|
Report Date : |
07.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
FORMOSA CHEMICALS & FIBRE CORP. |
|
|
|
|
Registered Office : |
359, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation : |
05.03.1965 |
|
|
|
|
Com. Reg. No.: |
58650902 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and sales of chemicals,
fibers, petrochemical and plastic materials |
|
|
|
|
No. of Employees : |
About 4,000 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 : |
Good |
|
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 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
|
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Source : CIA
|
Company Name: |
|
|
Supplied Name: |
|
|
Trading Address: |
359, |
|
Supplied Address: |
|
|
Telephone Number: |
|
|
Fax Number: |
|
|
E-mail: |
|
|
Website: |
Notes: The exact name and address are as above.
|
Credit Opinion: |
|
Registered Name: |
Formosa Chemicals & Fibre Corp. |
|
Registered Address: |
359, |
|
Date of Foundation: |
1965-3-5 |
|
Registration Number: |
58650902 |
|
Registry: |
Department of Commerce, Ministry of Economic Affairs, R.O.C. |
|
Registered Capital: |
NTD 56,904,721,280
(USD 1,900,617,690.75) (As of 2012.07, 1 NTD = 0.0334 USD) |
|
Paid-up Capital: |
NTD 56,904,721,280 (USD 1,900,617,690.75) |
|
Legal Representatives: |
Wenyuan Wang |
|
Legal Form: |
|
|
Principal Activities: |
Manufacture and sales of chemicals,
fibers, petrochemical and plastic materials |
|
Staff: |
|
|
Listed at Stock
Exchange: |
|
|
Date of Last
Annual Return: |
Subject was incorporated on
1965-3-5 with registered number 58650902 as Joint Stock
Company in
Awards
|
Year
|
Awards
|
|
2008 |
Blue
chip importer and exporter |
|
2009 |
Blue
chip importer and exporter |
|
2010 |
Blue
chip importer and exporter |
Standard of Blue
chip importer and exporter
Unit: USD
|
Year |
Amount |
|
2008 |
19,000,000 |
|
2009 |
15,000,000 |
|
2010 |
20,000,000 |
|
Name |
Subscription Shares |
|
Wenyuan Wang |
61,311,250 |
|
Formosa Plastics Corporation |
192,955,278 |
|
Wenchao Wang |
16,329,827 |
|
|
136,358,513 |
|
Fuyuan Hong |
264,859 |
|
Formosa Petrochemical Corporation |
47,152,986 |
|
Hongzhi Yang |
147,854 |
|
Qiuming Chen |
77,308 |
|
Dongteng Huang |
33,408 |
|
Jianan Wu |
27,783 |
|
Sunru Li |
15,000 |
|
Yingda Fang |
71 |
|
Changgeng Medical Treatment
Incorporated Foundation |
1,057,406,427 |
|
Shuiwen Hou |
26,473 |
The information above is that of subject’s major shareholders.
Branch Companies
|
1 |
|
|
Name |
|
|
Address |
2 Floor, No.24, |
|
Registration
Number |
80026278 |
|
Date of
Registration |
2003-7-7 |
|
Status
|
Live
Company |
|
Manager Name |
Fuyuan Hong |
|
2 |
|
|
Name |
Mailiao Branch |
|
Address |
No. 1-1, Formosa
Plastics Group Industrial Zone, Mailiao , |
|
Registration
Number |
89283092 |
|
Date of
Registration |
1994-9-16 |
|
Status
|
Live
Company |
|
Manager Name |
Qiuming Chen |
|
Date of Last
Annual Return |
2010-6-23 |
|
3 |
|
|
Name |
Longde Branch |
|
Address |
No.2, |
|
Registration
Number |
84309657 |
|
Date of
Registration |
1994-2-3 |
|
Status
|
Live
Company |
|
Manager Name |
Jinfu Huang |
|
Date of Last
Annual Return |
2004-12-24 |
|
4 |
|
|
Name |
Yilan Branch |
|
Address |
No.155, |
|
Registration
Number |
84309642 |
|
Date of
Registration |
1994-2-3 |
|
Status
|
Live
Company |
|
Manager Name |
Jinfu Huang |
|
Date of Last
Annual Return |
2004-12-21 |
|
5 |
|
|
Name |
Hsinkang Branch |
|
Address |
1, |
|
Registration
Number |
84309636 |
|
Date of
Registration |
1994-2-3 |
|
Status
|
Live
Company |
|
Manager Name |
Wenyang Chen |
|
Date of Last
Annual Return |
1996-4-25 |
Core
Management
|
1 |
|
|
Name |
Wenyuan Wang |
|
Position |
Chairman |
|
2 |
|
|
Name |
Zhicun Li |
|
Position |
Managing
Director |
|
3 |
|
|
Name |
Wenchao Wang |
|
Position |
Managing
Director |
|
4 |
|
|
Name |
Ruiyu Wang |
|
Position |
Managing
Director |
|
5 |
|
|
Name |
Ruilong Chen |
|
Position |
Managing
Director/ Independent Director |
|
6 |
|
|
Name |
Zongyong Lin |
|
Position |
Independent
Director |
|
7 |
|
|
Name |
Gong Wang |
|
Position |
Independent
Director |
|
8 |
|
|
Name |
Fuyuan Hong |
|
Position |
Director/
Manager |
|
Date of
Appointment |
2006-6-16 |
|
9 |
|
|
Name |
Wenxiang Wang |
|
Position |
Director |
|
10 |
|
|
Name |
Hongzhi Yang |
|
Position |
Director |
|
11 |
|
|
Name |
Qiuming Chen |
|
Position |
Director/
Manager |
|
Date of
Appointment |
2006-6-16 |
|
12 |
|
|
Name |
Dongteng Huang |
|
Position |
Director/
Manager |
|
Date of
Appointment |
2006-6-16 |
|
13 |
|
|
Name |
Jianan Wu |
|
Position |
Director/
Manager |
|
Date of
Appointment |
2006-6-16 |
|
14 |
|
|
Name |
Sunru Li |
|
Position |
Director |
|
15 |
|
|
Name |
Yingda Fang |
|
Position |
Director/
Manager |
|
Date of
Appointment |
2009-3-26 |
|
16 |
|
|
Name |
Lirui Chen |
|
Position |
Supervisor |
|
17 |
|
|
Name |
Wenhua Gong |
|
Position |
Supervisor |
|
18 |
|
|
Name |
Shuiwen Hou |
|
Position |
Supervisor |
|
19 |
|
|
Name |
Guoming Hong |
|
Position |
Manager |
|
Date of
Appointment |
2009-3-26 |
|
20 |
|
|
Name |
Shengfu Lv |
|
Position |
Manager |
|
Date of
Appointment |
2006-6-16 |
|
21 |
|
|
Name |
Zhixiong Chen |
|
Position |
Manager |
|
Date of
Appointment |
2009-3-26 |
|
22 |
|
|
Name |
Liaochun Wang |
|
Position |
Manager |
|
Date of
Appointment |
2006-6-16 |
|
23 |
|
|
Name |
Qingci Lin |
|
Position |
Manager |
|
Date of
Appointment |
2006-6-16 |
|
24 |
|
|
Name |
Jizhu Zhang |
|
Position |
Manager |
|
Date of
Appointment |
2011-11-29 |
|
25 |
|
|
Name |
Wenjin Lv |
|
Position |
Manager |
|
Date of
Appointment |
2011-11-29 |
Personnel
Structure
|
Total Employees |
About 4,000 Employees |
Offices
& Factories
|
|
Headquarters |
|
Add |
359, |
Production
Information
l
Subject is engaged in manufacturing of chemicals,
fibers, petrochemical and plastic materials.
l
Subject’s divisions are as follows for reference:
|
Division |
Major Business |
|
The major businesses
of 1st Petrochemicals Division are manufacturing and sales of AROMA. |
|
|
2nd
Petrochemicals Division |
The major
businesses of 2nd Petrochemicals Division are
manufacturing and sales of SM, phenol, and acetone. |
|
3rd
Petrochemicals Division |
Its major businesses
are manufacture and sales of PTA |
|
Plastics
Division |
The Plastics Division
engages mainly in the manufacture and sales of PS, ABS, SAN, ASA, PP, PC and
PC/ABS alloys pellet. |
|
Rayon Division |
The major businesses of Rayon Division are manufacturing and sales of rayon
staple fiber |
|
Nylon Division |
The nylon division
engages in manufacturing and sales of nylon 6 chips, POY, HOY, FDY, DTY, tire
cord yarn-N6 & N66, fishing net yarn and functional yarn |
|
Textiles Division |
The textiles division
engages in manufacturing and sales of yarn, short-fiber cloth, and long-fiber
cloth |
|
Engineering
Division |
Engineering Division in charge of the supply of
public utilities needed by different production lines |
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
A201010 |
Afforestation business |
|
A202040 |
Felling operation |
|
C301010 |
manufacturing of yarn |
|
C302010 |
weaving cotton cloth |
|
C801010 |
Basic chemicals business |
|
C801020 |
Manufacturing of petrochemical materials |
|
C801030 |
Manufacturing of precision chemical materials |
|
C801100 |
Manufacturing of synthetic resin and plastic |
|
C801120 |
Manufacturing of artificial fiber |
|
C801990 |
Manufacturing of other chemical materials |
|
C802080 |
Manufacturing of environmental medicine |
|
C802090 |
Manufacturing of cleaning supplies |
|
C802100 |
Manufacturing of cosmetics |
|
C901990 |
Manufacturing of
other nonmetallic mineral |
|
CB01010 |
Manufacturing of mechanical equipment |
|
CC01080 |
Manufacturing of electronic components |
|
E502010 |
Engineering of fuel line |
|
E599010 |
Engineering of tubing |
|
E603010 |
Installation of cable |
|
E603040 |
Installation of fire control equipment |
|
E603090 |
Installation of lighting equipment |
|
F102040 |
Wholesale of drink |
|
F107030 |
Wholesale of cleaning supplies |
|
F107050 |
Wholesale of fertilizer |
|
F107080 |
Wholesale of environmental medicine |
|
F108040 |
Wholesale of cosmetics |
|
F203010 |
Retail of food, and drink |
|
F207030 |
Retail of cleaning supplies |
|
F207050 |
Retail of fertilizer |
|
F207080 |
Retail of environmental medicine |
|
F208040 |
Retail of cosmetics |
|
ZZ99999 |
Besides licensed business, all other business
items those are not banned or restricted. |
l
The raw material for
production is mostly purchased from domestic.
Sales
Information
l
Subject is engaged in sales of chemicals, fibers,
petrochemical and plastic materials.
l
The subject sells products in Asian, Europe and
Major products
sold
|
Type |
Product |
|
Petrochemicals |
Benzene Para-Xylene (PX) Ortho- Xylene (OX) Styrene Monomer (SM) Phenol Acetone PTA Anhydrous Sodium-Sulfate |
|
Plastic |
Polystyrene (PS) ABS Resin PP Resin PC Resin PC/ABS Resin SAN Resin ASA Resin Nylon-6 Resin |
|
Textile, Fiber |
Rayon Staple Fiber Nylon Fiber Yarn Products Cloth Products |
l
The Formosa Plastics Group diversified into the
textile industry in 1965. It set up Formosa Chemicals and Fiber Corporation
(FCFC) to produce rayon staple fiber, yarn, fabric, and garments, from the
discarded wood left on the mountains after lumbering. In 1967 Formosa Plastics
Corporation set up plants to produce acrylic fiber. In 1974 FCFC added nylon
filament and fabric to its product lines. To offer better service to downstream
customers, large-scale dyeing and finishing plants were set up to add to the value
of the textile products. The companies were the only ones in
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
Domestic Purchase (
|
Payment Terms |
Proportion |
|
|
Raw material |
COD, CBD, etc |
100% |
Foreign Purchase
Sales
Domestic Markets (
|
Sales Terms |
Proportion |
|
|
Chemicals, fibers, petrochemical and plastic
materials |
COD, CBD, Credit Sales, etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Chemicals, fibers, petrochemical and plastic
materials |
CBD, etc |
100% |
Notes: Subject’s settlement for export is generally in USD
Unit: NTD/000
|
Date |
2012-3-31 |
2011-3-31 |
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash and cash equivalents |
785,349.00 |
5,651,126.00 |
|
Financial assets measured at fair value through
profit or loss - current |
0.00 |
13,428.00 |
|
Available-for-sale financial assets - current |
67,617,761.00 |
84,168,477.00 |
|
Notes receivable - net |
738,507.00 |
601,736.00 |
|
Notes receivable - related parties - net |
67,609.00 |
318,282.00 |
|
Accounts receivable - net |
6,230,278.00 |
7,734,900.00 |
|
Accounts receivable - related parties - net |
21,657,620.00 |
19,472,088.00 |
|
Other receivables |
1,928,645.00 |
1,177,444.00 |
|
Other receivables - related parties |
14,892,600.00 |
10,797,050.00 |
|
Inventories |
30,751,956.00 |
26,938,445.00 |
|
Other current assets |
3,615,549.00 |
4,351,735.00 |
|
Current assets |
148,285,874.00 |
161,224,711.00 |
|
Funds and Investments |
|
|
|
Available-for-sale financial assets - non current |
6,736,462.00 |
0.00 |
|
Financial assets carried at cost - non current |
3,770,824.00 |
5,064,584.00 |
|
Equity investments under equity method |
144,503,944.00 |
149,691,887.00 |
|
Investments |
144,503,944.00 |
149,691,887.00 |
|
Other financial assets - non current |
875,224.00 |
1,068,624.00 |
|
Funds and long-term investments |
155,886,454.00 |
155,825,095.00 |
|
Fixed Assets |
|
|
|
Cost |
|
|
|
Land |
5,428,625.00 |
5,398,116.00 |
|
Buildings and structures |
17,428,142.00 |
17,119,080.00 |
|
Machinery and equipment |
149,294,376.00 |
148,429,528.00 |
|
Transportation equipment |
489,374.00 |
506,796.00 |
|
Other facilities |
3,209,050.00 |
3,156,356.00 |
|
Fixed assets cost |
175,849,567.00 |
174,609,876.00 |
|
Accumulated depreciation |
-109,575,063.00 |
-100,948,908.00 |
|
Construction in process and prepayment for
equipments |
4,145,214.00 |
3,840,141.00 |
|
Fixed assets |
70,419,718.00 |
77,501,109.00 |
|
Intangible Assets |
|
|
|
Other Assets |
|
|
|
Deferred charges |
4,842,952.00 |
3,617,661.00 |
|
Deferred income tax assets - non current |
1,148,100.00 |
1,011,208.00 |
|
Other assets - other |
918,594.00 |
1,023,028.00 |
|
Other assets |
6,909,646.00 |
5,651,897.00 |
|
Assets |
381,501,692.00 |
400,202,812.00 |
|
Liabilities and Stockholders' Equity |
|
|
|
Liabilities |
|
|
|
Current Liabilities |
|
|
|
Short-term borrowings |
3,118,300.00 |
0.00 |
|
Financial liabilities measured at fair value through
profit or loss - current |
0.00 |
9,112.00 |
|
Accounts payable |
3,236,585.00 |
2,043,338.00 |
|
Accounts payable - related parties |
20,334,222.00 |
16,178,196.00 |
|
Income tax payable |
2,235,608.00 |
3,693,210.00 |
|
Accrued expenses |
3,280,621.00 |
3,246,503.00 |
|
Long-term liabilities - current portion |
11,614,328.00 |
9,507,793.00 |
|
Other current liabilities |
1,566,379.00 |
1,939,378.00 |
|
Current liabilities |
45,386,043.00 |
36,617,530.00 |
|
Long term Liabilities |
|
|
|
Financial liabilities measured at fair value
through profit or loss - non current |
124,567.00 |
184,886.00 |
|
Bonds payable |
30,600,000.00 |
25,600,000.00 |
|
Long-term borrowings |
39,941,938.00 |
31,946,274.00 |
|
Long-term notes and accounts payable |
254,000.00 |
508,000.00 |
|
Long-term liabilities |
70,920,505.00 |
58,239,160.00 |
|
Reserves |
|
|
|
Other Liabilities |
|
|
|
Pension reserve / accrued pension liability |
6,225,070.00 |
5,895,255.00 |
|
Other liabilities - other |
422,903.00 |
742,793.00 |
|
Other liabilities |
6,647,973.00 |
6,638,048.00 |
|
Liabilities |
122,954,521.00 |
101,494,738.00 |
|
Stockholders' Equity |
|
|
|
Capital |
|
|
|
Common stock |
56,904,721.00 |
56,904,721.00 |
|
Capital Surplus |
|
|
|
Capital surplus - additional paid-in capital |
8,224,586.00 |
8,224,586.00 |
|
Capital surplus - treasury stock transactions |
71,934.00 |
30,064.00 |
|
Capital surplus - long-term equity investments |
1,358,559.00 |
1,358,559.00 |
|
Capital surplus - other |
204,224.00 |
204,224.00 |
|
Capital surplus |
9,859,303.00 |
9,817,433.00 |
|
Retained Earnings |
|
|
|
Legal reserve |
36,359,812.00 |
31,632,294.00 |
|
Special reserve |
33,721,775.00 |
33,721,775.00 |
|
Unappropriated retained earnings |
53,020,585.00 |
82,433,347.00 |
|
Retained earnings |
123,102,172.00 |
147,787,416.00 |
|
Stockholders' Equity and Other adjustment |
|
|
|
Cumulative translation adjustments |
-545,634.00 |
-2,071,020.00 |
|
Net loss not recognized as pension cost |
-355,528.00 |
-143,174.00 |
|
Unrealized gains (losses) on financial
instruments |
69,906,258.00 |
86,736,819.00 |
|
|
-324,121.00 |
-324,121.00 |
|
Equity adjustments |
68,680,975.00 |
84,198,504.00 |
|
Stockholders-equity |
258,547,171.00 (USD 8,635,475,511.40) |
298,708,074.00 (USD 9,976,849,671.60) |
|
Number of treasury stock acquired by the company
and subsidiaries (unit: share) |
17,036,314.00 |
17,036,314.00 |
|
|
0.00 |
0.00 |
(As of 2012.07, 1 NTD = 0.0334 USD)
Unit: NTD/000
|
Date |
2012-1-1~2012-3-31 |
2011-1-1~2011-3-31 |
|
Sales |
79,608,473.00 (USD 2,658,922,998.20) |
81,654,543.00 (USD 2,727,261,736.20) |
|
Sales returns |
11,049.00 |
430.00 |
|
Sales discounts and allowances |
101,956.00 |
65,357.00 |
|
Sales |
79,495,468.00 |
81,588,756.00 |
|
Service revenue |
9.00 |
3,316.00 |
|
Service revenue |
9.00 |
3,316.00 |
|
Other operating revenue |
55,899.00 |
62,775.00 |
|
Operating income |
79,551,376.00 |
81,654,847.00 |
|
Cost of sales |
75,899,225.00 |
68,383,571.00 |
|
Operating costs |
75,899,225.00 |
68,383,571.00 |
|
Gross profit (loss) from operations |
3,652,151.00 |
13,271,276.00 |
|
Unrealized gains on intercompany transactions |
239,098.00 |
589,400.00 |
|
Realized gains on intercompany transactions |
566,144.00 |
205,796.00 |
|
Selling expense |
975,589.00 |
935,875.00 |
|
General and administrative expenses |
780,125.00 |
780,305.00 |
|
Operating expenses |
1,755,714.00 |
1,716,180.00 |
|
Operating income (loss) |
2,223,483.00 |
11,171,492.00 |
|
Non-Operating Income |
|
|
|
Interest income |
64,298.00 |
27,384.00 |
|
Income from long-term equity investments under
the equity method |
1,733,196.00 |
8,976,688.00 |
|
Investment income |
1,733,196.00 |
8,976,688.00 |
|
Gains on disposal of fixed assets |
1,000.00 |
0.00 |
|
Foreign exchange gains |
0.00 |
269,672.00 |
|
Rent income |
39,956.00 |
39,505.00 |
|
Revaluation gain on financial liabilities |
27,372.00 |
6,571.00 |
|
Miscellaneous income |
163,285.00 |
134,356.00 |
|
Non-operating revenues and gains |
2,029,107.00 |
9,454,176.00 |
|
Non-Operating Expenses |
|
|
|
Interest expense |
363,915.00 |
289,013.00 |
|
Loss on disposal of fixed assets |
0.00 |
1,680.00 |
|
Foreign exchange losses |
184,812.00 |
0.00 |
|
Revaluation loss on financial assets |
12,660.00 |
15,799.00 |
|
Miscellaneous disbursements |
26,094.00 |
17,519.00 |
|
Non-operating expenses and losses |
587,481.00 |
324,011.00 |
|
Income from continuing operations before income
tax |
3,665,109.00 |
20,301,657.00 |
|
Income tax expense (benefit) |
315,920.00 |
1,974,907.00 |
|
Income from continuing operations |
3,349,189.00 |
18,326,750.00 |
|
Net income (loss) |
3,349,189.00 (USD 111,862,912.60) |
18,326,750.00 (USD 612,113,450.00) |
|
Primary Earnings per Share |
|
|
|
Income (loss) from continuing operations |
0.59 |
3.23 |
|
Primary earnings per share |
0.59 |
3.23 |
|
Diluted earnings per share |
|
|
(As of 2012.07, 1 NTD = 0.0334 USD)
Unit: NTD/000
|
Date |
2012-1-1~2012-3-31 |
2011-1-1~2011-3-31 |
|
Cash Flows from Operating Activities - Indirect
Method |
|
|
|
Net Income (Loss) |
3,349,189 |
18,326,750 |
|
Adjustments to Reconcile Net Income to Net Cash
Provided by (Used in) Operating Activities |
|
|
|
Depreciation Expense |
2,218,114 |
2,170,231 |
|
Amortization Expense |
732,258 |
575,631 |
|
Provision (Reversal of Provision) for Bad Debts
Losses |
0 |
0 |
|
Loss (Gain) on Decline (Recovery) in Market
Value, Scrap and Obsolescence of Inventories |
-25,401 |
-1,121 |
|
Investment Loss (Income) Recognized under Equity
Method |
-1,733,196 |
-8,976,688 |
|
Cash Dividends Received from Investments Accounted
for under Equity Method |
0 |
0 |
|
Loss (Gain) on Disposal of Property, Plan and
Equipment |
-1,000 |
1,680 |
|
Loss (Gain) on Disposal of Other Assets |
0 |
0 |
|
Unrealized Revaluation Loss (Gain) on Financial
Assets and Liabilities |
-14,712 |
9,228 |
|
Changes in Operating Assets and Liabilities |
|
|
|
Decrease (Increase) in Notes Receivable |
-15,761 |
-9,017 |
|
Decrease (Increase) in Notes Receivable - Related
Parties |
466,486 |
76,859 |
|
Decrease (Increase) in Accounts Receivable |
96,270 |
777,885 |
|
Decrease (Increase) in Accounts Receivable -
Related Parties |
-10,324,430 |
-4,225,287 |
|
Decrease (Increase) in Other Receivables |
-259,706 |
779,837 |
|
Decrease (Increase) in Inventories |
-2,461,371 |
-1,591,752 |
|
Decrease (Increase) in Other Current Assets |
1,648,536 |
120,212 |
|
Decrease (Increase) in Deferred Tax Assets |
143,418 |
795,681 |
|
Increase (Decrease) in Accounts Payable |
1,061,460 |
191,001 |
|
Increase (Decrease) in Accounts Payable - Related
Parties |
7,402,180 |
-4,547,582 |
|
Increase (Decrease) in Income Tax Payable |
172,502 |
1,187,268 |
|
Increase (Decrease) in Accrued Expenses |
-404,111 |
-761,566 |
|
Increase (Decrease) in Other Current Liabilities |
95,634 |
401,191 |
|
Increase (Decrease) in Accrued Pension
Liabilities |
54,208 |
94,684 |
|
Increase (Decrease) in Deferred Credits |
-327,046 |
383,604 |
|
Net Cash Provided by (Used in) Operating
Activities |
1,873,521 |
5,778,729 |
|
Cash Flows from Investing Activities |
|
|
|
Acquisition of Available-for-sale Financial
Assets |
0 |
0 |
|
Proceeds from Disposal of Available-for-sale
Financial Assets |
0 |
0 |
|
Proceeds from Disposal of Financial Assets
Carried at Cost |
0 |
0 |
|
Acquisition of Investments Accounted for by Equity
Method |
-160,763 |
-252,155 |
|
Proceeds from Disposal of Investments Accounted
for by Equity Method |
0 |
0 |
|
Proceeds from Capital Reduction of Investments
Accounted for under Equity Method |
0 |
0 |
|
Purchase of Property, Plant and Equipment |
-423,502 |
-360,588 |
|
Proceeds from Disposal of Property, Plant and
Equipment |
8,894 |
4,358 |
|
Increase in Deferred Charges |
-732,164 |
-532,614 |
|
Decrease (Increase) in Other Receivables -
Related Parties |
2,021,700 |
-2,730,500 |
|
Decrease (Increase) in Other Assets |
-26,066 |
3,982 |
|
Net Cash Provided by (Used in) Investing
Activities |
688,099 |
-3,867,517 |
|
Cash Flows from Financing Activities |
|
|
|
Increase (Decrease) in Short-term Loans |
-973,800 |
0 |
|
Proceeds from Issuance of Bonds |
0 |
0 |
|
Repayments of Bonds |
0 |
0 |
|
Repayment of Long-term Debt |
-1,571,712 |
-1,976,788 |
|
Increase (Decrease) in Guarantee Deposits
Received |
-1,766 |
-14,085 |
|
Increase (Decrease) in Other Payables - Related Parties |
0 |
0 |
|
Increase (Decrease) in Other Liabilities |
3,972 |
1,107 |
|
Cash Dividends Paid |
0 |
0 |
|
Cash Bonus to Directors, Supervisors and
Employees |
0 |
0 |
|
Net Cash Provided by (Used in) Financing
Activities |
-2,543,306 |
-1,989,766 |
|
Effect of Exchange Rate Changes |
8,817 |
-349,780 |
|
Net Increase (Decrease) in Cash and Cash
Equivalents |
27,131 |
-428,334 |
|
Cash and Cash Equivalents, Beginning of year |
758,218 |
6,079,460 |
|
Cash and Cash Equivalents, End of year |
785,349 |
5,651,126 |
|
Supplemental Cash Flow Information |
|
|
|
Interest Paid |
209,009 |
185,605 |
|
Interest Paid- Excluding Capitalized Interest |
209,009 |
185,605 |
|
Income Tax Paid |
0 |
0 |
|
Non-cash Investing and Financing Activities |
|
|
|
Current Portion of Long-term Liabilities |
11,614,328 |
9,507,793 |
|
Investing Activities Affecting Both Cash and
Non-cash Items |
|
|
|
Cash Paid for Acquisition of Property, Plant and
Equipment |
|
|
|
Increase in Property, Plant and Equipment |
294,371 |
336,247 |
|
Increase (Decrease) in Payable for Equipment
Purchased |
129,131 |
24,341 |
|
Cash Paid for Acquisition of Property, Plant and
Equipment |
423,502 |
360,588 |
|
Name |
Taiwan Bank |
Mortgage
No chattel mortgage record of subject has been found within the recent 3
months.
|
Trial Number: |
2004,Zhangxiaodiao, 29756 |
|
Date of Trial: |
2004-10-29 |
|
Reason: |
Labour dispute |
|
Name |
Mr. Wang |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.46 |
|
|
1 |
Rs.87.63 |
|
Euro |
1 |
Rs.71.11 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.