MIRA
INFORM REPORT
|
Report Date : |
20.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
TAIWAN GLASS INDUSTRY CORP |
|
|
|
|
Registered Office : |
11FL Taiwan Glass Bldg 261 Nanking East Rd Section 3 Sungshan Dist
Taipei City 105 |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Date of Incorporation : |
05.09.1964 |
|
|
|
|
Com. Reg. No.: |
11914002 |
|
|
|
|
Legal Form : |
Public Listed Company |
|
|
|
|
Line of Business : |
Manufacturing of a Glass Products. Selling to both Domestic and International
market. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 20,000,000 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
name & address
TAIWAN
GLASS INDUSTRY CORP
11FL TAIWAN GLASS BLDG 261 NANKING EAST RD
SECTION 3 SUNGSHAN DIST TAIPEI CITY 105,
TAIWAN
TEL: 886-2-27130333 FAX: 886-2-27158033
EXECUTIVE SUMMARY
INCORPORATION DATE : SEPTEMBER 5, 1964
REGISTRATION NO. :
11914002
LEGAL FORM :
PUBLIC LISTED COMPANY
CHIEF EXECUTIVE :
MR. YU-CHIA LIN (CHAIRMAN)
STAFF STRENGTH :
3,952
CAPITAL :
US$ 592,964,204
BUSINESS LINE :
MANUFACTURER
TURNOVER :
NTD 15,553,898,000 (AS OF 2007)
EQUITIES :
NTD 39,675,889,000 (AS OF 2007)
PAYMENT :
EXCELLENT
RECOMM. CREDIT RANGE : UP TO
USD 20,000,000
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION : STRONG
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : WELL KNOWN
EXCHANGE RATE :
TWD 31.29772 = 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*
==============
1965 -
Partnered with ASAHI GLASS CO LTD, Japan for the production of sheet glass TAA
1967 -
Established a TS factory for sheet glass production
1970 -
Partnered with WHEATON GLASS PLC, USA for the production of container glass
1972 -
Inaugurated the new building
20 July, 1973 - Became
listed on Taiwan Stock Exchange
1974 -
Partnered with PILKINGTON PLC, United Kingdom for the production of tinted
glass
1977 - Partnered
with VEBA GLASS AG, Germany for the production of glass tableware
1980 -
Partnered with PILKINGTON PLC, United Kingdom for the production of float glass
1983 -
Constructed a TF factory for float glass plant production
1987 - Partnered with OWENS
CORNING FIBERGLASS CORP, USA for the production of Fiber Glass TAA
-
Partnered with BATA HARIO LTD, Japan for the production of Heat-resistant Glass
1988 -
Partnered with KANEBO LTD, Japan for the production of fabric glass
1990 -
Constructed a TF factory for FRP glass fiber
1992 -
Chairman Lin, conduct a business visit to China
1993 -
Established the TAIWAN GLASS CHINA HOLDING LTD
-
Established the QINGDAO FLOAT GLASS CO and started to construct a plant
-
Established the QINGDAO ROLLED GLASS CO and started to construct a plant
1994 - Partnered with HERMANN HEYE, Germany for
the production of glass container
-
Established the CHANGJIANG FLOAT GLASS CO and started to construct a plant
-
Celebrated the Group's 30th anniversary
1995 -
Partnered with ISHIZUKA GLASS CO LTD, Japan for the production of glassware
products
-
CHANGJIANG FLOAT GLASS CO LTD commenced plant production
1998 -
Constructed a TL factory for glass fabric production
2001 -
Established the TAICHIA GLASS FIBER CO and started to construct a plant
2002 -
CHANGJIANG FLOAT GLASS CO LTD constructed the second plant
- Established
the TG CHENGDU GLASS CO LTD
2003 -
Established the TG HUANAN GLASS CO LTD
-
Established the DONGHAI GLASS CO LTD
2004 -
Celebrated the Group's 40th anniversary
- DONGHAI GLASS CO LTD commenced
production
- Established the
TG TIANJIN GLASS CO LTD, a new 180,000 metric float glass line which expected
to start production on June 2006
2005 - Started
the TG HUANAN GLASS CO LTD plant production
-
Started the TAICHIA GLASS FIBER CO LTD TGF-2 plant production
2006 - Started
the TG KUNSHAN GLASS CO LTD, CFG-3 plant production
-
Started the TG TIANJIN GLASS CO LTD plant production
-
Started the TL FACTORY TF-4 flat glass plant production
2007 - Started
the TAICHIA GLASS FIBER CO LTD, TGF-3 plant production
2008 - Started
the TG CHENGDU GLASS CO LTD, CDG-2 plant production
-
Started the TG HUANAN GLASS CO LTD, HNG-2 plant production
-
Started the TAICHIA GLASS FIBER CO LTD, TGF-4 plant production
*Licenses & Permits*
================
(1)
License number : 9963323000
Date issued : 1
August, 1980
Issuing authority : Industrial
Development Bureau, MOEA
Type of license : Factory
license
(2)
License number : 9963323100
Date issued : 1 April,
1984
Issuing authority :
Industrial Development Bureau, MOEA
Type of license : Factory
license
(3)
License number : 9963323200
Date issued : 24
January, 1991
Issuing authority :
Industrial Development Bureau, MOEA
Type of license : Factory
license
(4)
License number : 9964513000
Date issued : 7
August, 1998
Issuing authority :
Industrial Development Bureau, MOEA
Type of license : Factory
license
(5)
License number : 9962132400
Date issued : 12
April, 1990
Issuing authority :
Industrial Development Bureau, MOEA
Type of license : Factory
license
(6)
License number : 9963181900
Date issued : 12
September, 1969
Issuing authority : Industrial
Development Bureau, MOEA
Type of license : Factory
license
(7)
License number : 9966743101
Date issued : 20
October, 1969
Issuing authority : Industrial
Development Bureau, MOEA
Type of license : Factory
license
*Capital Details*
=============
Initial registered capital
: NTD 150,000,000.00
Capital increases as follows :
Year
Increases (NTD)
-------
----------------------
1996 5,250,000,000.00
2001
12,000,000,000.00
-
15,250,000,000.00
-
16,474,233,000.00
-
18,055,760,020.00
*Office & Facilities*
================
Size :
1,136.55 sq. meters
Location : Taipei
City
Type of building : Industrial
Property status : Owned by
TAIWAN GLASS INDUSTRY CORP
Comment : Serves as
office and warehouse
Other Contact Details
-----------------------------
Tel no. : 2-27150333
Email address :
tgi@ms5.hinet.net, kitchenware@mail.taiwanglass.com
*Factories, Size & Locations*
=======================
Maintains the following factories:
(1)
Taiwan Lukang Factory
-------------------------------
Product line :
Electrical glass fiber
Land size :
260,343 square meters
Factory size :
155,788 square meters
Location : Changhwa Hsien
Type of building :
Industrial
Production capacity : 30,000
metric tone (per year)
(2)
Taiwan Taoyuan Factory
----------------------------------
Product line :
Electrical glass fiber
Land size : 181,181 square meters
Facotry size :
142,129 square meters
Location :
Taoyuan Hsien
Type of building :
Industrial
Production capacity : 73,000 metric tone (per year)
(3)
Taiwan Taichung Factory
----------------------------------
Product line :
Float and rolled glass
Land size :
250,068 square meters
Factory size :
177,247 square meters
Location :
Taichung Hsien
Type of building : Industrial
Production capacity : 380,000
metric tone (per year)
(4)
Taiwan Hsinchu Factory
---------------------------------
Product line :
Float and rolled glass, Glasswares
Land size :
126,552 square meters
Factory size :
84,609 square meters
Location :
Hsinchu City
Type of building :
Industrial
Production capacity : 188,000 metric tone (per year)
(5)
Taiwan Lukang Factory (TF-4)
-----------------------------------------
Product line :
Float glass
Production capacity : 180,000
metric tone
Started construction :
February 2005
Commencement date : May 2006
Maintains the following manufacturing facilities in Taiwan :
- Three float plants
- Two rolled glass plants
*Corporate & Organization Structure*
=============================
A large sized company operated and managed by an experienced team of
professionals.
*Industry Ranking*
===============
- Considered among Taiwan's largest manufacturing corporations
- Generally regarded as one of the Top 1000 Companies in Manufacturing
Industry of Taiwan
- Position as one of the top ten glass companies in the world
- Generally regarded as one of the Top 5000 Companies in Manufacturing
Industry of Taiwan, details of rank are as follows:
Year Rank
------ -------
2005 264
2006 260
2007 264
*Sales Ranking*
=============
Details of Rank are as follows:
Year Rank
------ ------
1992 44
1996 77
1997 84
1998 87
2000 87
2001 100
2002 104
*Insurance Companies*
==================
Insurance Company : FUBON INSURANCE CO LTD
*Registrar*
=========
TAIWAN GLASS
*Auditors*
=========
DIWAN ERNST & YOUNG
www.taiwanglass.com SC’s website is
unable to be landed at present for the technical reason.
E-mail: tgi@taiwanglass.com
For the past two years there is no record of litigation.
*Major Shareholders*
===============
Total number of shareholders: N/A
Total number of shares: N/A
Shareholders Country Number Amount %
TAI FONG INVESTMENT n/a 272,699,217.00 n/a n/a
CO LTD
HO HO INVESTMENT n/a
239,017,331.00 n/a n/a
CO LTD
LIM KIEN SENG n/a
85,433,226.00 n/a n/a
KAH KIH CO LTD
LIM KIEN SENG KAH n/a
85,433,226.00 n/a n/a
KIH INVESTMENT
CO LTD
TAI CHIA INVESTMENT n/a
78,022,513.00 n/a n/a
CO LTD
Mr. Po-feng Lin Taiwan 12,416,600.00 n/a n/a
Mr. Po-shih Lin Taiwan
10,288,539.00 n/a n/a
Mr. Po-chun Lin Taiwan 2,786,015.00 n/a n/a
Mr. Chia-hung Lin Taiwan 569,347.00 n/a n/a
Mr. Sun-mao Su Taiwan 230,551.00 n/a n/a
Mr. Yu-teh Su Taiwan 21,356.00 n/a n/a
Mr. Han-tung Lin Taiwan
n/a n/a n/a
Management: Mr. Chia-ming Lin,
Manager
Mr. Po-ping Chen, Manager
Ms. Shu-nuan Wu, Manager
Name Nationality
Job Description Dept. / Division
Mr. Chia-ming Lin Taiwanese
Manager Account
Mr. Po-ping Chen Taiwanese
Manager Account
Ms. Shu-nuan Wu Taiwanese Manager Finance
Mr. Ching-chi Chen Taiwanese
Assist. Manager -
Mr. Po-feng Lin Taiwanese
General Manager -
Mr. Chia-ming Lee Taiwanese
Manager -
Mr. Chia-hung Lin Taiwanese
Vice General Manager -
Mr. Jen-hao Shih Taiwanese
Vice General Manager -
Mr. Pao-tsun Lin Taiwanese
Vice General Manager -
Mr. Po-tsun Lin Taiwanese
Vice General Manager -
Mr. Sun-mao Su Taiwanese
Vice General Manager -
Mr. Yu-teh Su Taiwanese
Vice General Manager -
*COMPANY DIRECTORS*
=====================
1
Name : Mr. Chia-ming Lee
Nationality : Taiwanese
2
Name : Mr. Chia-yu Lin
Nationality : Taiwanese
3
Name : Mr. Jen-hao Shih
Nationality : Taiwanese
4
Name : Mr. Po-shih Lin
Nationality : Taiwanese
5
Name : Mr. Yu-chia Lin
Nationality : Taiwanese
Country of Residence : Taiwan
6
Name : Ms. Man-li Hsieh Lin
Nationality : Taiwanese
*Main Products & Services*
======================
Specializes in the following areas of work:
1. Manufacturing of a range of glass products.
2. Selling to both domestic and international market.
Breakdown of sales as per product:
Products % of Sales
------------ --------------
Fiber glass 45.10
Flat glass 39.50
Container 10.70
Tableware/Kitchenware
4.30
Other 0.40
Products: Acrylic polymer
Air compressor
Alumina,
bricks
Aluminum luggage
frames
Automatic voltage
regulators
*Payment Terms*
=============
Sales
-------
Local : Cash
30-90 days
credit
Export : Letter of Credit (L/C)
Telegraphic
Transfer (T/T)
Purchases
--------------
Local : Cash
30-90 days
credit
Import : Letter of Credit (L/C)
Telegraphic
Transfer (T/T)
*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
Int'l Gift & Stationery Spring Show
Dates attended : 21-25 April,
2000
Location : Taipei
World Trade Center - Exhibition Hall
*Competitors*
============
The following locally based firms supply similar range of products :
- GOLDEN DIAMOND TRADING LTD
- FULLTECH FIBER GLASS CORP
- CORNING DISPLAY TECHNOLOGIES TAIWAN CO LTD
- NITTOBO ASCO GLASS FIBER CO LTD
- TAIWAN AUTOGLASS INDUSTRY CORPORATION
- UNITED ORIENTAL GLASS INDUSTRIAL CO LTD
- LIM SHANG HANG TEMPER-SAFE GLASS FACTORY CO LTD
- PFG FIBER GLASS CORP
- JIU ZHAN GLASS ENTERPRISE CORP
- STANLEY GLASS CO LTD
- YUAN CHANG GLASS CO LTD
- FORMOSAN GLASS CORP
*Quality Certification*
=================
Obtained the following certifications:
(1)
Type of certification : ISO 9002
Year of certification : 1995
Details :
For Taoyuan , Taichung and Hsingshan Factory.
(2)
Type of certification : ISO 14001
Year of certification : 2001
Details :
Such certification was given for TS, TF and TL factories.
*Production Capacity*
==================
(1)
Products Current Capacity (metric tone/annum)
------------
--------------------------------------------------
Float and rolled glass 2,760,712
Glass fabric and glass fiber 5,147,317
Glasswares
1,463,164
(2)
Item :
Flat glass
Maximum capacity : 640,000 (NTD 1,000/Tons)
Current capacity : 576,672
(NTD 1,000/Tons)
Year :
2007
(3)
Item :
Fiber glass
Maximum capacity : 110,000 (NTD 1,000/Tons)
Current capacity : 95,773
(NTD 1,000/Tons)
Year :
2007
(4)
Item : Container
Maximum capacity : 120,000 (NTD 1,000/Tons)
Current capacity : 108,142
(NTD 1,000/Tons)
Year :
2007
(5)
Item :
Tableware
Maximum capacity : 7,000 (NTD 1,000/Tons)
Current capacity : 8,859 (NTD
,1000/Tons)
Year :
2007
(6)
Item :
Kitchenware
Maximum capacity : 3,000 (NTD 1,000/Tons)
Current capacity : 3,851 (NTD
1,000/Tons)
Year :
2007
*Local Distribution Network*
=======================
63% of the annual turnover is attributed to local sales.
*Export Markets*
=============
37% 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 ranked
are as follows:
Year Rank
------ -------
1997 110
2001 116
2002 153
2003 164
2004 183
2005 187
2006 132
*International Exhibition Participation*
=============================
Participated in the following international exhibitions:
(1)
Exhibition fair : Hong Kong
Gifts & Houseware Fair 2000
Dates attended : 17-20 April, 2000
Location : Hong Kong
Convention and Exhibition Centre
(2)
Exhibition fair : 3rd
International Glass Products, Glass Manufacturing Processing & Materials
Exhibition & Conference (GLASSTECH ASIA 2002)
Dates attended : 6-8 March,
2002
Location : Singapore
Expo, Hall I
*LOCAL BRANCHES & MANAGEMENT*
=================================
Branch : TAIWAN GLASS INDUSTRY CORP - TAICHUNG HSIEN
Branch Address : 222 Tzu Li 3rd St Wuchi Chen, Taichung Hsien 435
Branch Tel : [+886] 4-2639033
Branch : TAIWAN GLASS INDUSTRY CORP - TAOYUAN HSIEN
Branch Address : Kuanyin Industrial Part 1 Ching Chien 5th Rd Kuanyin
Hsiang, Taoyuan Hsien 328
Branch Tel : [+886] 3-4837333
Branch : TAIWAN GLASS INDUSTRY CORP - CHANGHWA HSIEN
Branch Address : Chang Pin Industrial Park 1 Lu Kung Rd Lukang Chen,
Changhwa Hsien 505
Branch Tel : [+886] 4-7810333
Branch : TAIWAN GLASS INDUSTRY CORP - HSINCHU CITY
Branch Address : 470 Chung Hua Rd Section 4 Hsinchu City, 300
Branch Tel : [+886] 3-5300333
*(Subsidiaries , Joint-ventures & Affiliates)
=============================
Company Name : NIPPON SHEET GLASS CO LTD
Address : Sumitomo Fudosan Mita Twin Bldg - West Wing 3-5-27 Mita
Minato-ku Tokyo 1086321 Japan
Country : Japan
Relationship : Affiliate
Legal Form : Public Listed Company
Company Type : Manufacturer
Industry : Glass Products
Company Name : QINGDAO FLOAT GLASS CO LTD
Address : Dayao 266432 China
Country : China
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Glass Products
Company Name : QINGDAO ROLLED GLASS CO LTD
Country : China
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Glass Products
Company Name : TAICHIA GLASS FIBER CO LTD
Country : Taiwan
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Glass Products
Company Name : TAICHIA GLASS FIBER CO LTD
Country : China
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Glass Products
Company Name : TAIWAN AUTOGLASS IND CORP
Address : Taiwan Glass Bldg 261 Nanking East Rd Section 3 Taiwan
Country : Taiwan
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Glass Products
Company Name : TAIWAN GLASS CHINA HOLDING LTD
Country : China
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Glass Products
Company Name : TAIWAN GLASS USA SALES CORP
Address : 9450 Southwest Commerce Circle Wilsonville 97070 Oregon USA
Country : USA
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Glass Products
Company Name : TG CHANGJIANG GLASS CO LTD
Address : 1 Taibo Rd Zhangpu Town Kunshan 215321 Jiangsu China
Country : China
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Glass Products
Company Name : TG CHENGDU GLASS CO LTD
Country : China
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Glass Products
Company Name : TG DONGHAI GLASS CO LTD
Country : China
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Glass Products
Company Name : TG FENGYANG SILICA SAND CO LTD
Country : China
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Textiles & Raw Material
Company Name : TG HANZHONG SILICA SAND CO LTD
Country : China
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Textiles & Raw Material
Company Name : TG HUANAN GLASS CO LTD
Country : China
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Glass Products
Company Name : TG KUSHAN GLASS CO LTD
Address : Kushan Dist Kaohsiung City 804 Taiwan
Country : Taiwan
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Glass Products
Company Name : TG TIANJIN GLASS CO LTD
Country : China
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Glass Products
Company Name : TG ZHANGXHOU SILICA SAND CO LTD
Country : China
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Glass Products
Company Name : YINAN SILICA SAND CO LTD
Country : China
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Textiles & Raw Material
*OVERSEAS AGENTS AND DISTRIBUTORS*
====================================
Agent : JUSTUS KIMIARAYA PT
Country of Origin : Indonesia
Product Description : Chemical products
Brand : Taiwan Glass
Year : 1980
*Subsidiaries, Joint-Ventures & Affiliates*
================================
Maintains the following:
- Has 18 subsidiaries in Taiwan, mainland China, Singapore and USA
- Manufacturing facilities in China:
- 4 Float plants
- 5 Rolled glass plants
- 1 Glass fabric plant
*Strategic Partners & Alliances*
=========================
Maintains alliances with the following companies:
- ASAHI GLASS CO LTD, Japan
- WHEATON GLASS PLC, USA
- PILKINGTON PLC, United Kingdom
- VEBA GLASS AG, Germany
- OWENS CORNING FIBERGLASS CORP, USA
- BATA HARIO LTD, Japan
- KANEBO LTD, Japan
PAYMENT RATING : 1 OBTAINED SCORES :
86
|
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 : HUA
NAN COMMERCIAL BANK LTD
Branch :
Chungcheng Dist, Taipei City
Branch Address : 38
Chung King South Rd Section 1 Chungcheng Dist Taipei City 100 (Head
Office)
SWIFT Code :
HNBKTWTP
*Financial History*
===============
2006 - Group's revenue was projected to
reach USD 918 million
Balance Sheet
Currency : NTD
Denomination : in Thousands
2006 2007
------ ------
Current Assets
12,541,568 12,937,951
Funds & long-term investments 14,112,126 18,240,332
Property
11,583,752 11,622,022
Other Assets
448,357 537,684
Current Liabilities
(Before) 2,144,529 2,202,985
(After) 2,591,491 --
Long-term Liabilities 1,439,540 1,062,777
Other Liabilities
119,703 396,338
Common stock 16,474,234 18,055,760
Capital Reserve 128,166 128,166
Retained Earnings (Before)
16,539,788 17,583,023
(After)
14,511,300 --
Total Assets (Before) 38,685,803 43,337,989
Total Liabilities (Before) 3,703,772 3,662,100
(After) 4,150,734 --
Total Shareholder's Equity (Before) 34,982,031 39,675,889
(After) 34,517,069 --
Income Statement
Currency : NTD
Denomination : in Thousands
2006 2007
------ ------
Operating revenue 14,383,599 15,553,898
Gross Profit
3,872,651 3,569,631
Operating Income 1,942,002 1,441,638
Non-operating income 1,366,105 2,618,170
Non-operating expense 204,122 166,412
Net Income 2,578,985 3,318,396
Earnings (losses) per share (After) 1 2
*Financial Ratios*
==============
2006 2007
------ ------
Ratio of liabilities to Assets (%) 10 8
Ratio of long-term capital to
fixed Assets (%)
314 351
Current ratio (%) 585 587
Quick ratio (%) 466 460
Interest coverage 156 181
Turnover of receivable (times) 7 8
Average collection period of receivable 55 47
Turnover of inventories (times) 4 5
Turnover of expense (times) 16 17
Average days of sales 81 81
Turnover of fixed assets (times) 1 1
Turnover of total assets (times) 0.37 0.36
Return on total assets (%) 7 8
Return on shareholder's Equity (%) 7 8
Operating Income 12 8
Net Income before tax 19 22
Profit margin (%) 18 21
Retroactive
1 2
Cash flows ratio (%) 195 92
Cash flows adequacy (%) 197
183
Cash reinvestment ratio (%) 6 2.62
Degree of operating leverage 2 2
Degree of financial leverage 1 1
*Financial Structure*
================
Sale of Group Companies
----------------------------------
1. Local market
Products Volume (metric tone) Sales revenue (millions)
-------------
---------------------------
-------------------------------
Flat Glass 457,000 (12%) USD 160 (18.4%)
Fabric & Fiber 101,000 (-0.02%) USD 234 (22%)
Glassware 119,000 (11.9%) USD 60 (13.1%)
2. China market
Products Volume (metric tone) Sales revenue (millions)
------------- --------------------------- -------------------------------
Flat Glass 575,000 (6.5%) RMB 1,141(18.4%)
Fabric & Fiber 1,032,000 (8.9%) USD 299 (18.4%)
Group Total Sales
-----------------------
Volume : 1,260,000
metric tone (8.9%)
Sales revenue : USD 620 mil
(24.5%)
*Financial Summary (Currency: U.S. $'s)
==============================
Year Sales Assets Net Income
1998 $393,148,148.15 $1,036,629,629.63 $63,111,111.11
2000 $406,266,220.84 $847,802,581.65 $69,680,404.35
2001 $306,428,177.60 $812,066,337.78 $63,186,680.21
2002 $347,157,372.81 $826,718,597.30 $50,827,565.39
2003 $369,586,014.99 $862,328,546.71 $52,070,415.22
2004 $460,619,368.42 $1,016,975,548.87 $114,898,556.39
2005 $455,359,810.43 $1,155,758,957.35 $96,614,755.13
2006 $434,812,545.34 $1,169,462,001.21 $77,962,061.67
2007 $469,339,106.82 $1,307,724,471.94 $100,132,649.37
*Int´l Trade Activity (Currency: U.S. $'s)
===============================
Year Imports Exports Total
1997 $71,200,000.00 $102,200,000.00 $173,400,000.00
1998 $112,500,000.00 $87,800,000.00 $200,300,000.00
2001 $106,064,306.00 $85,934,304.00 $191,998,610.00
2002 $49,363,557.00 $111,059,702.01 $160,423,259.01
2003 $51,641,279.01 $128,359,284.00 $180,000,563.01
2004 $58,833,422.02 $158,383,528.00 $217,216,950.02
2005 $79,792,263.00 $146,318,246.00 $226,110,509.00
2006 $192,988,505.99 $148,696,745.01 $341,685,251.00
2007 $200,000,000.00 $150,000,000.00 $350,000,000.00
SC is considered large-sized in its line with a development history of
44 years. Credit dealings with SC in favorable terms can be considered.
Attached:
trade references
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 0131 Cotton
and cottonseed
Exporting 3089 Plastics
products,
Exporting 3211 Flat
glass
Exporting 3231 Products
of purchased glass,
Exporting 3552 Textile
machines, and parts and attachments,
Exporting 3564 Fans
and blowers, except household type; dust collection and air purification
equipment; and parts,
Exporting 3569 General
industrial machinery and equipment, and parts,
Exporting 3679 Electronic
components,
Exporting 5065 Electronic
Parts/Equip, NEC
Importing 1459 Clay,
ceramic, and refractory minerals,
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 3926901000 Buckets & pails,of plastic
Exporting 7003190000 Cast glass and rolled glass, in nonwired sheets (not body
tinted, opacified or flashed, not with an absorbent or reflecting layer), not
worked
Exporting 7003200000 Wired sheets of cast or rolled glass, whether or not having an
absorbent or reflecting layer, but not otherwise worked
Exporting 7007190000 Toughened (tempered) safety glass, not suitable for
incorporation in vehicles, aircraft, spacecraft or vessels
Exporting 7007290000 Laminated safety glass, other than of size and shape suitable
for incorporation in vehicles, aircraft, spacecraft or vessels
Exporting 7008000000 Multiple-walled insulating units of glass
Exporting 7009910000 Glass mirrors unframed not vehicle rearview mirror
Exporting 7010900500 Serum bottles, vials and other pharmaceutical containers of
glass, for the conveyance or packing of goods
Exporting 7019110000 Chopped strands not over 50 mm long
Exporting 7019120040 Glass fiber rovings (including glass wool), not colored, of a
kind used in industry as packing or lubricating materials
DETAILED PRODUCT
CLASSIFICATION & ACTIVITY
Activity Product/Service Description
Exporter Cast glass
wired sheets
Exporter Cast glass
Exporter Unframed glass
mirrors
Exporter Chopped
strands
Exporter Auxiliary
machinery
Exporter Power
looms
Exporter Textile
twisting machines
Exporter Cotton
gins
Exporter Packing
machines
Exporter Fan parts
INTERNATIONAL
TRADE: ACTIVITY & MARKETS
Country / Region Main Trading Activity
Africa Exporting
Asia / Pacific Exporting,Importing
Europe Exporting,Importing
Middle-East Exporting
North America Exporting,Importing
Pacific Exporting,Importing
South America Exporting
Albania Exporting
Algeria Exporting
Australia Exporting,Importing
Austria Exporting,Importing
Bahrain Exporting
Bangladesh Exporting
Barbados Exporting
Belgium Exporting,Importing
Brazil Exporting
Brunei Exporting
Burkina Faso Exporting
Cambodia Exporting
Canada Exporting,Importing
Chile Exporting,Importing
China Exporting,Importing
Colombia Exporting
Costa Rica Exporting
Cyprus Exporting
Czech Republic Exporting,Importing
Denmark Exporting,Importing
Dominican Republic Exporting
Ecuador Exporting
Egypt Exporting
El Salvador Exporting
Estonia Exporting
Finland Exporting,Importing
France Exporting,Importing
Gabon Exporting
Germany Exporting,Importing
Ghana Exporting
Greece Exporting
Guam Exporting
Guatemala Exporting
Guyana Exporting
Haiti Exporting
Honduras Exporting
Hong Kong Exporting,Importing
India Exporting,Importing
Indonesia Exporting,Importing
Iran Exporting
Ireland Exporting
Israel Exporting,Importing
Italy Exporting,Importing
Jamaica Exporting
Japan Exporting,Importing
Jordan Exporting
Kenya Exporting
Kuwait Exporting
Lebanon Exporting
Lithuania Exporting
Macao Exporting
Malaysia Exporting,Importing
Maldives Exporting
Mali Exporting
Malta Exporting
Mauritius Exporting
Mexico Exporting
Nepal Exporting
Netherlands Exporting,Importing
New Zealand Exporting
Norway Exporting,Importing
Pakistan Exporting
Panama Exporting
Peru Exporting
Philippines Exporting,Importing
Poland Exporting
Portugal Exporting
Puerto Rico Exporting
Qatar Exporting
Reunion Exporting
Romania Exporting
Russia Exporting
Saudi Arabia Exporting
Singapore Exporting,Importing
South Africa Exporting,Importing
South Korea Exporting,Importing
Spain Exporting
Sri Lanka Exporting
Suriname Exporting
Sweden Exporting,Importing
Switzerland Importing
Tanzania Exporting
Thailand Exporting
Trinidad & Tobago Exporting
Tunisia Exporting
Turkey Exporting,Importing
USA Exporting,Importing
United Arab Emirates Exporting
United Kingdom Exporting,Importing
Uruguay Exporting
Venezuela Exporting
Vietnam Exporting
Yemen (Sanna) Exporting
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.58 |
|
UK Pound |
1 |
Rs.81.43 |
|
Euro |
1 |
Rs.64.52 |
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%)