|
Report Date : |
15.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
LCY CHEMICAL CORP. |
|
|
|
|
Registered Office : |
4F., No.83, Sec.4, Bade Rd., Songshan Dist., |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation : |
06.11.1965 |
|
|
|
|
Com. Reg. No.: |
39054405 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and sales of Petrochemical raw materials |
|
|
|
|
No. of Employees : |
About 1,738 employees |
RATING & COMMENTS
|
MIRAs 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 |
|
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 March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
|
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: |
|
|
Fax Number: |
|
|
E-mail: |
Notes: Subjects exact name and address are as above and subject did not introduce
the supplied address.
|
Credit Opinion: |
|
Registered Name: |
LCY Chemical Corp. |
|
Registered Address: |
|
|
Date of Foundation: |
|
|
Registration Number: |
39054405 |
|
Registry: |
Department of Commerce, Ministry of Economic Affairs, R.O.C. |
|
Registered Capital: |
NTD 10,000,000,000 (USD 334,000,000) (As of 2012.06, 1 NTD = 0.0334 USD) |
|
Paid-up Capital: |
NTD 8,032,423,680 (USD 271,495,920) |
|
Legal Representatives: |
Mouwei Li |
|
Legal Form: |
|
|
Principal Activities: |
|
|
Staff: |
|
|
Listed at Stock
Exchange: |
Yes Stock Symbol: 1704
|
|
Date of Last
Annual Return: |
Subject was incorporated on
Subject was listed on Taiwan Stock Exchange on
Change of Name
|
Former English Name |
Lee Chang Yung Chemical Industry Corporation |
|
Current English Name |
Lcy Chemical Corp. |
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 |
|
Mouwei Li |
64,796,756 |
|
Fu Ju Co., Ltd (Literal Translation) |
|
|
3,228,939 |
|
|
Li Cheng Enterprises Co., Ltd (Literal
Translation) |
79,724,431 |
The information
above is that of subjects major shareholders.
Branch
|
Registered
Number |
53016522 |
|
Name |
Nanzi Branch |
|
Manager Name |
Congxian Shi |
|
Address |
No. 16, |
|
Date of Last
Annual Return: |
|
Group Companies
(factories)
|
Zhenjiang LCY General Chemical Co., Ltd. |
It is introduced
that subject has factories in
Core
Management
Directors
|
1 |
|
|
Name |
Mouwei Li |
|
Position |
Board Chairman
& Manager |
|
Date of
Appointment s |
|
|
2 |
|
|
Name |
Kunzhi Li |
|
Position |
Director |
|
3 |
|
|
Name |
Saifen Yang |
|
Position |
Director |
|
4 |
|
|
Name |
Minggong Li |
|
Position |
Director |
|
5 |
|
|
Name |
Zhengcheng Wei |
|
Position |
Director |
|
6 |
|
|
Name |
Xianjin Wu |
|
Position |
Director |
|
7 |
|
|
Name |
Congxian Shi |
|
Position |
Director |
|
8 |
|
|
Name |
Xunjia Zhuang |
|
Position |
Supervisor |
|
9 |
|
|
Name |
Kuncan Wang |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 1,738 employees
(as of |
Offices
& Factories
|
|
Headquarters |
|
Add |
|
Production
Information
l
Subject is a manufacturer of polypropylene (PP), solvents
and other chemical products and it has Four factories in Taiwan and four
factories (related Companies) in China and also a manufacturing site in USA,
while the details are not disclosed.
l
It is introduced that all of subjects plants have
been ISO 14001 certified
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
C801020 |
Manufacture of petrochemical materials |
|
C801100 |
Manufacture of Synthetic Resin and Plastics |
|
C801060 |
|
|
G801010 |
Warehousing industry |
|
C801010 |
Basic chemical industry |
|
C802120 |
Manufacture of industrial additives |
|
C802200 |
|
|
F107990 |
Wholesales of other chemical products |
|
F207990 |
Details of other chemical products |
|
D201040 |
Packing industry of liquefied petroleum gas (LPG) |
|
C803011 |
Oil refining industry |
|
I601010 |
Leasing industry |
|
F112040 |
Wholesales of petroleum products |
|
F212050 |
Retails of petroleum products |
|
F401041 |
Manufacturing and exporting industry |
|
F112011 |
|
|
F107200 |
Wholesales of chemical raw materials |
|
F207200 |
Retails of chemical raw materials |
|
ZZ99999 |
Besides licensed business, all other business
items those are not banned or restricted. |
l
Subject purchases raw
materials both at home and abroad.
l
Subject is engaged in distribution of polypropylene
(PP), solvents and other chemical products. And it provides methanol products,
including methanol, formaldehyde, paraformaldehyde and dimethyl ether, among
others; solvents, including ethyl acetate, isopropyl alcohol and methyl
isobutyl ketone, as well as electronic chemical products, PP related products,
thermoplastic rubber and liquefied petroleum gas (LPG).
l
Subjects products are applied in the manufacture
of resins, agricultural pesticides, catalysts, medicines, paintings, inks,
artificial leather products, shoes, industrial products, electronic components,
toys and electrical appliances, among others.
l
Subjects products are both sold in domestic and
overseas market
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
Domestic Purchase
|
Payment Terms |
Proportion |
|
|
Raw materials, etc |
COD, Credit Sales, etc |
100% |
Foreign Purchase
|
Payment Terms |
Proportion |
|
|
Raw materials, etc |
CBD, etc |
100% |
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
Petrochemical raw
materials, etc |
CBD, etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Petrochemical raw
materials, etc |
CBD, etc |
100% |
Unit: NTD/000
|
|
|
|
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash and cash
equivalents |
494,895.00 |
1,073,683.00 |
|
Financial assets
measured at fair value through profit or loss - current |
88,492.00 |
30,763.00 |
|
Available-for-sale
financial assets - current |
104,890.00 |
336,453.00 |
|
Financial assets
carried at cost - current |
0.00 |
19,617.00 |
|
Notes receivable
- net |
129,407.00 |
91,312.00 |
|
Accounts
receivable - net |
1,271,303.00 |
1,385,092.00 |
|
Accounts
receivable - related parties - net |
36,180.00 |
24,312.00 |
|
Other
receivables |
248,330.00 |
172,676.00 |
|
Other
receivables - related parties |
27,502.00 |
42,840.00 |
|
Inventories |
3,324,263.00 |
2,992,141.00 |
|
Prepaid expenses |
18,513.00 |
14,168.00 |
|
Other
prepayments |
177,003.00 |
172,903.00 |
|
Other current
assets |
121,885.00 |
118,750.00 |
|
Current assets |
6,042,663.00 |
6,474,710.00 |
|
Funds and
Investments |
|
|
|
Financial assets
carried at cost - non current |
284,171.00 |
364,072.00 |
|
Equity investments
under equity method |
19,875,674.00 |
16,530,210.00 |
|
Investments |
19,875,674.00 |
16,530,210.00 |
|
Funds and
long-term investments |
20,159,845.00 |
16,894,282.00 |
|
Fixed Assets |
|
|
|
Cost |
|
|
|
Land |
2,635,181.00 |
1,931,382.00 |
|
Buildings and
structures |
684,223.00 |
583,682.00 |
|
Machinery and
equipment |
8,672,342.00 |
7,465,500.00 |
|
Transportation
equipment |
78,358.00 |
74,943.00 |
|
Other facilities |
1,142,289.00 |
904,399.00 |
|
Revaluation
increment |
1,993,463.00 |
1,290,490.00 |
|
Cost and
revaluation increment |
15,205,856.00 |
12,250,396.00 |
|
Accumulated
depreciation |
-7,469,618.00 |
-6,984,405.00 |
|
Construction in
process and prepayment for equipments |
990,233.00 |
1,658,627.00 |
|
Fixed assets |
8,726,471.00 |
6,924,618.00 |
|
Intangible
Assets |
|
|
|
Patents |
4,794.00 |
5,700.00 |
|
Computer
software cost |
6,001.00 |
11,242.00 |
|
Other intangible
assets |
66,939.00 |
138,161.00 |
|
Intangible
assets |
77,734.00 |
155,103.00 |
|
OtherAssets |
|
|
|
Idled assets |
664,611.00 |
474,175.00 |
|
Guarantee
deposits paid |
15,453.00 |
17,378.00 |
|
Deferred charges |
39,043.00 |
64,227.00 |
|
Long-term notes
and accounts receivable - related parties |
10,033.00 |
19,992.00 |
|
Other assets -
other |
26,226.00 |
675.00 |
|
Other assets |
755,366.00 |
576,447.00 |
|
Assets |
35,762,079.00 |
31,025,160.00 |
|
Liabilities and
Stockholders' Equity |
|
|
|
Liabilities |
|
|
|
Current
Liabilities |
|
|
|
Short-term
borrowings |
5,458,984.00 |
2,407,844.00 |
|
Financial
liabilities measured at fair value through profit or loss - current |
1,334.00 |
1,843.00 |
|
Notes payable |
5,027.00 |
3,585.00 |
|
Accounts payable |
2,163,977.00 |
2,010,844.00 |
|
Accounts payable
- related parties |
6,356.00 |
8,922.00 |
|
Income tax
payable |
125,445.00 |
322,998.00 |
|
Accrued expenses |
398,265.00 |
495,944.00 |
|
Other payables |
192,307.00 |
174,022.00 |
|
Advance receipts |
128,074.00 |
122,675.00 |
|
Long-term
liabilities - current portion |
714,286.00 |
1,503,571.00 |
|
Other current
liabilities |
996.00 |
22,838.00 |
|
Current
liabilities |
9,195,051.00 |
7,075,086.00 |
|
Long term
Liabilities |
|
|
|
Long-term
borrowings |
500,000.00 |
714,286.00 |
|
Long-term
deferred revenues |
64,396.00 |
76,563.00 |
|
Long-term liabilities |
564,396.00 |
790,849.00 |
|
Reserves |
|
|
|
Reserve for land
revaluation increment tax |
994,802.00 |
571,013.00 |
|
Reserves |
994,802.00 |
571,013.00 |
|
Other
Liabilities |
|
|
|
Guarantee
deposits received |
4,966.00 |
3,396.00 |
|
Deferred income
tax liabilities |
2,051,402.00 |
1,672,856.00 |
|
Other
liabilities - other |
8,629.00 |
4,114.00 |
|
Other
liabilities |
2,064,997.00 |
1,680,366.00 |
|
Liabilities |
12,819,246.00 |
10,117,314.00 |
|
Stockholders'
Equity |
|
|
|
Capital |
|
|
|
Common stock |
8,032,424.00 |
7,505,344.00 |
|
Capital Surplus |
|
|
|
Capital surplus
- additional paid-in capital |
3,991,145.00 |
2,481,556.00 |
|
Capital surplus
- treasury stock transactions |
274,124.00 |
92,308.00 |
|
Capital surplus -
donated assets received |
9,401.00 |
9,401.00 |
|
Capital surplus
- long-term equity investments |
65,894.00 |
192,109.00 |
|
Capital surplus
- premium from merger |
3,600,616.00 |
3,635,942.00 |
|
Capital surplus
- employee stock option |
0.00 |
32,080.00 |
|
Capital surplus |
7,941,180.00 |
6,443,396.00 |
|
Retained
Earnings |
|
|
|
Legal reserve |
1,909,553.00 |
1,594,832.00 |
|
Special reserve |
15,473.00 |
15,473.00 |
|
Unappropriated
retained earnings |
3,962,525.00 |
5,178,629.00 |
|
Retained
earnings |
5,887,551.00 |
6,788,934.00 |
|
Stockholders'
Equity and Other adjustmen |
|
|
|
Cumulative
translation adjustments |
-501,876.00 |
-664,906.00 |
|
Unrealized gains
(losses) on financial instruments |
37,100.00 |
79,967.00 |
|
Unrealized Revaluation
Increment |
1,546,454.00 |
1,076,834.00 |
|
|
0.00 |
-321,723.00 |
|
Equity
adjustments |
1,081,678.00 |
170,172.00 |
|
Stockholdersˉ
equity |
22,942,833.00 (USD 766,290,622) |
20,907,846.00 (USD 698,322,056) |
|
Number of treasury
stock acquired by the company and subsidiaries (unit: share) |
0.00 |
13,100,000.00 |
|
|
0.00 |
0.00 |
(As of 2012.06, 1 NTD =
0.0334 USD)
Unit: NTD/000
|
|
~ |
~ |
|
Sales |
7,116,683.00 (USD 237,697,212) |
7,775,793.00 (USD 259,711,486) |
|
Sales returns |
5,803.00 |
6,931.00 |
|
Sales discounts
and allowances |
1,641.00 |
1,044.00 |
|
Sales |
7,109,239.00 |
7,767,818.00 |
|
Rental revenue |
38,810.00 |
32,065.00 |
|
Operating income |
7,148,049.00 |
7,799,883.00 |
|
Cost of sales |
6,395,200.00 |
6,925,466.00 |
|
Cost of rental |
16,160.00 |
15,461.00 |
|
Operating costs |
6,411,360.00 |
6,940,927.00 |
|
Gross profit
(loss) from operations |
736,689.00 |
858,956.00 |
|
Unrealized gains
on intercompany transactions |
2,231.00 |
1,459.00 |
|
Realized gains
on intercompany transactions |
0.00 |
3,362.00 |
|
Selling expense |
244,478.00 |
264,407.00 |
|
General and
administrative expenses |
72,837.00 |
95,809.00 |
|
Research and
development expenses |
35,639.00 |
43,764.00 |
|
Operating
expenses |
352,954.00 |
403,980.00 |
|
Operating income
(loss) |
381,504.00 |
456,879.00 |
|
Non-Operating Income |
|
|
|
Interest income |
710.00 |
254.00 |
|
Inome from
long-term equity investments under the equity method |
243,451.00 |
837,654.00 |
|
Dividends |
0.00 |
14,245.00 |
|
Investment
income |
243,451.00 |
851,899.00 |
|
Gains on sale of
investments |
0.00 |
26,587.00 |
|
Foreign exchange
gains |
31,236.00 |
24,177.00 |
|
Revaluation gain
on financial assets |
0.00 |
3,776.00 |
|
Miscellaneous
income |
41,340.00 |
24,931.00 |
|
Non-operating
revenues and gains |
316,737.00 |
931,624.00 |
|
Non-Operating Expenses |
|
|
|
Interest expense |
28,139.00 |
14,430.00 |
|
Loss on sale of
investments |
22,103.00 |
0.00 |
|
Impairment loss
on assets |
0.00 |
3,771.00 |
|
Revaluation loss
on financial assets |
53,668.00 |
0.00 |
|
Miscellaneous
disbursements |
1,611.00 |
2,888.00 |
|
Non-operating
expenses and losses |
105,521.00 |
21,089.00 |
|
Income from
continuing operations before income tax |
592,720.00 |
1,367,414.00 |
|
Income tax
expense (benefit) |
187,277.00 |
216,734.00 |
|
Income from
continuing operations |
405,443.00 |
1,150,680.00 |
|
Net income
(loss) |
405,443.00 (USD 13,541,796) |
1,150,680.00 (USD 38,432,712) |
|
Primary Earnings
per Share |
|
|
|
Primary earnings
per share |
0.74 |
1.90 |
|
Diluted earnings
per share |
|
|
|
Diluted earnings
per share |
0.74 |
1.90 |
As of 2012.06, 1 NTD =
0.0334 USD)
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
Up to date of
reporting, no existing or latent litigation of the subject has been found.
|
Department |
Sales department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.79 |
|
|
1 |
Rs.86.37 |
|
Euro |
1 |
Rs.70.07 |
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 SCs 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.