|
Report Date : |
14.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
TUNG HO STEEL ENTERPRISE CORP |
|
|
|
|
Registered Office : |
6FL, No.9, Sec.1, Chang An E. Road, Taipei |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
30.05.1962 |
|
|
|
|
Com. Reg. No.: |
75280209 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
· Engaged in manufacturing and sales of steel and iron products Engaged in manufacturing of wired communication
equipment Engaged in manufacturing of electronic
components. Engaged in dissolution of Waste vessels and
automobile finishing sector of waste steel and iron. Subject products
ranges includes : ·
Deformed bars H-beam Universal mill plate Channel I-beam |
|
|
|
|
No. of Employees |
About 1,500 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 – 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. 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 sales. 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: |
+886-2-2551-1100 |
|
Fax Number: |
Notes: The exact name and address are as above.
|
Credit Opinion: |
|
Registered Name: |
Tung Ho Steel Enterprise Corp. |
|
Registered Address: |
6FL, No.9, Sec.1, Chang An E. Road, Taipei,
Taiwan, R.O.C. |
|
Date of Foundation: |
1962-5-30 |
|
Registration Number: |
75280209 |
|
Registry: |
Department of Commerce,
Ministry of Economic Affairs, R.O.C. |
|
Registered Capital: |
NTD 12,000,000,000 (USD 397,200,000) (As of 2014.3, 1 NTD = 0.0331 USD) |
|
Paid-up Capital: |
NTD 9,982,020,690 (USD 330,404,885) |
|
Legal Representatives: |
Zhenxiong Hou |
|
Legal Form: |
|
|
Principal Activities: |
|
|
Staff: |
|
|
Listed at Stock Exchange: |
|
|
Date of Last Annual Return: |
Subject was incorporated on 1962-5-30 with registered number 75280209 as Joint Stock Company in Taiwan.
Subject listed on Taiwan stock exchange on 1988-7-13.
|
Name |
Subscription Shares |
|
Shen Yuan Investment Co., Ltd (Liberal
Translation) |
120,199,779 |
|
Rui He Ting Construction Development Co.,
Ltd (Liberal Translation) |
|
|
1,055,176 |
|
|
Yanliang Hou |
361,670 |
|
Zhiming Huang |
4,591,397 |
|
Baohe Chen |
4,533,205 |
|
Hezhao Investment Co., Ltd (Liberal
Translation) |
5,100,887 |
The information
above is that of subject’s major shareholders.
Shareholder
Information:
|
1 |
|
|
Registered Name: |
Shen Yuan Investment Co., Ltd (Liberal Translation) |
|
Registered Address: |
6F., No.9, Sec. 1, Chang’an E. Rd.,
Zhongshan Dist., Taipei City, Taiwan (R.O.C.) |
|
Date of Foundation: |
1987-1-7 |
|
Registration Number: |
22419556 |
|
Registry: |
Taipei City Government |
|
Registered Capital: |
NTD 199,000,000 (USD 6,586,900) (As of 2014.3, 1 NTD = 0.0331 USD) |
|
Paid-up Capital: |
NTD 199,000,000 (USD 6,586,900) |
|
Legal Representatives: |
Zhenxiong Hou |
|
Legal Form: |
Joint Stock Company |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2011-11-2 |
|
2 |
|
|
Registered Name: |
Rui He Ting Construction Development Co., Ltd (Liberal Translation) |
|
Registered Address: |
Taipei City Government |
|
Date of Foundation: |
1970-3-3 |
|
Registration Number: |
11734249 |
|
Registry: |
Taipei City Government |
|
Registered Capital: |
NTD 198,000,000 (USD 6,553,800) (As of 2014.3, 1 NTD = 0.0331 USD) |
|
Paid-up Capital: |
NTD 198,000,000 (USD 6,553,800) |
|
Legal Representatives: |
Bowen Hou |
|
Legal Form: |
Joint Stock Company |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2005-7-29 |
|
3 |
|
|
Registered Name: |
Hezhao Investment Co., Ltd (Liberal Translation) |
|
Registered Address: |
9F., No.9, Sec. 1, Chang’an E. Rd.,
Zhongshan Dist., Taipei City, Taiwan (R.O.C.) |
|
Date of Foundation: |
2009-9-18 |
|
Registration Number: |
24464937 |
|
Registry: |
Taipei City Government |
|
Registered Capital: |
NTD 10,000,000 (USD) (As of 2014.3, 1 NTD = 0.0331 USD) |
|
Legal Representatives: |
Kejin Luo |
|
Legal Form: |
Private Limited Liability Company |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
-- |
Factories
|
1 |
|
|
Name: |
Taoyuan Works |
|
Address: |
No.116, Neighbor 8, Baojhang Village Guanyin Township, Taoyuan County
32847, Taiwan |
|
Date of Registration: |
2010-4-20 |
|
Factory Registration Number: |
99722433 |
|
Factory Manager: |
Fujin Chen |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2013-11-19 |
|
Major Products: |
241 Steel and iron |
|
Tel |
+886-3-4761151 |
|
Fax |
+886-3-4761609 |
|
2 |
|
|
Name: |
Taichung Works |
|
Address: |
No.455, Sec. 2, Lingang Rd., Wuqi Dist., Taichung City, Taiwan
(R.O.C.) |
|
Date of Registration: |
2008-1-24 |
|
Factory Registration Number: |
99712580 |
|
Factory Manager: |
Zhenxiong Hou |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2008-1-24 |
|
Major Products: |
254 Processing of metal. |
|
3 |
|
|
Name: |
Miaoli Works |
|
Address: |
No.22, Pingding, Xihu Township, Miaoli County, Taiwan (R.O.C.) |
|
Date of Foundation: |
1991-1-19 |
|
Date of Registration: |
1993-11-29 |
|
Factory Registration Number: |
99632045 |
|
Factory Manager: |
Mingzong Liu |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2013-10-9 |
|
Major Products: |
241 Steel and
iron 254 Processing of metal. |
|
Tel |
+886-37-923333 |
|
Fax |
+886-37-923311 |
|
4 |
|
|
Name: |
Qianzhen Works |
|
Address: |
No.3, Kuojian Rd., Qianzhen Dist., Kaohsiung City, Taiwan (R.O.C.) |
|
Date of Foundation: |
1965-3-13 |
|
Date of Registration: |
1966-4-13 |
|
Factory Registration Number: |
64000570 |
|
Factory Manager: |
Zongyu Wang |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2012-8-31 |
|
Major Products: |
241 Steel and iron |
|
5 |
|
|
Name: |
Kaohsiung Works |
|
Address: |
No.8, Jiaxing St., Xiaogang Dist., Kaohsiung City, Taiwan (R.O.C.) |
|
Date of Foundation: |
1973-7-5 |
|
Date of Registration: |
1978-10-6 |
|
Factory Registration Number: |
64000452 |
|
Factory Manager: |
Zongyu Wang |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2012-7-10 |
|
Major Products: |
241 Steel and
iron 249 Other basic
metal 252 Metal
structure and construction components 254 Processing of metal. |
|
Tel |
+886-7-8023131 |
|
Fax |
+886-7-8010696 |
|
6 |
|
|
Name: |
Sinying Works |
|
Address: |
No.1-21, Youcai, Baozhong Township, Yunlin County 634, Taiwan |
|
Tel |
+886-5-6972935 |
|
Fax |
+ 886-5-6976629 |
Branch Companies
|
Name |
Miaoli Branch |
|
Registered Address |
No.22, Pingding, Xihu Township, Miaoli County, Taiwan (R.O.C.) |
|
Registration Number |
84707108 |
|
Date of Registration |
1994-1-28 |
|
Manager Name |
Zongming Liu |
|
Date of Last Annual Return |
2008-9-2 |
Major Related Companies
|
1.
OmniVision Technology, Inc. 2.
Nueva Imaging, Inc 3.
Nueva Imaging（Cayman） 4.
Xin Xiang Optics Co., Ltd (Liberal Translation) 5.
Maxchip Electronics Corp 6.
KATEC Corp. 5F., No.9, Sec.
1, Chang’an E. Rd., Taipei City, Taiwan (R.O.C.) Tel:
+886-2-2571-0969 Fax:
+886-2-2564-1662 7.
Tung Kang Steel Co., Ltd 6F., No.9, Sec.
1, Chang’an E. Rd., Taipei City, Taiwan (R.O.C.) Tel: +886-2-
25511100 Fax: +886-2-
2-6608-7799 8.
Fujian Zhong Ri Da Metal Co., Ltd (Liberal
Translation) No. 7, Luoxing
Road, Mawei Economic Development Zone, Fuzhou City, Fujian Province, China Tel: +86-
591-8368-8878 Fax: +86- 591-8398-1168 |
Core Management
|
Name |
Zhenxiong Hou |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Shuzhao Wanghou |
|
Position |
Deputy Chairman |
|
3 |
|
|
Name |
Bowen Hou |
|
Position |
Director |
|
4 |
|
|
Name |
Yanliang Hou |
|
Position |
Director |
|
5 |
|
|
Name |
Zhiming Huang |
|
Position |
Director |
|
6 |
|
|
Name |
Baohe Chen |
|
Position |
Director |
|
7 |
|
|
Name |
Chaohe Lin |
|
Position |
Director |
|
8 |
|
|
Name |
Yushu Hou |
|
Position |
Director |
|
9 |
|
|
Name |
Jieteng Hou |
|
Position |
Director |
|
Date of Appointment |
2009-10-16 |
|
10 |
|
|
Name |
Xuefeng Zhang |
|
Position |
Supervisor |
|
11 |
|
|
Name |
Yuanyu Ke |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 1,500
Employees |
Offices
& Factories
|
|
Headquarters |
|
Add |
Production
Information
l
Subject is a manufacturer of steel and iron
products
l
It is introduced that subject has six factories in
Taiwan for production.
l
It is introduced that subject has obtained ISO
9001, ISO 9002, ISO 14001, OHSAS 18001 and etc certifications.
l
It is introduced that subject has the annual
rolling capacity of 800,000 metric tons for construction re-bars and 1,200,000
metric tons for section material
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
CC01060 |
Manufacturing of wired communication
equipment. |
|
CC01070 |
Manufacturing of wireless communication
equipment. |
|
CC01080 |
Manufacturing of electronic components. |
|
H701040 |
Development for specific professional
area. |
|
J701020 |
The amusement park industry |
|
C801010 |
Basic chemical industry. |
|
CA01010 |
Iron and steel smelting chain industry. |
|
CA01020 |
Stripmilling and extrusion of steel and
iron. |
|
CA01050 |
Secondary processing of steel. |
|
CA01070 |
Dissolution of Waste vessels and
automobile finishing sector of waste steel and iron. |
|
CA03010 |
The heat treatment industry. |
|
CA04010 |
Surface treatment. |
|
CB01010 |
Manufacturing of machinery and equipment. |
|
CC01110 |
Manufacturing of computer and related
equipment. |
|
CP01010 |
Manufacturing of hand tools. |
|
F114060 |
Wholesales of vessel and components. |
|
F214060 |
Retails of vessel and components. |
|
F401010 |
International trading business. |
|
H701060 |
Development of new town and new community. |
|
I103060 |
Management consulting. |
|
I599990 |
Other designing industry. |
|
CA02010 |
Manufacturing of metal structure and
construction components. |
|
EZ99990 |
Other project. |
|
F106010 |
Wholesales of hardware. |
|
F199010 |
Wholesales of recovered materials. |
l
It is introduced that subject purchases its raw
materials and etc both at home and abroad.
l
The subject is mainly engaged in sales of steel and
iron products
l
It is introduced that subject’s selling territory include
Asia, Europe, America and etc.
l
It is introduced that subject’s major customers are
construction industry and etc.
Major Products
|
|
Product |
|
1 |
Deformed bars |
|
2 |
H-beam |
|
3 |
Universal mill plate |
|
4 |
Channel |
|
5 |
I-beam |
Import and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase
|
Payment
Terms |
Proportion |
|
|
Raw
materials and etc |
COD,
CBD and etc |
100% |
Foreign Purchase
|
Payment
Terms |
Proportion |
|
|
Raw
materials and etc |
CBD and etc |
100% |
Sales
Domestic Markets
|
Sales
Terms |
Proportion |
|
|
Steel
and iron products, etc |
COD,
CBD and etc |
100% |
Export
|
Sales
Terms |
Proportion |
|
|
Steel and iron products, etc |
CBD and etc |
100% |
Unit: NTD/000
|
Date |
2012-12-31 |
2011-12-31 |
|
Assets |
|
|
|
Current
Assets |
|
|
|
Cash
and cash equivalents |
651,241.00 |
423,326.00 |
|
Financial
assets measured at fair value through profit or loss - current |
328,296.00 |
403,400.00 |
|
Notes
receivable - net |
211,626.00 |
148,086.00 |
|
Accounts
receivable - net |
2,189,940.00 |
2,530,136.00 |
|
Accounts
receivable - related parties - net |
189,266.00 |
125,647.00 |
|
Other
receivables |
35,691.00 |
258,655.00 |
|
Inventories |
11,060,603.00 |
10,783,419.00 |
|
Other
prepayments |
207,123.00 |
155,355.00 |
|
|
0.00 |
0.00 |
|
Other
current assets |
15,288.00 |
27,469.00 |
|
Current
assets |
14,889,074.00 |
14,855,493.00 |
|
Funds
and Investments |
|
|
|
Financial
assets measured at fair value through profit or loss - non current |
0.00 |
0.00 |
|
Available-for-sale
financial assets - non current |
562,431.00 |
1,065,714.00 |
|
Financial
assets carried at cost - non current |
1,500,686.00 |
1,492,939.00 |
|
Equity
investments under equity method |
3,947,747.00 |
4,022,129.00 |
|
Other
long-term investments |
959,893.00 |
926,313.00 |
|
Investments |
4,907,640.00 |
4,948,442.00 |
|
Funds
and long-term investments |
6,970,757.00 |
7,507,095.00 |
|
Fixed
Assets |
|
|
|
Cost |
|
|
|
Land |
2,445,940.00 |
2,373,427.00 |
|
Land
improvements |
0.00 |
0.00 |
|
Buildings
and structures |
5,754,696.00 |
5,591,320.00 |
|
Machinery
and equipment |
20,144,764.00 |
19,971,964.00 |
|
Leased
assets |
199,832.00 |
202,512.00 |
|
Other
facilities |
216,324.00 |
195,125.00 |
|
Revaluation
increment |
209,112.00 |
209,112.00 |
|
Cost
and revaluation increment |
28,970,668.00 |
28,543,460.00 |
|
Accumulated
depreciation |
-14,109,616.00 |
-12,742,251.00 |
|
Construction
in process and prepayment for equipments |
63,254.00 |
114,540.00 |
|
Fixed
assets |
14,924,306.00 |
15,915,749.00 |
|
Intangible
Assets |
|
|
|
OtherAssets |
|
|
|
Rental
assets |
626,949.00 |
521,296.00 |
|
Idled
assets |
9,524.00 |
134,197.00 |
|
Guarantee
deposits paid |
301,748.00 |
92,844.00 |
|
Deferred
charges |
133,421.00 |
215,176.00 |
|
Deferred
income tax assets - non current |
50,373.00 |
94,819.00 |
|
Other
assets |
1,122,015.00 |
1,058,332.00 |
|
Assets |
37,906,152.00 |
39,336,669.00 |
|
Liabilities
and Stockholders' Equity |
|
|
|
Liabilities |
|
|
|
Current
Liabilities |
|
|
|
Short-term
borrowings |
4,410,609.00 |
3,687,290.00 |
|
Short-term
notes and bills payable |
299,864.00 |
699,886.00 |
|
Financial
liabilities measured at fair value through profit or loss - current |
173,070.00 |
205,267.00 |
|
Notes
payable |
97,067.00 |
86,908.00 |
|
Notes
payable - related parties |
1,086.00 |
680.00 |
|
Accounts
payable |
929,700.00 |
1,697,655.00 |
|
Income
tax payable |
203,799.00 |
126,459.00 |
|
Accrued
expenses |
1,184,223.00 |
1,319,972.00 |
|
Other
payables |
130,074.00 |
110,664.00 |
|
Advance
receipts |
372,948.00 |
536,878.00 |
|
Long-term
liabilities - current portion |
1,046,173.00 |
3,284,323.00 |
|
Other
current liabilities |
34,398.00 |
27,888.00 |
|
Current
liabilities |
8,883,011.00 |
11,783,870.00 |
|
Long
term Liabilities |
|
|
|
Financial
liabilities measured at fair value through profit or loss - non current |
31,250.00 |
0.00 |
|
Bonds
payable |
2,350,598.00 |
0.00 |
|
Long-term
borrowings |
3,400,000.00 |
5,012,000.00 |
|
Long-term
notes and accounts payable |
0.00 |
18,736.00 |
|
Long-term
liabilities |
5,781,848.00 |
5,030,736.00 |
|
Reserves |
|
|
|
Reserve
for land revaluation increment tax |
167,174.00 |
167,174.00 |
|
Reserves |
167,174.00 |
167,174.00 |
|
Other
Liabilities |
|
|
|
Pension
reserve / accrued pension liability |
477,922.00 |
352,642.00 |
|
Guarantee
deposits received |
12,835.00 |
17,440.00 |
|
Other
liabilities |
490,757.00 |
370,082.00 |
|
Liabilities |
15,322,790.00 |
17,351,862.00 |
|
Stockholders'
Equity |
|
|
|
Capital |
|
|
|
Common
stock |
9,917,712.00 |
9,809,291.00 |
|
Capital
Surplus |
|
|
|
Capital
surplus - additional paid-in capital |
6,117,519.00 |
5,725,335.00 |
|
Capital
surplus - treasury stock transactions |
59,150.00 |
59,036.00 |
|
Capital
surplus - long-term equity investments |
24,173.00 |
29,539.00 |
|
Capital
surplus - stock option |
110,760.00 |
190,351.00 |
|
Capital
surplus - other |
4,766.00 |
4,766.00 |
|
Capital
surplus |
6,316,368.00 |
6,009,027.00 |
|
Retained
Earnings |
|
|
|
Legal
reserve |
2,590,756.00 |
2,322,840.00 |
|
Special
reserve |
1,955.00 |
0.00 |
|
Unappropriated
retained earnings |
3,751,220.00 |
3,845,604.00 |
|
Retained
earnings |
6,343,931.00 |
6,168,444.00 |
|
Stockholders'
Equity and Other adjustmen |
|
|
|
Cumulative
translation adjustments |
190,618.00 |
176,742.00 |
|
Net
loss not recognized as pension cost |
-250,085.00 |
-134,480.00 |
|
Unrealized
gains (losses) on financial instruments |
-91,497.00 |
-200,532.00 |
|
Unrealized
Revaluation Increment |
156,315.00 |
156,315.00 |
|
Equity
adjustments |
5,351.00 |
-1,955.00 |
|
Stockholdersˉ
equity |
22,583,362.00 (USD 747,509,282.20) |
21,984,807.00 (USD 727,697,111.70) |
|
Number
of treasury stock acquired by the company and subsidiaries (unit: share) |
0.00 |
0.00 |
|
|
0.00 |
0.00 |
(As of 2014.3, 1 NTD =
0.0331 USD)
Unit: NTD/000
|
2012 |
2011 |
|
|
Sales |
37,073,970.00 (USD 1,227,148,407.00) |
38,194,410.00 (USD 1,264,234,971.00) |
|
Sales
returns |
10,247.00 |
3,692.00 |
|
Sales
discounts and allowances |
277,183.00 |
274,140.00 |
|
Sales |
36,786,540.00 |
37,916,578.00 |
|
Operating
income |
36,786,540.00 |
37,916,578.00 |
|
Operating
costs |
33,111,206.00 |
33,993,046.00 |
|
Gross
profit (loss) from operations |
3,675,334.00 |
3,923,532.00 |
|
Unrealized
gains on intercompany transactions |
15,766.00 |
7,151.00 |
|
Realized
gains on intercompany transactions |
7,151.00 |
83,076.00 |
|
Selling
expense |
760,318.00 |
805,636.00 |
|
General
and administrative expenses |
690,630.00 |
716,853.00 |
|
Operating
expenses |
1,450,948.00 |
1,522,489.00 |
|
Operating
income (loss) |
2,215,771.00 |
2,476,968.00 |
|
Non-Operating
Income |
|
|
|
Interest
income |
17,619.00 |
15,535.00 |
|
Inome
from long-term equity investments under the equity method |
0.00 |
394,810.00 |
|
Dividends |
48,949.00 |
66,471.00 |
|
Investment
income |
48,949.00 |
461,281.00 |
|
Gains
on disposal of fixed assets |
124.00 |
30,803.00 |
|
Foreign
exchange gains |
140,422.00 |
0.00 |
|
Rent
income |
18,583.00 |
12,242.00 |
|
Revaluation
gain on financial assets |
55,513.00 |
0.00 |
|
Revaluation
gain on financial liabilities |
0.00 |
79,913.00 |
|
Miscellaneous
income |
32,410.00 |
135,312.00 |
|
Non-operating
saless and gains |
313,620.00 |
735,086.00 |
|
Non-Operating
Expenses |
|
|
|
Interest
expense |
168,476.00 |
169,539.00 |
|
Investment
loss |
35,605.00 |
0.00 |
|
Loss
on disposal of fixed assets |
452.00 |
913.00 |
|
Loss
on sale of investments |
65,377.00 |
3,582.00 |
|
Foreign
exchange losses |
0.00 |
69,063.00 |
|
Impairment
loss on assets |
0.00 |
9,007.00 |
|
Revaluation
loss on financial assets |
0.00 |
20,274.00 |
|
Revaluation
loss on financial liabilities |
171,798.00 |
0.00 |
|
Miscellaneous
disbursements |
33,114.00 |
9,848.00 |
|
Non-operating
expenses and losses |
474,822.00 |
282,226.00 |
|
Income
from continuing operations before income tax |
2,054,569.00 |
2,929,828.00 |
|
Income
tax expense (benefit) |
306,676.00 |
250,664.00 |
|
Income
from continuing operations |
1,747,893.00 |
2,679,164.00 |
|
Net
income (loss) |
1,747,893.00 |
2,679,164.00 |
|
Primary
Earnings per Share |
|
|
|
Income
(loss) from continuing operations |
1.78 |
2.74 |
|
Primary
earnings per share |
1.78 |
2.74 |
|
Diluted
earnings per share |
|
|
|
Income
(loss) from continuing operations |
1.62 |
2.49 |
|
Diluted
earnings per share |
1.62 |
2.49 |
(As of 2014.3, 1 NTD =
0.0331 USD)
|
Date |
2012 |
2011 |
|
Cash Flows from Operating Activities -
Indirect Method |
|
|
|
Net Income (Loss) |
1,747,893.00 |
2,679,164.00 |
|
Adjustments to Reconcile Net
Income to Net Cash Provided by (Used in) Operating Activities |
|
|
|
Depreciation Expense |
1,414,824.00 |
1,351,701.00 |
|
Amortization Expense |
89,218.00 |
73,448.00 |
|
Provision (Reversal of Provision)
for Bad Debts Losses |
0.00 |
6,249.00 |
|
Amortization of Discounts
(Premiums) on Bonds Payable |
47,346.00 |
82,795.00 |
|
Amortization of Bonds
Issue Cost |
-5,375.00 |
0.00 |
|
Loss (Gain) on Decline (Recovery)
in Market Value, Scrap and Obsolescence of Inventories |
15,780.00 |
1,680.00 |
|
Investment Loss (Income)
Recognized under Equity Method |
35,605.00 |
-394,810.00 |
|
Cash Dividends Received from
Investments Accounted for under Equity Method |
74,970.00 |
0.00 |
|
Loss (Gain) on Disposal
of Property, Plan and Equipment |
328.00 |
-29,890.00 |
|
Loss (Gain) on Disposal
of Non-current Assets Classified as Held for Sale |
0.00 |
-66,240.00 |
|
Loss (Gain) on Disposal
of Investments |
65,377.00 |
3,582.00 |
|
Unrealized Revaluation
Loss (Gain) on Financial Assets and Liabilities |
0.00 |
527.00 |
|
Impairment Losses on
Financial Asset |
0.00 |
9,007.00 |
|
Unrealized Gain (Loss) on
Intercompany Transactions |
15,766.00 |
7,151.00 |
|
Realized Loss (Gain) on
Intercompany Transactions |
-7,151.00 |
-83,076.00 |
|
Unrealized Exchange Loss
(Gain) |
-29,585.00 |
6,397.00 |
|
Loss (Gain) on Bond Redemption |
21,023.00 |
1,935.00 |
|
Other Adjustments to
Reconcile Net Income |
2,508.00 |
4,163.00 |
|
Changes in Operating Assets and
Liabilities |
|
|
|
Decrease
(Increase) in Financial Assets Held for Trading |
75,104.00 |
-72,248.00 |
|
Decrease
(Increase) in Notes Receivable |
-63,540.00 |
101,863.00 |
|
Decrease
(Increase) in Notes Receivable - Related Parties |
0.00 |
0.00 |
|
Decrease
(Increase) in Accounts Receivable |
340,196.00 |
-765,394.00 |
|
Decrease (Increase)
in Accounts Receivable - Related Parties |
-63,619.00 |
35,888.00 |
|
Decrease
(Increase) in Other Receivables |
223,030.00 |
20,781.00 |
|
Decrease
(Increase) in Other Receivable- Related Parties |
-66.00 |
-207.00 |
|
Decrease (Increase)
in Inventories |
-292,702.00 |
-1,303,354.00 |
|
Decrease
(Increase) in Other Prepayments |
-51,284.00 |
-34,029.00 |
|
Decrease
(Increase) in Other Current Assets |
-73.00 |
79,942.00 |
|
Decrease (Increase)
in Deferred Tax Assets |
56,627.00 |
8,767.00 |
|
Increase
(Decrease) in Financial Liabilities Held for Trading |
104,104.00 |
-79,913.00 |
|
Increase
(Decrease) in Notes Payable |
10,159.00 |
-89,844.00 |
|
Increase (Decrease)
in Notes Payable - Related Parties |
406.00 |
-206,838.00 |
|
Increase
(Decrease) in Accounts Payable |
-773,440.00 |
94,660.00 |
|
Increase
(Decrease) in Accounts Payable - Related Parties |
5,485.00 |
-464.00 |
|
Increase (Decrease)
in Income Tax Payable |
77,340.00 |
52,115.00 |
|
Increase
(Decrease) in Accrued Expenses |
-135,749.00 |
199,068.00 |
|
Increase
(Decrease) in Other Payables |
12,451.00 |
-26,552.00 |
|
Increase (Decrease)
in Other Payable - Related Parties |
-10,647.00 |
5,748.00 |
|
Increase
(Decrease) in Receipts in Advance |
-163,930.00 |
-85,895.00 |
|
Increase
(Decrease) in Accrued Pension Liabilities |
10,228.00 |
-8,398.00 |
|
Increase (Decrease)
in Other Operating Liabilities |
0.00 |
0.00 |
|
Net Cash Provided by (Used in) Operating
Activities |
2,848,607.00 |
1,579,479.00 |
|
Cash Flows from Investing Activities |
|
|
|
Proceeds from Disposal of Available-for-sale
Financial Assets |
541,046.00 |
0.00 |
|
Acquisition of Financial Assets
Carried at Cost |
-23,400.00 |
-4,169.00 |
|
Capital Reduction of Financial
Assets Carried at Cost |
11,906.00 |
6,368.00 |
|
Disposal of Hedging Derivative
Financial Instruments |
0.00 |
0.00 |
|
Acquisition of Investments
Accounted for by Equity Method |
-21,480.00 |
0.00 |
|
Proceeds from Disposal of Non-current Assets Classified as Held for
Sale |
0.00 |
1,386,684.00 |
|
Purchase of Property, Plant and
Equipment |
-387,913.00 |
-1,095,765.00 |
|
Proceeds from Disposal of
Property, Plant and Equipment |
157.00 |
55,132.00 |
|
Decrease (Increase) in Refundable
Deposits |
-208,904.00 |
-23,268.00 |
|
Increase in Deferred Charges |
-7,463.00 |
-78,809.00 |
|
Decrease (Increase) in Other
Assets |
0.00 |
-291,925.00 |
|
Other Investing Activities |
-33,580.00 |
-59,424.00 |
|
Net Cash Provided by (Used in)
Investing Activities |
-129,631.00 |
-105,176.00 |
|
Cash Flows from Financing Activities |
|
|
|
Increase (Decrease) in Short-term
Loans |
752,987.00 |
-558,969.00 |
|
Increase (Decrease) in Short-term
Notes and Bills Payable |
-400,022.00 |
80,134.00 |
|
Proceeds from Issuance of Bonds |
2,500,000.00 |
0.00 |
|
Redemption and Repurchase of
Convertible Bonds |
-2,134,469.00 |
-138,177.00 |
|
Proceeds from Long-term Debt |
-1,612,000.00 |
317,000.00 |
|
Increase (Decrease) in Guarantee Deposits
Received |
-4,605.00 |
-10,356.00 |
|
Increase (Decrease) in Lease
Payable |
-23,348.00 |
-23,347.00 |
|
Cash Dividends Paid |
-1,569,520.00 |
-1,171,555.00 |
|
Net Cash Provided by (Used in)
Financing Activities |
-2,490,977.00 |
-1,505,270.00 |
|
Effect of Exchange Rate Changes |
-84.00 |
209.00 |
|
Net Increase (Decrease) in Cash and Cash
Equivalents |
227,915.00 |
-30,758.00 |
|
Cash and Cash Equivalents, Beginning of
year |
423,326.00 |
454,084.00 |
|
Cash and Cash Equivalents, End of year |
651,241.00 |
423,326.00 |
|
Supplemental Cash Flow Information |
|
|
|
Interest Paid |
122,450.00 |
85,129.00 |
|
Capitalized Interest |
-1,183.00 |
-3,465.00 |
|
Interest Paid- Excluding
Capitalized Interest |
121,267.00 |
81,664.00 |
|
Income Tax Paid |
149,242.00 |
189,784.00 |
|
Non-cash Investing and Financing
Activities |
|
|
|
Current Portion of Bonds Payable |
1,046,173.00 |
3,284,323.00 |
|
Conversion of Bonds to Common
Stock |
310,411.00 |
149,025.00 |
|
Property, Plan and Equipment
Transferred to Rental Assets |
0.00 |
3,082.00 |
|
Property, Plan and Equipment
Transferred to Inventories |
262.00 |
258.00 |
|
Idled Assets Transferred to
Property, Plan and Equipment |
11,697.00 |
32.00 |
|
Idled Assets Transferred to
Rental Assets |
111,524.00 |
171,432.00 |
|
Rental Assets Transferred to
Non-current Assets Classified as Held for Sale |
0.00 |
0.00 |
|
Unrealized Valuation Gains or Losses
on Financial Instruments |
-99,393.00 |
115,779.00 |
|
Unrealized Gains or Losses on
Financial Instruments Recognized due to Equity Changes in Long-term
Investments |
9,642.00 |
-38,994.00 |
|
Cumulative Translation
Adjustments |
13,876.00 |
106,473.00 |
|
Long-term Investments under
Equity Method Transferred to Long-term Investments Classified Held for Sale |
-5,366.00 |
0.00 |
|
Changes in Equity of Long-term
Investment under Equity Method |
-553.00 |
-224.00 |
|
Balance Payable - Machinery and
Equipment |
17,606.00 |
-329,451.00 |
|
Others |
-3,924.00 |
-48,003.00 |
|
Investing Activities Affecting Both Cash
and Non-cash Items |
|
|
|
Cash Paid for Acquisition of
Property, Plant and Equipment |
|
|
|
Increase in Property,
Plant and Equipment |
405,519.00 |
766,314.00 |
|
Increase (Decrease) in
Payable for Equipment Purchased |
-17,606.00 |
329,451.00 |
|
Cash Paid for Acquisition
of Property, Plant and Equipment |
387,913.00 |
1,095,765.00 |
Subject declined to disclose its bank details; from other source we cannot obtain the relevant information, either.
Mortgage
|
Case Type: |
Certificate No.: |
Debtor Name: |
Document Number: |
Date of
Registration: |
Date of
Alteration: |
Status: |
|
Chattel Mortgage |
027978 |
Tung Ho Steel Enterprise Corp. |
203256 |
1987/7/4 |
1987/7/4 |
Paid Off |
|
Chattel Mortgage |
031537 |
Tung Ho Steel Enterprise Corp. |
292490 |
1988/9/10 |
1988/9/10 |
Paid Off |
|
Chattel Mortgage |
043976 |
Tung Ho Steel Enterprise Corp. |
393857 |
1993/12/20 |
|
Paid Off |
|
Chattel Mortgage |
055937 |
Tung Ho Steel Enterprise Corp. |
995306 |
1997/11/10 |
|
Paid Off |
|
Chattel Mortgage |
074148 |
Tung Ho Steel Enterprise Corp. |
09105135550 |
2002/10/7 |
|
Paid Off |
Lawsuit
Up to date of reporting, no existing or latent litigation of the subject has been found.
|
Name |
Mr. Wang |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.02 |
|
UK Pound |
1 |
Rs.101.65 |
|
Euro |
1 |
Rs.85.02 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.