|
Report Date : |
13.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
CHINA STEEL CHEMICAL CORPORATION |
|
|
|
|
Registered Office : |
5F.-1, No.47, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation : |
03.02.1989 |
|
|
|
|
Com. Reg. No.: |
23221384 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Production, processing and sale of coal tar distilling products, light oil products and coke |
|
|
|
|
No. of Employees : |
About 150 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 |
|
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 – 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: |
+886-7-338-3515 |
|
Fax Number: |
|
|
E-mail: |
|
|
Website: |
|
Registered Name: |
China Steel Chemical Corporation |
|
Registered Address: |
5F.-1, No.47,
Chung Hua 4th Rd., Kaohsiung, Taiwan, R.O.C. |
|
Date of Foundation: |
|
|
Registration Number: |
23221384 |
|
Registry: |
Department of Commerce, Ministry of Economic Affairs, R.O.C. |
|
Registered Capital: |
NTD 3,000,000,000 (USD 100,200,000) (As of 2012.07, 1 NTD = 0.0334 USD) |
|
Paid-up Capital: |
NTD 2,369,044,800 (USD 79,126,096) |
|
Legal Representatives: |
Yuemin Zhong |
|
Legal Form: |
|
|
Principal Activities: |
Production, processing
and sale of coal tar distilling products, light oil products and coke |
|
Staff: |
|
|
Listed at Stock Exchange: |
|
|
Date of Last
Annual Return: |
Subject was incorporated 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 |
|
China Steel Corporation |
68,787,183 |
|
China Synthetic Rubber Corporation |
|
|
13,459,096 |
|
|
Gao Duan Investment Corporation (Translated) |
441,220 |
|
CTCI Corporation |
2,426,916 |
The information above
is that of subject’s major shareholders.
|
Name |
China Steel
Corporation |
|
Address |
No.1,Chung Kang
Road Kaohsiung Taiwan |
|
Tel |
+886-7-8021111 |
|
Fax |
+886-7-8018434 |
|
Listed at Stock
Exchange: |
Yes Stock Symbol: 2002 |
|
Notes: |
China Steel
Corporation is principally engaged in steel business. The Company
manufactures various steel products, including plate products, steel bars,
wire rod products, hot rolled products, cold rolled products, electro
galvanizing steel products, hot-dip galvanizing steel products and
electromagnetic steel sheets. The Company's products are applied to ships,
bridges, containers, trucks, steel structures, automobiles, furniture, home
appliances, hardware fittings, computers, motors and transformers, among
others. The Company distributes its products in the domestic market and to
overseas markets, including Hong Kong, Mainland China, Japan, Malaysia, South
Korea, Indonesia, Thailand, Vietnam and Singapore. |
Core
Management
Directors
|
1 |
|
|
Name |
Yuemin Zhong |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Ruoqi Zou |
|
Position |
Director |
|
3 |
|
|
Name |
Maogen Wang |
|
Position |
Director/
Manager |
|
Date of
Appointment |
2009-9-1 |
|
3 |
|
|
Name |
Jincai Qiu |
|
Position |
Director |
|
4 |
|
|
Name |
Guozhen
Zhangjian |
|
Position |
Director |
|
5 |
|
|
Name |
Chengyun Gu |
|
Position |
Director |
|
6 |
|
|
Name |
Xiongjie Peng |
|
Position |
Director |
|
7 |
|
|
Name |
Zhongyi Lin |
|
Position |
Director |
|
8 |
|
|
Name |
Hezong Chen |
|
Position |
Director |
|
9 |
|
|
Name |
Junyan Yu |
|
Position |
Supervisor |
|
10 |
|
|
Name |
Wenyuan Chen |
|
Position |
Supervisor |
|
11 |
|
|
Name |
Kaijie Jia |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 150 Employees |
Offices
& Factories
|
|
Headquarters |
|
Add |
Production
Information
l
Subject is engaged in the production, processing
and sale of coal tar distilling products, light oil products and coke, etc
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
C801010 |
Basic chemical industrial manufacturing |
|
F107100 |
Basic chemical materials wholesaling |
|
F107110 |
Petrochemical materials Wholesaling |
|
F107170 |
Industrial additives wholesaling |
|
F120010 |
fireproofing
materials wholesaling |
|
F401010 |
International Trading Business |
|
I101131 |
Chemical consulting industry |
|
ZZ99999 |
Besides licensed business, all other business
items those are not banned or restricted. |
l
Subject did not introduce its purchasing
information
l
The subject is mainly engaged in coal tar
distilling products, light oil products and coke, etc
l
Subject’s coal tar distilling products include soft
pitch, creosote oils, raw naphthalene, refined naphthalene, special asphalt,
roof caulk glue, wood cosmoline and dinaphthol, etc
l
Subject also supplies light oil products include
toluene, benzene and solvent.
l
Subject distributes its products in domestic
markets and to overseas markets, including Mainland China, Japan, Vietnam,
South Korea, Hong Kong, India, Myanmar, Indonesia and Malaysia, etc
l
Subject obtained the certifications of ISO 9001:
2000, ISO14001 and OHSAS 18001.
Major products
sold
|
1 |
Soft Pitch |
|
2 |
Creosote Oil |
|
3 |
Refined Naphthalene |
|
4 |
Benzene |
|
5 |
Toluene |
|
6 |
Metallurgical Coke |
|
7 |
Green Mesophase Power |
|
8 |
Dye intermediate |
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
Subject did not
introduce its purchasing terms.
Sales
Domestic Markets (Taiwan)
|
Sales Terms |
Proportion |
|
|
Coal tar distilling products, light oil products
and coke, etc |
CBD, etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Coal tar distilling products, light oil products
and coke, etc |
CBD, etc |
100% |
Notes: Subject’s settlement for export is generally in USD
Unit: NTD/000
|
|
|
|
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash and cash
equivalents |
1,313,410.00 |
586,846.00 |
|
Financial assets
measured at fair value through profit or loss-current |
754,046.00 |
1,420,477.00 |
|
Available-for-sale
financial assets-current |
31,763.00 |
52,991.00 |
|
Held-to-maturity
financial assets-current |
25,000.00 |
0.00 |
|
Notes
receivable-net |
19,101.00 |
13,375.00 |
|
Accounts
receivable-net |
582,714.00 |
581,727.00 |
|
Accounts
receivable-related parties-net |
158,392.00 |
189,788.00 |
|
Other
receivables |
13,100.00 |
11,694.00 |
|
Inventories |
429,226.00 |
333,770.00 |
|
Other current
assets |
71,974.00 |
90,654.00 |
|
Current assets |
3,398,726.00 |
3,281,322.00 |
|
Funds and
Investments |
|
|
|
Held-to-maturity
financial assets-non current |
25,000.00 |
50,000.00 |
|
Financial assets
carried at cost-non current |
35,722.00 |
36,434.00 |
|
Debt investments
without active market-non current |
50,000.00 |
50,000.00 |
|
Equity
investments under equity method |
2,316,903.00 |
2,275,515.00 |
|
Investments |
2,316,903.00 |
2,275,515.00 |
|
Funds and
long-term investments |
2,427,625.00 |
2,411,949.00 |
|
Fixed Assets |
|
|
|
Cost |
|
|
|
Land |
104,724.00 |
104,724.00 |
|
Buildings and
structures |
370,205.00 |
288,133.00 |
|
Machinery and
equipment |
2,747,528.00 |
2,429,012.00 |
|
Transportation
equipment |
69,111.00 |
54,141.00 |
|
Other facilities |
63,193.00 |
43,761.00 |
|
Revaluation
increment |
0.00 |
0.00 |
|
Cost and
revaluation increment |
3,354,761.00 |
2,919,771.00 |
|
Accumulated
depreciation |
-2,096,735.00 |
-2,035,919.00 |
|
Construction in
process and prepayment for equipments |
306,434.00 |
409,274.00 |
|
Fixed assets |
1,564,460.00 |
1,293,126.00 |
|
Intangible
Assets |
|
|
|
Deferred pension
cost |
2,232.00 |
2,513.00 |
|
Intangible
assets |
2,232.00 |
2,513.00 |
|
Other Assets |
|
|
|
Rental assets |
542,098.00 |
537,246.00 |
|
Guarantee
deposits paid |
640.00 |
441.00 |
|
Deferred income
tax assets - non current |
15,260.00 |
27,269.00 |
|
Other assets -
other |
6.00 |
6.00 |
|
Other assets |
558,004.00 |
564,962.00 |
|
Assets |
7,951,047.00 |
7,553,872.00 |
|
Liabilities and
Stockholders' Equity |
|
|
|
Liabilities |
|
|
|
Current
Liabilities |
|
|
|
Short-term
borrowings |
96,814.00 |
52,878.00 |
|
Financial liabilities
measured at fair value through profit or loss - current |
0.00 |
620.00 |
|
Accounts payable |
26,570.00 |
29,582.00 |
|
Accounts payable
- related parties |
286,352.00 |
334,656.00 |
|
Income tax
payable |
314,273.00 |
324,858.00 |
|
Accrued expenses |
265,823.00 |
250,643.00 |
|
Other current
liabilities |
46,487.00 |
27,911.00 |
|
Current
liabilities |
1,036,319.00 |
1,021,148.00 |
|
Long term
Liabilities |
|
|
|
Reserves |
|
|
|
Other
Liabilities |
|
|
|
Pension reserve /
accrued pension liability |
101,814.00 |
98,036.00 |
|
Other
liabilities |
101,814.00 |
98,036.00 |
|
Liabilities |
1,138,133.00 |
1,119,184.00 |
|
Stockholders'
Equity |
|
|
|
Capital |
|
|
|
Common stock |
2,369,044.00 |
2,369,044.00 |
|
Capital Surplus |
|
|
|
Capital
surplus-additional paid-in capital |
218.00 |
161.00 |
|
Capital
surplus-treasury stock transactions |
322,831.00 |
269,430.00 |
|
Capital
surplus-long-term equity investments |
109,103.00 |
95,555.00 |
|
Capital surplus |
432,152.00 |
365,146.00 |
|
Retained
Earnings |
|
|
|
Legal reserve |
1,305,550.00 |
1,114,115.00 |
|
Special reserve |
100,191.00 |
100,191.00 |
|
Unappropriated
retained earnings |
2,868,235.00 |
2,589,291.00 |
|
Retained
earnings |
4,273,976.00 |
3,803,597.00 |
|
Stockholders'
Equity and Other adjustment |
|
|
|
Cumulative
translation adjustments |
-33,889.00 |
-38,918.00 |
|
Net loss not
recognized as pension cost |
-56,439.00 |
-38,564.00 |
|
Unrealized gains
(losses) on financial instruments |
-20,664.00 |
126,320.00 |
|
|
-151,266.00 |
-151,937.00 |
|
Equity
adjustments |
-262,258.00 |
-103,099.00 |
|
Stockholders‘
equity |
6,812,914.00 (USD 227,551,328) |
6,434,688.00 (USD 214,918,579) |
|
Number of treasury
stock acquired by the company and subsidiaries (unit: share) |
6,770,537.00 |
6,800,537.00 |
|
|
0.00 |
0.00 |
(As of 2012.07, 1 NTD =
0.0334 USD)
Unit: NTD/000
|
|
~ |
~ |
|
Sales |
2,258,935.00 (USD 75,448,429) |
2,433,009.00 (USD 81,262,501) |
|
Other operating
revenue |
17,325.00 |
25,544.00 |
|
Operating income |
2,276,260.00 |
2,458,553.00 |
|
Operating costs |
1,603,342.00 |
1,711,642.00 |
|
Gross profit
(loss) from operations |
672,918.00 |
746,911.00 |
|
Selling expense |
41,942.00 |
45,750.00 |
|
General and
administrative expenses |
21,482.00 |
33,446.00 |
|
Research and development
expenses |
18,857.00 |
15,246.00 |
|
Operating
expenses |
82,281.00 |
94,442.00 |
|
Operating income
(loss) |
590,637.00 |
652,469.00 |
|
Non-Operating
Income |
|
|
|
Interest income |
5,561.00 |
4,038.00 |
|
Income from long-term
equity investments under the equity method |
24,628.00 |
28,855.00 |
|
Investment
income |
24,628.00 |
28,855.00 |
|
Reversal of
provision for bad debts |
0.00 |
22,048.00 |
|
Miscellaneous
income |
9,924.00 |
9,394.00 |
|
Non-operating revenues
and gains |
40,113.00 |
64,335.00 |
|
Non-Operating
Expenses |
|
|
|
Interest expense |
493.00 |
421.00 |
|
Foreign exchange
losses |
6,548.00 |
7,298.00 |
|
Miscellaneous
disbursements |
1,248.00 |
7,582.00 |
|
Non-operating
expenses and losses |
8,289.00 |
15,301.00 |
|
Income from
continuing operations before income tax |
622,461.00 |
701,503.00 |
|
Income tax
expense (benefit) |
90,745.00 |
99,083.00 |
|
Income from
continuing operations |
531,716.00 |
602,420.00 |
|
Net income
(loss) |
531,716.00 (USD 17,759,314) |
602,420.00 (USD 20,120,828) |
|
Primary Earnings
per Share |
|
|
|
Primary earnings
per share |
2.31 |
2.62 |
|
Diluted earnings
per share |
|
|
|
Diluted earnings
per share |
2.30 |
2.61 |
(As of 2012.07, 1 NTD =
0.0334 USD)
Unit: NTD/000
|
|
~ |
~ |
|
Cash Flows from
Operating Activities –Indirect Method |
|
|
|
Net Income
(Loss) |
531,716 |
602,420 |
|
Adjustments to
Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities |
|
|
|
Depreciation
Expense |
54,626 |
39,743 |
|
Provision
(Reversal of Provision) for Bad Debts Losses |
0 |
(22,048) |
|
Loss (Gain) on Decline
(Recovery) in Market Value, Scrap and Obsolescence of Inventories |
4,336 |
5,233 |
|
Investment Loss
(Income) Recognized under Equity Method |
(24,628) |
(28,855) |
|
Cash Dividends
Received from Investments Accounted for under Equity Method |
0 |
9,865 |
|
Unrealized
Revaluation Loss (Gain) on Financial Assets and Liabilities |
(4,395) |
(129) |
|
Loss (Gain) on
Deferred Income Tax |
339 |
(1,520) |
|
Other
Adjustments to Reconcile Net Income |
1,249 |
6,533 |
|
Changes in Operating
Assets and Liabilities |
|
|
|
Decrease
(Increase) in Notes Receivable |
8,967 |
(7,580) |
|
Decrease
(Increase) in Accounts Receivable |
(154,932) |
(96,489) |
|
Decrease
(Increase) in Accounts Receivable – Related Parties |
(15,201) |
(24,418) |
|
Decrease
(Increase) in Other Receivables |
1,668 |
(4,731) |
|
Decrease
(Increase) in Inventories |
7,067 |
(91,820) |
|
Decrease
(Increase) in Other Current Assets |
(11,514) |
(37,855) |
|
Increase
(Decrease) in Accounts Payable |
343 |
3,910 |
|
Increase
(Decrease) in Accounts Payable – Related Parties |
13,009 |
86,583 |
|
Increase
(Decrease) in Income Tax Payable |
76,645 |
100,273 |
|
Increase
(Decrease) in Accrued Expenses |
(8,902) |
21,203 |
|
Increase
(Decrease) in Other Current Liabilities |
(5,792) |
2,690 |
|
Increase
(Decrease) in Accrued Pension Liabilities |
(2,707) |
(2,434) |
|
Net Cash
Provided by (Used in) Operating Activities |
471,894 |
560,574 |
|
Cash Flows from
Investing Activities |
|
|
|
Acquisition of Financial
Assets as Fair Value through Profit or Loss |
(515,000) |
(1,327,000) |
|
Proceeds from
Disposal of Financial Assets as Fair Value through Profit or Loss |
280,115 |
1,308,493 |
|
Purchase of
Property, Plant and Equipment |
(39,499) |
(212,600) |
|
Decrease
(Increase) in Restricted Assets |
0 |
(3,500) |
|
Net Cash
Provided by (Used in) Investing Activities |
(274,384) |
(234,607) |
|
Cash Flows from
Financing Activities |
|
|
|
Increase
(Decrease) in Short-term Loans |
(38,535) |
(150,675) |
|
Cash Dividends
Paid |
(2) |
0 |
|
Net Cash
Provided by (Used in) Financing Activities |
(38,537) |
(150,675) |
|
Net Increase
(Decrease) in Cash and Cash Equivalents |
158,973 |
175,292 |
|
Cash and Cash
Equivalents, Beginning of year |
1,154,437 |
411,554 |
|
Cash and Cash
Equivalents, End of year |
1,313,410 |
586,846 |
|
Supplemental
Cash Flow Information |
|
|
|
Interest Paid-
Excluding Capitalized Interest |
508 |
419 |
|
Income Tax Paid |
13,761 |
330 |
|
Investing Activities
Affecting Both Cash and Non-cash Items |
|
|
|
Cash Paid for
Acquisition of Property, Plant and Equipment |
|
|
|
Increase in
Property, Plant and Equipment |
32,983 |
123,089 |
|
Increase
(Decrease) in Payable for Equipment Purchased |
6,516 |
89,511 |
|
Cash Paid for
Acquisition of Property, Plant and Equipment |
39,499 |
212,600 |
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. Yu |
|
Department |
Sales department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.70 |
|
|
1 |
Rs.86.28 |
|
Euro |
1 |
Rs.68.15 |
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.