MIRA
INFORM REPORT
|
Report No. : |
308991 |
|
Report Date : |
04.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
FORMOSA CHEMICALS & FIBRE CORP. |
|
|
|
|
Registered Office : |
No. 359, Chungshan Road, Sec. 3, Chang Hwa
City, Chang Hwa County, Taiwan |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
05.03.1965 |
|
|
|
|
Com. Reg. No.: |
58650902 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and sale of chemicals |
|
|
|
|
No. of Employee : |
About 4,500 |
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 |
A2 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
TAIWAN ECONOMIC OVERVIEW
Taiwan has a dynamic capitalist economy with gradually decreasing
government guidance of INVESTMENT
and
foreign trade. Exports, led by electronics, machinery, and petrochemicals have
provided the primary impetus for economic development. This heavy dependence on
exports exposes the economy to fluctuations in world demand. Taiwan's
diplomatic isolation, low birth rate, and rapidly aging population are other
major long-term challenges. Free trade agreements have proliferated in East
Asia over the past several years, and following the landmark Economic
Cooperation Framework Agreement (ECFA) signed with China in June 2010, Taiwan
in July 2013 signed a free trade deal with New Zealand—Taipei’s first-ever with
a country with which it does not maintain diplomatic relations—and in November
inked a trade pact with Singapore. Negotiations continue on follow-on
components of ECFA regarding trade in goods and a dispute resolution mechanism;
a trade in services agreement is under review in the legislature. Taiwan's Total
Fertility rate of just over one child per woman is among the lowest in the
world, raising the prospect of future labor shortages, falling domestic demand,
and declining tax revenues. Taiwan's population is aging quickly, with the
number of people over 65 accounting for 11.2% of the island's total population
as of 2012. The island runs a large overall trade surplus largely because of
its surplus with China, and its foreign reserves are the world's sixth largest,
behind China, Japan, Saudi Arabia, Russia, and Switzerland. In 2006 China
overtook the US to become Taiwan's second-largest source of imports after
Japan. China is also the island's number one destination for foreign direct
investment. Taiwan since 2009 has gradually loosened rules governing Chinese
investment on the island, and has also secured greater market access for its
investors in the mainland. In August 2012, Taiwan Central Bank signed a
memorandum of understanding on cross-Strait currency settlement with its
Chinese counterpart. The MOU allows for the direct settlement of Chinese RMB
and the New Taiwan dollar across the Strait, which could help develop Taiwan
into a local RMB hub. Closer economic links with the mainland bring greater
opportunities for the Taiwan economy, but also poses new challenges as the
island becomes more economically dependent on China while political differences
remain unresolved.
|
Source
: CIA |
Contact Points
|
Company Name: |
|
|
Supplied Name: |
|
|
Trading Address: |
No. 359,
Chungshan Road, Sec. 3, Chang Hwa City, Chang Hwa County, Taiwan, R.O.C. |
|
Supplied Address: |
|
|
Telephone Number: |
|
|
Fax Number: |
|
|
E-mail: |
Notes: The supplied address is belonging to
the subject’s Taipei Branch, the exact name and address are as above.
Company Identification Details
History
Subject was incorporated
on 1965-3-5 with registered number 58650902
as Joint Stock Company in
Taiwan.
Subject listed on Taiwan Stock Exchange on
Shareholders
|
Name |
Subscription Shares |
|
Wenyuan Wang |
63,150,587 |
|
Formosa Plastics Corporation |
198,743,936 |
|
Wenchao Wang |
16,819,721 |
|
Nan Ya Plastics Corporation |
140,449,268 |
|
Fuyuan Hong |
272,804 |
|
Formosa Petrochemical Corporation |
48,567,575 |
|
Hongzhi Yang |
152,289 |
|
Qiuming Chen |
79,627 |
|
Dongteng Huang |
34,410 |
|
Jianan Wu |
28,616 |
|
Sunru Li |
15,450 |
|
Yingda Fang |
73 |
|
Changgeng Medical Treatment Incorporated Foundation (Liberal
Translation) |
1,089,142,009 |
|
Shuiwen Hou |
27,267 |
The information above is that of subject’s major shareholders.
Shareholder
Information:
|
1 |
|
|
Registered Name: |
|
|
Registered Address: |
No.39, 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 2015.03, 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: |
Yes; Stock Symbol: TSEC 1301 |
|
Date of Last Annual Return: |
2014-8-21 |
|
Tel |
+886-2-27122211 |
|
Fax |
+886-2-27175287 |
|
2 |
|
|
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 2015.03, 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 |
|
Listed at Stock Exchange: |
|
|
Date of Last Annual Return: |
2014-10-14 |
|
Tel |
+886-2-27122211 |
|
Fax |
+886-2-27178533 |
|
3 |
|
|
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 2015.03, 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: |
Yes; Stock Symbol: TSEC 6505 |
|
Date of Last Annual Return: |
2014-11-21 |
|
Tel |
+886-2-2712-2211 |
|
Fax |
+886-2-2718-6296 |
Subsidiaries & Branches
Branch Companies
|
1 |
|
|
Name |
Taipei Branch |
|
Address |
2 Floor, No.24, 201 Tung Hwa North Road, Taipei, Taiwan |
|
Registration Number |
80026278 |
|
Date of Registration |
2003-7-7 |
|
Status |
Live Company |
|
Manager Name |
Fuyuan Hong |
|
Date of Last Annual Return |
-- |
|
2 |
|
|
Name |
Mailiao Branch |
|
Address |
No. 1-1, Formosa Plastics Group Industrial Zone, Mailiao, Yun Lin
County, Taiwan |
|
Registration Number |
89283092 |
|
Date of Registration |
1994-9-16 |
|
Status |
Live Company |
|
Manager Name |
Qiuming Chen |
|
Date of Last Annual Return |
2014-7-31 |
|
3 |
|
|
Name |
Longde Branch |
|
Address |
No.2, 10 Longxiang Road, Tungshan Village, Ilan County, Taiwan |
|
Registration Number |
84309657 |
|
Date of Registration |
1994-2-3 |
|
Status |
Live Company |
|
Manager Name |
Jinfu Huang |
|
Date of Last Annual Return |
2004-12-24 |
|
4 |
|
|
Name |
Yilan Branch |
|
Address |
No.155, Tanfu Road, Longtan village, Jiaosi
Township, Ilan County, Taiwan |
|
Registration Number |
84309642 |
|
Date of Registration |
1994-2-3 |
|
Status |
Live Company |
|
Manager Name |
Jinfu Huang |
|
Date of Last Annual Return |
2004-12-21 |
|
5 |
|
|
Name |
Hsinkang Branch |
|
Address |
1, Chung-Yang Industrial Park, Hsinkang Hsiang, Chiayi-Hsien, Taiwan |
|
Registration Number |
84309636 |
|
Date of Registration |
1994-2-3 |
|
Status |
Live Company |
|
Manager Name |
Wenyang Chen |
|
Date of Last Annual Return |
2014-11-21 |
Factories
|
1 |
|
|
Name: |
Xingang Factory |
|
Address: |
No. 1, Zhongyang Industrial Park, Zhongyang Village, Jiayi County,
China. |
|
Date of Foundation: |
1987-4-10 |
|
Date of Registration: |
1988-12-7 |
|
Factory Registration Number: |
84309636 |
|
Factory Manager: |
Wenjin Lv |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2015-1-5 |
|
Major Product: |
111 Spinning 112 Weaving 152 Paper container 185 Synthetic Fiber 184 Synthetic resin, plastic and rubber 192 Other special machinery equipment |
|
2 |
|
|
Name: |
Mailiao Factory |
|
Address: |
No. 3-1 and 5, Taisu Industrial Park, Zhongxing Village, Mailiao
Xiang, Yunlin County, China. |
|
Date of Foundation: |
1996-6-5 |
|
Date of Registration: |
1998-12-23 |
|
Factory Registration Number: |
99653069 |
|
Factory Manager: |
Qiuming Chen |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2014-9-3 |
|
Major Product: |
181 Basic chemical materials 182 Petrochemical materials 184 Synthetic resin, plastic and rubber |
|
3 |
|
|
Name: |
Haifeng Factory |
|
Address: |
No. 23, Taisu Industrial Park, Zhongxing Village, Mailiao Xiang,
Yunlin County, China. |
|
Date of Foundation: |
1999-7-20 |
|
Date of Registration: |
2000-12-29 |
|
Factory Registration Number: |
99653067 |
|
Factory Manager: |
Qiuming Chen |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2014-9-1 |
|
Major Product: |
181 Basic chemical materials 182 Petrochemical materials 184 Synthetic resin, plastic and rubber |
Personnel Information
Core Management
Directors
|
1 |
|
|
Name |
Wenyuan Wang |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Zhicun Li |
|
Position |
Managing Director |
|
3 |
|
|
Name |
Wenchao Wang |
|
Position |
Managing Director |
|
4 |
|
|
Name |
Ruiyu Wang |
|
Position |
Managing Director |
|
5 |
|
|
Name |
Ruilong Chen |
|
Position |
Managing Director/ Independent Director |
|
6 |
|
|
Name |
Zongyong Lin |
|
Position |
Independent Director |
|
7 |
|
|
Name |
Gong Wang |
|
Position |
Independent Director |
|
8 |
|
|
Name |
Fuyuan Hong |
|
Position |
Director/ Manager |
|
Date of Appointment |
2006-6-16 |
|
9 |
|
|
Name |
Wenxiang Wang |
|
Position |
Director |
|
10 |
|
|
Name |
Hongzhi Yang |
|
Position |
Director |
|
11 |
|
|
Name |
Qiuming Chen |
|
Position |
Director/ Manager |
|
Date of Appointment |
2006-6-16 |
|
12 |
|
|
Name |
Dongteng Huang |
|
Position |
Director/ Manager |
|
Date of Appointment |
2006-6-16 |
|
13 |
|
|
Name |
Jianan Wu |
|
Position |
Director/ Manager |
|
Date of Appointment |
2006-6-16 |
|
14 |
|
|
Name |
Sunru Li |
|
Position |
Director |
|
15 |
|
|
Name |
Yingda Fang |
|
Position |
Director/ Manager |
|
Date of Appointment |
2009-3-26 |
|
16 |
|
|
Name |
Lirui Chen |
|
Position |
Supervisor |
|
17 |
|
|
Name |
Wenhua Gong |
|
Position |
Supervisor |
|
18 |
|
|
Name |
Shuiwen Hou |
|
Position |
Supervisor |
|
19 |
|
|
Name |
Shengfu Lv |
|
Position |
Manager |
|
Date of Appointment |
2006-6-16 |
|
20 |
|
|
Name |
Zhixiong Chen |
|
Position |
Manager |
|
Date of Appointment |
2009-3-26 |
|
21 |
|
|
Name |
Qingci Lin |
|
Position |
Manager |
|
Date of Appointment |
2006-6-16 |
|
22 |
|
|
Name |
Jizhu Zhang |
|
Position |
Manager |
|
Date of Appointment |
2011-11-29 |
|
23 |
|
|
Name |
Wenjin Lv |
|
Position |
Manager |
|
Date of Appointment |
2011-11-29 |
|
24 |
|
|
Name |
Junrong Su |
|
Position |
Manager |
|
Date of Appointment |
2014-11-7 |
|
25 |
|
|
Name |
Jinhua Pan |
|
Position |
Manager |
|
Date of Appointment |
2014-11-7 |
|
26 |
|
|
Name |
Zongyuan Zhang |
|
Position |
Manager |
|
Date of Appointment |
2014-11-7 |
|
27 |
|
|
Name |
Qingfen Li |
|
Position |
Manager |
|
Date of Appointment |
2014-11-7 |
|
28 |
|
|
Name |
Fulai Xu |
|
Position |
Manager |
|
Date of Appointment |
2014-11-7 |
Personnel Structure
|
Total Employees |
About 4,500 Employees |
Operation Information
Offices & Factories
|
|
Headquarters |
|
Add |
No. 359, Chungshan Road, Sec. 3, Chang Hwa City, Chang Hwa County,
Taiwan, R.O.C. |
Production Information
Subject is engaged in manufacturing of chemicals, etc.
Subject has factories in Taiwan for production.
Subject has obtained the certification of ISO 9002.
It is introduced one of subject’s product “PVC” has an annual output
capacity of 1,329,000 ton; “liquid caustic soda” has an annual output capacity
of 983,000 ton, etc.
Subject’s divisions are as follows for reference:
|
Division |
Major Business |
|
The major businesses of 1st Petrochemicals Division are manufacturing
and sales of AROMA. |
|
|
2nd Petrochemicals Division |
The major businesses of 2nd Petrochemicals Division are manufacturing and sales of SM, phenol, and acetone. |
|
3rd Petrochemicals Division |
Its major businesses are manufacture and
sales of PTA |
|
Plastics Division |
The Plastics Division engages mainly in the
manufacture and sales of PS, ABS, SAN, ASA, PP, PC and PC/ABS alloys pellet. |
|
Rayon Division |
The major businesses of Rayon Division are manufacturing and sales of rayon
staple fiber |
|
Nylon Division |
The nylon division engages in manufacturing
and sales of nylon 6 chips, POY, HOY, FDY, DTY, tire cord yarn-N6 & N66, fishing
net yarn and functional yarn |
|
Textiles Division |
The textiles division engages in
manufacturing and sales of yarn, short-fiber cloth, and long-fiber cloth |
|
Engineering Division |
Engineering Division in charge of the supply of public utilities
needed by different production lines |
Purchase Information
The registered activities of subject:
|
Business Code |
Details |
|
A201010 |
Afforestation business |
|
A202040 |
Felling operation |
|
C301010 |
manufacturing of yarn |
|
C302010 |
weaving cotton cloth |
|
C305010 |
Printing and dyeing finishing industry |
|
C501010 |
The lumber industry |
|
C601010 |
The pulp manufacturing |
|
C801010 |
Basic chemicals business |
|
C801020 |
Manufacturing of petrochemical materials |
|
C801030 |
Manufacturing of precision chemical materials |
|
C801100 |
Manufacturing of synthetic resin and plastic |
|
C801120 |
Manufacturing of artificial fiber |
|
C801990 |
Manufacturing of other chemical materials |
|
C802080 |
Manufacturing of environmental medicine |
|
C802090 |
Manufacturing of cleaning supplies |
|
C802100 |
Manufacturing of cosmetics |
|
C901990 |
Manufacturing of other
nonmetallic mineral |
|
CB01010 |
Manufacturing of mechanical equipment |
|
CC01080 |
Manufacturing of electronic components |
|
D101050 |
Electricity, a total of profession |
|
E502010 |
Engineering of fuel line |
|
E599010 |
Engineering of tubing |
|
E601010 |
Electrical appliance industry in guangdong |
|
E603010 |
Installation of cable |
|
E603040 |
Installation of fire control equipment |
|
E603090 |
Installation of lighting equipment |
|
E603100 |
Welding engineering |
|
E603110 |
Cold work engineering |
|
E603120 |
Sand blasting engineering |
|
E604010 |
The machinery installation industry |
|
E605010 |
Computer equipment installation industry |
|
E901010 |
Paint engineering |
|
E903010 |
Corrosion and rust prevention engineering |
|
EZ02010 |
Lifting engineering |
|
EZ05010 |
Instrument, instrument installation engineering |
|
EZ15010 |
Thermal insulation, cold insulation installation engineering |
|
F102040 |
Wholesale of drink |
|
F107030 |
Wholesale of cleaning supplies |
|
F107050 |
Wholesale of fertilizer |
|
F107080 |
Wholesale of environmental medicine |
|
F108040 |
Wholesale of cosmetics |
|
F199990 |
Other Wholesales |
|
F203010 |
Retail of food, and drink |
|
F207030 |
Retail of cleaning supplies |
|
F207050 |
Retail of fertilizer |
|
F207080 |
Retail of environmental medicine |
|
F208040 |
Retail of cosmetics |
|
F208050 |
B class medicine retail |
|
ZZ99999 |
Besides licensed business, all other business items those are not
banned or restricted. |
It is introduced that the raw materials for
production is mainly purchased from domestic.
Subject is engaged in sales of chemicals
The major products of the subject are chemicals, fibers, petrochemical
and plastic materials
The sales regions of the subject are domestic market, Japan, Kore,
Southeast Asia, Europe and America
Major products
sold
|
Type |
Product |
|
Petrochemicals |
Benzene Para-Xylene (PX) Ortho- Xylene (OX) Styrene Monomer (SM) Phenol Acetone PTA Anhydrous Sodium-Sulfate |
|
Plastic |
Polystyrene (PS) ABS Resin PP Resin PC Resin PC/ABS Resin SAN Resin ASA Resin Nylon-6 Resin |
|
Textile, Fiber |
Rayon Staple Fiber Nylon Fiber Yarn Products Cloth Products |
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Settlements
Purchase
Domestic Purchase
|
Products |
Raw materials |
|
Payment Terms |
T/T, Cash |
Import
Subject has little import.
Domestic Markets
|
Product |
Chemicals |
|
Selling Terms |
T/T, Cash |
Export
|
Product |
Chemicals |
|
Selling Terms |
L/C, T/T |
Balance Sheet
Unit: NTD/000
|
Consolidated |
2013-12-31 |
2012-12-31 |
|
Assets |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
|
|
|
Total cash and cash equivalents |
11,459,481 |
11,562,869 |
|
Current financial assets at fair value through profit or loss |
|
|
|
Total current financial assets at fair value through profit or loss |
1,352 |
17,239 |
|
Current available-for-sale financial assets |
|
|
|
Current available-for-sale financial assets, net |
71,852,908 |
63,406,377 |
|
Notes receivable, net |
|
|
|
Notes receivable, net |
12,050,211 |
12,269,906 |
|
Notes receivable due from related parties, net |
|
|
|
Notes receivable due from related parties, net |
6,963 |
14,624 |
|
Accounts receivable, net |
|
|
|
Accounts receivable, net |
21,756,367 |
21,151,214 |
|
Accounts receivable due from related parties, net |
|
|
|
Accounts receivable due from related parties, net |
9,511,848 |
9,273,750 |
|
Other receivables |
|
|
|
Other receivables, net |
7,913,999 |
4,412,519 |
|
Other receivables due from related parties |
|
|
|
Other receivables due from related parties, net |
13,300,700 |
19,160,000 |
|
Inventories |
|
|
|
Total inventories |
53,825,396 |
52,108,364 |
|
Other current assets |
|
|
|
Total other current assets |
12,240,725 |
10,804,948 |
|
Total current assets |
213,919,950 |
204,181,810 |
|
Non-current assets |
|
|
|
Non-current available-for-sale financial assets |
|
|
|
Non-current available-for-sale financial assets, net |
45,316,216 |
41,291,801 |
|
Non-current financial assets at cost |
|
|
|
Non-current financial assets at cost, net |
2,878,666 |
2,997,156 |
|
Investments accounted for using equity method |
|
|
|
Investments accounted for using equity method, net |
104,510,758 |
79,653,059 |
|
Property, plant and equipment |
|
|
|
Total property, plant and equipment |
145,053,156 |
144,731,741 |
|
Intangible assets |
|
|
|
Total intangible assets |
7,487 |
5,714 |
|
Deferred tax assets |
3,155,945 |
3,884,291 |
|
Other non-current assets |
|
|
|
Total other non-current assets |
10,847,941 |
12,174,993 |
|
Total non-current assets |
311,770,169 |
284,738,755 |
|
Total assets |
525,690,119 |
488,920,565 |
|
Liabilities |
|
|
|
Current liabilities |
|
|
|
Short-term borrowings |
|
|
|
Total short-term borrowings |
27,996,683 |
23,917,173 |
|
Short-term notes and bills payable |
|
|
|
Total short-term notes and bills payable |
1,349,848 |
12,898,852 |
|
Current financial liabilities at fair value through profit or loss |
|
|
|
Total current financial liabilities at fair value through profit or
loss |
704 |
66,742 |
|
Notes payable |
|
|
|
Total notes payable |
172,083 |
157,144 |
|
Accounts payable |
|
|
|
Total accounts payable |
7,161,965 |
5,360,596 |
|
Accounts payable to related parties |
|
|
|
Total accounts payable to related parties |
24,476,468 |
22,874,372 |
|
Other payables |
|
|
|
Total other payables |
5,932,666 |
5,754,627 |
|
Other payables to related parties |
3,214,692 |
6,127,595 |
|
Current tax liabilities |
2,190,113 |
352,034 |
|
Other current liabilities |
|
|
|
Long-term liabilities, current portion |
|
|
|
Total long-term liabilities, current portion |
21,944,368 |
25,809,678 |
|
Other current liabilities, others |
3,437,381 |
2,624,694 |
|
Total other current liabilities |
25,381,749 |
28,434,372 |
|
Total current liabilities |
97,876,971 |
105,943,507 |
|
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 |
50,000,000 |
42,800,000 |
|
Long-term borrowings |
|
|
|
Total long-term borrowings |
54,078,987 |
56,045,319 |
|
Deferred tax liabilities |
|
|
|
Total deferred tax liabilities |
251,529 |
2,529 |
|
Other non-current liabilities |
|
|
|
Total other non-current liabilities |
10,774,831 |
10,962,354 |
|
Total non-current liabilities |
115,105,347 |
109,810,202 |
|
Total liabilities |
212,982,318 |
215,753,709 |
|
Equity |
|
|
|
Equity attributable to owners of parent |
|
|
|
Share capital |
|
|
|
Ordinary share |
58,611,863 |
56,904,721 |
|
Total capital stock |
58,611,863 |
56,904,721 |
|
Capital surplus |
|
|
|
Capital surplus, additional paid-in capital |
|
|
|
Total capital surplus, additional paid-in capital |
8,224,586 |
8,224,586 |
|
Capital surplus, treasury share transactions |
119,962 |
95,051 |
|
Capital surplus, difference between consideration and carrying amount
of subsidiaries acquired or disposed |
3,771 |
0 |
|
Capital surplus, changes in equity of associates and joint ventures
accounted for using equity method |
80,035 |
0 |
|
Capital surplus, others |
204,224 |
204,224 |
|
Total capital surplus |
8,632,578 |
8,523,861 |
|
Retained earnings |
|
|
|
Legal reserve |
40,366,323 |
39,656,897 |
|
Special reserve |
39,506,782 |
39,506,782 |
|
Unappropriated retained earnings (accumulated deficit) |
|
|
|
Total unappropriated retained earnings (accumulated deficit) |
43,370,427 |
24,622,156 |
|
Total retained earnings |
123,243,532 |
103,785,835 |
|
Other equity interest |
|
|
|
Exchange differences on translation of foreign financial statements |
|
|
|
Total exchange differences on translation of foreign financial
statements |
684,059 |
-1,475,476 |
|
Unrealized gains (losses) on available-for-sale financial assets |
|
|
|
Total unrealized gains (losses) on available-for-sale financial assets |
76,475,419 |
60,584,440 |
|
Gains (losses) on effective portion of cash flow hedges |
|
|
|
Total gains (losses) on effective portion of cash flow hedges |
1,792 |
-12,791 |
|
Total other equity interest |
77,161,270 |
59,096,173 |
|
Treasury shares |
236,522 |
339,297 |
|
Total equity attributable to owners of parent |
267,412,721 |
227,971,293 |
|
Non-controlling interests |
45,295,080 |
45,195,563 |
|
Total equity |
312,707,801 |
273,166,856 |
|
Equivalent issue shares of advance receipts for ordinary share |
0 |
0 |
|
Number of shares in entity held by entity and by its subsidiaries |
11,219,610 |
17,836,314 |
Profit and Loss Account
Unit: NTD/000
|
Consolidated |
2013 |
2012 |
|
Operating revenue |
|
|
|
Total operating revenue |
427,999,934 |
391,599,981 |
|
Operating costs |
|
|
|
Total operating costs |
395,440,460 |
376,428,517 |
|
Gross profit (loss) from operations |
32,559,474 |
15,171,464 |
|
Gross profit (loss) from operations |
32,559,474 |
15,171,464 |
|
Operating expenses |
|
|
|
Selling expenses |
|
|
|
Total selling expenses |
7,858,437 |
7,318,721 |
|
Administrative expenses |
|
|
|
Total administrative expenses |
5,722,801 |
4,681,658 |
|
Total operating expenses |
13,581,238 |
12,000,379 |
|
Net operating income (loss) |
18,978,236 |
3,171,085 |
|
Non-operating income and expenses |
|
|
|
Other income |
|
|
|
Total other income |
2,834,028 |
6,090,590 |
|
Other gains and losses |
|
|
|
Other gains and losses, net |
1,998,590 |
-18,734 |
|
Finance costs |
|
|
|
Finance costs, net |
2,620,766 |
2,849,008 |
|
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 |
9,116,739 |
2,899,510 |
|
Total non-operating income and expenses |
11,328,591 |
6,122,358 |
|
Profit (loss) from continuing operations before tax |
30,306,827 |
9,293,443 |
|
Tax expense (income) |
|
|
|
Total tax expense (income) |
3,628,303 |
790,058 |
|
Profit (loss) from continuing operations |
26,678,524 |
8,503,385 |
|
Profit (loss) |
26,678,524 |
8,503,385 |
|
Other comprehensive income |
|
|
|
Exchange differences on translation |
2,582,805 |
-2,182,261 |
|
Unrealised gains (losses) on valuation of available-for-sale financial
assets |
12,786,383 |
-4,167,218 |
|
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 |
2,552,268 |
13,067 |
|
Income tax related to components of other comprehensive income |
310,497 |
-264,246 |
|
Other comprehensive income, net |
17,610,959 |
-6,072,166 |
|
Total comprehensive income |
44,289,483 |
2,431,219 |
|
Profit (loss), attributable to: |
|
|
|
Profit (loss), attributable to owners of parent |
24,863,645 |
7,315,163 |
|
Profit (loss), attributable to non-controlling interests |
1,814,879 |
1,188,222 |
|
Comprehensive income attributable to: |
|
|
|
Comprehensive income, attributable to owners of parent |
42,928,742 |
3,617,863 |
|
Comprehensive income, attributable to non-controlling interests |
1,360,741 |
-1,186,644 |
|
Basic earnings per share |
|
|
|
Basic earnings (loss) per share from continuing operations |
4.25 |
1.25 |
|
Basic earnings (loss) per share from discontinued operations |
0.00 |
0.00 |
|
Total basic earnings per share |
4.25 |
1.25 |
Cash Flows
Unit: NTD/000
|
Consolidated |
2013 |
2012 |
|
Cash flows from (used in) operating activities, indirect method |
|
|
|
Profit (loss) from continuing operations before tax |
30,306,827 |
9,293,443 |
|
Profit (loss) before tax |
30,306,827 |
9,293,443 |
|
Adjustments |
|
|
|
Adjustments to reconcile profit (loss) |
|
|
|
Depreciation expense |
18,110,987 |
18,554,656 |
|
Amortization expense |
4,224,724 |
3,136,738 |
|
Provision (reversal of provision) for bad debt expense |
8,504 |
-3,024 |
|
Net loss (gain) on financial assets or liabilities at fair value
through profit or loss |
-50,151 |
-90,642 |
|
Interest expense |
2,620,766 |
2,849,008 |
|
Interest income |
-474,907 |
-447,055 |
|
Dividend income |
-1,086,634 |
-3,905,818 |
|
Share of loss (profit) of associates and joint ventures accounted for
using equity method |
-9,116,739 |
-2,899,510 |
|
Loss (gain) on disposal of property, plan and equipment |
-213,208 |
-50,673 |
|
Loss (gain) on disposal of investments |
-174,705 |
-318 |
|
Impairment loss on non-financial assets |
763,757 |
0 |
|
Total adjustments to reconcile profit (loss) |
14,612,394 |
17,143,362 |
|
Changes in operating assets and liabilities |
|
|
|
Changes in operating assets |
|
|
|
Decrease (increase) in notes receivable |
219,695 |
1,322,609 |
|
Decrease (increase) in notes receivable due from related parties |
7,661 |
3,591 |
|
Decrease (increase) in accounts receivable |
-649,602 |
-2,933,327 |
|
Decrease (increase) in accounts receivable due from related parties |
-238,098 |
-2,149,787 |
|
Decrease (increase) in other receivable |
-3,567,595 |
-1,070,855 |
|
Decrease (increase) in inventories |
-2,333,811 |
-1,423,087 |
|
Decrease (increase) in other current assets |
-1,438,209 |
-2,317,463 |
|
Decrease (increase) in other operating assets |
-603,792 |
6,631 |
|
Total changes in operating assets |
-8,603,751 |
-8,561,688 |
|
Changes in operating liabilities |
|
|
|
Increase (decrease) in notes payable |
14,939 |
-39,328 |
|
Increase (decrease) in notes payable to related parties |
0 |
0 |
|
Increase (decrease) in accounts payable |
1,807,562 |
-315,305 |
|
Increase (decrease) in accounts payable to related parties |
1,602,096 |
8,085,569 |
|
Increase (decrease) in other payable |
254,927 |
-7,447 |
|
Increase (decrease) in other current liabilities |
-868,582 |
-211,524 |
|
Increase (decrease) in accrued pension liabilities |
-40,093 |
130,887 |
|
Total changes in operating liabilities |
2,770,849 |
7,642,852 |
|
Total changes in operating assets and liabilities |
-5,832,902 |
-918,836 |
|
Total adjustments |
8,779,492 |
16,224,526 |
|
Cash inflow (outflow) generated from operations |
39,086,319 |
25,517,969 |
|
Interest received |
491,306 |
406,269 |
|
Dividends received |
3,086,266 |
8,921,770 |
|
Interest paid |
-2,673,462 |
-3,009,850 |
|
Income taxes refund (paid) |
-946,225 |
-2,700,837 |
|
Net cash flows from (used in) operating activities |
39,044,204 |
29,135,321 |
|
Cash flows from (used in) investing activities |
|
|
|
Acquisition of available-for-sale financial assets |
0 |
-2,250,000 |
|
Proceeds from disposal of available-for-sale financial assets |
655,552 |
0 |
|
Proceeds from disposal of financial assets at cost |
37,701 |
0 |
|
Acquisition of investments accounted for using equity method |
-14,928,029 |
-5,113,520 |
|
Increase in prepayments for investments |
-800,000 |
0 |
|
Proceeds from disposal of subsidiaries |
122,745 |
0 |
|
Acquisition of property, plant and equipment |
-13,162,293 |
-8,784,145 |
|
Proceeds from disposal of property, plant and equipment |
315,223 |
319,038 |
|
Decrease in other receivables |
5,859,300 |
-3,240,000 |
|
Acquisition of intangible assets |
-24,287 |
-78,636 |
|
Increase in other non-current assets |
-5,860,947 |
-7,453,956 |
|
Net cash flows from (used in) investing activities |
-27,785,035 |
-26,601,219 |
|
Cash flows from (used in) financing activities |
|
|
|
Increase in short-term loans |
4,079,510 |
-3,182,211 |
|
Increase in short-term notes and bills payable |
-11,549,004 |
11,918,053 |
|
Proceeds from issuing bonds |
15,000,000 |
20,000,000 |
|
Repayments of bonds |
-7,800,000 |
-5,000,000 |
|
Proceeds from long-term debt |
39,036,967 |
38,577,276 |
|
Repayments of long-term debt |
-44,540,502 |
-37,087,905 |
|
Increase in guarantee deposits received |
58,475 |
47,644 |
|
Decrease in other payables to related parties |
-2,862,903 |
-786,757 |
|
Increase in other non-current liabilities |
-78,905 |
-67,105 |
|
Cash dividends paid |
-3,585,562 |
-22,766,119 |
|
Change in non-controlling interests |
-1,207,815 |
-1,540,493 |
|
Net cash flows from (used in) financing activities |
-13,449,739 |
112,383 |
|
Effect of exchange rate changes on cash and cash equivalents |
2,087,182 |
-1,228,313 |
|
Net increase (decrease) in cash and cash equivalents |
-103,388 |
1,418,172 |
|
Cash and cash equivalents at beginning of period |
11,562,869 |
10,144,697 |
|
Cash and cash equivalents at end of period |
11,459,481 |
11,562,869 |
|
Cash and cash equivalents reported in the statement of financial
position |
11,459,481 |
11,562,869 |
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
|
Name |
Bank of Taiwan |
Public Record
Mortgage
|
1 |
|
|
Case Type: |
Chattel Mortgage |
|
Certificate No.: |
016465 |
|
Debtor Name: |
Formosa Chemicals & Fibre Corp. |
|
Document Number: |
277384 |
|
Date of Registration: |
1982-1-4 |
|
Date of Alteration: |
1982-1-4 |
|
Status: |
Pay Off |
|
2 |
|
|
Case Type: |
Chattel Mortgage |
|
Certificate No.: |
037141 |
|
Debtor Name: |
Formosa Chemicals & Fibre Corp. |
|
Document Number: |
106155 |
|
Date of Registration: |
1991-2-22 |
|
Date of Alteration: |
1991-2-22 |
|
Status: |
Pay Off |
|
3 |
|
|
Case Type: |
Chattel Mortgage |
|
Certificate No.: |
093920 |
|
Debtor Name: |
Formosa Chemicals & Fibre Corp. |
|
Document Number: |
09705088940 |
|
Date of Registration: |
2008-4-3 |
Lawsuit
|
Trial Number: |
2004,Zhangjian,295 |
|
Date of Trial: |
2004-11-11 |
|
Reason: |
Payment of pensions |
|
Claimant: |
Not Stated |
|
Defendant: |
Formosa Chemicals & Fibre Corp. |
|
2 |
|
|
Trial Number: |
2004,Zhangxiao,23 |
|
Date of Trial: |
2005-3-17 |
|
Reason: |
Payment of damage |
|
Claimant: |
Not Stated |
|
Defendant: |
Formosa Chemicals & Fibre Corp. |
|
3 |
|
|
Trial Number: |
2005,Zhangxiao,23 |
|
Date of Trial: |
2005-4-13 |
|
Reason: |
Payment of damage |
|
Claimant: |
Not Stated |
|
Defendant: |
Formosa Chemicals & Fibre Corp. |
Interview Details
|
Name |
Mr. Chen |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.84 |
|
|
1 |
Rs.95.14 |
|
Euro |
1 |
Rs.69.25 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared by
: |
ANK |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.