|
Report Date : |
25.09.2012 |
|
|
|
|
Tel. No.: |
+886 2-25153969 |
IDENTIFICATION DETAILS
|
Name : |
TAIWAN PULP & PAPER CORPORATION |
|
|
|
|
Registered Office : |
10F, No.96, Sec.1, Chienkuo N. Rd., Taipei |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
30.06.2012 |
|
|
|
|
Date of Incorporation : |
09.09.1948 |
|
|
|
|
Com. Reg. No.: |
11912102 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturing and sales of pulp, cultural paper and
chemical products |
|
|
|
|
No. of Employees : |
About 600 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) |
|
Taiwan |
A2 |
A2 |
|
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. In keeping with this
trend, some large, state-owned banks and industrial firms have been privatized.
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. In 2009, Taiwan's GDP
contracted 1.9%, due primarily to a 20% year-on-year decline in exports. In
2010 GDP grew 10.9%, as exports returned to the level of previous years, and in
2011, grew 5.2%. However, 2012 growth will likely be less, according to most
forecasters, because of softening global demand. Taiwan's diplomatic isolation,
low birth rate, and rapidly aging population are major long-term challenges.
Free trade agreements have proliferated in East Asia over the past several
years, but so far Taiwan has been excluded from this greater economic
integration largely because of its diplomatic status with the exception of the
landmark Economic Cooperation Framework Agreement (ECFA) signed with China in
June 2010. The MA administration has said that the ECFA will serve as a
stepping stone toward trade pacts with other regional partners, and
negotiations on a deal with Singapore began this year. Follow-on components of
ECFA, including deals on trade in goods, services, and investment, have yet to
be completed. 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 accounting for 10.9% of the
island's total population as of 2011. The island runs a large trade surplus,
and its foreign reserves are the world's fourth largest, behind China, Japan,
and Russia. Since 2005 China has overtaken 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. Three financial memorandums of
understanding, covering banking, securities, and insurance, took effect in
mid-January 2010, opening the island to greater investments from the mainland's
financial firms and institutional investors, and providing new opportunities
for Taiwan financial firms to operate in China. Closer economic links with the
mainland bring greater opportunities for the Taiwan economy, but also poses new
challenges as the island becomes more economically dependent on China while
political differences remain unresolved.
|
Source : CIA |
|
Company Name: |
Taiwan Pulp & Paper Corporation |
|
Supplied Name: |
Taiwan Pulp & PaperCorporation |
|
Trading Address: |
10F, No.96, Sec.1, Chienkuo N. Rd., Taipei, Taiwan, R.O.C. |
|
Supplied Address: |
10 F No 90 Sec 1 Chien-Kuo North Road Taipei |
|
Telephone Number: |
+886-2-2515-3969 |
|
Fax Number: |
+886-2-2515-3956 |
|
E-mail: |
|
|
Website: |
Notes: The exact name and address are as above.
|
Credit Opinion: |
|
Registered Name: |
Taiwan Pulp & Paper Corporation |
|
Registered Address: |
10F, No.96, Sec.1, Chienkuo N. Rd., Taipei, Taiwan, R.O.C. |
|
Date of Foundation: |
1948-9-9 |
|
Registration Number: |
11912102 |
|
Registry: |
Department of Commerce, Ministry of Economic Affairs, R.O.C. |
|
Registered Capital: |
NTD 6,000,000,000
(USD 204,000,000) (As of 2012.09, 1 NTD = 0.034 USD) |
|
Paid-up Capital: |
NTD 4,020,005,500 (USD 136,680,187) |
|
Legal Representatives: |
Shumei Zhang |
|
Legal Form: |
|
|
Principal Activities: |
Manufacturing and sales
of pulp, cultural paper and chemical products |
|
Staff: |
|
|
Listed at Stock
Exchange: |
|
|
Date of Last
Annual Return: |
Subject was incorporated on 1948-9-9 with registered number 11912102 as Joint Stock Company in Taiwan.
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 |
|
Tai Di Investment Co., Ltd. (Literal Translation) |
3,387,760 |
|
Tai Zhan Investment Co., Ltd. (Literal
Translation) |
7,096,700 |
|
Qian Shun Hang Corporation (Literal Translation) |
1,176,125 |
|
Jia Ji Investment Co., Ltd. (Literal Translation) |
15,304,981 |
|
He Wang Investment Co., Ltd. (Literal
Translation) |
6,996,000 |
|
Du Wanquan Charity Foundation (Literal
Translation) |
1,432,776 |
|
Quan Jin Investment Co., Ltd. (Literal
Translation) |
848,000 |
|
Peishan He |
715,096 |
The information above is that of subject’s major shareholders.
Factory
|
Name |
Xinying Factory |
|
Address |
No. 94, Nanzhi
St., Xinying Dist, Tainan City, Taiwan, R.O.C. |
|
Telephone Number |
+886-6-656-3811 |
|
Fax Number |
+886-6-656-2845 |
Related Companies
|
1 |
|
|
Name |
Hoa Viet Joint
Venture Co., Ltd. |
|
Address |
Long Thanh My
Ward, district 9, Ho Chih Minh City, Vietnam |
|
Telephone Number |
+84-8-2800130 |
|
Fax Number |
+84-8-280-0120 |
|
2 |
|
|
Name |
Gia Phu
Packaging Co., Ltd. |
|
Address |
Tan Thuan Export
Processing Zone, the 1 road, district 7, Ho Chih Minh City, Vietnam |
|
Telephone Number |
+84-8-770-1045 |
|
Fax Number |
+84-8-770-1236 |
|
Principal Activities |
Manufacturing
and sales of packing cartons |
|
3 |
|
|
Name |
Minh Phu Co.,
Ltd |
|
Address |
Thong Nhat Road,
Di An Town, Di An District, Binh Duong Province, Vietnam |
|
Telephone Number |
+84-650-790360 |
|
Fax Number |
+84-650-732907 |
|
Principal Activities |
Manufacturing
and sales of packing cartons |
|
4 |
|
|
Name |
Ji Phu Paper
Company Ltd. |
|
Address |
D1-2-2,D1-3, khu
cong nghiep Dai Dang, phuong Phu Tan, thi xa Thu Dau Mot, tinh Binh Duong,
Vietnam |
|
Telephone Number |
+84-650-558006 |
|
Fax Number |
+84-650-558009 |
|
Area |
About 60,000
square meter |
|
Principal Activities |
Manufacturing
and sales of packing cartons |
|
Production Capacity |
About 6,000,000
square meters per month |
Core
Management
|
1 |
|
|
Name |
Shujuan Zhang |
|
Position |
Board Director |
|
2 |
|
|
Name |
Bohong Zhang |
|
Position |
Director |
|
Date of
Appointment |
1995-11-16 |
|
3 |
|
|
Name |
Hengyi Du |
|
Position |
Director |
|
4 |
|
|
Name |
Jinhong Pan |
|
Position |
Director |
|
5 |
|
|
Name |
Congming Jian |
|
Position |
Director |
|
6 |
|
|
Name |
Tiaorong Yang |
|
Position |
Director |
|
7 |
|
|
Name |
Wenjin Gao |
|
Position |
Director |
|
8 |
|
|
Name |
Zecheng Luo |
|
Position |
Director |
|
9 |
|
|
Name |
Jianzhi Liu |
|
Position |
Director |
|
10 |
|
|
Name |
Guozhen Zeng |
|
Position |
Supervisor |
|
11 |
|
|
Name |
Mingzhe Li |
|
Position |
Supervisor |
|
12 |
|
|
Name |
Peishan He |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 600 Employees |
Offices
& Factories
|
|
Headquarters |
|
Add |
Production
Information
l
Subject is engaged in manufacturing of pulp,
cultural paper and chemical products, etc.
l
Subject has a factory (about 510,000 square meters)
in Tainan city, Taiwan for production of pulp, cultural paper and chemical,
etc.
l
Subject’s factory departments as follows for
reference:
|
|
Department |
|
1 |
Pulp Making Department |
|
2 |
Paper Making Department |
|
3 |
Chemicals Department |
|
4 |
Engineering Department |
|
5 |
Safety and Environment Department |
|
6 |
Quality Control Section |
|
7 |
General Affairs Section |
|
8 |
Materials Section |
|
9 |
Cost Accounting Section |
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
-- |
Manufacturing and sales of paper pulp and paper |
|
-- |
Processing of paper products |
|
-- |
Sales of paper raw materials |
|
-- |
Research and improvement of paper technology |
|
-- |
Planting of fibrous materials used in paper
production |
|
-- |
Other related paper production business |
|
J101030 |
Waste clear industry |
|
J101040 |
Waste treatment industry |
|
G202010 |
Operation of parking lot |
|
G801010 |
Storage business |
|
ZZ99999 |
Besides licensed business, all other business
items those are not banned or restricted. |
l
The raw materials for production of pulp and
chemicals are purchased both home and abroad as follows for reference:
|
Raw material |
Origin |
|
Wood Chip |
Mainland China, Vietnam, Thailand, Australia, and
Indonesia |
|
Sylvite |
Canada |
Sales
Information
l
Subject is engaged in sales of pulp, cultural paper
and chemical products, etc.
l
Subject’s sales regions include domestic market,
other Asian Countries, Europe, and America, etc.
l
Subject obtained the certifications of ISO 9001,
PEFC and OSHAS 18001.
Major products
sold
|
Type |
Product |
Application |
|
Pulp |
Kraft pulp |
Local writing paper, household paper and
industrial paper. |
|
Paper |
Woodfree paper |
Printing and finishing in magazines, books,
playbills, brochures, calendars, ledgers, envelopes, notebooks, etc. |
|
Machine glazed paper |
Calendar or packaging |
|
|
Printing paper |
Calendar |
|
|
Fruit bag base paper |
Fruit bag |
|
|
Hand towel |
Home and public place for cleaning and wiping |
|
|
Chemical |
Liquefied chlorine |
-- |
|
Hydrochloride |
-- |
|
|
Sodium hypochlorite |
-- |
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
Domestic Purchase (Taiwan and Mainland, China)
|
Payment Terms |
Proportion |
|
|
Raw materials |
COD, CBD, etc |
100% |
Foreign Purchase
|
Payment Terms |
Proportion |
|
|
Raw materials |
CBD, etc |
100% |
Sales
Domestic Markets (Taiwan)
|
Sales Terms |
Proportion |
|
|
COD, CBD, Credit
Sales, etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Pulp, paper and chemical |
CBD, etc |
100% |
Notes: Subject’s settlement for export is generally in USD
Unit: NTD/000
|
Date |
2012-6-30 |
2011-6-30 |
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash and cash equivalents |
51,545.00 |
135,995.00 |
|
Notes receivable - net |
62,022.00 |
81,159.00 |
|
Accounts receivable - net |
291,967.00 |
376,471.00 |
|
Other receivables |
4,812.00 |
16,502.00 |
|
Inventories |
1,667,032.00 |
2,003,020.00 |
|
Prepaid expenses |
293,797.00 |
269,379.00 |
|
Other prepayments |
28,531.00 |
39,600.00 |
|
Other current assets |
193,588.00 |
177,206.00 |
|
Current assets |
2,593,294.00 |
3,099,332.00 |
|
Funds and Investments |
|
|
|
Financial assets carried at cost - non current |
727.00 |
727.00 |
|
Equity investments under equity method |
2,716,695.00 |
2,497,460.00 |
|
Investments |
2,716,695.00 |
2,497,460.00 |
|
Funds and long-term investments |
2,717,422.00 |
2,498,187.00 |
|
Fixed Assets |
|
|
|
Cost |
|
|
|
Land |
173,527.00 |
173,535.00 |
|
Land improvements |
121,203.00 |
118,865.00 |
|
Buildings and structures |
781,534.00 |
757,816.00 |
|
Machinery and equipment |
5,696,311.00 |
6,005,531.00 |
|
Transportation equipment |
70,833.00 |
68,315.00 |
|
Other facilities |
79,666.00 |
72,264.00 |
|
Revaluation increment |
2,866,986.00 |
2,890,624.00 |
|
Cost and revaluation increment |
9,790,060.00 |
10,086,950.00 |
|
Accumulated depreciation |
-5,552,688.00 |
-5,934,427.00 |
|
Construction in process and prepayment for
equipments |
35,356.00 |
55,752.00 |
|
Fixed assets |
4,272,728.00 |
4,208,275.00 |
|
Intangible Assets |
|
|
|
Deferred pension cost |
19,771.00 |
24,076.00 |
|
Intangible assets |
19,771.00 |
24,076.00 |
|
Other Assets |
|
|
|
Idled assets |
7,853.00 |
22,831.00 |
|
Guarantee deposits paid |
3,411.00 |
3,379.00 |
|
Deferred charges |
2,814.00 |
3,729.00 |
|
Long-term notes and accounts receivable |
0.00 |
0.00 |
|
Other assets |
14,078.00 |
29,939.00 |
|
Assets |
9,617,293.00 |
9,859,809.00 |
|
Liabilities and Stockholders' Equity |
|
|
|
Liabilities |
|
|
|
Current Liabilities |
|
|
|
Short-term borrowings |
522,208.00 |
718,482.00 |
|
Short-term notes and bills payable |
99,911.00 |
39,952.00 |
|
Notes payable |
28,742.00 |
53,321.00 |
|
Accounts payable |
231,389.00 |
383,540.00 |
|
Income tax payable |
0.00 |
33,804.00 |
|
Accrued expenses |
204,764.00 |
269,518.00 |
|
Other payables |
214,113.00 |
259,201.00 |
|
Advance receipts |
27,778.00 |
63,309.00 |
|
Long-term liabilities - current portion |
155,600.00 |
45,600.00 |
|
Other current liabilities |
6,865.00 |
7,830.00 |
|
Current liabilities |
1,491,370.00 |
1,874,557.00 |
|
Long term Liabilities |
|
|
|
Long-term borrowings |
785,600.00 |
411,200.00 |
|
Long-term liabilities |
785,600.00 |
411,200.00 |
|
Reserves |
|
|
|
Reserve for land revaluation increment tax |
829,925.00 |
837,148.00 |
|
Reserves |
829,925.00 |
837,148.00 |
|
Other Liabilities |
|
|
|
Pension reserve / accrued pension liability |
451,926.00 |
457,193.00 |
|
Guarantee deposits received |
496.00 |
769.00 |
|
Deferred income tax liabilities |
47,020.00 |
150,816.00 |
|
Other liabilities - other |
5,706.00 |
5,706.00 |
|
Other liabilities |
505,148.00 |
614,484.00 |
|
Liabilities |
3,612,043.00 |
3,737,389.00 |
|
Stockholders' Equity |
|
|
|
Capital |
|
|
|
Common stock |
4,020,005.00 |
3,857,675.00 |
|
Stock dividend to be distributed |
0.00 |
231,460.00 |
|
Capital Surplus |
|
|
|
Capital surplus - additional paid-in capital |
958,762.00 |
975,244.00 |
|
Capital surplus - treasury stock transactions |
130,629.00 |
119,989.00 |
|
Capital surplus |
1,089,391.00 |
1,095,233.00 |
|
Retained Earnings |
|
|
|
Legal reserve |
171,575.00 |
150,683.00 |
|
Unappropriated retained earnings |
429,628.00 |
712,792.00 |
|
Retained earnings |
601,203.00 |
863,475.00 |
|
Stockholders' Equity and Other adjustment |
|
|
|
Cumulative translation adjustments |
-602,829.00 |
-803,862.00 |
|
Net loss not recognized as pension cost |
-70,614.00 |
-97,119.00 |
|
Unrealized Revaluation Increment |
968,094.00 |
975,558.00 |
|
Equity adjustments |
294,651.00 |
74,577.00 |
|
Stockholders’ equity |
6,005,250.00 (USD 204,178,500) |
6,122,420.00 (USD 208,162,280) |
|
Number of treasury stock acquired by the company
and subsidiaries (unit: share) |
0.00 |
0.00 |
|
|
0.00 |
0.00 |
(As of 2012.09, 1 NTD =
0.034 USD)
Unit: NTD/000
|
Date |
2012-1-1~2012-6-30 |
2011-1-1~2011-6-30 |
|
Sales |
2,076,019.00 (USD 70,584,646) |
2,496,534.00 (USD 84,882,156) |
|
Sales returns |
1,074.00 |
1,125.00 |
|
Sales discounts and allowances |
4,352.00 |
7,375.00 |
|
Sales |
2,070,593.00 |
2,488,034.00 |
|
Net construction revenue (for construction
contracting business) |
14,126.00 |
47,520.00 |
|
Construction and engineering revenue |
14,126.00 |
47,520.00 |
|
Operating income |
2,084,719.00 |
2,535,554.00 |
|
Cost of sales |
2,029,925.00 |
2,191,295.00 |
|
Cost of construction |
11,972.00 |
44,736.00 |
|
Cost of construction and engineering service |
11,972.00 |
44,736.00 |
|
Operating costs |
2,041,897.00 |
2,236,031.00 |
|
Gross profit (loss) from operations |
42,822.00 |
299,523.00 |
|
Selling expense |
88,730.00 |
113,792.00 |
|
General and administrative expenses |
71,446.00 |
90,189.00 |
|
Operating expenses |
160,176.00 |
203,981.00 |
|
Operating income (loss) |
-117,354.00 |
95,542.00 |
|
Non-Operating Income |
|
|
|
Interest income |
69.00 |
92.00 |
|
Income from long-term equity investments under
the equity method |
71,159.00 |
85,293.00 |
|
Dividends |
129.00 |
145.00 |
|
Investment income |
71,288.00 |
85,438.00 |
|
Gains on disposal of fixed assets |
0.00 |
667.00 |
|
Foreign exchange gains |
3,985.00 |
9,335.00 |
|
Rent income |
181.00 |
234.00 |
|
Miscellaneous income |
7,079.00 |
510.00 |
|
Non-operating revenues and gains |
82,602.00 |
96,276.00 |
|
Non-Operating Expenses |
|
|
|
Interest expense |
8,753.00 |
6,453.00 |
|
Loss on disposal of fixed assets |
33,234.00 |
75.00 |
|
Financial expense |
219.00 |
268.00 |
|
Revaluation loss on financial assets |
0.00 |
431.00 |
|
Miscellaneous disbursements |
31.00 |
909.00 |
|
Non-operating expenses and losses |
42,237.00 |
8,136.00 |
|
Income from continuing operations before income
tax |
-76,989.00 |
183,682.00 |
|
Income tax expense (benefit) |
14,212.00 |
4,693.00 |
|
Income from continuing operations |
-91,201.00 |
178,989.00 |
|
Net income (loss) |
-91,201.00 (USD -3,100,834) |
178,989.00 (USD 6,085,626) |
|
Primary Earnings per Share |
|
|
|
Primary earnings per share |
-0.23 |
0.46 |
|
Diluted earnings per share |
|
|
|
Diluted earnings per share |
0.00 |
0.46 |
(As of 2012.09, 1 NTD =
0.034 USD)
Unit: NTD/000
|
Date |
2012-1-1~2012-6-30 |
2011-1-1~2011-6-30 |
|
Cash Flows from Operating Activities-Indirect
Method |
|
|
|
Net Income (Loss) |
(91,201) |
178,989 |
|
Adjustments to Reconcile Net Income to Net Cash
Provided by (Used in) Operating Activities |
|
|
|
Depreciation Expense |
118,739 |
117,134 |
|
Amortization Expense |
604 |
535 |
|
Provision (Reversal of Provision) for Bad Debts
Losses |
-6,361 |
0 |
|
Loss (Gain) on Decline (Recovery) in Market
Value, Scrap and Obsolescence of Inventories |
-31,550 |
-575 |
|
Investment Loss (Income) Recognized under Equity
Method |
-71,159 |
-85,293 |
|
Loss (Gain) on Disposal of Property, Plant and
Equipment |
33,234 |
-592 |
|
Unrealized Revaluation Loss (Gain) on Financial
Assets and Liabilities |
0 |
431 |
|
Loss (Gain) on Deferred Income Tax |
14,212 |
-29,110 |
|
Changes in Operating Assets and Liabilities |
|
|
|
Decrease (Increase) in Notes Receivable |
32,123 |
40,355 |
|
Decrease (Increase) in Accounts Receivable |
17,547 |
-9,625 |
|
Decrease (Increase) in Other Receivables |
58,272 |
-1,585 |
|
Decrease (Increase) in Inventories |
78,168 |
-411,562 |
|
Decrease (Increase) in Prepaid Expenses |
-16,812 |
698 |
|
Decrease (Increase) in Other Prepayments |
-4,486 |
27,087 |
|
Decrease (Increase) in Other Operating Assets |
-2,669 |
-8,244 |
|
Increase (Decrease) in Notes Payable |
-25,457 |
-22,572 |
|
Increase (Decrease) in Accounts Payable |
-78,079 |
158,050 |
|
Increase (Decrease) in Income Tax Payable |
-33,804 |
33,804 |
|
Increase (Decrease) in Accrued Expenses |
-19,742 |
-40,431 |
|
Increase (Decrease) in Other Payables |
1 |
-15,516 |
|
Increase (Decrease) in Receipts in Advance |
15,400 |
28,922 |
|
Increase (Decrease) in Other Current Liabilities |
-550 |
267 |
|
Increase (Decrease) in Accrued Pension
Liabilities |
12,623 |
15,017 |
|
Net Cash Provided by (Used in) Operating
Activities |
-947 |
-23,816 |
|
Cash Flows from Investing Activities |
|
|
|
Purchase of Property, Plant and Equipment |
-208,963 |
-117,886 |
|
Proceeds from Disposal of Property, Plant and
Equipment |
0 |
1,071 |
|
Decrease (Increase) in Refundable Deposits |
48 |
101 |
|
Increase in Deferred Charges |
-366 |
-3,266 |
|
Decrease (Increase) in Restricted Assets |
-28,740 |
0 |
|
Net Cash Provided by (Used in) Investing
Activities |
-238,021 |
-119,980 |
|
Cash Flows from Financing Activities |
|
|
|
Increase (Decrease) in Short-term Loans |
-180,185 |
4,588 |
|
Increase (Decrease) in Short-term Notes and Bills
Payable |
-10,041 |
-89,951 |
|
Proceeds from Long-term Debt |
2,300,000 |
17,200 |
|
Repayment of Long-term Debt |
-2,032,800 |
0 |
|
Increase (Decrease) in Guarantee Deposits
Received |
-270 |
-20 |
|
Net Cash Provided by (Used in) Financing
Activities |
76,704 |
-68,183 |
|
Net Increase (Decrease) in Cash and Cash
Equivalents |
-162,264 |
-211,979 |
|
Cash and Cash Equivalents, Beginning of year |
213,809 |
347,974 |
|
Cash and Cash Equivalents, End of year |
51,545 |
135,995 |
|
Supplemental Cash Flow Information |
|
|
|
Interest Paid |
9,028 |
6,238 |
|
Interest Paid- Excluding Capitalized Interest |
9,028 |
6,238 |
|
Income Tax Paid |
33,804 |
0 |
|
Non-cash Investing and Financing Activities |
|
|
|
Current Portion of Long-term Liabilities |
155,600 |
45,600 |
|
Conversion of Bonds to Common Stock |
0 |
16,700 |
|
Investing Activities Affecting Both Cash and
Non-cash Items |
|
|
|
Cash Paid for Acquisition of Property, Plant and
Equipment |
|
|
|
Cash Paid for Acquisition of Property, Plant and
Equipment |
208,963 |
117,886 |
|
Other Supplemental Information |
|
|
|
Cash dividends from equity-method investees |
0 |
0 |
|
Cash dividends distributed from equity-method
investees |
0 |
5,848 |
|
Beginning balance of receivables |
0 |
0 |
|
Ending balance of receivables (included in other
receivables) |
0 |
-5,848 |
|
Cash received |
0 |
0 |
|
Cash paid for cash dividends |
0 |
0 |
|
Cash dividends distribution |
201,000 |
231,461 |
|
Beginning balance of payables |
0 |
0 |
|
Ending balance of payables (included in other
payables) |
-201,000 |
-231,461 |
|
Cash paid |
0 |
0 |
Subject declined to disclose its bank details; from other source we cannot 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.
|
Name |
Ms. Luo |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.29 |
|
UK Pound |
1 |
Rs.86.44 |
|
Euro |
1 |
Rs.68.95 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.