|
Report Date : |
08.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
CHANG CHUN PETROCHEMICAL CO., LTD. |
|
|
|
|
Registered Office : |
7F, No.301, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
10.07.1964 |
|
|
|
|
Com. Reg. No.: |
11384806 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Engaged in manufacturing and sales of chemicals including polyvinyl alcohol, glacial acetic acid, butyl acetate, formalin, hexamine, hydrogen peroxide, ultra-purity electronic grade hydrogen peroxide, epoxidized soya bean oil, copper foil, antioxidants and melamine |
|
|
|
|
No. of Employees : |
About 1,600 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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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: |
|
|
Supplied Address: |
|
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Telephone Number: |
+886-2-2503-8131/ 2500-1800 |
|
Fax Number: |
Notes: The exact name and address are as above.
|
Credit Opinion: |
Business connections are permissible. |
|
Registered Name: |
Chang Chun Petrochemical Co., Ltd. |
|
Registered Address: |
7F, No.301, Songkiang Rd., Taipei City,
Taiwan R.O.C. |
|
Date of Foundation: |
1964-7-10 |
|
Registration Number: |
11384806 |
|
Registry: |
Department of Commerce, Ministry
of Economic Affairs, R.O.C. |
|
Registered Capital: |
NTD 5,090,293,860 (USD 170,524,844) (As of 2013.01, 1 NTD = 0.0335 USD) |
|
Paid-up Capital: |
NTD 5,090,293,860 (USD 170,524,844) |
|
Legal Representatives: |
Longxing Liao |
|
Legal Form: |
|
|
Principal Activities: |
Engaged in manufacturing
and sales of chemicals including polyvinyl alcohol, glacial acetic acid, butyl acetate,
formalin, hexamine, hydrogen peroxide, ultra-purity electronic grade hydrogen
peroxide, epoxidized soya bean oil, copper foil, antioxidants and melamine |
|
Staff: |
|
|
Listed at Stock Exchange: |
|
|
Date of Last Annual Return: |
Subject was incorporated on 1964-7-10 with registered number 11384806 as Joint Stock Company in Taiwan.
|
Name |
Subscription
Shares |
|
Longxing Liao |
38,121,617 |
|
Xinyi Zheng |
77,844,293 |
|
Shuhong Lin |
12,843,574 |
|
Xiandong Lin |
24,658,902 |
|
Zheng Zheng |
26,161,835 |
|
Bokai Liao |
3,852,573 |
|
Qingying Lin |
26,739,343 |
|
Xianzhang Chen |
250,193 |
|
Jie Wang |
3,852,573 |
The information
above is that of subject’s major shareholders.
Factories
|
1 |
|
|
Name: |
Chang Chun Petrochemical Co., Ltd. Miao-Li Factory |
|
Address: |
No. 246-3, No.246, Fusingshan, Miaoli City, Miaoli County 360, Taiwan
(R.O.C.) |
|
Date of Foundation: |
1969-1-1 |
|
Date of Registration: |
1969-11-7 |
|
Factory Registration Number: |
99631525 |
|
Factory Manager: |
Chaoxing Chen |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2013-12-2 |
|
Major Products: |
089 other food 181 basic
chemicals 184 synthetic
resin, plastic and rubber 199 other
chemicals 220 plastic
products 339 other products |
|
Tel |
+886-37-320673 |
|
Fax |
+886-37-333920 |
|
2 |
|
|
Name: |
Chang Chun Petrochemical Co., Ltd. Miao-Li 2nd Factory |
|
Address: |
No.245, Fusingshan, Miaoli City, Miaoli County 360, Taiwan (R.O.C.) |
|
Date of Foundation: |
1976-11-5 |
|
Date of Registration: |
1978-9-25 |
|
Factory Registration Number: |
99631524 |
|
Factory Manager: |
Chaoxing Chen |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2014-1-9 |
|
Major Products: |
089 other food 181 basic
chemicals 184 synthetic
resin, plastic and rubber 199 other
chemicals 220 plastic
products 243 copper 254 processing of metal |
|
3 |
|
|
Name: |
Chang Chun Petrochemical Co., Ltd. Mailiao Factory |
|
Address: |
No.26, 7 Lin, Formosa Industrial Park, Sansheng Village, Mailiao
Township, Yunlin County, Taiwan (R.O.C.) |
|
Date of Registration: |
2002-8-15 |
|
Factory Registration Number: |
99653756 |
|
Factory Manager: |
Jinjun Cai |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2013-11-27 |
|
Major Products: |
181 basic
chemicals 182
petrochemical materials 184 synthetic resin, plastic and rubber |
|
4 |
|
|
Name: |
Chang Chun Petrochemical Co., Ltd. Dafa Factory |
|
Address: |
No.11, Jianye Rd., Daliao Dist., Kaohsiung City, Taiwan (R.O.C.) |
|
Date of Foundation: |
1988-8-31 |
|
Date of Registration: |
1992-5-4 |
|
Factory Registration Number: |
99665402 |
|
Factory Manager: |
Houfu Chen |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2013-1-16 |
|
Major Products: |
339 other
products 199 other chemicals |
Branch Companies
|
Name |
Chang Chun Petrochemical Co., Ltd. Mai-Liao Branch |
|
Registered Address: |
No.26,Sansheng Village, Formorsa Industrial Park, Mai-Liao Township,
Yunlin County, Taiwan |
|
Registration Number |
70760215 |
|
Date of Registration |
1999-12-29 |
|
Manager Name |
Shuhong Lin |
|
Date of Last Annual Return |
2002-5-16 |
|
Tel |
+886-5-6812790 |
|
Fax |
+886-5-6812798 |
Major Related Companies
|
1 |
|
|
Name: |
Chang Chun Plastics Co., Ltd. |
|
2 |
|
|
Name: |
Chang Chun Petrochemical Co., Ltd. |
|
|
|
|
Name: |
Tai Hong Circuit Ind. Co., Ltd. |
|
3 |
|
|
Name: |
Dairen Chemical Corporation |
|
4 |
|
|
Name: |
Chang Chiang Chemical Co., Ltd. |
|
5 |
|
|
Name: |
Tsu-Kong Co., Ltd. |
|
6 |
|
|
Name: |
Triplex Chemical Corporation |
|
7 |
|
|
Name: |
Ji Lin Chemical Co., Ltd. |
|
8 |
|
|
Name: |
Polyplastics Taiwan Co., Ltd. |
|
9 |
|
|
Name: |
Sumitomo Bakelite (Taiwan) Corporation
Limited |
|
10 |
|
|
Name: |
PT. Chang Chun DPN Chemical Industry |
|
11 |
|
|
Name: |
Guangdong Shen Xing Chemical Ltd. Co. |
|
|
|
|
Name: |
OK Taiwan Co., Ltd. |
|
12 |
|
|
Name: |
Trcct Technology Co., Ltd. |
|
13 |
|
|
Name: |
Chang Chun Japan Co., Ltd. |
Core
Management
|
1 |
|
|
Name |
Shuhong Lin |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Xinyi Zheng |
|
Position |
Executive Director |
|
3 |
|
|
Name |
Shuhong Lin |
|
Position |
Executive Director |
|
4 |
|
|
Name |
Xiandong Lin |
|
Position |
Director |
|
5 |
|
|
Name |
Zheng Zheng |
|
Position |
Director |
|
6 |
|
|
Name |
Bokai Liao |
|
Position |
Director |
|
7 |
|
|
Name |
Qingying Lin |
|
Position |
Director |
|
8 |
|
|
Name |
En-de Lin |
|
Position |
Director |
|
9 |
|
|
Name |
Xianzhang Chen |
|
Position |
Director |
|
10 |
|
|
Name |
Jie Wang |
|
Position |
Supervisor |
|
11 |
|
|
Name |
Shiguang Su |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 1,600
Employees |
Offices
& Factories
|
|
Headquarters |
|
Add |
Production
Information
l
Subject is a manufacturer of chemicals.
l
Subject has four
factories in Taiwan for production and the total area is about 450,000 square
meters.
l
Subject has obtained the
certifications of ISO 9000, ISO 14001 and OHSAS 18000, etc.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
C801010 |
Basic chemical manufacturing industry |
|
C801030 |
Precision chemical material manufacturing
industry |
|
C802060 |
Animal drug manufacturing industry |
|
C802120 |
Additive manufacturing industry |
|
C801020 |
Petrochemical raw materials manufacturing
industry |
|
C801040 |
Synthetic resin manufacturing industry |
|
C801050 |
Plastic raw material manufacturing
industry |
|
CB01030 |
Pollution controlling equipment manufacturing
industry |
|
CC01010 |
Power generation, transmission and
distribution machinery manufacturing industry |
|
CC01020 |
Electric wires and cables manufacturing
industry |
|
CC01050 |
Data storage and processing equipment
manufacturing industry |
|
CC01080 |
Electronic parts and components
manufacturing industry |
|
E599010 |
Piping engineering industry |
|
I601010 |
Leasing industry |
|
J101040 |
Waste treatment and disposal industry |
|
A101020 |
Crops growing industry |
|
C201010 |
Feed manufacturing industry |
|
C401010 |
Leather finishing industry |
|
C601010 |
Pulp manufacturing industry |
|
C601020 |
Paper manufacturing industry |
|
C601030 |
Paper container manufacturing industry |
|
C801060 |
Synthetic rubber manufacturing industry |
|
C801070 |
High pressure gas industry |
|
C802010 |
Fertilizers manufacturing industry |
|
C802020 |
Man-made fibers manufacturing industry |
|
C802030 |
Coatings and paint industry |
|
C802090 |
Cleaning preparations manufacturing
industry |
|
C901020 |
Glass and glass products manufacturing
industry |
|
CA01110 |
Copper industry |
|
CA03010 |
Metal heat treating industry |
|
CA04010 |
Metal surface treating industry |
|
CB01010 |
Machinery and equipment manufacturing
industry |
|
CC01060 |
Wired communications equipment and
apparatus manufacturing industry |
|
ZZ99999 |
Besides licensed business, all other
business items that are not banned or restricted. |
l
The raw materials for production are purchased from
both home and abroad such as Taiwan domestic market and Southeast Asia etc.
l
The subject is mainly engaged in sales of
chemicals.
l
The major products sold by subject include polyvinyl
alcohol, glacial acetic acid, butyl acetate, formalin, hexamine, hydrogen
peroxide, ultra-purity electronic grade hydrogen peroxide, epoxidized soya bean
oil, copper foil, antioxidants and melamine
l
The products sold by subject are applied to the
industries of textile, coating, semi-conductor, pharmaceutical, electronic,
paper and plastic.
l
Subject’s sales regions include Asia, America,
Europe and Africa, etc.
l
Subject’s major customers are Quadra Chemicals Ltd
and Ei Dupont De Nemours & Co Inc, etc.
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
Domestic Purchase
|
Product |
Terms |
Proportion |
|
Raw materials, etc |
T/T, etc |
100% |
Foreign Purchase
|
Product |
Terms |
Proportion |
|
Raw materials, etc |
L/C, T/T, etc |
100% |
Sales
Domestic Markets
|
Product |
Terms |
Proportion |
|
Chemicals, etc |
T/T, etc |
100% |
Export
|
Product |
Terms |
Proportion |
|
Chemicals, etc |
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. Wang declined to disclose its financials citing the grounds of company’s confidentiality; from other source we can not obtain the relevant information, either.
Mortgage
|
1 |
|
|
Case Type: |
Chattel Mortgage |
|
Certificate No.: |
067333 |
|
Debtor Name: |
Chang Chun Petrochemical Co., Ltd. |
|
Document Number: |
574748 |
|
Date of Registration: |
2000-8-29 |
|
Status: |
Paid Off |
|
2 |
|
|
Case Type: |
Chattel Mortgage |
|
Certificate No.: |
067377 |
|
Debtor Name: |
Chang Chun Petrochemical Co., Ltd. |
|
Document Number: |
574895 |
|
Date of Registration: |
2000-8-31 |
|
Status: |
Paid Off |
|
3 |
|
|
Case Type: |
Chattel Mortgage |
|
Certificate No.: |
068663 |
|
Debtor Name: |
Chang Chun Petrochemical Co., Ltd. |
|
Document Number: |
579757 |
|
Date of Registration: |
2000-12-11 |
|
Status: |
Paid Off |
|
4 |
|
|
Case Type: |
Chattel Mortgage |
|
Certificate No.: |
072672 |
|
Debtor Name: |
Chang Chun Petrochemical Co., Ltd. |
|
Document Number: |
09105061590 |
|
Date of Registration: |
2002-3-13 |
|
Status: |
Paid Off |
|
5 |
|
|
Case Type: |
Chattel Mortgage |
|
Certificate No.: |
075958 |
|
Debtor Name: |
Chang Chun Petrochemical Co., Ltd. |
|
Document Number: |
09205110310 |
|
Date of Registration: |
2003-5-15 |
|
Status: |
Paid Off |
Lawsuit
Up to date of reporting, no existing or latent litigation of the subject has been found.
|
Name: |
Ms. Wang |
|
Department: |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.32 |
|
UK Pound |
1 |
Rs.101.78 |
|
Euro |
1 |
Rs.84.68 |
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.