|
Report Date : |
13.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
FWUSOW INDUSTRY CO., LTD. |
|
|
|
|
Registered Office : |
No.45, Sha-Tien Rd., Shalu Dist., Taichung City 433 |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
07.02.1955 |
|
|
|
|
Com. Reg. No.: |
56192402 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturing and sales of feeds, medicine for animals, fertilizers, pesticide and etc. |
|
|
|
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
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: |
Fwusow Industry Co., Ltd. |
|
Supplied Name: |
FWUSOW Industry Co Ltd |
|
Trading Address: |
No.45, Sha-Tien Rd., Shalu Dist., Taichung City 433, Taiwan (R.O.C.) |
|
Supplied Address: |
|
|
Telephone Number: |
+886-4-2636-2111 |
|
Fax Number: |
+886-4-2635-8566 |
|
E-mail: |
Notes: The exact name and address are as above. We contacted with the subject,
the subject introduced the name and address as we supplied, but didn’t mention
the supplied address.
|
Credit Opinion: |
|
Registered Name: |
Fwusow Industry Co., Ltd. |
|
Registered Address: |
No.45, Sha-Tien Rd., Shalu Dist., Taichung
City 433, Taiwan (R.O.C.) |
|
Date of Foundation: |
1955-2-7 |
|
Registration Number: |
56192402 |
|
Registry: |
Department of Commerce, Ministry of Economic Affairs, R.O.C. |
|
Registered Capital: |
NTD 3,200,000,000 (USD 107,200,000) (As of 2013.4, 1 NTD = 0.0335 USD) |
|
Paid-up Capital: |
NTD 3,070,472,970 (USD 102,860,844) |
|
Legal Representatives: |
Yaokun Hong |
|
Legal Form: |
|
|
Principal Activities: |
Manufacturing and sales
of feeds, medicine for animals, fertilizers, pesticide and etc. |
|
Staff: |
|
|
Listed at Stock
Exchange: |
|
|
Date of Last
Annual Return: |
Subject was incorporated on 1955-2-7 with registered
number 56192402 as Joint Stock Company in Taiwan.
The subject has listed on Taiwan exchange on 1990-12-1.
|
Name |
Subscription Shares |
|
Huashao Investment Limited (Liberal translation) |
4,029,736 |
| Yuanyuan
Hong |
7,925,834 |
|
Yaoxin Hong |
9,540,848 |
|
Yaozhi Hong |
8,032,529 |
|
Andaxin Investment Limited (Liberal translation) |
1,219,932 |
|
Yaolin Hong |
2,469,144 |
|
Chunlin Hong |
6,685,653 |
The information
above is that of subject’s major shareholders.
Related Companies
|
Name |
Xiamen Fwusow
Industry Co., Ltd |
|
Address |
No. 207,
Huanchen East Road, Tongan District, Xiamen City, Fujian Province, China |
|
Telephone Number |
+86-592-317-3272 |
Factories
|
1 |
|
|
Name |
Taichung Factory |
|
Address |
No.98, Ziqiang
Rd., Wuqi Town, Taichung County 435, Taiwan |
|
2 |
|
|
Name |
Taipei Factory |
|
Address |
8F., No.145,
Wugong Rd., Wugu Shiang, Taipei County 248, Taiwan
(R.O.C.) |
|
3 |
|
|
Name |
Changhua Factory |
|
Address |
No.7, Lugong
Rd., Lugang Town, Changhua County 505, Taiwan (R.O.C.) |
|
4 |
|
|
Name |
Kaohsiung
Factory |
|
Address |
No.60, Chenggong
N. Rd., Qiaotou Shiang, Kaohsiung County 825, Taiwan
(R.O.C.) |
Core
Management
Directors
|
1 |
|
|
Name |
Yaokun Hong |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Yuanyuan Hong |
|
Position |
Director |
|
3 |
|
|
Name |
Yaoxin Hong |
|
Position |
Director |
|
Date of
Appointment |
1993-6-1 |
|
4 |
|
|
Name |
Yaozhi Hong |
|
Position |
Director |
|
5 |
|
|
Name |
Meihong Wu |
|
Position |
Director |
|
6 |
|
|
Name |
Yaolin Hong |
|
Position |
Supervisor |
|
7 |
|
|
Name |
Chunlin Hong |
|
Position |
Supervisor |
|
8 |
|
|
Name |
Youxin Chen |
|
Position |
Manager |
|
Date of
Appointment |
2012-4-9 |
|
Total Employees |
About 600 Employees |
Offices
& Factories
|
|
Headquarters |
|
Add |
No.45, Sha-Tien Rd., Shalu Dist., Taichung City 433, Taiwan (R.O.C.) |
Production
Information
l
The subject is a manufacturer of feeds, medicine
for animals, fertilizers, pesticide and etc.
l
It is introduced that subject has factories in
Taipei County, Taichung County, Changhua County and Kaohsiung County, Taiwan
for production.
l
It is introduced that subject has obtained ISO 9001
certification.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
C105010 |
Manufacturing of edible oils and fats. |
|
F102020 |
Wholesales of edible oils and fats. |
|
C201010 |
Manufacturing of feeds. |
|
F103010 |
Wholesales of feeds. |
|
F202010 |
Retails of feeds. |
|
A401010 |
Operation of stock farm. |
|
A401040 |
Serving herding |
|
A401020 |
Feeding of farm livestock. |
|
F101040 |
Wholesales of farm livestock. |
|
F101050 |
Wholesales of aquatic products. |
|
F201030 |
Retails of aquatic products. |
|
F101990 |
Wholesales of other agricultural products, animal
by-products and aquatic products. |
|
F201010 |
Retails of agricultural products. |
|
C101010 |
Butching |
|
F201020 |
Retails of animal by-products. |
|
F107070 |
Wholesales of medicine for animal. |
|
F207070 |
Retails of medicine for animal. |
|
C103050 |
Manufacturing of canned, frozen, dewatering and
pickled food. |
|
C109010 |
Manufacturing of condiments. |
|
C102010 |
Manufacturing of dairies. |
|
F102170 |
Wholesales of food. |
|
F203010 |
Retails of food and drinks. |
|
C110010 |
Manufacturing of drinks. |
|
F399040 |
No store retails. |
|
C104010 |
Manufacturing of candies. |
|
C108010 |
Manufacturing for the sugar field. |
|
C106010 |
Manufacturing of powder. |
|
C199040 |
Food manufacturing and processing of beans. |
|
A102060 |
Trader of grains. |
|
C199990 |
Undivided food manufacturing. |
|
G801010 |
Storing. |
|
F301020 |
Super market. |
|
IZ06010 |
Industry of packing. |
|
I501010 |
Designing for products. |
|
I301030 |
Providing services of electronic information. |
|
I301010 |
Services of information. |
|
C801110 |
Manufacturing of fertilizers. |
|
F107050 |
Wholesales of fertilizers. |
|
F207050 |
Retails of fertilizers. |
|
C802070 |
Manufacturing of pesticide. |
|
IG01010 |
Services of biotechnology. |
|
F401010 |
International trading business. |
|
A101020 |
Growing of crops. |
|
A102050 |
Services of growing crops. |
|
C201020 |
Manufacturing of pet food. |
|
F106060 |
Wholesales of pet food and products. |
|
F206050 |
Retails of pet food and products. |
|
ZZ99999 |
Besides licensed business, all other business
items those are not banned or restricted. |
l
It is introduced that subject purchase raw
materials and etc mainly in domestic market.
l
The subject is engaged in sales of feeds, medicine for animals,
fertilizers, pesticide and etc.
l
It is introduced that subject’s selling territory
includes China, Southeast Asia and etc.
l
It is introduced that subject’s customers of farms,
pet stores, markets and etc.
l
It is introduced that subject’s minimal
order quantity is 12 to 15 containers.
l
It is introduced that subject can also provide OEM
services.
l
It is introduced that subject has its own brands,
such as “Fuso Pets”, “CREENS”, “Miau” and etc.
Major products
|
1 |
Pet food |
|
2 |
Edible oil |
|
3 |
Soy protein |
|
4 |
Fertilizer |
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase
|
Payment Terms |
Proportion |
|
|
Raw materials
and etc |
COD, CBD and etc |
100% |
Foreign Purchase
The subject has little
import.
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
Feeds, medicine for
animals, fertilizers, pesticide and etc. |
COD, CBD and etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Feeds, medicine for
animals, fertilizers, pesticide and etc. |
CBD and etc |
100% |
Unit: NTD/000
|
Date |
2012-12-31 |
2011-12-31 |
|
Assets |
|
|
|
Current
Assets |
|
|
|
Cash
and cash equivalents |
582,777.00 |
666,320.00 |
|
Financial
assets measured at fair value through profit or loss - current |
27,100.00 |
25,113.00 |
|
Notes
receivable - net |
410,828.00 |
403,587.00 |
|
Notes
receivable - related parties - net |
83,451.00 |
89,933.00 |
|
Accounts
receivable - net |
529,580.00 |
596,782.00 |
|
Accounts
receivable - related parties - net |
204,022.00 |
147,157.00 |
|
Other
receivables |
28,202.00 |
34,459.00 |
|
Inventories |
1,776,751.00 |
1,515,182.00 |
|
Prepaid
expenses |
0.00 |
0.00 |
|
Other
prepayments |
33,780.00 |
97,311.00 |
|
Other
current assets |
17,887.00 |
19,533.00 |
|
Current
assets |
3,694,378.00 |
3,595,377.00 |
|
Funds
and Investments |
|
|
|
Financial
assets measured at fair value through profit or loss - non current |
0.00 |
0.00 |
|
Financial
assets carried at cost - non current |
10,156.00 |
24,146.00 |
|
Equity
investments under equity method |
493,651.00 |
976,446.00 |
|
Investments |
493,651.00 |
976,446.00 |
|
Funds
and long-term investments |
503,807.00 |
1,000,592.00 |
|
Fixed
Assets |
|
|
|
Cost |
|
|
|
Land |
352,796.00 |
352,796.00 |
|
Buildings
and structures |
1,072,241.00 |
1,023,308.00 |
|
Machinery
and equipment |
1,716,826.00 |
1,727,337.00 |
|
Transportation
equipment |
97,515.00 |
90,809.00 |
|
Office
equipment |
36,558.00 |
37,174.00 |
|
Other
facilities |
94,849.00 |
75,480.00 |
|
Revaluation
increment |
802,935.00 |
802,935.00 |
|
Cost
and revaluation increment |
4,173,720.00 |
4,109,839.00 |
|
Accumulated
depreciation |
-2,431,934.00 |
-2,415,695.00 |
|
Accumulated
impairment - fixed assets |
-26,639.00 |
-26,639.00 |
|
Construction
in process and prepayment for equipments |
25,205.00 |
42,251.00 |
|
Fixed
assets |
1,740,352.00 |
1,709,756.00 |
|
Intangible
Assets |
|
|
|
Deferred
pension cost |
8,876.00 |
10,651.00 |
|
Intangible
assets |
8,876.00 |
10,651.00 |
|
OtherAssets |
|
|
|
Rental
assets |
0.00 |
0.00 |
|
Idled
assets |
1,682.00 |
1,691.00 |
|
Guarantee
deposits paid |
6,661.00 |
5,475.00 |
|
Deferred
charges |
12,173.00 |
7,129.00 |
|
Long-term
notes and accounts receivable |
3,944.00 |
2,745.00 |
|
Deferred
income tax assets - non current |
36,829.00 |
42,746.00 |
|
Other
assets |
61,289.00 |
59,786.00 |
|
Assets |
6,008,702.00 |
6,376,162.00 |
|
Liabilities
and Stockholders' Equity |
|
|
|
Liabilities |
|
|
|
Current
Liabilities |
|
|
|
Short-term
borrowings |
680,676.00 |
606,044.00 |
|
Short-term
notes and bills payable |
0.00 |
0.00 |
|
Financial
liabilities measured at fair value through profit or loss - current |
0.00 |
0.00 |
|
Notes
payable |
147,203.00 |
146,940.00 |
|
Notes
payable - related parties |
0.00 |
0.00 |
|
Accounts
payable |
152,676.00 |
194,009.00 |
|
Accounts
payable - related parties |
0.00 |
0.00 |
|
Income
tax payable |
16,680.00 |
0.00 |
|
Accrued
expenses |
90,520.00 |
117,589.00 |
|
Other
payables |
13,967.00 |
9,307.00 |
|
Other
financial liabilities - current |
0.00 |
3,881.00 |
|
Advance
receipts |
12,991.00 |
5,714.00 |
|
Long-term
liabilities - current portion |
100,000.00 |
200,000.00 |
|
Other
current liabilities |
1,837.00 |
1,177.00 |
|
Current
liabilities |
1,216,550.00 |
1,284,661.00 |
|
Long
term Liabilities |
|
|
|
Financial
liabilities measured at fair value through profit or loss - non current |
0.00 |
0.00 |
|
Long-term
borrowings |
350,000.00 |
450,000.00 |
|
Long-term
liabilities |
350,000.00 |
450,000.00 |
|
Reserves |
|
|
|
Reserve
for land revaluation increment tax |
431,001.00 |
431,001.00 |
|
Reserves |
431,001.00 |
431,001.00 |
|
Other
Liabilities |
|
|
|
Pension
reserve / accrued pension liability |
220,793.00 |
215,017.00 |
|
Guarantee
deposits received |
1,336.00 |
1,368.00 |
|
Other
liabilities - other |
0.00 |
0.00 |
|
Other
liabilities |
222,129.00 |
216,385.00 |
|
Liabilities |
2,219,680.00 |
2,382,047.00 |
|
Stockholders'
Equity |
|
|
|
Capital |
|
|
|
Common
stock |
3,070,473.00 |
2,924,260.00 |
|
Stock
dividend to be distributed |
0.00 |
0.00 |
|
Capital
Surplus |
|
|
|
Capital
surplus - treasury stock transactions |
5,996.00 |
5,996.00 |
|
Capital
surplus - gain on disposal of fixed assets |
0.00 |
0.00 |
|
Capital
surplus - long-term equity investments |
44,886.00 |
44,886.00 |
|
Capital
surplus - other |
8,362.00 |
8,362.00 |
|
Capital
surplus |
59,244.00 |
59,244.00 |
|
Retained
Earnings |
|
|
|
Legal
reserve |
190,907.00 |
135,749.00 |
|
Special
reserve |
0.00 |
0.00 |
|
Unappropriated
retained earnings |
177,765.00 |
583,053.00 |
|
Retained
earnings |
368,672.00 |
718,802.00 |
|
Stockholders'
Equity and Other adjustmen |
|
|
|
Cumulative
translation adjustments |
10,850.00 |
11,488.00 |
|
Net
loss not recognized as pension cost |
-42,725.00 |
-42,187.00 |
|
Unrealized
Revaluation Increment |
322,508.00 |
322,508.00 |
|
Equity
adjustments |
290,633.00 |
291,809.00 |
|
Stockholdersˉ
equity |
3,789,022.00 (USD 126,932,237) |
3,994,115.00 (USD 133,802,853) |
|
Number
of treasury stock acquired by the company and subsidiaries (unit: share) |
0.00 |
0.00 |
|
|
0.00 |
0.00 |
(As of 2013.4, 1 NTD =
0.0335 USD)
Unit: NTD/000
|
Date |
2012 |
2011 |
|
Sales |
10,482,696.00 (USD 351,170,316) |
10,465,478.00 (USD 350,593,513) |
|
Sales
returns |
30,141.00 |
40,431.00 |
|
Sales
discounts and allowances |
181,589.00 |
208,535.00 |
|
Sales |
10,270,966.00 |
10,216,512.00 |
|
Processing
fees revenue |
3,610.00 |
2,708.00 |
|
Service
revenue |
3,610.00 |
2,708.00 |
|
Operating
income |
10,274,576.00 |
10,219,220.00 |
|
Cost
of sales |
9,847,804.00 |
9,816,279.00 |
|
Processing
costs |
2,138.00 |
1,914.00 |
|
Cost
of services |
2,138.00 |
1,914.00 |
|
Operating
costs |
9,849,942.00 |
9,818,193.00 |
|
Gross
profit (loss) from operations |
424,634.00 |
401,027.00 |
|
Realized
gains on intercompany transactions |
0.00 |
543.00 |
|
Selling
expense |
371,263.00 |
365,838.00 |
|
General
and administrative expenses |
103,904.00 |
145,780.00 |
|
Research
and development expenses |
17,378.00 |
20,847.00 |
|
Operating
expenses |
492,545.00 |
532,465.00 |
|
Operating
income (loss) |
-67,911.00 |
-130,895.00 |
|
Non-Operating
Income |
|
|
|
Interest
income |
1,750.00 |
1,711.00 |
|
Inome
from long-term equity investments under the equity method |
0.00 |
639,460.00 |
|
Dividends |
189.00 |
1,128.00 |
|
Investment
income |
189.00 |
640,588.00 |
|
Gains
on disposal of fixed assets |
492.00 |
10,599.00 |
|
Gains
on sale of investments |
0.00 |
273.00 |
|
Foreign
exchange gains |
19,731.00 |
4,492.00 |
|
Rent
income |
14,168.00 |
12,696.00 |
|
Reversal
of impairment loss on assets |
7,200.00 |
1,420.00 |
|
Revaluation
gain on financial assets |
3,364.00 |
0.00 |
|
Revaluation
gain on financial liabilities |
3,881.00 |
3,526.00 |
|
Miscellaneous
income |
17,930.00 |
34,777.00 |
|
Non-operating
revenues and gains |
68,705.00 |
710,082.00 |
|
Non-Operating
Expenses |
|
|
|
Interest
expense |
17,005.00 |
16,131.00 |
|
Losses
from long-term equity investments under the equity method |
3,763.00 |
0.00 |
|
Other
investment loss |
0.00 |
0.00 |
|
Investment
loss |
3,763.00 |
0.00 |
|
Loss
on disposal of fixed assets |
0.00 |
0.00 |
|
Loss
on sale of investments |
6,084.00 |
0.00 |
|
Foreign
exchange losses |
0.00 |
0.00 |
|
Financial
expense |
0.00 |
0.00 |
|
Preferred
stock liabilities dividends |
0.00 |
0.00 |
|
Loss
on work stoppages |
0.00 |
0.00 |
|
Loss
on depreciation and valuation loss form idle assets |
0.00 |
0.00 |
|
Impairment
loss on assets |
3,693.00 |
5,250.00 |
|
Revaluation
loss on financial assets |
0.00 |
9,431.00 |
|
Revaluation
loss on financial liabilities |
0.00 |
0.00 |
|
Revaluation
loss on others |
0.00 |
0.00 |
|
Miscellaneous
disbursements |
3,688.00 |
1,298.00 |
|
Non-operating
expenses and losses |
34,233.00 |
32,110.00 |
|
Income
from continuing operations before income tax |
-33,439.00 |
547,077.00 |
|
Income
tax expense (benefit) |
24,265.00 |
-4,508.00 |
|
Income
from continuing operations |
-57,704.00 |
551,585.00 |
|
Cumulative
effect of changes in accounting principle |
0.00 |
0.00 |
|
Net
income (loss) |
-57,704.00 (USD -1,933,084) |
551,585.00 (USD 18,478,098) |
|
Primary
Earnings per Share |
|
|
|
Primary
earnings per share |
-0.19 |
1.80 |
|
Diluted
earnings per share |
|
|
(As of 2013.4, 1 NTD =
0.0335 USD)
|
Date |
2012 |
2011 |
|
Cash Flows from Operating Activities - Indirect
Method |
|
|
|
Net Income (Loss) |
(57,704.00) |
551,585.00 |
|
Adjustments to Reconcile Net Income to Net Cash
Provided by (Used in) Operating Activities |
|
|
|
Depreciation Expense |
74,986.00 |
61,999.00 |
|
Amortization Expense |
7,122.00 |
4,710.00 |
|
Provision (Reversal of Provision) for Bad Debts
Losses |
483.00 |
14,259.00 |
|
Difference Between Net Pension Cost and Plan
Contribution |
7,201.00 |
(37,387.00) |
|
Loss (Gain) on Decline (Recovery) in Market
Value, Scrap and Obsolescence of Inventories |
0.00 |
3,500.00 |
|
Investment Loss (Income) Recognized under Equity
Method |
3,763.00 |
(639,460.00) |
|
Cash Dividends Received from Investments
Accounted for under Equity Method |
486,605.00 |
21,688.00 |
|
Loss (Gain) on Disposal of Property, Plan and
Equipment |
(492.00) |
(10,599.00) |
|
Property, Plan and Equipment Transferred to
Expenses |
14,235.00 |
0.00 |
|
Loss (Gain) on Disposal of Investments |
6,084.00 |
(273.00) |
|
Unrealized Revaluation Loss (Gain) on Financial
Assets and Liabilities |
(7,245.00) |
5,905.00 |
|
Impairment Losses on Financial Asset |
3,693.00 |
5,250.00 |
|
Reversal of Impairment Loss on Non-Financial Assets |
0.00 |
0.00 |
|
Loss (Gain) on Deferred Income Tax |
7,421.00 |
(5,183.00) |
|
Other Adjustments to Reconcile Net Income |
(7,200.00) |
(1,963.00) |
|
Changes in Operating Assets and Liabilities |
|
|
|
Decrease (Increase) in Notes Receivable |
(767.00) |
(78,081.00) |
|
Decrease (Increase) in Accounts Receivable |
10,392.00 |
(74,451.00) |
|
Decrease (Increase) in Other Receivables |
6,657.00 |
(3,796.00) |
|
Decrease (Increase) in Inventories |
(278,782.00) |
(195,051.00) |
|
Decrease (Increase) in Other Prepayments |
63,531.00 |
(32,516.00) |
|
Decrease (Increase) in Other Current Assets |
142.00 |
(140.00) |
|
Decrease (Increase) in Other Financial Assets |
30.00 |
1,371.00 |
|
Decrease (Increase) in Other Operating Assets |
(1,729.00) |
(14,073.00) |
|
Increase (Decrease) in Notes Payable |
263.00 |
34,096.00 |
|
Increase (Decrease) in Accounts Payable |
(41,333.00) |
16,308.00 |
|
Increase (Decrease) in Income Tax Payable |
16,680.00 |
(17,668.00) |
|
Increase (Decrease) in Accrued Expenses |
(27,069.00) |
6,947.00 |
|
Increase (Decrease) in Other Payables |
13,967.00 |
(5,509.00) |
|
Increase (Decrease)
in Receipts in Advance |
7,277.00 |
(5,545.00) |
|
Increase (Decrease) in Other Current Liabilities |
660.00 |
106.00 |
|
Net Cash Provided by (Used in) Operating
Activities |
308,871.00 |
(393,971.00) |
|
Cash Flows from Investing Activities |
|
|
|
Acquisition of Investments Accounted for by
Equity Method |
(8,400.00) |
(14,000.00) |
|
Proceeds from Capital Reduction of Investments
Accounted for under Equity Method |
0.00 |
198,139.00 |
|
Purchase of Property, Plant and Equipment |
(112,045.00) |
(165,134.00) |
|
Proceeds from Disposal of Property, Plant and
Equipment |
636.00 |
12,655.00 |
|
Decrease
(Increase) in Refundable Deposits |
(1,186.00) |
(2,613.00) |
|
Increase in Deferred Charges |
(12,166.00) |
(8,736.00) |
|
Decrease
(Increase) in Restricted Assets |
0.00 |
0.00 |
|
Other Investing Activities |
12,360.00 |
(5,250.00) |
|
Net Cash Provided by (Used in) Investing
Activities |
(120,801.00) |
15,061.00 |
|
Cash Flows from Financing Activities |
|
|
|
Increase (Decrease) in Short-term Loans |
74,632.00 |
409,249.00 |
|
Repayments of Bonds |
0.00 |
0.00 |
|
Proceeds from Long-term Debt |
0.00 |
300,000.00 |
|
Repayment
of Long-term Debt |
(200,000.00) |
(150,000.00) |
|
Increase
(Decrease) in Guarantee Deposits Received |
(32.00) |
257.00 |
|
Cash
Dividends Paid |
(146,213.00) |
(127,759.00) |
|
Cash Bonus
to Directors, Supervisors and Employees |
0.00 |
0.00 |
|
Other
Financing Activities |
0.00 |
0.00 |
|
Net Cash
Provided by (Used in) Financing Activities |
(271,613.00) |
431,747.00 |
|
Net Increase (Decrease) in Cash and Cash
Equivalents |
(83,543.00) |
52,837.00 |
|
Cash and Cash Equivalents, Beginning of year |
666,320.00 |
613,483.00 |
|
Cash and Cash Equivalents, End of year |
582,777.00 |
666,320.00 |
|
Supplemental Cash Flow Information |
|
|
|
Interest
Paid |
17,177.00 |
15,248.00 |
|
Interest
Paid- Excluding Capitalized Interest |
17,177.00 |
15,248.00 |
|
Income Tax
Paid |
166.00 |
40,889.00 |
|
Non-cash Investing and Financing Activities |
|
|
|
Current Portion of Long-term Liabilities |
100,000.00 |
200,000.00 |
|
Capital Increase by Earnings Recapitalization |
146,213.00 |
85,173.00 |
|
Cumulative
Translation Adjustments |
(638.00) |
2,097.00 |
|
Others |
0.00 |
0.00 |
|
Investing Activities Affecting Both Cash and
Non-cash Items |
|
|
|
Cash Paid
for Acquisition of Property, Plant and Equipment |
|
|
|
Increase in Property, Plant and Equipment |
102,738.00 |
165,241.00 |
|
Increase
(Decrease) in Payable for Equipment Purchased |
9,307.00 |
(107.00) |
|
Cash Paid for Acquisition of Property, Plant and
Equipment |
112,045.00 |
165,134.00 |
|
1 |
|
|
Name |
Taiwan Bank |
|
2 |
|
|
Name |
Chang Hwa Bank |
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. Lai |
|
Department |
Sales Department |
|
E-mail |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.44 |
|
|
1 |
Rs.83.77 |
|
Euro |
1 |
Rs.71.33 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.