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Report Date : |
30.07.2013 |
IDENTIFICATION DETAILS
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Name : |
ZENITH CHEMICAL CORPORATION |
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Registered Office : |
9F, No.10, Heng Yang Ard., Taipei 100 |
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Country : |
Taiwan |
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|
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Date of Incorporation : |
25.03.1987 |
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Com. Reg. No.: |
22430118 |
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|
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacturing and sale of chemical products |
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No. of Employees : |
About 30 Employees |
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 |
|
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: |
+886-2-2383-0515 |
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Fax Number: |
Notes: The exact name and address are as above.
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Credit Opinion: |
|
Registered Name: |
Zenith Chemical Corporation |
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Registered Address: |
9F, No.10, Heng Yang Ard., Taipei 100, Taiwan, R.O.C. |
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Date of Foundation: |
1987-3-25 |
|
Registration Number: |
22430118 |
|
Registry: |
Taipei City Government |
|
Registered Capital: |
NTD 150,000,000
(USD 5,100,000) (As of 2013.07, 1 NTD = 0.0340 USD) |
|
Paid-up Capital: |
NTD 115,000,000 (USD 3,910,000) |
|
Legal Representatives: |
Jiaxiang Fang |
|
Legal Form: |
|
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Principal Activities: |
|
|
Staff: |
|
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Listed at Stock
Exchange: |
|
|
Date of Last
Annual Return: |
Subject was incorporated on 1987-3-25 with registered
number 22430118 as Joint Stock Company in Taiwan.
|
Name |
Subscription Shares |
|
Jiaxiang Fang |
115,750 |
|
Fu Du Enterprise Co., Ltd. (Literal
Translation) |
|
|
2,350,000 |
|
|
Gang Cao |
212,670 |
|
En Su |
387,750 |
|
Xiangcheng Chen |
15,000 |
|
Qiti Shao |
76,500 |
|
Shupin Huang |
10,000 |
The information
above is that of subject’s major shareholders.
Factory
|
Name: |
Taichung Factory |
|
Address: |
No.9, Youliu Road,
Youshi Industrial Park, Dajia District, Taichung City, Taiwan, R.O.C. |
Related Companies
|
Name |
Fu Du Enterprise
Co., Ltd. (Literal Translation) |
|
Registered
Address: |
7th Floor, No.6,
Xiangyang Road, Zhongzheng District, Taipei City, Taiwan, R.O.C. |
|
Date of
Foundation: |
1973-6-27 |
|
Registration
Number: |
04215783 |
|
Registry: |
Taipei City
Government |
|
Registered
Capital: |
NTD 18,000,000
(USD 612,000) (As of 2013.07, 1
NTD = 0.0340 USD) |
|
Paid-up Capital: |
NTD 18,000,000
(USD 612,000) |
|
Legal
Representatives: |
Honglin Fang |
|
Legal Form: |
Joint Stock
Company |
|
Listed at Stock
Exchange: |
No |
|
Date of Last
Annual Return: |
2011-8-2 |
Core Management
|
1 |
|
|
Name |
Jiaxiang Fang |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Honglin Fang |
|
Position |
Director |
|
3 |
|
|
Name |
Gang Cao |
|
Position |
Director |
|
4 |
|
|
Name |
En Su |
|
Position |
Director |
|
5 |
|
|
Name |
Xiangcheng Chen |
|
Position |
Director |
|
6 |
|
|
Name |
Qiti Shao |
|
Position |
Supervisor |
|
7 |
|
|
Name |
Shupin Huang |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 30 Employees |
Offices
& Factories
|
|
Headquarters |
|
Add |
Production
Information
l
Subject is engaged in manufacturing of chemical
products, etc.
l
Subject has a factory (about 20,000 square meters)
in Taichung City for production.
l
We found subject’s annual production capacity as
follows for reference.
|
Product |
Annual Production Capacity |
|
Nickel Sulphate |
4,000 MT |
|
Nickel Chloride |
1,000 MT |
|
Nickel
Aminosulfonate |
750 MT |
l
Subject obtained the certifications of ISO 9001, ISO
14001 and OHSAS18001.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
-- |
Manufacturing and sale of metal salt, silicic
acid and its related products |
|
-- |
Import and export of above items |
|
-- |
Agent, price quoting, bidding service and
marketing of above mentioned items (except future goods) |
|
F401010 |
International trade business |
|
G801010 |
Warehouse business |
|
ZZ99999 |
Besides licensed business,
all other business items those are not banned or restricted. |
l
The raw materials for production are mostly
purchased in domestic market.
l
It is introduced that subject imports nickel
sulphate production technology from the company “Inco” in Canada.
l
Subject is engaged in sale of chemical products,
etc.
l The major products
sold by subject include nickel sulphate, nickel chloride, and nickel sulfamate,
etc.
l The products sold
by subject are applied to electroplating, electroless plating, hard disk, PCB,
bumper, lithium ion battery, etc.
l Subject’s sales
regions include Taiwan, Mainland China, Southeast Asia, etc.
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase
|
Terms |
Proportion |
|
|
Raw materials |
Cash, T/T, etc |
100% |
Foreign Purchase
Sales
Domestic Markets
|
Terms |
Proportion |
|
|
Chemical
products |
Cash, T/T, etc |
100% |
Export
|
Terms |
Proportion |
|
|
Chemical
products |
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 Ms. Lin 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. Lin |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.29 |
|
|
1 |
Rs.91.18 |
|
Euro |
1 |
Rs.78.71 |
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 |
|
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 |
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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 |
|
<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.