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Report Date : |
10.04.2013 |
IDENTIFICATION DETAILS
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Name : |
CGPC POLYMER CORPORATION |
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Registered Office : |
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Country : |
Taiwan |
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Date of Incorporation : |
19.05.2009 |
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Com. Reg. No.: |
24347565 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacture and trade of PVC resin and the related
products |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Taiwan |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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
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Company Name: |
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Supplied Name: |
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Trading Address: |
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Supplied Address: |
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Telephone Number: |
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Fax Number: |
Notes:
The supplied name and address are incomplete,
and the exact name and address are as above.
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
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Name |
China General Plastics Corporation |
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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
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1 |
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Name |
Yigui Wu |
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Position |
Board of Chairman |
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2 |
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Name |
Bingyi Wang |
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Position |
Director |
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3 |
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Name |
Dehuai Zhou |
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Position |
Director |
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4 |
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Name |
Dechang Ye |
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Position |
Supervisor |
Offices
& Factories
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|
Headquarters |
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Add |
|
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 |
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F107200 |
Wholesale of
chemical material |
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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:
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Product |
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1 |
PVC Resin |
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2 |
PVC Compound |
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3 |
PVC Film |
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4 |
PVC Leather |
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5 |
Construction
Products |
|
6 |
Consumer
Products |
l
Subject’s selling territory covers all over the
world.
l
Subject declined to disclose more details information
about subject.
Import and export
right:
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Import right |
Yes |
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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 |
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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.54.46 |
|
UK Pound |
1 |
Rs.83.13 |
|
Euro |
1 |
Rs.70.99 |
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 |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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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.