MIRA INFORM REPORT

Report Date :

16.09.2014

IDENTIFICATION DETAILS

Name :	EXTERNAL MATERIALS CO. LTD.
Registered Office :	No.578, Chien-Kung Rd., Kaohsiung
Country :	Taiwan
Financials (as on) :	31.12.2013
Date of Incorporation :	03.12.1964
Com. Reg. No.:	75339004
Legal Form :	Joint Stock Company
Line of Business :	Manufacturing and Sale of Resins Materials.
No of Employees :	About 1900

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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. 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

Contact Points

Company Name:	Eternal Materials Co., Ltd.
Supplied Name:	External Materials Co Ltd
Trading Address:	No.578, Chien-Kung Rd., Kaohsiung, Taiwan
Supplied Address:	578, Chien-Kung Road, Kaohsiung Kaohsiung
Telephone Number:	+886-7-383-8181
Fax Number:	+886-7-383-0816

Notes: The exact name and address are as above.

Company Identification Details

Registered Name:	Eternal Materials Co., Ltd.
Registered Address:	No.578, Chien-Kung Rd., Kaohsiung, Taiwan, R.O.C.
Date of Foundation:	1964-12-3
Registration Number:	75339004
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 12,000,000,000 (USD 399,600,000) (As of 2014.09, 1 NTD = 0.0333 USD)
Paid-up Capital:	NTD 10,221,690,260 (USD 340,382,286)
Legal Representatives:	Guolun Gao
Legal Form:	Joint Stock Company
Principal Activities:	Manufacturing and sale of resins materials, etc.
Staff:	About 1900 Employees
Listed at Stock Exchange:	Yes; Stock Code: 1717
Date of Last Annual Return:	2014-8-25

History

Subject was incorporated on 1964-12-3 with registered number 75339004 as Joint Stock Company in Taiwan.

Subject is listed on the Taiwan Exchange Stock on 1994-3-31.

Change of Name

Former Chinese Name:	長興化學工業股份有限公司
Current Chinese Name:	長興材料工業股份有限公司

Former English Name:	Eternal Chemical Co., Ltd.
Current English Name:	Eternal Materials Co., Ltd.

Corporate Structure

FACTORIES:

1
Name:	Ping-Nan Branch
Address:	No.23, Ping-Nan Rd., Ping-Nan Industrial Zone, Fang-Liao Hsiang, Ping Tung Hsien
Date of Foundation:	1988-10-6
Date of Registration:	1994-10-11
Factory Registration Number:	99665562
Factory Manager:	Hongyi Chen
Status:	In production
Date of Last Annual Return:	2014-7-3
Major Products:	199 Other chemical products
2
Name:	Da Fa Factory
Address:	No.30, Yu Min Street, Da Liao Li, Da Liao District, Kaohsiung City
Date of Foundation:	1990-12-31
Date of Registration:	1990-12-31
Factory Registration Number:	99661731
Factory Manager:	Fengrong Zhang
Status:	In production
Date of Last Annual Return:	2014-7-2
Major Products:	263 Printed circuit board 269 Other electronic components 181 The basic chemical materials
3
Name:	Lu Zhu Factory
Address:	No.22, Chang Xing Road, Hou Xiang Li, Lu Zhu District, Kaohsiung City
Date of Foundation:	1990-12-31
Date of Registration:	1990-12-31
Factory Registration Number:	99661553
Factory Manager:	Dongrong Lin
Status:	In production
Date of Last Annual Return:	2014-7-2
Major Products:	184 Synthetic resin, plastic and rubber 199 Other chemical products 192 Paints, dyes and pigments 239 Other non-metallic mineral products 263 Printed circuit board
4
Name:	Zhong Li Factory
Address:	1/F, 2/F, No.27, Ji Lin Road, Wen Hua Li, Zhong Li City, Tao Yuan Hsien
Date of Foundation:	1995-12-23
Date of Registration:	1997-6-30
Factory Registration Number:	99626421
Factory Manager:	Shiliang Lv
Status:	In production
Date of Last Annual Return:	2014-7-7
Major Products:	199 Other chemical products
5
Name:	Zhong Li The Second Factory
Address:	2/F, No.25-2, Ji Lin Road, Wen Hua Li, Zhong Li City, Tao Yuan Hsien
Date of Foundation:	2000-7-10
Date of Registration:	2001-3-26
Factory Registration Number:	99626411
Factory Manager:	Shiliang Lv
Status:	In production
Date of Last Annual Return:	2014-7-7
Major Products:	199 Other chemical products

BRANCHES

1
Name	Lu Zhu Branch
Registration Number	84894209
Date of Registration	1994-7-5
Status	Dissolved
Manager Name	Mingzhao Su
Date of Last Annual Return	2001-5-31
2
Name	Eternal Materials Co., Ltd. Ping-Nan Branch
Former Name	Eternal Chemical Co., Ltd. Ping-Nan Branch
Address	1F, 23, Ping-Nan Rd., Ping-Nan Industrial Zone, Fang-Liao Hsiang, Ping Tung Hsien
Registration Number	84309782
Date of Registration	1994-2-15
Status	Active
Manager Name	Hengning Liao
Date of Last Annual Return	2014-6-12

RELATED COMPANIES

1
Name	Eternal Technology Corporation
Address	1800 Touchstone Road Colonial Heights, Virginia 23834, U.S.A.
Tel	+1-804-524-8555/524-8557
Fax	+1-804-524-8556
Principal Activities	Sale of dry film photoresist
2
Name	Eternal Chemical Europe B.V.
Address	Noordenweg 24r, 2984 AG Ridderkerk
Tel	+1-804-524-8555/524-8557
Fax	+1-804-524-8556
3
Name	Eternal Electronic Material (Thailand) Co., Ltd.
Address	335/8 Moo 9, Bangna-Trad., Rd., KM 19 Tambol Bangchalong Amphur Bangplee, Samutprakarn 10540
Tel	+662-750-9086/750-9097/750-9147/337-3009
Fax	+662-750-9096
Principal Activities	Sale of dry film photoresist
4
Name	CHOU-KOU Chemical Co., Ltd.
Address	Chou-Kou Kan Bldg., 4th Floor, 1-16-3 Nakamachi, Machida Shi, Tokyo 194-0021, JAPAN
Tel	+81-427-24-1745
Fax	+81-427-29-8039
Principal Activities	Sale of resins for coatings, unsaturated polyester resins, specialty monomer, etc.
5
Name	Eternal Photoelectric Material Industry (Yingkou) Co., Ltd.
Address	No.102, Xinhai Street, Yingkou Coastal Industrial Base, Ying Kuo Liaoning, China
Tel	+86-417-293-5000
Fax	+86-417-292-7938
Principal Activities	Sale of dry film photoresist
6
Name	Eternal Chemical (China) Co., Ltd. Shanghai Branch
Address	Floor 12, Xinye Building, No.388, Tianlin Road, Shanghai, China
Tel	+86-21-5490-2200
Fax	+86-21-5490-2389
Principal Activities	Sale of general purpose resins, synthetic resins for coatings, unsaturated polyester resins, etc.
7
Name	Eternal Chemical (Guangdong) Co., Ltd. Guangzhou Branch
Address	Room 2212, FuLi Building, No. 28, Huaxia Road, Tianhe District, Guangzhou, Guangdong, China
Tel	+86-20-8560-8003
Fax	+86-20-8560-8005
Principal Activities	Sale of general purpose resins, etc.

Shareholders

MAJOR SHAREHOLDERS

Name	Subscription Shares
Guolun Gao	44,158,643
Cifei Xiao
460,217
Huaikun Yang	14,398,851
Wutong Huang	3,231,479
Jinkun Xie	595,524
Yingzhi Gao	16,360,548
Guang Yang Industrial Co., Ltd. (Literal Translation)	101,371,473
Maozheng Chen	5,480,218
Hong Zhang	22,289

Management Information

Core Management

Directors

1
Name		Guolun Gao
Position		Board Chairman
2
Name	Cifei Xiao
Position		Vice Chairman
3
Name	Huaikun Yang
Position		Director
4
Name	Wutong Huang
Position		Director
5
Name	Jinkun Xie
Position		Director
6
Name	Yingzhi Gao
Position		Director
7
Name	Junbin Ke
Position		Director
8
Name	Maozheng Chen
Position		Supervisor
9
Name	Hong Zhang
Position		Supervisor
10
Name	Guolun Gao
Position		Manager
Date of Appointment		2000-6-30
11
Name	Mingzhao Su
Position		Manager
Date of Appointment		1998-6-15
12
Name	Jinkun Xie
Position		Manager
Date of Appointment		2001-1-15
13
Name	Shunren Huang
Position		Manager
Date of Appointment		2001-1-15
14
Name	Jinyuan Chen
Position		Manager
Date of Appointment		2011-2-21
15
Name	Mingren Chen
Position		Manager
Date of Appointment		2011-2-21
16
Name	Shufen Yan
Position		Manager
Date of Appointment		2013-1-1

PERSONNEL STRUCTURE

Total Employees

About 1900 Employees

Operation Information

Offices & Factories

	Headquarters
Add	No.578, Chien-Kung Rd., Kaohsiung, Taiwan

PRODUCTION INFORMATION

Subject is engaged in manufacturing of resins materials, etc.

Subject has factories in Taiwan for production.

PURCHASE INFORMATION

The registered activities of subject:

Business Code	Details
C801040	Synthetic resin manufacturing industry
CC01080	Electronic components manufacturing industry
C802030	Coating and paint manufacturing industry
C802120	Industrial additives manufacturing industry
C801050	Plastic materials manufacturing industry
C805990	Other plastic products manufacturing industry (integrated circuit fabrication with all kinds of pressure sensitive tape)
C801990	Other chemical material manufacturing industry (photoresist, photoelectric chemical materials, packaging materials, chemical mechanical polishing liquid)
C801020	Petrochemical raw materials manufacturing industry
C801010	Basic chemical manufacturing industry
--	Manufacturing and sales of photoresist materials
--	Manufacturing and sales of electronic chemicals
--	Manufacturing and sales of polyhydric alcohol
--	Manufacturing and sales of methyl acrylate and acrylate
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.

SALES INFORMATION

Subject is engaged in sale of resins materials

The major products include resins materials, specialty chemical and electronic chemical materials

Subject’s sales regions are domestic market and abroad

Subject’s group has sales office in USA, India, Thailand, The Mainland of China

Subject’s major customers are manufacturers of plastic products, electronic chemical products, etc. and dealers

THE DETAIL INFORMATION OF THE PRODUCTS IS AS FOLLOWS:

Category	Products
Resins materials	Synthetic resins, unsaturated polyester resins, etc.
Specialty chemical	Specialty materials, specialty coatings, encapsulant materials, etc.
Electronic chemical materials	Copper clad laminates, photoresist materials, film materials, etc.

IMPORT AND EXPORT RIGHT:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

Products	Raw materials
Payment Terms	T/T, Cash

Import

Products	Raw materials
Payment Terms	L/C, T/T

Sales

Domestic Markets

Product	Resins materials
Selling Terms	T/T, Cash

Export

Product	Resins materials
Selling Terms	L/C, T/T

Balance Sheet

Unit: NTD/000

	2013-12-31	2012-12-31
Total cash and cash equivalents	4,844,892	4,131,004
Notes receivable, net	2,401,604	2,146,971
Accounts receivable, net	9,842,927	8,146,603
Total inventories	6,551,021	6,251,813
Total other current assets	3,614,714	3,074,610
Total current assets	27,255,158	23,751,001
Non-current available-for-sale financial assets, net	564,766	581,563
Non-current financial assets at cost, net	216,559	248,683
Investments accounted for using equity method, net	1,460,214	1,412,048
Total property, plant and equipment	13,316,224	12,923,799
Investment property, net	9,243	9,243
Total intangible assets	50,997	41,712
Deferred tax assets	333,565	413,593
Total other non-current assets, others	913,444	790,290
Total other non-current assets	913,444	790,290
Total non-current assets	16,865,012	16,420,931
Total assets	44,120,170 (USD 1,469,201,661)	40,171,932 (USD 1,337,725,336)
Total short-term borrowings	4,728,034	4,304,438
Total short-term notes and bills payable	0	449,683
Total current financial liabilities at fair value through profit or loss	0	448
Total notes payable	106,053	47,311
Total accounts payable	3,201,633	2,979,231
Total other payables	1,349,325	1,133,791
Current tax liabilities	249,097	187,383
Total long-term liabilities, current portion	2,812,571	3,072,629
Other current liabilities, others	82,409	30,650
Total other current liabilities	2,894,980	3,103,279
Total current liabilities	12,529,122	12,205,564
Total long-term borrowings	7,225,059	5,725,940
Total deferred tax liabilities	2,677,211	2,532,206
Total other non-current liabilities	1,546,971	1,513,633
Total non-current liabilities	11,449,241	9,771,779
Total liabilities	23,978,363	21,977,343
Ordinary share	9,923,971	9,923,971
Total capital stock	9,923,971	9,923,971
Total capital surplus, additional paid-in capital	309,017	309,017
Capital surplus, treasury share transactions	19,642	19,642
Capital surplus, changes in equity of associates and joint ventures accounted for using equity method	31,210	31,210
Total capital surplus	359,869	359,869
Legal reserve	2,623,697	2,497,454
Special reserve	426,930	426,930
Total unappropriated retained earnings (accumulated deficit)	4,122,181	3,399,146
Total retained earnings	7,172,808	6,323,530
Total exchange differences on translation of foreign financial statements	1,909,828	882,985
Total unrealized gains (losses) on available-for-sale financial assets	453,754	408,241
Total other equity interest	2,363,582	1,291,226
Total equity attributable to owners of parent	19,820,230	17,898,596
Non-controlling interests	321,577	295,993
Total equity	20,141,807 (USD 670,722,173)	18,194,589 (USD 605,879,814)

(As of 2014.09, 1 NTD = 0.0333 USD)

Profit and Loss Account

Unit: NTD/000

	2013	2012
Total operating revenue	38,189,390 (USD 1,271,706,687)	35,576,548 (USD 1,184,699,048)
Total operating costs	31,344,833	29,363,693
Gross profit (loss) from operations	6,844,557	6,212,855
Gross profit (loss) from operations	6,844,557	6,212,855
Total selling expenses	1,814,168	1,681,764
Total administrative expenses	1,466,695	1,311,122
Total research and development expenses	1,226,904	1,218,754
Total operating expenses	4,507,767	4,211,640
Net operating income (loss)	2,336,790	2,001,215
Total other income	330,411	241,925
Foreign exchange gains	230,893	0
Gains on financial assets (liabilities) at fair value through profit or loss	21,638	-3,355
Miscellaneous disbursements	69,527	42,873
Foreign exchange losses	0	109,454
Other gains and losses, net	183,004	-155,682
Finance costs, net	313,998	378,053
Share of profit (loss) of associates and joint ventures accounted for using equity method, net	76,190	164,652
Total non-operating income and expenses	275,607	-127,158
Profit (loss) from continuing operations before tax	2,612,397	1,874,057
Total tax expense (income)	675,167	551,275
Profit (loss) from continuing operations	1,937,230	1,322,782
Profit (loss)	1,937,230	1,322,782
Exchange differences on translation	1,030,811	-623,582
Unrealized gains (losses) on valuation of available-for-sale financial assets	45,513	91,921
Actuarial gains (losses) on defined benefit plans	13,393	-96,487
Income tax related to components of other comprehensive income	2,277	-16,402
Other comprehensive income, net	1,087,440	-611,746
Total comprehensive income	3,024,670	711,036
Profit (loss), attributable to owners of parent	1,929,799	1,290,292
Profit (loss), attributable to non-controlling interests	7,431	32,490
Comprehensive income, attributable to owners of parent	3,013,271	686,084
Comprehensive income, attributable to non-controlling interests	11,399	24,952
Basic earnings (loss) per share from continuing operations	1.94	1.30
Total basic earnings per share	1.94	1.30
Diluted earnings (loss) per share from continuing operations	1.94	1.30
Total diluted earnings per share	1.94	1.30

(As of 2014.09, 1 NTD = 0.0333 USD)

Cash Flows

Unit: NTD/000

	2013	2012
Cash flows from (used in) operating activities, indirect method
Profit (loss) from continuing operations before tax	2,612,397	1,874,057
Profit (loss) before tax	2,612,397	1,874,057
Depreciation expense	1,407,881	1,334,272
Amortization expense	47,558	91,858
Provision (reversal of provision) for bad debt expense	-15,557	31,386
Net loss (gain) on financial assets or liabilities at fair value through profit or loss	-21,638	3,355
Interest expense	320,086	394,483
Interest income	-136,639	-113,673
Dividend income	-22,737	-16,531
Share of loss (profit) of associates and joint ventures accounted for using equity method	-76,190	-164,652
Loss (gain) on disposal of property, plan and equipment	2,577	5,816
Loss (gain) on disposal of investments	-1,326	-8,772
Other adjustments to reconcile profit (loss)	17,576	15,770
Total adjustments to reconcile profit (loss)	1,521,591	1,573,312
Decrease (increase) in notes receivable	-137,463	12,952
Decrease (increase) in accounts receivable	-1,092,912	186,483
Decrease (increase) in inventories	-31,352	-10,538
Decrease (increase) in other current assets	500,084	-273,750
Total changes in operating assets	-761,643	-84,853
Increase (decrease) in notes payable	58,742	10,111
Increase (decrease) in accounts payable	-37,122	420,944
Increase (decrease) in other payable	182,715	34,703
Increase (decrease) in other financial liabilities	21,190	-8,512
Increase (decrease) in other current liabilities	-30,773	-151,065
Increase (decrease) in accrued pension liabilities	47,099	36,199
Total changes in operating liabilities	241,851	342,380
Total changes in operating assets and liabilities	-519,792	257,527
Total adjustments	1,001,799	1,830,839
Cash inflow (outflow) generated from operations	3,614,196	3,704,896
Interest received	102,952	102,699
Dividends received	153,741	130,746
Interest paid	-319,779	-482,661
Income taxes refund (paid)	-442,200	-317,758
Net cash flows from (used in) operating activities	3,108,910	3,137,922
Cash flows from (used in) investing activities
Proceeds from disposal of available-for-sale financial assets	67,012	0
Proceeds from disposal of financial assets at cost	30,676	1,097
Acquisition of investments accounted for using equity method	-58,610	-639,880
Net cash flow from acquisition of subsidiaries	-113,824	0
Acquisition of property, plant and equipment	-1,437,631	-1,019,256
Proceeds from disposal of property, plant and equipment	61,164	41,385
Acquisition of intangible assets	-3,716	-4,660
Proceeds from disposal of investment properties	0	24,596
Increase in other non-current assets	-4,981	-44,045
Other investing activities	-821,788	-855,145
Net cash flows from (used in) investing activities	-2,281,698	-2,495,908
Cash flows from (used in) financing activities
Increase in short-term loans	249,688	-126,777
Increase in short-term notes and bills payable	-449,683	-149,635
Proceeds from long-term debt	14,541,892	1,236,601
Repayments of long-term debt	-13,682,573	-426,977
Decrease in other non-current liabilities	-23,835	20,568
Cash dividends paid	-1,091,637	-992,397
Change in non-controlling interests	14,185	0
Net cash flows from (used in) financing activities	-441,963	-438,617
Effect of exchange rate changes on cash and cash equivalents	328,639	-1,448
Net increase (decrease) in cash and cash equivalents	713,888	201,949
Cash and cash equivalents at beginning of period	4,131,004	3,929,055
Cash and cash equivalents at end of period	4,844,892	4,131,004
Cash and cash equivalents reported in the statement of financial position	4,844,892	4,131,004

Note: the above financial information belongs to after adopting IFRSs.

Bankers

Subject declined to disclose its bank details; from other source we could not obtain the relevant information, either.

Public Record

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.

Special Note

INTERVIEW DETAILS

Name	Ms. Liu
Department	Sales Department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.99
UK Pound	1	Rs.99.10
Euro	1	Rs.79.03

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	TPT

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.