MIRA INFORM REPORT

Report No. :	315872
Report Date :	09.04.2015

IDENTIFICATION DETAILS

Name :	TAIWAN GLASS INDUSTRY CORP.
Registered Office :	Floor-11, No.261, Sec.3, Nanking E. Rd., Taipei
Country :	Taiwan
Financials (as on) :	31.12.2014
Date of Incorporation :	05.09.1964
Com. Reg. No.:	11914002
Legal Form :	Joint Stock Company
Line of Business :	Manufacturing of glass
No. of Employee :	About 16,295

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 :	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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
Taiwan	A2	A1

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 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

Contact Points

Company Name:	Taiwan Glass Industry Corp.
Supplied Name:	AIWAN GLASS IND. CORP.
Trading Address:	Floor-11, No.261, Sec.3, Nanking E. Rd., Taipei, Taiwan
Supplied Address:	P. O. BOX 81-700, TAIPEI
Telephone Number:	+886-2-2713-0333
Fax Number:	+886-2-2715-0333/8712-0872/2715-8077
E-mail:	tgi@taiwanglass.com

Notes: Subject’s exact name and address are as above. The supplied address is not complete.

Company Identification Details

Registered Name:	Taiwan Glass Industry Corp.
Registered Address:	Floor-11, No.261, Sec.3, Nanking E. Rd., Taipei, Taiwan
Date of Foundation:	1964-9-5
Registration Number:	11914002
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 26,000,000,000 (USD 839,800,000) (As of 2015.04, 1 NTD = 0.0323 USD)
Paid-up Capital:	NTD 23,780,608,000 (USD 768,113,638)
Legal Representatives:	Bofeng Lin
Legal Form:	Joint Stock Company
Principal Activities:	Manufacturing of glass and etc.
Staff:	About 16,295 Employees (Including 4,690 employees in Taiwan and 11,605 employees in the Mainland China)
Listed at Stock Exchange:	Yes; Stock Symbol:1802
Date of Last Annual Return:	2014-9-9

History

Subject was incorporated on 1964-9-5 with registered number 11914002 as Joint Stock Company in Taiwan.

Subject was listed on Taiwan Stock Exchange on 1973-7-20.

Corporate Structure

Factories in Taiwan

1
Name:	Taiwan Glass Industry Corp. Zhangbin Factory
Address:	No. 52, Lugong Rd., Lugang Town, Zhanghua County, Taiwan
Date of Registration:	2011-10-25
Factory Registration Number:	07000332
Factory Manager:	Bofeng Lin
Status:	In Production
Date of Last Annual Return:	2014-10-23
Major Products:	231 glass and related products
2
Name:	Taiwan Glass Industry Corp. Taoyuan Factory
Address:	No. 1, Jingjian 5 Rd., Shulin Village, Guanyin Xiang, Taoyuan County, Taiwan
Date of Foundation:	1987-7-7
Date of Registration:	1990-4-12
Factory Registration Number:	99621324
Factory Manager:	Bofeng Lin
Status:	In Production
Date of Last Annual Return:	2012-5-14
Major Products:	231 glass and related products
Factory Area	181,181 square meters
Annual Production Capacity	48,000 MT
3
Name:	Taiwan Glass Industry Corp. Xinzhu Jianshan Xisha Factory
Address:	No. 200, Zhonghua Rd., Yilin, Guangxing Li, Toufen Town, Miaoli County, Taiwan
Date of Foundation:	1969-9-12
Date of Registration:	1969-9-12
Factory Registration Number:	99631819
Factory Manager:	Bofeng Lin
Status:	In Production
Date of Last Annual Return:	2001-11-7
Major Products:	232 Refractory clay, building materials and ceramic products 239 Other non-metallic mineral products
4
Name:	Taiwan Glass Industry Corp. Taichung Factory
Address:	No. 377, Ziqiang Rd., Caonan Li, Wuqi Dist., Taichung City, Taiwan
Date of Foundation:	1980-8-1
Date of Registration:	1980-8-1
Factory Registration Number:	99633230
Factory Manager:	Bofeng Lin
Status:	In Production
Date of Last Annual Return:	2001-7-1
Major Products:	231 glass and related products
5
Name:	Taiwan Glass Industry Corp. Taichung Processing Factory
Address:	No. 222, Zili 3^rd Street, Caonan Li, Wuqi Dist., Taichung City, Taiwan
Date of Foundation:	1984-4-1
Date of Registration:	1984-4-1
Factory Registration Number:	99633231
Factory Manager:	Bofeng Lin
Status:	In Production
Date of Last Annual Return:	2001-7-1
Major Products:	231 glass and related products
6
Name:	Taiwan Glass Industry Corp. Taichung Pingban Third Factory
Address:	No. 220, Zili 3^rd Street, Caonan Li, Wuqi Dist., Taichung City, Taiwan
Date of Foundation:	1988-9-30
Date of Registration:	1991-1-24
Factory Registration Number:	99633232
Factory Manager:	Bofeng Lin
Status:	In Production
Date of Last Annual Return:	2001-7-10
Major Products:	231 glass and related products
7
Name:	Taiwan Glass Industry Corp. Taichung Lugang Factory
Address:	No. 11, Lugong Rd., Lugang Town, Zhanghua County, Taiwan
Date of Foundation:	1996-12-17
Date of Registration:	1998-8-7
Factory Registration Number:	99645130
Factory Manager:	Bofeng Lin
Status:	In Production
Date of Last Annual Return:	2008-10-9
Major Products:	231 glass and related products 112 weaving
8
Name:	Taiwan Glass Industry Corp. Taichung Xinzhu Factory
Address:	No. 470, Sec. 4, Zhonghua Rd., Niubu Li, Xiangshan Dist., Xinzhu City, Taiwan
Date of Foundation:	1969-1-1
Date of Registration:	1969-10-20
Factory Registration Number:	99667431
Factory Manager:	Bofeng Lin
Status:	In Production
Date of Last Annual Return:	2012-11-14
Major Products:	231 glass and related products
9
Name:	Taiwan Glass Industry Corp. Taichung Pingban Factory
Address:	No. 11, Lugong Rd., Lugang Town, Zhanghua County, Taiwan
Date of Registration:	2008-10-9
Factory Registration Number:	99680788
Factory Manager:	Bofeng Lin
Status:	In Production
Date of Last Annual Return:	2008-10-9
Major Products:	231 glass and related products

Factories in Mainland China

1
Name	Qingdao Float Glass Co., Ltd.
Tel	+86-532-8316-1177
Fax	+86-532-8316-1203
Factory Area	199,319 square meters
Annual Production Capacity	140,000 MT
Major Products	Clear float glass, mirror glass, tempered glass, laminated glass
2
Name	Qingdao Rolled Glass Co., Ltd.
Tel	+86-532-8316-1088
Fax	+86-532-8316-1078
Factory Area	229,807 square meters
Annual Production Capacity	150,000 MT
Major Products	Rolled glass
3
Name	TG Changjiang Co., Ltd.
Tel	+86-512-5744-0001
Fax	+86-512-5744-0666
Factory Area	318,970 square meters
Annual Production Capacity	320,000 MT
Major Products	Clear float glass, tinted float glass, insulating glass, tempered glass, laminated glass, reflective glass, low-e glass, heat strengthened glass, bent glass, mirror glass
4
Name	Taichia Glass Fiber Co., Ltd.
Tel	+86-512-5745-3000
Fax	+86-512-5745-3333
Factory Area	323,539 square meters
Annual Production Capacity	40,000MT
Major Products	E-glass fabric
5
Name	TG Chengdu Glass Co., Ltd.
Tel	+86-28-8366-7100
Fax	+86-28-8366-7300
Factory Area	346,276 square meters
Annual Production Capacity	480,000 MT
Major Products	Clear float glass, tempered glass, laminated glass, insulating glass, low-e glass, heat strengthened glass
6
Name	TG Huanan Glass Co., Ltd.
Tel	+86-769-8884-1000
Fax	+86-769-8884-0000
Factory Area	364,907 square meters
Annual Production Capacity	480,000 MT
Major Products	Clear float glass、mirror glass
7
Name	TG Donghai Glass Co., Ltd.
Tel	+86-518-8726-6866
Fax	+86-518-8726-6766
Factory Area	253,100 square meters
Annual Production Capacity	120,000 MT
Major Products	Clear float glass
8
Name	TG Kunshan Glass Co., Ltd.
Factory Area	85,800 square meters
Annual Production Capacity	200,000 MT
Major Products	Clear float glass
9
Name	TG Tianjin Glass Co., Ltd.
Tel	+86-22-6866-0077
Fax	+86-22-6866-0088
Factory Area	300,448 square meters
Annual Production Capacity	200,000 MT
Major Products	Clear float glass
10
Name	TG Fujian Photovoltaic Glass Co., Ltd.
Tel	+86-596-698-0000
Fax	+86-596-698-1000
Factory Area	400,000 square meters
Annual Production Capacity	60,000 MT
Major Products	PV cover glass
11
Name	TG Yueda Solar Mirror Co., Ltd
Address:	88 Nanhuan Road, Economic Developing Zone, Yancheng, Jiangsu Province, China
Tel	+86-515-8985-0600
Fax	+86-515-8985-0600
Annual Production Capacity	7,400,000MT
Major Products	Power tower/Linear Fresnel mirror, Parabolic trough mirror

Shareholders

Major Shareholders

Name	Subscription Shares
Bofeng Lin	16,868,795
Boshi Lin	12,779,175
Bochun Lin	3,983,412
Yun San Corporation	146,339
Handong Lin	8,783,860
Taifeng Investment Co., Ltd. (Literal Translation)	363,601,432
Taijian Investment Co., Ltd. (Literal Translation)	215,828,896
Hehe Investment Co., Ltd. (Literal Translation)	317,941,562
Sacon Industrial Co., Ltd.	904,479

Shareholder Information:

1
Registered Name:	Yun San Corporation
Registered Address:	1F, No.50, Lane 177, Sec.1, Tun Hwa S. Rd., Taipei Taiwan R.O.C.
Date of Foundation:	1971-4-12
Registration Number:	18629968
Registry:	Taipei City Government
Registered Capital:	NTD 495,000,000 (USD 15,988,500) (As of 2015.04, 1 NTD = 0.0323 USD)
Paid-up Capital:	NTD 300,000,000 (USD 9,690,000)
Legal Representatives:	Boxin Zhang
Legal Form:	Joint Stock Company
Date of Last Annual Return:	2013-3-28
2
Registered Name:	Taifeng Investment Co., Ltd. (Literal Translation)
Registered Address:	11F, No. 261, Sec. 3, Nanjing E Rd., Songshan Dist., Taipei City, Taiwan
Date of Foundation:	1972-3-6
Registration Number:	11825613
Registry:	Taipei City Government
Registered Capital:	NTD 500,000,000 (USD 16,150,000) (As of 2015.04, 1 NTD = 0.0323 USD)
Paid-up Capital:	NTD 350,000,000 (USD 11,305,000)
Legal Representatives:	Bofeng Lin
Legal Form:	Joint Stock Company
Date of Last Annual Return:	2014-9-5
3
Registered Name:	Taijian Investment Co., Ltd. (Literal Translation)
Registered Address:	11F, No. 261, Sec. 3, Nanjing E Rd., Songshan Dist., Taipei City, Taiwan
Date of Foundation:	1964-10-3
Registration Number:	11905101
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 820,000,000 (USD 26,486,000) (As of 2015.04, 1 NTD = 0.0323 USD)
Paid-up Capital:	NTD 574,000,000 (USD 18,540,200)
Legal Representatives:	Bochun Lin
Legal Form:	Joint Stock Company
Date of Last Annual Return:	2012-10-19
4
Registered Name:	Hehe Investment Co., Ltd. (Literal Translation)
Registered Address:	11F, No. 261, Sec. 3, Nanjing E Rd., Songshan Dist., Taipei City, Taiwan
Date of Foundation:	1974-6-17
Registration Number:	04705894
Registry:	Taipei City Government
Registered Capital:	NTD 500,000,000 (USD 16,150,000) (As of 2015.04, 1 NTD = 0.0323 USD)
Paid-up Capital:	NTD 350,000,000 (USD 11,305,000)
Legal Representatives:	Boshi Lin
Legal Form:	Joint Stock Company
Date of Last Annual Return:	2012-11-9
5
Registered Name:	Sacon Industrial Co., Ltd.
Registered Address:	3F., No.89, Minshan Street, Neihu Dist., Taipei City, Taiwan (R.O.C.)
Date of Foundation:	1980-7-29
Registration Number:	00819902
Registry:	Taipei City Government
Registered Capital:	NTD 138,428,670 (USD 4,471,246) (As of 2015.04, 1 NTD = 0.0323 USD)
Paid-up Capital:	NTD 138,428,670 (USD 4,471,246)
Legal Representatives:	Manli Lin
Legal Form:	Joint Stock Company
Date of Last Annual Return:	2014-7-29

Management Information

Core Management

Directors

1
Name	Bofeng Lin
Position	Board Chairman
2
Name	Boshi Lin
Position	Director & Manager
Date of Appointment	2012-6-5
3
Name	Bochun Lin
Position	Director
4
Name	Boxin Zhang
Position	Director
5
Name	Handong Lin
Position	Director
6
Name	Yude Su
Position	Director & Manager
Date of Appointment	2012-6-5
7
Name	Jiahong Lin
Position	Director & Manager
Date of Appointment	2012-6-5
8
Name	Jiayou Lin
Position	Director & Manager
Date of Appointment	2012-6-5
9
Name	Jiaming Lin
Position	Director & Manager
Date of Appointment	2012-6-5
10
Name	Zhengzhang Chen
Position	Director & Manager
Date of Appointment	2012-6-5
11
Name	Baocun Lin
Position	Director
12
Name	Fengzheng Lin
Position	Independence Director
13
Name	Qingzhi Chen
Position	Independence Director
14
Name	Qingyuan Huang
Position	Independence Director
15
Name	Guodong Xie
Position	Supervisor
16
Name	Jiqing Xu
Position	Manager
Date of Appointment	2013-7-1
17
Name	Baocun Lin
Position	Manager
Date of Appointment	2012-6-5

Personnel Structure

Total Employees

About 16,295 Employees (Including 4,690 employees in Taiwan and 11,605 employees in the Mainland China)

Operation Information

Offices & Factories

	Headquarters
Add	Floor-11, No.261, Sec.3, Nanking E. Rd., Taipei, Taiwan

Production Information

Subject is engaged in manufacturing of glass and etc.

Subject has 20 factories in Taiwan and the mainland of China for production.

Subject obtained the certification of ISO 9002, ISO 14001, ISO 22000 and etc.

Purchase Information

The registered activities of subject:

Business Code	Details
--	Manufacturing, processing and sale of glass raw materials
--	Manufacturing and sale of sheet glass
--	Manufacturing and sale of figured glass
--	Manufacturing and sale of wire glass
--	Processing and sale of reflection plate glass
--	Processing and sale of tempered glass and agglutination safety glass
--	Processing and sale of mirror plate glass
--	Processing and sale of double insulation safety glass
--	Processing and sale of Railway vehicles and car glass
--	Processing and sale of bevelled glass
--	Manufacturing and sale of container glass
--	Manufacturing, processing and sale of heat-resistant glass
--	Manufacturing, processing and sale of fiber glass filament
--	Export of glass machinery and technology
--	Import and export of glass raw materials and machinery
--	Installation of glass
ZZ99999	Besides licensed business, all other business items those are not banned or restricted.

It is introduced that subject purchases its raw materials and etc both at home and abroad.

It is introduced that subject imports some technologies from Japan, Germany, UK, USA

Subject purchases some finished products and related products from its factories in the mainland of China.

Sales Information

Subject is engaged in sale of glass

Subject’s products are applied to the automobile, computer, buildings, kitchenware

Subject’s sales regions cover China, Japan, South Korea, Southeast Asia, USA, North America, Middle East, Australia, Europe, and South Africa

Subject’s major customers are manufacturers of electronic products, construction industry, manufacturers of food utensil, drinks

Major products

Type	Product
Flat Glass	Clear float glass, tinted float glass, super clear glass, rolled glass
Processed Glass	Reflective glass, insulating glass, low-E glass, tempered glass, heat soak testing, heat strengthened glass, sound control laminated glass, ceramic spandrel glass, ceramic silkscreen glass, bent glass, mirror glass
Photovoltaic Glass	Photovoltaic Glass, solar power mirror
Fiber Glass	Glass fabric, glass fiber
Container	Liquor, wine and beer, food jar, pepper, spice, sauce, oil and vinegar, soft drink, juice and milk, pharmaceutical, cobalt blue containers

Trademark

Name of trademark:	Taiwan Boli TaiwanGlass and Picture
Registration No.:	01547542
Mark Type:	Flat
Mark:
Owner’s Name and Address:	Taiwan Glass Industry Corp. Floor-11, No.261, Sec.3, Nanking E. Rd., Taipei, Taiwan
Class No.:	019
Products and Service:	Glass doors, color glass windows, glass for building, glass mosaic, safe glass for building, glass for non-car windows

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

Products	Raw materials.
Payment Terms	Interior Settlement, T/T, Cash

Import

Products	Raw materials
Payment Terms	L/C, T/T

Sales

Domestic Markets

Product	Glass and related products
Selling Terms	Credit Sale, T/T, Cash

Export

Product	Glass and related products
Selling Terms	L/C, T/T

Balance Sheet

Unit: NTD/000

Consolidated	2014-12-31	2013-12-31
Assets
Current assets
Cash and cash equivalents
Total cash and cash equivalents	6,510,559	4,938,635
Notes receivable, net
Notes receivable, net	2,321,386	2,435,350
Accounts receivable, net
Accounts receivable, net	5,266,745	3,844,666
Other receivables
Other receivables, net	1,850,902	1,313,931
Current tax assets
Total current tax assets	20,894	23,875
Inventories
Inventories, manufacturing business
Inventories, manufacturing business, net	9,574,497	10,749,179
Total inventories	9,574,497	10,749,179
Prepayments
Total prepayments	3,563,154	3,708,570
Other current assets
Other current financial assets	256,436	123,451
Other current assets, others	46,354	16,945
Total other current assets	302,790	140,396
Total current assets	29,410,927	27,154,602
Non-current assets
Non-current available-for-sale financial assets
Non-current available-for-sale financial assets, net	265,511	332,301
Investments accounted for using equity method
Investments accounted for using equity method, net	3,647,110	4,580,670
Property, plant and equipment
Total property, plant and equipment	67,748,488	62,721,601
Investment property, net
Investment property, net	18,703	134,977
Intangible assets
Total intangible assets	74,617	80,724
Deferred tax assets	634,568	827,820
Other non-current assets
Prepayments for business facilities	502,932	351,334
Guarantee deposits paid	66,951	57,463
Non-current prepaid pension cost	270,552	631,216
Long-term prepaid rents	3,300,644	3,015,291
Other non-current assets, others
Total other non-current assets, others	29,538	1,049,972
Total other non-current assets	4,170,617	5,105,276
Total non-current assets	76,559,614	73,783,369
Total assets	105,970,541	100,937,971
Liabilities
Current liabilities
Short-term borrowings
Total short-term borrowings	10,947,416	9,332,093
Short-term notes and bills payable
Total short-term notes and bills payable	1,797,898	1,197,965
Current financial liabilities at fair value through profit or loss
Total current financial liabilities at fair value through profit or loss	0	800
Notes payable
Total notes payable	335,431	279,027
Accounts payable
Total accounts payable	4,530,263	2,860,903
Other payables
Total other payables	3,489,970	3,871,842
Current tax liabilities	60,774	88,480
Other current liabilities
Advance receipts
Total advance receipts	1,221,194	1,169,505
Long-term liabilities, current portion
Bonds payable, current portion	0	7,843,896
Long-term borrowings, current portion	9,960,018	5,952,394
Total long-term liabilities, current portion	9,960,018	13,796,290
Other current liabilities, others	77,454	91,489
Total other current liabilities	11,258,666	15,057,284
Total current liabilities	32,420,418	32,688,394
Non-current liabilities
Non-current financial liabilities at fair value through profit or loss
Total non-current financial liabilities at fair value through profit or loss	53,890	0
Bonds payable
Total bonds payable	3,010,986	0
Long-term borrowings
Total long-term borrowings	15,312,286	14,936,608
Deferred tax liabilities
Total deferred tax liabilities	820,375	1,006,517
Other non-current liabilities
Long-term deferred revenue	1,539,555	1,295,036
Accrued pension liabilities	110,769	116,644
Guarantee deposits received	185,455	146,323
Other non-current liabilities, others	0	297
Total other non-current liabilities	1,835,779	1,558,300
Total non-current liabilities	21,033,316	17,501,425
Total liabilities	53,453,734	50,189,819
Equity
Equity attributable to owners of parent
Share capital
Ordinary share	23,780,608	23,780,608
Total capital stock	23,780,608	23,780,608
Capital surplus
Total capital surplus	370,850	365,337
Retained earnings
Legal reserve	5,601,432	5,601,432
Special reserve	10,252,793	10,264,631
Unappropriated retained earnings (accumulated deficit)
Total unappropriated retained earnings (accumulated deficit)	5,460,779	5,853,667
Total retained earnings	21,315,004	21,719,730
Other equity interest
Exchange differences on translation of foreign financial statements
Total exchange differences on translation of foreign financial statements	3,169,867	837,399
Unrealized gains (losses) on available-for-sale financial assets
Total unrealized gains (losses) on available-for-sale financial assets	-136,265	-142,843
Total other equity interest	3,033,602	694,556
Total equity attributable to owners of parent	48,500,064	46,560,231
Non-controlling interests	4,016,743	4,187,921
Total equity	52,516,807	50,748,152
Number of share capital awaiting retirement	0	0
Equivalent issue shares of advance receipts for ordinary share	0	0
Number of shares in entity held by entity and by its subsidiaries	0	0

Profit and Loss Account

Unit: NTD/000

Consolidated	2014	2013
Operating revenue
Total operating revenue	41,570,020	37,085,123
Operating costs
Total operating costs	38,785,381	34,311,032
Gross profit (loss) from operations	2,784,639	2,774,091
Gross profit (loss) from operations	2,784,639	2,774,091
Operating expenses
Selling expenses
Total selling expenses	3,048,233	2,739,874
Administrative expenses
Total administrative expenses	1,848,773	1,669,070
Research and development expenses
Total research and development expenses	265,146	366,170
Total operating expenses	5,162,152	4,775,114
Net other income (expenses)
Net other income (expenses)	-119,602	-13
Net operating income (loss)	-2,497,115	-2,001,036
Non-operating income and expenses
Other income
Total other income	396,685	2,597,785
Other gains and losses
Other gains and losses, net	3,858,987	-4,825
Finance costs
Finance costs, net	754,423	666,587
Share of profit (loss) of associates and joint ventures accounted for using equity method
Share of loss of associates and joint ventures accounted for using equity method	1,170,515	346,152
Share of profit (loss) of associates and joint ventures accounted for using equity method, net	-1,170,515	-346,152
Total non-operating income and expenses	2,330,734	1,580,221
Profit (loss) from continuing operations before tax	-166,381	-420,815
Tax expense (income)
Total tax expense (income)	157,411	583,111
Profit (loss) from continuing operations	-323,792	-1,003,926
Profit (loss)	-323,792	-1,003,926
Other comprehensive income
Exchange differences on translation	2,349,198	2,220,088
Unrealised gains (losses) on valuation of available-for-sale financial assets	6,578	14,503
Actuarial gains (losses) on defined benefit plans	-385,895	159,053
Share of other comprehensive income of associates and joint ventures accounted for using equity method
Total share of other comprehensive income of associates and joint ventures accounted for using equity method	197,522	324,349
Income tax related to components of other comprehensive income	-65,602	27,039
Other comprehensive income, net	2,233,005	2,690,954
Total comprehensive income	1,909,213	1,687,028
Profit (loss), attributable to:
Profit (loss), attributable to owners of parent	153,261	-896,175
Profit (loss), attributable to non-controlling interests	-477,053	-107,751
Comprehensive income attributable to:
Comprehensive income, attributable to owners of parent	2,169,520	1,565,866
Comprehensive income, attributable to non-controlling interests	-260,307	121,162
Basic earnings per share
Total basic earnings per share	0.06	-0.38

Cash Flows

Unit: NTD/000

Consolidated	2014	2013
Cash flows from (used in) operating activities, indirect method
Profit (loss) from continuing operations before tax	-166,381	-420,815
Profit (loss) before tax	-166,381	-420,815
Adjustments
Adjustments to reconcile profit (loss)
Depreciation expense	5,276,723	5,717,680
Amortization expense	9,890	8,396
Net loss (gain) on financial assets or liabilities at fair value through profit or loss	-85,584	-29,745
Interest expense	754,423	666,587
Interest income	-87,605	-89,944
Dividend income	-9,661	-10,463
Effect of exchange rate changes of bonds payable	190,945	217,893
Share of loss (profit) of associates and joint ventures accounted for using equity method	1,170,515	346,152
Loss (gain) on disposal of property, plan and equipment	119,602	13
Loss (gain) on disposal of investment properties	-4,090,563	0
Loss (gain) on disposal of investments	-147,755	-25,269
Loss (gain) on bond redemption	0	20,390
Other revenue, overdue dividends and compensation of board and directors	-1,178	0
Total adjustments to reconcile profit (loss)	3,099,752	6,821,690
Changes in operating assets and liabilities
Changes in operating assets
Decrease (increase) in notes receivable	113,964	-1,274,405
Decrease (increase) in accounts receivable	-1,422,079	-705,662
Decrease (increase) in other receivable	497,808	-938,530
Decrease (increase) in inventories	1,174,682	-925,001
Decrease (increase) in prepayments	-165,168	-1,399,702
Decrease (increase) in other current assets	-29,409	-14,703
Decrease (increase) in other financial assets	-132,985	19,631
Decrease (increase) in other operating assets	-14,200	-1,035,030
Total changes in operating assets	22,613	-6,273,402
Changes in operating liabilities
Increase (decrease) in notes payable	56,404	94,451
Increase (decrease) in accounts payable	1,669,360	176,869
Increase (decrease) in other payable	-790,745	795,662
Increase (decrease) in receipts in advance	51,689	383,313
Increase (decrease) in other current liabilities	-14,035	-29,764
Increase (decrease) in accrued pension liabilities	-5,875	736
Increase (decrease) in deferred credits	161,373	447,560
Increase (decrease) in other operating liabilities	-297	-1
Total changes in operating liabilities	1,127,874	1,868,826
Total changes in operating assets and liabilities	1,150,487	-4,404,576
Total adjustments	4,250,239	2,417,114
Cash inflow (outflow) generated from operations	4,083,858	1,996,299
Interest received	87,460	90,260
Dividends received	9,661	10,463
Interest paid	-574,405	-343,567
Income taxes refund (paid)	-109,424	-92,351
Net cash flows from (used in) operating activities	3,497,150	1,661,104
Cash flows from (used in) investing activities
Proceeds from disposal of available-for-sale financial assets	90,689	125,944
Acquisition of investments accounted for using equity method	-39,433	0
Acquisition of property, plant and equipment	-7,185,461	-9,958,164
Proceeds from disposal of property, plant and equipment	46,353	30,957
Increase in refundable deposits	-9,488	0
Decrease in refundable deposits	0	22,164
Acquisition of intangible assets	-1,814	-4,412
Proceeds from disposal of investment properties	4,198,537	0
Other investing activities	-3,594	-110,297
Net cash flows from (used in) investing activities	-2,904,211	-9,893,808
Cash flows from (used in) financing activities
Increase in short-term loans	1,615,323	428,221
Increase in short-term notes and bills payable	600,000	0
Proceeds from issuing bonds	2,982,226	0
Repayments of bonds	-8,047,614	-941,679
Proceeds from long-term debt	10,232,147	9,657,204
Repayments of long-term debt	-5,848,845	-2,619,145
Increase in guarantee deposits received	39,132	25,980
Cash dividends paid	-238,484	-236,794
Change in non-controlling interests	97,638	24,500
Net cash flows from (used in) financing activities	1,431,523	6,338,287
Effect of exchange rate changes on cash and cash equivalents	-452,538	-214,791
Net increase (decrease) in cash and cash equivalents	1,571,924	-2,109,208
Cash and cash equivalents at beginning of period	4,938,635	7,047,843
Cash and cash equivalents at end of period	6,510,559	4,938,635
Cash and cash equivalents reported in the statement of financial position	6,510,559	4,938,635

Note: Subject did not submit the latest independent financial information to the official registry. We only provide the above consolidated financial information of the subject for your reference.

The above financial figures are based on the IFRSs Accounting System.

Bankers

Subject declined to disclose its bank details; from other source we could not obtain the relevant information, either.

Public Record

Mortgage

No chattel mortgage record of subject has been found within the recent 3 months.

Lawsuit

Trial Number	2010, Beijian,14682
Trial Date	2010-10-12
Reason	Payment of notes
Claimant:	Taiwan Glass Industry Corp.
Defendant:	Hai Yang International Industrial Co., LTD

Special Note

Interview Details

Department

Sales Department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.33
UK Pound	1	Rs.92.53
Euro	1	Rs.67.60

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	ANK

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.