|
Report Date : |
18.06.2014 |
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 : |
· Engaged in manufacturing and sales of glass fibre · subject’s products are applied into the materials for electronic/electrical components, automobile parts, power tools, construction, marine, automobile and sport equipment Subject product ranges includes : ·
Glass yarn ·
Glass fine yarn ·
Chopped strand ·
Multi-end roving |
|
|
|
|
No of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
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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 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: |
No.2-1,Chung-Yang
Ind. Park, Chung-Yang Village, Hsin-Kang Hsiang, Chia Yi Hsien, Taiwan,
R.O.C. |
|
Supplied Address: |
NO.2-1,
CHUNG-YANG IND. PARK CHUNG-YANG VILLAGE HSIN-KANG HSIANG CHIA YI HSIEN Taiwan |
|
Telephone Number: |
+886-2-2717-8502/2717-8503 |
|
Fax Number: |
|
|
E-mail: |
Notes: The exact name and address are as above.
|
Credit Opinion: |
Notes:
Subject declined to disclose its staff number;
from other source we cannot obtain the relevant information, either.
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.
Shareholder
Information:
|
Registered Name: |
Nan Ya Plastics Corporation |
|
Registered Address: |
No.101, Shuiguan Rd., Renwu Dist., Kaohsiung
City 81465, Taiwan (R.O.C.) |
|
Registration Number: |
75370905 |
|
Registry: |
Department of Commerce, Ministry of Economic
Affairs, R.O.C. |
|
Registered Capital: |
NTD 79,308,215,890 (USD 2,625,101,046) (As of 2014.6, 1 NTD = 0.0331 USD) |
|
Paid-up Capital: |
NTD 79,308,215,890 (USD 2,625,101,046) |
|
Legal Representatives: |
Jiazhao Wu |
|
Legal Form: |
Joint Stock Company |
|
Staff: |
About 4,450 Employees |
|
Listed at Stock Exchange: |
Yes; Stock Symbol: 1303 |
|
Date of Last Annual Return: |
2014-5-20 |
Factory
|
Address: |
No.2-1,Chung-Yang Ind. Park, Chung-Yang
Village, Hsin-Kang Hsiang, Chia Yi Hsien, Taiwan, R.O.C. |
|
Date of Foundation: |
1987-11-23 |
|
Date of Registration: |
1991-6-19 |
|
Factory Registration Number: |
99655621 |
|
Factory Manager: |
Jinfa Li |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2001-12-13 |
|
Major Products: |
231 Glass and its
products 112 Weaving |
Related Companies
|
Name |
PFG FIBER GLASS (KUNSHAN) Co., Ltd. |
|
Address: |
201, Chang Jiang South Road, Kunshan Economic & Technical
Development Zone, Jiangsu, PRC |
|
Tel: |
+86-512-57357080 EXT:3506 |
|
Fax: |
+86-512-57369016 |
|
E-mail: |
Office
|
Name |
Taipei Office |
|
Address: |
Room 216, 5F, 201. Tung Hwa N. RD., Taipei, Taiwan. |
Core Management
|
1 |
|
|
Name |
Kevin Edward McDonald |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
August Alan Astroth |
|
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 |
Jinming Zhuang |
|
Position |
Supervisor |
|
8 |
|
|
Name |
Jiazhao Wu |
|
Position |
Supervisor |
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 a manufacturer of glass fibre
l
It is introduced that subject
has a factory in Taiwan for production.
l
It is introduced that
subject has obtained ISO 9002, CNS 12682, ISO 14001 and CNS14001
certifications.
l
It is introduced that
annual production capacity of subject is about 90,000 MT, of which 80,000 MT is
electronic-grade glass yarn.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
C901020 |
Manufacturing of glass and glass products. |
|
F401010 |
International trading business. |
|
ZZ99999 |
Besides licensed business, all other
business items those are not banned or restricted. |
l
It is introduced that subject purchases its raw
materials and etc both at home and abroad.
l The subject is
mainly engaged in sales of glass fibre
l
It is introduced that
subject’s selling territory includes Asia, Europe, America and etc.
l
It is introduced that
subject’s major customers are electronic industry, automobile industry,
construction industry and etc.
l
It is introduced that
subject’s products are applied into the materials for electronic/electrical
components, automobile parts, power tools, construction, marine, automobile and
sport equipment
Major Products
|
|
Product |
|
1 |
Glass yarn |
|
2 |
Glass fine yarn |
|
3 |
Chopped strand |
|
4 |
Multi-end roving |
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase
|
Payment
Terms |
Proportion |
|
|
Raw
materials and etc |
COD,
CBD and etc |
100% |
Foreign Purchase
|
Payment
Terms |
Proportion |
|
|
Raw
materials and etc |
CBD
and etc |
100% |
Sales
Domestic Markets
|
Sales
Terms |
Proportion |
|
|
Glass fibre and etc. |
COD,
CBD and etc |
100% |
Export
|
Sales
Terms |
Proportion |
|
|
Glass fibre and etc. |
CBD
and 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 salesman 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
|
Case Type: |
Certificate No.: |
Debtor Name: |
Document Number: |
Date of Registration: |
Date of Alteration: |
Status: |
|
Chattel Mortgage |
039605 |
PFG Fiber Glass Corporation |
107215 |
1992/4/3 |
1992/4/3 |
Paid Off |
|
Chattel Mortgage |
039610 |
PFG Fiber Glass Corporation |
107216 |
1992/4/3 |
1992/4/3 |
Paid Off |
|
Chattel Mortgage |
056880 |
PFG Fiber Glass Corporation |
820937 |
1998/2/2 |
|
Paid Off |
|
Chattel Mortgage |
058894 |
PFG Fiber Glass Corporation |
828163 |
1998/8/10 |
|
Paid Off |
|
Chattel Mortgage |
063317 |
PFG Fiber Glass Corporation |
537232 |
1999/9/20 |
|
Paid Off |
|
Chattel Mortgage |
070990 |
PFG Fiber Glass Corporation |
09005124650 |
2001/7/26 |
|
Paid Off |
Lawsuit
Up to date of reporting, no existing or latent litigation of the subject has been found.
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.37 |
|
UK Pound |
1 |
Rs.102.48 |
|
Euro |
1 |
Rs.81.87 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.