|
Report Date : |
01.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
CGPC POLYMER CORPORATION |
|
|
|
|
Registered Office : |
12f., No.37, Jihu Rd., Neihu Dist., Taipei City 11492 |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Date of Incorporation : |
19.05.2009 |
|
|
|
|
Com. Reg. No.: |
24347565 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and trade of PVC resin and the related products. |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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 |
TAIWAN - ECONOMIC OVERVIEW
Taiwan has a dynamic capitalist economy with gradually
decreasing government guidance of investment and foreign trade. In keeping with
this trend, some large, state-owned banks and industrial firms have been
privatized. Exports, led by electronics, machinery, and petrochemicals have
provided the primary impetus for economic development. This heavy dependence on
exports exposes the economy to fluctuations in world demand. In 2009, Taiwan's
GDP contracted 1.9%, due primarily to a 20% year-on-year decline in exports. In
2010 GDP grew 10.9%, as exports returned to the level of previous years, and in
2011, grew 5.2%. However, 2012 growth will likely be less, according to most
forecasters, because of softening global demand. Taiwan's diplomatic isolation,
low birth rate, and rapidly aging population are major long-term challenges.
Free trade agreements have proliferated in East Asia over the past several
years, but so far Taiwan has been excluded from this greater economic
integration largely because of its diplomatic status with the exception of the
landmark Economic Cooperation Framework Agreement (ECFA) signed with China in
June 2010. The MA administration has said that the ECFA will serve as a
stepping stone toward trade pacts with other regional partners, and
negotiations on a deal with Singapore began this year. Follow-on components of ECFA,
including deals on trade in goods, services, and investment, have yet to be
completed. Taiwan's Total Fertility rate of just over one child per woman is
among the lowest in the world, raising the prospect of future labor shortages,
falling domestic demand, and declining tax revenues. Taiwan's population is
aging quickly, with the number of people over 65 accounting for 10.9% of the
island's total population as of 2011. The island runs a large trade surplus,
and its foreign reserves are the world's fourth largest, behind China, Japan,
and Russia. Since 2005 China has overtaken the US to become Taiwan's
second-largest source of imports after Japan. China is also the island's number
one destination for foreign direct investment. Three financial memorandums of
understanding, covering banking, securities, and insurance, took effect in
mid-January 2010, opening the island to greater investments from the mainland's
financial firms and institutional investors, and providing new opportunities
for Taiwan financial firms to operate in China. Closer economic links with the
mainland bring greater opportunities for the Taiwan economy, but also poses new
challenges as the island becomes more economically dependent on China while
political differences remain unresolved.
|
Source
: CIA |
Notes:
The supplied address is incomplete, and the exact address is as above.
|
Credit Opinion: |
Subject declined
to disclose the staff number, and from other sources, we couldn’t obtain the
information, either.
Subject was incorporated on
|
Name |
Subscription
Amount |
|
China General
Plastics Corporation |
80,000,000 |
The information
above is that of subject’s major shareholders.
Parent Company
|
Name |
China General Plastics Corporation |
|
Address: |
12Fl., No.37 Ji-Hu Rd., Nei-Hu Dist., Taipei,
Taiwan 114, R.O.C. |
Subject
introduced that China General Plastics Corporation is one of the three largest
PVC resin manufacturers in Taiwan.
Core
Management
Directors
|
1 |
|
|
Name |
Yigui Wu |
|
Position |
Board of Chairman |
|
2 |
|
|
Name |
Bingyi Wang |
|
Position |
Director |
|
3 |
|
|
Name |
Dehuai Zhou |
|
Position |
Director |
|
4 |
|
|
Name |
Dechang Ye |
|
Position |
Supervisor |
Offices
& Factories
|
|
Headquarters |
|
Add |
|
Production
Information
l
Subject is a manufacturer of PVC resin and the related products
with the production activities
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
C801020 |
Manufacture of
petroleum material |
|
F107200 |
Wholesale of
chemical material |
|
C801100 |
Manufacture of
synthetic rubber and plastic |
|
ZZ99999 |
Besides licensed
business, all other business items those are not banned or restricted. |
l
The raw materials for productions are purchased
from local and abroad.
l
Subject is mainly engaged in manufacturing and
trading of PVC resin and the related products.
l
Subject is a subsidiary
of China
General Plastics Corporation.
l
China General Plastics Corporation is mainly
engaged in manufacturing and trading of PVC resin.
l
Subject introduced that major products sold as
following:
|
|
Product |
|
1 |
PVC Resin |
|
2 |
PVC Compound |
|
3 |
PVC Film |
|
4 |
PVC Leather |
|
5 |
Construction
Products |
|
6 |
Consumer
Products |
l
Subject’s selling territory covers all over the
world.
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
Subject declined the purchase settlements information, and from other
sources, we couldn’t obtain the information, either.
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
PVC resin and the related products |
CBD, etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
PVC resin and the related products |
T.T, L/C, etc. |
100% |
Subject has no obligations to disclose its financial statements to the
third party according to the relevant policy in Taiwan and the only source
from which we can obtain the information is the subject itself.
Subject’s relevant staff Mr. Wang declined to disclose its financials
citing the grounds of company’s confidentiality; from other source we can not
obtain the relevant information, either.
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. Wang |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.72 |
|
UK Pound |
1 |
Rs.87.95 |
|
Euro |
1 |
Rs.69.66 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.