MIRA INFORM REPORT
|
Report Date : |
07.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
CHINA AIRLINES LTD. |
|
|
|
|
Formerly Known As : |
China Airlines, Ltd. |
|
|
|
|
Registered Office : |
NO.1, Hangzhan S. rd., Dayuan Township, Taoyuan county 33758, Taiwan (R.O.C.) |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
07.09.1959 |
|
|
|
|
Com. Reg. No.: |
11145904 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Transportation of passengers and freight |
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 |
|
Maximum Credit Limit : |
USD 700,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment
Behaviour : |
Usually 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 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Taiwan |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Contact
Points
|
Company Name: |
|
|
Supplied Name: |
|
|
Trading Address: |
No.3, Aly. 123, Ln. 405, Dunhua N. Rd., Songshan Dist., Taipei City
105, Taiwan |
|
Supplied Address: |
|
|
Telephone Number: |
|
|
Fax Number: |
Notes:
The supplied address is incorrect, and the exact address is as above.
Credit
Summary
|
Credit Rating: |
|
|
Credit Opinion: |
Company
Identification Details
History
Subject was incorporated on
Subject was listed on Taiwan Stock Exchange on
Change of Name
|
Former English
Name |
China Airlines,
Ltd. |
|
Current English
Name |
China Airlines Ltd. |
Awards
|
Year |
Awards |
|
2007 |
Blue chip
importer and exporter |
|
2008 |
Blue chip
importer and exporter |
|
2009 |
Blue chip
importer and exporter |
Standard of Blue
chip importer and exporter
Unit: USD
|
Year |
Amount |
|
2007 |
18,000,000 |
|
2008 |
19,000,000 |
Shareholders
|
Name |
Subscription Share |
|
China Aviation Development Foundation |
1,811,050,202 |
|
National Development Fund, Executive Yuan |
|
|
519,750,519 |
|
The information
above is that of subject’s major shareholders.
Subsidiaries & Branches
Branch Companies
|
1 |
|
|
Name |
Taipei Branch |
|
Address: |
No.131, Sec. 3,
Nanjing E. Rd., Taipei City 104, Taiwan (R.O.C.) |
|
Note: |
Reservation Tel
: +886-2-2715-1212 Reservation Fax
: +886-2-2514-6004~6 Reservation Hours
: Mon-Sun 08:00~20:00 Ticketing Tel :
+886-2-2545-5700 (Mon-Fri : 08:30~17:30 )
Ticketing Fax :
+886-2-2514-5549(Mon-Fri : 08:30~17:30 )
Counter Service
Mon-Fri : 08:30~17:30, Mon-Fri : 08:30~12:30
Closed on
holidays. |
|
2 |
|
|
Name |
Kaohsiung Branch |
|
Address: |
81, Chunghwa 3
Rd., Kaohsiung, Taiwan |
|
Note: |
Reservation Tel
:+886-7-282-6141 Reservation
hours : Mon-Sun 08:00~20:00 Ticketing Tel :
+886-7-231-5186 X 1952 Ticketing Fax :
+886-7-213-1669 Counter Service
: Mon-Fri : 08:30~17:30 , Sat : 08:30~12:30
Closed on
holidays. |
|
3 |
|
|
Name |
Chungli Branch |
|
Address: |
8Fl., 46, Fuhsin
Rd. Chungli, Taoyuan, Taiwan |
|
Note: |
Reservation Tel
: +886-3-383-3601/3602 Reservation
hours : Mon-Sun 08:00~20:00 Ticketing Tel :
+886-3-427-5656/5757 Ticketing Fax :
+886-3-4275858 Office Hours :
Mon-Fri : 08:30~17:30 |
|
4 |
|
|
Name |
Hsinchu Branch |
|
Address: |
Rm |
|
Note: |
Reservation Tel :
+886-3-535-9113 Reservation
hours : Mon-Sun 0800~2000 Ticketing Tel :
+886-3-668-7676 Ticketing Fax :
+886-3-668-6908 Office hours :
Mon-Fri 08:30~17:30 |
|
5 |
|
|
Name |
Taichung Branch |
|
Address: |
30Fl., 160, Sec.
1, Chungkang Rd., Taichung, Taiwan |
|
Note: |
Reservation Tel
: +886-4-2320-4718/4719 Reservation.
hours : +Mon-Sun 08:00~20:00 Ticketing Tel :
+886-4-2325-9592 ext. 2 Ticketing Fax :
+886-4-2325-9613 or 886-4-2329-9962 Office Hours :
Mon-Fri 08:30~17:30 |
|
6 |
|
|
Name |
Tainan Branch |
|
Address: |
Rm. A, 6Fl.,
358, Sec. 1, Tungmen Rd., Tainan, Taiwan |
|
Note: |
Reservation Tel
:+886-6-235-7861 Reservation
hours : Mon-Sun 08:00~20:00 Ticket. Tel :
+886-6-235-8099 Ticket Fax :
+886-6-235-7299 Office Hours :
Mon-Fri 08:30~17:30 |
|
7 |
|
|
Name |
Taichung Branch |
|
Address: |
30Fl., 160, Sec.
1, Chungkang Rd., Taichung, Taiwan |
|
Note: |
Reservation Tel
:+886-6-235-7861 Reservation
hours : Mon-Sun 08:00~20:00 Ticket. Tel :
+886-6-235-8099 Ticket Fax :
+886-6-235-7299 Office Hours :
Mon-Fri 08:30~17:30 |
Personnel
Information
Core
Management
|
1 |
|
|
Name |
Jiazhu Zhang |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Hongxiang Sun |
|
Position |
Director |
|
3 |
|
|
Name |
Zhiyuan Chen |
|
Position |
Director |
|
4 |
|
|
Name |
Shenyi Li |
|
Position |
Director |
|
5 |
|
|
Name |
Daxin Yue |
|
Position |
Director |
|
6 |
|
|
Name |
Honglie Song |
|
Position |
Director |
|
7 |
|
|
Name |
Qingqi Lai |
|
Position |
Director |
|
8 |
|
|
Name |
Guanghong Ding |
|
Position |
Director |
|
9 |
|
|
Name |
Shaoping Li |
|
Position |
Director |
|
10 |
|
|
Name |
Zuoliang Ge |
|
Position |
Director |
|
11 |
|
|
Name |
Heng Lin |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 8,657 Employees |
Operation
Information
Offices
& Factories
|
|
Headquarters |
|
Add |
No.3, Aly. 123,
Ln. 405, Dunhua N. Rd., Songshan Dist., Taipei City 105, Taiwan |
Production
Information
l
Subject is an airline for person and freight.
l
Subject is a repairer of the aircrafts, vehicles
and so on.
l
Subject obtained the ISO Certification.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
1 |
Repair of Aircrafts, Vehicles etc. |
|
2 |
Agency and Sales of Aircrafts’ Component and
Aviation Equipment |
|
3 |
Rental and Sales of Aircrafts |
|
4 |
Passenger,Freight,and Mail Traffic |
|
5 |
Water observations, sea rescue, aerial photography,
fishing groups search, pesticide distribution, etc. |
|
6 |
Agency business (including business,
transportation services) and Agents of Repairing. |
|
7 |
Operation of Air Kitchen |
|
8 |
Operation of Warehousing |
|
9 |
Contracting of Aviation Computer Operating |
|
ZZ999 |
Besides licensed business, all other business
items those are not banned or restricted. |
l
The components and raw material for repairing are
from both local Taiwan and abroad
l
Subject is involved in
transporting the passengers and freight by air.
l
Subject operates air
services. And the air services cover 20
countries on five continents, and 40 passenger and cargo destinations.
l
In 2001 International IRS
Service Rating, subject’s Long Route Airlines ranked the world's TOP 9.
l
Subject has 27
shift-in-investment industries related the civil aviation industries.
l
Subject repairs the
aircrafts, vehicles and so on. And it is the first repair facility which awarded
the IS9002 certified.
l
Subject’s selling
territory is all over the world.
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Settlements
Purchase
Domestic Purchase (Taiwan and Mainland, China)
|
Payment Terms |
Proportion |
|
|
Raw Material |
CBD, etc |
100% |
Foreign Purchase
|
Payment Terms |
Proportion |
|
|
Raw Material |
T.T in advanced ,etc. |
100% |
Sales
Subject is involved in Aviation Industry, and the customs are mostly groups
and individuals. So the sales’ settlement are COB, CBD and etc.
Balance
Sheet
Unit: NTD/000
|
|
|
|
|
Cash and Cash
Equivalents |
9,909,174 |
8,013,645 |
|
Receivable Net
Accounts |
10,805,046 |
11,579,320 |
|
Accounts receivable
- Related Parties, Net |
601,042 |
534,755 |
|
Other
receivables |
413,367 |
648,427 |
|
Current assets |
31,450,453 |
28,010,093 |
|
Inventory -
trading business |
7,736,513 |
5,836,384 |
|
Stock |
7,736,513 |
5,836,384 |
|
Other Current
Assets |
1,000,221 |
761,628 |
|
Deferred Tax
Current Assets |
341,404 |
539,423 |
|
Other Current
Assets |
658,817 |
222,205 |
|
Fair Value
Through Profit Or Loss Financial Current Assets |
850,053 |
300,046 |
|
Available For
Sale Financial Current Assets |
129,383 |
333,965 |
|
Derivative
Financial Current Assets |
5,654 |
1,923 |
|
Investment |
8,893,982 |
8,596,615 |
|
Equity Method Of
Long-Term Equity Investments |
8,893,982 |
8,596,615 |
|
Fair Value
Through Profit Or Loss Financial Non-Current Assets |
374,008 |
374,046 |
|
Other Financial
Non-current Assets |
12,979 |
11,911 |
|
Financial Assets
Measured At Cost - Non-Current |
371,367 |
371,367 |
|
Fund and
Investment |
9,652,336 |
9,353,939 |
|
Land |
1,688,278 |
2,106,788 |
|
Housing and
Construction |
6,957,776 |
7,813,328 |
|
Machinery And
Equipment |
4,452,700 |
3,615,916 |
|
Transport
Equipment |
192,175,590 |
193,537,200 |
|
Office Equipment |
674,316 |
664,005 |
|
Total Cost of
Fixed Assets |
220,942,697 |
223,336,328 |
|
Revaluation |
41,298 |
50,335 |
|
Accumulated
Depreciation |
-84,920,814 |
-76,391,076 |
|
Net Fixed Assets |
140,944,263 |
151,861,510 |
|
Total Cost and
Revaluation |
220,983,995 |
223,386,663 |
|
Leased Assets |
14,018,286 |
14,619,190 |
|
Leasehold
Improvements |
975,751 |
979,901 |
|
Construction In
Progress And Prepayments For Equipment |
4,881,082 |
4,865,923 |
|
Prepayments For
Equipment |
4,881,082 |
4,865,923 |
|
Computer
Software Costs |
361,912 |
346,806 |
|
Deferred Pension
Cost |
177,407 |
544,049 |
|
Total Intangible
Assets |
539,319 |
890,855 |
|
Refundable
Deposits |
11,385,237 |
12,612,901 |
|
Deferred Income
Tax Assets – Non-current |
6,417,012 |
6,528,307 |
|
Other Assets
-Other |
1,727,431 |
2,158,754 |
|
Restricted
Assets |
897,871 |
1,117,539 |
|
Other Assets -
Other |
829,560 |
1,041,215 |
|
Total Other
Assets |
19,529,680 |
21,299,962 |
|
Total assets |
202,116,051 |
211,416,359 |
|
Short-term
borrowings |
1,100,000 |
3,000,000 |
|
Short-term bills
payable |
1,599,095 |
3,047,904 |
|
Accounts Payable |
131,214 |
395,668 |
|
Accounts payable
- related parties |
1,232,891 |
1,082,027 |
|
Accrued expenses |
12,038,445 |
11,917,424 |
|
Fair value
through profit or loss Financial liabilities - current |
. |
694,695 |
|
Current
liabilities |
47,589,165 |
52,177,222 |
|
Derivative financial
liabilities - current |
27,697 |
174,615 |
|
Receipts in
advance |
8,180,741 |
7,366,876 |
|
One year or one
operating cycle of long-term debt due within |
20,416,188 |
22,179,652 |
|
One year or one operating
cycle or due within the implementation of the right to sell back bonds |
3,500,000 |
3,865,600 |
|
One year or one
operating cycle of long-term loans due within |
16,916,188 |
18,314,052 |
|
Other current
liabilities |
2,862,894 |
2,318,361 |
|
Obligations
under capital leases - current |
1,104,354 |
1,108,097 |
|
Other current
liabilities - other |
1,758,540 |
1,210,264 |
|
Bonds payable |
22,750,000 |
21,200,000 |
|
Long-term
borrowings |
67,403,085 |
78,363,503 |
|
Derivative financial
liabilities - non-current |
42,697 |
192,299 |
|
Long-term notes
payable and payments |
1,822,219 |
3,159,580 |
|
Obligations
under capital leases - non-current |
1,822,219 |
3,159,580 |
|
Long-term
liabilities |
92,018,001 |
102,915,382 |
|
Provision for
pensions / accrued pension liabilities |
6,668,803 |
5,616,464 |
|
Other
liabilities - Other |
7,042,254 |
7,028,658 |
|
No sale and
leaseback of interest |
5,968,020 |
6,624,587 |
|
Other
liabilities - Other |
1,074,234 |
404,071 |
|
Total other
liabilities |
13,711,057 |
12,645,122 |
|
Total
liabilities |
153,318,223 |
167,737,726 |
|
Ordinary share
capital |
46,316,224 |
45,722,490 |
|
Share Capital |
46,316,224 |
45,722,490 |
|
391,867 |
524,585 |
|
|
391,867 |
524,585 |
|
|
955 |
1,062 |
|
|
Total capital
reserve |
. |
103,503 |
|
392,822 |
629,150 |
|
|
For not retained
earnings |
7,617,212 |
-1,473,786 |
|
Total Retained
earnings |
7,617,212 |
-1,473,786 |
|
Cumulative
Translation Adjustments |
-2,902,064 |
-411,764 |
|
Net loss not
recognized as pension cost |
-2,621,974 |
-1,509,961 |
|
unrealized gains
or losses of financial instruments |
-9,136 |
-71,413 |
|
Unrealized
revaluation value |
41,298 |
830,471 |
|
Treasury Stock |
-36,554 |
-36,554 |
|
Total
shareholders’ equity and other adjustment |
-5,528,430 |
-1,199,221 |
|
New Issued
(under stockholders' equity section) shares Equivalents (Unit: Shares) |
. |
. |
|
Treasury Stock of
held by parent company also as held by subsidiaries (Unit: Shares) |
2,888,780 |
2,888,780 |
|
Total
shareholders’ equity |
48,797,828 |
43,678,633 |
Profit and
loss account
Unit: NTD/000
|
|
~ |
~ |
|
1,989,510 |
2,000,292 |
|
|
Net Sales
Revenue |
1,989,510 |
2,000,292 |
|
Total Sales Revenue |
1,990,503 |
2,000,646 |
|
Sales discounts
and allowances |
993 |
354 |
|
Total operating
costs |
1,752,697 |
1,719,689 |
|
Cost of goods
sold |
1,752,697 |
1,719,689 |
|
Gross Profit
(Loss) |
236,813 |
280,603 |
|
Total operating
expenses |
103,864 |
129,357 |
|
Distribution
Cost |
35,763 |
49,585 |
|
general and
administrative expenses |
68,101 |
79,772 |
|
Net operating
Profit (loss) |
132,949 |
151,246 |
|
Non-operating
revenue and profit |
443,929 |
729,643 |
|
1,123 |
484 |
|
|
Income From
Investment |
425,553 |
719,313 |
|
Investment
Income Recognized Under Equity Method |
425,553 |
719,313 |
|
Sanctions Fixed
Assets Interests |
. |
809 |
|
Foreign Exchange
Gain |
6,803 |
1,189 |
|
Miscellaneous
Income |
10,450 |
7,848 |
|
31,549,983 |
31,204,289 |
|
|
Total Labor
Income |
30,335,108 |
29,934,796 |
|
Transportation
Revenue |
30,335,108 |
29,934,796 |
|
Other Operation
Income |
1,214,875 |
1,269,493 |
|
Total Operation
Costs |
29,552,557 |
26,061,317 |
|
Total Labor
Costs |
28,950,548 |
25,268,765 |
|
Transportation
costs |
25,528,933 |
23,111,371 |
|
Air Cost |
19,005,773 |
16,718,303 |
|
Field Stations
And Service Costs |
4,585,613 |
4,484,301 |
|
Passenger
Service Costs |
1,937,547 |
1,908,767 |
|
Maintenance
Costs |
3,421,615 |
2,157,394 |
|
Other Operation
Costs |
602,009 |
792,552 |
|
Operation Profit
(Loss) |
1,997,426 |
5,142,972 |
|
Total Operation Expenses |
2,162,050 |
2,686,538 |
|
Marketing costs |
1,588,862 |
1,568,662 |
|
General and
Administrative Expenses |
573,188 |
1,117,876 |
|
Operating Income
(Loss) |
-164,624 |
2,456,434 |
|
Operation Income
and Interest |
441,860 |
1,151,618 |
|
Interest Income |
38,159 |
15,094 |
|
Investment
Income |
98,618 |
155,852 |
|
Equity Method
Investment Profit |
98,618 |
155,852 |
|
Interests Of
Disposal Of Fixed Assets |
374 |
556 |
|
Exchange Profit |
156,495 |
. |
|
Valuation Of
Financial Assets |
778 |
835,818 |
|
Sundry Income |
147,436 |
144,298 |
|
Operation Costs
and Losses |
737,634 |
890,728 |
|
Interest Expense |
559,676 |
714,497 |
|
Exchange Loss |
. |
134,820 |
|
Miscellaneous
Expenses |
177,958 |
41,411 |
|
Continuing Operations
before Income (Loss) |
-460,398 |
2,717,324 |
|
Income Tax
Expense (Benefit) |
-81,310 |
157,092 |
|
Continuing
Operations Income (Loss) |
-379,088 |
2,560,232 |
|
Net Income
(Loss) |
-379,088 |
2,560,232 |
|
Basic earnings
per share |
0 |
1 |
|
Dilute earning
per share (Unit: NTD) |
-0.08 |
1 |
Bankers
Subject declined to disclose its bank details, and we couldn’t find any information from other sources.
Public
Mortgage
|
Charge Number: |
10030345420 |
|
Date of
Registration: |
|
|
Name: |
China
Development Industrial Bank |
|
Type of
Mortgage: |
Chattel Mortgage |
Lawsuit
Up to date of
reporting, no existing or latent litigation of the subject has been found.
Interview
Details
|
Name |
N/A |
Note:
Subject’s staff declined to disclose the name of her.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.38 |
|
UK Pound |
1 |
Rs.71.24 |
|
Euro |
1 |
Rs.64.16 |
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.