|
Report Date : |
09.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
FORMOSAN UNION CHEMICAL CORPORATION |
|
|
|
|
Registered Office : |
14th Floor, No. 206, Nanking E. Road, Sec. 2, Taipei |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
21.06.1973 |
|
|
|
|
Com. Reg. No.: |
04312878 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturing and sales of chemical products and etc. |
|
|
|
|
No. of Employees : |
About 270 Employees (Taiwan) |
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 : |
Satisfactory |
|
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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. 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 1.8%, due
primarily to a 13.1% year-on-year decline in exports. In 2010 GDP grew 10.7%,
as exports returned to the level of previous years, and in 2011, grew 4.0%. In
2012, however, growth fell to 1.3%, 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 except for the landmark Economic
Cooperation Framework Agreement (ECFA) signed with China in June 2010, so far
Taiwan has been excluded from this greater economic integration in part because
of its diplomatic status. Negotiations continue on such follow-on components of
ECFA regarding trade in goods and services. The MA administration has said that
the ECFA will serve as a stepping stone toward trade pacts with other key trade
partners, which Taiwan subsequently launched with Singapore and New Zealand. 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 11.2% of the island's total
population as of 2012. The island runs a large trade surplus largely because of
its surplus with China, and its foreign reserves are the world's fifth largest,
behind China, Japan, Saudi Arabia, and Russia. In 2006 China overtook 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. In August 2012, Taiwan
Central Bank signed a memorandum of understanding on cross-Strait currency
settlement with its Chinese counterpart. The MOU allows for the direct
settlement of Chinese RMB and the New Taiwan dollar across the Strait, which
could help develop Taiwan into a local RMB hub. 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: |
|
|
Supplied Name: |
FORMOSAN UNION CHEMICAL CORPORATION |
|
Trading Address: |
14th Floor, No. 206, Nanking E. Road, Sec. 2, Taipei, Taiwan, R.O.C. |
|
Supplied Address: |
14th Floor, 206 Nanking East Road, Sec 2, Taipei |
|
Telephone Number: |
+886-2-2507-1234 |
|
Fax Number: |
+886-2-2507-1664 |
|
E-mail: |
Notes: The exact name and address are as above.
|
Credit Opinion: |
|
Registered Name: |
|
|
Registered Address: |
14th Floor, No. 206, Nanking E. Road, Sec. 2, Taipei, Taiwan, R.O.C. |
|
Date of Foundation: |
1973-6-21 |
|
Registration Number: |
04312878 |
|
Registry: |
Department of Commerce, Ministry of Economic Affairs, R.O.C. |
|
Registered Capital: |
NTD 5,000,000,000 (USD 167,500,000) (As of 2013.08, 1 NTD = 0.0335 USD) |
|
Paid-up Capital: |
NTD 4,299,328,740 (USD 144,027,513) |
|
Legal Representatives: |
Xun Chen |
|
Legal Form: |
|
|
Principal Activities: |
|
|
Staff: |
|
|
Listed at Stock
Exchange: |
|
|
Date of Last
Annual Return: |
Subject was incorporated on 1973-6-21 with registered
number 04312878 as Joint Stock Company in Taiwan.
Subject was listed
on Taiwan Stock Exchange on.
|
Name |
Subscription Amount |
|
Xun Chen |
427,864 |
| Shengshun
Huang |
1,352,245 |
|
Qiahe Investment Co., Ltd (Liberal Translation) |
29,899 |
|
Shin Shing Chemical Corporation |
16,714,099 |
|
Formosa Sulfonation Co., Ltd. |
6,034,119 |
|
Zhiqun Guo |
1,745,275 |
|
Panheng Zhang |
1,997,699 |
|
Zhenzhi Guo |
2,988,970 |
|
Lion Chemical Industry (Taiwan) Co., Ltd. |
12,702,294 |
|
Defeng Chen |
2,363,695 |
|
Shihuang Guo |
1,384,609 |
|
Jiaan Shi |
493,941 |
|
Zhimao Guo |
1,229,321 |
|
Formosa Chemicals & Fibre Corp. |
14,936,190 |
|
Ever-Prosperous Multitechnologies Enterprise Ltd. |
2,015,047 |
|
Shengcai Huang |
833,619 |
The information
above is that of subject’s major shareholders.
Related Companies
|
1 |
|
|
Name |
Qiahe Investment
Co., Ltd (Liberal Translation) |
|
2 |
|
|
Name |
Shin Shing
Chemical Corporation |
|
Address |
No.90, Liu Chou
Street, Taipei, Taiwan |
|
Telephone Number |
+886-2-2306-4321 |
|
Fax Number: |
+886-2-2306-7230 |
|
3 |
|
|
Name |
Formosa
Sulfonation Co., Ltd. |
|
Address |
1FL., No.92, Liu
Chou St., Taipei, Taiwan |
|
Telephone Number |
+886-2-2306-4321 |
|
4 |
|
|
Name |
Lion Chemical
Industry (Taiwan) Co., Ltd. |
|
Address |
No.50, Sec.3,
Cheng Tai Rd., Wugu Dist., New Taipei City 248, Taiwan (R.O.C.) |
|
Telephone Number |
+886-2-2291-1141 |
|
Fax Number: |
+886-2-2291-1030 |
|
5 |
|
|
Name |
Formosa
Chemicals & Fibre Corp. |
|
Address |
No. 359,
Chungshan Road, Sec. 3, Chang Hwa City, Chang Hwa County, Taiwan, R.O.C. |
|
Telephone Number |
+886-2-2712-2211 |
|
Fax Number: |
+886-2-2713-3229 |
|
6 |
|
|
Name |
Ever-Prosperous
Multitechnologies Enterprise Ltd. |
|
Address |
6F., No.394,
Minsheng W. Rd., Datong Dist., Taipei City 10342, Taiwan (R.O.C.) |
|
Telephone Number |
+886-2-2564-3000 |
|
Fax Number: |
+886-2-2542-1158 |
|
7 |
|
|
Name |
HERSHEY
Engineering Company, Ltd. |
|
Address |
12, Yuanshan
Rd., Donghai Village, Fanlian Hsiang, Pingdong Hsien |
|
Telephone Number |
+886-8-866-7692 |
|
Fax Number: |
+886-8-866-6527 |
|
8 |
|
|
Name |
United
Performance Materials Corp. |
|
Address |
10, Jinchin Rd.,
Donghai Village, Fanliao Hsiang, Pingdong Hsien |
|
Telephone Number |
+886-8-866-8285 |
|
Fax Number: |
+886-8-866-8261 |
|
9 |
|
|
Name |
Soft Chemical
Corp. |
|
Address |
110 Ngo Quyen
Street,Haiphong City,Vietnam. |
|
Telephone Number |
+84-31-383-7122 |
|
Fax Number: |
+84-31-383-6510 |
|
10 |
|
|
Name |
Zhangjiagang
Trans-Ocean Enterprise Co., Ltd., A Chinese and Oversea Joint Venture |
|
Address |
110, Yunho
Village, Zhangjiagang City, Jingsu Province, the mainland of China |
|
Telephone Number |
+86-520-857-3127 |
|
Fax Number: |
+86-520-857-3117 |
|
11 |
|
|
Name |
Great Victory
Chemical Industry Co.,LTD |
|
Address |
14F.,No 206,Sec
2,Nanking E. Road. Taipei, Taiwan ROC |
|
Telephone Number |
+886-2-2503-3131 |
|
Fax Number: |
+886-2-2503-4600 |
Factories
|
Name |
Linyuan Factory |
|
Address |
No.9, Shihua 3rd
Rd., Linyuan Dist., Kaohsiung City, Taiwan (R.O.C.) |
|
Telephone Number |
+886-7-641-2921 |
Note: It is introduced that subject also has other factories in Taiwan, but
the subject declined to disclose the details for us, and we cannot get the
detailed information from any valid sources, either.
Core
Management
|
1 |
|
|
Name |
Xun Chen |
|
Position |
Board Chairman |
|
Date of
Appointment |
2012-11-1 |
|
2 |
|
|
Name |
Shengshun Huang |
|
Position |
Deputy Chairman |
|
3 |
|
|
Name |
Yixue Zheng |
|
Position |
|
|
4 |
|
|
Name |
Ronghui Xu |
|
Position |
Director |
|
5 |
|
|
Name |
Dengxuan Huang |
|
Position |
Director |
|
6 |
|
|
Name |
Deshi Lian |
|
Position |
Director |
|
7 |
|
|
Name |
Zhiqun Guo |
|
Position |
Director |
|
8 |
|
|
Name |
Panheng Zhang |
|
Position |
Director |
|
9 |
|
|
Name |
Zhenzhi Guo |
|
Position |
Director |
|
10 |
|
|
Name |
Pingfu Ji |
|
Position |
Director |
|
11 |
|
|
Name |
Defeng Chen |
|
Position |
Director |
|
12 |
|
|
Name |
Shihuang Guo |
|
Position |
Director |
|
13 |
|
|
Name |
Jiaan Shi |
|
Position |
Director |
|
14 |
|
|
Name |
Zhimao Guo |
|
Position |
Director |
|
15 |
|
|
Name |
Kunlie Yang |
|
Position |
Director |
|
16 |
|
|
Name |
Changqi Ke |
|
Position |
Supervisor |
|
17 |
|
|
Name |
Shengcai Huang |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 270 Employees
(Taiwan) |
Offices
& Factories
|
|
Headquarters |
|
Add |
14th Floor, No. 206, Nanking E. Road, Sec. 2, Taipei, Taiwan, R.O.C. |
Production
Information
l
Subject is a manufacturer of chemical products and
etc.
l
It is introduced that subject has a factory in
Kaohsiung City, Taiwan for production. It is introduced that subject also has
other factories in Taiwan, but the subject declined to disclose the details for
us, and we cannot get the detailed information from any valid sources, either.
l
It is introduced that subject has obtained ISO
9001, ISO 14001 and ISO 9002 certifications.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
C801020 |
Manufacturing of petrochemical engineering raw
materials. |
|
F112040 |
Wholesales of petrochemical engineering product. |
|
C801010 |
Fundamental chemical industry. |
|
D201040 |
Subpackage of liquefied petroleum gas. |
|
IF03010 |
Testing of liquefied petroleum gas cylinder. |
|
H703100 |
Renting of real estate. |
|
C109010 |
Manufacturing of spices. |
|
C801100 |
Manufacturing of synthetic resin and plastic. |
|
F401010 |
International trading business. |
|
C801040 |
Manufacturing of synthetic resin. |
|
C801050 |
Manufacturing of plastic raw materials. |
|
C801060 |
Manufacturing of synthetic rubber. |
|
C802030 |
Manufacturing of coating and paint. |
|
J101040 |
Processing of salvaged material. |
|
J101060 |
Processing of wastewater. |
|
C803990 |
Manufacturing of petrochemical and coal products. |
l
It is introduced that subject purchases raw
materials and etc both at home and abroad
l
The subject is mainly engaged in sales of chemical
products and etc.
l
It is introduced that subject’s selling territory
is covering all over the world.
l
It is introduced that subject’s major customers are
manufacturers of textile, plastic products and etc.
l
It is introduced that subject’s products are
applied into cleaning supplies, plastic products and etc.
Major Products
|
|
Product |
|
1 |
alkyl benzene |
|
2 |
nonyl phenol |
|
3 |
hydrogenated hydrocarbon resin |
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
|
Payment Terms |
Proportion |
|
|
Raw materials
and etc |
CBD and etc |
100% |
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
Chemical
products and etc |
COD, CBD and etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Chemical
products and etc |
CBD and etc |
100% |
Unit:
NTD/000
|
Date |
2012-12-31 |
2011-12-31 |
|
Assets |
|
|
|
Current
Assets |
|
|
|
Cash
and cash equivalents |
186,655.00 |
404,740.00 |
|
Financial
assets measured at fair value through profit or loss - current |
390,196.00 |
133,288.00 |
|
Notes
receivable - net |
1,603.00 |
29,186.00 |
|
Accounts
receivable - net |
528,930.00 |
827,403.00 |
|
Accounts
receivable - related parties - net |
55,353.00 |
0.00 |
|
Other
receivables |
41,701.00 |
54,597.00 |
|
Other
receivables - related parties |
3,839.00 |
1,323.00 |
|
Other
financial assets - current |
0.00 |
5,799.00 |
|
Inventories |
2,338,539.00 |
2,363,556.00 |
|
Prepaid
expenses |
9,717.00 |
14,436.00 |
|
Other
prepayments |
7,065.00 |
4,504.00 |
|
Other
current assets |
20,597.00 |
8,109.00 |
|
Current
assets |
3,584,195.00 |
3,846,941.00 |
|
Funds
and Investments |
|
|
|
Financial
assets carried at cost - non current |
147,600.00 |
173,691.00 |
|
Equity
investments under equity method |
2,094,702.00 |
1,800,112.00 |
|
Investments |
2,094,702.00 |
1,800,112.00 |
|
Other
financial assets - non current |
71,218.00 |
60,658.00 |
|
Funds
and long-term investments |
2,313,520.00 |
2,034,461.00 |
|
Fixed
Assets |
|
|
|
Cost |
|
|
|
Land |
84,533.00 |
84,533.00 |
|
Buildings
and structures |
135,976.00 |
135,976.00 |
|
Machinery
and equipment |
2,904,808.00 |
2,184,684.00 |
|
Transportation
equipment |
59,852.00 |
59,624.00 |
|
Other
facilities |
99,451.00 |
92,972.00 |
|
Revaluation
increment |
499,069.00 |
499,069.00 |
|
Cost
and revaluation increment |
3,783,689.00 |
3,056,858.00 |
|
Accumulated
depreciation |
-1,985,090.00 |
-1,838,875.00 |
|
Construction
in process and prepayment for equipments |
1,649.00 |
686,424.00 |
|
Fixed
assets |
1,800,248.00 |
1,904,407.00 |
|
Intangible
Assets |
|
|
|
Deferred
pension cost |
2,015.00 |
0.00 |
|
Intangible
assets |
2,015.00 |
0.00 |
|
OtherAssets |
|
|
|
Rental
assets |
144,747.00 |
145,994.00 |
|
Deferred
charges |
379.00 |
2,138.00 |
|
Deferred
income tax assets - non current |
7,838.00 |
5,808.00 |
|
Other
assets - other |
0.00 |
46,361.00 |
|
Other
assets |
152,964.00 |
200,301.00 |
|
Assets |
7,852,942.00 |
7,986,110.00 |
|
Liabilities
and Stockholders' Equity |
|
|
|
Liabilities |
|
|
|
Current
Liabilities |
|
|
|
Short-term
borrowings |
0.00 |
0.00 |
|
Notes
payable |
8,068.00 |
4,801.00 |
|
Accounts
payable |
364,093.00 |
421,714.00 |
|
Accounts
payable - related parties |
34,056.00 |
85,444.00 |
|
Income
tax payable |
14,740.00 |
97,113.00 |
|
Accrued
expenses |
202,082.00 |
326,143.00 |
|
Other
payables - related parties |
0.00 |
100,000.00 |
|
Other
payables |
42,261.00 |
169,991.00 |
|
Advance
receipts |
5,578.00 |
13,873.00 |
|
Long-term
liabilities - current portion |
326,000.00 |
387,885.00 |
|
Other
current liabilities |
702.00 |
1,267.00 |
|
Current
liabilities |
997,580.00 |
1,608,231.00 |
|
Long
term Liabilities |
|
|
|
Long-term
borrowings |
762,000.00 |
350,000.00 |
|
Long-term
liabilities |
762,000.00 |
350,000.00 |
|
Reserves |
|
|
|
Reserve
for land revaluation increment tax |
146,565.00 |
146,564.00 |
|
Reserves |
146,565.00 |
146,564.00 |
|
Other
Liabilities |
|
|
|
Pension
reserve / accrued pension liability |
9,749.00 |
0.00 |
|
Other
liabilities |
9,749.00 |
0.00 |
|
Liabilities |
1,915,894.00 |
2,104,795.00 |
|
Stockholders'
Equity |
|
|
|
Capital |
|
|
|
Common
stock |
4,299,329.00 |
3,908,481.00 |
|
Capital
Surplus |
|
|
|
Capital
surplus - additional paid-in capital |
141,279.00 |
141,279.00 |
|
Capital
surplus - treasury stock transactions |
8,625.00 |
8,625.00 |
|
Capital
surplus - donated assets received |
124.00 |
124.00 |
|
Capital
surplus - long-term equity investments |
33,376.00 |
942.00 |
|
Capital
surplus |
183,404.00 |
150,970.00 |
|
Retained
Earnings |
|
|
|
Legal
reserve |
565,072.00 |
480,251.00 |
|
Special
reserve |
0.00 |
0.00 |
|
Unappropriated
retained earnings |
641,384.00 |
1,026,665.00 |
|
Retained
earnings |
1,206,456.00 |
1,506,916.00 |
|
Stockholders'
Equity and Other adjustmen |
|
|
|
Cumulative
translation adjustments |
-17,040.00 |
-12,827.00 |
|
Net
loss not recognized as pension cost |
-70,138.00 |
-7,060.00 |
|
Unrealized
gains (losses) on financial instruments |
-4,600.00 |
-4,802.00 |
|
Unrealized
Revaluation Increment |
339,637.00 |
339,637.00 |
|
Equity
adjustments |
247,859.00 |
314,948.00 |
|
Stockholdersˉ
equity |
5,937,048.00 (USD 198,891,108) |
5,881,315.00 (USD 197,024,053) |
|
Number
of treasury stock acquired by the company and subsidiaries (unit: share) |
0.00 |
0.00 |
|
|
0.00 |
0.00 |
(As of 2013.08, 1 NTD = 0.0335 USD)
Unit: NTD/000
|
Date |
2012 |
2011 |
|
Sales |
9,710,561.00 (USD 325,303,794) |
10,975,300.00 (USD 367,672,550) |
|
Sales
returns |
2,672.00 |
22,807.00 |
|
Sales
discounts and allowances |
188,990.00 |
281,686.00 |
|
Sales |
9,518,899.00 |
10,670,807.00 |
|
Processing
fees revenue |
273,007.00 |
0.00 |
|
Service
revenue |
273,007.00 |
0.00 |
|
Operating
income |
9,791,906.00 |
10,670,807.00 |
|
Cost
of sales |
8,684,678.00 |
9,272,008.00 |
|
Processing
costs |
214,411.00 |
0.00 |
|
Cost
of services |
214,411.00 |
0.00 |
|
Operating
costs |
8,899,089.00 |
9,272,008.00 |
|
Gross
profit (loss) from operations |
892,817.00 |
1,398,799.00 |
|
Selling
expense |
459,960.00 |
502,251.00 |
|
General
and administrative expenses |
99,059.00 |
128,462.00 |
|
Operating
expenses |
559,019.00 |
630,713.00 |
|
Operating
income (loss) |
333,798.00 |
768,086.00 |
|
Non-Operating
Income |
|
|
|
Interest
income |
469.00 |
366.00 |
|
Inome
from long-term equity investments under the equity method |
135,099.00 |
188,441.00 |
|
Dividends |
17,746.00 |
0.00 |
|
Investment
income |
152,845.00 |
188,441.00 |
|
Gains
on disposal of fixed assets |
0.00 |
555.00 |
|
Gains
on sale of investments |
7,542.00 |
0.00 |
|
Foreign
exchange gains |
47,576.00 |
88,208.00 |
|
Rent
income |
13,132.00 |
13,114.00 |
|
Reversal
of provision for bad debts |
0.00 |
1,097.00 |
|
Revaluation
gain on financial assets |
1,064.00 |
1,356.00 |
|
Miscellaneous
income |
21,953.00 |
11,595.00 |
|
Non-operating
revenues and gains |
244,581.00 |
304,732.00 |
|
Non-Operating
Expenses |
|
|
|
Interest
expense |
12,935.00 |
815.00 |
|
Losses
from long-term equity investments under the equity method |
7,907.00 |
8,540.00 |
|
Investment
loss |
7,907.00 |
8,540.00 |
|
Loss
on disposal of fixed assets |
2,620.00 |
0.00 |
|
Foreign
exchange losses |
51,759.00 |
61,180.00 |
|
Impairment
loss on assets |
26,091.00 |
0.00 |
|
Miscellaneous
disbursements |
1,248.00 |
2,425.00 |
|
Non-operating
expenses and losses |
102,560.00 |
72,960.00 |
|
Income
from continuing operations before income tax |
475,819.00 |
999,858.00 |
|
Income
tax expense (benefit) |
67,701.00 |
151,645.00 |
|
Income
from continuing operations |
408,118.00 |
848,213.00 |
|
Net
income (loss) |
408,118.00 (USD 13,671,953) |
848,213.00 (USD 28,415,136) |
|
Primary
Earnings per Share |
|
|
|
Income
(loss) from continuing operations |
0.95 |
1.97 |
|
Primary
earnings per share |
0.95 |
1.97 |
|
Diluted
earnings per share |
|
|
|
Income
(loss) from continuing operations |
0.95 |
1.97 |
|
Diluted
earnings per share |
0.95 |
1.97 |
(As of 2013.08, 1 NTD = 0.0335 USD)
|
Date |
2012 |
2011 |
|
Cash Flows from Operating Activities - Indirect
Method |
|
|
|
Net Income (Loss) |
408,118.00 |
848,213.00 |
|
Adjustments to Reconcile Net Income to
Net Cash Provided by (Used in) Operating Activities |
|
|
|
Depreciation Expense |
120,421.00 |
100,393.00 |
|
Amortization Expense |
1,928.00 |
2,205.00 |
|
0.00 |
-1,097.00 |
|
|
Loss (Gain) on Decline
(Recovery) in Market Value, Scrap and Obsolescence of Inventories |
59,284.00 |
-9,761.00 |
|
Cash Dividends Received from
Investments Accounted for under Equity Method |
-6,570.00 |
-41,130.00 |
|
Loss (Gain) on Disposal of Other
Assets |
2,620.00 |
-555.00 |
|
Loss (Gain) on Disposal of
Investments |
-7,542.00 |
0.00 |
|
Unrealized Revaluation Loss
(Gain) on Financial Assets and Liabilities |
-214.00 |
223.00 |
|
Impairment Losses on Financial
Asset |
26,091.00 |
0.00 |
|
Other Adjustments to Reconcile
Net Income |
28,054.00 |
45,035.00 |
|
Changes in Operating Assets and
Liabilities |
|
|
|
Decrease (Increase) in
Financial Assets Held for Trading |
-256,695.00 |
476,666.00 |
|
Decrease (Increase) in
Notes Receivable |
27,583.00 |
-29,186.00 |
|
Decrease (Increase) in
Accounts Receivable |
170,678.00 |
-245,807.00 |
|
Decrease (Increase) in
Accounts Receivable - Related Parties |
-55,353.00 |
0.00 |
|
Decrease (Increase) in
Other Receivables |
12,896.00 |
-1,207.00 |
|
Decrease (Increase) in
Other Receivable- Related Parties |
-2,516.00 |
-323.00 |
|
Decrease (Increase) in
Inventories |
-204,590.00 |
-975,847.00 |
|
Decrease (Increase) in
Prepaid Expenses |
4,719.00 |
-1,812.00 |
|
Decrease (Increase) in
Other Prepayments |
-2,561.00 |
194,259.00 |
|
Decrease (Increase) in
Other Current Assets |
-12,487.00 |
6,942.00 |
|
Decrease (Increase) in
Other Financial Assets |
5,799.00 |
1,243.00 |
|
Decrease (Increase) in
Deferred Tax Assets |
-1,174.00 |
2,065.00 |
|
Decrease (Increase) in
Other Operating Assets |
-166.00 |
77.00 |
|
Increase (Decrease) in
Notes Payable |
3,267.00 |
2,848.00 |
|
Increase (Decrease) in
Accounts Payable |
53,958.00 |
96,467.00 |
|
Increase (Decrease) in
Accounts Payable - Related Parties |
-51,388.00 |
-17,981.00 |
|
Increase (Decrease) in
Income Tax Payable |
-82,372.00 |
47,806.00 |
|
Increase (Decrease) in
Accrued Expenses |
-121,976.00 |
78,793.00 |
|
Increase (Decrease) in
Other Payables |
-53,779.00 |
57,861.00 |
|
Increase (Decrease) in
Receipts in Advance |
-8,295.00 |
11,506.00 |
|
Increase (Decrease) in
Other Current Liabilities |
-566.00 |
-3,283.00 |
|
Net Cash Provided by (Used in) Operating
Activities |
57,172.00 |
644,613.00 |
|
Cash Flows from Investing Activities |
|
|
|
Acquisition of Financial Assets Carried
at Cost |
0.00 |
-87,225.00 |
|
Acquisition of Investments Accounted for
by Equity Method |
-120,729.00 |
-345,230.00 |
|
Proceeds from Disposal of Investments
Accounted for by Equity Method |
26,937.00 |
0.00 |
|
Purchase of Property, Plant and
Equipment |
-108,480.00 |
-188,553.00 |
|
Proceeds from Disposal of Property,
Plant and Equipment |
0.00 |
695.00 |
|
Increase in Deferred Charges |
-175.00 |
-1,548.00 |
|
Decrease (Increase) in Other Financial
Assets |
-10,560.00 |
6,900.00 |
|
Decrease (Increase) in Other Assets |
314.00 |
0.00 |
|
Net Cash Provided by (Used in) Investing
Activities |
-212,693.00 |
-614,961.00 |
|
Cash Flows from Financing Activities |
|
|
|
Increase (Decrease) in Short-term Loans |
0.00 |
-117,089.00 |
|
Proceeds from Long-term Debt |
350,114.00 |
347,886.00 |
|
Increase (Decrease) in Other Payables -
Related Parties |
-100,000.00 |
100,000.00 |
|
Cash Dividends Paid |
-312,678.00 |
-182,639.00 |
|
Proceeds from Issuance of Shares |
0.00 |
0.00 |
|
Net Cash Provided by (Used in) Financing
Activities |
-62,564.00 |
148,158.00 |
|
Effect of Exchange Rate Changes |
0.00 |
0.00 |
|
Net Increase (Decrease) in Cash and Cash
Equivalents |
-218,085.00 |
177,810.00 |
|
Cash and Cash Equivalents, Beginning of year |
404,740.00 |
226,930.00 |
|
Cash and Cash Equivalents, End of year |
186,655.00 |
404,740.00 |
|
Supplemental Cash Flow Information |
|
|
|
Interest Paid |
16,004.00 |
8,092.00 |
|
Capitalized Interest |
-3,249.00 |
-7,629.00 |
|
Interest Paid- Excluding Capitalized
Interest |
12,755.00 |
463.00 |
|
Income Tax Paid |
164,263.00 |
94,632.00 |
|
Non-cash Investing and Financing Activities |
|
|
|
Current Portion of Long-term Liabilities |
326,000.00 |
387,886.00 |
|
Investing Activities Affecting Both Cash and
Non-cash Items |
|
|
|
Cash Paid for Acquisition of Property,
Plant and Equipment |
|
|
|
Increase in Property, Plant and
Equipment |
34,529.00 |
230,734.00 |
|
Increase (Decrease) in Payable
for Equipment Purchased |
73,951.00 |
-42,181.00 |
|
Cash Paid for Acquisition of
Property, Plant and Equipment |
108,480.00 |
188,553.00 |
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. Lee |
|
Department |
Sales Department |
|
E-mail |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.11 |
|
|
1 |
Rs.94.77 |
|
Euro |
1 |
Rs.81.54 |
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.