MIRA
INFORM REPORT
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Report Date : |
08.09.2012 |
IDENTIFICATION DETAILS
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Name : |
TEST RITE INTERNATIONAL CO., LTD. |
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Registered Office : |
1, 2, 5F No. 23, Hsin Hu 3rd Road Neihu District Taipei, 114 |
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Country : |
Taiwan |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
10.08.1978 |
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Legal Form : |
Public Parent |
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Line of Business : |
Wholesale of agricultural machinery and accessories and implements, including tractors |
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No. of Employees : |
8,298 |
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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
Test Rite
International Co., Ltd.
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Business
Description
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Test Rite International Co., Ltd. is a Taiwan-based company
principally engaged in commodities trading. The Company deals with hand
tools, including ordinary hand tools, gardening tools and hardware
accessories, among others; electrical appliances, including electrical fans,
electrical lamps and other electrical appliances such as hair dryers and
infrared detectors; other household appliances, including sanitary equipment,
automobile maintenance devices, furniture, Christmas gifts and barbeque
devices, as well as bulk goods, including office automation equipment,
leisure products, do-it-yourself (DIY) tools, automobile accessories and
stationeries, among others. The Company operates its businesses principally
in Taiwan, the Americas, Europe and Oceania. For the three months ended 31
March 2012, Test Rite International Co., Ltd. revenues increased 1% to
NT$9.33B. Net income increased 4% to NT$268M. Revenues reflect Engineering
Department segment increase of 55% to NT$357.4M, Manufacturing Department
segment increase of 3% to NT$779.4M, America segment increase of 26% to
NT$1.18B. Net income benefited from Miscellaneous Income increase from NT$36M
to NT$79.2M (income). |
Industry
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Industry |
Construction and Agriculture Machinery |
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ANZSIC 2006: |
3411 - Agricultural and Construction
Machinery Wholesaling |
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NACE 2002: |
5188 - Wholesale of agricultural machinery
and accessories and implements, including tractors |
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NAICS 2002: |
42382 - Farm and Garden Machinery and
Equipment Merchant Wholesalers |
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UK SIC 2003: |
5188 - Wholesale of agricultural machinery
and accessories and implements, including tractors |
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UK SIC 2007: |
4661 - Wholesale of agricultural
machinery, equipment and supplies |
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US SIC 1987: |
5083 - Farm and Garden Machinery and Equipment
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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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Corporate Structure News
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Test Rite International
Co., Ltd. |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Taipei |
Taiwan |
Construction and Agriculture Machinery |
1,220.7 |
8,298 |
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Subsidiary |
Chiayi |
Taiwan |
Miscellaneous Fabricated Products |
107.8 |
1,843 |
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Subsidiary |
Taipei |
Taiwan |
Retail (Specialty) |
1.0 |
110 |
|
|
Subsidiary |
Ontario, CA |
United States |
Furniture and Fixtures |
22.5 |
75 |
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Branch |
South El Monte, CA |
United States |
Furniture and Fixtures |
5.1 |
8 |
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Subsidiary |
Ontario, CA |
United States |
Miscellaneous Fabricated Products |
13.6 |
45 |
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Branch |
Rolling Meadows, IL |
United States |
Miscellaneous Capital Goods |
22.7 |
24 |
|
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Branch |
Norcross, GA |
United States |
Retail (Specialty) |
6.2 |
22 |
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Branch |
Bentonville, AR |
United States |
Miscellaneous Capital Goods |
6.6 |
7 |
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Branch |
Dallas, TX |
United States |
Business Services |
0.2 |
2 |
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Branch |
Ontario, CA |
United States |
Business Services |
0.2 |
2 |
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Branch |
Eupora, MS |
United States |
Business Services |
0.2 |
2 |
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Subsidiary |
Bentonville, AR |
United States |
Retail (Specialty) |
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Subsidiary |
Hamburg, Hamburg |
Germany |
Retail (Specialty) |
|
40 |
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Subsidiary |
Kowloon |
Hong Kong |
Retail (Specialty) |
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10 |
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Subsidiary |
Ho Chi Minh City |
Viet Nam |
Retail (Specialty) |
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10 |
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Subsidiary |
Kuala Lumpur |
Malaysia |
Retail (Specialty) |
|
6 |
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Subsidiary |
Singapore |
Singapore |
Retail (Specialty) |
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1 |
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Subsidiary |
Tremblay, Seine-Saint-Denis |
France |
Retail (Specialty) |
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Subsidiary |
Taipei |
Taiwan |
Retail (Specialty) |
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Subsidiary |
Winchester |
United Kingdom |
Retail (Specialty) |
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Test Rite
Business Development Corporation (China) Co., Ltd. |
Subsidiary |
Shanghai |
China |
Retail (Specialty) |
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Subsidiary |
Taipei |
Taiwan |
Appliance and Tool |
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Subsidiary |
Hanoi |
Viet Nam |
Miscellaneous Fabricated Products |
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Subsidiary |
Bella Vista, NSW |
Australia |
Furniture and Fixtures |
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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 |
Reclassified
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 |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
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Net Sales |
1,220.7 |
1,035.3 |
879.6 |
1,037.7 |
1,113.2 |
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Revenue |
1,220.7 |
1,035.3 |
879.6 |
1,037.7 |
1,113.2 |
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Total Revenue |
1,220.7 |
1,035.3 |
879.6 |
1,037.7 |
1,113.2 |
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Cost of Revenue |
851.9 |
727.8 |
627.0 |
756.7 |
828.8 |
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Cost of Revenue, Total |
851.9 |
727.8 |
627.0 |
756.7 |
828.8 |
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Gross Profit |
368.8 |
307.5 |
252.6 |
281.0 |
284.5 |
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Selling/General/Administrative Expense |
338.1 |
279.8 |
240.3 |
266.8 |
256.1 |
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Total Selling/General/Administrative Expenses |
338.1 |
279.8 |
240.3 |
266.8 |
256.1 |
|
Impairment-Assets Held for Use |
0.1 |
0.1 |
0.1 |
1.0 |
0.4 |
|
Unusual Expense (Income) |
0.1 |
0.1 |
0.1 |
1.0 |
0.4 |
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Total Operating Expense |
1,190.2 |
1,007.7 |
867.4 |
1,024.5 |
1,085.3 |
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Operating Income |
30.6 |
27.6 |
12.2 |
13.2 |
27.9 |
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Interest Expense -
Non-Operating |
-7.2 |
-5.8 |
-6.7 |
-13.2 |
-13.5 |
|
Interest Expense, Net Non-Operating |
-7.2 |
-5.8 |
-6.7 |
-13.2 |
-13.5 |
|
Interest Income -
Non-Operating |
0.7 |
0.6 |
1.0 |
1.7 |
0.8 |
|
Investment Income -
Non-Operating |
4.5 |
4.7 |
5.0 |
2.2 |
5.9 |
|
Interest/Investment Income - Non-Operating |
5.2 |
5.3 |
6.0 |
3.9 |
6.7 |
|
Interest Income (Expense) - Net Non-Operating Total |
-2.0 |
-0.5 |
-0.8 |
-9.3 |
-6.9 |
|
Gain (Loss) on Sale of Assets |
-0.4 |
-2.2 |
-0.1 |
3.3 |
12.7 |
|
Other Non-Operating Income (Expense) |
3.9 |
2.7 |
0.4 |
1.0 |
-4.4 |
|
Other, Net |
3.9 |
2.7 |
0.4 |
1.0 |
-4.4 |
|
Income Before Tax |
32.1 |
27.7 |
11.7 |
8.1 |
29.4 |
|
|
|
|
|
|
|
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Total Income Tax |
4.4 |
8.0 |
4.7 |
2.4 |
2.9 |
|
Income After Tax |
27.7 |
19.7 |
7.1 |
5.7 |
26.5 |
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Minority Interest |
-6.0 |
-4.2 |
-2.9 |
3.3 |
-9.0 |
|
Net Income Before Extraord Items |
21.6 |
15.5 |
4.1 |
9.0 |
17.6 |
|
Net Income |
21.6 |
15.5 |
4.1 |
9.0 |
17.6 |
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Income Available to Common Excl Extraord Items |
21.6 |
15.5 |
4.1 |
9.0 |
17.6 |
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Income Available to Common Incl Extraord Items |
21.6 |
15.5 |
4.1 |
9.0 |
17.6 |
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Basic/Primary Weighted Average Shares |
518.3 |
498.8 |
461.0 |
457.8 |
465.7 |
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Basic EPS Excl Extraord Items |
0.04 |
0.03 |
0.01 |
0.02 |
0.04 |
|
Basic/Primary EPS Incl Extraord Items |
0.04 |
0.03 |
0.01 |
0.02 |
0.04 |
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Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Diluted Net Income |
21.6 |
15.5 |
4.1 |
9.0 |
17.6 |
|
Diluted Weighted Average Shares |
520.9 |
500.1 |
461.5 |
459.1 |
465.7 |
|
Diluted EPS Excl Extraord Items |
0.04 |
0.03 |
0.01 |
0.02 |
0.04 |
|
Diluted EPS Incl Extraord Items |
0.04 |
0.03 |
0.01 |
0.02 |
0.04 |
|
Dividends per Share - Common Stock Primary Issue |
0.03 |
0.02 |
0.01 |
0.01 |
0.03 |
|
Gross Dividends - Common Stock |
13.2 |
10.7 |
3.8 |
4.7 |
13.0 |
|
Interest Expense, Supplemental |
7.2 |
5.8 |
6.7 |
13.2 |
13.5 |
|
Depreciation, Supplemental |
29.2 |
25.0 |
23.1 |
23.2 |
23.3 |
|
Total Special Items |
0.5 |
2.2 |
0.2 |
-2.2 |
-12.2 |
|
Normalized Income Before Tax |
32.6 |
29.9 |
11.9 |
5.9 |
17.2 |
|
|
|
|
|
|
|
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Effect of Special Items on Income Taxes |
0.1 |
0.6 |
0.1 |
-0.7 |
-1.2 |
|
Inc Tax Ex Impact of Sp Items |
4.5 |
8.6 |
4.7 |
1.8 |
1.7 |
|
Normalized Income After Tax |
28.1 |
21.3 |
7.2 |
4.1 |
15.5 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
22.1 |
17.1 |
4.3 |
7.5 |
6.5 |
|
|
|
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|
|
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Basic Normalized EPS |
0.04 |
0.03 |
0.01 |
0.02 |
0.01 |
|
Diluted Normalized EPS |
0.04 |
0.03 |
0.01 |
0.02 |
0.01 |
|
Amort of Intangibles, Supplemental |
4.5 |
3.3 |
2.8 |
1.9 |
3.3 |
|
Normalized EBIT |
30.7 |
27.7 |
12.3 |
14.2 |
28.4 |
|
Normalized EBITDA |
64.4 |
56.0 |
38.2 |
39.3 |
55.0 |
|
Current Tax - Total |
- |
- |
5.1 |
3.5 |
- |
|
Current Tax - Total |
- |
- |
5.1 |
3.5 |
- |
|
Deferred Tax - Total |
- |
- |
-2.0 |
-0.8 |
- |
|
Deferred Tax - Total |
- |
- |
-2.0 |
-0.8 |
- |
|
Other Tax |
- |
- |
1.5 |
-0.3 |
- |
|
Income Tax - Total |
- |
- |
4.7 |
2.4 |
- |
|
Interest Cost - Domestic |
0.6 |
0.5 |
0.5 |
0.6 |
0.5 |
|
Service Cost - Domestic |
0.4 |
0.4 |
0.5 |
0.6 |
0.7 |
|
Prior Service Cost - Domestic |
- |
- |
0.0 |
0.0 |
0.3 |
|
Expected Return on Assets - Domestic |
-0.3 |
-0.3 |
-0.3 |
-0.4 |
-0.3 |
|
Actuarial Gains and Losses - Domestic |
0.1 |
0.1 |
0.0 |
0.1 |
0.7 |
|
Transition Costs - Domestic |
0.4 |
0.3 |
0.3 |
0.3 |
0.0 |
|
Other Pension, Net - Domestic |
- |
- |
0.1 |
0.0 |
- |
|
Domestic Pension Plan Expense |
1.2 |
1.1 |
1.2 |
1.2 |
1.8 |
|
Total Pension Expense |
1.2 |
1.1 |
1.2 |
1.2 |
1.8 |
|
Discount Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.50% |
2.70% |
|
Expected Rate of Return - Domestic |
2.00% |
2.00% |
2.00% |
2.50% |
2.75% |
|
Compensation Rate - Domestic |
2.75% |
3.00% |
3.00% |
1.00% |
1.50% |
|
Total Plan Interest Cost |
0.6 |
0.5 |
0.5 |
0.6 |
0.5 |
|
Total Plan Service Cost |
0.4 |
0.4 |
0.5 |
0.6 |
0.7 |
|
Total Plan Expected Return |
-0.3 |
-0.3 |
-0.3 |
-0.4 |
-0.3 |
|
Total Plan Other Expense |
- |
- |
0.1 |
0.0 |
- |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate |
30.279 |
29.1565 |
31.985 |
32.818 |
32.4345 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Equivalents |
69.2 |
38.1 |
41.3 |
38.5 |
105.7 |
|
Short Term Investments |
8.3 |
20.6 |
23.3 |
13.3 |
17.2 |
|
Cash and Short Term Investments |
77.6 |
58.8 |
64.6 |
51.8 |
122.9 |
|
Accounts Receivable -
Trade, Gross |
98.2 |
73.3 |
48.9 |
76.8 |
91.9 |
|
Provision for Doubtful
Accounts |
-1.6 |
-0.6 |
-0.3 |
-0.1 |
-0.2 |
|
Trade Accounts Receivable - Net |
96.5 |
72.8 |
48.5 |
76.8 |
91.6 |
|
Notes Receivable - Short Term |
1.3 |
2.2 |
2.2 |
1.3 |
2.0 |
|
Other Receivables |
10.3 |
9.5 |
9.6 |
33.9 |
29.0 |
|
Total Receivables, Net |
108.1 |
84.5 |
60.3 |
112.0 |
122.6 |
|
Inventories - Finished Goods |
176.0 |
132.9 |
110.3 |
104.2 |
106.9 |
|
Inventories - Work In Progress |
7.0 |
11.1 |
6.5 |
5.4 |
12.9 |
|
Inventories - Raw Materials |
12.9 |
18.4 |
10.9 |
12.5 |
18.7 |
|
Inventories - Other |
- |
- |
- |
-3.7 |
-9.4 |
|
Total Inventory |
195.8 |
162.4 |
127.7 |
118.5 |
129.1 |
|
Prepaid Expenses |
30.2 |
26.1 |
20.9 |
20.5 |
23.6 |
|
Other Current Assets |
8.6 |
7.0 |
6.9 |
8.0 |
5.3 |
|
Other Current Assets, Total |
8.6 |
7.0 |
6.9 |
8.0 |
5.3 |
|
Total Current Assets |
420.3 |
338.8 |
280.4 |
310.7 |
403.5 |
|
|
|
|
|
|
|
|
Buildings |
111.2 |
52.0 |
43.8 |
39.1 |
35.5 |
|
Land/Improvements |
21.6 |
22.4 |
20.5 |
20.0 |
21.8 |
|
Machinery/Equipment |
317.6 |
319.3 |
277.7 |
261.1 |
260.5 |
|
Construction in
Progress |
2.0 |
14.8 |
11.8 |
13.4 |
12.1 |
|
Other
Property/Plant/Equipment |
4.9 |
3.6 |
3.3 |
3.2 |
3.2 |
|
Property/Plant/Equipment - Gross |
457.3 |
412.2 |
357.0 |
336.8 |
333.1 |
|
Accumulated Depreciation |
-203.2 |
-192.4 |
-163.1 |
-142.4 |
-136.7 |
|
Property/Plant/Equipment - Net |
254.1 |
219.8 |
194.0 |
194.3 |
196.4 |
|
Goodwill, Net |
120.5 |
124.7 |
114.0 |
107.8 |
49.5 |
|
Intangibles, Net |
6.9 |
2.9 |
0.9 |
0.5 |
0.3 |
|
LT Investment - Affiliate Companies |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
LT Investments - Other |
6.8 |
7.2 |
6.9 |
5.8 |
10.5 |
|
Long Term Investments |
6.8 |
7.2 |
6.9 |
5.8 |
10.5 |
|
Pension Benefits - Overfunded |
0.7 |
0.9 |
1.0 |
1.2 |
1.4 |
|
Deferred Income Tax - Long Term Asset |
33.1 |
30.6 |
28.6 |
26.3 |
27.2 |
|
Restricted Cash - Long Term |
- |
0.0 |
1.1 |
- |
- |
|
Other Long Term Assets |
67.9 |
69.8 |
67.8 |
70.5 |
68.2 |
|
Other Long Term Assets, Total |
101.7 |
101.3 |
98.6 |
98.0 |
96.8 |
|
Total Assets |
910.3 |
794.7 |
694.8 |
717.1 |
757.0 |
|
|
|
|
|
|
|
|
Accounts Payable |
147.0 |
109.6 |
90.0 |
78.6 |
97.1 |
|
Notes Payable/Short Term Debt |
119.3 |
100.9 |
97.4 |
146.3 |
156.7 |
|
Current Portion - Long Term Debt/Capital Leases |
0.0 |
0.4 |
10.8 |
16.5 |
15.4 |
|
Customer Advances |
15.1 |
2.9 |
8.4 |
7.7 |
9.3 |
|
Income Taxes Payable |
6.0 |
5.2 |
5.3 |
5.8 |
11.5 |
|
Other Payables |
61.4 |
61.2 |
40.1 |
40.7 |
38.0 |
|
Other Current Liabilities |
30.3 |
14.0 |
12.6 |
12.7 |
14.0 |
|
Other Current liabilities, Total |
112.8 |
83.4 |
66.4 |
66.9 |
72.8 |
|
Total Current Liabilities |
379.1 |
294.3 |
264.6 |
308.3 |
342.0 |
|
|
|
|
|
|
|
|
Long Term Debt |
236.2 |
205.4 |
167.2 |
160.7 |
86.3 |
|
Total Long Term Debt |
236.2 |
205.4 |
167.2 |
160.7 |
86.3 |
|
Total Debt |
355.4 |
306.6 |
275.4 |
323.5 |
258.4 |
|
|
|
|
|
|
|
|
Minority Interest |
16.1 |
13.5 |
12.9 |
17.2 |
63.8 |
|
Reserves |
1.4 |
1.3 |
1.1 |
1.1 |
1.1 |
|
Pension Benefits - Underfunded |
9.6 |
9.4 |
7.9 |
6.9 |
5.6 |
|
Other Long Term Liabilities |
45.2 |
53.5 |
52.3 |
60.0 |
69.7 |
|
Other Liabilities, Total |
56.2 |
64.1 |
61.4 |
68.0 |
76.4 |
|
Total Liabilities |
687.6 |
577.3 |
506.1 |
554.3 |
568.6 |
|
|
|
|
|
|
|
|
Common Stock |
167.6 |
177.1 |
166.1 |
144.3 |
143.4 |
|
Common Stock |
167.6 |
177.1 |
166.1 |
144.3 |
143.4 |
|
Additional Paid-In Capital |
22.9 |
24.1 |
22.6 |
15.8 |
17.0 |
|
Retained Earnings (Accumulated Deficit) |
44.7 |
37.1 |
26.1 |
27.7 |
36.9 |
|
Treasury Stock - Common |
-14.4 |
-21.1 |
-28.1 |
-27.3 |
-10.4 |
|
Unrealized Gain (Loss) |
0.9 |
-0.1 |
0.0 |
-0.3 |
-0.4 |
|
Translation Adjustment |
4.4 |
2.9 |
3.8 |
3.7 |
2.4 |
|
Minimum Pension Liability Adjustment |
-3.4 |
-2.5 |
-1.7 |
-1.1 |
-0.5 |
|
Other Equity, Total |
1.0 |
0.4 |
2.0 |
2.6 |
1.8 |
|
Total Equity |
222.7 |
217.4 |
188.7 |
162.9 |
188.4 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
910.3 |
794.7 |
694.8 |
717.1 |
757.0 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
501.7 |
498.8 |
498.8 |
446.1 |
473.5 |
|
Total Common Shares Outstanding |
501.7 |
498.8 |
498.8 |
446.1 |
473.5 |
|
Treasury Shares - Common Stock Primary Issue |
21.3 |
33.5 |
48.7 |
49.5 |
18.2 |
|
Employees |
8,324 |
8,037 |
6,753 |
6,826 |
6,842 |
|
Number of Common Shareholders |
25,608 |
28,435 |
20,737 |
20,499 |
21,053 |
|
Deferred Revenue - Current |
15.1 |
2.9 |
8.4 |
7.7 |
9.3 |
|
Total Long Term Debt, Supplemental |
- |
- |
10.8 |
16.5 |
- |
|
Long Term Debt Maturing within 1 Year |
- |
- |
10.8 |
16.5 |
- |
|
Long Term Debt Matur. in Year 6 & Beyond |
- |
- |
0.0 |
0.0 |
- |
|
Total Operating Leases, Supplemental |
60.1 |
578.0 |
525.0 |
468.3 |
- |
|
Operating Lease Payments Due in Year 1 |
9.3 |
60.0 |
52.1 |
44.0 |
- |
|
Operating Lease Payments Due in Year 2 |
9.6 |
61.7 |
53.2 |
44.8 |
- |
|
Operating Lease Payments Due in Year 3 |
9.9 |
62.3 |
54.5 |
45.2 |
- |
|
Operating Lease Payments Due in Year 4 |
10.2 |
61.9 |
53.0 |
45.6 |
- |
|
Operating Lease Payments Due in Year 5 |
10.5 |
62.0 |
51.8 |
42.8 |
- |
|
Operating Lease Payments Due in Year 6 |
10.8 |
- |
- |
- |
- |
|
Operating Lease Pymts. Due in 2-3 Years |
19.4 |
124.0 |
107.6 |
90.0 |
- |
|
Operating Lease Pymts. Due in 4-5 Years |
20.6 |
123.9 |
104.9 |
88.5 |
- |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
10.8 |
270.1 |
260.4 |
245.8 |
- |
|
Pension Obligation - Domestic |
24.6 |
24.9 |
21.0 |
20.3 |
22.1 |
|
Plan Assets - Domestic |
13.6 |
14.2 |
12.3 |
12.2 |
13.7 |
|
Funded Status - Domestic |
-11.0 |
-10.7 |
-8.7 |
-8.2 |
-8.4 |
|
Accumulated Obligation - Domestic |
20.0 |
20.2 |
17.0 |
16.2 |
18.5 |
|
Total Funded Status |
-11.0 |
-10.7 |
-8.7 |
-8.2 |
-8.4 |
|
Discount Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.50% |
2.70% |
|
Expected Rate of Return - Domestic |
2.00% |
2.00% |
2.00% |
2.50% |
2.75% |
|
Compensation Rate - Domestic |
2.75% |
3.00% |
3.00% |
1.00% |
1.50% |
|
Prepaid Benefits - Domestic |
0.7 |
0.9 |
1.0 |
1.2 |
1.4 |
|
Accrued Liabilities - Domestic |
-9.6 |
-9.4 |
-7.9 |
-6.9 |
-5.6 |
|
Net Assets Recognized on Balance Sheet |
-9.0 |
-8.5 |
-6.9 |
-5.7 |
-4.2 |
|
Total Plan Obligations |
24.6 |
24.9 |
21.0 |
20.3 |
22.1 |
|
Total Plan Assets |
13.6 |
14.2 |
12.3 |
12.2 |
13.7 |
|
|
|
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 |
Reclassified
Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate
(Period Average) |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
32.848802 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
27.7 |
19.7 |
7.1 |
5.7 |
26.5 |
|
Depreciation |
33.7 |
28.3 |
25.9 |
25.1 |
26.6 |
|
Depreciation/Depletion |
33.7 |
28.3 |
25.9 |
25.1 |
26.6 |
|
Deferred Taxes |
-3.1 |
1.3 |
-1.6 |
0.2 |
-8.8 |
|
Unusual Items |
0.7 |
2.2 |
0.3 |
-2.0 |
-12.5 |
|
Equity in Net Earnings (Loss) |
0.1 |
0.0 |
0.1 |
0.0 |
0.0 |
|
Other Non-Cash Items |
-7.5 |
-11.5 |
-8.5 |
-3.6 |
0.7 |
|
Non-Cash Items |
-6.7 |
-9.3 |
-8.1 |
-5.6 |
-11.8 |
|
Accounts Receivable |
-27.5 |
-16.7 |
52.8 |
9.3 |
-29.6 |
|
Inventories |
-40.6 |
-20.7 |
-5.9 |
9.4 |
1.2 |
|
Prepaid Expenses |
-5.3 |
-2.9 |
0.1 |
3.0 |
3.9 |
|
Other Assets |
7.7 |
13.2 |
-6.0 |
-6.3 |
2.7 |
|
Accounts Payable |
49.9 |
21.9 |
7.2 |
-15.1 |
7.7 |
|
Taxes Payable |
1.0 |
-0.6 |
-0.7 |
-5.7 |
1.8 |
|
Other Liabilities |
18.7 |
-4.9 |
-3.3 |
-5.7 |
0.5 |
|
Changes in Working Capital |
4.2 |
-10.7 |
44.2 |
-11.2 |
-11.9 |
|
Cash from Operating Activities |
55.7 |
29.3 |
67.5 |
14.2 |
20.8 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-76.7 |
-30.7 |
-38.2 |
-31.0 |
-72.1 |
|
Capital Expenditures |
-76.7 |
-30.7 |
-38.2 |
-31.0 |
-72.1 |
|
Sale of Fixed Assets |
- |
- |
20.6 |
32.3 |
126.5 |
|
Sale/Maturity of Investment |
0.0 |
0.3 |
0.4 |
3.5 |
2.2 |
|
Investment, Net |
- |
- |
-1.5 |
0.0 |
- |
|
Purchase of Investments |
0.0 |
-0.1 |
0.0 |
0.0 |
-2.7 |
|
Intangible, Net |
-0.4 |
0.2 |
-3.2 |
-61.3 |
-6.0 |
|
Other Investing Cash Flow |
-6.2 |
-3.4 |
-1.1 |
-4.3 |
-11.3 |
|
Other Investing Cash Flow Items, Total |
-6.6 |
-3.0 |
15.2 |
-29.9 |
108.7 |
|
Cash from Investing Activities |
-83.3 |
-33.7 |
-23.1 |
-60.9 |
36.6 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-2.1 |
-2.4 |
-8.4 |
-47.4 |
-14.7 |
|
Financing Cash Flow Items |
-2.1 |
-2.4 |
-8.4 |
-47.4 |
-14.7 |
|
Cash Dividends Paid - Common |
-11.5 |
-4.0 |
-4.5 |
-13.5 |
-10.3 |
|
Total Cash Dividends Paid |
-11.5 |
-4.0 |
-4.5 |
-13.5 |
-10.3 |
|
Sale/Issuance of
Common |
16.5 |
- |
20.7 |
0.0 |
27.7 |
|
Repurchase/Retirement
of Common |
-15.5 |
- |
0.0 |
-17.7 |
-29.1 |
|
Common Stock, Net |
0.9 |
- |
20.7 |
-17.7 |
-1.4 |
|
Sale/Issuance of
Preferred |
- |
- |
0.0 |
11.1 |
0.0 |
|
Repurchase/Retirement
of Preferred |
- |
- |
0.0 |
-15.6 |
0.0 |
|
Preferred Stock, Net |
- |
- |
0.0 |
-4.5 |
0.0 |
|
Issuance (Retirement) of Stock, Net |
0.9 |
- |
20.7 |
-22.2 |
-1.4 |
|
Short Term Debt, Net |
22.0 |
-5.6 |
-47.3 |
-9.6 |
25.9 |
|
Long Term Debt Issued |
156.5 |
30.4 |
- |
69.4 |
8.0 |
|
Long Term Debt
Reduction |
-106.3 |
-20.7 |
-3.2 |
- |
- |
|
Long Term Debt, Net |
50.3 |
9.7 |
-3.2 |
69.4 |
8.0 |
|
Issuance (Retirement) of Debt, Net |
72.3 |
4.2 |
-50.5 |
59.8 |
33.9 |
|
Cash from Financing Activities |
59.7 |
-2.2 |
-42.7 |
-23.4 |
7.5 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
1.3 |
0.0 |
-0.1 |
1.4 |
1.7 |
|
Net Change in Cash |
33.5 |
-6.6 |
1.7 |
-68.6 |
66.5 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
37.8 |
41.9 |
38.3 |
108.7 |
37.9 |
|
Net Cash - Ending Balance |
71.3 |
35.3 |
40.0 |
40.1 |
104.4 |
|
Cash Interest Paid |
7.4 |
5.7 |
6.7 |
12.7 |
9.3 |
|
Cash Taxes Paid |
6.4 |
8.9 |
7.6 |
8.1 |
11.3 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate
(Period Average) |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
32.848802 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Sales, Net |
1,220.7 |
1,035.3 |
879.6 |
1,037.7 |
1,113.2 |
|
Total Revenue |
1,220.7 |
1,035.3 |
879.6 |
1,037.7 |
1,113.2 |
|
|
|
|
|
|
|
|
Cost of Sales |
851.9 |
727.8 |
627.0 |
756.7 |
828.3 |
|
Inventory Devaluation & Obsolescence |
- |
- |
- |
- |
0.5 |
|
Impairment Loss |
0.1 |
0.1 |
0.1 |
1.0 |
0.4 |
|
Operating Expenses |
338.1 |
279.8 |
240.3 |
266.8 |
256.1 |
|
Total Operating Expense |
1,190.2 |
1,007.7 |
867.4 |
1,024.5 |
1,085.3 |
|
|
|
|
|
|
|
|
Interest Income |
0.7 |
0.6 |
1.0 |
1.7 |
0.8 |
|
Gain on Equity Investment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Gain on Sale of Fixed Assets |
0.0 |
0.1 |
0.0 |
3.7 |
12.7 |
|
Gain on Sale of Invsetments |
- |
- |
0.0 |
0.2 |
3.6 |
|
Gain on Foreign Exchange |
3.0 |
0.4 |
3.3 |
4.5 |
2.3 |
|
Gain from Financial Assets Revaluation |
1.3 |
4.8 |
0.7 |
0.0 |
- |
|
G/L from Financial Liabil. Revaluation |
0.3 |
-0.5 |
1.4 |
-2.3 |
-0.1 |
|
Miscellaneous Income |
10.4 |
8.0 |
7.2 |
4.4 |
4.1 |
|
Interest Expense |
-7.2 |
-5.8 |
-6.7 |
-13.2 |
-13.5 |
|
Loss on Equity Investment |
-0.1 |
0.0 |
-0.1 |
0.0 |
- |
|
Loss on Sale of Fixed Assets |
-0.4 |
-2.2 |
-0.1 |
-0.5 |
-0.1 |
|
Loss on Sale Investments |
-0.1 |
-0.1 |
-0.3 |
0.0 |
- |
|
Loss from Financial Assets Revaluation |
- |
- |
0.0 |
-0.2 |
0.0 |
|
Preferred Stock Dividend Liab. Amort. |
-0.3 |
-0.3 |
-0.3 |
0.0 |
- |
|
Preferred Stock Dividend Liabilities |
-0.5 |
-0.4 |
-0.4 |
-0.1 |
0.0 |
|
Miscellaneous Disbursement |
-5.7 |
-4.6 |
-6.1 |
-3.4 |
-8.5 |
|
Net Income Before Taxes |
32.1 |
27.7 |
11.7 |
8.1 |
29.4 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
4.4 |
8.0 |
4.7 |
2.4 |
2.9 |
|
Net Income After Taxes |
27.7 |
19.7 |
7.1 |
5.7 |
26.5 |
|
|
|
|
|
|
|
|
Minority Interest |
-6.0 |
-4.2 |
-2.9 |
3.3 |
-9.0 |
|
Net Income Before Extra. Items |
21.6 |
15.5 |
4.1 |
9.0 |
17.6 |
|
Net Income |
21.6 |
15.5 |
4.1 |
9.0 |
17.6 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
21.6 |
15.5 |
4.1 |
9.0 |
17.6 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
21.6 |
15.5 |
4.1 |
9.0 |
17.6 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
518.3 |
498.8 |
461.0 |
457.8 |
465.7 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.04 |
0.03 |
0.01 |
0.02 |
0.04 |
|
Basic EPS Including ExtraOrdinary Items |
0.04 |
0.03 |
0.01 |
0.02 |
0.04 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Diluted Net Income |
21.6 |
15.5 |
4.1 |
9.0 |
17.6 |
|
Diluted Weighted Average Shares |
520.9 |
500.1 |
461.5 |
459.1 |
465.7 |
|
Diluted EPS Excluding ExtraOrd Items |
0.04 |
0.03 |
0.01 |
0.02 |
0.04 |
|
Diluted EPS Including ExtraOrd Items |
0.04 |
0.03 |
0.01 |
0.02 |
0.04 |
|
DPS-Common Stock |
0.03 |
0.02 |
0.01 |
0.01 |
0.03 |
|
Gross Dividends - Common Stock |
13.2 |
10.7 |
3.8 |
4.7 |
13.0 |
|
Normalized Income Before Taxes |
32.6 |
29.9 |
11.9 |
5.9 |
17.2 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
4.5 |
8.6 |
4.7 |
1.8 |
1.7 |
|
Normalized Income After Taxes |
28.1 |
21.3 |
7.2 |
4.1 |
15.5 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
22.1 |
17.1 |
4.3 |
7.5 |
6.5 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.04 |
0.03 |
0.01 |
0.02 |
0.01 |
|
Diluted Normalized EPS |
0.04 |
0.03 |
0.01 |
0.02 |
0.01 |
|
Interest Expense, Supplemental |
7.2 |
5.8 |
6.7 |
13.2 |
13.5 |
|
Depreciation - Operating Cost |
3.6 |
3.4 |
2.9 |
3.3 |
4.7 |
|
Depreciation - Operating Expense |
25.6 |
21.6 |
20.2 |
19.9 |
18.6 |
|
Amortization- Operating Cost |
0.1 |
0.1 |
0.2 |
0.4 |
1.2 |
|
Amortization -Operating Expense |
4.4 |
3.2 |
2.6 |
1.5 |
2.1 |
|
Current Tax |
- |
- |
5.1 |
3.5 |
- |
|
Current Tax - Total |
- |
- |
5.1 |
3.5 |
- |
|
Deferred Tax |
- |
- |
-2.0 |
-0.8 |
- |
|
Deferred Tax - Total |
- |
- |
-2.0 |
-0.8 |
- |
|
Other Tax |
- |
- |
1.5 |
-0.3 |
- |
|
Income Tax - Total |
- |
- |
4.7 |
2.4 |
- |
|
Service Cost |
0.4 |
0.4 |
0.5 |
0.6 |
0.7 |
|
Interest Cost |
0.6 |
0.5 |
0.5 |
0.6 |
0.5 |
|
Expected Return on Assets - Domestic |
0.0 |
0.0 |
- |
- |
- |
|
Actual Return on Plan Assets |
-0.3 |
-0.3 |
-0.3 |
-0.4 |
-0.3 |
|
Amort. Transitional Benefit Obligation |
0.4 |
0.3 |
0.3 |
0.3 |
0.0 |
|
Prior Service Cost |
- |
- |
0.0 |
0.0 |
0.3 |
|
Amortization of Actuarial Losses |
0.1 |
0.1 |
0.0 |
0.1 |
0.7 |
|
Other Pension, Net - Domestic |
- |
- |
0.1 |
0.0 |
- |
|
Domestic Pension Plan Expense |
1.2 |
1.1 |
1.2 |
1.2 |
1.8 |
|
Total Pension Expense |
1.2 |
1.1 |
1.2 |
1.2 |
1.8 |
|
Discount Rate |
2.00% |
2.00% |
2.00% |
2.50% |
2.70% |
|
Expected Rate of Return on Plan Assets |
2.00% |
2.00% |
2.00% |
2.50% |
2.75% |
|
Rate of Compensation Increase |
2.75% |
3.00% |
3.00% |
1.00% |
1.50% |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate |
30.279 |
29.1565 |
31.985 |
32.818 |
32.4345 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte & Touche
LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Cash and Cash Equivalents |
69.2 |
38.1 |
41.3 |
38.5 |
105.7 |
|
Financial Assets at Fair Value-Current |
8.2 |
20.6 |
22.8 |
10.0 |
15.3 |
|
Financial Assets for Sale |
0.1 |
0.1 |
0.3 |
0.2 |
0.3 |
|
Financial Assets -Hold to Maturity |
- |
- |
- |
0.0 |
0.4 |
|
Financial Assets at Cost Method-Current |
- |
- |
- |
0.0 |
0.1 |
|
Bonds Investment Inactive Market |
- |
- |
- |
0.0 |
0.9 |
|
Other Financial Assets - Current |
0.0 |
0.0 |
0.2 |
3.1 |
0.2 |
|
Notes Receivable |
1.3 |
2.2 |
2.2 |
1.3 |
2.0 |
|
Accounts Receivable, Gross |
98.2 |
73.3 |
48.9 |
76.8 |
91.9 |
|
Provision for Doubtful Accounts |
-1.6 |
-0.6 |
-0.3 |
-0.1 |
-0.2 |
|
Other Receivables |
10.3 |
9.5 |
9.6 |
33.9 |
29.0 |
|
Merchandise Inventory-Retail |
119.1 |
105.5 |
82.4 |
82.0 |
69.0 |
|
Merchandise Inventory-Trade |
52.5 |
23.8 |
26.3 |
21.5 |
34.4 |
|
Raw Materials / Supplies |
12.9 |
18.4 |
10.9 |
12.5 |
18.7 |
|
Work-in-Process |
4.8 |
4.6 |
3.3 |
3.5 |
7.2 |
|
Finished Goods |
2.5 |
1.5 |
1.3 |
0.5 |
2.8 |
|
Merchandise |
1.9 |
2.0 |
0.2 |
0.2 |
0.7 |
|
Construction in Progress |
2.2 |
6.6 |
3.2 |
1.9 |
5.7 |
|
Provision for Inventory |
- |
- |
- |
-3.7 |
-9.4 |
|
Prepayment |
30.2 |
26.1 |
20.9 |
20.5 |
23.6 |
|
Other Current Assets |
8.6 |
7.0 |
6.9 |
8.0 |
5.3 |
|
Total Current Assets |
420.3 |
338.8 |
280.4 |
310.7 |
403.5 |
|
|
|
|
|
|
|
|
Long Term Equity Investment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Real Estate Investments |
0.5 |
0.5 |
0.4 |
0.4 |
0.4 |
|
FInancail Assets for Sale-Non Current |
1.0 |
1.0 |
0.8 |
1.0 |
4.6 |
|
Financial Assets Hold to Maturity-Non Cu |
- |
- |
0.0 |
0.2 |
0.2 |
|
Financial Assets-Cost Method, Non-Curren |
3.6 |
4.0 |
4.1 |
4.1 |
5.2 |
|
Bonds Investment in Inactive Markets |
1.7 |
1.7 |
1.6 |
- |
- |
|
Land and Improvements |
21.6 |
22.4 |
20.5 |
20.0 |
21.8 |
|
Buildings and Structures |
111.2 |
52.0 |
43.8 |
39.1 |
35.5 |
|
Machinary Equipment |
30.4 |
32.2 |
37.3 |
43.5 |
45.6 |
|
Transportation Equipment |
3.5 |
3.7 |
3.3 |
3.2 |
3.1 |
|
Other Equipments |
283.6 |
283.4 |
237.1 |
214.4 |
211.7 |
|
Revaluation Increment |
4.9 |
3.6 |
3.3 |
3.2 |
3.2 |
|
Accumulated Depreciation |
-203.2 |
-192.4 |
-163.1 |
-142.4 |
-136.7 |
|
Construction in Progress/Prepay for Equi |
2.0 |
14.8 |
11.8 |
13.4 |
12.1 |
|
Patent |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Computer Software |
6.9 |
2.9 |
0.9 |
0.5 |
0.3 |
|
Goodwill |
120.5 |
124.7 |
114.0 |
107.8 |
49.5 |
|
Deferred Pension Cost |
0.7 |
0.9 |
1.0 |
1.2 |
1.4 |
|
Security Deposits Paid |
27.5 |
29.0 |
24.5 |
25.4 |
24.3 |
|
Deferred Tax Assets |
33.1 |
30.6 |
28.6 |
26.3 |
27.2 |
|
Restricted Assets |
- |
0.0 |
1.1 |
- |
- |
|
Other Assets |
40.4 |
40.8 |
43.3 |
45.0 |
43.9 |
|
Total Assets |
910.3 |
794.7 |
694.8 |
717.1 |
757.0 |
|
|
|
|
|
|
|
|
Short Term Borrowings |
112.2 |
98.4 |
93.9 |
138.7 |
151.7 |
|
Short Term Notes & Bills Payable |
5.3 |
1.4 |
2.5 |
2.9 |
0.9 |
|
Financial Liabilities at Fair Value-Curr |
1.1 |
0.5 |
0.7 |
2.5 |
0.2 |
|
Notes Payable |
0.7 |
0.6 |
0.3 |
2.3 |
3.9 |
|
Accounts Payable |
147.0 |
109.6 |
90.0 |
78.6 |
97.1 |
|
Income Taxes Payable |
6.0 |
5.2 |
5.3 |
5.8 |
11.5 |
|
Other Payables |
61.4 |
61.2 |
40.1 |
40.7 |
38.0 |
|
Preferred Stock Liabilities, Current |
11.1 |
- |
- |
- |
- |
|
Advance Receipts |
15.1 |
2.9 |
8.4 |
7.7 |
9.3 |
|
Current Portion of Long Term Debt |
0.0 |
0.4 |
10.8 |
16.5 |
15.4 |
|
Other Current Liabilities |
19.2 |
14.0 |
12.6 |
12.7 |
14.0 |
|
Total Current Liabilities |
379.1 |
294.3 |
264.6 |
308.3 |
342.0 |
|
|
|
|
|
|
|
|
Financial Liabilities-FV, Non-Current |
- |
0.0 |
0.3 |
0.6 |
0.0 |
|
Long Term Borrowings |
236.2 |
194.1 |
156.9 |
150.7 |
86.3 |
|
Preferred Stock Liabilities, Non-Current |
- |
11.2 |
10.0 |
9.4 |
0.0 |
|
Total Long Term Debt |
236.2 |
205.4 |
167.2 |
160.7 |
86.3 |
|
|
|
|
|
|
|
|
Land Revaluation Increment Tax Reserve |
1.4 |
1.3 |
1.1 |
1.1 |
1.1 |
|
Accrued Pension Liabilities |
9.6 |
9.4 |
7.9 |
6.9 |
5.6 |
|
Long Term Security Deposits Received |
5.2 |
3.6 |
0.1 |
0.9 |
0.8 |
|
Unrealized Post-Sales Service |
38.8 |
48.3 |
51.4 |
- |
- |
|
Deferred Credit |
- |
- |
- |
57.2 |
65.1 |
|
Other Liabilities |
1.2 |
1.6 |
0.9 |
1.9 |
3.8 |
|
Minority Interest |
16.1 |
13.5 |
12.9 |
17.2 |
63.8 |
|
Total Liabilities |
687.6 |
577.3 |
506.1 |
554.3 |
568.6 |
|
|
|
|
|
|
|
|
Common Stock |
167.6 |
177.1 |
166.1 |
144.3 |
143.4 |
|
Share Premium |
22.8 |
24.1 |
22.6 |
15.8 |
16.0 |
|
Cap. Surplus, Treasury Stock Transaction |
0.2 |
- |
- |
- |
- |
|
LT Investment |
- |
- |
- |
0.0 |
1.0 |
|
Legal Reserve |
24.6 |
24.2 |
21.7 |
20.4 |
18.9 |
|
Retained Earnings |
20.2 |
12.9 |
4.4 |
7.3 |
18.1 |
|
Cumulative Translation Adjustment |
4.4 |
2.9 |
3.8 |
3.7 |
2.4 |
|
Unrealized Gain/Loss on Pension Fund |
-3.4 |
-2.5 |
-1.7 |
-1.1 |
-0.5 |
|
Unr. Gain/Loss frm. Disp. of Fncl.l Ats. |
0.1 |
-0.1 |
0.0 |
-0.3 |
-0.4 |
|
Unrealized Revaluation Increment |
0.9 |
- |
- |
- |
- |
|
Treasury Stock |
-14.4 |
-21.1 |
-28.1 |
-27.3 |
-10.4 |
|
Total Equity |
222.7 |
217.4 |
188.7 |
162.9 |
188.4 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
910.3 |
794.7 |
694.8 |
717.1 |
757.0 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
501.7 |
498.8 |
498.8 |
446.1 |
473.5 |
|
Total Common Shares Outstanding |
501.7 |
498.8 |
498.8 |
446.1 |
473.5 |
|
T/S-Common Stock |
21.3 |
33.5 |
48.7 |
49.5 |
18.2 |
|
Advance Receipt |
15.1 |
2.9 |
8.4 |
7.7 |
9.3 |
|
Full-Time Employees |
8,324 |
8,037 |
6,753 |
6,826 |
6,842 |
|
Number of Shareholders |
25,608 |
28,435 |
20,737 |
20,499 |
21,053 |
|
Current maturities |
- |
- |
10.8 |
16.5 |
- |
|
Total Long Term Debt, Supplemental |
- |
- |
10.8 |
16.5 |
- |
|
Operating Lease Maturing within 1 year |
9.3 |
60.0 |
52.1 |
44.0 |
- |
|
Operating Lease Maturing within 2 years |
9.6 |
61.7 |
53.2 |
44.8 |
- |
|
Operating Lease Maturing within 3 years |
9.9 |
62.3 |
54.5 |
45.2 |
- |
|
Operating Lease Maturing within 4 years |
10.2 |
61.9 |
53.0 |
45.6 |
- |
|
Operating Lease Maturing within 5 years |
10.5 |
62.0 |
51.8 |
42.8 |
- |
|
Operating Lease Maturing within 6 years |
10.8 |
- |
- |
- |
- |
|
Operating Lease, Remaining |
- |
270.1 |
260.4 |
245.8 |
- |
|
Total Operating Leases |
60.1 |
578.0 |
525.0 |
468.3 |
- |
|
Benefit Obligation |
24.6 |
24.9 |
21.0 |
20.3 |
22.1 |
|
Fair Value of Plan Assets |
13.6 |
14.2 |
12.3 |
12.2 |
13.7 |
|
Funded Status |
-11.0 |
-10.7 |
-8.7 |
-8.2 |
-8.4 |
|
Accumulated Benefit Obligation |
20.0 |
20.2 |
17.0 |
16.2 |
18.5 |
|
Total Funded Status |
-11.0 |
-10.7 |
-8.7 |
-8.2 |
-8.4 |
|
Discount Rate |
2.00% |
2.00% |
2.00% |
2.50% |
2.70% |
|
Expected Rate of Return on Plan Assets |
2.00% |
2.00% |
2.00% |
2.50% |
2.75% |
|
Rate of Compensation Increase |
2.75% |
3.00% |
3.00% |
1.00% |
1.50% |
|
Deferred Pension Cost |
0.7 |
0.9 |
1.0 |
1.2 |
1.4 |
|
Accrued Pension Liabilities |
-9.6 |
-9.4 |
-7.9 |
-6.9 |
-5.6 |
|
Net Assets Recognized on Balance Sheet |
-9.0 |
-8.5 |
-6.9 |
-5.7 |
-4.2 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate (Period
Average) |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
32.848802 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
27.7 |
19.7 |
7.1 |
5.7 |
26.5 |
|
Depreciation |
33.7 |
28.3 |
25.9 |
25.1 |
26.6 |
|
Deferred Charges Amort. of LT Loan |
0.0 |
0.0 |
0.0 |
0.1 |
0.1 |
|
Preferred Stock Dividend Liab. Amort. |
0.3 |
0.3 |
0.3 |
0.1 |
0.0 |
|
Financial Assets Revaluation Gain |
-1.3 |
-4.8 |
-0.7 |
0.2 |
-0.5 |
|
Financial Liabilities Revaluation G/L |
-0.3 |
0.5 |
-1.4 |
2.3 |
1.0 |
|
Gain/Loss on Equity Investment |
0.1 |
0.0 |
0.1 |
0.0 |
0.0 |
|
Sale of Investment |
0.1 |
0.0 |
0.1 |
0.2 |
-0.2 |
|
Impairment Loss |
0.1 |
0.1 |
0.1 |
1.0 |
0.4 |
|
Loss on Disposal of Properties |
0.4 |
0.2 |
0.1 |
-3.3 |
-12.7 |
|
Fixed Assets Written Off |
0.0 |
2.0 |
0.0 |
0.0 |
- |
|
Amort. of Unrealized of Rent Gains |
-8.0 |
-7.5 |
-7.1 |
-7.4 |
0.0 |
|
Employee Option Cost |
- |
- |
0.3 |
0.0 |
- |
|
Treasury Stock Transferrd to Employees |
1.8 |
0.0 |
- |
- |
- |
|
Prov. for Inventory Devaluation & Obsole |
- |
- |
- |
- |
0.5 |
|
Financial Assets at Cost Method |
- |
- |
0.0 |
0.1 |
0.0 |
|
Financial Assets -Hold to Maturity |
- |
- |
0.0 |
1.1 |
-0.4 |
|
Gain/Loss on Financial Assets at FV |
13.2 |
8.9 |
-11.4 |
5.1 |
4.5 |
|
Financial Assets for Sale |
- |
0.1 |
0.0 |
0.4 |
-0.1 |
|
Notes Receivable |
0.8 |
0.2 |
-0.8 |
0.7 |
-0.5 |
|
Accounts Receivable |
-27.2 |
-18.1 |
29.3 |
14.4 |
-28.9 |
|
Other Receivables |
-1.1 |
1.2 |
24.4 |
-5.8 |
-0.3 |
|
Other Financial Assets - Current |
0.0 |
0.3 |
2.4 |
-2.4 |
-0.1 |
|
Inventories |
-40.6 |
-20.7 |
-5.9 |
9.4 |
1.2 |
|
Prepayment |
-5.3 |
-2.9 |
0.1 |
3.0 |
3.9 |
|
Deferred Tax Assets - Current |
0.3 |
0.5 |
0.0 |
-0.3 |
1.4 |
|
Other Current Assets |
-2.3 |
0.0 |
1.3 |
-2.5 |
-0.1 |
|
Deferred Tax Assets, Non Current |
-3.8 |
0.7 |
-1.5 |
0.5 |
-10.1 |
|
Other Assets |
-3.2 |
3.9 |
1.7 |
-7.0 |
-1.6 |
|
Financial Liabilities at Fair Value, Cur |
1.0 |
-0.7 |
-0.4 |
-0.6 |
-0.3 |
|
Financial Liab. FV, Non-Current |
0.0 |
-0.4 |
-0.2 |
0.6 |
0.0 |
|
Notes Payable |
0.2 |
0.3 |
-2.0 |
-1.7 |
0.3 |
|
Accounts Payable |
42.7 |
10.1 |
9.1 |
-18.1 |
-3.4 |
|
Tax Payable |
1.0 |
-0.6 |
-0.7 |
-5.7 |
1.8 |
|
Other Payables |
7.3 |
11.8 |
-1.9 |
3.0 |
11.1 |
|
Advance Receipts |
12.7 |
-5.8 |
0.5 |
-1.6 |
2.9 |
|
Other Current Liabilities |
5.5 |
0.1 |
-0.4 |
-1.2 |
-3.8 |
|
Interest Compensation Payable |
- |
- |
- |
- |
0.0 |
|
Other Liabilities |
-0.6 |
1.5 |
-0.7 |
-1.3 |
1.4 |
|
Deferred Income Tax Liab. Non Current |
0.0 |
0.0 |
- |
- |
- |
|
Deferred Income Tax Liab. Current |
0.4 |
- |
- |
- |
- |
|
Cash from Operating Activities |
55.7 |
29.3 |
67.5 |
14.2 |
20.8 |
|
|
|
|
|
|
|
|
Financial Security Deposit Paid |
0.0 |
-0.1 |
0.5 |
-0.6 |
0.4 |
|
Long Term Equity Investment |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Purchase of Financial Assets for Sale |
- |
-0.1 |
- |
- |
-2.7 |
|
Disposal of Fncl. Ats. for Sale |
0.0 |
- |
0.3 |
3.5 |
- |
|
Financail Assets Hold to Maturity Decrea |
- |
- |
0.1 |
0.0 |
0.4 |
|
Financial Assets at Cost Capital Reduct. |
0.1 |
0.1 |
0.1 |
0.1 |
0.0 |
|
Futures Contracts Trading Deposit |
- |
- |
- |
- |
0.0 |
|
Sale of Long Term Equity Investment |
- |
- |
- |
- |
1.3 |
|
Prepayment on LT Investment Decrease |
- |
- |
- |
- |
0.5 |
|
Finl. Assets-Cost Method, Non-Current, |
- |
- |
- |
0.0 |
0.0 |
|
Finl. Assets-Cost Method, Non-Current, |
0.0 |
0.3 |
0.0 |
- |
- |
|
Bonds Investment in Inactive Market |
- |
- |
-1.5 |
0.0 |
- |
|
Capital Expenditure |
-76.7 |
-30.7 |
-38.2 |
-31.0 |
-72.1 |
|
Sale of Fixed Assets |
- |
- |
20.6 |
32.3 |
126.5 |
|
Security Deposit Paid |
0.4 |
-2.0 |
1.6 |
-1.5 |
-1.8 |
|
Goodwill Increase |
-0.4 |
0.2 |
-3.2 |
-61.3 |
-6.0 |
|
Deferred Charges |
-6.7 |
-2.6 |
-2.2 |
-2.3 |
-9.8 |
|
Restricted Assets |
0.0 |
1.1 |
-1.1 |
0.0 |
- |
|
Cash from Investing Activities |
-83.3 |
-33.7 |
-23.1 |
-60.9 |
36.6 |
|
|
|
|
|
|
|
|
Short Term Borrowings |
18.0 |
-4.3 |
-46.8 |
-11.7 |
26.8 |
|
Short Term Notes&Bills Payable |
4.0 |
-1.2 |
-0.5 |
2.1 |
-0.9 |
|
Long Term Borrowings |
156.5 |
30.4 |
- |
69.4 |
8.0 |
|
Repayment of Long Term Borrowings |
-106.3 |
-20.7 |
-3.2 |
- |
- |
|
Security Deposit Received |
1.8 |
3.2 |
-0.8 |
0.1 |
0.0 |
|
Cash Capital |
- |
- |
20.7 |
0.0 |
- |
|
Cash Dividend Paid |
-11.5 |
-4.0 |
-4.5 |
-13.5 |
-10.3 |
|
Minority Interest |
-3.9 |
-5.6 |
-7.6 |
-47.2 |
-14.5 |
|
Repurchase of Treasury Stock |
-15.5 |
- |
0.0 |
-17.7 |
-29.1 |
|
Transfer of Treasury Stock to Employee |
16.5 |
- |
- |
- |
27.7 |
|
Directors Remuneration & Employee Bonus |
- |
- |
0.0 |
-0.3 |
-0.2 |
|
Redemption of Preferred Stock A |
- |
- |
0.0 |
-15.6 |
0.0 |
|
Issuance of Preferred Stock B |
- |
- |
0.0 |
11.1 |
0.0 |
|
Cash from Financing Activities |
59.7 |
-2.2 |
-42.7 |
-23.4 |
7.5 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
1.3 |
0.0 |
-0.1 |
1.4 |
1.7 |
|
Net Change in Cash |
33.5 |
-6.6 |
1.7 |
-68.6 |
66.5 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
37.8 |
41.9 |
38.3 |
108.7 |
37.9 |
|
Net Cash - Ending Balance |
71.3 |
35.3 |
40.0 |
40.1 |
104.4 |
|
Cash Interest Paid |
7.4 |
5.7 |
6.7 |
12.7 |
9.3 |
|
Cash Taxes Paid |
6.4 |
8.9 |
7.6 |
8.1 |
11.3 |
|
|
|
|
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.