MIRA
INFORM REPORT
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Report Date : |
01.10.2012 |
IDENTIFICATION DETAILS
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Name : |
FROCH ENTERPRISE CO LTD |
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Registered Office : |
No.122 |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
05.10.1984 |
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Legal Form : |
Public Independent |
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Line of Business : |
Manufacture and trade of stainless steel pipes, steel pipes, copper pipes, aluminum pipes and related products. |
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No. of Employees : |
1,007 |
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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 : |
Slow but correct |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Source : CIA
Company name and address
Froch Enterprise
Co Ltd
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Business
Description
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Froch Enterprise Co., Ltd. is principally engaged in the manufacture
and trade of stainless steel pipes, steel pipes, copper pipes, aluminum pipes
and related products. The Company provides stainless steel pipes, stainless
steel angle bars and stainless steel coils. During the year ended December
31, 2011, the Company obtained approximately 58.68% and 37.95% of its revenue
from its stainless steel pipe and stainless steel coil businesses,
respectively. The Company distributes its products within the domestic market
and to overseas markets, including Europe, the rest of Asia and |
Industry
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Industry |
Construction - Supplies and Fixtures |
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ANZSIC 2006: |
2122 - Steel Pipe and Tube Manufacturing |
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NACE 2002: |
2721 - Manufacture of cast iron tubes |
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NAICS 2002: |
33121 - Iron and Steel Pipe and Tube Manufacturing
from Purchased Steel |
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2721 - Manufacture of cast iron tubes |
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2451 - Casting of iron |
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US SIC 1987: |
3317 - Steel Pipe and Tubes |
Key Executives
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Significant
Developments
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* number of significant developments within the last 12 months |
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Financial
Summary
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Stock Snapshot
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1 - Profit &
Loss Item Exchange Rate: USD 1 = TWD 29.39004
2 - Balance Sheet Item Exchange Rate: USD 1 = TWD 30.279
Corporate Overview
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Froch Enterprise
Co Ltd The Strategic Initiatives report is created using technology to
extract meaningful insights from analyst reports about a company's strategic
projects and investments. More about Strategic Initiatives
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Sales and Distribution |
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The company sells its products in domestic
( |
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Overview
Froch Enterprise Co., Ltd. (Froch) is one of the leading manufacturers
of stainless steel tube and pipe in the world. The company strenghtens its
operational position through specialized stainless steel tubes and pipes,
strong focus on quality and strong market presence. Growing demand for
stainless steel pipes and its product applicable for various industry needs
could increase its market share. The growing competition and stringent
regulations can have adverse impact upon its business operations.
Strengths
Significant Focus on Quality Maintenance
The company's strong focus on quality provides it a competitive
advantage. It has strong emphasis on providing world class quality products to
its customers. Froch has robust professional knowledge, up-to-date techniques
and equipment, and strong ability to analyze and examine the quality of its raw
material and finished goods. The company employs several new cutting-edge
technologies such as metallurgical microscope, spark emission spectrometer,
eddy current, real time radiographic test and hydrostatic test. The product
quality and the manufacturing processes of the company are accredited by
several domestic and international organizations. Froch products adhere to
ISO-9001 Quality Management System. It also has various accreditations such as
ISO-9001, ISO-9001 BSMI, and ISO-14001. The quality assurance laboratory of
Froch is approved by Chinese National Laboratory Accreditation (CNLA). The
company's commitment towards maintaining its quality standards increases its
credibility among the customers.
A wide range of products help the company in increasing its customer
base. It also reduces the dependence of the company on any particular product
for generating a significant portion of its revenue. The company carries out
the manufacture and sale of stainless steel tube and pipes. Froch's product
portfolio includes stainless steel pipes, slarge diameter stainless steel
pipes, stainless steel mechanical tubes, tainless steel equal-leg angle bars
and sanitary tubes. It provides stainless steel tubes for boilers and
heat-exchangers, stainless steel square and rectangular tubes, polished pipes,
coated pipes, light gauge stainless steel tubes, plates and coils. Froch's
material types include ASTM 304, 316L, 316, and 304L. The company caters its
stainless steel tubes and pipes find applications in various industries, such
as machinery, wastewater treatment, electronics, pulp and paper, logistic,
power plant and petrochemical. Wide product range helps the company in gaining
a larger share of the market and gives it cross selling benefits.
The company’s dominant market presence puts it ahead in the growing
competitive landscape that enhances its operational and financial performance.
It is a specialized manufacturer for stainless steel tube and pipe. The company
is the first stainless steel tube and pipe manufacturer to pass the quality
management system in Taiwan. In terms of sales network and market penetration,
the company maintains its leadership position in both domestic sales and other
markets. On the domestic front, the company has over 2,000 customers. The
company exports its products to over 50 countries across the world. The top 10
customers account for less than 10% of its total revenue. This implies that the
company has a strong focus on diversifying its customer and market base. Such
market presence helps the company to increase its sales and enhance operational
performance.
Weaknesses
Deteriorating Profitability Ratios
Deteriorating profitability ratios indicate that the company has been
performing low and is not in a position to deliver value as expected by its
shareholders. For the fiscal year ended 2011, the company recorded decline
across its various profitability indicators. The company registered an
operating loss of TWD224.53m for the fiscal year ended 2011, as compared to
operating income of TWD550.08m for the previous fiscal. The decrease in
operating profit resulted in the decreased net profit levels. Its net loss was
TWD266.81m for the fiscal year ended 2011, as compared to a net profit of
TWD398.37m for the previous year. The operating and net losses of the company
resulted in decreased profitability ratios. The company reported negative
operating margin of 1.29% in 2011, as compared to operating margin of 4.05% in
2010. For the fiscal year ended 2011, the company's return on equity, return on
capital employed, return on assets and return on fixed assets were (7.61%),
(2.9% ), (2.08% ), (5.32% ) as compared to 10.84% , 8.33% , 3.62% and 15%
respectively. Declining profitability would restrict the company in pursuing
its expansion plans.
The company’s increasing receivables affects its competitive and
profitability position. Froch reported increase in its receivables for the past
three years. The company's total receivables for the fiscal year ended 2011,
2010 and 2009 were TWD1360.02m, TWD947.22m and TWD531.49m respectively. Its
total receivables increased to TWD1360.02m in 2011 from TWD947.22m in 2010,
reflecting an increase of 43.58% over the period. The company's ability to
receive timely payments would be key attribute to continue its operations in an
uninterrupted manner.
Opportunities
Growing Demand for Steel in Asia
The increasing demand for steel in Asian countries, including China and
India will enable the company to record strong growth. Increase in demand is
expected to be driven by countries such as Brazil, Russia, India and China,
while growth in the developed world will be slower as maturing economies
struggle to recover from the global downturn. The combination of China and
India is extremely positive for the global steel industry. China and India are
very highly investment driven, which translates to employment, urbanization,
disposable income and therefore growth. Chinese domestic consumption of crude
steel is seen growing by 8% to 9% to 650 million tons in 2011. According to
in-house estimates, China crude steel production is expected to be around 680
million tons and consumption 650 million tons in 2012, which would be close to
the peak. The net effect of growth in China and the accelerating growth in
India will have serious implications for steel making raw materials as they
will drive the demand for coal and iron ore. According to the World Steel
Association, China will make up 45% of global demand for steel in 2011, while
India will emerge as the world's third-biggest steel consumer after China and
the US.
Growth in Developing Economies
The company with its operation in the emerging markets can strive to
record high growth. Emerging markets withstood the global credit crunch better
than their developed world counterparts, and will grow more quickly in 2011.
According to the World Bank’s latest report, Global Economic Prospects 2011,
developing countries are estimated to grow by 7% in 2010, 6% in 2011 and 6.1%
in 2012. They will continue to outstrip growth in high-income countries, which
is projected at 2.8% in 2010, 2.4% in 2011 and 2.7% in 2012. In most developing
countries, GDP has regained levels that would have prevailed, had there been no
boom-bust cycle. While steady growth is projected through 2012, the recovery in
several economies in emerging Europe and Central Asia and in some high-income
countries is tentative.
Threats
Growing usage of steel substitutes could affect the demand for the
company’s products. The steel industry, which had been enjoying monopoly in
many applications across diverse markets, is facing threat from various
evolving substitutes. Steel competes with materials such as aluminum, plastic,
wood, cement, composites and glass. Aluminum has been finding increased usage
in industries such as automobile which has been striving hard to reduce the
weight of the vehicles and improve fuel efficiency. An aluminum structured
vehicle can enjoy up to 50% less weight compared to its steel counterpart.
Further, the government regulatory initiatives for the mandatory usage of steel
substitutes, either for environmental reasons as well as the development of
substitute market, have forced industries to look out for new substitutes.
Thus, the growing usage of steel substitutes could reduce the demand for steel
products, thereby affecting the market prices and in turn the company’s cash
flow and profitability.
Stringent Government Regulations
Froch’s business operations in the countries it operates are subjected
to numerous federal, state and local laws and regulations relating to the
protection of the environment. These environmental laws and regulations include
the Clean Air Act (CAA) with respect to air emissions; the Clean Water Act
(CWA) with respect to water discharges; the Resource Conservation and Recovery
Act (RCRA) with respect to solid and hazardous waste treatment, storage and
disposal; and the Comprehensive Environmental Response, Compensation and
Liability Act (CERCLA) with respect to releases and remediation of hazardous
substances. In addition, all states where U. S. Steel operates have similar
laws dealing with the same matters. These laws are constantly evolving and
becoming increasingly stringent. Various provincial statutes regulate
environmental matters such as the release and remediation of hazardous
substances; waste storage, treatment and disposal; and air emissions.
Non-compliance with these laws substantially increases the capital, and
operating costs of the company.
The company operates in a highly competitive market, which is influenced
by price, capital, and products and service quality. The company faces
competition from several players in the market and some of its competitors
include AnnAik Limited, Mayer Steel Pipe Corporation, Baosteel Group
Corporation and others . The company’s competitors may have better financial
resources, staff and other facilities than those of the company. Inability to
compete successfully may limit the company's business, reducing its revenue and
profits.
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Executives Report
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Significant Developments
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Annual
Income Statement
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Financials in: USD (mil) |
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Except for share items (millions) and per
share items (actual units) |
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31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
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Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
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UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
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Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
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Exchange Rate
(Period Average) |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
32.848802 |
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Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
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Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
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Gross Revenue |
593.3 |
433.4 |
223.2 |
397.3 |
516.6 |
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Sales Returns and Allowances |
-1.5 |
-2.7 |
-1.4 |
-3.0 |
-0.5 |
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Revenue |
591.8 |
430.7 |
221.8 |
394.2 |
516.1 |
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Total Revenue |
591.8 |
430.7 |
221.8 |
394.2 |
516.1 |
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Cost of Revenue |
568.9 |
387.8 |
200.7 |
397.0 |
466.6 |
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Cost of Revenue, Total |
568.9 |
387.8 |
200.7 |
397.0 |
466.6 |
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Gross Profit |
22.8 |
42.9 |
21.0 |
-2.7 |
49.6 |
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Selling/General/Administrative Expense |
29.6 |
25.4 |
15.5 |
22.1 |
27.5 |
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Total Selling/General/Administrative Expenses |
29.6 |
25.4 |
15.5 |
22.1 |
27.5 |
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Impairment-Assets Held for Sale |
0.9 |
0.0 |
0.0 |
0.7 |
- |
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Unusual Expense (Income) |
0.9 |
0.0 |
0.0 |
0.7 |
- |
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Total Operating Expense |
599.4 |
413.2 |
216.2 |
419.8 |
494.1 |
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Operating Income |
-7.6 |
17.5 |
5.6 |
-25.5 |
22.0 |
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Interest Expense -
Non-Operating |
-6.0 |
-3.4 |
-2.2 |
-4.0 |
-4.5 |
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Interest Expense, Net Non-Operating |
-6.0 |
-3.4 |
-2.2 |
-4.0 |
-4.5 |
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Interest Income -
Non-Operating |
0.1 |
0.0 |
0.0 |
0.1 |
0.2 |
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Investment Income -
Non-Operating |
2.5 |
1.7 |
0.7 |
4.3 |
1.6 |
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Interest/Investment Income - Non-Operating |
2.6 |
1.7 |
0.7 |
4.4 |
1.7 |
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Interest Income (Expense) - Net Non-Operating Total |
-3.4 |
-1.7 |
-1.5 |
0.3 |
-2.8 |
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Gain (Loss) on Sale of Assets |
- |
- |
-0.5 |
- |
-0.2 |
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Other Non-Operating Income (Expense) |
0.2 |
0.0 |
0.3 |
0.5 |
5.1 |
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Other, Net |
0.2 |
0.0 |
0.3 |
0.5 |
5.1 |
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Income Before Tax |
-10.9 |
15.7 |
3.8 |
-24.7 |
24.1 |
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Total Income Tax |
-1.8 |
3.1 |
-1.0 |
-2.8 |
6.5 |
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Income After Tax |
-9.1 |
12.6 |
4.8 |
-21.9 |
17.6 |
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Minority Interest |
0.0 |
0.0 |
0.0 |
0.0 |
- |
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Net Income Before Extraord Items |
-9.1 |
12.6 |
4.8 |
-21.9 |
17.6 |
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Net Income |
-9.1 |
12.6 |
4.8 |
-21.9 |
17.6 |
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Income Available to Common Excl Extraord Items |
-9.1 |
12.6 |
4.8 |
-21.9 |
17.6 |
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Income Available to Common Incl Extraord Items |
-9.1 |
12.6 |
4.8 |
-21.9 |
17.6 |
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Basic/Primary Weighted Average Shares |
272.8 |
272.9 |
272.9 |
272.9 |
272.9 |
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Basic EPS Excl Extraord Items |
-0.03 |
0.05 |
0.02 |
-0.08 |
0.06 |
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Basic/Primary EPS Incl Extraord Items |
-0.03 |
0.05 |
0.02 |
-0.08 |
0.06 |
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Dilution Adjustment |
0.0 |
- |
- |
0.0 |
- |
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Diluted Net Income |
-9.1 |
12.6 |
4.8 |
-21.9 |
17.6 |
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Diluted Weighted Average Shares |
272.8 |
272.9 |
272.9 |
272.9 |
272.9 |
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Diluted EPS Excl Extraord Items |
-0.03 |
0.05 |
0.02 |
-0.08 |
0.06 |
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Diluted EPS Incl Extraord Items |
-0.03 |
0.05 |
0.02 |
-0.08 |
0.06 |
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Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.00 |
0.00 |
0.02 |
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Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
4.3 |
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Interest Expense, Supplemental |
6.0 |
3.4 |
2.2 |
4.0 |
4.5 |
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Interest Capitalized, Supplemental |
-0.1 |
-0.1 |
-0.1 |
-0.6 |
-0.6 |
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Depreciation, Supplemental |
7.6 |
7.2 |
6.5 |
5.8 |
3.8 |
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Total Special Items |
0.9 |
0.0 |
0.5 |
0.7 |
0.2 |
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Normalized Income Before Tax |
-10.0 |
15.7 |
4.3 |
-23.9 |
24.3 |
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Effect of Special Items on Income Taxes |
0.3 |
0.0 |
0.2 |
0.3 |
0.1 |
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Inc Tax Ex Impact of Sp Items |
-1.5 |
3.1 |
-0.8 |
-2.5 |
6.6 |
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Normalized Income After Tax |
-8.5 |
12.6 |
5.1 |
-21.4 |
17.7 |
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Normalized Inc. Avail to Com. |
-8.5 |
12.6 |
5.1 |
-21.4 |
17.7 |
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Basic Normalized EPS |
-0.03 |
0.05 |
0.02 |
-0.08 |
0.07 |
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Diluted Normalized EPS |
-0.03 |
0.05 |
0.02 |
-0.08 |
0.07 |
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Amort of Intangibles, Supplemental |
0.1 |
0.2 |
0.1 |
0.2 |
0.1 |
|
Normalized EBIT |
-6.7 |
17.5 |
5.6 |
-24.8 |
22.0 |
|
Normalized EBITDA |
0.9 |
24.8 |
12.2 |
-18.8 |
26.0 |
|
Current Tax - Total |
0.0 |
0.0 |
0.0 |
0.1 |
7.0 |
|
Current Tax - Total |
0.0 |
0.0 |
0.0 |
0.1 |
7.0 |
|
Deferred Tax - Total |
-1.9 |
3.1 |
-1.0 |
-2.8 |
-0.7 |
|
Deferred Tax - Total |
-1.9 |
3.1 |
-1.0 |
-2.8 |
-0.7 |
|
Other Tax |
0.0 |
0.0 |
0.0 |
-0.1 |
0.2 |
|
Income Tax - Total |
-1.8 |
3.1 |
-1.0 |
-2.8 |
6.5 |
|
Interest Cost - Domestic |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Service Cost - Domestic |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Expected Return on Assets - Domestic |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Curtailments & Settlements - Domestic |
- |
- |
- |
- |
0.0 |
|
Transition Costs - Domestic |
0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Domestic Pension Plan Expense |
0.1 |
0.1 |
0.1 |
0.1 |
0.2 |
|
Defined Contribution Expense - Domestic |
0.5 |
0.4 |
0.3 |
0.3 |
- |
|
Total Pension Expense |
0.6 |
0.5 |
0.4 |
0.5 |
0.2 |
|
Discount Rate - Domestic |
2.00% |
2.25% |
2.25% |
2.50% |
3.50% |
|
Expected Rate of Return - Domestic |
2.00% |
2.00% |
2.00% |
2.50% |
2.50% |
|
Compensation Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Total Plan Interest Cost |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Total Plan Service Cost |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Plan Expected Return |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate |
30.279 |
29.1565 |
31.985 |
32.818 |
32.4345 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
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|
|
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Cash & Equivalents |
28.4 |
31.0 |
53.6 |
36.6 |
23.4 |
|
Short Term Investments |
4.1 |
4.3 |
3.8 |
2.8 |
1.5 |
|
Cash and Short Term Investments |
32.5 |
35.3 |
57.4 |
39.4 |
24.8 |
|
Accounts Receivable -
Trade, Gross |
30.1 |
24.0 |
13.3 |
11.8 |
19.2 |
|
Provision for Doubtful
Accounts |
-1.0 |
-1.0 |
-0.9 |
-1.2 |
-2.0 |
|
Trade Accounts Receivable - Net |
34.9 |
26.3 |
12.3 |
12.0 |
19.3 |
|
Notes Receivable - Short Term |
7.4 |
4.1 |
2.3 |
2.1 |
2.4 |
|
Other Receivables |
2.6 |
2.1 |
2.0 |
1.2 |
2.8 |
|
Total Receivables, Net |
44.9 |
32.5 |
16.6 |
15.3 |
24.5 |
|
Inventories - Finished Goods |
62.6 |
59.0 |
27.1 |
28.7 |
42.6 |
|
Inventories - Work In Progress |
17.6 |
13.6 |
8.2 |
9.0 |
28.6 |
|
Inventories - Raw Materials |
112.0 |
93.2 |
65.9 |
53.9 |
49.8 |
|
Inventories - Other |
1.5 |
5.1 |
9.5 |
-21.9 |
5.8 |
|
Total Inventory |
193.7 |
170.8 |
110.7 |
69.8 |
126.8 |
|
Prepaid Expenses |
6.7 |
8.4 |
3.8 |
- |
- |
|
Restricted Cash - Current |
- |
0.3 |
0.3 |
- |
- |
|
Deferred Income Tax - Current Asset |
3.8 |
1.8 |
3.5 |
3.5 |
2.2 |
|
Other Current Assets |
1.0 |
1.9 |
0.7 |
0.9 |
1.3 |
|
Other Current Assets, Total |
4.8 |
4.1 |
4.5 |
4.3 |
3.4 |
|
Total Current Assets |
282.7 |
251.1 |
193.0 |
128.8 |
179.5 |
|
|
|
|
|
|
|
|
Buildings |
45.5 |
44.3 |
24.2 |
24.1 |
23.4 |
|
Land/Improvements |
25.2 |
12.2 |
10.7 |
10.5 |
10.6 |
|
Machinery/Equipment |
90.4 |
84.9 |
73.0 |
64.5 |
49.4 |
|
Construction in
Progress |
17.7 |
16.9 |
26.9 |
23.9 |
24.4 |
|
Other
Property/Plant/Equipment |
6.5 |
6.8 |
6.2 |
6.0 |
6.1 |
|
Property/Plant/Equipment - Gross |
185.3 |
165.0 |
140.9 |
129.1 |
113.9 |
|
Accumulated Depreciation |
-48.8 |
-42.8 |
-32.6 |
-25.8 |
-20.5 |
|
Property/Plant/Equipment - Net |
136.6 |
122.3 |
108.3 |
103.3 |
93.4 |
|
Intangibles, Net |
1.1 |
1.0 |
1.0 |
1.0 |
1.0 |
|
Deferred Charges |
0.2 |
0.1 |
0.1 |
0.1 |
- |
|
Pension Benefits - Overfunded |
0.1 |
- |
- |
- |
- |
|
Deferred Income Tax - Long Term Asset |
0.1 |
0.3 |
1.5 |
0.4 |
0.0 |
|
Other Long Term Assets |
1.2 |
2.0 |
0.9 |
0.9 |
1.0 |
|
Other Long Term Assets, Total |
1.5 |
2.5 |
2.6 |
1.4 |
1.0 |
|
Total Assets |
421.9 |
376.9 |
305.0 |
234.6 |
274.9 |
|
|
|
|
|
|
|
|
Accounts Payable |
2.6 |
2.0 |
3.7 |
5.0 |
7.6 |
|
Accrued Expenses |
6.4 |
5.8 |
3.8 |
3.3 |
4.9 |
|
Notes Payable/Short Term Debt |
133.8 |
105.8 |
118.6 |
50.4 |
47.1 |
|
Current Portion - Long Term Debt/Capital Leases |
18.8 |
31.4 |
16.0 |
31.2 |
17.4 |
|
Customer Advances |
4.4 |
3.9 |
2.6 |
1.8 |
2.4 |
|
Income Taxes Payable |
0.0 |
0.0 |
0.0 |
0.0 |
2.6 |
|
Other Payables |
- |
- |
- |
0.2 |
1.1 |
|
Other Current Liabilities |
0.5 |
1.8 |
0.3 |
0.4 |
0.7 |
|
Other Current liabilities, Total |
4.9 |
5.7 |
3.0 |
2.4 |
6.8 |
|
Total Current Liabilities |
166.5 |
150.7 |
145.1 |
92.3 |
83.9 |
|
|
|
|
|
|
|
|
Long Term Debt |
135.3 |
96.2 |
51.5 |
41.0 |
64.1 |
|
Total Long Term Debt |
135.3 |
96.2 |
51.5 |
41.0 |
64.1 |
|
Total Debt |
287.9 |
233.4 |
186.0 |
122.6 |
128.6 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
- |
- |
- |
0.0 |
0.9 |
|
Deferred Income Tax |
- |
- |
- |
0.0 |
0.9 |
|
Minority Interest |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Reserves |
1.5 |
1.6 |
1.4 |
1.4 |
1.4 |
|
Pension Benefits - Underfunded |
2.8 |
2.4 |
2.2 |
2.1 |
2.1 |
|
Other Long Term Liabilities |
0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Liabilities, Total |
4.4 |
4.0 |
3.6 |
3.5 |
3.5 |
|
Total Liabilities |
306.2 |
250.9 |
200.2 |
136.8 |
152.4 |
|
|
|
|
|
|
|
|
Common Stock |
90.1 |
93.6 |
85.3 |
83.2 |
73.2 |
|
Common Stock |
90.1 |
93.6 |
85.3 |
83.2 |
73.2 |
|
Additional Paid-In Capital |
14.6 |
15.2 |
13.9 |
13.5 |
13.7 |
|
Retained Earnings (Accumulated Deficit) |
0.6 |
9.7 |
-3.6 |
-8.3 |
28.6 |
|
Treasury Stock - Common |
-0.4 |
- |
- |
- |
- |
|
Unrealized Gain (Loss) |
4.6 |
5.5 |
4.9 |
4.5 |
4.6 |
|
Translation Adjustment |
6.5 |
1.9 |
4.3 |
5.0 |
2.5 |
|
Minimum Pension Liability Adjustment |
-0.3 |
- |
- |
- |
- |
|
Other Equity, Total |
6.2 |
1.9 |
4.3 |
5.0 |
2.5 |
|
Total Equity |
115.7 |
126.0 |
104.8 |
97.8 |
122.5 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
421.9 |
376.9 |
305.0 |
234.6 |
274.9 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
271.6 |
272.9 |
272.9 |
272.9 |
272.9 |
|
Total Common Shares Outstanding |
271.6 |
272.9 |
272.9 |
272.9 |
272.9 |
|
Treasury Shares - Common Stock Primary Issue |
1.2 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Employees |
939 |
880 |
765 |
669 |
685 |
|
Number of Common Shareholders |
17,872 |
18,577 |
18,917 |
20,930 |
20,087 |
|
Deferred Revenue - Current |
4.4 |
3.9 |
2.6 |
1.8 |
2.4 |
|
Total Operating Leases, Supplemental |
1.2 |
1.5 |
1.5 |
1.8 |
2.0 |
|
Operating Lease Payments Due in Year 1 |
0.4 |
0.4 |
0.3 |
0.3 |
0.3 |
|
Operating Lease Payments Due in Year 2 |
0.3 |
0.3 |
0.3 |
0.3 |
0.3 |
|
Operating Lease Payments Due in Year 3 |
0.1 |
0.3 |
0.3 |
0.3 |
0.3 |
|
Operating Lease Payments Due in Year 4 |
0.1 |
0.1 |
0.3 |
0.3 |
0.3 |
|
Operating Lease Payments Due in Year 5 |
- |
- |
- |
- |
0.3 |
|
Operating Lease Pymts. Due in 2-3 Years |
0.4 |
0.6 |
0.5 |
0.6 |
0.6 |
|
Operating Lease Pymts. Due in 4-5 Years |
0.1 |
0.1 |
0.3 |
0.3 |
0.5 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
0.4 |
0.4 |
0.4 |
0.6 |
0.6 |
|
Pension Obligation - Domestic |
5.0 |
4.6 |
4.0 |
3.8 |
3.6 |
|
Plan Assets - Domestic |
1.1 |
1.1 |
1.0 |
1.2 |
1.2 |
|
Funded Status - Domestic |
-3.9 |
-3.5 |
-3.0 |
-2.6 |
-2.3 |
|
Accumulated Obligation - Domestic |
3.9 |
3.5 |
3.0 |
2.8 |
2.9 |
|
Total Funded Status |
-3.9 |
-3.5 |
-3.0 |
-2.6 |
-2.3 |
|
Discount Rate - Domestic |
2.00% |
2.25% |
2.25% |
2.50% |
3.50% |
|
Expected Rate of Return - Domestic |
2.00% |
2.00% |
2.00% |
2.50% |
2.50% |
|
Compensation Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Accrued Liabilities - Domestic |
-2.8 |
-2.4 |
-2.2 |
-2.1 |
-2.1 |
|
Net Assets Recognized on Balance Sheet |
-2.8 |
-2.4 |
-2.2 |
-2.1 |
-2.1 |
|
Total Plan Obligations |
5.0 |
4.6 |
4.0 |
3.8 |
3.6 |
|
Total Plan Assets |
1.1 |
1.1 |
1.0 |
1.2 |
1.2 |
|
|
|
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 |
Restated 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 |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
-9.1 |
12.6 |
4.8 |
-21.9 |
17.6 |
|
Depreciation |
7.6 |
7.2 |
6.5 |
6.0 |
3.9 |
|
Depreciation/Depletion |
7.6 |
7.2 |
6.5 |
6.0 |
3.9 |
|
Amortization of Intangibles |
0.1 |
0.2 |
0.1 |
- |
- |
|
Amortization |
0.1 |
0.2 |
0.1 |
- |
- |
|
Deferred Taxes |
-1.9 |
3.1 |
-1.0 |
-2.8 |
-0.7 |
|
Unusual Items |
0.7 |
-0.3 |
-0.5 |
0.0 |
6.5 |
|
Other Non-Cash Items |
7.3 |
-1.0 |
-24.8 |
17.7 |
0.3 |
|
Non-Cash Items |
7.9 |
-1.3 |
-25.3 |
17.6 |
6.9 |
|
Accounts Receivable |
-13.3 |
-13.4 |
-0.7 |
10.0 |
4.5 |
|
Inventories |
-36.2 |
-46.1 |
-13.6 |
38.0 |
-9.2 |
|
Prepaid Expenses |
2.1 |
-4.4 |
-2.9 |
- |
- |
|
Other Assets |
0.4 |
-1.0 |
-0.8 |
1.9 |
-0.4 |
|
Accounts Payable |
0.3 |
-1.7 |
-1.4 |
-2.6 |
-3.8 |
|
Accrued Expenses |
0.7 |
1.6 |
0.4 |
-1.6 |
0.7 |
|
Taxes Payable |
0.0 |
0.0 |
0.0 |
-2.7 |
-3.1 |
|
Other Liabilities |
0.8 |
1.6 |
1.4 |
-1.1 |
-2.8 |
|
Changes in Working Capital |
-45.0 |
-63.4 |
-17.5 |
41.9 |
-14.2 |
|
Cash from Operating Activities |
-40.4 |
-41.6 |
-32.4 |
40.8 |
13.5 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-23.4 |
-12.6 |
-10.7 |
-17.6 |
-21.1 |
|
Purchase/Acquisition of Intangibles |
- |
- |
- |
-0.1 |
-0.1 |
|
Capital Expenditures |
-23.4 |
-12.6 |
-10.7 |
-17.7 |
-21.3 |
|
Sale of Fixed Assets |
0.0 |
0.0 |
0.7 |
0.0 |
2.3 |
|
Sale/Maturity of Investment |
0.7 |
2.4 |
2.8 |
15.6 |
1.7 |
|
Purchase of Investments |
-2.1 |
-2.0 |
-2.4 |
-17.1 |
0.0 |
|
Other Investing Cash Flow |
0.9 |
-1.2 |
-0.4 |
-0.2 |
-0.2 |
|
Other Investing Cash Flow Items, Total |
-0.5 |
-0.8 |
0.7 |
-1.7 |
3.8 |
|
Cash from Investing Activities |
-23.9 |
-13.5 |
-10.0 |
-19.3 |
-17.4 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-1.5 |
-0.2 |
-0.2 |
-1.3 |
-1.2 |
|
Financing Cash Flow Items |
-1.5 |
-0.2 |
-0.2 |
-1.3 |
-1.2 |
|
Cash Dividends Paid - Common |
- |
- |
- |
-4.5 |
-9.2 |
|
Total Cash Dividends Paid |
- |
- |
- |
-4.5 |
-9.2 |
|
Repurchase/Retirement
of Common |
-0.4 |
- |
- |
- |
- |
|
Common Stock, Net |
-0.4 |
- |
- |
- |
- |
|
Issuance (Retirement) of Stock, Net |
-0.4 |
- |
- |
- |
- |
|
Short Term Debt, Net |
32.4 |
-21.4 |
64.1 |
4.2 |
13.7 |
|
Long Term Debt Issued |
57.8 |
76.2 |
30.3 |
9.4 |
26.9 |
|
Long Term Debt
Reduction |
-25.8 |
-25.7 |
-36.5 |
-17.9 |
-22.1 |
|
Long Term Debt, Net |
32.0 |
50.5 |
-6.2 |
-8.6 |
4.8 |
|
Issuance (Retirement) of Debt, Net |
64.4 |
29.1 |
57.9 |
-4.4 |
18.5 |
|
Cash from Financing Activities |
62.4 |
28.9 |
57.7 |
-10.2 |
8.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.3 |
0.6 |
0.2 |
2.8 |
0.1 |
|
Net Change in Cash |
-1.5 |
-25.7 |
15.5 |
14.1 |
4.1 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
30.8 |
54.4 |
36.4 |
24.0 |
18.9 |
|
Net Cash - Ending Balance |
29.3 |
28.7 |
51.9 |
38.1 |
23.1 |
|
Cash Interest Paid |
6.0 |
3.4 |
2.3 |
4.2 |
4.4 |
|
Cash Taxes Paid |
0.1 |
0.0 |
0.0 |
2.6 |
10.3 |
|
|
|
|
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 |
Reclassified
Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate (Period
Average) |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
32.848802 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Gross Sales |
593.3 |
433.4 |
223.2 |
397.3 |
516.6 |
|
Sales Returns |
-1.5 |
-2.5 |
-1.3 |
-2.2 |
-0.4 |
|
Sales Discounts and Allowances |
-0.1 |
-0.2 |
-0.1 |
-0.8 |
-0.1 |
|
Total Revenue |
591.8 |
430.7 |
221.8 |
394.2 |
516.1 |
|
|
|
|
|
|
|
|
Cost of Sales |
568.9 |
387.8 |
200.7 |
397.0 |
460.0 |
|
Selling Expense |
21.2 |
19.0 |
10.4 |
17.5 |
21.9 |
|
General and Administrative Expenses |
8.4 |
6.4 |
5.3 |
5.4 |
5.6 |
|
Gain from Inventory Revaluation |
- |
- |
- |
- |
6.6 |
|
Gain on Reversal of Bad Debt |
- |
- |
-0.3 |
-0.9 |
- |
|
Impairment Loss |
0.9 |
0.0 |
0.0 |
0.7 |
- |
|
Total Operating Expense |
599.4 |
413.2 |
216.2 |
419.8 |
494.1 |
|
|
|
|
|
|
|
|
Foreign Exchange Gains |
2.3 |
1.4 |
-0.3 |
2.3 |
1.2 |
|
Gain on Sale of Scrap & Waste |
- |
- |
- |
- |
4.2 |
|
Revaluation Gain on Financial Assets |
- |
- |
0.0 |
1.3 |
0.1 |
|
Interest Income |
0.1 |
0.0 |
0.0 |
0.1 |
0.2 |
|
Gains on Sale of Investments |
0.2 |
0.3 |
1.0 |
0.8 |
0.2 |
|
Miscellaneous Income |
0.2 |
0.2 |
0.3 |
0.7 |
1.0 |
|
Interest Expense |
-6.0 |
-3.4 |
-2.2 |
-4.0 |
-4.5 |
|
Loss on Sale of Fixed Assets |
- |
- |
-0.5 |
- |
-0.2 |
|
Loss on Disposal of Fixed Assets |
- |
- |
- |
-0.1 |
- |
|
Miscellaneous Disbursements |
0.0 |
-0.3 |
-0.1 |
-0.2 |
-0.1 |
|
Net Income Before Taxes |
-10.9 |
15.7 |
3.8 |
-24.7 |
24.1 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
-1.8 |
3.1 |
-1.0 |
-2.8 |
6.5 |
|
Net Income After Taxes |
-9.1 |
12.6 |
4.8 |
-21.9 |
17.6 |
|
|
|
|
|
|
|
|
Minority Interest |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Net Income Before Extra. Items |
-9.1 |
12.6 |
4.8 |
-21.9 |
17.6 |
|
Net Income |
-9.1 |
12.6 |
4.8 |
-21.9 |
17.6 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
-9.1 |
12.6 |
4.8 |
-21.9 |
17.6 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
-9.1 |
12.6 |
4.8 |
-21.9 |
17.6 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
272.8 |
272.9 |
272.9 |
272.9 |
272.9 |
|
Basic EPS Excluding ExtraOrdinary Items |
-0.03 |
0.05 |
0.02 |
-0.08 |
0.06 |
|
Basic EPS Including ExtraOrdinary Items |
-0.03 |
0.05 |
0.02 |
-0.08 |
0.06 |
|
Dilution Adjustment |
0.0 |
- |
- |
0.0 |
- |
|
Diluted Net Income |
-9.1 |
12.6 |
4.8 |
-21.9 |
17.6 |
|
Diluted Weighted Average Shares |
272.8 |
272.9 |
272.9 |
272.9 |
272.9 |
|
Diluted EPS Excluding ExtraOrd Items |
-0.03 |
0.05 |
0.02 |
-0.08 |
0.06 |
|
Diluted EPS Including ExtraOrd Items |
-0.03 |
0.05 |
0.02 |
-0.08 |
0.06 |
|
DPS-Ordinary Stock |
0.00 |
0.00 |
0.00 |
0.00 |
0.02 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
4.3 |
|
Normalized Income Before Taxes |
-10.0 |
15.7 |
4.3 |
-23.9 |
24.3 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
-1.5 |
3.1 |
-0.8 |
-2.5 |
6.6 |
|
Normalized Income After Taxes |
-8.5 |
12.6 |
5.1 |
-21.4 |
17.7 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-8.5 |
12.6 |
5.1 |
-21.4 |
17.7 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-0.03 |
0.05 |
0.02 |
-0.08 |
0.07 |
|
Diluted Normalized EPS |
-0.03 |
0.05 |
0.02 |
-0.08 |
0.07 |
|
Interest Expense, Supplemental |
6.0 |
3.4 |
2.2 |
4.0 |
4.5 |
|
Capitalized Interest |
-0.1 |
-0.1 |
-0.1 |
-0.6 |
-0.6 |
|
Depreciation - Operating Cost |
6.7 |
6.7 |
6.2 |
5.4 |
3.5 |
|
Depreciation - Operating Expense |
0.9 |
0.4 |
0.3 |
0.4 |
0.3 |
|
Amortization - Operating Cost |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Amortization - Operating Expense |
0.1 |
0.2 |
0.1 |
0.2 |
0.1 |
|
Current Tax Payable |
0.0 |
0.0 |
0.0 |
0.1 |
7.0 |
|
Current Tax - Total |
0.0 |
0.0 |
0.0 |
0.1 |
7.0 |
|
Deferred Tax |
-1.9 |
3.1 |
-1.0 |
-2.8 |
-0.7 |
|
Deferred Tax - Total |
-1.9 |
3.1 |
-1.0 |
-2.8 |
-0.7 |
|
Other Tax |
0.0 |
0.0 |
0.0 |
-0.1 |
0.2 |
|
Income Tax - Total |
-1.8 |
3.1 |
-1.0 |
-2.8 |
6.5 |
|
Service Cost |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest Cost |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Expected Return on Plan Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Amort. Transitional Benefit Obligation |
0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Curtailment&Settlement G/L |
- |
- |
- |
- |
0.0 |
|
Domestic Pension Plan Expense |
0.1 |
0.1 |
0.1 |
0.1 |
0.2 |
|
Defined Contribution Expense - Domestic |
0.5 |
0.4 |
0.3 |
0.3 |
- |
|
Total Pension Expense |
0.6 |
0.5 |
0.4 |
0.5 |
0.2 |
|
Discount Rate |
2.00% |
2.25% |
2.25% |
2.50% |
3.50% |
|
Rate of Compensation Increase |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return on Plan Assets |
2.00% |
2.00% |
2.00% |
2.50% |
2.50% |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate |
30.279 |
29.1565 |
31.985 |
32.818 |
32.4345 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte & Touche
LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Cash |
28.4 |
31.0 |
53.6 |
36.6 |
23.4 |
|
Current Financial Assets - Held for Sale |
4.1 |
4.3 |
3.8 |
2.8 |
1.5 |
|
Notes Receivable |
7.4 |
4.1 |
2.3 |
2.1 |
2.4 |
|
Accounts Receivable, Gross |
30.1 |
24.0 |
13.3 |
11.8 |
19.2 |
|
Provision for Doubtful Accounts |
-1.0 |
-1.0 |
-0.9 |
-1.2 |
-2.0 |
|
Accounts Receivable - Related Parties |
5.8 |
3.3 |
0.0 |
1.4 |
2.2 |
|
Other Receivables |
2.6 |
2.1 |
2.0 |
1.2 |
2.8 |
|
Finished Goods |
62.6 |
59.0 |
27.1 |
28.7 |
42.6 |
|
Work-in-Process |
17.6 |
13.6 |
8.2 |
9.0 |
28.6 |
|
Raw Material |
110.4 |
92.0 |
65.1 |
53.4 |
48.8 |
|
Supplies |
1.6 |
1.2 |
0.7 |
0.5 |
1.0 |
|
Inventory in Transit |
1.5 |
5.1 |
9.5 |
3.9 |
12.6 |
|
Provision/Allowance for Inventory |
- |
- |
- |
-25.7 |
-6.8 |
|
Prepayment |
6.7 |
8.4 |
3.8 |
- |
- |
|
Deferred Income Tax Assets - Current |
3.8 |
1.8 |
3.5 |
3.5 |
2.2 |
|
Restricted Bank Deposit |
- |
0.3 |
0.3 |
- |
- |
|
Other Current Assets |
1.0 |
1.9 |
0.7 |
0.9 |
1.3 |
|
Total Current Assets |
282.7 |
251.1 |
193.0 |
128.8 |
179.5 |
|
|
|
|
|
|
|
|
Land |
25.2 |
11.9 |
10.7 |
10.5 |
10.6 |
|
Land and Improvements |
- |
0.4 |
0.0 |
- |
- |
|
Buildings and Structures |
39.9 |
38.5 |
18.9 |
19.0 |
18.4 |
|
Machinery and Equipment |
79.3 |
74.0 |
63.7 |
56.0 |
41.2 |
|
Transportation Equipment |
2.3 |
2.3 |
1.7 |
1.6 |
1.5 |
|
Leasehold Improvement |
5.6 |
5.7 |
5.2 |
5.1 |
5.0 |
|
Miscellaneous Equipment |
8.8 |
8.6 |
7.6 |
6.9 |
6.7 |
|
Construction in Progress |
0.5 |
0.3 |
12.7 |
20.4 |
19.0 |
|
Prepayment for Equipment |
17.2 |
16.5 |
14.2 |
3.6 |
5.4 |
|
Assets Revaluation Increment |
6.5 |
6.8 |
6.2 |
6.0 |
6.1 |
|
Accumulated Depreciation |
-48.8 |
-42.8 |
-32.6 |
-25.8 |
-20.5 |
|
Land Use Right |
1.1 |
1.0 |
1.0 |
1.0 |
1.0 |
|
Security Deposit Paid |
0.7 |
1.5 |
0.4 |
0.4 |
0.4 |
|
Deferred Charges |
0.2 |
0.1 |
0.1 |
0.1 |
- |
|
Deferred Income Tax Assets - Non Current |
0.1 |
0.3 |
1.5 |
0.4 |
0.0 |
|
Other Assets - Land |
0.5 |
0.6 |
0.5 |
0.5 |
- |
|
Deferred Pension Cost |
0.1 |
- |
- |
- |
- |
|
Other Long Term Assets |
- |
- |
- |
- |
0.6 |
|
Total Assets |
421.9 |
376.9 |
305.0 |
234.6 |
274.9 |
|
|
|
|
|
|
|
|
Short Term Borrowings |
129.0 |
101.2 |
114.5 |
44.1 |
41.5 |
|
Short Term Notes & Bills Payable |
3.3 |
3.4 |
3.1 |
6.1 |
5.2 |
|
Notes Payable |
1.5 |
1.2 |
1.0 |
0.2 |
0.4 |
|
Accounts Payable |
2.6 |
2.0 |
3.7 |
5.0 |
7.6 |
|
Income Taxes Payable |
0.0 |
0.0 |
0.0 |
0.0 |
2.6 |
|
Accrued Expenses |
6.4 |
5.8 |
3.8 |
3.3 |
4.9 |
|
Other Payable-Machinery & Equip. |
- |
- |
- |
0.2 |
1.1 |
|
Advance Receipts |
4.4 |
3.9 |
2.6 |
1.8 |
2.4 |
|
Current Portion of Long Term Debt |
18.8 |
31.4 |
16.0 |
31.2 |
17.4 |
|
Other Current Liabilities |
0.5 |
1.8 |
0.3 |
0.4 |
0.7 |
|
Total Current Liabilities |
166.5 |
150.7 |
145.1 |
92.3 |
83.9 |
|
|
|
|
|
|
|
|
Long Term Borrowings |
135.3 |
96.2 |
51.5 |
41.0 |
64.1 |
|
Total Long Term Debt |
135.3 |
96.2 |
51.5 |
41.0 |
64.1 |
|
|
|
|
|
|
|
|
Land Revaluation Increment Tax Reserve |
1.5 |
1.6 |
1.4 |
1.4 |
1.4 |
|
Accrued Pension Liabilities |
2.8 |
2.4 |
2.2 |
2.1 |
2.1 |
|
Long Term Security Deposits Received |
0.1 |
0.0 |
0.0 |
- |
- |
|
Deferred Income Tax Liabilities |
- |
- |
- |
0.0 |
0.9 |
|
Other Long Term Liabilities |
- |
- |
- |
0.0 |
0.0 |
|
Minority Interest |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Total Liabilities |
306.2 |
250.9 |
200.2 |
136.8 |
152.4 |
|
|
|
|
|
|
|
|
Common Stock |
90.1 |
93.6 |
85.3 |
83.2 |
73.2 |
|
Additional Paid-In Capital |
14.6 |
15.2 |
13.9 |
13.5 |
13.7 |
|
Legal Reserve |
10.6 |
11.0 |
10.0 |
9.8 |
8.1 |
|
Special Reserve |
0.5 |
0.6 |
0.5 |
0.5 |
0.5 |
|
Retained Earnings |
-10.6 |
-1.8 |
-14.1 |
-18.6 |
19.9 |
|
Cumulative Translation Adjustment |
6.5 |
1.9 |
4.3 |
5.0 |
2.5 |
|
Net Loss Not Recognized as Pension Cost |
-0.3 |
- |
- |
- |
- |
|
Unrealized Gain on Fin. Products |
-0.4 |
0.3 |
0.2 |
-0.2 |
-0.1 |
|
Treasury Stock |
-0.4 |
- |
- |
- |
- |
|
Fixed Assets Revaluation |
5.0 |
5.2 |
4.8 |
4.6 |
4.7 |
|
Total Equity |
115.7 |
126.0 |
104.8 |
97.8 |
122.5 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
421.9 |
376.9 |
305.0 |
234.6 |
274.9 |
|
|
|
|
|
|
|
|
S/O-Ordinary Stock |
271.6 |
272.9 |
272.9 |
272.9 |
272.9 |
|
Total Common Shares Outstanding |
271.6 |
272.9 |
272.9 |
272.9 |
272.9 |
|
T/S-Ordinary Stock |
1.2 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Deferred Revenue, Current |
4.4 |
3.9 |
2.6 |
1.8 |
2.4 |
|
Full-Time Employees |
939 |
880 |
765 |
669 |
685 |
|
Number of Common Shareholders |
17,872 |
18,577 |
18,917 |
20,930 |
20,087 |
|
Operating Lease due in 1 year |
0.4 |
0.4 |
0.3 |
0.3 |
0.3 |
|
Operating Lease due in 2 years |
0.3 |
0.3 |
0.3 |
0.3 |
0.3 |
|
Operating Lease due in 3 years |
0.1 |
0.3 |
0.3 |
0.3 |
0.3 |
|
Operating Lease due in 4 years |
0.1 |
0.1 |
0.3 |
0.3 |
0.3 |
|
Operating Lease due in 5 years |
- |
- |
- |
- |
0.3 |
|
Operating Lease after 4 years |
0.4 |
0.4 |
0.4 |
0.6 |
- |
|
Operating Lease after 5 years |
- |
- |
- |
- |
0.6 |
|
Total Operating Leases |
1.2 |
1.5 |
1.5 |
1.8 |
2.0 |
|
Accumulated Benefit Obligation |
3.9 |
3.5 |
3.0 |
2.8 |
2.9 |
|
Benefit Obligation |
5.0 |
4.6 |
4.0 |
3.8 |
3.6 |
|
Fair Value of Plan Assets |
1.1 |
1.1 |
1.0 |
1.2 |
1.2 |
|
Funded Status |
-3.9 |
-3.5 |
-3.0 |
-2.6 |
-2.3 |
|
Total Funded Status |
-3.9 |
-3.5 |
-3.0 |
-2.6 |
-2.3 |
|
Discount Rate |
2.00% |
2.25% |
2.25% |
2.50% |
3.50% |
|
Rate of Compensation Increase |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return on Plan Assets |
2.00% |
2.00% |
2.00% |
2.50% |
2.50% |
|
Accrued Pension Liabilities |
-2.8 |
-2.4 |
-2.2 |
-2.1 |
-2.1 |
|
Net Assets Recognized on Balance Sheet |
-2.8 |
-2.4 |
-2.2 |
-2.1 |
-2.1 |
|
|
|
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 |
Restated 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 |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
-9.1 |
12.6 |
4.8 |
-21.9 |
17.6 |
|
Depreciation |
7.6 |
7.2 |
6.5 |
6.0 |
3.9 |
|
Amortization |
0.1 |
0.2 |
0.1 |
- |
- |
|
Deferred Tax |
-1.9 |
3.1 |
-1.0 |
-2.8 |
-0.7 |
|
G/L on Valuation of Inventory/Obsoles. |
- |
- |
- |
- |
6.6 |
|
G/L on Inventory Obsoles. |
7.1 |
-1.0 |
-24.5 |
19.7 |
- |
|
Gain/Loss on Fin. Products Revaluation |
- |
- |
- |
-1.3 |
-0.1 |
|
Provision of Bad Debts/Reversal |
0.1 |
0.0 |
-0.3 |
-0.9 |
0.4 |
|
Impairment on Financial Assets-Available |
0.9 |
- |
- |
0.7 |
0.0 |
|
Gain on Sale of Investment |
-0.2 |
-0.3 |
-1.0 |
-0.8 |
-0.2 |
|
Net Loss on Disposal of Properties |
0.0 |
0.0 |
0.5 |
0.1 |
0.2 |
|
Unappropriated Pension Expense |
0.1 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Other |
- |
0.0 |
0.0 |
0.0 |
- |
|
Financial Assets - Trading |
- |
- |
- |
1.3 |
-0.2 |
|
Notes Receivable |
-3.4 |
-1.6 |
-0.1 |
0.3 |
0.9 |
|
Accounts Receivable |
-9.1 |
-12.0 |
0.2 |
8.1 |
3.4 |
|
Other Receivables |
-0.7 |
0.1 |
-0.8 |
1.6 |
0.1 |
|
Inventories |
-36.2 |
-46.1 |
-13.6 |
38.0 |
-9.2 |
|
Prepayment |
2.1 |
-4.4 |
-2.9 |
- |
- |
|
Other Current Assets |
0.4 |
-1.0 |
-0.8 |
0.6 |
-0.2 |
|
Notes Payable |
0.4 |
0.1 |
0.7 |
-0.2 |
-1.5 |
|
Accounts Payable |
0.3 |
-1.7 |
-1.4 |
-2.6 |
-3.8 |
|
Tax Payable |
0.0 |
0.0 |
0.0 |
-2.7 |
-3.1 |
|
Accrued Expenses |
0.7 |
1.6 |
0.4 |
-1.6 |
0.7 |
|
Advance Receipts |
2.3 |
0.9 |
1.0 |
-0.6 |
-0.7 |
|
Other Current Liabilities |
-1.9 |
0.6 |
-0.3 |
-0.3 |
-0.6 |
|
Cash from Operating Activities |
-40.4 |
-41.6 |
-32.4 |
40.8 |
13.5 |
|
|
|
|
|
|
|
|
Capital Expenditure |
-23.4 |
-12.6 |
-10.7 |
-17.6 |
-21.1 |
|
Financial Assets - Held for Sale, Incr. |
-2.1 |
-2.0 |
-2.4 |
-17.1 |
0.0 |
|
Financial Assets - Held for Sale, Decr. |
0.7 |
2.4 |
2.8 |
15.6 |
1.7 |
|
Gain on Sale of Assets |
- |
0.0 |
0.7 |
0.0 |
- |
|
Land Use Right |
- |
- |
- |
-0.1 |
-0.1 |
|
Deferred Charges |
-0.3 |
-0.1 |
-0.1 |
-0.2 |
0.0 |
|
Other Assets |
- |
- |
- |
- |
-0.3 |
|
Security Deposit Paid |
0.9 |
-1.1 |
0.0 |
-0.1 |
-0.1 |
|
Security Deposits Received |
- |
- |
- |
- |
0.0 |
|
Disposal of Fixed Assets |
0.0 |
- |
- |
- |
2.3 |
|
Restricted Assets |
0.3 |
- |
- |
- |
0.2 |
|
Restricted Bank Deposit |
- |
0.0 |
-0.3 |
- |
- |
|
Cash from Investing Activities |
-23.9 |
-13.5 |
-10.0 |
-19.3 |
-17.4 |
|
|
|
|
|
|
|
|
Long Term Borrowings |
57.8 |
76.2 |
30.3 |
9.4 |
26.9 |
|
Repayment of LT Borrowings |
-25.8 |
-25.7 |
-36.5 |
-17.9 |
-22.1 |
|
Short Term Borrowings, Net |
32.4 |
-21.4 |
67.1 |
3.3 |
11.6 |
|
Cash Dividend - Common Stock |
- |
- |
- |
-4.5 |
-9.2 |
|
Short Term Notes, Net |
- |
0.0 |
-3.0 |
1.0 |
2.1 |
|
Directors Remuneration |
- |
- |
- |
-0.2 |
-0.2 |
|
Payables on Equipment Decrease |
-1.7 |
-0.2 |
-0.2 |
-1.1 |
-0.8 |
|
Purchase of Treasury Shares |
-0.4 |
- |
- |
- |
- |
|
Minority Interest |
- |
0.0 |
0.0 |
0.0 |
- |
|
Employees Bonus |
- |
- |
- |
0.0 |
-0.2 |
|
Security Deposit Received |
0.1 |
0.0 |
0.0 |
0.0 |
- |
|
Other Liability Increase/Decrease |
- |
- |
- |
0.0 |
0.0 |
|
Cash from Financing Activities |
62.4 |
28.9 |
57.7 |
-10.2 |
8.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.3 |
0.6 |
0.2 |
2.8 |
0.1 |
|
Net Change in Cash |
-1.5 |
-25.7 |
15.5 |
14.1 |
4.1 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
30.8 |
54.4 |
36.4 |
24.0 |
18.9 |
|
Net Cash - Ending Balance |
29.3 |
28.7 |
51.9 |
38.1 |
23.1 |
|
Cash Interest Paid |
6.0 |
3.4 |
2.3 |
4.2 |
4.4 |
|
Cash Taxes Paid |
0.1 |
0.0 |
0.0 |
2.6 |
10.3 |
Financial Health
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
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|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.69 |
|
|
1 |
Rs.85.71 |
|
Euro |
1 |
Rs.68.15 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.