|
Report Date : |
17.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
EXCEL CHEMICAL CORPORATION |
|
|
|
|
Registered Office : |
Rm. A, C, 9 Fl., No.25, Sec.4, Jen Ai Rd., Taipei |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Date of Incorporation : |
15.11.1989 |
|
|
|
|
Com. Reg. No.: |
23531178 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturing and sales chemicals |
|
|
|
|
No. of Employees : |
Not Available |
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 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately 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: |
+886-2-2741-5577 |
|
Fax Number: |
Notes: Subject’s exact name and address are as above.
|
Registered Name: |
EXCEL CHEMICAL CORPORATION |
|
Registered Address: |
Rm. A, C, 9 Fl., 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 68,000,000) (As of 2014.06, 1 NTD = 0.0340 USD) |
|
Paid-up Capital: |
NTD 1,794,864,500 (USD 61,025,393) |
|
Legal Representatives: |
Chengqing Wu |
|
Legal Form: |
|
|
Principal Activities: |
|
|
Staff: |
|
|
Listed at Stock Exchange: |
|
|
Date of Last Annual Return: |
Note: Subject declined
to disclose its staff number; from other source we cannot obtain the relevant information,
either.
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 Co., Limited (Literal Translation) |
23,326,761 |
|
Taihe Industry Investment Co., Limited (Literal Translation) |
6,374,709 |
|
Hecheng Investment Co., Limited (Literal Translation) |
10,654,090 |
|
Mega International Commercial Bank Co., Ltd. |
10,800,447 |
The information above is that of subject’s major shareholders.
Shareholder Information:
|
1 |
|
|
Registered Name: |
Tasco Chemical Corporation |
|
Registered Address: |
No.25-9A, Morrison Plaza, Sec.4, Jen Ai Road,
Taipei, Taiwan, R.O.C. |
|
Date of Foundation: |
1982-4-26 |
|
Registration Number: |
30974253 |
|
Registry: |
Department of Commerce, Ministry of Economic
Affairs, R.O.C. |
|
Registered Capital: |
NTD 3,500,000,000 (USD 119,000,000) (As of 2014.06, 1 NTD = 0.0340 USD) |
|
Paid-up Capital: |
NTD 3,016,679,320 (USD 102,567,097) |
|
Legal Representatives: |
Chengqing Wu |
|
Legal Form: |
Joint Stock Company |
|
Date of Last Annual Return: |
2013-1-29 |
|
2 |
|
|
Registered Name: |
Dazhan Investment and Development Co., Limited (Literal Translation) |
|
Registered Address: |
Room A, 11th Floor, No.25, Sec 4,
Ren-ai Road, Da-an District, Taipei City, Taiwan |
|
Date of Foundation: |
1989-10-16 |
|
Registration Number: |
23474140 |
|
Registry: |
Taipei City Government |
|
Registered Capital: |
NTD 190,666,560 (USD 6,482,663) (As of 2014.06, 1 NTD = 0.0340 USD) |
|
Paid-up Capital: |
NTD 190,666,560 (USD 6,482,663) |
|
Legal Representatives: |
Suyue Yang |
|
Legal Form: |
Joint Stock Company |
|
Date of Last Annual Return: |
2007-12-20 |
|
3 |
|
|
Registered Name: |
Taihe Industry Investment Co., Limited (Literal Translation) |
|
Registered Address: |
Room A, 11th Floor, No.25, Sec 4,
Ren-ai Road, Da-an District, Taipei City, Taiwan |
|
Date of Foundation: |
1987-12-3 |
|
Registration Number: |
22765198 |
|
Registry: |
Taipei City Government |
|
Registered Capital: |
NTD 230,000,000
(USD 7,820,000) (As of 2014.06, 1 NTD = 0.0340 USD) |
|
Paid-up Capital: |
NTD 20,000,000 (USD 680,000) |
|
Legal Representatives: |
Suyue Yang |
|
Legal Form: |
Joint Stock Company |
|
Date of Last Annual Return: |
2010-8-10 |
|
4 |
|
|
Registered Name: |
Mega International Commercial Bank Co., Ltd. |
|
Registered Address: |
No.100, Jilin Rd., Zhongshan Dist., Taipei City
10424, Taiwan (R.O.C.) |
|
Date of Foundation: |
1928-10-26 |
|
Registration Number: |
03705903 |
|
Registry: |
Department of Commerce, Ministry of Economic
Affairs, R.O.C. |
|
Registered Capital: |
NTD 77,000,000,000 (USD 2,618,000,000) (As of 2014.06, 1 NTD = 0.0340 USD) |
|
Paid-up Capital: |
NTD 77,000,000,000 (USD 2,618,000,000) |
|
Legal Representatives: |
Youcai Cai |
|
Legal Form: |
Joint Stock Company |
|
Date of Last Annual Return: |
2014-3-10 |
Factory
|
Name: |
Lin Yuan Factory |
|
Address: |
No.2, Shihua 2nd Road, Xizhou Li, Linyuan District.
Kaohsiung City, Taiwan |
|
Date of Foundation: |
1990-4-27 |
|
Date of Registration: |
1990-4-27 |
|
Factory Registration Number: |
99661504 |
|
Factory Manager: |
Chengqing Wu |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2006-4-12 |
|
Major Products: |
199 other chemical products |
Core Management
Directors
|
1 |
|
|
Name |
Chengqing Wu |
|
Position |
Board Chairman/ Manager |
|
Date of Appointment |
2002-6-27 |
|
2 |
|
|
Name |
Suyue Yang |
|
Position |
Director |
|
3 |
|
|
Name |
Shangbin Wu |
|
Position |
Director |
|
4 |
|
|
Name |
Peijuan Wu |
|
Position |
Director |
|
5 |
|
|
Name |
Zhihong Huang |
|
Position |
Director |
|
6 |
|
|
Name |
Peirong Wu |
|
Position |
Director |
|
7 |
|
|
Name |
Zhongyi Li |
|
Position |
Director |
|
8 |
|
|
Name |
Qiyan Chen |
|
Position |
Director |
|
9 |
|
|
Name |
Weiqian Chen |
|
Position |
Director |
|
10 |
|
|
Name |
Bingtang Guo |
|
Position |
Supervisor |
|
11 |
|
|
Name |
Pinghe Liu |
|
Position |
Supervisor |
|
12 |
|
|
Name |
Xichong Zhong |
|
Position |
Supervisor |
Offices &
Factories
|
|
Headquarters |
|
Add |
Room A, C, 9th Fl., No.25, Sec.4, Jen Ai Rd., Taipei Taiwan
R.O.C. |
Production
Information
·
Subject is engaged in manufacturing of chemicals
·
Subject has a factory in Kaohsiung City, Taiwan for
production.
·
It is introduced that subject’s annual production
capacity of methyl tert-butyl ether is about 250,000 tons.
Purchase Information
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 |
|
6 |
Sales and trading business of import and export of acetylene and
carbinol |
|
7 |
Agent of domestic and overseas manufacturers’ chemical products’
sales, importing and exporting business |
|
8 |
Leasing and sales of parking lot and industrial land, factory
building, warehouse |
|
9 |
Importing and exporting business of construction materials |
|
10 |
Importing and exporting business of cosmetics and lubricating oil |
|
I601010 |
Rent business |
|
ZZ99999 |
Besides licensed business, all other business items those are not
banned or restricted. |
The raw materials for production are mostly purchased in domestic
market.
·
Subject is engaged in sale of chemicals
·
The major products sold by subject include methyl
tert-butyl ether, butanone, liquefied petroleum gas, maleic anhydride and so
on.
·
Subject’s sales regions include Asia, Europe and
America.
·
Subject’s major customers are ICC Chemical
Corporation and Satyen Polymers Pvt. Ltd.
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic
Purchase
|
Terms |
Proportion |
|
|
Raw materials |
T/T, Cash |
100% |
Foreign
Purchase
Subject has little
import.
Sales
Domestic
Markets
|
Terms |
Proportion |
|
|
Chemicals |
T/T, Cash |
100% |
Export
|
Terms |
Proportion |
|
|
Chemicals |
L/C, T/T |
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. Cheng 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 any information about
bankers, and we can not obtain the information from other source.
Mortgage
|
Case Type: |
Chattel Mortgage |
|
Certificate No.: |
038355 |
|
Debtor Name: |
Excel Chemical Corporation |
|
Document Number: |
326559 |
|
Date of Registration: |
1991-10-4 |
|
Date of Alteration: |
1991-10-4 |
|
Status: |
Paid off |
Lawsuit
Up to date of reporting, no existing or latent
litigation of the subject has been found.
|
Name |
Ms. Cheng |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.01 |
|
|
1 |
Rs.102.00 |
|
Euro |
1 |
Rs.81.25 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NNA |
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.