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Report Date : |
06.09.2013 |
IDENTIFICATION DETAILS
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Name : |
CGPC POLYMER CORPORATION |
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Registered Office : |
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Country : |
Taiwan |
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Date of Incorporation : |
19.05.2009 |
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Com. Reg. No.: |
24347565 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacture and trade of PVC resin and the
related products |
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No. of Employees : |
800 Employees (including the staff of the
parent company) |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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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: |
12th Flr No 37 Ji Hu Road, Neihunistrich
taipei 114 Republic of China |
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Telephone Number: |
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Fax Number: |
Notes:
The supplied name is incomplete, and the exact name is as above.
The exact address is as above.
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Credit Opinion: |
Subject was incorporated on
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Subscription
Number |
|
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China General
Plastics Corp. |
80,000,000 |
The information
above is that of subject’s major shareholders.
Group
|
Name |
USI Group |
Parent Company
|
Name |
China General Plastics Corporation |
|
Address: |
12Fl., No.37 Ji-Hu Rd., Nei-Hu Dist., Taipei,
Taiwan 114, R.O.C. |
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Registration Number: |
11686106 |
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Date of Foundation: |
|
Subject introduced
that China General Plastics Corporation is one of the three largest PVC resin
manufacturers in Taiwan.
Factory
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Factory Registered Number: |
64006350 |
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Address: |
No.6,8 Shihua Second Road, Linyuan District,
Kaohsiung City, Taiwan, R.O.C |
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Date of Registration: |
|
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Principal Person |
Peihong Cai |
Directors
|
1 |
|
|
Name |
Yigui Wu |
|
Position |
Board of Chairman |
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2 |
|
|
Name |
Bingyi Wang |
|
Position |
Director |
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3 |
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|
Name |
Dehuai Zhou |
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Position |
Director |
|
4 |
|
|
Name |
Dechang Ye |
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Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 800
Employees(including the staff of the parent company) |
Offices
& Factories
|
|
Headquarters |
|
Add |
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Production
Information
l
Subject is a manufacturer of PVC resin and the related products with the production activities
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
C801020 |
Manufacture of
petroleum material |
|
F107200 |
Wholesale of
chemical material |
|
C801100 |
Manufacture of
synthetic rubber and plastic |
|
ZZ99999 |
Besides licensed
business, all other business items those are not banned or restricted. |
l
The raw materials for productions are
purchased from local and abroad.
l
Subject is mainly engaged in
manufacturing and trading of PVC resin and the related
products.
l
Subject is a subsidiary
of China
General Plastics Corporation.
l
China General Plastics Corporation is mainly
engaged in manufacturing and trading of PVC
resin.
l
Subject introduced that major products
sold as following:
|
|
Product |
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1 |
PVC Resin |
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2 |
PVC Compound |
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3 |
PVC Film |
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4 |
PVC Leather |
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5 |
Construction
Products |
|
6 |
Consumer
Products |
l
Subject’s selling territory covers all
over the world, such as America, Eastern Europe, Southeast Asia, Africa.
l
Subject declined to disclose more
details information about subject.
Import
and export right:
|
Import
right |
Yes |
|
Export
right |
Yes |
Purchase
Subject declined the purchase settlements information, and from other sources,
we couldn’t obtain the information, either.
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
PVC resin and the related products |
CBD, etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
PVC resin and the related products |
T.T, L/C, 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. Chang declined to disclose its financials
citing the grounds of company’s confidentiality; from other source we can not
obtain the relevant information, either.
The bankers’ information is not available from the
subject or other sources.
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. Chang |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.66.04 |
|
UK Pound |
1 |
Rs.103.10 |
|
Euro |
1 |
Rs.86.99 |
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 |
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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.