MIRA INFORM REPORT

Report Date :

05.02.2013

IDENTIFICATION DETAILS

Name :	SKARDIN INDUSTRIAL CORPORATION
Registered Office :	8F, No. 123-1 Hsing De Road, Sanchong District New Taipei, 241
Country :	Taiwan
Financials (as on) :	31.12.2011
Date of Incorporation :	23.03.1982
Legal Form :	Public Parent
Line of Business :	Manufacture of television and radio transmitters and apparatus for line telephony and line telegraphy
No. of Employees :	631

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 30^th, 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

Company name and address

Top of Form

Skardin Industrial Corporation

8F, No. 123-1
Hsing De Road, Sanchong District
New Taipei, 241
Taiwan
Tel:	886-2-85123068
Fax:	886-2-85123086
www.skardin.com.tw

Employees:

631

Company Type:

Public Parent

Corporate Family:

2 Companies

Traded:

Gre Tai Security Market:

3466

Incorporation Date:

23-Mar-1982

Auditor:

KPMG LLP

Financials in	USD (mil)
Fiscal Year End:	31-Dec-2011
Reporting Currency:	Taiwanese New Dollar
Annual Sales:	68.6 ^1
Net Income:	4.2
Total Assets:	70.3 ^2
Market Value:	40.5
	(25-Jan-2013)

Business Description

Skardin Industrial Corporation is principally engaged in the manufacture and distribution of communication products. The Company's major products include digital satellite receivers, digital terrestrial receivers and digital cable receivers, among others. The Company distributes its products principally in Europe, Asia, the Americas and Africa. During the year ended December 31, 2011, the Company obtained approximately 99.04% of its total revenue from digital receivers. For the nine months ended 30 September 2012, Skardin Industrial Corporation revenues decreased 19% to NT$1.23B. Net income decreased 26% to NT$71.2M. Revenues reflect a decrease in demand for the Company's products and services due to unfavorable market conditions. Net income also reflects Miscellaneous Income decrease of 3% to NT$23.9M (income), Miscellaneous Disbursements increase of 3% to NT$2.1M (expense).

Industry

Industry	Communications Equipment
ANZSIC 2006:	2422 - Communication Equipment Manufacturing
NACE 2002:	3220 - Manufacture of television and radio transmitters and apparatus for line telephony and line telegraphy
NAICS 2002:	33422 - Radio and TV Broadcasting and Wireless Communications Equipment Manufacturing
UK SIC 2003:	32202 - Manufacture of radio and electronic capital goods
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
Mingzheng Huang	General Manager, Director
Yanzhou Li	Manager-Finance and Accounting
Jack Huang	General Manager
Zhenqian Wu	Chairman of the Board
Jingpei Huang	Independent Director

Significant Developments

Topic	#*	Most Recent Headline	Date
Dividends	2	Skardin Industrial Corp Announces FY 2011 Dividend Payment Date	27-Jun-2012

Financial Summary

As of 30-Sep-2012

Key Ratios	Company	Industry
Current Ratio (MRQ)	4.43	3.07
Quick Ratio (MRQ)	4.11	2.60
Debt to Equity (MRQ)	0.0032	0.27
Sales 5 Year Growth	-9.70	14.13
Net Profit Margin (TTM) %	5.72	17.97
Return on Assets (TTM) %	4.68	7.97
Return on Equity (TTM) %	6.22	14.12

Stock Snapshot

Traded: Gre Tai Security Market: 3466

As of 25-Jan-2013

   Financials in: TWD

Recent Price	18.90	EPS	2.02
52 Week High	24.70	Price/Sales	0.58
52 Week Low	17.95	Dividend Rate	1.50
Avg. Volume (mil)	0.0000	Price/Earnings	11.93
Market Value (mil)	1,178.94	Price/Book	0.71
		Beta	1.55

	Price % Change	Rel S&P 500%
4 Week	0.0000%	0.35%
13 Week	2.44%	-4.75%
52 Week	-9.35%	-14.54%
Year to Date	0.0000%	0.35%

1 - Profit & Loss Item Exchange Rate: USD 1 = TWD 29.39004
2 - Balance Sheet Item Exchange Rate: USD 1 = TWD 30.279

Corporate Overview

Location
8F, No. 123-1
Hsing De Road, Sanchong District
New Taipei, 241
Taiwan

Tel:	886-2-85123068
Fax:	886-2-85123086

www.skardin.com.tw

Quote Symbol - Exchange
3466 - Gre Tai Security Market
Sales TWD(mil):	2,016.7
Assets TWD(mil):	2,129.4
Employees:	631
Fiscal Year End:	31-Dec-2011

Industry:

Communications Equipment

Incorporation Date:	23-Mar-1982
Company Type:	Public Parent
Quoted Status:	Quoted

Chairman of the Board:

Zhenqian Wu

Industry Codes

ANZSIC 2006 Codes:
2422	-	Communication Equipment Manufacturing

NACE 2002 Codes:
3220	-	Manufacture of television and radio transmitters and apparatus for line telephony and line telegraphy

NAICS 2002 Codes:
33422	-	Radio and TV Broadcasting and Wireless Communications Equipment Manufacturing
334290	-	Other Communications Equipment Manufacturing

US SIC 1987:
3663	-	Radio and Television Broadcasting and Communications Equipment
3669	-	Communications Equipment, Not Elsewhere Classified

UK SIC 2003:
32202	-	Manufacture of radio and electronic capital goods
3220	-	Manufacture of television and radio transmitters and apparatus for line telephony and line telegraphy

UK SIC 2007:
26309	-	Manufacture of communication equipment (other than telegraph and telephone apparatus and equipment)
2630	-	Manufacture of communication equipment

Business Description

Skardin Industrial Corporation is principally engaged in the manufacture and distribution of communication products. The Company's major products include digital satellite receivers, digital terrestrial receivers and digital cable receivers, among others. The Company distributes its products principally in Europe, Asia, the Americas and Africa. During the year ended December 31, 2011, the Company obtained approximately 99.04% of its total revenue from digital receivers. For the nine months ended 30 September 2012, Skardin Industrial Corporation revenues decreased 19% to NT$1.23B. Net income decreased 26% to NT$71.2M. Revenues reflect a decrease in demand for the Company's products and services due to unfavorable market conditions. Net income also reflects Miscellaneous Income decrease of 3% to NT$23.9M (income), Miscellaneous Disbursements increase of 3% to NT$2.1M (expense).

More Business Descriptions

Manufacture and distribution of communication products like analogue satellite receivers, digital satellite receivers, digital terrestrial receivers, digital cable receivers, video links, scart routers, universal handsets, television boosters, distributors and indoor antennas with boosters in Europe, Asia, the Americas, Africa and Australia.

Financial Data

Financials in:	TWD(mil)
Revenue:	2,016.7
Net Income:	123.7
Assets:	2,129.4
Long Term Debt:	3.6
Total Liabilities:	512.5
Working Capital:	1.4
Date of Financial Data:	31-Dec-2011

1 Year Growth

-0.7%

103.6%

3.6%

Market Data

Quote Symbol:	3466
Exchange:	Gre Tai Security Market
Currency:	TWD
Stock Price:	18.9
Stock Price Date:	01-25-2013
52 Week Price Change %:	-9.4
Market Value (mil):	1,178,935.0
SEDOL:	B06B9F4
ISIN:	TW0003466009
Equity and Dept Distribution:
07/2006, 10% stock dividend. Company only started report consolidated report in FY'04. FY'03 reflect parent report. FY'04 B/S & C/F reclassified. 08/2007, 5% stock dividend. 8/2008, 5% Stock dividend.

Subsidiaries

Company	Percentage Owned	Country
Oriental Sky Ltd	100%	SAMOA
S&T Industrial (HK) Co Ltd	100%	HONG KONG SAR
Skardin Industrial (UK) Ltd	100%	UK
Top Crown Ltd	100%	SAMOA
S&T Technology (Shenzhen) Co Ltd	100%	PEOPLE'S REPUBLIC OF CHINA

Key Corporate Relationships

Auditor:	KPMG LLP
Auditor:	KPMG, KPMG LLP

Corporate Structure News

Skardin Industrial Corporation
Total Corporate Family Members: 2

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Skardin Industrial Corporation	Parent	New Taipei	Taiwan	Communications Equipment	68.6	631
Skardin Industrial (UK) Ltd.	Subsidiary	Harlow	United Kingdom	Miscellaneous Capital Goods	1.6	11

Executives Report

Board of Directors

Name	Title	Function
Peter C Wu	Chairman	Chairman
Zhenqian Wu	Chairman of the Board	Chairman
Biography: Wu Zhenqian has been Chairman of the Board in Skardin Industrial Corporation since 2005. Wu is also Director in Chaun Choung Technology Corp. Wu used to be General Manager in the Company.
Mingzheng Huang	General Manager, Director	Director/Board Member
Biography: Huang Mingzheng has been General Manager and Director in Skardin Industrial Corporation since 2005. Huang is also General Manager in another company. Huang used to be Deputy General Manager in the Company. Education: National Chengchi University, M Compensation/Salary:1,553,000 Compensation Currency: TWD
Jingpei Huang	Independent Director	Director/Board Member
Rongzong Lin	Independent Director	Director/Board Member
Biography: Lin Rongzong has been Independent Director in Skardin Industrial Corporation since June 28, 2005. Lin is also General Manager of another company and Director of a fiber company.
Zhihui Wang	Director	Director/Board Member
Hancheng Zhang	Director	Director/Board Member
Biography: Zhang Hancheng has been Director in Skardin Industrial Corporation since June 28, 2005. Zhang is also Deputy General Manager of an industrial company.
Xinlong Zhang	Director	Director/Board Member
Biography: Zhang Xinlong has been Director in Skardin Industrial Corporation since June 28, 2005. Zhang is also Chairman of the Board in two companies.

Executives

Name	Title	Function
Jack Huang	General Manager	Division Head Executive
Mingzheng Huang	General Manager, Director	Division Head Executive
Biography: Huang Mingzheng has been General Manager and Director in Skardin Industrial Corporation since 2005. Huang is also General Manager in another company. Huang used to be Deputy General Manager in the Company. Education: National Chengchi University, M Compensation/Salary:1,553,000 Compensation Currency: TWD
Yanzhou Li	Manager-Finance and Accounting	Finance Executive

Significant Developments

Skardin Industrial Corp Announces FY 2011 Dividend Payment Date

Jun 27, 2012

Skardin Industrial Corp announced that it will pay a cash dividend of NTD 1.5 per share, or NTD 89,906,360 in total to shareholders of record on July 21, 2012. The Company's shares will be traded ex-dividend on July 13, 2012.

Skardin Industrial Corp Announces FY 2011 Dividend Payment

Mar 26, 2012

Skardin Industrial Corp announced that it will pay a cash dividend of NTD 1.5 per share, or NTD 89,906,360 in total to shareholders for fiscal year 2011.

Annual Income Statement

Financials in: USD (mil)

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

Financial Glossary

	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 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	29.39004	31.497037	33.023867	31.543497	32.848802
Auditor	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Gross Revenue	68.6	64.6	88.2	45.9	91.4
Sales Returns and Allowances	0.0	-0.1	-0.3	0.0	-0.1
Revenue	68.6	64.5	87.9	45.9	91.3
Total Revenue	68.6	64.5	87.9	45.9	91.3
Cost of Revenue	57.2	53.3	72.9	38.5	74.9
Cost of Revenue, Total	57.2	53.3	72.9	38.5	74.9
Gross Profit	11.4	11.2	15.0	7.4	16.5
Selling/General/Administrative Expense	5.5	5.4	6.3	4.9	4.6
Total Selling/General/Administrative Expenses	5.5	5.4	6.3	4.9	4.6
Research & Development	2.4	2.0	2.1	2.5	2.3
Impairment-Assets Held for Use	-	-	0.0	0.1	-
Unusual Expense (Income)	-	-	0.0	0.1	-
Total Operating Expense	65.1	60.7	81.2	46.0	81.7
Operating Income	3.5	3.8	6.6	-0.1	9.6
Interest Expense - Non-Operating	0.0	0.0	0.0	-0.1	-0.1
Interest Expense, Net Non-Operating	0.0	0.0	0.0	-0.1	-0.1
Interest Income - Non-Operating	0.1	0.1	0.3	0.8	1.1
Investment Income - Non-Operating	0.9	-2.3	0.1	-0.4	0.4
Interest/Investment Income - Non-Operating	1.0	-2.1	0.4	0.4	1.5
Interest Income (Expense) - Net Non-Operating Total	1.0	-2.1	0.4	0.3	1.4
Gain (Loss) on Sale of Assets	0.0	0.0	0.0	-	-
Other Non-Operating Income (Expense)	0.7	0.7	0.0	-0.2	0.2
Other, Net	0.7	0.7	0.0	-0.2	0.2
Income Before Tax	5.3	2.3	7.0	0.0	11.2
Total Income Tax	1.1	0.3	1.5	0.0	2.9
Income After Tax	4.2	1.9	5.5	0.0	8.4
Minority Interest	-	-	0.0	0.0	0.0
Net Income Before Extraord Items	4.2	1.9	5.5	0.0	8.4
Net Income	4.2	1.9	5.5	0.0	8.4
Income Available to Common Excl Extraord Items	4.2	1.9	5.5	0.0	8.4
Income Available to Common Incl Extraord Items	4.2	1.9	5.5	0.0	8.4
Basic/Primary Weighted Average Shares	61.1	62.0	61.9	62.2	62.4
Basic EPS Excl Extraord Items	0.07	0.03	0.09	0.00	0.13
Basic/Primary EPS Incl Extraord Items	0.07	0.03	0.09	0.00	0.13
Dilution Adjustment	0.0	-	-	-	-
Diluted Net Income	4.2	1.9	5.5	0.0	8.4
Diluted Weighted Average Shares	61.4	62.2	62.0	62.2	62.4
Diluted EPS Excl Extraord Items	0.07	0.03	0.09	0.00	0.13
Diluted EPS Incl Extraord Items	0.07	0.03	0.09	0.00	0.13
Dividends per Share - Common Stock Primary Issue	0.05	0.03	0.06	0.03	0.09
Gross Dividends - Common Stock	3.1	1.9	3.8	2.0	5.4
Interest Expense, Supplemental	0.0	0.0	0.0	0.1	0.1
Depreciation, Supplemental	0.8	0.8	0.7	0.7	0.4
Total Special Items	0.0	0.0	0.0	0.1	-
Normalized Income Before Tax	5.3	2.3	7.0	0.2	11.2
Effect of Special Items on Income Taxes	0.0	0.0	0.0	0.0	-
Inc Tax Ex Impact of Sp Items	1.1	0.3	1.5	0.1	2.9
Normalized Income After Tax	4.2	2.0	5.5	0.1	8.4
Normalized Inc. Avail to Com.	4.2	2.0	5.5	0.1	8.4
Basic Normalized EPS	0.07	0.03	0.09	0.00	0.13
Diluted Normalized EPS	0.07	0.03	0.09	0.00	0.13
Amort of Intangibles, Supplemental	0.3	0.3	0.1	0.2	0.5
Research & Development Exp, Supplemental	2.4	2.0	2.1	2.5	2.3
Normalized EBIT	3.5	3.8	6.6	0.0	9.6
Normalized EBITDA	4.7	4.9	7.5	0.9	10.5
Current Tax - Total	1.1	0.4	1.2	0.2	1.7
Current Tax - Total	1.1	0.4	1.2	0.2	1.7
Deferred Tax - Total	-0.1	-0.2	0.1	-0.3	1.0
Deferred Tax - Total	-0.1	-0.2	0.1	-0.3	1.0
Other Tax	0.1	0.1	0.2	0.1	0.2
Income Tax - Total	1.1	0.3	1.5	0.0	2.9
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
Other Pension, Net - Domestic	-	-	0.0	0.0	0.0
Domestic Pension Plan Expense	0.1	0.1	0.1	0.1	0.1
Defined Contribution Expense - Domestic	0.1	0.1	0.1	-	-
Total Pension Expense	0.2	0.2	0.2	0.1	0.1
Discount Rate - Domestic	2.00%	2.00%	2.25%	2.50%	3.00%
Expected Rate of Return - Domestic	2.00%	2.00%	2.25%	2.50%	3.00%
Compensation Rate - Domestic	1.00%	1.00%	1.00%	3.50%	3.50%
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
Total Plan Other Expense	-	-	0.0	0.0	0.0

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate	30.279	29.1565	31.985	32.818	32.4345
Auditor	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	27.6	21.5	26.3	27.5	27.2
Short Term Investments	12.5	14.4	11.0	9.2	14.8
Cash and Short Term Investments	40.1	35.9	37.4	36.7	42.0
Accounts Receivable - Trade, Gross	17.3	16.9	18.2	9.6	15.6
Provision for Doubtful Accounts	-0.7	-0.4	-0.1	-0.1	-0.1
Trade Accounts Receivable - Net	16.6	16.6	18.0	9.5	15.5
Notes Receivable - Short Term	0.0	0.0	0.0	-	-
Total Receivables, Net	16.6	16.6	18.0	9.5	15.5
Inventories - Finished Goods	0.0	0.3	0.0	0.8	3.0
Inventories - Work In Progress	0.6	1.4	1.8	1.9	1.0
Inventories - Raw Materials	4.7	6.5	6.8	7.8	8.4
Inventories - Other	0.0	0.0	0.1	-0.6	-0.5
Total Inventory	5.3	8.2	8.7	9.8	11.8
Deferred Income Tax - Current Asset	0.2	0.4	0.2	0.1	0.0
Other Current Assets	0.8	1.2	0.9	1.1	1.0
Other Current Assets, Total	1.0	1.6	1.1	1.1	1.0
Total Current Assets	63.0	62.2	65.3	57.1	70.4
Buildings	1.9	1.9	1.8	1.7	1.6
Land/Improvements	0.6	0.6	0.5	0.5	0.5
Machinery/Equipment	8.5	8.2	6.5	5.8	5.5
Leases	-	0.2	0.2	-	-
Property/Plant/Equipment - Gross	10.9	10.8	9.0	8.0	7.6
Accumulated Depreciation	-4.4	-3.6	-2.7	-1.9	-1.3
Property/Plant/Equipment - Net	6.6	7.3	6.3	6.1	6.3
Intangibles, Net	0.0	0.3	0.1	0.0	0.2
LT Investments - Other	0.0	0.0	0.0	0.0	0.0
Long Term Investments	0.0	0.0	0.0	0.0	0.0
Deferred Charges	-	0.3	0.3	0.1	-
Pension Benefits - Overfunded	0.3	0.3	0.3	0.2	0.4
Other Long Term Assets	0.4	0.0	0.0	0.1	0.3
Other Long Term Assets, Total	0.7	0.6	0.6	0.4	0.7
Total Assets	70.3	70.5	72.3	63.6	77.6
Accounts Payable	8.6	9.1	11.8	8.2	10.1
Accrued Expenses	4.0	3.7	3.9	4.1	6.1
Notes Payable/Short Term Debt	1.4	1.3	0.0	0.9	2.3
Current Portion - Long Term Debt/Capital Leases	0.0	0.0	0.1	0.1	0.1
Income Taxes Payable	0.8	0.0	0.9	0.0	1.0
Other Current Liabilities	0.5	1.0	0.9	0.5	0.6
Other Current liabilities, Total	1.3	1.0	1.8	0.5	1.7
Total Current Liabilities	15.4	15.2	17.6	13.8	20.2
Long Term Debt	0.1	0.2	0.3	0.8	0.9
Total Long Term Debt	0.1	0.2	0.3	0.8	0.9
Total Debt	1.5	1.5	0.4	1.9	3.3
Deferred Income Tax - LT Liability	0.6	0.8	1.0	0.8	1.1
Deferred Income Tax	0.6	0.8	1.0	0.8	1.1
Minority Interest	-	-	-	0.0	0.5
Pension Benefits - Underfunded	0.8	0.9	0.7	0.6	0.7
Other Long Term Liabilities	0.0	0.0	0.0	0.1	0.5
Other Liabilities, Total	0.8	0.9	0.7	0.7	1.2
Total Liabilities	16.9	17.1	19.7	16.2	23.9
Common Stock	20.6	21.4	19.5	19.0	18.2
Common Stock	20.6	21.4	19.5	19.0	18.2
Additional Paid-In Capital	21.1	22.0	19.9	19.2	19.1
Retained Earnings (Accumulated Deficit)	14.1	12.5	13.4	9.5	16.1
Treasury Stock - Common	-1.8	-1.0	-0.2	-0.4	-
Translation Adjustment	-0.7	-1.4	0.0	0.2	0.2
Minimum Pension Liability Adjustment	0.0	0.0	0.0	-	-
Other Equity, Total	-0.7	-1.5	0.0	0.2	0.2
Total Equity	53.4	53.4	52.6	47.5	53.6
Total Liabilities & Shareholders’ Equity	70.3	70.5	72.3	63.6	77.6
Shares Outstanding - Common Stock Primary Issue	60.4	61.4	62.0	61.8	61.9
Total Common Shares Outstanding	60.4	61.4	62.0	61.8	61.9
Treasury Shares - Common Stock Primary Issue	2.0	1.0	0.3	0.6	-
Employees	597	682	802	763	813
Number of Common Shareholders	3,086	-	3,702	3,325	3,388
Pension Obligation - Domestic	1.1	1.2	1.1	1.2	1.1
Plan Assets - Domestic	0.2	0.3	0.3	0.3	0.2
Funded Status - Domestic	-0.9	-0.9	-0.8	-0.9	-0.9
Accumulated Obligation - Domestic	1.0	1.2	1.1	0.9	0.9
Total Funded Status	-0.9	-0.9	-0.8	-0.9	-0.9
Discount Rate - Domestic	2.00%	2.00%	2.25%	2.50%	3.00%
Expected Rate of Return - Domestic	2.00%	2.00%	2.25%	2.50%	3.00%
Compensation Rate - Domestic	1.00%	1.00%	1.00%	3.50%	3.50%
Prepaid Benefits - Domestic	0.3	0.3	0.3	0.2	0.4
Accrued Liabilities - Domestic	-0.8	-0.9	-0.7	-0.6	-0.7
Net Assets Recognized on Balance Sheet	-0.6	-0.6	-0.4	-0.4	-0.3
Total Plan Obligations	1.1	1.2	1.1	1.2	1.1
Total Plan Assets	0.2	0.3	0.3	0.3	0.2

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	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 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	29.39004	31.497037	33.023867	31.543497	32.848802
Auditor	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	4.2	1.9	5.5	0.0	8.4
Depreciation	0.8	0.8	0.7	0.7	0.4
Depreciation/Depletion	0.8	0.8	0.7	0.7	0.4
Amortization of Intangibles	0.3	0.3	0.1	0.2	0.5
Amortization	0.3	0.3	0.1	0.2	0.5
Deferred Taxes	-0.1	-0.2	0.1	-0.3	1.0
Unusual Items	0.0	0.0	0.0	0.1	0.0
Other Non-Cash Items	0.2	0.3	1.1	-0.1	-0.9
Non-Cash Items	0.2	0.3	1.1	-0.1	-0.9
Accounts Receivable	-0.9	1.2	-8.1	5.7	1.9
Inventories	2.7	0.6	0.7	2.0	-1.0
Other Assets	1.7	-2.7	-1.4	5.2	3.9
Accounts Payable	-0.8	-2.6	3.3	-1.8	-2.0
Accrued Expenses	0.1	0.0	-0.4	-1.3	1.3
Taxes Payable	0.8	-0.9	0.9	-1.0	-0.3
Other Liabilities	0.1	0.1	-0.1	0.1	-0.1
Changes in Working Capital	3.7	-4.3	-5.0	8.8	3.7
Cash from Operating Activities	9.1	-1.1	2.5	9.2	13.0
Purchase of Fixed Assets	-0.1	-1.5	-0.8	-1.6	-2.5
Purchase/Acquisition of Intangibles	0.0	-0.5	-0.1	0.0	-0.1
Capital Expenditures	-0.1	-2.0	-0.9	-1.6	-2.6
Sale of Fixed Assets	0.0	0.0	0.0	0.0	0.0
Investment, Net	0.0	0.0	0.0	0.0	0.0
Other Investing Cash Flow	-0.1	0.1	-0.2	-0.2	0.0
Other Investing Cash Flow Items, Total	0.0	0.1	-0.2	-0.2	0.0
Cash from Investing Activities	-0.1	-1.9	-1.1	-1.8	-2.6
Other Financing Cash Flow	0.0	0.0	0.0	-0.5	-0.1
Financing Cash Flow Items	0.0	0.0	0.0	-0.5	-0.1
Cash Dividends Paid - Common	-2.1	-3.9	-1.9	-5.6	-6.4
Total Cash Dividends Paid	-2.1	-3.9	-1.9	-5.6	-6.4
Sale/Issuance of Common	-0.8	0.2	0.2	-	0.0
Repurchase/Retirement of Common	0.0	-1.0	0.0	-0.4	-
Common Stock, Net	-0.8	-0.7	0.2	-0.4	0.0
Issuance (Retirement) of Stock, Net	-0.8	-0.7	0.2	-0.4	0.0
Short Term Debt, Net	0.0	1.3	-0.8	-0.3	0.6
Long Term Debt Issued	-	-	0.0	0.1	-
Long Term Debt Reduction	0.0	-0.2	-0.6	0.0	-0.1
Long Term Debt, Net	0.0	-0.2	-0.6	0.1	-0.1
Issuance (Retirement) of Debt, Net	0.0	1.1	-1.4	-0.2	0.5
Cash from Financing Activities	-2.9	-3.6	-3.1	-6.7	-6.0
Foreign Exchange Effects	1.0	-0.3	-0.1	-0.1	0.1
Net Change in Cash	7.1	-6.9	-1.8	0.6	4.5
Net Cash - Beginning Balance	21.3	26.7	27.3	28.0	22.4
Net Cash - Ending Balance	28.4	19.9	25.5	28.6	26.9
Cash Interest Paid	0.0	0.0	0.0	0.1	0.1
Cash Taxes Paid	0.4	1.4	0.5	1.4	2.2

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 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	29.39004	31.497037	33.023867	31.543497	32.848802
Auditor	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Gross Sales	68.6	64.6	88.2	45.9	91.4
Sales Return	-	0.0	-0.2	0.0	0.0
Sales Discount	0.0	-0.1	-0.1	0.0	-0.1
Total Revenue	68.6	64.5	87.9	45.9	91.3
Cost of Sales	57.2	53.3	72.9	38.4	75.2
Selling Expenses	3.1	3.2	3.6	2.2	2.2
General and Administrative Expenses	2.4	2.2	2.7	2.6	2.4
Research and Development Expenses	2.4	2.0	2.1	2.5	2.3
Inventory Devaluation & Obsolescence	-	-	-	0.1	-0.3
Impairment of Fixed Assets	-	-	0.0	0.1	-
Total Operating Expense	65.1	60.7	81.2	46.0	81.7
Interest Income	0.1	0.1	0.3	0.8	1.1
Gain/Loss on Fncl. Assets Valuation	-0.1	0.1	0.2	-0.2	0.2
Miscellaneous Income	0.8	0.8	0.2	0.2	0.4
Interest Expense	0.0	0.0	0.0	-0.1	-0.1
Loss on Sale of Fixed Assets	0.0	0.0	0.0	-	-
Gain/Loss on Foreign Exchange	1.0	-2.4	0.0	-0.2	0.1
Miscellaneous Disbursements	-0.1	-0.1	-0.2	-0.4	-0.1
Net Income Before Taxes	5.3	2.3	7.0	0.0	11.2
Provision for Income Taxes	1.1	0.3	1.5	0.0	2.9
Net Income After Taxes	4.2	1.9	5.5	0.0	8.4
Minority Interest	-	-	0.0	0.0	0.0
Net Income Before Extra. Items	4.2	1.9	5.5	0.0	8.4
Net Income	4.2	1.9	5.5	0.0	8.4
Income Available to Com Excl ExtraOrd	4.2	1.9	5.5	0.0	8.4
Income Available to Com Incl ExtraOrd	4.2	1.9	5.5	0.0	8.4
Basic Weighted Average Shares	61.1	62.0	61.9	62.2	62.4
Basic EPS Excluding ExtraOrdinary Items	0.07	0.03	0.09	0.00	0.13
Basic EPS Including ExtraOrdinary Items	0.07	0.03	0.09	0.00	0.13
Dilution Adjustment	0.0	-	-	-	-
Diluted Net Income	4.2	1.9	5.5	0.0	8.4
Diluted Weighted Average Shares	61.4	62.2	62.0	62.2	62.4
Diluted EPS Excluding ExtraOrd Items	0.07	0.03	0.09	0.00	0.13
Diluted EPS Including ExtraOrd Items	0.07	0.03	0.09	0.00	0.13
DPS-Common Stock	0.05	0.03	0.06	0.03	0.09
Gross Dividends - Common Stock	3.1	1.9	3.8	2.0	5.4
Normalized Income Before Taxes	5.3	2.3	7.0	0.2	11.2
Inc Tax Ex Impact of Sp Items	1.1	0.3	1.5	0.1	2.9
Normalized Income After Taxes	4.2	2.0	5.5	0.1	8.4
Normalized Inc. Avail to Com.	4.2	2.0	5.5	0.1	8.4
Basic Normalized EPS	0.07	0.03	0.09	0.00	0.13
Diluted Normalized EPS	0.07	0.03	0.09	0.00	0.13
R&D Expense, Supplemental	2.4	2.0	2.1	2.5	2.3
Interest Expense, Supplemental	0.0	0.0	0.0	0.1	0.1
Depreciation - Operating Cost	0.2	0.2	0.2	0.2	0.1
Depreciaiton - Operating Expense	0.6	0.6	0.5	0.4	0.3
Depreciation, Other Assets	0.0	0.0	-	-	-
Amortization-Operating Cost	0.3	0.3	0.1	0.2	0.5
Amortization-Operating Expense	0.0	0.0	0.0	0.0	0.0
Current Tax	1.1	0.4	1.2	0.2	1.7
Current Tax - Total	1.1	0.4	1.2	0.2	1.7
Deferred Tax	-0.1	-0.2	0.1	-0.3	1.0
Deferred Tax - Total	-0.1	-0.2	0.1	-0.3	1.0
Other Tax	0.1	0.1	0.2	0.1	0.2
Income Tax - Total	1.1	0.3	1.5	0.0	2.9
Service Cost	0.0	0.0	0.0	0.0	0.0
Interest Cost	0.0	0.0	0.0	0.0	0.0
Amort. Transitional Benefit Obligation	0.0	0.0	0.0	0.0	0.0
Pension Gain/Loss	-	-	0.0	0.0	0.0
Expected Return on Plan Assets	0.0	0.0	0.0	0.0	0.0
Domestic Pension Plan Expense	0.1	0.1	0.1	0.1	0.1
Prov. for Defined Contribution Plan	0.1	0.1	0.1	-	-
Total Pension Expense	0.2	0.2	0.2	0.1	0.1
Discount Rate	2.00%	2.00%	2.25%	2.50%	3.00%
Rate of Compensation Increase	1.00%	1.00%	1.00%	3.50%	3.50%
Expected Rate of Return on Plan Assets	2.00%	2.00%	2.25%	2.50%	3.00%

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 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate	30.279	29.1565	31.985	32.818	32.4345
Auditor	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash and Cash Equivalent	27.6	21.5	26.3	27.5	27.2
Fncl Assets-Fair Value	11.3	13.3	10.2	8.0	14.1
Notes Receivable	0.0	0.0	0.0	-	-
Accounts Receivable - Related	-	-	-	-	0.0
Accounts Receivable, Gross - Non Related	17.3	16.9	18.2	9.6	15.6
Provision for Doubtful Accounts	-0.7	-0.4	-0.1	-0.1	-0.1
Accounts Receivable - Related Parties	0.0	0.1	0.0	-	-
Other Financial Assets - Current	1.2	1.1	0.8	1.3	0.7
Raw Material	4.7	6.5	6.8	7.8	8.4
Work-in-Process	0.6	1.4	1.8	1.9	1.0
Finished Goods	0.0	0.3	0.0	0.1	0.6
Merchandise in Store	0.0	-	0.0	0.7	2.4
Inventories in Transit	0.0	0.0	0.1	0.0	-
Provision for Inventory	-	-	-	-0.7	-0.5
Other Current Assets	0.8	1.2	0.9	1.1	1.0
Deferred Tax	0.2	0.4	0.2	0.1	0.0
Total Current Assets	63.0	62.2	65.3	57.1	70.4
Other Financial Assets	0.0	0.0	0.0	0.0	0.0
Land	0.6	0.6	0.5	0.5	0.5
Buildings and Structures	1.9	1.9	1.8	1.7	1.6
Machinery and Equipment	6.6	6.3	4.8	4.3	4.0
Transportation Equipment	0.2	0.2	0.1	0.1	0.1
Office Equipment	1.1	1.1	1.0	0.8	0.8
Other Equipment	0.6	0.6	0.5	0.5	0.5
Accumulated Depreciation	-4.4	-3.5	-2.6	-1.9	-1.3
Deferred Pension Cost	0.3	0.3	0.3	0.2	0.4
Other Intangible Asses	0.0	0.3	0.1	0.0	0.2
Assets for Lease	-	0.2	0.2	-	-
Accum. Depreciation - Assets for Lease	-	0.0	0.0	-	-
Prov. for Impairment - Assets for Lease	-	-0.1	-0.1	-	-
Idle Assets	-	-	0.0	0.1	-
Deferred Charges	-	0.3	0.3	0.1	-
Other Prepayment	-	0.0	0.0	0.0	-
Other Assets	0.4	-	-	-	0.3
Total Assets	70.3	70.5	72.3	63.6	77.6
Short Term Borrowings	1.4	1.3	0.0	0.8	1.1
Notes Payable	0.0	0.0	0.0	0.0	0.1
Accounts Payable	8.6	9.1	11.8	8.2	10.1
Accounts Payable - Related Parties	-	-	-	-	0.0
Income Taxes Payable	0.8	0.0	0.9	0.0	1.0
Accrued Expenses	4.0	3.7	3.9	4.1	6.1
Other Financial Liabilities	0.0	0.0	0.0	0.1	1.1
Current Portion of Long Term Debt	0.0	0.0	0.1	0.1	0.1
Other Current Liabilities	0.1	0.1	0.1	0.3	0.2
Provisions for After Sales Services	0.4	0.9	0.8	0.2	0.4
Total Current Liabilities	15.4	15.2	17.6	13.8	20.2
Long Term Borrowings	0.1	0.2	0.3	0.8	0.9
Total Long Term Debt	0.1	0.2	0.3	0.8	0.9
Accrued Pension Liabilities	0.8	0.9	0.7	0.6	0.7
Other Liabilities	-	-	-	0.1	0.5
Long Term Security Deposits Received	0.0	0.0	0.0	-	-
Deferred Income Tax Liabilities	0.6	0.8	1.0	0.8	1.1
Minority Interest	-	-	-	0.0	0.5
Total Liabilities	16.9	17.1	19.7	16.2	23.9
Common Stock	20.6	21.4	19.5	19.0	18.2
Shares Premium	20.5	21.3	19.4	18.9	19.1
Capital Gain on LT Investment	0.4	0.4	0.3	0.3	-
Capital Gain on Consolidation	-	-	-	-	0.0
Capital Gain on Treasury Stock Transact.	0.3	0.2	0.2	-	-
Employee Stock Option	0.0	0.1	0.0	-	-
Legal Reserve	5.5	5.5	4.5	4.4	3.6
Retained Earnings	7.2	7.0	8.9	5.1	12.6
Cumulative Translation Adjustment	-0.7	-1.4	0.0	0.2	0.2
Net Loss-Unrecognized Pension Cost	0.0	0.0	0.0	-	-
Treasury Stock	-1.8	-1.0	-0.2	-0.4	-
Special Reserve	1.4	-	-	-	-
Total Equity	53.4	53.4	52.6	47.5	53.6
Total Liabilities & Shareholders' Equity	70.3	70.5	72.3	63.6	77.6
S/O-Common Stock	60.4	61.4	62.0	61.8	61.9
Total Common Shares Outstanding	60.4	61.4	62.0	61.8	61.9
T/S-Common Stock	2.0	1.0	0.3	0.6	-
Full-Time Employees	597	682	802	763	813
Number of Shareholders	3,086	-	3,702	3,325	3,388
Benefit Obligation	1.1	1.2	1.1	1.2	1.1
Fair Value of Plan Assets	0.2	0.3	0.3	0.3	0.2
Funded Status	-0.9	-0.9	-0.8	-0.9	-0.9
Accumulated Benefit Obligation	1.0	1.2	1.1	0.9	0.9
Total Funded Status	-0.9	-0.9	-0.8	-0.9	-0.9
Discount Rate	2.00%	2.00%	2.25%	2.50%	3.00%
Rate of Compensation Increase	1.00%	1.00%	1.00%	3.50%	3.50%
Expected Rate of Return on Plan Assets	2.00%	2.00%	2.25%	2.50%	3.00%
Deferred Pension Cost	0.3	0.3	0.3	0.2	0.4
Accrued Pension Liabilities	-0.8	-0.9	-0.7	-0.6	-0.7
Net Assets Recognized on Balance Sheet	-0.6	-0.6	-0.4	-0.4	-0.3

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 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	29.39004	31.497037	33.023867	31.543497	32.848802
Auditor	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income	4.2	1.9	5.5	0.0	8.4
Depreciation	0.8	0.8	0.7	0.7	0.4
Amort. of Intangibles	0.3	0.3	0.1	0.2	0.5
Provision for Doubtful Accounts	0.3	0.3	0.1	0.1	0.0
Provision for After Sales Services	-0.4	-	0.6	-0.2	-0.2
Prov. for Inventory Devaluation & Obsole	0.3	-0.1	0.4	0.1	-0.3
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Other Assets	-	-	0.0	-0.1	-
Treasury Stock Trsct. Employees-Expense	0.0	0.1	0.2	-	-
Impairment Loss on Intangibles	-	-	0.0	0.1	-
Financial Assets Valuation	-	-	-	0.0	-0.1
Consolidation Credit Trans. Other Income	-	0.0	-0.1	-0.2	-0.4
Financial Assets for Trade	1.5	-2.0	-1.9	6.2	3.8
Notes Receivable	0.0	0.0	0.0	-	0.0
Accounts Receivable	-1.0	1.2	-8.1	5.7	1.9
Inventories	2.7	0.6	0.7	2.0	-1.0
Other Current Assets	0.3	-0.2	0.2	-0.1	-0.6
Other Financial Assets - Current	-0.1	-0.4	0.4	-0.9	0.7
Deferred Tax Assets	-0.1	-0.2	-	-	1.0
Deferred Tax Assets/Liabilities	-	-	0.1	-0.3	-
Notes Payable	0.0	0.0	0.0	-0.1	-0.2
Accounts Payable	-0.8	-2.6	3.3	-1.8	-2.0
Tax Payable	0.8	-0.9	0.9	-1.0	-0.3
Accrued Expenses	0.1	0.0	-0.4	-1.3	1.3
Other Financial Liabilities	0.1	0.0	0.0	0.0	0.0
Other Current Liabilities	0.0	0.0	-0.1	0.0	0.0
Accrued Pension Liabilities	0.0	0.1	0.1	0.1	0.1
Accounts Receivable-Related Parties	0.1	-	-	-	-
Cash from Operating Activities	9.1	-1.1	2.5	9.2	13.0
Capital Expenditure	-0.1	-1.5	-0.8	-1.6	-2.5
Disposal of Fixed Assets	0.0	0.0	0.0	0.0	0.0
Disposal of Other Assets	-	-	0.0	0.1	-
Restricted Cash	0.0	0.2	0.1	-0.2	0.1
Purchase of Intangibles	0.0	-0.5	-0.1	0.0	-0.1
Other Financial Assets - Non Current	0.0	0.0	0.0	0.0	0.0
Other Assets Increase	0.0	-0.1	-0.3	-0.1	-0.1
Cash from Investing Activities	-0.1	-1.9	-1.1	-1.8	-2.6
Short Term Borrowings	0.0	1.3	-0.8	-0.3	0.6
Repayment of LT Borrowings	0.0	-0.2	-0.6	0.0	-0.1
LT Borrowings Increase	-	-	0.0	0.1	-
Subsidiary Paid Cash Divid. to Minority	-	-	-	-	0.0
Security Deposit Received	0.0	0.0	0.0	0.0	0.0
Cash Dividend Paid	-2.1	-3.9	-1.9	-5.6	-6.4
Director's Remuneration/Employee Bonus	-	-	0.0	-0.1	-0.1
Repurchase of Treasury Stock	0.0	-1.0	0.0	-0.4	-
Treasuty Stock Transaction	-0.8	0.2	0.2	-	-
Minority Interest	-	-	0.0	-0.4	-
Cash Capital	-	-	-	-	0.0
Cash from Financing Activities	-2.9	-3.6	-3.1	-6.7	-6.0
Foreign Exchange Effects	1.0	-0.3	-0.1	-0.1	0.1
Net Change in Cash	7.1	-6.9	-1.8	0.6	4.5
Net Cash - Beginning Balance	21.3	26.7	27.3	28.0	22.4
Net Cash - Ending Balance	28.4	19.9	25.5	28.6	26.9
Cash Interest Paid	0.0	0.0	0.0	0.1	0.1
Cash Taxes Paid	0.4	1.4	0.5	1.4	2.2

Financial Health

Financials in: USD (mil)

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

Key Indicators USD (mil)
Â	Quarter Ending 30-Sep-2012	Quarter Ending Yr Ago	Annual Year End 31-Dec-2011	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1 (?)	15.1	-4.33%	68.6	-0.75%	11.68%	-9.70%
Research & Development1 (?)	0.5	-35.19%	2.4	8.49%	-3.84%	-0.93%
Operating Income1 (?)	1.2	-	3.5	-12.77%	-	-18.62%
Income Available to Common Excl Extraord Items1 (?)	1.1	54.21%	4.2	103.57%	340.34%	-13.20%
Basic EPS Excl Extraord Items1 (?)	0.02	57.76%	0.07	106.36%	342.83%	-13.63%
Capital Expenditures2 (?)	0.2	232.68%	0.1	-96.16%	-63.61%	-33.72%
Cash from Operating Activities2 (?)	3.0	57.11%	9.1	-	-2.77%	-
Free Cash Flow (?)	2.9	51.79%	8.8	-	3.24%	-
Total Assets3 (?)	69.2	-7.35%	70.3	3.65%	0.64%	-2.47%
Total Liabilities3 (?)	15.5	-22.51%	16.9	2.89%	-1.14%	-6.97%
Total Long Term Debt3 (?)	0.1	-28.80%	0.1	-20.63%	-49.26%	-35.51%
Employees3 (?)	-	-	597	-12.46%	-7.85%	-6.95%
Total Common Shares Outstanding3 (?)	59.9	-1.54%	60.4	-1.58%	-0.74%	-0.34%
1-ExchangeRate: TWD to USD Average for Period	29.873205	Â	29.390040	Â	Â	Â
2-ExchangeRate: TWD to USD Average for Period	29.738704	Â	29.390040	Â	Â	Â
3-ExchangeRate: TWD to USD Period End Date	29.331796	Â	30.279000	Â	Â	Â

Utility Industry Specific USD (mil)
Â	31-Dec-2010	31-Dec-2009	31-Dec-2008
Deferred Charges3 (?)	0.3	0.3	0.1
3-ExchangeRate: TWD to USD Period End Date	29.156500	31.985000	32.818000

Key Ratios
Â	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Profitability
Gross Margin (?)	16.59%	17.36%	17.10%	16.06%	18.02%
Operating Margin (?)	5.15%	5.86%	7.56%	-0.29%	10.50%
Pretax Margin (?)	7.69%	3.52%	7.92%	0.05%	12.31%
Net Profit Margin (?)	6.13%	2.99%	6.21%	0.10%	9.17%
Financial Strength
Current Ratio (?)	4.10	4.09	3.70	4.13	3.48
Long Term Debt/Equity (?)	0.00	0.00	0.01	0.02	0.02
Total Debt/Equity (?)	0.03	0.03	0.01	0.04	0.06
Management Effectiveness
Return on Assets (?)	5.91%	2.78%	8.19%	0.01%	11.16%
Return on Equity (?)	7.80%	3.75%	11.13%	0.09%	16.09%
Efficiency
Receivables Turnover (?)	4.09	3.83	6.54	3.55	5.66
Inventory Turnover (?)	8.41	6.47	8.00	3.44	6.81
Asset Turnover (?)	0.96	0.93	1.32	0.63	1.22

Market Valuation USD (mil)
P/E (TTM) (?)	11.55	.	Enterprise Value2 (?)	2.0
Price/Sales (TTM) (?)	0.68	.	Enterprise Value/Revenue (TTM) (?)	0.03
Price/Book (MRQ) (?)	0.72	.	Enterprise Value/EBITDA (TTM) (?)	0.47
Market Cap as of 25-Jan-20131 (?)	40.5	.
1-ExchangeRate: TWD to USD on 25-Jan-2013	29.110145
2-ExchangeRate: TWD to USD on 30-Sep-2012	29.331796

 Annual Ratios

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
Financial Strength
Current Ratio (?)	4.10	4.09	3.70	4.13	3.48
Quick/Acid Test Ratio (?)	3.69	3.45	3.14	3.34	2.85
Working Capital1 (?)	47.6	47.0	47.7	43.3	50.2
Long Term Debt/Equity (?)	0.00	0.00	0.01	0.02	0.02
Total Debt/Equity (?)	0.03	0.03	0.01	0.04	0.06
Long Term Debt/Total Capital (?)	0.00	0.00	0.01	0.02	0.02
Total Debt/Total Capital (?)	0.03	0.03	0.01	0.04	0.06
Payout Ratio (?)	74.13%	101.99%	68.65%	4,291.85%	64.82%
Effective Tax Rate (?)	20.18%	15.11%	21.63%	80.83%	25.47%
Total Capital1 (?)	54.9	54.9	53.0	49.4	56.9
Efficiency
Asset Turnover (?)	0.96	0.93	1.32	0.63	1.22
Inventory Turnover (?)	8.41	6.47	8.00	3.44	6.81
Days In Inventory (?)	43.41	56.40	45.61	105.96	53.60
Receivables Turnover (?)	4.09	3.83	6.54	3.55	5.66
Days Receivables Outstanding (?)	89.15	95.22	55.83	102.68	64.53
Revenue/Employee2 (?)	111,566	102,186	113,146	57,823	113,750
Operating Income/Employee2 (?)	5,750	5,993	8,552	-166	11,948
EBITDA/Employee2 (?)	7,613	7,723	9,662	908	13,104
Profitability
Gross Margin (?)	16.59%	17.36%	17.10%	16.06%	18.02%
Operating Margin (?)	5.15%	5.86%	7.56%	-0.29%	10.50%
EBITDA Margin (?)	6.82%	7.56%	8.54%	1.57%	11.52%
EBIT Margin (?)	5.15%	5.86%	7.56%	-0.29%	10.50%
Pretax Margin (?)	7.69%	3.52%	7.92%	0.05%	12.31%
Net Profit Margin (?)	6.13%	2.99%	6.21%	0.10%	9.17%
R&D Expense/Revenue (?)	3.45%	3.16%	2.39%	5.41%	2.49%
COGS/Revenue (?)	83.41%	82.64%	82.90%	83.94%	81.98%
SG&A Expense/Revenue (?)	7.98%	8.34%	7.15%	10.63%	5.02%
Management Effectiveness
Return on Assets (?)	5.91%	2.78%	8.19%	0.01%	11.16%
Return on Equity (?)	7.80%	3.75%	11.13%	0.09%	16.09%
Valuation
Free Cash Flow/Share2 (?)	0.15	-0.06	0.03	0.12	0.17
Operating Cash Flow/Share 2 (?)	0.15	-0.02	0.04	0.14	0.21
1-ExchangeRate: TWD to USD Period End Date	30.279	29.1565	31.985	32.818	32.4345
2-ExchangeRate: TWD to USD Average for Period	30.279	29.1565	31.985	32.818	32.4345

Current Market Multiples
Market Cap/Earnings (TTM) (?)	12.02
Market Cap/Equity (MRQ) (?)	0.75
Market Cap/Revenue (TTM) (?)	0.68
Market Cap/EBIT (TTM) (?)	12.88
Market Cap/EBITDA (TTM) (?)	9.45
Enterprise Value/Earnings (TTM) (?)	0.60
Enterprise Value/Equity (MRQ) (?)	0.04
Enterprise Value/Revenue (TTM) (?)	0.03
Enterprise Value/EBIT (TTM) (?)	0.64
Enterprise Value/EBITDA (TTM) (?)	0.47

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.97
UK Pound	1	Rs.83.17
Euro	1	Rs.72.20

INFORMATION DETAILS

Report Prepared by :

PRL

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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