|
Report Date : |
17.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
FORMOSA CHEMICALS & FIBRE CORP. |
|
|
|
|
Registered Office : |
No. 359, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
15.08.2013 |
|
|
|
|
Com. Reg. No.: |
58650902 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and sales of chemicals, fibers, petrochemical and plastic
materials |
|
|
|
|
No. of Employees : |
4,450 |
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 : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
|
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 |
|
Source
: CIA |
|
Company Name: |
|
|
Supplied Name: |
|
|
Trading Address: |
No. 359, Chungshan Road, Sec. 3, Chang Hwa
City, Chang Hwa County, Taiwan, R.O.C. |
|
Supplied Address: |
201, |
|
Telephone Number: |
|
|
Fax Number: |
|
|
E-mail: |
Notes: The supplied
address is belonging to the subject’s Taipei Branch, the exact name and address
are as above.
Subject was incorporated on 1965-3-5 with
registered number 58650902 as Joint Stock Company in
Subject listed on Taiwan Stock Exchange on
|
Name |
Subscription Shares |
|
Wenyuan Wang |
63,150,587 |
|
Formosa Plastics Corporation |
198,743,936 |
|
Wenchao Wang |
16,819,721 |
|
|
140,449,268 |
|
Fuyuan Hong |
272,804 |
|
Formosa Petrochemical Corporation |
48,567,575 |
|
Hongzhi Yang |
152,289 |
|
Qiuming Chen |
79,627 |
|
Dongteng Huang |
34,410 |
|
Jianan Wu |
28,616 |
|
Sunru Li |
15,450 |
|
Yingda Fang |
73 |
|
Changgeng Medical Treatment Incorporated Foundation (Liberal
Translation) |
1,089,142,009 |
|
Shuiwen Hou |
27,267 |
The information above is that of subject’s major shareholders.
Shareholder
Information:
|
1 |
|
|
Registered Name: |
|
|
Registered Address: |
No.39, |
|
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 2,107,060,199) (As of 2014.02, 1 NTD = 0.0331 USD) |
|
Paid-up Capital: |
NTD 63,657,407,810 (USD 2,157,986,125) |
|
Legal Representatives: |
Zhicun Li |
|
Legal Form: |
Joint Stock Company |
|
Listed at Stock Exchange: |
Yes; Stock Symbol: TSEC 1301 |
|
Date of Last Annual Return: |
2014-1-3 |
|
Tel |
+886-2-27122211 |
|
Fax |
+886-2-27175287 |
|
2 |
|
|
Registered Name: |
|
|
Registered Address: |
No.35-1, |
|
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 2,625,101,946) (As of 2014.02, 1 NTD = 0.0331 USD) |
|
Paid-up Capital: |
NTD 79,308,215,890 (USD 2,625,101,946) |
|
Legal Representatives: |
Jiazhao Wu |
|
Legal Form: |
Joint Stock Company |
|
Listed at Stock Exchange: |
|
|
Date of Last Annual Return: |
2013-7-9 |
|
Tel |
+886-2-27122211 |
|
Fax |
+886-2-27178533 |
|
3 |
|
|
Registered Name: |
Formosa Petrochemical Corporation |
|
Registered Address: |
No.1-1,Formosa Plastic Group Industrial Zone, |
|
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 3,153,092,645) (As of 2014.02, 1 NTD = 0.0331 USD) |
|
Paid-up Capital: |
NTD 95,259,596,520 (USD 3,153,092,645) |
|
Legal Representatives: |
Baolang Chen |
|
Legal Form: |
Joint Stock Company |
|
Listed at Stock Exchange: |
Yes; Stock Symbol: TSEC 6505 |
|
Date of Last Annual Return: |
2013-6-25 |
|
Tel |
+886-2-2712-2211 |
|
Fax |
+886-2-2718-6296 |
201,
Branch Companies
|
1 |
|
|
Name |
|
|
Address |
2 Floor, No.24, |
|
Registration Number |
80026278 |
|
Date of Registration |
2003-7-7 |
|
Status |
Live Company |
|
Manager Name |
Fuyuan Hong |
|
Date of Last Annual Return |
-- |
|
2 |
|
|
Name |
Mailiao Branch |
|
Address |
No. 1-1, Formosa Plastics Group Industrial Zone, Mailiao, |
|
Registration Number |
89283092 |
|
Date of Registration |
1994-9-16 |
|
Status |
Live Company |
|
Manager Name |
Qiuming Chen |
|
Date of Last Annual Return |
2010-6-23 |
|
3 |
|
|
Name |
Longde Branch |
|
Address |
No.2, |
|
Registration Number |
84309657 |
|
Date of Registration |
1994-2-3 |
|
Status |
Live Company |
|
Manager Name |
Jinfu Huang |
|
Date of Last Annual Return |
2004-12-24 |
|
4 |
|
|
Name |
Yilan Branch |
|
Address |
No.155, |
|
Registration Number |
84309642 |
|
Date of Registration |
1994-2-3 |
|
Status |
Live Company |
|
Manager Name |
Jinfu Huang |
|
Date of Last Annual Return |
2004-12-21 |
|
5 |
|
|
Name |
Hsinkang Branch |
|
Address |
1, |
|
Registration Number |
84309636 |
|
Date of Registration |
1994-2-3 |
|
Status |
Live Company |
|
Manager Name |
Wenyang Chen |
|
Date of Last Annual Return |
2013-4-3 |
Factories
|
1 |
|
|
Name: |
Longde factory |
|
Address: |
No.5, Dexing 1st Rd./No.2, Longxiang 8th Rd., Su'ao Township/No.2, 10
Longxiang Road, Tungshan Village, Ilan County, Taiwan |
|
Date of Foundation: |
1969-1-1 |
|
Date of Registration: |
1981-6-2 |
|
Factory Registration Number: |
99620252 |
|
Factory Manager: |
Jinfu Huang |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2013-9-9 |
|
Major Product: |
114 Printing and dyeing finishing 115 Textile 199 Other chemical products |
|
2 |
|
|
Name: |
Yilan Factory |
|
Address: |
No.155, |
|
Date of Foundation: |
1969-1-1 |
|
Date of Registration: |
1973-12-16 |
|
Factory Registration Number: |
99620416 |
|
Factory Manager: |
Jinfu Huang |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2012-10-12 |
|
Major Product: |
111 Spinning 112 Weaving |
|
3 |
|
|
Name: |
Zhanghua Factory |
|
Address: |
No. 259, No. 352, Yihua Village, No. 359 Sec 3, Zhongshan Road,
Zhongzhuang Alley, Zhanghua City, Zhanghua County, China. |
|
Date of Foundation: |
1969-1-1 |
|
Date of Registration: |
1970-1-1 |
|
Factory Registration Number: |
99647977 |
|
Factory Manager: |
Wenguang Zeng |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2013-10-30 |
|
Major Product: |
111 Spinning 112 Weaving 114 Printing and dyeing finishing 140 Bamboo products and wooden products 181 Basic chemical materials 184 Synthetic resin, plastic cement and rubber |
Core Management
Directors
|
1 |
|
|
Name |
Wenyuan Wang |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Zhicun Li |
|
Position |
Managing Director |
|
3 |
|
|
Name |
Wenchao Wang |
|
Position |
Managing Director |
|
4 |
|
|
Name |
Ruiyu Wang |
|
Position |
Managing Director |
|
5 |
|
|
Name |
Ruilong Chen |
|
Position |
Managing Director/ Independent Director |
|
6 |
|
|
Name |
Zongyong Lin |
|
Position |
Independent Director |
|
7 |
|
|
Name |
Gong Wang |
|
Position |
Independent Director |
|
8 |
|
|
Name |
Fuyuan Hong |
|
Position |
Director/ Manager |
|
Date of Appointment |
2006-6-16 |
|
9 |
|
|
Name |
Wenxiang Wang |
|
Position |
Director |
|
10 |
|
|
Name |
Hongzhi Yang |
|
Position |
Director |
|
11 |
|
|
Name |
Qiuming Chen |
|
Position |
Director/ Manager |
|
Date of Appointment |
2006-6-16 |
|
12 |
|
|
Name |
Dongteng Huang |
|
Position |
Director/ Manager |
|
Date of Appointment |
2006-6-16 |
|
13 |
|
|
Name |
Jianan Wu |
|
Position |
Director/ Manager |
|
Date of Appointment |
2006-6-16 |
|
14 |
|
|
Name |
Sunru Li |
|
Position |
Director |
|
15 |
|
|
Name |
Yingda Fang |
|
Position |
Director/ Manager |
|
Date of Appointment |
2009-3-26 |
|
16 |
|
|
Name |
Lirui Chen |
|
Position |
Supervisor |
|
17 |
|
|
Name |
Wenhua Gong |
|
Position |
Supervisor |
|
18 |
|
|
Name |
Shuiwen Hou |
|
Position |
Supervisor |
|
19 |
|
|
Name |
Shengfu Lv |
|
Position |
Manager |
|
Date of Appointment |
2006-6-16 |
|
20 |
|
|
Name |
Zhixiong Chen |
|
Position |
Manager |
|
Date of Appointment |
2009-3-26 |
|
21 |
|
|
Name |
Qingci Lin |
|
Position |
Manager |
|
Date of Appointment |
2006-6-16 |
|
22 |
|
|
Name |
Jizhu Zhang |
|
Position |
Manager |
|
Date of Appointment |
2011-11-29 |
|
23 |
|
|
Name |
Wenjin Lv |
|
Position |
Manager |
|
Date of Appointment |
2011-11-29 |
Personnel Structure
|
Total Employees |
About 4,450 Employees |
Offices &
Factories
|
|
Headquarters |
|
Add |
No. 359,
Chungshan Road, Sec. 3, Chang Hwa City, Chang Hwa County, Taiwan, R.O.C. |
Production
Information
Subject is engaged in manufacturing of chemicals, fibers, petrochemical
and plastic materials.
Subject has factories in
It is introduced one of subject’s product “PVC” has an annual output
capacity of 1,329,000 ton; “liquid caustic soda” has an annual output capacity
of 983,000 ton, etc.
Subject’s divisions are as follows for reference:
|
Division |
Major Business |
|
The major businesses of 1st Petrochemicals Division are manufacturing
and sales of AROMA. |
|
|
2nd Petrochemicals Division |
The major businesses of 2nd Petrochemicals
Division are manufacturing and sales of SM, phenol, and
acetone. |
|
3rd Petrochemicals Division |
Its major businesses are manufacture and sales of PTA |
|
Plastics Division |
The Plastics Division engages mainly in the manufacture and sales of
PS, ABS, SAN, ASA, PP, PC and PC/ABS alloys pellet. |
|
Rayon Division |
The major businesses of Rayon Division are manufacturing and sales of
rayon staple fiber |
|
Nylon Division |
The nylon division engages in manufacturing and sales of nylon 6 chips,
POY, HOY, FDY, DTY, tire cord yarn-N6 & N66, fishing net yarn and
functional yarn |
|
Textiles Division |
The textiles division engages in manufacturing and sales of yarn,
short-fiber cloth, and long-fiber cloth |
|
Engineering Division |
Engineering Division in charge of the supply of public utilities
needed by different production lines |
Purchase
Information
The registered activities of subject:
|
Business Code |
Details |
|
A201010 |
Afforestation business |
|
A202040 |
Felling operation |
|
C301010 |
manufacturing of yarn |
|
C302010 |
weaving cotton cloth |
|
C305010 |
Printing and dyeing finishing industry |
|
C501010 |
The lumber industry |
|
C601010 |
The pulp manufacturing |
|
C801010 |
Basic chemicals business |
|
C801020 |
Manufacturing of petrochemical materials |
|
C801030 |
Manufacturing of precision chemical materials |
|
C801100 |
Manufacturing of synthetic resin and plastic |
|
C801120 |
Manufacturing of artificial fiber |
|
C801990 |
Manufacturing of other chemical materials |
|
C802080 |
Manufacturing of environmental medicine |
|
C802090 |
Manufacturing of cleaning supplies |
|
C802100 |
Manufacturing of cosmetics |
|
C901990 |
Manufacturing of other
nonmetallic mineral |
|
CB01010 |
Manufacturing of mechanical equipment |
|
CC01080 |
Manufacturing of electronic components |
|
D101050 |
Electricity, a total of profession |
|
E502010 |
Engineering of fuel line |
|
E599010 |
Engineering of tubing |
|
E601010 |
Electrical appliance industry in |
|
E603010 |
Installation of cable |
|
E603040 |
Installation of fire control equipment |
|
E603090 |
Installation of lighting equipment |
|
E603100 |
Welding engineering |
|
E603110 |
Cold work engineering |
|
E603120 |
Sand blasting engineering |
|
E604010 |
The machinery installation industry |
|
E605010 |
Computer equipment installation industry |
|
E901010 |
Paint engineering |
|
E903010 |
Corrosion and rust prevention engineering |
|
EZ02010 |
Lifting engineering |
|
EZ05010 |
Instrument, instrument installation engineering |
|
EZ15010 |
Thermal insulation, cold insulation installation engineering |
|
F102040 |
Wholesale of drink |
|
F107030 |
Wholesale of cleaning supplies |
|
F107050 |
Wholesale of fertilizer |
|
F107080 |
Wholesale of environmental medicine |
|
F108040 |
Wholesale of cosmetics |
|
F199990 |
Other Wholesales |
|
F203010 |
Retail of food, and drink |
|
F207030 |
Retail of cleaning supplies |
|
F207050 |
Retail of fertilizer |
|
F207080 |
Retail of environmental medicine |
|
F208040 |
Retail of cosmetics |
|
F208050 |
B class medicine retail |
|
ZZ99999 |
Besides licensed business, all other business items those are not
banned or restricted. |
The raw material for production is mostly
purchased from domestic.
Subject is engaged in sales of chemicals, fibers, petrochemical and
plastic materials.
The subject sells products in Asian, Europe and
Major products sold
|
Type |
Product |
|
Petrochemicals |
Benzene Para-Xylene (PX) Ortho- Xylene (OX) Styrene Monomer (SM) Phenol Acetone PTA Anhydrous Sodium-Sulfate |
|
Plastic |
Polystyrene (PS) ABS Resin PP Resin PC Resin PC/ABS Resin SAN Resin ASA Resin Nylon-6 Resin |
|
Textile, Fiber |
Rayon Staple Fiber Nylon Fiber Yarn Products Cloth Products |
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
Domestic Purchase
(
|
Product |
Payment Terms |
Proportion |
|
Raw Material |
COD, CBD, etc |
100% |
Foreign Purchase
The subject seldom imports.
Sales
Domestic Markets (
|
Product |
Sales Terms |
Proportion |
|
Chemicals, Fibers, Petrochemical And Plastic Materials |
COD, CBD, Credit Sales, etc |
100% |
Export
|
Product |
Sales Terms |
Proportion |
|
Chemicals, Fibers, Petrochemical And Plastic Materials |
CBD, etc |
100% |
Unit: NTD/000
|
Date |
2012-12-31 |
2011-12-31 |
|
Current Assets |
|
|
|
Cash and cash equivalents |
2,123,672.00 |
758,218.00 |
|
Financial assets measured at fair value through profit or loss -
current |
0.00 |
12,660.00 |
|
Available-for-sale financial assets - current |
59,745,732.00 |
62,044,611.00 |
|
Notes receivable - net |
584,381.00 |
722,746.00 |
|
Notes receivable - related parties - net |
519,500.00 |
534,095.00 |
|
Accounts receivable - net |
8,226,959.00 |
6,302,744.00 |
|
Accounts receivable - related parties - net |
18,464,362.00 |
11,333,190.00 |
|
Other receivables |
2,022,671.00 |
1,488,714.00 |
|
Other receivables - related parties |
20,871,500.00 |
16,914,300.00 |
|
Inventories |
29,641,586.00 |
28,265,184.00 |
|
Other current assets |
7,744,317.00 |
5,416,674.00 |
|
Current assets |
149,944,680.00 |
133,793,136.00 |
|
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 |
3,164,374.00 |
3,770,824.00 |
|
Equity investments under equity method |
141,989,894.00 |
142,922,488.00 |
|
Investments |
141,989,894.00 |
142,922,488.00 |
|
Other financial assets - non current |
775,996.00 |
806,861.00 |
|
Funds and long-term investments |
154,654,250.00 |
152,417,141.00 |
|
Fixed Assets |
|
|
|
Cost |
|
|
|
Land |
5,424,523.00 |
5,432,387.00 |
|
Buildings and structures |
17,454,387.00 |
17,148,263.00 |
|
Machinery and equipment |
149,887,675.00 |
148,830,953.00 |
|
Transportation equipment |
503,404.00 |
505,825.00 |
|
Other facilities |
3,225,783.00 |
3,205,315.00 |
|
Fixed assets cost |
176,495,772.00 |
175,122,743.00 |
|
Accumulated depreciation |
-116,046,032.00 |
-107,395,507.00 |
|
Construction in process and prepayment for equipments |
6,949,531.00 |
4,622,278.00 |
|
Fixed assets |
67,399,271.00 |
72,349,514.00 |
|
Intangible Assets |
|
|
|
OtherAssets |
|
|
|
Deferred charges |
9,135,485.00 |
4,843,046.00 |
|
Deferred income tax assets - non current |
2,548,508.00 |
964,202.00 |
|
Other assets - other |
913,748.00 |
894,369.00 |
|
Other assets |
12,597,741.00 |
6,701,617.00 |
|
Assets |
384,595,942.00 |
365,261,408.00 |
|
Liabilities and Stockholders' Equity |
|
|
|
Liabilities |
|
|
|
Current Liabilities |
|
|
|
Short-term borrowings |
4,491,700.00 |
4,092,100.00 |
|
Short-term notes and bills payable |
12,498,912.00 |
0.00 |
|
Financial liabilities measured at fair value through profit or loss -
current |
61,915.00 |
1,101.00 |
|
Accounts payable |
2,191,863.00 |
2,175,125.00 |
|
Accounts payable - related parties |
20,605,295.00 |
12,932,042.00 |
|
Income tax payable |
0.00 |
2,063,106.00 |
|
Accrued expenses |
3,207,515.00 |
3,684,732.00 |
|
Long-term liabilities - current portion |
23,606,474.00 |
8,951,711.00 |
|
Other current liabilities |
1,666,809.00 |
1,599,876.00 |
|
Current liabilities |
68,330,483.00 |
35,499,793.00 |
|
Long term Liabilities |
|
|
|
Financial liabilities measured at fair value through profit or loss -
non current |
0.00 |
150,838.00 |
|
Bonds payable |
42,800,000.00 |
30,600,000.00 |
|
Long-term borrowings |
38,511,088.00 |
44,016,645.00 |
|
Long-term notes and accounts payable |
127,000.00 |
381,000.00 |
|
Long-term liabilities |
81,438,088.00 |
75,148,483.00 |
|
Reserves |
|
|
|
Other Liabilities |
|
|
|
Pension reserve / accrued pension liability |
6,476,727.00 |
6,170,862.00 |
|
Other liabilities - other |
257,512.00 |
747,743.00 |
|
Other liabilities |
6,734,239.00 |
6,918,605.00 |
|
Liabilities |
156,502,810.00 |
117,566,881.00 |
|
Stockholders' Equity |
|
|
|
Capital |
|
|
|
Common stock |
56,904,721.00 |
56,904,721.00 |
|
Capital Surplus |
|
|
|
Capital surplus - additional paid-in capital |
8,224,586.00 |
8,224,586.00 |
|
Capital surplus - treasury stock transactions |
95,051.00 |
71,934.00 |
|
Capital surplus - long-term equity investments |
1,358,559.00 |
1,358,559.00 |
|
Capital surplus - other |
204,224.00 |
204,224.00 |
|
Capital surplus |
9,882,420.00 |
9,859,303.00 |
|
Retained Earnings |
|
|
|
Legal reserve |
39,656,897.00 |
36,359,812.00 |
|
Special reserve |
39,506,782.00 |
33,721,775.00 |
|
Unappropriated retained earnings |
24,921,671.00 |
49,671,396.00 |
|
Retained earnings |
104,085,350.00 |
119,752,983.00 |
|
Stockholders' Equity and Other adjustment |
|
|
|
Cumulative translation adjustments |
-1,100,536.00 |
374,940.00 |
|
Net loss not recognized as pension cost |
-360,837.00 |
-355,528.00 |
|
Unrealized gains (losses) on financial instruments |
59,021,311.00 |
61,482,229.00 |
|
Treasure stock |
-339,297.00 |
-324,121.00 |
|
Equity adjustments |
57,220,641.00 |
61,177,520.00 |
|
Stockholdersˉ equity |
228,093,132.00 (USD 7,549,882,669.20) |
247,694,527.00 (USD 8,198,688,843.70) |
|
Number of treasury stock acquired by the company and subsidiaries
(unit: share) |
17,836,314.00 |
17,036,314.00 |
|
|
0.00 |
0.00 |
(As of 2014.02, 1 NTD = 0.0331 USD)
Unit: NTD/000
|
Date |
2012 |
2011 |
|
Sales |
288,038,098.00 (USD 9,534,061,043.80) |
280,827,506.00 (USD 9,295,390,448.60) |
|
Sales returns |
25,892.00 |
64,908.00 |
|
Sales discounts and allowances |
193,322.00 |
150,321.00 |
|
Sales |
287,818,884.00 |
280,612,277.00 |
|
Other operating revenue |
205,987.00 |
201,316.00 |
|
Operating income |
288,024,871.00 |
280,813,593.00 |
|
Cost of sales |
280,611,452.00 |
252,850,469.00 |
|
Operating costs |
280,611,452.00 |
252,850,469.00 |
|
Gross profit (loss) from operations |
7,413,419.00 |
27,963,124.00 |
|
Unrealized gains on intercompany transactions |
66,598.00 |
566,144.00 |
|
Realized gains on intercompany transactions |
566,144.00 |
205,796.00 |
|
Selling expense |
3,889,349.00 |
3,544,018.00 |
|
General and administrative expenses |
3,153,982.00 |
3,310,293.00 |
|
Operating expenses |
7,043,331.00 |
6,854,311.00 |
|
Operating income (loss) |
869,634.00 |
20,748,465.00 |
|
Non-Operating Income |
|
|
|
Interest income |
320,801.00 |
227,211.00 |
|
Income from long-term equity investments under the equity method |
3,532,216.00 |
12,356,872.00 |
|
Dividends |
3,086,507.00 |
5,380,208.00 |
|
Investment income |
6,618,723.00 |
17,737,080.00 |
|
Gains on disposal of fixed assets |
29,146.00 |
41,944.00 |
|
Gains on sale of investments |
0.00 |
874.00 |
|
Foreign exchange gains |
50,264.00 |
599,544.00 |
|
Rent income |
164,134.00 |
159,373.00 |
|
Revaluation gain on financial liabilities |
90,024.00 |
49,379.00 |
|
Miscellaneous income |
787,231.00 |
688,667.00 |
|
Non-operating revenues and gains |
8,060,323.00 |
19,504,072.00 |
|
Non-Operating Expenses |
|
|
|
Interest expense |
1,619,498.00 |
1,277,050.00 |
|
Impairment loss on assets |
0.00 |
2,334,827.00 |
|
Revaluation loss on financial assets |
12,660.00 |
17,316.00 |
|
Miscellaneous disbursements |
147,370.00 |
106,020.00 |
|
Non-operating expenses and losses |
1,779,528.00 |
3,735,213.00 |
|
Income from continuing operations before income tax |
7,150,429.00 |
36,517,324.00 |
|
Income tax expense (benefit) |
56,173.00 |
3,546,466.00 |
|
Income from continuing operations |
7,094,256.00 |
32,970,858.00 |
|
Net income (loss) |
7,094,256.00 |
32,970,858.00 |
|
Primary Earnings per Share |
|
|
|
Income (loss) from continuing operations |
1.25 |
5.81 |
|
Primary earnings per share |
1.25 |
5.81 |
|
Diluted earnings per share |
|
|
(As of 2014.02, 1 NTD = 0.0331 USD)
Unit: NTD/000
|
Date |
2012 |
2011 |
|
Cash Flows from Operating Activities - Indirect Method |
|
|
|
Net Income (Loss) |
7,094,256.00 |
32,970,858.00 |
|
Adjustments to Reconcile Net Income to Net Cash Provided by (Used in)
Operating Activities |
|
|
|
Depreciation Expense |
8,801,307.00 |
8,784,389.00 |
|
Amortization Expense |
2,757,959.00 |
2,387,459.00 |
|
Provision (Reversal of Provision) for Bad Debts Losses |
0.00 |
0.00 |
|
Loss (Gain) on Decline (Recovery) in Market Value, Scrap and
Obsolescence of Inventories |
-33,351.00 |
145,624.00 |
|
Investment Loss (Income) Recognized under Equity Method |
-3,532,216.00 |
-12,356,872.00 |
|
Cash Dividends Received from Investments Accounted for under Equity
Method |
5,958,855.00 |
12,774,352.00 |
|
Loss (Gain) on Disposal of Property, Plant and Equipment |
-29,146.00 |
-41,944.00 |
|
Loss (Gain) on Disposal of Investments |
0.00 |
-875.00 |
|
Unrealized Revaluation Loss (Gain) on Financial Assets and Liabilities |
-77,364.00 |
-32,063.00 |
|
Impairment Losses on Financial Asset |
0.00 |
2,334,827.00 |
|
Changes in Operating Assets and Liabilities |
|
|
|
Decrease (Increase) in Notes Receivable |
138,365.00 |
-130,027.00 |
|
Decrease (Increase) in Notes Receivable - Related Parties |
14,595.00 |
-138,954.00 |
|
Decrease (Increase) in Accounts Receivable |
-1,924,215.00 |
1,835,668.00 |
|
Decrease (Increase) in Accounts Receivable - Related Parties |
-7,131,172.00 |
3,913,611.00 |
|
Decrease (Increase) in Other Receivables |
-533,957.00 |
468,567.00 |
|
Decrease (Increase) in Inventories |
-1,343,051.00 |
-3,065,234.00 |
|
Decrease (Increase) in Other Current Assets |
-3,667,464.00 |
-1,593,294.00 |
|
Decrease (Increase) in Deferred Tax Assets |
19,763.00 |
1,386,146.00 |
|
Increase (Decrease) in Accounts Payable |
16,738.00 |
355,904.00 |
|
Increase (Decrease) in Accounts Payable - Related Parties |
7,673,253.00 |
-7,793,736.00 |
|
Increase (Decrease) in Income Tax Payable |
-2,063,106.00 |
-442,836.00 |
|
Increase (Decrease) in Accrued Expenses |
-477,217.00 |
-323,337.00 |
|
Increase (Decrease) in Other Current Liabilities |
50,954.00 |
90,518.00 |
|
Increase (Decrease) in Accrued Pension Liabilities |
305,865.00 |
370,291.00 |
|
Increase (Decrease) in Deferred Credits |
-499,546.00 |
360,348.00 |
|
Net Cash Provided by (Used in) Operating Activities |
11,520,105.00 |
42,259,390.00 |
|
Cash Flows from Investing Activities |
|
|
|
Acquisition of Available-for-sale Financial Assets |
-2,250,000.00 |
-6,500,000.00 |
|
Proceeds from Disposal of Available-for-sale Financial Assets |
0.00 |
500,875.00 |
|
Acquisition of Financial Assets Carried at Cost |
0.00 |
0.00 |
|
Proceeds from Disposal of Financial Assets Carried at Cost |
0.00 |
0.00 |
|
Acquisition of Investments Accounted for by Equity Method |
-4,312,877.00 |
-3,323,340.00 |
|
Proceeds from Capital Reduction of Investments Accounted for under
Equity Method |
0.00 |
0.00 |
|
Purchase of Property, Plant and Equipment |
-3,844,684.00 |
-1,907,908.00 |
|
Proceeds from Disposal of Property, Plant and Equipment |
45,371.00 |
94,094.00 |
|
Increase in Deferred Charges |
-7,050,398.00 |
-3,569,826.00 |
|
Decrease (Increase) in Other Receivables - Related Parties |
-3,957,200.00 |
-8,854,950.00 |
|
Decrease (Increase) in Other Assets |
-21,775.00 |
102,379.00 |
|
Net Cash Provided by (Used in) Investing Activities |
-21,391,563.00 |
-23,458,676.00 |
|
Cash Flows from Financing Activities |
|
|
|
Increase (Decrease) in Short-term Loans |
399,600.00 |
4,092,100.00 |
|
Increase (Decrease) in Short-term Notes and Bills Payable |
12,498,912.00 |
0.00 |
|
Proceeds from Issuance of Bonds |
20,000,000.00 |
10,000,000.00 |
|
Repayments of Bonds |
-5,000,000.00 |
-1,360,000.00 |
|
Proceeds from Long-term Debt |
24,651,000.00 |
23,450,000.00 |
|
Repayment of Long-term Debt |
-18,642,156.00 |
-17,595,137.00 |
|
Increase (Decrease) in Guarantee Deposits Received |
4,124.00 |
-682.00 |
|
Increase (Decrease) in Other Liabilities |
5,191.00 |
15,911.00 |
|
Cash Dividends Paid |
-22,766,119.00 |
-42,638,464.00 |
|
Net Cash Provided by (Used in) Financing Activities |
11,150,552.00 |
-24,036,272.00 |
|
Effect of Exchange Rate Changes |
86,360.00 |
-85,684.00 |
|
Net Increase (Decrease) in Cash and Cash Equivalents |
1,365,454.00 |
-5,321,242.00 |
|
Cash and Cash Equivalents, Beginning of year |
758,218.00 |
6,079,460.00 |
|
Cash and Cash Equivalents, End of year |
2,123,672.00 |
758,218.00 |
|
Supplemental Cash Flow Information |
|
|
|
Interest Paid |
1,643,284.00 |
1,288,925.00 |
|
Interest Paid- Excluding Capitalized Interest |
1,643,284.00 |
1,288,925.00 |
|
Income Tax Paid |
2,095,373.00 |
2,611,195.00 |
|
Non-cash Investing and Financing Activities |
|
|
|
Current Portion of Long-term Liabilities |
23,606,474.00 |
8,951,711.00 |
|
Cash Dividends Payable |
22,766,119.00 |
42,638,464.00 |
|
Others |
22,766,119.00 |
42,638,464.00 |
|
Investing Activities Affecting Both Cash and Non-cash Items |
|
|
|
Cash Paid for Acquisition of Property, Plant and Equipment |
|
|
|
Increase in Property, Plant and Equipment |
3,864,893.00 |
1,814,661.00 |
|
Increase (Decrease) in Payable for Equipment Purchased |
-20,209.00 |
93,247.00 |
|
Cash Paid for Acquisition of Property, Plant and Equipment |
3,844,684.00 |
1,907,908.00 |
|
Name |
Taiwan Bank |
Mortgage
|
1 |
|
|
Case Type: |
Chattel Mortgage |
|
Certificate No.: |
016465 |
|
Debtor Name: |
Formosa Chemicals & Fibre Corp. |
|
Document Number: |
277384 |
|
Date of Registration: |
1982-1-4 |
|
Date of Alteration: |
1982-1-4 |
|
Status: |
Pay Off |
|
2 |
|
|
Case Type: |
Chattel Mortgage |
|
Certificate No.: |
037141 |
|
Debtor Name: |
Formosa Chemicals & Fibre Corp. |
|
Document Number: |
106155 |
|
Date of Registration: |
1991-2-22 |
|
Date of Alteration: |
1991-2-22 |
|
Status: |
Pay Off |
|
3 |
|
|
Case Type: |
Chattel Mortgage |
|
Certificate No.: |
093920 |
|
Debtor Name: |
Formosa Chemicals & Fibre Corp. |
|
Document Number: |
09705088940 |
|
Date of Registration: |
2008-4-3 |
Lawsuit
|
2004,Zhangxiaodiao,142 |
|
|
Date of Trial: |
2004-10-29 |
|
Reason: |
Labour dispute |
|
Name |
Mr. Zheng |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.10 |
|
|
1 |
Rs.99.05 |
|
Euro |
1 |
Rs.79.03 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
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.