|
Report Date : |
13.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
DAIREN CHEMICAL CORPORATION |
|
|
|
|
Registered Office : |
No.301, Songkiang Road, 7th Fl., Taipei |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Date of Incorporation : |
30.06.1979 |
|
|
|
|
Com. Reg. No.: |
12233428 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturing and sales of chemicals |
|
|
|
|
No. of Employees : |
About 1,000 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 (31.03.2012) |
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: |
|
|
Telephone Number: |
+886-2-7743-1500 |
|
Fax Number: |
|
|
E-mail: |
|
|
Website: |
Notes: The exact address is as above.
|
Credit Opinion: |
|
Registered Name: |
Dairen Chemical Corporation |
|
Registered Address: |
No.301, Songkiang Road, 7th Fl., Taipei Taiwan R.O.C. |
|
Date of Foundation: |
1979-6-30 |
|
Registration Number: |
12233428 |
|
Registry: |
Department of Commerce, Ministry of Economic Affairs, R.O.C. |
|
Registered Capital: |
NTD 1,415,015,390
(USD 48,110,523.26) (As of 2012.09, 1 NTD = 0.034 USD) |
|
Paid-up Capital: |
NTD 1,415,015,390 (USD 48,110,523.26) |
|
Legal Representatives: |
Shuhong Lin |
|
Legal Form: |
|
|
Principal Activities: |
|
|
Staff: |
|
|
Listed at Stock
Exchange: |
|
|
Date of Last
Annual Return: |
Subject was incorporated on 1979-6-30 with registered
number 12233428 as Joint Stock Company in Taiwan.
Awards
|
Year |
Awards |
|
2008 |
Blue chip
importer and exporter |
|
2009 |
Blue chip
importer and exporter |
|
2010 |
Blue chip
importer and exporter |
Standard of Blue
chip importer and exporter
Unit: USD
|
Year |
Amount |
|
2008 |
19,000,000 |
|
2009 |
15,000,000 |
|
2010 |
20,000,000 |
|
Name |
Subscription Shares |
|
Shuhong Lin |
1,049,407 |
|
Qingyuan Huang |
|
|
3,782,286 |
|
|
Xinyi Zheng |
2,147,927 |
|
Heqing Huang |
2,260,190 |
|
Longxing Liao |
1,400,924 |
|
Wanzhi Zheng |
11,793 |
|
Qiongyu Liao |
662,320 |
|
Chang Chun Petro Chemical Co., Ltd. |
56,849,844 |
|
Taichang Huangtang |
2,536,354 |
|
Tianran Huang |
592,214 |
|
Xiandong Lin |
1,556,428 |
|
Xianzhang Chen |
459,851 |
|
Zheng Zheng |
1,414,933 |
|
Hedong Huang |
2,249,878 |
|
Limin Huang |
290,973 |
|
Hezhou Huang |
2,247,890 |
|
Anxian Lu |
94,869 |
The information above is that of subject’s major shareholders.
Factories
|
1 |
|
|
Name |
Mailiao Factory |
|
Address |
No.25 Formosa
Industrial Park, Sansheng Village, Mailiao Township, Yunlin County |
|
Registration
Number |
70760067 |
|
Date of
Registration |
1999-12-27 |
|
Telephone Number |
+886-5-681-2201 |
|
Fax Number |
+886-5-681-2212 |
|
Status |
Live Company |
|
Manager Name |
Xianzhang Chen |
|
Date of Last
Annual Return |
2002-5-7 |
|
2 |
|
|
Name |
|
|
Address |
1-3 Hsing-Kung Road
Ta-She Industrial Zone 815 Kaohsiung, Taiwan |
|
Telephone Number |
+886-7-351-4151 |
|
Fax Number |
+886-7-351-4090 |
|
3 |
|
|
Name |
Ta-Fa Factory |
|
Address |
No.19-2, Huaxi
Rd., Daliao Dist., Kaohsiung City 831, Taiwan (R.O.C.) |
|
Telephone Number |
+886-7-788-1165 |
|
Fax Number |
+886-7-787-1710 |
Subsidiaries
|
1 |
|
|
Name |
Dairen Chemical
(M) Sdn. Bhd. |
|
Address |
PLO 18, Tanjung
Langsat Industrial Estate, Mukim Sg. Tiram, 81700 Pasir Gudang, Johor,
Malaysia |
|
Telephone Number |
+60-7-256-5800 |
|
Fax Number |
+60-7-256-5799 |
|
2 |
|
|
Name |
Dairen Chemical
(Jiangsu) Co., Ltd. |
|
Address |
No.1 Dalian
Road, Yangzhou Chemical Industry Park,211900 Yangzhou, Jiangsu, China |
|
Telephone Number |
+86-514-8326-8888 |
|
Fax Number |
+86-514-8329-8855 |
Related Companies
|
1 |
|
|
Name |
Chang Chun
Plastics Co., Ltd. |
|
Address |
No.301 Songkiang
Road, 7th Floor, Taipei 104 Taiwan |
|
2 |
|
|
Name |
Chang Chun
Petrochemical Co., Ltd. |
|
Address |
No.301 Songkiang
Road, 7th Floor, Taipei 104 Taiwan |
|
3 |
|
|
Name |
Nan Pao Resins
Chemical Co., Ltd. |
|
Address |
12, Nan Hai
Village, Shee Kang Shang, Tainan, Taiwan, R.O.C |
Core
Management
|
1 |
|
|
Name |
Shuhong Lin |
|
Position |
Board Director |
|
2 |
|
|
Name |
Qingyuan Huang |
|
Position |
Vice Chairman of
the Board of Directors |
|
3 |
|
|
Name |
Xinyi Zheng |
|
Position |
Managing
Director |
|
4 |
|
|
Name |
Heqing Huang |
|
Position |
Managing
Director |
|
Date of
Appointment |
1994-3-19 |
|
5 |
|
|
Name |
Longxing Liao |
|
Position |
Managing
Director |
|
6 |
|
|
Name |
Wanzhi Zheng |
|
Position |
Director |
|
7 |
|
|
Name |
Qiongyu Liao |
|
Position |
Director |
|
8 |
|
|
Name |
Rongzong Chen |
|
Position |
Director |
|
9 |
|
|
Name |
Taichang Huangtang |
|
Position |
Director |
|
10 |
|
|
Name |
Tianran Huang |
|
Position |
Director |
|
11 |
|
|
Name |
Xiandong Lin |
|
Position |
Director |
|
12 |
|
|
Name |
Xianzhang Chen |
|
Position |
Director |
|
Date of
Appointment |
1970-1-24 |
|
13 |
|
|
Name |
Zheng Zheng |
|
Position |
Director |
|
14 |
|
|
Name |
Hedong Huang |
|
Position |
Director |
|
15 |
|
|
Name |
Limin Huang |
|
Position |
Director |
|
16 |
|
|
Name |
Shiguang Su |
|
Position |
Supervisor |
|
17 |
|
|
Name |
Hezhou Huang |
|
Position |
Supervisor |
|
18 |
|
|
Name |
Jinjun Cai |
|
Position |
Supervisor |
|
19 |
|
|
Name |
Kunyuan Huang |
|
Position |
Supervisor |
|
20 |
|
|
Name |
Anxian Lu |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 1,000 Employees |
Offices
& Factories
|
|
Headquarters |
|
Add |
Production
Information
l
Subject is engaged in manufacturing of chemicals.
l
Subject has factories in Taiwan, mainland China,
and Malaysia for production.
l
The information about factories as follows for
reference:
|
Factory |
Area |
|
Mailiao Factory, Taiwan |
84,459 square meters |
|
Ta-She Factory,
Taiwan |
42,180 square meters |
|
Ta-Fa Factory, Taiwan |
129,151 square meters |
|
Malaysia Factory |
121,532 square meters |
|
Mainland China
Factory |
204,000 square meters |
l
Subject’s production capacities as follows for
reference:
|
Product |
Annual Capacity |
|
EVA Emulsion |
About 330,000 MT |
|
VAE Powder |
About 52,000 MT |
|
EVCL(EVA-VC / EVCL) |
About 11,000 MT |
|
Tetrahydrofuran |
About 289,000 MT |
|
1,4-Butanediol |
About 256,000 MT |
|
2-Methyl-1,3-Propanediol |
About 51,200 MT |
|
n-Propanol |
About 25,600 MT |
|
iso-Butanol |
About 25,600 MT |
|
AMPO |
About 500 MT |
|
Polyteramethylene-Ether-Glycol |
About 170,000 MT |
|
Vinyl Acetate |
About 650,000 MT |
|
Ethyl Acetate |
About 30,000 MT |
|
Liquefied Carbon
Dioxide |
About 28,000 MT |
|
Allyl Alcohol |
About 455,000 MT |
|
Nitrogen |
About 35,000 MT |
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
-- |
Manufacturing and sales of vinyl acetate, acetic
ether, oxygen, nitrogen, ethylene, methylpropanediol, polytetramethylene
ether glycol, carbon dioxide, propenyl, propyl alcohol, and hydrogen |
|
-- |
Import and export of above products |
|
C801010 |
Manufacturing of basic chemicals |
|
C801020 |
Manufacturing of petrochemical materials |
|
C801030 |
Manufacturing of precision chemical materials |
|
C801040 |
Manufacturing of synthetic resin |
|
C801050 |
Manufacturing of plastic raw material |
|
C801060 |
Manufacturing of synthetic rubber |
|
C801070 |
Manufacturing of high pressure gas |
|
C802020 |
Manufacturing of artificial fiber |
|
C802030 |
Manufacturing of coating and paint |
|
C802120 |
Manufacturing of industrial additive |
|
C901060 |
Manufacturing of fireproofing |
|
C802120 |
Manufacturing of fertilizer |
|
C802170 |
Manufacturing of toxic chemical substances |
|
CC01010 |
Manufacturing of generator, transmission, and
power distribution machinery |
|
CC01050 |
Manufacturing of data storage and process
equipment |
|
CC01080 |
Manufacturing of electronic components |
|
E599010 |
Piping engineering |
|
I601010 |
Leasing industry |
|
ZZ99999 |
Besides licensed business, all other business items
those are not banned or restricted. |
l
The components and raw materials for production are
purchased both home and abroad.
l
It is introduced that
subject imports technology from German and Japan.
l
Subject is engaged in
sales of chemicals.
l
Subject’s sales regions
include domestic market, Japan, South Korea, India, Southeast Asia, Australia,
America, and Europe, etc.
l
It is introduced that
subject has many cooperative agencies to sell their products in almost all over
the world.
l
Subject’s factories obtained the certifications of
ISO 9001:2008, ISO 14001:2004 and OHSAS 18001:2007.
Major products sold
|
|
Product |
|
1 |
Vinyl Acetate |
|
2 |
Vinyl Acetate-Ethylene Copolymer Emulsion |
|
3 |
Ethylene-Vinyl Acetate-Vinyl Chloride Emulsion |
|
4 |
Ethylene-Vinyl Chloride Emulsion |
|
5 |
Vinyl Acetate-Ethylene Redispersible Powder |
|
6 |
Ethyl Acetate |
|
7 |
Nitrogen |
|
8 |
Liquefied Carbon Dioxide |
|
9 |
Allyl Alcohol |
|
10 |
1,4-Butanediol |
|
11 |
2-Methyl- 1,3-Propanediol |
|
12 |
n-Propanol |
|
13 |
iso-Butanol |
|
14 |
Alkoxylated 2-Methyl-1,3-Propanediol |
|
15 |
Polytetramethylene-Ether-Glycol |
|
16 |
Tetrahydrofuran |
Import and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
Domestic Purchase (Taiwan and Mainland, China)
|
Payment Terms |
Proportion |
|
|
Raw materials |
COD, CBD, etc |
100% |
Foreign Purchase
|
Payment Terms |
Proportion |
|
|
Raw materials |
CBD, etc |
100% |
Sales
Domestic Markets (Taiwan and Mainland, China)
|
Sales Terms |
Proportion |
|
|
Chemicals |
COD, CBD, Credit Sales, etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Chemicals |
CBD, etc |
100% |
Notes: Subject’s settlement for export is generally in USD
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. Xie 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 |
Mr. Xie |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.96 |
|
UK Pound |
1 |
Rs.84.49 |
|
Euro |
1 |
Rs.72.23 |
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.