MIRA
INFORM REPORT
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Report Date : |
02.11.2012 |
IDENTIFICATION DETAILS
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Name : |
CHINA GENERAL PLASTICS CORPORATION |
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Registered Office : |
12F, No. 37, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
29.04.1964 |
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Legal Form : |
Public Parent |
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Line of Business : |
Manufacturing and distribution of plastics and relevant materials. |
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No. of Employees : |
940 |
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RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Source
: CIA
Company name and address
China General
Plastics Corporation
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Business
Description
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China General Plastics Corporation is principally engaged in the
manufacturing and distribution of plastics and relevant materials. The Company
provides acid and alkaline products, polyvinyl chloride (PVC) powder, rigid
extruded products, plastic cloth and plastic granules, among others. Its
products are applied in the manufacturing of seasoning products, synthetic
fibers, pigments, paper pulp, steel products, shoes, automobile products,
wires, construction materials, toys and household products, among others. The
Company distributes its products primarily in |
Industry
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Industry |
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ANZSIC 2006: |
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NACE 2002: |
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NAICS 2002: |
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US SIC 1987: |
2821 - Plastics Materials, Synthetic Resins, and
Nonvulcanizable Elastomers |
Key Executives
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Significant Developments
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Financial Summary
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Stock
Snapshot
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1 - Profit &
Loss Item Exchange Rate: USD 1 = TWD 29.39004
2 - Balance Sheet Item Exchange Rate: USD 1 = TWD 30.279
Corporate Overview
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Corporate Structure News
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China General
Plastics Corporation |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Taipei |
Taiwan |
Chemicals - Plastics and Rubber |
424.1 |
940 |
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Subsidiary |
Taipei City, Taipei |
Taiwan |
Chemical Manufacturing |
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130 |
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Executives Report
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Significant Developments
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Annual Income Statement
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Financials in: USD (mil) |
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Except for share items (millions) and per
share items (actual units) |
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31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
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Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
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UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
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Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
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Exchange Rate
(Period Average) |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
32.848802 |
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Auditor |
Deloitte &
Touche LLP |
Deloitte & Touche
LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
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Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
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Gross Revenue |
426.4 |
380.9 |
346.8 |
399.1 |
429.9 |
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Sales Returns and Allowances |
-2.3 |
-3.0 |
-2.7 |
-3.7 |
-3.0 |
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Revenue |
424.1 |
377.9 |
344.2 |
395.4 |
426.9 |
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Total Revenue |
424.1 |
377.9 |
344.2 |
395.4 |
426.9 |
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Cost of Revenue |
391.4 |
346.6 |
293.1 |
376.0 |
389.6 |
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Cost of Revenue, Total |
391.4 |
346.6 |
293.1 |
376.0 |
389.6 |
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Gross Profit |
32.7 |
31.3 |
51.0 |
19.4 |
37.3 |
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Selling/General/Administrative Expense |
32.4 |
28.9 |
29.9 |
29.7 |
31.7 |
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Total Selling/General/Administrative Expenses |
32.4 |
28.9 |
29.9 |
29.7 |
31.7 |
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Research & Development |
1.9 |
1.6 |
1.5 |
1.6 |
1.3 |
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Impairment-Assets Held for Use |
- |
- |
0.0 |
0.4 |
0.2 |
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Unusual Expense (Income) |
- |
- |
0.0 |
0.4 |
0.2 |
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Total Operating Expense |
425.7 |
377.1 |
324.5 |
407.7 |
422.8 |
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Operating Income |
-1.7 |
0.8 |
19.6 |
-12.3 |
4.1 |
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Interest Expense -
Non-Operating |
-0.9 |
-1.2 |
-1.5 |
-2.5 |
-3.2 |
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Interest Expense, Net Non-Operating |
-0.9 |
-1.2 |
-1.5 |
-2.5 |
-3.2 |
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Interest Income -
Non-Operating |
0.4 |
0.4 |
0.4 |
1.5 |
1.4 |
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Investment Income -
Non-Operating |
2.0 |
0.3 |
2.4 |
0.5 |
0.7 |
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Interest/Investment Income - Non-Operating |
2.5 |
0.7 |
2.8 |
2.0 |
2.1 |
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Interest Income (Expense) - Net Non-Operating Total |
1.6 |
-0.5 |
1.3 |
-0.6 |
-1.1 |
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Gain (Loss) on Sale of Assets |
-0.4 |
0.0 |
0.0 |
0.1 |
0.7 |
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Other Non-Operating Income (Expense) |
0.2 |
0.7 |
-0.2 |
0.9 |
-1.8 |
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Other, Net |
0.2 |
0.7 |
-0.2 |
0.9 |
-1.8 |
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Income Before Tax |
-0.2 |
1.0 |
20.7 |
-11.9 |
1.8 |
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Total Income Tax |
1.2 |
0.6 |
4.2 |
0.6 |
0.6 |
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Income After Tax |
-1.4 |
0.4 |
16.5 |
-12.5 |
1.3 |
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Minority Interest |
0.8 |
0.0 |
-1.0 |
2.0 |
0.2 |
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Equity In Affiliates |
- |
- |
- |
0.0 |
0.0 |
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Net Income Before Extraord Items |
-0.6 |
0.4 |
15.6 |
-10.5 |
1.4 |
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Discontinued Operations |
-2.5 |
-0.2 |
- |
- |
- |
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Total Extraord Items |
-2.5 |
-0.2 |
- |
- |
- |
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Net Income |
-3.1 |
0.1 |
15.6 |
-10.5 |
1.4 |
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Income Available to Common Excl Extraord Items |
-0.6 |
0.4 |
15.6 |
-10.5 |
1.4 |
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Income Available to Common Incl Extraord Items |
-3.1 |
0.1 |
15.6 |
-10.5 |
1.4 |
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Basic/Primary Weighted Average Shares |
424.8 |
424.8 |
424.8 |
424.8 |
424.8 |
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Basic EPS Excl Extraord Items |
0.00 |
0.00 |
0.04 |
-0.02 |
0.00 |
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Basic/Primary EPS Incl Extraord Items |
-0.01 |
0.00 |
0.04 |
-0.02 |
0.00 |
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Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
- |
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Diluted Net Income |
-3.1 |
0.1 |
15.6 |
-10.5 |
1.4 |
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Diluted Weighted Average Shares |
424.8 |
424.9 |
424.9 |
424.8 |
424.8 |
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Diluted EPS Excl Extraord Items |
0.00 |
0.00 |
0.04 |
-0.02 |
0.00 |
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Diluted EPS Incl Extraord Items |
-0.01 |
0.00 |
0.04 |
-0.02 |
0.00 |
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Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.01 |
0.00 |
0.00 |
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Gross Dividends - Common Stock |
0.0 |
0.0 |
3.9 |
0.0 |
0.0 |
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Interest Expense, Supplemental |
0.9 |
1.2 |
1.5 |
2.5 |
3.2 |
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Interest Capitalized, Supplemental |
-0.5 |
0.0 |
-0.1 |
-0.1 |
-0.1 |
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Depreciation, Supplemental |
13.9 |
13.6 |
13.2 |
12.9 |
14.0 |
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Total Special Items |
0.4 |
0.0 |
0.0 |
0.4 |
-0.5 |
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Normalized Income Before Tax |
0.1 |
1.0 |
20.7 |
-11.5 |
1.3 |
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Effect of Special Items on Income Taxes |
0.1 |
0.0 |
0.0 |
0.1 |
-0.2 |
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Inc Tax Ex Impact of Sp Items |
1.3 |
0.6 |
4.2 |
0.7 |
0.4 |
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Normalized Income After Tax |
-1.2 |
0.4 |
16.5 |
-12.2 |
0.9 |
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Normalized Inc. Avail to Com. |
-0.4 |
0.4 |
15.5 |
-10.2 |
1.1 |
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Basic Normalized EPS |
0.00 |
0.00 |
0.04 |
-0.02 |
0.00 |
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Diluted Normalized EPS |
0.00 |
0.00 |
0.04 |
-0.02 |
0.00 |
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Research & Development Exp, Supplemental |
1.9 |
1.6 |
1.5 |
1.6 |
1.3 |
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Normalized EBIT |
-1.7 |
0.8 |
19.6 |
-11.9 |
4.3 |
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Normalized EBITDA |
12.3 |
14.4 |
32.8 |
1.0 |
18.2 |
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Current Tax - Total |
1.8 |
1.0 |
3.3 |
1.2 |
1.0 |
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Current Tax - Total |
1.8 |
1.0 |
3.3 |
1.2 |
1.0 |
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Deferred Tax - Total |
-0.9 |
-0.9 |
0.7 |
-0.6 |
-0.5 |
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Deferred Tax - Total |
-0.9 |
-0.9 |
0.7 |
-0.6 |
-0.5 |
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Other Tax |
0.3 |
0.6 |
0.2 |
0.0 |
0.0 |
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Income Tax - Total |
1.2 |
0.6 |
4.2 |
0.6 |
0.6 |
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Interest Cost - Domestic |
1.1 |
1.1 |
1.0 |
1.6 |
1.4 |
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Service Cost - Domestic |
0.8 |
1.1 |
1.0 |
1.3 |
1.2 |
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Expected Return on Assets - Domestic |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
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Other Pension, Net - Domestic |
1.4 |
3.0 |
2.3 |
2.8 |
2.5 |
|
Domestic Pension Plan Expense |
3.3 |
5.1 |
4.2 |
5.5 |
5.1 |
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Defined Contribution Expense - Domestic |
0.5 |
0.4 |
0.3 |
0.5 |
- |
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Defined Contribution Expense - Foreign |
0.1 |
0.1 |
0.2 |
- |
- |
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Total Pension Expense |
3.9 |
5.6 |
4.7 |
5.9 |
5.1 |
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Discount Rate - Domestic |
2.25% |
2.25% |
2.25% |
2.25% |
3.25% |
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Expected Rate of Return - Domestic |
2.25% |
2.25% |
2.25% |
2.25% |
3.25% |
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Compensation Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
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Total Plan Interest Cost |
1.1 |
1.1 |
1.0 |
1.6 |
1.4 |
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Total Plan Service Cost |
0.8 |
1.1 |
1.0 |
1.3 |
1.2 |
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Total Plan Expected Return |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
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Total Plan Other Expense |
1.4 |
3.0 |
2.3 |
2.8 |
2.5 |
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Annual Balance
Sheet |
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Financials in:
USD (mil) |
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|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
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UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
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Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
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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 |
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Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
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Cash & Equivalents |
16.1 |
29.4 |
43.1 |
41.6 |
63.0 |
|
Short Term Investments |
37.4 |
24.1 |
35.7 |
27.7 |
15.4 |
|
Cash and Short Term Investments |
53.6 |
53.5 |
78.7 |
69.4 |
78.4 |
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Accounts Receivable -
Trade, Gross |
41.9 |
31.7 |
35.9 |
30.3 |
42.0 |
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Provision for Doubtful
Accounts |
-1.7 |
-1.6 |
-3.0 |
-3.8 |
-3.1 |
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Trade Accounts Receivable - Net |
44.4 |
35.4 |
36.0 |
29.0 |
41.4 |
|
Notes Receivable - Short Term |
7.1 |
6.8 |
8.2 |
6.5 |
7.9 |
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Other Receivables |
1.9 |
1.0 |
5.3 |
7.4 |
5.3 |
|
Total Receivables, Net |
53.5 |
43.2 |
49.6 |
42.9 |
54.6 |
|
Inventories - Finished Goods |
26.4 |
29.4 |
18.5 |
19.2 |
42.5 |
|
Inventories - Work In Progress |
1.3 |
1.5 |
1.4 |
1.4 |
2.0 |
|
Inventories - Raw Materials |
25.0 |
36.8 |
18.9 |
27.7 |
27.5 |
|
Inventories - Other |
- |
- |
- |
-10.6 |
-5.0 |
|
Total Inventory |
52.7 |
67.8 |
38.8 |
37.7 |
66.9 |
|
Prepaid Expenses |
1.3 |
5.9 |
0.9 |
- |
- |
|
Restricted Cash - Current |
- |
5.1 |
- |
- |
- |
|
Deferred Income Tax - Current Asset |
1.0 |
0.9 |
0.9 |
1.3 |
1.6 |
|
Other Current Assets |
2.8 |
7.2 |
2.4 |
4.3 |
6.6 |
|
Other Current Assets, Total |
3.8 |
13.3 |
3.3 |
5.6 |
8.2 |
|
Total Current Assets |
164.9 |
183.6 |
171.3 |
155.7 |
208.1 |
|
|
|
|
|
|
|
|
Buildings |
37.3 |
38.7 |
38.1 |
37.0 |
36.5 |
|
Land/Improvements |
8.4 |
8.7 |
7.9 |
3.7 |
3.7 |
|
Machinery/Equipment |
250.3 |
276.1 |
253.4 |
243.8 |
244.3 |
|
Construction in
Progress |
63.8 |
27.1 |
6.0 |
6.1 |
5.0 |
|
Leases |
1.0 |
1.0 |
0.9 |
1.0 |
1.0 |
|
Other
Property/Plant/Equipment |
51.3 |
53.3 |
48.7 |
47.5 |
48.1 |
|
Property/Plant/Equipment - Gross |
412.1 |
404.9 |
355.1 |
339.1 |
338.5 |
|
Accumulated Depreciation |
-246.9 |
-261.9 |
-232.0 |
-218.6 |
-212.2 |
|
Property/Plant/Equipment - Net |
165.1 |
143.0 |
123.1 |
120.5 |
126.3 |
|
LT Investment - Affiliate Companies |
9.6 |
9.5 |
6.5 |
6.3 |
6.7 |
|
LT Investments - Other |
0.7 |
5.4 |
6.8 |
1.2 |
1.4 |
|
Long Term Investments |
10.3 |
14.9 |
13.4 |
7.5 |
8.1 |
|
Note Receivable - Long Term |
- |
0.0 |
0.0 |
0.2 |
0.4 |
|
Pension Benefits - Overfunded |
0.8 |
0.8 |
2.5 |
3.8 |
5.3 |
|
Deferred Income Tax - Long Term Asset |
6.9 |
6.6 |
4.5 |
4.4 |
3.7 |
|
Restricted Cash - Long Term |
0.6 |
- |
- |
- |
- |
|
Other Long Term Assets |
17.9 |
16.8 |
23.1 |
16.2 |
16.2 |
|
Other Long Term Assets, Total |
26.1 |
24.2 |
30.1 |
24.4 |
25.1 |
|
Total Assets |
366.5 |
365.6 |
337.9 |
308.3 |
368.1 |
|
|
|
|
|
|
|
|
Accounts Payable |
55.2 |
49.7 |
22.2 |
16.7 |
35.1 |
|
Accrued Expenses |
11.8 |
10.7 |
12.2 |
7.5 |
9.8 |
|
Notes Payable/Short Term Debt |
11.4 |
9.6 |
6.0 |
10.7 |
16.1 |
|
Current Portion - Long Term Debt/Capital Leases |
3.3 |
10.3 |
42.5 |
18.9 |
22.2 |
|
Income Taxes Payable |
2.3 |
1.1 |
3.0 |
0.4 |
1.0 |
|
Other Payables |
3.2 |
1.0 |
8.2 |
9.4 |
8.6 |
|
Other Current Liabilities |
2.7 |
4.8 |
3.5 |
1.6 |
2.1 |
|
Other Current liabilities, Total |
8.2 |
6.9 |
14.8 |
11.3 |
11.7 |
|
Total Current Liabilities |
89.9 |
87.2 |
97.6 |
65.1 |
95.0 |
|
|
|
|
|
|
|
|
Long Term Debt |
54.1 |
45.3 |
24.9 |
50.6 |
65.7 |
|
Total Long Term Debt |
54.1 |
45.3 |
24.9 |
50.6 |
65.7 |
|
Total Debt |
68.9 |
65.1 |
73.4 |
80.1 |
104.0 |
|
|
|
|
|
|
|
|
Minority Interest |
3.1 |
4.0 |
3.6 |
2.5 |
4.5 |
|
Reserves |
19.6 |
20.3 |
18.5 |
18.0 |
18.3 |
|
Pension Benefits - Underfunded |
40.0 |
41.5 |
38.8 |
34.7 |
35.9 |
|
Other Long Term Liabilities |
0.2 |
0.7 |
0.1 |
0.1 |
0.2 |
|
Other Liabilities, Total |
59.7 |
62.5 |
57.5 |
52.8 |
54.3 |
|
Total Liabilities |
207.0 |
199.0 |
183.6 |
171.0 |
219.5 |
|
|
|
|
|
|
|
|
Common Stock |
140.3 |
145.7 |
132.8 |
129.4 |
131.0 |
|
Common Stock |
140.3 |
145.7 |
132.8 |
129.4 |
131.0 |
|
Additional Paid-In Capital |
0.3 |
0.3 |
0.3 |
0.4 |
0.4 |
|
Retained Earnings (Accumulated Deficit) |
-0.7 |
2.5 |
6.1 |
-9.7 |
2.8 |
|
Unrealized Gain (Loss) |
21.9 |
23.3 |
20.5 |
19.6 |
17.9 |
|
Translation Adjustment |
2.1 |
0.9 |
2.6 |
3.0 |
2.5 |
|
Minimum Pension Liability Adjustment |
-4.4 |
-6.1 |
-8.1 |
-5.3 |
-5.9 |
|
Other Equity, Total |
-2.3 |
-5.1 |
-5.5 |
-2.4 |
-3.4 |
|
Total Equity |
159.5 |
166.6 |
154.3 |
137.3 |
148.6 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
366.5 |
365.6 |
337.9 |
308.3 |
368.1 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
424.8 |
424.8 |
424.8 |
424.8 |
424.8 |
|
Total Common Shares Outstanding |
424.8 |
424.8 |
424.8 |
424.8 |
424.8 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Employees |
950 |
1,256 |
1,293 |
1,474 |
1,677 |
|
Number of Common Shareholders |
38,397 |
34,917 |
37,465 |
39,060 |
40,832 |
|
Pension Obligation - Domestic |
50.1 |
51.4 |
47.4 |
43.0 |
46.7 |
|
Plan Assets - Domestic |
6.8 |
6.1 |
4.3 |
4.1 |
4.4 |
|
Funded Status - Domestic |
-43.3 |
-45.3 |
-43.1 |
-38.9 |
-42.3 |
|
Accumulated Obligation - Domestic |
46.8 |
47.5 |
43.1 |
38.7 |
40.3 |
|
Total Funded Status |
-43.3 |
-45.3 |
-43.1 |
-38.9 |
-42.3 |
|
Discount Rate - Domestic |
2.25% |
2.25% |
2.25% |
2.25% |
3.25% |
|
Expected Rate of Return - Domestic |
2.25% |
2.25% |
2.25% |
2.25% |
3.25% |
|
Compensation Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Prepaid Benefits - Domestic |
0.8 |
0.8 |
2.5 |
3.8 |
5.3 |
|
Accrued Liabilities - Domestic |
-40.0 |
-41.5 |
-38.8 |
-34.7 |
-35.9 |
|
Net Assets Recognized on Balance Sheet |
-39.1 |
-40.7 |
-36.3 |
-30.8 |
-30.6 |
|
Total Plan Obligations |
50.1 |
51.4 |
47.4 |
43.0 |
46.7 |
|
Total Plan Assets |
6.8 |
6.1 |
4.3 |
4.1 |
4.4 |
|
|
|
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 |
Reclassified
Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
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 |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
-3.9 |
0.2 |
16.5 |
-12.5 |
1.3 |
|
Depreciation |
13.9 |
13.6 |
13.2 |
12.9 |
14.0 |
|
Depreciation/Depletion |
13.9 |
13.6 |
13.2 |
12.9 |
14.0 |
|
Deferred Taxes |
-0.9 |
-0.9 |
0.7 |
-0.6 |
0.4 |
|
Accounting Change |
- |
- |
- |
- |
0.0 |
|
Unusual Items |
-0.7 |
-0.4 |
-0.3 |
-0.1 |
-1.0 |
|
Equity in Net Earnings (Loss) |
-0.9 |
-0.9 |
-0.4 |
0.0 |
-0.1 |
|
Other Non-Cash Items |
10.5 |
3.1 |
-5.1 |
9.6 |
6.4 |
|
Non-Cash Items |
8.9 |
1.9 |
-5.8 |
9.5 |
5.3 |
|
Accounts Receivable |
-12.5 |
10.7 |
-4.1 |
10.7 |
-11.3 |
|
Inventories |
8.0 |
-22.9 |
6.2 |
23.8 |
-20.1 |
|
Prepaid Expenses |
0.0 |
0.5 |
- |
- |
- |
|
Other Assets |
8.4 |
-7.4 |
-0.5 |
1.6 |
4.6 |
|
Accounts Payable |
-10.8 |
3.7 |
5.1 |
-19.5 |
16.5 |
|
Accrued Expenses |
1.5 |
-2.4 |
4.8 |
-2.3 |
2.2 |
|
Taxes Payable |
1.2 |
-2.1 |
2.6 |
-0.6 |
0.8 |
|
Other Liabilities |
-0.7 |
-1.5 |
2.1 |
-0.7 |
0.4 |
|
Changes in Working Capital |
-4.9 |
-21.4 |
16.1 |
12.9 |
-6.9 |
|
Cash from Operating Activities |
13.1 |
-6.7 |
40.8 |
22.2 |
14.0 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-45.3 |
-20.6 |
-17.3 |
-8.2 |
-6.8 |
|
Capital Expenditures |
-45.3 |
-20.6 |
-17.3 |
-8.2 |
-6.8 |
|
Sale of Fixed Assets |
0.3 |
0.3 |
4.3 |
1.1 |
1.6 |
|
Sale/Maturity of Investment |
225.5 |
239.6 |
293.2 |
123.7 |
157.0 |
|
Investment, Net |
4.5 |
2.5 |
-7.0 |
0.0 |
- |
|
Purchase of Investments |
-236.5 |
-224.1 |
-303.3 |
-136.7 |
-150.5 |
|
Other Investing Cash Flow |
-1.2 |
-0.6 |
0.0 |
-0.8 |
-0.5 |
|
Other Investing Cash Flow Items, Total |
-7.4 |
17.7 |
-12.7 |
-12.7 |
7.6 |
|
Cash from Investing Activities |
-52.6 |
-2.9 |
-29.9 |
-20.9 |
0.8 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-0.5 |
0.5 |
0.0 |
-0.1 |
0.0 |
|
Financing Cash Flow Items |
-0.5 |
0.5 |
0.0 |
-0.1 |
0.0 |
|
Cash Dividends Paid - Common |
0.0 |
-4.0 |
0.0 |
0.0 |
0.0 |
|
Total Cash Dividends Paid |
0.0 |
-4.0 |
0.0 |
0.0 |
0.0 |
|
Short Term Debt Issued |
23.1 |
15.1 |
- |
1.6 |
-11.2 |
|
Short Term Debt
Reduction |
- |
- |
-6.3 |
-5.8 |
0.0 |
|
Short Term Debt, Net |
23.1 |
15.1 |
-6.3 |
-4.2 |
-11.2 |
|
Long Term Debt Issued |
95.8 |
122.0 |
60.5 |
4.7 |
-2.0 |
|
Long Term Debt
Reduction |
-91.7 |
-139.1 |
-64.2 |
-22.8 |
0.0 |
|
Long Term Debt, Net |
4.0 |
-17.1 |
-3.7 |
-18.1 |
-2.0 |
|
Issuance (Retirement) of Debt, Net |
27.1 |
-2.0 |
-10.0 |
-22.3 |
-13.2 |
|
Cash from Financing Activities |
26.6 |
-5.5 |
-10.0 |
-22.4 |
-13.2 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.4 |
-1.4 |
-0.5 |
-0.4 |
-1.3 |
|
Net Change in Cash |
-12.5 |
-16.5 |
0.3 |
-21.5 |
0.3 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
29.2 |
43.7 |
41.4 |
64.8 |
61.9 |
|
Net Cash - Ending Balance |
16.6 |
27.2 |
41.7 |
43.3 |
62.2 |
|
Cash Interest Paid |
0.8 |
1.3 |
1.6 |
2.8 |
3.2 |
|
Cash Taxes Paid |
0.9 |
3.6 |
0.9 |
2.0 |
0.1 |
|
|
|
|
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 |
Restated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
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 |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Gross Sales |
426.4 |
380.9 |
346.8 |
399.1 |
429.9 |
|
Sales Returns |
-0.4 |
-0.3 |
-0.7 |
-1.2 |
-1.3 |
|
Sales Discounts and Allowances |
-1.9 |
-2.7 |
-2.0 |
-2.5 |
-1.7 |
|
Total Revenue |
424.1 |
377.9 |
344.2 |
395.4 |
426.9 |
|
|
|
|
|
|
|
|
Cost of Sales |
391.4 |
346.6 |
293.1 |
376.0 |
389.6 |
|
Selling Expenses |
21.7 |
19.4 |
19.9 |
19.9 |
20.9 |
|
General and Administrative Expenses |
10.7 |
9.5 |
10.0 |
9.8 |
10.8 |
|
Research and Development Expenses |
1.9 |
1.6 |
1.5 |
1.6 |
1.3 |
|
Impairment Loss |
- |
- |
0.0 |
0.4 |
0.2 |
|
Total Operating Expense |
425.7 |
377.1 |
324.5 |
407.7 |
422.8 |
|
|
|
|
|
|
|
|
Interest Income |
0.4 |
0.4 |
0.4 |
1.5 |
1.4 |
|
Gain on Equity Investment |
0.9 |
0.9 |
0.4 |
0.0 |
0.1 |
|
Gain on Sale of Fixed Assets |
0.2 |
0.2 |
0.2 |
0.2 |
1.0 |
|
Gain on Sale of Investments |
0.2 |
0.3 |
0.2 |
0.4 |
0.3 |
|
Gain on Foreign Exchange |
- |
- |
0.5 |
1.1 |
1.4 |
|
Dividend Income |
0.1 |
0.2 |
0.0 |
- |
- |
|
Compensation Income |
- |
- |
- |
1.2 |
- |
|
Rent Income |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Revaluation G/L on Financial Assets |
1.2 |
0.6 |
1.4 |
-0.3 |
-1.0 |
|
Miscellaneous Income |
0.7 |
1.1 |
0.7 |
1.2 |
0.7 |
|
Interest Expense |
-0.9 |
-1.2 |
-1.5 |
-2.5 |
-3.2 |
|
Loss on Sale of Fixed Assets |
-0.6 |
-0.2 |
-0.1 |
-0.1 |
-0.3 |
|
Loss on Shutdown |
- |
- |
- |
0.0 |
-1.5 |
|
Loss on Idle Assets Depreciation |
- |
- |
- |
- |
-0.1 |
|
Loss on Financial Liabilities Valuation |
-0.2 |
-0.3 |
-0.1 |
-0.8 |
-0.1 |
|
Foreign Exchange Losses |
-0.1 |
-1.4 |
- |
- |
- |
|
Repairing Expense |
-0.5 |
-0.3 |
-0.5 |
-0.4 |
-0.4 |
|
Miscellaneous Disbursements |
-0.2 |
-0.3 |
-0.6 |
-1.3 |
-0.7 |
|
Net Income Before Taxes |
-0.2 |
1.0 |
20.7 |
-11.9 |
1.8 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
1.2 |
0.6 |
4.2 |
0.6 |
0.6 |
|
Net Income After Taxes |
-1.4 |
0.4 |
16.5 |
-12.5 |
1.3 |
|
|
|
|
|
|
|
|
Employee Bonus in Invested Company |
- |
- |
- |
0.0 |
0.0 |
|
Minority Interest |
0.8 |
0.0 |
-1.0 |
2.0 |
0.2 |
|
Net Income Before Extra. Items |
-0.6 |
0.4 |
15.6 |
-10.5 |
1.4 |
|
Discontinued Operations |
-2.5 |
-0.2 |
- |
- |
- |
|
Net Income |
-3.1 |
0.1 |
15.6 |
-10.5 |
1.4 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
-0.6 |
0.4 |
15.6 |
-10.5 |
1.4 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
-3.1 |
0.1 |
15.6 |
-10.5 |
1.4 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
424.8 |
424.8 |
424.8 |
424.8 |
424.8 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.00 |
0.00 |
0.04 |
-0.02 |
0.00 |
|
Basic EPS Including ExtraOrdinary Item |
-0.01 |
0.00 |
0.04 |
-0.02 |
0.00 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Diluted Net Income |
-3.1 |
0.1 |
15.6 |
-10.5 |
1.4 |
|
Diluted Weighted Average Shares |
424.8 |
424.9 |
424.9 |
424.8 |
424.8 |
|
Diluted EPS Excluding ExtraOrd Items |
0.00 |
0.00 |
0.04 |
-0.02 |
0.00 |
|
Diluted EPS Including ExtraOrd Items |
-0.01 |
0.00 |
0.04 |
-0.02 |
0.00 |
|
DPS-Common Stock |
0.00 |
0.00 |
0.01 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
3.9 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
0.1 |
1.0 |
20.7 |
-11.5 |
1.3 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
1.3 |
0.6 |
4.2 |
0.7 |
0.4 |
|
Normalized Income After Taxes |
-1.2 |
0.4 |
16.5 |
-12.2 |
0.9 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-0.4 |
0.4 |
15.5 |
-10.2 |
1.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.00 |
0.00 |
0.04 |
-0.02 |
0.00 |
|
Diluted Normalized EPS |
0.00 |
0.00 |
0.04 |
-0.02 |
0.00 |
|
Interest Expense, Supplemental |
0.9 |
1.2 |
1.5 |
2.5 |
3.2 |
|
Interest Capitalized |
-0.5 |
0.0 |
-0.1 |
-0.1 |
-0.1 |
|
R&D Expense, Supplemental |
1.9 |
1.6 |
1.5 |
1.6 |
1.3 |
|
Depreciation - Operating Cost |
12.7 |
11.9 |
12.6 |
12.3 |
13.3 |
|
Depreciation - Operating Expense |
0.3 |
0.2 |
0.5 |
0.5 |
0.5 |
|
Depreciation - Non Operating Expense |
0.0 |
0.0 |
0.1 |
0.1 |
0.1 |
|
Depreciation-Discontinued Operation |
1.0 |
1.5 |
- |
- |
- |
|
Current Tax Payable |
1.8 |
1.0 |
3.3 |
1.2 |
1.0 |
|
Current Tax - Total |
1.8 |
1.0 |
3.3 |
1.2 |
1.0 |
|
Deferred Tax |
-0.9 |
-0.9 |
0.7 |
-0.6 |
-0.5 |
|
Deferred Tax - Total |
-0.9 |
-0.9 |
0.7 |
-0.6 |
-0.5 |
|
Other Tax |
0.3 |
0.6 |
0.2 |
0.0 |
0.0 |
|
Income Tax - Total |
1.2 |
0.6 |
4.2 |
0.6 |
0.6 |
|
Service Cost |
0.8 |
1.1 |
1.0 |
1.3 |
1.2 |
|
Interest Cost |
1.1 |
1.1 |
1.0 |
1.6 |
1.4 |
|
Expected Return on Plan Assets |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Amortization of Unrecognized Cost |
1.4 |
3.0 |
2.3 |
2.8 |
2.5 |
|
Domestic Pension Plan Expense |
3.3 |
5.1 |
4.2 |
5.5 |
5.1 |
|
Defined Contribution Expense - Domestic |
0.5 |
0.4 |
0.3 |
0.5 |
- |
|
Defined Contribution Expense - Foreign |
0.1 |
0.1 |
0.2 |
- |
- |
|
Total Pension Expense |
3.9 |
5.6 |
4.7 |
5.9 |
5.1 |
|
Discount Rate |
2.25% |
2.25% |
2.25% |
2.25% |
3.25% |
|
Rate of Compensation Increase |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return on Plan Assets |
2.25% |
2.25% |
2.25% |
2.25% |
3.25% |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
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 |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash and Cash Equivalent |
16.1 |
29.4 |
43.1 |
41.6 |
63.0 |
|
Financial Asset, Fair Value - Current |
37.3 |
23.8 |
27.5 |
26.8 |
14.1 |
|
Financial Asset for Sale - Current |
0.1 |
0.3 |
0.4 |
0.2 |
0.0 |
|
Fin. Assets-Held to Maturity,Current |
- |
0.0 |
7.8 |
0.0 |
1.2 |
|
Notes Receivable |
7.1 |
6.8 |
5.3 |
6.0 |
7.5 |
|
Notes Receivable - Related Parties |
- |
0.0 |
3.0 |
0.5 |
0.4 |
|
Accounts Receivable, Gross |
41.9 |
31.7 |
35.9 |
30.3 |
42.0 |
|
Provision for Doubtful Accounts |
-0.8 |
-0.7 |
-2.1 |
-2.2 |
-1.7 |
|
Provision for Sales Return & Discount |
-1.0 |
-0.9 |
-1.0 |
-1.6 |
-1.5 |
|
Accounts Receivable - Related Parties |
4.3 |
5.3 |
3.2 |
2.5 |
2.5 |
|
Other Receivables |
0.1 |
0.5 |
0.2 |
- |
- |
|
Other Receivables - Related Parties |
1.8 |
0.5 |
5.1 |
7.4 |
5.3 |
|
Other Financial Assets - Current |
0.0 |
0.0 |
0.0 |
0.7 |
0.1 |
|
Finished Goods |
26.4 |
29.4 |
18.5 |
19.2 |
42.5 |
|
Work-in-Process |
1.3 |
1.5 |
1.4 |
1.4 |
2.0 |
|
Raw Material / Supplies |
25.0 |
36.8 |
18.9 |
27.7 |
27.5 |
|
Provision/Allowance for Inventory |
- |
- |
- |
-10.6 |
-5.0 |
|
Prepaid Expenses |
1.3 |
5.9 |
0.9 |
- |
- |
|
Assets for Sale,Non-current |
- |
2.0 |
0.0 |
- |
- |
|
Deferred Income Tax Assets - Current |
1.0 |
0.9 |
0.9 |
1.3 |
1.6 |
|
Restricted Asset |
- |
5.1 |
- |
- |
- |
|
Other Current Assets |
2.8 |
5.2 |
2.4 |
4.3 |
6.6 |
|
Total Current Assets |
164.9 |
183.6 |
171.3 |
155.7 |
208.1 |
|
|
|
|
|
|
|
|
Financial Assets-Fair Value,Non-Current |
0.0 |
4.6 |
6.2 |
- |
0.0 |
|
Financial Asset for Sale - Non Current |
0.1 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Financial Asset at Cost - Non Current |
0.6 |
0.6 |
0.6 |
0.6 |
0.8 |
|
Non Active Bond Investment - Non Current |
- |
- |
- |
0.6 |
0.6 |
|
Long Term Equity Investment |
9.6 |
9.5 |
6.5 |
6.3 |
6.7 |
|
Land and Improvements |
8.4 |
8.7 |
7.9 |
3.7 |
3.7 |
|
Buildings and Structures |
37.3 |
38.7 |
38.1 |
37.0 |
36.5 |
|
Machinery and Equipment |
240.7 |
264.8 |
242.2 |
233.1 |
233.3 |
|
Transportation Equipment |
1.4 |
1.8 |
1.7 |
1.6 |
1.6 |
|
Miscellaneous Equipment |
8.2 |
9.5 |
9.5 |
9.2 |
9.3 |
|
Assets Revaluation Increment |
51.3 |
53.3 |
48.7 |
47.5 |
48.1 |
|
Accumulated Depreciation |
-246.9 |
-261.9 |
-231.9 |
-218.4 |
-211.1 |
|
Provision for Impairment of Fixed Assets |
- |
0.0 |
-0.1 |
-0.1 |
-1.1 |
|
Construct. in Progress & Equip. Prepay |
63.8 |
27.1 |
6.0 |
6.1 |
5.0 |
|
Deferred Pension Cost |
0.8 |
0.8 |
2.5 |
3.8 |
5.3 |
|
Assets for Lease |
1.0 |
1.0 |
0.9 |
1.0 |
1.0 |
|
Revaluation Increment |
- |
- |
- |
0.0 |
- |
|
Amortization of Leased Assets |
- |
- |
- |
-0.1 |
- |
|
Idle Assets |
11.9 |
11.2 |
10.3 |
10.1 |
10.3 |
|
Security Deposits Paid |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Long Term Accounts Receivable |
- |
0.0 |
0.0 |
0.2 |
0.4 |
|
Deferred Income Tax Assets - Non Current |
6.9 |
6.6 |
4.5 |
4.4 |
3.7 |
|
Restricted Assets, Non-current |
0.6 |
- |
- |
- |
- |
|
Other Long Term Assets |
5.8 |
5.4 |
12.8 |
6.0 |
5.9 |
|
Total Assets |
366.5 |
365.6 |
337.9 |
308.3 |
368.1 |
|
|
|
|
|
|
|
|
Short Term Borrowings |
11.4 |
9.5 |
6.0 |
10.7 |
16.1 |
|
Short Term Notes & Bills Payable |
33.0 |
13.4 |
0.0 |
1.5 |
- |
|
Financial Liabilities-Fair Value,Current |
- |
0.1 |
0.0 |
0.0 |
0.0 |
|
Notes Payable |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Accounts Payable |
18.3 |
29.5 |
20.3 |
12.1 |
34.4 |
|
Accounts Payable - Related Parties |
3.9 |
6.8 |
1.8 |
3.1 |
0.8 |
|
Income Taxes Payable |
2.3 |
1.1 |
3.0 |
0.4 |
1.0 |
|
Accrued Expenses |
11.8 |
10.7 |
12.2 |
7.5 |
9.8 |
|
Other Payable - Related Parties |
0.6 |
0.5 |
0.6 |
0.5 |
0.3 |
|
Other Payable |
2.6 |
0.5 |
7.6 |
8.9 |
8.3 |
|
Current Portion of Long Term Debt |
3.3 |
10.3 |
42.5 |
18.9 |
22.2 |
|
Liabilities Related to Assets for Sale |
- |
0.1 |
0.0 |
- |
- |
|
Other Current Liabilities |
2.7 |
4.7 |
3.5 |
1.6 |
2.1 |
|
Total Current Liabilities |
89.9 |
87.2 |
97.6 |
65.1 |
95.0 |
|
|
|
|
|
|
|
|
Corporate Bonds Payable |
- |
- |
- |
0.0 |
15.4 |
|
Long Term Borrowings |
54.1 |
45.3 |
24.9 |
50.6 |
50.3 |
|
Total Long Term Debt |
54.1 |
45.3 |
24.9 |
50.6 |
65.7 |
|
|
|
|
|
|
|
|
Land Revaluation Increment Tax Reserve |
19.6 |
20.3 |
18.5 |
18.0 |
18.3 |
|
Accrued Pension Liabilities |
40.0 |
41.5 |
38.8 |
34.7 |
35.9 |
|
Other Long Term Liabilities |
0.2 |
0.7 |
0.1 |
0.1 |
0.2 |
|
Minority Interest |
3.1 |
4.0 |
3.6 |
2.5 |
4.5 |
|
Total Liabilities |
207.0 |
199.0 |
183.6 |
171.0 |
219.5 |
|
|
|
|
|
|
|
|
Common Stock |
140.3 |
145.7 |
132.8 |
129.4 |
131.0 |
|
Paid-In Capital |
0.3 |
0.3 |
0.3 |
0.4 |
0.4 |
|
Legal Reserve |
0.7 |
0.7 |
0.0 |
0.3 |
0.2 |
|
Special Reserve |
- |
- |
- |
0.0 |
1.2 |
|
Retained Earnings |
-1.3 |
1.8 |
6.1 |
-10.1 |
1.4 |
|
Cumulative Translation Adjustment |
2.1 |
0.9 |
2.6 |
3.0 |
2.5 |
|
Unrealized Gain/Loss on Pension Fund |
-4.4 |
-6.1 |
-8.1 |
-5.3 |
-5.9 |
|
Unrealized Financial Products Gain/Loss |
0.3 |
0.9 |
0.1 |
-0.3 |
0.2 |
|
Unrealized Revaluation Gain |
21.6 |
22.4 |
20.4 |
19.9 |
17.7 |
|
Total Equity |
159.5 |
166.6 |
154.3 |
137.3 |
148.6 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
366.5 |
365.6 |
337.9 |
308.3 |
368.1 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
424.8 |
424.8 |
424.8 |
424.8 |
424.8 |
|
Total Common Shares Outstanding |
424.8 |
424.8 |
424.8 |
424.8 |
424.8 |
|
T/S-Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Full-Time Employees |
950 |
1,256 |
1,293 |
1,474 |
1,677 |
|
Number of Common Shareholders |
38,397 |
34,917 |
37,465 |
39,060 |
40,832 |
|
Accumulated Benefit Obligation |
46.8 |
47.5 |
43.1 |
38.7 |
40.3 |
|
Benefit Obligation |
50.1 |
51.4 |
47.4 |
43.0 |
46.7 |
|
Fair Value of Plan Assets |
6.8 |
6.1 |
4.3 |
4.1 |
4.4 |
|
Funded Status |
-43.3 |
-45.3 |
-43.1 |
-38.9 |
-42.3 |
|
Total Funded Status |
-43.3 |
-45.3 |
-43.1 |
-38.9 |
-42.3 |
|
Discount Rate |
2.25% |
2.25% |
2.25% |
2.25% |
3.25% |
|
Rate of Compensation Increase |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return on Plan Assets |
2.25% |
2.25% |
2.25% |
2.25% |
3.25% |
|
Deferred Pension Cost |
0.8 |
0.8 |
2.5 |
3.8 |
5.3 |
|
Accrued Pension Liabilities |
-40.0 |
-41.5 |
-38.8 |
-34.7 |
-35.9 |
|
Net Assets Recognized on Balance Sheet |
-39.1 |
-40.7 |
-36.3 |
-30.8 |
-30.6 |
|
|
|
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 |
Reclassified
Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
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 |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
-3.9 |
0.2 |
16.5 |
-12.5 |
1.3 |
|
Depreciation |
13.9 |
13.6 |
13.2 |
12.9 |
14.0 |
|
Accounting Change |
- |
- |
- |
- |
0.0 |
|
Deferred Charges |
1.0 |
0.7 |
0.7 |
0.8 |
0.8 |
|
Amortization of Borrowing Cost |
0.0 |
0.0 |
- |
- |
- |
|
Amortization of Financial Assets Dep. |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest Income on Financial Assets |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Provision/Reversal of Bad Debts |
0.1 |
-0.5 |
0.3 |
0.8 |
0.5 |
|
Reversal of Provision for Sales Discount |
0.1 |
-0.1 |
-0.6 |
0.1 |
0.1 |
|
Prov./Reversal for Inventory Devaluation |
4.9 |
-0.4 |
-6.4 |
5.8 |
0.7 |
|
Gain/Loss on Disposal of Properties |
0.4 |
0.0 |
0.0 |
-0.1 |
-0.7 |
|
Impairment Loss/Reversal on Idle Assets |
- |
- |
- |
0.0 |
-0.2 |
|
Impairment Loss/Reversal on Assets |
0.8 |
-0.1 |
-0.1 |
0.4 |
0.2 |
|
Construction in Progress Trans. to Cost |
- |
- |
- |
- |
0.0 |
|
Unrealized Loss on Fia.Ast. Vau. |
-0.8 |
-0.3 |
-1.2 |
0.8 |
1.0 |
|
Cash Dividends from Equity Subsidiaries |
0.1 |
0.3 |
0.0 |
0.1 |
0.0 |
|
Equity Investment Gain/Loss |
-0.9 |
-0.9 |
-0.4 |
0.0 |
-0.1 |
|
Gain/Loss on Disposal of Investments |
-1.9 |
-0.3 |
-0.2 |
-0.4 |
-0.3 |
|
Deferred Tax |
-0.9 |
-0.9 |
0.7 |
-0.6 |
0.4 |
|
Accrued Pension Liabilities |
1.4 |
3.4 |
2.0 |
1.2 |
3.3 |
|
Financial Assets for Trading |
1.7 |
0.0 |
-1.5 |
0.0 |
0.0 |
|
Notes Receivable |
-0.6 |
-0.9 |
- |
- |
- |
|
Notes Receivable-Related Parties |
0.0 |
3.0 |
- |
- |
- |
|
Notes & Accounts Receivable |
- |
- |
-7.1 |
12.9 |
-5.0 |
|
Accounts Receivable |
-11.7 |
5.7 |
- |
- |
- |
|
Accounts Receivable-Related Parties |
0.8 |
-1.6 |
- |
- |
- |
|
Other Receivables |
0.3 |
-0.3 |
- |
- |
- |
|
Other Receivables - Related Parties |
-1.4 |
4.8 |
3.0 |
-2.3 |
-6.2 |
|
Other Financial Assets - Current |
0.0 |
0.0 |
0.0 |
-0.7 |
0.1 |
|
Inventories |
8.0 |
-22.9 |
6.2 |
23.8 |
-20.1 |
|
Other Current Assets |
6.8 |
-7.4 |
1.0 |
2.3 |
4.4 |
|
Financial Liabilities for Trade |
- |
- |
- |
- |
0.0 |
|
Notes Payable |
0.0 |
0.0 |
- |
- |
- |
|
Notes & Accounts Payable |
- |
- |
6.4 |
-20.4 |
12.8 |
|
Accounts Payable |
-10.5 |
6.7 |
- |
- |
- |
|
Accounts Payable,Related Parties |
-2.7 |
4.4 |
- |
- |
- |
|
Tax Payable |
1.2 |
-2.1 |
2.6 |
-0.6 |
0.8 |
|
Accrued Expenses |
1.5 |
-2.4 |
4.8 |
-2.3 |
2.2 |
|
Prepaid Expense |
0.0 |
0.5 |
- |
- |
- |
|
Other Payables |
2.2 |
-7.2 |
-1.3 |
0.9 |
3.7 |
|
Other Payables,Related Parties |
0.2 |
-0.2 |
- |
- |
- |
|
Other Current Liabilities |
-0.7 |
-1.5 |
2.1 |
-0.7 |
0.4 |
|
Others |
3.6 |
0.0 |
- |
- |
- |
|
Cash From Operating Activities |
13.1 |
-6.7 |
40.8 |
22.2 |
14.0 |
|
|
|
|
|
|
|
|
Financial Asset, Fair Value Decrease |
225.5 |
228.4 |
292.5 |
122.4 |
156.9 |
|
Financial Asset, Fair Value Increase |
-236.5 |
-220.0 |
-295.5 |
-136.2 |
-149.1 |
|
Financial Asset for Sale Increase |
- |
- |
-0.1 |
-0.5 |
- |
|
Financial Assets Held to Maturity |
0.0 |
-3.2 |
-7.6 |
0.0 |
-1.2 |
|
Financial Assets Held to Maturity Decre. |
0.0 |
11.1 |
0.0 |
1.3 |
- |
|
Disposal of Bonds in Inactive Market |
- |
- |
0.6 |
0.0 |
- |
|
Financial Assets at Cost Decrease |
- |
- |
- |
0.0 |
0.0 |
|
Long Term Equity Investments Decrease |
0.0 |
0.0 |
0.2 |
0.0 |
- |
|
LT Equity Investment Increase |
0.0 |
-1.0 |
-0.2 |
0.0 |
-0.2 |
|
Capital Expenditure |
-45.3 |
-20.6 |
-17.3 |
-8.2 |
-6.8 |
|
Disposal of Fixed Assets |
0.3 |
0.2 |
4.3 |
1.1 |
1.6 |
|
Disposal of Idle Assets |
0.0 |
0.1 |
- |
- |
- |
|
Withdrawal of Financial Assets atFairVau |
- |
- |
- |
0.0 |
0.0 |
|
Long Term Receivables |
0.0 |
0.0 |
0.2 |
-0.1 |
0.0 |
|
Pledged Time Deposit Net |
4.5 |
2.5 |
-7.0 |
0.0 |
- |
|
Security Deposit Paid |
0.0 |
-0.1 |
0.1 |
0.0 |
0.0 |
|
Other Assets |
-1.2 |
-0.5 |
-0.2 |
-0.6 |
-0.4 |
|
Cash From Investing Activities |
-52.6 |
-2.9 |
-29.9 |
-20.9 |
0.8 |
|
|
|
|
|
|
|
|
Short Term Borrowings Increase |
2.3 |
2.7 |
- |
- |
-11.2 |
|
Repayment of ST Borrowings |
- |
- |
-4.8 |
-5.8 |
- |
|
Short Term Notes Increase |
20.8 |
12.4 |
- |
1.6 |
- |
|
Repayment of ST Notes |
- |
- |
-1.5 |
- |
0.0 |
|
Long Term Borrowings |
95.8 |
122.0 |
60.5 |
4.7 |
-2.0 |
|
Repayment of LT Borrowings |
-91.7 |
-139.1 |
-49.0 |
-7.0 |
- |
|
Redemption of Corporate Bonds Payable |
- |
- |
-15.1 |
-15.9 |
0.0 |
|
Security Deposit Received |
-0.5 |
0.5 |
0.0 |
0.0 |
0.0 |
|
Cash Dividend & Employees Bonus |
- |
- |
- |
- |
0.0 |
|
Other Liabilities |
0.0 |
0.0 |
0.0 |
-0.1 |
0.0 |
|
Cash Dividend for Minority Interest |
0.0 |
-4.0 |
0.0 |
0.0 |
- |
|
Cash From Financing Activities |
26.6 |
-5.5 |
-10.0 |
-22.4 |
-13.2 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.4 |
-1.4 |
-0.5 |
-0.4 |
-1.3 |
|
Net Change in Cash |
-12.5 |
-16.5 |
0.3 |
-21.5 |
0.3 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
29.2 |
43.7 |
41.4 |
64.8 |
61.9 |
|
Net Cash - Ending Balance |
16.6 |
27.2 |
41.7 |
43.3 |
62.2 |
|
Cash Interest Paid |
0.8 |
1.3 |
1.6 |
2.8 |
3.2 |
|
Cash Taxes Paid |
0.9 |
3.6 |
0.9 |
2.0 |
0.1 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
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|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.78 |
|
|
1 |
Rs.86.77 |
|
Euro |
1 |
Rs.69.71 |
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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.