MIRA INFORM REPORT

Report Date :

12.05.2012

IDENTIFICATION DETAILS

Name :	ZIG SHENG INDUSTRIAL CO LTD
Registered Office :	2nd Floor 70 Shi-Ning North Road Taipei, 103
Country :	Taiwan
Financials (as on) :	31.12.2011
Date of Incorporation :	18.08.1969
Legal Form :	Public Independent
Line of Business :	Preparation and spinning of textile fibres
No. of Employees :	1,300

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

Top of Form

Bottom of Form

Zig Sheng Industrial Co Ltd

2nd Floor
70 Shi-Ning North Road
Taipei, 103
Taiwan
Tel:	886-2-25557151
Fax:	886-2-25503740
www.zigsheng.com

Employees:

1,300

Company Type:

Public Independent

Traded:

Taiwan Stock Exchange:

1455

Incorporation Date:

18-Aug-1969

Auditor:

Horwath Chien Hsing CPA

Financials in:	USD (mil)
Fiscal Year End:	31-Dec-2011
Reporting Currency:	Taiwanese New Dollar
Annual Sales:	645.4 ^1
Net Income:	4.5
Total Assets:	471.9 ^2
Market Value:	205.9
	(27-Apr-2012)

Business Description

Zig Sheng Industrial Co Ltd is principally engaged in the manufacture and distribution of textile products. The Company provides polyester and nylon textured yarns, including sizing textured yarns, stretch textured yarns, polyester wool-like yarns with colors, polyester high stretch textured yarns and other yarn products, which are applied in the manufacture of curtain fabrics, industrial woven belts, pants fabrics, skirt fabrics, denim fabrics and swimming suits, among others; nylon chips and nylon yarns for textile, including filaments for apparels and industrial use, and staple fibers, which are applied in the manufacture of towels, sportswear, umbrella fabrics, shoe materials, toys and carpets, among others, as well as engineering plastic nylon chips, including automobile components, industrial parts, electronic components and packaging materials. For the three months ended 31 March 2010, Zig Sheng Industrial Co., Ltd.'s total revenues increased 24% to NT$5.05B. Net income for the period totaled NT$557.7M, up from NT$255.3M. Total revenues reflect an increase in sales due to stronger market demand. Net income also benefited from the inclusion of revaluation gain on financial assets, increased gain on foreign exchange and increased rent income.

Industry

Industry	Apparel and Accessories
ANZSIC 2006:	1312 - Natural Textile Manufacturing
NACE 2002:	171 - Preparation and spinning of textile fibres
NAICS 2002:	313111 - Yarn Spinning Mills
UK SIC 2003:	171 - Preparation and spinning of textile fibres
US SIC 1987:	2281 - Yarn Spinning Mills

Key Executives

Name	Title
Baihuang Su	General Manager, Director
Zhongzi Yan	Finance Manager
Qihuang Chen	Manager-Accounting
Xuezhou Shi	Deputy General Manager
Barry Su	General Manager

Significant Developments

Topic	#*	Most Recent Headline	Date
Mergers / Acquisitions	1	Zig Sheng Industrial Co Ltd Acquires Property	10-Aug-2011
Equity Financing / Related	2	Zig Sheng Industrial Co Ltd Prices Share Issuance	28-Mar-2012
Dividends	3	Zig Sheng Industrial Co Ltd Announces FY 2011 Dividend Payment	24-Apr-2012

* number of significant developments within the last 12 months

Financial Summary

As of 31-Mar-2012

Key Ratios	Company	Industry
Current Ratio (MRQ)	1.15	2.75
Quick Ratio (MRQ)	0.49	1.45
Debt to Equity (MRQ)	0.85	0.52
Sales 5 Year Growth	9.31	10.05
Net Profit Margin (TTM) %	-1.10	7.39
Return on Assets (TTM) %	-1.57	7.59
Return on Equity (TTM) %	-2.94	15.09

Stock Snapshot

Traded: Taiwan Stock Exchange: 1455

As of 27-Apr-2012

   Financials in: TWD

Recent Price	10.05	EPS	0.25
52 Week High	20.87	Price/Sales	0.32
52 Week Low	9.98	Dividend Rate	0.57
Avg. Volume (mil)	4.28	Price/Book	0.80
Market Value (mil)	6,027.08	Beta	1.14

	Price % Change	Rel S&P 500%
4 Week	-10.15%	-4.72%
13 Week	-20.13%	-22.76%
52 Week	-46.93%	-35.86%
Year to Date	-7.68%	-12.72%

1 - Profit & Loss Item Exchange Rate: USD 1 = TWD 29.39004
2 - Balance Sheet Item Exchange Rate: USD 1 = TWD 30.279

Corporate Overview

Location
2nd Floor
70 Shi-Ning North Road
Taipei, 103
Taiwan

Tel:	886-2-25557151
Fax:	886-2-25503740

www.zigsheng.com

Quote Symbol - Exchange
1455 - Taiwan Stock Exchange
Sales TWD(mil):	18,967.1
Assets TWD(mil):	14,288.7
Employees:	1,300
Fiscal Year End:	31-Dec-2011

Industry:

Apparel and Accessories

Incorporation Date:	18-Aug-1969
Company Type:	Public Independent
Quoted Status:	Quoted

Chairman of the Board:

Shoutun Ye

Company Web Links

Company Contact/E-mail

Corporate History/Profile

Home Page

News Releases

Products/Services

Contents Industry Codes Business Description Brand/Trade Names Financial Data

Market Data Subsidiaries Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:
1312	-	Natural Textile Manufacturing

NACE 2002 Codes:
171	-	Preparation and spinning of textile fibres

NAICS 2002 Codes:
313111	-	Yarn Spinning Mills
313112	-	Yarn Texturing, Throwing, and Twisting Mills

US SIC 1987:
2282	-	Yarn Texturizing, Throwing, Twisting, and Winding Mills
2281	-	Yarn Spinning Mills

UK SIC 2003:
171	-	Preparation and spinning of textile fibres

Business Description

Zig Sheng Industrial Co Ltd is principally engaged in the manufacture and distribution of textile products. The Company provides polyester and nylon textured yarns, including sizing textured yarns, stretch textured yarns, polyester wool-like yarns with colors, polyester high stretch textured yarns and other yarn products, which are applied in the manufacture of curtain fabrics, industrial woven belts, pants fabrics, skirt fabrics, denim fabrics and swimming suits, among others; nylon chips and nylon yarns for textile, including filaments for apparels and industrial use, and staple fibers, which are applied in the manufacture of towels, sportswear, umbrella fabrics, shoe materials, toys and carpets, among others, as well as engineering plastic nylon chips, including automobile components, industrial parts, electronic components and packaging materials. For the three months ended 31 March 2010, Zig Sheng Industrial Co., Ltd.'s total revenues increased 24% to NT$5.05B. Net income for the period totaled NT$557.7M, up from NT$255.3M. Total revenues reflect an increase in sales due to stronger market demand. Net income also benefited from the inclusion of revaluation gain on financial assets, increased gain on foreign exchange and increased rent income.

More Business Descriptions

Manufacture of polyester textured yarn

Fiber, Yarn, and Thread Mills

Brand/Trade Names

ZIGSHENG

Financial Data

Financials in:	TWD(mil)
Revenue:	18,967.1
Net Income:	132.6
Assets:	14,288.7
Long Term Debt:	2,100.0
Total Liabilities:	7,756.1
Date of Financial Data:	31-Dec-2011

1 Year Growth

NA

-85.8%

27.1%

Market Data

Quote Symbol:	1455
Exchange:	Taiwan Stock Exchange
Currency:	TWD
Stock Price:	10.1
Stock Price Date:	04-27-2012
52 Week Price Change %:	-46.9
Market Value (mil):	6,027,078.0
SEDOL:	6994033
ISIN:	TW0001455004
Equity and Dept Distribution:
FY'01 Employee Numbers are taken from Parent Company. The Company start filing consol fncls from 05 onwards. 09/2007, 1.8% stock dividend. FY'06 B/S is RES due to accounting changes. 9/2008, 1.8% stock dividend. 09/2010, 1.5% Stock dividend. FY'09 C/F is CLA. 08/11 Stock Dividend (factor: 1.060000) FY'10 Q3 B/S was CLA.

Subsidiaries

Company	Percentage Owned	Country
ZIS Holding Co Ltd	100%	MAURITIUS

Key Corporate Relationships

Auditor:	Horwath Chien Hsing CPA
Auditor:	First United CPA, Horwath Chien Hsing CPA

Executives Report

Board of Directors

Name	Title	Function
Shoutun Ye	Chairman of the Board	Chairman
Biography Mr. Ye Shoutun has been Chairman of the Board in ZIG SHENG IND. CO., LTD since March 6, 1978. He also serves as Director in two other companies.
Steve Yeh	Chairman	Chairman
Robert Yu	Vice President	Chairman
Baihuang Su	General Manager, Director	Director/Board Member
Biography Mr. Su Baihuang has been General Manager and Director in ZIG SHENG IND. CO., LTD since May 27, 2004. He also serves as Director in Lily Entertainment Corp.
Qinglang Su	Director	Director/Board Member
Biography Su Qinglang has been Director in ZIG SHENG IND. CO., LTD since May 27, 2004. Su also serves as Chairman of the Board in BSDF CORPORATION and Lily Entertainment Corp. Su holds a Master of Business Administration (MBA) from Cornell University, the United States. Education: Cornell University, MBA
Zonghao Ye	Director	Director/Board Member
Biography Mr. Ye Zonghao has been serving as Director in ZIG SHENG IND. CO., LTD since June 15, 2007. He is also Special Assistant to General Manager in the Company.
Yisheng You	Deputy General Manager, Director	Director/Board Member

Executives

Name	Title	Function
Barry Su	General Manager	Division Head Executive
Baihuang Su	General Manager, Director	Division Head Executive
Biography Mr. Su Baihuang has been General Manager and Director in ZIG SHENG IND. CO., LTD since May 27, 2004. He also serves as Director in Lily Entertainment Corp.
Shih-Cheng Kuo	Co-Manager-Operations	Operations Executive
You-Chang Qin	Co-Manager-Operations	Operations Executive
Hsue-Chou Shih	Vice President-Operations	Operations Executive
Chong-Ci Yan	Chief Financial Officer	Finance Executive
Zhongzi Yan	Finance Manager	Finance Executive
Qihuang Chen	Manager-Accounting	Accounting Executive
Ming Huang Chen	Manager-Accounting	Accounting Executive
Tony Yeh	Manager-Sales	Sales Executive
Xuezhou Shi	Deputy General Manager	Other
Biography Shi Xuezhou has been Deputy General Manager in ZIG SHENG IND. CO., LTD since January 1, 1987. Shi used to be Director in the Company.

 Significant Developments

Zig Sheng Industrial Co Ltd Announces FY 2011 Dividend Payment

Apr 24, 2012

Zig Sheng Industrial Co Ltd announced that the Company will pay a cash dividend of NTD 0.1 per share, or NTD 59,970,930 in total, and stock dividends worth NTD 0.1 per share, or NTD 59,970,930 in total, to shareholders for fiscal year 2011.

Zig Sheng Industrial Co Ltd Prices Share Issuance

Mar 28, 2012

Zig Sheng Industrial Co Ltd announced that it has priced its 81 million new shares with par value of NTD 10 per shares to issue at NTD 10.3 per share. 15% of the new shares, or 12,150,000 shares, will be offered to the Company's employees, and another 8,100,000 shares will be in public offering. The remaining 60,750,000 shares will be offered to the Company's existing shareholders.

Zig Sheng Industrial Co Ltd to Issue New Shares

Feb 29, 2012

Zig Sheng Industrial Co Ltd announced that it will issue 81 million new shares with par value of NTD 10 per share at NTD 12 per share. 15% of the new shares, or 12,150,000 shares, will be offered to the Company's employees, and another 8,100,000 shares will be in public offering. The remaining 60,750,000 shares will be offered to the Company's existing shareholders.

Zig Sheng Industrial Co Ltd Acquires Property

Aug 10, 2011

Zig Sheng Industrial Co Ltd announced that it acquired properties including land, buildings and equipment, at NTD 1,572,200,000.

Zig Sheng Industrial Co Ltd Announces FY 2010 Stock Dividend Payment Date

Jul 18, 2011

Zig Sheng Industrial Co Ltd announced that the Company will distribute stock dividends worth NTD 0.6 per share to shareholders of record on August 10, 2011. The Company's shares will be traded ex-right on August 4, 2011.

Zig Sheng Industrial Co Ltd Announces FY 2010 Cash Dividend Payment Date

Jun 16, 2011

Zig Sheng Industrial Co Ltd announced that the Company will pay a cash dividend of NTD 0.6 per share to shareholders of record on July 18, 2011. The Company's shares will be traded ex-dividend on July 12, 2011.

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	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	Horwath Chien Hsing CPA	First United CPA Office	First United CPA Office	First United CPA Office	First United CPA Office
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified
Gross Revenue	646.9	549.6	390.0	438.2	465.8
Sales Returns and Allowances	-1.5	-0.8	-1.6	-3.7	-2.3
Revenue	645.4	548.7	388.4	434.5	463.5
Total Revenue	645.4	548.7	388.4	434.5	463.5
Cost of Revenue	629.1	507.2	351.2	456.7	444.8
Cost of Revenue, Total	629.1	507.2	351.2	456.7	444.8
Gross Profit	16.2	41.6	37.2	-22.2	18.7
Selling/General/Administrative Expense	11.2	11.8	10.3	9.0	8.8
Total Selling/General/Administrative Expenses	11.2	11.8	10.3	9.0	8.8
Research & Development	2.5	1.9	1.6	2.2	2.2
Impairment-Assets Held for Use	-	-	-	-	0.6
Unusual Expense (Income)	-	-	-	-	0.6
Total Operating Expense	642.9	520.8	363.0	467.9	456.4
Operating Income	2.5	27.9	25.4	-33.4	7.1
Interest Expense - Non-Operating	-1.6	-1.2	-1.3	-3.4	-2.5
Interest Expense, Net Non-Operating	-1.6	-1.2	-1.3	-3.4	-2.5
Interest Income - Non-Operating	0.0	0.0	0.0	0.0	0.0
Investment Income - Non-Operating	1.5	6.7	2.1	-3.3	0.1
Interest/Investment Income - Non-Operating	1.5	6.7	2.1	-3.2	0.1
Interest Income (Expense) - Net Non-Operating Total	-0.1	5.6	0.8	-6.6	-2.3
Gain (Loss) on Sale of Assets	0.1	-0.4	0.0	0.0	1.0
Other Non-Operating Income (Expense)	2.0	1.9	1.7	0.1	1.0
Other, Net	2.0	1.9	1.7	0.1	1.0
Income Before Tax	4.5	34.9	27.9	-39.9	6.7
Total Income Tax	-0.1	5.2	1.8	-2.9	1.5
Income After Tax	4.5	29.7	26.1	-37.0	5.2
Minority Interest	-	-	-	-	0.0
Net Income Before Extraord Items	4.5	29.7	26.1	-37.0	5.2
Net Income	4.5	29.7	26.1	-37.0	5.2
Income Available to Common Excl Extraord Items	4.5	29.7	26.1	-37.0	5.2
Income Available to Common Incl Extraord Items	4.5	29.7	26.1	-37.0	5.2
Basic/Primary Weighted Average Shares	518.7	518.7	519.7	526.2	526.4
Basic EPS Excl Extraord Items	0.01	0.06	0.05	-0.07	0.01
Basic/Primary EPS Incl Extraord Items	0.01	0.06	0.05	-0.07	0.01
Dilution Adjustment	-	-	-	0.0	-
Diluted Net Income	4.5	29.7	26.1	-37.0	5.2
Diluted Weighted Average Shares	518.7	518.7	519.7	526.2	526.4
Diluted EPS Excl Extraord Items	0.01	0.06	0.05	-0.07	0.01
Diluted EPS Incl Extraord Items	0.01	0.06	0.05	-0.07	0.01
Dividends per Share - Common Stock Primary Issue	-	0.02	0.00	0.00	0.00
Gross Dividends - Common Stock	-	9.3	1.5	0.0	1.8
Interest Expense, Supplemental	1.6	1.2	1.3	3.4	2.5
Interest Capitalized, Supplemental	-0.1	-	-	-	-
Depreciation, Supplemental	15.5	13.0	12.0	12.5	11.8
Total Special Items	-0.1	0.4	0.0	0.0	-0.4
Normalized Income Before Tax	4.4	35.4	27.9	-39.9	6.3
Effect of Special Items on Income Taxes	0.0	0.1	0.0	0.0	-0.1
Inc Tax Ex Impact of Sp Items	-0.1	5.3	1.8	-2.9	1.4
Normalized Income After Tax	4.5	30.1	26.1	-37.0	4.9
Normalized Inc. Avail to Com.	4.5	30.1	26.1	-37.0	4.9
Basic Normalized EPS	0.01	0.06	0.05	-0.07	0.01
Diluted Normalized EPS	0.01	0.06	0.05	-0.07	0.01
Amort of Intangibles, Supplemental	-	-	-	0.6	0.5
Rental Expenses	-	0.7	0.5	0.6	-
Advertising Expense, Supplemental	-	0.1	0.1	0.1	-
Research & Development Exp, Supplemental	2.5	1.9	1.6	2.2	2.2
Normalized EBIT	2.5	27.9	25.4	-33.4	7.7
Normalized EBITDA	17.9	40.9	37.4	-20.3	20.0
Current Tax - Total	4.1	2.9	0.2	0.0	1.2
Current Tax - Total	4.1	2.9	0.2	0.0	1.2
Deferred Tax - Total	-3.2	1.8	5.9	8.9	-0.1
Deferred Tax - Total	-3.2	1.8	5.9	8.9	-0.1
Other Tax	-1.0	0.5	-4.3	-11.8	0.4
Income Tax - Total	-0.1	5.2	1.8	-2.9	1.5
Interest Cost - Domestic	0.2	0.1	0.1	0.2	0.2
Service Cost - Domestic	0.0	0.1	0.1	0.1	0.1
Expected Return on Assets - Domestic	0.0	0.0	0.0	-0.1	-0.1
Actuarial Gains and Losses - Domestic	1.0	0.5	0.5	0.1	0.0
Curtailments & Settlements - Domestic	-	0.0	0.2	1.1	0.0
Transition Costs - Domestic	0.0	0.0	0.0	0.1	0.1
Domestic Pension Plan Expense	1.1	0.8	1.0	1.5	0.4
Defined Contribution Expense - Domestic	0.8	0.6	0.4	0.5	-
Total Pension Expense	1.9	1.4	1.4	2.0	0.4
Discount Rate - Domestic	2.00%	2.25%	2.25%	2.50%	3.50%
Expected Rate of Return - Domestic	2.00%	2.00%	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	0.1	0.2	0.2
Total Plan Service Cost	0.0	0.1	0.1	0.1	0.1
Total Plan Expected Return	0.0	0.0	0.0	-0.1	-0.1

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	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	Horwath Chien Hsing CPA	First United CPA Office	First United CPA Office	First United CPA Office	First United CPA Office
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified
Cash & Equivalents	0.6	1.8	1.2	0.5	0.6
Short Term Investments	12.9	15.1	6.8	6.2	1.7
Cash and Short Term Investments	13.5	16.9	8.0	6.8	2.3
Accounts Receivable - Trade, Gross	39.1	40.5	32.4	13.4	56.7
Provision for Doubtful Accounts	-0.1	-0.1	-0.1	-0.1	-0.6
Trade Accounts Receivable - Net	41.5	43.1	34.3	13.3	58.0
Notes Receivable - Short Term	12.0	11.1	6.6	4.8	11.9
Other Receivables	2.6	2.4	1.9	0.9	1.6
Total Receivables, Net	56.0	56.6	42.8	19.0	71.5
Inventories - Finished Goods	58.1	40.5	30.3	49.7	45.1
Inventories - Work In Progress	6.6	7.2	5.4	5.4	6.9
Inventories - Raw Materials	77.9	55.3	33.4	16.8	24.7
Inventories - Other	-18.7	-2.5	-2.3	-24.3	-1.3
Total Inventory	123.9	100.5	66.8	47.6	75.3
Prepaid Expenses	0.4	1.1	2.0	4.4	2.8
Other Current Assets	5.1	0.3	1.2	7.0	1.0
Other Current Assets, Total	5.1	0.3	1.2	7.0	1.0
Total Current Assets	198.9	175.4	120.8	84.7	152.8
Buildings	89.1	59.7	51.5	50.2	49.7
Land/Improvements	51.6	33.0	18.4	18.0	18.2
Machinery/Equipment	238.8	238.8	213.9	207.7	206.5
Construction in Progress	28.5	5.9	4.7	2.3	5.9
Leases	21.2	22.0	18.8	13.7	13.7
Other Property/Plant/Equipment	15.9	16.5	15.0	14.6	0.7
Property/Plant/Equipment - Gross	445.0	375.9	322.4	306.5	294.6
Accumulated Depreciation	-179.6	-172.7	-144.9	-129.1	-118.4
Property/Plant/Equipment - Net	265.4	203.2	177.4	177.4	176.2
LT Investment - Affiliate Companies	-	-	-	-	0.0
LT Investments - Other	5.0	4.7	4.3	4.2	4.2
Long Term Investments	5.0	4.7	4.3	4.2	4.2
Deferred Charges	1.4	1.1	0.9	1.0	1.2
Pension Benefits - Overfunded	-	0.0	0.0	0.1	0.2
Deferred Income Tax - Long Term Asset	1.1	0.9	3.7	0.4	-
Other Long Term Assets	0.1	0.1	0.1	0.1	3.0
Other Long Term Assets, Total	2.6	2.2	4.6	1.5	4.3
Total Assets	471.9	385.5	307.1	267.7	337.5
Accounts Payable	40.0	52.4	30.0	8.3	26.3
Accrued Expenses	7.3	8.3	6.1	3.4	4.3
Notes Payable/Short Term Debt	121.4	51.8	47.9	35.7	59.0
Current Portion - Long Term Debt/Capital Leases	0.0	10.3	6.3	42.6	9.2
Customer Advances	2.4	3.9	2.3	1.3	3.5
Income Taxes Payable	2.9	1.3	0.0	0.0	0.6
Other Payables	1.6	3.7	2.2	2.2	1.0
Other Current Liabilities	0.1	0.0	0.0	0.1	0.0
Other Current liabilities, Total	7.0	8.9	4.6	3.6	5.1
Total Current Liabilities	175.8	131.8	94.9	93.7	104.0
Long Term Debt	69.4	13.7	21.9	15.2	49.3
Total Long Term Debt	69.4	13.7	21.9	15.2	49.3
Total Debt	190.8	75.8	76.1	93.6	117.6
Minority Interest	-	-	-	-	0.0
Reserves	4.5	4.7	4.3	4.2	0.0
Pension Benefits - Underfunded	5.8	5.3	4.1	3.3	3.0
Other Long Term Liabilities	0.6	0.6	0.6	0.2	0.2
Other Liabilities, Total	11.0	10.6	9.0	7.7	3.2
Total Liabilities	256.2	156.1	125.7	116.7	156.5
Common Stock	171.3	167.8	150.7	149.1	148.2
Common Stock	171.3	167.8	150.7	149.1	148.2
Additional Paid-In Capital	14.2	14.7	13.4	11.8	11.9
Retained Earnings (Accumulated Deficit)	18.8	35.2	6.6	-19.9	20.5
Treasury Stock - Common	-	-	0.0	-0.2	-
Unrealized Gain (Loss)	11.6	12.0	11.0	10.7	0.9
Translation Adjustment	-0.2	-0.2	-0.1	-0.1	-0.1
Minimum Pension Liability Adjustment	0.0	-0.2	-0.1	-0.2	-0.4
Other Equity, Total	-0.2	-0.3	-0.3	-0.4	-0.5
Total Equity	215.7	229.4	181.4	151.1	181.0
Total Liabilities & Shareholders’ Equity	471.9	385.5	307.1	267.7	337.5
Shares Outstanding - Common Stock Primary Issue	518.7	518.7	518.7	524.6	526.4
Total Common Shares Outstanding	518.7	518.7	518.7	524.6	526.4
Treasury Shares - Common Stock Primary Issue	0.0	0.0	0.0	1.7	0.0
Employees	1,300	914	825	809	821
Number of Common Shareholders	-	28,584	30,004	22,963	23,223
Deferred Revenue - Current	2.4	3.9	2.3	1.3	3.5
Total Long Term Debt, Supplemental	-	10.3	6.3	42.6	-
Long Term Debt Maturing within 1 Year	-	10.3	6.3	42.6	-
Long Term Debt Matur. in Year 6 & Beyond	-	0.0	0.0	0.0	-
Total Operating Leases, Supplemental	0.3	16.6	13.7	0.1	0.4
Operating Lease Payments Due in Year 1	0.1	1.7	1.4	0.1	0.3
Operating Lease Payments Due in Year 2	0.1	1.7	1.4	0.1	0.1
Operating Lease Payments Due in Year 3	-	1.7	1.4	-	0.1
Operating Lease Payments Due in Year 4	-	1.7	1.4	-	-
Operating Lease Payments Due in Year 5	-	1.7	-	-	-
Operating Lease Pymts. Due in 2-3 Years	0.1	3.5	2.8	0.1	0.1
Operating Lease Pymts. Due in 4-5 Years	-	3.4	1.4	-	-
Oper. Lse. Pymts. Due in Year 6 & Beyond	0.0	8.0	8.1	0.0	0.0
Pension Obligation - Domestic	7.9	7.5	5.9	5.4	6.4
Plan Assets - Domestic	0.7	0.6	0.4	0.8	2.3
Funded Status - Domestic	-7.2	-7.0	-5.5	-4.6	-4.1
Accumulated Obligation - Domestic	6.0	5.7	4.4	4.0	5.2
Total Funded Status	-7.2	-7.0	-5.5	-4.6	-4.1
Discount Rate - Domestic	2.00%	2.25%	2.25%	2.50%	3.50%
Expected Rate of Return - Domestic	2.00%	2.00%	2.00%	2.50%	2.50%
Compensation Rate - Domestic	2.00%	2.00%	2.00%	2.00%	2.00%
Prepaid Benefits - Domestic	-	-	0.0	0.1	0.2
Accrued Liabilities - Domestic	-5.8	-5.3	-4.1	-3.3	-3.0
Net Assets Recognized on Balance Sheet	-5.8	-5.3	-4.1	-3.2	-2.8
Total Plan Obligations	7.9	7.5	5.9	5.4	6.4
Total Plan Assets	0.7	0.6	0.4	0.8	2.3

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	29.39004	31.497037	33.023867	31.543497	32.848802
Auditor	Horwath Chien Hsing CPA	First United CPA Office	First United CPA Office	First United CPA Office	First United CPA Office
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified
Net Income/Starting Line	4.5	29.7	26.1	-37.0	5.2
Depreciation	16.5	13.6	12.2	12.5	11.8
Depreciation/Depletion	16.5	13.6	12.2	12.5	11.8
Deferred Taxes	-0.2	2.9	-3.2	2.6	0.5
Unusual Items	-1.1	-1.5	-0.8	2.2	0.1
Equity in Net Earnings (Loss)	-	-	-	0.0	0.8
Other Non-Cash Items	7.5	0.5	0.6	28.6	15.5
Non-Cash Items	6.4	-1.0	-0.2	30.8	16.3
Accounts Receivable	-1.6	-8.9	-22.6	54.2	5.7
Inventories	-27.9	-25.3	-17.4	7.4	-17.2
Prepaid Expenses	0.7	1.0	2.4	-1.6	-0.4
Other Assets	-4.9	0.9	5.7	-6.3	-0.1
Accounts Payable	-10.6	18.0	20.0	-18.4	5.1
Accrued Expenses	-0.7	1.5	2.6	-0.9	0.0
Taxes Payable	1.7	1.2	0.0	-0.6	0.6
Other Liabilities	1.4	2.1	4.1	-3.1	0.5
Changes in Working Capital	-41.9	-9.4	-5.2	30.8	-5.9
Cash from Operating Activities	-14.7	35.7	29.8	39.7	28.0
Purchase of Fixed Assets	-93.9	-23.2	-8.4	-6.8	-
Capital Expenditures	-93.9	-23.2	-8.4	-6.8	-
Sale of Fixed Assets	0.2	0.2	0.0	-	-
Sale/Maturity of Investment	0.1	-	4.3	-	0.0
Investment, Net	-0.7	-2.6	-2.3	-2.7	-1.2
Purchase of Investments	-0.5	0.0	-	-4.5	-16.2
Other Investing Cash Flow	-1.1	-0.8	-0.5	-0.5	-0.6
Other Investing Cash Flow Items, Total	-2.0	-3.3	1.5	-7.7	-18.0
Cash from Investing Activities	-95.9	-26.5	-7.0	-14.5	-18.0
Other Financing Cash Flow	0.0	0.0	0.3	-1.2	-1.4
Financing Cash Flow Items	0.0	0.0	0.3	-1.2	-1.4
Cash Dividends Paid - Common	-10.0	-1.5	0.0	-1.8	-1.7
Total Cash Dividends Paid	-10.0	-1.5	0.0	-1.8	-1.7
Repurchase/Retirement of Common	-	0.0	-0.7	-0.1	-
Common Stock, Net	-	0.0	-0.7	-0.1	-
Issuance (Retirement) of Stock, Net	-	0.0	-0.7	-0.1	-
Short Term Debt Issued	71.9	0.7	18.2	-	-34.0
Short Term Debt Reduction	0.0	-1.6	-9.7	-22.1	-
Short Term Debt, Net	71.9	-0.9	8.5	-22.1	-34.0
Long Term Debt Issued	47.6	-	-	9.5	33.5
Long Term Debt Reduction	-	-6.3	-30.3	-9.5	-6.1
Long Term Debt, Net	47.6	-6.3	-30.3	0.0	27.4
Issuance (Retirement) of Debt, Net	119.5	-7.2	-21.8	-22.1	-6.6
Cash from Financing Activities	109.5	-8.7	-22.2	-25.2	-9.7
Net Change in Cash	-1.1	0.5	0.6	0.0	0.3
Net Cash - Beginning Balance	1.8	1.2	0.5	0.6	0.3
Net Cash - Ending Balance	0.6	1.7	1.1	0.6	0.6
Cash Interest Paid	1.5	1.2	1.3	3.4	2.4
Cash Taxes Paid	1.4	0.4	0.0	0.6	0.4

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	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	Horwath Chien Hsing CPA	First United CPA Office	First United CPA Office	First United CPA Office	First United CPA Office
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified
Gross Sales	646.9	549.6	390.0	438.2	465.8
Sales Returns	-0.9	-0.6	-0.8	-2.2	-1.8
Sales Discounts and Allowances	-0.6	-0.2	-0.8	-1.5	-0.5
Total Revenue	645.4	548.7	388.4	434.5	463.5
Cost of Sales	629.1	507.2	351.2	456.7	444.8
G/L on Inventory Valuation/Obsolescence	-	-	-	-	-0.1
Loss on Physical Inventory	-	-	-	-	0.0
Gain on Physical Inventory	-	-	-	-	0.0
Selling Expenses	8.1	7.7	7.5	6.6	6.8
General and Administrative Expenses	3.1	4.0	2.8	2.4	2.1
Research and Development Expenses	2.5	1.9	1.6	2.2	2.2
Impairment Loss	-	-	-	-	0.6
Total Operating Expense	642.9	520.8	363.0	467.9	456.4
Interest Income	0.0	0.0	0.0	0.0	0.0
Dividend Income	1.2	0.5	0.3	0.9	0.3
G/L on Financial Assets Revaluation	-3.3	3.0	1.9	-1.8	-0.3
Gain on Sale of Investments	1.0	2.1	0.0	0.5	0.8
Gain on Sale of Fixed Assets	0.1	0.0	0.0	0.0	0.0
Gain on Foreign Exchange	2.6	1.2	-	-	1.8
Rental Income	1.8	1.5	0.7	0.7	0.7
Gain on Sale of Scrap & Waste	-	-	-	-	1.2
Miscellaneous Income	1.4	1.3	1.6	1.5	1.1
Interest Expenses	-1.6	-1.2	-1.3	-3.4	-2.5
Loss on Equity Investment	-	-	-	-	-0.8
Loss on Other Investments	-	-	-	-	0.0
Loss on Sale of Fixed Assets	0.0	-0.5	0.0	0.0	-0.2
Loss on Sale of Investments	-	-0.2	0.0	-1.2	-0.1
Losses on Foreign Exchange	-	0.0	-0.1	-1.6	-1.7
Loss on Stopped Operations	-	-	-	-	-0.3
Miscellaneous Disbursements	-1.3	-0.9	-0.6	-2.1	-0.5
Net Income Before Taxes	4.5	34.9	27.9	-39.9	6.7
Provision for Income Taxes	-0.1	5.2	1.8	-2.9	1.5
Net Income After Taxes	4.5	29.7	26.1	-37.0	5.2
Minority Interests	-	-	-	-	0.0
Net Income Before Extra. Items	4.5	29.7	26.1	-37.0	5.2
Net Income	4.5	29.7	26.1	-37.0	5.2
Income Available to Com Excl ExtraOrd	4.5	29.7	26.1	-37.0	5.2
Income Available to Com Incl ExtraOrd	4.5	29.7	26.1	-37.0	5.2
Basic Weighted Average Shares	518.7	518.7	519.7	526.2	526.4
Basic EPS Excluding ExtraOrdinary Items	0.01	0.06	0.05	-0.07	0.01
Basic EPS Including ExtraOrdinary Items	0.01	0.06	0.05	-0.07	0.01
Dilution Adjustment	-	-	-	0.0	-
Diluted Net Income	4.5	29.7	26.1	-37.0	5.2
Diluted Weighted Average Shares	518.7	518.7	519.7	526.2	526.4
Diluted EPS Excluding ExtraOrd Items	0.01	0.06	0.05	-0.07	0.01
Diluted EPS Including ExtraOrd Items	0.01	0.06	0.05	-0.07	0.01
DPS-Common Share	-	0.02	0.00	0.00	0.00
Gross Dividends - Common Stock	-	9.3	1.5	0.0	1.8
Normalized Income Before Taxes	4.4	35.4	27.9	-39.9	6.3
Inc Tax Ex Impact of Sp Items	-0.1	5.3	1.8	-2.9	1.4
Normalized Income After Taxes	4.5	30.1	26.1	-37.0	4.9
Normalized Inc. Avail to Com.	4.5	30.1	26.1	-37.0	4.9
Basic Normalized EPS	0.01	0.06	0.05	-0.07	0.01
Diluted Normalized EPS	0.01	0.06	0.05	-0.07	0.01
Interest Expense, Supplemental	1.6	1.2	1.3	3.4	2.5
Interest Capitalized, Supplemental	-0.1	-	-	-	-
R&D Expense, Supplemental	2.5	1.9	1.6	2.2	2.2
Depreciation - Operating Cost	15.0	12.7	11.7	12.2	11.6
Depreciation - Operating Expense	0.4	0.3	0.3	0.2	0.2
Amortization - Operating Cost	-	-	-	0.6	0.4
Amortization - Operating Expense	-	-	-	0.1	0.1
Rent Expense	-	0.7	0.5	0.6	-
Advertising Expense	-	0.1	0.1	0.1	-
Current Tax	4.1	2.9	0.2	0.0	1.2
Current Tax - Total	4.1	2.9	0.2	0.0	1.2
Deferred Tax	-3.2	1.8	5.9	8.9	-0.1
Deferred Tax - Total	-3.2	1.8	5.9	8.9	-0.1
Other Tax	-1.0	0.5	-4.3	-11.8	0.4
Income Tax - Total	-0.1	5.2	1.8	-2.9	1.5
Service Cost	0.0	0.1	0.1	0.1	0.1
Interest Cost	0.2	0.1	0.1	0.2	0.2
Expected Return on Plan Assets	0.0	0.0	0.0	-0.1	-0.1
Amort. of Unrecognized Transitional Cost	0.0	0.0	0.0	0.1	0.1
Amort. of Pension Gain/Loss	1.0	0.5	0.5	0.1	0.0
Curtailment and Settlements	-	0.0	0.2	1.1	0.0
Domestic Pension Plan Expense	1.1	0.8	1.0	1.5	0.4
Defined Contribution Expense - Domestic	0.8	0.6	0.4	0.5	-
Total Pension Expense	1.9	1.4	1.4	2.0	0.4
Discount Rate	2.00%	2.25%	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%	2.00%	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	Horwath Chien Hsing CPA	First United CPA Office	First United CPA Office	First United CPA Office	First United CPA Office
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified
Cash and Cash Equivalent	0.6	1.8	1.2	0.5	0.6
Other Financial Assets - Current	0.0	0.1	0.0	4.3	0.1
Financial Assets-Fair Value,Current	12.9	15.0	6.8	1.9	1.7
Notes Receivable	12.0	11.1	6.6	4.8	11.9
Accounts Receivable, Gross	39.1	40.5	32.4	13.4	56.7
Provision for Doubtful Accounts	-0.1	-0.1	-0.1	-0.1	-0.6
Accounts Receivable - Related Parties	2.5	2.8	2.0	0.0	1.8
Other Receivables	2.6	2.4	1.9	0.9	1.6
Raw Material	55.7	44.8	25.3	13.3	18.8
Supplies	4.3	2.6	2.4	2.7	0.4
Work-in-Process	6.6	7.2	5.4	5.4	6.9
Finished Goods	53.9	37.2	29.9	49.0	43.9
Goods Purchased	4.2	3.3	0.4	0.6	1.1
Materials in Transit	17.9	7.9	5.7	0.8	5.5
Provision/Allowance for Inventory	-18.7	-2.5	-2.3	-24.3	-1.3
Prepayment	0.4	1.1	2.0	4.4	2.8
Other Current Assets	5.1	0.3	1.2	7.0	1.0
Total Current Assets	198.9	175.4	120.8	84.7	152.8
Long Term Equity Investment	-	-	-	-	0.0
Financial Assets At Cost- Non-Current	5.0	4.7	4.3	4.2	4.2
Other Financial Assets - Non-Current	-	-	-	-	0.0
Land and Improvements	51.6	33.0	18.4	18.0	18.2
Buildings and Structures	89.1	59.7	51.5	50.2	49.7
Machinery and Equipment	231.3	231.6	207.4	201.4	200.2
Transportation Equipment	2.3	2.1	2.0	2.0	1.9
Miscellaneous Equipment	5.3	5.1	4.5	4.4	4.5
Assets Revaluation Increment	15.9	16.5	15.0	14.6	0.7
Accumulated Depreciation	-177.3	-171.3	-144.2	-128.6	-118.2
Construction in Progress	1.7	0.9	0.8	0.0	0.2
Prepayment for Equipment	26.7	4.9	3.9	2.3	5.7
Assets for Lease	21.2	22.0	18.8	13.7	13.7
Accumulated Depreciation - Assets for Le	-2.4	-1.5	-0.7	-0.5	-0.3
Deferred Pension Cost	-	0.0	0.0	0.1	0.2
Security Deposits Paid	0.1	0.1	0.1	0.1	0.1
Deferred Charges	1.4	1.1	0.9	1.0	1.2
Other Long Term Assets	-	-	-	-	2.9
Deferred Income Tax Assets - Non Current	1.1	0.9	3.7	0.4	-
Total Assets	471.9	385.5	307.1	267.7	337.5
Short Term Borrowings	89.4	20.4	17.9	27.2	47.4
Short Term Notes & Bills Payable	24.7	25.7	25.0	6.1	7.7
Notes Payable	7.2	5.7	5.0	2.5	3.9
Accounts Payable	40.0	52.4	30.0	8.3	26.3
Accounts Payable - Related	0.0	0.0	-	-	-
Income Taxes Payable	2.9	1.3	0.0	0.0	0.6
Accrued Expenses	7.3	8.3	6.1	3.4	4.3
Other Payables	1.6	3.7	2.2	2.2	1.0
Advance Receipts	2.4	3.9	2.3	1.3	3.5
Current Portion of Long Term Debt	0.0	10.3	6.3	42.6	9.2
Other Current Liabilities	0.1	0.0	0.0	0.1	0.0
Total Current Liabilities	175.8	131.8	94.9	93.7	104.0
Long Term Borrowings	69.4	13.7	21.9	15.2	49.3
Total Long Term Debt	69.4	13.7	21.9	15.2	49.3
Land Revaluation Increment Tax Reserve	4.5	4.7	4.3	4.2	0.0
Accrued Pension Liabilities	5.8	5.3	4.1	3.3	3.0
Long Term Security Deposits Received	0.6	0.6	0.6	0.2	0.2
Minority Interest	-	-	-	-	0.0
Total Liabilities	256.2	156.1	125.7	116.7	156.5
Common Stock	171.3	167.8	150.7	149.1	148.2
Additional Paid-In Capital	11.7	12.1	11.0	10.8	10.9
Donated Assets Received	-	-	0.0	0.0	0.0
Cap. Surplus, Treasury Stock Transaction	1.4	1.5	1.4	-	-
Long Term Investments	1.1	1.1	1.0	1.0	1.0
Legal Reserve	3.8	0.7	0.0	12.4	12.0
Special Reserve	0.3	0.3	0.0	0.5	0.1
Retained Earnings	14.7	34.2	6.6	-32.8	8.4
Net Loss Not Recognized as Pension Cost	0.0	-0.2	-0.1	-0.2	-0.4
Cumulative Translation Adjustment	-0.2	-0.2	-0.1	-0.1	-0.1
Unrealized Revaluation Increment	11.6	12.0	11.0	10.7	0.9
Treasury Stock	-	-	0.0	-0.2	-
Total Equity	215.7	229.4	181.4	151.1	181.0
Total Liabilities & Shareholders' Equity	471.9	385.5	307.1	267.7	337.5
S/O-Common Share	518.7	518.7	518.7	524.6	526.4
Total Common Shares Outstanding	518.7	518.7	518.7	524.6	526.4
T/S-Common Share	0.0	0.0	0.0	1.7	0.0
Advance Receipts	2.4	3.9	2.3	1.3	3.5
Full-Time Employees	1,300	914	825	809	821
Number of Common Shareholders	-	28,584	30,004	22,963	23,223
Current maturities	-	10.3	6.3	42.6	-
Total Long Term Debt, Supplemental	-	10.3	6.3	42.6	-
Operating Lease Payments Due in 1 year	0.1	1.7	1.4	0.1	0.3
Operating Lease Payments Due in 2 year	0.1	1.7	1.4	0.1	0.1
Operating Lease Payments Due in 3year	-	1.7	1.4	-	0.1
Operating Lease Payments Due in Year 4	-	1.7	1.4	-	-
Operating Lease Payments Due in Year 5	-	1.7	-	-	-
Operating Leases - Remaining Payments	-	8.0	8.1	-	-
Total Operating Leases	0.3	16.6	13.7	0.1	0.4
Fair Value of Plan Assets	0.7	0.6	0.4	0.8	2.3
Benefit Obligation	7.9	7.5	5.9	5.4	6.4
Funded Status	-7.2	-7.0	-5.5	-4.6	-4.1
Accumulated Benefit Obligation	6.0	5.7	4.4	4.0	5.2
Total Funded Status	-7.2	-7.0	-5.5	-4.6	-4.1
Discount Rate	2.00%	2.25%	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%	2.00%	2.00%	2.50%	2.50%
Deferred Pension Cost	-	-	0.0	0.1	0.2
Accrued Pension Liabilities	-5.8	-5.3	-4.1	-3.3	-3.0
Net Assets Recognized on Balance Sheet	-5.8	-5.3	-4.1	-3.2	-2.8

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	29.39004	31.497037	33.023867	31.543497	32.848802
Auditor	Horwath Chien Hsing CPA	First United CPA Office	First United CPA Office	First United CPA Office	First United CPA Office
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified
Net Income	4.5	29.7	26.1	-37.0	5.2
Depreciation	16.5	13.6	12.2	12.5	11.8
Deferred Charges	0.7	0.6	0.6	0.6	0.5
Provision of Bad Debts	-	-	-	-0.4	-0.1
Gain/Loss on Financial Assets Valuation	3.3	-3.0	-1.9	1.8	0.3
Equity Investment Loss	-	-	-	0.0	0.8
Pro. of Amortization of Leased Assets	-	-	-	0.2	0.2
Loss Contingency for Trade Disputes	-	0.0	-0.8	1.6	-
Impairment loss of Real Estate Investmen	-	-	-	0.0	0.6
Loss on Sale of Investments	-	-	0.0	1.2	0.1
Gain on Sale of Investments	-1.0	-1.9	0.0	-0.5	-0.8
Prov. for Inventory Devaluation	-	-	-	23.9	-0.1
Fixed Assets Transfer Expense	3.5	2.8	1.8	-	-
Loss on Disposal of Properties	-	0.4	-	0.0	0.2
Gain On Disposal of Properties	-0.1	-	0.0	0.0	0.0
Loss Of Deferred charges	-	0.0	0.1	-	-
ST Notes & Bills Payable Discounts	0.0	0.0	0.0	0.0	0.0
Prepay. Spare Parts and Miscellaneous	-	-	-	2.4	14.6
Notes Receivable	-1.4	-3.5	-1.6	7.3	0.7
Accounts Receivable	-0.2	-4.5	-18.1	44.4	2.5
Accounts Receivable- Related Parties	0.2	-0.5	-2.0	1.9	1.9
Other Receivables	-0.3	-0.3	-0.9	0.7	0.7
Inventories	-27.9	-25.3	-17.4	7.4	-17.2
Prepayment	0.7	1.0	2.4	-1.6	-0.4
Deferred Tax Assets- Current	-	-	-	-	-0.4
Deferred Tax Assets- Non-Current	-0.2	2.9	-3.2	2.6	1.0
Other Current Assets	-4.9	0.9	5.7	-6.3	-0.1
Notes Payable	1.8	0.2	2.4	-1.5	-1.6
Accounts Payable	-10.7	18.0	20.7	-18.4	5.1
Accounts Payable - Related	0.0	-	-	-	-
Other Payables	0.1	0.0	-0.7	-	0.0
Tax Payable	1.7	1.2	0.0	-0.6	0.6
Accrued Expenses	-0.7	1.5	2.6	-0.9	0.0
Advance Receipts	-1.4	1.2	0.9	-2.2	1.9
Financial Liabilities At Fair Value- Cur	-	-	-	-	0.0
Other Current Liabilities	0.0	0.0	-0.1	0.1	-
Accrued Pension Liabilities	0.9	0.7	0.8	0.6	0.2
Accounts on Behalf	-	-	-	-	0.0
Overdue Accounts	-	-	-	-0.1	0.1
Cash from Operating Activities	-14.7	35.7	29.8	39.7	28.0
Financial Assets -Cost	-0.5	-	-	-	-
Fin. Assets At Fair Val- Current	-0.7	-2.6	-2.3	-2.7	-1.2
Long Term Investments Increase	-	-	-	-	2.7
Long Term Investments Decrease	-	-	-	-	0.0
Purchase of Equipment	-	-	-	-	-19.0
Real Estate Investments- Decrease	-	-	-	-	0.0
Capital Expenditure	-93.9	-20.8	-4.9	-6.8	-
Pur. of Leased Assets	0.0	-2.4	-3.5	-	-
Disposal of Fixed Assets	0.2	0.2	0.0	-	-
Security Deposit Paid	0.0	-0.1	0.0	0.0	0.3
Deferred Charges	-1.1	-0.8	-0.6	-0.5	-0.8
Other Financial Assets - Current, Decrea	0.1	-	4.3	-	0.0
Other Financial Assets - Current, Increa	-	0.0	-	-4.5	-
Cash from Investing Activities	-95.9	-26.5	-7.0	-14.5	-18.0
Short Term Borrowings Increase	71.9	0.7	-	-	-17.2
Repayment of ST Borrowings	-	-	-9.7	-20.5	-
Short Term Notes Increase	-	-	18.2	-	-16.7
Repayment of ST Notes	0.0	-1.6	-	-1.6	-
Security Deposit Received	0.0	0.0	0.4	-	-
Long Term Borrowings	47.6	-	-	-	-
Repayment of LT Borrowings	-	-6.3	-30.3	-	-
LT Borrowgs and ST Notes Pay. Increase	-	-	-	9.5	33.5
Repay. of Corporate Bonds/Note Payable	-	-	-	-9.5	-6.1
Directors Remuneration & Employees Bonus	-	0.0	-0.1	-0.1	-0.2
Cash Dividend - Common Stock	-10.0	-1.5	0.0	-1.8	-1.7
Prepayment of Equipment	-	-	-	-1.1	-1.2
Payment of initial Employee Bonus	-	-	-	-	0.0
Payment of initial Minority Interest	-	-	-	-	0.0
Refund of Minority Interest Payment	-	-	-	-	0.0
Repurchase of Treasury Stock	-	0.0	-0.7	-0.1	-
Cash from Financing Activities	109.5	-8.7	-22.2	-25.2	-9.7
Net Change in Cash	-1.1	0.5	0.6	0.0	0.3
Net Cash - Beginning Balance	1.8	1.2	0.5	0.6	0.3
Net Cash - Ending Balance	0.6	1.7	1.1	0.6	0.6
Cash Interest Paid	1.5	1.2	1.3	3.4	2.4
Cash Taxes Paid	1.4	0.4	0.0	0.6	0.4

 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	160.0	-5.81%	645.4	9.74%	11.44%	9.31%
Research & Development1	0.5	-11.42%	2.5	25.18%	3.03%	9.14%
Operating Income1	5.3	-70.09%	2.5	-91.74%	-	-21.81%
Income Available to Common Excl Extraord Items1	7.4	-60.66%	4.5	-85.83%	-	-6.51%
Basic EPS Excl Extraord Items1	0.01	-60.67%	0.01	-85.83%	-	-6.24%
Capital Expenditures2	9.4	16.67%	93.9	277.00%	134.63%	-
Cash from Operating Activities2	12.5	515.08%	-14.7	-	-	-
Free Cash Flow	3.1	-	-105.4	-	-	-
Total Assets3	482.4	19.67%	471.9	27.13%	17.60%	5.64%
Total Liabilities3	254.0	60.77%	256.2	70.42%	26.54%	8.81%
Total Long Term Debt3	71.0	425.31%	69.4	425.17%	61.34%	16.02%
Employees3	-	-	1300	42.23%	17.13%	9.95%
Total Common Shares Outstanding3	518.7	0.00%	518.7	0.00%	-0.38%	-0.29%
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-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Deferred Charges3	1.4	1.1	0.9	1.0	1.2
3-ExchangeRate: TWD to USD Period End Date	30.279000	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	2.52%	7.57%	9.59%	-5.11%	4.03%
Operating Margin	0.38%	5.09%	6.54%	-7.68%	1.53%
Pretax Margin	0.69%	6.37%	7.17%	-9.18%	1.45%
Net Profit Margin	0.70%	5.41%	6.72%	-8.51%	1.13%
Financial Strength
Current Ratio	1.13	1.33	1.27	0.90	1.47
Long Term Debt/Equity	0.32	0.06	0.12	0.10	0.27
Total Debt/Equity	0.88	0.33	0.42	0.62	0.65
Management Effectiveness
Return on Assets	1.04%	8.89%	9.27%	-11.83%	1.58%
Return on Equity	2.01%	14.99%	16.03%	-21.56%	2.95%
Efficiency
Receivables Turnover	11.34	11.45	12.87	9.32	6.20
Inventory Turnover	5.53	6.31	6.27	7.20	6.77
Asset Turnover	1.49	1.64	1.38	1.39	1.40

Market Valuation USD (mil)
Enterprise Value2	379.9	.	Price/Sales (TTM)	0.32
Enterprise Value/Revenue (TTM)	0.60	.	Price/Book (MRQ)	0.77
Enterprise Value/EBITDA (TTM)	59.73	.	Market Cap1	205.9
1-ExchangeRate: TWD to USD on 27-Apr-2012	29.270000
2-ExchangeRate: TWD to USD on 31-Mar-2012	29.565976

Annual Ratios

Financials in: USD (mil)

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

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Financial Strength
Current Ratio	1.13	1.33	1.27	0.90	1.47
Quick/Acid Test Ratio	0.40	0.56	0.54	0.28	0.71
Working Capital1	23.1	43.7	25.9	-9.1	48.8
Long Term Debt/Equity	0.32	0.06	0.12	0.10	0.27
Total Debt/Equity	0.88	0.33	0.42	0.62	0.65
Long Term Debt/Total Capital	0.17	0.04	0.09	0.06	0.17
Total Debt/Total Capital	0.47	0.25	0.30	0.38	0.39
Payout Ratio	-	33.26%	5.60%	0.00%	33.57%
Effective Tax Rate	-1.29%	14.97%	6.29%	-	22.16%
Total Capital1	406.5	305.2	257.5	244.7	298.6
Efficiency
Asset Turnover	1.49	1.64	1.38	1.39	1.40
Inventory Turnover	5.53	6.31	6.27	7.20	6.77
Days In Inventory	65.95	57.88	58.17	50.72	53.94
Receivables Turnover	11.34	11.45	12.87	9.32	6.20
Days Receivables Outstanding	32.20	31.88	28.36	39.17	58.88
Revenue/Employee2	481,855	648,564	486,095	516,248	571,728
Operating Income/Employee2	1,846	32,997	31,771	-39,658	8,743
EBITDA/Employee2	13,392	48,330	46,770	-24,071	23,921
Profitability
Gross Margin	2.52%	7.57%	9.59%	-5.11%	4.03%
Operating Margin	0.38%	5.09%	6.54%	-7.68%	1.53%
EBITDA Margin	2.78%	7.45%	9.62%	-4.66%	4.18%
EBIT Margin	0.38%	5.09%	6.54%	-7.68%	1.53%
Pretax Margin	0.69%	6.37%	7.17%	-9.18%	1.45%
Net Profit Margin	0.70%	5.41%	6.72%	-8.51%	1.13%
R&D Expense/Revenue	0.39%	0.34%	0.40%	0.49%	0.47%
COGS/Revenue	97.48%	92.43%	90.41%	105.11%	95.97%
SG&A Expense/Revenue	1.74%	2.14%	2.65%	2.08%	1.90%
Management Effectiveness
Return on Assets	1.04%	8.89%	9.27%	-11.83%	1.58%
Return on Equity	2.01%	14.99%	16.03%	-21.56%	2.95%
Valuation
Free Cash Flow/Share2	-0.20	0.03	0.04	0.06	0.05
Operating Cash Flow/Share 2	-0.03	0.07	0.06	0.07	0.05
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)	-29.30
Market Cap/Equity (MRQ)	0.89
Market Cap/Revenue (TTM)	0.32
Market Cap/EBIT (TTM)	-20.35
Market Cap/EBITDA (TTM)	32.05
Enterprise Value/Earnings (TTM)	-54.59
Enterprise Value/Equity (MRQ)	1.66
Enterprise Value/Revenue (TTM)	0.60
Enterprise Value/EBIT (TTM)	-37.92
Enterprise Value/EBITDA (TTM)	59.73

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	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	Horwath Chien Hsing CPA	First United CPA Office	First United CPA Office	First United CPA Office	First United CPA Office
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified
Gross Revenue	646.9	549.6	390.0	438.2	465.8
Sales Returns and Allowances	-1.5	-0.8	-1.6	-3.7	-2.3
Revenue	645.4	548.7	388.4	434.5	463.5
Total Revenue	645.4	548.7	388.4	434.5	463.5
Cost of Revenue	629.1	507.2	351.2	456.7	444.8
Cost of Revenue, Total	629.1	507.2	351.2	456.7	444.8
Gross Profit	16.2	41.6	37.2	-22.2	18.7
Selling/General/Administrative Expense	11.2	11.8	10.3	9.0	8.8
Total Selling/General/Administrative Expenses	11.2	11.8	10.3	9.0	8.8
Research & Development	2.5	1.9	1.6	2.2	2.2
Impairment-Assets Held for Use	-	-	-	-	0.6
Unusual Expense (Income)	-	-	-	-	0.6
Total Operating Expense	642.9	520.8	363.0	467.9	456.4
Operating Income	2.5	27.9	25.4	-33.4	7.1
Interest Expense - Non-Operating	-1.6	-1.2	-1.3	-3.4	-2.5
Interest Expense, Net Non-Operating	-1.6	-1.2	-1.3	-3.4	-2.5
Interest Income - Non-Operating	0.0	0.0	0.0	0.0	0.0
Investment Income - Non-Operating	1.5	6.7	2.1	-3.3	0.1
Interest/Investment Income - Non-Operating	1.5	6.7	2.1	-3.2	0.1
Interest Income (Expense) - Net Non-Operating Total	-0.1	5.6	0.8	-6.6	-2.3
Gain (Loss) on Sale of Assets	0.1	-0.4	0.0	0.0	1.0
Other Non-Operating Income (Expense)	2.0	1.9	1.7	0.1	1.0
Other, Net	2.0	1.9	1.7	0.1	1.0
Income Before Tax	4.5	34.9	27.9	-39.9	6.7
Total Income Tax	-0.1	5.2	1.8	-2.9	1.5
Income After Tax	4.5	29.7	26.1	-37.0	5.2
Minority Interest	-	-	-	-	0.0
Net Income Before Extraord Items	4.5	29.7	26.1	-37.0	5.2
Net Income	4.5	29.7	26.1	-37.0	5.2
Income Available to Common Excl Extraord Items	4.5	29.7	26.1	-37.0	5.2
Income Available to Common Incl Extraord Items	4.5	29.7	26.1	-37.0	5.2
Basic/Primary Weighted Average Shares	518.7	518.7	519.7	526.2	526.4
Basic EPS Excl Extraord Items	0.01	0.06	0.05	-0.07	0.01
Basic/Primary EPS Incl Extraord Items	0.01	0.06	0.05	-0.07	0.01
Dilution Adjustment	-	-	-	0.0	-
Diluted Net Income	4.5	29.7	26.1	-37.0	5.2
Diluted Weighted Average Shares	518.7	518.7	519.7	526.2	526.4
Diluted EPS Excl Extraord Items	0.01	0.06	0.05	-0.07	0.01
Diluted EPS Incl Extraord Items	0.01	0.06	0.05	-0.07	0.01
Dividends per Share - Common Stock Primary Issue	-	0.02	0.00	0.00	0.00
Gross Dividends - Common Stock	-	9.3	1.5	0.0	1.8
Interest Expense, Supplemental	1.6	1.2	1.3	3.4	2.5
Interest Capitalized, Supplemental	-0.1	-	-	-	-
Depreciation, Supplemental	15.5	13.0	12.0	12.5	11.8
Total Special Items	-0.1	0.4	0.0	0.0	-0.4
Normalized Income Before Tax	4.4	35.4	27.9	-39.9	6.3
Effect of Special Items on Income Taxes	0.0	0.1	0.0	0.0	-0.1
Inc Tax Ex Impact of Sp Items	-0.1	5.3	1.8	-2.9	1.4
Normalized Income After Tax	4.5	30.1	26.1	-37.0	4.9
Normalized Inc. Avail to Com.	4.5	30.1	26.1	-37.0	4.9
Basic Normalized EPS	0.01	0.06	0.05	-0.07	0.01
Diluted Normalized EPS	0.01	0.06	0.05	-0.07	0.01
Amort of Intangibles, Supplemental	-	-	-	0.6	0.5
Rental Expenses	-	0.7	0.5	0.6	-
Advertising Expense, Supplemental	-	0.1	0.1	0.1	-
Research & Development Exp, Supplemental	2.5	1.9	1.6	2.2	2.2
Normalized EBIT	2.5	27.9	25.4	-33.4	7.7
Normalized EBITDA	17.9	40.9	37.4	-20.3	20.0
Current Tax - Total	4.1	2.9	0.2	0.0	1.2
Current Tax - Total	4.1	2.9	0.2	0.0	1.2
Deferred Tax - Total	-3.2	1.8	5.9	8.9	-0.1
Deferred Tax - Total	-3.2	1.8	5.9	8.9	-0.1
Other Tax	-1.0	0.5	-4.3	-11.8	0.4
Income Tax - Total	-0.1	5.2	1.8	-2.9	1.5
Interest Cost - Domestic	0.2	0.1	0.1	0.2	0.2
Service Cost - Domestic	0.0	0.1	0.1	0.1	0.1
Expected Return on Assets - Domestic	0.0	0.0	0.0	-0.1	-0.1
Actuarial Gains and Losses - Domestic	1.0	0.5	0.5	0.1	0.0
Curtailments & Settlements - Domestic	-	0.0	0.2	1.1	0.0
Transition Costs - Domestic	0.0	0.0	0.0	0.1	0.1
Domestic Pension Plan Expense	1.1	0.8	1.0	1.5	0.4
Defined Contribution Expense - Domestic	0.8	0.6	0.4	0.5	-
Total Pension Expense	1.9	1.4	1.4	2.0	0.4
Discount Rate - Domestic	2.00%	2.25%	2.25%	2.50%	3.50%
Expected Rate of Return - Domestic	2.00%	2.00%	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	0.1	0.2	0.2
Total Plan Service Cost	0.0	0.1	0.1	0.1	0.1
Total Plan Expected Return	0.0	0.0	0.0	-0.1	-0.1

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	Updated Normal 31-Mar-2011
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	29.7102	30.256909	29.146237	28.855204	29.305764
Gross Revenue	160.4	138.7	189.3	147.2	172.4
Sales Returns and Allowances	-0.4	-0.5	-0.6	-0.3	-0.1
Revenue	160.0	138.2	188.7	146.9	172.3
Total Revenue	160.0	138.2	188.7	146.9	172.3
Cost of Revenue	150.8	157.1	184.6	136.6	150.6
Cost of Revenue, Total	150.8	157.1	184.6	136.6	150.6
Gross Profit	9.2	-18.9	4.0	10.3	21.7
Selling/General/Administrative Expense	3.4	1.9	3.1	3.2	3.1
Total Selling/General/Administrative Expenses	3.4	1.9	3.1	3.2	3.1
Research & Development	0.5	0.6	0.6	0.7	0.6
Total Operating Expense	154.7	159.7	188.3	140.5	154.3
Operating Income	5.3	-21.5	0.4	6.4	18.0
Interest Expense - Non-Operating	-0.7	-0.6	-0.4	-0.3	-0.3
Interest Expense, Net Non-Operating	-0.7	-0.6	-0.4	-0.3	-0.3
Interest Income - Non-Operating	0.0	0.0	0.0	0.0	0.0
Investment Income - Non-Operating	2.9	-2.2	1.5	-0.9	3.1
Interest/Investment Income - Non-Operating	2.9	-2.2	1.5	-0.9	3.1
Interest Income (Expense) - Net Non-Operating Total	2.3	-2.8	1.1	-1.2	2.8
Gain (Loss) on Sale of Assets	0.1	0.1	0.0	0.0	0.0
Other Non-Operating Income (Expense)	0.6	0.4	0.3	0.6	0.7
Other, Net	0.6	0.4	0.3	0.6	0.7
Income Before Tax	8.3	-23.7	1.8	5.8	21.5
Total Income Tax	0.9	-3.3	0.0	0.9	2.4
Income After Tax	7.4	-20.4	1.7	4.9	19.0
Net Income Before Extraord Items	7.4	-20.4	1.7	4.9	19.0
Net Income	7.4	-20.4	1.7	4.9	19.0
Income Available to Common Excl Extraord Items	7.4	-20.4	1.7	4.9	19.0
Income Available to Common Incl Extraord Items	7.4	-20.4	1.7	4.9	19.0
Basic/Primary Weighted Average Shares	518.7	518.7	518.7	518.7	518.7
Basic EPS Excl Extraord Items	0.01	-0.04	0.00	0.01	0.04
Basic/Primary EPS Incl Extraord Items	0.01	-0.04	0.00	0.01	0.04
Dilution Adjustment	0.0	0.0	0.0	-	0.0
Diluted Net Income	7.4	-20.4	1.7	4.9	19.0
Diluted Weighted Average Shares	518.7	518.7	518.7	518.7	518.7
Diluted EPS Excl Extraord Items	0.01	-0.04	0.00	0.01	0.04
Diluted EPS Incl Extraord Items	0.01	-0.04	0.00	0.01	0.04
Dividends per Share - Common Stock Primary Issue	0.00	-	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	-	0.0	0.0	0.0
Interest Expense, Supplemental	0.7	0.6	0.4	0.3	0.3
Interest Capitalized, Supplemental	-16.6	0.0	-0.1	-	-
Depreciation, Supplemental	4.6	4.1	3.9	3.8	3.7
Total Special Items	-0.1	-0.1	0.0	0.0	0.0
Normalized Income Before Tax	8.2	-23.8	1.8	5.8	21.5
Effect of Special Items on Income Taxes	0.0	0.0	0.0	0.0	0.0
Inc Tax Ex Impact of Sp Items	0.9	-3.3	0.0	0.9	2.4
Normalized Income After Tax	7.3	-20.5	1.7	4.9	19.0
Normalized Inc. Avail to Com.	7.3	-20.5	1.7	4.9	19.0
Basic Normalized EPS	0.01	-0.04	0.00	0.01	0.04
Diluted Normalized EPS	0.01	-0.04	0.00	0.01	0.04
Research & Development Exp, Supplemental	0.5	0.6	0.6	0.7	0.6
Normalized EBIT	5.3	-21.5	0.4	6.4	18.0
Normalized EBITDA	9.9	-17.4	4.2	10.2	21.6
Current Tax - Total	-	-0.5	0.1	2.0	2.5
Current Tax - Total	-	-0.5	0.1	2.0	2.5
Deferred Tax - Total	-	-2.8	0.0	-0.2	-0.1
Deferred Tax - Total	-	-2.8	0.0	-0.2	-0.1
Other Tax	-	0.0	0.0	-1.0	0.0
Income Tax - Total	-	-3.3	0.0	0.9	2.4
Other Pension, Net - Domestic	-	0.3	0.3	0.3	0.3
Domestic Pension Plan Expense	-	0.3	0.3	0.3	0.3
Defined Contribution Expense - Domestic	-	0.2	0.2	0.2	0.2
Total Pension Expense	-	0.5	0.5	0.5	0.5
Total Plan Other Expense	-	0.3	0.3	0.3	0.3

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	Horwath Chien Hsing CPA	First United CPA Office	First United CPA Office	First United CPA Office	First United CPA Office
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified
Cash & Equivalents	0.6	1.8	1.2	0.5	0.6
Short Term Investments	12.9	15.1	6.8	6.2	1.7
Cash and Short Term Investments	13.5	16.9	8.0	6.8	2.3
Accounts Receivable - Trade, Gross	39.1	40.5	32.4	13.4	56.7
Provision for Doubtful Accounts	-0.1	-0.1	-0.1	-0.1	-0.6
Trade Accounts Receivable - Net	41.5	43.1	34.3	13.3	58.0
Notes Receivable - Short Term	12.0	11.1	6.6	4.8	11.9
Other Receivables	2.6	2.4	1.9	0.9	1.6
Total Receivables, Net	56.0	56.6	42.8	19.0	71.5
Inventories - Finished Goods	58.1	40.5	30.3	49.7	45.1
Inventories - Work In Progress	6.6	7.2	5.4	5.4	6.9
Inventories - Raw Materials	77.9	55.3	33.4	16.8	24.7
Inventories - Other	-18.7	-2.5	-2.3	-24.3	-1.3
Total Inventory	123.9	100.5	66.8	47.6	75.3
Prepaid Expenses	0.4	1.1	2.0	4.4	2.8
Other Current Assets	5.1	0.3	1.2	7.0	1.0
Other Current Assets, Total	5.1	0.3	1.2	7.0	1.0
Total Current Assets	198.9	175.4	120.8	84.7	152.8
Buildings	89.1	59.7	51.5	50.2	49.7
Land/Improvements	51.6	33.0	18.4	18.0	18.2
Machinery/Equipment	238.8	238.8	213.9	207.7	206.5
Construction in Progress	28.5	5.9	4.7	2.3	5.9
Leases	21.2	22.0	18.8	13.7	13.7
Other Property/Plant/Equipment	15.9	16.5	15.0	14.6	0.7
Property/Plant/Equipment - Gross	445.0	375.9	322.4	306.5	294.6
Accumulated Depreciation	-179.6	-172.7	-144.9	-129.1	-118.4
Property/Plant/Equipment - Net	265.4	203.2	177.4	177.4	176.2
LT Investment - Affiliate Companies	-	-	-	-	0.0
LT Investments - Other	5.0	4.7	4.3	4.2	4.2
Long Term Investments	5.0	4.7	4.3	4.2	4.2
Deferred Charges	1.4	1.1	0.9	1.0	1.2
Pension Benefits - Overfunded	-	0.0	0.0	0.1	0.2
Deferred Income Tax - Long Term Asset	1.1	0.9	3.7	0.4	-
Other Long Term Assets	0.1	0.1	0.1	0.1	3.0
Other Long Term Assets, Total	2.6	2.2	4.6	1.5	4.3
Total Assets	471.9	385.5	307.1	267.7	337.5
Accounts Payable	40.0	52.4	30.0	8.3	26.3
Accrued Expenses	7.3	8.3	6.1	3.4	4.3
Notes Payable/Short Term Debt	121.4	51.8	47.9	35.7	59.0
Current Portion - Long Term Debt/Capital Leases	0.0	10.3	6.3	42.6	9.2
Customer Advances	2.4	3.9	2.3	1.3	3.5
Income Taxes Payable	2.9	1.3	0.0	0.0	0.6
Other Payables	1.6	3.7	2.2	2.2	1.0
Other Current Liabilities	0.1	0.0	0.0	0.1	0.0
Other Current liabilities, Total	7.0	8.9	4.6	3.6	5.1
Total Current Liabilities	175.8	131.8	94.9	93.7	104.0
Long Term Debt	69.4	13.7	21.9	15.2	49.3
Total Long Term Debt	69.4	13.7	21.9	15.2	49.3
Total Debt	190.8	75.8	76.1	93.6	117.6
Minority Interest	-	-	-	-	0.0
Reserves	4.5	4.7	4.3	4.2	0.0
Pension Benefits - Underfunded	5.8	5.3	4.1	3.3	3.0
Other Long Term Liabilities	0.6	0.6	0.6	0.2	0.2
Other Liabilities, Total	11.0	10.6	9.0	7.7	3.2
Total Liabilities	256.2	156.1	125.7	116.7	156.5
Common Stock	171.3	167.8	150.7	149.1	148.2
Common Stock	171.3	167.8	150.7	149.1	148.2
Additional Paid-In Capital	14.2	14.7	13.4	11.8	11.9
Retained Earnings (Accumulated Deficit)	18.8	35.2	6.6	-19.9	20.5
Treasury Stock - Common	-	-	0.0	-0.2	-
Unrealized Gain (Loss)	11.6	12.0	11.0	10.7	0.9
Translation Adjustment	-0.2	-0.2	-0.1	-0.1	-0.1
Minimum Pension Liability Adjustment	0.0	-0.2	-0.1	-0.2	-0.4
Other Equity, Total	-0.2	-0.3	-0.3	-0.4	-0.5
Total Equity	215.7	229.4	181.4	151.1	181.0
Total Liabilities & Shareholders’ Equity	471.9	385.5	307.1	267.7	337.5
Shares Outstanding - Common Stock Primary Issue	518.7	518.7	518.7	524.6	526.4
Total Common Shares Outstanding	518.7	518.7	518.7	524.6	526.4
Treasury Shares - Common Stock Primary Issue	0.0	0.0	0.0	1.7	0.0
Employees	1,300	914	825	809	821
Number of Common Shareholders	-	28,584	30,004	22,963	23,223
Deferred Revenue - Current	2.4	3.9	2.3	1.3	3.5
Total Long Term Debt, Supplemental	-	10.3	6.3	42.6	-
Long Term Debt Maturing within 1 Year	-	10.3	6.3	42.6	-
Long Term Debt Matur. in Year 6 & Beyond	-	0.0	0.0	0.0	-
Total Operating Leases, Supplemental	0.3	16.6	13.7	0.1	0.4
Operating Lease Payments Due in Year 1	0.1	1.7	1.4	0.1	0.3
Operating Lease Payments Due in Year 2	0.1	1.7	1.4	0.1	0.1
Operating Lease Payments Due in Year 3	-	1.7	1.4	-	0.1
Operating Lease Payments Due in Year 4	-	1.7	1.4	-	-
Operating Lease Payments Due in Year 5	-	1.7	-	-	-
Operating Lease Pymts. Due in 2-3 Years	0.1	3.5	2.8	0.1	0.1
Operating Lease Pymts. Due in 4-5 Years	-	3.4	1.4	-	-
Oper. Lse. Pymts. Due in Year 6 & Beyond	0.0	8.0	8.1	0.0	0.0
Pension Obligation - Domestic	7.9	7.5	5.9	5.4	6.4
Plan Assets - Domestic	0.7	0.6	0.4	0.8	2.3
Funded Status - Domestic	-7.2	-7.0	-5.5	-4.6	-4.1
Accumulated Obligation - Domestic	6.0	5.7	4.4	4.0	5.2
Total Funded Status	-7.2	-7.0	-5.5	-4.6	-4.1
Discount Rate - Domestic	2.00%	2.25%	2.25%	2.50%	3.50%
Expected Rate of Return - Domestic	2.00%	2.00%	2.00%	2.50%	2.50%
Compensation Rate - Domestic	2.00%	2.00%	2.00%	2.00%	2.00%
Prepaid Benefits - Domestic	-	-	0.0	0.1	0.2
Accrued Liabilities - Domestic	-5.8	-5.3	-4.1	-3.3	-3.0
Net Assets Recognized on Balance Sheet	-5.8	-5.3	-4.1	-3.2	-2.8
Total Plan Obligations	7.9	7.5	5.9	5.4	6.4
Total Plan Assets	0.7	0.6	0.4	0.8	2.3

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	1.1	0.6	0.5	0.6	0.5
Short Term Investments	16.8	12.9	19.0	18.4	19.7
Cash and Short Term Investments	17.9	13.5	19.5	19.0	20.2
Accounts Receivable - Trade, Gross	-	39.1	39.5	36.4	49.4
Provision for Doubtful Accounts	-	-0.1	-0.1	-0.1	-0.2
Trade Accounts Receivable - Net	45.7	41.5	42.4	39.1	52.6
Notes Receivable - Short Term	14.8	12.0	10.0	8.3	11.7
Other Receivables	2.6	2.6	3.0	2.7	1.4
Total Receivables, Net	63.1	56.0	55.5	50.2	65.7
Inventories - Finished Goods	-	58.1	58.8	77.8	44.0
Inventories - Work In Progress	-	6.6	8.1	8.1	8.5
Inventories - Raw Materials	-	77.9	70.8	54.6	56.5
Inventories - Other	-	-18.7	-3.0	-3.2	-2.2
Total Inventory	114.2	123.9	134.7	137.2	106.8
Prepaid Expenses	0.9	0.4	1.1	6.9	2.9
Other Current Assets	1.4	5.1	2.2	2.6	0.4
Other Current Assets, Total	1.4	5.1	2.2	2.6	0.4
Total Current Assets	197.6	198.9	213.0	215.8	196.0
Buildings	92.1	89.1	78.0	61.7	60.1
Land/Improvements	52.8	51.6	61.8	33.5	32.7
Machinery/Equipment	263.5	238.8	238.9	251.9	241.6
Construction in Progress	16.0	28.5	22.1	4.8	4.9
Leases	19.1	21.2	21.1	22.4	21.8
Other Property/Plant/Equipment	16.3	15.9	15.8	16.7	16.3
Property/Plant/Equipment - Gross	459.7	445.0	437.8	391.0	377.5
Accumulated Depreciation	-184.6	-179.6	-176.1	-183.3	-175.1
Property/Plant/Equipment - Net	275.1	265.4	261.7	207.6	202.3
LT Investments - Other	5.1	5.0	5.0	4.7	4.6
Long Term Investments	5.1	5.0	5.0	4.7	4.6
Deferred Charges	1.6	1.4	1.2	1.2	1.1
Pension Benefits - Overfunded	-	-	0.0	0.0	0.0
Deferred Income Tax - Long Term Asset	2.8	1.1	1.0	1.1	1.0
Other Long Term Assets	0.1	0.1	0.1	0.1	0.1
Other Long Term Assets, Total	4.5	2.6	2.3	2.4	2.2
Total Assets	482.4	471.9	481.9	430.6	405.3
Accounts Payable	35.1	40.0	37.9	32.3	47.4
Accrued Expenses	6.8	7.3	8.3	7.3	6.7
Notes Payable/Short Term Debt	123.0	121.4	156.0	88.7	59.0
Current Portion - Long Term Debt/Capital Leases	0.0	0.0	0.0	0.0	10.2
Customer Advances	2.1	2.4	2.7	4.7	6.3
Income Taxes Payable	3.0	2.9	3.4	3.7	3.8
Other Payables	1.3	1.6	5.3	11.1	0.9
Other Current Liabilities	0.0	0.1	0.0	0.1	0.0
Other Current liabilities, Total	6.4	7.0	11.5	19.6	11.1
Total Current Liabilities	171.3	175.8	213.7	147.9	134.5
Long Term Debt	71.0	69.4	23.0	24.4	13.6
Total Long Term Debt	71.0	69.4	23.0	24.4	13.6
Total Debt	194.0	190.8	178.9	113.1	82.8
Reserves	4.6	4.5	4.5	4.8	4.7
Pension Benefits - Underfunded	6.3	5.8	5.7	5.9	5.5
Other Long Term Liabilities	0.7	0.6	0.6	0.7	0.6
Other Liabilities, Total	11.6	11.0	10.8	11.4	10.8
Total Liabilities	254.0	256.2	247.5	183.6	158.8
Common Stock	175.4	171.3	170.2	180.6	166.4
Common Stock	175.4	171.3	170.2	180.6	166.4
Additional Paid-In Capital	14.5	14.2	14.1	14.9	14.6
Retained Earnings (Accumulated Deficit)	26.7	18.8	39.0	39.6	53.8
Unrealized Gain (Loss)	11.9	11.6	11.5	12.2	11.9
Translation Adjustment	-0.2	-0.2	-0.2	-0.2	-0.2
Minimum Pension Liability Adjustment	0.0	0.0	-0.2	-0.2	-0.2
Other Equity, Total	-0.2	-0.2	-0.3	-0.3	-0.3
Total Equity	228.4	215.7	234.5	247.0	246.4
Total Liabilities & Shareholders’ Equity	482.4	471.9	481.9	430.6	405.3
Shares Outstanding - Common Stock Primary Issue	518.7	518.7	518.7	549.8	518.7
Total Common Shares Outstanding	518.7	518.7	518.7	549.8	518.7
Treasury Shares - Common Stock Primary Issue	0.0	0.0	0.0	0.0	0.0
Employees	-	1,300	1,061	963	903
Deferred Revenue - Current	2.1	2.4	2.7	4.7	6.3
Total Long Term Debt, Supplemental	-	-	-	-	10.2
Long Term Debt Maturing within 1 Year	-	-	-	-	10.2
Long Term Debt Matur. in Year 6 & Beyond	-	-	-	-	0.0
Total Operating Leases, Supplemental	-	0.3	0.3	16.3	0.4
Operating Lease Payments Due in Year 1	-	0.1	0.1	1.9	0.1
Operating Lease Payments Due in Year 2	-	0.1	0.1	1.9	0.1
Operating Lease Payments Due in Year 3	-	-	0.0	1.8	0.1
Operating Lease Payments Due in Year 4	-	-	-	1.7	-
Operating Lease Payments Due in Year 5	-	-	-	1.7	-
Operating Lease Pymts. Due in 2-3 Years	-	0.1	0.2	3.7	0.3
Operating Lease Pymts. Due in 4-5 Years	-	-	-	3.4	-
Oper. Lse. Pymts. Due in Year 6 & Beyond	-	0.0	0.0	7.3	0.0
Prepaid Benefits - Domestic	-	-	-	-	0.0
Accrued Liabilities - Domestic	-6.3	-5.8	-5.7	-5.9	-5.5
Net Assets Recognized on Balance Sheet	-6.3	-5.8	-5.7	-5.9	-5.5

Annual Cash Flows

Standardized

Financials in: USD (mil)

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

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	29.39004	31.497037	33.023867	31.543497	32.848802
Auditor	Horwath Chien Hsing CPA	First United CPA Office	First United CPA Office	First United CPA Office	First United CPA Office
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified
Net Income/Starting Line	4.5	29.7	26.1	-37.0	5.2
Depreciation	16.5	13.6	12.2	12.5	11.8
Depreciation/Depletion	16.5	13.6	12.2	12.5	11.8
Deferred Taxes	-0.2	2.9	-3.2	2.6	0.5
Unusual Items	-1.1	-1.5	-0.8	2.2	0.1
Equity in Net Earnings (Loss)	-	-	-	0.0	0.8
Other Non-Cash Items	7.5	0.5	0.6	28.6	15.5
Non-Cash Items	6.4	-1.0	-0.2	30.8	16.3
Accounts Receivable	-1.6	-8.9	-22.6	54.2	5.7
Inventories	-27.9	-25.3	-17.4	7.4	-17.2
Prepaid Expenses	0.7	1.0	2.4	-1.6	-0.4
Other Assets	-4.9	0.9	5.7	-6.3	-0.1
Accounts Payable	-10.6	18.0	20.0	-18.4	5.1
Accrued Expenses	-0.7	1.5	2.6	-0.9	0.0
Taxes Payable	1.7	1.2	0.0	-0.6	0.6
Other Liabilities	1.4	2.1	4.1	-3.1	0.5
Changes in Working Capital	-41.9	-9.4	-5.2	30.8	-5.9
Cash from Operating Activities	-14.7	35.7	29.8	39.7	28.0
Purchase of Fixed Assets	-93.9	-23.2	-8.4	-6.8	-
Capital Expenditures	-93.9	-23.2	-8.4	-6.8	-
Sale of Fixed Assets	0.2	0.2	0.0	-	-
Sale/Maturity of Investment	0.1	-	4.3	-	0.0
Investment, Net	-0.7	-2.6	-2.3	-2.7	-1.2
Purchase of Investments	-0.5	0.0	-	-4.5	-16.2
Other Investing Cash Flow	-1.1	-0.8	-0.5	-0.5	-0.6
Other Investing Cash Flow Items, Total	-2.0	-3.3	1.5	-7.7	-18.0
Cash from Investing Activities	-95.9	-26.5	-7.0	-14.5	-18.0
Other Financing Cash Flow	0.0	0.0	0.3	-1.2	-1.4
Financing Cash Flow Items	0.0	0.0	0.3	-1.2	-1.4
Cash Dividends Paid - Common	-10.0	-1.5	0.0	-1.8	-1.7
Total Cash Dividends Paid	-10.0	-1.5	0.0	-1.8	-1.7
Repurchase/Retirement of Common	-	0.0	-0.7	-0.1	-
Common Stock, Net	-	0.0	-0.7	-0.1	-
Issuance (Retirement) of Stock, Net	-	0.0	-0.7	-0.1	-
Short Term Debt Issued	71.9	0.7	18.2	-	-34.0
Short Term Debt Reduction	0.0	-1.6	-9.7	-22.1	-
Short Term Debt, Net	71.9	-0.9	8.5	-22.1	-34.0
Long Term Debt Issued	47.6	-	-	9.5	33.5
Long Term Debt Reduction	-	-6.3	-30.3	-9.5	-6.1
Long Term Debt, Net	47.6	-6.3	-30.3	0.0	27.4
Issuance (Retirement) of Debt, Net	119.5	-7.2	-21.8	-22.1	-6.6
Cash from Financing Activities	109.5	-8.7	-22.2	-25.2	-9.7
Net Change in Cash	-1.1	0.5	0.6	0.0	0.3
Net Cash - Beginning Balance	1.8	1.2	0.5	0.6	0.3
Net Cash - Ending Balance	0.6	1.7	1.1	0.6	0.6
Cash Interest Paid	1.5	1.2	1.3	3.4	2.4
Cash Taxes Paid	1.4	0.4	0.0	0.6	0.4

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	7.4	4.5	25.8	24.1	19.0
Depreciation	4.9	16.5	12.1	7.9	3.9
Depreciation/Depletion	4.9	16.5	12.1	7.9	3.9
Deferred Taxes	-1.7	-0.2	-0.1	-0.1	0.0
Unusual Items	-0.1	-1.1	-0.6	-1.0	-0.3
Other Non-Cash Items	-1.9	7.5	3.3	2.1	-1.0
Non-Cash Items	-2.0	6.4	2.7	1.1	-1.3
Accounts Receivable	-5.7	-1.6	-1.4	7.2	-9.7
Inventories	12.6	-27.9	-40.3	-34.8	-7.1
Prepaid Expenses	-0.5	0.7	0.0	-5.7	-1.8
Other Assets	3.7	-4.9	-2.0	-2.2	-0.1
Accounts Payable	-5.9	-10.6	-12.8	-20.6	-4.5
Accrued Expenses	-0.7	-0.7	0.3	-1.2	-1.5
Taxes Payable	0.0	1.7	2.2	2.3	2.5
Other Liabilities	0.5	1.4	1.6	0.7	2.7
Changes in Working Capital	4.0	-41.9	-52.4	-54.2	-19.5
Cash from Operating Activities	12.5	-14.7	-11.9	-21.2	2.1
Purchase of Fixed Assets	-9.4	-93.9	-83.0	-13.6	-8.2
Capital Expenditures	-9.4	-93.9	-83.0	-13.6	-8.2
Sale of Fixed Assets	0.1	0.2	0.1	0.0	0.0
Sale/Maturity of Investment	0.0	0.1	0.1	-	-
Investment, Net	-	-0.5	-0.5	-	-
Purchase of Investments	-0.5	-0.7	-4.8	-2.3	-2.6
Other Investing Cash Flow	-0.3	-1.1	-0.7	-0.5	-0.2
Other Investing Cash Flow Items, Total	-0.7	-2.0	-5.8	-2.7	-2.8
Cash from Investing Activities	-10.1	-95.9	-88.8	-16.3	-11.0
Other Financing Cash Flow	0.0	0.0	0.0	0.1	0.0
Financing Cash Flow Items	0.0	0.0	0.0	0.1	0.0
Cash Dividends Paid - Common	-	-10.0	-10.1	-	-
Total Cash Dividends Paid	-	-10.0	-10.1	-	-
Short Term Debt Issued	-	71.9	112.9	39.7	7.7
Short Term Debt Reduction	-1.9	-	-3.4	-3.4	-
Short Term Debt, Net	-1.9	71.9	109.5	36.2	7.7
Long Term Debt Reduction	-	-	-	-	0.0
Long Term Debt, Net	0.0	47.6	0.0	-	0.0
Issuance (Retirement) of Debt, Net	-1.9	119.5	109.5	36.2	7.7
Cash from Financing Activities	-1.9	109.5	99.4	36.3	7.7
Foreign Exchange Effects	-	-	0.0	-	-
Net Change in Cash	0.5	-1.1	-1.3	-1.2	-1.3
Net Cash - Beginning Balance	0.6	1.8	1.8	1.8	1.8
Net Cash - Ending Balance	1.1	0.6	0.5	0.6	0.5
Cash Interest Paid	0.6	1.5	1.0	0.6	0.3
Cash Taxes Paid	0.0	1.4	1.4	1.3	0.0

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	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	Horwath Chien Hsing CPA	First United CPA Office	First United CPA Office	First United CPA Office	First United CPA Office
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified
Gross Sales	646.9	549.6	390.0	438.2	465.8
Sales Returns	-0.9	-0.6	-0.8	-2.2	-1.8
Sales Discounts and Allowances	-0.6	-0.2	-0.8	-1.5	-0.5
Total Revenue	645.4	548.7	388.4	434.5	463.5
Cost of Sales	629.1	507.2	351.2	456.7	444.8
G/L on Inventory Valuation/Obsolescence	-	-	-	-	-0.1
Loss on Physical Inventory	-	-	-	-	0.0
Gain on Physical Inventory	-	-	-	-	0.0
Selling Expenses	8.1	7.7	7.5	6.6	6.8
General and Administrative Expenses	3.1	4.0	2.8	2.4	2.1
Research and Development Expenses	2.5	1.9	1.6	2.2	2.2
Impairment Loss	-	-	-	-	0.6
Total Operating Expense	642.9	520.8	363.0	467.9	456.4
Interest Income	0.0	0.0	0.0	0.0	0.0
Dividend Income	1.2	0.5	0.3	0.9	0.3
G/L on Financial Assets Revaluation	-3.3	3.0	1.9	-1.8	-0.3
Gain on Sale of Investments	1.0	2.1	0.0	0.5	0.8
Gain on Sale of Fixed Assets	0.1	0.0	0.0	0.0	0.0
Gain on Foreign Exchange	2.6	1.2	-	-	1.8
Rental Income	1.8	1.5	0.7	0.7	0.7
Gain on Sale of Scrap & Waste	-	-	-	-	1.2
Miscellaneous Income	1.4	1.3	1.6	1.5	1.1
Interest Expenses	-1.6	-1.2	-1.3	-3.4	-2.5
Loss on Equity Investment	-	-	-	-	-0.8
Loss on Other Investments	-	-	-	-	0.0
Loss on Sale of Fixed Assets	0.0	-0.5	0.0	0.0	-0.2
Loss on Sale of Investments	-	-0.2	0.0	-1.2	-0.1
Losses on Foreign Exchange	-	0.0	-0.1	-1.6	-1.7
Loss on Stopped Operations	-	-	-	-	-0.3
Miscellaneous Disbursements	-1.3	-0.9	-0.6	-2.1	-0.5
Net Income Before Taxes	4.5	34.9	27.9	-39.9	6.7
Provision for Income Taxes	-0.1	5.2	1.8	-2.9	1.5
Net Income After Taxes	4.5	29.7	26.1	-37.0	5.2
Minority Interests	-	-	-	-	0.0
Net Income Before Extra. Items	4.5	29.7	26.1	-37.0	5.2
Net Income	4.5	29.7	26.1	-37.0	5.2
Income Available to Com Excl ExtraOrd	4.5	29.7	26.1	-37.0	5.2
Income Available to Com Incl ExtraOrd	4.5	29.7	26.1	-37.0	5.2
Basic Weighted Average Shares	518.7	518.7	519.7	526.2	526.4
Basic EPS Excluding ExtraOrdinary Items	0.01	0.06	0.05	-0.07	0.01
Basic EPS Including ExtraOrdinary Items	0.01	0.06	0.05	-0.07	0.01
Dilution Adjustment	-	-	-	0.0	-
Diluted Net Income	4.5	29.7	26.1	-37.0	5.2
Diluted Weighted Average Shares	518.7	518.7	519.7	526.2	526.4
Diluted EPS Excluding ExtraOrd Items	0.01	0.06	0.05	-0.07	0.01
Diluted EPS Including ExtraOrd Items	0.01	0.06	0.05	-0.07	0.01
DPS-Common Share	-	0.02	0.00	0.00	0.00
Gross Dividends - Common Stock	-	9.3	1.5	0.0	1.8
Normalized Income Before Taxes	4.4	35.4	27.9	-39.9	6.3
Inc Tax Ex Impact of Sp Items	-0.1	5.3	1.8	-2.9	1.4
Normalized Income After Taxes	4.5	30.1	26.1	-37.0	4.9
Normalized Inc. Avail to Com.	4.5	30.1	26.1	-37.0	4.9
Basic Normalized EPS	0.01	0.06	0.05	-0.07	0.01
Diluted Normalized EPS	0.01	0.06	0.05	-0.07	0.01
Interest Expense, Supplemental	1.6	1.2	1.3	3.4	2.5
Interest Capitalized, Supplemental	-0.1	-	-	-	-
R&D Expense, Supplemental	2.5	1.9	1.6	2.2	2.2
Depreciation - Operating Cost	15.0	12.7	11.7	12.2	11.6
Depreciation - Operating Expense	0.4	0.3	0.3	0.2	0.2
Amortization - Operating Cost	-	-	-	0.6	0.4
Amortization - Operating Expense	-	-	-	0.1	0.1
Rent Expense	-	0.7	0.5	0.6	-
Advertising Expense	-	0.1	0.1	0.1	-
Current Tax	4.1	2.9	0.2	0.0	1.2
Current Tax - Total	4.1	2.9	0.2	0.0	1.2
Deferred Tax	-3.2	1.8	5.9	8.9	-0.1
Deferred Tax - Total	-3.2	1.8	5.9	8.9	-0.1
Other Tax	-1.0	0.5	-4.3	-11.8	0.4
Income Tax - Total	-0.1	5.2	1.8	-2.9	1.5
Service Cost	0.0	0.1	0.1	0.1	0.1
Interest Cost	0.2	0.1	0.1	0.2	0.2
Expected Return on Plan Assets	0.0	0.0	0.0	-0.1	-0.1
Amort. of Unrecognized Transitional Cost	0.0	0.0	0.0	0.1	0.1
Amort. of Pension Gain/Loss	1.0	0.5	0.5	0.1	0.0
Curtailment and Settlements	-	0.0	0.2	1.1	0.0
Domestic Pension Plan Expense	1.1	0.8	1.0	1.5	0.4
Defined Contribution Expense - Domestic	0.8	0.6	0.4	0.5	-
Total Pension Expense	1.9	1.4	1.4	2.0	0.4
Discount Rate	2.00%	2.25%	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%	2.00%	2.00%	2.50%	2.50%

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	Updated Normal 31-Mar-2011
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	29.7102	30.256909	29.146237	28.855204	29.305764
Gross Sales	160.4	138.7	189.3	147.2	172.4
Sales Returns	-0.1	-0.1	-0.5	-0.2	-0.1
Sales Discounts and Allowances	-0.3	-0.4	-0.1	-0.1	0.0
Total Revenue	160.0	138.2	188.7	146.9	172.3
Cost of Sales	150.8	157.1	184.6	136.6	150.6
Selling Expense	2.1	1.9	2.3	1.9	2.0
General and Administrative Expenses	1.3	0.1	0.8	1.2	1.1
Research and Development Expenses	0.5	0.6	0.6	0.7	0.6
Total Operating Expense	154.7	159.7	188.3	140.5	154.3
Interest Income	0.0	0.0	0.0	0.0	0.0
Dividend Income	-	0.0	0.7	0.5	-
Revaluation Loss on Financial Assets	-	-2.7	-0.3	-0.2	0.0
Revaluation Gain on Financial Assets	3.1	0.0	0.0	-1.8	1.8
Gains on Sale of Investments	0.0	0.4	-0.4	0.7	0.3
Gains on Disposal of Fixed Assets	0.1	0.1	0.0	0.0	0.0
Gain on Foreign Exchange	0.0	0.1	1.5	0.0	0.9
Foreign Exchange Losses	-0.2	-	-	-	-
Rent Income	0.4	0.4	0.4	0.5	0.5
Miscellaneous Income	0.5	0.3	0.2	0.4	0.5
Interest Expense	-0.7	-0.6	-0.4	-0.3	-0.3
Loss on Disposal of Fixed Assets	-	0.0	0.0	0.0	-
Miscellaneous Disbursements	-0.3	-0.3	-0.4	-0.3	-0.3
Net Income Before Taxes	8.3	-23.7	1.8	5.8	21.5
Provision for Income Taxes	0.9	-3.3	0.0	0.9	2.4
Net Income After Taxes	7.4	-20.4	1.7	4.9	19.0
Net Income Before Extra. Items	7.4	-20.4	1.7	4.9	19.0
Net Income	7.4	-20.4	1.7	4.9	19.0
Income Available to Com Excl ExtraOrd	7.4	-20.4	1.7	4.9	19.0
Income Available to Com Incl ExtraOrd	7.4	-20.4	1.7	4.9	19.0
Basic Weighted Average Shares	518.7	518.7	518.7	518.7	518.7
Basic EPS Excluding ExtraOrdinary Items	0.01	-0.04	0.00	0.01	0.04
Basic EPS Including ExtraOrdinary Items	0.01	-0.04	0.00	0.01	0.04
Dilution Adjustment	0.0	0.0	0.0	-	0.0
Diluted Net Income	7.4	-20.4	1.7	4.9	19.0
Diluted Weighted Average Shares	518.7	518.7	518.7	518.7	518.7
Diluted EPS Excluding ExtraOrd Items	0.01	-0.04	0.00	0.01	0.04
Diluted EPS Including ExtraOrd Items	0.01	-0.04	0.00	0.01	0.04
DPS-Common Share	0.00	-	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	-	0.0	0.0	0.0
Normalized Income Before Taxes	8.2	-23.8	1.8	5.8	21.5
Inc Tax Ex Impact of Sp Items	0.9	-3.3	0.0	0.9	2.4
Normalized Income After Taxes	7.3	-20.5	1.7	4.9	19.0
Normalized Inc. Avail to Com.	7.3	-20.5	1.7	4.9	19.0
Basic Normalized EPS	0.01	-0.04	0.00	0.01	0.04
Diluted Normalized EPS	0.01	-0.04	0.00	0.01	0.04
Interest Expense, Supplemental	0.7	0.6	0.4	0.3	0.3
R&D Expense, Supplemental	0.5	0.6	0.6	0.7	0.6
Depreciation - Operating Cost	4.5	4.0	3.7	3.7	3.6
Depreciation - Operating Expense	0.1	0.1	0.1	0.1	0.1
Interest Capitalized, Supplemental	-16.6	0.0	-0.1	-	-
Current Tax	-	-0.5	0.1	2.0	2.5
Current Tax - Total	-	-0.5	0.1	2.0	2.5
Deferred Tax	-	-2.8	0.0	-0.2	-0.1
Deferred Tax - Total	-	-2.8	0.0	-0.2	-0.1
Other Tax	-	0.0	0.0	-1.0	0.0
Income Tax - Total	-	-3.3	0.0	0.9	2.4
Provision for Defined Benefit Plan	-	0.3	0.3	0.3	0.3
Domestic Pension Plan Expense	-	0.3	0.3	0.3	0.3
Provision for Defined Contribution Plan-	-	0.2	0.2	0.2	0.2
Total Pension Expense	-	0.5	0.5	0.5	0.5

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	Horwath Chien Hsing CPA	First United CPA Office	First United CPA Office	First United CPA Office	First United CPA Office
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified
Cash and Cash Equivalent	0.6	1.8	1.2	0.5	0.6
Other Financial Assets - Current	0.0	0.1	0.0	4.3	0.1
Financial Assets-Fair Value,Current	12.9	15.0	6.8	1.9	1.7
Notes Receivable	12.0	11.1	6.6	4.8	11.9
Accounts Receivable, Gross	39.1	40.5	32.4	13.4	56.7
Provision for Doubtful Accounts	-0.1	-0.1	-0.1	-0.1	-0.6
Accounts Receivable - Related Parties	2.5	2.8	2.0	0.0	1.8
Other Receivables	2.6	2.4	1.9	0.9	1.6
Raw Material	55.7	44.8	25.3	13.3	18.8
Supplies	4.3	2.6	2.4	2.7	0.4
Work-in-Process	6.6	7.2	5.4	5.4	6.9
Finished Goods	53.9	37.2	29.9	49.0	43.9
Goods Purchased	4.2	3.3	0.4	0.6	1.1
Materials in Transit	17.9	7.9	5.7	0.8	5.5
Provision/Allowance for Inventory	-18.7	-2.5	-2.3	-24.3	-1.3
Prepayment	0.4	1.1	2.0	4.4	2.8
Other Current Assets	5.1	0.3	1.2	7.0	1.0
Total Current Assets	198.9	175.4	120.8	84.7	152.8
Long Term Equity Investment	-	-	-	-	0.0
Financial Assets At Cost- Non-Current	5.0	4.7	4.3	4.2	4.2
Other Financial Assets - Non-Current	-	-	-	-	0.0
Land and Improvements	51.6	33.0	18.4	18.0	18.2
Buildings and Structures	89.1	59.7	51.5	50.2	49.7
Machinery and Equipment	231.3	231.6	207.4	201.4	200.2
Transportation Equipment	2.3	2.1	2.0	2.0	1.9
Miscellaneous Equipment	5.3	5.1	4.5	4.4	4.5
Assets Revaluation Increment	15.9	16.5	15.0	14.6	0.7
Accumulated Depreciation	-177.3	-171.3	-144.2	-128.6	-118.2
Construction in Progress	1.7	0.9	0.8	0.0	0.2
Prepayment for Equipment	26.7	4.9	3.9	2.3	5.7
Assets for Lease	21.2	22.0	18.8	13.7	13.7
Accumulated Depreciation - Assets for Le	-2.4	-1.5	-0.7	-0.5	-0.3
Deferred Pension Cost	-	0.0	0.0	0.1	0.2
Security Deposits Paid	0.1	0.1	0.1	0.1	0.1
Deferred Charges	1.4	1.1	0.9	1.0	1.2
Other Long Term Assets	-	-	-	-	2.9
Deferred Income Tax Assets - Non Current	1.1	0.9	3.7	0.4	-
Total Assets	471.9	385.5	307.1	267.7	337.5
Short Term Borrowings	89.4	20.4	17.9	27.2	47.4
Short Term Notes & Bills Payable	24.7	25.7	25.0	6.1	7.7
Notes Payable	7.2	5.7	5.0	2.5	3.9
Accounts Payable	40.0	52.4	30.0	8.3	26.3
Accounts Payable - Related	0.0	0.0	-	-	-
Income Taxes Payable	2.9	1.3	0.0	0.0	0.6
Accrued Expenses	7.3	8.3	6.1	3.4	4.3
Other Payables	1.6	3.7	2.2	2.2	1.0
Advance Receipts	2.4	3.9	2.3	1.3	3.5
Current Portion of Long Term Debt	0.0	10.3	6.3	42.6	9.2
Other Current Liabilities	0.1	0.0	0.0	0.1	0.0
Total Current Liabilities	175.8	131.8	94.9	93.7	104.0
Long Term Borrowings	69.4	13.7	21.9	15.2	49.3
Total Long Term Debt	69.4	13.7	21.9	15.2	49.3
Land Revaluation Increment Tax Reserve	4.5	4.7	4.3	4.2	0.0
Accrued Pension Liabilities	5.8	5.3	4.1	3.3	3.0
Long Term Security Deposits Received	0.6	0.6	0.6	0.2	0.2
Minority Interest	-	-	-	-	0.0
Total Liabilities	256.2	156.1	125.7	116.7	156.5
Common Stock	171.3	167.8	150.7	149.1	148.2
Additional Paid-In Capital	11.7	12.1	11.0	10.8	10.9
Donated Assets Received	-	-	0.0	0.0	0.0
Cap. Surplus, Treasury Stock Transaction	1.4	1.5	1.4	-	-
Long Term Investments	1.1	1.1	1.0	1.0	1.0
Legal Reserve	3.8	0.7	0.0	12.4	12.0
Special Reserve	0.3	0.3	0.0	0.5	0.1
Retained Earnings	14.7	34.2	6.6	-32.8	8.4
Net Loss Not Recognized as Pension Cost	0.0	-0.2	-0.1	-0.2	-0.4
Cumulative Translation Adjustment	-0.2	-0.2	-0.1	-0.1	-0.1
Unrealized Revaluation Increment	11.6	12.0	11.0	10.7	0.9
Treasury Stock	-	-	0.0	-0.2	-
Total Equity	215.7	229.4	181.4	151.1	181.0
Total Liabilities & Shareholders' Equity	471.9	385.5	307.1	267.7	337.5
S/O-Common Share	518.7	518.7	518.7	524.6	526.4
Total Common Shares Outstanding	518.7	518.7	518.7	524.6	526.4
T/S-Common Share	0.0	0.0	0.0	1.7	0.0
Advance Receipts	2.4	3.9	2.3	1.3	3.5
Full-Time Employees	1,300	914	825	809	821
Number of Common Shareholders	-	28,584	30,004	22,963	23,223
Current maturities	-	10.3	6.3	42.6	-
Total Long Term Debt, Supplemental	-	10.3	6.3	42.6	-
Operating Lease Payments Due in 1 year	0.1	1.7	1.4	0.1	0.3
Operating Lease Payments Due in 2 year	0.1	1.7	1.4	0.1	0.1
Operating Lease Payments Due in 3year	-	1.7	1.4	-	0.1
Operating Lease Payments Due in Year 4	-	1.7	1.4	-	-
Operating Lease Payments Due in Year 5	-	1.7	-	-	-
Operating Leases - Remaining Payments	-	8.0	8.1	-	-
Total Operating Leases	0.3	16.6	13.7	0.1	0.4
Fair Value of Plan Assets	0.7	0.6	0.4	0.8	2.3
Benefit Obligation	7.9	7.5	5.9	5.4	6.4
Funded Status	-7.2	-7.0	-5.5	-4.6	-4.1
Accumulated Benefit Obligation	6.0	5.7	4.4	4.0	5.2
Total Funded Status	-7.2	-7.0	-5.5	-4.6	-4.1
Discount Rate	2.00%	2.25%	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%	2.00%	2.00%	2.50%	2.50%
Deferred Pension Cost	-	-	0.0	0.1	0.2
Accrued Pension Liabilities	-5.8	-5.3	-4.1	-3.3	-3.0
Net Assets Recognized on Balance Sheet	-5.8	-5.3	-4.1	-3.2	-2.8

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 Equivalents	1.1	0.6	0.5	0.6	0.5
Financial Assets-Fair Value,Current	16.8	12.9	19.0	18.3	19.5
Notes Receivable	14.8	12.0	10.0	8.3	11.7
Notes Receivable - Related Parties	-	-	0.0	0.0	-
Accounts Receivable, Net	43.1	-	-	-	-
Accounts Receivable, Gross	-	39.1	39.5	36.4	49.4
Provision for Doubtful Accounts	-	-0.1	-0.1	-0.1	-0.2
Accounts Receivable - Related Parties	2.6	2.5	3.1	2.8	3.4
Other Receivables	2.6	2.6	3.0	2.7	1.4
Other Financial Assets - Current	0.0	0.0	0.0	0.1	0.1
Inventory	114.2	-	-	-	-
Raw Material	-	55.7	64.7	44.8	43.0
Supplies	-	4.3	3.1	3.0	3.0
Work-in-Process	-	6.6	8.1	8.1	8.5
Finished Goods	-	53.9	58.2	76.5	41.4
Goods Purchased	-	4.2	0.6	1.3	2.6
Materials in Transit	-	17.9	3.0	6.9	10.5
Provision/Allowance for Inventory	-	-18.7	-3.0	-3.2	-2.2
Prepayment	0.9	0.4	1.1	6.9	2.9
Other Current Assets	1.4	5.1	2.2	2.6	0.4
Total Current Assets	197.6	198.9	213.0	215.8	196.0
Financial Assets-Cost Method,Non-Current	5.1	5.0	5.0	4.7	4.6
Land	52.8	51.6	61.8	33.5	32.7
Buildings and Structures	92.1	89.1	78.0	61.7	60.1
Machinery and Equipment	255.5	231.3	231.3	244.0	234.1
Transportation Equipment	2.3	2.3	2.2	2.3	2.2
Miscellaneous Equipment	5.6	5.3	5.4	5.5	5.3
Revaluation Increments	16.3	15.9	15.8	16.7	16.3
Accumulated Depreciation on Fixed Assets	-184.6	-177.3	-174.0	-181.4	-173.5
Construction in Progress	1.8	1.7	1.0	0.7	0.6
Prepayment for Equipment	14.2	26.7	21.1	4.1	4.3
Rental Assets,Net	19.1	-	-	-	-
Leased Assets	-	21.2	21.1	22.4	21.8
Accumulated Depreciation on Rental Asset	-	-2.4	-2.1	-1.9	-1.7
Security Deposits Paid	0.1	0.1	0.1	0.1	0.1
Deferred Charges	1.6	1.4	1.2	1.2	1.1
Deferred Pension Cost	-	-	0.0	0.0	0.0
Deferred Income Tax Assets	2.8	1.1	1.0	1.1	1.0
Total Assets	482.4	471.9	481.9	430.6	405.3
Short Term Borrowings	89.6	89.4	127.4	60.9	27.9
Short Term Notes & Bills Payable	25.4	24.7	21.3	22.6	25.5
Notes Payable	8.0	7.2	7.3	5.2	5.6
Accounts Payable - Related Parties	0.0	0.0	0.0	-	-
Accounts Payable	35.1	40.0	37.9	32.3	47.4
Income Taxes Payable	3.0	2.9	3.4	3.7	3.8
Accrued Expenses	6.8	7.3	8.3	7.3	6.7
Other Payables	1.3	1.6	5.3	11.1	0.9
Advance Receipts	2.1	2.4	2.7	4.7	6.3
Current Portion of Long Term Debt	0.0	0.0	0.0	0.0	10.2
Other Current Liabilities	0.0	0.1	0.0	0.1	0.0
Total Current Liabilities	171.3	175.8	213.7	147.9	134.5
Long Term Borrowings	71.0	69.4	23.0	24.4	13.6
Total Long Term Debt	71.0	69.4	23.0	24.4	13.6
Land Revaluation Increment Tax Reserve	4.6	4.5	4.5	4.8	4.7
Accrued Pension Liabilities	6.3	5.8	5.7	5.9	5.5
Long Term Security Deposits Received	0.7	0.6	0.6	0.7	0.6
Total Liabilities	254.0	256.2	247.5	183.6	158.8
Common Stock	175.4	171.3	170.2	170.4	166.4
Stock Dividend for Distribution	-	-	-	10.2	-
Cap.Surplus, Additional Paid in Capital	11.9	11.7	11.6	12.3	12.0
Cap. Surplus, Treasury Stock Transaction	1.5	1.4	1.4	1.5	1.5
Capital Surplus, Long-term Investments	1.1	1.1	1.1	1.1	1.1
Legal Reserve	3.9	3.8	3.8	4.0	0.7
Special Reserve	0.3	0.3	0.3	0.3	0.3
Retained Earnings	22.5	14.7	34.9	35.3	52.8
Net Loss Not Recognized as Pension Cost	0.0	0.0	-0.2	-0.2	-0.2
Cumulative Translation Adjustment	-0.2	-0.2	-0.2	-0.2	-0.2
Unrealized Revaluation Increment	11.9	11.6	11.5	12.2	11.9
Total Equity	228.4	215.7	234.5	247.0	246.4
Total Liabilities & Shareholders' Equity	482.4	471.9	481.9	430.6	405.3
S/O-Common Share	518.7	518.7	518.7	549.8	518.7
Total Common Shares Outstanding	518.7	518.7	518.7	549.8	518.7
T/S-Common Share	0.0	0.0	0.0	0.0	0.0
Advance Receipts	2.1	2.4	2.7	4.7	6.3
Full-Time Employees	-	1,300	1,061	963	903
Current maturities	-	-	-	-	10.2
Total Long Term Debt, Supplemental	-	-	-	-	10.2
Operating Lease Pymts Due Within 1Year	-	0.1	0.1	1.9	0.1
Operating Leases Due in Year2	-	0.1	0.1	1.9	0.1
Operating Leases Due in Year3	-	-	0.0	1.8	0.1
Operating Lease Payments Due in Year 4	-	-	-	1.7	-
Operating Lease Payments Due in Year 5	-	-	-	1.7	-
Operating Leases - Remaining Payments	-	-	-	7.3	-
Total Operating Leases, Supplemental	-	0.3	0.3	16.3	0.4
Deferred Pension Cost	-	-	-	-	0.0
Accrued Pension Liabilities	-6.3	-5.8	-5.7	-5.9	-5.5
Net Assets Recognized on Balance Sheet	-6.3	-5.8	-5.7	-5.9	-5.5

Annual Cash Flows

As Reported

Financials in: USD (mil)

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

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	29.39004	31.497037	33.023867	31.543497	32.848802
Auditor	Horwath Chien Hsing CPA	First United CPA Office	First United CPA Office	First United CPA Office	First United CPA Office
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified
Net Income	4.5	29.7	26.1	-37.0	5.2
Depreciation	16.5	13.6	12.2	12.5	11.8
Deferred Charges	0.7	0.6	0.6	0.6	0.5
Provision of Bad Debts	-	-	-	-0.4	-0.1
Gain/Loss on Financial Assets Valuation	3.3	-3.0	-1.9	1.8	0.3
Equity Investment Loss	-	-	-	0.0	0.8
Pro. of Amortization of Leased Assets	-	-	-	0.2	0.2
Loss Contingency for Trade Disputes	-	0.0	-0.8	1.6	-
Impairment loss of Real Estate Investmen	-	-	-	0.0	0.6
Loss on Sale of Investments	-	-	0.0	1.2	0.1
Gain on Sale of Investments	-1.0	-1.9	0.0	-0.5	-0.8
Prov. for Inventory Devaluation	-	-	-	23.9	-0.1
Fixed Assets Transfer Expense	3.5	2.8	1.8	-	-
Loss on Disposal of Properties	-	0.4	-	0.0	0.2
Gain On Disposal of Properties	-0.1	-	0.0	0.0	0.0
Loss Of Deferred charges	-	0.0	0.1	-	-
ST Notes & Bills Payable Discounts	0.0	0.0	0.0	0.0	0.0
Prepay. Spare Parts and Miscellaneous	-	-	-	2.4	14.6
Notes Receivable	-1.4	-3.5	-1.6	7.3	0.7
Accounts Receivable	-0.2	-4.5	-18.1	44.4	2.5
Accounts Receivable- Related Parties	0.2	-0.5	-2.0	1.9	1.9
Other Receivables	-0.3	-0.3	-0.9	0.7	0.7
Inventories	-27.9	-25.3	-17.4	7.4	-17.2
Prepayment	0.7	1.0	2.4	-1.6	-0.4
Deferred Tax Assets- Current	-	-	-	-	-0.4
Deferred Tax Assets- Non-Current	-0.2	2.9	-3.2	2.6	1.0
Other Current Assets	-4.9	0.9	5.7	-6.3	-0.1
Notes Payable	1.8	0.2	2.4	-1.5	-1.6
Accounts Payable	-10.7	18.0	20.7	-18.4	5.1
Accounts Payable - Related	0.0	-	-	-	-
Other Payables	0.1	0.0	-0.7	-	0.0
Tax Payable	1.7	1.2	0.0	-0.6	0.6
Accrued Expenses	-0.7	1.5	2.6	-0.9	0.0
Advance Receipts	-1.4	1.2	0.9	-2.2	1.9
Financial Liabilities At Fair Value- Cur	-	-	-	-	0.0
Other Current Liabilities	0.0	0.0	-0.1	0.1	-
Accrued Pension Liabilities	0.9	0.7	0.8	0.6	0.2
Accounts on Behalf	-	-	-	-	0.0
Overdue Accounts	-	-	-	-0.1	0.1
Cash from Operating Activities	-14.7	35.7	29.8	39.7	28.0
Financial Assets -Cost	-0.5	-	-	-	-
Fin. Assets At Fair Val- Current	-0.7	-2.6	-2.3	-2.7	-1.2
Long Term Investments Increase	-	-	-	-	2.7
Long Term Investments Decrease	-	-	-	-	0.0
Purchase of Equipment	-	-	-	-	-19.0
Real Estate Investments- Decrease	-	-	-	-	0.0
Capital Expenditure	-93.9	-20.8	-4.9	-6.8	-
Pur. of Leased Assets	0.0	-2.4	-3.5	-	-
Disposal of Fixed Assets	0.2	0.2	0.0	-	-
Security Deposit Paid	0.0	-0.1	0.0	0.0	0.3
Deferred Charges	-1.1	-0.8	-0.6	-0.5	-0.8
Other Financial Assets - Current, Decrea	0.1	-	4.3	-	0.0
Other Financial Assets - Current, Increa	-	0.0	-	-4.5	-
Cash from Investing Activities	-95.9	-26.5	-7.0	-14.5	-18.0
Short Term Borrowings Increase	71.9	0.7	-	-	-17.2
Repayment of ST Borrowings	-	-	-9.7	-20.5	-
Short Term Notes Increase	-	-	18.2	-	-16.7
Repayment of ST Notes	0.0	-1.6	-	-1.6	-
Security Deposit Received	0.0	0.0	0.4	-	-
Long Term Borrowings	47.6	-	-	-	-
Repayment of LT Borrowings	-	-6.3	-30.3	-	-
LT Borrowgs and ST Notes Pay. Increase	-	-	-	9.5	33.5
Repay. of Corporate Bonds/Note Payable	-	-	-	-9.5	-6.1
Directors Remuneration & Employees Bonus	-	0.0	-0.1	-0.1	-0.2
Cash Dividend - Common Stock	-10.0	-1.5	0.0	-1.8	-1.7
Prepayment of Equipment	-	-	-	-1.1	-1.2
Payment of initial Employee Bonus	-	-	-	-	0.0
Payment of initial Minority Interest	-	-	-	-	0.0
Refund of Minority Interest Payment	-	-	-	-	0.0
Repurchase of Treasury Stock	-	0.0	-0.7	-0.1	-
Cash from Financing Activities	109.5	-8.7	-22.2	-25.2	-9.7
Net Change in Cash	-1.1	0.5	0.6	0.0	0.3
Net Cash - Beginning Balance	1.8	1.2	0.5	0.6	0.3
Net Cash - Ending Balance	0.6	1.7	1.1	0.6	0.6
Cash Interest Paid	1.5	1.2	1.3	3.4	2.4
Cash Taxes Paid	1.4	0.4	0.0	0.6	0.4

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	7.4	4.5	25.8	24.1	19.0
Depreciation	4.9	16.5	12.1	7.9	3.9
Deferred Charges	0.2	0.7	0.5	0.4	0.2
Prepay. Spare Parts and Miscellaneous	1.0	-	2.2	1.5	0.7
Gain on Sale of Investments	0.0	-1.0	-0.6	-1.0	-0.3
Gain on Financial Assets Valuation	-3.1	-	0.5	-	-1.8
Loss on Financial Assets Valuation	-	3.3	-	0.2	-
Loss on Disposal of Properties	-	-	0.0	0.0	-
Gain on Disposal of Properties	-0.1	-0.1	-	-	0.0
Fixed Assets Transfer Expense	-	3.5	-	-	-
ST Notes & Bills Payable Discounts	0.0	0.0	0.0	0.0	0.0
Notes Receivable	-2.5	-1.4	0.6	2.9	-0.7
Notes Receivable-Related Parties	-	-	0.0	0.0	-
Accounts Receivable	-3.2	-0.2	-0.8	4.6	-9.2
Accounts Receivable- Related Parties	0.0	0.2	-0.4	0.0	-0.7
Other Receivables	0.1	-0.3	-0.8	-0.3	1.0
Inventories	12.6	-27.9	-40.3	-34.8	-7.1
Prepayment	-0.5	0.7	0.0	-5.7	-1.8
Other Current Assets	3.7	-4.9	-2.0	-2.2	-0.1
Deferred Tax Assets,Non-urrent	-1.7	-0.2	-0.1	-0.1	0.0
Notes Payable	0.6	1.8	2.0	-0.5	0.0
Accounts Payable,Related Parties	0.0	0.0	0.0	-	-
Accounts Payable	-5.8	-10.7	-12.7	-20.6	-4.5
Tax Payable	0.0	1.7	2.2	2.3	2.5
Other Payables	-0.1	0.1	0.0	0.0	0.0
Accrued Expenses	-0.7	-0.7	0.3	-1.2	-1.5
Advance Receipts	-0.4	-1.4	-1.0	0.7	2.4
Other Current Liabilities	0.0	0.0	0.0	0.0	0.0
Accrued Pension Liabilities	0.4	0.9	0.7	0.5	0.3
Cash from Operating Activities	12.5	-14.7	-11.9	-21.2	2.1
Financial Assets-Cost	-	-0.5	-0.5	-	-
Fin. Assets At Fair Value ,Inc.	-0.5	-0.7	-4.8	-2.3	-2.5
Capital Expenditure	-9.4	-93.9	-83.0	-13.6	-8.2
Purchase of FA.&Real Estate for Sale	-	-	0.0	0.0	0.0
Purchase of Rental Assets	0.0	0.0	-	-	-
Disposal of Fixed Assets	0.1	0.2	0.1	0.0	0.0
Security Deposit Paid	0.0	0.0	0.0	0.0	0.0
Deferred Charges	-0.3	-1.1	-0.7	-0.5	-0.2
Other Financial Assets , Incr.	-	-	-	0.0	-0.1
Other Financial Assets Decrease	0.0	0.1	0.1	-	-
Cash from Investing Activities	-10.1	-95.9	-88.8	-16.3	-11.0
Short Term Borrowings Increase	-	71.9	112.9	39.7	7.7
Repayment of Short Term Borrowings	-1.9	-	-	-	-
Short Term Notes Increase	-	0.0	-	-	0.0
Repayment of ST Notes	0.0	-	-3.4	-3.4	-
Long Term Borrowings	0.0	47.6	0.0	-	-
Repayment of LT Notes Payables	-	-	-	-	0.0
Security Deposit Received	0.0	0.0	0.0	0.1	0.0
Cash Dividend - Common Stock	-	-10.0	-10.1	-	-
Cash from Financing Activities	-1.9	109.5	99.4	36.3	7.7
Foreign Exchange Effects	-	-	0.0	-	-
Net Change in Cash	0.5	-1.1	-1.3	-1.2	-1.3
Net Cash - Beginning Balance	0.6	1.8	1.8	1.8	1.8
Net Cash - Ending Balance	1.1	0.6	0.5	0.6	0.5
Cash Interest Paid	0.6	1.5	1.0	0.6	0.3
Cash Taxes Paid	0.0	1.4	1.4	1.3	0.0

Geographic Segments

Financials in: As Reported (mil)

Annual

External Revenue   USD (mil)
	31-Dec-11
Taiwan	335.4	52 %
China	275.1	42.6 %
Asia	32.2	5 %
Europe	1.1	0.2 %
America	1.0	0.1 %
Africa	0.5	0.1 %
Pacific-Oceania	0.1	0 %
Segment Total	645.4	100 %
Consolidated Total	645.4	100 %
Exchange Rate: TWD to USD	29.390040
Total Revenue   USD (mil)
	31-Dec-11
Taiwan	335.4	52 %
China	275.1	42.6 %
Asia	32.2	5 %
Europe	1.1	0.2 %
America	1.0	0.1 %
Africa	0.5	0.1 %
Pacific-Oceania	0.1	0 %
Segment Total	645.4	100 %
Consolidated Total	645.4	100 %
Exchange Rate: TWD to USD	29.390040

Business Segments

Financials in: As Reported (mil)

Annual

External Revenue   USD (mil)
	31-Dec-11		31-Dec-10
Fiber Division	255.1	39.5 %	226.6	41.3 %
Chemical Fiber Division	390.2	60.5 %	322.0	58.7 %
Other	0.1	0 %	0.2	0 %
Segment Total	645.4	100 %	548.7	100 %
Intercompany Eliminations	0.0	0 %	0.0	0 %
Consolidated Total	645.4	100 %	548.7	100 %
Exchange Rate: TWD to USD	29.390040		31.497037
Intersegment Revenue   USD (mil)
	31-Dec-11		31-Dec-10
Fiber Division	0.0	0 %	0.0	0 %
Chemical Fiber Division	134.0	100 %	109.8	100 %
Other	0.0	0 %	0.0	0 %
Segment Total	134.0	100 %	109.8	100 %
Intercompany Eliminations	-134.0	-100 %	-109.8	-100 %
Consolidated Total	0.0	0 %	0.0	0 %
Exchange Rate: TWD to USD	29.390040		31.497037

Total Revenue   USD (mil)
	31-Dec-11		31-Dec-10
Fiber Division	255.1	32.7 %	226.6	34.4 %
Chemical Fiber Division	524.1	67.3 %	431.8	65.6 %
Other	0.1	0 %	0.2	0 %
Segment Total	779.3	100 %	658.5	100 %
Intercompany Eliminations	-134.0	-17.2 %	-109.8	-16.7 %
Consolidated Total	645.4	82.8 %	548.7	83.3 %
Exchange Rate: TWD to USD	29.390040		31.497037
Operating Income/Loss   USD (mil)
	31-Dec-11		31-Dec-10
Fiber Division	8.7	286.8 %	15.6	55.8 %
Chemical Fiber Division	-5.6	-186 %	12.4	44.2 %
Other	0.0	-0.9 %	0.0	0 %
Segment Total	3.0	100 %	28.0	100 %
Intercompany Eliminations	-0.6	-18.5 %	-0.1	-0.2 %
Consolidated Total	2.5	81.5 %	27.9	99.8 %
Exchange Rate: TWD to USD	29.390040		31.497037

Operating Margin (%)
	31-Dec-11		31-Dec-10
Fiber Division	3.4	-	6.9	-
Chemical Fiber Division	-1.1	-	2.9	-
Other	-19.6	-	0.3	-
Segment Total	0.4	-	4.3	-
Intercompany Eliminations	0.4	-	0.1	-
Consolidated Total	0.4	-	5.1	-

Business Segments

Financials in: As Reported (mil)

Interim

External Revenue   USD (mil)
	31-Dec-11			30-Sep-11		30-Jun-11		31-Mar-11		31-Dec-10
Fiber Division	58.3		42.2 %	70.5	37.4 %	57.4	39.1 %	69.0	40.1 %	64.7	40.7 %
Chemical Fiber Division	79.9		57.8 %	118.1	62.6 %	89.5	60.9 %	103.2	59.9 %	94.1	59.3 %
Others	0.0		0 %	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %
Segment Total	138.2		100 %	188.7	100 %	146.9	100 %	172.3	100 %	158.9	100 %
Intercompany Eliminations	0.0		0 %	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %
Consolidated Total	138.2		100 %	188.7	100 %	146.9	100 %	172.3	100 %	158.9	100 %
Exchange Rate: TWD to USD	30.256909			29.146237		28.855204		29.305764		30.350199
Intersegment Revenue   USD (mil)
	31-Dec-11			30-Sep-11		30-Jun-11		31-Mar-11		31-Dec-10
Fiber Division	0.0	0 %		0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %
Chemical Fiber Division	30.9	100 %		38.8	100 %	31.4	100 %	32.9	100 %	28.9	100 %
Others	0.0	0 %		0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %
Segment Total	30.9	100 %		38.8	100 %	31.4	100 %	32.9	100 %	28.9	100 %
Intercompany Eliminations	-30.9	-100 %		-38.8	-100 %	-31.4	-100 %	-32.9	-100 %	-28.9	-100 %
Consolidated Total	0.0	0 %		0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %
Exchange Rate: TWD to USD	30.256909			29.146237		28.855204		29.305764		30.350199

Total Revenue   USD (mil)
	31-Dec-11				30-Sep-11			30-Jun-11		31-Mar-11		31-Dec-10
Fiber Division	58.3		34.4 %		70.5		31 %	57.4	32.2 %	69.0	33.7 %	64.7		34.4 %
Chemical Fiber Division	110.8		65.5 %		157.0		69 %	120.9	67.8 %	136.1	66.3 %	123.1		65.5 %
Others	0.0		0 %		0.0		0 %	0.0	0 %	0.0	0 %	0.0		0 %
Segment Total	169.1		100 %		227.5		100 %	178.3	100 %	205.1	100 %	187.8		100 %
Intercompany Eliminations	-30.9		-18.3 %		-38.8		-17.1 %	-31.4	-17.6 %	-32.9	-16 %	-28.9		-15.4 %
Consolidated Total	138.2		81.7 %		188.7		82.9 %	146.9	82.4 %	172.3	84 %	158.9		84.6 %
Exchange Rate: TWD to USD	30.256909				29.146237			28.855204		29.305764		30.350199
Operating Income/Loss   USD (mil)
	31-Dec-11			30-Sep-11				30-Jun-11		31-Mar-11		31-Dec-10
Fiber Division	-1.1	5.4 %		0.6		158.8 %		0.5	7.7 %	8.8	48.4 %	6.0	74 %
Chemical Fiber Division	-19.8	94.6 %		-0.2		-56.3 %		5.8	92.3 %	9.4	51.6 %	2.1	26.1 %
Others	0.0	0 %		0.0		-2.5 %		0.0	-0.1 %	0.0	-0.1 %	0.0	-0.1 %
Segment Total	-21.0	100 %		0.4		100 %		6.2	100 %	18.1	100 %	8.1	100 %
Intercompany Eliminations	-0.5	2.4 %		0.0		-6.6 %		0.2	2.8 %	-0.2	-1 %	0.1	0.7 %
Consolidated Total	-21.5	102.4 %		0.4		93.4 %		6.4	102.8 %	18.0	99 %	8.2	100.7 %
Exchange Rate: TWD to USD	30.256909			29.146237				28.855204		29.305764		30.350199

Operating Margin (%)
	31-Dec-11		30-Sep-11			30-Jun-11			31-Mar-11			31-Dec-10
Fiber Division	-1.9	-	0.9		-	0.8		-	12.7		-	9.3		-
Chemical Fiber Division	-17.9	-	-0.1		-	4.8		-	6.9		-	1.7		-
Others	-4.5	-	-24.2		-	-12.9		-	-59.6		-	-23.0		-
Segment Total	-12.4	-	0.2		-	3.5		-	8.8		-	4.3		-
Intercompany Eliminations	1.6	-	0.1		-	-0.6		-	0.6		-	-0.2		-
Consolidated Total	-15.5	-	0.2		-	4.4		-	10.4		-	5.1		-
Total Assets   USD (mil)
	30-Sep-11			30-Jun-11						31-Mar-11
Fiber Division	19.4	45.7 %		15.2			38.8 %			20.8			39.4 %
Chemical Fiber Division	23.0	54.3 %		23.9			61.2 %			31.9			60.6 %
Others	-	-		-			-			0.0			0 %
Segment Total	42.4	100 %		39.1			100 %			52.6			100 %
Intercompany Eliminations	439.5	1,035.8 %		391.5			1,001.9 %			352.6			670.1 %
Consolidated Total	481.9	1,135.8 %		430.6			1,101.9 %			405.3			770.1 %
Exchange Rate: TWD to USD	30.475000			28.723500						29.406500

Operating Return on Assets (%)
	30-Sep-11		30-Jun-11		31-Mar-11
Fiber Division	3.1	-	3.2	-	42.2	-
Chemical Fiber Division	-0.9	-	24.2	-	29.3	-
Segment Total	0.9	-	16.0	-	34.4	-
Intercompany Eliminations	0.0	-	0.0	-	-0.1	-
Consolidated Total	0.1	-	1.5	-	4.4	-

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.64
UK Pound	1	Rs.86.42
Euro	1	Rs.69.28

INFORMATION DETAILS

Report Prepared by :

PRL

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%)

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