|
Report Date : |
16.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
FORMOSA TAFFETA CO., LTD. |
|
|
|
|
Registered Office : |
No.317, Shu Liou Rd., Tou Liou, Yunlin
County |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
19.04.1973 |
|
|
|
|
Com. Reg. No.: |
14001199 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
·
Engaged in
manufacturing and sales of textiles ·
Engaged in manufacturing and sales of nylon
and polyester cloth ·
Engaged in manufacturing and sales of fluted
ribs and cotton tyre cord ·
Engaged in manufacturing, processing and sales
of polymer products and its related products |
|
|
|
|
No of Employees : |
About 5,000 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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Taiwan |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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: |
|
|
Supplied Address: |
|
|
Telephone Number: |
+886-5-557-3966 |
|
Fax Number: |
|
|
E-mail: |
Notes: The supplied address belongs to subject’s Taipei office and the exact
name and address are as above.
|
Credit Opinion: |
Subject was
incorporated on 1973-4-19 with registered number 14001199 as Joint Stock Company in Taiwan.
Subject listed on Taiwan stock exchange on
1985-12-24
|
Subscription
Shares |
|
|
Formosa Chemicals & Fibre Corporation |
630,022,431 |
|
Keyford Development Co., Ltd. |
|
|
113,000 |
|
|
Minzhang Li |
281,538 |
|
Mingtang Huang |
145,747 |
|
Mingde Xie |
15,548,068 |
|
Fengxing Investment Co., Ltd
(Liberal translation) |
916,880 |
|
Changhua County Private Lai Shuwang Social
Welfare Charity Foundation (Literal Translation) |
4,151,942 |
|
Haojian Huang |
138,365 |
The information above is that of subject’s major shareholders.
Shareholder
Information:
|
1 |
|
|
Registered Name: |
Formosa Chemicals & Fibre Corporation |
|
Registered Address: |
No.359, Sec. 3, Zhongshan Rd., Changhua City,
Changhua County, Taiwan (R.O.C.) |
|
Date of Foundation: |
1965-3-5 |
|
Registration Number: |
58650902 |
|
Registry: |
Department of Commerce, Ministry of Economic
Affairs, R.O.C |
|
Registered Capital: |
NTD 58,611,862,910 (USD 1,940,052,662) (As of 2014.5, 1 NTD = 0.0331 USD) |
|
Paid-up Capital: |
NTD 58,611,862,910 (USD 1,940,052,662) |
|
Legal Representatives: |
Wenyuan Wang |
|
Legal Form: |
Joint Stock Company |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2013-8-15 |
|
2 |
|
|
Registered Name: |
Keyford Development Co., Ltd. |
|
Registered Address: |
2F., No.101, Sec. 3, Zhanghe Rd., Hemei
Township, Changhua County, Taiwan (R.O.C.) |
|
Date of Foundation: |
2004-11-18 |
|
Registration Number: |
27493528 |
|
Registry: |
|
|
Registered Capital: |
NTD 6,000,000 (USD 198,600) (As of 2014.5, 1 NTD = 0.0331 USD) |
|
Paid-up Capital: |
NTD 6,000,000 (USD 198,600) |
|
Legal Representatives: |
Shiming Xie |
|
Legal Form: |
Joint Stock Company |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2014-1-2 |
|
Tel |
+886-4-757-8755 |
|
Fax |
+886-4-757-8760 |
|
3 |
|
|
Registered Name: |
Fengxing Investment Co., Ltd (Liberal translation) |
|
Registered Address: |
2F., No.341, South Dist., Taichung City,
Taiwan (R.O.C.) |
|
Date of Foundation: |
1982-6-7 |
|
Registration Number: |
52758764 |
|
Registry: |
Taichung City Government |
|
Registered Capital: |
NTD 43,350,000 (USD 1,434,885) (As of 2014.5, 1 NTD = 0.0331 USD) |
|
Paid-up Capital: |
NTD 43,350,000 (USD 1,434,885) |
|
Legal Representatives: |
Zhenghui He |
|
Legal Form: |
Joint Stock Company |
|
Listed at Stock Exchange: |
No |
|
Date of Last
Annual Return: |
2012-6-28 |
Factories
|
1 |
|
|
Address: |
No.317, Shiliu Rd., Douliu City, Yunlin County, Taiwan (R.O.C.) |
|
Date of Registration: |
1974-12-7 |
|
Factory Registration Number: |
99653024 |
|
Factory Manager: |
Shiming Xie |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2011-4-1 |
|
Major Products: |
111 Spinning 112 Weaving 114 Printing and
dyeing finishing 115 Textiles 220 Plastic
products 259 Other metal products |
|
2 |
|
|
Name: |
|
|
Address: |
No.319, Henan St., Douliu City, Yunlin County, Taiwan (R.O.C.) |
|
Date of Foundation: |
1992-6-23 |
|
Date of Registration: |
1995-10-19 |
|
Factory Registration Number: |
99653052 |
|
Factory Manager: |
Shiming Xie |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2001-7-9 |
|
Major Products: |
112 Weaving |
Related Companies
and Branches
|
1 |
|
|
Name |
Formosa Taffeta Co., Ltd. Taipei Office |
|
Address |
11th Fl, 201 Tun-Hwa N.RD, Taipei 105, Taiwan, R.O.C |
|
Telephone Number |
+886-2-8770-1688 |
|
Fax Number |
+886-2-2717-4316 |
|
2 |
|
|
Name |
Formosa Taffeta (Zhong Shan) Co., Ltd. |
|
Address |
Shen Xi Village, Shen Wan Town, Zhong Shan City, Guangdong Province
528462, China |
|
Telephone Number |
+86-760-8660-8061 |
|
Fax Number |
+86-760-8660-9682 |
|
3 |
|
|
Name |
Formosa Taffeta (Changshu) Co., Ltd. |
|
Address |
1, Peng-Hu RD., Changshu DongNan Ecnomic Development Zone, Jiangsu
Province 21550, China |
|
Telephone Number |
+86-512-5283-5191 |
|
Fax Number |
+86-512-5283-5195 |
|
4 |
|
|
Name |
Formosa Taffeta Vietnam Co., Ltd. |
|
Address |
Section 1, Nhut Chanh Com., Ben Luc Dist., Long An Prov., Vietnam |
|
Telephone Number |
+84-72-871039 |
|
Fax Number |
+84-72-871037 |
|
5 |
|
|
Name |
HCM City Office of Formosa Taffeta Vietnam Co., Ltd. |
|
Address |
5th Fl., 45 Dinh Tien Hoang St., Ben NGHE Ward, District 1, Ho Chi
Minh City, Vietnam |
|
Telephone Number |
+84-8-8239661 |
|
Fax Number |
+84-8-8239660 |
|
6 |
|
|
Name |
Formosa Taffeta (Dong Nai) CO., LTD. |
|
Address |
Nhon Trach 3 I.Z., Hiep Phuoc Com., Nhon Trach Dist. Dong Nai Prov.,
Vietnam |
|
Telephone Number |
+84-61-560255 |
|
Fax Number |
+84-61-560257 |
|
7 |
|
|
Name |
Xiamen Xiangyu Formosa Import & Export Trading Co., Ltd. |
|
Address |
RM. B5, 7th Fl., Xiangyu Building, Xiangyu Free Trade Zone, Xiamen
361006, China |
|
Telephone Number |
+86-592-5627502 |
|
Fax Number |
+86-592-5627055 |
|
8 |
|
|
Name |
Schoeller FTC (H.K.) Co., Ltd. |
|
Address |
Room 1104, Tower 6, China H.K. City, 33 Canton RD., Kowloon, Hong Kong |
|
Telephone Number |
+852-2735-3558 |
|
Fax Number |
+852-2735-3327 |
|
9 |
|
|
Name |
F.T.C. America Corp (USA office) |
|
Address |
788 Bloomfield Ave, Verona N.J. 07044, U.S.A. |
|
Telephone Number |
+973-857-0880 |
|
Fax Number |
+973-857-8688 |
|
10 |
|
|
Name |
Formosa Technology |
|
Address |
329,Honan St., Touliu 640, Taiwan, R.O.C. |
|
Telephone Number |
+886-5-557-4888 |
|
Fax Number |
+886-5-557-4638 |
Core Management
|
1 |
|
|
Name |
Wenyuan Wang |
|
Position |
Board Director |
|
2 |
|
|
Name |
Shiming Xie |
|
Position |
Managing Director |
|
Date of Appointment |
1981-3-25 |
|
3 |
|
|
Name |
Fuyuan Hong |
|
Position |
Managing Director |
|
4 |
|
|
Name |
Qiuming Chen |
|
Position |
Director |
|
5 |
|
|
Name |
Tianxuan Cai |
|
Position |
Director |
|
6 |
|
|
Name |
Guoyi Li |
|
Position |
Director |
|
7 |
|
|
Name |
Minzhang Li |
|
Position |
Director |
|
8 |
|
|
Name |
Mingtang Huang |
|
Position |
Director |
|
9 |
|
|
Name |
Mingde Xie |
|
Position |
Director |
|
10 |
|
|
Name |
Shengfu Lv |
|
Position |
Supervisor |
|
11 |
|
|
Name |
Manchun Li |
|
Position |
Supervisor |
|
12 |
|
|
Name |
Haojian Huang |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 5,000 Employees |
Offices &
Factories
|
|
Headquarters |
|
Add |
Production
Information
l
Subject is a manufacturer of textiles
l
Subject has two factories in Taiwan, mainland China, and Vietnam
for production.
l
The production capacity of industrial cloth is
about 2,200 tons per month.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
-- |
Manufacturing and sales of nylon and
polyester cloth |
|
-- |
Manufacturing and sales of fluted ribs and
cotton tyre cord |
|
-- |
Manufacturing, processing and sales of
polymer products and its related products |
|
-- |
Manufacturing, processing and sales of
cotton yarn, spun rayon, synthetic fiber yarn, blended yarn, garment,
coverlet, sheet, and its related products |
|
-- |
Manufacturing and sales of protective
fabrics include 1. bulletproof vest, bulletproof helmets, bulletproof shield,
bulletproof mask, wearable cloth, composite products (sports equipment,
fishing tackle) 2. Industrial work clothes such as acidproof, alkaliproof,
fire-proof, thermo stability, and using reprocessing fabric such as fire
suit, boiler protective clothing, and chemical industrial work clothes 3.
clean room supplies (sterile gown, surgical gown, medical fabric, antistatic
clothing), clean clothes |
|
-- |
Design, manufacturing and sales of
computer software |
|
-- |
Sales of native products, artifacts,
groceries, and garments |
|
-- |
Operation, Aquatic recreational sports
equipment, renting yach of sightseeing recreation areas, amusement park,
park, camp site, swimming pool, skating rink, zoo and sports complex. |
|
-- |
Trading of native products, handicraft works,
general cargo, sears and garments. |
|
-- |
Lubricating grease, simple maintenance,
washing cars, vehicle supplies, convenience store, parking lot, seting up
automatic vending machines, agent of handling with the files of cars and
trading of petrol, diesel oil, coal oil and small package petroleum products. |
|
ZZ99999 |
Besides licensed business, all other
business items those are not banned or restricted |
l
The raw materials for production are
purchased both home and abroad.
l
It is introduced that subject purchases
machines from Germany, France, Switzerland and Japan, etc.
l Subject is
engaged in sales of all kinds of textile
l
Subject’s sales regions include Southeast Asia,
India, USA, Japan, and Europe, etc.
l Subject’s
major customers include clothing manufacturer, packaging manufacturer and
trader.
l
Subject obtained the certifications of ISO 9002, ISO 14001, ISO
14064, and OHSAS 18001, etc.
Major types sold
|
|
Type |
|
1 |
Home & Comfort Fabric |
|
2 |
Special Finishes Fabric |
|
3 |
Safety & Life Fabric |
|
4 |
Rainy & Sunshine Fabric |
|
5 |
Sports & Casual Fabric |
|
6 |
Lady's & gentleman's Fashion Fabric |
|
7 |
Tyre Cord Fabric |
|
8 |
PE Bags |
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
Domestic Purchase (Taiwan and Mainland,
China)
|
Product |
Payment Terms |
Proportion |
|
COD, CBD, etc |
Foreign Purchase
|
Product |
Payment Terms |
Proportion |
|
Raw materials |
CBD, etc |
100% |
Sales
Domestic Markets (Taiwan and Mainland,
China)
|
Product |
Sales Terms |
Proportion |
|
Textile, etc |
COD, CBD, Credit Sale, etc |
Export
|
Product |
Sales Terms |
Proportion |
|
Textile, etc |
CBD, etc |
100% |
Unit: NTD/000
|
Date |
2012-12-31 |
2011-12-31 |
|
Assets |
|
|
|
Current
Assets |
|
|
|
Cash
and cash equivalents |
1,566,983.00 |
882,040.00 |
|
Financial
assets measured at fair value through profit or loss - current |
15,289.00 |
1,070.00 |
|
Available-for-sale
financial assets - current |
854,243.00 |
912,641.00 |
|
Notes
receivable - net |
178,244.00 |
194,378.00 |
|
Notes
receivable - related parties - net |
14,624.00 |
18,215.00 |
|
Accounts
receivable - net |
2,596,272.00 |
2,473,494.00 |
|
Accounts
receivable - related parties - net |
270,571.00 |
244,240.00 |
|
Other
receivables |
385,912.00 |
234,645.00 |
|
Inventories |
4,291,635.00 |
4,835,909.00 |
|
Other
prepayments |
141,227.00 |
539,650.00 |
|
Other
current assets |
310,763.00 |
343,075.00 |
|
Current
assets |
10,625,763.00 |
10,679,357.00 |
|
Funds
and Investments |
|
|
|
Available-for-sale
financial assets - non current |
31,761,481.00 |
34,578,509.00 |
|
Financial
assets carried at cost - non current |
353,621.00 |
353,621.00 |
|
Equity
investments under equity method |
14,542,709.00 |
13,822,964.00 |
|
Investments |
14,542,709.00 |
13,822,964.00 |
|
Funds
and long-term investments |
46,657,811.00 |
48,755,094.00 |
|
Fixed
Assets |
|
|
|
Cost |
|
|
|
Land |
1,236,478.00 |
1,233,067.00 |
|
Land
improvements |
0.00 |
58,835.00 |
|
Buildings
and structures |
6,219,394.00 |
6,026,159.00 |
|
Machinery
and equipment |
13,914,187.00 |
14,369,267.00 |
|
Transportation
equipment |
156,914.00 |
155,033.00 |
|
Other
facilities |
4,413,523.00 |
4,493,283.00 |
|
Fixed
assets cost |
25,940,496.00 |
26,335,644.00 |
|
Accumulated
depreciation |
-18,874,962.00 |
-18,493,151.00 |
|
Construction
in process and prepayment for equipments |
185,654.00 |
342,777.00 |
|
Fixed
assets |
7,251,188.00 |
8,185,270.00 |
|
Intangible
Assets |
|
|
|
Deferred
pension cost |
37,735.00 |
44,164.00 |
|
Other
intangible assets |
18,273.00 |
12,638.00 |
|
Intangible
assets |
56,008.00 |
56,802.00 |
|
OtherAssets |
|
|
|
Rental
assets |
464,458.00 |
483,879.00 |
|
Guarantee
deposits paid |
58,258.00 |
57,087.00 |
|
Deferred
income tax assets - non current |
264,018.00 |
244,844.00 |
|
Other
assets - other |
852,278.00 |
852,278.00 |
|
Other
assets |
1,639,012.00 |
1,638,088.00 |
|
Assets |
66,229,782.00 |
69,314,611.00 |
|
Liabilities
and Stockholders' Equity |
|
|
|
Liabilities |
|
|
|
Current
Liabilities |
|
|
|
Short-term
borrowings |
11,774.00 |
89,996.00 |
|
Short-term
notes and bills payable |
249,946.00 |
0.00 |
|
Financial
liabilities measured at fair value through profit or loss - current |
4,828.00 |
1,014.00 |
|
Notes
payable |
137,067.00 |
163,744.00 |
|
Notes
payable - related parties |
519,500.00 |
535,484.00 |
|
Accounts
payable |
606,359.00 |
933,795.00 |
|
Accounts
payable - related parties |
1,374,386.00 |
894,875.00 |
|
Income
tax payable |
129,595.00 |
189,252.00 |
|
Accrued
expenses |
861,555.00 |
749,521.00 |
|
Other
payables |
22,241.00 |
28,249.00 |
|
Long-term
liabilities - current portion |
97,966.00 |
100,663.00 |
|
Other
current liabilities |
141,010.00 |
99,689.00 |
|
Current
liabilities |
4,156,227.00 |
3,786,282.00 |
|
Long
term Liabilities |
|
|
|
Long-term
borrowings |
8,400,000.00 |
9,200,663.00 |
|
Long-term
liabilities |
8,400,000.00 |
9,200,663.00 |
|
Reserves |
|
|
|
Other
Liabilities |
|
|
|
Pension
reserve / accrued pension liability |
2,081,020.00 |
1,935,752.00 |
|
Guarantee
deposits received |
27,787.00 |
14,983.00 |
|
Other
liabilities - other |
44,815.00 |
81,807.00 |
|
Other
liabilities |
2,153,622.00 |
2,032,542.00 |
|
Liabilities |
14,709,849.00 |
15,019,487.00 |
|
Stockholders'
Equity |
|
|
|
Capital |
|
|
|
Common
stock |
16,846,646.00 |
16,846,646.00 |
|
Capital
Surplus |
|
|
|
Capital
surplus - donated assets received |
2,032.00 |
2,032.00 |
|
Capital
surplus - long-term equity investments |
696,475.00 |
696,475.00 |
|
Capital
surplus |
698,507.00 |
698,507.00 |
|
Retained
Earnings |
|
|
|
Legal
reserve |
5,702,892.00 |
5,495,057.00 |
|
Special
reserve |
279,088.00 |
255,779.00 |
|
Unappropriated
retained earnings |
4,329,027.00 |
4,172,012.00 |
|
Retained
earnings |
10,311,007.00 |
9,922,848.00 |
|
Stockholders'
Equity and Other adjustmen |
|
|
|
Cumulative
translation adjustments |
-839,386.00 |
-593,496.00 |
|
Net
loss not recognized as pension cost |
-959,101.00 |
-940,440.00 |
|
Unrealized
gains (losses) on financial instruments |
25,488,748.00 |
28,387,547.00 |
|
Treasure
stock |
-26,488.00 |
-26,488.00 |
|
Equity
adjustments |
23,663,773.00 |
26,827,123.00 |
|
Stockholdersˉ
equity |
51,519,933.00 (USD 783,270,886.30) |
54,295,124.00 (USD 887,977,771.30) |
|
Number
of treasury stock acquired by the company and subsidiaries (unit: share) |
3,043,228.00 |
3,043,228.00 |
|
|
0.00 |
0.00 |
(As of 2014.5, 1 NTD =
0.0331 USD)
Unit: NTD/000
|
Date |
2012 |
2011 |
|
Sales |
34,491,840.00 (USD
1,141,679,904.00 ) |
36,042,198.00 (USD 1,192,996,753.80) |
|
Sales
returns |
58,828.00 |
53,831.00 |
|
Sales
discounts and allowances |
75,031.00 |
105,614.00 |
|
Sales |
34,357,981.00 |
35,882,753.00 |
|
Service
revenue |
341,332.00 |
352,965.00 |
|
Service
revenue |
341,332.00 |
352,965.00 |
|
Operating
income |
34,699,313.00 |
36,235,718.00 |
|
Cost
of sales |
31,144,847.00 |
32,032,839.00 |
|
Cost
of services |
315,308.00 |
292,964.00 |
|
Cost
of services |
315,308.00 |
292,964.00 |
|
Operating
costs |
31,460,155.00 |
32,325,803.00 |
|
Gross
profit (loss) from operations |
3,239,158.00 |
3,909,915.00 |
|
Selling
expense |
1,507,265.00 |
1,572,876.00 |
|
General
and administrative expenses |
478,280.00 |
470,149.00 |
|
Operating
expenses |
1,985,545.00 |
2,043,025.00 |
|
Operating
income (loss) |
1,253,613.00 |
1,866,890.00 |
|
Non-Operating
Income |
|
|
|
Interest
income |
3,787.00 |
1,792.00 |
|
Inome
from long-term equity investments under the equity method |
547,100.00 |
1,416,067.00 |
|
Dividends |
808,757.00 |
1,521,376.00 |
|
Investment
income |
1,355,857.00 |
2,937,443.00 |
|
Gains
on disposal of fixed assets |
12,207.00 |
0.00 |
|
Foreign
exchange gains |
0.00 |
126,231.00 |
|
Revaluation
gain on financial assets |
15,220.00 |
1,070.00 |
|
Miscellaneous
income |
191,173.00 |
195,682.00 |
|
Non-operating
revenues and gains |
1,578,244.00 |
3,262,218.00 |
|
Non-Operating
Expenses |
|
|
|
Interest
expense |
111,138.00 |
98,622.00 |
|
Loss
on disposal of fixed assets |
0.00 |
3,321.00 |
|
Foreign
exchange losses |
82,028.00 |
0.00 |
|
Impairment
loss on assets |
0.00 |
2,403,805.00 |
|
Revaluation
loss on financial liabilities |
4,815.00 |
1,014.00 |
|
Miscellaneous
disbursements |
123,083.00 |
127,886.00 |
|
Non-operating
expenses and losses |
321,064.00 |
2,634,648.00 |
|
Income
from continuing operations before income tax |
2,510,793.00 |
2,494,460.00 |
|
Income
tax expense (benefit) |
101,037.00 |
416,115.00 |
|
Income
from continuing operations |
2,409,756.00 |
2,078,345.00 |
|
Net
income (loss) |
2,409,756.00 |
2,078,345.00 |
|
Primary
Earnings per Share |
|
|
|
Income
(loss) from continuing operations |
1.43 |
1.24 |
|
Primary
earnings per share |
1.43 |
1.24 |
|
Diluted
earnings per share |
|
|
(As of 2014.5, 1 NTD =
0.0331 USD)
|
Date |
2012 |
2011 |
|
Cash Flows from Operating Activities -
Indirect Method |
|
|
|
Net Income (Loss) |
2,409,756.00 |
2,078,345.00 |
|
Adjustments to Reconcile Net Income to Net
Cash Provided by (Used in) Operating Activities |
|
|
|
Depreciation Expense |
1,202,837.00 |
1,036,800.00 |
|
Amortization Expense |
7,360.00 |
5,054.00 |
|
Loss (Gain) on Decline (Recovery) in
Market Value, Scrap and Obsolescence of Inventories |
-148,327.00 |
-345,820.00 |
|
Investment Loss (Income) Recognized under
Equity Method |
-547,100.00 |
-1,416,067.00 |
|
Cash Dividends Received from Investments
Accounted for under Equity Method |
494,383.00 |
759,427.00 |
|
Loss (Gain) on Disposal of Property, Plan
and Equipment |
-12,207.00 |
6,463.00 |
|
Loss (Gain) on Disposal of Other Assets |
0.00 |
-3,142.00 |
|
Loss (Gain) on Disposal of Investments |
0.00 |
0.00 |
|
Unrealized Revaluation Loss (Gain) on
Financial Assets and Liabilities |
-10,405.00 |
-56.00 |
|
Impairment Losses on Financial Asset |
0.00 |
2,403,805.00 |
|
Changes in Operating Assets and
Liabilities |
|
|
|
Decrease (Increase) in Financial Assets
Held for Trading |
1,001.00 |
747.00 |
|
Decrease (Increase) in Notes Receivable |
16,134.00 |
-57,533.00 |
|
Decrease (Increase) in Notes Receivable -
Related Parties |
3,591.00 |
-9,319.00 |
|
Decrease (Increase) in Accounts Receivable |
-122,778.00 |
165,594.00 |
|
Decrease (Increase) in Accounts Receivable
- Related Parties |
-26,331.00 |
-3,674.00 |
|
Decrease (Increase) in Other Receivables |
-140,700.00 |
-47,113.00 |
|
Decrease (Increase) in Inventories |
692,601.00 |
47,133.00 |
|
Decrease (Increase) in Other Prepayments |
398,423.00 |
-254,259.00 |
|
Decrease (Increase) in Other Current
Assets |
10,833.00 |
7,215.00 |
|
Decrease (Increase) in Deferred Tax Assets |
2,305.00 |
192,634.00 |
|
Increase (Decrease) in Financial
Liabilities Held for Trading |
-1,001.00 |
-1,095.00 |
|
Increase (Decrease) in Notes Payable |
-26,677.00 |
128,910.00 |
|
Increase (Decrease) in Notes Payable -
Related Parties |
-15,984.00 |
140,343.00 |
|
Increase (Decrease) in Accounts Payable |
-327,436.00 |
217,959.00 |
|
Increase (Decrease) in Accounts Payable -
Related Parties |
479,511.00 |
-296,448.00 |
|
Increase (Decrease) in Income Tax Payable |
-59,657.00 |
27,625.00 |
|
Increase (Decrease) in Accrued Expenses |
112,034.00 |
-202,983.00 |
|
Increase (Decrease) in Other Payables |
-6,008.00 |
-15,216.00 |
|
Increase (Decrease) in Other Current Liabilities |
41,321.00 |
-3,553.00 |
|
Increase (Decrease) in Accrued Pension
Liabilities |
140,860.00 |
117,869.00 |
|
Net Cash Provided by (Used in) Operating
Activities |
4,568,339.00 |
4,679,645.00 |
|
Cash Flows from Investing Activities |
|
|
|
Acquisition of Available-for-sale
Financial Assets |
0.00 |
0.00 |
|
Proceeds from Disposal of
Available-for-sale Financial Assets |
0.00 |
0.00 |
|
Acquisition of Financial Assets Carried at
Cost |
0.00 |
0.00 |
|
Acquisition of Investments Accounted for
by Equity Method |
-944,115.00 |
-1,343,637.00 |
|
Purchase of Property, Plant and Equipment |
-455,145.00 |
-934,335.00 |
|
Proceeds from Disposal of Property, Plant
and Equipment |
207,450.00 |
11,565.00 |
|
Decrease (Increase) in Refundable Deposits |
-1,171.00 |
-1,739.00 |
|
Increase in Deferred Charges |
-12,995.00 |
-4,571.00 |
|
Proceeds from Disposal of Real Estate |
0.00 |
4,147.00 |
|
Decrease (Increase) in Other Financial
Assets |
0.00 |
0.00 |
|
Decrease (Increase) in Other Assets |
0.00 |
0.00 |
|
Net Cash Provided by (Used in) Investing
Activities |
-1,205,976.00 |
-2,268,570.00 |
|
Cash Flows from Financing Activities |
|
|
|
Increase (Decrease) in Short-term Loans |
-78,222.00 |
-201,508.00 |
|
Increase (Decrease) in Short-term Notes
and Bills Payable |
249,946.00 |
0.00 |
|
Proceeds from Long-term Debt |
12,100,000.00 |
10,500,000.00 |
|
Repayment of Long-term Debt |
-12,900,663.00 |
-9,604,780.00 |
|
Increase (Decrease) in Guarantee Deposits
Received |
12,804.00 |
-40,812.00 |
|
Increase (Decrease) in Other Liabilities |
-36,992.00 |
25,674.00 |
|
Cash Dividends Paid |
-2,021,597.00 |
-3,369,329.00 |
|
Net Cash Provided by (Used in) Financing Activities |
-2,674,724.00 |
-2,690,755.00 |
|
Effect of Exchange Rate Changes |
-2,696.00 |
9,545.00 |
|
Net Increase (Decrease) in Cash and Cash
Equivalents |
684,943.00 |
-270,135.00 |
|
Cash and Cash Equivalents, Beginning of
year |
882,040.00 |
1,152,175.00 |
|
Cash and Cash Equivalents, End of year |
1,566,983.00 |
882,040.00 |
|
Supplemental Cash Flow Information |
|
|
|
Interest Paid- Excluding Capitalized
Interest |
114,612.00 |
98,622.00 |
|
Income Tax Paid |
158,388.00 |
195,856.00 |
|
Non-cash Investing and Financing
Activities |
|
|
|
Current Portion of Long-term Liabilities |
97,966.00 |
100,663.00 |
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 |
023039 |
Formosa Taffeta Co., Ltd. |
039050 |
1985/4/4 |
1985/4/4 |
Paid Off |
|
Chattel Mortgage |
023096 |
Formosa Taffeta Co., Ltd. |
039329 |
1985/4/16 |
1985/4/16 |
Paid Off |
|
Chattel Mortgage |
027186 |
Formosa Taffeta Co., Ltd. |
109991 |
1987/3/19 |
1987/3/19 |
Paid Off |
|
Chattel Mortgage |
028565 |
Formosa Taffeta Co., Ltd. |
259329 |
1987/9/9 |
1987/9/9 |
Paid Off |
|
Chattel Mortgage |
029924 |
Formosa Taffeta Co., Ltd. |
196823 |
1988/3/5 |
1988/3/5 |
Paid Off |
|
Chattel Mortgage |
031317 |
Formosa Taffeta Co., Ltd. |
292073 |
1988/8/27 |
1988/8/27 |
Paid Off |
|
Chattel Mortgage |
032240 |
Formosa Taffeta Co., Ltd. |
294835 |
1988/12/8 |
1988/12/8 |
Paid Off |
|
Chattel Mortgage |
033490 |
Formosa Taffeta Co., Ltd. |
198736 |
1989/5/30 |
1989/5/30 |
Paid Off |
|
Chattel Mortgage |
037934 |
Formosa Taffeta Co., Ltd. |
109821 |
1991/7/30 |
1991/7/30 |
Paid Off |
|
Chattel Mortgage |
038368 |
Formosa Taffeta Co., Ltd. |
326623 |
1991/10/7 |
1991/10/7 |
Paid Off |
|
Chattel Mortgage |
043958 |
Formosa Taffeta Co., Ltd. |
393876 |
1993/12/20 |
|
Paid Off |
|
Chattel Mortgage |
047008 |
Formosa Taffeta Co., Ltd. |
240633 |
1995/1/26 |
|
Paid Off |
|
Chattel Mortgage |
047104 |
Formosa Taffeta Co., Ltd. |
241120 |
1995/2/14 |
|
Paid Off |
|
Chattel Mortgage |
049749 |
Formosa Taffeta Co., Ltd. |
694483 |
1995/12/20 |
|
Paid Off |
|
Chattel Mortgage |
052937 |
Formosa Taffeta Co., Ltd. |
985293 |
1997/1/14 |
|
Paid Off |
|
Chattel Mortgage |
056617 |
Formosa Taffeta Co., Ltd. |
820116 |
1998/1/6 |
|
Paid Off |
|
Chattel Mortgage |
060869 |
Formosa Taffeta Co., Ltd. |
851117 |
1999/2/1 |
|
Paid Off |
|
Chattel Mortgage |
061872 |
Formosa Taffeta Co., Ltd. |
855087 |
1999/5/14 |
|
Paid Off |
|
Chattel Mortgage |
065984 |
Formosa Taffeta Co., Ltd. |
569624 |
2000/5/19 |
|
Paid Off |
|
Chattel Mortgage |
070992 |
Formosa Taffeta Co., Ltd. |
09005125030 |
2001/7/26 |
|
Paid Off |
|
Chattel Mortgage |
096760 |
Formosa Taffeta Co., Ltd. |
09830411270 |
2009/2/17 |
|
Paid Off |
Lawsuit
Up to date of reporting, no existing or latent litigation of the subject has been found.
|
Name |
Mr. Cai |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.47 |
|
UK Pound |
1 |
Rs.99.70 |
|
Euro |
1 |
Rs.81.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.