|
Report Date : |
18.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
TAIWAN GLASS INDUSTRY CORP. |
|
|
|
|
Registered Office : |
Floor-11, No.261, sec.3, Nanking e. Rd.,
Taipei, Taiwan, R.O.C |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
30.09.2011 |
|
|
|
|
Date of Incorporation : |
15.09.1964 |
|
|
|
|
Com. Reg. No.: |
11914002 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and sales of glass |
|
|
|
|
No. of Employees : |
13,864 |
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 |
|
Maximum Credit Limit : |
USD 1,500,000 |
|
Status : |
Good |
|
Payment Behaviour : |
No complaints |
|
Litigation : |
Exists |
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 30, 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 |
|
Company Name: |
|
|
Supplied Name: |
|
|
Trading Address: |
Floor-11, No.261, sec.3, Nanking e. Rd.,
Taipei, Taiwan, R.O.C |
|
Supplied Address: |
|
|
Telephone Number: |
+886-2-2713-0333 |
|
Fax Number: |
|
|
E-mail: |
Notes:
The supplied name is incomplete, and the exact name is as above.
The exact address is as above.
|
Credit Rating: |
|
|
Credit Opinion: |
|
Registered Name: |
Taiwan Glass Industry Corp. |
|
Registered Address: |
Floor-11, No.261, Sec.3, Nanking E. Rd., Taipei |
|
Date of Foundation: |
|
|
Registration Number: |
11914002 |
|
Registry: |
Department of Commerce, Ministry of Economic Affairs, R.O.C. |
|
Registered Capital: |
NTD 25,000,000,000 (USD 844,161,000) (As of 2012.2, 1 NTD =0.03377 USD) |
|
Paid-up Capital: |
NTD 22,756,562,680 (USD 768,408,000) |
|
Legal Representatives: |
Bofeng Lin |
|
Legal Form: |
|
|
Principal Activities: |
|
|
Staff: |
Group 13,864 employees including |
|
Listed at Stock
Exchange: |
|
|
Date of Last
Annual Return: |
Subject was incorporated on
Subject was listed
on Taiwan Stock Exchange on
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 |
|
Name |
Subscription Shares |
|
Bofeng Lin |
16,142,388 |
|
Boshi Lin |
12,228,873 |
|
Bochun Lin |
3,811,878 |
|
Boxin Zhang |
140,038 |
|
Handong Lin |
8,405,608 |
|
Taifong Investigate Co.,
Ltd (Literal Translation) |
347,943,955 |
|
Taijian Investment Co., Ltd (Literal Translation) |
206,534,829 |
|
Taihe Investigate Co., Ltd (Literal
Translation) |
304,250,299 |
|
Lin Jian Cheng Jia Ji Co., Ltd (Literal Translation) |
109,380,669 |
|
Sangong Xingye Co., Ltd |
865,531 |
The information above is that of subject’s major shareholders.
Related Companies:
|
Taiwan Auto Glass Co., Ltd. / TAG
|
Core
Management
Directors
|
1 |
|
|
Name |
Bofeng Lin |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Boshi Lin |
|
Position |
Managing
Director & Manager |
|
Date of
Appointment |
|
|
3 |
|
|
Name |
Bochun Lin |
|
Position |
Managing
Director & Manager |
|
Date of
Appointment |
|
|
4 |
|
|
Name |
Boxin Zhang |
|
Position |
Director |
|
5 |
|
|
Name |
Handong Lin |
|
Position |
Director |
|
6 |
|
|
Name |
Sunmao Su |
|
Position |
Director |
|
7 |
|
|
Name |
Yude Su |
|
Position |
Director |
|
Date of
Appointment: |
|
|
8 |
|
|
Name |
Jiahong Lin |
|
Position |
Director &
Manager |
|
Date of
Appointment |
|
|
9 |
|
|
Name |
Jiayou Lin |
|
Position |
Director |
|
10 |
|
|
Name |
Jiaming Lin |
|
Position |
Director |
|
11 |
|
|
Name |
Renhao Shi |
|
Position |
Director &
Manager |
|
Date of
Appointment |
|
|
12 |
|
|
Name |
Zhengzhang Chen |
|
Position |
Director &
Manager |
|
Date of
Appointment |
|
|
13 |
|
|
Name |
Baocun Lin |
|
Position |
Director &
Manager |
|
Date of
Appointment |
|
|
14 |
|
|
Name |
Liling Xu |
|
Position |
Supervisor |
|
15 |
|
|
Name |
Guodong Xie |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
Group 13,864 employees
including |
Offices
& Factories
|
|
Headquarters |
|
Add |
Production
Information
l
Subject is a manufacturer of glass with
the production activities
Purchase
Information
l
The subject purchases both at local and
abroad and subject also purchases Silica sand from its related company in the same company.
l
It is introduced that subject uses the
technology imported from U.K. (PILKINGTON), Germany (LEYBOLD, VON ARDENNE, VEBA
GLASS AG, HERMANN HEYE) and USA (APPLIED FILMS)
l
The subject is mainly engaged in
manufacturing and trading of glass.
l
Subject’s products are applied to auto
industry, building industry and Food utensil
manufacturing, etc
l
Subject’s products are both sold in domestic
and overseas market covering Taiwan., the mainland of China, Japan, South
Korea, South America, Middle East, Australia, Europe and South Africa, etc
Major
products
|
1 |
|
|
2 |
|
|
3 |
Container and Food utensil glass |
|
4 |
Heat-resisting tableware glass, pattern glass |
|
5 |
Auto
Glass |
Import
and export right:
|
Import
right |
Yes |
|
Export
right |
Yes |
Purchase
Domestic Purchase
(Taiwan and Mainland, China)
|
Product |
Payment Terms |
Proportion |
|
COD, interior
settlement, etc |
100% |
Foreign Purchase
|
Product |
Payment
Terms |
Proportion |
|
Raw materials and technology |
CBD,
etc |
100% |
Sales
Domestic Markets (Taiwan)
|
Product |
Sales Terms |
Proportion |
|
Glass |
Export
|
Product |
Sales Terms |
Proportion |
|
Glass |
CBD, etc |
100% |
Unit: NTD/000
|
|
|
|
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash and cash
equivalents |
7,856,083.00 |
454,132.00 |
|
Notes receivable
- net |
249,726.00 |
309,298.00 |
|
Accounts
receivable - net |
1,415,048.00 |
1,551,318.00 |
|
Accounts
receivable - related parties - net |
42,249.00 |
31,071.00 |
|
Other
receivables |
52,887.00 |
82,670.00 |
|
Other
receivables - related parties |
148,356.00 |
524,039.00 |
|
Inventories |
3,247,788.00 |
2,678,309.00 |
|
Other
prepayments |
356,709.00 |
353,255.00 |
|
Other current
assets |
60,717.00 |
197,242.00 |
|
Current assets |
13,429,563.00 |
6,181,334.00 |
|
Funds and
Investments |
|
|
|
Available-for-sale
financial assets - non current |
2,093,888.00 |
4,554,212.00 |
|
Financial assets
carried at cost - non current |
95,106.00 |
5,106.00 |
|
Equity
investments under equity method |
33,306,347.00 |
26,101,809.00 |
|
Prepayments for
long-term investments |
87,000.00 |
0 |
|
Investments |
33,393,347.00 |
26,101,809.00 |
|
Funds and long-term
investments |
35,582,341.00 |
30,661,127.00 |
|
Fixed Assets |
|
|
|
Cost |
|
|
|
Land |
3,402,850.00 |
1,923,015.00 |
|
Buildings and
structures |
6,644,675.00 |
5,545,445.00 |
|
Machinery and
equipment |
16,987,624.00 |
14,703,756.00 |
|
Transportation
equipment |
188,549.00 |
156,024.00 |
|
Other facilities |
308,195.00 |
298,912.00 |
|
Natural
resources |
11,595.00 |
11,595.00 |
|
Revaluation
increment |
588,138.00 |
675,545.00 |
|
Cost and
revaluation increment |
28,131,626.00 |
23,314,292.00 |
|
Accumulated
depreciation |
-15,045,288.00 |
-13,842,075.00 |
|
Construction in
process and prepayment for equipments |
649,233.00 |
3,409,791.00 |
|
Fixed assets |
13,735,571.00 |
12,882,008.00 |
|
Intangible
Assets |
|
|
|
Other Assets |
|
|
|
Guarantee
deposits paid |
48,190.00 |
39,243.00 |
|
Deferred charges |
26,225.00 |
16,471.00 |
|
Deferred income
tax assets - non current |
107,371.00 |
33,233.00 |
|
Other assets -
other |
339,049.00 |
388,886.00 |
|
Other assets |
520,835.00 |
477,833.00 |
|
Assets |
63,268,310.00 |
50,202,302.00 |
|
Liabilities and
Stockholders' Equity |
|
|
|
Liabilities |
|
|
|
Current
Liabilities |
|
|
|
Short-term
borrowings |
480,000.00 |
2,000,000.00 |
|
Notes payable |
317 |
255 |
|
Accounts payable |
966,332.00 |
1,321,512.00 |
|
Income tax
payable |
134,715.00 |
136,933.00 |
|
Accrued expenses |
599,260.00 |
488,003.00 |
|
Other payables |
69,706.00 |
12,484.00 |
|
Advance receipts |
316,020.00 |
327,643.00 |
|
Other current
liabilities |
81,655.00 |
129,712.00 |
|
Current
liabilities |
2,648,005.00 |
4,416,542.00 |
|
Long term
Liabilities |
|
|
|
Bonds payable |
8,720,578.00 |
0 |
|
Long-term
borrowings |
3,200,000.00 |
0 |
|
Long-term
liabilities |
11,920,578.00 |
0 |
|
Reserves |
|
|
|
Reserve for land
revaluation increment tax |
236,222.00 |
236,222.00 |
|
Reserve for
furnace overhaul |
546,055.00 |
785,600.00 |
|
Reserves |
782,277.00 |
1,021,822.00 |
|
Other
Liabilities |
|
|
|
Guarantee
deposits received |
22,040.00 |
21,708.00 |
|
Other liabilities
- other |
221,224.00 |
255,860.00 |
|
Other
liabilities |
243,264.00 |
277,568.00 |
|
Liabilities |
15,594,124.00 |
5,715,932.00 |
|
Stockholders'
Equity |
|
|
|
Capital |
|
|
|
Common stock |
22,756,563.00 |
20,687,785.00 |
|
Capital Surplus |
|
|
|
Capital surplus
- additional paid-in capital |
25,000.00 |
25,000.00 |
|
Capital surplus
- long-term equity investments |
1,040,104.00 |
711,217.00 |
|
Capital surplus
- stock option |
383,440.00 |
0 |
|
Capital surplus
- other |
103,166.00 |
103,166.00 |
|
Capital surplus |
1,551,710.00 |
839,383.00 |
|
Retained
Earnings |
|
|
|
Legal reserve |
5,349,014.00 |
4,830,663.00 |
|
Special reserve |
7,020,044.00 |
7,581,047.00 |
|
Unappropriated
retained earnings |
8,568,301.00 |
7,561,144.00 |
|
Retained
earnings |
20,937,359.00 |
19,972,854.00 |
|
Stockholders'
Equity and Other adjustment |
|
|
|
Cumulative
translation adjustments |
1,777,700.00 |
1,465,237.00 |
|
Unrealized gains
(losses) on financial instruments |
585,588.00 |
1,455,845.00 |
|
Unrealized Revaluation
Increment |
65,266.00 |
65,266.00 |
|
Equity
adjustments |
2,428,554.00 |
2,986,348.00 |
|
Stockholdersˉ
equity |
47,674,186.00 |
44,486,370.00 |
|
Number of
treasury stock acquired by the company and subsidiaries (unit: share) |
0 |
0 |
Unit: NTD/000
|
|
~ |
~ |
|
Sales |
11,086,203.00 |
12,172,123.00 |
|
Sales returns |
13,601.00 |
12,744.00 |
|
Sales |
11,072,602.00 |
12,159,379.00 |
|
Other operating
revenue |
57,856.00 |
59,295.00 |
|
Operating income |
11,130,458.00 |
12,218,674.00 |
|
Cost of sales |
8,606,111.00 |
9,010,487.00 |
|
Other operating
costs |
49,658.00 |
50,504.00 |
|
Operating costs |
8,655,769.00 |
9,060,991.00 |
|
Gross profit
(loss) from operations |
2,474,689.00 |
3,157,683.00 |
|
Selling expense |
1,292,980.00 |
1,394,651.00 |
|
General and
administrative expenses |
211,237.00 |
163,878.00 |
|
Research and
development expenses |
80,448.00 |
60,051.00 |
|
Operating
expenses |
1,584,665.00 |
1,618,580.00 |
|
Operating income
(loss) |
890,024.00 |
1,539,103.00 |
|
Non-Operating
Income |
|
|
|
Interest income |
19,872.00 |
21,576.00 |
|
Income from long-term
equity investments under the equity method |
974,271.00 |
2,435,865.00 |
|
Dividends |
247,429.00 |
211,708.00 |
|
Investment
income |
1,221,700.00 |
2,647,573.00 |
|
Gains on
disposal of fixed assets |
25,977.00 |
26,432.00 |
|
Gains on sale of
investments |
1,261,302.00 |
185,271.00 |
|
Rent income |
65,828.00 |
64,339.00 |
|
Miscellaneous
income |
110,936.00 |
122,742.00 |
|
Non-operating
revenues and gains |
2,705,615.00 |
3,067,933.00 |
|
Non-Operating
Expenses |
|
|
|
Interest expense |
60,163.00 |
6,229.00 |
|
Loss on disposal
of fixed assets |
4 |
0 |
|
Foreign exchange
losses |
74,042.00 |
30,740.00 |
|
Miscellaneous
disbursements |
99,400.00 |
179,079.00 |
|
Non-operating
expenses and losses |
233,609.00 |
216,048.00 |
|
Income from continuing
operations before income tax |
3,362,030.00 |
4,390,988.00 |
|
Income tax
expense (benefit) |
270,000.00 |
390,000.00 |
|
Income from
continuing operations |
3,092,030.00 |
4,000,988.00 |
|
Net income
(loss) |
3,092,030.00 |
4,000,988.00 |
|
Primary Earnings
per Share |
|
|
|
Primary earnings
per share |
1.36 |
1.76 |
|
Diluted earnings
per share |
|
|
|
Diluted earnings
per share |
1.35 |
0 |
Subject did not introduce 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
|
99,14682 |
|
|
Trial Date |
991012 |
|
Reason |
Payment of notes |
|
Name |
Mr. Lin |
|
Department |
Sales department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.21 |
|
|
1 |
Rs.77.75 |
|
Euro |
1 |
Rs.64.58 |
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.