MIRA
INFORM REPORT
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Report Date : |
25.10.2012 |
IDENTIFICATION DETAILS
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Name : |
LEATEC FINE CERAMICS CO., LTD |
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Registered Office : |
No. 160 Section 1, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
02.12.1991 |
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Legal Form : |
Public Parent |
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Line of Business : |
Manufacture of ceramic insulators and insulating fittings |
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No. of Employees : |
614 |
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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 : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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Taiwan |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
TAIWAN - ECONOMIC OVERVIEW
Taiwan has a dynamic capitalist
economy with gradually decreasing government guidance of investment and foreign
trade. In keeping with this trend, some large, state-owned banks and industrial
firms have been privatized. Exports, led by electronics, machinery, and
petrochemicals have provided the primary impetus for economic development. This
heavy dependence on exports exposes the economy to fluctuations in world
demand. In 2009, Taiwan's GDP contracted 1.9%, due primarily to a 20%
year-on-year decline in exports. In 2010 GDP grew 10.9%, as exports returned to
the level of previous years, and in 2011, grew 5.2%. However, 2012 growth will
likely be less, according to most forecasters, because of softening global
demand. Taiwan's diplomatic isolation, low birth rate, and rapidly aging
population are major long-term challenges. Free trade agreements have
proliferated in East Asia over the past several years, but so far Taiwan has
been excluded from this greater economic integration largely because of its
diplomatic status with the exception of the landmark Economic Cooperation
Framework Agreement (ECFA) signed with China in June 2010. The MA
administration has said that the ECFA will serve as a stepping stone toward
trade pacts with other regional partners, and negotiations on a deal with
Singapore began this year. Follow-on components of ECFA, including deals on
trade in goods, services, and investment, have yet to be completed. Taiwan's
Total Fertility rate of just over one child per woman is among the lowest in
the world, raising the prospect of future labor shortages, falling domestic
demand, and declining tax revenues. Taiwan's population is aging quickly, with
the number of people over 65 accounting for 10.9% of the island's total
population as of 2011. The island runs a large trade surplus, and its foreign
reserves are the world's fourth largest, behind China, Japan, and Russia. Since
2005 China has overtaken the US to become Taiwan's second-largest source of
imports after Japan. China is also the island's number one destination for
foreign direct investment. Three financial memorandums of understanding,
covering banking, securities, and insurance, took effect in mid-January 2010,
opening the island to greater investments from the mainland's financial firms
and institutional investors, and providing new opportunities for Taiwan
financial firms to operate in China. Closer economic links with the mainland
bring greater opportunities for the Taiwan economy, but also poses new
challenges as the island becomes more economically dependent on China while
political differences remain unresolved.
Source : CIA
Company name and address
Leatec Fine
Ceramics Co., Ltd
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Business
Description
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Leatec Fine Ceramics Co., Ltd. is principally engaged in the manufacture,
design, processing and trade of ceramic substrates. The Company provides chip
array (CA) substrates, chip resistor (CR) substrates, hybrid electrics (HE)
substrates, resistor network (RN), laser substrates, lapping substrates,
light emitting diode (LED) substrates, thin film substrates, microwave
substrates and solar opto-electrical products, among others. The Company
distributes its products in the domestic market and to overseas markets,
including the rest of Asia, the Americas, Europe, Africa and Oceania. For the
six months ended 30 June 2012, Leatec Fine Ceramics Co., Ltd revenues
decreased 33% to NT$386.6M. Net loss totaled NT$71.2M vs. income of NT$47M.
Revenues reflect Porcelain Electrical Supply Manufacturing segment decrease
of 27% to NT$334.5M, Photoelectric segment decrease of 57% to NT$52.1M. Net
loss reflects Miscellaneous Income decrease of 70% to NT$3.9M (income),
Equity Investment Gain/Loss increase from NT$1.4M to |
Industry
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Industry |
Electronic Instruments and Controls |
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ANZSIC 2006: |
2029 - Other Ceramic Product Manufacturing
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NACE 2002: |
2623 - Manufacture of ceramic insulators
and insulating fittings |
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NAICS 2002: |
327113 - Porcelain Electrical Supply
Manufacturing |
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UK SIC 2003: |
2623 - Manufacture of ceramic insulators
and insulating fittings |
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UK SIC 2007: |
2343 - Manufacture of ceramic insulators
and insulating fittings |
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US SIC 1987: |
3264 - Porcelain Electrical Supplies |
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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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 |
Updated Normal |
Reclassified
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 with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
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Gross Revenue |
33.2 |
40.6 |
19.9 |
22.5 |
19.4 |
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Sales Returns and Allowances |
-0.3 |
-0.2 |
-0.1 |
-0.1 |
-0.1 |
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Revenue |
32.9 |
40.4 |
19.8 |
22.4 |
19.2 |
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Total Revenue |
32.9 |
40.4 |
19.8 |
22.4 |
19.2 |
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Cost of Revenue |
26.2 |
29.1 |
17.3 |
17.6 |
13.1 |
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Cost of Revenue, Total |
26.2 |
29.1 |
17.3 |
17.6 |
13.1 |
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Gross Profit |
6.6 |
11.3 |
2.4 |
4.8 |
6.1 |
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Selling/General/Administrative Expense |
3.9 |
4.8 |
3.4 |
3.1 |
2.8 |
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Total Selling/General/Administrative Expenses |
3.9 |
4.8 |
3.4 |
3.1 |
2.8 |
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Research & Development |
1.3 |
1.7 |
1.6 |
1.2 |
1.1 |
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Impairment-Assets Held for Use |
- |
- |
- |
- |
0.0 |
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Unusual Expense (Income) |
- |
- |
- |
- |
0.0 |
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Total Operating Expense |
31.4 |
35.5 |
22.3 |
21.9 |
17.0 |
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Operating Income |
1.5 |
4.9 |
-2.5 |
0.6 |
2.2 |
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Interest Expense -
Non-Operating |
-0.5 |
-0.6 |
-0.6 |
-0.7 |
-0.5 |
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Interest Expense, Net Non-Operating |
-0.5 |
-0.6 |
-0.6 |
-0.7 |
-0.5 |
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Interest Income -
Non-Operating |
0.1 |
0.0 |
0.1 |
0.1 |
0.2 |
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Investment Income -
Non-Operating |
0.1 |
-0.7 |
0.1 |
-0.4 |
0.1 |
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Interest/Investment Income - Non-Operating |
0.2 |
-0.6 |
0.2 |
-0.3 |
0.3 |
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Interest Income (Expense) - Net Non-Operating Total |
-0.3 |
-1.2 |
-0.5 |
-1.0 |
-0.2 |
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Gain (Loss) on Sale of Assets |
0.0 |
0.0 |
0.8 |
0.2 |
-0.2 |
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Other Non-Operating Income (Expense) |
0.5 |
0.7 |
0.2 |
0.0 |
0.2 |
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Other, Net |
0.5 |
0.7 |
0.2 |
0.0 |
0.2 |
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Income Before Tax |
1.7 |
4.3 |
-1.9 |
-0.2 |
2.0 |
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Total Income Tax |
0.8 |
0.7 |
-0.1 |
-0.3 |
0.8 |
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Income After Tax |
0.9 |
3.6 |
-1.9 |
0.0 |
1.2 |
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Net Income Before Extraord Items |
0.9 |
3.6 |
-1.9 |
0.0 |
1.2 |
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Net Income |
0.9 |
3.6 |
-1.9 |
0.0 |
1.2 |
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Income Available to Common Excl Extraord Items |
0.9 |
3.6 |
-1.9 |
0.0 |
1.2 |
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Income Available to Common Incl Extraord Items |
0.9 |
3.6 |
-1.9 |
0.0 |
1.2 |
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Basic/Primary Weighted Average Shares |
84.7 |
78.1 |
73.6 |
77.6 |
80.7 |
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Basic EPS Excl Extraord Items |
0.01 |
0.05 |
-0.03 |
0.00 |
0.02 |
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Basic/Primary EPS Incl Extraord Items |
0.01 |
0.05 |
-0.03 |
0.00 |
0.02 |
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Dilution Adjustment |
0.0 |
0.1 |
0.0 |
- |
- |
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Diluted Net Income |
0.9 |
3.6 |
-1.9 |
0.0 |
1.2 |
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Diluted Weighted Average Shares |
84.7 |
80.0 |
73.6 |
77.6 |
80.7 |
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Diluted EPS Excl Extraord Items |
0.01 |
0.05 |
-0.03 |
0.00 |
0.02 |
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Diluted EPS Incl Extraord Items |
0.01 |
0.05 |
-0.03 |
0.00 |
0.02 |
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Dividends per Share - Common Stock Primary Issue |
0.01 |
0.02 |
0.00 |
- |
0.01 |
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Gross Dividends - Common Stock |
0.9 |
1.4 |
0.0 |
- |
1.1 |
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Interest Expense, Supplemental |
0.5 |
0.6 |
0.6 |
0.7 |
0.5 |
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Depreciation, Supplemental |
4.0 |
3.7 |
3.3 |
3.1 |
2.4 |
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Total Special Items |
0.0 |
0.0 |
-0.8 |
-0.2 |
0.2 |
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Normalized Income Before Tax |
1.7 |
4.3 |
-2.8 |
-0.4 |
2.2 |
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Effect of Special Items on Income Taxes |
0.0 |
0.0 |
-0.3 |
-0.1 |
0.1 |
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Inc Tax Ex Impact of Sp Items |
0.8 |
0.8 |
-0.4 |
-0.3 |
0.9 |
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Normalized Income After Tax |
0.9 |
3.6 |
-2.4 |
-0.1 |
1.4 |
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Normalized Inc. Avail to Com. |
0.9 |
3.6 |
-2.4 |
-0.1 |
1.4 |
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Basic Normalized EPS |
0.01 |
0.05 |
-0.03 |
0.00 |
0.02 |
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Diluted Normalized EPS |
0.01 |
0.05 |
-0.03 |
0.00 |
0.02 |
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Amort of Intangibles, Supplemental |
1.1 |
0.7 |
0.4 |
0.3 |
0.2 |
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Research & Development Exp, Supplemental |
1.3 |
1.7 |
1.6 |
1.2 |
1.1 |
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Normalized EBIT |
1.5 |
4.9 |
-2.5 |
0.6 |
2.2 |
|
Normalized EBITDA |
6.6 |
9.2 |
1.2 |
4.0 |
4.9 |
|
Current Tax - Total |
0.4 |
0.3 |
0.0 |
0.0 |
0.3 |
|
Current Tax - Total |
0.4 |
0.3 |
0.0 |
0.0 |
0.3 |
|
Deferred Tax - Total |
0.4 |
0.4 |
-0.1 |
-0.3 |
0.5 |
|
Deferred Tax - Total |
0.4 |
0.4 |
-0.1 |
-0.3 |
0.5 |
|
Income Tax - Total |
0.8 |
0.7 |
-0.1 |
-0.3 |
0.8 |
|
Interest Cost - Domestic |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Service Cost - Domestic |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Expected Return on Assets - Domestic |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Actuarial Gains and Losses - Domestic |
- |
- |
- |
0.0 |
0.0 |
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Transition Costs - Domestic |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Pension, Net - Domestic |
0.0 |
0.0 |
0.0 |
- |
- |
|
Domestic Pension Plan Expense |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Defined Contribution Expense - Domestic |
0.2 |
0.1 |
0.1 |
- |
- |
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Defined Contribution Expense - Foreign |
0.1 |
0.0 |
0.0 |
- |
- |
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Total Pension Expense |
0.3 |
0.2 |
0.1 |
0.0 |
0.0 |
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Discount Rate - Domestic |
2.00% |
2.50% |
2.50% |
3.00% |
3.00% |
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Expected Rate of Return - Domestic |
2.00% |
2.50% |
2.50% |
3.00% |
3.00% |
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Compensation Rate - Domestic |
1.00% |
1.00% |
1.00% |
1.00% |
1.00% |
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Total Plan Interest Cost |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
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 |
|
Total Plan Other Expense |
0.0 |
0.0 |
0.0 |
- |
- |
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Annual Balance
Sheet |
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Financials in:
USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
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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 |
|
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Cash & Equivalents |
16.5 |
11.1 |
2.6 |
3.4 |
2.4 |
|
Short Term Investments |
- |
0.0 |
1.9 |
1.6 |
- |
|
Cash and Short Term Investments |
16.5 |
11.1 |
4.6 |
5.0 |
2.4 |
|
Accounts Receivable -
Trade, Gross |
8.7 |
13.1 |
7.1 |
7.7 |
8.2 |
|
Provision for Doubtful
Accounts |
0.0 |
0.0 |
-0.2 |
-0.3 |
-0.3 |
|
Trade Accounts Receivable - Net |
8.7 |
13.1 |
6.9 |
7.8 |
7.9 |
|
Notes Receivable - Short Term |
0.1 |
0.4 |
0.2 |
0.2 |
0.7 |
|
Other Receivables |
0.2 |
0.1 |
0.1 |
0.3 |
0.1 |
|
Total Receivables, Net |
9.0 |
13.5 |
7.3 |
8.3 |
8.8 |
|
Inventories - Finished Goods |
2.8 |
2.1 |
2.0 |
3.0 |
2.2 |
|
Inventories - Work In Progress |
1.5 |
1.7 |
1.6 |
1.6 |
1.6 |
|
Inventories - Raw Materials |
1.7 |
2.1 |
1.8 |
1.6 |
1.4 |
|
Inventories - Other |
0.1 |
0.4 |
0.3 |
-0.1 |
-0.4 |
|
Total Inventory |
6.2 |
6.2 |
5.7 |
6.0 |
4.9 |
|
Restricted Cash - Current |
2.1 |
6.1 |
3.3 |
3.1 |
0.0 |
|
Deferred Income Tax - Current Asset |
0.5 |
0.6 |
0.7 |
- |
- |
|
Other Current Assets |
0.3 |
0.6 |
0.5 |
0.9 |
0.8 |
|
Other Current Assets, Total |
2.9 |
7.3 |
4.5 |
4.0 |
0.8 |
|
Total Current Assets |
34.6 |
38.3 |
22.0 |
23.2 |
16.8 |
|
|
|
|
|
|
|
|
Buildings |
9.6 |
9.4 |
9.0 |
8.9 |
8.5 |
|
Land/Improvements |
4.0 |
4.1 |
3.7 |
3.6 |
3.6 |
|
Machinery/Equipment |
47.8 |
46.0 |
41.8 |
39.6 |
34.5 |
|
Construction in
Progress |
5.8 |
2.2 |
0.4 |
1.2 |
0.4 |
|
Property/Plant/Equipment - Gross |
67.2 |
61.7 |
54.8 |
53.4 |
47.0 |
|
Accumulated Depreciation |
-38.3 |
-34.0 |
-28.4 |
-26.3 |
-23.7 |
|
Property/Plant/Equipment - Net |
28.9 |
27.7 |
26.4 |
27.2 |
23.3 |
|
Intangibles, Net |
0.8 |
0.8 |
0.8 |
0.7 |
0.7 |
|
LT Investment - Affiliate Companies |
1.2 |
- |
- |
- |
- |
|
LT Investments - Other |
- |
- |
0.0 |
1.8 |
0.0 |
|
Long Term Investments |
1.2 |
- |
0.0 |
1.8 |
0.0 |
|
Deferred Charges |
1.4 |
1.2 |
0.6 |
- |
- |
|
Pension Benefits - Overfunded |
0.0 |
- |
- |
- |
- |
|
Deferred Income Tax - Long Term Asset |
- |
0.0 |
0.2 |
0.2 |
0.0 |
|
Restricted Cash - Long Term |
0.5 |
0.1 |
1.4 |
0.0 |
3.4 |
|
Other Long Term Assets |
0.0 |
0.0 |
0.0 |
0.4 |
0.5 |
|
Other Long Term Assets, Total |
1.9 |
1.4 |
2.2 |
0.6 |
3.8 |
|
Total Assets |
67.5 |
68.2 |
51.4 |
53.5 |
44.7 |
|
|
|
|
|
|
|
|
Accounts Payable |
2.7 |
3.8 |
2.2 |
1.9 |
1.0 |
|
Accrued Expenses |
1.3 |
2.0 |
1.0 |
0.5 |
0.9 |
|
Notes Payable/Short Term Debt |
9.3 |
13.1 |
13.3 |
16.7 |
9.4 |
|
Current Portion - Long Term Debt/Capital Leases |
0.5 |
2.3 |
1.4 |
0.5 |
0.0 |
|
Income Taxes Payable |
0.0 |
0.3 |
- |
- |
- |
|
Other Current Liabilities |
0.5 |
0.6 |
0.2 |
0.4 |
0.3 |
|
Other Current liabilities, Total |
0.5 |
0.9 |
0.2 |
0.4 |
0.3 |
|
Total Current Liabilities |
14.3 |
22.1 |
18.1 |
20.0 |
11.6 |
|
|
|
|
|
|
|
|
Long Term Debt |
9.2 |
3.3 |
3.7 |
2.0 |
0.6 |
|
Total Long Term Debt |
9.2 |
3.3 |
3.7 |
2.0 |
0.6 |
|
Total Debt |
19.1 |
18.7 |
18.4 |
19.1 |
10.0 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
0.5 |
0.2 |
- |
0.0 |
0.2 |
|
Deferred Income Tax |
0.5 |
0.2 |
- |
0.0 |
0.2 |
|
Pension Benefits - Underfunded |
0.3 |
0.3 |
0.3 |
0.3 |
0.3 |
|
Other Long Term Liabilities |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Liabilities, Total |
0.3 |
0.3 |
0.3 |
0.3 |
0.3 |
|
Total Liabilities |
24.3 |
26.0 |
22.1 |
22.2 |
12.7 |
|
|
|
|
|
|
|
|
Common Stock |
28.6 |
30.2 |
25.4 |
24.7 |
25.0 |
|
Common Stock |
28.6 |
30.2 |
25.4 |
24.7 |
25.0 |
|
Additional Paid-In Capital |
9.1 |
8.5 |
4.3 |
4.2 |
4.2 |
|
Retained Earnings (Accumulated Deficit) |
2.8 |
3.5 |
-0.3 |
1.6 |
2.7 |
|
Treasury Stock - Common |
-0.3 |
-1.0 |
-2.2 |
-1.9 |
-1.2 |
|
Translation Adjustment |
3.0 |
1.1 |
2.3 |
2.7 |
1.2 |
|
Other Equity, Total |
3.0 |
1.1 |
2.3 |
2.7 |
1.2 |
|
Total Equity |
43.2 |
42.2 |
29.4 |
31.3 |
32.0 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
67.5 |
68.2 |
51.4 |
53.5 |
44.7 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
85.0 |
83.3 |
73.5 |
75.0 |
78.5 |
|
Total Common Shares Outstanding |
85.0 |
83.3 |
73.5 |
75.0 |
78.5 |
|
Treasury Shares - Common Stock Primary Issue |
1.5 |
4.7 |
7.7 |
6.2 |
2.6 |
|
Employees |
643 |
626 |
503 |
512 |
484 |
|
Number of Common Shareholders |
8,430 |
- |
- |
5,273 |
5,834 |
|
Pension Obligation - Domestic |
0.8 |
0.6 |
0.4 |
0.5 |
0.6 |
|
Plan Assets - Domestic |
0.4 |
0.3 |
0.3 |
0.5 |
0.5 |
|
Funded Status - Domestic |
-0.4 |
-0.2 |
-0.2 |
-0.1 |
-0.1 |
|
Accumulated Obligation - Domestic |
0.7 |
0.5 |
0.4 |
0.5 |
0.5 |
|
Total Funded Status |
-0.4 |
-0.2 |
-0.2 |
-0.1 |
-0.1 |
|
Discount Rate - Domestic |
2.00% |
2.50% |
2.50% |
3.00% |
3.00% |
|
Expected Rate of Return - Domestic |
2.00% |
2.50% |
2.50% |
3.00% |
3.00% |
|
Compensation Rate - Domestic |
1.00% |
1.00% |
1.00% |
1.00% |
1.00% |
|
Prepaid Benefits - Domestic |
0.0 |
- |
- |
- |
- |
|
Accrued Liabilities - Domestic |
-0.3 |
-0.3 |
-0.3 |
-0.3 |
-0.3 |
|
Net Assets Recognized on Balance Sheet |
-0.3 |
-0.3 |
-0.3 |
-0.3 |
-0.3 |
|
Total Plan Obligations |
0.8 |
0.6 |
0.4 |
0.5 |
0.6 |
|
Total Plan Assets |
0.4 |
0.3 |
0.3 |
0.5 |
0.5 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
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 with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
0.9 |
3.6 |
-1.9 |
0.0 |
1.2 |
|
Depreciation |
5.1 |
4.3 |
3.8 |
3.1 |
2.4 |
|
Depreciation/Depletion |
5.1 |
4.3 |
3.8 |
3.1 |
2.4 |
|
Amortization of Intangibles |
- |
- |
- |
0.3 |
0.2 |
|
Amortization |
- |
- |
- |
0.3 |
0.2 |
|
Deferred Taxes |
0.4 |
0.4 |
-0.1 |
-0.3 |
0.5 |
|
Unusual Items |
0.0 |
0.0 |
-0.8 |
-0.2 |
0.2 |
|
Equity in Net Earnings (Loss) |
0.2 |
- |
- |
- |
- |
|
Other Non-Cash Items |
0.0 |
0.9 |
-0.3 |
0.3 |
- |
|
Non-Cash Items |
0.2 |
0.9 |
-1.1 |
0.1 |
0.2 |
|
Accounts Receivable |
4.2 |
-5.2 |
1.2 |
0.4 |
-1.4 |
|
Inventories |
-0.2 |
0.0 |
0.4 |
-1.1 |
0.0 |
|
Other Assets |
0.3 |
-0.1 |
-0.2 |
-0.2 |
0.0 |
|
Accounts Payable |
- |
- |
- |
0.9 |
-0.4 |
|
Accrued Expenses |
-0.7 |
0.9 |
0.5 |
-0.4 |
0.0 |
|
Taxes Payable |
-0.3 |
0.3 |
- |
- |
- |
|
Other Liabilities |
-1.1 |
1.2 |
0.0 |
0.1 |
-0.4 |
|
Changes in Working Capital |
2.2 |
-2.9 |
1.8 |
-0.3 |
-2.2 |
|
Cash from Operating Activities |
8.8 |
6.3 |
2.5 |
2.9 |
2.4 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-5.0 |
-3.1 |
-2.5 |
-6.0 |
-2.9 |
|
Purchase/Acquisition of Intangibles |
- |
- |
0.0 |
0.0 |
- |
|
Capital Expenditures |
-5.0 |
-3.1 |
-2.5 |
-6.0 |
-2.9 |
|
Sale of Fixed Assets |
0.0 |
0.1 |
0.9 |
0.5 |
0.1 |
|
Sale/Maturity of Investment |
0.0 |
2.3 |
2.4 |
- |
- |
|
Investment, Net |
- |
- |
- |
- |
0.0 |
|
Purchase of Investments |
-1.4 |
-0.3 |
-0.6 |
-3.9 |
0.0 |
|
Other Investing Cash Flow |
2.3 |
-2.1 |
-2.1 |
0.0 |
0.4 |
|
Other Investing Cash Flow Items, Total |
0.9 |
0.0 |
0.7 |
-3.4 |
0.5 |
|
Cash from Investing Activities |
-4.0 |
-3.1 |
-1.8 |
-9.4 |
-2.4 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
0.0 |
0.0 |
0.0 |
0.0 |
-0.1 |
|
Financing Cash Flow Items |
0.0 |
0.0 |
0.0 |
0.0 |
-0.1 |
|
Total Cash Dividends Paid |
-1.5 |
- |
0.0 |
-1.1 |
-0.9 |
|
Repurchase/Retirement
of Common |
- |
0.0 |
-0.3 |
-0.8 |
-1.1 |
|
Common Stock, Net |
- |
0.0 |
-0.3 |
-0.8 |
-1.1 |
|
Options Exercised |
- |
1.3 |
- |
- |
- |
|
Issuance (Retirement) of Stock, Net |
- |
1.3 |
-0.3 |
-0.8 |
-1.1 |
|
Short Term Debt Issued |
- |
- |
0.3 |
- |
- |
|
Short Term Debt
Reduction |
- |
-0.3 |
- |
- |
- |
|
Short Term Debt, Net |
-3.4 |
-1.4 |
-0.9 |
7.6 |
-1.0 |
|
Long Term Debt Issued |
5.6 |
6.3 |
- |
2.0 |
- |
|
Long Term Debt
Reduction |
0.0 |
-1.5 |
-0.2 |
- |
0.0 |
|
Long Term Debt, Net |
5.6 |
4.9 |
-0.2 |
2.0 |
0.0 |
|
Issuance (Retirement) of Debt, Net |
2.2 |
3.5 |
-1.1 |
9.6 |
-1.0 |
|
Cash from Financing Activities |
0.7 |
4.7 |
-1.5 |
7.7 |
-3.1 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.5 |
-0.3 |
0.0 |
-0.2 |
0.9 |
|
Net Change in Cash |
6.0 |
7.6 |
-0.8 |
1.0 |
-2.2 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
11.1 |
2.7 |
3.4 |
2.5 |
4.6 |
|
Net Cash - Ending Balance |
17.0 |
10.3 |
2.6 |
3.5 |
2.4 |
|
Cash Interest Paid |
0.5 |
0.6 |
0.7 |
0.7 |
0.5 |
|
Cash Taxes Paid |
0.7 |
0.0 |
0.0 |
0.1 |
0.2 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
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 with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Gross Sales |
33.2 |
40.6 |
19.9 |
22.5 |
19.4 |
|
Sales Returns & Discounts |
-0.3 |
-0.2 |
-0.1 |
-0.1 |
-0.1 |
|
Total Revenue |
32.9 |
40.4 |
19.8 |
22.4 |
19.2 |
|
|
|
|
|
|
|
|
Cost of Sales |
26.2 |
29.1 |
17.3 |
17.6 |
13.1 |
|
Selling Expenses |
1.1 |
1.6 |
1.3 |
0.7 |
1.0 |
|
General and Administrative Expenses |
2.8 |
3.2 |
2.1 |
2.3 |
1.8 |
|
Research and Development Expenses |
1.3 |
1.7 |
1.6 |
1.2 |
1.1 |
|
Inventory Devaluation & Obsolescence |
- |
- |
- |
- |
0.0 |
|
Gain on Reversal of Bad Debt |
-0.1 |
- |
- |
- |
- |
|
Impairment Loss |
- |
- |
- |
- |
0.0 |
|
Total Operating Expense |
31.4 |
35.5 |
22.3 |
21.9 |
17.0 |
|
|
|
|
|
|
|
|
Interest Income |
0.1 |
0.0 |
0.1 |
0.1 |
0.2 |
|
Gain on Sale of Fixed Assets |
- |
0.0 |
0.8 |
0.2 |
- |
|
Gain/Loss on Foreign Exchange |
0.2 |
-0.7 |
-0.2 |
-0.1 |
0.1 |
|
Miscellaneous Income |
0.7 |
0.8 |
0.5 |
0.3 |
0.5 |
|
Interest Expense |
-0.5 |
-0.6 |
-0.6 |
-0.7 |
-0.5 |
|
Gain/Loss on Financial Assets Valuation |
0.0 |
0.0 |
0.3 |
-0.3 |
- |
|
Gain/Loss on Financial Liab. Valuation |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Loss on Sale of Fixed Assets |
0.0 |
0.0 |
- |
- |
-0.2 |
|
Loss on Equity Investment |
-0.2 |
- |
- |
- |
- |
|
Miscellaneous Disbursements |
-0.1 |
-0.1 |
-0.3 |
-0.3 |
-0.3 |
|
Net Income Before Taxes |
1.7 |
4.3 |
-1.9 |
-0.2 |
2.0 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
0.8 |
0.7 |
-0.1 |
-0.3 |
0.8 |
|
Net Income After Taxes |
0.9 |
3.6 |
-1.9 |
0.0 |
1.2 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
0.9 |
3.6 |
-1.9 |
0.0 |
1.2 |
|
Net Income |
0.9 |
3.6 |
-1.9 |
0.0 |
1.2 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
0.9 |
3.6 |
-1.9 |
0.0 |
1.2 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
0.9 |
3.6 |
-1.9 |
0.0 |
1.2 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
84.7 |
78.1 |
73.6 |
77.6 |
80.7 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.01 |
0.05 |
-0.03 |
0.00 |
0.02 |
|
Basic EPS Including ExtraOrdinary Items |
0.01 |
0.05 |
-0.03 |
0.00 |
0.02 |
|
Dilution Adjustment |
0.0 |
0.1 |
0.0 |
- |
- |
|
Diluted Net Income |
0.9 |
3.6 |
-1.9 |
0.0 |
1.2 |
|
Diluted Weighted Average Shares |
84.7 |
80.0 |
73.6 |
77.6 |
80.7 |
|
Diluted EPS Excluding ExtraOrd Items |
0.01 |
0.05 |
-0.03 |
0.00 |
0.02 |
|
Diluted EPS Including ExtraOrd Items |
0.01 |
0.05 |
-0.03 |
0.00 |
0.02 |
|
DPS-Common Stock |
0.01 |
0.02 |
0.00 |
- |
0.01 |
|
Gross Dividends - Common Stock |
0.9 |
1.4 |
0.0 |
- |
1.1 |
|
Normalized Income Before Taxes |
1.7 |
4.3 |
-2.8 |
-0.4 |
2.2 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
0.8 |
0.8 |
-0.4 |
-0.3 |
0.9 |
|
Normalized Income After Taxes |
0.9 |
3.6 |
-2.4 |
-0.1 |
1.4 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
0.9 |
3.6 |
-2.4 |
-0.1 |
1.4 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.01 |
0.05 |
-0.03 |
0.00 |
0.02 |
|
Diluted Normalized EPS |
0.01 |
0.05 |
-0.03 |
0.00 |
0.02 |
|
Interest Expense, Supplemental |
0.5 |
0.6 |
0.6 |
0.7 |
0.5 |
|
R&D Expense, Supplemental |
1.3 |
1.7 |
1.6 |
1.2 |
1.1 |
|
Depreciation - Operating Cost |
3.4 |
3.1 |
2.8 |
2.6 |
2.1 |
|
Depreciation - Operating Expense |
0.6 |
0.5 |
0.5 |
0.5 |
0.3 |
|
Amortization - Operating Cost |
0.8 |
0.5 |
0.3 |
0.2 |
0.2 |
|
Amortization - Operating Expense |
0.3 |
0.2 |
0.1 |
0.1 |
0.1 |
|
Current Tax |
0.4 |
0.3 |
0.0 |
0.0 |
0.3 |
|
Current Tax - Total |
0.4 |
0.3 |
0.0 |
0.0 |
0.3 |
|
Deferred Tax |
0.4 |
0.4 |
-0.1 |
-0.3 |
0.5 |
|
Deferred Tax - Total |
0.4 |
0.4 |
-0.1 |
-0.3 |
0.5 |
|
Income Tax - Total |
0.8 |
0.7 |
-0.1 |
-0.3 |
0.8 |
|
Service Cost |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest Cost |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Expected Return on Plan Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Amort. Unrealized Pension Benefit |
0.0 |
0.0 |
0.0 |
- |
- |
|
Amortization of Actuarial G/L |
- |
- |
- |
0.0 |
0.0 |
|
Amortization of Transition Cost |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Domestic Pension Plan Expense |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Defined Contribution Expense - Domestic |
0.2 |
0.1 |
0.1 |
- |
- |
|
Defined Contribution Expense - Foreign |
0.1 |
0.0 |
0.0 |
- |
- |
|
Total Pension Expense |
0.3 |
0.2 |
0.1 |
0.0 |
0.0 |
|
Discount Rate |
2.00% |
2.50% |
2.50% |
3.00% |
3.00% |
|
Rate of Compensation Increase |
1.00% |
1.00% |
1.00% |
1.00% |
1.00% |
|
Expected Rate of Return on Plan Assets |
2.00% |
2.50% |
2.50% |
3.00% |
3.00% |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate |
30.279 |
29.1565 |
31.985 |
32.818 |
32.4345 |
|
Auditor |
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 |
Unqualified |
|
|
|
|
|
|
|
|
Cash and Cash Equivalent |
16.5 |
11.1 |
2.6 |
3.4 |
2.4 |
|
Financial Assets at Fair Value |
- |
0.0 |
1.9 |
1.6 |
- |
|
Notes Receivable |
0.1 |
0.4 |
0.2 |
0.2 |
0.7 |
|
Accounts Receivable, Gross |
8.7 |
13.1 |
7.1 |
7.7 |
8.2 |
|
Provision for Doubtful Accounts |
0.0 |
0.0 |
-0.2 |
-0.3 |
-0.3 |
|
Accounts Receivable - Related Parties |
- |
- |
0.0 |
0.4 |
- |
|
Other Receivables |
0.2 |
0.1 |
0.1 |
0.3 |
0.1 |
|
Goods |
0.7 |
1.0 |
1.0 |
0.1 |
0.1 |
|
Finished Goods |
2.1 |
1.1 |
1.0 |
2.8 |
2.1 |
|
Half-Finished Goods |
0.2 |
0.4 |
0.4 |
0.5 |
0.8 |
|
Work-in-Process |
1.3 |
1.3 |
1.2 |
1.0 |
0.8 |
|
Raw Material / Supplies |
1.7 |
2.1 |
1.8 |
1.6 |
1.4 |
|
Inventory in Transit |
0.1 |
0.4 |
0.3 |
0.2 |
0.1 |
|
Provision/Allowance for Inventory |
- |
- |
- |
-0.4 |
-0.4 |
|
Deferred Income Tax Assets - Current |
0.5 |
0.6 |
0.7 |
- |
- |
|
Restricted Assets |
2.1 |
6.1 |
3.3 |
3.1 |
0.0 |
|
Other Current Assets |
0.3 |
0.6 |
0.5 |
0.9 |
0.8 |
|
Total Current Assets |
34.6 |
38.3 |
22.0 |
23.2 |
16.8 |
|
|
|
|
|
|
|
|
Long-Term Equity Investments |
1.2 |
- |
- |
- |
- |
|
Financial Assets-Fair Value,Non-Current |
- |
- |
0.0 |
1.8 |
0.0 |
|
Land |
4.0 |
4.1 |
3.7 |
3.6 |
3.6 |
|
Buildings and Structures |
9.6 |
9.4 |
9.0 |
8.9 |
8.5 |
|
Machinery and Equipment |
39.0 |
37.5 |
34.2 |
31.6 |
27.3 |
|
Electronic Equipment |
2.3 |
2.3 |
2.2 |
2.2 |
1.8 |
|
Miscellaneous Equipment |
6.5 |
6.3 |
5.4 |
5.9 |
5.5 |
|
Accumulated Depreciation |
-36.1 |
-31.8 |
-26.3 |
-24.2 |
-21.6 |
|
Provision for Impairment of Fixed Assets |
-2.2 |
-2.3 |
-2.1 |
-2.0 |
-2.1 |
|
Construction in Progress & Prepayment |
5.8 |
2.2 |
0.4 |
1.2 |
0.4 |
|
Patents |
0.1 |
0.1 |
0.1 |
- |
- |
|
Trademark |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Land Use Right |
0.7 |
0.7 |
0.7 |
0.7 |
0.7 |
|
Deferred Pension Cost |
0.0 |
- |
- |
- |
- |
|
Deferred Income Tax Assets - Non Current |
- |
0.0 |
0.2 |
0.2 |
0.0 |
|
Restricted Assets |
0.5 |
0.1 |
1.4 |
0.0 |
3.4 |
|
Security Deposits Paid |
0.0 |
0.0 |
0.0 |
- |
- |
|
Deferred Charges |
1.4 |
1.2 |
0.6 |
- |
- |
|
Other Assets - Other |
- |
- |
- |
0.4 |
0.5 |
|
Total Assets |
67.5 |
68.2 |
51.4 |
53.5 |
44.7 |
|
|
|
|
|
|
|
|
Short Term Borrowings |
9.3 |
13.1 |
13.0 |
16.6 |
9.4 |
|
Short Term Notes & Bills Payable |
- |
0.0 |
0.3 |
- |
- |
|
Financial Liabilities-Fair Value,Current |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Accounts&Notes Payable |
2.7 |
3.8 |
2.2 |
1.8 |
1.0 |
|
Accounts Payable - Related Parties |
- |
- |
0.0 |
0.1 |
- |
|
Accrued Expenses |
1.3 |
2.0 |
1.0 |
0.5 |
0.9 |
|
Current Portion of Corporate Bond |
- |
- |
- |
- |
0.0 |
|
Current Portion of Long Term Debt |
0.5 |
2.3 |
1.4 |
0.5 |
- |
|
Other Current Liabilities |
0.5 |
0.6 |
0.2 |
0.4 |
0.3 |
|
Income Tax Payable |
0.0 |
0.3 |
- |
- |
- |
|
Total Current Liabilities |
14.3 |
22.1 |
18.1 |
20.0 |
11.6 |
|
|
|
|
|
|
|
|
Long Term Borrowings |
9.2 |
1.7 |
3.7 |
2.0 |
0.6 |
|
Corporate Bonds Payable |
0.0 |
1.6 |
- |
- |
- |
|
Total Long Term Debt |
9.2 |
3.3 |
3.7 |
2.0 |
0.6 |
|
|
|
|
|
|
|
|
Long Term Security Deposits Received |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Deferred Income Tax Liabilities |
0.5 |
0.2 |
- |
0.0 |
0.2 |
|
Accrued Pension Liabilities |
0.3 |
0.3 |
0.3 |
0.3 |
0.3 |
|
Total Liabilities |
24.3 |
26.0 |
22.1 |
22.2 |
12.7 |
|
|
|
|
|
|
|
|
Common Stock |
28.6 |
30.2 |
25.4 |
24.7 |
25.0 |
|
Additional Paid-In Capital |
2.6 |
2.7 |
2.5 |
4.2 |
4.2 |
|
Cap. Surplus, Treasury Stock Transaction |
1.3 |
0.9 |
0.0 |
- |
- |
|
Capital Surplus, Sale of Fixed Assets |
0.0 |
0.0 |
0.0 |
- |
- |
|
Capital Gain on Corporate Bonds |
5.2 |
4.7 |
1.8 |
- |
- |
|
Capital Surplus, LT Equity Investments |
0.0 |
- |
- |
- |
- |
|
Legal Reserve |
1.8 |
1.7 |
1.6 |
1.5 |
1.4 |
|
Special Reserve |
- |
- |
- |
- |
0.0 |
|
Retained Earnings |
1.0 |
1.8 |
-1.9 |
0.1 |
1.3 |
|
Cumulative Translation Adjustment |
3.0 |
1.1 |
2.3 |
2.7 |
1.2 |
|
Treasury Stock |
-0.3 |
-1.0 |
-2.2 |
-1.9 |
-1.2 |
|
Employee Stock Option |
0.0 |
0.2 |
- |
- |
- |
|
Total Equity |
43.2 |
42.2 |
29.4 |
31.3 |
32.0 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
67.5 |
68.2 |
51.4 |
53.5 |
44.7 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
85.0 |
83.3 |
73.5 |
75.0 |
78.5 |
|
Total Common Shares Outstanding |
85.0 |
83.3 |
73.5 |
75.0 |
78.5 |
|
T/S-Common Stock |
1.5 |
4.7 |
7.7 |
6.2 |
2.6 |
|
Full-Time Employees |
643 |
626 |
503 |
512 |
484 |
|
Number of Common Shareholders |
8,430 |
- |
- |
5,273 |
5,834 |
|
Accumulated Benefit Obligation |
0.7 |
0.5 |
0.4 |
0.5 |
0.5 |
|
Benefit Obligation |
0.8 |
0.6 |
0.4 |
0.5 |
0.6 |
|
Fair Value of Plan Assets |
0.4 |
0.3 |
0.3 |
0.5 |
0.5 |
|
Funded Status |
-0.4 |
-0.2 |
-0.2 |
-0.1 |
-0.1 |
|
Total Funded Status |
-0.4 |
-0.2 |
-0.2 |
-0.1 |
-0.1 |
|
Discount Rate |
2.00% |
2.50% |
2.50% |
3.00% |
3.00% |
|
Rate of Compensation Increase |
1.00% |
1.00% |
1.00% |
1.00% |
1.00% |
|
Expected Rate of Return on Plan Assets |
2.00% |
2.50% |
2.50% |
3.00% |
3.00% |
|
Deferred Pension Cost |
0.0 |
- |
- |
- |
- |
|
Accrued Pension Liabilities |
-0.3 |
-0.3 |
-0.3 |
-0.3 |
-0.3 |
|
Net Assets Recognized on Balance Sheet |
-0.3 |
-0.3 |
-0.3 |
-0.3 |
-0.3 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
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 with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
0.9 |
3.6 |
-1.9 |
0.0 |
1.2 |
|
Depreciation |
5.1 |
4.3 |
3.8 |
3.1 |
2.4 |
|
Amortization of Intangibles |
- |
- |
- |
0.3 |
0.2 |
|
G/L on Disposal of Fixed Assets |
0.0 |
0.0 |
-0.8 |
-0.2 |
0.2 |
|
Deferred Tax Assets |
0.4 |
0.4 |
-0.1 |
-0.3 |
0.5 |
|
Impairment Loss |
- |
- |
- |
- |
0.0 |
|
Loss on Sale of Investments |
- |
- |
- |
- |
0.0 |
|
Equity Investment Gain/Loss |
0.2 |
- |
- |
- |
- |
|
Inventory Devaluation Loss |
- |
- |
- |
-0.1 |
0.0 |
|
Amort. of Bond interest expense |
0.0 |
0.1 |
- |
- |
- |
|
Gain/Loss on Financial Assets Valuation |
- |
0.0 |
-0.3 |
0.3 |
- |
|
Gain/Loss on Financial Liab. Valuation |
0.0 |
0.0 |
0.0 |
- |
- |
|
Employee Stock Option Cost |
0.0 |
0.8 |
- |
- |
- |
|
Notes Receivable |
0.3 |
-0.1 |
0.0 |
0.4 |
-0.5 |
|
Accounts Receivable |
4.0 |
-5.1 |
1.1 |
0.1 |
-0.9 |
|
Other Receivables |
-0.1 |
0.0 |
0.1 |
-0.1 |
-0.1 |
|
Inventories |
-0.2 |
0.0 |
0.4 |
-1.1 |
0.0 |
|
Other Current Assets |
0.3 |
-0.1 |
-0.2 |
-0.2 |
0.0 |
|
Accounts Payable |
- |
- |
- |
0.9 |
-0.4 |
|
Notes&Accounts Payable |
-1.0 |
1.0 |
0.1 |
- |
- |
|
Tax Payable |
-0.3 |
0.3 |
- |
- |
- |
|
Accrued Expenses |
-0.7 |
0.9 |
0.5 |
-0.4 |
0.0 |
|
Other Current Liabilities |
-0.1 |
0.1 |
-0.1 |
0.1 |
-0.3 |
|
Interest Subsidy |
- |
- |
- |
0.0 |
0.0 |
|
Accrued Pension Liabilities |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Cash from Operating Activities |
8.8 |
6.3 |
2.5 |
2.9 |
2.4 |
|
|
|
|
|
|
|
|
Fncl. Assets-For Sale |
- |
- |
- |
- |
0.0 |
|
Fncl. Assets-At Cost |
- |
- |
- |
- |
0.0 |
|
Financial Assets-Fair Value, Current |
0.0 |
-0.3 |
-0.6 |
-3.9 |
- |
|
Equity Investment Increase |
-1.4 |
- |
- |
- |
- |
|
Financial Assets-Fair Value Decrease |
0.0 |
2.3 |
2.4 |
- |
- |
|
Capital Expenditure |
-5.0 |
-3.1 |
-2.5 |
-6.0 |
-2.9 |
|
Purchase of Intangibles |
- |
- |
0.0 |
0.0 |
- |
|
Disposal of Fixed Assets |
0.0 |
0.1 |
0.9 |
0.5 |
0.1 |
|
Deferred Charges |
-1.2 |
-1.2 |
-0.6 |
-0.2 |
-0.5 |
|
Restricted Assets |
3.5 |
-0.9 |
-1.5 |
0.2 |
0.7 |
|
Security Deposit Paid |
0.0 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Purchase of Other Assets |
- |
- |
- |
- |
0.0 |
|
Cash from Investing Activities |
-4.0 |
-3.1 |
-1.8 |
-9.4 |
-2.4 |
|
|
|
|
|
|
|
|
Short Term Borrowings |
-3.4 |
-1.1 |
-1.2 |
7.6 |
-1.0 |
|
Short Term Notes Increase |
- |
- |
0.3 |
- |
- |
|
Short Term Notes Decrease |
- |
-0.3 |
- |
- |
- |
|
Cash Dividend |
-1.5 |
- |
0.0 |
-1.1 |
-0.9 |
|
Security Deposit Received |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Long Term Borrowings |
5.6 |
- |
- |
2.0 |
- |
|
Repayment of LT Borrowings |
0.0 |
-1.5 |
-0.2 |
- |
0.0 |
|
Directors Remuneration&Employees Bonus |
- |
- |
0.0 |
0.0 |
-0.1 |
|
Issuance of Corporate Bonds |
0.0 |
6.3 |
- |
- |
- |
|
Treasury Share Repurchase |
- |
0.0 |
-0.3 |
-0.8 |
-1.1 |
|
Employee Stock Option Exercised |
- |
1.3 |
- |
- |
- |
|
Cash from Financing Activities |
0.7 |
4.7 |
-1.5 |
7.7 |
-3.1 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.5 |
-0.3 |
0.0 |
-0.2 |
0.9 |
|
Net Change in Cash |
6.0 |
7.6 |
-0.8 |
1.0 |
-2.2 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
11.1 |
2.7 |
3.4 |
2.5 |
4.6 |
|
Net Cash - Ending Balance |
17.0 |
10.3 |
2.6 |
3.5 |
2.4 |
|
Cash Interest Paid |
0.5 |
0.6 |
0.7 |
0.7 |
0.5 |
|
Cash Taxes Paid |
0.7 |
0.0 |
0.0 |
0.1 |
0.2 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
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Financials in: USD (mil) |
|
|
Except for share items (millions) and per share
items (actual units) |
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.59 |
|
|
1 |
Rs.85.81 |
|
Euro |
1 |
Rs.69.91 |
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.