|
|
|
MIRA
INFORM REPORT
|
Report No. : |
493878 |
|
Report Date : |
28.02.2018 |
|
|
|
IDENTIFICATION DETAILS
|
Name : |
CHANG CHUN PLASTICS CO., LTD. |
|
|
|
|
Registered Office : |
No. 8, Huaxi Road, Daliao District,
Kaohsiung City |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
28.12.1957 |
|
|
|
|
Com. Reg. No.: |
11384708 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturing and Sales of Chemicals, etc. |
|
|
|
|
No. of Employees : |
About 5,000 (Group) About 3,000 (Company) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Taiwan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
TAIWAN - ECONOMIC OVERVIEW
Taiwan has a dynamic capitalist economy that is driven largely by
industrial manufacturing, and especially exports of electronics, machinery, and
petrochemicals. This heavy dependence on exports exposes the economy to
fluctuations in global demand. Taiwan's diplomatic isolation, low birth rate,
rapidly aging population, and increasing competition from China and other Asia
Pacific markets are other major long-term challenges.
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 of that year, 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
uncertain. President TSAI since taking office in May 2016 has promoted greater
economic integration with South and Southeast Asia through the New Southbound
Policy initiative and has also expressed interest in Taiwan joining the
Trans-Pacific Partnership as well as bilateral trade deals with partners such
as the US. These overtures have likely played a role in increasing Taiwan’s
total exports, which rose 11% during the first half of 2017, buoyed by strong
demand for semiconductors.
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 with many economies, including China and
the US, 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 and has also
secured greater market access for its investors on 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 renminbi (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 opportunities for Taiwan’s
economy but also pose challenges as political differences remain unresolved and
China’s economic growth is slowing. President TSAI’s administration has made
little progress on the domestic economic issues that loomed large when she was
elected, including concerns about stagnant wages, high housing prices, youth
unemployment, job security, and financial security in retirement. TSAI has made
more progress on boosting trade with South and Southeast Asia, however, which
may help insulate Taiwan’s economy from a fall in mainland demand should
China’s growth slow in 2018.
|
Source
: CIA |
Contact Points
|
Company Name: |
|
|
Supplied Name: |
CHANG CHUN PLASTICS CO LTD |
|
Trading Address: |
7/F., No. 301, Songkiang Road, Zhongshan
Dist., Taipei City, Taiwan |
|
Supplied Address: |
No. 8, Huaxi Rd, Daliao Dist, Kaohsiung City
83164 (R.O.C) |
|
Telephone Number: |
+886-2- 2518-7948/2500-1800/2503-8131 |
|
Fax Number: |
+886-2-2501-8018/2503-3378 |
|
E-mail: |
Notes: Subject’s exact name and address are as
above. The supplied address is subject’s one factory address.
Company Identification Details
History
Subject was incorporated
on 1957-12-28 with registered number 11384708 as Joint Stock Company in Taiwan.
Subject was public offer without listing on 1981-7-15 with the symbol code 1765.
Corporate Structure
Factories:
|
1 |
|
|
Name: |
Hsin-Chu Factory |
|
Address: |
No.8, Chung Hua Road, Fong Shan Village, Hu-Kou Industrial Park,
Hsin-Chu, Taiwan |
|
Date of Foundation: |
1969-01-01 |
|
Date of Registration: |
1979-08-01 |
|
Factory Registration Number: |
99630352 |
|
Factory Manager: |
Yiming He |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2018-01-02 |
|
Major Products: |
181 Basic chemical material 184 Synthetic resin, plastic, rubber 199 Other chemical products 243 Copper 263 Printed circuit board 339 Other product |
|
2 |
|
|
Name: |
Shipai Factory |
|
Address: |
No. 1, Jianmin Road, Wenlin Li, Beitou District, Taipei City, Taiwan |
|
Date of Foundation: |
1958-01-23 |
|
Date of Registration: |
1959-03-03 |
|
Factory Registration Number: |
63020496 |
|
Factory Manager: |
Peiwen Lv |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2016-04-01 |
|
Major Products: |
181 Basic chemical material |
|
3 |
|
|
Name: |
Mailiao Factory |
|
Address: |
No. 27, Formosa Industrial Park, Miaoliao Township, Yunlin County,
Taiwan |
|
Date of Registration: |
2002-11-14 |
|
Factory Registration Number: |
99653930 |
|
Factory Manager: |
Laixun Ye |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2016-05-23 |
|
Major Products: |
181 Basic chemical material 184 Synthetic resin, plastic, rubber |
|
4 |
|
|
Name: |
Kaohsiung Factory |
|
Address: |
No. 8, 12, 14, Industrial 1st Road, Renwu District, Kaohsiung City, Taiwan |
|
Date of Foundation: |
1972-09-21 |
|
Date of Registration: |
1990-12-31 |
|
Factory Registration Number: |
99661991 |
|
Factory Manager: |
Yisen Wang |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2016-05-25 |
|
Major Products: |
181 Basic chemical material 184 Synthetic resin, plastic, rubber 199 Other chemical product 220 Plastic product |
|
5 |
|
|
Name: |
Dafa Factory |
|
Address: |
No. 8, Huaxi Road, Guoxi Li, Daliao District, Kaohsiung City, Taiwan |
|
Date of Foundation: |
1988-08-31 |
|
Date of Registration: |
1994-03-04 |
|
Factory Registration Number: |
99663373 |
|
Factory Manager: |
Zhiquan Cai |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2015-09-29 |
|
Major Products: |
159 Other paper product 184 Synthetic resin, plastic, rubber 199 Other chemical product 339 Other product 231 Glass and glassware 181 Petrochemical material |
|
6 |
|
|
Name: |
Dafa 2nd Factory |
|
Address: |
No. 6, Huaxi Road, Guoxi Li, Daliao District, Kaohsiung City, Taiwan |
|
Date of Registration: |
2004-11-26 |
|
Factory Registration Number: |
99685671 |
|
Factory Manager: |
Zhiquan Cai |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2015-09-29 |
|
Major Products: |
181 Basic chemical material |
|
7 |
|
|
Name: |
Zhangbin Factory |
|
Address: |
No. 31, Xiangong North Three Road, Shenggang Village, Changhua County,
Taiwan |
|
Date of Registration: |
2015-07-13 |
|
Factory Registration Number: |
07001548 |
|
Factory Manager: |
Jingtang Lin |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2016-05-23 |
|
Major Products: |
181 Basic chemical material |
|
8 |
|
|
Name: |
Kaohsiung The 2nd Factory |
|
Address: |
No.27, Industrial 2nd Road, Renwu District, Kaohsiung City, Taiwan |
|
Date of Registration: |
2016-10-6 |
|
Factory Registration Number: |
64007659 |
|
Factory Manager: |
Yisen Wang |
|
Status: |
In Production |
|
Date of Last Annual Return: |
2016-10-6 |
|
Major Products: |
220 Plastic product |
Office:
|
Name: |
Tainan Office |
|
Address: |
No. 81, Sec 1, Min Sheng South Road, Guiren District, Taiwnan City,
Taiwan |
Major Related
Companies:
|
Chang Chun PetroChemical Co., LTD. Dairen Chemical Corporation Tai Hong Circuit Ind. Co., LTD. Chang Chiang Chemical Co., LTD. Tsu-Kong Co., LTD. Triplex Chemical Corporation Ji Lin Chemical Co., LTD. Sumitomo Bakelite (Taiwan) Corporation Limited Polyplastics Taiwan Co., Ltd. RCCT TECHNOLOGY CO., LTD. Jinzhou Technology Co., Ltd. Chang Chun Chemical (JiangSu) Co., Ltd. Chang Chun Chemical (ZhangZhou) Co., Ltd. Chang Chun SB (Changshu) Co., Ltd. Adeka Fine Chemical (Changshu) Co., Ltd. Chang Chun TOK (Changshu) Company Ltd. Chang Long Chemical (ShenZhen) Co., Ltd. Chang Chiang Chemical (Shanghai) Co., Ltd. Dairen Chemical (Jiangsu) Co., Ltd. Dairen Chemical (M) Sdn. Bhd. Chang Chun (Singapore) PTE. Ltd. CCD (Singapore) PTE. Ltd. Chang Chun Chemical (Panjin) Co., Ltd. PT. Chang Chun DPN Chemical Industry Chang Chun Japan Co., Ltd. CCD Germany GmbH Guangdong Shen Xing Chemical Ltd. Co. |
Shareholders
Major Shareholders
|
Name |
Subscription Shares |
| Longxing Liao |
24,282,527 |
|
Xiandong Lin |
20,710,887 |
|
Zheng Zheng |
21,673,207 |
|
Shuhong Lin |
6,700,698 |
|
Anzhe Zheng |
15,604,650 |
|
Qiongyu Liao |
17,544,182 |
|
Xuanyi Liao |
2,982,754 |
|
Rongzong Chen |
145,972 |
|
Qingrong Lin |
3,454,674 |
|
Xinai Zheng |
20,022,289 |
Management Information
Core Management
Directors
|
1 |
||
|
Name |
Longxing Liao |
|
|
Position |
Board Chairman |
|
|
2 |
||
|
Name |
Xiandong Lin |
|
|
Position |
Executive Director |
|
|
3 |
||
|
Name |
Zheng Zheng |
|
|
Position |
Executive Director |
|
|
4 |
||
|
Name |
Shuhong Lin |
|
|
Position |
Director |
|
|
5 |
||
|
Name |
Anzhe Zheng |
|
|
Position |
Director |
|
|
6 |
||
|
Name |
Qiongyu Liao |
|
|
Position |
Director |
|
|
7 |
||
|
Name |
Shiguang Su |
|
|
Position |
Director |
|
|
8 |
||
|
Name |
Xuanyi Liao |
|
|
Position |
Director |
|
|
9 |
||
|
Name |
Rongzong Chen |
|
|
Position |
Director |
|
|
10 |
||
|
Name |
Qingrong Lin |
|
|
Position |
Supervisor |
|
|
11 |
||
|
Name |
Xinai Zheng |
|
|
Position |
Supervisor |
|
Personnel Structure
|
Total Employees |
About 5,000 Employees (Group) About 3,000 Employees (Company) |
Operation Information
Offices & Factories
|
|
Headquarters |
|
Add |
7/F., No. 301,
Songkiang Road, Zhongshan Dist., Taipei City, Taiwan |
Production Information
Subject is engaged in manufacturing of chemicals, etc.
Subject has 8 factories in Taiwan for production.
Subject obtained the certifications of ISO 9000, ISO 14000, ISO 27001
and OHSAS 18000, etc.
Purchase Information
The registered activities of subject:
|
Business Code |
Details |
|
-- |
Manufacturing and sale of synthetic resin |
|
-- |
Manufacturing and sale of chemical raw
materials |
|
-- |
Manufacturing of green sheet |
|
-- |
Manufacturing and sale of insulation paper,
melamine and cyanoacrylate adhesives |
|
-- |
General import and export business (besides
licensed business) |
|
-- |
Manufacturing of steam electric symbiosis of
machinery and equipment, electricity and steam (In addition to self-use,
legal sale) |
|
-- |
Manufacturing and sale of phthalic |
|
-- |
Manufacturing and sale of light resistance |
|
-- |
As an agent assists in developing quoting,
bidding and distributing about your above mentioned products |
|
C801050 |
Manufacturing of plastic materials |
|
C801020 |
Manufacturing of petrochemical materials |
|
C801040 |
Manufacturing of synthetic resin |
|
CB01030 |
Manufacturing of pollution-prevention
equipment |
|
CC01010 |
Manufacturing of power equipment,
transmission equipment and distribution equipment |
|
CC01020 |
Manufacturing of electric wire and cable |
|
CC01050 |
Manufacturing of data storage and processing
equipment |
|
CC01080 |
Manufacturing of electronic component |
|
E599010 |
Piping industry |
|
I601010 |
Leasing industry |
|
A101020 |
Crop cultivation |
|
C201010 |
Manufacturing of feed |
|
C401010 |
Manufacturing of leather |
|
C601010 |
Manufacturing of pulp |
|
C601020 |
Manufacturing of paper |
|
C601030 |
Manufacturing of paper box |
|
C801060 |
Manufacturing of synthetic rubber |
|
C801070 |
Manufacturing of high pressure gas |
|
C802010 |
Manufacturing of fertilizer |
|
C802020 |
Manufacturing of man-made fiber |
|
C802030 |
Manufacturing of coating and paint |
|
C802090 |
Manufacturing of cleaning supplies |
|
C901020 |
Manufacturing of glass and glassware |
|
CA01110 |
Copper industry |
|
CA03010 |
Heat treatment |
|
CA04010 |
Surface treatment |
|
CB01010 |
Manufacturing of mechanical equipment |
|
CC01060 |
Manufacturing of wire communication
equipment |
|
ZZ99999 |
Besides licensed business, all other
business items those are not banned or restricted. |
The raw materials for production are purchased both at home and abroad.
Subject is engaged in sale of chemicals,
etc.
Subject’s sales regions include domestic market, Southeast Asia, Europe
and America, etc.
Subject’s products can be used in automotive, construction, electrical
industries, etc.
It is introduced that subject’s major customers are Ennis Paint, Inc.,
Valspar Industrial and Kemrock Industries & Exports Limited, etc.
The major products of subject are as follows for your reference:
|
Thermoplastic Polyester Elastomer (TPEE) Epoxidized Soybean Oil Polysulfone (PSU) Paraformaldehyde Textile Resin Ethylene-Vinyl Acetate-Vinyl Chloride Emulsion (EVA-VC Emulsion) Amino Resin Polyvinyl Butyral Interlayer Ethylene Vinyl Alcohol Copolymer Wet Paper Strength Resins Ethylene-Vinyl Chloride (EVCL) Emulsion Polyvinyl Butyral (PVB) Furan No-Bake Resins Acrylic Emulsion Phenolic Resin Flocculants Vinyl Acetate-Ethylene Copolymer Emulsion (VAE Emulsion) Melamine Resin Adhesives Dry Paper Strength Resins High Solids Amino Crosslinking Agents Phenolic Resins Acrylic Resins Polyethersulfone (PES) Polyvinyl alcohol (PVA) Polybutylene terephthalate (PBT) Polyphenylsulfone (PPSU) Acrylamide |
Import and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Settlements
Purchase
Domestic Purchase
|
Products |
Raw materials, etc. |
|
Payment Terms |
T/T, Cash, etc. |
Import
|
Products |
Raw materials, etc. |
|
Payment Terms |
L/C, T/T, etc. |
Domestic Markets
|
Product |
Chemicals, etc. |
|
Selling Terms |
T/T, Cash, etc. |
Export
|
Product |
Chemicals, etc. |
|
Selling Terms |
L/C, T/T, etc. |
Balance Sheet
Unit: NTD/000
|
Consolidated |
2016-12-31 |
2015-12-31 |
|
Assets |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
|
|
|
Total cash and cash equivalents |
2,063,618 |
4,024,950 |
|
Current financial assets at fair value through profit or loss |
|
|
|
Total current financial assets at fair value through profit or loss |
69,805 |
0 |
|
Current derivative financial assets for hedging |
16,449 |
324,685 |
|
Notes receivable, net |
|
|
|
Notes receivable, net |
8,706,382 |
7,542,829 |
|
Accounts receivable, net |
|
|
|
Accounts receivable, net |
12,366,816 |
11,830,398 |
|
Accounts receivable due from related parties, net |
|
|
|
Accounts receivable due from related parties, net |
1,927,180 |
1,289,573 |
|
Other receivables |
|
|
|
Other receivables, net |
1,001,921 |
1,098,632 |
|
Other receivables due from related parties |
|
|
|
Other receivables due from related parties, net |
4,853,926 |
2,220,732 |
|
Current tax assets |
|
|
|
Total current tax assets |
76,754 |
124,082 |
|
Inventories |
|
|
|
Inventories, manufacturing business |
|
|
|
Inventories, manufacturing business, net |
12,276,833 |
12,732,924 |
|
Total inventories |
12,276,833 |
12,732,924 |
|
Other current assets |
|
|
|
Total other current assets |
1,526,013 |
1,734,719 |
|
Total current assets |
44,885,697 |
42,923,524 |
|
Non-current assets |
|
|
|
Non-current available-for-sale financial assets |
|
|
|
Non-current available-for-sale financial assets, net |
46,233 |
46,233 |
|
Derivative non-current financial assets for hedging |
7,730 |
0 |
|
Non-current financial assets at cost |
|
|
|
Non-current financial assets at cost, net |
986,785 |
963,994 |
|
Investments accounted for using equity method |
|
|
|
Investments accounted for using equity method, net |
8,873,961 |
6,783,867 |
|
Property, plant and equipment |
|
|
|
Total property, plant and equipment |
43,872,456 |
48,887,751 |
|
Intangible assets |
|
|
|
Total intangible assets |
254,386 |
264,786 |
|
Deferred tax assets |
340,306 |
589,534 |
|
Other non-current assets |
|
|
|
Other non-current financial assets |
|
|
|
Total other non-current financial assets |
1,788,292 |
2,694,300 |
|
Other non-current assets, others |
|
|
|
Other non-current assets, others |
260,257 |
286,109 |
|
Total other non-current assets, others |
260,257 |
286,109 |
|
Total other non-current assets |
2,048,549 |
2,980,409 |
|
Total non-current assets |
56,430,406 |
60,516,574 |
|
Total assets |
101,316,103 |
103,440,098 |
|
Liabilities and equity |
|
|
|
Liabilities |
|
|
|
Current liabilities |
|
|
|
Short-term borrowings |
|
|
|
Total short-term borrowings |
14,451,605 |
12,129,799 |
|
Current derivative financial liabilities for hedging |
52,008 |
0 |
|
Notes payable |
|
|
|
Total notes payable |
1,155,898 |
782,725 |
|
Accounts payable |
|
|
|
Total accounts payable |
6,662,391 |
4,168,168 |
|
Accounts payable to related parties |
|
|
|
Accounts payable to related parties |
3,232,348 |
2,656,641 |
|
Total accounts payable to related parties |
3,232,348 |
2,656,641 |
|
Other payables |
|
|
|
Total other payables |
3,333,390 |
3,571,383 |
|
Current tax liabilities |
45,802 |
594,582 |
|
Other current liabilities |
|
|
|
Long-term liabilities, current portion |
|
|
|
Total long-term liabilities, current portion |
4,661,828 |
7,256,834 |
|
Other current liabilities, others |
564,556 |
398,174 |
|
Total other current liabilities |
5,226,384 |
7,655,008 |
|
Total current liabilities |
34,159,826 |
31,558,306 |
|
Non-current liabilities |
|
|
|
Long-term borrowings |
|
|
|
Total long-term borrowings |
2,612,500 |
10,824,725 |
|
Deferred tax liabilities |
|
|
|
Deferred tax liabilities, others |
482,086 |
578,467 |
|
Total deferred tax liabilities |
482,086 |
578,467 |
|
Other non-current liabilities |
|
|
|
Net defined benefit liability, non-current |
1,531,860 |
1,968,191 |
|
Guarantee deposits received |
128,356 |
140,137 |
|
Other non-current liabilities, others |
37,182 |
31,379 |
|
Total other non-current liabilities |
1,697,398 |
2,139,707 |
|
Total non-current liabilities |
4,791,984 |
13,542,899 |
|
Total liabilities |
38,951,810 |
45,101,205 |
|
Equity |
|
|
|
Equity attributable to owners of parent |
|
|
|
Share capital |
|
|
|
Ordinary share |
4,375,171 |
4,375,171 |
|
Total capital stock |
4,375,171 |
4,375,171 |
|
Capital surplus |
|
|
|
Total capital surplus |
0 |
0 |
|
Retained earnings |
|
|
|
Legal reserve |
5,518,305 |
5,231,842 |
|
Special reserve |
21,638 |
21,638 |
|
Unappropriated retained earnings (accumulated deficit) |
|
|
|
Total unappropriated retained earnings (accumulated deficit) |
35,753,473 |
33,785,853 |
|
Total retained earnings |
41,293,416 |
39,039,333 |
|
Other equity interest |
|
|
|
Total other equity interest |
333,309 |
1,610,966 |
|
Total equity attributable to owners of parent |
46,001,896 |
45,025,470 |
|
Non-controlling interests |
16,362,397 |
13,313,423 |
|
Total equity |
62,364,293 |
58,338,893 |
|
Total liabilities and equity |
101,316,103 |
103,440,098 |
|
Equivalent issue shares of advance receipts for ordinary share |
0 |
0 |
|
Number of shares in entity held by entity and by its subsidiaries |
0 |
0 |
Profit and Loss Account
Unit: NTD/000
|
Consolidated |
2016 |
2015 |
|
Operating revenue |
|
|
|
Total operating revenue |
89,450,502 |
95,610,271 |
|
Operating costs |
|
|
|
Total operating costs |
76,834,354 |
85,098,552 |
|
Gross profit (loss) from operations |
12,616,148 |
10,511,719 |
|
Gross profit (loss) from operations |
12,616,148 |
10,511,719 |
|
Operating expenses |
|
|
|
Selling expenses |
|
|
|
Total selling expenses |
3,991,651 |
4,023,685 |
|
Administrative expenses |
|
|
|
Total administrative expenses |
698,860 |
656,321 |
|
Research and development expenses |
|
|
|
Total research and development expenses |
485,830 |
551,880 |
|
Total operating expenses |
5,176,341 |
5,231,886 |
|
Net operating income (loss) |
7,439,807 |
5,279,833 |
|
Non-operating income and expenses |
|
|
|
Other income |
|
|
|
Total other income |
732,407 |
791,261 |
|
Other gains and losses |
|
|
|
Other gains and losses, net |
-764,682 |
-879,049 |
|
Finance costs |
|
|
|
Finance costs, net |
422,820 |
463,699 |
|
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 |
-1,434,268 |
-1,336,582 |
|
Total non-operating income and expenses |
-1,889,363 |
-1,888,069 |
|
Profit (loss) from continuing operations before tax |
5,550,444 |
3,391,764 |
|
Tax expense (income) |
|
|
|
Current tax expense (income) |
995,065 |
980,376 |
|
Total tax expense (income) |
995,065 |
980,376 |
|
Profit (loss) from continuing operations |
4,555,379 |
2,411,388 |
|
Profit (loss) |
4,555,379 |
2,411,388 |
|
Other comprehensive income |
|
|
|
Components of other comprehensive income that will not be reclassified
to profit or loss |
|
|
|
Gains (losses) on remeasurements of defined benefit plans |
-115,873 |
-89,544 |
|
Share of other comprehensive income of associates and joint ventures
accounted for using equity method, components of other comprehensive income
that will not be reclassified to profit or loss |
|
|
|
Share of other comprehensive income of associates and joint ventures
accounted for using equity method, components of other comprehensive income
that will not be reclassified to profit or loss |
924 |
905 |
|
Income tax related to components of other comprehensive income that
will not be reclassified to profit or loss |
-19,479 |
-15,222 |
|
Components of other comprehensive income that will not be reclassified
to profit or loss |
-95,470 |
-73,417 |
|
Components of other comprehensive income that will be reclassified to
profit or loss |
|
|
|
Exchange differences on translation |
-2,437,595 |
-451,050 |
|
Gains (losses) on effective portion of cash flow hedges |
132,487 |
-138,646 |
|
Share of other comprehensive income of associates and joint ventures
accounted for using equity method, components of other comprehensive income that
will be reclassified to profit or loss |
|
|
|
Share of other comprehensive income of associates and joint ventures
accounted for using equity method, components of other comprehensive income
that will be reclassified to profit or loss |
-299,195 |
-44,267 |
|
Income tax related to components of other comprehensive income that
will be reclassified to profit or loss |
-287,895 |
-53,908 |
|
Components of other comprehensive income that will be reclassified to
profit or loss |
-2,316,408 |
-580,055 |
|
Other comprehensive income, net |
-2,411,878 |
-653,472 |
|
Total comprehensive income |
2,143,501 |
1,757,916 |
|
Profit (loss), attributable to: |
|
|
|
Profit (loss), attributable to owners of parent |
3,662,104 |
2,864,629 |
|
Profit (loss), attributable to non-controlling interests |
893,275 |
-453,241 |
|
Comprehensive income attributable to: |
|
|
|
Comprehensive income, attributable to owners of parent |
2,288,977 |
2,388,354 |
|
Comprehensive income, attributable to non-controlling interests |
-145,476 |
-630,438 |
|
Basic earnings per share |
|
|
|
Total basic earnings per share |
8.37 |
6.55 |
|
Diluted earnings per share |
|
|
|
Total diluted earnings per share |
8.36 |
6.54 |
Cash Flows
Unit: NTD/000
|
Consolidated |
2016 |
2015 |
|
Cash flows from (used in) operating activities, indirect method |
|
|
|
Profit (loss) from continuing operations before tax |
5,550,444 |
3,391,764 |
|
Profit (loss) before tax |
5,550,444 |
3,391,764 |
|
Adjustments |
|
|
|
Adjustments to reconcile profit (loss) |
|
|
|
Depreciation expense |
5,940,990 |
5,827,862 |
|
Amortization expense |
9,172 |
19,194 |
|
Provision (reversal of provision) for bad debt expense |
3,935 |
-578 |
|
Interest expense |
422,820 |
463,699 |
|
Interest income |
-172,941 |
-211,935 |
|
Dividend income |
-559,466 |
-579,326 |
|
Share of loss (profit) of associates and joint ventures accounted for
using equity method |
1,434,268 |
1,336,582 |
|
Loss (gain) on disposal of property, plan and equipment |
9,905 |
-15,939 |
|
Total adjustments to reconcile profit (loss) |
7,088,683 |
6,839,559 |
|
Changes in operating assets and liabilities |
|
|
|
Changes in operating assets |
|
|
|
Decrease (increase) in notes receivable |
-1,786,871 |
-242,849 |
|
Decrease (increase) in accounts receivable |
-2,004,400 |
1,825,133 |
|
Decrease (increase) in other receivable |
-1,933,180 |
2,481,369 |
|
Decrease (increase) in inventories |
-10,870 |
4,377,228 |
|
Decrease (increase) in other current assets |
215,884 |
1,457,816 |
|
Decrease (increase) in other operating assets |
48,989 |
54,243 |
|
Total changes in operating assets |
-5,470,448 |
9,952,940 |
|
Changes in operating liabilities |
|
|
|
Increase (decrease) in notes payable |
429,996 |
-292,156 |
|
Increase (decrease) in accounts payable |
3,704,025 |
-2,825,163 |
|
Increase (decrease) in other payable |
-224,913 |
-354,348 |
|
Increase (decrease) in other current liabilities |
231,114 |
-68,413 |
|
Increase (decrease) in net defined benefit liability |
-552,204 |
-59,547 |
|
Increase (decrease) in other operating liabilities |
5,803 |
-67,515 |
|
Total changes in operating liabilities |
3,593,821 |
-3,667,142 |
|
Total changes in operating assets and liabilities |
-1,876,627 |
6,285,798 |
|
Total adjustments |
5,212,056 |
13,125,357 |
|
Cash inflow (outflow) generated from operations |
10,762,500 |
16,517,121 |
|
Interest received |
172,941 |
211,935 |
|
Dividends received |
60,221 |
71,970 |
|
Interest paid |
-425,134 |
-463,699 |
|
Income taxes refund (paid) |
-1,142,084 |
-1,062,722 |
|
Net cash flows from (used in) operating activities |
9,428,444 |
15,274,605 |
|
Cash flows from (used in) investing activities |
|
|
|
Acquisition of financial assets at cost |
-22,791 |
-151,845 |
|
Acquisition of investments accounted for using equity method |
-3,865,153 |
-45,984 |
|
Acquisition of property, plant and equipment |
-3,241,154 |
-4,641,383 |
|
Proceeds from disposal of property, plant and equipment |
54,245 |
124,908 |
|
Increase in other receivables |
-696,610 |
0 |
|
Decrease in other receivables |
0 |
1,867,261 |
|
Increase in other financial assets |
0 |
-2,614,431 |
|
Decrease in other financial assets |
894,807 |
0 |
|
Dividends received |
559,466 |
501,341 |
|
Net cash flows from (used in) investing activities |
-6,317,190 |
-4,960,133 |
|
Cash flows from (used in) financing activities |
|
|
|
Increase in short-term loans |
3,017,476 |
0 |
|
Decrease in short-term loans |
0 |
-3,001,049 |
|
Proceeds from long-term debt |
2,067,000 |
0 |
|
Repayments of long-term debt |
-11,975,828 |
-3,099,650 |
|
Decrease in guarantee deposits received |
-35,486 |
0 |
|
Cash dividends paid |
-1,443,716 |
-1,724,662 |
|
Change in non-controlling interests |
3,399,288 |
-5,955 |
|
Net cash flows from (used in) financing activities |
-4,971,266 |
-7,831,316 |
|
Effect of exchange rate changes on cash and cash equivalents |
-101,320 |
-35,466 |
|
Net increase (decrease) in cash and cash equivalents |
-1,961,332 |
2,447,690 |
|
Cash and cash equivalents at beginning of period |
4,024,950 |
1,577,260 |
|
Cash and cash equivalents at end of period |
2,063,618 |
4,024,950 |
|
Cash and cash equivalents reported in the statement of financial
position |
2,063,618 |
4,024,950 |
Note: Subject didn’t submit its individual financial information; we
obtained its consolidated financials as above for reference.
The above
financial figures are based on the IFRSs Accounting System.
Bankers
Subject declined to disclose its bank details; from other source we
could not obtain the relevant information, either.
Public Record
Mortgage
No chattel mortgage record of subject has been found within the recent 3
months.
Lawsuit
Up to date of reporting, no existing or latent
litigation of the subject has been found.
Special Note
Interview Details
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.85 |
|
|
1 |
INR 90.58 |
|
Euro |
1 |
INR 79.97 |
|
TWD |
1 |
INR 2.23 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.