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Report Date : |
21.08.2013 |
IDENTIFICATION DETAILS
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Name : |
MING TAI CHEMICAL CO., LTD. |
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Registered Office : |
No.1142, Shin Hsing Rd., Bah-Der City, Taoyuan Hsien, |
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Country : |
Taiwan |
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Date of Incorporation : |
02.06.1972 |
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Com. Reg. No.: |
43651729 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacturing and sales of pharmaceutical excipient and food ingredient, etc |
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No. of Employees : |
About 120 Employees |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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. 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
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Company Name: |
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Supplied Name: |
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Trading Address: |
No.1142, Shin Hsing Rd., Bah-Der City,
Taoyuan Hsien, Taiwan |
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Supplied Address: |
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Telephone Number: |
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Fax Number: |
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E-mail: |
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Website: |
Notes: The exact name and address are as above.
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Credit Opinion: |
Subject was incorporated on 1972-6-2 with registered
number 43651729 as Joint Stock Company in Taiwan.
|
Name |
Subscription Shares |
|
Shangwen Chen |
1,596,888 |
|
Zhihai Lin |
|
|
362,356 |
|
|
Yuwu Zhuang |
20,000 |
|
Zhengyu Chen |
132,000 |
|
Yongyu Chen |
216,909 |
|
Shengchang Kang |
428,079 |
The information above
is that of subject’s major shareholders.
|
Address: |
No.1142, Shin Hsing Rd., Bah-Der City, Taoyuan Hsien, Taiwan |
|
Date of Foundation: |
1969-1-1 |
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Date of Registration: |
1974-7-1 |
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Factory Registration Number: |
99625206 |
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Factory Manager: |
Shangwen Chen |
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Status: |
In Production |
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Date of Last Annual Return: |
2012-2-20 |
Related Company
|
Name |
Ming Tai
Chemical LLC. |
|
Address |
608 Sherwood
Parkway, Mountainside, NJ 07092 USA |
|
Telephone Number |
+1-908-928-9401 |
|
Fax Number |
+1-908-928-9407 |
Core
Management
Directors
|
1 |
|
|
Shangwen Chen |
|
|
Position |
Board Chairman |
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2 |
|
|
Name |
Zhihai Lin |
|
Position |
Director |
|
3 |
|
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Name |
Yuwu Zhuang |
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Position |
Director |
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4 |
|
|
Name |
Zhengyu Chen |
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Position |
Director |
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5 |
|
|
Name |
Yongyu Chen |
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Position |
Director |
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6 |
|
|
Name |
Shengchang Kang |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 120 Employees |
Offices
& Factories
|
|
Headquarters |
|
Add |
No.1142, Shin Hsing Rd., Bah-Der City, Taoyuan Hsien, Taiwan |
Production
Information
l
Subject is engaged in manufacturing of pharmaceutical excipient and food ingredient,
etc.
l
Subject has a factory in Taoyuan Hsien, Taiwan for production.
l
Subject obtained the certifications of ISO 9001 and
ISO 14001.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
C801010 |
Basic chemical industry |
|
C802120 |
Manufacturing of industrial additives |
|
F107170 |
Wholesale of industrial additives |
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F107200 |
Wholesale of chemical materials |
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F113010 |
Wholesale of machinery |
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F207170 |
Retail of industrial additives |
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F207200 |
Retail of chemical materials |
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F213080 |
Retail of mechanical appliance |
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F401010 |
International trade business |
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C199990 |
Manufacturing of other unclassified food |
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F121010 |
Wholesale of food additives |
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F221010 |
Retail of food additives |
|
ZZ99999 |
Besides licensed
business, all other business items those are not banned or restricted. |
l
The raw materials for production are mostly
purchased from abroad.
l It is introduced that subject imports some technology from Japan and
Denmark, etc.
l Subject is engaged in sales of pharmaceutical excipient and food
ingredient, etc.
l The major products sold by subject include microcrystalline cellulose,
croscarmellose sodium and microcrystalline cellulose, etc.
l The products sold by subject are applied to pharmaceutical, food and
cosmetic, etc.
l Subject’s sales regions include domestic market, Japan, Southeast Asia,
Europe and USA, etc.
l The products sold by subject had registration on IPEC GMP, US FDA DMF,
and Japan Health Ministry.
l Two of subject’s major customers are Charles Tennant & Co Ltd and
Danisco Co. Ltd.
Major products
|
Product |
Brand |
Application |
|
Microcrystalline Cellulose |
COMPRECEL |
Drug (binder, disintegrant, filler, lubricant,
flow aid) Food (anticaking agent, calories replacement,
baked foods, absorbent, extruded agent) Industry (paving, painter, plastic, thin layer
chromatography, disinfectant) |
|
Croscarmellose Sodium |
DISOLCEL |
Pharmaceutical tablets, capsules, absorbent |
|
Microcrystalline Cellulose |
NEOCEL |
Drug (syrup, antiacid suspension, emulsion, nasal
sprays and ointment) Food (dairy product, beverage, bakery product,
sauce & dressing and processed meat) Personal care (toothpaste, cream, lotion, foams,
foundations and shampoo) |
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Powder Inspection Equipment CCD Camera2 |
-- |
Inspection of sampling Foreign material inspection machine Powder |
Import and export
right:
|
Import right |
Yes |
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Export right |
Yes |
Subject has little
domestic purchase.
Foreign Purchase
|
Payment Terms |
Proportion |
|
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Raw materials |
CBD, etc |
100% |
Sales
Domestic Markets
(Taiwan and Mainland, China)
|
Sales Terms |
Proportion |
|
|
COD, CBD, etc |
100% |
Export
|
Sales Terms |
Proportion |
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Pharmaceutical excipient, etc |
CBD, 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 Ms. Wang declined to disclose its financials
citing the grounds of company’s confidentiality; from other source we can not
obtain the relevant information, either.
Subject declined to disclose its bank details; from other source we
cannot obtain the relevant information, either.
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 |
Ms. Wang |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.73 |
|
|
1 |
Rs.99.78 |
|
Euro |
1 |
Rs.85.07 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>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 |
|
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.