|
Report Date : |
06.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
PAN ASIA CHEMICAL CORPORATION |
|
|
|
|
Registered Office : |
11F, No.50, Sec.1, Hsin Sheng South Road, Taipei |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
30.09.2012 |
|
|
|
|
Date of Incorporation : |
06.04.1982 |
|
|
|
|
Com. Reg. No.: |
05712099 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and trade of non-ionic surfactants, etc |
|
|
|
|
No. of Employees : |
About 100 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 : |
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 (31.03.2011) |
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. In keeping with this trend, some large, state-owned banks and industrial firms have been privatized. 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 1.9%, due primarily to a 20% year-on-year decline in exports. In 2010 GDP grew 10.9%, as exports returned to the level of previous years, and in 2011, grew 5.2%. However, 2012 growth will likely be less, according to most forecasters, 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 so far Taiwan has been excluded from this greater economic integration largely because of its diplomatic status with the exception of the landmark Economic Cooperation Framework Agreement (ECFA) signed with China in June 2010. The MA administration has said that the ECFA will serve as a stepping stone toward trade pacts with other regional partners, and negotiations on a deal with Singapore began this year. Follow-on components of ECFA, including deals on trade in goods, services, and investment, have yet to be completed. 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 10.9% of the island's total population as of 2011. The island runs a large trade surplus, and its foreign reserves are the world's fourth largest, behind China, Japan, and Russia. Since 2005 China has overtaken 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. 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: |
|
|
Supplied Address: |
WORLD TRADE BUILDING (11TH FLOOR) NO. 50,
SEC 1, HSIN SHENG SOUTH RD TAIPEI TAIW |
|
Telephone Number: |
+886-2-2351-1212 |
|
Fax Number: |
+886-2-2396-2946 |
|
E-mail: |
Notes:
The correct address is as above.
|
Credit Opinion: |
|
Registered Name: |
Pan Asia Chemical Corporation |
|
Registered Address: |
|
|
Date of Foundation: |
|
|
Registration Number: |
05712099 |
|
Registry: |
Department of Commerce, Ministry of Economic Affairs, R.O.C. |
|
Registered Capital: |
NTD 2,500,000,000 (USD 83,500,000) (As of 2013.1, 1 NTD = 0.0334 USD) |
|
Paid-up Capital: |
NTD 2,222,464,920 (USD 74,230,328.33) |
|
Legal Representatives: |
Guifeng Wang |
|
Legal Form: |
|
|
Principal Activities: |
|
|
Staff: |
|
|
Listed at Stock
Exchange: |
|
|
Date of Last
Annual Return: |
Subject was incorporated on
Subject was listed
on Taiwan Stock Exchange on
Awards
|
Year |
Awards |
|
2009 |
Blue chip
importer and exporter |
|
2010 |
Blue chip
importer and exporter |
|
2011 |
Blue chip
importer and exporter |
Standard of Blue
chip importer and exporter
Unit:
USD
|
Year |
Amount |
|
2009 |
15,000,000 |
|
2010 |
20,000,000 |
|
2011 |
22,000,000 |
|
Name |
Subscription Shares |
|
Sheng Ren Knitting Factory Co., Ltd. (Translated) |
13,313,350 |
|
China Man-made Fiber Investment Co., Ltd.
(Translated) |
11,000,571 |
|
Gannan Chen |
51,300 |
|
Ke Yi Bao Investment Co., Ltd. (Translated) |
128,000 |
|
Dayin Ye |
128,253 |
The information
above is that of subject’s major shareholders.
|
Address |
No.8-1, Jingjian
Rd., Dashe Shiang, Kaohsiung County 815, Taiwan (R.O.C.) |
|
Telephone Number |
+886-7-3511318 |
|
Fax Number |
+886-7-3510409 |
Core
Management
Directors
|
1 |
|
|
Name |
Guifeng Wang |
|
Position |
Chairman |
|
2 |
|
|
Name |
Yongda Liu |
|
Position |
Vice Chairman |
|
3 |
|
|
Name |
Qingfeng Chen |
|
Position |
Director and
Manager |
|
Date of
Appointment |
|
|
4 |
|
|
Name |
Changchen Lin |
|
Position |
Director |
|
5 |
|
|
Name |
Gannan Chen |
|
Position |
Director |
|
6 |
|
|
Name |
Shiyi Jiang |
|
Position |
Supervisor |
|
7 |
|
|
Name |
Dayin Ye |
|
Position |
Supervisor |
|
8 |
|
|
Name |
Changhai Wang |
|
Position |
Manager |
|
Date of
Appointment |
|
|
9 |
|
|
Name |
Guoqing Chen |
|
Position |
Manager |
|
Date of
Appointment |
|
Personnel
Structure
|
Total Employees |
About 100 Employees |
Offices
& Factories
|
|
Headquarters |
|
Add |
|
l
Subject is engaged in manufacturing various non-ionic surfactants, such as
Polyethylene Glycol, Polyoxyethylene Alkyl Phenly Ether, Polyoxyethylene Alkyl
Amine Ether, Special Nonionic Surfactants, etc.
l
It is introduced that
subject has a factory in Kaohsiung County, Taiwan.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
C801020 |
Manufacture of petrochemical materials |
|
C802090 |
Manufacture
of Cleaning supplies |
|
D101050 |
Cogeneration Industry |
|
F212011 |
Gas station business |
|
F212061 |
Refueling station business |
|
H701010 |
Development and rental of
housing and building |
|
ZZ99999 |
Besides licensed business,
all other business items those are not banned or restricted. |
l
It is introduced that
subject purchases raw materials such as ethylene oxide and nonyl phenol from
their cooperative company China Man-made Fiber Corporation.
l
Other raw materials are
mainly imported from foreign countries.
l
Subject is engaged in sales of various non-ionic surfactants, such as
Polyethylene Glycol, Polyoxyethylene Alkyl Phenly Ether, Polyoxyethylene Alkyl
Amine Ether, Special Nonionic Surfactants, etc.
l
Subject’s sales regions
include Southeast Asia, Singapore, Australia, Japan, etc and the export
proportion is 32%.
l
Subject’s products are
applied to medical science, fiber, detergent, pesticides, and metal, rubber,
paper and pulp, paint, and cosmetics industries.
l
Subject has their own
brand “PANNOX”.
l
Subject obtained the certification of ISO 9001:
2000.
|
1 |
Polyethylene Glycol |
|
2 |
Polyoxyethylene Alkyl Phenly Ether |
|
3 |
Polyoxyethylene Alkyl Amine Ether |
|
4 |
Polyoxyethylene Alkyl Ether |
|
5 |
Polyoxyethylene Fatty Acid Ether |
|
6 |
Polyoxyethylene Sorbitan Fatty Acid Ether |
|
7 |
Polyoxypropylene Polyoxyethylene Ether |
|
8 |
Special Nonionic Surfactants |
|
9 |
Ester for Cosmetic Catalogue |
|
10 |
Ester for Lubricant Catalogue |
|
11 |
Polyethylene Gloycol Ester Catalogue |
|
12 |
Ester for Detergent |
|
13 |
Spinning oil for polyester yarn |
|
14 |
Ester for PU products |
|
15 |
Sorbitan Fatty Acid Ester |
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
Domestic Purchase (Taiwan)
|
Payment Terms |
Proportion |
|
|
Raw material |
COD, CBD, Credit Sales, etc |
100% |
Foreign Purchase
|
Payment Terms |
Proportion |
|
|
Raw material |
CBD, etc |
100% |
Sales
Domestic Markets (Taiwan and Mainland, China)
|
Sales Terms |
Proportion |
|
|
Non-ionic surfactants |
COD, CBD, etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Non-ionic surfactants |
CBD, etc |
100% |
Notes: Subject’s settlement for export is generally in USD
Unit: NTD/000
|
Date |
|
|
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash and cash
equivalents |
90,279.00 |
70,877.00 |
|
Net notes
receivable |
39,648.00 |
51,111.00 |
|
net account
receivable |
214,019.00 |
255,351.00 |
|
Net accounts
receivable – related parties |
0.00 |
764.00 |
|
Other accounts
receivable |
14,498.00 |
42,357.00 |
|
Inventory |
249,253.00 |
350,498.00 |
|
advance payment |
41,799.00 |
62,509.00 |
|
Other Current
Assets |
18,246.00 |
5,712.00 |
|
Current Assets |
667,742.00 |
839,179.00 |
|
Funds and
investment |
|
|
|
Available-for-sale
financial assets- non current |
443,446.00 |
373,234.00 |
|
Financial assets
carried at cost |
2,040,458.00 |
2,040,458.00 |
|
Long term equity
investment by the equity method |
1,773,393.00 |
1,384,734.00 |
|
Advance
long-term investment |
0.00 |
225,547.00 |
|
investment |
1,773,393.00 |
1,610,281.00 |
|
Funds and
investment |
4,257,297.00 |
4,023,973.00 |
|
fixed assets |
|
|
|
cost |
|
|
|
Land |
79,177.00 |
79,177.00 |
|
Buildings and
constructures |
305,576.00 |
305,576.00 |
|
machine
equipment |
1,239,732.00 |
1,030,386.00 |
|
Transporting
equipment |
17,454.00 |
16,896.00 |
|
office equipment |
10,812.00 |
10,441.00 |
|
Other equipment |
218,217.00 |
394,926.00 |
|
appraisal
increment |
190,954.00 |
190,954.00 |
|
total cost and
revaluation |
2,061,922.00 |
2,028,356.00 |
|
accumulated
depreciation |
-329,169.00 |
-242,846.00 |
|
construction in
progress and prepayments for equipment |
50,986.00 |
51,906.00 |
|
Net fixed assets |
1,783,739.00 |
1,837,416.00 |
|
intangible asset |
|
|
|
Other Assets |
|
|
|
guarantee
deposit and margin paid |
17.00 |
17.00 |
|
deferred
expenses |
558.00 |
918.00 |
|
Deferred income
tax assets –non current |
35,913.00 |
51,179.00 |
|
Total other
assets |
36,488.00 |
52,114.00 |
|
Total assets |
6,745,266.00 |
6,752,682.00 |
|
Liabilities and
equity |
|
|
|
Liabilities |
|
|
|
Current
Liabilities |
|
|
|
Short-term
borrowing |
1,370,000.00 |
1,413,000.00 |
|
account payable |
60,204.00 |
68,998.00 |
|
account payable-
related parties |
197,721.00 |
192,708.00 |
|
income tax
payable |
0.00 |
5,525.00 |
|
expense payable |
32,730.00 |
39,244.00 |
|
Other payable |
9,487.00 |
1,925.00 |
|
A year or an
operating cycle of long-term liabilities due within |
150,000.00 |
0.00 |
|
Other Current
Liabilities |
3,022.00 |
6,788.00 |
|
Current
Liabilities |
1,823,164.00 |
1,728,188.00 |
|
Long term
Liabilities |
|
|
|
Long term
borrowing |
1,020,000.00 |
1,200,000.00 |
|
Long term
Liabilities |
1,020,000.00 |
1,200,000.00 |
|
preparation |
|
|
|
Land value-added
tax preparation |
44,888.00 |
44,888.00 |
|
Total
preparation |
44,888.00 |
44,888.00 |
|
Other
Liabilities |
|
|
|
Retirement
preparation / accrued pension liabilities |
27,832.00 |
27,047.00 |
|
Margin deposit |
2,000.00 |
2,000.00 |
|
Total other
Liabilities |
29,832.00 |
29,047.00 |
|
Total
Liabilities |
2,917,884.00 |
3,002,123.00 |
|
shareholders’
equity |
|
|
|
capital stock |
|
|
|
Common capital
stock |
2,222,465.00 |
2,254,465.00 |
|
paid in surplus |
|
|
|
Capital surplus –
premium |
863,623.00 |
876,058.00 |
|
Capital surplus
– treasury stock transactions |
28,848.00 |
19,530.00 |
|
Capital surplus
– long-term investment |
13,739.00 |
26,675.00 |
|
Total capital
surplus |
906,210.00 |
922,263.00 |
|
retained
earnings |
|
|
|
Statutory
surplus reserve |
87,087.00 |
78,296.00 |
|
Special reserve |
5,312.00 |
144,422.00 |
|
No appropriation
of retained earnings |
404,153.00 |
232,461.00 |
|
Total retained
earnings |
496,552.00 |
455,179.00 |
|
Total other
equity adjustments |
|
|
|
net loss not
recognized as pension cost |
-3,818.00 |
0.00 |
|
unrealized gains
or losses |
154,737.00 |
77,858.00 |
|
Unrealized
revaluation |
146,066.00 |
146,066.00 |
|
treasury stock |
-94,830.00 |
-105,272.00 |
|
Total shareholders’
equity and other adjustment |
202,155.00 |
118,652.00 |
|
Total
shareholders’ equity |
3,827,382.00 |
3,750,559.00 |
|
Treasury Stock
of held by parent company also as held by subsidiaries (Unit: Shares) |
7,271,000.00 |
7,831,000.00 |
|
New Issued
(under stockholders' equity section) shares Equivalents (Unit: Shares) |
0.00 |
0.00 |
Unit: NTD/000
|
Date |
To |
To |
|
Sales revenue |
1,852,320.00 |
2,320,595.00 |
|
sales return |
68.00 |
0.00 |
|
sales allowance |
31.00 |
0.00 |
|
Net sales |
1,852,221.00 |
2,320,595.00 |
|
Total operating
income |
1,852,221.00 |
2,320,595.00 |
|
Total operating
cost |
1,817,691.00 |
2,176,027.00 |
|
Gross profit
(loss) |
34,530.00 |
144,568.00 |
|
distribution
expense |
35,420.00 |
38,379.00 |
|
Administrative
and general expenses |
23,310.00 |
35,210.00 |
|
Operating
expenses |
58,730.00 |
73,589.00 |
|
Net operating
income (net loss) |
-24,200.00 |
70,979.00 |
|
Operating income
and profit |
|
|
|
interest income |
49.00 |
41.00 |
|
Investment
income |
134,486.00 |
64,273.00 |
|
investment income
recognized under equity method |
133,936.00 |
63,067.00 |
|
dividend revenue |
550.00 |
1,206.00 |
|
profit on
exchange |
0.00 |
9,597.00 |
|
Evaluation of
financial assets |
0.00 |
0.00 |
|
miscellaneous
income |
3,597.00 |
1,865.00 |
|
Operating income
and profit |
138,132.00 |
75,776.00 |
|
Operating
expenses and losses |
|
|
|
interest charge |
33,031.00 |
23,993.00 |
|
Disposal of
fixed assets loss |
0.00 |
149.00 |
|
exchange loss |
4,312.00 |
0.00 |
|
impairment loss |
0.00 |
5,273.00 |
|
Miscellaneous
cost |
6.00 |
81.00 |
|
Operating
expenses and losses |
37,349.00 |
29,496.00 |
|
continue the
business unit net profit before tax (net loss) |
76,583.00 |
117,259.00 |
|
Income tax
expense (interest) |
3,871.00 |
-1,911.00 |
|
Continue the business
unit net profit (net loss) |
72,712.00 |
119,170.00 |
|
net profit (net
loss) |
72,712.00 |
119,170.00 |
|
Basic earnings
per share |
0.34 |
0.54 |
|
Dilute earning
per share |
0.34 |
0.54 |
|
Name |
Taichung Bank |
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.
|
Interview Date |
|
|
Name |
Pauline |
|
Department |
Sales Department |
|
E-mail |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.29 |
|
|
1 |
Rs.83.96 |
|
Euro |
1 |
Rs.71.88 |
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.