MIRA INFORM REPORT
|
Report Date : |
27.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
FORMOSA CHEMICALS & FIBRE CORP. |
|
|
|
|
Registered Office : |
359, Chungshan Road, Sec. 3, Chang Hwa City, Chang Hwa |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
03.05.1965 |
|
|
|
|
Com. Reg. No.: |
58650902 |
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|
|
|
Legal Form : |
Joint Stock Company |
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|
|
|
Line of Business : |
Manufacture and sales of Chemicals |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 5,000,000 |
|
|
|
|
Status : |
Very Good |
|
|
|
|
Payment
Behaviour : |
No Complaints |
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|
|
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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: |
|
|
Supplied Name: |
|
|
Trading Address: |
359, Chungshan Road, Sec. 3, Chang Hwa
City, Chang Hwa County, Taiwan, R.O.C. |
|
Supplied Address: |
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Telephone Number: |
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Fax Number: |
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E-mail: |
Notes: The exact name and address are as above.
Credit
Summary
|
Credit Rating: |
|
|
Credit Opinion: |
Company
Identification Details
|
Registered Name: |
Formosa Chemicals & Fibre Corp. |
|
Registered
Address: |
359, Chungshan
Road, Sec. 3, Chang Hwa City, Chang Hwa County, Taiwan, R.O.C. |
|
Date of
Foundation: |
|
|
Registration
Number: |
|
|
Registry: |
Department
of Commerce, Ministry of Economic Affairs, R.O.C. |
|
Registered
Capital: |
NTD 56,904,721,280
(USD 1,974,593,828) |
|
Paid-up Capital: |
NTD 56,904,721,280 (USD 1,974,593,828) |
|
Legal
Representatives: |
|
|
Legal Form: |
|
|
Principal
Activities: |
|
|
Staff: |
|
|
Listed at Stock Exchange: |
Code: 1326 |
|
Date of Last Annual Return: |
History
Subject was incorporated 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 |
|
Wenyuan Wang |
61,311,250 |
|
South Asia Plastic Industrial Co., Ltd |
|
|
136,289,502 |
|
|
192,955,278 |
|
|
Zhaolin Yang |
136,670 |
|
Taisu petrifaction Co., Ltd |
47,152,986 |
|
Fuyuan Hong |
264,859 |
|
Hongzhi Yang |
147,854 |
|
Qiuming Chen |
77,308 |
|
Jianan Wu |
27,783 |
|
Lianchun Wang |
144,397 |
|
Dongteng Huang |
33,408 |
|
Changgeng medical treatment incorporated foundation |
1,057,406,427 |
|
Shuiwen Hou |
26,473 |
Notes: The information above is that of subject’s
major shareholders.
Subsidiaries & Branches
Personnel
Information
Core Management
|
1 |
|
|
Name |
Wenyuan Wang |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Ruiyu Wang |
|
Position |
managing
director |
|
3 |
|
|
Name |
Zhicun Li |
|
Position |
managing
director |
|
4 |
|
|
Name |
Zhaolin Yang |
|
Position |
managing director |
|
5 |
|
|
Name |
Zongyong Lin |
|
Position |
managing
director (independent director) |
|
6 |
|
|
Name |
Mingzhang Chen |
|
Position |
|
|
7 |
|
|
Name |
Gong Wang |
|
Position |
independent director |
|
8 |
|
|
Name |
Wenxiang Wang |
|
Position |
|
|
9 |
|
|
Name |
Fuyuan Hong |
|
Position |
|
|
10 |
|
|
Name |
Hongzhi Yang |
|
Position |
|
|
11 |
|
|
Name |
Qiuming Chen |
|
Position |
|
|
12 |
|
|
Name |
Jianan Wu |
|
Position |
|
|
13 |
|
|
Name |
Lianchun Wang |
|
Position |
|
|
14 |
|
|
Name |
|
|
Position |
Director |
|
15 |
|
|
Name |
Yurui Chen |
|
Position |
|
|
16 |
|
|
Name |
Wenhua Gong |
|
Position |
|
|
17 |
|
|
Name |
Shuiwen Hou |
|
Position |
Auditor |
Personnel Structure
|
Total Employees |
More than 200 Employees |
Operation
Information
Offices & Factories
|
|
Headquarters
|
|
Add |
359, Chungshan
Road, Sec. 3, Chang Hwa City, Chang Hwa County, Taiwan, R.O.C. |
Production Information
|
Division |
Major Business |
|
The major businesses of 1st Petrochemicals Division are manufacture and
sales of AROMA. |
|
|
2nd
Petrochemicals Division |
The
major businesses of 2nd
Petrochemicals Division are manufacture and sales of SM,
phenol, and acetone. |
|
Third
Petrochemicals Division |
Its major
businesses are manufacture and sales of PTA and DMF |
|
Plastics
Division |
The Plastics
Division engages mainly in the manufacture and sales of PS, ABS, SAN, ASA,
PP, PC and PC/ABS alloys pellet. |
Purchase Information
l
The raw material for production is mostly
purchased from domestic.
l
The subject is mainly engaged in sales of chemicals
such as SM, phenol, and acetone.
l
The subject sells products in Asian countries.
Import and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Settlements
Purchase
Domestic
Purchase (Taiwan and Mainland, China)
|
Payment
Terms |
Proportion |
|
|
COD, etc |
100% |
Foreign
Purchase
Sales
Domestic
Markets (Taiwan)
|
Sales
Terms |
Proportion |
|
|
CBD, etc |
100% |
Export
|
Sales
Terms |
Proportion |
|
|
Chemicals |
CBD,
etc |
100% |
Financial
Information
Balance Sheet
NTD/thousand
|
Accounting Title |
|
|
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash and cash equivalents |
5,651,126.00 |
508,148.00 |
|
Financial assets measured at fair value
through profit or loss - current |
13,428.00 |
9,526.00 |
|
Available-for-sale financial assets -
current |
84,168,477.00 |
59,996,878.00 |
|
Notes receivable - net |
601,736.00 |
402,604.00 |
|
Notes receivable - related parties - net |
318,282.00 |
292,485.00 |
|
Accounts receivable - net |
7,734,900.00 |
7,046,228.00 |
|
Accounts receivable - related parties - net |
19,472,088.00 |
18,790,743.00 |
|
Other receivables |
1,177,444.00 |
3,057,672.00 |
|
Other receivables - related parties |
10,797,050.00 |
7,435,450.00 |
|
Inventories |
26,938,445.00 |
24,980,688.00 |
|
Other current assets |
4,351,735.00 |
4,822,513.00 |
|
Current assets |
161,224,711.00 |
127,342,935.00 |
|
Funds and Investments |
|
|
|
Financial assets measured at fair value
through profit or loss - non current |
0.00 |
72,261.00 |
|
Financial assets carried at cost - non
current |
5,064,584.00 |
5,065,671.00 |
|
Equity investments under equity method |
149,691,887.00 |
131,184,845.00 |
|
Investments |
149,691,887.00 |
131,184,845.00 |
|
Other financial assets - non current |
1,068,624.00 |
744,993.00 |
|
Funds and long-term investments |
155,825,095.00 |
137,067,770.00 |
|
Fixed Assets |
|
|
|
Cost |
|
|
|
Land |
5,398,116.00 |
5,427,705.00 |
|
Buildings and structures |
17,119,080.00 |
17,018,264.00 |
|
Machinery and equipment |
148,429,528.00 |
149,251,061.00 |
|
Transportation equipment |
506,796.00 |
503,653.00 |
|
Other facilities |
3,156,356.00 |
3,126,703.00 |
|
Fixed assets cost |
174,609,876.00 |
175,327,386.00 |
|
Accumulated depreciation |
-100,948,908.00 |
-92,886,707.00 |
|
Construction in process and prepayment for
equipments |
3,840,141.00 |
3,482,264.00 |
|
Fixed assets |
77,501,109.00 |
85,922,943.00 |
|
Intangible Assets |
|
|
|
OtherAssets |
|
|
|
Deferred charges |
3,617,661.00 |
4,283,731.00 |
|
Deferred income tax assets - non current |
1,011,208.00 |
3,340,861.00 |
|
Other assets - other |
1,023,028.00 |
1,051,638.00 |
|
Other assets |
5,651,897.00 |
8,676,230.00 |
|
Assets |
400,202,812.00 |
359,009,878.00 |
|
Liabilities and Stockholders' Equity |
|
|
|
Liabilities |
|
|
|
Current Liabilities |
|
|
|
Short-term borrowings |
0.00 |
3,352,100.00 |
|
Financial liabilities measured at fair
value through profit or loss - current |
9,112.00 |
15,316.00 |
|
Accounts payable |
2,043,338.00 |
2,137,218.00 |
|
Accounts payable - related parties |
16,178,196.00 |
17,261,878.00 |
|
Income tax payable |
3,693,210.00 |
1,498,425.00 |
|
Accrued expenses |
3,246,503.00 |
2,763,675.00 |
|
Other payables - related parties |
0.00 |
18,377,700.00 |
|
Long-term liabilities - current portion |
9,507,793.00 |
5,857,737.00 |
|
Other current liabilities |
1,939,378.00 |
1,888,059.00 |
|
Current liabilities |
36,617,530.00 |
53,152,108.00 |
|
Long term Liabilities |
|
|
|
Financial liabilities measured at fair
value through profit or loss - non current |
184,886.00 |
179,644.00 |
|
Bonds payable |
25,600,000.00 |
16,960,000.00 |
|
Long-term borrowings |
31,946,274.00 |
35,590,594.00 |
|
Long-term notes and accounts payable |
508,000.00 |
1,492,520.00 |
|
Long-term liabilities |
58,239,160.00 |
54,222,758.00 |
|
Reserves |
|
|
|
Other Liabilities |
|
|
|
Pension reserve / accrued pension liability |
5,895,255.00 |
5,565,544.00 |
|
Other liabilities - other |
742,793.00 |
448,913.00 |
|
Other liabilities |
6,638,048.00 |
6,014,457.00 |
|
Liabilities |
101,494,738.00 |
113,389,323.00 |
|
Stockholders' Equity |
|
|
|
Capital |
|
|
|
Common stock |
56,904,721.00 |
56,904,721.00 |
|
Capital Surplus |
|
|
|
Capital surplus - additional paid-in
capital |
8,224,586.00 |
8,224,586.00 |
|
Capital surplus - treasury stock
transactions |
30,064.00 |
4,941.00 |
|
Capital surplus - long-term equity
investments |
1,358,559.00 |
1,358,559.00 |
|
Capital surplus - other |
204,224.00 |
204,224.00 |
|
Capital surplus |
9,817,433.00 |
9,792,310.00 |
|
Retained Earnings |
|
|
|
Legal reserve |
31,632,294.00 |
28,688,341.00 |
|
Special reserve |
33,721,775.00 |
32,841,200.00 |
|
Unappropriated retained earnings |
82,433,347.00 |
57,620,551.00 |
|
Retained earnings |
147,787,416.00 |
119,150,092.00 |
|
Stockholders' Equity and Other adjustmen |
|
|
|
Cumulative translation adjustments |
-2,071,020.00 |
695,111.00 |
|
Net loss not recognized as pension cost |
-143,174.00 |
-130,687.00 |
|
Unrealized gains (losses) on financial
instruments |
86,736,819.00 |
59,533,129.00 |
|
|
-324,121.00 |
-324,121.00 |
|
Equity adjustments |
84,198,504.00 |
59,773,432.00 |
|
Stockholdersˉ equity |
298,708,074.00 |
245,620,555.00 |
|
Number of
treasury stock acquired by the company and subsidiaries (unit: share) |
17,036,314.00 |
17,036,314.00 |
|
|
0.00 |
0.00 |
Income Statement
NTD/thousand
|
Accounting Title |
|
|
|
Sales |
81,654,543.00 (USD 2,833,412,642) |
71,073,892.00 (USD 2,466,264,052) |
|
Sales
returns |
430.00 |
17,111.00 |
|
Sales
discounts and allowances |
65,357.00 |
112,952.00 |
|
Sales |
81,588,756.00 |
70,943,829.00 |
|
Service
revenue |
3,316.00 |
385.00 |
|
Service
revenue |
3,316.00 |
385.00 |
|
Other
operating revenue |
62,775.00 |
46,020.00 |
|
Operating
income |
81,654,847.00 |
70,990,234.00 |
|
Cost
of sales |
68,383,571.00 |
62,929,792.00 |
|
Operating
costs |
68,383,571.00 |
62,929,792.00 |
|
Gross
profit (loss) from operations |
13,271,276.00 |
8,060,442.00 |
|
Unrealized
gains on intercompany transactions |
589,400.00 |
311,628.00 |
|
Realized
gains on intercompany transactions |
205,796.00 |
185,087.00 |
|
Selling
expense |
935,875.00 |
962,301.00 |
|
General
and administrative expenses |
780,305.00 |
771,591.00 |
|
Operating
expenses |
1,716,180.00 |
1,733,892.00 |
|
Operating
income (loss) |
11,171,492.00 |
6,200,009.00 |
|
Non-Operating
Income |
|
|
|
Interest
income |
27,384.00 |
14,479.00 |
|
Inome
from long-term equity investments under the equity method |
8,976,688.00 |
5,125,433.00 |
|
Investment
income |
8,976,688.00 |
5,125,433.00 |
|
Foreign
exchange gains |
269,672.00 |
0.00 |
|
Rent
income |
39,505.00 |
37,360.00 |
|
Revaluation
gain on financial liabilities |
6,571.00 |
4,998.00 |
|
Miscellaneous
income |
134,356.00 |
360,080.00 |
|
Non-operating
revenues and gains |
9,454,176.00 |
5,542,350.00 |
|
Non-Operating
Expenses |
|
|
|
Interest
expense |
289,013.00 |
312,890.00 |
|
Loss
on disposal of fixed assets |
1,680.00 |
2,205.00 |
|
Foreign
exchange losses |
0.00 |
26,430.00 |
|
Revaluation
loss on financial assets |
15,799.00 |
25,277.00 |
|
Miscellaneous
disbursements |
17,519.00 |
18,080.00 |
|
Non-operating
expenses and losses |
324,011.00 |
384,882.00 |
|
Income
from continuing operations before income tax |
20,301,657.00 |
11,357,477.00 |
|
Income
tax expense (benefit) |
1,974,907.00 |
0.00 |
|
Income
from continuing operations |
18,326,750.00 |
11,357,477.00 |
|
Net
income (loss) |
18,326,750.00 |
11,357,477.00 |
|
Primary
Earnings per Share |
|
|
|
Income
(loss) from continuing operations |
3.23 |
2.00 |
|
Primary
earnings per share |
3.23 |
2.00 |
|
Diluted
earnings per share |
|
|
(As of 2011.07, 1
NTD = 0.0347 USD)
Bankers
|
Taiwan Bank |
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 |
Dongteng Huang |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.29 |
|
UK Pound |
1 |
Rs.72.37 |
|
Euro |
1 |
Rs.64.17 |
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.