|
Report No. : |
331363 |
|
Report Date : |
14.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
CHINA STEEL CORPORATION |
|
|
|
|
Registered Office : |
No.1, Chung Kang Road, Lin Hai Ind. Dist., Hsiao Kang, Kaohsiung 81233, Taiwan, R.O.C. |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
03.12.1971 |
|
|
|
|
Com. Reg. No.: |
30414175 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturing and Sales of Steel Products. |
|
|
|
|
No. of Employees : |
About 10,000 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
Litigation : |
-- |
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, 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.
However, follow-on components of ECFA, including a signed agreement on trade in
services, negotiations on trade in goods, and dispute resolution—have stalled.
In early 2014, the government bowed to public demand for 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 under
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 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 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 the Taiwan 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.1, Chung Kang
Road, Lin Hai Ind. Dist., Hsiao Kang, Kaohsiung 81233, Taiwan, R.O.C. |
|
Supplied Address: |
|
|
Telephone Number: |
+886-7-802-1111 |
|
Fax Number: |
+886-7-802-2511/801-9427 |
Notes: We contacted with the subject, the relevant
staff introduced that the subject’s exact headquarters’ address and name are as
above, the staff also confirmed that the supplied address also belongs to the
subject.
|
Registered Name: |
China Steel Corporation |
|
Registered Address: |
No.1, Chung Kang Road, Lin
Hai Ind. Dist., Hsiao Kang, Kaohsiung 81233, Taiwan, R.O.C. |
|
Date of Foundation: |
1971-12-3 |
|
Registration Number: |
30414175 |
|
Registry: |
Department of Commerce, Ministry of Economic
Affairs, R.O.C. |
|
Registered Capital: |
NTD 170,000,000,000
(USD 5,440,000,000) (As of 2015.07, 1 NTD = 0.032 USD) |
|
Paid-up Capital: |
NTD 157,731,289,960 (USD 5,047,401,279) |
|
Legal Representatives: |
Ruoqi Zou |
|
Legal Form: |
|
|
Principal Activities: |
|
|
Staff: |
|
|
Listed at Stock Exchange: |
|
|
Date of Last Annual Return: |
Subject was incorporated on
1971-12-3 with registered number 30414175 as Joint Stock Company in Taiwan.
Subject listed on Taiwan Stock Exchange on
1974-12-26.
Factories
|
1 |
|
|
Address: |
No.1, Zhonggang Rd., Xiaogang Dist., Kaohsiung City, Taiwan (R.O.C.) No.17, Donglin Rd., Xiaogang Dist., Kaohsiung City, Taiwan (R.O.C.) No.38, Daye S. Rd., Xiaogang Dist., Kaohsiung City, Taiwan (R.O.C.) No.56, Yanhai 3rd Rd., Xiaogang Dist., Kaohsiung City,
Taiwan (R.O.C.) |
|
Date of Foundation: |
1972-12-12 |
|
Date of Registration: |
1978-7-17 |
|
Factory Registration Number: |
64000249 |
|
Factory Manager: |
Ruoqi Zou |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2013-4-1 |
|
Major Products: |
092 non-alcohol beverage 181 basic chemical material 170 petroleum and coal products 232 refractory, clay construction materials and ceramic products 241 steel 254 metal processing 239 other non-metallic mineral products 293 general machinery equipment 253 metal container 252 metal structure and building components 249 other base metals 243 copper 339 other Products 319 unclassified other means of transport and its parts 301 automobile 302 car body 303 automobile parts 281 power generation, transmission and distribution of machines 283 cables and wiring accessories 289 other electric power equipment 251 metal hand tools and moulds 292 other specialized machinery and equipment 291 metal processing machinery equipment 242 aluminium 210 rubber products 199 other chemical products 140 products for wood and bamboo |
|
2 |
|
|
Address: |
No. 4, No.5, No. 6, Xiaogang Dist., Kaohsiung City, Taiwan (R.O.C.) No.5, Guangyang St., Xiaogang Dist., Kaohsiung City, Taiwan (R.O.C.) |
|
Date of Registration: |
2001-7-25 |
|
Factory Registration Number: |
64005725 |
|
Factory Manager: |
Chunxiang Huang |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2015-1-26 |
|
Major Products: |
249 other base metals |
|
3 |
|
|
Address: |
No.2, Jiaxing St., Xiaogang Dist., Kaohsiung City, Taiwan (R.O.C.) |
|
Date of Registration: |
2011-7-12 |
|
Factory Registration Number: |
64006324 |
|
Factory Manager: |
Shikai Zeng |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2015-5-29 |
|
Major Products: |
241 steel 254 metal processing |
Offices
|
1 |
|
|
Name |
Taipei Office |
|
Address |
Room A, 28/F., 101 Building, No.7, Section 5, Xinyi Road, Taipei City,
Taiwan |
|
Tel |
+886-2-8758-0000 |
|
Fax |
+886-2-8758-0007 |
|
2 |
|
|
Name |
Singapore Office |
|
Address |
#14-01 MAS Building, 10 Shenton Way, Singapore 0207 |
|
Tel |
+65-6223-8777 |
|
Fax |
+65-6225-6054 |
|
3 |
|
|
Name |
Osaka Office |
|
Address |
|
|
Tel |
+81-6-6281-1021 |
|
Fax |
+81-6-6281-1023 |
|
4 |
|
|
Name |
India Office |
|
Address |
S-3 Level, Block-E, International Trade Tower, Nehru Place, New Delhi
110019, India |
|
Tel |
+91-11-4057-3739 |
|
Fax |
+91-11-4057-3741 |
|
5 |
|
|
Address |
88, Chenggong 2nd Rd., Qianzhen, Kaohsiung 80661, Taiwan |
|
Tel |
+886-337-1111 |
|
Fax |
+886-537-3570 |
Major Shareholders
|
Name |
Subscription Shares |
|
Ministry of Economic Affairs |
3,154,709,357 |
|
Ever Wealthy International Corporation |
2,226,265 |
|
Gao Rui Investment Co., Ltd. (Literal Translation) |
1,335,318 |
|
Qun Yu Investment Co., Ltd. (Literal Translation) |
1,548,289 |
|
Hong Gao Investment and Development Co., Ltd. (Literal Translation) |
1,003,980 |
|
Kaohsiung China Steel Enterprise Union |
7,221,548 |
|
Zuen Zhang |
18,583 |
|
Dingpeng Liang |
409 |
|
Hsin Kuang Steel Co., Ltd. |
70,359,683 |
Shareholder Information:
|
1 |
|
|
Name |
Ever Wealthy International Corporation |
|
Registered Address: |
25F., No.88, Chenggong 2nd Rd., Qianzhen Dist., Kaohsiung
City 806, Taiwan (R.O.C.) |
|
Date of Foundation: |
1999-8-30 |
|
Registration Number: |
70748331 |
|
Registry: |
Department of Commerce, Ministry of Economic Affairs, R.O.C. |
|
Registered Capital: |
NTD 2,000,000,000 |
|
Paid-up Capital: |
NTD 1,045,749,820 |
|
Legal Representatives: |
Jianming Li |
|
Legal Form: |
Joint Stock Company |
|
Date of Last Annual Return: |
2014-12-12 |
|
2 |
|
|
Name |
Gao Rui Investment Co., Ltd. (Literal Translation) |
|
Registered Address: |
26F., No.88, Chenggong 2nd Rd., Qianzhen Dist., Kaohsiung City, Taiwan
(R.O.C.) |
|
Date of Foundation: |
1997-5-21 |
|
Registration Number: |
97159878 |
|
Registry: |
Economic Development Board of Kaohsiung City Government |
|
Registered Capital: |
NTD 29,900,000 |
|
Paid-up Capital: |
NTD 29,900,000 |
|
Legal Representatives: |
Yingjuan Li |
|
Legal Form: |
Joint Stock Company |
|
Date of Last Annual Return: |
2014-6-30 |
|
3 |
|
|
Name |
Qun Yu Investment Co., Ltd. (Literal Translation) |
|
Registered Address: |
26th Floor, No.88, Chenggong 2nd Rd., Qianzhen
Dist., Kaohsiung City 806, Taiwan (R.O.C.) |
|
Date of Foundation: |
1997-5-21 |
|
Registration Number: |
97159912 |
|
Registry: |
Economic Development Board of Kaohsiung City Government |
|
Registered Capital: |
NTD 29,900,000 |
|
Paid-up Capital: |
NTD 29,900,000 |
|
Legal Representatives: |
Mingzhu Zhu |
|
Legal Form: |
Joint Stock Company |
|
Date of Last Annual Return: |
2015-5-28 |
|
4 |
|
|
Name |
Hong Gao Investment and Development Co., Ltd. (Literal Translation) |
|
Registered Address: |
9th Floor, No.88, Chenggong 2nd Rd., Qianzhen
Dist., Kaohsiung City 806, Taiwan (R.O.C.) |
|
Date of Foundation: |
2006-9-26 |
|
Registration Number: |
28292730 |
|
Registry: |
Economic Development Board of Kaohsiung City Government |
|
Registered Capital: |
NTD 30,000,000 |
|
Paid-up Capital: |
NTD 26,000,000 |
|
Legal Representatives: |
Chaocheng Wang |
|
Legal Form: |
Joint Stock Company |
|
Date of Last Annual Return: |
2014-7-9 |
|
5 |
|
|
Name |
Hsin Kuang Steel Co., Ltd. |
|
Registered Address: |
25F, No. 97, Sec. 4, Chung Shin Rd., Sanchong Dist., New Taipei City
241, Taiwan (R.O.C.) |
|
Date of Foundation: |
1976-12-2 |
|
Registration Number: |
35836625 |
|
Registry: |
Department of Commerce, Ministry of Economic Affairs, R.O.C. |
|
Registered Capital: |
NTD 3,600,000,000 |
|
Paid-up Capital: |
NTD 2,788,380,140 |
|
Legal Representatives: |
Mingde Su |
|
Legal Form: |
Joint Stock Company |
|
Date of Last Annual Return: |
2015-1-22 |
Core Management
Directors
|
1 |
||
|
Name |
Ruoqi Zou |
|
|
Position |
Board Chairman |
|
|
2 |
||
|
Name |
Mingzhong Zheng |
|
|
Position |
Director |
|
|
3 |
||
|
Name |
Rongjin Shen |
|
|
Position |
Director |
|
|
4 |
||
|
Name |
Zhiyu Song |
|
|
Position |
Director |
|
|
5 |
||
|
Name |
Hongnan Lin |
|
|
Position |
Director |
|
|
6 |
||
|
Name |
Jigang Liu |
|
|
Position |
Director |
|
|
7 |
||
|
Name |
Zhengyi Weng |
|
|
Position |
Director |
|
|
8 |
||
|
Name |
Zhaojin Wei |
|
|
Position |
Director |
|
|
9 |
||
|
Name |
Shenyi Li |
|
|
Position |
Independent Director |
|
|
10 |
||
|
Name |
Zuen Zhang |
|
|
Position |
Independent Director |
|
|
11 |
||
|
Name |
Dingpeng Liang |
|
|
Position |
Independent Director |
|
|
12 |
||
|
Name |
Mingde Li |
|
|
Position |
Supervisor |
|
|
13 |
||
|
Name |
Yilin Cheng |
|
|
Position |
Supervisor |
|
|
14 |
||
|
Name |
Sitang Deng |
|
|
Position |
Supervisor |
|
|
15 |
||
|
Name |
Zhiyu Song |
|
|
Position |
Manager |
|
|
Date of Appointment |
2012-2-1 |
|
|
16 |
||
|
Name |
Hongnan Lin |
|
|
Position |
Manager |
|
|
Date of Appointment |
2014-2-1 |
|
Major related Companies
|
1 |
|
|
|
Name |
Zhonggang Lvye Co Ltd (Liberal Translation) |
|
|
Address |
No.17, Donglin
Rd., Xiaogang Dist., Kaohsiung City, Taiwan (R.O.C.) |
|
|
Telephone Number |
+886-7-871-8866 |
|
|
Fax Number |
+886-7-872-1852 |
|
|
2 |
||
|
Name |
Zhonggang Yuntong Co Ltd (Liberal Translation) |
|
|
Address |
32F., No.8, Minquan
2nd Rd., Qianzhen Dist., Kaohsiung City, Taiwan (R.O.C.) |
|
|
Telephone Number |
+886-7-337-8888 |
|
|
Fax Number |
+886-7-338-3516 |
|
|
3 |
||
|
Name |
Zhonggang Carbon Chemistry Co Ltd (Liberal Translation) |
|
|
Address |
5F.-1, No.47,
Zhonghua 4th Rd., Lingya Dist., Kaohsiung City, Taiwan (R.O.C.) |
|
|
Telephone Number |
+886-7-338-3515 |
|
|
Fax Number |
+886-7-338-3516 |
|
|
4 |
||
|
Name |
Zhongmao International Co Ltd (Liberal Translation) |
|
|
Address |
31F., No.8, Minquan
2nd Rd., Qianzhen Dist., Kaohsiung City, Taiwan (R.O.C.) |
|
|
Telephone Number |
+886-7-332-2186 |
|
|
Fax Number |
+886-7-335-6411-2 |
|
|
5 |
||
|
Name |
Zhonglian Resources Co Ltd (Liberal Translation) |
|
|
Address |
10F., No.243, Yixin
1st Rd., Qianzhen Dist., Kaohsiung City, Taiwan (R.O.C.) |
|
|
Telephone Number |
+886-7-336-8377 |
|
|
Fax Number |
+886-7-336-8433 |
|
|
6 |
||
|
Name |
Zhongyu Environmental Engineering Co Ltd (Liberal Translation) |
|
|
Address |
8F., No.8,
Minquan 2nd Rd., Qianzhen Dist., Kaohsiung City, Taiwan (R.O.C.) |
|
|
Telephone Number |
+886-7-330-6138 |
|
|
Fax Number |
+886-7-339-4016 |
|
Personnel Structure
|
Total Employees |
About 10,000 Employees |
Offices & Factories
|
|
Headquarters |
|
Add |
No.1, Chung Kang Road, Lin Hai Ind. Dist., Hsiao Kang, Kaohsiung 81233,
Taiwan, R.O.C. |
Production Information
Subject is engaged in manufacturing of steel products.
Subject has factories in Taiwan and subject’s related companies have
factories in Taiwan, India and the mainland of China for production.
From public files, we found the production information of steel products
in 2014 as following for reference
Unit: Tons
|
Products |
Production |
|
Steel plates |
964,193 |
|
Bars |
621,540 |
|
Wire rods |
1,316,976 |
|
Hot rolled steel products |
2,376,013 |
|
Cold rolled steel products |
3,658,877 |
|
Commercial slabs |
10,427 |
|
Pig iron |
5,378 |
|
Others |
87,493 |
|
Totals |
9,040,897 |
Purchase Information
The registered activities of subject:
|
Business Code |
Details |
|
CA01010 |
Iron and steel smelting |
|
CA01030 |
Steel casting industry |
|
CA01020 |
Steel rolling and extruded industry |
|
CA01050 |
Steel secondary processing industry |
|
CA02080 |
Metal forging |
|
CA03010 |
Heat treatment industry |
|
CA04010 |
Surface treatment industry |
|
E103101 |
Environmental protection Environmental protection |
|
E602011 |
Air conditioner engineering |
|
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
From public files, we found purchasing information of subject’s group as
following for references:
|
Product |
Origin |
|
Coking coals |
Australia, Canada, Indonesia, Mozambique, North Korea and Russia |
|
Iron ore |
Australia, Canada, Brazil and Venezuela |
|
Flux materials |
Japan, Taiwan, Philippines, Vietnam, the mainland of China and
Thailand. |
It is introduced that subject purchases some products and etc from the
related factories of its related companies in the mainland of China, Taiwan and
India.
Subject is engaged in sale of steel
products.
The major products include steel plates, bars, wire rods, hot rolled
coils and sheets, cold rolled coils, electro-galvanized coils, hot-dip
galvanized coils, electrical steels coils and so on.
Subject’s sales regions include China, Japan, Thailand, Indonesia,
Vietnam, Mexico, Malaysia, India and etc.
Subject’s major customers are manufactures of machinery, hardware and
etc, the construction industry and etc.
Import and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
Domestic Purchase
|
Products |
Raw materials |
|
Payment Terms |
T/T, Cash |
Import
|
Products |
Raw materials |
|
Payment Terms |
Sales
Domestic Markets
|
Product |
Steel products |
|
Selling Terms |
T/T, Cash |
Export
|
Product |
Steel products |
|
Selling Terms |
T/T, L/C |
Unit: NTD/000
|
Consolidated |
2014-12-31 |
2013-12-31 |
|
Assets |
|
|
|
Current assets |
|
|
|
Cash and cash
equivalents |
|
|
|
Total cash and
cash equivalents |
13,632,013 |
13,700,839 |
|
Current
financial assets at fair value through profit or loss |
|
|
|
Total current
financial assets at fair value through profit or loss |
5,418,751 |
5,014,510 |
|
Current available-for-sale
financial assets |
|
|
|
Current
available-for-sale financial assets, net |
6,651,624 |
5,290,437 |
|
Current
derivative financial assets for hedging |
62,992 |
30,501 |
|
Current bond
investment without active market |
|
|
|
Current bond
investment without active market, net |
0 |
9,259 |
|
Notes
receivable, net |
|
|
|
Notes
receivable, net |
1,243,767 |
1,198,221 |
|
Notes
receivable due from related parties, net |
|
|
|
Notes receivable
due from related parties, net |
162,202 |
607,062 |
|
Accounts
receivable, net |
|
|
|
Accounts
receivable, net |
10,818,647 |
10,248,930 |
|
Accounts
receivable due from related parties, net |
|
|
|
Accounts receivable
due from related parties, net |
734,991 |
520,732 |
|
Construction
contracts receivable |
7,313,482 |
7,309,470 |
|
Other
receivables |
|
|
|
Other
receivables, net |
1,484,045 |
1,943,126 |
|
Current tax
assets |
|
|
|
Total current
tax assets |
169,509 |
120,617 |
|
Inventories |
|
|
|
Inventories,
manufacturing business |
|
|
|
Inventories,
manufacturing business, net |
81,203,168 |
83,040,277 |
|
Total
inventories |
81,203,168 |
83,040,277 |
|
Other current
assets |
|
|
|
Other current
financial assets |
13,714,418 |
13,529,793 |
|
Other current
assets, others |
5,757,202 |
5,673,611 |
|
Total other
current assets |
19,471,620 |
19,203,404 |
|
Total current
assets |
148,366,811 |
148,237,385 |
|
Non-current
assets |
|
|
|
Non-current
financial assets at fair value through profit or loss |
|
|
|
Total
non-current financial assets at fair value through profit or loss |
31,842 |
0 |
|
Non-current available-for-sale
financial assets |
|
|
|
Non-current
available-for-sale financial assets, net |
31,102,392 |
28,100,611 |
|
Held-to-maturity non-current financial assets |
|
|
|
Non-current
held-to-maturity financial assets, net |
222,989 |
209,991 |
|
Derivative
non-current financial assets for hedging |
87,969 |
42,202 |
|
Non-current
bond investment without active market |
|
|
|
Non-current
bond investment without active market, net |
2,806,597 |
2,973,651 |
|
Investments
accounted for using equity method |
|
|
|
Investments
accounted for using equity method, net |
13,419,402 |
10,990,162 |
|
Property, plant
and equipment |
|
|
|
Total property,
plant and equipment |
459,313,969 |
462,742,294 |
|
Investment
property, net |
|
|
|
Investment
property, net |
8,436,098 |
8,337,249 |
|
Intangible
assets |
|
|
|
Total
intangible assets |
2,493,804 |
2,680,365 |
|
Deferred tax
assets |
6,062,321 |
6,077,668 |
|
Other non-current
assets |
|
|
|
Guarantee
deposits paid |
436,833 |
513,180 |
|
Other
non-current financial assets |
|
|
|
Total other
non-current financial assets |
2,376,787 |
2,361,443 |
|
Other
non-current assets, others |
|
|
|
Other
non-current assets, others |
7,579,422 |
8,733,172 |
|
Total other
non-current assets, others |
7,579,422 |
8,733,172 |
|
Total other
non-current assets |
10,393,042 |
11,607,795 |
|
Total
non-current assets |
534,370,425 |
533,761,988 |
|
Total assets |
682,737,236 |
681,999,373 |
|
Liabilities |
|
|
|
Current
liabilities |
|
|
|
Short-term
borrowings |
|
|
|
Total
short-term borrowings |
30,801,717 |
28,652,599 |
|
Short-term notes
and bills payable |
|
|
|
Total
short-term notes and bills payable |
20,112,096 |
30,786,300 |
|
Current
financial liabilities at fair value through profit or loss |
|
|
|
Total current financial
liabilities at fair value through profit or loss |
7,149 |
9,094 |
|
Current
derivative financial liabilities for hedging |
46,327 |
44,281 |
|
Notes payable |
|
|
|
Total notes
payable |
1,384,782 |
1,015,417 |
|
Notes payable to
related parties |
|
|
|
Total notes
payable to related parties |
88 |
756 |
|
Accounts
payable |
|
|
|
Total accounts
payable |
8,903,520 |
11,543,379 |
|
Accounts
payable to related parties |
|
|
|
Total accounts payable
to related parties |
689,623 |
157,372 |
|
Construction
contracts payable |
5,403,038 |
5,818,449 |
|
Other payables |
|
|
|
Total other
payables |
23,131,466 |
23,925,757 |
|
Current tax
liabilities |
4,868,683 |
3,700,145 |
|
Current
provisions |
|
|
|
Total current
provisions |
3,795,700 |
2,968,838 |
|
Other current
liabilities |
|
|
|
Long-term
liabilities, current portion |
|
|
|
Bonds payable,
current portion |
8,148,376 |
3,499,318 |
|
Long-term
borrowings, current portion |
20,939,065 |
19,426,467 |
|
Total long-term
liabilities, current portion |
29,087,441 |
22,925,785 |
|
Other current
liabilities, others |
3,273,887 |
3,306,668 |
|
Total other
current liabilities |
32,361,328 |
26,232,453 |
|
Total current
liabilities |
131,505,517 |
134,854,840 |
|
Non-current
liabilities |
|
|
|
Non-current
derivative financial liabilities for hedging |
10,060 |
18,043 |
|
Bonds payable |
|
|
|
Total bonds payable |
89,695,089 |
62,994,437 |
|
Long-term
borrowings |
|
|
|
Long-term bank
loans |
86,579,129 |
108,062,267 |
|
Others
long-term borrowings |
20,019,412 |
34,882,033 |
|
Total long-term
borrowings |
106,598,541 |
142,944,300 |
|
Non-current
provisions |
|
|
|
Total
non-current provisions |
1,031,812 |
1,067,087 |
|
Deferred tax
liabilities |
|
|
|
Total deferred
tax liabilities |
12,678,217 |
12,976,988 |
|
Other
non-current liabilities |
|
|
|
Accrued pension
liabilities |
5,457,497 |
7,237,168 |
|
Other
non-current liabilities, others |
1,072,632 |
536,795 |
|
Total other
non-current liabilities |
6,530,129 |
7,773,963 |
|
Total
non-current liabilities |
216,543,848 |
227,774,818 |
|
Total
liabilities |
348,049,365 |
362,629,658 |
|
Equity |
|
|
|
Equity
attributable to owners of parent |
|
|
|
Share capital |
|
|
|
Ordinary share |
157,348,610 |
154,255,840 |
|
Preference
share |
382,680 |
382,680 |
|
Total capital
stock |
157,731,290 |
154,638,520 |
|
Capital surplus |
|
|
|
Total capital
surplus |
37,217,876 |
36,960,818 |
|
Retained
earnings |
|
|
|
Legal reserve |
56,957,880 |
55,359,726 |
|
Special reserve |
27,086,283 |
26,920,871 |
|
Unappropriated
retained earnings (accumulated deficit) |
|
|
|
Total
unappropriated retained earnings (accumulated deficit) |
24,125,515 |
16,348,240 |
|
Total retained
earnings |
108,169,678 |
98,628,837 |
|
Other equity
interest |
|
|
|
Total other
equity interest |
10,162,015 |
7,955,853 |
|
Treasury shares |
8,587,461 |
8,496,974 |
|
Total equity
attributable to owners of parent |
304,693,398 |
289,687,054 |
|
Non-controlling
interests |
29,994,473 |
29,682,661 |
|
Total equity |
334,687,871 |
319,369,715 |
|
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 |
318,369,000 |
308,545,000 |
Unit: NTD/000
|
Consolidated |
2014 |
2013 |
|
Operating
revenue |
|
|
|
Total operating
revenue |
366,510,697 |
347,828,838 |
|
Operating costs |
|
|
|
Total operating
costs |
322,622,227 |
310,548,923 |
|
Gross profit
(loss) from operations |
43,888,470 |
37,279,915 |
|
Realized profit
(loss) on from sales |
0 |
404,495 |
|
Gross profit
(loss) from operations |
43,888,470 |
37,684,410 |
|
Operating
expenses |
|
|
|
Selling
expenses |
|
|
|
Total selling
expenses |
4,899,826 |
4,992,404 |
|
Administrative
expenses |
|
|
|
Total
administrative expenses |
7,181,277 |
6,286,297 |
|
Research and development
expenses |
|
|
|
Total research
and development expenses |
2,015,836 |
1,852,759 |
|
Total operating
expenses |
14,096,939 |
13,131,460 |
|
Net operating
income (loss) |
29,791,531 |
24,552,950 |
|
Non-operating
income and expenses |
|
|
|
Other income |
|
|
|
Total other
income |
2,420,784 |
1,618,710 |
|
Other gains and
losses |
|
|
|
Other gains and
losses, net |
-454,241 |
-258,031 |
|
Finance costs |
|
|
|
Finance costs,
net |
3,787,776 |
2,985,370 |
|
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 |
605,936 |
280,793 |
|
Total non-operating
income and expenses |
-1,215,297 |
-1,343,898 |
|
Profit (loss)
from continuing operations before tax |
28,576,234 |
23,209,052 |
|
Tax expense
(income) |
|
|
|
Total tax
expense (income) |
4,378,958 |
4,854,585 |
|
Profit (loss) from
continuing operations |
24,197,276 |
18,354,467 |
|
Profit (loss) |
24,197,276 |
18,354,467 |
|
Other
comprehensive income |
|
|
|
Exchange
differences on translation |
2,212,405 |
218,254 |
|
Unrealised gains
(losses) on valuation of available-for-sale financial assets |
580,738 |
3,550,104 |
|
Cash flow
hedges |
178,384 |
340,696 |
|
Actuarial gains
(losses) on defined benefit plans |
1,564,528 |
153,606 |
|
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 |
-26,796 |
-156,363 |
|
Other comprehensive
income |
-345,570 |
-102,760 |
|
Other
comprehensive income, net |
4,163,689 |
4,003,537 |
|
Total
comprehensive income |
28,360,965 |
22,358,004 |
|
Profit (loss),
attributable to: |
|
|
|
Profit (loss), attributable
to owners of parent |
22,160,266 |
15,981,540 |
|
Profit (loss),
attributable to non-controlling interests |
2,037,010 |
2,372,927 |
|
Comprehensive
income attributable to: |
|
|
|
Comprehensive income,
attributable to owners of parent |
25,685,222 |
19,506,129 |
|
Comprehensive
income, attributable to non-controlling interests |
2,675,743 |
2,851,875 |
|
Basic earnings
per share |
|
|
|
Basic earnings (loss)
per share from continuing operations |
1.43 |
1.03 |
|
Total basic
earnings per share |
1.43 |
1.03 |
|
Diluted
earnings per share |
|
|
|
Diluted
earnings (loss) per share from continuing operations |
1.43 |
1.03 |
|
Total diluted earnings
per share |
1.43 |
1.03 |
Unit: NTD/000
|
Consolidated |
2014 |
2013 |
|
Cash flows from
(used in) operating activities, indirect method |
|
|
|
Profit (loss)
from continuing operations before tax |
28,576,234 |
23,209,052 |
|
Profit (loss)
before tax |
28,576,234 |
23,209,052 |
|
Adjustments |
|
|
|
Adjustments to
reconcile profit (loss) |
|
|
|
Depreciation
expense |
35,354,714 |
31,345,401 |
|
Amortization
expense |
368,943 |
293,117 |
|
Net loss (gain)
on financial assets or liabilities at fair value through profit or loss |
-127,501 |
-225,006 |
|
Interest
expense |
3,787,776 |
2,985,370 |
|
Interest income |
-511,164 |
-472,294 |
|
Dividend income |
-379,552 |
-364,527 |
|
Share of loss
(profit) of associates and joint ventures accounted for using equity method |
-617,995 |
-281,422 |
|
Loss (gain) on
disposal of property, plan and equipment |
214,424 |
111,761 |
|
Loss (gain) on
disposal of intangible assets |
-73,327 |
0 |
|
Loss (gain) on
disposal of investments |
-740,942 |
-674,749 |
|
Impairment loss
on financial assets |
930,366 |
153,215 |
|
Impairment loss
on non-financial assets |
2,102,323 |
371,296 |
|
Realized loss (profit)
on from sales |
0 |
-404,495 |
|
Other
adjustments to reconcile profit (loss) |
6,704,916 |
4,308,836 |
|
Total
adjustments to reconcile profit (loss) |
47,012,981 |
37,146,503 |
|
Changes in
operating assets and liabilities |
|
|
|
Changes in
operating assets |
|
|
|
Decrease
(increase) in financial assets held for trading |
-107,934 |
-215,872 |
|
Decrease
(increase) in notes receivable |
-45,546 |
-223,510 |
|
Decrease (increase)
in notes receivable due from related parties |
444,860 |
-87,609 |
|
Decrease
(increase) in accounts receivable |
-701,378 |
454,020 |
|
Decrease
(increase) in accounts receivable due from related parties |
-214,259 |
84,545 |
|
Decrease
(increase) in construction contracts receivable |
-4,012 |
123,196 |
|
Decrease
(increase) in other receivable |
748,434 |
515,700 |
|
Decrease
(increase) in inventories |
603,865 |
-5,894,599 |
|
Decrease (increase)
in other current assets |
-83,485 |
-709,282 |
|
Total changes
in operating assets |
640,545 |
-5,953,411 |
|
Changes in
operating liabilities |
|
|
|
Increase
(decrease) in notes payable |
369,365 |
721,620 |
|
Increase (decrease)
in notes payable to related parties |
-668 |
-412 |
|
Increase
(decrease) in accounts payable |
-2,639,859 |
259,209 |
|
Increase
(decrease) in accounts payable to related parties |
532,251 |
-73,935 |
|
Increase
(decrease) in construction contracts receivable |
-415,411 |
2,161,444 |
|
Increase
(decrease) in other payable |
559,896 |
894,106 |
|
Increase
(decrease) in provisions |
-5,689,752 |
-3,493,517 |
|
Increase
(decrease) in other current liabilities |
-43,294 |
695,626 |
|
Increase
(decrease) in accrued pension liabilities |
-223,652 |
-48,508 |
|
Total changes
in operating liabilities |
-7,551,124 |
1,115,633 |
|
Total changes
in operating assets and liabilities |
-6,910,579 |
-4,837,778 |
|
Total
adjustments |
40,102,402 |
32,308,725 |
|
Cash inflow
(outflow) generated from operations |
68,678,636 |
55,517,777 |
|
Income taxes
refund (paid) |
-4,225,392 |
-1,251,708 |
|
Net cash flows
from (used in) operating activities |
64,453,244 |
54,266,069 |
|
Cash flows from
(used in) investing activities |
|
|
|
Acquisition of
financial assets at fair value through profit or loss, designated as upon
initial recognition |
-6,714,162 |
-5,331,769 |
|
Proceeds from disposal
of financial assets at fair value through profit or loss, designated as upon
initial recognition |
6,448,991 |
4,713,063 |
|
Acquisition of
available-for-sale financial assets |
-7,237,912 |
-10,341,835 |
|
Proceeds from disposal
of available-for-sale financial assets |
2,995,987 |
3,137,250 |
|
Proceeds from
capital reduction of available-for-sale financial assets |
53,438 |
64,500 |
|
Acquisition of
bond investments without active market |
-39,155 |
-14,593 |
|
Proceeds from
disposal of bond investments without active market |
24,861 |
29,330 |
|
Acquisition of
held-to-maturity financial assets |
0 |
-102,112 |
|
Proceeds from
disposal of held-to-maturity financial assets |
0 |
82,236 |
|
Acquisition of investments
accounted for using equity method |
-942,591 |
-9,403,092 |
|
Net cash flow
from acquisition of subsidiaries |
-771,678 |
-907,670 |
|
Proceeds from
capital reduction of investments accounted for using equity method |
11,550 |
0 |
|
Acquisition of
property, plant and equipment |
-30,970,004 |
-60,718,197 |
|
Proceeds from
disposal of property, plant and equipment |
99,390 |
132,927 |
|
Increase in
refundable deposits |
76,382 |
-71,422 |
|
Acquisition of
intangible assets |
-71,234 |
-236,845 |
|
Acquisition of
investment properties |
0 |
-11,309 |
|
Proceeds from
disposal of investment properties |
89 |
0 |
|
Increase in
other financial assets |
-292,737 |
273,317 |
|
Decrease in
other non-current assets |
211,931 |
-1,363,882 |
|
Interest
received |
508,355 |
467,105 |
|
Dividends
received |
956,331 |
431,184 |
|
Net cash flows
from (used in) investing activities |
-35,652,168 |
-79,171,814 |
|
Cash flows from
(used in) financing activities |
|
|
|
Increase in
short-term loans |
205,793,710 |
299,839,209 |
|
Decrease in
short-term loans |
-203,954,160 |
-300,050,470 |
|
Increase in
short-term notes and bills payable |
-10,674,204 |
2,106,870 |
|
Proceeds from
issuing bonds |
34,900,000 |
19,894,618 |
|
Repayments of
bonds |
-3,500,000 |
-11,275,000 |
|
Proceeds from
long-term debt |
41,533,502 |
63,921,305 |
|
Repayments of
long-term debt |
-61,918,263 |
-48,495,770 |
|
Increase in
other borrowings |
0 |
3,098,302 |
|
Decrease in
other borrowings |
-14,862,621 |
0 |
|
Increase in
other non-current liabilities |
223,170 |
-55,213 |
|
Cash dividends
paid |
-10,709,909 |
-5,976,436 |
|
Payments to
acquire treasury shares |
-198,602 |
0 |
|
Proceeds from sale
of treasury shares |
0 |
281,372 |
|
Interest paid |
-3,808,487 |
-3,650,011 |
|
Change in
non-controlling interests |
-2,388,290 |
-2,037,708 |
|
Net cash flows
from (used in) financing activities |
-29,564,154 |
17,601,068 |
|
Effect of exchange
rate changes on cash and cash equivalents |
881,293 |
886,863 |
|
Net increase
(decrease) in cash and cash equivalents |
118,215 |
-6,417,814 |
|
Cash and cash
equivalents at beginning of period |
10,541,442 |
16,959,256 |
|
Cash and cash equivalents
at end of period |
10,659,657 |
10,541,442 |
|
Cash and cash
equivalents reported in the statement of financial position |
13,632,013 |
13,700,839 |
|
Other items
qualifying for cash and cash equivalents under the definition of IAS 7 |
-2,972,356 |
-3,159,397 |
Note: Subject didn’t
submit its individual financial information; we obtained its consolidated
financials as follows 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
No chattel mortgage record of subject has been found within the recent 3
months.
Lawsuit
|
1 |
|
|
Trial Number |
2012,Xiongbu,552 |
|
Trial Date |
2012-4-23 |
|
Reason |
Payment for salary |
|
Claimant: |
Tianyou Chen Jinman Xiao Defeng Chen Ande Lin |
|
Defendant: |
China Steel Corporation China Steel Machinery Limited (Liberal
Translation) He Xiong Industrial Co., Ltd (Liberal
Translation) |
|
2 |
|
|
Trial Number |
2008,Xiongbu,2431 |
|
Trial Date |
2008-12-3 |
|
Reason |
|
|
Complainant |
Yongzhi Qian |
|
Defendant |
China Steel Corporation |
Interview Details
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.47 |
|
|
1 |
Rs.98.47 |
|
Euro |
1 |
Rs.70.69 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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.