|
Report Date : |
30.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
FORMOSA PLASTICS CORPORATION |
|
|
|
|
Registered Office : |
No.39, Chung Shan 3rd Rd., Kaohsiung City |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
05.11.1954 |
|
|
|
|
Com. Reg. No.: |
75708007 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
· Engaged in Manufacturing and sales of chemical materials products Manufacturer of petrochemical materials. Manufacturer of synthetic resin and plastic cement. Manufacturer of artificial fiber. Manufacturer of industrial additives. Manufacturer of toxic chemicals. Manufacturer of plastic films and bags. Manufacturer of stone products. Subject product
ranges include: Plastic materials PVC resins, VCM, caustic soda, hydrochloric acid, MBS, HDPE, EVA/LDPE and LLDPE Plastic products Shopping bag, shopping bag, garbage bag, breathable film Calcium Carbide Products Calcium carbide, calcium carbonate, Optimal calcium, quicklime and Light calcium glue |
|
|
|
|
No. of Employees : |
About 4,400 |
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 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately 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: |
+886-2-2712-2211 |
|
Fax Number: |
|
|
E-mail: |
Notes: The exact name and address are as above.
|
Registered Name: |
Formosa Plastics Corporation |
|
Registered Address: |
|
|
Date of Foundation: |
1954-11-5 |
|
Registration Number: |
75708007 |
|
Registry: |
Department of Commerce, Ministry of Economic Affairs, R.O.C. |
|
Registered Capital: |
NTD 63,657,407,810 (USD 2,157,986,125) (As of 2013.12, 1 NTD = 0.0339 USD) |
|
Paid-up Capital: |
NTD 63,657,407,810 (USD 2,157,986,125) |
|
Legal Representatives: |
Zhicun Li |
|
Legal Form: |
|
|
Principal Activities: |
Engaged in Manufacturing and sales of chemical materials products |
|
Staff: |
|
|
Listed at Stock Exchange: |
|
|
Date of Last Annual Return: |
Subject was incorporated on 1954-11-5 with registered number 75708007 as Joint Stock Company in Taiwan.
The subject has listed on Taiwan exchange at 1964-7-24 with the stock symbol: 1301.
|
Name |
Subscription Shares |
|
Zhicun Li |
1,262,541 |
|
Formosa Chemicals &
Fibre Corporation |
|
|
486,889,130 |
|
|
Nan Ya Plastics Corp. |
294,793,105 |
|
Formosa Petrochemical co. |
131,460,365 |
|
Xuehong Wang |
7,369,380 |
|
Hongtong Stock Limited Company (Liberal translation) |
11,461 |
|
Zongjing Huang |
86,307 |
|
Zhenrong Lin |
17,957 |
|
Zifeng Zhang |
3,338 |
|
Wenqin Xiao |
6,685 |
|
Chang Gung Medical Foundation |
601,011,035 |
|
Minting He |
27,824,363 |
|
Guoxiong Wu |
134,537 |
The information above is that of subject’s major shareholders.
Shareholder
Information:
|
1 |
|
|
Registered Name: |
Formosa Chemicals & Fibre Corp. |
|
Registered Address: |
No. 359, Chungshan Road, Sec. 3, Chang Hwa City, Chang Hwa 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 1,986,942,153) (As of 2013.12, 1 NTD = 0.0339 USD) |
|
Paid-up Capital: |
NTD 58,611,862,910 (USD 1,986,942,153) |
|
Legal Representatives: |
Wenyuan Wang |
|
Legal Form: |
Joint Stock Company |
|
Date of Last Annual Return: |
2013-8-15 |
|
2 |
|
|
Registered Name: |
NAN YA PLASTICS CORPORATION |
|
Registered Address: |
NO.35-1, JHONGSHAN 3RD RD., CIANJHEN DISTRICT, KAOHSIUNG CITY 806, TAIWAN R.O.C. |
|
Date of Foundation: |
1958-8-22 |
|
Registration Number: |
75370905 |
|
Registry: |
Department of Commerce, Ministry of Economic Affairs, R.O.C. |
|
Registered Capital: |
NTD 79,308,215,890 (USD 2,688,548,518) (As of 2013.12, 1 NTD = 0.0339 USD) |
|
Paid-up Capital: |
NTD 79,308,215,890 (USD 2,688,548,518) |
|
Legal Representatives: |
Jiazhao Wu |
|
Legal Form: |
Joint Stock Company |
|
Date of Last Annual Return: |
2013-8-27 |
|
3 |
|
|
Registered Name: |
Formosa Petrochemical Corporation |
|
Registered Address: |
No.1-1,Formosa Plastic Group Industrial Zone, Mai-Liao Township, Yunlin County, Taiwan, R. O. C. |
|
Date of Foundation: |
1992-4-6 |
|
Registration Number: |
86522210 |
|
Registry: |
Department of Commerce, Ministry of Economic Affairs, R.O.C. |
|
Registered Capital: |
NTD 95,259,596,520 (USD 3,229,300,322) (As of 2013.12, 1 NTD = 0.0339 USD) |
|
Paid-up Capital: |
NTD 95,259,596,520 (USD 3,229,300,322) |
|
Legal Representatives: |
Baolang Chen |
|
Legal Form: |
Joint Stock Company |
|
Date of Last Annual Return: |
2013-6-25 |
|
4 |
|
|
Registered Name: |
Hongtong Stock Limited Company (Liberal translation) |
|
Registered Address: |
4F, No. 38, 2sec, Nanjingdong Road, Zhongshan District, Taipei |
|
Date of Foundation: |
2004-1-15 |
|
Registration Number: |
80664633 |
|
Registry: |
Taipei City Government |
|
Registered Capital: |
NTD 5,000,000 (USD 169,500) (As of 2013.12, 1 NTD = 0.0339 USD) |
|
Paid-up Capital: |
NTD 5,000,000 (USD 169,500) |
|
Legal Representatives: |
Yongxiang Zhang |
|
Legal Form: |
Joint Stock Company |
|
Date of Last Annual Return: |
2013-11-29 |
Branch Companies
|
1 |
|
|
Name |
Mailiao Plant |
|
Registration Number |
84896537 |
|
Date of Registration |
1994-9-9 |
|
Registered Address |
1,Formosa Plastics Group Industrial zone, Mailiao ,Yun Lin County |
|
Status |
Live Company |
|
Manager Name |
Jianrong Lu |
|
+886-5-681-2345 |
|
|
Date of Last Annual Return |
2009-3-25 |
|
2 |
|
|
Name |
Hsinkang Plant |
|
Registration Number |
84708802 |
|
Date of Registration |
1994-3-7 |
|
Registered Address |
3, Chung-yang Industrial park, Hsinkang Hsiang, Chiayi-Hsien |
|
Status |
Live Company |
|
Manager Name |
Jianrong Lu |
|
Telephone Number |
+886-5-377-2111 |
|
Date of Last Annual Return |
2009-3-25 |
|
3 |
|
|
Name |
Ilan Plant |
|
Registration Number |
84708795 |
|
Date of Registration |
1994-3-7 |
|
Registered Address |
201, Tungfu Road, Tungshan Village, Ilan County |
|
Status |
Live Company |
|
Manager Name |
Wesong Zhang |
|
Telephone Number |
+886-39-59-1134 |
|
Date of Last Annual Return |
1999-3-29 |
Factories
|
1 |
|
|
Name |
Jenwu Factory |
|
Address |
100, Shwei Gwan Road, Jenwu Syang, Kaohsiung-Hsien |
|
Telephone Number |
+886-7-371-1411 |
|
2 |
|
|
Name |
Linyuan Factory |
|
Address |
1, Shih-hwa First Road, Linyuan Village, Kaohsiung-Hsien |
|
Telephone Number |
+886-7-641-9911 |
Office
|
Name |
Taipei Office |
|
Address |
201, Tung Hwa North Road, Taipei |
|
Telephone Number |
+886-2-2712-2211 |
Core Management
Directors
|
1 |
|
|
Name |
Zhicun Li |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Wenyuan Wang |
|
Position |
Executive Director |
|
3 |
|
|
Name |
Ruihua Wang |
|
Position |
Executive Director |
|
4 |
|
|
Name |
Wenchao Wang |
|
Position |
Executive Director |
|
5 |
|
|
Name |
Qilin Wei |
|
Position |
Independent Director |
|
6 |
|
|
Name |
Deshan Wang |
|
Position |
Independent Director |
|
7 |
|
|
Name |
Qingji Wu |
|
Position |
Independent Director |
|
8 |
|
|
Name |
Xuehong Wang |
|
Position |
Director |
|
9 |
|
|
Name |
Yurui Zhang |
|
Position |
Director |
|
10 |
|
|
Name |
Jiannan Lin |
|
Position |
Director/Manager |
|
Date of Appointment |
2005-8-26 |
|
11 |
|
|
Name |
Zongjing Huang |
|
Position |
Director/Manager |
|
Date of Appointment |
2004-2-25 |
|
12 |
|
|
Name |
Zhengrong Lin |
|
Position |
Director/Manager |
|
Date of Appointment |
2007-3-23 |
|
13 |
|
|
Name |
Zifeng Zhang |
|
Position |
Director |
|
14 |
|
|
Name |
Wenqin Xiao |
|
Position |
Director/Manager |
|
Date of Appointment |
2009-3-17 |
|
15 |
|
|
Name |
Chengzhong Cheng |
|
Position |
Director/Manager |
|
Date of Appointment |
2009-6-5 |
|
16 |
|
|
Name |
Qiufeng He |
|
Position |
Supervisor |
|
17 |
|
|
Name |
Minting He |
|
Position |
Supervisor |
|
18 |
|
|
Name |
Guoxiong Wu |
|
Position |
Supervisor |
|
19 |
|
|
Name |
Wensong Zhang |
|
Position |
Manager |
|
Date of Appointment |
2003-3-6 |
|
20 |
|
|
Name |
Tianxiang Li |
|
Position |
Manager |
|
Date of Appointment |
2010-12-24 |
|
21 |
|
|
Name |
Guangming Chen |
|
Position |
Manager |
|
Date of Appointment |
2011-6-20 |
|
22 |
|
|
Name |
Jianshan Yang |
|
Position |
Manager |
|
Date of Appointment |
2013-3-25 |
|
23 |
|
|
Name |
Jinlong Huang |
|
Position |
Manager |
|
Date of Appointment |
2013-3-25 |
|
Total Employees |
About 4,400 Employees |
Offices &
Factories
|
|
Headquarters |
|
Add |
Production
Information
· The subject is a manufacturer of chemical materials, products
· It is introduced that subject has factories in Kaohsiung City, Ilan County, Taiwan for production.
· It is introduced that subject has obtained ISO 14000, ISO 14001 and OHSAS 18001 certification.
· It is introduced that subject is subject’s annual capacity of PVC resins is about 1,301,000 MT per year.
Purchase Information
The registered activities of subject:
|
Business Code |
Details |
|
B202010 |
Industry of non-metal. |
|
C199990 |
Manufacturing of undivided other food. |
|
C801010 |
Industry of basic chemistry. |
|
C801020 |
Manufacturing of petrochemical materials. |
|
C801100 |
Manufacturing of synthetic resin and plastic cement. |
|
C801120 |
Manufacturing of artificial fiber. |
|
C801990 |
Manufacturing of other chemical materials. |
|
C802120 |
Manufacturing of industrial additives. |
|
C802170 |
Manufacturing of toxic chemicals. |
|
C805020 |
Manufacturing of plastic films and bags. |
|
C901070 |
Manufacturing of stone products. |
|
CB01010 |
Manufacturing of machinery. |
|
CC01080 |
Manufacturing of electronic components. |
|
D101050 |
Manufacturing of cogeneration industry. |
|
D301010 |
Operating of tap water. |
|
D401010 |
Heat supply industry. |
|
E603050 |
Automatic control equipment engineering industry. |
|
H701010 |
Development, renting and sales of residence and building. |
|
H701040 |
Development of specific area. |
|
ID01010 |
Certifying of instruments for measuring distance, area and weight. |
|
IZ99990 |
Servicing of other trading business. |
|
J101050 |
Servicing of environment monitoring. |
|
ZZ99999 |
Besides licensed business, all other business items those are not banned or restricted. |
· It is introduced that subject purchases raw materials both in domestic and overseas market.
· It is introduced that subject imports technologies from Japan
Major materials
and purchasing regions
|
Materials |
Region |
|
Ethylene |
Taiwan, Japan |
|
VCM |
Japan, Taiwan |
|
EDC |
Taiwan |
|
Salt |
Japan, et |
|
AN |
Taiwan |
|
Propylene |
Taiwan |
|
Dust Coal |
Taiwan, Indonesia |
Sales Information
The subject is mainly engaged in sales of chemical materials, products
It is introduced that subject’s selling territory includes china, America, Middle East, South East Asia, Europe, Australia and Japan
It is introduced that subject’s major customers are manufacturers of plastic products
It is introduced that subject cooperates with Fujitsu Hitachi Plasma Display Corporation and AU Optronics Corporation
Major Products
|
Product |
Sales Region |
|
Plastic materials |
PVC resins, VCM, caustic soda, hydrochloric acid, MBS, HDPE, EVA/LDPE and LLDPE |
|
Plastic products |
Shopping bag, shopping bag, garbage bag, breathable film |
|
Calcium carbide products |
Calcium carbide, calcium carbonate, Optimal calcium, quicklime and Light calcium glue |
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Settlements
Domestic Purchase
|
Payment Terms |
Proportion |
|
|
Raw materials |
COD, CBD and etc |
100% |
Foreign Purchase
|
Payment Terms |
Proportion |
|
|
Raw materials |
CBD and etc |
100% |
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
Chemical materials, products |
COD, CBD and etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Chemical materials, products |
CBD and etc |
100% |
Unit: NTD/000
|
Date |
2012-12-31 |
2011-12-31 |
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash and cash equivalents |
1,783,038.00 |
1,022,948.00 |
|
Financial assets measured at fair value through profit or loss - current |
0.00 |
12,543.00 |
|
Available-for-sale financial assets - current |
58,452,143.00 |
62,173,408.00 |
|
Notes receivable - net |
264,859.00 |
233,113.00 |
|
Accounts receivable - net |
5,399,245.00 |
5,452,470.00 |
|
Accounts receivable - related parties - net |
5,825,497.00 |
5,585,830.00 |
|
Other receivables |
1,050,604.00 |
1,094,849.00 |
|
Other receivables - related parties |
28,304,073.00 |
27,005,344.00 |
|
Inventories |
16,530,987.00 |
18,548,820.00 |
|
Other prepayments |
2,007,916.00 |
2,408,168.00 |
|
|
0.00 |
177,895.00 |
|
Other current assets |
0.00 |
82,040.00 |
|
Current assets |
119,618,362.00 |
123,797,428.00 |
|
Funds and Investments |
|
|
|
Available-for-sale financial assets - non current |
8,723,986.00 |
4,916,968.00 |
|
Financial assets carried at cost - non current |
2,416,168.00 |
3,022,618.00 |
|
Equity investments under equity method |
149,468,847.00 |
146,081,983.00 |
|
Investments |
149,468,847.00 |
146,081,983.00 |
|
Funds and long-term investments |
160,609,001.00 |
154,021,569.00 |
|
Fixed Assets |
|
|
|
Cost |
|
|
|
Land |
6,755,927.00 |
6,763,260.00 |
|
Buildings and structures |
20,405,645.00 |
20,149,045.00 |
|
Machinery and equipment |
121,223,513.00 |
116,435,254.00 |
|
Other facilities |
4,242,712.00 |
4,000,249.00 |
|
Revaluation increment |
466,839.00 |
469,856.00 |
|
Cost and revaluation increment |
153,094,636.00 |
147,817,664.00 |
|
Accumulated depreciation |
-106,681,823.00 |
-99,852,759.00 |
|
Construction in process and prepayment for equipments |
5,867,245.00 |
5,999,397.00 |
|
Fixed assets |
52,280,058.00 |
53,964,302.00 |
|
Intangible Assets |
|
|
|
Goodwill |
124,762.00 |
124,762.00 |
|
Other intangible assets |
47,809.00 |
333,685.00 |
|
Intangible assets |
172,571.00 |
458,447.00 |
|
OtherAssets |
|
|
|
Idled assets |
182,328.00 |
182,328.00 |
|
Guarantee deposits paid |
60,460.00 |
66,584.00 |
|
Deferred charges |
517,698.00 |
638,291.00 |
|
Other assets - other |
10,486,620.00 |
5,414,032.00 |
|
Other assets |
11,247,106.00 |
6,301,235.00 |
|
Assets |
343,927,098.00 |
338,542,981.00 |
|
Liabilities and Stockholders' Equity |
|
|
|
Liabilities |
|
|
|
Current Liabilities |
|
|
|
Short-term borrowings |
9,061,121.00 |
2,207,643.00 |
|
Short-term notes and bills payable |
8,198,406.00 |
0.00 |
|
Financial liabilities measured at fair value through profit or loss - current |
5,866.00 |
0.00 |
|
Accounts payable |
3,229,206.00 |
2,915,978.00 |
|
Accounts payable - related parties |
9,898,103.00 |
8,640,870.00 |
|
Accrued expenses |
4,535,450.00 |
4,820,694.00 |
|
Other payables - related parties |
6,295.00 |
3,081.00 |
|
Other payables |
440,755.00 |
1,708,137.00 |
|
Long-term liabilities - current portion |
10,423,854.00 |
7,378,012.00 |
|
Other current liabilities |
1,555,787.00 |
1,326,286.00 |
|
Current liabilities |
47,354,843.00 |
29,000,701.00 |
|
Long term Liabilities |
|
|
|
Financial liabilities measured at fair value through profit or loss - non current |
0.00 |
14,369.00 |
|
Bonds payable |
39,917,889.00 |
27,950,138.00 |
|
Long-term borrowings |
17,870,003.00 |
29,199,905.00 |
|
Long-term liabilities |
57,787,892.00 |
57,164,412.00 |
|
Reserves |
|
|
|
Other Liabilities |
|
|
|
Pension reserve / accrued pension liability |
7,924,760.00 |
7,611,834.00 |
|
Deferred income tax liabilities |
3,819,031.00 |
3,268,740.00 |
|
Other liabilities - other |
420,104.00 |
241,821.00 |
|
Other liabilities |
12,163,895.00 |
11,122,395.00 |
|
Liabilities |
117,306,630.00 |
97,287,508.00 |
|
Stockholders' Equity |
|
|
|
Capital |
|
|
|
Common stock |
61,209,046.00 |
61,209,046.00 |
|
Capital Surplus |
|
|
|
Capital surplus - additional paid-in capital |
8,130,081.00 |
8,130,081.00 |
|
Capital surplus - other |
4,699,468.00 |
4,699,640.00 |
|
Capital surplus |
12,829,549.00 |
12,829,721.00 |
|
Retained Earnings |
|
|
|
Legal reserve |
39,801,369.00 |
36,228,923.00 |
|
Special reserve |
30,717,624.00 |
24,676,397.00 |
|
Unappropriated retained earnings |
38,937,749.00 |
58,372,520.00 |
|
Retained earnings |
109,456,742.00 |
119,277,840.00 |
|
Stockholders' Equity and Other adjustmen |
|
|
|
Cumulative translation adjustments |
625,749.00 |
2,633,628.00 |
|
Unrealized gains (losses) on financial instruments |
42,319,003.00 |
45,124,859.00 |
|
Unrealized Revaluation Increment |
180,379.00 |
180,379.00 |
|
Equity adjustments |
43,125,131.00 |
47,938,866.00 |
|
Stockholdersˉ equity |
226,620,468.00 (USD 7,682,433,865) |
241,255,473.00 (USD 8,178,560,535) |
|
Number of treasury stock acquired by the company and subsidiaries (unit: share) |
0.00 |
0.00 |
|
|
0.00 |
0.00 |
1 NTD = 0.0339 USD
Unit: NTD/000
|
Date |
2012 |
2011 |
|
Sales |
173,143,020.00 (USD 5,869,548,378) |
187,668,319.00 (USD 6,361,956,014) |
|
Sales returns |
75,638.00 |
20,751.00 |
|
Sales discounts and allowances |
32,578.00 |
44,254.00 |
|
Sales |
173,034,804.00 |
187,603,314.00 |
|
Operating income |
173,034,804.00 |
187,603,314.00 |
|
Cost of sales |
158,252,452.00 |
155,840,930.00 |
|
Operating costs |
158,252,452.00 |
155,840,930.00 |
|
Gross profit (loss) from operations |
14,782,352.00 |
31,762,384.00 |
|
Realized gains on intercompany transactions |
11,513.00 |
12,653.00 |
|
Selling expense |
4,689,043.00 |
4,270,181.00 |
|
General and administrative expenses |
3,429,218.00 |
3,830,896.00 |
|
Research and development expenses |
931,348.00 |
1,125,070.00 |
|
Operating expenses |
9,049,609.00 |
9,226,147.00 |
|
Operating income (loss) |
5,744,256.00 |
22,548,890.00 |
|
Non-Operating Income |
|
|
|
Interest income |
404,615.00 (USD 13,716,449) |
374,179.00 (USD 12,684,668) |
|
Inome from long-term equity investments under the equity method |
7,470,231.00 |
14,277,437.00 |
|
Dividends |
2,750,558.00 |
5,352,429.00 |
|
Investment income |
10,220,789.00 |
19,629,866.00 |
|
Gains on disposal of fixed assets |
1,028,649.00 |
150,852.00 |
|
Foreign exchange gains |
0.00 |
476,833.00 |
|
Rent income |
96,695.00 |
100,995.00 |
|
Revaluation gain on financial assets |
0.00 |
6,229.00 |
|
Revaluation gain on financial liabilities |
8,504.00 |
7,703.00 |
|
Miscellaneous income |
356,337.00 |
559,440.00 |
|
Non-operating revenues and gains |
12,115,589.00 |
21,306,097.00 |
|
Non-Operating Expenses |
|
|
|
Interest expense |
1,103,153.00 |
983,772.00 |
|
Foreign exchange losses |
308,860.00 |
0.00 |
|
Impairment loss on assets |
0.00 |
2,251,150.00 |
|
Revaluation loss on financial assets |
7,839.00 |
0.00 |
|
Miscellaneous disbursements |
35,470.00 |
57,921.00 |
|
Non-operating expenses and losses |
1,455,322.00 |
3,292,843.00 |
|
Income from continuing operations before income tax |
16,404,523.00 |
40,562,144.00 |
|
Income tax expense (benefit) |
1,742,003.00 |
4,837,686.00 |
|
Income from continuing operations |
14,662,520.00 |
35,724,458.00 |
|
Net income (loss) |
14,662,520.00 |
35,724,458.00 |
|
Primary Earnings per Share |
|
|
|
Primary earnings per share |
2.40 |
5.84 |
|
Diluted earnings per share |
|
|
1 NTD = 0.0339 USD
|
Date |
2012 |
2011 |
|
Cash Flows from Operating Activities - Indirect Method |
|
|
|
Net Income (Loss) |
14,662,520.00 |
35,724,458.00 |
|
Adjustments to Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities |
|
|
|
Depreciation Expense |
7,251,757.00 |
9,530,192.00 |
|
Amortization Expense |
547,293.00 |
778,422.00 |
|
Provision (Reversal of Provision) for Bad Debts Losses |
(194.00) |
(226,742.00) |
|
Amortization of Discounts (Premiums) on Bonds Payable |
21,526.00 |
16,496.00 |
|
Loss (Gain) on Decline (Recovery) in Market Value, Scrap and Obsolescence of Inventories |
743,921.00 |
(246,903.00) |
|
Investment Loss (Income) Recognized under Equity Method |
(7,470,231.00) |
(14,277,437.00) |
|
Cash Dividends Received from Investments Accounted for under Equity Method |
5,921,631.00 |
12,785,748.00 |
|
Loss (Gain) on Disposal of Property, Plan and Equipment |
(14,556.00) |
(5,307.00) |
|
Property, Plan and Equipment Transferred to Expenses |
901.00 |
2,772.00 |
|
Loss (Gain) on Disposal of Idle Assets |
0.00 |
(145,545.00) |
|
Loss (Gain) on Disposal of Non-current Assets Classified as Held for Sale |
(1,014,093.00) |
0.00 |
|
Impairment Losses on Financial Asset |
0.00 |
2,251,150.00 |
|
Unrealized Gain (Loss) on Intercompany Transactions |
(11,513.00) |
(12,653.00) |
|
Unrealized Exchange Loss (Gain) |
(324.00) |
4,480.00 |
|
Loss (Gain) on Deferred Income Tax |
917,174.00 |
2,737,814.00 |
|
Other Revenue - Overdue Dividends And Compensation of Board And Directors |
(7,258.00) |
(11,460.00) |
|
Changes in Operating Assets and Liabilities |
|
|
|
Decrease (Increase) in Financial Assets Held for Trading |
4,040.00 |
(45.00) |
|
Decrease (Increase) in Notes Receivable |
(31,723.00) |
4,984.00 |
|
Decrease (Increase) in Accounts Receivable |
60,041.00 |
750,711.00 |
|
Decrease (Increase) in Accounts Receivable - Related Parties |
(239,667.00) |
(339,946.00) |
|
Decrease (Increase) in Other Receivables |
44,245.00 |
(56,277.00) |
|
Decrease (Increase) in Other Receivable- Related Parties |
(661,541.00) |
107,630.00 |
|
Decrease (Increase) in Inventories |
1,439,054.00 |
(4,637,222.00) |
|
Decrease (Increase) in Other Prepayments |
400,252.00 |
(398,030.00) |
|
Increase (Decrease) in Accounts Payable |
313,228.00 |
762,758.00 |
|
Increase (Decrease) in Accounts Payable - Related Parties |
1,257,233.00 |
(3,291,807.00) |
|
Increase (Decrease) in Accrued Expenses |
(285,244.00) |
273,797.00 |
|
Increase (Decrease) in Other Payables |
(1,287,698.00) |
(870,523.00) |
|
Increase (Decrease) in Other Payable - Related Parties |
3,214.00 |
983.00 |
|
Increase (Decrease) in Other Current Liabilities |
222,813.00 |
(325,025.00) |
|
Increase (Decrease) in Accrued Pension Liabilities |
312,925.00 |
247,357.00 |
|
Increase (Decrease) in Deferred Credits |
0.00 |
40,953.00 |
|
Net Cash Provided by (Used in) Operating Activities |
23,099,726.00 |
41,175,783.00 |
|
Cash Flows from Investing Activities |
|
|
|
Acquisition of Available-for-sale Financial Assets |
(2,250,000.00) |
(6,000,000.00) |
|
Acquisition of Investments Accounted for by Equity Method |
(4,186,197.00) |
(4,847,463.00) |
|
Proceeds from Disposal of Non-current Assets Classified as Held for Sale |
1,191,988.00 |
0.00 |
|
Purchase of Property, Plant and Equipment |
(5,748,902.00) |
(3,312,540.00) |
|
Proceeds from Disposal of Property, Plant and Equipment |
29,901.00 |
13,244.00 |
|
Proceeds from Disposal of Rental Assets and Idle Assets |
0.00 |
172,951.00 |
|
Decrease (Increase) in Refundable Deposits |
6,124.00 |
1,089.00 |
|
Increase in Deferred Charges |
(140,823.00) |
(374,687.00) |
|
Decrease (Increase) in Other Receivables - Related Parties |
(440,000.00) |
(7,396,800.00) |
|
Decrease (Increase) in Other Assets |
(5,072,588.00) |
(302,496.00) |
|
Net Cash Provided by (Used in) Investing Activities |
(16,610,497.00) |
(22,046,702.00) |
|
Cash Flows from Financing Activities |
|
|
|
Increase (Decrease) in Short-term Loans |
6,854,890.00 |
1,603,967.00 |
|
Increase (Decrease) in Short-term Notes and Bills Payable |
8,198,406.00 |
0.00 |
|
Proceeds from Issuance of Bonds |
20,945,275.00 |
9,972,980.00 |
|
Repayments of Bonds |
(6,000,000.00) |
(5,000,000.00) |
|
Proceeds from Long-term Debt |
12,600,000.00 |
30,300,000.00 |
|
Repayment of Long-term Debt |
(23,883,110.00) |
(18,382,328.00) |
|
Increase (Decrease) in Other Liabilities |
15,509.00 |
46,234.00 |
|
Cash Dividends Paid |
(24,456,215.00) |
(41,574,100.00) |
|
Net Cash Provided by (Used in) Financing Activities |
(5,725,245.00) |
(23,033,247.00) |
|
Effect of Exchange Rate Changes |
(3,894.00) |
(764.00) |
|
Net Increase (Decrease) in Cash and Cash Equivalents |
760,090.00 |
(3,904,930.00) |
|
Cash and Cash Equivalents, Beginning of year |
1,022,948.00 |
4,927,878.00 |
|
Cash and Cash Equivalents, End of year |
1,783,038.00 |
1,022,948.00 |
|
Supplemental Cash Flow Information |
|
|
|
Interest Paid |
1,134,007.00 |
1,058,097.00 |
|
Capitalized Interest |
(71,753.00) |
(54,215.00) |
|
Interest Paid- Excluding Capitalized Interest |
1,062,254.00 |
1,003,882.00 |
|
Income Tax Paid |
2,084,912.00 |
2,938,849.00 |
|
Non-cash Investing and Financing Activities |
|
|
|
Current Portion of Long-term Liabilities |
1,429,902.00 |
1,383,110.00 |
|
Current Portion of Bonds Payable |
8,993,952.00 |
5,994,902.00 |
|
Property, Plan and Equipment Transferred to Inventories |
165,143.00 |
119,064.00 |
|
Property, Plan and Equipment Transferred to Non-current Assets Classified as Held for Sale |
0.00 |
177,895.00 |
|
Cash Dividends Payable |
0.00 |
0.00 |
|
Financial Assets Carried at Cost Reclassified as Available for Sale Financial Assets |
606,450.00 |
0.00 |
|
Others |
162,774.00 |
201,028.00 |
Subject did not introduce its bank details; from other source we can not obtain the relevant information.
Mortgage
No chattel mortgage record of subject has been found within the recent 3 months.
Lawsuit
Up to date of reporting, no existing or latent litigation of the subject has been found.
|
Name |
Mr. Lin |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.84 |
|
|
1 |
Rs.98.41 |
|
Euro |
1 |
Rs.80.03 |
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.