|
Report Date : |
31.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
PFG FIBER GLASS CORPORATION |
|
|
|
|
Registered Office : |
No.2-1,Chung-Yang Ind. Park, Chung-Yang Village,
Hsin-Kang Hsiang, Chia Yi Hsien |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Date of Incorporation : |
31.08.1987 |
|
|
|
|
Com. Reg. No.: |
22662355 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturing and
sale of glass fibre |
|
|
|
|
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 – 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 |
|
Company Name: |
|
|
Supplied Name: |
|
|
Trading Address: |
No.2-1,Chung-Yang Ind. Park, Chung-Yang
Village, Hsin-Kang Hsiang, Chia Yi Hsien, Taiwan, R.O.C. |
|
Supplied Address: |
|
|
Telephone Number: |
+886-2-2718-9468 / 2712-2211 |
|
Fax Number: |
|
|
E-mail: |
Notes: The exact name and address are as above.
|
Credit Opinion: |
|
Registered Name: |
PFG FIBER GLASS CORPORATION |
|
Registered Address: |
No.2-1,Chung-Yang Ind. Park, Chung-Yang Village, Hsin-Kang Hsiang, Chia
Yi Hsien, Taiwan, R.O.C. |
|
Date of Foundation: |
1987-8-31 |
|
Registration Number: |
22662355 |
|
Registry: |
Department of Commerce, Ministry of Economic Affairs, R.O.C. |
|
Registered Capital: |
NTD 1,000,000,000
(USD 33,900,000) (As of 2013.05, 1 NTD = 0.0339 USD) |
|
Paid-up Capital: |
NTD 1,000,000,000 (USD 33,900,000) |
|
Legal Representatives: |
Tangmu Ke |
|
Legal Form: |
|
|
Principal Activities: |
|
|
Staff: |
|
|
Listed at Stock
Exchange: |
|
|
Date of Last
Annual Return: |
Subject was incorporated on
1987-8-31 with registered number 22662355 as Joint Stock
Company in Taiwan.
|
Name |
Subscription Shares |
|
PPG Industries, Inc. |
50,000,000 |
|
Nan Ya Plastics Corporation |
|
|
50,000,000 |
The information
above is that of subject’s major shareholders.
Related Companies
|
1 |
|
|
Name |
PFG Fiber Glass (Kunshan)
Co., Ltd. |
|
Address: |
201, Chang Jiang
South Road, Kunshan Economic & Technical Development Zone, Jiangsu, PRC |
|
Telephone
Number: |
+86-512-5735-7080 |
|
Fax Number: |
+86-512-5736-9016 |
|
2 |
|
|
Name |
Nan Ya Plastics
Corporation |
|
Registered
Address: |
No.35-1,
Jhongshan 3rd Rd., Cianjhen District, Kaohsiung City 806, Taiwan (R.O.C.) |
|
Date of
Foundation: |
1958-8-22 |
|
Registration
Number: |
75370905 |
|
Registry: |
Ministry of
Economic Affairs |
|
Registered
Capital: |
NTD 78,522,986,030
(USD 2,661,929,226.41) (As of 2013.05,
1 NTD = 0.0339 USD) |
|
Paid-up Capital: |
NTD
78,522,986,030 (USD 2,661,929,226.41) |
|
Legal
Representatives: |
Qinren Wu |
|
Legal Form: |
Joint Stock
Company |
|
Listed at Stock
Exchange: |
Yes; Stock Symbol:
1303 |
|
Date of Listed: |
1967-11-5 |
|
Date of Last
Annual Return: |
2012-7-10 |
|
3 |
|
|
Name |
PPG Industries,
Inc. |
|
Address: |
1 PPG Pl,
Pittsburgh, PA 15222, USA |
|
Telephone
Number: |
+1-412-434-3131 |
Directors
|
1 |
|
|
Name |
Tangmu Ke |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Taili Fu |
|
Position |
Director |
|
3 |
|
|
Name |
Dasheng Lin |
|
Position |
Director |
|
4 |
|
|
Name |
Wenyuan Wang |
|
Position |
Director |
|
5 |
|
|
Name |
Mingren Zou |
|
Position |
Director/
Manager |
|
Date of
Appointment |
2008-10-2 |
|
6 |
|
|
Name |
Jinfa Li |
|
Position |
Director |
|
7 |
|
|
Name |
Jiazhao Wu |
|
Position |
Supervisor |
|
8 |
|
|
Name |
Jinming Zhuang |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 100 Employees |
Offices
& Factories
|
|
Headquarters |
|
Add |
No.2-1,Chung-Yang Ind. Park, Chung-Yang Village, Hsin-Kang Hsiang, Chia
Yi Hsien, Taiwan, R.O.C. |
Production
Information
l
Subject is engaged in manufacturing of glass
fibre, etc.
l
Subject has factories in Hsin Kang
Hsiang, Taiwan and Kuanshan, Mainland China for production and the details
information are as followed for reference.
|
Name |
Annual Production Capacity |
|
Hsin
Kang Factory |
90,000 MT |
|
Kuanshan,
Mainland China |
70,000 MT |
l
Subject obtained the certifications of
ISO 9002 and ISO 14001.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
C901020 |
Manufacturing of glass and glassware |
|
F401010 |
International trade 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 Subject
is engaged in sale of glass fibre, etc.
l
Subject’s sales regions include
Mainland China, Taiwan domestic market and other Asian countries.
l
The major products sold by subject
include electronic-grade glass yarns and reinforcement-grade glass fiber.
l
Subject’s major customers include
electronic products manufacturer, sports equipment manufacturer and automobile
parts manufacturer, etc.
l
Major
products
|
Product |
Application |
|
Electronic-grade glass yarns |
Printed circuit boards Braided electrical sleeving products Paper and tape reinforcement Axle material for grinding wheels Materials for electrical thermal insulation |
|
Reinforcement-grade glass fiber |
Electronic /electrical components, automobile
parts, power tools, etc. Materials for construction, marine, automobile
and sport materials for general consumer etc. |
Import and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase
|
Terms |
Proportion |
|
|
Raw materials |
Cash, T/T, etc |
100% |
Subject has little
import.
Sales
Domestic
Markets (Taiwan and Mainland China)
|
Terms |
Proportion |
|
|
Glass
fibre |
Cash, T/T, etc |
Export
|
Terms |
Proportion |
|
|
Glass
fibre |
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 Mr. Li 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. Li |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.56.49 |
|
UK Pound |
1 |
Rs.86.00 |
|
Euro |
1 |
Rs.73.68 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.