MIRA INFORM REPORT
|
Report Date : |
01.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
CPC CORPORATION, TAIWAN |
|
|
|
|
Registered Office : |
7 |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
30.06.2011 |
|
|
|
|
Date of Incorporation : |
30.04.1960 |
|
|
|
|
Com. Reg. No.: |
03707901 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Explore, process and trade for petrol oil and the related
products |
|
|
|
|
No. of Employees
: |
14,700 |
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 1,000,000 |
|
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 – 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
Notes:
The supplied name is incomplete, and the exact name is as above.
The supplied address is the division address of subject, and the exact headquarter address of subject is as above.
Credit
Summary
|
Credit Rating: |
|
|
Credit Opinion: |
Company
Identification Details
|
Registered Name: |
CPC Corporation, Taiwan |
|
Registered Address: |
7 |
|
Date of Foundation: |
|
|
Registration Number: |
03707901 |
|
Registry: |
Department of Commerce, Ministry of Economic Affairs,
R.O.C. |
|
Registered Capital: |
NTD 130,100,000,000 (USD 4,270,610,000) (As of 2012.1, 1 NTD = 0.03283 USD) |
|
Paid-up Capital: |
NTD 130,100,000,000 (USD 4,270,610,000) |
|
Legal Representatives: |
Shaohua Zhu |
|
Legal Form: |
|
|
Principal Activities: |
Explore, process and
trade for petrol oil and the related products. |
|
Staff: |
|
|
Listed at Stock
Exchange: |
|
|
Date of Last
Annual Return: |
History
Subject was incorporated on
Change of Name
|
Former Chinese
Name |
中國石油股份有限公司 |
|
Current Chinese
Name |
臺灣中油股份有限公司 |
|
Former English
Name |
CHINESE
PETROLEUM CORP. |
|
Current English
Name |
CPC Corporation, Taiwan |
Shareholders
|
Name |
Subscription
Amount |
|
Department of Commerce |
13,010,000,000 |
The information above is that of subject’s major shareholders.
Subsidiaries &
Branches
Divisions:
|
Name |
Lubricants
Business Division |
|
Address |
|
|
Tel: |
+886-7-5361510 |
|
Fax: |
+886-7-5361442 |
|
E-mail: |
|
|
2 |
|
|
Name |
Solvent &
Chemical Business Division |
|
Address |
No.6 Shingye E.
Road, Chia-Yi City, Taiwan, ROC |
|
Tel: |
+886-5-2224171
Ext. 6600 |
|
Fax: |
+886-5-2280790 |
|
E-mail: |
|
|
3 |
|
|
Name |
Refining
Business Division |
|
Address |
No.2 Tso-Nan
Rd. Kaohsiung, Taiwan 811 |
|
Tel: |
+886-7-5862017 |
|
Fax: |
+886-7-3632809 |
|
E-mail: |
|
|
4 |
|
|
Name |
Petrochemical
Business Division |
|
Address |
No.3 Shih-Hwa
2nd Road, Lin Yuan Petrochemical Industrial District 832, Kaohsiung Hsien,
Taiwan, R.O.C. |
|
Tel: |
+886-7-6413701 |
|
Fax: |
+886-7-6429437 |
|
E-mail: |
|
|
5 |
|
|
Name |
LPG Business
Division |
|
Address |
|
|
Tel: |
+886-2-87259589~92 |
|
Fax: |
+886-2-87899076~77 |
|
E-mail: |
|
|
6 |
|
|
Name |
Exploration
& Production Business Division |
|
Address |
No.140 Chung
Cheng Road, Miaoli, Taiwan 360, R.O.C. |
|
Tel: |
+886-37-262100 |
|
Fax: |
+886-37-267223 |
|
E-mail: |
|
|
7 |
|
|
Name |
Refining &
Manufacturing Research Institute |
|
Address |
No.217 Min
Sheng S. Road, Chia-Yi, Taiwan 60036, R.O.C. |
|
Tel: |
+886-5-2224171 |
|
Fax: |
+886-5-2250324 |
|
E-mail: |
|
|
8 |
|
|
Name |
Exploration
& Development Research Institute |
|
Address |
No.1 Ta Yuan,
Wen Shan, Miaoli, Taiwan 36010, R.O.C. |
|
Tel: |
+886-37-356150 |
|
Fax: |
+886-37-357188 |
|
E-mail: |
|
|
9 |
|
|
Name |
LNG Project
& Construction Division |
|
Address |
No.88 Sec.2,
Nan-Tee Road, Wu-Chi Town, Tai-Chung Country, Taiwan, R.O.C. 43550 |
|
Tel: |
+886-4-2638-0190 |
|
Fax: |
+886-4-2639-4082 |
|
E-mail: |
|
|
10 |
|
|
Name |
Project &
Construction Division |
|
Address |
No. 2 Tso-nan
Road, Nan-tzu district, Kaohsiung, Taiwan 811, R.O.C. |
|
Tel: |
+886-7-5824141 |
|
Fax: |
+886-7-5853992 |
|
E-mail: |
|
|
11 |
|
|
Name |
Natural Gas
Business Division |
|
Address |
|
|
Tel: |
+886-2-8725-8948
|
|
Fax: |
+886-2-8789-9047 |
|
E-mail: |
|
|
12 |
|
|
Name |
SINGAPORE
LIAISON OFFICE |
|
Address |
101 Thomson
Road #16-05 United Square Singapore 307591 |
|
Tel: |
+65-2538622 |
|
Fax: |
+65-2538151 |
|
E-mail: |
|
|
13 |
|
|
Name |
KUWAIT LIAISON
OFFICE |
|
Address |
P.O. Box
No.25706 13118 Safat Kuwait |
|
Tel: |
+965-5333963 |
|
Fax: |
+965-5343658 |
|
E-mail: |
|
Personnel
Information
Core
Management
|
1 |
|
|
Name |
Shaohua Zhu |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Maowen Lin |
|
Position |
General
Director |
|
3 |
|
|
Name |
Jiasheng Chen |
|
Position |
Individual
Director |
|
4 |
|
|
Name |
Sili Zhang |
|
Position |
Director |
|
5 |
|
|
Name |
Chengliang Chen |
|
Position |
Director |
|
6 |
|
|
Name |
Bingzheng Li |
|
Position |
Director |
|
7 |
|
|
Name |
Tongyi Li |
|
Position |
Director |
|
8 |
|
|
Name |
Tiaocan Lai |
|
Position |
Director |
|
9 |
|
|
Name |
Yaozong Liao |
|
Position |
Director |
|
10 |
|
|
Name |
Zhiwei Sun |
|
Position |
Director |
|
11 |
|
|
Name |
Tushui Wu |
|
Position |
Director |
|
12 |
|
|
Name |
Guangxing Wu |
|
Position |
Director |
|
13 |
|
|
Name |
Dexin Chen |
|
Position |
Supervisor |
|
14 |
|
|
Name |
Lianhua Xiang |
|
Position |
Supervisor |
|
Date of
Appointment |
|
|
15 |
|
|
Name |
Nengchuan Zhou |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 14,700 Employees |
Operation
Information
Offices
& Factories
|
|
Headquarters |
|
Add |
No.3 Sungren Road, Shinyi Chiu, Taipei, Taiwan 11010, R.O.C. |
Production
Information
l
Subject is a supplier of petroleum, oil and gas
and the related products.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
C803011 |
Refine of petroleum |
|
D201011 |
Trade of utility gas |
|
F212011 |
Gas Station Industry |
|
ZZ99999 |
Besides licensed business, all other business
items those are not banned or restricted. |
l
Subject explores the petroleum, oil and gas in
Asia Pacific, Middle East, America and Africa and so on.
l
Subject’s products are from both local China and
abroad.
Sales
Information
l
Subject is mainly engaged in exploring, processing
and trading of the petroleum, oil, gas and the related products. But subject
declined to disclose the detail information, and said that the information is
privacy. The following information is obtained from other source.
l
Subject is one enterprise of world top 500
enterprises.
l
Subject is the largest supplier of petroleum, oil
and gas in Taiwan.
l
Subject imports the products from Indonesia,
Malaysia, America, and Africa and so on.
l
Major products sold as following
|
|
Product |
|
1 |
CPC Industrial Oil |
|
2 |
CPC Motor Oil |
|
3 |
CPC Lube Oil |
|
4 |
CPC Marine Oil |
|
5 |
RBU Product |
|
6 |
LNG Product |
|
7 |
SNC Product |
|
8 |
LPG Product |
|
9 |
Others |
l
Subject’s selling territory covers all over the
world.
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Settlements
Subject declined
the settlements information, and from other sources, we couldn’t obtain the
information, either.
Balance
Sheet
Unit: NTD/000
|
|
To |
To |
|
Assets |
|
|
|
Cash and Cash Equivalents |
3,867,993.00 |
1,827,493.00 |
|
Fair value of financial assets – Current |
3,402.00 |
0 |
|
Derivative financial assets for hedging - Current |
533 |
29,691.00 |
|
Net accounts receivable |
71,127,665.00 |
58,245,827.00 |
|
Accounts receivable - related people net |
2,291,798.00 |
1,692,543.00 |
|
Other receivables |
4,581,625.00 |
3,175,971.00 |
|
Deposit money |
178,789,658.00 |
161,173,032.00 |
|
Prepaid expenses |
4,534,229.00 |
3,966,161.00 |
|
Advance payment |
10,935,520.00 |
10,424,498.00 |
|
Other current assets |
3,148,644.00 |
3,378,004.00 |
|
Current assets |
279,281,067.00 |
243,913,220.00 |
|
Available for sale financial assets-Non-current |
1,241,976.00 |
1,080,882.00 |
|
Financial assets carried at cost - Non-current |
2,583,996.00 |
2,700,536.00 |
|
Funds Amounts |
3,000,000.00 |
3,000,000.00 |
|
Long-term equity investment |
12,994,245.00 |
9,717,043.00 |
|
Other Long-term equity investment |
2,571.00 |
2,571.00 |
|
Investment |
12,996,816.00 |
9,719,614.00 |
|
Funds and investment |
19,822,788.00 |
16,501,032.00 |
|
Soil ground |
32,928,390.00 |
32,432,525.00 |
|
Land improvements |
14,659,426.00 |
14,262,284.00 |
|
Housing and construction |
36,010,186.00 |
35,770,097.00 |
|
Machinery equipment |
388,428,083.00 |
382,031,425.00 |
|
Transport equipment |
23,973,996.00 |
25,718,788.00 |
|
Leasehold improvements |
805 |
805 |
|
Other equipment |
4,887,398.00 |
4,973,618.00 |
|
Revaluation increments |
203,482,833.00 |
203,676,017.00 |
|
Total cost and incremental value from revaluation |
704,371,117.00 |
698,865,559.00 |
|
Accumulated depreciation |
-406,807,631.00 |
-399,258,974.00 |
|
Accumulated impairment of fixed assets |
-1,007,749.00 |
-1,007,749.00 |
|
Unfinished works and prepaid for equipment |
71,448,215.00 |
53,197,533.00 |
|
Net fixed assets |
368,003,952.00 |
351,796,369.00 |
|
Other intangible assets |
11,660,493.00 |
13,332,943.00 |
|
Total intangible assets |
11,660,493.00 |
13,332,943.00 |
|
Guarantee deposits & margins paid |
314,582.00 |
509,088.00 |
|
Deferred expense |
4,137,486.00 |
4,743,900.00 |
|
Long term notes and accounts |
19,665.00 |
19,888.00 |
|
Deferred income tax assets |
21,161,673.00 |
22,780,068.00 |
|
Other assets - other |
17,841,552.00 |
17,978,831.00 |
|
Total other assets |
43,474,958.00 |
46,031,775.00 |
|
Total assets |
722,243,258.00 |
671,575,339.00 |
|
Short term loan |
104,666,318.00 |
53,320,918.00 |
|
Short-term notes and bills payable |
33,647,601.00 |
58,040,189.00 |
|
Fair value of financial liabilities-Current |
0 |
629 |
|
Hedging derivative financial liabilities-Current |
13,189.00 |
0 |
|
Accounts payable |
68,577,241.00 |
70,834,691.00 |
|
Accounts payable - relations |
946,757.00 |
424,098.00 |
|
Accrued payable expenses |
19,107,930.00 |
19,557,396.00 |
|
Other accrued payable expenses |
5,663,378.00 |
4,266,043.00 |
|
Advance payment |
8,478,562.00 |
7,442,706.00 |
|
One year or operating cycle long term liabilities |
17,420,000.00 |
6,940,000.00 |
|
Other current liabilities |
8,926,448.00 |
8,195,263.00 |
|
Current liability |
267,447,424.00 |
229,021,933.00 |
|
Long term liabilities |
|
|
|
Corporate bonds payable |
52,720,000.00 |
44,220,000.00 |
|
Long term loan |
46,040,000.00 |
51,960,000.00 |
|
Long term liabilities |
98,760,000.00 |
96,180,000.00 |
|
Land appreciation tax |
71,389,123.00 |
71,422,515.00 |
|
Each preparation together |
71,389,123.00 |
71,422,515.00 |
|
Other liabilities |
|
|
|
Reserve for
retirement allowance／accrued pension liabilities |
12,128,447.00 |
14,603,475.00 |
|
2,142,024.00 |
2,000,387.00 |
|
|
Other liabilities - other |
2,081,590.00 |
1,014,483.00 |
|
Other total liabilities |
16,352,061.00 |
17,618,345.00 |
|
Total liabilities |
453,948,608.00 |
414,242,793.00 |
|
Ordinary share capital |
130,100,000.00 |
130,100,000.00 |
|
Capital surplus |
|
|
|
Retained earnings |
|
|
|
For not
retained earnings |
-3,399,484.00 |
-14,840,541.00 |
|
Total Retained
earnings |
-3,399,484.00 |
-14,840,541.00 |
|
Cumulative
Translation Adjustments |
-126,774.00 |
886,013.00 |
|
Net loss not
recognized as pension cost |
-34,114.00 |
-24,067.00 |
|
Unrealized gains and losses of financial products |
-778,636.00 |
-1,422,125.00 |
|
Unrealized revaluation increments |
142,533,658.00 |
142,633,266.00 |
|
Shareholder rights and interests adjustment project
accounts |
141,594,134.00 |
142,073,087.00 |
|
Total stockholders' equity |
268,294,650.00 |
257,332,546.00 |
|
Parent company and subsidiary company held by the
parent company of treasury shares (unit: Unit) |
0 |
0 |
|
Advance payment of the stock (equity under the
covenant) when the number of issued shares (unit: Unit) |
0 |
0 |
Profit
and loss account
Unit: NTD/000
|
|
|
|
|
Sales revenue |
488,252,206.00 |
448,464,184.00 |
|
Net sales |
488,252,206.00 |
448,464,184.00 |
|
Other operating income |
7,010,946.00 |
4,383,815.00 |
|
Total revenue |
495,263,152.00 |
452,847,999.00 |
|
The cost of goods sold |
476,171,236.00 |
424,960,543.00 |
|
Rental cost |
249,850.00 |
296,044.00 |
|
Total Rental cost |
249,850.00 |
296,044.00 |
|
Transportation cost |
7,805,038.00 |
7,211,857.00 |
|
Labor cost |
7,805,038.00 |
7,211,857.00 |
|
Other operating costs |
2,797,567.00 |
1,545,394.00 |
|
Total cost of sales |
487,023,691.00 |
434,013,838.00 |
|
Gross Operating profit (gross loss) |
8,239,461.00 |
18,834,161.00 |
|
Selling expenses |
7,817,705.00 |
7,413,934.00 |
|
General and administrative expenses |
721,750.00 |
698,849.00 |
|
Research and development expenses |
644,476.00 |
621,329.00 |
|
Total operating expenses |
9,183,931.00 |
8,734,112.00 |
|
Operating profit (loss) |
-944,470.00 |
10,100,049.00 |
|
Non-operating revenue and
expenses, other income(expense) |
|
|
|
Interest income |
17,075.00 |
17,388.00 |
|
Income from investment |
2,486,041.00 |
1,381,735.00 |
|
Investment income
recognized under equity method |
1,933,965.00 |
1,013,147.00 |
|
Dividend income |
552,076.00 |
368,588.00 |
|
Dispose fixed interest |
258,232.00 |
490,110.00 |
|
Exchange gains |
210,517.00 |
328,029.00 |
|
Financial asset evaluation interest |
245,360.00 |
52,254.00 |
|
Miscellaneous income |
732,750.00 |
495,084.00 |
|
Operating income and interest |
3,949,975.00 |
2,764,600.00 |
|
Expense and loss |
|
|
|
Interest expenses |
1,133,298.00 |
904,091.00 |
|
Financial expenses |
52,613.00 |
69,018.00 |
|
loss on work stoppages
|
57,156.00 |
73,343.00 |
|
Idle assets
depreciation |
0 |
8,748.00 |
|
Financial liabilities evaluation interest |
280,144.00 |
4,299.00 |
|
Miscellaneous expenditure |
1,339,790.00 |
1,134,364.00 |
|
Non-operating Expense and loss |
2,863,001.00 |
2,193,863.00 |
|
To continue operating unit pretax
profit ( loss ) |
142,504.00 |
10,670,786.00 |
|
Income tax expense (benefit) |
-279,237.00 |
5,615,756.00 |
|
To continue operating unit net profit (loss) |
421,741.00 |
5,055,030.00 |
|
Net profit (loss) for the period |
421,741.00 |
5,055,030.00 |
|
Basic earnings
per share |
0.03 |
0.39 |
Bankers
Subject declined to disclose the information about the bankers.
From other sources, we found the bank information as following:
Open
Account Bank
|
Bank Name: |
Bank of China |
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
Note:
A man declined to disclose his name.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.68 |
|
UK Pound |
1 |
Rs.78.17 |
|
Euro |
1 |
Rs.65.52 |
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.