|
Report Date : |
18.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
TAIWAN GLASS INDUSTRY CORP. |
|
|
|
|
Registered Office : |
Floor-11, No.261, Sec.3, Nanking E. Rd., |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
05.09.1964 |
|
|
|
|
Com. Reg. No.: |
11914002 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and sales of glass and its related products, etc |
|
|
|
|
No. of Employees : |
14,197 Employees (at the end of 2012) (Including 4,763 employees in |
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: |
|
|
Trading Address: |
|
|
Supplied Address: |
|
|
Telephone Number: |
+886-2-2713-0333 |
|
Fax Number: |
|
|
E-mail: |
Notes: Subject’s exact name and address are as above.
|
Credit Opinion: |
|
Registered Name: |
Taiwan Glass Industry Corp. |
|
Registered Address: |
Floor-11, No.261, Sec.3, Nanking E. Rd., Taipei |
|
Date of Foundation: |
1964-9-5 |
|
Registration Number: |
11914002 |
|
Registry: |
Department of Commerce, Ministry of Economic Affairs, R.O.C. |
|
Registered Capital: |
NTD 26,000,000,000
(USD 884,000,000) (As of 2013.06, 1 NTD = 0.0340 USD) |
|
Paid-up Capital: |
NTD 23,780,608,000 (USD 808,540,672) |
|
Legal Representatives: |
Bofeng Lin |
|
Legal Form: |
|
|
Principal Activities: |
Manufacture and sales of
glass and its related products, etc |
|
Staff: |
14,197 Employees (at the end of 2012) (Including 4,763 employees in Taiwan and 9,434 employees in the
mainland of China) |
|
Listed at Stock
Exchange: |
|
|
Date of Last
Annual Return: |
Subject was incorporated on 1964-9-5 with registered
number 11914002 as Joint Stock Company in Taiwan.
Subject was listed on Taiwan Stock Exchange on 1973-7-20.
|
Name |
Subscription Shares |
|
Bofeng Lin |
16,868,795 |
|
Boshi Lin |
|
|
12,779,175 |
|
|
Bochun Lin |
3,983,412 |
|
Yongsan Enterprise Co., Ltd. (Literal
Translation) |
146,339 |
|
Handong Lin |
8,783,860 |
|
Taifeng Investment Co., Ltd. (Literal
Translation) |
363,601,432 |
|
Taijian Investment Co., Ltd. (Literal
Translation) |
215,828,896 |
|
Taihe Investment Co., Ltd. (Literal Translation) |
317,941,562 |
|
Lim Kien Seng Kah Kih Co., Ltd. |
114,302,799 |
|
Sangong Xingye Co., Ltd. (Literal Translation) |
904,479 |
The information
above is that of subject’s major shareholders.
Factories in
Taiwan
|
1 |
|
|
Name |
Hsinchu Factory |
|
Factory Area |
126,552 square
meters |
|
Annual
Production Capacity |
154,000 MT |
|
Major Products |
Container glass,
tableware glass, kitchenware glass, rolled glass |
|
2 |
|
|
Name |
Taoyuan Factory |
|
Factory Area |
181,181 square
meters |
|
Annual
Production Capacity |
48,000 MT |
|
Major Products |
E-glass fabric, FRP
glass fiber, chopped strand mat, direct roving, conventional roving, woven
roving, chopped strand |
|
3 |
|
|
Name |
Taichung Factory |
|
Factory Area |
250,068 square
meters |
|
Annual
Production Capacity |
420,000 MT |
|
Major Products |
Clear float glass,
tinted float glass, super clear glass, rolled glass, reflective glass, low-e
glass, insulating glass, tempered glass, heat soak testing, heat strengthened
glass, laminated glass, sound control laminated glass, ceramic spandrel
glass, ceramic silkscreen glass, bent glass, bent tempered glass |
|
4 |
|
|
Name |
Lukang Factory |
|
Factory Area |
260,343 square
meters |
|
Annual
Production Capacity |
235,000 MT |
|
Major Products |
E-glass fabric,
clear float glass |
Factories in Mainland China
|
1 |
|
|
Name |
Qingdao Float
Glass Co., Ltd. |
|
Tel |
+86-532-8316-1177 |
|
Fax |
+86-532-8316-1203 |
|
Factory Area |
199,319 square
meters |
|
Annual
Production Capacity |
140,000 MT |
|
Major Products |
Clear float glass,
mirror glass, tempered glass, laminated glass |
|
2 |
|
|
Name |
Qingdao Rolled
Glass Co., Ltd. |
|
Tel |
+86-532-8316-1088 |
|
Fax |
+86-532-8316-1078 |
|
Factory Area |
229,807 square
meters |
|
Annual
Production Capacity |
150,000 MT |
|
Major Products |
Rolled glass |
|
3 |
|
|
Name |
TG Changjiang
Co., Ltd. |
|
Tel |
+86-512-5744-0001 |
|
Fax |
+86-512-5744-0666 |
|
Factory Area |
318,970 square
meters |
|
Annual
Production Capacity |
320,000 MT |
|
Major Products |
Clear float glass,
tinted float glass, insulating glass, tempered glass, laminated glass,
reflective glass, low-e glass, heat strengthened glass, bent glass, mirror glass |
|
4 |
|
|
Name |
Taichia Glass
Fiber Co., Ltd. |
|
Tel |
+86-512-5745-3000 |
|
Fax |
+86-512-5745-3333 |
|
Factory Area |
323,539 square
meters |
|
Annual
Production Capacity |
40,000MT |
|
Major Products |
E-glass fabric |
|
5 |
|
|
Name |
TG Chengdu Glass
Co., Ltd. |
|
Tel |
+86-28-8366-7100 |
|
Fax |
+86-28-8366-7300 |
|
Factory Area |
346,276 square
meters |
|
Annual
Production Capacity |
480,000 MT |
|
Major Products |
Clear float
glass, tempered glass, laminated glass, insulating glass, low-e glass, heat
strengthened glass |
|
6 |
|
|
Name |
TG Huanan Glass
Co., Ltd. |
|
Tel |
+86-769-8884-1000 |
|
Fax |
+86-769-8884-0000 |
|
Factory Area |
364,907 square
meters |
|
Annual
Production Capacity |
480,000 MT |
|
Major Products |
Clear float
glass、mirror glass |
|
7 |
|
|
Name |
TG Donghai Glass
Co., Ltd. |
|
Tel |
+86-518-8726-6866 |
|
Fax |
+86-518-8726-6766 |
|
Factory Area |
253,100 square
meters |
|
Annual
Production Capacity |
120,000 MT |
|
Major Products |
Clear float
glass |
|
8 |
|
|
Name |
TG Kunshan Glass
Co., Ltd. |
|
Factory Area |
85,800 square
meters |
|
Annual
Production Capacity |
200,000 MT |
|
Major Products |
Clear float
glass |
|
9 |
|
|
Name |
TG Tianjin Glass
Co., Ltd. |
|
Tel |
+86-22-6866-0077 |
|
Fax |
+86-22-6866-0088 |
|
Factory Area |
300,448 square
meters |
|
Annual
Production Capacity |
200,000 MT |
|
Major Products |
Clear float
glass |
|
10 |
|
|
Name |
TG Fujian
Photovoltaic Glass Co., Ltd. |
|
Tel |
+86-596-698-0000 |
|
Fax |
+86-596-698-1000 |
|
Factory Area |
400,000 square
meters |
|
Annual
Production Capacity |
60,000 MT |
|
Major Products |
PV cover glass |
Core
Management
Directors
|
1 |
|
|
Name |
Bofeng Lin |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Boshi Lin |
|
Position |
Executive
Director/ Manager |
|
Date of Appointment |
2012-6-5 |
|
3 |
|
|
Name |
Bochun Lin |
|
Position |
Director |
|
4 |
|
|
Name |
Boxin Zhang |
|
Position |
Director |
|
5 |
|
|
Name |
Handing Lin |
|
Position |
Director |
|
6 |
|
|
Name |
Yude Su |
|
Position |
Director/
Manager |
|
Date of
Appointment |
2012-6-5 |
|
7 |
|
|
Name |
Jiahong Lin |
|
Position |
Director/
Manager |
|
Date of
Appointment |
2012-6-5 |
|
8 |
|
|
Name |
Jiayou Lin |
|
Position |
Director/
Manager |
|
Date of
Appointment |
2012-6-5 |
|
9 |
|
|
Name |
Jiaming Lin |
|
Position |
Director/
Manager |
|
Date of
Appointment |
2012-6-5 |
|
10 |
|
|
Name |
Renhao Shi |
|
Position |
Director/
Manager |
|
Date of
Appointment |
2012-6-5 |
|
11 |
|
|
Name |
Zhengzhang Chen |
|
Position |
Director/
Manager |
|
Date of
Appointment |
2012-6-5 |
|
12 |
|
|
Name |
Baocun Lin |
|
Position |
Director/
Manager |
|
Date of
Appointment |
2012-6-5 |
|
13 |
|
|
Name |
Fengzheng Lin |
|
Position |
Independent
Director |
|
14 |
|
|
Name |
Qingzhi Chen |
|
Position |
Independent
Director |
|
15 |
|
|
Name |
Qingyuan Huang |
|
Position |
Independent Director |
|
16 |
|
|
Name |
Liling Xu |
|
Position |
Supervisor |
|
17 |
|
|
Name |
Guodong Xie |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
14,197 Employees (at the
end of 2012) (Including 4,763
employees in Taiwan and 9,434 employees in the mainland of China) |
Offices
& Factories
|
|
Headquarters |
|
Add |
Production
Information
l
Subject is engaged in manufacturing of glass and its related products, etc.
l
Subject has factories in Taiwan and mainland China
for production and the detail information is in Subsidiaries & Branches for
reference.
l
Subject obtained the certifications of ISO 9001,
ISO 14001, and CE.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
-- |
Manufacturing, processing and sale of glass raw
materials |
|
-- |
Manufacturing and sale of sheet glass |
|
-- |
Manufacturing and sale of figured glass |
|
-- |
Manufacturing and sale of wire glass |
|
-- |
Processing and sale of reflection plate glass |
|
-- |
Processing and sale of tempered glass and
agglutination safety glass |
|
-- |
Processing and sale of mirror plate glass |
|
-- |
Processing and sale of double insulation safety
glass |
|
-- |
Processing and sale of Railway vehicles and car
glass |
|
-- |
Processing and sale of bevelled glass |
|
-- |
Manufacturing and sale of container glass |
|
-- |
Manufacturing, processing and sale of
heat-resistant glass |
|
-- |
Manufacturing, processing and sale of fiber glass
filament |
|
-- |
Export of glass machinery and technology |
|
-- |
Import and export of glass raw materials and
machinery |
|
-- |
Installation of glass |
|
ZZ99999 |
Besides licensed business, all other business
items those are not banned or restricted. |
l
The raw materials for production are purchased from
both home and abroad and it is introduced that the silica sand for production
are purchased from its related company in the same group.
l
It is introduced that subject imports some
technology from Japan, Germany (LEYBOLD, VON ARDENNE, VEBA GLASS AG, HERMANN
HEYE), UK (PILKINGTON) and USA (APPLIED FILMS), etc.
l
Subject is engaged in
sale of glass and its related products, etc.
l
Subject’s sales regions
include Taiwan, Mainland China, Japan, South Korea, North America, Middle East,
Australia, Europe, and South Africa, etc.
l
Subject’s products are applied to auto industry,
building industry and Food utensil
manufacturing, etc
Major products
|
Type |
Product |
|
Flat Glass |
Float Glass Processed Glass Auto Glass |
|
Photovoltaic Glass |
Photovoltaic Glass Concentrating Solar Power Mirror |
|
Fiber Glass |
Glass Fabric Glass Fiber |
|
Container, Tableware, Kitchenware |
-- |
Import and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase
|
Terms |
Proportion |
|
|
Raw materials |
Interior
Settlement, T/T, Cash, etc |
100% |
Foreign Purchase
|
Terms |
Proportion |
|
|
Raw materials |
L/C, T/T, etc |
100% |
Sales
Domestic Markets
|
Terms |
Proportion |
|
|
Glass |
Credit Sale,
T/T, Cash, etc |
100% |
Export
|
Terms |
Proportion |
|
|
Glass |
L/C, T/T, etc |
100% |
Unit: NTD/000
|
|
2012-12-31 |
2011-12-31 |
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash and cash equivalents |
3,084,340.00 |
5,745,066.00 |
|
Notes receivable - net |
253,285.00 |
314,630.00 |
|
Accounts receivable - net |
1,203,724.00 |
1,059,524.00 |
|
Accounts receivable - related parties - net |
101,706.00 |
43,369.00 |
|
Other receivables |
14,728.00 |
35,207.00 |
|
Other receivables - related parties |
385,641.00 |
697,479.00 |
|
Inventories |
4,309,730.00 |
3,620,159.00 |
|
Other prepayments |
355,889.00 |
448,629.00 |
|
Other current assets |
177,824.00 |
92,275.00 |
|
Current assets |
9,886,867.00 |
12,056,338.00 |
|
Funds and Investments |
|
|
|
Available-for-sale financial assets - non current |
363,595.00 |
1,680,047.00 |
|
Financial assets carried at cost - non current |
49,206.00 |
68,106.00 |
|
Equity investments under equity method |
38,133,161.00 |
37,509,045.00 |
|
Prepayments for long-term investments |
0.00 |
19,500.00 |
|
Investments |
38,133,161.00 |
37,528,545.00 |
|
Funds and long-term investments |
38,545,962.00 |
39,276,698.00 |
|
Fixed Assets |
|
|
|
Cost |
|
|
|
Land |
3,429,800.00 |
3,429,800.00 |
|
Buildings and structures |
6,800,643.00 |
6,656,461.00 |
|
Machinery and equipment |
18,088,379.00 |
17,147,448.00 |
|
Transportation equipment |
223,482.00 |
215,218.00 |
|
Other facilities |
346,129.00 |
301,048.00 |
|
Natural resources |
11,595.00 |
11,595.00 |
|
Revaluation increment |
588,138.00 |
588,138.00 |
|
Cost and revaluation increment |
29,488,166.00 |
28,349,708.00 |
|
Accumulated depreciation |
-16,471,325.00 |
-15,381,793.00 |
|
Construction in process and prepayment for
equipments |
1,141,239.00 |
925,300.00 |
|
Fixed assets |
14,158,080.00 |
13,893,215.00 |
|
Intangible Assets |
|
|
|
OtherAssets |
|
|
|
Guarantee deposits paid |
25,641.00 |
34,194.00 |
|
Deferred charges |
23,541.00 |
24,471.00 |
|
Deferred income tax assets - non current |
56,788.00 |
98,617.00 |
|
Other assets - other |
333,664.00 |
330,896.00 |
|
Other assets |
439,634.00 |
488,178.00 |
|
Assets |
63,030,543.00 |
65,714,429.00 |
|
Liabilities and Stockholders' Equity |
|
|
|
Liabilities |
|
|
|
Current Liabilities |
|
|
|
Short-term borrowings |
3,260,000.00 |
2,170,000.00 |
|
Short-term notes and bills payable |
1,198,952.00 |
0.00 |
|
Accounts payable |
1,203,454.00 |
1,012,270.00 |
|
Income tax payable |
28,055.00 |
158,651.00 |
|
Accrued expenses |
388,788.00 |
562,568.00 |
|
Other payables |
33,566.00 |
46,200.00 |
|
Advance receipts |
314,310.00 |
330,938.00 |
|
Long-term liabilities - current portion |
1,175,000.00 |
0.00 |
|
Other current liabilities |
79,150.00 |
79,019.00 |
|
Current liabilities |
7,681,275.00 |
4,359,646.00 |
|
Long term Liabilities |
|
|
|
Bonds payable |
8,491,341.00 |
8,698,214.00 |
|
Long-term borrowings |
2,000,000.00 |
3,175,000.00 |
|
Long-term liabilities |
10,491,341.00 |
11,873,214.00 |
|
Reserves |
|
|
|
Reserve for land revaluation increment tax |
236,222.00 |
236,222.00 |
|
Reserve for furnace overhaul |
560,049.00 |
560,049.00 |
|
Reserves |
796,271.00 |
796,271.00 |
|
Other Liabilities |
|
|
|
Guarantee deposits received |
21,896.00 |
21,580.00 |
|
Other liabilities - other |
299,459.00 |
211,519.00 |
|
Other liabilities |
321,355.00 |
233,099.00 |
|
Liabilities |
19,290,242.00 |
17,262,230.00 |
|
Stockholders' Equity |
|
|
|
Capital |
|
|
|
Common stock |
23,780,608.00 |
22,756,563.00 |
|
Capital Surplus |
|
|
|
Capital surplus - additional paid-in capital |
25,000.00 |
25,000.00 |
|
Capital surplus - long-term equity investments |
1,374,998.00 |
1,212,797.00 |
|
Capital surplus - stock option |
383,440.00 |
383,440.00 |
|
Capital surplus - other |
103,166.00 |
103,166.00 |
|
Capital surplus |
1,886,604.00 |
1,724,403.00 |
|
Retained Earnings |
|
|
|
Legal reserve |
5,601,432.00 |
5,349,014.00 |
|
Special reserve |
7,020,044.00 |
7,020,044.00 |
|
Unappropriated retained earnings |
3,879,692.00 |
8,000,447.00 |
|
Retained earnings |
16,501,168.00 |
20,369,505.00 |
|
Stockholders' Equity and Other adjustment |
|
|
|
Cumulative translation adjustments |
1,689,953.00 |
3,179,321.00 |
|
Unrealized gains (losses) on financial
instruments |
-183,298.00 |
357,141.00 |
|
Unrealized Revaluation Increment |
65,266.00 |
65,266.00 |
|
Equity adjustments |
1,571,921.00 |
3,601,728.00 |
|
Stockholdersˉ equity |
43,740,301.00 (USD 1,487,170,234.00) |
48,452,199.00 (USD 1,647,374,766.00) |
|
Number of treasury stock acquired by the company
and subsidiaries (unit: share) |
0.00 |
0.00 |
|
|
0.00 |
0.00 |
(As of 2013.06, 1 NTD =
0.0340 USD)
Unit: NTD/000
|
|
2012 |
2011 |
|
Sales |
13,179,412.00 (USD 448,100,008.00) |
14,183,828.00 (USD 482,250,152.00) |
|
Sales returns |
17,524.00 |
17,510.00 |
|
Sales |
13,161,888.00 |
14,166,318.00 |
|
Other operating revenue |
82,178.00 |
69,910.00 |
|
Operating income |
13,244,066.00 |
14,236,228.00 |
|
Cost of sales |
11,587,614.00 |
11,261,916.00 |
|
Other operating costs |
74,372.00 |
60,388.00 |
|
Operating costs |
11,661,986.00 |
11,322,304.00 |
|
Gross profit (loss) from operations |
1,582,080.00 |
2,913,924.00 |
|
Unrealized gains on intercompany transactions |
3,500.00 |
3,966.00 |
|
Realized gains on intercompany transactions |
3,966.00 |
5,023.00 |
|
Selling expense |
1,608,636.00 |
1,665,816.00 |
|
General and administrative expenses |
213,600.00 |
291,053.00 |
|
Research and development expenses |
104,611.00 |
105,485.00 |
|
Operating expenses |
1,926,847.00 |
2,062,354.00 |
|
Operating income (loss) |
-344,301.00 |
852,627.00 |
|
Non-Operating Income |
|
|
|
Interest income |
41,601.00 |
57,937.00 |
|
Income from long-term equity investments under
the equity method |
0.00 |
199,901.00 |
|
Dividends |
6,380.00 |
247,429.00 |
|
Investment income |
6,380.00 |
447,330.00 |
|
Gains on disposal of fixed assets |
41,098.00 |
35,738.00 |
|
Gains on sale of investments |
519,950.00 |
1,448,384.00 |
|
Foreign exchange gains |
152,517.00 |
0.00 |
|
Rent income |
90,176.00 |
87,523.00 |
|
Reversal of provision for bad debts |
51,130.00 |
0.00 |
|
Miscellaneous income |
248,349.00 |
175,454.00 |
|
Non-operating revenues and gains |
1,151,201.00 |
2,252,366.00 |
|
Non-Operating Expenses |
|
|
|
Interest expense |
221,301.00 |
109,856.00 |
|
Losses from long-term equity investments under
the equity method |
2,284,892.00 |
0.00 |
|
Other investment loss |
18,900.00 |
0.00 |
|
Investment loss |
2,303,792.00 |
0.00 |
|
Loss on disposal of fixed assets |
0.00 |
5.00 |
|
Foreign exchange losses |
0.00 |
53,697.00 |
|
Impairment loss on assets |
0.00 |
27,000.00 |
|
Miscellaneous disbursements |
122,054.00 |
127,259.00 |
|
Non-operating expenses and losses |
2,647,147.00 |
317,817.00 |
|
Income from continuing operations before income
tax |
-1,840,247.00 |
2,787,176.00 |
|
Income tax expense (benefit) |
-20,000.00 |
263,000.00 |
|
Income from continuing operations |
-1,820,247.00 |
2,524,176.00 |
|
Net income (loss) |
-1,820,247.00 (USD -61,888,398.00) |
2,524,176.00 (USD 85,821,984.00) |
|
Primary Earnings per Share |
|
|
|
Primary earnings per share |
-0.77 |
1.06 |
|
Diluted earnings per share |
|
|
|
|
2012 |
2011 |
|
Cash Flows from
Operating Activities - Indirect Method |
|
|
|
Net Income
(Loss) |
-1,820,247.00 |
2,524,176.00 |
|
Adjustments to
Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities |
|
|
|
Depreciation
Expense |
1,359,987.00 |
1,227,948.00 |
|
Amortization
Expense |
7,780.00 |
7,317.00 |
|
Amortization of
Discounts (Premiums) on Bonds Payable |
145,067.00 |
60,856.00 |
|
Effects of
Exchange Rate Changes Of Bonds Payable |
-351,940.00 |
423,492.00 |
|
Investment Loss (Income)
Recognized under Equity Method |
2,284,892.00 |
-199,901.00 |
|
Cash Dividends
Received from Investments Accounted for under Equity Method |
26,100.00 |
13,050.00 |
|
Loss (Gain) on
Disposal of Property, Plant and Equipment |
-41,098.00 |
-36,790.00 |
|
Loss (Gain) on
Disposal of Non-current Assets Classified as Held for Sale |
-519,950.00 |
-1,448,384.00 |
|
Impairment
Losses on Financial Asset |
18,900.00 |
27,000.00 |
|
Unrealized Gain
(Loss) on Intercompany Transactions |
-466.00 |
0.00 |
|
Other Adjustments
to Reconcile Net Income |
0.00 |
-48,142.00 |
|
Changes in
Operating Assets and Liabilities |
|
|
|
Decrease
(Increase) in Notes Receivable |
61,345.00 |
-55,275.00 |
|
Decrease
(Increase) in Accounts Receivable |
-144,200.00 |
221,081.00 |
|
Decrease
(Increase) in Accounts Receivable - Related Parties |
-58,337.00 |
-4,875.00 |
|
Decrease
(Increase) in Other Receivables |
20,479.00 |
19,397.00 |
|
Decrease
(Increase) in Other Receivable- Related Parties |
-232,602.00 |
11,523.00 |
|
Decrease (Increase)
in Inventories |
-689,571.00 |
-995,984.00 |
|
Decrease
(Increase) in Other Prepayments |
92,740.00 |
-198,717.00 |
|
Decrease
(Increase) in Other Current Assets |
-5,610.00 |
-752.00 |
|
Decrease
(Increase) in Deferred Tax Assets |
-38,110.00 |
12,187.00 |
|
Decrease
(Increase) in Other Operating Assets |
-2,768.00 |
31,637.00 |
|
Increase
(Decrease) in Accounts Payable |
191,184.00 |
-57,531.00 |
|
Increase
(Decrease) in Income Tax Payable |
-130,596.00 |
24,251.00 |
|
Increase (Decrease)
in Accrued Expenses |
-173,780.00 |
-25,606.00 |
|
Increase
(Decrease) in Other Payables |
-15,745.00 |
39,575.00 |
|
Increase
(Decrease) in Receipts in Advance |
-16,628.00 |
-74,821.00 |
|
Increase
(Decrease) in Other Operating Liabilities |
131.00 |
-21,863.00 |
|
Net Cash
Provided by (Used in) Operating Activities |
-33,043.00 |
1,474,849.00 |
|
Cash Flows from
Investing Activities |
|
|
|
Proceeds from
Disposal of Available-for-sale Financial Assets |
1,295,961.00 |
3,139,776.00 |
|
Acquisition of
Investments Accounted for by Equity Method |
-4,262,273.00 |
-7,090,342.00 |
|
Decrease
(Increase) in Prepayments for Long-term Investments |
19,500.00 |
-19,500.00 |
|
Purchase of
Property, Plant and Equipment |
-1,656,660.00 |
-1,943,059.00 |
|
Proceeds from
Disposal of Property, Plant and Equipment |
161,312.00 |
2,284.00 |
|
Decrease
(Increase) in Refundable Deposits |
8,553.00 |
4,085.00 |
|
Increase in
Deferred Charges |
-6,850.00 |
-3,070.00 |
|
Decrease (Increase)
in Other Receivables - Related Parties |
544,440.00 |
-253,615.00 |
|
Net Cash
Provided by (Used in) Investing Activities |
-3,896,017.00 |
-6,163,441.00 |
|
Cash Flows from
Financing Activities |
|
|
|
Increase
(Decrease) in Short-term Loans |
1,090,000.00 |
-520,000.00 |
|
Increase
(Decrease) in Short-term Notes and Bills Payable |
1,198,952.00 |
0.00 |
|
Proceeds from
Issuance of Bonds |
0.00 |
8,597,306.00 |
|
Proceeds from
Long-term Debt |
0.00 |
3,175,000.00 |
|
Increase (Decrease)
in Guarantee Deposits Received |
316.00 |
-8.00 |
|
Cash Dividends
Paid |
-1,020,934.00 |
-1,241,455.00 |
|
Net Cash
Provided by (Used in) Financing Activities |
1,268,334.00 |
10,010,843.00 |
|
Net Increase
(Decrease) in Cash and Cash Equivalents |
-2,660,726.00 |
5,322,251.00 |
|
Cash and Cash
Equivalents, Beginning of year |
5,745,066.00 |
422,815.00 |
|
Cash and Cash
Equivalents, End of year |
3,084,340.00 |
5,745,066.00 |
|
Supplemental
Cash Flow Information |
|
|
|
Interest Paid- Excluding
Capitalized Interest |
76,162.00 |
47,737.00 |
|
Income Tax Paid |
148,706.00 |
226,562.00 |
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
|
2010, Beijian,14682 |
|
|
Trial Date |
2012-10-12 |
|
Reason |
Payment of notes |
|
Name |
Ms. Wang |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.57.73 |
|
|
1 |
Rs.90.61 |
|
Euro |
1 |
Rs.76.96 |
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.