MIRA INFORM REPORT

 

 

Report Date :

09.08.2012

 

IDENTIFICATION DETAILS

 

Name :

SHINY CHEMICAL INDUSTRIAL CO., LTD.

 

 

Registered Office :

Yeong Gong 1st Road, Wei Sin Li, Yong'an District, Kaohsiung, 828

 

 

Country :

Taiwan

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

24.01.1979

 

 

Legal Form :

Public Independent

 

 

Line of Business :

Manufacture and sale of chemical solvent and formaldehyde products

 

 

No. of Employees :

276

 

 

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 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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 and address

 

Shiny Chemical Industrial Co., Ltd.

 

 

 

No. 5

Yeong Gong 1st Road, Wei Sin Li

Yong'an District

Kaohsiung, 828

Taiwan

 

Tel:

886-7-6219171

Fax:

886-7-6222620

 

www.shinychem.com.tw

 

 

Employees:

276

Company Type:

Public Independent

Traded:

Taiwan Stock Exchange:

1773

Incorporation Date:

24-Jan-1979

Auditor:

Horwath Chien Hsing CPA

Financials in:

 

 

 

Fiscal Year End:

31-Dec-2011

Reporting Currency:

Taiwanese New Dollar

Annual Sales:

234.4  1

Net Income:

16.5

Total Assets:

142.1  2

Market Value:

163.4

 

(27-Jul-2012)

 

 

Business Description

 

 

 

Shiny Chemical Industrial Co., Ltd. is primarily engaged in the manufacture and sale of chemical solvent and formaldehyde products and the trading of chemical solvent raw materials. The Company's products mainly consist of n-butyl acetate, isobutyl acetate, n-propyl acetate, propylene glycol monomethyl ether acetate, propylene glycol monomethyl ether propionate, electronic solvent, formaldehyde, formalin, urea glue, n-propyl alcohol, n-butyl alcohol, isobutyl alcohol, propylene glycol monomethyl ether, ethylene glycol monobutyl ether and glacial acetic acid. The Company distributes its products within domestic markets and to overseas markets, including the rest of Asia and Oceania. For the nine months ended 30 September 2010, Shiny Chemical Industrial Co., Ltd.'s total revenues increased 39% to NT$4.87B. The Company's net income increased 46% to NT$472.4M. Total revenues reflect an increase in sale due to favorable market condition. Net income for the period also benefited from the presence of investment gain and foreign exchange gain, as well as a significant decrease of interest expense.

 

 

Industry

 

 

 

 

Industry

Chemical Manufacturing

ANZSIC 2006:

1812 - Basic Organic Chemical Manufacturing

NACE 2002:

2414 - Manufacture of other organic basic chemicals

NAICS 2002:

325199 - All Other Basic Organic Chemical Manufacturing

UK SIC 2003:

2414 - Manufacture of other organic basic chemicals

US SIC 1987:

2869 - Industrial Organic Chemicals, Not Elsewhere Classified

 

 

Key Executives

 

 

 

Name

Title

 

Huanyi Li

Special Assistant to General Manager

 

Qifa Sun

Deputy General Manager

 

Meizhu Zheng Lin

Director

 

Qinyuan Cai

Director

 

Jinyan Li

Vice Chairman of the Board

 

 

Significant Developments

 

 

 

 

Topic

#*

Most Recent Headline

Date

Dividends

2

Shiny Chemical Industrial Co., Ltd. Announces FY 2011 Dividend Payment Date

13-Jun-2012

* number of significant developments within the last 12 months

 

 

 

Financial Summary

 

 

As of 31-Mar-2012

Key Ratios

Company

Industry

Current Ratio (MRQ)

2.31

2.18

Quick Ratio (MRQ)

1.49

1.35

Debt to Equity (MRQ)

0.08

0.82

Sales 5 Year Growth

4.53

6.26

Net Profit Margin (TTM) %

7.11

10.56

Return on Assets (TTM) %

10.75

8.26

Return on Equity (TTM) %

14.43

22.07

 

 

 

Stock Snapshot

 

 

Traded: Taiwan Stock Exchange: 1773

 

As of 27-Jul-2012

   Financials in: TWD

Recent Price

36.85

 

EPS

3.62

52 Week High

42.50

 

Price/Sales

0.71

52 Week Low

32.20

 

Dividend Rate

2.60

Avg. Volume (mil)

0.10

 

Price/Earnings

10.63

Market Value (mil)

4,919.48

 

Price/Book

1.54

 

 

 

Beta

0.74

 

Price % Change

Rel S&P 500%

4 Week

0.14%

2.55%

13 Week

-1.60%

3.32%

52 Week

-13.40%

6.57%

Year to Date

10.16%

9.35%

 

Profit & Loss Item Exchange Rate: USD 1 = TWD 29.39004

Balance Sheet Item Exchange Rate: USD 1 = TWD 30.279

 

 

Corporate Overview

 

 

Location
No. 5
Yeong Gong 1st Road, Wei Sin Li
Yong'an District
Kaohsiung, 828
Taiwan

 

Tel:

886-7-6219171

Fax:

886-7-6222620

 

www.shinychem.com.tw

Quote Symbol - Exchange

1773 - Taiwan Stock Exchange

Sales TWD(mil):

6,888.7

Assets TWD(mil):

4,301.8

Employees:

276

Fiscal Year End:

31-Dec-2011

 

 

 

Industry:

Chemical Manufacturing

Incorporation Date:

24-Jan-1979

Company Type:

Public Independent

Quoted Status:

Quoted

 

Chairman of the Board, General Manager:

Jingyuan Sun

 

 

Industry Codes

 

 

 

ANZSIC 2006 Codes:

1812

-

Basic Organic Chemical Manufacturing

 

NACE 2002 Codes:

2414

-

Manufacture of other organic basic chemicals

 

NAICS 2002 Codes:

325199

-

All Other Basic Organic Chemical Manufacturing

 

US SIC 1987:

2869

-

Industrial Organic Chemicals, Not Elsewhere Classified

 

UK SIC 2003:

2414

-

Manufacture of other organic basic chemicals

Top

Business Description

Shiny Chemical Industrial Co., Ltd. is primarily engaged in the manufacture and sale of chemical solvent and formaldehyde products and the trading of chemical solvent raw materials. The Company's products mainly consist of n-butyl acetate, isobutyl acetate, n-propyl acetate, propylene glycol monomethyl ether acetate, propylene glycol monomethyl ether propionate, electronic solvent, formaldehyde, formalin, urea glue, n-propyl alcohol, n-butyl alcohol, isobutyl alcohol, propylene glycol monomethyl ether, ethylene glycol monobutyl ether and glacial acetic acid. The Company distributes its products within domestic markets and to overseas markets, including the rest of Asia and Oceania. For the nine months ended 30 September 2010, Shiny Chemical Industrial Co., Ltd.'s total revenues increased 39% to NT$4.87B. The Company's net income increased 46% to NT$472.4M. Total revenues reflect an increase in sale due to favorable market condition. Net income for the period also benefited from the presence of investment gain and foreign exchange gain, as well as a significant decrease of interest expense.

Source: Reuters

More Business Descriptions

Manufactureo f chemical solvents and formaldehyde products

Source: Graham & Whiteside

Chemical Mfr

Source: LexisNexis

Shiny Chemical Industrial Co., Ltd. (Shiny Chemical) is a chemical company engaged in the manufacture and sale of chemical solvent and formaldehyde products. The company manufactures products for the application in high-tech industries, including semi-conductor and makers of TFT-LCD panels. Its products include, n-propyl acetate, propylene glycol monomethyl ether acetate, n-butyl acetate, isobutyl acetate, propylene glycol monomethyl ether propionate, formaldehyde, formalin, electronic solvent, urea glue, n-butyl alcohol, isobutyl alcohol, ethylene glycol monobutyl ether, n-propyl alcohol, propylene glycol monomethyl ether, and glacial acetic acid. Shiny Chemical is one of the leading suppliers of electronic grade solvents in Taiwan. The company's affiliates include Uni-Shine Chemical Corporation, Azotek Co.,Ltd., Shanghai Liansheng Chemical Co., Ltd., ZhangJiaGang Trans-Ocean Enterprise and Sepangar Chemical Industrial Co., Ltd.The company reported revenues of (Taiwanese Dollars) TWD 6,888.66 million during the fiscal year ended December 2011, an increase of 3.58% over 2010. The operating profit of the company was TWD 503.20 million during the fiscal year 2011, a decrease of 26.05% from 2010. The net profit of the company was TWD 484.18 million during the fiscal year 2011, a decrease of 25.54% from 2010.

Source: Global Data

Top

 

 

 

 

Financial Data

Financials in:

TWD(mil)

 

Revenue:

6,888.7

Net Income:

484.2

Assets:

4,301.8

Long Term Debt:

0.0

 

Total Liabilities:

1,102.5

 

Working Capital:

0.7

 

 

 

Date of Financial Data:

31-Dec-2011

 

1 Year Growth

3.6%

-25.5%

-2.7%

Top

Market Data

Quote Symbol:

1773

Exchange:

Taiwan Stock Exchange

Currency:

TWD

Stock Price:

36.9

Stock Price Date:

07-27-2012

52 Week Price Change %:

-13.4

Market Value (mil):

4,919,475.0

 

SEDOL:

B2NWD18

ISIN:

TW0001773000

 

Equity and Dept Distribution:

Listed on 1/28/08, 120.3M shares issued by Taiwan Securities Co., Ltd. Pre-IPO shares information are stated pro-forma. 02/2009, Company exchange changed from Gre Tai Stock Exchange to Taiwan Stock Exchange. 06/08 financials are CLA. 09/08 financials were CLA. FY'09 B/S has been RES, C/F has been CLA.

Top

 

Subsidiaries

Company

Percentage Owned

Country

Elsom Development Limited

100%

HONG KONG SAR

Spring World Holdings Limited

100%

BRITISH VIRGIN ISLANDS

 

 

 

Top

Key Corporate Relationships

Auditor:

Horwath Chien Hsing CPA

 

Auditor:

Horwath Chien Hsing CPA, Horwath Chien Hsing

 

 

 

 

 

 

Top

 

Shiny Chemical Industrial Co., Ltd.

 

Competitors Report

 

CompanyName

Location

Employees

Ownership

Lee Chang Yung Chemical Industry Corp

Taipei, Taiwan

1,738

Public

Oriental Union Chemical Corp

Taipei, Taiwan

510

Public

 

 

 

 

 

Shiny Chemical Industrial Co., Ltd.

Kaohsiung, , Taiwan, Tel: 886-7-6219171, URL: http://www.shinychem.com.tw/

 

Executives Report

 

Board of Directors

 

Name

Title

Function

 

Jingyuan Sun

 

Chairman of the Board, General Manager

Chairman

 

Biography:

Mr. Sun Jingyuan has been serving as Chairman of the Board and General Manager in Shiny Chemical Industrial Co., Ltd. since April 13, 2006. He is also Chairman of the Board, General Manager and Director in other companies. He was Chairman of the Board in another company.

 

Jinyan Li

 

Vice Chairman of the Board

Vice-Chairman

 

 

Biography:

Li Jinyan has been Vice Chairman of the Board in Shiny Chemical Industrial Co., Ltd. since November 28, 1978. Li is also Chairman of the Board in a Taiwan-based chemical company, Director in five other companies. Li was Chairman of the Board in another company and General Manager in the Company.

 

Junyi Huang

 

Director

Director/Board Member

 

 

Biography:

Huang Junyi has been Director in Shiny Chemical Industrial Co., Ltd. since October 23, 1985. Huang is also Chairman of the Board in three other companies.

 

Xianlang Lin

 

Independent Director

Director/Board Member

 

 

Biography:

Lin Xianlang has been Independent Director in Shiny Chemical Industrial Co., Ltd. since January 22, 2008. Lin is also Independent Director in two other companies.

 

Education:

National Taiwan University, B

 

Zhenji Ma

 

Independent Director

Director/Board Member

 

 

Biography:

Ma Zhenji has been Independent Director in Shiny Chemical Industrial Co., Ltd. since September 15, 2008. Ma is Professor of National Tsing Hua University, Taiwan. Ma holds a Ph.D. from University of North Carolina, the United States.

 

Education:

University of North Carolina, PHD

 

Zhisheng Su

 

Director

Director/Board Member

 

 

Biography:

Su Zhisheng has been Director in Shiny Chemical Industrial Co., Ltd. since January 22, 2008. Su also serves as Special Assistant in the Company. Su was Manager of Production in the Company.

 

Qizhi Sun

 

Director

Director/Board Member

 

 

Biography:

Mr. Sun Qizhi has been serving as Director in Shiny Chemical Industrial Co., Ltd. since April 15, 1994. He holds a Master's degree in Business Administration from Shanghai Jiao Tong University, China. He is also Director in three other companies. He was Chairman of the Board in another company and General Manager in the Company.

 

Education:

Shanghai Jiao Tong University, M (Business Administration)

 

Dunhong Wang

 

Director

Director/Board Member

 

 

Biography:

Wang Dunhong has been serving as Director in Shiny Chemical Industrial Co., Ltd. since July 8, 1998. Wang is also Director in another company. Wang was Director in another company.

 

Xiaoyan Wu

 

Independent Director

Director/Board Member

 

 

Biography:

Wu Xiaoyan has been Independent Director in Shiny Chemical Industrial Co., Ltd. since June 5, 2012. Wu holds a Master's degree from National Chung Cheng University, Taiwan.

 

Education:

National Chung Cheng University, M

 

 

Executives

 

Name

Title

Function

 

Huanyi Li

 

Special Assistant to General Manager

Division Head Executive

 

Meizhu Zheng Lin

 

Director

Division Head Executive

 

Jingyuan Sun

 

Chairman of the Board, General Manager

Division Head Executive

 

Biography:

Mr. Sun Jingyuan has been serving as Chairman of the Board and General Manager in Shiny Chemical Industrial Co., Ltd. since April 13, 2006. He is also Chairman of the Board, General Manager and Director in other companies. He was Chairman of the Board in another company.

 

Qinyuan Cai

 

Director

Other

 

 

Qifa Sun

 

Deputy General Manager

Other

 

 

Biography:

Sun Qifa has been Deputy General Manager in Shiny Chemical Industrial Co., Ltd. since August 17, 2010. Sun is also Deputy General Manager and Director in a chemical company, as well as Director in two other Shanghai-based companies. Sun holds a Master's degree from Tokyo Institute of Technology, Japan.

 

Education:

Tokyo Institute of Technology, M

 

 

 

 

 

Shiny Chemical Industrial Co., Ltd.

 

 

 

Significant Developments

 

 

 

Shiny Chemical Industrial Co., Ltd. Announces FY 2011 Dividend Payment Date

Jun 13, 2012


Shiny Chemical Industrial Co., Ltd. announced that it will pay cash dividends of NTD 347,100,000 (NTD 2.6 per share), to shareholders of record on July 6, 2012. The Company's shares will be traded ex-dividend on June 28, 2012.

Shiny Chemical Industrial Co., Ltd. Announces FY 2011 Dividend Payment

Mar 21, 2012


Shiny Chemical Industrial Co., Ltd. announced that it will pay cash dividends of NTD 347,100,000 (NTD 2.6 per share) to shareholders for fiscal year 2011.

 

Shiny Chemical Industrial Co., Ltd.

 

Kaohsiung, Taiwan, Tel: 886-7-6219171, URL: http://www.shinychem.com.tw/

Annual Income Statement

Financials in: USD (mil)

 

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

 

 

 

 

 

  Financial Glossary

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Reclassified Normal
31-Dec-2011

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Reclassified Normal
31-Dec-2008

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

29.39004

31.497037

33.023867

31.543497

32.848802

Auditor

Horwath Chien Hsing CPA

Horwath Chien Hsing CPA

Horwath Chien Hsing CPA

Horwath Chien Hsing CPA

Horwath Chien Hsing CPA

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Gross Revenue

234.6

211.3

149.0

187.6

206.2

    Sales Returns and Allowances

-0.2

-0.2

-0.2

-0.5

-0.6

Revenue

234.4

211.1

148.8

187.1

205.6

Total Revenue

234.4

211.1

148.8

187.1

205.6

 

 

 

 

 

 

    Cost of Revenue

200.3

173.2

118.8

163.1

173.3

Cost of Revenue, Total

200.3

173.2

118.8

163.1

173.3

Gross Profit

34.1

37.9

30.0

24.0

32.3

 

 

 

 

 

 

    Selling/General/Administrative Expense

16.0

15.7

13.2

12.4

13.7

Total Selling/General/Administrative Expenses

16.0

15.7

13.2

12.4

13.7

Research & Development

0.9

0.6

0.4

0.4

0.5

    Impairment-Assets Held for Use

-

-

0.0

0.1

0.2

Unusual Expense (Income)

-

-

0.0

0.1

0.2

Total Operating Expense

217.3

189.5

132.5

176.0

187.6

 

 

 

 

 

 

Operating Income

17.1

21.6

16.3

11.1

18.0

 

 

 

 

 

 

        Interest Expense - Non-Operating

-0.1

0.0

-0.1

-0.7

-1.3

    Interest Expense, Net Non-Operating

-0.1

0.0

-0.1

-0.7

-1.3

        Interest Income - Non-Operating

0.0

0.0

0.1

0.1

0.1

        Investment Income - Non-Operating

2.5

2.8

1.9

1.1

1.7

    Interest/Investment Income - Non-Operating

2.5

2.8

2.0

1.2

1.8

Interest Income (Expense) - Net Non-Operating Total

2.4

2.7

1.8

0.5

0.4

Gain (Loss) on Sale of Assets

0.0

0.0

0.0

0.0

0.0

    Other Non-Operating Income (Expense)

0.5

0.3

0.1

0.4

0.1

Other, Net

0.5

0.3

0.1

0.4

0.1

Income Before Tax

20.0

24.6

18.3

11.9

18.6

 

 

 

 

 

 

Total Income Tax

3.5

4.0

4.3

2.9

3.9

Income After Tax

16.5

20.6

13.9

9.0

14.7

 

 

 

 

 

 

    Minority Interest

-

-

0.0

0.0

0.0

Net Income Before Extraord Items

16.5

20.6

13.9

9.0

14.7

Net Income

16.5

20.6

13.9

9.0

14.7

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

16.5

20.6

13.9

9.0

14.7

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

16.5

20.6

13.9

9.0

14.7

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

133.5

133.5

131.3

120.3

116.1

Basic EPS Excl Extraord Items

0.12

0.15

0.11

0.07

0.13

Basic/Primary EPS Incl Extraord Items

0.12

0.15

0.11

0.07

0.13

Dilution Adjustment

0.0

0.0

-

-

-

Diluted Net Income

16.5

20.6

13.9

9.0

14.7

Diluted Weighted Average Shares

133.5

133.5

131.3

120.3

116.1

Diluted EPS Excl Extraord Items

0.12

0.15

0.11

0.07

0.13

Diluted EPS Incl Extraord Items

0.12

0.15

0.11

0.07

0.13

Dividends per Share - Common Stock Primary Issue

0.09

0.13

0.08

0.05

0.09

Gross Dividends - Common Stock

11.8

17.0

10.1

6.3

11.0

Interest Expense, Supplemental

0.1

0.0

0.1

0.7

1.3

Interest Capitalized, Supplemental

0.0

0.0

0.0

0.0

-0.4

Depreciation, Supplemental

5.7

5.1

4.9

5.6

4.3

Total Special Items

0.0

0.0

0.0

0.2

0.2

Normalized Income Before Tax

20.0

24.6

18.3

12.1

18.8

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.0

0.0

0.0

0.0

0.0

Inc Tax Ex Impact of Sp Items

3.5

4.0

4.3

3.0

3.9

Normalized Income After Tax

16.5

20.6

13.9

9.1

14.8

 

 

 

 

 

 

Normalized Inc. Avail to Com.

16.5

20.6

13.9

9.1

14.8

 

 

 

 

 

 

Basic Normalized EPS

0.12

0.15

0.11

0.08

0.13

Diluted Normalized EPS

0.12

0.15

0.11

0.08

0.13

Amort of Intangibles, Supplemental

-

-

-

-

0.4

Research & Development Exp, Supplemental

0.9

0.6

0.4

0.4

0.5

Normalized EBIT

17.1

21.6

16.3

11.2

18.2

Normalized EBITDA

22.8

26.7

21.2

16.8

22.9

    Current Tax - Total

3.5

3.8

3.4

3.7

3.5

Current Tax - Total

3.5

3.8

3.4

3.7

3.5

    Deferred Tax - Total

-0.4

-0.2

0.7

-0.9

0.1

Deferred Tax - Total

-0.4

-0.2

0.7

-0.9

0.1

    Domestic Tax - Other

0.4

0.4

0.2

0.1

0.4

Income Tax - Total

3.5

4.0

4.3

2.9

3.9

Interest Cost - Domestic

0.2

0.2

0.2

0.2

0.2

Service Cost - Domestic

0.1

0.2

0.2

0.2

0.2

Expected Return on Assets - Domestic

0.0

0.0

0.0

0.0

0.0

Actuarial Gains and Losses - Domestic

-

-

-

0.0

0.0

Transition Costs - Domestic

0.2

0.2

0.2

0.2

0.2

Other Pension, Net - Domestic

0.0

0.1

0.1

-

-

Domestic Pension Plan Expense

0.4

0.6

0.6

0.6

0.6

Defined Contribution Expense - Domestic

0.2

0.2

0.1

0.1

-

Defined Contribution Expense - Foreign

0.0

0.0

-

-

-

Total Pension Expense

0.7

0.8

0.7

0.7

0.6

Discount Rate - Domestic

2.25%

2.25%

2.25%

2.25%

3.25%

Expected Rate of Return - Domestic

2.25%

2.25%

2.25%

2.25%

3.25%

Compensation Rate - Domestic

2.00%

2.00%

2.00%

1.50%

2.00%

Total Plan Interest Cost

0.2

0.2

0.2

0.2

0.2

Total Plan Service Cost

0.1

0.2

0.2

0.2

0.2

Total Plan Expected Return

0.0

0.0

0.0

0.0

0.0

Total Plan Other Expense

0.0

0.1

0.1

-

-

 

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

  Financial Glossary

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Restated Normal
31-Dec-2010

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2007

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate

30.279

29.1565

31.985

32.818

32.4345

Auditor

Horwath Chien Hsing CPA

Horwath Chien Hsing CPA

Horwath Chien Hsing CPA

Horwath Chien Hsing CPA

Horwath Chien Hsing CPA

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Cash & Equivalents

3.6

2.9

4.8

4.0

3.8

Cash and Short Term Investments

3.6

2.9

4.8

4.0

3.8

        Accounts Receivable - Trade, Gross

31.2

33.3

23.8

16.5

31.6

        Provision for Doubtful Accounts

-1.0

-0.7

-0.3

-0.3

-0.5

    Trade Accounts Receivable - Net

30.3

32.6

23.4

16.2

31.2

    Notes Receivable - Short Term

3.2

3.3

2.2

1.3

3.3

    Other Receivables

0.5

0.6

0.8

0.6

1.5

Total Receivables, Net

33.9

36.4

26.4

18.1

36.0

    Inventories - Finished Goods

14.2

11.9

9.7

11.6

11.1

    Inventories - Work In Progress

0.7

0.8

0.5

0.6

0.5

    Inventories - Raw Materials

11.0

19.7

10.5

6.6

16.1

    Inventories - Other

-0.9

-0.1

-0.1

-2.7

-

Total Inventory

24.9

32.2

20.6

16.1

27.8

Prepaid Expenses

0.6

1.3

1.6

1.3

0.7

    Restricted Cash - Current

0.0

0.0

0.0

0.0

0.0

    Deferred Income Tax - Current Asset

0.3

0.0

0.0

0.7

0.1

Other Current Assets, Total

0.3

0.0

0.0

0.7

0.1

Total Current Assets

63.3

72.9

53.5

40.3

68.2

 

 

 

 

 

 

        Buildings

28.3

25.0

22.1

21.6

21.8

        Land/Improvements

13.6

14.1

12.8

12.5

12.7

        Machinery/Equipment

59.2

58.8

51.7

49.5

49.8

        Construction in Progress

2.5

4.8

3.1

1.4

0.7

        Other Property/Plant/Equipment

0.1

0.1

0.1

0.1

0.1

    Property/Plant/Equipment - Gross

103.7

102.9

89.9

85.1

85.1

    Accumulated Depreciation

-59.6

-57.0

-47.2

-41.4

-37.4

Property/Plant/Equipment - Net

44.1

45.8

42.7

43.7

47.7

    LT Investment - Affiliate Companies

26.3

24.2

21.4

19.7

23.2

    LT Investments - Other

4.4

4.6

4.2

4.1

1.0

Long Term Investments

30.7

28.8

25.6

23.8

24.2

    Deferred Charges

0.4

0.5

0.6

0.5

0.4

    Pension Benefits - Overfunded

0.0

0.1

0.4

0.5

0.5

    Deferred Income Tax - Long Term Asset

0.0

0.0

0.0

-

-

    Other Long Term Assets

3.6

3.6

2.8

2.7

2.5

Other Long Term Assets, Total

4.0

4.1

3.8

3.7

3.4

Total Assets

142.1

151.7

125.6

111.5

143.6

 

 

 

 

 

 

Accounts Payable

9.3

15.5

7.8

4.8

12.9

Accrued Expenses

4.5

6.1

4.3

2.5

3.6

Notes Payable/Short Term Debt

11.7

8.6

6.1

3.9

17.6

Current Portion - Long Term Debt/Capital Leases

-

0.0

1.9

4.6

4.6

    Customer Advances

0.2

0.0

0.0

0.0

0.0

    Income Taxes Payable

1.5

3.0

2.4

1.6

2.4

    Other Payables

1.4

0.7

0.8

1.0

0.6

    Deferred Income Tax - Current Liability

0.0

0.1

0.0

-

-

    Other Current Liabilities

-

-

-

0.0

0.0

Other Current liabilities, Total

3.1

3.7

3.2

2.5

3.0

Total Current Liabilities

28.6

33.9

23.4

18.3

41.7

 

 

 

 

 

 

    Long Term Debt

-

0.0

3.8

12.2

17.0

Total Long Term Debt

0.0

0.0

3.8

12.2

17.0

Total Debt

11.7

8.6

11.8

20.6

39.2

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

0.1

0.0

0.4

0.4

0.6

Deferred Income Tax

0.1

0.0

0.4

0.4

0.6

Minority Interest

-

-

-

0.0

0.0

    Reserves

0.0

0.0

0.0

0.0

0.0

    Pension Benefits - Underfunded

7.6

6.9

6.6

6.2

5.2

    Other Long Term Liabilities

0.0

0.0

0.0

0.0

0.1

Other Liabilities, Total

7.7

6.9

6.6

6.2

5.4

Total Liabilities

36.4

40.8

34.2

37.1

64.7

 

 

 

 

 

 

    Common Stock

44.1

45.8

41.7

36.7

37.1

Common Stock

44.1

45.8

41.7

36.7

37.1

Additional Paid-In Capital

3.9

4.0

3.7

1.1

1.3

Retained Earnings (Accumulated Deficit)

55.9

59.8

44.6

35.5

39.1

Unrealized Gain (Loss)

0.0

0.0

0.0

0.0

0.0

    Translation Adjustment

2.5

1.4

2.0

1.8

1.5

    Minimum Pension Liability Adjustment

-0.7

0.0

-0.6

-0.7

0.0

Other Equity, Total

1.8

1.3

1.4

1.0

1.4

Total Equity

105.7

110.9

91.4

74.3

78.9

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

142.1

151.7

125.6

111.5

143.6

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

133.5

133.5

133.5

120.3

120.3

Total Common Shares Outstanding

133.5

133.5

133.5

120.3

120.3

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

-

-

Employees

276

268

246

247

245

Number of Common Shareholders

3,808

3,407

1,714

1,695

454

Deferred Revenue - Current

0.2

0.0

0.0

0.0

0.0

Pension Obligation - Domestic

8.1

7.6

7.7

7.0

6.3

Plan Assets - Domestic

0.2

0.1

0.2

0.2

0.2

Funded Status - Domestic

-7.9

-7.5

-7.5

-6.9

-6.1

Accumulated Obligation - Domestic

7.7

6.9

6.8

6.4

5.4

Total Funded Status

-7.9

-7.5

-7.5

-6.9

-6.1

Discount Rate - Domestic

2.25%

2.25%

2.25%

2.25%

3.25%

Expected Rate of Return - Domestic

2.25%

2.25%

2.25%

2.25%

3.25%

Compensation Rate - Domestic

2.00%

2.00%

2.00%

1.50%

2.00%

Prepaid Benefits - Domestic

0.0

0.1

0.4

0.5

0.5

Accrued Liabilities - Domestic

-7.6

-6.9

-6.6

-6.2

-5.2

Net Assets Recognized on Balance Sheet

-7.6

-6.8

-6.2

-5.7

-4.7

Total Plan Obligations

8.1

7.6

7.7

7.0

6.3

Total Plan Assets

0.2

0.1

0.2

0.2

0.2

 

 

 

Annual Cash Flows

Financials in: USD (mil)

 

  Financial Glossary

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Reclassified Normal
31-Dec-2010

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2007

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

29.39004

31.497037

33.023867

31.543497

32.848802

Auditor

Horwath Chien Hsing CPA

Horwath Chien Hsing CPA

Horwath Chien Hsing CPA

Horwath Chien Hsing CPA

Horwath Chien Hsing CPA

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

Net Income/Starting Line

16.5

20.6

13.9

9.0

14.7

    Depreciation

5.7

5.1

4.9

5.6

4.3

Depreciation/Depletion

5.7

5.1

4.9

5.6

4.3

Deferred Taxes

-0.4

-0.2

0.8

-0.9

0.1

    Unusual Items

0.0

0.0

0.0

0.0

0.2

    Equity in Net Earnings (Loss)

-2.4

-2.0

-2.1

-1.0

-1.6

    Other Non-Cash Items

2.7

3.1

-0.6

3.3

1.0

Non-Cash Items

0.3

1.1

-2.7

2.3

-0.5

    Accounts Receivable

0.9

-7.2

-7.9

18.3

-6.3

    Inventories

5.4

-9.0

-1.4

9.0

-6.1

    Prepaid Expenses

0.6

0.5

-0.3

-0.7

0.4

    Accounts Payable

-5.9

6.5

2.3

-7.9

8.7

    Accrued Expenses

-1.4

1.2

1.7

-1.1

0.2

    Taxes Payable

-1.4

0.3

0.8

-0.8

0.4

    Other Liabilities

1.7

0.5

0.2

0.2

0.2

    Other Operating Cash Flow

-

-

-

0.0

0.0

Changes in Working Capital

0.1

-7.3

-4.5

16.9

-2.5

Cash from Operating Activities

22.1

19.4

12.5

32.9

16.1

 

 

 

 

 

 

    Purchase of Fixed Assets

-5.0

-4.6

-2.7

-1.7

-8.7

Capital Expenditures

-5.0

-4.6

-2.7

-1.7

-8.7

    Sale of Fixed Assets

0.0

0.0

0.0

0.0

0.1

    Sale/Maturity of Investment

-

-

-

2.1

0.1

    Purchase of Investments

0.0

-1.5

0.0

-1.8

-2.3

    Other Investing Cash Flow

-0.2

-0.4

0.0

-0.1

-0.6

Other Investing Cash Flow Items, Total

-0.2

-1.8

0.0

0.2

-2.8

Cash from Investing Activities

-5.2

-6.4

-2.7

-1.5

-11.4

 

 

 

 

 

 

    Other Financing Cash Flow

0.0

0.0

0.0

-1.3

-3.2

Financing Cash Flow Items

0.0

0.0

0.0

-1.3

-3.2

    Cash Dividends Paid - Common

-18.2

-10.6

-6.1

-11.4

-3.2

Total Cash Dividends Paid

-18.2

-10.6

-6.1

-11.4

-3.2

        Sale/Issuance of Common

-

0.0

6.3

0.0

2.0

    Common Stock, Net

-

0.0

6.3

0.0

2.0

Issuance (Retirement) of Stock, Net

-

0.0

6.3

0.0

2.0

    Short Term Debt, Net

2.0

1.3

1.9

-13.7

-25.2

    Long Term Debt, Net

0.0

-5.7

-11.2

-4.8

13.7

Issuance (Retirement) of Debt, Net

2.0

-4.5

-9.4

-18.4

-11.5

Cash from Financing Activities

-16.2

-15.1

-9.1

-31.1

-15.9

 

 

 

 

 

 

Foreign Exchange Effects

0.0

-0.1

0.0

0.0

0.0

Net Change in Cash

0.8

-2.2

0.6

0.3

-11.2

 

 

 

 

 

 

Net Cash - Beginning Balance

2.9

4.9

4.0

3.9

15.0

Net Cash - Ending Balance

3.7

2.7

4.7

4.2

3.7

Cash Interest Paid

0.1

0.0

0.1

0.7

1.6

Cash Taxes Paid

5.4

3.8

2.8

4.7

3.4

 

 

 

Shiny Chemical Industrial Co., Ltd.

 

Kaohsiung, Taiwan, Tel: 886-7-6219171, URL: http://www.shinychem.com.tw/

Annual Income Statement

Financials in: USD (mil)

 

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

 

 

 

 

 

 

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Reclassified Normal
31-Dec-2011

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Reclassified Normal
31-Dec-2008

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

29.39004

31.497037

33.023867

31.543497

32.848802

Auditor

Horwath Chien Hsing CPA

Horwath Chien Hsing CPA

Horwath Chien Hsing CPA

Horwath Chien Hsing CPA

Horwath Chien Hsing CPA

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Gross Sales

234.6

211.3

149.0

187.6

206.2

    Sales Returns & Discounts

-0.2

-0.2

-0.2

-0.5

-0.6

Total Revenue

234.4

211.1

148.8

187.1

205.6

 

 

 

 

 

 

    Cost of Sales

200.3

173.2

118.8

160.2

173.2

    Research and Development Expenses

0.9

0.6

0.4

0.4

0.5

    Selling Expenses

7.7

7.6

6.7

6.4

6.6

    General and Administrative Expenses

8.3

8.1

6.6

6.0

7.1

    Loss on Physical Inventory

-

-

-

0.1

0.1

    Inventory Devaluation & Obsolescence

-

-

-

2.8

0.0

    Impairment Loss

-

-

0.0

0.1

0.2

Total Operating Expense

217.3

189.5

132.5

176.0

187.6

 

 

 

 

 

 

    Interest Income

0.0

0.0

0.1

0.1

0.1

    Investment Income

0.0

0.2

-

-

-

    Gain on Equity Investment

2.4

2.0

2.1

1.0

1.6

    Gain on Sale of Fixed Assets

0.0

0.0

0.0

0.0

0.0

    Gain on Sale of Investments

-

-

0.0

0.1

0.1

    Miscellaneous Income

0.7

0.6

0.4

0.7

0.4

    Interest Expense

-0.1

0.0

-0.1

-0.7

-1.3

    Loss on Sale of Fixed Assets

-

-

0.0

0.0

0.0

    Gain/Loss on Foreign Exchange

0.1

0.5

-0.2

0.0

0.0

    Miscellaneous Disbursements

-0.2

-0.3

-0.3

-0.3

-0.2

Net Income Before Taxes

20.0

24.6

18.3

11.9

18.6

 

 

 

 

 

 

Provision for Income Taxes

3.5

4.0

4.3

2.9

3.9

Net Income After Taxes

16.5

20.6

13.9

9.0

14.7

 

 

 

 

 

 

    Minority Interest

-

-

0.0

0.0

0.0

Net Income Before Extra. Items

16.5

20.6

13.9

9.0

14.7

Net Income

16.5

20.6

13.9

9.0

14.7

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

16.5

20.6

13.9

9.0

14.7

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

16.5

20.6

13.9

9.0

14.7

 

 

 

 

 

 

Basic Weighted Average Shares

133.5

133.5

131.3

120.3

116.1

Basic EPS Excluding ExtraOrdinary Items

0.12

0.15

0.11

0.07

0.13

Basic EPS Including ExtraOrdinary Items

0.12

0.15

0.11

0.07

0.13

Dilution Adjustment

0.0

0.0

-

-

-

Diluted Net Income

16.5

20.6

13.9

9.0

14.7

Diluted Weighted Average Shares

133.5

133.5

131.3

120.3

116.1

Diluted EPS Excluding ExtraOrd Items

0.12

0.15

0.11

0.07

0.13

Diluted EPS Including ExtraOrd Items

0.12

0.15

0.11

0.07

0.13

DPS-Common Stock

0.09

0.13

0.08

0.05

0.09

Gross Dividends - Common Stock

11.8

17.0

10.1

6.3

11.0

Normalized Income Before Taxes

20.0

24.6

18.3

12.1

18.8

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

3.5

4.0

4.3

3.0

3.9

Normalized Income After Taxes

16.5

20.6

13.9

9.1

14.8

 

 

 

 

 

 

Normalized Inc. Avail to Com.

16.5

20.6

13.9

9.1

14.8

 

 

 

 

 

 

Basic Normalized EPS

0.12

0.15

0.11

0.08

0.13

Diluted Normalized EPS

0.12

0.15

0.11

0.08

0.13

Interest Expense, Supplemental

0.1

0.0

0.1

0.7

1.3

Interest Capitalized

0.0

0.0

0.0

0.0

-0.4

R&D Expense, Supplemental

0.9

0.6

0.4

0.4

0.5

Depreciation - Operating Cost

4.6

4.3

4.1

4.8

3.6

Depreciation - Operating Expense

1.1

0.9

0.7

0.8

0.7

Amortization - Operating Cost

-

-

-

-

0.1

Amortization - Operating Expense

-

-

-

-

0.3

    Current Tax Payable

3.5

3.8

3.4

3.7

3.5

Current Tax - Total

3.5

3.8

3.4

3.7

3.5

    Deferred Tax

-0.4

-0.2

0.7

-0.9

0.1

Deferred Tax - Total

-0.4

-0.2

0.7

-0.9

0.1

    Other Tax

0.4

0.4

0.2

0.1

0.4

Income Tax - Total

3.5

4.0

4.3

2.9

3.9

Service Cost

0.1

0.2

0.2

0.2

0.2

Interest Cost

0.2

0.2

0.2

0.2

0.2

Expected Return on Plan Assets

0.0

0.0

0.0

0.0

0.0

AmortizationTransitional Benefit

0.2

0.2

0.2

0.2

0.2

Amort. of Actuarial Gain/Loss

-

-

-

0.0

0.0

Amortization Pension Benefit

0.0

0.1

0.1

-

-

Domestic Pension Plan Expense

0.4

0.6

0.6

0.6

0.6

Defined Contribution Expense - Domestic

0.2

0.2

0.1

0.1

-

Defined Contribution Expense - Foreign

0.0

0.0

-

-

-

Total Pension Expense

0.7

0.8

0.7

0.7

0.6

Discount Rate

2.25%

2.25%

2.25%

2.25%

3.25%

Rate of Compensation Increase

2.00%

2.00%

2.00%

1.50%

2.00%

Expected Rate of Return on Plan Assets

2.25%

2.25%

2.25%

2.25%

3.25%

 

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Restated Normal
31-Dec-2010

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2007

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate

30.279

29.1565

31.985

32.818

32.4345

Auditor

Horwath Chien Hsing CPA

Horwath Chien Hsing CPA

Horwath Chien Hsing CPA

Horwath Chien Hsing CPA

Horwath Chien Hsing CPA

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Cash and Cash Equivalent

3.6

2.9

4.8

4.0

3.8

    Notes Receivable

3.2

3.3

2.2

1.3

3.3

    Accounts Receivable, Gross

31.2

33.3

23.8

16.5

31.6

    Provision for Doubtful Accounts

-1.0

-0.7

-0.3

-0.3

-0.5

    Other Receivables

0.5

0.6

0.8

0.4

1.2

    Other Receivables - Related Parties

-

-

-

0.2

0.3

    Raw Material

10.8

19.5

10.3

6.4

16.0

    Supplies

0.2

0.2

0.2

0.2

0.2

    Work-in-Process

0.7

0.8

0.5

0.6

0.5

    Finished Goods

14.2

11.9

9.7

11.6

11.1

    Provision for Inventory Devaluation

-0.9

-0.1

-0.1

-2.7

-

    Prepayment

0.6

1.3

1.6

1.3

0.7

    Deferred Income Tax Assets - Current

0.3

0.0

0.0

0.7

0.1

    Restricted Assets

0.0

0.0

0.0

0.0

0.0

Total Current Assets

63.3

72.9

53.5

40.3

68.2

 

 

 

 

 

 

    Long Term Equity Investment

26.3

24.2

21.4

19.7

23.2

    Financial Assets at Cost - Non Current

4.4

4.6

4.2

4.1

1.0

    Land and Improvements

13.6

14.1

12.8

12.5

12.7

    Buildings and Structures

28.3

25.0

22.1

21.6

21.8

    Machinery and Equipment

28.2

28.9

25.7

24.8

25.4

    Utilities Equipment

7.1

6.8

5.9

5.7

5.6

    Transportation Equipment

1.2

1.1

0.7

0.6

0.6

    Office Equipment

0.9

0.8

0.7

0.7

0.7

    Miscellaneous Equipment

21.8

21.1

18.7

17.8

17.6

    Assets Revaluation Increment

0.1

0.1

0.1

0.1

0.1

    Accumulated Depreciation

-59.6

-57.0

-47.2

-41.4

-37.4

    Construction in Progress

2.2

4.7

3.1

1.4

0.7

    Prepayment for Equipment

0.3

0.1

0.0

0.0

0.0

    Deferred Pension Cost

0.0

0.1

0.4

0.5

0.5

    Security Deposits Paid

0.6

0.5

0.5

0.5

0.5

    Deferred Charges

0.4

0.5

0.6

0.5

0.4

    Deferred Income Tax Assets - Non Current

0.0

0.0

0.0

-

-

    Other Long Term Assets

3.0

3.1

2.4

2.2

2.0

Total Assets

142.1

151.7

125.6

111.5

143.6

 

 

 

 

 

 

    Short Term Borrowings

8.7

7.0

5.2

3.2

16.5

    Short Term Notes & Bills Payable

-

-

-

-

0.0

    Notes Payable

3.0

1.6

1.0

0.7

1.1

    Accounts Payable

9.3

15.5

7.8

4.8

12.9

    Income Taxes Payable

1.5

3.0

2.4

1.6

2.4

    Accrued Expenses

4.5

6.1

4.3

2.5

3.6

    Other Payables

1.4

0.7

0.8

1.0

0.6

    Advance Receipts

0.2

0.0

0.0

0.0

0.0

    Current Portion of Long Term Debt

-

0.0

1.9

4.6

4.6

    Receipts Under Custody

-

-

-

0.0

0.0

    Deferred Income Tax Liabilities

0.0

0.1

0.0

-

-

Total Current Liabilities

28.6

33.9

23.4

18.3

41.7

 

 

 

 

 

 

    Long Term Borrowings

-

0.0

3.8

12.2

17.0

Total Long Term Debt

-

0.0

3.8

12.2

17.0

 

 

 

 

 

 

    Land Revaluation Increment Tax Reserve

0.0

0.0

0.0

0.0

0.0

    Accrued Pension Liabilities

7.6

6.9

6.6

6.2

5.2

    Long Term Security Deposits Received

0.0

0.0

0.0

0.0

0.1

    Due to Shareholders

-

-

-

0.0

0.1

    Deferred Income Tax Liabilities

0.1

0.0

0.4

0.4

0.6

    Minority Interest

-

-

-

0.0

0.0

Total Liabilities

36.4

40.8

34.2

37.1

64.7

 

 

 

 

 

 

    Common Stock

44.1

45.8

41.7

36.7

37.1

    Share Premium

3.3

3.5

3.2

0.6

0.6

    Capital Gain on LT Investments

0.5

0.6

0.5

0.5

0.7

    Legal Reserve

16.1

14.5

11.8

10.6

9.3

    Retained Earnings

39.8

45.3

32.8

24.9

29.9

    Cumulative Translation Adjustment

2.5

1.4

2.0

1.8

1.5

    Unrealized Gain/Loss on Pension Fund

-0.7

0.0

-0.6

-0.7

0.0

    Unrealized Revaluation Gain

0.0

0.0

0.0

0.0

0.0

Total Equity

105.7

110.9

91.4

74.3

78.9

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

142.1

151.7

125.6

111.5

143.6

 

 

 

 

 

 

    S/O-Common Stock

133.5

133.5

133.5

120.3

120.3

Total Common Shares Outstanding

133.5

133.5

133.5

120.3

120.3

T/S-Common Stock

0.0

0.0

0.0

-

-

Deferred Revenue, Current

0.2

0.0

0.0

0.0

0.0

Full-Time Employees

276

268

246

247

245

Number of Common Shareholders

3,808

3,407

1,714

1,695

454

Accumulated Benefit Obligation

7.7

6.9

6.8

6.4

5.4

Projected Benefit Obligation

8.1

7.6

7.7

7.0

6.3

Fair Value of Plan Assets

0.2

0.1

0.2

0.2

0.2

Funded Status

-7.9

-7.5

-7.5

-6.9

-6.1

Total Funded Status

-7.9

-7.5

-7.5

-6.9

-6.1

Discount Rate

2.25%

2.25%

2.25%

2.25%

3.25%

Rate of Compensation Increase

2.00%

2.00%

2.00%

1.50%

2.00%

Expected Rate of Return on Plan Assets

2.25%

2.25%

2.25%

2.25%

3.25%

Deferred Pension Cost

0.0

0.1

0.4

0.5

0.5

Accrued Pension Liabilities

-7.6

-6.9

-6.6

-6.2

-5.2

Net Assets Recognized on Balance Sheet

-7.6

-6.8

-6.2

-5.7

-4.7

 

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Reclassified Normal
31-Dec-2010

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2007

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

29.39004

31.497037

33.023867

31.543497

32.848802

Auditor

Horwath Chien Hsing CPA

Horwath Chien Hsing CPA

Horwath Chien Hsing CPA

Horwath Chien Hsing CPA

Horwath Chien Hsing CPA

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

Net Income

16.5

20.6

13.9

9.0

14.7

    Depreciation

5.7

5.1

4.9

5.6

4.3

    Provision for Inventory Devaluation

0.8

0.0

-2.6

2.8

0.0

    Physical Gain/Loss on Inventory

0.0

0.1

0.1

-

-

    Deferred Charges

0.2

0.2

0.2

0.2

0.4

    Diff. Between Pension Cost&Pension Fund

0.4

0.6

0.5

-

-

    Provision for Pension Fund

-

-

-

0.6

0.6

    Provision of Bad Debts

0.3

0.3

0.1

-0.2

0.1

    Cash Dividends from Equity Subsidiaries

0.8

2.0

1.0

0.8

0.6

    Equity Investment Gain/Loss

-2.4

-2.0

-2.1

-1.0

-1.6

    Gain/Loss on Sale of Investments

-

-

-

-0.1

-0.1

    Gain/Loss on Disposal of Properties

0.0

0.0

0.0

0.0

0.0

    Pension Paid

-

-

-

-0.2

-0.1

    Fixed Assets Transferred to Losses

0.0

0.0

0.0

0.0

0.0

    Shares Benefit Cost

-

0.0

0.2

0.0

-

    Impairment Loss

-

-

-

0.1

0.2

    Notes Receivable

-0.1

-0.8

-0.9

2.1

-0.7

    Accounts Receivable

0.9

-6.7

-6.7

15.4

-4.9

    Other Receivables - Related Parties

-

-

-

0.0

0.0

    Other Receivables

0.1

0.2

-0.3

0.8

-0.6

    Inventories

5.4

-9.0

-1.4

9.0

-6.1

    Prepayment

0.6

0.5

-0.3

-0.7

0.4

    Deferred Tax Assets

-0.5

0.0

0.7

-0.7

0.0

    Notes Payable

1.6

0.5

0.2

-0.4

-0.4

    Accounts Payable

-5.8

6.4

2.8

-8.2

8.5

    Other Payables

0.0

0.1

-0.5

0.3

0.1

    Tax Payable

-1.4

0.3

0.8

-0.8

0.4

    Accrued Expenses

-1.4

1.2

1.7

-1.1

0.2

    Customer Advance

0.2

0.0

0.0

0.0

-

    Deferred Tax Liabilities

0.1

-0.2

0.1

-0.2

0.1

    Others

0.1

-

-

-

-

    Minority Interest

-

-

-

0.0

0.0

Cash from Operating Activities

22.1

19.4

12.5

32.9

16.1

 

 

 

 

 

 

    Financial Assets at Fair Value Decrease

-

-

-

0.0

0.1

    Restricted Assets

-

-

-

0.0

0.0

    Disposal of Fixed Assets

0.0

0.0

0.0

0.0

0.1

    Financial Assets at Fair Value Increase

-

-

-

0.0

0.0

    Long Term Equity Investments, Dec.

-

-

-

2.1

0.0

    Long Term Equity Investments Increase

0.0

-1.5

0.0

-1.8

-2.2

    Financial Assets at Cost Increase

-

-

-

-

0.0

    Capital Expenditure

-5.0

-4.6

-2.7

-1.7

-8.7

    Security Deposit Paid

-0.1

0.0

0.0

0.1

0.0

    Deferred Charges

-0.1

0.0

-0.1

-0.2

-0.4

    Other Receivables

-

0.0

0.2

0.3

0.2

    Other Assets

0.0

-0.4

-0.1

-0.3

-0.4

Cash from Investing Activities

-5.2

-6.4

-2.7

-1.5

-11.4

 

 

 

 

 

 

    Short Term Borrowings, Net

2.0

1.3

1.9

-13.7

-23.7

    Short Term Notes, Net

-

-

-

0.0

-1.5

    Equipment Payable

-

-

-

-0.4

-2.3

    Collections on Behalf

-

-

-

0.0

0.0

    Long Term Borrowings, Net

0.0

-5.7

-11.2

-4.8

13.7

    Security Deposit Received

0.0

0.0

0.0

-0.1

0.1

    Due to Shareholders

-

-

-

-0.1

0.0

    Share premium

-

-

-

0.0

-

    Cash Capital

-

0.0

6.3

0.0

2.0

    Cash Dividend - Common Stock

-18.2

-10.6

-6.1

-11.4

-3.2

    Employees Bonus

-

-

-

-0.1

-0.1

    Directors Remuneration

-

-

-

-0.6

-0.3

    Minority Interest

-

-

-

0.0

-0.6

Cash from Financing Activities

-16.2

-15.1

-9.1

-31.1

-15.9

 

 

 

 

 

 

Foreign Exchange Effects

0.0

-0.1

0.0

0.0

0.0

Net Change in Cash

0.8

-2.2

0.6

0.3

-11.2

 

 

 

 

 

 

Net Cash Beginning Balance

2.9

4.9

4.0

3.9

15.0

Net Cash Ending Balance

3.7

2.7

4.7

4.2

3.7

    Cash Interest Paid

0.1

0.0

0.1

0.7

1.6

    Cash Taxes Paid

5.4

3.8

2.8

4.7

3.4

 

 

Financial Health

Financials in: USD (mil)

 

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

 

 

Key Indicators USD (mil)

 

Quarter
Ending
31-Mar-2012

Quarter
Ending
Yr Ago

Annual
Year End
31-Dec-2011

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1

58.2

-4.83%

234.4

3.58%

5.29%

4.53%

Research & Development1

0.2

5.27%

0.9

36.86%

29.79%

19.97%

Operating Income1

5.6

2.83%

17.1

-26.05%

12.85%

1.48%

Income Available to Common Excl Extraord Items1

4.6

-0.38%

16.5

-25.54%

19.39%

6.54%

Basic EPS Excl Extraord Items1

0.03

-0.39%

0.12

-25.54%

15.32%

4.35%

Capital Expenditures2

2.5

337.25%

5.0

2.22%

41.02%

-20.50%

Cash from Operating Activities2

8.0

938.81%

22.1

6.43%

-14.47%

7.31%

Free Cash Flow

5.5

2,822.55%

16.6

7.73%

-20.14%

-

Total Assets3

150.6

-2.08%

142.1

-2.73%

5.55%

-0.24%

Total Liabilities3

38.0

-4.15%

36.4

-7.25%

-3.30%

-13.27%

Total Long Term Debt3

0.0

-

0.0

-

-

-

Employees3

-

-

276

2.99%

3.77%

4.64%

Total Common Shares Outstanding3

133.5

0.00%

133.5

0.00%

3.53%

2.10%

1-ExchangeRate: TWD to USD Average for Period

29.710200

 

29.390040

 

 

 

2-ExchangeRate: TWD to USD Average for Period

29.710200

 

29.390040

 

 

 

3-ExchangeRate: TWD to USD Period End Date

29.565976

 

30.279000

 

 

 

Utility Industry Specific USD (mil)

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

 

Deferred Charges3

0.4

0.5

0.6

0.5

0.4

 

3-ExchangeRate: TWD to USD Period End Date

30.279000

29.156500

31.985000

32.818000

32.434500

 

Key Ratios

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Profitability

Gross Margin

14.53%

17.97%

20.13%

12.83%

15.72%

Operating Margin

7.30%

10.23%

10.95%

5.93%

8.74%

Pretax Margin

8.54%

11.67%

12.28%

6.38%

9.03%

Net Profit Margin

7.03%

9.78%

9.37%

4.82%

7.13%

Financial Strength

Current Ratio

2.21

2.15

2.28

2.21

1.63

Long Term Debt/Equity

0.00

0.00

0.04

0.16

0.21

Total Debt/Equity

0.11

0.08

0.13

0.28

0.50

Management Effectiveness

Return on Assets

11.10%

15.41%

12.00%

6.84%

10.69%

Return on Equity

15.05%

21.12%

17.18%

11.38%

20.64%

Efficiency

Receivables Turnover

6.59

6.97

6.83

6.71

6.34

Inventory Turnover

6.95

6.83

6.61

7.19

7.11

Asset Turnover

1.58

1.58

1.28

1.42

1.50

Market Valuation USD (mil)

P/E (TTM)

10.17

.

Enterprise Value2

170.6

Price/Sales (TTM)

0.72

.

Enterprise Value/Revenue (TTM)

0.74

Price/Book (MRQ)

1.48

.

Enterprise Value/EBITDA (TTM)

7.47

Market Cap as of 27-Jul-20121

163.4

.

 

 

1-ExchangeRate: TWD to USD on 27-Jul-2012

30.113438

 

 

 

2-ExchangeRate: TWD to USD on 31-Mar-2012

29.565976

 

 

 

 

 

Annual Ratios

Financials in: USD (mil)

 

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

 



 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Financial Strength

Current Ratio

2.21

2.15

2.28

2.21

1.63

Quick/Acid Test Ratio

1.31

1.16

1.34

1.21

0.95

Working Capital1

34.6

39.0

30.1

22.0

26.5

Long Term Debt/Equity

0.00

0.00

0.04

0.16

0.21

Total Debt/Equity

0.11

0.08

0.13

0.28

0.50

Long Term Debt/Total Capital

0.00

0.00

0.04

0.13

0.14

Total Debt/Total Capital

0.10

0.07

0.11

0.22

0.33

Payout Ratio

71.69%

82.12%

71.27%

63.43%

72.30%

Effective Tax Rate

17.71%

16.21%

23.69%

24.44%

21.01%

Total Capital1

117.4

119.5

103.2

95.0

118.1

 

 

 

 

 

 

Efficiency

Asset Turnover

1.58

1.58

1.28

1.42

1.50

Inventory Turnover

6.95

6.83

6.61

7.19

7.11

Days In Inventory

52.54

53.45

55.22

50.75

51.33

Receivables Turnover

6.59

6.97

6.83

6.71

6.34

Days Receivables Outstanding

55.38

52.36

53.42

54.39

57.54

Revenue/Employee2

824,298

851,109

624,400

727,971

849,891

Operating Income/Employee2

60,213

87,081

68,393

43,192

74,270

EBITDA/Employee2

80,311

107,787

88,826

64,798

93,798

 

 

 

 

 

 

Profitability

Gross Margin

14.53%

17.97%

20.13%

12.83%

15.72%

Operating Margin

7.30%

10.23%

10.95%

5.93%

8.74%

EBITDA Margin

9.74%

12.66%

14.23%

8.90%

11.04%

EBIT Margin

7.30%

10.23%

10.95%

5.93%

8.74%

Pretax Margin

8.54%

11.67%

12.28%

6.38%

9.03%

Net Profit Margin

7.03%

9.78%

9.37%

4.82%

7.13%

R&D Expense/Revenue

0.40%

0.31%

0.28%

0.22%

0.22%

COGS/Revenue

85.47%

82.03%

79.87%

87.17%

84.28%

SG&A Expense/Revenue

6.82%

7.43%

8.90%

6.61%

6.65%

 

 

 

 

 

 

Management Effectiveness

Return on Assets

11.10%

15.41%

12.00%

6.84%

10.69%

Return on Equity

15.05%

21.12%

17.18%

11.38%

20.64%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2

0.12

0.12

0.08

0.25

0.06

Operating Cash Flow/Share 2

0.16

0.16

0.10

0.26

0.14

1-ExchangeRate: TWD to USD Period End Date

30.279

29.1565

31.985

32.818

32.4345

2-ExchangeRate: TWD to USD Average for Period

30.279

29.1565

31.985

32.818

32.4345

 

Current Market Multiples

Market Cap/Earnings (TTM)

10.17

Market Cap/Equity (MRQ)

1.48

Market Cap/Revenue (TTM)

0.72

Market Cap/EBIT (TTM)

9.69

Market Cap/EBITDA (TTM)

7.29

Enterprise Value/Earnings (TTM)

10.43

Enterprise Value/Equity (MRQ)

1.52

Enterprise Value/Revenue (TTM)

0.74

Enterprise Value/EBIT (TTM)

9.93

Enterprise Value/EBITDA (TTM)

7.47

 

 

 

 

Shiny Chemical Industrial Co., Ltd.

 

Kaohsiung, Taiwan, Tel: 886-7-6219171, URL: http://www.shinychem.com.tw/

Annual Income Statement

Standardized

Financials in: USD (mil)

 

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

 

 

 

 

 

  Financial Glossary

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Reclassified Normal
31-Dec-2011

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Reclassified Normal
31-Dec-2008

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

29.39004

31.497037

33.023867

31.543497

32.848802

Auditor

Horwath Chien Hsing CPA

Horwath Chien Hsing CPA

Horwath Chien Hsing CPA

Horwath Chien Hsing CPA

Horwath Chien Hsing CPA

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Gross Revenue

234.6

211.3

149.0

187.6

206.2

    Sales Returns and Allowances

-0.2

-0.2

-0.2

-0.5

-0.6

Revenue

234.4

211.1

148.8

187.1

205.6

Total Revenue

234.4

211.1

148.8

187.1

205.6

 

 

 

 

 

 

    Cost of Revenue

200.3

173.2

118.8

163.1

173.3

Cost of Revenue, Total

200.3

173.2

118.8

163.1

173.3

Gross Profit

34.1

37.9

30.0

24.0

32.3

 

 

 

 

 

 

    Selling/General/Administrative Expense

16.0

15.7

13.2

12.4

13.7

Total Selling/General/Administrative Expenses

16.0

15.7

13.2

12.4

13.7

Research & Development

0.9

0.6

0.4

0.4

0.5

    Impairment-Assets Held for Use

-

-

0.0

0.1

0.2

Unusual Expense (Income)

-

-

0.0

0.1

0.2

Total Operating Expense

217.3

189.5

132.5

176.0

187.6

 

 

 

 

 

 

Operating Income

17.1

21.6

16.3

11.1

18.0

 

 

 

 

 

 

        Interest Expense - Non-Operating

-0.1

0.0

-0.1

-0.7

-1.3

    Interest Expense, Net Non-Operating

-0.1

0.0

-0.1

-0.7

-1.3

        Interest Income - Non-Operating

0.0

0.0

0.1

0.1

0.1

        Investment Income - Non-Operating

2.5

2.8

1.9

1.1

1.7

    Interest/Investment Income - Non-Operating

2.5

2.8

2.0

1.2

1.8

Interest Income (Expense) - Net Non-Operating Total

2.4

2.7

1.8

0.5

0.4

Gain (Loss) on Sale of Assets

0.0

0.0

0.0

0.0

0.0

    Other Non-Operating Income (Expense)

0.5

0.3

0.1

0.4

0.1

Other, Net

0.5

0.3

0.1

0.4

0.1

Income Before Tax

20.0

24.6

18.3

11.9

18.6

 

 

 

 

 

 

Total Income Tax

3.5

4.0

4.3

2.9

3.9

Income After Tax

16.5

20.6

13.9

9.0

14.7

 

 

 

 

 

 

    Minority Interest

-

-

0.0

0.0

0.0

Net Income Before Extraord Items

16.5

20.6

13.9

9.0

14.7

Net Income

16.5

20.6

13.9

9.0

14.7

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

16.5

20.6

13.9

9.0

14.7

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

16.5

20.6

13.9

9.0

14.7

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

133.5

133.5

131.3

120.3

116.1

Basic EPS Excl Extraord Items

0.12

0.15

0.11

0.07

0.13

Basic/Primary EPS Incl Extraord Items

0.12

0.15

0.11

0.07

0.13

Dilution Adjustment

0.0

0.0

-

-

-

Diluted Net Income

16.5

20.6

13.9

9.0

14.7

Diluted Weighted Average Shares

133.5

133.5

131.3

120.3

116.1

Diluted EPS Excl Extraord Items

0.12

0.15

0.11

0.07

0.13

Diluted EPS Incl Extraord Items

0.12

0.15

0.11

0.07

0.13

Dividends per Share - Common Stock Primary Issue

0.09

0.13

0.08

0.05

0.09

Gross Dividends - Common Stock

11.8

17.0

10.1

6.3

11.0

Interest Expense, Supplemental

0.1

0.0

0.1

0.7

1.3

Interest Capitalized, Supplemental

0.0

0.0

0.0

0.0

-0.4

Depreciation, Supplemental

5.7

5.1

4.9

5.6

4.3

Total Special Items

0.0

0.0

0.0

0.2

0.2

Normalized Income Before Tax

20.0

24.6

18.3

12.1

18.8

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.0

0.0

0.0

0.0

0.0

Inc Tax Ex Impact of Sp Items

3.5

4.0

4.3

3.0

3.9

Normalized Income After Tax

16.5

20.6

13.9

9.1

14.8

 

 

 

 

 

 

Normalized Inc. Avail to Com.

16.5

20.6

13.9

9.1

14.8

 

 

 

 

 

 

Basic Normalized EPS

0.12

0.15

0.11

0.08

0.13

Diluted Normalized EPS

0.12

0.15

0.11

0.08

0.13

Amort of Intangibles, Supplemental

-

-

-

-

0.4

Research & Development Exp, Supplemental

0.9

0.6

0.4

0.4

0.5

Normalized EBIT

17.1

21.6

16.3

11.2

18.2

Normalized EBITDA

22.8

26.7

21.2

16.8

22.9

    Current Tax - Total

3.5

3.8

3.4

3.7

3.5

Current Tax - Total

3.5

3.8

3.4

3.7

3.5

    Deferred Tax - Total

-0.4

-0.2

0.7

-0.9

0.1

Deferred Tax - Total

-0.4

-0.2

0.7

-0.9

0.1

    Domestic Tax - Other

0.4

0.4

0.2

0.1

0.4

Income Tax - Total

3.5

4.0

4.3

2.9

3.9

Interest Cost - Domestic

0.2

0.2

0.2

0.2

0.2

Service Cost - Domestic

0.1

0.2

0.2

0.2

0.2

Expected Return on Assets - Domestic

0.0

0.0

0.0

0.0

0.0

Actuarial Gains and Losses - Domestic

-

-

-

0.0

0.0

Transition Costs - Domestic

0.2

0.2

0.2

0.2

0.2

Other Pension, Net - Domestic

0.0

0.1

0.1

-

-

Domestic Pension Plan Expense

0.4

0.6

0.6

0.6

0.6

Defined Contribution Expense - Domestic

0.2

0.2

0.1

0.1

-

Defined Contribution Expense - Foreign

0.0

0.0

-

-

-

Total Pension Expense

0.7

0.8

0.7

0.7

0.6

Discount Rate - Domestic

2.25%

2.25%

2.25%

2.25%

3.25%

Expected Rate of Return - Domestic

2.25%

2.25%

2.25%

2.25%

3.25%

Compensation Rate - Domestic

2.00%

2.00%

2.00%

1.50%

2.00%

Total Plan Interest Cost

0.2

0.2

0.2

0.2

0.2

Total Plan Service Cost

0.1

0.2

0.2

0.2

0.2

Total Plan Expected Return

0.0

0.0

0.0

0.0

0.0

Total Plan Other Expense

0.0

0.1

0.1

-

-

 

 

 

Shiny Chemical Industrial Co., Ltd.

 

Kaohsiung, Taiwan, Tel: 886-7-6219171, URL: http://www.shinychem.com.tw/

Interim Income Statement

Standardized

Financials in: USD (mil)

 

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

 

 

 

 

 

  Financial Glossary

 

 

 

31-Mar-2012

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

Period Length

3 Months

9 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal
31-Mar-2012

Reclassified Special
31-Dec-2011

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

29.7102

29.417886

29.146237

28.855204

29.305764

 

 

 

 

 

 

    Gross Revenue

58.3

172.6

60.2

58.2

62.0

    Sales Returns and Allowances

0.0

-0.2

0.0

-0.1

0.0

Revenue

58.2

172.4

60.1

58.2

62.0

Total Revenue

58.2

172.4

60.1

58.2

62.0

 

 

 

 

 

 

    Cost of Revenue

48.9

148.1

52.2

48.6

52.2

Cost of Revenue, Total

48.9

148.1

52.2

48.6

52.2

Gross Profit

9.4

24.3

8.0

9.6

9.8

 

 

 

 

 

 

    Selling/General/Administrative Expense

3.6

11.9

4.0

3.7

4.1

Total Selling/General/Administrative Expenses

3.6

11.9

4.0

3.7

4.1

Research & Development

0.2

0.7

0.3

0.2

0.2

    Impairment-Assets Held for Use

-

-

0.0

0.0

-

Unusual Expense (Income)

-

-

0.0

0.0

-

Total Operating Expense

52.7

160.7

56.4

52.5

56.5

 

 

 

 

 

 

Operating Income

5.6

11.6

3.7

5.7

5.5

 

 

 

 

 

 

        Interest Expense - Non-Operating

0.0

-0.1

0.0

0.0

0.0

    Interest Expense, Net Non-Operating

0.0

-0.1

0.0

0.0

0.0

        Interest Income - Non-Operating

0.0

0.0

0.0

0.0

0.0

        Investment Income - Non-Operating

-0.2

2.4

0.1

0.9

0.1

    Interest/Investment Income - Non-Operating

-0.2

2.4

0.1

0.9

0.1

Interest Income (Expense) - Net Non-Operating Total

-0.2

2.4

0.1

0.9

0.1

Gain (Loss) on Sale of Assets

0.0

0.0

0.0

0.0

0.0

    Other Non-Operating Income (Expense)

0.2

0.3

0.1

0.1

0.1

Other, Net

0.2

0.3

0.1

0.1

0.1

Income Before Tax

5.6

14.3

3.9

6.7

5.7

 

 

 

 

 

 

Total Income Tax

0.9

2.6

0.7

1.4

1.0

Income After Tax

4.6

11.8

3.3

5.3

4.7

 

 

 

 

 

 

    Minority Interest

-

0.0

0.0

0.0

0.0

Net Income Before Extraord Items

4.6

11.8

3.3

5.3

4.7

Net Income

4.6

11.8

3.3

5.3

4.7

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

4.6

11.8

3.3

5.3

4.7

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

4.6

11.8

3.3

5.3

4.7

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

133.5

133.5

133.5

133.5

133.5

Basic EPS Excl Extraord Items

0.03

0.09

0.02

0.04

0.04

Basic/Primary EPS Incl Extraord Items

0.03

0.09

0.02

0.04

0.04

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

4.6

11.8

3.3

5.3

4.7

Diluted Weighted Average Shares

133.5

133.5

133.5

133.5

133.5

Diluted EPS Excl Extraord Items

0.03

0.09

0.02

0.04

0.04

Diluted EPS Incl Extraord Items

0.03

0.09

0.02

0.04

0.04

Dividends per Share - Common Stock Primary Issue

0.00

0.09

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

11.8

0.0

0.0

0.0

Interest Expense, Supplemental

0.0

0.1

0.0

0.0

0.0

Interest Capitalized, Supplemental

0.0

0.0

0.0

0.0

0.0

Depreciation, Supplemental

1.4

4.3

1.4

1.5

1.4

Total Special Items

0.0

0.0

0.0

0.0

0.0

Normalized Income Before Tax

5.6

14.3

3.9

6.7

5.7

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.0

0.0

0.0

0.0

0.0

Inc Tax Ex Impact of Sp Items

0.9

2.6

0.7

1.4

1.0

Normalized Income After Tax

4.6

11.8

3.3

5.3

4.7

 

 

 

 

 

 

Normalized Inc. Avail to Com.

4.6

11.8

3.3

5.3

4.7

 

 

 

 

 

 

Basic Normalized EPS

0.03

0.09

0.02

0.04

0.04

Diluted Normalized EPS

0.03

0.09

0.02

0.04

0.04

Research & Development Exp, Supplemental

0.2

0.7

0.3

0.2

0.2

Normalized EBIT

5.6

11.6

3.7

5.7

5.5

Normalized EBITDA

7.0

15.9

5.2

7.2

6.9

 

Shiny Chemical Industrial Co., Ltd.

 

Kaohsiung, Taiwan, Tel: 886-7-6219171, URL: http://www.shinychem.com.tw/

Annual Balance Sheet

Standardized

Financials in: USD (mil)

 

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

 

 

 

 

 

  Financial Glossary

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Restated Normal
31-Dec-2010

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2007

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate

30.279

29.1565

31.985

32.818

32.4345

Auditor

Horwath Chien Hsing CPA

Horwath Chien Hsing CPA

Horwath Chien Hsing CPA

Horwath Chien Hsing CPA

Horwath Chien Hsing CPA

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Cash & Equivalents

3.6

2.9

4.8

4.0

3.8

Cash and Short Term Investments

3.6

2.9

4.8

4.0

3.8

        Accounts Receivable - Trade, Gross

31.2

33.3

23.8

16.5

31.6

        Provision for Doubtful Accounts

-1.0

-0.7

-0.3

-0.3

-0.5

    Trade Accounts Receivable - Net

30.3

32.6

23.4

16.2

31.2

    Notes Receivable - Short Term

3.2

3.3

2.2

1.3

3.3

    Other Receivables

0.5

0.6

0.8

0.6

1.5

Total Receivables, Net

33.9

36.4

26.4

18.1

36.0

    Inventories - Finished Goods

14.2

11.9

9.7

11.6

11.1

    Inventories - Work In Progress

0.7

0.8

0.5

0.6

0.5

    Inventories - Raw Materials

11.0

19.7

10.5

6.6

16.1

    Inventories - Other

-0.9

-0.1

-0.1

-2.7

-

Total Inventory

24.9

32.2

20.6

16.1

27.8

Prepaid Expenses

0.6

1.3

1.6

1.3

0.7

    Restricted Cash - Current

0.0

0.0

0.0

0.0

0.0

    Deferred Income Tax - Current Asset

0.3

0.0

0.0

0.7

0.1

Other Current Assets, Total

0.3

0.0

0.0

0.7

0.1

Total Current Assets

63.3

72.9

53.5

40.3

68.2

 

 

 

 

 

 

        Buildings

28.3

25.0

22.1

21.6

21.8

        Land/Improvements

13.6

14.1

12.8

12.5

12.7

        Machinery/Equipment

59.2

58.8

51.7

49.5

49.8

        Construction in Progress

2.5

4.8

3.1

1.4

0.7

        Other Property/Plant/Equipment

0.1

0.1

0.1

0.1

0.1

    Property/Plant/Equipment - Gross

103.7

102.9

89.9

85.1

85.1

    Accumulated Depreciation

-59.6

-57.0

-47.2

-41.4

-37.4

Property/Plant/Equipment - Net

44.1

45.8

42.7

43.7

47.7

    LT Investment - Affiliate Companies

26.3

24.2

21.4

19.7

23.2

    LT Investments - Other

4.4

4.6

4.2

4.1

1.0

Long Term Investments

30.7

28.8

25.6

23.8

24.2

    Deferred Charges

0.4

0.5

0.6

0.5

0.4

    Pension Benefits - Overfunded

0.0

0.1

0.4

0.5

0.5

    Deferred Income Tax - Long Term Asset

0.0

0.0

0.0

-

-

    Other Long Term Assets

3.6

3.6

2.8

2.7

2.5

Other Long Term Assets, Total

4.0

4.1

3.8

3.7

3.4

Total Assets

142.1

151.7

125.6

111.5

143.6

 

 

 

 

 

 

Accounts Payable

9.3

15.5

7.8

4.8

12.9

Accrued Expenses

4.5

6.1

4.3

2.5

3.6

Notes Payable/Short Term Debt

11.7

8.6

6.1

3.9

17.6

Current Portion - Long Term Debt/Capital Leases

-

0.0

1.9

4.6

4.6

    Customer Advances

0.2

0.0

0.0

0.0

0.0

    Income Taxes Payable

1.5

3.0

2.4

1.6

2.4

    Other Payables

1.4

0.7

0.8

1.0

0.6

    Deferred Income Tax - Current Liability

0.0

0.1

0.0

-

-

    Other Current Liabilities

-

-

-

0.0

0.0

Other Current liabilities, Total

3.1

3.7

3.2

2.5

3.0

Total Current Liabilities

28.6

33.9

23.4

18.3

41.7

 

 

 

 

 

 

    Long Term Debt

-

0.0

3.8

12.2

17.0

Total Long Term Debt

0.0

0.0

3.8

12.2

17.0

Total Debt

11.7

8.6

11.8

20.6

39.2

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

0.1

0.0

0.4

0.4

0.6

Deferred Income Tax

0.1

0.0

0.4

0.4

0.6

Minority Interest

-

-

-

0.0

0.0

    Reserves

0.0

0.0

0.0

0.0

0.0

    Pension Benefits - Underfunded

7.6

6.9

6.6

6.2

5.2

    Other Long Term Liabilities

0.0

0.0

0.0

0.0

0.1

Other Liabilities, Total

7.7

6.9

6.6

6.2

5.4

Total Liabilities

36.4

40.8

34.2

37.1

64.7

 

 

 

 

 

 

    Common Stock

44.1

45.8

41.7

36.7

37.1

Common Stock

44.1

45.8

41.7

36.7

37.1

Additional Paid-In Capital

3.9

4.0

3.7

1.1

1.3

Retained Earnings (Accumulated Deficit)

55.9

59.8

44.6

35.5

39.1

Unrealized Gain (Loss)

0.0

0.0

0.0

0.0

0.0

    Translation Adjustment

2.5

1.4

2.0

1.8

1.5

    Minimum Pension Liability Adjustment

-0.7

0.0

-0.6

-0.7

0.0

Other Equity, Total

1.8

1.3

1.4

1.0

1.4

Total Equity

105.7

110.9

91.4

74.3

78.9

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

142.1

151.7

125.6

111.5

143.6

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

133.5

133.5

133.5

120.3

120.3

Total Common Shares Outstanding

133.5

133.5

133.5

120.3

120.3

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

-

-

Employees

276

268

246

247

245

Number of Common Shareholders

3,808

3,407

1,714

1,695

454

Deferred Revenue - Current

0.2

0.0

0.0

0.0

0.0

Pension Obligation - Domestic

8.1

7.6

7.7

7.0

6.3

Plan Assets - Domestic

0.2

0.1

0.2

0.2

0.2

Funded Status - Domestic

-7.9

-7.5

-7.5

-6.9

-6.1

Accumulated Obligation - Domestic

7.7

6.9

6.8

6.4

5.4

Total Funded Status

-7.9

-7.5

-7.5

-6.9

-6.1

Discount Rate - Domestic

2.25%

2.25%

2.25%

2.25%

3.25%

Expected Rate of Return - Domestic

2.25%

2.25%

2.25%

2.25%

3.25%

Compensation Rate - Domestic

2.00%

2.00%

2.00%

1.50%

2.00%

Prepaid Benefits - Domestic

0.0

0.1

0.4

0.5

0.5

Accrued Liabilities - Domestic

-7.6

-6.9

-6.6

-6.2

-5.2

Net Assets Recognized on Balance Sheet

-7.6

-6.8

-6.2

-5.7

-4.7

Total Plan Obligations

8.1

7.6

7.7

7.0

6.3

Total Plan Assets

0.2

0.1

0.2

0.2

0.2

 

Shiny Chemical Industrial Co., Ltd.

 

Kaohsiung, Taiwan, Tel: 886-7-6219171, URL: http://www.shinychem.com.tw/

Interim Balance Sheet

Standardized

Financials in: USD (mil)

 

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

 

 

 

 

 

  Financial Glossary

 

 

 

31-Mar-2012

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

UpdateType/Date

Updated Normal
31-Mar-2012

Updated Normal
31-Dec-2011

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Reclassified Normal
31-Mar-2012

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate

29.565976

30.279

30.475

28.7235

29.4065

 

 

 

 

 

 

    Cash & Equivalents

4.6

3.6

0.9

3.2

2.7

Cash and Short Term Investments

4.6

3.6

0.9

3.2

2.7

        Accounts Receivable - Trade, Gross

33.4

31.2

35.0

34.2

36.3

        Provision for Doubtful Accounts

-0.9

-1.0

-0.9

-0.9

-0.9

    Trade Accounts Receivable - Net

32.6

30.3

34.1

33.3

35.4

    Notes Receivable - Short Term

4.0

3.2

3.2

3.7

3.6

    Other Receivables

0.7

0.5

1.0

0.7

0.6

Total Receivables, Net

37.2

33.9

38.3

37.7

39.5

    Inventories - Finished Goods

11.9

14.2

14.0

14.0

11.0

    Inventories - Work In Progress

1.0

0.7

0.7

0.6

0.8

    Inventories - Raw Materials

12.2

11.0

18.1

17.3

20.6

    Inventories - Other

-0.4

-0.9

-0.4

-0.6

-0.1

Total Inventory

24.6

24.9

32.4

31.3

32.3

Prepaid Expenses

0.8

0.6

1.0

1.3

2.7

    Restricted Cash - Current

0.0

0.0

0.0

0.0

0.0

    Deferred Income Tax - Current Asset

0.2

0.3

0.1

0.1

0.0

    Other Current Assets

1.9

-

-

-

-

Other Current Assets, Total

2.1

0.3

0.1

0.1

0.1

Total Current Assets

69.4

63.3

72.7

73.7

77.3

 

 

 

 

 

 

        Buildings

29.5

28.3

27.5

28.9

28.4

        Land/Improvements

16.2

13.6

13.5

14.3

14.0

        Machinery/Equipment

61.4

59.2

57.8

60.9

57.8

        Construction in Progress

3.5

2.5

2.2

1.9

2.1

        Other Property/Plant/Equipment

0.1

0.1

0.1

0.1

0.1

    Property/Plant/Equipment - Gross

110.8

103.7

101.0

106.2

102.3

    Accumulated Depreciation

-62.5

-59.6

-58.1

-60.6

-57.8

Property/Plant/Equipment - Net

48.3

44.1

42.9

45.6

44.5

    LT Investment - Affiliate Companies

26.6

26.3

24.2

25.4

24.1

    LT Investments - Other

4.5

4.4

4.4

4.7

4.6

Long Term Investments

31.1

30.7

28.6

30.1

28.7

    Deferred Charges

0.4

0.4

0.4

0.4

0.4

    Pension Benefits - Overfunded

0.0

0.0

0.1

0.1

0.1

    Deferred Income Tax - Long Term Asset

0.0

0.0

0.0

0.1

0.1

    Other Long Term Assets

1.2

3.6

3.5

3.7

3.6

Other Long Term Assets, Total

1.7

4.0

4.0

4.2

4.1

Total Assets

150.6

142.1

148.3

153.5

154.6

 

 

 

 

 

 

Accounts Payable

13.1

9.3

16.9

11.0

16.4

Accrued Expenses

3.3

4.5

3.5

4.2

3.9

Notes Payable/Short Term Debt

8.8

11.7

17.5

4.9

8.0

Current Portion - Long Term Debt/Capital Leases

-

-

-

0.0

-

    Customer Advances

0.2

0.2

0.3

0.0

0.0

    Income Taxes Payable

2.4

1.5

0.9

2.4

4.1

    Other Payables

1.7

1.4

0.5

19.8

0.5

    Other Current Liabilities

0.3

0.0

0.0

-

-

Other Current liabilities, Total

4.7

3.1

1.7

22.2

4.6

Total Current Liabilities

30.0

28.6

39.6

42.3

32.9

 

 

 

 

 

 

    Long Term Debt

-

-

0.0

0.0

-

Total Long Term Debt

0.0

0.0

0.0

0.0

0.0

Total Debt

8.8

11.7

17.5

4.9

8.0

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

0.0

0.1

0.0

0.0

-

Deferred Income Tax

0.0

0.1

0.0

0.0

-

Minority Interest

-

-

-

0.0

-

    Reserves

0.0

0.0

0.0

0.0

0.0

    Pension Benefits - Underfunded

7.9

7.6

6.8

7.2

6.9

    Other Long Term Liabilities

0.0

0.0

0.0

0.0

0.0

Other Liabilities, Total

7.9

7.7

6.9

7.2

6.9

Total Liabilities

38.0

36.4

46.5

49.5

39.8

 

 

 

 

 

 

    Common Stock

45.2

44.1

43.8

46.5

45.4

Common Stock

45.2

44.1

43.8

46.5

45.4

Additional Paid-In Capital

4.0

3.9

3.8

4.1

4.0

Retained Earnings (Accumulated Deficit)

61.9

55.9

52.4

52.2

64.0

Unrealized Gain (Loss)

0.0

0.0

0.0

0.0

0.0

    Translation Adjustment

2.2

2.5

1.7

1.2

1.4

    Minimum Pension Liability Adjustment

-0.7

-0.7

0.0

0.0

0.0

Other Equity, Total

1.5

1.8

1.7

1.2

1.4

Total Equity

112.6

105.7

101.8

104.0

114.8

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

150.6

142.1

148.3

153.5

154.6

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

133.5

133.5

133.5

133.5

133.5

Total Common Shares Outstanding

133.5

133.5

133.5

133.5

133.5

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

0.0

Employees

-

276

-

266

-

Deferred Revenue - Current

0.2

0.2

0.3

0.0

0.0

Prepaid Benefits - Domestic

0.0

0.0

0.1

0.1

0.1

Accrued Liabilities - Domestic

-7.9

-7.6

-6.8

-7.2

-6.9

Net Assets Recognized on Balance Sheet

-7.8

-7.6

-6.8

-7.1

-6.9

 

Shiny Chemical Industrial Co., Ltd.

 

Kaohsiung, Taiwan, Tel: 886-7-6219171, URL: http://www.shinychem.com.tw/

Annual Cash Flows

Standardized

Financials in: USD (mil)

 

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

 

 

 

 

 

  Financial Glossary

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Reclassified Normal
31-Dec-2010

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2007

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

29.39004

31.497037

33.023867

31.543497

32.848802

Auditor

Horwath Chien Hsing CPA

Horwath Chien Hsing CPA

Horwath Chien Hsing CPA

Horwath Chien Hsing CPA

Horwath Chien Hsing CPA

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

Net Income/Starting Line

16.5

20.6

13.9

9.0

14.7

    Depreciation

5.7

5.1

4.9

5.6

4.3

Depreciation/Depletion

5.7

5.1

4.9

5.6

4.3

Deferred Taxes

-0.4

-0.2

0.8

-0.9

0.1

    Unusual Items

0.0

0.0

0.0

0.0

0.2

    Equity in Net Earnings (Loss)

-2.4

-2.0

-2.1

-1.0

-1.6

    Other Non-Cash Items

2.7

3.1

-0.6

3.3

1.0

Non-Cash Items

0.3

1.1

-2.7

2.3

-0.5

    Accounts Receivable

0.9

-7.2

-7.9

18.3

-6.3

    Inventories

5.4

-9.0

-1.4

9.0

-6.1

    Prepaid Expenses

0.6

0.5

-0.3

-0.7

0.4

    Accounts Payable

-5.9

6.5

2.3

-7.9

8.7

    Accrued Expenses

-1.4

1.2

1.7

-1.1

0.2

    Taxes Payable

-1.4

0.3

0.8

-0.8

0.4

    Other Liabilities

1.7

0.5

0.2

0.2

0.2

    Other Operating Cash Flow

-

-

-

0.0

0.0

Changes in Working Capital

0.1

-7.3

-4.5

16.9

-2.5

Cash from Operating Activities

22.1

19.4

12.5

32.9

16.1

 

 

 

 

 

 

    Purchase of Fixed Assets

-5.0

-4.6

-2.7

-1.7

-8.7

Capital Expenditures

-5.0

-4.6

-2.7

-1.7

-8.7

    Sale of Fixed Assets

0.0

0.0

0.0

0.0

0.1

    Sale/Maturity of Investment

-

-

-

2.1

0.1

    Purchase of Investments

0.0

-1.5

0.0

-1.8

-2.3

    Other Investing Cash Flow

-0.2

-0.4

0.0

-0.1

-0.6

Other Investing Cash Flow Items, Total

-0.2

-1.8

0.0

0.2

-2.8

Cash from Investing Activities

-5.2

-6.4

-2.7

-1.5

-11.4

 

 

 

 

 

 

    Other Financing Cash Flow

0.0

0.0

0.0

-1.3

-3.2

Financing Cash Flow Items

0.0

0.0

0.0

-1.3

-3.2

    Cash Dividends Paid - Common

-18.2

-10.6

-6.1

-11.4

-3.2

Total Cash Dividends Paid

-18.2

-10.6

-6.1

-11.4

-3.2

        Sale/Issuance of Common

-

0.0

6.3

0.0

2.0

    Common Stock, Net

-

0.0

6.3

0.0

2.0

Issuance (Retirement) of Stock, Net

-

0.0

6.3

0.0

2.0

    Short Term Debt, Net

2.0

1.3

1.9

-13.7

-25.2

    Long Term Debt, Net

0.0

-5.7

-11.2

-4.8

13.7

Issuance (Retirement) of Debt, Net

2.0

-4.5

-9.4

-18.4

-11.5

Cash from Financing Activities

-16.2

-15.1

-9.1

-31.1

-15.9

 

 

 

 

 

 

Foreign Exchange Effects

0.0

-0.1

0.0

0.0

0.0

Net Change in Cash

0.8

-2.2

0.6

0.3

-11.2

 

 

 

 

 

 

Net Cash - Beginning Balance

2.9

4.9

4.0

3.9

15.0

Net Cash - Ending Balance

3.7

2.7

4.7

4.2

3.7

Cash Interest Paid

0.1

0.0

0.1

0.7

1.6

Cash Taxes Paid

5.4

3.8

2.8

4.7

3.4

 

Shiny Chemical Industrial Co., Ltd.

 

Kaohsiung, Taiwan, Tel: 886-7-6219171, URL: http://www.shinychem.com.tw/

Interim Cash Flows

Standardized

Financials in: USD (mil)

 

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

 

 

 

 

 

  Financial Glossary

 

 

 

31-Mar-2012

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

Period Length

3 Months

12 Months

9 Months

6 Months

3 Months

UpdateType/Date

Updated Normal
31-Mar-2012

Updated Normal
31-Dec-2011

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

29.7102

29.39004

29.099862

29.074238

29.305764

 

 

 

 

 

 

Net Income/Starting Line

4.6

16.5

13.3

10.1

4.7

    Depreciation

1.4

5.7

4.3

2.9

1.4

Depreciation/Depletion

1.4

5.7

4.3

2.9

1.4

Deferred Taxes

0.1

-0.4

-0.3

-0.2

-0.2

    Unusual Items

0.0

0.0

0.0

0.0

0.0

    Equity in Net Earnings (Loss)

-

-2.4

-1.0

-1.0

-

    Other Non-Cash Items

-0.6

2.7

1.4

0.9

0.4

Non-Cash Items

-0.6

0.3

0.4

-0.1

0.4

    Accounts Receivable

-2.3

0.9

-3.8

-0.9

-3.6

    Inventories

1.4

5.4

-2.0

0.9

-0.4

    Prepaid Expenses

-0.2

0.6

0.2

0.0

-1.4

    Accounts Payable

4.0

-5.9

2.1

-4.6

1.0

    Accrued Expenses

-1.3

-1.4

-2.4

-1.9

-2.1

    Taxes Payable

0.9

-1.4

-2.1

-0.7

1.1

    Other Liabilities

0.1

1.7

0.4

-0.1

-0.1

Changes in Working Capital

2.5

0.1

-7.4

-7.3

-5.6

Cash from Operating Activities

8.0

22.1

10.4

5.4

0.8

 

 

 

 

 

 

    Purchase of Fixed Assets

-2.5

-5.0

-3.5

-1.4

-0.6

Capital Expenditures

-2.5

-5.0

-3.5

-1.4

-0.6

    Sale of Fixed Assets

0.0

0.0

0.0

0.0

0.0

    Purchase of Investments

-1.6

0.0

-

-

-

    Other Investing Cash Flow

0.3

-0.2

-0.1

0.0

0.0

Other Investing Cash Flow Items, Total

-1.2

-0.2

-0.1

0.0

0.0

Cash from Investing Activities

-3.8

-5.2

-3.6

-1.4

-0.6

 

 

 

 

 

 

    Other Financing Cash Flow

0.0

0.0

0.0

0.0

-

Financing Cash Flow Items

0.0

0.0

0.0

0.0

-

    Cash Dividends Paid - Common

-

-18.2

-18.4

-

-

Total Cash Dividends Paid

-

-18.2

-18.4

-

-

    Short Term Debt, Net

-3.2

2.0

9.6

-3.7

-0.4

    Long Term Debt, Net

0.0

0.0

0.0

-

0.0

Issuance (Retirement) of Debt, Net

-3.2

2.0

9.6

-3.7

-0.4

Cash from Financing Activities

-3.2

-16.2

-8.7

-3.7

-0.4

 

 

 

 

 

 

Foreign Exchange Effects

0.0

0.0

0.0

0.0

0.0

Net Change in Cash

1.0

0.8

-1.9

0.2

-0.2

 

 

 

 

 

 

Net Cash - Beginning Balance

3.6

2.9

2.9

2.9

2.9

Net Cash - Ending Balance

4.6

3.7

1.0

3.1

2.7

Cash Interest Paid

0.0

0.1

0.0

0.0

0.0

Cash Taxes Paid

0.0

5.4

5.3

3.2

0.0

 

Shiny Chemical Industrial Co., Ltd.

 

Kaohsiung, Taiwan, Tel: 886-7-6219171, URL: http://www.shinychem.com.tw/

Annual Income Statement

As Reported

Financials in: USD (mil)

 

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

 

 

 

 

 

 

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Reclassified Normal
31-Dec-2011

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Reclassified Normal
31-Dec-2008

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

29.39004

31.497037

33.023867

31.543497

32.848802

Auditor

Horwath Chien Hsing CPA

Horwath Chien Hsing CPA

Horwath Chien Hsing CPA

Horwath Chien Hsing CPA

Horwath Chien Hsing CPA

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Gross Sales

234.6

211.3

149.0

187.6

206.2

    Sales Returns & Discounts

-0.2

-0.2

-0.2

-0.5

-0.6

Total Revenue

234.4

211.1

148.8

187.1

205.6

 

 

 

 

 

 

    Cost of Sales

200.3

173.2

118.8

160.2

173.2

    Research and Development Expenses

0.9

0.6

0.4

0.4

0.5

    Selling Expenses

7.7

7.6

6.7

6.4

6.6

    General and Administrative Expenses

8.3

8.1

6.6

6.0

7.1

    Loss on Physical Inventory

-

-

-

0.1

0.1

    Inventory Devaluation & Obsolescence

-

-

-

2.8

0.0

    Impairment Loss

-

-

0.0

0.1

0.2

Total Operating Expense

217.3

189.5

132.5

176.0

187.6

 

 

 

 

 

 

    Interest Income

0.0

0.0

0.1

0.1

0.1

    Investment Income

0.0

0.2

-

-

-

    Gain on Equity Investment

2.4

2.0

2.1

1.0

1.6

    Gain on Sale of Fixed Assets

0.0

0.0

0.0

0.0

0.0

    Gain on Sale of Investments

-

-

0.0

0.1

0.1

    Miscellaneous Income

0.7

0.6

0.4

0.7

0.4

    Interest Expense

-0.1

0.0

-0.1

-0.7

-1.3

    Loss on Sale of Fixed Assets

-

-

0.0

0.0

0.0

    Gain/Loss on Foreign Exchange

0.1

0.5

-0.2

0.0

0.0

    Miscellaneous Disbursements

-0.2

-0.3

-0.3

-0.3

-0.2

Net Income Before Taxes

20.0

24.6

18.3

11.9

18.6

 

 

 

 

 

 

Provision for Income Taxes

3.5

4.0

4.3

2.9

3.9

Net Income After Taxes

16.5

20.6

13.9

9.0

14.7

 

 

 

 

 

 

    Minority Interest

-

-

0.0

0.0

0.0

Net Income Before Extra. Items

16.5

20.6

13.9

9.0

14.7

Net Income

16.5

20.6

13.9

9.0

14.7

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

16.5

20.6

13.9

9.0

14.7

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

16.5

20.6

13.9

9.0

14.7

 

 

 

 

 

 

Basic Weighted Average Shares

133.5

133.5

131.3

120.3

116.1

Basic EPS Excluding ExtraOrdinary Items

0.12

0.15

0.11

0.07

0.13

Basic EPS Including ExtraOrdinary Items

0.12

0.15

0.11

0.07

0.13

Dilution Adjustment

0.0

0.0

-

-

-

Diluted Net Income

16.5

20.6

13.9

9.0

14.7

Diluted Weighted Average Shares

133.5

133.5

131.3

120.3

116.1

Diluted EPS Excluding ExtraOrd Items

0.12

0.15

0.11

0.07

0.13

Diluted EPS Including ExtraOrd Items

0.12

0.15

0.11

0.07

0.13

DPS-Common Stock

0.09

0.13

0.08

0.05

0.09

Gross Dividends - Common Stock

11.8

17.0

10.1

6.3

11.0

Normalized Income Before Taxes

20.0

24.6

18.3

12.1

18.8

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

3.5

4.0

4.3

3.0

3.9

Normalized Income After Taxes

16.5

20.6

13.9

9.1

14.8

 

 

 

 

 

 

Normalized Inc. Avail to Com.

16.5

20.6

13.9

9.1

14.8

 

 

 

 

 

 

Basic Normalized EPS

0.12

0.15

0.11

0.08

0.13

Diluted Normalized EPS

0.12

0.15

0.11

0.08

0.13

Interest Expense, Supplemental

0.1

0.0

0.1

0.7

1.3

Interest Capitalized

0.0

0.0

0.0

0.0

-0.4

R&D Expense, Supplemental

0.9

0.6

0.4

0.4

0.5

Depreciation - Operating Cost

4.6

4.3

4.1

4.8

3.6

Depreciation - Operating Expense

1.1

0.9

0.7

0.8

0.7

Amortization - Operating Cost

-

-

-

-

0.1

Amortization - Operating Expense

-

-

-

-

0.3

    Current Tax Payable

3.5

3.8

3.4

3.7

3.5

Current Tax - Total

3.5

3.8

3.4

3.7

3.5

    Deferred Tax

-0.4

-0.2

0.7

-0.9

0.1

Deferred Tax - Total

-0.4

-0.2

0.7

-0.9

0.1

    Other Tax

0.4

0.4

0.2

0.1

0.4

Income Tax - Total

3.5

4.0

4.3

2.9

3.9

Service Cost

0.1

0.2

0.2

0.2

0.2

Interest Cost

0.2

0.2

0.2

0.2

0.2

Expected Return on Plan Assets

0.0

0.0

0.0

0.0

0.0

AmortizationTransitional Benefit

0.2

0.2

0.2

0.2

0.2

Amort. of Actuarial Gain/Loss

-

-

-

0.0

0.0

Amortization Pension Benefit

0.0

0.1

0.1

-

-

Domestic Pension Plan Expense

0.4

0.6

0.6

0.6

0.6

Defined Contribution Expense - Domestic

0.2

0.2

0.1

0.1

-

Defined Contribution Expense - Foreign

0.0

0.0

-

-

-

Total Pension Expense

0.7

0.8

0.7

0.7

0.6

Discount Rate

2.25%

2.25%

2.25%

2.25%

3.25%

Rate of Compensation Increase

2.00%

2.00%

2.00%

1.50%

2.00%

Expected Rate of Return on Plan Assets

2.25%

2.25%

2.25%

2.25%

3.25%

 

Shiny Chemical Industrial Co., Ltd.

 

Kaohsiung, Taiwan, Tel: 886-7-6219171, URL: http://www.shinychem.com.tw/

Interim Income Statement

As Reported

Financials in: USD (mil)

 

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

 

 

 

 

 

 

 

 

 

31-Mar-2012

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

Period Length

3 Months

9 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal
31-Mar-2012

Reclassified Special
31-Dec-2011

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

29.7102

29.417886

29.146237

28.855204

29.305764

 

 

 

 

 

 

    Gross Sales

58.3

172.6

60.2

58.2

62.0

    Sales Returns & Discounts

0.0

-0.2

0.0

-0.1

0.0

Total Revenue

58.2

172.4

60.1

58.2

62.0

 

 

 

 

 

 

    Cost of Sales

48.9

148.1

52.2

48.6

52.2

    Research and Development Expenses

0.2

0.7

0.3

0.2

0.2

    Selling Expenses

1.7

5.5

2.0

1.7

2.1

    General and Administrative Expenses

1.9

6.4

2.0

2.0

2.0

    Impairment Loss

-

-

0.0

0.0

-

Total Operating Expense

52.7

160.7

56.4

52.5

56.5

 

 

 

 

 

 

    Interest Income

0.0

0.0

0.0

0.0

0.0

    Gains on Disposal of Fixed Assets

0.0

0.0

0.0

-

-

    Gain on Sale of Fixed Assets

0.0

0.0

0.0

0.0

0.0

    Loss on Sale of Fixed Assets

-

0.0

0.0

0.0

0.0

    Investment Income

-

0.0

0.0

0.0

-

    Gain/Loss on Equity Investment

-

2.4

0.0

1.0

-

    Gains on Sale of Investments

-

-

0.0

0.0

-

    Gain/Loss on Foreign Exchange

-0.2

0.0

0.1

-0.1

0.1

    Miscellaneous Income

0.2

0.4

0.1

0.2

0.2

    Interest Expense

0.0

-0.1

0.0

0.0

0.0

    Miscellaneous Disbursements

-0.1

-0.1

0.0

-0.1

-0.1

Net Income Before Taxes

5.6

14.3

3.9

6.7

5.7

 

 

 

 

 

 

Provision for Income Taxes

0.9

2.6

0.7

1.4

1.0

Net Income After Taxes

4.6

11.8

3.3

5.3

4.7

 

 

 

 

 

 

    Minority Interests

-

0.0

0.0

0.0

0.0

Net Income Before Extra. Items

4.6

11.8

3.3

5.3

4.7

Net Income

4.6

11.8

3.3

5.3

4.7

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

4.6

11.8

3.3

5.3

4.7

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

4.6

11.8

3.3

5.3

4.7

 

 

 

 

 

 

Basic Weighted Average Shares

133.5

133.5

133.5

133.5

133.5

Basic EPS Excluding ExtraOrdinary Items

0.03

0.09

0.02

0.04

0.04

Basic EPS Including ExtraOrdinary Items

0.03

0.09

0.02

0.04

0.04

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

4.6

11.8

3.3

5.3

4.7

Diluted Weighted Average Shares

133.5

133.5

133.5

133.5

133.5

Diluted EPS Excluding ExtraOrd Items

0.03

0.09

0.02

0.04

0.04

Diluted EPS Including ExtraOrd Items

0.03

0.09

0.02

0.04

0.04

DPS-Common Stock

0.00

0.09

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

11.8

0.0

0.0

0.0

Normalized Income Before Taxes

5.6

14.3

3.9

6.7

5.7

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.9

2.6

0.7

1.4

1.0

Normalized Income After Taxes

4.6

11.8

3.3

5.3

4.7

 

 

 

 

 

 

Normalized Inc. Avail to Com.

4.6

11.8

3.3

5.3

4.7

 

 

 

 

 

 

Basic Normalized EPS

0.03

0.09

0.02

0.04

0.04

Diluted Normalized EPS

0.03

0.09

0.02

0.04

0.04

Interest Expense, Supplemental

0.0

0.1

0.0

0.0

0.0

Interest Capitalized

0.0

0.0

0.0

0.0

0.0

R&D Expense, Supplemental

0.2

0.7

0.3

0.2

0.2

Depreciation, Supplemental

1.4

4.3

1.4

1.5

1.4

 

 

 

Shiny Chemical Industrial Co., Ltd.

 

Kaohsiung, Taiwan, Tel: 886-7-6219171, URL: http://www.shinychem.com.tw/

Annual Balance Sheet

As Reported

Financials in: USD (mil)

 

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

 

 

 

 

 

 

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Restated Normal
31-Dec-2010

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2007

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate

30.279

29.1565

31.985

32.818

32.4345

Auditor

Horwath Chien Hsing CPA

Horwath Chien Hsing CPA

Horwath Chien Hsing CPA

Horwath Chien Hsing CPA

Horwath Chien Hsing CPA

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Cash and Cash Equivalent

3.6

2.9

4.8

4.0

3.8

    Notes Receivable

3.2

3.3

2.2

1.3

3.3

    Accounts Receivable, Gross

31.2

33.3

23.8

16.5

31.6

    Provision for Doubtful Accounts

-1.0

-0.7

-0.3

-0.3

-0.5

    Other Receivables

0.5

0.6

0.8

0.4

1.2

    Other Receivables - Related Parties

-

-

-

0.2

0.3

    Raw Material

10.8

19.5

10.3

6.4

16.0

    Supplies

0.2

0.2

0.2

0.2

0.2

    Work-in-Process

0.7

0.8

0.5

0.6

0.5

    Finished Goods

14.2

11.9

9.7

11.6

11.1

    Provision for Inventory Devaluation

-0.9

-0.1

-0.1

-2.7

-

    Prepayment

0.6

1.3

1.6

1.3

0.7

    Deferred Income Tax Assets - Current

0.3

0.0

0.0

0.7

0.1

    Restricted Assets

0.0

0.0

0.0

0.0

0.0

Total Current Assets

63.3

72.9

53.5

40.3

68.2

 

 

 

 

 

 

    Long Term Equity Investment

26.3

24.2

21.4

19.7

23.2

    Financial Assets at Cost - Non Current

4.4

4.6

4.2

4.1

1.0

    Land and Improvements

13.6

14.1

12.8

12.5

12.7

    Buildings and Structures

28.3

25.0

22.1

21.6

21.8

    Machinery and Equipment

28.2

28.9

25.7

24.8

25.4

    Utilities Equipment

7.1

6.8

5.9

5.7

5.6

    Transportation Equipment

1.2

1.1

0.7

0.6

0.6

    Office Equipment

0.9

0.8

0.7

0.7

0.7

    Miscellaneous Equipment

21.8

21.1

18.7

17.8

17.6

    Assets Revaluation Increment

0.1

0.1

0.1

0.1

0.1

    Accumulated Depreciation

-59.6

-57.0

-47.2

-41.4

-37.4

    Construction in Progress

2.2

4.7

3.1

1.4

0.7

    Prepayment for Equipment

0.3

0.1

0.0

0.0

0.0

    Deferred Pension Cost

0.0

0.1

0.4

0.5

0.5

    Security Deposits Paid

0.6

0.5

0.5

0.5

0.5

    Deferred Charges

0.4

0.5

0.6

0.5

0.4

    Deferred Income Tax Assets - Non Current

0.0

0.0

0.0

-

-

    Other Long Term Assets

3.0

3.1

2.4

2.2

2.0

Total Assets

142.1

151.7

125.6

111.5

143.6

 

 

 

 

 

 

    Short Term Borrowings

8.7

7.0

5.2

3.2

16.5

    Short Term Notes & Bills Payable

-

-

-

-

0.0

    Notes Payable

3.0

1.6

1.0

0.7

1.1

    Accounts Payable

9.3

15.5

7.8

4.8

12.9

    Income Taxes Payable

1.5

3.0

2.4

1.6

2.4

    Accrued Expenses

4.5

6.1

4.3

2.5

3.6

    Other Payables

1.4

0.7

0.8

1.0

0.6

    Advance Receipts

0.2

0.0

0.0

0.0

0.0

    Current Portion of Long Term Debt

-

0.0

1.9

4.6

4.6

    Receipts Under Custody

-

-

-

0.0

0.0

    Deferred Income Tax Liabilities

0.0

0.1

0.0

-

-

Total Current Liabilities

28.6

33.9

23.4

18.3

41.7

 

 

 

 

 

 

    Long Term Borrowings

-

0.0

3.8

12.2

17.0

Total Long Term Debt

-

0.0

3.8

12.2

17.0

 

 

 

 

 

 

    Land Revaluation Increment Tax Reserve

0.0

0.0

0.0

0.0

0.0

    Accrued Pension Liabilities

7.6

6.9

6.6

6.2

5.2

    Long Term Security Deposits Received

0.0

0.0

0.0

0.0

0.1

    Due to Shareholders

-

-

-

0.0

0.1

    Deferred Income Tax Liabilities

0.1

0.0

0.4

0.4

0.6

    Minority Interest

-

-

-

0.0

0.0

Total Liabilities

36.4

40.8

34.2

37.1

64.7

 

 

 

 

 

 

    Common Stock

44.1

45.8

41.7

36.7

37.1

    Share Premium

3.3

3.5

3.2

0.6

0.6

    Capital Gain on LT Investments

0.5

0.6

0.5

0.5

0.7

    Legal Reserve

16.1

14.5

11.8

10.6

9.3

    Retained Earnings

39.8

45.3

32.8

24.9

29.9

    Cumulative Translation Adjustment

2.5

1.4

2.0

1.8

1.5

    Unrealized Gain/Loss on Pension Fund

-0.7

0.0

-0.6

-0.7

0.0

    Unrealized Revaluation Gain

0.0

0.0

0.0

0.0

0.0

Total Equity

105.7

110.9

91.4

74.3

78.9

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

142.1

151.7

125.6

111.5

143.6

 

 

 

 

 

 

    S/O-Common Stock

133.5

133.5

133.5

120.3

120.3

Total Common Shares Outstanding

133.5

133.5

133.5

120.3

120.3

T/S-Common Stock

0.0

0.0

0.0

-

-

Deferred Revenue, Current

0.2

0.0

0.0

0.0

0.0

Full-Time Employees

276

268

246

247

245

Number of Common Shareholders

3,808

3,407

1,714

1,695

454

Accumulated Benefit Obligation

7.7

6.9

6.8

6.4

5.4

Projected Benefit Obligation

8.1

7.6

7.7

7.0

6.3

Fair Value of Plan Assets

0.2

0.1

0.2

0.2

0.2

Funded Status

-7.9

-7.5

-7.5

-6.9

-6.1

Total Funded Status

-7.9

-7.5

-7.5

-6.9

-6.1

Discount Rate

2.25%

2.25%

2.25%

2.25%

3.25%

Rate of Compensation Increase

2.00%

2.00%

2.00%

1.50%

2.00%

Expected Rate of Return on Plan Assets

2.25%

2.25%

2.25%

2.25%

3.25%

Deferred Pension Cost

0.0

0.1

0.4

0.5

0.5

Accrued Pension Liabilities

-7.6

-6.9

-6.6

-6.2

-5.2

Net Assets Recognized on Balance Sheet

-7.6

-6.8

-6.2

-5.7

-4.7

 

 

 

Shiny Chemical Industrial Co., Ltd.

 

Kaohsiung, Taiwan, Tel: 886-7-6219171, URL: http://www.shinychem.com.tw/

Interim Balance Sheet

As Reported

Financials in: USD (mil)

 

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

 

 

 

 

 

 

 

 

 

31-Mar-2012

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

UpdateType/Date

Updated Normal
31-Mar-2012

Updated Normal
31-Dec-2011

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Reclassified Normal
31-Mar-2012

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate

29.565976

30.279

30.475

28.7235

29.4065

 

 

 

 

 

 

    Cash and Cash Equivalent

4.6

3.6

0.9

3.2

2.7

    Notes Receivable

4.0

3.2

3.2

3.7

3.6

    Accounts Receivable, Gross

33.4

31.2

35.0

34.2

36.3

    Provision for Doubtful Accounts

-0.9

-1.0

-0.9

-0.9

-0.9

    Other Receivables

0.7

0.5

1.0

0.7

0.6

    Raw Material

11.9

10.8

17.9

17.1

20.4

    Supplies

0.2

0.2

0.2

0.2

0.2

    Work-in-Process

1.0

0.7

0.7

0.6

0.8

    Finished Goods

11.9

14.2

14.0

14.0

11.0

    Provision for Inventory

-0.4

-0.9

-0.4

-0.6

-0.1

    Prepayment

0.8

0.6

1.0

1.3

2.7

    Deferred Income Tax Assets - Current

0.2

0.3

0.1

0.1

0.0

    Restricted Assets

0.0

0.0

0.0

0.0

0.0

    Non Current Assets available for Sale

1.9

-

-

-

-

Total Current Assets

69.4

63.3

72.7

73.7

77.3

 

 

 

 

 

 

    Long Term Equity Investment

26.6

26.3

24.2

25.4

24.1

    Financial Assets at Cost - Non Current

4.5

4.4

4.4

4.7

4.6

    Land

16.2

13.6

13.5

14.3

14.0

    Buildings and Structures

29.5

28.3

27.5

28.9

28.4

    Machinery and Equipment

29.1

28.2

27.7

29.3

28.3

    Utilities Equipment

7.5

7.1

7.1

7.5

6.4

    Transportation Equipment

1.3

1.2

1.2

1.2

1.2

    Office Equipment

0.9

0.9

0.9

0.9

0.9

    Miscellaneous Equipment

22.6

21.8

20.9

22.0

21.0

    Assets Revaluation Increment

0.1

0.1

0.1

0.1

0.1

    Accumulated Depreciation

-62.5

-59.6

-58.1

-60.6

-57.8

    Construction in Progress

3.5

2.2

1.8

1.9

2.0

    Prepayment for Equipment

0.0

0.3

0.3

0.0

0.1

    Deferred Pension Cost

0.0

0.0

-

0.1

0.1

    Idle Assets

-

-

-

0.0

-

    Security Deposits Paid

0.6

0.6

0.6

0.5

0.5

    Deferred Charges

0.4

0.4

0.4

0.4

0.4

    Deferred Income Tax Assets - Non Current

0.0

0.0

0.0

0.1

0.1

    Other Long Term Assets

0.6

3.0

3.0

3.1

3.1

    Deferred Pension Cost

-

-

0.1

-

-

Total Assets

150.6

142.1

148.3

153.5

154.6

 

 

 

 

 

 

    Short Term Borrowings

5.7

8.7

15.9

3.4

6.6

    Short Term Notes & Bills Payable

-

-

-

0.0

-

    Notes Payable

3.2

3.0

1.6

1.5

1.5

    Accounts Payable

13.1

9.3

16.9

11.0

16.4

    Income Taxes Payable

2.4

1.5

0.9

2.4

4.1

    Accrued Expenses

3.3

4.5

3.5

4.2

3.9

    Other Payables

1.7

1.4

0.5

19.8

0.5

    Advance Receipts

0.2

0.2

0.3

0.0

0.0

    Current Portion of Long Term Debt

-

-

-

0.0

-

    Receipts Under Custody

-

0.0

0.0

-

-

    Lia. Relat. to Non-Cur.Ass.ava. for Sale

0.3

-

-

-

-

Total Current Liabilities

30.0

28.6

39.6

42.3

32.9

 

 

 

 

 

 

    Long Term Borrowings

-

-

0.0

0.0

-

Total Long Term Debt

-

-

0.0

0.0

-

 

 

 

 

 

 

    Land Revaluation Increment Tax Reserve

0.0

0.0

0.0

0.0

0.0

    Accrued Pension Liabilities

7.9

7.6

6.8

7.2

6.9

    Deferred Income Tax Liabilities

-

-

0.0

-

-

    Long Term Security Deposits Received

0.0

0.0

0.0

0.0

0.0

    Deferred Income Tax Liabilities

0.0

0.1

-

0.0

-

    Minority Interest

-

-

-

0.0

-

Total Liabilities

38.0

36.4

46.5

49.5

39.8

 

 

 

 

 

 

    Common Stock

45.2

44.1

43.8

46.5

45.4

    Share Premium

3.4

3.3

3.3

3.5

3.4

    Capital Gain on LT Investments

0.5

0.5

0.5

0.6

0.5

    Legal Reserve

16.5

16.1

16.0

17.0

14.4

    Retained Earnings

45.4

39.8

36.4

35.3

49.6

    Cumulative Translation Adjustment

2.2

2.5

1.7

1.2

1.4

    Unrealized Gain/Loss on Pension Fund

-0.7

-0.7

0.0

0.0

0.0

    Unrealized Revaluation Gain

0.0

0.0

0.0

0.0

0.0

Total Equity

112.6

105.7

101.8

104.0

114.8

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

150.6

142.1

148.3

153.5

154.6

 

 

 

 

 

 

    S/O-Common Stock

133.5

133.5

133.5

133.5

133.5

Total Common Shares Outstanding

133.5

133.5

133.5

133.5

133.5

T/S-Common Stock

0.0

0.0

0.0

0.0

0.0

Deferred Revenue, Current

0.2

0.2

0.3

0.0

0.0

Full-Time Employees

-

276

-

266

-

Deferred Pension Cost

0.0

0.0

0.1

0.1

0.1

Accrued Pension Liabilities

-7.9

-7.6

-6.8

-7.2

-6.9

Net Assets Recognized on Balance Sheet

-7.8

-7.6

-6.8

-7.1

-6.9

 

Shiny Chemical Industrial Co., Ltd.

 

Kaohsiung, Taiwan, Tel: 886-7-6219171, URL: http://www.shinychem.com.tw/

Annual Cash Flows

As Reported

Financials in: USD (mil)

 

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

 

 

 

 

 

 

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Reclassified Normal
31-Dec-2010

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2007

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

29.39004

31.497037

33.023867

31.543497

32.848802

Auditor

Horwath Chien Hsing CPA

Horwath Chien Hsing CPA

Horwath Chien Hsing CPA

Horwath Chien Hsing CPA

Horwath Chien Hsing CPA

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

Net Income

16.5

20.6

13.9

9.0

14.7

    Depreciation

5.7

5.1

4.9

5.6

4.3

    Provision for Inventory Devaluation

0.8

0.0

-2.6

2.8

0.0

    Physical Gain/Loss on Inventory

0.0

0.1

0.1

-

-

    Deferred Charges

0.2

0.2

0.2

0.2

0.4

    Diff. Between Pension Cost&Pension Fund

0.4

0.6

0.5

-

-

    Provision for Pension Fund

-

-

-

0.6

0.6

    Provision of Bad Debts

0.3

0.3

0.1

-0.2

0.1

    Cash Dividends from Equity Subsidiaries

0.8

2.0

1.0

0.8

0.6

    Equity Investment Gain/Loss

-2.4

-2.0

-2.1

-1.0

-1.6

    Gain/Loss on Sale of Investments

-

-

-

-0.1

-0.1

    Gain/Loss on Disposal of Properties

0.0

0.0

0.0

0.0

0.0

    Pension Paid

-

-

-

-0.2

-0.1

    Fixed Assets Transferred to Losses

0.0

0.0

0.0

0.0

0.0

    Shares Benefit Cost

-

0.0

0.2

0.0

-

    Impairment Loss

-

-

-

0.1

0.2

    Notes Receivable

-0.1

-0.8

-0.9

2.1

-0.7

    Accounts Receivable

0.9

-6.7

-6.7

15.4

-4.9

    Other Receivables - Related Parties

-

-

-

0.0

0.0

    Other Receivables

0.1

0.2

-0.3

0.8

-0.6

    Inventories

5.4

-9.0

-1.4

9.0

-6.1

    Prepayment

0.6

0.5

-0.3

-0.7

0.4

    Deferred Tax Assets

-0.5

0.0

0.7

-0.7

0.0

    Notes Payable

1.6

0.5

0.2

-0.4

-0.4

    Accounts Payable

-5.8

6.4

2.8

-8.2

8.5

    Other Payables

0.0

0.1

-0.5

0.3

0.1

    Tax Payable

-1.4

0.3

0.8

-0.8

0.4

    Accrued Expenses

-1.4

1.2

1.7

-1.1

0.2

    Customer Advance

0.2

0.0

0.0

0.0

-

    Deferred Tax Liabilities

0.1

-0.2

0.1

-0.2

0.1

    Others

0.1

-

-

-

-

    Minority Interest

-

-

-

0.0

0.0

Cash from Operating Activities

22.1

19.4

12.5

32.9

16.1

 

 

 

 

 

 

    Financial Assets at Fair Value Decrease

-

-

-

0.0

0.1

    Restricted Assets

-

-

-

0.0

0.0

    Disposal of Fixed Assets

0.0

0.0

0.0

0.0

0.1

    Financial Assets at Fair Value Increase

-

-

-

0.0

0.0

    Long Term Equity Investments, Dec.

-

-

-

2.1

0.0

    Long Term Equity Investments Increase

0.0

-1.5

0.0

-1.8

-2.2

    Financial Assets at Cost Increase

-

-

-

-

0.0

    Capital Expenditure

-5.0

-4.6

-2.7

-1.7

-8.7

    Security Deposit Paid

-0.1

0.0

0.0

0.1

0.0

    Deferred Charges

-0.1

0.0

-0.1

-0.2

-0.4

    Other Receivables

-

0.0

0.2

0.3

0.2

    Other Assets

0.0

-0.4

-0.1

-0.3

-0.4

Cash from Investing Activities

-5.2

-6.4

-2.7

-1.5

-11.4

 

 

 

 

 

 

    Short Term Borrowings, Net

2.0

1.3

1.9

-13.7

-23.7

    Short Term Notes, Net

-

-

-

0.0

-1.5

    Equipment Payable

-

-

-

-0.4

-2.3

    Collections on Behalf

-

-

-

0.0

0.0

    Long Term Borrowings, Net

0.0

-5.7

-11.2

-4.8

13.7

    Security Deposit Received

0.0

0.0

0.0

-0.1

0.1

    Due to Shareholders

-

-

-

-0.1

0.0

    Share premium

-

-

-

0.0

-

    Cash Capital

-

0.0

6.3

0.0

2.0

    Cash Dividend - Common Stock

-18.2

-10.6

-6.1

-11.4

-3.2

    Employees Bonus

-

-

-

-0.1

-0.1

    Directors Remuneration

-

-

-

-0.6

-0.3

    Minority Interest

-

-

-

0.0

-0.6

Cash from Financing Activities

-16.2

-15.1

-9.1

-31.1

-15.9

 

 

 

 

 

 

Foreign Exchange Effects

0.0

-0.1

0.0

0.0

0.0

Net Change in Cash

0.8

-2.2

0.6

0.3

-11.2

 

 

 

 

 

 

Net Cash Beginning Balance

2.9

4.9

4.0

3.9

15.0

Net Cash Ending Balance

3.7

2.7

4.7

4.2

3.7

    Cash Interest Paid

0.1

0.0

0.1

0.7

1.6

    Cash Taxes Paid

5.4

3.8

2.8

4.7

3.4

 

Shiny Chemical Industrial Co., Ltd.

 

Kaohsiung, Taiwan, Tel: 886-7-6219171, URL: http://www.shinychem.com.tw/

Interim Cash Flows

As Reported

Financials in: USD (mil)

 

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

 

 

 

 

 

 

 

 

 

31-Mar-2012

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

Period Length

3 Months

12 Months

9 Months

6 Months

3 Months

UpdateType/Date

Updated Normal
31-Mar-2012

Updated Normal
31-Dec-2011

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

29.7102

29.39004

29.099862

29.074238

29.305764

 

 

 

 

 

 

Net Income

4.6

16.5

13.3

10.1

4.7

    Depreciation

1.4

5.7

4.3

2.9

1.4

    Deferred Charges

0.0

0.2

0.2

0.1

0.1

    Provision for Doubtful Accounts

-0.1

0.3

0.2

0.2

0.2

    Provision for Pension Fund

-

-

-

0.2

-

    Diff. Between Pension Cost&Pension Fund

0.1

0.4

0.3

-

0.1

    Inventory Devaluation & Obsolescence

-0.5

0.8

0.3

0.5

0.0

    Physical Gain/Loss on Inventory

0.0

0.0

0.0

-

-

    Gain/Loss on Inventory

-

-

-

0.0

0.0

    Cash Dividends from Equity Subsidiaries

-

0.8

0.5

-

-

    Equity Investment Gain/Loss

-

-2.4

-1.0

-1.0

-

    G/L on Disposal&Write-off of Properties

0.0

0.0

0.0

0.0

0.0

    Fixed Assets Transferred to Losses

0.0

0.0

0.0

0.0

0.0

    Notes Receivable

-0.7

-0.1

0.0

-0.4

-0.4

    Accounts Receivable

-1.4

0.9

-3.3

-0.4

-2.9

    Other Receivables

-0.2

0.1

-0.5

-0.1

-0.4

    Inventories

1.4

5.4

-2.0

0.9

-0.4

    Prepayment

-0.2

0.6

0.2

0.0

-1.4

    Deferred Tax Assets

0.1

-0.5

-0.2

-0.1

-0.1

    Notes Payable

0.1

1.6

0.1

-0.1

-0.1

    Accounts Payable

3.6

-5.8

2.2

-4.6

1.0

    Tax Payable

0.9

-1.4

-2.1

-0.7

1.1

    Accrued Expenses

-1.3

-1.4

-2.4

-1.9

-2.1

    Other Payables

0.4

0.0

0.0

0.0

0.0

    Advance Receipts

0.1

0.2

0.3

0.0

0.0

    Deferred Tax Liabilities

0.0

0.1

-0.1

-0.1

-0.1

    Others

-0.1

0.1

-

-

-

Cash from Operating Activities

8.0

22.1

10.4

5.4

0.8

 

 

 

 

 

 

    Purchase of Financial Assets for Sale

-1.6

-

-

-

-

    Equity Investment Increase

-

0.0

-

-

-

    Capital Expenditure

-2.5

-5.0

-3.5

-1.4

-0.6

    Disposal of Fixed Assets

0.0

0.0

0.0

0.0

0.0

    Security Deposit Paid

0.0

-0.1

-0.1

0.0

0.0

    Deferred Charges

-0.1

-0.1

-0.1

-0.1

0.0

    Other Assets

0.1

0.0

0.0

-

-

    Increase in Advance Receipts

0.3

-

-

-

-

Cash from Investing Activities

-3.8

-5.2

-3.6

-1.4

-0.6

 

 

 

 

 

 

    Short Term Borrowings, Net

-3.2

2.0

9.6

-3.7

-0.4

    Long Term Borrowings

0.0

0.0

0.0

-

0.0

    Security Deposit Received

0.0

0.0

0.0

0.0

-

    Cash Dividend - Common Stock

-

-18.2

-18.4

-

-

Cash from Financing Activities

-3.2

-16.2

-8.7

-3.7

-0.4

 

 

 

 

 

 

Foreign Exchange Effects

0.0

0.0

0.0

0.0

0.0

Net Change in Cash

1.0

0.8

-1.9

0.2

-0.2

 

 

 

 

 

 

Net Cash Beginning Balance

3.6

2.9

2.9

2.9

2.9

Net Cash Ending Balance

4.6

3.7

1.0

3.1

2.7

    Cash Interest Paid

0.0

0.1

0.0

0.0

0.0

    Cash Taxes Paid

0.0

5.4

5.3

3.2

0.0

 

Shiny Chemical Industrial Co., Ltd.

 

Kaohsiung, Taiwan, Tel: 886-7-6219171, URL: http://www.shinychem.com.tw/

Geographic Segments

Financials in: As Reported (mil)

Annual

 

 

 

External Revenue   USD (mil)

 

31-Dec-11

31-Dec-10

Taiwan

148.9

63.5 %

135.8

64.3 %

South Korea

19.8

8.4 %

14.9

7.1 %

Hong Kong & Mainland

10.7

4.6 %

4.9

2.3 %

Vietnam

10.7

4.6 %

10.7

5 %

Other Foreign

44.3

18.9 %

44.8

21.2 %

Segment Total

234.4

100 %

211.1

100 %

Consolidated Total

234.4

100 %

211.1

100 %

Exchange Rate: TWD to USD

29.390040

 

31.497037

 

Total Revenue   USD (mil)

 

31-Dec-11

31-Dec-10

Taiwan

148.9

63.5 %

135.8

64.3 %

South Korea

19.8

8.4 %

14.9

7.1 %

Hong Kong & Mainland

10.7

4.6 %

4.9

2.3 %

Vietnam

10.7

4.6 %

10.7

5 %

Other Foreign

44.3

18.9 %

44.8

21.2 %

Segment Total

234.4

100 %

211.1

100 %

Consolidated Total

234.4

100 %

211.1

100 %

Exchange Rate: TWD to USD

29.390040

 

31.497037

 

 

Long Lived Assets   USD (mil)

 

31-Dec-11

31-Dec-10

Taiwan

47.5

100 %

49.4

100 %

Segment Total

47.5

100 %

49.4

100 %

Consolidated Total

47.5

100 %

49.4

100 %

Exchange Rate: TWD to USD

30.279000

 

29.156500

 

 

 

 

 

Shiny Chemical Industrial Co., Ltd.

 

Kaohsiung, Taiwan, Tel: 886-7-6219171, URL: http://www.shinychem.com.tw/

Geographic Segments

Financials in: As Reported (mil)

 

Interim

 

 

External Revenue   USD (mil)

 

31-Dec-11

31-Mar-11

31-Dec-10

31-Mar-10

Taiwan

109.6

63.6 %

39.3

63.4 %

106.1

63.7 %

29.8

66.8 %

South Korea

15.0

8.7 %

4.8

7.7 %

13.0

7.8 %

1.9

4.2 %

China/Hong Kong

7.4

4.3 %

3.2

5.2 %

3.8

2.3 %

1.1

2.5 %

Vietnam

8.1

4.7 %

2.5

4.1 %

8.7

5.2 %

2.0

4.5 %

Other Foreign

32.2

18.7 %

12.1

19.6 %

35.1

21 %

9.8

21.9 %

Segment Total

172.4

100 %

62.0

100 %

166.6

100 %

44.6

100 %

Consolidated Total

172.4

100 %

62.0

100 %

166.6

100 %

44.6

100 %

Exchange Rate: TWD to USD

29.417886

 

29.305764

 

31.358167

 

31.921093

 

Total Revenue   USD (mil)

 

31-Dec-11

31-Mar-11

31-Dec-10

31-Mar-10

Taiwan

109.6

63.6 %

39.3

63.4 %

106.1

63.7 %

29.8

66.8 %

South Korea

15.0

8.7 %

4.8

7.7 %

13.0

7.8 %

1.9

4.2 %

China/Hong Kong

7.4

4.3 %

3.2

5.2 %

3.8

2.3 %

1.1

2.5 %

Vietnam

8.1

4.7 %

2.5

4.1 %

8.7

5.2 %

2.0

4.5 %

Other Foreign

32.2

18.7 %

12.1

19.6 %

35.1

21 %

9.8

21.9 %

Segment Total

172.4

100 %

62.0

100 %

166.6

100 %

44.6

100 %

Consolidated Total

172.4

100 %

62.0

100 %

166.6

100 %

44.6

100 %

Exchange Rate: TWD to USD

29.417886

 

29.305764

 

31.358167

 

31.921093

 

 

Long Lived Assets   USD (mil)

 

31-Dec-11

31-Mar-11

31-Dec-10

31-Mar-10

Taiwan

47.5

100 %

48.4

99.9 %

49.4

100 %

45.9

99.9 %

Hong Kong

-

-

0.1

0.1 %

-

-

0.1

0.1 %

Segment Total

47.5

100 %

48.5

100 %

49.4

100 %

45.9

100 %

Consolidated Total

47.5

100 %

48.5

100 %

49.4

100 %

45.9

100 %

Exchange Rate: TWD to USD

30.279000

 

29.406500

 

29.156500

 

31.758000

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.14

UK Pound

1

Rs.86.00

Euro

1

Rs.68.31

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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.