MIRA INFORM REPORT

Report Date :

26.08.2011

IDENTIFICATION DETAILS

Name :	TSRC CORPORATION
Registered Office :	18F, 95 Dun Hua South Rd., Section 2, Taipei, 106
Country :	Taiwan
Financials (as on) :	31.12.2010
Date of Incorporation :	22.11.1973
Legal Form :	Public Parent Company
Line of Business :	manufacture and sale of synthetic rubber

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – March 31^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
Taiwan	a2	a2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name & address

TSRC Corporation

18F, 95 Dun Hua South Rd.,

Section 2

Taipei, 106,

Taiwan

Tel: 886-2-37016000

Fax: 886-2-37016868

Web: www.tsrc.com.tw

Synthesis

Employees: 1,198

Company Type: Public Parent

Corporate Family: 2 Companies

Traded: Taiwan Stock Exchange: 2103

Incorporation Date: 22-Nov-1973

Auditor: KPMG LLP

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2010

Reporting Currency: Taiwanese New Dollar

Annual Sales: 1,164.7 1

Net Income: 104.1

Total Assets: 860.3 2

Market Value: 1,632.9

(05-Aug-2011)

Business Description

TSRC Corporation is principally engaged in the manufacture and sale of synthetic rubber. The Company's major products include styrene-butadiene rubber (SBR), for manufacturing tires, shoes, conveyor belts, sporting goods and toys; butadiene rubber (BR), applied to high-speed tires, shoes and sporting goods, and thermoplastic elastomer (TPE), applied to shoe soles, adhesives, hot melts, plastic modifications, asphalt modifications and others. The Company is also engaged in the production of thermal plastic rubber (TPR), as well as trading business. The Company primarily distributes its products in Mainland China, Japan, India, Southeast Asia and the United States. During the year ended December 31, 2010, the Company obtained approximately 96.38% of its total revenue from the sale of synthetic rubber products. For the fiscal year ended 31 December 2010, TSRC Corporation's total revenues increased 66% to NT$36.69B. Net income increased 41% to NT$3.28B. Total revenues reflect higher sales volume due to increased market demand for the Company's products. Net income was partially offset by increased selling expense and administrative expense, decreased equity investment gain and interest income, as well as higher miscellaneous expense.

Industry

Industry Chemicals - Plastics and Rubber

ANZSIC 2006: 1821 - Synthetic Resin and Synthetic Rubber Manufacturing

NACE 2002: 2417 - Manufacture of synthetic rubber in primary forms

NAICS 2002: 325212 - Synthetic Rubber Manufacturing

UK SIC 2003: 2417 - Manufacture of synthetic rubber in primary forms

US SIC 1987: 2822 - Synthetic Rubber (Vulcanizable Elastomers)

Key Executives

Name	Title
Weihua Tu	General Manager
Huizhong Chen	Deputy General Manager-Finance
George Chiang	General Manager-Sales & Marketing
Rita Li-Ching Chen	Manager-Finance & Communications
Hsiao-Ming Chiang	Vice President-Operations

Significant Developments

Topic	#*	Most Recent Headline	Date
Mergers / Acquisitions	1	TSRC Corporation to Set up Subsidiary for Equity Acquisition	24-Dec-2010
Debt Financing / Related	1	TSRC Corporation to Issue Overseas Unsecured Convertible Corporate Bonds	29-Jun-2011
Dividends	3	TSRC Corporation Announces FY 2010 Dividend Payment Date	29-Jun-2011

* number of significant developments within the last 12 months

News

Title	Date
TAIWANESE RUBBER MAKERS EXPANDING INTO INDIA Asia Pulse Businesswire (369 Words)	27-Jun-2011
TSRC CORP EPS Estimated At 8.31 Nelson Information - Daily (61 Words)	27-May-2011
Toyo Engineering Awarded Contract to Build SBR Plant in India Chemical Week Business Daily (158 Words)	26-May-2011
BusinessNotes Maryland Gazette (MD) (491 Words)	25-May-2011
Polimeri's Protopapa new president of IISRP. Rubber & Plastics News (276 Words)	2-May-2011

Financial Summary

As of 31-Mar-2011

Key Ratios	Company	Industry
Current Ratio (MRQ)	2.25	2.03
Quick Ratio (MRQ)	1.86	1.20
Debt to Equity (MRQ)	0.76	0.95
Sales 5 Year Growth	13.07	1.42
Net Profit Margin (TTM) %	13.47	4.60
Return on Assets (TTM) %	19.16	3.98
Return on Equity (TTM) %	31.14	12.15

Stock Snapshot

Traded: Taiwan Stock Exchange: 2103

As of 5-Aug-2011

   Financials in: TWD

Recent Price	66.10	EPS	4.57
52 Week High	82.73	Price/Sales	1.29
52 Week Low	40.00	Dividend Rate	3.18
Avg. Volume (mil)	4.93	Price/Earnings	11.50
Market Value (mil)	47,254.92	Price/Book	3.65
		Beta	1.01

	Price % Change	Rel S&P 500%
4 Week	-18.94%	-9.68%
13 Week	-13.03%	-0.58%
52 Week	57.55%	59.22%
Year to Date	7.72%	23.08%

1 - Profit & Loss Item Exchange Rate: USD 1 = TWD 31.49704

2 - Balance Sheet Item Exchange Rate: USD 1 = TWD 29.1565

Corporate Overview

Location

18F, 95 Dun Hua South Rd.,

Section 2

Taipei, 106, Taiwan

Tel: 886-2-37016000

Fax: 886-2-37016868

Web: www.tsrc.com.tw

Quote Symbol - Exchange

2103 - Taiwan Stock Exchange

Sales TWD(mil): 36,685.7

Assets TWD(mil): 25,082.3

Employees: 1,198

Fiscal Year End: 31-Dec-2010

Industry: Chemicals - Plastics and Rubber

Incorporation Date: 22-Nov-1973

Company Type: Public Parent

Quoted Status: Quoted

Chairman of the Board: Shaoyu Wang

Company Web Links

· Company Contact/E-mail

· Corporate History/Profile

· Financial Information

· Home Page

· Investor Relations

· News Releases

· Products/Services

Contents

· Industry Codes

· Business Description

· Financial Data

· Market Data

· Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

1821 - Synthetic Resin and Synthetic Rubber Manufacturing

19 - Polymer Product and Rubber Product Manufacturing

3419 - Other Specialised Industrial Machinery and Equipment Wholesaling

NACE 2002 Codes:

2417 - Manufacture of synthetic rubber in primary forms

5187 - Wholesale of other machinery for use in industry, trade and navigation

2513 - Manufacture of other rubber products

NAICS 2002 Codes:

423840 - Industrial Supplies Merchant Wholesalers

325212 - Synthetic Rubber Manufacturing

326299 - All Other Rubber Product Manufacturing

US SIC 1987:

3069 - Fabricated Rubber Products, Not Elsewhere Classified

5085 - Industrial Supplies

2822 - Synthetic Rubber (Vulcanizable Elastomers)

UK SIC 2003:

5187 - Wholesale of other machinery for use in industry, trade and navigation

2417 - Manufacture of synthetic rubber in primary forms

2513 - Manufacture of other rubber products

Business Description

TSRC Corporation is principally engaged in the manufacture and sale of synthetic rubber. The Company's major products include styrene-butadiene rubber (SBR), for manufacturing tires, shoes, conveyor belts, sporting goods and toys; butadiene rubber (BR), applied to high-speed tires, shoes and sporting goods, and thermoplastic elastomer (TPE), applied to shoe soles, adhesives, hot melts, plastic modifications, asphalt modifications and others. The Company is also engaged in the production of thermal plastic rubber (TPR), as well as trading business. The Company primarily distributes its products in Mainland China, Japan, India, Southeast Asia and the United States. During the year ended December 31, 2010, the Company obtained approximately 96.38% of its total revenue from the sale of synthetic rubber products. For the fiscal year ended 31 December 2010, TSRC Corporation's total revenues increased 66% to NT$36.69B. Net income increased 41% to NT$3.28B. Total revenues reflect higher sales volume due to increased market demand for the Company's products. Net income was partially offset by increased selling expense and administrative expense, decreased equity investment gain and interest income, as well as higher miscellaneous expense.

More Business Descriptions

Resin and Synthetic Rubber Manufacturing

Financial Data

Financials in:	TWD(mil)
Revenue:	36,685.7
Net Income:	3,279.2
Assets:	25,082.3
Long Term Debt:	1,037.4
Total Liabilities:	12,123.6
Working Capital:	-0.4
Date of Financial Data:	31-Dec-2010

1 Year Growth

65.9%

40.6%

11.6%

Market Data

Quote Symbol:	2103
Exchange:	Taiwan Stock Exchange
Currency:	TWD
Stock Price:	66.1
Stock Price Date:	08-05-2011
52 Week Price Change %:	57.6
Market Value (mil):	47,254,920.0
SEDOL:	6870876
ISIN:	TW0002103009

Equity and Dept Distribution:

FY'01-02 financials are reclassified. Employee numbers prior to FY'02 reflect Parent company only. 07/2006, 6.5% stock dividend. FY'08 Q2 I/S, B/S are reclassified, C/F is restated. FY'08 Q3 B/S is reclassified,CF is restated. FY'09 Q3 I/S and CF is reclassified. FY'09 C/F is being CLA. FY'09 Q4 I/S is being CLA.

Key Corporate Relationships

Auditor: KPMG LLP

Auditor: KPMG LLP

Corporate Family	Corporate Structure News:
	TSRC Corporation
Total Corporate Family Members: 2

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
TSRC Corporation	Parent	Taipei, 106	Taiwan	Chemicals - Plastics and Rubber	1,164.7	1,198
Dexco Polymers	Subsidiary	Houston, TX	United States	Chemicals - Plastics and Rubber	8.6	8

Executives Report

Board of Directors

Name	Title	Function
Shaoyu Wang	Chairman of the Board	Chairman
Reuters Biography (TSRC Corporation) Wang Shaoyu has been Chairman of the Board in TSRC Corporation since July 1988. Wang is also Chairman of the Board in two other companies and Director in America California Bank.
Ta-Chih Cheng	Director	Director/Board Member
Mingfu Huang	Independent Director	Director/Board Member
Reuters Biography (TSRC Corporation) Huang Mingfu has been Independent Director in TSRC Corporation since July 27, 2003. Huang also serves as Chairman of the Board in an investment consulting company.
Yuzheng Huang	Director	Director/Board Member
Reuters Biography (TSRC Corporation) Huang Yuzheng has been Director in TSRC Corporation since July 27, 1994. Huang holds a Master of Business Administration (MBA) from Wharton School of the University of Pennsylvania, and a Bachelor's degree in Chemistry from University of Pennsylvania, the United States. Huang is also Director of Entie Commercial Bank, Ltd and another company. MBA , The Wharton School of the University of Pennsylvania B Chemistry, University of Pennsylvania
Zi-Wei Lee	Director	Director/Board Member
Ziwei Li	Director	Director/Board Member
Reuters Biography (TSRC Corporation) Li Ziwei has been Director in TSRC Corporation since September 2002. Li is also Director in American Bridge Holding Company and New Continental Corporation. Li holds a Master's degree from National Chiao Tung University, Taiwan. M , National Chiao Tung University
Runkang Lu	Director	Director/Board Member
Reuters Biography (TSRC Corporation) Lu Runkang has been Director in TSRC Corporation since July 27, 1988. Lu is also Chairman of the Board in Dan Chung Bills Finance Corp. Lu holds a Master's degree in Comparative Law from Southern Methodist University, the United States. M Comparative Law, Southern Methodist University
Ting-Kan Wu	Director	Director/Board Member
Dingkai Wu	Independent Director	Director/Board Member
Reuters Biography (TSRC Corporation) Wu Dingkai has been Independent Director in TSRC Corporation since July 27, 2003. Wu is also Chairman of the Board in another company. Wu holds a Ph.D. and a Master's degree from Columbia University, the United States. PHD , Columbia University M , Columbia University
Qi Yin	Director	Director/Board Member
Reuters Biography (TSRC Corporation) Yin Qi has been Director in TSRC Corporation since July 27, 1985. Yin is also Chairman of the Board in Taiwan High Speed Rail Corporation and Continental Engineering Corp.
Chi Ying	Director	Director/Board Member
Liang Zhang	Director	Director/Board Member
Reuters Biography (TSRC Corporation) Zhang Liang has been Director in TSRC Corporation since July 27, 1988. Zhang is also Chairman of the Board-Taiwan of Jardine Matheson. Zhang holds a Ph.D. in Economics from State University of New York, the United States. PHD Economics, State University of New York
Dazhi Zheng	Director	Director/Board Member
Reuters Biography (TSRC Corporation) Zheng Dazhi has been Director in TSRC Corporation since July 27, 1988. Zheng holds a Ph.D. in Chemistry from Michigan State University, the United States. PHD Chemistry, Michigan State University

Executives

Name	Title	Function
George Chiang	General Manager-Sales & Marketing	Division Head Executive
Weihua Tu	General Manager	Division Head Executive
Reuters Biography (TSRC Corporation) Tu Weihua has been General Manager in TSRC Corporation since September 15, 2006. Tu used to serve as Acting General Manager from June 22, 2005 to September 15, 2006 in the Company. Tu is also Director in seven other companies, including Polybus Corporation Pte. Ltd., Senpol Corporation Ltd., TSRC AMD Ltd. and TSRC SRD Ltd. and Chairman of the Board of six other companies.
Hsiao-Ming Chiang	Vice President-Operations	Operations Executive
Rita Li-Ching Chen	Manager-Finance & Communications	Finance Executive
Simon Cheng	Manager-Human Resources	Human Resources Executive
Huizhong Chen	Deputy General Manager-Finance	Other
Reuters Biography (TSRC Corporation) Chen Huizhong has been Deputy General Manager-Finance in TSRC Corporation since April 22, 2009. Chen used to be Head of Finance of the Company. Chen is also Director in several companies, including Polybus Corporation Pte Ltd, Trimurti Holding Corp., Triton International Holding Corporation and TSRC (Hong Kong) Limited. Chen holds a Masters of Business Administration from California State University. MBA , California State University
Qingyuan Chen	Deputy General Manager-Rubber Business Operations	Other
Reuters Biography (TSRC Corporation) Chen Qingyuan has been Deputy General Manager-Rubber Business Operations in TSRC Corporation since July 16, 2004. Chen is also Director in four other companies, including Indian Synthetic Rubber Limited.
Chongyu Chen	Deputy General Manager-R&D	Other
Reuters Biography (TSRC Corporation) Chen Chongyu has been Deputy General Manager-R&D in TSRC Corporation since April 1, 2009. Chen holds a Ph.D. in Polymer Science from University of Akron, the United States. PHD Polymer Science, University of Akron
Yongqiang Lin	Deputy General Manager-Corporate Planning	Other
Reuters Biography (TSRC Corporation) Lin Yongqiang has been Deputy General Manager-Corporate Planning in TSRC Corporation since July 16, 2004. Lin is also Director in nine companies, including Trimurti Holding Corp., Hardison International Corp., Tsrc Biotech Ltd., TSRC (Hong Kong) Limited and Dymas Corporation.

Significant Developments

TSRC Corporation to Issue Overseas Unsecured Convertible Corporate Bonds Jun 29, 2011

TSRC Corporation announced that it will issue USD 188 million worth of overseas unsecured convertible corporate bonds, each with par value and an issue price of USD 100,000 or its integral multiples, and a term of five years.

TSRC Corporation Announces FY 2010 Dividend Payment Date Jun 29, 2011

TSRC Corporation announced that it will pay a cash dividend of NTD 3.5 per share and distribute 100 new shares for every 1,000 shares as stock dividends, to shareholders of record on July 20, 2011. The Company's shares will be traded ex-right and ex-dividend on July 14, 2011.

TSRC Corporation Revises FY 2010 Dividend Payment Jun 10, 2011

TSRC Corporation announced that it will pay a cash dividend of NTD 3.5 per share (NTD 2,274,683,151 in total) and stock dividends worth NTD 1.00 per share (NTD 649,909,460 in total), to shareholders for fiscal year 2010. The Company previously announced that it will pay a cash dividend of NTD 2,274,683,142 in total and stock dividends worth NTD 649,909,469 in total.

TSRC Corporation Announces FY 2010 Dividend Payment Mar 16, 2011

TSRC Corporation announced that it will pay a cash dividend of NTD 3.5 per share (NTD 2,274,683,142 in total) and stock dividends worth NTD 1.00 per share (NTD 649,909,469 in total), to shareholders for fiscal year 2010.

TSRC Corporation to Set up Subsidiary for Equity Acquisition Dec 24, 2010

TSRC Corporation announced that it has signed a contract with Exxon Equity Holding Company, ExxxonMobil Chemical Company, ExxonMobil Chemical SBC Investment LLC, the Dow Chemical Company and DW Dexco Investment LLC, to acquire a 100% stake in Dexco Polymers Operating Company LLC and Dexco Polymers L.P., through the Company's subsidiary, TSRC (USA) Investment Corporation, which will be newly set up for this acquisition.

TAIWANESE RUBBER MAKERS EXPANDING INTO INDIA

Asia Pulse Businesswire: 27 June 2011

[What follows is the full text of the news story.]

TAIPEI, June 27Asia Pulse - Taiwanese synthetic rubber makers said Sunday that they are setting up plants in India, eyeing the region's strong growth in rubber consumption.

Taiwanese synthetic rubber maker TSRC Corp. (TAIEX:2103) said it is setting up a unit to manufacture synthetic rubber for tires in a joint venture with the state-owned Indian Oil Corp. (IOC, BSE:530965) and Japan'sMarubeni Corp. (TSE:8002)

According to an agreement signed between the three companies, TSRC will hold 30 per cent of the equity, with IOC holding 50 per cent and Marubeni taking 20 per cent.

The venture company aims to increase the plant's capacity to 200,000 tonnes per year to meet future demand, for an annual revenue of US$200 million.

Also expanding its market in India is China Synthetic Rubber Corp. (CSRC , TAIEX:2104).

CSRC said it has raised its stake in Continental Carbon India Ltd. (CCIL) to 89.59 per cent.

CSRC spokesman Liu Tsu-ti said CCIL's Indian plant currently has an annual capacity of 65,000 tonnes, which accounts for 10 per cent of the rubber market in India and has a profit margin of 15 per cent.

The company is currently expanding the capacity of the plant, aiming to manufacture 205,000 tonnes of rubber per year to meet not only domestic demand but also the needs of the Southeastern Asian market, said Liu.

Meanwhile, the booming market in India has drawn not only rubber plants but also tire plants.

Cheng Shin Rubber Industry Co. (CSRI, TAIEX:2105), one of Taiwan's leading manufacturers of automobile tires, is supplying four-wheel drive tires to India'sMahindra & Mahindra (BSE:500520), the sub-continent's largest maker of sport-utility vehicles.

CSRI also said it has been supplying tires to Maruti Suzuki India Ltd (MSIL, BSE:532500)), India's largest car maker, since early March, 2011. The country's tire market is booming thanks to growing demand from the auto industry.

French tire maker Michelin SCA has forecast India, along with China, as the fastest growing markets in the global auto industry, adding that each is expected to have a compound annual growth rate of 10.7 per cent and 13.2 per cent, respectively from 2007 to 2017.

TSRC CORP EPS Estimated At 8.31

Nelson Information - Daily: 27 May 2011

[What follows is the full text of the news story.]

Company: TSRC CORP

Report Headline: "TSRC Corp : Positive 2Q11 guidance, uncertain 3Q11 margin"

Report Date: May 24, 2011

Current FY EPS Estimate [FY2011]: 8.31

Previous EPS Estimate for Current FY [FY2011]: 8.31

Current Quarter EPS Estimate [Q2]: 2.30

Next FY EPS Estimate [FY2012]: 9.41

Previous EPS Estimate for Next FY [FY2012]: 9.41

Current Recommendation: OVERWEIGHT

Research Firm: joh

Analyst: CAREN HUANG

Industry: BASIC/CHEMIC

Estimates reported in TWD

Toyo Engineering Awarded Contract to Build SBR Plant in India

Chemical Week Business Daily: 26 May 2011

[What follows is the full text of the news story.]

Toyo Engineering (Narashino, Japan) says its Toyo Engineering India (Mumbai) subsidiary has been awarded a contract by Indian Synthetic Rubber Limited (ISRL) to build a previously announced 120,000-m.t./year styrene butadiene rubber (SBR) unit at Panipat, India. ISRL is a joint venture among Indian Oil Corp. (IOC; New Delhi), TSRC Corp. (Taipei) and Marubeni. The three companies had announced plans to form the jv in April 2010, and IOC has a 50% stake in the jv, TSRC has 30%, and Marubeni holds the remaining 20%. The jv partners will invest a total of about $200 million in the SBR project. The SBR plant is expected to come online in 2013, subject to ISRL receiving environmental permission by the end of July 2011, Toyo says. When the jv was announced last year, the plant was expected to come online by September 2012. Toyo Engineering India will execute the project under a contract covering engineering, construction and commissioning.

Maryland Gazette (MD): 25 May 2011

[What follows is the full text of the news story.]

A Virginia office supply company has bought Frank Parsons Paper out of bankruptcy for $2 million and will use the Hanover warehouse to expand its business in Maryland.

TSRC Inc. of Ashland will keep the Frank Parsons name, said Yancey Jones, executive vice president of the privately held company. TSRC operates The Supply Room Cos. in Virginia and North Carolina, selling office supplies and furniture.

Jones said the company would merge its existing, small office in Jessup with the Hanover facility. TSRC will keep about 50 of the 65 Frank Parsons employees at the warehouse.

Frank Parsons Paper, a paper supply company that operated for 75 years in the Baltimore area, filed for reorganization in U.S. Bankruptcy Court in Baltimore claiming $10 million to $50 million in debts.

***

ShopRite will buy nine Superfresh stores in the Baltimore- Washington area, including the Arnold location. The stores were auctioned off last week, and the sale will require the approval of a bankruptcy judge.

The sale, which will expand the New Jersey company's presence in Maryland from its single store in Glen Burnie, did not include locations in Glen Burnie and Odenton.

Last week, Superfresh notified state officials that it planned to close 22 of its 24 Maryland stores and lay off workers if no buyer came forward.

***

Florida-based Darden Restaurants has opened the three restaurants at Arundel Mills mall announced late last year. Red Lobster and Olive Garden opened Monday, while LongHorn Steakhouse opened on May 16. The three restaurants created 350 new jobs in Hanover.

***

Larry Ray, owner and president of the Big Vanilla Athletic Club in Pasadena and Arnold, has donated $12,000 worth of memberships to direct care staff members at Bello Machre. Seventeen staff members of the Glen Burnie nonprofit group, which provides support services for people with developmental disabilities, are using the memberships. Ray has offered memberships to the nonprofit each year for the last 10 years.

***

The Department of Homeland Security is offering grants up to $75,000 to county nonprofits to make high-risk facilities more secure against terrorist attacks. Applications must be submitted electronically to county police Lt. Col. David Pressley at pressley@aacounty.org. The application and guidelines are available at www.fema.gov. For more information, call Presley at 410-222- 3028.

***

Harbor Hospital in Baltimore has named Dr. James E. Wood Jr. chairman of its Department of Orthopaedic Surgery. Wood served as chief of the division for nearly 10 years. Wood will oversee Total Joint Replacement Certification from the Joint Commission, a national accreditation organization.

***

Providence Center, a Glen Burnie-based provider of services to people with developmental disabilities, has hired Audra Harrison as its communications manager. Harrison most recently served as spokesman for the Maryland Food Bank, but previously worked for County Executive John R. Leopold, the Roman Catholic Diocese of Trenton and on Capitol Hill.

---

Is your business making news? Send details to business news@capitalgazette.com

Polimeri's Protopapa new president of IISRP.

Rubber & Plastics News: 02 May 2011

[What follows is the full text of the news story.]

The International Institute of Synthetic Rubber Producers has elected Polimeri Europa executive Antonio Protopapa as its president international for 2011-12, succeeding Chan-koo Park of Kumho Petrochemical, who is holding that post this year.

Protopapa, commercial director for Polimeri Europa, will preside over the Annual General Meeting of the organization of most of the world's SR producers next year in Venice, Italy. Park, chairman and CEO of Kumho Petrochemical, handled those duties at the institute's conference in Seoul, South Korea, held April 11-14.

Protopapa also will serve as president of the institute's European Section, along with 12 other members who were elected during the 52nd Annual General Meeting. They are:

* Far East Section--Koichi Kawasaki of JSR, president; Wang Yuqing of Si-nopec, vice president;

* European Section--Ignacio Marco of Dynasol, vice president; Abraham Brink of Karbochem, standing member; and

* Americas Section--Ken Hertl of Goodyear Chemical, president; John Lyon of ExxonMobil, vice president; and Tim Gorman of ISP Elastomers, standing member.

Continuing to serve on the Executive Committee are Park of Kumho, past-president international; Wei-Hua Tu of TSR Corp., treasurer; and James L. McGraw, IISRP managing director and CEO, assistant treasurer and secretary.

The Seoul meeting was the IISRP's first in South Korea, and drew 160 participants, the highest number for such a conference in several years.

SR firm seeks membership

Indian Synthetic Rubber Ltd. has applied for membership in the IISRP.

The company is a joint venture of Indian Oil Co., Marubeni Corp. and TSRC Corp., and is building a 120,000 metric ton plant in Panipat, India.

The firm's application will be considered by the institute's board.

TSRC execs see Dexco deal as big step forward.

Rubber & Plastics News: 02 May 2011

[What follows is the full text of the news story.]

TSRC Corp.'s recent purchase of Dexco Polymers L.P. is a deal that satisfies the cravings of all parties.

As executives from the two companies--who discussed the acquisition while attending the International Institute of Synthetic Rubber Producers Annual General Meeting in SeoulApril 11-14--see it, the sale:

* Gives Taiwan's largest SR producer a solid thermoplastic elastomer supplier in the U.S., as well as its first production presence outside Asia;

* Offers a distinct marketing opportunity for Dexco to expand beyond its North American base, and TSRC in North America and Europe;

* Sets the table for technology cross-breeding, which the companies expect will enhance their product mix; and

* Provides the previous owners with the $168 million purchase price, and a successful conclusion to a long-running joint venture.

There are plenty of other reasons for the new owner and the former Dow Chemical Co./ExxonMobil Chemical Co. joint venture to be happy with the deal. Technology and marketing opportunities are the most important factors, though, according to Wei-Hua Tu, TSRC president and CEO.

TSRC--until 1999 known as Taiwan Synthetic Rubber Corp.--is strong in Asia with plants in Kaohsiung, Taiwan, and Nantong, China, producing polybutadiene, SBR and nitrile rubber, as well as styrenic block copolymer TPE. But the firm needed to obtain production capacity to serve North American and European customers, Tu said.

"It is very important for TSRC to become a global company," he said. The deal propels TSRC to fifth among the world's producers of SBC, from eighth.

Frank J. Chen, vice president of the TSRC research and development division, said the Taipei, Taiwan-based parent and Houston-headquartered subsidiary have different, but complementary, technology. TSRC produces SBC for adhesives, industrial compounds and shoes, while Dexco's styrene-isoprene copolymer and styrene-butadiene-styrene TPEs are for more high-end applications, in adhesives, personal care and consumer products.

The company's aim is to be known as No. 1 in technology in its field, said Chris Mudd, Dexco Polymers president and general manager.

Good position

"We may not be the No. 1 in terms of capacity, but we're not concerned with capacity, but with our technology position in the world. We can become the Tier 1 technology leader," said Mudd, who has been general manager of Dexco for eight years.

Dexco, which produces SBC at its plant in Plaquemine, La., said TSRC retained all of the wholly owned subsidiary's 70 employees. Tu and other TSRC senior executives made several trips to the production facility, and "did a great job of making the Dexco team feel welcome and feel very good about this acquisition."

Mudd said the expectations are high at Dexco. "Together we're going to do something really big," he said.

Dow and ExxonMobil alternated general managers at Dexco periodically since the joint venture was created in 1988, with Mudd coming over from the Dow side. As JVs go, Dexco had a long run.

"The good part is we've had a legacy of very good people, good technology, and those two companies are very focused on safety, environment and health," Mudd said. The challenge was getting two very large parent companies to agree on business decisions.

"I think Dexco hit a plateau in terms of growth, and our ability to serve customers worldwide. For the past few years we kind of went sideways," he said. "Now we have a brand new chance to serve customers worldwide."

The parent companies never publicly announced the business was for sale, nor mandated that they absolutely would sell Dexco, Mudd said.

"I think they were seeing what interest was out there. And TSRC was a very good choice. We worked it out with hardly any issues."

Does Dexco have enough production capacity, with the capability of making about 63,000 pounds of SBC annually? "There's never enough capacity," Mudd said, to which Tu replied, "I like to hear that." Asked if there will be an expansion coming soon to Plaquemine, however, Tu answered "Not yet."

Customer support

Mudd said Dexco's customers have been completely supportive of the change in ownership. The increased production capability and potential from the complementary technologies "is something that the customers have reacted to extremely positively," he said.

Dexco has a strong name with its Vector line, said Hendrick Lam, TSRC vice president, Corporate Planning Division and Applied Polymers Business Division, who is in charge of marketing for the corporation. He said that brand name will continue for Dexco SBS and SIS TPEs. TSRC produces Taipol-brand SBCs--SBS, SIS and SEBS.

TSRC has several joint ventures throughout Asia, including LanxessuTSRC (Nantong) Chemicals Industrial Co. Ltd. Construction of a nitrile rubber plant in Nantong by that partnership of TSRC and Lanxess A.G. is progressing, Tu said.

The $50 million project is scheduled to start up in the first half next year.

Tu said the Dexco purchase is TSRC's first in the West, but probably won't be the last.

"This is the first step. I think we will consider any other opportunity, but it must be related to our current business," Tu said.

Dexco moves TSRC into global SBC arena.

Plastics News: 11 April 2011

[What follows is the full text of the news story.]

TSRC Corp. has wrapped up its acquisition of Dexco Polymers LP of Plaquemine, La., giving the Taiwanese firm a foothold in the global market for styrenic block copolymers.

Most of Taipei-based TSRC's sales have been centered in Asia, but Dexco gives it access to markets in North America and Europe, where the company previously had not done much business. TSRC bought Dexco late last year for $168 million from Dow Chemical Co. and ExxonMobil Chemical Co., which operated it as a joint venture.

TSRC President and CEO Wei-Hua Tu -- and several other TSRC executives -- recently visited Plaquemine to close the deal.

Acquiring Dexco "will make TSRC one of the top global producers of SBC and create a global leader in the industry," Tu said in a phone interview.

Tu described Dexco's materials portfolio, including Vector-brand SBCs, as "high-end," including applications in adhesives, consumer disposables and polymer modification.

"We're going to re-arrange and maximize the product portfolio," Tu said.

Dexco President Chris Mudd and other Dexco executives will remain with the firm, which will continue to operate as Dexco Polymers.

"We want to provide consistency with customers," Tu said of the decision to retain Dexco personnel. "Dexco has very deep customer relationships in North America and Europe."

Mudd said, "We're looking forward to learning and growing together."

Dexco employs about 70 and operates almost 140 million pounds of annual capacity. TSRC declined to release Dexco's sales.

Tu added that TSRC "is still looking for potential acquisition opportunities in the U.S. and also in Europe in the next five to 10 years." The firm also will look into expanding Dexco's SBC capacity in Plaquemine.

TSRC produces styrene-butadiene rubber and polybutadiene rubber. Its SBR is used in passenger tires, shoe soles, conveyor belts, tank and tractor tracks and other products. The firm also makes Taipol thermoplastic elastomer for adhesives, industrial compounds and shoes.

The Dexco acquisition will make TSRC one of the world's five largest SBC makers, company officials said. Prior to the acquisition, TSRC had ranked eighth in that field.

TSRC CORP Consensus Recommendation: BUY

Nelson Information - Daily: 10 January 2011

[What follows is the full text of the news story.]

Company: TSRC CORP

Consensus Recommendation: BUY

(Strong Buy: 2, Buy: 4, Hold: 3, Underperform: 0, Sell: 0)

Quarter Consensus Estimate [Q1]: 1.25

FY Consensus Estimate [FY2011]: 6.36

Next FY Consensus Estimate [FY2012]: 8.31

Industry: BASIC/CHEMIC

Estimates reported in TWD

joh Changes EPS Estimate of TSRC CORP

Nelson Information - Daily: 10 January 2011

[What follows is the full text of the news story.]

Company: TSRC CORP

Report Headline: "TSRC Corp : China and India in the Driver's Seat"

Report Date: January 05, 2011

Current FY EPS Estimate [FY2011]: 7.54

Previous EPS Estimate for Current FY [FY2011]: 7.54

Current Quarter EPS Estimate [Q1]: 1.25

Previous EPS Estimate for Current Quarter [Q1]: N/A

Next FY EPS Estimate [FY2012]: 8.54

Previous EPS Estimate for Next FY [FY2012]: 8.54

Current Recommendation: OVERWEIGHT

Research Firm: joh

Analyst: CAREN HUANG

Industry: BASIC/CHEMIC

Estimates reported in TWD

NEWSCLIPS.

Plastics News: 03 January 2011

[What follows is the full text of the news story.]

Foam molder enters S.C. at new plant

JEANNETTE, PA. -- Huntington Foam LLC is expanding to South Carolina, investing more than $5 million in a new facility for customers in the region.

"We have had opportunities where anchor customers have asked us to come to South Carolina, and other customers in the region wanted us there as well," said President Gary McLaughlin in a Dec. 23 telephone interview.

The Greer, S.C., site will employ up to 60 in an 81,000-square-foot building with multipress manufacturing.

Jeannette-based Huntington molds foam for customers in a variety of industries, including automotive and home appliance. South Carolina will provide a good base to supply products for growing business in the Southeast, McLaughlin said.

Huntington also has operations in Pennsylvania, Michigan, Arkansas and two sites in Mexico. The company had faced the possibly closure of its Brockway, Pa., facility earlier in 2010, but was able to maintain business there.

McLaughlin said the firm oversaw a reorganization two years ago that refocused its business, and provided the opportunities to expand with new business as the economy recovered.

Huntington expects to begin manufacturing in Greer by the end of January.

New Lakeshore owner to expand staff

WILLIAMSTON, MICH. -- WPI LLC has bought injection molder Lakeshore Diversified Products of Spring Lake, Mich., for an undisclosed price.

Jack Van Loon, who founded Lakeshore in 1989, is expected to leave the firm to pursue other interests.

Lakeshore has annual sales of about $6.5 million and specializes in encapsulation and insert molding. It also offers pad printing, machining and similar services. The firm operates 32 injection presses and employs 50 at a facility that covers more than 100,000 square feet.

All Lakeshore employees are expected to be retained. WPI also plans to add 25-50 jobs at the site this year, officials said.

Williamston-based WPI invests in makers of hard and soft interior trim part for North American and transplant auto makers. Lakeshore is the second acquisition of the year for WPI, but officials declined to identify the firm in the prior acquisition.

BlueWater Partners LLC of Grand Rapids, Mich., served as exclusive financial adviser to Lakeshore on the deal.

Southeast Asia'sTSRC acquiring Dexco

TAIPEI, TAIWAN -- Taiwanese synthetic rubber producer TSRC Corp. has announced it will buy U.S.-based thermoplastic elastomers maker Dexco Polymers LP from the partners that own the venture, ExxonMobil Chemical Co. and Dow Chemical Co.

TSRC will pay $168 million for the company, according to a number of reports in the Asian press.

Dexco Polymers produces styrene isoprene and styrene butadiene styrene TPEs at its plant in Plaquemine, La.

TSRC said the acquisition will help it to upgrade its technology, provide its customers a wider array of products and diversify its customer base throughout the Americas, Asia and Europe.

The deal requires regulatory approve in the U.S. and Taiwan, which is expected by the second quarter of 2011.

TSRC produces styrene butadiene rubber and polybutadiene rubber. It also makes Taipol TPE for adhesives, industrial compounds and shoes.

Rhodia purchasing India's PI Polymers

LYON, FRANCE -- Specialty chemicals producer Rhodia SA has signed a binding agreement to acquire PI Polymer, the engineering plastics business of Gurgaon, India-based PI Industries Ltd.

Rhodia of Lyon said the deal supports its goal of attaining a more than 15 percent share of the Indian nylon compound market by 2015. It did not reveal its current market share.

Franois Hincker, president of Rhodia Engineering Plastics, said the deal "will dramatically accelerate our growth in India" and Rhodia will boost capacity "shortly" at PI Polymer, which forecasts $13 million in sales the current fiscal year.

PI Polymer has one plant, which employs more than 80. The company also has research and development capabilities and works through a logistics network in India.

Rhodia said that, subject to various closing conditions, the transaction is expected to be finalized by the end of March.

TSRC Corporation Files Patent Application for a Thermoplastic Elastomer Foaming Material and the Manufacturing Method Thereof

Indian Patent News

27 May 2011

[What follows is the full text of the article.]

New Delhi, May 27 -- China based TSRC Corporation filed patent application for a thermoplastic elastomer foaming material and the manufacturing method thereof. The inventors are Su Jan-Rong, Tu Yuan-Chao, Kung Chien-Kun and Lee Cheng-Te.

TSRC Corporation filed the patent application on June 7, 2006. The patent application number is 553/KOL/2006 A. The international classification number is C08J9/00.

According to the Controller General of Patents, Designs & Trade Marks, "The present invention provides a thermoplastic elastomer foaming product, comprising: (a) a hydrogenated styrenic / conjugated diene copolymer, (b) a polyolefin, (c) a plasticizer, and optional additives such as blowing agents, cross-linking agents, promoters, fillers, stabilizers and the like. The thermoplastic elastomer foaming product is soft in nature and has a low specific gravity. The present invention also provides a method of forming the above thermoplastic elastomer foaming product."

About the Company

TSRC Corporation engages in the production and sale of various synthetic rubber products primarily in Taiwan. Its products include TAIPOL SBR, which is a primary material in auto tires, shoe soles, conveyor belts, the tracks of tanks and tractors, exercise equipment, and toys; TAIPOL BR that is used primarily in radial tire production and high-impact polystyrene modification; TAIPOL thermoplastic elastomer, a styrenic block copolymer, which is used in shoe soles, asphalt modification, plastic modification, and hot-melt adhesives. The company was formerly known as Taiwan Synthetic Rubber Corp. and changed its name to TSRC Corporation. TSRC Corporation was incorporated in 1973 and is headquartered in Taipei, Taiwan.

Related Topics

Legal

Related Geographies

Asia

Taiwan, Province of China

TSRC Corporation Files Patent Application for Storage Box

Indian Patent News

22 April 2011

[What follows is the full text of the article.]

New Delhi, April 22 -- Taiwan based TSRC Corporation filed patent application for storage box. The inventor is Yu Chieh Tseng.

TSRC Corporation filed the patent application on Dec. 1, 2009. The patent application number is 2469/DEL/2009 A. The international classification number is B65B.

According to the Controller General of Patents, Designs & Trade Marks, "A storage box includes a base having upper and lower boards and a plurality of spacers between the upper and lower boards. An annular wall protrudes upward from an upper face of the upper board along a periphery of the upper board. The storage box further includes a plurality of side boards each having a first side with a coupling groove and a second side."

About the Company

TSRC Corporation engages in the production and sale of various synthetic rubber products primarily in Taiwan. Its products include TAIPOL SBR, which is a primary material in auto tires, shoe soles, conveyor belts, the tracks of tanks and tractors, exercise equipment, and toys; TAIPOL BR that is used primarily in radial tire production and high-impact polystyrene modification; TAIPOL thermoplastic elastomer, a styrenic block copolymer, which is used in shoe soles, asphalt modification, plastic modification, and hot-melt adhesives. The company was formerly known as Taiwan Synthetic Rubber Corp. and changed its name to TSRC Corporation. TSRC Corporation was incorporated in 1973 and is headquartered in Taipei, Taiwan.

Related Topics

Legal

Related Geographies

Asia

Taiwan, Province of China

TSRC Corporation Files Patent Application for Thermoplastic Elastomer and Manufacturing Method Thereof

Indian Patent News

27 December 2010

[What follows is the full text of the article.]

New Delhi, Dec. 27 -- China based TSRC Corporation filed patent application for thermoplastic elastomer and manufacturing method thereof. The inventors are Kao Huan-Chun, Su-Jau-Rong, Tu Yuan-Chao, Kung Chien-Kun and Lee Cheng-Te.

TSRC Corporation filed the patent application on April 12, 2006. The patent application number is 329/KOL/2006 A. The international classification number is C08L23/00.

According to the Controller General of Patents, Designs & Trade Marks, "A low-smoke, halogen-free and flame-retardant thermoplastic elastomer is provided in the present invention. The thermoplastic elastomer includes a polymer having a hydrogenated styrenic/conjugated diene copolymer, an inorganic phosphorus flame-retardant and a flame-retardant auxiliary, wherein a weight of the hydrogenated styrenic/conjugated diene copolymer is 50-100 percents of a weight of the polymer, a weight of the inorganic phosphorus flame-retardant is ranged from 0.3 to 2 times of the weight of the hydrogenated styrenic/conjugated diene copolymer, and a weight of the flame-retardant auxiliary is ranged from 0.05 to 0.4 times of the weight of the hydrogenated styrenic/conjugated diene copolymer."

TSRC Corporation engages in the production and sale of various synthetic rubber products primarily in Taiwan. Its products include TAIPOL SBR, which is a primary material in auto tires, shoe soles, conveyor belts, the tracks of tanks and tractors, exercise equipment, and toys; TAIPOL BR that is used primarily in radial tire production and high-impact polystyrene modification; TAIPOL thermoplastic elastomer, a styrenic block copolymer, which is used in shoe soles, asphalt modification, plastic modification, and hot-melt adhesives. The company was formerly known as Taiwan Synthetic Rubber Corp. and changed its name to TSRC Corporation. TSRC Corporation was incorporated in 1973 and is headquartered in Taipei, Taiwan.

Indian Patent News

Related Topics

Legal

Related Geographies

· Asia

· Taiwan, Province of China

Lanxess (www.lanxess.com), Leverkusen, Germany, announced that its 50:50 joint venture with Taiwan's TSRC, Lanxess-TSRC (Nantong) Chemical Industrial, has broken ground for the construction of a nitrile rubber (NBR) plant in Nantong, northwest of Shanghai, China

Rubber World

01 October 2010

[What follows is the full text of the article.]

Lanxess (www.lanxess.com), Leverkusen, Germany, announced that its 50:50 joint venture with Taiwan's TSRC, Lanxess-TSRC (Nantong) Chemical Industrial, has broken ground for the construction of a nitrile rubber (NBR) plant in Nantong, northwest of Shanghai, China. The plant, with an investment of $50 million, will occupy an area of around 40,000 square meters and is scheduled to start production in the first half of 2012 with an initial capacity of 30,000 metric tons.

Related Geographies

· Asia

· Europe

· China

· Germany

· Taiwan, Province of China

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Reclassified Normal 31-Dec-2008	Updated Normal 31-Dec-2006
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	31.497037	33.023867	31.543497	32.848802	32.525305
Auditor	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Gross Revenue	1,162.8	668.5	980.8	756.2	682.4
Sales Returns and Allowances	-0.2	-0.7	-0.1	-0.5	-0.6
Revenue	1,162.7	667.7	980.7	755.6	681.8
Other Revenue	2.1	1.9	1.9	1.8	1.6
Other Revenue, Total	2.1	1.9	1.9	1.8	1.6
Total Revenue	1,164.7	669.6	982.6	757.4	683.4
Cost of Revenue	955.7	523.4	834.0	585.9	565.1
Cost of Revenue, Total	955.7	523.4	834.0	585.9	565.1
Gross Profit	207.0	144.3	146.7	169.7	116.7
Selling/General/Administrative Expense	44.0	30.1	32.0	33.6	25.7
Total Selling/General/Administrative Expenses	44.0	30.1	32.0	33.6	25.7
Research & Development	5.4	3.8	6.8	4.5	3.4
Impairment-Assets Held for Use	-	0.0	6.8	1.9	-
Unusual Expense (Income)	-	0.0	6.8	1.9	-
Total Operating Expense	1,005.0	557.3	879.6	625.9	594.2
Operating Income	159.7	112.3	103.0	131.5	89.2
Interest Expense - Non-Operating	-5.2	-5.0	-7.5	-4.5	-4.0
Interest Capitalized - Non-Operating	-	-	-	0.4	0.1
Interest Expense, Net Non-Operating	-5.2	-5.0	-7.5	-4.1	-3.9
Interest Income - Non-Operating	0.6	0.8	2.0	2.0	1.3
Investment Income - Non-Operating	6.9	3.9	8.9	14.5	7.7
Interest/Investment Income - Non-Operating	7.5	4.7	10.9	16.5	9.0
Interest Income (Expense) - Net Non-Operating Total	2.3	-0.3	3.4	12.4	5.1
Gain (Loss) on Sale of Assets	-	-	-	-0.3	0.0
Other Non-Operating Income (Expense)	4.9	2.6	2.6	2.9	2.5
Other, Net	4.9	2.6	2.6	2.9	2.5
Income Before Tax	166.8	114.7	109.0	146.4	96.7
Total Income Tax	37.0	28.4	9.3	19.9	15.0
Income After Tax	129.8	86.2	99.7	126.5	81.8
Minority Interest	-25.7	-15.6	-11.9	-27.2	-19.1
Net Income Before Extraord Items	104.1	70.6	87.8	99.3	62.7
Net Income	104.1	70.6	87.8	99.3	62.7
Income Available to Common Excl Extraord Items	104.1	70.6	87.8	99.3	62.7
Income Available to Common Incl Extraord Items	104.1	70.6	87.8	99.3	62.7
Basic/Primary Weighted Average Shares	714.9	714.9	714.9	714.9	714.9
Basic EPS Excl Extraord Items	0.15	0.10	0.12	0.14	0.09
Basic/Primary EPS Incl Extraord Items	0.15	0.10	0.12	0.14	0.09
Dilution Adjustment	0.0	0.0	0.0	-	-
Diluted Net Income	104.1	70.6	87.8	99.3	62.7
Diluted Weighted Average Shares	716.9	716.6	716.6	714.9	714.9
Diluted EPS Excl Extraord Items	0.15	0.10	0.12	0.14	0.09
Diluted EPS Incl Extraord Items	0.15	0.10	0.12	0.14	0.09
Dividends per Share - Common Stock Primary Issue	0.10	0.09	0.08	0.12	0.08
Gross Dividends - Common Stock	72.2	63.0	60.9	87.1	54.9
Interest Expense, Supplemental	5.2	5.0	7.5	4.1	3.9
Interest Capitalized, Supplemental	-	-0.6	-2.3	-0.4	-0.1
Depreciation, Supplemental	21.5	19.6	15.5	12.4	12.1
Total Special Items	-	0.0	6.8	2.2	0.0
Normalized Income Before Tax	166.8	114.7	115.9	148.6	96.8
Effect of Special Items on Income Taxes	-	0.0	0.6	0.3	0.0
Inc Tax Ex Impact of Sp Items	37.0	28.4	9.9	20.2	15.0
Normalized Income After Tax	129.8	86.2	106.0	128.5	81.8
Normalized Inc. Avail to Com.	104.1	70.6	94.0	101.2	62.7
Basic Normalized EPS	0.15	0.10	0.13	0.14	0.09
Diluted Normalized EPS	0.15	0.10	0.13	0.14	0.09
Amort of Intangibles, Supplemental	0.8	0.7	0.8	1.0	0.2
Research & Development Exp, Supplemental	5.4	3.8	6.8	4.5	3.4
Normalized EBIT	159.7	112.3	109.9	133.3	89.2
Normalized EBITDA	182.0	132.6	126.1	146.7	101.5
Current Tax - Total	31.2	20.0	25.3	20.0	9.8
Current Tax - Total	31.2	20.0	25.3	20.0	9.8
Deferred Tax - Total	5.7	6.4	-16.0	-0.1	5.1
Deferred Tax - Total	5.7	6.4	-16.0	-0.1	5.1
Domestic Tax - Other	0.1	2.0	0.0	-	-
Income Tax - Total	37.0	28.4	9.3	19.9	15.0
Interest Cost - Domestic	0.4	0.5	0.6	0.5	0.6
Service Cost - Domestic	0.4	0.4	0.5	0.6	0.6
Expected Return on Assets - Domestic	-0.2	-0.1	-0.5	-0.2	-0.4
Other Pension, Net - Domestic	0.1	-0.1	0.5	0.3	0.2
Domestic Pension Plan Expense	0.7	0.7	1.1	1.1	1.0
Defined Contribution Expense - Domestic	1.4	1.1	0.5	-	-
Total Pension Expense	2.0	1.8	1.6	1.1	1.0
Discount Rate - Domestic	1.75%	2.25%	2.50%	2.75%	2.50%
Expected Rate of Return - Domestic	1.75%	2.25%	2.50%	2.75%	2.50%
Compensation Rate - Domestic	1.50%	2.00%	1.00%	1.00%	1.00%
Total Plan Interest Cost	0.4	0.5	0.6	0.5	0.6
Total Plan Service Cost	0.4	0.4	0.5	0.6	0.6
Total Plan Expected Return	-0.2	-0.1	-0.5	-0.2	-0.4
Total Plan Other Expense	0.1	-0.1	0.5	0.3	0.2

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Reclassified Normal 31-Dec-2008	Updated Normal 31-Dec-2006
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate	29.1565	31.985	32.818	32.4345	32.585
Auditor	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	140.5	63.5	116.9	82.4	91.5
Short Term Investments	6.8	47.8	4.7	21.1	22.2
Cash and Short Term Investments	147.3	111.3	121.5	103.5	113.7
Accounts Receivable - Trade, Gross	141.5	86.2	84.4	95.6	72.9
Provision for Doubtful Accounts	-1.4	-3.0	-3.7	-4.8	-3.8
Trade Accounts Receivable - Net	140.1	83.2	80.7	90.8	69.1
Notes Receivable - Short Term	37.8	27.3	34.3	50.6	2.2
Total Receivables, Net	177.9	110.5	115.0	141.4	71.3
Inventories - Finished Goods	55.9	47.4	24.2	34.0	34.4
Inventories - Work In Progress	11.9	8.8	8.2	6.4	4.1
Inventories - Raw Materials	55.5	47.4	27.3	28.9	28.2
Inventories - Other	-	-	-	-5.2	-7.2
Total Inventory	123.3	103.6	59.7	64.1	59.4
Prepaid Expenses	22.7	10.6	12.6	10.3	12.5
Total Current Assets	471.2	335.9	308.8	319.4	256.9
Buildings	116.1	110.2	97.2	80.0	74.5
Land/Improvements	11.7	12.1	15.5	15.7	15.7
Machinery/Equipment	412.0	389.8	325.4	265.4	253.6
Construction in Progress	7.1	1.6	75.1	67.4	4.2
Leases	65.1	56.4	48.5	49.1	48.9
Other Property/Plant/Equipment	22.3	18.0	17.5	17.8	17.9
Property/Plant/Equipment - Gross	634.2	588.1	579.2	495.3	414.7
Accumulated Depreciation	-328.8	-291.5	-266.7	-250.0	-234.8
Property/Plant/Equipment - Net	305.4	296.6	312.5	245.4	180.0
Intangibles, Net	13.0	13.6	14.2	13.1	8.9
LT Investment - Affiliate Companies	19.6	20.9	10.4	16.6	15.8
LT Investments - Other	45.9	31.8	37.5	42.8	55.5
Long Term Investments	65.5	52.6	47.9	59.4	71.3
Pension Benefits - Overfunded	1.1	1.1	1.3	1.5	1.6
Other Long Term Assets	4.1	3.0	5.7	1.1	0.7
Other Long Term Assets, Total	5.2	4.1	6.9	2.6	2.3
Total Assets	860.3	702.8	690.4	639.8	519.4
Accounts Payable	62.9	51.0	13.5	40.4	30.7
Accrued Expenses	36.4	24.1	33.5	29.7	21.7
Notes Payable/Short Term Debt	123.6	62.0	81.9	38.6	54.4
Current Portion - Long Term Debt/Capital Leases	30.0	35.3	13.7	15.9	8.3
Income Taxes Payable	17.6	1.3	9.3	11.3	1.0
Other Current liabilities, Total	17.6	1.3	9.3	11.3	1.0
Total Current Liabilities	270.5	173.7	151.9	136.0	116.1
Long Term Debt	35.6	63.0	103.0	49.7	16.0
Total Long Term Debt	35.6	63.0	103.0	49.7	16.0
Total Debt	189.2	160.3	198.5	104.2	78.7
Deferred Income Tax - LT Liability	19.1	13.8	3.6	16.2	15.8
Deferred Income Tax	19.1	13.8	3.6	16.2	15.8
Minority Interest	75.8	63.1	58.2	65.4	41.7
Reserves	1.9	1.8	1.7	1.7	1.7
Pension Benefits - Underfunded	5.1	3.3	3.4	6.5	6.3
Other Long Term Liabilities	7.8	5.0	4.8	2.9	2.9
Other Liabilities, Total	14.9	10.1	9.9	11.1	10.9
Total Liabilities	415.8	323.6	326.6	278.5	200.6
Common Stock	222.9	203.2	198.0	200.4	199.5
Common Stock	222.9	203.2	198.0	200.4	199.5
Additional Paid-In Capital	2.4	2.2	2.1	2.2	2.1
Retained Earnings (Accumulated Deficit)	211.5	155.3	135.8	142.9	98.7
Unrealized Gain (Loss)	0.5	0.4	-1.0	3.1	12.0
Translation Adjustment	8.8	18.1	29.0	15.7	9.2
Minimum Pension Liability Adjustment	-1.7	0.0	-0.1	-3.0	-2.7
Other Equity, Total	7.2	18.1	28.9	12.7	6.4
Total Equity	444.5	379.2	363.8	361.3	318.7
Total Liabilities & Shareholders’ Equity	860.3	702.8	690.4	639.8	519.4
Shares Outstanding - Common Stock Primary Issue	714.9	714.9	714.9	714.9	714.9
Total Common Shares Outstanding	714.9	714.9	714.9	714.9	714.9
Treasury Shares - Common Stock Primary Issue	0.0	0.0	0.0	0.0	-
Employees	1,198	1,134	1,161	1,011	919
Number of Common Shareholders	-	60,487	63,800	58,146	62,342
Accumulated Intangible Amort, Suppl.	3.5	3.1	2.5	1.7	-
Total Long Term Debt, Supplemental	65.6	98.3	116.6	57.9	24.3
Long Term Debt Maturing within 1 Year	30.0	35.3	13.7	8.2	8.3
Long Term Debt Maturing in Year 2	35.6	28.6	38.2	3.2	15.4
Long Term Debt Maturing in Year 3	-	34.3	31.5	12.1	0.6
Long Term Debt Maturing in Year 4	-	-	33.3	13.9	-
Long Term Debt Maturing in Year 5	-	-	-	20.4	-
Long Term Debt Maturing in 2-3 Years	35.6	63.0	69.6	15.4	16.0
Long Term Debt Maturing in 4-5 Years	-	-	33.3	34.3	-
Long Term Debt Matur. in Year 6 & Beyond	0.0	0.0	0.0	0.0	0.0
Interest Costs	-0.2	-	-	-	-
Total Capital Leases, Supplemental	3.0	-	-	-	-
Capital Lease Payments Due in Year 1	0.2	-	-	-	-
Capital Lease Payments Due in Year 2	0.2	-	-	-	-
Capital Lease Payments Due in Year 3	0.2	-	-	-	-
Capital Lease Payments Due in Year 4	0.2	-	-	-	-
Capital Lease Payments Due in 2-3 Years	0.5	-	-	-	-
Capital Lease Payments Due in 4-5 Years	0.2	-	-	-	-
Cap. Lease Pymts. Due in Year 6 & Beyond	2.0	-	-	-	-
Total Operating Leases, Supplemental	-	4.6	4.7	4.5	4.3
Operating Lease Payments Due in Year 1	-	0.3	0.2	0.2	0.2
Operating Lease Payments Due in Year 2	-	0.3	0.3	0.2	0.2
Operating Lease Payments Due in Year 3	-	0.3	0.3	0.3	0.2
Operating Lease Payments Due in Year 4	-	0.3	0.3	0.3	0.2
Operating Lease Payments Due in Year 5	-	-	1.8	1.8	-
Operating Lease Payments Due in Year 6	-	-	1.8	1.8	-
Operating Lease Pymts. Due in 2-3 Years	-	0.6	0.6	0.5	0.4
Operating Lease Pymts. Due in 4-5 Years	-	0.3	2.1	2.0	0.2
Oper. Lse. Pymts. Due in Year 6 & Beyond	-	3.4	1.8	1.8	3.5
Pension Obligation - Domestic	23.1	18.7	18.9	20.9	20.3
Plan Assets - Domestic	14.2	13.3	13.3	12.5	12.0
Funded Status - Domestic	-8.9	-5.4	-5.7	-8.5	-8.4
Accumulated Obligation - Domestic	19.3	16.5	16.7	19.0	18.3
Total Funded Status	-8.9	-5.4	-5.7	-8.5	-8.4
Discount Rate - Domestic	1.75%	2.25%	2.50%	2.75%	2.50%
Expected Rate of Return - Domestic	1.75%	2.25%	2.50%	2.75%	2.50%
Compensation Rate - Domestic	1.50%	1.00%	1.00%	1.00%	1.00%
Prepaid Benefits - Domestic	1.1	1.1	1.3	1.5	1.6
Accrued Liabilities - Domestic	-5.1	-3.3	-3.4	-6.5	-6.3
Net Assets Recognized on Balance Sheet	-4.0	-2.2	-2.1	-5.1	-4.7
Total Plan Obligations	23.1	18.7	18.9	20.9	20.3
Total Plan Assets	14.2	13.3	13.3	12.5	12.0

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Restated Normal 31-Dec-2009	Restated Normal 31-Dec-2008	Reclassified Normal 31-Dec-2007
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	31.497037	33.023867	31.543497	32.848802	32.525305
Auditor	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	129.8	86.2	87.8	99.3	62.7
Depreciation	21.9	19.7	15.5	12.4	12.1
Depreciation/Depletion	21.9	19.7	15.5	12.4	12.1
Amortization of Intangibles	0.8	0.7	0.8	1.0	0.2
Amortization	0.8	0.7	0.8	1.0	0.2
Deferred Taxes	5.7	3.3	-16.0	-0.1	5.1
Unusual Items	-2.1	0.1	-0.2	-1.8	0.0
Equity in Net Earnings (Loss)	-1.6	-3.6	-0.9	-1.1	-0.8
Other Non-Cash Items	-0.8	-18.6	27.9	25.8	18.0
Non-Cash Items	-4.5	-22.1	26.8	22.9	17.2
Accounts Receivable	-52.4	7.8	30.4	-28.6	-9.7
Inventories	-12.1	-25.8	-12.2	-0.9	-14.1
Prepaid Expenses	-10.3	2.3	1.2	2.6	-5.6
Other Assets	-0.9	0.0	4.6	-5.8	0.4
Accounts Payable	6.4	36.0	-27.5	15.5	-2.7
Accrued Expenses	8.6	-9.5	3.9	9.2	-1.0
Taxes Payable	15.0	-8.0	-2.0	10.1	-8.6
Other Liabilities	0.4	-1.0	1.7	0.0	-0.6
Changes in Working Capital	-45.3	2.0	0.1	2.2	-42.0
Cash from Operating Activities	108.5	89.7	114.9	137.6	55.4
Purchase of Fixed Assets	-10.6	-4.0	-87.3	-75.5	-11.4
Purchase/Acquisition of Intangibles	-0.1	0.0	-1.7	-1.1	-4.5
Capital Expenditures	-10.7	-4.0	-89.0	-76.5	-15.9
Sale of Fixed Assets	1.6	4.2	0.4	0.0	0.1
Sale/Maturity of Investment	62.4	25.9	21.8	15.9	10.6
Investment, Net	-1.7	0.0	0.2	-0.2	0.0
Purchase of Investments	-26.0	-66.2	-4.1	-9.6	0.0
Sale of Intangible Assets	0.6	0.0	-	-	-
Other Investing Cash Flow	0.8	2.6	4.9	4.9	-0.1
Other Investing Cash Flow Items, Total	37.8	-33.5	23.2	11.0	10.7
Cash from Investing Activities	27.2	-37.5	-65.8	-65.5	-5.2
Other Financing Cash Flow	0.4	0.0	3.6	11.3	-1.3
Financing Cash Flow Items	0.4	0.0	3.6	11.3	-1.3
Cash Dividends Paid - Common	-80.3	-65.4	-117.2	-74.3	-44.8
Total Cash Dividends Paid	-80.3	-65.4	-117.2	-74.3	-44.8
Short Term Debt, Net	50.0	-19.7	43.6	-22.0	21.5
Long Term Debt Issued	-	-	67.9	55.8	-
Long Term Debt Reduction	-34.4	-21.0	-16.4	-15.7	-2.8
Long Term Debt, Net	-34.4	-21.0	51.5	40.1	-2.8
Issuance (Retirement) of Debt, Net	15.6	-40.7	95.0	18.1	18.6
Cash from Financing Activities	-64.3	-106.1	-18.5	-44.8	-27.5
Foreign Exchange Effects	-5.7	-0.9	6.2	3.4	-0.3
Net Change in Cash	65.6	-54.7	36.8	30.7	22.3
Net Cash - Beginning Balance	64.5	116.1	84.8	50.7	69.4
Net Cash - Ending Balance	130.1	61.5	121.6	81.4	91.7
Cash Interest Paid	4.9	6.0	7.8	4.5	3.6
Cash Taxes Paid	15.1	28.8	27.7	9.1	19.7

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Reclassified Normal 31-Dec-2008	Updated Normal 31-Dec-2006
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	31.497037	33.023867	31.543497	32.848802	32.525305
Auditor	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Gross Sales	1,162.8	668.5	980.8	756.2	682.4
Sales Returns	-0.2	-0.4	-0.1	-0.3	-0.5
Sales Discounts and Allowances	0.0	-0.4	0.0	-0.2	-0.1
Other Operating Income	2.1	1.9	1.9	1.8	1.6
Total Revenue	1,164.7	669.6	982.6	757.4	683.4
Cost of Sales	954.5	522.3	832.8	587.1	562.6
Other Operating Cost	1.1	1.2	1.2	1.1	0.8
Selling Expenses	23.0	17.3	19.3	18.1	15.5
General and Administrative Expenses	21.0	12.7	12.7	15.5	10.2
Research and Development Expenses	5.4	3.8	6.8	4.5	3.4
Gain/Loss on Physical Inventory	-	-	-	-	0.0
Gain from Revaluation of Inventory	-	-	-	-2.2	0.0
Inventory Devaluation & Obsolescence	-	-	-	0.0	1.7
Impairment of Idle Assets	-	0.0	6.8	1.9	-
Total Operating Expense	1,005.0	557.3	879.6	625.9	594.2
Interest Income	0.6	0.8	2.0	2.0	1.3
G/L on Equity Investment	1.6	3.6	0.9	1.1	0.8
Dividend Income	2.3	0.1	1.3	8.2	2.2
Gain on Sale of Fixed Assets	-	-	-	-	0.0
Gain on Sale of Investments	1.2	0.0	6.9	4.0	0.0
Gain/Loss on Foreign Exchange	1.8	0.1	-0.2	1.2	0.6
Rental Income	2.3	1.8	1.7	1.7	1.8
Gain on Financial Assets Revaluation	0.1	0.0	0.0	-	4.1
Miscellaneous Income	5.3	3.2	2.9	2.3	2.7
Interest Expense	-5.2	-5.0	-7.5	-4.5	-4.0
Interest Capitalized	-	-	-	0.4	0.1
Loss on Other Investments	-	-	-	-	0.0
Loss on Sale of Fixed Assets	-	-	-	-0.3	0.0
Miscellaneous Disbursements	-2.7	-2.3	-2.0	-1.1	-2.0
Net Income Before Taxes	166.8	114.7	109.0	146.4	96.7
Provision for Income Taxes	37.0	28.4	9.3	19.9	15.0
Net Income After Taxes	129.8	86.2	99.7	126.5	81.8
Minority Interest	-25.7	-15.6	-11.9	-27.2	-19.1
Net Income Before Extra. Items	104.1	70.6	87.8	99.3	62.7
Net Income	104.1	70.6	87.8	99.3	62.7
Income Available to Com Excl ExtraOrd	104.1	70.6	87.8	99.3	62.7
Income Available to Com Incl ExtraOrd	104.1	70.6	87.8	99.3	62.7
Basic Weighted Average Shares	714.9	714.9	714.9	714.9	714.9
Basic EPS Excluding ExtraOrdinary Items	0.15	0.10	0.12	0.14	0.09
Basic EPS Including ExtraOrdinary Items	0.15	0.10	0.12	0.14	0.09
Dilution Adjustment	0.0	0.0	0.0	-	-
Diluted Net Income	104.1	70.6	87.8	99.3	62.7
Diluted Weighted Average Shares	716.9	716.6	716.6	714.9	714.9
Diluted EPS Excluding ExtraOrd Items	0.15	0.10	0.12	0.14	0.09
Diluted EPS Including ExtraOrd Items	0.15	0.10	0.12	0.14	0.09
DPS-Common Stock	0.10	0.09	0.08	0.12	0.08
Gross Dividends - Common Stock	72.2	63.0	60.9	87.1	54.9
Normalized Income Before Taxes	166.8	114.7	115.9	148.6	96.8
Inc Tax Ex Impact of Sp Items	37.0	28.4	9.9	20.2	15.0
Normalized Income After Taxes	129.8	86.2	106.0	128.5	81.8
Normalized Inc. Avail to Com.	104.1	70.6	94.0	101.2	62.7
Basic Normalized EPS	0.15	0.10	0.13	0.14	0.09
Diluted Normalized EPS	0.15	0.10	0.13	0.14	0.09
Interest Expense, Supplemental	5.2	5.0	7.5	4.1	3.9
Interest Capitalized	-	-0.6	-2.3	-0.4	-0.1
R&D Expense, Supplemental	5.4	3.8	6.8	4.5	3.4
Depreciation - Operating Cost	19.9	17.4	13.2	10.9	11.3
Depreciation - Operating Expense	1.6	2.2	2.3	1.4	0.9
Amortization - Operating Cost	0.0	-	-	0.0	0.0
Amortization - Operating Expense	0.8	0.7	0.8	1.0	0.2
Current Tax	31.2	20.0	25.3	20.0	9.8
Current Tax - Total	31.2	20.0	25.3	20.0	9.8
Deferred Tax	5.7	6.4	-16.0	-0.1	5.1
Deferred Tax - Total	5.7	6.4	-16.0	-0.1	5.1
Tax on Retained Earnings	0.1	2.0	0.0	-	-
Income Tax - Total	37.0	28.4	9.3	19.9	15.0
Service Cost	0.4	0.4	0.5	0.6	0.6
Interest Cost	0.4	0.5	0.6	0.5	0.6
Actual Return on Plan Assets	-0.2	-0.1	-0.5	-0.2	-0.4
Amortization of Unrecognized Cost	0.1	-0.1	0.5	0.3	0.2
Domestic Pension Plan Expense	0.7	0.7	1.1	1.1	1.0
Pro. for Defined Contribution Pen. Plan	1.4	1.1	0.5	-	-
Total Pension Expense	2.0	1.8	1.6	1.1	1.0
Discount Rate	1.75%	2.25%	2.50%	2.75%	2.50%
Rate of Compensation Increase	1.50%	2.00%	1.00%	1.00%	1.00%
Expected Rate of Return on Plan Assets	1.75%	2.25%	2.50%	2.75%	2.50%

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Reclassified Normal 31-Dec-2008	Updated Normal 31-Dec-2006
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate	29.1565	31.985	32.818	32.4345	32.585
Auditor	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash and Cash Equivalents	140.5	63.5	116.9	82.4	91.5
Financial Assets-Fair Value,Current	0.0	0.0	0.0	-	-
Fin. Asset for Sale - Current	2.8	45.7	2.7	14.6	21.5
Notes Receivable	37.8	27.3	34.3	50.6	2.2
Accounts Receivable, Gross	141.5	86.2	84.4	95.6	72.9
Provision for Doubful Accounts	-1.4	-3.0	-3.7	-4.8	-3.8
Accounts Receivable - Related Parties	-	-	-	0.0	0.0
Other Financial Assets - Current	4.0	2.1	2.0	6.5	0.7
Finished Goods	55.8	47.4	24.1	34.0	34.3
Work-in-Process	11.9	8.8	8.2	6.4	4.1
Raw Materials	52.3	46.3	26.8	24.3	22.3
Supplies and Parts	3.1	1.1	0.6	4.6	5.8
Merchandise	0.1	0.0	0.1	0.0	0.0
Provision for Inventory	-	-	-	-5.2	-7.2
Prepayment and Other Current Assets	22.7	10.6	12.6	10.3	12.5
Total Current Assets	471.2	335.9	308.8	319.4	256.9
Financial Asset at Cost - Non Current	44.0	31.7	37.4	41.8	52.9
Long Term Equity Investment	19.6	20.9	10.4	16.6	15.8
Prepayment for Long Term Investment	-	-	-	0.7	2.5
Other Financial Assets - Non Current	1.9	0.1	0.1	0.3	0.1
Land	9.8	10.4	14.0	14.1	14.1
Land Improvements	1.9	1.7	1.6	1.6	1.6
Buildings and Structures	116.1	110.2	97.2	80.0	74.5
Production Machinery and Equipments	392.3	367.6	312.5	254.9	244.8
Transportation Equipment	0.8	0.8	0.8	0.7	0.4
Office Equipment	18.8	21.5	12.1	9.7	8.4
Leasehold Assets	3.2	-	-	-	-
Assets Revaluation Increment	14.9	13.7	13.4	13.6	13.8
Accumulated Depreciation	-322.1	-285.5	-261.3	-248.6	-233.7
Accumulated Impairment	-3.2	-3.4	-3.7	0.0	-
Construc. in Progress & Prepay for Equip	7.1	1.6	75.1	67.4	4.2
Deferred Pension Cost	1.1	1.1	1.3	1.5	1.6
Intangible Assets, Net	13.0	13.6	14.2	13.1	-
Land Use Right	-	-	-	-	8.9
Assets for Lease	65.1	56.4	48.5	49.1	48.9
Accumulated Depre. for Asset for Lease	-3.5	-2.6	-1.8	-1.4	-1.1
Idle Assets	4.1	4.2	4.1	4.2	4.1
Other Long Term Assets	4.1	3.0	5.7	1.1	0.7
Total Assets	860.3	702.8	690.4	639.8	519.4
Short Term Borowings	122.1	62.0	80.2	38.6	54.3
Short Term Notes & Bills Payable	-	-	-	-	6.1
Notes Payable	1.5	0.0	1.7	0.0	0.1
Accounts Payable	52.0	48.5	13.5	38.4	20.2
Accounts Payable - Related Parties	10.9	2.5	0.0	2.0	4.3
Income Taxes Payable	17.6	1.3	9.3	11.3	1.0
Current Portion of Long Term Debt	30.0	35.3	13.7	15.9	8.3
Accrued Expenses and Other Current Liab.	36.4	24.1	33.5	29.7	21.7
Total Current Liabilities	270.5	173.7	151.9	136.0	116.1
Corporate Bonds Payable	-	-	-	-	7.7
Long Term Borrowings	35.6	63.0	103.0	49.7	8.3
Total Long Term Debt	35.6	63.0	103.0	49.7	16.0
Long Term Payable	-	-	-	-	0.0
Land Revaluation Increment Tax Reserve	1.9	1.8	1.7	1.7	1.7
Accrued Pension Liabilities	5.1	3.3	3.4	6.5	6.3
Long Term Security Deposits Received	2.6	2.0	1.9	0.7	0.6
Deferred Income Tax Liabilities	19.1	13.8	3.6	16.2	15.8
Other Long Term Liabilities	5.3	3.0	2.9	2.2	2.3
Minority Interest	75.8	63.1	58.2	65.4	41.7
Total Liabilities	415.8	323.6	326.6	278.5	200.6
Common Stock	222.9	203.2	198.0	200.4	199.5
Share Premium	0.0	0.0	0.0	0.0	0.0
Other Paid in Capital	2.3	2.1	2.1	2.1	2.1
Statutory Reserve	75.3	61.4	51.4	41.9	35.5
Retained Earnings	136.2	94.0	84.4	101.0	63.2
Cumulative Translation Adjustment	8.8	18.1	29.0	15.7	9.2
Unrealized Gain/Loss on Pension Fund	-1.7	0.0	-0.1	-3.0	-2.7
Unrealized LT Inv/Fin. Product Gain/Loss	0.2	0.2	-1.2	2.9	11.8
Unrealized Assets Revaluation	0.2	0.2	0.2	0.2	0.2
Total Equity	444.5	379.2	363.8	361.3	318.7
Total Liabilities & Shareholders' Equity	860.3	702.8	690.4	639.8	519.4
S/O-Common Stock	714.9	714.9	714.9	714.9	714.9
Total Common Shares Outstanding	714.9	714.9	714.9	714.9	714.9
T/S-Common Stock	0.0	0.0	0.0	0.0	-
Accumulated Intangible Amortization	3.5	3.1	2.5	1.7	-
Full-Time Employees	1,198	1,134	1,161	1,011	919
Number of Common Shareholders	-	60,487	63,800	58,146	62,342
LTD Maturing within 1 year	30.0	35.3	13.7	8.2	8.3
LTD Maturing within 2 years	35.6	28.6	38.2	3.2	15.4
LTD Maturing within 3 years	-	34.3	31.5	12.1	0.6
LTD Maturing within 4 years	-	-	33.3	13.9	-
LTD Maturing within 5 years	-	-	-	20.4	-
Total Long Term Debt, Supplemental	65.6	98.3	116.6	57.9	24.3
Capital Lease within 1 year	0.2	-	-	-	-
Capital Lease within 2 years	0.2	-	-	-	-
Capital Lease within 3 years	0.2	-	-	-	-
Capital Lease Payments Due in Year 4	0.2	-	-	-	-
Capital Leases - Remaining Maturities	2.2	-	-	-	-
Interest Costs	-0.2	-	-	-	-
Total Capital Leases	3.0	-	-	-	-
Operating Lease within 1 year	-	0.3	0.2	0.2	0.2
Operating Lease within 2 years	-	0.3	0.3	0.2	0.2
Operating Lease within 3 years	-	0.3	0.3	0.3	0.2
Operating Lease within 4 years	-	0.3	0.3	0.3	0.2
Operating Lease within 6 years	-	-	3.6	3.5	-
Operating Lease more than 10 Years	-	3.4	-	-	3.5
Total Operating Leases	-	4.6	4.7	4.5	4.3
Accumulated Benefit Obligation	19.3	16.5	16.7	19.0	18.3
Benefit Obligation	23.1	18.7	18.9	20.9	20.3
Fair Value of Plan Assets	14.2	13.3	13.3	12.5	12.0
Funded Status	-8.9	-5.4	-5.7	-8.5	-8.4
Total Funded Status	-8.9	-5.4	-5.7	-8.5	-8.4
Discount Rate	1.75%	2.25%	2.50%	2.75%	2.50%
Rate of Compensation Increase	1.50%	1.00%	1.00%	1.00%	1.00%
Expected Rate of Return on Plan Assets	1.75%	2.25%	2.50%	2.75%	2.50%
Deferred Pension Cost	1.1	1.1	1.3	1.5	1.6
Accrued Pension Liabilities	-5.1	-3.3	-3.4	-6.5	-6.3
Net Assets Recognized on Balance Sheet	-4.0	-2.2	-2.1	-5.1	-4.7

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Restated Normal 31-Dec-2009	Restated Normal 31-Dec-2008	Reclassified Normal 31-Dec-2007
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	31.497037	33.023867	31.543497	32.848802	32.525305
Auditor	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income	129.8	86.2	87.8	99.3	62.7
Depreciation	21.9	19.7	15.5	12.4	12.1
Minority Interest	-	-	11.9	27.2	19.1
Amortization of Intangibles	0.8	0.7	0.8	1.0	0.2
Provision for Bad Debts	-1.7	-0.7	-1.3	1.0	0.6
Unrealized Gain from Sale of Investment	0.0	-0.5	-0.3	-0.6	-
Prov. for Inventory Devaluation & Obsol.	-0.1	-17.4	17.3	-2.2	1.7
Impairment Loss	-	-	6.8	1.9	-
Depreciation & Devaluation of Idle Asset	-	-	-	-	0.4
Depreciation of Assets for Lease	-	-	0.4	0.4	0.4
Unrealized Loss on Foreign Exchange	-	-	-0.2	0.0	0.0
Cash Dividend from Equity Investment	1.0	0.0	-	-	-
G/L on Sale of Fixed Assets	-0.6	0.1	-0.1	0.3	0.0
G/L on Sale of Intangible Assets	-0.3	0.0	-	-	-
Loss on Other Investment	-	-	-	-	0.0
Unre. G/L on Financial Assets Valuation	0.0	0.0	0.0	-	-4.1
Net Gain on Sale of Investments	-1.2	0.0	-6.9	-4.0	0.0
Equity Investment Gain/Loss	-1.6	-3.6	-0.9	-1.1	-0.8
Overdued Dividend Income	-	-	-	-	0.0
Deferred Tax	-	-	-16.0	-0.1	5.1
Financial Assets-Fair Value, Current	0.0	0.0	-	-	-
Notes Receivable	-7.3	7.6	16.3	-7.7	0.1
Accounts Receivable	-45.2	0.2	14.0	-20.9	-9.9
Accounts Receivable - Related Parties	-	-	0.0	0.0	0.1
Other Financial Assets - Current	-0.9	0.0	4.6	-5.8	0.4
Inventories	-12.1	-25.8	-12.2	-0.9	-14.1
Prepayment and Other Current Assets	-	-	1.2	2.6	-5.6
Prepaid Expense	-10.3	2.3	-	-	-
Notes Payable	1.4	-1.7	1.7	-0.1	-0.6
Accounts Payable	-1.1	33.6	-25.4	17.8	-4.7
Accounts Payable - Related Parties	7.5	2.4	-2.0	-2.3	2.0
Tax Payable	15.0	-8.0	-2.0	10.1	-8.6
Accrued Expenses and Other Current Liab.	8.6	-9.5	3.9	9.2	-1.0
Accrued Pension Liabilities	0.0	0.1	-0.1	0.1	0.0
Deferred Tax Liabilities	5.7	3.3	-	-	-
Other Liabilities	-1.0	0.6	0.0	-	-
Cash from Operating Activities	108.5	89.7	114.9	137.6	55.4
Disposal of Fixed Assets	1.6	4.2	0.4	0.0	0.1
Capital Expenditure	-10.6	-4.0	-87.3	-75.5	-11.4
Disposal of Financial Assets for Sale	59.6	25.9	14.3	7.1	10.6
Disposal of Financial Assets-Cost Method	0.0	0.0	7.5	8.8	-
LT Equity Investment Increase	-10.4	0.0	-	-	-
LT Equity Investment Settlement	2.8	0.0	-	-	-
Financial Assets for Sale Increase	-15.6	-66.2	-4.1	-7.8	0.0
Capital Reduction of Fin. Asset at Cost	-	-	1.6	4.8	-
LT Equity Investment Increase	-	-	-	-1.8	-
Capital Reduction from Equity Investment	1.4	-	7.1	0.9	-
Intangible Assets Increase	-0.1	0.0	-1.7	-1.1	-4.5
Disposal of Intangible Assets	0.6	0.0	-	-	-
Other Financial Assets, Non-current	-1.7	0.0	0.2	-0.2	0.0
Other Assets	-0.6	2.6	-4.8	-1.2	0.1
Other Liabilities	-	-	1.1	0.5	-0.1
Cash from Investing Activities	27.2	-37.5	-65.8	-65.5	-5.2
Short Term Borrowings, Net	50.0	-19.7	43.6	-15.9	15.3
Short Term Notes, Net	-	-	-	-6.1	6.1
Repayment of Corporate Bonds	-	-	-7.9	-7.6	0.0
Repayment of Long Term Borrowings	-34.4	-21.0	-8.5	-8.1	-2.8
Long Term Borrowings Increase	-	-	67.9	55.8	-
Long Term Payable	-	-	-	0.0	-0.1
Cash Dividend - Common Stock	-80.3	-65.4	-117.2	-74.3	-44.8
Minority Interest	-	-	5.2	12.9	0.0
Director Remuneration & Employee Bonus	-	-	-2.8	-1.7	-1.3
Security Deposit Received	0.4	0.0	1.3	0.1	0.0
Cash from Financing Activities	-64.3	-106.1	-18.5	-44.8	-27.5
Foreign Exchange Effects	-5.7	-0.9	6.2	3.4	-0.3
Net Change in Cash	65.6	-54.7	36.8	30.7	22.3
Net Cash - Beginning Balance	64.5	116.1	84.8	50.7	69.4
Net Cash - Ending Balance	130.1	61.5	121.6	81.4	91.7
Cash Interest Paid	4.9	6.0	7.8	4.5	3.6
Cash Taxes Paid	15.1	28.8	27.7	9.1	19.7

Financial Health

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Key Indicators USD (mil)
Â	Quarter Ending 31-Mar-2011	Quarter Ending Yr Ago	Annual Year End 31-Dec-2010	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1	422.0	50.61%	1,164.7	65.91%	13.82%	13.07%
Research & Development1	1.6	36.74%	5.4	35.82%	4.59%	16.77%
Operating Income1	100.5	170.57%	159.7	35.65%	5.23%	14.88%
Income Available to Common Excl Extraord Items1	55.7	152.59%	104.1	40.64%	0.17%	12.16%
Basic EPS Excl Extraord Items1	0.08	152.58%	0.15	40.64%	0.17%	12.16%
Capital Expenditures2	5.1	578.37%	10.7	153.12%	-48.87%	-12.56%
Cash from Operating Activities2	34.2	640.82%	108.5	15.28%	-8.91%	1.47%
Free Cash Flow	28.9	653.11%	105.7	8.82%	15.35%	4.11%
Total Assets3	1,137.8	39.61%	860.3	11.58%	6.52%	10.95%
Total Liabilities3	638.7	66.99%	415.8	17.12%	10.31%	16.37%
Total Long Term Debt3	187.0	196.38%	35.6	-48.50%	-13.64%	3.40%
Employees3	-	-	1198	5.64%	5.82%	5.65%
Total Common Shares Outstanding3	714.9	0.00%	714.9	0.00%	0.00%	0.00%
1-ExchangeRate: TWD to USD Average for Period	29.305764	Â	31.497037	Â	Â	Â
2-ExchangeRate: TWD to USD Average for Period	29.305764	Â	31.497037	Â	Â	Â
3-ExchangeRate: TWD to USD Period End Date	29.406500	Â	29.156500	Â	Â	Â

Key Ratios
Â	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Profitability
Gross Margin	17.80%	21.61%	14.96%	22.46%	17.11%
Operating Margin	13.71%	16.77%	10.49%	17.36%	13.05%
Pretax Margin	14.32%	17.13%	11.09%	19.33%	14.16%
Net Profit Margin	8.94%	10.54%	8.93%	13.11%	9.18%
Financial Strength
Current Ratio	1.74	1.93	2.03	2.35	2.21
Long Term Debt/Equity	0.08	0.17	0.28	0.14	0.05
Total Debt/Equity	0.43	0.42	0.55	0.29	0.25
Management Effectiveness
Return on Assets	17.19%	12.62%	14.49%	22.07%	16.70%
Return on Equity	26.14%	19.38%	23.40%	29.51%	20.79%
Efficiency
Receivables Turnover	8.41	6.05	7.42	7.20	10.24
Inventory Turnover	8.72	6.56	13.03	9.59	10.64
Asset Turnover	1.54	0.98	1.43	1.32	1.40

Market Valuation USD (mil)
P/E (TTM)	11.11	.	Enterprise Value2	1,696.7
Price/Sales (TTM)	1.16	.	Enterprise Value/Revenue (TTM)	1.22
Price/Book (MRQ)	3.22	.	Enterprise Value/EBITDA (TTM)	6.57
Market Cap as of 05-Aug-20111	1,632.9	.
1-ExchangeRate: TWD to USD on 5-Aug-2011	28.940000
2-ExchangeRate: TWD to USD on 31-Mar-2011	29.406500

Annual Ratios

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Financial Strength
Current Ratio	1.74	1.93	2.03	2.35	2.21
Quick/Acid Test Ratio	1.20	1.28	1.56	1.80	1.59
Working Capital1	200.7	162.2	156.9	183.4	140.7
Long Term Debt/Equity	0.08	0.17	0.28	0.14	0.05
Total Debt/Equity	0.43	0.42	0.55	0.29	0.25
Long Term Debt/Total Capital	0.06	0.12	0.18	0.11	0.04
Total Debt/Total Capital	0.30	0.30	0.35	0.22	0.20
Payout Ratio	69.37%	89.20%	65.73%	87.66%	87.63%
Effective Tax Rate	22.19%	24.80%	8.53%	13.57%	15.47%
Total Capital1	633.6	539.5	562.3	465.6	397.5
Efficiency
Asset Turnover	1.54	0.98	1.43	1.32	1.40
Inventory Turnover	8.72	6.56	13.03	9.59	10.64
Days In Inventory	41.87	55.66	28.01	38.06	34.30
Receivables Turnover	8.41	6.05	7.42	7.20	10.24
Days Receivables Outstanding	43.38	60.30	49.22	50.68	35.64
Revenue/Employee2	1,050,279	609,636	813,456	758,731	742,239
Operating Income/Employee2	144,033	102,253	85,296	131,684	96,831
EBITDA/Employee2	164,121	120,727	98,727	145,034	110,238
Profitability
Gross Margin	17.80%	21.61%	14.96%	22.46%	17.11%
Operating Margin	13.71%	16.77%	10.49%	17.36%	13.05%
EBITDA Margin	15.63%	19.80%	12.14%	19.12%	14.85%
EBIT Margin	13.71%	16.77%	10.49%	17.36%	13.05%
Pretax Margin	14.32%	17.13%	11.09%	19.33%	14.16%
Net Profit Margin	8.94%	10.54%	8.93%	13.11%	9.18%
R&D Expense/Revenue	0.46%	0.56%	0.69%	0.59%	0.50%
COGS/Revenue	82.05%	78.17%	84.88%	77.36%	82.70%
SG&A Expense/Revenue	3.78%	4.49%	3.25%	4.44%	3.76%
Management Effectiveness
Return on Assets	17.19%	12.62%	14.49%	22.07%	16.70%
Return on Equity	26.14%	19.38%	23.40%	29.51%	20.79%
Valuation
Free Cash Flow/Share2	0.15	0.12	0.03	0.09	0.06
Operating Cash Flow/Share 2	0.16	0.13	0.15	0.19	0.08
1-ExchangeRate: TWD to USD Period End Date	29.1565	31.985	32.818	32.4345	32.585
2-ExchangeRate: TWD to USD Average for Period	29.1565	31.985	32.818	32.4345	32.585

Current Market Multiples
Market Cap/Earnings (TTM)	11.11
Market Cap/Equity (MRQ)	3.22
Market Cap/Revenue (TTM)	1.16
Market Cap/EBIT (TTM)	6.86
Market Cap/EBITDA (TTM)	6.22
Enterprise Value/Earnings (TTM)	11.73
Enterprise Value/Equity (MRQ)	3.40
Enterprise Value/Revenue (TTM)	1.22
Enterprise Value/EBIT (TTM)	7.24
Enterprise Value/EBITDA (TTM)	6.57

Annual Income Statement

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Reclassified Normal 31-Dec-2008	Updated Normal 31-Dec-2006
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	31.497037	33.023867	31.543497	32.848802	32.525305
Auditor	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Gross Revenue	1,162.8	668.5	980.8	756.2	682.4
Sales Returns and Allowances	-0.2	-0.7	-0.1	-0.5	-0.6
Revenue	1,162.7	667.7	980.7	755.6	681.8
Other Revenue	2.1	1.9	1.9	1.8	1.6
Other Revenue, Total	2.1	1.9	1.9	1.8	1.6
Total Revenue	1,164.7	669.6	982.6	757.4	683.4
Cost of Revenue	955.7	523.4	834.0	585.9	565.1
Cost of Revenue, Total	955.7	523.4	834.0	585.9	565.1
Gross Profit	207.0	144.3	146.7	169.7	116.7
Selling/General/Administrative Expense	44.0	30.1	32.0	33.6	25.7
Total Selling/General/Administrative Expenses	44.0	30.1	32.0	33.6	25.7
Research & Development	5.4	3.8	6.8	4.5	3.4
Impairment-Assets Held for Use	-	0.0	6.8	1.9	-
Unusual Expense (Income)	-	0.0	6.8	1.9	-
Total Operating Expense	1,005.0	557.3	879.6	625.9	594.2
Operating Income	159.7	112.3	103.0	131.5	89.2
Interest Expense - Non-Operating	-5.2	-5.0	-7.5	-4.5	-4.0
Interest Capitalized - Non-Operating	-	-	-	0.4	0.1
Interest Expense, Net Non-Operating	-5.2	-5.0	-7.5	-4.1	-3.9
Interest Income - Non-Operating	0.6	0.8	2.0	2.0	1.3
Investment Income - Non-Operating	6.9	3.9	8.9	14.5	7.7
Interest/Investment Income - Non-Operating	7.5	4.7	10.9	16.5	9.0
Interest Income (Expense) - Net Non-Operating Total	2.3	-0.3	3.4	12.4	5.1
Gain (Loss) on Sale of Assets	-	-	-	-0.3	0.0
Other Non-Operating Income (Expense)	4.9	2.6	2.6	2.9	2.5
Other, Net	4.9	2.6	2.6	2.9	2.5
Income Before Tax	166.8	114.7	109.0	146.4	96.7
Total Income Tax	37.0	28.4	9.3	19.9	15.0
Income After Tax	129.8	86.2	99.7	126.5	81.8
Minority Interest	-25.7	-15.6	-11.9	-27.2	-19.1
Net Income Before Extraord Items	104.1	70.6	87.8	99.3	62.7
Net Income	104.1	70.6	87.8	99.3	62.7
Income Available to Common Excl Extraord Items	104.1	70.6	87.8	99.3	62.7
Income Available to Common Incl Extraord Items	104.1	70.6	87.8	99.3	62.7
Basic/Primary Weighted Average Shares	714.9	714.9	714.9	714.9	714.9
Basic EPS Excl Extraord Items	0.15	0.10	0.12	0.14	0.09
Basic/Primary EPS Incl Extraord Items	0.15	0.10	0.12	0.14	0.09
Dilution Adjustment	0.0	0.0	0.0	-	-
Diluted Net Income	104.1	70.6	87.8	99.3	62.7
Diluted Weighted Average Shares	716.9	716.6	716.6	714.9	714.9
Diluted EPS Excl Extraord Items	0.15	0.10	0.12	0.14	0.09
Diluted EPS Incl Extraord Items	0.15	0.10	0.12	0.14	0.09
Dividends per Share - Common Stock Primary Issue	0.10	0.09	0.08	0.12	0.08
Gross Dividends - Common Stock	72.2	63.0	60.9	87.1	54.9
Interest Expense, Supplemental	5.2	5.0	7.5	4.1	3.9
Interest Capitalized, Supplemental	-	-0.6	-2.3	-0.4	-0.1
Depreciation, Supplemental	21.5	19.6	15.5	12.4	12.1
Total Special Items	-	0.0	6.8	2.2	0.0
Normalized Income Before Tax	166.8	114.7	115.9	148.6	96.8
Effect of Special Items on Income Taxes	-	0.0	0.6	0.3	0.0
Inc Tax Ex Impact of Sp Items	37.0	28.4	9.9	20.2	15.0
Normalized Income After Tax	129.8	86.2	106.0	128.5	81.8
Normalized Inc. Avail to Com.	104.1	70.6	94.0	101.2	62.7
Basic Normalized EPS	0.15	0.10	0.13	0.14	0.09
Diluted Normalized EPS	0.15	0.10	0.13	0.14	0.09
Amort of Intangibles, Supplemental	0.8	0.7	0.8	1.0	0.2
Research & Development Exp, Supplemental	5.4	3.8	6.8	4.5	3.4
Normalized EBIT	159.7	112.3	109.9	133.3	89.2
Normalized EBITDA	182.0	132.6	126.1	146.7	101.5
Current Tax - Total	31.2	20.0	25.3	20.0	9.8
Current Tax - Total	31.2	20.0	25.3	20.0	9.8
Deferred Tax - Total	5.7	6.4	-16.0	-0.1	5.1
Deferred Tax - Total	5.7	6.4	-16.0	-0.1	5.1
Domestic Tax - Other	0.1	2.0	0.0	-	-
Income Tax - Total	37.0	28.4	9.3	19.9	15.0
Interest Cost - Domestic	0.4	0.5	0.6	0.5	0.6
Service Cost - Domestic	0.4	0.4	0.5	0.6	0.6
Expected Return on Assets - Domestic	-0.2	-0.1	-0.5	-0.2	-0.4
Other Pension, Net - Domestic	0.1	-0.1	0.5	0.3	0.2
Domestic Pension Plan Expense	0.7	0.7	1.1	1.1	1.0
Defined Contribution Expense - Domestic	1.4	1.1	0.5	-	-
Total Pension Expense	2.0	1.8	1.6	1.1	1.0
Discount Rate - Domestic	1.75%	2.25%	2.50%	2.75%	2.50%
Expected Rate of Return - Domestic	1.75%	2.25%	2.50%	2.75%	2.50%
Compensation Rate - Domestic	1.50%	2.00%	1.00%	1.00%	1.00%
Total Plan Interest Cost	0.4	0.5	0.6	0.5	0.6
Total Plan Service Cost	0.4	0.4	0.5	0.6	0.6
Total Plan Expected Return	-0.2	-0.1	-0.5	-0.2	-0.4
Total Plan Other Expense	0.1	-0.1	0.5	0.3	0.2

Interim Income Statement

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2011	31-Dec-2010	30-Sep-2010	30-Jun-2010	31-Mar-2010
Period Length	3 Months	3 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010	Updated Normal 30-Jun-2010	Updated Normal 31-Mar-2010
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	29.305764	30.350199	31.911435	31.824532	31.921093
Gross Revenue	421.4	351.0	279.1	278.8	256.8
Sales Returns and Allowances	0.0	0.0	-0.1	0.0	0.0
Revenue	421.4	350.9	279.0	278.8	256.8
Other Revenue	0.6	0.6	0.5	0.5	0.5
Other Revenue, Total	0.6	0.6	0.5	0.5	0.5
Total Revenue	422.0	351.5	279.5	279.3	257.2
Cost of Revenue	308.8	272.3	231.7	240.8	212.4
Cost of Revenue, Total	308.8	272.3	231.7	240.8	212.4
Gross Profit	112.6	78.7	47.2	38.0	44.4
Selling/General/Administrative Expense	11.1	16.4	11.1	7.0	9.7
Total Selling/General/Administrative Expenses	11.1	16.4	11.1	7.0	9.7
Research & Development	1.6	2.0	1.2	1.1	1.1
Impairment-Assets Held for Use	-	0.0	0.0	0.0	0.0
Unusual Expense (Income)	-	0.0	0.0	0.0	0.0
Total Operating Expense	321.5	290.7	244.0	248.9	223.1
Operating Income	100.5	60.8	35.4	30.3	34.1
Interest Expense - Non-Operating	-1.1	-1.3	-1.5	-1.3	-1.2
Interest Expense, Net Non-Operating	-1.1	-1.3	-1.5	-1.3	-1.2
Interest Income - Non-Operating	0.4	0.3	0.1	0.1	0.1
Investment Income - Non-Operating	1.3	2.4	0.7	1.3	2.4
Interest/Investment Income - Non-Operating	1.6	2.6	0.8	1.5	2.5
Interest Income (Expense) - Net Non-Operating Total	0.5	1.4	-0.6	0.1	1.3
Gain (Loss) on Sale of Assets	-	-0.6	0.1	0.5	-
Other Non-Operating Income (Expense)	1.0	1.4	2.5	3.0	-2.0
Other, Net	1.0	1.4	2.5	3.0	-2.0
Income Before Tax	102.1	62.9	37.5	34.0	33.4
Total Income Tax	26.4	13.9	8.8	6.4	8.2
Income After Tax	75.7	49.1	28.8	27.5	25.2
Minority Interest	-19.9	-13.5	-3.8	-3.7	-5.0
Net Income Before Extraord Items	55.7	35.5	25.0	23.8	20.3
Accounting Change	0.1	-	-	-	-
Total Extraord Items	0.1	-	-	-	-
Net Income	55.8	35.5	25.0	23.8	20.3
Income Available to Common Excl Extraord Items	55.7	35.5	25.0	23.8	20.3
Income Available to Common Incl Extraord Items	55.8	35.5	25.0	23.8	20.3
Basic/Primary Weighted Average Shares	714.9	714.9	714.9	714.9	714.9
Basic EPS Excl Extraord Items	0.08	0.05	0.03	0.03	0.03
Basic/Primary EPS Incl Extraord Items	0.08	0.05	0.03	0.03	0.03
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	55.8	35.5	25.0	23.8	20.3
Diluted Weighted Average Shares	716.2	717.1	717.3	716.9	716.3
Diluted EPS Excl Extraord Items	0.08	0.05	0.03	0.03	0.03
Diluted EPS Incl Extraord Items	0.08	0.05	0.03	0.03	0.03
Dividends per Share - Common Stock Primary Issue	0.00	0.10	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	74.9	0.0	0.0	0.0
Interest Expense, Supplemental	1.1	1.3	1.5	1.3	1.2
Depreciation, Supplemental	5.5	5.8	5.4	5.5	5.3
Total Special Items	-	0.6	-0.1	-0.5	0.0
Normalized Income Before Tax	102.1	63.6	37.4	33.4	33.4
Effect of Special Items on Income Taxes	-	0.1	0.0	-0.1	0.0
Inc Tax Ex Impact of Sp Items	26.4	14.0	8.7	6.3	8.2
Normalized Income After Tax	75.7	49.6	28.6	27.1	25.2
Normalized Inc. Avail to Com.	55.7	36.0	24.9	23.4	20.3
Basic Normalized EPS	0.08	0.05	0.03	0.03	0.03
Diluted Normalized EPS	0.08	0.05	0.03	0.03	0.03
Amort of Intangibles, Supplemental	0.2	0.2	0.2	0.2	0.2
Research & Development Exp, Supplemental	1.6	2.0	1.2	1.1	1.1
Normalized EBIT	100.5	60.8	35.4	30.3	34.1
Normalized EBITDA	106.2	66.8	41.1	36.0	39.6

Annual Balance Sheet

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Reclassified Normal 31-Dec-2008	Updated Normal 31-Dec-2006
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate	29.1565	31.985	32.818	32.4345	32.585
Auditor	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	140.5	63.5	116.9	82.4	91.5
Short Term Investments	6.8	47.8	4.7	21.1	22.2
Cash and Short Term Investments	147.3	111.3	121.5	103.5	113.7
Accounts Receivable - Trade, Gross	141.5	86.2	84.4	95.6	72.9
Provision for Doubtful Accounts	-1.4	-3.0	-3.7	-4.8	-3.8
Trade Accounts Receivable - Net	140.1	83.2	80.7	90.8	69.1
Notes Receivable - Short Term	37.8	27.3	34.3	50.6	2.2
Total Receivables, Net	177.9	110.5	115.0	141.4	71.3
Inventories - Finished Goods	55.9	47.4	24.2	34.0	34.4
Inventories - Work In Progress	11.9	8.8	8.2	6.4	4.1
Inventories - Raw Materials	55.5	47.4	27.3	28.9	28.2
Inventories - Other	-	-	-	-5.2	-7.2
Total Inventory	123.3	103.6	59.7	64.1	59.4
Prepaid Expenses	22.7	10.6	12.6	10.3	12.5
Total Current Assets	471.2	335.9	308.8	319.4	256.9
Buildings	116.1	110.2	97.2	80.0	74.5
Land/Improvements	11.7	12.1	15.5	15.7	15.7
Machinery/Equipment	412.0	389.8	325.4	265.4	253.6
Construction in Progress	7.1	1.6	75.1	67.4	4.2
Leases	65.1	56.4	48.5	49.1	48.9
Other Property/Plant/Equipment	22.3	18.0	17.5	17.8	17.9
Property/Plant/Equipment - Gross	634.2	588.1	579.2	495.3	414.7
Accumulated Depreciation	-328.8	-291.5	-266.7	-250.0	-234.8
Property/Plant/Equipment - Net	305.4	296.6	312.5	245.4	180.0
Intangibles, Net	13.0	13.6	14.2	13.1	8.9
LT Investment - Affiliate Companies	19.6	20.9	10.4	16.6	15.8
LT Investments - Other	45.9	31.8	37.5	42.8	55.5
Long Term Investments	65.5	52.6	47.9	59.4	71.3
Pension Benefits - Overfunded	1.1	1.1	1.3	1.5	1.6
Other Long Term Assets	4.1	3.0	5.7	1.1	0.7
Other Long Term Assets, Total	5.2	4.1	6.9	2.6	2.3
Total Assets	860.3	702.8	690.4	639.8	519.4
Accounts Payable	62.9	51.0	13.5	40.4	30.7
Accrued Expenses	36.4	24.1	33.5	29.7	21.7
Notes Payable/Short Term Debt	123.6	62.0	81.9	38.6	54.4
Current Portion - Long Term Debt/Capital Leases	30.0	35.3	13.7	15.9	8.3
Income Taxes Payable	17.6	1.3	9.3	11.3	1.0
Other Current liabilities, Total	17.6	1.3	9.3	11.3	1.0
Total Current Liabilities	270.5	173.7	151.9	136.0	116.1
Long Term Debt	35.6	63.0	103.0	49.7	16.0
Total Long Term Debt	35.6	63.0	103.0	49.7	16.0
Total Debt	189.2	160.3	198.5	104.2	78.7
Deferred Income Tax - LT Liability	19.1	13.8	3.6	16.2	15.8
Deferred Income Tax	19.1	13.8	3.6	16.2	15.8
Minority Interest	75.8	63.1	58.2	65.4	41.7
Reserves	1.9	1.8	1.7	1.7	1.7
Pension Benefits - Underfunded	5.1	3.3	3.4	6.5	6.3
Other Long Term Liabilities	7.8	5.0	4.8	2.9	2.9
Other Liabilities, Total	14.9	10.1	9.9	11.1	10.9
Total Liabilities	415.8	323.6	326.6	278.5	200.6
Common Stock	222.9	203.2	198.0	200.4	199.5
Common Stock	222.9	203.2	198.0	200.4	199.5
Additional Paid-In Capital	2.4	2.2	2.1	2.2	2.1
Retained Earnings (Accumulated Deficit)	211.5	155.3	135.8	142.9	98.7
Unrealized Gain (Loss)	0.5	0.4	-1.0	3.1	12.0
Translation Adjustment	8.8	18.1	29.0	15.7	9.2
Minimum Pension Liability Adjustment	-1.7	0.0	-0.1	-3.0	-2.7
Other Equity, Total	7.2	18.1	28.9	12.7	6.4
Total Equity	444.5	379.2	363.8	361.3	318.7
Total Liabilities & Shareholders’ Equity	860.3	702.8	690.4	639.8	519.4
Shares Outstanding - Common Stock Primary Issue	714.9	714.9	714.9	714.9	714.9
Total Common Shares Outstanding	714.9	714.9	714.9	714.9	714.9
Treasury Shares - Common Stock Primary Issue	0.0	0.0	0.0	0.0	-
Employees	1,198	1,134	1,161	1,011	919
Number of Common Shareholders	-	60,487	63,800	58,146	62,342
Accumulated Intangible Amort, Suppl.	3.5	3.1	2.5	1.7	-
Total Long Term Debt, Supplemental	65.6	98.3	116.6	57.9	24.3
Long Term Debt Maturing within 1 Year	30.0	35.3	13.7	8.2	8.3
Long Term Debt Maturing in Year 2	35.6	28.6	38.2	3.2	15.4
Long Term Debt Maturing in Year 3	-	34.3	31.5	12.1	0.6
Long Term Debt Maturing in Year 4	-	-	33.3	13.9	-
Long Term Debt Maturing in Year 5	-	-	-	20.4	-
Long Term Debt Maturing in 2-3 Years	35.6	63.0	69.6	15.4	16.0
Long Term Debt Maturing in 4-5 Years	-	-	33.3	34.3	-
Long Term Debt Matur. in Year 6 & Beyond	0.0	0.0	0.0	0.0	0.0
Interest Costs	-0.2	-	-	-	-
Total Capital Leases, Supplemental	3.0	-	-	-	-
Capital Lease Payments Due in Year 1	0.2	-	-	-	-
Capital Lease Payments Due in Year 2	0.2	-	-	-	-
Capital Lease Payments Due in Year 3	0.2	-	-	-	-
Capital Lease Payments Due in Year 4	0.2	-	-	-	-
Capital Lease Payments Due in 2-3 Years	0.5	-	-	-	-
Capital Lease Payments Due in 4-5 Years	0.2	-	-	-	-
Cap. Lease Pymts. Due in Year 6 & Beyond	2.0	-	-	-	-
Total Operating Leases, Supplemental	-	4.6	4.7	4.5	4.3
Operating Lease Payments Due in Year 1	-	0.3	0.2	0.2	0.2
Operating Lease Payments Due in Year 2	-	0.3	0.3	0.2	0.2
Operating Lease Payments Due in Year 3	-	0.3	0.3	0.3	0.2
Operating Lease Payments Due in Year 4	-	0.3	0.3	0.3	0.2
Operating Lease Payments Due in Year 5	-	-	1.8	1.8	-
Operating Lease Payments Due in Year 6	-	-	1.8	1.8	-
Operating Lease Pymts. Due in 2-3 Years	-	0.6	0.6	0.5	0.4
Operating Lease Pymts. Due in 4-5 Years	-	0.3	2.1	2.0	0.2
Oper. Lse. Pymts. Due in Year 6 & Beyond	-	3.4	1.8	1.8	3.5
Pension Obligation - Domestic	23.1	18.7	18.9	20.9	20.3
Plan Assets - Domestic	14.2	13.3	13.3	12.5	12.0
Funded Status - Domestic	-8.9	-5.4	-5.7	-8.5	-8.4
Accumulated Obligation - Domestic	19.3	16.5	16.7	19.0	18.3
Total Funded Status	-8.9	-5.4	-5.7	-8.5	-8.4
Discount Rate - Domestic	1.75%	2.25%	2.50%	2.75%	2.50%
Expected Rate of Return - Domestic	1.75%	2.25%	2.50%	2.75%	2.50%
Compensation Rate - Domestic	1.50%	1.00%	1.00%	1.00%	1.00%
Prepaid Benefits - Domestic	1.1	1.1	1.3	1.5	1.6
Accrued Liabilities - Domestic	-5.1	-3.3	-3.4	-6.5	-6.3
Net Assets Recognized on Balance Sheet	-4.0	-2.2	-2.1	-5.1	-4.7
Total Plan Obligations	23.1	18.7	18.9	20.9	20.3
Total Plan Assets	14.2	13.3	13.3	12.5	12.0

Interim Balance Sheet

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2011	31-Dec-2010	30-Sep-2010	30-Jun-2010	31-Mar-2010
UpdateType/Date	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010	Updated Normal 30-Jun-2010	Updated Normal 31-Mar-2010
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate	29.4065	29.1565	31.2415	32.1315	31.758
Cash & Equivalents	357.7	140.5	84.6	70.6	73.0
Short Term Investments	8.3	6.8	7.7	63.2	58.8
Cash and Short Term Investments	366.0	147.3	92.3	133.7	131.8
Accounts Receivable - Trade, Gross	189.5	141.5	122.4	128.3	108.7
Provision for Doubtful Accounts	0.0	-1.4	-2.0	-1.8	-4.1
Trade Accounts Receivable - Net	189.5	140.1	120.4	126.5	104.7
Notes Receivable - Short Term	43.9	37.8	35.5	39.6	39.5
Total Receivables, Net	233.4	177.9	156.0	166.1	144.3
Inventories - Finished Goods	61.4	55.9	50.5	67.0	57.2
Inventories - Work In Progress	13.3	11.9	11.4	12.5	10.2
Inventories - Raw Materials	54.0	55.5	46.9	46.0	32.9
Total Inventory	128.7	123.3	108.8	125.5	100.3
Prepaid Expenses	22.3	22.7	20.7	12.6	14.7
Total Current Assets	750.4	471.2	377.8	437.9	391.0
Buildings	116.4	116.1	110.2	108.5	110.0
Land/Improvements	11.6	11.7	12.4	12.0	12.2
Machinery/Equipment	411.3	412.0	400.7	393.6	389.7
Construction in Progress	11.0	7.1	5.7	3.5	1.9
Leases	64.5	65.1	58.4	56.6	57.3
Other Property/Plant/Equipment	18.0	18.2	13.9	13.5	13.7
Property/Plant/Equipment - Gross	632.8	630.0	601.4	587.8	584.8
Accumulated Depreciation	-332.7	-328.8	-312.7	-301.1	-297.1
Property/Plant/Equipment - Net	300.1	301.2	288.6	286.7	287.7
Intangibles, Net	13.0	13.0	13.0	13.0	13.3
LT Investment - Affiliate Companies	19.9	19.6	13.5	10.1	21.3
LT Investments - Other	45.6	45.9	44.2	43.2	32.0
Long Term Investments	65.6	65.5	57.7	53.4	53.3
Pension Benefits - Overfunded	1.1	1.1	1.1	1.1	1.1
Other Long Term Assets	7.6	8.2	8.6	7.0	8.2
Other Long Term Assets, Total	8.7	9.3	9.8	8.1	9.4
Total Assets	1,137.8	860.3	746.8	799.1	754.6
Accounts Payable	64.0	62.9	49.8	62.5	53.1
Accrued Expenses	55.8	36.4	26.5	18.9	37.2
Notes Payable/Short Term Debt	148.7	123.6	85.3	101.0	86.9
Current Portion - Long Term Debt/Capital Leases	42.3	30.0	39.8	42.1	35.2
Dividends Payable	-	-	9.6	73.7	-
Income Taxes Payable	23.3	17.6	8.8	9.4	4.2
Other Current liabilities, Total	23.3	17.6	18.4	83.0	4.2
Total Current Liabilities	334.1	270.5	219.9	307.6	216.6
Long Term Debt	187.0	35.6	45.1	49.0	58.4
Total Long Term Debt	187.0	35.6	45.1	49.0	58.4
Total Debt	378.0	189.2	170.2	192.0	180.5
Deferred Income Tax - LT Liability	24.5	19.1	19.0	16.4	17.1
Deferred Income Tax	24.5	19.1	19.0	16.4	17.1
Minority Interest	77.8	75.8	61.5	57.0	52.2
Reserves	1.9	1.9	1.8	1.8	1.8
Pension Benefits - Underfunded	5.2	5.1	3.4	3.3	3.3
Other Long Term Liabilities	8.3	7.8	5.1	6.0	4.8
Other Liabilities, Total	15.4	14.9	10.2	11.0	9.9
Total Liabilities	638.7	415.8	355.8	440.8	354.2
Common Stock	221.0	222.9	208.0	202.3	204.6
Common Stock	221.0	222.9	208.0	202.3	204.6
Additional Paid-In Capital	2.3	2.4	2.2	2.1	2.2
Retained Earnings (Accumulated Deficit)	265.3	211.5	162.9	133.6	176.8
Unrealized Gain (Loss)	0.2	0.5	-0.1	0.0	0.2
Translation Adjustment	11.8	8.8	18.0	20.2	16.6
Minimum Pension Liability Adjustment	-1.6	-1.7	0.0	0.0	0.0
Other Equity, Total	10.2	7.2	18.0	20.2	16.6
Total Equity	499.1	444.5	391.0	358.3	400.4
Total Liabilities & Shareholders’ Equity	1,137.8	860.3	746.8	799.1	754.6
Shares Outstanding - Common Stock Primary Issue	714.9	714.9	714.9	714.9	714.9
Total Common Shares Outstanding	714.9	714.9	714.9	714.9	714.9
Treasury Shares - Common Stock Primary Issue	0.0	0.0	0.0	0.0	0.0
Employees	-	1,198	-	1,178	-
Accumulated Intangible Amort, Suppl.	3.7	3.5	3.5	3.3	3.2
Total Long Term Debt, Supplemental	-	65.6	84.9	91.1	93.6
Long Term Debt Maturing within 1 Year	-	30.0	39.8	42.1	35.2
Long Term Debt Maturing in Year 2	-	35.6	38.8	38.3	40.2
Long Term Debt Maturing in Year 3	-	-	6.4	10.7	18.2
Long Term Debt Maturing in 2-3 Years	-	35.6	45.1	49.0	58.4
Long Term Debt Matur. in Year 6 & Beyond	-	0.0	0.0	0.0	0.0
Interest Costs	-	-0.2	-	-	-
Total Capital Leases, Supplemental	-	3.0	-	-	-
Capital Lease Payments Due in Year 1	-	0.2	-	-	-
Capital Lease Payments Due in Year 2	-	0.2	-	-	-
Capital Lease Payments Due in Year 3	-	0.2	-	-	-
Capital Lease Payments Due in Year 4	-	0.2	-	-	-
Capital Lease Payments Due in 2-3 Years	-	0.5	-	-	-
Capital Lease Payments Due in 4-5 Years	-	0.2	-	-	-
Cap. Lease Pymts. Due in Year 6 & Beyond	-	2.0	-	-	-
Total Operating Leases, Supplemental	-	-	3.1	3.1	4.6
Operating Lease Payments Due in Year 1	-	-	0.2	0.2	0.3
Operating Lease Payments Due in Year 2	-	-	0.2	0.2	0.3
Operating Lease Payments Due in Year 3	-	-	0.2	0.2	0.3
Operating Lease Payments Due in Year 4	-	-	0.2	0.2	0.3
Operating Lease Pymts. Due in 2-3 Years	-	-	0.5	0.4	0.6
Operating Lease Pymts. Due in 4-5 Years	-	-	0.2	0.2	0.3
Oper. Lse. Pymts. Due in Year 6 & Beyond	-	-	2.2	2.2	3.3
Prepaid Benefits - Domestic	-	1.1	1.1	1.1	1.1
Accrued Liabilities - Domestic	-	-5.1	-3.4	-3.3	-3.3
Net Assets Recognized on Balance Sheet	-	-4.0	-2.2	-2.2	-2.2

Annual Cash Flows

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Restated Normal 31-Dec-2009	Restated Normal 31-Dec-2008	Reclassified Normal 31-Dec-2007
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	31.497037	33.023867	31.543497	32.848802	32.525305
Auditor	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	129.8	86.2	87.8	99.3	62.7
Depreciation	21.9	19.7	15.5	12.4	12.1
Depreciation/Depletion	21.9	19.7	15.5	12.4	12.1
Amortization of Intangibles	0.8	0.7	0.8	1.0	0.2
Amortization	0.8	0.7	0.8	1.0	0.2
Deferred Taxes	5.7	3.3	-16.0	-0.1	5.1
Unusual Items	-2.1	0.1	-0.2	-1.8	0.0
Equity in Net Earnings (Loss)	-1.6	-3.6	-0.9	-1.1	-0.8
Other Non-Cash Items	-0.8	-18.6	27.9	25.8	18.0
Non-Cash Items	-4.5	-22.1	26.8	22.9	17.2
Accounts Receivable	-52.4	7.8	30.4	-28.6	-9.7
Inventories	-12.1	-25.8	-12.2	-0.9	-14.1
Prepaid Expenses	-10.3	2.3	1.2	2.6	-5.6
Other Assets	-0.9	0.0	4.6	-5.8	0.4
Accounts Payable	6.4	36.0	-27.5	15.5	-2.7
Accrued Expenses	8.6	-9.5	3.9	9.2	-1.0
Taxes Payable	15.0	-8.0	-2.0	10.1	-8.6
Other Liabilities	0.4	-1.0	1.7	0.0	-0.6
Changes in Working Capital	-45.3	2.0	0.1	2.2	-42.0
Cash from Operating Activities	108.5	89.7	114.9	137.6	55.4
Purchase of Fixed Assets	-10.6	-4.0	-87.3	-75.5	-11.4
Purchase/Acquisition of Intangibles	-0.1	0.0	-1.7	-1.1	-4.5
Capital Expenditures	-10.7	-4.0	-89.0	-76.5	-15.9
Sale of Fixed Assets	1.6	4.2	0.4	0.0	0.1
Sale/Maturity of Investment	62.4	25.9	21.8	15.9	10.6
Investment, Net	-1.7	0.0	0.2	-0.2	0.0
Purchase of Investments	-26.0	-66.2	-4.1	-9.6	0.0
Sale of Intangible Assets	0.6	0.0	-	-	-
Other Investing Cash Flow	0.8	2.6	4.9	4.9	-0.1
Other Investing Cash Flow Items, Total	37.8	-33.5	23.2	11.0	10.7
Cash from Investing Activities	27.2	-37.5	-65.8	-65.5	-5.2
Other Financing Cash Flow	0.4	0.0	3.6	11.3	-1.3
Financing Cash Flow Items	0.4	0.0	3.6	11.3	-1.3
Cash Dividends Paid - Common	-80.3	-65.4	-117.2	-74.3	-44.8
Total Cash Dividends Paid	-80.3	-65.4	-117.2	-74.3	-44.8
Short Term Debt, Net	50.0	-19.7	43.6	-22.0	21.5
Long Term Debt Issued	-	-	67.9	55.8	-
Long Term Debt Reduction	-34.4	-21.0	-16.4	-15.7	-2.8
Long Term Debt, Net	-34.4	-21.0	51.5	40.1	-2.8
Issuance (Retirement) of Debt, Net	15.6	-40.7	95.0	18.1	18.6
Cash from Financing Activities	-64.3	-106.1	-18.5	-44.8	-27.5
Foreign Exchange Effects	-5.7	-0.9	6.2	3.4	-0.3
Net Change in Cash	65.6	-54.7	36.8	30.7	22.3
Net Cash - Beginning Balance	64.5	116.1	84.8	50.7	69.4
Net Cash - Ending Balance	130.1	61.5	121.6	81.4	91.7
Cash Interest Paid	4.9	6.0	7.8	4.5	3.6
Cash Taxes Paid	15.1	28.8	27.7	9.1	19.7

Interim Cash Flows

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2011	31-Dec-2010	30-Sep-2010	30-Jun-2010	31-Mar-2010
Period Length	3 Months	12 Months	9 Months	6 Months	3 Months
UpdateType/Date	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010	Updated Normal 30-Jun-2010	Reclassified Normal 31-Mar-2011
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	29.305764	31.497037	31.886422	31.875049	31.921093
Net Income/Starting Line	75.7	129.8	69.0	52.8	25.2
Depreciation	5.5	21.9	16.1	10.7	5.3
Depreciation/Depletion	5.5	21.9	16.1	10.7	5.3
Amortization of Intangibles	0.2	0.8	0.6	0.4	0.2
Amortization	0.2	0.8	0.6	0.4	0.2
Deferred Taxes	5.0	5.7	5.7	2.8	3.5
Unusual Items	0.0	-2.1	-0.8	-0.5	-0.1
Equity in Net Earnings (Loss)	-0.2	-1.6	-1.7	-1.5	-0.4
Other Non-Cash Items	-1.5	-0.8	12.2	1.0	1.2
Non-Cash Items	-1.7	-4.5	9.7	-1.1	0.8
Accounts Receivable	-54.7	-52.4	-40.6	-52.9	-34.6
Inventories	-5.5	-12.1	-2.6	-22.6	3.0
Prepaid Expenses	-2.2	-10.3	-10.0	-1.8	-3.9
Other Assets	0.1	-0.9	-1.9	-0.7	-1.7
Accounts Payable	1.6	6.4	-2.3	11.9	1.7
Accrued Expenses	2.2	8.6	2.7	-3.9	-2.0
Taxes Payable	5.9	15.0	7.3	8.2	2.9
Other Liabilities	2.0	0.4	1.4	1.6	3.8
Changes in Working Capital	-50.5	-45.3	-46.0	-60.4	-30.8
Cash from Operating Activities	34.2	108.5	55.1	5.2	4.2
Purchase of Fixed Assets	-5.1	-10.6	-5.6	-2.7	-0.7
Purchase/Acquisition of Intangibles	-	-0.1	-	-	-
Capital Expenditures	-5.1	-10.7	-5.6	-2.7	-0.7
Sale of Fixed Assets	-	1.6	1.6	0.9	-
Sale/Maturity of Investment	0.7	62.4	57.4	0.0	0.0
Investment, Net	-0.1	-1.7	-0.1	-0.3	0.0
Purchase of Investments	0.0	-26.0	-18.5	-15.4	-9.1
Sale of Intangible Assets	-	0.6	0.6	-	-
Other Investing Cash Flow	0.6	0.8	-2.1	-0.4	-1.5
Other Investing Cash Flow Items, Total	1.2	37.8	38.9	-15.2	-10.5
Cash from Investing Activities	-4.0	27.2	33.2	-17.8	-11.2
Other Financing Cash Flow	0.2	0.4	0.1	0.9	0.0
Financing Cash Flow Items	0.2	0.4	0.1	0.9	0.0
Cash Dividends Paid - Common	-0.1	-80.3	-72.4	-7.6	0.0
Total Cash Dividends Paid	-0.1	-80.3	-72.4	-7.6	0.0
Short Term Debt, Net	24.7	50.0	20.3	38.2	20.5
Long Term Debt Issued	168.6	-	0.0	0.0	0.0
Long Term Debt Reduction	-4.5	-34.4	-13.8	-8.1	-4.3
Long Term Debt, Net	164.0	-34.4	-13.8	-8.1	-4.3
Issuance (Retirement) of Debt, Net	188.7	15.6	6.5	30.1	16.2
Cash from Financing Activities	188.7	-64.3	-65.8	23.3	16.2
Foreign Exchange Effects	0.3	-5.7	-3.3	-3.3	-0.1
Net Change in Cash	219.2	65.6	19.3	7.4	9.1
Net Cash - Beginning Balance	139.8	64.5	63.7	63.7	63.6
Net Cash - Ending Balance	359.0	130.1	82.9	71.1	72.7
Cash Interest Paid	0.7	4.9	3.0	1.8	0.6
Cash Taxes Paid	8.6	15.1	11.6	6.0	2.2

Annual Income Statement

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Reclassified Normal 31-Dec-2008	Updated Normal 31-Dec-2006
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	31.497037	33.023867	31.543497	32.848802	32.525305
Auditor	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Gross Sales	1,162.8	668.5	980.8	756.2	682.4
Sales Returns	-0.2	-0.4	-0.1	-0.3	-0.5
Sales Discounts and Allowances	0.0	-0.4	0.0	-0.2	-0.1
Other Operating Income	2.1	1.9	1.9	1.8	1.6
Total Revenue	1,164.7	669.6	982.6	757.4	683.4
Cost of Sales	954.5	522.3	832.8	587.1	562.6
Other Operating Cost	1.1	1.2	1.2	1.1	0.8
Selling Expenses	23.0	17.3	19.3	18.1	15.5
General and Administrative Expenses	21.0	12.7	12.7	15.5	10.2
Research and Development Expenses	5.4	3.8	6.8	4.5	3.4
Gain/Loss on Physical Inventory	-	-	-	-	0.0
Gain from Revaluation of Inventory	-	-	-	-2.2	0.0
Inventory Devaluation & Obsolescence	-	-	-	0.0	1.7
Impairment of Idle Assets	-	0.0	6.8	1.9	-
Total Operating Expense	1,005.0	557.3	879.6	625.9	594.2
Interest Income	0.6	0.8	2.0	2.0	1.3
G/L on Equity Investment	1.6	3.6	0.9	1.1	0.8
Dividend Income	2.3	0.1	1.3	8.2	2.2
Gain on Sale of Fixed Assets	-	-	-	-	0.0
Gain on Sale of Investments	1.2	0.0	6.9	4.0	0.0
Gain/Loss on Foreign Exchange	1.8	0.1	-0.2	1.2	0.6
Rental Income	2.3	1.8	1.7	1.7	1.8
Gain on Financial Assets Revaluation	0.1	0.0	0.0	-	4.1
Miscellaneous Income	5.3	3.2	2.9	2.3	2.7
Interest Expense	-5.2	-5.0	-7.5	-4.5	-4.0
Interest Capitalized	-	-	-	0.4	0.1
Loss on Other Investments	-	-	-	-	0.0
Loss on Sale of Fixed Assets	-	-	-	-0.3	0.0
Miscellaneous Disbursements	-2.7	-2.3	-2.0	-1.1	-2.0
Net Income Before Taxes	166.8	114.7	109.0	146.4	96.7
Provision for Income Taxes	37.0	28.4	9.3	19.9	15.0
Net Income After Taxes	129.8	86.2	99.7	126.5	81.8
Minority Interest	-25.7	-15.6	-11.9	-27.2	-19.1
Net Income Before Extra. Items	104.1	70.6	87.8	99.3	62.7
Net Income	104.1	70.6	87.8	99.3	62.7
Income Available to Com Excl ExtraOrd	104.1	70.6	87.8	99.3	62.7
Income Available to Com Incl ExtraOrd	104.1	70.6	87.8	99.3	62.7
Basic Weighted Average Shares	714.9	714.9	714.9	714.9	714.9
Basic EPS Excluding ExtraOrdinary Items	0.15	0.10	0.12	0.14	0.09
Basic EPS Including ExtraOrdinary Items	0.15	0.10	0.12	0.14	0.09
Dilution Adjustment	0.0	0.0	0.0	-	-
Diluted Net Income	104.1	70.6	87.8	99.3	62.7
Diluted Weighted Average Shares	716.9	716.6	716.6	714.9	714.9
Diluted EPS Excluding ExtraOrd Items	0.15	0.10	0.12	0.14	0.09
Diluted EPS Including ExtraOrd Items	0.15	0.10	0.12	0.14	0.09
DPS-Common Stock	0.10	0.09	0.08	0.12	0.08
Gross Dividends - Common Stock	72.2	63.0	60.9	87.1	54.9
Normalized Income Before Taxes	166.8	114.7	115.9	148.6	96.8
Inc Tax Ex Impact of Sp Items	37.0	28.4	9.9	20.2	15.0
Normalized Income After Taxes	129.8	86.2	106.0	128.5	81.8
Normalized Inc. Avail to Com.	104.1	70.6	94.0	101.2	62.7
Basic Normalized EPS	0.15	0.10	0.13	0.14	0.09
Diluted Normalized EPS	0.15	0.10	0.13	0.14	0.09
Interest Expense, Supplemental	5.2	5.0	7.5	4.1	3.9
Interest Capitalized	-	-0.6	-2.3	-0.4	-0.1
R&D Expense, Supplemental	5.4	3.8	6.8	4.5	3.4
Depreciation - Operating Cost	19.9	17.4	13.2	10.9	11.3
Depreciation - Operating Expense	1.6	2.2	2.3	1.4	0.9
Amortization - Operating Cost	0.0	-	-	0.0	0.0
Amortization - Operating Expense	0.8	0.7	0.8	1.0	0.2
Current Tax	31.2	20.0	25.3	20.0	9.8
Current Tax - Total	31.2	20.0	25.3	20.0	9.8
Deferred Tax	5.7	6.4	-16.0	-0.1	5.1
Deferred Tax - Total	5.7	6.4	-16.0	-0.1	5.1
Tax on Retained Earnings	0.1	2.0	0.0	-	-
Income Tax - Total	37.0	28.4	9.3	19.9	15.0
Service Cost	0.4	0.4	0.5	0.6	0.6
Interest Cost	0.4	0.5	0.6	0.5	0.6
Actual Return on Plan Assets	-0.2	-0.1	-0.5	-0.2	-0.4
Amortization of Unrecognized Cost	0.1	-0.1	0.5	0.3	0.2
Domestic Pension Plan Expense	0.7	0.7	1.1	1.1	1.0
Pro. for Defined Contribution Pen. Plan	1.4	1.1	0.5	-	-
Total Pension Expense	2.0	1.8	1.6	1.1	1.0
Discount Rate	1.75%	2.25%	2.50%	2.75%	2.50%
Rate of Compensation Increase	1.50%	2.00%	1.00%	1.00%	1.00%
Expected Rate of Return on Plan Assets	1.75%	2.25%	2.50%	2.75%	2.50%

Interim Income Statement

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2011	31-Dec-2010	30-Sep-2010	30-Jun-2010	31-Mar-2010
Period Length	3 Months	3 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010	Updated Normal 30-Jun-2010	Updated Normal 31-Mar-2010
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	29.305764	30.350199	31.911435	31.824532	31.921093
Gross Sales	421.4	351.0	279.1	278.8	256.8
Sales Returns	0.0	0.0	-0.1	0.0	0.0
Sales Discounts and Allowances	-	0.0	0.0	0.0	0.0
Other Operating Revenue	0.6	0.6	0.5	0.5	0.5
Total Revenue	422.0	351.5	279.5	279.3	257.2
Cost of Sales	308.5	272.0	231.5	240.5	212.2
Other Operating Costs	0.3	0.3	0.3	0.3	0.2
Selling Expense	6.7	7.3	5.5	5.4	4.9
General and Administrative Expenses	4.4	9.1	5.7	1.6	4.8
Research and Development Expenses	1.6	2.0	1.2	1.1	1.1
Reversal of Bad Debts	-	0.0	0.0	0.0	0.0
Impairment Loss	-	0.0	0.0	0.0	0.0
Total Operating Expense	321.5	290.7	244.0	248.9	223.1
Interest Income	0.4	0.3	0.1	0.1	0.1
Gain/Loss on Equity Investment	0.2	-0.1	0.1	1.2	0.4
Dividend Income	0.0	0.0	0.0	0.0	2.3
Gains on Disposal of Fixed Assets	-	-0.6	0.1	0.5	-
Loss on Disposal of Fixed Assets	-	0.0	0.0	0.0	-
Gains on Sale of Investments	-	1.1	0.1	0.0	-
Foreign Exchange Gain/Loss	1.1	1.4	0.5	0.2	-0.2
Rent Income	0.5	0.6	0.6	0.6	0.5
Revaluation Gain on Fin. Liabilities	-	0.0	0.0	0.0	0.0
Gain on Financial Assets Revaluation	-	0.0	0.0	-	-
Miscellaneous Income	1.9	1.4	2.9	0.5	0.5
Interest Expense	-1.1	-1.3	-1.5	-1.3	-1.2
Miscellaneous Disbursements	-1.3	-0.7	-0.9	1.9	-3.0
Net Income Before Taxes	102.1	62.9	37.5	34.0	33.4
Provision for Income Taxes	26.4	13.9	8.8	6.4	8.2
Net Income After Taxes	75.7	49.1	28.8	27.5	25.2
Minority Interest	-19.9	-13.5	-3.8	-3.7	-5.0
Net Income Before Extra. Items	55.7	35.5	25.0	23.8	20.3
Changes of Accounting Principle	0.1	-	-	-	-
Net Income	55.8	35.5	25.0	23.8	20.3
Income Available to Com Excl ExtraOrd	55.7	35.5	25.0	23.8	20.3
Income Available to Com Incl ExtraOrd	55.8	35.5	25.0	23.8	20.3
Basic Weighted Average Shares	714.9	714.9	714.9	714.9	714.9
Basic EPS Excluding ExtraOrdinary Items	0.08	0.05	0.03	0.03	0.03
Basic EPS Including ExtraOrdinary Items	0.08	0.05	0.03	0.03	0.03
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	55.8	35.5	25.0	23.8	20.3
Diluted Weighted Average Shares	716.2	717.1	717.3	716.9	716.3
Diluted EPS Excluding ExtraOrd Items	0.08	0.05	0.03	0.03	0.03
Diluted EPS Including ExtraOrd Items	0.08	0.05	0.03	0.03	0.03
DPS-Common Stock	0.00	0.10	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	74.9	0.0	0.0	0.0
Normalized Income Before Taxes	102.1	63.6	37.4	33.4	33.4
Inc Tax Ex Impact of Sp Items	26.4	14.0	8.7	6.3	8.2
Normalized Income After Taxes	75.7	49.6	28.6	27.1	25.2
Normalized Inc. Avail to Com.	55.7	36.0	24.9	23.4	20.3
Basic Normalized EPS	0.08	0.05	0.03	0.03	0.03
Diluted Normalized EPS	0.08	0.05	0.03	0.03	0.03
Interest Expense, Supplemental	1.1	1.3	1.5	1.3	1.2
R&D Expense, Supplemental	1.6	2.0	1.2	1.1	1.1
Depreciation, Supplemental	5.5	5.8	5.4	5.5	5.3
Amort of Intangibles, Supplemental	0.2	0.2	0.2	0.2	0.2

Annual Balance Sheet

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Reclassified Normal 31-Dec-2008	Updated Normal 31-Dec-2006
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate	29.1565	31.985	32.818	32.4345	32.585
Auditor	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash and Cash Equivalents	140.5	63.5	116.9	82.4	91.5
Financial Assets-Fair Value,Current	0.0	0.0	0.0	-	-
Fin. Asset for Sale - Current	2.8	45.7	2.7	14.6	21.5
Notes Receivable	37.8	27.3	34.3	50.6	2.2
Accounts Receivable, Gross	141.5	86.2	84.4	95.6	72.9
Provision for Doubful Accounts	-1.4	-3.0	-3.7	-4.8	-3.8
Accounts Receivable - Related Parties	-	-	-	0.0	0.0
Other Financial Assets - Current	4.0	2.1	2.0	6.5	0.7
Finished Goods	55.8	47.4	24.1	34.0	34.3
Work-in-Process	11.9	8.8	8.2	6.4	4.1
Raw Materials	52.3	46.3	26.8	24.3	22.3
Supplies and Parts	3.1	1.1	0.6	4.6	5.8
Merchandise	0.1	0.0	0.1	0.0	0.0
Provision for Inventory	-	-	-	-5.2	-7.2
Prepayment and Other Current Assets	22.7	10.6	12.6	10.3	12.5
Total Current Assets	471.2	335.9	308.8	319.4	256.9
Financial Asset at Cost - Non Current	44.0	31.7	37.4	41.8	52.9
Long Term Equity Investment	19.6	20.9	10.4	16.6	15.8
Prepayment for Long Term Investment	-	-	-	0.7	2.5
Other Financial Assets - Non Current	1.9	0.1	0.1	0.3	0.1
Land	9.8	10.4	14.0	14.1	14.1
Land Improvements	1.9	1.7	1.6	1.6	1.6
Buildings and Structures	116.1	110.2	97.2	80.0	74.5
Production Machinery and Equipments	392.3	367.6	312.5	254.9	244.8
Transportation Equipment	0.8	0.8	0.8	0.7	0.4
Office Equipment	18.8	21.5	12.1	9.7	8.4
Leasehold Assets	3.2	-	-	-	-
Assets Revaluation Increment	14.9	13.7	13.4	13.6	13.8
Accumulated Depreciation	-322.1	-285.5	-261.3	-248.6	-233.7
Accumulated Impairment	-3.2	-3.4	-3.7	0.0	-
Construc. in Progress & Prepay for Equip	7.1	1.6	75.1	67.4	4.2
Deferred Pension Cost	1.1	1.1	1.3	1.5	1.6
Intangible Assets, Net	13.0	13.6	14.2	13.1	-
Land Use Right	-	-	-	-	8.9
Assets for Lease	65.1	56.4	48.5	49.1	48.9
Accumulated Depre. for Asset for Lease	-3.5	-2.6	-1.8	-1.4	-1.1
Idle Assets	4.1	4.2	4.1	4.2	4.1
Other Long Term Assets	4.1	3.0	5.7	1.1	0.7
Total Assets	860.3	702.8	690.4	639.8	519.4
Short Term Borowings	122.1	62.0	80.2	38.6	54.3
Short Term Notes & Bills Payable	-	-	-	-	6.1
Notes Payable	1.5	0.0	1.7	0.0	0.1
Accounts Payable	52.0	48.5	13.5	38.4	20.2
Accounts Payable - Related Parties	10.9	2.5	0.0	2.0	4.3
Income Taxes Payable	17.6	1.3	9.3	11.3	1.0
Current Portion of Long Term Debt	30.0	35.3	13.7	15.9	8.3
Accrued Expenses and Other Current Liab.	36.4	24.1	33.5	29.7	21.7
Total Current Liabilities	270.5	173.7	151.9	136.0	116.1
Corporate Bonds Payable	-	-	-	-	7.7
Long Term Borrowings	35.6	63.0	103.0	49.7	8.3
Total Long Term Debt	35.6	63.0	103.0	49.7	16.0
Long Term Payable	-	-	-	-	0.0
Land Revaluation Increment Tax Reserve	1.9	1.8	1.7	1.7	1.7
Accrued Pension Liabilities	5.1	3.3	3.4	6.5	6.3
Long Term Security Deposits Received	2.6	2.0	1.9	0.7	0.6
Deferred Income Tax Liabilities	19.1	13.8	3.6	16.2	15.8
Other Long Term Liabilities	5.3	3.0	2.9	2.2	2.3
Minority Interest	75.8	63.1	58.2	65.4	41.7
Total Liabilities	415.8	323.6	326.6	278.5	200.6
Common Stock	222.9	203.2	198.0	200.4	199.5
Share Premium	0.0	0.0	0.0	0.0	0.0
Other Paid in Capital	2.3	2.1	2.1	2.1	2.1
Statutory Reserve	75.3	61.4	51.4	41.9	35.5
Retained Earnings	136.2	94.0	84.4	101.0	63.2
Cumulative Translation Adjustment	8.8	18.1	29.0	15.7	9.2
Unrealized Gain/Loss on Pension Fund	-1.7	0.0	-0.1	-3.0	-2.7
Unrealized LT Inv/Fin. Product Gain/Loss	0.2	0.2	-1.2	2.9	11.8
Unrealized Assets Revaluation	0.2	0.2	0.2	0.2	0.2
Total Equity	444.5	379.2	363.8	361.3	318.7
Total Liabilities & Shareholders' Equity	860.3	702.8	690.4	639.8	519.4
S/O-Common Stock	714.9	714.9	714.9	714.9	714.9
Total Common Shares Outstanding	714.9	714.9	714.9	714.9	714.9
T/S-Common Stock	0.0	0.0	0.0	0.0	-
Accumulated Intangible Amortization	3.5	3.1	2.5	1.7	-
Full-Time Employees	1,198	1,134	1,161	1,011	919
Number of Common Shareholders	-	60,487	63,800	58,146	62,342
LTD Maturing within 1 year	30.0	35.3	13.7	8.2	8.3
LTD Maturing within 2 years	35.6	28.6	38.2	3.2	15.4
LTD Maturing within 3 years	-	34.3	31.5	12.1	0.6
LTD Maturing within 4 years	-	-	33.3	13.9	-
LTD Maturing within 5 years	-	-	-	20.4	-
Total Long Term Debt, Supplemental	65.6	98.3	116.6	57.9	24.3
Capital Lease within 1 year	0.2	-	-	-	-
Capital Lease within 2 years	0.2	-	-	-	-
Capital Lease within 3 years	0.2	-	-	-	-
Capital Lease Payments Due in Year 4	0.2	-	-	-	-
Capital Leases - Remaining Maturities	2.2	-	-	-	-
Interest Costs	-0.2	-	-	-	-
Total Capital Leases	3.0	-	-	-	-
Operating Lease within 1 year	-	0.3	0.2	0.2	0.2
Operating Lease within 2 years	-	0.3	0.3	0.2	0.2
Operating Lease within 3 years	-	0.3	0.3	0.3	0.2
Operating Lease within 4 years	-	0.3	0.3	0.3	0.2
Operating Lease within 6 years	-	-	3.6	3.5	-
Operating Lease more than 10 Years	-	3.4	-	-	3.5
Total Operating Leases	-	4.6	4.7	4.5	4.3
Accumulated Benefit Obligation	19.3	16.5	16.7	19.0	18.3
Benefit Obligation	23.1	18.7	18.9	20.9	20.3
Fair Value of Plan Assets	14.2	13.3	13.3	12.5	12.0
Funded Status	-8.9	-5.4	-5.7	-8.5	-8.4
Total Funded Status	-8.9	-5.4	-5.7	-8.5	-8.4
Discount Rate	1.75%	2.25%	2.50%	2.75%	2.50%
Rate of Compensation Increase	1.50%	1.00%	1.00%	1.00%	1.00%
Expected Rate of Return on Plan Assets	1.75%	2.25%	2.50%	2.75%	2.50%
Deferred Pension Cost	1.1	1.1	1.3	1.5	1.6
Accrued Pension Liabilities	-5.1	-3.3	-3.4	-6.5	-6.3
Net Assets Recognized on Balance Sheet	-4.0	-2.2	-2.1	-5.1	-4.7

Interim Balance Sheet

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2011	31-Dec-2010	30-Sep-2010	30-Jun-2010	31-Mar-2010
UpdateType/Date	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010	Updated Normal 30-Jun-2010	Updated Normal 31-Mar-2010
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate	29.4065	29.1565	31.2415	32.1315	31.758
Cash and Cash Equivalents	357.7	140.5	84.6	70.6	73.0
Financial Assets-Fair Value,Current	-	0.0	0.0	0.0	0.0
Financial Assets-Available for Sale	1.9	2.8	3.6	60.4	55.0
Notes Receivable	43.9	37.8	35.5	39.6	39.5
Accounts Receivable, Gross	189.5	141.5	122.4	128.3	108.7
Provision for Doubful Accounts	0.0	-1.4	-2.0	-1.8	-4.1
Impairment Loss	0.0	-	-	-	-
Accounts Receivable - Related Parties	0.0	-	0.0	0.0	0.1
Other Financial Assets - Current	6.4	4.0	4.1	2.8	3.8
Finished Goods	61.3	55.8	50.5	67.0	57.2
Work-in-Process	13.3	11.9	11.4	12.5	10.2
Raw Materials	50.8	52.3	44.2	43.7	30.6
Supplies and Parts	3.2	3.1	2.7	2.3	2.4
Merchandise	0.1	0.1	-	-	0.0
Prepayment and Other Current Assets	22.3	22.7	20.7	12.6	14.7
Total Current Assets	750.4	471.2	377.8	437.9	391.0
Financial Assets-Cost Method,Non-Current	43.6	44.0	32.4	31.6	31.9
Long-Term Equity Investments	19.9	19.6	13.5	10.1	21.3
Prepayment for Long Term Investment	-	-	-	0.0	0.0
Other Financial Assets - Non-Current	2.0	1.9	11.8	11.7	0.1
Land	9.7	9.8	10.6	10.3	10.5
Land Improvements	1.8	1.9	1.7	1.7	1.7
Buildings and Structures	116.4	116.1	110.2	108.5	110.0
Machinery and Equipment	391.4	392.3	374.9	368.3	367.6
Transportation Equipment	0.9	0.8	0.9	0.9	0.8
Office Equipment	19.1	18.8	24.9	24.4	21.3
Leasehold Assets	3.2	3.2	-	-	-
Revaluation Increments	14.8	14.9	13.9	13.5	13.7
Accumulated Depreciation on Fixed Assets	-325.9	-322.1	-306.2	-294.9	-291.1
Accumulated Impairment	-3.2	-3.2	-3.5	-3.4	-3.3
Construc. in Progress & Prepay for Equip	11.0	7.1	5.7	3.5	1.9
Deferred Pension Cost	1.1	1.1	1.1	1.1	1.1
Intangible Assets	13.0	13.0	13.0	13.0	13.3
Leased Assets	64.5	65.1	58.4	56.6	57.3
Accum. Depreciation - Assets for Lease	-3.6	-3.5	-3.1	-2.8	-2.7
Idle Assets	4.1	4.1	3.8	3.7	3.8
Other Assets - Other	3.5	4.1	4.8	3.3	4.5
Total Assets	1,137.8	860.3	746.8	799.1	754.6
Short Term Borrowings	145.6	122.1	83.8	99.5	82.8
Fin. Liabilities-FV through P/L, Current	0.0	-	-	0.0	0.0
Notes Payable	3.1	1.5	1.5	1.5	4.0
Accounts Payable	63.5	52.0	43.7	53.1	42.8
Accounts Payable - Related Parties	0.5	10.9	6.1	9.4	10.3
Income Tax Payable	23.3	17.6	8.8	9.4	4.2
Dividend Payable	-	-	9.6	73.7	-
Current Portion of Long Term Debt	42.3	30.0	39.8	42.1	35.2
Accrued Expenses and Other Current Liab.	55.8	36.4	26.5	18.9	37.2
Total Current Liabilities	334.1	270.5	219.9	307.6	216.6
Long Term Borrowings	187.0	35.6	45.1	49.0	58.4
Total Long Term Debt	187.0	35.6	45.1	49.0	58.4
Land Revaluation Increment Tax Reserve	1.9	1.9	1.8	1.8	1.8
Accrued Pension Liabilities	5.2	5.1	3.4	3.3	3.3
Long Term Security Deposits Received	2.7	2.6	2.1	2.8	2.0
Deferred Income Tax Liabilities	24.5	19.1	19.0	16.4	17.1
Other Long Term Liabilities	5.5	5.3	2.9	3.1	2.8
Minority Interest	77.8	75.8	61.5	57.0	52.2
Total Liabilities	638.7	415.8	355.8	440.8	354.2
Common Stock	221.0	222.9	208.0	202.3	204.6
Cap.Surplus, Additional Paid in Capital	0.0	0.0	0.0	0.0	0.0
Capital Surplus, Other	2.3	2.3	2.2	2.1	2.1
Legal Reserve	74.7	75.3	70.3	68.3	61.8
Retained Earnings	190.7	136.2	92.6	65.3	115.0
Cumulative Translation Adjustment	11.8	8.8	18.0	20.2	16.6
Net Loss Not Recognized as Pension Cost	-1.6	-1.7	0.0	0.0	0.0
Unrealized G/L on Financial Instruments	-0.1	0.2	-0.3	-0.2	0.0
Unrealized Revaluation Increment	0.2	0.2	0.2	0.2	0.2
Total Equity	499.1	444.5	391.0	358.3	400.4
Total Liabilities & Shareholders' Equity	1,137.8	860.3	746.8	799.1	754.6
S/O-Common Stock	714.9	714.9	714.9	714.9	714.9
Total Common Shares Outstanding	714.9	714.9	714.9	714.9	714.9
T/S-Common Stock	0.0	0.0	0.0	0.0	0.0
Accumulated Amort. of Intangibles	3.7	3.5	3.5	3.3	3.2
Full-Time Employees	-	1,198	-	1,178	-
LTD Maturing within 1 year	-	30.0	39.8	42.1	35.2
LTD Maturing within 2 years	-	35.6	38.8	38.3	40.2
LTD Maturing within 3 years	-	-	6.4	10.7	18.2
Total Long Term Debt, Supplemental	-	65.6	84.9	91.1	93.6
Capital Lease Payments Due within 1 Year	-	0.2	-	-	-
Capital Lease Payments Due in Year 2	-	0.2	-	-	-
Capital Lease Payments Due in Year 3	-	0.2	-	-	-
Capital Lease Payments Due in Year 4	-	0.2	-	-	-
Capital Leases - Remaining Maturities	-	2.2	-	-	-
Interest Costs	-	-0.2	-	-	-
Total Capital Leases	-	3.0	-	-	-
Operating Lease within 1 year	-	-	0.2	0.2	0.3
Operating Lease within 2 years	-	-	0.2	0.2	0.3
Operating Lease within 3 years	-	-	0.2	0.2	0.3
Operating Lease within 4 years	-	-	0.2	0.2	0.3
Operating Lease more than 10 Years	-	-	2.2	2.2	3.3
Total Operating Leases	-	-	3.1	3.1	4.6
Accrued Pension Liabilities	-	-5.1	-3.4	-3.3	-3.3
Deferred Pension Cost	-	1.1	1.1	1.1	1.1
Net Assets Recognized on Balance Sheet	-	-4.0	-2.2	-2.2	-2.2

Annual Cash Flows

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Restated Normal 31-Dec-2009	Restated Normal 31-Dec-2008	Reclassified Normal 31-Dec-2007
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	31.497037	33.023867	31.543497	32.848802	32.525305
Auditor	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income	129.8	86.2	87.8	99.3	62.7
Depreciation	21.9	19.7	15.5	12.4	12.1
Minority Interest	-	-	11.9	27.2	19.1
Amortization of Intangibles	0.8	0.7	0.8	1.0	0.2
Provision for Bad Debts	-1.7	-0.7	-1.3	1.0	0.6
Unrealized Gain from Sale of Investment	0.0	-0.5	-0.3	-0.6	-
Prov. for Inventory Devaluation & Obsol.	-0.1	-17.4	17.3	-2.2	1.7
Impairment Loss	-	-	6.8	1.9	-
Depreciation & Devaluation of Idle Asset	-	-	-	-	0.4
Depreciation of Assets for Lease	-	-	0.4	0.4	0.4
Unrealized Loss on Foreign Exchange	-	-	-0.2	0.0	0.0
Cash Dividend from Equity Investment	1.0	0.0	-	-	-
G/L on Sale of Fixed Assets	-0.6	0.1	-0.1	0.3	0.0
G/L on Sale of Intangible Assets	-0.3	0.0	-	-	-
Loss on Other Investment	-	-	-	-	0.0
Unre. G/L on Financial Assets Valuation	0.0	0.0	0.0	-	-4.1
Net Gain on Sale of Investments	-1.2	0.0	-6.9	-4.0	0.0
Equity Investment Gain/Loss	-1.6	-3.6	-0.9	-1.1	-0.8
Overdued Dividend Income	-	-	-	-	0.0
Deferred Tax	-	-	-16.0	-0.1	5.1
Financial Assets-Fair Value, Current	0.0	0.0	-	-	-
Notes Receivable	-7.3	7.6	16.3	-7.7	0.1
Accounts Receivable	-45.2	0.2	14.0	-20.9	-9.9
Accounts Receivable - Related Parties	-	-	0.0	0.0	0.1
Other Financial Assets - Current	-0.9	0.0	4.6	-5.8	0.4
Inventories	-12.1	-25.8	-12.2	-0.9	-14.1
Prepayment and Other Current Assets	-	-	1.2	2.6	-5.6
Prepaid Expense	-10.3	2.3	-	-	-
Notes Payable	1.4	-1.7	1.7	-0.1	-0.6
Accounts Payable	-1.1	33.6	-25.4	17.8	-4.7
Accounts Payable - Related Parties	7.5	2.4	-2.0	-2.3	2.0
Tax Payable	15.0	-8.0	-2.0	10.1	-8.6
Accrued Expenses and Other Current Liab.	8.6	-9.5	3.9	9.2	-1.0
Accrued Pension Liabilities	0.0	0.1	-0.1	0.1	0.0
Deferred Tax Liabilities	5.7	3.3	-	-	-
Other Liabilities	-1.0	0.6	0.0	-	-
Cash from Operating Activities	108.5	89.7	114.9	137.6	55.4
Disposal of Fixed Assets	1.6	4.2	0.4	0.0	0.1
Capital Expenditure	-10.6	-4.0	-87.3	-75.5	-11.4
Disposal of Financial Assets for Sale	59.6	25.9	14.3	7.1	10.6
Disposal of Financial Assets-Cost Method	0.0	0.0	7.5	8.8	-
LT Equity Investment Increase	-10.4	0.0	-	-	-
LT Equity Investment Settlement	2.8	0.0	-	-	-
Financial Assets for Sale Increase	-15.6	-66.2	-4.1	-7.8	0.0
Capital Reduction of Fin. Asset at Cost	-	-	1.6	4.8	-
LT Equity Investment Increase	-	-	-	-1.8	-
Capital Reduction from Equity Investment	1.4	-	7.1	0.9	-
Intangible Assets Increase	-0.1	0.0	-1.7	-1.1	-4.5
Disposal of Intangible Assets	0.6	0.0	-	-	-
Other Financial Assets, Non-current	-1.7	0.0	0.2	-0.2	0.0
Other Assets	-0.6	2.6	-4.8	-1.2	0.1
Other Liabilities	-	-	1.1	0.5	-0.1
Cash from Investing Activities	27.2	-37.5	-65.8	-65.5	-5.2
Short Term Borrowings, Net	50.0	-19.7	43.6	-15.9	15.3
Short Term Notes, Net	-	-	-	-6.1	6.1
Repayment of Corporate Bonds	-	-	-7.9	-7.6	0.0
Repayment of Long Term Borrowings	-34.4	-21.0	-8.5	-8.1	-2.8
Long Term Borrowings Increase	-	-	67.9	55.8	-
Long Term Payable	-	-	-	0.0	-0.1
Cash Dividend - Common Stock	-80.3	-65.4	-117.2	-74.3	-44.8
Minority Interest	-	-	5.2	12.9	0.0
Director Remuneration & Employee Bonus	-	-	-2.8	-1.7	-1.3
Security Deposit Received	0.4	0.0	1.3	0.1	0.0
Cash from Financing Activities	-64.3	-106.1	-18.5	-44.8	-27.5
Foreign Exchange Effects	-5.7	-0.9	6.2	3.4	-0.3
Net Change in Cash	65.6	-54.7	36.8	30.7	22.3
Net Cash - Beginning Balance	64.5	116.1	84.8	50.7	69.4
Net Cash - Ending Balance	130.1	61.5	121.6	81.4	91.7
Cash Interest Paid	4.9	6.0	7.8	4.5	3.6
Cash Taxes Paid	15.1	28.8	27.7	9.1	19.7

Interim Cash Flows

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2011	31-Dec-2010	30-Sep-2010	30-Jun-2010	31-Mar-2010
Period Length	3 Months	12 Months	9 Months	6 Months	3 Months
UpdateType/Date	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010	Updated Normal 30-Jun-2010	Reclassified Normal 31-Mar-2011
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	29.305764	31.497037	31.886422	31.875049	31.921093
Net Income	75.7	129.8	69.0	52.8	25.2
Depreciation	5.5	21.9	16.1	10.7	5.3
Minority Interest	-	-	12.5	-	-
Amortization of Intangibles	0.2	0.8	0.6	0.4	0.2
Provision for Doubtful Accounts	-1.4	-1.7	-1.1	-1.3	1.1
Inventory Devaluation & Obsolescence	-0.1	-0.1	0.0	1.1	0.2
Impairment Loss/Reversal	0.0	-	-	-	-0.1
Equity Investment Gain/Loss	-0.2	-1.6	-1.7	-1.5	-0.4
G/L on Sale of Fixed Assets	0.0	-0.6	-0.7	-0.5	0.0
Gain on Sale of Investments	-0.1	-1.2	-0.1	0.0	0.0
Deferred Tax	5.0	5.7	5.7	2.8	3.5
Unrealized Gain from Sale of Investment	-	0.0	-	-	-
Cash Dividend from Equity Investment	-	1.0	1.0	1.0	-
G/L on Sale of Intangible Assets	-	-0.3	-	-	-
Unre. G/L on Financial Assets Valuation	-	0.0	-	0.2	-
Others	-	-	-0.2	-	-
Financial Assets-Fair Value, Current	0.0	0.0	-	0.0	0.0
Notes Receivable	-6.4	-7.3	-7.4	-12.5	-12.0
Accounts Receivable	-48.3	-45.2	-33.2	-40.4	-22.5
Accounts Receivable-Related Parties	0.0	-	-	-	-0.1
Other Financial Assets,Current	0.1	-0.9	-1.9	-0.7	-1.7
Inventories	-5.5	-12.1	-2.6	-22.6	3.0
Prepaid Expense&Other Current Assets	-2.2	-10.3	-10.0	-1.8	-3.9
Financial Liablity-Fair Value, Current	0.0	-	-	-	0.0
Notes Payable	1.6	1.4	1.5	1.5	4.0
Accounts Payable	12.0	-1.1	-5.8	4.9	-6.0
Accounts Payable,Related Parties	-10.3	7.5	3.5	7.0	7.7
Tax Payable	5.9	15.0	7.3	8.2	2.9
Accrued Exp.&Other Current Liabilities	2.2	8.6	2.7	-3.9	-2.0
Accrued Pension Liabilities	0.1	0.0	0.0	0.0	0.0
Other Liabilities	0.4	-1.0	-0.1	0.1	-0.2
Cash from Operating Activities	34.2	108.5	55.1	5.2	4.2
Disposal of Fixed Assets	-	1.6	1.6	0.9	-
Disposal of Intangible Assets	-	0.6	0.6	-	-
Capital Expenditure	-5.1	-10.6	-5.6	-2.7	-0.7
Financial Assets for Sale Increase	0.0	-15.6	-15.4	-15.4	-9.1
Disposal of Financial Assets for Sale	0.7	59.6	57.4	0.0	0.0
Disposal of Financial Assets-Cost Method	-	0.0	0.0	0.0	-
LT Equity Investment Increase	-	-10.4	-3.2	-	-
LT Equity Investment Settlement	-	2.8	-	-	-
Cap. Reduction on Equity Investment	-	1.4	-	-	-
Intangible Assets Increase	-	-0.1	-	-	-
Other Financial Assets - Current	-	-	-	-0.3	-
Other Financial Assets - Non Current	-0.1	-1.7	-0.1	-	0.0
Other Assets	0.6	-0.6	-2.1	-0.4	-1.5
Cash from Investing Activities	-4.0	27.2	33.2	-17.8	-11.2
Short Term Borrowings, Net	24.7	50.0	20.3	38.2	20.5
Repayment of Long Term Borrowings	-4.5	-34.4	-13.8	-8.1	-4.3
Long Term Borrowings Increase	168.6	-	0.0	0.0	0.0
Lease Payable	-0.1	-	-	-	0.0
Cash Dividend - Common Stock	-0.1	-80.3	-72.4	-7.6	0.0
Security Deposit Received	0.2	0.4	0.1	0.9	0.0
Cash from Financing Activities	188.7	-64.3	-65.8	23.3	16.2
Foreign Exchange Effects	0.3	-5.7	-3.3	-3.3	-0.1
Net Change in Cash	219.2	65.6	19.3	7.4	9.1
Net Cash - Beginning Balance	139.8	64.5	63.7	63.7	63.6
Net Cash - Ending Balance	359.0	130.1	82.9	71.1	72.7
Cash Interest Paid	0.7	4.9	3.0	1.8	0.6
Cash Taxes Paid	8.6	15.1	11.6	6.0	2.2

Geographic Segments

Financials in: As Reported (mil)

Annual

External Revenue USD (mil)
	31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07		31-Dec-06
Asia	671.0	56.9 %	363.0	53.7 %	441.5	44.2 %	361.5	46.4 %	335.0	48 %
Taiwan	487.9	41.4 %	312.7	46.3 %	545.3	54.6 %	412.9	53 %	360.6	51.7 %
Other Foreign	19.3	1.6 %	0.1	0 %	12.2	1.2 %	4.6	0.6 %	2.3	0.3 %
Segment Total	1,178.3	100 %	675.7	100 %	999.0	100 %	779.1	100 %	697.9	100 %
Intercompany Eliminations	0.0	0 %	0.0	0 %	-	-	0.0	0 %	-1.8	-0.3 %
Consolidated Total	1,178.3	100 %	675.7	100 %	999.0	100 %	779.1	100 %	696.1	99.7 %
Exchange Rate: TWD to USD	31.497037		33.023867		31.543497		32.848802		32.525305
Intersegment Revenue USD (mil)
	31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07		31-Dec-06
Asia	25.9	78.1 %	7.3	58.4 %	4.1	33.8 %	0.5	5.8 %	0.0	0 %
Taiwan	6.5	19.6 %	3.5	28.1 %	5.8	48 %	6.0	76.9 %	5.2	100 %
Other Foreign	0.8	2.3 %	1.7	13.4 %	2.2	18.2 %	1.4	17.3 %	0.0	0 %
Segment Total	33.1	100 %	12.5	100 %	12.1	100 %	7.9	100 %	5.2	100 %
Intercompany Eliminations	-33.1	-100 %	-12.5	-100 %	-12.1	-100 %	-7.9	-100 %	-5.2	-100 %
Consolidated Total	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %
Exchange Rate: TWD to USD	31.497037		33.023867		31.543497		32.848802		32.525305

Total Revenue USD (mil)
	31-Dec-10				31-Dec-09				31-Dec-08				31-Dec-07			31-Dec-06
Asia	696.9		57.5 %		370.3		53.8 %		445.6		44.1 %		362.0		46 %	335.0	47.6 %
Taiwan	494.4		40.8 %		316.2		45.9 %		551.1		54.5 %		419.0		53.2 %	365.8	52 %
Other Foreign	20.1		1.7 %		1.8		0.3 %		14.4		1.4 %		6.0		0.8 %	2.3	0.3 %
Segment Total	1,211.4		100 %		688.2		100 %		1,011.1		100 %		786.9		100 %	703.1	100 %
Intercompany Eliminations	-33.1		-2.7 %		-12.5		-1.8 %		-12.1		-1.2 %		-7.9		-1 %	-7.0	-1 %
Consolidated Total	1,178.3		97.3 %		675.7		98.2 %		999.0		98.8 %		779.1		99 %	696.1	99 %
Exchange Rate: TWD to USD	31.497037				33.023867				31.543497				32.848802			32.525305
Income Before Tax USD (mil)
		31-Dec-10				31-Dec-09				31-Dec-08				31-Dec-07		31-Dec-06
Asia		108.8		66.1 %		68.9		59 %		31.7		29.3 %		87.4	59.5 %	62.1	62.2 %
Taiwan		60.5		36.8 %		48.3		41.3 %		82.0		75.8 %		59.1	40.2 %	35.9	36 %
Other Foreign		-4.7		-2.9 %		-0.4		-0.3 %		-5.5		-5.1 %		0.4	0.3 %	1.8	1.8 %
Segment Total		164.5		100 %		116.8		100 %		108.2		100 %		146.8	100 %	99.8	100 %
Intercompany Eliminations		6.0		3.6 %		-0.8		-0.7 %		7.4		6.8 %		2.6	1.8 %	0.1	0.1 %
Corporate Expense/Other		-3.6		-2.2 %		-1.4		-1.2 %		-6.6		-6.1 %		-3.0	-2 %	-3.1	-3.1 %
Consolidated Total		166.8		101.4 %		114.7		98.1 %		109.0		100.7 %		146.4	99.7 %	96.7	97 %
Exchange Rate: TWD to USD		31.497037				33.023867				31.543497				32.848802		32.525305

Pre-Tax Margin (%)
			31-Dec-10		31-Dec-09		31-Dec-08			31-Dec-07		31-Dec-06
Asia			15.6	-	18.6	-	7.1		-	24.1	-	18.5		-
Taiwan			12.2	-	15.3	-	14.9		-	14.1	-	9.8		-
Other Foreign			-23.6	-	-21.0	-	-38.0		-	7.0	-	77.7		-
Segment Total			13.6	-	17.0	-	10.7		-	18.7	-	14.2		-
Intercompany Eliminations			-18.0	-	6.2	-	-61.1		-	-32.7	-	-1.0		-
Consolidated Total			14.2	-	17.0	-	10.9		-	18.8	-	13.9		-
Total Assets USD (mil)
	31-Dec-10		31-Dec-09		31-Dec-08			31-Dec-07			31-Dec-06
Asia	460.0	53.5 %	370.3	52.7 %	338.2	47.9 %		288.9		45.8 %	180.6		35.5 %
Taiwan	362.7	42.2 %	314.8	44.8 %	336.3	47.6 %		320.8		50.9 %	295.3		58.1 %
Other Foreign	37.7	4.4 %	17.6	2.5 %	31.9	4.5 %		21.0		3.3 %	32.4		6.4 %
Segment Total	860.4	100 %	702.8	100 %	706.4	100 %		630.6		100 %	508.3		100 %
Intercompany Eliminations	-19.8	-2.3 %	-20.8	-3 %	-26.4	-3.7 %		-7.4		-1.2 %	-4.7		-0.9 %
Corporate Expense/Other	19.6	2.3 %	20.9	3 %	10.4	1.5 %		16.6		2.6 %	15.8		3.1 %
Consolidated Total	860.3	100 %	702.8	100 %	690.4	97.7 %		639.8		101.5 %	519.4		102.2 %
Exchange Rate: TWD to USD	29.156500		31.985000		32.818000			32.434500			32.585000

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.46.13
UK Pound	1	Rs.75.52
Euro	1	Rs.66.53

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
----	NB	New Business	----

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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