|
Report Date : |
17.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
FORMOSA HEAVY INDUSTRIES CORPORATION |
|
|
|
|
Registered Office : |
4Fl., No.201-20, Tun Hwa N. Rd., Taipei City |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Date of Incorporation : |
04.02.1991 |
|
|
|
|
Com. Reg. No.: |
23986634 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturing and sale of machinery, etc |
|
|
|
|
No. of Employees : |
About 1,300 Employees |
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 : |
Regular |
|
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 4.0%. 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: |
4Fl., No.201-20, Tun Hwa N. Rd., Taipei
City, Taiwan, R.O.C. |
|
Supplied Address: |
|
|
Telephone Number: |
+886-2-2717-8148 |
|
Fax Number: |
|
|
E-mail: |
Notes: The exact name and address are as above.
|
Credit Opinion: |
Subject was incorporated on 1991-2-4 with registered
number 23986634 as Joint Stock Company in Taiwan.
|
Name |
Subscription Shares |
|
Formosa Chemicals & Fibre Corp. |
503,629,141 |
|
Formosa Petrochemical Corporation |
|
|
19,305,253 |
|
|
Nan Ya Plastics Corporation |
503,629,141 |
|
Formosa Plastics Corporation |
503,723,202 |
The information above
is that of subject’s major shareholders.
Factories
|
1 |
|
|
Name: |
Formosa Heavy Industries Corporation Mai Liao Factory |
|
Address: |
No.3, Formosa
Plastic Group Industrial Zone, Mai-Liao Township, Yunlin County, Taiwan, R.O.C. |
|
Tel: |
+886-5-681-6021 |
|
Fax: |
+886-5-681-2043 |
|
Date of Foundation: |
1994-2-24 |
|
Date of Registration: |
1996-2-12 |
|
Factory Registration Number: |
99653673 |
|
Factory Manager: |
Chongfa Hong |
|
Status: |
In Production |
|
Date of Last Annual
Return: |
2008-1-31 |
|
2 |
|
|
Name: |
Formosa Heavy Industries Corporation Gear Factory |
|
Address: |
No.281, Fengren
Road, Renwu District, Kaohsiung City, Taiwan, R.O.C. |
|
Date of Foundation: |
1990-12-31 |
|
Date of Registration: |
1990-12-31 |
|
Factory Registration Number: |
99665253 |
|
Factory Manager: |
Chongfa Hong |
|
Status: |
In Production |
|
Date of Last
Annual Return: |
2011-2-10 |
|
3 |
|
|
Name: |
Formosa Heavy Industries Corporation Renwu Factory |
|
Address: |
No.281-1, Fengren
Road, Renwu District, Kaohsiung City, Taiwan, R.O.C. |
|
Date of Foundation: |
1991-12-16 |
|
Date of Registration: |
1992-11-19 |
|
Factory Registration Number: |
99685057 |
|
Factory Manager: |
Chongfa Hong |
|
Status: |
In Production |
|
Date of Last
Annual Return: |
2011-2-8 |
|
4 |
|
|
Name: |
Formosa Heavy Industries Corporation Renwu 2 Factory |
|
Address: |
100, Swei Kuan
Rd., Jen-Wu, Kaohsiung, Taiwan, R.O.C. |
|
Tel: |
+886-7-371-1411 |
|
Fax: |
+886-7-371-8445 |
Subsidiaries
|
1 |
|
|
Name |
Formosa Heavy
Industries (Ningbo) Co., Ltd. |
|
Address: |
Ningbo
Industrial Park, Xiapu Town, Beilun District, Ningbo City, Zhejiang Province,
China |
|
Tel: |
+86-574-8690-2999 |
|
Fax: |
+86-574-8690-2907 |
|
2 |
|
|
Name |
Formosa Heavy Industries
(Guangzhou) Co., Ltd. |
|
Address: |
Jiaoxin Village,
Zhijing Town, Baiyun District, Guangzhou City, Guangdong Province, China |
|
Tel: |
+86-20-3641-3900 |
Note: We obtained subject’s subsidiaries’
information from public files.
Branch Companies
|
Name |
Mailiao Branch |
|
Address |
No.1-1, Formosa
Plastic Group Industrial Zone, Mai-Liao Township, Yunlin County, Taiwan,
R.O.C. |
|
Registration
Number |
84896570 |
|
Date of
Registration |
1994-9-12 |
|
Status |
Live Company |
|
Manager Name |
Chongfa Hong |
|
Date of Last
Annual Return |
2007-7-12 |
Related Companies
|
1 |
|
|
Name |
Formosa
Chemicals & Fibre Corp. |
|
Registered
Address: |
No. 359,
Chungshan Road, Sec. 3, Chang Hwa City, Chang Hwa County, Taiwan, R.O.C. |
|
Date of
Foundation: |
1964-3-5 |
|
Registration
Number: |
58650902 |
|
Registry: |
Department of
Commerce, Ministry of Economic Affairs, R.O.C. |
|
Registered
Capital: |
NTD 56,904,721,280
(USD 1,934,760,524) (As of 2013.08,
1 NTD = 0.0340 USD) |
|
Paid-up Capital: |
NTD 56,904,721,280
(USD 1,934,760,524) |
|
Legal
Representatives: |
Wenyuan Wang |
|
Legal Form: |
Joint Stock
Company |
|
Listed at Stock
Exchange: |
Yes; Stock
Symbol: 1326 |
|
Date of Last
Annual Return: |
2013-7-8 |
|
2 |
|
|
Name |
|
|
Registered
Address: |
No.1-1, Formosa
Plastic Group Industrial Zone, Mai-Liao Township, Yunlin County, Taiwan,
R.O.C. |
|
Date of
Foundation: |
1992-4-6 |
|
Registration
Number: |
86522210 |
|
Registry: |
Department of Commerce,
Ministry of Economic Affairs, R.O.C. |
|
Registered
Capital: |
NTD 95,259,596,520 (USD 3,238,826,282) (As of 2013.08,
1 NTD = 0.0340 USD) |
|
Paid-up Capital: |
NTD
95,259,596,520 (USD 3,238,826,282) |
|
Legal
Representatives: |
Baolang Chen |
|
Legal Form: |
Joint Stock
Company |
|
Listed at Stock
Exchange: |
Yes; Stock
Symbol: 6505 |
|
Date of Last
Annual Return: |
2013-6-25 |
|
3 |
|
|
Name |
|
|
Registered
Address: |
No.35-1,
Jhongshan 3rd Rd., Cianjhen District, Kaohsiung City 806, Taiwan
(R.O.C.) |
|
Date of
Foundation: |
1958-8-22 |
|
Registration
Number: |
75370905 |
|
Registry: |
Department of
Commerce, Ministry of Economic Affairs, R.O.C. |
|
Registered
Capital: |
NTD 78,522,986,030 (USD 2,669,781,525) (As of 2013.08,
1 NTD = 0.0340 USD) |
|
Paid-up Capital: |
NTD
78,522,986,030 (USD 2,669,781,525) |
|
Legal
Representatives: |
Jiazhao Wu |
|
Legal Form: |
Joint Stock
Company |
|
Listed at Stock
Exchange: |
Yes; Stock
Symbol: 1303 |
|
Date of Last
Annual Return: |
2013-7-9 |
|
4 |
|
|
Name |
Formosa Plastics
Corporation |
|
Registered
Address: |
No.39, Chung
Shan 3rd Rd., Kaohsiung City, Taiwan, R.O.C. |
|
Date of
Foundation: |
1954-11-5 |
|
Registration
Number: |
75708007 |
|
Registry: |
Department of
Commerce, Ministry of Economic Affairs, R.O.C. |
|
Registered
Capital: |
NTD
63,657,407,810 (USD 2,164,351,866) (As of 2013.08,
1 NTD = 0.0340 USD) |
|
Paid-up Capital: |
NTD
63,657,407,810 (USD 2,164,351,866) |
|
Legal
Representatives: |
Zhicun Li |
|
Legal Form: |
Joint Stock
Company |
|
Listed at Stock
Exchange: |
Yes; Stock
Symbol: 1301 |
|
Date of Last
Annual Return: |
2013-8-6 |
Core
Management
Directors
|
1 |
|
|
Name |
Zhicun Li |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Wenyuan Wang |
|
Position |
Director |
|
3 |
|
|
Name |
Wenchao Wang |
|
Position |
Director |
|
4 |
|
|
Name |
Jiazhao Wu |
|
Position |
Director |
|
5 |
|
|
Name |
Jiannan Lin |
|
Position |
Director |
|
6 |
|
|
Name |
Guoxiong Wu |
|
Position |
Director/ Manager |
|
Date of
Appointment |
2003-11-4 |
|
7 |
|
|
Name |
Chongfa Hong |
|
Position |
Director/
Manager |
|
Date of
Appointment |
1999-6-21 |
|
8 |
|
|
Name |
Shengguan Lin |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 1,300 Employees |
Offices
& Factories
|
|
Headquarters |
|
Add |
4Fl., No.201-20, Tun Hwa N. Rd., Taipei City, Taiwan, R.O.C. |
Production
Information
l
Subject is engaged in manufacturing of machinery,
etc.
l
It is introduced that subject has factories in
Taiwan for production and the total area is about 128,800 square meters.
l
Subject obtained the certifications of ISO 9001,
ISO 9002 and OHSAS 18001.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
-- |
Design, manufacturing and sale of chemical
machine, plastic machine, fiber industrial equipment, public utility (boiler,
cogeneration power equipment, water treatment equipment, cooling tower) automatic
conveying equipment (automated storage, mechanical parking lot),
pollution-prevention equipment and other automated production equipment |
|
-- |
Design, manufacturing and sale of all kinds of transmission
gear, gear reducer, rubber product (rubber roller, back boxing), metal heat
treatment equipment, water treatment equipment, garbage disposal equipment,
incineration equipment |
|
-- |
Installation of garbage furnace, waste
incinerator, cogeneration power station and power station |
|
CC01010 |
Manufacturing of generator, transmission machine,
and distribution machine |
|
EZ02010 |
Lifting engineering business |
|
EZ07010 |
Drilling engineering business |
|
E603100 |
Welding engineering business |
|
CD01020 |
Manufacturing of railway vehicles and its
components |
|
CD01990 |
Manufacturing of other transport machine
(manufacturing of tank-trailer and its tanker) |
|
CA02010 |
Manufacturing of metallic structures and
components |
|
C901050 |
Manufacturing of cement and concrete product |
|
C901060 |
Manufacturing of fireproof material |
|
CA04010 |
Surface treatment industry |
|
E903010 |
Anticorrosive and rustproof engineering business |
|
ZZ99999 |
Besides licensed business, all other business items
those are not banned or restricted. |
l The raw materials
and components for production are purchased from both home and abroad.
l It is introduced
that subject import technology from abroad and the
detail information is as follows for reference.
|
Technology Transfer from the Company |
|
|
Co-gen Boiler |
Foster Wheeler, Canada Alstom
Power (CE), USA |
|
Utility Boiler |
Alstom Power (CE), USA Foster
Wheeler, USA |
|
Condenser, HP/LP
Heater & De-aerator |
Alstom Power Heat Exchange, France |
|
Gear |
Renk Ag, Germany |
|
Rubber Lining |
KCH, Germany Fuji
Resin, Japan |
|
Hard Chrome
Plating |
Hartchrom A.G., Switzerland |
l Subject also cooperates with foreign companies to develop new products
and technology and we obtained some information as follows for reference.
|
Product |
Technical Cooperation Company |
|
Cooling Tower |
Marley, USA GEA/TDT, USA |
|
Automated
Storage and Retrieval System |
H. K. Systems, USA Kasto, Germany Robo Tech, Austria Danaher Motion (NDC), Sweden |
l
Subject is engaged in sale of machinery, etc.
l Subject’s sales
regions include Taiwan domestic market, Japan, USA and Southeast Asia.
l Subject’s
automated storage and retrieval system is applied to the industry of rubber,
fiber, electronic, and food, etc.
Major Products and
Services
|
|
Product and Service |
|
1 |
Oil Refinery & Petrochemical Process
Equipment |
|
2 |
Plastics & Fiber Processing Equipment |
|
3 |
Transportation & Lifting for Heavy Equipment |
|
4 |
Factory Automation and Distribution Center |
|
5 |
Automatic Storage/Retrieval Machine |
|
6 |
Cogeneration Plant Turnkey Project |
|
7 |
Boiler and Related Equipment for Power Plant |
|
8 |
Gear Reducer & Precision Gear |
|
9 |
Open/Girth Gear |
|
10 |
Industrial Rubber Roll & Anticorrosion Lining |
|
11 |
Metal Roll Hot Grinding & Electrolysis
Polishing |
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase
|
Terms |
Proportion |
|
|
Raw materials
and components |
Cash, T/T,
Credit Sale, etc |
100% |
Foreign Purchase
|
Terms |
Proportion |
|
|
Raw materials
and components |
L/C, T/T, etc |
100% |
Sales
Domestic Markets
|
Terms |
Proportion |
|
|
Machinery |
Cash, T/T, Credit
Sale, etc |
100% |
Export
|
Terms |
Proportion |
|
|
Machinery |
L/C, T/T, 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 found subject’s some financial figures for reference.
Unit: USD
|
|
Revenue |
|
2012 |
512,816,000 |
|
2011 |
446,484,000 |
|
2010 |
437,866,700 |
Subject declined to disclose its bank details; from other source we cannot
obtain the relevant information, either.
Mortgage
|
Case Type: |
Chattel Mortgage |
|
Certificate No.: |
076004 |
|
Debtor Name: |
Formosa Heavy Industries Corporation |
|
Document Number: |
09205113050 |
|
Date of Registration: |
2003-5-20 |
|
Date of Alteration: |
-- |
|
Status: |
Pay off |
Lawsuit
|
2006, Beijiansheng, 243 |
|
|
Date of Trial: |
2006-10-4 |
|
Reason: |
Confirmation of the litigation costs |
|
Name |
Mr. Wang |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.82 |
|
|
1 |
Rs.96.57 |
|
Euro |
1 |
Rs.82.45 |
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.