MIRA INFORM REPORT
|
Report Date : |
10.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
China General
Plastics Corp |
|
|
|
|
Registered Office : |
12th Floor, No.37, Ji-Hu Road, Nei-Hu Dist., Taipei City |
|
|
|
|
Country : |
Taiwan |
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|
|
|
Financials (as on) : |
31.03.2011 |
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|
|
|
Date of Incorporation : |
29.04.1964 |
|
|
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Com. Reg. No.: |
11686106 |
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|
|
Legal Form : |
Joint Stock Company |
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|
|
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Line of Business : |
Manufacturer and wholesaler of PVC products. |
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 600,000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
|
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Taiwan |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Contact
Points
|
Company Name: |
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|
Supplied Name: |
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|
Trading Address: |
12Fl., No.37 Ji-Hu Rd., Nei-Hu Dist.,
Taipei, Taiwan 114, R.O.C. |
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Supplied Address: |
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Telephone Number: |
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Fax Number: |
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E-mail: |
Notes: Subject’s exact name and address are as above.
Credit
Summary
|
Credit Rating: |
|
|
Credit Opinion: |
Company
Identification Details
|
Registered Name: |
China General Plastics Corp. |
|
Registered Address: |
12th Floor, No.37, Ji-Hu Road, Nei-Hu Dist., Taipei City, Taiwan,
R.O.C. |
|
Date of Foundation: |
|
|
Registration Number: |
11686106 |
|
Registry: |
Department of Commerce, Ministry of Economic Affairs, R.O.C. |
|
Registered Capital: |
NTD 5,000,000,000 (USD 173,500,000) (As of 2011.07, 1 NTD = 0.0347 USD) |
|
Paid-up Capital: |
NTD 4,248,035,280 (USD 147,406,824) |
|
Legal Representatives: |
Yigui Wu |
|
Legal Form: |
|
|
Principal Activities: |
|
|
Staff: |
|
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Listed at Stock
Exchange: |
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|
Date of Last
Annual Return: |
History
Subject was incorporated on
Subject was listed in the Taiwan Stock Exchange on
Awards
|
Year |
Awards |
|
2007 |
Blue chip
importer and exporter |
|
2008 |
Blue chip
importer and exporter |
|
2009 |
Blue chip
importer and exporter |
Standard of Blue
chip importer and exporter
Unit: USD
|
Year |
Amount |
|
2007 |
18,000,000 |
|
2008 |
19,000,000 |
|
2009 |
15,000,000 |
Shareholders
|
Name |
Subscription Shares |
|
Union Polymer International Investment
Corporation |
102,799,317 |
|
Taiwan Union International Investment Co |
|
|
25,699,829 |
|
The information
above is that of subject’s major shareholders.
Subsidiaries &
Branches
Related Companies
|
Continental
General Plastics (Zhong-shan) Co., Ltd. Zhongshan High Tech Industry Development Zone,
Yan Jiang Dong Er Lu, Zhong Shan , Guang Dong, China CGPC America
Corporation 11310 HARREL ST. MIRA LOMA, CA 91752-1408 U.S.A C G Europe Limited 10b, Dalton Court, Commercial Road, Darwen, Lancs
BB3 0DG, United Kingdom |
|
|
Company Structure:
|
Name |
Address |
Tel |
|
Head Office |
|
+886-2-8751-6888 |
|
Toufen Plant |
No.571, MinZu
Road, Toufen Township, MiaoLi County 35159, Taiwan |
+886-37-623-391 |
|
Export Sales
(PVC products) |
|
+886-2-8751-6888#3708 |
|
Export Sales
(Houseware products) |
|
+886-2-8751-6888#2803 |
Personnel
Information
Core
Management
|
1 |
|
|
Name |
Yigui Wu |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Yaosheng Chen |
|
Position |
Director |
|
3 |
|
|
Name |
Jizhong Zhang |
|
Position |
Director |
|
4 |
|
|
Name |
Dehuai Zhou |
|
Position |
Director |
|
5 |
|
|
Name |
Hanfu Lin |
|
Position |
Director |
|
6 |
|
|
Name |
Hantai Liu |
|
Position |
Director |
|
7 |
|
|
Name |
Zhentu Liu |
|
Position |
Director |
|
8 |
|
|
Name |
Yishao Ke |
|
Position |
Director |
|
9 |
|
|
Name |
Guohong Li |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 1,244 employees |
Operation
Information
Offices
& Factories
|
|
Headquarters |
|
Add |
12Fl., No.37 Ji-Hu Rd., Nei-Hu Dist., Taipei, Taiwan 114, R.O.C. |
Production
Information
l
Subject is a manufacturer of PVC resin, etc
l
It is introduced that subject’s annual production
capacity for PVC resin is about 200,000 tons
Purchase
Information
l
The major registered activities of subject:
|
Business Code |
Details |
|
-- |
Manufacture of plastic and its related raw
materials |
|
-- |
Manufacture of plastic products |
|
F107110 |
Wholesales of petrochemical materials |
|
F207110 |
Retail of petrochemical materials |
|
ZZ99999 |
Besides licensed business, all other business items those are not
banned or restricted. |
l
Subject purchases both at home and abroad.
l
The subject is mainly engaged in sales of PVC products
such as PVC resin, PVC compound, PVC film, PVC leather, PVC sheet, etc
l
Subject’s products are both sold in domestic and
overseas market and it is introduced that subject exports to Europe, Middle
East and other countries in Asia, etc
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Settlements
Purchase
Domestic Purchase
|
Payment Terms |
Proportion |
|
|
Raw materials |
COD, Credit Sales, etc |
100% |
Foreign Purchase
|
Payment Terms |
Proportion |
|
|
Raw materials |
CBD, etc |
100% |
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
PVC products |
CBD, etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
PVC products |
CBD, etc |
100% |
Balance
Sheet
Unit: KRW/000
|
|
|
|
|
Cash and cash
equivalents |
416,338 |
563,012 |
|
Net Notes
receivable |
144,954 |
150,918 |
|
669,834 |
580,365 |
|
|
Accounts
receivable - related parties-Net |
183,301 |
220,701 |
|
Other
receivables |
1,776 |
3,446 |
|
Other
receivables - related parties |
101,129 |
296,066 |
|
Other financial
assets- current |
128 |
362 |
|
Current assets |
3,156,319 |
3,458,554 |
|
Inventories |
766,004 |
709,951 |
|
Other Current
assets |
238,220 |
240,182 |
|
The deferred
income tax assets- current |
18,311 |
19,774 |
|
Restricted
Assets |
150,000 |
150,000 |
|
Other current
assets-other |
69,909 |
70,408 |
|
Investment |
624,077 |
483,296 |
|
For sale
financial assets- current |
10,558 |
10,456 |
|
Hold it to
maturity financial assets- current |
. |
199,799 |
|
Investment |
2,633,234 |
2,668,379 |
|
Long-term
investments at equity |
2,633,234 |
2,668,379 |
|
financial assets
at cost – non current |
136,767 |
128,950 |
|
Fund and
investment |
2,770,001 |
2,797,329 |
|
Land |
120,105 |
121,071 |
|
Buildings and
constructures |
625,862 |
641,757 |
|
Machine
Equipment |
4,391,730 |
4,401,939 |
|
Transporting
Equipment |
38,434 |
38,445 |
|
Fixed assets
total cost |
5,349,413 |
5,402,295 |
|
Value through
revaluation |
1,553,468 |
1,558,678 |
|
Accumulated
Depreciation |
-4,530,859 |
-4,474,348 |
|
Net Fixed Assets |
2,436,252 |
2,515,627 |
|
Total Cost and
value through revaluation |
6,902,881 |
6,960,973 |
|
construction in
progress and prepayments for equipment |
64,230 |
29,002 |
|
Other devices |
173,282 |
199,083 |
|
Deferred Pension
Costs |
. |
40,178 |
|
Total Intangible
Assets |
. |
40,178 |
|
30,081 |
30,137 |
|
|
. |
. |
|
|
337 |
337 |
|
|
Long term notes
and amount receivable |
. |
599 |
|
Long term notes
and amount receivable-related parties |
5,349 |
5,349 |
|
184,116 |
167,887 |
|
|
Other
Assets-Others |
1,274 |
86,369 |
|
restricted
assets |
. |
80,000 |
|
Other
Assets-Others |
1,274 |
6,369 |
|
Total other
assets |
221,157 |
290,678 |
|
Total assets |
8,583,729 |
9,102,366 |
|
. |
. |
|
|
Term notes and bills payable |
99,982 |
. |
|
209 |
250 |
|
|
238,623 |
212,697 |
|
|
455,644 |
424,672 |
|
|
43,690 |
113,415 |
|
|
Accrued Expenses |
142,790 |
162,894 |
|
financial
liabilities at fair value through profit or loss-current |
195 |
26 |
|
Other account
payables-related parties |
8,043 |
8,364 |
|
Current
Liabilities |
1,080,690 |
2,169,504 |
|
Other account
payables |
2,407 |
189,840 |
|
Current Portion |
. |
1,000,000 |
|
Other Current
Liabilities |
89,107 |
57,346 |
|
997,410 |
296,670 |
|
|
Term Liabilities |
997,410 |
296,670 |
|
Reserve for land
revaluation increment tax |
483,213 |
483,213 |
|
Total Reserves |
483,213 |
483,213 |
|
Retirement,
allowance, reserve, accrued pension liabilities |
1,089,753 |
1,127,503 |
|
Other
Liabilities-Others |
20,650 |
20,201 |
|
Deferred
credit–interest between affiliate companies |
18,461 |
18,101 |
|
Other
liabilities-others |
2,189 |
2,100 |
|
Total other
liabilities |
1,110,403 |
1,147,704 |
|
Total
Liabilities |
3,671,716 |
4,097,091 |
|
Ordinary Share
Capital |
4,248,035 |
4,248,035 |
|
Share Capital |
4,248,035 |
4,248,035 |
|
1,388 |
1,252 |
|
|
7,929 |
7,979 |
|
|
9,317 |
9,231 |
|
|
19,442 |
. |
|
|
For not retained
earnings |
88,045 |
273,750 |
|
Total Retained
earnings |
107,487 |
273,750 |
|
Cumulative
Translation Adjustments |
37,696 |
75,017 |
|
Net loss not recognized
as pension cost |
-177,301 |
-257,914 |
|
of
financial instruments |
33,753 |
4,130 |
|
Unrealized revaluation
value |
653,026 |
653,026 |
|
Total other
reconciliation items of shareholders’ equity |
547,174 |
474,259 |
|
New Issued
(under stockholders' equity section) shares Equivalents (Unit: Shares) |
. |
. |
|
Treasury Stock of
held by parent company also as held by subsidiaries (Unit: Shares) |
. |
. |
|
Total
shareholders’ equity |
4,912,013 (USD 170,446,851) |
5,005,275 (USD 173,683,043) |
(As of 2011.07, 1 NTD =
0.0347 USD)
Profit and
Loss Account
Unit: KRW/000
|
|
~ |
~ |
|
2,394,761 (USD 83,098,207) |
2,069,808 (USD 71,822,338) |
|
|
Net Sales
Revenue |
2,394,761 |
2,069,808 |
|
Total Sales
Revenue |
2,408,860 |
2,091,663 |
|
Sales Returns |
622 |
2,301 |
|
Sales Discounts
And Allowances |
13,477 |
19,554 |
|
Total operating
costs |
2,204,410 |
1,891,602 |
|
Cost of goods
sold |
2,204,410 |
1,891,602 |
|
Gross Profit
(Loss) |
190,351 |
178,206 |
|
Unrealized
profits between affiliate companies |
. |
. |
|
Realized profits
between affiliate companies |
24 |
111 |
|
Total operating
expenses |
138,375 |
129,567 |
|
Distribution
Cost |
91,194 |
86,280 |
|
General And
Administrative Expenses |
35,038 |
31,165 |
|
Research and
development expenses |
12,143 |
12,122 |
|
Net operating
profit/loss |
52,000 |
48,750 |
|
Non-operating
revenue and profit |
22,361 |
65,086 |
|
1,529 |
1,968 |
|
|
Income From
Investment |
. |
56,123 |
|
Investment
Income Recognized Under Equity Method |
. |
56,123 |
|
Sanctions Fixed
Assets Interests |
291 |
1,475 |
|
Foreign Exchange
Gain |
7,036 |
. |
|
Rental income |
1,923 |
1,282 |
|
Financial assets
evaluation interests |
6,968 |
. |
|
Miscellaneous
Income |
4,614 |
4,238 |
|
Non-operating
expenses and losses |
26,391 |
22,913 |
|
3,992 |
7,686 |
|
|
21,680 |
. |
|
|
Investment Loss
Recognized Under Equity Method |
21,680 |
. |
|
Foreign Exchange
Loss |
. |
5,978 |
|
Financial assets
evaluation Loss |
. |
8,328 |
|
Miscellaneous
spending |
719 |
921 |
|
47,970 |
90,923 |
|
|
12,001 |
11,591 |
|
|
Continuing
Operations' Unit net income (loss) |
35,969 |
79,332 |
|
Net income
(loss) |
35,969 (USD 1,248,124) |
79,332 (USD 2,752,820) |
|
Basic earnings per
share |
0 |
0 |
|
Dilute earning
per share (Unit: NTD) |
0.08 |
0 |
(As of 2011.07, 1 NTD =
0.0347 USD)
Bankers
Subject did not introduce its bank details; from other source we can not obtain
the relevant information, either.
Public
Record
Mortgage
No chattel
mortgage record of subject has been found within the recent 3 months.
Lawsuit
|
Trial Number: |
99,北小,811 |
|
Trial Date: |
991027 |
|
Reason: |
Compensation for damage |
|
Subject |
|
|
2 |
|
|
Trial Number: |
91,北勞訴,2 |
|
Trial Date: |
920515 |
|
Reason: |
Conformation of employment relationship |
|
Subject |
|
Interview
Details
|
Department |
Sales department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.17 |
|
UK Pound |
1 |
Rs.73.72 |
|
Euro |
1 |
Rs.64.26 |
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.