|
Report Date : |
07.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
CHI MEI CORPORATION |
|
|
|
|
Registered Office : |
No.59-1 San Chia, Jen Te ,Tainan City 71702 |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Date of Incorporation : |
11.01.1960 |
|
|
|
|
Com. Reg. No.: |
68387705 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturing and sale of plastics |
|
|
|
|
No. of Employees |
2,200 |
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Taiwan |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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. Taiwan's diplomatic isolation, low birth rate, and rapidly aging population are other major long-term challenges. Free trade agreements have proliferated in East Asia over the past several years, and following the landmark Economic Cooperation Framework Agreement (ECFA) signed with China in June 2010, Taiwan in July 2013 signed a free trade deal with New Zealand—Taipei’s first-ever with a country with which it does not maintain diplomatic relations—and in November inked a trade pact with Singapore. Negotiations continue on follow-on components of ECFA regarding trade in goods and a dispute resolution mechanism; a trade in services agreement is under review in the legislature. 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 overall trade surplus largely because of its surplus with China, and its foreign reserves are the world's sixth largest, behind China, Japan, Saudi Arabia, Russia, and Switzerland. 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. Taiwan since 2009 has gradually loosened rules governing Chinese investment on the island, and has also secured greater market access for its investors in the mainland. 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: |
|
|
Telephone Number: |
+886-6-266-3000/ 266-5000 |
|
Fax Number: |
Notes: The exact address is as above.
Subject was incorporated on 1960-1-11 with registered number 68387705 as Joint Stock Company in Taiwan.
|
Name |
Subscription Shares |
|
Chunhua Xu |
1,798,277 |
|
Taiqi Investment Co., Ltd. (Literal Translation) |
|
|
267,863,423 |
|
|
Lingyu Zhao |
12,851,948 |
|
Rongjun Lin |
336,656 |
|
Guangfu Song |
1,651,063 |
|
Qingsheng Lin |
904,645 |
|
Jiazhang Xu |
57,096,282 |
|
Japan Mitsubishi Chemical Corporation (Literal Translation) |
72,594,637 |
|
Zhaoyang He |
1,994,019 |
|
Yueli Investment Co., Ltd. (Literal Translation) |
21,643,807 |
The information above is that of subject’s major shareholders.
Major Shareholder
Information:
|
1 |
|
|
Registered Name: |
Taiqi Investment Co., Ltd. (Literal Translation) |
|
Registered Address: |
No. 392, Sec. 1, Jinhua Rd., Nan Dist., Tainan City, Taiwan |
|
Date of Foundation: |
2010-2-22 |
|
Registration Number: |
70802398 |
|
Registry: |
Department of Commerce, Ministry of Economic Affairs, R.O.C. |
|
Registered Capital: |
NTD 3,000,000,000 (USD 99,600,000) (As of 2014.6, 1 NTD = 0.0332 USD) |
|
Paid-up Capital: |
NTD 3,000,000,000 (USD 99,600,000) |
|
Legal Representatives: |
Guangfu Song |
|
Legal Form: |
Joint Stock Company |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2011-6-10 |
|
2 |
|
|
Registered Name: |
Yueli Investment Co., Ltd. (Literal Translation) |
|
Registered Address: |
1F, No. 1-1, Lane 35, Yonghua 6 Street, Ping’an Dist., Tainan City, Taiwan |
|
Date of Foundation: |
2010-2-20 |
|
Registration Number: |
12751511 |
|
Registry: |
Tainan City Government |
|
Registered Capital: |
NTD 234,379,740 (USD7,781,407) (As of 2014.6, 1 NTD = 0.0332 USD) |
|
Paid-up Capital: |
NTD 91,560,760 (USD 3,039,817) |
|
Legal Representatives: |
Yongchun Wu |
|
Legal Form: |
Joint Stock Company |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2014-1-20 |
Factories
|
1 |
|
|
Name: |
Chi Mei Corporation |
|
Address: |
No. 59-4, 59-1 Building A, Sanjia Li, Rende Dist., Tainan City, Taiwan |
|
Date of Foundation: |
1978-12-26 |
|
Date of Registration: |
1983-3-17 |
|
Factory Registration Number: |
99656523 |
|
Factory Manager: |
Lingyu Zhao |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2014-4-7 |
|
Major Products: |
184 Synthetic resin plastic and rubber 199 Other chemical products 220 Rubber Products 269 Other electrical parts |
|
2 |
|
|
Name: |
Chi Mei Corporation Xumei Factory |
|
Address: |
No. 36, Kaifa 4 Rd., Baoan Li, Rende Dist., Tainan, Taiwan |
|
Date of Foundation: |
2001-2-14 |
|
Date of Registration: |
2002-4-18 |
|
Factory Registration Number: |
99658627 |
|
Factory Manager: |
Lingyu Zhao |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2014-4-7 |
|
Major Products: |
181 Basic chemical materials 184 Synthetic resin plastic and rubber |
|
3 |
|
|
Name: |
Chi Mei Corporation Shugu Factory |
|
Address: |
No. 18, Wangjia Rd., Fenghua Li, Xinshi Dist., Tainan, Taiwan |
|
Date of Registration: |
2008-3-18 |
|
Factory Registration Number: |
99711405 |
|
Factory Manager: |
Peihua Sheng |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2014-4-7 |
|
Major Products: |
264 Photoelectric material and components |
Related Company
|
1 |
|
|
Name: |
Chi Mei Materials Technology Corporation |
|
Address: |
No. 13, Mujhangang West Road, Nan Guan Li, Shanhua District Tainan, 741 Taiwan |
|
Tel: |
+886-6-588-9988 |
|
Fax: |
+886-6-509-1005 |
|
Listed at Stock Exchange: |
Yes; (Stock Code: 4960) |
|
2 |
|
|
Name: |
Zhenjiang Chimei Chemical Co., Ltd. |
|
Address: |
18 Hanfeng Road, Zhenjiang Dagang Development Area, Jiangsu Province, China |
|
Tel: |
+86-511-8312-1300 |
Offices
|
1 |
|
|
Name: |
Taipei Business Office |
|
Address: |
8F 9 Aikuo W. Rd., Taipei City 10042 Taiwan |
|
Tel: |
+886-2-2314-8841 |
|
Fax: |
+886-2-2361-8800 |
|
2 |
|
|
Name: |
Taichung Business Office |
|
Address: |
27-5 Xiangshang Road Section 1, West District, Taichung 40358Taiwan |
|
Tel: |
+886-4-2302-2255 |
|
Fax: |
+886-4-2301-6161 |
|
3 |
|
|
Name: |
Tokyo Office |
|
Address: |
Nansei-Yaesu Bldg. 2F, 2-2-10 Yaesu, Chuo-ku, Tokyo, Japan |
|
Tel: |
+81-3-3281-2874 |
Core Management
Directors
|
1 |
|
|
Name |
Chunhua Xu |
|
Position |
Chairman of the Board |
|
2 |
|
|
Name |
Wenlong Xu |
|
Position |
Director |
|
3 |
|
|
Name |
Jinxiang Liao |
|
Position |
Director |
|
4 |
|
|
Name |
Lingyu Zhao |
|
Position |
Director |
|
5 |
|
|
Name |
Rongjun Lin |
|
Position |
Director |
|
6 |
|
|
Name |
Guangfu Song |
|
Position |
Director |
|
7 |
|
|
Name |
Qingsheng Lin |
|
Position |
Director |
|
8 |
|
|
Name |
Jucheng Lv |
|
Position |
Director |
|
9 |
|
|
Name |
Jiazhang Xu |
|
Position |
Director |
|
10 |
|
|
Name |
Muzi Lu |
|
Position |
Director |
|
11 |
|
|
Name |
Zhaoyang He |
|
Position |
Supervisor |
|
12 |
|
|
Name |
Yongchun Wu |
|
Position |
Supervisor |
Personnel Structure
|
Total Employees |
About 2,200 Employees |
Offices & Factories
|
|
Headquarters |
|
Add |
Production Information
Subject is engaged in manufacturing of plastics, etc.
Subject has factories in Taiwan and Mainland China for production.
Subject obtained the certification of ISO 9001, ISO 14001 and OHSAS 18001.
Purchase Information
The registered activities of subject:
|
Business Code |
Details |
|
C801010 |
Basic chemical industry |
|
C801020 |
Petroleum chemical raw materials manufacturing |
|
C801060 |
Synthetic rubber manufacturing industry |
|
C801100 |
Synthetic resin and plastic manufacturing |
|
C802990 |
Other chemical products manufacturing |
|
C901070 |
Stone products manufacturing |
|
CC01990 |
Other mechanical electrical and electronic equipment manufacturing industry |
|
F105050 |
Furniture and bedding product wholesaling kitchen appliance installations |
|
F107990 |
Other chemical products wholesale |
|
F199990 |
Other wholesale |
|
F205040 |
Bedding furniture kitchen appliance installed product retailing |
|
F207990 |
Other chemical products retail |
|
F299990 |
Other retail |
|
G801010 |
Warehousing industry |
|
H701020 |
Industrial workshop rental industry development |
|
H701040 |
Specific professional area development industry |
|
H701060 |
A new town, new community development industry |
|
J101040 |
Waste disposal industry |
|
J101050 |
Environmental testing services |
|
J101060 |
Wastewater or sewage water treatment industry |
|
CC01080 |
Electronic components manufacturing |
|
C801990 |
Other chemical materials manufacturing |
|
C805010 |
Plastic leather cloth plate pipe manufacturing |
|
C805050 |
Industrial plastic products manufacturing |
|
C805990 |
Other plastic products manufacturing |
|
C802090 |
Cleaning products manufacturing |
|
C802100 |
Cosmetics manufacturing |
|
ZZ99999 |
Besides licensed business, all other business items those are not banned or restricted. |
The raw materials for production are both purchased at home and abroad.
Subject is engaged in sale of plastics, etc.
The major products sold by subject include plastics, electronic materials, rubbers, specialty chemicals, etc.
Subject’s sales regions include domestic market, Japan, Korea, Thailand, India, Southeast Asia, US, North America, Germany, Italy, Australia, etc.
Subject’s major customers are manufacturers of plastic products and rubber products, and dealers, etc.
The major products of the subject are as follows
|
Category |
Products |
|
Plastics |
ABS(copolymerization of styrene, acrylonitrile, and butadiene latex), MABS, High Impact Polystyrene, PC (polycarbonate resin), SAN resin (copolymerization of styrene-acrylonitrile), ASA resin (copolymerization of styrene, acrylonitrile, and acrylic rubber), Q-resin (copolymerization of transparent styrene butadiene), PMMA (poly methylmethacrylate), MS resin, etc. |
|
Electronic Materials |
Optical PMMA Resins, Optical PMMA Sheet, Optical Diffuser Plate, Phosphor, etc. |
|
Rubbers |
TPE, SSBR, LBR, HBR, etc. |
|
Specialty Chemicals |
Photoresist, polyimide, wet chemicals, etc. |
Import and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase
|
Terms |
Proportion |
|
|
Raw materials, etc. |
T/T, Cash, etc |
100% |
Foreign Purchase
|
Terms |
Proportion |
|
|
Raw materials, etc. |
L/C, T/T, etc |
100% |
Sales
Domestic Markets
|
Terms |
Proportion |
|
|
Plastics, etc. |
T/T, Cash, etc |
100% |
Export
|
Terms |
Proportion |
|
|
Plastics, 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 declined to disclose its detail financials citing the grounds of company’s confidentiality, and we only obtain the following figures for your reference:
(Unit: NTD/Million)
|
|
Sales |
|
2011 |
100,662 (USD 3,341,978,400) |
|
2012 |
88,303 (USD 2,931,659,600) |
|
2013 |
84,132 (USD 2,793,182,400) |
Subject declined to
disclose any information about bankers, and we can not obtain the information
from other source.
Mortgage
|
1 |
|
|
Case Type: |
Chattel Mortgage |
|
Certificate No.: |
042740 |
|
Debtor Name: |
Chi Mei Corporation |
|
Document Number: |
099468 |
|
Date of Registration: |
1993-6-26 |
|
Status: |
Canceled |
|
2 |
|
|
Case Type: |
Chattel Mortgage |
|
Certificate No.: |
046392 |
|
Debtor Name: |
Chi Mei Corporation |
|
Document Number: |
189720 |
|
Date of Registration: |
1994-11-14 |
|
Status: |
Canceled |
|
3 |
|
|
Case Type: |
Chattel Mortgage |
|
Certificate No.: |
060016 |
|
Debtor Name: |
Chi Mei Corporation |
|
Document Number: |
832340 |
|
Date of Registration: |
1998-11-18 |
|
Status: |
Canceled |
|
1 |
|
|
Case Type: |
Chattel Mortgage |
|
Certificate No.: |
061945 |
|
Debtor Name: |
Chi Mei Corporation |
|
Document Number: |
855424 |
|
Date of Registration: |
1999-5-21 |
|
Status: |
Canceled |
Lawsuit
Up to date of reporting, no existing or latent litigation of the subject has been found.
|
Name |
Mr. Lin |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.20 |
|
|
1 |
Rs.99.52 |
|
Euro |
1 |
Rs.80.83 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIS |
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.