|
Report No. : |
355975 |
|
Report Date : |
25.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
GINAR TECHNOLOGY CO., LTD. |
|
|
|
|
Formerly Known As : |
GINAR CHEMICAL CO., LTD. |
|
|
|
|
Registered Office : |
No. 29-45, Hsu-Tsou Kang, Ta Yuan Hsiang,
Taoyuan 33713 |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
15.07.1982 |
|
|
|
|
Com. Reg. No.: |
12390496 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturing and Sale of Chemical Materials. |
|
|
|
|
No. of Employees : |
About 188 Employees (As of 2015-3-31) |
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Taiwan |
A1 |
A1 |
|
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. 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. However, follow-on components of the ECFA, including a signed agreement on trade in services and negotiations on trade in goods and dispute resolution, have stalled. In early 2014, the government bowed to public demand and proposed a new law governing the oversight of cross-Strait agreements, before any additional deals with China are implemented; the legislature has yet to vote on such legislation, leaving the future of ECFA up in the air as President MA enters his final full year in office. MA has portrayed ECFA as Taiwan’s key to greater participation in East Asia’s free trade networks.
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 expected to account for nearly 20% of the island's total population by 2025.
The island runs a trade surplus, largely because of its surplus with China, and its foreign reserves are the world's fifth largest, behind those of China, Japan, Saudi Arabia, 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, the Taiwan Central Bank signed a memorandum of understanding (MOU) 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 has helped Taiwan develop into a local RMB hub.
Closer economic links with the mainland bring greater opportunities for Taiwan’s economy but also pose new challenges as the island becomes more economically dependent on China at a time when political differences remain unresolved. During 2014, the press paid increasing attention to domestic economic issues, while pushing aside the debates over trade liberalization that were a hallmark of MA’s tenure. The media focused on the divide between Taiwan’s “haves” and “have nots,” providing extensive coverage of public frustration with stagnant wages, skyrocketing housing prices, and the difficulty of finding decent entry-level jobs.
|
Source
: CIA |
|
Company Name: |
|
|
Supplied Name: |
|
|
Trading Address: |
No. 29-45,
Hsu-Tsou Kang, Ta Yuan Hsiang, Taoyuan 33713 Taiwan |
|
Supplied Address: |
|
|
Telephone Number: |
+886-3-386-8820 |
|
Fax Number: |
|
|
E-mail: |
Notes: The exact name and address are as above.
Subject was incorporated on
1982-7-15 with registered number 12390496 as Joint Stock Company in Taiwan.
Change of Name
|
Former English Name: |
Ginar Chemical Co., Ltd. |
|
Current English Name: |
Ginar Technology Co., Ltd. |
Subject listed on Taiwan Over-The-Counter Securities Exchange on
2002-2-25.
Factories
|
1 |
|
|
Address: |
No. 29-45, Hsu-Tsou Kang, Ta Yuan Hsiang,
Taoyuan 33713 Taiwan |
|
Date of Foundation: |
1991-9-14 |
|
Date of Registration: |
1993-5-24 |
|
Factory Registration Number: |
99627754 |
|
Factory Manager: |
Chunzhong Zhong |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2015-1-6 |
|
Major Products: |
184 Synthetic resin, plastic and rubber 210 rubber products 220 plastic products |
|
2 |
|
|
Name: |
The 1st Factory |
|
Address: |
No. 29-6, Hsu-Tsou Kang, Ta Yuan Hsiang,
Taoyuan Taiwan |
|
Date of Foundation: |
1989-5-15 |
|
Date of Registration: |
1990-3-3 |
|
Factory Registration Number: |
99627792 |
|
Factory Manager: |
Chunzhong Zhong |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2015-1-6 |
|
Major Products: |
184 Synthetic resin, plastic and rubber |
|
3 |
|
|
Name: |
The 2nd Factory |
|
Address: |
No. 29-1, Hsu-Tsou Kang, Ta Yuan Hsiang, Taoyuan Taiwan |
|
Date of Registration: |
2012-1-19 |
|
Factory Registration Number: |
03000910 |
|
Factory Manager: |
Chunzhong Zhong |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2015-1-6 |
|
Major Products: |
184 Synthetic resin, plastic and rubber |
Branch
|
Name |
Taichung Branch |
|
Registration Number |
84702960 |
|
Date of Registration |
1993-11-17 |
|
Status |
Live Company |
|
Date of Last Annual Return |
1993-11-17 |
Related Company
|
Name |
Jiangsu Ginar Plastic Technology CO., Ltd. |
|
Address |
NO. 685, Huaihe Road, Huaiyin District, Huaian, Jiangsu, China |
|
Telephone No.: |
+86-517-8086-0591 |
|
Fax No.: |
+86-517-8086-0592 |
Major Shareholders
|
Name |
Subscription Shares |
|
Chunzhong Zhong |
|
|
1,279,624 |
|
|
Baomin Zhong |
1,620,044 |
|
Hengtong Investment Co., Ltd. (Literal Translation) |
2,268,517 |
|
Guoliang Yang |
716,900 |
|
Yuanzhen Chen |
33,737 |
|
Wenchao Huang |
443,876 |
|
Zhenwen Zhang |
46,233 |
|
Qingzai Wu |
506,891 |
|
Shunrong Yan |
475,912 |
|
Yumou Zhong |
141,174 |
Core Management
Directors
|
1 |
||
|
Name |
Chunzhong Zhong |
|
|
Position |
Chairman of the Board & Manager |
|
|
Date of Appointment of Manager |
1995-12-27 |
|
|
2 |
||
|
Name |
Baomin Zhong |
|
|
Position |
Director |
|
|
3 |
||
|
Name |
Qingyu Xie |
|
|
Position |
Director |
|
|
4 |
||
|
Name |
Guoliang Yang |
|
|
Position |
Director |
|
|
5 |
||
|
Name |
Yuanzhen Chen |
|
|
Position |
Director |
|
|
6 |
||
|
Name |
Wenchao Huang |
|
|
Position |
Director |
|
|
7 |
||
|
Name |
Zhenwen Zhang |
|
|
Position |
Director |
|
|
8 |
||
|
Name |
Qingzai Wu |
|
|
Position |
Supervisor |
|
|
9 |
||
|
Name |
Shunrong Yan |
|
|
Position |
Supervisor |
|
|
10 |
||
|
Name |
Yumou Zhong |
|
|
Position |
Supervisor |
|
Personnel Structure
|
Total Employees |
About 188 Employees (As of 2015-3-31) |
Offices & Factories
|
|
Headquarters |
|
Add |
No. 29-45, Hsu-Tsou Kang, Ta Yuan Hsiang, Taoyuan 33713 Taiwan |
Production Information
Subject is engaged in manufacturing of chemical materials, etc.
Subject has factories in Taiwan for production.
It is introduced that subject has a factory in Dongguan City, the
Mainland of China for production of PC compounds.
Subject obtained the certification of ISO 9001, ISO 14001, ISO 16949 and
QC 080000.
It is introduced that the total annual production of the subject’s
capacity is about 55,000 tones.
Purchase Information
The registered activities of subject:
|
Business Code |
Details |
|
-- |
Manufacturing, processing, buying and selling of rubber composites,
plastic composite materials, reinforced plastic, mineral, fiber reinforced plastic
and plastic engineering plastic alloy. |
|
-- |
Agent of the pricing, bidding of above related products home and
abroad. |
|
-- |
General trading business. |
|
CC01080 |
Electronic components manufacturing |
|
C805050 |
Industrial plastic products manufacturing |
|
CC01990 |
Other mechanical electrical and electronic equipment manufacturing
(connector) |
|
ZZ99999 |
Besides licensed business, all other business items those are not
banned or restricted. |
The raw materials for production are purchased both at home and abroad.
Subject is engaged in sale of chemical
materials, etc.
The major products are mapex polyamide compounds, aplax polypropylene
compounds, and kapex polycarbonate compounds and so on.
Subject’s sales regions are Taiwan, the Mainland of China, Hong Kong,
Taiwan, Southeast Asia, USA, Europe, etc.
Subject’s major customers are manufacturers of electronics, automobiles,
sports equipment, etc.
Import and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
Domestic Purchase
|
Products |
Raw materials |
|
Payment Terms |
T/T, Cash, etc. |
Import
|
Products |
Raw materials |
|
Payment Terms |
L/C, T/T, etc. |
Domestic Markets
|
Product |
Chemical materials, etc. |
|
Selling Terms |
T/T, Cash, etc. |
Export
|
Product |
Chemical materials, etc. |
|
Selling Terms |
L/C, T/T, etc. |
Unit: NTD/000
|
Consolidated |
2014-12-31 |
2013-12-31 |
|
Current assets |
|
|
|
Cash and cash equivalents |
178,334 |
144,125 |
|
Financial assets net fair valued by profit and loss |
0 |
0 |
|
Bond investment with non-active
market-current net |
2,000 |
2,000 |
|
Notes receivable, net |
168,500 |
140,687 |
|
Accounts receivable, net |
457,395 |
462,892 |
|
Other accounts receivable, net |
15,198 |
51,132 |
|
Current Income tax assets |
4,811 |
3,492 |
|
Inventories |
373,838 |
349,355 |
|
Prepayment |
7,264 |
8,950 |
|
Other current assets |
474 |
471 |
|
Total current assets |
1,207,814 |
1,163,104 |
|
Non-current assets |
|
|
|
Financial assets valued by cost- non-current net |
0 |
30,000 |
|
Net investment by equity method |
0 |
0 |
|
Property, plant and equipment |
571,208 |
564,984 |
|
Investment non-current assets |
2,941 |
2,973 |
|
Intangible assets |
2,095 |
4,162 |
|
Deferred tax assets |
6,036 |
11,300 |
|
Other non-current assets |
42,773 |
9,645 |
|
Total non-current assets |
625,053 |
623,064 |
|
Total assets |
1,832,867 |
1,786,168 |
|
Current liabilities |
|
|
|
Short-term borrowings |
276,338 |
239,345 |
|
Notes payable |
118,322 |
90,511 |
|
Accounts payable |
165,426 |
187,742 |
|
Other Accounts payable |
56,917 |
68,384 |
|
Current tax liabilities |
4,898 |
19,622 |
|
Other current liabilities |
30,621 |
30,584 |
|
Total current liabilities |
652,522 |
636,188 |
|
Non-current liabilities |
|
|
|
Long-term borrowings |
167,500 |
197,500 |
|
Deferred tax liabilities |
58,199 |
51,813 |
|
Other non-current liabilities |
26,835 |
31,010 |
|
Total non-current liabilities |
252,534 |
280,323 |
|
Total liabilities |
905,056 |
916,511 |
|
Ordinary share |
552,573 |
516,424 |
|
Total capital stock |
552,573 |
516,424 |
|
Capital surplus |
144,319 |
144,319 |
|
Legal reserve |
92,330 |
84,332 |
|
Special reserve |
0 |
896 |
|
Unappropriated retained earnings (accumulated deficit) |
74,524 |
79,978 |
|
Total retained earnings |
166,854 |
165,206 |
|
Other equity |
64,065 |
43,708 |
|
Total equity attributable to the parent company |
927,811 |
869,657 |
|
Non-controlling equity |
0 |
0 |
|
Total equity |
927,811 |
869,657 |
Unit: NTD/000
|
Consolidated |
2014 |
2013 |
|
Operating revenue |
2,037,851 |
2,134,918 |
|
Operating costs |
1,725,907 |
1,791,508 |
|
Gross profit (loss) from operations |
311,944 |
343,410 |
|
Gross profit (loss) from operations-net |
311,944 |
343,410 |
|
Selling expenses |
111,308 |
102,134 |
|
Administrative expenses |
72,730 |
91,642 |
|
Research and development expenses |
35,440 |
37,273 |
|
Operating expenses |
219,478 |
231,049 |
|
Income (expenses) from operating |
92,466 |
112,361 |
|
Other income |
15,464 |
13,320 |
|
Other net income or loss |
-5,236 |
1,452 |
|
Financial cost net |
9,292 |
9,539 |
|
Non-operating income and expenses |
936 |
5,233 |
|
Net income (loss) before tax |
93,402 |
117,594 |
|
Tax expense (income) |
21,574 |
32,882 |
|
Profit (loss) from continuing operations |
71,828 |
84,712 |
|
Net income (loss) |
71,828 |
84,712 |
|
Other net income (loss) |
|
|
|
Foreign cash balance operating mechanism conversion of the financial
statements |
24,527 |
28,093 |
|
Determine the welfare program actuarial profit (loss) |
2,553 |
-2,672 |
|
Income tax related to other comprehensive
profit (loss) |
4,604 |
4,320 |
|
Other comprehensive profit (loss) net |
22,476 |
21,101 |
|
Total comprehensive profit (loss) |
94,304 |
105,813 |
|
Net profit (loss) attributable to: |
|
|
|
Net income or loss of parent company |
71,828 |
84,712 |
|
Net income or loss of non-controlling equity |
0 |
0 |
|
Comprehensive profit (loss) attributable to: |
|
|
|
Comprehensive profit (loss) of parent company |
94,304 |
105,813 |
|
Comprehensive profit (loss) of non-controlling equity |
0 |
0 |
|
Basic earnings per share |
1.30 |
1.53 |
|
Diluted earnings per share |
1.29 |
1.52 |
Unit: NTD/000
|
Consolidated |
2014 |
2013 |
|
Cash flows from (used in) operating activities, indirect method |
|
|
|
Profit (loss) from continuing operations before tax |
93,402 |
117,594 |
|
Profit (loss) before tax |
93,402 |
117,594 |
|
Depreciation expense |
56,861 |
58,945 |
|
Amortization expense |
2,964 |
3,203 |
|
Provision (reversal of provision) for bad debt expense |
9,814 |
24,635 |
|
Net income or loss of financial assets and liabilities by fair value |
0 |
0 |
|
Interest expense |
9,292 |
9,539 |
|
Interest income |
-1,788 |
-997 |
|
Loss (gain) on disposal of property, plant and equipment |
127 |
2,806 |
|
Loss (gain) on disposal of investment |
3,067 |
0 |
|
Loss on financial assets |
1,500 |
0 |
|
Total income or loss non-effect cash flow |
81,837 |
98,131 |
|
Decrease (increase) in financial assets for sale |
25,433 |
0 |
|
Decrease (increase) in notes receivable |
-24,321 |
-25,184 |
|
Decrease (increase) in accounts receivable |
3,780 |
-33,384 |
|
Decrease (increase) in other accounts receivable |
35,953 |
-14,983 |
|
Decrease (increase) in inventories |
-20,120 |
24,467 |
|
Decrease (increase) in prepayment |
1,810 |
6,060 |
|
Decrease (increase) in other current assets |
13 |
41 |
|
Decrease (increase) in other financial assets |
-1 |
0 |
|
Total net changes in operating assets |
22,547 |
-42,983 |
|
Increase (decrease) in notes payable |
27,645 |
16,751 |
|
Increase (decrease) in accounts payable |
-25,314 |
81,807 |
|
Increase (decrease) in other accounts payable |
-12,663 |
17,373 |
|
Increase (decrease) in other current liabilities |
37 |
-52 |
|
Increase (decrease) in accrued pension liabilities |
-1,629 |
-1,454 |
|
Total net changes in operating liabilities |
-11,924 |
114,425 |
|
Total changes in operating assets and liabilities |
10,623 |
71,442 |
|
Total adjustments |
92,460 |
169,573 |
|
Cash inflow (outflow) generated from operations |
185,862 |
287,167 |
|
Interest received |
1,789 |
1,938 |
|
Charge of the dividend |
-9,244 |
-10,707 |
|
Income taxes refund (paid) |
-30,571 |
-16,075 |
|
Net cash flows from (used in) operating activities |
147,836 |
262,323 |
|
Cash flows from (used in) investing activities |
|
|
|
Financial assets measured by costs |
0 |
-30,000 |
|
Acquisition of property, plant and equipment |
-60,527 |
-14,861 |
|
Proceeds from disposal of property, plant and equipment |
4 |
2,838 |
|
Increase in refundable deposit |
0 |
-897 |
|
Decrease in refundable deposit |
17 |
0 |
|
Acquisition of intangible
assets |
-534 |
-734 |
|
Increase in other non-current assets |
-72 |
0 |
|
Increase in prepayment of equipment |
0 |
-3,542 |
|
Decrease in prepayment of equipment |
2,703 |
0 |
|
Other increase in prepayment |
-36,057 |
0 |
|
Net cash flows from (used in) investing activities |
-94,466 |
-47,196 |
|
Net cash flows from (used in) financing activities |
|
|
|
Increase in short-term borrowing |
35,920 |
0 |
|
Decrease in short-term borrowing |
0 |
-57,040 |
|
Proceeds from long-term debt |
0 |
250,000 |
|
Repayments of long-term debt |
-30,000 |
-257,412 |
|
increase in deposit received |
0 |
-30 |
|
Cash dividends paid |
-36,150 |
-46,478 |
|
Net cash flows from (used in) financing activities |
-30,230 |
-110,960 |
|
Effect of exchange rate changes on cash and cash equivalents |
11,069 |
3,144 |
|
Net increase (decrease) in cash and cash equivalents |
34,209 |
107,311 |
|
Cash and cash equivalents at beginning of period |
144,125 |
36,814 |
|
Cash and cash equivalents at end of period |
178,334 |
144,125 |
|
Cash and cash equivalents reported in the statement of financial
position |
178,334 |
144,125 |
Note: Subject didn’t submit its individual financial information; we
obtained its consolidated financials as above for reference.
The above
financial figures are based on the IFRSs Accounting System.
|
Name: |
First Commercial Bank |
Mortgage
|
Case Type: |
Chattel Mortgage |
|
Registered Number: |
076269 |
|
Debtor Name: |
Ginar Technology Co., Ltd. |
|
Registry: |
Economic Development Bureau of Taoyuan City
Government |
|
Name of Mortgagee: |
Bank of Communications Co., Ltd. Business
Department |
|
Date of Registration: |
2003-6-19 |
|
Amount of Secure Claims: |
NTD 15,536,000 |
|
Type of Mortgage: |
Machinery, equipment and tools |
Lawsuit
|
Trial Number: |
2009, taojian, 471 |
|
Date of Trial: |
2009-5-12 |
|
Reason: |
Service payment |
|
Claimant: |
Hong Kong First Line Co., Ltd. Taiwan Branch
(Literal Translation) |
|
Defendant: |
Ginar Technology Co., Ltd. |
Interview Details
|
Name |
Mr. Yang |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.20 |
|
|
1 |
Rs.98.30 |
|
Euro |
1 |
Rs.72.41 |
|
TWD |
1 |
Rs.2.01 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
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.