|
Report Date : |
28.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
ACELON CHEMICALS & FIBER CO. |
|
|
|
|
Registered Office : |
No.94, Fan Chin Road, Yung Le Village Puyan, 516 |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
22.07.1988 |
|
|
|
|
Legal Form : |
Public Independent |
|
|
|
|
Line of Business : |
Manufacture of man-made fibres |
|
|
|
|
No. of Employees : |
529 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Taiwan |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
TAIWAN - ECONOMIC OVERVIEW
Taiwan has a dynamic capitalist economy with gradually
decreasing government guidance of investment and foreign trade. 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 1.8%, due
primarily to a 13.1% year-on-year decline in exports. In 2010 GDP grew 10.7%,
as exports returned to the level of previous years, and in 2011, grew 4.0%. In
2012, however, growth fell to 1.3%, 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 except for the landmark Economic
Cooperation Framework Agreement (ECFA) signed with China in June 2010, so far
Taiwan has been excluded from this greater economic integration in part because
of its diplomatic status. Negotiations continue on such follow-on components of
ECFA regarding trade in goods and services. The MA administration has said that
the ECFA will serve as a stepping stone toward trade pacts with other key trade
partners, which Taiwan subsequently launched with Singapore and New Zealand.
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 11.2% of the island's total
population as of 2012. The island runs a large trade surplus largely because of
its surplus with China, and its foreign reserves are the world's fifth largest,
behind China, Japan, Saudi Arabia, and Russia. In 2006 China overtook 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. In August 2012,
Taiwan Central Bank signed a memorandum of understanding on cross-Strait
currency settlement with its Chinese counterpart. The MOU allows for the direct
settlement of Chinese RMB and the New Taiwan dollar across the Strait, which
could help develop Taiwan into a local RMB hub. 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
Acelon Chemicals
& Fiber Co.
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Business
Description
|
Acelon Chemicals & Fiber Corporation. is a Taiwan-based company
engaged in production and distribution of textile chemical filaments and
yarns. The Company provides nylon filaments, polyester filaments, nylon
textured yarns, polyester textured yarns, extra-thin compound yarns and
compound textured yarns, among others. Its products are applied in
manufacture of garments, umbrellas and industrial fabrics, among others.
During the year ended December 31, 2011, the Company obtained approximately
58% and 35% of its total revenue from nylon filaments and nylon textured
yarns, respectively. The Company distributes its products principally in
Taiwan, mainland China, Europe, the Americas, North Africa and Middle East,
among others. For the three months ended 31 March 2013, Acelon Chemicals
& Fiber Co. revenues decreased 14% to NT$1.29B. Net income decreased 5%
to NT$20.2M. Revenues reflect Asia segment decrease of 10% to NT$847.4M,
America segment decrease of 17% to NT$367.2M. Net income also reflects
Interest Expense increase of 29% to NT$6.6M (expense), Research and
Development Expenses increase of 10% to NT$16.4M (expense). |
Industry
|
Industry |
|
|
ANZSIC 2006: |
|
|
ISIC Rev 4: |
|
|
NACE Rev 2: |
|
|
NAICS 2012: |
325220 - Artificial and Synthetic Fibers and
Filaments Manufacturing |
|
UK SIC 2007: |
|
|
US SIC 1987: |
Key
Executives
|
Significant Developments
|
Financial Summary
|
Stock Snapshot
|
1 - Profit &
Loss Item Exchange Rate: USD 1 = TWD 29.57962
2 - Balance Sheet Item Exchange Rate: USD 1 = TWD 29.012
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Executives
Report
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
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 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated 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 |
|
Auditor |
EnWise CPAs
& Co. |
EnWise CPAs
& Co. |
EnWise CPAs
& Co. |
EnWise CPAs
& Co. |
EnWise CPAs
& Co. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Gross Revenue |
178.6 |
202.2 |
181.4 |
98.2 |
121.4 |
|
Sales Returns and Allowances |
-1.6 |
-2.4 |
-1.5 |
-1.7 |
-3.0 |
|
Revenue |
176.9 |
199.7 |
179.9 |
96.5 |
118.5 |
|
Total Revenue |
176.9 |
199.7 |
179.9 |
96.5 |
118.5 |
|
|
|
|
|
|
|
|
Cost of Revenue |
161.8 |
183.1 |
157.8 |
87.9 |
113.9 |
|
Cost of Revenue, Total |
161.8 |
183.1 |
157.8 |
87.9 |
113.9 |
|
Gross Profit |
15.1 |
16.6 |
22.1 |
8.6 |
4.6 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
8.5 |
7.9 |
8.6 |
5.0 |
5.7 |
|
Total Selling/General/Administrative Expenses |
8.5 |
7.9 |
8.6 |
5.0 |
5.7 |
|
Research & Development |
2.1 |
1.9 |
0.8 |
0.9 |
0.8 |
|
Impairment-Assets Held for Use |
- |
- |
2.4 |
1.1 |
1.7 |
|
Unusual Expense (Income) |
- |
- |
2.4 |
1.1 |
1.7 |
|
Total Operating Expense |
172.5 |
193.0 |
169.6 |
95.0 |
122.2 |
|
|
|
|
|
|
|
|
Operating Income |
4.5 |
6.8 |
10.4 |
1.6 |
-3.7 |
|
|
|
|
|
|
|
|
Interest Expense - Non-Operating |
-0.7 |
-0.5 |
-0.7 |
-0.7 |
-1.0 |
|
Interest Expense, Net Non-Operating |
-0.7 |
-0.5 |
-0.7 |
-0.7 |
-1.0 |
|
Interest Income -
Non-Operating |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Investment Income -
Non-Operating |
-0.1 |
0.0 |
-0.5 |
-0.1 |
-0.1 |
|
Interest/Investment Income - Non-Operating |
-0.1 |
0.0 |
-0.5 |
-0.1 |
-0.1 |
|
Interest Income (Expense) - Net Non-Operating Total |
-0.9 |
-0.4 |
-1.3 |
-0.8 |
-1.1 |
|
Gain (Loss) on Sale of Assets |
0.0 |
0.2 |
-0.1 |
0.1 |
-0.1 |
|
Other Non-Operating Income (Expense) |
0.7 |
0.5 |
0.2 |
1.3 |
-0.7 |
|
Other, Net |
0.7 |
0.5 |
0.2 |
1.3 |
-0.7 |
|
Income Before Tax |
4.3 |
7.0 |
9.2 |
2.1 |
-5.6 |
|
|
|
|
|
|
|
|
Total Income Tax |
1.1 |
-0.1 |
0.2 |
0.3 |
-0.1 |
|
Income After Tax |
3.3 |
7.1 |
9.0 |
1.8 |
-5.5 |
|
|
|
|
|
|
|
|
Net Income Before Extraord Items |
3.3 |
7.1 |
9.0 |
1.8 |
-5.5 |
|
Net Income |
3.3 |
7.1 |
9.0 |
1.8 |
-5.5 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
3.3 |
7.1 |
9.0 |
1.8 |
-5.5 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
3.3 |
7.1 |
9.0 |
1.8 |
-5.5 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
95.2 |
95.3 |
76.5 |
78.5 |
78.5 |
|
Basic EPS Excl Extraord Items |
0.03 |
0.07 |
0.12 |
0.02 |
-0.07 |
|
Basic/Primary EPS Incl Extraord Items |
0.03 |
0.07 |
0.12 |
0.02 |
-0.07 |
|
Dilution Adjustment |
0.3 |
0.2 |
- |
- |
0.0 |
|
Diluted Net Income |
3.6 |
7.3 |
9.0 |
1.8 |
-5.5 |
|
Diluted Weighted Average Shares |
105.2 |
104.8 |
76.5 |
78.5 |
78.5 |
|
Diluted EPS Excl Extraord Items |
0.03 |
0.07 |
0.12 |
0.02 |
-0.07 |
|
Diluted EPS Incl Extraord Items |
0.03 |
0.07 |
0.12 |
0.02 |
-0.07 |
|
Dividends per Share - Common Stock Primary Issue |
0.03 |
0.03 |
0.01 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
3.2 |
3.2 |
0.9 |
0.0 |
0.0 |
|
Interest Expense, Supplemental |
0.7 |
0.5 |
0.7 |
0.7 |
1.0 |
|
Interest Capitalized, Supplemental |
- |
-0.1 |
- |
- |
- |
|
Depreciation, Supplemental |
4.4 |
3.8 |
3.3 |
3.1 |
3.3 |
|
Total Special Items |
0.0 |
-0.2 |
2.5 |
1.0 |
1.8 |
|
Normalized Income Before Tax |
4.3 |
6.8 |
11.7 |
3.1 |
-3.9 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.0 |
-0.1 |
0.1 |
0.1 |
0.6 |
|
Inc Tax Ex Impact of Sp Items |
1.1 |
-0.2 |
0.3 |
0.4 |
0.5 |
|
Normalized Income After Tax |
3.2 |
7.0 |
11.5 |
2.7 |
-4.4 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
3.2 |
7.0 |
11.5 |
2.7 |
-4.4 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.03 |
0.07 |
0.15 |
0.03 |
-0.06 |
|
Diluted Normalized EPS |
0.03 |
0.07 |
0.15 |
0.03 |
-0.06 |
|
Research & Development Exp, Supplemental |
2.1 |
1.9 |
0.8 |
0.9 |
0.8 |
|
Normalized EBIT |
4.5 |
6.8 |
12.7 |
2.6 |
-2.0 |
|
Normalized EBITDA |
8.9 |
10.6 |
16.0 |
5.7 |
1.3 |
|
Current Tax - Total |
0.3 |
0.0 |
1.7 |
0.1 |
- |
|
Current Tax - Total |
0.3 |
0.0 |
1.7 |
0.1 |
- |
|
Deferred Tax - Total |
0.9 |
-0.2 |
-0.9 |
0.3 |
-0.1 |
|
Deferred Tax - Total |
0.9 |
-0.2 |
-0.9 |
0.3 |
-0.1 |
|
Other Tax |
-0.1 |
0.1 |
-0.6 |
-0.1 |
0.0 |
|
Income Tax - Total |
1.1 |
-0.1 |
0.2 |
0.3 |
-0.1 |
|
Interest Cost - Domestic |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Service Cost - Domestic |
0.0 |
0.1 |
0.1 |
0.0 |
0.1 |
|
Expected Return on Assets - Domestic |
0.0 |
0.0 |
0.0 |
0.0 |
-0.1 |
|
Actuarial Gains and Losses - Domestic |
0.1 |
0.0 |
- |
0.0 |
0.0 |
|
Transition Costs - Domestic |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Pension, Net - Domestic |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Domestic Pension Plan Expense |
0.2 |
0.2 |
0.1 |
0.1 |
0.1 |
|
Defined Contribution Expense - Domestic |
0.3 |
0.3 |
0.2 |
0.1 |
0.1 |
|
Total Pension Expense |
0.5 |
0.4 |
0.3 |
0.2 |
0.2 |
|
Discount Rate - Domestic |
1.75% |
2.00% |
2.25% |
2.25% |
2.75% |
|
Expected Rate of Return - Domestic |
1.75% |
2.00% |
2.00% |
2.25% |
1.50% |
|
Compensation Rate - Domestic |
2.00% |
2.00% |
1.00% |
1.00% |
1.00% |
|
Total Plan Interest Cost |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Total Plan Service Cost |
0.0 |
0.1 |
0.1 |
0.0 |
0.1 |
|
Total Plan Expected Return |
0.0 |
0.0 |
0.0 |
0.0 |
-0.1 |
|
Total Plan Other Expense |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
|
|
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 |
EnWise CPAs
& Co. |
EnWise CPAs
& Co. |
EnWise CPAs
& Co. |
EnWise CPAs
& Co. |
EnWise CPAs
& Co. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Equivalents |
6.5 |
5.6 |
0.8 |
0.2 |
0.1 |
|
Short Term Investments |
- |
0.0 |
0.2 |
- |
- |
|
Cash and Short Term Investments |
6.5 |
5.6 |
1.0 |
0.2 |
0.1 |
|
Accounts Receivable -
Trade, Gross |
12.1 |
13.0 |
13.1 |
4.8 |
5.1 |
|
Provision for Doubtful
Accounts |
-0.3 |
-0.3 |
-0.3 |
-0.6 |
-0.4 |
|
Trade Accounts Receivable - Net |
11.8 |
12.6 |
12.7 |
4.3 |
4.7 |
|
Notes Receivable - Short Term |
6.1 |
5.7 |
6.1 |
5.3 |
3.1 |
|
Other Receivables |
0.6 |
0.4 |
0.5 |
0.5 |
0.0 |
|
Total Receivables, Net |
18.5 |
18.8 |
19.3 |
10.0 |
7.8 |
|
Inventories - Finished Goods |
20.3 |
19.1 |
12.7 |
11.2 |
12.1 |
|
Inventories - Work In Progress |
0.5 |
0.5 |
0.4 |
0.1 |
0.0 |
|
Inventories - Raw Materials |
8.5 |
6.7 |
6.2 |
3.1 |
1.5 |
|
Inventories - Other |
-1.8 |
-2.1 |
-0.6 |
-0.7 |
-2.6 |
|
Total Inventory |
27.5 |
24.1 |
18.7 |
13.6 |
11.1 |
|
Prepaid Expenses |
1.0 |
1.0 |
1.3 |
1.7 |
0.7 |
|
Restricted Cash - Current |
1.6 |
1.1 |
1.7 |
0.3 |
0.6 |
|
Deferred Income Tax - Current Asset |
0.3 |
0.4 |
0.1 |
0.1 |
0.3 |
|
Other Current Assets |
0.3 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Other Current Assets, Total |
2.2 |
1.6 |
1.9 |
0.5 |
1.0 |
|
Total Current Assets |
55.6 |
51.1 |
42.2 |
26.0 |
20.7 |
|
|
|
|
|
|
|
|
Buildings |
19.6 |
18.7 |
18.7 |
17.0 |
14.1 |
|
Land/Improvements |
8.9 |
8.5 |
5.1 |
4.6 |
2.3 |
|
Machinery/Equipment |
113.7 |
107.5 |
120.2 |
111.2 |
107.5 |
|
Construction in
Progress |
1.3 |
1.3 |
4.6 |
0.6 |
0.2 |
|
Leases |
6.0 |
5.7 |
5.9 |
5.4 |
5.3 |
|
Other Property/Plant/Equipment |
5.7 |
5.4 |
2.6 |
2.4 |
- |
|
Property/Plant/Equipment - Gross |
155.1 |
147.2 |
157.0 |
141.3 |
129.4 |
|
Accumulated Depreciation |
-111.8 |
-103.1 |
-122.2 |
-110.3 |
-105.0 |
|
Property/Plant/Equipment - Net |
43.3 |
44.1 |
34.8 |
30.9 |
24.4 |
|
Note Receivable - Long Term |
- |
- |
- |
0.0 |
0.1 |
|
Deferred Charges |
0.7 |
0.5 |
0.2 |
0.1 |
0.2 |
|
Pension Benefits - Overfunded |
0.1 |
0.1 |
0.1 |
- |
- |
|
Deferred Income Tax - Long Term Asset |
0.1 |
0.9 |
1.0 |
0.0 |
0.0 |
|
Other Long Term Assets |
0.3 |
0.5 |
2.3 |
2.6 |
3.6 |
|
Other Long Term Assets, Total |
1.1 |
2.1 |
3.7 |
2.7 |
3.8 |
|
Total Assets |
100.0 |
97.2 |
80.7 |
59.7 |
49.0 |
|
|
|
|
|
|
|
|
Accounts Payable |
10.3 |
13.1 |
14.0 |
11.1 |
4.2 |
|
Accrued Expenses |
3.7 |
4.3 |
3.6 |
2.7 |
2.9 |
|
Notes Payable/Short Term Debt |
13.2 |
10.9 |
4.0 |
5.5 |
15.3 |
|
Current Portion - Long Term Debt/Capital Leases |
9.9 |
0.2 |
0.7 |
1.4 |
1.3 |
|
Customer Advances |
1.8 |
4.3 |
3.3 |
1.0 |
0.8 |
|
Income Taxes Payable |
0.2 |
0.0 |
1.2 |
0.0 |
- |
|
Other Payables |
0.5 |
1.2 |
2.3 |
1.2 |
0.4 |
|
Other Current Liabilities |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Other Current liabilities, Total |
2.5 |
5.5 |
7.0 |
2.4 |
1.3 |
|
Total Current Liabilities |
39.6 |
33.9 |
29.2 |
23.1 |
25.0 |
|
|
|
|
|
|
|
|
Long Term Debt |
4.5 |
9.6 |
5.5 |
16.9 |
8.6 |
|
Total Long Term Debt |
4.5 |
9.6 |
5.5 |
16.9 |
8.6 |
|
Total Debt |
27.7 |
20.6 |
10.2 |
23.8 |
25.2 |
|
|
|
|
|
|
|
|
Reserves |
0.6 |
0.6 |
- |
- |
- |
|
Pension Benefits - Underfunded |
0.9 |
0.8 |
1.0 |
0.6 |
0.7 |
|
Other Long Term Liabilities |
0.1 |
0.1 |
0.3 |
0.6 |
0.7 |
|
Other Liabilities, Total |
1.6 |
1.5 |
1.4 |
1.1 |
1.4 |
|
Total Liabilities |
45.7 |
45.1 |
36.1 |
41.0 |
35.0 |
|
|
|
|
|
|
|
|
Common Stock |
32.8 |
31.5 |
31.4 |
22.4 |
21.8 |
|
Common Stock |
32.8 |
31.5 |
31.4 |
22.4 |
21.8 |
|
Additional Paid-In Capital |
9.0 |
8.6 |
8.1 |
- |
- |
|
Retained Earnings (Accumulated Deficit) |
8.1 |
7.7 |
3.1 |
-6.1 |
-7.8 |
|
Treasury Stock - Common |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Unrealized Gain (Loss) |
5.0 |
4.8 |
2.6 |
2.4 |
- |
|
Minimum Pension Liability Adjustment |
-0.7 |
-0.5 |
-0.5 |
- |
- |
|
Other Equity, Total |
-0.7 |
-0.5 |
-0.5 |
- |
- |
|
Total Equity |
54.3 |
52.2 |
44.6 |
18.7 |
14.0 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
100.0 |
97.2 |
80.7 |
59.7 |
49.0 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
95.2 |
95.2 |
95.2 |
78.5 |
78.5 |
|
Total Common Shares Outstanding |
95.2 |
95.2 |
95.2 |
78.5 |
78.5 |
|
Treasury Shares - Common Stock Primary Issue |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Employees |
529 |
517 |
469 |
424 |
315 |
|
Number of Common Shareholders |
12,245 |
12,608 |
10,314 |
9,840 |
10,060 |
|
Deferred Revenue - Current |
1.8 |
4.3 |
3.3 |
1.0 |
0.8 |
|
Total Long Term Debt, Supplemental |
4.7 |
0.7 |
6.2 |
18.3 |
9.8 |
|
Long Term Debt Maturing within 1 Year |
0.2 |
0.2 |
0.7 |
1.4 |
1.3 |
|
Long Term Debt Maturing in Year 2 |
0.5 |
0.2 |
2.2 |
11.4 |
1.2 |
|
Long Term Debt Maturing in Year 3 |
0.8 |
0.2 |
1.9 |
1.7 |
2.3 |
|
Long Term Debt Maturing in Year 4 |
1.1 |
0.2 |
0.9 |
1.6 |
1.6 |
|
Long Term Debt Maturing in 2-3 Years |
1.3 |
0.3 |
4.2 |
13.1 |
3.5 |
|
Long Term Debt Maturing in 4-5 Years |
1.1 |
0.2 |
0.9 |
1.6 |
1.6 |
|
Long Term Debt Matur. in Year 6 & Beyond |
2.1 |
0.1 |
0.4 |
2.1 |
3.5 |
|
Total Operating Leases, Supplemental |
1.4 |
1.3 |
0.2 |
0.1 |
0.1 |
|
Operating Lease Payments Due in Year 1 |
0.3 |
0.3 |
0.0 |
0.0 |
0.0 |
|
Operating Lease Payments Due in Year 2 |
0.3 |
0.2 |
0.0 |
0.0 |
0.0 |
|
Operating Lease Payments Due in Year 3 |
0.3 |
0.2 |
0.0 |
0.0 |
0.0 |
|
Operating Lease Payments Due in Year 4 |
0.3 |
0.2 |
0.0 |
0.0 |
0.0 |
|
Operating Lease Payments Due in Year 5 |
0.3 |
0.2 |
0.1 |
0.0 |
0.0 |
|
Operating Lease Pymts. Due in 2-3 Years |
0.6 |
0.5 |
0.1 |
0.0 |
0.0 |
|
Operating Lease Pymts. Due in 4-5 Years |
0.5 |
0.5 |
0.1 |
0.0 |
0.0 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Pension Obligation - Domestic |
4.6 |
3.9 |
3.4 |
2.5 |
2.1 |
|
Plan Assets - Domestic |
2.7 |
2.3 |
2.0 |
1.7 |
1.5 |
|
Funded Status - Domestic |
-1.9 |
-1.7 |
-1.4 |
-0.8 |
-0.6 |
|
Accumulated Obligation - Domestic |
3.6 |
3.1 |
3.0 |
2.2 |
1.9 |
|
Total Funded Status |
-1.9 |
-1.7 |
-1.4 |
-0.8 |
-0.6 |
|
Discount Rate - Domestic |
1.75% |
2.00% |
2.25% |
2.25% |
2.75% |
|
Expected Rate of Return - Domestic |
1.75% |
2.00% |
2.00% |
2.25% |
1.50% |
|
Compensation Rate - Domestic |
2.00% |
2.00% |
1.00% |
1.00% |
1.00% |
|
Prepaid Benefits - Domestic |
0.1 |
0.1 |
0.1 |
- |
- |
|
Accrued Liabilities - Domestic |
-0.9 |
-0.8 |
-1.0 |
-0.6 |
-0.7 |
|
Net Assets Recognized on Balance Sheet |
-0.8 |
-0.7 |
-0.9 |
-0.6 |
-0.7 |
|
Total Plan Obligations |
4.6 |
3.9 |
3.4 |
2.5 |
2.1 |
|
Total Plan Assets |
2.7 |
2.3 |
2.0 |
1.7 |
1.5 |
|
|
|
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 |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Reclassified
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 |
EnWise CPAs
& Co. |
EnWise CPAs
& Co. |
EnWise CPAs
& Co. |
EnWise CPAs
& Co. |
EnWise CPAs
& Co. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
3.3 |
7.1 |
9.0 |
1.8 |
-5.5 |
|
Depreciation |
4.4 |
4.0 |
3.3 |
3.2 |
3.3 |
|
Depreciation/Depletion |
4.4 |
4.0 |
3.3 |
3.2 |
3.3 |
|
Deferred Taxes |
0.9 |
-0.2 |
-0.9 |
0.3 |
-0.1 |
|
Unusual Items |
0.0 |
-0.2 |
2.5 |
1.0 |
1.7 |
|
Equity in Net Earnings (Loss) |
0.0 |
0.0 |
0.0 |
- |
0.0 |
|
Other Non-Cash Items |
0.5 |
2.3 |
0.4 |
-3.0 |
2.8 |
|
Non-Cash Items |
0.5 |
2.1 |
2.9 |
-2.0 |
4.6 |
|
Accounts Receivable |
1.1 |
-0.2 |
-7.6 |
-2.1 |
3.1 |
|
Inventories |
-1.9 |
-7.9 |
-3.2 |
-0.4 |
4.8 |
|
Prepaid Expenses |
0.1 |
0.1 |
0.4 |
-0.8 |
0.2 |
|
Other Assets |
-0.2 |
0.2 |
0.1 |
- |
- |
|
Accounts Payable |
-3.3 |
-0.6 |
1.8 |
6.5 |
-7.4 |
|
Accrued Expenses |
-0.8 |
0.9 |
0.7 |
0.6 |
-0.2 |
|
Taxes Payable |
0.2 |
-1.2 |
1.1 |
0.0 |
- |
|
Other Liabilities |
-4.3 |
0.7 |
2.5 |
0.0 |
-0.5 |
|
Changes in Working Capital |
-9.1 |
-7.9 |
-4.3 |
3.9 |
-0.1 |
|
Cash from Operating Activities |
0.0 |
5.1 |
10.0 |
7.2 |
2.1 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-2.6 |
-12.7 |
-3.7 |
-5.8 |
-1.9 |
|
Capital Expenditures |
-2.6 |
-12.7 |
-3.7 |
-5.8 |
-1.9 |
|
Sale of Fixed Assets |
0.0 |
0.3 |
0.1 |
0.1 |
0.2 |
|
Other Investing Cash Flow |
-0.9 |
1.6 |
-3.4 |
0.4 |
0.2 |
|
Other Investing Cash Flow Items, Total |
-0.9 |
1.9 |
-3.3 |
0.5 |
0.4 |
|
Cash from Investing Activities |
-3.5 |
-10.9 |
-7.0 |
-5.3 |
-1.5 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
0.0 |
-0.2 |
-0.3 |
-0.2 |
-0.1 |
|
Financing Cash Flow Items |
0.0 |
-0.2 |
-0.3 |
-0.2 |
-0.1 |
|
Cash Dividends Paid - Common |
-3.2 |
-0.9 |
0.0 |
- |
- |
|
Total Cash Dividends Paid |
-3.2 |
-0.9 |
0.0 |
- |
- |
|
Sale/Issuance of
Common |
0.0 |
0.0 |
13.0 |
- |
- |
|
Common Stock, Net |
0.0 |
0.0 |
13.0 |
- |
- |
|
Issuance (Retirement) of Stock, Net |
0.0 |
0.0 |
13.0 |
- |
- |
|
Short Term Debt Issued |
4.1 |
7.3 |
0.8 |
- |
4.2 |
|
Short Term Debt Reduction |
-0.5 |
- |
-3.1 |
-7.2 |
-2.2 |
|
Short Term Debt, Net |
3.6 |
7.3 |
-2.3 |
-7.2 |
2.0 |
|
Long Term Debt Issued |
3.8 |
10.0 |
0.0 |
5.5 |
- |
|
Long Term Debt
Reduction |
- |
-5.4 |
-12.9 |
- |
-2.8 |
|
Long Term Debt, Net |
3.8 |
4.6 |
-12.9 |
5.5 |
-2.8 |
|
Issuance (Retirement) of Debt, Net |
7.4 |
11.8 |
-15.2 |
-1.7 |
-0.8 |
|
Cash from Financing Activities |
4.2 |
10.7 |
-2.4 |
-1.9 |
-0.9 |
|
|
|
|
|
|
|
|
Net Change in Cash |
0.7 |
4.9 |
0.6 |
0.1 |
-0.2 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
5.7 |
0.8 |
0.2 |
0.1 |
0.4 |
|
Net Cash - Ending Balance |
6.4 |
5.7 |
0.8 |
0.2 |
0.1 |
|
Cash Interest Paid |
0.3 |
0.2 |
0.8 |
0.7 |
1.0 |
|
Cash Taxes Paid |
0.0 |
1.3 |
0.0 |
0.0 |
0.0 |
|
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 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated 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 |
|
Auditor |
EnWise CPAs
& Co. |
EnWise CPAs
& Co. |
EnWise CPAs
& Co. |
EnWise CPAs
& Co. |
EnWise CPAs
& Co. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Gross Sales |
178.6 |
202.2 |
181.4 |
98.2 |
121.4 |
|
Sales Returns & Discounts |
-1.6 |
-2.4 |
-1.5 |
-1.7 |
-3.0 |
|
Total Revenue |
176.9 |
199.7 |
179.9 |
96.5 |
118.5 |
|
|
|
|
|
|
|
|
Cost of Sales |
161.8 |
183.1 |
157.8 |
87.9 |
113.9 |
|
Selling Expenses |
6.4 |
4.7 |
5.6 |
3.2 |
3.8 |
|
General and Administrative Expenses |
2.1 |
3.2 |
3.0 |
1.8 |
2.0 |
|
Research and Development Expenses |
2.1 |
1.9 |
0.8 |
0.9 |
0.8 |
|
Impairment Loss |
- |
- |
2.4 |
1.1 |
1.7 |
|
Total Operating Expense |
172.5 |
193.0 |
169.6 |
95.0 |
122.2 |
|
|
|
|
|
|
|
|
Interest Income |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Gain on Equity Investment |
0.0 |
0.0 |
- |
0.0 |
0.0 |
|
Gain on Sale of Fixed Assets |
0.0 |
0.2 |
0.0 |
0.1 |
0.0 |
|
Gain/Loss on Foreign Exchange |
-0.2 |
0.2 |
-0.5 |
-0.1 |
-0.1 |
|
Rent Income |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Miscellaneous Income |
0.8 |
0.7 |
0.4 |
1.4 |
0.2 |
|
Other Investment Loss |
0.0 |
0.0 |
- |
- |
- |
|
Revaluation Loss on Fin. Liabilities |
0.1 |
-0.1 |
- |
- |
- |
|
Interest Expense |
-0.7 |
-0.5 |
-0.7 |
-0.7 |
-1.0 |
|
Loss on Sale of Fixed Assets |
- |
- |
-0.1 |
0.0 |
-0.2 |
|
Miscellaneous Disbursements |
0.0 |
-0.3 |
-0.2 |
-0.1 |
-1.0 |
|
Net Income Before Taxes |
4.3 |
7.0 |
9.2 |
2.1 |
-5.6 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
1.1 |
-0.1 |
0.2 |
0.3 |
-0.1 |
|
Net Income After Taxes |
3.3 |
7.1 |
9.0 |
1.8 |
-5.5 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
3.3 |
7.1 |
9.0 |
1.8 |
-5.5 |
|
Net Income |
3.3 |
7.1 |
9.0 |
1.8 |
-5.5 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
3.3 |
7.1 |
9.0 |
1.8 |
-5.5 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
3.3 |
7.1 |
9.0 |
1.8 |
-5.5 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
95.2 |
95.3 |
76.5 |
78.5 |
78.5 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.03 |
0.07 |
0.12 |
0.02 |
-0.07 |
|
Basic EPS Including ExtraOrdinary Items |
0.03 |
0.07 |
0.12 |
0.02 |
-0.07 |
|
Dilution Adjustment |
0.3 |
0.2 |
- |
- |
0.0 |
|
Diluted Net Income |
3.6 |
7.3 |
9.0 |
1.8 |
-5.5 |
|
Diluted Weighted Average Shares |
105.2 |
104.8 |
76.5 |
78.5 |
78.5 |
|
Diluted EPS Excluding ExtraOrd Items |
0.03 |
0.07 |
0.12 |
0.02 |
-0.07 |
|
Diluted EPS Including ExtraOrd Items |
0.03 |
0.07 |
0.12 |
0.02 |
-0.07 |
|
DPS-Ordinary Shares |
0.03 |
0.03 |
0.01 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
3.2 |
3.2 |
0.9 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
4.3 |
6.8 |
11.7 |
3.1 |
-3.9 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
1.1 |
-0.2 |
0.3 |
0.4 |
0.5 |
|
Normalized Income After Taxes |
3.2 |
7.0 |
11.5 |
2.7 |
-4.4 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
3.2 |
7.0 |
11.5 |
2.7 |
-4.4 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.03 |
0.07 |
0.15 |
0.03 |
-0.06 |
|
Diluted Normalized EPS |
0.03 |
0.07 |
0.15 |
0.03 |
-0.06 |
|
Interest Capitalized, Supplemental |
- |
-0.1 |
- |
- |
- |
|
Interest Expense, Supplemental |
0.7 |
0.5 |
0.7 |
0.7 |
1.0 |
|
R&D Expense, Supplemental |
2.1 |
1.9 |
0.8 |
0.9 |
0.8 |
|
Depreciation - Operating Cost |
4.0 |
3.3 |
2.9 |
2.8 |
3.1 |
|
Depreciation - Operating Expense |
0.4 |
0.5 |
0.3 |
0.3 |
0.3 |
|
Current Tax Payable |
0.3 |
0.0 |
1.7 |
0.1 |
- |
|
Current Tax - Total |
0.3 |
0.0 |
1.7 |
0.1 |
- |
|
Deferred Tax |
0.9 |
-0.2 |
-0.9 |
0.3 |
-0.1 |
|
Deferred Tax - Total |
0.9 |
-0.2 |
-0.9 |
0.3 |
-0.1 |
|
Other Tax |
-0.1 |
0.1 |
-0.6 |
-0.1 |
0.0 |
|
Income Tax - Total |
1.1 |
-0.1 |
0.2 |
0.3 |
-0.1 |
|
Service Cost |
0.0 |
0.1 |
0.1 |
0.0 |
0.1 |
|
Interest Cost |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Actual Return on Assets-Domestic |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Pension Assets Loss |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Expected Return on Plan Assets |
- |
- |
- |
- |
-0.1 |
|
Amort. of Unrecognized Transitional Cost |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Amort. of Actuarial Gain/Loss |
0.1 |
0.0 |
- |
0.0 |
0.0 |
|
Domestic Pension Plan Expense |
0.2 |
0.2 |
0.1 |
0.1 |
0.1 |
|
Defined Contribution Expense - Domestic |
0.3 |
0.3 |
0.2 |
0.1 |
0.1 |
|
Total Pension Expense |
0.5 |
0.4 |
0.3 |
0.2 |
0.2 |
|
Discount Rate |
1.75% |
2.00% |
2.25% |
2.25% |
2.75% |
|
Rate of Compensation Increase |
2.00% |
2.00% |
1.00% |
1.00% |
1.00% |
|
Expected Rate of Return on Plan Assets |
1.75% |
2.00% |
2.00% |
2.25% |
1.50% |
|
|
|
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 |
EnWise CPAs
& Co. |
EnWise CPAs
& Co. |
EnWise CPAs
& Co. |
EnWise CPAs
& Co. |
EnWise CPAs
& Co. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash and Cash Equivalent |
6.5 |
5.6 |
0.8 |
0.2 |
0.1 |
|
Financial Assets-Fair Value,Current |
- |
0.0 |
0.2 |
- |
- |
|
Notes Receivable |
6.1 |
5.7 |
6.1 |
5.3 |
3.1 |
|
Accounts Receivable, Gross |
12.1 |
13.0 |
13.1 |
4.8 |
5.1 |
|
Provision for Doubtful Accounts |
-0.3 |
-0.3 |
-0.3 |
-0.4 |
-0.3 |
|
Provision for Sales Discount |
0.0 |
0.0 |
0.0 |
-0.1 |
-0.2 |
|
Other Receivables |
0.6 |
0.4 |
0.5 |
0.5 |
0.0 |
|
Merchandise |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Raw Material |
7.4 |
5.6 |
5.3 |
2.6 |
0.9 |
|
Supplies |
1.0 |
1.1 |
0.9 |
0.5 |
0.5 |
|
Work-in-Process |
0.5 |
0.5 |
0.4 |
0.1 |
0.0 |
|
Finished Goods |
20.3 |
19.1 |
12.7 |
11.2 |
12.1 |
|
Provision/Allowance for Inventory |
-1.8 |
-2.1 |
-0.6 |
-0.7 |
-2.6 |
|
Prepayment |
1.0 |
1.0 |
1.3 |
1.7 |
0.7 |
|
Deferred Income Tax Assets - Current |
0.3 |
0.4 |
0.1 |
0.1 |
0.3 |
|
Restricted Assets |
1.6 |
1.1 |
1.7 |
0.3 |
0.6 |
|
Other Current Assets |
0.3 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Total Current Assets |
55.6 |
51.1 |
42.2 |
26.0 |
20.7 |
|
|
|
|
|
|
|
|
Land |
8.9 |
8.5 |
5.1 |
4.6 |
2.3 |
|
Buildings and Structures |
19.0 |
18.2 |
18.1 |
16.5 |
13.6 |
|
Machinery and Equipment |
102.0 |
96.6 |
105.8 |
98.5 |
94.9 |
|
Transportation Equipment |
0.0 |
0.0 |
0.2 |
0.2 |
0.2 |
|
Office Equipment |
0.2 |
0.1 |
0.7 |
0.6 |
0.7 |
|
Leasehold Improvement |
0.5 |
0.5 |
0.6 |
0.5 |
0.5 |
|
Miscellaneous Equipment |
11.4 |
10.8 |
13.6 |
11.9 |
11.7 |
|
Revaluation Increments |
5.7 |
5.4 |
2.6 |
2.4 |
- |
|
Accumulated Depreciation |
-108.3 |
-99.7 |
-118.7 |
-107.1 |
-101.9 |
|
Provision for Impairment of Fixed Assets |
-0.3 |
-0.3 |
-0.3 |
-0.3 |
-0.3 |
|
Construction in Progress |
0.5 |
0.5 |
- |
- |
- |
|
Prepayment for Equipment |
0.8 |
0.8 |
4.6 |
0.6 |
0.2 |
|
Deferred Pension Cost |
0.1 |
0.1 |
0.1 |
- |
- |
|
Assets for Lease |
6.0 |
5.7 |
5.9 |
5.4 |
5.3 |
|
Provision for Revaluation Loss |
-2.8 |
-2.7 |
-2.8 |
-2.6 |
-2.5 |
|
Accumulated Depreciation-Asset for Lease |
-0.4 |
-0.4 |
-0.4 |
-0.3 |
-0.3 |
|
Security Deposits Paid |
0.2 |
0.2 |
2.3 |
0.1 |
0.1 |
|
Deferred Charges |
0.7 |
0.5 |
0.2 |
0.1 |
0.2 |
|
Overdue Receivables |
- |
- |
- |
0.0 |
0.1 |
|
Deferred Income Tax Assets - Non Current |
0.1 |
0.9 |
1.0 |
0.0 |
0.0 |
|
Other Long Term Assets |
0.1 |
0.3 |
0.1 |
2.5 |
3.5 |
|
Total Assets |
100.0 |
97.2 |
80.7 |
59.7 |
49.0 |
|
|
|
|
|
|
|
|
Short Term Borrowings |
5.6 |
1.3 |
0.0 |
3.1 |
10.4 |
|
Financial Liabilities-Fair Value,Current |
0.1 |
0.2 |
- |
- |
- |
|
Short Term Notes & Bills Payable |
6.4 |
6.6 |
0.9 |
0.0 |
2.4 |
|
Notes Payable |
1.1 |
2.7 |
3.1 |
2.4 |
2.5 |
|
Accounts Payable |
10.3 |
13.1 |
14.0 |
11.1 |
4.2 |
|
Income Taxes Payable |
0.2 |
0.0 |
1.2 |
0.0 |
- |
|
Accrued Expenses |
3.7 |
4.3 |
3.6 |
2.7 |
2.9 |
|
Due to Related Parties |
0.0 |
0.0 |
0.1 |
0.0 |
0.1 |
|
Other Payables |
0.4 |
1.2 |
2.2 |
1.2 |
0.3 |
|
Advance Receipts |
1.8 |
4.3 |
3.3 |
1.0 |
0.8 |
|
Put Provision Corporate Bonds within 1 Y |
9.8 |
- |
- |
- |
- |
|
Current Portion of Long Term Debt |
0.2 |
0.2 |
0.7 |
1.4 |
1.3 |
|
Other Current Liabilities |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Total Current Liabilities |
39.6 |
33.9 |
29.2 |
23.1 |
25.0 |
|
|
|
|
|
|
|
|
Long Term Borrowings |
4.5 |
0.6 |
5.5 |
16.9 |
8.6 |
|
Corporate Bonds Payable |
0.0 |
9.0 |
- |
- |
- |
|
Total Long Term Debt |
4.5 |
9.6 |
5.5 |
16.9 |
8.6 |
|
|
|
|
|
|
|
|
Accrued Pension Liabilities |
0.9 |
0.8 |
1.0 |
0.6 |
0.7 |
|
Land Revaluation Increment Tax Reserve |
0.6 |
0.6 |
- |
- |
- |
|
Long Term Security Deposits Received |
0.1 |
0.1 |
0.1 |
0.1 |
0.0 |
|
Other Long Term Liabilities |
0.0 |
0.0 |
0.2 |
0.5 |
0.7 |
|
Total Liabilities |
45.7 |
45.1 |
36.1 |
41.0 |
35.0 |
|
|
|
|
|
|
|
|
Common Stock |
32.8 |
31.5 |
31.4 |
22.4 |
21.8 |
|
Capital Surplus |
9.0 |
- |
- |
- |
- |
|
Cap.Surplus, Additional Paid in Capital |
- |
6.9 |
7.2 |
- |
- |
|
Capital Surplus, Stock Option |
- |
0.8 |
- |
- |
- |
|
Employee Stock Option |
- |
0.9 |
0.9 |
- |
- |
|
Legal Reserve |
1.0 |
0.3 |
- |
- |
- |
|
Special Reserve |
0.5 |
0.5 |
- |
- |
- |
|
Retained Earnings |
6.6 |
6.9 |
3.1 |
-6.1 |
-7.8 |
|
Net Loss Not Recognized as Pension Cost |
-0.7 |
-0.5 |
-0.5 |
- |
- |
|
Unrealized Revaluation Increment |
5.0 |
4.8 |
2.6 |
2.4 |
- |
|
Treasury Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Equity |
54.3 |
52.2 |
44.6 |
18.7 |
14.0 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
100.0 |
97.2 |
80.7 |
59.7 |
49.0 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
95.2 |
95.2 |
95.2 |
78.5 |
78.5 |
|
Total Common Shares Outstanding |
95.2 |
95.2 |
95.2 |
78.5 |
78.5 |
|
T/S-Ordinary Shares |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Advance Receipt - Current |
1.8 |
4.3 |
3.3 |
1.0 |
0.8 |
|
Full-Time Employees |
529 |
517 |
469 |
424 |
315 |
|
Number of Common Shareholders |
12,245 |
12,608 |
10,314 |
9,840 |
10,060 |
|
Long Term Debts Due in 1 Year |
0.2 |
0.2 |
0.7 |
1.4 |
1.3 |
|
Long Term Debts Due in 2 Years |
0.5 |
0.2 |
2.2 |
11.4 |
1.2 |
|
Long Term Debts Due in 3 Years |
0.8 |
0.2 |
1.9 |
1.7 |
2.3 |
|
Long Term Debts Due in 4 Years |
1.1 |
0.2 |
0.9 |
1.6 |
1.6 |
|
Long Term Debts Due after 5 Years |
2.1 |
0.1 |
0.4 |
2.1 |
3.5 |
|
Total Long Term Debt, Supplemental |
4.7 |
0.7 |
6.2 |
18.3 |
9.8 |
|
Operating Lease due in 1 year |
0.3 |
0.3 |
0.0 |
0.0 |
0.0 |
|
Operating Lease due in 2 years |
0.3 |
0.2 |
0.0 |
0.0 |
0.0 |
|
Operating Lease due in 3 years |
0.3 |
0.2 |
0.0 |
0.0 |
0.0 |
|
Operating Lease due in 4 years |
0.3 |
0.2 |
0.0 |
0.0 |
0.0 |
|
Operating Lease due in 5 years |
0.3 |
0.2 |
0.1 |
0.0 |
0.0 |
|
Total Operating Leases, Supplemental |
1.4 |
1.3 |
0.2 |
0.1 |
0.1 |
|
Accumulated Benefit Obligation |
3.6 |
3.1 |
3.0 |
2.2 |
1.9 |
|
Benefit Obligation |
4.6 |
3.9 |
3.4 |
2.5 |
2.1 |
|
Fair Value of Plan Assets |
2.7 |
2.3 |
2.0 |
1.7 |
1.5 |
|
Funded Status |
-1.9 |
-1.7 |
-1.4 |
-0.8 |
-0.6 |
|
Total Funded Status |
-1.9 |
-1.7 |
-1.4 |
-0.8 |
-0.6 |
|
Discount Rate |
1.75% |
2.00% |
2.25% |
2.25% |
2.75% |
|
Rate of Compensation Increase |
2.00% |
2.00% |
1.00% |
1.00% |
1.00% |
|
Expected Rate of Return on Plan Assets |
1.75% |
2.00% |
2.00% |
2.25% |
1.50% |
|
Deferred Pension Cost |
0.1 |
0.1 |
0.1 |
- |
- |
|
Accrued Pension Liabilities |
-0.9 |
-0.8 |
-1.0 |
-0.6 |
-0.7 |
|
Net Assets Recognized on Balance Sheet |
-0.8 |
-0.7 |
-0.9 |
-0.6 |
-0.7 |
|
|
|
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 |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Reclassified
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 |
EnWise CPAs
& Co. |
EnWise CPAs
& Co. |
EnWise CPAs
& Co. |
EnWise CPAs
& Co. |
EnWise CPAs
& Co. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income |
3.3 |
7.1 |
9.0 |
1.8 |
-5.5 |
|
Depreciation |
4.4 |
4.0 |
3.3 |
3.2 |
3.3 |
|
Deferred Charges |
0.8 |
0.4 |
0.1 |
0.1 |
0.0 |
|
Pension Costs |
-0.2 |
-0.1 |
-0.2 |
-0.1 |
0.0 |
|
Sales Return & Discounts |
0.0 |
0.0 |
-0.1 |
- |
- |
|
Bad Debts Loss |
0.0 |
0.0 |
0.0 |
0.0 |
0.3 |
|
Gain/Loss on Disposal of Assets |
0.0 |
-0.2 |
0.1 |
-0.1 |
0.0 |
|
Other Income |
0.0 |
-0.1 |
-0.2 |
-1.1 |
0.0 |
|
Gain/Loss on Physical Inventories |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Gain/Loss on Financial Assets Valuation |
- |
- |
0.0 |
- |
- |
|
G/L on Financial Liabilities Valuation |
-0.1 |
0.1 |
- |
- |
- |
|
Net Loss on Disposal of Prop&Idle Asset |
- |
- |
- |
0.0 |
0.2 |
|
Equity Investment Gain/Loss |
0.0 |
0.0 |
0.0 |
- |
0.0 |
|
Other Loss |
0.0 |
0.1 |
0.1 |
0.0 |
1.4 |
|
Inventory Devaluation & Obsolescence |
-0.4 |
1.6 |
-0.2 |
-1.8 |
1.0 |
|
Amortization of Corporate Bonds Payable |
0.4 |
0.2 |
- |
- |
- |
|
Impairment Loss on Assets |
0.0 |
0.0 |
2.4 |
1.1 |
1.7 |
|
Financial Assets-Fair Value |
0.0 |
0.2 |
-0.2 |
- |
- |
|
Employee Stock Option Costs |
0.0 |
0.0 |
0.9 |
- |
- |
|
Notes Receivable |
-0.1 |
0.2 |
-0.3 |
-2.1 |
2.7 |
|
Accounts Receivable |
1.4 |
-0.4 |
-7.4 |
0.5 |
0.0 |
|
Other Receivables |
-0.1 |
0.0 |
0.1 |
-0.4 |
0.4 |
|
Inventories |
-1.9 |
-7.9 |
-3.2 |
-0.4 |
4.8 |
|
Prepayment |
0.1 |
0.1 |
0.4 |
-0.8 |
0.2 |
|
Deferred Tax Assets |
0.9 |
-0.2 |
-0.9 |
0.3 |
-0.1 |
|
Notes Payable |
-1.7 |
-0.3 |
0.4 |
-0.2 |
-0.8 |
|
Other Payables |
0.0 |
-0.3 |
0.1 |
0.0 |
- |
|
Accounts Payable |
-3.4 |
-0.3 |
1.7 |
6.5 |
-7.4 |
|
Tax Payable |
0.2 |
-1.2 |
1.1 |
0.0 |
- |
|
Accrued Expenses |
-0.8 |
0.9 |
0.7 |
0.6 |
-0.2 |
|
Advance Receipts |
-2.6 |
1.0 |
2.1 |
0.1 |
0.3 |
|
Other Current Assets |
-0.2 |
0.1 |
0.2 |
- |
- |
|
Other Current Liabilities |
0.0 |
0.0 |
0.0 |
- |
- |
|
Cash from Operating Activities |
0.0 |
5.1 |
10.0 |
7.2 |
2.1 |
|
|
|
|
|
|
|
|
Restricted Assets |
-0.1 |
0.2 |
-1.2 |
0.3 |
0.4 |
|
Other Current Assets |
- |
- |
- |
-0.3 |
0.1 |
|
Capital Expenditure |
-2.6 |
-12.7 |
-3.7 |
-5.8 |
-1.9 |
|
Disposal of Fixed Assets |
0.0 |
0.3 |
0.1 |
0.1 |
0.2 |
|
Deferred Charges |
-0.9 |
-0.7 |
-0.2 |
0.0 |
0.0 |
|
Security Deposit Paid |
- |
- |
- |
- |
0.0 |
|
Other Assets |
0.0 |
2.1 |
-2.0 |
0.3 |
-0.2 |
|
Cash from Investing Activities |
-3.5 |
-10.9 |
-7.0 |
-5.3 |
-1.5 |
|
|
|
|
|
|
|
|
Short Term Borrowings |
4.1 |
1.4 |
- |
- |
4.2 |
|
Repayment of ST Borrowings |
- |
- |
-3.1 |
-7.2 |
- |
|
Short Term Notes Increase |
- |
5.9 |
0.8 |
- |
- |
|
ST Notes Decrease |
-0.5 |
- |
- |
0.0 |
-2.2 |
|
Long Term Borrowings |
3.8 |
- |
- |
5.5 |
- |
|
Repayment of LT Borrowings |
- |
-5.4 |
-12.9 |
- |
-2.8 |
|
Issuance of Corporate Bonds |
0.0 |
10.0 |
0.0 |
- |
- |
|
Cash Dividend - Common Stock |
-3.2 |
-0.9 |
0.0 |
- |
- |
|
Other Current Liabilities |
- |
- |
- |
0.0 |
-0.2 |
|
Other Liabilities Decrease |
0.0 |
-0.2 |
-0.3 |
-0.2 |
0.0 |
|
Accounts Payable, Related Parties |
- |
- |
- |
0.0 |
0.1 |
|
Cash Capital |
0.0 |
0.0 |
13.0 |
- |
- |
|
Cash from Financing Activities |
4.2 |
10.7 |
-2.4 |
-1.9 |
-0.9 |
|
|
|
|
|
|
|
|
Net Change in Cash |
0.7 |
4.9 |
0.6 |
0.1 |
-0.2 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
5.7 |
0.8 |
0.2 |
0.1 |
0.4 |
|
Net Cash - Ending Balance |
6.4 |
5.7 |
0.8 |
0.2 |
0.1 |
|
Cash Interest Paid |
0.3 |
0.2 |
0.8 |
0.7 |
1.0 |
|
Cash Taxes Paid |
0.0 |
1.3 |
0.0 |
0.0 |
0.0 |
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.66 |
|
|
1 |
Rs.102.19 |
|
Euro |
1 |
Rs.87.74 |
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.