|
Report Date : |
26.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
ZAGRO TAIWAN INTERNATIONAL LTD. |
|
|
|
|
Registered Office : |
No.332, Gongye Rd., Nantou City, Nantou County 540 |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2012 (Consolidated) |
|
|
|
|
Date of Incorporation : |
14.02.2008 |
|
|
|
|
Com. Reg. No.: |
28928178 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and trade of crop care, animal health, public health products 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 : |
Slow but correct |
|
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 (31.03.2011) |
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: |
|
|
Supplied Name: |
|
|
Trading Address: |
No.332, Gongye Rd., Nantou City, Nantou
County 540, Taiwan (R.O.C.) |
|
Supplied Address: |
|
|
Telephone Number: |
+886-49-2254727 |
|
Fax Number: |
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
|
Subscription Shares |
|
|
Zagro Asia Limited |
10,000,000 |
The information above is that of subject’s
major shareholders.
|
Name |
Zagro Asia
Limited |
|
Address |
Zagro Global
Hub, 5 Woodlands Terrace, Singapore 738430 |
|
Telephone Number: |
+65 6759
1811 |
|
Fax Number: |
+65 6759 1855 |
|
E-mail: |
|
|
Note: |
Zagro Asia Limited
was listed on 17 June 1996 on SGX Sesdaq and 10 July 2000 on SGX Mainboard. |
Core
Management
Directors
|
1 |
|
|
Name |
Chow Siew Hwa |
|
Position |
Board of
Chairman |
|
2 |
|
|
Name |
Poh Beng Swee |
|
Position |
Director |
|
3 |
|
|
Name |
Zheyu Huang |
|
Position |
Director |
|
4 |
|
|
Name |
Chin Vui Nam |
|
Position |
Supervisor |
Offices
& Factories
|
|
Headquarters |
|
Add |
No.332, Gongye Rd., Nantou City, Nantou County 540, Taiwan (R.O.C.) |
Production
Information
l
Subject is a manufacturer of crop care, animal health, public health products and the
related products with the production activities
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
C201010 |
Manufacture of feed stuff |
|
C801110 |
Manufacture of fertilizer |
|
F103010 |
Wholesale of feed stuff |
|
F202010 |
Wholesale of fertilizer |
|
F207050 |
Retail of fertilizer |
|
F401010 |
International trade |
|
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.
Sales
Information
l
Subject is mainly engaged in manufacturing and
trading of feed ingredients and the
related products
l
Subject introduced that it is a subsidiary of Zagro
Asia Limited that the headquarter is located in Singapore.
l
Subject introduced that its Major products
sold as following:
|
|
Product |
|
1 |
Animal Nutrition |
|
2 |
Crop Nutrition |
|
3 |
Animal Protection |
|
4 |
Crop Protection |
|
5 |
Human healthcare and specialty chemicals |
|
6 |
Others |
l
Subject introduced some brands of the products,
such as Amilyte, Basudin, Neocidol, Steladone.
l
Subject introduced that it is also the distributor
of the products.
l
Subject’s selling territory mainly covers the
domestic market, the mainland of China and parts of Asia.
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Subject declined to
disclose the settlements information, and from other sources, we couldn’t
obtain the information, either.
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
Healthcare and
nutrition products for animals and crops |
COB, CBD, etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Healthcare and
nutrition products for animals and crops |
L/C , T.T, etc. |
100% |
Notes: Subject’s settlement for export is generally in USD
Unit: SGD/000
|
|
|
|
|
Non-current
assets |
|
|
|
Property, plant
and equipment |
19,506 |
18,350 |
|
Intangible assets
|
976 |
1,869 |
|
Investment in
subsidiaries |
- |
- |
|
Deferred tax
assets |
702 |
590 |
|
Current assets |
81,938 |
90,173 |
|
Other investment
|
4,309 |
2,977 |
|
Inventories |
28,515 |
35,581 |
|
Related company
balances |
|
|
|
Trade and other receivables |
24,669 |
28,325 |
|
Derivatives |
- |
37 |
|
Fixed deposits |
15,806 |
7,910 |
|
Cash and bank
balances |
8,639 |
15,343 |
|
Current
liabilities |
25,335 |
37,795 |
|
Bank overdrafts |
10 |
329 |
|
Trade and other
payables |
15,885 |
17,545 |
|
Derivatives |
8 |
- |
|
Loans and
borrowings 21 |
7,724 |
17,547 |
|
Provision for
taxation |
1,708 |
2,374 |
|
Net current
assets |
56,603 |
52,378 |
|
Non-current
liabilities |
|
|
|
Deferred tax
liabilities |
521 |
672 |
|
Net assets |
77,266 |
72,515 |
|
Equity
attributable to equity |
|
|
|
holders of the
Company |
|
|
|
Share capital |
30,026 |
30,004 |
|
Reserves |
47,240 |
42,511 |
|
Total equity |
77,266 |
72,515 |
Unit: SGD/000
|
|
2012 |
2011 |
|
Turnover |
128,197 |
141,021 |
|
Cost of sales |
-99,653 |
-111,871 |
|
Gross profit |
28,544 |
29,150 |
|
Other revenue |
1,841 |
2,363 |
|
Selling and
marketing expenses |
-11,039 |
-10,886 |
|
Administrative
expenses |
-5,275 |
-5,365 |
|
Other operating
expenses, net |
-3,659 |
-2,756 |
|
Operating profit |
10,412 |
12,506 |
|
Interest income |
305 |
226 |
|
Interest expense
|
-465 |
-478 |
|
Profit before
taxation |
10,252 |
12,254 |
|
Taxation |
-1,856 |
-2,520 |
|
Profit for the
year |
8,396 |
9,734 |
|
Other
comprehensive income: |
|
|
|
Net gain/(loss)
on available-for-sale financial assets |
65 |
-108 |
|
Foreign currency
translation loss |
-487 |
-799 |
|
Other
comprehensive income for the year, net of tax |
-422 |
-907 |
|
Total
comprehensive income for the year |
7,974 |
8,827 |
|
Profit for the
year attributable to: |
|
|
|
Equity holders
of the Company |
8,396 |
9,734 |
|
Total
comprehensive income attributable to : |
|
|
|
Equity holders
of the Company |
7,974 |
8,827 |
Note:
The financial figures are the consolidated financial figures of subject’s
parent company Zagro Asia Limited and the subsidiaries.
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. Chen |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.17 |
|
|
1 |
Rs.82.98 |
|
Euro |
1 |
Rs.70.62 |
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 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.