%20CO%20LTD%2029-Aug-2007_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
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Report Date : |
29.08.2007 |
IDENTIFICATION DETAILS
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Name : |
CHAROEN POKPHAND |
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Registered Office : |
17FL, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
22.08.1977 |
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Com. Reg. No.: |
36514783 |
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Legal Form : |
Public Listed Company |
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Line of Business : |
Production and sale of meat and other processed products such as
feather meal Export and Import of Feed and feed Additives. |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 3,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
CHAROEN POKPHAND
17FL EMPIRE BLDG 87-89 SUNG
TEL : [+886] 2-25077071
FAX : [+886] 2-25064137
EXECUTIVE SUMMARY
INCORPORATION
DATE : AUGUST 22,
1977
REGISTRATION
NO. :
36514783
LEGAL
FORM :
PUBLIC LISTED COMPANY
CHIEF
EXECUTIVE :
MR. WU-YUEH CHENG (CHAIRMAN)
STAFF
STRENGTH :
950
CAPITAL :
US$ 108,126,888
BUSINESS
LINE :
MANUFACTURER
TURNOVER : NTD
8,544,959, 000 (AS OF DEC. 31, 2006)
EQUITIES :
NTD 2,396,720,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM.
MARKET
CONDITION :
AVERAGE
FINANCIAL
CONDITION : STABLE
OPERATIONAL
TREND : STEADY
GENERAL
REPUTATION : FAIRLY
GOOD
EXCHANGE
RATE : TWD
33.1060 = US$1 AS
Adopted
abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
M – million
TWD –
%20CO%20LTD%2029-Aug-2007_files/image013.gif){kind=small}
*Company Name*
=============
Incorporated as
: CHAROEN POKPHAND FEEDMILL (
Date of incorporation
: 22 August, 1977
Changed name to : CHAROEN
POKPHAND ENTERPRISE (TAIWAN) CO LTD
Date of change
: N/A
*Company History*
==============
1983 -
Opened a factory in Wuchi Chen, Taichung Hsien.
27 July, 1987 -
Became a listed company in Taiwan Stock Exchange under code no. 1215.
*Capital Details*
============
Registered capital :
NTD 3,579,000,000.00
Paid up capital
: NTD 2,320,268,380.00
*Licenses & Permits*
================
(1)
License number :
9963388300
Date issued
: 16 June, 1983
Issuing authority :
Industrial Development Bureau, MOEA
Type of license :
Factory license
(2)
License number :
9965221300
Date issued
: 26 September, 1987
Issuing authority :
Industrial Development Bureau, MOEA
Type of license :
Factory license
(3)
License number :
9966181400
Date issued
: 31 December, 1990
Issuing authority : Industrial Development Bureau, MOEA
Type of license :
Factory license
*Office & Facilities*
===============
Size
: 1,135 sq. meters (Approx.)
Location
: Business Area
Property status :
Owned by CHAROEN POKPHAND (TAIWAN) CORP LTD
Type of building :
Commercial
*Factories, Size & Locations*
======================
Maintains three (3) manufacturing facilities, listed as
follows :
(1)
Size : 7,071 square meter
(Approx.)
Location
:
Facilities
: Modern
Type of building
: Industrial building
Property status
: Owned by CHAROEN POKPHAND ENTERPRISE (TAIWAN) CO LTD
(2)
Size : 13,204 square
meter (Approx.)
Location
: Nantou Hsien
Facilities
: Modern
Type of building
: Industrial building
Property status
: Owned by CHAROEN POKPHAND ENTERPRISE (TAIWAN) CO LTD
(3)
Size : 12,162 square
meter (Approx.)
Location
:
Facilities
: Modern
Type of building
: Industrial building
Property status
: Owned by CHAROEN POKPHAND ENTERPRISE (TAIWAN) CO LTD
*Corporate & Organization Structure*
===========================
A large specialized company operated and managed by an
experienced team of professionals.
*Industry Ranking*
==============
- Generally regarded as one of the Top 1000 Companies in
manufacturing industry of
*Sales Ranking*
============
Details of Rank are as follows
Year Rank
------ ------
1996 87
1997 87
1998 90
*Auditors*
========
PRICEWATERHOUSECOOPERS LTD
*Registrar *
=========
CHINA TRUST BUSINESS BANK
*Reputation*
==========
Reference checking for the purpose of establishing the
firm's reputation within the respective industry failed to reveal any negative
information.
%20CO%20LTD%2029-Aug-2007_files/image014.gif){kind=small}
Web
site: www.cptwn.com.tw
The design is professional and the
content is well organized. At present it is in Chinese version.
Email : service@cptwn.com.tw
%20CO%20LTD%2029-Aug-2007_files/image015.gif){kind=small}
For the past 30 years there is no record of litigation.
%20CO%20LTD%2029-Aug-2007_files/image016.gif){kind=small}
*Major Shareholders*
================
Shareholders' Name No. of
Shares
---------------------------
------------------
CP POKPHAND CO LTD 23,205,830
TA CHUN INVESTMENT CO LTD 10,865,249
CHUN TA INVESTMENT CO LTD 13,139,849
%20CO%20LTD%2029-Aug-2007_files/image017.gif){kind=small}
Management : Mr. Kuo-sheng Cheng, Director
Mr. Yun-kuan Wang, Manager
Mr. Chih-chieh Lin, Assist. Manager
Name
Nationality Job
Description
Mr. Kuo-sheng Cheng Taiwanese Director Finance
Mr. Yun-kuan Wang Taiwanese Manager Trade
Mr. Chih-chieh Lin Taiwanese
Assist. Manager
Mr. Yen-chun Liu Taiwanese Assist.
Manager
Mr. Yu-ching Chen Taiwanese
Assist. Manager
Mr. Jui-tung Hsu Taiwanese General
Manager
Mr. Wu-yeh Chen Taiwanese
President
Mr. Ming-fang Lin Taiwanese
Special Assistant
Mr. Richard Ming-lung Chen Taiwanese
Special Assistant
Mr. Chih-cheng Liu Taiwanese
Vice General Manager
Mr. Shun-tung Yang Taiwanese
Vice General Manager
*Key Personnel*
============
Mr. Wu-yueh Cheng
Founder
: Co- founder
Age
: 70 years
Work experience :
More than 30 years
Responsibilities :
Daily operation of the firm including all financial and legal matters.
Resident status :
%20CO%20LTD%2029-Aug-2007_files/image018.gif){kind=small}
*Main Products & Services*
=====================
Specializes in the following areas of work :
1. Production, processing, preparation, and sales of plant
feeds such as milo meal, permix, and base mix (mechanical mix feed).
2. Poultry-slaughtering.
3. Production and sale of meat and other processed products
such as feather meal.
4. Export and import of feed and feed additives.
5. Management of food and beverage franchise.
6. Manufacture, processing, and sales of different fast-food
meal boxes.
Products also include:
- Salt-spiced Chicken
- Karage Fried Chicken
- Smoking Chicken wings
- Spicy Roasted Chicken
- Dried Shred Chicken
- Chilled Chicken
- Fried Chicken Nuggets
- Salty Fried Chicken
- Roasted Wing
- Tariyaki Thigh Meat
- Crispy Thigh Meat
- Chinese Sausage (Original Flavor)
- Chinese Sausage (Garlic Flavor)
- Chicken Nugget Stewed
- Chicken with Ginseng
- Stewed Chicken with Garlic
- Stewed Chicken with Mushroom
- Stewed Chicken with Angelica
Products : A-methyldopa
Alfalfa hay
Barley meals
Birdseeds
Bran
*Payment Terms*
=============
Sales
------
Local : 30 - 90
days credit
Cash
Purchase
-------------
Local : 30 - 90
days credit
Import : Letter of
Credit (L/C)
Open
account /DA terms with settlement using Telegraphic Transfer (T/T)
*Competitors*
==========
The following locally based companies supply similar range
of products:
- JIN KU FOOD CO LTD
- LEONINE ENTERPRISE LTD
- KEN PHONE TRADING CO LTD
- ROYAL FAITHFUL INT'L ENTERPRISE CO LTD
- TSAN JANG ENTERPRISE CO LTD
-
- KUANG CHENG PRODUCTS CO LTD
- SMOOTH WORLD PRODUCTS LTD
- KENDICO ENTERPRISES CO LTD
*Exhibition Participation*
===================
Participated in the following local exhibitions:
(1)
Exhibition Fair : The 10th
Date attended : 15-18 June, 2000
Location : Taipei World Trade Center Exhibition Hall
(2)
Exhibition Fair :
11th Taipei International food Show
Date Attended
: 14-17 June, 2001
Location :
(3)
Exhibition fair :
14th Taipei International Food Show
Date attended :
17-20 June, 2004
Location :
*Local Distribution Network*
======================
100% of the annual turnover is attributed to local
sales.
*Export Markets*
=============
There is no record of export since the prime focus of the
firm's activity is concentrated on local sales only.
*International Trade Ranking*
======================
The firm has been ranked among
Details of rank are as follows :
Year Rank
------ ----------
1997 0241
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*LOCAL BRANCHES & MANAGEMENT*
=================================
Branch : CHAROEN POKPHAND
Branch Address :
Branch Tel : [+886] 4-29255337
Branch Fax : [+886] 4-29251143
Branch Email : project@cptwn.com.tw
Branch Employees : 130
Branch : CHAROEN POKPHAND
Branch Address : 99 Tzu Chiang Rd Wuchi Chen,
Branch Tel : [+886] 4-26392141
Branch Employees : 120
*(Subsidiaries, Joint-ventures & Affiliates)
===============================
Company Name : ARBOR ACRES TAIWAN CO LTD
Address : 17Fl Empire Bldg 87-89 Sung
Country :
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Agricultural Products
Company Name : CHAROEN POKPHAND (
Address : 17Fl Empire Bldg 87 Sung
Country :
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Agricultural Products
Company Name : CHIA TAI LIANYUNGANG CO LTD
Address : 21Fl
Country :
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Food Products
Company Name : LIANYUNGANG CHIATAI FEED CO LTD
Address : Lian Yun Gang Zone 56 Xinwei Lianyungang 222047
Country :
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Agricultural Products
Company Name : PEI SHIH CO LTD
Country :
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Food Products
Company Name : TAIWAN SIZZLER CO LTD
Address :
Country :
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Service
Industry : Hotel, Entertainment & Recreation
%20CO%20LTD%2029-Aug-2007_files/image020.gif){kind=small}
PAYMENT
RATING : 2 OBTAINED SCORES : 71
|
Implication |
Implications |
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1 |
Scores 85–100 |
Excellent |
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2 |
Scores 75 – 84 |
Above Average |
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3 |
Scores 50 – 74 |
Average |
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4 |
Scores 35 – 49 |
Fair |
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5 |
Scores 15 – 34 |
Below Average |
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6 |
Scores 01 – 14 |
Poor |
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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.
%20CO%20LTD%2029-Aug-2007_files/image021.gif){kind=small}
*BANK DETAILS*
===============
Bank Name : HUA NAN COMMERCIAL BANK LTD
Branch : Chungcheng Dist,
Branch Address :
SWIFT Code : HNBKTWTP
Bank Name : TAIWAN COOPERATIVE BANK
Branch : Chungcheng Dist,
Branch Address :
SWIFT Code : TACBTWTP
*Financials*
=========
BALANCE SHEET
Currency :
NTD
Denomination : In thousands
2002 2003 2004 2005 2006
--------------
-------------
-------------
------------- -----------
Assets
Current Assets 2,406,850 2,704,255 2,979,883 1,971,292 2,074,219
Funds & long-term investments 638,551 534,827 473,886 527,741 571,841
Property
902,226 887,083 883,601 823,477 811,635
Other Assets
84,170 86,893 132,401 116,447 89,621
Total Assets
Before
4,031,797 4,213,05 4,474,277 3,489,507 3,591,316
Current Liabilities (Before) 997,535 1,169,946 1,948,240 1,019,520 890,076
(After) 997,535 1,169,946 1,948,240 1,019,520 890,076
Long-term Liabilities 596,600 572,200 157,500 2,500
Other Liabilities 97,256 10,494 135,437 144,447 163,487
Total Liabilities (Before) 1,691,391 1,852,640 2,241,177 1,166,467 1,053,563
(After) 1,691,391 1,852,640 2,241,177 1,166,467 1,053,563
Common stock 2,300,268 2,320,268 2,320,268 2,320,268 2,320,268
Capital Reserve
2,969 967 967 967 967
Retained Earnings (Before) 98,402 91,608 3,520 43,948 201,509
(After) 98,402 91,608 3,520 43,948 60,476
Total Shareholder's Equity
(Before)
2,340,406 2,360,418 2,233,100 2,323,040
2,537,753
(After)
2,360,418 2,360,418 2,233,100 2,323,040 2,396,720
INCOME STATEMENT
Currency :
NTD
Denomination : In thousands
2002 2003 2004 2005 2006
--------------
--------------
--------------
-------------- -------------
Operating revenue 11,148,021 11,542,493 12,734,934 10,179,101 8,544,959
Gross Profit 752,229 772,019 561,619 595,026 785,279
Operating Income 129,661 197,094 (55,978) 41,517 200,583
Non-operating income 25,054 16,093 35,145 65,873 23,273
Non-operating expense 314,900 166,925 96,113 41,924 35,842
Net Income -124,602 1,204 -88,088 40,428 157,561
Earnings (losses) per share (After) -0.54 0.01 -0.38 0.17 0.68
*Financial Ratios*
=============
2002 2003 2004 2005 2006
--------------
--------------
------------
------------ -----------
Ratio of liabilities to Assets % 41.95 43.97 50.09 33.43 29.34
Ratio of long-term capital to
fixed Assets% 325.53 330.59 270.55 282.40 312.67
Current ratio% 241.28 231.14 152.95 193.35 233.04
Quick ratio% 141.48 127.17 83.52 107.23 146.44
Interest coverage (2.47) 2.08 (1.41) 2.96 13.99
Turnover of receivable (times) 8.14 9.02 9.78 8.52 8.34
Average collection period
of receivable 45 40 37 43 44
Turnover of inventories (times) 16.45 14.79 12.01 10.75 11.59
Turnover of expense (times) 24.68 26.78 36.85 30.96 23.15
Average days of sales 22 25 30 34 31
Turnover of fixed assets (times) 11.75 12.90 14.38 11.93 10.45
Turnover of total assets (times) 2.68 2.80 2.93 2.56 2.41
Return on total assets% (2.16) 0.80 (1.19) 1.64 4.75
Return on shareholder's Equity% (5.02) 0.05 (3.84) 1.77 6.48
Operating Income 5.64 8.49 (2.41) 1.79 8.64
Net Income before tax (6.96) 1.99 (5.04) 2.82 8.10
Profit margin% (1.12) 0.01 (0.69) 0.40 1.84
Retroactive
(0.54) 0.01 (0.38) 0.17 0.68
Cash flows ratio% 36.07 2.35 (8.47) 83.63 70.83
Cash flows adequacy% 88.36 107.88 61.93 105.76 117.14
Cash reinvestment ratio% 5.21 0.57 (3.74) 19.01 13.16
Degree of operating leverage 7.08 4.64 (12.39) 19.01 4.85
Degree of financial leverage 1.55 1.27 0.54 5.08 1.08
*Int´l Trade Activity
(Currency:
==============================
Year Imports Exports Total
2004
$165,746,986.98 n/a $165,746,986.98
2005
$117,239,864.99 n/a $117,239,864.99
2006
$101,338,157.98 n/a $101,338,157.98
*Financial Summary
(Currency:
==============================
Year Sales Assets Net Income
2000
$374,377,667.19
$141,753,779.16
$3,152,472.78
2001
$334,416,715.03
$124,521,183.98
$3,540,336.62
2002
$320,437,510.78
$115,889,537.22
-$3,581,546.42
2003
$332,828,517.88
$121,483,794.69
$34,717.42
2004
$383,005,533.83
$134,564,721.80
-$2,649,263.16
2005
$321,614,565.56 $110,252,985.78 $1,277,345.97
2006
$258,311,940.75
$108,564,570.74
$4,763,029.02
%20CO%20LTD%2029-Aug-2007_files/image022.gif){kind=small}
SC is considered a normally advancing corporation with steady customers
and good base to meet its trade engagements.
Credit in the range of fairly large amount can be considered.
Attached:
trade references
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code
Product/Service Description
Importing 0115 Corn
Importing 0116 Soybeans
Importing 2041 Flour
and other grain mill products
Importing 2045 Prepared
flour mixes and doughs
Importing 2048 Prepared
feeds
Importing 2899 Chemical
preparations
Manufacturing 0252 Chicken Eggs
Manufacturing 0259 Poultry and eggs
Manufacturing 2015 Poultry, and eggs, prepared or
preserved
Manufacturing 2048 Prepared feeds
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code
Product/Service Description
Importing 0404100500 Whey protein concentrates, modified whey, whether or not
containing added
sugar
or other sweetening matter
Importing 1005 Corn
(maize)
Importing 1005902000 Corn (maize) yellow dent, except seed
Importing 1103130020 Groats and meal of corn (maize), cornmeal
Importing 1201000020 Soybeans, whether or not broken, seeds of a kind used for
sowing
Importing 1214 Rutabagas,
hay, clover & other forage products
Importing 1214900010 Alfalfa hay, whether or not double compressed
Importing 1702110000 Lactose and lactose syrup, containing by weight 99 % or more
lactose,
expressed
as anhydrous lactose, calculated on the dry matter
Importing 2301
Flour, meal etc of meat
etc, not for human: greavs
Importing 2301200000 Flours, meals and pellets, of fish or of crustaceans, molluscs
or other aquatic
invertebrates,
unfit for human consumption
DETAILED PRODUCT CLASSIFICATION & ACTIVITY
Activity Product/Service
Description
Importer Soybeans
Importer Lactose
syrup
Importer Yellow
corn
Importer Oil
cakes
Importer A-methyldopa
Importer Lysine
Importer Phosphate
products
Importer Calcium
hydrogen phosphate
Importer Birdseeds
Importer Vegetable
materials
INTERNATIONAL TRADE: ACTIVITY & MARKETS
Importing from
Importing from
Importing from
Importing from
Importing from
Importing from
Importing from
Importing from
Importing from
Importing from
Importing from
Importing from
Importing from
Importing from
Importing from
Importing from
Importing from
Importing from
Importing from
Importing from
Importing from
Importing from UAE
Importing from
Importing from
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. |
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%)