MIRA INFORM REPORT
|
Report Date : |
05.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
ETERNAL CHEMICAL CO., LTD. |
|
|
|
|
Registered Office : |
No.578, Chien-Kung Rd., Kaohsiung |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
30.09.2011 |
|
|
|
|
Date of Incorporation : |
03.12.1964 |
|
|
|
|
Com. Reg. No.: |
75339004 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and trade of chemical products |
|
|
|
|
No. of Employees
: |
More over 1,700 Employees |
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 4,000,000 |
|
|
|
|
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 – 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 |
|
Company Name: |
|
|
Supplied Name: |
|
|
Trading Address: |
|
|
Supplied Address: |
|
|
Telephone Number: |
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|
Fax Number: |
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|
E-mail: |
Notes:
The exact name and address are as above.
|
Credit Rating: |
|
|
Credit Opinion: |
|
Registered Name: |
Eternal Chemical Co., Ltd. |
|
Registered Address: |
No.578, Chien-Kung Rd., Kaohsiung, Taiwan, R.O.C. |
|
Date of Foundation: |
|
|
Registration Number: |
75339004 |
|
Registry: |
Department of Commerce, Ministry of Economic Affairs,
R.O.C. |
|
Registered Capital: |
NTD 12,000,000,000 (USD 405,723,000) (As of 2012.3, 1 NTD = 0.03381 USD) |
|
Paid-up Capital: |
NTD 9,923,971,120 (USD 335,532,000) |
|
Legal Representatives: |
Guolun Gao |
|
Legal Form: |
|
|
Principal Activities: |
|
|
Staff: |
|
|
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 |
18,000,000 |
|
2009 |
19,000,000 |
|
2010 |
15,000,000 |
|
Subscription
Share |
|
|
Guolun Gao |
46,037,469 |
|
Huaikun Yang |
|
|
14,679,467 |
|
|
Wutong Huang |
3,137,359 |
|
Cifei Xiao |
446,813 |
|
Jinkun Xie |
691,179 |
|
Yingzhi Gao |
15,884,028 |
|
Kwang Yang Motor Co., Ltd |
98,418,906 |
|
Maozheng Chen |
5,590,600 |
|
Hong Zhang |
21,640 |
The information above is that of subject’s major shareholders.
Affiliated Companies:
|
1 |
|
|
Name |
Eternal
Photoelectric Material Industry (Yingkou) Co., Ltd. |
|
Address: |
102 Xinhai
Street, Yingkou Coastal Industrial Base ,Liaoning, China |
|
Telephone Number: |
+86-417-293-5000 |
|
Fax Number: |
+86-417-292-7935 |
|
E-mail: |
|
|
Main Product: |
Dry Film Photoresist |
|
2 |
|
|
Name |
Eternal Chemical
(Tianjin) Co., Ltd. |
|
Address: |
Tianjin Dagang Petrochemical
industrial Park |
|
Telephone Number: |
+86-22-5972-3366 |
|
Fax Number: |
+86-22-5972-3377 |
|
E-mail: |
|
|
Main Product: |
Acrylic Resin, Alkyd
Resin |
|
3 |
|
|
Name |
Eternal Chemical
(China) Co., Ltd. |
|
Address: |
566 Qingyang N.
Road, Zhoushi Town, Kunshan, Jiangsu, China |
|
Telephone Number: |
+86-512-5762-2168 |
|
Fax Number: |
+86-512-5762-1859 |
|
E-mail: |
|
|
Main Product: |
General Purpose
Resins, Synthetic Resins for Coatings |
|
4 |
|
|
Name |
Eternal
Electronic Materials (Kunshan) Co., Ltd. |
|
Address: |
267 Qingyang
Road, Zhoushi Town, Kunshan, Jiangsu, China |
|
Telephone Number: |
+86-512-5771-7512 |
|
Fax Number: |
+86-512-5771-8011 |
|
E-mail: |
|
|
Main Product: |
General Purpose
Resins, Synthetic Resins for Coatings |
|
5 |
|
|
Name |
Eternal Photoelectric Material Industry (Kunshan) Co.,
Ltd. |
|
Address: |
363 Changjiang
N. Road, Kunshan, Jiangsu, China |
|
Telephone Number: |
+86-512-5766-9486 |
|
Fax Number: |
+86-512-5766-9489 |
|
E-mail: |
|
|
Main Product: |
Dry Film
Photoresist |
|
6 |
|
|
Name |
Eternal Synthetic Resins (Changshu) Co., Ltd. |
|
Address: |
15 Xinggang Road,
Riverside Industrial Park Changshu, Jiangsu, China |
|
Telephone Number: |
+86-512-5286-0006 |
|
Fax Number: |
+86-512-5286-0007 |
|
E-mail: |
|
|
Main Product: |
Unsaturated
Polyester Resins |
|
7 |
|
|
Name |
Eternal Optical Material (Suzhou) Co., Ltd. |
|
Address: |
111 Songshan
Road, SND, Suzhou, Jiangsu, China |
|
Telephone Number: |
+86-512-6805-0026 |
|
Fax Number: |
+86-512-6805-0025 |
|
E-mail: |
|
|
Main Product: |
Optical Material |
|
8 |
|
|
Name |
Eternal Technologies (Shanghai) Co., Ltd. |
|
Address: |
1397 Yishan
Road, Shanghai, China |
|
Telephone Number: |
+86-21-6401-6000 |
|
Fax Number: |
+86-21-6406-3225 |
|
E-mail: |
|
|
Main Product: |
Research and
Development |
|
9 |
|
|
Name |
ESCO Specialty Coatings (Shanghai) Co., Ltd. |
|
Address: |
NO.1269, Linxian
Road, Jinshan Industrial Zone, Shanghai |
|
Telephone Number: |
+86-21-3369-2188 |
|
Fax Number: |
+86-21-3369-2269 |
|
E-mail: |
|
|
Main Product: |
Specialty
Coating |
|
10 |
|
|
Name |
Eternal Chemical (Guangdong) Co., Ltd. |
|
Address: |
Dalang Bay
Industrial Zone, Nanshui Town, Zhuhai, Guangdong, China |
|
Telephone Number: |
+86-756-726-5566 |
|
Fax Number: |
+86-756-398-5577 |
|
E-mail: |
|
|
Main Product: |
General Purpose
Resins, Synthetic Resins for Coatings, Unsaturated Polyester Resins |
|
11 |
|
|
Name |
Eternal Specialty Chemical (Zhuhai) Co., Ltd. |
|
Address: |
Biyang Road,
Gaolan Petrochemical Sector of Harbor Industrial Zone, Zhuhai, Guangdong,
China |
|
Telephone Number: |
+86-756-398-5888 |
|
Fax Number: |
+86-756-398-5111 |
|
E-mail: |
|
|
Main Product: |
Specialty Monomer, Oligomer, OPV |
|
12 |
|
|
Name |
Eternal Electronic Material (Guangzhou) Co., Ltd. |
|
Address: |
69 Dongpeng Road, Eastern Zone, GETDD, Guangzhou,
Guangdong, China |
|
Telephone Number: |
+86-20-8226-4378 |
|
Fax Number: |
+86-20-8226-4290 |
|
E-mail: |
|
|
Main Product: |
Dry Film
Photoresist |
|
13 |
|
|
Name |
Eternal Photo Electronic Materials (Guangzhou) Co.,
Ltd. |
|
Address: |
No. 8, Ruihe Road, Science City, New and High
Technology Industrial Development Zone, Guangzhou, Guangdong, China |
|
Telephone Number: |
+86-20-3220-6688 |
|
Fax Number: |
+86-20-8226-4290 |
|
E-mail: |
|
|
Main Product: |
Dry Film
Photoresist |
|
14 |
|
|
Name |
Eternal Technology Corporation |
|
Address: |
1800 Touchstone Road Colonial Heights, VA 23834, U.S.A. |
|
Telephone Number: |
+1-804-524-8555/524-8557 |
|
Fax Number: |
+1-804-524-8556 |
|
E-mail: |
|
|
Main Product: |
Dry Film
Photoresist |
|
15 |
|
|
Name |
Eternal Electronic Material (Thailand) Co., Ltd. |
|
Address: |
335/8 Moo 9, Bangna-Trad., Rd., KM 19 Tambol
Bangchalong AmphurBangplee, Samutprakarn 10540 |
|
Telephone Number: |
+662-750-9086/750-9097/750-9147/337-30097 |
|
Fax Number: |
+662-750-9096 |
|
E-mail: |
|
|
Main Product: |
Dry Film
Photoresist |
Core
Management
|
1 |
|
|
Name |
Guolun Gao |
|
Position |
Board of
Chairman |
|
2 |
|
|
Name |
Huaikun Yang |
|
Position |
Director |
|
3 |
|
|
Name |
Wutong Huang |
|
Position |
Director |
|
4 |
|
|
Name |
Cifei Xiao |
|
Position |
Director |
|
5 |
|
|
Name |
Jinkun Xie |
|
Position |
Director |
|
6 |
|
|
Name |
Yingzhi Gao |
|
Position |
Director |
|
7 |
|
|
Name |
Junbin Ke |
|
Position |
Director |
|
8 |
|
|
Name |
Maozheng Chen |
|
Position |
Supervisor |
|
9 |
|
|
Name |
Hong Zhang |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
More over 1,700
Employees |
Offices
& Factories
|
|
Headquarters |
|
Add |
Production
Information
l
Subject is a manufacturer of chemical products with
the production activities
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
C801040 |
Manufacture of synthetic resin |
|
CC01080 |
Manufacture of electronic material |
|
C802030 |
Manufacture of painting |
|
ZZ99999 |
Besides licensed business, all other business items
those are not banned or restricted. |
l
The components and raw material for production are
purchased from both local and abroad.
l
Subject is mainly engaged in manufacturing and
trading of chemical products and the related products.
l
Subject introduced that the factories are mainly
located in Taiwan, the mainland of China, the U.S.A, and Thailand.
l
Subject introduced that the products included
resins materials, specialty chemical, electronic chemical, semiconductor
materials and so on.
l
Subject introduced that the trademark of subject is
Eternal.
l
Subject’s selling territory covers all over the
world.
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
Domestic Purchase (Taiwan and Mainland, China)
|
Payment Terms |
Proportion |
|
|
Raw material |
CBD, etc |
100% |
Foreign Purchase
|
Payment Terms |
Proportion |
|
|
Raw material |
T.T, L/C, etc. |
100% |
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
Chemical Products |
CBD, etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Chemical Products |
T.T, L/C, etc. |
100% |
Unit: NTD/000
|
|
|
|
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash and cash
equivalents |
322,940.00 |
1,159,267.00 |
|
Notes receivable
- net |
552,771.00 |
644,202.00 |
|
Accounts
receivable - net |
2,882,050.00 |
2,674,149.00 |
|
Accounts
receivable - related parties - net |
789,745.00 |
1,009,693.00 |
|
Other
receivables - related parties |
99,724.00 |
107,959.00 |
|
Other financial
assets - current |
108,818.00 |
113,868.00 |
|
Inventories |
3,358,733.00 |
3,068,342.00 |
|
Other current
assets |
340,890.00 |
287,041.00 |
|
Current assets |
8,455,671.00 |
9,064,521.00 |
|
Funds and
Investments |
|
|
|
Available-for-sale
financial assets - non current |
509,253.00 |
630,415.00 |
|
Financial assets
carried at cost - non current |
428,316.00 |
492,737.00 |
|
Equity
investments under equity method |
17,165,580.00 |
15,649,482.00 |
|
Investments |
17,165,580.00 |
15,649,482.00 |
|
Other financial
assets - non current |
16,628.00 |
15,607.00 |
|
Funds and
long-term investments |
18,119,777.00 |
16,788,241.00 |
|
Fixed Assets |
|
|
|
Cost |
|
|
|
Land |
449,008.00 |
449,008.00 |
|
Buildings and
structures |
2,330,312.00 |
2,277,978.00 |
|
Machinery and
equipment |
6,660,951.00 |
6,824,480.00 |
|
Warehousing
equipment |
511,303.00 |
559,774.00 |
|
Testing
equipment |
789,012.00 |
781,257.00 |
|
Other facilities |
91,667.00 |
99,380.00 |
|
Revaluation
increment |
1,977,218.00 |
1,977,218.00 |
|
Cost and
revaluation increment |
12,809,471.00 |
12,969,095.00 |
|
Accumulated
depreciation |
-8,108,360.00 |
-8,256,086.00 |
|
Accumulated impairment
- fixed assets |
-168,275.00 |
-168,275.00 |
|
Construction in
process and prepayment for equipments |
271,689.00 |
121,931.00 |
|
Fixed assets |
4,804,525.00 |
4,666,665.00 |
|
Intangible
Assets |
|
|
|
Deferred pension
cost |
18,613.00 |
29,396.00 |
|
Other intangible
assets |
92,080.00 |
123,269.00 |
|
Intangible
assets |
110,693.00 |
152,665.00 |
|
Other Assets |
|
|
|
Other assets -
other |
36,194.00 |
34,419.00 |
|
Other assets |
36,194.00 |
34,419.00 |
|
Assets |
31,526,860.00 |
30,706,511.00 |
|
Liabilities and
Stockholders' Equity |
|
|
|
Liabilities |
|
|
|
Current
Liabilities |
|
|
|
Short-term
borrowings |
760,152.00 |
210,548.00 |
|
Short-term notes
and bills payable |
599,521.00 |
99,951.00 |
|
Notes payable |
25,415.00 |
12,676.00 |
|
Accounts payable |
1,550,807.00 |
1,685,459.00 |
|
Income tax
payable |
32,164.00 |
98,164.00 |
|
Accrued expenses |
563,431.00 |
621,281.00 |
|
Long-term
liabilities - current portion |
675,000.00 |
1,150,000.00 |
|
Other current
liabilities |
149,377.00 |
141,094.00 |
|
Current
liabilities |
4,355,867.00 |
4,019,173.00 |
|
Long term
Liabilities |
|
|
|
Financial
liabilities measured at fair value through profit or loss - non current |
7,870.00 |
11,859.00 |
|
Long-term
borrowings |
6,200,000.00 |
5,675,000.00 |
|
Long-term
liabilities |
6,207,870.00 |
5,686,859.00 |
|
Reserves |
|
|
|
Reserve for land
revaluation increment tax |
640,717.00 |
640,717.00 |
|
Reserves |
640,717.00 |
640,717.00 |
|
Other
Liabilities |
|
|
|
Pension reserve /
accrued pension liability |
861,024.00 |
710,788.00 |
|
Deferred income
tax liabilities |
1,583,091.00 |
1,384,283.00 |
|
Other
liabilities - other |
1,741.00 |
1,482.00 |
|
Other
liabilities |
2,445,856.00 |
2,096,553.00 |
|
Liabilities |
13,650,310.00 |
12,443,302.00 |
|
Stockholders'
Equity |
|
|
|
Capital |
|
|
|
Common stock |
9,923,971.00 |
9,451,401.00 |
|
Capital Surplus |
|
|
|
Capital surplus
- additional paid-in capital |
309,017.00 |
309,017.00 |
|
Capital surplus
- treasury stock transactions |
19,642.00 |
19,642.00 |
|
Capital surplus
- long-term equity investments |
5,999.00 |
390 |
|
Capital surplus |
334,658.00 |
329,049.00 |
|
Retained
Earnings |
|
|
|
Legal reserve |
2,375,769.00 |
2,129,964.00 |
|
Unappropriated
retained earnings |
3,069,733.00 |
3,961,402.00 |
|
Retained
earnings |
5,445,502.00 |
6,091,366.00 |
|
Stockholders'
Equity and Other adjustmen |
|
|
|
Cumulative
translation adjustments |
1,089,469.00 |
1,107,684.00 |
|
Net loss not
recognized as pension cost |
-282,916.00 |
-199,776.00 |
|
Unrealized gains
(losses) on financial instruments |
344,281.00 |
461,900.00 |
|
Unrealized
Revaluation Increment |
1,021,585.00 |
1,021,585.00 |
|
Equity
adjustments |
2,172,419.00 |
2,391,393.00 |
|
Stockholdersˉ
equity |
17,876,550.00 |
18,263,209.00 |
|
Number of
treasury stock acquired by the company and subsidiaries (unit: share) |
0 |
0 |
Unit: NTD/000
|
|
|
|
|
Sales |
14,090,463.00 |
14,133,049.00 |
|
Sales returns |
16,506.00 |
34,031.00 |
|
Sales discounts
and allowances |
19,140.00 |
14,459.00 |
|
Sales |
14,054,817.00 |
14,084,559.00 |
|
Operating income |
14,054,817.00 |
14,084,559.00 |
|
Cost of sales |
12,396,109.00 |
11,848,988.00 |
|
Operating costs |
12,396,109.00 |
11,848,988.00 |
|
Gross profit
(loss) from operations |
1,658,708.00 |
2,235,571.00 |
|
Selling expense |
559,523.00 |
623,323.00 |
|
General and administrative
expenses |
423,218.00 |
410,247.00 |
|
Research and
development expenses |
591,536.00 |
541,699.00 |
|
Operating
expenses |
1,574,277.00 |
1,575,269.00 |
|
Operating income
(loss) |
84,431.00 |
660,302.00 |
|
Non-Operating
Income |
|
|
|
Income from
long-term equity investments under the equity method |
939,855.00 |
1,446,247.00 |
|
Investment
income |
939,855.00 |
1,446,247.00 |
|
Gains on sale of
investments |
44,929.00 |
177,851.00 |
|
Foreign exchange
gains |
99,730.00 |
0 |
|
Miscellaneous
income |
163,053.00 |
208,505.00 |
|
Non-operating
revenues and gains |
1,247,567.00 |
1,832,603.00 |
|
Non-Operating
Expenses |
|
|
|
Interest expense |
123,681.00 |
125,530.00 |
|
Foreign exchange
losses |
0 |
45,073.00 |
|
Miscellaneous disbursements |
11,757.00 |
14,409.00 |
|
Non-operating
expenses and losses |
135,438.00 |
185,012.00 |
|
Income from
continuing operations before income tax |
1,196,560.00 |
2,307,893.00 |
|
Income tax
expense (benefit) |
212,991.00 |
110,692.00 |
|
Income from
continuing operations |
983,569.00 |
2,197,201.00 |
|
Net income
(loss) |
983,569.00 |
2,197,201.00 |
|
Primary Earnings
per Share |
|
|
|
Income (loss)
from continuing operations |
0.99 |
2.21 |
|
Primary earnings
per share |
0.99 |
2.21 |
|
Diluted earnings
per share |
|
|
|
Income (loss)
from continuing operations |
0.99 |
2.21 |
|
Diluted earnings
per share |
0.99 |
2.21 |
The bankers’ information is not available from the
subject or other sources.
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 |
Mr. Chan |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.35 |
|
UK Pound |
1 |
Rs.78.68 |
|
Euro |
1 |
Rs.65.63 |
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.