MIRA INFORM REPORT

Report Date :

30.05.2012

IDENTIFICATION DETAILS

Name :	TAIWAN PROSPERITY CHEMICAL CORPORATION
Registered Office :	9F, 113 Chung-Shan North Road Sec. 2, Taipei, 104
Country :	Taiwan
Financials (as on) :	31.12.2011
Date of Incorporation :	28.05.1991
Legal Form :	Public Independent
Line of Business :	Production, Processing and Distribution of Petrochemical Products
No. of Employees :	197

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

Top of Form

Bottom of Form

company name and address

Top of Form

Taiwan Prosperity Chemical Corporation

9F, 113 Chung-Shan North Road
Sec. 2,
Taipei, 104
Taiwan
Tel:	886-2-25633228
Fax:	886-2-25635181
www.taiwancement.com

Employees:

197

Company Type:

Public Independent

Traded:

Taiwan Stock Exchange:

4725

Incorporation Date:

28-May-1991

Auditor:

Deloitte & Touche LLP

Financials in:	USD (mil)
Fiscal Year End:	31-Dec-2011
Reporting Currency:	Taiwanese New Dollar
Annual Sales:	928.3 ^1
Net Income:	79.5
Total Assets:	466.8 ^2
Market Value:	654.9
	(18-May-2012)

Business Description

Taiwan Prosperity Chemical Corporation is principally engaged in the production, processing and distribution of petrochemical products. The Company provides isopropyl benzene, phenol, acetone, bisphenol and cyclohexanone. Its products are applied in the manufacture of phenol, acetone productions, phenolic resins, salicylic acid, organic solvents, epoxide resins, flame retardants, vibrins and organic solvents. During the year ended December 31, 2010, the Company obtained approximately 93.21% of its revenue from its phenol businesses. The Company distributes its products in the domestic and overseas markets. For the six months ended 30 June 2011, Taiwan Prosperity Chemical Corporation's total revenue increased 20% to NT$14.39B. The Company's net income increased 58% to NT$1.95B. Total revenues reflect an increase in the Company's sales due to favorable market demand and effective marketing strategy. Net income also benefit from higher revaluation gain on financial assets, lower research and administrativeexpenses, as well as higher interest income.

Industry

Industry	Chemical Manufacturing
ANZSIC 2006:	1812 - Basic Organic Chemical Manufacturing
NACE 2002:	2414 - Manufacture of other organic basic chemicals
NAICS 2002:	32511 - Petrochemical Manufacturing
UK SIC 2003:	2414 - Manufacture of other organic basic chemicals
US SIC 1987:	2869 - Industrial Organic Chemicals, Not Elsewhere Classified

Key Executives

Name	Title
Tianfu Zhao	General Manager
Weixiong Yin	Deputy General Manager
Chengyun Gu	Chairman of the Board
Guoyu Cai	Director
Fulong Chen	Director

Significant Developments

Topic	#*	Most Recent Headline	Date
Regulatory	1	Taiwan Prosperity Chemical Corporation Receives Fines	17-Jun-2011
Officer Changes	1	Taiwan Prosperity Chemical Corp Announces Change of General Manager	30-Mar-2012
Dividends	2	Taiwan Prosperity Chemical Corp Announces FY 2010 Dividend Payment Date	8-Mar-2012

* number of significant developments within the last 12 months

News

Title	Date
An uptick in November propylene values could put... ICIS Chemical Business (935 Words)	7-Nov-2011
Has US barge acetone price hit floor?Have US... ICIS Chemical Business (969 Words)	7-Nov-2011

Financial Summary

As of 31-Mar-2012

Key Ratios	Company	Industry
Current Ratio (MRQ)	1.91	2.18
Quick Ratio (MRQ)	1.57	1.35
Debt to Equity (MRQ)	0.40	0.82
Sales 5 Year Growth	15.36	6.26
Net Profit Margin (TTM) %	5.68	10.56
Return on Assets (TTM) %	8.96	8.26
Return on Equity (TTM) %	15.90	22.07

Stock Snapshot

Traded: Taiwan Stock Exchange: 4725

As of 18-May-2012

   Financials in: TWD

Recent Price	66.30	EPS	8.00
52 Week High	142.00	Price/Sales	0.71
52 Week Low	58.10	Dividend Rate	6.35
Avg. Volume (mil)	2.68	Price/Earnings	16.03
Market Value (mil)	19,357.94	Price/Book	2.22
		Beta	1.79

	Price % Change	Rel S&P 500%
4 Week	-7.27%	-2.66%
13 Week	-16.39%	-7.71%
52 Week	-47.38%	-34.56%
Year to Date	-0.45%	-1.55%

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
9F, 113 Chung-Shan North Road
Sec. 2,
Taipei, 104
Taiwan

Tel:	886-2-25633228
Fax:	886-2-25635181

www.taiwancement.com

Quote Symbol - Exchange
4725 - Taiwan Stock Exchange
Sales TWD(mil):	27,282.7
Assets TWD(mil):	14,134.6
Employees:	197
Fiscal Year End:	31-Dec-2011

Industry:

Chemical Manufacturing

Incorporation Date:	28-May-1991
Company Type:	Public Independent
Quoted Status:	Quoted

Chairman of the Board:

Chengyun Gu

Company Web Links

Company Contact/E-mail

Home Page

Contents Industry Codes Business Description Financial Data Market Data

Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:
1812	-	Basic Organic Chemical Manufacturing

NACE 2002 Codes:
2414	-	Manufacture of other organic basic chemicals

NAICS 2002 Codes:
32511	-	Petrochemical Manufacturing

US SIC 1987:
2869	-	Industrial Organic Chemicals, Not Elsewhere Classified

UK SIC 2003:
2414	-	Manufacture of other organic basic chemicals

Business Description

Taiwan Prosperity Chemical Corporation is principally engaged in the production, processing and distribution of petrochemical products. The Company provides isopropyl benzene, phenol, acetone, bisphenol and cyclohexanone. Its products are applied in the manufacture of phenol, acetone productions, phenolic resins, salicylic acid, organic solvents, epoxide resins, flame retardants, vibrins and organic solvents. During the year ended December 31, 2010, the Company obtained approximately 93.21% of its revenue from its phenol businesses. The Company distributes its products in the domestic and overseas markets. For the six months ended 30 June 2011, Taiwan Prosperity Chemical Corporation's total revenue increased 20% to NT$14.39B. The Company's net income increased 58% to NT$1.95B. Total revenues reflect an increase in the Company's sales due to favorable market demand and effective marketing strategy. Net income also benefit from higher revaluation gain on financial assets, lower research and administrativeexpenses, as well as higher interest income.

More Business Descriptions

Production of petrochemical products including isopropyl benzene

Financial Data

Financials in:	TWD(mil)
Revenue:	27,282.7
Net Income:	2,335.3
Assets:	14,134.6
Long Term Debt:	2,012.5
Total Liabilities:	5,425.8
Working Capital:	2.4
Date of Financial Data:	31-Dec-2011

1 Year Growth

6.9%

-32.6%

-14.7%

Market Data

Quote Symbol:	4725
Exchange:	Taiwan Stock Exchange
Currency:	TWD
Stock Price:	66.3
Stock Price Date:	05-18-2012
52 Week Price Change %:	-47.4
Market Value (mil):	19,357,940.0
SEDOL:	B1FLSN3
ISIN:	TW0004725007
Equity and Dept Distribution:
10/2007, Exchange changed from Gre Tai Securities Market to Taiwan Stock Exchange. FY'09, Q1, B/S is being CLA.FY'10 Q3 B/S is being RES and C/F is being CLA.

Key Corporate Relationships

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

Executives Report

Board of Directors

Name	Title	Function
Chengyun Gu	Chairman of the Board	Chairman
Biography Gu Chengyun has been serving as Chairman of the Board in Taiwan Prosperity Chemical Corporation since April 29, 1991. Gu holds a Master's degree in Corporate Management from University of Pennsylvania's Wharton School, the United States. Gu also serves as Chairman of the Board in six other companies, including China Synthetic Rubber Corporation, Ta-Ho Maritime Corporation, E-ONE MOLI ENERGY CORP. and Taiwan Cement Corporation, as well as Director in another company. Education: The Wharton School of the University of Pennsylvania, MBA
Guoyu Cai	Director	Director/Board Member
Biography Cai Guoyu has been Director of Taiwan Prosperity Chemical Corporation since October 26, 2010. Currently, Cai also serves as Director in another company.
Fulong Chen	Director	Director/Board Member
Biography Chen Fulong has been serving as Director in Taiwan Prosperity Chemical Corporation since April 19, 1991. Chen also serves as Director in China Synthetic Rubber Corporation and TCC Chemical Corporation. Chen used to be General Manager in the Company.
Shaoheng Hong	Independent Director	Director/Board Member
Biography Hong Shaoheng has been serving as Independent Director in Taiwan Prosperity Chemical Corporation since January 22, 2007. Hong holds a Master's degree in Law from American University, the United States. Education: American University, M (Law)
Renhe Jiao	Independent Director	Director/Board Member
Biography Jiao Renhe has been serving as Independent Director in Taiwan Prosperity Chemical Corporation since Januray 22, 2007. Jiao holds a Ph.D. in Law from Ohio Northern University, the United States. Jiao is Professor of Chinese Culture University, Taiwan. Education: Ohio Northern University, JD
Qimei Wang	Director	Director/Board Member
Biography Wang Qimei has been serving as Director in Taiwan Prosperity Chemical Corporation since April 29, 1991. Wang also serves as Director in three other companies, including China Synthetic Rubber Corporation and Ta-Ho Maritime Corporation, Senior Deputy General Manager in Taiwan Cement Corporation.
Boyuan Wang	Independent Director	Director/Board Member
Biography Wang Boyuan has been serving as Independent Director in Taiwan Prosperity Chemical Corporation since January 22, 2007. Wang is also Chairman of the Board in two other companies, including SerComm Corporation. Wang received a Bachelor's degree from National Taiwan University and a Ph.D from Carnegie Mellon University, the United States. Education: Carnegie Mellon University, PHD Carnegie Mellon University, M National Taiwan University, B
Anping Zhang	Director	Director/Board Member
Biography Zhang Anping has been Director in Taiwan Prosperity Chemical Corporation since April 29, 1991. Zhang holds a Master's degree in Corporate Management from University of New York, the United States. Zhang also serves as Vice Chairman of the Board in two other cement companies, Managing Director in a company, as well as Executive Chairman of the Board in another company. Education: New York University, MBA

Executives

Name	Title	Function
Tianfu Zhao	General Manager	Division Head Executive
Weixiong Yin	Deputy General Manager	Other
Biography Yin Weixiong has been Deputy General Manager of Taiwan Prosperity Chemical Corporation since May 10, 2011. Currently, Yin also serves as Director in other companies, including Ta-Ho Maritime Corporation. Yin received a Master's degree.

Significant Developments

Taiwan Prosperity Chemical Corp Announces Change of General Manager

Mar 30, 2012

Taiwan Prosperity Chemical Corp announced the change of General Manager from Chen Fulong to Zhao Tianfu, effective April 2, 2012.

Taiwan Prosperity Chemical Corp Announces FY 2010 Dividend Payment Date

Mar 08, 2012

Taiwan Prosperity Chemical Corp announced that it will pay a cash dividend of NTD 1,854,041,250 (NTD 6.35 per share) to shareholders of record on July 18, 2011. The Company's shares will be traded ex-dividend on July 12, 2011.

Taiwan Prosperity Chemical Corporation Announces FY 2010 Dividend Payment Date

Jun 22, 2011

Prosperity Chemical Corporation announced that it will pay cash dividends of NTD 2,426,312,250 in total to shareholders of record on July 19, 2011. The Company's shares will be traded ex-dividend on July 13, 2011.

Taiwan Prosperity Chemical Corporation Receives Fines

Jun 17, 2011

Taiwan Prosperity Chemical Corporation announced that it was imposed a fine of NTD 100,000 for its factory's violation of Air Pollution Control Act, and also another fine of NTD 100,000, due to the factory's violation of Volatile Organic Compounds (VOC) Air Pollution Control and Emission Standards, and Air Pollution Control Act.

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	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Gross Revenue	929.6	810.6	438.4	527.1	558.0
Sales Returns and Allowances	-1.3	0.0	0.0	-0.6	-0.5
Revenue	928.3	810.5	438.4	526.6	557.5
Total Revenue	928.3	810.5	438.4	526.6	557.5
Cost of Revenue	809.8	657.5	414.4	513.9	449.6
Cost of Revenue, Total	809.8	657.5	414.4	513.9	449.6
Gross Profit	118.5	153.0	24.0	12.7	107.9
Selling/General/Administrative Expense	20.4	18.8	10.7	9.5	9.6
Total Selling/General/Administrative Expenses	20.4	18.8	10.7	9.5	9.6
Research & Development	2.0	1.7	0.8	0.9	1.0
Impairment-Assets Held for Use	0.0	0.4	-	-	-
Unusual Expense (Income)	0.0	0.4	-	-	-
Total Operating Expense	832.2	678.3	426.0	524.4	460.3
Operating Income	96.1	132.2	12.4	2.2	97.2
Interest Expense - Non-Operating	-2.2	-1.3	-0.6	-1.1	-1.0
Interest Expense, Net Non-Operating	-2.2	-1.3	-0.6	-1.1	-1.0
Interest Income - Non-Operating	0.3	0.1	0.0	0.1	0.2
Investment Income - Non-Operating	1.6	-1.8	1.4	0.6	0.4
Interest/Investment Income - Non-Operating	1.8	-1.7	1.4	0.8	0.6
Interest Income (Expense) - Net Non-Operating Total	-0.4	-3.0	0.8	-0.3	-0.4
Other Non-Operating Income (Expense)	0.3	-0.1	1.5	-0.4	-0.2
Other, Net	0.3	-0.1	1.5	-0.4	-0.2
Income Before Tax	96.0	129.1	14.7	1.5	96.6
Total Income Tax	16.6	19.1	0.9	-2.5	23.3
Income After Tax	79.5	110.0	13.8	4.0	73.3
Net Income Before Extraord Items	79.5	110.0	13.8	4.0	73.3
Net Income	79.5	110.0	13.8	4.0	73.3
Income Available to Common Excl Extraord Items	79.5	110.0	13.8	4.0	73.3
Income Available to Common Incl Extraord Items	79.5	110.0	13.8	4.0	73.3
Basic/Primary Weighted Average Shares	292.0	292.0	292.0	292.0	274.7
Basic EPS Excl Extraord Items	0.27	0.38	0.05	0.01	0.27
Basic/Primary EPS Incl Extraord Items	0.27	0.38	0.05	0.01	0.27
Diluted Net Income	79.5	110.0	13.8	4.0	73.3
Diluted Weighted Average Shares	292.0	292.1	292.2	292.0	274.7
Diluted EPS Excl Extraord Items	0.27	0.38	0.05	0.01	0.27
Diluted EPS Incl Extraord Items	0.27	0.38	0.05	0.01	0.27
Dividends per Share - Common Stock Primary Issue	0.22	0.26	0.03	0.01	0.20
Gross Dividends - Common Stock	63.1	77.0	9.0	2.9	57.8
Interest Expense, Supplemental	2.2	1.3	0.6	1.1	1.0
Interest Capitalized, Supplemental	-0.3	-0.6	-1.1	-	-
Depreciation, Supplemental	27.5	21.9	14.3	14.2	10.5
Total Special Items	0.0	0.4	-	-	-
Normalized Income Before Tax	96.0	129.5	14.7	1.5	96.6
Effect of Special Items on Income Taxes	0.0	0.1	-	-	-
Inc Tax Ex Impact of Sp Items	16.6	19.1	0.9	-2.5	23.3
Normalized Income After Tax	79.5	110.4	13.8	4.0	73.3
Normalized Inc. Avail to Com.	79.5	110.4	13.8	4.0	73.3
Basic Normalized EPS	0.27	0.38	0.05	0.01	0.27
Diluted Normalized EPS	0.27	0.38	0.05	0.01	0.27
Amort of Intangibles, Supplemental	-	-	-	0.9	-
Research & Development Exp, Supplemental	2.0	1.7	0.8	0.9	1.0
Normalized EBIT	96.1	132.6	12.4	2.2	97.2
Normalized EBITDA	123.6	154.5	26.7	17.4	107.8
Current Tax - Total	16.7	16.8	1.0	0.9	23.9
Current Tax - Total	16.7	16.8	1.0	0.9	23.9
Deferred Tax - Total	-0.6	2.3	0.0	-3.3	-0.1
Deferred Tax - Total	-0.6	2.3	0.0	-3.3	-0.1
Other Tax	0.5	0.0	-0.1	-0.1	-0.5
Income Tax - Total	16.6	19.1	0.9	-2.5	23.3
Interest Cost - Domestic	0.1	0.1	0.1	0.1	0.1
Service Cost - Domestic	0.1	0.1	0.2	0.3	0.3
Expected Return on Assets - Domestic	0.0	0.0	0.0	0.0	0.0
Other Pension, Net - Domestic	0.0	0.0	0.0	0.0	0.0
Domestic Pension Plan Expense	0.2	0.2	0.3	0.4	0.5
Defined Contribution Expense - Domestic	0.2	0.1	0.1	0.1	0.1
Total Pension Expense	0.4	0.4	0.4	0.5	0.6
Discount Rate - Domestic	2.00%	2.00%	2.00%	2.75%	2.75%
Expected Rate of Return - Domestic	2.00%	2.00%	2.00%	2.75%	2.75%
Compensation Rate - Domestic	2.00%	2.00%	2.00%	2.00%	2.00%
Total Plan Interest Cost	0.1	0.1	0.1	0.1	0.1
Total Plan Service Cost	0.1	0.1	0.2	0.3	0.3
Total Plan Expected Return	0.0	0.0	0.0	0.0	0.0
Total Plan Other Expense	0.0	0.0	0.0	0.0	0.0

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Reclassified Normal 31-Dec-2008
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate	30.279	29.1565	31.985	32.818	32.4345
Auditor	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Cash & Equivalents	23.6	40.9	8.5	5.3	11.6
Short Term Investments	92.0	131.1	19.2	8.0	119.3
Cash and Short Term Investments	115.6	172.0	27.7	13.4	130.9
Accounts Receivable - Trade, Gross	65.6	60.7	38.6	18.8	50.4
Provision for Doubtful Accounts	-0.7	-0.8	-0.5	-0.2	-0.6
Trade Accounts Receivable - Net	65.0	77.3	50.3	19.6	63.5
Other Receivables	0.0	6.8	6.3	6.0	-
Total Receivables, Net	65.0	84.1	56.6	25.6	63.5
Inventories - Finished Goods	15.3	26.1	12.6	13.6	14.0
Inventories - Raw Materials	15.1	10.8	6.6	1.4	7.0
Inventories - Other	-	-	-	-	0.0
Total Inventory	30.3	36.9	19.1	14.9	21.0
Prepaid Expenses	7.4	6.1	10.1	8.9	4.1
Deferred Income Tax - Current Asset	-	0.5	0.6	3.3	0.2
Other Current Assets	4.3	2.8	3.0	4.7	2.8
Other Current Assets, Total	4.3	3.3	3.6	8.1	3.0
Total Current Assets	222.6	302.4	117.1	70.9	222.5
Buildings	4.4	4.4	4.0	4.9	4.9
Land/Improvements	29.6	30.8	28.0	27.0	27.3
Machinery/Equipment	454.9	449.4	330.9	274.0	250.7
Construction in Progress	23.4	31.2	95.2	91.5	24.9
Other Property/Plant/Equipment	9.5	9.9	-	-	-
Property/Plant/Equipment - Gross	521.8	525.6	458.2	397.3	307.8
Accumulated Depreciation	-290.1	-273.6	-227.4	-208.0	-196.6
Property/Plant/Equipment - Net	231.7	252.0	230.8	189.3	111.1
Deferred Charges	9.2	10.6	11.3	5.7	4.2
Pension Benefits - Overfunded	-	-	-	-	0.0
Deferred Income Tax - Long Term Asset	0.8	0.8	2.9	0.0	-
Other Long Term Assets	2.5	2.7	2.4	0.5	0.5
Other Long Term Assets, Total	12.5	14.1	16.5	6.2	4.7
Total Assets	466.8	568.5	364.5	266.4	338.3
Accounts Payable	26.3	49.8	40.4	4.6	39.5
Accrued Expenses	9.4	12.0	5.4	2.7	5.8
Notes Payable/Short Term Debt	30.9	37.7	17.2	49.2	18.2
Current Portion - Long Term Debt/Capital Leases	29.0	30.1	-	-	0.8
Income Taxes Payable	7.7	18.1	1.0	0.0	21.4
Other Payables	2.0	2.4	3.8	12.7	12.5
Other Current Liabilities	1.5	1.6	0.2	0.2	0.3
Other Current liabilities, Total	11.1	22.2	5.1	12.9	34.2
Total Current Liabilities	106.8	151.8	68.1	69.3	98.5
Long Term Debt	62.9	95.4	114.4	40.5	13.1
Capital Lease Obligations	3.6	4.9	-	-	-
Total Long Term Debt	66.5	100.3	114.4	40.5	13.1
Total Debt	126.4	168.1	131.6	89.7	32.1
Pension Benefits - Underfunded	4.1	4.5	4.1	3.9	3.7
Other Long Term Liabilities	1.8	0.4	0.3	0.3	0.1
Other Liabilities, Total	5.9	4.9	4.5	4.2	3.9
Total Liabilities	179.2	256.9	187.0	114.0	115.5
Common Stock	96.4	100.1	91.3	89.0	90.0
Common Stock	96.4	100.1	91.3	89.0	90.0
Additional Paid-In Capital	22.8	23.7	21.6	21.0	21.3
Retained Earnings (Accumulated Deficit)	177.8	187.7	72.1	59.1	117.7
Unrealized Gain (Loss)	-9.3	0.0	-7.5	-16.7	-6.2
Total Equity	287.6	311.5	177.5	152.4	222.8
Total Liabilities & Shareholders’ Equity	466.8	568.5	364.5	266.4	338.3
Shares Outstanding - Common Stock Primary Issue	292.0	292.0	292.0	292.0	292.0
Total Common Shares Outstanding	292.0	292.0	292.0	292.0	292.0
Treasury Shares - Common Stock Primary Issue	-	0.0	0.0	0.0	0.0
Employees	197	180	172	173	164
Number of Common Shareholders	-	7,225	4,797	4,751	3,673
Total Long Term Debt, Supplemental	-	31.2	-	-	-
Long Term Debt Maturing within 1 Year	-	31.2	-	-	-
Long Term Debt Matur. in Year 6 & Beyond	-	0.0	-	-	-
Interest Costs	-0.8	-1.2	-	-	-
Total Capital Leases, Supplemental	4.7	6.0	-	-	-
Capital Lease Payments Due in Year 1	1.5	1.5	-	-	-
Capital Lease Payments Due in Year 2	1.5	1.5	-	-	-
Capital Lease Payments Due in Year 3	1.5	1.5	-	-	-
Capital Lease Payments Due in Year 4	1.1	1.5	-	-	-
Capital Lease Payments Due in Year 5	-	1.1	-	-	-
Capital Lease Payments Due in 2-3 Years	2.9	3.0	-	-	-
Capital Lease Payments Due in 4-5 Years	1.1	2.6	-	-	-
Pension Obligation - Domestic	4.6	5.2	4.9	4.6	4.6
Plan Assets - Domestic	0.1	0.0	0.1	0.6	0.5
Funded Status - Domestic	-4.5	-5.2	-4.9	-4.0	-4.0
Accumulated Obligation - Domestic	3.7	4.2	3.9	3.6	3.8
Total Funded Status	-4.5	-5.2	-4.9	-4.0	-4.0
Discount Rate - Domestic	2.00%	2.00%	2.00%	2.75%	2.75%
Expected Rate of Return - Domestic	2.00%	2.00%	2.00%	2.75%	2.75%
Compensation Rate - Domestic	2.00%	2.00%	2.00%	2.00%	2.00%
Prepaid Benefits - Domestic	-	-	-	-	0.0
Accrued Liabilities - Domestic	-4.1	-4.5	-4.1	-3.9	-3.7
Net Assets Recognized on Balance Sheet	-4.1	-4.5	-4.1	-3.9	-3.7
Total Plan Obligations	4.6	5.2	4.9	4.6	4.6
Total Plan Assets	0.1	0.0	0.1	0.6	0.5

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	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	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net Income/Starting Line	79.5	110.0	13.8	4.0	73.3
Depreciation	27.5	21.9	14.3	14.2	10.5
Depreciation/Depletion	27.5	21.9	14.3	14.2	10.5
Deferred Taxes	-0.6	2.3	0.0	-3.3	-0.1
Unusual Items	0.0	0.3	0.1	5.4	0.1
Other Non-Cash Items	2.0	2.8	0.8	0.5	0.6
Non-Cash Items	2.0	3.1	0.9	5.9	0.8
Accounts Receivable	16.5	-20.6	-29.6	45.3	-10.1
Inventories	5.3	-14.7	-3.7	-0.2	-7.8
Prepaid Expenses	-1.5	4.6	-0.9	-5.1	0.2
Other Assets	25.7	-94.0	1.8	95.8	-98.2
Accounts Payable	-22.2	4.8	35.3	-35.1	13.9
Accrued Expenses	-2.2	5.7	2.5	-3.2	0.1
Taxes Payable	-10.1	15.7	1.0	-22.0	14.1
Other Liabilities	-0.2	0.2	0.2	0.0	0.6
Changes in Working Capital	11.3	-98.3	6.6	75.6	-87.2
Cash from Operating Activities	119.7	39.0	35.6	96.4	-2.6
Purchase of Fixed Assets	-16.6	-17.0	-59.5	-97.2	-18.2
Capital Expenditures	-16.6	-17.0	-59.5	-97.2	-18.2
Sale/Maturity of Investment	0.0	0.4	-	-	-
Purchase of Investments	0.0	-0.3	-	-	-
Other Investing Cash Flow	-1.9	-0.8	-8.8	-2.6	-2.5
Other Investing Cash Flow Items, Total	-1.9	-0.7	-8.8	-2.6	-2.5
Cash from Investing Activities	-18.4	-17.7	-68.3	-99.7	-20.7
Other Financing Cash Flow	0.5	0.0	0.0	-3.2	-0.6
Financing Cash Flow Items	0.5	0.0	0.0	-3.2	-0.6
Cash Dividends Paid - Common	-82.6	-9.5	-2.7	-60.2	-12.3
Total Cash Dividends Paid	-82.6	-9.5	-2.7	-60.2	-12.3
Sale/Issuance of Common	-	-	-	0.0	28.0
Common Stock, Net	-	-	-	0.0	28.0
Issuance (Retirement) of Stock, Net	-	-	-	0.0	28.0
Short Term Debt Issued	-	17.4	-	32.4	18.0
Short Term Debt Reduction	-5.5	0.0	-32.2	-	0.0
Short Term Debt, Net	-5.5	17.4	-32.2	32.4	18.0
Long Term Debt Issued	-	0.0	70.6	27.9	-
Long Term Debt Reduction	-29.9	-	-	-	-10.7
Long Term Debt, Net	-29.9	0.0	70.6	27.9	-10.7
Issuance (Retirement) of Debt, Net	-35.4	17.4	38.4	60.3	7.3
Cash from Financing Activities	-117.5	7.9	35.7	-3.1	22.4
Net Change in Cash	-16.2	29.3	2.9	-6.4	-0.9
Net Cash - Beginning Balance	40.6	8.6	5.3	11.9	12.4
Net Cash - Ending Balance	24.4	37.9	8.2	5.6	11.5
Cash Interest Paid	2.3	1.3	0.6	1.0	0.9
Cash Taxes Paid	27.2	1.0	0.0	29.1	9.3

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	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Gross Sales	929.6	810.6	438.4	527.1	558.0
Sales Returns & Discounts	-1.3	0.0	0.0	-0.6	-0.5
Total Revenue	928.3	810.5	438.4	526.6	557.5
Cost of Sales	809.8	657.5	414.4	513.9	449.5
Selling Expenses	15.1	13.4	8.7	8.0	7.5
General and Administrative Expenses	5.3	5.4	2.0	1.9	2.1
Research and Development Expenses	2.0	1.7	0.8	0.9	1.0
Gain on Reversal of Bad Debt	-	-	0.0	-0.5	-
Inventory Devaluation & Obsolescence	-	-	-	-	0.1
Impairment Loss	0.0	0.4	-	-	-
Total Operating Expense	832.2	678.3	426.0	524.4	460.3
Interest Income	0.3	0.1	0.0	0.1	0.2
Dividend Income	0.4	-	0.0	0.3	-
Gain on Sale of Investments	0.0	0.1	0.0	0.9	0.3
Revaluation Gain on Financial Assets	0.6	0.3	1.2	0.0	0.2
Miscellaneous Income	1.0	1.3	1.9	0.1	0.1
Interest Expense	-2.2	-1.3	-0.6	-1.1	-1.0
Loss on Financial Assets Revaluation	-	-	-	-	-0.1
Foreign Exchange Gains	0.6	0.0	0.1	-0.5	-0.2
Foreign Exchange Losses	0.0	-2.1	-	-	-
Revaluation Loss on Fin. Liabilities	0.0	-	-	-	-
Miscellaneous Disbursements	-0.7	-1.4	-0.4	-0.5	-0.3
Net Income Before Taxes	96.0	129.1	14.7	1.5	96.6
Provision for Income Taxes	16.6	19.1	0.9	-2.5	23.3
Net Income After Taxes	79.5	110.0	13.8	4.0	73.3
Net Income Before Extra. Items	79.5	110.0	13.8	4.0	73.3
Net Income	79.5	110.0	13.8	4.0	73.3
Income Available to Com Excl ExtraOrd	79.5	110.0	13.8	4.0	73.3
Income Available to Com Incl ExtraOrd	79.5	110.0	13.8	4.0	73.3
Basic Weighted Average Shares	292.0	292.0	292.0	292.0	274.7
Basic EPS Excluding ExtraOrdinary Items	0.27	0.38	0.05	0.01	0.27
Basic EPS Including ExtraOrdinary Items	0.27	0.38	0.05	0.01	0.27
Diluted Net Income	79.5	110.0	13.8	4.0	73.3
Diluted Weighted Average Shares	292.0	292.1	292.2	292.0	274.7
Diluted EPS Excluding ExtraOrd Items	0.27	0.38	0.05	0.01	0.27
Diluted EPS Including ExtraOrd Items	0.27	0.38	0.05	0.01	0.27
DPS-Common Stock	0.22	0.26	0.03	0.01	0.20
Gross Dividends - Common Stock	63.1	77.0	9.0	2.9	57.8
Normalized Income Before Taxes	96.0	129.5	14.7	1.5	96.6
Inc Tax Ex Impact of Sp Items	16.6	19.1	0.9	-2.5	23.3
Normalized Income After Taxes	79.5	110.4	13.8	4.0	73.3
Normalized Inc. Avail to Com.	79.5	110.4	13.8	4.0	73.3
Basic Normalized EPS	0.27	0.38	0.05	0.01	0.27
Diluted Normalized EPS	0.27	0.38	0.05	0.01	0.27
Interest Expense, Supplemental	2.2	1.3	0.6	1.1	1.0
Interest Capitalized, Supplemental	-0.3	-0.6	-1.1	-	-
R&D Expense, Supplemental	2.0	1.7	0.8	0.9	1.0
Depreciation - Operating Cost	27.5	21.8	14.3	14.2	10.5
Depreciation - Operating Expense	0.0	0.1	0.0	0.0	0.0
Amortization - Operating Cost	-	-	-	0.9	-
Amortization - Operating Expense	-	-	-	0.1	-
Current Tax	16.7	16.8	1.0	0.9	23.9
Current Tax - Total	16.7	16.8	1.0	0.9	23.9
Deferred Tax	-0.6	2.3	0.0	-3.3	-0.1
Deferred Tax - Total	-0.6	2.3	0.0	-3.3	-0.1
Other Tax	0.5	0.0	-0.1	-0.1	-0.5
Income Tax - Total	16.6	19.1	0.9	-2.5	23.3
Service Cost	0.1	0.1	0.2	0.3	0.3
Interest Cost	0.1	0.1	0.1	0.1	0.1
Expected Return on Assets	0.0	0.0	0.0	0.0	0.0
Amortization	0.0	0.0	0.0	0.0	0.0
Domestic Pension Plan Expense	0.2	0.2	0.3	0.4	0.5
Defined Contribution Expense - Domestic	0.2	0.1	0.1	0.1	0.1
Total Pension Expense	0.4	0.4	0.4	0.5	0.6
Discount Rate	2.00%	2.00%	2.00%	2.75%	2.75%
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%	2.75%	2.75%

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Reclassified Normal 31-Dec-2008
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate	30.279	29.1565	31.985	32.818	32.4345
Auditor	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Cash and Cash Equivalent	23.6	40.9	8.5	5.3	11.6
Financial Assets-Fair Value,Current	74.5	103.2	1.3	0.0	100.4
Financial Assets for Sale	17.5	27.9	17.9	8.0	18.9
Accounts&Notes Receivable, Gross	65.6	60.7	38.6	18.8	50.4
Provision for Doubtful Accounts	-0.7	-0.8	-0.5	-0.2	-0.6
Accounts Receivable - Related Parties	0.0	17.4	12.2	1.0	13.8
Other Receivables	0.0	6.8	6.3	6.0	-
Finished Goods	15.3	26.1	12.6	13.6	14.0
Raw Materials	15.1	10.8	6.6	1.4	7.0
Provision/Allowance for Inventory	-	-	-	-	0.0
Prepayment	7.4	6.1	10.1	8.9	4.1
Deferred Income Tax Assets - Current	-	0.5	0.6	3.3	0.2
Other Current Assets	4.3	2.8	3.0	4.7	2.8
Total Current Assets	222.6	302.4	117.1	70.9	222.5
Land	29.6	30.8	28.0	27.0	27.3
Buildings and Structures	4.4	4.4	4.0	4.9	4.9
Machinery and Equipment	448.1	442.3	324.9	268.1	244.8
Leased Assets	9.5	9.9	-	-	-
Miscellaneous Equipment	6.8	7.0	6.1	5.9	5.9
Accumulated Depreciation	-289.7	-273.1	-227.4	-208.0	-196.6
Accumulated Impairment on Fixed Assets	-0.4	-0.5	-	-	-
Construct. in Progress & Equip. Prepay	23.4	31.2	95.2	91.5	24.9
Deferred Pension Cost	-	-	-	-	0.0
Deferred Charges	9.2	10.6	11.3	5.7	4.2
Deferred Income Tax Assets	0.8	0.8	2.9	0.0	-
Security Deposits Paid	2.1	2.2	-	-	-
Other Long Term Assets	0.5	0.5	2.4	0.5	0.5
Total Assets	466.8	568.5	364.5	266.4	338.3
Short Term Borrowings	30.9	37.7	17.2	40.1	18.2
Short Term Notes & Bills Payable	-	-	0.0	9.1	-
Accounts Payable	25.5	49.2	39.8	4.6	38.1
Accounts Payable - Related Parties	0.8	0.6	0.6	0.0	1.3
Income Tax Payable	7.7	18.1	1.0	0.0	21.4
Accrued Expenses	9.4	12.0	5.4	2.7	5.8
Financial Liabilities-Fair Value,Current	0.0	-	-	-	-
Other Payables,Related Parties	1.2	1.2	1.4	0.7	-
Equipment Payable	0.8	1.2	2.4	12.0	12.5
Current Portion of Long Term Debt	29.0	30.1	-	-	0.8
Other Current Liabilities	1.5	1.6	0.2	0.2	0.3
Total Current Liabilities	106.8	151.8	68.1	69.3	98.5
Long Term Borrowings	62.9	95.4	114.4	40.5	13.1
Lease Payable	3.6	4.9	-	-	-
Total Long Term Debt	66.5	100.3	114.4	40.5	13.1
Accrued Pension Liabilities	4.1	4.5	4.1	3.9	3.7
LT Notes & Accounts Payable, Related Par	1.3	-	-	-	-
Long Term Security Deposits Received	0.5	0.4	0.3	0.3	0.1
Total Liabilities	179.2	256.9	187.0	114.0	115.5
Common Stock	96.4	100.1	91.3	89.0	90.0
Additional Paid-In Capital	22.8	23.7	21.6	21.0	21.3
Legal Reserve	34.8	24.3	20.7	19.8	12.6
Special Reserve	0.0	8.2	17.2	6.1	-
Retained Earnings	142.9	155.3	34.2	33.2	105.1
Unrealized G/L on Fin. Assets	-9.3	0.0	-7.5	-16.7	-6.2
Total Equity	287.6	311.5	177.5	152.4	222.8
Total Liabilities & Shareholders' Equity	466.8	568.5	364.5	266.4	338.3
S/O-Common Stock	292.0	292.0	292.0	292.0	292.0
Total Common Shares Outstanding	292.0	292.0	292.0	292.0	292.0
T/S-Common Stock	-	0.0	0.0	0.0	0.0
Full-Time Employees	197	180	172	173	164
Number of Common Shareholders	-	7,225	4,797	4,751	3,673
Current maturities	-	31.2	-	-	-
Total Long Term Debt, Supplemental	-	31.2	-	-	-
Capital Lease Payments Due within 1 Year	1.5	1.5	-	-	-
Capital Lease Payments Due in Year 2	1.5	1.5	-	-	-
Capital Lease Payments Due in Year 3	1.5	1.5	-	-	-
Capital Lease Payments Due in Year 4	1.1	1.5	-	-	-
Capital Lease Payments Due in Year 5	-	1.1	-	-	-
Unrealized Interest Cost	-0.8	-1.2	-	-	-
Total Capital Leases	4.7	6.0	-	-	-
Accumulated Benefit Obligation	3.7	4.2	3.9	3.6	3.8
Benefit Obligation	4.6	5.2	4.9	4.6	4.6
Fair Value of Plan Assets	0.1	0.0	0.1	0.6	0.5
Funded Status	-4.5	-5.2	-4.9	-4.0	-4.0
Total Funded Status	-4.5	-5.2	-4.9	-4.0	-4.0
Discount Rate	2.00%	2.00%	2.00%	2.75%	2.75%
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%	2.75%	2.75%
Deferred Pension Cost	-	-	-	-	0.0
Accrued Pension Liabilities	-4.1	-4.5	-4.1	-3.9	-3.7
Net Assets Recognized on Balance Sheet	-4.1	-4.5	-4.1	-3.9	-3.7

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	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	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net Income	79.5	110.0	13.8	4.0	73.3
Depreciation	27.5	21.9	14.3	14.2	10.5
Deferred Charges	2.9	2.9	1.7	0.9	0.7
Provision of Bad Debts	-	0.2	0.3	-0.5	0.1
Gain/Loss on Financial A/L Revaluation	-0.6	-0.3	-1.2	0.0	-0.2
Prov./Reversal for Inventory Devaluation	-	-	-	6.3	0.1
Loss on Sale of Investments	0.0	-0.1	0.0	-0.9	-
Impairment Loss on Assets	-	0.4	-	-	-
Net Loss on Disposal of Properties	-	0.0	0.1	-	-
Deferred Tax	-0.6	2.3	0.0	-3.3	-0.1
Accrued Pension Liabilities	-0.3	-	-	-	-
Financial Assets at Fair Value	26.3	-93.9	0.0	104.1	-98.9
Accounts Receivable	-7.5	-	-	-	-
Notes & Accounts Receivable	-	-17.0	-18.7	32.2	-13.5
Accounts Receivable - Related Parties	17.3	-3.8	-10.8	13.1	3.4
Other Receivables	6.7	0.1	-0.1	-	-
Inventories	5.3	-14.7	-3.7	-0.2	-7.8
Other Financial Assets	-	-	-	-6.2	-
Prepayment	-1.5	4.6	-0.9	-5.1	0.2
Other Current Assets	-0.6	0.0	1.8	-2.0	0.7
Accounts Payable	-22.5	5.1	34.0	-34.4	14.0
Accounts Payable - Related Parties	0.2	-0.1	0.6	-0.7	-0.1
Tax Payable	-10.1	15.7	1.0	-22.0	14.1
Accrued Expenses	-2.2	5.7	2.5	-3.2	0.1
Other Payable - Related Parties	0.0	-0.3	0.7	-	-
Other Current Liabilities	-0.2	0.2	0.1	-0.2	0.2
Accrued Pension Liabilities	-	0.0	0.1	0.2	0.4
Cash from Operating Activities	119.7	39.0	35.6	96.4	-2.6
Purchase of Financial Assets for Sale	0.0	-0.3	-	-	-
Disposal of Financial Assets for Sale	0.0	0.4	-	-	-
Capital Expenditure	-16.6	-17.0	-59.5	-97.2	-18.2
Deferred Charges	-1.9	-0.8	-6.9	-2.6	-2.5
Security Deposit	0.1	-	-	-	-
Other Assets	0.0	0.0	-1.9	-	0.0
Cash from Investing Activities	-18.4	-17.7	-68.3	-99.7	-20.7
Short Term Borrowings Increase	-	17.4	-	23.0	18.0
Short Term Borrowings Decrease	-5.5	-	-23.2	-	-
Short Term Notes Increase	-	-	-	9.5	-
Repayment of ST Notes	-	0.0	-9.0	-	0.0
Long Term Borrowings Increase	-	0.0	70.6	27.9	-
Long Term Borrowings Decrease	-29.9	-	-	-	-10.7
Employees Bonus/Directors Remuneration	-	-	0.0	-3.3	-0.8
Cash Dividend - Common Stock	-82.6	-9.5	-2.7	-60.2	-12.3
Increase in Lease Payable	-1.1	-	-	-	-
TL Payables-Related Parties	1.3	-	-	-	-
Security Deposit	0.2	0.0	0.0	0.1	-
Other Liabilities	-	-	-	0.0	0.1
Cash Capital	-	-	-	0.0	28.0
Cash from Financing Activities	-117.5	7.9	35.7	-3.1	22.4
Net Change in Cash	-16.2	29.3	2.9	-6.4	-0.9
Net Cash - Beginning Balance	40.6	8.6	5.3	11.9	12.4
Net Cash - Ending Balance	24.4	37.9	8.2	5.6	11.5
Cash Interest Paid	2.3	1.3	0.6	1.0	0.9
Cash Taxes Paid	27.2	1.0	0.0	29.1	9.3

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	210.0	-9.53%	928.3	6.87%	17.99%	15.36%
Research & Development1	0.3	-35.79%	2.0	10.78%	24.50%	8.34%
Operating Income1	7.7	-80.17%	96.1	-32.14%	242.81%	26.92%
Income Available to Common Excl Extraord Items1	6.5	-80.89%	79.5	-32.60%	165.03%	33.11%
Basic EPS Excl Extraord Items1	0.02	-80.89%	0.27	-32.60%	165.04%	30.94%
Capital Expenditures2	1.6	-15.09%	16.6	-9.23%	-45.86%	-11.80%
Cash from Operating Activities2	18.5	18.14%	119.7	186.39%	4.97%	40.51%
Free Cash Flow	17.0	22.59%	100.1	337.78%	-	-
Total Assets3	521.7	-15.93%	466.8	-14.72%	17.37%	15.81%
Total Liabilities3	218.3	-21.99%	179.2	-27.57%	13.19%	19.79%
Total Long Term Debt3	69.1	-29.95%	66.5	-31.19%	14.82%	20.26%
Employees3	-	-	197	9.44%	4.43%	3.99%
Total Common Shares Outstanding3	292.0	0.00%	292.0	0.00%	0.00%	1.65%
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	9.2	10.6	11.3	5.7	4.2
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	12.76%	18.88%	5.47%	2.41%	19.35%
Operating Margin	10.36%	16.31%	2.83%	0.42%	17.44%
Pretax Margin	10.34%	15.92%	3.36%	0.29%	17.34%
Net Profit Margin	8.56%	13.57%	3.16%	0.76%	13.15%
Financial Strength
Current Ratio	2.08	1.99	1.72	1.02	2.26
Long Term Debt/Equity	0.23	0.32	0.64	0.27	0.06
Total Debt/Equity	0.44	0.54	0.74	0.59	0.14
Management Effectiveness
Return on Assets	15.21%	24.54%	4.48%	1.27%	27.12%
Return on Equity	26.25%	46.94%	8.56%	2.05%	40.76%
Efficiency
Receivables Turnover	12.35	11.98	10.93	11.45	9.66
Inventory Turnover	23.87	24.53	24.84	27.71	25.65
Asset Turnover	1.78	1.81	1.42	1.69	2.06

Market Valuation USD (mil)
P/E (TTM)	12.79	.	Enterprise Value2	668.4
Price/Sales (TTM)	0.73	.	Enterprise Value/Revenue (TTM)	0.74
Price/Book (MRQ)	2.16	.	Enterprise Value/EBITDA (TTM)	7.26
Market Cap as of 18-May-20121		.
1-ExchangeRate: TWD to USD on 18-May-2012	Â
2-ExchangeRate: TWD to USD on 31-Mar-2012	29.565976

Annual Ratios

Financials in: USD (mil)

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

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Financial Strength
Current Ratio	2.08	1.99	1.72	1.02	2.26
Quick/Acid Test Ratio	1.69	1.69	1.24	0.56	1.97
Working Capital1	115.8	150.7	49.0	1.6	124.0
Long Term Debt/Equity	0.23	0.32	0.64	0.27	0.06
Total Debt/Equity	0.44	0.54	0.74	0.59	0.14
Long Term Debt/Total Capital	0.16	0.21	0.37	0.17	0.05
Total Debt/Total Capital	0.31	0.35	0.43	0.37	0.13
Payout Ratio	79.39%	70.03%	65.17%	69.83%	74.16%
Effective Tax Rate	17.25%	14.77%	6.04%	-162.49%	24.16%
Total Capital1	414.0	479.6	309.1	242.1	254.9
Efficiency
Asset Turnover	1.78	1.81	1.42	1.69	2.06
Inventory Turnover	23.87	24.53	24.84	27.71	25.65
Days In Inventory	15.29	14.88	14.70	13.17	14.23
Receivables Turnover	12.35	11.98	10.93	11.45	9.66
Days Receivables Outstanding	29.56	30.46	33.41	31.87	37.78
Revenue/Employee2	4,573,827	4,864,395	2,631,425	2,925,608	3,442,869
Operating Income/Employee2	473,630	793,308	74,453	12,352	600,552
EBITDA/Employee2	609,057	924,777	160,497	96,580	665,615
Profitability
Gross Margin	12.76%	18.88%	5.47%	2.41%	19.35%
Operating Margin	10.36%	16.31%	2.83%	0.42%	17.44%
EBITDA Margin	13.32%	19.01%	6.10%	3.30%	19.33%
EBIT Margin	10.36%	16.31%	2.83%	0.42%	17.44%
Pretax Margin	10.34%	15.92%	3.36%	0.29%	17.34%
Net Profit Margin	8.56%	13.57%	3.16%	0.76%	13.15%
R&D Expense/Revenue	0.21%	0.20%	0.19%	0.18%	0.19%
COGS/Revenue	87.24%	81.12%	94.53%	97.59%	80.65%
SG&A Expense/Revenue	2.20%	2.32%	2.45%	1.80%	1.72%
Management Effectiveness
Return on Assets	15.21%	24.54%	4.48%	1.27%	27.12%
Return on Equity	26.25%	46.94%	8.56%	2.05%	40.76%
Valuation
Free Cash Flow/Share2	0.34	0.08	-0.08	0.00	-0.07
Operating Cash Flow/Share 2	0.40	0.14	0.13	0.32	-0.01
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)	12.79
Market Cap/Equity (MRQ)	2.16
Market Cap/Revenue (TTM)	0.73
Market Cap/EBIT (TTM)	10.17
Market Cap/EBITDA (TTM)	7.11
Enterprise Value/Earnings (TTM)	13.06
Enterprise Value/Equity (MRQ)	2.20
Enterprise Value/Revenue (TTM)	0.74
Enterprise Value/EBIT (TTM)	10.38
Enterprise Value/EBITDA (TTM)	7.26

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	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Gross Revenue	929.6	810.6	438.4	527.1	558.0
Sales Returns and Allowances	-1.3	0.0	0.0	-0.6	-0.5
Revenue	928.3	810.5	438.4	526.6	557.5
Total Revenue	928.3	810.5	438.4	526.6	557.5
Cost of Revenue	809.8	657.5	414.4	513.9	449.6
Cost of Revenue, Total	809.8	657.5	414.4	513.9	449.6
Gross Profit	118.5	153.0	24.0	12.7	107.9
Selling/General/Administrative Expense	20.4	18.8	10.7	9.5	9.6
Total Selling/General/Administrative Expenses	20.4	18.8	10.7	9.5	9.6
Research & Development	2.0	1.7	0.8	0.9	1.0
Impairment-Assets Held for Use	0.0	0.4	-	-	-
Unusual Expense (Income)	0.0	0.4	-	-	-
Total Operating Expense	832.2	678.3	426.0	524.4	460.3
Operating Income	96.1	132.2	12.4	2.2	97.2
Interest Expense - Non-Operating	-2.2	-1.3	-0.6	-1.1	-1.0
Interest Expense, Net Non-Operating	-2.2	-1.3	-0.6	-1.1	-1.0
Interest Income - Non-Operating	0.3	0.1	0.0	0.1	0.2
Investment Income - Non-Operating	1.6	-1.8	1.4	0.6	0.4
Interest/Investment Income - Non-Operating	1.8	-1.7	1.4	0.8	0.6
Interest Income (Expense) - Net Non-Operating Total	-0.4	-3.0	0.8	-0.3	-0.4
Other Non-Operating Income (Expense)	0.3	-0.1	1.5	-0.4	-0.2
Other, Net	0.3	-0.1	1.5	-0.4	-0.2
Income Before Tax	96.0	129.1	14.7	1.5	96.6
Total Income Tax	16.6	19.1	0.9	-2.5	23.3
Income After Tax	79.5	110.0	13.8	4.0	73.3
Net Income Before Extraord Items	79.5	110.0	13.8	4.0	73.3
Net Income	79.5	110.0	13.8	4.0	73.3
Income Available to Common Excl Extraord Items	79.5	110.0	13.8	4.0	73.3
Income Available to Common Incl Extraord Items	79.5	110.0	13.8	4.0	73.3
Basic/Primary Weighted Average Shares	292.0	292.0	292.0	292.0	274.7
Basic EPS Excl Extraord Items	0.27	0.38	0.05	0.01	0.27
Basic/Primary EPS Incl Extraord Items	0.27	0.38	0.05	0.01	0.27
Diluted Net Income	79.5	110.0	13.8	4.0	73.3
Diluted Weighted Average Shares	292.0	292.1	292.2	292.0	274.7
Diluted EPS Excl Extraord Items	0.27	0.38	0.05	0.01	0.27
Diluted EPS Incl Extraord Items	0.27	0.38	0.05	0.01	0.27
Dividends per Share - Common Stock Primary Issue	0.22	0.26	0.03	0.01	0.20
Gross Dividends - Common Stock	63.1	77.0	9.0	2.9	57.8
Interest Expense, Supplemental	2.2	1.3	0.6	1.1	1.0
Interest Capitalized, Supplemental	-0.3	-0.6	-1.1	-	-
Depreciation, Supplemental	27.5	21.9	14.3	14.2	10.5
Total Special Items	0.0	0.4	-	-	-
Normalized Income Before Tax	96.0	129.5	14.7	1.5	96.6
Effect of Special Items on Income Taxes	0.0	0.1	-	-	-
Inc Tax Ex Impact of Sp Items	16.6	19.1	0.9	-2.5	23.3
Normalized Income After Tax	79.5	110.4	13.8	4.0	73.3
Normalized Inc. Avail to Com.	79.5	110.4	13.8	4.0	73.3
Basic Normalized EPS	0.27	0.38	0.05	0.01	0.27
Diluted Normalized EPS	0.27	0.38	0.05	0.01	0.27
Amort of Intangibles, Supplemental	-	-	-	0.9	-
Research & Development Exp, Supplemental	2.0	1.7	0.8	0.9	1.0
Normalized EBIT	96.1	132.6	12.4	2.2	97.2
Normalized EBITDA	123.6	154.5	26.7	17.4	107.8
Current Tax - Total	16.7	16.8	1.0	0.9	23.9
Current Tax - Total	16.7	16.8	1.0	0.9	23.9
Deferred Tax - Total	-0.6	2.3	0.0	-3.3	-0.1
Deferred Tax - Total	-0.6	2.3	0.0	-3.3	-0.1
Other Tax	0.5	0.0	-0.1	-0.1	-0.5
Income Tax - Total	16.6	19.1	0.9	-2.5	23.3
Interest Cost - Domestic	0.1	0.1	0.1	0.1	0.1
Service Cost - Domestic	0.1	0.1	0.2	0.3	0.3
Expected Return on Assets - Domestic	0.0	0.0	0.0	0.0	0.0
Other Pension, Net - Domestic	0.0	0.0	0.0	0.0	0.0
Domestic Pension Plan Expense	0.2	0.2	0.3	0.4	0.5
Defined Contribution Expense - Domestic	0.2	0.1	0.1	0.1	0.1
Total Pension Expense	0.4	0.4	0.4	0.5	0.6
Discount Rate - Domestic	2.00%	2.00%	2.00%	2.75%	2.75%
Expected Rate of Return - Domestic	2.00%	2.00%	2.00%	2.75%	2.75%
Compensation Rate - Domestic	2.00%	2.00%	2.00%	2.00%	2.00%
Total Plan Interest Cost	0.1	0.1	0.1	0.1	0.1
Total Plan Service Cost	0.1	0.1	0.2	0.3	0.3
Total Plan Expected Return	0.0	0.0	0.0	0.0	0.0
Total Plan Other Expense	0.0	0.0	0.0	0.0	0.0

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	210.0	181.4	255.2	259.8	235.3
Sales Returns and Allowances	0.0	-0.5	-0.8	0.0	0.0
Revenue	210.0	180.9	254.4	259.8	235.3
Total Revenue	210.0	180.9	254.4	259.8	235.3
Cost of Revenue	197.3	178.4	230.5	211.6	190.3
Cost of Revenue, Total	197.3	178.4	230.5	211.6	190.3
Gross Profit	12.6	2.5	23.9	48.2	44.9
Selling/General/Administrative Expense	4.6	4.4	5.2	5.6	5.2
Total Selling/General/Administrative Expenses	4.6	4.4	5.2	5.6	5.2
Research & Development	0.3	0.8	0.4	0.3	0.5
Impairment-Assets Held for Use	-	0.0	-	-	-
Unusual Expense (Income)	-	0.0	-	-	-
Total Operating Expense	202.3	183.6	236.1	217.5	196.0
Operating Income	7.7	-2.6	18.3	42.3	39.2
Interest Expense - Non-Operating	-0.5	-0.5	-0.6	-0.6	-0.5
Interest Expense, Net Non-Operating	-0.5	-0.5	-0.6	-0.6	-0.5
Interest Income - Non-Operating	-	0.1	0.1	0.1	-
Investment Income - Non-Operating	0.1	0.6	0.7	-0.6	0.9
Interest/Investment Income - Non-Operating	0.1	0.7	0.8	-0.6	0.9
Interest Income (Expense) - Net Non-Operating Total	-0.4	0.2	0.3	-1.1	0.3
Other Non-Operating Income (Expense)	0.6	-0.1	-0.2	0.6	0.1
Other, Net	0.6	-0.1	-0.2	0.6	0.1
Income Before Tax	7.9	-2.6	18.3	41.7	39.7
Total Income Tax	1.3	-0.5	3.0	9.2	5.0
Income After Tax	6.5	-2.1	15.3	32.5	34.7
Net Income Before Extraord Items	6.5	-2.1	15.3	32.5	34.7
Net Income	6.5	-2.1	15.3	32.5	34.7
Income Available to Common Excl Extraord Items	6.5	-2.1	15.3	32.5	34.7
Income Available to Common Incl Extraord Items	6.5	-2.1	15.3	32.5	34.7
Basic/Primary Weighted Average Shares	292.0	292.0	292.0	292.0	292.0
Basic EPS Excl Extraord Items	0.02	-0.01	0.05	0.11	0.12
Basic/Primary EPS Incl Extraord Items	0.02	-0.01	0.05	0.11	0.12
Dilution Adjustment	-	0.0	-	-	-
Diluted Net Income	6.5	-2.1	15.3	32.5	34.7
Diluted Weighted Average Shares	292.0	292.0	292.0	292.0	292.0
Diluted EPS Excl Extraord Items	0.02	-0.01	0.05	0.11	0.12
Diluted EPS Incl Extraord Items	0.02	-0.01	0.05	0.11	0.12
Dividends per Share - Common Stock Primary Issue	0.00	0.21	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	61.3	0.0	0.0	0.0
Interest Expense, Supplemental	0.5	0.5	0.6	0.6	0.5
Interest Capitalized, Supplemental	-0.1	-0.1	0.0	-0.1	-0.1
Depreciation, Supplemental	6.9	6.7	7.0	7.0	6.7
Total Special Items	-	0.0	-	-	-
Normalized Income Before Tax	7.9	-2.6	18.3	41.7	39.7
Effect of Special Items on Income Taxes	-	0.0	-	-	-
Inc Tax Ex Impact of Sp Items	1.3	-0.5	3.0	9.2	5.0
Normalized Income After Tax	6.5	-2.1	15.3	32.5	34.7
Normalized Inc. Avail to Com.	6.5	-2.1	15.3	32.5	34.7
Basic Normalized EPS	0.02	-0.01	0.05	0.11	0.12
Diluted Normalized EPS	0.02	-0.01	0.05	0.11	0.12
Research & Development Exp, Supplemental	0.3	0.8	0.4	0.3	0.5
Normalized EBIT	7.7	-2.6	18.3	42.3	39.2
Normalized EBITDA	14.6	4.1	25.3	49.4	45.9
Current Tax - Total	1.1	-0.1	3.0	8.9	5.1
Current Tax - Total	1.1	-0.1	3.0	8.9	5.1
Deferred Tax - Total	0.2	-0.4	-3.1	3.1	-0.1
Deferred Tax - Total	0.2	-0.4	-3.1	3.1	-0.1
Other Tax	-	0.0	3.2	-2.7	-
Income Tax - Total	1.3	-0.5	3.0	9.2	5.0
Other Pension, Net - Domestic	0.0	0.1	0.1	0.1	0.1
Domestic Pension Plan Expense	0.0	0.1	0.1	0.1	0.1
Defined Contribution Expense - Domestic	0.0	0.0	0.0	0.0	0.0
Total Pension Expense	0.1	0.1	0.1	0.1	0.1
Total Plan Other Expense	0.0	0.1	0.1	0.1	0.1

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	Reclassified Normal 31-Dec-2009	Reclassified Normal 31-Dec-2008
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate	30.279	29.1565	31.985	32.818	32.4345
Auditor	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Cash & Equivalents	23.6	40.9	8.5	5.3	11.6
Short Term Investments	92.0	131.1	19.2	8.0	119.3
Cash and Short Term Investments	115.6	172.0	27.7	13.4	130.9
Accounts Receivable - Trade, Gross	65.6	60.7	38.6	18.8	50.4
Provision for Doubtful Accounts	-0.7	-0.8	-0.5	-0.2	-0.6
Trade Accounts Receivable - Net	65.0	77.3	50.3	19.6	63.5
Other Receivables	0.0	6.8	6.3	6.0	-
Total Receivables, Net	65.0	84.1	56.6	25.6	63.5
Inventories - Finished Goods	15.3	26.1	12.6	13.6	14.0
Inventories - Raw Materials	15.1	10.8	6.6	1.4	7.0
Inventories - Other	-	-	-	-	0.0
Total Inventory	30.3	36.9	19.1	14.9	21.0
Prepaid Expenses	7.4	6.1	10.1	8.9	4.1
Deferred Income Tax - Current Asset	-	0.5	0.6	3.3	0.2
Other Current Assets	4.3	2.8	3.0	4.7	2.8
Other Current Assets, Total	4.3	3.3	3.6	8.1	3.0
Total Current Assets	222.6	302.4	117.1	70.9	222.5
Buildings	4.4	4.4	4.0	4.9	4.9
Land/Improvements	29.6	30.8	28.0	27.0	27.3
Machinery/Equipment	454.9	449.4	330.9	274.0	250.7
Construction in Progress	23.4	31.2	95.2	91.5	24.9
Other Property/Plant/Equipment	9.5	9.9	-	-	-
Property/Plant/Equipment - Gross	521.8	525.6	458.2	397.3	307.8
Accumulated Depreciation	-290.1	-273.6	-227.4	-208.0	-196.6
Property/Plant/Equipment - Net	231.7	252.0	230.8	189.3	111.1
Deferred Charges	9.2	10.6	11.3	5.7	4.2
Pension Benefits - Overfunded	-	-	-	-	0.0
Deferred Income Tax - Long Term Asset	0.8	0.8	2.9	0.0	-
Other Long Term Assets	2.5	2.7	2.4	0.5	0.5
Other Long Term Assets, Total	12.5	14.1	16.5	6.2	4.7
Total Assets	466.8	568.5	364.5	266.4	338.3
Accounts Payable	26.3	49.8	40.4	4.6	39.5
Accrued Expenses	9.4	12.0	5.4	2.7	5.8
Notes Payable/Short Term Debt	30.9	37.7	17.2	49.2	18.2
Current Portion - Long Term Debt/Capital Leases	29.0	30.1	-	-	0.8
Income Taxes Payable	7.7	18.1	1.0	0.0	21.4
Other Payables	2.0	2.4	3.8	12.7	12.5
Other Current Liabilities	1.5	1.6	0.2	0.2	0.3
Other Current liabilities, Total	11.1	22.2	5.1	12.9	34.2
Total Current Liabilities	106.8	151.8	68.1	69.3	98.5
Long Term Debt	62.9	95.4	114.4	40.5	13.1
Capital Lease Obligations	3.6	4.9	-	-	-
Total Long Term Debt	66.5	100.3	114.4	40.5	13.1
Total Debt	126.4	168.1	131.6	89.7	32.1
Pension Benefits - Underfunded	4.1	4.5	4.1	3.9	3.7
Other Long Term Liabilities	1.8	0.4	0.3	0.3	0.1
Other Liabilities, Total	5.9	4.9	4.5	4.2	3.9
Total Liabilities	179.2	256.9	187.0	114.0	115.5
Common Stock	96.4	100.1	91.3	89.0	90.0
Common Stock	96.4	100.1	91.3	89.0	90.0
Additional Paid-In Capital	22.8	23.7	21.6	21.0	21.3
Retained Earnings (Accumulated Deficit)	177.8	187.7	72.1	59.1	117.7
Unrealized Gain (Loss)	-9.3	0.0	-7.5	-16.7	-6.2
Total Equity	287.6	311.5	177.5	152.4	222.8
Total Liabilities & Shareholders’ Equity	466.8	568.5	364.5	266.4	338.3
Shares Outstanding - Common Stock Primary Issue	292.0	292.0	292.0	292.0	292.0
Total Common Shares Outstanding	292.0	292.0	292.0	292.0	292.0
Treasury Shares - Common Stock Primary Issue	-	0.0	0.0	0.0	0.0
Employees	197	180	172	173	164
Number of Common Shareholders	-	7,225	4,797	4,751	3,673
Total Long Term Debt, Supplemental	-	31.2	-	-	-
Long Term Debt Maturing within 1 Year	-	31.2	-	-	-
Long Term Debt Matur. in Year 6 & Beyond	-	0.0	-	-	-
Interest Costs	-0.8	-1.2	-	-	-
Total Capital Leases, Supplemental	4.7	6.0	-	-	-
Capital Lease Payments Due in Year 1	1.5	1.5	-	-	-
Capital Lease Payments Due in Year 2	1.5	1.5	-	-	-
Capital Lease Payments Due in Year 3	1.5	1.5	-	-	-
Capital Lease Payments Due in Year 4	1.1	1.5	-	-	-
Capital Lease Payments Due in Year 5	-	1.1	-	-	-
Capital Lease Payments Due in 2-3 Years	2.9	3.0	-	-	-
Capital Lease Payments Due in 4-5 Years	1.1	2.6	-	-	-
Pension Obligation - Domestic	4.6	5.2	4.9	4.6	4.6
Plan Assets - Domestic	0.1	0.0	0.1	0.6	0.5
Funded Status - Domestic	-4.5	-5.2	-4.9	-4.0	-4.0
Accumulated Obligation - Domestic	3.7	4.2	3.9	3.6	3.8
Total Funded Status	-4.5	-5.2	-4.9	-4.0	-4.0
Discount Rate - Domestic	2.00%	2.00%	2.00%	2.75%	2.75%
Expected Rate of Return - Domestic	2.00%	2.00%	2.00%	2.75%	2.75%
Compensation Rate - Domestic	2.00%	2.00%	2.00%	2.00%	2.00%
Prepaid Benefits - Domestic	-	-	-	-	0.0
Accrued Liabilities - Domestic	-4.1	-4.5	-4.1	-3.9	-3.7
Net Assets Recognized on Balance Sheet	-4.1	-4.5	-4.1	-3.9	-3.7
Total Plan Obligations	4.6	5.2	4.9	4.6	4.6
Total Plan Assets	0.1	0.0	0.1	0.6	0.5

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	31.2	23.6	44.9	82.1	58.0
Short Term Investments	77.5	92.0	93.5	155.1	151.1
Cash and Short Term Investments	108.8	115.6	138.5	237.1	209.1
Accounts Receivable - Trade, Gross	107.8	65.6	83.4	101.8	80.8
Provision for Doubtful Accounts	-0.5	-0.7	-0.9	-1.0	-1.1
Trade Accounts Receivable - Net	107.3	65.0	82.6	102.4	103.1
Other Receivables	0.7	0.0	0.0	0.0	6.7
Total Receivables, Net	108.0	65.0	82.6	102.4	109.8
Inventories - Finished Goods	30.6	15.3	30.3	30.3	18.1
Inventories - Raw Materials	18.2	15.1	12.6	16.0	17.7
Total Inventory	48.8	30.3	42.9	46.3	35.8
Prepaid Expenses	7.3	7.4	6.5	7.6	5.5
Deferred Income Tax - Current Asset	-	-	0.7	0.7	0.5
Other Current Assets	2.6	4.3	3.2	3.4	2.9
Other Current Assets, Total	2.6	4.3	3.9	4.2	3.5
Total Current Assets	275.5	222.6	274.4	397.7	363.7
Buildings	4.5	4.4	4.4	4.7	4.4
Land/Improvements	30.3	29.6	29.4	31.2	30.5
Machinery/Equipment	469.8	454.9	451.9	481.7	446.0
Construction in Progress	21.0	23.4	16.2	11.0	32.6
Other Property/Plant/Equipment	10.6	9.5	9.4	10.0	9.8
Property/Plant/Equipment - Gross	536.2	521.8	511.3	538.5	523.3
Accumulated Depreciation	-304.0	-290.1	-281.5	-291.6	-277.9
Property/Plant/Equipment - Net	232.2	231.7	229.7	247.0	245.4
Deferred Charges	9.2	9.2	9.8	10.4	11.5
Deferred Income Tax - Long Term Asset	0.8	0.8	0.8	0.8	0.8
Other Long Term Assets	4.0	2.5	2.6	2.6	2.5
Other Long Term Assets, Total	14.0	12.5	13.1	13.8	14.8
Total Assets	521.7	466.8	517.2	658.4	623.9
Accounts Payable	69.0	26.3	62.6	69.9	64.6
Accrued Expenses	8.5	9.4	9.8	13.1	11.9
Notes Payable/Short Term Debt	23.6	30.9	28.4	47.7	42.7
Current Portion - Long Term Debt/Capital Leases	29.7	29.0	28.8	30.6	29.9
Dividends Payable	-	-	-	84.5	-
Income Taxes Payable	9.0	7.7	7.7	17.3	23.0
Other Payables	3.2	2.0	2.9	3.5	3.9
Other Current Liabilities	1.4	1.5	1.4	1.3	1.4
Other Current liabilities, Total	13.6	11.1	12.0	106.6	28.3
Total Current Liabilities	144.5	106.8	141.6	267.9	177.3
Long Term Debt	65.7	62.9	76.9	81.5	94.6
Capital Lease Obligations	3.4	3.6	3.9	4.4	4.6
Total Long Term Debt	69.1	66.5	80.7	86.0	99.2
Total Debt	122.4	126.4	138.0	164.2	171.7
Pension Benefits - Underfunded	4.1	4.1	4.1	4.6	4.5
Other Long Term Liabilities	0.6	1.8	0.6	0.6	0.4
Other Liabilities, Total	4.7	5.9	4.7	5.2	4.9
Total Liabilities	218.3	179.2	227.0	359.0	281.4
Common Stock	98.8	96.4	95.8	101.7	99.3
Common Stock	98.8	96.4	95.8	101.7	99.3
Additional Paid-In Capital	23.3	22.8	22.6	24.0	23.5
Retained Earnings (Accumulated Deficit)	188.6	177.8	178.7	174.1	220.7
Unrealized Gain (Loss)	-7.4	-9.3	-7.0	-0.3	-0.9
Total Equity	303.3	287.6	290.2	299.5	342.5
Total Liabilities & Shareholders’ Equity	521.7	466.8	517.2	658.4	623.9
Shares Outstanding - Common Stock Primary Issue	292.0	292.0	292.0	292.0	292.0
Total Common Shares Outstanding	292.0	292.0	292.0	292.0	292.0
Treasury Shares - Common Stock Primary Issue	0.0	0.0	0.0	0.0	0.0
Employees	197	197	192	185	172
Total Long Term Debt, Supplemental	-	-	-	-	29.9
Long Term Debt Maturing within 1 Year	-	-	-	-	29.9
Long Term Debt Matur. in Year 6 & Beyond	-	-	-	-	0.0
Interest Costs	-0.7	-0.8	-0.9	-	-1.0
Total Capital Leases, Supplemental	4.6	4.7	5.0	-	5.7
Capital Lease Payments Due in Year 1	1.1	1.5	0.4	-	1.1
Capital Lease Payments Due in Year 2	1.5	1.5	1.5	-	1.5
Capital Lease Payments Due in Year 3	1.5	1.5	1.5	-	1.5
Capital Lease Payments Due in Year 4	1.1	1.1	1.5	-	1.5
Capital Lease Payments Due in Year 5	-	-	1.1	-	1.1
Capital Lease Payments Due in 2-3 Years	3.0	2.9	2.9	-	3.0
Capital Lease Payments Due in 4-5 Years	1.1	1.1	2.6	-	2.6
Accrued Liabilities - Domestic	-4.1	-4.1	-4.1	-4.6	-4.5
Net Assets Recognized on Balance Sheet	-4.1	-4.1	-4.1	-4.6	-4.5

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	Updated Normal 31-Dec-2009	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	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net Income/Starting Line	79.5	110.0	13.8	4.0	73.3
Depreciation	27.5	21.9	14.3	14.2	10.5
Depreciation/Depletion	27.5	21.9	14.3	14.2	10.5
Deferred Taxes	-0.6	2.3	0.0	-3.3	-0.1
Unusual Items	0.0	0.3	0.1	5.4	0.1
Other Non-Cash Items	2.0	2.8	0.8	0.5	0.6
Non-Cash Items	2.0	3.1	0.9	5.9	0.8
Accounts Receivable	16.5	-20.6	-29.6	45.3	-10.1
Inventories	5.3	-14.7	-3.7	-0.2	-7.8
Prepaid Expenses	-1.5	4.6	-0.9	-5.1	0.2
Other Assets	25.7	-94.0	1.8	95.8	-98.2
Accounts Payable	-22.2	4.8	35.3	-35.1	13.9
Accrued Expenses	-2.2	5.7	2.5	-3.2	0.1
Taxes Payable	-10.1	15.7	1.0	-22.0	14.1
Other Liabilities	-0.2	0.2	0.2	0.0	0.6
Changes in Working Capital	11.3	-98.3	6.6	75.6	-87.2
Cash from Operating Activities	119.7	39.0	35.6	96.4	-2.6
Purchase of Fixed Assets	-16.6	-17.0	-59.5	-97.2	-18.2
Capital Expenditures	-16.6	-17.0	-59.5	-97.2	-18.2
Sale/Maturity of Investment	0.0	0.4	-	-	-
Purchase of Investments	0.0	-0.3	-	-	-
Other Investing Cash Flow	-1.9	-0.8	-8.8	-2.6	-2.5
Other Investing Cash Flow Items, Total	-1.9	-0.7	-8.8	-2.6	-2.5
Cash from Investing Activities	-18.4	-17.7	-68.3	-99.7	-20.7
Other Financing Cash Flow	0.5	0.0	0.0	-3.2	-0.6
Financing Cash Flow Items	0.5	0.0	0.0	-3.2	-0.6
Cash Dividends Paid - Common	-82.6	-9.5	-2.7	-60.2	-12.3
Total Cash Dividends Paid	-82.6	-9.5	-2.7	-60.2	-12.3
Sale/Issuance of Common	-	-	-	0.0	28.0
Common Stock, Net	-	-	-	0.0	28.0
Issuance (Retirement) of Stock, Net	-	-	-	0.0	28.0
Short Term Debt Issued	-	17.4	-	32.4	18.0
Short Term Debt Reduction	-5.5	0.0	-32.2	-	0.0
Short Term Debt, Net	-5.5	17.4	-32.2	32.4	18.0
Long Term Debt Issued	-	0.0	70.6	27.9	-
Long Term Debt Reduction	-29.9	-	-	-	-10.7
Long Term Debt, Net	-29.9	0.0	70.6	27.9	-10.7
Issuance (Retirement) of Debt, Net	-35.4	17.4	38.4	60.3	7.3
Cash from Financing Activities	-117.5	7.9	35.7	-3.1	22.4
Net Change in Cash	-16.2	29.3	2.9	-6.4	-0.9
Net Cash - Beginning Balance	40.6	8.6	5.3	11.9	12.4
Net Cash - Ending Balance	24.4	37.9	8.2	5.6	11.5
Cash Interest Paid	2.3	1.3	0.6	1.0	0.9
Cash Taxes Paid	27.2	1.0	0.0	29.1	9.3

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	6.5	79.5	82.5	67.2	34.7
Depreciation	6.9	27.5	20.7	13.7	6.7
Depreciation/Depletion	6.9	27.5	20.7	13.7	6.7
Deferred Taxes	0.2	-0.6	-0.2	-0.2	-0.1
Unusual Items	-	0.0	0.0	0.0	-
Other Non-Cash Items	0.5	2.3	2.1	2.4	0.4
Non-Cash Items	0.5	2.3	2.1	2.4	0.4
Accounts Receivable	-41.2	16.5	-2.3	-17.1	-26.8
Inventories	-17.6	5.3	-7.9	-8.7	0.8
Prepaid Expenses	0.2	-1.5	-0.7	-1.4	0.6
Other Assets	20.4	25.7	25.9	-22.4	-21.7
Accounts Payable	42.7	-22.2	16.8	21.0	16.5
Accrued Expenses	-1.1	-2.2	-1.8	0.9	-0.1
Taxes Payable	1.1	-10.1	-10.1	-1.0	5.1
Other Liabilities	-0.1	-0.5	-0.4	-0.4	-0.2
Changes in Working Capital	4.3	11.0	19.5	-29.2	-25.8
Cash from Operating Activities	18.5	119.7	124.6	53.8	15.9
Purchase of Fixed Assets	-1.6	-16.6	-9.5	-5.8	-1.9
Capital Expenditures	-1.6	-16.6	-9.5	-5.8	-1.9
Sale/Maturity of Investment	-	0.0	0.0	0.0	-
Purchase of Investments	-	0.0	0.0	0.0	-
Other Investing Cash Flow	-1.7	-1.9	-1.8	-1.7	-1.6
Other Investing Cash Flow Items, Total	-1.7	-1.9	-1.8	-1.7	-1.6
Cash from Investing Activities	-3.3	-18.4	-11.3	-7.5	-3.5
Other Financing Cash Flow	-0.2	0.5	-0.6	-0.3	-0.2
Financing Cash Flow Items	-0.2	0.5	-0.6	-0.3	-0.2
Cash Dividends Paid - Common	-	-82.6	-83.4	-	-
Total Cash Dividends Paid	-	-82.6	-83.4	-	-
Short Term Debt, Net	-8.0	-5.5	-8.2	9.1	5.3
Long Term Debt, Net	-	-29.9	-15.1	-15.1	-
Issuance (Retirement) of Debt, Net	-8.0	-35.4	-23.3	-6.0	5.3
Cash from Financing Activities	-8.3	-117.5	-107.3	-6.3	5.1
Net Change in Cash	7.0	-16.2	6.1	40.0	17.5
Net Cash - Beginning Balance	24.1	40.6	41.0	41.0	40.7
Net Cash - Ending Balance	31.1	24.4	47.0	81.1	58.2
Cash Interest Paid	0.5	2.3	1.7	1.1	0.5
Cash Taxes Paid	0.0	27.2	27.5	15.5	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	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Gross Sales	929.6	810.6	438.4	527.1	558.0
Sales Returns & Discounts	-1.3	0.0	0.0	-0.6	-0.5
Total Revenue	928.3	810.5	438.4	526.6	557.5
Cost of Sales	809.8	657.5	414.4	513.9	449.5
Selling Expenses	15.1	13.4	8.7	8.0	7.5
General and Administrative Expenses	5.3	5.4	2.0	1.9	2.1
Research and Development Expenses	2.0	1.7	0.8	0.9	1.0
Gain on Reversal of Bad Debt	-	-	0.0	-0.5	-
Inventory Devaluation & Obsolescence	-	-	-	-	0.1
Impairment Loss	0.0	0.4	-	-	-
Total Operating Expense	832.2	678.3	426.0	524.4	460.3
Interest Income	0.3	0.1	0.0	0.1	0.2
Dividend Income	0.4	-	0.0	0.3	-
Gain on Sale of Investments	0.0	0.1	0.0	0.9	0.3
Revaluation Gain on Financial Assets	0.6	0.3	1.2	0.0	0.2
Miscellaneous Income	1.0	1.3	1.9	0.1	0.1
Interest Expense	-2.2	-1.3	-0.6	-1.1	-1.0
Loss on Financial Assets Revaluation	-	-	-	-	-0.1
Foreign Exchange Gains	0.6	0.0	0.1	-0.5	-0.2
Foreign Exchange Losses	0.0	-2.1	-	-	-
Revaluation Loss on Fin. Liabilities	0.0	-	-	-	-
Miscellaneous Disbursements	-0.7	-1.4	-0.4	-0.5	-0.3
Net Income Before Taxes	96.0	129.1	14.7	1.5	96.6
Provision for Income Taxes	16.6	19.1	0.9	-2.5	23.3
Net Income After Taxes	79.5	110.0	13.8	4.0	73.3
Net Income Before Extra. Items	79.5	110.0	13.8	4.0	73.3
Net Income	79.5	110.0	13.8	4.0	73.3
Income Available to Com Excl ExtraOrd	79.5	110.0	13.8	4.0	73.3
Income Available to Com Incl ExtraOrd	79.5	110.0	13.8	4.0	73.3
Basic Weighted Average Shares	292.0	292.0	292.0	292.0	274.7
Basic EPS Excluding ExtraOrdinary Items	0.27	0.38	0.05	0.01	0.27
Basic EPS Including ExtraOrdinary Items	0.27	0.38	0.05	0.01	0.27
Diluted Net Income	79.5	110.0	13.8	4.0	73.3
Diluted Weighted Average Shares	292.0	292.1	292.2	292.0	274.7
Diluted EPS Excluding ExtraOrd Items	0.27	0.38	0.05	0.01	0.27
Diluted EPS Including ExtraOrd Items	0.27	0.38	0.05	0.01	0.27
DPS-Common Stock	0.22	0.26	0.03	0.01	0.20
Gross Dividends - Common Stock	63.1	77.0	9.0	2.9	57.8
Normalized Income Before Taxes	96.0	129.5	14.7	1.5	96.6
Inc Tax Ex Impact of Sp Items	16.6	19.1	0.9	-2.5	23.3
Normalized Income After Taxes	79.5	110.4	13.8	4.0	73.3
Normalized Inc. Avail to Com.	79.5	110.4	13.8	4.0	73.3
Basic Normalized EPS	0.27	0.38	0.05	0.01	0.27
Diluted Normalized EPS	0.27	0.38	0.05	0.01	0.27
Interest Expense, Supplemental	2.2	1.3	0.6	1.1	1.0
Interest Capitalized, Supplemental	-0.3	-0.6	-1.1	-	-
R&D Expense, Supplemental	2.0	1.7	0.8	0.9	1.0
Depreciation - Operating Cost	27.5	21.8	14.3	14.2	10.5
Depreciation - Operating Expense	0.0	0.1	0.0	0.0	0.0
Amortization - Operating Cost	-	-	-	0.9	-
Amortization - Operating Expense	-	-	-	0.1	-
Current Tax	16.7	16.8	1.0	0.9	23.9
Current Tax - Total	16.7	16.8	1.0	0.9	23.9
Deferred Tax	-0.6	2.3	0.0	-3.3	-0.1
Deferred Tax - Total	-0.6	2.3	0.0	-3.3	-0.1
Other Tax	0.5	0.0	-0.1	-0.1	-0.5
Income Tax - Total	16.6	19.1	0.9	-2.5	23.3
Service Cost	0.1	0.1	0.2	0.3	0.3
Interest Cost	0.1	0.1	0.1	0.1	0.1
Expected Return on Assets	0.0	0.0	0.0	0.0	0.0
Amortization	0.0	0.0	0.0	0.0	0.0
Domestic Pension Plan Expense	0.2	0.2	0.3	0.4	0.5
Defined Contribution Expense - Domestic	0.2	0.1	0.1	0.1	0.1
Total Pension Expense	0.4	0.4	0.4	0.5	0.6
Discount Rate	2.00%	2.00%	2.00%	2.75%	2.75%
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%	2.75%	2.75%

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	210.0	181.4	255.2	259.8	235.3
Sales Returns & Discounts	0.0	-0.5	-0.8	0.0	0.0
Total Revenue	210.0	180.9	254.4	259.8	235.3
Cost of Sales	197.3	178.4	230.5	211.6	190.3
Selling Expenses	3.7	3.4	4.1	3.8	3.7
General and Administrative Expenses	0.9	0.9	1.1	1.8	1.5
Research and Development Expenses	0.3	0.8	0.4	0.3	0.5
Impairment Loss	-	0.0	-	-	-
Total Operating Expense	202.3	183.6	236.1	217.5	196.0
Interest Income	-	0.1	0.1	0.1	-
Dividend Income	-	0.0	0.4	-	-
Gain on Sale of Investments	-	0.0	0.0	0.0	-
Foreign Exchange Gain/Loss	-0.1	0.2	0.2	-0.1	0.2
Revaluation G/L on Financial Assets	0.2	0.2	0.2	-0.3	0.6
Miscellaneous Income	0.6	0.2	0.1	0.7	0.1
Interest Expense	-0.5	-0.5	-0.6	-0.6	-0.5
Loss on Financial Liab. Revaluation	-	0.2	0.0	-0.3	-
Miscellaneous Disbursements	0.0	-0.3	-0.3	-0.1	0.0
Net Income Before Taxes	7.9	-2.6	18.3	41.7	39.7
Provision for Income Taxes	1.3	-0.5	3.0	9.2	5.0
Net Income After Taxes	6.5	-2.1	15.3	32.5	34.7
Net Income Before Extra. Items	6.5	-2.1	15.3	32.5	34.7
Net Income	6.5	-2.1	15.3	32.5	34.7
Income Available to Com Excl ExtraOrd	6.5	-2.1	15.3	32.5	34.7
Income Available to Com Incl ExtraOrd	6.5	-2.1	15.3	32.5	34.7
Basic Weighted Average Shares	292.0	292.0	292.0	292.0	292.0
Basic EPS Excluding ExtraOrdinary Items	0.02	-0.01	0.05	0.11	0.12
Basic EPS Including ExtraOrdinary Items	0.02	-0.01	0.05	0.11	0.12
Dilution Adjustment	-	0.0	-	-	-
Diluted Net Income	6.5	-2.1	15.3	32.5	34.7
Diluted Weighted Average Shares	292.0	292.0	292.0	292.0	292.0
Diluted EPS Excluding ExtraOrd Items	0.02	-0.01	0.05	0.11	0.12
Diluted EPS Including ExtraOrd Items	0.02	-0.01	0.05	0.11	0.12
DPS-Common Stock	0.00	0.21	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	61.3	0.0	0.0	0.0
Normalized Income Before Taxes	7.9	-2.6	18.3	41.7	39.7
Inc Tax Ex Impact of Sp Items	1.3	-0.5	3.0	9.2	5.0
Normalized Income After Taxes	6.5	-2.1	15.3	32.5	34.7
Normalized Inc. Avail to Com.	6.5	-2.1	15.3	32.5	34.7
Basic Normalized EPS	0.02	-0.01	0.05	0.11	0.12
Diluted Normalized EPS	0.02	-0.01	0.05	0.11	0.12
Interest Expense, Supplemental	0.5	0.5	0.6	0.6	0.5
Interest Capitalized	-0.1	-0.1	0.0	-0.1	-0.1
R&D Expense, Supplemental	0.3	0.8	0.4	0.3	0.5
Depreciation, Supplemental	-	6.7	7.0	7.0	-
Depreciation - Operating Cost	6.9	-	-	-	6.7
Depreciation - Operating Expense	0.0	0.0	0.0	0.0	0.0
Current Tax Payable	1.1	-0.1	3.0	8.9	5.1
Current Tax - Total	1.1	-0.1	3.0	8.9	5.1
Deferred Tax	0.2	-0.4	-3.1	3.1	-0.1
Deferred Tax - Total	0.2	-0.4	-3.1	3.1	-0.1
Other Tax	-	0.0	3.2	-2.7	-
Income Tax - Total	1.3	-0.5	3.0	9.2	5.0
Provision for Defined Benefit Plan	0.0	0.1	0.1	0.1	0.1
Domestic Pension Plan Expense	0.0	0.1	0.1	0.1	0.1
Provision for Defined Contribution Plan	0.0	0.0	0.0	0.0	0.0
Total Pension Expense	0.1	0.1	0.1	0.1	0.1

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	Reclassified Normal 31-Dec-2009	Reclassified Normal 31-Dec-2008
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate	30.279	29.1565	31.985	32.818	32.4345
Auditor	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Cash and Cash Equivalent	23.6	40.9	8.5	5.3	11.6
Financial Assets-Fair Value,Current	74.5	103.2	1.3	0.0	100.4
Financial Assets for Sale	17.5	27.9	17.9	8.0	18.9
Accounts&Notes Receivable, Gross	65.6	60.7	38.6	18.8	50.4
Provision for Doubtful Accounts	-0.7	-0.8	-0.5	-0.2	-0.6
Accounts Receivable - Related Parties	0.0	17.4	12.2	1.0	13.8
Other Receivables	0.0	6.8	6.3	6.0	-
Finished Goods	15.3	26.1	12.6	13.6	14.0
Raw Materials	15.1	10.8	6.6	1.4	7.0
Provision/Allowance for Inventory	-	-	-	-	0.0
Prepayment	7.4	6.1	10.1	8.9	4.1
Deferred Income Tax Assets - Current	-	0.5	0.6	3.3	0.2
Other Current Assets	4.3	2.8	3.0	4.7	2.8
Total Current Assets	222.6	302.4	117.1	70.9	222.5
Land	29.6	30.8	28.0	27.0	27.3
Buildings and Structures	4.4	4.4	4.0	4.9	4.9
Machinery and Equipment	448.1	442.3	324.9	268.1	244.8
Leased Assets	9.5	9.9	-	-	-
Miscellaneous Equipment	6.8	7.0	6.1	5.9	5.9
Accumulated Depreciation	-289.7	-273.1	-227.4	-208.0	-196.6
Accumulated Impairment on Fixed Assets	-0.4	-0.5	-	-	-
Construct. in Progress & Equip. Prepay	23.4	31.2	95.2	91.5	24.9
Deferred Pension Cost	-	-	-	-	0.0
Deferred Charges	9.2	10.6	11.3	5.7	4.2
Deferred Income Tax Assets	0.8	0.8	2.9	0.0	-
Security Deposits Paid	2.1	2.2	-	-	-
Other Long Term Assets	0.5	0.5	2.4	0.5	0.5
Total Assets	466.8	568.5	364.5	266.4	338.3
Short Term Borrowings	30.9	37.7	17.2	40.1	18.2
Short Term Notes & Bills Payable	-	-	0.0	9.1	-
Accounts Payable	25.5	49.2	39.8	4.6	38.1
Accounts Payable - Related Parties	0.8	0.6	0.6	0.0	1.3
Income Tax Payable	7.7	18.1	1.0	0.0	21.4
Accrued Expenses	9.4	12.0	5.4	2.7	5.8
Financial Liabilities-Fair Value,Current	0.0	-	-	-	-
Other Payables,Related Parties	1.2	1.2	1.4	0.7	-
Equipment Payable	0.8	1.2	2.4	12.0	12.5
Current Portion of Long Term Debt	29.0	30.1	-	-	0.8
Other Current Liabilities	1.5	1.6	0.2	0.2	0.3
Total Current Liabilities	106.8	151.8	68.1	69.3	98.5
Long Term Borrowings	62.9	95.4	114.4	40.5	13.1
Lease Payable	3.6	4.9	-	-	-
Total Long Term Debt	66.5	100.3	114.4	40.5	13.1
Accrued Pension Liabilities	4.1	4.5	4.1	3.9	3.7
LT Notes & Accounts Payable, Related Par	1.3	-	-	-	-
Long Term Security Deposits Received	0.5	0.4	0.3	0.3	0.1
Total Liabilities	179.2	256.9	187.0	114.0	115.5
Common Stock	96.4	100.1	91.3	89.0	90.0
Additional Paid-In Capital	22.8	23.7	21.6	21.0	21.3
Legal Reserve	34.8	24.3	20.7	19.8	12.6
Special Reserve	0.0	8.2	17.2	6.1	-
Retained Earnings	142.9	155.3	34.2	33.2	105.1
Unrealized G/L on Fin. Assets	-9.3	0.0	-7.5	-16.7	-6.2
Total Equity	287.6	311.5	177.5	152.4	222.8
Total Liabilities & Shareholders' Equity	466.8	568.5	364.5	266.4	338.3
S/O-Common Stock	292.0	292.0	292.0	292.0	292.0
Total Common Shares Outstanding	292.0	292.0	292.0	292.0	292.0
T/S-Common Stock	-	0.0	0.0	0.0	0.0
Full-Time Employees	197	180	172	173	164
Number of Common Shareholders	-	7,225	4,797	4,751	3,673
Current maturities	-	31.2	-	-	-
Total Long Term Debt, Supplemental	-	31.2	-	-	-
Capital Lease Payments Due within 1 Year	1.5	1.5	-	-	-
Capital Lease Payments Due in Year 2	1.5	1.5	-	-	-
Capital Lease Payments Due in Year 3	1.5	1.5	-	-	-
Capital Lease Payments Due in Year 4	1.1	1.5	-	-	-
Capital Lease Payments Due in Year 5	-	1.1	-	-	-
Unrealized Interest Cost	-0.8	-1.2	-	-	-
Total Capital Leases	4.7	6.0	-	-	-
Accumulated Benefit Obligation	3.7	4.2	3.9	3.6	3.8
Benefit Obligation	4.6	5.2	4.9	4.6	4.6
Fair Value of Plan Assets	0.1	0.0	0.1	0.6	0.5
Funded Status	-4.5	-5.2	-4.9	-4.0	-4.0
Total Funded Status	-4.5	-5.2	-4.9	-4.0	-4.0
Discount Rate	2.00%	2.00%	2.00%	2.75%	2.75%
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%	2.75%	2.75%
Deferred Pension Cost	-	-	-	-	0.0
Accrued Pension Liabilities	-4.1	-4.5	-4.1	-3.9	-3.7
Net Assets Recognized on Balance Sheet	-4.1	-4.5	-4.1	-3.9	-3.7

Interim Balance Sheet

As Reported

Financials in: USD (mil)

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

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate	29.565976	30.279	30.475	28.7235	29.4065
Cash and Cash Equivalent	31.2	23.6	44.9	82.1	58.0
Financial Assets-Fair Value,Current	57.4	74.5	73.8	127.1	124.4
Financial Assets for Sale	20.1	17.5	19.7	28.0	26.7
Accounts/Notes Receivable, Gross	107.8	65.6	83.4	101.8	80.8
Provision for Doubtful Accounts	-0.5	-0.7	-0.9	-1.0	-1.1
Accounts Receivable - Related Parties	-	0.0	0.0	1.7	23.4
Other Receivables	0.7	0.0	0.0	0.0	6.7
Finished Goods	30.6	15.3	30.3	30.3	18.1
Raw Material	18.2	15.1	12.6	16.0	17.7
Prepayment	7.3	7.4	6.5	7.6	5.5
Deferred Income Tax Assets - Current	-	-	0.7	0.7	0.5
Other Current Assets	2.6	4.3	3.2	3.4	2.9
Total Current Assets	275.5	222.6	274.4	397.7	363.7
Land	30.3	29.6	29.4	31.2	30.5
Buildings and Structures	4.5	4.4	4.4	4.7	4.4
Machinery and Equipment	462.8	448.1	445.1	474.6	439.0
Leased Assets	10.6	9.5	9.4	10.0	9.8
Miscellaneous Equipment	7.0	6.8	6.7	7.1	7.0
Accumulated Depreciation	-303.5	-289.7	-281.1	-291.1	-277.4
Accumulated Impairment on Fixed Assets	-0.5	-0.4	-0.4	-0.5	-0.5
Construct. in Progress & Equip. Prepay	21.0	23.4	16.2	11.0	32.6
Deferred Charges	9.2	9.2	9.8	10.4	11.5
Deferred Income Tax Assets	0.8	0.8	0.8	0.8	0.8
Security Deposits Paid	2.1	2.1	2.1	-	-
Other Long Term Assets	1.9	0.5	0.5	2.6	2.5
Total Assets	521.7	466.8	517.2	658.4	623.9
Short Term Borrowings	23.6	30.9	28.2	47.4	42.7
Short Term Notes & Bills Payable	-	-	-	-	0.0
Accounts Payable	68.2	25.5	61.5	68.7	63.7
Accounts Payable - Related Parties	0.8	0.8	1.1	1.2	0.9
Income Tax Payable	9.0	7.7	7.7	17.3	23.0
Accrued Expenses	8.5	9.4	9.8	13.1	11.9
Financial Liabilities at Fair Value	0.0	0.0	0.3	0.3	-
Other Payables,Related Parties	2.1	1.2	2.3	3.1	2.4
Equipment Payable	1.1	0.8	0.6	0.4	1.5
Dividend Payable	-	-	-	84.5	-
Current Portion of Long Term Debt	29.7	29.0	28.8	30.6	29.9
Other Current Liabilities	1.4	1.5	1.4	1.3	1.4
Total Current Liabilities	144.5	106.8	141.6	267.9	177.3
Long Term Borrowings	64.4	62.9	76.9	81.5	94.6
Lease Payable	3.4	3.6	3.9	4.4	4.6
LT Account Payable- Related	1.3	-	-	-	-
Total Long Term Debt	69.1	66.5	80.7	86.0	99.2
Accrued Pension Liabilities	4.1	4.1	4.1	4.6	4.5
LT Notes & Accounts Payable, Related Par	-	1.3	-	-	-
Long Term Security Deposits Received	0.6	0.5	0.6	0.6	0.4
Total Liabilities	218.3	179.2	227.0	359.0	281.4
Common Stock	98.8	96.4	95.8	101.7	99.3
Additional Paid-In Capital	23.3	22.8	22.6	24.0	23.5
Legal Reserve	35.7	34.8	34.6	36.7	24.1
Special Reserve	0.0	0.0	0.0	0.0	8.1
Retained Earnings	152.9	142.9	144.1	137.4	188.5
Unrealized Gain/Loss on Financial Assets	-7.4	-9.3	-7.0	-0.3	-0.9
Total Equity	303.3	287.6	290.2	299.5	342.5
Total Liabilities & Shareholders' Equity	521.7	466.8	517.2	658.4	623.9
S/O-Common Stock	292.0	292.0	292.0	292.0	292.0
Total Common Shares Outstanding	292.0	292.0	292.0	292.0	292.0
T/S-Common Stock	0.0	0.0	0.0	0.0	0.0
Full-Time Employees	197	197	192	185	172
Current maturities	-	-	-	-	29.9
Total Long Term Debt, Supplemental	-	-	-	-	29.9
Capital Lease Payments Due within 1 Year	1.1	1.5	0.4	-	1.1
Capital Lease Payments Due in Year 2	1.5	1.5	1.5	-	1.5
Capital Lease Payments Due in Year 3	1.5	1.5	1.5	-	1.5
Capital Lease Payments Due in Year 4	1.1	1.1	1.5	-	1.5
Capital Lease Payments Due in Year 5	-	-	1.1	-	1.1
Unrealized Interest Costs	-0.7	-0.8	-0.9	-	-1.0
Total Capital Leases, Supplemental	4.6	4.7	5.0	-	5.7
Accrued Pension Liabilities	-4.1	-4.1	-4.1	-4.6	-4.5
Net Assets Recognized on Balance Sheet	-4.1	-4.1	-4.1	-4.6	-4.5

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	Updated Normal 31-Dec-2009	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	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net Income	79.5	110.0	13.8	4.0	73.3
Depreciation	27.5	21.9	14.3	14.2	10.5
Deferred Charges	2.9	2.9	1.7	0.9	0.7
Provision of Bad Debts	-	0.2	0.3	-0.5	0.1
Gain/Loss on Financial A/L Revaluation	-0.6	-0.3	-1.2	0.0	-0.2
Prov./Reversal for Inventory Devaluation	-	-	-	6.3	0.1
Loss on Sale of Investments	0.0	-0.1	0.0	-0.9	-
Impairment Loss on Assets	-	0.4	-	-	-
Net Loss on Disposal of Properties	-	0.0	0.1	-	-
Deferred Tax	-0.6	2.3	0.0	-3.3	-0.1
Accrued Pension Liabilities	-0.3	-	-	-	-
Financial Assets at Fair Value	26.3	-93.9	0.0	104.1	-98.9
Accounts Receivable	-7.5	-	-	-	-
Notes & Accounts Receivable	-	-17.0	-18.7	32.2	-13.5
Accounts Receivable - Related Parties	17.3	-3.8	-10.8	13.1	3.4
Other Receivables	6.7	0.1	-0.1	-	-
Inventories	5.3	-14.7	-3.7	-0.2	-7.8
Other Financial Assets	-	-	-	-6.2	-
Prepayment	-1.5	4.6	-0.9	-5.1	0.2
Other Current Assets	-0.6	0.0	1.8	-2.0	0.7
Accounts Payable	-22.5	5.1	34.0	-34.4	14.0
Accounts Payable - Related Parties	0.2	-0.1	0.6	-0.7	-0.1
Tax Payable	-10.1	15.7	1.0	-22.0	14.1
Accrued Expenses	-2.2	5.7	2.5	-3.2	0.1
Other Payable - Related Parties	0.0	-0.3	0.7	-	-
Other Current Liabilities	-0.2	0.2	0.1	-0.2	0.2
Accrued Pension Liabilities	-	0.0	0.1	0.2	0.4
Cash from Operating Activities	119.7	39.0	35.6	96.4	-2.6
Purchase of Financial Assets for Sale	0.0	-0.3	-	-	-
Disposal of Financial Assets for Sale	0.0	0.4	-	-	-
Capital Expenditure	-16.6	-17.0	-59.5	-97.2	-18.2
Deferred Charges	-1.9	-0.8	-6.9	-2.6	-2.5
Security Deposit	0.1	-	-	-	-
Other Assets	0.0	0.0	-1.9	-	0.0
Cash from Investing Activities	-18.4	-17.7	-68.3	-99.7	-20.7
Short Term Borrowings Increase	-	17.4	-	23.0	18.0
Short Term Borrowings Decrease	-5.5	-	-23.2	-	-
Short Term Notes Increase	-	-	-	9.5	-
Repayment of ST Notes	-	0.0	-9.0	-	0.0
Long Term Borrowings Increase	-	0.0	70.6	27.9	-
Long Term Borrowings Decrease	-29.9	-	-	-	-10.7
Employees Bonus/Directors Remuneration	-	-	0.0	-3.3	-0.8
Cash Dividend - Common Stock	-82.6	-9.5	-2.7	-60.2	-12.3
Increase in Lease Payable	-1.1	-	-	-	-
TL Payables-Related Parties	1.3	-	-	-	-
Security Deposit	0.2	0.0	0.0	0.1	-
Other Liabilities	-	-	-	0.0	0.1
Cash Capital	-	-	-	0.0	28.0
Cash from Financing Activities	-117.5	7.9	35.7	-3.1	22.4
Net Change in Cash	-16.2	29.3	2.9	-6.4	-0.9
Net Cash - Beginning Balance	40.6	8.6	5.3	11.9	12.4
Net Cash - Ending Balance	24.4	37.9	8.2	5.6	11.5
Cash Interest Paid	2.3	1.3	0.6	1.0	0.9
Cash Taxes Paid	27.2	1.0	0.0	29.1	9.3

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	6.5	79.5	82.5	67.2	34.7
Depreciation	6.9	27.5	20.7	13.7	6.7
Deferred Charges	0.6	2.9	2.2	2.2	0.7
Reversal/Provision of Bad Debts	-	-	0.1	0.2	0.3
Gain/Loss on Sale of Investments	-	0.0	0.0	0.0	-
Gain/Loss on Financial A/L Revaluation	-0.2	-0.6	-0.2	-0.1	-0.6
Deferred Tax	0.2	-0.6	-0.2	-0.2	-0.1
Financial Assets at Fair Value	19.0	26.3	26.6	-21.7	-21.6
Notes Receivable	-	-	-26.6	-	-
Accounts Receivable	-40.5	-7.5	-	-39.7	-
Notes & Accounts Receivable	-	-	-	-	-20.7
Accounts Receivable - Related Parties	0.0	17.3	17.5	15.8	-6.1
Other Receivables	-0.7	6.7	6.8	6.8	0.0
Inventories	-17.6	5.3	-7.9	-8.7	0.8
Prepayment	0.2	-1.5	-0.7	-1.4	0.6
Other Current Assets	1.4	-0.6	-0.6	-0.6	-0.1
Accounts Payable	41.9	-22.5	15.2	18.5	15.0
Accounts Payable - Related Parties	-0.1	0.2	0.5	0.6	0.3
Tax Payable	1.1	-10.1	-10.1	-1.0	5.1
Accrued Expenses	-1.1	-2.2	-1.8	0.9	-0.1
Other Payable - Related Parties	0.8	0.0	1.2	1.9	1.2
Other Current Liabilities	-0.1	-0.2	-0.2	-0.4	-0.2
Accrued Pension Liabilities	0.0	-0.3	-0.2	0.0	0.0
Cash from Operating Activities	18.5	119.7	124.6	53.8	15.9
Purchase of Financial Assets for Sale	-	0.0	0.0	0.0	-
Disposal of Financial Assets for Sale	-	0.0	0.0	0.0	-
Capital Expenditure	-1.6	-16.6	-9.5	-5.8	-1.9
Deferred Charges	-0.3	-1.9	-1.8	-1.8	-1.7
Other Assets	-1.4	0.0	-0.1	0.1	0.1
Security Deposit Paid	0.0	0.1	0.1	-	-
Cash from Investing Activities	-3.3	-18.4	-11.3	-7.5	-3.5
Short Term Borrowings, Net	-8.0	-5.5	-8.2	9.1	5.3
Short Term Notes Net	-	-	-	-	0.0
Long Term Borrowings, Net	-	-29.9	-15.1	-15.1	-
Increase in Lease Payable	-0.3	-1.1	-0.8	-0.5	-0.3
Security Deposit	0.0	0.2	0.2	0.2	0.0
Cash Dividend	-	-82.6	-83.4	-	-
TL Payables-Related Parties	-	1.3	-	-	-
Cash from Financing Activities	-8.3	-117.5	-107.3	-6.3	5.1
Net Change in Cash	7.0	-16.2	6.1	40.0	17.5
Net Cash - Beginning Balance	24.1	40.6	41.0	41.0	40.7
Net Cash - Ending Balance	31.1	24.4	47.0	81.1	58.2
Cash Interest Paid	0.5	2.3	1.7	1.1	0.5
Cash Taxes Paid	0.0	27.2	27.5	15.5	0.0

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.58
UK Pound	1	Rs.87.14
Euro	1	Rs.69.73

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.