|
Report Date : |
16.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
PAN ASIA CHEMICAL CORPORATION |
|
|
|
|
Registered Office : |
11F, No.50, Sec.1, |
|
|
|
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Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
06.04.1982 |
|
|
|
|
Com. Reg. No.: |
05712099 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and trade of non-ionic surfactants, etc |
|
|
|
|
No. of Employees : |
About 100 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: |
+886-2-2351-1212 |
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Fax Number: |
+886-2-2396-2946 |
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E-mail: |
|
|
Website: |
Notes:
The correct address is as above.
|
Credit Opinion: |
|
Registered Name: |
Pan Asia Chemical Corporation |
|
Registered Address: |
|
|
Date of Foundation: |
|
|
Registration Number: |
05712099 |
|
Registry: |
Department of Commerce, Ministry of Economic Affairs, R.O.C. |
|
Registered Capital: |
NTD 2,500,000,000 (USD 83,500,000) (As of 2012.06, 1 NTD = 0.0334 USD) |
|
Paid-up Capital: |
NTD 2,222,464,920 (USD 74,230,328.33) |
|
Legal Representatives: |
Guifeng Wang |
|
Legal Form: |
|
|
Principal Activities: |
|
|
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 |
|
Sheng Ren Knitting Factory Co., Ltd. (Translated) |
13,313,350 |
|
China Man-made Fiber Investment Co., Ltd.
(Translated) |
11,000,571 |
|
Gannan Chen |
51,300 |
|
Ke Yi Bao Investment Co., Ltd. (Translated) |
128,000 |
|
Dayin Ye |
128,253 |
The information
above is that of subject’s major shareholders.
Plant
|
Address |
No.8-1, Jingjian
Rd., Dashe Shiang, Kaohsiung County 815, Taiwan (R.O.C.) |
|
Telephone Number |
+886-7-3511318 |
|
Fax Number |
+886-7-3510409 |
Core
Management
Directors
|
1 |
|
|
Name |
Guifeng Wang |
|
Position |
Chairman |
|
2 |
|
|
Name |
Yongda Liu |
|
Position |
Vice Chairman |
|
3 |
|
|
Name |
Qingfeng Chen |
|
Position |
Director and
Manager |
|
Date of
Appointment |
|
|
4 |
|
|
Name |
Changchen Lin |
|
Position |
Director |
|
5 |
|
|
Name |
Gannan Chen |
|
Position |
Director |
|
6 |
|
|
Name |
Shiyi Jiang |
|
Position |
Supervisor |
|
7 |
|
|
Name |
Dayin Ye |
|
Position |
Supervisor |
|
8 |
|
|
Name |
Changhai Wang |
|
Position |
Manager |
|
Date of
Appointment |
|
|
9 |
|
|
Name |
Guoqing Chen |
|
Position |
Manager |
|
Date of
Appointment |
|
Personnel
Structure
|
Total Employees |
About 100 Employees |
Offices
& Factories
|
|
Headquarters |
|
Add |
|
Production
Information
l
Subject is engaged in manufacturing various non-ionic surfactants, such as
Polyethylene Glycol, Polyoxyethylene Alkyl Phenly Ether, Polyoxyethylene Alkyl Amine
Ether, Special Nonionic Surfactants, etc.
l
It is introduced that
subject has a factory in Kaohsiung County, Taiwan.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
C801020 |
Manufacture of petrochemical materials |
|
C802090 |
Manufacture
of Cleaning supplies |
|
D101050 |
Cogeneration Industry |
|
F212011 |
Gas station business |
|
F212061 |
Refueling station business |
|
H701010 |
Development and rental of
housing and building |
|
ZZ99999 |
Besides licensed
business, all other business items those are not banned or restricted. |
l
It is introduced that
subject purchases raw materials such as ethylene oxide and nonyl phenol from their
cooperative company China Man-made Fiber Corporation.
l
Other raw materials are
mainly imported from foreign countries.
l
Subject is engaged in sales of various non-ionic surfactants, such as
Polyethylene Glycol, Polyoxyethylene Alkyl Phenly Ether, Polyoxyethylene Alkyl
Amine Ether, Special Nonionic Surfactants, etc.
l
Subject’s sales regions
include Southeast Asia, Singapore, Australia, Japan, etc and the export
proportion is 32%.
l
Subject’s products are
applied to medical science, fiber, detergent, pesticides, and metal, rubber,
paper and pulp, paint, and cosmetics industries.
l
Subject has their own
brand “PANNOX”.
l
Subject obtained the certification of ISO 9001:
2000.
|
1 |
Polyethylene Glycol |
|
2 |
Polyoxyethylene Alkyl Phenly Ether |
|
3 |
Polyoxyethylene Alkyl Amine Ether |
|
4 |
Polyoxyethylene Alkyl Ether |
|
5 |
Polyoxyethylene Fatty Acid Ether |
|
6 |
Polyoxyethylene Sorbitan Fatty Acid Ether |
|
7 |
Polyoxypropylene Polyoxyethylene Ether |
|
8 |
Special Nonionic Surfactants |
|
9 |
Ester for Cosmetic Catalogue |
|
10 |
Ester for Lubricant Catalogue |
|
11 |
Polyethylene Gloycol Ester Catalogue |
|
12 |
Ester for Detergent |
|
13 |
Spinning oil for polyester yarn |
|
14 |
Ester for PU products |
|
15 |
Sorbitan Fatty Acid Ester |
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
Domestic Purchase (Taiwan)
|
Payment Terms |
Proportion |
|
|
Raw material |
COD, CBD, Credit Sales, etc |
100% |
Foreign Purchase
|
Payment Terms |
Proportion |
|
|
Raw material |
CBD, etc |
100% |
Sales
Domestic Markets (Taiwan and Mainland, China)
|
Sales Terms |
Proportion |
|
|
Non-ionic surfactants |
COD, CBD, etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Non-ionic surfactants |
CBD, etc |
100% |
Notes: Subject’s settlement for export is generally in USD
Unit: NTD/000
|
Date |
|
|
|
Asset |
|
|
|
Cash And
Equivalents |
82,741.35 |
73,401.60 |
|
Marketable
Securities |
1,096.77 |
1,646.56 |
|
Cash And
Marketable Securities |
83,838.12 |
75,048.16 |
|
Accounts
Receivable |
561.27 |
705.53 |
|
Loans Receivable |
32.34 |
104.08 |
|
Other Receivable |
2,492.46 |
2,991.15 |
|
Receivables |
3,086.07 |
3,800.76 |
|
Raw Materials |
55.18 |
47.15 |
|
Finished Goods |
202.93 |
93.31 |
|
Other
Inventories |
1.86 |
0.51 |
|
Inventories |
259.97 |
140.97 |
|
Prepaid Expenses |
75.70 |
101.61 |
|
Other Current
Assets |
277,815.45 |
244,622.36 |
|
Total Current
Assets |
365,075.31 |
323,713.86 |
|
Land And
Improvements |
1,698.81 |
1,652.96 |
|
Building And
Improvements |
2,157.59 |
2,143.69 |
|
Machinery
Furniture And Equipment |
2,565.21 |
2,407.13 |
|
Construction In
Progress |
134.83 |
211.50 |
|
Other Fixed
Assets |
796.12 |
796.12 |
|
Gross Fixed
Assets |
7,375.41 |
7,226.21 |
|
Accumulated
Depreciation, Total |
(2,204.94) |
(2,085.17) |
|
Net Fixed Assets |
5,170.48 |
5,141.04 |
|
Intangibles |
0.00 |
0.00 |
|
Goodwill (Cost
In Excess) |
0.00 |
0.00 |
|
Other Non
Current Assets |
2,588.80 |
2,320.03 |
|
Total Assets |
389,139.73 |
345,537.40 |
|
Liabilities |
|
|
|
Accounts Payable |
261.71 |
638.27 |
|
Accrued Expenses |
739.59 |
564.12 |
|
Short Term Debt |
1,331.80 |
3,027.87 |
|
Current Portion
Of Long Term Debt |
60.00 |
310.82 |
|
Accrued
Liabilities |
0.00 |
0.00 |
|
Other Current
Liabilities |
347,206.74 |
310,114.13 |
|
Total Current
Liabilities |
349,599.85 |
314,655.20 |
|
Long Term Debt |
11,652.56 |
8,455.41 |
|
Capital Lease
Obligations |
0.00 |
0.00 |
|
Total Long Term
Debt |
11,652.56 |
8,455.41 |
|
Total Debt |
13,044.36 |
11,794.09 |
|
Deferred Income
Tax Liabilities |
0.00 |
0.00 |
|
Minority
Interest Liabilities |
23,844.28 |
18,118.10 |
|
Other
Liabilities Total |
401.93 |
447.77 |
|
Total
Liabilities |
385,498.61 |
341,676.48 |
|
Stockholders’
Equity |
|
|
|
Preferred Stock
Redeemable |
0.00 |
0.00 |
|
Preferred Stock
Non Redeemable |
0.00 |
0.00 |
|
Common Stock Equity |
2,238.22 |
2,254.47 |
|
Additional Paid
In Capital |
904.82 |
909.15 |
|
Retained
Earnings |
423.84 |
334.44 |
|
Treasury Stock |
(108.22) |
(53.03) |
|
E S O P Debt
Guarantee |
|
|
|
Equity
Unrealized Gains Or Losses |
186.28 |
415.90 |
|
Other Equity
Adjustments |
(3.82) |
0.00 |
|
Total Equity |
3,641.12 (USD 121,613.41) |
3,860.92 (USD 128,954.73) |
|
Total
Liabilities And Stock Equity |
389,139.73 (USD 12,997,266.98) |
345,537.40 (USD 11,540,949.16) |
(As of 2012.06, 1 NTD = 0.0334 USD)
Unit: NTD/000
|
Date |
2011 |
2010 |
|
Operating
Revenue |
||
|
Other Revenue
Total |
7,739.22 |
6,110.22 |
|
Total Revenue |
11,603.87 (USD 387,569.26) |
10,259.51 (USD 342,667.63) |
|
Cost Of Sales |
2,722.67 |
2,721.51 |
|
Gross Operating
Profit |
1,141.98 |
1,427.78 |
|
Research And Development
Expenses |
0.00 |
0.00 |
|
Selling General
And Administrative Expenses |
3,939.98 |
3,826.48 |
|
Depreciation And
Amortization |
0.00 |
0.00 |
|
Other Operating
Expense |
0.00 |
0.00 |
|
Operating
Expenses |
9,128.98 |
9,788.26 |
|
Operating Income |
2,474.89 |
471.25 |
|
Non-Operating
Expenses |
|
|
|
Non Interest
Income Bank |
0.00 |
0.00 |
|
Non Interest
Expense Bank |
0.00 |
0.00 |
|
Interest Expense |
2,471.80 |
2,533.09 |
|
Other Net |
3.54 |
(428.32) |
|
Pre Tax Income |
1,916.70 |
887.74 |
|
Income Taxes |
470.72 |
448.21 |
|
Minority
Interest |
(1,358.07) |
(383.04) |
|
Equity In
Affiliates |
0.00 |
0.00 |
|
Non-Recurring
Events |
|
|
|
Extraordinary
Income (Loss) |
0.00 |
0.00 |
|
Total Net Income |
87.91 (USD 2,936.19) |
(USD1,886.77) |
|
Preferred
Dividends |
0.00 |
0.00 |
|
Net Income
Available For Common |
87.91 |
56.49 |
(As of 2012.06, 1 NTD = 0.0334 USD)
|
Name |
Taichung Bank |
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 |
Pauline |
|
Department |
Sales Department |
|
E-mail |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.65 |
|
|
1 |
Rs.85.89 |
|
Euro |
1 |
Rs.67.88 |
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.