MIRA INFORM
REPORT
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Report Date : |
11.01.2011 |
IDENTIFICATION DETAILS
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Name : |
TAITA CHEMICAL CO LTD |
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Registered Office : |
12fl Usi Group Bldg |
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Country : |
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Date of Incorporation : |
06.04.1960 |
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Com. Reg. No.: |
11893409 |
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Legal Form : |
Public Listed Company |
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Line of Business : |
manufacturing of plastic raw materials, glass wool
products and other chemical products |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 1,000,000 |
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Status : |
Good |
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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 – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name & address
TAITA
CHEMICAL CO LTD
12FL USI GROUP BLDG
TEL: 886-2-27983703 FAX: 886-2-27983260
EXECUTIVE SUMMARY
INCORPORATION DATE :
APRIL 6, 1960
REGISTRATION NO. :
11893409
LEGAL FORM :
PUBLIC LISTED COMPANY
CHIEF EXECUTIVE :
MR. YI-KUEI WU (CHAIRMAN)
STAFF STRENGTH :
439
CAPITAL :
US$ 94,786,730
BUSINESS LINE :
MANUFACTURER
TURNOVER :
N/A (AS OF DEC. 31, 2009)
EQUITIES :
N/A (AS OF DEC. 31, 2009)
PAYMENT :
ABOVE AVERAGE
RECOMM.
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
TWD 30.73603 = 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 –
*Company History*
===============
April 1960 -
Established and build the Kaohsiung Chien Chen Plant and was the first formalin
polymer
resin factory.
March 1967 - Added
polystyrene and phenol resin production equipment.
August 1979 -
Jointly invested with PANAMA GULF OIL CO to build the ABS plant in
Lin Yuan Industrial District.
27 June, 1986 -
Became listed on Taiwan Stock Exchange.
July 1986 -
CHINA GENERAL PLASTICS CORP (CGP), TAITA CHEMICAL CO and
POLYMER CORP were purchased by the Australian chemical firm BTR NYLEX
CORP
for a combined
investment of USD 87.5 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 USD
27.6 million, of which it has dedicated USD 8.7 million to CGP, USD 10.2
million to ASIA
POLYMER and USD 8.6 million to TAITA CHEMICAL CO LTD.
November 1986 - The
Australian company BTR NYLEX LTD gained 51% of the company's shares and
transferred all shares to its child company, BTRN Asia in December.
June 1987 -
Established a plant in Tou Fen.
March 1991 -
Started its glass wool production line and officially added it to its business
operations.
March 1997 - BTRN Asia
transferred 51% of the company's shares to the
BELGRAVIA ONE LTD which is an overseas holding company jointly invested
in by
USI CORP and UPC TECHNOLOGY CORP.
May 2000 - The
Zhong Shan High Tech Industrial Development Zone Plant in mainland
completed the first EPS production line and the second was completed in
October.
Production capability was
as smooth as had been planned.
May 2001 - The
new GPS/IPS NOVA production process successfully joined production at the
Chien Chen Plant, and annual production volume reached 10 metric tons.
September 2003 -
Implemented the long-term strategic plan of business development.
October 2004 - The
annual production capacity of Zhong Shan plant increases to 150,000 metric tons
by completion of
the third EPS production line.
September 2005 -
Inaugurated the Tian Jiin plant with annual capacity 100,000 metric tons to
move toward
the company's position as leading EPS provider.
*Company Registration*
===================
License number : 11893409
Date issued : 6 April,
1960
Issuing authority : Ministry of
Economic Affairs (MOEA)
*Capital Details*
=============
Initial registered capital :
NTD 1,928,627,420
Registered capital increase : NTD
3,000,000,000
Paid-up capital
: NTD 2,705,005,090
Market capitalization :
NTD 6,480,160,000
Capital increases as follow:
Date Increase
(NTD)
-----
---------------------
1960
2,600,000
1961
6,000,000
1967
18,000,000
1968
27,000,000
1969
50,000,000
1970 56,000,000
1971
61,000,000
1972
65,000,000
1973
87,000,000
1974 107,100,000
1975 120,921,300
1977 133,013,430
1978 152,300,370
1979 395,450,000
1980 466,631,000
1981 606,620,300
1984 679,414,740
1987 781,326,950
1988 937,592,340
1989 1,593,906,970
1990 1,753,297,660
1991 1,928,627,420
1998 2,025,058,790
1999 2,477,564,660
2000 2,626,218,540
*Office & Facilities*
================
Size : 482
sq. meters
Location :
Type of building : Industrial
Property status : Rented
Comments : Serves as
office and warehouse
Other Contact Details
--------------------------
Tel no : 2-27983250
E-mail : georgelu@ttc.com.tw
Previous Contact Details
---------------------------------
Address : 6Fl
Tel. no. : 2-27763661
Fax. no. : 2-25788248
*Factory Contact Details*
===================
Address :
Zip : 801
Suburb : Chienchin Dist
City :
Tel : [+886] 7-8219521
Fax : [+886] 7-8112150
*Corporate & Organization Structure*
===========================
Organization and management of the company is divided into departments:
- Finance
- Business
- Manufacturing
*Deal Making*
===========
Nature of deal : Technical
Agreement
Party involved : Italian MAZZUCCHELLI (Japanese and
*Reputation*
==========
Reference checking for the purpose of establishing the firm's reputation
within the respective industry failed to reveal any negative information.
*Industry Ranking*
===============
- Considered as one of
- Generally regarded as one of the Top 1000 Companies in manufacturing
industry of
*Sales Ranking*
=============
Generally regarded as one of the Top 500 Companies in terms of sales.
Details of rank as follows :
Year Rank
------ --------
1992 234
1996 278
1997 277
1998 294
*Accountants*
===========
DELOITTE & TOUCHE CO
Represented by the following Chartered Public Accountants (CPA):
- Hsiao-hui Wang
- Liang-fa Wei
*Auditor*
========
TN SOONG & CO
*Insurance Companies*
===================
- FUBON LIFE ASSURANCE CO LTD
- FUBON INSURANCE CO LTD
*Registrar*
=========
TAITA CHEMICAL
www.ttc.com.tw The design is professional and the content is
well organized. At present it is in both Chinese and English versions.
E-mail: mailmaster@cgpc.com.tw
For the past two years there is no record of litigation.
*Major Shareholders*
=================
Shareholders' Name
No of Shares
---------------------------- -----------------
Mr. Ta-chih Cheng
103,505,356
Mr. Chen-tu Liu 103,505,356
Ms. Yi-shao Ko
103,505,356
Ms. Hui-chen Huang
103,505,356
Mr. Yi-kuei Wu 20,252,727
Mr. Hsin-huai Chou
20,252,727
Mr. Feng-chiang Miao
20,252,727
Mr. Yao-sheng Chen
20,252,727
Mr. Wu-hsiung Chen
20,252,727
*Key Personnel*
=============
Mr. Yi-kuei Wu
Founder : Co
founder
Work experience : More than 40 years
Responsibilities : Handles the
daily operation of the firm including all financials, sales and legal matters.
Management: Mr. Chin-tsai Lin,
Director
Ms. Hsiao-hua Lu, Director
Mr. Pei-ching Lin, Assist. Manager
Name Nationality
Job Description Dept. / Division
Mr. Chin-tsai Lin Taiwanese
Director Accounts
Ms. Hsiao-hua Lu Taiwanese
Director Finance
Mr. Pei-ching Lin Taiwanese
Assist. Manager Office
Mr. Shu-sen Chen Taiwanese
Assist. Manager Office
Mr. Kuang-chou Chou Taiwanese Manager Sales
Mr. Ta-chih Cheng Taiwanese
General Manager -
*Company Director*
===============
1
Name : Mr. Chin-tsai Lin
Sex : M
2
Name : Ms. Hsiao-hua Lu
Sex : F
3
Name : Mr. Pei-ching Lin
Sex : M
4
Name : Mr. Shu-sen Chen
Sex : M
5
Name : Mr. Kuang-chou Chou
Sex : M
6
Name : Mr. Ta-chih Cheng
Sex : M
Email : robinchung@ttc.com.tw
*Main Products & Services*
====================
Specializes in manufacturing of plastic raw materials, glass wool
products and other chemical products.
Products also include:
- AS resin
- Polystyrene disposable food vessels
- General purpose polystyrene resin
- High impact polystyrene resin
Products: ABS
ABS copolymers
Acrylonitrile
butadiene
Acrylonitrile
styrene acrylate
Acyclic amides
*Brand*
======
TAITACELL
TAITALAC
*Payment Terms*
==============
Sales
-------
Local : Cash
30 - 90 days credit
Export : Letter of Credit (L/C)
Documents against
Acceptance (D/A)
Purchases
--------------
Local : Cash
30 - 90 days credit
Import : Letter of Credit (L/C)
Documents against
Acceptance (D/A)
*Quality Certification*
==================
(1)
Type of certification : ISO 9002
Issuing authority : SGS and
BCIQ
Year of certification : 1994
(2)
Type of certification : ISO 9001
Issuing authority : SGS and
BCIQ
Year of certification : 2003
Also received the following certifications:
Type of Certification Details
---------------------------- ----------
ISO 9001 For
quality
ISO 14001 For
environment
OHSAS 18001 For health
and safety
*Production Capacity*
==================
(1)
Item :
ABS
Maximum capacity : 60,000 (kg/NTD1,000)
Current capacity : 59,894
(kg/NTD1,000)
(2)
Item :
GPS
Maximum capacity : 70,000 (kg/NTD1,000)
Current capacity : 37,375
(kg/NTD1,000)
(3)
Item :
IPS
Maximum capacity : 30,000 (kg/NTD1,000)
Current capacity : 47,535
(kg/NTD1,000)
(4)
Item :
EPS
Maximum capacity : 50,000 (kg/NTD1,000)
Current capacity : 45,412
(kg/NTD1,000)
*Competitors*
===========
The following locally based companies supply similar range of products:
- CHANT OIL CO LTD
- HAO YI OIL CO LTD
- TAIWAN NICHIYU CHEMICAL CO LTD
- CENTRAL UNION OIL CORP
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- ASIA POLYMER CO LTD
- ORIENTAL UNION CHEMICAL CORP
- USI CORP
- CHEIL TECHNOLOGY CORP
- CHERNG MIN ENTERPRISE CO LTD
- EVER FORE PLASTIC CO LTD
- HAT SHING INDUSTRIAL CO LTD
- PHILLAND INT'L CO LTD
- TCC CHEMICAL CORP
- MING DIH INDUSTRY CO LTD
*Domestic Customers*
==================
Major local customers include:
(1)
Client's name : CHANG
CHI INDUSTRY CO LTD
Product/Buying : Styrofoam
EPS
(2)
Client's name : SINCERITY POLYFOAM LTD
Product/Buying : 90% of polystyrene beads
*Local Distribution Network*
======================
25% of the annual turnover is attributed to local sales to Domestic
market.
*Export Markets*
=============
75% of the annual turnover is attributed to export.
*International Trade Ranking*
=======================
The firm has been ranked among
Year Rank
------ -------
1997 275
Direct Parent : CHINA GENERAL PLASTICS CORP
License Number : 11686106
Country :
*LOCAL BRANCHES & MANAGEMENT*
=================================
Branch : TAITA CHEMICAL CO LTD (PLANT 2) - LINYUAN HSIANG
Branch Address :
Branch Tel : [+886] 7-6413201
Branch Fax : [+886] 7-6414544
Branch Email : jongru@ttc.com.tw
Branch Employees : 173
Branch Management
Name Job Description Nationality
Mr. Jong-ru Tsay Representative Taiwanese
Branch : TAITA CHEMICAL CO LTD -
Branch Address :
Branch Tel : [+886] 6-2685495
Branch : TAITA CHEMICAL CO LTD -
Branch Address : 12Fl Kong Yen Bldg 37 Chi Hu Rd Neihu Dist,
Branch : TAITA CHEMICAL CO LTD (GLASSWOOL PLANT & CUBIC PRINTING) -
TOUFEN CHEN
Branch Address : 571 Min Tsu Rd Toufen Chen, Miaoli Hsien 351
Branch Tel : [+886] 3-7627700
Branch Fax : [+886] 3-7627704
Branch Email : charlessu@ttc.com.tw
Branch Employees : 119
Branch Management
Name Job Description Nationality
Mr. Alex Yu Representative Taiwanese
Mr. Charles Su Representative Taiwanese
*(Subsidiaries, Joint-ventures & Affiliates)
===============================
Business Entity Name : ASIA POLYMER CORP
Address : 12Fl,
Country :
Relationship : Affiliate
Legal Form : Public Listed Company
Company Type : Manufacturer
Industry : Chemicals
Business Entity Name : MITAC TECHNOLOGY CORP
Address : 9Fl, 75 Min Shen East Rd Section 3
Country :
Relationship : Affiliate
Legal Form : Public Listed Company
Company Type : Manufacturer
Industry : Computer & Information Products
Business Entity Name : TAITA (BVI) HOLDING CO LTD
Country :
Relationship : Subsidiary
Legal Form : Private Company with Limited Liability
Company Type : Service
Industry : Financial Services - General
Business Entity Name : TAITA CHEMICAL (
Address :
Country :
Relationship : Subsidiary
Legal Form : Private Company with Limited Liability
Industry : Chemicals
Business Entity Name : USI CORP
Address : 12Fl Kong Yen Bldg
Country :
Relationship : Affiliate
Legal Form : Public Listed Company
Company Type : Manufacturer
Industry : Chemicals
*Strategic Partners & Alliances*
=========================
Group name : CHINA GENERAL
PLASTICS GROUP
Group members : - CHINA GENERAL PLASTICS CORP
-
ASIA POLYMER CORP
-
USI CORP
*OVERSEAS AGENTS AND DISTRIBUTORS*
====================================
Agent : CHEMIPLAS (NZ) LTD
Country of Origin :
Product Description : Styrene resin
Brand : Taita Chemical
Year : 1991
PAYMENT RATING : 2 OBTAINED SCORES : 75
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Implication |
Implications |
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1 |
Scores 85–100 |
Excellent |
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2 |
Scores 75 – 84 |
Above Average |
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3 |
Scores 50 – 74 |
Average |
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4 |
Scores 35 – 49 |
Fair |
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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.
As a private limited company, there is no legal requirement according to
local corporate law for public disclosure of detailed financials.
*BANK DETAILS*
===============
Bank Name : FIRST COMMERCIAL BANK CO LTD
Branch : Chungcheng Dist,
Branch Address :
SWIFT Code : FCBKTWTP
Bank Name : TAIWAN COOPERATIVE BANK
Branch : Chungcheng Dist,
Branch Address :
SWIFT Code : TACBTWTP
*Financial History*
===============
1999 - Obtained a total sales of NTD 3.80 billion
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 1,000,000 appears to be within SC’s capacities.
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 3552 Textile
machines, and parts and attachments,
Importing 2819 Industrial
inorganic chemicals,
Importing 2841 Soap and other
detergents, except specialty cleaners
Importing 2869 Industrial organic
chemicals,
Importing 2911 Petroleum
refinery products
Importing 3296 Mineral wool
insulating materials
Importing 3325 Steel
Foundries, NEC
Importing 3353 Aluminum
sheet, plate, and foil, rolled or drawn
Importing 3441 Fabricated
structural metal products,
Importing 3449 Structural
metal parts,
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 3903110000 Polystyrene,expandable
Exporting 3903190000 Polystyrene,
Exporting 3903300000 Acrylonitrile-butadiene-styrene
(abs) copolymers
Exporting 7019901000 Articles,
woven, of glass fibers
Exporting 8413701000 Stock
pumps imported for use with machines for making cellulosic pulp, paper or
paperboard,
centrifugal
Exporting 8452290000 Sewing
machines other than of the household type
Exporting 8474390000 Mixing
or kneading machines, for earth, stone, ores, or other mineral substances
in solid form
Exporting 8479820040 Mixing,
kneading or stirring machines
Exporting 9032900000 Parts
and accessories of automatic regulating or controlling instruments and
apparatus
Importing 2710 Oil
(not crude) from petrol & bitum mineral etc,
DETAILED PRODUCT
CLASSIFICATION & ACTIVITY
Activity Product/Service Description
Exporter Expandable
polystyrene
Exporter Kneading
machines
Exporter Mixing
machines
Exporter Regulating
instrument parts
Importer Ethylene
polymer solutions
Importer Acrylonitrile
styrene acrylate
Importer Plastic
products
Importer Butadiene
rubber
Importer Mineral
wool
Importer Plastic
sacks
INTERNATIONAL
TRADE: ACTIVITY & MARKETS
Country / Region
Middle-East Exporting,
Importing
Pacific Exporting,
Importing
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.37 |
|
|
1 |
Rs.70.38 |
|
Euro |
1 |
Rs.58.93 |
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.