|
Report No. : |
338094 |
|
Report Date : |
07.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
FAR EASTERN NEW CENTURY CORPORATION |
|
|
|
|
Formerly Known As : |
FAR EASTERN TEXTILE LTD. |
|
|
|
|
Registered Office : |
36 F, No.207, Tun Hwa S. Rd., Sec.2, Taipei,
Taiwan |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
26.02.1951 |
|
|
|
|
Com. Reg. No.: |
03522600 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Subject is manufacturing and sales of
textile products. |
|
|
|
|
No. of Employee : |
About 4,800 (Group) |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Taiwan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
TAIWAN - ECONOMIC OVERVIEW
Taiwan has a dynamic capitalist economy with gradually decreasing government guidance of investment and foreign trade. Exports, led by electronics, machinery, and petrochemicals have provided the primary impetus for economic development. This heavy dependence on exports exposes the economy to fluctuations in world demand. Taiwan's diplomatic isolation, low birth rate, and rapidly aging population are other major long-term challenges.
Free trade agreements have proliferated in East Asia over the past several years. Following the landmark Economic Cooperation Framework Agreement (ECFA) signed with China in June 2010, Taiwan in July 2013 signed a free trade deal with New Zealand - Taipei’s first-ever with a country with which it does not maintain diplomatic relations - and, in November, inked a trade pact with Singapore. However, follow-on components of the ECFA, including a signed agreement on trade in services and negotiations on trade in goods and dispute resolution, have stalled. In early 2014, the government bowed to public demand and proposed a new law governing the oversight of cross-Strait agreements, before any additional deals with China are implemented; the legislature has yet to vote on such legislation, leaving the future of ECFA up in the air as President MA enters his final full year in office. MA has portrayed ECFA as Taiwan’s key to greater participation in East Asia’s free trade networks.
Taiwan's total fertility rate of just over one child per woman is among the lowest in the world, raising the prospect of future labor shortages, falling domestic demand, and declining tax revenues. Taiwan's population is aging quickly, with the number of people over 65 expected to account for nearly 20% of the island's total population by 2025.
The island runs a trade surplus, largely because of its surplus with China, and its foreign reserves are the world's fifth largest, behind those of China, Japan, Saudi Arabia, and Switzerland. In 2006 China overtook the US to become Taiwan's second-largest source of imports after Japan. China is also the island's number one destination for foreign direct investment. Taiwan since 2009 has gradually loosened rules governing Chinese investment on the island and has also secured greater market access for its investors in the mainland. In August 2012, the Taiwan Central Bank signed a memorandum of understanding (MOU) on cross-Strait currency settlement with its Chinese counterpart. The MOU allows for the direct settlement of Chinese RMB and the New Taiwan dollar across the Strait, which has helped Taiwan develop into a local RMB hub.
Closer economic links with the mainland bring greater opportunities for Taiwan’s economy but also pose new challenges as the island becomes more economically dependent on China at a time when political differences remain unresolved. During 2014, the press paid increasing attention to domestic economic issues, while pushing aside the debates over trade liberalization that were a hallmark of MA’s tenure. The media focused on the divide between Taiwan’s “haves” and “have nots,” providing extensive coverage of public frustration with stagnant wages, skyrocketing housing prices, and the difficulty of finding decent entry-level jobs.
|
Source : CIA |
|
Company Name: |
|
|
Supplied Name: |
|
|
Trading Address: |
|
|
Supplied Address: |
Engineer of Solidstate Polymerization R
& D 369 Ya Tung Sec Wen Shan Rd Hsinpu Hsinchu |
|
Telephone Number: |
+886-2-2733-8000 |
|
Fax Number: |
|
|
E-mail: |
|
|
Website: |
Notes: The exact name and
address are as above. Subject declined to disclose the supplied address.
Subject was incorporated on 1951-02-26 with registered
number 03522600 as Joint Stock Company in Taiwan.
Subject was listed
on Taiwan Stock Exchange on 1967-04-14.
Change of Name
|
Former English Name |
Far Eastern Textile Ltd. |
|
Current English Name |
Far Eastern New Century Corporation |
Factories
|
1 |
|
|
Name: |
Chemical Fiber General Factory |
|
Address: |
No. 600, 369,
Yadong Sec., Wenshan Rd., Wenshan Li, Xinbu Town, Xinzhu County, Taiwan. |
|
Date of Foundation: |
1969-01-01 |
|
Date of Registration: |
1971-09-24 |
|
Factory Registration Number: |
99630874 |
|
Factory Manager: |
Ronggui Cai |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2014-06-10 |
|
Major Products: |
111 Spinning 112 Weaving 113 Non-Woven
Fabric 114 Dying &
Finishing 115 Textile 181 Basic
Chemicals 182 Petrochemical
Materials 183 Fertilizer 184 Synthetic
Resin Plastic And Rubber 185 Synthetic
Fiber 191 Pesticides
And Environmental Medicine 192 Coating of
dyes and pigments 193 Cleaning
Supplies 194 Cosmetics 199 Other
Chemical Products 220 Rubber
Products |
|
2 |
|
|
Name: |
Hukou Textile Factory |
|
Address: |
No. 30, Hexing
Rd., Dongxing Village, Hukou Xiang, Xinzhu County, Taiwan |
|
Date of Foundation: |
1974-02-05 |
|
Date of Registration: |
1989-06-05 |
|
Factory Registration Number: |
99630272 |
|
Factory Manager: |
Binghuang Ji |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2012-04-06 |
|
Major Products: |
111 Spinning 112 Weaving |
|
3 |
|
|
Name: |
Neili Textile Factory |
|
Address: |
No. 2, 80, 128, Yuandong
Rd., Xingren Li, Zhongli City, Taoyuan County, Taiwan |
|
Date of Foundation: |
1969-01-01 |
|
Date of Registration: |
1971-03-04 |
|
Factory Registration Number: |
99623061 |
|
Factory Manager: |
Huahong Zeng |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2010-11-10 |
|
Major Products: |
111 Spinning 112 Weaving 332 Medical
Equipment And Supplies |
|
4 |
|
|
Name: |
Chemical Fiber Factory |
|
Address: |
No. 2-1, Industry
7 Rd., Shulin Li, Guanyin Xiang, Taoyuan County, and No. 3, Jingjian 6 Rd.,
Industrial Zone, Guanyin Xiang, Taoyuan County, Taiwan |
|
Date of Foundation: |
1992-12-29 |
|
Date of Registration: |
1997-12-17 |
|
Factory Registration Number: |
99622058 |
|
Factory Manager: |
Jindian Chen |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2013-09-23 |
|
Major Products: |
111 Spinning 184 Synthetic
Resin Plastic And Rubber |
|
5 |
|
|
Name: |
Yilan Factory |
|
Address: |
No. 49, Sec. 6, Jiaoxi
Rd., Yushi Village, Jiaoxi Xiang, Yilan County, Taiwan |
|
Date of Foundation: |
1969-01-01 |
|
Date of Registration: |
1977-10-28 |
|
Factory Registration Number: |
99620684 |
|
Factory Manager: |
Zhengzhe Lin |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2009-11-05 |
|
Major Products: |
115 Textile 123 Apparel 121 Woven
Garment 122 Knitwear |
|
6 |
|
|
Name: |
Guanyin Dyeing Factory |
|
Address: |
No. 1, Guojian 2
Rd., Shulin Village, Guanyin Xiang, Taoyuan County, Taiwan |
|
Date of Registration: |
2011-11-03 |
|
Factory Registration Number: |
03000745 |
|
Factory Manager: |
Yongjia Chen |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2015-08-18 |
|
Major Products: |
114 Dying &
Finishing |
Offices:
|
1 |
|
|
Name |
Executive Office |
|
Manager |
Miss Cho |
|
Telephone Number |
+886-3-455-5136 #802 |
|
Fax Number |
+886-3-455-2134 |
|
Email: |
|
|
2 |
|
|
Name |
Optoelectronics Div. |
|
Manager |
Da-Ren Chiou |
|
Telephone Number |
+886-3-4555136
#714 |
|
Fax Number |
+886-3-4552134 |
|
Email: |
|
|
3 |
|
|
Name |
Polyester Fiber & Textile Div. |
|
Manager |
David Liu |
|
Telephone Number |
+886-3-455-5136
#850 |
|
Fax Number |
+886-3-455-2134 |
|
Email: |
|
|
4 |
|
|
Name |
Polymer Div. |
|
Manager |
Li-Ling Chang |
|
Telephone Number |
+886-3-455-5136
#830 |
|
Fax Number |
+886-3-4552134 |
|
Email: |
|
|
5 |
|
|
Name |
BioTech Div. |
|
Manager |
Chih-Ta Lee |
|
Telephone Number |
+886-3-455-5136
#753 |
|
Fax Number |
+886-3-4552134 |
|
Email: |
|
|
6 |
|
|
Name |
Innovation Marketing & Partnerships Office |
|
Manager |
Jeffrey F. Hsu |
|
Telephone Number |
+886-3-455-5136
#828 |
|
Fax Number |
+886-3-455-2134 |
|
Email: |
|
Major Shareholders
|
Name |
Subscription Shares |
|
Xudong Xu |
61,748,698 |
|
Asia Cement Corporation |
1,272,277,085 |
|
U-Ming Marine Transport Corporation |
31,181,470 |
|
Far Eastern Dept. Store, Ltd. |
19,964,370 |
|
ICANN Youyang Xu Foundation (Literal Translation) |
8,493,237 |
Shareholders’
Information:
|
1 |
|
|
Registered Name: |
Asia Cement Corporation |
|
Registered Address: |
30th-31th Fls., Taipei Metro Tower No.207, Sec.2, Tun Hwa S. Rd.,
Taipei, Taiwan |
|
Date of Foundation: |
1957-03-21 |
|
Registration Number: |
03244509 |
|
Registry: |
Department of Commerce, Ministry of Economic Affairs, R.O.C. |
|
Registered Capital: |
NTD 36,000,000,000 (USD 1,116,000,000) (As of 2015.8, 1 NTD = 0.031 USD) |
|
Paid-up Capital: |
NTD 33,614,471,980 (USD 1,042,048,631.38)) |
|
Legal Representatives: |
Xudong Xu |
|
Legal Form: |
Joint Stock Company |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2014-09-17 |
|
2 |
|
|
Registered Name: |
Far Eastern Dept. Store, Ltd. |
|
Registered Address: |
18/F, No.16, Xinzhan Rd., Banqiao Dist., New Taipei City, Taiwan |
|
Date of Foundation: |
1967-08-31 |
|
Registration Number: |
03521905 |
|
Registry: |
Department of Commerce, Ministry of Economic Affairs, R.O.C. |
|
Registered Capital: |
NTD 17,500,000,000 (USD 542,500,000) (As of 2015.8, 1 NTD = 0.031 USD) |
|
Paid-up Capital: |
NTD 14,391,955,890 (USD 446,150,632.59) |
|
Legal Representatives: |
Xudong Xu |
|
Legal Form: |
Joint Stock Company |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2015-07-14 |
|
3 |
|
|
Registered Name: |
U-Ming Marine Transport Corporation |
|
Registered Address: |
2nd Fl., 207, Sec.2, Tun Hwa S. Rd., Taipei, Taiwan, R.O.C. |
|
Date of Foundation: |
1968-08-29 |
|
Registration Number: |
47067419 |
|
Registry: |
Department of Commerce, Ministry of Economic Affairs, R.O.C. |
|
Registered Capital: |
NTD 8,800,000,000 (USD 272,800,000) (As of 2015.8, 1 NTD = 0.031 USD) |
|
Paid-up Capital: |
NTD 8,580,167,120 (USD 265,985,180.72) |
|
Legal Representatives: |
Xudong Xu |
|
Legal Form: |
Joint Stock Company |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2015-07-03 |
Core Management
Directors
|
1 |
|
|
Name |
Xudong Xu |
|
Position |
Chairman of the
Board |
|
2 |
|
|
Name |
Jiayi Xi |
|
Position |
Vice Chairman of
the Board |
|
3 |
|
|
Name |
Xuping Xu |
|
Position |
Director |
|
4 |
|
|
Name |
Xiaoyi Wang |
|
Position |
Director |
|
5 |
|
|
Name |
Guangtao Li |
|
Position |
Director |
|
6 |
|
|
Name |
Hefang Xu |
|
Position |
Director |
|
7 |
|
|
Name |
Guanjun Li |
|
Position |
Director |
|
8 |
|
|
Name |
Xuming Xu |
|
Position |
Director |
|
9 |
|
|
Name |
Huiguo Yang |
|
Position |
Director |
|
10 |
|
|
Name |
Guomei Xu |
|
Position |
Director |
|
11 |
|
|
Name |
Ping Shen |
|
Position |
Independent
Director |
|
12 |
|
|
Name |
Zhongxi Li |
|
Position |
Independent
Director |
|
13 |
|
|
Name |
Gaoshan Wu |
|
Position |
Manager |
|
Date of
Appointment |
2011-07-01 |
|
14 |
|
|
Name |
Yuxian Zeng |
|
Position |
Manager |
|
Date of
Appointment |
2011-07-01 |
|
15 |
|
|
Name |
Zhenglong Hu |
|
Position |
Manager |
|
Date of
Appointment |
2011-07-01 |
|
16 |
|
|
Name |
Chengyu Zheng |
|
Position |
Manager |
|
Date of
Appointment |
2011-07-01 |
Personnel Structure
|
Total Employees |
About 4,800 Employees (Group) |
Offices &
Factories
|
|
Headquarters |
|
Add |
Production Information
l
Subject is engaged in manufacturing of textile
products, etc.
l
Subject has factories in Taiwan for production.
l
It is introduced that subject’s capacity in Taiwan
are as follows:
Unit: Ton
|
Product Category |
Taiwan Annual Capacity |
|
Spun Yarn |
240 |
|
Knitting Fabrics |
12,000 |
|
Industrial
Fabrics |
10,000 |
|
Apparel (1,000
Dozen) |
420 |
|
Polyester Staple
Fiber |
260,000 |
|
Long Fiber
Polyester |
150,000 |
|
Elastic Fiber |
1,200 |
|
Polyester
Bottles Of Embryos |
700,000 |
Purchase Information
l
The registered activities of subject:
|
Business Code |
Details |
|
C301010 |
Spinning industry |
|
C302010 |
Textile industry |
|
C303010 |
Nonwoven industry |
|
C305010 |
Printing and dyeing finishing industry |
|
C307010 |
Manufacture of clothes |
|
C399990 |
Other textile products manufacturing |
|
C801120 |
Synthetic fiber industry |
|
C801990 |
Manufacture of other chemical material |
|
F104110 |
Wholesale of cloth, shoes, hat |
|
F105050 |
Wholesale of furniture, decoration |
|
F106020 |
Wholesale of daily products |
|
F107990 |
Wholesale of other chemical material |
|
F204110 |
Retail of cloth, shoes, hat |
|
F205040 |
Retail of furniture, decoration |
|
F206020 |
Retail of daily products |
|
F207990 |
Retail of other chemical material |
|
F301010 |
Store Industry |
|
F401010 |
International trade |
|
CF01011 |
Manufacturing of medical equipment |
|
CC01080 |
Electronic components manufacturing |
|
F108031 |
Medical equipment wholesaling |
|
F208031 |
Medical equipment retail |
|
ZZ99999 |
Besides licensed business, all other business
items those are not banned or restricted. |
l
The raw materials for production are purchased from
both home and abroad.
l Subject is engaged
in sales of textile products and related products, etc.
l
The major products of subject are spun yarn, filament, knitting fabrics, industrial
fabrics, apparel, staple fiber, polyester staple fiber, Long fiber polyester,
polyester bottles of embryos, spinning, weaving, etc.
l
It is introduced that
there are sales offices in Shanghai, Suzhou and Yangzhou in Mainland of China.
l
Subject’s sales regions include domestic market,
Southeast Asia, America and Europe, etc.
l
Subject’s major customers are makers of clothing
and apparel, etc.
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
1.
Domestic Purchase
|
Products |
Raw materials, etc. |
|
Payment Terms |
T/T, Cash, etc. |
2.
Import
|
Products |
Raw materials, etc. |
|
Payment Terms |
L/C, T/T, etc. |
1.
Domestic Markets
|
Product |
Textile
products, etc. |
|
Selling Terms |
T/T, Cash, etc. |
2.
Export
|
Product |
Textile
products, etc. |
|
Selling Terms |
L/C, T/T, etc. |
Unit: NTD/000
|
Consolidated |
2014-12-31 |
2013-12-31 |
|
Assets |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
|
|
|
Total cash and cash equivalents |
25,985,419 |
26,645,574 |
|
Current financial assets at fair value through profit or loss |
|
|
|
Total current financial assets at fair value through profit or loss |
1,124,116 |
1,191,688 |
|
Current available-for-sale financial assets |
|
|
|
Current available-for-sale financial assets, net |
929,101 |
989,348 |
|
Current held-to-maturity financial assets |
|
|
|
Current held-to-maturity financial assets, net |
0 |
99,962 |
|
Current derivative financial assets for hedging |
0 |
4,442 |
|
Current financial assets at cost |
|
|
|
Current financial assets at cost, net |
0 |
42,587 |
|
Current bond investment without active market |
|
|
|
Current bond investment without active market, net |
4,114,651 |
2,606,689 |
|
Notes receivable, net |
|
|
|
Notes receivable, net |
26,761,541 |
26,884,947 |
|
Notes receivable due from related parties, net |
|
|
|
Notes receivable due from related parties, net |
958,481 |
856,754 |
|
Construction contracts receivable |
2,286,911 |
1,473,786 |
|
Other receivables |
|
|
|
Other receivables, net |
2,237,665 |
1,641,758 |
|
Other receivables due from related parties |
|
|
|
Other receivables due from related parties, net |
1,265,765 |
1,258,834 |
|
Current tax assets |
|
|
|
Total current tax assets |
68,920 |
48,216 |
|
Inventories |
|
|
|
Inventories, merchandising business |
|
|
|
Inventories, merchandising business, net |
22,005,555 |
24,184,972 |
|
Total inventories |
22,005,555 |
24,184,972 |
|
Prepayments |
|
|
|
Total prepayments |
4,414,732 |
3,799,470 |
|
Other current assets |
|
|
|
Other current financial assets |
3,661,203 |
3,946,576 |
|
Construction deposits paid |
33,954 |
52,292 |
|
Other current assets, others |
2,227,072 |
1,934,219 |
|
Total other current assets |
5,922,229 |
5,933,087 |
|
Total current assets |
98,075,086 |
97,662,114 |
|
Non-current assets |
|
|
|
Non-current available-for-sale financial assets |
|
|
|
Non-current available-for-sale financial assets, net |
4,718,618 |
5,257,220 |
|
Held-to-maturity non-current financial assets |
|
|
|
Non-current held-to-maturity financial assets, net |
0 |
0 |
|
Non-current financial assets at cost |
|
|
|
Non-current financial assets at cost, net |
1,071,152 |
926,908 |
|
Non-current bond investment without active market |
|
|
|
Non-current bond investment without active market, net |
182,583 |
0 |
|
Investments accounted for using equity method |
|
|
|
Investments accounted for using equity method, net |
61,839,479 |
55,870,243 |
|
Property, plant and equipment |
|
|
|
Total property, plant and equipment |
139,055,972 |
124,767,713 |
|
Investment property, net |
|
|
|
Investment property, net |
119,663,209 |
113,458,525 |
|
Intangible assets |
|
|
|
Franchise, net |
|
|
|
Franchise |
37,314,277 |
37,734,135 |
|
Franchise, net |
37,314,277 |
37,734,135 |
|
Goodwill |
11,930,443 |
11,928,782 |
|
Other intangible assets, net |
|
|
|
Other intangible assets |
3,772,439 |
4,184,122 |
|
Other intangible assets, net |
3,772,439 |
4,184,122 |
|
Total intangible assets |
53,017,159 |
53,847,039 |
|
Deferred tax assets |
2,737,657 |
2,812,572 |
|
Other non-current assets |
|
|
|
Prepayments for business facilities |
4,914,856 |
6,103,204 |
|
Guarantee deposits paid |
708,974 |
576,314 |
|
Other non-current financial assets |
|
|
|
Total other non-current financial assets |
3,044,303 |
4,071,707 |
|
Long-term prepaid rents |
7,164,761 |
7,406,266 |
|
Other non-current assets, others |
|
|
|
Total other non-current assets, others |
410,481 |
239,647 |
|
Total other non-current assets |
16,243,375 |
18,397,138 |
|
Total non-current assets |
398,529,204 |
375,337,358 |
|
Total assets |
496,604,290 |
472,999,472 |
|
Liabilities |
|
|
|
Current liabilities |
|
|
|
Short-term borrowings |
|
|
|
Total short-term borrowings |
27,638,660 |
28,053,848 |
|
Short-term notes and bills payable |
|
|
|
Total short-term notes and bills payable |
4,662,532 |
5,117,694 |
|
Current financial liabilities at fair value through profit or loss |
|
|
|
Total current financial liabilities at fair value through profit or
loss |
807 |
590 |
|
Current derivative financial liabilities for hedging |
14,950 |
0 |
|
Notes payable |
|
|
|
Total notes payable |
13,502,368 |
17,452,151 |
|
Notes payable to related parties |
|
|
|
Total notes payable to related parties |
513,625 |
261,571 |
|
Construction contracts payable |
110,594 |
412,498 |
|
Other payables |
|
|
|
Payable on machinery and equipment |
3,202,004 |
3,133,810 |
|
Other payables, others |
14,180,989 |
12,595,337 |
|
Total other payables |
17,382,993 |
15,729,147 |
|
Other payables to related parties |
73,289 |
75,977 |
|
Current tax liabilities |
3,368,813 |
3,115,500 |
|
Current provisions |
|
|
|
Total current provisions |
240,197 |
193,328 |
|
Liabilities related to non-current assets classified as held for sale |
314,097 |
334,939 |
|
Other current liabilities |
|
|
|
Advance receipts |
|
|
|
Advance sales receipts |
1,214,639 |
1,199,481 |
|
Unearned revenue |
2,617,900 |
2,667,808 |
|
Total advance receipts |
3,832,539 |
3,867,289 |
|
Long-term liabilities, current portion |
|
|
|
Total long-term liabilities, current portion |
14,127,895 |
8,845,696 |
|
Other current liabilities, others |
2,293,289 |
2,317,709 |
|
Total other current liabilities |
20,253,723 |
15,030,694 |
|
Total current liabilities |
88,076,648 |
85,777,937 |
|
Non-current liabilities |
|
|
|
Non-current derivative financial liabilities for hedging |
535,837 |
421,280 |
|
Bonds payable |
|
|
|
Total bonds payable |
60,712,019 |
65,638,787 |
|
Long-term borrowings |
|
|
|
Total long-term borrowings |
63,999,210 |
43,622,704 |
|
Non-current provisions |
|
|
|
Total non-current provisions |
763,223 |
705,863 |
|
Deferred tax liabilities |
|
|
|
Total deferred tax liabilities |
15,110,447 |
13,329,928 |
|
Other non-current liabilities |
|
|
|
Accrued pension liabilities |
2,814,439 |
2,781,776 |
|
Guarantee deposits received |
715,764 |
645,013 |
|
Other non-current liabilities, others |
557,949 |
626,973 |
|
Total other non-current liabilities |
4,088,152 |
4,053,762 |
|
Total non-current liabilities |
145,208,888 |
127,772,324 |
|
Total liabilities |
233,285,536 |
213,550,261 |
|
Equity |
|
|
|
Equity attributable to owners of parent |
|
|
|
Share capital |
|
|
|
Ordinary share |
52,479,168 |
51,450,165 |
|
Total capital stock |
52,479,168 |
51,450,165 |
|
Capital surplus |
|
|
|
Total capital surplus |
3,666,948 |
4,681,042 |
|
Retained earnings |
|
|
|
Legal reserve |
13,408,217 |
12,687,509 |
|
Special reserve |
105,911,942 |
25,449,697 |
|
Unappropriated retained earnings (accumulated deficit) |
|
|
|
Total unappropriated retained earnings (accumulated deficit) |
17,218,149 |
94,418,185 |
|
Total retained earnings |
136,538,308 |
132,555,391 |
|
Other equity interest |
|
|
|
Total other equity interest |
6,841,068 |
4,653,726 |
|
Treasury shares |
25,063 |
25,063 |
|
Total equity attributable to owners of parent |
199,500,429 |
193,315,261 |
|
Non-controlling interests |
63,818,325 |
66,133,950 |
|
Total equity |
263,318,754 |
259,449,211 |
|
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 |
764,000 |
749,000 |
Unit: NTD/000
|
Consolidated |
2014 |
2013 |
|
Operating revenue |
|
|
|
Net sales revenue |
|
|
|
Net sales revenue |
151,349,613 |
155,953,627 |
|
Investment revenue (for investment business) |
|
|
|
Gains on disposals of financial assets (liabilities) |
55,666 |
530,650 |
|
Total investment revenue (for investment business) |
55,666 |
530,650 |
|
Travel service revenue |
|
|
|
Hospitality service revenue |
|
|
|
Hospitality service revenue, net |
69,804,586 |
68,147,021 |
|
Total travel service revenue |
69,804,586 |
68,147,021 |
|
Construction and engineering revenue |
|
|
|
Construction revenue (for construction business) |
|
|
|
Construction revenue (for construction business), net |
5,127,369 |
6,046,806 |
|
Total construction and engineering revenue |
5,127,369 |
6,046,806 |
|
Other operating revenue |
|
|
|
Other operating revenue, net |
9,169,405 |
8,162,553 |
|
Total operating revenue |
235,506,639 |
238,840,657 |
|
Operating costs |
|
|
|
Cost of sales |
|
|
|
Total cost of sales |
151,282,920 |
155,962,513 |
|
Cost of travel services (for hotel business) |
|
|
|
Cost of hospitality services |
|
|
|
Total cost of hospitality services |
26,243,122 |
27,151,232 |
|
Total cost of travel services (for hotel business) |
26,243,122 |
27,151,232 |
|
Cost of construction and engineering service sales |
|
|
|
Cost of construction sales |
4,836,912 |
5,745,691 |
|
Total cost of construction and engineering service sales |
4,836,912 |
5,745,691 |
|
Other operating costs |
5,281,188 |
3,377,950 |
|
Total operating costs |
187,644,142 |
192,237,386 |
|
Gross profit (loss) from operations |
47,862,497 |
46,603,271 |
|
Realized profit (loss) on from sales |
556 |
555 |
|
Gross profit (loss) from operations |
47,863,053 |
46,603,826 |
|
Operating expenses |
|
|
|
Selling expenses |
|
|
|
Total selling expenses |
23,855,359 |
22,052,202 |
|
Administrative expenses |
|
|
|
Total administrative expenses |
11,395,335 |
10,443,911 |
|
Research and development expenses |
|
|
|
Total research and development expenses |
739,094 |
675,902 |
|
Total operating expenses |
35,989,788 |
33,172,015 |
|
Net operating income (loss) |
11,873,265 |
13,431,811 |
|
Non-operating income and expenses |
|
|
|
Other income |
|
|
|
Interest income |
|
|
|
Total interest income |
482,434 |
448,607 |
|
Other income, others |
1,276,780 |
1,184,876 |
|
Total other income |
1,759,214 |
1,633,483 |
|
Other gains and losses |
|
|
|
Foreign exchange gains |
632,174 |
310,965 |
|
Gains on financial assets (liabilities) at fair value through profit
or loss |
282,168 |
402,456 |
|
Gains on fair value adjustment, investment property |
6,222,659 |
6,424,024 |
|
Miscellaneous disbursements |
490,939 |
304,062 |
|
Losses on disposals of property, plant and equipment |
879,765 |
1,356,800 |
|
Losses on disposals of intangible assets other than goodwill |
6,478 |
1,912 |
|
Impairment loss |
|
|
|
Total impairment loss |
153,155 |
214,451 |
|
Other gains and losses, net |
5,606,664 |
5,260,220 |
|
Finance costs |
|
|
|
Interest expense |
1,934,871 |
1,432,622 |
|
Finance costs, net |
1,934,871 |
1,432,622 |
|
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 |
4,293,787 |
4,984,423 |
|
Total non-operating income and expenses |
9,724,794 |
10,445,504 |
|
Profit (loss) from continuing operations before tax |
21,598,059 |
23,877,315 |
|
Tax expense (income) |
|
|
|
Total tax expense (income) |
4,409,757 |
2,935,346 |
|
Profit (loss) from continuing operations |
17,188,302 |
20,941,969 |
|
Profit (loss) |
17,188,302 |
20,941,969 |
|
Other comprehensive income |
|
|
|
Exchange differences on translation |
2,159,034 |
2,486,063 |
|
Unrealised gains (losses) on valuation of available-for-sale financial
assets |
-535,233 |
515,409 |
|
Cash flow hedges |
-154,945 |
-132,503 |
|
Gains (losses) on revaluation |
0 |
10,572 |
|
Actuarial gains (losses) on defined benefit plans |
-318,338 |
128,401 |
|
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 |
1,032,767 |
-643,843 |
|
Income tax related to components of other comprehensive income |
-53,973 |
21,837 |
|
Other comprehensive income, net |
2,237,258 |
2,342,262 |
|
Total comprehensive income |
19,425,560 |
23,284,231 |
|
Profit (loss), attributable to: |
|
|
|
Profit (loss), attributable to owners of parent |
11,033,421 |
13,215,754 |
|
Profit (loss), attributable to non-controlling interests |
6,154,881 |
7,726,215 |
|
Comprehensive income attributable to: |
|
|
|
Comprehensive income, attributable to owners of parent |
12,889,364 |
15,568,654 |
|
Comprehensive income, attributable to non-controlling interests |
6,536,196 |
7,715,577 |
|
Basic earnings per share |
|
|
|
Basic earnings (loss) per share from continuing operations |
2.25 |
2.69 |
|
Total basic earnings per share |
2.25 |
2.69 |
|
Diluted earnings per share |
|
|
|
Diluted earnings (loss) per share from continuing operations |
2.24 |
2.69 |
|
Total diluted earnings per share |
2.24 |
2.69 |
Unit: NTD/000
|
Consolidated |
2014 |
2013 |
|
Cash flows from (used in) operating activities, indirect method |
|
|
|
Profit (loss) from continuing operations before tax |
21,598,059 |
23,877,315 |
|
Profit (loss) before tax |
21,598,059 |
23,877,315 |
|
Adjustments |
|
|
|
Adjustments to reconcile profit (loss) |
|
|
|
Depreciation expense |
13,821,978 |
14,083,284 |
|
Amortization expense |
3,086,032 |
2,440,269 |
|
Provision (reversal of provision) for bad debt expense |
283,862 |
182,216 |
|
Interest expense |
1,934,871 |
1,432,622 |
|
Interest income |
-482,434 |
-448,607 |
|
Dividend income |
-687,663 |
-219,921 |
|
Share of loss (profit) of associates and joint ventures accounted for
using equity method |
-4,293,787 |
-4,984,423 |
|
Loss (gain) on disposal of property, plan and equipment |
879,765 |
1,356,800 |
|
Loss (gain) on disposal of intangible assets |
6,478 |
1,912 |
|
Loss (gain) on disposal of investments accounted for using equity
method |
-57,742 |
-538,642 |
|
Impairment loss on financial assets |
153,155 |
214,451 |
|
Unrealized profit (loss) from sales |
-556 |
-555 |
|
Unrealized foreign exchange loss (gain) |
1,025 |
-87,999 |
|
Loss (gain) on fair value adjustment of investment property |
-6,222,659 |
-6,424,024 |
|
Other adjustments to reconcile profit (loss) |
-20,996 |
18,802 |
|
Total adjustments to reconcile profit (loss) |
8,401,329 |
7,026,185 |
|
Changes in operating assets and liabilities |
|
|
|
Changes in operating assets |
|
|
|
Decrease (increase) in financial assets held for trading |
67,572 |
-133,169 |
|
Decrease (increase) in notes receivable |
-264,644 |
695,358 |
|
Decrease (increase) in construction contracts receivable |
-813,125 |
77,900 |
|
Decrease (increase) in other receivable |
-865,592 |
624,521 |
|
Decrease (increase) in other receivable due from related parties |
12,069 |
-31,630 |
|
Decrease (increase) in inventories |
2,179,417 |
-2,567,852 |
|
Decrease (increase) in prepayments |
-1,028,244 |
-974,120 |
|
Decrease (increase) in other current assets |
-880,341 |
-664,976 |
|
Total changes in operating assets |
-1,592,888 |
-2,973,968 |
|
Changes in operating liabilities |
|
|
|
Increase (decrease) in financial liabilities held for trading |
217 |
-29 |
|
Increase (decrease) in notes payable |
-3,656,601 |
-1,801,179 |
|
Increase (decrease) in notes payable to related parties |
252,054 |
-30,712 |
|
Increase (decrease) in construction contracts receivable |
-301,904 |
251,719 |
|
Increase (decrease) in other payable |
1,696,316 |
1,274,408 |
|
Increase (decrease) in other payable to related parties |
-2,688 |
32,858 |
|
Increase (decrease) in provisions |
104,229 |
83,975 |
|
Increase (decrease) in receipts in advance |
15,158 |
92,030 |
|
Increase (decrease) in other current liabilities |
-24,420 |
510,106 |
|
Increase (decrease) in accrued pension liabilities |
-231,702 |
-498,747 |
|
Increase (decrease) in other operating liabilities |
-49,908 |
24,697 |
|
Total changes in operating liabilities |
-2,199,249 |
-60,874 |
|
Total changes in operating assets and liabilities |
-3,792,137 |
-3,034,842 |
|
Total adjustments |
4,609,192 |
3,991,343 |
|
Cash inflow (outflow) generated from operations |
26,207,251 |
27,868,658 |
|
Interest received |
472,415 |
461,392 |
|
Dividends received |
4,601,081 |
2,368,646 |
|
Interest paid |
-1,888,711 |
-1,398,487 |
|
Income taxes refund (paid) |
-2,321,714 |
-2,525,131 |
|
Net cash flows from (used in) operating activities |
27,070,322 |
26,775,078 |
|
Cash flows from (used in) investing activities |
|
|
|
Acquisition of available-for-sale financial assets |
-127,922 |
-893,414 |
|
Proceeds from disposal of available-for-sale financial assets |
330,734 |
2,501,734 |
|
Acquisition of bond investments without active market |
-1,722,570 |
0 |
|
Proceeds from disposal of bond investments without active market |
0 |
805,353 |
|
Proceeds from repayments of bond investment without active market |
31,000 |
0 |
|
Proceeds from repayments of held-to-maturity financial assets |
100,000 |
100,000 |
|
Acquisition of financial assets at cost |
0 |
-100,012 |
|
Proceeds from disposal of financial assets at cost |
8,348 |
117,256 |
|
Proceeds from capital reduction of financial assets at cost |
0 |
33,693 |
|
Acquisition of investments accounted for using equity method |
-2,949,573 |
-568,919 |
|
Proceeds from disposal of investments accounted for using equity
method |
37,395 |
854,693 |
|
Net cash flow from acquisition of subsidiaries |
0 |
-42,758 |
|
Proceeds from disposal of subsidiaries |
-857,294 |
0 |
|
Acquisition of property, plant and equipment |
-28,367,682 |
-24,988,218 |
|
Proceeds from disposal of property, plant and equipment |
189,798 |
106,151 |
|
Increase in refundable deposits |
-114,850 |
2,389 |
|
Increase in other receivables due from related parties |
-19,000 |
56,640 |
|
Acquisition of intangible assets |
-909,863 |
-1,532,655 |
|
Proceeds from disposal of intangible assets |
1,067 |
0 |
|
Acquisition of investment properties |
-11,803 |
-1,550 |
|
Increase in long-term lease and installment receivables |
-145,448 |
-4,993,200 |
|
Increase in other financial assets |
-1,018,143 |
-33,756,959 |
|
Decrease in other financial assets |
1,312,777 |
2,399,103 |
|
Decrease in other non-current assets |
-242,347 |
60,240 |
|
Net cash flows from (used in) investing activities |
-34,475,376 |
-59,840,433 |
|
Cash flows from (used in) financing activities |
|
|
|
Increase in short-term loans |
-415,188 |
2,246,456 |
|
Decrease in short-term notes and bills payable |
-455,000 |
-1,169,000 |
|
Proceeds from issuing bonds |
8,400,000 |
32,776,500 |
|
Repayments of bonds |
-8,750,000 |
-2,980,000 |
|
Proceeds from long-term debt |
200,844,269 |
151,627,266 |
|
Repayments of long-term debt |
-179,786,649 |
-141,160,125 |
|
Increase in guarantee deposits received |
49,909 |
-161,769 |
|
Increase in other non-current liabilities |
-68,468 |
-32,840 |
|
Cash dividends paid |
-14,657,589 |
-14,264,363 |
|
Change in non-controlling interests |
853,126 |
2,188,047 |
|
Net cash flows from (used in) financing activities |
6,014,410 |
29,070,172 |
|
Effect of exchange rate changes on cash and cash equivalents |
730,489 |
-4,409 |
|
Net increase (decrease) in cash and cash equivalents |
-660,155 |
-3,999,592 |
|
Cash and cash equivalents at beginning of period |
26,645,574 |
30,645,166 |
|
Cash and cash equivalents at end of period |
25,985,419 |
26,645,574 |
|
Cash and cash equivalents reported in the statement of financial
position |
25,985,419 |
26,645,574 |
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.
|
Name |
Hua Nan Commercial Bank, Ltd. |
Mortgage
|
Case Type: |
Chattel Mortgage |
|
File No.: |
106462 |
|
Debtor Name: |
Far Eastern New Century Corporation |
|
Document Number: |
10130344210 |
|
Date of Registration: |
2012-09-04 |
Lawsuit
|
Trial Number: |
2014, Beijian,7566 |
|
Date of Trial: |
1040618 |
|
Reason: |
Division of subrogation inheritance |
|
Claimant: |
Ministry of Finance, Taipei IRS |
|
Defendant: |
Xiushan Ma Xiuling Ma Zhaomin Ma |
Interview Details
|
Name |
Ms. Chen |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.40 |
|
UK Pound |
1 |
Rs.101.19 |
|
Euro |
1 |
Rs.73.89 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.