|
Report Date : |
21.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
SHINKONG
SYNTHETIC FIBERS CORP. |
|
|
|
|
Registered Office : |
6,7Fl., No.123, Sec. 2, Nanking E. Rd., Taipei |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
25.04.1967 |
|
|
|
|
Com. Reg. No.: |
07435515 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
engaged in manufacturing and sale of chemical products such as PET
Resin, Polyester Filaments, Cotton, Engineering Plastic, Polyester Film &
Sheet |
|
|
|
|
No of Employees : |
About 2,000 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: |
8Fl., No.123,
Sec. 2, Nanking E. Rd., Taipei, Taiwan, R.O.C. |
|
Supplied Address: |
|
|
Telephone Number: |
+886-2-2507-1251 |
|
Fax Number: |
+886-2-2507-2264 |
|
E-mail: |
Notes: The exact name and address are as above.
|
Credit Opinion: |
Subject was incorporated on 1967-4-25
with registered number 07435515 as Joint Stock Company in Taiwan.
Subject listed on Taiwan Stock
Exchange on 1973-8-31.
|
Name |
Subscription Shares |
|
Shin Kong Development Co., Ltd. |
2,794,213 |
|
Shinkong Co., Ltd. |
84,414,691 |
|
De Yue Industrial Co., Ltd. (Literal
Translation) |
1,200,043 |
|
Jin Xian Investment Co., Ltd. (Literal
Translation) |
4,885,058 |
|
Shin Kong Wu Ho-Su Culture and Education
Foundation |
60,442 |
|
Mian Hao Industrial Co., Ltd. (Literal
Translation) |
1,226,456 |
|
Shin Kong Recreation Co., Ltd. |
75,428,369 |
The information
above is that of subject’s major shareholders.
Shareholder
Information:
|
1 |
|
|
Registered Name: |
Shin Kong Development Co., Ltd. |
|
Registered Address: |
6F., No.21, Sec. 3, Nanjing E. Rd., Jhongshan District, Taipei City
104, Taiwan (R.O.C.) |
|
Date of Foundation: |
1991-7-10 |
|
Registration Number: |
86155191 |
|
Registry: |
Taipei City Government |
|
Registered Capital: |
NTD 69,500,000 (USD 2,300,450) (As of 2014.5, 1 NTD = 0.0331 USD) |
|
Paid-up Capital: |
NTD 69,500,000 (USD 2,300,450) |
|
Legal Representatives: |
Dongsheng Wu |
|
Legal Form: |
Joint Stock Company |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2013-4-22 |
|
2 |
|
|
Registered Name: |
Shinkong Co., Ltd. |
|
Registered Address: |
6th Fl., No.123, Sec.2, Nan King E. Road, Taipei Taiwan
R.O.C. |
|
Date of Foundation: |
1958-1-1 |
|
Registration Number: |
07127904 |
|
Registry: |
Taipei City Government |
|
Registered Capital: |
NTD 195,000,000 (USD 6,454,500) (As of 2014.5, 1 NTD = 0.0331 USD) |
|
Paid-up Capital: |
NTD 194,400,000 (USD 6,434,640) |
|
Legal Representatives: |
Guilan Wu |
|
Legal Form: |
Joint Stock Company |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2013-7-22 |
|
3 |
|
|
Registered Name: |
De Yue Industrial Co., Ltd. (Literal Translation) |
|
Registered Address: |
6th Fl., No.21, Sec.3, Nan King E. Road, Taipei Taiwan
R.O.C. |
|
Date of Foundation: |
1991-4-23 |
|
Registration Number: |
86031431 |
|
Registry: |
Taipei City Government |
|
Registered Capital: |
NTD 28,000,000 (USD 926,800) (As of 2014.5, 1 NTD = 0.0331 USD) |
|
Paid-up Capital: |
NTD 28,000,000 (USD 926,800) |
|
Legal Representatives: |
Dongsheng Wu |
|
Legal Form: |
Joint Stock Company |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2013-4-19 |
|
4 |
|
|
Registered Name: |
Jin Xian Investment Co., Ltd. (Literal Translation) |
|
Registered Address: |
7th Fl., No.123, Sec.2, Nan King E. Road, Taipei Taiwan
R.O.C. |
|
Date of Foundation: |
1987-5-9 |
|
Registration Number: |
22553791 |
|
Registry: |
Taipei City Government |
|
Registered Capital: |
NTD 100,000,000 (USD 3,310,000) (As of 2014.5, 1 NTD = 0.0331 USD) |
|
Paid-up Capital: |
NTD 100,000,000 (USD 3,310,000) |
|
Legal Representatives: |
Dongxian Wu |
|
Legal Form: |
Joint Stock Company |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2003-3-31 |
|
5 |
|
|
Registered Name: |
Mian Hao Industrial Co., Ltd. (Literal Translation) |
|
Registered Address: |
10th Fl., No.123, Sec.2, Nan King E. Road, Taipei Taiwan
R.O.C. |
|
Date of Foundation: |
1985-11-5 |
|
Registration Number: |
01188571 |
|
Registry: |
Taipei City Government |
|
Registered Capital: |
NTD 150,000,000 (USD 4,965,000) (As of 2014.5, 1 NTD = 0.0331 USD) |
|
Paid-up Capital: |
NTD 150,000,000 (USD 4,965,000) |
|
Legal Representatives: |
Zhendong Chen |
|
Legal Form: |
Joint Stock Company |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2012-12-28 |
|
6 |
|
|
Registered Name: |
Shin Kong Recreation Co., Ltd. |
|
Registered Address: |
8th Fl., No.123, Sec.2, Nan King E. Road, Taipei Taiwan
R.O.C. |
|
Date of Foundation: |
1972-7-31 |
|
Registration Number: |
04205933 |
|
Registry: |
Taipei City Government |
|
Registered Capital: |
NTD 196,000,000 (USD 6,487,600) (As of 2014.5, 1 NTD = 0.0331 USD) |
|
Paid-up Capital: |
NTD 196,000,000 (USD 6,487,600) |
|
Legal Representatives: |
Dongsheng Wu |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2013-10-24 |
Factories
|
|
|
|
Name: |
Shinkong Synthetic Fibers Corp. Kuanyin Factory |
|
Address: |
No.9, Guojian 3rd Road, 15 Lin, Shulin Village, Kuanyin
Township, Taoyuan County, Taiwan, R.O.C. |
|
Date of Foundation: |
1992-7-1 |
|
Date of Registration: |
1995-6-7 |
|
Factory Registration Number: |
99622217 |
|
Factory Manager: |
Dongsheng Wu |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2008-8-25 |
|
Major Products: |
185 Man-Made
Fibre 184 Synthetic
resin, plastic and rubber 111 Spinning |
|
2 |
|
|
Name |
Shinkong Synthetic Fibers Corp. Chungli Factory |
|
Address: |
No.223, Sec 3, Yanping Road, Guangren Li, Pingzhen Town, Taoyuan
County, Taiwan, R.O.C. |
|
Date of Foundation: |
1969-1-1 |
|
Date of Registration: |
1970-3-1 |
|
Factory Registration Number: |
99623862 |
|
Factory Manager: |
Dongsheng Wu |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2005-1-28 |
|
Major Products: |
115 Textiles 185 Man-Made
Fibre 184 Synthetic resin, plastic and rubber |
|
3 |
|
|
Name |
Polyester Film Factory |
|
Address: |
Jieshou Road, Taoyuan County, Taiwan, R.O.C. |
Note: It is introduced that subject also has a factory in Thailand for
production.
Related Companies
|
Name |
Hangzhou Huachun Chemical Fiber Co., Ltd. |
|
Address: |
No.766, Xiasha Economic Development Zone, Jianggan District, Hangzhou City,
Zhejiang Province, China |
|
Tel: |
+86-571-5675-5777 |
|
Fax: |
+86-571-8684-0900 |
Branch Companies
|
1 |
|
|
Name |
Shi Zi Lin Branch |
|
Registered Address |
GF, 1F, 2F, 4F, and 5F, No.36, Xining S. Rd., Taipei City, Taiwan
(R.O.C.) |
|
Registration Number |
36543730 |
|
2 |
|
|
Name |
Xinyi Branch |
|
Registered Address |
1F, 2F, 3F and GF, No.230, Sec. 2, Xinyi Rd., Da'an Dist., Taipei
City, Taiwan (R.O.C.) |
|
Registration Number |
30862216 |
|
3 |
|
|
Name |
Nanjing W. Rd Branch |
|
Registered Address |
1F., No.12, Nanjing W. Rd., Zhongshan Dist., Taipei City, Taiwan
(R.O.C.) |
|
Registration Number |
12273173 |
|
4 |
|
|
Name |
Minsheng Branch |
|
Registered Address |
No.1036 and No. 1036-2F, Minsheng E. Rd., Songshan Dist., Taipei City,
Taiwan (R.O.C.) |
|
Registration Number |
04737122 |
|
5 |
|
|
Name |
Kaohsiung Electronic Game Industry Branch |
|
Registered Address |
13、14F., No.213,
Sanduo 3rd Rd., Qianzhen Dist., Kaohsiung City, Taiwan (R.O.C.) |
|
Registration Number |
84706564 |
Core Management
|
1 |
|
|
Name |
Dongsheng Wu |
|
Position |
Board Chairman |
|
Date of Appointment |
2007-7-26 |
|
2 |
|
|
Name |
Dongming Wu |
|
Position |
Vice-President |
|
3 |
|
|
Name |
Guilan Wu |
|
Position |
Director |
|
4 |
|
|
Name |
Zhongliang Wei |
|
Position |
Director |
|
5 |
|
|
Name |
Ruonan Sun |
|
Position |
Director |
|
6 |
|
|
Name |
Yaozong He |
|
Position |
Director |
|
7 |
|
|
Name |
Xianzhong He |
|
Position |
Director |
|
8 |
|
|
Name |
Shunmu Ni |
|
Position |
Director |
|
9 |
|
|
Name |
Ren Xie |
|
Position |
Director/ Supervisor |
|
10 |
|
|
Name |
Shijun Hong |
|
Position |
Supervisor |
|
11 |
|
|
Name |
Rongji Liu |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 2,000
Employees |
Offices &
Factories
|
|
Headquarters |
|
Add |
8Fl., No.123, Sec. 2, Nanking E. Rd.,
Taipei, Taiwan, R.O.C. |
Production
Information
l
Subject is engaged in manufacturing of chemical products
l
Subject has three factories in Taiwan for
production and the total area is about 444,000 square meters.
l
We obtained subject’s some annual
production capacity as follows for reference.
|
Product |
Annual Production Capacity |
|
PET Resin |
888,171 tons |
|
Polyester Filaments |
257,203 tons |
|
Cotton |
34,493 tons |
|
Engineering Plastic |
100,302 tons |
|
Polyester Film & Sheet |
86,625 tons |
l
Subject obtained the certifications of
ISO 9001:2000, ISO 14001, and ISO 16949.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
C301010 |
Spinning industry |
|
C302010 |
Weaving industry |
|
C303010 |
Nonwoven industry |
|
C306010 |
Garment industry |
|
C801100 |
Manufacturing of synthetic resin and
plastic |
|
C801120 |
Manufacturing of artificial fiber |
|
C805050 |
Manufacturing of industrial plasthetics |
|
CB01010 |
Manufacturing of machinery |
|
CC01120 |
Manufacturing of data storage media |
|
F501060 |
Restaurant business |
|
F104110 |
Wholesale of textile, garment, shoes, hat,
umbrella, and accessories |
|
F204110 |
Retail of textile, garment, shoes, hat,
umbrella, and accessories |
|
F105050 |
Wholesale of furniture, bedding, kitchen
utensil and accessories |
|
F205040 |
Retail of furniture, bedding, kitchen
utensil and accessories |
|
F113050 |
Wholesale of computer and office equipment |
|
F213030 |
Retail of computer and office equipment |
|
G202010 |
Park operation |
|
H701040 |
Development of specific area |
|
H701060 |
New town and community development
business |
|
I103060 |
Consultant business |
|
I501010 |
Product design |
|
J701020 |
Fairground business |
|
J701040 |
Leisure venues business |
|
J801010 |
Golf course business |
|
J801030 |
Sports and leisure sports industry |
|
J901020 |
Hotel industry |
|
JE01010 |
Leasing business |
|
ZZ99999 |
Besides licensed business, all other
business items those are not banned or restricted |
l
The raw materials for production are
purchased from both home and abroad and the detail information is as follows
for reference.
|
Raw materials |
Major Supplier |
|
Purified Terephthalic Acid |
China American Petrochemical Co., Ltd,
Formosa Chemicals & Fibre Corporation, Invista Far Eastern Petrochemicals
Ltd., Amoco Corporation |
|
Ethylene Glycol |
China Man-Made Fiber Corporation, Oriental
Union Chemical Corp., Nan Ya Plastics Corporation, BASF, DuPont, Tuntex
Petrochemical Inc. |
l Subject
is engaged in sale of chemical products
l Subject’s
sales regions include Taiwan, Mainland China, India, Japan, Europe and USA,
etc.
l Subject’s
major customers are beverage manufacturer and garment manufacturer, etc.
Major products
|
Type |
Product |
|
Chemical Fiber |
Polyester Staple Fibers Polyester
Filament Yarn Industrial
Yarn Pre-Oriented Yarn |
|
Plastic |
PET Bottles Engineering Plastics Polyester Film A-PET Sheet PET Grade Resin |
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
Domestic Purchase
|
Product |
Terms |
Proportion |
|
Raw materials |
Cash, T/T, Credit Sales, etc |
100% |
Foreign Purchase
|
Product |
Terms |
Proportion |
|
Raw materials |
L/C, T/T, etc |
100% |
Sales
Domestic Markets
|
Product |
Terms |
Proportion |
|
Chemical products |
Cash, T/T, Credit Sales, etc |
100% |
Export
|
Product |
Terms |
Proportion |
|
Chemical products |
L/C, T/T, etc |
100% |
Unit: NTD/000
|
|
2012-12-31 |
2011-12-31 |
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash and cash equivalents |
526,017.00 |
323,368.00 |
|
Financial assets measured at fair value through
profit or loss - current |
90.00 |
1,089.00 |
|
Available-for-sale financial assets -
current |
135,391.00 |
295,112.00 |
|
Notes receivable - net |
150,301.00 |
110,066.00 |
|
Notes receivable - related parties - net |
148,318.00 |
115,299.00 |
|
Accounts receivable - net |
1,417,342.00 |
2,375,655.00 |
|
Accounts receivable - related parties -
net |
937,043.00 |
616,954.00 |
|
Other receivables |
113,679.00 |
111,052.00 |
|
Other receivables - related parties |
69,619.00 |
111,006.00 |
|
Inventories |
3,193,005.00 |
3,514,756.00 |
|
Prepaid expenses |
3,312.00 |
1,916.00 |
|
Other prepayments |
382,691.00 |
297,646.00 |
|
Other current assets |
45,417.00 |
74,804.00 |
|
Current assets |
7,122,225.00 |
7,948,723.00 |
|
Funds and Investments |
|
|
|
Available-for-sale financial assets - non
current |
4,114,649.00 |
3,632,103.00 |
|
Financial assets carried at cost - non
current |
735,068.00 |
737,965.00 |
|
Equity investments under equity method |
14,946,656.00 |
14,749,823.00 |
|
Investments |
14,946,656.00 |
14,749,823.00 |
|
Funds and long-term investments |
19,796,373.00 |
19,119,891.00 |
|
Fixed Assets |
|
|
|
Cost |
|
|
|
Land |
1,322,997.00 |
1,317,830.00 |
|
Buildings and structures |
2,733,216.00 |
2,617,061.00 |
|
Machinery and equipment |
11,671,619.00 |
11,868,635.00 |
|
Transportation equipment |
28,442.00 |
17,464.00 |
|
Office equipment |
64,927.00 |
63,148.00 |
|
Other facilities |
50,298.00 |
49,562.00 |
|
Revaluation increment |
2,309,224.00 |
2,309,224.00 |
|
Cost and revaluation increment |
18,180,723.00 |
18,242,924.00 |
|
Accumulated depreciation |
-11,279,463.00 |
-11,983,568.00 |
|
Accumulated impairment - fixed assets |
-234,148.00 |
-234,637.00 |
|
Construction in process and prepayment for
equipments |
76,781.00 |
1,035,207.00 |
|
Fixed assets |
6,743,893.00 |
7,059,926.00 |
|
Intangible Assets |
|
|
|
OtherAssets |
|
|
|
Rental assets |
3,369,643.00 |
3,421,151.00 |
|
Idled assets |
0.00 |
0.00 |
|
Deferred income tax assets - non current |
0.00 |
9,833.00 |
|
Other assets - other |
461,130.00 |
76,884.00 |
|
Other assets |
3,830,773.00 |
3,507,868.00 |
|
Assets |
37,493,264.00 |
37,636,408.00 |
|
Liabilities and Stockholders' Equity |
|
|
|
Liabilities |
|
|
|
Current Liabilities |
|
|
|
Short-term borrowings |
1,926,360.00 |
350,000.00 |
|
Short-term notes and bills payable |
779,813.00 |
659,778.00 |
|
Financial liabilities measured at fair
value through profit or loss - current |
1,950.00 |
1,373.00 |
|
Accounts payable |
980,622.00 |
786,725.00 |
|
Accounts payable - related parties |
340,348.00 |
700,060.00 |
|
Accrued expenses |
377,466.00 |
432,382.00 |
|
Other payables |
85,241.00 |
98,972.00 |
|
Advance receipts |
171,986.00 |
35,127.00 |
|
Long-term liabilities - current portion |
1,098,718.00 |
571,555.00 |
|
Other current liabilities |
21,877.00 |
101,795.00 |
|
Current liabilities |
5,784,381.00 |
3,737,767.00 |
|
Long term Liabilities |
|
|
|
Bonds payable |
0.00 |
0.00 |
|
Long-term borrowings |
6,909,936.00 |
9,381,779.00 |
|
Long-term liabilities |
6,909,936.00 |
9,381,779.00 |
|
Reserves |
|
|
|
Reserve for land revaluation increment tax |
666,374.00 |
666,374.00 |
|
Reserves |
666,374.00 |
666,374.00 |
|
Other Liabilities |
|
|
|
Pension reserve / accrued pension liability |
948,374.00 |
914,057.00 |
|
Guarantee deposits received |
10,333.00 |
10,435.00 |
|
Deferred income tax liabilities |
4,149.00 |
0.00 |
|
Other liabilities - other |
113,389.00 |
173,258.00 |
|
Other liabilities |
1,076,245.00 |
1,097,750.00 |
|
Liabilities |
14,436,936.00 |
14,883,670.00 |
|
Stockholders' Equity |
|
|
|
Capital |
|
|
|
Common stock |
17,604,840.00 |
18,282,070.00 |
|
Capital Surplus |
|
|
|
Capital surplus - additional paid-in
capital |
463,247.00 |
463,247.00 |
|
Capital surplus - treasury stock
transactions |
277,675.00 |
223,391.00 |
|
Capital surplus - long-term equity
investments |
432,236.00 |
451,862.00 |
|
Capital surplus |
1,173,158.00 |
1,138,500.00 |
|
Retained Earnings |
|
|
|
Legal reserve |
488,568.00 |
362,380.00 |
|
Special reserve |
655,912.00 |
655,912.00 |
|
Unappropriated retained earnings |
1,883,378.00 |
1,609,858.00 |
|
Retained earnings |
3,027,858.00 |
2,628,150.00 |
|
Stockholders' Equity and Other adjustment |
|
|
|
Cumulative translation adjustments |
227,637.00 |
370,887.00 |
|
Net loss not recognized as pension cost |
-21,911.00 |
-35,641.00 |
|
Unrealized gains (losses) on financial
instruments |
-416,183.00 |
-1,105,450.00 |
|
Unrealized Revaluation Increment |
1,815,938.00 |
1,816,613.00 |
|
Treasure stock |
-355,009.00 |
-342,391.00 |
|
Equity adjustments |
1,250,472.00 |
704,018.00 |
|
Stockholdersˉ equity |
23,056,328.00 (USD 763,164,456.80) |
22,752,738.00 (USD 753,115,627.80) |
|
Number of treasury stock acquired by the
company and subsidiaries (unit: share) |
37,163,487.00 |
35,663,487.00 |
|
|
0.00 |
0.00 |
(As of 2014.5, 1 NTD =
0.0331 USD)
Unit: NTD/000
|
|
2012 |
2011 |
|
Sales |
24,947,666.00 (USD 825,767,744.60) |
26,986,734.00 (USD 893,260,895.40) |
|
Sales returns |
58,478.00 |
187,103.00 |
|
Sales discounts and allowances |
18,593.00 |
38,032.00 |
|
Sales |
24,870,595.00 |
26,761,599.00 |
|
Operating income |
24,870,595.00 |
26,761,599.00 |
|
Cost of sales |
23,958,524.00 |
25,034,469.00 |
|
Operating costs |
23,958,524.00 |
25,034,469.00 |
|
Gross profit (loss) from operations |
912,071.00 |
1,727,130.00 |
|
Unrealized gains on intercompany
transactions |
27,116.00 |
37,803.00 |
|
Realized gains on intercompany
transactions |
44,598.00 |
46,273.00 |
|
Selling expense |
610,339.00 |
512,160.00 |
|
General and administrative expenses |
326,540.00 |
433,339.00 |
|
Operating expenses |
936,879.00 |
945,499.00 |
|
Operating income (loss) |
-7,326.00 |
790,101.00 |
|
Non-Operating Income |
|
|
|
Interest income |
885.00 |
3,272.00 |
|
Income from long-term equity investments
under the equity method |
722,228.00 |
518,664.00 |
|
Dividends |
121,855.00 |
118,441.00 |
|
Investment income |
844,083.00 |
637,105.00 |
|
Gains on disposal of fixed assets |
544.00 |
0.00 |
|
Gains on sale of investments |
306,787.00 |
17,752.00 |
|
Foreign exchange gains |
0.00 |
50,005.00 |
|
Rent income |
110,658.00 |
93,163.00 |
|
Reversal of provision for bad debts |
39,235.00 |
5,938.00 |
|
Miscellaneous income |
87,617.00 |
94,541.00 |
|
Non-operating revenues and gains |
1,389,809.00 |
901,776.00 |
|
Non-Operating Expenses |
|
|
|
Interest expense |
158,882.00 |
135,092.00 |
|
Investment loss |
0.00 |
0.00 |
|
Loss on disposal of fixed assets |
0.00 |
181.00 |
|
Foreign exchange losses |
58,149.00 |
0.00 |
|
Revaluation loss on financial liabilities |
1,576.00 |
25,919.00 |
|
Miscellaneous disbursements |
142,233.00 |
139,410.00 |
|
Non-operating expenses and losses |
360,840.00 |
300,602.00 |
|
Income from continuing operations before
income tax |
1,021,643.00 |
1,391,275.00 |
|
Income tax expense (benefit) |
57,982.00 |
129,391.00 |
|
Income from continuing operations |
963,661.00 |
1,261,884.00 |
|
Net income (loss) |
963,661.00 (USD 32,764,474.00) |
1,261,884.00 (USD 42,904,056.00) |
|
Primary Earnings per Share |
|
|
|
Primary earnings per share |
0.55 |
0.71 |
|
Diluted earnings per share |
|
|
|
Diluted earnings per share |
0.55 |
0.71 |
(As of 2014.5, 1 NTD =
0.0331 USD)
Unit: NTD/000
|
|
2012 |
2011 |
|
Cash Flows from Operating Activities -
Indirect Method |
|
|
|
Net Income (Loss) |
963,661.00 |
1,261,884.00 |
|
Adjustments to Reconcile Net Income to Net
Cash Provided by (Used in) Operating Activities |
|
|
|
Depreciation Expense |
416,314.00 |
472,767.00 |
|
Share-based Compensation |
0.00 |
43,800.00 |
|
Amortization of Discounts (Premiums) on
Bonds Payable |
0.00 |
458.00 |
|
Difference Between Net Pension Cost and
Plan Contribution |
34,317.00 |
1,142.00 |
|
Investment Loss (Income) Recognized under
Equity Method |
-722,228.00 |
-518,664.00 |
|
Cash Dividends Received from Investments
Accounted for under Equity Method |
499,406.00 |
535,953.00 |
|
Loss (Gain) on Disposal of Property, Plant
and Equipment |
-544.00 |
181.00 |
|
Loss (Gain) on Disposal of Investments |
-306,787.00 |
-17,752.00 |
|
Unrealized Revaluation Loss (Gain) on
Financial Assets and Liabilities |
1,576.00 |
25,919.00 |
|
Loss (Gain) on Deferred Income Tax |
44,046.00 |
60,378.00 |
|
Changes in Operating Assets and
Liabilities |
|
|
|
Decrease (Increase) in Notes Receivable |
-40,235.00 |
110,086.00 |
|
Decrease (Increase) in Notes Receivable - Related
Parties |
-33,019.00 |
11,674.00 |
|
Decrease (Increase) in Accounts Receivable |
958,313.00 |
-495,487.00 |
|
Decrease (Increase) in Accounts Receivable
- Related Parties |
-320,089.00 |
173,489.00 |
|
Decrease (Increase) in Other Receivables |
43,639.00 |
12,837.00 |
|
Decrease (Increase) in Other Receivable-
Related Parties |
-2,627.00 |
-28,404.00 |
|
Decrease (Increase) in Inventories |
321,751.00 |
-502,138.00 |
|
Decrease (Increase) in Other Prepayments |
-86,441.00 |
-149,392.00 |
|
Decrease (Increase) in Other Current
Assets |
-677.00 |
5,349.00 |
|
Increase (Decrease) in Accounts Payable |
193,897.00 |
-473,123.00 |
|
Increase (Decrease) in Accounts Payable -
Related Parties |
-359,712.00 |
-32,016.00 |
|
Increase (Decrease) in Accrued Expenses |
-54,916.00 |
-78,258.00 |
|
Increase (Decrease) in Other Payables |
-13,731.00 |
-19,933.00 |
|
Increase (Decrease) in Receipts in Advance |
136,859.00 |
-38,685.00 |
|
Increase (Decrease) in Other Current
Liabilities |
-79,918.00 |
16,848.00 |
|
Increase (Decrease) in Deferred Credits |
-17,480.00 |
-8,474.00 |
|
Net Cash Provided by (Used in) Operating
Activities |
1,575,375.00 |
370,439.00 |
|
Cash Flows from Investing Activities |
|
|
|
Acquisition of Available-for-sale
Financial Assets |
-77,294.00 |
-570,777.00 |
|
Proceeds from Disposal of
Available-for-sale Financial Assets |
245,096.00 |
832,425.00 |
|
Acquisition of Investments Accounted for
by Equity Method |
-30,049.00 |
-1,316,663.00 |
|
Proceeds from Disposal of Investments
Accounted for by Equity Method |
358,736.00 |
28,556.00 |
|
Proceeds from Capital Reduction of
Investments Accounted for under Equity Method |
2,221.00 |
301,260.00 |
|
Purchase of Property, Plant and Equipment |
-439,953.00 |
-2,338,007.00 |
|
Proceeds from Disposal of Property, Plant
and Equipment |
731.00 |
59,891.00 |
|
Decrease (Increase) in Refundable Deposits |
649.00 |
-13,478.00 |
|
Increase in Deferred Charges |
-450.00 |
-24,590.00 |
|
Decrease (Increase) in Restricted Assets |
0.00 |
102,529.00 |
|
Net Cash Provided by (Used in) Investing
Activities |
59,687.00 |
-2,938,854.00 |
|
Cash Flows from Financing Activities |
|
|
|
Increase (Decrease) in Short-term Loans |
1,576,360.00 |
-1,258,000.00 |
|
Increase (Decrease) in Short-term Notes
and Bills Payable |
120,035.00 |
40,103.00 |
|
Proceeds from Long-term Debt |
0.00 |
3,415,723.00 |
|
Repayment of Long-term Debt |
-1,944,680.00 |
0.00 |
|
Increase (Decrease) in Guarantee Deposits Received |
-102.00 |
5,005.00 |
|
Cash Dividends Paid |
-548,463.00 |
-605,579.00 |
|
Proceeds from Issuance of Shares |
0.00 |
1,231,000.00 |
|
Purchase of Treasury Stock |
-635,563.00 |
-312,557.00 |
|
Net Cash Provided by (Used in) Financing
Activities |
-1,432,413.00 |
2,515,695.00 |
|
Net Increase (Decrease) in Cash and Cash
Equivalents |
202,649.00 |
-52,720.00 |
|
Cash and Cash Equivalents, Beginning of
year |
323,368.00 |
376,088.00 |
|
Cash and Cash Equivalents, End of year |
526,017.00 |
323,368.00 |
|
Supplemental Cash Flow Information |
|
|
|
Interest Paid- Excluding Capitalized
Interest |
156,691.00 |
133,294.00 |
|
Income Tax Paid |
85,475.00 |
49,860.00 |
|
Non-cash Investing and Financing
Activities |
|
|
|
Current Portion of Long-term Liabilities |
1,098,718.00 |
571,555.00 |
|
Conversion of Bonds to Common Stock |
0.00 |
27,239.00 |
|
Treasury Stock Retired |
622,945.00 |
0.00 |
|
Investing Activities Affecting Both Cash
and Non-cash Items |
|
|
|
Receipts from Disposal of Subsidiaries |
2,221.00 |
301,260.00 |
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 |
025434 |
Shinkong Synthetic Fibers Corp. |
136137 |
1986/6/3 |
1986/6/3 |
Paid Off |
|
Chattel Mortgage |
030236 |
Shinkong Synthetic Fibers Corp. |
198014 |
1988/4/13 |
1988/4/13 |
|
|
Chattel Mortgage |
030884 |
Shinkong Synthetic Fibers Corp. |
290306 |
1988/6/28 |
1988/6/28 |
Paid Off |
|
Chattel Mortgage |
032656 |
Shinkong Synthetic Fibers Corp. |
195668 |
1989/1/27 |
1989/1/27 |
Paid Off |
|
Chattel Mortgage |
034145 |
Shinkong Synthetic Fibers Corp. |
311532 |
1989/8/31 |
1989/8/31 |
|
|
Chattel Mortgage |
037369 |
Shinkong Synthetic Fibers Corp. |
107357 |
1991/4/23 |
1991/4/23 |
Paid Off |
|
Chattel Mortgage |
038942 |
Shinkong Synthetic Fibers Corp. |
328754 |
1991/12/27 |
1991/12/27 |
Paid Off |
|
Chattel Mortgage |
042262 |
Shinkong Synthetic Fibers Corp. |
097921 |
1993/4/23 |
|
Paid Off |
|
Chattel Mortgage |
042891 |
Shinkong Synthetic Fibers Corp. |
390054 |
1993/7/20 |
|
Paid Off |
|
Chattel Mortgage |
043085 |
Shinkong Synthetic Fibers Corp. |
390823 |
1993/8/20 |
|
Paid Off |
|
Chattel Mortgage |
044845 |
Shinkong Synthetic Fibers Corp. |
198481 |
1994/4/19 |
|
Paid Off |
|
Chattel Mortgage |
048365 |
Shinkong Synthetic Fibers Corp. |
245490 |
1995/7/7 |
|
Paid Off |
|
Chattel Mortgage |
061874 |
Shinkong Synthetic Fibers Corp. |
854986 |
1999/5/14 |
1999/11/3 |
Paid Off |
|
Chattel Mortgage |
066554 |
Shinkong Synthetic Fibers Corp. |
571701 |
2000/6/30 |
|
Paid Off |
|
Chattel Mortgage |
071923 |
Shinkong Synthetic Fibers Corp. |
09005172900 |
2001/11/27 |
|
Paid Off |
|
Chattel Mortgage |
073533 |
Shinkong Synthetic Fibers Corp. |
09105105190 |
2002/7/16 |
|
Paid Off |
|
Chattel Mortgage |
074041 |
Shinkong Synthetic Fibers Corp. |
09105131270 |
2002/9/24 |
|
Paid Off |
|
Chattel Mortgage |
074710 |
Shinkong Synthetic Fibers Corp. |
09105161330 |
2002/12/16 |
|
Paid Off |
|
Chattel Mortgage |
087913 |
Shinkong Synthetic Fibers Corp. |
09505135650 |
2006/7/13 |
|
Paid Off |
|
Chattel Mortgage |
089317 |
Shinkong Synthetic Fibers Corp. |
09505188060 |
2006/11/29 |
2008/9/17 |
|
|
Chattel Mortgage |
092831 |
Shinkong Synthetic Fibers Corp. |
09605189740 |
2007/12/10 |
2009/3/26 |
|
|
Chattel Mortgage |
092839 |
Shinkong Synthetic Fibers Corp. |
09605189780 |
2007/12/11 |
2009/9/4 |
|
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.58.75 |
|
UK Pound |
1 |
Rs.98.77 |
|
Euro |
1 |
Rs.80.53 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.