MIRA
INFORM REPORT
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Report Date : |
08.09.2012 |
IDENTIFICATION DETAILS
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Name : |
CHEN FULL INTERNATIONAL CO LTD |
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Registered Office : |
9F, No. 99, Section 1, Nan-Kan Road Lujhu, 338 |
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Country : |
Taiwan |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
28.04.1982 |
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Legal Form : |
Public Independent |
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Line of Business : |
Provision of engineering services and trading of machineries |
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No. of Employees : |
671 |
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RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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
Chen Full
International Co Ltd
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Business
Description
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ChenFull International Co., Ltd. is principally engaged in the
provision of engineering services and trading of machineries. The Company
operates its businesses through factory system engineering, including
production system integration, sewage treatment, water purification and
dust-free room construction services, as well as the agent operation of tap
water business, the trading of factory equipment sets, energy-saving
equipment business, the manufacture of production machineries, the provision
of precision processing and module integration services, among others. During
the year ended March 31, 2011, the Company obtained approximately 50.58%,
23.15% and 25.17% of its total revenue from engineering services, machineries
and precision processing services, respectively. It operates its businesses
primarily in Asia and the Americas. For the nine months ended 30 September
2010, Chen Full International Co., Ltd's revenues increased 14% to NT$1.57B.
The Company's net income totaled NT$132.4M, vs. a loss of NT$34.3M. Total
revenues reflect increased sales due to stronger market demand. Net income
also benefited from significantly increased gross profit margin, decreased
interest expenses, as well as increased gain on sale of fixed asset. |
Industry
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Industry |
Engineering Consultants |
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ANZSIC 2006: |
6923 - Engineering Design and Engineering
Consulting Services |
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NACE 2002: |
7420 - Architectural and engineering
activities and related technical consultancy |
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NAICS 2002: |
54133 - Engineering Services |
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UK SIC 2003: |
74204 - Engineering consultative and
design activities |
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UK SIC 2007: |
71129 - Other engineering activities (not
including engineering design for industrial process and production or engineering
related scientific and technical consulting activities) |
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US SIC 1987: |
8711 - Engineering Services |
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 |
Updated Normal |
Reclassified Normal
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Updated Normal |
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Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
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Exchange Rate
(Period Average) |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
32.848802 |
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Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
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Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
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Gross Revenue |
77.6 |
78.1 |
55.1 |
87.1 |
62.5 |
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Sales Returns and Allowances |
-0.4 |
-0.5 |
-0.2 |
-0.7 |
-0.4 |
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Revenue |
77.2 |
77.6 |
55.0 |
86.4 |
62.1 |
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Total Revenue |
77.2 |
77.6 |
55.0 |
86.4 |
62.1 |
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Cost of Revenue |
62.3 |
61.9 |
49.3 |
73.8 |
46.7 |
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Cost of Revenue, Total |
62.3 |
61.9 |
49.3 |
73.8 |
46.7 |
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Gross Profit |
14.9 |
15.7 |
5.6 |
12.5 |
15.5 |
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Selling/General/Administrative Expense |
8.7 |
7.5 |
4.7 |
6.6 |
7.3 |
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Total Selling/General/Administrative Expenses |
8.7 |
7.5 |
4.7 |
6.6 |
7.3 |
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Research & Development |
1.5 |
1.3 |
0.9 |
1.4 |
1.0 |
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Impairment-Assets Held for Use |
- |
- |
0.0 |
0.1 |
0.5 |
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Unusual Expense (Income) |
- |
- |
0.0 |
0.1 |
0.5 |
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Total Operating Expense |
72.5 |
70.7 |
55.0 |
81.9 |
55.4 |
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Operating Income |
4.7 |
6.9 |
0.0 |
4.5 |
6.7 |
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Interest Expense -
Non-Operating |
-0.4 |
-0.3 |
-0.3 |
-0.4 |
-0.3 |
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Interest Expense, Net Non-Operating |
-0.4 |
-0.3 |
-0.3 |
-0.4 |
-0.3 |
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Interest Income -
Non-Operating |
0.0 |
0.0 |
0.0 |
0.3 |
0.7 |
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Investment Income -
Non-Operating |
0.6 |
-0.3 |
0.8 |
-0.4 |
1.5 |
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Interest/Investment Income - Non-Operating |
0.6 |
-0.3 |
0.9 |
-0.1 |
2.2 |
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Interest Income (Expense) - Net Non-Operating Total |
0.3 |
-0.6 |
0.5 |
-0.4 |
1.9 |
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Gain (Loss) on Sale of Assets |
-0.2 |
0.0 |
0.0 |
0.0 |
0.6 |
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Other Non-Operating Income (Expense) |
0.1 |
0.1 |
-0.3 |
-0.1 |
0.4 |
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Other, Net |
0.1 |
0.1 |
-0.3 |
-0.1 |
0.4 |
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Income Before Tax |
5.0 |
6.4 |
0.2 |
4.0 |
9.5 |
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Total Income Tax |
0.9 |
1.1 |
0.0 |
0.8 |
1.6 |
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Income After Tax |
4.1 |
5.3 |
0.2 |
3.2 |
8.0 |
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Net Income Before Extraord Items |
4.1 |
5.3 |
0.2 |
3.2 |
8.0 |
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Net Income |
4.1 |
5.3 |
0.2 |
3.2 |
8.0 |
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Income Available to Common Excl Extraord Items |
4.1 |
5.3 |
0.2 |
3.2 |
8.0 |
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Income Available to Common Incl Extraord Items |
4.1 |
5.3 |
0.2 |
3.2 |
8.0 |
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Basic/Primary Weighted Average Shares |
117.6 |
102.0 |
93.4 |
91.8 |
86.5 |
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Basic EPS Excl Extraord Items |
0.03 |
0.05 |
0.00 |
0.04 |
0.09 |
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Basic/Primary EPS Incl Extraord Items |
0.03 |
0.05 |
0.00 |
0.04 |
0.09 |
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Dilution Adjustment |
- |
- |
- |
- |
-1.0 |
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Diluted Net Income |
4.1 |
5.3 |
0.2 |
3.2 |
7.0 |
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Diluted Weighted Average Shares |
118.5 |
102.7 |
93.4 |
91.8 |
98.9 |
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Diluted EPS Excl Extraord Items |
0.03 |
0.05 |
0.00 |
0.04 |
0.07 |
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Diluted EPS Incl Extraord Items |
0.03 |
0.05 |
0.00 |
0.04 |
0.07 |
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Dividends per Share - Common Stock Primary Issue |
0.02 |
0.02 |
0.01 |
0.01 |
0.06 |
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Gross Dividends - Common Stock |
2.0 |
2.9 |
1.4 |
0.8 |
5.1 |
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Interest Expense, Supplemental |
0.4 |
0.3 |
0.3 |
0.4 |
0.3 |
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Interest Capitalized, Supplemental |
-0.1 |
- |
- |
- |
- |
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Depreciation, Supplemental |
4.1 |
2.8 |
2.6 |
2.6 |
2.0 |
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Total Special Items |
0.2 |
0.0 |
0.0 |
0.1 |
-0.1 |
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Normalized Income Before Tax |
5.1 |
6.4 |
0.2 |
4.1 |
9.4 |
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Effect of Special Items on Income Taxes |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Inc Tax Ex Impact of Sp Items |
0.9 |
1.1 |
0.0 |
0.8 |
1.5 |
|
Normalized Income After Tax |
4.2 |
5.3 |
0.2 |
3.3 |
7.9 |
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Normalized Inc. Avail to Com. |
4.2 |
5.3 |
0.2 |
3.3 |
7.9 |
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Basic Normalized EPS |
0.04 |
0.05 |
0.00 |
0.04 |
0.09 |
|
Diluted Normalized EPS |
0.04 |
0.05 |
0.00 |
0.04 |
0.07 |
|
Amort of Intangibles, Supplemental |
0.2 |
0.3 |
0.3 |
- |
0.2 |
|
Research & Development Exp, Supplemental |
1.5 |
1.3 |
0.9 |
1.4 |
1.0 |
|
Normalized EBIT |
4.7 |
6.9 |
0.0 |
4.6 |
7.1 |
|
Normalized EBITDA |
9.0 |
10.1 |
2.9 |
7.2 |
9.4 |
|
Current Tax - Total |
0.8 |
1.0 |
0.2 |
1.1 |
- |
|
Current Tax - Total |
0.8 |
1.0 |
0.2 |
1.1 |
- |
|
Deferred Tax - Total |
0.1 |
0.1 |
-0.2 |
-0.3 |
- |
|
Deferred Tax - Total |
0.1 |
0.1 |
-0.2 |
-0.3 |
- |
|
Other Tax |
0.1 |
0.0 |
0.0 |
-0.1 |
- |
|
Income Tax - Total |
0.9 |
1.1 |
0.0 |
0.8 |
- |
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Interest Cost - Domestic |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Service Cost - Domestic |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Expected Return on Assets - Domestic |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Transition Costs - Domestic |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Other Pension, Net - Domestic |
- |
- |
- |
- |
0.0 |
|
Domestic Pension Plan Expense |
0.3 |
0.2 |
0.2 |
0.3 |
0.3 |
|
Defined Contribution Expense - Domestic |
0.4 |
0.3 |
0.3 |
0.4 |
- |
|
Defined Contribution Expense - Foreign |
0.0 |
0.0 |
- |
- |
- |
|
Total Pension Expense |
0.8 |
0.6 |
0.5 |
0.7 |
0.3 |
|
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% |
|
Total Plan Interest Cost |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Total Plan Service Cost |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Total Plan Expected Return |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Plan Other Expense |
- |
- |
- |
- |
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 |
Reclassified
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 |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
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Cash & Equivalents |
9.6 |
13.2 |
4.1 |
4.7 |
10.8 |
|
Short Term Investments |
0.0 |
3.4 |
0.2 |
1.0 |
7.9 |
|
Cash and Short Term Investments |
9.6 |
16.7 |
4.3 |
5.7 |
18.7 |
|
Accounts Receivable -
Trade, Gross |
7.6 |
12.1 |
5.9 |
6.5 |
8.2 |
|
Provision for Doubtful
Accounts |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Trade Accounts Receivable - Net |
7.5 |
12.0 |
5.8 |
6.4 |
8.1 |
|
Notes Receivable - Short Term |
0.9 |
0.7 |
0.9 |
1.1 |
3.2 |
|
Total Receivables, Net |
8.4 |
12.7 |
6.8 |
7.5 |
11.3 |
|
Inventories - Finished Goods |
4.0 |
2.1 |
1.4 |
1.5 |
2.5 |
|
Inventories - Work In Progress |
47.6 |
51.1 |
47.2 |
37.9 |
15.9 |
|
Inventories - Raw Materials |
10.7 |
6.8 |
5.4 |
7.7 |
8.2 |
|
Inventories - Other |
- |
- |
- |
- |
-0.5 |
|
Total Inventory |
62.2 |
60.0 |
54.0 |
47.2 |
26.1 |
|
Prepaid Expenses |
1.6 |
2.0 |
2.0 |
2.1 |
2.2 |
|
Restricted Cash - Current |
3.4 |
1.3 |
0.9 |
0.2 |
1.7 |
|
Deferred Income Tax - Current Asset |
0.6 |
0.7 |
0.8 |
0.5 |
0.2 |
|
Other Current Assets |
0.7 |
0.3 |
0.3 |
0.3 |
4.1 |
|
Other Current Assets, Total |
4.7 |
2.3 |
2.0 |
1.0 |
6.0 |
|
Total Current Assets |
86.5 |
93.6 |
69.0 |
63.5 |
64.2 |
|
|
|
|
|
|
|
|
Buildings |
10.6 |
8.8 |
8.1 |
7.7 |
6.7 |
|
Land/Improvements |
5.5 |
5.8 |
5.2 |
4.6 |
4.3 |
|
Machinery/Equipment |
28.0 |
25.7 |
20.4 |
20.1 |
15.9 |
|
Construction in
Progress |
9.8 |
2.7 |
0.2 |
0.0 |
1.0 |
|
Property/Plant/Equipment - Gross |
53.9 |
42.9 |
33.9 |
32.5 |
28.0 |
|
Accumulated Depreciation |
-16.3 |
-13.4 |
-9.6 |
-7.3 |
-5.0 |
|
Property/Plant/Equipment - Net |
37.6 |
29.5 |
24.3 |
25.1 |
23.0 |
|
Intangibles, Net |
0.1 |
0.1 |
0.2 |
0.0 |
- |
|
LT Investment - Affiliate Companies |
0.0 |
0.1 |
0.1 |
0.0 |
0.1 |
|
LT Investments - Other |
7.2 |
0.8 |
0.7 |
0.7 |
0.8 |
|
Long Term Investments |
7.2 |
0.8 |
0.7 |
0.7 |
0.9 |
|
Deferred Charges |
0.3 |
0.3 |
0.3 |
0.5 |
0.6 |
|
Pension Benefits - Overfunded |
0.8 |
0.7 |
0.3 |
0.0 |
0.7 |
|
Deferred Income Tax - Long Term Asset |
0.5 |
0.6 |
0.5 |
0.5 |
0.6 |
|
Restricted Cash - Long Term |
0.2 |
0.2 |
0.2 |
0.8 |
0.0 |
|
Other Long Term Assets |
4.3 |
2.2 |
0.8 |
1.2 |
1.1 |
|
Other Long Term Assets, Total |
6.0 |
4.0 |
2.1 |
3.0 |
2.9 |
|
Total Assets |
137.4 |
128.1 |
96.3 |
92.3 |
91.0 |
|
|
|
|
|
|
|
|
Accounts Payable |
10.2 |
19.5 |
9.6 |
6.1 |
4.8 |
|
Accrued Expenses |
3.7 |
3.9 |
2.3 |
2.8 |
2.2 |
|
Notes Payable/Short Term Debt |
26.8 |
11.4 |
20.9 |
13.4 |
8.6 |
|
Current Portion - Long Term Debt/Capital Leases |
0.0 |
0.0 |
0.0 |
7.4 |
0.0 |
|
Income Taxes Payable |
0.1 |
1.0 |
0.1 |
0.0 |
1.1 |
|
Other Current Liabilities |
13.8 |
7.5 |
5.2 |
10.1 |
10.5 |
|
Other Current liabilities, Total |
13.8 |
8.6 |
5.3 |
10.1 |
11.6 |
|
Total Current Liabilities |
54.6 |
43.4 |
38.1 |
39.8 |
27.2 |
|
|
|
|
|
|
|
|
Long Term Debt |
- |
- |
- |
- |
7.7 |
|
Capital Lease Obligations |
0.0 |
0.1 |
0.1 |
0.0 |
- |
|
Total Long Term Debt |
0.0 |
0.1 |
0.1 |
0.0 |
7.7 |
|
Total Debt |
26.9 |
11.5 |
21.0 |
20.7 |
16.3 |
|
|
|
|
|
|
|
|
Pension Benefits - Underfunded |
3.5 |
3.6 |
2.9 |
2.8 |
3.3 |
|
Other Long Term Liabilities |
0.3 |
- |
- |
- |
- |
|
Other Liabilities, Total |
3.8 |
3.6 |
2.9 |
2.8 |
3.3 |
|
Total Liabilities |
58.4 |
47.1 |
41.0 |
42.6 |
38.3 |
|
|
|
|
|
|
|
|
Common Stock |
39.0 |
39.0 |
29.3 |
25.6 |
26.2 |
|
Common Stock |
39.0 |
39.0 |
29.3 |
25.6 |
26.2 |
|
Additional Paid-In Capital |
27.9 |
28.8 |
17.6 |
14.5 |
14.6 |
|
Retained Earnings (Accumulated Deficit) |
12.6 |
13.6 |
8.6 |
10.2 |
13.5 |
|
Treasury Stock - Common |
-0.7 |
-0.4 |
-0.4 |
-0.8 |
-1.7 |
|
Unrealized Gain (Loss) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Translation Adjustment |
0.2 |
0.1 |
0.2 |
0.2 |
0.0 |
|
Other Equity, Total |
0.2 |
0.1 |
0.2 |
0.2 |
0.0 |
|
Total Equity |
79.0 |
81.0 |
55.3 |
49.7 |
52.7 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
137.4 |
128.1 |
96.3 |
92.3 |
91.0 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
117.1 |
117.6 |
98.4 |
91.5 |
91.4 |
|
Total Common Shares Outstanding |
117.1 |
117.6 |
98.4 |
91.5 |
91.4 |
|
Treasury Shares - Common Stock Primary Issue |
1.1 |
0.6 |
0.6 |
1.4 |
2.6 |
|
Employees |
657 |
577 |
520 |
543 |
535 |
|
Number of Common Shareholders |
9,597 |
8,443 |
7,045 |
5,089 |
5,469 |
|
Accumulated Intangible Amort, Suppl. |
0.1 |
0.1 |
- |
- |
- |
|
Interest Costs |
- |
- |
0.0 |
- |
- |
|
Total Capital Leases, Supplemental |
- |
- |
0.1 |
- |
- |
|
Capital Lease Payments Due in Year 1 |
- |
- |
0.0 |
- |
- |
|
Capital Lease Payments Due in Year 2 |
- |
- |
0.0 |
- |
- |
|
Capital Lease Payments Due in Year 3 |
- |
- |
0.0 |
- |
- |
|
Capital Lease Payments Due in Year 4 |
- |
- |
0.0 |
- |
- |
|
Capital Lease Payments Due in Year 5 |
- |
- |
0.0 |
- |
- |
|
Capital Lease Payments Due in 2-3 Years |
- |
- |
0.1 |
- |
- |
|
Capital Lease Payments Due in 4-5 Years |
- |
- |
0.0 |
- |
- |
|
Pension Obligation - Domestic |
4.0 |
4.2 |
3.3 |
3.2 |
4.1 |
|
Plan Assets - Domestic |
0.0 |
0.0 |
0.0 |
0.2 |
0.4 |
|
Funded Status - Domestic |
-4.0 |
-4.2 |
-3.3 |
-3.0 |
-3.7 |
|
Accumulated Obligation - Domestic |
3.5 |
3.6 |
2.9 |
2.7 |
3.7 |
|
Total Funded Status |
-4.0 |
-4.2 |
-3.3 |
-3.0 |
-3.7 |
|
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 |
0.8 |
0.7 |
0.3 |
0.0 |
0.7 |
|
Accrued Liabilities - Domestic |
-3.5 |
-3.6 |
-2.9 |
-2.8 |
-3.3 |
|
Net Assets Recognized on Balance Sheet |
-2.7 |
-2.9 |
-2.6 |
-2.8 |
-2.6 |
|
Total Plan Obligations |
4.0 |
4.2 |
3.3 |
3.2 |
4.1 |
|
Total Plan Assets |
0.0 |
0.0 |
0.0 |
0.2 |
0.4 |
|
|
|
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 |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
4.1 |
5.3 |
0.2 |
3.2 |
8.0 |
|
Depreciation |
4.1 |
2.8 |
2.6 |
2.6 |
2.0 |
|
Depreciation/Depletion |
4.1 |
2.8 |
2.6 |
2.6 |
2.0 |
|
Amortization of Intangibles |
0.2 |
0.3 |
0.3 |
0.3 |
0.2 |
|
Amortization |
0.2 |
0.3 |
0.3 |
0.3 |
0.2 |
|
Deferred Taxes |
0.1 |
0.1 |
-0.2 |
-0.1 |
-0.4 |
|
Unusual Items |
0.2 |
0.0 |
-0.2 |
0.6 |
0.0 |
|
Equity in Net Earnings (Loss) |
0.0 |
0.0 |
0.0 |
0.1 |
0.0 |
|
Other Non-Cash Items |
0.5 |
0.4 |
0.5 |
2.2 |
-0.4 |
|
Non-Cash Items |
0.6 |
0.4 |
0.3 |
2.8 |
-0.4 |
|
Accounts Receivable |
3.9 |
-5.0 |
0.9 |
3.9 |
0.4 |
|
Inventories |
-4.4 |
-1.1 |
-6.3 |
-24.8 |
-0.3 |
|
Prepaid Expenses |
0.3 |
0.1 |
0.2 |
0.0 |
-1.5 |
|
Other Assets |
-0.4 |
0.1 |
0.0 |
3.9 |
-3.6 |
|
Accounts Payable |
-8.9 |
8.3 |
3.3 |
1.4 |
-2.2 |
|
Accrued Expenses |
0.0 |
1.3 |
-0.6 |
0.7 |
-0.1 |
|
Taxes Payable |
-0.9 |
0.8 |
0.1 |
-1.2 |
0.9 |
|
Other Liabilities |
0.7 |
1.3 |
-12.6 |
-0.1 |
3.6 |
|
Changes in Working Capital |
-9.7 |
5.9 |
-15.0 |
-16.0 |
-2.7 |
|
Cash from Operating Activities |
-0.7 |
14.8 |
-11.8 |
-7.1 |
6.8 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-8.1 |
-5.1 |
-1.0 |
-5.0 |
-5.9 |
|
Purchase/Acquisition of Intangibles |
- |
0.0 |
-0.2 |
- |
- |
|
Capital Expenditures |
-8.1 |
-5.1 |
-1.2 |
-5.0 |
-5.9 |
|
Sale of Fixed Assets |
0.3 |
0.1 |
0.1 |
0.2 |
0.1 |
|
Sale/Maturity of Investment |
4.1 |
13.7 |
2.1 |
29.3 |
72.0 |
|
Purchase of Investments |
-7.3 |
-16.7 |
-1.1 |
-22.1 |
-78.1 |
|
Other Investing Cash Flow |
-4.8 |
-1.6 |
-0.5 |
0.5 |
-1.9 |
|
Other Investing Cash Flow Items, Total |
-7.8 |
-4.5 |
0.6 |
7.9 |
-7.9 |
|
Cash from Investing Activities |
-15.8 |
-9.6 |
-0.6 |
2.9 |
-13.9 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
0.0 |
0.0 |
0.1 |
-0.6 |
-0.3 |
|
Financing Cash Flow Items |
0.0 |
0.0 |
0.1 |
-0.6 |
-0.3 |
|
Cash Dividends Paid - Common |
-3.1 |
-1.5 |
-0.8 |
-5.2 |
-2.8 |
|
Total Cash Dividends Paid |
-3.1 |
-1.5 |
-0.8 |
-5.2 |
-2.8 |
|
Sale/Issuance of
Common |
0.4 |
15.1 |
0.7 |
0.1 |
0.2 |
|
Repurchase/Retirement
of Common |
-0.6 |
- |
- |
- |
- |
|
Common Stock, Net |
-0.2 |
15.1 |
0.7 |
0.1 |
0.2 |
|
Issuance (Retirement) of Stock, Net |
-0.2 |
15.1 |
0.7 |
0.1 |
0.2 |
|
Short Term Debt Issued |
16.4 |
- |
15.3 |
4.4 |
0.3 |
|
Short Term Debt
Reduction |
- |
-10.7 |
- |
- |
- |
|
Short Term Debt, Net |
16.4 |
-10.7 |
15.3 |
4.4 |
0.3 |
|
Long Term Debt Issued |
- |
- |
- |
- |
15.2 |
|
Long Term Debt
Reduction |
- |
- |
-3.6 |
-0.7 |
0.0 |
|
Long Term Debt, Net |
- |
- |
-3.6 |
-0.7 |
15.2 |
|
Issuance (Retirement) of Debt, Net |
16.4 |
-10.7 |
11.7 |
3.8 |
15.6 |
|
Cash from Financing Activities |
13.2 |
3.0 |
11.7 |
-2.0 |
12.7 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Change in Cash |
-3.3 |
8.1 |
-0.7 |
-6.2 |
5.7 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
13.1 |
4.2 |
4.7 |
11.1 |
4.9 |
|
Net Cash - Ending Balance |
9.8 |
12.3 |
4.0 |
4.9 |
10.7 |
|
Cash Interest Paid |
0.3 |
0.3 |
0.2 |
0.0 |
0.0 |
|
Cash Taxes Paid |
1.8 |
0.1 |
0.0 |
2.4 |
1.0 |
|
|
|
|
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 |
Updated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate
(Period Average) |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
32.848802 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Gross Sales |
77.6 |
78.1 |
55.1 |
87.1 |
62.5 |
|
Sales Return |
0.0 |
-0.1 |
0.0 |
-0.4 |
0.0 |
|
Sales Discount |
-0.4 |
-0.4 |
-0.1 |
-0.3 |
-0.4 |
|
Total Revenue |
77.2 |
77.6 |
55.0 |
86.4 |
62.1 |
|
|
|
|
|
|
|
|
Cost of Sales |
62.3 |
61.9 |
49.3 |
73.8 |
46.2 |
|
Inventory Devaluation & Obsolescence |
- |
- |
- |
- |
0.5 |
|
Gain on Physical Inventory |
- |
- |
- |
- |
0.0 |
|
Selling Expenses |
4.7 |
3.4 |
2.2 |
2.9 |
3.3 |
|
General and Administrative Expenses |
4.0 |
4.0 |
2.6 |
3.8 |
4.1 |
|
Research and Development Expenses |
1.5 |
1.3 |
0.9 |
1.4 |
1.0 |
|
Impairment of Assets |
- |
- |
0.0 |
0.1 |
0.5 |
|
Gain on Reversal of Bad Debt |
- |
0.0 |
0.0 |
-0.1 |
0.0 |
|
Total Operating Expense |
72.5 |
70.7 |
55.0 |
81.9 |
55.4 |
|
|
|
|
|
|
|
|
Interest Income |
0.0 |
0.0 |
0.0 |
0.3 |
0.7 |
|
Dividend Income |
0.1 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Gain on Equity Investment |
0.0 |
0.0 |
0.0 |
-0.1 |
0.0 |
|
Gain on Sale of Investments |
0.0 |
0.0 |
0.2 |
0.2 |
0.4 |
|
Gain on Sale of Fixed Assets |
0.0 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Gain on Foreign Exchange |
0.5 |
- |
0.0 |
0.1 |
0.0 |
|
Sale of Scraps & Wastes |
- |
- |
- |
- |
0.5 |
|
G/L on Financial Liab. Revaluation |
- |
0.0 |
0.6 |
-0.6 |
1.2 |
|
Miscellaneous Income |
0.2 |
0.2 |
0.3 |
0.5 |
0.5 |
|
Interest Expense |
-0.4 |
-0.3 |
-0.3 |
-0.4 |
-0.3 |
|
Loss on Equity Investment |
0.0 |
- |
- |
- |
0.0 |
|
Loss on Sale of Investments |
- |
- |
- |
- |
0.0 |
|
Loss on Sale of Fixed Assets |
-0.2 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Losses on Foreign Exchange |
0.0 |
-0.3 |
0.0 |
0.0 |
-0.2 |
|
Miscellaneous Disbursements |
-0.1 |
-0.2 |
-0.6 |
-0.5 |
-0.1 |
|
Net Income Before Taxes |
5.0 |
6.4 |
0.2 |
4.0 |
9.5 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
0.9 |
1.1 |
0.0 |
0.8 |
1.6 |
|
Net Income After Taxes |
4.1 |
5.3 |
0.2 |
3.2 |
8.0 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
4.1 |
5.3 |
0.2 |
3.2 |
8.0 |
|
Net Income |
4.1 |
5.3 |
0.2 |
3.2 |
8.0 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
4.1 |
5.3 |
0.2 |
3.2 |
8.0 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
4.1 |
5.3 |
0.2 |
3.2 |
8.0 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
117.6 |
102.0 |
93.4 |
91.8 |
86.5 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.03 |
0.05 |
0.00 |
0.04 |
0.09 |
|
Basic EPS Including ExtraOrdinary Items |
0.03 |
0.05 |
0.00 |
0.04 |
0.09 |
|
Dilution Adjustment |
- |
- |
- |
- |
-1.0 |
|
Diluted Net Income |
4.1 |
5.3 |
0.2 |
3.2 |
7.0 |
|
Diluted Weighted Average Shares |
118.5 |
102.7 |
93.4 |
91.8 |
98.9 |
|
Diluted EPS Excluding ExtraOrd Items |
0.03 |
0.05 |
0.00 |
0.04 |
0.07 |
|
Diluted EPS Including ExtraOrd Items |
0.03 |
0.05 |
0.00 |
0.04 |
0.07 |
|
DPS-Common Stock |
0.02 |
0.02 |
0.01 |
0.01 |
0.06 |
|
Gross Dividends - Common Stock |
2.0 |
2.9 |
1.4 |
0.8 |
5.1 |
|
Normalized Income Before Taxes |
5.1 |
6.4 |
0.2 |
4.1 |
9.4 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
0.9 |
1.1 |
0.0 |
0.8 |
1.5 |
|
Normalized Income After Taxes |
4.2 |
5.3 |
0.2 |
3.3 |
7.9 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
4.2 |
5.3 |
0.2 |
3.3 |
7.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.04 |
0.05 |
0.00 |
0.04 |
0.09 |
|
Diluted Normalized EPS |
0.04 |
0.05 |
0.00 |
0.04 |
0.07 |
|
Interest Capitalized, Supplemental |
-0.1 |
- |
- |
- |
- |
|
Interest Expense, Supplemental |
0.4 |
0.3 |
0.3 |
0.4 |
0.3 |
|
R&D Expense, Supplemental |
1.5 |
1.3 |
0.9 |
1.4 |
1.0 |
|
Depreciation - Operating Cost |
3.6 |
2.2 |
2.2 |
2.3 |
1.6 |
|
Depreciation - Operating Expense |
0.4 |
0.6 |
0.4 |
0.4 |
0.4 |
|
Amortization - Operating Cost |
0.0 |
0.0 |
0.0 |
- |
0.1 |
|
Amortization - Operating Expense |
0.2 |
0.3 |
0.2 |
- |
0.2 |
|
Current Tax Payable |
0.8 |
1.0 |
0.2 |
1.1 |
- |
|
Current Tax - Total |
0.8 |
1.0 |
0.2 |
1.1 |
- |
|
Deferred Tax |
0.1 |
0.1 |
-0.2 |
-0.3 |
- |
|
Deferred Tax - Total |
0.1 |
0.1 |
-0.2 |
-0.3 |
- |
|
Other Tax |
0.1 |
0.0 |
0.0 |
-0.1 |
- |
|
Income Tax - Total |
0.9 |
1.1 |
0.0 |
0.8 |
- |
|
Service Cost |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Interest Cost |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Expected Return on Plan Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Amort. of Unrecognized Transitional Cost |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Other Pension Costs |
- |
- |
- |
- |
0.0 |
|
Domestic Pension Plan Expense |
0.3 |
0.2 |
0.2 |
0.3 |
0.3 |
|
Defined Contribution Expense - Domestic |
0.4 |
0.3 |
0.3 |
0.4 |
- |
|
Defined Contribution Expense - Foreign |
0.0 |
0.0 |
- |
- |
- |
|
Total Pension Expense |
0.8 |
0.6 |
0.5 |
0.7 |
0.3 |
|
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 |
Reclassified
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 |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash and Cash Equivalent |
9.6 |
13.2 |
4.1 |
4.7 |
10.8 |
|
Financial Products Hold for Sale |
0.0 |
3.4 |
0.2 |
1.0 |
7.9 |
|
Notes Receivable |
0.9 |
0.7 |
0.9 |
1.1 |
3.2 |
|
Accounts Receivable, Gross |
7.6 |
12.1 |
5.9 |
6.5 |
8.2 |
|
Provision for Doubtful Accounts |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Raw Material |
10.7 |
6.8 |
5.4 |
7.7 |
8.2 |
|
Work-in-Process |
4.2 |
6.2 |
2.6 |
3.3 |
3.5 |
|
Finished Goods |
3.5 |
2.1 |
1.3 |
1.5 |
2.4 |
|
Stored Goods |
0.5 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Provision/Allowance for Inventory |
- |
- |
- |
- |
-0.5 |
|
Construction in Progress |
43.3 |
45.0 |
44.6 |
34.7 |
12.4 |
|
Prepayment |
1.6 |
2.0 |
2.0 |
2.1 |
2.2 |
|
Deferred Income Tax Assets - Current |
0.6 |
0.7 |
0.8 |
0.5 |
0.2 |
|
Restricted Assets |
3.4 |
1.3 |
0.9 |
0.2 |
1.7 |
|
Other Current Assets |
0.7 |
0.3 |
0.3 |
0.3 |
4.1 |
|
Total Current Assets |
86.5 |
93.6 |
69.0 |
63.5 |
64.2 |
|
|
|
|
|
|
|
|
Long Term Equity Investment |
0.0 |
0.1 |
0.1 |
0.0 |
0.1 |
|
Financial Assets At Cost- Non-Current |
7.2 |
0.8 |
0.7 |
0.7 |
0.8 |
|
Land and Improvements |
5.5 |
5.8 |
5.2 |
4.6 |
4.3 |
|
Buildings and Structures |
10.6 |
8.8 |
8.1 |
7.7 |
6.7 |
|
Machinery and Equipment |
22.7 |
20.6 |
16.2 |
15.6 |
13.4 |
|
Miscellaneous Equipment |
5.2 |
5.1 |
4.3 |
4.5 |
2.5 |
|
Accumulated Depreciation |
-16.3 |
-13.4 |
-9.6 |
-7.3 |
-5.0 |
|
Construct. in Progress & Equip. Prepay |
9.8 |
2.7 |
0.2 |
0.0 |
1.0 |
|
Trademarks |
0.1 |
0.1 |
0.1 |
0.0 |
- |
|
Patents |
0.0 |
0.0 |
0.1 |
0.0 |
- |
|
Deferred Pension Cost |
0.8 |
0.7 |
0.3 |
0.0 |
0.7 |
|
Security Deposits Paid |
0.2 |
0.3 |
0.3 |
0.3 |
0.3 |
|
Deferred Charges |
0.3 |
0.3 |
0.3 |
0.5 |
0.6 |
|
Deferred Income Tax Assets - Non Current |
0.5 |
0.6 |
0.5 |
0.5 |
0.6 |
|
Restricted Assets |
0.2 |
0.2 |
0.2 |
0.8 |
0.0 |
|
Other Long Term Assets |
4.1 |
1.9 |
0.6 |
0.9 |
0.8 |
|
Total Assets |
137.4 |
128.1 |
96.3 |
92.3 |
91.0 |
|
|
|
|
|
|
|
|
Short Term Borrowings |
26.5 |
11.0 |
20.5 |
4.6 |
0.3 |
|
Financial Liab. at Fair Value |
- |
- |
0.0 |
0.7 |
0.2 |
|
Notes Payable |
0.3 |
0.4 |
0.4 |
8.1 |
8.1 |
|
Accounts Payable |
10.2 |
19.5 |
9.6 |
6.1 |
4.8 |
|
Tax Payable |
0.1 |
1.0 |
0.1 |
0.0 |
1.1 |
|
Accrued Expenses |
3.7 |
3.9 |
2.3 |
2.8 |
2.2 |
|
Advance Receipts for Construction |
6.8 |
6.2 |
4.8 |
9.2 |
9.9 |
|
LT Liab. - Current Portion |
0.0 |
0.0 |
0.0 |
7.4 |
0.0 |
|
Other Current Liabilities |
7.0 |
1.4 |
0.4 |
0.8 |
0.6 |
|
Total Current Liabilities |
54.6 |
43.4 |
38.1 |
39.8 |
27.2 |
|
|
|
|
|
|
|
|
Corporate Bonds Payable |
- |
- |
- |
- |
7.7 |
|
Lease Payable |
0.0 |
0.1 |
0.1 |
0.0 |
- |
|
Total Long Term Debt |
0.0 |
0.1 |
0.1 |
0.0 |
7.7 |
|
|
|
|
|
|
|
|
Accrued Pension Liabilities |
3.5 |
3.6 |
2.9 |
2.8 |
3.3 |
|
Other Long Term Liabilities |
0.3 |
- |
- |
- |
- |
|
Total Liabilities |
58.4 |
47.1 |
41.0 |
42.6 |
38.3 |
|
|
|
|
|
|
|
|
Common Stock |
39.0 |
39.0 |
29.3 |
25.6 |
26.2 |
|
Capital Surplus, Additional Paid in Capi |
9.1 |
9.5 |
- |
- |
- |
|
Convertible Bonds Share Premium |
7.3 |
7.6 |
6.9 |
3.6 |
3.7 |
|
Treasury Stock Transaction |
0.7 |
0.5 |
0.5 |
0.1 |
0.0 |
|
Capital Gain on Consolidation |
10.8 |
11.2 |
10.2 |
10.0 |
10.1 |
|
Stock Option |
- |
- |
0.0 |
0.8 |
0.9 |
|
Legal Reserve |
5.0 |
4.6 |
4.1 |
3.7 |
3.0 |
|
Special Reserve |
- |
- |
- |
- |
0.0 |
|
Retained Earnings |
7.6 |
9.0 |
4.5 |
6.5 |
10.6 |
|
Cumulative Translation Adjustment |
0.2 |
0.1 |
0.2 |
0.2 |
0.0 |
|
Unrealized G/L on Fin. Ass./Ins. |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Treasury Stock |
-0.7 |
-0.4 |
-0.4 |
-0.8 |
-1.7 |
|
Total Equity |
79.0 |
81.0 |
55.3 |
49.7 |
52.7 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
137.4 |
128.1 |
96.3 |
92.3 |
91.0 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
117.1 |
117.6 |
98.4 |
91.5 |
91.4 |
|
Total Common Shares Outstanding |
117.1 |
117.6 |
98.4 |
91.5 |
91.4 |
|
T/S-Common Stock |
1.1 |
0.6 |
0.6 |
1.4 |
2.6 |
|
Accumulated Intangible Amort, Suppl. |
0.1 |
0.1 |
- |
- |
- |
|
Full-Time Employees |
657 |
577 |
520 |
543 |
535 |
|
Number of Common Shareholders |
9,597 |
8,443 |
7,045 |
5,089 |
5,469 |
|
Capital Lease Payments Due within 1 Year |
- |
- |
0.0 |
- |
- |
|
Capital Lease Payments Due in Year 2 |
- |
- |
0.0 |
- |
- |
|
Capital Lease Payments Due in Year 3 |
- |
- |
0.0 |
- |
- |
|
Capital Lease Payments Due in Year 4 |
- |
- |
0.0 |
- |
- |
|
Capital Lease Payments Due in Year 5 |
- |
- |
0.0 |
- |
- |
|
Interest Costs |
- |
- |
0.0 |
- |
- |
|
Total Capital Leases, Supplemental |
- |
- |
0.1 |
- |
- |
|
Benefit Obligation |
4.0 |
4.2 |
3.3 |
3.2 |
4.1 |
|
Fair Value of Plan Assets |
0.0 |
0.0 |
0.0 |
0.2 |
0.4 |
|
Funded Status |
-4.0 |
-4.2 |
-3.3 |
-3.0 |
-3.7 |
|
Accumulated Benefit Obligation |
3.5 |
3.6 |
2.9 |
2.7 |
3.7 |
|
Total Funded Status |
-4.0 |
-4.2 |
-3.3 |
-3.0 |
-3.7 |
|
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 |
0.8 |
0.7 |
0.3 |
0.0 |
0.7 |
|
Accrued Pension Liabilities |
-3.5 |
-3.6 |
-2.9 |
-2.8 |
-3.3 |
|
Net Assets Recognized on Balance Sheet |
-2.7 |
-2.9 |
-2.6 |
-2.8 |
-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 |
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 |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
4.1 |
5.3 |
0.2 |
3.2 |
8.0 |
|
Depreciation |
4.1 |
2.8 |
2.6 |
2.6 |
2.0 |
|
Amortization of Intangibles |
0.2 |
0.3 |
0.3 |
0.3 |
0.2 |
|
Provision of Bad Debts |
0.6 |
0.1 |
0.0 |
-0.1 |
0.0 |
|
Equity Investment Gain/Loss |
0.0 |
0.0 |
0.0 |
0.1 |
0.0 |
|
Gain on Sale of Investments |
0.0 |
0.0 |
-0.2 |
-0.2 |
-0.4 |
|
Financial Liab. Revaluation Gain/Loss |
- |
0.0 |
-0.6 |
0.6 |
-1.2 |
|
Inventory Devaluation & Obsolescence |
-0.2 |
0.4 |
0.9 |
1.4 |
0.5 |
|
Net G/L on Disposal of Properties |
0.2 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Impairment Loss |
- |
- |
0.0 |
0.1 |
0.5 |
|
Obsolete of Inventory |
- |
- |
0.0 |
0.7 |
0.0 |
|
G/L on Redemption of Corporate Bonds |
- |
- |
0.1 |
0.0 |
0.0 |
|
Bonds Issuance Cost |
- |
- |
- |
0.0 |
0.0 |
|
Amortization of Bond Issuance Discount |
- |
- |
0.2 |
0.3 |
0.3 |
|
Deferred Tax |
0.1 |
0.1 |
-0.2 |
-0.1 |
-0.4 |
|
Notes Receivable |
-0.2 |
0.3 |
0.2 |
2.2 |
-0.5 |
|
Accounts Receivable |
4.1 |
-5.3 |
0.7 |
1.7 |
0.9 |
|
Inventories |
-4.4 |
-4.7 |
2.4 |
-1.5 |
-1.2 |
|
Construction in Progress |
0.0 |
3.6 |
-8.7 |
-23.3 |
0.9 |
|
Prepayment |
0.3 |
0.1 |
0.2 |
0.0 |
-1.5 |
|
Other Current Assets |
-0.4 |
0.1 |
0.0 |
3.9 |
-3.6 |
|
Notes Payable |
-0.1 |
0.0 |
-7.7 |
0.1 |
0.1 |
|
Accounts Payable |
-8.9 |
8.3 |
3.3 |
1.4 |
-2.2 |
|
Tax Payable |
-0.9 |
0.8 |
0.1 |
-1.2 |
0.9 |
|
Accrued Expenses |
0.0 |
1.3 |
-0.6 |
0.7 |
-0.1 |
|
Advance Receipts for Construction |
0.8 |
0.8 |
-4.5 |
-0.6 |
3.3 |
|
Other Current Liabilities |
0.0 |
0.4 |
-0.1 |
0.1 |
0.0 |
|
Accrued Pension Liabilities |
-0.1 |
0.0 |
-0.3 |
0.2 |
0.2 |
|
Cash from Operating Activities |
-0.7 |
14.8 |
-11.8 |
-7.1 |
6.8 |
|
|
|
|
|
|
|
|
Financial Assets for Trading- Increase |
-0.7 |
-16.7 |
-1.1 |
-22.1 |
-78.0 |
|
Financial Assets for Trading- Decrease |
4.1 |
13.7 |
2.1 |
29.3 |
72.0 |
|
Financial Assets At Cost- Decrease |
- |
- |
- |
- |
0.0 |
|
Financial Assets At Cost- Increase |
-6.6 |
- |
- |
- |
0.0 |
|
Long Term Equity Investment Increase |
- |
- |
- |
0.0 |
-0.1 |
|
Cash Reduction on Fin. Assets at Cost |
- |
- |
0.0 |
0.0 |
0.0 |
|
Intangible Assets Increase |
- |
0.0 |
-0.2 |
- |
- |
|
Capital Expenditure |
-8.1 |
-5.1 |
-1.0 |
-5.0 |
-5.9 |
|
Disposal of Fixed Assets |
0.3 |
0.1 |
0.1 |
0.2 |
0.1 |
|
Security Deposit Paid |
0.0 |
0.0 |
0.1 |
0.0 |
0.2 |
|
Deferred Charges |
-0.1 |
-0.1 |
-0.1 |
-0.2 |
-0.5 |
|
Other Assets |
-2.9 |
-1.2 |
-0.4 |
- |
- |
|
Other Liabilities |
0.3 |
- |
- |
- |
- |
|
Restricted Assets |
-2.2 |
-0.3 |
-0.1 |
0.7 |
-1.6 |
|
Cash from Investing Activities |
-15.8 |
-9.6 |
-0.6 |
2.9 |
-13.9 |
|
|
|
|
|
|
|
|
Short Term Borrowings Increase |
16.4 |
- |
15.3 |
4.4 |
0.3 |
|
Repayment of ST Borrowings |
- |
-10.7 |
- |
- |
- |
|
Issuance of Convertible Bonds |
- |
- |
- |
- |
15.2 |
|
Repurchase of Convertible Bonds |
- |
- |
-3.6 |
-0.7 |
- |
|
Repayment of LT Borrowings |
- |
- |
- |
- |
0.0 |
|
Security Deposit Received |
- |
- |
- |
- |
0.0 |
|
Lease Payable Increase |
0.0 |
0.0 |
0.1 |
- |
- |
|
Directors Remuneration & Employee Bonus |
- |
- |
0.0 |
-0.6 |
-0.3 |
|
Cash Dividend - Common Stock |
-3.1 |
-1.5 |
-0.8 |
-5.2 |
-2.8 |
|
Treasury Share Repurchase |
-0.6 |
- |
- |
- |
- |
|
Disposal of Treasury Stock |
0.4 |
0.0 |
0.7 |
0.1 |
0.2 |
|
Other Cash flow from Consolidation |
- |
- |
- |
- |
0.0 |
|
Cash Capital |
0.0 |
15.1 |
- |
- |
- |
|
Cash from Financing Activities |
13.2 |
3.0 |
11.7 |
-2.0 |
12.7 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Change in Cash |
-3.3 |
8.1 |
-0.7 |
-6.2 |
5.7 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
13.1 |
4.2 |
4.7 |
11.1 |
4.9 |
|
Net Cash - Ending Balance |
9.8 |
12.3 |
4.0 |
4.9 |
10.7 |
|
Cash Interest Paid |
0.3 |
0.3 |
0.2 |
0.0 |
0.0 |
|
Cash Taxes Paid |
1.8 |
0.1 |
0.0 |
2.4 |
1.0 |
|
|
|
|
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.55.52 |
|
|
1 |
Rs.88.49 |
|
Euro |
1 |
Rs.70.20 |
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.