MIRA
INFORM REPORT
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Report Date : |
14.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
ORIENTAL UNION CHEMICAL CORP |
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Registered Office : |
13FL, 101 Fu-Hsing North Rd, Sungshan Dist Taipei City 105, |
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Country : |
Taiwan |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
22.12.1975 |
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Com. Reg. No.: |
14057995 |
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Legal Form : |
Public Listed Company |
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Line of Business : |
Importing a wide range of petrochemical related raw materials for
in-house use. Manufacturing a wide range of glycol, oxide, carbonic acid, and other
related chemical 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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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME &
ADDRESS
ORIENTAL UNION CHEMICAL CORP
13FL, 101 FU-HSING NORTH RD, SUNGSHAN DIST TAIPEI CITY 105, TAIWAN
TEL: 886-2-27193333
FAX: 886-2-27191858
EXECUTIVE SUMMARY
INCORPORATION DATE :
DECEMBER 22, 1975
REGISTRATION NO. :
14057995
LEGAL FORM :
PUBLIC LISTED COMPANY
CHIEF EXECUTIVE :
MR. DOUGLAS SHI-TUNG HSU (PRESIDENT)
STAFF STRENGTH :
311
CAPITAL :
US$ 247,435,124
BUSINESS LINE :
MANUFACTURER
TURNOVER :
NTD 10,679,156,000 (AS OF DEC. 31, 2006)
EQUITIES :
NTD 12,520,305,000 (AS OF DEC. 31, 2006)
PAYMENT :
EXCELLENT
RECOMM. CREDIT RANGE :
UP TO USD 5,000,000
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STRONG
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
WELL KNOWN
EXCHANGE RATE :
TWD 31.66168 = 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*
==============
1975 - Approved the registration of the company
with 4 shareholders.
- Established as a joint venture
company.
May 1977 - Organization & establishment of the
company.
4 July, 1977 - Obtained official approval to establish
headquarters on Hsi Ning North Rd in Taipei.
With a team of seven employees and the
necessary plant installed. Trial production runs
were
made.
1978 - Began initial production of azoic dyestuffs,
direct dyes and acid dyes.
- Completed the construction of EG
plant.
1979 - Moved the headquarters to Cheng-The Rd
Taipei
- Set-up th R & D unit at the
factory site.
- Resumed the production after
installing new modem plant.
1987 - Installed further plant and dividend
transfer had increased capital.
May 1987 - Moved head office to current location.
- Expanded the organization to
establish an Export department.
- Set-up a laboratory at Tai-Yuan
Rd to strengthen customer services.
May 1992 - Established a new laboratory complex at
Chung-Shan North Rd adjacent to the main
office.
- Expanded its services and
established new application technology and R & D facilities.
- The Entire company was linked by
a computer network.
- Completed the EG waste water
treatment plant
1997 -
Added second gas plant to increase output of gas products.
1998 - Established TON FU INVESTMENT CORP, a fully
owned subsidiary.
1999 - Established a branch office in the Kaohsiung
Nantz Export Zone, and built an on-site
gas factory to expand gas operation.
- Completed de-bottle-necking of
EO/EG.
2000 - Implemented SAP Enterprise Resource
Planning_(ERP) System.
2001 - Completed EA plant with annual output of 40,000 tons.
- Completed EC plant with annual
output of 40,000 tons.
2003 - Began construction for Oriental
Petrochemical PTA plant in Shanghai.
2005 - Completed a multifunctional pilot plant
for developing and testing R&D results, new
process designs, new product pilot runs and
more.
2006 - Started the production for Oriental
Petrochemical PTA plant in Shanghai.
*Capital Details*
============
Authorized capital : NTD 8,200,000,000.00
Paid-up capital : NTD 7,874,864,230.00
*Licenses & Permits*
================
(1)
License number : 9966185200
Date issued :
31 December, 1990
Issuing authority : Industrial Development Bureau, MOEA
(2)
License number : 90N0068702
Date issued : 5 January, 1999
Issuing authority : Industrial Development Bureau, MOEA
(3)
License number : 9968505300
Date issued : 23 December, 2002
Issuing authority : Industrial Development Bureau, MOEA
*Office & Facilities*
===============
Size : 301 sq. meter (Approx.)
Location : Taipei city
Property status : Owned by company ORIENTAL UNION
CHEMICAL CORP
Type of building : Commercial Building
Previous Contact Details
---------------------------------
Address : 28Fl, 207 Tun Hua South Rd Section 2 Ta-an
Dist Taipei City 106
Tel no : 2-271398889
Fax no : 2-27126939
*Factories, Size & Locations*
======================
(1)
Size : 9,456 square meter (Approx)
Location : Kaohsiung Hsien
Type of building : Industrial Building
Property status : Owned by ORIENTAL UNION CHEMICAL CORP
(2)
Size : 4,975 square meter(Approx)
Location : Kaohsiung Hsien
Type of building : Industrial Building
Property status : Rented
(3)
Size : 3,126 square meter(Approx)
Location : Kaohsiung City
Type of building : Industrial Building
Property status : Rented
*Corporate & Organization Structure*
============================
A large sized company operated and managed by an experienced team of
professionals.
*Industry Ranking*
==============
Considered as Taiwan's leading producer of Ethylene Glycol (EG). Detail
of rank follow:
Year Rank
------- ------
1992 339
- Generally regarded as one of the Top 1000 Companies in manufacturing
industry of Taiwan.
Generally regarded as one of the Top 5000 Companies in Manufacturing
Industry of Taiwan.
Details of rank are as follows:
Year Rank
------- ---------
2004 339
2005 343
2006 364
*Sales Ranking*
=============
Generally regarded as one of the Top 500 Companies in terms of sales.
Details of Rank are as follows
Year Rank
------ ------
1996 288
1997 257
1998 312
*Reputation*
==========
Reference checking for the purpose of establishing the firm's reputation
within the respective industry failed to reveal any negative information.
*Auditors*
=========
- DELOITTE & TOUCHE
- T N SOONG & CO, CPAs
*Registrar*
=========
ORIENTAL SECURITIES CORP
*Awards*
========
Award : Industrial Sustainable Excellence Award
Year : 2004
Details : Awarded the "Industrial Sustainable
Excellence Award" the highest industrial honor in Taiwan.
Web site: www.oucc.com.tw the
design is professional and the content is well organized. At present it is both
in Chinese and English versions.
E-mail: grace@kh.oucc.com.tw
For the past two years there is no record of litigation.
SC’s shareholder details are not available at present.
Management: Mr. Chen-chiang
Tsai, Manager
Mr. Shi-fu Chang, Manager
Mr. Cheng Lu, Manager
Name Nationality Job Description Dept. / Division
Mr. Chen-chiang Tsai Taiwanese
Manager Business
Mr. Shi-fu Chang Taiwanese
Manager Factory
Mr. Cheng Lu Taiwanese
Manager Human Resources
Ms. Victoria Shu-mei Peng Taiwanese
Manager Human Resources
Mr. Frank Jun-yuan Lin Taiwanese
Manager Investor Relations
Mr. Tatsu Arino Taiwanese
Consultant Technical
Mr. Peter Pan Taiwanese
Executive Vice President -
Mr. Chia-hui Kuo Taiwanese
General Manager -
Mr. Alex Kuo Taiwanese
President -
Mr. Douglas Shi-tung Hsu Taiwanese
President -
Mr. Allen Yu Taiwanese
Senior Manager -
Mr. Scott Wang Taiwanese
Senior Manager -
Ms. George Tsai Taiwanese
Senior Manager -
Ms. Judy Wang Taiwanese
Senior Manager -
Mr. Syaulan Yang Taiwanese
Senior Vice President -
Mr. Ching-chi Wang Taiwanese
Supervisor -
Mr. Ping Lee Taiwanese
Supervisor -
Mr. Johnny Shih Taiwanese
Vice Chairman -
Mr. Cheng-yu Cheng Taiwanese
Vice President -
Ms. Chia-yi Hsi Taiwanese
Vice President -
*Main Products & Services*
=====================
Specializes in the following areas of work:
1. Research and development of petrochemical ingredients.
2. Importing a wide range of petrochemical related raw materials for
in-house use.
3. Manufacturing a wide range of glycol, oxide, carbonic acid, and other
related chemical products.
4. Selling of products to local and international market.
Products: Carbon dioxide
DEG (diethylene
glycol)
EG (ethylene
glycol)
Ethanol amine
Ethylene oxide
*Brand*
======
Oriental Union
*Payment Terms*
=============
Sales
-------
Local : 30-90 days credit
Cash
Export : Letter of Credit (L/C)
Telegraphic
Transfer (T/T)
Purchase
-------------
Local : 30-90 days credit
Import : Letter of Credit (L/C)
Telegraphic
Transfer (T/T)
*Technologies Acquired & Developed*
============================
Technologies are acquired from SULZER CHEMTECH LTD
*Quality Certification*
=================
Obtained the following certifications:
(1)
Type of certification : ISO-14001
Issuing authority : N/A
Year of certification : 1999
(2)
Type of certification : ISO-9001
Issuing authority : N/A
Year of certification : 2002
*Production Capacity*
================
Product Maximum Capacity
(tons/year)
-----------
--------------------------
Ethylene Oxide
195,000
Ethylene Glycol
180,000
Ethanolamine(EA)
40,000
*Projects*
========
Commencement year : 1999
Completion date : October 2000
Type of project :
Ethanolamine (EA) Plant
Project invested amount :
NTD 1 billion
Expected sales :
NTD 150 million per year
*Competitors*
===========
The following locally based firms supply similar range of products:
- ASIA POLYMER CORP
- FORMOSA PLASTICS CORP
- TAIWAN POLYPROPYLENE CO LTD
- CHI MEI CORP
- SANCHAO PACKING MATERIAL CO LTD
- TAITA CHEMICAL CO LTD
- USI CORP
- ORIENTAL UNION CHEMICAL CORP
- ASIA POLYMER CORP
- BUENO ENTERPRISE CO LTD
- JINTEX CORP LTD
- KAO (TAIWAN) CORP
- BASF POLYURETHANES (TAIWAN) CO LTD
- CHINA MAN-MADE FIBER CORP
*Mergers & Acquisitions*
===================
Type :
Merger
Parties involved : UNION
INDUSTRIAL GAS CO
Year of transaction : 1982
*Local Distribution Network*
======================
An estimated 70% of the annual turnover is attributed to local
sales.
*Export Markets*
=============
An estimated 30% 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
------ ----------
2001 734
2002 576
2003 569
2004 622
2005 418
2006 467
NOTE:
---------
At the time of performing this report, the 2007 export figures had not
yet been released by the Ministry of Economic Affairs which monitors exports
and imports.
*LOCAL BRANCHES & MANAGEMENT*
=================================
Branch: ORIENTAL UNION CHEMICAL CORP - KAOHSIUNG CITY
Branch Address: 8-4, Hsi 3th St Nantzu Dist, Kaohsiung City, 811
Branch Tel: [+886] 7-3661654
Branch Employees: 97
Branch: ORIENTAL UNION CHEMICAL CORP - TASHE HSIANG
Branch Address : 101-2 Chi Nan Rd Tashe Hsiang, Kaohsiung Hsien 815
Branch Employees: 78
Branch : ORIENTAL UNION CHEMICAL CORP - LINYUAN HSIANG
Branch Address : Lin Yuan Industrial Park 3 Industrial Rd Linyuan
Hsiang, Kaohsiung Hsien 832
*(Subsidiaries, Joint-ventures & Affiliates)
===============================
Company Name: AN HO GARMENT CO LTD
Address: 32Fl Taipei Metro Bldg 201-209 Tun Hua South Rd Section 2 Ta-an
Dist Taipei City 106 Taiwan
Country: Taiwan
Relationship: Affiliate
Legal Form: Private company with limited liability
Company Type: Manufacturer
Industry: Garments & Accessories
Company Name: ASIA CEMENT CORP
Address: 30Fl Taipei Metro Bldg 207 Tun Hua South Rd Section 2 Ta-an
Dist Taipei City 106 Taiwan
Country: Taiwan
Relationship: Affiliate
Legal Form: Public Listed Company
Company Type: Manufacturer
Industry: Construction & Construction Materials
Company Name: ASIA ENGINEERING ENTERPRISE CORP
Address: 66 Hsin Hsing Hsincheng Hsiang 971 Hualien Hsien Taiwan
Country: Taiwan
Relationship: Affiliate
Legal Form: Private company with limited liability
Company Type: Trader
Industry: Construction & Construction Materials
Company Name : EVEREST TEXTILE CO LTD
Address : 256 Ming Ho Tsun Shanshang Hsiang 743 Tainan Hsien Taiwan
Country : Taiwan
Relationship : Affiliate
Legal Form : Public Listed Company
Company Type : Manufacturer
Industry : Textiles & Raw Material
Company Name : FAR EASTERN DEPARTMENT STORES LTD
Address : 27 Pao Ching Rd Chungcheng Dist Taipei City 100 Taiwan
Country : Taiwan
Relationship : Affiliate
Legal Form : Public Listed Company
Company Type : Trader
Industry : Consumer Products
Company Name : FAR EASTERN MEDICAL FOUNDATION INC
Country : Taiwan
Relationship : Affiliate
Legal Form : Foundation
Company Type : Service
Industry : Professional Services
Company Name : FAR EASTERN REALTY MANAGEMENT CO
Address : 10Fl, 168 Tun Hua South Rd Section 2 Ta-an Dist Taipei City
106 Taiwan
Country : Taiwan
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Service
Industry : Professional Services
Company Name : FAR EASTONE TELECOMMUNICATIONS CO LTD
Address : 4Fl Advantage Brand Combination 466-476 Rueiguang Rd Neihu
Dist Taipei City 114 Taiwan
Country : Taiwan
Relationship : Affiliate
Legal Form : Public Listed Company
Company Type : Service
Industry : Telecommunications
Company Name : ORIENTAL INSTITUTE OF TECHNOLOGY
Address : 58 Sze Chuan Rd Section 2 Panchiao City 220 Taipei Hsien
Taiwan
Country : Taiwan
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Service
Industry : Professional Services
Company Name : ORIENTAL SECURITIES CORP
Address : 2Fl 86 Chung Ching South Rd Section 1 Chungcheng Dist Taipei
City 100 Taiwan
Country : Taiwan
Relationship : Affiliate
Legal Form : Public Company
Company Type : Service
Industry : Financial Services - General
Company Name : YUAN YANG CONSTRUCTION CO LTD
Address : 3Fl 110 Yen Ping North Rd Chungcheng Dist Taipei City 100
Taiwan
Country : Taiwan
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Service
Industry : Construction & Construction Materials
*Strategic Partners & Alliances*
=========================
Group name : FAR
EASTERN Group
Chairman :
Douglas Hsu
Holding Company : FAR
EASTERN TEXTILE LTD
Group members : - FAR
EASTERN INT'L BANK
- ORIENTAL
SECURITIES CORP
- FAR EASTONE
TELECOMMUNICATION LTD
- NEW CENTURY INFOCOMM
TECH
- FAR EASTERN DEPARTMENT
STORES
- FAR EASTERN ENTERPRISE
LTD
- YA TUNG DEPARTMENT
STORE LTD
- ALBERTA & ORIENT
GLYCOL CO LTD
- DUPONT FAR
EASTERN PETROCHEMICALS LTD
- LIQUID AIR FAR EAST LTD
- FAR EASTERN TEXTILE
- EVEREST TEXTILE CO LTD
- FAR EASTERN INDUSTRIES
(SHANGHAI) LTD
- DUPONT-FAR EASTERN CO
LTD
- FREUDENBERG FAR EASTERN
SPUNWEB CO LTD
- FAR EASTERN
APPAREL (SUZHOU) CO LTD
- YUAN DING CO LTD
- FAR EASTERN
CONSTRUCTION CO
- FAR EASTERN GENERAL
CONTRACTOR CO
- FAR EASTERN PLAZA HOTEL
- ASIA CEMENT CORP
- JIANGXI YADONG CEMENT,
China
- SHANGHAI YA LI
CEMENT, China
- WUHAN YA DONG CEMENT,
China
- ASIA CEMENT (SINGAPORE)
PTE LTD
- U - MING MARINE
TRANSPORT CORP
- U-MING MARINE TRANSPORT
(SINGAPORE) PTE LTD
- WUHAN ASIA MARINE
TRANSPORT, China
- FU MING TRANSPORT CORP
- FAR EASTERN MEMORIAL
FOUNDATION
- FAR EASTERN MEDICAL
FOUNDATION
- YUAN-ZE UNIVERSITY
- FAR EASTERN MEMORIAL HOSPITAL
- FAR EASTERN UNITED
CLINICAL CENTERS
- ORIENTAL INSTITUTE OF
TECHNOLOGY, THE
- ORIENTAL UNION CO LTD
- FAR EASTERN POLYCHEM
INDUSTRIES LTD
- NANHUA CEMENT CO LTD
- FAR EASTERN GEANT CO
LTD
- FAR EASTERN INT'L LEASING
CORP
- FAR EASTERN ALLIANCE
- SPARQNET
- DING DING MANAGEMENT
CONSULTANTS CO LTD
Details : - The Group is comprised
of 94 companies and institutions engage in polyester fiber
production, a 6 million M/T cement
company, Taiwan's only 17-department store chain
and a 2 million DWT shipping fleet.
- Obtained a
total of USD 4.7 billion and a workforce of 20,000 plus in 1997
Comment :
Considered as the largest conglomerates in Taiwan.
PAYMENT RATING : 1 OBTAINED SCORES : 90
|
Rating Key |
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*
===========
Maintains an account in Taipei City branch of the following banks:
(1)
Bank name : FIRST COMMERCIAL
BANK CO LTD
Swift code : FCBKTWTP
(2)
Bank name : MEGA INT'L
COMMERCIAL BANK CO LTD
Swift code : ICBCTWTP
(3)
Bank name : INDUSTRIAL BANK
OF TAIWAN
Swift code : IBOTTWTP
*Financial History*
==============
1998 - Cost of goods sold totaled 73.5% of
sales.
- Spent NTD 27.90 million on R&D which was 0.9% sales.
December 1999 - Cost of
goods sold totaled NTD 2.15 billion or 69.6 % of sales.
- Inventory totaled
NTD 324.19 million.
- Research and development expenses were NTD 28.11 million.
- Long term debt was NTD 1.43 billion while accounts receivable amounted
to NTD 649.37 million.
Balance Sheet
Currency : NTD
Denomination : In Thousand
31 December, 2006 31
December, 2005
------------------------ ------------------------
Assets
Current Assets
Cash and cash equivalents
1,700,164
321,374
Financial assets at fair value
through
Cash and cash equivalents
1,700,164
321,374
profit or loss - current 497,579 2,485,000
Available-for-sale financial
assets
- current
204,440
405,684
Notes receivable, net of
allowance
for doubtful accounts of NTD 1,012
thousand and NTD 1,002 thousand
at 31 December, 2006 and 2005 171,031 102,492
Accounts receivable
Related parties
168,362
311,471
Others, net of allowance for
doubtful
accounts of NTD 5,777 thousand
and NTD 8,838 thousand at
31 December, 2006 and 2005 787,037 563,536
Inventories
709,178
489,602
Other financial assets -
current
327,294
-
Prepayments and other current
assets 136,282 27,864
------------------------ ------------------------
Total current assets
4,701,367
4,707,023
Investments
Investments accounted for
using
equity method
2,192,068 1,991,324
Long-term investment
advances
-
115,263
Available-for-sale financial
assets
- non-current 1,223,104 863,662
Financial assets carried at
cost -
non-current 1,297,247 1,373,381
------------------------ ------------------------
Total investments
4,712,419
4,343,630
Properties
Cost
Land 173,546 173,546
Land improvements
222,742
222,742
Building and equipment
304,772
304,772
Machinery and equipment
7,598,188
7,448,993
Miscellaneous equipment
345,989
342,798
------------------------ ------------------------
8,645,237
8,492,851
Revaluation increment 1,312,165 1,315,433
Less: Accumulated
depreciation
(7,500,712)
(7,095,784)
------------------------
------------------------
2,456,690
2,712,500
Construction in progress and
advance
payments 793,586 208,570
------------------------
------------------------
Net properties 3,250,276 2,921,070
Other assets
Non-operating properties
1,201,332
1,201,090
Deferred charges, net
76,772
107,212
Miscellaneous
134,058
124,277
------------------------
------------------------
Total other assets
1,412,162
1,432,579
------------------------
------------------------
Total
14,076,224
13,404,302
Liabilities And Stockholders'
Equity
Current Liabilities
Accounts payable 964,231 614,099
Income tax payable
90,104
244,238
Accrued expenses
86,054 131,472
Payables on equipment
144,484
-
Advance receipts
56,834
42,807
Other current liabilities
24,015
15,900
------------------------
------------------------
Total current liabilities
1,365,722
1,048,516
------------------------
------------------------
Reserve For Land Revaluation
Increment Tax
34,356
34,356
Other liabilities
Accrued pension cost 34,800 27,750
Guarantee deposits
81,644
80,228
Deferred income tax
liabilities 39,397 29,413
------------------------ ------------------------
Total other liabilities
155,841
137,391
------------------------ ------------------------
Total liabilities
1,555,919
1,220,263
Stockholders' Equity
Capital stock, NTD 10 par
value
Authorized - 820,000 thousand shares
Issued - 770,721 thousand shares and
746,554 thousand shares at
31 December, 2006 and 2005 7,707,212 7,465,544
Capital surplus 1,177,518 1,154,183
Retained earnings:
Legal reserve
1,072,718
850,644
Special reserve 127,358 200,486
Unappropriated earnings
2,136,819
2,593,182
Other equity
Cumulative translation
adjustments 1,248 (29,917)
Unrealized gain (loss) of
financial
instruments
250,073
(97,442)
------------------------ ------------------------
Treasury stock
(90,356)
(90,356)
------------------------ ------------------------
Total stockholders'
equity 12,520,305 12,184,039
------------------------ ------------------------
Total
14,076,224
13,404,302
Income Statement
Currency : NTD
Denomination : In Thousand
31 December, 2006 31
December, 2005
------------------------
------------------------
Sales, Net
10,679,156
11,003,756
Cost Of Sales
8,524,208
7,886,652
------------------------ ------------------------
Gross Profit
2,154,948
3,117,104
Operating Expenses
Selling And Marketing 269,797 272,102
General And
Administrative
139,536
109,118
Research And Development 101,094 98,073
------------------------
------------------------
Total Operating Expenses
510,427
479,293
------------------------ ------------------------
Operating Income
1,644,521
2,637,811
Non-Operating Income And Gain
Gain On Disposal Of
Investments
109,603
49,789
Interest
39,639
26,656
Rents 30,743 21,300
Dividends
25,436
138,452
Foreign Exchange Gain,
Net
5,857 47,362
Investment Income Recognized
By The
Equity Method, Net 4,227 -
Revaluation Gain On Financial
Assets,
Net 1,793 -
Others
18,936
17,532
------------------------ ------------------------
Total Non-Operating Income And
Gain 236,234 301,091
Non-Operating Expenses And
Losses
Depreciation, Taxes And Other
Expenses
Related To Non-Operating Properties 17,483 17,281
Interest
3,192
3,617
Investment Loss Recognized By
The
Equity Method, Net
- 58,703
Impairment Loss On Financial
Assets
Carried At Cost - 3,313
Others 5,754 983
------------------------
------------------------
Total Non-Operating Expenses And
Losses 26,429 83,897
Income Before Income Tax
1,854,326
2,855,005
Income Tax Expense
392,052 634,268
------------------------
------------------------
Income Before Cumulative
Effect Of
Changes In Accounting Principles 1,462,274 2,220,737
Cumulative Effect Of Changes
In
Accounting Principles 489 -
------------------------
------------------------
Net Income
1,462,763
2,220,737
*Financial Ratios*
=============
(1)
Year Net
Worth Net Worth Return on Return on Return
on Return on Debt to Debt to
(NTD M)
(NTD100M) Sales Assets Equity Net
Worth Assets Equity
(%) (%) (%)
(%) (%) (%)
-------------- -------------- --------------
------------ -------------- -------------- ------------
------------ --------------
1992 (10.43) -
- - - (4.20) - 21.13
1998 5,557.00 -
11.96 5.19 6.89
- 24.69 -
2001 - 57.24 9.96
5.30 - 7.76 31.70 -
2002 -
63.95 13.25 8.78
12.06 - 27.16 -
(2)
31 December,
2006 31 December, 2005
------------------------ ------------------------
Growth %
Year-on-Year Growth (2.95) N/A
Profitability
Profit Margin (%) 13.70 20.18
Return on Assets (%) 10.39 16.57
Asset Management
Total Assets Turnover
(Times) 0.76 0.82
Liquidity
Current Ratio 3.44 4.49
*Financial Summary
(Currency: U.S. $'s)
=============================
Year Sales Assets
Net Income
1992 $61,060,629.63 $179,635,407.41 -$6,369,666.67
1993 $70,614,037.04 $172,371,259.26 -$2,982,185.19
1994 $86,253,111.11 $179,754,481.48 $5,381,222.22
1995 $129,089,259.26 $212,939,851.85 $28,535,296.30
1996 $107,563,636.36 n/a $15,745,454.55
1997 $131,490,909.09 n/a $22,800,000.00
1998 $118,592,592.59 $273,296,296.30 $14,185,185.19
1999 $103,058,133.33 $289,269,033.33 $16,075,633.33
2000 $153,516,031.25 $256,875,156.25 $12,296,812.50
2001 $129,367,382.47 $243,180,499.13 $12,884,503.77
2002 $167,231,963.21 $252,371,371.08 $22,161,540.67
2004 $316,661,654.14 $346,526,315.79 $74,135,338.35
2005 $347,670,015.80 $423,516,650.87 $70,165,466.03
2006 $322,828,174.12 $425,520,677.15 $44,218,954.05
*Int´l Trade
Activity (Currency: U.S. $'s)
==============================
Year Imports Exports
Total
2004 $31,080,980.99 $30,013,373.98 $61,094,354.97
2005 $44,399,880.00 $46,746,564.99 $91,146,444.99
2006 $54,040,352.99 $42,199,006.98 $96,239,359.97
SC is well-known in its industry with strong financial conditions. Credit dealings with SC in favorable terms can be considered.
Attached: trade references
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Manufacturing 2800 Chemicals
and Allied Products
Manufacturing 2813 Industrial
gases
Manufacturing 2821 Plastics
materials and resins
Manufacturing 2899 Chemical
preparations,
Manufacturing 5169 Chemicals/Allied
Prdts, NEC
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 2804210000 Argon
Exporting 2905310000 Ethylene glycol (ethanediol)
Exporting 2905390000 Acyclic dihydric alcohols not elsewhere specified or included
Exporting 2922120000 Diethanolamine and its salts
Exporting 2922130000 Triethanolamine and its salts
Exporting 3402130000 Nonionic organic surface-active agents, whether or not for
retail sale
Importing 2901 Acyclic
hydrocarbons
Importing 2901210000 Ethylene (ethene)
Importing 2902905000 Other cyclic hydrocarbons
Importing 2905 Acyclic
alcohols & halogenat, sulfonatd etc derivs
DETAILED PRODUCT
CLASSIFICATION & ACTIVITY
Activity Product/Service Description
Manufacturer Industrial
gases
Manufacturer Liquefied
argon
Manufacturer Liquefied
nitrogen
Manufacturer Liquefied
oxygen
Manufacturer Miscellaneous
chemical product
Manufacturer Neon
Manufacturer Hydrogen
Manufacturer MEG (monoethylene
glycol)
Manufacturer Plastic
materials
Manufacturer Plastic
resins
INTERNATIONAL
TRADE : ACTIVITY & MARKETS
Exporting to Africa
Exporting to Argentina
Exporting to Asia
Exporting to Australia
Exporting to Belgium
Exporting to Brazil
Exporting to China
Exporting to Denmark
Exporting to Egypt
Exporting to Europe
Exporting to Germany
Exporting to Greece
Exporting to Hong Kong
Exporting to Indonesia
Exporting to Israel
Exporting to Italy
Exporting to Japan
Exporting to Kuwait
Exporting to Malaysia
Exporting to Middle East
Exporting to Netherlands
Exporting to New Zealand
Exporting to North America
Exporting to Oceania
Exporting to Philippines
Exporting to Russia
Exporting to Singapore
Exporting to South Africa
Exporting to South Korea
Exporting to Spain
Exporting to Sweden
Exporting to Thailand
Exporting to UAE
Exporting to USA
Exporting to United Kingdom
Exporting to Vietnam
Importing from Asia
Importing from China
Importing from Europe
Importing from Japan
Importing from Malaysia
Importing from Middle East
Importing from North America
Importing from South Korea
Importing from Thailand
Importing from UAE
Importing from USA
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%)