MIRA INFORM REPORT
|
Report Date : |
10.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
USI CORPORATION |
|
|
|
|
Registered Office : |
12th Floor, No. 37, Jihu Road, Meihu District, Taipei Cit |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
30.09.2010 |
|
|
|
|
Date of Incorporation : |
26.05.1965 |
|
|
|
|
Com. Reg. No.: |
11917107 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacturing and sales of polyethylene resins, etc |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 800,000 |
|
Status : |
Good |
|
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: |
12th Floor, No. 37, Jihu Road, Meihu District, Taipei City, Taiwan. |
|
Supplied Address: |
|
|
Telephone Number: |
|
|
Fax Number: |
|
|
E-mail: |
Notes: Subject’s exact address is as above.
Credit Summary
|
Credit Rating: |
|
|
Credit Opinion: |
Company Identification Details
|
Registered Name: |
USI Corporation |
|
Registered
Address: |
12th Floor, No. 37,
Jihu Road, Meihu District, Taipei City, Taiwan. |
|
Date of
Foundation: |
|
|
Registration
Number: |
11917107 |
|
Registry: |
Department of
Commerce, Ministry of
Economic Affairs, R.O.C. |
|
Registered
Capital: |
NTD 7,714,031,640 (USD 266,905,495) (As of 2011.04, 1
NTD = 0.0346 USD) |
|
Paid-up Capital: |
NTD 7,714,031,640
(USD 266,905,495) |
|
Legal
Representatives: |
Yigui Wu |
|
Legal Form: |
|
|
Principal
Activities: |
|
|
Staff: |
|
|
Listed at Stock Exchange: |
|
|
Date of Last Annual Return: |
Notes:
The Staff number is
estimated and only for reference.
History
Subject was
incorporated on
Shareholders
|
Name |
Subscription
Shares |
|
Shing
Lee Enterprise Limited |
195,000,000 |
|
Shousong Wu |
|
|
6,237,773 |
|
|
Shanshan
Linsu |
13,372,666 |
|
Dechang
Investment Company Limited (literal Translation) |
3,000,000 |
|
Guangzhe
Huang |
102,000 |
Major
Shareholder Information:
|
Name |
Shing Lee Enterprise
Limited |
|
Registered Number: |
21926 |
|
Date of Registration: |
|
The information above is that of subject’s
major shareholders.
Subsidiaries
& Branches
Contact:
|
Description |
Address |
Tel |
Fax |
|
Head Office |
|
+886-2-8751-6888 |
+886-2-2659-9599 |
|
Kaohsiung Plant |
330 Feng Jen Road, Jen
Wu Hsiang, Kaohsiung Hsien 814, Taiwan |
+886-7-371-1721 |
+886-7-371-4268 |
|
Export Sales Office |
|
+886-2-8751-6888 |
+886-2-2659-9599 |
|
Taipei Sales Office |
|
+886-2-8751-6888 |
+886-2-2659-9684 |
|
Taichung Branch Office |
|
+886-4-2320-6958 |
+886-4-2326-8374 |
|
Tainan Branch Office |
4th Floor, 89 Lin An
Road, Sec.1, Tainan 703, Taiwan |
+886-6-259-2101 |
+886-6-258-0048 |
|
R & D Division |
89 Tou Hu, Hu Nan
Village, Lin Kou Hsiang, Taipei Hsien 244, Taiwan |
+886-2-2609-4190~2 |
+886-2-2609-5270 |
|
USI(Hong Kong- Company
Limited |
6/F, Caltex House, 258
Hennessy Road, Hong Kong |
+852-2573-7962~3 |
+852-2838-3239 |
|
USI Trading(Shanghai-
Co., Ltd. |
|
+86-21-5258-1258 |
+86-21-5258-9258 |
Branches:
|
1 |
|
|
Branch Name: |
Tainan Branch |
|
Registered Number: |
69536582 |
|
Branch Manager: |
Jizhong Zhang |
|
Registered Address: |
1/F., No. 89, Section 1, Linan Road, Tainan
City, Taiwan |
|
Date of Last Annual Return: |
|
|
2 |
|
|
Branch Name: |
Taizhong Branch |
|
Registered Number: |
52463234 |
|
Branch Manager: |
Jizhong Zhang |
|
Registered Address: |
22/F-4, No. 152, Section 1, Zhonggang Road,
West District, Taizhong City, Taiwan. |
|
Date of Last Annual Return: |
|
|
3 |
|
|
Branch Name: |
Taipei Branch |
|
Registered Number: |
80352575 |
|
Branch Manager: |
Guangzhe Huang |
|
Registered Address: |
10/F., No. 3, Section 1, Dunhua South Road,
Songshan District, Taipei City, Taiwan. |
|
Date of Registration: |
|
|
Date of Last Annual Return: |
|
Personnel Information
Core Management
Directors
|
1 |
|
|
Name |
Yigui Wu |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Jingshou Yu |
|
Position |
Director |
|
3 |
|
|
Name |
Yaosheng Chen |
|
Position |
Director |
|
4 |
|
|
Name |
Jizhong Zhang |
|
Position |
Director & Manager |
|
Date of Appointment: |
|
|
5 |
|
|
Name |
Shousong Wu |
|
Position |
Director |
|
6 |
|
|
Name |
Guohong Li |
|
Position |
Director |
|
7 |
|
|
Name |
Shanshan Linsu |
|
Position |
Director |
|
8 |
|
|
Name |
Xinhuai Zhou |
|
Position |
Supervisor |
|
9 |
|
|
Name |
Guangzhe Huang |
|
Position |
Supervisor |
Personnel Structure
|
Total Employees |
Over
400 employees (estimated) |
Operation Information
Offices & Factories
|
|
Headquarters
|
|
Add |
12th Floor, No. 37, Jihu Road, Meihu District,
Taipei City, Taiwan. |
l
Subject
is a manufacturer of chemical products and it has a plant in Kaohsiung, Taiwan.
l
Subject
produces polyethylene resins that can be classified
into four categories: Low Density Polyethylene - LDPE, Ethylene-Vinyl Acetate
copolymer - EVA, High Density Polyethylene- HDPE and Linear Low Density
Polyethylene - LLDPE.
|
Products |
Uses |
|
EVATHENE® EVA |
Shoe soles, sheets, wire and cable, hot melt
adhesive, and solar cell encapsulation, it can also be blended with other
resins for various applications |
|
PAXOTHENE® LDPE |
General purpose packaging films, heavy duty
bags, shrink films, and foams |
|
UNITHENE® HDPE |
Flat Yarn, coarse monofilament, film &
sheets and injection molding such as pallets, crates, bottle caps and
industrial containers |
|
LINATHENE® LLDPE |
Heavy duty bags, stretch films, overwrap
films, and agricultural films as well as rotational molding application for water
tanks, industrial containers, and traffic barricades |
Purchase Information
l
The
major registered activities of subject:
|
1 |
Manufacture, processing and sales of
Polyethylene plastic raw materials |
|
2 |
Manufacture, processing and sales of Polyethylene
plastic products |
|
3 |
Manufacture, processing and sales of
chemicals used as catalyzer for plastic industry. |
|
4 |
Design, manufacture and processing and
sales of plastic processing machine. |
|
5 |
General international trading business |
|
ZZ99999 |
Besides licensed business, all other
business items those are not banned or restricted |
.
l
Subject
purchases raw materials from local markets.
l
The subject provides ethyl vinyl acetate (EVA-, high-density
polyethylene (HDPE-, linear low-density polyethylene (LLDPE- and low-density
polyethylene (LDPE-. Its products are applied in the manufacture of plastic
bags, handbags, food packaging products, plastic films, fishing nets, ropes,
plastic pipes, plastic flowers, plastic containers, bottles and baskets, among
others.
l
Subject distributes its products in domestic and
overseas markets, such as Japan, Thailand, New Zealand, Canada, the United
States, Australia and Russia, among others
Settlements
Purchase
Domestic
Purchase (Taiwan and Mainland, China)
|
Payment
Terms |
|
|
Raw
Materials |
COD,
etc |
Foreign
Purchase
Subject doesn’t
purchase from foreign markets.
Sales
Domestic
Markets (Taiwan)
|
Sales
Terms |
|
|
Polyethylene
resins, etc |
Export
|
Sales
Terms |
|
|
CBD, etc |
Balance Sheet
Unit: NTD/000
|
|
|
|
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash and cash equivalents |
2,643,384.00 |
1,719,502.00 |
|
Financial assets measured at fair value
through profit or loss - current |
2,673,500.00 |
1,934,511.00 |
|
Available-for-sale financial assets -
current |
86,130.00 |
89,715.00 |
|
Held-to-maturity financial assets - current |
0.00 |
99,773.00 |
|
Notes receivable - net |
91,996.00 |
74,957.00 |
|
Accounts receivable - net |
492,452.00 |
456,883.00 |
|
Accounts receivable - related parties - net |
135,657.00 |
182,430.00 |
|
Other receivables |
25,302.00 |
25,600.00 |
|
Other receivables - related parties |
33,818.00 |
35,950.00 |
|
Inventories |
918,050.00 |
1,008,453.00 |
|
Other current assets |
452,289.00 |
229,699.00 |
|
Current assets |
7,552,578.00 |
5,857,473.00 |
|
Funds and Investments |
|
|
|
Financial assets measured at fair value
through profit or loss - non current |
50,030.00 |
45,023.00 |
|
Available-for-sale financial assets - non
current |
1,098,091.00 |
1,043,090.00 |
|
Financial assets carried at cost - non
current |
275,813.00 |
275,813.00 |
|
Debt investments without active market -
non current |
0.00 |
50,000.00 |
|
Equity investments under equity method |
6,480,459.00 |
5,922,751.00 |
|
Investments |
6,480,459.00 |
5,922,751.00 |
|
Funds and long-term investments |
7,904,393.00 |
7,336,677.00 |
|
Fixed Assets |
|
|
|
Cost |
|
|
|
Land |
238,137.00 |
238,137.00 |
|
Land improvements |
71,611.00 |
71,611.00 |
|
Buildings and structures |
390,055.00 |
389,127.00 |
|
Machinery and equipment |
3,057,378.00 |
3,016,833.00 |
|
Transportation equipment |
29,927.00 |
29,407.00 |
|
Maintenance equipment and tools |
24,104.00 |
24,104.00 |
|
Other facilities |
91,406.00 |
89,925.00 |
|
Revaluation increment |
456,671.00 |
456,671.00 |
|
Cost and revaluation increment |
4,359,289.00 |
4,315,815.00 |
|
Accumulated depreciation |
-3,360,487.00 |
-3,278,079.00 |
|
Accumulated impairment - fixed assets |
-6,852.00 |
0.00 |
|
Construction in process and prepayment for
equipments |
71,351.00 |
30,844.00 |
|
Fixed assets |
1,063,301.00 |
1,068,580.00 |
|
Intangible Assets |
|
|
|
Deferred pension cost |
32,554.00 |
65,108.00 |
|
Intangible assets |
32,554.00 |
65,108.00 |
|
OtherAssets |
|
|
|
Rental assets |
49,470.00 |
53,277.00 |
|
Idled assets |
39,521.00 |
40,022.00 |
|
Guarantee deposits paid |
19,243.00 |
13,071.00 |
|
Deferred charges |
17,082.00 |
5,059.00 |
|
Deferred income tax assets - non current |
89,898.00 |
200,277.00 |
|
Other assets - other |
151,000.00 |
657,900.00 |
|
Other assets |
366,214.00 |
969,606.00 |
|
Assets |
16,919,040.00 |
15,297,444.00 |
|
Liabilities and Stockholders’ Equity |
|
|
|
Liabilities |
|
|
|
Current Liabilities |
|
|
|
Accounts payable |
524,581.00 |
602,463.00 |
|
Accounts payable - related parties |
33,530.00 |
9,835.00 |
|
Income tax payable |
208,457.00 |
180,232.00 |
|
Accrued expenses |
287,130.00 |
250,924.00 |
|
Other payables - related parties |
67,867.00 |
223,787.00 |
|
Other payables |
10,669.00 |
13,575.00 |
|
Advance receipts |
97,534.00 |
34,868.00 |
|
Long-term liabilities - current portion |
1,000,000.00 |
0.00 |
|
Other current liabilities |
103,391.00 |
5,632.00 |
|
Current liabilities |
2,333,159.00 |
1,321,316.00 |
|
Long term Liabilities |
|
|
|
Long-term borrowings |
0.00 |
1,000,000.00 |
|
Long-term liabilities |
0.00 |
1,000,000.00 |
|
Reserves |
|
|
|
Reserve for land revaluation increment tax |
43,580.00 |
43,580.00 |
|
Reserves |
43,580.00 |
43,580.00 |
|
Other Liabilities |
|
|
|
Pension reserve / accrued pension liability |
753,367.00 |
758,775.00 |
|
Guarantee deposits received |
4,594.00 |
3,565.00 |
|
Other liabilities - other |
26,171.00 |
20,250.00 |
|
Other liabilities |
784,132.00 |
782,590.00 |
|
Liabilities |
3,160,871.00 |
3,147,486.00 |
|
Stockholders’ Equity |
|
|
|
Capital |
|
|
|
Common stock |
8,639,716.00 |
7,714,032.00 |
|
Capital Surplus |
|
|
|
Capital surplus - treasury stock
transactions |
68,785.00 |
56,457.00 |
|
Capital surplus - long-term equity
investments |
136,339.00 |
133,845.00 |
|
Capital surplus - other |
11,717.00 |
11,717.00 |
|
Capital surplus |
216,841.00 |
202,019.00 |
|
Retained Earnings |
|
|
|
Legal reserve |
1,680,933.00 |
1,479,072.00 |
|
Unappropriated retained earnings |
2,594,619.00 |
2,240,916.00 |
|
Retained earnings |
4,275,552.00 |
3,719,988.00 |
|
Stockholders’ Equity and Other adjustment |
|
|
|
Cumulative translation adjustments |
178,442.00 |
187,445.00 |
|
Net loss not recognized as pension cost |
-157,797.00 |
-128,952.00 |
|
Unrealized gains (losses- on financial
instruments |
441,636.00 |
291,155.00 |
|
Unrealized Revaluation Increment |
298,497.00 |
299,381.00 |
|
|
-134,718.00 |
-135,110.00 |
|
Equity adjustments |
626,060.00 |
513,919.00 |
|
Stockholders‘ equity |
13,758,169.00 (USD 476,032,647- |
12,149,958.00 (USD 420,388,547- |
|
Number of treasury stock acquired by the
company and subsidiaries (unit: share- |
51,882,799.00 |
46,323,928.00 |
(As of 2011.04, 1 NTD = 0.0346 USD-
Profit and Loss Account
Unit: NTD/000
|
|
|
|
|
Sales |
9,143,584.00 |
7,698,716.00 |
|
Sales returns |
0.00 |
764.00 |
|
Sales discounts and allowances |
22,100.00 |
17,469.00 |
|
Sales |
9,121,484.00 |
7,680,483.00 |
|
Operating income |
9,121,484.00 |
7,680,483.00 |
|
Cost of sales |
7,267,552.00 |
6,025,535.00 |
|
Operating costs |
7,267,552.00 |
6,025,535.00 |
|
Gross profit (loss- from operations |
1,853,932.00 |
1,654,948.00 |
|
Unrealized gains on intercompany
transactions |
1,586.00 |
2,480.00 |
|
Selling expense |
219,157.00 |
218,704.00 |
|
General and administrative expenses |
129,460.00 |
132,869.00 |
|
Research and development expenses |
39,237.00 |
41,724.00 |
|
Operating expenses |
387,854.00 |
393,297.00 |
|
Operating income (loss- |
1,464,492.00 |
1,259,171.00 |
|
Non-Operating Income |
|
|
|
Interest income |
17,532.00 |
22,397.00 |
|
Inome from long-term equity investments
under the equity method |
595,723.00 |
522,831.00 |
|
Dividends |
67,038.00 |
49,138.00 |
|
Investment income |
662,761.00 |
571,969.00 |
|
Gains on disposal of fixed assets |
6,750.00 |
54,241.00 |
|
Gains on sale of investments |
7,945.00 |
12,444.00 |
|
Foreign exchange gains |
0.00 |
3,299.00 |
|
Rent income |
11,500.00 |
10,073.00 |
|
Revaluation gain on financial assets |
3,668.00 |
143,197.00 |
|
Miscellaneous income |
33,296.00 |
39,772.00 |
|
Non-operating revenues and gains |
743,452.00 |
857,392.00 |
|
Non-Operating Expenses |
|
|
|
Interest expense |
19,091.00 |
28,044.00 |
|
Loss on disposal of fixed assets |
583.00 |
190.00 |
|
Foreign exchange losses |
7,514.00 |
0.00 |
|
Financial expense |
0.00 |
3,912.00 |
|
Loss on depreciation and valuation loss
form idle assets |
1,215.00 |
1,729.00 |
|
Impairment loss on assets |
6,852.00 |
0.00 |
|
Revaluation loss on financial liabilities |
9,668.00 |
721.00 |
|
Miscellaneous disbursements |
27,211.00 |
19,118.00 |
|
Non-operating expenses and losses |
72,134.00 |
53,714.00 |
|
Income from continuing operations before
income tax |
2,135,810.00 |
2,062,849.00 |
|
Income tax expense (benefit- |
300,580.00 |
306,433.00 |
|
Income from continuing operations |
1,835,230.00 |
1,756,416.00 |
|
Net income (loss- |
1,835,230.00 (USD 63,498,958) |
1,756,416.00 (USD 60,771,994) |
|
Primary Earnings per Share |
|
|
|
Primary earnings per share |
2.26 |
2.16 |
|
Diluted earnings per share |
|
|
|
Diluted earnings per share |
2.26 |
2.16 |
(As of 2011.04, 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.49.14 |
|
UK Pound |
1 |
Rs.75.97 |
|
Euro |
1 |
Rs.65.99 |
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.