|
Report No. : |
328383 |
|
Report Date : |
27.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
TAIWAN PROSPERITY CHEMICAL CORPORATION |
|
|
|
|
Registered Office : |
9FL., No.113, Sec. 2, Chung-Shan N. Rd., Taipei 104 |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
28.05.1991 |
|
|
|
|
Com. Reg. No.: |
86120031 |
|
|
|
|
Legal Form : |
Joint Stock
Company |
|
|
|
|
Line of Business : |
Manufacturing and sales of chemical products. |
|
|
|
|
No. of Employee : |
About 215 |
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 : |
Slow but correct |
|
|
|
|
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, 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. However, follow-on components of ECFA, including a signed agreement on trade in services, negotiations on trade in goods, and dispute resolution—have stalled. In early 2014, the government bowed to public demand for 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 under 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 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 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 the Taiwan 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: |
9FL., No.113, Sec. 2, Chung-Shan N. Rd.,
Taipei 104, Taiwan, R.O.C. |
|
Supplied Address: |
|
|
Telephone Number: |
+886-2-2563-3228 |
|
Fax Number: |
+886-2-2563-5181 |
|
Website: |
Notes: The exact name and
address are as above.
Subject was incorporated on 1991-5-28 with registered number 86120031 as Joint Stock Company in
Taiwan.
Subject was listed
on Taiwan Stock Exchange on 2007-10-2.
Corporate Structure
Factory
|
Name: |
Linyuan Plant |
|
Address: |
No.9, Gongye 3rd Rd.,
Linyuan Industrial Zone, Linyuan Township, Kaohsiung County, Taiwan |
|
Date of Foundation: |
1992-8-25 |
|
Date of Registration: |
1995-10-16 |
|
Factory Registration Number: |
99661829 |
|
Factory Manager: |
Qingyuan Lai |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2015-5-11 |
|
Major Products: |
182 Petrochemical
materials |
|
Principal Activity |
Subject has 6
plants on the address above for manufacturing of cumene, acetone, bisphenol,
cyclohexanone and marin anhydride. |
Major Shareholders
|
Name |
Subscription
Shares |
|
Taiwan Cement
Corporation |
145,987,998 |
|
Renhe Jiao |
9,000 |
Shareholder
Information:
|
Registered Name: |
Taiwan Cement Corporation |
|
Registered Address: |
No.113, Sec.2, Chung Shan N. Rd., Taipei City, Taiwan, R.O.C. |
|
Date of Foundation: |
1950-12-29 |
|
Registration Number: |
11913502 |
|
Registry: |
Department of Commerce, Ministry of Economic Affairs, R.O.C. |
|
Registered Capital: |
NTD 40,073,866,000 (USD 1,282,363,712) (As of 2015.06, 1 NTD = 0.032 USD) |
|
Paid-up Capital: |
NTD 36,921,758,690 (USD1,181,496,278) |
|
Legal Representatives: |
Chengyun Gu |
|
Legal Form: |
Joint Stock Company |
|
Listed at Stock Exchange: |
Yes; Stock Code: 1101 |
|
Date of Last Annual Return: |
2013-7-8 |
|
Telephone Number: |
+886-2-2531-6533 |
|
Fax Number: |
+886-2-2531-6529 |
Core Management
Directors
|
1 |
|
|
Name |
Chengyun Gu |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Anping Zhang |
|
Position |
Director |
|
3 |
|
|
Name |
Boyuan Wang |
|
Position |
Director |
|
4 |
|
|
Name |
Fulong Chen |
|
Position |
Director |
|
5 |
|
|
Name |
Renhe Jiao |
|
Position |
Independent Director |
|
6 |
|
|
Name |
Zhiren Sheng |
|
Position |
Independent Director |
|
7 |
|
|
Name |
Zinan Jia |
|
Position |
Independent Director |
|
8 |
|
|
Name |
Tianfu Zhao |
|
Position |
Manager |
|
Dare of
Appointment |
2012-4-2 |
Personnel Structure
|
Total Employees |
About 215 Employees |
Offices & Factories
|
|
Headquarters |
|
Add |
9FL., No.113,
Sec. 2, Chung-Shan N. Rd., Taipei 104, Taiwan, R.O.C. |
Production Information
Subject is a trader
of chemical products and etc
without any production activities.
It is introduced
that subject has six factories in Linyuan Township, Kaohsiung County, Taiwan
for production. (Total area is about 13 hectare)
It is introduced
that subject has obtained certification of ISO 9002 and ISO 14001.
Purchase Information
The registered activities of subject:
|
Business Code |
Details |
|
C801020 |
Manufacture of
petrochemical materials |
|
F107200 |
Wholesales of
chemical materials |
|
F107990 |
Wholesales of
other chemical products |
|
F207200 |
Retails of
chemical materials |
|
F207990 |
Retails of other
chemical products |
|
ZZ99999 |
Besides licensed
business, all other business items those are not banned or restricted. |
It is introduced that
subject purchases its raw materials and etc both at home and abroad.
It is introduced
that subject imports some materials from other Asian countries.
Subject is engaged in sale of chemical
products
The subject’s major
products include cumene, acetone, bisphenol, cyclohexanone, Marin anhydride
Subject’s sales
regions include China, Japan, South Korea, other Asian countries, Australia,
USA, etc. It is introduced that subject has about 50% of products for
exporting.
Subject’s major customers
are manufacturers of fibers, engineering plastics, industrial solvents, and
auto-materials
Subject’s has many
customers such as ICC Chemical Corporation, Basf Chile S.A., Micro Inks Ltd.,
China Petroleum & Chemical, Kaohsiung Monomer Company Ltd, and Chimei Asahi
Corporation
Subject’s major
competitors Taiwan are Formosa Chemicals & Fibre Corporation and Chang
Chung Group.
Import and export right:
|
Import right |
Yes |
|
Export right |
Yes |
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 |
Chemical products |
|
Selling Terms |
T/T, Cash |
Export
|
Product |
Chemical products |
|
Selling Terms |
L/C, T/T |
Unit: NTD/000
|
Consolidated |
2014-12-31 |
2013-12-31 |
|
Assets |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
|
|
|
Total cash and cash equivalents |
140,138 |
848,254 |
|
Current available-for-sale financial
assets |
|
|
|
Current available-for-sale financial
assets, net |
858,770 |
876,950 |
|
Accounts receivable, net |
|
|
|
Accounts receivable, net |
1,767,500 |
2,565,944 |
|
Other receivables |
|
|
|
Other receivables, net |
69,375 |
51,410 |
|
Inventories |
|
|
|
Total inventories |
1,995,160 |
1,274,401 |
|
Prepayments |
|
|
|
Total prepayments |
134,567 |
79,317 |
|
Other current assets |
|
|
|
Total other current assets |
9,889 |
28,144 |
|
Total current assets |
4,975,399 |
5,724,420 |
|
Non-current assets |
|
|
|
Property, plant and equipment |
|
|
|
Total property, plant and equipment |
7,999,320 |
5,276,824 |
|
Deferred tax assets |
300,301 |
193,988 |
|
Other non-current assets |
|
|
|
Other non-current assets, others |
|
|
|
Total other non-current assets, others |
658,411 |
3,882,859 |
|
Total other non-current assets |
658,411 |
3,882,859 |
|
Total non-current assets |
8,958,032 |
9,353,671 |
|
Total assets |
13,933,431 |
15,078,091 |
|
Liabilities |
|
|
|
Current liabilities |
|
|
|
Short-term borrowings |
|
|
|
Total short-term borrowings |
1,548,875 |
1,608,130 |
|
Short-term notes and bills payable |
|
|
|
Total short-term notes and bills payable |
799,082 |
499,018 |
|
Accounts payable |
|
|
|
Total accounts payable |
827,481 |
1,761,354 |
|
Other payables |
|
|
|
Total other payables |
644,515 |
671,397 |
|
Other current liabilities |
|
|
|
Other current liabilities, others |
7,361 |
28,833 |
|
Total other current liabilities |
7,361 |
28,833 |
|
Total current liabilities |
3,827,314 |
4,568,732 |
|
Non-current liabilities |
|
|
|
Long-term borrowings |
|
|
|
Total long-term borrowings |
1,900,000 |
1,450,000 |
|
Other non-current liabilities |
|
|
|
Long-term notes and accounts payable to
related parties |
|
|
|
Long-term lease obligations payable to
related parties |
2,345,930 |
2,570,360 |
|
Total long-term notes and accounts
payable to related parties |
2,345,930 |
2,570,360 |
|
Other non-current liabilities, others |
146,828 |
173,495 |
|
Total other non-current liabilities |
2,492,758 |
2,743,855 |
|
Total non-current liabilities |
4,392,758 |
4,193,855 |
|
Total liabilities |
8,220,072 |
8,762,587 |
|
Equity |
|
|
|
Share capital |
|
|
|
Ordinary share |
2,919,750 |
2,919,750 |
|
Total capital stock |
2,919,750 |
2,919,750 |
|
Capital surplus |
|
|
|
Total capital surplus |
690,000 |
690,000 |
|
Retained earnings |
|
|
|
Legal reserve |
1,287,784 |
1,287,784 |
|
Special reserve |
0 |
177,910 |
|
Unappropriated retained earnings
(accumulated deficit) |
|
|
|
Total unappropriated retained earnings
(accumulated deficit) |
769,792 |
1,175,847 |
|
Total retained earnings |
2,057,576 |
2,641,541 |
|
Other equity interest |
|
|
|
Unrealized gains (losses) on
available-for-sale financial assets |
|
|
|
Total unrealized gains (losses) on
available-for-sale financial assets |
46,033 |
64,213 |
|
Total other equity interest |
46,033 |
64,213 |
|
Total equity |
5,713,359 |
6,315,504 |
|
Number of share capital awaiting
retirement |
0 |
0 |
|
Equivalent issue shares of advance
receipts for ordinary share |
0 |
0 |
|
Number of shares in entity held by entity
and by its subsidiaries |
0 |
0 |
Unit: NTD/000
|
Consolidated |
2014 |
2013 |
|
Operating revenue |
|
|
|
Net sales revenue |
|
|
|
Net sales revenue |
23,106,926 |
22,579,541 |
|
Total operating revenue |
23,106,926 |
22,579,541 |
|
Operating costs |
|
|
|
Cost of sales |
|
|
|
Total cost of sales |
23,171,999 |
22,786,314 |
|
Total operating costs |
23,171,999 |
22,786,314 |
|
Gross profit (loss) from operations |
-65,073 |
-206,773 |
|
Gross profit (loss) from operations |
-65,073 |
-206,773 |
|
Operating expenses |
|
|
|
Selling expenses |
|
|
|
Total selling expenses |
377,749 |
407,164 |
|
Administrative expenses |
|
|
|
Total administrative expenses |
62,157 |
61,819 |
|
Research and development expenses |
|
|
|
Total research and development expenses |
38,678 |
43,663 |
|
Total operating expenses |
478,584 |
512,646 |
|
Net operating income (loss) |
-543,657 |
-719,419 |
|
Non-operating income and expenses |
|
|
|
Other gains and losses |
|
|
|
Other gains and losses, net |
71,514 |
17,971 |
|
Finance costs |
|
|
|
Finance costs, net |
208,239 |
66,205 |
|
Total non-operating income and expenses |
-136,725 |
-48,234 |
|
Profit (loss) from continuing operations
before tax |
-680,382 |
-767,653 |
|
Tax expense (income) |
|
|
|
Total tax expense (income) |
-104,631 |
-114,440 |
|
Profit (loss) from continuing operations |
-575,751 |
-653,213 |
|
Profit (loss) |
-575,751 |
-653,213 |
|
Other comprehensive income |
|
|
|
Unrealised gains (losses) on valuation of
available-for-sale financial assets |
-18,180 |
242,123 |
|
Actuarial gains (losses) on defined
benefit plans |
-9,896 |
-3,259 |
|
Other comprehensive income |
1,682 |
554 |
|
Other comprehensive income, net |
-26,394 |
239,418 |
|
Total comprehensive income |
-602,145 |
-413,795 |
|
Basic earnings per share |
|
|
|
Basic earnings (loss) per share from
continuing operations |
-1.97 |
-2.24 |
|
Total basic earnings per share |
-1.97 |
-2.24 |
|
Diluted earnings per share |
|
|
|
Diluted earnings (loss) per share from
continuing operations |
-1.97 |
-2.24 |
|
Total diluted earnings per share |
-1.97 |
-2.24 |
Unit: NTD/000
|
Consolidated |
2014 |
2013 |
|
Cash flows from (used in) operating
activities, indirect method |
|
|
|
Profit (loss) from continuing operations
before tax |
-680,382 |
-767,653 |
|
Profit (loss) before tax |
-680,382 |
-767,653 |
|
Adjustments |
|
|
|
Adjustments to reconcile profit (loss) |
|
|
|
Depreciation expense |
794,742 |
852,253 |
|
Provision (reversal of provision) for bad
debt expense |
-23 |
23 |
|
Interest expense |
208,239 |
66,205 |
|
Interest income |
-3,925 |
-4,064 |
|
Dividend income |
-25,486 |
-12,242 |
|
Impairment loss on non-financial assets |
153,784 |
9,548 |
|
Unrealized foreign exchange loss (gain) |
904 |
2,381 |
|
Total adjustments to reconcile profit
(loss) |
1,128,235 |
914,104 |
|
Changes in operating assets and
liabilities |
|
|
|
Changes in operating assets |
|
|
|
Decrease (increase) in financial assets
held for trading |
0 |
816 |
|
Decrease (increase) in accounts
receivable |
817,010 |
473,792 |
|
Decrease (increase) in other receivable |
-17,965 |
-928 |
|
Decrease (increase) in inventories |
-874,543 |
-57,240 |
|
Decrease (increase) in prepayments |
-55,250 |
4,932 |
|
Decrease (increase) in other current
assets |
18,255 |
14,342 |
|
Total changes in operating assets |
-112,493 |
435,714 |
|
Changes in operating liabilities |
|
|
|
Increase (decrease) in accounts payable |
-931,631 |
-41,724 |
|
Increase (decrease) in other payable |
26,552 |
29,024 |
|
Increase (decrease) in other current
liabilities |
-21,472 |
25,848 |
|
Total changes in operating liabilities |
-926,551 |
13,148 |
|
Total changes in operating assets and
liabilities |
-1,039,044 |
448,862 |
|
Total adjustments |
89,191 |
1,362,966 |
|
Cash inflow (outflow) generated from
operations |
-591,191 |
595,313 |
|
Interest received |
3,925 |
4,064 |
|
Interest paid |
-59,691 |
-51,889 |
|
Income taxes refund (paid) |
0 |
663 |
|
Net cash flows from (used in) operating activities |
-646,957 |
548,151 |
|
Cash flows from (used in) investing
activities |
|
|
|
Acquisition of property, plant and
equipment |
-244,153 |
-303,587 |
|
Dividends received |
25,486 |
12,242 |
|
Other investing activities |
-97,959 |
-21,382 |
|
Net cash flows from (used in) investing
activities |
-316,626 |
-312,727 |
|
Cash flows from (used in) financing
activities |
|
|
|
Increase in short-term loans |
14,628,086 |
11,844,134 |
|
Decrease in short-term loans |
-14,708,138 |
-11,324,718 |
|
Increase in short-term notes and bills
payable |
2,693,582 |
1,795,825 |
|
Decrease in short-term notes and bills
payable |
-2,400,000 |
-1,300,000 |
|
Proceeds from long-term debt |
450,000 |
1,450,000 |
|
Repayments of long-term debt |
0 |
-2,103,200 |
|
Decrease in lease payable |
-404,400 |
-74,400 |
|
Increase in other non-current liabilities |
-3,663 |
783 |
|
Cash dividends paid |
0 |
-116,790 |
|
Net cash flows from (used in) financing activities |
255,467 |
171,634 |
|
Net increase (decrease) in cash and cash
equivalents |
-708,116 |
407,058 |
|
Cash and cash equivalents at beginning of
period |
848,254 |
441,196 |
|
Cash and cash equivalents at end of
period |
140,138 |
848,254 |
|
Cash and cash equivalents reported in the
statement of financial position |
140,138 |
848,254 |
Note: Subject didn’t submit its individual financial information; we
obtained its consolidated financials as follows for reference.
The above financial
figures are based on the IFRSs Accounting System.
Subject declined to
disclose its bank details; from other source we could not obtain the relevant
information, either.
Mortgage
|
Case Type: |
Chattel Mortgage |
|
File No.: |
097287 |
|
Debtor Name: |
Taiwan Prosperity Chemical Corporation |
|
Document Number: |
09830436040 |
|
Date of Registration: |
2009-5-4 |
Lawsuit
Up to
date of reporting, no existing or latent litigation of the subject has been
found.
Interview Details
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.60 |
|
|
1 |
Rs.100.09 |
|
Euro |
1 |
Rs.71.23 |
INFORMATION DETAILS
|
Analysis Done by
: |
SAN |
|
|
|
|
Report Prepared
by : |
ANK |
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.