|
Report Date : |
17.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
FENG TAY
ENTERPRISES CO., LTD. |
|
|
|
|
Registered Office : |
No.52, Kegung 8th
Road, Tou Lio, Yun Lin Hsien, Taiwan 640 |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
03.08.1971 |
|
|
|
|
Com. Reg. No.: |
63400932 |
|
|
|
|
Legal Form : |
Joint Stock
Company |
|
|
|
|
Line of Business : |
Engaged in manufacturing and sale of footwear such as sports shoes, casual shoes, rollerblade skates, ski boots and snow boots |
|
|
|
|
No. of Employees : |
About 85,000 Employees (Group) |
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 |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Taiwan ECONOMIC OVERVIEW
Taiwan has a dynamic capitalist economy with gradually
decreasing government guidance of investment and foreign trade. Exports, led by
electronics, machinery, and petrochemicals have provided the primary impetus
for economic development. This heavy dependence on exports exposes the economy
to fluctuations in world demand. Taiwan's diplomatic isolation, low birth rate,
and rapidly aging population are other major long-term challenges. Free trade
agreements have proliferated in East Asia over the past several years, and
following the landmark Economic Cooperation Framework Agreement (ECFA) signed
with China in June 2010, Taiwan in July 2013 signed a free trade deal with New
Zealand—Taipei’s first-ever with a country with which it does not maintain
diplomatic relations—and in November inked a trade pact with Singapore.
Negotiations continue on follow-on components of ECFA regarding trade in goods
and a dispute resolution mechanism; a trade in services agreement is under
review in the legislature. Taiwan's Total Fertility rate of just over one child
per woman is among the lowest in the world, raising the prospect of future
labor shortages, falling domestic demand, and declining tax 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
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: |
No.52, Kegung 8th Road, Tou Lio, Yun Lin Hsien, Taiwan 640,
R.O.C. |
|
Supplied Address: |
|
|
Telephone Number: |
+886-5-537-9100/537-9121 |
|
Fax Number: |
|
|
E-mail: |
|
|
Website: |
The exact name and
address are as above.
|
Registered Name: |
Feng Tay
Enterprises Co., Ltd. |
|
Registered
Address: |
No.52, Kegung 8th
Road, Tou Lio, Yun Lin Hsien, Taiwan 640, R.O.C. |
|
Date of
Foundation: |
1971-8-3 |
|
Registration
Number: |
63400932 |
|
Registry: |
Department of
Commerce, Ministry of Economic Affairs, R.O.C. |
|
Registered
Capital: |
NTD 6,000,000,000 (USD 204,000,000) (As of 2013.12, 1
NTD = 0.0340 USD) |
|
Paid-up Capital: |
NTD 5,567,356,240
(USD 189,290,112) |
|
Legal
Representatives: |
Qiuxiong Wang |
|
Legal Form: |
|
|
Principal
Activities: |
Engaged in manufacturing and sale of footwear such as sports
shoes, casual shoes, rollerblade skates, ski boots and snow boots |
|
Staff: |
|
|
Listed at Stock Exchange: |
|
|
Date of Last Annual Return: |
Subject was incorporated on 1971-8-3 with registered number 63400932 as Joint Stock Company in Taiwan.
Subject listed on
Taiwan Stock Exchange on 1992-2-18.
|
Name |
Subscription Shares |
|
Qiuxiong Wang |
62,256,573 |
|
Jianhong Wang |
|
|
15,615,043 |
|
|
Jianrong Wang |
15,614,543 |
|
Huiling Chen |
36,020,726 |
|
Zongda Lv |
479,024 |
|
Peter Dale Nickerson |
3,926,461 |
|
Shirong Chen |
30,215,455 |
The information above is that of subject’s major shareholders.
Factories
|
1 |
|
|
Address: |
No.52, Kegung 8th Road, Tou Lio, Yun Lin Hsien, Taiwan 640, R.O.C. |
|
Date of
Foundation: |
1999-1-25 |
|
Date of
Registration: |
2001-10-26 |
|
Factory
Registration Number: |
99653175 |
|
Factory Manager: |
Qiuxiong Wang |
|
Status: |
In Production |
|
Date of Last
Annual Return: |
1999-1-25 |
|
Major Products: |
130 leather, fur and its related products 251 metal hand tool and mould 331 recreational supplies |
|
2 |
|
|
Name: |
Fengtai Factory |
|
Address: |
No.666, Xiping Road, Huxi Li, Tou Lio, Yun Lin Hsien, Taiwan, R.O.C. |
|
Date of
Foundation: |
1972-2-27 |
|
Date of
Registration: |
1972-10-24 |
|
Factory
Registration Number: |
99653037 |
|
Factory Manager: |
Qiuxiong Wang |
|
Status: |
In Production |
|
Date of Last Annual
Return: |
2001-6-18 |
|
Major Products: |
130 leather, fur and its related products 210 rubber products |
|
3 |
|
|
Name: |
Fengdi Factory |
|
Address: |
No.123, Liunan Road, Liunan Li, Tou Lio, Yun Lin Hsien, Taiwan, R.O.C. |
|
Date of
Foundation: |
1979-12-22 |
|
Date of
Registration: |
1980-6-21 |
|
Factory
Registration Number: |
99653619 |
|
Factory Manager: |
Qiuxiong Wang |
|
Status: |
In Production |
|
Date of Last
Annual Return: |
2002-7-4 |
|
Major Products: |
130 leather, fur and its related products 210 rubber products 220 plastic products 339 other products |
Related Companies
|
1 |
|
|
Name |
Suzhou Yufeng Plastics Technology Co., Ltd. |
|
Address |
No.288 Qingdao East Road, Economy Developement Area, Taicang, Jiangsu Province, China |
|
2 |
|
|
Name |
Bayorient Co., Ltd. |
|
Address |
Unit E, 15F, No. 369, Jiang Su Road, Shanghai, China |
|
3 |
|
|
Name |
Fujian Da Feng Holdings Co., Ltd. |
|
Address |
No. 399 Chengmen Street, Chengmen Town, Cangshan District, Fuzhou, Fujian, China |
|
4 |
|
|
Name |
Fujian Lifeng Footwear Industrial Development Co., Ltd. |
|
Address |
No. 888 Qinxi North Street, Wutang Town, Hanjiang District, Putian, Fujian, China |
|
5 |
|
|
Name |
Fujian Xiefeng Footwear Co., Ltd. |
|
Address |
Dong Hu Kou, Xi Tian Wei Town, Licheng District, Putian, Fujian, China |
|
6 |
|
|
Name |
Fujian San Feng Footwear Co., Ltd. |
|
Address |
No. 399 Chengmen Street, Chengmen Town, Cangshan District, Fuzhou, Fujian, China |
|
7 |
|
|
Name |
Fujian Great Hope Footwear Co., Ltd. |
|
Address |
Qing Kou Town, Min Hou County, Fuzhou, Fujian, China |
|
8 |
|
|
Name |
Xie Feng Mold Co., Ltd. |
|
Address |
Dong Hu Kou, Xi Tian Wei Town, Li Cheng District, Putain, Fujian, China |
|
9 |
|
|
Name |
Fujian Wu Feng Department Store Co., Ltd. |
|
Address |
4F, Building No. 187, Gudong Road, Gulou District, Fuzhou, Fujian, China |
|
10 |
|
|
Name |
Growth-Link Overseas Company Limited |
|
Address |
Suites 2106-09, Two Chinachem Exchange Square, 338 King's Road, North Point, Hong Kong |
|
11 |
|
|
Name |
P.T. Feng Tay Indonesia Enterprises |
|
Address |
Jl. Raya Banjaran Km 14, 6 Kecamatan, Pameungpeuk Kabupaten, Bandung, Indonesia |
|
12 |
|
|
Name |
Dona Victor Footwear Co., Ltd. |
|
Address |
Song May Industrial Zone, Bac Son Village, Trang Bom District, Dong Nai Province, Vietnam |
|
13 |
|
|
Name |
Dona Pacific (Vietnam) Co., Ltd. |
|
Address |
Song May Industrial Zone, Bac Son Village, Trang Bom District, Dong Nai Province, Vietnam |
|
14 |
|
|
Name |
Vietnam Dona Orient Co., Ltd. |
|
Address |
Song May Industrial Zone, Bac Son Village, Trang Bom District, Dong Nai Province, Vietnam |
|
15 |
|
|
Name |
Vietnam Dona Standard Footwear Co., Ltd. |
|
Address |
Xuan Loc IZ., Xuan Loc District, Dong Nai Province, Vietnam |
|
16 |
|
|
Name |
Dona Victor Molds Mfg Co., Ltd. |
|
Address |
Song May Industrial Zone, Trang Bom District, Dong Nai Province, Vietnam |
|
17 |
|
|
Name |
Vung Tau Orient Co., Ltd. |
|
Address |
11 Road, Dong Xuyen Industrial Zone, Rach Dua Ward, Vung Tau City, Ba Ria-Vung Tau Province, Vietnam |
|
18 |
|
|
Name |
Vietnam Shoe Majesty Co., Ltd. |
|
Address |
Dong Xuyen Industrial Zone, Rach Dua Ward, Vung Tau City, Ba Ria-Vung Tau Province, Vietnam |
|
19 |
|
|
Name |
Cheyyar SEZ Developers Private Ltd. |
|
Address |
Plot No. 3A, Sipcot Industrial Park, Mangal Village, Mathur Post, Cheyyar Taluk, Tiruvannamalai District, Tamil Nadu, India |
|
20 |
|
|
Name |
Lotus Footwear Enterprises Ltd. (India Branch) |
|
Address |
Plot No. 3B, Sipcot Industrial Park, Mangal Village, Mathur Post, Cheyyar Taluk, Tiruvannamalai District, Tamil Nadu, India |
|
21 |
|
|
Name |
East Wind Footwear Co., Ltd. (India Branch) |
|
Address |
Plot No. 3D (Unit 1) & Plot No. 3E (Unit 2), SIPCOT Industrial Park, Mangal Village, Mathur Post, Cheyyar Taluk, Tiruvannamalai District, Tamil Nadu, India |
Core Management
Directors
|
1 |
|
|
Name |
Qiuxiong Wang |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Jianhong Wang |
|
Position |
Director/ Manager |
|
Date of Appointment |
2000-5-22 |
|
3 |
|
|
Name |
Jianrong Wang |
|
Position |
Director |
|
Date of Appointment |
2004-9-1 |
|
4 |
|
|
Name |
Huiling Chen |
|
Position |
Director |
|
5 |
|
|
Name |
Zongda Lv |
|
Position |
Director |
|
6 |
|
|
Name |
Xijin Cai |
|
Position |
Director |
|
7 |
|
|
Name |
Zhongyi Lin |
|
Position |
Director |
|
8 |
|
|
Name |
Peter Dale Nickerson |
|
Position |
Director |
|
9 |
|
|
Name |
Shirong Chen |
|
Position |
Supervisor |
|
10 |
|
|
Name |
Yousheng Lv |
|
Position |
Supervisor |
|
11 |
|
|
Name |
Zhaoji Chen |
|
Position |
Manager |
|
Date of Appointment |
2001-10-1 |
|
12 |
|
|
Name |
Jiaqia Xu |
|
Position |
Manager |
|
Date of Appointment |
2001-10-1 |
|
13 |
|
|
Name |
Shizhong Ye |
|
Position |
Manager |
|
Date of Appointment |
2003-10-1 |
|
14 |
|
|
Name |
Boya You |
|
Position |
Manager |
|
Date of Appointment |
2003-10-1 |
|
15 |
|
|
Name |
Wenzhen Lai |
|
Position |
Manager |
|
Date of Appointment |
2006-9-1 |
|
16 |
|
|
Name |
Yingqin Zhu |
|
Position |
Manager |
|
Date of Appointment |
2009-9-1 |
|
17 |
|
|
Name |
Mingxiong Zhang |
|
Position |
Manager |
|
Date of Appointment |
2011-4-1 |
Personnel Structure
|
Total Employees |
About 85,000 Employees (Group) |
Offices & Factories
|
|
Headquarters |
|
Add |
No.52, Kegung 8th Road, Tou Lio, Yun Lin Hsien, Taiwan 640, R.O.C. |
Production Information
Subject is engaged in manufacturing of footwear
Subject has factories in Taiwan, Mainland China, Indonesia, Vietnam and India for production.
Subject can provide OEM and ODM services.
Subject collaborated with “NIKE” to establish the first Asia-based shoe manufacturing research and development center in 1992.
Purchase Information
The registered activities of subject:
|
Business Code |
Details |
|
CK01010 |
Shoemaking industry |
|
CB01010 |
Manufacturing of machinery |
|
CQ01010 |
Manufacturing of mould |
|
I501010 |
Product design |
|
F401010 |
International trade business |
|
I103010 |
Consultancy of enterprise operating management |
|
ZZ99999 |
Besides licensed business, all other business items those are not banned or restricted. |
The components and raw materials for production are purchased from both home and abroad such as Taiwan, Mainland China and Southeast Asia, etc.
Subject is engaged in sale of footwear
The major products sold by subject include sports shoes, casual shoes, rollerblade skates, ski boots and snow boots
Subject’s sales regions include Asia, Europe, America and Australia, etc.
Subject’s major customers are “Nike”, “Converse”, “Clarks”, “Rockport” and “Dr. Martens”, etc.
It is introduced that the Nike’s annual purchases orders is nearly 50 million pairs of shoes.
Import and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase
|
Terms |
Proportion |
|
|
Components and raw materials |
Cash, T/T, etc |
100% |
Foreign Purchase
|
Terms |
Proportion |
|
|
Components and raw materials |
L/C, T/T, etc |
100% |
Sales
Domestic Markets
|
Terms |
Proportion |
|
|
Footwear, etc |
Cash, T/T, etc |
100% |
Export
|
Terms |
Proportion |
|
|
Footwear, etc |
L/C, T/T, etc |
100% |
Unit: NTD/000
|
|
2012-12-31 |
2011-12-31 |
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash and cash equivalents |
34,676.00 |
55,901.00 |
|
Financial assets measured at fair value through profit or loss - current |
0.00 |
0.00 |
|
Accounts receivable - net |
153,529.00 |
68,725.00 |
|
Accounts receivable - related parties - net |
1,066,541.00 |
2,151,000.00 |
|
Other receivables |
46,155.00 |
9,778.00 |
|
Inventories |
168,003.00 |
134,466.00 |
|
Other current assets |
159,722.00 |
135,478.00 |
|
Current assets |
1,628,626.00 |
2,555,348.00 |
|
Funds and Investments |
|
|
|
Financial assets carried at cost - non current |
20,926.00 |
20,927.00 |
|
Equity investments under equity method |
9,941,932.00 |
9,603,691.00 |
|
Investments |
9,941,932.00 |
9,603,691.00 |
|
Other financial assets - non current |
232.00 |
111.00 |
|
Funds and long-term investments |
9,963,090.00 |
9,624,729.00 |
|
Fixed Assets |
|
|
|
Cost |
|
|
|
Land |
603,431.00 |
603,431.00 |
|
Buildings and structures |
1,319,832.00 |
1,317,057.00 |
|
Machinery and equipment |
1,230,133.00 |
1,001,799.00 |
|
Computer and telecommunication equipment |
90,840.00 |
97,224.00 |
|
Testing equipment |
53,034.00 |
45,223.00 |
|
Transportation equipment |
22,317.00 |
21,709.00 |
|
Office equipment |
65,261.00 |
65,378.00 |
|
Other facilities |
34,281.00 |
31,909.00 |
|
Revaluation increment |
262,346.00 |
262,346.00 |
|
Cost and revaluation increment |
3,681,475.00 |
3,446,076.00 |
|
Accumulated depreciation |
-1,375,464.00 |
-1,227,699.00 |
|
Construction in process and prepayment for equipments |
8,716.00 |
76,750.00 |
|
Fixed assets |
2,314,727.00 |
2,295,127.00 |
|
Intangible Assets |
|
|
|
Deferred pension cost |
25,204.00 |
27,004.00 |
|
Other intangible assets |
16,075.00 |
22,352.00 |
|
Intangible assets |
41,279.00 |
49,356.00 |
|
Other Assets |
|
|
|
Other assets - other |
112,210.00 |
91,905.00 |
|
Other assets |
112,210.00 |
91,905.00 |
|
Assets |
14,059,932.00 |
14,616,465.00 |
|
Liabilities and Stockholders' Equity |
|
|
|
Liabilities |
|
|
|
Current Liabilities |
|
|
|
Short-term borrowings |
51,000.00 |
226,000.00 |
|
Notes payable |
678,107.00 |
918,176.00 |
|
Accounts payable |
499,239.00 |
403,040.00 |
|
Accounts payable - related parties |
10,737.00 |
22,792.00 |
|
Income tax payable |
70,137.00 |
137,884.00 |
|
Accrued expenses |
322,193.00 |
380,171.00 |
|
Other payables |
7,188.00 |
69,717.00 |
|
Other current liabilities |
9,162.00 |
6,345.00 |
|
Current liabilities |
1,647,763.00 |
2,164,125.00 |
|
Long term Liabilities |
|
|
|
Long-term borrowings |
1,750,000.00 |
2,250,000.00 |
|
Long-term liabilities |
1,750,000.00 |
2,250,000.00 |
|
Reserves |
|
|
|
Reserve for land revaluation increment tax |
115,399.00 |
115,399.00 |
|
Reserves |
115,399.00 |
115,399.00 |
|
Other Liabilities |
|
|
|
Pension reserve / accrued pension liability |
1,032,841.00 |
944,618.00 |
|
Guarantee deposits received |
0.00 |
0.00 |
|
Deferred income tax liabilities |
260,315.00 |
150,423.00 |
|
Other liabilities - other |
226,110.00 |
283,689.00 |
|
Other liabilities |
1,519,266.00 |
1,378,730.00 |
|
Liabilities |
5,032,428.00 |
5,908,254.00 |
|
Stockholders' Equity |
|
|
|
Capital |
|
|
|
Common stock |
5,353,226.00 |
5,197,307.00 |
|
Capital Surplus |
|
|
|
Capital surplus - treasury stock transactions |
4,143.00 |
4,143.00 |
|
Capital surplus - gain on disposal of fixed assets |
32,980.00 |
32,980.00 |
|
Capital surplus - donated assets received |
4.00 |
4.00 |
|
Capital surplus - long-term equity investments |
10,230.00 |
10,230.00 |
|
Capital surplus - premium from merger |
2,160.00 |
2,160.00 |
|
Capital surplus |
49,517.00 |
49,517.00 |
|
Retained Earnings |
|
|
|
Legal reserve |
1,766,731.00 |
1,623,521.00 |
|
Special reserve |
841,591.00 |
841,591.00 |
|
Unappropriated retained earnings |
2,074,495.00 |
1,636,153.00 |
|
Retained earnings |
4,682,817.00 |
4,101,265.00 |
|
Stockholders' Equity and Other adjustment |
|
|
|
Cumulative translation adjustments |
-987,655.00 |
-616,320.00 |
|
Net loss not recognized as pension cost |
-240,650.00 |
-193,807.00 |
|
Unrealized Revaluation Increment |
170,249.00 |
170,249.00 |
|
Equity adjustments |
-1,058,056.00 |
-639,878.00 |
|
Stockholdersˉ equity |
9,027,504.00 (USD 306,935,136.00) |
8,708,211.00 (USD 296,079,174.00) |
|
Number of treasury stock acquired by the company and subsidiaries (unit: share) |
0.00 |
0.00 |
|
|
0.00 |
0.00 |
(As of 2013.12, 1 NTD
= 0.0340 USD)
Unit: NTD/000
|
|
2012 |
2011 |
|
Sales |
10,768,614.00 (USD 366,132,876.00) |
12,005,283.00 (USD 408,179,622.00) |
|
Sales discounts and allowances |
8,284.00 |
9,393.00 |
|
Sales |
10,760,330.00 |
11,995,890.00 |
|
Technical service sale |
1,975,622.00 |
2,047,076.00 |
|
Service sale |
1,975,622.00 |
2,047,076.00 |
|
Operating income |
12,735,952.00 |
14,042,966.00 |
|
Cost of sales |
10,046,713.00 |
11,298,990.00 |
|
Costs of technical services |
271,297.00 |
248,041.00 |
|
Cost of services |
271,297.00 |
248,041.00 |
|
Operating costs |
10,318,010.00 |
11,547,031.00 |
|
Gross profit (loss) from operations |
2,417,942.00 |
2,495,935.00 |
|
Unrealized gains on intercompany transactions |
226,110.00 |
283,689.00 |
|
Realized gains on intercompany transactions |
283,689.00 |
332,168.00 |
|
Selling expense |
707,496.00 |
665,526.00 |
|
Research and development expenses |
1,030,064.00 |
1,020,265.00 |
|
Operating expenses |
1,737,560.00 |
1,685,791.00 |
|
Operating income (loss) |
737,961.00 |
858,623.00 |
|
Non-Operating Income |
|
|
|
Interest income |
45.00 |
22.00 |
|
Income from long-term equity investments under the equity method |
1,157,939.00 |
646,885.00 |
|
Dividends |
5,957.00 |
5,688.00 |
|
Investment income |
1,163,896.00 |
652,573.00 |
|
Gains on disposal of fixed assets |
1,046.00 |
1,343.00 |
|
Foreign exchange gains |
0.00 |
108,674.00 |
|
Revaluation gain on financial assets |
0.00 |
678.00 |
|
Miscellaneous income |
85,880.00 |
65,150.00 |
|
Non-operating sales and gains |
1,250,867.00 |
828,440.00 |
|
Non-Operating Expenses |
|
|
|
Interest expense |
25,744.00 |
22,568.00 |
|
Investment loss |
0.00 |
0.00 |
|
Loss on disposal of fixed assets |
78.00 |
797.00 |
|
Loss on sale of investments |
5,031.00 |
0.00 |
|
Foreign exchange losses |
29,141.00 |
0.00 |
|
Impairment loss on assets |
5,219.00 |
0.00 |
|
Miscellaneous disbursements |
3,590.00 |
3,500.00 |
|
Non-operating expenses and losses |
68,803.00 |
26,865.00 |
|
Income from continuing operations before income tax |
1,920,025.00 |
1,660,198.00 |
|
Income tax expense (benefit) |
241,070.00 |
228,096.00 |
|
Income from continuing operations |
1,678,955.00 |
1,432,102.00 |
|
Net income (loss) |
1,678,955.00 (USD 57,084,470.00) |
1,432,102.00 (USD 48,691,468.00) |
|
Primary Earnings per Share |
|
|
|
Primary earnings per share |
3.14 |
2.68 |
|
Diluted earnings per share |
|
|
(As of 2013.12, 1
NTD = 0.0340 USD)
Unit: NTD/000
|
|
2012 |
2011 |
|
Cash Flows from Operating Activities - Indirect Method |
|
|
|
Net Income (Loss) |
1,678,955.00 |
1,432,102.00 |
|
Adjustments to Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities |
|
|
|
Depreciation Expense |
183,754.00 |
121,569.00 |
|
Amortization Expense |
26,045.00 |
21,063.00 |
|
Loss (Gain) on Decline (Recovery) in Market Value, Scrap and Obsolescence of Inventories |
-530.00 |
-12,147.00 |
|
Loss (Gain) on Physical Inventory |
-251.00 |
-172.00 |
|
Investment Loss (Income) Recognized under Equity Method |
-1,157,939.00 |
-646,886.00 |
|
Cash Dividends Received from Investments Accounted for under Equity Method |
375,515.00 |
773,820.00 |
|
Loss (Gain) on Disposal of Property, Plant and Equipment |
-968.00 |
-546.00 |
|
Loss (Gain) on Disposal of Investments |
5,031.00 |
0.00 |
|
Impairment Loss on Non-Financial Assets |
5,219.00 |
0.00 |
|
Changes in Operating Assets and Liabilities |
|
|
|
Decrease (Increase) in Financial Assets Held for Trading |
0.00 |
26,628.00 |
|
Decrease (Increase) in Accounts Receivable |
999,655.00 |
-584,054.00 |
|
Decrease (Increase) in Other Receivables |
-36,377.00 |
59,245.00 |
|
Decrease (Increase) in Inventories |
-32,757.00 |
-25,940.00 |
|
Decrease (Increase) in Other Current Assets |
25,107.00 |
-7,272.00 |
|
Decrease (Increase) in Deferred Tax Assets |
136,597.00 |
59,751.00 |
|
Increase (Decrease) in Notes Payable |
-155,925.00 |
-79,313.00 |
|
Increase (Decrease) in Income Tax Payable |
-67,747.00 |
51,333.00 |
|
Increase (Decrease) in Accrued Expenses |
-57,978.00 |
30,819.00 |
|
Increase (Decrease) in Other Current Liabilities |
2,817.00 |
89.00 |
|
Increase (Decrease) in Accrued Pension Liabilities |
43,180.00 |
52,092.00 |
|
Increase (Decrease) in Deferred Credits |
-57,579.00 |
-48,479.00 |
|
Net Cash Provided by (Used in) Operating Activities |
1,913,824.00 |
1,223,702.00 |
|
Cash Flows from Investing Activities |
|
|
|
Capital Reduction of Financial Assets Carried at Cost |
1.00 |
2.00 |
|
Acquisition of Investments Accounted for by Equity Method |
-72,718.00 |
0.00 |
|
Proceeds from Disposal of Investments Accounted for by Equity Method |
53,291.00 |
0.00 |
|
Purchase of Property, Plant and Equipment |
-270,976.00 |
-403,030.00 |
|
Proceeds from Disposal of Property, Plant and Equipment |
2,914.00 |
8,628.00 |
|
Purchase of Intangible Assets |
-9,221.00 |
-18,019.00 |
|
Decrease (Increase) in Other Financial Assets |
-121.00 |
64.00 |
|
Decrease (Increase) in Other Assets |
-27,704.00 |
-30,542.00 |
|
Net Cash Provided by (Used in) Investing Activities |
-324,534.00 |
-442,897.00 |
|
Cash Flows from Financing Activities |
|
|
|
Increase (Decrease) in Short-term Loans |
-175,000.00 |
-115,500.00 |
|
Proceeds from Long-term Debt |
2,000,000.00 |
2,400,000.00 |
|
Repayment of Long-term Debt |
-2,500,000.00 |
-2,100,000.00 |
|
Increase (Decrease) in Guarantee Deposits Received |
0.00 |
-75.00 |
|
Cash Dividends Paid |
-935,515.00 |
-935,515.00 |
|
Net Cash Provided by (Used in) Financing Activities |
-1,610,515.00 |
-751,090.00 |
|
Net Increase (Decrease) in Cash and Cash Equivalents |
-21,225.00 |
29,715.00 |
|
Cash and Cash Equivalents, Beginning of year |
55,901.00 |
26,186.00 |
|
Cash and Cash Equivalents, End of year |
34,676.00 |
55,901.00 |
|
Supplemental Cash Flow Information |
|
|
|
Interest Paid- Excluding Capitalized Interest |
25,542.00 |
22,611.00 |
|
Income Tax Paid |
168,539.00 |
112,043.00 |
|
Investing Activities Affecting Both Cash and Non-cash Items |
|
|
|
Cash Paid for Acquisition of Property, Plant and Equipment |
|
|
|
Increase in Property, Plant and Equipment |
208,447.00 |
462,056.00 |
|
Increase (Decrease) in Payable for Equipment Purchased |
62,529.00 |
-59,026.00 |
|
Cash Paid for Acquisition of Property, Plant and Equipment |
270,976.00 |
403,030.00 |
Subject declined to disclose
its bank details; from other source we cannot obtain the relevant information,
either.
Mortgage
No chattel mortgage record of subject has been found within the recent 3 months.
Lawsuit
Up to date of reporting, no existing or latent litigation of the subject has been found.
|
Name |
Ms. Chen |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.86 |
|
|
1 |
Rs.98.82 |
|
Euro |
1 |
Rs.80.72 |
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.