|
Report No. : |
354980 |
|
Report Date : |
18.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Registered Office : |
No.16, Guangfu N. Rd., Hukou
Township, Hsinchu County 30351 |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
27.05.2005 |
|
|
|
|
Com. Reg. No.: |
27731057 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Subject is engaged in manufacturing of solar cells. |
|
|
|
|
No. of Employee : |
About 1,000 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Taiwan |
A1 |
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. 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. However, follow-on components of the ECFA, including a signed agreement on trade in services and negotiations on trade in goods and dispute resolution, have stalled. In early 2014, the government bowed to public demand and proposed a new law governing the oversight of cross-Strait agreements, before any additional deals with China are implemented; the legislature has yet to vote on such legislation, leaving the future of ECFA up in the air as President MA enters his final full year in office. MA has portrayed ECFA as Taiwan’s key to greater participation in East Asia’s free trade networks.
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 expected to account for nearly 20% of the island's total population by 2025.
The island runs a trade surplus, largely because of its surplus with China, and its foreign reserves are the world's fifth largest, behind those of China, Japan, Saudi Arabia, 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, the Taiwan Central Bank signed a memorandum of understanding (MOU) 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 has helped Taiwan develop into a local RMB hub.
Closer economic links with the mainland bring greater opportunities for Taiwan’s economy but also pose new challenges as the island becomes more economically dependent on China at a time when political differences remain unresolved. During 2014, the press paid increasing attention to domestic economic issues, while pushing aside the debates over trade liberalization that were a hallmark of MA’s tenure. The media focused on the divide between Taiwan’s “haves” and “have nots,” providing extensive coverage of public frustration with stagnant wages, skyrocketing housing prices, and the difficulty of finding decent entry-level jobs.
|
Source
: CIA |
|
Company Name: |
|
|
Supplied Name: |
|
|
Trading Address: |
No.16,
Guangfu N. Rd., Hukou Township, Hsinchu County 303, Taiwan |
|
Supplied Address: |
|
|
Telephone Number: |
|
|
Fax Number: |
|
|
E-mail: |
Note: The exact name and address are as above.
The supplied address belongs to subject’s Taipei office.
Subject
was incorporated on 2005-5-27 with registered number 27731057 as Joint
Stock Company in Taiwan.
Subject listed on Taiwan Stock Exchange
on 2008-12-05
Factory
|
1 |
|
|
Name: |
Hsinchu Plant |
|
Address: |
Underground, 1/F-7/F., No.16, Guangfu
N. Rd., Hukou Township, Hsinchu County 30351, Taiwan (R.O.C.) |
|
Date of Registration: |
2009-6-25 |
|
Factory Registration Number: |
99700590 |
|
Factory Manager: |
Jianxun Lv |
|
Status: |
In production |
|
Date of Last Annual Return: |
2012-7-3 |
|
Major Products: |
264 Photoelectric material and components 289 Other
electrical equipment |
|
2 |
|
|
Name: |
Hsinchu 2nd Plant |
|
Address: |
No.16-2, Guangfu N. Rd., Hukou Township,
Hsinchu County 30351, Taiwan (R.O.C.) |
|
Date of Registration: |
2013-6-17 |
|
Factory Registration Number: |
04000240 |
|
Factory Manager: |
Jianxun Lv |
|
Status: |
In production |
|
Date of Last Annual Return: |
2013-7-10 |
|
Major Products: |
264 Photoelectric material and components 289 Other
electrical equipment |
Office
|
Name: |
Taipei Office |
|
Address: |
8F, NO. 760, Sec. 4, Bade Rd.,
Songshan Dist., Taipei 105, Taiwan |
|
Telephone Number: |
+886-2-2171-2388 |
|
Fax Number: |
+886-2-2171-2387 |
Major
Related Company
|
1 |
|
|
Name |
Astro Solartech Inc. |
|
Address |
12731 Ramona Blvd., Suite 205 Irwindale, CA 91706 |
|
Telephone Number: |
+1 626 869 5860 |
|
Fax Number: |
+1 626 869 5971 |
|
2 |
|
|
Name |
Solartech Japan Corp. |
|
Address |
6/F Alpha Building 1-25-14 Toshima-ku, Higashi-Ikebukuro Tokyo
170-0013 Japan |
|
Telephone Number: |
+81 03-5927-1511 |
|
Fax Number: |
+81 03-5927-1611 |
|
3 |
|
|
Name: |
Sino-American Silicon Products Inc. |
|
Address: |
4/F., No. 8, Industrial 2nd RD., Hsinchu Science Industrial
Park, Hsinchu City, Taiwan |
|
Telephone Number: |
+886-3-577-2233 |
|
Fax Number: |
+886-3-578-1706 |
|
4 |
|
|
Name: |
Sunshine PV Corp. |
|
Address: |
No. 16-1, Guangfu N. Road, Hsinchu Industrial Park, Taiwan,
30351 R.O.C |
|
Telephone Number: |
+886-3-527-6899 |
|
Fax Number: |
+886-3-527-6877 |
|
5 |
|
|
Name: |
TS Solartech Sdn Bhd. |
|
Address: |
Plot 320, Jalan Perindustrian Bukit Minyak
8, Penang Science Park Bukit Minyak, MK13, 14100,Seberang Perai Tengah, Pulau
Pinang, Malaysia |
|
Telephone Number: |
+60-4-501-5545 |
|
Fax Number: |
+60-4-501-5546 |
Major
Shareholders
|
Name |
Subscription Shares |
|
Kangxin Liu |
1,886,374 |
|
Jinlong Zhang |
|
|
319,539 |
|
|
Sino-American Silicon Products Inc. |
29,480,423 |
|
Xindong Investment Co., Ltd (Literal translation) |
6,655,024 |
|
China Development Enterprising Investment Co., Ltd (Literal
translation) |
5,584,328 |
|
Keysheen Ind., Co., Ltd. |
6,146,567 |
|
Qunming Investment Co., Ltd (Literal translation) |
554,849 |
|
Wulang Lai |
146,152 |
|
Xinkang Investment Co., Ltd (Literal translation) |
1,369,872 |
|
Qingjun Chen |
1,075,299 |
Shareholder Information:
|
1 |
|
|
Registered Name: |
Sino-American Silicon Products Inc. |
|
Registered Address: |
4/F., No. 8, Industrial 2nd
RD., Hsinchu Science Industrial Park, Hsinchu City, Taiwan |
|
Date of Foundation: |
1981-1-21 |
|
Registration Number: |
47238650 |
|
Registry: |
Science Park Administration, MOST |
|
Registered Capital: |
NTD 8,000,000,000 (USD 242,400,000) (As of 2015.12, 1 NTD = 0.0303 USD) |
|
Paid-up Capital: |
NTD 5,800,311,510 (USD 175,749,439) |
|
Legal Representatives: |
Mingguang Lu |
|
Legal Form: |
Joint Stock Company |
|
Date of Last Annual Return: |
2014-8-27 |
|
2 |
|
|
Registered Name: |
Xindong Investment Co., Ltd (Literal translation) |
|
Registered Address: |
5/F-5, No. 45, Lane 59, Sec. 2, Zhongshan
N. Rd., Zhongshan Dist., Taipei City, Taiwan |
|
Date of Foundation: |
1997-8-13 |
|
Registration Number: |
16146121 |
|
Registry: |
Taipei City Government |
|
Registered Capital: |
NTD 1,000,000 (USD 30,300) (As of 2015.12, 1 NTD = 0.0303 USD) |
|
Paid-up Capital: |
NTD 1,000,000 (USD 30,300) |
|
Legal Representatives: |
Sulan Jiang |
|
Legal Form: |
Joint Stock Company |
|
Date of Last Annual Return: |
2013-12-25 |
|
3 |
|
|
Registered Name: |
China Development Enterprising Investment Co., Ltd (Literal translation) |
|
Registered Address: |
11/F., No. 125, Sec. 5, Nanjing E.
Rd., Songshan Dist., Taipei City, Taiwan |
|
Date of Foundation: |
2002-3-5 |
|
Registration Number: |
80328870 |
|
Registry: |
Department of Commerce, Ministry of Economic
Affairs, R.O.C. |
|
Registered Capital: |
NTD 9,255,380,000 (USD 280,438,014) (As of 2015.12, 1 NTD = 0.0303 USD) |
|
Paid-up Capital: |
NTD 8,227,909,150 (USD 249,305,647) |
|
Legal Representatives: |
Shaoliang Liu |
|
Legal Form: |
Joint Stock Company |
|
Date of Last Annual Return: |
2015-12-4 |
|
4 |
|
|
Registered Name: |
Keysheen Ind., Co., Ltd. |
|
Registered Address: |
16/F., No. 95, Minquan Rd., Jiangling
Li, Xindian Dist., New Taipei City, Taiwan |
|
Date of Foundation: |
1974-10-22 |
|
Registration Number: |
33812681 |
|
Registry: |
New Taipei City Government |
|
Registered Capital: |
NTD 450,000,000 (USD 13,635,000) (As of 2015.12, 1 NTD = 0.0303 USD) |
|
Paid-up Capital: |
NTD 450,000,000 (USD 13,635,000) |
|
Legal Representatives: |
Zongxin Liu |
|
Legal Form: |
Joint Stock Company |
|
Date of Last Annual Return: |
2012-7-16 |
|
5 |
|
|
Registered Name: |
Qunming Investment Co., Ltd (Literal translation) |
|
Registered Address: |
1/F., No. 60, Mayuan W. St., N. Tun Dist.,
Taichung City, Taiwan |
|
Date of Foundation: |
2005-11-11 |
|
Registration Number: |
28029400 |
|
Registry: |
Taichung City Government |
|
Registered Capital: |
NTD 60,000,000 (USD 1,818,000) (As of 2015.12, 1 NTD = 0.0303 USD) |
|
Legal Representatives: |
Bizhong Wu |
|
Legal Form: |
Private Limited Liability Company |
|
Date of Last Annual Return: |
2014-10-15 |
|
6 |
|
|
Registered Name: |
Xinkang Investment Co., Ltd (Literal translation) |
|
Registered Address: |
14/F.-5, No. 2, Lane 150, Sec. 5,
Xinyi Rd., Xinyi Dist., Taipei City, Taiwan |
|
Date of Foundation: |
1995-1-11 |
|
Registration Number: |
89959665 |
|
Registry: |
Department of Commerce, Ministry of
Economic Affairs, R.O.C. |
|
Registered Capital: |
NTD 627,000,000 (USD 18,998,100) (As of 2015.12, 1 NTD = 0.0303 USD) |
|
Paid-up Capital: |
NTD 627,000,000 (USD 18,998,100) |
|
Legal Representatives: |
Qiuxiong Huang |
|
Legal Form: |
Joint Stock Company |
|
Date of Last Annual Return: |
2015-9-1 |
Core
Management
Directors
|
1 |
||
|
Name |
Kangxin Liu |
|
|
Position |
Board Chairman |
|
|
2 |
||
|
Name |
Jinlong Zhang |
|
|
Position |
Director & Manager |
|
|
Date of Appointment of Manager |
2005-8-18 |
|
|
3 |
||
|
Name |
Mingguang Lu |
|
|
Position |
Director |
|
|
4 |
||
|
Name |
Dangliang Yao |
|
|
Position |
Director |
|
|
5 |
||
|
Name |
Meiyuan Zhang |
|
|
Position |
Director |
|
|
6 |
||
|
Name |
Hongzheng Wei |
|
|
Position |
Director |
|
|
7 |
||
|
Name |
China Development Enterprising Investment Co., Ltd (Literal
translation) |
|
|
Position |
Director |
|
|
8 |
||
|
Name |
Keysheen IND., CO., LTD. |
|
|
Position |
Director |
|
|
9 |
||
|
Name |
Qunming Investment Co., Ltd (Literal translation) |
|
|
Position |
Director |
|
|
10 |
||
|
Name |
Wulang Lai |
|
|
Position |
Independence Director |
|
|
11 |
||
|
Name |
Mingfu Huang |
|
|
Position |
Independence Director |
|
|
12 |
||
|
Name |
Xinkang Investment Co., Ltd (Literal translation) |
|
|
Position |
Supervisor |
|
|
13 |
||
|
Name |
Qingjun Chen |
|
|
Position |
Supervisor |
|
|
14 |
||
|
Name |
Mengfang Wu |
|
|
Position |
Supervisor |
|
Personnel
Structure
|
Total Employees |
About 1,000 employees |
Offices
& Factories
|
|
Headquarters |
|
Add |
No.16, Guangfu N. Rd., Hukou Township, Hsinchu
County 303, Taiwan |
Production
Information
Subject is engaged in manufacturing of solar cells.
Subject has two factories in Taiwan for production.
Subject obtained the certifications of ISO 9001, ISO-14001 and
OHSAS-18001.
Purchase
Information
The registered activities of subject:
|
Business Code |
Details |
|
CC01090 |
Manufacturing of batteries |
|
F213110 |
Retail of batteries |
|
F113110 |
Wholesale of batteries |
|
F119010 |
Wholesale
of electronic materials |
|
F219010 |
Retail of electronic materials |
|
CC01010 |
Manufacturing of power generation, transmission, distribution |
|
CC01080 |
Manufacturing of electronic components |
|
E601010 |
Electrical installing industry |
|
IG03010 |
Energy services industry |
|
ZZ99999 |
Besides licensed business, all other
business items those are not banned or restricted. |
The components and raw material for production are purchased from both
home and abroad.
It is introduced that subject purchases
whole plant production equipment for automation solar cells from abroad.
It is introduced that subject’s cell capacity reaches to 1,040 MW
as of 2014.6.
Sales
Information
Subject is engaged in sale of
solar cells.
The major products sold by the subject are six-inch
mono-crystalline solar cells, six-inch multi-crystalline solar cells, as well
as mono-crystalline and multi-crystalline solar modules.
Subject’s products are mainly applied in power plants, buildings,
disaster alarming systems, radios, calculators, battery chargers, traffic signs
and communication equipment.
Subject’s sales regions include domestic market and to overseas
markets.
Import
and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
Domestic Purchase
|
Products |
Raw material. |
|
Payment Terms |
T/T, Cash |
Import
|
Products |
Raw material |
|
Payment Terms |
L/C, T/T |
Sales
Domestic Markets
|
Product |
Solar cells. |
|
Selling Terms |
T/T, Cash |
Export
|
Product |
Solar cells. |
|
Selling Terms |
L/C, T/T |
Unit: NTD/000
|
Consolidated |
2014-12-31 |
2013-12-31 |
|
Assets |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
|
|
|
Total cash and cash equivalents |
1,058,565 |
674,609 |
|
Current financial assets at fair value through
profit or loss |
|
|
|
Total current financial assets at fair value
through profit or loss |
29,527 |
10,066 |
|
Accounts receivable, net |
|
|
|
Accounts receivable |
1,025,056 |
1,304,492 |
|
Accounts receivable, net |
1,025,056 |
1,304,492 |
|
Accounts receivable due from related parties, net |
|
|
|
Accounts receivable due from related parties |
201,625 |
18,001 |
|
Accounts receivable due from related parties, net |
201,625 |
18,001 |
|
Inventories |
|
|
|
Inventories, manufacturing business |
|
|
|
Finished goods |
783,906 |
672,229 |
|
Inventories, manufacturing business, net |
783,906 |
672,229 |
|
Total inventories |
783,906 |
672,229 |
|
Prepayments |
|
|
|
Prepayments to suppliers |
448,031 |
190,923 |
|
Total prepayments |
448,031 |
190,923 |
|
Other current assets |
|
|
|
Other current financial assets |
62,384 |
42,723 |
|
Other current assets, others |
91,832 |
101,759 |
|
Total other current assets |
154,216 |
144,482 |
|
Total current assets |
3,700,926 |
3,014,802 |
|
Non-current assets |
|
|
|
Non-current available-for-sale financial assets |
|
|
|
Non-current available-for-sale financial assets |
1,208,879 |
1,108,321 |
|
Non-current available-for-sale financial assets,
net |
1,208,879 |
1,108,321 |
|
Non-current financial assets at cost |
|
|
|
Non-current financial assets at cost, net |
66,995 |
50,084 |
|
Investments accounted for using equity method |
|
|
|
Investments accounted for using equity method |
712,319 |
184,872 |
|
Investments accounted for using equity method, net |
712,319 |
184,872 |
|
Property, plant and equipment |
|
|
|
Total property, plant and equipment |
6,305,578 |
6,616,972 |
|
Deferred tax assets |
138,321 |
137,506 |
|
Other non-current assets |
|
|
|
Other non-current financial assets |
|
|
|
Total other non-current financial assets |
233,000 |
0 |
|
Other non-current assets, others |
|
|
|
Total other non-current assets, others |
1,596,666 |
1,647,660 |
|
Total other non-current assets |
1,829,666 |
1,647,660 |
|
Total non-current assets |
10,261,758 |
9,745,415 |
|
Total assets |
13,962,684 |
12,760,217 |
|
Liabilities |
|
|
|
Current liabilities |
|
|
|
Short-term borrowings |
|
|
|
Bank loan |
515,572 |
273,556 |
|
Total short-term borrowings |
515,572 |
273,556 |
|
Current financial liabilities at fair value
through profit or loss |
|
|
|
Total current financial liabilities at fair value
through profit or loss |
0 |
519 |
|
Accounts payable |
|
|
|
Accounts payable |
426,332 |
671,395 |
|
Total accounts payable |
426,332 |
671,395 |
|
Accounts payable to related parties |
|
|
|
Accounts payable to related parties |
203,948 |
145,221 |
|
Total accounts payable to related parties |
203,948 |
145,221 |
|
Other payables |
|
|
|
Other accrued expenses |
249,046 |
235,560 |
|
Payable on machinery and equipment |
106,210 |
30,259 |
|
Total other payables |
355,256 |
265,819 |
|
Other current liabilities |
|
|
|
Long-term liabilities, current portion |
|
|
|
Long-term borrowings, current portion |
712,440 |
1,072,440 |
|
Total long-term liabilities, current portion |
712,440 |
1,072,440 |
|
Total other current liabilities |
712,440 |
1,072,440 |
|
Total current liabilities |
2,213,548 |
2,428,950 |
|
Non-current liabilities |
|
|
|
Long-term borrowings |
|
|
|
Long-term bank loans |
3,382,515 |
3,247,407 |
|
Total long-term borrowings |
3,382,515 |
3,247,407 |
|
Other non-current liabilities |
|
|
|
Total other non-current liabilities |
3,827 |
3,793 |
|
Total non-current liabilities |
3,386,342 |
3,251,200 |
|
Total liabilities |
5,599,890 |
5,680,150 |
|
Equity |
|
|
|
Equity attributable to owners of parent |
|
|
|
Share capital |
|
|
|
Ordinary share |
3,715,844 |
3,216,944 |
|
Total capital stock |
3,715,844 |
3,216,944 |
|
Capital surplus |
|
|
|
Total capital surplus |
5,651,424 |
5,495,972 |
|
Retained earnings |
|
|
|
Special reserve |
1,791 |
1,791 |
|
Unappropriated retained earnings (accumulated
deficit) |
|
|
|
Total unappropriated retained earnings
(accumulated deficit) |
152,020 |
-349,160 |
|
Total retained earnings |
153,811 |
-347,369 |
|
Other equity interest |
|
|
|
Total other equity interest |
-1,157,953 |
-1,285,088 |
|
Treasury shares |
750 |
800 |
|
Total equity attributable to owners of parent |
8,362,376 |
7,079,659 |
|
Non-controlling interests |
418 |
408 |
|
Total equity |
8,362,794 |
7,080,067 |
|
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 |
75,000 |
80,000 |
Unit: NTD/000
|
Consolidated |
2014 |
2013 |
|
Operating revenue |
|
|
|
Net sales revenue |
|
|
|
Sales revenue |
|
|
|
Sales revenue |
9,649,811 |
7,108,792 |
|
Total sales revenue |
9,649,811 |
7,108,792 |
|
Sales returns |
8,273 |
88,111 |
|
Net sales revenue |
9,641,538 |
7,020,681 |
|
Total operating revenue |
9,641,538 |
7,020,681 |
|
Operating costs |
|
|
|
Cost of sales |
|
|
|
Cost of sales |
9,004,189 |
6,644,087 |
|
Total cost of sales |
9,004,189 |
6,644,087 |
|
Total operating costs |
9,004,189 |
6,644,087 |
|
Gross profit (loss) from operations |
637,349 |
376,594 |
|
Gross profit (loss) from operations |
637,349 |
376,594 |
|
Operating expenses |
|
|
|
Selling expenses |
|
|
|
Total selling expenses |
161,377 |
111,353 |
|
Administrative expenses |
|
|
|
Total administrative expenses |
205,908 |
183,655 |
|
Research and development expenses |
|
|
|
Total research and development expenses |
78,452 |
57,785 |
|
Total operating expenses |
445,737 |
352,793 |
|
Net operating income (loss) |
191,612 |
23,801 |
|
Non-operating income and expenses |
|
|
|
Other income |
|
|
|
Total other income |
62,155 |
40,213 |
|
Other gains and losses |
|
|
|
Other gains and losses, net |
27,614 |
-302,507 |
|
Finance costs |
|
|
|
Finance costs, net |
67,519 |
88,883 |
|
Share of profit (loss) of associates and joint
ventures accounted for using equity method |
|
|
|
Share of profit (loss) of associates and joint
ventures accounted for using equity method, net |
-61,819 |
-96,728 |
|
Total non-operating income and expenses |
-39,569 |
-447,905 |
|
Profit (loss) from continuing operations before
tax |
152,043 |
-424,104 |
|
Tax expense (income) |
|
|
|
Current tax expense (income) |
36 |
-54,421 |
|
Total tax expense (income) |
36 |
-54,421 |
|
Profit (loss) from continuing operations |
152,007 |
-369,683 |
|
Profit (loss) |
152,007 |
-369,683 |
|
Other comprehensive income |
|
|
|
Exchange differences on translation |
1,959 |
10,151 |
|
Unrealised gains (losses) on valuation of available-for-sale
financial assets |
100,558 |
350,859 |
|
Income tax related to components of other
comprehensive income |
333 |
1,726 |
|
Other comprehensive income, net |
102,184 |
359,284 |
|
Total comprehensive income |
254,191 |
-10,399 |
|
Profit (loss), attributable to: |
|
|
|
Profit (loss), attributable to owners of parent |
152,020 |
-369,665 |
|
Profit (loss), attributable to non-controlling
interests |
-13 |
-18 |
|
Comprehensive income attributable to: |
|
|
|
Comprehensive income, attributable to owners of
parent |
254,181 |
-10,393 |
|
Comprehensive income, attributable to
non-controlling interests |
10 |
-6 |
|
Basic earnings per share |
|
|
|
Basic earnings (loss) per share from continuing
operations |
0.42 |
-1.18 |
|
Total basic earnings per share |
0.42 |
-1.18 |
|
Diluted earnings per share |
|
|
|
Diluted earnings (loss) per share from continuing
operations |
0.42 |
0 |
|
Total diluted earnings per share |
0.42 |
0 |
Unit: NTD/000
|
Consolidated |
2014 |
2013 |
|
Cash flows from (used in) operating activities,
indirect method |
|
|
|
Profit (loss) from continuing operations before
tax |
152,043 |
-424,104 |
|
Profit (loss) before tax |
152,043 |
-424,104 |
|
Adjustments |
|
|
|
Adjustments to reconcile profit (loss) |
|
|
|
Depreciation expense |
748,100 |
910,379 |
|
Provision (reversal of provision) for bad debt
expense |
17,348 |
-702 |
|
Interest expense |
67,519 |
88,883 |
|
Dividend income |
-21,860 |
0 |
|
Share-based payments |
29,062 |
16,206 |
|
Share of loss (profit) of associates and joint
ventures accounted for using equity method |
61,819 |
96,728 |
|
Loss (gain) on disposal of property, plan and
equipment |
459 |
52,129 |
|
Loss (gain) on disposal of investments |
-16 |
120,195 |
|
Impairment loss on financial assets |
0 |
128,997 |
|
Other adjustments to reconcile profit (loss) |
-2,567 |
-36,515 |
|
Total adjustments to reconcile profit (loss) |
899,864 |
1,376,300 |
|
Changes in operating assets and liabilities |
|
|
|
Changes in operating assets |
|
|
|
Decrease (increase) in financial assets held for
trading |
-20,473 |
0 |
|
Decrease (increase) in accounts receivable |
78,928 |
-664,741 |
|
Decrease (increase) in inventories |
-102,988 |
-218,865 |
|
Decrease (increase) in prepayments |
147,589 |
132,452 |
|
Decrease (increase) in other current assets |
-45,339 |
-16,140 |
|
Total changes in operating assets |
57,717 |
-767,294 |
|
Changes in operating liabilities |
|
|
|
Increase (decrease) in accounts payable |
-94,237 |
430,416 |
|
Increase (decrease) in other payable |
13,760 |
77,605 |
|
Total changes in operating liabilities |
-80,477 |
508,021 |
|
Total changes in operating assets and liabilities |
-22,760 |
-259,273 |
|
Total adjustments |
877,104 |
1,117,027 |
|
Cash inflow (outflow) generated from operations |
1,029,147 |
692,923 |
|
Dividends received |
21,860 |
0 |
|
Interest paid |
-67,759 |
-89,316 |
|
Income taxes refund (paid) |
-240 |
-234 |
|
Net cash flows from (used in) operating activities |
983,008 |
603,373 |
|
Cash flows from (used in) investing activities |
|
|
|
Acquisition of financial assets at cost |
-16,912 |
0 |
|
Acquisition of investments accounted for using
equity method |
-169,201 |
-65,711 |
|
Proceeds from disposal of investments accounted
for using equity method |
0 |
513,232 |
|
Acquisition of property, plant and equipment |
-1,175,340 |
-240,723 |
|
Increase in other receivables due from related
parties |
-219,325 |
0 |
|
Decrease in other receivables due from related
parties |
0 |
4,445 |
|
Increase in other financial assets |
-33,000 |
0 |
|
Decrease in other non-current assets |
3,774 |
10,425 |
|
Net cash flows from (used in) investing activities |
-1,610,004 |
221,668 |
|
Cash flows from (used in) financing activities |
|
|
|
Increase in short-term loans |
242,016 |
101,423 |
|
Proceeds from long-term debt |
1,017,000 |
0 |
|
Repayments of long-term debt |
-1,248,237 |
-961,683 |
|
Proceeds from issuing shares |
1,000,000 |
0 |
|
Other financing activities |
-525 |
22,875 |
|
Net cash flows from (used in) financing activities |
1,010,254 |
-837,385 |
|
Effect of exchange rate changes on cash and cash
equivalents |
698 |
1,665 |
|
Net increase (decrease) in cash and cash
equivalents |
383,956 |
-10,679 |
|
Cash and cash equivalents at beginning of period |
674,609 |
685,288 |
|
Cash and cash equivalents at end of period |
1,058,565 |
674,609 |
|
Cash and cash equivalents reported in the
statement of financial position |
1,058,565 |
674,609 |
Note: Subject
didn’t submit its individual financial information; we obtained its consolidated
financials as above for reference.
The above financial figures are based on the
IFRSs Accounting System.
Subject declined to disclose its bank details; from other source
we could not obtain the relevant information, either.
Mortgage
|
1 |
|
|
Case Type: |
Chattel Mortgage |
|
Registered Number: |
JS(Zh)DZD109668 |
|
Alteration Number: |
JS(Zh)ZD10431020480 |
|
Debtor Name: |
Solartech Energy Corp. |
|
Registry: |
MOEA Central Office |
|
Name of
Mortgagee: |
China Development Industrial Bank Inc. |
|
Date of Registration: |
2014-4-29 |
|
Date of Alteration: |
2015-5-18 |
|
Amount of Mortgage: |
NTD 240,000,000 |
|
Type of Subject Matter: |
Machinery, equipment or tools |
|
2 |
|
|
Case Type: |
Chattel Mortgage |
|
Registered Number: |
JS(Zh)DZD101414 |
|
Alteration Number: |
JS(Zh)ZD10431021620 |
|
Debtor Name: |
Solartech Energy Corp. |
|
Registry: |
MOEA Central Office |
|
Name of
Mortgagee: |
China Development Industrial Bank Inc. |
|
Date of Registration: |
2010-9-23 |
|
Date of Registration: |
2015-5-21 |
|
Amount of Mortgage: |
NTD 420,000,000 |
|
Type of Subject Matter: |
Machinery, equipment or tools |
|
3 |
|
|
Case Type: |
Chattel Mortgage |
|
Registered Number: |
JS(Zh)DZD109668 |
|
Debtor Name: |
Solartech Energy Corp. |
|
Registry: |
MOEA Central Office |
|
Name of
Mortgagee: |
China Development Industrial Bank Inc. |
|
Date of Registration: |
2014-4-29 |
|
Amount of Mortgage: |
NTD 240,000,000 |
|
Type of Subject Matter: |
Machinery, equipment or tools |
|
4 |
|
|
Case Type: |
Chattel Mortgage |
|
Registered Number: |
JS(Zh)DZD107581 |
|
Debtor Name: |
Solartech Energy Corp. |
|
Registry: |
MOEA Central Office |
|
Name of
Mortgagee: |
Taiwan Cooperative Commercial
Bank Nanjing E. Rd. Branch |
|
Date of Registration: |
2013-4-10 |
|
Amount of Mortgage: |
NTD 1,530,150,000 |
|
Type of Subject Matter: |
Machinery, equipment or tools |
|
5 |
|
|
Case Type: |
Chattel Mortgage |
|
Registered Number: |
JS(Zh)DZD106679 |
|
Debtor Name: |
Solartech Energy Corp. |
|
Registry: |
MOEA Central Office |
|
Name of
Mortgagee: |
Taiwan Cooperative Commercial
Bank Nanjing E. Rd. Branch |
|
Date of Registration: |
2012-10-17 |
|
Amount of Mortgage: |
NTD 400,000,000 |
|
Type of Subject Matter: |
Machinery, equipment or tools |
|
6 |
|
|
Case Type: |
Chattel Mortgage |
|
Registered Number: |
JS(Zh)DZD103639 |
|
Debtor Name: |
Solartech Energy Corp. |
|
Registry: |
MOEA Central Office |
|
Name of
Mortgagee: |
Taiwan Cooperative Commercial
Bank Nanjing E. Rd. Branch |
|
Date of Registration: |
2011-5-9 |
|
Amount of Mortgage: |
NTD 350,000,000 |
|
Type of Subject Matter: |
Machinery, equipment or tools |
|
7 |
|
|
Case Type: |
Chattel Mortgage |
|
Registered Number: |
JS(Zh)DZD103635 |
|
Debtor Name: |
Solartech Energy Corp. |
|
Registry: |
MOEA Central Office |
|
Name of
Mortgagee: |
Taiwan Cooperative Commercial
Bank Nanjing E. Rd. Branch |
|
Date of Registration: |
2011-5-9 |
|
Amount of Mortgage: |
NTD 345,000,000 |
|
Type of Subject Matter: |
Machinery, equipment or tools |
|
8 |
|
|
Case Type: |
Chattel Mortgage |
|
Registered Number: |
JS(Zh)DZD103635 |
|
Debtor Name: |
Solartech Energy Corp. |
|
Registry: |
MOEA Central Office |
|
Name of
Mortgagee: |
Taiwan Cooperative Commercial
Bank Nanjing E. Rd. Branch |
|
Date of Registration: |
2011-3-18 |
|
Amount of Mortgage: |
NTD 2,626,580,000 |
|
Type of Subject Matter: |
Machinery, equipment or tools |
|
9 |
|
|
Case Type: |
Chattel Mortgage |
|
Registered Number: |
G(Zh)DZD087815 |
|
Debtor Name: |
Solartech Energy Corp. |
|
Registry: |
Economic Development Board of Taoyuan City
Government |
|
Name of Mortgagee: |
|
|
Date of Registration: |
2010-9-23 |
|
Amount of Mortgage: |
NTD 420,000,000 |
|
Type of Subject Matter: |
Machinery, equipment or tools |
|
10 |
|
|
Case Type: |
Chattel Mortgage |
|
Registered Number: |
JS(Zh)DZD101414 |
|
Debtor Name: |
Solartech Energy Corp. |
|
Registry: |
Economic Development Board of Taoyuan City
Government |
|
Name of
Mortgagee: |
Land Bank of Taiwan, Taipei Branch |
|
Date of Registration: |
2006-7-5 |
|
Amount of Mortgage: |
NTD 493,920,000 |
|
Type of Subject Matter: |
Machinery, equipment or tools |
Lawsuit
Up to date of reporting, no existing or latent litigation of the
subject has been found.
Interview Details
|
Name |
Ms. Zhang |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.65 |
|
|
1 |
Rs.99.61 |
|
Euro |
1 |
Rs.72.33 |
|
TWD |
1 |
Rs.2.02 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
TRU |
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.