MIRA INFORM REPORT

 

 

Report Date :

30.08.2013

 

IDENTIFICATION DETAILS

 

Name :

APAC OPTO ELECTRONICS INC.

 

 

Registered Office :

No. 3, Tzu Chiang Road  Hsinchu Industrial Park  Fengshan Village Hukou, 303

 

 

Country :

Taiwan

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

20.07.1998

 

 

Legal Form :

Public Independent

 

 

Line of Business :

Manufacture of communication equipment

 

 

No. of Employees :

438

 

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

 

Company name and address

Top of Form

APAC Opto Electronics Inc.

                                                                                                                                                   

 

No. 3, Tzu Chiang Road

Hsinchu Industrial Park

Fengshan Village

Hukou, 303

Taiwan

 

 

Tel:

886-3-5986799

Fax:

886-3-5973852

 

www.apacoe.com.tw

 

Employees:

438

Company Type:

Public Independent

Traded:

Gre Tai Security Market:

4908

Incorporation Date:

20-Jul-1998

Auditor:

KPMG LLP

Financials in

 USD (mil)

Fiscal Year End:

31-Dec-2012

Reporting Currency:

Taiwanese New Dollar

Annual Sales:

45.9  1

Net Income:

5.9

Total Assets:

46.5  2

Market Value:

58.8

 

(09-Aug-2013)

                                       

Business Description        

 

APAC Opto Electronics Inc. is principally engaged in the manufacture and distribution of modules. The Company provides optical fiber transceiver modules and optical fiber connectors, which are applied in network and communication devices, information transmission equipment and cable television network devices, among others, as well as digital visual interface (DVI) extenders and high definition multimedia interface (HDMI) extenders, among others. Its products are primarily utilized in the transmission of audio or video message, video information and data. The Company distributes its products principally in Asia, the Americas and Europe. For the three months ended 31 March 2013, APAC Opto Electronics Inc. revenues decreased 7% to NT$325.5M. Net income decreased 10% to NT$36.6M. Revenues reflect a decrease in demand for the Company's products and services due to unfavorable market conditions. Net income also reflects Research and Development Expenses increase of 6% to NT$28.3M (expense), Selling Expenses increase of 12% to NT$7.6M (expense).

          

Industry                                                                                                                                     

 

Industry

Communications Equipment Manufacturing

ANZSIC 2006:

2422 - Communication Equipment Manufacturing

ISIC Rev 4:

2630 - Manufacture of communication equipment

NACE Rev 2:

2630 - Manufacture of communication equipment

NAICS 2012:

33422 - Radio and Television Broadcasting and Wireless Communications Equipment Manufacturing

UK SIC 2007:

26309 - Manufacture of communication equipment (other than telegraph and telephone apparatus and equipment)

US SIC 1987:

3663 - Radio and Television Broadcasting and Communications Equipment

 

 

                    

Key Executives           

                     

 

Name

Title

Jianping Kong

Deputy General Manager

Changyou Li

Deputy General Manager

Zhengyan Ye

Chairman of the Board

Youji Chen

Director

Zhiyuan Liu

Director

                                                         

Significant Developments                   

 

Topic

#*

Most Recent Headline

Date

Dividends

2

Apac Opto Electronics Inc Announces FY 2012 Dividend Payment Date

24-Jul-2013

      

Financial Summary                                                                                                                   

 

As of 31-Mar-2013

Key Ratios

Company

Industry

Current Ratio (MRQ)

4.37

2.32

Quick Ratio (MRQ)

3.41

1.43

Debt to Equity (MRQ)

0.0000

0.56

Sales 5 Year Growth

4.85

8.07

Net Profit Margin (TTM) %

12.58

6.72

Return on Assets (TTM) %

12.22

5.54

Return on Equity (TTM) %

14.55

13.32

 

 

 

 

Stock Snapshot                                    

 

Traded: Gre Tai Security Market: 4908

 

As of 9-Aug-2013

   Financials in: TWD

Recent Price

23.50

 

EPS

2.30

52 Week High

29.80

 

Price/Sales

1.29

52 Week Low

22.65

 

Dividend Rate

2.00

Avg. Volume (mil)

0.0002

 

Price/Earnings

11.87

Market Value (mil)

1,757.87

 

Price/Book

1.54

 

 

 

Beta

1.14

 

Price % Change

Rel S&P 500%

4 Week

-4.67%

-0.25%

13 Week

-12.15%

-7.41%

52 Week

-13.44%

-18.09%

Year to Date

-15.16%

-16.85%

 

 

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. 3, Tzu Chiang Road
Hsinchu Industrial Park
Fengshan Village
Hukou, 303
Taiwan

 

Tel:

886-3-5986799

Fax:

886-3-5973852

 

www.apacoe.com.tw

Quote Symbol - Exchange

4908 - Gre Tai Security Market

Sales TWD(mil):

1,358.0

Assets TWD(mil):

1,350.5

Employees:

438

Fiscal Year End:

31-Dec-2012

 

Industry:

Communications Equipment

Incorporation Date:

20-Jul-1998

Company Type:

Public Independent

Quoted Status:

Quoted

 

Chairman of the Board:

Zhengyan Ye

 

Industry Codes

 

ANZSIC 2006 Codes:

2422

-

Communication Equipment Manufacturing

2439

-

Other Electrical Equipment Manufacturing

2429

-

Other Electronic Equipment Manufacturing

 

ISIC Rev 4 Codes:

2630

-

Manufacture of communication equipment

2710

-

Manufacture of electric motors, generators, transformers and electricity distribution and control apparatus

2790

-

Manufacture of other electrical equipment

 

NACE Rev 2 Codes:

2630

-

Manufacture of communication equipment

2790

-

Manufacture of other electrical equipment

2712

-

Manufacture of electricity distribution and control apparatus

 

NAICS 2012 Codes:

33422

-

Radio and Television Broadcasting and Wireless Communications Equipment Manufacturing

335999

-

All Other Miscellaneous Electrical Equipment and Component Manufacturing

334417

-

Electronic Connector Manufacturing

 

US SIC 1987:

3663

-

Radio and Television Broadcasting and Communications Equipment

3678

-

Electronic Connectors

3629

-

Electrical Industrial Apparatus, Not Elsewhere Classified

 

UK SIC 2007:

26309

-

Manufacture of communication equipment (other than telegraph and telephone apparatus and equipment)

2790

-

Manufacture of other electrical equipment

2712

-

Manufacture of electricity distribution and control apparatus

 

Business Description

APAC Opto Electronics Inc. is principally engaged in the manufacture and distribution of modules. The Company provides optical fiber transceiver modules and optical fiber connectors, which are applied in network and communication devices, information transmission equipment and cable television network devices, among others, as well as digital visual interface (DVI) extenders and high definition multimedia interface (HDMI) extenders, among others. Its products are primarily utilized in the transmission of audio or video message, video information and data. The Company distributes its products principally in Asia, the Americas and Europe. For the three months ended 31 March 2013, APAC Opto Electronics Inc. revenues decreased 7% to NT$325.5M. Net income decreased 10% to NT$36.6M. Revenues reflect a decrease in demand for the Company's products and services due to unfavorable market conditions. Net income also reflects Research and Development Expenses increase of 6% to NT$28.3M (expense), Selling Expenses increase of 12% to NT$7.6M (expense).

 

More Business Descriptions

Design and manufacture fibre optic communication modules including transceiver modules, single fibre transceiver modules, CWDM series, discrete components and power monitor modules

 

 

 

 

 

 

Financial Data

Financials in:

TWD(mil)

 

Revenue:

1,358.0

Net Income:

174.6

Assets:

1,350.5

Long Term Debt:

0.0

 

Total Liabilities:

211.4

 

Working Capital:

0.3

 

 

 

Date of Financial Data:

31-Dec-2012

 

1 Year Growth

-6.1%

-1.0%

2.2%

 

Market Data

Quote Symbol:

4908

Exchange:

Gre Tai Security Market

Currency:

TWD

Stock Price:

23.5

Stock Price Date:

08-09-2013

52 Week Price Change %:

-13.4

Market Value (mil):

1,757,874.0

 

SEDOL:

6431701

ISIN:

TW0004908009

 

Equity and Dept Distribution:

9/2002, 17% stock dividend. Company incoporated on 7/20/98. FY'02 financials were reclassified. FY'04 B/S reclassified. 08/2006, 8% stock dividend. 08/2007, 36% stock dividend. FY'06, Annual, C/F is being CLA. BGS reflects export revenues only. 08/2008, 15% stock dividend. 09/2010, 5% stock dividend. 08 I/S was CLA.

 

 

Key Corporate Relationships

Auditor:

KPMG LLP

 

Auditor:

KPMG, KPMG LLP

 

 

 

 

 

 

 

 

 

 

Executives Report

 

Board of Directors

 

Name

Title

Function

Zhengyan Ye

 

Chairman of the Board

Chairman

Biography:

Mr. Ye Zhengyan has been Chairman of the Board in APAC Opto Electronics Inc. since March 21, 2012. He is also Chairman of the Board in a hardware company.

 

Youji Chen

 

Director

Director/Board Member

 

 

Biography:

Chen Youji has been Director in APAC Opto Electronics Inc. since March 9, 2012. Chen is also Head of Accounting in a hardware company.

 

Duanyou Hong

 

General Manager, Director

Director/Board Member

 

 

Biography:

Hong Duanyou has been General Manager and Director in APAC Opto Electronics Inc. since September 29, 2003. Hong holds a Ph.D in Optoelectronics from National Tsing Hua University, Taiwan.

 

Education:

National Tsing Hua University, PHD

 

Zhiyuan Liu

 

Director

Director/Board Member

 

 

Xiuxia You

 

Director

Director/Board Member

 

 

Biography:

You Xiuxia has been Director in APAC Opto Electronics Inc. since March 24, 2000. You is also Deputy Manager in the Company.

 

 

Executives

 

Name

Title

Function

 

Duanyou Hong

 

General Manager, Director

Division Head Executive

 

Biography:

Hong Duanyou has been General Manager and Director in APAC Opto Electronics Inc. since September 29, 2003. Hong holds a Ph.D in Optoelectronics from National Tsing Hua University, Taiwan.

 

Education:

National Tsing Hua University, PHD

 

Jianping Kong

 

Deputy General Manager

Division Head Executive

 

 

Biography:

Kong Jianping has been Deputy General Manager in APAC Opto Electronics Inc. since April 6, 2010. Kong holds a Master from National Tsing Hua University, Taiwan.

 

Education:

National Tsing Hua University, M

 

Changyou Li

 

Deputy General Manager

Division Head Executive

 

 

Biography:

Li Changyou has been Deputy General Manager in APAC Opto Electronics Inc. since June 3, 2003. Li holds a Master's degree in Electrical Engineering from University of Wisconsin, the United States.

 

Education:

University of Wisconsin, M (Electrical Engineering)

 

Huanjie Xiao

 

Deputy General Manager

Division Head Executive

 

 

Qiwen Zhang

 

Deputy General Manager

Division Head Executive

 

 

Biography:

Zhang Qiwen has been Deputy General Manager in APAC Opto Electronics Inc. since June 3, 2003. Zhang holds a Master's degree from National Tsing Hua University, Taiwan.

 

Education:

University of California, Los Angeles, MBA
National Tsing Hua University, M
National Taiwan University, B (Economics)

 

 

Significant Developments

 

 

 

Apac Opto Electronics Inc Announces FY 2012 Dividend Payment Date

Jul 24, 2013


Apac Opto Electronics Inc announced that it will pay a cash dividend of NTD 2.0 per share, or NTD 149,606,314 in total for fiscal year 2012, to shareholders of record on August 17, 2013. The Company's shares will be traded ex-dividend on August 9, 2013.

Apac Opto Electronics Inc Announces FY 2012 Dividend Payment

May 08, 2013


Apac Opto Electronics Inc announced that it will pay a cash dividend of NTD 2.0 per share, or NTD 149,606,314 in total to shareholders for fiscal year 2012.

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

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2012

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Reclassified Normal
31-Dec-2009

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 LLP

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Gross Revenue

46.1

49.3

50.0

38.2

34.7

    Sales Returns and Allowances

-0.2

0.0

-0.2

-0.1

-0.1

Revenue

45.9

49.2

49.9

38.1

34.6

Total Revenue

45.9

49.2

49.9

38.1

34.6

 

 

 

 

 

 

    Cost of Revenue

33.1

38.0

38.0

28.8

24.4

Cost of Revenue, Total

33.1

38.0

38.0

28.8

24.4

Gross Profit

12.8

11.3

11.9

9.3

10.3

 

 

 

 

 

 

    Selling/General/Administrative Expense

2.5

2.4

2.5

2.0

2.3

Total Selling/General/Administrative Expenses

2.5

2.4

2.5

2.0

2.3

Research & Development

3.8

3.3

2.8

2.1

1.9

Total Operating Expense

39.4

43.7

43.4

32.9

28.6

 

 

 

 

 

 

Operating Income

6.5

5.5

6.5

5.2

6.0

 

 

 

 

 

 

        Interest Expense - Non-Operating

0.0

-

-

-

-

    Interest Expense, Net Non-Operating

0.0

-

-

-

-

        Interest Income - Non-Operating

0.1

0.1

0.0

0.1

0.4

        Investment Income - Non-Operating

-0.2

0.6

-0.6

-0.1

0.3

    Interest/Investment Income - Non-Operating

-0.1

0.7

-0.6

0.0

0.7

Interest Income (Expense) - Net Non-Operating Total

-0.1

0.7

-0.6

0.0

0.7

Gain (Loss) on Sale of Assets

-

0.0

-0.4

0.0

0.0

    Other Non-Operating Income (Expense)

0.1

0.1

0.2

0.1

0.0

Other, Net

0.1

0.1

0.2

0.1

0.0

Income Before Tax

6.4

6.3

5.7

5.3

6.7

 

 

 

 

 

 

Total Income Tax

0.5

0.3

0.0

0.5

0.5

Income After Tax

5.9

6.0

5.7

4.7

6.2

 

 

 

 

 

 

Net Income Before Extraord Items

5.9

6.0

5.7

4.7

6.2

Net Income

5.9

6.0

5.7

4.7

6.2

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

5.9

6.0

5.7

4.7

6.2

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

5.9

6.0

5.7

4.7

6.2

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

74.8

74.6

74.4

73.7

73.4

Basic EPS Excl Extraord Items

0.08

0.08

0.08

0.06

0.08

Basic/Primary EPS Incl Extraord Items

0.08

0.08

0.08

0.06

0.08

Dilution Adjustment

0.0

0.0

0.0

0.0

-

Diluted Net Income

5.9

6.0

5.7

4.7

6.2

Diluted Weighted Average Shares

76.1

76.1

75.6

74.5

75.5

Diluted EPS Excl Extraord Items

0.08

0.08

0.08

0.06

0.08

Diluted EPS Incl Extraord Items

0.08

0.08

0.08

0.06

0.08

Dividends per Share - Common Stock Primary Issue

0.07

0.07

0.05

0.04

0.06

Gross Dividends - Common Stock

5.1

5.1

3.6

3.1

4.4

Interest Expense, Supplemental

0.0

-

-

-

-

Depreciation, Supplemental

2.6

2.5

1.9

1.5

1.0

Total Special Items

-

0.0

0.4

0.0

0.0

Normalized Income Before Tax

6.4

6.3

6.1

5.3

6.7

 

 

 

 

 

 

Effect of Special Items on Income Taxes

-

0.0

0.0

0.0

0.0

Inc Tax Ex Impact of Sp Items

0.5

0.3

0.0

0.5

0.5

Normalized Income After Tax

5.9

6.0

6.1

4.7

6.2

 

 

 

 

 

 

Normalized Inc. Avail to Com.

5.9

6.0

6.1

4.7

6.2

 

 

 

 

 

 

Basic Normalized EPS

0.08

0.08

0.08

0.06

0.08

Diluted Normalized EPS

0.08

0.08

0.08

0.06

0.08

Amort of Intangibles, Supplemental

0.0

0.0

-

-

-

Rental Expenses

-

-

0.1

-

-

Advertising Expense, Supplemental

-

0.1

0.0

-

-

Research & Development Exp, Supplemental

3.8

3.3

2.8

2.1

1.9

Normalized EBIT

6.5

5.5

6.5

5.2

6.0

Normalized EBITDA

9.1

8.0

8.4

6.7

7.1

    Current Tax - Total

0.5

0.5

0.4

0.5

0.5

Current Tax - Total

0.5

0.5

0.4

0.5

0.5

    Deferred Tax - Total

0.0

-0.2

-0.4

0.0

0.0

Deferred Tax - Total

0.0

-0.2

-0.4

0.0

0.0

Income Tax - Total

0.5

0.3

0.0

0.5

0.5

Interest Cost - Domestic

0.0

0.0

0.0

0.0

0.0

Service Cost - Domestic

0.0

0.0

0.0

0.0

0.0

Expected Return on Assets - Domestic

0.0

0.0

0.0

0.0

0.0

Transition Costs - Domestic

0.0

0.0

0.0

0.0

0.0

Domestic Pension Plan Expense

0.0

0.0

0.0

0.0

0.0

Defined Contribution Expense - Domestic

0.3

0.3

0.3

0.2

0.2

Total Pension Expense

0.3

0.3

0.3

0.2

0.2

Discount Rate - Domestic

1.75%

2.00%

1.75%

2.25%

2.25%

Expected Rate of Return - Domestic

1.75%

2.00%

1.75%

2.25%

2.25%

Compensation Rate - Domestic

3.00%

3.00%

3.00%

3.00%

3.00%

Total Plan Interest Cost

0.0

0.0

0.0

0.0

0.0

Total Plan Service Cost

0.0

0.0

0.0

0.0

0.0

Total Plan Expected Return

0.0

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
31-Dec-2012

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate

29.011999

30.279

29.1565

31.985

32.818

Auditor

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Cash & Equivalents

15.3

12.2

8.8

8.9

16.9

    Short Term Investments

0.0

0.0

0.0

0.0

0.0

Cash and Short Term Investments

15.4

12.2

8.8

8.9

16.9

        Accounts Receivable - Trade, Gross

6.5

7.0

4.9

6.4

5.0

        Provision for Doubtful Accounts

-0.3

-0.3

-0.2

-0.1

-0.1

    Trade Accounts Receivable - Net

6.2

6.7

4.6

6.3

4.9

    Notes Receivable - Short Term

0.0

0.0

0.0

0.0

0.0

Total Receivables, Net

6.2

6.7

4.6

6.3

4.9

    Inventories - Finished Goods

2.5

2.0

3.6

1.2

1.7

    Inventories - Work In Progress

2.6

2.1

2.8

2.0

2.0

    Inventories - Raw Materials

2.1

1.8

2.9

1.6

1.6

    Inventories - Other

-

-

-

-

-0.3

Total Inventory

7.3

5.9

9.3

4.8

5.1

Prepaid Expenses

0.3

0.3

0.3

0.2

0.1

    Deferred Income Tax - Current Asset

0.6

0.5

0.4

-

-

Other Current Assets, Total

0.6

0.5

0.4

-

-

Total Current Assets

29.8

25.6

23.5

20.3

27.0

 

 

 

 

 

 

        Buildings

6.1

5.8

6.0

6.4

0.9

        Land/Improvements

5.2

5.0

5.2

4.7

-

        Machinery/Equipment

20.0

18.8

18.6

14.1

11.6

        Construction in Progress

0.1

0.0

0.6

0.3

0.4

    Property/Plant/Equipment - Gross

31.3

29.7

30.4

25.5

12.9

    Accumulated Depreciation

-14.8

-12.0

-11.1

-8.7

-7.1

Property/Plant/Equipment - Net

16.5

17.7

19.2

16.8

5.7

Intangibles, Net

0.1

0.1

-

-

-

    Deferred Charges

-

0.0

0.2

0.2

0.2

    Deferred Income Tax - Long Term Asset

0.0

0.2

-

-

-

    Other Long Term Assets

0.1

0.1

0.1

0.1

0.2

Other Long Term Assets, Total

0.2

0.3

0.3

0.3

0.3

Total Assets

46.5

43.6

43.0

37.4

33.1

 

 

 

 

 

 

Accounts Payable

3.2

3.3

3.7

3.3

1.2

Accrued Expenses

4.1

4.0

3.9

3.8

3.2

Notes Payable/Short Term Debt

0.0

0.0

0.0

0.9

0.6

Total Current Liabilities

7.3

7.3

7.6

7.9

5.0

 

 

 

 

 

 

Total Long Term Debt

0.0

0.0

0.0

0.0

0.0

Total Debt

0.0

0.0

0.0

0.9

0.6

 

 

 

 

 

 

    Pension Benefits - Underfunded

-

-

0.0

0.0

0.1

Other Liabilities, Total

-

-

0.0

0.0

0.1

Total Liabilities

7.3

7.3

7.6

7.9

5.0

 

 

 

 

 

 

    Common Stock

25.8

24.7

24.3

21.0

20.3

Common Stock

25.8

24.7

24.3

21.0

20.3

Additional Paid-In Capital

0.8

0.3

0.2

0.0

-

Retained Earnings (Accumulated Deficit)

12.7

11.3

10.8

8.4

7.8

    Other Equity

-

-

-

0.0

0.0

Other Equity, Total

-

-

-

0.0

0.0

Total Equity

39.3

36.3

35.4

29.5

28.1

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

46.5

43.6

43.0

37.4

33.1

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

74.8

74.7

74.5

74.0

73.5

Total Common Shares Outstanding

74.8

74.7

74.5

74.0

73.5

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

0.0

Employees

438

449

452

402

295

Number of Common Shareholders

7,578

7,359

7,647

6,146

5,452

Total Operating Leases, Supplemental

-

-

-

-

1.2

Operating Lease Payments Due in Year 1

-

-

-

-

0.3

Operating Lease Payments Due in Year 2

-

-

-

-

0.3

Operating Lease Payments Due in Year 3

-

-

-

-

0.3

Operating Lease Payments Due in Year 4

-

-

-

-

0.3

Operating Lease Pymts. Due in 2-3 Years

-

-

-

-

0.6

Operating Lease Pymts. Due in 4-5 Years

-

-

-

-

0.3

Oper. Lse. Pymts. Due in Year 6 & Beyond

-

-

-

-

0.0

Pension Obligation - Domestic

0.7

0.6

0.6

0.5

0.5

Plan Assets - Domestic

0.5

0.5

0.5

0.4

0.3

Funded Status - Domestic

-0.2

-0.1

-0.2

-0.1

-0.1

Accumulated Obligation - Domestic

0.4

0.3

0.3

0.2

0.2

Total Funded Status

-0.2

-0.1

-0.2

-0.1

-0.1

Discount Rate - Domestic

1.75%

2.00%

1.75%

2.25%

2.25%

Expected Rate of Return - Domestic

1.75%

2.00%

1.75%

2.25%

2.25%

Compensation Rate - Domestic

3.00%

3.00%

3.00%

3.00%

3.00%

Accrued Liabilities - Domestic

-

0.0

0.0

0.0

-0.1

Net Assets Recognized on Balance Sheet

-

0.0

0.0

0.0

-0.1

Total Plan Obligations

0.7

0.6

0.6

0.5

0.5

Total Plan Assets

0.5

0.5

0.5

0.4

0.3

 



 

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
31-Dec-2012

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

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 LLP

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

Net Income/Starting Line

5.9

6.0

5.7

4.7

6.2

    Depreciation

2.6

2.5

1.9

1.5

1.0

Depreciation/Depletion

2.6

2.5

1.9

1.5

1.0

    Amortization of Intangibles

0.0

0.0

0.2

0.2

0.2

Amortization

0.0

0.0

0.2

0.2

0.2

Deferred Taxes

0.0

-0.2

-0.4

-

-

    Unusual Items

0.0

0.0

0.4

0.0

0.0

    Other Non-Cash Items

0.4

-

-

-

-

Non-Cash Items

0.4

0.0

0.4

0.0

0.0

    Accounts Receivable

0.8

-2.3

2.1

-1.2

0.5

    Inventories

-1.1

3.2

-3.7

0.4

-1.8

    Prepaid Expenses

0.0

0.1

-0.1

-0.1

0.1

    Other Assets

0.0

0.0

0.0

0.0

0.0

    Accounts Payable

-0.3

-0.2

0.1

2.0

0.3

    Accrued Expenses

0.0

0.3

-0.2

0.5

1.5

    Other Liabilities

0.0

0.0

-0.9

0.3

0.1

Changes in Working Capital

-0.7

1.0

-2.7

1.9

0.9

Cash from Operating Activities

8.2

9.2

5.1

8.3

8.4

 

 

 

 

 

 

    Purchase of Fixed Assets

-0.6

-1.6

-3.1

-12.2

-3.8

    Purchase/Acquisition of Intangibles

0.0

-0.1

-0.2

-

-

Capital Expenditures

-0.7

-1.6

-3.3

-12.2

-3.8

    Sale of Fixed Assets

0.0

0.0

0.0

0.0

0.0

    Sale/Maturity of Investment

3.7

-

-

-

-

    Purchase of Investments

-3.7

-

-

-

-

    Other Investing Cash Flow

0.0

0.0

0.1

-0.2

-0.3

Other Investing Cash Flow Items, Total

0.0

0.0

0.1

-0.2

-0.3

Cash from Investing Activities

-0.7

-1.6

-3.2

-12.3

-4.0

 

 

 

 

 

 

    Other Financing Cash Flow

-

-

-

0.0

-0.6

Financing Cash Flow Items

-

-

-

0.0

-0.6

    Cash Dividends Paid - Common

-5.1

-3.9

-3.2

-4.2

-2.7

Total Cash Dividends Paid

-5.1

-3.9

-3.2

-4.2

-2.7

    Options Exercised

0.1

0.2

0.3

0.2

0.1

Issuance (Retirement) of Stock, Net

0.1

0.2

0.3

0.2

0.1

Cash from Financing Activities

-5.0

-3.7

-2.9

-4.1

-3.2

 

 

 

 

 

 

Net Change in Cash

2.6

3.9

-1.0

-8.1

1.2

 

 

 

 

 

 

Net Cash - Beginning Balance

12.5

8.7

9.1

16.8

16.4

Net Cash - Ending Balance

15.1

12.6

8.1

8.7

17.5

Cash Interest Paid

-

-

-

-

0.0

Cash Taxes Paid

0.5

0.4

0.6

0.4

0.2

 

 

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

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2012

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Reclassified Normal
31-Dec-2009

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 LLP

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Gross Sales

46.1

49.3

50.0

38.2

34.7

    Sales Returns

-0.2

0.0

-0.1

-0.1

-0.1

    Sales Discounts and Allowances

0.0

0.0

0.0

-0.1

0.0

Total Revenue

45.9

49.2

49.9

38.1

34.6

 

 

 

 

 

 

    Cost of Sales

33.1

38.0

38.0

28.8

24.4

    Selling Expenses

1.0

1.0

1.2

0.9

1.0

    General and Administrative Expenses

1.5

1.4

1.3

1.1

1.3

    Research and Development Expenses

3.8

3.3

2.8

2.1

1.9

Total Operating Expense

39.4

43.7

43.4

32.9

28.6

 

 

 

 

 

 

    Interest Income

0.1

0.1

0.0

0.1

0.4

    Gain on Sale of Fixed Assets

-

-

-

0.0

0.0

    Gain on Foreign Exchange

0.0

0.6

-

0.0

0.3

    Miscellaneous Income

0.1

0.1

0.2

0.1

0.0

    Interest Expense

0.0

-

-

-

-

    Loss on Disposal of Fixed Assets

-

0.0

-0.4

-

-

    Losses on Foreign Exchange

-0.2

0.0

-0.6

-0.1

0.0

    Miscellaneous Disbursements

0.0

0.0

-

0.0

0.0

Net Income Before Taxes

6.4

6.3

5.7

5.3

6.7

 

 

 

 

 

 

Provision for Income Taxes

0.5

0.3

0.0

0.5

0.5

Net Income After Taxes

5.9

6.0

5.7

4.7

6.2

 

 

 

 

 

 

Net Income Before Extra. Items

5.9

6.0

5.7

4.7

6.2

Net Income

5.9

6.0

5.7

4.7

6.2

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

5.9

6.0

5.7

4.7

6.2

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

5.9

6.0

5.7

4.7

6.2

 

 

 

 

 

 

Basic Weighted Average Shares

74.8

74.6

74.4

73.7

73.4

Basic EPS Excluding ExtraOrdinary Items

0.08

0.08

0.08

0.06

0.08

Basic EPS Including ExtraOrdinary Items

0.08

0.08

0.08

0.06

0.08

Dilution Adjustment

0.0

0.0

0.0

0.0

-

Diluted Net Income

5.9

6.0

5.7

4.7

6.2

Diluted Weighted Average Shares

76.1

76.1

75.6

74.5

75.5

Diluted EPS Excluding ExtraOrd Items

0.08

0.08

0.08

0.06

0.08

Diluted EPS Including ExtraOrd Items

0.08

0.08

0.08

0.06

0.08

DPS-Ordinary Shares

0.07

0.07

0.05

0.04

0.06

Gross Dividends - Common Stock

5.1

5.1

3.6

3.1

4.4

Normalized Income Before Taxes

6.4

6.3

6.1

5.3

6.7

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.5

0.3

0.0

0.5

0.5

Normalized Income After Taxes

5.9

6.0

6.1

4.7

6.2

 

 

 

 

 

 

Normalized Inc. Avail to Com.

5.9

6.0

6.1

4.7

6.2

 

 

 

 

 

 

Basic Normalized EPS

0.08

0.08

0.08

0.06

0.08

Diluted Normalized EPS

0.08

0.08

0.08

0.06

0.08

R&D Expense, Supplemental

3.8

3.3

2.8

2.1

1.9

Advertising Expense

-

0.1

0.0

-

-

Rental Expense

-

-

0.1

-

-

Interest Expense

0.0

-

-

-

-

Depreciation - Operating Cost

1.8

1.7

1.4

0.9

0.5

Depreciation - Operating Expense

0.8

0.7

0.5

0.6

0.5

Amortisation - Operating Cost

0.0

0.0

-

-

-

Amortisation - Operating Expense

0.0

0.0

-

-

-

    Current Tax

0.5

0.5

0.4

0.5

0.5

Current Tax - Total

0.5

0.5

0.4

0.5

0.5

    Deferred Tax

0.0

-0.2

-0.4

0.0

0.0

Deferred Tax - Total

0.0

-0.2

-0.4

0.0

0.0

Income Tax - Total

0.5

0.3

0.0

0.5

0.5

Service Cost

0.0

0.0

0.0

0.0

0.0

Interest Cost

0.0

0.0

0.0

0.0

0.0

Expected Return on Plan Assets

0.0

0.0

0.0

0.0

0.0

Amort. Transitional Benefit Obligation

0.0

0.0

0.0

0.0

0.0

Domestic Pension Plan Expense

0.0

0.0

0.0

0.0

0.0

Defined Contribution Expense - Domestic

0.3

0.3

0.3

0.2

0.2

Total Pension Expense

0.3

0.3

0.3

0.2

0.2

Discount Rate

1.75%

2.00%

1.75%

2.25%

2.25%

Rate of Compensation Increase

3.00%

3.00%

3.00%

3.00%

3.00%

Expected Rate of Return on Plan Assets

1.75%

2.00%

1.75%

2.25%

2.25%

 

 

 

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
31-Dec-2012

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate

29.011999

30.279

29.1565

31.985

32.818

Auditor

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Cash and Cash Equivalent

15.3

12.2

8.8

8.9

16.9

    Notes Receivable

0.0

0.0

0.0

0.0

0.0

    Accounts Receivable, Gross

6.5

7.0

4.9

6.4

5.0

    Provision for Doubtful Accounts

-0.3

-0.3

-0.2

-0.1

-0.1

    Other Financial Assets - Current

0.0

0.0

0.0

0.0

0.0

    Merchandise inve.

0.0

0.0

0.0

-

0.0

    Finished Goods

2.5

2.0

3.6

1.2

1.7

    Work in Process

2.6

2.1

2.8

2.0

2.0

    Raw Material

2.1

1.8

2.9

1.6

1.6

    Provision/Allowance for Inventory

-

-

-

-

-0.3

    Prepayment & Other Current Assets

0.3

0.3

0.3

0.2

0.1

    Deferred Income Tax Assets - Current

0.6

0.5

0.4

-

-

Total Current Assets

29.8

25.6

23.5

20.3

27.0

 

 

 

 

 

 

    Land

5.2

5.0

5.2

4.7

-

    Buildings and Structures

6.1

5.8

6.0

5.5

-

    Machinery and Equipment

16.4

15.4

15.7

12.8

10.8

    Transportation Equipment

-

0.0

0.0

0.0

0.0

    Office Equipment

3.5

3.4

2.9

1.2

0.8

    Leasehold Improvement

-

-

0.0

0.9

0.9

    Accumulated Depreciation

-14.6

-11.7

-10.9

-8.5

-6.9

    Provision for Impairment of Fixed Assets

-0.2

-0.2

-0.2

-0.2

-0.2

    Intangible Assets

0.1

0.1

-

-

-

    Prepayment for Equipment

0.1

0.0

0.6

0.0

0.4

    Construction in Progress

0.0

0.0

0.0

0.3

0.0

    Security Deposits Paid/other

0.1

0.1

0.1

0.1

0.2

    Deferred Charges

-

0.0

0.2

0.2

0.2

    Deferred Income Tax Assets

0.0

0.2

-

-

-

    Restricted Assets

0.0

0.0

-

-

-

Total Assets

46.5

43.6

43.0

37.4

33.1

 

 

 

 

 

 

    Notes Payable

-

-

0.0

0.9

0.6

    Accounts Payable

3.2

3.3

3.7

3.3

1.2

    Accrued Expenses & Other Current Liab.

4.1

4.0

3.9

3.8

3.2

Total Current Liabilities

7.3

7.3

7.6

7.9

5.0

 

 

 

 

 

 

    Accrued Pension Liabilities

-

-

0.0

0.0

0.1

Total Liabilities

7.3

7.3

7.6

7.9

5.0

 

 

 

 

 

 

    Common Stock

25.8

24.7

24.3

21.0

20.3

    Advance Receipt for Common Stock

-

-

-

0.0

0.0

    Cap.Surplus, Additional Paid in Capital

0.8

0.3

0.2

0.0

-

    Legal Reserve

4.2

3.4

3.0

2.2

1.6

    Retained Earning

8.5

7.9

7.9

6.2

6.2

Total Equity

39.3

36.3

35.4

29.5

28.1

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

46.5

43.6

43.0

37.4

33.1

 

 

 

 

 

 

    S/O-Ordinary Shares

74.8

74.7

74.5

74.0

73.5

Total Common Shares Outstanding

74.8

74.7

74.5

74.0

73.5

T/S-Ordinary Shares

0.0

0.0

0.0

0.0

0.0

Full-Time Employees

438

449

452

402

295

Number of Common Shareholders

7,578

7,359

7,647

6,146

5,452

Operating Lease Maturing within 1 year

-

-

-

-

0.3

Operating Lease Maturing within 2 years

-

-

-

-

0.3

Operating Lease Maturing within 3 years

-

-

-

-

0.3

Operating Lease Maturing within 4 years

-

-

-

-

0.3

Total Operating Leases, Supplemental

-

-

-

-

1.2

Benefit Obligation

0.7

0.6

0.6

0.5

0.5

Fair Value of Plan Assets

0.5

0.5

0.5

0.4

0.3

Funded Status

-0.2

-0.1

-0.2

-0.1

-0.1

Accumulated Benefit Obligation

0.4

0.3

0.3

0.2

0.2

Total Funded Status

-0.2

-0.1

-0.2

-0.1

-0.1

Discount Rate

1.75%

2.00%

1.75%

2.25%

2.25%

Rate of Compensation Increase

3.00%

3.00%

3.00%

3.00%

3.00%

Expected Rate of Return on Plan Assets

1.75%

2.00%

1.75%

2.25%

2.25%

Accrued Pension Liabilities

-

0.0

0.0

0.0

-0.1

Net Assets Recognized on Balance Sheet

-

0.0

0.0

0.0

-0.1

 

 

 

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
31-Dec-2012

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

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 LLP

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

Net Income

5.9

6.0

5.7

4.7

6.2

    Depreciation

2.6

2.5

1.9

1.5

1.0

    Amortization of Intangibles

0.0

0.0

0.2

0.2

0.2

    Loss on Disposal of Fixed Assets

0.0

0.0

0.4

0.0

0.0

    G/L on Sale of Investments

0.0

-

-

-

-

    Stock Compensation cost

0.4

-

-

-

-

    Deferred Tax

0.0

-0.2

-0.4

-

-

    Notes Receivable

0.0

0.0

0.0

0.0

0.1

    Accounts Receivable

0.8

-2.3

2.1

-1.3

0.4

    Other Financial Assets

0.0

0.0

0.0

0.0

0.0

    Inventories

-1.1

3.2

-3.7

0.4

-1.8

    Prepayments & Other Current Assets

0.0

0.1

-0.1

-0.1

0.1

    Notes Payable

-

0.0

-0.9

0.3

0.2

    Accounts Payable

-0.3

-0.2

0.1

2.0

0.3

    Accrued Expenses & Other Current Liab.

0.0

0.3

-0.2

0.5

1.5

    Accrued Pension Liabilities

0.0

0.0

0.0

0.0

0.0

Cash from Operating Activities

8.2

9.2

5.1

8.3

8.4

 

 

 

 

 

 

    Capital Expenditure

-0.6

-1.6

-3.1

-12.2

-3.8

    Disposal of Fixed Assets

0.0

0.0

0.0

0.0

0.0

    Security Deposit Paid

0.0

0.0

0.1

0.0

0.0

    Deferred Charges

-

0.0

-

-0.2

-0.2

    Restricted Assets

0.0

0.0

-

-

-

    Purchase of Financial Assets for Sale

-3.7

-

-

-

-

    Purchase of Intangible Assets

0.0

-0.1

-0.2

-

-

    Disposal of Financial Assets for Sale

3.7

-

-

-

-

Cash from Investing Activities

-0.7

-1.6

-3.2

-12.3

-4.0

 

 

 

 

 

 

    Employee Stock Option Excercised

0.1

0.2

0.3

0.2

0.1

    Cash Dividend

-5.1

-3.9

-3.2

-4.2

-2.7

    Employees Bonus

-

-

-

0.0

-0.4

    Directors Remuneration

-

-

-

0.0

-0.2

Cash from Financing Activities

-5.0

-3.7

-2.9

-4.1

-3.2

 

 

 

 

 

 

Net Change in Cash

2.6

3.9

-1.0

-8.1

1.2

 

 

 

 

 

 

Net Cash - Beginning Balance

12.5

8.7

9.1

16.8

16.4

Net Cash - Ending Balance

15.1

12.6

8.1

8.7

17.5

    Cash Interest Paid

-

-

-

-

0.0

    Cash Taxes Paid

0.5

0.4

0.6

0.4

0.2

 

 

Financial Health

 

Financials in: USD (mil)

 

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

 

 

 

Key Indicators USD (mil)

 

Quarter
Ending
31-Mar-2013

Quarter
Ending
Yr Ago

Annual
Year End
31-Dec-2012

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1 (?)

11.0

-6.54%

45.9

-6.13%

2.58%

4.85%

Research & Development1 (?)

1.0

6.28%

3.8

16.24%

17.44%

18.43%

Operating Income1 (?)

1.1

-38.47%

6.5

17.87%

3.83%

-3.73%

Income Available to Common Excl Extraord Items1 (?)

1.2

-9.53%

5.9

-1.03%

3.82%

-5.93%

Basic EPS Excl Extraord Items1 (?)

0.02

-9.59%

0.08

-1.26%

3.32%

-7.09%

Capital Expenditures2 (?)

0.0

-58.73%

0.7

-58.76%

-63.46%

-7.97%

Cash from Operating Activities2 (?)

2.2

-9.36%

8.2

-10.19%

-4.00%

-6.23%

Free Cash Flow (?)

2.1

-7.46%

7.7

0.15%

-

-6.06%

Total Assets3 (?)

46.2

1.05%

46.5

2.24%

4.12%

7.86%

Total Liabilities3 (?)

7.0

-9.27%

7.3

-4.38%

-5.91%

16.70%

Total Long Term Debt3 (?)

0.0

-

0.0

-

-

-

Employees3 (?)

-

-

438

-2.45%

2.90%

13.55%

Total Common Shares Outstanding3 (?)

74.8

0.07%

74.8

0.09%

0.37%

1.04%

1-ExchangeRate: TWD to USD Average for Period

29.473353

 

29.579620

 

 

 

2-ExchangeRate: TWD to USD Average for Period

29.473353

 

29.579620

 

 

 

3-ExchangeRate: TWD to USD Period End Date

29.908335

 

29.011999

 

 

 

Utility Industry Specific USD (mil)

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

 

 

Deferred Charges3 (?)

0.0

0.2

0.2

0.2

 

 

3-ExchangeRate: TWD to USD Period End Date

30.279000

29.156500

31.985000

32.818000

 

 

Key Ratios

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Profitability

Gross Margin (?)

27.84%

22.86%

23.85%

24.46%

29.65%

Operating Margin (?)

14.08%

11.21%

13.09%

13.57%

17.46%

Pretax Margin (?)

14.04%

12.73%

11.52%

13.82%

19.33%

Net Profit Margin (?)

12.86%

12.20%

11.52%

12.41%

17.96%

Financial Strength

Current Ratio (?)

4.09

3.50

3.09

2.57

5.44

Long Term Debt/Equity (?)

0.00

0.00

0.00

0.00

0.00

Total Debt/Equity (?)

0.00

0.00

0.00

0.03

0.02

Management Effectiveness

Return on Assets (?)

13.07%

13.71%

14.77%

13.67%

19.51%

Return on Equity (?)

15.60%

16.55%

18.33%

16.74%

22.44%

Efficiency

Receivables Turnover (?)

7.08

8.56

9.32

6.94

6.45

Inventory Turnover (?)

5.02

4.95

5.61

5.89

5.48

Asset Turnover (?)

1.02

1.12

1.28

1.10

1.09

Market Valuation USD (mil)

P/E (TTM) (?)

10.67

.

Enterprise Value2 (?)

41.8

Price/Sales (TTM) (?)

1.32

.

Enterprise Value/Revenue (TTM) (?)

0.94

Price/Book (MRQ) (?)

1.50

.

Enterprise Value/EBITDA (TTM) (?)

5.15

Market Cap as of 09-Aug-20131 (?)

58.8

.

 

 

1-ExchangeRate: TWD to USD on 9-Aug-2013

29.896352

 

 

 

2-ExchangeRate: TWD to USD on 31-Mar-2013

29.908335

 

 

 

 

 

Annual Ratios

 

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

Financial Strength

Current Ratio (?)

4.09

3.50

3.09

2.57

5.44

Quick/Acid Test Ratio (?)

2.96

2.59

1.76

1.93

4.39

Working Capital1 (?)

22.5

18.3

15.9

12.4

22.1

Long Term Debt/Equity (?)

0.00

0.00

0.00

0.00

0.00

Total Debt/Equity (?)

0.00

0.00

0.00

0.03

0.02

Long Term Debt/Total Capital (?)

0.00

0.00

0.00

0.00

0.00

Total Debt/Total Capital (?)

0.00

0.00

0.00

0.03

0.02

Payout Ratio (?)

85.61%

84.53%

62.65%

64.23%

71.22%

Effective Tax Rate (?)

8.39%

4.21%

0.00%

10.26%

7.06%

Total Capital1 (?)

39.3

36.3

35.4

30.3

28.6

 

 

 

 

 

 

Efficiency

Asset Turnover (?)

1.02

1.12

1.28

1.10

1.09

Inventory Turnover (?)

5.02

4.95

5.61

5.89

5.48

Days In Inventory (?)

72.65

73.75

65.11

61.96

66.56

Receivables Turnover (?)

7.08

8.56

9.32

6.94

6.45

Days Receivables Outstanding (?)

51.52

42.66

39.16

52.57

56.56

Revenue/Employee2 (?)

106,869

106,410

119,251

97,848

112,827

Operating Income/Employee2 (?)

15,043

11,929

15,615

13,280

19,695

EBITDA/Employee2 (?)

21,069

17,351

20,187

17,197

23,091

 

 

 

 

 

 

Profitability

Gross Margin (?)

27.84%

22.86%

23.85%

24.46%

29.65%

Operating Margin (?)

14.08%

11.21%

13.09%

13.57%

17.46%

EBITDA Margin (?)

19.71%

16.31%

16.93%

17.58%

20.47%

EBIT Margin (?)

14.08%

11.21%

13.09%

13.57%

17.46%

Pretax Margin (?)

14.04%

12.73%

11.52%

13.82%

19.33%

Net Profit Margin (?)

12.86%

12.20%

11.52%

12.41%

17.96%

R&D Expense/Revenue (?)

8.31%

6.71%

5.69%

5.54%

5.57%

COGS/Revenue (?)

72.16%

77.14%

76.15%

75.54%

70.35%

SG&A Expense/Revenue (?)

5.45%

4.94%

5.07%

5.35%

6.62%

 

 

 

 

 

 

Management Effectiveness

Return on Assets (?)

13.07%

13.71%

14.77%

13.67%

19.51%

Return on Equity (?)

15.60%

16.55%

18.33%

16.74%

22.44%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2 (?)

0.10

0.10

0.03

-0.05

0.06

Operating Cash Flow/Share 2 (?)

0.11

0.12

0.07

0.12

0.11

1-ExchangeRate: TWD to USD Period End Date

29.011999

30.279

29.1565

31.985

32.818

2-ExchangeRate: TWD to USD Average for Period

29.011999

30.279

29.1565

31.985

32.818

 

Current Market Multiples

Market Cap/Earnings (TTM) (?)

10.67

Market Cap/Equity (MRQ) (?)

1.50

Market Cap/Revenue (TTM) (?)

1.32

Market Cap/EBIT (TTM) (?)

10.45

Market Cap/EBITDA (TTM) (?)

7.25

Enterprise Value/Earnings (TTM) (?)

7.59

Enterprise Value/Equity (MRQ) (?)

1.07

Enterprise Value/Revenue (TTM) (?)

0.94

Enterprise Value/EBIT (TTM) (?)

7.43

Enterprise Value/EBITDA (TTM) (?)

5.15

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.67.70

UK Pound

1

Rs.105.14

Euro

1

Rs.90.03

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.