Address : 1198 Fu Kuo Rd Lu Chu Village Section 3 Taoyuan City, Taoyuan Hsien 330
Branch Tel : [+886] 3-3212539
Branch Fax : [+886] 3-3222275
Branch : CHINA GENERAL PLASTICS CORP - KAOHSIUNG CITY
Branch Address : 87 Chuan Ai Rd Kushan Dist, Kaohsiung City, 804
Branch Tel : [+886] 7-3119138
Branch : CHINA GENERAL PLASTICS CORP - TAICHUNG CITY
Branch Address : 10Fl, 102 Min Chuan Rd West Dist, Taichung City, 403
Branch Tel : [+886] 4-22255648
Branch : CHINA GENERAL PLASTICS CORP - TAIPEI CITY
Branch Address : 5Fl China General Plastics Bldg 3 Tun Hua South Rd Section 1 Sungshan Dist, Taipei City, 105
Branch Tel : [+886] 2-25773661
Branch Fax : [+886] 2-25778067
Branch Employees : 20
Branch : CHINA GENERAL PLASTICS CORP (STOCK DEPARTMENT)- TAIPEI CITY
Branch Address : 10Fl China General Plastics Bldg 3 Tun Hua South Rd Section 1 Sungshan Dist, Taipei City, 105
Branch Tel : [+886] 2-25778181
Branch Fax : [+886] 2-26599553
Branch Employees : 10
Branch : CHINA GENERAL PLASTICS CORP - TAINAN CITY
Branch Address : 4Fl, 89 Lin An Rd Section 1 Central Dist, Tainan City, 700
Branch Tel : [+886] 6-2590557
Branch Fax : [+886] 6-2590472
Branch Employees : 15
*(Subsidiaries ,
Joint-ventures & Affiliates)
================================
Company Name : ASIA POLYMER CORP
Address : 12Fl, 37 Chi Hu Rd Neihu Dist Taipei City 114 Taiwan
Country : Taiwan
Relationship : Affiliate
Legal Form : Public Listed Company
Company Type : Manufacturer
Industry : Chemicals
Company Name : BTRN ASIA HK
Country : Hong Kong
Relationship : Affiliate
Legal Form : Private Limited Company
Industry : N/A
Company Name : CGPC (BVI) HOLDING CO LTD
Country : Virgin Islands (British)
Relationship : Subsidiary
Legal Form : Private Limited Company
Company Type : Service
Industry : Financial Services - General
Company Name : CGPC AMERICA CORP
Address : 19445 E Walnut Drive North City of Industry 91789 California USA
Country : USA
Relationship : Subsidiary
Legal Form : Private Limited Company
Company Type : Trader
Industry : Plastics & Products
Company Name : CHINA GENERAL EUROPE LTD
Address : 10B Dalton Court Commercial Rd Darwen BB30BG Lancashire United Kingdom
Country : United Kingdom
Relationship : Subsidiary
Legal Form : Private Limited Company
Company Type : Trader
Industry : Plastics & Products
Company Name : CHINA GENERAL PLASTICS (HONG KONG) CO LTD
Country : Hong Kong
Relationship : Subsidiary
Legal Form : Private Limited Company
Company Type : Trader
Industry : Plastics & Products
Company Name : CHINA GENERAL PLASTICS CORP (AUSTRALIA)
Address : Suite 4, Level 3, 695 Burke Rd Camberwell 3124 VIC Australia
Country : Australia
Relationship : Subsidiary
Legal Form : Private Limited Company
Company Type : Trader
Industry : Plastics & Products
Company Name : CONTINENTAL GENERAL PLASTICS (SANHE) CO LTD
Address : Yanjiao Economic & Technological Development Zone Sanhe 065201 Hebei China
Country : China
Relationship : Subsidiary
Legal Form : Private Limited Company
Company Type : Manufacturer
Industry : Plastics & Products
Company Name : CONTINENTAL GENERAL PLASTICS (ZHONG-SHAN) CO LTD
Address : Zhongshan High Tech Industry Development Zone Yan Jiang Dong Er Lu Zhongshan Guangdong China
Country : China
Relationship : Subsidiary
Legal Form : Private Limited Company
Company Type : Trader
Industry : Chemicals
Company Name : CONTINENTAL GENERAL PLASTICS(CHENG CHOU) CO LTD
Address : Yanjiao Economic & Technological Development Zone Sanhe 065201 Hebei China
Country : China
Relationship : Subsidiary
Legal Form : Private Limited Company
Company Type : Manufacturer
Industry : Plastics & Products
Company Name : KRYSTAL STAR INT'L CORP
Country : Virgin Islands (British)
Relationship : Subsidiary
Legal Form : Private Limited Company
Industry : N/A
Company Name : TAITA CHEMICAL CO LTD
Address : 12Fl USI Group Bldg 39 Ji-Hu Rd Neihu Dist Taipei City 114 Taiwan
Country : Taiwan
Relationship : Affiliate
Legal Form : Public Listed Company
Company Type : Manufacturer
Industry : Chemicals
Company Name : TAIWAN PLASTICIZER CORP
Country : Taiwan
Relationship : Minor Investments
Legal Form : Private Limited Company
Company Type : Trader
Industry : Plastics & Products
Company Name : TAIWAN SEMICONDUCTOR MFG CO LTD
Address : Hsinchu Science-Based Industrial Park 8 Li Hsing 6th Rd Hsinchu City 300 Taiwan
Country : Taiwan
Relationship : Minor Investments
Legal Form : Public Listed Company
Company Type : Manufacturer
Industry : Electronic Products & Components
Company Name : TAIWAN VCM CORP
Address : 10Fl China General Plastics Bldg 3 Tun Hua South Rd Section 1 Sungshan Dist Taipei City 105 Taiwan
Country : Taiwan
Relationship : Subsidiary
Legal Form : Private Limited Company
Company Type : Manufacturer
Industry : Chemicals
Company Name : TAIWAN VINYL CHLORIDE MONOMER CORP
Address : 10Fl China General Plastics Bldg 3 Tun Hua South Rd Section 1 Sungshan Dist Taipei City 105 Taiwan
Country : Taiwan
Relationship : Subsidiary
Legal Form : Private Limited Company
Company Type : Manufacturer
Industry : Chemicals
Company Name : USI CORP
Address : 8Fl USI Group Bldg 39 Ji-Hu Rd Neihu Dist Taipei City 114 Taiwan
Country : Taiwan
Relationship : Affiliate
Legal Form : Public Listed Company
Company Type : Manufacturer
Industry : Chemicals
*Strategic Partners
& Alliances*
==========================
Group name : USI GROUP
Group members : ASIA POLYMER CORP
USI CORP
TAITA CHEMICAL CO LTD
TAIWAN VINYL CHLORIDE MONOMER CORP
*OVERSEAS AGENTS AND
DISTRIBUTORS*
======================================
Agent : ACI INSULATION LTD
Country of Origin : Australia
PAYMENT RATING :3 OBTAINED SCORES :
71
|
Rating Key |
Implication |
Implications |
|
1 |
Scores 85–100 |
Excellent |
|
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 MODERATE amounts depending on individual
judgement experience.
*BANK DETAILS*
==================
Bank Name : ABN-AMRO BANK NV
Branch : Chungshan Dist,Taipei City
Branch Address : 2Fl, 49 Ming Sheng East Rd Section 2 Chungshan Dist Taipei City 104 (Head Office)
SWIFT Code : ABNATWTP
Bank Name : BANK OF TAIWAN
Branch : Chungcheng Dist,Taipei City
Branch Address : 120 Chung Ching South Rd Section 1 Chungcheng Dist Taipei City 100 (Head Office)
SWIFT Code : BKTWTWTP
Bank Name : CHANG HWA COMMERCIAL BANK LTD
Branch : Central Dist,Taichung City
Branch Address : 38 Tzu Yu Rd Section 2 Central Dist Taichung City 400 (Head Office)
SWIFT Code : CCBCTWTP
Bank Name : CITIBANK NA
Branch : Sungshan Dist,Taipei City
Branch Address : Walsin Financial Bldg 117-1 Min Sheng East Rd Section 3 Sungshan Dist Taipei City 105 (Head Office)
SWIFT Code : CITITWTX
Bank Name : FUBON COMMERCIAL BANK
Branch : Ta-an Dist,Taipei City
Branch Address : 2Fl B1 Fubon Banking Center 169 Jen Ai Rd Section 4 Ta-an Dist Taipei City 106 (Head Office)
SWIFT Code : This bank does not have a SWIFT Code
Bank Name : HUA NAN COMMERCIAL BANK LTD
Branch : Chungcheng Dist,Taipei City
Branch Address : 38 Chung King South Rd Section 1 Chungcheng Dist Taipei City 100 (Head Office)
SWIFT Code : HNBKTWTP
Bank Name : MEGA INT'L COMMERCIAL BANK CO LTD
Branch : Chungshan Dist,Taipei City
Branch Address : 100 Chi Lin Rd Chungshan Dist Taipei City 104 (Head Office)
SWIFT Code : ICBCTWTP
Bank Name : SHANGHAI COMMERCIAL & SAVINGS BANK LTD
Branch : Chungshan Dist,Taipei City
Branch Address : Shanghai Bank Tower 2 Min Chuan East Rd Section 1 Chungshan Dist Taipei City 104 (Head Office)
SWIFT Code : SCSBTWTP
Bank Name : TAI-SHING INT'L BANK
SWIFT Code : This bank does not have a SWIFT Code
*Financials*
==========
BALANCE SHEET
Currency : NTD
Denomination : In thousand
2001 2002 2003 2004 2005
------------- ------------ ------------- ------------- ---------
Current Assets 2,070,929 2,772,917 2,423,926 3,227,311 4,441,551
Funds & long-term
investments 2,304,757 2,209,907 2,061,481 2,617,701 2,057,412
Property 3,486,014 3,287,356 3,112,469 2,903,332 2,747,311
Other Assets 459,392 438,326 525,820 452,343 296,825
Total Assets 8,682,718 9,029,951 8,404,960 9,441,770 9,744,001
Current Liabilities
(Before) 1,259,868 1,236,353 1,203,488 1,594,942 1,603,295
(After) 1,236,353 1,203,488 1,594,942 -- --
Long-term Liabilities 1,400,000 2,000,000 1,440,000 1,280,000 2,000,000
Other Liabilities 1,057,703 956,673 857,777 865,070 897,878
Total Liabilities
(Before) 4,545,259 5,018,663 4,325,532 4,560,235 4,998,009
(After) 4,545,259 5,018,663 4,325,532 4,560,235 --
Common stock 4,248,035 4,248,035 4,248,035 4,248,035 4,248,035
Capital Reserve 1,114,406 123,551 123,551 123,551 947,833
Retained Earnings
(Before) (999,903) (228,245) (224,228) 623,958 (379,489)
(After) (9,622) (228,245) (224,228) 176,404 --
Total Shareholder's
Equity (Before) 4,137,459 4,011,288 4,079,428 4,881,535 4,745,992
(After) 4,137,459 4,011,288 4,079,428 4,881,535
INCOME STATEMENT
Currency : NTD
Denomination : In thousand
2001 2002 2003 2004 2005
--------- --------- -------- --------- --------
Operating revenue 6,029,357 6,045,891 646,541 8,115,298 7,405,353
Gross Profit 552,042 393,330 489,459 859,532 776,363
Operating Income (3,131) (144,085) 16,034 336,579 233,095
Non-operating income 241,119 217,987 198,004 679,988 67,831
Non-operating expense 1,077,324 293,358 210,033 168,246 856,744
Net Income (999,654) (219,102) 4,005 848,321 (555,818)
Earnings (losses)
per share (After) (2.35) (0.52) 0.01 2.00 (1.31)
*Financial Ratios*
==============
2001 2002 2003 2004 2005
---------- --------- ---------- ---------- -----------
Ratio of liabilities to Assets % 52.35 55.58 51.46 48.30 51.29
Ratio of long-term capital
to fixed Assets% 158.85 182.86 177.33 212.22 245.55
Current ratio% 164.38 224.28 210.04 202.35 277.03
Quick ratio% 122.32 170.26 160.30 149.72 230.40
Interest coverage (6.88) (2.00) 1.05 13.70 2.00
Turnover of receivable (times) 4.00 4.69 5.12 6.47 7.00
Average collection period
of receivable 91 78 71 56 52
Turnover of inventories (times) 9.53 9.90 10.06 10.68 8.64
Average days of sales 38 37 36 34 42
Turnover of expense (times) 7.45 7.95 11.53 16.73 11.84
Turnover of fixed assets (times) 1.73 1.84 2.08 2.80 2.70
Turnover of total assets (times) 0.69 0.67 0.77 0.86 0.76
Return on total assets% (9.63) (1.85) 0.71 10.07 (5.40)
Return on shareholder's Equity% (21.50) (5.38) 0.10 18.93 (11.55)
Operating Income (0.07) (3.39) 0.38 7.92 5.49
Net Income before tax 19.76 5.17 0.09 19.97 (13.08)
Profit margin% (16.58) (3.62) 0.06 10.45 (7.51)
Retroactive (2.35) (0.52) 0.01 2.00 (1.31)
Cash flows ratio% 60.40 (16.90) 22.13 10.57 62.87
Cash flows adequacy% 41.44 29.73 41.99 51.89 111.13
Cash reinvestment ratio% 6.98 (1.83) 2.42 1.43 8.30
Degree of operating leverage (85.34) (0.65) 15.32 1.65 1.89
Degree of financial leverage 0.03 0.66 (0.26) 1.25 1.27
*Financial History*
================
1986 - CGPC and its affiliates, ASIA POLYMER CORP and TAITA CHEMICALS dominated the CGP GROUP with combined sales of USD225, 000,000.
*Int´l Trade
Activity (Currency: U.S. $'s)
================================
Year Imports Exports Total
2002 $39,856,690.00 $54,965,240.01 $94,821,930.01
2003 $15,203,885.93 $64,697,098.88 $79,900,984.81
2004 $26,145,105.29 $90,713,749.56 $116,858,854.85
2005 $52,141,033.65 $95,983,466.73 $148,124,500.38
*Financial
Summary (Currency: U.S. $'s)
================================
Year Sales Assets Net Income
2000 $226,423,639.19 $323,914,805.60 -$18,513,810.26
2001 $174,966,831.11 $251,965,118.98 -$29,009,112.01
2002 $173,782,437.48 $259,555,935.61 -$6,308,019.55
2003 $186,405,449.83 $242,357,554.79 $115,484.43
2004 $244,069,112.78 $283,963,007.52 $25,513,413.53
2005 $233,976,398.10 $307,867,330.17 -$17,561,390.21
SC is considered medium-sized in its line with fairly stable financial conditions. It is considered a credit line up to USD 1,000,000 appears to be within SC’s capacities upon a periodical review basis.
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 |
|
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%)