MIRA INFORM REPORT

 

 

Report Date :

01.09.2012

 

IDENTIFICATION DETAILS

 

Name :

JINTEX CORPORATION LTD.

 

 

Registered Office :

12F, No. 126, Nanking East Road, Sec 4, Songshan District, Taipei, 105

 

 

Country :

Taiwan

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

28.12.1978

 

 

Legal Form :

Public Parent Company

 

 

Line of Business :

manufacture and distribution of textile chemicals and leather chemicals

 

 

No. of Employees :

304 employees

 

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 :

Slow but Correct  

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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 & address 

 

JINTEX CORPORATION LTD.

12F, No. 126

Nanking East Road, Sec 4

Songshan District

Taipei, 105

Taiwan

Tel:       886-2-25788999

Fax:      886-2-25798008

Web:    www.jintex.com.tw

 

 

Synthesis 

 

Employees:                  304

Company Type:            Public Parent

Corporate Family:          2 Companies

Traded:                         Gre Tai Security Market:1787

Incorporation Date:         28-Dec-1978

Auditor:                        Deloitte & Touche LLP   

Financials in:                 USD (Millions)

Fiscal Year End:            31-Dec-2011

Reporting Currency:       Taiwanese New Dollar

Annual Sales:                41.6  1

Net Income:                  0.6

Total Assets:                 53.9  2

Market Value:               27.2 (17-Aug-2012)

 

 

Business Description     

 

JINTEX CORPORATION LTD. is principally engaged in the manufacture and distribution of textile chemicals and leather chemicals. The Company provides textile chemicals, which are applied in textile processing, bleaching and dyeing; leather chemicals, which are applied in leather dyeing, painting and decoration; electronic chemicals, which are applied in electronic industrial processing and antistatic packaging materials; industrial chemicals, which include chemical additives and metal detergents; cement chemicals, including water reducing agents and air-entering agents, as well as fire fighting chemicals. The Company also involves in the agent distribution of chemicals, which deals with Teflon leather protection agents, SOMMER painting products, Celessence aroma agents and West Penetone detergents. JINTEX CORPORATION LTD. is principally engaged in the manufacture and distribution of textile chemicals and leather chemicals. The Company provides textile chemicals, which are applied in textile processing, bleaching and dyeing; leather chemicals, which are applied in leather dyeing, painting and decoration; electronic chemicals, industrial chemicals, cement chemicals, fire fighting chemicals.

Industry             

Industry            Personal and Household Products

ANZSIC 2006:    1851 - Cleaning Compound Manufacturing

NACE 2002:      2451 - Manufacture of soap and detergents, cleaning and polishing preparations

NAICS 2002:     325613 - Surface Active Agent Manufacturing

UK SIC 2003:    2451 - Manufacture of soap and detergents, cleaning and polishing preparations

US SIC 1987:    2843 - Surface Active Agents, Finishing Agents, Sulfonated Oils, and Assistants

 

           

Key Executives   

 

Name

Title

Zhongbao Chen

Senior Deputy General Manager, Director

Wenxing Huang

Head of Finance

Yiting Lai

Deputy General Manager-Group Operations Support Department

Congzhe Weng

Vice Chairman of the Board

Rongyuan Gu

Director

 

 

Significant Developments  

 

 

Topic

#*

Most Recent Headline

Date

Officer Changes

1

Jintex Corp Ltd Changes General Manager

3-Jul-2012

Dividends

2

Jintex Corp Ltd Announces FY 2011 Dividend Payment Date

3-Jul-2012

 

* number of significant developments within the last 12 months                                     

 

 

Financial Summary

             

 

As of 31-Mar-2012

Key Ratios

Company

Industry

Current Ratio (MRQ)

2.68

2.18

Quick Ratio (MRQ)

2.00

1.35

Debt to Equity (MRQ)

0.23

0.82

Sales 5 Year Growth

1.31

6.26

Net Profit Margin (TTM) %

1.11

10.56

Return on Assets (TTM) %

0.85

8.26

Return on Equity (TTM) %

1.18

22.07

 

 

Stock Snapshot    

 

 

Traded: Gre Tai Security Market: 1787

 

As of 17-Aug-2012

   Financials in: TWD

Recent Price

11.70

 

EPS

0.26

52 Week High

18.80

 

Price/Sales

0.67

52 Week Low

9.86

 

Dividend Rate

0.44

Avg. Volume (mil)

0.0002

 

Price/Earnings

76.83

Market Value (mil)

816.19

 

Price/Book

0.78

 

 

 

Beta

0.90

 

Price % Change

Rel S&P 500%

4 Week

-1.27%

-5.28%

13 Week

3.08%

-1.29%

52 Week

7.34%

9.45%

Year to Date

0.86%

-4.49%

 

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

12F, No. 126

Nanking East Road, Sec 4

Songshan District

Taipei, 105

Taiwan

Tel:       886-2-25788999

Fax:      886-2-25798008

Web:    www.jintex.com.tw

           

Quote Symbol - Exchange

1787 - Gre Tai Security Market

Sales TWD(mil):            1,221.3

Assets TWD(mil):          1,631.3

Employees:                   304

Fiscal Year End:            31-Dec-2011

Industry:                        Personal and Household Products

Incorporation Date:         28-Dec-1978

Company Type:             Public Parent

Quoted Status:              Quoted

Chairman of the Board, General Manager:            Caijin Zhuang

 

Company Web Links

Company Contact/E-mail

Corporate History/Profile

Employment Opportunities

Home Page

News Releases

Products/Services

 

Contents

Industry Codes

Business Description

Financial Data

Market Data

Subsidiaries

Key Corporate Relationships

 

Industry Codes

 

ANZSIC 2006 Codes:

3323     -          Industrial and Agricultural Chemical Product Wholesaling

1851     -          Cleaning Compound Manufacturing

 

NACE 2002 Codes:

5155     -          Wholesale of chemical products

2451     -          Manufacture of soap and detergents, cleaning and polishing preparations

 

NAICS 2002 Codes:

325613  -          Surface Active Agent Manufacturing

424690  -          Other Chemical and Allied Products Merchant Wholesalers

 

US SIC 1987:

5169     -          Chemicals and Allied Products, Not Elsewhere Classified

2843     -          Surface Active Agents, Finishing Agents, Sulfonated Oils, and Assistants

 

UK SIC 2003:

2451     -          Manufacture of soap and detergents, cleaning and polishing preparations

5155     -          Wholesale of chemical products

 

Business Description

JINTEX CORPORATION LTD. is principally engaged in the manufacture and distribution of textile chemicals and leather chemicals. The Company provides textile chemicals, which are applied in textile processing, bleaching and dyeing; leather chemicals, which are applied in leather dyeing, painting and decoration; electronic chemicals, which are applied in electronic industrial processing and antistatic packaging materials; industrial chemicals, which include chemical additives and metal detergents; cement chemicals, including water reducing agents and air-entering agents, as well as fire fighting chemicals. The Company also involves in the agent distribution of chemicals, which deals with Teflon leather protection agents, SOMMER painting products, Celessence aroma agents and West Penetone detergents. JINTEX CORPORATION LTD. is principally engaged in the manufacture and distribution of textile chemicals and leather chemicals. The Company provides textile chemicals, which are applied in textile processing, bleaching and dyeing; leather chemicals, which are applied in leather dyeing, painting and decoration; electronic chemicals, industrial chemicals, cement chemicals, fire fighting chemicals.

More Business Descriptions

Manufacture of specialty chemicals for use in textile dyeing , leather and paper making industries

 

Financial Data

Financials in:

TWD(mil)

 

Revenue:

1,221.3

Net Income:

18.1

Assets:

1,631.3

Long Term Debt:

47.3

 

Total Liabilities:

586.0

 

Working Capital:

0.4

 

 

 

Date of Financial Data:

31-Dec-2011

 

1 Year Growth

-6.0%

-79.3%

2.6%

 

Market Data

Quote Symbol:

1787

Exchange:

Gre Tai Security Market

Currency:

TWD

Stock Price:

11.7

Stock Price Date:

08-17-2012

52 Week Price Change %:

7.3

Market Value (mil):

816,185.0

 

SEDOL:

6737874

ISIN:

TW0001787000

 

Equity and Dept Distribution:

10/2004, 20% stock dividend. 11/2005, 15% stock dividend. 08/2006, 7.818% stock dividend. 08/2007, Complex capital change (1.084518). FY'07 H1 C/F CLA. 10/2008, 5% Stock dividend.

 

Subsidiaries

Company

Percentage Owned

Country

Jintell Investment Ltd

100%

SINGAPORE

Jintex India Ltd

100%

INDIA

Foshan Fubou Fine Aux Co Ltd

80%

PEOPLE'S REPUBLIC OF CHINA

Shanghai ForTune Trade Co Ltd

70%

PEOPLE'S REPUBLIC OF CHINA

Suzhou Fubin Chemical Co Ltd

80%

PEOPLE'S REPUBLIC OF CHINA

Brighten Ltd

100%

BRUNEI

GH Bangkok Co Ltd

100%

THAILAND

PT Jindo Industry

60%

INDONESIA

Genstar Investment Ltd

100%

SINGAPORE

 

 

 

 

Key Corporate Relationships

Auditor:

Deloitte & Touche LLP

 

Auditor:

Deloitte & Touche, Deloitte & Touche LLP

 

 

 

 

 

 

 

 

 

Corporate Family

Corporate Structure News:

 

JINTEX CORPORATION LTD.

JINTEX CORPORATION LTD. 
Total Corporate Family Members: 2 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

 

JINTEX CORPORATION LTD.

Parent

Taipei

Taiwan

Personal and Household Products

41.6

304

 

Jindo Industry, PT

Subsidiary

Bekasi, West Java

Indonesia

Chemical Manufacturing

 

100

 

 

 

 

EXECUTVIE REPORT

 

 

Board of Directors

 

Name

Title

Function

 

David Juang

 

Chairman

Chairman

 

Tim Lai

 

Vice President

Chairman

 

Caijin Zhuang

 

Chairman of the Board, General Manager

Chairman

 

Biography:

Zhuang Caijin has been Chairman of the Board and General Manager in Jintex Corporation Ltd. since July 3, 2012. Zhuang also serves as Director in another company, including PT. Jindo Industry, Chairman of the Board in a Taiwan-based company as well as Chairman of the Board cum General Manager in an investment company.

 

Congzhe Weng

 

Vice Chairman of the Board

Vice-Chairman

 

 

Biography:

Weng Congzhe has been Vice Chairman of the Board in Jintex Corporation Ltd. since August 24, 2007. Weng also serves as Director in two other companies, including PT. JINDO INDUSTRY and Chairman of the Board as well as General Manager of another company. Weng used to be General Manager of the Company until August 24, 2007.

 

Zhongbao Chen

 

Senior Deputy General Manager, Director

Director/Board Member

 

 

Biography:

Chen Zhongbao has been Senior Deputy General Manager and Director in Jintex Corporation Ltd. since August 1, 1999. Chen became Deputy General Manager of the Company in July 1, 1999.

 

Rongyuan Gu

 

Director

Director/Board Member

 

 

Biography:

Gu Rongyuan has been Director in Jintex Corporation Ltd. since June 19, 2009. Gu used to be Deputy General Manager in a Suzhou-based company.

 

Weigong Qi

 

Independent Director

Director/Board Member

 

 

Biography:

Qi Weigong has been Independent Director in Jintex Corporation Ltd. since June 19, 2004. Qi also serves as Chairman of the Board cum General Manager in an investment company, General Manager in three companies, Managing Director cum General Manager in another company, General Manager cum Director in three other companies as well as Director in 12 companies. Qi holds a Master's degree from National Chiao Tung University, Taiwan.

 

Education:

National Chiao Tung University, M 

 

Yuzhong Xie

 

Independent Director

Director/Board Member

 

 

Biography:

Xie Yuzhong has been Independent Director in Jintex Corporation Ltd. since June 19, 2009. Xie also serves as Chief Executive Officer in Capitall168. Inc.,. Xie used to be Executive Director, General Manager, Deputy General Manager in another company. Xie holds a Master of Business Administration from Tunghai University, Taiwan.

 

Education:

Tunghai University, MBA 

 

Wenxiong Zheng

 

Director

Director/Board Member

 

 

Biography:

Zheng Wenxiong has been Director in Jintex Corporation Ltd since July 25, 2008. Zheng also serves as Chairman of the Board and General Manager in a Foshan-based company, Chairman of the Board of a Suzhou-based company as well as Director in JINTELL (S) LTD., GENSTAR (S) LTD. and an investment company. Zheng used to be General Manager and Senior Deputy General Manager in the Company.

 

 

 

Executives

 

Name

Title

Function

 

Zhongbao Chen

 

Senior Deputy General Manager, Director

Division Head Executive

 

Biography:

Chen Zhongbao has been Senior Deputy General Manager and Director in Jintex Corporation Ltd. since August 1, 1999. Chen became Deputy General Manager of the Company in July 1, 1999.

 

Peiyuan Huang

 

Chief Group Research and Development Officer

Division Head Executive

 

 

Biography:

Huang Peiyuan is Chief Group Research and Development Officer of Jintex Corporation Ltd. Huang holds a Master's degree from National Taiwan University and a Ph.D from National Taipei University of Technology.

 

Education:

National Taipei University of Technology, PHD 
National Taiwan University, M 

 

Caijin Zhuang

 

Chairman of the Board, General Manager

Division Head Executive

 

 

Biography:

Zhuang Caijin has been Chairman of the Board and General Manager in Jintex Corporation Ltd. since July 3, 2012. Zhuang also serves as Director in another company, including PT. Jindo Industry, Chairman of the Board in a Taiwan-based company as well as Chairman of the Board cum General Manager in an investment company.

 

Wenxing Huang

 

Head of Finance

Finance Executive

 

 

Yiting Lai

 

Deputy General Manager-Group Operations Support Department

Other

 

 

Biography:

Lai Yiting has been Deputy General Manager-Group Operations Support Department in Jintex Corporation Ltd. since February 1, 2010. Lai currently also serves as Chairman of the Board in JINTELL(SINGAPORE)INVESTMENT LTD, GENSTAR (SINGAPORE) INVESTMENT LTD, JINTEX (INDIA) CO. PRIVATE LTD and JINDO CHEMICAL SOLUTIONS PRIVATE LTD. as well as Director in two other companies. Lai used to be General Manager in another company. Lai holds a Bachelor's degree in Business Administration from National Chengchi University, Taiwan and a Master's degree in Labour Relations and Human Resource Management from Michigan State University, the United States.

 

Education:

Michigan State University, M 
National Chengchi University, B (Business Administration)

 

Jialu Liu

 

Deputy General Manager

Other

 

 

Biography:

Liu Jialu has been Deputy General Manager of Jintex Corporation Ltd. since February 1, 2007. Currently, Liu also serves as Deputy General Manager of another company.

 

Baonan Mo

 

Deputy General Manager-Group Leather Chemicals Business Department

Other

 

 

Biography:

Mo Baonan has been Deputy General Manager-Group Leather Chemicals Business Department in Jintex Corporation Ltd. since January 1, 2011. Mo currently also serves as Chairman of the Board in PT. JINDO INDUSTRY.

 

 

 

Significant Developments

 

Jintex Corp Ltd Changes General Manager Jul 03, 2012

 

Jintex Corp Ltd announced the change of General Manager from Mr. Liu Chuanxun to Mr. Zhuang Caijin, effective July 3, 2012.

 

Jintex Corp Ltd Announces FY 2011 Dividend Payment Date Jul 03, 2012

 

Jintex Corp Ltd announced that it will pay a cash dividend of NTD 0.438 per share, or NTD 30,554,600 in total to shareholders of record on August 6, 2012. The Company's shares will be traded ex-dividend on July 31, 2012.

 

Jintex Corp Ltd Announces FY 2011 Dividend Payment Mar 20, 2012

 

Jintex Corp Ltd announced that it will pay a cash dividend of NTD 0.438 per share, or NTD 30,554,600 in total to shareholders for fiscal year 2011.

 

Annual Income Statement

 

Financials in: USD (mil) 

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

 

 

 

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

 

 

 

 

 

 

    Gross Revenue

41.9

41.5

34.7

40.4

37.6

    Sales Returns and Allowances

-0.3

-0.2

-0.2

-0.2

-0.2

Revenue

41.6

41.3

34.5

40.2

37.3

Total Revenue

41.6

41.3

34.5

40.2

37.3

 

 

 

 

 

 

    Cost of Revenue

31.2

29.2

24.8

30.4

26.7

Cost of Revenue, Total

31.2

29.2

24.8

30.4

26.7

Gross Profit

10.3

12.0

9.7

9.7

10.6

 

 

 

 

 

 

    Selling/General/Administrative Expense

7.6

6.9

7.0

7.9

6.7

Total Selling/General/Administrative Expenses

7.6

6.9

7.0

7.9

6.7

Research & Development

2.4

1.7

1.3

1.4

1.3

Total Operating Expense

41.2

37.9

33.2

39.7

34.8

 

 

 

 

 

 

Operating Income

0.4

3.4

1.4

0.5

2.6

 

 

 

 

 

 

        Interest Expense - Non-Operating

-0.2

-0.2

-0.3

-0.3

-0.4

    Interest Expense, Net Non-Operating

-0.2

-0.2

-0.3

-0.3

-0.4

        Interest Income - Non-Operating

0.1

0.0

0.0

0.0

0.0

        Investment Income - Non-Operating

0.1

-0.1

-0.3

0.3

0.2

    Interest/Investment Income - Non-Operating

0.1

-0.1

-0.3

0.3

0.2

Interest Income (Expense) - Net Non-Operating Total

-0.1

-0.3

-0.6

-0.1

-0.1

Gain (Loss) on Sale of Assets

0.0

0.0

0.1

-0.1

0.0

    Other Non-Operating Income (Expense)

0.9

0.4

0.1

0.1

0.1

Other, Net

0.9

0.4

0.1

0.1

0.1

Income Before Tax

1.2

3.5

0.9

0.5

2.5

 

 

 

 

 

 

Total Income Tax

0.5

0.6

-0.1

-0.1

0.5

Income After Tax

0.7

2.9

1.0

0.5

2.0

 

 

 

 

 

 

    Minority Interest

0.0

-0.1

-0.1

-0.1

-0.1

Net Income Before Extraord Items

0.6

2.8

0.9

0.5

1.9

    Extraord Items

-

-

0.0

0.0

0.0

Total Extraord Items

-

-

0.0

0.0

0.0

Net Income

0.6

2.8

0.9

0.5

2.0

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

0.6

2.8

0.9

0.5

1.9

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

0.6

2.8

0.9

0.5

2.0

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

69.7

65.3

60.4

60.2

48.7

Basic EPS Excl Extraord Items

0.01

0.04

0.02

0.01

0.04

Basic/Primary EPS Incl Extraord Items

0.01

0.04

0.02

0.01

0.04

Dilution Adjustment

0.0

-0.1

-

0.0

0.1

Diluted Net Income

0.6

2.6

0.9

0.5

2.0

Diluted Weighted Average Shares

70.2

73.0

60.7

66.2

56.5

Diluted EPS Excl Extraord Items

0.01

0.04

0.02

0.01

0.04

Diluted EPS Incl Extraord Items

0.01

0.04

0.02

0.01

0.04

Dividends per Share - Common Stock Primary Issue

0.01

0.02

0.01

0.00

0.01

Gross Dividends - Common Stock

1.0

1.5

0.8

0.0

0.7

Interest Expense, Supplemental

0.2

0.2

0.3

0.3

0.4

Interest Capitalized, Supplemental

-

0.0

0.0

0.0

0.0

Depreciation, Supplemental

1.5

1.4

1.3

1.1

1.0

Total Special Items

0.0

0.0

-0.1

0.1

0.0

Normalized Income Before Tax

1.2

3.5

0.9

0.5

2.6

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.0

0.0

0.0

0.0

0.0

Inc Tax Ex Impact of Sp Items

0.5

0.6

-0.1

-0.1

0.5

Normalized Income After Tax

0.7

2.9

1.0

0.6

2.0

 

 

 

 

 

 

Normalized Inc. Avail to Com.

0.6

2.8

0.9

0.5

1.9

 

 

 

 

 

 

Basic Normalized EPS

0.01

0.04

0.01

0.01

0.04

Diluted Normalized EPS

0.01

0.04

0.01

0.01

0.04

Amort of Intangibles, Supplemental

0.4

0.4

0.3

0.4

0.2

Research & Development Exp, Supplemental

2.4

1.7

1.3

1.4

1.3

Normalized EBIT

0.4

3.4

1.4

0.5

2.6

Normalized EBITDA

2.3

5.2

2.9

2.0

3.7

    Current Tax - Total

0.3

0.6

0.3

0.2

0.4

Current Tax - Total

0.3

0.6

0.3

0.2

0.4

    Deferred Tax - Total

0.2

0.1

-0.4

-0.3

0.1

Deferred Tax - Total

0.2

0.1

-0.4

-0.3

0.1

    Other Tax

0.0

0.0

0.0

0.0

0.0

Income Tax - Total

0.5

0.6

-0.1

-0.1

0.5

Interest Cost - Domestic

0.0

0.0

0.1

0.1

0.1

Service Cost - Domestic

0.0

0.0

0.0

0.1

0.1

Expected Return on Assets - Domestic

0.0

0.0

-0.1

-0.1

-0.1

Transition Costs - Domestic

0.0

0.0

0.0

0.0

0.0

Domestic Pension Plan Expense

0.0

0.0

0.0

0.0

0.1

Defined Contribution Expense - Domestic

0.2

0.1

0.1

0.1

-

Defined Contribution Expense - Foreign

0.1

0.0

-

-

-

Total Pension Expense

0.2

0.2

0.1

0.1

0.1

Discount Rate - Domestic

2.00%

2.25%

2.25%

3.25%

3.25%

Expected Rate of Return - Domestic

2.00%

2.25%

2.25%

3.25%

3.25%

Compensation Rate - Domestic

1.50%

1.00%

1.00%

2.00%

2.00%

Total Plan Interest Cost

0.0

0.0

0.1

0.1

0.1

Total Plan Service Cost

0.0

0.0

0.0

0.1

0.1

Total Plan Expected Return

0.0

0.0

-0.1

-0.1

-0.1

 

 

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

Reclassified Normal 
31-Dec-2011

Updated Normal 
31-Dec-2009

Restated Normal 
31-Dec-2009

Restated Normal 
31-Dec-2008

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

11.7

12.4

9.3

4.2

3.0

    Short Term Investments

0.3

0.0

0.0

0.0

-

Cash and Short Term Investments

12.0

12.4

9.3

4.2

3.0

        Accounts Receivable - Trade, Gross

7.9

9.9

8.1

8.9

9.0

        Provision for Doubtful Accounts

-0.3

-0.3

-0.4

-0.4

-0.3

    Trade Accounts Receivable - Net

7.6

9.6

7.8

8.5

8.9

    Notes Receivable - Short Term

1.8

1.9

1.8

2.4

2.0

    Other Receivables

-

-

0.2

0.3

0.2

Total Receivables, Net

9.4

11.6

9.8

11.2

11.1

    Inventories - Finished Goods

3.4

3.8

3.1

3.0

4.3

    Inventories - Raw Materials

3.4

4.1

4.3

6.3

6.4

    Inventories - Other

0.1

-0.1

-0.3

-0.2

-0.2

Total Inventory

6.9

7.8

7.1

9.0

10.5

Prepaid Expenses

0.9

0.6

0.5

0.7

0.4

    Restricted Cash - Current

0.0

0.1

0.2

0.5

0.1

    Deferred Income Tax - Current Asset

0.3

0.5

0.7

0.4

0.4

    Other Current Assets

0.3

0.2

0.2

0.2

0.2

Other Current Assets, Total

0.6

0.9

1.1

1.2

0.7

Total Current Assets

29.9

33.2

27.8

26.4

25.7

 

 

 

 

 

 

        Buildings

10.9

10.6

9.8

9.3

5.4

        Land/Improvements

6.1

6.3

5.8

5.6

3.9

        Machinery/Equipment

11.1

11.6

10.1

8.6

7.4

        Construction in Progress

0.4

0.4

0.2

0.3

4.4

    Property/Plant/Equipment - Gross

28.5

28.9

26.0

23.8

21.1

    Accumulated Depreciation

-8.7

-9.3

-7.3

-6.2

-5.8

Property/Plant/Equipment - Net

19.8

19.5

18.6

17.6

15.2

Goodwill, Net

2.6

-

-

-

-

Intangibles, Net

0.8

0.8

0.8

0.8

0.8

    LT Investment - Affiliate Companies

0.0

0.0

0.1

0.0

-

    LT Investments - Other

-

0.0

0.1

0.0

-

Long Term Investments

0.0

0.1

0.2

0.0

-

    Deferred Charges

0.3

0.6

0.7

0.7

0.6

    Pension Benefits - Overfunded

0.2

0.2

0.2

0.2

0.1

    Other Long Term Assets

0.2

0.1

0.1

0.0

0.1

Other Long Term Assets, Total

0.8

0.9

1.0

0.9

0.8

Total Assets

53.9

54.5

48.3

45.7

42.5

 

 

 

 

 

 

Accounts Payable

3.0

3.5

2.6

0.9

1.9

Accrued Expenses

1.5

2.2

1.8

1.6

1.6

Notes Payable/Short Term Debt

5.9

5.6

9.6

12.3

6.6

Current Portion - Long Term Debt/Capital Leases

2.1

0.6

0.9

0.5

3.1

    Income Taxes Payable

0.1

0.3

0.1

0.0

0.0

    Other Current Liabilities

0.5

0.4

0.3

0.3

0.3

Other Current liabilities, Total

0.6

0.7

0.4

0.3

0.3

Total Current Liabilities

13.0

12.6

15.4

15.6

13.5

 

 

 

 

 

 

    Long Term Debt

1.6

3.8

3.8

2.4

1.2

Total Long Term Debt

1.6

3.8

3.8

2.4

1.2

Total Debt

9.5

9.9

14.4

15.2

10.9

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

0.2

0.0

0.2

0.4

0.5

Deferred Income Tax

0.2

0.0

0.2

0.4

0.5

Minority Interest

3.5

0.7

0.6

0.4

0.4

    Reserves

0.9

0.9

0.8

0.8

0.8

    Pension Benefits - Underfunded

0.1

0.1

0.1

0.1

-

    Other Long Term Liabilities

0.1

0.0

-

-

-

Other Liabilities, Total

1.0

1.0

0.9

0.9

0.8

Total Liabilities

19.4

18.1

20.8

19.7

16.5

 

 

 

 

 

 

    Common Stock

23.0

23.9

18.9

18.3

17.7

Common Stock

23.0

23.9

18.9

18.3

17.7

Additional Paid-In Capital

4.4

4.4

2.5

2.4

2.4

Retained Earnings (Accumulated Deficit)

4.4

5.6

3.2

2.2

3.6

Unrealized Gain (Loss)

1.8

1.9

1.7

1.7

1.7

    Translation Adjustment

0.9

0.7

1.2

1.3

0.6

Other Equity, Total

0.9

0.7

1.2

1.3

0.6

Total Equity

34.5

36.4

27.5

26.0

26.0

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

53.9

54.5

48.3

45.7

42.5

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

69.8

69.7

60.4

60.2

60.2

Total Common Shares Outstanding

69.8

69.7

60.4

60.2

60.2

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

0.0

Employees

304

270

249

255

263

Number of Common Shareholders

4,838

-

5,154

2,253

2,241

Pension Obligation - Domestic

1.3

1.3

1.3

2.7

2.2

Plan Assets - Domestic

1.3

1.4

1.2

2.7

2.6

Funded Status - Domestic

0.1

0.0

-0.1

0.0

0.3

Accumulated Obligation - Domestic

1.1

1.3

1.2

2.6

2.0

Total Funded Status

0.1

0.0

-0.1

0.0

0.3

Discount Rate - Domestic

2.00%

2.25%

2.25%

3.25%

3.25%

Expected Rate of Return - Domestic

2.00%

2.25%

2.25%

3.25%

3.25%

Compensation Rate - Domestic

1.50%

1.00%

1.00%

2.00%

2.00%

Prepaid Benefits - Domestic

0.2

0.2

0.2

0.2

0.1

Accrued Liabilities - Domestic

-0.1

-0.1

-0.1

-0.1

-

Net Assets Recognized on Balance Sheet

0.1

0.1

0.1

0.1

0.1

Total Plan Obligations

1.3

1.3

1.3

2.7

2.2

Total Plan Assets

1.3

1.4

1.2

2.7

2.6

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Restated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2009

Reclassified Normal 
31-Dec-2009

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

0.7

2.9

1.0

0.5

2.1

    Depreciation

1.5

1.4

1.3

1.1

1.0

Depreciation/Depletion

1.5

1.4

1.3

1.1

1.0

    Amortization of Intangibles

0.4

0.4

0.3

0.4

0.2

Amortization

0.4

0.4

0.3

0.4

0.2

Deferred Taxes

0.2

0.1

-0.4

-0.3

0.1

    Unusual Items

0.0

0.0

-0.1

0.1

0.1

    Equity in Net Earnings (Loss)

0.0

0.0

0.0

0.0

-

    Other Non-Cash Items

0.1

-0.5

0.2

0.2

0.2

Non-Cash Items

0.2

-0.4

0.1

0.3

0.3

    Accounts Receivable

1.7

-0.7

1.5

-0.4

-1.0

    Inventories

0.6

0.1

2.1

1.3

-1.9

    Prepaid Expenses

-0.4

0.0

0.2

-0.4

-0.2

    Other Assets

-0.4

0.0

0.0

0.0

0.0

    Accounts Payable

-0.4

0.9

1.4

-0.6

0.2

    Accrued Expenses

-0.6

0.2

0.1

0.1

0.0

    Taxes Payable

-0.2

0.1

0.1

-0.1

0.0

    Other Liabilities

0.2

-0.2

-0.1

-1.0

-0.1

Changes in Working Capital

0.3

0.4

5.3

-0.9

-2.9

Cash from Operating Activities

3.3

4.7

7.6

1.2

0.8

 

 

 

 

 

 

    Purchase of Fixed Assets

-2.0

-1.2

-1.8

-4.1

-3.0

    Purchase/Acquisition of Intangibles

0.0

0.0

-

-

-

Capital Expenditures

-2.0

-1.2

-1.8

-4.1

-3.0

    Acquisition of Business

0.0

-

-

-

-

    Sale of Fixed Assets

0.0

0.1

0.2

0.3

0.0

    Sale/Maturity of Investment

-

0.1

-

-

-

    Purchase of Investments

-

-

-0.1

0.0

-

    Other Investing Cash Flow

-0.2

-0.1

0.0

-0.8

-0.2

Other Investing Cash Flow Items, Total

-0.2

0.1

0.0

-0.5

-0.2

Cash from Investing Activities

-2.2

-1.1

-1.8

-4.6

-3.2

 

 

 

 

 

 

    Other Financing Cash Flow

0.2

0.0

0.0

-0.2

-0.7

Financing Cash Flow Items

0.2

0.0

0.0

-0.2

-0.7

    Cash Dividends Paid - Common

-1.6

-0.9

0.0

-0.7

-1.0

Total Cash Dividends Paid

-1.6

-0.9

0.0

-0.7

-1.0

        Sale/Issuance of Common

-

-

-

-

4.7

    Common Stock, Net

-

-

-

-

4.7

Issuance (Retirement) of Stock, Net

-

-

-

-

4.7

    Short Term Debt, Net

0.4

-4.3

-2.8

7.0

-2.6

        Long Term Debt Issued

-

7.0

3.9

1.9

0.9

        Long Term Debt Reduction

-0.6

-3.0

-2.1

-3.3

0.0

    Long Term Debt, Net

-0.6

3.9

1.8

-1.4

0.9

Issuance (Retirement) of Debt, Net

-0.1

-0.4

-1.0

5.6

-1.7

Cash from Financing Activities

-1.6

-1.2

-1.0

4.6

1.3

 

 

 

 

 

 

Foreign Exchange Effects

0.2

-0.3

0.0

0.2

0.4

Net Change in Cash

-0.3

2.1

4.8

1.3

-0.7

 

 

 

 

 

 

Net Cash - Beginning Balance

12.3

9.4

4.2

3.0

3.6

Net Cash - Ending Balance

12.1

11.5

9.0

4.4

2.9

Cash Interest Paid

0.2

0.2

0.3

0.4

0.4

Cash Taxes Paid

0.5

0.4

0.2

0.4

0.4

 

 

 

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

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

 

 

 

 

 

 

    Gross Sales

41.9

41.5

34.7

40.4

37.6

    Sales Returns & Discounts

-0.1

0.0

-0.2

-0.2

-0.2

    Sales Discounts and Allowances

-0.2

-0.2

-

-

-

Total Revenue

41.6

41.3

34.5

40.2

37.3

 

 

 

 

 

 

    Cost of Sales

31.2

29.2

24.8

30.3

26.6

    Inventory Devaluation & Obsolescence

-

-

-

0.1

0.0

    Loss on Physical Inventory

-

-

-

0.0

0.0

    Depletion of Inventory

-

-

-

0.0

0.1

    Selling Expenses

4.3

4.0

4.3

4.8

4.1

    General and Administrative Expenses

3.2

2.9

2.7

3.1

2.6

    Research and Development

2.4

1.7

1.3

1.4

1.3

    Gain on Reversal of Bad Debt

0.0

0.0

-

-

-

Total Operating Expense

41.2

37.9

33.2

39.7

34.8

 

 

 

 

 

 

    Interest Income

0.1

0.0

0.0

0.0

0.0

    Gain/Loss on Equity Investment

0.0

0.0

0.0

-

-

    Gains on Sale of Investments

-

0.0

0.0

-

-

    Revaluation Gain on Fin. Liabilities

0.0

0.0

0.0

-

-

    Gain/Loss on Foreign Exchange

0.2

-0.3

-0.3

0.4

0.2

    Gain on Fncl. Assets Valuation

0.0

0.2

0.0

-

-

    Subsidy Income

0.6

0.2

0.0

0.1

0.1

    Miscellaneous Income

0.4

0.2

0.2

0.1

0.1

    Interest Expense

-0.2

-0.2

-0.3

-0.3

-0.4

    Gain/Loss on Sale of Fixed Assets

0.0

0.0

0.1

-0.1

0.0

    Loss on Sale of ST Investment

0.0

0.0

0.0

-0.1

0.0

    Loss on Fncl. Liabilities Valuation

-

-

0.0

0.0

0.0

    Miscellaneous Disbursements

-0.1

0.0

-0.1

0.0

0.0

Net Income Before Taxes

1.2

3.5

0.9

0.5

2.5

 

 

 

 

 

 

Provision for Income Taxes

0.5

0.6

-0.1

-0.1

0.5

Net Income After Taxes

0.7

2.9

1.0

0.5

2.0

 

 

 

 

 

 

    Minority Interest

0.0

-0.1

-0.1

-0.1

-0.1

Net Income Before Extra. Items

0.6

2.8

0.9

0.5

1.9

    Extraordinary Gain/Loss

-

-

0.0

0.0

0.0

Net Income

0.6

2.8

0.9

0.5

2.0

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

0.6

2.8

0.9

0.5

1.9

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

0.6

2.8

0.9

0.5

2.0

 

 

 

 

 

 

Basic Weighted Average Shares

69.7

65.3

60.4

60.2

48.7

Basic EPS Excluding ExtraOrdinary Items

0.01

0.04

0.02

0.01

0.04

Basic EPS Including ExtraOrdinary Items

0.01

0.04

0.02

0.01

0.04

Dilution Adjustment

0.0

-0.1

-

0.0

0.1

Diluted Net Income

0.6

2.6

0.9

0.5

2.0

Diluted Weighted Average Shares

70.2

73.0

60.7

66.2

56.5

Diluted EPS Excluding ExtraOrd Items

0.01

0.04

0.02

0.01

0.04

Diluted EPS Including ExtraOrd Items

0.01

0.04

0.02

0.01

0.04

DPS-Common Stock

0.01

0.02

0.01

0.00

0.01

Gross Dividends - Common Stock

1.0

1.5

0.8

0.0

0.7

Normalized Income Before Taxes

1.2

3.5

0.9

0.5

2.6

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.5

0.6

-0.1

-0.1

0.5

Normalized Income After Taxes

0.7

2.9

1.0

0.6

2.0

 

 

 

 

 

 

Normalized Inc. Avail to Com.

0.6

2.8

0.9

0.5

1.9

 

 

 

 

 

 

Basic Normalized EPS

0.01

0.04

0.01

0.01

0.04

Diluted Normalized EPS

0.01

0.04

0.01

0.01

0.04

Interest Expenses

0.2

0.2

0.3

0.3

0.4

Interest Capitalized

-

0.0

0.0

0.0

0.0

Research and Development

2.4

1.7

1.3

1.4

1.3

Depreciation - Operating Cost

1.0

1.0

0.9

0.9

0.8

Depreciation - Operating Expense

0.4

0.4

0.4

0.2

0.2

Amortization - Operating Cost

0.3

0.3

0.2

0.2

0.1

Amortization - Operating Expense

0.1

0.1

0.1

0.2

0.1

    Current Tax Payable

0.3

0.6

0.3

0.2

0.4

Current Tax - Total

0.3

0.6

0.3

0.2

0.4

    Deferred Tax

0.2

0.1

-0.4

-0.3

0.1

Deferred Tax - Total

0.2

0.1

-0.4

-0.3

0.1

    Other Tax

0.0

0.0

0.0

0.0

0.0

Income Tax - Total

0.5

0.6

-0.1

-0.1

0.5

Service Cost

0.0

0.0

0.0

0.1

0.1

Interest Cost

0.0

0.0

0.1

0.1

0.1

Expected Return on Plan Assets

0.0

0.0

-0.1

-0.1

-0.1

Amortization of Unrecognized Cost

0.0

0.0

0.0

0.0

0.0

Domestic Pension Plan Expense

0.0

0.0

0.0

0.0

0.1

Prov.Defined Contribution Plan-Domestic

0.2

0.1

0.1

0.1

-

Defined Contribution Expense - Foreign

0.1

0.0

-

-

-

Total Pension Expense

0.2

0.2

0.1

0.1

0.1

Discount Rate

2.00%

2.25%

2.25%

3.25%

3.25%

Rate of Compensation Increase

1.50%

1.00%

1.00%

2.00%

2.00%

Expected Rate of Return on Plan Assets

2.00%

2.25%

2.25%

3.25%

3.25%

 

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

Reclassified Normal 
31-Dec-2011

Updated Normal 
31-Dec-2009

Restated Normal 
31-Dec-2009

Restated Normal 
31-Dec-2008

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 Equivalent

11.7

12.4

9.3

4.2

3.0

    Financial Assets-Fair Value,Current

0.3

0.0

0.0

0.0

-

    Notes Receivable

1.8

1.9

1.8

2.4

2.0

    Accounts Receivable, Gross

7.9

9.9

8.1

8.9

9.0

    Provision for Doubtful Accounts

-0.3

-0.3

-0.4

-0.4

-0.3

    Accounts Receivable - Related Parties

-

-

0.0

0.0

0.2

    Tax Refund Receivable

-

-

0.2

0.3

0.2

    Finished Goods

3.4

3.8

3.1

3.0

4.3

    Raw Material

3.4

4.1

4.3

6.3

6.4

    Invenroty in Transit

0.3

0.4

0.2

0.0

-

    Provision for Inter-affiliate Trading

-0.3

-0.5

-0.5

-0.2

-

    Provision/Allowance for Inventory

-

-

-

-

-0.2

    Prepayment

0.9

0.6

0.5

0.7

0.4

    Deferred Income Tax Assets - Current

0.3

0.5

0.7

0.4

0.4

    Restricted Assets

0.0

0.1

0.2

0.5

0.1

    Other Current Assets

0.3

0.2

0.2

0.2

0.2

Total Current Assets

29.9

33.2

27.8

26.4

25.7

 

 

 

 

 

 

    Long Term Equity Investment

0.0

0.0

0.1

0.0

-

    Prepayment for Long Term Investment

-

-

0.1

0.0

-

    Financial Assets-Fair Value,Non-Current

-

0.0

-

-

-

    Land and Improvements

3.3

3.5

3.2

3.1

1.4

    Buildings and Structures

10.9

10.6

9.8

9.3

5.4

    Machinery and Equipment

6.2

6.4

5.4

3.9

3.3

    Transportation Equipment

1.2

1.1

1.0

1.3

1.3

    Miscellaneous Equipment

3.8

4.2

3.7

3.4

2.8

    Land Revaluation Increment

2.7

2.8

2.6

2.5

2.5

    Accumulated Depreciation

-8.7

-9.3

-7.3

-6.2

-5.8

    Construction in Progress

0.0

0.1

0.1

0.1

4.4

    Prepayment for Equipment

0.4

0.3

0.1

0.2

0.0

    Goodwill

2.6

-

-

-

-

    Trade Mark

0.0

0.0

0.0

0.0

0.0

    Land Use Right

0.8

0.8

0.8

0.8

0.8

    Deferred Charges

0.3

0.6

0.7

0.7

0.6

    Security Deposits Paid

0.2

0.1

0.1

0.0

0.1

    Prepaid Pension

0.2

0.2

0.2

0.2

0.1

Total Assets

53.9

54.5

48.3

45.7

42.5

 

 

 

 

 

 

    Short Term Borrowings

4.9

4.7

8.5

11.1

4.4

    Notes Payable

0.9

0.9

1.1

1.2

2.2

    Accounts Payable

2.9

3.5

2.3

0.8

1.4

    Income Tax Payable

0.1

0.3

0.1

0.0

0.0

    Accrued Expenses

1.5

2.2

1.8

1.6

1.6

    Fncl. Liability at Fair Value

0.0

0.0

0.0

0.0

0.0

    Equipment Payable

0.1

0.0

0.3

0.1

0.5

    Current Portion of Corporate Bonds

1.7

-

-

0.1

3.0

    Current Portion of Long Term Debt

0.4

0.6

0.9

0.4

0.1

    Other Current Liabilities

0.5

0.4

0.3

0.3

0.3

Total Current Liabilities

13.0

12.6

15.4

15.6

13.5

 

 

 

 

 

 

    Long Term Borrowings

1.6

2.0

3.5

2.1

0.8

    Corporate Bonds Payable

0.0

1.7

-

-

-

    Other LT Borrowing

-

-

0.3

0.3

0.3

Total Long Term Debt

1.6

3.8

3.8

2.4

1.2

 

 

 

 

 

 

    Land Revaluation Increment Tax Reserve

0.9

0.9

0.8

0.8

0.8

    Deferred Income Tax Liabilities

0.2

0.0

0.2

0.4

0.5

    Long Term Security Deposits Received

0.1

0.0

-

-

-

    Minority Interest

3.5

0.7

0.6

0.4

0.4

    Accrued Pension Liabilities

0.1

0.1

0.1

0.1

-

Total Liabilities

19.4

18.1

20.8

19.7

16.5

 

 

 

 

 

 

    Common Stock

23.0

23.9

18.9

18.3

17.7

    Share Premium

4.0

4.2

2.5

2.4

2.4

    Capital Surplus, Long-term Equity Invest

0.2

-

-

-

-

    Employee Stock Option

0.2

0.2

-

-

-

    Legal Reserve

2.3

2.1

1.8

1.7

1.5

    Retained Earnings

2.1

3.5

1.4

0.5

2.0

    Cumulative Translation Adjustment

0.9

0.7

1.2

1.3

0.6

    Unrealized Gain/Loss on Revaluation

1.8

1.9

1.7

1.7

1.7

Total Equity

34.5

36.4

27.5

26.0

26.0

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

53.9

54.5

48.3

45.7

42.5

 

 

 

 

 

 

    S/O-Common Stock

69.8

69.7

60.4

60.2

60.2

Total Common Shares Outstanding

69.8

69.7

60.4

60.2

60.2

T/S-Common Stock

0.0

0.0

0.0

0.0

0.0

Full-Time Employees

304

270

249

255

263

Number of Common Shareholders

4,838

-

5,154

2,253

2,241

Accumulated Benefit Obligation

1.1

1.3

1.2

2.6

2.0

Benefit Obligation

1.3

1.3

1.3

2.7

2.2

Fair Value of Plan Assets

1.3

1.4

1.2

2.7

2.6

Funded Status

0.1

0.0

-0.1

0.0

0.3

Total Funded Status

0.1

0.0

-0.1

0.0

0.3

Discount Rate

2.00%

2.25%

2.25%

3.25%

3.25%

Rate of Compensation Increase

1.50%

1.00%

1.00%

2.00%

2.00%

Expected Rate of Return on Plan Assets

2.00%

2.25%

2.25%

3.25%

3.25%

Prepaid Pension Cost

0.2

0.2

0.2

0.2

0.1

Accrued Pension Liabilities

-0.1

-0.1

-0.1

-0.1

-

Net Assets Recognized on Balance Sheet

0.1

0.1

0.1

0.1

0.1

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Restated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2009

Reclassified Normal 
31-Dec-2009

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

0.7

2.9

1.0

0.5

2.1

    Depreciation

1.5

1.4

1.3

1.1

1.0

    Amortization of Intangibles

0.4

0.4

0.3

0.4

0.2

    Provision of Bad Debts

0.1

0.0

0.2

0.1

0.1

    Prov. for Inventory Devaluation

0.0

-0.2

0.0

0.1

0.0

    Loss/Impairment on Inventories

-

-

0.0

0.0

0.1

    Obsolete of Inventories

0.0

-

-

-

-

    Net Loss on Disposal of Properties

0.0

0.0

-0.1

0.1

0.0

    Gain/Loss on Physical Inventory

0.0

0.0

0.0

0.0

0.0

    Gain/Loss on Financial Assets Valuation

0.0

-0.2

0.0

0.0

-

    G/L on Financial Liabilities Valuation

0.0

0.0

0.0

0.0

0.0

    Equity Investment Gain/Loss

0.0

0.0

0.0

0.0

-

    Prepaid Pension Cost

0.0

0.0

0.0

0.0

0.0

    Deferred Tax

0.2

0.1

-0.4

-0.3

0.1

    Interest Compensation

-

-

0.0

0.0

0.1

    Cost of Corporate Bonds

0.0

-0.2

-

-

-

    Amortization of Corporate Bonds Payable

0.1

0.1

-

-

-

    Deferred Income

-

-

0.0

0.0

-

    Financial Assets for Trading

-0.3

-

-

-

-

    Notes Receivable

0.1

0.1

0.6

-0.3

0.1

    Accounts Receivable

1.6

-1.0

0.8

-0.1

-1.0

    Accounts Receivable-Related Parties

-

-

0.0

0.2

-0.1

    Tax Refund Receivable

0.0

0.2

0.1

-0.1

0.0

    Inventories

0.6

0.1

2.1

1.3

-1.9

    Prepayment

-0.4

0.0

0.2

-0.4

-0.2

    Other Current Assets

-0.1

0.0

0.0

0.0

0.0

    Notes Payable

0.1

-0.3

-0.1

-1.0

0.0

    Accounts Payable

-0.4

0.9

1.4

-0.6

0.2

    Accrued Expenses

-0.6

0.2

0.1

0.1

0.0

    Tax Payable

-0.2

0.1

0.1

-0.1

0.0

    Other Current Liabilities

0.1

0.1

0.0

0.0

-0.1

    Accrued Pension Liabilities

0.0

0.0

0.0

0.0

-

Cash from Operating Activities

3.3

4.7

7.6

1.2

0.8

    Long Term Investments Increase

-

-

-0.1

-

-

    Long Term Investments Decrease

-

0.1

-

-

-

    Capital Expenditure

-2.0

-1.2

-1.8

-4.1

-3.0

    Disposal of Fixed Assets

0.0

0.1

0.2

0.3

0.0

    Equity Investment Increase

-

-

-0.1

0.0

-

    Trademarks Increase

0.0

0.0

-

-

-

    Restricted Assets

0.1

0.1

0.3

-0.4

0.0

    Security Deposit Paid

-0.1

0.0

-0.1

0.0

0.1

    Deferred Charges

-0.1

-0.2

-0.3

-0.5

-0.3

    Disposal of Deferred Expense

-

-

0.0

0.0

-

    Purchase of Subsidiaries

0.0

-

-

-

-

Cash from Investing Activities

-2.2

-1.1

-1.8

-4.6

-3.2

 

 

 

 

 

 

    Short Term Borrowings, Net

0.4

-4.3

-2.8

7.0

-1.7

    Short Term Notes Increase

-

-

-

-

-0.9

    Security Deposit Received

0.0

0.0

-

-

-

    Long Term Borrowings Increase

-

0.6

3.9

1.9

0.9

    Long Term Borrowings Decrease

-0.6

-3.0

-2.1

-0.3

0.0

    Issuance of Corporate Bonds

-

6.3

-

-

-

    Repayment of Corporate Bonds

-

-

0.0

-3.1

0.0

    Directors Remuneration

-

-

0.0

0.0

0.0

    Cash Dividend - Common Stock

-1.6

-0.9

0.0

-0.7

-1.0

    Employees Bonus

-

-

0.0

-0.2

-0.1

    Minority Interest

0.2

-

-

-

-0.5

    Cash Capital

-

-

-

-

4.7

Cash from Financing Activities

-1.6

-1.2

-1.0

4.6

1.3

 

 

 

 

 

 

Foreign Exchange Effects

0.2

-0.3

0.0

0.2

0.4

Net Change in Cash

-0.3

2.1

4.8

1.3

-0.7

 

 

 

 

 

 

Net Cash - Beginning Balance

12.3

9.4

4.2

3.0

3.6

Net Cash - Ending Balance

12.1

11.5

9.0

4.4

2.9

    Cash Interest Paid

0.2

0.2

0.3

0.4

0.4

    Cash Taxes Paid

0.5

0.4

0.2

0.4

0.4

 

Financial Health

 

Financials in: USD (mil) 

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

Key Indicators USD (mil)

 

Quarter
Ending
31-Mar-2012

Quarter
Ending
Yr Ago

Annual
Year End
31-Dec-2011

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1

9.5

-1.53%

41.6

-6.04%

-1.22%

1.31%

Research & Development1

0.5

-18.72%

2.4

29.46%

17.91%

8.60%

Operating Income1

0.3

70.28%

0.4

-89.37%

-7.66%

-32.09%

Income Available to Common Excl Extraord Items1

0.1

-60.37%

0.6

-79.25%

5.59%

-22.26%

Basic EPS Excl Extraord Items1

0.00

-60.44%

0.01

-80.57%

0.53%

-28.26%

Capital Expenditures2

0.2

-45.84%

2.0

50.24%

-23.49%

-14.78%

Cash from Operating Activities2

0.1

-

3.3

-34.93%

36.29%

6.66%

Free Cash Flow

0.0

-

1.3

-65.00%

-

-

Total Assets3

53.5

-1.71%

53.9

2.60%

2.84%

5.92%

Total Liabilities3

18.2

1.42%

19.4

11.00%

-3.26%

-0.90%

Total Long Term Debt3

2.5

39.21%

1.6

-56.91%

-15.96%

35.13%

Employees3

-

-

304

12.59%

6.03%

4.58%

Total Common Shares Outstanding3

69.8

0.00%

69.8

0.09%

5.04%

7.47%

1-ExchangeRate: TWD to USD Average for Period

29.710200

 

29.390040

 

 

 

2-ExchangeRate: TWD to USD Average for Period

29.710200

 

29.390040

 

 

 

3-ExchangeRate: TWD to USD Period End Date

29.565976

 

30.279000

 

 

 

Utility Industry Specific USD (mil)

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

 

Deferred Charges3

0.3

0.6

0.7

0.7

0.6

 

3-ExchangeRate: TWD to USD Period End Date

30.279000

29.156500

31.985000

32.818000

32.434500

 

Key Ratios

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Profitability

Gross Margin

24.88%

29.12%

28.02%

24.27%

28.37%

Operating Margin

0.93%

8.25%

3.91%

1.14%

6.86%

Pretax Margin

2.83%

8.57%

2.72%

1.13%

6.83%

Net Profit Margin

1.48%

6.71%

2.69%

1.21%

5.19%

Financial Strength

Current Ratio

2.30

2.64

1.81

1.69

1.90

Long Term Debt/Equity

0.05

0.10

0.14

0.09

0.04

Total Debt/Equity

0.28

0.27

0.52

0.59

0.42

Management Effectiveness

Return on Assets

1.20%

5.81%

2.16%

1.19%

5.11%

Return on Equity

1.72%

8.99%

3.54%

1.81%

8.75%

Efficiency

Receivables Turnover

3.92

4.00

3.35

3.48

3.58

Inventory Turnover

4.21

4.07

3.14

3.01

2.80

Asset Turnover

0.76

0.83

0.75

0.88

0.94

Market Valuation USD (mil)

P/E (TTM)

65.42

.

Enterprise Value2

28.5

Price/Sales (TTM)

0.67

.

Enterprise Value/Revenue (TTM)

0.69

Price/Book (MRQ)

0.78

.

Enterprise Value/EBITDA (TTM)

12.06

Market Cap as of 17-Aug-20121

27.2

.

 

 

1-ExchangeRate: TWD to USD on 17-Aug-2012

29.993425

 

 

 

2-ExchangeRate: TWD to USD on 31-Mar-2012

29.565976

 

 

 

 

 

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

2.30

2.64

1.81

1.69

1.90

Quick/Acid Test Ratio

1.65

1.91

1.24

0.99

1.04

Working Capital1

16.9

20.6

12.4

10.7

12.2

Long Term Debt/Equity

0.05

0.10

0.14

0.09

0.04

Total Debt/Equity

0.28

0.27

0.52

0.59

0.42

Long Term Debt/Total Capital

0.04

0.08

0.09

0.06

0.03

Total Debt/Total Capital

0.22

0.21

0.34

0.37

0.29

Payout Ratio

168.92%

51.57%

90.66%

0.00%

29.15%

Effective Tax Rate

44.08%

18.21%

-6.03%

-19.87%

20.55%

Total Capital1

44.0

46.4

41.8

41.2

36.9

 

 

 

 

 

 

Efficiency

Asset Turnover

0.76

0.83

0.75

0.88

0.94

Inventory Turnover

4.21

4.07

3.14

3.01

2.80

Days In Inventory

86.65

89.69

116.15

121.34

130.13

Receivables Turnover

3.92

4.00

3.35

3.48

3.58

Days Receivables Outstanding

93.09

91.28

109.08

104.74

101.85

Revenue/Employee2

132,686

165,117

143,086

151,400

143,779

Operating Income/Employee2

1,239

13,625

5,601

1,731

9,860

EBITDA/Employee2

7,311

20,639

11,891

7,439

14,384

 

 

 

 

 

 

Profitability

Gross Margin

24.88%

29.12%

28.02%

24.27%

28.37%

Operating Margin

0.93%

8.25%

3.91%

1.14%

6.86%

EBITDA Margin

5.51%

12.50%

8.31%

4.91%

10.00%

EBIT Margin

0.93%

8.25%

3.91%

1.14%

6.86%

Pretax Margin

2.83%

8.57%

2.72%

1.13%

6.83%

Net Profit Margin

1.48%

6.71%

2.69%

1.21%

5.19%

R&D Expense/Revenue

5.77%

4.19%

3.75%

3.39%

3.45%

COGS/Revenue

75.12%

70.88%

71.98%

75.73%

71.63%

SG&A Expense/Revenue

18.18%

16.69%

20.35%

19.73%

18.06%

 

 

 

 

 

 

Management Effectiveness

Return on Assets

1.20%

5.81%

2.16%

1.19%

5.11%

Return on Equity

1.72%

8.99%

3.54%

1.81%

8.75%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2

0.02

0.05

0.10

-0.05

-0.04

Operating Cash Flow/Share 2

0.05

0.07

0.13

0.02

0.01

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)

65.42

Market Cap/Equity (MRQ)

0.78

Market Cap/Revenue (TTM)

0.67

Market Cap/EBIT (TTM)

56.16

Market Cap/EBITDA (TTM)

11.69

Enterprise Value/Earnings (TTM)

67.53

Enterprise Value/Equity (MRQ)

0.81

Enterprise Value/Revenue (TTM)

0.69

Enterprise Value/EBIT (TTM)

57.97

Enterprise Value/EBITDA (TTM)

12.06


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.72

UK Pound

1

Rs.87.95

Euro

1

Rs.69.66

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

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.