|
Report Date : |
02.02.2013 |
|
|
|
|
Tel. No.: |
0086-225633228 |
|
Fax No.: |
0086-225634181 |
IDENTIFICATION DETAILS
|
Name : |
TAIWAN PROSPERITY CHEMICAL CORPORATION |
|
|
|
|
Registered Office : |
9F, No. 113,
Section 2 Chung Shan North Road Jhongshan District Taipei, 104 |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
28.05.1991 |
|
|
|
|
Legal Form : |
Public Independent |
|
|
|
|
Line of Business : |
Manufacture of other organic basic chemicals |
|
|
|
|
No. of Employees : |
218 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
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. 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
Taiwan Prosperity Chemical Corporation
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Business Description
|
Taiwan Prosperity Chemical Corporation is
principally engaged in the production, processing and distribution of
petrochemical intermediate materials. The Company provides isopropyl benzene,
phenol, acetone, bisphenol and cyclohexanone. Its products are applied in the
manufacture of phenol, acetone productions, phenolic resins, salicylic acid,
organic solvents, epoxide resins, flame retardants, vibrins and organic
solvents. During the year ended December 31, 2011, the Company obtained
approximately 92.39% of its revenue from its phenol business. The Company
distributes its products in the domestic and overseas markets. For the nine
months ended 30 September 2012, Taiwan Prosperity Chemical Corporation
revenues decreased 12% to NT$19.19B. Net income decreased 99% to NT$20.3M.
Revenues reflect a decrease in demand for the Company's products and services
due to unfavorable market conditions. Net income also reflects Selling
Expenses increase of 9% to NT$370.2M (expense), Miscellaneous Disbursements
increase from NT$11.9M to NT$28.1M (expense). |
Industry
|
Industry |
|
|
ANZSIC 2006: |
|
|
NACE 2002: |
|
|
NAICS 2002: |
|
|
UK SIC 2003: |
|
|
UK SIC 2007: |
|
|
US SIC 1987: |
2865 - Cyclic Organic Crudes and Intermediates, and
organic Dyes and Pigments |
Key Executives
|
Significant
Developments
|
Financial
Summary
|
Stock
Snapshot
|
1 - Profit & Loss Item Exchange Rate: USD 1 = TWD 29.39004
2 - Balance Sheet Item Exchange Rate: USD 1 = TWD 30.279
|
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Executives Report
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|
|
|
|
Financials in:
USD (mil) |
|
|
Except for
share items (millions) and per share items (actual units) |
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified Normal |
Updated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate (Period Average) |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
32.848802 |
|
Auditor |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
|
Auditor Opinion |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified with Explanation |
|
|
|
|
|
|
|
|
Gross Revenue |
929.6 |
810.6 |
438.4 |
527.1 |
558.0 |
|
Sales Returns and
Allowances |
-1.3 |
0.0 |
0.0 |
-0.6 |
-0.5 |
|
Revenue |
928.3 |
810.5 |
438.4 |
526.6 |
557.5 |
|
Total Revenue |
928.3 |
810.5 |
438.4 |
526.6 |
557.5 |
|
|
|
|
|
|
|
|
Cost of Revenue |
809.8 |
657.5 |
414.4 |
513.9 |
449.6 |
|
Cost of Revenue, Total |
809.8 |
657.5 |
414.4 |
513.9 |
449.6 |
|
Gross Profit |
118.5 |
153.0 |
24.0 |
12.7 |
107.9 |
|
|
|
|
|
|
|
|
Selling/General/Administrative
Expense |
20.4 |
18.8 |
10.7 |
9.5 |
9.6 |
|
Total Selling/General/Administrative
Expenses |
20.4 |
18.8 |
10.7 |
9.5 |
9.6 |
|
Research & Development |
2.0 |
1.7 |
0.8 |
0.9 |
1.0 |
|
Impairment-Assets
Held for Use |
0.0 |
0.4 |
- |
- |
- |
|
Unusual Expense (Income) |
0.0 |
0.4 |
- |
- |
- |
|
Total Operating Expense |
832.2 |
678.3 |
426.0 |
524.4 |
460.3 |
|
|
|
|
|
|
|
|
Operating Income |
96.1 |
132.2 |
12.4 |
2.2 |
97.2 |
|
|
|
|
|
|
|
|
Interest
Expense - Non-Operating |
-2.2 |
-1.3 |
-0.6 |
-1.1 |
-1.0 |
|
Interest Expense,
Net Non-Operating |
-2.2 |
-1.3 |
-0.6 |
-1.1 |
-1.0 |
|
Interest
Income - Non-Operating |
0.3 |
0.1 |
0.0 |
0.1 |
0.2 |
|
Investment
Income - Non-Operating |
1.6 |
-1.8 |
1.4 |
0.6 |
0.4 |
|
Interest/Investment
Income - Non-Operating |
1.8 |
-1.7 |
1.4 |
0.8 |
0.6 |
|
Interest Income (Expense) - Net
Non-Operating Total |
-0.4 |
-3.0 |
0.8 |
-0.3 |
-0.4 |
|
Other Non-Operating
Income (Expense) |
0.3 |
-0.1 |
1.5 |
-0.4 |
-0.2 |
|
Other, Net |
0.3 |
-0.1 |
1.5 |
-0.4 |
-0.2 |
|
Income Before Tax |
96.0 |
129.1 |
14.7 |
1.5 |
96.6 |
|
|
|
|
|
|
|
|
Total Income Tax |
16.6 |
19.1 |
0.9 |
-2.5 |
23.3 |
|
Income After Tax |
79.5 |
110.0 |
13.8 |
4.0 |
73.3 |
|
|
|
|
|
|
|
|
Net Income Before Extraord Items |
79.5 |
110.0 |
13.8 |
4.0 |
73.3 |
|
Net Income |
79.5 |
110.0 |
13.8 |
4.0 |
73.3 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord
Items |
79.5 |
110.0 |
13.8 |
4.0 |
73.3 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord
Items |
79.5 |
110.0 |
13.8 |
4.0 |
73.3 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
292.0 |
292.0 |
292.0 |
292.0 |
274.7 |
|
Basic EPS Excl Extraord Items |
0.27 |
0.38 |
0.05 |
0.01 |
0.27 |
|
Basic/Primary EPS Incl Extraord Items |
0.27 |
0.38 |
0.05 |
0.01 |
0.27 |
|
Diluted Net Income |
79.5 |
110.0 |
13.8 |
4.0 |
73.3 |
|
Diluted Weighted Average Shares |
292.0 |
292.1 |
292.2 |
292.0 |
274.7 |
|
Diluted EPS Excl Extraord Items |
0.27 |
0.38 |
0.05 |
0.01 |
0.27 |
|
Diluted EPS Incl Extraord Items |
0.27 |
0.38 |
0.05 |
0.01 |
0.27 |
|
Dividends per Share - Common Stock Primary
Issue |
0.22 |
0.26 |
0.03 |
0.01 |
0.20 |
|
Gross Dividends - Common Stock |
63.1 |
77.0 |
9.0 |
2.9 |
57.8 |
|
Interest Expense, Supplemental |
2.2 |
1.3 |
0.6 |
1.1 |
1.0 |
|
Interest Capitalized, Supplemental |
-0.3 |
-0.6 |
-1.1 |
- |
- |
|
Depreciation, Supplemental |
27.5 |
21.9 |
14.3 |
14.2 |
10.5 |
|
Total Special Items |
0.0 |
0.4 |
- |
- |
- |
|
Normalized Income Before Tax |
96.0 |
129.5 |
14.7 |
1.5 |
96.6 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.0 |
0.1 |
- |
- |
- |
|
Inc Tax Ex Impact of Sp Items |
16.6 |
19.1 |
0.9 |
-2.5 |
23.3 |
|
Normalized Income After Tax |
79.5 |
110.4 |
13.8 |
4.0 |
73.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
79.5 |
110.4 |
13.8 |
4.0 |
73.3 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.27 |
0.38 |
0.05 |
0.01 |
0.27 |
|
Diluted Normalized EPS |
0.27 |
0.38 |
0.05 |
0.01 |
0.27 |
|
Amort of Intangibles, Supplemental |
- |
- |
- |
0.9 |
- |
|
Research & Development Exp,
Supplemental |
2.0 |
1.7 |
0.8 |
0.9 |
1.0 |
|
Normalized EBIT |
96.1 |
132.6 |
12.4 |
2.2 |
97.2 |
|
Normalized EBITDA |
123.6 |
154.5 |
26.7 |
17.4 |
107.8 |
|
Current Tax - Total |
16.7 |
16.8 |
1.0 |
0.9 |
23.9 |
|
Current Tax - Total |
16.7 |
16.8 |
1.0 |
0.9 |
23.9 |
|
Deferred Tax -
Total |
-0.6 |
2.3 |
0.0 |
-3.3 |
-0.1 |
|
Deferred Tax - Total |
-0.6 |
2.3 |
0.0 |
-3.3 |
-0.1 |
|
Other Tax |
0.5 |
0.0 |
-0.1 |
-0.1 |
-0.5 |
|
Income Tax - Total |
16.6 |
19.1 |
0.9 |
-2.5 |
23.3 |
|
Interest Cost - Domestic |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Service Cost - Domestic |
0.1 |
0.1 |
0.2 |
0.3 |
0.3 |
|
Expected Return on Assets - Domestic |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Pension, Net - Domestic |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Domestic Pension Plan Expense |
0.2 |
0.2 |
0.3 |
0.4 |
0.5 |
|
Defined Contribution Expense - Domestic |
0.2 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Total Pension Expense |
0.4 |
0.4 |
0.4 |
0.5 |
0.6 |
|
Discount Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.75% |
2.75% |
|
Expected Rate of Return - Domestic |
2.00% |
2.00% |
2.00% |
2.75% |
2.75% |
|
Compensation Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Total Plan Interest Cost |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Total Plan Service Cost |
0.1 |
0.1 |
0.2 |
0.3 |
0.3 |
|
Total Plan Expected Return |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Plan Other Expense |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
|
|
Annual Balance Sheet |
|
Financials in: USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified Normal |
Reclassified Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate |
30.279 |
29.1565 |
31.985 |
32.818 |
32.4345 |
|
Auditor |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
|
Auditor Opinion |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified with Explanation |
|
|
|
|
|
|
|
|
Cash &
Equivalents |
23.6 |
40.9 |
8.5 |
5.3 |
11.6 |
|
Short Term
Investments |
92.0 |
131.1 |
19.2 |
8.0 |
119.3 |
|
Cash and Short Term Investments |
115.6 |
172.0 |
27.7 |
13.4 |
130.9 |
|
Accounts
Receivable - Trade, Gross |
65.6 |
60.7 |
38.6 |
18.8 |
50.4 |
|
Provision
for Doubtful Accounts |
-0.7 |
-0.8 |
-0.5 |
-0.2 |
-0.6 |
|
Trade Accounts
Receivable - Net |
65.0 |
77.3 |
50.3 |
19.6 |
63.5 |
|
Other Receivables |
0.0 |
6.8 |
6.3 |
6.0 |
- |
|
Total Receivables, Net |
65.0 |
84.1 |
56.6 |
25.6 |
63.5 |
|
Inventories -
Finished Goods |
15.3 |
26.1 |
12.6 |
13.6 |
14.0 |
|
Inventories - Raw
Materials |
15.1 |
10.8 |
6.6 |
1.4 |
7.0 |
|
Inventories - Other |
- |
- |
- |
- |
0.0 |
|
Total Inventory |
30.3 |
36.9 |
19.1 |
14.9 |
21.0 |
|
Prepaid Expenses |
7.4 |
6.1 |
10.1 |
8.9 |
4.1 |
|
Deferred Income Tax
- Current Asset |
- |
0.5 |
0.6 |
3.3 |
0.2 |
|
Other Current
Assets |
4.3 |
2.8 |
3.0 |
4.7 |
2.8 |
|
Other Current Assets, Total |
4.3 |
3.3 |
3.6 |
8.1 |
3.0 |
|
Total Current Assets |
222.6 |
302.4 |
117.1 |
70.9 |
222.5 |
|
|
|
|
|
|
|
|
Buildings |
4.4 |
4.4 |
4.0 |
4.9 |
4.9 |
|
Land/Improvements |
29.6 |
30.8 |
28.0 |
27.0 |
27.3 |
|
Machinery/Equipment |
454.9 |
449.4 |
330.9 |
274.0 |
250.7 |
|
Construction
in Progress |
23.4 |
31.2 |
95.2 |
91.5 |
24.9 |
|
Other
Property/Plant/Equipment |
9.5 |
9.9 |
- |
- |
- |
|
Property/Plant/Equipment
- Gross |
521.8 |
525.6 |
458.2 |
397.3 |
307.8 |
|
Accumulated
Depreciation |
-290.1 |
-273.6 |
-227.4 |
-208.0 |
-196.6 |
|
Property/Plant/Equipment - Net |
231.7 |
252.0 |
230.8 |
189.3 |
111.1 |
|
Deferred Charges |
9.2 |
10.6 |
11.3 |
5.7 |
4.2 |
|
Pension Benefits -
Overfunded |
- |
- |
- |
- |
0.0 |
|
Deferred Income Tax
- Long Term Asset |
0.8 |
0.8 |
2.9 |
0.0 |
- |
|
Other Long Term
Assets |
2.5 |
2.7 |
2.4 |
0.5 |
0.5 |
|
Other Long Term Assets, Total |
12.5 |
14.1 |
16.5 |
6.2 |
4.7 |
|
Total Assets |
466.8 |
568.5 |
364.5 |
266.4 |
338.3 |
|
|
|
|
|
|
|
|
Accounts Payable |
26.3 |
49.8 |
40.4 |
4.6 |
39.5 |
|
Accrued Expenses |
9.4 |
12.0 |
5.4 |
2.7 |
5.8 |
|
Notes Payable/Short Term Debt |
30.9 |
37.7 |
17.2 |
49.2 |
18.2 |
|
Current Portion - Long Term Debt/Capital
Leases |
29.0 |
30.1 |
- |
- |
0.8 |
|
Income Taxes
Payable |
7.7 |
18.1 |
1.0 |
0.0 |
21.4 |
|
Other Payables |
2.0 |
2.4 |
3.8 |
12.7 |
12.5 |
|
Other Current
Liabilities |
1.5 |
1.6 |
0.2 |
0.2 |
0.3 |
|
Other Current liabilities, Total |
11.1 |
22.2 |
5.1 |
12.9 |
34.2 |
|
Total Current Liabilities |
106.8 |
151.8 |
68.1 |
69.3 |
98.5 |
|
|
|
|
|
|
|
|
Long Term Debt |
62.9 |
95.4 |
114.4 |
40.5 |
13.1 |
|
Capital Lease
Obligations |
3.6 |
4.9 |
- |
- |
- |
|
Total Long Term Debt |
66.5 |
100.3 |
114.4 |
40.5 |
13.1 |
|
Total Debt |
126.4 |
168.1 |
131.6 |
89.7 |
32.1 |
|
|
|
|
|
|
|
|
Pension Benefits -
Underfunded |
4.1 |
4.5 |
4.1 |
3.9 |
3.7 |
|
Other Long Term
Liabilities |
1.8 |
0.4 |
0.3 |
0.3 |
0.1 |
|
Other Liabilities, Total |
5.9 |
4.9 |
4.5 |
4.2 |
3.9 |
|
Total Liabilities |
179.2 |
256.9 |
187.0 |
114.0 |
115.5 |
|
|
|
|
|
|
|
|
Common Stock |
96.4 |
100.1 |
91.3 |
89.0 |
90.0 |
|
Common Stock |
96.4 |
100.1 |
91.3 |
89.0 |
90.0 |
|
Additional Paid-In Capital |
22.8 |
23.7 |
21.6 |
21.0 |
21.3 |
|
Retained Earnings (Accumulated Deficit) |
177.8 |
187.7 |
72.1 |
59.1 |
117.7 |
|
Unrealized Gain (Loss) |
-9.3 |
0.0 |
-7.5 |
-16.7 |
-6.2 |
|
Total Equity |
287.6 |
311.5 |
177.5 |
152.4 |
222.8 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’
Equity |
466.8 |
568.5 |
364.5 |
266.4 |
338.3 |
|
|
|
|
|
|
|
|
Shares Outstanding
- Common Stock Primary Issue |
292.0 |
292.0 |
292.0 |
292.0 |
292.0 |
|
Total Common Shares Outstanding |
292.0 |
292.0 |
292.0 |
292.0 |
292.0 |
|
Treasury Shares - Common Stock Primary
Issue |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Employees |
197 |
180 |
172 |
173 |
164 |
|
Number of Common Shareholders |
17,615 |
7,225 |
4,797 |
4,751 |
3,673 |
|
Total Long Term Debt, Supplemental |
- |
31.2 |
- |
- |
- |
|
Long Term Debt Maturing within 1 Year |
- |
31.2 |
- |
- |
- |
|
Long Term Debt Matur. in Year 6 &
Beyond |
- |
0.0 |
- |
- |
- |
|
Interest Costs |
-0.8 |
-1.2 |
- |
- |
- |
|
Total Capital Leases, Supplemental |
4.7 |
6.0 |
- |
- |
- |
|
Capital Lease Payments Due in Year 1 |
1.5 |
1.5 |
- |
- |
- |
|
Capital Lease Payments Due in Year 2 |
1.5 |
1.5 |
- |
- |
- |
|
Capital Lease Payments Due in Year 3 |
1.5 |
1.5 |
- |
- |
- |
|
Capital Lease Payments Due in Year 4 |
1.1 |
1.5 |
- |
- |
- |
|
Capital Lease Payments Due in Year 5 |
- |
1.1 |
- |
- |
- |
|
Capital Lease Payments Due in 2-3 Years |
2.9 |
3.0 |
- |
- |
- |
|
Capital Lease Payments Due in 4-5 Years |
1.1 |
2.6 |
- |
- |
- |
|
Pension Obligation - Domestic |
4.6 |
5.2 |
4.9 |
4.6 |
4.6 |
|
Plan Assets - Domestic |
0.1 |
0.0 |
0.1 |
0.6 |
0.5 |
|
Funded Status - Domestic |
-4.5 |
-5.2 |
-4.9 |
-4.0 |
-4.0 |
|
Accumulated Obligation - Domestic |
3.7 |
4.2 |
3.9 |
3.6 |
3.8 |
|
Total Funded Status |
-4.5 |
-5.2 |
-4.9 |
-4.0 |
-4.0 |
|
Discount Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.75% |
2.75% |
|
Expected Rate of Return - Domestic |
2.00% |
2.00% |
2.00% |
2.75% |
2.75% |
|
Compensation Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Prepaid Benefits - Domestic |
- |
- |
- |
- |
0.0 |
|
Accrued Liabilities - Domestic |
-4.1 |
-4.5 |
-4.1 |
-3.9 |
-3.7 |
|
Net Assets Recognized on Balance Sheet |
-4.1 |
-4.5 |
-4.1 |
-3.9 |
-3.7 |
|
Total Plan Obligations |
4.6 |
5.2 |
4.9 |
4.6 |
4.6 |
|
Total Plan Assets |
0.1 |
0.0 |
0.1 |
0.6 |
0.5 |
|
|
|
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 |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
|
Auditor Opinion |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified with Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
79.5 |
110.0 |
13.8 |
4.0 |
73.3 |
|
Depreciation |
27.5 |
21.9 |
14.3 |
14.2 |
10.5 |
|
Depreciation/Depletion |
27.5 |
21.9 |
14.3 |
14.2 |
10.5 |
|
Deferred Taxes |
-0.6 |
2.3 |
0.0 |
-3.3 |
-0.1 |
|
Unusual Items |
0.0 |
0.3 |
0.1 |
5.4 |
0.1 |
|
Other Non-Cash
Items |
2.0 |
2.8 |
0.8 |
0.5 |
0.6 |
|
Non-Cash Items |
2.0 |
3.1 |
0.9 |
5.9 |
0.8 |
|
Accounts Receivable |
16.5 |
-20.6 |
-29.6 |
45.3 |
-10.1 |
|
Inventories |
5.3 |
-14.7 |
-3.7 |
-0.2 |
-7.8 |
|
Prepaid Expenses |
-1.5 |
4.6 |
-0.9 |
-5.1 |
0.2 |
|
Other Assets |
25.7 |
-94.0 |
1.8 |
95.8 |
-98.2 |
|
Accounts Payable |
-22.2 |
4.8 |
35.3 |
-35.1 |
13.9 |
|
Accrued Expenses |
-2.2 |
5.7 |
2.5 |
-3.2 |
0.1 |
|
Taxes Payable |
-10.1 |
15.7 |
1.0 |
-22.0 |
14.1 |
|
Other Liabilities |
-0.2 |
0.2 |
0.2 |
0.0 |
0.6 |
|
Changes in Working Capital |
11.3 |
-98.3 |
6.6 |
75.6 |
-87.2 |
|
Cash from Operating Activities |
119.7 |
39.0 |
35.6 |
96.4 |
-2.6 |
|
|
|
|
|
|
|
|
Purchase of Fixed
Assets |
-16.6 |
-17.0 |
-59.5 |
-97.2 |
-18.2 |
|
Capital Expenditures |
-16.6 |
-17.0 |
-59.5 |
-97.2 |
-18.2 |
|
Sale/Maturity of
Investment |
0.0 |
0.4 |
- |
- |
- |
|
Purchase of
Investments |
0.0 |
-0.3 |
- |
- |
- |
|
Other Investing
Cash Flow |
-1.9 |
-0.8 |
-8.8 |
-2.6 |
-2.5 |
|
Other Investing Cash Flow Items, Total |
-1.9 |
-0.7 |
-8.8 |
-2.6 |
-2.5 |
|
Cash from Investing Activities |
-18.4 |
-17.7 |
-68.3 |
-99.7 |
-20.7 |
|
|
|
|
|
|
|
|
Other Financing
Cash Flow |
0.5 |
0.0 |
0.0 |
-3.2 |
-0.6 |
|
Financing Cash Flow Items |
0.5 |
0.0 |
0.0 |
-3.2 |
-0.6 |
|
Cash Dividends Paid
- Common |
-82.6 |
-9.5 |
-2.7 |
-60.2 |
-12.3 |
|
Total Cash Dividends Paid |
-82.6 |
-9.5 |
-2.7 |
-60.2 |
-12.3 |
|
Sale/Issuance
of Common |
- |
- |
- |
0.0 |
28.0 |
|
Common Stock, Net |
- |
- |
- |
0.0 |
28.0 |
|
Issuance (Retirement) of Stock, Net |
- |
- |
- |
0.0 |
28.0 |
|
Short
Term Debt Issued |
- |
17.4 |
- |
32.4 |
18.0 |
|
Short
Term Debt Reduction |
-5.5 |
0.0 |
-32.2 |
- |
0.0 |
|
Short Term Debt,
Net |
-5.5 |
17.4 |
-32.2 |
32.4 |
18.0 |
|
Long
Term Debt Issued |
- |
0.0 |
70.6 |
27.9 |
- |
|
Long
Term Debt Reduction |
-29.9 |
- |
- |
- |
-10.7 |
|
Long Term Debt, Net |
-29.9 |
0.0 |
70.6 |
27.9 |
-10.7 |
|
Issuance (Retirement) of Debt, Net |
-35.4 |
17.4 |
38.4 |
60.3 |
7.3 |
|
Cash from Financing Activities |
-117.5 |
7.9 |
35.7 |
-3.1 |
22.4 |
|
|
|
|
|
|
|
|
Net Change in Cash |
-16.2 |
29.3 |
2.9 |
-6.4 |
-0.9 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
40.6 |
8.6 |
5.3 |
11.9 |
12.4 |
|
Net Cash - Ending Balance |
24.4 |
37.9 |
8.2 |
5.6 |
11.5 |
|
Cash Interest Paid |
2.3 |
1.3 |
0.6 |
1.0 |
0.9 |
|
Cash Taxes Paid |
27.2 |
1.0 |
0.0 |
29.1 |
9.3 |
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 |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
|
Auditor Opinion |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified with Explanation |
|
|
|
|
|
|
|
|
Gross Sales |
929.6 |
810.6 |
438.4 |
527.1 |
558.0 |
|
Sales Returns &
Discounts |
-1.3 |
0.0 |
0.0 |
-0.6 |
-0.5 |
|
Total Revenue |
928.3 |
810.5 |
438.4 |
526.6 |
557.5 |
|
|
|
|
|
|
|
|
Cost of Sales |
809.8 |
657.5 |
414.4 |
513.9 |
449.5 |
|
Selling Expenses |
15.1 |
13.4 |
8.7 |
8.0 |
7.5 |
|
General and Administrative
Expenses |
5.3 |
5.4 |
2.0 |
1.9 |
2.1 |
|
Research and
Development Expenses |
2.0 |
1.7 |
0.8 |
0.9 |
1.0 |
|
Gain on Reversal of
Bad Debt |
- |
- |
0.0 |
-0.5 |
- |
|
Inventory
Devaluation & Obsolescence |
- |
- |
- |
- |
0.1 |
|
Impairment Loss |
0.0 |
0.4 |
- |
- |
- |
|
Total Operating Expense |
832.2 |
678.3 |
426.0 |
524.4 |
460.3 |
|
|
|
|
|
|
|
|
Interest Income |
0.3 |
0.1 |
0.0 |
0.1 |
0.2 |
|
Dividend Income |
0.4 |
- |
0.0 |
0.3 |
- |
|
Gain on Sale of
Investments |
0.0 |
0.1 |
0.0 |
0.9 |
0.3 |
|
Revaluation Gain on
Financial Assets |
0.6 |
0.3 |
1.2 |
0.0 |
0.2 |
|
Miscellaneous
Income |
1.0 |
1.3 |
1.9 |
0.1 |
0.1 |
|
Interest Expense |
-2.2 |
-1.3 |
-0.6 |
-1.1 |
-1.0 |
|
Loss on Financial
Assets Revaluation |
- |
- |
- |
- |
-0.1 |
|
Foreign Exchange
Gains |
0.6 |
0.0 |
0.1 |
-0.5 |
-0.2 |
|
Foreign Exchange
Losses |
0.0 |
-2.1 |
- |
- |
- |
|
Revaluation Loss on
Fin. Liabilities |
0.0 |
- |
- |
- |
- |
|
Miscellaneous
Disbursements |
-0.7 |
-1.4 |
-0.4 |
-0.5 |
-0.3 |
|
Net Income Before Taxes |
96.0 |
129.1 |
14.7 |
1.5 |
96.6 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
16.6 |
19.1 |
0.9 |
-2.5 |
23.3 |
|
Net Income After Taxes |
79.5 |
110.0 |
13.8 |
4.0 |
73.3 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
79.5 |
110.0 |
13.8 |
4.0 |
73.3 |
|
Net Income |
79.5 |
110.0 |
13.8 |
4.0 |
73.3 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
79.5 |
110.0 |
13.8 |
4.0 |
73.3 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
79.5 |
110.0 |
13.8 |
4.0 |
73.3 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
292.0 |
292.0 |
292.0 |
292.0 |
274.7 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.27 |
0.38 |
0.05 |
0.01 |
0.27 |
|
Basic EPS Including ExtraOrdinary Items |
0.27 |
0.38 |
0.05 |
0.01 |
0.27 |
|
Diluted Net Income |
79.5 |
110.0 |
13.8 |
4.0 |
73.3 |
|
Diluted Weighted Average Shares |
292.0 |
292.1 |
292.2 |
292.0 |
274.7 |
|
Diluted EPS Excluding ExtraOrd Items |
0.27 |
0.38 |
0.05 |
0.01 |
0.27 |
|
Diluted EPS Including ExtraOrd Items |
0.27 |
0.38 |
0.05 |
0.01 |
0.27 |
|
DPS-Common Stock |
0.22 |
0.26 |
0.03 |
0.01 |
0.20 |
|
Gross Dividends - Common Stock |
63.1 |
77.0 |
9.0 |
2.9 |
57.8 |
|
Normalized Income Before Taxes |
96.0 |
129.5 |
14.7 |
1.5 |
96.6 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
16.6 |
19.1 |
0.9 |
-2.5 |
23.3 |
|
Normalized Income After Taxes |
79.5 |
110.4 |
13.8 |
4.0 |
73.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
79.5 |
110.4 |
13.8 |
4.0 |
73.3 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.27 |
0.38 |
0.05 |
0.01 |
0.27 |
|
Diluted Normalized EPS |
0.27 |
0.38 |
0.05 |
0.01 |
0.27 |
|
Interest Expense, Supplemental |
2.2 |
1.3 |
0.6 |
1.1 |
1.0 |
|
Interest Capitalized, Supplemental |
-0.3 |
-0.6 |
-1.1 |
- |
- |
|
R&D Expense, Supplemental |
2.0 |
1.7 |
0.8 |
0.9 |
1.0 |
|
Depreciation - Operating Cost |
27.5 |
21.8 |
14.3 |
14.2 |
10.5 |
|
Depreciation - Operating Expense |
0.0 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Amortization - Operating Cost |
- |
- |
- |
0.9 |
- |
|
Amortization - Operating Expense |
- |
- |
- |
0.1 |
- |
|
Current Tax |
16.7 |
16.8 |
1.0 |
0.9 |
23.9 |
|
Current Tax - Total |
16.7 |
16.8 |
1.0 |
0.9 |
23.9 |
|
Deferred Tax |
-0.6 |
2.3 |
0.0 |
-3.3 |
-0.1 |
|
Deferred Tax - Total |
-0.6 |
2.3 |
0.0 |
-3.3 |
-0.1 |
|
Other Tax |
0.5 |
0.0 |
-0.1 |
-0.1 |
-0.5 |
|
Income Tax - Total |
16.6 |
19.1 |
0.9 |
-2.5 |
23.3 |
|
Service Cost |
0.1 |
0.1 |
0.2 |
0.3 |
0.3 |
|
Interest Cost |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Expected Return on Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Amortization |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Domestic Pension Plan Expense |
0.2 |
0.2 |
0.3 |
0.4 |
0.5 |
|
Defined Contribution Expense - Domestic |
0.2 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Total Pension Expense |
0.4 |
0.4 |
0.4 |
0.5 |
0.6 |
|
Discount Rate |
2.00% |
2.00% |
2.00% |
2.75% |
2.75% |
|
Rate of Compensation Increase |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return on Plan Assets |
2.00% |
2.00% |
2.00% |
2.75% |
2.75% |
|
|
|
Annual Balance Sheet |
|
Financials in: USD (mil) |
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified Normal |
Reclassified Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate |
30.279 |
29.1565 |
31.985 |
32.818 |
32.4345 |
|
Auditor |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
|
Auditor Opinion |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified with Explanation |
|
|
|
|
|
|
|
|
Cash and Cash
Equivalent |
23.6 |
40.9 |
8.5 |
5.3 |
11.6 |
|
Financial
Assets-Fair Value,Current |
74.5 |
103.2 |
1.3 |
0.0 |
100.4 |
|
Financial Assets
for Sale |
17.5 |
27.9 |
17.9 |
8.0 |
18.9 |
|
Accounts&Notes
Receivable, Gross |
65.6 |
60.7 |
38.6 |
18.8 |
50.4 |
|
Provision for
Doubtful Accounts |
-0.7 |
-0.8 |
-0.5 |
-0.2 |
-0.6 |
|
Accounts Receivable
- Related Parties |
0.0 |
17.4 |
12.2 |
1.0 |
13.8 |
|
Other Receivables |
0.0 |
6.8 |
6.3 |
6.0 |
- |
|
Finished Goods |
15.3 |
26.1 |
12.6 |
13.6 |
14.0 |
|
Raw Materials |
15.1 |
10.8 |
6.6 |
1.4 |
7.0 |
|
Provision/Allowance
for Inventory |
- |
- |
- |
- |
0.0 |
|
Prepayment |
7.4 |
6.1 |
10.1 |
8.9 |
4.1 |
|
Deferred Income Tax
Assets - Current |
- |
0.5 |
0.6 |
3.3 |
0.2 |
|
Other Current
Assets |
4.3 |
2.8 |
3.0 |
4.7 |
2.8 |
|
Total Current Assets |
222.6 |
302.4 |
117.1 |
70.9 |
222.5 |
|
|
|
|
|
|
|
|
Land |
29.6 |
30.8 |
28.0 |
27.0 |
27.3 |
|
Buildings and
Structures |
4.4 |
4.4 |
4.0 |
4.9 |
4.9 |
|
Machinery and
Equipment |
448.1 |
442.3 |
324.9 |
268.1 |
244.8 |
|
Leased Assets |
9.5 |
9.9 |
- |
- |
- |
|
Miscellaneous
Equipment |
6.8 |
7.0 |
6.1 |
5.9 |
5.9 |
|
Accumulated
Depreciation |
-289.7 |
-273.1 |
-227.4 |
-208.0 |
-196.6 |
|
Accumulated
Impairment on Fixed Assets |
-0.4 |
-0.5 |
- |
- |
- |
|
Construct. in
Progress & Equip. Prepay |
23.4 |
31.2 |
95.2 |
91.5 |
24.9 |
|
Deferred Pension
Cost |
- |
- |
- |
- |
0.0 |
|
Deferred Charges |
9.2 |
10.6 |
11.3 |
5.7 |
4.2 |
|
Deferred Income Tax
Assets |
0.8 |
0.8 |
2.9 |
0.0 |
- |
|
Security Deposits
Paid |
2.1 |
2.2 |
- |
- |
- |
|
Other Long Term
Assets |
0.5 |
0.5 |
2.4 |
0.5 |
0.5 |
|
Total Assets |
466.8 |
568.5 |
364.5 |
266.4 |
338.3 |
|
|
|
|
|
|
|
|
Short Term
Borrowings |
30.9 |
37.7 |
17.2 |
40.1 |
18.2 |
|
Short Term Notes
& Bills Payable |
- |
- |
0.0 |
9.1 |
- |
|
Accounts Payable |
25.5 |
49.2 |
39.8 |
4.6 |
38.1 |
|
Accounts Payable -
Related Parties |
0.8 |
0.6 |
0.6 |
0.0 |
1.3 |
|
Income Tax Payable |
7.7 |
18.1 |
1.0 |
0.0 |
21.4 |
|
Accrued Expenses |
9.4 |
12.0 |
5.4 |
2.7 |
5.8 |
|
Financial
Liabilities-Fair Value,Current |
0.0 |
- |
- |
- |
- |
|
Other
Payables,Related Parties |
1.2 |
1.2 |
1.4 |
0.7 |
- |
|
Equipment Payable |
0.8 |
1.2 |
2.4 |
12.0 |
12.5 |
|
Current Portion of
Long Term Debt |
29.0 |
30.1 |
- |
- |
0.8 |
|
Other Current
Liabilities |
1.5 |
1.6 |
0.2 |
0.2 |
0.3 |
|
Total Current Liabilities |
106.8 |
151.8 |
68.1 |
69.3 |
98.5 |
|
|
|
|
|
|
|
|
Long Term
Borrowings |
62.9 |
95.4 |
114.4 |
40.5 |
13.1 |
|
Lease Payable |
3.6 |
4.9 |
- |
- |
- |
|
Total Long Term Debt |
66.5 |
100.3 |
114.4 |
40.5 |
13.1 |
|
|
|
|
|
|
|
|
Accrued Pension
Liabilities |
4.1 |
4.5 |
4.1 |
3.9 |
3.7 |
|
LT Notes &
Accounts Payable, Related Par |
1.3 |
- |
- |
- |
- |
|
Long Term Security
Deposits Received |
0.5 |
0.4 |
0.3 |
0.3 |
0.1 |
|
Total Liabilities |
179.2 |
256.9 |
187.0 |
114.0 |
115.5 |
|
|
|
|
|
|
|
|
Common Stock |
96.4 |
100.1 |
91.3 |
89.0 |
90.0 |
|
Additional Paid-In
Capital |
22.8 |
23.7 |
21.6 |
21.0 |
21.3 |
|
Legal Reserve |
34.8 |
24.3 |
20.7 |
19.8 |
12.6 |
|
Special Reserve |
0.0 |
8.2 |
17.2 |
6.1 |
- |
|
Retained Earnings |
142.9 |
155.3 |
34.2 |
33.2 |
105.1 |
|
Unrealized G/L on
Fin. Assets |
-9.3 |
0.0 |
-7.5 |
-16.7 |
-6.2 |
|
Total Equity |
287.6 |
311.5 |
177.5 |
152.4 |
222.8 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders'
Equity |
466.8 |
568.5 |
364.5 |
266.4 |
338.3 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
292.0 |
292.0 |
292.0 |
292.0 |
292.0 |
|
Total Common Shares Outstanding |
292.0 |
292.0 |
292.0 |
292.0 |
292.0 |
|
T/S-Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Full-Time Employees |
197 |
180 |
172 |
173 |
164 |
|
Number of Common Shareholders |
17,615 |
7,225 |
4,797 |
4,751 |
3,673 |
|
Current maturities |
- |
31.2 |
- |
- |
- |
|
Total Long Term Debt, Supplemental |
- |
31.2 |
- |
- |
- |
|
Capital Lease Payments Due within 1 Year |
1.5 |
1.5 |
- |
- |
- |
|
Capital Lease Payments Due in Year 2 |
1.5 |
1.5 |
- |
- |
- |
|
Capital Lease Payments Due in Year 3 |
1.5 |
1.5 |
- |
- |
- |
|
Capital Lease Payments Due in Year 4 |
1.1 |
1.5 |
- |
- |
- |
|
Capital Lease Payments Due in Year 5 |
- |
1.1 |
- |
- |
- |
|
Unrealized Interest Cost |
-0.8 |
-1.2 |
- |
- |
- |
|
Total Capital Leases |
4.7 |
6.0 |
- |
- |
- |
|
Accumulated Benefit Obligation |
3.7 |
4.2 |
3.9 |
3.6 |
3.8 |
|
Benefit Obligation |
4.6 |
5.2 |
4.9 |
4.6 |
4.6 |
|
Fair Value of Plan Assets |
0.1 |
0.0 |
0.1 |
0.6 |
0.5 |
|
Funded Status |
-4.5 |
-5.2 |
-4.9 |
-4.0 |
-4.0 |
|
Total Funded Status |
-4.5 |
-5.2 |
-4.9 |
-4.0 |
-4.0 |
|
Discount Rate |
2.00% |
2.00% |
2.00% |
2.75% |
2.75% |
|
Rate of Compensation Increase |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return on Plan Assets |
2.00% |
2.00% |
2.00% |
2.75% |
2.75% |
|
Deferred Pension Cost |
- |
- |
- |
- |
0.0 |
|
Accrued Pension Liabilities |
-4.1 |
-4.5 |
-4.1 |
-3.9 |
-3.7 |
|
Net Assets Recognized on Balance Sheet |
-4.1 |
-4.5 |
-4.1 |
-3.9 |
-3.7 |
|
|
|
Annual Cash Flows |
|
Financials in: USD (mil) |
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate (Period Average) |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
32.848802 |
|
Auditor |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
|
Auditor Opinion |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified with Explanation |
|
|
|
|
|
|
|
|
Net Income |
79.5 |
110.0 |
13.8 |
4.0 |
73.3 |
|
Depreciation |
27.5 |
21.9 |
14.3 |
14.2 |
10.5 |
|
Deferred Charges |
2.9 |
2.9 |
1.7 |
0.9 |
0.7 |
|
Provision of Bad
Debts |
- |
0.2 |
0.3 |
-0.5 |
0.1 |
|
Gain/Loss on
Financial A/L Revaluation |
-0.6 |
-0.3 |
-1.2 |
0.0 |
-0.2 |
|
Prov./Reversal for
Inventory Devaluation |
- |
- |
- |
6.3 |
0.1 |
|
Loss on Sale of
Investments |
0.0 |
-0.1 |
0.0 |
-0.9 |
- |
|
Impairment Loss on
Assets |
- |
0.4 |
- |
- |
- |
|
Net Loss on
Disposal of Properties |
- |
0.0 |
0.1 |
- |
- |
|
Deferred Tax |
-0.6 |
2.3 |
0.0 |
-3.3 |
-0.1 |
|
Accrued Pension
Liabilities |
-0.3 |
- |
- |
- |
- |
|
Financial Assets at
Fair Value |
26.3 |
-93.9 |
0.0 |
104.1 |
-98.9 |
|
Accounts Receivable |
-7.5 |
- |
- |
- |
- |
|
Notes &
Accounts Receivable |
- |
-17.0 |
-18.7 |
32.2 |
-13.5 |
|
Accounts Receivable
- Related Parties |
17.3 |
-3.8 |
-10.8 |
13.1 |
3.4 |
|
Other Receivables |
6.7 |
0.1 |
-0.1 |
- |
- |
|
Inventories |
5.3 |
-14.7 |
-3.7 |
-0.2 |
-7.8 |
|
Other Financial
Assets |
- |
- |
- |
-6.2 |
- |
|
Prepayment |
-1.5 |
4.6 |
-0.9 |
-5.1 |
0.2 |
|
Other Current
Assets |
-0.6 |
0.0 |
1.8 |
-2.0 |
0.7 |
|
Accounts Payable |
-22.5 |
5.1 |
34.0 |
-34.4 |
14.0 |
|
Accounts Payable -
Related Parties |
0.2 |
-0.1 |
0.6 |
-0.7 |
-0.1 |
|
Tax Payable |
-10.1 |
15.7 |
1.0 |
-22.0 |
14.1 |
|
Accrued Expenses |
-2.2 |
5.7 |
2.5 |
-3.2 |
0.1 |
|
Other Payable -
Related Parties |
0.0 |
-0.3 |
0.7 |
- |
- |
|
Other Current
Liabilities |
-0.2 |
0.2 |
0.1 |
-0.2 |
0.2 |
|
Accrued Pension
Liabilities |
- |
0.0 |
0.1 |
0.2 |
0.4 |
|
Cash from Operating Activities |
119.7 |
39.0 |
35.6 |
96.4 |
-2.6 |
|
|
|
|
|
|
|
|
Purchase of
Financial Assets for Sale |
0.0 |
-0.3 |
- |
- |
- |
|
Disposal of
Financial Assets for Sale |
0.0 |
0.4 |
- |
- |
- |
|
Capital Expenditure |
-16.6 |
-17.0 |
-59.5 |
-97.2 |
-18.2 |
|
Deferred Charges |
-1.9 |
-0.8 |
-6.9 |
-2.6 |
-2.5 |
|
Security Deposit |
0.1 |
- |
- |
- |
- |
|
Other Assets |
0.0 |
0.0 |
-1.9 |
- |
0.0 |
|
Cash from Investing Activities |
-18.4 |
-17.7 |
-68.3 |
-99.7 |
-20.7 |
|
|
|
|
|
|
|
|
Short Term
Borrowings Increase |
- |
17.4 |
- |
23.0 |
18.0 |
|
Short Term
Borrowings Decrease |
-5.5 |
- |
-23.2 |
- |
- |
|
Short Term Notes
Increase |
- |
- |
- |
9.5 |
- |
|
Repayment of ST
Notes |
- |
0.0 |
-9.0 |
- |
0.0 |
|
Long Term
Borrowings Increase |
- |
0.0 |
70.6 |
27.9 |
- |
|
Long Term
Borrowings Decrease |
-29.9 |
- |
- |
- |
-10.7 |
|
Employees
Bonus/Directors Remuneration |
- |
- |
0.0 |
-3.3 |
-0.8 |
|
Cash Dividend -
Common Stock |
-82.6 |
-9.5 |
-2.7 |
-60.2 |
-12.3 |
|
Increase in Lease
Payable |
-1.1 |
- |
- |
- |
- |
|
TL Payables-Related
Parties |
1.3 |
- |
- |
- |
- |
|
Security Deposit |
0.2 |
0.0 |
0.0 |
0.1 |
- |
|
Other Liabilities |
- |
- |
- |
0.0 |
0.1 |
|
Cash Capital |
- |
- |
- |
0.0 |
28.0 |
|
Cash from Financing Activities |
-117.5 |
7.9 |
35.7 |
-3.1 |
22.4 |
|
|
|
|
|
|
|
|
Net Change in Cash |
-16.2 |
29.3 |
2.9 |
-6.4 |
-0.9 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
40.6 |
8.6 |
5.3 |
11.9 |
12.4 |
|
Net Cash - Ending Balance |
24.4 |
37.9 |
8.2 |
5.6 |
11.5 |
|
Cash Interest Paid |
2.3 |
1.3 |
0.6 |
1.0 |
0.9 |
|
Cash Taxes Paid |
27.2 |
1.0 |
0.0 |
29.1 |
9.3 |
|
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.53.32 |
|
|
1 |
Rs.84.60 |
|
Euro |
1 |
Rs.72.63 |
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.