MIRA INFORM REPORT

Report Date :

25.08.2012

IDENTIFICATION DETAILS

Name :	NANTEX INDUSTRY CO LTD
Registered Office :	No. 9, Industrial 1st Road, Lin-Yuan District, Kaohsiung, 832
Country :	Taiwan
Financials (as on) :	31.12.2011
Date of Incorporation :	10.01.1979
Legal Form :	Public Independent
Line of Business :	Manufacture and distribution of synthetic rubber products.
No. of Employees :	470

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

Nantex Industry Co Ltd

No. 9
Industrial 1st Road, Lin-Yuan District
Kaohsiung, 832
Taiwan
Tel:	886-7-6413621
Fax:	886-7-6424828
www.nantex.com.tw

Employees:

470

Company Type:

Public Independent

Traded:

Taiwan Stock Exchange:

2108

Incorporation Date:

10-Jan-1979

Auditor:

PricewaterhouseCoopers LLP

Fiscal Year End:	31-Dec-2011
Reporting Currency:	Taiwanese New Dollar
Annual Sales:	385.8 ^1
Net Income:	31.9
Total Assets:	230.7 ^2
Market Value:	309.6
	(10-Aug-2012)

Business Description

Nantex Industry Co., Ltd. is principally engaged in the manufacture and distribution of synthetic rubber products. The Company's major products include styrene butadiene rubber (SBR) latexes, butadiene-acrylonitrile (NBR) latexes, NBR synthetic rubber factices, latex sheets and thermoplastic vulcanizates (TPVs), among others. Its products are primarily applied in manufacture of paper products, construction materials, artificial leather products, footwear, automobile parts, sports equipment, electronic components, industrial products and medical equipment, among others. For the six months ended 30 June 2011, Nantex Industry Co Ltd's revenues increased 58% to NT$5.74B. Net income for the period totaled NT$528.1M, up from NT$253.3M. Total revenues reflect higher sales due to increased market demand for the Company's products. The Company's net income also benefited from higher interest income and increased foreign exchange income, as well as increased gain on sale of investment.

Industry

Industry	Chemicals - Plastics and Rubber
ANZSIC 2006:	1821 - Synthetic Resin and Synthetic Rubber Manufacturing
NACE 2002:	2417 - Manufacture of synthetic rubber in primary forms
NAICS 2002:	325212 - Synthetic Rubber Manufacturing
UK SIC 2003:	2417 - Manufacture of synthetic rubber in primary forms
US SIC 1987:	2822 - Synthetic Rubber (Vulcanizable Elastomers)

Key Executives

Name	Title
Shengzhong Huang	Manager-Accounting
Ruiyuan Huang	Deputy General Manager
Chao-Nan Wu	Co-Managing Director
Tung Yuan Yang	President
Shen Chiu	Head of Finance

Topic	#*	Most Recent Headline	Date
Dividends	1	Nantex Industry Co Ltd Announces FY 2011 Dividend Payment	16-Mar-2012

Financial Summary

As of 31-Mar-2012

Key Ratios	Company	Industry
Current Ratio (MRQ)	2.95	2.03
Quick Ratio (MRQ)	1.73	1.20
Debt to Equity (MRQ)	0.05	0.95
Sales 5 Year Growth	20.99	1.42
Net Profit Margin (TTM) %	7.50	4.60
Return on Assets (TTM) %	11.92	3.98
Return on Equity (TTM) %	15.27	12.15

Stock Snapshot

Traded: Taiwan Stock Exchange: 2108

As of 10-Aug-2012

   Financials in: TWD

Recent Price	25.60	EPS	2.61
52 Week High	31.27	Price/Sales	0.82
52 Week Low	22.25	Dividend Rate	0.85
Avg. Volume (mil)	0.35	Price/Earnings	11.52
Market Value (mil)	9,265.50	Price/Book	1.60
		Beta	0.93

	Price % Change	Rel S&P 500%
4 Week	-2.66%	-7.07%
13 Week	2.20%	1.65%
52 Week	-15.20%	-12.03%
Year to Date	9.64%	4.20%

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

Balance Sheet Item Exchange Rate: USD 1 = TWD 30.279

Corporate Overview

Location
No. 9
Industrial 1st Road, Lin-Yuan District
Kaohsiung, 832
Taiwan

Tel:	886-7-6413621
Fax:	886-7-6424828

www.nantex.com.tw

Quote Symbol - Exchange
2108 - Taiwan Stock Exchange
Sales TWD(mil):	11,339.1
Assets TWD(mil):	6,985.4
Employees:	470
Fiscal Year End:	31-Dec-2011

Industry:	Chemicals - Plastics and Rubber

Incorporation Date:	10-Jan-1979
Company Type:	Public Independent
Quoted Status:	Quoted

Co-Managing Director:	Chao-Nan Wu

Industry Codes

ANZSIC 2006 Codes:
1821	-	Synthetic Resin and Synthetic Rubber Manufacturing

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

NAICS 2002 Codes:
325212	-	Synthetic Rubber Manufacturing

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

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

Business Description

Nantex Industry Co., Ltd. is principally engaged in the manufacture and distribution of synthetic rubber products. The Company's major products include styrene butadiene rubber (SBR) latexes, butadiene-acrylonitrile (NBR) latexes, NBR synthetic rubber factices, latex sheets and thermoplastic vulcanizates (TPVs), among others. Its products are primarily applied in manufacture of paper products, construction materials, artificial leather products, footwear, automobile parts, sports equipment, electronic components, industrial products and medical equipment, among others. For the six months ended 30 June 2011, Nantex Industry Co Ltd's revenues increased 58% to NT$5.74B. Net income for the period totaled NT$528.1M, up from NT$253.3M. Total revenues reflect higher sales due to increased market demand for the Company's products. The Company's net income also benefited from higher interest income and increased foreign exchange income, as well as increased gain on sale of investment.

More Business Descriptions

Manufacture of synthetic rubber latexes, styrene-butiadene rubber, acrylonitrile-butiadene rubber, polymer composite, insole materials, carbon masterbatch

Rubber & Latex Products Mfr

Nantex (Nantex Industry Co Ltd) principally engages in the manufacture and distribution of synthetic rubber products. The company’s product line includes inner shoe soles, synthetic rubber latex, carbon masterbatch compounds, acrylonitrile-butadiene rubber (NBR), and thermoplastic elastomers. Moreover, the company manufactures various grades of MBR, NBR and SBR latexes, which are used in paper and paperboard, medical and industrial gloves, adhesives, and nonwoven fabrics. In addition, the company distributes its products in the US, Taiwan, Europe, Africa and Australia. The company received its OHSAS 18001 and TOSHMS certification in 2010. The headquartered of the company are based in Kaohsiung Hsien, Taiwan.The company reported revenues of (Taiwanese Dollars) TWD 11,339.08 million during the fiscal year ended December 2011, an increase of 41.60% over 2010. The operating profit of the company was TWD 1,091.68 million during the fiscal year 2011, an increase of 59.48% over 2010. The net profit of the company was TWD 938.09 million during the fiscal year 2011, an increase of 73.36% over 2010.

Resin and Synthetic Rubber Manufacturing

Brand/Trade Names

NANTEX

Top

Financial Data

Financials in:	TWD(mil)
Revenue:	11,339.1
Net Income:	938.1
Assets:	6,985.4
Long Term Debt:	0.0
Total Liabilities:	1,180.2
Working Capital:	2.3
Date of Financial Data:	31-Dec-2011

1 Year Growth

41.6%

73.4%

16.3%

Top

Market Data

Quote Symbol:	2108
Exchange:	Taiwan Stock Exchange
Currency:	TWD
Stock Price:	25.6
Stock Price Date:	08-10-2012
52 Week Price Change %:	-15.2
Market Value (mil):	9,265,503.0
SEDOL:	6621267
ISIN:	TW0002108008
Equity and Dept Distribution:
08/2006, 6% stock dividend. 08/2005, 2.5% stock dividend. 08/2004, 3% stock dividend. 07/2003, 5% stock dividend. 08/2002, 10% stock dividend. 09/2007, 5% stock dividend. 9/2008, 10% stock dividend. 06/2009, 8% Stock Dividend. 09/2010, 8% stock dividend. 09/2011, stock dividend (F:1.06). FY'2010 Q2 B/S is being CLA.
Top

Subsidiaries

Company	Percentage Owned	Country
Inter Medium Interational Ltd	100%	BRITISH VIRGIN ISLANDS

Top

Key Corporate Relationships

Auditor:	PricewaterhouseCoopers LLP
Auditor:	PricewaterhouseCoopers, PricewaterhouseCoopers LLP

Top

Nantex Industry Co Ltd

Competitors Report

CompanyName	Location	Employees	Ownership
TSRC Corporation	Taipei, Taiwan	1,366	Public

Nantex Industry Co Ltd Kaohsiung, , Taiwan, Tel: 886-7-6413621, URL: http://www.nantex.com.tw/

Executives Report

Board of Directors

Name	Title	Function
Tony T Y Yang	Chairman	Chairman
Tony T.Y. Yang	Chairman	Chairman
Dongyuan Yang	Chairman of the Board	Chairman
Biography: Yang Dongyuan has been Chairman of the Board in Nantex Industry Co., Ltd. since June 9, 2004. Yang also serves as Chairman of the Board in a chemical engineering company and Deputy General Manager in Tainan Spinning Co., Ltd.
Minghui Chen	Director	Director/Board Member
Biography: Chen Minghui has been Director in Chun Yuan Steel Industrial Co., Ltd. since June 21, 2010. Chen is also Chairman of the Board in another company.
Lee-Ling Cheng	Director	Director/Board Member
Boming Hou	Managing Director	Director/Board Member
Biography: Mr. Hou Boming has been Managing Director in Nantex Industry Co., Ltd. since August 21, 1989. He also serves as Vice Chairman of the Board and General Manager in Tainan Spinning Co., Ltd., as well as Director in Uni-President Enterprises Corp.
Wenteng Hou	Managing Director	Director/Board Member
Biography: Hou Wenteng has been Managing Director in Nantex Industry Co., Ltd. since July 25, 1987. Hou also serves as Director in Tainan Spinning Co., Ltd.
Boyu Hou	Director	Director/Board Member
Biography: Hou Boyu has been Director in Chun Yuan Steel Industrial Co., Ltd since June 21, 2010. Hou is also Chairman of the Board in an investment company and Director in Tainan Spinning Co., Ltd.
Kuo-Chow Huang	Director	Director/Board Member
Guozhou Huang	Director	Director/Board Member
Biography: Huang Guozhou has been Director in Nantex Industry Co., Ltd. since June 14, 2001. Huang is also Manager of Business in another company.
Mengsheng Liao	Director	Director/Board Member
Biography: Liao Mengsheng has been Director in Chun Yuan Steel Industrial Co., Ltd since June 21, 2010. Liao is also Deputy General Manager of Tainan Spinning Co., Ltd.
Shen Qiu	Deputy General Manager, Director	Director/Board Member
Biography: Qiu Shen has been Deputy General Manager and Director in Nantex Industry Co., Ltd. since July 1, 2010. Qiu is also Director in two other companies, including Nanmat Technology Co., Ltd. Qiu was Assistant General Manager-Finance in the Company.
Lianghong Wu	Managing Director	Director/Board Member
Biography: Mr. Wu Lianghong has been Managing Director in Nantex Industry Co., Ltd. He is also Director in Tainan Spinning Co., Ltd and Chairman of the Board in another company.
Chung-Jian Wu	Director	Director/Board Member
Zhonghe Wu	Director	Director/Board Member
Liling Zheng	Managing Director	Director/Board Member
Biography: Ms. Zheng Liling has been Managing Director in Nantex Industry Co., Ltd. since July 25, 1987. She also serves as Director in two other companies.
Biying Zheng	Director	Director/Board Member
Chaoyuan Zheng	Director	Director/Board Member
Biography: Zheng Chaoyuan has been Director in Chun Yuan Steel Industrial Co., Ltd. since June 21, 2010. Zheng is also Chairman of the Board in another company.
Yaoming Zhuang	Director	Director/Board Member
Biography: Zhuang Yaoming has been Director in Nantex Industry Co., Ltd. since June 9, 2004. Zhuang is also Deputy General Manager in another company. Source: Reuters
Yingzhi Zhuang	Director	Director/Board Member
Biography: Zhuang Yingzhi has been Director in Nantex Industry Co., Ltd. since June 14, 2001. Zhuang is Chairman of the Board in an investment company.

Executives

Name	Title	Function
Chao-Nan Wu	Co-Managing Director	Chief Executive Officer
Kui-Hsien Hsu	President	President
Tung Yuan Yang	President	President
Hui Tang Cheng	General Manager	Division Head Executive
Huatang Zheng	General Manager	Division Head Executive
Biography: Zheng Huatang has been General Manager in Nantex Industry Co., Ltd. since September 15, 2009. Zheng is also Director in another company. Zheng used to be Executive Deputy General Manager in the Company.
Boming Hou	Managing Director	Managing Director
Biography: Mr. Hou Boming has been Managing Director in Nantex Industry Co., Ltd. since August 21, 1989. He also serves as Vice Chairman of the Board and General Manager in Tainan Spinning Co., Ltd., as well as Director in Uni-President Enterprises Corp.
Wenteng Hou	Managing Director	Managing Director
Biography: Hou Wenteng has been Managing Director in Nantex Industry Co., Ltd. since July 25, 1987. Hou also serves as Director in Tainan Spinning Co., Ltd.
Lianghong Wu	Managing Director	Managing Director
Biography: Mr. Wu Lianghong has been Managing Director in Nantex Industry Co., Ltd. He is also Director in Tainan Spinning Co., Ltd and Chairman of the Board in another company.
Liling Zheng	Managing Director	Managing Director
Biography: Ms. Zheng Liling has been Managing Director in Nantex Industry Co., Ltd. since July 25, 1987. She also serves as Director in two other companies.
Chong-Chian Chen	Vice President-Operations	Operations Executive
Chao-Hui Yan	Manager-Operations	Operations Executive
Shen Chiu	Head of Finance	Finance Executive
Shen-Cong Huang	Manager-Accounting	Accounting Executive
Shengzhong Huang	Manager-Accounting	Accounting Executive
Biography: Huang Shengzhong has been Manager-Accounting in Nantex Industry Co Ltd since March 16, 2002. Huang also serves as Director in Nanmat Technology Co. LTD.
Rong-Yi Yeh	Manager-Human Resources	Human Resources Executive
Hui-Chiung Huang	Manager-Sales & Marketing	Sales Executive
Tai-Shan Chen	Manager-Public Relations	Public Relations Executive
Kuang-Hui Tsai	Manager-Information	Information Executive
Yi-Tseng Chung	Manager-Research & Development	Research & Development Executive
Ruey-Yuan Huang	Manager-Plant	Manufacturing Executive
Yuan-Lin Hsiao	Manager	Other
Ruiyuan Huang	Deputy General Manager	Other
Biography: Huang Ruiyuan has been Deputy General Manager in Chun Yuan Steel Industrial Co., Ltd. Huang is also Director in another company.

 Nantex Industry Co Ltd

Significant Developments

Nantex Industry Co Ltd Announces FY 2011 Dividend Payment

Mar 16, 2012

Nantex Industry Co Ltd announced that it will pay a cash dividend of NTD 1.5 per share, and stock dividends worth NTD 0.5 per share, to shareholders for fiscal year 2011.

Nantex Industry Co Ltd Kaohsiung, Taiwan, Tel: 886-7-6413621, URL: http://www.nantex.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	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Reclassified Normal 31-Dec-2009	Updated Normal 31-Dec-2007
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	29.39004	31.497037	33.023867	31.543497	32.848802
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified
Gross Revenue	386.1	255.2	165.3	213.5	188.2
Sales Returns and Allowances	-0.3	-0.9	-1.4	-0.9	-0.5
Revenue	385.8	254.2	163.9	212.6	187.7
Total Revenue	385.8	254.2	163.9	212.6	187.7
Cost of Revenue	323.7	212.6	124.4	170.7	146.5
Cost of Revenue, Total	323.7	212.6	124.4	170.7	146.5
Gross Profit	62.1	41.6	39.4	41.9	41.2
Selling/General/Administrative Expense	22.2	18.1	15.0	16.3	15.4
Total Selling/General/Administrative Expenses	22.2	18.1	15.0	16.3	15.4
Research & Development	2.7	1.7	1.6	1.7	1.6
Total Operating Expense	348.7	232.5	141.0	188.6	163.6
Operating Income	37.1	21.7	22.8	24.0	24.1
Interest Expense - Non-Operating	-0.1	-0.1	-0.1	-0.6	-0.7
Interest Expense, Net Non-Operating	-0.1	-0.1	-0.1	-0.6	-0.7
Interest Income - Non-Operating	0.4	0.2	0.4	1.0	0.3
Investment Income - Non-Operating	2.0	-1.2	-1.9	1.9	8.0
Interest/Investment Income - Non-Operating	2.5	-0.9	-1.5	2.9	8.3
Interest Income (Expense) - Net Non-Operating Total	2.4	-1.0	-1.6	2.3	7.6
Gain (Loss) on Sale of Assets	-0.4	0.0	0.0	0.0	0.0
Other Non-Operating Income (Expense)	0.5	0.0	0.6	0.0	0.1
Other, Net	0.5	0.0	0.6	0.0	0.1
Income Before Tax	39.7	20.8	21.8	26.2	31.8
Total Income Tax	7.7	3.6	5.0	8.0	7.1
Income After Tax	31.9	17.2	16.8	18.3	24.7
Net Income Before Extraord Items	31.9	17.2	16.8	18.3	24.7
Net Income	31.9	17.2	16.8	18.3	24.7
Income Available to Common Excl Extraord Items	31.9	17.2	16.8	18.3	24.7
Income Available to Common Incl Extraord Items	31.9	17.2	16.8	18.3	24.7
Basic/Primary Weighted Average Shares	361.9	361.9	361.9	361.9	361.9
Basic EPS Excl Extraord Items	0.09	0.05	0.05	0.05	0.07
Basic/Primary EPS Incl Extraord Items	0.09	0.05	0.05	0.05	0.07
Dilution Adjustment	-	-	-	0.0	-
Diluted Net Income	31.9	17.2	16.8	18.3	24.7
Diluted Weighted Average Shares	362.7	362.5	362.5	363.0	361.9
Diluted EPS Excl Extraord Items	0.09	0.05	0.05	0.05	0.07
Diluted EPS Incl Extraord Items	0.09	0.05	0.05	0.05	0.07
Dividends per Share - Common Stock Primary Issue	0.05	0.03	0.02	0.02	0.02
Gross Dividends - Common Stock	18.5	9.8	7.7	7.4	8.1
Interest Expense, Supplemental	0.1	0.1	0.1	0.6	0.7
Interest Capitalized, Supplemental	-	-	0.0	-0.3	-0.2
Depreciation, Supplemental	8.8	8.2	7.7	7.4	7.2
Total Special Items	0.4	0.0	0.0	0.0	0.0
Normalized Income Before Tax	40.0	20.8	21.9	26.2	31.8
Effect of Special Items on Income Taxes	0.1	0.0	0.0	0.0	0.0
Inc Tax Ex Impact of Sp Items	7.8	3.6	5.0	8.0	7.1
Normalized Income After Tax	32.2	17.2	16.9	18.3	24.7
Normalized Inc. Avail to Com.	32.2	17.2	16.9	18.3	24.7
Basic Normalized EPS	0.09	0.05	0.05	0.05	0.07
Diluted Normalized EPS	0.09	0.05	0.05	0.05	0.07
Amort of Intangibles, Supplemental	0.1	0.1	0.1	0.1	0.0
Research & Development Exp, Supplemental	2.7	1.7	1.6	1.7	1.6
Normalized EBIT	37.1	21.7	22.8	24.0	24.1
Normalized EBITDA	46.1	30.0	30.6	31.4	31.4
Current Tax - Total	8.4	4.3	5.3	-	-
Current Tax - Total	8.4	4.3	5.3	-	-
Other Tax	-0.7	-0.7	-0.3	-	-
Income Tax - Total	7.7	3.6	5.0	-	-
Interest Cost - Domestic	0.3	0.3	0.3	0.4	0.4
Service Cost - Domestic	0.3	0.3	0.3	0.4	0.3
Expected Return on Assets - Domestic	-0.3	-0.2	-0.2	-0.3	-0.2
Actuarial Gains and Losses - Domestic	0.2	0.2	0.3	0.1	0.1
Transition Costs - Domestic	0.0	0.2	0.2	0.2	0.2
Domestic Pension Plan Expense	0.6	0.7	0.8	0.8	0.7
Defined Contribution Expense - Domestic	0.1	0.1	0.2	0.2	-
Defined Contribution Expense - Foreign	0.2	0.2	-	-	-
Total Pension Expense	0.9	1.0	1.1	1.0	0.7
Compensation Rate - Domestic	1.00%	1.00%	1.00%	1.00%	1.00%
Total Plan Interest Cost	0.3	0.3	0.3	0.4	0.4
Total Plan Service Cost	0.3	0.3	0.3	0.4	0.3
Total Plan Expected Return	-0.3	-0.2	-0.2	-0.3	-0.2

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	Reclassified Normal 31-Dec-2009	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	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified
Cash & Equivalents	46.7	36.8	46.1	22.0	30.3
Short Term Investments	2.9	6.5	3.7	1.5	1.4
Cash and Short Term Investments	49.6	43.4	49.7	23.5	31.6
Accounts Receivable - Trade, Gross	18.8	17.7	13.4	15.3	15.1
Provision for Doubtful Accounts	-0.3	-0.1	-0.1	-0.3	-0.1
Trade Accounts Receivable - Net	18.4	17.6	13.3	15.0	15.0
Notes Receivable - Short Term	12.5	9.8	6.1	3.4	7.5
Other Receivables	4.0	1.5	2.2	2.4	0.6
Total Receivables, Net	34.9	28.9	21.6	20.8	23.1
Inventories - Finished Goods	16.2	16.2	11.1	14.6	7.6
Inventories - Work In Progress	2.3	2.3	1.6	1.5	1.8
Inventories - Raw Materials	15.5	17.9	9.2	12.5	13.4
Inventories - Other	-	-	-	-	-0.2
Total Inventory	34.0	36.4	21.9	28.6	22.6
Prepaid Expenses	3.2	5.2	1.8	1.0	1.9
Deferred Income Tax - Current Asset	0.1	0.2	0.1	0.6	0.0
Other Current Assets, Total	0.1	0.2	0.1	0.6	0.0
Total Current Assets	121.8	114.1	95.1	74.4	79.2
Buildings	35.7	36.8	33.8	30.9	30.5
Land/Improvements	2.1	2.7	2.4	2.4	2.4
Machinery/Equipment	133.8	133.0	121.9	108.7	104.5
Construction in Progress	26.0	0.9	1.0	10.0	1.8
Other Property/Plant/Equipment	12.7	13.2	12.0	11.7	11.9
Property/Plant/Equipment - Gross	210.3	186.5	171.2	163.7	151.1
Accumulated Depreciation	-112.2	-105.7	-91.5	-82.3	-75.2
Property/Plant/Equipment - Net	98.1	80.8	79.6	81.4	75.8
Intangibles, Net	1.9	1.9	1.9	1.7	1.4
LT Investment - Affiliate Companies	3.3	3.5	3.0	3.4	3.3
LT Investments - Other	3.1	3.2	2.9	4.2	9.3
Long Term Investments	6.4	6.6	6.0	7.6	12.6
Deferred Charges	-	0.0	0.0	0.0	0.0
Pension Benefits - Overfunded	-	0.0	0.2	0.4	0.6
Other Long Term Assets	2.5	2.5	2.2	2.2	1.4
Other Long Term Assets, Total	2.5	2.5	2.4	2.6	2.0
Total Assets	230.7	206.0	185.0	167.8	171.0
Accounts Payable	13.6	10.8	9.1	4.1	11.7
Accrued Expenses	8.9	7.2	6.3	6.6	6.0
Notes Payable/Short Term Debt	0.0	3.0	5.4	6.6	11.4
Customer Advances	2.6	0.5	0.9	0.5	1.3
Income Taxes Payable	3.1	2.2	0.8	3.8	2.3
Other Payables	0.2	1.1	0.8	0.4	0.5
Other Current liabilities, Total	5.9	3.8	2.5	4.7	4.1
Total Current Liabilities	28.5	24.8	23.2	22.0	33.2
Total Long Term Debt	0.0	0.0	0.0	0.0	0.0
Total Debt	0.0	3.0	5.4	6.6	11.4
Deferred Income Tax - LT Liability	5.2	5.3	5.4	4.8	3.8
Deferred Income Tax	5.2	5.3	5.4	4.8	3.8
Reserves	3.1	3.2	2.9	2.8	2.9
Pension Benefits - Underfunded	2.3	2.4	2.4	2.4	1.3
Other Long Term Liabilities	0.0	0.0	0.0	0.0	0.0
Other Liabilities, Total	5.3	5.6	5.3	5.3	4.1
Total Liabilities	39.0	35.7	34.0	32.0	41.0
Common Stock	119.5	117.1	98.8	89.2	82.0
Common Stock	119.5	117.1	98.8	89.2	82.0
Additional Paid-In Capital	0.6	0.6	0.5	0.5	0.5
Retained Earnings (Accumulated Deficit)	58.6	46.2	41.0	37.4	37.6
Unrealized Gain (Loss)	4.2	5.2	5.0	1.1	6.2
Translation Adjustment	10.9	3.0	7.2	9.0	3.7
Minimum Pension Liability Adjustment	-2.0	-1.8	-1.5	-1.4	-
Other Equity, Total	8.8	1.2	5.7	7.6	3.7
Total Equity	191.7	170.3	151.1	135.8	130.0
Total Liabilities & Shareholders’ Equity	230.7	206.0	185.0	167.8	171.0
Shares Outstanding - Common Stock Primary Issue	361.9	361.9	361.9	361.9	361.9
Total Common Shares Outstanding	361.9	361.9	361.9	361.9	361.9
Treasury Shares - Common Stock Primary Issue	0.0	0.0	0.0	0.0	-
Employees	470	410	400	400	397
Number of Common Shareholders	19,295	16,714	17,549	-	15,550
Accumulated Intangible Amort, Suppl.	0.3	0.3	0.2	0.1	-
Deferred Revenue - Current	2.6	0.5	0.9	0.5	1.3
Pension Obligation - Domestic	14.7	14.6	13.1	13.1	11.6
Plan Assets - Domestic	11.9	11.5	10.1	9.2	8.4
Funded Status - Domestic	-2.8	-3.1	-3.1	-3.9	-3.2
Accumulated Obligation - Domestic	14.2	13.9	12.5	11.6	9.7
Total Funded Status	-2.8	-3.1	-3.1	-3.9	-3.2
Discount Rate - Domestic	2.25%	2.25%	2.25%	3.25%	3.25%
Expected Rate of Return - Domestic	2.25%	2.25%	2.25%	3.25%	3.25%
Compensation Rate - Domestic	1.00%	1.00%	1.00%	1.00%	1.00%
Prepaid Benefits - Domestic	-	-	0.2	0.4	-
Accrued Liabilities - Domestic	-2.3	-2.4	-2.4	-2.4	-1.3
Net Assets Recognized on Balance Sheet	-2.3	-2.4	-2.2	-2.1	-1.3
Total Plan Obligations	14.7	14.6	13.1	13.1	11.6
Total Plan Assets	11.9	11.5	10.1	9.2	8.4

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	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Updated Normal 31-Dec-2007
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	29.39004	31.497037	33.023867	31.543497	32.848802
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified
Net Income/Starting Line	31.9	17.2	16.8	18.3	24.7
Depreciation	8.8	8.2	7.7	7.4	7.2
Depreciation/Depletion	8.8	8.2	7.7	7.4	7.2
Amortization of Intangibles	0.1	0.1	0.1	0.1	0.0
Amortization	0.1	0.1	0.1	0.1	0.0
Deferred Taxes	0.3	-0.7	1.0	0.5	2.9
Unusual Items	0.1	-0.3	1.5	0.0	-0.3
Equity in Net Earnings (Loss)	0.0	-0.1	0.4	-0.2	-0.3
Other Non-Cash Items	0.6	1.3	-7.7	7.0	-6.3
Non-Cash Items	0.7	0.9	-5.7	6.9	-7.0
Accounts Receivable	-7.6	-4.8	-0.1	2.0	-5.1
Inventories	-0.1	-11.4	14.1	-13.8	6.1
Prepaid Expenses	1.9	-3.0	-0.8	0.9	1.4
Other Assets	-0.1	0.1	1.2	-0.6	0.2
Accounts Payable	2.4	0.9	5.3	-7.9	2.7
Accrued Expenses	2.1	0.3	-0.5	0.7	1.6
Taxes Payable	1.0	1.3	-3.0	1.6	2.0
Other Liabilities	1.8	-0.8	0.2	-1.1	0.4
Changes in Working Capital	1.5	-17.4	16.4	-18.2	9.3
Cash from Operating Activities	43.3	8.3	36.4	15.0	37.1
Purchase of Fixed Assets	-25.5	-4.6	-5.2	-10.7	-8.9
Purchase/Acquisition of Intangibles	0.0	0.0	-0.2	-0.3	-0.1
Capital Expenditures	-25.6	-4.6	-5.5	-11.1	-9.0
Sale of Fixed Assets	0.0	0.0	0.0	0.0	0.0
Sale/Maturity of Investment	7.5	5.9	6.1	0.0	3.0
Investment, Net	0.7	0.1	0.0	-0.2	-1.0
Purchase of Investments	-5.3	-8.3	-4.6	0.0	-
Other Investing Cash Flow	0.0	0.0	0.0	0.0	0.1
Other Investing Cash Flow Items, Total	2.9	-2.3	1.6	-0.2	2.2
Cash from Investing Activities	-22.6	-6.9	-3.9	-11.2	-6.8
Other Financing Cash Flow	-	0.0	0.0	-1.2	-0.5
Financing Cash Flow Items	-	0.0	0.0	-1.2	-0.5
Cash Dividends Paid - Common	-10.5	-8.0	-7.1	-8.4	-6.2
Total Cash Dividends Paid	-10.5	-8.0	-7.1	-8.4	-6.2
Short Term Debt Reduction	-3.0	-2.7	-1.4	-4.9	-4.9
Short Term Debt, Net	-3.0	-2.7	-1.4	-4.9	-4.9
Issuance (Retirement) of Debt, Net	-3.0	-2.7	-1.4	-4.9	-4.9
Cash from Financing Activities	-13.4	-10.7	-8.5	-14.5	-11.6
Foreign Exchange Effects	4.2	-3.4	-1.1	2.5	0.9
Net Change in Cash	11.5	-12.7	22.8	-8.3	19.6
Net Cash - Beginning Balance	36.6	46.8	21.8	31.1	10.3
Net Cash - Ending Balance	48.1	34.1	44.6	22.8	29.9
Cash Interest Paid	0.1	0.1	0.1	0.6	0.7
Cash Taxes Paid	6.4	3.1	7.0	5.8	2.3

Nantex Industry Co Ltd Kaohsiung, Taiwan, Tel: 886-7-6413621, URL: http://www.nantex.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	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Reclassified Normal 31-Dec-2009	Updated Normal 31-Dec-2007
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	29.39004	31.497037	33.023867	31.543497	32.848802
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified
Gross Sales	386.1	255.2	165.3	213.5	188.2
Sales Returns & Discounts	0.0	-0.7	-1.4	-0.6	-0.1
Sales Discounts and Allowances	-0.3	-0.2	0.0	-0.3	-0.3
Total Revenue	385.8	254.2	163.9	212.6	187.7
Cost of Sales	323.7	212.6	124.4	170.7	146.2
Loss on Physical Inventory	-	-	-	-	0.3
Selling Expenses	11.4	10.3	7.4	8.0	8.2
General and Administrative Expenses	10.9	7.8	7.5	8.3	7.2
Research and Development Expenses	2.7	1.7	1.6	1.7	1.6
Total Operating Expense	348.7	232.5	141.0	188.6	163.6
Interest Income	0.4	0.2	0.4	1.0	0.3
Gain on Financial Assets Valuation	-	-	-	-	6.1
Gain on Equity Investment	0.0	0.1	0.0	0.2	0.3
Dividend Income	0.2	0.2	0.0	0.1	0.0
Gain on Sale of Investments	0.3	0.3	0.0	0.3	0.4
Foreign Exchange Losses/Gain	1.5	-1.7	0.0	1.3	1.1
Gains on Disposal of Fixed Assets	0.0	0.0	0.0	-	-
Miscellaneous Income	0.6	0.1	0.7	0.6	0.2
Interest Expense	-0.1	-0.1	-0.1	-0.6	-0.7
Loss on Sale of Investment	-	-	-1.5	0.0	-
Loss on Equity Investment	0.0	0.0	-0.4	0.0	-
Loss on Sale of Fixed Assets	-0.4	0.0	0.0	0.0	0.0
Miscellaneous Disbursements	-0.1	-0.1	-0.1	-0.6	-0.1
Net Income Before Taxes	39.7	20.8	21.8	26.2	31.8
Provision for Income Taxes	7.7	3.6	5.0	8.0	7.1
Net Income After Taxes	31.9	17.2	16.8	18.3	24.7
Net Income Before Extra. Items	31.9	17.2	16.8	18.3	24.7
Net Income	31.9	17.2	16.8	18.3	24.7
Income Available to Com Excl ExtraOrd	31.9	17.2	16.8	18.3	24.7
Income Available to Com Incl ExtraOrd	31.9	17.2	16.8	18.3	24.7
Basic Weighted Average Shares	361.9	361.9	361.9	361.9	361.9
Basic EPS Excluding ExtraOrdinary Items	0.09	0.05	0.05	0.05	0.07
Basic EPS Including ExtraOrdinary Items	0.09	0.05	0.05	0.05	0.07
Dilution Adjustment	-	-	-	0.0	-
Diluted Net Income	31.9	17.2	16.8	18.3	24.7
Diluted Weighted Average Shares	362.7	362.5	362.5	363.0	361.9
Diluted EPS Excluding ExtraOrd Items	0.09	0.05	0.05	0.05	0.07
Diluted EPS Including ExtraOrd Items	0.09	0.05	0.05	0.05	0.07
DPS-Ordinary Stock	0.05	0.03	0.02	0.02	0.02
Gross Dividends - Common Stock	18.5	9.8	7.7	7.4	8.1
Normalized Income Before Taxes	40.0	20.8	21.9	26.2	31.8
Inc Tax Ex Impact of Sp Items	7.8	3.6	5.0	8.0	7.1
Normalized Income After Taxes	32.2	17.2	16.9	18.3	24.7
Normalized Inc. Avail to Com.	32.2	17.2	16.9	18.3	24.7
Basic Normalized EPS	0.09	0.05	0.05	0.05	0.07
Diluted Normalized EPS	0.09	0.05	0.05	0.05	0.07
Interest Expense, Supplemental	0.1	0.1	0.1	0.6	0.7
R&D Expense, Supplemental	2.7	1.7	1.6	1.7	1.6
Depreciation - Operating Cost	8.1	7.5	7.0	6.6	6.5
Depreciation - Operating Expense	0.7	0.7	0.7	0.7	0.7
Amortization - Operating Cost	0.0	0.0	0.0	0.0	0.0
Amortization - Operating Expense	0.1	0.1	0.1	0.1	0.0
Capitalized Interest	-	-	0.0	-0.3	-0.2
Current Tax	8.4	4.3	5.3	-	-
Current Tax - Total	8.4	4.3	5.3	-	-
Other Tax	-0.7	-0.7	-0.3	-	-
Income Tax - Total	7.7	3.6	5.0	-	-
Service Cost	0.3	0.3	0.3	0.4	0.3
Interest Cost	0.3	0.3	0.3	0.4	0.4
Expected Return on Plan Assets	-0.3	-0.2	-0.2	-0.3	-0.2
Amort. of Unrecognized Transitional Cost	0.0	0.2	0.2	0.2	0.2
Amort. of Actuarial Gain/Loss	0.2	0.2	0.3	0.1	0.1
Domestic Pension Plan Expense	0.6	0.7	0.8	0.8	0.7
Pro. for Defined Contribution Pen. Plan	0.1	0.1	0.2	0.2	-
Defined Contribution Expense - Foreign	0.2	0.2	-	-	-
Total Pension Expense	0.9	1.0	1.1	1.0	0.7
Discount Rate	2.25%	2.25%	2.25%	3.25%	3.25%
Rate of Compensation Increase	1.00%	1.00%	1.00%	1.00%	1.00%
Expected Rate of Return on Plan Assets	2.25%	2.25%	2.25%	3.25%	3.25%

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	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	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified
Cash and Cash Equivalent	46.7	36.8	46.1	22.0	30.3
Other Financial Assets - Current	0.8	1.6	1.5	1.5	1.4
Financial Assets-Available for Sale	2.1	4.9	2.1	0.0	-
Notes Receivable	12.5	9.8	6.1	3.4	7.5
Accounts Receivable, Gross	18.8	17.7	13.4	15.3	15.1
Provision for Sales Discount	-0.2	0.0	0.0	-0.2	0.0
Provision for Doubtful Accounts	-0.1	-0.1	-0.1	-0.1	-0.1
Other Receivables	4.0	1.5	2.2	2.4	0.6
Merchandise	-	-	-	-	0.1
Raw Material	14.5	17.0	8.4	11.8	12.5
Supplies	1.1	0.9	0.8	0.7	0.9
Work-in-Process	2.3	2.3	1.6	1.5	1.8
Finished Goods	16.2	16.2	11.1	14.6	7.5
Provision/Allowance for Inventory	-	-	-	-	-0.2
Prepayment & Other Current Assets	3.2	5.2	1.8	1.0	1.9
Deferred Income Tax Assets - Current	0.1	0.2	0.1	0.6	0.0
Total Current Assets	121.8	114.1	95.1	74.4	79.2
Financial Assets Available for Sale	-	-	0.0	1.4	6.4
Long Term Investment - Cost Method	3.1	3.2	2.9	2.8	2.9
Long Term Equity Investment	3.3	3.5	3.0	3.4	3.3
Land	2.1	2.2	2.0	1.9	1.9
Land Improvements	0.0	0.5	0.5	0.4	0.4
Buildings and Structures	35.7	36.8	33.8	30.9	30.5
Machinery and Equipment	125.4	124.9	114.7	102.7	98.5
Computers and Telecom Equipment	0.5	0.6	0.6	0.6	0.7
Test Equipment	2.6	2.8	2.5	2.4	2.3
Pollution Protective Equipment	0.0	1.0	0.9	0.9	1.1
Transportation Equipment	1.4	1.4	1.2	1.0	0.8
Miscellaneous Equipment	3.8	2.3	2.1	1.1	1.2
Assets Revaluation Increment	12.7	13.2	12.0	11.7	11.9
Accumulated Depreciation	-112.2	-105.7	-91.5	-82.3	-75.2
Construction in Prg.&Prpymt.t for Equip	26.0	0.9	1.0	10.0	1.8
Trademark	0.0	0.0	0.0	0.0	0.0
Computer Software Cost	0.1	0.2	0.2	0.0	-
Deferred Pension Cost	-	0.0	0.2	0.4	0.6
Other Intangible Assets, Net	1.7	1.7	1.7	1.7	1.4
Idle Assets	-	-	-	-	0.0
Security Deposits Paid	0.0	0.0	0.0	0.0	0.0
Deferred Charges	-	0.0	0.0	0.0	0.0
Other Assets - Other	2.5	2.5	2.2	2.1	1.4
Total Assets	230.7	206.0	185.0	167.8	171.0
Short Term Borrowings	0.0	3.0	5.4	6.6	11.4
Accounts Payable	13.6	10.8	9.1	4.1	11.7
Income Taxes Payable	3.1	2.2	0.8	3.8	2.3
Accrued Expenses	8.9	7.2	6.3	6.6	6.0
Other Payables	0.2	1.1	0.8	0.4	0.5
Advance Receipts	2.6	0.5	0.9	0.5	1.3
Total Current Liabilities	28.5	24.8	23.2	22.0	33.2
Land Revaluation Increment Tax Reserve	3.1	3.2	2.9	2.8	2.9
Accrued Pension Liabilities	2.3	2.4	2.4	2.4	1.3
Long Term Security Deposits Received	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Liabilities	5.2	5.3	5.4	4.8	3.8
Total Liabilities	39.0	35.7	34.0	32.0	41.0
Common Stock	119.5	117.1	98.8	89.2	82.0
Capital Gain on LT Investments	0.6	0.6	0.5	0.5	0.5
Legal Reserve	18.9	17.8	14.5	12.4	10.0
Special Reserve	0.1	0.1	0.1	0.1	0.1
Retained Earnings	39.5	28.3	26.4	24.9	27.4
Unrealized Gain on Financial Assets	-1.0	-0.3	0.0	-3.7	1.3
Unrealized Fixed Assets Revaluation	5.2	5.4	4.9	4.8	4.9
Cumulative Translation Adjustment	10.9	3.0	7.2	9.0	3.7
Unrealized Gain/Loss on Pension Fund	-2.0	-1.8	-1.5	-1.4	-
Total Equity	191.7	170.3	151.1	135.8	130.0
Total Liabilities & Shareholders' Equity	230.7	206.0	185.0	167.8	171.0
S/O-Ordinary Stock	361.9	361.9	361.9	361.9	361.9
Total Common Shares Outstanding	361.9	361.9	361.9	361.9	361.9
T/S-Ordinary Stock	0.0	0.0	0.0	0.0	-
Deferred Revenue, Current	2.6	0.5	0.9	0.5	1.3
Accu. Amort. of Other Intangibles	0.3	0.3	0.2	0.1	-
Full-Time Employees	470	410	400	400	397
Number of Common Shareholders	19,295	16,714	17,549	-	15,550
Accumulated Benefit Obligation	14.2	13.9	12.5	11.6	9.7
Benefit Obligation	14.7	14.6	13.1	13.1	11.6
Fair Value of Plan Assets	11.9	11.5	10.1	9.2	8.4
Funded Status	-2.8	-3.1	-3.1	-3.9	-3.2
Total Funded Status	-2.8	-3.1	-3.1	-3.9	-3.2
Discount Rate	2.25%	2.25%	2.25%	3.25%	3.25%
Rate of Compensation Increase	1.00%	1.00%	1.00%	1.00%	1.00%
Expected Rate of Return on Plan Assets	2.25%	2.25%	2.25%	3.25%	3.25%
Accrued Pension Liabilities	-2.3	-2.4	-2.4	-2.4	-1.3
Deferred Pension Cost	-	-	0.2	0.4	-
Net Assets Recognized on Balance Sheet	-2.3	-2.4	-2.2	-2.1	-1.3

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	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Updated Normal 31-Dec-2007
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	29.39004	31.497037	33.023867	31.543497	32.848802
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified
Net Income	31.9	17.2	16.8	18.3	24.7
Depreciation	8.8	8.2	7.7	7.4	7.2
Amortization of Intangibles	0.1	0.1	0.1	0.1	0.0
Provision of Bad Debts	0.0	0.0	-	-	0.0
Reversal of Provision for Bad Debts	-	-	-1.0	0.0	0.0
Provision for Sales Discount	-	-	0.0	0.1	0.0
Reversal of Sales Discount	0.2	0.0	-0.1	0.0	-0.1
Gain from Reversal of Bad Debt	-	0.0	0.0	0.0	0.0
Gain/Loss on Financial Assets Valuation	-	-	-	-	-6.1
Prov. for Inventory Devaluation	1.1	-0.1	-6.5	6.9	-
Equity Investment Gain/Loss	0.0	-0.1	0.4	-0.2	-0.3
Loss from Sale of Fin. Assets for Sale	-0.3	-0.3	1.5	0.0	-
Gain on Sale of Investments/Fin. Assets	-	-	-	-	-0.4
Net Gain on Disposal of Properties	0.0	0.0	-	-	-
Net Loss on Disposal of Properties	0.4	0.0	0.0	0.0	0.0
Other Expense-Fixed Asset	-	0.0	0.0	0.0	-
Exchange Gain	-0.7	1.4	0.0	0.0	-0.1
Notes Receivable	-3.2	-2.9	-2.5	4.1	-3.8
Accounts Receivable	-1.7	-2.8	2.2	-0.3	-1.5
Other Receivables	-2.7	0.8	0.2	-1.8	0.2
Inventories	-0.1	-11.4	14.1	-13.8	6.1
Prepayment	1.9	-3.0	-0.8	0.9	1.4
Deferred Tax Assets - Current	0.2	-0.2	0.5	-0.6	0.1
Deferred Pension Cost	0.0	0.2	0.2	0.2	0.1
LT Notes Receivable	-	-	1.0	0.0	0.0
Other Assets	-0.1	-0.1	0.0	-0.8	0.0
Accounts Payable	3.3	0.7	4.8	-7.8	2.6
Tax Payable	1.0	1.3	-3.0	1.6	2.0
Accrued Expenses	2.1	0.3	-0.5	0.7	1.6
Other Payables	-0.9	0.2	0.5	-0.1	0.1
Advance Receipts	2.2	-0.4	0.3	-0.8	0.6
Accrued Pension Liabilities	-0.4	-0.3	-0.1	-0.2	-0.2
Deferred Tax Liabilities	0.1	-0.6	0.5	1.1	2.8
Cash from Operating Activities	43.3	8.3	36.4	15.0	37.1
Purchase of Financial Assets for Sale	-5.3	-8.3	-4.6	0.0	-
Disposal of Financial Assets for Sale	7.5	5.9	6.1	0.0	-
Cash Dividend from Fin. Assets for Sale	-	-	-	-	0.1
Other Financial Assets	0.7	0.1	0.0	-0.2	-1.0
LT Investments/Fin. Assets Decrease	-	-	-	-	3.0
Capital Expenditure	-25.5	-4.6	-5.2	-10.7	-8.9
Disposal of Fixed Assets	0.0	0.0	0.0	0.0	0.0
Trade Mark Increase	0.0	0.0	0.0	0.0	0.0
Computer Software Increase	0.0	0.0	-0.2	0.0	-
Othe Intangible Assets Increase	0.0	0.0	0.0	-0.3	-0.1
Security Deposit Paid	0.0	0.0	0.0	0.0	0.0
Cash from Investing Activities	-22.6	-6.9	-3.9	-11.2	-6.8
Short Term Borrowings Decrease	-3.0	-2.7	-1.4	-4.9	-4.9
Security Deposit Received	-	0.0	0.0	0.0	0.0
Employees Bonus&Directors Remuneration	-	-	0.0	-1.2	-0.5
Cash Dividend - Common Stock	-10.5	-8.0	-7.1	-8.4	-6.2
Cash from Financing Activities	-13.4	-10.7	-8.5	-14.5	-11.6
Foreign Exchange Effects	4.2	-3.4	-1.1	2.5	0.9
Net Change in Cash	11.5	-12.7	22.8	-8.3	19.6
Net Cash - Beginning Balance	36.6	46.8	21.8	31.1	10.3
Net Cash - Ending Balance	48.1	34.1	44.6	22.8	29.9
Cash Interest Paid	0.1	0.1	0.1	0.6	0.7
Cash Taxes Paid	6.4	3.1	7.0	5.8	2.3

antex Industry Co Ltd Kaohsiung, Taiwan, Tel: 886-7-6413621, URL: http://www.nantex.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	87.1	-1.32%	385.8	41.60%	19.14%	20.99%
Research & Development1	0.6	18.44%	2.7	43.66%	13.76%	9.76%
Operating Income1	6.7	-32.04%	37.1	59.48%	13.05%	30.69%
Income Available to Common Excl Extraord Items1	5.1	-37.30%	31.9	73.36%	17.62%	20.58%
Basic EPS Excl Extraord Items1	0.01	-37.31%	0.09	73.36%	17.62%	20.58%
Capital Expenditures2	5.5	85.30%	25.6	416.66%	29.07%	5.16%
Cash from Operating Activities2	-19.3	-	43.3	386.37%	39.27%	31.07%
Free Cash Flow	-24.8	-	17.3	348.56%	62.32%	-
Total Assets3	258.8	16.28%	230.7	16.31%	8.25%	7.61%
Total Liabilities3	60.0	31.31%	39.0	13.40%	3.94%	-0.24%
Total Long Term Debt3	0.0	-	0.0	-	-	-
Employees3	-	-	470	14.63%	5.52%	3.75%
Total Common Shares Outstanding3	361.9	0.00%	361.9	0.00%	0.00%	0.00%
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

Utility Industry Specific USD (mil)
Â	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Deferred Charges3	0.0	0.0	0.0	0.0
3-ExchangeRate: TWD to USD Period End Date	29.156500	31.985000	32.818000	32.434500

Key Ratios
Â	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Profitability
Gross Margin	16.09%	16.36%	24.07%	19.71%	21.94%
Operating Margin	9.63%	8.55%	13.94%	11.27%	12.86%
Pretax Margin	10.28%	8.17%	13.32%	12.34%	16.92%
Net Profit Margin	8.27%	6.76%	10.27%	8.60%	13.14%
Financial Strength
Current Ratio	4.28	4.60	4.09	3.39	2.39
Long Term Debt/Equity	0.00	0.00	0.00	0.00	0.00
Total Debt/Equity	0.00	0.02	0.04	0.05	0.09
Management Effectiveness
Return on Assets	14.44%	9.08%	9.73%	10.43%	15.60%
Return on Equity	17.42%	11.05%	11.96%	13.29%	20.61%
Efficiency
Receivables Turnover	11.94	10.45	7.88	9.36	9.29
Inventory Turnover	9.10	7.60	5.02	6.45	5.78
Asset Turnover	1.75	1.34	0.95	1.21	1.19

Market Valuation USD (mil)
P/E (TTM)	10.95	.	Enterprise Value2	289.6
Price/Sales (TTM)	0.82	.	Enterprise Value/Revenue (TTM)	0.76
Price/Book (MRQ)	1.58	.	Enterprise Value/EBITDA (TTM)	6.80
Market Cap as of 10-Aug-20121	309.6	.
1-ExchangeRate: TWD to USD on 10-Aug-2012	29.923527
2-ExchangeRate: TWD to USD on 31-Mar-2012	29.565976

Nantex Industry Co Ltd Kaohsiung, Taiwan, Tel: 886-7-6413621, URL: http://www.nantex.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	4.28	4.60	4.09	3.39	2.39
Quick/Acid Test Ratio	2.97	2.91	3.07	2.02	1.65
Working Capital1	93.3	89.3	71.9	52.5	46.1
Long Term Debt/Equity	0.00	0.00	0.00	0.00	0.00
Total Debt/Equity	0.00	0.02	0.04	0.05	0.09
Long Term Debt/Total Capital	0.00	0.00	0.00	0.00	0.00
Total Debt/Total Capital	0.00	0.02	0.03	0.05	0.08
Payout Ratio	57.87%	56.79%	45.52%	40.62%	32.85%
Effective Tax Rate	19.50%	17.28%	22.90%	30.34%	22.33%
Total Capital1	191.7	173.3	156.4	142.4	141.4
Efficiency
Asset Turnover	1.75	1.34	0.95	1.21	1.19
Inventory Turnover	9.10	7.60	5.02	6.45	5.78
Days In Inventory	40.09	48.02	72.76	56.58	63.13
Receivables Turnover	11.94	10.45	7.88	9.36	9.29
Days Receivables Outstanding	30.58	34.93	46.34	39.00	39.31
Revenue/Employee2	796,780	669,892	422,941	510,777	478,792
Operating Income/Employee2	76,711	57,261	58,976	57,561	61,552
EBITDA/Employee2	95,152	79,158	79,109	75,383	79,997
Profitability
Gross Margin	16.09%	16.36%	24.07%	19.71%	21.94%
Operating Margin	9.63%	8.55%	13.94%	11.27%	12.86%
EBITDA Margin	11.94%	11.82%	18.70%	14.76%	16.71%
EBIT Margin	9.63%	8.55%	13.94%	11.27%	12.86%
Pretax Margin	10.28%	8.17%	13.32%	12.34%	16.92%
Net Profit Margin	8.27%	6.76%	10.27%	8.60%	13.14%
R&D Expense/Revenue	0.69%	0.68%	0.99%	0.80%	0.85%
COGS/Revenue	83.91%	83.64%	75.93%	80.29%	78.06%
SG&A Expense/Revenue	5.77%	7.13%	9.14%	7.65%	8.23%
Management Effectiveness
Return on Assets	14.44%	9.08%	9.73%	10.43%	15.60%
Return on Equity	17.42%	11.05%	11.96%	13.29%	20.61%
Valuation
Free Cash Flow/Share2	0.05	0.01	0.09	0.01	0.08
Operating Cash Flow/Share 2	0.12	0.02	0.10	0.04	0.10
1-ExchangeRate: TWD to USD Period End Date	30.279	29.1565	31.985	32.818	32.4345
2-ExchangeRate: TWD to USD Average for Period	30.279	29.1565	31.985	32.818	32.4345

Current Market Multiples
Market Cap/Earnings (TTM)	10.95
Market Cap/Equity (MRQ)	1.58
Market Cap/Revenue (TTM)	0.82
Market Cap/EBIT (TTM)	9.29
Market Cap/EBITDA (TTM)	7.35
Enterprise Value/Earnings (TTM)	10.12
Enterprise Value/Equity (MRQ)	1.46
Enterprise Value/Revenue (TTM)	0.76
Enterprise Value/EBIT (TTM)	8.58
Enterprise Value/EBITDA (TTM)	6.80

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.38
UK Pound	1	Rs.87.79
Euro	1	Rs.69.47

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.