MIRA
INFORM REPORT
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Report Date : |
23.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
CHINA STEEL CHEMICAL CORP |
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Registered Office : |
5FL, 47 Chung Hua 4th Rd Linya Dist Kaohsiung City 802 |
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Country : |
Taiwan |
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Date of Incorporation : |
February 3, 1989 |
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Com. Reg. No.: |
23221384 |
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Legal Form : |
Public Listed Company |
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Line of Business : |
Manufacturers and exporters of chemicals related to steel
production and industrial magnetic materials for electronic application. |
RATING & COMMENTS
|
MIRAs 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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Name & address
CHINA STEEL CHEMICAL CORP
5FL, 47 CHUNG HUA 4TH RD LINYA DIST KAOHSIUNG CITY 802, TAIWAN
TEL:886-7-3383515
FAX:886-7-3383516
EXECUTIVE SUMMARY
INCORPORATION DATE :
FEBRUARY 3, 1989
REGISTRATION NO. :
23221384
LEGAL FORM :
PUBLIC LISTED COMPANY
CHIEF EXECUTIVE :
MR. YAO-TSUNG CHIANG (CHAIRMAN)
STAFF STRENGTH :
126
CAPITAL :
US$ 65,625,000
BUSINESS LINE :
MANUFACTURER
TURNOVER :
NTD 1,000,338,000 (AS OF 31 MARCH, 2006)
EQUITIES : NTD 4,084,488,000 (AS OF 31 MARCH,
2006)
PAYMENT :
EXCELLENT
RECOMM. CREDIT RANGE : FAVORABLE
TERMS
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STRONG
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
WELL-KNOWN
EXCHANGE RATE : NTD 32.7310 = US$1 AS OF 2006-8-14
*Company History*
================
February 1989 -
Established as a joint venture by CHINA STEEL CORP and other public and private
enterprises.
27 November, 1998 - Listed on Taiwan Stock Exchange
*Registrar*
=========
CORE PACIFIC SECURITIES CO LTD
*Company Registration*
====================
License number :
23221384
Date issued : 3
February, 1989
Issuing authority : Ministry of Economic Affairs (MOEA)
*Capital Details*
=============
Initial registered capital
: NTD 1,583,000,000
Registered capital increase : NTD 1,755,000,000
Capital increases as follows:
Year
Increase
------
-----------
2001
1,755,000,000
2002 1,857,000,000
Paid-up capital :
NTD 2,034,734,380
*Office & Facilities*
===============
Size :
119 square meters
Location :
Kaohsiung City
Property status : Owned by CHINA STEEL CHEMICAL CORP
Type of building :
Commercial building
Comments :
Serve as office and warehouse
Other e-mail add : cscc@top2.ficnet.net.tw
*Corporate & Organization Structure*
=============================
Organizational chart
---------------------------
Chairman
|
President
|
_________________________|__________________________
| | |
|
Vice President |
| | Special Assistant
|
|____________________________________________
| |
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_________________|__________________________________ |
| | | | | | |
Internal Admin Commercial
Trading New Venture Factory Financial
Auditing Dept Dept Dept Dept Dept
Secretary
*Industry Ranking*
================
Generally regarded as one of the top 1000 companies in
manufacturing industry of Taiwan.
*Sales Ranking*
=============
Details of rank are as follows
:
Year Rank
------ -------
2002 461
2001 431
2000 413
1998 3
1997 3
1996
4
*Auditors*
=========
DELOITTE & TOUCHE
Web site: www.cscc.com.tw The design is professional and the content is well organized. At
present it is both in Chinese and English version.
Email : cscc@top2.ficnet.net.tw
For the past two years there is no record of litigation.
*Major Shareholders*
=================
Shareholders' Name No. of Shares
---------------------------
------------------
Mr. Yao-tsung Chiang 60,574,761
Mr. Huai-chun Ku
60,574,761
Mr. Po-yuan Chen 60,574,761
Mr. Mao-ken Wang 60,574,761
Mr. Hung-nan Lin
60,574,761
Mr. Le-ming Chung 60,574,761
Mr. Cheng-yun Ku 12,107,609
Mr. Chi-jung Chao
12,107,609
Mr. Chih-chung Sun 7,712,929
Mr. Hsi-chi Wang 3,801,482
Mr. Chun-yen Yu
2,137,170
Mr. Chun-chin Chen
12,256
Management : Mr. Chen-pao
Yuan, General Manager
Mr. Chi-yung Kou, Director
Mr. Chih-ming Wang, Director
*COMPANY MANAGEMENT*
========================
Name Job
Description Nationality
Mr. Chuan-chi Hsiang Director
Taiwan
Mr. Chun-chi Kung Accountant
Taiwan
Mr. Chung-jung Chen General
Manager Taiwan
Mr. Fang-yih Hsu Accountant
Taiwan
Mr. Hsun Lin Vice General
Manager Taiwan
Mr. Kuo-chen Wu Vice
President Taiwan
Mr. Le-ming Chung Finance
Manager Taiwan
Mr. Min-nan Chen Director
Taiwan
Mr. Ming-hsing Lin Factory
Manager Taiwan
Mr. Ming-ta Fang Director
Taiwan
Mr. Ming-wei Wu Auditor
Taiwan
Mr. Po-yuan Chen General
Manager Taiwan
Mr. Wen-yi Liu Director
Taiwan
Mr. Yi-lin Cheng Director
Taiwan
*Key Personnel*
==============
Mr. Yao-tsung Chiang
Founder :
Co Founder
Work experience
: More than 15 years
Resident status
: Taiwan
Responsibility
: Handles the overall management of the company
*Main Products & Services*
======================
Specializes in the manufacture and export of chemicals related to
steel production and industrial magnetic materials for electronic application.
Products also include :
- H-acid
- J-acid
- J acid urea
- Acetyl J acid
- Sulfonic Tobias acid
- Activated carbon treatment for waste water, exhaust gas, potable
water and solvent recovery.
- Calcined bauxite
- Anode material for lithium-ion battery
- Chromite packing sand
- Gouging carbons
The business comprises three key activities:
(1) processing coal tar to produce soft pitch, refined
naphthalene, and creosote oils
(2) processing benzole to produce toluene, benzene, and solvent
(3) grading coke breeze to produce various sizes of metallurgical
coke
Products : Naphthalene
flakes
Anti-erosion materials
BON
acid
Benzene
Beta naphthol
*Competitors*
===========
The following locally based companies supply similar range of
products:
- CHINESE PETROLEUM CORP
- DAIGIN CHEMICAL CO LTD
- GLOBE INDUSTRIES CORP
- SAN FANG CHEMICAL INDUSTRY CO LTD
- TAIWAN STYRENE MONOMER CORP
*Production Capacity*
==================
Product Current capacity
(metric ton/year)
------------ ----------------------
Light oil 57,323
Coke 148,209
Coal tar 183,599
*Detailed Product Specifications*
==========================
Product
Application
----------- -----------------
Refined
naphthalene Acts as the intermediate of
naphthalene ball, dyes and medicine ; materials of acid anhydride and surface
active agent.
Benzene For the production of isopropyl, vinyl benzene frees and alkyl
benzene
Toulene For
paint solvent and thinner
Creosote oil
For the production of
carbo black, which is an element for tire and
automobile
rubber products
Coal tar pitch Acts
as an agent and conversion agent in the production process applying such
waterproof materials as EPOXY and PU; it can strengthen the waterproof property
to reach the CNS standard; or combine properly with EPOXY, PU and hardener to
become a superior waterproof material.
Tar 2 Have a brush roller and apply with this
agent on sheet iron, wooden boats, bamboo, railway sleepers, casting tubes to
fight against erosion, water and worms.
Its cyclic structure makes it resistant from weather conditions.
Soft pitch For the binder of aluminum electrode rod
and battery carbon rod; can also be further distilled to produce hard pitch
Roofing
pitch For leak-free roofing construction; featured
by molecular cyclic structure and hydrophobic durability; remarkable waterproof
and leak-free effect; can be used to make up cement gaps; having viscosity and
being invulnerable to stress. For a
better waterproof effect, an
oily blanket is suggested as an accompaniment.
Wood preservative oil
Worm-resistant; preserve the
timber from water erosion by a waterproof layer formed externally.
Wash oil Acts
as light oil-absorption agent.
Coke dried quenching Carbon additive agent
Metallurgical coke
Carbon additive agent or
fuel agent
Hydrated coke fines Carbon additive agent
Dehydrated coke fines Carbon additive agent
Coke powder
Garnex and Garpak
additives
Coke products
Fixed carbon Ash content Total Total
Volatile Size
Moisture Sulphur Matter
--------------------
------------------
------------------
------------- ----------- ----------- ---------
1. Coke dried Min 86% Max 13%
Max 1.0% Max 0.6% Max 2.0% 0~1m/m Min 95
quenching
2. Metallurgical
Min 85% Max 13% Max 10% Max 0.6% Max
2.0% 5~15m/m
coke 15~25m/m
25~35m/m
3. Hydrated coke
Min 85% Max 13% Max 10% Max 0.6% Max
2.0% 0~8m/m
fines
4. Dehydrated
Min 85% Max 13% Max 10% Max 0.6% Max
2.0% 0~5m/m
coke fines
5. Coke powder
Min 82% Max 4.0% Max 16% Max 0.8% 60 mesh
*Awards*
===========
Award :
National Award of Small and Medium Enterprise
Awarded by : Small and Medium Enterprise Administration,
MOEA
Year : 2001
*Machinery & Equipment*
=====================
The following facilities are maintained in order to protect its
environment :
- Air pollution burning system
- Waste water treatment system
- Dust-collecting system
*Deal Making*
=============
Date of signing : Early 1999
Nature of deal : 2
contract for the right to purchased of Coal and iron ore
Details : The
contracts can save the company NT$2.7 billion in crude steel production cost
per year
*Local Distribution Network*
=======================
64% of the annual turnover is attributed to local sales.
*Domestic Raw Materials & Suppliers*
===============================
Major local suppliers include:
(1) Supplier' name : YANG
SHING MACHINERY WORKS CO LTD
(2) Supplier' name : UNITED PENTA CORP
Main Item : Cutting
and welding equipment
Amount : NT$6.4
million
Year : 1989
*Domestic Customers*
==================
Major local customers include:
- LIEN FONG MACHINERY CO LTD
- CENDAI INDUSTRIAL CO LTD
- CHUN YUAN STEEL INDSUTRY CO LTD
- SHANG YU STEEL CO LTD
- SHENG I FACTORY CO LTD
*Export Markets*
=============
36% 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 850
*Overseas Agents & Distributors*
============================
Agent : ERICSON MFG
Global Identifier : P0329651
Country of Origin : Philippines
*LOCAL BRANCHES & MANAGEMENT*
=================================
Branch : CHINA STEEL CHEMICAL CORP - TAIPEI CITY
Branch Address : 5Fl, Morrison Plaza 25 Jen Ai Rd Section 4
Branch Zip : 106
Branch Suburb : Ta-an Dist
Branch City : Taipei City
Branch Tel : [+886] 2-27811050
Branch Fax : [+886] 2-27762274
Branch : CHINA STEEL CHEMICAL CORP (FACTORY) - KUANTIEN HSIANG
Branch Address : 16 Kung-yeh South Rd Er-cheng Village
Branch Zip : 720
Branch Suburb : Kuantien Hsiang
Branch State : Tainan Hsien
Branch : CHINA STEEL CHEMICAL CORP - TAIPEI CITY
Branch Address : Rm A 28Fl, 7 Hsin Yi Rd
Branch Zip : 110
Branch Suburb : Hsin-i Dist
Branch City : Taipei City
Branch Tel : [+886] 2-81010523
Branch Fax : [+886] 2-81010522
*(Subsidiaries , Joint-ventures & Affiliates)
===============================
Company Name : CHINA HI-MENT CORP
Global Identifier : 31508487
Address : 10Fl, 243 I-Hsin 1st Rd Chienchen Dist Kaohsiung City
806 Taiwan
Country : Taiwan
Relationship : Affiliate
Legal Form : Public Listed Company
Company Type : Manufacturer
Industry : Construction & Construction Materials
Company Name : CHINA STEEL ASPHALT TECHNOLOGIES CORP
Global Identifier : 31550254
Address : 3 Fl 286-7 Hsin Ya Rd Chienchen Dist Kaohsiung City 806
Taiwan
Country : Taiwan
Relationship : Affiliate
Legal Form : Private Limited Company
Company Type : Manufacturer
Industry : Chemicals
Company Name : CHINA STEEL CONCRETE INDUSTRIAL CORP
Global Identifier : P0821095
Address : 143 Min Chuan St Taliao Hsiang 831 Kaohsiung Hsien
Taiwan
Country : Taiwan
Relationship : Affiliate
Legal Form : Private Limited Company
Company Type : Manufacturer
Industry : Construction & Construction Materials
Company Name : CHINA STEEL CORP
Global Identifier : P0082259
Address : Lin Hai Industrial Park 1 Chungkang Rd Hsiaogang Dist
Kaohsiung City 812 Taiwan
Country : Taiwan
Relationship : Affiliate
Legal Form : Public Listed Company
Company Type : Manufacturer
Industry : Metals & Metal Products
Company Name : EVER GLORY INT'L CO LTD
Global Identifier : P0847976
Country : Virgin Islands (British)
Relationship : Subsidiary
Legal Form : Private Limited Company
Company Type : Trader
Industry : Chemicals
Company Name : EVER WEALTHY INT'L CORP
Global Identifier : P0812932
Address : 4Fl-1, 47 Chung Hua 4th Rd Linya Dist Kaohsiung City 802
Taiwan
Country : Taiwan
Relationship : Subsidiary
Legal Form : Private Limited Company
Company Type : Service
Industry : Financial Services - General
Company Name : FULTECH CO LTD
Global Identifier : P0847977
Country : Hong Kong
Relationship : Affiliate
Legal Form : Private Limited Company
Company Type : Trader
Industry : Chemicals
Company Name : HIMAG MAGNETIC CORP
Global Identifier : 31550875
Address : 24-1 Chien Kou Rd Neipu Hsiang 912 Pingtung Hsien Taiwan
Country : Taiwan
Relationship : Affiliate
Legal Form : Private Limited Company
Company Type : Manufacturer
Industry : Metals & Metal Products
Company Name : UNION STEEL CEMENT CORP
Global Identifier : 31548981
Address : 2 Yu Cheng Lane Yeh Hai 3 Rd Hsiaogang Dist Kaohsiung
City 812 Taiwan
Country : Taiwan
Relationship : Affiliate
Legal Form : Private Limited Company
Company Type : Trader
Industry : Construction & Construction Materials
*Subsidiaries, Joint-ventures & Affiliates*
===============================
Affiliate includes :
- UNION STEEL INT'L DEVELOPMENT CORP
PAYMENT RATING :1 OBTAINED SCORES :
90
|
Implication |
Implications |
|
|
1 |
Scores 85100 |
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 LARGE amounts depending on individual judgement experience.
Bank: CHIAO TUNG BANK CO LTD
Bank: FARMERS BANK OF CHINA
Bank: INTERNATIONAL COMMERCIAL BANK OF CHINA, THE
Balance Sheet
Currency : NTD
Denomination : In thousands
2001 2002 2003 2004
2005 31 March, 2006
------------- ------------- -------------
-------------
------------ -----------------
Current Assets 2,953,869 3,143,801 4,387,189 4,115,262 2,302,797 2,363,906
Funds & long-term investments
Funds & long-term investments 961,073
913,480 1,078,412 1,132,416 1,723,422
1,891,928
Property 469,488 391,682 308,159 445,431 554,794
560,086
Intangible Assets
Other Assets 66,272 70,940 67,835
80,211 73,329 84,105
Total Assets 4,450,702
4,519,903 5,841,595 5,773,320 4,654,419
4,900,025
Current Liabilities (Before) Before 1,867,682 1,887,688
2,790,182 2,303,761 974,622 757,259
(After) After 2,236,317
2,333,437 3,485,113 3,203,847
Long-term Liabilities 6,218 2,618
Other Liabilities
Other Liabilities 40,115 45,886 48,731
53,669 55,760 58,278
Total Liabilities (Before) Before 1,914,015
1,936,192 2,838,913 2,357,430 1,030,382
815,537
(After) After 2,282,650
2,381,941 3,533,844 3,257,516
Common stock 1,755,402 1,857,287 1,909,368 1,970,229 2,034,734 2,034,734
Capital Reserve 15,084 40,783 59,467
85,440 113,642 113,646
Retained Earnings (Before) Before 765,412
852,442 1,201,932
1,552,317 1,645,159 1,919,443
(After) After
294,892 354,612 446,140 587,726
Accumulate Conversion Adjust
Total Shareholder's
Equity (Before) Before
2,536,687 2,583,711 3,002,682 3,415,890
3,624,037 4,084,488
(After) After 2,168,052
2,137,962 2,307,751 2,515,804
Income Statement
Currency : NTD
Denomination : In thousands
2001 2002 2003
2004 2005 31 March, 2006
-------------
------------- ------------- ------------- ------------
-----------------
Operating revenue 2,475,842 2,703,300 2,957,839 3,981,053 4,060,566 1,000,338
Gross profit 650,145 749,428 1,048,826
1,461,793 1,388,612 355,777
Operating income 457,643 541,197 819,576 1,234,134 1,131,882 303,474
Interests income 42,391 20,731 6,227
5,658 6,169 2,394
Interests expense 18,871 21,056 17,049
13,925 6,278 1,709
Net Income (Before Tax) 635,921 693,740 1,050,573 1,422,030 1,324,434
339,033
Net Income 510,921 557,464 847,320 1,106,177 1,057,433 274,284
Earnings (losses) per share (Before) 2.91 3.11 4.59 5.80 5.36
1.39
(After) 2.91 2.93 4.44
5.61 5.36
*FINANCIALS SUMMARY (Currency: U.S. $'s)
====================================
Year Sales Assets Net Income
1992 $1,082,989,666.67 $5,911,326,444.44 $89,702,814.81
1993 $1,200,279,333.33 $5,732,731,518.52 $163,406,925.93
1994 $1,362,666,259.26 $5,673,439,444.44 $189,763,074.07
1995 $1,606,689,370.37 $6,430,512,555.56 $284,844,370.37
1996 $3,162,111,111.11 $6,996,037,037.04 $287,962,962.96
1997 $3,620,592,592.59 $7,444,407,407.41 $582,444,444.44
1998 $3,646,629,629.63 $7,533,518,518.52 $990,185,185.19
2001 $71,851,421.94 $129,164,248.40 $14,828,787.00
2002 $77,694,739.87 $129,922,391.49 $16,010,347.80
2003 $85,289,475.20 $168,442,762.40 $24,432,525.95
2004 $119,729,323.31 $173,624,060.15 $33,263,157.89
2005 $128,295,924.17 $147,059,052.13 $33,410,205.37
*Intīl Trade Activity
(Currency: U.S. $'s)
==============================
Year Imports Exports Total
1996 $400,000.00 $15,800,000.00 $16,200,000.00
1997 $800,000.00 $19,500,000.00 $20,300,000.00
1998 $4,700,000.00 $21,900,000.00 $26,600,000.00
2001 n/a $25,864,861.29
$25,864,861.29
2002 n/a $27,970,106.35
$27,970,106.35
2003 $7,432,250.98 $24,850,353.00 $32,282,603.98
2004 $14,966,248.99 $29,136,212.00 $44,102,460.99
2005 $8,000,000.00 $35,000,000.00 $43,000,000.00
*Financial Ratios*
===============
(1)
Year Net Worth
Return on Return on Return on Return on Debt to
(NTD100M) Sales (%) Net Worth (%)
Equity (%) Asset (%) Asset (%)
------ -------------
------------
--------------------
--------------
--------------
-------------
2001 25.37 20.64 20.14 - 11.48 43.00
2002 25.84
20.61 - 21.56 12.32 42.83
(2)
2001 2002 2003 2004
2005 31 March, 2006
------------- ------------- ------------- -------------
------------ -----------------
Ratio of liabilities to assets % 43 42.8
48.60 40.80 22.10 16.60
Ratio of long-term capital to
fixed Assets % 541.6 660.30 974..4
766.90 653.20 729.30
Current ratio % 158.2 166.50 157.20
178.60 236.30 312.20
Quick ratio % 150.6 156.60 153.10
172.60 219.90 290.20
Interest coverage 34.7 34.00 62.60
103.10 212.00 199.40
Turnover of receivable (times) 15.3 14.90
15.70 22.30 19.90 4.00
Average collection period of
receivable 24 24.00 23.00
16.00 18.00 89.00
Turnover of inventories (times) 18.8
16.50
17.30 29.60 24.10 5.10
Turnover of payable (times)
Turnover of expense (times) 15.9 23.20
20.90 21.60 19.50 8.70
Average days of sales 19
22.00
21.00 12.00 15.00 42.00
Turnover of fixed assets (times) 5.3 6.90
9.60 8.90 7.30 1.80
Turnover of total assets (times) 0.6 0.60
0.50 0.70 0.90 0.20
Return on total assets % 14.2 12.80
16.60 19.20 20.40
5.80
Return on shareholder's Equity % 21.1 21.80
30.30 34.50 30.00 7.10
Operating Income 26.1 29.10
42.90 62.60 55.60 14.90
Net Income before tax 36.2 37.40 55.00
72.20 65.10 16.70
Profit margin %
20.6
20.60 28.60 27.80 26.00
27.40
Retroactive 2.59
2.93 4.44 5.80 5.36 1.39
Cash flows ratio % 26.5 26.40 36.10 50.20
86.50 3.70
Cash flows adequacy % 279.6 209.00 187.70 165.00
122.10 117.50
Cash reinvestment ratio % 5.2 3.10 11.90 13.80
(0.80) 0.50
Degree of operating leverage 1.39 1.26 1.17
1.06 1.08 1.10
Degree of financial leverage 1.04 1.04 1.02 1.01
1.01 1.01
SC is well-known in its line with strong financial conditions. Credit
dealings with SC in favorable terms can be considered.
Attached: trade references
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service
Description
Manufacturing 2800 Chemicals
and Allied Products
Manufacturing 2899 Chemical
preparations,
Manufacturing 2999 Petroleum
and coal products
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service
Description
Exporting 2849901000 Carbides, whether or not chemically defined, or boron
Exporting 2905120010 Propan-1-ol
Exporting 2905120050 Propan-2-ol
Exporting 3814005090 Organic composite solvents and thinners; prepared paint or
varnish
removers
Importing 8545110000 Carbon electrodes of a kind used in furnaces
Manufacturing 2707100000 Benzene
Manufacturing 2707200000 Toluene
Manufacturing 2707400000 Naphthalene
Manufacturing 2707910000 Creosote
oils
Manufacturing 2707991000 Light
oil
DETAILED PRODUCT CLASSIFICATION & ACTIVITY
Activity Product/Service
Description
Manufacturing Coal tar pitch
Manufacturing Coal tar products
Manufacturing Coke
Manufacturing Coke dust
Manufacturing Creosote oil
Manufacturing Crude steel
Manufacturing Dehydrated coke
Manufacturing Dye intermediates
Manufacturing Gamma, acid
Manufacturing Leak-free materials
INTERNATIONAL TRADE : ACTIVITY & MARKETS
Exporting to Asia
Exporting to Australia
Exporting to Canada
Exporting to China
Exporting to Colombia
Exporting to Cyprus
Exporting to Denmark
Exporting to Europe
Exporting to Finland
Exporting to Germany
Exporting to Hong Kong
Exporting to Indonesia
Exporting to Iran
Exporting to Japan
Exporting to Malaysia
Exporting to Myanmar
Exporting to Pakistan
Exporting to Philippines
Exporting to Russia
Exporting to Singapore
Exporting to South Korea
Exporting to Sri Lanka
Exporting to Syria
Exporting to Thailand
Exporting to USA
Exporting to Vietnam
Importing from Asia
Importing from Australia
Importing from Canada
Importing from China
Importing from Europe
Importing from Germany
Importing from Netherlands
Importing from Philippines
Importing from Puerto Rico
Importing from South Korea
Importing from USA
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 |
|