MIRA
INFORM REPORT
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Report Date : |
17.11.2012 |
IDENTIFICATION DETAILS
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Name : |
I-CHIUN PRECISION INDUSTRY CO LTD |
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Registered Office : |
No.17 |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
18.08.1977 |
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Legal Form : |
Public Independent |
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Line of Business : |
Engaged in the manufacturing, processing and distribution of light
emitting diode (LED) lead frames and liquid crystal display (LCD) components. |
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No. of Employees : |
2,550 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No complaints |
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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 (31.03.2012) |
Current Rating (30.06.2012) |
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Taiwan |
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 |
Taiwan - ECONOMIC OVERVIEW
Taiwan has a dynamic capitalist economy with gradually decreasing government guidance of investment and foreign trade. In keeping with this trend, some large, state-owned banks and industrial firms have been privatized. Exports, led by electronics, machinery, and petrochemicals have provided the primary impetus for economic development. This heavy dependence on exports exposes the economy to fluctuations in world demand. In 2009, Taiwan's GDP contracted 1.9%, due primarily to a 20% year-on-year decline in exports. In 2010 GDP grew 10.9%, as exports returned to the level of previous years, and in 2011, grew 5.2%. However, 2012 growth will likely be less, according to most forecasters, because of softening global demand. Taiwan's diplomatic isolation, low birth rate, and rapidly aging population are major long-term challenges. Free trade agreements have proliferated in East Asia over the past several years, but so far Taiwan has been excluded from this greater economic integration largely because of its diplomatic status with the exception of the landmark Economic Cooperation Framework Agreement (ECFA) signed with China in June 2010. The MA administration has said that the ECFA will serve as a stepping stone toward trade pacts with other regional partners, and negotiations on a deal with Singapore began this year. Follow-on components of ECFA, including deals on trade in goods, services, and investment, have yet to be completed. Taiwan's Total Fertility rate of just over one child per woman is among the lowest in the world, raising the prospect of future labor shortages, falling domestic demand, and declining tax revenues. Taiwan's population is aging quickly, with the number of people over 65 accounting for 10.9% of the island's total population as of 2011. The island runs a large trade surplus, and its foreign reserves are the world's fourth largest, behind China, Japan, and Russia. Since 2005 China has overtaken the US to become Taiwan's second-largest source of imports after Japan. China is also the island's number one destination for foreign direct investment. Three financial memorandums of understanding, covering banking, securities, and insurance, took effect in mid-January 2010, opening the island to greater investments from the mainland's financial firms and institutional investors, and providing new opportunities for Taiwan financial firms to operate in China. Closer economic links with the mainland bring greater opportunities for the Taiwan economy, but also poses new challenges as the island becomes more economically dependent on China while political differences remain unresolved.
Source : CIA
Company name and address
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I-Chiun Precision Industry Co Ltd |
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Employees: |
2,550 |
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Company Type: |
Public Independent |
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Traded: |
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Incorporation Date: |
18-Aug-1977 |
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Auditor: |
PricewaterhouseCoopers LLP |
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Fiscal Year End: |
31-Dec-2011 |
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Reporting Currency: |
Taiwanese New Dollar |
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Annual Sales: |
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Net Income: |
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Total Assets: |
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Market Value: |
125.3 |
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(02-Nov-2012) |
Business Description
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I-CHIUN PRECISION INDUSTRY CO., LTD is principally engaged in the
manufacturing, processing and distribution of light emitting diode (LED) lead
frames and liquid crystal display (LCD) components. The Company provides LED
lead frames, including LED lead frames, surface mount device (SMD) frames,
infrared lead frames and automobile lamp lead frames, among others; LCD
components, including lamp reflect boards and back boards of LCD backlight
modules, as well as other products, including stamping components for mobile
communication products. Its products are applied in monitors, panels, traffic
signs, automobile lamps, backlight panels, mobile phones, mouse and
computers. It distributes its products primarily in Asia, Europe and the
Americas. For the nine months ended 30 September 2012, I-Chiun Precision
Industry Co Ltd revenues increased 30% to NT$4.86B. Net income totaled
NT$139.4M vs. loss of NT$279.9M. Revenues reflect Gross Sales increase of 29%
to NT$4.96B, Sales Return decrease of 1% to NT$66.7M. Net Income reflects
Gain/Loss on Financial Assets Valuation increase from NT$143.2M (expense) to
NT$10.6M (income), Gain/Loss on Fin. |
Industry
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Industry |
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ANZSIC 2006: |
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NACE 2002: |
3210 - Manufacture of electronic valves and tubes and
other electronic components |
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NAICS 2002: |
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UK SIC 2003: |
3210 - Manufacture of electronic valves and tubes and other
electronic components |
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UK SIC 2007: |
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US SIC 1987: |
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
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More Business
Descriptions |
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Establishments primarily engaged in manufacturing miscellaneous
fabricated products, including beauty shop and barber shop equipment; hair work;
tobacco pipes and cigarette holders; coin-operated amusement machines; matches;
candles; lamp shades; feathers; artificial trees and flowers made from all
materials, except glass; dressed and dyed furs; umbrellas, parasols, and canes;
and other articles, not elsewhere classified.
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I-Chiun
Precision Industry Co Ltd
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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 |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
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 |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
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Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
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Gross Revenue |
174.5 |
195.0 |
137.2 |
153.5 |
140.6 |
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Sales Returns and Allowances |
-5.1 |
-4.0 |
-2.6 |
-2.1 |
-2.5 |
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Revenue |
169.4 |
191.0 |
134.6 |
151.4 |
138.1 |
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Total Revenue |
169.4 |
191.0 |
134.6 |
151.4 |
138.1 |
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Cost of Revenue |
156.7 |
152.2 |
104.6 |
117.6 |
105.0 |
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Cost of Revenue, Total |
156.7 |
152.2 |
104.6 |
117.6 |
105.0 |
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Gross Profit |
12.7 |
38.8 |
30.0 |
33.8 |
33.1 |
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Selling/General/Administrative Expense |
13.0 |
14.8 |
12.5 |
12.5 |
9.4 |
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Total Selling/General/Administrative Expenses |
13.0 |
14.8 |
12.5 |
12.5 |
9.4 |
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Research & Development |
2.3 |
1.4 |
1.6 |
1.5 |
1.0 |
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Impairment-Assets Held for Use |
- |
- |
0.0 |
1.5 |
- |
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Impairment-Assets Held for Sale |
1.6 |
- |
- |
- |
- |
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Unusual Expense (Income) |
1.6 |
- |
0.0 |
1.5 |
- |
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Other, Net |
0.0 |
0.0 |
0.0 |
0.0 |
- |
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Other Operating Expenses, Total |
0.0 |
0.0 |
0.0 |
0.0 |
- |
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Total Operating Expense |
173.6 |
168.5 |
118.8 |
133.1 |
115.5 |
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Operating Income |
-4.3 |
22.5 |
15.8 |
18.2 |
22.7 |
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Interest Expense -
Non-Operating |
-2.2 |
-1.3 |
-1.0 |
-1.7 |
-0.8 |
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Interest Expense, Net Non-Operating |
-2.2 |
-1.3 |
-1.0 |
-1.7 |
-0.8 |
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Interest Income -
Non-Operating |
0.1 |
0.1 |
0.1 |
0.3 |
0.2 |
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Investment Income -
Non-Operating |
-8.6 |
-5.7 |
7.0 |
-2.1 |
-0.3 |
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Interest/Investment Income - Non-Operating |
-8.5 |
-5.6 |
7.1 |
-1.8 |
-0.1 |
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Interest Income (Expense) - Net Non-Operating Total |
-10.7 |
-6.9 |
6.1 |
-3.5 |
-0.9 |
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Gain (Loss) on Sale of Assets |
-0.4 |
-0.1 |
0.2 |
0.3 |
2.9 |
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Other Non-Operating Income (Expense) |
1.5 |
1.8 |
1.5 |
1.8 |
-1.1 |
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Other, Net |
1.5 |
1.8 |
1.5 |
1.8 |
-1.1 |
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Income Before Tax |
-13.9 |
17.3 |
23.7 |
16.9 |
23.5 |
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Total Income Tax |
-0.2 |
3.6 |
3.9 |
5.1 |
6.5 |
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Income After Tax |
-13.6 |
13.6 |
19.8 |
11.8 |
17.0 |
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Minority Interest |
0.1 |
- |
- |
- |
- |
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Net Income Before Extraord Items |
-13.5 |
13.6 |
19.8 |
11.8 |
17.0 |
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Net Income |
-13.5 |
13.6 |
19.8 |
11.8 |
17.0 |
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Income Available to Common Excl Extraord Items |
-13.5 |
13.6 |
19.8 |
11.8 |
17.0 |
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Income Available to Common Incl Extraord Items |
-13.5 |
13.6 |
19.8 |
11.8 |
17.0 |
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Basic/Primary Weighted Average Shares |
203.1 |
204.4 |
187.2 |
178.9 |
178.6 |
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Basic EPS Excl Extraord Items |
-0.07 |
0.07 |
0.11 |
0.07 |
0.10 |
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Basic/Primary EPS Incl Extraord Items |
-0.07 |
0.07 |
0.11 |
0.07 |
0.10 |
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Dilution Adjustment |
0.0 |
1.0 |
0.0 |
0.4 |
- |
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Diluted Net Income |
-13.5 |
14.6 |
19.8 |
12.2 |
17.0 |
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Diluted Weighted Average Shares |
203.1 |
232.9 |
188.9 |
197.2 |
178.6 |
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Diluted EPS Excl Extraord Items |
-0.07 |
0.06 |
0.10 |
0.06 |
0.10 |
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Diluted EPS Incl Extraord Items |
-0.07 |
0.06 |
0.10 |
0.06 |
0.10 |
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Dividends per Share - Common Stock Primary Issue |
0.00 |
0.04 |
0.08 |
0.04 |
0.05 |
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Gross Dividends - Common Stock |
0.0 |
8.0 |
15.5 |
6.4 |
8.6 |
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Interest Expense, Supplemental |
2.2 |
1.3 |
1.0 |
1.7 |
0.8 |
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Depreciation, Supplemental |
19.4 |
17.5 |
13.3 |
11.7 |
8.7 |
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Total Special Items |
2.0 |
0.1 |
-0.2 |
1.2 |
-2.9 |
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Normalized Income Before Tax |
-11.8 |
17.3 |
23.5 |
18.1 |
20.6 |
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Effect of Special Items on Income Taxes |
0.7 |
0.0 |
0.0 |
0.4 |
-0.8 |
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Inc Tax Ex Impact of Sp Items |
0.5 |
3.7 |
3.9 |
5.5 |
5.7 |
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Normalized Income After Tax |
-12.3 |
13.7 |
19.6 |
12.6 |
14.9 |
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Normalized Inc. Avail to Com. |
-12.2 |
13.7 |
19.6 |
12.6 |
14.9 |
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Basic Normalized EPS |
-0.06 |
0.07 |
0.10 |
0.07 |
0.08 |
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Diluted Normalized EPS |
-0.06 |
0.06 |
0.10 |
0.07 |
0.08 |
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Amort of Intangibles, Supplemental |
1.4 |
0.8 |
0.7 |
0.7 |
1.0 |
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Research & Development Exp, Supplemental |
2.3 |
1.4 |
1.6 |
1.5 |
1.0 |
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Normalized EBIT |
-2.6 |
22.5 |
15.8 |
19.7 |
22.7 |
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Normalized EBITDA |
18.2 |
40.8 |
29.8 |
32.1 |
32.4 |
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Current Tax - Total |
-2.0 |
4.3 |
6.7 |
1.3 |
2.4 |
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Current Tax - Total |
-2.0 |
4.3 |
6.7 |
1.3 |
2.4 |
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Deferred Tax - Total |
- |
- |
- |
1.6 |
2.2 |
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Deferred Tax - Total |
- |
- |
- |
1.6 |
2.2 |
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Other Tax |
1.8 |
-0.6 |
-2.8 |
2.2 |
1.9 |
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Income Tax - Total |
-0.2 |
3.6 |
3.9 |
5.1 |
6.5 |
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Interest Cost - Domestic |
0.1 |
0.1 |
0.1 |
0.1 |
0.0 |
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Service Cost - Domestic |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Expected Return on Assets - Domestic |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Transition Costs - Domestic |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Other Pension, Net - Domestic |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Domestic Pension Plan Expense |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
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Defined Contribution Expense - Domestic |
0.7 |
0.7 |
0.5 |
0.5 |
- |
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Defined Contribution Expense - Foreign |
0.2 |
0.2 |
0.3 |
0.3 |
- |
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Total Pension Expense |
1.0 |
1.0 |
0.9 |
0.9 |
0.1 |
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Discount Rate - Domestic |
2.00% |
2.00% |
2.25% |
2.50% |
3.00% |
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Expected Rate of Return - Domestic |
2.00% |
2.00% |
2.25% |
2.50% |
3.00% |
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Compensation Rate - Domestic |
1.00% |
1.00% |
1.00% |
2.00% |
3.00% |
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Total Plan Interest Cost |
0.1 |
0.1 |
0.1 |
0.1 |
0.0 |
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Total Plan Service Cost |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Plan Expected Return |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Plan Other Expense |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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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 |
Updated Normal |
Updated Normal |
Updated Normal |
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Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate |
30.279 |
29.1565 |
31.985 |
32.818 |
32.4345 |
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Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
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Cash & Equivalents |
40.9 |
58.4 |
19.0 |
36.0 |
15.4 |
|
Short Term Investments |
10.9 |
10.2 |
6.1 |
1.6 |
1.7 |
|
Cash and Short Term Investments |
51.8 |
68.5 |
25.1 |
37.6 |
17.2 |
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Accounts Receivable -
Trade, Gross |
57.4 |
64.3 |
59.3 |
46.4 |
59.7 |
|
Provision for Doubtful
Accounts |
-0.5 |
-0.5 |
-0.5 |
-0.7 |
-0.7 |
|
Trade Accounts Receivable - Net |
56.8 |
63.8 |
58.8 |
45.7 |
59.1 |
|
Notes Receivable - Short Term |
2.2 |
2.6 |
2.0 |
3.4 |
4.0 |
|
Other Receivables |
3.5 |
3.9 |
2.0 |
2.0 |
1.5 |
|
Total Receivables, Net |
62.5 |
70.3 |
62.8 |
51.0 |
64.6 |
|
Inventories - Finished Goods |
10.0 |
10.7 |
9.0 |
9.5 |
8.7 |
|
Inventories - Work In Progress |
2.8 |
3.2 |
2.2 |
0.6 |
0.6 |
|
Inventories - Raw Materials |
9.7 |
13.9 |
8.1 |
5.5 |
6.0 |
|
Inventories - Other |
- |
- |
-3.4 |
-4.0 |
-2.2 |
|
Total Inventory |
22.4 |
27.8 |
15.9 |
11.6 |
13.2 |
|
Deferred Income Tax - Current Asset |
- |
- |
- |
0.3 |
0.2 |
|
Other Current Assets |
1.9 |
2.7 |
2.0 |
0.6 |
0.8 |
|
Other Current Assets, Total |
1.9 |
2.7 |
2.0 |
0.9 |
1.1 |
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Total Current Assets |
138.6 |
169.3 |
105.8 |
101.2 |
96.0 |
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Buildings |
25.7 |
25.4 |
22.4 |
21.5 |
20.9 |
|
Land/Improvements |
0.5 |
0.5 |
0.5 |
0.5 |
0.5 |
|
Machinery/Equipment |
144.3 |
134.3 |
88.6 |
78.2 |
60.7 |
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Construction in
Progress |
12.4 |
10.9 |
8.3 |
4.3 |
4.2 |
|
Other
Property/Plant/Equipment |
3.2 |
3.4 |
3.1 |
3.0 |
3.0 |
|
Property/Plant/Equipment - Gross |
186.2 |
174.6 |
122.8 |
107.5 |
89.3 |
|
Accumulated Depreciation |
-74.4 |
-66.7 |
-49.1 |
-39.4 |
-29.8 |
|
Property/Plant/Equipment - Net |
111.8 |
107.8 |
73.7 |
68.1 |
59.5 |
|
Intangibles, Net |
3.7 |
0.7 |
0.7 |
0.7 |
0.7 |
|
LT Investment - Affiliate Companies |
1.3 |
1.9 |
0.1 |
- |
- |
|
LT Investments - Other |
2.9 |
6.2 |
4.5 |
0.7 |
0.6 |
|
Long Term Investments |
4.2 |
8.1 |
4.6 |
0.7 |
0.6 |
|
Pension Benefits - Overfunded |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Other Long Term Assets |
2.8 |
2.7 |
1.2 |
1.2 |
1.0 |
|
Other Long Term Assets, Total |
2.9 |
2.8 |
1.3 |
1.3 |
1.1 |
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Total Assets |
261.2 |
288.9 |
186.1 |
172.0 |
157.9 |
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|
|
|
|
Accounts Payable |
25.2 |
25.5 |
19.5 |
10.0 |
17.1 |
|
Accrued Expenses |
5.4 |
8.8 |
9.9 |
7.7 |
8.0 |
|
Notes Payable/Short Term Debt |
18.0 |
21.7 |
5.5 |
17.7 |
22.2 |
|
Current Portion - Long Term Debt/Capital Leases |
- |
0.0 |
0.1 |
1.2 |
1.6 |
|
Income Taxes Payable |
0.5 |
1.6 |
0.8 |
1.3 |
2.4 |
|
Other Payables |
6.5 |
3.0 |
1.1 |
1.5 |
2.5 |
|
Other Current Liabilities |
1.0 |
0.7 |
0.7 |
0.7 |
0.6 |
|
Other Current liabilities, Total |
8.1 |
5.3 |
2.6 |
3.4 |
5.5 |
|
Total Current Liabilities |
56.7 |
61.4 |
37.6 |
40.0 |
54.4 |
|
|
|
|
|
|
|
|
Long Term Debt |
65.3 |
66.7 |
0.0 |
24.3 |
2.3 |
|
Total Long Term Debt |
65.3 |
66.7 |
0.0 |
24.3 |
2.3 |
|
Total Debt |
83.3 |
88.4 |
5.6 |
43.2 |
26.0 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
8.6 |
8.4 |
7.3 |
6.5 |
4.9 |
|
Deferred Income Tax |
8.6 |
8.4 |
7.3 |
6.5 |
4.9 |
|
Minority Interest |
1.3 |
- |
- |
- |
- |
|
Reserves |
1.4 |
1.4 |
1.3 |
1.3 |
1.3 |
|
Pension Benefits - Underfunded |
2.7 |
2.5 |
2.3 |
2.0 |
1.7 |
|
Other Long Term Liabilities |
0.1 |
0.2 |
0.1 |
0.1 |
0.0 |
|
Other Liabilities, Total |
4.2 |
4.1 |
3.7 |
3.4 |
3.0 |
|
Total Liabilities |
136.0 |
140.5 |
48.6 |
74.1 |
64.6 |
|
|
|
|
|
|
|
|
Common Stock |
67.9 |
71.1 |
64.8 |
52.0 |
49.8 |
|
Common Stock |
67.9 |
71.1 |
64.8 |
52.0 |
49.8 |
|
Additional Paid-In Capital |
45.8 |
47.6 |
35.4 |
19.0 |
16.5 |
|
Retained Earnings (Accumulated Deficit) |
12.8 |
35.6 |
35.0 |
22.9 |
24.6 |
|
Treasury Stock - Common |
-3.2 |
-4.4 |
-1.3 |
-1.2 |
- |
|
Unrealized Gain (Loss) |
-0.9 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Translation Adjustment |
3.5 |
-1.3 |
3.7 |
5.2 |
2.4 |
|
Minimum Pension Liability Adjustment |
-0.7 |
-0.4 |
-0.4 |
-0.3 |
-0.2 |
|
Other Equity, Total |
2.8 |
-1.7 |
3.3 |
4.9 |
2.2 |
|
Total Equity |
125.2 |
148.3 |
137.5 |
97.9 |
93.3 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
261.2 |
288.9 |
186.1 |
172.0 |
157.9 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
203.2 |
202.7 |
204.7 |
176.0 |
177.4 |
|
Total Common Shares Outstanding |
203.2 |
202.7 |
204.7 |
176.0 |
177.4 |
|
Treasury Shares - Common Stock Primary Issue |
2.5 |
4.5 |
2.5 |
2.6 |
- |
|
Employees |
2,165 |
2,680 |
2,330 |
1,800 |
2,970 |
|
Number of Common Shareholders |
23,599 |
25,073 |
22,851 |
20,196 |
19,385 |
|
Total Long Term Debt, Supplemental |
- |
- |
0.1 |
1.2 |
1.6 |
|
Long Term Debt Maturing within 1 Year |
- |
- |
0.1 |
1.2 |
1.6 |
|
Long Term Debt Matur. in Year 6 & Beyond |
- |
- |
0.0 |
0.0 |
0.0 |
|
Total Operating Leases, Supplemental |
6.6 |
6.5 |
- |
- |
- |
|
Operating Lease Payments Due in Year 1 |
0.8 |
0.6 |
- |
- |
- |
|
Operating Lease Payments Due in Year 2 |
0.9 |
0.6 |
- |
- |
- |
|
Operating Lease Payments Due in Year 3 |
0.9 |
0.7 |
- |
- |
- |
|
Operating Lease Payments Due in Year 4 |
0.8 |
0.7 |
- |
- |
- |
|
Operating Lease Pymts. Due in 2-3 Years |
1.8 |
1.3 |
- |
- |
- |
|
Operating Lease Pymts. Due in 4-5 Years |
0.8 |
0.7 |
- |
- |
- |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
3.1 |
3.9 |
- |
- |
- |
|
Pension Obligation - Domestic |
2.9 |
2.5 |
2.2 |
2.2 |
2.1 |
|
Plan Assets - Domestic |
1.3 |
1.2 |
1.1 |
1.1 |
1.0 |
|
Funded Status - Domestic |
-1.6 |
-1.3 |
-1.1 |
-1.1 |
-1.1 |
|
Accumulated Obligation - Domestic |
2.6 |
2.2 |
2.0 |
1.7 |
1.6 |
|
Total Funded Status |
-1.6 |
-1.3 |
-1.1 |
-1.1 |
-1.1 |
|
Discount Rate - Domestic |
2.00% |
2.00% |
2.25% |
2.50% |
3.00% |
|
Expected Rate of Return - Domestic |
2.00% |
2.00% |
2.25% |
2.50% |
3.00% |
|
Compensation Rate - Domestic |
1.00% |
1.00% |
1.00% |
2.00% |
3.00% |
|
Prepaid Benefits - Domestic |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Accrued Liabilities - Domestic |
-2.7 |
-2.5 |
-2.3 |
-2.0 |
-1.7 |
|
Net Assets Recognized on Balance Sheet |
-2.6 |
-2.4 |
-2.2 |
-1.9 |
-1.6 |
|
Total Plan Obligations |
2.9 |
2.5 |
2.2 |
2.2 |
2.1 |
|
Total Plan Assets |
1.3 |
1.2 |
1.1 |
1.1 |
1.0 |
|
|
|
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 |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate
(Period Average) |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
32.848802 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
-13.6 |
13.6 |
19.8 |
11.8 |
17.0 |
|
Depreciation |
19.5 |
17.6 |
13.3 |
11.7 |
8.7 |
|
Depreciation/Depletion |
19.5 |
17.6 |
13.3 |
11.7 |
8.7 |
|
Amortization of Intangibles |
1.4 |
0.8 |
0.7 |
0.7 |
1.0 |
|
Amortization |
1.4 |
0.8 |
0.7 |
0.7 |
1.0 |
|
Deferred Taxes |
-0.4 |
0.5 |
1.0 |
1.6 |
2.2 |
|
Unusual Items |
7.0 |
1.5 |
-1.2 |
3.3 |
2.2 |
|
Other Non-Cash Items |
10.1 |
5.8 |
-4.3 |
2.5 |
1.1 |
|
Non-Cash Items |
17.1 |
7.3 |
-5.6 |
5.8 |
3.4 |
|
Accounts Receivable |
5.9 |
-0.9 |
-9.6 |
13.0 |
-16.5 |
|
Inventories |
1.0 |
-12.8 |
-4.8 |
-2.5 |
-4.2 |
|
Other Assets |
-6.5 |
-4.7 |
-0.2 |
-1.2 |
-0.4 |
|
Accounts Payable |
1.5 |
4.7 |
9.1 |
-7.4 |
0.9 |
|
Accrued Expenses |
-3.2 |
-1.9 |
2.3 |
-0.2 |
3.4 |
|
Taxes Payable |
-1.0 |
0.7 |
-0.5 |
-1.2 |
0.9 |
|
Other Liabilities |
0.4 |
-0.3 |
-0.4 |
-0.7 |
1.1 |
|
Changes in Working Capital |
-1.9 |
-15.3 |
-4.0 |
-0.2 |
-14.9 |
|
Cash from Operating Activities |
22.0 |
24.4 |
25.2 |
31.4 |
17.3 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-28.0 |
-48.1 |
-20.6 |
-26.2 |
-21.1 |
|
Purchase/Acquisition of Intangibles |
-2.9 |
- |
- |
- |
- |
|
Capital Expenditures |
-30.9 |
-48.1 |
-20.6 |
-26.2 |
-21.1 |
|
Acquisition of Business |
1.4 |
- |
- |
- |
- |
|
Sale of Fixed Assets |
6.1 |
4.2 |
2.9 |
4.7 |
1.6 |
|
Sale/Maturity of Investment |
0.0 |
0.5 |
0.7 |
0.0 |
0.0 |
|
Investment, Net |
0.1 |
0.0 |
0.2 |
-0.1 |
0.4 |
|
Purchase of Investments |
-0.5 |
-3.4 |
-4.4 |
-0.5 |
0.0 |
|
Other Investing Cash Flow |
-1.7 |
-2.8 |
-0.6 |
-0.5 |
-0.1 |
|
Other Investing Cash Flow Items, Total |
5.4 |
-1.6 |
-1.3 |
3.5 |
1.8 |
|
Cash from Investing Activities |
-25.5 |
-49.7 |
-21.9 |
-22.7 |
-19.2 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
0.0 |
-0.1 |
0.0 |
-1.4 |
-1.1 |
|
Financing Cash Flow Items |
0.0 |
-0.1 |
0.0 |
-1.4 |
-1.1 |
|
Cash Dividends Paid - Common |
-8.6 |
-16.2 |
-6.1 |
-9.0 |
-7.0 |
|
Total Cash Dividends Paid |
-8.6 |
-16.2 |
-6.1 |
-9.0 |
-7.0 |
|
Sale/Issuance of
Common |
0.3 |
0.3 |
- |
- |
- |
|
Repurchase/Retirement
of Common |
0.0 |
-3.1 |
0.0 |
-1.3 |
0.0 |
|
Common Stock, Net |
0.3 |
-2.8 |
0.0 |
-1.3 |
0.0 |
|
Issuance (Retirement) of Stock, Net |
0.3 |
-2.8 |
0.0 |
-1.3 |
0.0 |
|
Short Term Debt, Net |
-5.0 |
12.3 |
-11.1 |
-4.6 |
5.9 |
|
Long Term Debt Issued |
0.0 |
69.8 |
0.0 |
31.7 |
0.5 |
|
Long Term Debt
Reduction |
-0.7 |
-0.1 |
-2.4 |
-3.7 |
-2.4 |
|
Long Term Debt, Net |
-0.7 |
69.8 |
-2.4 |
28.0 |
-1.9 |
|
Issuance (Retirement) of Debt, Net |
-5.8 |
82.0 |
-13.5 |
23.4 |
4.0 |
|
Cash from Financing Activities |
-14.1 |
62.8 |
-19.6 |
11.7 |
-4.2 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
1.8 |
-2.9 |
-1.0 |
1.2 |
0.7 |
|
Net Change in Cash |
-15.8 |
34.7 |
-17.3 |
21.6 |
-5.4 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
57.9 |
19.3 |
35.7 |
15.8 |
20.6 |
|
Net Cash - Ending Balance |
42.1 |
54.0 |
18.4 |
37.4 |
15.2 |
|
Cash Interest Paid |
0.2 |
0.1 |
0.5 |
1.1 |
0.9 |
|
Cash Taxes Paid |
1.6 |
3.1 |
3.3 |
4.8 |
3.5 |
|
|
|
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 |
Updated Normal |
Updated Normal |
Reclassified Normal
|
Reclassified
Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate
(Period Average) |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
32.848802 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Gross Sales |
174.5 |
195.0 |
137.2 |
153.5 |
140.6 |
|
Sales Returns |
-3.5 |
-2.3 |
-1.5 |
-1.0 |
-1.2 |
|
Sales Discounts |
-1.5 |
-1.7 |
-1.1 |
-1.1 |
-1.3 |
|
Total Revenue |
169.4 |
191.0 |
134.6 |
151.4 |
138.1 |
|
|
|
|
|
|
|
|
Cost of Sales |
- |
0.0 |
0.0 |
0.0 |
- |
|
Real. Gain on Inter-affiliate Accounts |
0.0 |
0.0 |
- |
- |
- |
|
Cost of Sales |
156.7 |
152.2 |
104.6 |
117.6 |
105.0 |
|
Selling Expenses |
6.7 |
7.1 |
4.9 |
4.5 |
3.4 |
|
General and Administrative Expenses |
6.4 |
7.8 |
7.6 |
8.1 |
6.1 |
|
Research and Development Expenses |
2.3 |
1.4 |
1.6 |
1.5 |
1.0 |
|
Inventory Devaluation & Obsolescence |
- |
- |
- |
- |
0.0 |
|
Impairment Loss |
- |
- |
0.0 |
1.5 |
- |
|
Impairment Loss- Fin. Assets |
1.6 |
- |
- |
- |
- |
|
Total Operating Expense |
173.6 |
168.5 |
118.8 |
133.1 |
115.5 |
|
|
|
|
|
|
|
|
Interest Income |
0.1 |
0.1 |
0.1 |
0.3 |
0.2 |
|
Investment Income/Loss |
- |
- |
2.6 |
0.0 |
- |
|
Gain/Loss on Financial Liab. Valuation |
-2.1 |
-0.9 |
0.8 |
0.8 |
- |
|
Gain/Loss on Sale of Investments |
-2.6 |
0.2 |
0.0 |
-0.8 |
0.2 |
|
Gain on Sale of Fixed Assets |
- |
0.0 |
0.2 |
0.3 |
- |
|
Gain on Sale of Scrap & Waste |
- |
- |
- |
- |
2.9 |
|
Miscellaneous Income |
2.1 |
2.1 |
1.7 |
2.2 |
1.5 |
|
Interest Expense |
-2.2 |
-1.3 |
-1.0 |
-1.7 |
-0.8 |
|
Loss on Equity Investment |
-1.2 |
-0.1 |
0.0 |
0.0 |
- |
|
Loss on Other Investments |
- |
- |
- |
- |
0.0 |
|
Loss on Sale of Fixed Assets |
-0.4 |
-0.1 |
- |
- |
-0.1 |
|
Gain/Loss on Foreign Exchange |
1.1 |
-3.8 |
0.5 |
-0.4 |
-0.2 |
|
Gain/Loss on Fin. Assets Valuation |
-3.7 |
-1.1 |
3.2 |
-1.7 |
-0.4 |
|
Miscellaneous Disbursements |
-0.6 |
-0.3 |
-0.2 |
-0.4 |
-2.6 |
|
Net Income Before Taxes |
-13.9 |
17.3 |
23.7 |
16.9 |
23.5 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
-0.2 |
3.6 |
3.9 |
5.1 |
6.5 |
|
Net Income After Taxes |
-13.6 |
13.6 |
19.8 |
11.8 |
17.0 |
|
|
|
|
|
|
|
|
Minority Interest |
0.1 |
- |
- |
- |
- |
|
Net Income Before Extra. Items |
-13.5 |
13.6 |
19.8 |
11.8 |
17.0 |
|
Net Income |
-13.5 |
13.6 |
19.8 |
11.8 |
17.0 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
-13.5 |
13.6 |
19.8 |
11.8 |
17.0 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
-13.5 |
13.6 |
19.8 |
11.8 |
17.0 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
203.1 |
204.4 |
187.2 |
178.9 |
178.6 |
|
Basic EPS Excluding ExtraOrdinary Items |
-0.07 |
0.07 |
0.11 |
0.07 |
0.10 |
|
Basic EPS Including ExtraOrdinary Items |
-0.07 |
0.07 |
0.11 |
0.07 |
0.10 |
|
Dilution Adjustment |
0.0 |
1.0 |
0.0 |
0.4 |
- |
|
Diluted Net Income |
-13.5 |
14.6 |
19.8 |
12.2 |
17.0 |
|
Diluted Weighted Average Shares |
203.1 |
232.9 |
188.9 |
197.2 |
178.6 |
|
Diluted EPS Excluding ExtraOrd Items |
-0.07 |
0.06 |
0.10 |
0.06 |
0.10 |
|
Diluted EPS Including ExtraOrd Items |
-0.07 |
0.06 |
0.10 |
0.06 |
0.10 |
|
DPS-Common Stock |
0.00 |
0.04 |
0.08 |
0.04 |
0.05 |
|
Gross Dividends - Common Stock |
0.0 |
8.0 |
15.5 |
6.4 |
8.6 |
|
Normalized Income Before Taxes |
-11.8 |
17.3 |
23.5 |
18.1 |
20.6 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
0.5 |
3.7 |
3.9 |
5.5 |
5.7 |
|
Normalized Income After Taxes |
-12.3 |
13.7 |
19.6 |
12.6 |
14.9 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-12.2 |
13.7 |
19.6 |
12.6 |
14.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-0.06 |
0.07 |
0.10 |
0.07 |
0.08 |
|
Diluted Normalized EPS |
-0.06 |
0.06 |
0.10 |
0.07 |
0.08 |
|
Interest Expense, Supplemental |
2.2 |
1.3 |
1.0 |
1.7 |
0.8 |
|
R&D Expense, Supplemental |
2.3 |
1.4 |
1.6 |
1.5 |
1.0 |
|
Depreciation - Operating Cost |
18.3 |
16.5 |
12.5 |
10.7 |
7.2 |
|
Depreciation - Operating Expense |
1.1 |
1.0 |
0.8 |
1.0 |
1.4 |
|
Amortization - Operating Cost |
0.5 |
0.4 |
0.3 |
0.4 |
0.5 |
|
Amortization - Operating Expense |
0.9 |
0.4 |
0.4 |
0.3 |
0.5 |
|
Current Tax Payable |
-2.0 |
4.3 |
6.7 |
1.3 |
2.4 |
|
Current Tax - Total |
-2.0 |
4.3 |
6.7 |
1.3 |
2.4 |
|
Deferred Tax |
- |
- |
- |
1.6 |
2.2 |
|
Deferred Tax - Total |
- |
- |
- |
1.6 |
2.2 |
|
Other Tax |
1.8 |
-0.6 |
-2.8 |
2.2 |
1.9 |
|
Income Tax - Total |
-0.2 |
3.6 |
3.9 |
5.1 |
6.5 |
|
Service Cost |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest Cost |
0.1 |
0.1 |
0.1 |
0.1 |
0.0 |
|
Expected Return on Plan Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Unrealized Pension Loss |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Amort. Transitional Benefit Obligation |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Domestic Pension Plan Expense |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Defined Contribution Expense - Foreign |
0.2 |
0.2 |
0.3 |
0.3 |
- |
|
Defined Contribution Expense - Domestic |
0.7 |
0.7 |
0.5 |
0.5 |
- |
|
Total Pension Expense |
1.0 |
1.0 |
0.9 |
0.9 |
0.1 |
|
Discount Rate |
2.00% |
2.00% |
2.25% |
2.50% |
3.00% |
|
Rate of Compensation Increase |
1.00% |
1.00% |
1.00% |
2.00% |
3.00% |
|
Expected Rate of Return on Plan Assets |
2.00% |
2.00% |
2.25% |
2.50% |
3.00% |
|
|
|
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 |
Updated 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 |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash and Cash Equivalent |
40.9 |
58.4 |
19.0 |
36.0 |
15.4 |
|
Fin. Assets at Fair Value - Current |
10.9 |
10.1 |
6.0 |
1.3 |
1.6 |
|
Notes Receivable |
1.6 |
1.3 |
1.6 |
1.9 |
4.0 |
|
Notes Receivable-Related Parties |
0.6 |
1.3 |
0.3 |
1.5 |
0.0 |
|
Accounts Receivable, Gross |
55.6 |
60.9 |
55.1 |
41.8 |
59.7 |
|
Provision for Doubtful Accounts |
-0.5 |
-0.5 |
-0.5 |
-0.7 |
-0.7 |
|
Accounts Receivable - Related Parties |
1.8 |
3.4 |
4.2 |
4.6 |
0.0 |
|
Other Financial Assets - Current |
0.0 |
0.1 |
0.1 |
0.3 |
0.1 |
|
Other Receivables |
3.5 |
3.9 |
2.0 |
2.0 |
1.5 |
|
Raw Material |
8.4 |
12.7 |
7.3 |
4.8 |
5.1 |
|
Supplies |
1.3 |
1.2 |
0.8 |
0.8 |
1.0 |
|
Work-in-Process/ Semi-finished Goods |
2.8 |
3.2 |
2.2 |
0.6 |
0.6 |
|
Finished Goods |
8.5 |
9.3 |
7.7 |
7.0 |
6.4 |
|
Merchandise Inventories |
1.5 |
1.4 |
1.3 |
2.5 |
2.3 |
|
Provision/Allowance for Inventory |
- |
- |
-3.4 |
-4.0 |
-2.2 |
|
Deferred Income Tax Assets - Current |
- |
- |
- |
0.3 |
0.2 |
|
Other Current Assets |
1.9 |
2.7 |
2.0 |
0.6 |
0.8 |
|
Total Current Assets |
138.6 |
169.3 |
105.8 |
101.2 |
96.0 |
|
|
|
|
|
|
|
|
Financial Assets-Available for Sale,Non- |
1.0 |
- |
- |
- |
- |
|
Non-Current Fin. Assets - Cost Method |
1.9 |
6.2 |
4.5 |
0.7 |
0.6 |
|
Prepayment for Long Term Investment |
0.1 |
- |
- |
- |
- |
|
Other Financial Assets |
- |
- |
- |
- |
0.0 |
|
Long-Term Equity Investments |
1.3 |
1.9 |
0.1 |
- |
- |
|
Land and Improvements |
0.5 |
0.5 |
0.5 |
0.5 |
0.5 |
|
Buildings and Structures |
25.7 |
25.4 |
22.4 |
21.5 |
20.9 |
|
Machinery and Equipment |
97.2 |
87.6 |
55.8 |
49.8 |
37.7 |
|
Molding Equipment |
32.2 |
33.1 |
23.8 |
20.1 |
16.4 |
|
Miscellaneous Equipment |
14.9 |
13.6 |
9.0 |
8.3 |
6.6 |
|
Assets Revaluation Increment |
3.2 |
3.4 |
3.1 |
3.0 |
3.0 |
|
Accumulated Depreciation |
-73.8 |
-66.1 |
-47.8 |
-37.9 |
-29.8 |
|
Accumulated Impairment of Fixed Assets |
-0.5 |
-0.6 |
-1.2 |
-1.5 |
- |
|
Prepayment for Equipment |
12.4 |
10.9 |
8.3 |
4.3 |
4.2 |
|
Deferred Pension Cost |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Other Intangible Assets |
3.7 |
0.7 |
0.7 |
0.7 |
0.7 |
|
Security Deposits Paid |
0.4 |
1.7 |
0.3 |
0.2 |
0.1 |
|
Other Long Term Assets |
2.5 |
1.1 |
0.9 |
1.0 |
0.9 |
|
Total Assets |
261.2 |
288.9 |
186.1 |
172.0 |
157.9 |
|
|
|
|
|
|
|
|
Short Term Borrowings |
13.5 |
19.1 |
5.3 |
16.4 |
21.0 |
|
Financial Liab. at Fair Value |
4.5 |
2.5 |
0.0 |
0.9 |
- |
|
Notes Payable |
0.0 |
0.1 |
0.2 |
0.3 |
1.1 |
|
Accounts Payable |
25.2 |
25.5 |
19.5 |
10.0 |
17.1 |
|
Accrued Expenses |
5.4 |
8.8 |
9.9 |
7.7 |
8.0 |
|
Income Taxes Payable |
0.5 |
1.6 |
0.8 |
1.3 |
2.4 |
|
Other Payables |
6.5 |
3.0 |
1.1 |
1.5 |
2.5 |
|
Current Portion of Long Term Debt |
- |
0.0 |
0.1 |
1.2 |
1.6 |
|
Other Current Liabilities |
1.0 |
0.7 |
0.7 |
0.7 |
0.6 |
|
Total Current Liabilities |
56.7 |
61.4 |
37.6 |
40.0 |
54.4 |
|
|
|
|
|
|
|
|
Corporate Bonds Payable |
65.3 |
66.7 |
0.0 |
23.1 |
- |
|
Long Term Borrowings |
- |
- |
0.0 |
1.2 |
2.2 |
|
LT Notes Payable |
- |
- |
0.0 |
0.0 |
0.1 |
|
Total Long Term Debt |
65.3 |
66.7 |
0.0 |
24.3 |
2.3 |
|
|
|
|
|
|
|
|
Land Revaluation Increment Tax Reserve |
1.4 |
1.4 |
1.3 |
1.3 |
1.3 |
|
Accrued Pension Liabilities |
2.7 |
2.5 |
2.3 |
2.0 |
1.7 |
|
Long Term Security Deposits Received |
0.1 |
0.2 |
0.1 |
0.1 |
0.0 |
|
Minority Interest |
1.3 |
- |
- |
- |
- |
|
Deferred Income Tax Liabilities |
8.6 |
8.4 |
7.3 |
6.5 |
4.9 |
|
Other Long Term Liabilities |
- |
0.0 |
0.0 |
- |
- |
|
Total Liabilities |
136.0 |
140.5 |
48.6 |
74.1 |
64.6 |
|
|
|
|
|
|
|
|
Common Stock |
67.9 |
71.1 |
64.8 |
52.0 |
49.8 |
|
Additional Paid-In Capital |
36.3 |
37.9 |
34.6 |
15.7 |
15.9 |
|
Treasury Stock Transaction |
1.0 |
0.7 |
0.2 |
0.2 |
- |
|
Capital Gain on Consolidation |
0.4 |
0.4 |
0.4 |
0.4 |
0.4 |
|
Paid-In Capital-Warrants |
7.9 |
8.3 |
0.0 |
2.5 |
- |
|
Int. Pybl Refund from Bond Conversion |
- |
- |
- |
- |
0.2 |
|
Paid-In Capital - Other |
0.2 |
0.3 |
0.2 |
0.2 |
- |
|
Legal Reserve |
10.2 |
9.1 |
6.3 |
5.0 |
3.3 |
|
Special Reserve |
1.4 |
- |
- |
- |
0.0 |
|
Retained Earnings |
1.2 |
26.5 |
28.8 |
18.0 |
21.3 |
|
Unrealized G/L on Financial Instruments |
-1.1 |
- |
- |
- |
- |
|
Unrealized Gain/Loss on Pension Cost |
-0.7 |
-0.4 |
-0.4 |
-0.3 |
-0.2 |
|
Unrealized Gain on FA Revaluation |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Cumulative Translation Adjustment |
3.5 |
-1.3 |
3.7 |
5.2 |
2.4 |
|
Treasury Stock |
-3.2 |
-4.4 |
-1.3 |
-1.2 |
- |
|
Total Equity |
125.2 |
148.3 |
137.5 |
97.9 |
93.3 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
261.2 |
288.9 |
186.1 |
172.0 |
157.9 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
203.2 |
202.7 |
204.7 |
176.0 |
177.4 |
|
Total Common Shares Outstanding |
203.2 |
202.7 |
204.7 |
176.0 |
177.4 |
|
T/S-Common Stock |
2.5 |
4.5 |
2.5 |
2.6 |
- |
|
Full-Time Employees |
2,165 |
2,680 |
2,330 |
1,800 |
2,970 |
|
Number of Common Shareholders |
23,599 |
25,073 |
22,851 |
20,196 |
19,385 |
|
Long Term Debt due in 1 year |
- |
- |
0.1 |
1.2 |
1.6 |
|
Total Long Term Debt, Supplemental |
- |
- |
0.1 |
1.2 |
1.6 |
|
Operating Lease due within 1 Year |
0.8 |
0.6 |
- |
- |
- |
|
Operating Lease due in 2 Years |
0.9 |
0.6 |
- |
- |
- |
|
Operating Lease Payments Due in Year 3 |
0.9 |
0.7 |
- |
- |
- |
|
Operating Lease Payments Due in Year 4 |
0.8 |
0.7 |
- |
- |
- |
|
Operating Leases - Remaining Payments |
3.1 |
3.9 |
- |
- |
- |
|
Total Operating Leases |
6.6 |
6.5 |
- |
- |
- |
|
Benefit Obligation |
2.9 |
2.5 |
2.2 |
2.2 |
2.1 |
|
Fair Value of Plan Assets |
1.3 |
1.2 |
1.1 |
1.1 |
1.0 |
|
Funded Status |
-1.6 |
-1.3 |
-1.1 |
-1.1 |
-1.1 |
|
Accumulated Benefit Obligation |
2.6 |
2.2 |
2.0 |
1.7 |
1.6 |
|
Total Funded Status |
-1.6 |
-1.3 |
-1.1 |
-1.1 |
-1.1 |
|
Discount Rate |
2.00% |
2.00% |
2.25% |
2.50% |
3.00% |
|
Rate of Compensation Increase |
1.00% |
1.00% |
1.00% |
2.00% |
3.00% |
|
Expected Rate of Return on Plan Assets |
2.00% |
2.00% |
2.25% |
2.50% |
3.00% |
|
Deferred Pension Cost |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Accrued Pension Liabilities |
-2.7 |
-2.5 |
-2.3 |
-2.0 |
-1.7 |
|
Net Assets Recognized on Balance Sheet |
-2.6 |
-2.4 |
-2.2 |
-1.9 |
-1.6 |
|
|
|
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 |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate
(Period Average) |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
32.848802 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income |
-13.6 |
13.6 |
19.8 |
11.8 |
17.0 |
|
Depreciation |
19.5 |
17.6 |
13.3 |
11.7 |
8.7 |
|
Amortization of intangible |
1.4 |
0.8 |
0.7 |
0.7 |
1.0 |
|
Employee Stock Option |
0.3 |
0.5 |
- |
- |
- |
|
G/L on Financial Assets Valuation |
3.7 |
1.1 |
-3.2 |
1.7 |
0.4 |
|
G/L on Financial Liab. Valuation |
2.1 |
0.9 |
-0.8 |
-0.8 |
0.0 |
|
G/L on Redemption of Corporate Bonds |
-0.1 |
- |
- |
- |
- |
|
Provision of Bad Debts |
0.0 |
0.2 |
-0.4 |
0.2 |
0.2 |
|
Write-off/Impairment on Inventories |
2.4 |
1.6 |
1.5 |
2.1 |
1.6 |
|
Prov. for Inventory Devaluation |
1.0 |
1.8 |
-0.6 |
1.6 |
0.0 |
|
Other Investment Loss |
- |
- |
- |
0.0 |
0.0 |
|
Net Gain on Disposal of Properties |
0.4 |
0.1 |
-0.2 |
-0.3 |
0.1 |
|
Loss on Intangible Assets |
- |
- |
- |
0.0 |
0.6 |
|
Impairment Loss on Fixed Assets |
- |
- |
0.0 |
1.5 |
0.0 |
|
Impairment Loss on Other Assets |
- |
- |
0.0 |
0.1 |
0.0 |
|
Gain on Sale of Investments |
2.6 |
-0.2 |
-2.6 |
0.0 |
0.0 |
|
Loss on LT Equity Investment |
1.2 |
0.1 |
0.0 |
- |
- |
|
Amort. of Corp. Bonds Discount |
1.9 |
1.2 |
0.5 |
0.5 |
0.0 |
|
Coporate Bonds Redemption Gain |
- |
- |
0.0 |
-1.1 |
0.0 |
|
Fin. Assets Investment Loss -Cost Method |
1.6 |
- |
- |
- |
- |
|
Financial Assets at Fair Value |
-7.2 |
-4.3 |
1.2 |
-1.5 |
-1.5 |
|
Notes Receivable |
0.3 |
-0.4 |
1.5 |
0.6 |
0.4 |
|
Accounts Receivable |
4.7 |
0.4 |
-11.1 |
12.9 |
-15.9 |
|
Other Receivables |
0.9 |
-0.9 |
0.0 |
-0.5 |
-1.1 |
|
Inventories |
1.0 |
-12.8 |
-4.8 |
-2.5 |
-4.2 |
|
Other Current Assets |
0.7 |
-0.5 |
-1.3 |
0.3 |
1.1 |
|
Deferred Tax Liabilities |
-0.4 |
0.5 |
1.0 |
1.6 |
2.2 |
|
Other Asset |
- |
- |
- |
0.0 |
0.0 |
|
Notes Payable |
-0.1 |
-0.1 |
-0.1 |
-0.8 |
0.7 |
|
Accounts Payable |
0.6 |
3.8 |
9.0 |
-7.3 |
1.4 |
|
Tax Payable |
-1.0 |
0.7 |
-0.5 |
-1.2 |
0.9 |
|
Accrued Expenses |
-3.2 |
-1.9 |
2.3 |
-0.2 |
3.4 |
|
Other Payables |
0.9 |
0.8 |
0.2 |
-0.1 |
-0.5 |
|
Other Liabilities |
0.0 |
0.0 |
0.0 |
- |
- |
|
Other Current Liabilities |
0.5 |
-0.2 |
-0.3 |
0.1 |
0.4 |
|
Accrued Pension Liabilities |
0.0 |
0.0 |
0.1 |
0.2 |
0.6 |
|
Cash from Operating Activities |
22.0 |
24.4 |
25.2 |
31.4 |
17.3 |
|
|
|
|
|
|
|
|
Other Receivables |
-0.6 |
-0.7 |
- |
- |
- |
|
Capital Reduction in Investee Company |
- |
- |
0.0 |
0.4 |
0.1 |
|
Other Financial Assets - Current |
0.1 |
0.0 |
0.2 |
-0.1 |
0.1 |
|
Other Financial Assets - Non-Current |
- |
- |
- |
0.0 |
0.3 |
|
Financial Assets at Cost Increase |
0.0 |
-2.1 |
-4.3 |
-0.5 |
0.0 |
|
Financial Assets at Cost Decrease |
0.0 |
0.5 |
0.7 |
0.0 |
0.0 |
|
Prepayment for LT Investment Decrease |
-0.1 |
- |
- |
- |
- |
|
Capital Expenditure |
-28.0 |
-48.1 |
-20.6 |
-26.2 |
-21.1 |
|
Disposal of Fixed Assets |
6.1 |
4.2 |
2.9 |
4.7 |
1.6 |
|
Purchase of LT Equity Investment |
-0.5 |
-1.3 |
-0.1 |
- |
- |
|
Security Deposit Paid |
1.3 |
-1.2 |
-0.1 |
-0.1 |
0.6 |
|
Other Assets Increase/Decrease |
-2.4 |
-0.9 |
-0.5 |
-0.8 |
-0.8 |
|
Purchase of Subsidiary |
1.4 |
- |
- |
- |
- |
|
Other Intangible Assets, Increase |
-2.9 |
- |
- |
- |
- |
|
Cash from Investing Activities |
-25.5 |
-49.7 |
-21.9 |
-22.7 |
-19.2 |
|
|
|
|
|
|
|
|
Short Term Borrowings Increase/Decrease |
-5.0 |
12.3 |
-11.1 |
-4.6 |
5.9 |
|
Corpoarte Bonds Issuance Cost |
- |
-0.2 |
0.0 |
-0.2 |
0.0 |
|
Corporate Bonds Payable Increase |
0.0 |
69.8 |
0.0 |
31.7 |
0.0 |
|
Corporate Bonds Redeemed |
-0.7 |
-0.1 |
0.0 |
-2.3 |
0.0 |
|
Repayment of LT Borrowings |
- |
0.0 |
-2.1 |
-1.1 |
-1.5 |
|
Long Term Notes Increase |
- |
- |
- |
0.0 |
0.5 |
|
Long Term Notes Decrease |
0.0 |
0.0 |
-0.3 |
-0.3 |
-0.9 |
|
Security Deposit Received |
0.0 |
0.0 |
0.0 |
0.1 |
0.0 |
|
Treasury Shares Repurchase |
0.0 |
-3.1 |
0.0 |
-1.3 |
0.0 |
|
Treasury Stock Transferred to Employees |
0.3 |
0.3 |
- |
- |
- |
|
Cash Dividend - Common Stock |
-8.6 |
-16.2 |
-6.1 |
-9.0 |
-7.0 |
|
Employees Bonus |
- |
- |
0.0 |
-1.0 |
-0.8 |
|
Directors Remuneration |
- |
- |
0.0 |
-0.4 |
-0.3 |
|
Cash from Financing Activities |
-14.1 |
62.8 |
-19.6 |
11.7 |
-4.2 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
1.8 |
-2.9 |
-1.0 |
1.2 |
0.7 |
|
Net Change in Cash |
-15.8 |
34.7 |
-17.3 |
21.6 |
-5.4 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
57.9 |
19.3 |
35.7 |
15.8 |
20.6 |
|
Net Cash - Ending Balance |
42.1 |
54.0 |
18.4 |
37.4 |
15.2 |
|
Cash Interest Paid |
0.2 |
0.1 |
0.5 |
1.1 |
0.9 |
|
Cash Taxes Paid |
1.6 |
3.1 |
3.3 |
4.8 |
3.5 |
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
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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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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.93 |
|
|
1 |
Rs.87.38 |
|
Euro |
1 |
Rs.69.93 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.