MIRA INFORM REPORT
|
Report Date : |
09.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
ASIA POLYMER CORPORATION |
|
|
|
|
Registered Office : |
12F., No.37, Jihu Road., Neihu District, Taipei City 114 |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
30.09.2011 |
|
|
|
|
Date of Incorporation : |
25.01.1977 |
|
|
|
|
Com. Reg. No.: |
20747385 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Providing low density polyethylene (LDPE), medium density polyethylene, high density polyethylene (HDPE) and ethylene-vinyl acetate (EVA) polymer resin. |
|
|
|
|
No. of Employees
: |
200 |
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 200,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
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
|
Company Name: |
|
|
Supplied Name: |
|
|
Trading Address: |
12F., No.37, Jihu Road., Neihu District,
Taipei City 114, Taiwan (R.O.C.) |
|
Supplied Address: |
12th Floor, No. 37, Ji-Hu Road, Nei-Hu
District, Taipei 114. |
|
Telephone Number: |
+886-2-2658-2158, +886-2-8751-6888,+886-2-26582158 |
|
Fax Number: |
|
|
E-mail: |
Credit
Summary
|
Credit Rating: |
|
|
Credit Opinion: |
Company
Identification Details
History
Subject was incorporated on 1977-01-25 with registered
number 20747385 as Public
Limited Company in Taiwan.
The subject listed
on the Tai Wan Stock Exchange on the date of 1986-06-20
Awards
|
Year |
Awards |
|
2010 |
Blue chip
importer and exporter |
|
2009 |
Blue chip
importer and exporter |
|
2008 |
Blue chip
importer and exporter |
Standard of Blue chip importer and exporter
Unit: USD
|
Year |
Amount |
|
2010 |
20,000,000 |
|
2009 |
15,000,000 |
|
2008 |
19,000,000 |
Shareholders
|
Name |
Subscription
Shares |
|
Lian Ju
International Investment Co., LTD (Translated) |
135,807,372 |
|
Tai Lian International Investment Co., LTD
(Translated) |
12,439,655 |
The information above is that of subject’s major shareholders.
Subsidiaries
& Branches
Garden factory
|
Address: |
83245, No.3, Industrial 1 road, Garden Township,
Gao Xiong. |
|
Tel: |
+886-7641-2601 |
Personnel
Information
Core
Management
|
1 |
|
|
Name: |
Yigui Wu |
|
Position: |
President |
|
2 |
|
|
Name: |
Fengqiang Miao |
|
Position: |
Director |
|
3 |
|
|
Name: |
Xinhuai Zhou |
|
Position: |
Director |
|
4 |
|
|
Name: |
Guangzhe Huang |
|
Position: |
Director |
|
5 |
|
|
Name: |
Guanghong Li |
|
Position: |
Director |
|
Date of
Appointment: |
2007-05-02 |
|
6 |
|
|
Name: |
Dehuai Zhou |
|
Position: |
Director |
|
7 |
|
|
Name: |
Zhentu Liu |
|
Position: |
Director |
|
8 |
|
|
Name: |
Shengquan Wu |
|
Position: |
Supervisor |
|
9 |
|
|
Name: |
Huizhong Jiang |
|
Position: |
Supervisor |
Operation
Information
Offices
& Factories
|
|
Headquarters |
|
Address: |
12F., No.37,
Jihu Road., Neihu District, Taipei City 114, Taiwan (R.O.C.) |
Production
Information
l
Subject is engaged in the manufacture and
distribution of plastic tablets and resins. Providing low density polyethylene
(LDPE), medium density polyethylene, high density polyethylene (HDPE) and
ethylene-vinyl acetate (EVA) polymer resin.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
1 |
Production, processing and selling of Low density
polyethylene. |
|
2 |
Production, processing and selling of medium
density polyethylene. |
|
3 |
Selling of high density polyethylene. |
|
4 |
Selling of Linear low density polyethylene. |
|
5 |
Manufacturing, processing and selling of Vinyl
acetate copolymerization of resin. |
|
6 |
Manufacturing and selling of decomposition of the
raw material plastic materials. |
|
F113010 |
Wholesaling of machinery. |
|
ZZ99999 |
In addition to the business license, the
prohibited or restricted business law of the business. |
l
The materials for production are purchased from overseas
market; the country where the subject purchases the materials is from Middle
East.
l
Subject is engaged in the manufacture and
distribution of plastic tablets and resins, and the products are both selling to the domestic and overseas market.
l
It distributes its products in domestic and
overseas markets, such as Hong Kong, Mainland China, Japan, Southeast Asia,
South Asia, Middle East, Africa and Europe.
l
The main products which selling to the oversea
market including LDPE (46%) and EVA (54%), domestic market including LDPE (91%)
and EVA (54%).
Major products sold
|
|
Product |
|
1 |
LDPE |
|
2 |
EVA |
|
3 |
HDPE |
|
4 |
EV101 |
|
5 |
EV102 |
|
6 |
EV103 |
|
7 |
EV302 |
|
8 |
EV303 |
|
9 |
EV304 |
Import and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Settlements
Purchase
Domestic Purchase
Subject does not purchase from the domestic market.
Foreign Purchase
|
Payment Terms |
Proportion |
|
|
Low density polyethylene (LDPE), medium density polyethylene,
high density polyethylene (HDPE), etc. |
CBD, etc |
100% |
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
Low density polyethylene (LDPE), medium density
polyethylene, high density polyethylene (HDPE), etc. |
COD, etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Low density polyethylene (LDPE), medium density
polyethylene, high density polyethylene (HDPE), etc. |
L/C, etc |
100% |
Balance
Sheet
Unit: NTD/000
|
Date |
2011-09-30 |
2010-09-30 |
|
Cash and cash equivalents |
2,216,983.00 |
1,040,467.00 |
|
Financial assets measured at fair value through
profit or loss - current |
1,969,482.00 |
1,822,520.00 |
|
Available-for-sale financial assets - current |
71,951.00 |
128,023.00 |
|
Notes receivable - net |
942.00 |
1,012.00 |
|
Accounts receivable - net |
202,895.00 |
210,587.00 |
|
Accounts receivable - related parties - net |
49,278.00 |
41,559.00 |
|
Other receivables - related parties |
25,105.00 |
37,230.00 |
|
Other financial assets - current |
988.00 |
613.00 |
|
Inventories |
623,690.00 |
411,207.00 |
|
Other current assets |
90,792.00 |
61,926.00 |
|
Current assets |
5,252,106.00 |
3,755,144.00 |
|
Financial assets measured at fair value through profit
or loss - non current |
0.00 |
50,030.00 |
|
Available-for-sale financial assets - non current |
3,028,321.00 |
1,904,395.00 |
|
Financial assets carried at cost - non current |
36,200.00 |
39,800.00 |
|
Equity investments under equity method |
1,749,119.00 |
1,725,628.00 |
|
Investments |
1,749,119.00 |
1,725,628.00 |
|
Funds and long-term investments |
4,813,640.00 |
3,719,853.00 |
|
Land |
97,715.00 |
137,375.00 |
|
Buildings and structures |
217,391.00 |
234,325.00 |
|
Machinery and equipment |
2,817,191.00 |
2,795,141.00 |
|
Other facilities |
62,747.00 |
65,092.00 |
|
Revaluation increment |
553,098.00 |
552,806.00 |
|
Cost and revaluation increment |
3,748,142.00 |
3,784,739.00 |
|
Accumulated depreciation |
-3,228,656.00 |
-3,185,657.00 |
|
Construction in process and prepayment for
equipments |
136,904.00 |
45,223.00 |
|
Fixed assets |
656,390.00 |
644,305.00 |
|
Deferred pension cost |
4,999.00 |
10,272.00 |
|
Intangible assets |
4,999.00 |
10,272.00 |
|
Rental assets |
429,955.00 |
408,470.00 |
|
Idled assets |
24,893.00 |
47.00 |
|
Guarantee deposits paid |
2,168.00 |
2,179.00 |
|
Deferred income tax assets - non current |
9,919.00 |
14,061.00 |
|
Other assets |
466,935.00 |
424,757.00 |
|
Assets |
11,194,070.00 |
8,554,331.00 |
|
Short-term borrowings |
900,000.00 |
0.00 |
|
Short-term notes and bills payable |
99,987.00 |
0.00 |
|
Accounts payable |
221,146.00 |
245,283.00 |
|
Accounts payable - related parties |
3,681.00 |
3,229.00 |
|
Income tax payable |
144,822.00 |
132,077.00 |
|
Accrued expenses |
212,003.00 |
181,293.00 |
|
Other payables - related parties |
151,134.00 |
47,297.00 |
|
Other payables |
6,803.00 |
6,606.00 |
|
Other current liabilities |
37,070.00 |
53,733.00 |
|
Current liabilities |
1,776,646.00 |
669,518.00 |
|
Reserve for land revaluation increment tax |
21,469.00 |
21,469.00 |
|
Reserves |
21,469.00 |
21,469.00 |
|
Pension reserve / accrued pension liability |
263,628.00 |
301,397.00 |
|
Guarantee deposits received |
3,386.00 |
2,397.00 |
|
Other liabilities |
267,014.00 |
303,794.00 |
|
Liabilities |
2,065,129.00 |
994,781.00 |
|
Common stock |
3,913,974.00 |
3,131,179.00 |
|
Capital surplus - long-term equity investments |
17,816.00 |
18,654.00 |
|
Capital surplus - other |
13,189.00 |
13,189.00 |
|
Capital surplus |
31,005.00 |
31,843.00 |
|
Legal reserve |
1,180,719.00 |
1,035,437.00 |
|
Unappropriated retained earnings |
2,291,087.00 |
1,748,757.00 |
|
Retained earnings |
3,471,806.00 |
2,784,194.00 |
|
Cumulative translation adjustments |
28,039.00 |
31,106.00 |
|
Net loss not recognized as pension cost |
-11,476.00 |
-55,991.00 |
|
Unrealized gains (losses) on financial
instruments |
1,151,852.00 |
1,093,478.00 |
|
Unrealized Revaluation Increment |
543,741.00 |
543,741.00 |
|
Equity adjustments |
1,712,156.00 |
1,612,334.00 |
|
Stockholdersˉ equity |
9,128,941.00 |
7,559,550.00 |
|
Stockholdersˉ equity (USD/000) |
308,941 |
255,830 |
|
Number of treasury stock acquired by the company
and subsidiaries (unit: share) |
0.00 |
0.00 |
|
Total Liability and Equity |
11,194,070.00 |
8,554,331.00 |
|
Total Liability and Equity (USD/000) |
378,829 |
289,495 |
(As of 2012.02, 1 NTD = 0.03384 USD)
Profit and
Loss Account
Unit: NTD/000
|
Date |
2010-10-01
to 2011-09-30 |
2009-10-01
to 2010-09-30 |
|
Sales |
5,126,611.00 |
4,707,610.00 |
|
Sales (USD/000) |
173,495 |
159,315 |
|
Sales
returns |
1,374.00 |
11,857.00 |
|
Sales
discounts and allowances |
7,129.00 |
6,014.00 |
|
Sales |
5,118,108.00 |
4,689,739.00 |
|
Operating
income |
5,118,108.00 |
4,689,739.00 |
|
Cost of
sales |
3,394,456.00 |
3,505,676.00 |
|
Operating
costs |
3,394,456.00 |
3,505,676.00 |
|
Gross
profit (loss) from operations |
1,723,652.00 |
1,184,063.00 |
|
Selling
expense |
94,037.00 |
120,079.00 |
|
General
and administrative expenses |
59,515.00 |
52,358.00 |
|
Research
and development expenses |
9,121.00 |
11,341.00 |
|
Operating
expenses |
162,673.00 |
183,778.00 |
|
Operating
income (loss) |
1,560,979.00 |
1,000,285.00 |
|
Non-Operating Income |
|
|
|
Interest
income |
13,459.00 |
10,496.00 |
|
Inome from
long-term equity investments under the equity method |
37,323.00 |
38,853.00 |
|
Dividends |
95,748.00 |
73,218.00 |
|
Investment
income |
133,071.00 |
112,071.00 |
|
Gains on
disposal of fixed assets |
0.00 |
2,222.00 |
|
Gains on
sale of investments |
10,077.00 |
7,422.00 |
|
Foreign
exchange gains |
5,224.00 |
0.00 |
|
Rent
income |
31,925.00 |
31,453.00 |
|
Miscellaneous income |
4,320.00 |
8,630.00 |
|
Non-operating revenues and gains |
198,076.00 |
172,294.00 |
|
Interest
expense |
621.00 |
1,514.00 |
|
Foreign
exchange losses |
0.00 |
5,440.00 |
|
Loss on
depreciation and valuation loss form idle assets |
5,234.00 |
5,249.00 |
|
Revaluation loss on financial assets |
46,926.00 |
1,541.00 |
|
Revaluation loss on financial liabilities |
2,671.00 |
676.00 |
|
Miscellaneous disbursements |
3,640.00 |
3,064.00 |
|
Non-operating expenses and losses |
59,092.00 |
17,484.00 |
|
Income from
continuing operations before income tax |
1,699,963.00 |
1,155,095.00 |
|
Income tax
expense (benefit) |
266,951.00 |
209,347.00 |
|
Income
from continuing operations |
1,433,012.00 |
945,748.00 |
|
Net income
(loss) |
1,433,012.00 |
945,748.00 |
|
Net income (loss) (USD/000) |
48,496 |
32,006 |
|
Primary
earnings per share |
3.66 |
2.42 |
|
Diluted
earnings per share |
3.66 |
2.41 |
(As of 2012.02, 1 NTD = 0.03384 USD)
Bankers
Subject did not introduce its bank details; from other source we cannot obtain the relevant information, either.
Public
Record
Mortgage
No chattel mortgage record of subject has been found within the recent 3
months.
Lawsuit
|
97, Bei Bu, 136 |
|
|
Lawsuit Date: |
2008-05-05 |
|
Reason of Lawsuit: |
Returning the house, and so on. |
Interview
Details
|
Name |
Mr. Cai |
|
Email: |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.07 |
|
UK Pound |
1 |
Rs.78.09 |
|
Euro |
1 |
Rs.65.15 |
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.