|
Report Date : |
28.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
USI CORPORATION |
|
|
|
|
Formerly Known As : |
USI Far East Corporation |
|
|
|
|
Registered Office : |
12F., No.37, Jihu Rd., Neihu District,
Taipei City 114 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
30.09.2012 |
|
|
|
|
Date of Incorporation : |
26.05.1965 |
|
|
|
|
Com. Reg. No.: |
11917107 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturing and sales of polyethylene resins, etc |
|
|
|
|
No. of Employees : |
About 500 Employees |
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 |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Taiwan |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Taiwan - ECONOMIC OVERVIEW
Taiwan has a dynamic capitalist economy with gradually decreasing government guidance of investment and foreign trade. In keeping with this trend, some large, state-owned banks and industrial firms have been privatized. Exports, led by electronics, machinery, and petrochemicals have provided the primary impetus for economic development. This heavy dependence on exports exposes the economy to fluctuations in world demand. In 2009, Taiwan's GDP contracted 1.9%, due primarily to a 20% year-on-year decline in exports. In 2010 GDP grew 10.9%, as exports returned to the level of previous years, and in 2011, grew 5.2%. However, 2012 growth will likely be less, according to most forecasters, because of softening global demand. Taiwan's diplomatic isolation, low birth rate, and rapidly aging population are major long-term challenges. Free trade agreements have proliferated in East Asia over the past several years, but so far Taiwan has been excluded from this greater economic integration largely because of its diplomatic status with the exception of the landmark Economic Cooperation Framework Agreement (ECFA) signed with China in June 2010. The MA administration has said that the ECFA will serve as a stepping stone toward trade pacts with other regional partners, and negotiations on a deal with Singapore began this year. Follow-on components of ECFA, including deals on trade in goods, services, and investment, have yet to be completed. Taiwan's Total Fertility rate of just over one child per woman is among the lowest in the world, raising the prospect of future labor shortages, falling domestic demand, and declining tax revenues. Taiwan's population is aging quickly, with the number of people over 65 accounting for 10.9% of the island's total population as of 2011. The island runs a large trade surplus, and its foreign reserves are the world's fourth largest, behind China, Japan, and Russia. Since 2005 China has overtaken the US to become Taiwan's second-largest source of imports after Japan. China is also the island's number one destination for foreign direct investment. Three financial memorandums of understanding, covering banking, securities, and insurance, took effect in mid-January 2010, opening the island to greater investments from the mainland's financial firms and institutional investors, and providing new opportunities for Taiwan financial firms to operate in China. Closer economic links with the mainland bring greater opportunities for the Taiwan economy, but also poses new challenges as the island becomes more economically dependent on China while political differences remain unresolved.
Source : CIA
|
Company Name: |
|
|
Former Name: |
USI Far East
Corporation |
|
Supplied Name: |
|
|
Trading Address: |
12F., No.37, Jihu Rd., Neihu District,
Taipei City 114, Taiwan (R.O.C.) |
|
Supplied Address: |
|
|
Telephone Number: |
+886-2-8751-6888 |
|
Fax Number: |
|
|
E-mail: |
|
|
Website: |
Notes: The exact address is as above.
|
Credit Opinion: |
Subject was incorporated on 1965-5-26 with registered number 11917107 as Joint Stock Company in Taiwan.
Change of Name
|
Former Name |
USI Far East
Corporation |
|
Current Name |
USI Corporation |
Awards
|
Year |
Awards |
|
2009 |
Blue chip
importer and exporter |
|
2010 |
Blue chip
importer and exporter |
|
2011 |
Blue chip
importer and exporter |
Standard of Blue chip importer and exporter
Unit: USD
|
Year |
Amount |
|
2009 |
15,000,000 |
|
2010 |
20,000,000 |
|
2011 |
22,000,000 |
|
Name |
Subscription
Shares |
|
Shing Lee Enterprise Limited |
288,834,000 |
|
Shousong Wu |
|
|
12,757,117 |
|
|
Shanshan Linsu |
19,082,860 |
|
Dechang Investment Company Limited (Literal
Translation) |
4,443,600 |
|
Guangzhe Huang |
151,082 |
The information above is that of subject’s major shareholders.
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 |
|
Tel: |
+886-6-259-2101 |
|
Fax: |
+886-6-258-0048 |
|
Date of Last
Annual Return: |
|
|
2 |
|
|
Branch Name: |
Taichung Branch |
|
Registered
Number: |
52463234 |
|
Branch Manager: |
Jizhong Zhang |
|
Registered
Address: |
22/F-4, No. 152,
Section 1, Zhonggang Road, West District, Taizhong City, Taiwan. |
|
Tel: |
+886-4-2320-6958 |
|
Fax: |
+886-4-2326-8374 |
|
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: |
|
Plant
|
Name: |
Kaohsiung Plant |
|
Address: |
330 Feng Jen Road, Jen Wu Hsiang, Kaohsiung Hsien 814, Taiwan |
|
Tel: |
+886-7-371-1721 |
|
Fax: |
+886-7-371-4268 |
R & D Division
|
Address: |
89 Tou Hu, Hu Nan Village, Lin Kou Hsiang, Taipei Hsien 244, Taiwan |
|
Tel: |
+886-2-2609-4190~2 |
|
Fax: |
+886-2-2609-5270 |
Related Companies
|
1 |
|
|
Name: |
USI (Hong Kong- Company Limited |
|
Address: |
6/F, Caltex House, 258 Hennessy Road, Hong Kong |
|
Tel: |
+852-2573-7962~3 |
|
Fax: |
+852-2838-3239 |
|
2 |
|
|
Name: |
USI Trading(Shanghai- Co., Ltd. |
|
Address: |
|
|
Tel: |
+86-21-5258-1258 |
|
Fax: |
+86-21-5258-9258 |
Core
Management
|
1 |
|
|
Name |
Yigui Wu |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Jingshou Yu |
|
Position |
Director |
|
3 |
|
|
Name |
Shousong Wu |
|
Position |
Director |
|
4 |
|
|
Name |
|
|
Position |
Director |
|
5 |
|
|
Name |
Jizhong Zhang |
|
Position |
Director &
Manager |
|
Date of
Appointment: |
|
|
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 |
About 500 Employees |
Offices
& Factories
|
|
Headquarters |
|
Add |
12F., No.37, Jihu Rd., Neihu District, Taipei City 114, Taiwan (R.O.C.) |
Production
Information
l
Subject is engaged in manufacturing of chemical
products, etc.
l
Subject has a factory in Kaohsiung, Taiwan for
production.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
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
Subject is engaged in sales of chemical products,
etc.
l Subject’s sales
regions include domestic market, other Asian counties, Europe and America, etc.
l The products sold
by subject 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, etc.
Major products
sold
|
Product |
Application |
|
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 |
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase
|
Payment Terms |
Proportion |
|
|
Raw Materials |
COD, etc |
Raw Materials |
Foreign Purchase
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
Polyethylene
resins, etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Polyethylene
resins, etc |
CBD, etc |
100% |
Unit: NTD/000
|
Date |
2012-9-30 |
2011-9-30 |
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash and cash equivalents |
5,146,735.00 |
5,561,325.00 |
|
Financial assets measured at fair value through
profit or loss - current |
2,756,825.00 |
3,221,418.00 |
|
Available-for-sale financial assets - current |
113,792.00 |
67,898.00 |
|
Notes receivable - net |
103,425.00 |
79,865.00 |
|
Accounts receivable - net |
575,555.00 |
991,959.00 |
|
Accounts receivable - related parties - net |
97,768.00 |
178,990.00 |
|
Other receivables |
44,195.00 |
25,986.00 |
|
Other receivables - related parties |
247,002.00 |
251,785.00 |
|
Other financial assets - current |
199,420.00 |
0.00 |
|
Inventories |
1,273,584.00 |
1,404,131.00 |
|
Other current assets |
180,119.00 |
158,511.00 |
|
Current assets |
10,738,420.00 |
11,941,868.00 |
|
Funds and Investments |
|
|
|
Available-for-sale financial assets - non current |
1,419,121.00 |
881,684.00 |
|
Financial assets carried at cost - non current |
275,813.00 |
275,813.00 |
|
Equity investments under equity method |
7,863,330.00 |
7,098,419.00 |
|
Investments |
7,863,330.00 |
7,098,419.00 |
|
Funds and long-term investments |
9,558,264.00 |
8,255,916.00 |
|
Fixed Assets |
|
|
|
Cost |
|
|
|
Land |
238,137.00 |
238,137.00 |
|
Land improvements |
76,546.00 |
71,771.00 |
|
Buildings and structures |
401,116.00 |
397,044.00 |
|
Machinery and equipment |
3,134,650.00 |
3,103,352.00 |
|
Transportation equipment |
29,079.00 |
29,565.00 |
|
Maintenance equipment and tools |
15,005.00 |
23,949.00 |
|
Other facilities |
82,037.00 |
91,794.00 |
|
Revaluation increment |
449,376.00 |
456,089.00 |
|
Cost and revaluation increment |
4,425,946.00 |
4,411,701.00 |
|
Accumulated depreciation |
-3,419,155.00 |
-3,431,207.00 |
|
Construction in process and prepayment for
equipments |
83,396.00 |
99,995.00 |
|
Fixed assets |
1,090,187.00 |
1,080,489.00 |
|
Intangible Assets |
|
|
|
Patents |
43,340.00 |
54,897.00 |
|
Intangible assets |
43,340.00 |
54,897.00 |
|
Other Assets |
|
|
|
Rental assets |
47,192.00 |
45,172.00 |
|
Idled assets |
38,663.00 |
39,074.00 |
|
Guarantee deposits paid |
22,563.00 |
24,610.00 |
|
Deferred charges |
32,651.00 |
20,232.00 |
|
Deferred income tax assets - non current |
0.00 |
83,982.00 |
|
Other assets |
141,069.00 |
213,070.00 |
|
Assets |
21,571,280.00 |
21,546,240.00 |
|
Liabilities and Stockholders' Equity |
|
|
|
Liabilities |
|
|
|
Current Liabilities |
|
|
|
Short-term borrowings |
0.00 |
650,000.00 |
|
Short-term notes and bills payable |
0.00 |
349,946.00 |
|
Financial liabilities measured at fair value
through profit or loss - current |
0.00 |
6,635.00 |
|
Accounts payable |
709,796.00 |
1,019,727.00 |
|
Accounts payable - related parties |
66,755.00 |
40,612.00 |
|
Income tax payable |
68,559.00 |
267,654.00 |
|
Accrued expenses |
226,844.00 |
377,691.00 |
|
Other payables - related parties |
112,954.00 |
36,272.00 |
|
Other payables |
7,913.00 |
8,095.00 |
|
Advance receipts |
20,779.00 |
17,797.00 |
|
Other current liabilities |
17,418.00 |
8,331.00 |
|
Current liabilities |
1,231,018.00 |
2,782,760.00 |
|
Long term Liabilities |
|
|
|
Bonds payable |
1,995,412.00 |
1,993,934.00 |
|
Long-term liabilities |
1,995,412.00 |
1,993,934.00 |
|
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 |
722,874.00 |
723,798.00 |
|
Guarantee deposits received |
4,875.00 |
4,836.00 |
|
|
1,080.00 |
4,083.00 |
|
Deferred income tax liabilities |
14,630.00 |
0.00 |
|
Other liabilities - other |
16,390.00 |
23,531.00 |
|
Other liabilities |
759,849.00 |
756,248.00 |
|
Liabilities |
4,029,859.00 |
5,576,522.00 |
|
Stockholders' Equity |
|
|
|
Capital |
|
|
|
Common stock |
11,426,024.00 |
9,935,673.00 |
|
Capital Surplus |
|
|
|
Capital surplus - treasury stock transactions |
116,071.00 |
86,179.00 |
|
Capital surplus - long-term equity investments |
136,575.00 |
129,274.00 |
|
Capital surplus - other |
11,717.00 |
11,717.00 |
|
Capital surplus |
264,363.00 |
227,170.00 |
|
Retained Earnings |
|
|
|
Legal reserve |
2,295,930.00 |
1,975,172.00 |
|
Unappropriated retained earnings |
3,382,501.00 |
4,067,180.00 |
|
Retained earnings |
5,678,431.00 |
6,042,352.00 |
|
Stockholders' Equity and Other adjustment |
|
|
|
Cumulative translation adjustments |
81,921.00 |
216,012.00 |
|
Net loss not recognized as pension cost |
-77,298.00 |
-87,394.00 |
|
Unrealized gains (losses) on financial
instruments |
309,188.00 |
-234,493.00 |
|
Unrealized Revaluation Increment |
298,497.00 |
298,497.00 |
|
Treasure stock |
-439,705.00 |
-428,099.00 |
|
Equity adjustments |
172,603.00 |
-235,477.00 |
|
Stockholdersˉ equity |
17,541,421.00 (USD 596,408,314.00) |
15,969,718.00 (USD 542,970,412.00) |
|
Number of treasury stock acquired by the company
and subsidiaries (unit: share) |
104,438,075.00 |
89,400,718.00 |
|
|
0.00 |
0.00 |
(As of 2012.12, 1 NTD =
0.0340 USD)
Unit: NTD/000
|
Date |
2012-1-1~2012-9-30 |
2011-1-1~2011-9-30 |
|
Sales |
8,466,840.00 (USD 287,872,560.00) |
10,334,327.00 (USD 351,367,118.00) |
|
Sales returns |
1,124.00 |
818.00 |
|
Sales discounts and allowances |
15,642.00 |
16,100.00 |
|
Sales |
8,450,074.00 |
10,317,409.00 |
|
Operating income |
8,450,074.00 |
10,317,409.00 |
|
Cost of sales |
7,231,066.00 |
7,565,017.00 |
|
Operating costs |
7,231,066.00 |
7,565,017.00 |
|
Gross profit (loss) from operations |
1,219,008.00 |
2,752,392.00 |
|
Unrealized gains on intercompany transactions |
0.00 |
704.00 |
|
Realized gains on intercompany transactions |
5,264.00 |
0.00 |
|
Selling expense |
188,933.00 |
196,365.00 |
|
General and administrative expenses |
156,229.00 |
158,232.00 |
|
Research and development expenses |
49,246.00 |
44,064.00 |
|
Operating expenses |
394,408.00 |
398,661.00 |
|
Operating income (loss) |
829,864.00 |
2,353,027.00 |
|
Non-Operating Income |
|
|
|
Interest income |
44,215.00 |
28,960.00 |
|
Income from long-term equity investments under
the equity method |
958,259.00 |
809,855.00 |
|
Dividends |
75,965.00 |
78,859.00 |
|
Investment income |
1,034,224.00 |
888,714.00 |
|
Gains on disposal of fixed assets |
1,267.00 |
3,173.00 |
|
Gains on sale of investments |
32,711.00 |
8,453.00 |
|
Foreign exchange gains |
0.00 |
55,233.00 |
|
Rent income |
13,752.00 |
13,166.00 |
|
Revaluation gain on financial assets |
74,115.00 |
0.00 |
|
Miscellaneous income |
30,045.00 |
37,349.00 |
|
Non-operating revenues and gains |
1,230,329.00 |
1,035,048.00 |
|
Non-Operating Expenses |
|
|
|
Interest expense |
25,564.00 |
16,694.00 |
|
Loss on disposal of fixed assets |
0.00 |
395.00 |
|
Foreign exchange losses |
13,502.00 |
0.00 |
|
Loss on depreciation and valuation loss form idle
assets |
918.00 |
1,259.00 |
|
Revaluation loss on financial assets |
0.00 |
40,044.00 |
|
Revaluation loss on financial liabilities |
0.00 |
12,150.00 |
|
Miscellaneous disbursements |
14,373.00 |
34,513.00 |
|
Non-operating expenses and losses |
54,357.00 |
105,055.00 |
|
Income from continuing operations before income
tax |
2,005,836.00 |
3,283,020.00 |
|
Income tax expense (benefit) |
273,855.00 |
463,455.00 |
|
Income from continuing operations |
1,731,981.00 |
2,819,565.00 |
|
Net income (loss) |
1,731,981.00 (USD 58,887,354.00) |
2,819,565.00 (USD 95,865,210.00) |
|
Primary Earnings per Share |
|
|
|
Primary earnings per share |
1.67 |
2.67 |
|
Diluted earnings per share |
|
|
|
Diluted earnings per share |
1.67 |
2.67 |
(As of 2012.12, 1 NTD = 0.0340 USD)
Subject declined to disclose its bank details; from other source we can not obtain the relevant information, either.
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.
|
Name |
Ms. Wu |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.84 |
|
UK Pound |
1 |
Rs.88.55 |
|
Euro |
1 |
Rs.72.63 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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.