MIRA
INFORM REPORT
|
Report Date : |
08.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
UPC TECHNOLOGY CORPORATION |
|
|
|
|
Registered Office : |
9th Fl., Building A, No.209 Nan Gang Rd., Sec.1, Nan Gang Dist., Taipei, 115, |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.03.2011 |
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|
|
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Date of Incorporation : |
14.08.1976 |
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|
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Com. Reg. No.: |
4748660 |
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|
|
|
Legal Form : |
Joint Stock Company |
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|
|
|
Line of Business : |
Manufacture and distribution of chemicals. |
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 |
|
Payment Behaviour : |
No Complaints |
|
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: |
|
|
Supplied Name: |
|
|
Trading Address: |
9th Fl., Building A, No.209 Nan Gang Rd.,
Sec.1, Nan Gang Dist., Taipei, 115, Taiwan |
|
Supplied Address: |
9th Floor Building A No. 209 Nan Gang Road
Sector 1, Nan Gang Dist. Taipei 11568 Taiwan |
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Telephone Number: |
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|
Fax Number: |
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E-mail: |
Credit Summary
|
Credit Rating: |
|
|
Credit Opinion: |
Company Identification Details
|
Registered Name: |
UPC Technology
Corporation |
|
Registered Address: |
|
|
Date of Foundation: |
|
|
Registration Number: |
4748660 |
|
Registry: |
Department of commerce,
Ministry of Economic Affairs,R.O.C.
|
|
Registered Capital: |
NTD 16,000,000,000 (USD 553,600,000) (As of 2011.06, 1 NTD =
0.0346 USD) |
|
Paid-up Capital: |
NTD 10,452,666,510 (USD
361,662,261) |
|
Legal Representatives: |
Fengqiang Miao |
|
Legal Form: |
|
|
Principal Activities: |
|
|
Staff: |
|
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Listed at Stock Exchange: |
|
|
Date of Last Annual Return: |
History
Subject was incorporated on
Subject was listed on Taiwan Stock Exchange on
Change of Name
|
Former Chinese Name |
聯成石油化學股份有限公司 |
|
Current Chinese Name |
聯成化學科技股份有限公司 |
|
Former English Name |
Union Petrochemical
Corporation |
|
Current English Name |
UPC Technology
Corporation |
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 |
|
318,716,122 |
|
|
Fengqiang Miao |
|
|
5,243,346 |
|
|
Yishao Ke |
1,248,627 |
|
Fengsheng Miao |
811,994 |
|
Changwei Xue |
39,417 |
|
Songen Sun |
69,480 |
The information
above is that of subject’s major shareholders.
Subsidiaries & Branches
Linyuan Plant:
|
Address: |
3, Kung-Yeh 2nd Rd./ Lin-Yuan District, Kaohsiung
832, Taiwan, R.O.C. |
|
Tel : |
+886-7-6413501 |
|
Fax: |
+886- 7-6421087 |
Related Companies
|
The mainland of
China |
Zhenjiang Union
Chemical Industrial Co.,Ltd |
|
Hong Kong |
|
|
British Virgin
Island |
GLORY ACE
INTERNATIONAL INC. |
Personnel Information
Core
Management
|
1 |
|
|
Name |
Fengqiang Miao |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Deqian Zhou |
|
Position |
Director |
|
3 |
|
|
Name |
Yishao Ke |
|
Position |
Director & Management |
|
Date of Appointment: |
|
|
4 |
|
|
Name |
Guoan Xu |
|
Position |
Director |
|
5 |
|
|
Name |
Fengsheng Miao |
|
Position |
Director |
|
6 |
|
|
Name |
Changwei Xue |
|
Position |
Director |
|
7 |
|
|
Name |
Hongjian Yu |
|
Position |
Supervisor |
|
8 |
|
|
Name |
Songen Sun |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 1,214 employees |
Operation Information
Offices
& Factories
|
|
Headquarters |
|
Add |
9th Fl.,
Building A, No.209 Nan Gang Rd., Sec.1, Nan Gang Dist., Taipei, 115, Taiwan |
Production
Information
l
Subject is a manufacturer of chemicals.
l
It is introduced that the annual production
capacity of Linyuan Plant (Epoxy Resin) is about 8,000 metric tons
Purchase
Information
l
The Major registered activities of subject:
|
Business Code |
Details |
|
-- |
Manufacture of
chemicals (organic acid and Organic alcohol, etc) |
|
-- |
General import
and export trading business Besides licensed business |
|
ZZ99999 |
Besides licensed
business, all other business items those are not banned or restricted. |
l
Subject purchases raw
materials both at home and abroad.
Sales
Information
l
The subject is mainly engaged in distribution of
chemical products.
l
Subject provides phthalic anhydride (PA),
plasticizers, maleic anhydride (MA), diisononyl phthalate (DINP), diisodecyl
phthalate (DIDP), fumaric acid (FA), unsaturated polyester resin (UPR),
polyethylene, polyols, epoxy resins and stabilizers, among others. Its products
are applied principally in the manufacture of resins, paints, pigments, inks,
feedstuff additives, lubricants, synthetic rubber products and cosmetics, among
others.
l
Subject distributes its products primarily in
Taiwan, Mainland China, Southeast Asia, Middle East, New Zealand and Australia.
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 |
|
|
Chemicals |
CBD, etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Chemicals |
CBD, etc |
100% |
Balance Sheet
Unit: NTD/000
|
|
|
|
|
Cash and cash equivalents |
1,411,508 |
1,116,479 |
|
Net Notes
receivable |
60,612 |
54,665 |
|
633,713 |
699,277 |
|
|
Accounts receivable
- related parties |
10,787 |
14,132 |
|
Other
receivables |
1,334 |
1,210 |
|
Other
receivables - related parties |
10,405 |
44,487 |
|
Current assets |
3,368,593 |
3,393,172 |
|
Inventories |
1,191,168 |
1,380,997 |
|
Other Current
assets |
49,066 |
81,925 |
|
The deferred
income tax assets-current |
9,890 |
39,150 |
|
Other current
assets-other |
39,176 |
42,775 |
|
Investment |
13,415,591 |
15,743,054 |
|
Long-term
investments at equity |
13,415,591 |
15,743,054 |
|
Financial assets
for sale-Non current |
3,390,292 |
87,039 |
|
financial assets
at cost – non current |
272,327 |
185,570 |
|
Fund and
investment |
17,078,210 |
16,015,663 |
|
Land |
685,297 |
685,297 |
|
Buildings and
constructures |
758,750 |
752,295 |
|
machine
equipment |
1,992,990 |
1,989,622 |
|
Storage
equipment |
546,517 |
539,330 |
|
Hydroelectric
equipment |
597,451 |
594,922 |
|
Transporting
equipment |
13,330 |
13,283 |
|
Fixed assets
total cost |
4,779,507 |
4,761,501 |
|
Value through
revaluation |
441,601 |
441,601 |
|
Accumulated
Depreciation |
-3,434,827 |
-3,372,281 |
|
Net Fixed Assets |
1,808,862 |
1,846,560 |
|
Total Cost and
value through revaluation |
5,221,108 |
5,203,102 |
|
construction in
progress and prepayments for equipment |
22,581 |
15,739 |
|
Other devices |
185,172 |
186,752 |
|
Deferred Pension
Costs |
. |
3,278 |
|
Total Intangible
Assets |
. |
3,278 |
|
16,932 |
27,986 |
|
|
47,326 |
66,053 |
|
|
17,300 |
. |
|
|
Total other
assets |
81,558 |
94,039 |
|
Total assets |
22,337,223 |
21,352,712 |
|
857,406 |
819,178 |
|
|
8,322 |
8,767 |
|
|
179,010 |
8,780 |
|
|
Accrued Expenses |
126,206 |
305,992 |
|
11,527 |
21 |
|
|
current
liabilities |
1,218,505 |
1,166,735 |
|
4,363 |
2,534 |
|
|
Payables on
equipment |
4,363 |
2,534 |
|
31,671 |
21,463 |
|
|
Other Current
Liabilities–Others |
31,671 |
21,463 |
|
1,596,761 |
1,595,561 |
|
|
Long Term Liabilities |
1,596,761 |
1,595,561 |
|
Reserve for land
revaluation increment tax |
99,828 |
99,828 |
|
Total Reserves |
99,828 |
99,828 |
|
Reserve for
retirement allowance ／accrued pension liabilities |
301,166 |
292,046 |
|
1,884 |
2,727 |
|
|
Deferred income
tax |
. |
39,520 |
|
Other
liability–Others |
. |
5,041 |
|
Deferred
credit–interest between affiliate companies |
. |
5,041 |
|
Total Other Liabilities |
303,050 |
339,334 |
|
Total
Liabilities |
3,218,144 |
3,201,458 |
|
Ordinary Share
Capital |
10,410,702 |
10,030,713 |
|
Capital
Collected In Advance |
38,506 |
57,105 |
|
Share Capital |
10,449,208 |
10,087,818 |
|
825,818 |
833,952 |
|
|
21,898 |
21,898 |
|
|
15,136 |
14,559 |
|
|
252,210 |
119,353 |
|
|
Total capital
reserve |
1,115,062 |
989,762 |
|
1,365,288 |
1,221,369 |
|
|
For not retained
earnings |
5,208,332 |
3,963,370 |
|
Total Retained
earnings |
6,573,620 |
5,184,739 |
|
Cumulative
Translation Adjustments |
342,491 |
973,909 |
|
Net loss not
recognized as pension cost |
-562 |
-9,632 |
|
of financial instruments |
297,487 |
731,287 |
|
Unrealized
revaluation value |
341,773 |
341,773 |
|
Treasury Stock |
. |
-148,402 |
|
Total
shareholders’ equity and other adjustment |
981,189 |
1,888,935 |
|
New Issued
(under stockholders' equity section) shares Equivalents (Unit: Shares) |
4,472,750 |
5,598,500 |
|
Treasury Stock
of held by parent company also as held by subsidiaries (Unit: Shares) |
. |
11,787,000 |
|
Total
shareholders’ equity |
19,119,079 (USD
661,520,133) |
18,151,254 (USD
628,033,388) |
(As of 2011.06, 1 NTD = 0.0346 USD)
Profit and loss account
Unit: NTD/000
|
|
~ |
~ |
|
1,989,510 (USD
68,837,046) |
2,000,292 (USD
69,210,103) |
|
|
Net Sales
Revenue |
1,989,510 |
2,000,292 |
|
Total Sales
Revenue |
1,990,503 |
2,000,646 |
|
Sales discounts
and allowances |
993 |
354 |
|
Total operating
costs |
1,752,697 |
1,719,689 |
|
Cost of goods
sold |
1,752,697 |
1,719,689 |
|
Gross Profit
(Loss) |
236,813 |
280,603 |
|
Total operating
expenses |
103,864 |
129,357 |
|
Distribution
Cost |
35,763 |
49,585 |
|
general and
administrative expenses |
68,101 |
79,772 |
|
Net operating Profit
(loss) |
132,949 |
151,246 |
|
Non-operating
revenue and profit |
443,929 |
729,643 |
|
1,123 |
484 |
|
|
Income From
Investment |
425,553 |
719,313 |
|
Investment Income
Recognized Under Equity Method |
425,553 |
719,313 |
|
Sanctions Fixed
Assets Interests |
. |
809 |
|
Foreign Exchange
Gain |
6,803 |
1,189 |
|
Miscellaneous
Income |
10,450 |
7,848 |
|
Non-operating
expenses and losses |
12,276 |
9,799 |
|
5,077 |
5,610 |
|
|
7,199 |
4,189 |
|
|
564,602 |
871,090 |
|
|
25,610 |
34,476 |
|
|
Continuing Operations'
Unit net income (loss) |
538,992 |
836,614 |
|
Net income
(loss) |
538,992 (USD
18,649,123) |
836,614 (USD
28,946,844) |
|
Basic earnings
per share |
1 |
1 |
|
Dilute earning
per share (Unit: NTD) |
0.50 |
1 |
(As of 2011.06, 1 NTD = 0.0346 USD)
Bankers
Subject declined to disclose 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
Up to date of
reporting, no existing or latent litigation of the subject has been found.
Interview Details
|
Name |
N/A |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.42 |
|
|
1 |
Rs.70.95 |
|
Euro |
1 |
Rs.63.63 |
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.