|
Report Date : |
11.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
SHINIH ENTERPRISE CO., LTD. |
|
|
|
|
Registered Office : |
No.1, Nanbu, Guantian
Dist., Tainan City 72046, |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
14.09.1962 |
|
|
|
|
Com. Reg. No.: |
33375909 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturing and sale of textile |
|
|
|
|
No. of Employees |
200 |
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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. Taiwan's diplomatic isolation, low birth rate, and rapidly aging population are other major long-term challenges. Free trade agreements have proliferated in East Asia over the past several years, and following the landmark Economic Cooperation Framework Agreement (ECFA) signed with China in June 2010, Taiwan in July 2013 signed a free trade deal with New Zealand—Taipei’s first-ever with a country with which it does not maintain diplomatic relations—and in November inked a trade pact with Singapore. Negotiations continue on follow-on components of ECFA regarding trade in goods and a dispute resolution mechanism; a trade in services agreement is under review in the legislature. 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 overall trade surplus largely because of its surplus with China, and its foreign reserves are the world's sixth largest, behind China, Japan, Saudi Arabia, Russia, and Switzerland. 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. Taiwan since 2009 has gradually loosened rules governing Chinese investment on the island, and has also secured greater market access for its investors in the mainland. 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: |
365, Tatung Rd., Kuei Shan Village, Taoyuan Hsien, Taiwan, R.O.C. |
|
Supplied Address: |
365, Tatung Rd, Kuei Shan Township Taqyuan Hsien |
|
Telephone Number: |
|
|
Fax Number: |
|
|
E-mail: |
|
|
Website: |
Notes: The exact
name and address are as above.
|
Registered Name: |
SHINIH ENTERPRISE
CO., LTD. |
|
Registered Address: |
No.1, Nanbu, Guantian Dist., Tainan City 72046, Taiwan (R.O.C.) |
|
Date of Foundation: |
1962-9-14 |
|
Registration Number: |
33375909 |
|
Registry: |
Department of Commerce, Ministry of Economic Affairs, R.O.C. |
|
Registered Capital: |
NTD 2,000,000,000 (USD 68,000,000) (As of 2014.04, 1 NTD = 0.0340 USD) |
|
Paid-up Capital: |
NTD 1,007,047,900 (USD 34,239,629) |
|
Legal Representatives: |
Rongcai Jian |
|
Legal Form: |
|
|
Principal Activities: |
|
|
Staff: |
About 1,500 Employees (Group) |
|
Listed at Stock Exchange: |
|
|
Date of Last Annual Return: |
Subject was incorporated on 1962-9-14 with registered number 33375909 as Joint Stock Company in Taiwan.
Subject listed on Taiwan Stock Exchange on 2002-8-26.
|
Name |
Subscription Shares |
|
Rongcai Jian |
2,387,561 |
|
Ruirui
Jian |
|
|
1,221,957 |
|
|
Hongrong Zhang |
655,678 |
|
Shenghong Jian |
489,513 |
|
Qi Jie International Investment Co., Ltd. (Literal Translation) |
1,470,287 |
|
Li Bang Investment Co., Ltd. (Literal Translation) |
17,750,234 |
|
Qi Wei Joint Investment Co., Ltd. (Literal Translation) |
5,095,862 |
The information above is that of subject’s major shareholders.
Shareholder
Information:
|
1 |
|
|
Registered Name: |
Qi Jie International Investment Co., Ltd. (Literal Translation) |
|
Registered Address: |
3rd Floor, No.352, Sec 4, Linghang North Road, Hengfeng Village, Dayuan Township, Taoyuan County, Taiwan |
|
Date of Foundation: |
1997-12-11 |
|
Registration Number: |
16288681 |
|
Registry: |
MOEA Central Office |
|
Registered Capital: |
NTD 22,000,000 (USD 748,000) (As of 2014.04, 1 NTD = 0.0340 USD) |
|
Paid-up Capital: |
NTD 22,000,000 (USD 748,000) |
|
Legal Representatives: |
Aoxiang Zeng |
|
Legal Form: |
Joint Stock Company |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2013-6-26 |
|
2 |
|
|
Registered Name: |
Li Bang Investment Co., Ltd. (Literal Translation) |
|
Registered Address: |
5th Floor-1, No.266, Sec 1, Wenhua 2nd Road, Linkou District, New Taipei City, Taiwan |
|
Date of Foundation: |
1994-2-26 |
|
Registration Number: |
86214847 |
|
Registry: |
New Taipei City Government |
|
Registered Capital: |
NTD 68,100,000 (USD 2,315,400) (As of 2014.04, 1 NTD = 0.0340 USD) |
|
Paid-up Capital: |
NTD 68,100,000 (USD 2,315,400) |
|
Legal Representatives: |
Rongfu Jian |
|
Legal Form: |
Joint Stock Company |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2013-11-15 |
|
3 |
|
|
Registered Name: |
Qi Wei Joint Investment Co., Ltd. (Literal Translation) |
|
Registered Address: |
No.2, Lane 326, Zhulin Road, Linkou District, New Taipei City, Taiwan |
|
Date of Foundation: |
1997-12-12 |
|
Registration Number: |
16288710 |
|
Registry: |
New Taipei City Government |
|
Registered Capital: |
NTD 22,000,000 (USD 748,000) (As of 2014.04, 1 NTD = 0.0340 USD) |
|
Paid-up Capital: |
NTD 22,000,000 (USD 748,000) |
|
Legal Representatives: |
Xianglu You |
|
Legal Form: |
Joint Stock Company |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2013-7-24 |
Factories
|
1 |
|
|
Address: |
No.1, Nanbu, Guantian Dist., Tainan City 72046, Taiwan (R.O.C.) |
|
Date of Registration: |
2011-7-29 |
|
Factory Registration Number: |
67000150 |
|
Factory Manager: |
Rongfu Jian |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2011-7-29 |
|
Major Products: |
115 textile |
|
2 |
|
|
Name: |
Bade Factory |
|
Address: |
No.41, Liaohua Road, Guangde Li, Bade City, Taoyuan County, Taiwan |
|
Date of Registration: |
2011-5-23 |
|
Factory Registration Number: |
03000425 |
|
Factory Manager: |
Rongfu Jian |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2011-5-23 |
|
Major Products: |
115 textile |
|
3 |
|
|
Name: |
Yilan Factory |
|
Address: |
No.163, Sec 1, Yisan Road, Jinying Li, Toucheng Town, Yilan County, Taiwan |
|
Date of Foundation: |
1969-1-1 |
|
Date of Registration: |
1983-5-19 |
|
Factory Registration Number: |
99620958 |
|
Factory Manager: |
Rongfu Jian |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2008-12-12 |
|
Major Products: |
113 non-woven fabric 115 textile 123 garment accessories 220 plastic products |
|
4 |
|
|
Name: |
Kuei Shan Factory |
|
Address: |
365, Tatung Rd., Kuei Shan Village, Taoyuan Hsien, Taiwan, R.O.C. |
|
Tel: |
+886-3-350-5715 |
|
Fax: |
+886-3-320-9502 |
|
5 |
|
|
Name: |
Tainan Factory |
|
Address: |
2-83, Tuku, Shui Hsiu Sub., Yen Shui Chen, Tainan Hsien, Taiwan, R.O.C. |
|
Tel: |
+886-6-652-3155 |
|
Fax: |
+886-6-652-8593 |
Related Companies
|
1 |
|
|
Name: |
Shinih (Vietnam) Co., Ltd. |
|
Address: |
B3-3 Cuchi Northwest Industrial Zone, Cuchi District, HCMC, Vietnam |
|
Tel: |
+848-38924-820~3 |
|
Fax: |
+848-38924-795 |
|
2 |
|
|
Name: |
Kureha Thailand Co., Ltd |
|
Address: |
525 Moo 4 Bangpoo Industral Estate, Sukhumvit RD., Praksa, Muang District, Samutrpakarn 10280 Thailand |
|
Tel: |
+66-2-710-6475 |
|
Fax: |
+66-2-710-6474 |
|
3 |
|
|
Name: |
Shinih Fiber Products (Suzhou) Co., Ltd. |
|
Address: |
16 Dongcang N. Road, Taicang City, Jiangsu Province, China |
|
4 |
|
|
Name: |
Taixin Fiber Products (Suzhou) Co., Ltd. |
|
Address: |
57 Lo Yang Road, Taicang City, Jiangsu Province, China |
|
5 |
|
|
Name: |
Hangzhou Shinih Fiber Products Co., Ltd. |
|
Address: |
99 Jianshe 3rd Road, Xiaoshan Economy & Technology Development Zone, Xiaoshan, Zhejiang, China |
|
6 |
|
|
Name: |
Dong Guan Taixin Fiber Products Co Ltd. |
|
Address: |
Dali Industrial Area, Qingxi Town, Dongguan City, Guang-Dong, China |
|
7 |
|
|
Name: |
Shinih Fiber Products (Tangshan) Co., Ltd. |
|
Address: |
Economic Develop Zone, Lu Tai Farm, Tang Shan City, Hebei Province, China |
|
8 |
|
|
Name: |
VFT Inc. |
|
Address: |
1040 S.Vail AVE. Montebello, CA, USA |
|
Tel: |
+1-323-7282280 |
|
Fax: |
+1-323-7281686 |
|
9 |
|
|
Name: |
MS Nonwovens Inc. |
|
Address: |
275 Industrial DR, Pontotoc, MS, USA |
|
Tel: |
+1-662-489-4100 |
|
Fax: |
+1-662-489-4848 |
|
10 |
|
|
Name: |
American Nonwovens Inc. |
|
Address: |
9141 Arrow RTE, Rancho Cucamonga, CA, USA |
|
Tel: |
+1-909-466-8897 |
|
Fax: |
+1-909-466-9302 |
Core Management
Directors
|
1 |
|
|
Name |
Rongcai Jian |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Ruirui Jian |
|
Position |
Director |
|
3 |
|
|
Name |
Hongrong Zhang |
|
Position |
Director |
|
4 |
|
|
Name |
Shenghong Jian |
|
Position |
Director |
|
5 |
|
|
Name |
Qiuqiu Jian |
|
Position |
Director |
|
6 |
|
|
Name |
Yuanhe Hong |
|
Position |
Director |
|
7 |
|
|
Name |
Lijin Chen |
|
Position |
Director |
|
8 |
|
|
Name |
Jinshu Pan |
|
Position |
Supervisor |
|
9 |
|
|
Name |
Shuzhen Chen |
|
Position |
Supervisor |
|
10 |
|
|
Name |
Zaiyi Wang |
|
Position |
Supervisor |
|
11 |
|
|
Name |
Rongfu Jian |
|
Position |
Manager |
|
Date of Appointment |
1997-12-30 |
Personnel Structure
|
Total Employees |
About 200 Employees (Company) About 1,500 Employees (Group) |
Offices & Factories
|
|
Headquarters |
|
Add |
365, Tatung Rd., Kuei Shan Village, Taoyuan Hsien, Taiwan, R.O.C. |
Production Information
Subject is engaged in manufacturing of textile, etc.
It is introduced that subject has factories in Taiwan, Mainland China, Thailand, Vietnam, Cambodia and USA, etc for production.
Purchase Information
The registered activities of subject:
|
Business Code |
Details |
|
C302010 |
Weaving industry |
|
C303010 |
Non-woven fabric industry |
|
C399990 |
Manufacturing of other textile |
|
C802160 |
Manufacturing of adhesive tape |
|
C805020 |
Manufacturing of plastic film and bag |
|
CB01010 |
Manufacturing of machinery |
|
CI01010 |
Manufacturing of rope, cable, net |
|
CI01020 |
Manufacturing of blanket and felt |
|
F105050 |
Wholesale of furniture, bedding, kitchen utensil, decorations |
|
F111090 |
Wholesale of building materials |
|
F205040 |
Retail of furniture, bedding, kitchen utensil, decorations |
|
F401010 |
International trade business |
|
H701010 |
Rental and sales of residence and building |
|
H701040 |
Developing of specific area |
|
H701060 |
Developing of new town and new community |
|
H701080 |
Metropolis renewal |
|
H703100 |
Real estate leasing business |
|
ZZ99999 |
Besides licensed business, all other business items those are not banned or restricted. |
The raw material “polyester staple yarn” for production is mainly purchased in Taiwan domestic market and subject’s major supplies are “Far Eastern Polychem Industries Ltd”, “Nan Ya Plastics Corp” and “Aneta Co., Ltd”, etc.
Subject is engaged in sale of textile, etc.
The major products sold by subject are non-woven fabric, resin cotton, hot melt cotton, needle cotton, carpet, bedding and auto interior material, etc.
Subject’s sales regions include Taiwan, Mainland China, Japan, South Korea, India and USA, etc.
It is introduced that subject has a proportion of 35% for export.
Subject’s major customers are “GM”, “TOYOTA”, “Volkswagen”, “Adidas”, “Nike” and “North Face”, etc.
Import and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase
|
Terms |
Proportion |
|
|
Raw materials, etc |
T/T, Credit Sale, etc |
100% |
Foreign Purchase
Subject has little import.
Sales
Domestic Markets
|
Terms |
Proportion |
|
|
Textile, etc |
Cash, T/T, etc |
Export
|
Terms |
Proportion |
|
|
Textile, etc |
L/C, T/T, etc |
100% |
Unit: NTD/000
|
|
2012-12-31 |
2011-12-31 |
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash and cash equivalents |
327,073.00 |
289,085.00 |
|
Notes receivable - net |
14,823.00 |
17,711.00 |
|
Notes receivable - related parties - net |
3,766.00 |
4,435.00 |
|
Accounts receivable - net |
23,244.00 |
31,760.00 |
|
Accounts receivable - related parties - net |
13,321.00 |
40,491.00 |
|
Other receivables - related parties |
26,019.00 |
75,587.00 |
|
Inventories |
56,495.00 |
62,509.00 |
|
Other current assets |
29,171.00 |
34,628.00 |
|
Current assets |
493,912.00 |
556,206.00 |
|
Funds and Investments |
|
|
|
Equity investments under equity method |
1,915,938.00 |
1,978,553.00 |
|
Investments |
1,915,938.00 |
1,978,553.00 |
|
Funds and long-term investments |
1,915,938.00 |
1,978,553.00 |
|
Fixed Assets |
|
|
|
Cost |
|
|
|
Land |
248,296.00 |
241,920.00 |
|
Buildings and structures |
111,007.00 |
111,007.00 |
|
Machinery and equipment |
138,560.00 |
102,827.00 |
|
Transportation equipment |
8,333.00 |
10,586.00 |
|
Office equipment |
11,605.00 |
11,143.00 |
|
Rental assets - land |
13,162.00 |
10,541.00 |
|
Rental assets - buildings |
80,182.00 |
77,370.00 |
|
Rental assets - other |
118.00 |
118.00 |
|
Leasehold improvements |
25,850.00 |
16,884.00 |
|
Revaluation increment |
170,925.00 |
153,834.00 |
|
Cost and revaluation increment |
808,038.00 |
736,230.00 |
|
Accumulated depreciation |
-188,648.00 |
-169,701.00 |
|
Construction in process and prepayment for equipments |
131,979.00 |
88,243.00 |
|
Fixed assets |
751,369.00 |
654,772.00 |
|
Intangible Assets |
|
|
|
Computer software cost |
881.00 |
2,907.00 |
|
Intangible assets |
881.00 |
2,907.00 |
|
OtherAssets |
|
|
|
Idled assets |
248,629.00 |
269,251.00 |
|
Guarantee deposits paid |
1,896.00 |
1,318.00 |
|
Deferred income tax assets - non current |
31,799.00 |
42,035.00 |
|
Other assets - other |
172.00 |
404.00 |
|
Other assets |
282,496.00 |
313,008.00 |
|
Assets |
3,444,596.00 |
3,505,446.00 |
|
Liabilities and Stockholders' Equity |
|
|
|
Liabilities |
|
|
|
Current Liabilities |
|
|
|
Short-term borrowings |
502,000.00 |
430,000.00 |
|
Short-term notes and bills payable |
30,000.00 |
26,000.00 |
|
Notes payable |
31,992.00 |
38,254.00 |
|
Notes payable - related parties |
0.00 |
0.00 |
|
Accounts payable |
11,489.00 |
9,561.00 |
|
Accounts payable - related parties |
1,179.00 |
1,327.00 |
|
Income tax payable |
0.00 |
0.00 |
|
Accrued expenses |
26,866.00 |
36,644.00 |
|
Other payables - related parties |
1,158.00 |
6,029.00 |
|
Other payables |
23,119.00 |
20,316.00 |
|
Long-term liabilities - current portion |
0.00 |
0.00 |
|
Other current liabilities |
1,282.00 |
3,496.00 |
|
Current liabilities |
629,085.00 |
571,627.00 |
|
Long term Liabilities |
|
|
|
Long-term borrowings |
170,000.00 |
170,000.00 |
|
Long-term liabilities |
170,000.00 |
170,000.00 |
|
Reserves |
|
|
|
Reserve for land revaluation increment tax |
65,107.00 |
65,107.00 |
|
Reserves |
65,107.00 |
65,107.00 |
|
Other Liabilities |
|
|
|
Pension reserve / accrued pension liability |
44,326.00 |
47,443.00 |
|
Guarantee deposits received |
4,149.00 |
3,897.00 |
|
|
24,524.00 |
47,031.00 |
|
Other liabilities - other |
20,760.00 |
28,126.00 |
|
Other liabilities |
93,759.00 |
126,497.00 |
|
Liabilities |
957,951.00 |
933,231.00 |
|
Stockholders' Equity |
|
|
|
Capital |
|
|
|
Common stock |
1,007,048.00 |
959,093.00 |
|
Capital Surplus |
|
|
|
Capital surplus - additional paid-in capital |
86,963.00 |
86,963.00 |
|
Capital surplus - other |
8,405.00 |
8,405.00 |
|
Capital surplus |
95,368.00 |
95,368.00 |
|
Retained Earnings |
|
|
|
Legal reserve |
272,155.00 |
266,898.00 |
|
Special reserve |
22,922.00 |
22,922.00 |
|
Unappropriated retained earnings |
899,147.00 |
965,374.00 |
|
Retained earnings |
1,194,224.00 |
1,255,194.00 |
|
Stockholders' Equity and Other adjustment |
|
|
|
Cumulative translation adjustments |
83,882.00 |
156,437.00 |
|
Unrealized Revaluation Increment |
106,123.00 |
106,123.00 |
|
Equity adjustments |
190,005.00 |
262,560.00 |
|
Stockholders‘ equity |
2,486,645.00 (USD 84,545,930.00) |
2,572,215.00 (USD 87,455,310.00) |
|
Number of treasury stock acquired by the company and subsidiaries (unit: share) |
0.00 |
0.00 |
|
|
0.00 |
0.00 |
(As of 2014.04, 1 NTD = 0.0340 USD)
Unit: NTD/000
|
|
2012 |
2011 |
|
Sales |
365,702.00 (USD 12,433,868.00) |
425,664.00 (USD 14,472,576.00) |
|
Sales returns |
75.00 |
331.00 |
|
Sales discounts and allowances |
41.00 |
161.00 |
|
Sales |
365,586.00 |
425,172.00 |
|
Rental revenue |
25,365.00 |
26,118.00 |
|
Rental revenue |
25,365.00 |
26,118.00 |
|
Operating income |
390,951.00 |
451,290.00 |
|
Cost of sales |
309,446.00 |
353,153.00 |
|
Cost of rental |
4,471.00 |
4,965.00 |
|
Cost of rental |
4,471.00 |
4,965.00 |
|
Operating costs |
313,917.00 |
358,118.00 |
|
Gross profit (loss) from operations |
77,034.00 |
93,172.00 |
|
Unrealized gains on intercompany transactions |
1,257.00 |
1,790.00 |
|
Realized gains on intercompany transactions |
1,790.00 |
1,864.00 |
|
Selling expense |
25,753.00 |
26,266.00 |
|
General and administrative expenses |
85,646.00 |
85,058.00 |
|
Research and development expenses |
2,115.00 |
1,564.00 |
|
Operating expenses |
113,514.00 |
112,888.00 |
|
Operating income (loss) |
-35,947.00 |
-19,642.00 |
|
Non-Operating Income |
|
|
|
Interest income |
5,465.00 |
5,136.00 |
|
Income from long-term equity investments under the equity method |
49,318.00 |
52,660.00 |
|
Investment income |
49,318.00 |
52,660.00 |
|
Gains on disposal of fixed assets |
0.00 |
0.00 |
|
Foreign exchange gains |
0.00 |
18,961.00 |
|
Miscellaneous income |
18,087.00 |
28,603.00 |
|
Non-operating revenues and gains |
72,870.00 |
105,360.00 |
|
Non-Operating Expenses |
|
|
|
Interest expense |
8,738.00 |
8,231.00 |
|
Foreign exchange losses |
14,223.00 |
0.00 |
|
Miscellaneous disbursements |
1,197.00 |
898.00 |
|
Non-operating expenses and losses |
24,158.00 |
9,129.00 |
|
Income from continuing operations before income tax |
12,765.00 |
76,589.00 |
|
Income tax expense (benefit) |
6,598.00 |
24,022.00 |
|
Income from continuing operations |
6,167.00 |
52,567.00 |
|
Net income (loss) |
6,167.00 (USD 209,678.00) |
52,567.00 (USD 1,787,278.00) |
|
Primary Earnings per Share |
|
|
|
Primary earnings per share |
0.06 |
0.52 |
|
Diluted earnings per share |
|
|
|
Diluted earnings per share |
0.06 |
0.52 |
(As of 2014.04, 1 NTD = 0.0340 USD)
Unit: NTD/000
|
|
2012 |
2011 |
|
Cash Flows from Operating Activities - Indirect Method |
|
|
|
Net Income (Loss) |
6,167.00 |
52,567.00 |
|
Adjustments to Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities |
|
|
|
Depreciation Expense |
24,201.00 |
22,366.00 |
|
Amortization Expense |
2,381.00 |
3,284.00 |
|
Provision (Reversal of Provision) for Bad Debts Losses |
0.00 |
-2,500.00 |
|
Loss (Gain) on Decline (Recovery) in Market Value, Scrap and Obsolescence of Inventories |
2,159.00 |
4,803.00 |
|
Investment Loss (Income) Recognized under Equity Method |
-49,318.00 |
-52,660.00 |
|
Cash Dividends Received from Investments Accounted for under Equity Method |
17,352.00 |
7,240.00 |
|
Loss (Gain) on Disposal of Property, Plant and Equipment |
-567.00 |
-426.00 |
|
Changes in Operating Assets and Liabilities |
|
|
|
Decrease (Increase) in Notes Receivable |
3,557.00 |
3,926.00 |
|
Decrease (Increase) in Accounts Receivable |
35,686.00 |
-6,700.00 |
|
Decrease (Increase) in Other Receivable- Related Parties |
49,087.00 |
7,567.00 |
|
Decrease (Increase) in Inventories |
3,855.00 |
-2,792.00 |
|
Decrease (Increase) in Other Current Assets |
10,210.00 |
-26,899.00 |
|
Decrease (Increase) in Deferred Tax Assets |
4,863.00 |
15,077.00 |
|
Increase (Decrease) in Notes Payable |
-6,262.00 |
10,620.00 |
|
Increase (Decrease) in Notes Payable - Related Parties |
0.00 |
0.00 |
|
Increase (Decrease) in Accounts Payable |
1,780.00 |
-7,540.00 |
|
Increase (Decrease) in Income Tax Payable |
0.00 |
-52,536.00 |
|
Increase (Decrease) in Accrued Expenses |
-9,778.00 |
-1,151.00 |
|
Increase (Decrease) in Other Payables |
-4,410.00 |
1,387.00 |
|
Increase (Decrease) in Other Current Liabilities |
-1,594.00 |
2,542.00 |
|
Increase (Decrease) in Accrued Pension Liabilities |
-3,117.00 |
2,659.00 |
|
Increase (Decrease) in Deferred Credits |
-6,996.00 |
-6,734.00 |
|
Net Cash Provided by (Used in) Operating Activities |
79,256.00 |
-25,900.00 |
|
Cash Flows from Investing Activities |
|
|
|
Acquisition of Investments Accounted for by Equity Method |
0.00 |
0.00 |
|
Proceeds from Disposal of Investments Accounted for by Equity Method |
0.00 |
0.00 |
|
Purchase of Property, Plant and Equipment |
-96,934.00 |
-85,554.00 |
|
Proceeds from Disposal of Property, Plant and Equipment |
361.00 |
1,593.00 |
|
Proceeds from Disposal of Rental Assets and Idle Assets |
-1,064.00 |
0.00 |
|
Decrease (Increase) in Refundable Deposits |
-578.00 |
70.00 |
|
Decrease (Increase) in Other Receivables - Related Parties |
0.00 |
0.00 |
|
Decrease (Increase) in Restricted Assets |
0.00 |
297,817.00 |
|
Purchase of Intangible Assets |
-80.00 |
-1,523.00 |
|
Decrease (Increase) in Other Assets |
-43.00 |
-163.00 |
|
Net Cash Provided by (Used in) Investing Activities |
-98,338.00 |
212,240.00 |
|
Cash Flows from Financing Activities |
|
|
|
Increase (Decrease) in Short-term Loans |
72,000.00 |
89,339.00 |
|
Increase (Decrease) in Short-term Notes and Bills Payable |
4,000.00 |
-39,000.00 |
|
Proceeds from Long-term Debt |
0.00 |
0.00 |
|
Repayment of Long-term Debt |
0.00 |
-2,500.00 |
|
Increase (Decrease) in Guarantee Deposits Received |
252.00 |
134.00 |
|
Cash Dividends Paid |
-19,182.00 |
-47,954.00 |
|
Cash Bonus to Directors, Supervisors and Employees |
0.00 |
0.00 |
|
Net Cash Provided by (Used in) Financing Activities |
57,070.00 |
19.00 |
|
Net Increase (Decrease) in Cash and Cash Equivalents |
37,988.00 |
186,359.00 |
|
Cash and Cash Equivalents, Beginning of year |
289,085.00 |
102,726.00 |
|
Cash and Cash Equivalents, End of year |
327,073.00 |
289,085.00 |
|
Supplemental Cash Flow Information |
|
|
|
Interest Paid |
8,652.00 |
8,231.00 |
|
Interest Paid- Excluding Capitalized Interest |
8,652.00 |
8,231.00 |
|
Income Tax Paid |
1,759.00 |
61,393.00 |
|
Non-cash Investing and Financing Activities |
|
|
|
Current Portion of Long-term Liabilities |
0.00 |
0.00 |
|
Capital Increase by Earnings Recapitalization |
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 |
99,276.00 |
74,319.00 |
|
Increase (Decrease) in Payable for Equipment Purchased |
-2,342.00 |
11,235.00 |
|
Cash Paid for Acquisition of Property, Plant and Equipment |
96,934.00 |
85,554.00 |
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
|
2002, nanxiaobu, 4 |
|
|
Date of Trial: |
2002-6-19 |
|
Reason: |
Pay for notes |
|
Claimant: |
Shinih Enterprise Co., Ltd. |
|
Defendant: |
Hong Bao Garment Co., Ltd. (Literal Translation) |
|
Name |
Ms. Chen |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.21 |
|
|
1 |
Rs.101.05 |
|
Euro |
1 |
Rs.83.33 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIS |
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.