MIRA
INFORM REPORT
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Report Date : |
12.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
TAIWAN HOPAX CHEMICALS MFG CO LTD |
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Registered Office : |
14FL, 77 Li Wen Rd Taliao Hsiang Kaohsiung Hsien 831 |
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Country : |
Taiwan |
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Date of Incorporation : |
February 7, 1975 |
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Com. Reg. No.: |
04243562 |
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Legal Form : |
Public Company |
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Line of Business : |
Research and development of water treatment chemicals for environment,
paper-making technology and other related industries. Importing of raw materials / components for in-house use and re-sale
to customers. Manufacturing a wide range of chemical synthesis, such as chemicals
for boiler water, surface-active agent and other related products. Export and domestic sales of its finished 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 : |
Up To USD 2,000,000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
TAIWAN HOPAX CHEMICALS MFG CO LTD
14FL, 77 LI WEN RD TALIAO HSIANG KAOHSIUNG HSIEN 831, TAIWAN
TEL: 886-7-5580229 FAX: 886-7-5584800
EXECUTIVE SUMMARY
INCORPORATION DATE :
FEBRUARY 7, 1975
REGISTRATION NO. :
04243562
LEGAL FORM :
PUBLIC COMPANY
CHIEF EXECUTIVE :
MR. TSUNG-TIEN KUO (CHAIRMAN)
STAFF STRENGTH :
391
CAPITAL :
US$ 66,385,033
BUSINESS LINE :
MANUFACTURER
TURNOVER :
NTD 2,154,079,000 (AS OF 2006)
EQUITIES :
NTD 1,740,000,000 (AS OF 2006)
PAYMENT :
ABOVE AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 2,000,000
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
FAIRLY GOOD
EXCHANGE RATE :
TWD 32.27250 = 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*
===============
1977 - Founded
the Fengshan factory.
1984 -
Set up the research and development department.
1990 -
Built the Kaohsiung Plant for making removable self-adhesive products
- Organized a team of well experienced scientists and engineers, and
invest in modern
instrument, and integrated
production facilities, to provide the best service to
biotechnology, pharmaceuticals, and other high-tech industries
1991 -
Established BEAUTONE USA for promoting SON notes by & registered brand
"Beautone"
1995 -
Set up the HOPAX ENTERPRISE INDONESIA PT (HEI)
1998 -
Built an affiliate in the United Kingdom
- Established Xiamen plant in China
1999 -
Established a subsidiary HOPAX EUROPE LTD in England, promoting STICK'N in
European markets.
2000 -
Invested KUNSHAN HOPAX PRODUCTS CO LTD in Mainland China for production and
sale of STICK'N.
- Set up the Kushan Plant
2004 - Became listed on the Taiwan OTC Stock
market.
- Started with the reconstructed Kaohsiung plant dedicating to new
product and engineering
development.
2005 -
Established the Second Tafa factory.
*Capital Details*
============
Initial registered capital :
NTD 30,000,000
Capital increases as follows:
Year
Increase (NTD)
------
---------------------
2001 645,000,000
2002
697,000,000
-- 2,200,000,000 with paid up capital of
NTD 1,316,253,320
*Licenses & Permits*
================
(1)
(Fengshan City)
License number : 99661363
Date issued : 31
December 1990
Issuing authority : Industrial
Development Bureau, MOEA
Type of license : Factory
license
(2)
(Taliao Hsiang)
License number : 99685489
& 99705126
Date issued : 24 March
2004 & 2 October 2006
Issuing authority : Industrial
Development Bureau, MOEA
Type of license : Factory
license
*Office & Facilities*
===============
Size : 148
sq meters (Approx)
Location :
Kaohsiung City
Property status : Owned by TAIWAN
HOPAX CHEMICALS MFG CO LTD
Type of building : Commercial building
Other contact details
----------------------------
Tel. nos. :
7-7424333; 7-5580229
Fax no. :
7-7428779
E-mail :
angela@hopax.com.tw
icwei@hopax.com.tw
ongus@hopax.com.tw
ykwu@hopax.com.tw
frgn@hopax.com.tw
Website : www.victor.manufacture.com.tw/thc
Previous Contact Details
-----------------------------------
(1)
Address : 13Fl-2
77 Liwen Rd Tsoying Dist Kaohsiung 813
Tel No. :
7-3450229
Fax No. :
7-3450224
(2)
Address : 6Fl-3
Far East Century Plaza - Bldg A 736 Chung Cheng Rd Chungho City Taipei Hsien
235
Tel No. :
2-82269690
Fax No. :
2-82269655
(3)
Address : 287
Feng Lin 2nd Rd Taliao Hsiang Kaohsiung Hsien 831
Tel No. :
7-7875863
Fax No. :
7-7875859
(4)
Address : 10Fl,
46 Chengteh Rd Section 1 Tatung Dist Taipei City 103
Tel No. :
2-25553739
Fax No. : 2-25595900
*Factories, Size & Locations*
=====================
The firm maintains two (2) manufacturing premises as listed below:
(1)
(Fengshan City)
Building Size : 3,904 sq.
ft (Approx.)
Location :
Kaohsiung Hsien
Property status : Owned by
TAIWAN HOPAX CHEMICALS MFG CO LTD
Type of building : Industrial
building
(2)
(Taliao Hsiang)
Building size :13,953 sq.
ft (Approx.)
Location :
Kaohsiung Hsien
Property status : Owned by
TAIWAN HOPAX CHEMICALS MFG CO LTD
Facilities :
Modern
Type of building : Industrial
building
Facilities :
Equipped with stainless steel and glass line reactors
Comment : Serves
as factory and warehouse
*Corporate & Organization Structure*
============================
A very large specialized company operated and managed by an experienced
team of professionals.
The company is listed on the OTC (Over-the-counter Exchange) but is
considered a "public company" belonging to the category of
"Shang gui" (Emerging Public companies).
Maintains Fine Chemical Division - equipped with numerous laboratory
scale and plant scale glassware, glass-lined, and stainless steel reactors
andhas expertise in the following chemical processes:
- Alkylation
- Alkyl Sulfonation
- Amination
- Asymmetric Synthesis
- Dehydrate Cyclination
- Esterification
- Grignard Reaction
- Halogenation
- Sulfonation
- Wolff-Kishner Reduction
Maintains a group of highly experienced scientists and paper engineers
that provides the best needed products to paper mills for improving paper
quality, paper machine runnability, production cost-down, as well as the
newspaper product development.
*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 1611
2005 1473
2006 1326
*Sales Ranking*
============
Generally regarded as one of the Top 500 Companies in terms of sales.
Details of rank as follows :
Year Rank
------ ------
2006 752
*Awards*
========
(1)
Award : Excellent
Industrial Technology Award
Year : 1993
Details : Received the
award second time in a row.
(2)
Award : Excellent
Industrial Technology Award
Year : 1992
*Auditors*
=========
DELOITTE & TOUCHE
*Registrar*
=========
CHINA TRUST COMMERCIAL BANK
Stock Market Code: 6509
*Reputation*
==========
Reference checking for the purpose of establishing the firm's reputation
within the respective industry failed to reveal any negative information.
www.hopax.com.tw The design is professional
and the content is well organized. At present it is in both Chinese and English
versions.
E-mail: frgn@hopax.com.tw
For the past two years there is no record of litigation.
*Major Shareholders*
================
Shareholders' Name No. of Shares
-------------------------- ----------------
Mr. Tsung-tien Kuo 3,556,053
Mr. Tsung-jen Huang 3,321,073
HSIN YI INVESTMENT CO LTD 2,572,538
SHAN YI CULTURE CO LTD 1,090,474
Mr. Jen-jung Liu 203,187
Mr. Liu-wang Chen 11,841
Mr. Ta-shao Shih 1
Management: Mr. Chung-sheng
Cheng, Manager
Mr. Ying-fu Chuang, Manager
Mr. Hsiu-liang Chung, Manager
Name Nationality
Job Description Dept. / Division
Mr. Chung-sheng Cheng Taiwanese
Manager Administration
Mr. Ying-fu Chuang Taiwanese
Manager Audit
Mr. Hsiu-liang Chung Taiwanese
Manager Finance
Ms. Mi-chen Chien Taiwanese
Assistant Sales
Mr. Chien-lung Chen Taiwanese
Manager Sales
Mr. Tsung-tien Kuo Taiwanese
General Manager -
Mr. Chun-chung Chen Taiwanese
Vice General Manager -
Mr. Yi-chien Wei Taiwanese
Vice General Manager -
*Key Personnel*
============
(1)
Mr. Tsung-tien Kuo
Founder : Co-founder
Work experience: More than 32 years
Responsibilities : Handles the daily operation of the firm including all
financials and legal matters.
Resident status : Taiwan
(2)
Mr. Chien-lung Chen
Cell phone : 0932853953
(3)
Miss. Mi-chen Chien
Tel : 7-7887600 ext : 524
*Main Products & Services*
=====================
Specializing in the following main areas of work:
1. Research and development of water treatment chemicals for
environment, paper-making technology and other related industries.
2. Importing of raw materials / components for in-house use and re-sale
to customers.
3. Manufacturing a wide range of chemical synthesis, such as chemicals
for boiler water, surface-active agent and other related products.
4. Export and domestic sales of its finished products.
Business operation is divided into three (3) divisions:
- Specialty Chemicals
- Fine Chemicals
- Stick'N
Products also include :
- 1-(3-sulfopropyl) pyridiunium betaine
- 1-(3-sulfopropyl) quinaldinium betaine
- 1,3-propane sultone
- 3-(2-benzothiazolylthio)-1-propanesulfonic acid, sodium salts
- 3-cyclohexylamino-1-propanesulfonic acid
- 3-(N-morpholino)-1-propanesulfonic acid
- Acrylic type impact modifiers
- Acrylic type processing aids
- Customer manufacturing chemicals
- Disodium 4-nitrophenyl phosphate
- Guanidine sulfamate
- Insolublizers, for coating color
- Lubricants, for coating color
- Microcapsules, for carbonless copy paper
- N,N-dimethyldithiocarbamic acid, 3-sulfopropyl ester, sodium salts
- Polyacrylamide resin, liquid type
- S-isothiuronium-3-propanesulfonate
- Satin white pigment
Alkylsulfonation is used in a wide range of applications:
- Biotechnology
- Genetic engineering
- Pharmaceuticals
- Biomaterials
- Electronic
- Polymers
Products: Acetyl salicylic acid (ASA)
Acrylic
monomer
Acrylic polymer
Acyclic amides
Adhesive tapes
*Brand*
======
Hopax
THC
*Payment Terms*
=============
Sales
-------
Local : 30 - 90 days credit
Cash
Export : Letter of Credit (L/C)
Document against Acceptance
(D/A)
Telegraphic
Transfer (T/T)
Purchases
--------------
Local : 30 - 90 days credit
Import : Letter of Credit (L/C)
Document against
Acceptance (D/A)
Telegraphic
Transfer (T/T)
Open account /DA
terms with settlement using Telegraphic Transfer (T/T)
*Quality Certification*
==================
(1)
Type of certification : ISO9002
Year of certification : 1998
Other details :
Certification of Kaohsiung factory.
(2)
Type of certification : ISO9002
Year of certification : 1995
Other details :
Certification of Fengshan factory.
(3)
Other certifications :
- Wal-Mart approved factory
- Office Depot approved factory
- Woolworths (SGS) approved factory
- Tesco (SGS) approved factory
*Exhibition Participation*
===================
Participated in the following local exhibitions:
(1)
Exhibition Fair : Taipei
International Gifts & Stationery Autumn
Show
Dates attended : 25-28
October, 1999
Location : Taipei World Trade Center -
Exhibition Hall
(2)
Exhibition Fair : Taipei International Gift & Stationery
Spring Show
Date Attended : 21-25 April, 2000
Location : Taipei
World Trade Center - Exhibition Hall
(3)
Exhibition Fair : Taipei
International Gift & Stationery Autumn Show
Dates attended : 25-28 October,
2000
Location : Taipei
World Trade Center - Exhibition Hall
(4)
Exhibition Fair : Taipei
International Gift & Stationery Spring Show
Dates attended : 19-22 April, 2001
Location : Taipei
World Trade Center - Exhibition Hall
(5)
Exhibition Fair : Taipei
Giftionery Show
Dates attended : 18-21 April,
2002
Location : Taipei
World Trade Center - Exhibition Hall
(6)
Exhibition Fair : Taipei
International Gift & Stationery Autumn Show
Dates attended : 23-26 October,
2002
Location : Taipei
International Convention Center
(7)
Exhibition Fair : Taipei
International Gift & Stationery Spring Show
Dates attended : 24-28 April, 2003
Location : Taipei
World Trade Center - Exhibition Hall
*Competitors*
===========
The following locally based firms supply similar range of products:
- SHUN PING OIL CORP
- TA YEH HSIN OIL CO LTD
- FORMOSA PETROCHEMICAL CORP
- SYN-TECH CHEMICAL & PHARMACEUTICAL CO LTD
- FUCHS LUBRICANTS TAIWAN CORP
*Production Capacity*
==================
(1)
Item :
Specialty Chemicals
Maximum Capacity : 34,500 (NTD 1000/Tons)
Current Capacity : 32,045 (NTD 1000/Tons)
Year :
2006
(2)
Item :
Fine Chemicals
Maximum Capacity : 890 (NTD 1000/Tons)
Current Capacity : 619 (NTD
1000/Tons)
Year :
2006
(3)
Item : Stick'N
Maximum Capacity : 19,000 (NTD 1000/Tons)
Current Capacity : 13,301 (NTD
1000/Tons)
Year :
2006
*Machinery & Equipment*
====================
Machinery/ Equipment include:
- Reaction vessels with volumes of 50~5000L, workable under vacuum
- Horizontal and vertical centrifuges
- Various types of dryers
- Various types of vacuum evaporators
- Various types of mixers
- Neo-filter
- High vacuum distillation apparatus
Capabilities includes :
- Sulfonation
- Grinard reaction
- Esterification
- Halogenation
- Amination
- Carboxylation
- Amidation
*Domestic Customers*
=================
Major local customers include:
- MERCK TAIWAN LTD
- ROCHE PRODUCTS LTD
- BRISTOL-MYERS SQUIBB (TAIWAN) LTD
- JOHNSON & JOHNSON TAIWAN LTD
- CHENG LOONG CORP
- YUEN FOONG YU PAPER MFG CO LTD
*Local Distribution Network*
======================
An estimated 34% of the annual turnover is attributed to local sales.
*Export Markets*
=============
An estimated 66% 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
----- ------
2003 874
2004 888
2005 834
2006 800
*Overseas Customers*
==================
Major overseas customers include:
- THAI PAPER CO LTD, Thailand
- APP GROUP
*International Exhibition Participation*
==============================
Participated in the following overseas exhibitions:
(1)
Exhibition Fair : SHOPA
Date Attended : 14-16 November,
2001
Location : USA
(2)
Exhibition Fair : ISOT
Date Attended : 11-13 July, 2001
Location : Tokyo
Japan
(3)
Exhibition Fair : Frankfurt
Premiere-Paper World
Date Attended : 26-30 January,
2002
Location : Germany
(4)
Exhibition Fair : ISOT 2003 / OFMEX 2003
Date attended : 3-5 July, 2003
Location : Tokyo,
Japan
(5)
Exhibition Fair : Frankfurt
Premiere-Paper World
Date : 23-27
January, 2008
Location : Germany
(6)
Exhibition Fair : Hong Kong Gifts
& Premium Fair
Date : 28
April - 1 May, 2007
Location : Hong Kong
(7)
Exhibition Fair : ISOT
Date : 4-6
July, 2007
Location : Tokyo
Japan
(8)
Exhibition Fair : Paper World
China
Date : 20-22
November, 2007
Location : China
*LOCAL BRANCHES & MANAGEMENT*
=================================
Branch : TAIWAN HOPAX CHEMICALS MFG CO LTD - TAIPEI CITY
Branch Address : 12Fl-2, 51 Heng Yang Rd Chungcheng Dist, Taipei City,
100
Branch Tel : [+886] 2-23131112
Branch Fax : [+886] 2-23131777
Branch Email : thcns@seed.net.tw
Branch Employees : 20
Branch : TAIWAN HOPAX CHEMICALS MFG CO LTD
Branch Address : Ta Fa Industrial Park 28 Hua Tung Rd Taliao Hsiang,
Kaohsiung Hsien 831
Branch Tel : [+886] 7-7887600
Branch Fax : [+886] 7-7880507
Branch Employees : 20
*(Subsidiaries, Joint-ventures & Affiliates)
===============================
Company Name : CHANG SHOU HOPAX CHEMICALS CO LTD
Country : China
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Chemicals
Company Name : CHU PO HO INT'L TRADING (SHANGHAI) CO LTD
Country : China
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Consumer Products
Company Name : ELITE UNION INT'L CO LTD
Country : Brunei
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Service
Industry : Professional Services
Company Name : FARPROFITS INT'L LTD
Country : Virgin Islands (British)
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Service
Industry : Professional Services
Company Name : HOPAX CHEMICALS MFG CO LTD
Address : Aston House 5 Redburn Rd Wester Hope Newcastle Upon Tyne
NE51NB Tyne & Wear United Kingdom
Country : United Kingdom
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Chemicals
Company Name : HOPAX ENTERPRISE INDONESIA PT
Address : Jalan Raya Bogor Km 28 Jakarta 13710 Indonesia
Country : Indonesia
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Chemicals
Company Name : HOPAX EUROPE LTD
Address : Aston House Redburn Rd Wester Hope Newcastle Upon Tyne NE51NB
Tyne & Wear United Kingdom
Country : United Kingdom
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Office Equip./Supplies & Stationary
Company Name : HOPAX HOLDING LTD
Country : Cayman Islands
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Service
Industry : Financial Services - General
Company Name : HOPAX INDONESIA PT
Country : Indonesia
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Service
Industry : Professional Services
Company Name : HOPAX INT'L LTD
Country : Mauritius
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Service
Industry : Professional Services
Company Name : HOPAX WORLDWIDE GROUP LTD
Country : Samoa
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Service
Industry : Professional Services
Company Name : KUNSHAN HOPAX PAPER PRODUCTS CO LTD
Country : China
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Paper, Pulp & Products
Company Name : PHOENIX WORLDWIDE GROUP LTD
Country : Virgin Islands (British)
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Service
Industry : Professional Services
Company Name : SEECURE LLC
Country : USA
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Service
Industry : Professional Services
Company Name : SHANGHAI HOPAX CHEMICALS MFG CO LTD
Address : 17Fl-B Zhong Xi Mansion 121 Jiang Su Rd Shanghai 200050 China
Country : China
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Chemicals
Company Name : WISE PACIFIC TRADING LTD
Country : Mauritius
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Consumer Products
Company Name : XINLONG LLC
Country : USA
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Service
Industry : Professional Services
PAYMENT RATING : 2 OBTAINED SCORES : 78
|
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 FAIRLY
LARGE amounts depending on individual judgement experience.
BALANCE SHEET
Currency : NTD
Denomination: In thousands
2002 2003 2004 2005 2006
------------
------------
------------
------------ ------------
Current Assets 643,537 682,339 983,711
1,103,237 1,046,272
Funds & long-term investments
409,470 444,798 441,612 551,334
974,026
Property 427,939 608,627 539,022 788,302 1,134,014
Other Assets 43,786 69,883
160,638 76,308 73,703
Total Assets 1,524,732 1,805,647
2,124,983 2,524,589 3,232,133
Current Liabilities (Before)
Before 382,817 57,878 429,892
693,150 941,717
(After) After 415,898 605,936 521,914
742,521 1,103,242
Long-term Liabilities 53,599 24,000
- 143,750 281,750
Other Liabilities 69,935 57,991
87,643 71,727 107,141
Total Liabilities (Before)
Before 506,351 655,869 517,535
908,627 1,330,608
(After) After 539,432 687,927 609,557
957,998 1,492,133
Common stock 696,924 766,616 850,242
970,259 1,050,052
Capital Reserve 195,600 153,785
153,785 153,785 155,523
Retained Earnings (Before)
Before 263,973 365,577
797,664 676,397 856,103
(After) After 203,015 249,893 585,625
627,026 694,578
INCOME STATEMENT
Currency : NTD
Denomination : In thousands
2002 2003 2004 2005
2006
------------ ------------ ------------ ------------ ------------
Operating revenue 1,177,018 1,284,620
1,555,039 1,822,191 2,154,079
Gross Profit 307,754 362,606 347,332
382,655 496,786
Operating Income 140,740 174,700
78,897 67,272 186,365
Non-operating income 14,740 24,720
45,922 59,861 97,125
Non-operating expense 22,377 13,854
57,513 9,794 6,607
Net Income 110,133 162,562 547,771
90,772 281,878
Earnings (losses) per share (After) 1.58
2.12 6.44 0.93 2.73
*Financial Ratios*
==============
2002 2003 2004
2005 2006
--------------
-------------- -------------- -------------- --------------
Ratio of liabilities to Assets % 33 36 24 36 41
Ratio of long-term capital to fixed Assets% 250
193 298 223 193
Current ratio% 168 119 229
159 111
Quick ratio% 118 70 141
98 83
Interest coverage 10.92 25.21 11.11
15.92 49.71
Turnover of receivable (times) 5.1 5 5.2 5.1
4.6
Average collection period of receivable 72 72 71
72 79
Turnover of inventories (times) 4.6
4 3.9 3.8 5
Turnover of expense (times) 8.19 5.78
6.05 7.89 8.83
Average days of sales 80 91 93
96 73
Turnover of fixed assets (times) 2.75 2.11
2.88 2.31 1.09
Turnover of total assets (times) 0.77 0.71
0.73 0.72 0.67
Return on total assets% 7.88 10.11 28.13
4.2 9.94
Return on shareholder's Equity% 11.51 15
39.73 5.63 16.03
Operating Income 20.19 22.79
9.28 6.93 17.75
Net Income before tax 19.01 24.21 7.92
14.08 26.37
Profit margin% 9.36 12.65
35.23 4.98 13.09
Retroactive
1.14 1.67 5.51 0.87
2.69
Cash flows ratio% 77.96 16.02 5.31
9.44 40.94
Cash flows adequacy% 207 142.8 92.5
73.6 50.6
Cash reinvestment ratio% 16.26 3.47
-0.35 -0.8 11.85
Degree of operating leverage 7.63 6.59
10.1 13.65 10.57
Degree of financial leverage 1.1 1.05 1.09
1.16 1.03
*Int´l Trade Activity (Currency: U.S. $'s)
==============================
Year Imports Exports Total
2004 $12,237,872.99 $29,060,195.01 $41,298,068.00
2005 $14,650,650.02 $30,881,347.99 $45,531,998.01
2006 $16,000,000.00 $32,000,000.00 $48,000,000.00
*Financial Summary (Currency: U.S. $'s)
=============================
Year Sales Assets Net Income
2002 $33,832,078.18 $43,826,731.82 $3,165,651.05
2003 $37,042,099.19 $52,065,945.79 $4,687,485.58
2004 $46,768,090.23 $63,909,263.16 $16,474,315.79
2005 $57,573,175.36 $79,765,845.18 $2,867,993.68
2006 $65,117,261.19 $97,706,559.85 $8,521,100.36
SC is considered medium-sized in its line with a development history of
32 years. Taking into consideration of SC’s general performance, a credit line
up to USD 2,000,000 appears to be within SC’s capacities.
Attached:
trade references
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Importing 2679 Converted
paper products,
Importing 2891 Adhesives
and sealants
Importing 3317 Steel
Pipe & Tubes
Importing 3827 Optical
instruments, and parts,
Importing 3829 Measuring
and controlling devices, and parts,
Manufacturing 2672 Paper,
coated and laminated,
Manufacturing 2675 Die-cut
paper and paperboard; cards and cardboard
Manufacturing 2800 Chemicals
and Allied Products
Manufacturing 2816 Inorganic
pigments
Manufacturing 2821 Plastics
materials and resins
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 1108110000 Starch, wheat
Exporting 2710 Oil
(not crude) from petrol & bitum mineral etc,
Exporting 2712900000 Microcrystalline petroleum wax, slack wax, ozokerite, lignite
wax, peat wax, other
mineral
waxes, and similar products
Exporting 2811190000 Other inorganic acids
Exporting 2827360000 Zinc chloride
Exporting 2832200000 Other sulfites, except sodium sulfites
Exporting 2902901000 Pseudocumene
Exporting 2903690000 Halogenated derivatives of aromatic hydrocarbons not elsewhere
specified or
included
Exporting 2904100000 Hydrocarbon derivatives containing only sulfo groups, their
salts andesters
Exporting 2905290000 Other unsaturated acyclic monohydric alcohols
DETAILED PRODUCT CLASSIFICATION & ACTIVITY
Activity Product/Service Description
Importer Coordinate
measuring machines
Importer Nickel alloy
pipes & tubes
Importer Self-adhesive
tapes
Importer Stearic
acid
Importer Ammonium
salt
Importer Acyclic amides
Importer Thiocarbamide
Importer Aromatic
lactones
Importer Pesticides
Importer Disperse
dyes
INTERNATIONAL TRADE : ACTIVITY & MARKETS
Exporting to Argentina
Exporting to Asia
Exporting to Austria
Exporting to Bangladesh
Exporting to Belgium
Exporting to Bolivia
Exporting to Brazil
Exporting to Bulgaria
Exporting to Canada
Exporting to Chile
Exporting to China
Exporting to Colombia
Exporting to Costa Rica
Exporting to Croatia
Exporting to Cyprus
Exporting to Czech Republic
Exporting to Denmark
Exporting to Dominican Republic
Exporting to Ecuador
Exporting to Egypt
Exporting to El Salvador
Exporting to Europe
Exporting to Finland
Exporting to France
Exporting to Germany
Exporting to Greece
Exporting to Guatemala
Exporting to Honduras
Exporting to Hong Kong
Exporting to India
Exporting to Indonesia
Exporting to Iraq
Exporting to Ireland
Exporting to Israel
Exporting to Italy
Exporting to Japan
Exporting to Kazakhstan
Exporting to Kuwait
Exporting to Lebanon
Exporting to Madagascar
Exporting to Malaysia
Exporting to Malta
Exporting to Middle East
Exporting to Netherlands
Exporting to New Zealand
Exporting to Nicaragua
Exporting to North America
Exporting to Norway
Exporting to Oceania
Exporting to Pakistan
Exporting to Panama
Exporting to Peru
Exporting to Philippines
Exporting to Poland
Exporting to Portugal
Exporting to Puerto Rico
Exporting to Romania
Exporting to Russia
Exporting to Saudi Arabia
Exporting to Singapore
Exporting to Slovenia
Exporting to South Africa
Exporting to South America
Exporting to South Korea
Exporting to Spain
Exporting to Sweden
Exporting to Switzerland
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
Importing from Asia
Importing from Australia
Importing from Brazil
Importing from China
Importing from Europe
Importing from France
Importing from Germany
Importing from India
Importing from Indonesia
Importing from Italy
Importing from Japan
Importing from Singapore
Importing from South Korea
Importing from United Kingdom
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
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%)