MIRA
INFORM REPORT
|
Report Date : |
02.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
COREMAX CORPORATION |
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Registered Office : |
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Country : |
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Financials (as on) : |
30.06.2010 |
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Date of Incorporation : |
16.06.1992 |
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Com. Reg. No.: |
86757124 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Producer of metal-based specialty chemicals and electronic materials |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 290,000 |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
|
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Contact points
Credit summary
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Credit Rating: |
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Credit Opinion: |
Company identification details
History
Coremax Corporation was founded in 1992 as a joint venture between Swiss
based SMC AG and
The company name is changed to Coremax Corporation in 2010.
Subject was incorporated on
Subject acquires import and export of high-quality manufacturer in
2007-2009.
Shareholders
|
Name |
Subscription Shares |
|
Jicheng He |
674,210 |
|
Jizhao He |
|
|
11,392,704 |
|
|
Jinming He |
11,392,704 |
|
Xuezhe Chen |
128,313 |
|
Jizhou He |
1,347,118 |
|
Jianping Liu |
446,624 |
Subsidiaries and branches
Factories:
Personnel
information
Directors
|
Name |
Jicheng He |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Jizhao
He |
|
Position |
Director |
|
3 |
|
|
Name |
Jinming
He |
|
Position |
Director |
|
4 |
|
|
Name |
Xuezhe
Chen |
|
Position |
Director |
|
5 |
|
|
Name |
Yiping
Xu |
|
Position |
Independent
Director |
|
6 |
|
|
Name |
Wencong
Wang |
|
Position |
Independent
Director |
|
7 |
|
|
Name |
Jizhou
He |
|
Position |
Auditor |
|
8 |
|
|
Name |
Jianping
Liu |
|
Position |
Auditor |
|
9 |
|
|
Name |
Zhifa
Zheng |
|
Position |
Auditor |
Operation
information
Offices
& Factories
|
|
Factory |
|
Add |
|
Production
Information
l
Subject’s core products are Cobalt,
Manganese and Nickel metal-based specialty chemicals and electronic materials.
l
Subject has importing and exporting rights.
l
Primary fields of application are in
DMT/PTA/IPA/TMA petrochemical catalysts, electronics, battery, ceramic, paint
dryer, rubber industries, and PCB industries.
l
The subject has become an ISO 9000 registered
company in 1996. Its certified number is FM 35512.
l
In 2001 the subject established the second catalyst
manufacturing plant in
l
In 2006, we completed our fourth Catalyst plant in
l
In 2009, the subject established the fifth catalyst
production facility in
l
The subject has become an ISO 14000 registered
company in 2009. Its certified number is
l
The products are as below:
|
Products |
Applications |
|
|
|
|
Utilized in the preparation of both refining and
petrochemical catalyst. |
|
|
|
Pigment and textile dying, paint and
varnishes drier, finishing agent in leather industry. Colorant for glass, ceramics and enamels,
as trace element additive in animal and poultry feed supplements. Colorant for ceramics and enamels. |
|
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Catalyst in a wide range of polymerization
reaction. |
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Purchase Information
l
The registered activities of subject:
|
Fundamental chemical industry |
|
|
C801990 |
Other
chemical materials manufacturing |
|
C802120 |
Industrial
fertilizer manufacturing |
|
F107170 |
Industry
additives oil wholesalers |
|
F107200 |
Chemical
raw materials oil wholesalers |
|
F107990 |
Other
chemicals oil wholesalers |
|
F207170 |
Industrial
additives retailing |
|
F207200 |
Chemical
raw materials retail |
|
F207990 |
Other
chemical products retailing |
|
CC01080 |
Electronic
components manufacturing |
|
CC01090 |
|
|
ZZ99999 |
In
addition to licensing business, can operate the business except law
prohibited or restrained. |
l
The raw material for production is purchased from
domestic markets and foreign markets.
l
The subject is engaged in sales of Cobalt,
Manganese and Nickel metal-based specialty chemicals and electronic materials.
l
The subject sells products all over the world.
Settlements
Purchase
Domestic Purchase (
|
Payment Terms |
Proportion |
|
|
COD, etc |
100% |
Foreign Purchase
|
Payment Terms |
Proportion |
|
|
Raw materials |
CBD, etc |
100% |
Sales
Domestic Markets (
|
Sales Terms |
Proportion |
|
|
Chemicals and electronic materials |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Chemicals and electronic materials |
CBD, etc |
100% |
Financial information
Balance
Sheets
|
|
2010.6.30 |
2009.6.30 |
|
Current
Assets |
|
|
|
Cash |
74,438 |
47,872 |
|
Notes
Receivable and Net Receivables |
123,225 |
92,181 |
|
Notes
Receivable - Net stakeholders |
- |
621 |
|
Accounting
Receivable - Net stakeholders |
37,157 |
25,691 |
|
Other
financial assets - current |
36,821 |
52,292 |
|
Net
bal of Inventory |
262,824 |
112,147 |
|
Other
current assets |
29,902 |
50,484 |
|
Total
Current Assets |
564,367 |
381,288 |
|
Fund
and investment |
|
|
|
Long-term
equity investments under equity method |
335,879 |
254,957 |
|
Fixed
Assets |
|
|
|
Costs
|
|
|
|
Land |
130,864 |
130,864 |
|
Buildings |
124,130 |
82,242 |
|
Mechanical
Equipment |
153,722 |
141,828 |
|
Transportation
facilities |
8,680 |
8,620 |
|
Other
Equipment |
50,438 |
47,624 |
|
Total
cost |
467,834 |
411,178 |
|
Accumulated
Depreciation |
(195,525) |
(171,117) |
|
Construction
In Progress And Prepayments For Equipment |
28,933 |
4,883 |
|
Total
fixed assets |
301,242 |
244,944 |
|
Other
assets |
|
|
|
Guarantee
Deposit |
2,340 |
3,310 |
|
Deferred
Charge |
406 |
426 |
|
Total
other fixed assets |
406 |
2,766 |
|
Total
assets |
1,201,894 |
883,955 |
|
Current
Liabilities |
|
|
|
Short-Term
Loan |
261,649 |
176,936 |
|
Notes
Payable and Credit |
74,036 |
32,383 |
|
Accounts
Payable–affiliated persons |
5,615 |
1,387 |
|
Expenses
Payable |
16,580 |
34,513 |
|
Long-term
liabilities to be matured within one year |
8,450 |
8,831 |
|
Other
current liability |
41,356 |
25,000 |
|
Total
current liability |
407,686 |
279,050 |
|
Long-term
liability |
|
|
|
Long-term
loans |
97,844 |
55,567 |
|
Other
Liabilities |
|
|
|
Accrued
Pension Liabilities |
7,925 |
7,901 |
|
Deferred
Income Tax Liability –non-currency |
12,246 |
4,300 |
|
Deferred
Credit - Interests of Affiliated Companies |
3,166 |
1,850 |
|
Total
other liabilities |
23,337 |
14,051 |
|
Total
Liability |
528,867 |
348,668 |
|
Shareholders'
Equity |
|
|
|
Capital
- common stock |
414,999 |
366,666 |
|
Stock
dividends to be distributed |
- |
18,333 |
|
Additional
paid-in capital |
|
|
|
Premium
on stock issuance |
70,000 |
25,000 |
|
Retained
Earnings |
|
|
|
legal
Reserve |
56,227 |
50,494 |
|
retained
Earnings-inappropriate |
110,632 |
54,247 |
|
Total
Retained Earnings |
166,859 |
104,741 |
|
Cumulative
translation adjustment |
21,169 |
20,547 |
|
Total
Shareholders' Equity |
673,027 |
535,287 |
|
1,201,894 |
883,955 |
Statements
of Income
(As of 2011.03, 1 NTD = 0.0339 USD)
Cash Flow
Unit: NTD/Thousand
|
|
2010.1.1~2010.6.30 |
2009.1.1~2009.6.30 |
|
Cash
flow from operating activities |
|
|
|
Net
Income |
15,537 |
|
|
Depreciation
and amortization |
14,053 |
12,616 |
|
Gain
from price recovery of inventory |
2,000 |
(49,381) |
|
Loss
on Disposal of Fixed Assets |
- |
14 |
|
Investment
Income Recognized Under Equity Method |
(3,284) |
(23,921) |
|
Net
change in deferred income tax assets |
5,204 |
|
|
Net
operating assets and liabilities changes |
|
|
|
Notes
and accounts receivable |
(11,142) |
24,228 |
|
Inventory
|
146,501 |
|
|
Other
financial assets - current |
30,109 |
(5,774) |
|
Other
current assets |
(23,749) |
|
|
Bills
payable and accounts receivable |
28,608 |
|
|
expenses
payable |
(126) |
|
|
Other
current liabilities |
(706) |
(6,329) |
|
other |
14,341 |
2,110 |
|
Net
cash outflow (inflow) from operating activities |
74,272 |
|
|
Cash
flows from investing activities |
|
|
|
Increase
the equity method of long-term equity investments |
(14,785) |
|
|
Price
of disposal of fixed assets |
- |
40 |
|
Purchase
of fixed assets |
(11,173) |
|
|
Deferred
charge increase |
(209) |
- |
|
Net
cash outflow from investing activities |
(25,918) |
|
|
Cash
flows from financing activities |
|
|
|
Short-term
borrowings Increase (decrease) |
86,890 |
(36,612) |
|
Reduction
of long-term loans |
(43,236) |
(4,417) |
|
Cash
capital increase |
75,000 |
- |
|
Cash
dividends |
(20,750) |
- |
|
Net
cash inflow(outflow) from financing activities |
97,904 |
(41,029) |
|
Increase
in current cash |
11,029 |
7,325 |
|
Initial
cash balance |
63,409 |
40,547 |
|
Ending
Cash Balance |
74,438 |
47,872 |
|
Supplemental
disclosures of cash flow information |
|
|
|
Current
Interest paid (excluding capitalized interest) |
2,876 |
2,270 |
|
Current
income tax paid |
323 |
6,302 |
|
Financing Activities Not effecting Cash Flows |
|
|
|
Long-term
loans due within one year |
8,450 |
8,831 |
Bankers
Open
Account Bank
|
Name |
Taiwan Bank |
Public record
Mortgage
Record
No mortgage record was found from public files.
Lawsuit
Up to date of reporting,
no existing or latent litigation of the subject has been found.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.65 |
|
|
1 |
Rs.71.93 |
|
Euro |
1 |
Rs.63.24 |
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 |
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 |
|
-- |
NB |
New Business |
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.