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Report Date : |
07.06.2013 |
IDENTIFICATION DETAILS
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Name : |
EXCEL CHEMICAL CORPORATION |
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Registered Office : |
Rm.A,C, 9FL., No.25, Sec.4, Jen Ai Rd., Taipei Taiwan
R.O.C. |
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Country : |
Taiwan |
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Date of Incorporation : |
15.11.1989 |
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Com. Reg. No.: |
23531178 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Trading of chemical production and etc. |
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No. of Employees : |
Not Available |
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 4.1%. 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 |
|
Company Name: |
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|
Supplied Name: |
|
|
Trading Address: |
Rm.A,C, 9FL.,
No.25, Sec.4, Jen Ai Rd., Taipei Taiwan R.O.C. |
|
Supplied Address: |
|
|
Telephone Number: |
+886-2-2741-5577 |
|
Fax Number |
+886-2-2771-7331 |
Notes: The exact
name and address are as above. The supplied address belongs to subject’s
related company, and the correct address is as above.
|
Credit Opinion: |
|
Registered Name: |
Excel Chemical Corporation |
|
Registered Address: |
Rm.A,C, 9FL., No.25, Sec.4, Jen Ai Rd.,
Taipei Taiwan R.O.C. |
|
Date of Foundation: |
1989-11-15 |
|
Registration Number: |
23531178 |
|
Registry: |
Department of Commerce,
Ministry of Economic Affairs, R.O.C. |
|
Registered Capital: |
NTD 2,000,000,000 (USD 67,000,000) (As of 2013.6, 1 NTD = 0.0335 USD) |
|
Paid-up Capital: |
NTD 1,794,864,500 (USD 60,127,961) |
|
Legal Representatives: |
Dengqing Wu |
|
Legal Form: |
|
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Principal Activities: |
|
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Staff: |
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Listed at Stock Exchange: |
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Date of Last Annual Return: |
Subject was incorporated on 1989-11-15 with registered number 23531178 as Joint Stock Company in Taiwan.
|
Name |
Subscription
Shares |
|
Tasco Chemical Corporation |
80,102,104 |
|
Dazhan Investment And Development Limited
(Liberal Transaltion) |
|
|
23,326,761 |
|
|
Taihe Industry Investment Limited (Liberal
Transaltion) |
6,374,709 |
|
Hecheng Investment Limited (Liberal
Transaltion) |
10,654,090 |
|
Mega International Commercial Bank Co.,
Ltd. |
10,800,447 |
The information above is that of subject’s major shareholders.
Related Company
|
Name |
Tasco Chemical Corporation |
|
Date of Registration |
No.25-9A, Morrison Plaza, Sec.4, Jen Ai Road, Taipei, Taiwan, R.O.C. |
|
Telephone Number |
+886-2-2741-5577 |
|
+886-2-2741-3988 |
Factory
|
Address |
No.2, Shihua 2nd Rd., Linyuan Dist., Kaohsiung City, Taiwan (R.O.C.) |
|
Telephone Number |
+886-7-641-1122 |
|
Fax Number |
+886-7-641-1125 |
Core
Management
|
1 |
|
|
Name |
Dengqing Wu |
|
Position |
Board Chairman |
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Date of Appointment |
2002-6-27 |
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2 |
|
|
Name |
Suyue Yang |
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Position |
Director |
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3 |
|
|
Name |
Shangbin Wu |
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Position |
Director |
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4 |
|
|
Name |
Peijuan Wu |
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Position |
Director |
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5 |
|
|
Name |
Zhihong Huang |
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Position |
Director |
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6 |
|
|
Name |
Peirong Wu |
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Position |
Director |
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7 |
|
|
Name |
Zhongyi Li |
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Position |
Director |
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8 |
|
|
Name |
Qiheng Chen |
|
Position |
Director |
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9 |
|
|
Name |
Weiqian Chen |
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Position |
Director |
|
10 |
|
|
Name |
Bingtang Guo |
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Position |
Supervisor |
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11 |
|
|
Name |
Pinghe Liu |
|
Position |
Supervisor |
|
12 |
|
|
Name |
Xichong Zhong |
|
Position |
Supervisor |
Offices
& Factories
|
|
Headquarters |
|
Add |
Rm.A,C, 9FL., No.25, Sec.4, Jen Ai Rd., Taipei
Taiwan R.O.C. |
Production
Information
l
The subject is a manufacturer of chemical
product and etc.
l
It is introduced that subject has a factory in Kaohsiung City, Taiwan for production.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
1 |
Manufacturing, sales and trading business
of import and export of maleic anhydride. |
|
2 |
Manufacturing, processing, sales and
trading business of import and export of butane, methyl tert-butyl ether,
Methyl third amyl ether, ethyl tert-butyl ether, unsaturated polyester resin,
marin anhydride copolymer, lubricant additive, fumaric acid, ferrous
fumarate, malic acid, succinic acid and fire retardant. |
|
3 |
Manufacturing, sales and trading business
of import and export of alkyd resin, petroleum resin, polyester plasticizer,
butanediol, tartaric acid, butyrolactone, polyacrylamide,
cyclohexanedimethanol and other chemical products. |
|
4 |
Manufacturing, sales and trading business
of import and export of resin curing agent, organic acid compounds, organic
imine compounds and other products made of marin anhydride derivative compounds. |
|
5 |
Filling, split charging and trading of
domestic liquefied petroleum gas. |
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6 |
Sales and trading business of import and
export of acetylene and carbinol. |
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7 |
Agent of domestic and overseas
manufacturers’ chemical products’ sales, importing and exporting business. |
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8 |
Leasing and sales of parking lot and
industrial land, factory building, warehouse. |
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9 |
Importing and exporting business of
construction materials. |
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10 |
Importing and exporting business of
cosmetics and lubricating oil. |
|
I601010 |
Renting. |
|
ZZ99999 |
Besides licensed business, all other
business items those are not banned or restricted. |
l
It is introduced that subject purchases raw
material and etc mainly in domestic market.
l
The subject is mainly engaged in sales of chemical
product and etc.
l
It is introduced that subject’s major products
include MTBE (methyl tert-butyl ether), butanone, liquefied petroleum gas
(LPG), maleic anhydride and etc.
l
It is introduced that subject’s selling territory
covers all over the world.
l
It is introduced that subject’s major customers are
traders and manufacturers of chemicals 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
The subject has little import.
Sales
Domestic Markets
|
Sales
Terms |
Proportion |
|
|
Chemical
product and etc. |
COD,
CBD and etc |
100% |
Export
|
Sales
Terms |
Proportion |
|
|
Chemical
product and etc. |
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 relevant staff Mr. Cai 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. Cai |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.87 |
|
UK Pound |
1 |
Rs.87.65 |
|
Euro |
1 |
Rs.74.52 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.