MIRA INFORM REPORT

Report Date :

16.10.2012

IDENTIFICATION DETAILS

Name :	YAGEO CORPORATION
Registered Office :	3F, No. 233-1 Pao Chiao Road, Xindian District New Taipei, 231
Country :	Taiwan
Financials (as on) :	31.12.2011
Date of Incorporation :	09.09.1987
Legal Form :	Public Parent
Line of Business :	Manufacture of electronic valves and tubes and other electronic components
No. of Employees :	9,960

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30^th, 2012

Country Name	Previous Rating (31.03.2011)	Current Rating (30.06.2012)
Taiwan	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

TAIWAN - ECONOMIC OVERVIEW

Taiwan has a dynamic capitalist economy with gradually decreasing government guidance of investment and foreign trade. In keeping with this trend, some large, state-owned banks and industrial firms have been privatized. Exports, led by electronics, machinery, and petrochemicals have provided the primary impetus for economic development. This heavy dependence on exports exposes the economy to fluctuations in world demand. In 2009, Taiwan's GDP contracted 1.9%, due primarily to a 20% year-on-year decline in exports. In 2010 GDP grew 10.9%, as exports returned to the level of previous years, and in 2011, grew 5.2%. However, 2012 growth will likely be less, according to most forecasters, because of softening global demand. Taiwan's diplomatic isolation, low birth rate, and rapidly aging population are major long-term challenges. Free trade agreements have proliferated in East Asia over the past several years, but so far Taiwan has been excluded from this greater economic integration largely because of its diplomatic status with the exception of the landmark Economic Cooperation Framework Agreement (ECFA) signed with China in June 2010. The MA administration has said that the ECFA will serve as a stepping stone toward trade pacts with other regional partners, and negotiations on a deal with Singapore began this year. Follow-on components of ECFA, including deals on trade in goods, services, and investment, have yet to be completed. Taiwan's Total Fertility rate of just over one child per woman is among the lowest in the world, raising the prospect of future labor shortages, falling domestic demand, and declining tax revenues. Taiwan's population is aging quickly, with the number of people over 65 accounting for 10.9% of the island's total population as of 2011. The island runs a large trade surplus, and its foreign reserves are the world's fourth largest, behind China, Japan, and Russia. Since 2005 China has overtaken the US to become Taiwan's second-largest source of imports after Japan. China is also the island's number one destination for foreign direct investment. Three financial memorandums of understanding, covering banking, securities, and insurance, took effect in mid-January 2010, opening the island to greater investments from the mainland's financial firms and institutional investors, and providing new opportunities for Taiwan financial firms to operate in China. Closer economic links with the mainland bring greater opportunities for the Taiwan economy, but also poses new challenges as the island becomes more economically dependent on China while political differences remain unresolved.

Source : CIA

Company name and address

Top of Form

Bottom of Form

Yageo Corporation

3F, No. 233-1
Pao Chiao Road, Xindian District
New Taipei, 231
Taiwan
Tel:	886-2-66299999
Fax:	886-2-66288882
www.yageo.com

Employees:

9,960

Company Type:

Public Parent

Corporate Family:

5 Companies

Traded:

Taiwan Stock Exchange:

2327

Incorporation Date:

09-Sep-1987

Auditor:

Deloitte & Touche LLP

Financials in:	USD (mil)
Fiscal Year End:	31-Dec-2011
Reporting Currency:	Taiwanese New Dollar
Annual Sales:	849.7 ^1
Net Income:	56.7
Total Assets:	1,589.4 ^2
Market Value:	668.3
	(05-Oct-2012)

Business Description

Yageo Corporation specializes in the research, development, manufacture and sale of passive components and the related manufacturing equipment. The Company provides multilayer ceramic capacitors, chip resistors, high-frequency antenna, electrolytic capacitors, inductors, conductor resistance and magnetic substances, as well as related equipment, materials and half finished products. During the year ended December 31, 2011, the Company obtained 40% and 36% of its total revenue from its multilayer ceramic capacitors and chip resistors, respectively. It distributes its products in domestic market and to overseas markets, including the rest of Asia, Europe and the Americas. For the six months ended 30 June 2012, Yageo Corporation revenues decreased 11% to NT$11.89B. Net income decreased 49% to NT$579.4M. Revenues reflect Electronic capacitor segment decrease of 12% to NT$4.74B, Other electronic component segment decrease of 37% to NT$870.6M. Net income also reflects Impairment Loss increase from NT$0K to NT$155.1M (expense), G/L on Financial Assets Revaluation decrease from NT$64.6M (income) to NT$26.7M

Industry

Industry	Electronic Instruments and Controls
ANZSIC 2006:	2429 - Other Electronic Equipment Manufacturing
NACE 2002:	3210 - Manufacture of electronic valves and tubes and other electronic components
NAICS 2002:	334414 - Electronic Capacitor Manufacturing
UK SIC 2003:	3210 - Manufacture of electronic valves and tubes and other electronic components
UK SIC 2007:	2611 - Manufacture of electronic components
US SIC 1987:	3675 - Electronic Capacitors

Key Executives

Name	Title
Qiwen Zhang	Chief Financial Officer, Director
Masayuki Fujimoto	Chief Technology Officer
Xiangyan Chen	Chief Legal Affairs Officer
Deli Lei	Deputy General Manager
David D. R. Wang	Chief Executive Officer-Ferroxcube

Significant Developments

Topic	#*	Most Recent Headline	Date
Dividends	1	Yageo Corporation Announces No Dividend Payment for FY 2011	22-Mar-2012

* number of significant developments within the last 12 months

News

Title	Date
Microfarads: New Online Passive Component Distributor Offers Cost Saving Alternatives PR Web (340 Words)	25-Sep-2012
WSJ BLOG/Deal Journal: Taiwan Government Wades Into Another Deal Nikkei English News (388 Words)	9-Aug-2012
IR Global Rankings Announces the Best Ranked Companies in 2011 PR Newswire US (4899 Words)	30-Nov-2011
Financial machinations at auctions Economist.com (1348 Words)	18-Nov-2011
Global Ceramic Capacitors Market to Reach US$17.9 Billion by 2017, According to a New Report by Global Industry Analysts, Inc. PR Web (774 Words)	9-Nov-2011

Financial Summary

As of 30-Jun-2012

Key Ratios	Company	Industry
Current Ratio (MRQ)	2.51	2.32
Quick Ratio (MRQ)	2.07	1.43
Debt to Equity (MRQ)	0.30	0.56
Sales 5 Year Growth	4.14	8.07
Net Profit Margin (TTM) %	4.89	6.72
Return on Assets (TTM) %	2.25	5.54
Return on Equity (TTM) %	3.35	13.32

Stock Snapshot

Traded: Taiwan Stock Exchange: 2327

As of 5-Oct-2012

   Financials in: TWD

Recent Price	8.88	EPS	0.71
52 Week High	10.65	Price/Sales	0.78
52 Week Low	7.26	Price/Earnings	17.23
Avg. Volume (mil)	2,613.89	Price/Book	0.58
Market Value (mil)	19,583.14	Beta	1.33

	Price % Change	Rel S&P 500%
4 Week	1.72%	-1.80%
13 Week	2.42%	-1.87%
52 Week	5.09%	-2.54%
Year to Date	13.27%	4.16%

1 - Profit & Loss Item Exchange Rate: USD 1 = TWD 29.39004
2 - Balance Sheet Item Exchange Rate: USD 1 = TWD 30.279

Corporate Overview

Location
3F, No. 233-1
Pao Chiao Road, Xindian District
New Taipei, 231
Taiwan

Tel:	886-2-66299999
Fax:	886-2-66288882

www.yageo.com

Quote Symbol - Exchange
2327 - Taiwan Stock Exchange
Sales TWD(mil):	24,973.1
Assets TWD(mil):	48,125.8
Employees:	9,960
Fiscal Year End:	31-Dec-2011

Industry:	Electronic Instruments and Controls

Incorporation Date:	09-Sep-1987
Company Type:	Public Parent
Quoted Status:	Quoted

Chief Executive Officer-Ferroxcube:	David D. R. Wang

Company Web Links

Company Contact/E-mail

Corporate History/Profile

Employment Opportunities

Executives

Financial Information

Home Page

Investor Relations

Products/Services

Contents Industry Codes Business Description Brand/Trade Names Financial Data

Market Data Subsidiaries Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:
2429	-	Other Electronic Equipment Manufacturing
2439	-	Other Electrical Equipment Manufacturing
2419	-	Other Professional and Scientific Equipment Manufacturing

NACE 2002 Codes:
3210	-	Manufacture of electronic valves and tubes and other electronic components
3320	-	Manufacture of instruments and appliances for measuring, checking, testing, navigating and other purposes, except industrial process control equipment
3110	-	Manufacture of electric motors, generators and transformers
3162	-	Manufacture of other electrical equipment not elsewhere classified

NAICS 2002 Codes:
334414	-	Electronic Capacitor Manufacturing
334416	-	Electronic Coil, Transformer, and Other Inductor Manufacturing
335999	-	All Other Miscellaneous Electrical Equipment and Component Manufacturing
334515	-	Instrument Manufacturing for Measuring and Testing Electricity and Electrical Signals
334415	-	Electronic Resistor Manufacturing

US SIC 1987:
3675	-	Electronic Capacitors
3699	-	Electrical Machinery, Equipment, and Supplies, Not Elsewhere Classified
3676	-	Electronic Resistors
3677	-	Electronic Coils, Transformers, and Other Inductors
3825	-	Instruments for Measuring and Testing of Electricity and Electrical Signals

UK SIC 2003:
3210	-	Manufacture of electronic valves and tubes and other electronic components
3162	-	Manufacture of other electrical equipment not elsewhere classified
3110	-	Manufacture of electric motors, generators and transformers
3320	-	Manufacture of instruments and appliances for measuring, checking, testing, navigating and other purposes, except industrial process control equipment

UK SIC 2007:
2611	-	Manufacture of electronic components
2711	-	Manufacture of electric motors, generators and transformers
2790	-	Manufacture of other electrical equipment
2651	-	Manufacture of instruments and appliances for measuring, testing and navigation

Business Description

Yageo Corporation specializes in the research, development, manufacture and sale of passive components and the related manufacturing equipment. The Company provides multilayer ceramic capacitors, chip resistors, high-frequency antenna, electrolytic capacitors, inductors, conductor resistance and magnetic substances, as well as related equipment, materials and half finished products. During the year ended December 31, 2011, the Company obtained 40% and 36% of its total revenue from its multilayer ceramic capacitors and chip resistors, respectively. It distributes its products in domestic market and to overseas markets, including the rest of Asia, Europe and the Americas. For the six months ended 30 June 2012, Yageo Corporation revenues decreased 11% to NT$11.89B. Net income decreased 49% to NT$579.4M. Revenues reflect Electronic capacitor segment decrease of 12% to NT$4.74B, Other electronic component segment decrease of 37% to NT$870.6M. Net income also reflects Impairment Loss increase from NT$0K to NT$155.1M (expense), G/L on Financial Assets Revaluation decrease from NT$64.6M (income) to NT$26.7M

More Business Descriptions

Manufacture of thick-film resistors, including chip, array, network and thin-film resistors and their production equipment

Capacitors, Resistors, Inductors & Related Equipment Mfr

Yageo Corporation manufactures an extensive line of precision resistors including leaded resistor thin film chip resistor thick film chip resistor and resistor network multi-layer ceramic capacitors (MLCCs) and Ferrites. Yageo Groups resistors and capacitor products are principally marketed under the Yageo and Phycomp brand names and its ferrite is principally marketed under the Ferroxcube brand name.

This major group includes establishments engaged in manufacturing machinery, apparatus, and supplies for the generation, storage, transmission, transformation, and utilization of electrical energy. Included are the manufacturing of electricity distribution equipment; electrical industrial apparatus; household appliances; electrical lighting and wiring equipment; radio and television receiving equipment; communications equipment; electronic components and accessories; and other electrical equipment and supplies. The manufacture of household appliances is included in this group.

Semiconductor and Other Electronic Component Manufacturing

Brand/Trade Names

YAGEO

Financial Data

Financials in:	TWD(mil)
Revenue:	24,973.1
Net Income:	1,667.8
Assets:	48,125.8
Long Term Debt:	6,649.8
Total Liabilities:	14,526.9
Working Capital:	4.2
Date of Financial Data:	31-Dec-2011

1 Year Growth

-8.6%

-59.8%

-4.3%

Market Data

Quote Symbol:	2327
Exchange:	Taiwan Stock Exchange
Currency:	TWD
Stock Price:	8.9
Stock Price Date:	10-05-2012
52 Week Price Change %:	5.1
Market Value (mil):	19,583,140.0
SEDOL:	6984380
ISIN:	TW0002327004
Equity and Dept Distribution:
Number of Employees prior to FY'02 & major customer info are parent only. FY'04 fncls adjusted due to cost of sales. 08/02, 8% stock dividend. 09/08 C/F was CLA.FY'08 I/S&B/S were CLA. 03/09 B/S was CLA. FY'10 has CLA at I/S and B/S. 12/09 CLA. FY'10 Q2 I/S is CLA. FY'10 Q3 IS CLA.

Subsidiaries

Company	Percentage Owned	Country
Compostar Technology (Suzhou) Co Ltd	100%	PEOPLE'S REPUBLIC OF CHINA
Ferroxcube Electronics (Dongguan) Co Ltd	100%	PEOPLE'S REPUBLIC OF CHINA
Ko-E Technology (Shenzhen) Co Ltd	77%	PEOPLE'S REPUBLIC OF CHINA
Yageo (Suzhou) Trade Co Ltd	100%	PEOPLE'S REPUBLIC OF CHINA
Yageo Components (Suzhou) Co Ltd	100%	PEOPLE'S REPUBLIC OF CHINA
Yageo Electronics (China) Co Ltd	100%	PEOPLE'S REPUBLIC OF CHINA
Yageo Electronics (Dongguan) Co Ltd	100%	PEOPLE'S REPUBLIC OF CHINA
Yageo Holding (Bermuda) Ltd	100%	BERMUDA
Ferroxcube Holding (Samoa) Ltd	100%	SAMOA
Phycomp Malaysia	100%	MALAYSIA
Compostar Technology (Cayman) Co Ltd	100%	CAYMAN ISLANDS
Yageo America	100%	USA
Yageo Corporation (South Asia)	100%	SINGAPORE
Yageo Europe Holding B.V.	100%	NETHERLANDS

Key Corporate Relationships

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

Corporate Structure News

Total Corporate Family Members: 5

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Yageo Corporation	Parent	New Taipei	Taiwan	Electronic Instruments and Controls	849.7	9,960
Yageo Corporation (South Asia) Pte. Ltd.	Subsidiary	Singapore	Singapore	Electronic Instruments and Controls	24.0	32
Yageo USA	Subsidiary	San Jose, CA	United States	Electronic Instruments and Controls	2.0	12
Ferroxcube International Holding B.V.	Subsidiary	Roermond	Netherlands	Electronic Instruments and Controls		2
Ferroxcube USA Inc.	Subsidiary	El Paso, TX	United States	Electronic Instruments and Controls	0.5	11

Executives Report

Board of Directors

Name	Title	Function
Taiming Chen	Chairman of the Board, General Manager	Chairman
Biography: Chen Taiming has been Chairman of the Board and General Manager in Yageo Corporation since July 1, 2008. Chen is also Chairman of the Board in two other companies including Chilisin Electronics Corp. Chen holds a Bachelor's degree in Engineering Sciences from National Cheng Kung University, Taiwan. Education: National Cheng Kung University, B (Engineering Sciences)
Dora C. Chang	CFO	Director/Board Member
Pierre T.M. Chen	Board Member	Director/Board Member
Paul Shyur-Jen Chien	Board Member	Director/Board Member
Education: Massachusetts Institute of Technology, MS
Xueren Jian	Director	Director/Board Member
Biography: Jian Xueren has been Director in Yageo Corporation since June 14, 2006. Jian used to serve as Independent Director in the Company. Jian also serves as Independent Director in Ultrachip INC. and Neo Solar Power Corp. Jian holds a Master's degree in Chemical Engineering from Massachusetts Institute of Technology, the United States and a Bachelor's degree in Chemical Engineering from Tunghai University, Taiwan. Education: Massachusetts Institute of Technology, M (Chemical Engineering) Tunghai University, B (Chemical Engineering)
Winnie W.L. Juan	Board Member	Director/Board Member
Yuan-Ho Lai	Board Member	Director/Board Member
Shuhui Lan	Director	Director/Board Member
Biography: Lan Shuhui has been Director in Yageo Corporation since June 10, 2011. Lan is also Director in Teapo Electronic Inc. Lan holds a Bachelor's degree from Soochow University, Taiwan and a Master of Business Administration (MBA) from Tulane University, the United States. Education: Tulane University, MBA Soochow University, B
Zongyong Lin	Director	Director/Board Member
Biography: Lin Zongyong has been Director in Yageo Corporation since June 23, 2007. Lin is also Chairman of the Board another company, Vice Chairman of the Board in Ralec Electronic Corporation, Independent Director in Formosa Chemicals & Fibre Corporation and Director in an investment company. Lin holds a Master's degree in Law from National Taiwan University, Taiwan and a Bachelor's degree in Law from National Chung Hsing University, Taiwan. Education: National Taiwan University, M (Law) National Chung Hsing University, LLB
Lawrence F. Lin	Board Member	Director/Board Member
Biography: Lawrence Lin aged 58 has served as a Class II Director member of the audit committee and chairman of the compensation committee since June 2003. He is a Certified Public Accountant in Taiwan. Since 1990 Mr. Lin has been a partner of UHY L&C Company Certified Public Accountants which is an independent member firm of Urbach Hacker Young International. Mr. Lin was a director of Urbach Hacker Young International from October 1994 to October 1998. Prior to UHY L&C Company he was a partner at T N Soong & Co. Mr. Lin serves as independent non-executive director and chairman of the audit committee of Yageo Corporation director of Arima Communications Corporation and corporate supervisor of Tex Year Industries Inc. all of which are Taiwan public listed companies. He graduated from Taipei Vocational Commercial School in 1969. Education: Taipei Vocational Commercial School, BS
Laifu Lin	Director	Director/Board Member
Biography: Lin Laifu has been Director in Yageo Corporation since June 16, 2009. Lin was Independent Director in the Company. Lin is also Independent Director in O2Micro International Limited and Director in Arima Communications Corp.
Wenlin Ruan	Director	Director/Board Member
Biography: Ruan Wenlin has been Director in Yageo Corporation since June 16, 2009. Ruan holds a Bachelor's degree from Stanford University, the United States. Education: Stanford University, B
Baoyuan Wang	Director	Director/Board Member
Biography: Wang Baoyuan has been Director in Yageo Corporation since June 2, 1998. Wang is also Chairman of the Board in another company, as well as Director in Ralec Electronic Corporation and TEAPO ELECTRONIC CORPORATION. Wang holds a Bachelor's degree in Electrical Engineering from National Cheng Kung University, Taiwan. Education: National Cheng Kung University, B (Electrical Engineering)
Bob P.Y. Wang	Board Member	Director/Board Member
Shijian Yang	Director	Director/Board Member
Biography: Yang Shijian has been Director in Yageo Corporation since June 16, 2009. Yang was Independent Director in the Company. Yang is also Chairman of the Board in two venture capital companies, Director in Tecom Co., Ltd. and Independent Director in another company. Yang holds a Ph.D. and a Master's degree in Electrical Engineering, both from Northwest University, the United States, and a Bachelor's degree in Electrical Engineering from National Taiwan University, Taiwan. Education: Northwest University, PHD (Electrical Engineering) Northwest University, M (Electrical Engineering) National Taiwan University, B (Electrical Engineering)
Shih-Chien Yang	Board Member	Director/Board Member
Qiwen Zhang	Chief Financial Officer, Director	Director/Board Member
Biography: Zhang Qiwen has been Chief Financial Officer and Director in Yageo Corporation since 2008. Zhang used to serve as Deputy General Manager in the Company. Zhang also serves as Director in an investment company. Zhang holds a Bachelor's degree in Economics from National Taiwan University, Taiwan, and a Master of Business Administration (MBA) from University of California, Los Angeles, the United States. Education: University of California, Los Angeles, MBA National Tsing Hua University, M National Taiwan University, B (Economics)

Executives

Name	Title	Function
David D. R. Wang	Chief Executive Officer-Ferroxcube	Chief Executive Officer
Gilles Bernardin	General Manager	Division Head Executive
Taiming Chen	Chairman of the Board, General Manager	Division Head Executive
Biography: Chen Taiming has been Chairman of the Board and General Manager in Yageo Corporation since July 1, 2008. Chen is also Chairman of the Board in two other companies including Chilisin Electronics Corp. Chen holds a Bachelor's degree in Engineering Sciences from National Cheng Kung University, Taiwan. Education: National Cheng Kung University, B (Engineering Sciences)
Vincent Hu	President-Global Sales Business Group	Division Head Executive
Owen W.C. Yang	Director-R-Chip & Global Industrial	Division Head Executive
Aaron Yang	Managing Director	Managing Director
Dora C. Chang	CFO	Finance Executive
Timothy C. H. Gau	Vice President-Finance & Accounts	Finance Executive
Qiwen Zhang	Chief Financial Officer, Director	Finance Executive
Biography: Zhang Qiwen has been Chief Financial Officer and Director in Yageo Corporation since 2008. Zhang used to serve as Deputy General Manager in the Company. Zhang also serves as Director in an investment company. Zhang holds a Bachelor's degree in Economics from National Taiwan University, Taiwan, and a Master of Business Administration (MBA) from University of California, Los Angeles, the United States. Education: University of California, Los Angeles, MBA National Tsing Hua University, M National Taiwan University, B (Economics)
Rex Y.C. Yang	Chief Investment Officer	Investment Executive
Vicky Chang	Head-Global Marketing Communications	International Executive
Masayuki Fujimoto	Chief Technology Officer	Engineering/Technical Executive
Biography: Fujimoto Masayuki is Chief Technology Officer in Yageo Corporation. Fujimoto holds a Ph.D. from University of Tokyo, Japan and a Bachelor's degree from Tokyo Polytechnic University, Japan. Education: University of Tokyo, PHD Tokyo Polytechnic University, B
Lambert Hilkes	Vice President-Business Development	Business Development Executive
Xiangyan Chen	Chief Legal Affairs Officer	Legal Executive
Biography: Chen Xiangyan serves as Chief Legal Affairs Officer in Yageo Corporation. Chen was Deputy General Manager in the Company. Chen is also Independent Director in another company. Chen holds a Ph.D. in Law and a Master's degree in Law from University of Virginia, the United States, a Master's degree in Law from Soochow University, Taiwan, and a Bachelor's degree in Law from National Chengchi University, Taiwan. Education: University of Virginia, PHD (Law) University of Virginia, M (Law) Soochow University, M (Law)
Daniel S. Chen	General Counsel	Legal Executive
Ken Hsu	Senior Director	Other
Deli Lei	Deputy General Manager	Other
Biography: Lei Deli has been Deputy General Manager in Yageo Corporation since February 28, 2011. Lei holds a Master of Business Administration (MBA) from University of Hull, the United Kingdom and a Bachelor's degree in Electronics Engineering from University of New South Wales, Australia. Education: University of Hull, MBA University of New South Wales, B (Electronics Engineering)
Cliff Wang	Senior Manager	Other

Significant Developments

Yageo Corporation Announces No Dividend Payment for FY 2011

Mar 22, 2012

Yageo Corporation announced that it will pay no dividend to shareholders for fiscal year 2011.

Annual Income Statement

Financials in: USD (mil)

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

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Reclassified Normal 31-Dec-2011	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Updated Normal 31-Dec-2007
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	29.39004	31.497037	33.023867	31.543497	32.848802
Auditor	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Gross Revenue	878.0	890.9	599.4	740.3	695.1
Sales Returns and Allowances	-28.2	-23.7	-20.1	-27.4	-16.8
Revenue	849.7	867.2	579.3	712.9	678.2
Total Revenue	849.7	867.2	579.3	712.9	678.2
Cost of Revenue	669.2	621.9	461.7	569.5	498.8
Cost of Revenue, Total	669.2	621.9	461.7	569.5	498.8
Gross Profit	180.5	245.2	117.6	143.4	179.5
Selling/General/Administrative Expense	79.6	78.0	65.3	86.6	85.7
Total Selling/General/Administrative Expenses	79.6	78.0	65.3	86.6	85.7
Research & Development	13.7	12.1	11.4	12.9	11.2
Impairment-Assets Held for Use	-	-	3.0	1.1	4.9
Impairment-Assets Held for Sale	-	-	-	-	6.1
Unusual Expense (Income)	-	-	3.0	1.1	11.0
Total Operating Expense	762.6	712.1	541.4	670.1	606.7
Operating Income	87.1	155.1	37.8	42.8	71.6
Interest Expense - Non-Operating	-8.4	-7.4	-11.0	-14.8	-12.2
Interest Expense, Net Non-Operating	-8.4	-7.4	-11.0	-14.8	-12.2
Interest Income - Non-Operating	6.5	2.4	2.5	7.9	8.5
Investment Income - Non-Operating	-2.9	10.5	-8.3	-10.3	10.9
Interest/Investment Income - Non-Operating	3.7	12.9	-5.8	-2.4	19.4
Interest Income (Expense) - Net Non-Operating Total	-4.7	5.5	-16.8	-17.2	7.2
Gain (Loss) on Sale of Assets	-0.1	0.1	0.1	-0.7	22.2
Other Non-Operating Income (Expense)	-1.0	-4.7	4.5	-0.8	-9.2
Other, Net	-1.0	-4.7	4.5	-0.8	-9.2
Income Before Tax	81.3	156.1	25.6	24.2	91.8
Total Income Tax	23.8	23.5	4.9	4.6	22.1
Income After Tax	57.5	132.6	20.7	19.6	69.7
Minority Interest	-0.8	-0.9	-0.3	-1.4	-2.8
Net Income Before Extraord Items	56.7	131.7	20.4	18.2	67.0
Net Income	56.7	131.7	20.4	18.2	67.0
Income Available to Common Excl Extraord Items	56.7	131.7	20.4	18.2	67.0
Income Available to Common Incl Extraord Items	56.7	131.7	20.4	18.2	67.0
Basic/Primary Weighted Average Shares	2,204.3	2,196.6	2,194.9	2,266.5	2,430.4
Basic EPS Excl Extraord Items	0.03	0.06	0.01	0.01	0.03
Basic/Primary EPS Incl Extraord Items	0.03	0.06	0.01	0.01	0.03
Dilution Adjustment	13.5	-8.5	0.0	0.0	-19.6
Diluted Net Income	70.3	123.2	20.4	18.2	47.4
Diluted Weighted Average Shares	2,913.1	2,895.5	2,195.9	2,273.3	2,696.1
Diluted EPS Excl Extraord Items	0.02	0.04	0.01	0.01	0.02
Diluted EPS Incl Extraord Items	0.02	0.04	0.01	0.01	0.02
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	0.00	0.01
Gross Dividends - Common Stock	0.0	7.0	10.0	7.0	20.9
Interest Expense, Supplemental	8.4	7.4	11.0	14.8	12.2
Interest Capitalized, Supplemental	-0.2	-0.6	-0.4	-1.1	-1.2
Depreciation, Supplemental	81.4	89.4	84.0	88.6	76.0
Total Special Items	0.1	-0.1	2.9	1.7	-11.2
Normalized Income Before Tax	81.4	156.0	28.5	25.9	80.5
Effect of Special Items on Income Taxes	0.0	0.0	0.6	0.3	-2.7
Inc Tax Ex Impact of Sp Items	23.8	23.5	5.5	4.9	19.4
Normalized Income After Tax	57.6	132.5	23.1	21.0	61.2
Normalized Inc. Avail to Com.	56.8	131.6	22.8	19.6	58.4
Basic Normalized EPS	0.03	0.06	0.01	0.01	0.02
Diluted Normalized EPS	0.02	0.04	0.01	0.01	0.01
Amort of Intangibles, Supplemental	13.4	11.8	7.5	4.9	6.3
Research & Development Exp, Supplemental	13.7	12.1	11.4	12.9	11.2
Normalized EBIT	87.1	155.1	40.9	43.9	82.6
Normalized EBITDA	181.9	256.4	132.3	137.4	165.0
Current Tax - Domestic	13.6	15.9	6.6	7.2	9.4
Current Tax - Total	13.6	15.9	6.6	7.2	9.4
Deferred Tax - Domestic	12.9	8.6	-3.6	-5.0	10.8
Deferred Tax - Total	12.9	8.6	-3.6	-5.0	10.8
Domestic Tax - Other	-2.7	-0.9	1.9	2.4	1.9
Income Tax - Total	23.8	23.5	4.9	4.6	22.1
Interest Cost - Domestic	0.2	0.2	0.3	0.4	0.3
Service Cost - Domestic	0.2	0.2	0.3	0.5	0.6
Expected Return on Assets - Domestic	-0.1	-0.1	-0.2	-0.2	-0.2
Other Pension, Net - Domestic	0.0	0.0	0.0	0.2	0.2
Domestic Pension Plan Expense	0.3	0.3	0.4	0.9	1.0
Defined Contribution Expense - Domestic	2.4	2.1	1.8	1.9	-
Total Pension Expense	2.7	2.4	2.2	2.8	1.0
Discount Rate - Domestic	2.00%	2.00%	2.00%	2.50%	2.75%
Expected Rate of Return - Domestic	2.00%	2.00%	2.00%	2.50%	3.00%
Compensation Rate - Domestic	2.25%	2.00%	2.00%	2.25%	3.00%
Total Plan Interest Cost	0.2	0.2	0.3	0.4	0.3
Total Plan Service Cost	0.2	0.2	0.3	0.5	0.6
Total Plan Expected Return	-0.1	-0.1	-0.2	-0.2	-0.2
Total Plan Other Expense	0.0	0.0	0.0	0.2	0.2

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Updated Normal 31-Dec-2007
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate	30.279	29.1565	31.985	32.818	32.4345
Auditor	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Cash & Equivalents	267.4	298.4	313.5	224.1	252.6
Short Term Investments	0.5	0.2	2.6	2.3	62.5
Cash and Short Term Investments	267.9	298.6	316.2	226.4	315.0
Accounts Receivable - Trade, Gross	208.4	217.1	177.0	154.0	189.7
Provision for Doubtful Accounts	-2.1	-2.4	-2.8	-4.6	-2.6
Trade Accounts Receivable - Net	208.5	217.3	177.8	153.2	190.2
Notes Receivable - Short Term	8.9	1.2	1.2	1.0	6.4
Other Receivables	3.1	4.3	5.4	7.1	8.2
Total Receivables, Net	220.5	222.9	184.4	161.4	204.9
Inventories - Finished Goods	107.0	119.7	57.2	72.8	94.5
Inventories - Work In Progress	12.1	18.0	15.2	8.2	12.1
Inventories - Raw Materials	46.3	40.9	29.3	22.6	19.9
Inventories - Other	-	-	-	-	-9.7
Total Inventory	165.4	178.6	101.7	103.6	116.9
Restricted Cash - Current	-	-	0.0	0.1	0.0
Deferred Income Tax - Current Asset	4.5	5.4	2.9	5.0	5.7
Other Current Assets	9.2	19.1	15.3	9.7	9.7
Other Current Assets, Total	13.7	24.5	18.3	14.8	15.4
Total Current Assets	667.5	724.6	620.5	506.1	652.2
Buildings	284.5	277.0	245.6	242.3	221.3
Land/Improvements	24.3	25.2	23.5	24.1	25.1
Machinery/Equipment	868.1	842.2	705.9	715.0	654.2
Construction in Progress	58.5	34.2	35.1	24.3	33.1
Leases	2.7	2.7	6.1	6.1	6.0
Property/Plant/Equipment - Gross	1,238.1	1,181.2	1,016.2	1,011.8	939.7
Accumulated Depreciation	-658.5	-595.1	-492.4	-445.5	-366.1
Property/Plant/Equipment - Net	579.6	586.2	523.7	566.3	573.5
Goodwill, Net	81.7	84.3	88.3	87.5	90.6
Intangibles, Net	3.1	3.1	3.0	3.1	3.0
LT Investment - Affiliate Companies	83.5	87.3	82.0	93.5	93.1
LT Investments - Other	99.1	142.4	113.3	54.7	50.7
Long Term Investments	182.6	229.7	195.3	148.1	143.8
Note Receivable - Long Term	-	-	-	-	0.8
Pension Benefits - Overfunded	-	-	-	-	0.1
Deferred Income Tax - Long Term Asset	41.2	56.4	62.5	55.2	50.9
Restricted Cash - Long Term	-	-	-	-	2.7
Other Long Term Assets	33.7	41.4	34.9	28.4	27.6
Other Long Term Assets, Total	74.9	97.7	97.4	83.6	81.2
Total Assets	1,589.4	1,725.6	1,528.3	1,394.9	1,545.1
Accounts Payable	113.5	168.6	113.4	100.2	114.9
Accrued Expenses	43.2	44.9	33.2	32.5	39.7
Notes Payable/Short Term Debt	57.7	73.0	76.6	111.8	139.4
Current Portion - Long Term Debt/Capital Leases	-	0.0	52.8	6.1	4.0
Dividends Payable	-	11.3	-	-	-
Income Taxes Payable	7.9	9.4	5.8	5.0	5.3
Other Payables	-	-	-	-	4.0
Other Current Liabilities	25.6	36.9	13.6	20.0	6.3
Other Current liabilities, Total	33.5	57.5	19.4	25.0	15.6
Total Current Liabilities	247.9	344.1	295.4	275.6	313.5
Long Term Debt	219.6	278.2	286.2	276.5	258.9
Total Long Term Debt	219.6	278.2	286.2	276.5	258.9
Total Debt	277.3	351.3	415.6	394.4	402.3
Minority Interest	3.0	3.0	2.4	0.7	26.4
Pension Benefits - Underfunded	8.8	9.2	9.4	8.9	10.3
Other Long Term Liabilities	0.5	1.0	0.4	0.5	8.6
Other Liabilities, Total	9.3	10.2	9.8	9.4	18.9
Total Liabilities	479.8	635.5	593.9	562.2	617.8
Common Stock	728.3	755.1	686.2	668.8	751.7
Common Stock	728.3	755.1	686.2	668.8	751.7
Additional Paid-In Capital	99.4	102.4	93.3	52.4	51.0
Retained Earnings (Accumulated Deficit)	284.5	245.8	104.7	88.2	96.7
Treasury Stock - Common	-	-	-	-	0.0
Unrealized Gain (Loss)	-16.9	14.5	1.8	-38.7	-19.8
Translation Adjustment	14.5	-27.5	48.6	62.1	48.9
Other Equity	-	-	-	-	0.0
Minimum Pension Liability Adjustment	-0.1	-0.1	-0.2	-0.1	-1.3
Other Equity, Total	14.3	-27.7	48.4	61.9	47.6
Total Equity	1,109.6	1,090.1	934.4	832.6	927.3
Total Liabilities & Shareholders’ Equity	1,589.4	1,725.6	1,528.3	1,394.9	1,545.1
Shares Outstanding - Common Stock Primary Issue	2,205.3	2,201.7	2,194.9	2,194.9	2,438.2
Total Common Shares Outstanding	2,205.3	2,201.7	2,194.9	2,194.9	2,438.2
Treasury Shares - Common Stock Primary Issue	0.0	0.0	0.0	0.0	0.0
Employees	8,100	10,419	9,313	7,203	8,916
Number of Common Shareholders	85,509	120,409	128,739	141,738	145,209
Total Long Term Debt, Supplemental	-	-	52.8	-	4.0
Long Term Debt Maturing within 1 Year	-	-	52.8	-	4.0
Long Term Debt Matur. in Year 6 & Beyond	-	-	0.0	-	0.0
Pension Obligation - Domestic	9.7	12.0	10.6	12.0	14.5
Plan Assets - Domestic	6.3	6.7	6.3	6.1	6.2
Funded Status - Domestic	-3.5	-5.3	-4.3	-5.9	-8.3
Accumulated Obligation - Domestic	7.3	9.2	8.1	8.8	11.4
Total Funded Status	-3.5	-5.3	-4.3	-5.9	-8.3
Discount Rate - Domestic	2.00%	2.00%	2.00%	2.50%	2.75%
Expected Rate of Return - Domestic	2.00%	2.00%	2.00%	2.50%	3.00%
Compensation Rate - Domestic	2.50%	2.00%	2.00%	2.25%	3.00%
Prepaid Benefits - Domestic	-	-	-	-	0.1
Accrued Liabilities - Domestic	-8.8	-9.2	-9.4	-8.9	-10.3
Net Assets Recognized on Balance Sheet	-8.8	-9.2	-9.4	-8.9	-10.2
Total Plan Obligations	9.7	12.0	10.6	12.0	14.5
Total Plan Assets	6.3	6.7	6.3	6.1	6.2

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Reclassified Normal 31-Dec-2008
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	29.39004	31.497037	33.023867	31.543497	32.848802
Auditor	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net Income/Starting Line	57.5	132.6	20.7	19.6	69.7
Depreciation	96.1	102.4	92.3	98.2	86.5
Depreciation/Depletion	96.1	102.4	92.3	98.2	86.5
Deferred Taxes	12.8	9.3	-3.6	-4.5	11.2
Unusual Items	0.1	0.1	2.7	-1.5	-5.0
Equity in Net Earnings (Loss)	2.1	-4.6	13.7	0.3	3.4
Other Non-Cash Items	18.2	-6.9	-6.0	24.3	-22.0
Non-Cash Items	20.4	-11.5	10.4	23.1	-23.6
Accounts Receivable	-6.0	-21.9	-15.5	42.8	-23.0
Inventories	4.9	-63.4	14.7	2.1	23.8
Other Assets	13.8	-1.4	-6.3	-0.8	29.5
Accounts Payable	-50.3	40.9	10.3	-13.9	12.3
Accrued Expenses	-0.1	7.8	-0.1	-7.0	-6.7
Taxes Payable	0.2	2.7	0.7	-0.3	2.3
Other Liabilities	-0.8	-1.6	-8.6	4.8	3.3
Changes in Working Capital	-38.3	-36.9	-4.8	27.8	41.6
Cash from Operating Activities	148.5	195.8	115.1	164.2	185.4
Purchase of Fixed Assets	-85.8	-98.7	-35.2	-82.6	-92.8
Capital Expenditures	-85.8	-98.7	-35.2	-82.6	-92.8
Sale of Fixed Assets	0.9	1.9	1.8	1.5	151.7
Sale/Maturity of Investment	18.9	11.9	4.2	157.0	17.0
Investment, Net	-	0.0	-2.9	6.6	16.5
Purchase of Investments	-18.9	-14.3	-13.5	-123.9	-130.5
Other Investing Cash Flow	-8.6	-15.9	-8.4	-32.9	-4.1
Other Investing Cash Flow Items, Total	-7.7	-16.4	-18.8	8.4	50.6
Cash from Investing Activities	-93.5	-115.1	-54.0	-74.3	-42.3
Other Financing Cash Flow	-1.3	0.2	-0.2	-7.7	-5.5
Financing Cash Flow Items	-1.3	0.2	-0.2	-7.7	-5.5
Cash Dividends Paid - Common	-18.7	0.0	-6.6	-21.8	-37.6
Total Cash Dividends Paid	-18.7	0.0	-6.6	-21.8	-37.6
Sale/Issuance of Common	-	0.0	3.2	-	-
Repurchase/Retirement of Common	-	-	0.0	-76.9	0.0
Common Stock, Net	-	0.0	3.2	-76.9	0.0
Options Exercised	1.3	-	-	0.0	4.0
Issuance (Retirement) of Stock, Net	1.3	0.0	3.2	-76.9	4.0
Short Term Debt, Net	-7.4	-13.9	-37.4	-26.7	-9.3
Long Term Debt Issued	10.2	69.8	79.2	59.8	267.5
Long Term Debt Reduction	-74.9	-142.9	-6.0	-44.5	-174.7
Long Term Debt, Net	-64.6	-73.0	73.1	15.3	92.8
Issuance (Retirement) of Debt, Net	-72.0	-87.0	35.7	-11.4	83.6
Cash from Financing Activities	-90.8	-86.8	32.1	-117.8	44.4
Foreign Exchange Effects	15.2	-36.1	-12.2	1.3	7.0
Net Change in Cash	-20.5	-42.2	81.0	-26.5	194.5
Net Cash - Beginning Balance	296.0	318.4	222.7	259.7	54.8
Net Cash - Ending Balance	275.5	276.2	303.7	233.2	249.4
Cash Interest Paid	1.5	0.6	2.5	3.3	7.3
Cash Taxes Paid	9.7	11.4	4.5	8.3	7.9

Annual Income Statement

Financials in: USD (mil)

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

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Reclassified Normal 31-Dec-2011	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Updated Normal 31-Dec-2007
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	29.39004	31.497037	33.023867	31.543497	32.848802
Auditor	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Gross Sales	878.0	890.9	599.4	740.3	695.1
Sales Returns	-4.4	-6.1	-6.4	-13.6	-7.0
Sales Allowances	-23.9	-17.6	-13.7	-13.8	-9.8
Total Revenue	849.7	867.2	579.3	712.9	678.2
Cost of Sales	669.2	621.9	461.7	569.5	496.6
Selling Expenses	47.1	45.4	38.1	52.6	48.9
General & Administrative Expenses	32.5	32.6	27.2	34.0	36.8
Research and Development Expenses	13.7	12.1	11.4	12.9	11.2
Inventory Devaluation & Obsolescence	-	-	-	-	2.2
Impairment on Fncl. Assets, at Cost	-	-	-	-	6.1
Impairment Loss of Assets	-	-	3.0	1.1	-
Impairment Loss of Idle Assets	-	-	-	-	4.9
Total Operating Expense	762.6	712.1	541.4	670.1	606.7
Interest Income	6.5	2.4	2.5	7.9	8.5
Dividend Income	3.2	2.1	0.8	0.7	-
G/L on Sale of Fixed Assets	-0.1	0.1	0.1	-0.7	22.2
Investment Gain/Loss	0.0	-0.2	0.2	4.8	-2.8
Gain/Loss on Foreign Exchange	-5.5	4.0	3.9	-4.8	0.0
Rental Income	0.4	0.6	1.1	1.0	1.3
Insurance Compensation Income	-	-	-	-	0.0
G/L on Financial Assets Revaluation	1.0	8.2	5.5	-0.2	0.3
G/L on Financial Liabilitie Revaluation	0.5	-8.3	-5.1	5.7	24.3
Other Income	4.2	2.6	7.4	5.5	2.8
Interest Expense	-8.4	-7.4	-11.0	-14.8	-12.2
Gain on Equity Investment	0.0	4.6	-	-	-
Loss on Equity Investment	-2.1	0.0	-13.7	-0.3	-
Organization Adjustment Loss	-	-	0.0	-16.2	-10.8
Loss on Work Stoppages	-	-	0.0	-1.6	-3.4
Miscellaneous Disbursement	-5.7	-7.9	-4.0	-5.7	-6.5
Loss on Financial Assets at Cost	-	-	-	-	0.0
Compensation Losses	-	-	-	-	-3.4
Net Income Before Taxes	81.3	156.1	25.6	24.2	91.8
Provision for Income Taxes	23.8	23.5	4.9	4.6	22.1
Net Income After Taxes	57.5	132.6	20.7	19.6	69.7
Minority Interest	-0.8	-0.9	-0.3	-1.4	-2.8
Net Income Before Extra. Items	56.7	131.7	20.4	18.2	67.0
Net Income	56.7	131.7	20.4	18.2	67.0
Income Available to Com Excl ExtraOrd	56.7	131.7	20.4	18.2	67.0
Income Available to Com Incl ExtraOrd	56.7	131.7	20.4	18.2	67.0
Basic Weighted Average Shares	2,204.3	2,196.6	2,194.9	2,266.5	2,430.4
Basic EPS Excluding ExtraOrdinary Items	0.03	0.06	0.01	0.01	0.03
Basic EPS Including ExtraOrdinary Item	0.03	0.06	0.01	0.01	0.03
Dilution Adjustment	13.5	-8.5	0.0	0.0	-19.6
Diluted Net Income	70.3	123.2	20.4	18.2	47.4
Diluted Weighted Average Shares	2,913.1	2,895.5	2,195.9	2,273.3	2,696.1
Diluted EPS Excluding ExtraOrd Items	0.02	0.04	0.01	0.01	0.02
Diluted EPS Including ExtraOrd Items	0.02	0.04	0.01	0.01	0.02
DPS-Common Stock	0.00	0.00	0.00	0.00	0.01
Gross Dividends - Common Stock	0.0	7.0	10.0	7.0	20.9
Normalized Income Before Taxes	81.4	156.0	28.5	25.9	80.5
Inc Tax Ex Impact of Sp Items	23.8	23.5	5.5	4.9	19.4
Normalized Income After Taxes	57.6	132.5	23.1	21.0	61.2
Normalized Inc. Avail to Com.	56.8	131.6	22.8	19.6	58.4
Basic Normalized EPS	0.03	0.06	0.01	0.01	0.02
Diluted Normalized EPS	0.02	0.04	0.01	0.01	0.01
R&D Expense, Supplemental	13.7	12.1	11.4	12.9	11.2
Interest Expense, Supplemental	8.4	7.4	11.0	14.8	12.2
Interest Capitalized	-0.2	-0.6	-0.4	-1.1	-1.2
Depreciation - Operating Cost	75.2	83.2	78.6	81.4	70.5
Depreciation - Operating Expense	6.2	6.2	5.4	7.1	5.5
Amort. of Intangible - Operating Cost	12.1	10.4	6.3	3.0	3.6
Amort. of Intangible - Operating Expense	1.3	1.4	1.2	1.9	2.7
Current Tax	13.6	15.9	6.6	7.2	9.4
Current Tax - Total	13.6	15.9	6.6	7.2	9.4
Deferred Tax	12.9	8.6	-3.6	-5.0	10.8
Deferred Tax - Total	12.9	8.6	-3.6	-5.0	10.8
Others	-2.7	-0.9	1.9	2.4	1.9
Income Tax - Total	23.8	23.5	4.9	4.6	22.1
Service Cost	0.2	0.2	0.3	0.5	0.6
Interest Cost	0.2	0.2	0.3	0.4	0.3
Expected Return on Plan Assets	-0.1	-0.1	-0.2	-0.2	-0.2
Amortization of Pension Cost	0.0	0.0	0.0	0.2	0.2
Domestic Pension Plan Expense	0.3	0.3	0.4	0.9	1.0
Defined Contribution Expense	2.4	2.1	1.8	1.9	-
Total Pension Expense	2.7	2.4	2.2	2.8	1.0
Discount Rate	2.00%	2.00%	2.00%	2.50%	2.75%
Rate of Compensation Increase	2.25%	2.00%	2.00%	2.25%	3.00%
Expected Rate of Return on Plan Assets	2.00%	2.00%	2.00%	2.50%	3.00%

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Updated Normal 31-Dec-2007
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate	30.279	29.1565	31.985	32.818	32.4345
Auditor	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Cash and Cash Equivalents	267.4	298.4	313.5	224.1	252.6
Financial Assets at FV - Current	0.5	0.2	0.8	0.3	0.4
Financial Assets HFS - Current	-	0.0	1.8	2.1	62.1
Financial Assets Hedged - Current	-	-	-	-	0.0
Notes Receivable	8.9	1.2	1.2	1.0	6.4
Accounts Receivable, Gross	208.4	217.1	177.0	154.0	189.7
Provision for Doubtful Accounts	-2.1	-2.4	-2.8	-4.6	-2.6
Accounts Receivable - Related Parties	2.2	2.6	3.6	3.8	3.1
Other Receivables	3.0	4.1	5.2	6.4	7.3
Tax Refund Receivable	0.1	0.2	0.2	0.7	0.9
Pledged Time Deposits	-	-	0.0	0.1	0.0
Finished Goods	105.6	118.6	57.1	72.3	93.8
Work-in-Process	12.1	18.0	15.2	8.2	12.1
Raw Material	44.2	39.0	27.9	19.8	17.4
Supplies	2.1	1.9	1.4	2.8	2.6
Goods in Transit	1.5	1.1	0.1	0.5	0.7
Provision for Inventory	-	-	-	-	-9.7
Deferred Tax Assets - Current	4.5	5.4	2.9	5.0	5.7
Other Current Assets	9.2	19.1	15.3	9.7	9.7
Total Current Assets	667.5	724.6	620.5	506.1	652.2
Long Term Equity Investment	83.5	87.3	82.0	93.5	93.1
Real Estate Investment	-	-	-	-	0.0
Other Long Term Investments	-	-	-	-	0.0
Financial Assets-FV, Non Current	1.8	10.6	6.9	0.6	-
Financial Assets at Cost - Non Current	10.7	11.5	10.5	7.4	9.9
Financial Assets-Available for Sale,Non-	85.0	118.6	94.4	45.2	39.3
Debt Invest. Non-Active, Non-current	1.7	1.7	1.6	1.5	1.5
Land	24.3	25.2	23.5	24.1	25.1
Buildings	284.5	277.0	245.6	242.3	221.3
Machinery and Equipment	804.7	779.6	653.5	665.0	601.0
Miscellaneous Equipment	63.5	62.6	52.5	50.1	53.1
Accumulated Depreciation on Fixed Assets	-651.1	-587.3	-483.7	-437.9	-356.4
Accumulated Impairment on Fixed Assets	-6.8	-7.1	-7.6	-6.5	-8.7
Prepayment for Equipment	58.5	34.2	35.1	24.3	33.1
Deferred Pension Cost	-	-	-	-	0.1
Goodwill	81.7	84.3	88.3	87.5	90.6
Land Use Right	3.1	3.1	3.0	3.1	3.0
Capital Financing Receivable - Related	-	-	-	-	0.8
Assets for Lease, Gross	2.7	2.7	6.1	6.1	6.0
Depreciation - Assets for Lease	-0.7	-0.6	-1.2	-1.1	-1.0
Impairment - Assets for Lease	-	-	-	-	0.0
Idle Assets	17.8	19.9	19.1	14.2	13.9
Deferred Tax Assets - Non Current	41.2	56.4	62.5	55.2	50.9
Security Deposits Paid	0.7	0.7	0.6	1.1	1.8
Restricted Assets	-	-	-	-	2.7
Other Long Term Assets	15.2	20.7	15.3	13.0	11.8
Total Assets	1,589.4	1,725.6	1,528.3	1,394.9	1,545.1
Short Term Borrowings	24.6	48.6	44.9	86.4	110.1
Short Term Notes Payable	33.0	18.7	30.2	24.4	27.9
Financial Liabilities at FV - Current	0.0	5.6	0.2	0.5	0.1
Notes Payable	0.1	0.2	1.4	0.5	1.3
Accounts Payable	102.1	159.3	109.4	97.6	110.4
Accounts Payable - Related Parties	11.4	9.3	4.1	2.6	4.5
Income Tax Payable	7.9	9.4	5.8	5.0	5.3
Accrued Expenses	43.2	44.9	33.2	32.5	39.7
Financial Liabilities Hedged - Current	-	-	-	0.0	0.1
Cash Dividends Payable	-	11.3	-	-	-
Other Payables	-	-	-	-	4.0
Current Portion of Long Term Debts	-	0.0	52.8	6.1	4.0
Other Current Liabilities	25.6	36.9	13.6	20.0	6.2
Total Current Liabilities	247.9	344.1	295.4	275.6	313.5
Long Term Borrowings	9.9	75.5	87.9	57.5	45.4
Financial Liabilities-FV, Non-Current	-	-	0.0	75.6	82.1
Corporate Bonds Payable	209.7	202.8	198.3	143.4	131.4
Total Long Term Debt	219.6	278.2	286.2	276.5	258.9
Accrued Pension Liabilities	8.8	9.2	9.4	8.9	10.3
LT Secured Deposits Received	0.5	1.0	0.4	0.4	4.0
Other Long Term Liabilities	-	-	0.0	0.1	4.6
Minority Interest	3.0	3.0	2.4	0.7	26.4
Total Liabilities	479.8	635.5	593.9	562.2	617.8
Common Stock	728.3	755.1	686.2	668.8	751.7
Common Stock for Registration	-	-	-	-	0.0
Share Premium	33.1	34.3	31.3	30.5	34.2
Convertible Bond Premium	1.0	1.0	0.7	0.7	0.8
Capital Gain on LT Investment	23.1	23.2	21.0	17.5	16.0
Teasury Stock Transaction	4.0	4.2	3.8	3.7	0.0
Employee Stock Option	38.2	39.7	36.6	0.0	-
Legal Reserve	32.6	19.7	15.8	11.0	7.0
Special Reserve	12.7	-	-	-	0.0
Retained Earning	239.2	226.2	88.9	77.2	89.7
Cumulative Translation Adjustment	14.5	-27.5	48.6	62.1	48.9
Unrealized Gain/Loss on Pension Fund	-0.1	-0.1	-0.2	-0.1	-1.3
Unrealized Financial Assets Gain/Loss	-16.9	14.5	1.8	-38.7	-19.8
Treasury Stock	-	-	-	-	0.0
Total Equity	1,109.6	1,090.1	934.4	832.6	927.3
Total Liabilities & Shareholders' Equity	1,589.4	1,725.6	1,528.3	1,394.9	1,545.1
S/O-Common Stock	2,205.3	2,201.7	2,194.9	2,194.9	2,438.2
Total Common Shares Outstanding	2,205.3	2,201.7	2,194.9	2,194.9	2,438.2
T/S-Common Stock	0.0	0.0	0.0	0.0	0.0
Full-Time Employees	8,100	10,419	9,313	7,203	8,916
Number of Shareholders	85,509	120,409	128,739	141,738	145,209
Current maturities	-	-	52.8	-	4.0
Total Long Term Debt, Supplemental	-	-	52.8	-	4.0
Accumulated Benefit Obligation	7.3	9.2	8.1	8.8	11.4
Projected Benefit Obligation	9.7	12.0	10.6	12.0	14.5
Fair Value of Plan Assets	6.3	6.7	6.3	6.1	6.2
Funded Status	-3.5	-5.3	-4.3	-5.9	-8.3
Total Funded Status	-3.5	-5.3	-4.3	-5.9	-8.3
Discount Rate	2.00%	2.00%	2.00%	2.50%	2.75%
Rate of Compensation Increase	2.50%	2.00%	2.00%	2.25%	3.00%
Expected Rate of Return on Plan Assets	2.00%	2.00%	2.00%	2.50%	3.00%
Deferred Pension Cost	-	-	-	-	0.1
Accrued Pension Liabilities	-8.8	-9.2	-9.4	-8.9	-10.3
Net Assets Recognized on Balance Sheet	-8.8	-9.2	-9.4	-8.9	-10.2

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 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Reclassified Normal 31-Dec-2008
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	29.39004	31.497037	33.023867	31.543497	32.848802
Auditor	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net Income	57.5	132.6	20.7	19.6	69.7
Depreciation	96.1	102.4	92.3	98.2	86.5
Impairment of Financial Assets at Cost	-	0.0	3.0	1.1	6.1
Gain on Sale of Investments	0.0	0.2	-0.2	-4.8	-0.4
Insurance Compensation Income	-	-	-	-	0.0
Loss on Work Stoppages	-	-	0.0	1.6	3.4
Unreal. Valu. G/L on Fin. Assets & Liabi	-1.5	2.1	-0.4	-5.5	-24.6
Equity Investment Gain/Loss	2.1	-4.6	13.7	0.3	3.4
Cash Dividends from Equity Subsidiaries	3.3	1.7	0.7	1.9	1.8
Impairment Loss on Assets	-	-	-	0.0	8.0
Inventory Devaluation & Obsolescence	1.9	1.3	-10.3	10.3	-3.2
Gain/Loss on Disposal of Fixed Assets	0.1	-0.1	-0.1	0.7	-22.2
Deferred Tax	12.8	9.3	-3.6	-4.5	11.2
Other	-	0.0	-	-	-
Amort. of Discount Lia. Items for Sale	-0.4	-0.3	-0.3	0.0	0.0
Amortization of Corporate Bonds Payable	6.9	6.8	9.5	11.9	6.2
Unrealized G/L on Foreign Exchange	8.0	-18.4	-5.1	5.7	-2.2
Financial Assets at FV	4.4	0.7	-1.1	-0.7	0.3
Financial Liabilities at FV	-	-	-	-	0.0
Notes Receivable	-7.9	0.1	-0.1	5.5	-2.2
Accounts Receivable	0.5	-21.9	-20.2	36.9	-19.4
Other Receivables-Related Parties	0.3	1.3	0.2	-0.7	4.2
Inventories	4.9	-63.4	14.7	2.1	23.8
Tax Reund Receivable	0.1	0.0	0.5	0.2	-0.2
Other Receivables	1.0	-1.4	4.0	0.9	-5.4
Receivable Issuance Charges	-	-	-	0.0	18.3
Other Current Assets	9.5	-2.1	-5.2	-0.1	4.6
Reserve for Claim	-	-	-	0.0	6.3
Notes Payable	-0.1	-1.2	0.8	-0.8	-1.1
Accounts Payable	-52.8	36.4	8.9	-11.9	15.2
Other Payables,Related Parties	2.5	4.5	1.4	-2.0	-3.0
Tax Payable	0.2	2.7	0.7	-0.3	2.3
Accrued Expenses	-0.1	7.8	-0.1	-7.0	-6.7
Other Current Liabilities	-0.7	0.7	-9.5	10.3	-0.9
Accrued Pension Liabilities	0.0	-1.1	0.2	0.0	1.0
Other Operating Liabilities	-	0.0	-0.1	-4.7	4.3
Cash from Operating Activities	148.5	195.8	115.1	164.2	185.4
Financial Assets at Cost, Net	-	0.0	-2.9	6.6	16.5
Fncl.Assets Disposal Return, at Cost	-	-	0.0	0.7	0.0
Other Long Term Investment Decrease	-	-	-	0.0	1.6
Other Long Term Investment Increase	-	-	-	0.0	0.0
Disposal of Financial Assets for Sale	18.9	10.9	4.2	156.3	7.7
Purchase of Financial Assets for Sale	-18.9	-14.1	-13.5	-123.7	-105.9
Long Term Equity Investment Increase	0.0	-0.2	0.0	-0.2	-24.6
Cap. Reduction on Equity Investment	0.0	1.0	-	0.0	1.8
Cap. Return of Fin. Assets-Cost Method	0.6	-	-	-	-
Sale of Real Estate Investment	-	-	-	0.0	5.8
Capital Expenditure	-85.8	-98.7	-35.2	-82.6	-92.8
Disposal of Fixed Assets	0.9	1.9	1.8	1.5	151.7
Pledged Time Deposits , Net	-	0.0	0.1	2.7	3.4
Decrease in Refundable Deposits	0.0	0.0	0.6	0.7	1.2
Other Assets	-9.2	-15.9	-9.1	-10.1	-8.4
Capital Financing Receivable - Related	-	-	0.0	0.8	0.6
Cash Paid for Subsidiaries Stock	-	-	0.0	-27.0	-0.9
Cash from Investing Activities	-93.5	-115.1	-54.0	-74.3	-42.3
Short Term Loans, Net	-22.9	-0.6	-42.4	-23.3	-11.6
Short Term Notes Payable, Net	15.5	-13.3	5.0	-3.3	2.3
Long Term Borrowings Increase	10.2	69.8	79.2	59.8	36.5
Long Term Borrowings Decrease	-74.9	-142.9	-6.0	-44.5	-156.4
Directors Remuneration	-	-	0.0	-0.8	-1.3
Employees Bonus	-	-	0.0	-3.2	-3.3
Security Deposit Received	-0.5	0.5	0.0	-3.7	-0.9
Foreign Unsecured Bonds Issued	-	-	-	0.0	230.9
Cash Dividend - Common Stock	-18.7	0.0	-6.6	-21.8	-37.6
Other Cash Flow from Financing Activitie	-0.8	-0.3	-0.2	-	-
Repayment of Unsecured Loans	-	-	-	0.0	-18.3
Treasury Stock Purchased	-	-	0.0	-76.9	0.0
Cash Capital, Minority Interest, Subsi.	-	0.0	3.2	-	-
Employee Stock Option Exercised	1.3	-	-	0.0	4.0
Cash from Financing Activities	-90.8	-86.8	32.1	-117.8	44.4
Foreign Exchange Effects	15.2	-36.1	-12.2	1.3	7.0
Net Change in Cash	-20.5	-42.2	81.0	-26.5	194.5
Net Cash - Beginning Balance	296.0	318.4	222.7	259.7	54.8
Net Cash - Ending Balance	275.5	276.2	303.7	233.2	249.4
Cash Interest Paid	1.5	0.6	2.5	3.3	7.3
Cash Taxes Paid	9.7	11.4	4.5	8.3	7.9

Financial Health

Financials in: USD (mil)

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

Key Indicators USD (mil)
Â	Quarter Ending 30-Jun-2012	Quarter Ending Yr Ago	Annual Year End 31-Dec-2011	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1	213.4	-7.82%	849.7	-8.57%	3.56%	4.14%
Research & Development1	2.7	-17.52%	13.7	5.67%	-0.30%	4.59%
Operating Income1	20.1	-31.14%	87.1	-47.59%	23.77%	2.58%
Income Available to Common Excl Extraord Items1	12.0	-26.66%	56.7	-59.79%	42.74%	-3.35%
Basic EPS Excl Extraord Items1	0.01	-26.70%	0.03	-59.93%	44.07%	-1.58%
Capital Expenditures2	25.1	-52.08%	85.8	-18.93%	-1.11%	1.98%
Cash from Operating Activities2	99.2	109.92%	148.5	-29.22%	-5.54%	-4.11%
Free Cash Flow	73.4	-	60.9	-39.67%	-10.51%	-9.86%
Total Assets3	1,675.6	-3.10%	1,589.4	-4.35%	1.68%	0.76%
Total Liabilities3	545.3	-13.59%	479.8	-21.59%	-7.66%	-3.88%
Total Long Term Debt3	212.9	-0.98%	219.6	-18.03%	-9.84%	5.45%
Employees3	-	-	8100	-22.26%	3.99%	-2.20%
Total Common Shares Outstanding3	2,205.3	0.16%	2,205.3	0.16%	0.16%	-1.85%
1-ExchangeRate: TWD to USD Average for Period	29.610205	Â	29.390040	Â	Â	Â
2-ExchangeRate: TWD to USD Average for Period	29.664318	Â	29.390040	Â	Â	Â
3-ExchangeRate: TWD to USD Period End Date	29.938308	Â	30.279000	Â	Â	Â

Key Ratios
Â	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Profitability
Gross Margin	21.24%	28.28%	20.30%	20.12%	26.46%
Operating Margin	10.25%	17.89%	6.53%	6.01%	10.56%
Pretax Margin	9.57%	18.00%	4.42%	3.40%	13.53%
Net Profit Margin	6.68%	15.18%	3.52%	2.55%	9.87%
Financial Strength
Current Ratio	2.69	2.11	2.10	1.84	2.08
Long Term Debt/Equity	0.20	0.26	0.31	0.33	0.28
Total Debt/Equity	0.25	0.32	0.44	0.47	0.43
Management Effectiveness
Return on Assets	3.43%	8.42%	1.45%	1.29%	4.75%
Return on Equity	5.10%	13.45%	2.36%	2.00%	7.49%
Efficiency
Receivables Turnover	3.79	4.41	3.42	3.77	3.57
Inventory Turnover	3.85	4.63	4.58	5.00	3.97
Asset Turnover	0.51	0.55	0.40	0.47	0.46

Market Valuation USD (mil)
P/E (TTM)	19.51	.	Enterprise Value2	586.4
Price/Sales (TTM)	0.83	.	Enterprise Value/Revenue (TTM)	0.75
Price/Book (MRQ)	0.58	.	Enterprise Value/EBITDA (TTM)	3.91
Market Cap as of 05-Oct-20121	668.3	.
1-ExchangeRate: TWD to USD on 5-Oct-2012	29.302377
2-ExchangeRate: TWD to USD on 30-Jun-2012	29.938308

Annual Ratios

Financials in: USD (mil)

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

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Financial Strength
Current Ratio	2.69	2.11	2.10	1.84	2.08
Quick/Acid Test Ratio	1.97	1.52	1.69	1.41	1.66
Working Capital1	419.7	380.6	325.1	230.5	338.6
Long Term Debt/Equity	0.20	0.26	0.31	0.33	0.28
Total Debt/Equity	0.25	0.32	0.44	0.47	0.43
Long Term Debt/Total Capital	0.16	0.19	0.21	0.23	0.19
Total Debt/Total Capital	0.20	0.24	0.31	0.32	0.30
Payout Ratio	0.00%	5.30%	48.86%	39.53%	33.15%
Effective Tax Rate	29.23%	15.06%	19.13%	19.03%	24.04%
Total Capital1	1,387.0	1,441.4	1,350.0	1,227.0	1,329.5
Efficiency
Asset Turnover	0.51	0.55	0.40	0.47	0.46
Inventory Turnover	3.85	4.63	4.58	5.00	3.97
Days In Inventory	94.81	78.81	79.61	73.05	91.99
Receivables Turnover	3.79	4.41	3.42	3.77	3.57
Days Receivables Outstanding	96.29	82.83	106.79	96.91	102.18
Revenue/Employee2	101,823	89,913	64,221	95,126	77,043
Operating Income/Employee2	10,442	16,084	4,196	5,713	8,132
EBITDA/Employee2	21,803	26,581	14,335	18,187	17,488
Profitability
Gross Margin	21.24%	28.28%	20.30%	20.12%	26.46%
Operating Margin	10.25%	17.89%	6.53%	6.01%	10.56%
EBITDA Margin	21.41%	29.56%	22.32%	19.12%	22.70%
EBIT Margin	10.25%	17.89%	6.53%	6.01%	10.56%
Pretax Margin	9.57%	18.00%	4.42%	3.40%	13.53%
Net Profit Margin	6.68%	15.18%	3.52%	2.55%	9.87%
R&D Expense/Revenue	1.61%	1.40%	1.97%	1.81%	1.65%
COGS/Revenue	78.76%	71.72%	79.70%	79.88%	73.54%
SG&A Expense/Revenue	9.37%	9.00%	11.28%	12.15%	12.64%
Management Effectiveness
Return on Assets	3.43%	8.42%	1.45%	1.29%	4.75%
Return on Equity	5.10%	13.45%	2.36%	2.00%	7.49%
Valuation
Free Cash Flow/Share2	0.03	0.05	0.04	0.04	0.04
Operating Cash Flow/Share 2	0.07	0.10	0.05	0.07	0.08
1-ExchangeRate: TWD to USD Period End Date	30.279	29.1565	31.985	32.818	32.4345
2-ExchangeRate: TWD to USD Average for Period	30.279	29.1565	31.985	32.818	32.4345

Current Market Multiples
Market Cap/Earnings (TTM)	19.51
Market Cap/Equity (MRQ)	0.58
Market Cap/Revenue (TTM)	0.83
Market Cap/EBIT (TTM)	10.81
Market Cap/EBITDA (TTM)	4.36
Enterprise Value/Earnings (TTM)	17.49
Enterprise Value/Equity (MRQ)	0.52
Enterprise Value/Revenue (TTM)	0.75
Enterprise Value/EBIT (TTM)	9.69
Enterprise Value/EBITDA (TTM)	3.91

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.12
UK Pound	1	Rs.85.14
Euro	1	Rs.68.60

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.