MIRA
INFORM REPORT
|
Report Date : |
18.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
EVERLIGHT CHEMICAL INDUSTRIAL CORP. |
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Registered Office : |
5-6/Floor,No.77,Sec.2, Tun Hua South Road, Taipei, 106 |
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Country : |
Taiwan |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
07.06.1972 |
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Legal Form : |
Public Parent Company |
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Line of Business : |
manufacturing
and distribution of chemical
products |
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No. of Employees : |
1,563 |
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 |
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Payment Behaviour : |
No Complaints |
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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 (31.03.2012) |
Current Rating (30.06.2012) |
|
Taiwan |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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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 & address
Everlight Chemical Industrial Corp.
5-6/Floor,No.77,Sec.2
Tun Hua South Road
Taipei, 106
Taiwan
Tel: 886-2-27066006
Fax: 886-2-23263595
Web: www.ecic.com
Synthesis
Employees: 1,563
Company Type: Public Parent
Corporate Family: 3
Companies
Traded: Taiwan
Stock Exchange: 1711
Incorporation Date:
07-Sep-1972
Auditor: KPMG LLP
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2011
Reporting Currency:
Taiwanese New Dollar
Annual Sales: 249.5 1
Net Income: 15.7
Total Assets:
328.5 2
Market Value: 288.5
(17-Aug-2012)
Business Description
Everlight Chemical Industrial Corp. is principally engaged in the manufacturing and distribution of chemical products. The Company provides colorant chemicals, including dyes for textile products and leather products, liquid dyes, printing inks, disk dyes, paper dyes, metal surface colorants, timber dyes and edible pigments; specialty chemicals, including benzophenone light stabilizers, benzotriazole light stabilizers and cosmetic raw materials, among others; medical chemicals, including drug raw materials and medical intermediates, as well as electronic chemicals and nanometer materials. The Company distributes its products primarily in Asia, Europe and the Americas. For the three months ended 31 March 2012, Everlight Chemical Industrial Corp. revenues increased 2% to NT$1.89B. Net income decreased 21% to NT$96.4M. Revenues reflect electronic chemical segment increase of 73% to NT$240M, Medical segment increase of 63% to NT$75M. Net income was offset by Research and Development Expenses increase of 5% to NT$71.5M (expense), Interest Expense increase of 17% to NT$8.4M (expense).
Industry
Industry Chemical Manufacturing
ANZSIC 2006: 1813 - Basic
Inorganic Chemical Manufacturing
NACE 2002: 2413 - Manufacture
of other inorganic basic chemicals
NAICS 2002: 325131 - Inorganic
Dye and Pigment Manufacturing
UK SIC 2003: 2413 - Manufacture
of other inorganic basic chemicals
US SIC 1987: 2819 - Industrial
Inorganic Chemicals, Not Elsewhere Classified
Key Executives
|
Name |
Title |
|
Guobin Weng |
Head-Finance Division, Head-Finance &
Accounting |
|
Rui'an Cai |
Deputy General Manager |
|
Jen-Cong Chang |
Director-Finance & Accounting |
|
Fang-Yun Lee |
Vice President-Sales |
|
Rong-Tai Chuang |
Vice President-Administration |
Significant Developments
|
* number of
significant developments within the last 12 months
Financial Summary
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Stock Snapshot
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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
5-6/Floor,No.77,Sec.2
Tun Hua South Road
Taipei, 106
Taiwan
Tel: 886-2-27066006
Fax: 886-2-23263595
Web: www.ecic.com
Quote Symbol - Exchange
1711 - Taiwan
Stock Exchange
Sales TWD(mil): 7,334.2
Assets TWD(mil): 9,946.9
Employees: 1,563
Fiscal Year End: 31-Dec-2011
Industry: Chemical
Manufacturing
Incorporation Date: 07-Sep-1972
Company Type: Public
Parent
Quoted Status: Quoted
Director: Jianming
Chen
Company Web Links
Company Contact/E-mail
Corporate History/Profile
Financial Information
Home Page
News Releases
Products/Services
Contents
Industry Codes
Business Description
Brand/Trade Names
Financial Data
Market Data
Subsidiaries
Key Corporate Relationships
Industry Codes
ANZSIC 2006 Codes:
1813 - Basic Inorganic Chemical Manufacturing
1899 - Other Basic Chemical Product Manufacturing Not Elsewhere
Classified
1841 - Human Pharmaceutical and Medicinal Product Manufacturing
NACE 2002 Codes:
2466 - Manufacture of other chemical products not elsewhere
classified
2441 - Manufacture of basic pharmaceutical products
2413 - Manufacture of other inorganic basic chemicals
NAICS 2002 Codes:
325998 - All Other Miscellaneous Chemical Product and Preparation
Manufacturing
325411 - Medicinal and Botanical Manufacturing
325131 - Inorganic Dye and Pigment Manufacturing
US SIC 1987:
2833 - Medicinal Chemicals and Botanical Products
2819 - Industrial Inorganic Chemicals, Not Elsewhere Classified
2899 - Chemicals and Chemical Preparations, Not Elsewhere
Classified
UK SIC 2003:
2466 - Manufacture of other chemical products not elsewhere
classified
2441 - Manufacture of basic pharmaceutical products
2413 - Manufacture of other inorganic basic chemicals
Business
Description
Everlight Chemical
Industrial Corp. is principally engaged in the manufacturing and distribution
of chemical products. The Company provides colorant chemicals, including dyes
for textile products and leather products, liquid dyes, printing inks, disk
dyes, paper dyes, metal surface colorants, timber dyes and edible pigments;
specialty chemicals, including benzophenone light stabilizers, benzotriazole
light stabilizers and cosmetic raw materials, among others; medical chemicals,
including drug raw materials and medical intermediates, as well as electronic
chemicals and nanometer materials. The Company distributes its products
primarily in Asia, Europe and the Americas. For the three months ended 31 March
2012, Everlight Chemical Industrial Corp. revenues increased 2% to NT$1.89B.
Net income decreased 21% to NT$96.4M. Revenues reflect electronic chemical
segment increase of 73% to NT$240M, Medical segment increase of 63% to NT$75M.
Net income was offset by Research and Development Expenses increase of 5% to
NT$71.5M (expense), Interest Expense increase of 17% to NT$8.4M (expense).
More Business
Descriptions
Manufacture of dyestuffs and fine chemicals
This major group
includes establishments producing basic chemicals, and establishments
manufacturing products by predominantly chemical processes. Establishments
classified in this major group manufacture three general classes of products:
(1) basic chemicals, such as acids, alkalies, salts, and organic chemicals; (2)
chemical products to be used in further manufacture, such as synthetic fibers,
plastics materials, dry colors, and pigments; and (3) finished chemical
products to be used for ultimate consumption, such as drugs, cosmetics, and
soaps; or to be used as materials or supplies in other industries, such as
paints, fertilizers, and explosives.
All Other Chemical Product and Preparation Manufacturing
Brand/Trade Names
EVERLIGHT
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Corporate
Family |
Corporate
Structure News: |
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Everlight
Chemical Industrial Corp. |
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Everlight Chemical Industrial Corp. |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Everlight Chemical Industrial Corp. |
Parent |
Taipei |
Taiwan |
Chemical Manufacturing |
249.5 |
1,563 |
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Trend Tone Imaging, Inc. |
Subsidiary |
Hsinchu City |
Taiwan |
Photography |
32.6 |
200 |
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Everlight Europe B.V. |
Subsidiary |
Capelle Aan Den Ijssel, South Holland |
Netherlands |
Furniture and Fixtures |
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Executive report
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Board of
Directors |
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Director |
Chairman |
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Vice Chairman |
Vice-Chairman |
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General Manager, Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Outside Director |
Director/Board Member |
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Outside Director |
Director/Board Member |
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Deputy General Manager, Director |
Director/Board Member |
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Executives |
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General Manager, Director |
Division Head Executive |
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Head-Finance Division, Head-Finance & Accounting |
Division Head Executive |
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Vice President-Administration |
Administration Executive |
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Director-Finance & Accounting |
Finance Executive |
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Vice President-Finance |
Finance Executive |
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Vice President-Sales |
Sales Executive |
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Vice President-Communications |
Corporate Communications Executive |
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Deputy General Manager |
Other |
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Deputy General Manager |
Other |
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Deputy General Manager |
Other |
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Deputy General Manager |
Other |
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Deputy General Manager |
Other |
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Deputy General Manager |
Other |
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Significant Developments
Everlight Chemical Industrial Corp. Announces FY 2011 Dividend Payment Date Jun 12, 2012
Everlight Chemical Industrial Corp. announced that it will pay cash dividends of NTD 0.5 per share, and distribute stock dividends worth NTD 0.5 per share to shareholders of record on July 8, 2012. The Company's shares will be traded ex-right and ex-dividend on July 2, 2012.
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 |
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Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
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UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Reclassified
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 |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
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Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified |
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Gross Revenue |
250.5 |
254.7 |
197.1 |
225.9 |
210.0 |
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Sales Returns and Allowances |
-0.9 |
-1.1 |
-0.8 |
-1.3 |
-0.8 |
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Revenue |
249.5 |
253.6 |
196.3 |
224.5 |
209.1 |
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Total Revenue |
249.5 |
253.6 |
196.3 |
224.5 |
209.1 |
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Cost of Revenue |
196.3 |
188.9 |
155.6 |
184.6 |
171.6 |
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Cost of Revenue, Total |
196.3 |
188.9 |
155.6 |
184.6 |
171.6 |
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Gross Profit |
53.3 |
64.7 |
40.7 |
39.9 |
37.5 |
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Selling/General/Administrative Expense |
31.6 |
30.2 |
24.7 |
28.2 |
28.2 |
|
Total Selling/General/Administrative Expenses |
31.6 |
30.2 |
24.7 |
28.2 |
28.2 |
|
Research & Development |
10.4 |
8.4 |
6.3 |
7.0 |
6.7 |
|
Impairment-Assets Held for Use |
1.3 |
0.0 |
- |
- |
- |
|
Unusual Expense (Income) |
1.3 |
0.0 |
- |
- |
- |
|
Total Operating Expense |
239.7 |
227.5 |
186.6 |
219.7 |
206.5 |
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Operating Income |
9.9 |
26.1 |
9.7 |
4.8 |
2.6 |
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Interest Expense -
Non-Operating |
-1.4 |
-1.2 |
-1.7 |
-3.4 |
-2.8 |
|
Interest Expense, Net Non-Operating |
-1.4 |
-1.2 |
-1.7 |
-3.4 |
-2.8 |
|
Interest Income -
Non-Operating |
0.3 |
0.1 |
0.1 |
0.2 |
0.2 |
|
Investment Income -
Non-Operating |
7.9 |
1.7 |
2.6 |
1.9 |
4.4 |
|
Interest/Investment Income - Non-Operating |
8.2 |
1.8 |
2.6 |
2.1 |
4.6 |
|
Interest Income (Expense) - Net Non-Operating Total |
6.8 |
0.6 |
1.0 |
-1.2 |
1.9 |
|
Gain (Loss) on Sale of Assets |
-0.1 |
0.0 |
0.0 |
0.0 |
-0.1 |
|
Other Non-Operating Income (Expense) |
1.8 |
2.0 |
1.2 |
1.2 |
0.8 |
|
Other, Net |
1.8 |
2.0 |
1.2 |
1.2 |
0.8 |
|
Income Before Tax |
18.4 |
28.8 |
11.8 |
4.8 |
5.2 |
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Total Income Tax |
2.6 |
5.0 |
1.8 |
2.0 |
1.9 |
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Income After Tax |
15.8 |
23.8 |
10.0 |
2.9 |
3.3 |
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Minority Interest |
-0.1 |
-0.9 |
-0.4 |
0.0 |
0.1 |
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Net Income Before Extraord Items |
15.7 |
22.9 |
9.6 |
2.9 |
3.3 |
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Net Income |
15.7 |
22.9 |
9.6 |
2.9 |
3.3 |
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Income Available to Common Excl Extraord Items |
15.7 |
22.9 |
9.6 |
2.9 |
3.3 |
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Income Available to Common Incl Extraord Items |
15.7 |
22.9 |
9.6 |
2.9 |
3.3 |
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Basic/Primary Weighted Average Shares |
429.2 |
429.2 |
427.5 |
426.2 |
421.8 |
|
Basic EPS Excl Extraord Items |
0.04 |
0.05 |
0.02 |
0.01 |
0.01 |
|
Basic/Primary EPS Incl Extraord Items |
0.04 |
0.05 |
0.02 |
0.01 |
0.01 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Diluted Net Income |
15.7 |
22.9 |
9.6 |
2.9 |
3.3 |
|
Diluted Weighted Average Shares |
431.2 |
433.3 |
430.8 |
427.1 |
428.5 |
|
Diluted EPS Excl Extraord Items |
0.04 |
0.05 |
0.02 |
0.01 |
0.01 |
|
Diluted EPS Incl Extraord Items |
0.04 |
0.05 |
0.02 |
0.01 |
0.01 |
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Dividends per Share - Common Stock Primary Issue |
0.02 |
0.02 |
0.02 |
0.00 |
0.01 |
|
Gross Dividends - Common Stock |
7.3 |
7.4 |
8.3 |
0.0 |
3.5 |
|
Interest Expense, Supplemental |
1.4 |
1.2 |
1.7 |
3.4 |
2.8 |
|
Interest Capitalized, Supplemental |
-0.4 |
-0.1 |
0.0 |
-0.1 |
-0.1 |
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Depreciation, Supplemental |
13.1 |
11.0 |
11.3 |
13.2 |
13.5 |
|
Total Special Items |
1.4 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Normalized Income Before Tax |
19.8 |
28.8 |
11.8 |
4.8 |
5.4 |
|
|
|
|
|
|
|
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Effect of Special Items on Income Taxes |
0.2 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Inc Tax Ex Impact of Sp Items |
2.8 |
5.0 |
1.8 |
2.0 |
2.0 |
|
Normalized Income After Tax |
17.0 |
23.8 |
10.0 |
2.8 |
3.4 |
|
|
|
|
|
|
|
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Normalized Inc. Avail to Com. |
16.9 |
22.9 |
9.6 |
2.9 |
3.4 |
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|
|
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Basic Normalized EPS |
0.04 |
0.05 |
0.02 |
0.01 |
0.01 |
|
Diluted Normalized EPS |
0.04 |
0.05 |
0.02 |
0.01 |
0.01 |
|
Amort of Intangibles, Supplemental |
0.1 |
0.1 |
0.2 |
0.2 |
0.0 |
|
Research & Development Exp, Supplemental |
10.4 |
8.4 |
6.3 |
7.0 |
6.7 |
|
Normalized EBIT |
11.2 |
26.2 |
9.7 |
4.8 |
2.6 |
|
Normalized EBITDA |
24.4 |
37.3 |
21.1 |
18.2 |
16.2 |
|
Current Tax - Total |
2.8 |
3.2 |
1.2 |
1.3 |
1.1 |
|
Current Tax - Total |
2.8 |
3.2 |
1.2 |
1.3 |
1.1 |
|
Deferred Tax - Total |
-0.1 |
1.8 |
0.5 |
0.7 |
0.9 |
|
Deferred Tax - Total |
-0.1 |
1.8 |
0.5 |
0.7 |
0.9 |
|
Income Tax - Total |
2.6 |
5.0 |
1.8 |
2.0 |
1.9 |
|
Interest Cost - Domestic |
0.4 |
0.3 |
0.5 |
0.5 |
0.4 |
|
Service Cost - Domestic |
0.7 |
0.5 |
0.6 |
0.7 |
0.7 |
|
Expected Return on Assets - Domestic |
-0.2 |
-0.2 |
-0.1 |
-0.6 |
-0.4 |
|
Transition Costs - Domestic |
0.3 |
0.0 |
-0.4 |
0.2 |
0.1 |
|
Domestic Pension Plan Expense |
1.2 |
0.7 |
0.6 |
0.7 |
0.8 |
|
Total Pension Expense |
1.2 |
0.7 |
0.6 |
0.7 |
0.8 |
|
Discount Rate - Domestic |
2.00% |
1.75% |
2.25% |
2.75% |
2.75% |
|
Expected Rate of Return - Domestic |
2.00% |
1.75% |
2.25% |
2.75% |
2.75% |
|
Compensation Rate - Domestic |
1.50% |
1.50% |
1.27% |
0.05% |
0.05% |
|
Total Plan Interest Cost |
0.4 |
0.3 |
0.5 |
0.5 |
0.4 |
|
Total Plan Service Cost |
0.7 |
0.5 |
0.6 |
0.7 |
0.7 |
|
Total Plan Expected Return |
-0.2 |
-0.2 |
-0.1 |
-0.6 |
-0.4 |
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 |
Updated Normal |
Updated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate |
30.279 |
29.1565 |
31.985 |
32.818 |
32.4345 |
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Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
25.4 |
29.9 |
21.3 |
18.8 |
17.7 |
|
Short Term Investments |
6.3 |
6.6 |
8.7 |
4.7 |
1.2 |
|
Cash and Short Term Investments |
31.7 |
36.5 |
30.0 |
23.5 |
18.9 |
|
Accounts Receivable -
Trade, Gross |
41.8 |
40.4 |
40.6 |
34.2 |
42.8 |
|
Provision for Doubtful
Accounts |
-0.4 |
-0.6 |
-0.6 |
-0.5 |
-0.8 |
|
Trade Accounts Receivable - Net |
41.3 |
39.7 |
40.0 |
33.8 |
41.9 |
|
Notes Receivable - Short Term |
8.3 |
7.9 |
6.6 |
7.7 |
7.6 |
|
Total Receivables, Net |
49.7 |
47.6 |
46.6 |
41.5 |
49.5 |
|
Inventories - Finished Goods |
48.7 |
45.0 |
37.9 |
49.5 |
46.5 |
|
Inventories - Work In Progress |
16.6 |
14.9 |
10.9 |
10.5 |
11.9 |
|
Inventories - Raw Materials |
17.5 |
22.4 |
11.9 |
24.2 |
19.9 |
|
Inventories - Other |
2.4 |
7.2 |
5.1 |
1.3 |
0.1 |
|
Total Inventory |
85.2 |
89.6 |
65.7 |
85.5 |
78.5 |
|
Other Current Assets |
4.9 |
4.4 |
4.0 |
2.7 |
4.2 |
|
Other Current Assets, Total |
4.9 |
4.4 |
4.0 |
2.7 |
4.2 |
|
Total Current Assets |
171.5 |
178.1 |
146.4 |
153.2 |
151.1 |
|
|
|
|
|
|
|
|
Buildings |
94.0 |
86.4 |
78.8 |
73.4 |
72.9 |
|
Land/Improvements |
29.7 |
20.0 |
18.2 |
17.8 |
18.2 |
|
Machinery/Equipment |
213.4 |
207.4 |
183.7 |
173.3 |
168.0 |
|
Construction in
Progress |
8.0 |
14.4 |
1.5 |
4.6 |
3.9 |
|
Property/Plant/Equipment - Gross |
345.1 |
328.2 |
282.2 |
269.0 |
263.1 |
|
Accumulated Depreciation |
-215.2 |
-214.3 |
-188.0 |
-173.3 |
-164.4 |
|
Property/Plant/Equipment - Net |
129.9 |
113.8 |
94.2 |
95.7 |
98.6 |
|
Intangibles, Net |
0.9 |
0.9 |
0.9 |
0.9 |
0.9 |
|
LT Investment - Affiliate Companies |
13.2 |
10.0 |
8.9 |
8.5 |
6.9 |
|
LT Investments - Other |
12.1 |
11.0 |
8.0 |
5.1 |
3.0 |
|
Long Term Investments |
25.3 |
21.1 |
16.9 |
13.6 |
9.8 |
|
Pension Benefits - Overfunded |
0.3 |
0.4 |
0.3 |
0.2 |
0.3 |
|
Deferred Income Tax - Long Term Asset |
0.1 |
0.1 |
0.4 |
0.6 |
0.8 |
|
Restricted Cash - Long Term |
- |
0.1 |
- |
- |
- |
|
Other Long Term Assets |
0.4 |
0.5 |
0.4 |
0.8 |
0.7 |
|
Other Long Term Assets, Total |
0.9 |
1.1 |
1.2 |
1.7 |
1.8 |
|
Total Assets |
328.5 |
315.0 |
259.6 |
265.0 |
262.3 |
|
|
|
|
|
|
|
|
Accounts Payable |
10.9 |
12.9 |
15.5 |
4.0 |
7.7 |
|
Accrued Expenses |
10.4 |
13.7 |
8.6 |
6.3 |
7.1 |
|
Notes Payable/Short Term Debt |
63.8 |
60.9 |
39.0 |
65.8 |
64.0 |
|
Current Portion - Long Term Debt/Capital Leases |
0.0 |
1.4 |
0.0 |
3.0 |
0.7 |
|
Income Taxes Payable |
2.1 |
2.9 |
1.4 |
0.7 |
0.5 |
|
Other Payables |
0.3 |
1.0 |
0.3 |
0.2 |
0.4 |
|
Other Current Liabilities |
1.8 |
1.1 |
1.0 |
1.0 |
1.6 |
|
Other Current liabilities, Total |
4.2 |
5.0 |
2.7 |
1.9 |
2.6 |
|
Total Current Liabilities |
89.3 |
93.8 |
65.8 |
81.1 |
82.2 |
|
|
|
|
|
|
|
|
Long Term Debt |
23.1 |
6.9 |
12.5 |
18.3 |
13.9 |
|
Total Long Term Debt |
23.1 |
6.9 |
12.5 |
18.3 |
13.9 |
|
Total Debt |
86.9 |
69.1 |
51.5 |
87.2 |
78.7 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
1.1 |
1.2 |
- |
- |
- |
|
Deferred Income Tax |
1.1 |
1.2 |
- |
- |
- |
|
Minority Interest |
8.8 |
8.2 |
7.3 |
6.6 |
7.2 |
|
Pension Benefits - Underfunded |
4.5 |
5.0 |
2.6 |
0.6 |
1.0 |
|
Other Liabilities, Total |
4.5 |
5.0 |
2.6 |
0.6 |
1.0 |
|
Total Liabilities |
126.9 |
115.1 |
88.3 |
106.7 |
104.2 |
|
|
|
|
|
|
|
|
Common Stock |
141.7 |
133.8 |
121.9 |
118.3 |
118.6 |
|
Common Stock |
141.7 |
133.8 |
121.9 |
118.3 |
118.6 |
|
Additional Paid-In Capital |
18.8 |
17.8 |
16.2 |
15.2 |
14.6 |
|
Retained Earnings (Accumulated Deficit) |
40.4 |
47.6 |
29.3 |
21.3 |
22.5 |
|
Unrealized Gain (Loss) |
0.3 |
4.0 |
2.2 |
-0.7 |
-0.1 |
|
Translation Adjustment |
4.3 |
1.2 |
3.6 |
4.4 |
2.5 |
|
Other Equity |
- |
0.0 |
0.1 |
- |
0.0 |
|
Minimum Pension Liability Adjustment |
-3.9 |
-4.6 |
-2.1 |
-0.2 |
0.0 |
|
Other Equity, Total |
0.4 |
-3.4 |
1.6 |
4.2 |
2.5 |
|
Total Equity |
201.6 |
199.9 |
171.3 |
158.4 |
158.1 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
328.5 |
315.0 |
259.6 |
265.0 |
262.3 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
429.2 |
429.2 |
428.9 |
427.2 |
416.0 |
|
Total Common Shares Outstanding |
429.2 |
429.2 |
428.9 |
427.2 |
416.0 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Employees |
1,563 |
1,468 |
1,394 |
1,423 |
1,432 |
|
Number of Common Shareholders |
29,698 |
28,059 |
27,010 |
28,772 |
23,569 |
|
Total Long Term Debt, Supplemental |
23.1 |
8.2 |
12.5 |
21.3 |
14.6 |
|
Long Term Debt Maturing within 1 Year |
1.8 |
1.4 |
3.1 |
3.0 |
0.7 |
|
Long Term Debt Maturing in Year 2 |
1.8 |
6.9 |
3.1 |
6.1 |
0.0 |
|
Long Term Debt Maturing in Year 3 |
1.8 |
- |
6.3 |
6.1 |
4.6 |
|
Long Term Debt Maturing in Year 4 |
1.8 |
- |
- |
6.1 |
6.2 |
|
Long Term Debt Maturing in Year 5 |
15.9 |
- |
- |
- |
3.1 |
|
Long Term Debt Maturing in 2-3 Years |
3.6 |
6.9 |
9.4 |
12.2 |
4.6 |
|
Long Term Debt Maturing in 4-5 Years |
17.7 |
- |
- |
6.1 |
9.2 |
|
Long Term Debt Matur. in Year 6 & Beyond |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Operating Leases, Supplemental |
2.5 |
2.6 |
- |
- |
- |
|
Operating Lease Payments Due in Year 1 |
0.2 |
0.2 |
- |
- |
- |
|
Operating Lease Payments Due in Year 2 |
0.2 |
0.2 |
- |
- |
- |
|
Operating Lease Payments Due in Year 3 |
0.2 |
0.2 |
- |
- |
- |
|
Operating Lease Payments Due in Year 4 |
0.2 |
0.2 |
- |
- |
- |
|
Operating Lease Payments Due in Year 5 |
0.2 |
0.2 |
- |
- |
- |
|
Operating Lease Payments Due in Year 6 |
0.2 |
0.2 |
- |
- |
- |
|
Operating Lease Payments Due in Year 7 |
0.2 |
0.2 |
- |
- |
- |
|
Operating Lease Payments Due in Year 8 |
0.2 |
0.2 |
- |
- |
- |
|
Operating Lease Payments Due in Year 9 |
0.2 |
0.2 |
- |
- |
- |
|
Operating Lease Payments Due in Year 10 |
0.2 |
0.2 |
- |
- |
- |
|
Operating Lease Pymts. Due in 2-3 Years |
0.3 |
0.3 |
- |
- |
- |
|
Operating Lease Pymts. Due in 4-5 Years |
0.3 |
0.3 |
- |
- |
- |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
1.6 |
1.7 |
- |
- |
- |
|
Pension Obligation - Domestic |
22.1 |
22.6 |
15.1 |
16.8 |
17.6 |
|
Plan Assets - Domestic |
13.4 |
13.2 |
11.3 |
15.0 |
15.6 |
|
Funded Status - Domestic |
-8.6 |
-9.4 |
-3.8 |
-1.9 |
-2.0 |
|
Accumulated Obligation - Domestic |
18.0 |
18.2 |
13.9 |
15.6 |
16.4 |
|
Total Funded Status |
-8.6 |
-9.4 |
-3.8 |
-1.9 |
-2.0 |
|
Discount Rate - Domestic |
2.00% |
1.75% |
2.25% |
2.75% |
2.75% |
|
Expected Rate of Return - Domestic |
2.00% |
1.75% |
2.25% |
2.75% |
2.75% |
|
Compensation Rate - Domestic |
1.50% |
1.50% |
1.27% |
0.05% |
0.05% |
|
Prepaid Benefits - Domestic |
0.3 |
0.4 |
0.3 |
- |
- |
|
Accrued Liabilities - Domestic |
-4.5 |
-5.0 |
-2.6 |
-0.6 |
-1.0 |
|
Net Assets Recognized on Balance Sheet |
-4.2 |
-4.6 |
-2.3 |
-0.6 |
-1.0 |
|
Total Plan Obligations |
22.1 |
22.6 |
15.1 |
16.8 |
17.6 |
|
Total Plan Assets |
13.4 |
13.2 |
11.3 |
15.0 |
15.6 |
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 |
Reclassified
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 |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
15.8 |
23.8 |
10.0 |
2.9 |
3.3 |
|
Depreciation |
13.1 |
11.0 |
11.3 |
13.2 |
13.5 |
|
Depreciation/Depletion |
13.1 |
11.0 |
11.3 |
13.2 |
13.5 |
|
Amortization of Intangibles |
0.1 |
0.1 |
0.2 |
0.2 |
0.1 |
|
Amortization |
0.1 |
0.1 |
0.2 |
0.2 |
0.1 |
|
Deferred Taxes |
-0.1 |
1.8 |
0.5 |
0.7 |
0.9 |
|
Unusual Items |
-5.8 |
0.0 |
-1.9 |
-0.6 |
-2.8 |
|
Equity in Net Earnings (Loss) |
-0.2 |
-1.5 |
-1.5 |
-1.8 |
-0.5 |
|
Other Non-Cash Items |
2.3 |
1.6 |
2.5 |
1.5 |
1.2 |
|
Non-Cash Items |
-3.6 |
0.1 |
-1.0 |
-0.9 |
-2.2 |
|
Accounts Receivable |
-3.9 |
3.2 |
-3.4 |
6.3 |
-11.0 |
|
Inventories |
1.1 |
-16.4 |
21.2 |
-8.5 |
-5.4 |
|
Other Assets |
-1.5 |
-0.7 |
-0.7 |
0.5 |
-0.6 |
|
Accounts Payable |
-1.6 |
-3.8 |
11.1 |
-3.7 |
0.5 |
|
Accrued Expenses |
-2.7 |
3.8 |
2.0 |
-1.2 |
1.5 |
|
Taxes Payable |
-0.7 |
1.3 |
0.6 |
0.2 |
-0.4 |
|
Other Liabilities |
0.6 |
1.1 |
1.4 |
-1.6 |
0.4 |
|
Changes in Working Capital |
-8.5 |
-11.5 |
32.1 |
-8.0 |
-14.9 |
|
Cash from Operating Activities |
16.8 |
25.3 |
53.2 |
8.1 |
0.7 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-33.1 |
-21.0 |
-7.5 |
-11.2 |
-12.7 |
|
Purchase/Acquisition of Intangibles |
- |
- |
- |
- |
0.0 |
|
Capital Expenditures |
-33.1 |
-21.0 |
-7.5 |
-11.2 |
-12.7 |
|
Sale of Fixed Assets |
0.2 |
0.1 |
0.0 |
0.3 |
0.0 |
|
Sale/Maturity of Investment |
19.8 |
10.5 |
21.1 |
-2.5 |
3.8 |
|
Investment, Net |
0.6 |
-0.6 |
0.1 |
0.1 |
-0.1 |
|
Purchase of Investments |
-23.0 |
-7.6 |
-24.5 |
-1.9 |
-0.3 |
|
Other Investing Cash Flow |
0.1 |
-0.1 |
0.2 |
-0.3 |
0.0 |
|
Other Investing Cash Flow Items, Total |
-2.4 |
2.3 |
-3.0 |
-4.3 |
3.4 |
|
Cash from Investing Activities |
-35.4 |
-18.7 |
-10.6 |
-15.5 |
-9.3 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
0.7 |
-0.4 |
-0.1 |
-0.8 |
-1.5 |
|
Financing Cash Flow Items |
0.7 |
-0.4 |
-0.1 |
-0.8 |
-1.5 |
|
Cash Dividends Paid - Common |
-8.0 |
-8.7 |
-2.4 |
-3.7 |
-3.5 |
|
Total Cash Dividends Paid |
-8.0 |
-8.7 |
-2.4 |
-3.7 |
-3.5 |
|
Options Exercised |
- |
0.0 |
0.6 |
1.2 |
1.8 |
|
Issuance (Retirement) of Stock, Net |
- |
0.0 |
0.6 |
1.2 |
1.8 |
|
Short Term Debt, Net |
5.6 |
15.7 |
-29.3 |
3.6 |
-0.9 |
|
Long Term Debt Issued |
23.8 |
- |
- |
7.9 |
13.7 |
|
Long Term Debt
Reduction |
-8.2 |
-5.1 |
-9.1 |
-0.8 |
-0.7 |
|
Long Term Debt, Net |
15.7 |
-5.1 |
-9.1 |
7.2 |
13.0 |
|
Issuance (Retirement) of Debt, Net |
21.2 |
10.6 |
-38.4 |
10.7 |
12.0 |
|
Cash from Financing Activities |
13.9 |
1.5 |
-40.2 |
7.4 |
8.9 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
1.2 |
-2.1 |
-0.3 |
1.3 |
0.5 |
|
Net Change in Cash |
-3.5 |
6.0 |
2.0 |
1.3 |
0.7 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
29.7 |
21.7 |
18.7 |
18.2 |
16.8 |
|
Net Cash - Ending Balance |
26.2 |
27.7 |
20.7 |
19.6 |
17.5 |
|
Cash Interest Paid |
1.4 |
1.1 |
1.9 |
3.4 |
2.8 |
|
Cash Taxes Paid |
3.4 |
1.8 |
0.6 |
1.2 |
1.4 |
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 |
Reclassified
Normal |
Reclassified
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 |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Gross Sales |
250.5 |
254.7 |
197.1 |
225.9 |
210.0 |
|
Sales Returns & Discounts |
-0.9 |
-1.1 |
-0.8 |
-1.3 |
-0.8 |
|
Total Revenue |
249.5 |
253.6 |
196.3 |
224.5 |
209.1 |
|
|
|
|
|
|
|
|
Cost of Sales |
196.3 |
188.9 |
155.6 |
184.1 |
171.5 |
|
Selling Expense |
17.5 |
17.7 |
13.6 |
17.0 |
17.5 |
|
General and Administrative Expenses |
14.1 |
12.5 |
11.1 |
11.2 |
10.6 |
|
Research and Development Expenses |
10.4 |
8.4 |
6.3 |
7.0 |
6.7 |
|
Gain on Phyiscal Inventory |
- |
- |
- |
0.0 |
0.0 |
|
Loss on Physical Inventory |
- |
- |
- |
0.4 |
- |
|
Inventory Devaluation & Obsolescence |
- |
- |
- |
0.2 |
0.1 |
|
Impairment Loss |
1.3 |
0.0 |
- |
- |
- |
|
Total Operating Expense |
239.7 |
227.5 |
186.6 |
219.7 |
206.5 |
|
|
|
|
|
|
|
|
Interest Income |
0.3 |
0.1 |
0.1 |
0.2 |
0.2 |
|
Gain on Equity Investment |
0.2 |
1.5 |
1.5 |
1.8 |
1.5 |
|
Dividend Income |
0.6 |
0.1 |
0.1 |
0.0 |
0.1 |
|
Gain on Sale of Fixed Assets |
0.1 |
0.0 |
0.0 |
0.1 |
0.0 |
|
Gain on Sale of Investments |
5.9 |
0.0 |
1.9 |
0.5 |
3.0 |
|
Gain on Financial Assets Revaluation |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Revaluation Gain on Fin. Liabilities |
0.2 |
0.1 |
0.0 |
- |
- |
|
Miscellaneous Income |
2.0 |
2.1 |
1.3 |
1.6 |
1.0 |
|
Interest Expense |
-1.4 |
-1.2 |
-1.7 |
-3.4 |
-2.8 |
|
Loss on Other Investments |
- |
- |
-0.2 |
-0.2 |
-1.0 |
|
Loss on Sale of Fixed Assets |
-0.2 |
-0.1 |
0.0 |
-0.1 |
-0.1 |
|
Gain/Loss on Foreign Exchange |
1.0 |
-0.1 |
-0.5 |
-0.2 |
0.9 |
|
Loss on Financial Liab. Revaluation |
- |
- |
-0.2 |
-0.1 |
- |
|
Miscellaneous Disbursements |
-0.2 |
-0.1 |
-0.1 |
-0.3 |
-0.1 |
|
Net Income Before Taxes |
18.4 |
28.8 |
11.8 |
4.8 |
5.2 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
2.6 |
5.0 |
1.8 |
2.0 |
1.9 |
|
Net Income After Taxes |
15.8 |
23.8 |
10.0 |
2.9 |
3.3 |
|
|
|
|
|
|
|
|
Minority Interest |
-0.1 |
-0.9 |
-0.4 |
0.0 |
0.1 |
|
Net Income Before Extra. Items |
15.7 |
22.9 |
9.6 |
2.9 |
3.3 |
|
Net Income |
15.7 |
22.9 |
9.6 |
2.9 |
3.3 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
15.7 |
22.9 |
9.6 |
2.9 |
3.3 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
15.7 |
22.9 |
9.6 |
2.9 |
3.3 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
429.2 |
429.2 |
427.5 |
426.2 |
421.8 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.04 |
0.05 |
0.02 |
0.01 |
0.01 |
|
Basic EPS Including ExtraOrdinary Item |
0.04 |
0.05 |
0.02 |
0.01 |
0.01 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Diluted Net Income |
15.7 |
22.9 |
9.6 |
2.9 |
3.3 |
|
Diluted Weighted Average Shares |
431.2 |
433.3 |
430.8 |
427.1 |
428.5 |
|
Diluted EPS Excluding ExtraOrd Items |
0.04 |
0.05 |
0.02 |
0.01 |
0.01 |
|
Diluted EPS Including ExtraOrd Items |
0.04 |
0.05 |
0.02 |
0.01 |
0.01 |
|
DPS-Common Stock |
0.02 |
0.02 |
0.02 |
0.00 |
0.01 |
|
Gross Dividends - Common Stock |
7.3 |
7.4 |
8.3 |
0.0 |
3.5 |
|
Normalized Income Before Taxes |
19.8 |
28.8 |
11.8 |
4.8 |
5.4 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
2.8 |
5.0 |
1.8 |
2.0 |
2.0 |
|
Normalized Income After Taxes |
17.0 |
23.8 |
10.0 |
2.8 |
3.4 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
16.9 |
22.9 |
9.6 |
2.9 |
3.4 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.04 |
0.05 |
0.02 |
0.01 |
0.01 |
|
Diluted Normalized EPS |
0.04 |
0.05 |
0.02 |
0.01 |
0.01 |
|
R&D Expense, Supplemental |
10.4 |
8.4 |
6.3 |
7.0 |
6.7 |
|
Interest Expense, Supplemental |
1.4 |
1.2 |
1.7 |
3.4 |
2.8 |
|
Interest Capitalized |
-0.4 |
-0.1 |
0.0 |
-0.1 |
-0.1 |
|
Depreciation-Operating Cost |
11.2 |
9.5 |
9.8 |
11.6 |
11.9 |
|
Depreciation-Operating Exp. |
1.9 |
1.5 |
1.4 |
1.6 |
1.6 |
|
Amortization- Operating Cost |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Amortization-Operating Exp. |
0.1 |
0.1 |
0.2 |
0.2 |
0.0 |
|
Current Tax |
2.8 |
3.2 |
1.2 |
1.3 |
1.1 |
|
Current Tax - Total |
2.8 |
3.2 |
1.2 |
1.3 |
1.1 |
|
Deferred Tax |
-0.1 |
1.8 |
0.5 |
0.7 |
0.9 |
|
Deferred Tax - Total |
-0.1 |
1.8 |
0.5 |
0.7 |
0.9 |
|
Income Tax - Total |
2.6 |
5.0 |
1.8 |
2.0 |
1.9 |
|
Service Cost |
0.7 |
0.5 |
0.6 |
0.7 |
0.7 |
|
Interest Cost |
0.4 |
0.3 |
0.5 |
0.5 |
0.4 |
|
Expected Return on Plan Assets |
-0.2 |
-0.2 |
-0.1 |
-0.6 |
-0.4 |
|
Amortization of Unrecognized Cost |
0.3 |
0.0 |
-0.4 |
0.2 |
0.1 |
|
Domestic Pension Plan Expense |
1.2 |
0.7 |
0.6 |
0.7 |
0.8 |
|
Total Pension Expense |
1.2 |
0.7 |
0.6 |
0.7 |
0.8 |
|
Discount Rate |
2.00% |
1.75% |
2.25% |
2.75% |
2.75% |
|
Rate of Compensation Increase |
1.50% |
1.50% |
1.27% |
0.05% |
0.05% |
|
Expected Rate of Return on Plan Assets |
2.00% |
1.75% |
2.25% |
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 |
Updated Normal |
Updated Normal |
|
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 |
Unqualified |
|
|
|
|
|
|
|
|
Cash and Cash Equivalent |
25.4 |
29.9 |
21.3 |
18.8 |
17.7 |
|
Financial Assets at Fair Value |
4.0 |
5.2 |
7.8 |
3.0 |
- |
|
Financial Assets-Available for Sale |
0.3 |
0.2 |
0.0 |
- |
- |
|
Note Receivable |
8.3 |
7.9 |
6.6 |
7.7 |
7.6 |
|
Accounts Receivable, Gross |
41.8 |
40.4 |
40.6 |
34.2 |
42.8 |
|
Provision for Doubtful Accounts |
-0.4 |
-0.6 |
-0.6 |
-0.5 |
-0.8 |
|
Other Financial Assets - Current |
2.0 |
1.2 |
0.9 |
1.6 |
1.2 |
|
Raw Materials |
16.8 |
21.7 |
11.5 |
23.8 |
19.5 |
|
Supplies |
0.7 |
0.8 |
0.5 |
0.5 |
0.4 |
|
Work-in-Process |
16.6 |
14.9 |
10.9 |
10.5 |
11.9 |
|
Finished Goods |
48.7 |
45.0 |
37.9 |
49.5 |
46.5 |
|
Inventory in Transit |
2.4 |
7.2 |
5.1 |
2.1 |
0.7 |
|
Provision for Inventory |
- |
- |
- |
-0.8 |
-0.6 |
|
Other Current Assets |
4.9 |
4.4 |
4.0 |
2.7 |
4.2 |
|
Total Current Assets |
171.5 |
178.1 |
146.4 |
153.2 |
151.1 |
|
|
|
|
|
|
|
|
Financial Assets for Trading- Non-Curren |
9.4 |
6.5 |
4.4 |
1.0 |
0.3 |
|
Financial Assets At Cost- Non-Current |
2.5 |
3.8 |
3.5 |
2.4 |
2.3 |
|
Long Term Equity Investment |
13.2 |
10.0 |
8.9 |
8.5 |
6.9 |
|
Other Financial Assets - Non-Current |
0.2 |
0.7 |
0.1 |
1.7 |
0.4 |
|
Land |
29.7 |
20.0 |
18.2 |
17.8 |
18.2 |
|
Buildings |
94.0 |
86.4 |
78.8 |
73.4 |
72.9 |
|
Machinery and Equipment |
191.7 |
189.4 |
167.3 |
158.9 |
154.1 |
|
Operating Equipment |
10.5 |
9.6 |
8.1 |
8.1 |
7.8 |
|
Other Equipment |
11.3 |
8.5 |
8.2 |
6.2 |
6.1 |
|
Accumulated Depreciation |
-214.5 |
-213.6 |
-187.4 |
-172.7 |
-163.8 |
|
Provision for Impairment of Fixed Assets |
-0.7 |
-0.7 |
-0.6 |
-0.6 |
-0.6 |
|
Construction in Progress |
1.8 |
6.6 |
0.5 |
2.4 |
0.3 |
|
Prepayment for Equipment |
6.2 |
7.8 |
1.0 |
2.2 |
3.6 |
|
Deferred Pension Cost |
0.3 |
0.4 |
0.3 |
0.2 |
0.3 |
|
Land Use Right |
0.9 |
0.9 |
0.9 |
0.9 |
0.9 |
|
Deferred Income Tax Assets - Non Current |
0.1 |
0.1 |
0.4 |
0.6 |
0.8 |
|
Restricted Assets |
- |
0.1 |
- |
- |
- |
|
Other Long Term Assets |
0.4 |
0.5 |
0.4 |
0.8 |
0.7 |
|
Total Assets |
328.5 |
315.0 |
259.6 |
265.0 |
262.3 |
|
|
|
|
|
|
|
|
Short Term Borrowings |
56.9 |
53.5 |
32.7 |
58.3 |
54.6 |
|
Short Term Notes & Bills Payable |
1.0 |
1.0 |
1.6 |
4.5 |
5.5 |
|
Financial Liabilities at Fair Value |
0.0 |
0.2 |
0.3 |
0.1 |
- |
|
Notes Payable |
5.8 |
6.1 |
4.4 |
2.9 |
3.9 |
|
Accounts Payable |
10.9 |
12.9 |
15.5 |
4.0 |
7.7 |
|
Tax Payable |
2.1 |
2.9 |
1.4 |
0.7 |
0.5 |
|
Accrued Expenses |
10.4 |
13.7 |
8.6 |
6.3 |
7.1 |
|
Construction Payable |
0.3 |
1.0 |
0.3 |
0.1 |
0.4 |
|
Current Portion of Long Term Debt |
0.0 |
1.4 |
0.0 |
3.0 |
0.7 |
|
Other Payable |
- |
- |
0.0 |
0.1 |
- |
|
Other Current Liabilities |
1.8 |
1.1 |
1.0 |
1.0 |
1.6 |
|
Total Current Liabilities |
89.3 |
93.8 |
65.8 |
81.1 |
82.2 |
|
|
|
|
|
|
|
|
Long Term Borrowings |
23.1 |
6.9 |
12.5 |
18.3 |
13.9 |
|
Total Long Term Debt |
23.1 |
6.9 |
12.5 |
18.3 |
13.9 |
|
|
|
|
|
|
|
|
Accrued Pension Liabilities |
4.5 |
5.0 |
2.6 |
0.6 |
1.0 |
|
Deferred Income Tax Liabilities |
1.1 |
1.2 |
- |
- |
- |
|
Minority Interest |
8.8 |
8.2 |
7.3 |
6.6 |
7.2 |
|
Total Liabilities |
126.9 |
115.1 |
88.3 |
106.7 |
104.2 |
|
|
|
|
|
|
|
|
Common Stock |
141.7 |
133.8 |
121.9 |
118.3 |
118.6 |
|
Advance Receipt for Common Stock |
- |
0.0 |
0.1 |
- |
0.0 |
|
Paid in Capital |
18.8 |
17.8 |
16.2 |
15.2 |
14.6 |
|
Legal Reserve |
21.3 |
19.7 |
16.9 |
16.2 |
16.1 |
|
Special Reserve |
0.8 |
0.8 |
0.8 |
0.8 |
0.8 |
|
Retained Profit |
18.3 |
27.1 |
11.7 |
4.3 |
5.7 |
|
Cumulative Translation Adjustment |
4.3 |
1.2 |
3.6 |
4.4 |
2.5 |
|
Unrealized Gain/Loss on Pension Fund |
-3.9 |
-4.6 |
-2.1 |
-0.2 |
0.0 |
|
Unrealized Fin.Asst./LT Invest. G/L. |
0.2 |
4.0 |
2.2 |
-0.7 |
-0.1 |
|
Unrealized Revaluation Increment |
0.1 |
- |
- |
- |
- |
|
Total Equity |
201.6 |
199.9 |
171.3 |
158.4 |
158.1 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
328.5 |
315.0 |
259.6 |
265.0 |
262.3 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
429.2 |
429.2 |
428.9 |
427.2 |
416.0 |
|
Total Common Shares Outstanding |
429.2 |
429.2 |
428.9 |
427.2 |
416.0 |
|
T/S-Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Full-Time Employees |
1,563 |
1,468 |
1,394 |
1,423 |
1,432 |
|
Shareholder Number |
29,698 |
28,059 |
27,010 |
28,772 |
23,569 |
|
LTD Maturing within 1 year |
- |
1.4 |
- |
3.0 |
0.7 |
|
LTD Maturing within 2 years |
- |
6.9 |
6.3 |
6.1 |
0.0 |
|
LTD Maturing within 3 years |
- |
- |
6.3 |
6.1 |
4.6 |
|
LTD Maturing within 4 years |
7.3 |
- |
- |
6.1 |
6.2 |
|
LTD Maturing within 5 years |
15.9 |
- |
- |
- |
3.1 |
|
Total Long Term Debt, Supplemental |
23.1 |
8.2 |
12.5 |
21.3 |
14.6 |
|
Operating Lease Pymts. Due within 1Year |
0.2 |
0.2 |
- |
- |
- |
|
Operating Lease Payments Due in Year 2 |
0.2 |
0.2 |
- |
- |
- |
|
Operating Lease Payments Due in Year 3 |
0.2 |
0.2 |
- |
- |
- |
|
Operating Lease Payments Due in Year 4 |
0.2 |
0.2 |
- |
- |
- |
|
Operating Lease Payments Due in Year 5 |
0.2 |
0.2 |
- |
- |
- |
|
Operating Lease Payments Due in Year 10 |
0.9 |
0.9 |
- |
- |
- |
|
Operating Leases - Remaining Payments |
0.7 |
0.9 |
- |
- |
- |
|
Total Operating Leases |
2.5 |
2.6 |
- |
- |
- |
|
Fair Value of Plan Assets |
13.4 |
13.2 |
11.3 |
15.0 |
15.6 |
|
Benefit Obligation |
22.1 |
22.6 |
15.1 |
16.8 |
17.6 |
|
Funded Status |
-8.6 |
-9.4 |
-3.8 |
-1.9 |
-2.0 |
|
Accumulated Benefit Obligation |
18.0 |
18.2 |
13.9 |
15.6 |
16.4 |
|
Total Funded Status |
-8.6 |
-9.4 |
-3.8 |
-1.9 |
-2.0 |
|
Discount Rate |
2.00% |
1.75% |
2.25% |
2.75% |
2.75% |
|
Rate of Compensation Increase |
1.50% |
1.50% |
1.27% |
0.05% |
0.05% |
|
Expected Rate of Return on Plan Assets |
2.00% |
1.75% |
2.25% |
2.75% |
2.75% |
|
Accrued Pension Liabilities |
-4.5 |
-5.0 |
-2.6 |
-0.6 |
-1.0 |
|
Deferred Pension Cost |
0.3 |
0.4 |
0.3 |
- |
- |
|
Net Assets Recognized on Balance Sheet |
-4.2 |
-4.6 |
-2.3 |
-0.6 |
-1.0 |
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 |
Reclassified
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 |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
15.8 |
23.8 |
10.0 |
2.9 |
3.3 |
|
Depreciation |
13.1 |
11.0 |
11.3 |
13.2 |
13.5 |
|
Amortization Expense |
0.1 |
0.1 |
0.2 |
0.2 |
0.1 |
|
Gain on Finl. Assets Revaluation & Laiab |
-0.2 |
-0.1 |
0.2 |
0.0 |
0.0 |
|
Provision for Bad Debts |
-0.2 |
0.1 |
1.0 |
-0.1 |
0.3 |
|
Inventory Devaluation & Obsolescence |
0.0 |
0.2 |
0.2 |
0.2 |
0.1 |
|
Equity Investment Gain/Loss |
-0.2 |
-1.5 |
-1.5 |
-1.8 |
-1.5 |
|
Other Investment |
1.3 |
0.0 |
0.2 |
0.2 |
- |
|
Cost Method Investment Gain/Loss |
- |
- |
- |
- |
1.0 |
|
Cash Dividend for LT Equity Investment |
1.4 |
1.3 |
0.8 |
1.2 |
- |
|
Cash Dividend fr Cost Method Investment |
- |
- |
- |
- |
0.7 |
|
Gain on Sale of Investments |
-5.9 |
0.0 |
-1.9 |
-0.5 |
-3.0 |
|
Net Loss on Disposal of Fixed Assets |
0.1 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Note Receivable |
-0.8 |
-0.5 |
1.2 |
-0.2 |
-1.7 |
|
Accounts Receivable |
-3.1 |
- |
- |
- |
- |
|
Accounts Receivable and Overdue Accounts |
- |
3.8 |
-4.7 |
6.5 |
-9.3 |
|
Inventory |
1.1 |
-16.4 |
21.2 |
-8.5 |
-5.4 |
|
Other Financial Assets |
-0.9 |
-0.3 |
0.8 |
-0.5 |
-0.1 |
|
Other Current Assets |
-0.6 |
-0.5 |
-1.5 |
1.0 |
-0.5 |
|
Deferred Tax |
-0.1 |
1.8 |
0.5 |
0.7 |
0.9 |
|
Note Payable |
-0.1 |
1.1 |
1.4 |
-1.0 |
-0.1 |
|
Accounts Payable |
-1.6 |
-3.8 |
11.1 |
-3.7 |
0.5 |
|
Tax Payable |
-0.7 |
1.3 |
0.6 |
0.2 |
-0.4 |
|
Accrued Expenses |
-2.9 |
4.0 |
2.0 |
-0.7 |
1.5 |
|
Other Current Liabilities |
0.7 |
0.0 |
0.0 |
-0.6 |
0.5 |
|
Accrued Pension Liabilities |
0.2 |
-0.2 |
0.0 |
-0.4 |
0.0 |
|
Cash from Operating Activities |
16.8 |
25.3 |
53.2 |
8.1 |
0.7 |
|
|
|
|
|
|
|
|
Financial Assets At Fair Value- Decrease |
12.9 |
10.5 |
18.2 |
-3.2 |
0.0 |
|
Financial Assets-Fair Value Increase |
-11.9 |
-7.3 |
-22.7 |
- |
- |
|
Long Term Investments Increase |
3.7 |
- |
- |
- |
- |
|
Equity Investments Increase |
-4.0 |
-0.3 |
-1.8 |
-1.9 |
-0.3 |
|
Equity Investments Decrease |
- |
0.0 |
3.0 |
0.6 |
3.8 |
|
Capital Paid in Advance |
- |
- |
- |
- |
0.0 |
|
Capital Expenditure |
-33.1 |
-21.0 |
-7.5 |
-11.2 |
-12.7 |
|
Disposal of Fixed Assets |
0.2 |
0.1 |
0.0 |
0.3 |
0.0 |
|
Land Use Rights- Increase |
- |
- |
- |
- |
0.0 |
|
Other Financial Assets- Increase |
0.6 |
-0.6 |
0.1 |
0.1 |
-0.1 |
|
Deferred Charges |
- |
- |
- |
- |
0.0 |
|
Restricted Assets |
0.1 |
-0.1 |
- |
- |
- |
|
Other Assets |
0.0 |
-0.1 |
0.2 |
-0.3 |
- |
|
Purchase of Financial Assets for Sale |
-7.1 |
- |
- |
- |
- |
|
Disposal of Financial Assets for Sale |
3.1 |
- |
- |
- |
- |
|
Cash from Investing Activities |
-35.4 |
-18.7 |
-10.6 |
-15.5 |
-9.3 |
|
|
|
|
|
|
|
|
Short Term Borrowing, Net |
5.6 |
16.3 |
-26.3 |
4.6 |
0.5 |
|
Short Term Notes, Net |
0.0 |
-0.6 |
-3.0 |
-1.0 |
-1.5 |
|
Other Payable-Related Parties |
- |
0.0 |
-0.1 |
0.1 |
- |
|
Long Term Borrowings |
23.8 |
- |
- |
7.9 |
13.7 |
|
Repayment of LT Borrowings |
-8.2 |
-5.1 |
-9.1 |
-0.8 |
-0.7 |
|
Director Remuneration & Employee Bonus |
- |
- |
- |
-0.2 |
-0.3 |
|
Dividend Paid |
-8.0 |
-8.7 |
-2.4 |
-3.7 |
-3.5 |
|
Issuance of Stock fr Employee Opt. |
- |
0.0 |
0.6 |
1.2 |
1.8 |
|
Minority Interest |
0.7 |
-0.4 |
- |
-0.6 |
-1.2 |
|
Cash from Financing Activities |
13.9 |
1.5 |
-40.2 |
7.4 |
8.9 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
1.2 |
-2.1 |
-0.3 |
1.3 |
0.5 |
|
Net Change in Cash |
-3.5 |
6.0 |
2.0 |
1.3 |
0.7 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
29.7 |
21.7 |
18.7 |
18.2 |
16.8 |
|
Net Cash - Ending Balance |
26.2 |
27.7 |
20.7 |
19.6 |
17.5 |
|
Cash Interest Paid |
1.4 |
1.1 |
1.9 |
3.4 |
2.8 |
|
Cash Taxes Paid |
3.4 |
1.8 |
0.6 |
1.2 |
1.4 |
Financial
Health
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.54.64 |
|
UK Pound |
1 |
Rs.87.45 |
|
Euro |
1 |
Rs.72.65 |
INFORMATION DETAILS
|
Report Prepared
by : |
NLM |
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.