MIRA INFORM REPORT

Report No. :	509868
Report Date :	17.05.2018

IDENTIFICATION DETAILS

Name :	TSRC CORPORATION
Formerly Known As :	TAIWAN SYNTHETIC RUBBER CORPORATION
Registered Office :	No. 2, Singgong Rd., Dashe Dist., Kaohsiung City 81567, Taiwan (R.O.C.)
Country :	Taiwan
Financials (as on) :	31.12.2016
Date of Incorporation :	22.11.1973
Com. Reg. No.:	03553737
Legal Form :	Joint Stock Company
Line of Business :	Manufacturing and Sales of Rubber Products, etc.
No. of Employees :	About 1,500 (Group)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Good
Payment Behaviour :	Regular
Litigation :	--

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List

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:	TSRC CORPORATION
Supplied Name:	TSRC CORPORATION
Trading Address:	No.2, Singgong Rd., Dashe Dist., Kaohsiung City 81567, Taiwan (R.O.C.)
Supplied Address:	No2 Singgong Rd, Dashe dist, Kaohsiung City 815, Taiwan R.O.C.
Telephone Number:	+886-7-6233005 +886 -7-3513811
Fax Number:	+886 -7-3518050
E-mail:	tsrcsales@tsrc-global.com
Website:	www.tsrc.com.tw

Notes: Subject’s exact name and address are as above.

Company Identification Details

Registered Name:	TSRC Corporation
Registered Address:	No. 2, Singgong Rd., Dashe Dist., Kaohsiung City 81567, Taiwan (R.O.C.)
Date of Foundation:	1973-11-22
Registration Number:	03553737
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 9,000,000,000 (USD 306,000,000) (As of 2018.3, 1 NTD = 0.034 USD)
Paid-up Capital:	NTD 8,257,099,780 (USD 280,741,392.52)
Legal Representatives:	Shaoyu Wang
Legal Form:	Joint Stock Company
Principal Activities:	Manufacturing and sales of rubber products, etc.
Staff:	About 1,500 Employees (group)
Listed at Stock Exchange:	Yes; (Stock Code: 2103)
Date of Last Annual Return:	2016-7-6

History

Subject was incorporated on 1973-11-22 with registered number 03553737 as Joint Stock Company in Taiwan.

The subject has listed on Taiwan stock exchange on 1982-09-25.

Change of Name

Former Chinese Name	台灣合成橡膠股份有限公司
Current Chinese Name	台橡股份有限公司

Former English Name	TAIWAN SYNTHETIC RUBBER CORPORATION
Current English Name	TSRC CORPORATION

Corporate Structure

Factories

1
Name:	Kaohsiung Factory
Address:	No. 2, Singgong Rd., Dashe Dist., Kaohsiung City, Taiwan
Date of Foundation:	1977-05-30
Date of Registration:	1990-12-31
Factory Registration Number:	99662641
Factory Manager:	Shouyu Qiu
Status:	In Production
Date of Last Annual Return:	2016-7-20
Major Products:	184 Synthetic resin, plastic and rubber
Telephone Number	+886-7-351-3811
Fax Number:	+886-7-351-4705
2
Name:	Gangshan Factory
Address:	No. 39, Bengong 1st Rd., Gangshan Dist., Kaohsiung City, Taiwan
Date of Registration:	2005-03-15
Factory Registration Number:	99704681
Factory Manager:	Shirong Ma
Status:	In Production
Date of Last Annual Return:	2017-7-5
Major Products:	210 Rubber products
Telephone Number	+886-7-623-3005
Fax Number:	+886-7-622-5481

Office

Name:	Taipei office
Trading Address:	18F, No. 95, Sec. 2, Dun Hua S. Rd., Da-an Dist., Taipei City, Taiwan
Telephone Number:	+886-2-3701-6000
Fax Number:	+886-2-3701-6868

Major Related Companies

1
Name:	TSRC-UBE (Nantong) Chemical Industrial Co., Ltd.
Address:	No.22 TongWang Road, Nantong Economic and Technological Development Zone, Nantong, Jiangsu, P.R. China
Telephone Number:	+86-513-8599-9966
Fax Number:	+86-513-8599-9999
2
Name:	TSRC (Nantong) Industrial Ltd.
Address:	No.22 TongWang Road, Nantong Economic and Technological Development Zone, Nantong, Jiangsu, P.R.China
Telephone Number:	+86-513-8599-9966
Fax Number:	+86-513-8599-9999
3
Name:	TSRC (Lux.) Corporation S.à r.l.
Address:	34-36 Avenue de la LibertéL-1930 Luxembourg, Grand Duché de Luxembourg
Telephone Number:	+352-26-29-72
Fax Number:	+352-26-29-72-39
4
Name:	TSRC (Shanghai) Industries Ltd.
Address:	1046 Yu-Shu Road, Songjiang Zone, Shanghai, P.R.C.
Telephone Number:	+86-21-5773-4333
Fax Number:	+86-21-5773-4555
5
Name:	TSRC (Jinan) Industries Ltd.
Address:	No.666 LinGang St., Yao Qiang Town, LiCheng Zone, JiNan City, ShanDong, P.R.C.
Telephone Number:	+86-531-8874-6666
Fax Number:	+86-531-8874-7777

Shareholders

Major Shareholders

Name	Subscription Shares
Weida Development Co., Ltd. (Literal Translation)	53,708,923
Hande Construction Co., Ltd. (Literal Translation)	31,093,108

Shareholder Information:

1
Registered Name:	Weida Development Co., Ltd. (Literal Translation)
Address:	3/F., No. 100, Sec. 3, Minsheng East Road, Songshan Dist., Taipei City, Taiwan
Date of Foundation:	1983-1-25
Registration Number:	20952028
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 880,000,000
Paid-up Capital:	NTD 880,000,000
Legal Representatives:	Jinlong Huang
Legal Form:	Joint Stock Company
Date of Last Annual Return:	2018-1-19
2
Registered Name:	Hande Construction Co., Ltd. (Literal Translation)
Address:	3/F., No. 100, Sec. 3, Minsheng East Road, Songshan Dist., Taipei City, Taiwan
Date of Foundation:	1991-7-11
Registration Number:	86121828
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 850,000,000
Paid-up Capital:	NTD 850,000,000
Legal Representatives:	Jinlong Huang
Legal Form:	Joint Stock Company
Date of Last Annual Return:	2016-8-3

Management Information

Core Management

Directors

1
Name	Shaoyu Wang
Position	Chairman of the Board
2
Name	Qi Yin
Position	Director
3
Name	Jinshan Jiang
Position	Director
4
Name	Ziwei Li
Position	Director
5
Name	Dazhi Zheng
Position	Director
6
Name	Junyan Yu
Position	Director
7
Name	Yongzhen Hong
Position	Independent Director
8
Name	Jincai Lin
Position	Independent Director
9
Name	Heng Feng
Position	Independent Director
9
Name	Chai Wei Cheang
Position	Manager
Date of Appointment	2015-11-01

Personnel Structure

Total Employees

About 1,500 Employees (group)

Operation Information

Offices & Factories

	Headquarters
Add	No. 2, Singgong Rd., Dashe Dist., Kaohsiung City 81567, Taiwan (R.O.C.)

Production Information

The subject is engaged in manufacturing of rubber products, etc.

Subject has 2 factories in Taiwan for production.

It is introduced that subject obtained the certification of ISO 9001 and ISO 14001.

It is introduced that subject’s group annual output of rubber products is about 600,000 tons per year.

Purchase Information

The registered activities of subject:

Business Code	Details
C801060	Manufacturing of synthetic rubber.
C804020	Manufacturing of industrial rubber products.
C804990	Manufacturing of other rubber products.
D101040	Nonpublic power generation industry
D401010	Heat supply industry.
F401010	The international trade.
ZZ99999	Besides licensed business, all other business items those are not banned or restricted.

Subject’s raw materials for production are purchased both at home and abroad.

It is introduced that subject imports technologies from Japan, Russia, American, Germany, etc.

Sales Information

Subject is engaged in sale of rubber products, etc.

The major products are applied polymers and synthetic rubber.

Subject’s product lines include SBR, BR, NBR, TPE and TPR.

It is introduced that subject also has related innovation products service.

Subject’s sales regions are Taiwan, The Mainland of China, Japan, Korea, India, Thailand, Malaysia, Vietnam, Indonesia, America and Germany, etc.

The major customers of the subject are manufacturers of automobile and shoes, etc.

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.

Sales

Domestic Markets

Product	Rubber products, etc.
Selling Terms	T/T, Cash, etc.

Export

Product	Rubber products, 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	3,508,340	3,981,288
Notes receivable, net
Notes receivable, net	657,959	616,258
Accounts receivable, net
Accounts receivable, net	3,286,913	2,545,060
Other receivables
Other receivables, net	132,978	154,535
Current tax assets
Total current tax assets	55,785	54,161
Inventories
Total inventories	5,379,908	4,782,543
Other current assets
Total other current assets	605,519	255,391
Total current assets	13,627,402	12,389,236
Non-current assets
Non-current available-for-sale financial assets
Non-current available-for-sale financial assets, net	1,336,406	1,502,347
Investments accounted for using equity method
Investments accounted for using equity method, net	1,236,754	1,309,765
Property, plant and equipment
Total property, plant and equipment	8,947,258	9,875,244
Investment property, net
Investment property, net	1,625,775	1,640,500
Intangible assets
Total intangible assets	2,179,937	2,397,426
Deferred tax assets	321,717	346,311
Other non-current assets
Total other non-current assets	494,678	533,156
Total non-current assets	16,142,525	17,604,749
Total assets	29,769,927	29,993,985
Liabilities and equity
Liabilities
Current liabilities
Short-term borrowings
Total short-term borrowings	5,846,074	3,992,948
Short-term notes and bills payable
Total short-term notes and bills payable	0	299,915
Accounts payable
Total accounts payable	1,779,577	1,341,422
Accounts payable to related parties
Total accounts payable to related parties	2,535	13,195
Other payables
Total other payables	1,250,649	1,124,315
Current tax liabilities	72,878	81,589
Other current liabilities
Long-term liabilities, current portion
Long-term borrowings, current portion	813,171	861,391
Total long-term liabilities, current portion	813,171	861,391
Other current liabilities, others	199,014	260,072
Total other current liabilities	1,012,185	1,121,463
Total current liabilities	9,963,898	7,974,847
Non-current liabilities
Long-term borrowings
Total long-term borrowings	1,806,586	2,886,395
Non-current provisions
Total non-current provisions	22,958	32,351
Deferred tax liabilities
Total deferred tax liabilities	670,435	598,150
Other non-current liabilities
Total other non-current liabilities	254,225	425,128
Total non-current liabilities	2,754,204	3,942,024
Total liabilities	12,718,102	11,916,871
Equity
Equity attributable to owners of parent
Share capital
Ordinary share	8,257,099	8,257,099
Total capital stock	8,257,099	8,257,099
Capital surplus
Total capital surplus	849	849
Retained earnings
Legal reserve	3,671,676	3,618,765
Unappropriated retained earnings (accumulated deficit)
Total unappropriated retained earnings (accumulated deficit)	1,709,336	1,795,251
Total retained earnings	5,381,012	5,414,016
Other equity interest
Exchange differences on translation of foreign financial statements
Total exchange differences on translation of foreign financial statements	990,359	1,672,819
Unrealized gains (losses) on available-for-sale financial assets
Total unrealized gains (losses) on available-for-sale financial assets	735,464	899,902
Gains (losses) on effective portion of cash flow hedges
Gains (losses) on effective portion of cash flow hedges, associates and joint ventures accounted for using equity method	-23,562	0
Total gains (losses) on effective portion of cash flow hedges	-23,562	0
Total other equity interest	1,702,261	2,572,721
Total equity attributable to owners of parent	15,341,221	16,244,685
Non-controlling interests	1,710,604	1,832,429
Total equity	17,051,825	18,077,114
Total liabilities and equity	29,769,927	29,993,985
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	0	0

Profit and Loss Account

Unit: NTD/000

Consolidated	2016	2015
Operating revenue
Total operating revenue	26,955,090	25,981,759
Operating costs
Total operating costs	23,074,209	22,606,144
Gross profit (loss) from operations	3,880,881	3,375,615
Gross profit (loss) from operations	3,880,881	3,375,615
Operating expenses
Selling expenses
Total selling expenses	931,596	980,118
Administrative expenses
Total administrative expenses	968,874	831,773
Research and development expenses
Total research and development expenses	346,700	328,614
Total operating expenses	2,247,170	2,140,505
Net other income (expenses)
Net other income (expenses)	131,235	161,573
Net operating income (loss)	1,764,946	1,396,683
Non-operating income and expenses
Other income
Interest income
Total interest income	42,883	86,463
Total other income	42,883	86,463
Other gains and losses
Other gains and losses, net	40,286	-363,201
Finance costs
Finance costs, net	151,557	156,099
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	-89,248	-317,846
Total non-operating income and expenses	-157,636	-750,683
Profit (loss) from continuing operations before tax	1,607,310	646,000
Tax expense (income)
Total tax expense (income)	513,703	44,853
Profit (loss) from continuing operations	1,093,607	601,147
Profit (loss)	1,093,607	601,147
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	-63,624	-54,152
Income tax related to components of other comprehensive income that will not be reclassified to profit or loss	0	0
Components of other comprehensive income that will not be reclassified to profit or loss	-63,624	-54,152
Components of other comprehensive income that will be reclassified to profit or loss
Exchange differences on translation	-780,648	121,154
Unrealised gains (losses) on valuation of available-for-sale financial assets	-164,438	716,695
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	-63,518	-46,202
Income tax related to components of other comprehensive income that will be reclassified to profit or loss	0	0
Components of other comprehensive income that will be reclassified to profit or loss	-1,008,604	791,647
Other comprehensive income, net	-1,072,228	737,495
Total comprehensive income	21,379	1,338,642
Profit (loss), attributable to:
Profit (loss), attributable to owners of parent	988,352	529,115
Profit (loss), attributable to non-controlling interests	105,255	72,032
Comprehensive income attributable to:
Comprehensive income, attributable to owners of parent	54,268	1,295,104
Comprehensive income, attributable to non-controlling interests	-32,889	43,538
Basic earnings per share
Total basic earnings per share

Cash Flows

Unit: NTD/000

Consolidated	2016	2015
Cash flows from (used in) operating activities, indirect method
Profit (loss) from continuing operations before tax	1,607,310	646,000
Profit (loss) before tax	1,607,310	646,000
Adjustments
Adjustments to reconcile profit (loss)
Depreciation expense	914,745	921,208
Amortization expense	170,370	175,169
Provision (reversal of provision) for bad debt expense	0	2,103
Interest expense	151,557	156,099
Interest income	-42,883	-86,463
Dividend income	-64,021	-67,755
Share of loss (profit) of associates and joint ventures accounted for using equity method	89,248	317,846
Loss (gain) on disposal of property, plan and equipment	10,795	13,751
Loss (gain) on disposal of investments	0	-82,784
Impairment loss on financial assets	0	300,000
Impairment loss on non-financial assets	0	7,072
Other adjustments to reconcile profit (loss)	11,065	11,786
Total adjustments to reconcile profit (loss)	1,240,876	1,668,032
Changes in operating assets and liabilities
Changes in operating assets
Decrease (increase) in notes receivable	-41,701	36,191
Decrease (increase) in accounts receivable	-741,838	841,443
Decrease (increase) in other receivable	21,635	113,632
Decrease (increase) in inventories	-597,365	1,061,384
Decrease (increase) in other current assets	-350,128	65,293
Total changes in operating assets	-1,709,397	2,117,943
Changes in operating liabilities
Increase (decrease) in accounts payable	438,155	47,295
Increase (decrease) in accounts payable to related parties	-10,660	-20,694
Increase (decrease) in other payable	145,088	69,498
Increase (decrease) in other current liabilities	-61,058	27,316
Increase (decrease) in net defined benefit liability	-200,210	-13,179
Increase (decrease) in other operating liabilities	-2,287	-22,515
Total changes in operating liabilities	309,028	87,721
Total changes in operating assets and liabilities	-1,400,369	2,205,664
Total adjustments	-159,493	3,873,696
Cash inflow (outflow) generated from operations	1,447,817	4,519,696
Interest received	36,672	83,776
Interest paid	-149,359	-156,669
Income taxes refund (paid)	-427,159	-243,544
Net cash flows from (used in) operating activities	907,971	4,203,259
Cash flows from (used in) investing activities
Acquisition of investments accounted for using equity method	-222,629	-310,700
Proceeds from disposal of subsidiaries	0	996
Acquisition of property, plant and equipment	-501,233	-836,272
Proceeds from disposal of property, plant and equipment	722	791
Decrease in other non-current assets	34,616	79,661
Dividends received	106,491	157,299
Net cash flows from (used in) investing activities	-582,033	-908,225
Cash flows from (used in) financing activities
Increase in short-term loans	19,983,342	18,688,181
Decrease in short-term loans	-18,003,357	-20,207,824
Increase in short-term notes and bills payable	1,518,221	8,454,171
Decrease in short-term notes and bills payable	-1,818,136	-8,658,582
Proceeds from long-term debt	0	750,000
Repayments of long-term debt	-1,097,803	-2,247,120
Decrease in lease payable	-6,435	-6,361
Cash dividends paid	-963,742	-1,397,819
Net cash flows from (used in) financing activities	-387,910	-4,625,354
Effect of exchange rate changes on cash and cash equivalents	-410,976	218,731
Net increase (decrease) in cash and cash equivalents	-472,948	-1,111,589
Cash and cash equivalents at beginning of period	3,981,288	5,092,877
Cash and cash equivalents at end of period	3,508,340	3,981,288
Cash and cash equivalents reported in the statement of financial position	3,508,340	3,981,288

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

Trial Number:	2009, Xionglao jian, 47
Date of Trial:	2009-12-30
Reason:	Payment for retirement pension
Claimant:	Not stated
Defendant:	TSRC Corporation

Special Note

Interview Details

Department

Sales Department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 67.83
UK Pound	1	INR 91.68
Euro	1	INR 80.29
TWD	1	INR 2.27

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)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.