MIRA INFORM REPORT

Report No. :	307608
Report Date :	17.02.2015

IDENTIFICATION DETAILS

Name :	NAN YA PLASTICS CORPORATION
Registered Office :	No.101, Shuiguan Rd., Renwu Dist., Kaohsiung City 81465
Country :	Taiwan
Financials (as on) :	31.12.2013
Date of Incorporation :	22.08.1958
Com. Reg. No.:	75370905
Legal Form :	Joint Stock Company
Line of Business :	Subject is manufacturing and sales of chemical products
No. of Employee :	About 12,600

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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, 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:	NAN YA PLASTICS CORPORATION
Supplied Name:	NAN YA PLASTICS CORPORATION
Trading Address:	3F, 201 Tung-Hwa North Road, Taipei, Taiwan
Supplied Address:	Petrochemicals 2nd Division 201 Tung Hwa N Road Taipei
Telephone Number:	+886-2-2712-2211
Fax Number:	+886-2-2713-8248
E-mail:	nanya@npc.com.tw
Website:	www.npc.com.tw

Notes: The exact address is above.

Company Identification Details

Registered Name:	NAN YA PLASTICS CORPORATION
Registered Address:	No.101, Shuiguan Rd., Renwu Dist., Kaohsiung City 81465, Taiwan (R.O.C.)
Date of Foundation:	1958-8-22
Registration Number:	75370905
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 79,308,215,890 (USD 2,537,862,909) (As of 2015.2, 1 NTD = 0.0320 USD)
Paid-up Capital:	NTD 79,308,215,890 (USD 2,537,862,909)
Legal Representatives:	Jiazhao Wu
Legal Form:	Joint Stock Company
Principal Activities:	Manufacturing and sales of chemical products
Staff:	About 12,600 Employees
Listed at Stock Exchange:	Yes; Stock Symbol: 1303
Date of Last Annual Return:	2014-10-14

History

Subject was incorporated on 1958-08-22 with registered number 75370905 as Joint Stock Company in Taiwan.

Subject was listed on Taiwan Stock Exchange on 1967-11-5.

Shareholders

Name	Subscription Shares
Jiazhao Wu	79,030
Wenyuan Wang	628,829
Formosa Petrochemical Corporation	179,214,423
Ruiyu Wang	19,052,421
Yunpeng Zhu	1,199
Qinren Wu	67,413
Guiyun Wang	11,613,271
Formosa Chemicals & Fibre Corp.	413,327,750
Mingren Zou	188,742
Fengqin Lin	25,458
Yuanshan Liu	52,645
Richun Jian	303,377
Fu Lin Investment Co., Ltd (Liberal Translation)	3,287,472
Formosa Plastics Corporation	783,260,376
Deyao Chen	293

The information above is that of subject’s major shareholders.

Shareholder Information:

1
Registered Name:	Formosa Plastics Corporation
Registered Address:	No.39, Chung Shan 3rd Rd., Kaohsiung City, Taiwan, R.O.C.
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 2,037,037,050) (As of 2015.2, 1 NTD = 0.0320 USD)
Paid-up Capital:	NTD 63,657,407,810 (USD 2,037,037,050)
Legal Representatives:	Zhicun Li
Legal Form:	Joint Stock Company
Listed at Stock Exchange:	No
Date of Last Annual Return:	2014-8-21
2
Registered Name:	Fu Lin Investment Co., Ltd (Liberal Translation)
Registered Address:	1F., No.103, Sec. 2, Ziyou Rd., Central Dist., Taichung City, Taiwan (R.O.C.)
Date of Foundation:	2006-1-12
Registration Number:	28075924
Registry:	Taichung City Government
Registered Capital:	NTD 454,450,000 (USD 14,542,400) (As of 2015.2, 1 NTD = 0.0320 USD)
Legal Representatives:	Wen Zhang
Legal Form:	Private Limited Liability Company
Listed at Stock Exchange:	No
Date of Last Annual Return:	2009-8-14
3
Registered Name:	Formosa Chemicals & Fibre Corp.
Registered Address:	No. 359, Chungshan Road, Sec. 3, Chang Hwa City, Chang Hwa County, Taiwan, R.O.C.
Date of Foundation:	1965-3-5
Registration Number:	58650902
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 58,611,862,910 (USD 1,875,579,613) (As of 2015.2, 1 NTD = 0.0320 USD)
Paid-up Capital:	NTD 58,611,862,910 (USD 1,875,579,613)
Legal Representatives:	Wenyuan Wang
Legal Form:	Joint Stock Company
Listed at Stock Exchange:	No
Date of Last Annual Return:	2014-11-21
4
Registered Name:	Formosa Petrochemical Corporation
Registered Address:	No.1-1,Formosa Plastic Group Industrial Zone,Mai-Liao Township, Yunlin County,Taiwan,R.O.C.
Date of Foundation:	1992-4-6
Registration Number:	86522210
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 95,259,596,520 (USD 3,048,307,089) (As of 2015.2, 1 NTD = 0.0320 USD)
Paid-up Capital:	NTD 95,259,596,520 (USD 3,048,307,089)
Legal Representatives:	Baolang Chen
Legal Form:	Joint Stock Company
Listed at Stock Exchange:	No
Date of Last Annual Return:	2014-11-21

Subsidiaries & Branches

Factories

1
Name:	Kaohsiung Plant
Address:	No.35-1, Jhongshan 3rd Rd., Cianjhen District, Kaohsiung City 806, Taiwan (R.O.C.)
Date of Foundation:	1957-7-9
Date of Registration:	1959-1-1
Factory Registration Number:	64000002
Factory Manager:	Zongyang Su
Status:	In Production
Date of Last Annual Return:	2009-10-16
Major Products:	184 Synthetic resin, plastic and rubber 220 Plastic-rubber products 283 Electric wire and wiring accessories
2
Name:	Tai Ran Plant
Address:	No.57, Weiwang Street, Shu Lin Distict, New Taipei Taiwan (R.O.C.)
Date of Foundation:	1969-1-1
Date of Registration:	1978-5-15
Factory Registration Number:	99601027
Factory Manager:	Jianfa Weng
Status:	In Production
Date of Last Annual Return:	2013-9-23
Major Products:	114 Printing and dyeing finishing

Branch Companies

1
Name	Mai Liao Branch
Registered Address	No.1-1, Formosa Industrial Park, Sansheng Village, Miaoliao Township, Yunlin County, Taiwan
Registration Number	84897162
Date of Registration	1994-10-3
Manager Name	Zongyue Shi
Date of Last Annual Return	2014-8-8
2
Name	Xin Gang Branch
Registered Address	No.2, Zhongyang Industrial Park, Zhongyang Village, Xingang Township, Jiayi County, Taiwan
Registration Number	84709751
Date of Registration	1994-3-17
Manager Name	Mingren Zou
Date of Last Annual Return	1998-8-24
3
Name	Taipei Branch
Registered Address	1F., No. 201, Tung Hwa North Road, Taipei City, Taiwan
Registration Number	20754420
Date of Registration	1966-6-27
Manager Name	Peihuo Cai
Date of Last Annual Return	2003-9-26

Related Companies

1
Name	Nan Ya Technology Corporation
Address	Hwa Ya Technology Park, 669, Fu Hsing 3rd Rd., Kueishan, Taoyuan 333, Taiwan
Tel	+886-3-328-1688
Fax	+886-3-396-0997
2
Name	Inotera Memories Inc
Address	667, Fuhsing 3rd Rd, Hwa-Ya Technology Park, Kueishan, Taoyuan 333, Taiwan
Tel	+886-3-327-2988
3
Name	Nan Ya Printed Circuit Board Corp
Address	No.338, Sec.1 Nankan Rd., Luchu Hsiang, Taoyuan County, Taiwan
Tel	+886-3-322-3751
4
Name	Nan Ya Plastic Corporation America
Address	9 Peach Tree Hill Road, Livingston, NJ 07039
Tel	+1-973-992-2090
Fax	+1-973-716-7470
5
Name	Nan Ya Photonics Inc.
Address	No. 55, Wei Wang St., Shu-Lin, Taipei County, Taiwan238, R.O.C.
Tel	+886-2-2680-6311
Fax	+886-2-2680-9611

Personnel Information

Core Management

Directors

1
Name	Jiazhao Wu
Position	Board Chairman & Manager
Date of Appointment for Manager	2003-11-4
2
Name	Wenyuan Wang
Position	Executive Director
3
Name	Wenchao Wang
Position	Executive Director
4
Name	Ruiyu Wang
Position	Executive Director
5
Name	Zhigang Wang
Position	Executive Director(Independent Director)
6
Name	Yongsan Li
Position	Independent Director
7
Name	Yunpeng Zhu
Position	Independent Director
8
Name	Qinren Wu
Position	Director
9
Name	Guiyun Wang
Position	Director & Manager
Date of Appointment for Manger	1993-8-27
10
Name	Shenyi Li
Position	Director
11
Name	Mingren Zou
Position	Director & Manager
Date of Appointment for Manger	2005-8-25
12
Name	Fengqin Lin
Position	Director & Manager
Date of Appointment for Manger	2003-11-4
13
Name	Yuanshan Liu
Position	Director & Manager
Date of Appointment for Manager	1993-2-26
14
Name	Richun Jian
Position	Director
15
Name	Qingzheng Zhang
Position	Director
16
Name	Chenqin Fu
Position	Supervisor
17
Name	Deyao Chen
Position	Supervisor
18
Name	Zhenxiao Lei
Position	Supervisor
19
Name	Maoxiang Lin
Position	Manager
Date of Appointment	2004-3-3
20
Name	Hongguo Zheng
Position	Manager
Date of Appointment	2009-8-28
21
Name	Yizhong Cai
Position	Manager
Date of Appointment	2009-8-28
22
Name	Bing Wu
Position	Manager
Date of Appointment	2009-8-28
23
Name	Zhengzhong Li
Position	Manager
Date of Appointment	2009-8-28
24
Name	Xinyi Huang
Position	Manager
Date of Appointment	2009-8-28
25
Name	Dongfa Zhang
Position	Manager
Date of Appointment	2012-3-23

Personnel Structure

Total Employees

About 12,600 Employees

Operation Information

Offices & Factories

	Headquarters
Add	3F, 201 Tung-Hwa North Road, Taipei, Taiwan

Production Information

l Subject is engaged in manufacturing of chemical products, etc.

l Subject has factories in Taiwan, mainland of China and United States for production

Annual Production Capacities

Product	Annual Production Capacity (Unit: Ton)
AA/AE	108,000/154,000
PVC	494,000
VCM	800,000
Caustic Soda	1230,000
HDPE	350,000
Carbon Fiber	8,800
EVA/LDPE	240,000
AN	280,000
LLDPE	264,000
MMA	98,000
MTBE/B-1	174,000/32,000
ECH	100,000
NBA	250,000

Purchase Information

l The registered activities of subject:

Business Code	Details
C301010	Spinning industry
C302010	Weaving industry
C303010	Unwoven cloth industry
C305010	Dyeing and finishing industry
C601040	Finished paper manufacturing industry
C601990	Other paper products manufacturing industry
C801010	Basic chemical industry
C801020	Raw materials for Petrochemical industry manufacturing industry
C801060	Synthetic rubber manufacturing industry
C801100	Synthetic resin and plastic manufacturing industry
C801110	Fertilizer manufacturing industry
C801120	Synthetic fiber manufacturing industry
C801990	Other chemical material manufacturing industry
C802041	Western medicine manufacturing industry
C802120	Industrial aid manufacturing industry
C802170	Toxic chemicals manufacturing industry
C802200	Coating, paint and dye manufacturing industry
C805010	Plastic, cloth, plate and tubular product manufacturing industry
C805020	Plastic film and bag manufacturing industry
C805070	Reinforced plastics manufacturing industry
C805990	Other plastic products manufacturing industry
C901020	Glass and glass product manufacturing industry
C901060	Refractory material manufacturing industry
CB01010	Machine manufacturing industry
CB01030	air treatment equipment manufacturing industry
CB01990	Other machinery manufacturing industry
CC01010	Generate electricity, electricity transmission, power distribution machinery manufacturing industry
CC01080	Electronic parts manufacturing industry
CC01090	Battery manufacturing industry
CQ01010	Mould manufacturing industry
CZ99990	Unclassified other industrial products
D101050	Steam/electricity co-generation industry
D401010	Heat energy supplying industry
E599010	Piping engineering industry
E601010	Electric product decorating industry
E603050	Automata controller project industry
E604010	Mechanism installation industry
EZ15010	Heat preservation, cold insulation installation project industry
H701020	Industrial plants renting industry
H701040	Specific area developing industry
I199990	Other service industry
ID01010	Apparatus for weights and measures industry
IZ99990	Other industrial and commercial service industry
J101030	Litter cleaning industry
J101040	Litter dealing industry
J101050	Environment measuring service industry
J101060	Sewage treatment industry
CE01021	Apparatus for weights and measures manufacturing industry
ZZ99999	Besides licensed business, all other business items those are not banned or restricted.

l Subject mainly purchases its raw materials from China, Southeast Asia, USA and etc.

Sales Information

l Subject is engaged in sale of chemical products, etc.

l The major products of the subject are chemical products, plastic products, fiber products, electronic materials and petrochemical products,

l The major sales regions of the subject are domestic market, Japan, South Korea, Southeast Asia, etc.

l Subject’s major customers are manufacturers of electronics, automobiles, plastic products, textiles, electrical engineering and etc.

Detail Information of Major Products

Department	Product
Electronic Material	Copper-Clad Laminates, Epoxy Resins, Glass Fabrics, Liquid Crystal Displays And Copper Foils
Plastic Raw Material	Glycol, Butylene Glycol, Bisphenol A, Toluene Diisocyanate, Plasticizers
Plastic Products	Plastic Plaster, Poly Urethane (PU) Synthetic Leathers, Polypropylene (PP) Rubber Fabrics, Polyvinyl Chloride (PVC) Plastic Injection Products
Fiber Products	Polyester Products, Dyeing Products

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

1. Domestic Purchase

Products	Raw materials
Payment Terms	T/T, Cash, etc.

2. Import

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

Sales

1. Domestic Markets

Product	Plastic products, etc.
Selling Terms	T/T, Cash, etc.

2. Export

Product	Plastic products, etc.
Selling Terms	L/C, T/T, etc.

Balance Sheet

Unit: NTD/000

Consolidated	2013-12-31	2012-12-31
Assets
Current assets
Cash and cash equivalents
Total cash and cash equivalents	24,547,373	25,341,818
Current financial assets at fair value through profit or loss
Total current financial assets at fair value through profit or loss	0	0
Current available-for-sale financial assets
Current available-for-sale financial assets, net	43,162,997	38,494,571
Notes receivable, net
Notes receivable, net	6,917,412	5,734,422
Accounts receivable, net
Accounts receivable, net	35,330,345	31,366,659
Accounts receivable due from related parties, net
Accounts receivable due from related parties, net	2,532,219	2,491,233
Other receivables
Other receivables, net	1,700,011	1,879,635
Other receivables due from related parties
Other receivables due from related parties, net	63,778,842	44,527,906
Inventories
Total inventories	45,220,280	43,174,925
Other current assets
Other current assets, others	6,410,802	4,975,741
Total other current assets	6,410,802	4,975,741
Total current assets	229,600,281	197,986,910
Non-current assets
Non-current available-for-sale financial assets
Non-current available-for-sale financial assets, net	10,515,714	2,791,326
Non-current financial assets at cost
Non-current financial assets at cost, net	3,009,879	3,007,751
Investments accounted for using equity method
Investments accounted for using equity method, net	114,532,675	89,657,543
Property, plant and equipment
Total property, plant and equipment	147,810,707	147,209,765
Intangible assets
Total intangible assets	247,060	348,242
Deferred tax assets	6,430,974	6,766,145
Other non-current assets
Prepayments for business facilities	2,418,547	2,528,121
Long-term notes and accounts receivable
Overdue receivables	0	0
Long-term notes and accounts receivable, net	0	0
Non-current prepaid pension cost	1,014	1,014
Other non-current assets, others
Total other non-current assets, others	9,943,279	8,500,235
Total other non-current assets	12,362,840	11,029,370
Total non-current assets	294,909,849	260,810,142
Total assets	524,510,130	458,797,052
Liabilities
Current liabilities
Short-term borrowings
Total short-term borrowings	14,337,560	9,325,139
Short-term notes and bills payable
Total short-term notes and bills payable	4,499,306	0
Current financial liabilities at fair value through profit or loss
Total current financial liabilities at fair value through profit or loss	0	28,560
Accounts payable
Total accounts payable	7,104,310	7,749,815
Accounts payable to related parties
Total accounts payable to related parties	11,456,920	10,990,371
Other payables
Total other payables	15,025,997	11,557,178
Other payables to related parties	15,900	14,000
Other current liabilities
Long-term liabilities, current portion
Bonds payable, current portion	17,987,255	17,486,256
Long-term borrowings, current portion	22,718,829	10,709,068
Total long-term liabilities, current portion	40,706,084	28,195,324
Other current liabilities, others	915,947	1,255,705
Total other current liabilities	41,622,031	29,451,029
Total current liabilities	94,062,024	69,116,092
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	0	0
Bonds payable
Total bonds payable	73,214,727	59,539,863
Long-term borrowings
Total long-term borrowings	29,604,621	45,216,114
Deferred tax liabilities
Total deferred tax liabilities	6,612,663	5,452,037
Other non-current liabilities
Accrued pension liabilities	24,818,051	25,158,007
Guarantee deposits received	645,271	614,616
Other non-current liabilities, others	205,222	220,313
Total other non-current liabilities	25,668,544	25,992,936
Total non-current liabilities	135,100,555	136,200,950
Total liabilities	229,162,579	205,317,042
Equity
Equity attributable to owners of parent
Share capital
Ordinary share	79,308,216	78,522,986
Total capital stock	79,308,216	78,522,986
Capital surplus
Capital surplus, others	21,917,718	21,980,174
Total capital surplus	21,917,718	21,980,174
Retained earnings
Legal reserve	43,712,004	43,290,401
Special reserve	64,653,931	58,412,038
Unappropriated retained earnings (accumulated deficit)
Total unappropriated retained earnings (accumulated deficit)	29,726,767	14,259,595
Total retained earnings	138,092,702	115,962,034
Other equity interest
Exchange differences on translation of foreign financial statements
Total exchange differences on translation of foreign financial statements	1,523,374	-3,605,570
Unrealized gains (losses) on available-for-sale financial assets
Total unrealized gains (losses) on available-for-sale financial assets	41,626,470	29,002,505
Gains (losses) on effective portion of cash flow hedges
Total gains (losses) on effective portion of cash flow hedges	1,716	-12,246
Other equity, others
Other equity, others	-16,883	-28,128
Total other equity, others	-16,883	-28,128
Total other equity interest	43,134,677	25,356,561
Treasury shares	1,945	1,945
Total equity attributable to owners of parent	282,451,368	241,819,810
Non-controlling interests	12,896,183	11,660,200
Total equity	295,347,551	253,480,010
Equivalent issue shares of advance receipts for ordinary share	0	0
Number of shares in entity held by entity and by its subsidiaries	185,067	183,235

Profit and Loss Account

Unit: NTD/000

Consolidated	2013	2012
Operating revenue
Total operating revenue	311,005,289	300,710,497
Operating costs
Total operating costs	278,338,457	271,588,047
Gross profit (loss) from operations	32,666,832	29,122,450
Unrealized profit (loss) from sales	5,605	-17,751
Realized profit (loss) on from sales	0	0
Gross profit (loss) from operations	32,661,227	29,140,201
Operating expenses
Selling expenses
Total selling expenses	9,626,789	9,156,331
Administrative expenses
Total administrative expenses	8,222,295	7,336,811
Total operating expenses	17,849,084	16,493,142
Net operating income (loss)	14,812,143	12,647,059
Non-operating income and expenses
Other income
Total other income	3,972,786	6,326,228
Other gains and losses
Other gains and losses, net	1,646,672	-78,987
Finance costs
Finance costs, net	2,200,700	2,374,080
Share of profit (loss) of associates and joint ventures accounted for using equity method
Share of profit of associates and joint ventures accounted for using equity method	12,726,562	-10,917,469
Share of profit (loss) of associates and joint ventures accounted for using equity method, net	12,726,562	-10,917,469
Total non-operating income and expenses	16,145,320	-7,044,308
Profit (loss) from continuing operations before tax	30,957,463	5,602,751
Tax expense (income)
Total tax expense (income)	5,893,763	1,963,268
Profit (loss) from continuing operations	25,063,700	3,639,483
Profit (loss)	25,063,700	3,639,483
Other comprehensive income
Exchange differences on translation	5,235,320	-3,744,532
Unrealised gains (losses) on valuation of available-for-sale financial assets	10,266,627	-1,174,761
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	2,371,300	42,558
Other comprehensive income	11,245	-28,128
Income tax related to components of other comprehensive income	106,376	-138,962
Other comprehensive income, net	17,778,116	-4,765,901
Total comprehensive income	42,841,816	-1,126,418
Profit (loss), attributable to:
Profit (loss), attributable to owners of parent	25,271,588	4,269,200
Profit (loss), attributable to non-controlling interests	-207,888	-629,717
Comprehensive income attributable to:
Comprehensive income, attributable to owners of parent	43,049,704	-496,701
Comprehensive income, attributable to non-controlling interests	-207,888	-629,717
Basic earnings per share
Total basic earnings per share	3.19	0.54

Cash Flows

Unit: NTD/000

Consolidated	2013	2012
Cash flows from (used in) operating activities, indirect method
Profit (loss) from continuing operations before tax	30,957,463	5,602,751
Profit (loss) before tax	30,957,463	5,602,751
Adjustments
Adjustments to reconcile profit (loss)
Depreciation expense	14,744,325	15,228,038
Amortization expense	1,413,952	1,423,500
Net loss (gain) on financial assets or liabilities at fair value through profit or loss	-28,560	-32,644
Interest expense	2,200,700	2,374,080
Share of loss (profit) of associates and joint ventures accounted for using equity method	-12,726,562	10,917,469
Loss (gain) on disposal of property, plan and equipment	-374,930	-762,426
Property, plan and equipment transferred to expenses	12,160	58
Loss (gain) on disposal of investments	-20,055	-960,944
Unrealized profit (loss) from sales	5,605	-17,751
Unrealized foreign exchange loss (gain)	-185,071	-34,183
Other revenue, overdue dividends and compensation of board and directors	-54,895	-40,149
Other adjustments to reconcile profit (loss)	-4,667	-6
Total adjustments to reconcile profit (loss)	4,982,002	28,095,042
Changes in operating assets and liabilities
Changes in operating assets
Decrease (increase) in notes receivable	-1,182,990	476,454
Decrease (increase) in accounts receivable	-3,850,530	1,194,413
Decrease (increase) in other receivable	179,660	2,320,108
Decrease (increase) in inventories	-2,364,495	1,005,350
Decrease (increase) in other current assets	-1,436,244	491,540
Total changes in operating assets	-8,654,599	5,487,865
Changes in operating liabilities
Increase (decrease) in accounts payable	-171,805	137,886
Increase (decrease) in other payable	-703,199	-2,489,253
Increase (decrease) in other current liabilities	-339,758	218,165
Increase (decrease) in accrued pension liabilities	-339,956	356,479
Total changes in operating liabilities	-1,554,718	-1,776,723
Total changes in operating assets and liabilities	-10,209,317	3,711,142
Total adjustments	-5,227,315	31,806,184
Cash inflow (outflow) generated from operations	25,730,148	37,408,935
Dividends received	2,175,466	5,205,582
Interest paid	-2,283,999	-2,232,428
Income taxes refund (paid)	-195,079	-5,794,178
Net cash flows from (used in) operating activities	25,426,536	34,587,911
Cash flows from (used in) investing activities
Acquisition of available-for-sale financial assets	-4,300,005	-3,395,000
Proceeds from disposal of available-for-sale financial assets	1,752,993	3,710,731
Proceeds from capital reduction of financial assets at cost	0	2,516
Acquisition of investments accounted for using equity method	-11,399,315	-10,798,877
Proceeds from disposal of investments accounted for using equity method	0	833,043
Acquisition of property, plant and equipment	-9,757,385	-15,028,299
Proceeds from disposal of property, plant and equipment	988,493	1,301,481
Increase in refundable deposits	-2,536	-77,644
Increase in other receivables due from related parties	-19,250,936	1,849,217
Increase in other non-current assets	-4,331,277	-4,414,597
Net cash flows from (used in) investing activities	-46,299,968	-26,017,429
Cash flows from (used in) financing activities
Increase in short-term loans	5,012,421	-3,124,972
Increase in short-term notes and bills payable	4,499,306	0
Proceeds from issuing bonds	31,262,271	11,969,444
Repayments of bonds	-17,500,000	-7,500,000
Proceeds from long-term debt	10,021,963	12,500,000
Repayments of long-term debt	-13,623,695	-8,044,248
Decrease in guarantee deposits received	30,655	-11,651
Increase in other payables to related parties	1,900	-7,358
Increase in other non-current liabilities	18,715	-12,590
Cash dividends paid	-2,353,884	-16,473,396
Change in non-controlling interests	1,844,215	-1,011,488
Net cash flows from (used in) financing activities	19,213,867	-11,716,259
Effect of exchange rate changes on cash and cash equivalents	865,120	157,328
Net increase (decrease) in cash and cash equivalents	-794,445	-2,988,449
Cash and cash equivalents at beginning of period	25,341,818	28,330,267
Cash and cash equivalents at end of period	24,547,373	25,341,818
Cash and cash equivalents reported in the statement of financial position	24,547,373	25,341,818

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.

Bankers

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

Public Record

Mortgage

1
Case Type:	Chattel Mortgage
File No.:	071125
Debtor Name:	Nan Ya Plastics Corporation
Document Number:	09005130280
Date of Registration:	2001-8-13
Date of Alteration:	2005-7-25
2
Case Type:	Chattel Mortgage
File No.:	094983
Debtor Name:	Nan Ya Plastics Corporation
Document Number:	09705128310
Date of Registration:	2008-7-11
Date of Alteration:	--
3
Case Type:	Chattel Mortgage
File No.:	095014
Debtor Name:	Nan Ya Plastics Corporation
Document Number:	09705129790
Date of Registration:	2008-7-16
Date of Alteration:	2012-7-26
4
Case Type:	Chattel Mortgage
File No.:	078084
Debtor Name:	Nan Ya Plastics Corporation
Document Number:	09200506900
Date of Registration:	2003-12-23
Date of Alteration:	--
5
Case Type:	Chattel Mortgage
File No.:	098008
Debtor Name:	Nan Ya Plastics Corporation
Document Number:	09830470480
Date of Registration:	2009-8-21
Date of Alteration:	--

Lawsuit

Trial Number:	2008,Xiongbu, 2387
Date of Trial:	2008-11-26
Reason:	Payment for retirement benefits
Claimant:	Not Stated
Defendant:	Nan Ya Plastics Corporation

Interview Details

Interview Date	2015-2-16
Name	Mr. Wu
Department	Sales Department

Credit Index Explanation

The credit index is in fact the number of risky points. The lower credit index is, the higher is the creditworthiness of the company. The following table can be used for evaluation of the creditworthiness of a company.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.20
UK Pound	1	Rs.95.99
Euro	1	Rs.71.00

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	ASH

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%)

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