MIRA INFORM REPORT

Report Date :

14.01.2013

IDENTIFICATION DETAILS

Name :	TAH TONG TEXTILE CO., LTD.
Registered Office :	3F, No. 346, Section 3 Nanking East Road Songshan District Taipei, 105
Country :	Taiwan
Financials (as on) :	31.12.2011
Date of Incorporation :	15.03.1958
Legal Form :	Public Independent
Line of Business :	Manufacture and distribution of yarns and cloth.
No. of Employees :	342

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

Bottom of Form

Top of Form

Tah Tong Textile Co., Ltd.

3F, No. 346, Section 3
Nanking East Road
Songshan District
Taipei, 105
Taiwan
Tel:	886-2-27522244
Fax:	886-2-27718186
en.tahtong.com.tw

Employees:

342

Company Type:

Public Independent

Traded:

Taiwan Stock Exchange:

1441

Incorporation Date:

15-Mar-1958

Auditor:

KPMG LLP

Financials in:	USD (mil)
Fiscal Year End:	31-Dec-2011
Reporting Currency:	Taiwanese New Dollar
Annual Sales:	66.7 ^1
Net Income:	4.7
Total Assets:	75.1 ^2
Market Value:	29.6
	(28-Dec-2012)

Business Description

TAH TONG TEXTILE CO., LTD. is engaged in the manufacture and distribution of yarns and cloth. The Company's products include pure cotton yarns, rayon yarns, functional blended yarns, core spun yarns, slub yarns, cotton grey cloth, cotton blended grey cloth, finished cloth and knitting fabrics, as well as functional gauze with anti-ultraviolet (anti-UV), antibacterial and deodorant functions. The yarns and cloth are used as materials of casual clothes, shirts, sportswear and women's wears. During the year ended December 31, 2011, the Company obtained 60.59% and 32.2% of its total revenue from its yarn and cloth businesses, respectively. The Company distributes its products in Taiwan, Japan, Hong Kong, Vietnam, mainland China, North America and Europe. For the nine months ended 30 September 2012, Tah Tong Textile Co., Ltd. revenues decreased 22% to NT$1.2B. Net loss totaled NT$24.2M vs. income of NT$170.3M. Revenues reflect Yarn Segment decrease of 24% to NT$822.7M, Cloth Segment decrease of 10% to NT$392.9M, Taiwan segment decrease of 29% to NT$330.8M, China segment decrease of 43% to NT$72.4M. Net loss reflects Yarn Segment loss totaling NT$89.8M vs. income of NT$165.1M.

Industry

Industry	Textiles - Non Apparel
ANZSIC 2006:	1312 - Natural Textile Manufacturing
NACE 2002:	171 - Preparation and spinning of textile fibres
NAICS 2002:	313112 - Yarn Texturing, Throwing, and Twisting Mills
UK SIC 2003:	171 - Preparation and spinning of textile fibres
UK SIC 2007:	1310 - Preparation and spinning of textile fibres
US SIC 1987:	2282 - Yarn Texturizing, Throwing, Twisting, and Winding Mills

Key Executives

Name	Title
Mingyu Xu	Assistant General Manager-Finance, Director
Qilie Guo	Deputy General Manager-Gauze Business
Shiou Chung Chen	Chairman & General Manager
Jaf Chen	Manager-HR
Xiuzhong Chen	Chairman of the Board

Significant Developments

Topic	#*	Most Recent Headline	Date
Debt Financing / Related	1	Tah Tong Textile Co Ltd to Apply for Syndicated Loan	26-Sep-2012
Dividends	3	Tah Tong Textile Co Ltd Announces FY 2011 Stock Dividend Payment Date	3-Aug-2012

Financial Summary

As of 30-Sep-2012

Key Ratios	Company	Industry
Current Ratio (MRQ)	1.21	2.22
Quick Ratio (MRQ)	0.80	1.09
Debt to Equity (MRQ)	0.57	1.83
Sales 5 Year Growth	2.87	-1.82
Net Profit Margin (TTM) %	-3.54	1.34
Return on Assets (TTM) %	-2.64	1.80
Return on Equity (TTM) %	-5.57	6.70

Stock Snapshot

Traded: Taiwan Stock Exchange: 1441

As of 28-Dec-2012

   Financials in: TWD

Recent Price	9.55	EPS	1.82
52 Week High	13.14	Price/Sales	0.44
52 Week Low	7.33	Dividend Rate	0.67
Avg. Volume (mil)	0.50	Price/Book	0.72
Market Value (mil)	859.43	Beta	1.95

	Price % Change	Rel S&P 500%
4 Week	1.81%	0.24%
13 Week	-13.18%	-13.01%
52 Week	0.27%	-7.87%
Year to Date	-1.21%	-9.26%

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
3F, No. 346, Section 3
Nanking East Road
Songshan District
Taipei, 105
Taiwan

Tel:	886-2-27522244
Fax:	886-2-27718186

en.tahtong.com.tw

Quote Symbol - Exchange
1441 - Taiwan Stock Exchange
Sales TWD(mil):	1,961.1
Assets TWD(mil):	2,274.9
Employees:	342
Fiscal Year End:	31-Dec-2011

Industry:

Textiles - Non Apparel

Incorporation Date:	15-Mar-1958
Company Type:	Public Independent
Quoted Status:	Quoted

Chairman of the Board:

Xiuzhong Chen

Industry Codes

ANZSIC 2006 Codes:
1312	-	Natural Textile Manufacturing
1332	-	Rope, Cordage and Twine Manufacturing

NACE 2002 Codes:
171	-	Preparation and spinning of textile fibres
1754	-	Manufacture of other textiles not elsewhere classified

NAICS 2002 Codes:
313112	-	Yarn Texturing, Throwing, and Twisting Mills
314999	-	All Other Miscellaneous Textile Product Mills

US SIC 1987:
2282	-	Yarn Texturizing, Throwing, Twisting, and Winding Mills
2299	-	Textile goods, Not Elsewhere Classified

UK SIC 2003:
171	-	Preparation and spinning of textile fibres
17549	-	Manufacture of other textiles not elsewhere classified

UK SIC 2007:
1310	-	Preparation and spinning of textile fibres
1396	-	Manufacture of other technical and industrial textiles

Business Description

TAH TONG TEXTILE CO., LTD. is engaged in the manufacture and distribution of yarns and cloth. The Company's products include pure cotton yarns, rayon yarns, functional blended yarns, core spun yarns, slub yarns, cotton grey cloth, cotton blended grey cloth, finished cloth and knitting fabrics, as well as functional gauze with anti-ultraviolet (anti-UV), antibacterial and deodorant functions. The yarns and cloth are used as materials of casual clothes, shirts, sportswear and women's wears. During the year ended December 31, 2011, the Company obtained 60.59% and 32.2% of its total revenue from its yarn and cloth businesses, respectively. The Company distributes its products in Taiwan, Japan, Hong Kong, Vietnam, mainland China, North America and Europe. For the nine months ended 30 September 2012, Tah Tong Textile Co., Ltd. revenues decreased 22% to NT$1.2B. Net loss totaled NT$24.2M vs. income of NT$170.3M. Revenues reflect Yarn Segment decrease of 24% to NT$822.7M, Cloth Segment decrease of 10% to NT$392.9M, Taiwan segment decrease of 29% to NT$330.8M, China segment decrease of 43% to NT$72.4M. Net loss reflects Yarn Segment loss totaling NT$89.8M vs. income of NT$165.1M.

More Business Descriptions

Manufacture of spun cotton, yarns and woven cloth

Yarn & Fabrics Mfr

Fiber, Yarn, and Thread Mills

Financial Data

Financials in:	TWD(mil)
Revenue:	1,961.1
Net Income:	136.8
Assets:	2,274.9
Long Term Debt:	125.0
Total Liabilities:	1,099.1
Working Capital:	-0.1
Date of Financial Data:	31-Dec-2011

1 Year Growth

8.2%

-15.5%

11.1%

Market Data

Quote Symbol:	1441
Exchange:	Taiwan Stock Exchange
Currency:	TWD
Stock Price:	9.6
Stock Price Date:	12-28-2012
52 Week Price Change %:	0.3
Market Value (mil):	859,426.5
SEDOL:	6869119
ISIN:	TW0001441004
Equity and Dept Distribution:
02/2004, 66.4-for-100 Complex capital change (Factor: 0.664). FY'05 B/S & C/F reclassified.09-2009, 6.29-for 10 Capital Reduction. FY'08 Q2 I/S is reclassified. 10/2010, 814.35-for-1000 capital reduction. FY'08 I/S&C/F are CLA. 09/2011, right issue (F:1.04523). 08/2012, scrip issue f:1.05.

Subsidiaries

Company	Percentage Owned	Country
eNOVA TEXTILE LTD	100%	PEOPLE'S REPUBLIC OF CHINA
Gloucester Co Ltd	100%	SAMOA
Orient Capital Corporation	100%	BRITISH VIRGIN ISLANDS

Key Corporate Relationships

Auditor:	KPMG LLP
Auditor:	KPMG LLP, PricewaterhouseCoopers Taiwan

EXECUTIVES REPORT

Board of Directors

Name	Title	Function
Shiou Chung Chen	Chairman & General Manager	Chairman
Xiuzhong Chen	Chairman of the Board	Chairman
Biography: Chen Xiuzhong has been serving as Chairman of the Board in Tah Tong Textile Co Ltd since July 1, 2010. Chen is also Director in another company. Compensation/Salary:2,748,000 Compensation Currency: TWD
Zhaobin Cai	Director	Director/Board Member
Biography: Cai Zhaobin has been Director in Tah Tong Textile Co Ltd since June 1, 2012. Cai is also General Manager in another company.
Jianzhou Chen	General Manager, Director	Director/Board Member
Biography: Chen Jianzhou has been General Manager and Director in Tah Tong Textile Co Ltd since July 1, 2010. Chen holds a Master's degree. Chen was Executive Deputy General Manager in the Company. Compensation/Salary:2,348,000 Compensation Currency: TWD
Jianping Lin	Director	Director/Board Member
Biography: Lin Jianping has been Director in Tah Tong Textile Co Ltd since June 12, 2008. Lin is Independent Director in NIKO SEMICONDUCTOR CO., LTD. and Foreshot Industrial Co., Ltd., as well as Chairman and General Manager in two electronics companies. Education: Tamkang University, B (Finance) Compensation/Salary:140,000 Compensation Currency: TWD
Mingyu Xu	Assistant General Manager-Finance, Director	Director/Board Member

Executives

Name	Title	Function
Shiou Chung Chen	Chairman & General Manager	Division Head Executive
Chian-Cong Chen	Vice General Manager-Operations	Division Head Executive
Jianzhou Chen	General Manager, Director	Division Head Executive
Biography: Chen Jianzhou has been General Manager and Director in Tah Tong Textile Co Ltd since July 1, 2010. Chen holds a Master's degree. Chen was Executive Deputy General Manager in the Company. Compensation/Salary:2,348,000 Compensation Currency: TWD
Chi-Cong Feng	Vice General Manager-Business	Division Head Executive
Mingyu Xu	Assistant General Manager-Finance, Director	Division Head Executive
Jaf Chen	Manager-HR	Human Resources Executive
Qilie Guo	Deputy General Manager-Gauze Business	Other

Significant Developments

Tah Tong Textile Co Ltd to Apply for Syndicated Loan

Sep 26, 2012

Tah Tong Textile Co Ltd announced that it plans to apply for a syndicated loan of NTD 1,060 million to eight banks including Mega Bank Public Co. Ltd, with a term of five years.

Tah Tong Textile Co Ltd Announces FY 2011 Stock Dividend Payment Date

Aug 03, 2012

Tah Tong Textile Co Ltd announced that it will stock dividends worth NTD 41,923,000 (50 shares every 1,000 shares) to shareholders of record on August 26, 2012. The Company's shares will be traded ex-dividend on August 20, 2012.

Tah Tong Textile Co Ltd Announces FY 2011 Cash Dividend Payment Date

Jun 19, 2012

Tah Tong Textile Co Ltd announced that it will pay cash dividends of NTD 58,692,200 to shareholders of record on July 10, 2012. The Company's shares will be traded ex-dividend on July 4, 2012.

Tah Tong Textile Co Ltd Announces FY 2011 Dividend Payment

Apr 17, 2012

Tah Tong Textile Co Ltd announced that it will pay a cash dividend of NTD 0.7 per share and distribute stock dividends worth NTD 0.5 per share, and use additional paid-in capital to distribute 50 new shares for every 1,000 shares, 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	Reclassified Normal 31-Dec-2009	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 with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net Sales	0.1	0.0	0.2	0.0	0.1
Gross Revenue	62.4	55.2	39.6	59.5	57.9
Sales Returns and Allowances	-1.5	-0.4	-0.3	-0.5	-0.3
Revenue	61.0	54.8	39.6	59.0	57.7
Other Revenue	5.7	2.7	1.9	2.1	0.8
Other Revenue, Total	5.7	2.7	1.9	2.1	0.8
Total Revenue	66.7	57.6	41.4	61.0	58.5
Cost of Revenue	56.0	50.9	39.6	56.6	51.4
Cost of Revenue, Total	56.0	50.9	39.6	56.6	51.4
Gross Profit	5.0	3.9	0.0	2.4	6.3
Selling/General/Administrative Expense	6.1	5.4	4.4	5.1	4.6
Total Selling/General/Administrative Expenses	6.1	5.4	4.4	5.1	4.6
Impairment-Assets Held for Use	-0.1	1.3	0.0	0.4	0.5
Unusual Expense (Income)	-0.1	1.3	0.0	0.4	0.5
Total Operating Expense	62.0	57.5	44.0	62.1	56.6
Operating Income	4.8	0.0	-2.6	-1.1	2.0
Interest Expense - Non-Operating	-0.9	-0.8	-0.8	-1.1	-1.2
Interest Expense, Net Non-Operating	-0.9	-0.8	-0.8	-1.1	-1.2
Interest Income - Non-Operating	0.0	0.0	0.1	0.1	0.1
Investment Income - Non-Operating	0.7	5.9	0.5	-3.2	-1.1
Interest/Investment Income - Non-Operating	0.8	6.0	0.6	-3.0	-1.0
Interest Income (Expense) - Net Non-Operating Total	-0.1	5.2	-0.2	-4.2	-2.2
Gain (Loss) on Sale of Assets	0.0	-	0.0	0.0	0.0
Other Non-Operating Income (Expense)	-0.1	-0.3	0.0	0.2	0.3
Other, Net	-0.1	-0.3	0.0	0.2	0.3
Income Before Tax	4.6	4.9	-2.8	-5.1	0.0
Total Income Tax	-0.1	-0.2	0.0	-0.1	0.6
Income After Tax	4.7	5.1	-2.8	-5.0	-0.5
Minority Interest	-	0.0	0.0	0.0	-
Net Income Before Extraord Items	4.7	5.1	-2.8	-5.0	-0.5
Accounting Change	0.0	0.0	-	-	0.0
Total Extraord Items	0.0	0.0	-	-	0.0
Net Income	4.7	5.1	-2.8	-5.0	-0.5
Income Available to Common Excl Extraord Items	4.7	5.1	-2.8	-5.0	-0.5
Income Available to Common Incl Extraord Items	4.7	5.1	-2.8	-5.0	-0.5
Basic/Primary Weighted Average Shares	74.0	71.6	62.1	60.0	60.0
Basic EPS Excl Extraord Items	0.06	0.07	-0.05	-0.08	-0.01
Basic/Primary EPS Incl Extraord Items	0.06	0.07	-0.05	-0.08	-0.01
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	4.7	5.1	-2.8	-5.0	-0.5
Diluted Weighted Average Shares	74.4	71.6	62.1	60.0	60.0
Diluted EPS Excl Extraord Items	0.06	0.07	-0.05	-0.08	-0.01
Diluted EPS Incl Extraord Items	0.06	0.07	-0.05	-0.08	-0.01
Dividends per Share - Common Stock Primary Issue	0.02	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	2.0	0.0	0.0	0.0	0.0
Interest Expense, Supplemental	0.9	0.8	0.8	1.1	1.2
Depreciation, Supplemental	1.1	1.0	0.7	1.1	1.6
Total Special Items	-0.1	1.3	0.0	0.4	0.5
Normalized Income Before Tax	4.5	6.2	-2.8	-4.7	0.6
Effect of Special Items on Income Taxes	0.0	0.4	0.0	0.1	0.2
Inc Tax Ex Impact of Sp Items	-0.1	0.2	0.0	0.0	0.8
Normalized Income After Tax	4.6	6.0	-2.8	-4.7	-0.2
Normalized Inc. Avail to Com.	4.6	6.0	-2.8	-4.7	-0.2
Basic Normalized EPS	0.06	0.08	-0.05	-0.08	0.00
Diluted Normalized EPS	0.06	0.08	-0.05	-0.08	0.00
Amort of Intangibles, Supplemental	0.2	0.2	0.4	0.2	-
Normalized EBIT	4.7	1.3	-2.6	-0.7	2.5
Normalized EBITDA	6.0	2.5	-1.5	0.6	4.1
Current Tax - Total	0.1	0.0	-	-	0.0
Current Tax - Total	0.1	0.0	-	-	0.0
Deferred Tax - Total	-0.2	-0.2	0.0	-	0.6
Deferred Tax - Total	-0.2	-0.2	0.0	-	0.6
Income Tax - Total	-0.1	-0.2	0.0	-	0.6
Interest Cost - Domestic	0.1	0.1	0.1	0.2	0.2
Service Cost - Domestic	0.1	0.1	0.1	0.2	0.2
Expected Return on Assets - Domestic	0.0	0.0	0.0	0.0	0.0
Transition Costs - Domestic	0.0	0.4	0.3	0.3	0.3
Other Pension, Net - Domestic	-0.1	-0.1	-0.1	-0.1	-0.1
Domestic Pension Plan Expense	0.0	0.4	0.4	0.5	0.6
Defined Contribution Expense - Domestic	0.2	0.2	0.1	0.1	-
Defined Contribution Expense - Foreign	0.0	0.0	0.0	-	-
Total Pension Expense	0.3	0.6	0.6	0.7	0.6
Discount Rate - Domestic	2.00%	2.00%	2.00%	2.50%	3.00%
Expected Rate of Return - Domestic	2.00%	2.00%	2.00%	2.50%	3.00%
Compensation Rate - Domestic	1.25%	1.00%	1.00%	1.00%	1.00%
Total Plan Interest Cost	0.1	0.1	0.1	0.2	0.2
Total Plan Service Cost	0.1	0.1	0.1	0.2	0.2
Total Plan Expected Return	0.0	0.0	0.0	0.0	0.0
Total Plan Other Expense	-0.1	-0.1	-0.1	-0.1	-0.1

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	Reclassified Normal 31-Dec-2011	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 with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Cash & Equivalents	5.3	4.6	2.3	2.3	1.6
Short Term Investments	2.2	3.8	2.5	2.2	3.5
Cash and Short Term Investments	7.5	8.4	4.8	4.5	5.1
Accounts Receivable - Trade, Gross	5.4	5.3	3.4	3.3	4.5
Provision for Doubtful Accounts	0.0	0.0	0.0	0.0	-0.1
Trade Accounts Receivable - Net	5.4	5.3	3.4	3.2	4.4
Notes Receivable - Short Term	3.6	1.5	0.5	0.8	1.5
Other Receivables	0.1	0.0	0.8	0.3	0.3
Total Receivables, Net	9.0	6.8	4.6	4.3	6.2
Inventories - Finished Goods	4.4	3.4	3.6	5.0	3.1
Inventories - Work In Progress	1.1	0.8	0.8	0.5	3.6
Inventories - Raw Materials	4.1	4.9	3.5	4.5	3.3
Inventories - Other	3.1	1.8	0.9	0.7	1.9
Total Inventory	12.7	10.8	8.8	10.7	11.9
Prepaid Expenses	1.3	2.3	0.7	0.5	0.8
Restricted Cash - Current	0.2	0.0	0.5	0.0	-
Deferred Income Tax - Current Asset	0.1	0.1	0.1	0.1	0.2
Other Current Assets	0.1	0.0	0.0	0.0	0.0
Other Current Assets, Total	0.4	0.1	0.6	0.1	0.3
Total Current Assets	30.9	28.4	19.5	20.2	24.2
Buildings	10.4	10.4	9.3	9.1	8.9
Land/Improvements	1.8	1.9	1.7	1.6	1.7
Machinery/Equipment	61.2	63.8	49.7	56.4	59.0
Construction in Progress	0.1	-	-	0.0	0.1
Leases	0.2	0.4	0.3	0.4	0.3
Other Property/Plant/Equipment	20.5	17.8	16.7	15.8	16.0
Property/Plant/Equipment - Gross	94.3	94.1	77.6	83.3	85.9
Accumulated Depreciation	-68.0	-70.1	-55.4	-60.9	-62.8
Property/Plant/Equipment - Net	26.3	24.0	22.3	22.4	23.2
Intangibles, Net	0.4	0.6	0.8	0.9	-
LT Investment - Affiliate Companies	11.7	11.1	6.1	6.2	6.0
LT Investments - Other	4.7	5.0	5.8	4.8	5.3
Long Term Investments	16.5	16.1	11.9	11.1	11.3
Note Receivable - Long Term	-	-	0.3	1.9	1.9
Deferred Charges	-	-	0.1	0.1	-
Deferred Income Tax - Long Term Asset	0.8	0.7	0.4	0.4	0.2
Restricted Cash - Long Term	-	-	0.3	0.3	0.3
Other Long Term Assets	0.3	0.4	0.7	0.3	0.3
Other Long Term Assets, Total	1.1	1.1	1.5	1.0	0.7
Total Assets	75.1	70.3	56.3	57.6	61.3
Accounts Payable	4.7	4.7	1.9	1.8	4.1
Accrued Expenses	2.1	1.7	1.1	1.2	1.6
Notes Payable/Short Term Debt	13.9	18.1	21.1	22.3	18.7
Current Portion - Long Term Debt/Capital Leases	0.0	0.4	2.9	1.4	1.7
Customer Advances	0.2	0.6	0.6	0.6	0.2
Income Taxes Payable	0.1	0.0	-	-	-
Other Payables	-	-	0.0	0.0	0.0
Deferred Income Tax - Current Liability	-	-	0.1	0.0	-
Other Current Liabilities	0.2	0.2	0.1	0.1	0.2
Other Current liabilities, Total	0.5	0.8	0.8	0.7	0.3
Total Current Liabilities	21.2	25.7	27.7	27.5	26.4
Long Term Debt	4.1	9.2	1.4	3.2	3.6
Total Long Term Debt	4.1	9.2	1.4	3.2	3.6
Total Debt	18.1	27.7	25.4	27.0	24.0
Minority Interest	-	-	0.0	0.0	0.0
Reserves	6.5	5.5	5.0	4.9	5.0
Pension Benefits - Underfunded	4.4	5.3	5.1	4.8	4.7
Other Long Term Liabilities	0.0	0.0	0.0	0.0	0.0
Other Liabilities, Total	11.0	10.9	10.1	9.7	9.6
Total Liabilities	36.3	45.8	39.3	40.4	39.6
Common Stock	28.3	22.6	24.7	32.9	33.3
Common Stock	28.3	22.6	24.7	32.9	33.3
Additional Paid-In Capital	2.5	0.4	0.2	0.0	0.0
Retained Earnings (Accumulated Deficit)	2.8	-2.0	-11.3	-19.1	-14.4
Treasury Stock - Common	-0.4	-	0.0	-0.1	-0.1
Unrealized Gain (Loss)	4.2	2.0	2.0	2.0	1.5
Translation Adjustment	1.4	1.4	1.4	1.4	1.4
Other Equity	0.0	0.0	-	-	-
Other Equity, Total	1.4	1.5	1.4	1.4	1.4
Total Equity	38.8	24.4	17.0	17.1	21.7
Total Liabilities & Shareholders’ Equity	75.1	70.3	56.3	57.6	61.3
Shares Outstanding - Common Stock Primary Issue	88.8	72.2	70.5	60.0	60.0
Total Common Shares Outstanding	88.8	72.2	70.5	60.0	60.0
Treasury Shares - Common Stock Primary Issue	1.3	0.0	0.0	0.7	0.7
Employees	387	392	391	419	430
Number of Common Shareholders	11,998	10,937	11,976	10,375	10,616
Accumulated Intangible Amort, Suppl.	0.7	0.5	0.3	0.1	-
Deferred Revenue - Current	0.2	0.6	0.6	0.6	0.2
Total Long Term Debt, Supplemental	4.1	9.6	4.3	4.6	5.3
Long Term Debt Maturing within 1 Year	1.0	0.4	2.9	1.4	1.7
Long Term Debt Maturing in Year 2	1.0	0.6	1.1	1.1	1.1
Long Term Debt Maturing in Year 3	1.0	3.2	0.2	1.0	0.8
Long Term Debt Maturing in Year 4	1.0	3.2	0.1	0.5	1.1
Long Term Debt Maturing in Year 5	-	2.1	-	0.2	0.1
Long Term Debt Maturing in 2-3 Years	2.1	3.9	1.3	2.1	1.9
Long Term Debt Maturing in 4-5 Years	1.0	5.4	0.1	0.7	1.2
Long Term Debt Matur. in Year 6 & Beyond	0.0	0.0	0.0	0.4	0.5
Pension Obligation - Domestic	5.1	4.9	4.5	4.4	4.9
Plan Assets - Domestic	1.8	1.1	0.8	0.8	0.8
Funded Status - Domestic	-3.3	-3.7	-3.7	-3.6	-4.1
Accumulated Obligation - Domestic	4.6	4.5	4.1	4.0	4.5
Total Funded Status	-3.3	-3.7	-3.7	-3.6	-4.1
Discount Rate - Domestic	2.00%	2.00%	2.00%	2.50%	3.00%
Expected Rate of Return - Domestic	2.00%	2.00%	2.00%	2.50%	3.00%
Compensation Rate - Domestic	1.25%	1.00%	1.00%	1.00%	1.00%
Accrued Liabilities - Domestic	-4.4	-5.3	-5.1	-4.8	-4.7
Net Assets Recognized on Balance Sheet	-4.4	-5.3	-5.1	-4.8	-4.7
Total Plan Obligations	5.1	4.9	4.5	4.4	4.9
Total Plan Assets	1.8	1.1	0.8	0.8	0.8

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	Reclassified Normal 31-Dec-2011	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	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 with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net Income/Starting Line	4.7	5.1	-2.8	-5.0	-0.5
Depreciation	1.1	1.0	0.7	0.8	1.1
Depreciation/Depletion	1.1	1.0	0.7	0.8	1.1
Amortization of Intangibles	0.2	0.2	0.4	0.2	-
Amortization	0.2	0.2	0.4	0.2	-
Deferred Taxes	-0.2	-0.2	0.0	-0.1	0.6
Accounting Change	0.0	0.0	-	-	0.0
Unusual Items	-0.1	1.3	0.1	0.4	0.6
Equity in Net Earnings (Loss)	-0.2	-4.8	0.3	1.7	1.0
Other Non-Cash Items	0.5	-0.5	-1.2	1.1	-0.6
Non-Cash Items	0.3	-4.0	-0.8	3.2	1.0
Accounts Receivable	-2.6	-1.9	0.1	2.0	1.2
Inventories	-2.8	-0.7	2.3	0.8	0.4
Prepaid Expenses	0.8	-1.4	-0.2	0.2	0.3
Other Assets	0.0	-0.6	0.2	0.3	0.1
Accounts Payable	0.7	3.4	-1.0	-3.2	0.4
Accrued Expenses	0.4	0.5	-0.2	-0.4	0.1
Taxes Payable	0.1	0.0	-	-	-
Other Liabilities	-1.2	-0.2	0.2	0.5	0.3
Changes in Working Capital	-4.6	-0.9	1.4	0.2	2.8
Cash from Operating Activities	1.6	1.1	-1.1	-0.7	5.0
Purchase of Fixed Assets	-0.8	-0.5	0.0	-0.3	-0.2
Purchase/Acquisition of Intangibles	-	-	0.0	-1.1	-
Capital Expenditures	-0.8	-0.5	0.0	-1.3	-0.2
Sale of Business	0.0	0.0	-	-	-
Sale of Fixed Assets	0.0	0.0	0.0	0.0	0.0
Sale/Maturity of Investment	1.7	0.0	0.2	0.0	0.1
Purchase of Investments	-0.8	-1.2	0.1	-1.6	-0.7
Other Investing Cash Flow	-0.1	3.3	-0.4	0.0	-0.2
Other Investing Cash Flow Items, Total	0.8	2.2	0.0	-1.6	-0.7
Cash from Investing Activities	0.0	1.7	-0.1	-2.9	-1.0
Other Financing Cash Flow	0.0	0.0	0.0	0.0	0.0
Financing Cash Flow Items	0.0	0.0	0.0	0.0	0.0
Sale/Issuance of Common	9.0	0.3	2.0	0.0	-
Repurchase/Retirement of Common	-0.4	0.0	-	-	-
Common Stock, Net	8.6	0.3	2.0	0.0	-
Issuance (Retirement) of Stock, Net	8.6	0.3	2.0	0.0	-
Short Term Debt Issued	-	-	-	4.9	-
Short Term Debt Reduction	-4.1	-5.6	-0.8	-	-3.5
Short Term Debt, Net	-4.1	-5.6	-0.8	4.9	-3.5
Long Term Debt Issued	-	4.5	-	-	-
Long Term Debt Reduction	-5.3	-	-0.5	-0.6	-2.0
Long Term Debt, Net	-5.3	4.5	-0.4	-0.6	-2.0
Issuance (Retirement) of Debt, Net	-9.3	-1.1	-1.2	4.4	-5.6
Cash from Financing Activities	-0.7	-0.7	0.9	4.4	-5.6
Foreign Exchange Effects	0.1	-0.1	0.2	0.1	0.0
Net Change in Cash	0.9	1.9	-0.1	0.8	-1.5
Net Cash - Beginning Balance	4.5	2.3	2.3	1.6	3.1
Net Cash - Ending Balance	5.4	4.2	2.2	2.4	1.6
Cash Interest Paid	0.9	0.8	0.8	1.2	1.2
Cash Taxes Paid	0.0	0.0	0.0	0.0	0.1

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	Reclassified Normal 31-Dec-2009	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 with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Gross Sales	62.4	55.2	39.6	59.5	57.9
Construction Revenue	0.1	0.0	0.2	0.0	0.1
Other Operating Revenues	5.7	2.7	1.9	2.1	0.8
Sales Returns	-1.2	-0.2	-0.1	-0.2	-0.1
Sales Discounts	-0.2	-0.1	-0.2	-0.3	-0.2
Total Revenue	66.7	57.6	41.4	61.0	58.5
Cost of Sales	55.8	50.9	39.4	56.6	51.7
Construction and Engineering Costs	0.1	0.0	0.1	0.0	0.1
Selling Expenses	2.8	2.6	2.3	3.1	3.1
Adiministrative Expense	3.3	2.7	2.1	2.0	1.5
Inventory Devaluation & Obsolescence	-	-	-	-	-0.3
Gain on Reversal of Impairment Loss	-0.1	-	-	-	-
Impairment of Fixed Assets	0.1	1.3	0.0	0.4	0.5
Total Operating Expense	62.0	57.5	44.0	62.1	56.6
Interest Income	0.0	0.0	0.1	0.1	0.1
Gain on Investment	0.3	0.2	0.0	0.1	0.1
Gain on Equity Investment	0.2	4.8	-	-	-
Gains on Disposal of Fixed Assets	0.0	-	0.0	0.0	0.0
Gain/Loss on Sale of Investment	-	-	-	0.0	0.0
Gain on Sale of Investment	0.0	0.0	-	-	-
Gain/Loss on Foreign Exchange	0.1	-0.1	-0.1	-0.3	0.1
Rent Income	0.0	0.0	0.0	0.0	0.0
Revaluation Gain/Loss on Fin. Assets	0.1	1.1	0.8	-1.3	-0.2
Revaluation Gain/Loss on Fin. Liability	0.0	-	0.0	0.0	0.0
Miscellaneous Income	0.3	0.2	0.1	0.3	0.4
Interest Expense	-0.9	-0.8	-0.8	-1.1	-1.2
Loss on Equity Investment	-	-	-0.3	-	-
Gain/Loss on Equity Investment	-	-	-	-1.7	-1.0
Loss on Sale of Fixed Assets	0.0	-	0.0	0.0	0.0
Loss on Sale of Investments	-	-	-0.1	-	-0.1
Miscellaneous Disbursements	-0.3	-0.5	-0.1	-0.1	-0.2
Net Income Before Taxes	4.6	4.9	-2.8	-5.1	0.0
Provision for Income Taxes	-0.1	-0.2	0.0	-0.1	0.6
Net Income After Taxes	4.7	5.1	-2.8	-5.0	-0.5
Minority Interest	-	0.0	0.0	0.0	-
Net Income Before Extra. Items	4.7	5.1	-2.8	-5.0	-0.5
Accounting Change	0.0	0.0	-	-	0.0
Net Income	4.7	5.1	-2.8	-5.0	-0.5
Income Available to Com Excl ExtraOrd	4.7	5.1	-2.8	-5.0	-0.5
Income Available to Com Incl ExtraOrd	4.7	5.1	-2.8	-5.0	-0.5
Basic Weighted Average Shares	74.0	71.6	62.1	60.0	60.0
Basic EPS Excluding ExtraOrdinary Items	0.06	0.07	-0.05	-0.08	-0.01
Basic EPS Including ExtraOrdinary Items	0.06	0.07	-0.05	-0.08	-0.01
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	4.7	5.1	-2.8	-5.0	-0.5
Diluted Weighted Average Shares	74.4	71.6	62.1	60.0	60.0
Diluted EPS Excluding ExtraOrd Items	0.06	0.07	-0.05	-0.08	-0.01
Diluted EPS Including ExtraOrd Items	0.06	0.07	-0.05	-0.08	-0.01
DPS-Ordinary Stock	0.02	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	2.0	0.0	0.0	0.0	0.0
Normalized Income Before Taxes	4.5	6.2	-2.8	-4.7	0.6
Inc Tax Ex Impact of Sp Items	-0.1	0.2	0.0	0.0	0.8
Normalized Income After Taxes	4.6	6.0	-2.8	-4.7	-0.2
Normalized Inc. Avail to Com.	4.6	6.0	-2.8	-4.7	-0.2
Basic Normalized EPS	0.06	0.08	-0.05	-0.08	0.00
Diluted Normalized EPS	0.06	0.08	-0.05	-0.08	0.00
Interest Expense, Supplemental	0.9	0.8	0.8	1.1	1.2
Depreciation - Operating Cost	1.0	0.8	0.6	0.7	1.0
Depreciation - Operating Expense	0.1	0.1	0.1	0.1	0.1
Amortization - Operating Cost	0.0	0.0	0.0	0.1	-
Amortization- Operating Expense	0.2	0.2	0.3	0.1	-
Impairment of Fixed Assets	-	-	0.0	0.4	0.5
Current Tax Payable	0.1	0.0	-	-	0.0
Current Tax - Total	0.1	0.0	-	-	0.0
Deferred Tax	-0.2	-0.2	0.0	-	0.6
Deferred Tax - Total	-0.2	-0.2	0.0	-	0.6
Income Tax - Total	-0.1	-0.2	0.0	-	0.6
Service Cost	0.1	0.1	0.1	0.2	0.2
Interest Cost	0.1	0.1	0.1	0.2	0.2
Expected Return on Plan Assets	0.0	0.0	0.0	0.0	0.0
Amortization Transitional Benefit Obliga	0.0	0.4	0.3	0.3	0.3
Amortization Unrealized Pension Benefit	-0.1	-0.1	-0.1	-0.1	-0.1
Domestic Pension Plan Expense	0.0	0.4	0.4	0.5	0.6
Defined Contribution Expense - Domestic	0.2	0.2	0.1	0.1	-
Defined Contribution Expense - Foreign	0.0	0.0	0.0	-	-
Total Pension Expense	0.3	0.6	0.6	0.7	0.6
Discount Rate	2.00%	2.00%	2.00%	2.50%	3.00%
Rate of Compensation Increase	1.25%	1.00%	1.00%	1.00%	1.00%
Expected Rate of Return on Plan Assets	2.00%	2.00%	2.00%	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	Reclassified Normal 31-Dec-2011	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 with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Cash and Cash Equivalent	5.3	4.6	2.3	2.3	1.6
Financial Assets at Fair Value	2.2	3.8	2.5	1.9	3.2
Financial Assets Valuation - Cost Method	-	-	0.0	0.3	0.3
Notes Receivable	3.6	1.5	0.5	0.8	1.5
Accounts Receivable, Gross	5.4	5.3	3.4	3.3	4.5
Provision for Doubtful Accounts	0.0	0.0	0.0	0.0	-0.1
Other Receivables	0.1	0.0	0.2	0.1	0.1
Other Receivables - Related Parties	-	-	0.6	0.1	0.2
Finished Goods	4.4	3.3	3.5	4.8	2.9
Work-in-Process	1.1	0.8	0.8	0.5	3.6
Raw Material	4.0	4.8	3.5	4.4	3.2
Supplies	0.1	0.1	0.1	0.1	0.1
Inventory in Transit	3.1	1.8	0.9	1.2	2.2
Other Inventories	0.0	0.1	0.0	0.0	0.0
Provision/Allowance for Inventory	-	-	-	-0.5	-0.3
Buildings and Land for Sale	0.0	0.1	0.1	0.2	0.2
Prepayment	1.3	2.3	0.7	0.5	0.8
Other Current Assets	0.1	0.0	0.0	0.0	0.0
Deferred Income Tax Assets - Current	0.1	0.1	0.1	0.1	0.2
Restricted Assets	0.2	0.0	0.5	0.0	-
Total Current Assets	30.9	28.4	19.5	20.2	24.2
Long Term Equity Investment	11.7	11.1	6.1	6.2	6.0
Financial Assets-Cost Method,Non-Current	4.7	5.0	5.8	4.8	5.3
Land and Improvements	1.8	1.9	1.7	1.6	1.7
Buildings and Structures	10.4	10.4	9.3	9.1	8.9
Machinery and Equipment	53.5	55.9	42.5	49.4	51.2
Air Conditioner Equipment	3.6	3.7	3.4	3.3	3.3
Electric Equipment	2.1	2.1	1.9	1.9	1.9
Transportation Equipment	0.3	0.3	0.2	0.3	0.4
Office Equipment	0.5	0.5	0.4	0.4	0.9
Rental Assets	0.2	0.4	0.3	0.4	0.3
Miscellaneous Equipment	1.3	1.3	1.2	1.1	1.4
Leasehold Assets	-	-	0.5	0.0	-
Assets Revaluation Increment	20.5	17.8	16.2	15.8	16.0
Accumulated Depreciation	-66.7	-68.6	-54.0	-59.6	-61.4
Provision for Impairment of Fixed Assets	-1.3	-1.5	-1.4	-1.3	-1.3
Prepayment for Equipment	0.1	-	-	0.0	0.1
Computer Cost	0.4	0.6	0.8	0.9	-
Security Deposits Paid	0.3	0.4	0.7	0.3	0.3
LT Notes Receivable & Account Receivable	-	-	0.3	0.3	0.3
LT Receivable - Related Parties	-	-	0.0	1.6	1.6
Deferred Charges	-	-	0.1	0.1	-
Deferred Income Tax Assets - Non Current	0.8	0.7	0.4	0.4	0.2
Restricted Assets	-	-	0.3	0.3	0.3
Total Assets	75.1	70.3	56.3	57.6	61.3
Short Term Borrowings	11.9	16.5	20.5	20.8	16.2
Notes Payable	2.0	1.6	0.6	1.5	2.5
Accounts Payable	4.7	4.7	1.9	1.8	4.1
Accrued Expenses	2.1	1.7	1.1	1.2	1.6
Financial Liabilities-Fair Value,Non-Cur	-	-	0.0	0.0	0.0
Other Payables	-	-	0.0	0.0	0.0
Advance Receipts	0.2	0.6	0.6	0.6	0.2
Current Portion of Long Term Debt	0.0	0.4	2.9	1.4	1.7
Other Current Liabilities	0.2	0.2	0.1	0.1	0.2
Deferred Income Tax Liabilities-Current	-	-	0.1	0.0	-
Income Tax Payable	0.1	0.0	-	-	-
Total Current Liabilities	21.2	25.7	27.7	27.5	26.4
Long Term Borrowings	4.1	9.2	1.4	3.2	3.6
Total Long Term Debt	4.1	9.2	1.4	3.2	3.6
Accrued Pension Liabilities	4.4	5.3	5.1	4.8	4.7
Long Term Security Deposits Received	0.0	0.0	0.0	0.0	0.0
Land Revaluation Increment Tax Reserve	6.5	5.5	5.0	4.9	5.0
Minority Interest	-	-	0.0	0.0	0.0
Total Liabilities	36.3	45.8	39.3	40.4	39.6
Common Stock	28.3	22.6	24.7	32.9	33.3
Capital Surplus, Long-term Investments	0.2	0.4	0.2	0.0	0.0
Retained Earnings	2.8	-2.0	-11.3	-19.1	-14.4
Unrealized Fin. Products Gain/Loss	0.0	0.0	0.0	0.0	-
Cumulative Translation Adjustment	1.4	1.4	1.4	1.4	1.4
Unrealized Gain/Loss on Revaluation	4.2	2.0	2.0	2.0	1.5
Treasury Stock	-0.4	-	0.0	-0.1	-0.1
Other Equity Adjustment	0.0	0.0	-	-	-
Capital Surplus, Additional Paid in Capi	2.1	0.0	-	-	-
Employee Stock Option	0.1	0.0	-	-	-
Total Equity	38.8	24.4	17.0	17.1	21.7
Total Liabilities & Shareholders' Equity	75.1	70.3	56.3	57.6	61.3
S/O-Ordinary Stock	88.8	72.2	70.5	60.0	60.0
Total Common Shares Outstanding	88.8	72.2	70.5	60.0	60.0
T/S-Ordinary Stock	1.3	0.0	0.0	0.7	0.7
Deferred Revenue, Current	0.2	0.6	0.6	0.6	0.2
Accumulated Intangible Amort, Suppl.	0.7	0.5	0.3	0.1	-
Full-Time Employees	387	392	391	419	430
Number of Common Shareholders	11,998	10,937	11,976	10,375	10,616
Long Term Debt due in 1 year	-	0.4	2.9	1.4	1.7
Long Term Debt due in 2 years	-	0.6	1.1	1.1	1.1
Long Term Debt due in 3 years	3.1	3.2	0.2	1.0	0.8
Long Term Debt due in 4 years	1.0	3.2	0.1	0.5	1.1
Long Term Debt due in 5 years	-	2.1	-	0.2	0.1
Long Term Debt Remaining	-	-	-	0.4	0.5
Total Long Term Debt, Supplemental	4.1	9.6	4.3	4.6	5.3
Accumulated Benefit Obligation	4.6	4.5	4.1	4.0	4.5
Benefit Obligation	5.1	4.9	4.5	4.4	4.9
Fair Value of Plan Assets	1.8	1.1	0.8	0.8	0.8
Funded Status	-3.3	-3.7	-3.7	-3.6	-4.1
Total Funded Status	-3.3	-3.7	-3.7	-3.6	-4.1
Discount Rate	2.00%	2.00%	2.00%	2.50%	3.00%
Rate of Compensation Increase	1.25%	1.00%	1.00%	1.00%	1.00%
Expected Rate of Return on Plan Assets	2.00%	2.00%	2.00%	2.50%	3.00%
Accrued Pension Liabilities	-4.4	-5.3	-5.1	-4.8	-4.7
Net Assets Recognized on Balance Sheet	-4.4	-5.3	-5.1	-4.8	-4.7

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 31-Dec-2011	Reclassified Normal 31-Dec-2011	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	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 with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net Income	4.7	5.1	-2.8	-5.0	-0.5
Depreciation	1.1	1.0	0.7	0.8	1.1
Amortization	0.2	0.2	0.4	0.2	-
Accounting Change	0.0	0.0	-	-	0.0
Reversal/Impairment Loss on Assets	-0.1	-	0.0	0.4	0.5
Gain/Loss on Sale of Investments	0.0	0.0	0.1	-	0.1
Loss on Financial Liabi. Valuation	-	-	-	-	0.0
Gain/Loss on Financial Assets Valuation	-0.1	-0.5	-1.0	1.0	-
Impairment Loss on Fin. Assets-Cost M.	0.1	1.3	-	-	-
Gain from Revaluation of Inventory	-	-0.4	0.0	0.2	-0.3
Reversal Gain of Inventory-Construction	0.0	0.0	-0.1	0.0	-
Provision of Bad Debts	0.0	0.3	0.0	-0.1	-0.3
Reversal of Overdue Receivables	0.0	0.0	-	-	-
Prov. for Inventory Devaluation	0.6	-	-	-	-
Lease assets leaseback interests	-	-	0.0	0.0	-
Equity Investment Gain/Loss	-0.2	-4.8	0.3	1.7	1.0
Net Loss on Disposal of Properties	0.0	-	0.0	0.0	0.0
Unrealized Foreign Exchange Gain	-0.1	0.1	0.0	-0.1	-0.1
Financial Assets - Trading	0.0	-0.6	-	-	0.1
Financial Assets - Hold for Sale	-	-	0.2	0.3	-
Notes Receivable & Accounts Receivable	-2.5	-2.3	0.3	2.0	0.9
Buildings and Land for Sale	0.1	0.0	0.3	0.0	0.1
Inventories	-3.0	-0.7	2.0	0.8	0.3
Other Receivables	-0.1	0.4	-0.2	0.0	0.2
Prepayment & Other Current Assets	0.8	-1.4	-0.2	0.2	0.3
Notes Payable & Accounts Payable	0.7	3.4	-1.0	-3.2	0.5
Accrued Expenses	0.4	0.5	-0.2	-0.4	0.1
Other Payables	-	-	0.0	0.0	0.0
Advance Receipts & Other Current Liab.	-0.4	0.0	0.1	0.4	0.0
Accrued Pension Liabilities	-0.8	-0.2	0.1	0.2	0.2
Deferred Pension Cost	-	-	-	-	0.0
Deferred Tax Assets	-0.2	-0.2	0.0	-0.1	0.6
Stock Compensation Expense	0.1	0.0	-	-	-
Tax Payable	0.1	0.0	-	-	-
Cash from Operating Activities	1.6	1.1	-1.1	-0.7	5.0
Financial Assets Decrease - Cost Method	-	-	0.2	0.0	0.1
Financial Assets-Fair Value, Current	-	-	0.3	0.0	-
Financial Assets-Fair Value Decrease	1.7	0.0	-	-	-
Accounts Receivable - Related Companies	0.0	0.3	-0.3	0.0	0.0
Restricted Assets	-0.2	0.8	-0.5	0.0	-0.2
Sale of Equity Investment	-	-	-	-	0.0
Long Term Investments Decrease	-	-	-	-	0.0
LT Equity Investment Increase	-0.8	-1.2	-0.2	-1.6	-0.7
Cap. Reduction on Investment Company	0.0	1.9	0.2	0.0	-
Capital Expenditure	-0.8	-0.5	0.0	-0.3	-0.2
Disposal of Fixed Assets	0.0	0.0	0.0	0.0	0.0
Deferred Charges	-	-	-0.2	-0.1	-
Intangibles Increase	-	-	0.0	-1.1	-
Capital Reduction in Fin. Assets at Cost	0.0	0.0	0.0	0.1	-
Security Deposit Paid	0.1	0.3	-0.4	0.0	0.0
Overdue Receivables	0.0	0.0	0.0	0.0	0.0
Long Term Receivables	-	-	0.8	0.0	-
Adjustment of Loss on Subsidiaries	0.0	0.0	-	-	-
Cash from Investing Activities	0.0	1.7	-0.1	-2.9	-1.0
Repayment of ST Borrowings	-4.1	-5.6	-0.8	-	-3.5
Lease Payable	0.0	-0.1	0.1	0.0	-
ST Borrowing Increase	-	-	-	4.9	-
Long Term Borrowings	-	4.5	-	-	-
Repayment of LT Borrowings	-5.3	-	-0.5	-0.6	-2.0
Repayment of Subsidiary's Libilities	-	-	-	-	0.0
Security Deposit Received	0.0	0.0	0.0	0.0	0.0
Cash Capital	9.0	0.3	2.0	0.0	-
Purchase of Treasury Shares	-0.4	0.0	-	-	-
Cash from Financing Activities	-0.7	-0.7	0.9	4.4	-5.6
Foreign Exchange Effects	0.1	-0.1	0.2	0.1	0.0
Net Change in Cash	0.9	1.9	-0.1	0.8	-1.5
Net Cash - Beginning Balance	4.5	2.3	2.3	1.6	3.1
Net Cash - Ending Balance	5.4	4.2	2.2	2.4	1.6
Cash Interest Paid	0.9	0.8	0.8	1.2	1.2
Cash Taxes Paid	0.0	0.0	0.0	0.0	0.1

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 (?)	13.1	-13.07%	66.7	8.17%	0.61%	2.87%
Operating Income1 (?)	-0.6	-	4.8	10,602.45%	-	66.57%
Income Available to Common Excl Extraord Items1 (?)	-0.7	-	4.7	-15.50%	-	-
Basic EPS Excl Extraord Items1 (?)	-0.01	-	0.06	-18.26%	-	-
Capital Expenditures2 (?)	0.4	61.45%	0.8	56.48%	-17.37%	35.42%
Cash from Operating Activities2 (?)	1.4	-47.61%	1.6	33.59%	-	-20.31%
Free Cash Flow (?)	1.0	-59.91%	0.7	15.38%	-	-30.65%
Total Assets3 (?)	73.6	-2.52%	75.1	11.06%	6.39%	1.17%
Total Liabilities3 (?)	36.6	-12.49%	36.3	-17.72%	-6.08%	-5.30%
Total Long Term Debt3 (?)	4.3	-50.00%	4.1	-53.45%	5.87%	-6.02%
Employees3 (?)	-	-	387	-1.28%	-2.61%	-2.36%
Total Common Shares Outstanding3 (?)	88.0	21.91%	88.8	22.99%	13.97%	8.20%
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-2009	31-Dec-2008
Deferred Charges3 (?)	0.1	0.1
3-ExchangeRate: TWD to USD Period End Date	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 (?)	8.24%	7.17%	-0.03%	4.00%	10.91%
Operating Margin (?)	7.14%	0.07%	-6.29%	-1.75%	3.35%
Pretax Margin (?)	6.85%	8.57%	-6.73%	-8.30%	0.07%
Net Profit Margin (?)	6.98%	8.93%	-6.75%	-8.14%	-0.90%
Financial Strength
Current Ratio (?)	1.46	1.10	0.70	0.73	0.92
Long Term Debt/Equity (?)	0.11	0.38	0.08	0.19	0.16
Total Debt/Equity (?)	0.47	1.13	1.49	1.57	1.10
Management Effectiveness
Return on Assets (?)	6.33%	8.41%	-5.00%	-8.08%	-0.84%
Return on Equity (?)	14.49%	25.76%	-16.68%	-24.73%	-2.47%
Efficiency
Receivables Turnover (?)	8.33	10.52	9.50	11.23	8.89
Inventory Turnover (?)	4.70	5.36	4.12	4.85	4.36
Asset Turnover (?)	0.91	0.94	0.74	0.99	0.93

Market Valuation USD (mil)
Enterprise Value2 (?)	43.2	.	Price/Sales (TTM) (?)	0.53
Enterprise Value/Revenue (TTM) (?)	0.78	.	Price/Book (MRQ) (?)	0.78
Enterprise Value/EBITDA (TTM) (?)	6.58	.	Market Cap1 (?)	29.6
1-ExchangeRate: TWD to USD on 28-Dec-2012	29.041020
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 (?)	1.46	1.10	0.70	0.73	0.92
Quick/Acid Test Ratio (?)	0.78	0.59	0.34	0.32	0.43
Working Capital1 (?)	9.7	2.7	-8.2	-7.3	-2.2
Long Term Debt/Equity (?)	0.11	0.38	0.08	0.19	0.16
Total Debt/Equity (?)	0.47	1.13	1.49	1.57	1.10
Long Term Debt/Total Capital (?)	0.07	0.18	0.03	0.07	0.08
Total Debt/Total Capital (?)	0.32	0.53	0.60	0.61	0.52
Payout Ratio (?)	36.05%	0.00%	0.00%	0.00%	0.00%
Effective Tax Rate (?)	-1.86%	-4.16%	-	-	1,456.41%
Total Capital1 (?)	56.9	52.2	42.4	44.1	45.7
Efficiency
Asset Turnover (?)	0.91	0.94	0.74	0.99	0.93
Inventory Turnover (?)	4.70	5.36	4.12	4.85	4.36
Days In Inventory (?)	77.67	68.09	88.54	75.29	83.74
Receivables Turnover (?)	8.33	10.52	9.50	11.23	8.89
Days Receivables Outstanding (?)	43.84	34.69	38.42	32.50	41.06
Revenue/Employee2 (?)	167,358	158,630	109,378	140,025	137,876
Operating Income/Employee2 (?)	11,946	114	-6,884	-2,445	4,614
EBITDA/Employee2 (?)	15,328	3,322	-4,073	538	8,500
Profitability
Gross Margin (?)	8.24%	7.17%	-0.03%	4.00%	10.91%
Operating Margin (?)	7.14%	0.07%	-6.29%	-1.75%	3.35%
EBITDA Margin (?)	9.16%	2.09%	-3.72%	0.38%	6.16%
EBIT Margin (?)	7.14%	0.07%	-6.29%	-1.75%	3.35%
Pretax Margin (?)	6.85%	8.57%	-6.73%	-8.30%	0.07%
Net Profit Margin (?)	6.98%	8.93%	-6.75%	-8.14%	-0.90%
COGS/Revenue (?)	83.86%	88.44%	95.55%	92.73%	87.86%
SG&A Expense/Revenue (?)	9.11%	9.31%	10.74%	8.43%	7.87%
Management Effectiveness
Return on Assets (?)	6.33%	8.41%	-5.00%	-8.08%	-0.84%
Return on Equity (?)	14.49%	25.76%	-16.68%	-24.73%	-2.47%
Valuation
Free Cash Flow/Share2 (?)	0.01	0.01	-0.02	-0.03	0.08
Operating Cash Flow/Share 2 (?)	0.02	0.02	-0.02	-0.01	0.08
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) (?)	-14.01
Market Cap/Equity (MRQ) (?)	0.79
Market Cap/Revenue (TTM) (?)	0.53
Market Cap/EBIT (TTM) (?)	-6.27
Market Cap/EBITDA (TTM) (?)	-8.08
Enterprise Value/Earnings (TTM) (?)	-20.65
Enterprise Value/Equity (MRQ) (?)	1.17
Enterprise Value/Revenue (TTM) (?)	0.78
Enterprise Value/EBIT (TTM) (?)	-9.24
Enterprise Value/EBITDA (TTM) (?)	-11.90

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.54
UK Pound	1	Rs.88.05
Euro	1	Rs.72.29

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.