|
Report Date : |
14.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Registered Office : |
10F., No.50, Sec. 1, Xinsheng S. Rd.,
Zhongzheng Dist., Taipei City 10059 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
11.05.1955 |
|
|
|
|
Com. Reg. No.: |
07066907 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
·
engaged
in manufacturing & sale of petrochemicals and synthetic hair products
including ethylene glycol, mono-ethylene glycol, di-ethylene glycol,
tri-ethylene glycol, ethylene oxide, nonyl-phenol, polyester chip, polyester
partially oriented yarn, polyester spin drawn yarn, and polyester dty
textured yarn Manufacturing processing and sales of artificial fiber cellophane
polyamine fiber polyester fiber chemical and raw materials |
|
|
|
|
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 : |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Taiwan |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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: |
10F., No.50,
Sec. 1, Xinsheng S. Rd., Zhongzheng Dist., Taipei City 10059, Taiwan (R.O.C.) |
|
Supplied Address: |
World Trade
Building, 10th Floor 50 Sec-1, Xinsheng South Road Taipei, Taiwan 100 |
|
Telephone Number: |
+886-2-2393-7111 |
|
Fax Number: |
Notes: Subject’s exact name and address are as above.
|
Credit Opinion: |
Subject was incorporated on 1955-05-11 with registered number 07066907 as Joint Stock Company in Taiwan.
Subject listed on Taiwan stock exchange on 1963-12-02.
|
Name |
Subscription Shares |
|
Pan Asia Investment Co., Ltd. (Literal
Translation) |
42,301,672 |
|
China Fiber Investment Co., Ltd. (Literal
Translation) |
35,467,759 |
|
Guangfu Investment Co., Ltd. (Literal
Translation) |
5,000,000 |
The information above is that of subject’s major shareholders.
Shareholder
Information:
|
1 |
|
|
Name: |
Pan Asia Investment Co., Ltd. (Literal Translation) |
|
Registered Address: |
4F-4, No.50, Sec. 1, Xinsheng S. Rd.,
Zhongzheng Dist., Taipei City, Taiwan |
|
Date of Foundation: |
1996-06-24 |
|
Registration Number: |
97092096 |
|
Registry: |
Taipei City Government |
|
Registered Capital: |
NTD 198,000,000 (USD 6,514,200) (As of 2014.02, 1 NTD = 0.0329 USD) |
|
Paid-up Capital: |
NTD 198,000,000 (USD 6,514,200) |
|
Legal Representatives: |
Guixian Wang |
|
Legal Form: |
Joint Stock Company |
|
Date of Last Annual Return: |
2012-07-19 |
|
2 |
|
|
Name: |
China Fiber Investment Co., Ltd. (Literal Translation) |
|
Registered Address: |
11F, No.50, Sec. 1, Xinsheng S. Rd.,
Zhongzheng Dist., Taipei City, Taiwan
|
|
Date of Foundation: |
1996-06-25 |
|
Registration Number: |
97160586 |
|
Registry: |
Department of Commerce, Ministry of Economic
Affairs, R.O.C. |
|
Registered Capital: |
NTD 679,225,000 (USD 22,346,503) (As of 2014.02, 1 NTD = 0.0329 USD) |
|
Paid-up Capital: |
NTD 679,225,000 (USD 22,346,503) |
|
Legal Representatives: |
Guixian Wang |
|
Legal Form: |
Joint Stock Company |
|
Date of Last Annual Return: |
2011-11-25 |
|
3 |
|
|
Name: |
Guangfu Investment Co., Ltd. (Literal
Translation) |
|
Registered Address: |
3F, No.159, Sec. 2, Chengde Rd., Datong
Dist., Taipei City Taiwan (R.O.C.) |
|
Date of Foundation: |
2005-09-22 |
|
Registration Number: |
27771803 |
|
Registry: |
Taipei City Government |
|
Registered Capital: |
NTD 28,558,000 (USD 939,558) (As of 2014.02, 1 NTD = 0.0329 USD) |
|
Legal Representatives: |
Bingfu Chen |
|
Legal Form: |
Private Limited Liability Company |
|
Date of Last Annual Return: |
2005-11-22 |
Factory
|
Name: |
China Man-Made Fiber Corporation Kaohsiung
Plant |
|
Address: |
8, Ching Chien Rd., Sannai Li, Dashe Dist., Kaohsiung City, Taiwan |
|
Date of Registration: |
1990-12-31 |
|
Factory Registration Number: |
99661662 |
|
Factory Manager: |
Benyi Lin |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2001-10-03 |
|
Major Products: |
181 Basic
chemical material 185 Synthetic fiber |
Related Company
|
Name |
Pan Asia Chemical Corporation |
|
Telephone Number |
+886-2-2351-1212 |
|
Listed at Stock Exchange |
Yes; Stock Code: 4707 |
Core Management
|
1 |
|
|
Name |
Guixian Wang |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Mingshan Zhuang |
|
Position |
Vice Board Chairman |
|
3 |
|
|
Name |
Qincai Li |
|
Position |
Executive Director (Independent Director) |
|
4 |
|
|
Name |
Guifeng Wang |
|
Position |
Director/Manager |
|
5 |
|
|
Name |
Mingxiong Huang |
|
Position |
|
|
6 |
|
|
Name |
Yongda Liu |
|
Position |
Director/Manager |
|
7 |
|
|
Name |
Guoqing Chen |
|
Position |
Director |
|
8 |
|
|
Name |
Hongyang Wu |
|
Position |
Director |
|
9 |
|
|
Name |
Dewei Li |
|
Position |
Independent Director |
|
10 |
|
|
Name |
Tianzan Xiao |
|
Position |
Supervisor |
|
11 |
|
|
Name |
Jianrong Gong |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 600
Employees |
Offices
& Factories
|
|
Headquarters |
|
Add |
10F., No.50, Sec. 1, Xinsheng S. Rd., Zhongzheng Dist., Taipei City
10059, Taiwan (R.O.C.) |
Production
Information
l
Subject is engaged in manufacturing of petrochemicals and synthetic hair products.
l
Subject has a factory (about 150,000 square meters)
in Kaohsiung City, Taiwan for production.
l
Subject obtained the certification of ISO 9002 and
ISO 14064-1.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
-- |
Manufacturing processing and sales of
artificial fiber cellophane polyamine fiber polyester fiber chemical and raw
materials |
|
-- |
The development, manufacturing and trading
of machines |
|
-- |
Manufacturing and sales of ethylene glycol
ethylene nonyl phenol epoxy ethane liquefied petroleum gas and related
petroleum chemical industry products |
|
-- |
Commissioned to create a vendor rent out of
our national residential and commercial building construction business |
|
-- |
The distribution storage of various goods
classification processing |
|
-- |
Management of the super market to buy or
sell fresh food vegetable fish dry goods and various spices, etc. |
|
-- |
Manufacturing and sales of steam of steam
generated by electrical symbiosis and industrial and commercial electricity
(must not sell electricity to energy users |
|
-- |
Steam electric symbiosis agent distribution
of pollution control equipment and according to the engineering contracting |
|
-- |
Manufacturing and sales of Gas liquid
oxygen gas nitrogen liquid nitrogen argon liquid argon gas carbon dioxide
oxygen and compressed air |
|
F212011 |
Filling station business |
|
ZZ99999 |
Besides licensed
business, all other business items those are not banned or restricted. |
l
The raw materials for production are mostly
purchased in Taiwan.
l
Subject is engaged in sale of petrochemicals and synthetic hair products.
l
The major products sold by subject include ethylene
glycol, mono-ethylene glycol, di-ethylene glycol, tri-ethylene glycol, ethylene
oxide, nonyl-phenol, polyester chip, polyester partially oriented yarn,
polyester spin drawn yarn, and polyester dty textured yarn
l
Subject’s sales regions include Taiwan, Hong Kong,
Mainland China, Japan, South Korea, Indonesia, India, Singapore, Thailand, US,
Australia, New Zealand, etc.
l
The general delivery lead time of subject is about
2 weeks.
l
Subject’s major customers are Spectrum Mills Llc.,
Exim Inelco S.A. De C.V. and C J Shah & Co., etc.
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
Domestic Purchase
(Taiwan)
|
Terms |
Proportion |
|
|
Raw materials, etc |
T/T,
Cash, etc |
100% |
Foreign Purchase
Sales
Domestic Markets
|
Terms |
Proportion |
|
|
Petrochemicals and synthetic hair products, etc. |
T/T,
Cash, etc |
100% |
Export
|
Terms |
Proportion |
|
|
Petrochemicals and synthetic hair products, etc. |
L/C,
T/T, etc |
100% |
Unit: NTD/000
|
|
2012-12-31 |
2011-12-31 |
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash and cash equivalents |
1,594,409.00 |
796,264.00 |
|
Financial assets measured at fair value
through profit or loss - current |
789,149.00 |
780,273.00 |
|
Held-to-maturity financial assets -
current |
0.00 |
0.00 |
|
Notes receivable - net |
341,438.00 |
323,462.00 |
|
Notes receivable - related parties - net |
0.00 |
0.00 |
|
Accounts receivable - net |
2,109,068.00 |
1,783,752.00 |
|
Accounts receivable - related parties -
net |
155,507.00 |
208,807.00 |
|
Other receivables |
19,458.00 |
39,801.00 |
|
Other receivables - related parties |
165,064.00 |
193.00 |
|
Inventories |
1,625,841.00 |
2,051,713.00 |
|
Other prepayments |
888,637.00 |
670,727.00 |
|
|
0.00 |
0.00 |
|
Other current assets |
144,426.00 |
161,333.00 |
|
Current assets |
7,832,997.00 |
6,816,325.00 |
|
Funds and Investments |
|
|
|
Available-for-sale financial assets - non
current |
1,168,861.00 |
1,117,659.00 |
|
Held-to-maturity financial assets - non
current |
0.00 |
0.00 |
|
Financial assets carried at cost - non
current |
230,127.00 |
243,564.00 |
|
Equity investments under equity method |
8,525,195.00 |
7,721,064.00 |
|
Investments in real estate |
1,106,435.00 |
1,106,435.00 |
|
Investments |
9,631,630.00 |
8,827,499.00 |
|
Funds and long-term investments |
11,030,618.00 |
10,188,722.00 |
|
Fixed Assets |
|
|
|
Cost |
|
|
|
Land |
962,294.00 |
916,690.00 |
|
Land improvements |
0.00 |
0.00 |
|
Buildings and structures |
1,119,717.00 |
1,122,849.00 |
|
Machinery and equipment |
4,860,046.00 |
4,744,448.00 |
|
Transportation equipment |
39,527.00 |
41,641.00 |
|
Office equipment |
149,798.00 |
137,366.00 |
|
Leasehold improvements |
0.00 |
0.00 |
|
Revaluation increment |
2,968,510.00 |
2,968,510.00 |
|
Cost and revaluation increment |
10,099,892.00 |
9,931,504.00 |
|
Accumulated depreciation |
-3,872,771.00 |
-3,440,375.00 |
|
Accumulated impairment - fixed assets |
-320,898.00 |
-320,927.00 |
|
Construction in process and prepayment for
equipments |
3,492,354.00 |
1,708,742.00 |
|
Fixed assets |
9,398,577.00 |
7,878,944.00 |
|
Intangible Assets |
|
|
|
Deferred pension cost |
0.00 |
0.00 |
|
Other intangible assets |
0.00 |
0.00 |
|
Intangible assets |
0.00 |
0.00 |
|
Other Assets |
|
|
|
Rental assets |
105,204.00 |
105,281.00 |
|
Idled assets |
0.00 |
0.00 |
|
Guarantee deposits paid |
24,114.00 |
155,331.00 |
|
Deferred charges |
0.00 |
0.00 |
|
Deferred income tax assets - non current |
94,088.00 |
63,465.00 |
|
Other assets - other |
1,809,066.00 |
2,565,219.00 |
|
Other assets |
2,032,472.00 |
2,889,296.00 |
|
Assets |
30,294,664.00 |
27,773,287.00 |
|
Liabilities and Stockholders' Equity |
|
|
|
Liabilities |
|
|
|
Current Liabilities |
|
|
|
Short-term borrowings |
6,474,743.00 |
4,530,743.00 |
|
Short-term notes and bills payable |
0.00 |
0.00 |
|
Financial liabilities measured at fair value
through profit or loss - current |
21,413.00 |
64,083.00 |
|
Notes payable |
0.00 |
0.00 |
|
Accounts payable |
909,575.00 |
1,410,615.00 |
|
Accounts payable - related parties |
504,743.00 |
7,615.00 |
|
Income tax payable |
7,999.00 |
21,585.00 |
|
Accrued expenses |
365,359.00 |
219,253.00 |
|
Other payables |
0.00 |
13,806.00 |
|
|
0.00 |
0.00 |
|
Advance receipts |
147,963.00 |
38,675.00 |
|
Long-term liabilities - current portion |
547,138.00 |
549,538.00 |
|
Other current liabilities |
1,860.00 |
12,380.00 |
|
Current liabilities |
8,980,793.00 |
6,868,293.00 |
|
Long term Liabilities |
|
|
|
Long-term borrowings |
2,368,535.00 |
2,547,674.00 |
|
Long-term liabilities |
2,368,535.00 |
2,547,674.00 |
|
Reserves |
|
|
|
Reserve for land revaluation increment tax |
866,019.00 |
866,019.00 |
|
Reserves |
866,019.00 |
866,019.00 |
|
Other Liabilities |
|
|
|
Pension reserve / accrued pension
liability |
159,176.00 |
158,839.00 |
|
Guarantee deposits received |
3,694.00 |
3,680.00 |
|
|
81,114.00 |
3,884.00 |
|
Other liabilities - other |
4,622.00 |
4,622.00 |
|
Other liabilities |
248,606.00 |
171,025.00 |
|
Liabilities |
12,463,953.00 |
10,453,011.00 |
|
Stockholders' Equity |
|
|
|
Capital |
|
|
|
Common stock |
14,105,902.00 |
14,105,902.00 |
|
Stock dividend to be distributed |
0.00 |
0.00 |
|
Capital Surplus |
|
|
|
Capital surplus - additional paid-in
capital |
611,209.00 |
611,209.00 |
|
Capital surplus - treasury stock
transactions |
901,603.00 |
902,841.00 |
|
Capital surplus - donated assets received |
2,129.00 |
2,129.00 |
|
Capital surplus - long-term equity
investments |
319,755.00 |
334,309.00 |
|
Capital surplus - other |
2,600.00 |
2,600.00 |
|
Capital surplus |
1,837,296.00 |
1,853,088.00 |
|
Retained Earnings |
|
|
|
Legal reserve |
338,614.00 |
250,413.00 |
|
Special reserve |
908,066.00 |
319,907.00 |
|
Inappropriate retained earnings |
1,119,186.00 |
1,376,470.00 |
|
Retained earnings |
2,365,866.00 |
1,946,790.00 |
|
Stockholders' Equity and Other adjustment |
|
|
|
Cumulative translation adjustments |
-37,938.00 |
-22,544.00 |
|
Net loss not recognized as pension cost |
-72,110.00 |
-37,525.00 |
|
Unrealized gains (losses) on financial
instruments |
-682,009.00 |
-841,796.00 |
|
Unrealized Revaluation Increment |
1,926,494.00 |
1,926,494.00 |
|
|
0.00 |
0.00 |
|
Treasure stock |
-1,612,790.00 |
-1,610,133.00 |
|
Equity adjustments |
-478,353.00 |
-585,504.00 |
|
Stockholdersˉ equity |
17,830,711.00 (USD 586,630,391.90) |
17,320,276.00 (USD
569,837,080.40) |
|
Number of treasury stock acquired by the
company and subsidiaries (unit: share) |
280,112,859.00 |
280,112,859.00 |
|
|
0.00 |
0.00 |
(As of 2014.02, 1 NTD = 0.0329 USD)
Unit: NTD/000
|
|
2012 |
2011 |
|
Sales |
16,108,138.00 (USD
529,957,740.20) |
16,937,955.00 (USD
557,258,719.50) |
|
Sales returns |
2,507.00 |
961.00 |
|
Sales discounts and allowances |
59,470.00 |
27,997.00 |
|
Sales |
16,046,161.00 |
16,908,997.00 |
|
Other operating revenue |
0.00 |
0.00 |
|
Operating income |
16,046,161.00 |
16,908,997.00 |
|
Cost of sales |
15,785,768.00 |
15,517,926.00 |
|
Other operating costs |
2,210.00 |
3,352.00 |
|
Operating costs |
15,787,978.00 |
15,521,278.00 |
|
Gross profit (loss) from operations |
258,183.00 |
1,387,719.00 |
|
Unrealized gains on intercompany
transactions |
-6,071.00 |
1,009.00 |
|
Selling expense |
313,709.00 |
283,622.00 |
|
General and administrative expenses |
169,587.00 |
235,867.00 |
|
Operating expenses |
483,296.00 |
519,489.00 |
|
Operating income (loss) |
-219,042.00 |
867,221.00 |
|
Non-Operating Income |
|
|
|
Interest income |
33,734.00 |
71,788.00 |
|
Income from long-term equity investments
under the equity method |
709,000.00 |
244,197.00 |
|
Dividends |
28,567.00 |
18,346.00 |
|
Investment income |
737,567.00 |
262,543.00 |
|
Gains on disposal of fixed assets |
13,008.00 |
0.00 |
|
Gains on sale of investments |
24,795.00 |
32,230.00 |
|
Foreign exchange gains |
0.00 |
94,897.00 |
|
Rent income |
4,783.00 |
4,617.00 |
|
Revaluation gain on financial assets |
43,467.00 |
0.00 |
|
Miscellaneous income |
61,553.00 |
47,102.00 |
|
Non-operating revenues and gains |
918,907.00 |
513,177.00 |
|
Non-Operating Expenses |
|
|
|
Interest expense |
179,594.00 |
140,890.00 |
|
Losses from long-term equity investments
under the equity method |
0.00 |
0.00 |
|
Other investment loss |
0.00 |
0.00 |
|
Investment loss |
0.00 |
0.00 |
|
Loss on disposal of fixed assets |
0.00 |
3,480.00 |
|
Loss on sale of investments |
0.00 |
0.00 |
|
Foreign exchange losses |
67,403.00 |
0.00 |
|
Loss on work stoppages |
0.00 |
0.00 |
|
Impairment loss on assets |
13,437.00 |
47,458.00 |
|
Revaluation loss on financial assets |
0.00 |
259,920.00 |
|
Miscellaneous disbursements |
24.00 |
6,881.00 |
|
Non-operating expenses and losses |
260,458.00 |
458,629.00 |
|
Income from continuing operations before
income tax |
439,407.00 |
921,769.00 |
|
Income tax expense (benefit) |
20,331.00 |
39,762.00 |
|
Income from continuing operations |
419,076.00 |
882,007.00 |
|
Cumulative effect of changes in accounting
principle |
0.00 |
0.00 |
|
Net income (loss) |
419,076.00 (USD 13,787,600.40) |
882,007.00 (USD
29,018,030.30) |
|
Primary Earnings per Share |
|
|
|
Primary earnings per share |
0.37 |
0.77 |
|
Diluted earnings per share |
|
|
(As of 2014.02, 1 NTD =
0.0329 USD)
Unit: NTD/000
|
|
2012 |
2011 |
|
Cash Flows from Operating Activities -
Indirect Method |
|
|
|
Net Income (Loss) |
419,076.00 |
882,007.00 |
|
Adjustments to Reconcile Net Income to Net
Cash Provided by (Used in) Operating Activities |
|
|
|
Depreciation Expense |
435,976.00 |
484,521.00 |
|
Amortization Expense |
0.00 |
110.00 |
|
Share-based Compensation |
0.00 |
208,790.00 |
|
Amortization of Premiums (Discounts) on
Financial Assets |
23,277.00 |
3,110.00 |
|
Investment Loss (Income) Recognized under
Equity Method |
-709,000.00 |
-244,197.00 |
|
Cash Dividends Received from Investments
Accounted for under Equity Method |
25,645.00 |
460.00 |
|
Loss (Gain) on Disposal of Property, Plant
and Equipment |
-13,008.00 |
3,480.00 |
|
Loss (Gain) on Disposal of Investments |
0.00 |
-10,869.00 |
|
Loss (Gain) on Disposal of Long-term
Investments under Equity Method |
-6,344.00 |
-14,780.00 |
|
Impairment Loss on Non-Financial Assets |
13,437.00 |
47,458.00 |
|
Unrealized Gain (Loss) on Intercompany
Transactions |
-6,071.00 |
1,009.00 |
|
Loss (Gain) on Deferred Income Tax |
-375.00 |
66,761.00 |
|
Other Adjustments to Reconcile Net Income |
337.00 |
-828.00 |
|
Changes in Operating Assets and
Liabilities |
|
|
|
Decrease (Increase) in Financial Assets
Held for Trading |
-8,876.00 |
205,713.00 |
|
Decrease (Increase) in Notes Receivable |
-17,976.00 |
-195,703.00 |
|
Decrease (Increase) in Accounts Receivable |
-272,016.00 |
314,443.00 |
|
Decrease (Increase) in Other Receivables |
-144,528.00 |
-6,434.00 |
|
Decrease (Increase) in Inventories |
425,872.00 |
-880,420.00 |
|
Decrease (Increase) in Other Prepayments |
-217,910.00 |
-281,768.00 |
|
Decrease (Increase) in Other Current
Assets |
-13,691.00 |
-1,239.00 |
|
Increase (Decrease) in Financial
Liabilities Held for Trading |
-42,670.00 |
-131,038.00 |
|
Increase (Decrease) in Notes Payable |
3,432.00 |
-21,731.00 |
|
Increase (Decrease) in Accounts Payable |
-7,344.00 |
274,454.00 |
|
Increase (Decrease) in Income Tax Payable |
-13,586.00 |
-64,993.00 |
|
Increase (Decrease) in Accrued Expenses |
146,106.00 |
6,148.00 |
|
Increase (Decrease) in Other Payables |
0.00 |
0.00 |
|
Increase (Decrease) in Receipts in Advance |
109,288.00 |
-68,494.00 |
|
Increase (Decrease) in Other Current
Liabilities |
-4,449.00 |
4,476.00 |
|
Net Cash Provided by (Used in) Operating
Activities |
124,602.00 |
580,446.00 |
|
Cash Flows from Investing Activities |
|
|
|
Acquisition of Available-for-sale Financial
Assets |
0.00 |
-556,328.00 |
|
Proceeds from Disposal of
Available-for-sale Financial Assets |
0.00 |
14,783.00 |
|
Acquisition of Held-to-maturity Financial
Assets |
0.00 |
0.00 |
|
Proceeds from Disposal of Held-to-maturity
Financial Assets |
0.00 |
302,010.00 |
|
Acquisition of Financial Assets Carried at
Cost |
0.00 |
-6,636.00 |
|
Proceeds from Disposal of Financial Assets
Carried at Cost |
0.00 |
0.00 |
|
Acquisition of Investments Accounted for
by Equity Method |
-39,000.00 |
-2,024,563.00 |
|
Proceeds from Disposal of Investments
Accounted for by Equity Method |
10,957.00 |
846,621.00 |
|
Proceeds from Disposal of Non-current Assets Classified as Held for
Sale |
0.00 |
0.00 |
|
Purchase of Property, Plant and Equipment |
-1,965,517.00 |
-2,456,924.00 |
|
Proceeds from Disposal of Property, Plant
and Equipment |
22,993.00 |
1,942.00 |
|
Decrease (Increase) in Refundable Deposits |
131,217.00 |
-145,119.00 |
|
Increase in Deferred Charges |
0.00 |
0.00 |
|
Decrease (Increase) in Other Receivables -
Related Parties |
0.00 |
0.00 |
|
Decrease (Increase) in Restricted Assets |
756,503.00 |
1,370,467.00 |
|
Net Cash Provided by (Used in) Investing
Activities |
-1,082,847.00 |
-2,653,747.00 |
|
Cash Flows from Financing Activities |
|
|
|
Increase (Decrease) in Short-term Loans |
1,944,000.00 |
1,378,536.00 |
|
Increase (Decrease) in Short-term Notes
and Bills Payable |
0.00 |
-149,990.00 |
|
Proceeds from Long-term Debt |
-181,539.00 |
821,212.00 |
|
Repayment of Long-term Debt |
0.00 |
0.00 |
|
Increase (Decrease) in Guarantee Deposits
Received |
14.00 |
1,880.00 |
|
Cash Bonus to Directors, Supervisors and
Employees |
-11,553.00 |
0.00 |
|
Purchase of Treasury Stock |
-13,185.00 |
-566,756.00 |
|
Treasury Stock Sold to Employees |
0.00 |
269,145.00 |
|
Net Cash Provided by (Used in) Financing
Activities |
1,737,737.00 |
1,754,027.00 |
|
Effect of Exchange Rate Changes |
18,653.00 |
-8,988.00 |
|
Net Increase (Decrease) in Cash and Cash
Equivalents |
798,145.00 |
-328,262.00 |
|
Cash and Cash Equivalents, Beginning of
year |
796,264.00 |
1,124,526.00 |
|
Cash and Cash Equivalents, End of year |
1,594,409.00 |
796,264.00 |
|
Supplemental Cash Flow Information |
|
|
|
Interest Paid |
178,797.00 |
139,621.00 |
|
Interest Paid- Excluding Capitalized
Interest |
178,797.00 |
139,621.00 |
|
Income Tax Paid |
34,292.00 |
37,994.00 |
|
Non-cash Investing and Financing
Activities |
|
|
|
Current Portion of Long-term Liabilities |
547,138.00 |
549,538.00 |
|
Employee Bonus Payable and Compensation
Due to Directors and Supervisors |
11,553.00 |
0.00 |
|
Other Supplemental Information |
|
|
|
Proceeds from disposal of Noncurrent
assets classified as held for sale |
0.00 |
0.00 |
|
Increase(Decrease) in of advance real
estate receipts |
0.00 |
0.00 |
|
Cash from disposal of Noncurrent assets
classified as held for sale |
0.00 |
0.00 |
|
Acquisition of treasury stock |
10,932.00 |
569,009.00 |
|
Increase of other payable |
2,253.00 |
-2,253.00 |
|
Cash paid for acquisition of treasury
stock |
13,185.00 |
566,756.00 |
|
Name |
Bank of Taiwan |
Mortgage
|
1 |
|
|
Case Type: |
Chattel Mortgage |
|
Certificate No.: |
046398 |
|
Debtor Name: |
China Man-Made Fiber Corporation |
|
Document Number: |
189753 |
|
Date of Registration: |
1994-11-14 |
|
Status: |
Paid off |
|
2 |
|
|
Case Type: |
Chattel Mortgage |
|
Certificate No.: |
058310 |
|
Debtor Name: |
China Man-Made Fiber Corporation |
|
Document Number: |
826052 |
|
Date of Registration: |
1998-06-18 |
|
Status: |
Paid off |
|
3 |
|
|
Case Type: |
Chattel Mortgage |
|
Certificate No.: |
058409 |
|
Debtor Name: |
China Man-Made Fiber Corporation |
|
Document Number: |
826428 |
|
Date of Registration: |
1998-06-25 |
|
Status: |
Paid off |
|
4 |
|
|
Case Type: |
Chattel Mortgage |
|
Certificate No.: |
067403 |
|
Debtor Name: |
China Man-Made Fiber Corporation |
|
Document Number: |
574976 |
|
Date of Registration: |
2000-09-02 |
|
Status: |
Paid off |
|
5 |
|
|
Case Type: |
Chattel Mortgage |
|
Certificate No.: |
077390 |
|
Debtor Name: |
China Man-Made Fiber Corporation |
|
Document Number: |
09205171220 |
|
Date of Registration: |
2003-10-14 |
|
Status: |
Paid off |
|
6 |
|
|
Case Type: |
Chattel Mortgage |
|
Certificate No.: |
084981 |
|
Debtor Name: |
China Man-Made Fiber Corporation |
|
Document Number: |
09405160720 |
|
Date of Registration: |
2005-09-29 |
|
Status: |
Paid off |
|
7 |
|
|
Case Type: |
Chattel Mortgage |
|
Certificate No.: |
099172 |
|
Debtor Name: |
China Man-Made Fiber Corporation |
|
Document Number: |
09930258490 |
|
Date of Registration: |
2010-01-26 |
Lawsuit
|
Trial Number: |
101,sibeibu, 25 |
|
Date of Trial: |
2012-03-21 |
|
Reason: |
Compensation for damages |
|
Claimant: |
Xiuling He, Anjia Zhang, Shanfu Li, Mingchao
Huang, Jingping Yan, Huangzhang Li, Tao Cai, Yanhui Li, Jimei Lin, Songwang
Su, Xuehua Wu |
|
Defendant: |
China Man-Made Fiber Corporation |
|
2 |
|
|
Trial Number: |
100, beilaosu, 2 |
|
Date of Trial: |
2011-07-26 |
|
Reason: |
Payment of wages |
|
Claimant: |
Yuxin Chen |
|
Defendant: |
China Man-Made Fiber Corporation |
|
3 |
|
|
Trial Number: |
100, beilaosu, 2 |
|
Date of Trial: |
2011-06-24 |
|
Reason: |
Payment of wages |
|
Claimant: |
Yuxin Chen |
|
Defendant: |
China Man-Made Fiber Corporation |
|
4 |
|
|
Trial Number: |
100, beilaosu, 2 |
|
Date of Trial: |
2011-06-13 |
|
Reason: |
Payment of wages |
|
Claimant: |
Yuxin Chen |
|
Defendant: |
China Man-Made Fiber Corporation |
|
5 |
|
|
Trial Number: |
100, beilaojian, 9 |
|
Date of Trial: |
2011-03-11 |
|
Reason: |
Payment of wages |
|
Claimant: |
Yuxin Chen |
|
Defendant: |
China Man-Made Fiber Corporation |
|
Name |
Mr. Wang |
|
Position |
Salesman |
|
Department |
Sales |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.24 |
|
UK Pound |
1 |
Rs.103.01 |
|
Euro |
1 |
Rs.81.89 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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.