Ya Hsin Industrial Co (
In a filing to the Taiwan Stock Exchange, the company said it faced a funding gap of NT$1.2 billion (US$36.1 million) within the next three months and had debts totalling NT$18.94 billion as of the end of February.
In February, Ya Hsin released its non-audited financial results for last year, reporting sales of NT$37.92 billion, net income of NT$3.58 billion and earnings per share (EPS) of NT$3.37.
But last month it said the actual figures were NT$27.5 billion in sales, a net income of NT$1.2 billion and an EPS of only NT$1.32. The company blamed a new computer system for the miscalculations.
The bourse regulators ordered Ya Hsin to restate its financial reports for last year and the first quarter. As the company failed to resubmit its financial reports to the regulators on time, its shares were ordered suspended on the main bourse.
More than 30 creditor banks had initially agreed to extend the interest payments on the company's loans for six months, easing its cash crunch.
But following the prosecutors' probe into the firm's alleged financial blunder, Chinatrust Commercial Bank (
In its filing yesterday Ya Hsin said it had to apply for corporate restructuring on Thursday as it was facing increased risks and inadequate working capital to keep it afloat.
The company stressed its restructuring and the demand for insolvency protection were also aimed at safeguarding the interests of creditors, shareholders, employees and other parties.
It said it would continue communicating with creditor banks, major clients and upstream suppliers on how to constructively solve its financial problems.
Both Ya Hsin chairman Huang Heng-chun (
Chinatrust Commercial Bank, which is believed to have loaned more than NT$1 billion to Ya Hsin, said it planned to hold a meeting with other major banks next week to discuss the issue, the Chinese-language Cnyes.com reported last night, without citing any sources.
KBC Bank (Belgium) NV Taiwan and Far Eastern International Bank (遠東商銀) are among the company's major creditor banks, the Central News Agency reported yesterday.
Ya Hsin said yesterday that it remained optimistic about its outlook for this year -- if it could obtain help from its creditor banks.
But the company did not say whether it would move ahead with the plan to establish a production line in the Czech Republic by the third quarter that it announced last month.
Established in 1972, Ya Hsin operates factories in China, with sales offices in Japan, Singapore, Malaysia, Mexico, the US and the Netherlands.
The company has evolved from a manufacturer of printed circuit boards to suppling liquid crystal display (LCD) TVs and monitors, light-emitting diode (LED) electronics and mobile phones.
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