MIRA
INFORM REPORT
|
Report Date : |
04.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CHINA GENERAL PLASTICS CORP |
|
|
|
|
Registered Office : |
7 Fl Kong Yen Bldg 37 Chi Hu Rd , Neihu Dist Taipei City 114 |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
2007 |
|
|
|
|
Date of Incorporation : |
29.04.1964 |
|
|
|
|
Com. Reg. No.: |
11686106 |
|
|
|
|
Legal Form : |
Public Listed Company |
|
|
|
|
Line of Business : |
Research and Development of Technologies related to Plastic Products. Importing of Synthetic Leather, Polyvinyl Butyral and related Raw
Material Products. |
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 5,000,000 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
Name & address
CHINA GENERAL
PLASTICS CORP
7FL KONG YEN BLDG 37 CHI HU RD
NEIHU DIST TAIPEI CITY 114, TAIWAN
TEL: 886-2-26582158 FAX: 886-2-26599514
EXECUTIVE SUMMARY
INCORPORATION DATE :
APRIL 29, 1964
REGISTRATION NO. :
11686106
LEGAL FORM :
PUBLIC LISTED COMPANY
CHIEF EXECUTIVE :
MR. QUINTIN YI-KUEI WU (CHAIRMAN)
STAFF STRENGTH :
867
CAPITAL :
US$ 165,837,479
BUSINESS LINE :
MANUFACTURER
TURNOVER :
NTD 8,748,669,000 (AS OF 2007)
EQUITIES :
NTD 4,820,717,000 (AS OF 2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 5,000,000
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
TWD 30.39193 = 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*
================
1985 - CGP GROUP invested a total of USD
4,000,000 in the acquisition of WESTLAKE
POLYMERS INC in
Louisiana, USA a new production facility producing polyesterene.
1991 - Commenced production of
CPG's glasswool insulation plant known as ACI Insulation located in Toufen.
*Capital Details*
=============
Initial registered capital
: NTD 3,135,000,000.00
Capital increases as follows:
Date
Increase (NTD)
------ ---------------------
2001
4,248,000,000.00 with paid-up capital of NTD 4,248,035,280.00
--
5,000,000,000.00
Market capitalization : NTD
8,745,450,000.00
Year : 1995
*Licenses & Permits*
================
License number : 9963180100
Date issued : 26 April,
1969
Issuing authority : Industrial Development Bureau, MOEA
Type of license : Factory
license
*Office & Facilities*
===============
Size :
499.37 sq meters
1,400 sq. meter (Approx.)
Location : Taipei
City
Facilities : Modern
Property status : Rented
Type of building : Industrial building
Comment : Also occupies the 7th and 12th
floor of the building.
Note:
The office facilities are shared with a related company, including :
- ACME
- ELECTRONICS CORP
- ASIA POLYMER CORP
- CHONG LOONG TRADING CO LTD
- WANSON PLASTICS CORP
- TAITA CHEMICAL CO LTD
- THINTEC MATERIALS CORP
- USI CORP
Other contact details
----------------------------
Tel no : 2-87516888
Fax no : 2-26599516 / 2699520
Email : mailmaster@cgpc.com.tw
sales@cgpc.com.tw
kevinchang@cgpc.com.tw
*Factories, Size & Locations*
======================
Size :
3,300 sq. meters (Approx.)
Location : Miaoli
Hsien
Facilities : Modern
Property status : Owned by
CHINA GENERAL PLASTICS CORP
Type of building : Industrial building
*Corporate & Organization Structure*
=============================
A large specialized company operated and managed by an experienced team
of professionals.
Organization and management of the company is divided into:
- Building and Leather Division
- Fabrication Division
- Film Division
- Consumer Division
*Industry Ranking*
================
- Considered as one of the top three largest PVC resin manufacturers in
Taiwan.
- Generally regarded as one of the Top 500 Companies in Service Industry
of Taiwan.
- Generally regarded as one of the Top 5,000 Companies in Manufacturing
Industry of Taiwan.
Details of rank are as
follows:
Year Rank
------- ---------
1999 153
2000 172
2001 179
2004 441
2005 479
2006 498
*Sales Ranking*
============
Details of Rank are as follows
Year Rank
------ ------
1987 35
1996 122
1997 127
1998 146
2000 167
2001 175
2002 200
*Auditors*
=========
TNS TAX CONSULTING & CO
*Registrar*
=========
CHINA GENERAL PLASTICS CORP (Stock Department)
Stock Market Code: 1305
*Insurance Companies*
==================
FUBON LIFE ASSURANCE CO LTD
*Accountants*
============
DELOITTE & TOUCHE
www.cgpc.com.tw The design is professional and the content is
well organized. At present the web site is both in Chinese and English
versions.
E-mail: cgpcstkqa@cgpc.com.tw
For the past two years there is no record of litigation.
*Major Shareholders*
==================
Shareholders' Name
Number of Shares
--------------------------- ------------------
CHINA GENERAL TERMINAL & DISTRIBUTION CORP 2,150,000
LIANG CHU INT'L INVESTMENT CO LTD 102,799,317
Shares are held by the following on behalf of LIANG CHU INT'L INVESTMENT
CO LTD :
- Mr. Yi-kuei Wu
- Mr. Feng-chiang Miao
- Mr. Yao-sheng Chen
- Mr. Yi-shao Ko
- Mr. Chen-tu Liu
- Mr. Chi-chung Chang
- Mr. Teh-huai Chou
Shares are held by the following on behalf of CHINA GENERAL TERMINAL
& DISTRIBUTION CORP:
- Mr. Sheng-chuan Wu
Management: Mr. Chang-shun Lee,
Manager
Mr. Jung-min Wang, Manager
Mr. Chien-chou Kuo, Manager
Name Nationality
Job Description Dept. / Division
Mr. Chang-shun Lee Taiwanese
Manager Administration
Mr. Jung-min Wang Taiwanese
Manager Factory
Mr. Chien-chou Kuo Taiwanese
Manager Finance
Ms. Hsiu-chin Wu Taiwanese
Manager Finance
Mr. Chi-hung Hu Taiwanese
Manager Marketing
Mr. Chao-tzu Ho Taiwanese
Assist. Manager -
Mr. Cheng-yi Hsu Taiwanese
Assist. Manager -
Mr. Hung-yang Cheng Taiwanese
Assist. Manager -
Mr. Yen-chih Chen Taiwanese
Assist. Manager -
Mr. James Shih-ping Fu Taiwanese Assistant -
Mr. Chun-yen Chang Taiwanese
Deputy General Manager -
Mr. Hsiao-hua Lu Taiwanese
Finance Controller -
Mr. Kenoneill Ni Er Ou Taiwanese
General Manager -
Mr. Kuo-hua Shen Taiwanese
General Manager -
Mr. Teh-huai Chou Taiwanese
General Manager -
Mr. Ting-chen Chao Taiwanese
General Manager -
Mr. Tzu-heng Shen Taiwanese
General Manager -
Mr. Chen-chen Lin Taiwanese
Manager -
Mr. David Chung-yuan Liu Taiwanese
Manager -
Mr. Shao-shien Chiu Taiwanese
Manager -
Mr. Paul Ying Taiwanese
Senior Vice President -
Mr. Ku-men Lu Taiwanese
Supervisor -
Mr. Ku-yun Hsin Taiwanese Supervisor -
Mr. Wu-ying Tai Taiwanese
Supervisor -
Mr. Pi-kuang Chung Taiwanese
Vice General Manager -
*Main Products & Services*
======================
Specializes in the following areas of work :
1. Research and development of technologies related to plastic products.
2. Importing of synthetic leather, polyvinyl butyral and related raw
material products.
3. Manufacturing of various vinyl films and other related products.
4. Selling to both domestic and international markets of products
produced by the firm.
Products: Air beds
Air
compressors
Anti-corrosion
liner
Antimony oxide
Antioxidizing
preparations
*Payment Terms*
==============
Sales
------
Local : Cash
30-90 days credit
Export : Letter of Credit (L/C)
Telegraphic Transfer (T/T)
Purchases
--------------
Local : 30-90 days credit
Import : Letter of Credit (L/C)
Telegraphic
Transfer (T/T)
*Machinery & Equipment*
====================
Machinery/ Equipment include:
- Soft film calendar line
- PVC plant debottlenecking system
- VCM storage and loading system
The Toufen facilities specifically maintain
- two 250-metric ton resin silos
- a vinyl chloride monomer recovery unit
- printing equipment and surface treatment equipment
Additionally, the Toufen Plant also maintains a Chlor-alkali unit from
KASHIMA CHLORINE AND ALKALI CO as well as two HORTON SPHERES (VCM storage
tanks).
*Production Capacity*
=================
Maximum capacity : 8,500 mt/year
*Technologies Developed and/or Acquired*
=====================================
The following technologies have been acquired :
(1)
Name of technology : Clean
reactor technology
Acquired from : BF
GOODRICH CO
Country :
USA
(2)
Name of technology : Advanced
Resin Production Technology
Acquired from :
CHISSO CORP
Country :
Japan
(3)
Also acquired a technology from RENOLT of West Germany
*Quality Certification*
==================
Type of certification : ISO-9002
*Associations*
============
Member of the following
associations:
- Taiwan Regional Association of Synthetic Leather
- German Business Association of Taiwan
*Competitors*
===========
The following locally based companies supply similar range of products :
- BAYER TAIWAN CO LTD
- CHUNG HWA PULP CORP
- HANDY CHEMICAL CORP
- INMAX INDUSTRIAL CO LTD
- KINGYORKER ENTERPRISE CO LTD
- SAN FANG CHEMICAL INDUSTRY CO LTD
- TONG YANG INDUSTRY CO LTD
- OCEAN PLASTICS CO LTD
- FENG HWANG PLASTIC CO LTD
*Projects*
========
Involved in the following projects :
(1)
Type of project : Building of Petrochemical Project
Location : Johor
State, Malaysia
Specification : The project costs
MYR 8.5 billion (USD 3.15 Billion)
(2)
Type of project : Producing PE and PP raw materials
Location :
Philippines
Project Partner : USI CORP
(Taiwan)
Specification : CGP and USI
CORP will invest USD 20,000,000 to produce PE and PP raw materials in the
Philippines. The project is to be financed with USD 80,000,000 direct capital
from the companies and USD 120,000,000 loans. USI will maintain 60% majority
holding in the venture while PHILIPPINE NATIONAL OIL CORP will take up 10% of the
company's total equity.
*Merger & Acquisition*
===================
Type :
Acquisition
Parties involved : BTR NYLEX
CORP
CHINA GENERAL PLASTICS CORP (CGP)
TAITA CHEMICAL CO
ASIA POLYMER CORP
PRIVATE INVESTMENT CO OF ASIA
Date of transaction : July 1986
Details : CGP, TAITA CHEMICAL CO and ASIA POLYMER CORP
were purchased by the Australian chemical firm BTR NYLEX CORP for a combined
investment of USD87.5 million BTR now owns 51% of CGP, and over 30% of both
TAITA and ASIA POLYMER BTR bought a
portion of these shares from
PRIVATE INVESTMENT CO OF ASIA and also
made an additional investment of USD27.6 million, of which it has dedicated
USD8.7 million to CGP, USD10.2 million to ASIA POLYMER and USD8.6 million to
TAITA CHEMICAL.
*Imports*
========
Has been recorded in the China External Trade Development Council from
1985 to 1986 for maintaining the following imported products:
Classification
Products
------------------
------------
Minerals Sea Salt (Solar Salt)
Chemicals
Sodium Hydroxide in Aqueous Solution
Petrochemicals
Black Carbon, and Synthetic Dioctyl Phthalate (DOP)
Plastics
Vinyl Chloride and Copolymer Polyvinyl Alcohol
Other chemicals
Titanium Dioxide
Chemical product Blue
Pigment, Yellow Pigment, and Catalyst for Polymerization
Precious metals
Silver, Semi-manufactured
Metal products Gas
Reservoirs of Iron or Steel
Machinery
Machinery/Mechanical Appliances for Rubber & Artificial Plastics
Industries Machinery, Electrical Automatic Dimension Measuring Equipment
*Local Distribution Network*
=======================
An estimated 60% of the annual turnover is attributed to local sales.
*International Trade Activity*
======================
Has been recorded in the China External Trade Development Council for
maintaining the following exported products:
1985 to 1986
-----------------
Classification
Products
------------------
------------
Plastic products : PVC
Cloth Sheet
Polyvinyl Chloride Film
Material of 50% PVC
Machinery :
Machinery/Mechanical Appliances for use in the Rubber and Artificial Plastic
Industries.
1987 to 1988
-----------------
Classification
Products
------------------
------------
Chemicals :
Dioctyl Phthalate (DOP)
Polyvinyl Chloride Resin
PVC compound
Plastic products : PVC
Cloth sheets
Polyvinyl
Chloride Film
Material of 50% PVC
Note
-------
At the time of performing this report, the 2007 import / export figures
had not yet been released by the Ministry of Economic Affairs which monitors
exports and imports.
*Export Markets*
=============
An estimated 40% annual turnover is attributed to export.
*International Trade Ranking*
========================
The firm has been ranked among Taiwan's Top Importers/Exporters based on
the standard measured by the Board of Foreign Trade (BOFT)
Details of rank are as follows :
Year Rank
----- ------
1997 290
2001 319
2002 274
2003 351
2004 326
2005 276
2006 214
*International Exhibition Participation*
==============================
Exhibition fair : CHINAPLAS -
Int'l Exhibition on Plastics & Rubber Industries
Dates attended : 29 June, 2004 - 3 July, 2004
Location : China
*LOCAL BRANCHES & MANAGEMENT*
=================================
Branch : CHINA GENERAL PLASTICS CORP - TAICHUNG CITY
Branch Address : 279 Min Tzu Rd West Dist, Taichung City, 403
Branch Tel : [+886] 4-22245515
Branch : CHINA GENERAL PLASTICS CORP - TAOYUAN CITY
Branch Address : 1198 Fu Kuo Rd Lu Chu Village Section 3 Taoyuan City,
Taoyuan Hsien 330
Branch Tel : [+886] 3-3212539
Branch Fax : [+886] 3-3222275
Branch : CHINA GENERAL PLASTICS CORP - KAOHSIUNG CITY
Branch Address : 87 Chuan Ai Rd Kushan Dist, Kaohsiung City, 804
Branch Tel : [+886] 7-3119138
Branch : CHINA GENERAL PLASTICS CORP - TAIPEI CITY
Branch Address : 5Fl China General Plastics Bldg 3 Tun Hua South Rd
Section 1 Sungshan Dist, Taipei City, 105
Branch Tel : [+886] 2-25773661
Branch Fax : [+886] 2-25778067
Branch Employees : 20
Branch : CHINA GENERAL PLASTICS CORP (STOCK DEPARTMENT)- TAIPEI CITY
Branch Address : 10Fl China General Plastics Bldg 3 Tun Hua South Rd
Section 1 Sungshan Dist, Taipei City, 105
Branch Tel : [+886] 2-25778181
Branch Fax : [+886] 2-26599553
Branch Employees : 10
Branch : CHINA GENERAL PLASTICS CORP - TAICHUNG CITY
Branch Address : 10Fl, 102 Min Chuan Rd West Dist, Taichung City, 403
Branch Tel : [+886] 4-22255648
Branch : CHINA GENERAL PLASTICS CORP - TAINAN CITY
Branch Address : 4Fl, 89 Lin An Rd Section 1 Central Dist, Tainan City,
700
Branch Tel : [+886] 6-2590557
Branch Fax : [+886] 6-2590472
Branch Employees : 15
*(Subsidiaries , Joint-ventures & Affiliates)
===============================
Company Name : ASIA POLYMER CORP
Address : 12Fl, 37 Chi Hu Rd Neihu Dist Taipei City 114 Taiwan
Country : Taiwan
Relationship : Subsidiary
Legal Form : Public Listed Company
Company Type : Manufacturer
Industry : Chemicals
Company Name : BTRN ASIA HK
Country : Hong Kong
Relationship : Affiliate
Legal Form : Private company with limited liability
Industry : N/A
Company Name : CGPC (BVI) HOLDING CO LTD
Country : Virgin Islands (British)
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Service
Industry : Financial Services - General
Company Name : CGPC AMERICA CORP
Address : 19445 E Walnut Drive North City of Industry 91789 California
USA
Country : USA
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Plastics & Products
Company Name : CHINA GENERAL EUROPE LTD
Address : 10B Dalton Court Commercial Rd Darwen BB30BG Lancashire United
Kingdom
Country : United Kingdom
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Plastics & Products
Company Name : CHINA GENERAL PLASTICS (HONG KONG) CO LTD
Address : Rm 110B China Hong Kong City - Tower 2 33 Canton Rd Tsim Sha
Tsui New Territories Hong Kong
Country : Hong Kong
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Plastics & Products
Company Name : CHINA GENERAL PLASTICS CORP (AUSTRALIA)
Address : Suite 4, Level 3, 695 Burke Rd Camberwell 3124 VIC Australia
Country : Australia
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Plastics & Products
Company Name : CHINA GENERAL TERMINAL & DISTRIBUTION CO
Address : 12Fl Kong Yen Bldg 37 Chi Hu Rd Neihu Dist Taipei City 114
Taiwan
Country : Taiwan
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Petrochemicals
Company Name : CONTINENTAL GENERAL PLASTICS (SANHE) CO LTD
Address : Yanjiao Economic & Technological Development Zone Sanhe
065201 Hebei China
Country : China
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Plastics & Products
Company Name : CONTINENTAL GENERAL PLASTICS (ZHONG-SHAN) CO LTD
Address : Zhongshan High Tech Industry Development Zone Yan Jiang Dong
Er Lu Zhongshan Guangdong China
Country : China
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Chemicals
Company Name : CONTINENTAL GENERAL PLASTICS(CHENG CHOU) CO LTD
Address : Yanjiao Economic & Technological Development Zone Sanhe
065201 Hebei China
Country : China
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Plastics & Products
Company Name : KRYSTAL STAR INT'L CORP
Address : Citco Bldg Wickhams Cay Road Town Tortola Virgin Islands (British)
Country : Virgin Islands (British)
Relationship : Subsidiary
Legal Form : Private company with limited liability
Industry : N/A
Company Name : REGAL TRADE HOLDINGS CORP
Address : Citco Bldg Wickhams Cay Road Town Tortola Virgin Islands
(British)
Country : Virgin Islands (British)
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Service
Industry : Financial Services - General
Company Name : SWANSON PLASTICS CORP
Address : 8Fl Kong Yen Bldg 37 Chi Hu Rd Neihu Dist Taipei City 114
Taiwan
Country : Taiwan
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Plastics & Products
Company Name : TAITA CHEMICAL CO LTD
Address : 12Fl USI Group Bldg 39 Ji-Hu Rd Neihu Dist Taipei City 114
Taiwan
Country : Taiwan
Relationship : Subsidiary
Legal Form : Public Listed Company
Company Type : Manufacturer
Industry : Chemicals
Company Name : TAIWAN PLASTICIZER CORP
Country : Taiwan
Relationship : Minor Investments
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Plastics & Products
Company Name : TAIWAN SEMICONDUCTOR MFG CO LTD
Address : Hsinchu Science-Based Industrial Park 8 Li Hsing 6th Rd
Hsinchu City 300 Taiwan
Country : Taiwan
Relationship : Minor Investments
Legal Form : Public Listed Company
Company Type : Manufacturer
Industry : Electronic Products & Components
Company Name : TAIWAN VCM CORP
Address : 10Fl China General Plastics Bldg 3 Tun Hua South Rd Section 1
Sungshan Dist Taipei City 105 Taiwan
Country : Taiwan
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Chemicals
Company Name : TAIWAN VINYL CHLORIDE MONOMER CORP
Address : 10Fl China General Plastics Bldg 3 Tun Hua South Rd Section 1
Sungshan Dist Taipei City 105 Taiwan
Country : Taiwan
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Chemicals
Company Name : USI CORP
Address : 11Fl Kong Yen Bldg 37 Chi Hu Rd Neihu Dist Taipei City 114
Taiwan
Country : Taiwan
Relationship : Affiliate
Legal Form : Public Listed Company
Company Type : Manufacturer
Industry : Chemicals
Company Name : WORLD STAR INVESTMENT LTD
Address : Citco Bldg Wickhams Cay Road Town Tortola Virgin Islands
(British)
Country : Virgin Islands (British)
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Service
Industry : Financial Services - General
*Subsidiaries, Joint-ventures & Affiliates*
=================================
Maintains plant facilities in strategic location of Mainland China.
*Strategic Partners & Alliances*
==========================
Group name : USI GROUP
Group members : ASIA POLYMER CORP
USI CORP
TAITA CHEMICAL CO LTD
TAIWAN VINYL CHLORIDE MONOMER CORP
*OVERSEAS AGENTS AND DISTRIBUTORS*
===================================
Agent : ACI INSULATION LTD
Country of Origin : Australia
PAYMENT RATING : 2 OBTAINED SCORES : 75
|
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.
*BANK DETAILS*
================
Bank Name : ABN-AMRO BANK NV
Branch : Chungshan Dist,Taipei City
Branch Address : 2Fl, 49 Ming Sheng East Rd Section 2
SWIFT Code : ABNATWTP
Bank Name : BANK OF TAIWAN
Branch : Chungcheng Dist,Taipei City
Branch Address : 120 Chung Ching South Rd Section 1
SWIFT Code : BKTWTWTP
Bank Name : CHANG HWA COMMERCIAL BANK LTD
Branch : Central Dist,Taichung City
Branch Address : 38 Tzu Yu Rd Section 2
SWIFT Code : CCBCTWTP
Bank Name : CITIBANK NA
Branch : Sungshan Dist,Taipei City
Branch Address : Walsin Financial Bldg 117-1 Min Sheng East Rd Section
3
SWIFT Code : CITITWTX
Bank Name : FUBON COMMERCIAL BANK
Branch : Ta-an Dist,Taipei City
Branch Address : 2Fl B1 Fubon Banking Center 169 Jen Ai Rd Section
4
SWIFT Code : This bank does not have a SWIFT Code
Bank Name : HUA NAN COMMERCIAL BANK LTD
Branch : Chungcheng Dist,Taipei City
Branch Address : 38 Chung King South Rd Section 1
SWIFT Code : HNBKTWTP
Bank Name : MEGA INT'L COMMERCIAL BANK CO LTD
Branch : Chungcheng Dist,Taipei City
Branch Address : 123 Jhongsiao E Rd Section 2
SWIFT Code : ICBCTWTP
Bank Name : SHANGHAI COMMERCIAL & SAVINGS BANK LTD
Branch : Chungshan Dist,Taipei City
Branch Address : Shanghai Bank Tower 2 Min Chuan East Rd Section 1
SWIFT Code : SCSBTWTP
Bank Name : TAI-SHING INT'L BANK
Branch Address : Taipei City
SWIFT Code : This bank does not have a SWIFT Code
Balance Sheet
Currency : NTD
Denomination: In thousand
2006 2007
------------- -------------
Current Assets 4,279,736 4,741,071
Funds & long-term investments 1,997,500
2,135,716
Property 2,664,450 2,597,967
Other Assets 214,768 209,322
Current Liabilities (Before) 1,062,307 1,949,874
(After)
1,062,307
--
Long-term Liabilities 2,000,000 1,500,000
Other Liabilities 985,972 1,050,812
Common stock 4,248,035 4,248,035
Capital Reserve 9,673 12,000
Retained Earnings (Before) 63,646 90,482
(After) 63,646 --
Total Assets 9,317,175 9,804,616
Total Liabilities (Before) 4,545,115 4,983,899
(After)
4,545,115
--
Total Shareholder's Equity (Before) 4,772,060
4,820,717
(After) 4,772,060 --
Income Statement
Currency : NTD
Denomination: In thousand
2006 2007
-------------
-------------
Operating revenue 7,399,648 8,748,669
Gross Profit 726,744 762,094
Operating Income 200,085 197,989
Non-operating income 98,155 100,606
Non-operating expense 217,944 242,145
Net Income 63,545.00 46,566.00
Earnings (losses) per share
(After) 0.15 0.11
*Financial Ratios*
==============
2006 2007
------------- -------------
Ratio of liabilities to Assets % 48.78 50.83
Ratio of long-term capital to
fixed Assets%
254.55 254.16
Current ratio% 402.87 243.15
Quick ratio% 333.42 197.47
Interest coverage 2.59 2.24
Turnover of receivable (times) 7.14 7.69
Average collection period of receivable 51
47
Turnover of inventories (times) 9.41 10.29
Turnover of expense (times) 39 35
Average days of sales 9.43 9.31
Turnover of fixed assets (times) 2.78 3.37
Turnover of total assets (times) 0.79 0.89
Return on total assets% 0.68 0.47
Return on shareholder's Equity% 1.33 0.97
Operating Income 4.71 4.66
Net Income before tax 1.89 1.33
Profit margin% 0.86 0.53
Retroactive 0.15 0.11
Cash flows ratio% 49.47 18.26
Cash flows adequacy% 141.13 158.63
Cash reinvestment ratio% 4.24 2.94
Degree of operating leverage 1.91 1.93
Degree of financial leverage 1.34 1.3
*Financial History*
================
1986 - CGPC and its affiliates, ASIA POLYMER CORP and TAITA CHEMICALS
dominated the CGP GROUP with combined sales of USD 225,000,000.
*Financial Summary (Currency: U.S. $'s)
=============================
Year Sales Assets Net Income
2000 $226,423,639.19 $323,914,805.60 -$18,513,810.26
2001 $174,966,831.11 $251,965,118.98 -$29,009,112.01
2002 $173,782,437.48 $259,555,935.61 -$6,308,019.55
2003 $186,405,449.83 $242,357,554.79 $115,484.43
2004 $244,069,112.78 $283,963,007.52 $25,513,413.53
2005 $233,976,398.10 $307,867,330.17 -$17,561,390.21
2006 $223,689,480.05 $281,655,834.34 $1,920,949.21
2007 $263,991,219.07 $295,854,435.73 $1,405,129.75
*Int´l Trade Activity (Currency: U.S. $'s)
=============================
Year Imports Exports Total
2002 $39,856,690.00 $54,965,240.01 $94,821,930.01
2003 $15,203,885.93 $64,697,098.88 $79,900,984.81
2004 $26,145,105.29 $90,713,749.56 $116,858,854.85
2005 $52,141,033.65 $95,983,466.73 $148,124,500.38
2006 $66,222,621.01 $100,345,708.01 $166,568,329.02
SC is considered large-sized in its line with a long development history.
Taking into consideration of SC’s general performance, a credit line up to USD
5,000,000 appears to be within SC’s capacities.
Attached:
trade references
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 2399 Fabricated
textile products,
Exporting 2869 Industrial
organic chemicals,
Exporting 2899 Chemical
preparations,
Exporting 3081 Plastics
film, strips, and sheets, unsupported
Exporting 3089 Plastics
products,
Exporting 3500 Industrial
Machinery & Equipment
Exporting 3569 General
industrial machinery and equipment, and parts,
Importing 2800 Chemicals
and Allied Products
Importing 2869 Industrial
organic chemicals,
Importing 2899 Chemical
preparations,
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 3811900000 Additives for lubricating oils
Exporting 3812300000 Antioxidizing preparations and other compounds stabilizers for
rubber or plastics
Exporting 3824901100 Cultured crystals, weighing not less than 2.5 g each in the
form of ingots
Exporting 3904210000 Other polymers of polyvinyl chloride, nonplasticized
Exporting 3904220000 Other polymers of polyvinyl chloride, plasticized
Exporting 3920100000 Other plates, sheets, film, foil & strip of plastic,
noncelluar & not reinforced, laminated, supported or combined with oth mat,
of polymers of ethylene
Exporting 3920410000 Plates, sheets, film, etc, noncelluar, not reinforced,laminated,combined,of
polymers of vinyl chloride,rigid
Exporting 3920910000 Plates,sheets,film,etc,noncellular,not
reinforced,laminated,combined,of polyvinyl butyral
Exporting 3924901000 Curtains & drapes, napkins, table covers, mats, scarves,
runners, dolilies,centerpieces,antimacassars & furniture slipcovers &
the like of plastics
Exporting 3925100000 Reservoirs,tanks,vats & similar containers,of a capacity
exceeding 300 liters,of plastic
DETAILED PRODUCT
CLASSIFICATION & ACTIVITY
Activity Product/Service Description
Exporter Lubricant
additives
Exporter Polymers
Importer Minerals
Importer Films,
polyvinyl chloride
Importer Ethylene
Importer Sodium
hydroxide
Importer General vinyl
fabrication
Importer Torque
converters
Importer Nickel
Importer Polyvinyl
alcohol
INTERNATIONAL
TRADE: ACTIVITY & MARKETS
Exporting to Africa
Exporting to Algeria
Exporting to Angola
Exporting to Argentina
Exporting to Asia
Exporting to Australia
Exporting to Bangladesh
Exporting to Belarus
Exporting to Brazil
Exporting to Brunei
Exporting to Canada
Exporting to China
Exporting to Costa Rica
Exporting to Cuba
Exporting to Dominica
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 Ghana
Exporting to Greece
Exporting to Guatemala
Exporting to Hong Kong
Exporting to India
Exporting to Indonesia
Exporting to Iran
Exporting to Israel
Exporting to Japan
Exporting to Jordan
Exporting to Latvia
Exporting to Malaysia
Exporting to Middle East
Exporting to Mongolia
Exporting to Myanmar
Exporting to Netherlands
Exporting to New Zealand
Exporting to North America
Exporting to Oceania
Exporting to Panama
Exporting to Peru
Exporting to Philippines
Exporting to Romania
Exporting to Russia
Exporting to Saudi Arabia
Exporting to Senegal
Exporting to Singapore
Exporting to South Africa
Exporting to South America
Exporting to South Korea
Exporting to Spain
Exporting to Sri Lanka
Exporting to Sudan
Exporting to Switzerland
Exporting to Thailand
Exporting to Tunisia
Exporting to Turkey
Exporting to USA
Exporting to United Arab Emirates
Exporting to United Kingdom
Exporting to Venezuela
Exporting to Vietnam
Exporting to Yemen (Sanna)
Importing from Asia
Importing from Australia
Importing from Belgium
Importing from Canada
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 Malaysia
Importing from Middle East
Importing from North America
Importing from Oceania
Importing from Saudi Arabia
Importing from Singapore
Importing from South Korea
Importing from Switzerland
Importing from Thailand
Importing from USA
Importing from United Kingdom
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.79 |
|
UK Pound |
1 |
Rs.73.37 |
|
Euro |
1 |
Rs.63.08 |
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%)