MIRA INFORM REPORT
|
Report Date : |
14.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
DSM-AGI CORPORATION |
|
|
|
|
Formerly Known As : |
Agi Corporation |
|
|
|
|
Registered Office : |
No.31, Ta Kung Rd. Tayuan new ind. Park Tayuan Hsiang Taoyuan Hsien |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
30.06.2011 |
|
|
|
|
Date of Incorporation : |
29.06.1977 |
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|
|
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Com. Reg. No.: |
35860547 |
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|
|
|
Legal Form : |
Joint Stock Company |
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|
|
|
Line of Business : |
Manufacture and sales
of chemical |
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 100,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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: |
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Trading Address: |
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Supplied Address: |
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Telephone Number: |
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Fax Number: |
+886-2-2798-2528/2798-2518 |
|
E-mail: |
Notes: Subject’s exact name and address are as
above.
Credit
Summary
|
Credit Rating: |
|
|
Credit Opinion: |
Company
Identification Details
|
Registered Name: |
Dsm-Agi
Corporation |
|
Registered
Address: |
No.31, Ta Kung
Rd. Tayuan new ind. Park Tayuan Hsiang Taoyuan Hsien Taiwan |
|
Date of
Foundation: |
|
|
Registration
Number: |
35860547 |
|
Registry: |
Department of
Commerce, Ministry of
Economic Affairs, R.O.C. |
|
Registered
Capital: |
NTD 700,000,000 (USD 23,100,000) (As of 2011.10, 1
NTD = 0.033 USD) |
|
Paid-up Capital: |
NTD 698,777,980
(USD 23,059,673) |
|
Legal
Representatives: |
Xinyong Zhong |
|
Legal Form: |
|
|
Principal
Activities: |
|
|
Staff: |
|
|
Listed at Stock Exchange: |
|
|
Date of Last Annual Return: |
History
Subject was incorporated on
|
Former English
Name |
Agi Corporation |
|
Current English
Name |
Dsm-Agi
Corporation |
|
Former Chinese
Name |
力美特殊化工股份有限公司 |
|
Current Chinese Name
|
新力美科技股份有限公司 |
Awards
|
Year |
Awards |
|
2008 |
Blue chip
importer and exporter |
|
2009 |
Blue chip
importer and exporter |
|
2010 |
Blue chip
importer and exporter |
Standard of Blue chip importer and exporter
Unit:
USD
|
Year |
Amount |
|
2008 |
19,000,000 |
|
2009 |
15,000,000 |
|
2010 |
20,000,000 |
Shareholders
|
Name |
Subscription
Shares |
|
Xinyong
Zhong |
1,235,123 |
|
Chenrui Hong |
|
|
313,636 |
|
|
Yaosheng
Chen |
341,485 |
The information above is that of subject’s major shareholders.
Subsidiaries &
Branches
Other
Address:
|
1 |
|
|
Name: |
R&D Center / Tayuan Plant |
|
Address: |
31 Ta Kung Rd., Tayuan Hsiang Taoyuan Hsein
337, Taiwan |
|
Tel: |
+886-3-386-8956 |
|
Fax: |
+886-3-386-0110 |
|
2 |
|
|
Name: |
SHIN HUA PLANT |
|
Address: |
1 Na Pah Lin, Shin Hua Chein Tainan Hsein
712, Taiwan |
|
Tel: |
+886-6-591-2055 |
|
Fax: |
+886-6-591-2677 |
Personnel
Information
Core Management
|
1 |
|
|
Name |
Xinyong Zhong |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Bartholomeus Joannes Josephus Vincentius
Welten |
|
Position |
Director |
|
3 |
|
|
Name |
Dimitri Edward de Vreeze |
|
Position |
Director |
|
4 |
|
|
Name |
Jiang Weiming |
|
Position |
Director |
|
5 |
|
|
Name |
Chenrui Hong |
|
Position |
Director |
|
6 |
|
|
Name |
Menno Goedhart |
|
Position |
Independent director |
|
7 |
|
|
Name |
Rongshun Ke |
|
Position |
Independent director |
|
8 |
|
|
Name |
Yaosheng Chen |
|
Position |
Supervisor |
|
9 |
|
|
Name |
Eric Lodder |
|
Position |
Supervisor |
|
10 |
|
|
Name |
Beichen Ding |
|
Position |
Manager |
|
Date of Appointment: |
|
Personnel Structure
|
Total Employees |
About
320 employees |
Operation
Information
Offices & Factories
|
|
Headquarters
|
|
Add |
Production Information
l
Subject
is a manufacturer of specialty chemicals, etc
l
Subject
has obtained ISO 9001 certification
Purchase Information
l
The
major registered activities of subject:
|
-- |
Sales of
industrial chemical materials |
|
C802120 |
Manufacture
of industrial additives |
|
C802030 |
Manufacture
of Coating |
|
C802060 |
Manufacture
of veterinary medicine |
|
C801040 |
|
|
CC01080 |
Manufacture
of electronic components |
|
CC01090 |
Manufacture
of battery |
|
CC01050 |
Manufacture
of Data store and processing |
|
CE01030 |
Manufacture
of optical instrument |
|
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 specialty chemicals such as UV curing
chemicals including monomers, oligomers, and photoinitiators, etc; Printed
Circuit Board Inks and Plastics
Additives, etc
l
Subject’s
products are especially designed to be used in the coatings of papers, woods,
plastics, and inks.
l
It is
introduced that subject also has printed circuit board inks, which includes
etching resist inks, UV curing marking inks, and solder resist inks.
l
Subject’s
products are both sold in domestic and overseas market
Major products sold
|
1 |
|
|
2 |
|
|
3 |
Import and export right:
|
Import
right |
Yes |
|
Export
right |
Yes |
Settlements
Purchase
Domestic
Purchase
|
Payment
Terms |
Proportion |
|
|
Raw
materials, etc |
COD,
etc |
100% |
Foreign
Purchase
|
Payment
Terms |
Proportion |
|
|
Raw
materials, etc |
CBD,
etc |
100% |
Sales
Domestic
Markets
|
Sales
Terms |
Proportion |
|
|
Specialty
Chemicals |
CBD,
etc |
100% |
Export
|
Sales
Terms |
Proportion |
|
|
Specialty
Chemicals |
CBD,
etc |
100% |
Balance
Sheet
Unit: NTD/000
|
|
|
|
|
Cash and cash equivalents |
210,026 |
366,979 |
|
Net Notes receivable |
118,806 |
221,122 |
|
880,743 |
779,432 |
|
|
Accounts receivable - related parties |
4,365 |
26,310 |
|
Other receivables |
162,548 |
17,245 |
|
Other receivables - related parties |
44,882 |
124,269 |
|
Current assets |
2,008,463 |
2,020,828 |
|
Inventories |
553,019 |
440,033 |
|
Advanced Charge |
18,032 |
28,066 |
|
Advance Payment |
11,445 |
7,270 |
|
Other Current Assets |
4,191 |
10,102 |
|
The deferred income tax assets-current |
4,191 |
10,102 |
|
Financial assets at fair value through
profit or loss-current |
406 |
0 |
|
Investment |
43,163 |
62,603 |
|
Long-term investments at equity |
43,163 |
62,603 |
|
Financial Assets At Cost – Non current |
25,446 |
25,446 |
|
Fund and investment |
68,609 |
88,049 |
|
Land |
377,841 |
377,841 |
|
Buildings and constructures |
596,334 |
584,554 |
|
machine equipment |
774,637 |
767,972 |
|
Transporting Equipment |
10,309 |
8,586 |
|
Office equipment |
23,434 |
23,566 |
|
Total fixed assets cost |
2,169,636 |
2,142,875 |
|
Value through revaluation |
123,744 |
123,744 |
|
Accumulated Depreciation |
-991,051 |
-888,280 |
|
Net Fixed Assets |
1,537,002 |
1,426,766 |
|
Total Cost and value through revaluation |
2,293,380 |
2,266,619 |
|
construction in progress and prepayments
for equipment |
234,673 |
48,427 |
|
Other devices |
387,081 |
380,356 |
|
Deferred Pension Costs |
4,173 |
5,610 |
|
Total Intangible Assets |
4,173 |
5,610 |
|
37,921 |
38,091 |
|
|
22,486 |
26,293 |
|
|
1,407 |
1,137 |
|
|
Total other assets |
0 |
24,617 |
|
Limited assets |
0 |
24,617 |
|
Total other assets |
61,814 |
90,138 |
|
Total assets |
3,680,061 |
3,631,391 |
|
Short term loan |
992,440 |
740,970 |
|
Note Payable |
24,911 |
11,411 |
|
430,092 |
452,151 |
|
|
16,679 |
24,680 |
|
|
Accrued Expenses |
90,886 |
141,003 |
|
current liabilities |
1,616,907 |
1,807,245 |
|
8,714 |
148,683 |
|
|
6,765 |
11,157 |
|
|
Current Portion |
46,420 |
277,190 |
|
Long term loan |
355,880 |
155,444 |
|
Long term liabilities |
355,880 |
155,444 |
|
Reserve for land revaluation increment tax |
43,943 |
43,943 |
|
Total Reserves |
43,943 |
43,943 |
|
Reserve for retirement allowance /accrued pension liabilities |
21,132 |
13,602 |
|
0 |
16,139 |
|
|
Total other liabilities |
21,132 |
29,741 |
|
Total liabilities |
2,037,862 |
2,036,373 |
|
Ordinary Share Capital |
635,253 |
629,523 |
|
Capital Collected In Advance |
0 |
6,498 |
|
Share Capital |
635,253 |
636,021 |
|
176,386 |
153,500 |
|
|
176,386 |
153,500 |
|
|
81,098 |
81,098 |
|
|
0 |
21,511 |
|
|
Total capital reserve |
257,484 |
256,109 |
|
157,624 |
151,680 |
|
|
For not retained earnings |
584,451 |
532,623 |
|
Total Retained earnings |
742,075 |
684,303 |
|
Cumulative Translation Adjustments |
605 |
4,374 |
|
Net loss not recognized as pension cost |
-18,184 |
-10,755 |
|
Unrealized revaluation value |
24,966 |
24,966 |
|
Total shareholders’ equity and other
adjustment |
7,387 |
18,585 |
|
Issued shares equivalent to Shareholder
funds received in advance (under the provision of Shareholder’s Equity) |
0 |
524,000 |
|
Treasury Stock of held by parent company also
as held by subsidiaries (Unit: Shares) |
0 |
0 |
|
Total shareholders’ equity |
1,642,199 (USD 56,820,085) |
1,595,018 (USD 55,187,623) |
(As of 2011.06, 1 NTD = 0.0346 USD)
Profit and
loss account
Unit: NTD/000
|
|
~ |
~ |
|
1,964,512 (USD 67,972,115) |
1,984,928 (USD 68,678,509) |
|
|
Net Sales Sale |
1,964,512 |
1,984,928 |
|
Total Sales Sale |
1,964,877 |
1,986,261 |
|
Sales Returns |
365 |
965 |
|
Sales discounts and allowances |
0 |
368 |
|
Total operating costs |
1,752,934 |
1,647,162 |
|
Cost Of Goods Sold |
1,752,934 |
1,647,162 |
|
Total operating expenses) |
211,578 |
337,766 |
|
Total operating expense |
196,058 |
251,687 |
|
Distribution Cost |
94,137 |
142,640 |
|
General And Administrative Expenses |
71,626 |
64,299 |
|
Research and development expense |
30,295 |
44,748 |
|
Net operating Profit (loss) |
15,520 |
86,079 |
|
Non-operating sale and profit |
46,854 |
15,046 |
|
80 |
142 |
|
|
Income From Investment |
1,128 |
0 |
|
Investment Income Recognized Under Equity
Method |
1,128 |
0 |
|
Sanctions Fixed Assets Interests |
275 |
459 |
|
Foreign Exchange Gain |
21,261 |
0 |
|
Financial assets evaluation interests |
352 |
0 |
|
Miscellaneous Income |
23,758 |
14,445 |
|
Non-operating expenses and losses |
15,210 |
49,950 |
|
14,495 |
10,360 |
|
|
Investment loss |
0 |
4,067 |
|
Investment Loss Recognized Under Equity
Method |
0 |
4,067 |
|
Foreign Exchange Loss |
0 |
34,557 |
|
Miscellaneous expenses |
715 |
966 |
|
47,164 |
51,175 |
|
|
22,531 |
24,881 |
|
|
Continuing Operations' Unit net income
(loss) |
24,633 |
26,294 |
|
Net income (loss) |
24,633 (USD 852,302) |
26,294 (USD 909,772) |
|
Basic earnings per share |
0.39 |
0.42 |
|
Dilute earning per share |
0.39 |
0.42 |
(As of
2011.06, 1 NTD = 0.0346 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
Up to date of reporting, no existing or
latent litigation of the subject has been found.
Interview
Details
|
Department |
Sales department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.02 |
|
UK Pound |
1 |
Rs.77.13 |
|
Euro |
1 |
Rs.67.56 |
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.