MIRA
INFORM REPORT
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Report Date : |
13.04.2013 |
IDENTIFICATION DETAILS
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Name : |
SOLARTECH ENERGY CORP |
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Registered Office : |
No. 51, Dinghu 1st Street, Gueishan, 333 |
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Country : |
Taiwan |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
27.05.2005 |
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Legal Form : |
Public Parent Company |
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Line of Business : |
Subject is engaged manufacture and distribution of solar
cells |
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No. of Employees : |
851 |
RATING & COMMENTS
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Taiwan |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 & address
Solartech Energy Corp
No. 51, Dinghu 1st Street
Gueishan, 333
Taiwan
Tel: 886-3-3188288
Fax: 886-3-3188267
Synthesis
Employees: 851
Company Type: Public Parent
Corporate Family: 2
Companies
Traded: Taiwan Stock Exchange: 3561
Incorporation Date:
27-May-2005
Auditor: KPMG LLP
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2012
Reporting Currency:
Taiwanese New Dollar
Annual Sales: 411.8
1
Net Income: (41.5)
Total Assets: 530.0 2
Market Value: 197.5 (29-Mar-2013)
Business Description
Solartech Energy Corporation is principally engaged in the manufacture and distribution of solar cells. The Company provides six-inch mono-crystalline solar cells, six-inch multi-crystalline solar cells, as well as mono-crystalline and multi-crystalline solar modules. The Company is also involved in the engineering, procurement and construction of solar optoelectronic plants. Its products are applied in power plants, buildings, disaster alarming systems, radios, calculators, battery chargers, traffic signs and communication equipment, among others. During the year ended December 31, 2011, the Company obtained approximately 99.37% of its total revenue from solar cells. It distributes its products principally in Taiwan, other Asian markets and Europe. For the nine months ended 30 September 2012, Solartech Energy Corp revenues decreased 52% to NT$5.16B. Net loss applicable to common stockholders increased 83% to NT$1.1B. Revenues reflect Sales Returns & Discounts increase of 52% to NT$61.8M. Higher net loss reflects G/L on Equity Investment increase from NT$9.7M to NT$67.7M (expense), Interest Expense increase from NT$41.5M to NT$83.8M (expense).
Industry
Industry Semiconductors
ANZSIC 2006: 2429 - Other
Electronic Equipment Manufacturing
NACE 2002: 3210 - Manufacture
of electronic valves and tubes and other electronic components
NAICS 2002: 334413 -
Semiconductor and Related Device Manufacturing
UK SIC 2003: 3210 - Manufacture
of electronic valves and tubes and other electronic components
UK SIC 2007: 2611 - Manufacture
of electronic components
US SIC 1987: 3674 -
Semiconductors and Related Devices
Key Executives
|
Name |
Title |
|
Jinlong Zhang |
General Manager, Director |
|
Jianhuang Chen |
Head-Finance |
|
Xingyuan Wu |
IR Contact Officer |
|
Alex Wu |
Operations Director |
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Hong-Bo Ou |
CTO & VP |
Significant Developments
|
Topic |
#* |
Most Recent Headline |
Date |
|
Equity Financing / Related |
1 |
Solartech Energy Corp to Issue New Shares |
7-May-2012 |
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Dividends |
1 |
Solartech Energy Corp Announces No Dividend Payment for FY 2012 |
21-Mar-2013 |
* number of significant developments within the last 12 months
news
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Title |
Date |
|
Solar trade war promises order bonanza for
Taiwan |
29-Mar-2013 |
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Taiwan's solar bonanza |
25-Mar-2013 |
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Japan Could Cut Solar FiT, Taiwan Benefits
from Chinese Solar Duties |
13-Mar-2013 |
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Solar Trade War Promises Order Bonanza For
Taiwan |
12-Mar-2013 |
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ENERGY Full Page Analysis: Solar trade war
promises order bonanza for Taiwan |
11-Mar-2013 |
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Analysis: Solar trade war promises order bonanza
for Taiwan Reuters |
11-Mar-2013 |
Financial Summary
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Stock Snapshot
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1 - Profit & Loss Item Exchange Rate: USD 1 = TWD 29.57962
2 - Balance Sheet Item Exchange Rate: USD 1 = TWD 29.012
Corporate Overview
Location
No. 51, Dinghu 1st Street
Gueishan, 333
Taiwan
Tel: 886-3-3188288
Fax: 886-3-3188267
Quote Symbol - Exchange
3561 - Taiwan
Stock Exchange
Sales TWD(mil): 12,182.0
Assets TWD(mil): 15,376.8
Employees: 851
Fiscal Year End: 31-Dec-2012
Industry: Semiconductors
Incorporation Date: 27-May-2005
Company Type: Public Parent
Quoted Status: Quoted
Chairman of the
Board:
Kangxin Liu
Industry Codes
ANZSIC 2006 Codes:
2429 - Other Electronic Equipment Manufacturing
3020 - Non-Residential Building Construction
NACE 2002 Codes:
3210 - Manufacture of electronic valves and tubes and other
electronic components
4521 - General construction of buildings and civil engineering
works
NAICS 2002 Codes:
334413 - Semiconductor and Related Device Manufacturing
236210 - Industrial Building Construction
US SIC 1987:
3674 - Semiconductors and Related Devices
1541 - General Contractors-Industrial Buildings and Warehouses
UK SIC 2003:
3210 - Manufacture of electronic valves and tubes and other
electronic components
45212 - Construction of domestic buildings
UK SIC 2007:
2611 - Manufacture of electronic components
41202 - Construction of domestic buildings
Business
Description
Solartech Energy
Corporation is principally engaged in the manufacture and distribution of solar
cells. The Company provides six-inch mono-crystalline solar cells, six-inch
multi-crystalline solar cells, as well as mono-crystalline and
multi-crystalline solar modules. The Company is also involved in the
engineering, procurement and construction of solar optoelectronic plants. Its
products are applied in power plants, buildings, disaster alarming systems,
radios, calculators, battery chargers, traffic signs and communication
equipment, among others. During the year ended December 31, 2011, the Company obtained
approximately 99.37% of its total revenue from solar cells. It distributes its
products principally in Taiwan, other Asian markets and Europe. For the nine
months ended 30 September 2012, Solartech Energy Corp revenues decreased 52% to
NT$5.16B. Net loss applicable to common stockholders increased 83% to NT$1.1B.
Revenues reflect Sales Returns & Discounts increase of 52% to NT$61.8M.
Higher net loss reflects G/L on Equity Investment increase from NT$9.7M to
NT$67.7M (expense), Interest Expense increase from NT$41.5M to NT$83.8M
(expense).
More Business
Descriptions
Manufacture of solar cells
Solar Cells & Electronic Components Mfr
Solar/Thermal/Wind
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Corporate Family |
Corporate
Structure News: |
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Solartech
Energy Corp |
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Solartech Energy Corp |
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Company
Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
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Solartech Energy Corp |
Parent |
Gueishan |
Taiwan |
Semiconductors |
411.8 |
851 |
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Apex Solar Corporation |
Subsidiary |
Kueishan Hsiang, Taoyuan |
Taiwan |
Semiconductors |
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15 |
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Executive report
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Board of
Directors |
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Chairman of the Board |
Chairman |
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Chairman |
Chairman |
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Independent Director |
Director/Board Member |
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Independent Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director/Board Member |
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Director/Board Member |
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Director |
Director/Board Member |
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General Manager, Director |
Director/Board Member |
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Director |
Director/Board Member |
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Executives |
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General Manager, Director |
Division Head Executive |
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Operations Director |
Operations Executive |
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Head-Finance |
Finance Executive |
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CTO & VP |
Engineering/Technical Executive |
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VP |
Other |
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IR Contact Officer |
Other |
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Deputy General Manager |
Other |
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Significant Developments
Solartech Energy Corp Announces No Dividend Payment for FY 2012 Mar 21, 2013
Solartech Energy Corp announced that it will pay no dividend to shareholders for fiscal year 2012.
Solartech Energy Corp to Issue New Shares May 07, 2012
Solartech Energy Corp announced that it will issue 50 million new shares with par value of NTD 10 per share. 15% of the new shares will be offered to the Company's employees, and the remaining 85% million shares will be all in public offering.
Annual
Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
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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 |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate
(Period Average) |
29.57962 |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
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Auditor |
|
KPMG LLP |
KPMG Peat
Marwick LLP |
KPMG LLP |
KPMG LLP |
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Auditor Opinion |
|
Unqualified with
Explanation |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
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Gross Revenue |
- |
416.2 |
351.5 |
116.1 |
155.5 |
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Sales Returns and Allowances |
- |
-1.8 |
-0.1 |
-1.2 |
-2.2 |
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Revenue |
- |
414.5 |
351.3 |
114.9 |
153.3 |
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Total Revenue |
- |
414.5 |
351.3 |
114.9 |
153.3 |
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Cost of Revenue |
- |
433.1 |
293.3 |
101.7 |
134.2 |
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Cost of Revenue, Total |
- |
433.1 |
293.3 |
101.7 |
134.2 |
|
Gross Profit |
- |
-18.6 |
58.0 |
13.3 |
19.2 |
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Selling/General/Administrative Expense |
- |
16.5 |
9.6 |
6.1 |
4.6 |
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Total Selling/General/Administrative Expenses |
- |
16.5 |
9.6 |
6.1 |
4.6 |
|
Research & Development |
- |
1.8 |
1.4 |
0.7 |
0.5 |
|
Impairment-Assets Held for Sale |
- |
2.5 |
- |
- |
- |
|
Unusual Expense (Income) |
- |
2.5 |
- |
- |
- |
|
Total Operating Expense |
- |
453.9 |
304.3 |
108.5 |
139.3 |
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Operating Income |
- |
-39.4 |
47.1 |
6.4 |
14.0 |
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Interest Expense -
Non-Operating |
- |
-2.5 |
-1.6 |
-2.1 |
-2.1 |
|
Interest Capitalized -
Non-Operating |
- |
0.2 |
0.3 |
0.7 |
0.4 |
|
Interest Expense, Net Non-Operating |
- |
-2.3 |
-1.3 |
-1.4 |
-1.7 |
|
Interest Income - Non-Operating |
- |
0.1 |
0.1 |
0.0 |
0.1 |
|
Investment Income -
Non-Operating |
- |
-1.2 |
0.6 |
-0.3 |
-0.3 |
|
Interest/Investment Income - Non-Operating |
- |
-1.2 |
0.7 |
-0.3 |
-0.2 |
|
Interest Income (Expense) - Net Non-Operating Total |
- |
-3.4 |
-0.6 |
-1.8 |
-1.9 |
|
Other Non-Operating Income (Expense) |
- |
-0.1 |
0.9 |
0.8 |
0.0 |
|
Other, Net |
- |
-0.1 |
0.9 |
0.8 |
0.0 |
|
Income Before Tax |
- |
-42.8 |
47.3 |
5.5 |
12.2 |
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Total Income Tax |
- |
-1.0 |
3.0 |
0.5 |
0.2 |
|
Income After Tax |
- |
-41.8 |
44.3 |
5.0 |
12.0 |
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Minority Interest |
- |
0.1 |
- |
- |
- |
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Net Income Before Extraord Items |
- |
-41.8 |
44.3 |
5.0 |
12.0 |
|
Net Income |
- |
-41.8 |
44.3 |
5.0 |
12.0 |
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Preferred Dividends |
- |
-1.1 |
-0.9 |
0.0 |
- |
|
Total Adjustments to Net Income |
- |
-1.1 |
-0.9 |
0.0 |
- |
|
Income Available to Common Excl Extraord Items |
- |
-42.9 |
43.4 |
5.0 |
12.0 |
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Income Available to Common Incl Extraord Items |
- |
-42.9 |
43.4 |
5.0 |
12.0 |
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Basic/Primary Weighted Average Shares |
- |
259.3 |
193.2 |
149.9 |
123.5 |
|
Basic EPS Excl Extraord Items |
- |
-0.17 |
0.22 |
0.03 |
0.10 |
|
Basic/Primary EPS Incl Extraord Items |
- |
-0.17 |
0.22 |
0.03 |
0.10 |
|
Dilution Adjustment |
- |
0.0 |
- |
0.0 |
0.0 |
|
Diluted Net Income |
- |
-42.9 |
43.4 |
5.0 |
12.0 |
|
Diluted Weighted Average Shares |
- |
259.3 |
195.3 |
151.3 |
125.0 |
|
Diluted EPS Excl Extraord Items |
- |
-0.17 |
0.22 |
0.03 |
0.10 |
|
Diluted EPS Incl Extraord Items |
- |
-0.17 |
0.22 |
0.03 |
0.10 |
|
Dividends per Share - Common Stock Primary Issue |
- |
- |
0.09 |
0.00 |
0.01 |
|
Gross Dividends - Common Stock |
- |
- |
24.2 |
0.5 |
1.1 |
|
Interest Expense, Supplemental |
- |
2.3 |
1.3 |
1.4 |
1.7 |
|
Interest Capitalized, Supplemental |
- |
-0.2 |
-0.3 |
-0.7 |
-0.4 |
|
Depreciation, Supplemental |
- |
23.6 |
12.0 |
5.4 |
4.0 |
|
Total Special Items |
- |
2.5 |
- |
- |
- |
|
Normalized Income Before Tax |
- |
-40.4 |
47.3 |
5.5 |
12.2 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
- |
0.9 |
- |
- |
- |
|
Inc Tax Ex Impact of Sp Items |
- |
-0.2 |
3.0 |
0.5 |
0.2 |
|
Normalized Income After Tax |
- |
-40.2 |
44.3 |
5.0 |
12.0 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
- |
-41.3 |
43.4 |
5.0 |
12.0 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
- |
-0.16 |
0.22 |
0.03 |
0.10 |
|
Diluted Normalized EPS |
- |
-0.16 |
0.22 |
0.03 |
0.10 |
|
Research & Development Exp, Supplemental |
- |
1.8 |
1.4 |
0.7 |
0.5 |
|
Normalized EBIT |
- |
-36.9 |
47.1 |
6.4 |
14.0 |
|
Normalized EBITDA |
- |
-13.3 |
59.1 |
11.8 |
18.0 |
|
Current Tax - Total |
- |
0.1 |
3.2 |
0.1 |
0.4 |
|
Current Tax - Total |
- |
0.1 |
3.2 |
0.1 |
0.4 |
|
Deferred Tax - Total |
- |
-1.2 |
-0.2 |
0.2 |
-0.4 |
|
Deferred Tax - Total |
- |
-1.2 |
-0.2 |
0.2 |
-0.4 |
|
Other Tax |
- |
- |
0.0 |
0.2 |
0.3 |
|
Income Tax - Total |
- |
-1.0 |
3.0 |
0.5 |
0.2 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate |
29.011999 |
30.279 |
29.1565 |
31.985 |
32.818 |
|
Auditor |
|
KPMG LLP |
KPMG Peat
Marwick LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
|
Unqualified with
Explanation |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Equivalents |
- |
33.1 |
109.9 |
4.5 |
3.8 |
|
Short Term Investments |
- |
1.1 |
1.9 |
0.8 |
2.4 |
|
Cash and Short Term Investments |
- |
34.3 |
111.8 |
5.2 |
6.1 |
|
Accounts Receivable -
Trade, Gross |
- |
26.5 |
- |
18.3 |
- |
|
Provision for Doubtful
Accounts |
- |
-3.4 |
- |
-0.1 |
- |
|
Trade Accounts Receivable - Net |
- |
23.2 |
48.8 |
18.6 |
7.8 |
|
Other Receivables |
- |
0.1 |
5.3 |
5.4 |
0.0 |
|
Total Receivables, Net |
- |
23.3 |
54.1 |
24.0 |
7.9 |
|
Inventories - Finished Goods |
- |
9.2 |
13.7 |
3.8 |
7.5 |
|
Inventories - Work In Progress |
- |
2.0 |
5.4 |
1.3 |
1.8 |
|
Inventories - Raw Materials |
- |
7.1 |
11.1 |
5.2 |
8.3 |
|
Total Inventory |
- |
18.3 |
30.2 |
10.3 |
17.7 |
|
Prepaid Expenses |
- |
14.5 |
17.9 |
7.8 |
18.2 |
|
Restricted Cash - Current |
- |
- |
- |
- |
0.0 |
|
Deferred Income Tax - Current Asset |
- |
5.0 |
4.9 |
1.6 |
2.6 |
|
Other Current Assets, Total |
- |
5.0 |
4.9 |
1.6 |
2.6 |
|
Total Current Assets |
- |
95.3 |
218.9 |
48.9 |
52.5 |
|
|
|
|
|
|
|
|
Buildings |
- |
54.2 |
20.9 |
18.3 |
0.8 |
|
Land/Improvements |
- |
10.7 |
4.0 |
3.6 |
5.4 |
|
Machinery/Equipment |
- |
191.7 |
163.5 |
68.0 |
34.2 |
|
Construction in
Progress |
- |
97.5 |
74.5 |
53.2 |
88.2 |
|
Leases |
- |
14.3 |
14.8 |
13.5 |
0.0 |
|
Property/Plant/Equipment - Gross |
- |
368.3 |
277.7 |
156.7 |
128.6 |
|
Accumulated Depreciation |
- |
-49.2 |
-27.1 |
-12.4 |
-6.5 |
|
Property/Plant/Equipment - Net |
- |
319.1 |
250.6 |
144.3 |
122.1 |
|
LT Investment - Affiliate Companies |
- |
30.1 |
7.4 |
7.0 |
5.8 |
|
LT Investments - Other |
- |
59.1 |
15.4 |
12.2 |
11.9 |
|
Long Term Investments |
- |
89.2 |
22.7 |
19.2 |
17.7 |
|
Note Receivable - Long Term |
- |
1.4 |
- |
- |
- |
|
Deferred Charges |
- |
2.7 |
1.9 |
1.6 |
1.0 |
|
Other Long Term Assets, Total |
- |
2.7 |
1.9 |
1.6 |
1.0 |
|
Total Assets |
- |
507.8 |
494.2 |
214.0 |
193.3 |
|
|
|
|
|
|
|
|
Accounts Payable |
- |
7.5 |
40.7 |
11.5 |
4.9 |
|
Accrued Expenses |
- |
8.4 |
15.1 |
3.0 |
3.5 |
|
Notes Payable/Short Term Debt |
- |
30.4 |
30.6 |
35.9 |
32.7 |
|
Current Portion - Long Term Debt/Capital Leases |
- |
22.8 |
18.6 |
11.6 |
6.4 |
|
Customer Advances |
- |
0.6 |
0.7 |
0.1 |
0.5 |
|
Other Payables |
- |
9.8 |
11.4 |
5.5 |
5.5 |
|
Other Current liabilities, Total |
- |
10.4 |
12.1 |
5.5 |
6.0 |
|
Total Current Liabilities |
- |
79.3 |
117.1 |
67.5 |
53.5 |
|
|
|
|
|
|
|
|
Long Term Debt |
- |
168.9 |
76.0 |
68.0 |
77.2 |
|
Total Long Term Debt |
- |
168.9 |
76.0 |
68.0 |
77.2 |
|
Total Debt |
- |
222.0 |
125.2 |
115.4 |
116.3 |
|
|
|
|
|
|
|
|
Minority Interest |
- |
0.0 |
- |
- |
- |
|
Total Liabilities |
- |
248.2 |
193.1 |
135.4 |
130.7 |
|
|
|
|
|
|
|
|
Convertible Preferred Stock - Non Redeemable |
- |
9.9 |
10.3 |
0.6 |
0.0 |
|
Preferred Stock - Non Redeemable, Net |
- |
9.9 |
10.3 |
0.6 |
0.0 |
|
Common Stock |
- |
78.3 |
68.2 |
42.4 |
32.7 |
|
Common Stock |
- |
78.3 |
68.2 |
42.4 |
32.7 |
|
Additional Paid-In Capital |
- |
228.9 |
164.4 |
24.9 |
19.1 |
|
Retained Earnings (Accumulated Deficit) |
- |
-14.5 |
58.5 |
15.5 |
15.5 |
|
Treasury Stock - Common |
- |
- |
- |
-4.8 |
-4.7 |
|
Unrealized Gain (Loss) |
- |
-42.9 |
-0.2 |
- |
- |
|
Translation Adjustment |
- |
-0.1 |
-0.1 |
0.0 |
0.0 |
|
Other Equity, Total |
- |
-0.1 |
-0.1 |
0.0 |
0.0 |
|
Total Equity |
- |
259.6 |
301.1 |
78.6 |
62.6 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
- |
507.8 |
494.2 |
214.0 |
193.3 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
- |
237.0 |
208.8 |
155.8 |
139.5 |
|
Total Common Shares Outstanding |
- |
237.0 |
208.8 |
155.8 |
139.5 |
|
Treasury Shares - Common Stock Primary Issue |
- |
0.0 |
0.0 |
2.4 |
2.8 |
|
Shares Outstanding - Preferred Stock Primary
Issue |
- |
30.0 |
30.0 |
2.0 |
0.0 |
|
Total Preferred Stock Outstanding |
- |
30.0 |
30.0 |
2.0 |
0.0 |
|
Treasury Shares - Preferred Primary Issue |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Employees |
- |
812 |
808 |
276 |
184 |
|
Number of Common Shareholders |
- |
39,310 |
33,147 |
15,606 |
6,873 |
|
Deferred Revenue - Current |
- |
0.6 |
0.7 |
0.1 |
0.5 |
|
Total Long Term Debt, Supplemental |
- |
192.5 |
94.8 |
79.5 |
83.6 |
|
Long Term Debt Maturing within 1 Year |
- |
22.8 |
18.6 |
11.6 |
6.4 |
|
Long Term Debt Maturing in Year 2 |
- |
20.8 |
40.9 |
13.9 |
10.3 |
|
Long Term Debt Maturing in Year 3 |
- |
25.9 |
35.3 |
24.6 |
11.6 |
|
Long Term Debt Maturing in Year 4 |
- |
33.0 |
- |
29.4 |
30.7 |
|
Long Term Debt Maturing in Year 5 |
- |
89.9 |
- |
- |
24.6 |
|
Long Term Debt Maturing in 2-3 Years |
- |
46.7 |
76.2 |
38.6 |
21.9 |
|
Long Term Debt Maturing in 4-5 Years |
- |
123.0 |
- |
29.4 |
55.3 |
|
Long Term Debt Matur. in Year 6 & Beyond |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Operating Leases, Supplemental |
- |
1.4 |
1.6 |
1.3 |
1.4 |
|
Operating Lease Payments Due in Year 1 |
- |
0.5 |
0.4 |
0.3 |
0.2 |
|
Operating Lease Payments Due in Year 2 |
- |
0.5 |
0.4 |
0.2 |
0.2 |
|
Operating Lease Payments Due in Year 3 |
- |
0.2 |
0.3 |
0.2 |
0.2 |
|
Operating Lease Payments Due in Year 4 |
- |
0.2 |
0.2 |
0.2 |
0.2 |
|
Operating Lease Payments Due in Year 5 |
- |
- |
0.2 |
0.2 |
0.2 |
|
Operating Lease Pymts. Due in 2-3 Years |
- |
0.7 |
0.8 |
0.4 |
0.4 |
|
Operating Lease Pymts. Due in 4-5 Years |
- |
0.2 |
0.4 |
0.4 |
0.4 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
- |
0.0 |
0.0 |
0.2 |
0.4 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
|
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) |
29.57962 |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
|
Auditor |
|
KPMG LLP |
KPMG Peat
Marwick LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
|
Unqualified with
Explanation |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
- |
-41.8 |
44.3 |
5.0 |
12.0 |
|
Depreciation |
- |
24.8 |
12.9 |
5.8 |
4.1 |
|
Depreciation/Depletion |
- |
24.8 |
12.9 |
5.8 |
4.1 |
|
Deferred Taxes |
- |
-1.2 |
-0.2 |
0.2 |
-0.4 |
|
Unusual Items |
- |
2.5 |
- |
- |
- |
|
Equity in Net Earnings (Loss) |
- |
1.1 |
0.5 |
1.0 |
0.3 |
|
Other Non-Cash Items |
- |
11.7 |
2.4 |
-4.4 |
4.2 |
|
Non-Cash Items |
- |
15.2 |
2.9 |
-3.4 |
4.6 |
|
Accounts Receivable |
- |
21.0 |
-26.3 |
-10.2 |
-3.0 |
|
Inventories |
- |
7.6 |
-16.9 |
12.1 |
-0.1 |
|
Prepaid Expenses |
- |
1.2 |
-12.6 |
4.9 |
-24.9 |
|
Other Assets |
- |
1.9 |
-3.8 |
2.6 |
-2.2 |
|
Accounts Payable |
- |
-32.7 |
26.0 |
6.3 |
3.1 |
|
Accrued Expenses |
- |
-6.4 |
11.0 |
0.2 |
0.0 |
|
Other Liabilities |
- |
-0.1 |
0.6 |
-0.5 |
-9.6 |
|
Changes in Working Capital |
- |
-7.5 |
-22.1 |
15.4 |
-36.7 |
|
Cash from Operating Activities |
- |
-10.5 |
37.8 |
22.9 |
-16.4 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
- |
-104.4 |
-89.0 |
-18.6 |
-53.6 |
|
Capital Expenditures |
- |
-104.4 |
-89.0 |
-18.6 |
-53.6 |
|
Acquisition of Business |
- |
0.1 |
- |
- |
- |
|
Sale/Maturity of Investment |
- |
- |
- |
- |
0.1 |
|
Purchase of Investments |
- |
-40.0 |
-1.8 |
-2.0 |
-12.4 |
|
Other Investing Cash Flow |
- |
1.5 |
-0.2 |
-5.8 |
-0.7 |
|
Other Investing Cash Flow Items, Total |
- |
-38.3 |
-2.0 |
-7.9 |
-12.9 |
|
Cash from Investing Activities |
- |
-142.7 |
-91.0 |
-26.4 |
-66.5 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
- |
0.0 |
- |
0.0 |
-3.8 |
|
Financing Cash Flow Items |
- |
0.0 |
- |
0.0 |
-3.8 |
|
Total Cash Dividends Paid |
- |
-26.9 |
-0.5 |
-1.1 |
- |
|
Sale/Issuance of
Common |
- |
- |
119.6 |
- |
- |
|
Repurchase/Retirement
of Common |
- |
- |
- |
0.0 |
-4.9 |
|
Common Stock, Net |
- |
- |
119.6 |
7.9 |
1.9 |
|
Preferred Stock, Net |
- |
- |
32.4 |
1.1 |
- |
|
Options Exercised |
- |
- |
- |
- |
0.0 |
|
Issuance (Retirement) of Stock, Net |
- |
- |
152.0 |
9.0 |
1.9 |
|
Short Term Debt Issued |
- |
0.9 |
- |
2.3 |
- |
|
Short Term Debt
Reduction |
- |
- |
-8.2 |
- |
-6.4 |
|
Short Term Debt, Net |
- |
0.9 |
-8.2 |
2.3 |
-6.4 |
|
Long Term Debt Issued |
- |
182.5 |
21.2 |
9.9 |
81.0 |
|
Long Term Debt
Reduction |
- |
-78.3 |
-14.1 |
-16.0 |
-2.5 |
|
Long Term Debt, Net |
- |
104.2 |
7.0 |
-6.1 |
78.6 |
|
Issuance (Retirement) of Debt, Net |
- |
105.2 |
-1.1 |
-3.8 |
72.1 |
|
Cash from Financing Activities |
- |
78.3 |
150.3 |
4.1 |
70.3 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
- |
0.0 |
- |
- |
- |
|
Net Change in Cash |
- |
-74.9 |
97.2 |
0.6 |
-12.7 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
- |
109.0 |
4.5 |
3.7 |
16.6 |
|
Net Cash - Ending Balance |
- |
34.1 |
101.7 |
4.3 |
3.9 |
|
Cash Interest Paid |
- |
2.2 |
1.3 |
1.5 |
1.7 |
|
Cash Taxes Paid |
- |
3.5 |
0.4 |
0.3 |
1.7 |
Annual
Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
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 |
KPMG LLP |
KPMG Peat
Marwick LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Gross Sales |
416.2 |
351.5 |
116.1 |
155.5 |
88.3 |
|
Sales Returns & Discounts |
-1.8 |
-0.1 |
-1.2 |
-2.2 |
-1.1 |
|
Total Revenue |
414.5 |
351.3 |
114.9 |
153.3 |
87.1 |
|
|
|
|
|
|
|
|
Cost of Sales |
433.1 |
293.3 |
101.7 |
134.2 |
72.7 |
|
Selling Expenses |
10.0 |
2.2 |
1.3 |
1.0 |
0.8 |
|
General and Administrative Expenses |
6.5 |
7.4 |
4.8 |
3.6 |
1.7 |
|
Research and Development |
1.8 |
1.4 |
0.7 |
0.5 |
0.2 |
|
Inventory Devaluation & Obsolescence |
- |
- |
- |
- |
1.1 |
|
Impairment Loss |
2.5 |
- |
- |
- |
- |
|
Total Operating Expense |
453.9 |
304.3 |
108.5 |
139.3 |
76.5 |
|
|
|
|
|
|
|
|
Interest Income |
0.1 |
0.1 |
0.0 |
0.1 |
0.2 |
|
Gain/Loss on Foreign Exchange |
0.4 |
-1.7 |
0.8 |
0.0 |
0.2 |
|
Rent Income |
0.4 |
0.4 |
0.6 |
0.0 |
- |
|
Miscellaneous Income |
0.2 |
0.5 |
0.3 |
0.1 |
0.1 |
|
Interest Expenses |
-2.5 |
-1.6 |
-2.1 |
-2.1 |
-0.6 |
|
Interest Capitalized |
0.2 |
0.3 |
0.7 |
0.4 |
- |
|
Losses on Equity Investment |
-1.1 |
-0.5 |
-1.0 |
-0.3 |
0.0 |
|
G/L on Financial Assets Revaluation |
-0.6 |
2.9 |
-0.1 |
0.0 |
- |
|
Miscellaneous Disbursements |
-0.7 |
0.0 |
-0.1 |
-0.1 |
-0.1 |
|
Net Income Before Taxes |
-42.8 |
47.3 |
5.5 |
12.2 |
10.3 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
-1.0 |
3.0 |
0.5 |
0.2 |
1.7 |
|
Net Income After Taxes |
-41.8 |
44.3 |
5.0 |
12.0 |
8.6 |
|
|
|
|
|
|
|
|
Minority Interest |
0.1 |
- |
- |
- |
- |
|
Net Income Before Extra. Items |
-41.8 |
44.3 |
5.0 |
12.0 |
8.6 |
|
Net Income |
-41.8 |
44.3 |
5.0 |
12.0 |
8.6 |
|
|
|
|
|
|
|
|
Preferred Dividends |
-1.1 |
-0.9 |
0.0 |
- |
- |
|
Income Available to Com Excl ExtraOrd |
-42.9 |
43.4 |
5.0 |
12.0 |
8.6 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
-42.9 |
43.4 |
5.0 |
12.0 |
8.6 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
259.3 |
193.2 |
149.9 |
123.5 |
123.9 |
|
Basic EPS Excluding ExtraOrdinary Items |
-0.17 |
0.22 |
0.03 |
0.10 |
0.07 |
|
Basic EPS Including ExtraOrdinary Items |
-0.17 |
0.22 |
0.03 |
0.10 |
0.07 |
|
Dilution Adjustment |
0.0 |
- |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
-42.9 |
43.4 |
5.0 |
12.0 |
8.6 |
|
Diluted Weighted Average Shares |
259.3 |
195.3 |
151.3 |
125.0 |
124.0 |
|
Diluted EPS Excluding ExtraOrd Items |
-0.17 |
0.22 |
0.03 |
0.10 |
0.07 |
|
Diluted EPS Including ExtraOrd Items |
-0.17 |
0.22 |
0.03 |
0.10 |
0.07 |
|
DPS-Common Stock |
- |
0.09 |
0.00 |
0.01 |
0.02 |
|
Gross Dividends - Common Stock |
- |
24.2 |
0.5 |
1.1 |
2.7 |
|
Normalized Income Before Taxes |
-40.4 |
47.3 |
5.5 |
12.2 |
10.3 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
-0.2 |
3.0 |
0.5 |
0.2 |
1.7 |
|
Normalized Income After Taxes |
-40.2 |
44.3 |
5.0 |
12.0 |
8.6 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-41.3 |
43.4 |
5.0 |
12.0 |
8.6 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-0.16 |
0.22 |
0.03 |
0.10 |
0.07 |
|
Diluted Normalized EPS |
-0.16 |
0.22 |
0.03 |
0.10 |
0.07 |
|
Interest Expenses |
2.3 |
1.3 |
1.4 |
1.7 |
0.6 |
|
Research and Development |
1.8 |
1.4 |
0.7 |
0.5 |
0.2 |
|
Interest Capitalized |
-0.2 |
-0.3 |
-0.7 |
-0.4 |
- |
|
Depreciation - Operating Cost |
23.1 |
11.6 |
5.2 |
3.9 |
1.8 |
|
Depreciation - Operating Expense |
0.5 |
0.4 |
0.2 |
0.1 |
0.0 |
|
Current Tax Payable |
0.1 |
3.2 |
0.1 |
0.4 |
1.4 |
|
Current Tax - Total |
0.1 |
3.2 |
0.1 |
0.4 |
1.4 |
|
Deferred Tax |
-1.2 |
-0.2 |
0.2 |
-0.4 |
0.2 |
|
Deferred Tax - Total |
-1.2 |
-0.2 |
0.2 |
-0.4 |
0.2 |
|
Other Tax |
- |
0.0 |
0.2 |
0.3 |
0.1 |
|
Income Tax - Total |
-1.0 |
3.0 |
0.5 |
0.2 |
1.7 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate |
30.279 |
29.1565 |
31.985 |
32.818 |
32.4345 |
|
Auditor |
KPMG LLP |
KPMG Peat
Marwick LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Cash and Cash Equivalents |
33.1 |
109.9 |
4.5 |
3.8 |
16.2 |
|
Financial Assets-Fair Value,Current |
0.3 |
- |
0.0 |
0.5 |
0.0 |
|
Accounts Receivables, Net |
- |
47.5 |
- |
7.0 |
5.0 |
|
Accounts Receivable, Gross |
26.5 |
- |
18.3 |
- |
- |
|
Provision for Doubtful Accounts |
-3.4 |
- |
-0.1 |
- |
- |
|
Accounts Receivable - Related Parties |
0.1 |
1.3 |
0.4 |
0.8 |
0.0 |
|
Other Receivables - Related Parties |
0.1 |
5.3 |
5.4 |
0.0 |
- |
|
Other Financial Assets - Current |
0.8 |
1.9 |
0.8 |
1.8 |
0.5 |
|
Merchandise |
- |
0.0 |
0.0 |
1.5 |
10.6 |
|
Finished Goods |
- |
13.7 |
3.8 |
6.0 |
5.4 |
|
Merchandise and Finished Goods |
9.2 |
- |
- |
- |
- |
|
Work in Progress |
2.0 |
5.4 |
1.3 |
1.8 |
1.3 |
|
Raw Material |
6.9 |
7.4 |
4.6 |
7.9 |
4.6 |
|
Supplies |
0.2 |
3.7 |
0.6 |
0.5 |
1.2 |
|
Provision for Inventory |
- |
- |
- |
- |
-1.1 |
|
Prepayment |
14.5 |
17.9 |
7.8 |
18.2 |
16.4 |
|
Tax Refund |
- |
- |
- |
- |
0.3 |
|
Restricted Assets |
- |
- |
- |
0.0 |
0.1 |
|
Def.Income Tax Assets & Other Current |
5.0 |
4.9 |
1.6 |
2.6 |
- |
|
Other Current Assets |
- |
- |
- |
- |
1.8 |
|
Total Current Assets |
95.3 |
218.9 |
48.9 |
52.5 |
62.2 |
|
|
|
|
|
|
|
|
Long Term Equity Investment |
30.1 |
7.4 |
7.0 |
5.8 |
6.1 |
|
Prepayment for Long Term Investment |
0.0 |
0.3 |
- |
- |
- |
|
Financial Assets for Sale |
33.6 |
- |
- |
- |
- |
|
Financial Assets-Cost Method,Non-Current |
25.4 |
15.0 |
12.2 |
11.9 |
- |
|
Land and Improvements |
10.7 |
4.0 |
3.6 |
5.4 |
0.0 |
|
Buildings and Structures |
53.3 |
19.9 |
17.4 |
0.0 |
- |
|
Machinery and Equipment |
162.8 |
137.1 |
47.8 |
29.9 |
17.7 |
|
Leasehold Improvement |
0.9 |
1.0 |
0.9 |
0.8 |
0.4 |
|
Water&Electricity Equipment&Other |
- |
- |
- |
4.2 |
- |
|
Miscellaneous Equipment |
28.9 |
26.4 |
20.3 |
- |
3.7 |
|
Accumulated Depreciation |
-48.0 |
-26.4 |
-12.2 |
-6.5 |
-2.7 |
|
Construction in Progress |
0.0 |
1.0 |
0.1 |
19.2 |
0.1 |
|
Prepay for Equipment / Land |
41.2 |
16.7 |
5.3 |
28.1 |
11.6 |
|
Rental Assets |
14.3 |
14.8 |
13.5 |
0.0 |
- |
|
Accumulated Depreciation for Rental Asse |
-1.2 |
-0.7 |
-0.2 |
- |
- |
|
Deferred Charges and Other Assets |
2.7 |
1.9 |
1.6 |
1.0 |
0.5 |
|
LT Prepay for Materials |
56.3 |
56.8 |
47.8 |
40.9 |
19.3 |
|
Long Term Accounts Receivable |
1.4 |
- |
- |
- |
- |
|
Total Assets |
507.8 |
494.2 |
214.0 |
193.3 |
118.9 |
|
|
|
|
|
|
|
|
Short Term Borrowings |
30.4 |
30.6 |
35.9 |
32.7 |
39.4 |
|
Accounts Payable |
7.5 |
40.7 |
11.5 |
- |
- |
|
Accounts Payable & Notes Payable |
- |
- |
- |
4.9 |
1.9 |
|
Accrued Exps. & Other Current Liabiliti |
8.4 |
15.1 |
3.0 |
3.5 |
3.5 |
|
Payables for Equipment/Project/Land |
9.8 |
11.4 |
5.5 |
5.5 |
2.5 |
|
Advance Receipts |
0.6 |
0.7 |
0.1 |
0.5 |
9.9 |
|
Current Portion of Long Term Debt |
22.8 |
18.6 |
11.6 |
6.4 |
2.2 |
|
Total Current Liabilities |
79.3 |
117.1 |
67.5 |
53.5 |
59.4 |
|
|
|
|
|
|
|
|
Long Term Borrowings |
168.9 |
76.0 |
68.0 |
77.2 |
6.0 |
|
Total Long Term Debt |
168.9 |
76.0 |
68.0 |
77.2 |
6.0 |
|
|
|
|
|
|
|
|
Minority interest |
0.0 |
- |
- |
- |
- |
|
Total Liabilities |
248.2 |
193.1 |
135.4 |
130.7 |
65.4 |
|
|
|
|
|
|
|
|
Common Stock |
78.3 |
68.2 |
42.4 |
32.7 |
27.7 |
|
Preferred Stock |
9.9 |
10.3 |
0.6 |
0.0 |
- |
|
Additional Paid-In Capital |
228.1 |
163.9 |
24.9 |
19.1 |
16.3 |
|
Capital Surplus, Long-term Equity Invest |
0.7 |
0.4 |
0.0 |
0.0 |
- |
|
Legal Reserve |
7.4 |
2.9 |
2.1 |
0.9 |
0.1 |
|
Special Reserve |
0.2 |
0.0 |
- |
- |
- |
|
Retained Earnings |
-22.2 |
55.6 |
13.3 |
14.6 |
9.3 |
|
Cumulative Translation Adjustment |
-0.1 |
-0.1 |
0.0 |
0.0 |
- |
|
Unrealized GL on Fincl. Assets for Sale |
-42.9 |
- |
- |
- |
- |
|
Unreali.G/L On Hedge Cash Flow |
- |
-0.2 |
- |
- |
- |
|
Treasury Stock |
- |
- |
-4.8 |
-4.7 |
0.0 |
|
Total Equity |
259.6 |
301.1 |
78.6 |
62.6 |
53.5 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
507.8 |
494.2 |
214.0 |
193.3 |
118.9 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
237.0 |
208.8 |
155.8 |
139.5 |
125.3 |
|
Total Common Shares Outstanding |
237.0 |
208.8 |
155.8 |
139.5 |
125.3 |
|
T/S-Common Stock |
0.0 |
0.0 |
2.4 |
2.8 |
0.0 |
|
S/O-Preferred Stock |
30.0 |
30.0 |
2.0 |
0.0 |
- |
|
Total Preferred Shares Outstanding |
30.0 |
30.0 |
2.0 |
0.0 |
- |
|
T/S-Preferred Stock |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Advance Receipt - Current |
0.6 |
0.7 |
0.1 |
0.5 |
9.9 |
|
Full-Time Employees |
812 |
808 |
276 |
184 |
130 |
|
Number of Common Shareholders |
39,310 |
33,147 |
15,606 |
6,873 |
1,479 |
|
Long Term Debt Maturing Within Year1 |
22.8 |
18.6 |
11.6 |
6.4 |
2.2 |
|
Long Term Debt Maturing in Year2 |
20.8 |
40.9 |
13.9 |
10.3 |
2.3 |
|
Long Term Debt Maturing in Year3 |
25.9 |
35.3 |
24.6 |
11.6 |
2.3 |
|
Long Term Debt Maturing in Year4 |
33.0 |
- |
29.4 |
30.7 |
1.4 |
|
Long Term Debt Maturing in Year5 |
89.9 |
- |
- |
24.6 |
- |
|
Total Long Term Debt, Supplemental |
192.5 |
94.8 |
79.5 |
83.6 |
8.2 |
|
Operating Lease due in 1 year |
0.5 |
0.4 |
0.3 |
0.2 |
0.2 |
|
Operating Lease due in 2 years |
0.5 |
0.4 |
0.2 |
0.2 |
0.2 |
|
Operating Lease due in 3 years |
0.2 |
0.3 |
0.2 |
0.2 |
0.2 |
|
Operating Lease due in 4 years |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Operating Lease due in 5 years |
- |
0.2 |
0.2 |
0.2 |
0.7 |
|
Operating Lease due in 6 yrs and more |
- |
- |
0.2 |
0.4 |
- |
|
Total Operating Leases, Supplemental |
1.4 |
1.6 |
1.3 |
1.4 |
1.5 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate
(Period Average) |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
32.848802 |
|
Auditor |
KPMG LLP |
KPMG Peat
Marwick LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
-41.8 |
44.3 |
5.0 |
12.0 |
8.6 |
|
Depreciation |
24.8 |
12.9 |
5.8 |
4.1 |
1.9 |
|
Provision for Doubtful Accounts |
7.0 |
- |
- |
- |
- |
|
Compensation Cost Based on Shares |
- |
3.0 |
- |
- |
- |
|
Inventory Devaluation & Obsolescence |
3.5 |
-0.5 |
-4.6 |
4.3 |
1.1 |
|
Equity Investment Gain/Loss |
1.1 |
0.5 |
1.0 |
0.3 |
0.0 |
|
Deferred Tax |
-1.2 |
-0.2 |
0.2 |
-0.4 |
0.2 |
|
Financial Assets for Sale |
-0.3 |
- |
- |
- |
- |
|
Impairment Financial Assets for Sale |
2.5 |
- |
- |
- |
- |
|
Financial Assets At Fair Value |
- |
0.0 |
0.5 |
-0.6 |
0.0 |
|
Notes/Accounts Receivable |
21.0 |
-26.3 |
-10.2 |
-3.0 |
-1.3 |
|
Inventories |
7.6 |
-16.9 |
12.1 |
-0.1 |
-9.8 |
|
Prepayment |
1.2 |
-12.6 |
4.9 |
-24.9 |
-29.9 |
|
Other Current Assets |
0.9 |
-2.8 |
2.0 |
-1.6 |
-0.8 |
|
Other Financial Assets, Current, Decr. |
1.3 |
-1.0 |
- |
- |
- |
|
Accounts Payable and Notes Payable |
-32.7 |
26.0 |
6.3 |
3.1 |
1.9 |
|
Accrued Exps and Other Current Liabilite |
-6.4 |
11.0 |
0.2 |
0.0 |
3.0 |
|
Advance Receipts |
-0.1 |
0.6 |
-0.5 |
-9.6 |
7.7 |
|
Others |
1.2 |
-0.1 |
0.1 |
-0.1 |
0.1 |
|
Cash from Operating Activities |
-10.5 |
37.8 |
22.9 |
-16.4 |
-17.4 |
|
|
|
|
|
|
|
|
Financila Assets, for Sale |
-1.2 |
- |
- |
- |
- |
|
Financial Assets-Cost Method |
-13.8 |
-1.5 |
0.0 |
-12.4 |
0.0 |
|
Restricted Bank Borrowings- Decrease |
- |
- |
- |
0.1 |
2.5 |
|
Capital Expenditure |
-104.4 |
-89.0 |
-18.6 |
-53.6 |
-12.8 |
|
Dividend from Financial for Sale |
3.4 |
- |
- |
- |
- |
|
Prepayment for Long Term Investment |
- |
-0.3 |
- |
- |
- |
|
Long Term Equity Investment Increase |
-25.0 |
- |
-2.0 |
0.0 |
-6.1 |
|
Security Deposit Paid & Other- Increase |
- |
- |
- |
0.0 |
-0.2 |
|
Other Receivables-Related Parties |
5.1 |
0.6 |
-5.2 |
- |
- |
|
Long-term Accounts Receivable |
-4.9 |
- |
- |
- |
- |
|
Deferred Charges and Others |
-2.1 |
-0.8 |
-0.6 |
-0.7 |
0.0 |
|
Purchase of Subsidiary |
0.1 |
- |
- |
- |
- |
|
Cash from Investing Activities |
-142.7 |
-91.0 |
-26.4 |
-66.5 |
-16.5 |
|
|
|
|
|
|
|
|
Short Term Borrowings Increase |
0.9 |
- |
2.3 |
- |
31.9 |
|
Repayment of ST Borrowings |
- |
-8.2 |
- |
-6.4 |
- |
|
Repayment of Long Term Borrowings |
-78.3 |
-14.1 |
-16.0 |
-2.5 |
-1.9 |
|
Long Term Borrowings |
182.5 |
21.2 |
9.9 |
81.0 |
0.0 |
|
Issuance of Common Stock |
- |
- |
7.9 |
6.8 |
17.0 |
|
Issuance of Preferred Stock |
- |
32.4 |
1.1 |
- |
- |
|
Purchase of Treasury Shares |
- |
- |
0.0 |
-4.9 |
0.0 |
|
Employee Option Exercised |
- |
- |
- |
0.0 |
0.9 |
|
Cash Dividend |
-26.9 |
-0.5 |
-1.1 |
- |
- |
|
Cash Capital |
- |
115.9 |
- |
- |
- |
|
Security Deposit Received |
0.0 |
- |
- |
- |
- |
|
Treasury Stock Transfer to Employee |
- |
3.7 |
- |
- |
- |
|
Employee Bonus & Directors Remuneration |
- |
- |
0.0 |
-3.8 |
-0.1 |
|
Cash from Financing Activities |
78.3 |
150.3 |
4.1 |
70.3 |
47.8 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.0 |
- |
- |
- |
- |
|
Net Change in Cash |
-74.9 |
97.2 |
0.6 |
-12.7 |
13.9 |
|
|
|
|
|
|
|
|
Net Cash -Beginning Balance |
109.0 |
4.5 |
3.7 |
16.6 |
2.0 |
|
Net Cash-Ending Balance |
34.1 |
101.7 |
4.3 |
3.9 |
16.0 |
|
Cash Interest Paid |
2.2 |
1.3 |
1.5 |
1.7 |
0.5 |
|
Cash Taxes Paid |
3.5 |
0.4 |
0.3 |
1.7 |
0.1 |
Financial
Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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Annual
Ratios
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.54.44 |
|
UK Pound |
1 |
Rs.83.78 |
|
Euro |
1 |
Rs.71.33 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.