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World Bank Document I-ufnu 50ar FILE-COPY RESTRICTED Report No. DB-34.1 Public Disclosure Authorized This report was prepared for use within the Bank and its affiliated organizations. They do not accept responsibility for its accuracy or completeness. The report may not be published nor may it be quoted as representing their views. INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT INTERNATIONAL FINANCE CORPORATION INTERNATIONAL DEVELOPMENT ASSOCIATION Public Disclosure Authorized APPRAI]SAL OF CHINA DEVELOPMENT CORPORATION Public Disclosure Authorized July 18, 1967 Public Disclosure Authorized Development Finance Companies CURRENCY EQUIVALENTS US$1. 00 = 40. 1 New Taiwan dollars (NT$) NT$1. 00 = US$0. 025 NT$1, 000, 000 = US$24,938 APPRAISAL OF CHINA DEVELOPMENT CORPORATION This report is based on the findings of a mission consisting of Messrs. Pollan and Hedberg of IFC which visited Taiwan in December 1966 TABLE OF CONTENTS Page Paragraph SUIM4ARY AND CONCLUSIONS 1 I. INTRODUCTION 1 1 II. THE ENVIRONIMENT Industrial Growth 1 2 Policy Setting 2 6 Financial Institutions and Capital Market 3 9 III. THE CORPORATION Objectives and Scope 6 15 Ownership 6 16 Resources 6 17 Organization and Procedures 7 20 Relations with Government and Business Community 9 28 IV. POLICIES AND OPERATIOtNS Policies 9 30 Operations 11 34 CDC's Role in Industry and the Economy 13 4 V. FINANCIAL POSITION AND RESULTS Balance Sheet 14 49 Profit and Loss 15 54 Reserves, Dividends and Share Yield 16 55 VI. PROSPECTS The Setting 16 56 CDC's Future Operations 17 58 Resources Needed 18 61 Future Financial Position 19 62 VII. CONCLUSIONIS AND RECOMI1ENDATIONS Evaluation 21 67 Recommendaitions 21 70 ANNEXES APPRAISAL OF CHINA DEVELOPMENT CORPORATION Summary and Conclusions 1. China Development Corporation (CDC) has asked the Bank for a new loan of US$15 million to replenish its foreign currency resources. This would follow on resources totaling US$31 million provided since CDC's establishment eight years ago by an IDA credit, one Bank loan, one IJS Govern- ment loan and modest foreign exchange assistance from the Chinese Government. 2. CDC is one of two institutions on Taiwan providing long-tenm finance to industry. It is the only private one. CDC's principal shareholdiers are commercial banks, business enterprises and individuals, all Chinese except for one. The Board of Directors is composed of prominent members of the business and banking community. A competent professional staff of 42 is headed by capable and experienced management, Project appraisals are generally good, but project follow-up deserves more attention. 3. CDC's present resources amount to about NT$1.9 billion (nearly US$48 million equivalent). About four-fifths were committed by the end of 1966. They include share capital of NT$120 million, retained earnings of NT$70 million, local currency borrowings of about NT$500 million and foreign exchange borrowings of about NT$1,215 million (US$30 million). 4. Through the end of 1966, CDC approved assistance amounting to NT$2,OTL million, extended to 333 projects, mainly in industry. 54 of these were new enterprises, CDCIs assistance took the form of foreign exchange loans (NT$1,019 million), local currency loans (NT$929 million) and equity sub- scriptions (NT$124 million). Except for a one year period until about mid- 1966, the damend for CDC's financial assistance has been consistently strong, mainly coming from the more forward looking members of the Chinese business community. Since about one year, the size of projects assisted or under con- sideration by CDC has increased and this trend is expected to continue. The tllinness of the capital market and the traditional aversion of many Chinese businessmen to permit outsiders in the capital or management of enterprises has resulted in a relatively modest activity of CDC in the field of equity. CDC's equity investments were principally undertaken to support the launching of a few new enterprises and to improve the financial structure of client companies. 5. CDC assisted projects have accounted for a sizeable share of Taiwan's spectular industrial growth, particularly in non-traditional industries such as chemicals, higher grade textiles, food processing and electricals. CDC's clientele accounted in recent years for over one-third of Taiwan's growing industrial exports; this contribution is particularly valuable because the country has to look increasingly for higher foreign exchange earnings required to support its economy which will continue to depend heavily on imports. The proportion of projects encountering difficulties is within a tolerable range and no greater than could be expected in an economy where a great number of enterprises still have to adopt modern management, accounting and marketing practices. - ii - 6. CDCts investments and loans are generally sound. CDC's portfolio contains some important elements of risk, including loans made to CDC's largest single borrower, the China Man-Made Fiber Corporation which has experi- enced problems. CDC has provided assistance to this company in excess of its former normal limit of 50% of CDCIs net worth. Since this limit is high on general grounds, CDC agreed during loan negotiations to reduce the normal limit on total commitments to a single enterprise to 20% of its net worth. CDC has meanwhile adopted this revision in its policy statement. Furthermore, steps are currently underway to reduce CDC's exposure in the China Man-Made Fiber Corporation. 7. The institution's activities have been profitable from the beginning and have in recent years resulted in an attractive return on share capital and net worth. Net income, after tax, equaled in 1966 25.7 percent of share capital and 16.2 percent of CDC's net worth. Administrative expenses have been kept at modest levels. 8. CDC expects to play a substantial part in the investments needed to make Taiwan's industry more competitive in the face of growing competition from abroad. To this end, future industrial investments are likely to be more capital intensive and, in the absence of a capital goods producing industry, to have a growing import component. In the light of this and the generally favorable outlook for industrial investment, CDC forecasts a business volume for the period of 1967-1969 of NT$1,260 million, over two-thirds of which (about US$21.5 million) would be for foreign exchange lending. These projec- tions appear reasonable, even taking into account a considerable drop below earlier expeictations in foreign exchange business i-n 1965 and 1966. With less than US$5 million left uncommitted from the Mirt Bank loan at the Id of 1966 (and about US$2,5 million in mid-1967), CDC has been seeking another Bank loan of US$15 million to meet riiost of its foreign exchange requirements until the end of 1969. In view of CDC's generally satisfactory past performance and operational prospects, CDC wrould be a suitable borrower for a Bank loan of this size. 9. In order to enlarge CDms borrowing powers for later years, and particularly to put CDC in a better position to increase its own equity financing whiich may be called for in the future to support larger projects, CDC has decided to increase its share capital by 50 percent or NT$60 million before the end of 1968. Two-thirds of this increase are expected from foreign and the balance from Chinese sources. 10. The proposed loan should carry the usual features of recent Bank loans to development finance companies, except that the Bank's normal commitment charge should apply, i.e., on the entire undisbursed amount of the proposed loan starting 60 days after the signing of the loan agreement. The Bank presently requires that any CDC project where the use of Bank funds in excess of US$250,000 is proposed be submitted for approval. In view of CDC's generally good performance, it is recommended that the limit be increased to US$500P000. APPRAISAL OF CHINA DEVELOPMENT CORPORATION I. INTRODUCTION 1. China Development Corporation (CDC) has asked the Bank for a new loan of US$15 million to replenish its foreign exchange resources. On December 1, 1961, IDA made a credit of US$5 million to the Republic of China which was relent. to CDC and has been fully disbursed for some time. The Bank made its first loan of US$15 million to CDC on December 7, 1964, and about US$12.5 million were credited to the Loan Account on June 30, 1967 1/; it is expected that the bal- ance will be credited within a month or two, The following appraisal is based on the findings of a mission which visited Taiwan in December 1966. II. THE ENVIRONMENT Industrial Growth 2. CDC was established about eight years ago. The intervening period was characterized by the increasihg prominence of industry in Taiwan's economy, the emergence of mamufactured goods as important foreign exchange earners and the growing involvement of the private sector in the island's industrial development. Manufacturing accounted in 1966 for about one-fifth of net domestic product and for industrial products about 54 percent of Taiwan's merchandise exports of Us$569 million; nearly two-thirds of the island's industrial output originated in private plants. 3. Until 1945 Taiwan's economy was largely rural, geared to meet the needs of Japan. There were few industries, mainly food processing and some aluminum and chemicals, alllof which were taken over by the Chinese Government when Chinese sovereignty over the island was re-established after World War II. The public sector was the prime mover of industrial activities during the post-war recon- struction phase. These activities focused on rehabilitating existing facilities and on the build-up of new textile and food producing plants to meet the most pressing need of the island's population swollen since 1949 by about two million evacuees from the Chinese mainland.
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