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Report Date : |
30.08.2013 |
IDENTIFICATION DETAILS
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Name : |
INTERNATIONAL PAINT (TAIWAN) LTD. |
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Registered Office : |
No.20, Yu Ming St. Ta Fa Ind. Dist. Kaohsiung City |
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Country : |
Taiwan |
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Date of Incorporation : |
15.08.1988 |
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Com. Reg. No.: |
23035810 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacturing and sales of paintings, coatings and etc. |
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No. of Employees : |
About 120 Employees
(Taiwan) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
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
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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: |
+886-7-787-3959 |
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Fax Number: |
Notes: The exact name and address are as above.
|
Credit Opinion: |
Subject was incorporated on 1988-8-15 with registered
number 23035810 as Joint Stock Company in Taiwan.
|
Name |
Subscription Shares |
|
8,000,004 |
The information above is that of subject’s
major shareholders.
|
Name |
Akzo Nobel
Corporate (Netherlands) |
|
Address |
Strawinskylaan
2555, 1077 ZZ Amsterdam, Netherlands |
|
Telephone Number |
+31-20-502-7555 |
It is introduced
that there are many members of subject’s group covering 80 countries over the
world. We supplied major members as subject’s related companies for a
reference.
|
1 |
|
|
Name |
ICI Polska Sp. Z
o.o. |
|
Address |
ul.Przemyslowa, 08-440
Pilawa, Poland |
|
Telephone Number |
+48-25-7866-100 |
|
2 |
|
|
Name |
Akzo Nobel
Chemicals |
|
Address |
12900 Bay Park
Road Pasadena 77507-1104 United States of America |
|
Telephone Number |
+1-281-291-2500 |
|
3 |
|
|
Name |
Akzo Nobel Aerospace
Coatings |
|
Address |
East Water
Street Waukegan IL 60085-5652 United States of America |
|
Telephone Number |
+1-847-623-4200 |
|
4 |
|
|
Name |
Akzo Nobel
(Australia) Pty Ltd |
|
Address |
2 Capelli Road
Wingfield South Australia 5013 Australia |
|
Telephone Number |
+61-8-8359-4333 |
|
5 |
|
|
Name |
Akzo Nobel
Aerospace Coatings GmbH |
|
Address |
In de Tarpen 41,
22848 Norderstedt, Germany |
|
Telephone Number |
+49-40-526-8380 |
|
6 |
|
|
Name |
Akzo Nobel
Amides Co. Ltd |
|
Address |
Posco the # Island
park 101-908, 150-874 Seoul, Korea |
|
Telephone Number |
+82-2-2090-7363/7364 |
|
7 |
|
|
Name |
Akzo Nobel Car
Refinishes |
|
Address |
3 Changi
Business Park Vista, Singapore 486051,Singapore |
|
Telephone Number |
+65-6254-8477 |
|
8 |
|
|
Name |
Akzo Nobel Chang
Cheng (Taiwan) Ltd |
|
Address |
Kon 6th Road Lin
Kou 21, 244 Taipei, Taiwan |
|
Telephone Number |
+886-2-260-3700 |
|
9 |
|
|
Name |
Akzo Nobel Car
Refinishes (Suzhou) Co. Ltd |
|
Address |
Xiang Yang Road
125, 215009 Suzhou, China |
|
Telephone Number |
+
86-512-6825-7828 |
|
|
|
|
Name |
Akzo Nobel Chang
Cheng Coatings (Guangdong) Co Ltd |
|
Address |
Luo Tian da Dao
Road Yan Chuan Chun Village Songgang Town 518105 Shenzhen China |
|
Telephone Number |
+86-755-2714-8450 |
Core
Management
Directors
|
1 |
|
|
Name |
Aidan Patrick
Metcalfe |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Choong Chiew
Foong |
|
Position |
Director |
|
3 |
|
|
Name |
Sokrates
Kotaridis |
|
Position |
Director |
|
4 |
|
|
Name |
Thijs William
Bakker |
|
Position |
Supervisor |
|
5 |
|
|
Name |
Qiyao Zhang |
|
Position |
Manager |
|
Date of
Appointment |
2001-4-30 |
Personnel
Structure
|
Total Employees |
About 120 Employees
(Taiwan) About 50,000 Employees
(Group) |
Offices
& Factories
|
|
Headquarters |
|
Add |
Production
Information
l
The subject is a manufacturer of paintings, coatings and etc.
l
It is introduced that subject
has a factory in Taiwan for production.
l
It is introduced that
subject has obtained ISO 9001/2000, ISO 140001/2004 and OHSAS18001/1999
certifications.
Purchase
Information
l
The registered activities of subject:
|
|
Details |
|
1 |
Manufacturing and sales of oil paint and coating. |
|
2 |
Manufacturing and sales of equipment for
manufacturing of oil paint and coating. |
|
3 |
General importing and exporting business (Besides licensed business) |
|
4 |
Technical advisory and consultant of using
coating. |
|
5 |
Importing and exporting of raw materials and
finished products, and painting project for above related business. |
l
It is introduced that subject purchases raw
materials and etc both at home and abroad.
l The subject is
mainly engaged in sales of paintings,
coatings and etc.
l
It is introduced that
subject’s major products are paints for vessels, industrial protective paint,
paint for color steel plates and etc.
l
It is introduced that subject’s
selling territory is covering all over the world.
l
It is introduced that
subject’s major customers are manufacturers of vessels, cars, machinery,
hardware 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 |
|
|
Paintings, coatings and etc. |
COD, CBD and etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Paintings, coatings and etc. |
COD, 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.
Subject’s Operator declined to disclose its financials citing the grounds
of company’s confidentiality; from other source we cannot obtain the relevant
information, either.
We found the consolidated financial
information of subject’s parent company (Akzo Nobel Corporate) from public files for reference.
Unit: USD/000,000
|
|
2011-12-31 |
2012-12-31 |
|
Total Current
Assets |
6,594 |
7,007 |
|
Total
non-current assets |
13,295 |
10,956 |
|
Total Assets |
19,889 |
17,963 |
|
Shareholders’
equity |
9,212 |
6,892 |
|
Total non-current
liabilities |
5,319 |
5,547 |
|
Total current
liabilities |
4,827 |
5,059 |
|
Total equity and
liabilities |
19,889 |
17,963 |
|
Revenue |
14,604 |
15,390 |
|
Cost of sales |
(9,035) |
(9,596) |
|
Gross profit |
5,569 |
5,794 |
|
Operating income |
1,145 |
(1,244) |
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 |
The Operator |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.67.70 |
|
|
1 |
Rs.105.14 |
|
Euro |
1 |
Rs.90.03 |
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.