|
Report Date : |
10.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
FORMOSA PLASTICS CORPORATION |
|
|
|
|
Registered Office : |
No.39 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
30.09.2011 |
|
|
|
|
Date of Incorporation : |
31.08.1954 |
|
|
|
|
Com. Reg. No.: |
75708007 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Production and Sales of Plastic Products |
|
|
|
|
No. of Employees : |
About 5,000 employees |
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 500,000 |
|
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Taiwan |
A2 |
A2 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
|
Company Name: |
|
|
Supplied Name: |
|
|
Trading Address: |
|
|
Supplied Address: |
|
|
Telephone Number: |
+886-2-2712-2211 |
|
Fax Number: |
|
Credit Rating: |
|
|
Credit Opinion: |
|
Establishment of the Formosa Plastics
Corporation with capitalization of NTD 5 million. Constructed the first PVC plant in Kaohsiung
City. |
|
|
1957 |
Started operations in April with a monthly
PVC capacity of 120 metric tons. |
|
1960 |
Invested in the Tung Shan Calcium Carbide
Corporation with a monthly capacity of 2,000 metric tons. |
|
1963 |
Expanded the Kaohsiung plant’s PVC capacity
to 2,100 MT/month. |
|
1965 |
Tung Shan calcium carbide added an electric
furnace to increase capacity to 4,000 MT/month. Established Engineering Section. The Caustic Soda plant at Chienchen came on
stream. (70 MT/day) |
|
1966 |
The Chienchen Caustic Soda plant set up a
department to produce DOP. |
|
1967 |
The Tairylan plant was built at Chienchen
to produce acrylic fiber, with a daily capacity of 4 metric tons. |
|
1968 |
Increased calcium carbide capacity to 8,500
MT/month. Set up the Kuandu plant to produce acrylic
yarn and carpet. 20 tanks were added at Chienchen to raise
caustic soda capacity to 88 MT/day. Improved production technology to increase
Tairylan production capacity to 20 MT/day. |
|
1969 |
Set up a Machinery plant. Took over the Chi Ho Fiber Co., and changed
the name to the Sanhsia plant. |
|
1970 |
Chienchen added a commutator to increase
capacity for liquid caustic soda to 100 MT/day. |
|
1971 |
Two new units at Chienchen raised daily output
of Tairylan to 55 MT/day. |
|
1972 |
The PVC plant at Jenwu started operation,
with a capacity of 2,400 MT/month. Dyeing and knitting equipment of Kuandu
plant were moved to the Sanhsia plant. The Engineering Section was expanded and
renamed the Engineering & Construction Division. |
|
1973 |
Built a PVC plant in Puerto Rico with a
monthly capacity of 6,000 MT/month. Capacity of the DOP plant was increased to
2,500 MT/month. Printing equipment was added at the Sanhsia
plant. The Machinery plant was expanded and moved
to the Jenwu plant. The Jenwu plant began construction of a
Caustic Soda plant with a capacity of 525 MT/day and a VCM plant with a
capacity of 240,000 MT/Y. |
|
1974 |
Capacity of A and B acrylic fiber at Jenwu
was increased to 50 MT/day. |
|
1975 |
The first VCM plant at Jenwu was completed
and came on stream with an annual production capacity of 240,000 metric tons. PVC capacity at Jenwu plant was increased
to 9,000 MT/month. Construction of Wharf#29 was completed. The Caustic Soda plant at Jenwu came on
stream (525 MT/day). The Machinery plant was restructured into
the Machinery Division. A utilities plant with a 246 MT/hour boiler
was added. |
|
1977 |
The Plastics Division phased out the use of
calcium carbide in its manufacture of VCM. Test production of E-process Compound fiber
(C series) began at Jenwu plant. A |
|
1978 |
Caustic soda capacity at Chienchen was
increased to 105 MT/day. Construction of the first phase PVC plant
at Kaohsiung was completed, increasing production capacity of suspension PVC
resin by 1,500 MT/month to a total of 9,000 MT/month. Second phase of VCM plant at Jenwu constructed,
with capacity of 240,000 MT/Y. The Tairylan plant at Jenwu successfully
developed E-process Compound fiber (D series). Chienchen and Jenwu plants
totaled 165 MT/day. |
|
1979 |
The Tairylan plant at Chienchen was shut down;
some equipments were transferred to Jenwu plant. Started planning investments in the United
States. Two 8,000 KW oil-fired generators were
added. The Tairylan plant at Jenwu expanded
capacity by 30 MT/day (F series). An expansion was added to the PVC plant at
Jenwu to produce 100,000 MT/Y of Mass PVC resin. |
|
1980 |
The Machinery Division entered into
technical cooperation with the Renk Corp. The Tairylan plant at Jenwu expanded its
capacity by 30 MT/day. The Puerto Rico plant was shut down. The second phase expansion of the VCM plant
at Jenwu was completed, increasing the total production capacity to 480,000
MT/Y. The Caustic Soda plant at Jenwu added four
tanks, which increased its capacity to 530 MT/month. Installed a Benson boiler of 180 MT/Hr, a steam
generator of 23,500KW, and an oxygen plant of 3,667 NM3/Hr. |
|
1981 |
Completion of the 30 MT/day (G series)
expansion at the Jenwu Tairylan plant increased capacity to 210 MT/day. The Machinery Division obtained
authorization license from S.U.U2. The second phase expansion of Dispersion
PVC resin at Kaohsiung came on stream with a monthly capacity of 900 MT. The DOP plant was shut down in November. A calcium carbonate plant with capacity of
10,800 MT/month was begun at the calcium carbide plant. The printing and garment making operations
at Sanhsia were shut down. Expanded the PE (120,000 MT/Y), Utility
(120T/H, co-generation 15,800 KW) and AE plant (28,500 MT/Y) at Linyuan. |
|
1982 |
The A and B series at the Tairylan plant
were converted to E-Type, resulting in an increase of production capacity to
240 MT/day. FPC USA started operations. The 100,000 MT/Y Mass PVC resin expansion
plant came on stream. The Jenwu Caustic Soda plant added an IEM-1
ion-exchange system with capacity of 116 MT/day. The 10,800 MT/month Calcium Carbonate plant
came on stream. |
|
1983 |
A Polyolefin Division was established. Planning began for Phase Three production
of VCM at 240,000 MT/Y. Succeeded in developing carbon fiber. Set up the PE processing section. |
|
1984 |
The 120,000 MT/Y HDPE plant at Linyuan came
on stream. The Machinery Division signed a cooperative
agreement with Murata Corp. of Japan to manufacture automatic warehousing
systems. Built the Research & Development
Building at Jenwu. The Acrylic Acid and Ester plant came on
stream with an annual capacity of 28,500 MT/Y. |
|
1985 |
A chlorofluorcarnbon plant with a capacity
of 23,040 MT/Y was completed. The Chienchen Caustic Soda plant was shut
down. The Caustic Soda plant using the IEM-1
process at Jenwu came on stream with a daily capacity of 116 metric tons. The VCM plant at Linyuan came on stream; as
a result, the total capacity of VCM was increased to 720,000 MT/Y. A carbon fiber plant with a capacity of 100
MT/Y was constructed. Completed the expansion project of 2EHA (2
Ethyl Hexyl Acrylate). |
|
1986 |
Built the wax plant with an annual capacity
of 1,440 metric tons. Built the 300 MT/Y carbon precursor plant. Built the 330 MT/Hr coal boiler. Set up the Lungteh Machinery plant. A PVC plant with capacity of 140,000 MT/Y
was completed at Linyuan. Planning to invest in the Sixth Naphtha
Cracking Project. Expansion of Chemical Wharf#28 was
completed. The 100 MT/Y carbon fiber plant came on
stream. Built a MBS plant with a capacity of 12,000
MT/Y at Linyuan. |
|
1987 |
The Taical plant came on stream with a
capacity of 400 MT/month. Production of carpet tile began at a
capacity of Built the second phase PVC plant at Linyuan
with an annual capacity of 70,000 metric tons. The Machinery Division established the
Heavy Duty Lifting Equipment Department. The 300 MT/Y carbon precursor plant came on
stream. The Tairylan Division built a 30 MT/day
special fiber production line (H series). |
|
1988 |
A 6,000 MT/month Maerz limestone kiln was
installed. Built the Hsinkang plastic processing plant
in Chiayi to produce garbage bags (120MT/ month), shopping bags (140MT/month)
and deli bags (40MT/month). The Tairylan Division’s 30 MT/day special
fiber plant came on stream, increasing capacity to 300 MT/day. Linyuan utility plant added a 200 T/Hr
boiler and 49,460 KW co-generator. Expansion of Taical production line (600
MT/M). Installed the BCF-PP and flat fiber
production line, the latter having a capacity of 1,800 MT/Y. Production at the Jenwu Caustic Soda plant
was shifted from the mercury process to the ion-exchange process, at a
capacity of 425 MT/day. A second carbon fiber plant with capacity
of 130 MT/Y was completed. The Jenwu utility plant added two sets of
co-generators. |
|
1989 |
The Machinery Division set up the Heavy
Duty Machine Shop. The first phase PVC resin plant at Linyuan
came on stream with a capacity of 140,000 MT/Y. The mercury process was shut down. The IEM-2
started operations with a capacity of 425 MT/day. Second Taical production line went into
operation with 12,000 MT/Y capacity. Invested USD100 million to
establish the Formosa Plastics Corporation, America (FPCA), building IEM plant
(liquid caustic soda 633,000 MT/Y, chlorine 571,000 MT/Y) and EDC plant
(600,000 MT/Y). The MBS plant at Linyuan came on stream
with a capacity of 12,000 MT/Y. |
|
1990 |
The second phase carbon fiber expansion was
completed, increasing the total capacity to 230 MT/Y. The Acrylic Acid and Ester plant was
expanded to 75,000 MT/Y. Second phase of PVC facilities at Linyuan
was completed, creating a capacity of 70,000 MT/Y. The Chlorofluorocarbon plant came on stream
with a capacity of 23,040 MT/Y. |
|
1991 |
Formosa Heavy Industries Corporation was
established. Constructed the Hsinkang Super Absorbent
Polymer plant, with an annual capacity of 6,000 metric tons. Completed the Hsinkang PE bag plant. Started production of distributed control
systems (DCS), with capacity of 18 to 24 systems per year. Constructed NS-2500 calcium carbonate
process with a capacity of 6,000 MT/Y. Two sets of 350 T/Hr boilers and
co-generators with 201,400 KW capacity went into operation at Jenwu. Constructed the Hsinkang POM plant, with an
annual capacity of 20,000 metric tons. 200 T/Hr boiler and co-generator with
49,460 KW capacity went into operation at Linyuan. |
|
1992 |
Transferred assets and personnel of the
Machinery Division to Formosa Heavy Industries Corp. Set up co-generator with 125,900 KW
capacity at Jenwu plant. DCS installation and testing facilities
went into operation. Started pilot production for CFC
substitutes HCFC-141b and 142b. Increased capitalization in Formosa
Plastics Corp., America, by US$50 million. Fiber Processing Division was closed. Set up the Formosa Petrochemical
Corporation. The personnel of Olefin Team-Ⅰ were
transferred to Formosa Petrochemical Corporation. |
|
1993 |
Super Absorbent Polymer plant with a
capacity of 6,000 MT/Y was completed and put into operation at Hsinkang. Constructed KS-50 calcium carbonate
equipment with a capacity of 7,500 MT/month. Mailiao Harbor Administration Corporation
was established. Pilot plant for POM, with a capacity of
1,000 MT/Y, went on line at Hsinkang. Commencement of work on the Sixth Naphtha
Cracking Project officially announced on July 5. Six electrolytic cells added 35,300 MT of
annual capacity at the Jenwu Caustic Soda plant. |
|
1994 |
Carbide plant added a MAERZ limestone Kiln
(9,000 MT/Y). Expansion of the Linyuan PVC plant includes
processing aids and acrylic modifiers (5,760 MT/Y for PA, 1,440 MT/Y for AM
and 3,600 MT/Y for MBS). Successful developed CFC substitutes
HCFC-141b and 142b, which won the Outstanding Award for the Protection of the
Ozone Layer and the Production Industry Technology Development Award for the
company. Invested in Asia Pacific Investment
Company. Processed with the second phase expansion
of the Super Absorbent Polymer plant(6,000 MT/Y). |
|
1995 |
Implemented the third stage expansion
project for the carbon fiber with annual capacity of 500 MT. Addition of one precipitated calcium
carbonate plant (3,000 MT/month) and one set of U-Cal facility (1,200
MT/month) in the Calcium Carbide plant. Processed with the expansion of the HDPE
plant to a 180,000 MT/Y facility. Completed and started production of the POM
plant (20,000 MT/Y). Completed the installation of one set of
co-generator with 500 T/Hr (125,900 KW) capacity in Jenwu plant. Completed the second phase Super Absorbent
Polymer plant expansion (6,000 MT/Y). Transferred 5% holding of Formosa
Petrochemical Corporation to Formosa Taffeta Corporation. Invested NTD 432 million
(24% share holding) to form Formosa Komatsu Silicon Corporation with Japan’s
Komatsu Electronic Metals Co., Ltd. and Asia Pacific Investment Company. |
|
1996 |
Completed the third stage project for
carbon fibers. Completed the expansion project for
processing aids and acrylic modifiers in Linyuan PVC plant. Investment in the establishment of Mailiao
Power Corporation. Completed the modification project for
Linyuan Polyethylene plant to raise the annual capacity to 180,000 MT. Investment in the establishment of Formosa
Mailiao Maintenance & Eng. Corporation. |
|
1997 |
Implemented the first stage expansion
project for the Carbon Fiber plant in Mailiao with an annual capacity of
1,000 MT. Chlorofluorocarbon plant renamed
Hydrochlorofluorocarbon plant. Precipitated calcium carbonate plant (3,000
MT/month) and U-Cal facility (1,200 MT/month) began production. |
|
1998 |
Completed and started production of the
Mailiao AA/AE plant (100,000 MT/Y). Completed and started production of the
Mailiao PVC plant (420,000 MT/Y). Olefin Team-Ⅱ renamed as
Chemicals Division. Invested NT$200 million (50% share holding)
to form Formosa Asahi Spandex Co., Ltd. with Japan’s Asahi Chemical Industry
Co., Ltd. Increased capitalization by NTD 2,657 million to meet the financing requirements of the Sixth Naphtha
Cracking Project. Completed and started production of the
Mailiao HDPE plant (240,000 MT/Y). |
|
1999 |
Completed and started production of the
Mailiao Caustic Soda plant (phase Ι 1,000 MT/day). Completed and started production of the
Mailiao VCM plant (600,000 MT/Y). Invested NTD 50 million (50%
share holding) to form Formosa Daikin Advanced Chemicals Co., Ltd. with
Japan’s Daikin Industries, Ltd. Processed with the third phase expansion of
the Super Absorbent Polymer plant (12,000 MT/Y). Processed with the PDP plant (phase I
7,200SETS/Y) in Sanhsia. |
|
2000 |
Completed and started production of the
Mailiao Carbon Fiber plant (1,000 MT/Y). Investment in the establishment of Formosa
Plastics Marine Corporation. Completed the third phase Super Absorbent
Polymer plant expansion (12,000 MT/Y). Completed and started production of the
Mailiao Caustic Soda plant (phase II 500 MT/day). Completed and started production of the
Mailiao C4 plant (MTBE 151,000 MT/Y and B-1 17,000 MT/Y). Completed and started production of the
Mailiao EVA/LDPE plant (200,000 MT/Y). Completed and started production of the
Mailiao AN plant (200,000 MT/Y). |
|
2001 |
Investment in the establishment of Formosa
Group Ocean Marine Investment Corporation (19% share holding). Completed and started production of the Mailiao
LLDPE plant (240,000 MT/Y). Investment in the establishment of Formosa
Teletek. Corporation (100% share holding). Completed and started production of the
Mailiao MMA plant (70,000 MT/Y). Completed and started production of the
Mailiao ECH plant (80,000 MT/Y). PDP plant (phase I 7,200 SETS/Y) in Sanhsia
began production. Completed and started production of the
Mailiao paste PVC plant (36,000 MT/Y). Investment in the establishment of SU-HUA
Transport Corporation (25% share holding). |
|
2002 |
Investment in the establishment of Formosa
Plasma Display Corporation (77.5% share holding). Completed the Mailiao AE plant expansion
(18,000 MT/Y) Investment in the establishment of Formosa
Industries (Ningbo) Co., Ltd. for PVC production (300,000 MT/Y). Sing the PDP MOU with Fujitsu Hitachi
Plasma Display Corporation and AU Optronics Corporation. Investment Gala Television Corporation
(6.25% share holding). Buy 49% share holding of Yungchia Chemical
Industries Corporation from Central Investment Company. |
|
2003 |
Merge Yungchia Chemicals Industries
Corporation from August 1st and renamed as Polypropylene Division responsible
for PP business. Completed the Mailiao HDPE phase III
expansion (50,000 MT/Y). FPC supplied 63,734,000 FPCC shares for
FPCC IPO (NT 43 per share). Processed with the new production of NF3
plant (100 MT/Y) in Jenwu. Investment in the establishment of Formosa
Acrylic Esters (Ningbo) Co., Ltd. for AE production (230,000 MT/Y). March 6th Board Meeting decided to merge
Yungchia Chemicals Industries Corporation (1.96 shares of Yungchia stock for
1 share of FPC stock). Investment in the establishment of Formosa
Environmental Technology Corporation (24.34% share holding). Completed the Linyuan PP plant expansion
(50,000 MT/Y). Completed the Hsinkang POM plant expansion
(5,000 MT/Y). Completed the Mailiao MMA plant (MAA 20,000
MT/Y). Completed and started production of the
Jenwu LiPF6 plant (200 MT/Y). Completed the Jenwu Acrylic Fiber plant
expansion (13,000 MT/Y). |
|
2004 |
Investment in the establishment of Formosa
Polypropylene (Ningbo) Co., Ltd. for polypropylene production (450,000 MT/Y). |
|
Name |
Subscription Shares |
|
Zhicun Li |
1,213,982 |
|
Wenyuan Wang |
468,073,757 |
|
Ruihua Wang |
283,454,909 |
|
Wenchao Wang |
126,404,198 |
|
Zhaolin Yang |
3,662 |
|
Jilang Ke |
504,066 |
|
Zongjing Huang |
82,988 |
|
Zhenrong Lin |
17,267 |
|
Zifeng Zhang |
3,210 |
|
Yurui Zhang |
11,021 |
|
Qiufeng He |
433,045,226 |
|
Minting He |
26,754,196 |
|
Guoxiong Wu |
129,363 |
The above information is that of subject’s major shareholders
Branch Companies
|
1 |
|
|
Name: |
Maoliao Branch |
|
Registration Number |
84896537 |
|
Date of Registration |
|
|
Address: |
1-1, Formosa Plastics Industry Zone, Sansheng Village, Mailiao
Township, Yunlin County, Taiwan |
|
Manager: |
Jianrong Lu |
|
Date of Last Annual Return: |
2009-3-25 |
|
2 |
|
|
Name: |
Yilan Branch |
|
Registration Number |
84708802 |
|
Date of Registration |
|
|
Address: |
No.3, Zhongyang Industry Zone, Zhongyang Village, Xingang Township,
Jiayi County, Taiwan |
|
Manager: |
Wensong Zhang |
|
Date of Last Annual Return: |
1999-3-29 |
|
3 |
|
|
Name: |
Xingang Branch |
|
Registration Number |
84708795 |
|
Date of Registration |
|
|
Address: |
No.201, Dongfu Road, Dongshan Village, Yilan County, Taiwan |
|
Manager: |
Jianrong Lu |
|
Date of Last Annual Return: |
2009-3-25 |
Subject’s major
subsidiaries:
|
Formosa
Petrochemical Corp. (FPCC), Mailiao Power Corp. (MPC), Yungchia Chemical Industries
Corp, Mailiao Harbor Administration Corp. (MHA), Formosa Heavy Industries Corp.
(FHI), Formosa
Plastics Corporation, America, Formosa Komatsu Silicon Corporation, Formosa Asahi Spandex
Co., Ltd., Formosa
Daikin Advanced Chemicals Co., Ltd., etc. |
Core Management
Directors
|
1 |
|
|
Name |
Zhicun Li |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Wenyuan Wang |
|
Position |
Director |
|
3 |
|
|
Name |
Ruihua Wang |
|
Position |
Director |
|
4 |
|
|
Name |
Wenchao Wang |
|
Position |
Director |
|
5 |
|
|
Name |
Qingzhang Yan |
|
Position |
Director |
|
6 |
|
|
Name |
Qilin Wei |
|
Position |
Director |
|
7 |
|
|
Name |
Deshan Wang |
|
Position |
Director |
|
8 |
|
|
Name |
Zhaolin Yang |
|
Position |
Director |
|
9 |
|
|
Name |
Xuehong Wang |
|
Position |
Director |
|
10 |
|
|
Name |
Jiannan Lin |
|
Position |
Director |
|
11 |
|
|
Name |
Jilang Ke |
|
Position |
Director |
|
12 |
|
|
Name |
Zongjing Huang |
|
Position |
Director |
|
13 |
|
|
Name |
Zhenrong Lin |
|
Position |
Director |
|
14 |
|
|
Name |
Zifeng Zhang |
|
Position |
Director |
|
15 |
|
|
Name |
Yurui Zhang |
|
Position |
Director |
|
16 |
|
|
Name |
Qiufeng He |
|
Position |
Supervisor |
|
17 |
|
|
Name |
Minting He |
|
Position |
Supervisor |
|
18 |
|
|
Name |
Guoxiong Wu |
|
Position |
Supervisor |
Managers
|
Name |
Date of Appointment |
|
Jiannan Lin |
|
|
Zongjing Huang |
|
|
Zhenrong Lin |
|
|
Zifeng Zhang |
|
|
Wenqin Xiao |
|
|
Wensong Zhang |
|
|
Chengzhong Cheng |
|
|
Fushou Xie |
|
|
Tianxiang Li |
2010-12-24 |
|
Guangming Chen |
2011-6-20 |
Personnel Structure
|
Total Employees |
About 5,000 employees |
Offices & Factories
|
|
Headquarter |
|
Add |
Purchase Information
The registered activities of subject:
|
B202010 |
Non - metallic industry |
|
C199990 |
Other food manufacturing industries not classified |
|
C801010 |
Basic chemical industry |
|
C801020 |
Petrochemical raw materials manufacturing |
|
C801100 |
Synthetic resin and plastic manufacturing |
|
C801120 |
Artificial fiber manufacturing industry |
|
C801990 |
Other chemical material manufacturing |
|
C802120 |
Industrial Aids manufacturing |
|
C802170 |
Toxic Chemical Substances manufacturing |
|
C805020 |
Plastic film, bag manufacturing |
|
C901070 |
Stone Products manufacturing |
|
CB01010 |
Machinery and Equipment Manufacturing |
|
CC01080 |
electronic component Manufacturing |
|
D101050 |
Cogeneration industry |
|
D301010 |
Running Water selling industry |
|
D401010 |
Energy supply industry |
|
E603050 |
Automatic control equipment engineering |
|
H701010 |
Development and leasing of residence and building |
|
H701040 |
Development of industry specific professional areas |
|
ID01010 |
Measuring instruments Proving Industry |
|
IZ99990 |
Other Business Services |
|
J101050 |
Environmental and Engineering Services |
|
ZZ99999 |
Besides licensed business, all other business items those are not
banned or restricted. |
Subject purchases materials from both at home and abroad.
Major materials and purchasing regions
|
Materials |
Region |
|
Ethylene |
Taiwan, Japan, etc. |
|
Japan, Taiwan, etc. |
|
|
Taiwan |
|
|
Salt |
Japan, et |
|
Taiwan |
|
|
Taiwan |
|
|
Dust Coal |
Taiwan, Indonesia, etc. |
·
Subject is mainly engaged in production and sales
of intermediate raw materials for plastics, processed
plastic products, special chemicals, carbonate products, etc.
·
Subject’s specific products include PVC resins,
VCM, caustic soda, hydrochloric acid, MBS, HDPE, EVA/LDPE, LLDPE; shopping
bags, roll bags, garbage bags; acrylic staple fiber and carbon fiber; Acrylic
Acid & Esters, NBA, Hydrochlorofluorocarbons (HCFCs), AN, MMA, ECH and
MTBE; Taical, U-cal, raw lime and light master batch.
·
Subject has both domestic and overseas market.
·
Subject exports mainly to America, Middle East,
South East Asia, Europe, etc
Purchase
Domestic Purchase
|
Payment Terms |
Proportion |
|
|
COD, etc. |
Foreign Purchase
|
Payment Terms |
Proportion |
|
|
CBD, etc. |
100% |
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
COD, etc. |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Plastic products, etc. |
CBD, etc. |
100% |
Unit: NTD/000
|
Date |
2011-9-30 |
2010-9-30 |
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash and cash equivalents |
620,568.00 |
2,677,157.00 |
|
Financial assets measured at fair value through profit or loss -
current |
13,807.00 |
42,954.00 |
|
Available-for-sale financial assets - current |
67,030,223.00 |
68,422,429.00 |
|
Notes receivable - net |
197,410.00 |
213,088.00 |
|
Accounts receivable - net |
5,366,946.00 |
5,616,860.00 |
|
Accounts receivable - related parties - net |
6,592,816.00 |
6,011,259.00 |
|
Other receivables |
686,851.00 |
579,225.00 |
|
Other receivables - related parties |
34,402,349.00 |
12,143,475.00 |
|
Inventories |
14,588,035.00 |
12,152,245.00 |
|
Other prepayments |
3,308,837.00 |
1,825,040.00 |
|
|
177,895.00 |
0.00 |
|
Other current assets |
133,928.00 |
1,206,222.00 |
|
Current assets |
133,119,665.00 |
110,889,954.00 |
|
Funds and Investments |
|
|
|
Financial assets measured at fair value through profit or loss - non
current |
0.00 |
21,477.00 |
|
Financial assets carried at cost - non current |
3,022,618.00 |
4,316,378.00 |
|
Equity investments under equity method |
146,731,583.00 |
132,999,014.00 |
|
Investments |
146,731,583.00 |
132,999,014.00 |
|
Funds and long-term investments |
149,754,201.00 |
137,336,869.00 |
|
Fixed Assets |
|
|
|
Cost |
|
|
|
Land |
6,696,604.00 |
6,701,455.00 |
|
Buildings and structures |
20,071,445.00 |
20,166,760.00 |
|
Machinery and equipment |
116,222,027.00 |
112,189,284.00 |
|
Other facilities |
3,957,995.00 |
3,768,483.00 |
|
Revaluation increment |
470,513.00 |
475,606.00 |
|
Cost and revaluation increment |
147,418,584.00 |
143,301,588.00 |
|
Accumulated depreciation |
-97,502,850.00 |
-88,619,379.00 |
|
Construction in process and prepayment for equipments |
5,832,586.00 |
7,625,989.00 |
|
Fixed assets |
55,748,320.00 |
62,308,198.00 |
|
Intangible Assets |
|
|
|
Goodwill |
124,762.00 |
124,762.00 |
|
Other intangible assets |
454,494.00 |
939,439.00 |
|
Intangible assets |
579,256.00 |
1,064,201.00 |
|
OtherAssets |
|
|
|
Idled assets |
209,638.00 |
263,492.00 |
|
Guarantee deposits paid |
72,591.00 |
84,310.00 |
|
Deferred charges |
705,223.00 |
628,136.00 |
|
Other assets - other |
5,324,670.00 |
4,971,510.00 |
|
Other assets |
6,312,122.00 |
5,947,448.00 |
|
Assets |
345,513,564.00 |
317,546,670.00 |
|
Liabilities and Stockholders' Equity |
|
|
|
Liabilities |
|
|
|
Current Liabilities |
|
|
|
Short-term borrowings |
3,341,372.00 |
309,435.00 |
|
Short-term notes and bills payable |
5,198,544.00 |
0.00 |
|
Accounts payable |
1,659,563.00 |
672,120.00 |
|
Accounts payable - related parties |
5,848,838.00 |
7,193,366.00 |
|
Accrued expenses |
6,189,413.00 |
5,382,451.00 |
|
Other payables - related parties |
5,130.00 |
108,401.00 |
|
Other payables |
1,436,043.00 |
2,877,569.00 |
|
Long-term liabilities - current portion |
4,614,753.00 |
9,626,620.00 |
|
Other current liabilities |
1,492,301.00 |
1,331,709.00 |
|
Current liabilities |
29,785,957.00 |
27,501,671.00 |
|
Long term Liabilities |
|
|
|
Financial liabilities measured at fair value through profit or loss -
non current |
16,072.00 |
21,153.00 |
|
Bonds payable |
20,968,433.00 |
23,951,127.00 |
|
Long-term borrowings |
35,767,224.00 |
15,391,453.00 |
|
Long-term liabilities |
56,751,729.00 |
39,363,733.00 |
|
Reserves |
|
|
|
Other Liabilities |
|
|
|
Pension reserve / accrued pension liability |
7,532,920.00 |
7,263,647.00 |
|
Deferred income tax liabilities |
3,176,245.00 |
582,757.00 |
|
Other liabilities - other |
384,981.00 |
150,543.00 |
|
Other liabilities |
11,094,146.00 |
7,996,947.00 |
|
Liabilities |
97,631,832.00 |
74,862,351.00 |
|
Stockholders' Equity |
|
|
|
Capital |
|
|
|
Common stock |
61,209,046.00 |
61,209,046.00 |
|
Capital Surplus |
|
|
|
Capital surplus - additional paid-in capital |
8,130,081.00 |
8,130,081.00 |
|
Capital surplus - other |
4,699,679.00 |
4,688,387.00 |
|
Capital surplus |
12,829,760.00 |
12,818,468.00 |
|
Retained Earnings |
|
|
|
Legal reserve |
36,228,923.00 |
31,674,280.00 |
|
Special reserve |
24,676,397.00 |
25,861,968.00 |
|
Unappropriated retained earnings |
57,548,835.00 |
55,257,807.00 |
|
Retained earnings |
118,454,155.00 |
112,794,055.00 |
|
Stockholders' Equity and Other adjustmen |
|
|
|
Cumulative translation adjustments |
3,744,672.00 |
2,944,384.00 |
|
Unrealized gains (losses) on financial instruments |
51,463,720.00 |
52,737,987.00 |
|
Unrealized Revaluation Increment |
180,379.00 |
180,379.00 |
|
Equity adjustments |
55,388,771.00 |
55,862,750.00 |
|
Stockholdersˉ equity |
247,881,732.00 |
242,684,319.00 |
|
Number of treasury stock acquired by the company and subsidiaries
(unit: share) |
0.00 |
0.00 |
Unit: NTD/000
|
Date |
2010-10-1
to 2011-9-30 |
2009-10-1
to 2010-9-30 |
|
Sales |
146,886,373.00 |
146,257,345.00 |
|
Sales returns |
11,866.00 |
21,755.00 |
|
Sales discounts and allowances |
37,637.00 |
41,540.00 |
|
Sales |
146,836,870.00 |
146,194,050.00 |
|
Operating income |
146,836,870.00 |
146,194,050.00 |
|
Cost of sales |
119,530,459.00 |
120,052,248.00 |
|
Operating costs |
119,530,459.00 |
120,052,248.00 |
|
Gross profit (loss) from operations |
27,306,411.00 |
26,141,802.00 |
|
Unrealized gains on intercompany transactions |
17,781.00 |
18,662.00 |
|
Selling expense |
3,216,255.00 |
3,681,287.00 |
|
General and administrative expenses |
2,475,031.00 |
2,176,220.00 |
|
Research and development expenses |
960,129.00 |
552,123.00 |
|
Operating expenses |
6,651,415.00 |
6,409,630.00 |
|
Operating income (loss) |
20,637,215.00 |
19,713,510.00 |
|
Non-Operating Income |
|
|
|
Interest income |
257,237.00 |
75,180.00 |
|
Inome from long-term equity investments under the equity method |
15,037,850.00 |
15,194,517.00 |
|
Dividends |
5,352,429.00 |
2,619,316.00 |
|
Investment income |
20,390,279.00 |
17,813,833.00 |
|
Gains on disposal of fixed assets |
72,135.00 |
208,193.00 |
|
Gains on sale of investments |
337.00 |
3,125.00 |
|
Foreign exchange gains |
513,975.00 |
0.00 |
|
Rent income |
75,635.00 |
71,359.00 |
|
Revaluation gain on financial assets |
7,493.00 |
0.00 |
|
Revaluation gain on financial liabilities |
6,000.00 |
17,673.00 |
|
Miscellaneous income |
479,591.00 |
241,614.00 |
|
Non-operating revenues and gains |
21,802,682.00 |
18,430,977.00 |
|
Non-Operating Expenses |
|
|
|
Interest expense |
713,586.00 |
786,732.00 |
|
Loss on disposal of fixed assets |
3,709.00 |
1,478.00 |
|
Foreign exchange losses |
0.00 |
40,368.00 |
|
Revaluation loss on financial assets |
0.00 |
15,957.00 |
|
Miscellaneous disbursements |
2,282,727.00 |
66,351.00 |
|
Non-operating expenses and losses |
3,000,022.00 |
910,886.00 |
|
Income from continuing operations before income tax |
39,439,875.00 |
37,233,601.00 |
|
Income tax expense (benefit) |
4,539,103.00 |
4,068,649.00 |
|
Income from continuing operations |
34,900,772.00 |
33,164,952.00 |
|
Net income (loss) |
34,900,772.00 |
33,164,952.00 |
|
Primary Earnings per Share |
|
|
|
Primary earnings per share |
5.70 |
5.42 |
|
Diluted earnings per share |
|
|
Subject declined to introduce its bank details;
from other source we can not obtain the relevant information, either.
Mortgage
No mortgage record of subject was found with the recent 3 months.
Lawsuit
Up to date of reporting, no existing or latent
litigation of the subject has been found.
Notes:
The woman who answered the telephone declined
to introduce her name.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.28 |
|
|
1 |
Rs.81.38 |
|
Euro |
1 |
Rs.67.01 |
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.