MIRA
INFORM REPORT
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Report Date : |
26.11.2012 |
IDENTIFICATION DETAILS
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Name : |
AVER INFORMATION INC |
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Formerly Known As : |
Avermedia Information Inc |
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Registered Office : |
8F, No. 157, Da-An Road, Tucheng District, New |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
07.01.2008 |
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Legal Form : |
Public Parent Company |
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Line of Business : |
Subject is engaged in the research, development,
manufacture and distribution of computer system equipment, presentations and
surveillance products |
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No. of Employees : |
607 employees |
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 : |
No Complaints |
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Litigation : |
Clear |
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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 & address
AVer Information Inc
8F
No. 157, Da-An Road, Tucheng District
New Taipei, 236
Taiwan
Tel: 886-2-22698535
Fax: 886-2-22698538
synthesis
Employees: 607
Company Type: Public Parent
Traded: Gre
Tai Security Market: 3669
Incorporation Date: 07-Jan-2008
Auditor: KPMG LLP
Financials in: USD
(Millions)
Fiscal Year End: 31-Dec-2011
Reporting Currency:
Taiwanese New Dollar
Annual Sales: 73.7
1
Net Income: 6.9
Total Assets: 118.9
2
Market Value: 58.3(09-Nov-2012)
Business Description
AVer Information,
Inc. is principally engaged in the research, development, manufacture and
distribution of computer system equipment, presentations and surveillance
products. The Company's major products include platform visualizers, digital
surveillance products, digital analogy mixed surveillance systems, network
image servers and network surveillance peripheral products. It offers its
products under the brand named AVerMedia. The Company's products are applied
for school computer education, business presentations, company internal
meetings, window shows, education and trainings, television walls, financial
institutions, government, office buildings, retail business and roads. The
Company mainly distributes its products primarily in overseas markets. For the
nine months ended 30 September 2012, AVer Information Inc revenues decreased
15% to NT$1.45B. Net income decreased 75% to NT$55.8M. Revenues reflect Gross
Sales decrease of 15% to NT$1.52B. Net income also reflects Foreign Exchange
Gains/losses decrease from NT$19.9M (income) to NT$220K (expense), Research and
Development Expenses increase of 2% to NT$266.2M (expense), Miscellaneous
Income decrease of 32% to NT$6M (income).
Industry
Industry Computer Peripherals
ANZSIC 2006: 2421 - Computer
and Electronic Office Equipment Manufacturing
NACE 2002: 3002 - Manufacture
of computers and other information processing equipment
NAICS 2002: 334119 - Other
Computer Peripheral Equipment Manufacturing
UK SIC 2003: 3002 - Manufacture
of computers and other information processing equipment
UK SIC 2007: 2620 - Manufacture
of computers and peripheral equipment
US SIC 1987: 3577 - Computer
Peripheral Equipment, Not Elsewhere Classified
Key Executives
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Name |
Title |
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General Manager, Director |
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Chief Financial Officer, Head of Accounting |
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Deputy General Manager |
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Jenny Kang |
Chief Finance Officer and Vice President |
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Chairman of the Board |
Significant Developments
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Topic |
#* |
Most Recent Headline |
Date |
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1 |
AVer
Information Inc. Announces Change of Accounting Auditor |
24-Apr-2012 |
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1 |
24-Apr-2012 |
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2 |
AVer
Information Inc. Announces FY 2011 Dividend Payment Date |
14-Jun-2012 |
* number of significant developments within the last 12 months
News
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Financial Summary
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As of 30-Sep-2012 |
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Stock Snapshot
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Traded: Gre Tai
Security Market: 3669 |
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As of 9-Nov-2012 Financials in: TWD |
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Profit & Loss Item Exchange Rate: USD 1 = TWD 29.39004
Balance Sheet Item Exchange Rate:
USD 1 = TWD 30.279
Corporate Overview
Location
8F
No. 157, Da-An Road, Tucheng District
New Taipei, 236
Taiwan
Tel: 886-2-22698535
Fax: 886-2-22698538
Quote Symbol – Exchange
3669 - Gre Tai
Security Market
Sales TWD(mil): 2,166.8
Assets TWD(mil): 3,599.3
Employees: 607
Fiscal Year End: 31-Dec-2011
Industry: Computer
Peripherals
Incorporation Date: 07-Jan-2008
Company Type: Public
Parent
Quoted Status: Quoted
Previous Name: Avermedia
Information Inc
Chairman of the Board: Chongsong
Guo
Company Web Links
Company Contact/E-mail
Corporate History/Profile
Home Page
Investor Relations
News Releases
Products/Services
Contents
Industry Codes
Business Description
Financial Data
Market Data
Subsidiaries
Key Corporate Relationships
Industry Codes
ANZSIC 2006 Codes:
2421 - Computer and Electronic Office Equipment Manufacturing
7712 - Investigation and Security Services
NACE 2002 Codes:
3002 - Manufacture of computers and other information processing
equipment
7460 - Investigation and security activities
NAICS 2002 Codes:
334119 - Other Computer Peripheral Equipment Manufacturing
561621 - Security Systems Services (except Locksmiths)
US SIC 1987:
3577 - Computer Peripheral Equipment, Not Elsewhere Classified
7382 - Security Systems Services
UK SIC 2003:
3002 - Manufacture of computers and other information processing
equipment
74602 - Security and related activities
UK SIC 2007:
2620 - Manufacture of computers and peripheral equipment
8010 - Private security activities
Business
Description
AVer Information,
Inc. is principally engaged in the research, development, manufacture and
distribution of computer system equipment, presentations and surveillance
products. The Company's major products include platform visualizers, digital
surveillance products, digital analogy mixed surveillance systems, network
image servers and network surveillance peripheral products. It offers its
products under the brand named AVerMedia. The Company's products are applied
for school computer education, business presentations, company internal meetings,
window shows, education and trainings, television walls, financial
institutions, government, office buildings, retail business and roads. The
Company mainly distributes its products primarily in overseas markets. For the
nine months ended 30 September 2012, AVer Information Inc revenues decreased
15% to NT$1.45B. Net income decreased 75% to NT$55.8M. Revenues reflect Gross
Sales decrease of 15% to NT$1.52B. Net income also reflects Foreign Exchange
Gains/losses decrease from NT$19.9M (income) to NT$220K (expense), Research and
Development Expenses increase of 2% to NT$266.2M (expense), Miscellaneous
Income decrease of 32% to NT$6M (income).
More Business
Descriptions
Research,
development, manufacture and distribution of computer system equipment, presentations
and surveillance products, platform visualizers, digital surveillance products,
digital analogy mixed surveillance systems, network image servers and network
surveillance peripheral products.
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Executive report
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Board of
Directors |
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Chairman of the Board |
Chairman |
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Director |
Director/Board Member |
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Independent Director |
Director/Board Member |
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Deputy General Manager, Director |
Director/Board Member |
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Independent Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Independent Director |
Director/Board Member |
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Director |
Director/Board Member |
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General Manager, Director |
Director/Board Member |
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Director |
Director/Board Member |
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Executives |
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General Manager, Director |
Division Head Executive |
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Chief Financial Officer, Head of
Accounting |
Finance Executive |
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Chief Finance Officer and Vice President |
Finance Executive |
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Deputy General Manager |
Other |
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Deputy General Manager |
Other |
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Deputy General Manager |
Other |
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Significant Developments
AVer Information Inc. Announces FY 2011 Dividend Payment Date Jun
14, 2012
AVer Information Inc. announced that it will pay cash dividends of NTD 147,355,425(NTD 1.50012216 per share), to shareholders of record on July 8, 2012. The Company's shares will be traded ex-dividend on July 2, 2012.
AVer Information Inc. Announces Change of Accounting Auditor Apr 24, 2012
AVer Information Inc. announced the change of its accounting auditor from KPMG Taiwan to Deloitte Taiwan.
AVer Information Inc. to Dissolve Subsidiary Apr 24, 2012
AVer Information Inc. announced that it will dissolve its 99.99%-owned subsidiary, AVer Information (Thailand) Co, Ltd.
AVerMedia Information Inc. Announces FY 2011 Dividend Payment Mar 08, 2012
AVerMedia Information Inc. announced that it will pay a cash dividend of NTD 1.5 per share, or NTD 147,355,425 in total to shareholders for fiscal year 2011.
Annual Income Statement
Financials in: USD (mil)
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 |
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Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
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UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
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Exchange Rate
(Period Average) |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
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Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
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Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified with
Explanation |
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Gross Revenue |
78.1 |
97.2 |
94.1 |
90.8 |
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Sales Returns and Allowances |
-4.4 |
-2.2 |
-2.9 |
-4.2 |
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Revenue |
73.7 |
95.0 |
91.2 |
86.5 |
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Total Revenue |
73.7 |
95.0 |
91.2 |
86.5 |
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Cost of Revenue |
31.9 |
37.9 |
38.4 |
41.5 |
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Cost of Revenue, Total |
31.9 |
37.9 |
38.4 |
41.5 |
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Gross Profit |
41.8 |
57.1 |
52.8 |
45.1 |
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Selling/General/Administrative Expense |
23.5 |
27.2 |
23.9 |
20.0 |
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Total Selling/General/Administrative Expenses |
23.5 |
27.2 |
23.9 |
20.0 |
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Research & Development |
10.7 |
10.5 |
9.3 |
7.8 |
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Total Operating Expense |
66.2 |
75.6 |
71.5 |
69.2 |
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Operating Income |
7.5 |
19.4 |
19.7 |
17.3 |
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Interest Expense -
Non-Operating |
-0.2 |
-0.1 |
0.0 |
0.0 |
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Interest Expense, Net Non-Operating |
-0.2 |
-0.1 |
0.0 |
0.0 |
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Interest Income -
Non-Operating |
0.3 |
0.1 |
0.1 |
0.1 |
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Investment Income -
Non-Operating |
0.5 |
-0.7 |
-0.3 |
0.7 |
|
Interest/Investment Income - Non-Operating |
0.8 |
-0.5 |
-0.2 |
0.8 |
|
Interest Income (Expense) - Net Non-Operating Total |
0.6 |
-0.6 |
-0.3 |
0.8 |
|
Gain (Loss) on Sale of Assets |
-0.2 |
0.0 |
-0.3 |
-0.1 |
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Other Non-Operating Income (Expense) |
0.4 |
0.4 |
0.2 |
0.2 |
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Other, Net |
0.4 |
0.4 |
0.2 |
0.2 |
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Income Before Tax |
8.3 |
19.2 |
19.3 |
18.2 |
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Total Income Tax |
1.3 |
2.7 |
1.1 |
0.7 |
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Income After Tax |
6.9 |
16.5 |
18.2 |
17.5 |
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Net Income Before Extraord Items |
6.9 |
16.5 |
18.2 |
17.5 |
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Net Income |
6.9 |
16.5 |
18.2 |
17.5 |
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Income Available to Common Excl Extraord Items |
6.9 |
16.5 |
18.2 |
17.5 |
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Income Available to Common Incl Extraord Items |
6.9 |
16.5 |
18.2 |
17.5 |
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Basic/Primary Weighted Average Shares |
91.9 |
86.3 |
81.9 |
65.5 |
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Basic EPS Excl Extraord Items |
0.08 |
0.19 |
0.22 |
0.27 |
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Basic/Primary EPS Incl Extraord Items |
0.08 |
0.19 |
0.22 |
0.27 |
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Diluted Net Income |
6.9 |
16.5 |
18.2 |
17.5 |
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Diluted Weighted Average Shares |
93.3 |
88.1 |
83.8 |
67.8 |
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Diluted EPS Excl Extraord Items |
0.07 |
0.19 |
0.22 |
0.26 |
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Diluted EPS Incl Extraord Items |
0.07 |
0.19 |
0.22 |
0.26 |
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Dividends per Share - Common Stock Primary Issue |
0.05 |
0.10 |
0.12 |
- |
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Gross Dividends - Common Stock |
5.0 |
7.9 |
9.0 |
- |
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Interest Expense, Supplemental |
0.2 |
0.1 |
0.0 |
0.0 |
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Interest Capitalized, Supplemental |
-0.1 |
0.0 |
- |
- |
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Depreciation, Supplemental |
1.9 |
1.6 |
1.5 |
1.6 |
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Total Special Items |
0.2 |
0.0 |
0.3 |
0.1 |
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Normalized Income Before Tax |
8.5 |
19.3 |
19.6 |
18.3 |
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Effect of Special Items on Income Taxes |
0.0 |
0.0 |
0.0 |
0.0 |
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Inc Tax Ex Impact of Sp Items |
1.3 |
2.7 |
1.1 |
0.7 |
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Normalized Income After Tax |
7.1 |
16.6 |
18.5 |
17.6 |
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Normalized Inc. Avail to Com. |
7.1 |
16.6 |
18.5 |
17.6 |
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Basic Normalized EPS |
0.08 |
0.19 |
0.23 |
0.27 |
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Diluted Normalized EPS |
0.08 |
0.19 |
0.22 |
0.26 |
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Amort of Intangibles, Supplemental |
0.5 |
0.4 |
0.3 |
0.3 |
|
Rental Expenses |
- |
- |
0.7 |
0.5 |
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Research & Development Exp, Supplemental |
10.7 |
10.5 |
9.3 |
7.8 |
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Normalized EBIT |
7.5 |
19.4 |
19.7 |
17.3 |
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Normalized EBITDA |
9.9 |
21.4 |
21.5 |
19.2 |
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Current Tax - Total |
0.9 |
2.2 |
2.1 |
1.9 |
|
Current Tax - Total |
0.9 |
2.2 |
2.1 |
1.9 |
|
Deferred Tax - Total |
0.4 |
0.2 |
-1.4 |
0.0 |
|
Deferred Tax - Total |
0.4 |
0.2 |
-1.4 |
0.0 |
|
Other Tax |
0.0 |
0.3 |
0.4 |
-1.2 |
|
Income Tax - Total |
1.3 |
2.7 |
1.1 |
0.7 |
|
Other Pension, Net - Domestic |
0.2 |
0.3 |
0.0 |
0.0 |
|
Domestic Pension Plan Expense |
0.2 |
0.3 |
0.0 |
0.0 |
|
Defined Contribution Expense - Domestic |
0.7 |
0.6 |
0.5 |
0.4 |
|
Total Pension Expense |
0.8 |
0.9 |
0.5 |
0.4 |
|
Total Plan Other Expense |
0.2 |
0.3 |
0.0 |
0.0 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Restated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate |
30.279 |
29.1565 |
31.985 |
32.818 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
Cash & Equivalents |
41.7 |
52.9 |
36.6 |
15.6 |
|
Short Term Investments |
6.3 |
6.9 |
4.4 |
6.0 |
|
Cash and Short Term Investments |
48.0 |
59.8 |
41.0 |
21.6 |
|
Accounts Receivable -
Trade, Gross |
6.1 |
5.9 |
7.0 |
7.5 |
|
Provision for Doubtful
Accounts |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Trade Accounts Receivable - Net |
6.2 |
6.0 |
7.1 |
7.6 |
|
Notes Receivable - Short Term |
0.0 |
0.0 |
0.0 |
- |
|
Other Receivables |
0.5 |
1.1 |
0.3 |
- |
|
Total Receivables, Net |
6.7 |
7.1 |
7.4 |
7.6 |
|
Inventories - Finished Goods |
4.0 |
4.4 |
5.1 |
6.7 |
|
Inventories - Work In Progress |
0.8 |
1.2 |
1.1 |
1.0 |
|
Inventories - Raw Materials |
2.5 |
3.3 |
3.3 |
1.8 |
|
Total Inventory |
7.4 |
8.9 |
9.5 |
9.5 |
|
Deferred Income Tax - Current Asset |
1.8 |
1.0 |
0.9 |
0.8 |
|
Other Current Assets |
1.5 |
1.6 |
1.2 |
1.3 |
|
Other Current Assets, Total |
3.4 |
2.6 |
2.1 |
2.1 |
|
Total Current Assets |
65.4 |
78.3 |
60.0 |
40.7 |
|
|
|
|
|
|
|
Buildings |
29.5 |
2.0 |
1.9 |
1.7 |
|
Land/Improvements |
13.8 |
14.4 |
13.1 |
12.8 |
|
Machinery/Equipment |
10.8 |
9.1 |
7.0 |
6.5 |
|
Construction in
Progress |
2.8 |
12.4 |
0.9 |
0.1 |
|
Property/Plant/Equipment - Gross |
56.9 |
37.9 |
22.9 |
21.0 |
|
Accumulated Depreciation |
-6.3 |
-5.0 |
-3.3 |
-1.8 |
|
Property/Plant/Equipment - Net |
50.5 |
32.8 |
19.6 |
19.2 |
|
Intangibles, Net |
0.6 |
0.7 |
0.5 |
1.1 |
|
Deferred Charges |
0.2 |
0.4 |
0.4 |
- |
|
Deferred Income Tax - Long Term Asset |
1.9 |
3.1 |
3.1 |
1.6 |
|
Other Long Term Assets |
0.2 |
0.2 |
0.2 |
0.3 |
|
Other Long Term Assets, Total |
2.3 |
3.8 |
3.7 |
1.9 |
|
Total Assets |
118.9 |
115.7 |
83.9 |
63.0 |
|
|
|
|
|
|
|
Accounts Payable |
4.8 |
4.1 |
7.8 |
6.9 |
|
Accrued Expenses |
8.8 |
8.8 |
8.8 |
6.6 |
|
Notes Payable/Short Term Debt |
0.0 |
0.0 |
0.0 |
9.1 |
|
Current Portion - Long Term Debt/Capital Leases |
6.6 |
6.9 |
- |
- |
|
Income Taxes Payable |
0.8 |
2.0 |
2.0 |
1.2 |
|
Other Current Liabilities |
0.4 |
0.6 |
0.4 |
0.3 |
|
Other Current liabilities, Total |
1.2 |
2.6 |
2.4 |
1.6 |
|
Total Current Liabilities |
21.5 |
22.4 |
19.0 |
24.2 |
|
|
|
|
|
|
|
Long Term Debt |
6.6 |
13.7 |
- |
- |
|
Total Long Term Debt |
6.6 |
13.7 |
0.0 |
0.0 |
|
Total Debt |
13.2 |
20.6 |
0.0 |
9.1 |
|
|
|
|
|
|
|
Other Long Term Liabilities |
0.4 |
0.4 |
- |
- |
|
Other Liabilities, Total |
0.4 |
0.4 |
- |
- |
|
Total Liabilities |
28.4 |
36.5 |
19.0 |
24.2 |
|
|
|
|
|
|
|
Common Stock |
32.4 |
28.4 |
23.2 |
17.3 |
|
Common Stock |
32.4 |
28.4 |
23.2 |
17.3 |
|
Additional Paid-In Capital |
25.6 |
14.7 |
12.6 |
4.3 |
|
Retained Earnings (Accumulated Deficit) |
32.8 |
37.0 |
29.0 |
16.9 |
|
Treasury Stock - Common |
0.0 |
0.0 |
- |
- |
|
Unrealized Gain (Loss) |
- |
- |
0.0 |
0.0 |
|
Translation Adjustment |
-0.4 |
-0.9 |
0.1 |
0.2 |
|
Other Equity, Total |
-0.4 |
-0.9 |
0.1 |
0.2 |
|
Total Equity |
90.4 |
79.2 |
64.9 |
38.7 |
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
118.9 |
115.7 |
83.9 |
63.0 |
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
98.2 |
87.0 |
85.6 |
65.6 |
|
Total Common Shares Outstanding |
98.2 |
87.0 |
85.6 |
65.6 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
|
Employees |
661 |
719 |
722 |
618 |
|
Number of Common Shareholders |
2,367 |
1,077 |
611 |
- |
|
Total Operating Leases, Supplemental |
1.6 |
3.5 |
5.1 |
- |
|
Operating Lease Payments Due in Year 1 |
1.1 |
1.9 |
2.3 |
- |
|
Operating Lease Payments Due in Year 2 |
0.2 |
1.2 |
1.5 |
- |
|
Operating Lease Payments Due in Year 3 |
- |
- |
1.2 |
- |
|
Operating Lease Pymts. Due in 2-3 Years |
0.2 |
1.2 |
2.6 |
- |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
0.2 |
0.4 |
0.2 |
- |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Restated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate
(Period Average) |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
Net Income/Starting Line |
6.9 |
16.5 |
18.2 |
17.5 |
|
Depreciation |
1.9 |
1.6 |
1.9 |
1.8 |
|
Depreciation/Depletion |
1.9 |
1.6 |
1.9 |
1.8 |
|
Amortization of Intangibles |
0.5 |
0.4 |
- |
- |
|
Amortization |
0.5 |
0.4 |
- |
- |
|
Deferred Taxes |
0.4 |
0.2 |
-1.4 |
-1.2 |
|
Unusual Items |
0.2 |
0.0 |
0.3 |
0.0 |
|
Other Non-Cash Items |
0.5 |
-0.2 |
0.0 |
0.1 |
|
Non-Cash Items |
0.7 |
-0.2 |
0.3 |
0.1 |
|
Accounts Receivable |
0.1 |
1.1 |
0.7 |
0.0 |
|
Inventories |
0.9 |
1.6 |
0.2 |
2.3 |
|
Other Assets |
0.2 |
-6.6 |
-0.2 |
-1.3 |
|
Accounts Payable |
0.9 |
-4.1 |
0.7 |
-0.9 |
|
Accrued Expenses |
1.7 |
0.6 |
3.2 |
3.2 |
|
Taxes Payable |
-1.1 |
-0.2 |
0.7 |
1.3 |
|
Other Liabilities |
-0.2 |
0.5 |
0.0 |
-0.1 |
|
Changes in Working Capital |
2.5 |
-7.0 |
5.3 |
4.5 |
|
Cash from Operating Activities |
13.0 |
11.6 |
24.4 |
22.8 |
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-22.1 |
-12.5 |
-2.0 |
-14.9 |
|
Capital Expenditures |
-22.1 |
-12.5 |
-2.0 |
-14.9 |
|
Sale of Fixed Assets |
0.1 |
0.1 |
0.0 |
0.2 |
|
Sale/Maturity of Investment |
0.0 |
13.0 |
7.6 |
18.1 |
|
Purchase of Investments |
0.0 |
-8.5 |
-5.9 |
-24.3 |
|
Other Investing Cash Flow |
0.0 |
-0.4 |
0.1 |
-0.1 |
|
Other Investing Cash Flow Items, Total |
0.1 |
4.1 |
1.8 |
-6.2 |
|
Cash from Investing Activities |
-22.0 |
-8.3 |
-0.2 |
-21.1 |
|
|
|
|
|
|
|
Other Financing Cash Flow |
0.0 |
0.0 |
0.0 |
4.5 |
|
Financing Cash Flow Items |
0.0 |
0.0 |
0.0 |
4.5 |
|
Cash Dividends Paid - Common |
-8.5 |
-9.4 |
-5.2 |
0.0 |
|
Total Cash Dividends Paid |
-8.5 |
-9.4 |
-5.2 |
0.0 |
|
Sale/Issuance of
Common |
14.3 |
0.0 |
10.1 |
0.3 |
|
Repurchase/Retirement
of Common |
0.0 |
0.0 |
- |
- |
|
Common Stock, Net |
14.3 |
0.0 |
10.1 |
0.3 |
|
Issuance (Retirement) of Stock, Net |
14.3 |
0.0 |
10.1 |
0.3 |
|
Short Term Debt, Net |
- |
- |
-9.1 |
9.5 |
|
Long Term Debt Issued |
-6.8 |
19.0 |
- |
- |
|
Long Term Debt, Net |
-6.8 |
19.0 |
- |
- |
|
Issuance (Retirement) of Debt, Net |
-6.8 |
19.0 |
-9.1 |
9.5 |
|
Cash from Financing Activities |
-0.9 |
9.6 |
-4.1 |
14.3 |
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.5 |
-1.0 |
-0.1 |
0.1 |
|
Net Change in Cash |
-9.5 |
11.9 |
19.9 |
16.2 |
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
52.5 |
37.1 |
15.5 |
0.0 |
|
Net Cash - Ending Balance |
43.0 |
49.0 |
35.4 |
16.2 |
|
Cash Interest Paid |
0.2 |
0.0 |
0.0 |
0.0 |
|
Cash Taxes Paid |
3.0 |
3.2 |
2.1 |
1.1 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate
(Period Average) |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
Gross Sales |
78.1 |
97.2 |
94.1 |
90.8 |
|
Sales Returns&Discounts |
-4.4 |
-2.2 |
-2.9 |
-4.2 |
|
Total Revenue |
73.7 |
95.0 |
91.2 |
86.5 |
|
|
|
|
|
|
|
Cost of Sales |
31.9 |
37.9 |
38.4 |
41.5 |
|
Selling expense |
20.0 |
23.4 |
21.1 |
17.3 |
|
General and Administrative Expenses |
3.6 |
3.8 |
2.7 |
2.6 |
|
Research and Development Expenses |
10.7 |
10.5 |
9.3 |
7.8 |
|
Total Operating Expense |
66.2 |
75.6 |
71.5 |
69.2 |
|
|
|
|
|
|
|
Interest Income |
0.3 |
0.1 |
0.1 |
0.1 |
|
Gains on Sale of Investments |
0.0 |
0.0 |
0.0 |
0.0 |
|
Foreign Exchange Gain/Losses |
0.5 |
-0.7 |
-0.4 |
0.7 |
|
Revaluation Gain on Financial Assets |
0.0 |
0.0 |
- |
- |
|
Miscellaneous Income |
0.4 |
0.4 |
0.3 |
0.2 |
|
Interest Expense |
-0.2 |
-0.1 |
0.0 |
0.0 |
|
Loss on Disposal of Fixed Assets |
-0.2 |
0.0 |
-0.3 |
-0.1 |
|
Miscellaneous Disbursements |
- |
- |
0.0 |
0.0 |
|
Net Income Before Taxes |
8.3 |
19.2 |
19.3 |
18.2 |
|
|
|
|
|
|
|
Provision for Income Taxes |
1.3 |
2.7 |
1.1 |
0.7 |
|
Net Income After Taxes |
6.9 |
16.5 |
18.2 |
17.5 |
|
|
|
|
|
|
|
Net Income Before Extra. Items |
6.9 |
16.5 |
18.2 |
17.5 |
|
Net Income |
6.9 |
16.5 |
18.2 |
17.5 |
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
6.9 |
16.5 |
18.2 |
17.5 |
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
6.9 |
16.5 |
18.2 |
17.5 |
|
|
|
|
|
|
|
Basic Weighted Average Shares |
91.9 |
86.3 |
81.9 |
65.5 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.08 |
0.19 |
0.22 |
0.27 |
|
Basic EPS Including ExtraOrdinary Items |
0.08 |
0.19 |
0.22 |
0.27 |
|
Diluted Net Income |
6.9 |
16.5 |
18.2 |
17.5 |
|
Diluted Weighted Average Shares |
93.3 |
88.1 |
83.8 |
67.8 |
|
Diluted EPS Excluding ExtraOrd Items |
0.07 |
0.19 |
0.22 |
0.26 |
|
Diluted EPS Including ExtraOrd Items |
0.07 |
0.19 |
0.22 |
0.26 |
|
DPS-Common Stock |
0.05 |
0.10 |
0.12 |
- |
|
Gross Dividends - Common Stock |
5.0 |
7.9 |
9.0 |
- |
|
Normalized Income Before Taxes |
8.5 |
19.3 |
19.6 |
18.3 |
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
1.3 |
2.7 |
1.1 |
0.7 |
|
Normalized Income After Taxes |
7.1 |
16.6 |
18.5 |
17.6 |
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
7.1 |
16.6 |
18.5 |
17.6 |
|
|
|
|
|
|
|
Basic Normalized EPS |
0.08 |
0.19 |
0.23 |
0.27 |
|
Diluted Normalized EPS |
0.08 |
0.19 |
0.22 |
0.26 |
|
Interest Capitalized, Supplemental |
-0.1 |
0.0 |
- |
- |
|
Interest Expense, Supplemental |
0.2 |
0.1 |
0.0 |
0.0 |
|
R&D Expense, Supplemental |
10.7 |
10.5 |
9.3 |
7.8 |
|
Depreciation - Operating Cost |
0.9 |
1.0 |
1.0 |
1.0 |
|
Depreciation - Operating Expense |
1.0 |
0.6 |
0.5 |
0.6 |
|
Amortization - Operating Cost |
0.0 |
0.0 |
0.0 |
0.1 |
|
Amortization - Operating Expense |
0.5 |
0.4 |
0.3 |
0.2 |
|
Rental Expense, Supplemental |
- |
- |
0.7 |
0.5 |
|
Current Tax Payable |
0.9 |
2.2 |
2.1 |
1.9 |
|
Current Tax - Total |
0.9 |
2.2 |
2.1 |
1.9 |
|
Deferred Tax |
0.4 |
0.2 |
-1.4 |
0.0 |
|
Deferred Tax - Total |
0.4 |
0.2 |
-1.4 |
0.0 |
|
Other Tax |
0.0 |
0.3 |
0.4 |
-1.2 |
|
Income Tax - Total |
1.3 |
2.7 |
1.1 |
0.7 |
|
Other Pension, Net - Domestic |
0.2 |
0.3 |
0.0 |
0.0 |
|
Domestic Pension Plan Expense |
0.2 |
0.3 |
0.0 |
0.0 |
|
Defined Contribution Expense - Domestic |
0.7 |
0.6 |
0.5 |
0.4 |
|
Total Pension Expense |
0.8 |
0.9 |
0.5 |
0.4 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Restated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate |
30.279 |
29.1565 |
31.985 |
32.818 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
Cash and Cash Equivalents |
41.7 |
52.9 |
36.6 |
15.6 |
|
Financial Assets-Available for Sale |
- |
0.0 |
4.4 |
6.0 |
|
Notes Receivable |
0.0 |
0.0 |
0.0 |
- |
|
Financial Assets-Fair Value,Current |
6.3 |
6.9 |
0.0 |
- |
|
Accounts Receivable, Gross |
6.1 |
5.9 |
- |
- |
|
Accounts & Notes Receivable, Gross |
- |
- |
7.0 |
7.5 |
|
Provision for Doubtful Accounts |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Accounts Receivable - Related Parties |
0.2 |
0.1 |
0.2 |
0.2 |
|
Other Receivables |
0.5 |
1.1 |
0.3 |
- |
|
Raw Materials / Supplies |
2.5 |
3.3 |
3.3 |
1.8 |
|
Work-in-Process |
0.8 |
1.2 |
1.1 |
1.0 |
|
Finished Goods |
4.0 |
4.4 |
5.1 |
6.7 |
|
Deferred Income Tax Assets - Current |
1.8 |
1.0 |
0.9 |
0.8 |
|
Other Current Assets |
1.5 |
1.6 |
1.2 |
1.3 |
|
Total Current Assets |
65.4 |
78.3 |
60.0 |
40.7 |
|
|
|
|
|
|
|
Land |
13.8 |
14.4 |
13.1 |
12.8 |
|
Buildings and Structures |
29.1 |
1.6 |
1.4 |
1.4 |
|
Machinery and Equipment |
4.5 |
4.2 |
3.5 |
3.7 |
|
Molding Equipment |
3.1 |
2.4 |
1.7 |
- |
|
Transportation Equipment |
0.4 |
0.4 |
0.4 |
0.3 |
|
Office Equipment |
2.7 |
2.0 |
1.4 |
1.0 |
|
Leasehold Improvements |
0.4 |
0.4 |
0.4 |
0.3 |
|
Miscellaneous Equipment |
- |
- |
- |
1.5 |
|
Accumulated Depreciation on Fixed Assets |
-6.3 |
-5.0 |
-3.3 |
-1.8 |
|
Intangible Assets |
0.6 |
0.7 |
0.5 |
1.1 |
|
Con. in Pro. & Prepay. for Equipment |
2.8 |
12.4 |
0.9 |
0.1 |
|
Security Deposits Paid |
0.2 |
0.2 |
0.2 |
0.3 |
|
Deferred Charges |
0.2 |
0.4 |
0.4 |
- |
|
Deferred Income Tax Assets |
1.9 |
3.1 |
3.1 |
1.6 |
|
Total Assets |
118.9 |
115.7 |
83.9 |
63.0 |
|
|
|
|
|
|
|
Short Term Borrowings |
- |
- |
0.0 |
9.1 |
|
Accounts Payable |
4.8 |
3.9 |
6.6 |
5.5 |
|
Accounts Payable - Related Parties |
0.0 |
0.2 |
1.2 |
1.4 |
|
Income Tax Payable |
0.8 |
2.0 |
2.0 |
1.2 |
|
Accrued Expenses |
8.8 |
8.8 |
8.8 |
6.6 |
|
Current Portion of Long Term Debt |
6.6 |
6.9 |
- |
- |
|
Other Current Liabilities |
0.4 |
0.6 |
0.4 |
0.3 |
|
Total Current Liabilities |
21.5 |
22.4 |
19.0 |
24.2 |
|
|
|
|
|
|
|
Long Term Borrowings |
6.6 |
13.7 |
- |
- |
|
Total Long Term Debt |
6.6 |
13.7 |
- |
- |
|
|
|
|
|
|
|
Other Long Term Liabilities |
0.3 |
0.4 |
- |
- |
|
Long Term Security Deposits Received |
0.0 |
- |
- |
- |
|
Total Liabilities |
28.4 |
36.5 |
19.0 |
24.2 |
|
|
|
|
|
|
|
Common Stock |
32.4 |
28.4 |
23.2 |
17.3 |
|
Cap.Surplus, Additional Paid in Capital |
25.6 |
14.7 |
12.6 |
4.3 |
|
Legal Reserve |
5.5 |
4.0 |
1.7 |
0.0 |
|
Special Reserve |
0.9 |
0.0 |
- |
- |
|
Retained Earnings |
26.4 |
33.0 |
27.3 |
16.9 |
|
Cumulative Translation Adjustment |
-0.4 |
-0.9 |
0.1 |
0.2 |
|
Treasury Stock |
0.0 |
0.0 |
- |
- |
|
Unrealized G/L on Financial Instruments |
- |
- |
0.0 |
0.0 |
|
Total Equity |
90.4 |
79.2 |
64.9 |
38.7 |
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
118.9 |
115.7 |
83.9 |
63.0 |
|
|
|
|
|
|
|
S/O-Common Stock |
98.2 |
87.0 |
85.6 |
65.6 |
|
Total Common Shares Outstanding |
98.2 |
87.0 |
85.6 |
65.6 |
|
T/S-Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
|
Number of Common Shareholders |
2,367 |
1,077 |
611 |
- |
|
Employees |
661 |
719 |
722 |
618 |
|
Operating Lease Pymts. Due within 1Year |
1.1 |
1.9 |
2.3 |
- |
|
Operating Lease Payments Due in Year 2 |
0.2 |
1.2 |
1.5 |
- |
|
Operating Lease Payments Due in Year 3 |
- |
- |
1.2 |
- |
|
Operating Leases - Remaining Payments |
0.2 |
0.4 |
0.2 |
- |
|
Total Operating Leases, Supplemental |
1.6 |
3.5 |
5.1 |
- |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Restated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate
(Period Average) |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
Net Income |
6.9 |
16.5 |
18.2 |
17.5 |
|
Depreciation |
1.9 |
1.6 |
1.9 |
1.8 |
|
Amortization of Intangibles |
0.5 |
0.4 |
- |
- |
|
Provision for Doubtful Accounts |
0.0 |
-0.1 |
0.0 |
0.1 |
|
Gain on Sale of Investments |
0.0 |
0.0 |
0.0 |
0.0 |
|
G/L on Disposal&Write-off of Properties |
0.2 |
0.0 |
0.3 |
0.1 |
|
Inventory Devaluation & Obsolescence |
0.3 |
-0.2 |
0.0 |
0.0 |
|
Financial Assets-Trading |
0.3 |
-6.4 |
- |
- |
|
Notes&Account Receivable |
-0.4 |
1.6 |
- |
- |
|
Accounts Receivable |
- |
- |
0.7 |
0.0 |
|
Other Receivables-Related Parties |
-0.1 |
0.1 |
- |
- |
|
Other Receivables |
0.6 |
-0.6 |
- |
- |
|
Employees Bonus By Parent Company |
- |
- |
0.0 |
0.0 |
|
Inventories |
0.9 |
1.6 |
0.2 |
2.3 |
|
Deferred Tax |
0.4 |
0.2 |
-1.4 |
-1.2 |
|
Non-Operating Expense-Deferred Charges |
0.1 |
0.1 |
- |
- |
|
Other Current Assets |
-0.1 |
-0.2 |
-0.2 |
-1.3 |
|
Accounts Payable |
1.1 |
-3.1 |
0.7 |
-0.9 |
|
Accounts Payable,Related Parties |
-0.2 |
-1.0 |
- |
- |
|
Tax Payable |
-1.1 |
-0.2 |
0.7 |
1.3 |
|
Accrued Expenses |
1.7 |
0.6 |
3.2 |
3.2 |
|
Other Current Liabilities |
-0.2 |
0.2 |
0.0 |
0.5 |
|
Other Liabilities |
0.0 |
0.3 |
- |
- |
|
Accrued Pension Liabilities |
- |
- |
0.0 |
-0.6 |
|
Cash from Operating Activities |
13.0 |
11.6 |
24.4 |
22.8 |
|
|
|
|
|
|
|
Disposal of Financial Assets for Sale |
0.0 |
13.0 |
7.6 |
18.1 |
|
Purchase of Financial Assets for Sale |
0.0 |
-8.5 |
-5.9 |
-24.3 |
|
Capital Expenditure & Intangible Asst. |
-22.1 |
-12.5 |
-2.0 |
-14.9 |
|
Disposal of Fixed Assets& Intangible Ast |
0.1 |
0.1 |
0.0 |
0.2 |
|
Security Deposit Paid |
0.0 |
0.0 |
0.1 |
-0.1 |
|
Deferred Charges Increase |
0.0 |
-0.4 |
- |
- |
|
Cash from Investing Activities |
-22.0 |
-8.3 |
-0.2 |
-21.1 |
|
|
|
|
|
|
|
Short Term Borrowings |
- |
- |
-9.1 |
9.5 |
|
Long Term Borrowings Increase |
-6.8 |
19.0 |
- |
- |
|
Security Deposit Received |
0.0 |
0.0 |
0.0 |
0.0 |
|
Cash from Segmentation&Transfering |
- |
- |
0.0 |
4.6 |
|
Cash Capital |
14.3 |
0.0 |
10.1 |
0.3 |
|
Cash Dividend - Common Stock |
-8.5 |
-9.4 |
-5.2 |
0.0 |
|
Purchase of Treasury Shares |
0.0 |
0.0 |
- |
- |
|
Cash from Financing Activities |
-0.9 |
9.6 |
-4.1 |
14.3 |
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.5 |
-1.0 |
-0.1 |
0.1 |
|
Net Change in Cash |
-9.5 |
11.9 |
19.9 |
16.2 |
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
52.5 |
37.1 |
15.5 |
0.0 |
|
Net Cash - Ending Balance |
43.0 |
49.0 |
35.4 |
16.2 |
|
Cash Interest Paid |
0.2 |
0.0 |
0.0 |
0.0 |
|
Cash Taxes Paid |
3.0 |
3.2 |
2.1 |
1.1 |
Financial Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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Annual Ratios
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.55.34 |
|
UK Pound |
1 |
Rs.88.30 |
|
Euro |
1 |
Rs.71.37 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.