MIRA
INFORM REPORT
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Report Date : |
07.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
FORMOSA CHEMICALS AND FIBRE CORP |
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Registered Office : |
Formosa Plastics Bldg 201 Tun Hua North
Rd, Sungshan Dist Taipei City 105 |
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Country : |
Taiwan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
05.03.1965 |
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Com. Reg. No.: |
58650902 |
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Legal Form : |
Public Listed company |
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Line of Business : |
Importing a wide range of different chemicals and materials for
in-house production of petro-chemicals and associated products |
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 : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name and address
FORMOSA
CHEMICALS & FIBRE CORP
FORMOSA PLASTICS BLDG 201 TUN HUA NORTH RD
SUNGSHAN DIST TAIPEI CITY 105, TAIWAN
TEL: 886-2-27122211
FAX: 886-2-27178544
EXECUTIVE SUMMARY
INCORPORATION DATE :
MARCH 5, 1965
REGISTRATION NO. :
58650902
LEGAL FORM :
PUBLIC LISTED COMPANY
CHIEF EXECUTIVE :
MR. WEN-YUAN WANG (CHAIRMAN)
STAFF STRENGTH :
5,767
CAPITAL :
US$ 1,668,882,175
BUSINESS LINE :
MANUFACTURER
TURNOVER :
NTD 47,034,025,000 (AS OF MAR. 31, 2007)
EQUITIES :
NTD 220,304,414,000 (AS OF MAR. 31, 2007)
PAYMENT :
EXCELLENT
RECOMM. CREDIT RANGE : UP TO
USD 3,000,000
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : GOOD
EXCHANGE RATE :
TWD 32.38350 = US$1
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*
===============
1967 -
Wood pulp and rayon fiber plant was built which carries an integrated line from
log
processing and fabric dyeing.
1968 - FORMOSA CARPET
established which was belong to FORMOSA
PLASTIC INDUSTRY
CO LTD - department Gandau and Sanshia.
1983 -
Added a set of dyeing and finishing equipment for nylon fabric and 100 Sulzer
looms for
plain weaving fabric.
1984 -
Listed on the Taiwan Stock Exchange market.
1986 - Purchased
a set of 80,000 spindles spinning machine and 400 air jet looms, retired 1,238
traditional looms and 196 water jet looms, and replaced 406 air jet
looms and 184
high-speed water jet looms.
1987 -
PVC backing facilities was invested, Formosa start to manufacture carpet tile.
1988 -
Third Chemical Division was established.
1991 -
Replaced the spinning machine for rayon staple at Changhwa plant.
March 1991 -
Polystyrene plant located inside the Zhong Yang Industrial Zone at Hsin Kang
Chiayi
was completed.
1992 -
Jointly established FORMOSA PETROCHEMICAL CORP by FORMOSA PLASTIC
CORP, NAN YA PLASTIC CORP and FORMOSA CHEMICALS & FIBRE CORP to
plan,
design, construct and operate a sizeable portion of the huge expansion
project of No. 6
Naphtha Cracking Project.
February 1993 - FORMOSA
CHEMICAL & FIBRE CORP started to manage the Formosa Carpet.
July 1993 -
Plastic Division embarked on the construction of ABS plant.
1994 -
PTA plant in Illan province began operating.
May 1995 - ABS
Plant was completed
July 1996 - ABS
Plant underwent to expansion.
1998 -
FCFC decided to spin off the plastic business of the 2nd Chemical Division by
setting up
a Plastic Division to facilitate product management.
- Engineering & Construction Division was in charged of the expansion
and operation of
the 3rd Co-Generation Plant and the operation of the 1st Co-Generation
Plant in Mailiao.
September 1998 - PTA Plant
in Longte Ilan was completed and began production at 120% of the designed
capacity.
December 1998 - Closed
down the 250,000 tons annually of PTA production line in Longte Ilan and
replaced it with more advanced PTA process that would output 500,000
tons annually.
1 January, 1999 - Plastics
Division was set up to take over the production and sales of ABS and PS from
the 2nd Chemical Division (now Petrochemical Division).
July 1999 - Polypropylene
Plant under construction was combined into the Plastic Division.
1 July, 1999 - 1st
and 2nd Petrochemical Sections were dissolved.
August 1999 - PTA
Plant in Mailiao Yunlin was completed and began production at 120% of the
designed capacity.
June 2000 -
40,000 tons annually of DMF Plant in Mailiao was shutted down to undertake
process
and pollution control upgrade
July 2000 - Aroman Plant 2 and Phenol Plant
at Haifeng compound started to operate.
2001 -
Ninbo Expansion Section and Tong Nai Expansion Section was set up.
May 2001 - 2nd
carpet mills was expanded in Changwa and invested in PP, Nylon BCF yarn
drawing facilities and increased high-tech CHROMOJET PRINT dyed
production line.
- Formosa has become international specialized carpet manufacturer.
July 2001 - DMF
Plant in Mailiao started running again.
2002 -
Received approval to invest on another petrochemical plant in China.
March 2002 - With
the new process in operation, the quality of its output already met the
international
standards.
April 2002 -
Decided to invest another NTD 100 million to improve the process and pollution
control
facilities.
October 2002 - Phase
1 production line for PC was completed with annual capacity of 50,000 tons.
31 May, 2003 -
Reported that the company plans to invest NTD33 billion (USD951 million) to expand its
domestic petrochemical plants.
January 2003 - FCFC
Listed Market Company changed into plastic stock under the stock cod of 1326.
1 June, 2006 -
Transferred the manufacture and sales of aromatic to the new founded 1st
Petrochemicals
Division.
May 2007 - Head
office which was originally based in the Changhua plant, was moved to Taipei to
become the organization's new head office.
*Company Registration*
===================
(1)
License number : 58650902
Date issued : 5 March,
1965
Issuing authority : Ministry
of Economic Affairs (MOEA)
Type of license : Headquater
license
(2)
License number : 80026278
Date issued : 7 July, 2003
Issuing authority : Ministry
of Economic Affairs (MOEA)
Type of license : Taipei
Branch license
(3)
License number : 84309657
Date issued : 3
February, 1994
Issuing authority : Ministry
of Economic Affairs (MOEA)
Type of license : Lungteh
Branch license
(4)
License number : 89283092
Date issued : 16
September, 1994
Issuing authority : Ministry
of Economic Affairs (MOEA)
Type of license : Mailiao
Branch license
(5)
License number : 84309636
Date issued : 3
February, 1994
Issuing authority : Ministry
of Economic Affairs (MOEA)
Type of license :
Hsinkang Branch license
(6)
License number : 84309642
Date issued : 3
February, 1994
Issuing authority : Ministry
of Economic Affairs (MOEA)
Type of license : Ilan
Branch license
*Capital Details*
============
Initial registered capital : NTD
100,000,000
Initial paid-up capital : NTD
250,000,000
Paid-up capital increases as follows :
Date Amount (NTD)
-------
--------------------
1967 300,000,000
1968 400,000,000
1969 450,000,000
1970 526,500,000
1971 607,581,000
1972 777,703,650
1973 1,034,345,850
1974 1,241,215,000
1975 2,040,000,000
1976 2,047,756,500
1977 2,518,740,490
1978 3,022,488,580
1979 4,019,909,810
1980 4,944,489,060
1981 5,686,162,410
1982 6,254,778,650
1983 7,255,543,240
1984 8,996,873,620
1985 9,986,529,720
1986 10,885,317,400
1987 11,973,849,140
1988 13,171,234,050
1989 14,488,357,450
1990 19,724,003,750
1991 19,724,003,750
1992 19,724,003,750
1993 19,724,003,750
1994 20,492,670,270
1995 21,824,693,830
1996 23,243,298,920
1997 24,186,481,580
1998 30,739,935,830
1999 31,969,533,260
2000 36,517,751,980
2001 39,439,172,130
2002 41,805,522,450
2003 45,149,964,240
2004 48,761,961,370
2005 53,638,157,500
- 55,247,302,220
*Licenses & Permits*
==================
(1)
License number : 9964797701
Date issued : 1 January,
1970
Type of license : Factory
license
(2)
License number : 9962041600
Date issued : 16 December,
1974
Type of license : Factory
license
(3)
License number : 9962025200
Date issued : 2 June,
1981
Type of license : Factory
license
*Licenses & Permits*
================
(1)
(HSIN KANG Factory)
License number : 99655041
Date issued : 7
December 1988
Issuing authority : Industrial
Development Bureau, MOEA
Type of license : Factory
license
(2)
(MAI LIAO Factory)
License number : 99653069
Date issued : 23
December 1998
Issuing authority : Industrial Development Bureau, MOEA
Type of license : Factory
license
(3)
(HAI FENG Factory)
License number : 99653067
Date issued : 29
December 2000
Issuing authority : Industrial
Development Bureau, MOEA
Type of license : Factory
license
*Office & Facilities*
================
Size : 1800 sq meters(Approx)
Location : Centra Business District (CBD)
Property status : Rented
Type of building : Industrial
building
Other Contact Details
-----------------------------
Tel no. : 2-27178357
Fax no. : 2-27133229 / 27180358
E-mail :
kevin.chem2@fcfc.com.tw (Petrochemical Division)
marketing@fcfc.com.tw
aft-ser.nylon@fcfc.com.tw
Previous contact details
--------------------------------
(1)
Address : 15 Wen-ming Rd Lo Shan
Village Kueishan Hsiang Taoyuan Hsien 332
Tel no : 3-3284191
Fax no : 3-3287446
(2)
Address : 2Fl Formosa Plastics
Bldg 201 Tun Hua North Rd
*Factories, Size & Locations*
======================
The firm maintains two (2) manufacturing premises as listed below:
(1)
Building Size : 46,000sq
ft (Approx)
Location : Chiayi Hsien
Property status : Rented
Facilities :
Modern
Type of Building : Industrial
building
(2)
Building Size : 983 sq
ft (Approx)
Location : Yunlin
Hsien
Property status : Owned by
FORMOSA CHEMICALS & FIBRE CORP
Facilities :
Modern
Type of Building : Industrial
building
*Corporate & Organization Structure*
=============================
A very large company, operated and managed by an experienced team of
professionals.
Organization and management of the company is divided into the following
divisions:
First Chemical Division
-------------------------------
This division was created for the production of wood pulp and rayon
utilizing twigs and discarded small woods from logging as raw material. The
division is committed to continuous improvement in quality. They received the
national standard mark from the Bureau
of Standards, Metrology, and Inspection.
Petrochemicals Division
--------------------------------
Formerly known as 2nd Chemical Division. All products of this division
received ISO9002 certification. The major businesses of Petrochemicals Division
are manufacture and sales of AROMA, SM, phenol, and acetone. Products are
mainly supply downstream operations within the Formosa Plastics Group (FPG) so
it can be less reliant on imports and have ready access to reasonably priced
supply. FPG has a vertically integrated supply and sales system where products
are shipped to downstream via our own pipelines, which is safe, cost-effective,
and renders our operations more competitive.
Third Chemical Division
--------------------------------
The major businesses of this division are manufacture and sales of PTA
and DMF. Currently they ship about 25,000 tons of PTA a month to domestic
customers other than Nan Ya, and about 50% of the monthly output through Mailiao
Harbor and Suao Harbor to PE operators predominantly in Mainland China.
Plastics Division
----------------------
Engages mainly in the manufacture and sales of PS, ABS, SAN and PP, and
includes PC in the product lines in 2002. In 2002, we shipped 790,000 tons of
products with sales reaching NTD 20 billion.
Nylon Division
--------------------
Currently the sales department sells nylon chips, FOY, FDY, HOY, POY,
DTY, ATY, IDY, Tire Cord N-6 and N-55, dope dyed yarn and PP (FDY; DTY; ATY).
Engineering & Construction Division
--------------------------------------------------
- Supply steam, electricity and water needed by each division of FCFC
and the plants of Formosa Plastics, Nan Ya and PFG Fiber Glass in the Hsin Kang
compound.
- In coordination with the expansion and improvement projects of FCFC
and the conditions of the in-house power generating units, carry out
engineering planning, design, budget planning, and construction supervision for
mechanical, electrical, and construction projects. In line with business needs,
the Division is divided into eight departments - Performance, Power 1, Power 2,
Engineering, Design, Special Project, Quality Inspection and Equipment. There
are also different offices set up for different businesses and plant compounds.
For the production of public utility, there are three units in Changhwa, Longte
and Hsin Kang respectively; for engineering and construction, there are eleven
offices, namely Business Office, Changhwa Office, Hsin Kang Office, Longte
Office, Mailiao Office, Construction Office, 1st Machinery/Equipment Office,
2nd Machinery/Equipment Office, Electrical Equipment Office, Auto Control
Office and Construction Design Office, plus the Sixth Cracker Engineering
Section, Power Generation Engineering Section and twelve expansion project
sections.
- In support of the overseas investment projects of the company, Ninbo
Expansion Section and
Tong Nai Expansion Section was
set up in 2001 to be in charge overseas expansion projects. To serve the power and
fluid needs of overseas plant compounds, we also established a public utility
plant in Ninbo and Tong Nai, China respectively.
- The Division produces mainly power, steam, pure water, soft water,
filter water, refrigerant, and compressed air. The Division also owns nine
co-generation units with three in Changhwa Plant, two in Longte Plant and four
in Hsin Kang Plant.
Textile Division
---------------------
This division is focus on boosting the sales of dyed fabric and
enhancing marketing management by actively participating in trade shows. They
also promote the sales of functional fabrics, including flame resistant fabric,
antiseptic fabric and anti-UV fabric.
Carpet Division
---------------------
Carpet division owns the latest fully computerized automatic tufting
machine and Jet print facilities which enable to produce top grade graphic
carpet tile or carpet roll and out-door use high quality artificial tuft glass.
All of these products has received flammability certificate, which issue from
internal affair fire department Republic of China. The main materials of face
pile are Nylon, PP, and Wool. Formosa carpet provides variety of products,
which include level loop pile, level cut pile and high -low loop pile. Carpet
yarn comprises single yarn, solid color twisting yarn and multi color twisting
yarn for the diversity choices. Formosa carpet is suitable for residence,
office building, hotel, corridor & banquet hall, commercial space, public
area, running path, Golf field and indoor or outdoor sport place.
Organizational Chart (Per Division)
-----------------------------------------------
(1) Plastics Division
Vice President
---------|------------------|----- PS Plant
| |----- ABS Plant
Vice
President Office |----- FABS Plant
|----- FF Plant
|----- PC Plant
|----- Sales
Department
(2) Nylon Division
Vice President
|
|--------------------------- |
|
|
Vice President Office |
|--- Administration
Dept |
|--- Facilities
Dept |
|--- Production Marketing |
| Dept |
|--- R & D
Dept |
|---
Sales Dept
|--- Polyment
Plant
|---
Filament 3rd Plant
|---
Filament 4th Plant
|--- Filament 5th Plant
|---
Filament 6th Plant
|---
Utility Plant
(3) Textile Division
|---
Changhwa Spun Plant
|
|--- Ilan Spun Plant
|
Vice President
--------------------------------------------|--- Hain Kang Spun Yarn Plant
| |
| |--
Performance |--- 1st Weaving Plant
Vice President's Office
--------| Evaluation |
| Section |--- 2st Weaving Plant
|--
Production |
| Planning |--- Lon-Der dyeing plant
|--
Technical
| Section
|--
Equipment
| Section
|-- Sales
Dept
(4) First Petrochemical Division
Vice President ---|-- Vice
President Office --|----- Efficiences Dept
| |---- Facilities Dept
| |---- Sales Dept
|
|-- 1st Production & --------|---- Dept's Affair
Sales Dept
|---- Aroma 1 Plant
|---- Aroma 2 Plant
|---- Operations
& Improvement Dept
(5) Second Petrochemical Division
Vice President ---|-- Vice
President Office --|----- Efficiences Dept
| |---- Facilities Dept
| |---- Sales Dept
|
|-- 2st Production & --------|---- Dept's Affair
Sales Dept
|---- Styrene Monomer Plant
|---- Phenol Plant
|---- Process
& Development Plant
(6) Engineering Division
Vice President -----|------
Division Office -----|---- Management Analysis Dept
|
|----- Equipment Management
Dept
| |----- Quality
Inspection Dept
| |----- Utilities Project
Dept
| |----- Technology
Information Center
|
|------ Utilities Sect - 1 ----|----- Section Office
| |----- Chang Hwa
Utilities Plant
| |----- Lung De Utilities
Plant
| |----- Hsin Kang
Utilities Plant
|
|------ Utilities Sect - 2 ----|----- Section Office
| |----- Mai Liao
Utilities Plant
| |----- Hi Fong Utilities
Plant
|
|------ Overseas Sect ----|----- Nong Bo Utilities Plant
| |----- Dong Na Utilities
Plant
|
|------ Construction Sect
-|----- Section Office
| |----- 6 Naphtha
Cracking Eng Plant
| |----- Utilities
Engineering Dept
| |----- Engineering
Business Dept
| |----- Chang Hwa
Construction Dept
| |----- Lung Der
Construction Dept
| |----- Civil Engineering
Dept
| |----- Ning Bo
Constrution Dept
| |----- Dong Nai
Construction Dept
|
|------ Engineering ---------|-----
Section Office
Design Section |----- Mechanical Engineering Dept I
|----- Mechanical
Engineering Dept II
|----- Electric & Instrument Engineering Dept
|----- Factory
Administration Dept
|----- Civil Engineering Design Dept
(1)
PetroChemicals Products
Products Sale
Dept. Telephone
no. Fax no. E-mail
-------------
--------------
-------------------
----------
--------
Benzene
PetroChemicals Div
2-27122211 Ext.5561
2-27180358
sales.chem2@fcfc.com.tw
PX
OX
SM
PHENOL
AceTone
PTA 3rd
Chemical Div. 2-27122211
Ext.5580 2-25148198 sales.chem3@fcfc.com.tw
DMF
Anhydrous 1st Chemical
Div. 2-27178358 2-27175283 sales.chem1@fcfc.com.tw
Sodium-Sulfate
Detergent Detergent
Div. 2-27178353 2-27178381 sales.detg@fcfc.com.tw
Sulphonic&Sles
(2)
Plastic Products
Products Sale Dept. Telephone no. Fax no. E-mail
-------------
--------------
-------------------
---------- ---------
PS Plastic Div. 2-27178405 2-27180358 sales.plastic@fcfc.com.tw
ABS
PP
PC
PC/ABS
SAN
AAS
Nylon-6 Resin Nylon
Div.
2-27178371
2-27175285 sales.nylon@fcfc.com.tw
(3)
Textile, Fibre Products
Products Sale
Dept. Telephone
no. Fax no. E-mail
-------------
--------------
------------------- ---------- ---------
Rayon Fibre 1st Chemical
Div. 2-27178358 2-27175283 sales.chem1@fcfc.com.tw
Nylon Fibre Nylon
Div.
2-27178371 2-27175285 sales.nylon@fcfc.com.tw
Yarn Products Textiles
Div.
2-27178362
2-27175281
sales.text1@fcfc.com.tw
Cloth Products Textiles
Div.
2-27178364
2-27175844
sales.text2@fcfc.com.tw
Carpet Detergent
Div. 2-27178552 2-27182221 sales.carpet@fcfc.com.tw
*Auditors*
==========
DIWAN, ERNST & YOUNG
*Registrar*
==========
The firm does not employ any external Registrar . All management is
handled internally.
Stock Market Code: 1326
*Industry Ranking*
================
Generally regarded as one of the Top 5000 Companies in Manufacturing
Industry of Taiwan.
Details of rank are as follows:
Year Rank
------- ---------
2004 20
2005 23
2006 23
*Sales Ranking*
============
Generally regarded as one of the Top 500 Companies in terms of sales.
Details of rank as follows :
Year Rank
------ ------
2006 11
*Reputation*
==========
Reference checking for the purpose of establishing the firm's reputation
within the respective industry failed to reveal any negative information.
www.fcfc.com.tw the design is professional
and the content is well organized. At present it is in both Chinese and English
versions.
E-mail: sales.nylon@fcfc.com.tw
Litigation ( 1 )
Position :
Defendant
Other Parties Involved :
Position Country Party's Name
Defendant Taiwan FORMOSA
PLASTICS CORP
Defendant Taiwan CHUNG GUNG
MEMORIAL HOSPITAL
Plaintiff Taiwan Government
Case Issue : Accused for air and water pollution
infringements in Kaohsiung, Changhua and the Tahan River
Date Commenced : 1986
Status : Not stated
Summary : Accused in 1986 of air and water
pollution infringements
*Major Shareholders*
=================
Shareholders' Name No. of Shares
--------------------------
------------------
CHANG-GUNG MEMORIAL HOSPITAL 1,113,608,182
FORMOSA PLASTIC CORP 173,496,222
NAN YA PLASTICS CORP 130,152,260
Mr. Wen-yuan Wang
59,525,486
FORMOSA PETROCHEMICAL CORP 41,788,599
Mr. Jui-yu Wang
11,402,261
Mr. Jui-hua Wang 10,883,608
Mr. Kang-hsin Liu
374,892
Mr. Fu-yuan Hung
257,145
Mr. Hung-chih Yang 147,548
Mr. Lien-chun Wang
140,192
Mr. Chao-lin Yang
132,690
Mr. Wen-hsiung Hung
82,550
Mr. Chiu-ming Chen
75,057
Mr. Yi-tsung Wu
46,602
Mr. Ying-huang Yang
36,959
Mr. Chien-an Wu
26,974
Management: Ms. Chiu-jung Yang,
Manager
Mr.
Pen-yuan Chang, Director
Mr. Sheng-fu Lu, Manager
Name Nationality
Job Description Dept. / Division
Ms. Chiu-jung Yang Taiwanese
Manager Account
Mr. Pen-yuan Chang Taiwanese Director Finance
Mr. Sheng-fu Lu Taiwanese
Manager Public Relations
Mr. Hung-chih Yang Taiwanese Assist. Manager -
Mr. Yi-chien Liu Taiwanese
Assist. Manager -
Mr. Wen-yuan Wang Taiwanese General Manager -
Mr. Chien-an Wu Taiwanese
Manager -
Mr. Ching-ssu Lin Taiwanese
Manager -
Mr. Chiu-ming Chen Taiwanese Manager -
Mr. Lien-chun Wang Taiwanese Manager -
Mr. Po-chuan Tu Taiwanese
Manager -
Mr. Tung-teng Huang Taiwanese Manager -
Mr. Yuan-chi Lee Taiwanese
Manager -
Mr. Yuan-fang Chen Taiwanese Manager -
Mr. Yung-ching Wang Taiwanese President -
Mr. Guang-Bi Chang Taiwanese Representative -
Mr. W.U. Wang Taiwanese Representative -
Mr. Fu-yuan Hung Taiwanese
Vice General Manager -
*Key Personnel*
=============
Mr. Yung-ching Wang
Date of birth : 18
January, 1917
Work experience : More than 45 years
Resident status : Taiwan
Other position : - President
of the following companies :
-
FORMOSA PLASTIC INDUSTRIAL CORP
- NAN YA PLASTIC INDUSTRIAL CORP
-
VIA TECHNOLOGIES INC
-
Chairman, NAN YA TECHNOLOGY CORP
*Main Products & Services*
=====================
Specializing in the following main areas of work:
1. Importing a wide range of different chemicals and materials for
in-house production of petro-chemicals and associated products.
2. Manufacturing of a wide range of petro-chemicals and nylon-related
products and bi-products.
3. Domestic sales and exports of its finished products.
Engaged in the production of the following products:
Nylon Filament - 28.7%
Rayon Cotton - 17.5%
Cotton Fabric - 15.2%
Cotton Yarn - 14.6%
It also produces nylon fabrics, PS and terephthalic acid.
Products also include:
- AS, GPS resin
- Lyocell fiber
- Nylon 6 microfiber
- Rayon microfiber
- Sodium docecylbenzenesulfonate
- FOY
- IDY
Products: Acetone
Acid dyes
Acrylic
fabrics
Additives, fuel oil
/ petrol
Air textured yarn
(ATY)
*Payment Terms*
==============
Sales
------
Local : Cash
30-60 days credit
Export : Letter of Credit (L/C)
Telegraphic
Transfer (T/T)
Purchases
--------------
Local : Cash
30-60 days credit
Import : Letter of Credit (L/C)
Telegraphic
Transfer (T/T)
*Quality Certification*
=================
Obtained the following certifications :
(1)
Type of certification : ISO9002
Year of certification : 1994
Granted the ISO 9002 certificate
to the following :
- 2nd Textile Division 1st Filament
- Detergent Plant
- 1st Chemical Division 1st Rayon Plant
- 1st Chemical Division 2nd Rayon Plant
- 1st Textile Division 10th Spinning Plant
- 1st Textile Division 11th Spinning Plant
- 1st Textile Division 1st Spinning Plant
- 1st Textile Division 2nd Spinning Plant
- 1st Textile Division 3rd Spinning Plant
- 1st Textile Division 4th Spinning Plant
- 1st Textile Division 6th Spinning Plant
- 1st Textile Division 8th Spinning Plant
- 1st Textile Division 9th Spinning Plant
- 1st Textile Division Utility Plant
- 1st Textile Division Vice President Division
- 2nd Textile Division 2nd FilamentWeaving Plant
- 2nd Textile Division 1st
Weaving Plant
- 2nd Textile Division 2nd
Weaving Plant
- 2nd Textile Division 3rd
Weaving Plant
- 2nd Textile Division Chunghua Dyeing Plant
- 2nd Textile Division Long Der Dyeing Plant
- 2nd Textile Division Nylon Dyeing and Finishing Plant
- 2nd Textile Division Utility Plant
- 3rd Chemical Division PTA Plant
- Chiayi Administration Department
- Changhwa Administration Department
- Engineering Division Changhua Utility Plant
- Engineering Division Changhwa Engineering Department
- Engineering Division Design Unit (Mechanical Design Unit &
Electrical Design Unit) * ISO 9001
- Engineering Division Hsinkang Engineering Department
- Engineering Division Lingder Utility Plant
- Engineering Division Longder Engineering Department
- Ilan Administration Department
- Long Der Maintenance Department
- Nylon Division
- Nylon Division Filament Plant 1
- Nylon Division Filament Plant 3
- Nylon Division Filament Plant 4
- Nylon Division Filament Plant 5
- Nylon Division Poly Plant
- Nylon Division Utility Plant
- TAIRAY GARMENT MFG CO
- Transportation and Warehousing Department
- Textile Division Dyeing Plant
- Hsinkang Complex PP
- Polyetyrene Plant
(2)
Type of certification : Lloyds ISO9002
Date of certification : July
1999
Other details : It was
acquired by the SM plant.
(3)
Type of certification : ISO9002
Date of certification : October
1996
Other details : It was
ABS Plant received the certificate.
(4)
Type of certification : ISO9002 - international certificate
Date of certification : August
1996
*Competitors*
===========
The following locally based companies supply similar range of products :
- GRAND PACIFIC PETROCHEMICAL CORP
- CHAIN YARN CO LTD
- EMS-CHEMIE (ASIA) LTD
- SHINKONG SYNTHETIC FIBERS CORP
- ACELON CHEMICALS & FIBER CORP
*Machinery & Equipment*
====================
Machinery/ Equipment include:
- 220,000 spindle spinning facilities
- 805 looms for short fiber cloth
- 63 water jet looms for tarpaulin
- 1,356 water jet looms for long-fiber cloth
- Computerized automatic tufting machine
- Jet print facilities
*Long & Short Term Investment*
=========================
Type of investment : New
Facilities
Date of investment : April 2000
Investment amount : NTD
100,000,000.00
*Production Capacity*
==================
(1)
Item :
Benzene
Maximum Capacity : 696,500
(NTD1,000/Ton)
Current Capacity : 694,033 (NTD1,000/Ton)
Year :
2006
(2)
Item :
Ortho-xylene
Maximum Capacity : 242,500 (NTD 1,000/Ton)
Current Capacity : 265,363
(NTD 1,000/Ton)
Year :
2006
(3)
Item :
Para-xylene
Maximum Capacity : 823,000 (NTD 1,000/Ton)
Current Capacity : 770,848
(NTD 1,000/Ton)
Year :
2006
(4)
Item :
Styrene Monomer
Maximum Capacity : 600,000 (NTD 1,000/Ton)
Current Capacity : 613,703
(NTD 1,000/Ton)
Year :
2006
(5)
Item :
Acetone
Maximum Capacity : 246,000 (NTD
1,000/Ton)
Current Capacity : 259,637
(NTD 1,000/Ton)
Year :
2006
(6)
Item :
Phenol
Maximum Capacity : 400,000
(NTD 1,000/Ton)
Current Capacity : 421,962
(NTD 1,000/Ton)
Year :
2006
(7)
Item :
PTA
Maximum Capacity : 1,600,000
(NTD 1,000/Ton)
Current Capacity :
1,640,362 (NTD 1,000/Ton)
Year :
2006
(8)
Item : DMF
Maximum Capacity : 40,000 (NTD
1,000/Ton)
Current Capacity : 42,313
(NTD 1,000/Ton)
Year :
2006
(9)
Item :
Polystyrene
Maximum Capacity : 260,000
(NTD 1,000/Ton)
Current Capacity : 259,910
(NTD 1,000/Ton)
Year :
2006
(10)
Item :
ABS resin chip
Maximum Capacity : 390,000
(NTD 1,000/Ton)
Current Capacity : 385,191
(NTD 1,000/Ton)
Year : 2006
(11)
Item :
Polyropylene
Maximum Capacity : 510,000
(NTD 1,000/Ton)
Current Capacity : 442,205
(NTD 1,000/Ton)
Year :
2006
(12)
Item : Polycarbonate
Maximum Capacity : 120,000 (NTD
1,000/Ton)
Current Capacity : 116,245
(NTD 1,000/Ton)
Year :
2006
(13)
Item :
Rayon cotton
Maximum Capacity : 161,000
(NTD 1,000/Ton)
Current Capacity : 134,955
(NTD 1,000/Ton)
Year :
2006
(14)
Item :
Synthetic yarn
Maximum Capacity : 146,500
(NTD 1,000/Pieces)
Current Capacity : 128,367
(NTD 1,000/Pieces)
Year : 2006
(15)
Item :
Spun fabrics
Maximum Capacity : 65,500 (NTD
1,000/KYD)
Current Capacity : 25,084
(NTD 1,000/KYD)
Year :
2006
(16)
Item :
Filament fabrics
Maximum Capacity : 31,000 (NTD
1, 000/KYD)
Current Capacity : 39,088
(NTD 1, 000/KYD)
Year :
2006
(17)
Item :
Nylon silk
Maximum Capacity : 204,300
(NTD 1, 000/Ton)
Current Capacity : 157,101
(NTD 1,000/Ton)
Year :
2006
(18)
Item :
Nylon textured yarn
Maximum Capacity : 10,800 (NTD
1, 000/Ton )
Current Capacity : 7,315
(NTD 1,000/Ton)
Year :
2006
(19)
Item :
Nylon chip
Maximum Capacity : 219,000
(NTD 1,000/Ton)
Current Capacity : 184,419
(NTD 1,000/Ton)
Year :
2006
*Domestic Raw Materials Suppliers*
============================
Major local suppliers include :
(1)
Supplier's name : WONDERWAY ENTERPRISES LTD
Material/Item : Polycotton,
polyvisco
(2)
Other local suppliers include:
- FORMOSA PLASTICS CORP
- FORMOSA PETROCHEMICAL CORP
- WELSUM TECHNOLOGY CORP
- NAN YA PLASTICS CORP
*Domestic Customers*
=================
Major local customers include :
(1)
Customer's name : ETERNAL CHEMICAL CO LTD
Product buying : Styrene
monomer
(2)
Other customers include :
- JVAN AN INT'L CO LTD
- CHINA SYNTHETIC FIBER CORP
- CMC MAGNETICS CORP
- HUALON CORP
- UNITED RAW MATERIAL SOLUTIONS INC
- NAN YA PLASTICS CORP
- FORMOSA PLASTICS CORP
*Local Distribution Network*
=======================
An estimated 39% of the annual turnover is attributed to local sales.
*Export Markets*
=============
An estimated 61% of the annual turnover is attributed to export.
Fibres-staple & man-made acrylic are exported to the following
region:
Region % of
Exports
-----------
----------------
Europe 45
USA
45
Asia
10
*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 ranked are as follows :
Year Ranked
----- ------
1997 15
2003 10
2004 13
2005 07
*LOCAL BRANCHES & MANAGEMENT*
=================================
Branch : FORMOSA CHEMICALS & FIBRE CORP (ILAN
FACTORY) - ILAN HSIEN
Branch Address : 155 Chang Fu Rd Lung Tan Village Chiaochi Hsiang, Ilan
Hsien 262
Branch Tel : [+886] 3-9282791
Branch Fax : [+886] 3-9284615
Branch : FORMOSA CHEMICALS & FIBRE CORP (LUNG
TEH FACTORY) - ILAN HSIEN
Branch Address : 2 Lung Hsiang 10th Rd Tungshan Hsiang, Ilan Hsien 269
Branch Tel : [+886] 3-9901621
Branch Fax : [+886] 3-9903497
Branch : FORMOSA CHEMICALS & FIBRE CORP (HSIN
KANG FACTORY)
Branch Address : 1 Chung Yang Industrial Park Hsinkang Hsiang, Chiayi
Hsien 616
Branch Tel : [+886] 5-3772111
Branch Fax : [+886] 5-3772050
Branch : FORMOSA CHEMICALS & FIBRE CORP (KUNG
SAN FACTORY) - KUEISHAN HSIANG
Branch Address : 15 Wen-ming Rd Lo Shan Village Kueishan Hsiang, Taoyuan
Hsien 332
Branch Tel : [+886] 3-3284191
Branch Fax : [+886] 3-3287446
Branch : FORMOSA CHEMICALS & FIBRE CORP
(WAREHOUSE) - CHANGHWA CITY
Branch Address : 59, Lane
254, Chang Nan Rd Changhwa City, Changhwa Hsien 500
Branch Tel : [+886] 4-7382176
Branch Employees : 8
Branch : FORMOSA CHEMICALS & FIBRE CORP -
MAILIAO HSIANG
Branch Address : 5, 23 Formosa
Industrial Park Mailiao Hsiang, Yunlin Hsien 638
Branch Tel : [+886] 5-6812345
Branch Employees : 25
Branch : FORMOSA CHEMICALS & FIBRE CORP
(MAI LIAO FACTORY) - MAILIAO HSIANG
Branch Address : 1-1 Formosa
Industrial Park Mailiao Hsiang, Yunlin Hsien 638
Branch Tel : [+886] 5-6812345
Branch Fax : [+886] 5-6812051
*(Subsidiaries, Joint-ventures & Affiliates)
================================
Company Name : FCFC
INVESTMENT CORP LTD
Address :
PO Box 31106 Georgetown Grand Cayman Cayman Islands
Country :
Cayman Islands
Relationship :
Subsidiary
Legal Form :
Private company with limited liability
Industry :
Financial Services - General
Company Name : FIRST INT'L
COMPUTER INC
Address :
1-9Fl, 300 Yang Kuang St Neihu Dist Taipei City 114 Taiwan
Country :
Taiwan
Relationship :
Affiliate
Legal Form :
Public Company
Company Type :
Manufacturer
Industry :
Computer & Information Products
Company Name : FORMOSA BIOMEDICAL
TECHNOLOGY CORP
Address :
5Fl, 201-36 Formosa Plastics Bldg 201 Tun Hua North Rd Sungshan Dist Taipei
City
105 Taiwan
Country :
Taiwan
Relationship :
Subsidiary
Legal Form :
Private company with limited liability
Company Type :
Manufacturer
Industry :
Medical Equipment & Pharmaceutical
Company Name : FORMOSA
BP CHEMICALS CORP
Address :
Formosa Industrial Park Mailiao Hsiang 638 Yunlin Hsien Taiwan
Country :
Taiwan
Relationship :
Affiliate
Legal Form :
Private company with limited liability
Company Type :
Manufacturer
Industry :
Chemicals
Company Name : FORMOSA CHEMICAL
& FIBER CORP
Country : USA
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry :
Chemicals
Company Name : FORMOSA
FCFC CARPET CORP
Address :
2Fl Formosa Plastics Bldg 201-24 Tun Hua North Rd Sungshan Dist Taipei City 105
Taiwan
Country :
Taiwan
Relationship :
Affiliate
Legal Form :
Private company with limited liability
Company Type : Trader
Industry :
Textiles & Raw Material
Company Name : FORMOSA
HEAVY INDUSTRIES CORP
Address : 4Fl
Formosa Plastics Bldg 201-20 Tun Hua North Rd Sungshan Dist Taipei City 105
Taiwan
Country :
Taiwan
Relationship :
Affiliate
Legal Form :
Private company with limited liability
Company Type :
Manufacturer
Industry :
Machinery
Company Name : FORMOSA IDEMITSU
PETROCHEMICAL CORP
Address : Rm 660, 5Fl Formosa Plastics Bldg 201-24
Tun Hua North Rd Sungshan Dist Taipei
City 105 Taiwan
Country : Taiwan
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry :
Petrochemicals
Company Name : FORMOSA
INDUSTRIAL (NINGBO) LTD
Country :
China
Relationship : Subsidiary
Legal Form :
Private company with limited liability
Industry :
N/A
Company Name : FORMOSA
INDUSTRIES CORP
Country :
Vietnam
Relationship :
Affiliate
Legal Form :
Private company with limited liability
Industry :
N/A
Company Name : FORMOSA
PLASTICS (NINGBO) CORP
Country :
China
Relationship :
Affiliate
Legal Form :
Private company with limited liability
Company Type : Trader
Industry :
Plastics & Products
Company Name : FORMOSA PLASTICS
CORP
Address : Rm
201 Formosa Plastics Bldg 201 Tun Hua North Rd Sungshan Dist Taipei City 105
Taiwan
Country :
Taiwan
Relationship :
Affiliate
Legal Form :
Public Listed Company
Company Type :
Manufacturer
Industry : Plastics & Products
Company Name : FORMOSA
PLASTICS GALVANOTHERMY (NINGBO) LTD
Country :
China
Relationship : Affiliate
Legal Form :
Private company with limited liability
Industry :
Plastics & Products
Company Name : FORMOSA
POLYSTYRENE (NINGBO) LTD
Country :
China
Relationship :
Subsidiary
Legal Form :
Private company with limited liability
Industry :
N/A
Company Name : FORMOSA
TAFFETA CO LTD
Address :
11Fl, 201 Tun Hwa North Rd Sungshan Dist Taipei City 105 Taiwan
Country :
Taiwan
Relationship :
Affiliate
Legal Form :
Public Listed Company
Company Type :
Manufacturer
Industry :
Textiles & Raw Material
Company Name : MAI-LIAO
POWER CORP
Address : 42
Beau Fu Rd Mailiao Hsiang 638 Yunlin Hsien Taiwan
Country :
Taiwan
Relationship :
Minor Investments
Legal Form :
Public Company
Company Type :
Importer
Industry :
Electrical Equipment & Appliances
Company Name : MAILIAO HARBOR
ADMINISTRATION CORP
Address : 4Fl Formosa Plastics Bldg - Annex 201 Tun
Hua North Rd Sungshan Dist Taipei City
105 Taiwan
Country : Taiwan
Relationship : Minor Investments
Legal Form : Private company with limited liability
Company Type : Service
Industry : Professional Services
Company Name : NAN YA PLASTICS CORP
Address : 35-1 Chung Shan 3rd Rd Chienchen Dist Kaohsiung
City 806 Taiwan
Country : Taiwan
Relationship : Affiliate
Legal Form : Public Listed Company
Company Type : Manufacturer
Industry : Plastics & Products
Company Name : TAH SHIN SPINNING CORP
Address :
10Fl 201 Tun Hua North Rd Sungshan Dist Taipei City 105 Taiwan
Country :
Taiwan
Relationship :
Subsidiary
Legal Form :
Private company with limited liability
Company Type :
Manufacturer
Industry :
Textiles & Raw Material
*Subsidiaries, Joint-ventures & Affiliates*
===============================
Four affiliates companies in China are located at the same office
address and used the same telephone number.
Address: Bei Lun Xia Pu Town ,NingBo, China
Tel : 574-86902999
*Strategic Partners & Alliances*
=========================
Group Name : FORMOSA
PLASTICS GROUP
Group Members : NAN YA PLASTICS CORP
FORMOSA CHEMICALS & FIBRE CORP
CYMA PLYWOOD & LUMBER CO LTD
FORMOSA PLASTICS MARINE CORP
SUNRISE PLYWOOD CORP
SUNNYWOOD PRODUCT (USA) CORP
CABIUM BUSINESS GROUP (USA)
TAI
SHIH TEXTILE INDUSTRIAL CORP
FORMOSA PLASTICIZER CORP
YUNG CHIA CHEMICAL INDUSTRIAL CORP
FORMOSA TAFFETA CO LTD
TAIRAY GARMENTS MFG CO
WENG FUNG INDUSTRIAL CO LTD
FEDERAL TEXTILE INDUSTRIAL CORP
TAH SHIN SPINNING CORP
FORMOSA SCOVILL CORP
FORMOSA PLASTICS TRANSPORT
FAIRWAY CORP
MING CHI INSTITURE OF TECHNOLOGY
CHANG GUNG MEMORIAL HOSPITAL
FORMOSA PLASTICS (USA) CORP
NAN YA PLASTICS (USA) CORP
JM MFG CO - USA
NAN YA INDAH PLASTICS CORP - Indonesia
*OVERSEAS AGENTS AND DISTRIBUTORS*
====================================
Agent : REN TONG INDUSTRIAL LTD
Country of Origin : Hong Kong
Product Description : Viscose staple fiber (vsf)
Brand : Formosa Chemicals & Fiber
Year : 1995
PAYMENT
RATING :1 OBTAINED
SCORES : 90
|
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 LARGE
amounts depending on individual judgement experience.
*Bank Details*
===========
Bank Name : BANK OF TAIWAN
Global Identifier : 31534064
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
Global Identifier : 31534386
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 : HUA NAN
COMMERCIAL BANK LTD
Global Identifier : 31535734
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
Global Identifier : 31537717
Branch : Chungcheng
Dist, Taipei City
Branch Address : 123 Jhongsiao E Rd Section 2 Chungcheng Dist Taipei
City 100 (Head Office)
SWIFT Code : ICBCTWTP
Bank Name : TAI-SHING INT'L
BANK
SWIFT Code : This bank does
not have a SWIFT Code
Bank Name : TAIPEI FUBON
COMMERCIAL BANK CO LTD
Global Identifier : 31537349
Branch : Chungshan
Dist, Taipei City
Branch Address : 50 Chung Shan North Rd Section 2 Chungshan Dist Taipei
City 104 (Head Office)
SWIFT Code : TPBKTWTP
BALANCE SHEET
Currency : NTD
Denomination : in thousands
(1)
2001 2002 2003 2004 2005
-------------------
-------------------
-------------------
-------------------
-------------------
Current Assets
37,396,386
38,940,740
41,034,630
57,559,689 55,770,063
Funds & long-term
investments 56,553,769 62,394,939
69,320,349 84,244,712 93,396,097
Property 76,956,747 75,059,324 70,636,608
70,545,198 81,399,052
Other Assets 9,818,616 8,455,219 5,312,317 5,916,923 5,547,406
Total Assets
182,012,062
185,047,931
187,009,265 218,951,520 236,755,596
Current Liabilities (Before)
20,213,970
19,158,172
18,524,975 185,047,931 30,291,569
(After) 2,580,320 25,933,751 29,554,712 28,989,256
Long-term Liabilities
67,720,214
63,091,237
54,852,864 51,195,972 43,574,517
Other Liabilities
5,034,788
4,281,287
5,156,467
45,913,180 5,842,525
Total Liabilities (Before)
92,968,972
87,340,696
78,534,306
5,664,417 79,708,611
(After) 95,335,322 94,116,275 89,564,043
102,773,569
Common stock
39,439,172
41,805,522
45,149,964
48,761,961 53,638,157
Capital Reserve
19,023,042
8,617,230
8,615,060
8,888,956 9,471,340
Retained Earnings (Before)
30,451,252
47,087,964
54,664,846 81,282,641 94,043,611
(After) 28,084,902 40,312,385 43,635,109
59,075,925
Total Shareholder's Equity
(Before)
89,043,090
97,707,235 108,474,959 138,384,667 157,046,985
(After)
86,676,740
90,931,656 97,445,222 116,177,951
(2)
2006 31 March, 2007
-------------------
----------------------
Current Assets 85,321,262 99,501,047
Funds & long-term
investments 111,593,822 116,548,158
Property 94,699,031 96,601,938
Intangible Assets 391,711 391,711
Other Assets 6,433,339 6,664,714
Total Assets 298,439,165 319,707,568
Current Liabilities (Before)
43,612,486
49,205,697
(After) -- --
Long-term Liabilities
44,782,959
44,058,776
Other Liabilities 6,016,164 6,138,681
Total Liabilities (Before)
94,411,609
99,403,154
(After)
-- --
Common stock
55,247,302
55,247,302
Capital Reserve 9,564,036 9,555,526
Retained Earnings (Before)
96,787,885
104,840,862
(After) -- --
Total Shareholder's Equity
(Before)
204,027,556
220,304,414
(After) -- --
INCOME STATEMENT
Currency : NTD
Denomination : in thousands
(1)
2001 2002 2003 2004
2005
-------------------
-------------------
-------------------
-------------------
------------------
Operating revenue
67,536,776 86,873,049 106,421,371 146,306,257
159,782,720
Gross Profit 9,054,548 14,124,929
19,024,522 33,856,999 22,311,385
Operating Income
,828,490 8,849,822 13,523,054
27,408,818 15,533,840
Non-operating income
4,465,306
6,475,449
9,447,802 17,658,375 26,067,922
Non-operating expense
3,684,175 2,813,861 2,323,118
1,832,234 1,759,137
Net Income 4,609,621 10,972,784 17,696,529 41,259,431 39,842,625
Earnings (losses) per share
-- 1.99 3.20 7.47 7.21
(After)
0.86
2.05
3.3 7.69 7.43
(2)
2006 31 March, 2007
-------------------
----------------------
Operating revenue
181,980,850
47,034,025
Gross Profit 22,714,263 5,810,287
Operating Income
15,592,245
4,076,308
Non-operating income
19,797,020 4,834,517
Non-operating expense
1,212,070
273,731
Net Income 32,478,349 8,052,977
Earnings (losses) per share 5.88
1.46
*Financial Ratios*
==============
(1)
2001 2002 2003 2004 2005
-------------------
-------------------
-------------------
-------------------
------------------
Ratio of liabilities to Assets % 51.08
47.20
41.99
36.80 33.67
Ratio of long-term capital to
fixed Assets % 203.70 214.23 231.22 261.25 246.47
Current ratio % 185.00 203.26 221.51 198.56 184.11
Quick ratio % 78.22 113.72 118.15
117.86 104.33
Interest coverage 1.94 4.54 9.14 23.09 22.71
Turnover of receivable (times)
13.04
13.34
13.35
13.56 12.30
Average collection period of
receivable
27.99
27.36 27.34 26.92 29.67
Turnover of inventories (times) 2.90 3.92 5.20 5.99 6.40
Turnover of expense (times)
13.18
17.75 16.00 14.27 14.91
Average days of sales 125.86 93.11 70.19 60.93 57.03
Turnover of fixed assets (times) 0.88 1.16 1.51
2.07 1.96
Turnover of total assets (times) 0.37 0.47 0.57
0.67 0.67
Return on total assets % 3.96 7.11 10.42
20.97 18.00
Return on shareholder's Equity %
5.23
11.75
17.17
33.43 26.97
Operating Income 9.71 21.17 29.95 56.14 28.96
Net Income before tax 11.69 29.93 5.73
88.67 74.28
Profit margin % 6.83 12.63 16.63 28.20 24.94
Retroactive 0.86 2.05 3.30 7.69 7.43
Cash flows ratio % 29.07 94.51 119.34
112.74 112.80
Cash flows adequacy %
36.10 47.83 80.14 116.04 118.91
Cash reinvestment ratio % 1.40 7.14 6.80
9.37 4.51
Degree of operating leverage
3.53
2.20
1.80 1.44 1.79
Degree of financial leverage 4.83 1.45 1.20
1.07 1.11
(2)
2006 31 March, 2007
----------
----------------------
Ratio of liabilities to Assets % 31.64 31.09
Ratio of long-term capital to
fixed Assets %
262.74 273.66
Current ratio % 195.63 202.21
Quick ratio % 140.59 146.26
Interest coverage 20.19 19.30
Turnover of receivable (times) 12.71 11.30
Average collection period of
receivable
28.72 32.31
Turnover of inventories (times) 6.99 6.65
Turnover of expense (times) 14.74
13.02
Average days of sales 52.22 54.89
Turnover of fixed assets (times) 1.92 1.95
Turnover of total assets (times) 0.61
0.59
Return on total assets % 12.43 10.66
Return on shareholder's Equity % 17.99 15.18
Operating Income 28.22 29.51
Net Income before tax 61.86 62.53
Profit margin % 17.85 17.12
Retroactive 5.88 1.46
Cash flows ratio % 89.23 0.01
Cash flows adequacy % 116.51 110.35
Cash reinvestment ratio % 4.92 --
Degree of operating leverage 1.81 1.86
Degree of financial leverage 1.07 1.06
*Financial Summary (Currency: U.S. $'s)
=============================
Year Sales Assets Net Income
2000 $1,995,282,706.07 $5,168,366,189.74 $394,537,076.21
2001 $1,959,860,011.61 $5,281,835,809.63 $133,767,295.41
2002 $2,497,069,531.47 $5,318,997,729.23 $315,400,517.39
2003 $3,068,666,983.85 $5,392,424,019.61 $510,280,536.33
2004 $4,400,188,180.45 $6,586,143,037.59 $1,240,885,142.86
2005 $5,048,427,172.20 $7,480,429,573.46 $1,258,850,710.90
2006 $5,498,790,810.16 $9,020,556,227.33 $981,559,854.90
*Int´l Trade Activity (Currency: U.S. $'s)
=============================
Year Imports Exports Total
2002 $591,261,856.86 $999,137,683.24 $1,590,399,540.10
2003 $1,438,581,314.88 $1,256,343,713.96 $2,694,925,028.84
2004 $1,001,503,759.40 $1,612,030,075.19 $2,613,533,834.59
2005 $1,438,546,603.48 $2,244,865,718.80 $3,683,412,322.28
2006 $1,799,879,081.02 $2,877,871,825.88 $4,677,750,906.90
SC is considered an old-established business in large size. Over the past
42 years, SC has made a stable growth with satisfactory profit. It is
considered a credit line up to USD 3,000,000 appears to be within SC’s
capacities.
Attached:
trade references
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 2299 Textile
goods,
Exporting 2399 Fabricated
textile products,
Manufacturing 2200 Textile
Mill Products
Manufacturing 2211 Broad
woven fabrics, cotton
Manufacturing 2221 Broad
woven fabrics, manmade fibers and silk
Manufacturing 2241 Narrow
woven fabrics
Manufacturing 2261 Finish
Cotton Fabrics
Manufacturing 2262 Finish
Man Fiber/Silk Fabric
Manufacturing 2269 Finishers
of Textiles, NEC
Manufacturing 2273 Carpets
and rugs
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 2833 Sulfates;
alums; peroxosulfates (per sulfates)
Exporting 2833190000 Sodium sulfates, except disodium sulfates
Exporting 2902410000 Ortho-xylene
Exporting 2902500000 Styrene
Exporting 2902600000 Ethylbenzene
Exporting 2907110000 Phenol (hydroxybenzene) and its salts
Exporting 2917360000 Terephthalic acid and its salts
Exporting 3214901000 Glazers' putty, grafting putty, resin cements, caulking
compounds,etc, based on
rubber
Exporting 3402 Organic
surf-act agents, preps & cleaning preps
Exporting 3901200000 Polyethylene having a specific gravity of 0.94 or more
DETAILED PRODUCT CLASSIFICATION & ACTIVITY
Activity Product/Service Description
Exporter Nylon fabrics,
PU coated
Exporter Sulfate
Exporter Glazer
putty
Exporter Polyacetal
Exporter PP
(polypropylene)
Exporter Orthoxylene
Exporter Viscose staple
fiber (VSF)
Exporter Nylon coated
fabrics
Importer Hydrocarbons
Importer Taps
INTERNATIONAL TRADE : ACTIVITY & MARKETS
Exporting to Algeria
Exporting to Argentina
Exporting to Asia
Exporting to Australia
Exporting to Bahrain
Exporting to Bangladesh
Exporting to Belgium
Exporting to Brazil
Exporting to Brunei
Exporting to Bulgaria
Exporting to Cambodia
Exporting to Canada
Exporting to Chile
Exporting to China
Exporting to Colombia
Exporting to Costa Rica
Exporting to Denmark
Exporting to Dominican Republic
Exporting to Ecuador
Exporting to Egypt
Exporting to Europe
Exporting to France
Exporting to Germany
Exporting to Greece
Exporting to Guatemala
Exporting to Haiti
Exporting to Hong Kong
Exporting to India
Exporting to Indonesia
Exporting to Iran
Exporting to Israel
Exporting to Italy
Exporting to Japan
Exporting to Jordan
Exporting to Kuwait
Exporting to Latvia
Exporting to Lebanon
Exporting to Macau
Exporting to Malaysia
Exporting to Mauritius
Exporting to Mexico
Exporting to Middle East
Exporting to Myanmar
Exporting to Netherlands
Exporting to New Zealand
Exporting to Nigeria
Exporting to North America
Exporting to North Korea
Exporting to Oceania
Exporting to Oman
Exporting to Pakistan
Exporting to Panama
Exporting to Paraguay
Exporting to Peru
Exporting to Philippines
Exporting to Poland
Exporting to Qatar
Exporting to Russia
Exporting to Saudi Arabia
Exporting to Senegal
Exporting to Singapore
Exporting to South Africa
Exporting to South Korea
Exporting to Spain
Exporting to Sri Lanka
Exporting to Sudan
Exporting to Sweden
Exporting to Switzerland
Exporting to Syria
Exporting to Thailand
Exporting to Tunisia
Exporting to Turkey
Exporting to UAE
Exporting to USA
Exporting to Ukraine
Exporting to United Kingdom
Exporting to Uruguay
Exporting to Venezuela
Exporting to Vietnam
Exporting to Yemen
Importing from Argentina
Importing from Asia
Importing from Australia
Importing from Austria
Importing from Belarus
Importing from Belgium
Importing from Benin
Importing from Brazil
Importing from Canada
Importing from Chile
Importing from China
Importing from Czech Republic
Importing from Denmark
Importing from Ecuador
Importing from Estonia
Importing from Europe
Importing from Finland
Importing from France
Importing from Germany
Importing from Greece
Importing from Hong Kong
Importing from India
Importing from Indonesia
Importing from Iran
Importing from Ireland
Importing from Israel
Importing from Italy
Importing from Japan
Importing from Kazakhstan
Importing from Luxembourg
Importing from Malaysia
Importing from Mali
Importing from Mexico
Importing from Middle East
Importing from Netherlands
Importing from North America
Importing from Norway
Importing from Oceania
Importing from Philippines
Importing from Poland
Importing from Portugal
Importing from Puerto Rico
Importing from Qatar
Importing from Russia
Importing from Saudi Arabia
Importing from Singapore
Importing from South Africa
Importing from South Korea
Importing from Spain
Importing from Sweden
Importing from Switzerland
Importing from Thailand
Importing from Togo
Importing from UAE
Importing from USA
Importing from Ukraine
Importing from United Kingdom
Importing from Venezuela
Importing from Vietnam
Importing from Zimbabwe
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%)