MIRA INFORM REPORT

Report Date :

13.08.2012

IDENTIFICATION DETAILS

Name :	CHINA GLAZE COMPANY LIMITED
Registered Office :	No. 136, Section 4, Chung Hsing Road, Jhudong, 310
Country :	Taiwan
Financials (as on) :	31.12.2011
Date of Incorporation :	06.12.1974
Legal Form :	Public Parent
Line of Business :	Manufacture and distribution of color glaze materials and ceramic products
No. of Employees :	810

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No complaints
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – March 31^st, 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

China Glaze Company Limited

No. 136, Section 4, Chung Hsing Road
Jhudong, 310
Taiwan
Tel:	886-3-5824128
Fax:	886-35-820543
www.china-glaze.com.tw

Employees:

810

Company Type:

Public Parent

Corporate Family:

7 Companies

Traded:

Taiwan Stock Exchange:

1809

Incorporation Date:

06-Dec-1974

Auditor:

Deloitte & Touche LLP

Fiscal Year End:	31-Dec-2011
Reporting Currency:	Taiwanese New Dollar
Annual Sales:	133.8 ^1
Net Income:	8.2
Total Assets:	199.0 ^2
Market Value:	85.4
	(27-Jul-2012)

Business Description

CHINA GLAZE COMPANY LTD. is principally engaged in the manufacture and distribution of color glaze materials and ceramic products. The Company provides glaze materials, including fritted glaze, enamel glaze and printing glaze, which are applied in ceramic wares and screen printing; coloring matters, which are applied in screen printing, as well as glass ceramics, which are applied in buildings interior decoration, exterior walls, floorings, desks and other products. The Company distributes its products primarily in Taiwan, Mainland China and Southeast Asia. For the three months ended 31 March 2011, China Glaze Company Limited's total revenues decreased 6% to NT$824.0M. The Company's net income for the period increased 18% to NT$35.6M. Total revenues reflect an decrease in sales volume due to weaker market demand. The Company's net income for the period benefited from higher gain on foreign exchange, the presence of gain on equity investment and gain on sale of investments.

Industry

Industry	Chemical Manufacturing
ANZSIC 2006:	1813 - Basic Inorganic Chemical Manufacturing
NACE 2002:	2412 - Manufacture of dyes and pigments
NAICS 2002:	325131 - Inorganic Dye and Pigment Manufacturing
UK SIC 2003:	2412 - Manufacture of dyes and pigments
US SIC 1987:	2816 - Inorganic Pigments

Key Executives

Name	Title
Xianzong Cai	Chairman of the Board, Chief Executive Officer
Xianchang Cai	President
Huichun Zhang	Manager-Finance
Kean Xu	Chief Production Technology Officer
Jonathan Hsien- Tsai	General Manager

Significant Developments

Topic	#*	Most Recent Headline	Date
Dividends	2	China Glaze Co Ltd Announces FY 2011 Dividend Payment Date	29-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)	3.02	2.18
Quick Ratio (MRQ)	1.92	1.35
Debt to Equity (MRQ)	0.23	0.82
Sales 5 Year Growth	0.42	6.26
Net Profit Margin (TTM) %	7.07	10.56
Return on Assets (TTM) %	4.97	8.26
Return on Equity (TTM) %	7.05	22.07

Stock Snapshot

Traded: Taiwan Stock Exchange: 1809

As of 27-Jul-2012

   Financials in: TWD

Recent Price	13.55	EPS	1.28
52 Week High	20.50	Price/Sales	0.65
52 Week Low	11.00	Dividend Rate	0.50
Avg. Volume (mil)	0.45	Price/Earnings	16.08
Market Value (mil)	2,572.07	Price/Book	0.78
		Beta	1.45

	Price % Change	Rel S&P 500%
4 Week	-7.19%	-4.96%
13 Week	-15.31%	-11.08%
52 Week	-28.68%	-12.23%
Year to Date	8.40%	7.60%

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

Balance Sheet Item Exchange Rate: USD 1 = TWD 30.279

Corporate Overview

Location
No. 136, Section 4, Chung Hsing Road
Jhudong, 310
Taiwan

Tel:	886-3-5824128
Fax:	886-35-820543

www.china-glaze.com.tw

Quote Symbol - Exchange
1809 - Taiwan Stock Exchange
Sales TWD(mil):	3,933.1
Assets TWD(mil):	6,024.3
Employees:	810
Fiscal Year End:	31-Dec-2011

Industry:	Chemical Manufacturing

Incorporation Date:	06-Dec-1974
Company Type:	Public Parent
Quoted Status:	Quoted

Chairman of the Board, Chief Executive Officer:	Xianzong Cai

Industry Codes

ANZSIC 2006 Codes:
2599	-	Other Manufacturing Not Elsewhere Classified
1813	-	Basic Inorganic Chemical Manufacturing

NACE 2002 Codes:
2412	-	Manufacture of dyes and pigments
3663	-	Other manufacturing not elsewhere classified

NAICS 2002 Codes:
325131	-	Inorganic Dye and Pigment Manufacturing
339999	-	All Other Miscellaneous Manufacturing

US SIC 1987:
3999	-	Manufacturing Industries, Not Elsewhere Classified
2816	-	Inorganic Pigments

UK SIC 2003:
2412	-	Manufacture of dyes and pigments
3663	-	Other manufacturing not elsewhere classified

Top

Business Description

CHINA GLAZE COMPANY LTD. is principally engaged in the manufacture and distribution of color glaze materials and ceramic products. The Company provides glaze materials, including fritted glaze, enamel glaze and printing glaze, which are applied in ceramic wares and screen printing; coloring matters, which are applied in screen printing, as well as glass ceramics, which are applied in buildings interior decoration, exterior walls, floorings, desks and other products. The Company distributes its products primarily in Taiwan, Mainland China and Southeast Asia. For the three months ended 31 March 2011, China Glaze Company Limited's total revenues decreased 6% to NT$824.0M. The Company's net income for the period increased 18% to NT$35.6M. Total revenues reflect an decrease in sales volume due to weaker market demand. The Company's net income for the period benefited from higher gain on foreign exchange, the presence of gain on equity investment and gain on sale of investments.

More Business Descriptions

Manufacture of ceramic tiles including colour staining, glazing, composed glazes, dry glazes, luster, medium and decorative glazing; zirconium silicate

Glaze & Ceramic Products Mfr & Distr

Establishments primarily engaged in manufacturing miscellaneous fabricated products, including beauty shop and barber shop equipment; hair work; tobacco pipes and cigarette holders; coin-operated amusement machines; matches; candles; lamp shades; feathers; artificial trees and flowers made from all materials, except glass; dressed and dyed furs; umbrellas, parasols, and canes; and other articles, not elsewhere classified.

Pottery, Ceramics, and Plumbing Fixture Manufacturing

Top

Financial Data

Financials in:	TWD(mil)
Revenue:	3,933.1
Net Income:	242.1
Assets:	6,024.3
Long Term Debt:	208.6
Total Liabilities:	2,727.7
Working Capital:	1.4
Date of Financial Data:	31-Dec-2011

1 Year Growth

4.0%

20.9%

3.3%

Top

Market Data

Quote Symbol:	1809
Exchange:	Taiwan Stock Exchange
Currency:	TWD
Stock Price:	13.6
Stock Price Date:	07-27-2012
52 Week Price Change %:	-28.7
Market Value (mil):	2,572,066.0
SEDOL:	6193368
ISIN:	TW0001809002
Equity and Dept Distribution:
07/2007, 1.5% stock dividend. 8/2008, 1.5% Stock dividend. FY'07 semi annual B/S & C/F are reclassified. 08/2010, 3% Stock dividend.
Top

Subsidiaries

Company	Percentage Owned	Country
Zibo Jdf Glaze Co Ltd	60%	PEOPLE'S REPUBLIC OF CHINA
Guangdong Sanshui T&H Glaze Co Ltd	58%	PEOPLE'S REPUBLIC OF CHINA
CGC Development Ltd	60%	BRITISH VIRGIN ISLANDS
Dragon International Co Ltd	100%	BRUNEI
Shanghai T&H Glaze Co Ltd	60%	PEOPLE'S REPUBLIC OF CHINA
Sanshui CGC Ceramic Chemicals Co Ltd	55	PEOPLE'S REPUBLIC OF CHINA
Shanghai Dun Hong Trading Co Ltd	60%	PEOPLE'S REPUBLIC OF CHINA
Shandong T&H Glaze Co Ltd	60%	PEOPLE'S REPUBLIC OF CHINA

Top

Key Corporate Relationships

Auditor:	Deloitte & Touche LLP
Auditor:	Deloitte & Touche, Deloitte & Touche LLP

Top

Corporate Family	Corporate Structure News:
	China Glaze Company Limited
China Glaze Company Limited Total Corporate Family Members: 7

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
China Glaze Company Limited	Parent	Jhudong	Taiwan	Chemical Manufacturing	133.8	810
Exojet Technology Corporation	Subsidiary	Hsinchu City	Taiwan	Electronic Instruments and Controls		55
Shandong T&H glaze Co., Ltd.	Subsidiary	Zibo, Shandong	China	Construction Services
PT. China Glaze Indonesia	Subsidiary	Karawang, West Java	Indonesia	Construction - Supplies and Fixtures
Shanghai Che-hung system glaze Ltd.	Subsidiary	Shanghai	China	Construction - Supplies and Fixtures
Guangdong Sanshui T&H glaze Co., Ltd.	Subsidiary	Foshan, Guangdong	China	Construction Services
Shanghai T&H glaze Co., Ltd.	Subsidiary	Shanghai	China	Construction Services

China Glaze Company Limited Jhudong, , Taiwan, Tel: 886-3-5824128, URL: http://www.china-glaze.com.tw/

Executives Report

Board of Directors

Name	Title	Function
Xianzong Cai	Chairman of the Board, Chief Executive Officer	Chairman
Biography: Mr. Cai Xianzong has been Chairman of the Board and Chief Executive Officer in China Glaze Company Limited since June 9, 2008. He also serves as Director in five other companies, including C.G.C. Mr. Cai holds a Master of Business Administration (MBA) from Chung Hua University, Taiwan. Education: Chung Hua University, MBA
Yizhi Cai	Director	Director/Board Member
Biography: Cai Yizhi has been Director in China Glaze Company Limited since June 22, 2009. Cai is also Director in three other companies. Cai holds a Master's degree in Computer Science from Pacific States University, the United States. Education: Pacific States University, M (Computer Science)
Ruinian Cai	Director	Director/Board Member
Ke-An Hsu	Vice President	Director/Board Member
Fang-Ren Tsai	Director	Director/Board Member

Executives

Name	Title	Function
Xianzong Cai	Chairman of the Board, Chief Executive Officer	Chief Executive Officer
Biography: Mr. Cai Xianzong has been Chairman of the Board and Chief Executive Officer in China Glaze Company Limited since June 9, 2008. He also serves as Director in five other companies, including C.G.C. Mr. Cai holds a Master of Business Administration (MBA) from Chung Hua University, Taiwan. Education: Chung Hua University, MBA
Jonathan Hsien- Tsai	General Manager	Chief Executive Officer
Xianchang Cai	President	President
Biography: Mr. Cai Xianchang has been President in China Glaze Company Limited since January 1, 2009. He used to be Director in the Company. Mr. Cai also serves as Chairman of the Board in four other companies, including C.G.C, and Director in two other companies.
Hsien Lung Tsai	President and General Manager	President
Xianchang Tsai	President	President
Tsai Xianchang	President	President
Jing-Wen Yang	Vice General Manager	Division Head Executive
Huichun Zhang	Manager-Finance	Finance Executive
Biography: Zhang Huichun has been Manager-Finance in China Glaze Company Limited since July 16, 2004. Zhang obtained a Master's degree from National Central University, Taiwan. Education: National Central University, M
Jim Lee	Manager-International	International Executive
Kean Xu	Chief Production Technology Officer	Engineering/Technical Executive
Biography: Xu Kean has been Chief Production Technology Officer in China Glaze Company Limited since June 21, 2012. Xu also serves as Director in C.G.C., and Director of Production Technology in a group company. Source: Reuters
Yong-Kang Lin	Director-Business	Other
Tsai Xiande	Vice President	Other
Tsai Xianzong	Vice President	Other

China Glaze Company Limited

Significant Developments

China Glaze Co Ltd Announces FY 2011 Dividend Payment Date

Jun 29, 2012

China Glaze Company Limited announced that it will pay a cash dividend of NTD 0.5 per share, or NTD 94,910,192 in total to shareholders of record on July 22, 2012. The Company's shares will be traded ex-dividend on July 16, 2012.

China Glaze Co Ltd Announces FY 2011 Dividend Payment

Mar 29, 2012

China Glaze Company Limited announced that it will pay a cash dividend of NTD 0.5 per share, or NTD 94,910,192 in total to shareholders for fiscal year 2011.

China Glaze Company Limited Jhudong, Taiwan, Tel: 886-3-5824128, URL: http://www.china-glaze.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	Reclassified Normal 31-Dec-2009	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	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Ernst & Young LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Gross Revenue	134.6	120.5	111.5	124.4	135.8
Sales Returns and Allowances	-0.8	-0.5	-0.7	-0.8	-0.8
Revenue	133.8	120.0	110.8	123.6	135.0
Total Revenue	133.8	120.0	110.8	123.6	135.0
Cost of Revenue	102.7	94.5	86.6	98.1	109.3
Cost of Revenue, Total	102.7	94.5	86.6	98.1	109.3
Gross Profit	31.1	25.6	24.2	25.5	25.7
Selling/General/Administrative Expense	15.9	14.1	7.6	15.9	16.2
Total Selling/General/Administrative Expenses	15.9	14.1	7.6	15.9	16.2
Research & Development	2.1	1.8	1.7	2.1	1.6
Depreciation	-	-	0.1	0.2	0.3
Depreciation/Amortization	-	-	0.1	0.2	0.3
Impairment-Assets Held for Use	-	-	0.0	0.1	0.2
Unusual Expense (Income)	-	-	0.0	0.1	0.2
Total Operating Expense	120.7	110.4	96.0	116.3	127.5
Operating Income	13.1	9.6	14.9	7.3	7.4
Interest Expense - Non-Operating	-0.4	-0.3	-0.6	-1.5	-1.1
Interest Expense, Net Non-Operating	-0.4	-0.3	-0.6	-1.5	-1.1
Interest Income - Non-Operating	0.3	0.3	0.2	0.5	0.2
Investment Income - Non-Operating	0.3	1.2	0.1	0.4	0.4
Interest/Investment Income - Non-Operating	0.5	1.4	0.3	0.9	0.6
Interest Income (Expense) - Net Non-Operating Total	0.1	1.1	-0.3	-0.6	-0.5
Gain (Loss) on Sale of Assets	-0.1	-0.1	-0.6	0.3	0.0
Other Non-Operating Income (Expense)	0.8	0.7	0.5	0.4	-0.1
Other, Net	0.8	0.7	0.5	0.4	-0.1
Income Before Tax	14.0	11.3	14.5	7.3	6.8
Total Income Tax	3.3	2.5	3.0	2.0	2.3
Income After Tax	10.6	8.8	11.5	5.4	4.5
Minority Interest	-2.4	-2.4	-4.4	-1.8	-1.9
Net Income Before Extraord Items	8.2	6.4	7.1	3.6	2.6
Net Income	8.2	6.4	7.1	3.6	2.6
Income Available to Common Excl Extraord Items	8.2	6.4	7.1	3.6	2.6
Income Available to Common Incl Extraord Items	8.2	6.4	7.1	3.6	2.6
Basic/Primary Weighted Average Shares	189.8	174.9	177.4	177.4	177.4
Basic EPS Excl Extraord Items	0.04	0.04	0.04	0.02	0.01
Basic/Primary EPS Incl Extraord Items	0.04	0.04	0.04	0.02	0.01
Dilution Adjustment	-	-	0.0	0.0	-
Diluted Net Income	8.2	6.4	7.1	3.6	2.6
Diluted Weighted Average Shares	190.2	175.0	177.7	178.4	177.4
Diluted EPS Excl Extraord Items	0.04	0.04	0.04	0.02	0.01
Diluted EPS Incl Extraord Items	0.04	0.04	0.04	0.02	0.01
Dividends per Share - Common Stock Primary Issue	0.02	0.02	0.01	0.00	0.00
Gross Dividends - Common Stock	3.2	3.0	1.0	0.0	0.5
Interest Expense, Supplemental	0.4	0.3	0.6	1.5	1.1
Interest Capitalized, Supplemental	-	0.0	0.0	0.0	0.0
Depreciation, Supplemental	3.9	3.6	3.7	3.4	2.9
Total Special Items	0.1	0.1	0.6	-0.2	0.2
Normalized Income Before Tax	14.0	11.4	15.1	7.1	7.0
Effect of Special Items on Income Taxes	0.0	0.0	0.1	-0.1	0.1
Inc Tax Ex Impact of Sp Items	3.4	2.5	3.1	1.9	2.4
Normalized Income After Tax	10.7	8.9	11.9	5.2	4.7
Normalized Inc. Avail to Com.	8.3	6.5	7.6	3.4	2.7
Basic Normalized EPS	0.04	0.04	0.04	0.02	0.02
Diluted Normalized EPS	0.04	0.04	0.04	0.02	0.02
Amort of Intangibles, Supplemental	0.4	0.3	0.4	0.5	0.3
Research & Development Exp, Supplemental	2.1	1.8	1.7	2.1	1.6
Normalized EBIT	13.1	9.6	14.9	7.3	7.6
Normalized EBITDA	17.4	13.5	19.0	11.2	10.8
Current Tax - Total	2.7	2.2	1.5	1.6	1.8
Current Tax - Total	2.7	2.2	1.5	1.6	1.8
Deferred Tax - Total	0.7	0.4	1.2	0.2	0.5
Deferred Tax - Total	0.7	0.4	1.2	0.2	0.5
Other Tax	-0.1	-0.1	0.3	0.1	0.0
Income Tax - Total	3.3	2.5	3.0	2.0	2.3
Interest Cost - Domestic	0.2	0.1	0.2	0.2	0.2
Service Cost - Domestic	0.1	0.1	0.1	0.2	0.2
Expected Return on Assets - Domestic	0.0	0.0	0.0	-0.1	-0.1
Transition Costs - Domestic	0.1	0.0	0.0	0.1	0.1
Other Pension, Net - Domestic	-	-	0.0	0.0	0.0
Domestic Pension Plan Expense	0.3	0.3	0.3	0.4	0.4
Defined Contribution Expense - Domestic	0.1	0.1	0.1	-	-
Defined Contribution Expense - Foreign	0.4	0.3	0.2	-	-
Total Pension Expense	0.8	0.7	0.7	0.4	0.4
Discount Rate - Domestic	2.00%	2.75%	2.25%	2.50%	3.50%
Expected Rate of Return - Domestic	2.00%	2.75%	2.00%	2.50%	2.50%
Compensation Rate - Domestic	2.00%	2.00%	2.00%	2.00%	2.00%
Total Plan Interest Cost	0.2	0.1	0.2	0.2	0.2
Total Plan Service Cost	0.1	0.1	0.1	0.2	0.2
Total Plan Expected Return	0.0	0.0	0.0	-0.1	-0.1
Total Plan Other Expense	-	-	0.0	0.0	0.0

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	Updated Normal 31-Dec-2009	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	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Ernst & Young LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Cash & Equivalents	26.3	42.3	28.1	18.9	16.6
Short Term Investments	0.4	0.7	0.3	0.3	0.7
Cash and Short Term Investments	26.7	43.0	28.4	19.2	17.3
Accounts Receivable - Trade, Gross	28.3	27.3	30.2	28.0	29.4
Provision for Doubtful Accounts	-1.3	-1.9	-2.8	-4.9	-5.2
Trade Accounts Receivable - Net	27.0	25.4	27.4	23.2	25.0
Notes Receivable - Short Term	11.8	11.0	9.1	6.9	7.9
Total Receivables, Net	38.8	36.4	36.6	30.1	32.9
Inventories - Finished Goods	22.3	16.6	16.2	19.8	19.4
Inventories - Work In Progress	7.7	7.8	7.6	7.4	8.1
Inventories - Raw Materials	18.0	11.3	10.7	16.9	13.0
Inventories - Other	2.3	2.4	1.4	1.3	-0.2
Total Inventory	50.4	38.2	35.9	45.3	40.4
Prepaid Expenses	4.1	2.2	2.0	2.2	2.0
Other Current Assets	5.5	12.2	8.9	3.3	3.9
Other Current Assets, Total	5.5	12.2	8.9	3.3	3.9
Total Current Assets	125.5	132.0	111.7	100.1	96.6
Buildings	26.4	25.9	27.0	26.4	24.0
Land/Improvements	31.1	32.2	30.9	30.2	30.5
Machinery/Equipment	29.5	32.9	34.6	33.5	31.0
Construction in Progress	2.5	0.6	0.6	1.2	3.2
Leases	12.5	7.0	-	-	-
Property/Plant/Equipment - Gross	102.0	98.7	93.2	91.3	88.7
Accumulated Depreciation	-35.7	-36.8	-36.9	-34.2	-32.4
Property/Plant/Equipment - Net	66.3	61.8	56.3	57.1	56.3
Goodwill, Net	0.5	0.7	0.6	0.6	0.6
Intangibles, Net	0.5	0.5	0.5	0.7	0.6
LT Investment - Affiliate Companies	2.7	1.4	0.0	0.0	0.1
LT Investments - Other	0.6	0.6	0.6	0.6	0.7
Long Term Investments	3.3	2.0	0.6	0.7	0.8
Pension Benefits - Overfunded	0.0	0.0	-	-	0.0
Deferred Income Tax - Long Term Asset	-	-	0.0	0.8	1.1
Other Long Term Assets	2.9	2.9	10.1	3.1	3.0
Other Long Term Assets, Total	2.9	2.9	10.1	3.9	4.2
Total Assets	199.0	200.0	179.9	163.0	159.0
Accounts Payable	9.7	9.6	9.0	7.5	10.8
Accrued Expenses	4.0	3.7	4.2	3.2	3.5
Notes Payable/Short Term Debt	19.9	20.5	20.0	16.9	18.5
Current Portion - Long Term Debt/Capital Leases	6.8	9.6	5.5	9.0	3.9
Customer Advances	-	-	0.6	0.7	0.5
Income Taxes Payable	1.1	1.2	0.5	0.4	1.5
Other Current Liabilities	3.6	2.9	4.1	4.9	4.0
Other Current liabilities, Total	4.6	4.1	5.2	6.0	6.1
Total Current Liabilities	45.0	47.6	43.9	42.6	42.7
Long Term Debt	6.9	8.3	16.2	9.7	9.8
Total Long Term Debt	6.9	8.3	16.2	9.7	9.8
Total Debt	33.6	38.3	41.7	35.7	32.1
Deferred Income Tax - LT Liability	2.2	1.5	0.6	0.0	-
Deferred Income Tax	2.2	1.5	0.6	0.0	-
Minority Interest	31.0	34.1	32.8	32.7	32.0
Pension Benefits - Underfunded	4.6	4.3	3.8	3.6	3.4
Other Long Term Liabilities	0.4	0.3	0.3	0.0	-
Other Liabilities, Total	5.0	4.6	4.1	3.6	3.4
Total Liabilities	90.1	96.0	97.6	88.7	87.8
Common Stock	62.7	65.1	53.1	51.7	51.4
Common Stock	62.7	65.1	53.1	51.7	51.4
Additional Paid-In Capital	6.6	6.6	0.6	0.6	0.6
Retained Earnings (Accumulated Deficit)	35.6	31.9	25.5	17.7	15.9
Translation Adjustment	4.3	0.4	3.1	4.3	3.3
Minimum Pension Liability Adjustment	-0.4	-0.1	-	-	0.0
Other Equity, Total	4.0	0.4	3.1	4.3	3.3
Total Equity	108.9	104.0	82.3	74.3	71.2
Total Liabilities & Shareholders’ Equity	199.0	200.0	179.9	163.0	159.0
Shares Outstanding - Common Stock Primary Issue	189.8	189.8	177.4	177.4	177.0
Total Common Shares Outstanding	189.8	189.8	177.4	177.4	177.0
Treasury Shares - Common Stock Primary Issue	0.0	0.0	0.0	0.0	0.0
Employees	821	795	867	964	916
Number of Common Shareholders	-	-	14,247	13,419	12,027
Deferred Revenue - Current	-	-	0.6	0.7	0.5
Total Operating Leases, Supplemental	0.6	0.8	0.7	2.3	4.3
Operating Lease Payments Due in Year 1	0.1	0.2	0.1	0.5	0.1
Operating Lease Payments Due in Year 2	0.1	0.2	0.1	0.5	0.1
Operating Lease Payments Due in Year 3	0.1	0.2	0.1	0.5	0.6
Operating Lease Payments Due in Year 4	0.1	0.2	0.1	0.4	-
Operating Lease Pymts. Due in 2-3 Years	0.3	0.3	0.3	0.9	0.7
Operating Lease Pymts. Due in 4-5 Years	0.1	0.2	0.1	0.4	-
Oper. Lse. Pymts. Due in Year 6 & Beyond	0.0	0.2	0.1	0.4	3.5
Pension Obligation - Domestic	6.6	6.3	5.1	5.1	5.8
Plan Assets - Domestic	0.8	0.9	0.8	0.8	1.5
Funded Status - Domestic	-5.8	-5.5	-4.2	-4.3	-4.3
Accumulated Obligation - Domestic	5.4	5.1	3.9	4.2	4.8
Total Funded Status	-5.8	-5.5	-4.2	-4.3	-4.3
Discount Rate - Domestic	2.00%	2.75%	2.25%	2.50%	3.50%
Expected Rate of Return - Domestic	2.00%	2.75%	2.00%	2.50%	2.50%
Compensation Rate - Domestic	2.00%	2.00%	2.00%	2.00%	2.00%
Prepaid Benefits - Domestic	-	0.0	-	-	0.0
Accrued Liabilities - Domestic	-4.6	-4.3	-3.8	-3.6	-3.4
Net Assets Recognized on Balance Sheet	-4.6	-4.2	-3.8	-3.6	-3.3
Total Plan Obligations	6.6	6.3	5.1	5.1	5.8
Total Plan Assets	0.8	0.9	0.8	0.8	1.5

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	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	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Ernst & Young LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net Income/Starting Line	10.6	8.8	11.5	5.4	4.5
Depreciation	4.4	4.0	4.3	3.9	3.0
Depreciation/Depletion	4.4	4.0	4.3	3.9	3.0
Amortization of Intangibles	0.4	0.3	0.4	0.5	0.3
Amortization	0.4	0.3	0.4	0.5	0.3
Deferred Taxes	0.9	0.3	1.4	0.2	0.8
Unusual Items	0.0	-0.3	0.5	-0.2	0.5
Equity in Net Earnings (Loss)	-0.2	-0.2	0.0	0.1	0.0
Other Non-Cash Items	-0.3	-0.3	-7.2	0.7	1.0
Non-Cash Items	-0.5	-0.8	-6.6	0.5	1.5
Accounts Receivable	-3.2	1.3	-3.4	2.8	-5.0
Inventories	-14.1	0.3	9.8	-6.4	-4.6
Prepaid Expenses	-2.0	-0.5	0.3	-0.2	-0.3
Other Assets	1.8	1.5	-7.3	0.7	0.9
Accounts Payable	-0.3	0.2	0.7	-0.2	1.4
Accrued Expenses	0.4	-0.7	0.8	-0.2	0.3
Taxes Payable	-0.1	0.6	0.1	-1.1	0.2
Other Liabilities	-3.2	-0.3	6.8	1.4	0.3
Changes in Working Capital	-20.7	2.5	7.8	-3.2	-6.8
Cash from Operating Activities	-4.8	15.0	18.8	7.3	3.4
Purchase of Fixed Assets	-5.2	-3.6	-2.3	-4.6	-4.5
Capital Expenditures	-5.2	-3.6	-2.3	-4.6	-4.5
Sale of Fixed Assets	0.1	0.0	0.0	1.2	0.4
Sale/Maturity of Investment	0.3	1.7	0.2	0.0	0.1
Purchase of Investments	-1.0	-0.1	0.0	0.0	-0.1
Intangible, Net	0.2	0.0	0.0	-0.1	-0.3
Other Investing Cash Flow	-0.5	0.7	-0.8	-0.7	-1.3
Other Investing Cash Flow Items, Total	-0.9	2.3	-0.6	0.4	-1.2
Cash from Investing Activities	-6.1	-1.4	-2.9	-4.3	-5.7
Other Financing Cash Flow	-4.2	-2.4	-4.8	-0.7	3.5
Financing Cash Flow Items	-4.2	-2.4	-4.8	-0.7	3.5
Cash Dividends Paid - Common	-3.2	-1.1	0.0	-0.5	-0.5
Total Cash Dividends Paid	-3.2	-1.1	0.0	-0.5	-0.5
Sale/Issuance of Common	0.0	10.0	0.0	-	-
Common Stock, Net	0.0	10.0	0.0	-	-
Issuance (Retirement) of Stock, Net	0.0	10.0	0.0	-	-
Short Term Debt, Net	5.0	-1.4	-4.6	-4.5	5.0
Long Term Debt Issued	7.8	3.2	11.4	11.2	0.0
Long Term Debt Reduction	-9.9	-7.0	-9.0	-5.7	-4.2
Long Term Debt, Net	-2.0	-3.8	2.4	5.5	-4.2
Issuance (Retirement) of Debt, Net	3.0	-5.3	-2.2	1.0	0.9
Cash from Financing Activities	-4.4	1.3	-7.0	-0.2	3.8
Foreign Exchange Effects	0.5	-2.6	-0.5	-0.1	0.2
Net Change in Cash	-14.9	12.3	8.4	2.6	1.7
Net Cash - Beginning Balance	42.0	26.9	18.8	17.1	14.7
Net Cash - Ending Balance	27.1	39.2	27.2	19.7	16.4
Cash Interest Paid	0.4	0.4	0.7	1.5	1.1
Cash Taxes Paid	3.4	1.9	2.9	3.0	0.7

China Glaze Company Limited Jhudong, Taiwan, Tel: 886-3-5824128, URL: http://www.china-glaze.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	Reclassified Normal 31-Dec-2009	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	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Ernst & Young LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Gross Sales	134.6	120.5	111.5	124.4	135.8
Sales Returns	-0.2	-0.2	-0.3	-0.2	-0.2
Sales Discounts and Allowances	-0.6	-0.3	-0.3	-0.6	-0.6
Total Revenue	133.8	120.0	110.8	123.6	135.0
Cost of Sales	102.7	94.5	86.6	98.1	108.9
Selling Expenses	8.2	7.4	7.2	7.9	8.6
General and Administrative Expenses	8.3	7.1	7.9	8.4	7.7
Research and Development Expenses	2.1	1.8	1.7	2.1	1.6
Loss on Physical Inventory	-	-	-	-	0.1
G/L on Valuation of Inventory/Obsoles.	-	-	-	-	0.3
Gain on Reversal of Bad Debts	-0.7	-0.4	-7.5	-0.3	-0.2
Impairment Loss	-	-	0.0	0.1	0.2
Loss on Depreciation from Idle Asset	-	-	0.1	0.2	0.3
Total Operating Expense	120.7	110.4	96.0	116.3	127.5
Interest Income	0.3	0.3	0.2	0.5	0.2
Gain on Equity Investment	0.2	0.2	-	-	-
Gains on Sale of Investments	0.1	0.5	0.1	-	-
Gain/Loss on Sale of Fixed Assets	-0.1	-0.1	-0.6	0.3	0.0
Gain/Loss on Foreign Exchange	0.3	0.4	-0.1	0.7	0.4
Gain/Loss on Fin. Assets Revaluation	-0.4	0.1	0.2	-0.3	0.1
Gain on Fin. Liab. Revaluation	-	-	0.0	0.1	0.2
Rent Income	1.0	0.9	0.3	0.0	-
Miscellaneous Income	0.4	0.4	0.7	0.7	0.4
Interest Expense	-0.4	-0.3	-0.6	-1.5	-1.1
Loss on Other Investment	-	-	0.0	-0.1	-0.2
Miscellaneous Disbursements	-0.6	-0.6	-0.5	-0.3	-0.5
Net Income Before Taxes	14.0	11.3	14.5	7.3	6.8
Provision for Income Taxes	3.3	2.5	3.0	2.0	2.3
Net Income After Taxes	10.6	8.8	11.5	5.4	4.5
Minority Interest	-2.4	-2.4	-4.4	-1.8	-1.9
Net Income Before Extra. Items	8.2	6.4	7.1	3.6	2.6
Net Income	8.2	6.4	7.1	3.6	2.6
Income Available to Com Excl ExtraOrd	8.2	6.4	7.1	3.6	2.6
Income Available to Com Incl ExtraOrd	8.2	6.4	7.1	3.6	2.6
Basic Weighted Average Shares	189.8	174.9	177.4	177.4	177.4
Basic EPS Excluding ExtraOrdinary Items	0.04	0.04	0.04	0.02	0.01
Basic EPS Including ExtraOrdinary Items	0.04	0.04	0.04	0.02	0.01
Dilution Adjustment	-	-	0.0	0.0	-
Diluted Net Income	8.2	6.4	7.1	3.6	2.6
Diluted Weighted Average Shares	190.2	175.0	177.7	178.4	177.4
Diluted EPS Excluding ExtraOrd Items	0.04	0.04	0.04	0.02	0.01
Diluted EPS Including ExtraOrd Items	0.04	0.04	0.04	0.02	0.01
DPS-Common Stock	0.02	0.02	0.01	0.00	0.00
Gross Dividends - Common Stock	3.2	3.0	1.0	0.0	0.5
Normalized Income Before Taxes	14.0	11.4	15.1	7.1	7.0
Inc Tax Ex Impact of Sp Items	3.4	2.5	3.1	1.9	2.4
Normalized Income After Taxes	10.7	8.9	11.9	5.2	4.7
Normalized Inc. Avail to Com.	8.3	6.5	7.6	3.4	2.7
Basic Normalized EPS	0.04	0.04	0.04	0.02	0.02
Diluted Normalized EPS	0.04	0.04	0.04	0.02	0.02
Interest Expense, Supplemental	0.4	0.3	0.6	1.5	1.1
R&D Expense, Supplemental	2.1	1.8	1.7	2.1	1.6
Depreciation - Operating Cost	3.0	2.7	2.8	2.5	1.9
Depreciation - Operating Expense	0.9	0.9	0.9	0.9	0.9
Amortization - Operating Cost	0.4	0.2	0.2	0.3	0.2
Amortization - Operating Expense	0.1	0.1	0.2	0.1	0.1
Capitalized Interest	-	0.0	0.0	0.0	0.0
Current Tax	2.7	2.2	1.5	1.6	1.8
Current Tax - Total	2.7	2.2	1.5	1.6	1.8
Deferred Tax	0.7	0.4	1.2	0.2	0.5
Deferred Tax - Total	0.7	0.4	1.2	0.2	0.5
Other Tax	-0.1	-0.1	0.3	0.1	0.0
Income Tax - Total	3.3	2.5	3.0	2.0	2.3
Service Cost	0.1	0.1	0.1	0.2	0.2
Interest Cost	0.2	0.1	0.2	0.2	0.2
Expected Return on Plan Assets	0.0	0.0	0.0	-0.1	-0.1
Amortization of Unrecognized Cost	0.1	0.0	0.0	0.1	0.1
Others	-	-	0.0	0.0	0.0
Domestic Pension Plan Expense	0.3	0.3	0.3	0.4	0.4
Defined Contribution Expense - Domestic	0.1	0.1	0.1	-	-
Defined Contribution Expense - Foreign	0.4	0.3	0.2	-	-
Total Pension Expense	0.8	0.7	0.7	0.4	0.4
Discount Rate	2.00%	2.75%	2.25%	2.50%	3.50%
Rate of Compensation Increase	2.00%	2.00%	2.00%	2.00%	2.00%
Expected Rate of Return on Plan Assets	2.00%	2.75%	2.00%	2.50%	2.50%

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	Updated Normal 31-Dec-2009	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	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Ernst & Young LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Cash and Cash Equivalent	26.3	42.3	28.1	18.9	16.6
Fin. Aseets at Fair Value	0.4	0.7	0.3	0.3	0.7
Notes Receivable	11.8	11.0	9.1	6.9	7.9
Accounts Receivable - Related Parties	-	-	0.0	0.0	0.8
Accounts Receivable, Gross	28.3	27.3	30.2	28.0	29.4
Provision for Doubtful Accounts	-1.2	-1.8	-2.7	-4.8	-5.2
Provision for Sales Discount	-0.1	-0.1	-0.1	-0.1	-
Raw Material/Supplies	18.0	11.3	10.7	16.9	13.0
Work-in-Process	7.7	7.8	7.6	7.4	8.1
Finished Goods	20.1	14.3	14.0	14.7	16.9
Merchandise	2.2	2.3	2.2	5.1	2.5
Inventory in Transit	2.3	2.4	1.4	1.3	1.1
Provision/Allowance for Inventory	-	-	-	-	-1.3
Assets for Sale,Non-current	0.0	4.5	-	-	-
Prepayment	4.1	2.2	2.0	2.2	2.0
Other Current Assets	5.5	7.8	8.9	3.3	3.9
Total Current Assets	125.5	132.0	111.7	100.1	96.6
Long Term Equity Investment	2.7	1.4	0.0	0.0	0.1
Fin. Assets at Cost	0.6	0.6	0.6	0.6	0.7
Land	29.6	30.7	29.5	28.8	29.1
Land Improvements	1.5	1.6	1.4	1.4	1.4
Buildings and Structures	26.4	25.9	27.0	26.4	24.0
Machinery and Equipment	20.0	21.9	24.3	23.3	20.7
Environment Protection Equipment	0.4	1.9	1.7	1.7	1.8
Transportation Equipment	1.7	1.4	1.4	1.3	1.3
Miscellaneous Equipment	7.5	7.7	7.2	7.3	7.2
Accumulated Depreciation	-33.8	-36.3	-36.8	-34.2	-32.4
Accumulated Impairment on Fixed Assets	-	0.0	0.0	0.0	-
Construction in Progress	1.4	0.0	0.0	0.7	2.2
Prepayment for Equipment	1.0	0.6	0.6	0.4	1.0
Goodwill, Net	0.5	0.7	0.6	0.6	0.6
Deferred Pension Cost	0.0	0.0	-	-	0.0
Land Use Right	-	-	-	-	0.4
Other Intang. Assets	0.5	0.5	0.5	0.7	0.2
Deferred Income Tax Assets - Non Current	-	-	0.0	0.8	1.1
Rental Assets, Gross	12.5	7.0	-	-	-
Accumulated Impairment on Rental Ass.	-1.9	-0.6	-	-	-
Other Long Term Assets	2.9	2.9	10.1	3.1	3.0
Total Assets	199.0	200.0	179.9	163.0	159.0
Short Term Borrowings	11.2	7.3	9.3	14.3	15.7
Short Term Notes & Bills Payable	2.6	2.1	2.2	1.5	4.6
Financial Liability-Fail Value	-	-	-	0.0	0.1
Notes Payable	8.7	13.2	10.7	2.7	2.7
Accounts Payable	7.0	7.6	6.8	5.9	6.2
Income Taxes Payable	1.1	1.2	0.5	0.4	1.5
Accrued Expenses	4.0	3.7	4.2	3.2	3.5
Advance Receipts	-	-	0.6	0.7	0.5
Current Portion of Long Term Debt	6.8	9.6	5.5	9.0	3.9
Other Current Liabilities	3.6	2.9	4.1	4.9	4.0
Total Current Liabilities	45.0	47.6	43.9	42.6	42.7
Fin. Liab. at Fair Value	-	-	-	-	0.0
Long Term Borrowings	6.9	8.3	16.2	9.7	9.8
Long Term Notes Payable/Accounts Payable	-	-	0.0	0.0	-
Total Long Term Debt	6.9	8.3	16.2	9.7	9.8
Accrued Pension Liabilities	4.6	4.3	3.8	3.6	3.4
Long Term Security Deposits Received	0.4	0.3	0.3	0.0	-
Deferred Income Tax Liabilities	2.2	1.5	0.6	0.0	-
Minority Interest	31.0	34.1	32.8	32.7	32.0
Total Liabilities	90.1	96.0	97.6	88.7	87.8
Common Stock	62.7	65.1	53.1	51.7	51.4
Share Premium	6.6	6.6	0.6	0.6	0.6
Legal Reserve	8.8	8.4	7.0	6.4	6.3
Retained Earnings	26.8	23.5	18.5	11.2	9.6
Cumulative Translation Adjustment	4.3	0.4	3.1	4.3	3.3
Net Loss Not Recognized as Pension Cost	-0.4	-0.1	-	-	0.0
Total Equity	108.9	104.0	82.3	74.3	71.2
Total Liabilities & Shareholders' Equity	199.0	200.0	179.9	163.0	159.0
S/O-Common Stock	189.8	189.8	177.4	177.4	177.0
Total Common Shares Outstanding	189.8	189.8	177.4	177.4	177.0
T/S-Common Stock	0.0	0.0	0.0	0.0	0.0
Deferred Revenue, Current	-	-	0.6	0.7	0.5
Full-Time Employees	821	795	867	964	916
Number of Common Shareholders	-	-	14,247	13,419	12,027
Operating Lease due in 1 year	0.1	0.2	0.1	0.5	0.1
Operating Lease due in 2 year	0.1	0.2	0.1	0.5	0.1
Operating Lease due in 3 year	0.1	0.2	0.1	0.5	0.6
Operating Lease due in 4 year	0.1	0.2	0.1	0.4	-
Operating Lease due in Remaining Years	-	0.2	0.1	0.4	3.5
Total Operating Leases	0.6	0.8	0.7	2.3	4.3
Accumulated Benefit Obligation	5.4	5.1	3.9	4.2	4.8
Benefit Obligation	6.6	6.3	5.1	5.1	5.8
Fair Value of Plan Assets	0.8	0.9	0.8	0.8	1.5
Funded Status	-5.8	-5.5	-4.2	-4.3	-4.3
Total Funded Status	-5.8	-5.5	-4.2	-4.3	-4.3
Discount Rate	2.00%	2.75%	2.25%	2.50%	3.50%
Rate of Compensation Increase	2.00%	2.00%	2.00%	2.00%	2.00%
Expected Rate of Return on Plan Assets	2.00%	2.75%	2.00%	2.50%	2.50%
Deferred PensionCost	-	0.0	-	-	0.0
Accrued Pension Liabilities	-4.6	-4.3	-3.8	-3.6	-3.4
Net Assets Recognized on Balance Sheet	-4.6	-4.2	-3.8	-3.6	-3.3

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	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	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Ernst & Young LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net Income	10.6	8.8	11.5	5.4	4.5
Depreciation	4.4	4.0	4.3	3.9	3.0
Provision/Reversal of Bad Debt	-0.7	-0.4	-7.5	-0.3	1.0
Provision for Sales Discount	-	-	-	0.1	0.0
Gain/Loss on Fin. Assets Revaluation	0.4	-0.1	-0.2	0.3	-0.1
Gain on Sale of Investments	-0.1	-0.5	-0.1	0.0	0.0
Amortization of Intangibles	0.4	0.3	0.4	0.5	0.3
Gain on Fin. Liab. Revaluation	-	-	-	-0.1	-0.2
Prov. for Inventory Devaluation & Obsole	0.0	-0.1	0.5	0.7	0.3
Equity Investment Gain/Loss	-0.2	-0.2	0.0	0.1	0.0
Other Investment Loss	-	-	-	0.0	0.2
Net G/L on Disp. & Obsol. of Fixed Ass.	0.1	0.1	0.6	-0.3	0.0
Impairment Loss on Assets	0.0	0.0	0.0	0.1	0.2
Loss on Sale of LT Investments	-	-	-	0.0	0.0
Deferred Tax	0.9	0.3	1.4	0.2	0.8
Employee Stock Option Cost	0.0	0.4	0.0	-	-
Fin. Assets at Fair Value	-0.2	-0.2	0.1	0.2	0.3
Notes Receivable	-1.3	-1.3	-2.0	1.0	-3.6
Accounts Receivable	-1.9	2.6	-1.4	1.9	-1.5
Inventories	-14.1	0.3	9.8	-6.4	-4.6
Prepayment	-2.0	-0.5	0.3	-0.2	-0.3
Other Current Assets	2.0	1.8	-7.4	0.5	0.6
Notes Payable	-4.1	1.6	7.7	0.0	-1.7
Accounts Payable	-0.3	0.2	0.7	-0.2	1.4
Accrued Expenses	0.4	-0.7	0.8	-0.2	0.3
Tax Payable	-0.1	0.6	0.1	-1.1	0.2
Advance Receipts	-	-	-	0.2	0.1
Other Current Liabilities	0.8	-2.0	-1.0	0.9	1.7
Accrued Pension Liabilities	0.2	0.1	0.1	0.3	0.3
Cash from Operating Activities	-4.8	15.0	18.8	7.3	3.4
LT Equity Investment Increase	-0.8	-	-	0.0	-0.1
Disposal of LT Equity Investment	0.0	1.3	0.0	-	-
Capital Expenditure	-5.2	-3.6	-2.3	-4.6	-4.5
Disposal of Fixed Assets&Idle Assets	0.1	0.0	0.0	1.2	0.4
Purchase of Financial Assets-Cost Method	-0.2	-0.1	0.0	-	-
Disposal of Financial Assets-Cost Method	0.3	0.4	0.2	0.0	0.1
OtherAssets / Intang. Assets	0.2	0.0	0.0	-0.1	-0.3
Security Deposit Paid	0.0	0.2	0.1	-0.1	-0.1
Deferred Charges	-0.5	-0.2	-0.3	-0.6	-0.2
Restricted Bank Deposit	0.0	0.6	-0.6	0.0	-1.0
Cash from Investing Activities	-6.1	-1.4	-2.9	-4.3	-5.7
Short Term Borrowings Inc./Dec.	4.4	-1.1	-5.2	-1.3	2.3
Short Term Notes Inc./Dec.	0.7	-0.3	0.6	-3.2	2.7
Long Term Borrowings Increase	7.8	3.2	11.4	11.2	0.0
Repayment of LT Borrowings	-9.9	-7.0	-9.0	-5.7	-4.2
Long Term Payable	-	0.0	0.0	0.0	0.0
Security Deposit Received	0.1	0.0	0.3	0.0	-
Minority Interest	-4.3	-2.4	-5.1	-0.6	3.5
Director Remuneration and Employee Bonus	-	-	-	0.0	0.0
Cash Capital	0.0	10.0	0.0	-	-
Cash Dividend	-3.2	-1.1	0.0	-0.5	-0.5
Cash from Financing Activities	-4.4	1.3	-7.0	-0.2	3.8
Foreign Exchange Effects	0.5	-2.6	-0.5	-0.1	0.2
Net Change in Cash	-14.9	12.3	8.4	2.6	1.7
Net Cash - Beginning Balance	42.0	26.9	18.8	17.1	14.7
Net Cash - Ending Balance	27.1	39.2	27.2	19.7	16.4
Cash Interest Paid	0.4	0.4	0.7	1.5	1.1
Cash Taxes Paid	3.4	1.9	2.9	3.0	0.7

China Glaze Company Limited Jhudong, Taiwan, Tel: 886-3-5824128, URL: http://www.china-glaze.com.tw/

Financial Health

Financials in: USD (mil)

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

Key Indicators USD (mil)
Â	Quarter Ending 31-Mar-2012	Quarter Ending Yr Ago	Annual Year End 31-Dec-2011	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1	29.2	5.42%	133.8	4.04%	0.30%	0.42%
Research & Development1	0.5	-0.55%	2.1	11.33%	-1.55%	5.09%
Operating Income1	1.4	-29.61%	13.1	26.86%	18.97%	8.22%
Income Available to Common Excl Extraord Items1	0.6	-49.70%	8.2	20.88%	29.07%	22.23%
Basic EPS Excl Extraord Items1	0.00	-49.68%	0.04	11.36%	26.18%	20.53%
Capital Expenditures2	1.5	61.97%	5.2	32.97%	1.29%	-3.13%
Cash from Operating Activities2	3.8	-	-4.8	-	-	-
Free Cash Flow	2.3	-	-9.7	-	-	-
Total Assets3	193.6	2.52%	199.0	3.33%	4.04%	4.72%
Total Liabilities3	82.9	-1.38%	90.1	-2.55%	-2.14%	1.03%
Total Long Term Debt3	6.3	-6.11%	6.9	-13.63%	-13.26%	-8.78%
Employees3	-	-	821	3.27%	-5.21%	-1.67%
Total Common Shares Outstanding3	189.8	0.00%	189.8	0.00%	2.29%	1.46%
1-ExchangeRate: TWD to USD Average for Period	29.710200	Â	29.390040	Â	Â	Â
2-ExchangeRate: TWD to USD Average for Period	29.710200	Â	29.390040	Â	Â	Â
3-ExchangeRate: TWD to USD Period End Date	29.565976	Â	30.279000	Â	Â	Â

Key Ratios
Â	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Profitability
Gross Margin	23.23%	21.29%	21.86%	20.62%	19.01%
Operating Margin	9.79%	8.03%	13.40%	5.87%	5.51%
Pretax Margin	10.42%	9.38%	13.08%	5.94%	5.06%
Net Profit Margin	6.15%	5.30%	6.42%	2.89%	1.92%
Financial Strength
Current Ratio	2.79	2.78	2.55	2.35	2.26
Long Term Debt/Equity	0.06	0.08	0.20	0.13	0.14
Total Debt/Equity	0.31	0.37	0.51	0.48	0.45
Management Effectiveness
Return on Assets	5.26%	4.78%	6.84%	3.23%	2.99%
Return on Equity	7.65%	7.07%	9.27%	4.74%	3.79%
Efficiency
Receivables Turnover	3.52	3.39	3.39	3.79	4.43
Inventory Turnover	2.29	2.63	2.17	2.21	2.90
Asset Turnover	0.66	0.65	0.66	0.74	0.89

Market Valuation USD (mil)
P/E (TTM)	11.49	.	Enterprise Value2	118.1
Price/Sales (TTM)	0.65	.	Enterprise Value/Revenue (TTM)	0.88
Price/Book (MRQ)	0.79	.	Enterprise Value/EBITDA (TTM)	6.81
Market Cap as of 27-Jul-20121	85.4	.
1-ExchangeRate: TWD to USD on 27-Jul-2012	30.113438
2-ExchangeRate: TWD to USD on 31-Mar-2012	29.565976

China Glaze Company Limited Jhudong, Taiwan, Tel: 886-3-5824128, URL: http://www.china-glaze.com.tw/

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	2.79	2.78	2.55	2.35	2.26
Quick/Acid Test Ratio	1.45	1.67	1.48	1.16	1.18
Working Capital1	80.5	84.4	67.9	57.5	53.9
Long Term Debt/Equity	0.06	0.08	0.20	0.13	0.14
Total Debt/Equity	0.31	0.37	0.51	0.48	0.45
Long Term Debt/Total Capital	0.05	0.06	0.13	0.09	0.09
Total Debt/Total Capital	0.24	0.27	0.34	0.32	0.31
Payout Ratio	39.21%	43.66%	14.44%	0.00%	19.63%
Effective Tax Rate	23.96%	21.88%	20.72%	26.65%	33.70%
Total Capital1	142.5	142.3	124.0	110.0	103.3
Efficiency
Asset Turnover	0.66	0.65	0.66	0.74	0.89
Inventory Turnover	2.29	2.63	2.17	2.21	2.90
Days In Inventory	159.57	138.72	168.19	164.98	126.03
Receivables Turnover	3.52	3.39	3.39	3.79	4.43
Days Receivables Outstanding	103.66	107.61	107.52	96.26	82.46
Revenue/Employee2	158,218	163,093	131,991	123,214	149,231
Operating Income/Employee2	15,492	13,098	17,689	7,230	8,219
EBITDA/Employee2	20,626	18,338	22,569	11,058	11,709
Profitability
Gross Margin	23.23%	21.29%	21.86%	20.62%	19.01%
Operating Margin	9.79%	8.03%	13.40%	5.87%	5.51%
EBITDA Margin	13.04%	11.24%	17.10%	8.97%	7.85%
EBIT Margin	9.79%	8.03%	13.40%	5.87%	5.51%
Pretax Margin	10.42%	9.38%	13.08%	5.94%	5.06%
Net Profit Margin	6.15%	5.30%	6.42%	2.89%	1.92%
R&D Expense/Revenue	1.59%	1.49%	1.50%	1.68%	1.18%
COGS/Revenue	76.77%	78.71%	78.14%	79.38%	80.99%
SG&A Expense/Revenue	11.85%	11.78%	6.87%	12.88%	11.98%
Management Effectiveness
Return on Assets	5.26%	4.78%	6.84%	3.23%	2.99%
Return on Equity	7.65%	7.07%	9.27%	4.74%	3.79%
Valuation
Free Cash Flow/Share2	-0.05	0.06	0.10	0.01	-0.01
Operating Cash Flow/Share 2	-0.02	0.09	0.11	0.04	0.02
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)	11.49
Market Cap/Equity (MRQ)	0.79
Market Cap/Revenue (TTM)	0.65
Market Cap/EBIT (TTM)	7.04
Market Cap/EBITDA (TTM)	5.02
Enterprise Value/Earnings (TTM)	15.59
Enterprise Value/Equity (MRQ)	1.07
Enterprise Value/Revenue (TTM)	0.88
Enterprise Value/EBIT (TTM)	9.55
Enterprise Value/EBITDA (TTM)	6.81

China Glaze Company Limited Jhudong, Taiwan, Tel: 886-3-5824128, URL: http://www.china-glaze.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	Reclassified Normal 31-Dec-2009	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	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Ernst & Young LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Gross Revenue	134.6	120.5	111.5	124.4	135.8
Sales Returns and Allowances	-0.8	-0.5	-0.7	-0.8	-0.8
Revenue	133.8	120.0	110.8	123.6	135.0
Total Revenue	133.8	120.0	110.8	123.6	135.0
Cost of Revenue	102.7	94.5	86.6	98.1	109.3
Cost of Revenue, Total	102.7	94.5	86.6	98.1	109.3
Gross Profit	31.1	25.6	24.2	25.5	25.7
Selling/General/Administrative Expense	15.9	14.1	7.6	15.9	16.2
Total Selling/General/Administrative Expenses	15.9	14.1	7.6	15.9	16.2
Research & Development	2.1	1.8	1.7	2.1	1.6
Depreciation	-	-	0.1	0.2	0.3
Depreciation/Amortization	-	-	0.1	0.2	0.3
Impairment-Assets Held for Use	-	-	0.0	0.1	0.2
Unusual Expense (Income)	-	-	0.0	0.1	0.2
Total Operating Expense	120.7	110.4	96.0	116.3	127.5
Operating Income	13.1	9.6	14.9	7.3	7.4
Interest Expense - Non-Operating	-0.4	-0.3	-0.6	-1.5	-1.1
Interest Expense, Net Non-Operating	-0.4	-0.3	-0.6	-1.5	-1.1
Interest Income - Non-Operating	0.3	0.3	0.2	0.5	0.2
Investment Income - Non-Operating	0.3	1.2	0.1	0.4	0.4
Interest/Investment Income - Non-Operating	0.5	1.4	0.3	0.9	0.6
Interest Income (Expense) - Net Non-Operating Total	0.1	1.1	-0.3	-0.6	-0.5
Gain (Loss) on Sale of Assets	-0.1	-0.1	-0.6	0.3	0.0
Other Non-Operating Income (Expense)	0.8	0.7	0.5	0.4	-0.1
Other, Net	0.8	0.7	0.5	0.4	-0.1
Income Before Tax	14.0	11.3	14.5	7.3	6.8
Total Income Tax	3.3	2.5	3.0	2.0	2.3
Income After Tax	10.6	8.8	11.5	5.4	4.5
Minority Interest	-2.4	-2.4	-4.4	-1.8	-1.9
Net Income Before Extraord Items	8.2	6.4	7.1	3.6	2.6
Net Income	8.2	6.4	7.1	3.6	2.6
Income Available to Common Excl Extraord Items	8.2	6.4	7.1	3.6	2.6
Income Available to Common Incl Extraord Items	8.2	6.4	7.1	3.6	2.6
Basic/Primary Weighted Average Shares	189.8	174.9	177.4	177.4	177.4
Basic EPS Excl Extraord Items	0.04	0.04	0.04	0.02	0.01
Basic/Primary EPS Incl Extraord Items	0.04	0.04	0.04	0.02	0.01
Dilution Adjustment	-	-	0.0	0.0	-
Diluted Net Income	8.2	6.4	7.1	3.6	2.6
Diluted Weighted Average Shares	190.2	175.0	177.7	178.4	177.4
Diluted EPS Excl Extraord Items	0.04	0.04	0.04	0.02	0.01
Diluted EPS Incl Extraord Items	0.04	0.04	0.04	0.02	0.01
Dividends per Share - Common Stock Primary Issue	0.02	0.02	0.01	0.00	0.00
Gross Dividends - Common Stock	3.2	3.0	1.0	0.0	0.5
Interest Expense, Supplemental	0.4	0.3	0.6	1.5	1.1
Interest Capitalized, Supplemental	-	0.0	0.0	0.0	0.0
Depreciation, Supplemental	3.9	3.6	3.7	3.4	2.9
Total Special Items	0.1	0.1	0.6	-0.2	0.2
Normalized Income Before Tax	14.0	11.4	15.1	7.1	7.0
Effect of Special Items on Income Taxes	0.0	0.0	0.1	-0.1	0.1
Inc Tax Ex Impact of Sp Items	3.4	2.5	3.1	1.9	2.4
Normalized Income After Tax	10.7	8.9	11.9	5.2	4.7
Normalized Inc. Avail to Com.	8.3	6.5	7.6	3.4	2.7
Basic Normalized EPS	0.04	0.04	0.04	0.02	0.02
Diluted Normalized EPS	0.04	0.04	0.04	0.02	0.02
Amort of Intangibles, Supplemental	0.4	0.3	0.4	0.5	0.3
Research & Development Exp, Supplemental	2.1	1.8	1.7	2.1	1.6
Normalized EBIT	13.1	9.6	14.9	7.3	7.6
Normalized EBITDA	17.4	13.5	19.0	11.2	10.8
Current Tax - Total	2.7	2.2	1.5	1.6	1.8
Current Tax - Total	2.7	2.2	1.5	1.6	1.8
Deferred Tax - Total	0.7	0.4	1.2	0.2	0.5
Deferred Tax - Total	0.7	0.4	1.2	0.2	0.5
Other Tax	-0.1	-0.1	0.3	0.1	0.0
Income Tax - Total	3.3	2.5	3.0	2.0	2.3
Interest Cost - Domestic	0.2	0.1	0.2	0.2	0.2
Service Cost - Domestic	0.1	0.1	0.1	0.2	0.2
Expected Return on Assets - Domestic	0.0	0.0	0.0	-0.1	-0.1
Transition Costs - Domestic	0.1	0.0	0.0	0.1	0.1
Other Pension, Net - Domestic	-	-	0.0	0.0	0.0
Domestic Pension Plan Expense	0.3	0.3	0.3	0.4	0.4
Defined Contribution Expense - Domestic	0.1	0.1	0.1	-	-
Defined Contribution Expense - Foreign	0.4	0.3	0.2	-	-
Total Pension Expense	0.8	0.7	0.7	0.4	0.4
Discount Rate - Domestic	2.00%	2.75%	2.25%	2.50%	3.50%
Expected Rate of Return - Domestic	2.00%	2.75%	2.00%	2.50%	2.50%
Compensation Rate - Domestic	2.00%	2.00%	2.00%	2.00%	2.00%
Total Plan Interest Cost	0.2	0.1	0.2	0.2	0.2
Total Plan Service Cost	0.1	0.1	0.1	0.2	0.2
Total Plan Expected Return	0.0	0.0	0.0	-0.1	-0.1
Total Plan Other Expense	-	-	0.0	0.0	0.0

China Glaze Company Limited Jhudong, Taiwan, Tel: 886-3-5824128, URL: http://www.china-glaze.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	3 Months	3 Months	3 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	Reclassified Normal 31-Mar-2012
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	29.7102	30.256909	29.146237	28.855204	29.305764
Gross Revenue	29.4	30.4	37.1	39.0	28.2
Sales Returns and Allowances	-0.2	-0.3	-0.2	-0.2	-0.1
Revenue	29.2	30.1	37.0	38.8	28.1
Total Revenue	29.2	30.1	37.0	38.8	28.1
Cost of Revenue	23.7	23.3	28.5	28.9	22.2
Cost of Revenue, Total	23.7	23.3	28.5	28.9	22.2
Gross Profit	5.5	6.8	8.5	9.9	5.9
Selling/General/Administrative Expense	3.7	3.9	4.6	3.9	3.5
Total Selling/General/Administrative Expenses	3.7	3.9	4.6	3.9	3.5
Research & Development	0.5	0.4	0.5	0.7	0.5
Depreciation	-	-	0.0	0.0	-
Depreciation/Amortization	-	-	0.0	0.0	-
Impairment-Assets Held for Use	-	-	0.0	0.1	-
Unusual Expense (Income)	-	-	0.0	0.1	-
Total Operating Expense	27.9	27.7	33.6	33.5	26.2
Operating Income	1.4	2.5	3.4	5.3	1.9
Interest Expense - Non-Operating	-0.1	-0.1	-0.1	-0.1	-0.1
Interest Expense, Net Non-Operating	-0.1	-0.1	-0.1	-0.1	-0.1
Interest Income - Non-Operating	0.1	0.1	0.1	0.1	0.1
Investment Income - Non-Operating	-0.1	-0.2	0.1	0.2	0.2
Interest/Investment Income - Non-Operating	-0.1	-0.1	0.2	0.2	0.3
Interest Income (Expense) - Net Non-Operating Total	-0.2	-0.2	0.1	0.1	0.2
Gain (Loss) on Sale of Assets	-0.3	-0.1	0.0	0.0	0.0
Other Non-Operating Income (Expense)	0.2	0.2	0.2	0.1	0.3
Other, Net	0.2	0.2	0.2	0.1	0.3
Income Before Tax	1.1	2.4	3.7	5.5	2.4
Total Income Tax	0.7	0.5	0.7	1.2	0.9
Income After Tax	0.4	1.9	3.0	4.3	1.5
Minority Interest	0.2	-0.4	-0.5	-1.2	-0.3
Net Income Before Extraord Items	0.6	1.5	2.4	3.1	1.2
Net Income	0.6	1.5	2.4	3.1	1.2
Income Available to Common Excl Extraord Items	0.6	1.5	2.4	3.1	1.2
Income Available to Common Incl Extraord Items	0.6	1.5	2.4	3.1	1.2
Basic/Primary Weighted Average Shares	189.8	189.8	189.8	189.8	189.8
Basic EPS Excl Extraord Items	0.00	0.01	0.01	0.02	0.01
Basic/Primary EPS Incl Extraord Items	0.00	0.01	0.01	0.02	0.01
Dilution Adjustment	-	-	0.0	0.0	-
Diluted Net Income	0.6	1.5	2.4	3.1	1.2
Diluted Weighted Average Shares	190.1	190.5	190.4	190.0	189.8
Diluted EPS Excl Extraord Items	0.00	0.01	0.01	0.02	0.01
Diluted EPS Incl Extraord Items	0.00	0.01	0.01	0.02	0.01
Dividends per Share - Common Stock Primary Issue	0.00	0.02	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	3.1	0.0	0.0	0.0
Interest Expense, Supplemental	0.1	0.1	0.1	0.1	0.1
Interest Capitalized, Supplemental	-	-	0.0	-	-
Depreciation, Supplemental	1.1	1.2	1.1	1.2	1.0
Total Special Items	0.3	0.1	0.0	0.1	0.0
Normalized Income Before Tax	1.4	2.5	3.7	5.6	2.4
Effect of Special Items on Income Taxes	0.1	0.0	0.0	0.0	0.0
Inc Tax Ex Impact of Sp Items	0.8	0.5	0.7	1.3	0.9
Normalized Income After Tax	0.6	2.0	3.0	4.4	1.5
Normalized Inc. Avail to Com.	0.8	1.6	2.4	3.2	1.2
Basic Normalized EPS	0.00	0.01	0.01	0.02	0.01
Diluted Normalized EPS	0.00	0.01	0.01	0.02	0.01
Amort of Intangibles, Supplemental	0.1	0.1	0.1	0.1	0.1
Research & Development Exp, Supplemental	0.5	0.4	0.5	0.7	0.5
Normalized EBIT	1.4	2.5	3.4	5.4	1.9
Normalized EBITDA	2.6	3.7	4.6	6.6	3.1

China Glaze Company Limited Jhudong, Taiwan, Tel: 886-3-5824128, URL: http://www.china-glaze.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	Updated Normal 31-Dec-2009	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	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Ernst & Young LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Cash & Equivalents	26.3	42.3	28.1	18.9	16.6
Short Term Investments	0.4	0.7	0.3	0.3	0.7
Cash and Short Term Investments	26.7	43.0	28.4	19.2	17.3
Accounts Receivable - Trade, Gross	28.3	27.3	30.2	28.0	29.4
Provision for Doubtful Accounts	-1.3	-1.9	-2.8	-4.9	-5.2
Trade Accounts Receivable - Net	27.0	25.4	27.4	23.2	25.0
Notes Receivable - Short Term	11.8	11.0	9.1	6.9	7.9
Total Receivables, Net	38.8	36.4	36.6	30.1	32.9
Inventories - Finished Goods	22.3	16.6	16.2	19.8	19.4
Inventories - Work In Progress	7.7	7.8	7.6	7.4	8.1
Inventories - Raw Materials	18.0	11.3	10.7	16.9	13.0
Inventories - Other	2.3	2.4	1.4	1.3	-0.2
Total Inventory	50.4	38.2	35.9	45.3	40.4
Prepaid Expenses	4.1	2.2	2.0	2.2	2.0
Other Current Assets	5.5	12.2	8.9	3.3	3.9
Other Current Assets, Total	5.5	12.2	8.9	3.3	3.9
Total Current Assets	125.5	132.0	111.7	100.1	96.6
Buildings	26.4	25.9	27.0	26.4	24.0
Land/Improvements	31.1	32.2	30.9	30.2	30.5
Machinery/Equipment	29.5	32.9	34.6	33.5	31.0
Construction in Progress	2.5	0.6	0.6	1.2	3.2
Leases	12.5	7.0	-	-	-
Property/Plant/Equipment - Gross	102.0	98.7	93.2	91.3	88.7
Accumulated Depreciation	-35.7	-36.8	-36.9	-34.2	-32.4
Property/Plant/Equipment - Net	66.3	61.8	56.3	57.1	56.3
Goodwill, Net	0.5	0.7	0.6	0.6	0.6
Intangibles, Net	0.5	0.5	0.5	0.7	0.6
LT Investment - Affiliate Companies	2.7	1.4	0.0	0.0	0.1
LT Investments - Other	0.6	0.6	0.6	0.6	0.7
Long Term Investments	3.3	2.0	0.6	0.7	0.8
Pension Benefits - Overfunded	0.0	0.0	-	-	0.0
Deferred Income Tax - Long Term Asset	-	-	0.0	0.8	1.1
Other Long Term Assets	2.9	2.9	10.1	3.1	3.0
Other Long Term Assets, Total	2.9	2.9	10.1	3.9	4.2
Total Assets	199.0	200.0	179.9	163.0	159.0
Accounts Payable	9.7	9.6	9.0	7.5	10.8
Accrued Expenses	4.0	3.7	4.2	3.2	3.5
Notes Payable/Short Term Debt	19.9	20.5	20.0	16.9	18.5
Current Portion - Long Term Debt/Capital Leases	6.8	9.6	5.5	9.0	3.9
Customer Advances	-	-	0.6	0.7	0.5
Income Taxes Payable	1.1	1.2	0.5	0.4	1.5
Other Current Liabilities	3.6	2.9	4.1	4.9	4.0
Other Current liabilities, Total	4.6	4.1	5.2	6.0	6.1
Total Current Liabilities	45.0	47.6	43.9	42.6	42.7
Long Term Debt	6.9	8.3	16.2	9.7	9.8
Total Long Term Debt	6.9	8.3	16.2	9.7	9.8
Total Debt	33.6	38.3	41.7	35.7	32.1
Deferred Income Tax - LT Liability	2.2	1.5	0.6	0.0	-
Deferred Income Tax	2.2	1.5	0.6	0.0	-
Minority Interest	31.0	34.1	32.8	32.7	32.0
Pension Benefits - Underfunded	4.6	4.3	3.8	3.6	3.4
Other Long Term Liabilities	0.4	0.3	0.3	0.0	-
Other Liabilities, Total	5.0	4.6	4.1	3.6	3.4
Total Liabilities	90.1	96.0	97.6	88.7	87.8
Common Stock	62.7	65.1	53.1	51.7	51.4
Common Stock	62.7	65.1	53.1	51.7	51.4
Additional Paid-In Capital	6.6	6.6	0.6	0.6	0.6
Retained Earnings (Accumulated Deficit)	35.6	31.9	25.5	17.7	15.9
Translation Adjustment	4.3	0.4	3.1	4.3	3.3
Minimum Pension Liability Adjustment	-0.4	-0.1	-	-	0.0
Other Equity, Total	4.0	0.4	3.1	4.3	3.3
Total Equity	108.9	104.0	82.3	74.3	71.2
Total Liabilities & Shareholders’ Equity	199.0	200.0	179.9	163.0	159.0
Shares Outstanding - Common Stock Primary Issue	189.8	189.8	177.4	177.4	177.0
Total Common Shares Outstanding	189.8	189.8	177.4	177.4	177.0
Treasury Shares - Common Stock Primary Issue	0.0	0.0	0.0	0.0	0.0
Employees	821	795	867	964	916
Number of Common Shareholders	-	-	14,247	13,419	12,027
Deferred Revenue - Current	-	-	0.6	0.7	0.5
Total Operating Leases, Supplemental	0.6	0.8	0.7	2.3	4.3
Operating Lease Payments Due in Year 1	0.1	0.2	0.1	0.5	0.1
Operating Lease Payments Due in Year 2	0.1	0.2	0.1	0.5	0.1
Operating Lease Payments Due in Year 3	0.1	0.2	0.1	0.5	0.6
Operating Lease Payments Due in Year 4	0.1	0.2	0.1	0.4	-
Operating Lease Pymts. Due in 2-3 Years	0.3	0.3	0.3	0.9	0.7
Operating Lease Pymts. Due in 4-5 Years	0.1	0.2	0.1	0.4	-
Oper. Lse. Pymts. Due in Year 6 & Beyond	0.0	0.2	0.1	0.4	3.5
Pension Obligation - Domestic	6.6	6.3	5.1	5.1	5.8
Plan Assets - Domestic	0.8	0.9	0.8	0.8	1.5
Funded Status - Domestic	-5.8	-5.5	-4.2	-4.3	-4.3
Accumulated Obligation - Domestic	5.4	5.1	3.9	4.2	4.8
Total Funded Status	-5.8	-5.5	-4.2	-4.3	-4.3
Discount Rate - Domestic	2.00%	2.75%	2.25%	2.50%	3.50%
Expected Rate of Return - Domestic	2.00%	2.75%	2.00%	2.50%	2.50%
Compensation Rate - Domestic	2.00%	2.00%	2.00%	2.00%	2.00%
Prepaid Benefits - Domestic	-	0.0	-	-	0.0
Accrued Liabilities - Domestic	-4.6	-4.3	-3.8	-3.6	-3.4
Net Assets Recognized on Balance Sheet	-4.6	-4.2	-3.8	-3.6	-3.3
Total Plan Obligations	6.6	6.3	5.1	5.1	5.8
Total Plan Assets	0.8	0.9	0.8	0.8	1.5

China Glaze Company Limited Jhudong, Taiwan, Tel: 886-3-5824128, URL: http://www.china-glaze.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	Updated Normal 31-Mar-2011
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate	29.565976	30.279	30.475	28.7235	29.4065
Cash & Equivalents	23.8	26.3	27.2	28.6	29.4
Short Term Investments	0.6	0.4	0.6	0.6	0.9
Cash and Short Term Investments	24.3	26.7	27.7	29.2	30.3
Accounts Receivable - Trade, Gross	34.5	28.3	33.7	34.6	29.4
Provision for Doubtful Accounts	-1.0	-1.3	-1.3	-1.8	-2.0
Trade Accounts Receivable - Net	33.4	27.0	32.4	32.8	27.4
Notes Receivable - Short Term	7.7	11.8	14.7	12.7	9.4
Total Receivables, Net	41.1	38.8	47.1	45.5	36.8
Inventories - Finished Goods	18.7	22.3	14.5	18.0	17.4
Inventories - Work In Progress	9.2	7.7	9.4	8.9	7.8
Inventories - Raw Materials	14.4	18.0	22.5	12.6	11.6
Inventories - Other	1.1	2.3	0.4	2.6	0.4
Total Inventory	43.4	50.4	46.8	42.1	37.1
Prepaid Expenses	4.1	4.1	3.6	6.8	5.3
Other Current Assets	6.0	5.5	6.9	5.9	7.3
Other Current Assets, Total	6.0	5.5	6.9	5.9	7.3
Total Current Assets	118.9	125.5	132.1	129.5	116.8
Buildings	26.5	26.4	26.1	26.3	25.9
Land/Improvements	31.8	31.1	30.9	32.7	31.9
Machinery/Equipment	29.1	29.5	33.9	34.7	33.5
Construction in Progress	4.0	2.5	2.4	1.5	0.9
Leases	12.6	12.5	12.4	12.6	12.4
Property/Plant/Equipment - Gross	104.0	102.0	105.7	107.7	104.6
Accumulated Depreciation	-36.7	-35.7	-39.9	-40.3	-38.6
Property/Plant/Equipment - Net	67.4	66.3	65.8	67.4	66.0
Goodwill, Net	0.5	0.5	0.5	0.5	0.5
Intangibles, Net	0.5	0.5	0.5	0.5	0.5
LT Investment - Affiliate Companies	2.7	2.7	2.6	2.7	2.5
LT Investments - Other	0.7	0.6	0.6	0.6	0.7
Long Term Investments	3.3	3.3	3.3	3.4	3.2
Pension Benefits - Overfunded	0.0	0.0	-	0.0	0.0
Other Long Term Assets	3.0	2.9	2.9	3.0	3.0
Other Long Term Assets, Total	3.0	2.9	2.9	3.0	3.0
Total Assets	193.6	199.0	205.0	204.3	189.9
Accounts Payable	10.6	9.7	13.2	14.5	8.4
Accrued Expenses	4.6	4.0	3.8	4.4	3.3
Notes Payable/Short Term Debt	13.5	19.9	23.5	22.6	20.7
Current Portion - Long Term Debt/Capital Leases	5.6	6.8	6.4	6.3	5.5
Customer Advances	-	-	-	-	0.1
Income Taxes Payable	1.9	1.1	1.4	1.5	1.8
Other Current Liabilities	3.1	3.6	3.7	7.3	3.4
Other Current liabilities, Total	5.0	4.6	5.1	8.8	5.3
Total Current Liabilities	39.4	45.0	52.0	56.5	43.2
Long Term Debt	6.3	6.9	8.7	4.8	6.8
Total Long Term Debt	6.3	6.9	8.7	4.8	6.8
Total Debt	25.4	33.6	38.6	33.7	32.9
Deferred Income Tax - LT Liability	2.0	2.2	2.3	1.9	1.8
Deferred Income Tax	2.0	2.2	2.3	1.9	1.8
Minority Interest	30.0	31.0	30.4	29.3	28.4
Pension Benefits - Underfunded	4.8	4.6	4.2	4.4	4.3
Other Long Term Liabilities	0.4	0.4	0.4	0.4	-
Other Liabilities, Total	5.3	5.0	4.7	4.9	4.3
Total Liabilities	82.9	90.1	98.0	97.5	84.6
Common Stock	64.2	62.7	62.3	66.1	64.6
Common Stock	64.2	62.7	62.3	66.1	64.6
Additional Paid-In Capital	6.8	6.6	6.6	7.0	6.8
Retained Earnings (Accumulated Deficit)	37.0	35.6	33.9	33.4	32.8
Translation Adjustment	3.0	4.3	4.4	0.3	1.2
Minimum Pension Liability Adjustment	-0.4	-0.4	-0.1	-0.1	-0.1
Other Equity, Total	2.6	4.0	4.3	0.3	1.1
Total Equity	110.7	108.9	107.0	106.8	105.3
Total Liabilities & Shareholders’ Equity	193.6	199.0	205.0	204.3	189.9
Shares Outstanding - Common Stock Primary Issue	189.8	189.8	189.8	189.8	189.8
Total Common Shares Outstanding	189.8	189.8	189.8	189.8	189.8
Treasury Shares - Common Stock Primary Issue	0.0	0.0	0.0	0.0	0.0
Employees	810	821	814	815	814
Deferred Revenue - Current	-	-	-	-	0.1
Total Operating Leases, Supplemental	0.6	0.6	0.7	0.7	0.7
Operating Lease Payments Due in Year 1	0.1	0.1	0.1	0.1	0.1
Operating Lease Payments Due in Year 2	0.1	0.1	0.1	0.1	0.1
Operating Lease Payments Due in Year 3	0.1	0.1	0.2	0.1	0.1
Operating Lease Payments Due in Year 4	0.1	0.1	0.2	0.1	0.1
Operating Lease Pymts. Due in 2-3 Years	0.3	0.3	0.3	0.3	0.3
Operating Lease Pymts. Due in 4-5 Years	0.1	0.1	0.2	0.1	0.1
Oper. Lse. Pymts. Due in Year 6 & Beyond	0.0	0.0	0.2	0.1	0.1
Prepaid Benefits - Domestic	0.0	-	-	0.0	0.0
Accrued Liabilities - Domestic	-4.8	-4.6	-4.2	-4.4	-4.3
Net Assets Recognized on Balance Sheet	-4.8	-4.6	-4.2	-4.4	-4.3

China Glaze Company Limited Jhudong, Taiwan, Tel: 886-3-5824128, URL: http://www.china-glaze.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	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	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Ernst & Young LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net Income/Starting Line	10.6	8.8	11.5	5.4	4.5
Depreciation	4.4	4.0	4.3	3.9	3.0
Depreciation/Depletion	4.4	4.0	4.3	3.9	3.0
Amortization of Intangibles	0.4	0.3	0.4	0.5	0.3
Amortization	0.4	0.3	0.4	0.5	0.3
Deferred Taxes	0.9	0.3	1.4	0.2	0.8
Unusual Items	0.0	-0.3	0.5	-0.2	0.5
Equity in Net Earnings (Loss)	-0.2	-0.2	0.0	0.1	0.0
Other Non-Cash Items	-0.3	-0.3	-7.2	0.7	1.0
Non-Cash Items	-0.5	-0.8	-6.6	0.5	1.5
Accounts Receivable	-3.2	1.3	-3.4	2.8	-5.0
Inventories	-14.1	0.3	9.8	-6.4	-4.6
Prepaid Expenses	-2.0	-0.5	0.3	-0.2	-0.3
Other Assets	1.8	1.5	-7.3	0.7	0.9
Accounts Payable	-0.3	0.2	0.7	-0.2	1.4
Accrued Expenses	0.4	-0.7	0.8	-0.2	0.3
Taxes Payable	-0.1	0.6	0.1	-1.1	0.2
Other Liabilities	-3.2	-0.3	6.8	1.4	0.3
Changes in Working Capital	-20.7	2.5	7.8	-3.2	-6.8
Cash from Operating Activities	-4.8	15.0	18.8	7.3	3.4
Purchase of Fixed Assets	-5.2	-3.6	-2.3	-4.6	-4.5
Capital Expenditures	-5.2	-3.6	-2.3	-4.6	-4.5
Sale of Fixed Assets	0.1	0.0	0.0	1.2	0.4
Sale/Maturity of Investment	0.3	1.7	0.2	0.0	0.1
Purchase of Investments	-1.0	-0.1	0.0	0.0	-0.1
Intangible, Net	0.2	0.0	0.0	-0.1	-0.3
Other Investing Cash Flow	-0.5	0.7	-0.8	-0.7	-1.3
Other Investing Cash Flow Items, Total	-0.9	2.3	-0.6	0.4	-1.2
Cash from Investing Activities	-6.1	-1.4	-2.9	-4.3	-5.7
Other Financing Cash Flow	-4.2	-2.4	-4.8	-0.7	3.5
Financing Cash Flow Items	-4.2	-2.4	-4.8	-0.7	3.5
Cash Dividends Paid - Common	-3.2	-1.1	0.0	-0.5	-0.5
Total Cash Dividends Paid	-3.2	-1.1	0.0	-0.5	-0.5
Sale/Issuance of Common	0.0	10.0	0.0	-	-
Common Stock, Net	0.0	10.0	0.0	-	-
Issuance (Retirement) of Stock, Net	0.0	10.0	0.0	-	-
Short Term Debt, Net	5.0	-1.4	-4.6	-4.5	5.0
Long Term Debt Issued	7.8	3.2	11.4	11.2	0.0
Long Term Debt Reduction	-9.9	-7.0	-9.0	-5.7	-4.2
Long Term Debt, Net	-2.0	-3.8	2.4	5.5	-4.2
Issuance (Retirement) of Debt, Net	3.0	-5.3	-2.2	1.0	0.9
Cash from Financing Activities	-4.4	1.3	-7.0	-0.2	3.8
Foreign Exchange Effects	0.5	-2.6	-0.5	-0.1	0.2
Net Change in Cash	-14.9	12.3	8.4	2.6	1.7
Net Cash - Beginning Balance	42.0	26.9	18.8	17.1	14.7
Net Cash - Ending Balance	27.1	39.2	27.2	19.7	16.4
Cash Interest Paid	0.4	0.4	0.7	1.5	1.1
Cash Taxes Paid	3.4	1.9	2.9	3.0	0.7

China Glaze Company Limited Jhudong, Taiwan, Tel: 886-3-5824128, URL: http://www.china-glaze.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	0.4	10.6	8.7	5.8	1.5
Depreciation	1.1	4.4	3.3	2.2	1.0
Depreciation/Depletion	1.1	4.4	3.3	2.2	1.0
Amortization of Intangibles	0.1	0.4	0.3	0.2	0.1
Amortization	0.1	0.4	0.3	0.2	0.1
Deferred Taxes	0.0	0.9	0.8	0.4	0.2
Unusual Items	0.3	0.0	0.0	-0.2	-0.1
Equity in Net Earnings (Loss)	0.1	-0.2	-0.2	-0.1	0.0
Other Non-Cash Items	-0.1	-0.3	-0.3	-0.5	0.1
Non-Cash Items	0.2	-0.5	-0.6	-0.8	-0.1
Accounts Receivable	-1.4	-3.2	-12.5	-8.1	-0.8
Inventories	8.2	-14.1	-10.5	-3.0	0.8
Prepaid Expenses	0.1	-2.0	-1.6	-4.5	-3.1
Other Assets	-0.6	1.8	0.5	2.0	0.4
Accounts Payable	-0.9	-0.3	2.3	1.8	-1.1
Accrued Expenses	0.6	0.4	0.3	0.6	-0.4
Taxes Payable	0.8	-0.1	0.2	0.3	0.6
Other Liabilities	-4.9	-3.2	-0.4	-1.7	-1.3
Changes in Working Capital	1.9	-20.7	-21.6	-12.6	-5.0
Cash from Operating Activities	3.8	-4.8	-9.1	-5.0	-2.2
Purchase of Fixed Assets	-1.5	-5.2	-4.0	-2.5	-0.9
Capital Expenditures	-1.5	-5.2	-4.0	-2.5	-0.9
Sale of Fixed Assets	0.0	0.1	0.1	0.1	-
Sale/Maturity of Investment	0.0	0.3	0.3	0.3	0.2
Purchase of Investments	0.0	-1.0	-1.0	-1.0	-1.0
Intangible, Net	0.0	-	-	0.2	0.2
Other Investing Cash Flow	-0.2	-0.3	-0.2	-0.2	-0.1
Other Investing Cash Flow Items, Total	-0.2	-0.9	-0.9	-0.7	-0.7
Cash from Investing Activities	-1.7	-6.1	-4.9	-3.1	-1.6
Other Financing Cash Flow	-1.6	-4.2	-4.3	-6.6	-6.0
Financing Cash Flow Items	-1.6	-4.2	-4.3	-6.6	-6.0
Cash Dividends Paid - Common	-	-3.2	-3.3	-	-
Total Cash Dividends Paid	-	-3.2	-3.3	-	-
Sale/Issuance of Common	-	0.0	-	-	-
Common Stock, Net	-	0.0	-	-	-
Issuance (Retirement) of Stock, Net	-	0.0	-	-	-
Short Term Debt, Net	-0.6	5.0	7.5	7.5	2.4
Long Term Debt Issued	-	7.8	6.9	0.0	0.0
Long Term Debt Reduction	-2.1	-9.9	-5.7	-5.6	-5.2
Long Term Debt, Net	-2.1	-2.0	1.2	-5.6	-5.2
Issuance (Retirement) of Debt, Net	-2.8	3.0	8.7	1.9	-2.8
Cash from Financing Activities	-4.4	-4.4	1.2	-4.7	-8.8
Foreign Exchange Effects	-0.9	0.5	-1.2	-1.4	0.0
Net Change in Cash	-3.1	-14.9	-14.0	-14.2	-12.6
Net Cash - Beginning Balance	26.8	42.0	42.4	42.4	42.1
Net Cash - Ending Balance	23.7	27.1	28.4	28.2	29.5
Cash Interest Paid	0.1	0.4	0.3	0.2	0.2
Cash Taxes Paid	0.1	3.4	2.6	2.5	0.3

China Glaze Company Limited Jhudong, Taiwan, Tel: 886-3-5824128, URL: http://www.china-glaze.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	Reclassified Normal 31-Dec-2009	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	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Ernst & Young LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Gross Sales	134.6	120.5	111.5	124.4	135.8
Sales Returns	-0.2	-0.2	-0.3	-0.2	-0.2
Sales Discounts and Allowances	-0.6	-0.3	-0.3	-0.6	-0.6
Total Revenue	133.8	120.0	110.8	123.6	135.0
Cost of Sales	102.7	94.5	86.6	98.1	108.9
Selling Expenses	8.2	7.4	7.2	7.9	8.6
General and Administrative Expenses	8.3	7.1	7.9	8.4	7.7
Research and Development Expenses	2.1	1.8	1.7	2.1	1.6
Loss on Physical Inventory	-	-	-	-	0.1
G/L on Valuation of Inventory/Obsoles.	-	-	-	-	0.3
Gain on Reversal of Bad Debts	-0.7	-0.4	-7.5	-0.3	-0.2
Impairment Loss	-	-	0.0	0.1	0.2
Loss on Depreciation from Idle Asset	-	-	0.1	0.2	0.3
Total Operating Expense	120.7	110.4	96.0	116.3	127.5
Interest Income	0.3	0.3	0.2	0.5	0.2
Gain on Equity Investment	0.2	0.2	-	-	-
Gains on Sale of Investments	0.1	0.5	0.1	-	-
Gain/Loss on Sale of Fixed Assets	-0.1	-0.1	-0.6	0.3	0.0
Gain/Loss on Foreign Exchange	0.3	0.4	-0.1	0.7	0.4
Gain/Loss on Fin. Assets Revaluation	-0.4	0.1	0.2	-0.3	0.1
Gain on Fin. Liab. Revaluation	-	-	0.0	0.1	0.2
Rent Income	1.0	0.9	0.3	0.0	-
Miscellaneous Income	0.4	0.4	0.7	0.7	0.4
Interest Expense	-0.4	-0.3	-0.6	-1.5	-1.1
Loss on Other Investment	-	-	0.0	-0.1	-0.2
Miscellaneous Disbursements	-0.6	-0.6	-0.5	-0.3	-0.5
Net Income Before Taxes	14.0	11.3	14.5	7.3	6.8
Provision for Income Taxes	3.3	2.5	3.0	2.0	2.3
Net Income After Taxes	10.6	8.8	11.5	5.4	4.5
Minority Interest	-2.4	-2.4	-4.4	-1.8	-1.9
Net Income Before Extra. Items	8.2	6.4	7.1	3.6	2.6
Net Income	8.2	6.4	7.1	3.6	2.6
Income Available to Com Excl ExtraOrd	8.2	6.4	7.1	3.6	2.6
Income Available to Com Incl ExtraOrd	8.2	6.4	7.1	3.6	2.6
Basic Weighted Average Shares	189.8	174.9	177.4	177.4	177.4
Basic EPS Excluding ExtraOrdinary Items	0.04	0.04	0.04	0.02	0.01
Basic EPS Including ExtraOrdinary Items	0.04	0.04	0.04	0.02	0.01
Dilution Adjustment	-	-	0.0	0.0	-
Diluted Net Income	8.2	6.4	7.1	3.6	2.6
Diluted Weighted Average Shares	190.2	175.0	177.7	178.4	177.4
Diluted EPS Excluding ExtraOrd Items	0.04	0.04	0.04	0.02	0.01
Diluted EPS Including ExtraOrd Items	0.04	0.04	0.04	0.02	0.01
DPS-Common Stock	0.02	0.02	0.01	0.00	0.00
Gross Dividends - Common Stock	3.2	3.0	1.0	0.0	0.5
Normalized Income Before Taxes	14.0	11.4	15.1	7.1	7.0
Inc Tax Ex Impact of Sp Items	3.4	2.5	3.1	1.9	2.4
Normalized Income After Taxes	10.7	8.9	11.9	5.2	4.7
Normalized Inc. Avail to Com.	8.3	6.5	7.6	3.4	2.7
Basic Normalized EPS	0.04	0.04	0.04	0.02	0.02
Diluted Normalized EPS	0.04	0.04	0.04	0.02	0.02
Interest Expense, Supplemental	0.4	0.3	0.6	1.5	1.1
R&D Expense, Supplemental	2.1	1.8	1.7	2.1	1.6
Depreciation - Operating Cost	3.0	2.7	2.8	2.5	1.9
Depreciation - Operating Expense	0.9	0.9	0.9	0.9	0.9
Amortization - Operating Cost	0.4	0.2	0.2	0.3	0.2
Amortization - Operating Expense	0.1	0.1	0.2	0.1	0.1
Capitalized Interest	-	0.0	0.0	0.0	0.0
Current Tax	2.7	2.2	1.5	1.6	1.8
Current Tax - Total	2.7	2.2	1.5	1.6	1.8
Deferred Tax	0.7	0.4	1.2	0.2	0.5
Deferred Tax - Total	0.7	0.4	1.2	0.2	0.5
Other Tax	-0.1	-0.1	0.3	0.1	0.0
Income Tax - Total	3.3	2.5	3.0	2.0	2.3
Service Cost	0.1	0.1	0.1	0.2	0.2
Interest Cost	0.2	0.1	0.2	0.2	0.2
Expected Return on Plan Assets	0.0	0.0	0.0	-0.1	-0.1
Amortization of Unrecognized Cost	0.1	0.0	0.0	0.1	0.1
Others	-	-	0.0	0.0	0.0
Domestic Pension Plan Expense	0.3	0.3	0.3	0.4	0.4
Defined Contribution Expense - Domestic	0.1	0.1	0.1	-	-
Defined Contribution Expense - Foreign	0.4	0.3	0.2	-	-
Total Pension Expense	0.8	0.7	0.7	0.4	0.4
Discount Rate	2.00%	2.75%	2.25%	2.50%	3.50%
Rate of Compensation Increase	2.00%	2.00%	2.00%	2.00%	2.00%
Expected Rate of Return on Plan Assets	2.00%	2.75%	2.00%	2.50%	2.50%

China Glaze Company Limited Jhudong, Taiwan, Tel: 886-3-5824128, URL: http://www.china-glaze.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	3 Months	3 Months	3 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	Reclassified Normal 31-Mar-2012
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	29.7102	30.256909	29.146237	28.855204	29.305764
Gross Sales	29.4	30.4	37.1	39.0	28.2
Sales Returns	-0.1	-0.1	0.0	-0.1	0.0
Sales Discounts	-0.1	-0.2	-0.2	-0.1	-0.1
Total Revenue	29.2	30.1	37.0	38.8	28.1
Cost of Sales	23.7	23.3	28.5	28.9	22.2
Selling Expenses	1.8	2.1	2.2	2.2	1.7
General and Administrative Expenses	1.9	2.1	2.4	2.1	1.7
Research and Development Expenses	0.5	0.4	0.5	0.7	0.5
G/L on Reversal of Impairment Loss	-	-	0.0	0.1	-
G/L on Reversal of Bad Debt	-	-0.3	0.0	-0.4	-
G/L on Depreciation of Idle Assets	-	-	0.0	0.0	-
Total Operating Expense	27.9	27.7	33.6	33.5	26.2
Interest Income	0.1	0.1	0.1	0.1	0.1
Gain/Loss on Sale of Fixed Assets	-0.3	-0.1	0.0	0.0	0.0
Gain/Loss on Foreign Exchange	-0.2	-0.1	0.3	0.0	0.1
Rent Income	0.3	0.3	0.3	0.2	0.2
G/L on Financial Assets Revaluation	0.1	-0.1	-0.2	-0.1	-0.1
Miscellaneous Income	0.0	0.1	0.1	0.1	0.1
Interest Expense	-0.1	-0.1	-0.1	-0.1	-0.1
Gain/Loss on Sale of Investments	0.0	0.0	-0.1	0.2	0.1
Gain/Loss on Equity Investment	-0.1	0.0	0.1	0.1	0.0
Miscellaneous Disbursements	-0.1	-0.2	-0.2	-0.2	0.0
Net Income Before Taxes	1.1	2.4	3.7	5.5	2.4
Provision for Income Taxes	0.7	0.5	0.7	1.2	0.9
Net Income After Taxes	0.4	1.9	3.0	4.3	1.5
Minority Interest	0.2	-0.4	-0.5	-1.2	-0.3
Net Income Before Extra. Items	0.6	1.5	2.4	3.1	1.2
Net Income	0.6	1.5	2.4	3.1	1.2
Income Available to Com Excl ExtraOrd	0.6	1.5	2.4	3.1	1.2
Income Available to Com Incl ExtraOrd	0.6	1.5	2.4	3.1	1.2
Basic Weighted Average Shares	189.8	189.8	189.8	189.8	189.8
Basic EPS Excluding ExtraOrdinary Items	0.00	0.01	0.01	0.02	0.01
Basic EPS Including ExtraOrdinary Items	0.00	0.01	0.01	0.02	0.01
Dilution Adjustment	-	-	0.0	0.0	-
Diluted Net Income	0.6	1.5	2.4	3.1	1.2
Diluted Weighted Average Shares	190.1	190.5	190.4	190.0	189.8
Diluted EPS Excluding ExtraOrd Items	0.00	0.01	0.01	0.02	0.01
Diluted EPS Including ExtraOrd Items	0.00	0.01	0.01	0.02	0.01
DPS-Common Stock	0.00	0.02	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	3.1	0.0	0.0	0.0
Normalized Income Before Taxes	1.4	2.5	3.7	5.6	2.4
Inc Tax Ex Impact of Sp Items	0.8	0.5	0.7	1.3	0.9
Normalized Income After Taxes	0.6	2.0	3.0	4.4	1.5
Normalized Inc. Avail to Com.	0.8	1.6	2.4	3.2	1.2
Basic Normalized EPS	0.00	0.01	0.01	0.02	0.01
Diluted Normalized EPS	0.00	0.01	0.01	0.02	0.01
Interest Expense, Supplemental	0.1	0.1	0.1	0.1	0.1
R&D Expense, Supplemental	0.5	0.4	0.5	0.7	0.5
Depreciation, Supplemental	1.1	1.2	1.1	1.2	1.0
Amortization	0.1	0.1	0.1	0.1	0.1
Capitalized Interest	-	-	0.0	-	-

China Glaze Company Limited Jhudong, Taiwan, Tel: 886-3-5824128, URL: http://www.china-glaze.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	Updated Normal 31-Dec-2009	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	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Ernst & Young LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Cash and Cash Equivalent	26.3	42.3	28.1	18.9	16.6
Fin. Aseets at Fair Value	0.4	0.7	0.3	0.3	0.7
Notes Receivable	11.8	11.0	9.1	6.9	7.9
Accounts Receivable - Related Parties	-	-	0.0	0.0	0.8
Accounts Receivable, Gross	28.3	27.3	30.2	28.0	29.4
Provision for Doubtful Accounts	-1.2	-1.8	-2.7	-4.8	-5.2
Provision for Sales Discount	-0.1	-0.1	-0.1	-0.1	-
Raw Material/Supplies	18.0	11.3	10.7	16.9	13.0
Work-in-Process	7.7	7.8	7.6	7.4	8.1
Finished Goods	20.1	14.3	14.0	14.7	16.9
Merchandise	2.2	2.3	2.2	5.1	2.5
Inventory in Transit	2.3	2.4	1.4	1.3	1.1
Provision/Allowance for Inventory	-	-	-	-	-1.3
Assets for Sale,Non-current	0.0	4.5	-	-	-
Prepayment	4.1	2.2	2.0	2.2	2.0
Other Current Assets	5.5	7.8	8.9	3.3	3.9
Total Current Assets	125.5	132.0	111.7	100.1	96.6
Long Term Equity Investment	2.7	1.4	0.0	0.0	0.1
Fin. Assets at Cost	0.6	0.6	0.6	0.6	0.7
Land	29.6	30.7	29.5	28.8	29.1
Land Improvements	1.5	1.6	1.4	1.4	1.4
Buildings and Structures	26.4	25.9	27.0	26.4	24.0
Machinery and Equipment	20.0	21.9	24.3	23.3	20.7
Environment Protection Equipment	0.4	1.9	1.7	1.7	1.8
Transportation Equipment	1.7	1.4	1.4	1.3	1.3
Miscellaneous Equipment	7.5	7.7	7.2	7.3	7.2
Accumulated Depreciation	-33.8	-36.3	-36.8	-34.2	-32.4
Accumulated Impairment on Fixed Assets	-	0.0	0.0	0.0	-
Construction in Progress	1.4	0.0	0.0	0.7	2.2
Prepayment for Equipment	1.0	0.6	0.6	0.4	1.0
Goodwill, Net	0.5	0.7	0.6	0.6	0.6
Deferred Pension Cost	0.0	0.0	-	-	0.0
Land Use Right	-	-	-	-	0.4
Other Intang. Assets	0.5	0.5	0.5	0.7	0.2
Deferred Income Tax Assets - Non Current	-	-	0.0	0.8	1.1
Rental Assets, Gross	12.5	7.0	-	-	-
Accumulated Impairment on Rental Ass.	-1.9	-0.6	-	-	-
Other Long Term Assets	2.9	2.9	10.1	3.1	3.0
Total Assets	199.0	200.0	179.9	163.0	159.0
Short Term Borrowings	11.2	7.3	9.3	14.3	15.7
Short Term Notes & Bills Payable	2.6	2.1	2.2	1.5	4.6
Financial Liability-Fail Value	-	-	-	0.0	0.1
Notes Payable	8.7	13.2	10.7	2.7	2.7
Accounts Payable	7.0	7.6	6.8	5.9	6.2
Income Taxes Payable	1.1	1.2	0.5	0.4	1.5
Accrued Expenses	4.0	3.7	4.2	3.2	3.5
Advance Receipts	-	-	0.6	0.7	0.5
Current Portion of Long Term Debt	6.8	9.6	5.5	9.0	3.9
Other Current Liabilities	3.6	2.9	4.1	4.9	4.0
Total Current Liabilities	45.0	47.6	43.9	42.6	42.7
Fin. Liab. at Fair Value	-	-	-	-	0.0
Long Term Borrowings	6.9	8.3	16.2	9.7	9.8
Long Term Notes Payable/Accounts Payable	-	-	0.0	0.0	-
Total Long Term Debt	6.9	8.3	16.2	9.7	9.8
Accrued Pension Liabilities	4.6	4.3	3.8	3.6	3.4
Long Term Security Deposits Received	0.4	0.3	0.3	0.0	-
Deferred Income Tax Liabilities	2.2	1.5	0.6	0.0	-
Minority Interest	31.0	34.1	32.8	32.7	32.0
Total Liabilities	90.1	96.0	97.6	88.7	87.8
Common Stock	62.7	65.1	53.1	51.7	51.4
Share Premium	6.6	6.6	0.6	0.6	0.6
Legal Reserve	8.8	8.4	7.0	6.4	6.3
Retained Earnings	26.8	23.5	18.5	11.2	9.6
Cumulative Translation Adjustment	4.3	0.4	3.1	4.3	3.3
Net Loss Not Recognized as Pension Cost	-0.4	-0.1	-	-	0.0
Total Equity	108.9	104.0	82.3	74.3	71.2
Total Liabilities & Shareholders' Equity	199.0	200.0	179.9	163.0	159.0
S/O-Common Stock	189.8	189.8	177.4	177.4	177.0
Total Common Shares Outstanding	189.8	189.8	177.4	177.4	177.0
T/S-Common Stock	0.0	0.0	0.0	0.0	0.0
Deferred Revenue, Current	-	-	0.6	0.7	0.5
Full-Time Employees	821	795	867	964	916
Number of Common Shareholders	-	-	14,247	13,419	12,027
Operating Lease due in 1 year	0.1	0.2	0.1	0.5	0.1
Operating Lease due in 2 year	0.1	0.2	0.1	0.5	0.1
Operating Lease due in 3 year	0.1	0.2	0.1	0.5	0.6
Operating Lease due in 4 year	0.1	0.2	0.1	0.4	-
Operating Lease due in Remaining Years	-	0.2	0.1	0.4	3.5
Total Operating Leases	0.6	0.8	0.7	2.3	4.3
Accumulated Benefit Obligation	5.4	5.1	3.9	4.2	4.8
Benefit Obligation	6.6	6.3	5.1	5.1	5.8
Fair Value of Plan Assets	0.8	0.9	0.8	0.8	1.5
Funded Status	-5.8	-5.5	-4.2	-4.3	-4.3
Total Funded Status	-5.8	-5.5	-4.2	-4.3	-4.3
Discount Rate	2.00%	2.75%	2.25%	2.50%	3.50%
Rate of Compensation Increase	2.00%	2.00%	2.00%	2.00%	2.00%
Expected Rate of Return on Plan Assets	2.00%	2.75%	2.00%	2.50%	2.50%
Deferred PensionCost	-	0.0	-	-	0.0
Accrued Pension Liabilities	-4.6	-4.3	-3.8	-3.6	-3.4
Net Assets Recognized on Balance Sheet	-4.6	-4.2	-3.8	-3.6	-3.3

China Glaze Company Limited Jhudong, Taiwan, Tel: 886-3-5824128, URL: http://www.china-glaze.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	Updated Normal 31-Mar-2011
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate	29.565976	30.279	30.475	28.7235	29.4065
Cash and Cash Equivalent	23.8	26.3	27.2	28.6	29.4
Financial Assets at Fair Value	0.6	0.4	0.6	0.6	0.9
Notes Receivable	7.7	11.8	14.7	12.7	9.4
Accounts Receivable, Gross	34.5	28.3	33.7	34.6	29.4
Provision for Doubtful Accounts	-0.9	-1.2	-1.2	-1.6	-1.9
Provision for Sales Discount	-0.1	-0.1	-0.1	-0.2	-0.1
Raw Material	14.4	18.0	22.5	12.6	11.6
Work-in-Process	9.2	7.7	9.4	8.9	7.8
Finished Goods	16.7	20.1	12.8	16.2	14.8
Merchandise	1.9	2.2	1.7	1.8	2.5
Inventory in Transit	1.1	2.3	0.4	2.6	0.4
Prepayment	4.1	4.1	3.6	6.8	5.3
Assets for Sale,Non-current	-	0.0	-	-	-
Restricted assets	4.2	-	-	-	5.9
Other Current Assets	1.8	5.5	6.9	5.9	1.4
Total Current Assets	118.9	125.5	132.1	129.5	116.8
Long Term Equity Investment	2.7	2.7	2.6	2.7	2.5
Fin. Assets at Cost	0.7	0.6	0.6	0.6	0.7
Land	30.2	29.6	29.4	31.1	30.4
Land Improvements	1.5	1.5	1.5	1.6	1.5
Buildings and Structures	26.5	26.4	26.1	26.3	25.9
Machinery and Equipment	19.3	20.0	23.2	23.0	22.5
Environment Protection Equipment	0.4	0.4	1.8	1.9	1.9
Transportation Equipment	1.6	1.7	1.6	1.6	2.8
Miscellaneous Equipment	7.8	7.5	7.3	8.2	6.2
Accumulated Depreciation	-34.7	-33.8	-38.2	-38.6	-37.1
Accumulated Impairment on Fixed Assets	-	-	-	-	0.0
Construction in Progress	2.0	1.4	1.6	0.5	0.0
Prepayment for Equipment	2.0	1.0	0.8	1.0	0.9
Goodwill, Net	0.5	0.5	0.5	0.5	0.5
Deferred Pension Cost	0.0	0.0	-	0.0	0.0
Other Intang. Assets	0.5	0.5	0.5	0.5	0.5
Leased Assets	12.6	12.5	12.4	12.6	12.4
Accumu. Depreciation - Assets for Lease	-1.9	-1.9	-1.7	-1.7	-1.4
Other Assets	3.0	2.9	2.9	3.0	3.0
Total Assets	193.6	199.0	205.0	204.3	189.9
Short Term Borrowings	9.1	11.2	12.3	12.0	9.6
Short Term Notes & Bills Payable	4.4	2.6	3.8	5.0	2.0
Notes Payable	4.4	8.7	11.2	10.6	11.1
Accounts Payable	6.2	7.0	9.4	9.5	6.4
Income Taxes Payable	1.9	1.1	1.4	1.5	1.8
Accrued Expenses	4.6	4.0	3.8	4.4	3.3
Advance Receipts	-	-	-	-	0.1
Current Portion of Long Term Debt	5.6	6.8	6.4	6.3	5.5
Other Current Liabilities	3.1	3.6	3.7	7.3	3.4
Total Current Liabilities	39.4	45.0	52.0	56.5	43.2
Long Term Borrowings	6.3	6.9	8.7	4.8	6.8
Total Long Term Debt	6.3	6.9	8.7	4.8	6.8
Accrued Pension Liabilities	4.8	4.6	4.2	4.4	4.3
Long Term Security Deposits Received	0.4	0.4	0.4	0.4	-
Deferred Income Tax Liabilities	2.0	2.2	2.3	1.9	1.8
Minority Interest	30.0	31.0	30.4	29.3	28.4
Total Liabilities	82.9	90.1	98.0	97.5	84.6
Common Stock	64.2	62.7	62.3	66.1	64.6
Stock Dividend Pending for Distribution	-	-	-	0.0	-
Capital Surplus	6.8	6.6	6.6	7.0	6.8
Legal Reserve	9.0	8.8	8.7	9.3	8.4
Retained Earnings	28.0	26.8	25.1	24.2	24.5
Cumulative Translation Adjustment	3.0	4.3	4.4	0.3	1.2
Net Loss Not Recognized as Pension Cost	-0.4	-0.4	-0.1	-0.1	-0.1
Total Equity	110.7	108.9	107.0	106.8	105.3
Total Liabilities & Shareholders' Equity	193.6	199.0	205.0	204.3	189.9
S/O-Common Stock	189.8	189.8	189.8	189.8	189.8
Total Common Shares Outstanding	189.8	189.8	189.8	189.8	189.8
T/S-Common Stock	0.0	0.0	0.0	0.0	0.0
Deferred Revenue, Current	-	-	-	-	0.1
Full-Time Employees	810	821	814	815	814
Operating Lease due in 1 year	0.1	0.1	0.1	0.1	0.1
Operating Lease due in 2 years	0.1	0.1	0.1	0.1	0.1
Operating Lease due in 3 years	0.1	0.1	0.2	0.1	0.1
Operating Lease due in 4 years	0.1	0.1	0.2	0.1	0.1
Operating Lease Due in Follow Year	-	-	0.2	0.1	0.1
Total Operating Leases, Supplemental	0.6	0.6	0.7	0.7	0.7
Deferred PensionCost	0.0	-	-	0.0	0.0
Accrued Pension Liabilities	-4.8	-4.6	-4.2	-4.4	-4.3
Net Assets Recognized on Balance Sheet	-4.8	-4.6	-4.2	-4.4	-4.3

China Glaze Company Limited Jhudong, Taiwan, Tel: 886-3-5824128, URL: http://www.china-glaze.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	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	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Ernst & Young LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net Income	10.6	8.8	11.5	5.4	4.5
Depreciation	4.4	4.0	4.3	3.9	3.0
Provision/Reversal of Bad Debt	-0.7	-0.4	-7.5	-0.3	1.0
Provision for Sales Discount	-	-	-	0.1	0.0
Gain/Loss on Fin. Assets Revaluation	0.4	-0.1	-0.2	0.3	-0.1
Gain on Sale of Investments	-0.1	-0.5	-0.1	0.0	0.0
Amortization of Intangibles	0.4	0.3	0.4	0.5	0.3
Gain on Fin. Liab. Revaluation	-	-	-	-0.1	-0.2
Prov. for Inventory Devaluation & Obsole	0.0	-0.1	0.5	0.7	0.3
Equity Investment Gain/Loss	-0.2	-0.2	0.0	0.1	0.0
Other Investment Loss	-	-	-	0.0	0.2
Net G/L on Disp. & Obsol. of Fixed Ass.	0.1	0.1	0.6	-0.3	0.0
Impairment Loss on Assets	0.0	0.0	0.0	0.1	0.2
Loss on Sale of LT Investments	-	-	-	0.0	0.0
Deferred Tax	0.9	0.3	1.4	0.2	0.8
Employee Stock Option Cost	0.0	0.4	0.0	-	-
Fin. Assets at Fair Value	-0.2	-0.2	0.1	0.2	0.3
Notes Receivable	-1.3	-1.3	-2.0	1.0	-3.6
Accounts Receivable	-1.9	2.6	-1.4	1.9	-1.5
Inventories	-14.1	0.3	9.8	-6.4	-4.6
Prepayment	-2.0	-0.5	0.3	-0.2	-0.3
Other Current Assets	2.0	1.8	-7.4	0.5	0.6
Notes Payable	-4.1	1.6	7.7	0.0	-1.7
Accounts Payable	-0.3	0.2	0.7	-0.2	1.4
Accrued Expenses	0.4	-0.7	0.8	-0.2	0.3
Tax Payable	-0.1	0.6	0.1	-1.1	0.2
Advance Receipts	-	-	-	0.2	0.1
Other Current Liabilities	0.8	-2.0	-1.0	0.9	1.7
Accrued Pension Liabilities	0.2	0.1	0.1	0.3	0.3
Cash from Operating Activities	-4.8	15.0	18.8	7.3	3.4
LT Equity Investment Increase	-0.8	-	-	0.0	-0.1
Disposal of LT Equity Investment	0.0	1.3	0.0	-	-
Capital Expenditure	-5.2	-3.6	-2.3	-4.6	-4.5
Disposal of Fixed Assets&Idle Assets	0.1	0.0	0.0	1.2	0.4
Purchase of Financial Assets-Cost Method	-0.2	-0.1	0.0	-	-
Disposal of Financial Assets-Cost Method	0.3	0.4	0.2	0.0	0.1
OtherAssets / Intang. Assets	0.2	0.0	0.0	-0.1	-0.3
Security Deposit Paid	0.0	0.2	0.1	-0.1	-0.1
Deferred Charges	-0.5	-0.2	-0.3	-0.6	-0.2
Restricted Bank Deposit	0.0	0.6	-0.6	0.0	-1.0
Cash from Investing Activities	-6.1	-1.4	-2.9	-4.3	-5.7
Short Term Borrowings Inc./Dec.	4.4	-1.1	-5.2	-1.3	2.3
Short Term Notes Inc./Dec.	0.7	-0.3	0.6	-3.2	2.7
Long Term Borrowings Increase	7.8	3.2	11.4	11.2	0.0
Repayment of LT Borrowings	-9.9	-7.0	-9.0	-5.7	-4.2
Long Term Payable	-	0.0	0.0	0.0	0.0
Security Deposit Received	0.1	0.0	0.3	0.0	-
Minority Interest	-4.3	-2.4	-5.1	-0.6	3.5
Director Remuneration and Employee Bonus	-	-	-	0.0	0.0
Cash Capital	0.0	10.0	0.0	-	-
Cash Dividend	-3.2	-1.1	0.0	-0.5	-0.5
Cash from Financing Activities	-4.4	1.3	-7.0	-0.2	3.8
Foreign Exchange Effects	0.5	-2.6	-0.5	-0.1	0.2
Net Change in Cash	-14.9	12.3	8.4	2.6	1.7
Net Cash - Beginning Balance	42.0	26.9	18.8	17.1	14.7
Net Cash - Ending Balance	27.1	39.2	27.2	19.7	16.4
Cash Interest Paid	0.4	0.4	0.7	1.5	1.1
Cash Taxes Paid	3.4	1.9	2.9	3.0	0.7

China Glaze Company Limited Jhudong, Taiwan, Tel: 886-3-5824128, URL: http://www.china-glaze.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	0.4	10.6	8.7	5.8	1.5
Depreciation	1.1	4.4	3.3	2.2	1.0
Provision/Reversal of Bad Debt	-	-0.7	-0.4	-0.4	0.0
Provision for Sales Discount	-	-	-	-	0.0
Amortization of Intangibles	0.1	0.4	0.3	0.2	0.1
G/L on Revaluation of Fncl. Assets	-0.1	0.4	0.3	0.1	0.1
Gain on Sale of Investment	0.0	-0.1	-0.1	-0.2	0.0
Reversal of Loss on Financial Products	-	-	-	-	-0.1
Reversal/Devaluation of Inventory	0.0	0.0	-0.2	-0.2	0.0
Sale& Obsolete(Discard) of Fixed Assets	0.3	0.1	0.0	0.0	0.0
Reversal/Impairment Loss	-	0.0	-	-	-
Equity Investment Gain/Loss	0.1	-0.2	-0.2	-0.1	0.0
Deferred Tax	0.0	0.9	0.8	0.4	0.2
Employee Stock Option Cost	-	0.0	-	-	-
Financial Assets at Fair Value	0.0	-0.2	-0.3	0.0	-0.3
Notes Receivable	4.4	-1.3	-4.3	-1.5	1.5
Accounts Receivable	-5.8	-1.9	-8.1	-6.5	-2.3
Inventories	8.2	-14.1	-10.5	-3.0	0.8
Prepayment	0.1	-2.0	-1.6	-4.5	-3.1
Other Current Assets	-0.6	2.0	0.8	2.1	0.7
Notes Payable	-4.5	-4.1	-1.5	-2.8	-2.0
Accounts Payable	-0.9	-0.3	2.3	1.8	-1.1
Accrued Expenses	0.6	0.4	0.3	0.6	-0.4
Tax Payable	0.8	-0.1	0.2	0.3	0.6
Advance Receipts	-	-	0.3	-	0.1
Other Current Liabilities	-0.5	0.8	0.7	1.0	0.5
Accrued Pension Liabilities	0.1	0.2	0.2	0.1	0.1
Cash from Operating Activities	3.8	-4.8	-9.1	-5.0	-2.2
Long Term Investments Increase	0.0	-	-	-	-0.8
Capital Expenditure	-1.5	-5.2	-4.0	-2.5	-0.9
Disposal of Fixed Assets&Idle Assets	0.0	0.1	0.1	0.1	-
Intangible Assets Decreased	0.0	-	-	0.2	0.2
Disposal of LT Equity Investment	-	-	0.0	-	-
Purchase of LT Equity Investment	-	-0.8	-0.8	-0.8	-
Purchase of Financial Assets-Cost Method	0.0	-0.2	-0.2	-0.2	-0.2
Disposal of Financial Assets-Cost Method	0.0	0.3	0.3	0.3	0.2
Security Deposit Paid	0.0	0.0	0.0	0.0	0.0
Deferred Charges	-0.2	-0.5	-0.4	-0.2	-0.2
Restricted Assets	0.0	0.0	0.0	0.0	0.0
Others and Intangible Assets Increase	-	0.2	0.2	-	-
Cash from Investing Activities	-1.7	-6.1	-4.9	-3.1	-1.6
Short Term Borrowings Inc./Dec.	-2.3	4.4	5.6	4.6	2.4
Short Term Notes Inc./Dec.	1.7	0.7	1.9	2.9	0.0
Long Term Borrowings Increase	-	7.8	6.9	0.0	0.0
Repayment of LT Borrowings	-2.1	-9.9	-5.7	-5.6	-5.2
Security Deposit Received	0.0	0.1	0.1	0.1	-0.3
Cash Capital	-	0.0	-	-	-
Cash Dividend - Common Stock	-	-3.2	-3.3	-	-
Minority Interest	-1.6	-4.3	-4.4	-6.7	-5.7
Cash from Financing Activities	-4.4	-4.4	1.2	-4.7	-8.8
Foreign Exchange Effects	-0.9	0.5	-1.2	-1.4	0.0
Net Change in Cash	-3.1	-14.9	-14.0	-14.2	-12.6
Net Cash - Beginning Balance	26.8	42.0	42.4	42.4	42.1
Net Cash - Ending Balance	23.7	27.1	28.4	28.2	29.5
Cash Interest Paid	0.1	0.4	0.3	0.2	0.2
Cash Taxes Paid	0.1	3.4	2.6	2.5	0.3

China Glaze Company Limited Jhudong, Taiwan, Tel: 886-3-5824128, URL: http://www.china-glaze.com.tw/

Geographic Segments

Financials in: As Reported (mil)

Annual

External Revenue   USD (mil)
	31-Dec-11			31-Dec-10				31-Dec-09				31-Dec-08				31-Dec-07
Taiwan	48.9		36.5 %	45.2		37.7 %		19.9		18 %		23.2		18.8 %		25.9		19.2 %
China	57.4		42.9 %	53.9		44.9 %		-		-		-		-		-		-
Indonesia	19.6		14.7 %	16.0		13.3 %		-		-		-		-		-		-
Other Foreign	7.9		5.9 %	4.9		4.1 %		-		-		-		-		-		-
Asia and Other Area	-		-	101.0		84.1 %		90.9		82 %		100.4		81.2 %		109.1		80.8 %
Segment Total	133.8		100 %	120.0		100 %		110.8		100 %		123.6		100 %		135.0		100 %
Intercompany Eliminations	-		-	0.0		0 %		0.0		0 %		0.0		0 %		-		-
Consolidated Total	133.8		100 %	120.0		100 %		110.8		100 %		123.6		100 %		135.0		100 %
Exchange Rate: TWD to USD	29.390040			31.497037				33.023867				31.543497				32.848802
Intersegment Revenue   USD (mil)
		31-Dec-10					31-Dec-09				31-Dec-08				31-Dec-07
Taiwan		5.5			12.8 %		6.2		16.6 %		7.7		12.2 %		0.0		0.2 %
Asia and Other Area		37.4			87.2 %		31.0		83.4 %		55.2		87.8 %		26.5		99.8 %
Segment Total		42.9			100 %		37.2		100 %		62.8		100 %		26.6		100 %
Intercompany Eliminations		-42.9			-100 %		-37.2		-100 %		-62.8		-100 %		-26.6		-100 %
Consolidated Total		0.0			0 %		0.0		0 %		0.0		0 %		0.0		0 %
Exchange Rate: TWD to USD		31.497037					33.023867				31.543497				32.848802

Total Revenue   USD (mil)
	31-Dec-11			31-Dec-10				31-Dec-09				31-Dec-08				31-Dec-07
Taiwan	48.9		36.5 %	45.2		37.7 %		26.1		17.6 %		30.9		16.6 %		26.0		16.1 %
China	57.4		42.9 %	53.9		44.9 %		-		-		-		-		-		-
Indonesia	19.6		14.7 %	16.0		13.3 %		-		-		-		-		-		-
Other Foreign	7.9		5.9 %	4.9		4.1 %		-		-		-		-		-		-
Asia and Other Area	-		-	138.4		115.3 %		122.0		82.4 %		155.5		83.4 %		135.6		83.9 %
Segment Total	133.8		100 %	120.0		100 %		148.1		100 %		186.4		100 %		161.6		100 %
Intercompany Eliminations	-		-	-42.9		-35.7 %		-37.2		-25.1 %		-62.8		-33.7 %		-26.6		-16.5 %
Consolidated Total	133.8		100 %	120.0		100 %		110.8		74.9 %		123.6		66.3 %		135.0		83.5 %
Exchange Rate: TWD to USD	29.390040			31.497037				33.023867				31.543497				32.848802
Depreciation   USD (mil)
		31-Dec-10					31-Dec-09				31-Dec-08				31-Dec-07
Taiwan		1.1			28.4 %		1.2		28 %		1.4		37.9 %		1.3		42.6 %
Asia and Other Area		2.9			71.6 %		3.1		72 %		2.4		62.1 %		1.7		57.4 %
Segment Total		4.0			100 %		4.3		100 %		3.8		100 %		2.9		100 %
Intercompany Eliminations		-			-		0.0		0 %		0.1		2.4 %		0.1		3 %
Consolidated Total		4.0			100 %		4.3		100 %		3.9		102.4 %		3.0		103 %
Exchange Rate: TWD to USD		31.497037					33.023867				31.543497				32.848802

Total Assets   USD (mil)
	31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07
Taiwan	84.5	40.8 %	77.0	40.8 %	79.1	42 %	87.0	52.5 %
Asia and Other Area	122.4	59.2 %	111.7	59.2 %	109.2	58 %	78.8	47.5 %
Segment Total	206.9	100 %	188.8	100 %	188.3	100 %	165.8	100 %
Intercompany Eliminations	-8.9	-4.3 %	-9.4	-5 %	-25.9	-13.8 %	-38.4	-23.2 %
Corporate Expense/Other	2.0	1 %	0.6	0.3 %	0.7	0.4 %	0.8	0.5 %
Consolidated Total	200.0	96.7 %	179.9	95.3 %	163.0	86.6 %	128.2	77.3 %
Exchange Rate: TWD to USD	29.156500		31.985000		32.818000		32.434500
Purchase of Fixed Assets   USD (mil)
	31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07
Taiwan	1.0	27.7 %	0.4	18.9 %	0.8	17.7 %	1.5	32.5 %
Asia and Other Area	2.6	72.3 %	1.9	81.1 %	3.9	82.3 %	3.1	67.5 %
Segment Total	3.6	100 %	2.3	100 %	4.7	100 %	4.6	100 %
Intercompany Eliminations	-	-	0.0	0 %	0.0	-0.8 %	-0.1	-1.5 %
Consolidated Total	3.6	100 %	2.3	100 %	4.6	99.2 %	4.5	98.5 %
Exchange Rate: TWD to USD	31.497037		33.023867		31.543497		32.848802

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.34
UK Pound	1	Rs.86.45
Euro	1	Rs.68.04

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.