|
Report Date : |
11.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
NIEN HSING TEXTILE CO., LTD. |
|
|
|
|
Registered Office : |
No.119-3, Lin 8, Tong Ming Li, Hou Lung
Town, Miao Li Shien |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
13.10.1986 |
|
|
|
|
Com. Reg. No.: |
22266307 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and sales of textile. |
|
|
|
|
No. of Employees : |
About 28000 Employees About 900 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: |
|
|
Trading Address: |
No.119-3, Lin 8,
Tong Ming Li, Hou Lung Town, Miao Li Shien, Taiwan, R.O.C. |
|
Supplied Address: |
119-3 Lin 8,
Hsia Fu Wei Tong Ming Li Houlung Chen Miaoli Hsien 356 Taiwan |
|
Telephone Number: |
+886-2-2656-8888 |
|
Fax Number: |
Notes: The exact name and address are as
above.
|
Registered Name: |
NIEN HSING TEXTILE CO., LTD. |
|
Registered Address: |
No.119-3, Lin 8, Tong Ming Li, Hou Lung Town,
Miao Li Shien, Taiwan, R.O.C. |
|
Date of Foundation: |
1986-10-13 |
|
Registration Number: |
22266307 |
|
Registry: |
Department of Commerce, Ministry
of Economic Affairs, R.O.C.
|
|
Registered Capital: |
NTD
6,000,000,000 (USD 203,400,000) (As of 2013.10, 1 NTD = 0.0339 USD) |
|
Paid-up Capital: |
NTD 4,000,000,000 (USD 135,600,000) |
|
Legal Representatives: |
Chaoguo Chen |
|
Legal Form: |
|
|
Principal Activities: |
Manufacture and
sales of textile. |
|
Staff: |
About 900 Employees (Taiwan) |
|
Listed at Stock Exchange: |
|
|
Date of Last Annual Return: |
Subject was incorporated on
1986-10-13 with registered number 22266307
as Joint Stock Company in
Taiwan.
Subject listed on Taiwan Stock Exchange on
1992-12-21
|
Subscription Shares |
|
|
Ron Yuan Enterprise Inc. |
98,029,307 |
|
Zipei Yang |
151,061 |
|
Shuxuan Cai |
48,788 |
|
Renzhou Chen |
317,238 |
|
Qiuzhen investment limited(literal translation) |
92,944 |
|
Qiuzhen Chen |
18,693,520 |
The information above is that of subject’s major shareholders.
Parent Company
|
Registered Name: |
|
|
Registered Address: |
No.33, Po Ai St Chu Nan Chen Miao Li Shien |
|
Date of Foundation: |
1993-10-5 |
|
Registration Number: |
84573213 |
|
Registry: |
Department of Commerce, Ministry
of Economic Affairs, R.O.C.
|
|
Registered Capital: |
NTD 863,638,690 (USD 29,277,352) (As of 2013.10, 1 NTD = 0.0339 USD) |
|
Paid-up Capital: |
NTD 863,638,690 (USD 29,277,352) |
|
Legal Representatives: |
Chaoguo Chen |
|
Legal Form: |
Joint Stock Company |
|
Date of Last Annual Return: |
2013-1-10 |
Related Company
|
Registered Name: |
Qiuzhen investment limited(literal translation) |
|
Registered Address: |
4F, No. 551, Funan Road, Xinyi District,
Taipei City |
|
Date of Foundation: |
2004-7-6 |
|
Registration Number: |
27337999 |
|
Registry: |
Taipei City Government |
|
Registered Capital: |
NTD 10,000,000 (USD 339,000) (As of 2013.10, 1 NTD = 0.0339 USD) |
|
Legal Representatives: |
Qiuzhen chen |
|
Legal Form: |
Private Limited Liability Company |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2011-2-11 |
Factories
|
1 |
|
|
Address: |
No. 200, Zhongzheng1 Road, 14 Neighbour, Xinhua Alley, Toufen Town,
Miaoli County |
|
Date of Foundation: |
1987-11-10 |
|
Date of Registration: |
1987-11-10 |
|
Date Of Closing Business |
2009-1-19 |
|
Factory Registration Number: |
99632499 |
|
Factory Manager: |
Rongqiu chen |
|
Status: |
Close business |
|
Date of Last Annual Return: |
2009-1-19 |
|
2 |
|
|
Address: |
No. 199-3, Down The Tail, Dongming Lane, Houlong Town, Miaoli County |
|
Date of Foundation: |
1987-5-13 |
|
Date of Registration: |
1988-11-28 |
|
Factory Registration Number: |
99632538 |
|
Factory Manager: |
Chaoguo chen |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2009-7-2 |
Core Management
Directors
|
1 |
|
|
Name |
Chaoguo chen |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Yifeng chen |
|
Position |
Deputy chairman |
|
3 |
|
|
Name |
Rongqiu chen |
|
Position |
Director |
|
4 |
|
|
Name |
Chaoyuan chen |
|
Position |
Director/Manager |
|
Date of Appointment |
2010-7-13 |
|
5 |
|
|
Name |
Zipei yang |
|
Position |
Director |
|
6 |
|
|
Name |
Zigang wan |
|
Position |
Director/Manager |
|
Date of Appointment |
2011-8-23 |
|
7 |
|
|
Name |
Shuxuan cai |
|
Position |
Director |
|
8 |
|
|
Name |
Renzhou chen |
|
Position |
Director |
|
9 |
|
|
Name |
Jialiang han |
|
Position |
Director |
|
10 |
|
|
Name |
Qiuzhen chen |
|
Position |
Supervisor |
|
11 |
|
|
Name |
Jingrao wang |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 28000 Employees About 900 Employees (Taiwan) |
Offices &
Factories
|
|
Headquarters |
|
Add |
No.119-3, Lin 8, Tong Ming Li, Hou Lung Town, Miao Li Shien, Taiwan,
R.O.C. |
Production
Information
Subject is engaged in manufacturing of textile, etc.
Subject has factories in Taiwan, Mexico, Nicaragua, Vietnam, Cambodia,
etc for production.
Purchase
Information
The registered activities of subject:
|
Business Code |
Details |
|
C301010 |
The spinning industry |
|
C302010 |
Weaving industry |
|
C306010 |
Garment industry |
|
F104110 |
Cloth handicrafts, clothing, shoes, hats, umbrella, garment
accessories wholesale |
|
F111090 |
Building materials wholesale |
|
F401010 |
The international trade |
|
G801010 |
Warehousing industry |
|
ZZ99999 |
Besides licensed business, all other business items those are not
banned or restricted. |
The components and raw material for production are purchased both home
and abroad.
We got some information about subject’s
production for your reference.
|
Region |
Production |
Employees |
|
Mexico |
1 denim mill |
850 employees |
|
Nicaragua |
1 denim mill |
230 employees |
|
Lesotho |
3 garment factories 1 Denim mill 1 Yarn spinning mill |
|
|
Cambodia |
2 garment factories |
5,500 employees |
|
Vietnam |
3 garment factories |
8,000 employees |
The subject is mainly engaged in sales of textile, etc.
The subject sales regions include Asia,
America, Europe, etc.
Subject’s main customers include Gap
International Sourcing Ltd, Dress Barn Inc, Brand Resource Ltd The Cato
Corporation, Oshkosh B’Gosh Inc, etc.
Major products sold
|
Type |
Product |
|
Fabric/Yarn |
Rigid Denim Stretch Denim Piece Dyed Fabric |
|
Garment |
Jeans Wear Casual Wear |
Import and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase
|
Terms |
Proportion |
|
|
Components and
raw material |
Cash, T/T, etc |
100% |
Foreign Purchase
|
Terms |
Proportion |
|
|
Components and
raw material |
100% |
Sales
Domestic Markets
|
Terms |
Proportion |
|
|
Textile, etc. |
T/T, Cash, etc |
100% |
Export
|
Terms |
Proportion |
|
|
Textile, etc. |
L/C, etc |
100% |
Unit: NTD/000
|
|
2012-12-31 |
2011-12-31 |
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash and cash equivalents |
2,434,103.00 |
2,935,969.00 |
|
Financial assets measured at fair value through profit or loss -
current |
1,114,413.00 |
319,134.00 |
|
Accounts receivable - net |
4,603,563.00 |
6,215,578.00 |
|
Accounts receivable - related parties - net |
100,608.00 |
44,957.00 |
|
Other receivables - related parties |
5,516.00 |
1,687.00 |
|
Other financial assets - current |
98,077.00 |
30,504.00 |
|
Inventories |
694.00 |
3,009.00 |
|
Other current assets |
81,328.00 |
415,671.00 |
|
Current assets |
8,438,302.00 |
9,966,509.00 |
|
Funds and Investments |
|
|
|
Available-for-sale financial assets - non current |
773,904.00 |
0.00 |
|
Financial assets carried at cost - non current |
168,324.00 |
93,548.00 |
|
Equity investments under equity method |
4,462,723.00 |
4,944,846.00 |
|
Investments |
4,462,723.00 |
4,944,846.00 |
|
Funds and long-term investments |
5,404,951.00 |
5,038,394.00 |
|
Fixed Assets |
|
|
|
Cost |
|
|
|
Land |
1,234,164.00 |
1,234,164.00 |
|
Machinery and equipment |
281,189.00 |
253,821.00 |
|
Leasehold improvements |
57,595.00 |
56,911.00 |
|
Other facilities |
87,325.00 |
84,487.00 |
|
Fixed assets cost |
1,660,273.00 |
1,629,383.00 |
|
Accumulated depreciation |
-348,530.00 |
-273,054.00 |
|
Construction in process and prepayment for equipments |
67,406.00 |
38,558.00 |
|
Fixed assets |
1,379,149.00 |
1,394,887.00 |
|
Intangible Assets |
|
|
|
Deferred pension cost |
0.00 |
2,525.00 |
|
Intangible assets |
0.00 |
2,525.00 |
|
OtherAssets |
|
|
|
Rental assets |
664,561.00 |
674,940.00 |
|
Guarantee deposits paid |
17,354.00 |
17,297.00 |
|
Deferred charges |
75,898.00 |
147,995.00 |
|
Deferred income tax assets - non current |
11,976.00 |
0.00 |
|
Other assets |
769,789.00 |
840,232.00 |
|
Assets |
15,992,191.00 |
17,242,547.00 |
|
Liabilities and Stockholders' Equity |
|
|
|
Liabilities |
|
|
|
Current Liabilities |
|
|
|
Financial liabilities measured at fair value through profit or loss -
current |
69,072.00 |
102,583.00 |
|
Accounts payable |
229,922.00 |
133,631.00 |
|
Accounts payable - related parties |
3,014,201.00 |
4,679,980.00 |
|
Income tax payable |
260,689.00 |
397,905.00 |
|
Accrued expenses |
524,369.00 |
560,157.00 |
|
Long-term liabilities - current portion |
1,435,613.00 |
0.00 |
|
Other current liabilities |
197,418.00 |
166,683.00 |
|
Current liabilities |
5,731,284.00 |
6,040,939.00 |
|
Long term Liabilities |
|
|
|
Bonds payable |
0.00 |
1,404,707.00 |
|
Long-term liabilities |
0.00 |
1,404,707.00 |
|
Reserves |
|
|
|
Other Liabilities |
|
|
|
Pension reserve / accrued pension liability |
40,199.00 |
30,236.00 |
|
Guarantee deposits received |
5,246.00 |
5,063.00 |
|
Deferred income tax liabilities |
0.00 |
1,212.00 |
|
Other liabilities - other |
15,684.00 |
15,684.00 |
|
Other liabilities |
61,129.00 |
52,195.00 |
|
Liabilities |
5,792,413.00 |
7,497,841.00 |
|
Stockholders' Equity |
|
|
|
Capital |
|
|
|
Common stock |
4,471,854.00 |
4,454,904.00 |
|
Advance receipts for common stock |
16,450.00 |
14,440.00 |
|
Capital Surplus |
|
|
|
Capital surplus - additional paid-in capital |
1,110,433.00 |
1,098,043.00 |
|
Capital surplus - treasury stock transactions |
65,698.00 |
65,698.00 |
|
Capital surplus - gain on disposal of fixed assets |
56.00 |
56.00 |
|
Capital surplus - long-term equity investments |
258,331.00 |
262,246.00 |
|
Capital surplus - employee stock option |
87,723.00 |
81,185.00 |
|
Capital surplus - stock option |
153,508.00 |
153,508.00 |
|
Capital surplus |
1,675,749.00 |
1,660,736.00 |
|
Retained Earnings |
|
|
|
Legal reserve |
1,327,006.00 |
1,218,074.00 |
|
Special reserve |
357,595.00 |
215,585.00 |
|
Unappropriated retained earnings |
2,831,708.00 |
2,538,562.00 |
|
Retained earnings |
4,516,309.00 |
3,972,221.00 |
|
Stockholders' Equity and Other adjustmen |
|
|
|
Cumulative translation adjustments |
-51,394.00 |
88,039.00 |
|
Net loss not recognized as pension cost |
-33,693.00 |
-15,956.00 |
|
Unrealized gains (losses) on financial instruments |
-395,497.00 |
-429,678.00 |
|
Equity adjustments |
-480,584.00 |
-357,595.00 |
|
Stockholdersˉ equity |
10,199,778.00 (USD 345,772,474.20) |
9,744,706.00 (USD 330,045,533.40) |
|
Number of treasury stock acquired by the company and subsidiaries
(unit: share) |
0.00 |
0.00 |
|
|
1,645,000.00 |
1,444,000.00 |
(As
of 2013.10, 1 NTD = 0.03373 USD)
Unit: NTD/000
|
|
2012 |
2011 |
|
Sales |
41,612,567.00 (USD 1,410,666,021.30) |
46,311,921.00 (USD 1,569,974,121.90) |
|
Sales returns |
62,876.00 |
61,682.00 |
|
Sales discounts and allowances |
172,438.00 |
20,027.00 |
|
Sales |
41,377,253.00 |
46,230,212.00 |
|
Other operating revenue |
591,058.00 |
445,875.00 |
|
Operating income |
41,968,311.00 |
46,676,087.00 |
|
Cost of sales |
38,430,074.00 |
43,531,512.00 |
|
Other operating costs |
265,766.00 |
201,492.00 |
|
Operating costs |
38,695,840.00 |
43,733,004.00 |
|
Gross profit (loss) from operations |
3,272,471.00 |
2,943,083.00 |
|
Selling expense |
492,982.00 |
494,196.00 |
|
General and administrative expenses |
508,329.00 |
496,876.00 |
|
Research and development expenses |
1,003,090.00 |
872,075.00 |
|
Operating expenses |
2,004,401.00 |
1,863,147.00 |
|
Operating income (loss) |
1,268,070.00 |
1,079,936.00 |
|
Non-Operating Income |
|
|
|
Interest income |
13,962.00 |
12,998.00 |
|
Inome from long-term equity investments under the equity method |
330,730.00 |
434,615.00 |
|
Dividends |
5,600.00 |
3,869.00 |
|
Investment income |
336,330.00 |
438,484.00 |
|
Gains on disposal of fixed assets |
66.00 |
5,532.00 |
|
Gains on sale of investments |
0.00 |
177.00 |
|
Foreign exchange gains |
7,317.00 |
0.00 |
|
Rent income |
22,152.00 |
22,060.00 |
|
Revaluation gain on financial assets |
9,981.00 |
0.00 |
|
Revaluation gain on financial liabilities |
31,998.00 |
0.00 |
|
Miscellaneous income |
7,352.00 |
55,787.00 |
|
Non-operating revenues and gains |
429,158.00 |
535,038.00 |
|
Non-Operating Expenses |
|
|
|
Interest expense |
5,539.00 |
27,202.00 |
|
Loss on sale of investments |
7,344.00 |
0.00 |
|
Foreign exchange losses |
0.00 |
11,636.00 |
|
Impairment loss on assets |
50,054.00 |
0.00 |
|
Revaluation loss on financial assets |
0.00 |
9,057.00 |
|
Revaluation loss on financial liabilities |
0.00 |
89,842.00 |
|
Miscellaneous disbursements |
15,813.00 |
11,784.00 |
|
Non-operating expenses and losses |
78,750.00 |
149,521.00 |
|
Income from continuing operations before income tax |
1,618,478.00 |
1,465,453.00 |
|
Income tax expense (benefit) |
269,579.00 |
376,134.00 |
|
Income from continuing operations |
1,348,899.00 |
1,089,319.00 |
|
Net income (loss) |
1,348,899.00 (USD 45,727,676.00) |
1,089,319.00 (USD 36,927,914.00) |
|
Primary Earnings per Share |
|
|
|
Income (loss) from continuing operations |
3.02 |
2.45 |
|
Primary earnings per share |
3.02 |
2.45 |
|
Diluted earnings per share |
|
|
|
Income (loss) from continuing operations |
2.78 |
2.30 |
|
Diluted earnings per share |
2.78 |
2.30 |
(As
of 2013.10, 1 NTD = 0.03373 USD)
Unit: NTD/000
|
|
2012 |
2011 |
|
Cash Flows from Operating Activities - Indirect Method |
|
|
|
Net Income (Loss) |
1,348,899.00 |
1,089,319.00 |
|
Adjustments to Reconcile Net Income to Net Cash Provided by
(Used in) Operating Activities |
|
|
|
Depreciation Expense |
89,313.00 |
50,575.00 |
|
Amortization Expense |
225,695.00 |
247,195.00 |
|
Share-based Compensation |
6,538.00 |
11,810.00 |
|
Amortization of Discounts (Premiums) on Bonds Payable |
5,290.00 |
24,533.00 |
|
Investment Loss (Income) Recognized under Equity
Method |
-330,730.00 |
-434,615.00 |
|
Cash Dividends Received from Investments Accounted
for under Equity Method |
78,175.00 |
89,887.00 |
|
Loss (Gain) on Disposal of Property, Plan and
Equipment |
-66.00 |
-5,532.00 |
|
Loss (Gain) on Disposal of Investments |
7,344.00 |
-177.00 |
|
Unrealized Revaluation Loss (Gain) on Financial
Assets and Liabilities |
-41,979.00 |
98,899.00 |
|
Impairment Losses on Financial Asset |
50,054.00 |
0.00 |
|
Changes in Operating Assets and Liabilities |
|
|
|
Decrease (Increase) in Financial Assets Held
for Trading |
-796,345.00 |
304,899.00 |
|
Decrease (Increase) in Notes Receivable |
0.00 |
144.00 |
|
Decrease (Increase) in Accounts Receivable |
1,612,015.00 |
-134,809.00 |
|
Decrease (Increase) in Accounts Receivable -
Related Parties |
-55,651.00 |
-43,597.00 |
|
Decrease (Increase) in Other Receivable-
Related Parties |
-3,829.00 |
-1,056.00 |
|
Decrease (Increase) in Inventories |
2,315.00 |
516.00 |
|
Decrease (Increase) in Other Current Assets |
331,402.00 |
-186,266.00 |
|
Decrease (Increase) in Other Financial Assets |
-67,573.00 |
54,401.00 |
|
Decrease (Increase) in Deferred Tax Assets |
3,253.00 |
3,331.00 |
|
Increase (Decrease) in Accounts Payable |
96,291.00 |
72,847.00 |
|
Increase (Decrease) in Accounts Payable -
Related Parties |
-1,665,779.00 |
615,322.00 |
|
Increase (Decrease) in Income Tax Payable |
-137,216.00 |
-111,308.00 |
|
Increase (Decrease) in Accrued Expenses |
-35,788.00 |
-115,740.00 |
|
Increase (Decrease) in Other Current
Liabilities |
30,735.00 |
-19,121.00 |
|
Increase (Decrease) in Deferred Tax
Liabilities |
-1,212.00 |
-11,076.00 |
|
Increase (Decrease) in Accrued Pension
Liabilities |
-5,260.00 |
464.00 |
|
Net Cash Provided by (Used in) Operating Activities |
745,891.00 |
1,600,845.00 |
|
Cash Flows from Investing Activities |
|
|
|
Acquisition of Financial Assets as Fair Value through Profit
or Loss |
3,425.00 |
14,381.00 |
|
Acquisition of Financial Assets Carried at Cost |
-75,000.00 |
-75,000.00 |
|
Acquisition of Investments Accounted for by Equity Method |
-258,970.00 |
-466,365.00 |
|
Proceeds from Disposal of Investments Accounted for by Equity
Method |
47,235.00 |
0.00 |
|
Purchase of Property, Plant and Equipment |
-38,121.00 |
-71,625.00 |
|
Proceeds from Disposal of Property, Plant and Equipment |
607.00 |
1,240,038.00 |
|
Decrease (Increase) in Refundable Deposits |
-57.00 |
-5,665.00 |
|
Increase in Deferred Charges |
-153,598.00 |
-245,451.00 |
|
Net Cash Provided by (Used in) Investing Activities |
-474,479.00 |
390,313.00 |
|
Cash Flows from Financing Activities |
|
|
|
Increase (Decrease) in Short-term Loans |
0.00 |
-859,335.00 |
|
Increase (Decrease) in Guarantee Deposits Received |
183.00 |
1,764.00 |
|
Cash Dividends Paid |
-804,811.00 |
-1,336,444.00 |
|
Exercise of Employee Stock Options |
31,350.00 |
95,727.00 |
|
Net Cash Provided by (Used in) Financing Activities |
-773,278.00 |
-2,098,288.00 |
|
Net Increase (Decrease) in Cash and Cash Equivalents |
-501,866.00 |
-107,130.00 |
|
Cash and Cash Equivalents, Beginning of year |
2,935,969.00 |
3,043,099.00 |
|
Cash and Cash Equivalents, End of year |
2,434,103.00 |
2,935,969.00 |
|
Supplemental Cash Flow Information |
|
|
|
Interest Paid |
1.00 |
2,619.00 |
|
Interest Paid- Excluding Capitalized Interest |
1.00 |
2,619.00 |
|
Income Tax Paid |
269,545.00 |
495,188.00 |
|
Non-cash Investing and Financing Activities |
|
|
|
Others |
0.00 |
366,664.00 |
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 |
Mr. Chen |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.94 |
|
|
1 |
Rs.102.06 |
|
Euro |
1 |
Rs.84.31 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.