|
Report Date : |
24.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
EMS-CHEMIE (TAIWAN) LTD. |
|
|
|
|
Formerly Known As : |
EMS-CHEMIE (ASIA) LTD. |
|
|
|
|
Registered Office : |
No.36, Guangfu S. Rd., Hukou Township, Hsinchu County 303 |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2012 (Consolidated) |
|
|
|
|
Date of Incorporation : |
16.06.1989 |
|
|
|
|
Com. Reg. No.: |
23226070 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturing and sales of chemicals and etc. |
|
|
|
|
No. of Employees : |
Not available |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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. 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 1.8%, due primarily to a 13.1% year-on-year
decline in exports. In 2010 GDP grew 10.7%, as exports returned to the level of
previous years, and in 2011, grew 4.1%. In 2012, however, growth fell to 1.3%,
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
except for the landmark Economic Cooperation Framework Agreement (ECFA) signed
with China in June 2010, so far Taiwan has been excluded from this greater
economic integration in part because of its diplomatic status. Negotiations
continue on such follow-on components of ECFA regarding trade in goods and
services. The MA administration has said that the ECFA will serve as a stepping
stone toward trade pacts with other key trade partners, which Taiwan
subsequently launched with Singapore and New Zealand. 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 11.2% of the island's total population as of 2012. The
island runs a large trade surplus largely because of its surplus with China,
and its foreign reserves are the world's fifth largest, behind China, Japan,
Saudi Arabia, and Russia. In 2006 China overtook 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. In August 2012, Taiwan Central
Bank signed a memorandum of understanding on cross-Strait currency settlement
with its Chinese counterpart. The MOU allows for the direct settlement of
Chinese RMB and the New Taiwan dollar across the Strait, which could help
develop Taiwan into a local RMB hub. 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 |
|
Company Name: |
|
|
Former Name: |
EMS-CHEMIE
(ASIA) LTD. |
|
Supplied Name: |
|
|
Trading Address: |
No.36, Guangfu S. Rd., Hukou Township, Hsinchu County 303, Taiwan,
R.O.C. |
|
Supplied Address: |
36, GUANG FU SOUTH ROAD, HSIN CHU INDUSTRIAL
PARK, HU KOU TOWNSHIP TW-30351 HSIN Taiwan |
|
Telephone Number: |
+886-3-598-5335 |
|
Fax Number: |
|
|
E-mail: |
Notes: The exact name and address are as above.
Notes: Subject declined to disclose its staff number; from other source we cannot obtain the relevant information, either.
Subject was incorporated
on 1989-6-16 with registered number 23226070
as Joint Stock Company in
Taiwan.
|
EMS-CHEMIE (ASIA) LTD. |
|
|
Current English Name |
EMS-CHEMIE (TAIWAN)
LTD. |
|
Name |
Subscription Shares |
|
28,100,000 |
The information above is that of subject’s major shareholders.
Parent Company
|
Name |
EMS-CHEMIE
HOLDING AG |
|
Address |
Fuederholzstrasse
34, HERRLIBERG, 8704, Switzerland |
|
Telephone Number |
+41-44-915-7000 |
|
Fax Number |
+41-44-915-7002 |
Core
Management
|
1 |
|
|
Name |
Rene BERRI |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Peter Andreas
GERMANN |
|
Position |
Director |
|
3 |
|
|
Name |
Pieder Anton
GIERIET |
|
Position |
Director |
|
4 |
|
|
Name |
Stefan Beat
EBNETER |
|
Position |
Supervisor |
|
5 |
|
|
Name |
Giovanni
Menghini |
|
Position |
Manager |
|
Date of
Appointment |
2004-8-9 |
Offices
& Factories
|
|
Headquarters |
|
Add |
No.36, Guangfu S. Rd., Hukou Township, Hsinchu County 303, Taiwan,
R.O.C. |
Production
Information
l
The subject is a manufacturer of chemicals and etc.
l
It is introduced that subject
has a factory in Hsinchu county, Taiwan for production.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
1 |
Manufacturing and sales of synthetic industrial
plastic. |
|
2 |
The general trading business of imports and
exports ( except for the limited). |
|
3 |
Agents of domestic and overseas manufactures’
sales, agents, marking price and bidding. |
|
ZZ99999 |
Besides licensed business, all other business
items those are not banned or restricted. |
l
It is introduced that subject purchases raw
materials and etc both in domestic and overseas market.
l
It is introduced that subject imports some
technologies and etc from Europe and etc.
l
The subject is mainly engaged in sales of chemicals and etc.
l
It is introduced that
subject’s major products are high performance polymers and specialty chemicals,
etc.
l
It is introduced that
subject’s selling territory includes Asia and etc.
l
It is introduced that
subject’s customers are manufacturers of chemical products and etc.
l
It is introduced that subject’s products are
applied to die-cast application, electronic applications and etc.
Import and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase
|
Payment Terms |
Proportion |
|
|
Raw materials
and etc |
COD, CBD and etc |
100% |
Foreign Purchase
|
Payment Terms |
Proportion |
|
|
Raw materials
and etc |
CBD and etc |
100% |
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
Chemicals and etc. |
COD, CBD and etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Chemicals and etc. |
CBD and 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.
We found the consolidated financial information
of subject’s parent company (EMS-CHEMIE HOLDING AG) from public files for reference.
Unit: CHF/000
|
Date |
2012-12-31 |
2011-12-31 |
|
NON-CURRENT ASSETS |
583,499 |
592,022 |
|
Intangible assets |
31,789 |
23,375 |
|
Property, plant and equipment |
496,051 |
506,989 |
|
Investments |
22,778 |
22,286 |
|
Investments in associated companies |
22,595 |
22,103 |
|
Other investments |
183 |
183 |
|
Other non-current assets |
19,244 |
19,249 |
|
Derivative financial instruments |
3,192 |
12,110 |
|
CURRENT ASSETS |
1,093,432 |
1,042,296 |
|
Inventories |
315,196 |
297,588 |
|
Receivables |
|
|
|
Trade receivables |
247,970 |
231,649 |
|
Income tax assets |
1,514 |
1,563 |
|
Other receivables |
59,601 |
62,198 |
|
Securities |
0 |
15,117 |
|
Derivative financial instruments |
8,110 |
16,186 |
|
Cash and cash equivalents |
461,041 |
417,995 |
|
TOTAL ASSETS |
1,676,931 |
1,634,318 |
|
EQUITY |
1,151,155 (USD 81,386,659) |
1,056,502 (USD 1,131,196,691) |
|
Equity, attributable to shareholders of EMS-CHEMIE HOLDING AG |
1,136,423 |
1,041,394 |
|
Share capital |
234 |
234 |
|
Retained earnings and reserves |
869,171 |
804,029 |
|
Net income |
267,018 |
237,131 |
|
Equity, attributable to non-controlling interests |
14,732 |
15,108 |
|
LIABILITIES |
525,776 |
577,816 |
|
Non-current liabilities |
221,612 |
214,770 |
|
Derivative financial instruments |
1,178 |
502 |
|
Bank loans |
100,053 |
100,061 |
|
Other non-current liabilities |
24,726 |
19,635 |
|
Deferred income tax liabilities |
90,387 |
88,682 |
|
Provisions |
5,268 |
5,890 |
|
Current liabilities |
304,164 |
363,046 |
|
Derivative financial instruments |
2,110 |
19,661 |
|
Bank loans |
19,042 |
62,705 |
|
Trade payables |
109,514 |
112,458 |
|
Income tax liabilities |
52,300 |
45,986 |
|
Provisions |
1,442 |
759 |
|
Other current liabilities |
119,756 |
121,477 |
|
TOTAL EQUITY AND LIABILITIES |
1,676,931 |
1,634,318 |
(As of 2013.4, 1 CHF
=1.0707 USD)
Unit: CHF/000
|
Date |
2012 |
2011 |
|
Net sales revenue from goods and services |
1,755,363 (USD 1,879,467,164) |
1,657,676 (USD 1,774,873,693) |
|
Inventory changes, semi-finished and finished
goods |
21,451 |
5,402 |
|
Capitalised costs and other operating income |
30,350 |
60,059 |
|
Operating income |
1,807,164 |
1,723,137 |
|
Material expenses |
1,102,886 |
1,053,139 |
|
Personnel expenses |
208,456 |
203,478 |
|
Depreciation and amortisation |
54,302 |
52,004 |
|
Other operating expenses |
122,916 |
120,528 |
|
Operating expenses |
1,488,560 |
1,429,149 |
|
NET OPERATING INCOME (EBIT) |
318,604 |
293,988 |
|
Income from associated companies |
9,461 |
5,527 |
|
Financial income |
2,172 |
4,785 |
|
Financial expenses |
9,012 |
9,415 |
|
NET FINANCIAL INCOME |
2,621 |
897 |
|
NET INCOME BEFORE TAXES |
321,225 |
294,885 |
|
Income taxes |
48,416 |
52,739 |
|
NET INCOME |
272,809 (USD 292,096,596) |
242,146 (USD 259,265,722) |
|
Of which attributable to: Shareholders of EMS-CHEMIE HOLDING AG |
267,018 |
237,131 |
|
Non-controlling interests |
5,791 |
5,015 |
|
Earnings per share in CHF: |
|
|
|
Basic |
11.42 |
10.14 |
|
Diluted |
11.42 |
10.14 |
(As of 2013.4, 1 CHF
=1.0707 USD)
|
Date |
2012 |
2011 |
|
Net income |
272,809 |
242,146 |
|
Depreciation, amortisation and impairment of
intangible assets and property, plant and equipment |
54,302 |
52,004 |
|
(Profit)/loss from disposal of property, plant
and equipment, net |
2,638 |
643 |
|
Increase/(decrease) of provisions |
687 |
(9,620) |
|
Increase/(decrease) of other non-current
liabilities |
0 |
(2,471) |
|
(Income)/expenses from the equity-valuation of
associated companies |
(9,461) |
(5,527) |
|
Impairment on available-for-sale securities |
0 |
1,389 |
|
Unrealised currency translation (gains)/losses on
foreign exchange positions |
11,763 |
(11,510) |
|
Change assets and liabilities of post-employment
benefits, net |
5,141 |
3,034 |
|
Net interest expense |
1,516 |
2,500 |
|
Dividends on available-for-sale securities |
(1,637) |
(3,934) |
|
(Income)/loss from sale of available-for-sale
securities |
2,145 |
1,927 |
|
Expenses for income taxes |
48,416 |
52,739 |
|
Changes in net working capital |
(53,840) |
(50,472) |
|
Taxes paid |
(48,488) |
(38,397) |
|
Interest paid |
(2,074) |
(4,095) |
|
Provisions used |
(1,015) |
(724) |
|
CASH FLOW FROM OPERATING ACTIVITIES A |
282,902 |
229,632 |
|
(Purchase) of intangible assets and property,
plant and equipment |
(44,225) |
(75,858) |
|
Disposal of intangible assets and property, plant
and equipment |
629 |
3,902 |
|
(Increase) in other non-current assets |
(62) |
(69) |
|
Decrease in other non-current assets |
283 |
259 |
|
(Purchase) of available-for-sale securities |
(32,445) |
(55,853) |
|
Sale of available-for-sale securities |
45,417 |
175,324 |
|
Interest received |
533 |
850 |
|
Dividends received |
4,899 |
6,201 |
|
Cash inflow from sale of fully consolidated
companies |
(6,966) |
0 |
|
(Increase)/decrease of interest-bearing assets |
41 |
338 |
|
CASH FLOW FROM INVESTING ACTIVITIES B |
(31,896) |
55,094 |
|
Dividends paid |
(163,723) |
(292,363) |
|
Dividends paid to non-controlling interests |
5,127 |
(4,204) |
|
(Purchase) of treasury shares |
0 |
(1,962) |
|
Sale of treasury shares |
0 |
2,420 |
|
Increase in interest-bearing liabilities |
7,025 |
100,000 |
|
(Decrease) in interest-bearing liabilities |
(50,024) |
(100,053) |
|
CASH FLOW FROM FINANCING ACTIVITIES C |
(211,849) |
(296,162) |
|
Increase/(decrease) in cash and cash equivalents
(A + B + C) |
39,157 |
(11,436) |
|
Cash and cash equivalents at 1.1. |
417,995 |
436,248 |
|
Translation difference on cash and cash
equivalents |
3,889 |
(6,817) |
|
Cash and cash equivalents at 31.12. |
461,041 |
417,995 |
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. Zhou |
|
Department |
Sales Department |
|
E-mail |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.30 |
|
UK Pound |
1 |
Rs.82.88 |
|
Euro |
1 |
Rs.70.80 |
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.