MIRA INFORM REPORT

 

 

Report No. :

346648

Report Date :

23.10.2015

 

IDENTIFICATION DETAILS

 

Name :

DAIREN CHEMICAL CORPORATION

 

 

Registered Office :

7th FL., No.301, Songkiang Road, Taipei R.O.C.

 

 

Country :

Taiwan

 

 

Date of Incorporation :

30.06.1979

 

 

Com. Reg. No.:

12233428

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacturing and Sale of Chemicals

 

 

No of Employees :

About 1,220 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, 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, negotiations on follow-on components of ECFA, including an agreement on trade in services, deals 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 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 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 fourth largest, behind those of China, Japan, and Russia. 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 entry-level jobs.

 

Source : CIA

Contact Points

 

Company Name:

Dairen Chemical Corporation

Supplied Name:

DAIREN CHEMICAL CORPORATION

Trading Address:

9th Fl., No.301, Songkiang Road, Taipei Taiwan R.O.C.

Supplied Address:

NO. 301 SONGKIANG ROAD 9TH FLOOR, TAIPEI 10477, TAIWAN

Telephone Number:

+886-2-7743-1500

Fax Number:

+886-2-2509-9619

E-mail:

service@dcc.com.tw

Website:

www.dcc.com.tw

 

Notes: The exact name and address are as above.

 

 

Company Identification Details

 

Registered Name:

Dairen Chemical Corporation

Registered Address:

7th FL., No.301, Songkiang Road, Taipei Taiwan R.O.C.

Date of Foundation:

1979-6-30

Registration Number:

12233428

Registry:

Department of Commerce, Ministry of Economic Affairs, R.O.C.

Registered Capital:

NTD 3,084,733,550 (USD 99,328,420)

(As of 2015.4, 1 NTD = 0.0322 USD)

Paid-up Capital:

NTD 3,084,733,550 (USD 99,328,420)

Legal Representatives:

Longxing Liao

Legal Form:

Joint Stock Company

Principal Activities:

Manufacturing and sale of chemicals, etc.

Staff:

About 1,220 Employees

Listed at Stock Exchange:

No

Date of Last Annual Return:

2014-8-26

 

History

 

Subject was incorporated on 1979-6-30 with registered number 12233428 as Joint Stock Company in Taiwan.

 

 

Corporate Structure

 

Factories

1

Name:

Mailiao Factory

Address:

No.25 Formosa Industrial Park, Zhongxing Village, Mailiao Township, Yunlin County, Taiwan

Area (square meters):

84,459

Telephone Number

+886-5-681-2201

Fax Number

+886-5-681-2212

Date of Foundation:

2001-3-7

Date of Registration:

2001-11-1

Factory Registration Number:

99653185

Factory Manager:

Zhiquan Cai

Status:

In Production

Date of Last Annual Return:

2015-3-30

Major Products:

182 Petrochemical raw material

2

Name:

Kaohsiung Factory

Address:

1-3 Xinggong Rd., Sannai Li, Dashe Dist., Kaohsiung City, Taiwan (R.O.C.)            

Area (square meters):

42,180

Telephone Number

+886-7-351-4151

Fax Number

+886-7-351-4090

Date of Foundation:

1983-7-26

Date of Registration:

1990-12-31

Factory Registration Number:

99661598

Factory Manager:

Boya Zhuang

Status:

In Production

Date of Last Annual Return:

2015-4-12

Major Products:

181 The basic chemical materials

184 Synthetic resins, plastics and rubber

3

Name:

Ta-Fa Factory

Address:

No.8-1, Huaxi Rd., Daliao Dist., Kaohsiung City 831, Taiwan (R.O.C.)

Area (square meters):

129,151

Date of Foundation:

1988-8-31

Date of Registration:

1999-2-9

Factory Registration Number:

99661626

Factory Manager:

Mingzhao Li

Status:

In Production

Date of Last Annual Return:

2011-7-22

Major Products:

199 Other chemicals

 

Branch Company

Name

Mailiao Branch

Address

No.25, Formosa Industrial Park, Sansheng Village, Mailiao Township, Yunlin County

Registration Number

70760067

Date of Registration

1999-12-27

Date of Dissolved:

2014-9-30

Manager Name

Xianzhang Chen

Date of Last Annual Return

2002-5-7

 

Major Related Companies

1

Name

CCD (Singapore) Pte Ltd

Address

29 Tembusu Avenue, Jurong Island, Singapore 627535

Telephone Number

+65-6515-5060

Fax Number

+65-6515-4307

2

Name

Chang Chun Dairen Chemical (Pan Jin) Co., Ltd

Address

1106, Hon-Guan building, Liaobin Economic Zone, Pan-Jin, Liao-Nin, China

Telephone Number

+86-427-677-5001

Fax Number

+86-427-677-5012

3

Name

Chang Chun Plastics Co., Ltd.

Address

No.301 Songkiang Road, 7th Floor, Taipei 104 Taiwan

4

Name

Chang Chun Petrochemical Co., Ltd.

Address

No.301 Songkiang Road, 7th Floor, Taipei 104 Taiwan

Telephone Number:

+886-2-2503-8131

Fax Number:

+886-2-2503-3378

5

Name

Nan Pao Resins Chemical Co., Ltd.

Address

12, Nan Hai Village, Shee Kang Shang, Tainan, Taiwan, R.O.C

 

Subsidiaries

1

Name

Dairen Chemical (M) Sdn. Bhd.

Address

PLO 18, Tanjung Langsat Industrial Estate, Mukim Sg. Tiram, 81700 Pasir Gudang, Johor, Malaysia

Telephone Number

+60-7-256-5800

Fax Number

+60-7-256-5799

2

Name

Dairen Chemical (Jiangsu) Co., Ltd.

Address

No.1 Dalian Road, Yangzhou Chemical Industry Park,211900 Yangzhou, Jiangsu, China

Telephone Number

+86-514-8326-8888

Fax Number

+86-514-8329-8855

 

Shareholders

 

Major Shareholders

 

Name

Subscription Shares

Longxing Liao

4,185,454

Qingyuan Huang

8,118,943

Xinyi Zheng

3,963,081

Heqing Huang

4,927,214

Shuhong Lin

2,287,707

Qiongyu Liao

1,443,858

Chang Chun Petrochemical Co., Ltd.

123,932,661

Taichang Huangtang

5,529,252

Tianran Huang

1,291,027

Xiandong Lin

3,393,013

Xianzhang Chen

1,002,475

Zheng Zheng

3,084,554

Hedong Huang

3,814,734

Limin Huang

634,321

Hezhou Huang

3,810,400

Anxian Lu

206,814

 

Shareholder Information:

Registered Name:

Chang Chun Petrochemical CO., LTD.

Registered Address:

No.301, Songkiang Rd., 7th FL., Taipei, Taiwan R.O.C.

Date of Foundation:

1964-7-10

Registration Number:

11384806

Registry:

Department of Commerce, Ministry of Economic Affairs, R.O.C.

Registered Capital:

NTD 7,151,862,870 (USD 230,289,984)

(As of 2015.4, 1 NTD = 0.0322 USD)

Paid-up Capital:

NTD 7,151,862,870 (USD 230,289,984)

Legal Representatives:

Longxing Liao

Legal Form:

Joint Stock Company

Date of Last Annual Return:

2014-7-17

 

 

Management Information

 

Core Management

 

Directors

1

Name

Longxing Liao

Position

Board Chairman

2

Name

Qingyuan Huang

Position

Vice Chairman

3

Name

Xinyi Zheng

Position

Executive Director

4

Name

Heqing Huang

Position

Executive Director

5

Name

Shuhong Lin

Position

Executive Director

6

Name

Qiongyu Liao

Position

Director

7

Name

Fushen Lin

Position

Director

8

Name

Rongzong Chen

Position

Director

9

Name

Taichang Huangtang

Position

Director

10

Name

Tianran Huang

Position

Director

11

Name

Xiandong Lin

Position

Director

12

Name

Xianzhang Chen

Position

Director

13

Name

Zheng Zheng

Position

Director

14

Name

Hedong Huang

Position

Director

15

Name

Limin Huang

Position

Director

16

Name

Shiguang Su

Position

Supervisor

17

Name

Hezhou Huang

Position

Supervisor

18

Name

Jinjun Cai

Position

Supervisor

19

Name

Kunyuan Huang

Position

Supervisor

20

Name

Anxian Lu

Position

Supervisor

 

Personnel Structure

 

Total Employees

About 1,220 Employees

 

 

Operation Information

 

 

Headquarters

Add

9th Fl., No.301, Songkiang Road, Taipei Taiwan R.O.C.

 

Production Information

 

·         Subject is a manufacturer of chemicals and etc.

·         It is introduced that subject has obtained the certifications of ISO9002, ISO 14001, OHSAS 18001, OHSAS 18001, ISO 9001: 2000 and etc.

·         It is introduced that subject has factories in Taiwan, mainland China, and Malaysia for production.

·         Subject’s production capacities as follows for reference:

Unit: MT

Product

Annual Capacity

Vinyl Acetate

1000,000

EVA Emulsion

330,000

VAE Powder

52,000

EVCL(EVA-VC / EVCL)

11,000

Vinyl Acetate

30,000

Nitrogen

35,000

Liquefied Carbon Dioxide

28,000

Allyl Alcohol

740,000

1,4-Butanediol

630,000

2-Methyl- 1,3-Propanediol

126,000

n-Propanol

63,000

iso-Butanol

63,000

AMPO

500

Polyteramethylene-Ether-Glycol

300,000

Tetrahydrofuran

510,000

 

Purchase Information

 

  • The registered activities of subject:

Business Code

Details

1

Manufacturing and sale of vinyl acetate, ethyl acetate, nitrogen, vinyl acetate-ethylene copolymer emulsion, vinyl acetate-ethylene redispersible powder, 1,4-butanediol, tetrahydrofuran, polytetramethylene-ether-glycol, carbon dioxide, allyl alcohol, propanol and hydrogen pyridine  

2

Trading of related raw materials and products.

C801010 

Manufacturing of basic chemical industries

C801020 

Manufacturing of petrochemical raw materials

C801030 

Manufacturing of precision chemical materials

C801040

Manufacturing of synthetic resin

C801050 

Manufacturing of plastic materials

C801060 

Manufacturing of synthetic rubber

C801070 

Manufacturing of high-pressure gas

C802020 

Manufacturing of rayon

C802030 

Manufacturing of paint and varnish

C802120 

Manufacturing of industrial additives

C901060 

Manufacturing of refractory

C802120 

Manufacturing of fertilizer

C802170 

Manufacturing of toxic chemicals

CC01010 

Manufacturing of power generation, transmission, distribution machinery

CC01050 

Manufacturing of data storage and processing equipment

CC01080 

Manufacturing of electronic components

E599010 

Piping engineering

I601010 

Leasing

ZZ99999 

Besides licensed business, all other business items those are not banned or restricted.

 

·         Subject’s raw material for production is purchased from both home and abroad.

·         It is introduced that subject imports technology from German and Japan.

 

Sales Information

 

·         The subject is mainly engaged in sales of chemicals, etc.

·         Subject’s products are mainly applied to the industries of electronic, plastic rubber, textile, paint and automobile, etc.

·         Subject’s sales regions include Asia, Europe and America, etc.

·         Subject’s major customers are Speciality Construction Brands Inc. and URMI Chemicals (India), etc.

 

Major Products

No.

Product

1

Vinyl Acetate

2

Vinyl Acetate-Ethylene Copolymer Emulsion

3

Ethylene-Vinyl Acetate-Vinyl Chloride Emulsion

4

Ethylene-Vinyl Chloride Emulsion

5

Vinyl Acetate-Ethylene Redispersible Powder

6

Ethyl Acetate

7

Nitrogen

8

Liquefied Carbon Dioxide

9

Allyl Alcohol

10

1,4-Butanediol

11

2-Methyl- 1,3-Propanediol

12

n-Propanol

13

Iso-Butanol

14

Alkoxylated 2-Methyl-1,3-Propanediol

15

Polytetramethylene-Ether-Glycol

16

Tetrahydrofuran

 

Import and export right:

Import right

Yes

Export right

Yes

 

 

Settlements

 

PURCHASE

 

Domestic Purchase

Products

Raw Material, etc.

Payment Terms

T/T, Cash, etc.

 

1.     Import

Products

Raw Material, etc.

Payment Terms

L/C, T/T, etc.

 

 

SALES

 

1.     Domestic Markets

Product

Chemicals, etc.

Selling Terms

T/T, Cash, etc.

 

2.     Export

Product

Chemicals, etc.

Selling Terms

L/C, T/T, etc.

 

Financial Information

 

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 relevant staff declined to disclose its financials citing the grounds of company’s confidentiality; from other sources we could not obtain such information, either.

 

 

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. Zhang

Department

Sales Department

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 64.89

UK Pound

1

Rs. 100.39

Euro

1

Rs. 73.52

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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