|
Report No. : |
343539 |
|
Report Date : |
12.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
UNITED PERFORMANCE MATERIALS CORPORATION |
|
|
|
|
Registered Office : |
13F-5, No.206, Sec.2, Nanking E. Rd.,
Taipei, R.O.C. |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
20.09.1995 |
|
|
|
|
Com. Reg. No.: |
89609149 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturing and Sales of Petroleum Resin. |
|
|
|
|
No. of Employees : |
About 100 Employees |
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: |
13F-5, No.206,
Sec.2, Nanking E. Rd., Taipei, Taiwan, R.O.C. |
|
Supplied Address: |
|
|
Telephone Number: |
+886-2-2507-2387-129 |
|
Fax Number: |
|
|
E-mail: |
Notes: The exact name and address are as above.
Subject was incorporated
on 1995-09-20 with registered number 89609149
as Joint Stock Company in Taiwan.
Subject listed on Taiwan OTC Stock Market on 2012-12-27.
Factory
|
Name: |
Pingnan Factory |
|
Address: |
No. 10, Jingjin Rd., Donghai Village, Fangliao Township, Pingdong
County, Taiwan |
|
Date of Foundation: |
1996-05-20 |
|
Date of Registration: |
1997-12-10 |
|
Factory Registration Number: |
99666059 |
|
Factory Manager: |
Yuxin Yu |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2015-09-29 |
|
Major Products: |
199 Other chemical products 184 Synthetic resin, plastic and rubber |
Branch
|
Name: |
Pingdong Branch |
|
Address: |
No. 10, Jingjin Rd., Donghai Village, Fangliao Township, Pingdong County,
Taiwan |
|
Date of Foundation: |
1997-12-24 |
|
Registration Number: |
96930974 |
|
Factory Manager: |
Yuxin Yu |
|
Status: |
Live Company |
|
Date of Last Annual Return: |
2015-05-11 |
Major Shareholders
|
Name |
Subscription Shares |
|
Formosan Union Chemical Corporation |
|
|
61,385,977 |
|
|
Minhong Lei |
685,943 |
Core Management
Directors
|
1 |
||
|
Name |
Jiaguo Liao |
|
|
Position |
Chairman of the Board |
|
|
2 |
||
|
Name |
Shengshun Huang |
|
|
Position |
Director |
|
|
3 |
||
|
Name |
Zongyi Cao |
|
|
Position |
Director |
|
|
4 |
||
|
Name |
Fuhua Liao |
|
|
Position |
Director |
|
|
5 |
||
|
Name |
Ruichen Wang |
|
|
Position |
Independent Director |
|
|
6 |
||
|
Name |
Chang Chen |
|
|
Position |
Independent Director |
|
|
7 |
||
|
Name |
Zhuhua Yang |
|
|
Position |
Independent Director |
|
|
8 |
||
|
Name |
Minhong Lei |
|
|
Position |
Supervisor |
|
|
9 |
||
|
Name |
Zhenye Huang |
|
|
Position |
Supervisor |
|
|
10 |
||
|
Name |
Delun Huang |
|
|
Position |
Supervisor |
|
Personnel Structure
|
Total Employees |
About 100 Employees |
Offices & Factories
|
|
Headquarters |
|
Add |
13F-5, No.206, Sec.2, Nanking E. Rd., Taipei, Taiwan, R.O.C. |
Production Information
Subject is engaged in manufacturing of petroleum resin, etc.
Subject has a factory in Taiwan for production.
Subject obtained the certification of ISO 9001 and OHSAS 18001.
Purchase Information
The registered activities of subject:
|
Business Code |
Details |
|
C801010 |
Basic chemical industry |
|
C801020 |
Manufacturing of petrochemical materials |
|
C801100 |
Synthetic resin and plastic manufacturing |
|
C802990 |
Other chemical products manufacturing |
|
F107200 |
Chemical raw materials wholesale |
|
F107990 |
Other chemical products wholesale |
|
F207200 |
Chemical raw materials retailing |
|
F207990 |
Other chemical products retailing |
|
F401010 |
International trade |
|
ZZ99999 |
Besides licensed business, all other business items those are not banned
or restricted |
The components and raw material for production are mostly purchased from
both home and abroad.
Subject is engaged in sales of hydrocarbon
resin, etc.
The major products are aromatic C9 hydrocarbon resin and hydrogenated C9
hydrocarbon resin, etc.
It is introduced that the products of subject are mainly applied for
paints and varnishes, printing inks, pressure sensitive adhesives, hot-melt
adhesives, solvent base adhesives, hot-melt pressure sensitive adhesives, rubber,
tire, floor tile, etc.
Subject’s sales regions include domestic market, Southeast Asia, North
America and Europe, etc.
Subject’s major customers are manufacturers of painting, ink, adhesive,
solvent and rubber, 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 |
Petroleum resin, etc. |
|
Selling Terms |
T/T, Cash, etc. |
Export
|
Product |
Petroleum resin, etc. |
|
Selling Terms |
L/C, T/T, etc. |
Unit: NTD/000
|
|
2014-12-31 |
2013-12-31 |
|
Current
assets |
|
|
|
Cash and cash
equivalents |
376,869 |
101,264 |
|
Notes
receivable, net |
25,368 |
31,108 |
|
Accounts
receivable, net |
350,913 |
376,135 |
|
Accounts
receivable-related party, net |
8,469 |
10,929 |
|
Other
receivables, net |
12,838 |
15,213 |
|
Other accounts
receivable-related party, net |
0 |
0 |
|
Inventories |
699,452 |
815,577 |
|
Prepayments |
2,721 |
4,456 |
|
Other current
assets |
409 |
826 |
|
Total current
assets |
1,477,039 |
1,355,508 |
|
Non-current
assets |
|
|
|
Property, plant
and equipment |
604,156 |
608,404 |
|
Intangible
assets |
334 |
388 |
|
Deferred tax
assets |
13,628 |
8,016 |
|
Other
non-current assets |
8,990 |
25,018 |
|
Total non-current assets |
627,108 |
641,826 |
|
Total assets |
2,104,147 |
1,997,334 |
|
Current liabilities |
|
|
|
Short-term
borrowings |
713,000 |
587,000 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
119,861 |
140,625 |
|
Accounts payable-related party |
68,732 |
58,886 |
|
Other account payable |
67,688 |
58,577 |
|
Other account payable-related party |
158 |
158 |
|
Tax Liabilities |
17,946 |
6,264 |
|
Liability
reserve-current |
2,988 |
2,661 |
|
Other current liability |
76,874 |
102,340 |
|
Total current liability |
1,067,247 |
956,511 |
|
Non-current liability |
|
|
|
Long-term borrowings |
45,417 |
111,750 |
|
Deferred tax liability |
3,883 |
1,515 |
|
Other non-current liability |
17,758 |
17,030 |
|
Total non-current liability |
67,058 |
130,295 |
|
Total liability |
1,134,305 |
1,086,806 |
|
Capital stock |
|
|
|
Ordinary share |
766,143 |
766,143 |
|
Total capital stock |
766,143 |
766,143 |
|
Capital surplus |
|
|
|
Total capital surplus |
0 |
0 |
|
Reserved surplus |
|
|
|
Legal reserve |
62,058 |
57,323 |
|
Unappropriated retained earnings (accumulated deficit) |
141,641 |
87,062 |
|
Total retained earnings |
203,699 |
144,385 |
|
Other equity |
|
|
|
Total other equity |
0 |
0 |
|
Total equity |
969,842 |
910,528 |
|
Number of share capital awaiting retirement (Unit: Share) |
0 |
0 |
|
Equivalent issue shares of advance receipts for ordinary share (Unit:
Share) |
0 |
0 |
|
Number of shares in entity held by entity and by its subsidiaries |
0 |
0 |
Unit: NTD/000
|
|
2014 |
2013 |
|
Sales revenue |
3,179,900 |
3,013,442 |
|
Total operating revenue |
3,179,900 |
3,013,442 |
|
Sales costs |
2,917,252 |
2,804,835 |
|
Total operating expenses |
2,917,252 |
2,804,835 |
|
Gross profit (loss) from operations |
262,648 |
208,607 |
|
Gross profit (loss) from operations, net |
262,648 |
208,607 |
|
Operating expenses |
|
|
|
Selling expenses |
136,674 |
126,834 |
|
Administrative expenses |
21,845 |
17,704 |
|
Research and development expenses |
4,928 |
3,899 |
|
Total operating expenses |
163,447 |
148,437 |
|
Operating income (loss) |
99,201 |
60,170 |
|
Non-operating income and expenses |
|
|
|
Other income |
212 |
1,115 |
|
Other gains and losses, net |
31,136 |
8,994 |
|
Finance costs, net |
10,522 |
12,468 |
|
Total non-operating income and
expenses |
20,826 |
-2,359 |
|
Profit (loss) before tax, net |
120,027 |
57,811 |
|
Total tax expense (income) |
21,650 |
10,460 |
|
Profit (loss) of continuing operations net |
98,377 |
47,351 |
|
Profit (loss) net |
98,377 |
47,351 |
|
Other net comprehensive income profit (loss) |
|
|
|
Determine the welfare program actuarial profit (loss) |
-911 |
15,887 |
|
Tax income related to other comprehensive profit or loss |
-155 |
2,701 |
|
Other comprehensive profit(loss),
net |
-756 |
13,186 |
|
Total comprehensive profit(loss) |
97,621 |
60,537 |
|
Basic earnings per share |
1.28 |
0.62 |
|
Diluted earnings per share |
1.28 |
0.62 |
Unit: NTD/000
|
|
2014 |
2013 |
|
Cash flows from (used in) operating activities, indirect method |
|
|
|
Profit (loss) from continuing operations before tax |
120,027 |
57,811 |
|
Profit (loss) before tax |
120,027 |
57,811 |
|
Depreciation expense |
47,186 |
45,502 |
|
Amortization expense |
263 |
547 |
|
Interest
expense |
10,522 |
12,468 |
|
Interest
income |
-212 |
-154 |
|
Loss (gain) on disposal of property, plant and equipment |
0 |
0 |
|
Total income or loss non-effect cash flow |
57,759 |
58,363 |
|
Decrease (increase) in notes receivable |
5,740 |
-3,916 |
|
Decrease (increase) in accounts receivable |
25,223 |
-83,738 |
|
Decrease (increase) in accounts receivable-related party |
2,460 |
4,868 |
|
Decrease (increase) in other accounts receivable |
2,375 |
998 |
|
Decrease
(increase) in inventory |
116,125 |
212,389 |
|
Decrease
(increase) in prepaid expenses |
156 |
-187 |
|
Decrease
(increase) in prepayment |
1,579 |
4,844 |
|
Decrease
(increase) in other current liabilities |
327 |
-324 |
|
Total net changes in operating assets |
153,985 |
134,934 |
|
Decrease
(increase) in notes payable |
0 |
0 |
|
Decrease
(increase) in accounts payable |
-20,764 |
11,612 |
|
Decrease
(increase) in accounts payable-related party |
9,846 |
3,533 |
|
Decrease (increase) in other accounts payable |
6,357 |
-4,029 |
|
Decrease
(increase) in accounts payable-related party |
0 |
32 |
|
Decrease
(increase) in liability reserve |
327 |
-256 |
|
Decrease
(increase) in prepayment |
4,641 |
2,693 |
|
Decrease
(increase) in other current liabilities |
-107 |
-84 |
|
Increase (decrease) in accrued pension liabilities |
-183 |
771 |
|
Decrease
(increase) in other operating liabilities |
0 |
0 |
|
Total net changes in operating liabilities |
117 |
14,272 |
|
Total changes in operating assets and liabilities |
154,102 |
149,206 |
|
Total adjustments |
211,861 |
207,569 |
|
Net cash flows from (used in) operating activities |
331,888 |
265,380 |
|
Interest received |
212 |
154 |
|
Interest paid |
-10,472 |
-12,672 |
|
Income taxes refund (paid) |
-13,056 |
-8,495 |
|
Cash inflow
(outflow) generated from operations |
308,572 |
244,367 |
|
Cash flow
from investing activities |
|
|
|
Acquisition
of property, plant and equipment |
0 |
-7,172 |
|
Disposal of
property, plant and equipment |
0 |
4 |
|
Increase in refundable
deposit |
-1,270 |
-1,042 |
|
Decrease in
refundable deposit |
1,360 |
1,310 |
|
Disposal of intangible
assets |
-209 |
-452 |
|
Increase in
other financial assets |
0 |
0 |
|
Increase in
prepayments for equipment |
-24,208 |
-64,878 |
|
Decrease in prepayments
for equipment |
0 |
0 |
|
Cash inflow
(outflow) from (used in) investing activities, net |
-24,327 |
-72,230 |
|
Cash flow from (used in) investing activities |
|
|
|
Increase in
short-term borrowings |
276,000 |
257,000 |
|
Decrease in short-term
borrowings |
-150,000 |
0 |
|
Proceeds from long-term debt |
0 |
100,000 |
|
Repayments of long-term debt |
-96,333 |
-444,667 |
|
Decrease in deposits received |
0 |
0 |
|
Cash
dividends paid-up |
-38,307 |
-38,307 |
|
Other
financing activities |
0 |
0 |
|
Cash inflow
(outflow) generated from financing activities |
-8,640 |
-125,974 |
|
Net increase
(decrease) in cash and cash equivalents |
275,605 |
46,163 |
|
Cash and cash
equivalents at beginning of period |
101,264 |
55,101 |
|
Cash and cash
equivalents at end of period |
376,869 |
101,264 |
|
Cash and cash
equivalents reported in the statement of financial position |
376,869 |
101,264 |
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
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.
Interview Details
|
Name |
Ms. Chen |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.78 |
|
|
1 |
Rs.99.54 |
|
Euro |
1 |
Rs.73.08 |
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.