|
|
|
MIRA
INFORM REPORT
|
Report No. : |
511805 |
|
Report Date : |
01.06.2018 |
IDENTIFICATION DETAILS
|
Name : |
FAR EASTERN NEW CENTURY CORPORATION |
|
|
|
|
Formerly Known As : |
FAR EASTERN TEXTILE LTD. |
|
|
|
|
Registered Office : |
36F, No.207, Tun Hwa S. Rd., Sec.2, Taipei,
Taiwan, R.O.C. |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2017 |
|
|
|
|
Date of Incorporation : |
26.02.1951 |
|
|
|
|
Com. Reg. No.: |
03522600 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturing and sales of textile products
and petrochemical products, etc. |
|
|
|
|
No. of Employees : |
About 28,982 (Group, as of 2017.3.31) |
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: |
|
|
Trading Address: |
33/36F, No.207,
Tun Hwa S. Rd., Sec.2, Taipei, Taiwan, R.O.C. |
|
Supplied Address: |
33rd FL, Taipei
Metro Tower 207, Tun Hwa South Road Sec. 2, Taipei 106 R.O.C |
|
Telephone Number: |
+886-2-2733-8000 |
|
Fax Number: |
+886-2-2736-1789 |
|
E-mail: |
|
|
Website: |
Notes: The exact name and address are as above. The supplied address also
belongs to the subject.
Company Identification Details
|
Registered Name: |
Far Eastern New Century Corporation |
|
Registered Address: |
36F, No.207, Tun Hwa S. Rd., Sec.2, Taipei,
Taiwan, R.O.C. |
|
Date of Foundation: |
1951-02-26 |
|
Registration Number: |
03522600 |
|
Registry: |
Department of Commerce, Ministry of Economic
Affairs, R.O.C. |
|
Registered Capital: |
NTD 60,000,000,000
(USD 1,980,000,000) (As of 2018.5, 1 NTD = 0.033 USD) |
|
Paid-up Capital: |
NTD 53,528,752,270
(USD 1,766,448,825) |
|
Legal Representatives: |
Xudong Xu |
|
Legal Form: |
|
|
Principal Activities: |
Manufacturing
and sales of textile products and petrochemical products, etc. |
|
Staff: |
|
|
Listed at Stock Exchange: |
|
|
Date of Last Annual Return: |
History
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 |
Corporate Structure
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: |
2016-08-17 |
|
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: |
Guanyin 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: |
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 |
Shareholders
Major Shareholders
|
Name |
Subscription Shares |
|
Xudong Xu |
91,748,698 |
|
Asia Cement Corporation |
1,272,277,085 |
|
U-Ming Marine Transport Corporation |
31,181,470 |
|
Far Eastern Dept. Store, Ltd. |
19,964,370 |
|
Mr. 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 |
|
Paid-up Capital: |
NTD 33,614,471,980 |
|
Legal Representatives: |
Xudong Xu |
|
Legal Form: |
Joint Stock Company |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2017-07-26 |
|
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 |
|
Paid-up Capital: |
NTD 14,391,955,890 |
|
Legal Representatives: |
Xudong Xu |
|
Legal Form: |
Joint Stock Company |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2016-07-11 |
|
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 |
|
Paid-up Capital: |
NTD 8,450,557,120 |
|
Legal Representatives: |
Xudong Xu |
|
Legal Form: |
Joint Stock Company |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2016-07-05 |
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 Related
Companies
|
Fu Kwok Garment Manufacturing Co., Ltd. Far Eastern Textile Ltd. Far Eastern Fibertech Co., Ltd. Oriental Resources Development Ltd. PET Far Eastern (M) Sdn. Bhd. PET Far Eastern (M) Sdn. Bhd. Ltd. Worldwide Polychem (HK) Ltd. Far Eastern Industries (Shanghai) Ltd. Far Eastern Industries (Yangzhou) Ltd. Far Eastern Ishizuka Green Pet Corporation (FIGP) Far Eastern Dyeing & Finishing (Suzhou) Ltd. |
Note: Subject’s group
has many members covering all over the world, we supplied above companies as subject’s
related companies.
Management Information
Core Management
Directors
|
Name |
Xudong Xu |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Jiayi Xi |
|
Position |
Deputy Chairman |
|
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 |
Shengzheng Hu |
|
Position |
Independent Director |
|
14 |
|
|
Name |
Gaoshan Wu |
|
Position |
Manager |
|
Date of Appointment |
2011-07-01 |
|
15 |
|
|
Name |
Yuxian Zeng |
|
Position |
Manager |
|
Date of Appointment |
2011-07-01 |
|
16 |
|
|
Name |
Zhenglong Hu |
|
Position |
Manager |
|
Date of Appointment |
2011-07-01 |
|
17 |
|
|
Name |
Chengyu Zheng |
|
Position |
Manager |
|
Date of Appointment |
2011-07-01 |
Personnel Structure
|
Total Employees |
About 28,982 Employees (Group, as of
2017.3.31) |
Operation Information
Offices & Factories
|
|
Headquarters |
|
Add |
33/36F, No.207, Tun Hwa S. Rd., Sec.2, Taipei, Taiwan, R.O.C. |
Production Information
Subject is engaged in manufacturing of textile products, etc.
Subject has several factories in Taiwan for production. It is introduced
that subject’s group also has factories in the Mainland China and Vietnam for
production.
Subject obtained the certification of ISO 9001 and ISO 9002, etc.
Purchase Information
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 |
|
C803990 |
Other petro and coal products manufacturing |
|
F112020 |
Coal and coal products wholesale |
|
ZZ99999 |
Besides licensed business, all other business items those are not
banned or restricted. |
Subject purchases its raw materials, etc. both home and abroad.
Subject is engaged in sales of textile products and petrochemical products,
etc.
Subject’s major products include spun yarn,
knitting fabrics, industrial fabrics, apparel, staple fiber, polyester staple
fiber, Long fiber polyester, filament and polyester bottles of embryos, etc.
The business of subject’s group is divided into petrochemical business,
polyester business, textile business, resources development, investment activities
and far eastern apparel, etc.
Subject’s sales regions include Asia, Europe and America, etc.
Subject’s major customers are manufacturers of sportswear, etc.
Major Products and Services of subject’s group
|
Units |
Products/Business |
|
Petrochemical Business |
PTA |
|
Polyester Business |
Polyester Chip Solid-State Polymer (SSP) PET Bottle Preform PET Sheet Polyester Staple Fiber PET Film Pre-oriented Yarn Drawn Textured Yarn |
|
Textile Business |
Yarn Knitting Fabrics Industrial Fabrics Industrial Yarn Apparel |
|
Resources Development |
Developing land resources |
|
Investment Activities |
Investment and reinvestment business |
|
Far Eastern Apparel. |
Fashion Apparel |
Import and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Settlements
Purchase
Domestic Purchase
|
Products |
Raw materials, etc. |
|
Payment Terms |
Cash, T/T and etc |
Import
|
Products |
Raw materials, etc. |
|
Payment Terms |
L/C, T/T and etc |
Sales
Domestic Markets
|
Product |
Textile products and petrochemical products,
etc. |
|
Selling Terms |
Cash, T/T and etc |
Export
|
Product |
Textile products and petrochemical products,
etc. |
|
Selling Terms |
L/C, T/T and etc |
Balance Sheet
Unit: NTD/000
|
Consolidated |
2017-12-31 |
2016-12-31 |
|
Assets |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
|
|
|
Total cash and cash equivalents |
25,464,223 |
35,675,422 |
|
Current financial assets at fair value through profit or loss |
|
|
|
Total current financial assets at fair value through profit or loss |
4,209,638 |
3,835,959 |
|
Current available-for-sale financial assets |
|
|
|
Current available-for-sale financial assets, net |
331,362 |
656,773 |
|
Current derivative financial assets for hedging |
1,700 |
2,073 |
|
Current bond investment without active market |
|
|
|
Total Current investments in debt instrument without active market |
2,044,153 |
1,797,697 |
|
Notes receivable, net |
|
|
|
Notes receivable, net |
25,709,039 |
24,830,649 |
|
Construction contracts receivable |
1,591,619 |
1,202,624 |
|
Other receivables |
|
|
|
Other receivables, net |
4,585,596 |
7,811,376 |
|
Current tax assets |
|
|
|
Total current tax assets |
63,544 |
60,895 |
|
Inventories |
|
|
|
Inventories, merchandising business |
|
|
|
Inventories, merchandising business, net |
26,582,952 |
22,103,308 |
|
Total inventories |
26,582,952 |
22,103,308 |
|
Prepayments |
|
|
|
Total prepayments |
3,420,983 |
3,399,270 |
|
Other current assets |
|
|
|
Other current financial assets |
4,329,504 |
4,402,953 |
|
Construction deposits paid |
31,009 |
37,643 |
|
Other current assets, others |
1,687,875 |
1,722,674 |
|
Total other current assets |
6,048,388 |
6,163,270 |
|
100,053,197 |
107,539,316 |
|
|
Non-current assets |
|
|
|
Non-current available-for-sale financial assets |
|
|
|
Non-current available-for-sale financial assets, net |
339,122 |
4,245,668 |
|
Derivative non-current financial assets for hedging |
35,544 |
0 |
|
Non-current financial assets at cost |
|
|
|
Non-current financial assets at cost, net |
1,178,179 |
1,135,148 |
|
Investments accounted for using equity method |
|
|
|
Investments accounted for using equity method, net |
61,532,483 |
53,421,270 |
|
Property, plant and equipment |
|
|
|
Total property, plant and equipment |
152,732,987 |
148,316,398 |
|
Investment property, net |
|
|
|
Investment property, net |
124,148,885 |
124,758,539 |
|
Intangible assets |
|
|
|
Franchise, net |
|
|
|
Franchise |
44,561,464 |
41,422,996 |
|
Franchise, net |
44,561,464 |
41,422,996 |
|
Goodwill |
11,865,515 |
11,865,515 |
|
Other intangible assets, net |
|
|
|
Other intangible assets |
3,884,685 |
3,676,776 |
|
Other intangible assets, net |
3,884,685 |
3,676,776 |
|
Total intangible assets |
60,311,664 |
56,965,287 |
|
Deferred tax assets |
2,204,959 |
2,361,276 |
|
Other non-current assets |
|
|
|
Prepayments for business facilities |
1,632,368 |
1,612,960 |
|
Guarantee deposits paid |
861,274 |
806,289 |
|
Long-term notes and accounts receivable due from related parties |
|
|
|
Long-term notes and accounts receivable due from related parties, net |
1,312,111 |
1,440,000 |
|
Other non-current financial assets |
|
|
|
Total other non-current financial assets |
3,050,829 |
3,783,584 |
|
Long-term prepaid rents |
6,830,254 |
6,716,440 |
|
Other non-current assets, others |
|
|
|
Total other non-current assets, others |
542,424 |
357,983 |
|
Total other non-current assets |
14,229,260 |
14,717,256 |
|
416,713,083 |
405,920,842 |
|
|
Total assets |
516,766,280 |
513,460,158 |
|
Liabilities and equity |
|
|
|
Liabilities |
|
|
|
Current liabilities |
|
|
|
Short-term borrowings |
|
|
|
Total short-term borrowings |
30,944,587 |
35,131,547 |
|
Short-term notes and bills payable |
|
|
|
Total short-term notes and bills payable |
7,643,775 |
9,278,381 |
|
Current financial liabilities at fair value through profit or loss |
|
|
|
Total current financial liabilities at fair value through profit or
loss |
12,987 |
3,421 |
|
Current derivative financial liabilities for hedging |
0 |
47,767 |
|
Notes payable |
|
|
|
Total notes payable |
19,913,510 |
15,910,920 |
|
Notes payable to related parties |
|
|
|
Total notes payable to related parties |
339,718 |
418,751 |
|
Construction contracts payable |
63,549 |
1,428 |
|
Other payables |
|
|
|
Payable on machinery and equipment |
2,212,726 |
2,615,378 |
|
Other payables, others |
14,363,744 |
14,451,394 |
|
Total other payables |
16,576,470 |
17,066,772 |
|
Current tax liabilities |
2,202,099 |
2,393,096 |
|
Current provisions |
|
|
|
Total current provisions |
282,035 |
270,831 |
|
Liabilities related to non-current assets or disposal groups
classified as held for sale |
291,998 |
298,281 |
|
Other current liabilities |
|
|
|
Advance receipts |
|
|
|
Advance sales receipts |
1,201,255 |
1,174,563 |
|
Unearned revenue |
2,972,547 |
2,585,723 |
|
Total advance receipts |
4,173,802 |
3,760,286 |
|
Long-term liabilities, current portion |
|
|
|
Total long-term liabilities, current portion |
16,689,480 |
20,057,220 |
|
Other current liabilities, others |
2,506,610 |
2,544,731 |
|
Total other current liabilities |
23,369,892 |
26,362,237 |
|
101,640,620 |
107,183,432 |
|
|
Non-current liabilities |
|
|
|
Non-current derivative financial liabilities for hedging |
0 |
171,366 |
|
Bonds payable |
|
|
|
Total bonds payable |
71,711,418 |
62,518,046 |
|
Long-term borrowings |
|
|
|
66,540,553 |
68,837,916 |
|
|
Non-current provisions |
|
|
|
Total non-current provisions |
887,441 |
859,586 |
|
Deferred tax liabilities |
|
|
|
Total deferred tax liabilities |
16,874,470 |
17,014,677 |
|
Other non-current liabilities |
|
|
|
Net defined benefit liability, non-current |
2,603,463 |
3,610,061 |
|
Guarantee deposits received |
506,167 |
607,007 |
|
Other non-current liabilities, others |
463,055 |
465,415 |
|
Total other non-current liabilities |
3,572,685 |
4,682,483 |
|
159,586,567 |
154,084,074 |
|
|
Total liabilities |
261,227,187 |
261,267,506 |
|
Equity |
|
|
|
Equity attributable to owners of parent |
|
|
|
Share capital |
|
|
|
Ordinary share |
53,528,751 |
53,528,751 |
|
Total capital stock |
53,528,751 |
53,528,751 |
|
Capital surplus |
|
|
|
Total capital surplus |
2,859,569 |
2,859,588 |
|
Retained earnings |
|
|
|
Legal reserve |
15,945,807 |
15,315,028 |
|
Special reserve |
112,928,355 |
110,292,892 |
|
Unappropriated retained earnings (accumulated deficit) |
|
|
|
Total unappropriated retained earnings (accumulated deficit) |
12,819,238 |
11,785,464 |
|
Total retained earnings |
141,693,400 |
137,393,384 |
|
Other equity interest |
|
|
|
Total other equity interest |
-3,696,270 |
-2,870,205 |
|
Treasury shares |
25,063 |
25,063 |
|
Total equity attributable to owners of parent |
194,360,387 |
190,886,455 |
|
Non-controlling interests |
61,178,706 |
61,306,197 |
|
255,539,093 |
252,192,652 |
|
|
Total liabilities and equity |
516,766,280 |
513,460,158 |
|
Equivalent issue shares of advance receipts for ordinary share |
0 |
0 |
|
Number of shares in entity held by entity and by its subsidiaries |
779,000 |
779,000 |
Profit and Loss Account
Unit: NTD/000
|
Consolidated |
2017 |
2016 |
|
Operating revenue |
|
|
|
Net sales revenue |
|
|
|
Net sales revenue |
136,468,217 |
132,422,673 |
|
Investment revenue (for investment business) |
|
|
|
Gains on disposals of financial assets (liabilities) |
1,647,132 |
33,462 |
|
Total investment revenue (for investment business) |
1,647,132 |
33,462 |
|
Travel service revenue |
|
|
|
Hospitality service revenue |
|
|
|
Hospitality service revenue, net |
63,590,599 |
67,315,200 |
|
Total travel service revenue |
63,590,599 |
67,315,200 |
|
Construction and engineering revenue |
|
|
|
Construction revenue (for construction business) |
|
|
|
Construction revenue (for construction business), net |
4,976,080 |
5,178,983 |
|
Total construction and engineering revenue |
4,976,080 |
5,178,983 |
|
Other operating revenue |
|
|
|
Other operating revenue, net |
11,164,920 |
10,905,603 |
|
217,846,948 |
215,855,921 |
|
|
Operating costs |
|
|
|
Cost of sales |
|
|
|
Total cost of sales |
130,959,088 |
127,872,750 |
|
Cost of travel services (for hotel business) |
|
|
|
Cost of hospitality services |
|
|
|
Total cost of hospitality services |
26,310,617 |
26,134,094 |
|
Total cost of travel services (for hotel business) |
26,310,617 |
26,134,094 |
|
Cost of construction and engineering service sales |
|
|
|
Cost of construction sales |
4,761,021 |
4,975,804 |
|
Total cost of construction and engineering service sales |
4,761,021 |
4,975,804 |
|
Other operating costs |
6,118,017 |
5,702,151 |
|
Total operating costs |
168,148,743 |
164,684,799 |
|
Gross profit (loss) from operations |
49,698,205 |
51,171,122 |
|
Realized profit (loss) on from sales |
555 |
555 |
|
Gross profit (loss) from operations |
49,698,760 |
51,171,677 |
|
Operating expenses |
|
|
|
Selling expenses |
|
|
|
Total selling expenses |
22,326,374 |
24,244,348 |
|
Administrative expenses |
|
|
|
Total administrative expenses |
11,124,854 |
11,521,573 |
|
Research and development expenses |
|
|
|
Total research and development expenses |
813,263 |
868,947 |
|
Total operating expenses |
34,264,491 |
36,634,868 |
|
Net operating income (loss) |
15,434,269 |
14,536,809 |
|
Non-operating income and expenses |
|
|
|
Other income |
|
|
|
Interest income |
|
|
|
Total interest income |
486,339 |
440,904 |
|
Other income, others |
1,377,315 |
1,304,074 |
|
Total other income |
1,863,654 |
1,744,978 |
|
Other gains and losses |
|
|
|
Gains on disposals of investment property |
2,605 |
313,100 |
|
Foreign exchange gains |
-185,372 |
-792,420 |
|
Gains on financial assets (liabilities) at fair value through profit
or loss |
167,143 |
-62,755 |
|
Gains on fair value adjustment, investment property |
1,040,128 |
3,269,052 |
|
Miscellaneous disbursements |
882,744 |
1,021,408 |
|
Losses on disposals of property, plant and equipment |
756,824 |
746,006 |
|
Losses on disposals of intangible assets other than goodwill |
59 |
10,193 |
|
Impairment loss |
|
|
|
Total impairment loss |
1,298,968 |
658,098 |
|
Other gains and losses, net |
-1,914,091 |
291,272 |
|
Finance costs |
|
|
|
Interest expense |
2,605,876 |
2,486,885 |
|
Finance costs, net |
2,605,876 |
2,486,885 |
|
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 |
4,114,335 |
1,873,936 |
|
Total non-operating income and expenses |
1,458,022 |
1,423,301 |
|
Profit (loss) from continuing operations before tax |
16,892,291 |
15,960,110 |
|
Tax expense (income) |
|
|
|
Total tax expense (income) |
2,690,954 |
3,257,420 |
|
Profit (loss) from continuing operations |
14,201,337 |
12,702,690 |
|
14,201,337 |
12,702,690 |
|
|
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 |
577,628 |
-443,067 |
|
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 |
6,828 |
-82,222 |
|
Income tax related to components of other comprehensive income that
will not be reclassified to profit or loss |
8,987 |
-17,732 |
|
Components of other comprehensive income that will not be reclassified
to profit or loss |
575,469 |
-507,557 |
|
Components of other comprehensive income that will be reclassified to
profit or loss |
|
|
|
Exchange differences on translation |
-1,071,916 |
-3,287,569 |
|
Unrealised gains (losses) on valuation of available-for-sale financial
assets |
-1,018,683 |
-289,788 |
|
Gains (losses) on effective portion of cash flow hedges |
231,609 |
149,385 |
|
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 |
1,185,860 |
-4,006,347 |
|
Components of other comprehensive income that will be reclassified to
profit or loss |
-673,130 |
-7,434,319 |
|
Other comprehensive income, net |
-97,661 |
-7,941,876 |
|
Total comprehensive income |
14,103,676 |
4,760,814 |
|
Profit (loss), attributable to: |
|
|
|
Profit (loss), attributable to owners of parent |
8,066,136 |
6,307,786 |
|
Profit (loss), attributable to non-controlling interests |
6,135,201 |
6,394,904 |
|
Comprehensive income attributable to: |
|
|
|
Comprehensive income, attributable to owners of parent |
7,808,712 |
-1,049,835 |
|
Comprehensive income, attributable to non-controlling interests |
6,294,964 |
5,810,649 |
|
Basic earnings per share |
|
|
|
Basic earnings (loss) per share from continuing operations |
1.61 |
1.26 |
|
Total basic earnings per share |
1.61 |
1.26 |
|
Diluted earnings per share |
|
|
|
Diluted earnings (loss) per share from continuing operations |
1.61 |
1.26 |
|
Total diluted earnings per share |
1.61 |
1.26 |
Cash Flows
Unit: NTD/000
|
Consolidated |
2017 |
2016 |
|
Cash flows from (used in) operating activities, indirect method |
|
|
|
Profit (loss) from continuing operations before tax |
16,892,291 |
15,960,110 |
|
Profit (loss) before tax |
16,892,291 |
15,960,110 |
|
Adjustments |
|
|
|
Adjustments to reconcile profit (loss) |
|
|
|
Depreciation expense |
15,851,009 |
15,301,556 |
|
Amortization expense |
4,661,631 |
4,036,836 |
|
Provision (reversal of provision) for bad debt expense |
487,155 |
700,454 |
|
Interest expense |
2,605,876 |
2,486,885 |
|
Interest income |
-486,339 |
-440,904 |
|
Dividend income |
-259,126 |
-202,531 |
|
Share of loss (profit) of associates and joint ventures accounted for
using equity method |
-4,114,335 |
-1,873,936 |
|
Loss (gain) on disposal of property, plant and equipment |
756,824 |
746,006 |
|
Loss (gain) on disposal of investment properties |
-2,605 |
-313,100 |
|
Loss (gain) on disposal of intangible assets |
59 |
10,193 |
|
Loss (gain) on disposal of other assets |
0 |
0 |
|
Loss (gain) on disposal of investments accounted for using equity
method |
-1,654,107 |
-39,781 |
|
Impairment loss on financial assets |
1,298,968 |
658,098 |
|
Impairment loss on non-financial assets |
124,714 |
25,958 |
|
Realized loss (profit) on from sales |
-555 |
-555 |
|
Loss (gain) on fair value adjustment of investment property |
-1,040,128 |
-3,269,052 |
|
Other adjustments to reconcile profit (loss) |
30,605 |
23,424 |
|
Total adjustments to reconcile profit (loss) |
18,259,646 |
17,849,551 |
|
Changes in operating assets and liabilities |
|
|
|
Changes in operating assets |
|
|
|
Decrease (increase) in financial assets held for trading |
-373,679 |
161,936 |
|
Decrease (increase) in notes receivable |
-1,418,981 |
-2,156,165 |
|
Decrease (increase) in construction contracts receivable |
-388,995 |
-228,736 |
|
Decrease (increase) in other receivable |
285,408 |
-351,646 |
|
Decrease (increase) in inventories |
-4,604,358 |
4,204,741 |
|
Decrease (increase) in prepayments |
-9,264 |
-43,606 |
|
Decrease (increase) in other current assets |
34,799 |
371,730 |
|
Total changes in operating assets |
-6,475,070 |
1,958,254 |
|
Changes in operating liabilities |
|
|
|
Increase (decrease) in financial liabilities held for trading |
9,566 |
3,421 |
|
Increase (decrease) in notes payable |
4,002,590 |
288,018 |
|
Increase (decrease) in notes payable to related parties |
-79,033 |
37,368 |
|
Increase (decrease) in construction contracts receivable |
62,121 |
-119,268 |
|
Increase (decrease) in other payable |
-160,333 |
72,386 |
|
Increase (decrease) in provisions |
39,059 |
60,685 |
|
Increase (decrease) in receipts in advance |
26,692 |
127,337 |
|
Increase (decrease) in other current liabilities |
-38,121 |
551,819 |
|
Increase (decrease) in net defined benefit liability |
-429,429 |
-776,415 |
|
Increase (decrease) in other operating liabilities |
386,824 |
4,546 |
|
Total changes in operating liabilities |
3,819,936 |
249,897 |
|
Total changes in operating assets and liabilities |
-2,655,134 |
2,208,151 |
|
Total adjustments |
15,604,512 |
20,057,702 |
|
Cash inflow (outflow) generated from operations |
32,496,803 |
36,017,812 |
|
Interest received |
460,911 |
439,835 |
|
Dividends received |
2,236,100 |
3,137,207 |
|
Interest paid |
-2,527,267 |
-2,456,047 |
|
Income taxes refund (paid) |
-2,877,477 |
-2,566,581 |
|
Net cash flows from (used in) operating activities |
29,789,070 |
34,572,226 |
|
Cash flows from (used in) investing activities |
|
|
|
Acquisition of available-for-sale financial assets |
-1,029,197 |
-12,285 |
|
Proceeds from disposal of available-for-sale financial assets |
653,919 |
202,059 |
|
Acquisition of investments in debt instrument without active market |
-246,456 |
1,553,293 |
|
Acquisition of financial assets at cost |
-54,897 |
0 |
|
Proceeds from disposal of financial assets at cost |
945 |
0 |
|
Proceeds from capital reduction of financial assets at cost |
3,505 |
0 |
|
Acquisition of investments accounted for using equity method |
-83,138 |
-183,357 |
|
Proceeds from disposal of investments accounted for using equity
method |
383,778 |
111,959 |
|
Acquisition of property, plant and equipment |
-23,129,609 |
-19,516,098 |
|
Proceeds from disposal of property, plant and equipment |
1,090,591 |
99,148 |
|
Increase in refundable deposits |
-48,351 |
28,862 |
|
Decrease in other receivables |
1,826,870 |
-250,270 |
|
Acquisition of intangible assets |
-7,630,283 |
-9,626,250 |
|
Proceeds from disposal of intangible assets |
33,003 |
0 |
|
Acquisition of investment properties |
-1,895 |
-1,723 |
|
Proceeds from disposal of investment properties |
1,330,530 |
0 |
|
Increase in long-term lease and installment receivables |
-450,769 |
-489,429 |
|
Decrease in other financial assets |
5 |
450,384 |
|
Increase in other non-current assets |
806,204 |
-898,591 |
|
Decrease in other non-current assets |
-190,267 |
-102,628 |
|
Net cash flows from (used in) investing activities |
-26,735,512 |
-28,634,926 |
|
Cash flows from (used in) financing activities |
|
|
|
Increase in short-term loans |
-4,186,960 |
10,443,920 |
|
Decrease in short-term notes and bills payable |
-1,635,000 |
2,678,000 |
|
Proceeds from issuing bonds |
22,700,000 |
15,600,000 |
|
Repayments of bonds |
-16,450,000 |
-21,029,500 |
|
Proceeds from long-term debt |
155,645,199 |
160,375,278 |
|
Repayments of long-term debt |
-158,304,697 |
-166,031,854 |
|
Increase in guarantee deposits received |
-107,123 |
-77,887 |
|
Increase in other non-current liabilities |
-1,805 |
-52,108 |
|
Cash dividends paid |
-4,281,644 |
-5,352,875 |
|
Proceeds from issuing shares |
1,353,533 |
91,837 |
|
Capital reduction payments to shareholders |
-15 |
-15 |
|
Change in non-controlling interests |
-7,783,681 |
-7,710,107 |
|
Other financing activities |
-20,028 |
0 |
|
Net cash flows from (used in) financing activities |
-13,072,221 |
-11,065,311 |
|
Effect of exchange rate changes on cash and cash equivalents |
-192,536 |
-75,381 |
|
Net increase (decrease) in cash and cash equivalents |
-10,211,199 |
-5,203,392 |
|
Cash and cash equivalents at beginning of period |
35,675,422 |
40,878,814 |
|
Cash and cash equivalents at end of period |
25,464,223 |
35,675,422 |
|
Cash and cash equivalents reported in the statement of financial
position |
25,464,223 |
35,675,422 |
Note: Subject didn’t
submit its individual financial information; we obtained its consolidated
financials as follows for reference.
The above financial figures are based on the IFRSs Accounting System.
Bankers
Subject declined to disclose its bank details; from other source we
could not obtain the relevant information, either.
Public Record
Mortgage
|
Case Type: |
Chattel Mortgage |
|
Registered Number: |
106462 |
|
Debtor Name: |
Far Eastern New Century Corporation |
|
Registry: |
MOEA Central Office |
|
Name of Mortgagee: |
Far Eastern International Bank Co., Ltd. |
|
Date of Registration: |
2012-09-04 |
|
Amount of Secure Claims: |
NTD 897,655,010 |
|
Type of Mortgage: |
Machinery, equipment or tools |
Lawsuit
Up to date of reporting, no existing or latent
litigation of the subject has been found.
Special Note
Interview Details
|
Name |
Mr. Chen |
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 67.45 |
|
|
1 |
INR 89.79 |
|
Euro |
1 |
INR 78.79 |
|
TWD |
1 |
INR 2.25 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.