MIRA
INFORM REPORT
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Report Date : |
11.09.2007 |
IDENTIFICATION DETAILS
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Name : |
TCC CHEMICAL CORP |
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Registered Office : |
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Country : |
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Date of Incorporation : |
11.04.1991 |
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Com. Reg. No.: |
23988339 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Production of
polycarbonate resin, sheets and other related products incorporating some of the
raw materials imported. Imports of raw
materials for polycarbonate and other related chemical materials. Exports of its
finished products. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Name & Address
TCC
CHEMICAL CORP
TEL :886-4-7586150
FAX :886-4-7586209
EXECUTIVE SUMMARY
INCORPORATION
DATE : APRIL 11, 1991
REGISTRATION
NO. : 23988339
LEGAL
FORM : PRIVATE
LIMITED COMPANY
CHIEF
EXECUTIVE : MR.
CHEN-YUNG KU (CHAIRMAN)
STAFF
STRENGTH : 104
CAPITAL : US$
91,883,614
BUSINESS
LINE : MANUFACTURER
TURNOVER : N/A (AS OF DEC.
31, 2005)
EQUITIES : N/A (AS OF
DEC. 31, 2005)
PAYMENT
: AVERAGE
RECOMM.
MARKET
CONDITION : COMPETITIVE
FINANCIAL
CONDITION : FAIRLY STABLE
OPERATIONAL
TREND : FAIRLY STEADY
GENERAL
REPUTATION : AVERAGE
EXCHANGE
RATE : TWD 33.02940 =
US$1 AS OF 2007-2-1
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
M - million
TWD –
*Company History*
================
1992 - Company stock sold to public.
2002 - Terminated its stock sales in
public.
*Company
Registration*
===================
License number :
23988339
Date issued :
11 April, 1991
Issuing
authority : Ministry of Economic Affairs (MOEA)
*Capital Details*
=============
Authorized capital : NTD 3,000,000,000.00
Paid-up
capital : NTD 2,200,000,000.00
*Corporate &
Organization Structure*
=============================
A large sized
company mainly operated and managed by an experienced team of professionals.
*Office &
Facilities*
===============
Building size :
1,798 sq. meter
Location :
Property
status : Owned by TCC CHEMICAL CORP
Type of
building : Industrial building
Comments :
Serves as office and factory 1.
*Factories, Size
& Locations*
=======================
Type of
building : Industrial building
Building size :
1,798.78 sq meters (Approx)
Location :
*Industry Ranking*
================
Generally regarded
as one of the Top 1000 Companies in manufacturing industry of
*Accountants*
============
DIWAN ERNST &
YOUNG CORPORATE FINANCE INC
*Reputation*
===========
Reference checking
for the purpose of establishing the firm's reputation within the respective
industry failed to reveal any negative information.
Web
site: www.tccc.com.tw The design is professional and the content is
well organized. At present it is both in Chinese and English version.
Email : tcccorp@ms1.hinet.net
LITIGATION 1 Record
Found
Litigation ( 1
) Not
Adverse
Position : Plaintiff
Other Parties
Involved : Position Country Party's
Name
Defendant Hong Kong ACEWELL (HOLDINGS) CO LTD
Case Issue : A
petition to the Court claiming an overdue payment amounting to US$ 315,597.17
(filed under case no. A3627/2003).
Date Commenced : 30
September, 2003
Status : Pending
*Major Shareholders*
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Shareholders' Name
No. of Shares
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Mr. Chen-yung Ku
(TAIWAN CEMENT CORP) 220,000,000
Mr. Fu-lung Chen
(TAIWAN CEMENT CORP) 220,000,000
Mr. Chi-jung Chao
(TAIWAN CEMENT CORP) 220,000,000
Mr. Kuo-yu Tsai (TAIWAN CEMENT CORP) 220,000,000
Name Nationality
Job Description
Mr. Cheng-hsiung
Chiang Taiwanese President
Mr. Chi-hsiung Chen
Taiwanese General Manager
Mr. Yu Hsu Taiwanese Manager
*Key Personnel*
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Mr. Chen-yung Ku
Date of birth :
28 November, 1954
Age : 52 years
Work experience : More than 20 years
Responsibilities :
Handles the daily operation of the firm including all financials and legal
matters.
Resident
status :
*Main Products & Services*
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Specializing in
three main areas of work:
1. Production of polycarbonate
resin, sheets and other related products incorporating some of the raw
materials imported.
2. Imports of raw
materials for polycarbonate and other related chemical materials.
3. Exports of its
finished products.
Products : Buatanediol
Butyrolactone
GBL
Patterned
PS or PC sheet
Polycarbonate
*Payment Terms*
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Sales
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Local : Cash
30-60 days credit
Export : Letter of Credit (L/C)
Telegraphic Transfer (T/T)
Purchases
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Local : Cash
30-60 days credit
Import : Letter of Credit (L/C)
Telegraphic Transfer (T/T)
*Competitors*
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The following
locally based companies supply similar range of products:
- EVERMORE CHEMICAL
INDUSTRY CO LTD
- DAIREN CHEMICAL
CORP
*Production
Capacity*
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Current Capacity
Item (MT per
year)
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1,4
buatanediol 30,000
Tetrahydrofuran
(THF) 15,000
R-butyrolactone 4,500
DuraMax PC
Sheet 3,600
*Local Distribution
Network*
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60% of the annual
turnover is attributed to local sales.
*Domestic
Customers*
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Major local
customers include:
- CHIJA ENTERPRISE
CO LTD
- TIN ENTERPRISE CO
LTD
- HWANG-CUAN SHEET
CO LTD
- ITEM PLASTIC CORP
- JYI SHYANG INDUSTRIAL
CO LTD
- TILERON
ENTERPRISE CO LTD
*Export Markets*
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40% of the annual
turnover is attributed to export
*International
Trade Ranking*
========================
The firm has been
ranked among
Board of Foreign
Trade (BOFT)
Details of rank are
as follows :
Year Rank
------ ---------
1997 2602
*OVERSEAS AGENTS
AND DISTRIBUTORS*
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Agent : ACEWELL (HOLDINGS)
CO LTD
Country of Origin :
Product Description
: Polycarbonate sheets
Brand : Duramax
Year : 1999
*LOCAL BRANCHES
& MANAGEMENT*
==================================
Branch : TCC CHEMICAL CORP -
Branch Address : 9Fl,
Branch Tel : [+886] 2-25635539
Branch Fax : [+886] 2-25635177
*Strategic Partners
& Alliances*
=========================
Group/Alliance
name :
TCC GROUP
Founder : Ku's family
Flagship
company : TAIWAN CEMENT CORP
Country :
Management
center :
Group members : -
- TAIWAN
TRANSPORT & STORAGE CORP
-
KUAN-HO REFRACTORIES INDUSTRY CORP
-
TAIWAN CEMENT ENGINEERING CORP
- KUAN-HO CONSTRUCTION & DEVELOPMENT
CORP
- TA-HO
MARITIME CORP
-
PROSPERITY DIELECTRIECS CO LTD
-
TAIWAN PROSPERITY CHEMICAL CORP
- TCC
INFORMATION SYSTEMS CORP
- TCC
INT'L LTD
-
HO-PING INDUSTRIAL PORT CORP
- HO-PING
POWER CO LTD
- HONG
KONG CEMENT MFG CORP
- ONYX
TA-HO ENVIRONMENTAL SERVICES CO LTD
PAYMENT RATING : 3 OBTAINED SCORES : 64
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Implication |
Implications |
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1 |
Scores 85–100 |
Excellent |
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2 |
Scores 75 – 84 |
Above Average |
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3 |
Scores 50 – 74 |
Average |
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4 |
Scores 35 – 49 |
Fair |
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5 |
Scores 15 – 34 |
Below Average |
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6 |
Scores 01 – 14 |
Poor |
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NR |
No Data |
No Data |
The rating
indicates the payment pattern of SC based upon our Payment Database, comments
from suppliers of SC, information from banks (if available), as well as
industrial sources.
Dealings on open terms
may be possible for MODERATE amounts depending on individual judgement
experience.
As a privately
owned company there is no legal requirement according to local corporate law
for public disclosure of detailed financials.
*BANK DETAILS*
===============
Bank Name : CHINA TRUST COMMERCIAL BANK
Branch : Hsin-i Dist,
Branch Address : 14Fl
SWIFT Code : CTCBTWTP
Bank Name : FAR EASTERN INT'L BANK
Branch : Ta-an Dist,
Branch Address : 27Fl
SWIFT Code : FEINTWTP
Bank Name : MEGA INT'L COMMERCIAL BANK
CO LTD
Branch : Chungshan Dist,
Branch Address :
SWIFT Code : ICBCTWTP
*Financial
Summary (Currency:
===============================
Year Sales Assets
Net Income
2003 $35,601,585.93 $136,302,104.96 -$21,079,959.63
2004 $50,345,864.66 $130,526,315.79 -$11,939,849.62
*Int´l Trade
Activity (Currency:
===============================
Year Imports Exports Total
2001 $1,562,710.88 $20,214,398.64 $21,777,109.52
2002 $3,535,372.98 $25,130,867.98 $28,666,240.96
2003 $4,122,778.00 $23,891,390.97 $28,014,168.97
2004 $6,774,185.98 $32,430,160.99 $39,204,346.97
2005 $2,424,995.99 $43,868,410.02 $46,293,406.01
*Financial Ratios*
===============
Year Net Worth Return on Return on Return on Debt to
(NTD100M) Sales (%) Net Worth (%) Asset (%) Asset (%)
------ --------------- --------------- ------------------- ---------------- -------------
2001 20.87 - - - 63.77
2002 21.67 -45.36 -25.70 -10.53 59.02
SC is considered
medium-sized in its line with fairly steady operating trend. It is considered a
credit line up to USD150,000 appears to be within SC’s capacities.
ATTACHED: TRADE REFERENCES
SIC PRODUCT
CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Manufacturing 2800 Chemicals and Allied Products
Manufacturing 2821 Plastics materials and resins
Manufacturing 2899 Chemical preparations
Trading 2800
Chemicals and Allied
Products
Trading 2821
Plastics materials and
resins
Trading 2899
Chemical preparations
HARMONIZED
PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 3920610000
Plates, sheets, film, foil &
strip, noncelluar, not reinforced, laminated,
combined,
of polycarbonates
Importing 3824903100
Mixtures of bismuth
Manufacturing 2932110000
Tetrahydrofuran
Manufacturing 2932295010
Butyrolactone
Manufacturing 3800 Miscellaneous chemical products
Manufacturing 3823905050
Chemical products and preparations
of the chemical or allied industries
Manufacturing 3907400000
Polycarbonates
Trading 2905390000
Acyclic dihydric alcohols not
elsewhere specified or included
Trading 2919001000
Aromatic plasticizers of phosphoric
esters and their salts and derivatives
Trading 2932110000
Tetrahydrofuran
DETAILED
PRODUCT CLASSIFICATION & ACTIVITY
Activity Product/Service
Description
Manufacturing Polycarbonate
resin
Manufacturing Polycarbonate
sheets
Manufacturing R-butyrolactone
Manufacturing THF
Manufacturing Tetrahydrofuran
Manufacturing Plasticizers
Manufacturing PC
sheet
Trading Lactones
Trading Tetrahydrofuran
Trading Reaction
initiators
INTERNATIONAL
TRADE : ACTIVITY & MARKETS
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RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)