MIRA INFORM REPORT
|
Report Date : |
29.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
GREAT WALL ENTERPRISE CO., LTD. |
|
|
|
|
Registered Office : |
No. 3 Niaosun 2th Street, Niao Sung Lih Yongkang
District Tainan, 710 |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
28.12.1960 |
|
|
|
|
Legal Form : |
Public Parent |
|
|
|
|
Line of Business : |
Subject is engaged in the food manufacture and sale of
feedstuffs |
|
|
|
|
No. of Employees : |
21,932 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
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 |
|
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
GREAT WALL ENTERPRISE CO., LTD.
No. 3
Niaosun 2th Street, Niao Sung Lih
Yongkang District
Tainan, 710
Taiwan
Tel: 886-6-2531111
Fax: 886-6-2534596
Website: www.greatwall.com.tw
Employees: 21,932
Company Type: Public Parent
Corporate Family: 4 Companies
Traded: Taiwan Stock
Exchange: 1210
Incorporation Date: 28-Dec-1960
Auditor: KPMG LLP
Financials in: USD
(In Millions)
Fiscal Year End: 31-Dec-2011
Reporting Currency: Taiwanese New Dollar
Net Income: 36.4
Market Value: 526.3
(11-Jan-2013)
Business
Description
GREAT WALL ENTERPRISE CO., LTD. is mainly engaged in the food
manufacture and sale of feedstuffs. The Company provides feedstuffs for pigs,
chicken, waterfowls, fisheries and others; broiler chicken meat, and other bulk
materials, such as feed ingredients, soybean powder and edible salad oil.
During the year ended December 31, 2011, the Company obtained 64% and 26% of
its total revenue from the sale of feedstuffs and broiler chicken meat,
respectively. The Company mainly distributes its products in domestic market.
For the nine months ended 30 September 2012, Great Wall Enterprise Co., Ltd.
revenues increased 8% to NT$64.7B. Net income decreased 14% to NT$717.2M.
Revenues reflect Meat segment increase of 10% to NT$28.47B, Animal Food segment
increase of 7% to NT$26.92B. Net income was offset by Miscellaneous Income
decrease of 30% to NT$243.5M (income), Interest Expense increase of 29% to
NT$152.3M (expense).
Industry
|
Industry |
|
|
ANZSIC 2006: |
|
|
NACE 2002: |
|
|
NAICS 2002: |
|
|
UK SIC 2003: |
|
|
UK SIC 2007: |
|
|
US SIC 1987: |
2048 -
Prepared Feed and Feed Ingredients for Animals and Fowls, Except Dogs and
Cats |
Key Executives
|
Name |
Title |
|
Shuheng Zhou |
Special Assistant |
|
Chi-Ling Wu |
General Manager |
|
Chian-Chung Liu |
Manager-Finance |
|
John Jou |
Special Assistant to Chairman |
|
Chia-Ying Han |
Vice President-Operations |
Significant Developments
|
Topic |
#* |
Most Recent Headline |
Date |
|
1 |
Great Wall Enterprise Co Ltd Announces Change of
General Manager |
20-Jun-2012 |
|
|
3 |
Great Wall Enterprise Co Ltd Adjusts FY 2011
Dividend Payment |
14-Aug-2012 |
* number of
significant developments within the last 12 months
Financial Summary
As of 30-Sep-2012
|
Key Ratios |
Company |
Industry |
|
Current Ratio (MRQ) |
1.34 |
1.53 |
|
Quick Ratio (MRQ) |
0.82 |
0.78 |
|
Debt to Equity (MRQ) |
0.80 |
1.14 |
|
Sales 5 Year Growth |
16.66 |
6.97 |
|
Net Profit Margin (TTM) % |
1.62 |
7.06 |
|
Return on Assets (TTM) % |
4.34 |
7.05 |
|
Return on Equity (TTM) % |
8.67 |
21.45 |
Stock Snapshot
Traded: Taiwan Stock Exchange: 1210
As of 11-Jan-2013
Financials in: TWD
|
Recent Price |
26.90 |
|
EPS |
2.03 |
|
52 Week High |
31.39 |
|
Price/Sales |
0.18 |
|
52 Week Low |
24.50 |
|
Dividend Rate |
1.13 |
|
Avg. Volume (mil) |
1.06 |
|
Price/Earnings |
13.92 |
|
Market Value (mil) |
15,235.14 |
|
Price/Book |
1.26 |
|
|
|
|
Beta |
0.87 |
|
|
Price % Change |
Rel S&P 500% |
|
4 Week |
1.89% |
0.32% |
|
13 Week |
0.94% |
-3.99% |
|
52 Week |
1.92% |
-6.32% |
|
Year to Date |
1.13% |
-0.41% |
1 - Profit & Loss Item Exchange Rate: USD 1 = TWD 29.39004
2 - Balance Sheet Item Exchange Rate:
USD 1 = TWD 30.279
Location
No. 3
Niaosun 2th Street, Niao Sung Lih
Yongkang District
Tainan, 710
Taiwan
Tel: 886-6-2531111
Fax: 886-6-2534596
Website: www.greatwall.com.tw
Quote Symbol – Exchange 1210 - Taiwan Stock
Exchange
Sales TWD(mil): 84,062.7
Assets TWD(mil): 32,933.9
Employees: 21,932
Fiscal Year End: 31-Dec-2011
Industry: Food
Processing
Incorporation Date: 28-Dec-1960
Company Type: Public
Parent
Quoted Status: Quoted
General Manager: Chi-Ling
Wu
|
ANZSIC 2006 Codes: |
||
|
1192 |
- |
Prepared
Animal and Bird Feed Manufacturing |
|
1112 |
- |
Poultry
Processing |
|
1150 |
- |
Oil and Fat
Manufacturing |
|
NACE 2002 Codes: |
||
|
157 |
- |
Manufacture
of prepared animal feeds |
|
1512 |
- |
Production
and preserving of poultry meat |
|
1543 |
- |
Manufacture
of margarine and similar edible fats |
|
1541 |
- |
Manufacture
of crude oils and fats |
|
NAICS 2002 Codes: |
||
|
311119 |
- |
Other Animal
Food Manufacturing |
|
311615 |
- |
Poultry
Processing |
|
311222 |
- |
Soybean
Processing |
|
311225 |
- |
Fats and
Oils Refining and Blending |
|
US SIC 1987: |
||
|
2048 |
- |
Prepared
Feed and Feed Ingredients for Animals and Fowls, Except Dogs and Cats |
|
2075 |
- |
Soybean Oil
Mills |
|
2015 |
- |
Poultry
Slaughtering and Processing |
|
2079 |
- |
Shortening,
Table Oils, Margarine, and Other Edible Fats and Oils, Not Elsewhere
Classified |
|
UK SIC 2003: |
||
|
157 |
- |
Manufacture
of prepared animal feeds |
|
1512 |
- |
Production and
preserving of poultry meat |
|
1543 |
- |
Manufacture
of margarine and similar edible fats |
|
1541 |
- |
Manufacture
of crude oils and fats |
|
UK SIC 2007: |
||
|
109 |
- |
Manufacture
of prepared animal feeds |
|
1041 |
- |
Manufacture of
oils and fats |
|
1012 |
- |
Processing
and preserving of poultry meat |
|
1042 |
- |
Manufacture
of margarine and similar edible fats |
GREAT WALL ENTERPRISE CO., LTD. is mainly engaged in the food manufacture and sale of feedstuffs. The Company provides feedstuffs for pigs, chicken, waterfowls, fisheries and others; broiler chicken meat, and other bulk materials, such as feed ingredients, soybean powder and edible salad oil. During the year ended December 31, 2011, the Company obtained 64% and 26% of its total revenue from the sale of feedstuffs and broiler chicken meat, respectively. The Company mainly distributes its products in domestic market. For the nine months ended 30 September 2012, Great Wall Enterprise Co., Ltd. revenues increased 8% to NT$64.7B. Net income decreased 14% to NT$717.2M. Revenues reflect Meat segment increase of 10% to NT$28.47B, Animal Food segment increase of 7% to NT$26.92B. Net income was offset by Miscellaneous Income decrease of 30% to NT$243.5M (income), Interest Expense increase of 29% to NT$152.3M (expense).
More Business Descriptions
Manufacture of soyabean meal, edible oil, livestock and aquaculture feed, flour, noodles, canned food, frozen food and general consumer foods; poultry slaughtering and processing; commodity trading; fast food and beverages
Animal Food Manufacturing
|
|
|
Quote Symbol: |
1210 |
|
Exchange: |
Taiwan Stock Exchange |
|
Currency: |
TWD |
|
Stock Price: |
26.9 |
|
Stock Price Date: |
01-11-2013 |
|
52 Week Price Change %: |
1.9 |
|
Market Value (mil): |
15,235,140.0 |
|
SEDOL: |
6384344 |
|
ISIN: |
TW0001210003 |
|
Equity and Dept Distribution: |
|
08/11,stock dividend(F:1.049470)08/2001, 4.5% stock dividend.
10/2000, 4.61% stock dividend. 08/1999, 5% stock dividend. Employee number
for FY'03,'04 are of parent company only. Pension notes are of parent company
only. 08/2007, 4.970% stock dividend. 08/1998, 11% stock dividend.
08/12,stock dividend(F:1.04953) |
|
Company |
Percentage Owned |
Country |
|
Shanghai Universal Chain Food Co.,Ltd. |
100% |
PEOPLE'S REPUBLIC OF CHINA |
|
Beijing Universal Chain Food Co., Ltd. |
100% |
PEOPLE'S REPUBLIC OF CHINA |
|
TNT Biotechnology (Tianjin) Co., Ltd. |
100% |
PEOPLE'S REPUBLIC OF CHINA |
|
Great Wall Int'l (Holdings) Ltd |
100% |
HONG KONG SAR |
|
Shanghai Xunshi Foods Co., Ltd. |
100% |
PEOPLE'S REPUBLIC OF CHINA |
|
Auditor: |
KPMG LLP |
|
Auditor: |
KPMG LLP, KPMG |
Corporate Structure News
Great Wall Enterprise Co.,
Ltd.
Total Corporate Family Members: 4
|
|
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Tainan |
Taiwan |
Food Processing |
2,860.2 |
21,932 |
|
|
Subsidiary |
Tainan City |
Taiwan |
Food Processing |
25.1 |
85 |
|
|
Subsidiary |
Yangmei City, Taoyuan |
Taiwan |
Food Processing |
|
57 |
|
|
Subsidiary |
Taipei City, Taipei |
Taiwan |
Restaurants |
|
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Board of Directors
|
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|||||||
|
Chairman |
Chairman |
|||||||
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Chairman of the Board |
Chairman |
|||||||
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|||||||||
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Vice Chairman of the Board |
Vice-Chairman |
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|||||||||
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Vice Chairman |
Vice-Chairman |
|
||||||
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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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|
Director |
Director/Board Member |
|
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|
Director |
Director/Board Member |
|
||||||
|
Director |
Director/Board Member |
|
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Executives
|
|
|
|||
|
General Manager |
Chief Executive Officer |
|||
|
General Manager-International |
Division Head Executive |
|||
|
General Manager |
Division Head Executive |
|||
|
|||||
|
Vice President-Operations |
Operations Executive |
|
||
|
Special Assistant to Chairman |
Administration Executive |
|
||
|
Manager-Finance |
Finance Executive |
|
||
|
Manager-Communications |
Corporate Communications Executive |
|
||
|
Vice President-Research & Development |
Research & Development Executive |
|
||
|
Vice President-Property |
Facilities Executive |
|
||
|
Deputy General Manager |
Other |
|
||
|
Deputy General Manager |
Other |
|
||
|
|||||
|
Senior Deputy General Manager |
Other |
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||
|
Deputy General Manager |
Other |
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||
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Senior Deputy General Manager |
Other |
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|||||
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Deputy General Manager |
Other |
|
||
|
|||||
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Senior Deputy General Manager |
Other |
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||
|
Senior Deputy General Manager |
Other |
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||
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Special Assistant |
Other |
|
||
Great Wall Enterprise Co Ltd Adjusts FY 2011 Dividend Payment
Aug 14, 2012
Great Wall Enterprise Co Ltd announced that it will pay a cash dividend of NTD
1.18880829 per share, and distribute stock dividends of 49.533678 per 1000
shares, to shareholders for fiscal year 2011.
Great Wall Enterprise Co Ltd Announces FY 2011 Dividend Payment Date
Aug 02, 2012
Great Wall Enterprise Co Ltd announced that it will pay a cash dividend of NTD
1.2 per share, or NTD 629,698,950, and distribute stock dividends worth NTD 0.5
per share, or NTD 262,374,560, to shareholders of record on September 7, 2012.
The Company's shares will be traded ex-right and ex-dividend on August 30,
2012.
Great Wall Enterprise Co Ltd Announces Change of General Manager
Jun 20, 2012
Great Wall Enterprise Co Ltd announced the change of General Manager from Wu
Qilin to Zhuang Kunyan, effective July 1, 2012.
Great Wall Enterprise Co Ltd Announces FY 2011 Dividend Payment
Apr 24, 2012
Great Wall Enterprise Co Ltd announced that it will pay a cash dividend of NTD
1.2 per share, or NTD 629,698,950, and distribute stock dividends worth NTD 0.5
per share, or NTD 262,374,560, to shareholders for fiscal year 2011.
Articles
|
China Open:
Beijing Jade Island International Host Northern China Qualifying |
02-Apr-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 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
Reclassified
Normal |
Reclassified
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 with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Gross Revenue |
2,974.7 |
2,437.8 |
2,155.2 |
2,282.7 |
1,711.5 |
|
Sales Returns and Allowances |
-114.5 |
-104.1 |
-100.3 |
-25.5 |
-24.5 |
|
Revenue |
2,860.2 |
2,333.7 |
2,054.8 |
2,257.2 |
1,687.0 |
|
Total Revenue |
2,860.2 |
2,333.7 |
2,054.8 |
2,257.2 |
1,687.0 |
|
|
|
|
|
|
|
|
Cost of Revenue |
2,605.1 |
2,126.1 |
1,852.6 |
2,075.4 |
1,518.5 |
|
Cost of Revenue, Total |
2,605.1 |
2,126.1 |
1,852.6 |
2,075.4 |
1,518.5 |
|
Gross Profit |
255.1 |
207.6 |
202.2 |
181.8 |
168.5 |
|
|
|
|
|
|
|
|
Selling/General/Administrative
Expense |
192.8 |
161.1 |
143.1 |
137.5 |
117.8 |
|
Total Selling/General/Administrative Expenses |
192.8 |
161.1 |
143.1 |
137.5 |
117.8 |
|
Research & Development |
0.3 |
0.3 |
0.3 |
0.2 |
0.4 |
|
Impairment-Assets Held for Use |
-1.8 |
-1.6 |
2.1 |
3.3 |
1.3 |
|
Unusual Expense (Income) |
-1.8 |
-1.6 |
2.1 |
3.3 |
1.3 |
|
Total Operating Expense |
2,796.5 |
2,285.9 |
1,998.1 |
2,216.4 |
1,638.0 |
|
|
|
|
|
|
|
|
Operating Income |
63.8 |
47.8 |
56.7 |
40.7 |
49.0 |
|
|
|
|
|
|
|
|
Interest
Expense - Non-Operating |
-5.5 |
-3.9 |
-3.5 |
-9.2 |
-7.8 |
|
Interest Expense, Net
Non-Operating |
-5.5 |
-3.9 |
-3.5 |
-9.2 |
-7.8 |
|
Interest
Income - Non-Operating |
0.7 |
2.0 |
2.4 |
1.6 |
2.2 |
|
Investment
Income - Non-Operating |
1.6 |
6.3 |
1.8 |
0.9 |
2.4 |
|
Interest/Investment Income -
Non-Operating |
2.3 |
8.2 |
4.1 |
2.5 |
4.6 |
|
Interest Income (Expense) - Net Non-Operating Total |
-3.2 |
4.3 |
0.6 |
-6.6 |
-3.2 |
|
Gain (Loss) on Sale of Assets |
- |
- |
- |
3.3 |
2.7 |
|
Other Non-Operating Income
(Expense) |
10.2 |
5.2 |
2.4 |
11.4 |
10.4 |
|
Other, Net |
10.2 |
5.2 |
2.4 |
11.4 |
10.4 |
|
Income Before Tax |
70.8 |
57.3 |
59.7 |
48.8 |
59.0 |
|
|
|
|
|
|
|
|
Total Income Tax |
10.4 |
8.3 |
12.7 |
9.4 |
9.4 |
|
Income After Tax |
60.4 |
49.0 |
47.0 |
39.5 |
49.6 |
|
|
|
|
|
|
|
|
Minority Interest |
-23.9 |
-14.7 |
-12.3 |
-11.2 |
-16.6 |
|
Net Income Before Extraord Items |
36.4 |
34.3 |
34.7 |
28.3 |
33.0 |
|
Net Income |
36.4 |
34.3 |
34.7 |
28.3 |
33.0 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
36.4 |
34.3 |
34.7 |
28.3 |
33.0 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
36.4 |
34.3 |
34.7 |
28.3 |
33.0 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
506.6 |
504.2 |
504.2 |
500.2 |
495.2 |
|
Basic EPS Excl Extraord Items |
0.07 |
0.07 |
0.07 |
0.06 |
0.07 |
|
Basic/Primary EPS Incl Extraord Items |
0.07 |
0.07 |
0.07 |
0.06 |
0.07 |
|
Dilution Adjustment |
0.4 |
0.4 |
0.4 |
-0.6 |
0.9 |
|
Diluted Net Income |
36.9 |
34.7 |
35.0 |
27.6 |
33.9 |
|
Diluted Weighted Average Shares |
532.1 |
533.3 |
530.1 |
529.2 |
519.5 |
|
Diluted EPS Excl Extraord Items |
0.07 |
0.07 |
0.07 |
0.05 |
0.07 |
|
Diluted EPS Incl Extraord Items |
0.07 |
0.07 |
0.07 |
0.05 |
0.07 |
|
Dividends per Share - Common Stock Primary Issue |
0.04 |
0.03 |
0.03 |
0.03 |
0.04 |
|
Gross Dividends - Common Stock |
21.4 |
18.8 |
17.1 |
17.1 |
19.3 |
|
Interest Expense, Supplemental |
5.5 |
3.9 |
3.5 |
9.2 |
7.8 |
|
Interest Capitalized, Supplemental |
-0.1 |
- |
-0.2 |
-0.4 |
-0.1 |
|
Depreciation, Supplemental |
33.3 |
29.6 |
26.5 |
20.5 |
19.0 |
|
Total Special Items |
-0.4 |
-0.4 |
2.4 |
0.4 |
-0.8 |
|
Normalized Income Before Tax |
70.3 |
56.9 |
62.1 |
49.3 |
58.2 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
-0.3 |
-0.2 |
0.4 |
0.0 |
-0.2 |
|
Inc Tax Ex Impact of Sp Items |
10.1 |
8.1 |
13.2 |
9.4 |
9.2 |
|
Normalized Income After Tax |
60.2 |
48.8 |
48.9 |
39.9 |
49.0 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
36.3 |
34.1 |
36.6 |
28.7 |
32.4 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.07 |
0.07 |
0.07 |
0.06 |
0.07 |
|
Diluted Normalized EPS |
0.07 |
0.06 |
0.07 |
0.05 |
0.06 |
|
Amort of Acquisition Costs, Supplemental |
1.3 |
1.2 |
0.3 |
0.5 |
0.6 |
|
Research & Development Exp, Supplemental |
0.3 |
0.3 |
0.3 |
0.2 |
0.4 |
|
Normalized EBIT |
62.0 |
46.2 |
58.8 |
44.1 |
50.3 |
|
Normalized EBITDA |
96.6 |
77.0 |
85.6 |
65.1 |
70.0 |
|
Current Tax - Total |
9.2 |
8.9 |
12.9 |
8.8 |
8.4 |
|
Current Tax - Total |
9.2 |
8.9 |
12.9 |
8.8 |
8.4 |
|
Deferred Tax - Total |
0.3 |
-1.5 |
-0.6 |
-0.9 |
-1.0 |
|
Deferred Tax - Total |
0.3 |
-1.5 |
-0.6 |
-0.9 |
-1.0 |
|
Other Tax |
0.9 |
1.0 |
0.4 |
1.5 |
2.0 |
|
Income Tax - Total |
10.4 |
8.3 |
12.7 |
9.4 |
9.4 |
|
Interest Cost - Domestic |
0.4 |
0.4 |
0.4 |
0.4 |
0.4 |
|
Service Cost - Domestic |
0.2 |
0.1 |
0.2 |
0.2 |
0.2 |
|
Prior Service Cost - Domestic |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Expected Return on Assets - Domestic |
-0.2 |
-0.3 |
-0.2 |
-0.3 |
-0.3 |
|
Actuarial Gains and Losses - Domestic |
0.6 |
0.5 |
0.4 |
0.3 |
0.2 |
|
Curtailments & Settlements - Domestic |
3.4 |
- |
- |
- |
- |
|
Transition Costs - Domestic |
0.0 |
0.3 |
0.3 |
0.3 |
0.3 |
|
Domestic Pension Plan Expense |
4.4 |
1.0 |
1.0 |
0.9 |
0.8 |
|
Defined Contribution Expense - Domestic |
2.1 |
1.8 |
1.6 |
1.4 |
- |
|
Total Pension Expense |
6.4 |
2.8 |
2.6 |
2.4 |
0.8 |
|
Discount Rate - Domestic |
1.50% |
2.00% |
2.50% |
2.50% |
3.00% |
|
Expected Rate of Return - Domestic |
1.50% |
2.00% |
2.50% |
2.50% |
3.00% |
|
Compensation Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.00% |
2.50% |
|
Total Plan Interest Cost |
0.4 |
0.4 |
0.4 |
0.4 |
0.4 |
|
Total Plan Service Cost |
0.2 |
0.1 |
0.2 |
0.2 |
0.2 |
|
Total Plan Expected Return |
-0.2 |
-0.3 |
-0.2 |
-0.3 |
-0.3 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
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 with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Equivalents |
128.1 |
95.7 |
80.1 |
86.0 |
120.0 |
|
Short Term Investments |
13.3 |
12.9 |
7.0 |
12.9 |
5.4 |
|
Cash and Short Term Investments |
141.4 |
108.6 |
87.1 |
98.8 |
125.4 |
|
Accounts
Receivable - Trade, Gross |
148.2 |
136.1 |
97.2 |
90.8 |
105.8 |
|
Provision
for Doubtful Accounts |
-3.3 |
-3.8 |
-2.2 |
-1.3 |
-2.2 |
|
Trade Accounts Receivable - Net |
144.8 |
132.2 |
95.0 |
89.5 |
103.6 |
|
Notes Receivable - Short Term |
46.5 |
36.8 |
31.6 |
33.2 |
33.9 |
|
Other Receivables |
0.0 |
4.0 |
0.0 |
0.4 |
2.9 |
|
Total Receivables, Net |
191.3 |
172.9 |
126.6 |
123.1 |
140.4 |
|
Inventories - Finished Goods |
69.1 |
53.4 |
46.8 |
47.3 |
34.6 |
|
Inventories - Work In Progress |
24.1 |
14.3 |
13.1 |
17.5 |
12.2 |
|
Inventories - Raw Materials |
141.4 |
133.3 |
90.4 |
64.6 |
108.0 |
|
Inventories - Other |
31.2 |
31.6 |
28.0 |
18.2 |
46.0 |
|
Total Inventory |
265.8 |
232.5 |
178.3 |
147.5 |
200.8 |
|
Deferred Income Tax - Current
Asset |
0.8 |
0.7 |
0.5 |
0.5 |
0.7 |
|
Other Current Assets |
62.1 |
52.5 |
48.4 |
41.9 |
49.9 |
|
Other Current Assets, Total |
62.9 |
53.1 |
49.0 |
42.4 |
50.6 |
|
Total Current Assets |
661.4 |
567.2 |
440.9 |
411.8 |
517.3 |
|
|
|
|
|
|
|
|
Buildings |
85.4 |
81.8 |
75.2 |
73.9 |
73.1 |
|
Land/Improvements |
39.3 |
31.4 |
27.9 |
28.4 |
23.4 |
|
Machinery/Equipment |
430.0 |
397.7 |
348.8 |
303.6 |
225.9 |
|
Construction
in Progress |
20.4 |
12.1 |
11.9 |
23.4 |
14.5 |
|
Leases |
6.3 |
6.6 |
0.3 |
0.2 |
0.7 |
|
Other
Property/Plant/Equipment |
6.2 |
5.7 |
5.0 |
4.8 |
4.9 |
|
Property/Plant/Equipment - Gross |
587.8 |
535.3 |
469.1 |
434.4 |
342.5 |
|
Accumulated Depreciation |
-264.2 |
-239.2 |
-203.3 |
-179.3 |
-160.4 |
|
Property/Plant/Equipment - Net |
323.5 |
296.1 |
265.8 |
255.1 |
182.1 |
|
Goodwill, Net |
4.7 |
4.8 |
10.4 |
9.7 |
7.7 |
|
Intangibles, Net |
23.7 |
21.0 |
20.2 |
- |
- |
|
LT Investment - Affiliate
Companies |
21.3 |
18.4 |
16.9 |
15.7 |
13.0 |
|
LT Investments - Other |
38.0 |
42.8 |
30.5 |
20.7 |
30.5 |
|
Long Term Investments |
59.3 |
61.2 |
47.4 |
36.4 |
43.5 |
|
Pension Benefits - Overfunded |
0.1 |
0.0 |
0.3 |
0.5 |
1.2 |
|
Deferred Income Tax - Long Term
Asset |
4.5 |
5.1 |
2.8 |
2.6 |
1.4 |
|
Other Long Term Assets |
10.4 |
11.3 |
12.8 |
29.9 |
14.7 |
|
Other Long Term Assets, Total |
15.0 |
16.4 |
15.9 |
32.9 |
17.4 |
|
Total Assets |
1,087.7 |
966.7 |
800.6 |
746.0 |
768.0 |
|
|
|
|
|
|
|
|
Accounts Payable |
170.0 |
185.5 |
132.4 |
97.2 |
120.7 |
|
Accrued Expenses |
45.5 |
37.6 |
31.2 |
26.8 |
49.9 |
|
Notes Payable/Short Term Debt |
204.7 |
137.2 |
79.2 |
104.8 |
117.8 |
|
Current Portion - Long Term Debt/Capital Leases |
23.7 |
4.1 |
3.3 |
3.8 |
15.0 |
|
Income Taxes Payable |
6.0 |
8.0 |
10.1 |
4.2 |
8.3 |
|
Other Current Liabilities |
40.6 |
30.0 |
27.4 |
26.9 |
5.1 |
|
Other Current liabilities, Total |
46.6 |
38.0 |
37.4 |
31.1 |
13.4 |
|
Total Current Liabilities |
490.5 |
402.4 |
283.6 |
263.6 |
317.0 |
|
|
|
|
|
|
|
|
Long Term Debt |
36.0 |
47.2 |
47.3 |
53.9 |
55.5 |
|
Total Long Term Debt |
36.0 |
47.2 |
47.3 |
53.9 |
55.5 |
|
Total Debt |
264.5 |
188.5 |
129.8 |
162.4 |
188.4 |
|
|
|
|
|
|
|
|
Minority Interest |
188.6 |
165.0 |
153.3 |
144.9 |
127.4 |
|
Reserves |
0.7 |
0.7 |
0.6 |
0.6 |
0.6 |
|
Pension Benefits - Underfunded |
3.1 |
5.4 |
4.0 |
3.5 |
3.2 |
|
Other Long Term Liabilities |
9.1 |
3.9 |
15.3 |
14.2 |
11.7 |
|
Other Liabilities, Total |
13.0 |
10.0 |
19.9 |
18.4 |
15.6 |
|
Total Liabilities |
728.2 |
624.6 |
504.0 |
480.8 |
515.4 |
|
|
|
|
|
|
|
|
Common Stock |
173.3 |
169.7 |
147.3 |
136.7 |
130.1 |
|
Common Stock |
173.3 |
169.7 |
147.3 |
136.7 |
130.1 |
|
Additional Paid-In Capital |
65.4 |
62.7 |
53.3 |
50.3 |
42.2 |
|
Retained Earnings (Accumulated Deficit) |
101.4 |
97.5 |
80.1 |
66.4 |
66.7 |
|
Treasury Stock - Common |
-7.2 |
-7.5 |
-6.8 |
-6.7 |
-6.7 |
|
Unrealized Gain (Loss) |
27.9 |
31.6 |
20.1 |
10.6 |
13.8 |
|
Translation Adjustment |
8.1 |
-4.3 |
8.3 |
12.7 |
7.5 |
|
Minimum Pension Liability
Adjustment |
-9.4 |
-7.6 |
-5.7 |
-4.9 |
-1.0 |
|
Other Equity, Total |
-1.3 |
-11.9 |
2.6 |
7.8 |
6.6 |
|
Total Equity |
359.5 |
342.1 |
296.6 |
265.2 |
252.5 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
1,087.7 |
966.7 |
800.6 |
746.0 |
768.0 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock
Primary Issue |
510.1 |
502.4 |
504.2 |
504.2 |
496.9 |
|
Total Common Shares Outstanding |
510.1 |
502.4 |
504.2 |
504.2 |
496.9 |
|
Treasury Shares - Common Stock Primary Issue |
40.7 |
40.7 |
40.7 |
40.7 |
40.7 |
|
Employees |
21,308 |
20,459 |
19,631 |
16,874 |
18,000 |
|
Number of Common Shareholders |
56,304 |
56,553 |
56,976 |
51,255 |
52,042 |
|
Total Long Term Debt, Supplemental |
- |
4.1 |
3.3 |
- |
15.0 |
|
Long Term Debt Maturing within 1 Year |
- |
4.1 |
3.3 |
- |
15.0 |
|
Long Term Debt Matur. in Year 6 & Beyond |
- |
0.0 |
0.0 |
- |
0.0 |
|
Pension Obligation - Domestic |
5.0 |
19.6 |
16.0 |
14.7 |
13.5 |
|
Plan Assets - Domestic |
1.1 |
11.2 |
9.5 |
8.9 |
8.2 |
|
Funded Status - Domestic |
-3.9 |
-8.4 |
-6.5 |
-5.8 |
-5.3 |
|
Accumulated Obligation - Domestic |
4.2 |
16.1 |
13.2 |
12.2 |
11.2 |
|
Total Funded Status |
-3.9 |
-8.4 |
-6.5 |
-5.8 |
-5.3 |
|
Discount Rate - Domestic |
1.50% |
2.00% |
2.50% |
2.50% |
3.00% |
|
Expected Rate of Return - Domestic |
1.50% |
2.00% |
2.50% |
2.50% |
3.00% |
|
Compensation Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.00% |
2.50% |
|
Prepaid Benefits - Domestic |
0.1 |
0.0 |
0.3 |
0.5 |
1.2 |
|
Accrued Liabilities - Domestic |
-3.1 |
-5.4 |
-4.0 |
-3.5 |
-3.2 |
|
Net Assets Recognized on Balance Sheet |
-3.0 |
-5.4 |
-3.7 |
-3.0 |
-2.0 |
|
Total Plan Obligations |
5.0 |
19.6 |
16.0 |
14.7 |
13.5 |
|
Total Plan Assets |
1.1 |
11.2 |
9.5 |
8.9 |
8.2 |
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 |
Reclassified
Normal |
Reclassified
Normal |
Updated Normal |
Reclassified
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 with Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
60.4 |
49.0 |
47.0 |
28.3 |
33.0 |
|
Depreciation |
33.3 |
29.6 |
26.5 |
20.5 |
19.0 |
|
Depreciation/Depletion |
33.3 |
29.6 |
26.5 |
20.5 |
19.0 |
|
Amortization of Intangibles |
1.3 |
1.2 |
1.0 |
- |
- |
|
Amortization of Acquisition Costs |
- |
- |
- |
0.5 |
0.6 |
|
Amortization |
1.3 |
1.2 |
1.0 |
0.5 |
0.6 |
|
Deferred Taxes |
0.3 |
-1.9 |
-0.3 |
-0.9 |
-1.0 |
|
Unusual Items |
-3.3 |
-1.3 |
3.7 |
0.0 |
-1.3 |
|
Equity in Net Earnings (Loss) |
0.0 |
0.0 |
-0.8 |
0.3 |
0.2 |
|
Other Non-Cash Items |
2.0 |
1.8 |
2.5 |
11.6 |
18.7 |
|
Non-Cash Items |
-1.3 |
0.6 |
5.4 |
11.9 |
17.6 |
|
Accounts Receivable |
-29.0 |
-30.1 |
-6.1 |
12.2 |
-27.5 |
|
Inventories |
-43.4 |
-34.9 |
-27.3 |
52.1 |
-58.3 |
|
Other Assets |
-12.1 |
-5.8 |
0.6 |
-2.4 |
-21.4 |
|
Accounts Payable |
19.9 |
28.1 |
32.3 |
-40.7 |
31.0 |
|
Accrued Expenses |
9.5 |
3.1 |
3.6 |
-23.4 |
10.5 |
|
Taxes Payable |
-1.8 |
-2.8 |
5.6 |
-4.2 |
6.1 |
|
Other Liabilities |
8.1 |
1.8 |
-1.2 |
20.0 |
-2.4 |
|
Changes in Working Capital |
-48.8 |
-40.6 |
7.3 |
13.4 |
-62.0 |
|
Cash from Operating Activities |
45.1 |
37.9 |
87.0 |
73.7 |
7.2 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-58.1 |
-41.1 |
-36.7 |
-84.4 |
-28.7 |
|
Purchase/Acquisition of
Intangibles |
-4.3 |
-0.8 |
-1.2 |
- |
- |
|
Capital Expenditures |
-62.5 |
-41.9 |
-37.9 |
-84.4 |
-28.7 |
|
Sale/Maturity of Investment |
0.3 |
0.0 |
-0.8 |
2.7 |
0.7 |
|
Purchase of Investments |
-3.1 |
-0.9 |
-0.3 |
-1.7 |
-3.5 |
|
Other Investing Cash Flow |
4.0 |
-5.4 |
2.3 |
-6.2 |
25.4 |
|
Other Investing Cash Flow Items, Total |
1.3 |
-6.4 |
1.3 |
-5.2 |
22.6 |
|
Cash from Investing Activities |
-61.2 |
-48.2 |
-36.7 |
-89.6 |
-6.1 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
11.8 |
-20.9 |
-6.8 |
9.6 |
60.4 |
|
Financing Cash Flow Items |
11.8 |
-20.9 |
-6.8 |
9.6 |
60.4 |
|
Cash Dividends Paid - Common |
-20.2 |
-17.9 |
-16.3 |
-20.1 |
-12.1 |
|
Total Cash Dividends Paid |
-20.2 |
-17.9 |
-16.3 |
-20.1 |
-12.1 |
|
Sale/Issuance
of Common |
- |
- |
- |
0.0 |
1.4 |
|
Common Stock, Net |
- |
- |
- |
0.0 |
1.4 |
|
Issuance (Retirement) of Stock, Net |
- |
- |
- |
0.0 |
1.4 |
|
Short Term
Debt Issued |
44.4 |
57.4 |
- |
5.2 |
11.3 |
|
Short Term
Debt Reduction |
- |
- |
-23.2 |
- |
- |
|
Short Term Debt, Net |
44.4 |
57.4 |
-23.2 |
5.2 |
11.3 |
|
Long Term
Debt Issued |
15.6 |
0.0 |
- |
- |
23.5 |
|
Long Term
Debt Reduction |
0.0 |
-4.4 |
-8.7 |
-5.2 |
- |
|
Long Term Debt, Net |
15.6 |
-4.4 |
-8.7 |
-5.2 |
23.5 |
|
Issuance (Retirement) of Debt, Net |
60.0 |
53.0 |
-31.9 |
0.0 |
34.8 |
|
Cash from Financing Activities |
51.7 |
14.2 |
-55.0 |
-10.5 |
84.6 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
1.5 |
3.4 |
-3.3 |
-7.6 |
-0.3 |
|
Net Change in Cash |
37.1 |
7.2 |
-7.9 |
-34.0 |
85.4 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
94.9 |
81.3 |
85.4 |
123.4 |
33.1 |
|
Net Cash - Ending Balance |
132.0 |
88.6 |
77.6 |
89.5 |
118.5 |
|
Cash Interest Paid |
5.6 |
4.1 |
3.2 |
9.4 |
5.2 |
|
Cash Taxes Paid |
6.9 |
12.8 |
7.2 |
13.2 |
5.1 |
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 |
Reclassified
Normal |
Reclassified
Normal |
Reclassified
Normal |
Reclassified
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 with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Gross Sales |
2,974.7 |
2,437.8 |
2,155.2 |
2,282.7 |
1,711.5 |
|
Sales Returns & Discounts |
-114.5 |
-104.1 |
-100.3 |
-25.5 |
-24.5 |
|
Total Revenue |
2,860.2 |
2,333.7 |
2,054.8 |
2,257.2 |
1,687.0 |
|
|
|
|
|
|
|
|
Cost of Sales |
2,605.1 |
2,126.1 |
1,852.6 |
2,075.4 |
1,518.5 |
|
Inventory Devaluation &
Obsolescence |
- |
- |
- |
- |
0.0 |
|
Research and Development Expenses |
0.3 |
0.3 |
0.3 |
0.2 |
0.4 |
|
Selling and Administrative
Expenses |
192.8 |
161.1 |
143.1 |
137.5 |
117.8 |
|
Impairment Loss |
- |
- |
2.1 |
3.3 |
1.3 |
|
Gain on Reversal of Impairment
Loss |
-1.8 |
-1.6 |
0.0 |
- |
- |
|
Total Operating Expense |
2,796.5 |
2,285.9 |
1,998.1 |
2,216.4 |
1,638.0 |
|
|
|
|
|
|
|
|
Interest Income |
0.7 |
2.0 |
2.4 |
1.6 |
2.2 |
|
Dividend Income |
2.6 |
2.9 |
1.8 |
2.3 |
1.4 |
|
Gain on Equity Investment |
- |
- |
0.8 |
0.0 |
- |
|
Loss on Equity Investment |
-0.5 |
0.0 |
0.0 |
-0.3 |
-0.2 |
|
Gain on Sale of Fixed Assets |
- |
- |
- |
3.3 |
2.7 |
|
Foreign Exchange Gains |
0.0 |
5.7 |
0.0 |
- |
2.3 |
|
Losses on Foreign Exchange |
-3.7 |
0.0 |
-0.7 |
-2.0 |
0.0 |
|
Management Services Income |
0.9 |
0.8 |
0.3 |
0.8 |
2.8 |
|
Financial Liability Valuation
Gain/Loss |
3.2 |
0.0 |
- |
1.4 |
-1.0 |
|
Financial Assets Valuation Gain |
- |
- |
- |
- |
0.1 |
|
Loss on Financial Assets Valuation |
0.0 |
-2.2 |
0.0 |
-0.3 |
0.0 |
|
Miscellaneous Income |
12.4 |
5.0 |
9.1 |
12.1 |
13.5 |
|
Interest Expense |
-5.5 |
-3.9 |
-3.5 |
-9.2 |
-7.8 |
|
Loss on Fncl. Assets at Cost
Valuation |
- |
- |
-0.1 |
-0.2 |
-0.2 |
|
Miscellaneous Disbursements |
-3.1 |
-0.7 |
-7.1 |
-1.5 |
-5.9 |
|
Net Income Before Taxes |
70.8 |
57.3 |
59.7 |
48.8 |
59.0 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
10.4 |
8.3 |
12.7 |
9.4 |
9.4 |
|
Net Income After Taxes |
60.4 |
49.0 |
47.0 |
39.5 |
49.6 |
|
|
|
|
|
|
|
|
Minority Interest |
-23.9 |
-14.7 |
-12.3 |
-11.2 |
-16.6 |
|
Net Income Before Extra. Items |
36.4 |
34.3 |
34.7 |
28.3 |
33.0 |
|
Net Income |
36.4 |
34.3 |
34.7 |
28.3 |
33.0 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
36.4 |
34.3 |
34.7 |
28.3 |
33.0 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
36.4 |
34.3 |
34.7 |
28.3 |
33.0 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
506.6 |
504.2 |
504.2 |
500.2 |
495.2 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.07 |
0.07 |
0.07 |
0.06 |
0.07 |
|
Basic EPS Including ExtraOrdinary Items |
0.07 |
0.07 |
0.07 |
0.06 |
0.07 |
|
Dilution Adjustment |
0.4 |
0.4 |
0.4 |
-0.6 |
0.9 |
|
Diluted Net Income |
36.9 |
34.7 |
35.0 |
27.6 |
33.9 |
|
Diluted Weighted Average Shares |
532.1 |
533.3 |
530.1 |
529.2 |
519.5 |
|
Diluted EPS Excluding ExtraOrd Items |
0.07 |
0.07 |
0.07 |
0.05 |
0.07 |
|
Diluted EPS Including ExtraOrd Items |
0.07 |
0.07 |
0.07 |
0.05 |
0.07 |
|
DPS-Common Stock |
0.04 |
0.03 |
0.03 |
0.03 |
0.04 |
|
Gross Dividends - Common Stock |
21.4 |
18.8 |
17.1 |
17.1 |
19.3 |
|
Normalized Income Before Taxes |
70.3 |
56.9 |
62.1 |
49.3 |
58.2 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
10.1 |
8.1 |
13.2 |
9.4 |
9.2 |
|
Normalized Income After Taxes |
60.2 |
48.8 |
48.9 |
39.9 |
49.0 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
36.3 |
34.1 |
36.6 |
28.7 |
32.4 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.07 |
0.07 |
0.07 |
0.06 |
0.07 |
|
Diluted Normalized EPS |
0.07 |
0.06 |
0.07 |
0.05 |
0.06 |
|
Interest Expense, Supplemental |
5.5 |
3.9 |
3.5 |
9.2 |
7.8 |
|
Interest Capitalized |
-0.1 |
- |
-0.2 |
-0.4 |
-0.1 |
|
R&D Expense, Supplemental |
0.3 |
0.3 |
0.3 |
0.2 |
0.4 |
|
Depreciation - Operating Cost |
11.5 |
21.6 |
19.1 |
15.4 |
14.1 |
|
Depreciation - Operating Expense |
21.8 |
8.0 |
7.5 |
5.1 |
5.0 |
|
Amortization - Operating Cost |
0.2 |
0.2 |
0.2 |
0.2 |
0.3 |
|
Amortization - Operating Expense |
1.1 |
1.0 |
0.2 |
0.3 |
0.3 |
|
Current Tax Payable |
9.2 |
8.9 |
12.9 |
8.8 |
8.4 |
|
Current Tax - Total |
9.2 |
8.9 |
12.9 |
8.8 |
8.4 |
|
Deferred Tax |
0.3 |
-1.5 |
-0.6 |
-0.9 |
-1.0 |
|
Deferred Tax - Total |
0.3 |
-1.5 |
-0.6 |
-0.9 |
-1.0 |
|
Other Tax |
0.9 |
1.0 |
0.4 |
1.5 |
2.0 |
|
Income Tax - Total |
10.4 |
8.3 |
12.7 |
9.4 |
9.4 |
|
Service Cost |
0.2 |
0.1 |
0.2 |
0.2 |
0.2 |
|
Interest Cost |
0.4 |
0.4 |
0.4 |
0.4 |
0.4 |
|
Expected Return on Plan Assets |
-0.2 |
-0.3 |
-0.2 |
-0.3 |
-0.3 |
|
Amort. of Unrecognized Transitional Cost |
0.0 |
0.3 |
0.3 |
0.3 |
0.3 |
|
Amort. of Actuarial Gain/Loss |
0.6 |
0.5 |
0.4 |
0.3 |
0.2 |
|
Amort. of Prior Service Cost |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Curtailments & Settlements - Domestic |
3.4 |
- |
- |
- |
- |
|
Domestic Pension Plan Expense |
4.4 |
1.0 |
1.0 |
0.9 |
0.8 |
|
Defined Contribution Expense - Domestic |
2.1 |
1.8 |
1.6 |
1.4 |
- |
|
Total Pension Expense |
6.4 |
2.8 |
2.6 |
2.4 |
0.8 |
|
Discount Rate |
1.50% |
2.00% |
2.50% |
2.50% |
3.00% |
|
Expected Rate of Return on Plan Assets |
1.50% |
2.00% |
2.50% |
2.50% |
3.00% |
|
Rate of Compensation Increase |
2.00% |
2.00% |
2.00% |
2.00% |
2.50% |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
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 with Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash and Cash Equivalent |
128.1 |
95.7 |
80.1 |
86.0 |
120.0 |
|
Financial Assets-Fair Value,
Current |
7.2 |
0.7 |
2.2 |
1.4 |
2.9 |
|
Notes Receivable |
46.5 |
36.8 |
31.6 |
33.2 |
33.9 |
|
Accounts Receivable, Gross -
Related |
11.9 |
4.0 |
3.5 |
5.5 |
8.4 |
|
Accounts Receivable, Gross |
136.3 |
132.0 |
93.6 |
85.3 |
97.3 |
|
Provision for Doubtful Accounts |
-3.3 |
-3.8 |
-2.2 |
-1.3 |
-2.2 |
|
Other Receivables - Related
Parties |
0.0 |
4.0 |
0.0 |
0.4 |
2.9 |
|
Other Financial Assets - Current |
6.0 |
12.2 |
4.8 |
11.5 |
2.5 |
|
Raw Material |
129.2 |
124.1 |
83.0 |
57.1 |
103.0 |
|
Supplies |
12.2 |
9.2 |
7.3 |
7.5 |
5.0 |
|
Work-in-Process |
24.1 |
14.3 |
13.1 |
17.5 |
12.2 |
|
Finished Goods |
69.1 |
53.4 |
46.8 |
47.3 |
34.6 |
|
Inventory in Transit |
31.2 |
31.6 |
28.0 |
18.2 |
46.0 |
|
Provision/Allowance for Inventory |
- |
- |
- |
- |
0.0 |
|
Non-Current Assets Pending
Disposal |
- |
- |
- |
- |
0.6 |
|
Other Current Assets |
62.1 |
52.5 |
48.4 |
41.9 |
49.3 |
|
Deferred Income Tax Assets -
Current |
0.8 |
0.7 |
0.5 |
0.5 |
0.7 |
|
Total Current Assets |
661.4 |
567.2 |
440.9 |
411.8 |
517.3 |
|
|
|
|
|
|
|
|
Long Term Equity Investment |
21.3 |
18.4 |
16.9 |
15.7 |
13.0 |
|
Other LT Financial Assets |
- |
- |
- |
- |
3.9 |
|
Financial Assets-Available for
Sale |
34.1 |
38.2 |
26.2 |
16.4 |
19.6 |
|
Long Term Investment - Cost Method |
3.9 |
4.6 |
4.3 |
4.3 |
6.9 |
|
Land and Improvements |
39.3 |
31.4 |
27.9 |
28.4 |
23.4 |
|
Buildings and Structures |
83.2 |
79.7 |
73.1 |
71.6 |
64.5 |
|
Machinery and Equipment |
332.3 |
308.5 |
271.2 |
232.9 |
175.6 |
|
Transportation Equipment |
9.5 |
8.9 |
8.2 |
7.6 |
7.2 |
|
Leased Assets |
1.0 |
0.2 |
- |
- |
- |
|
Assets Revaluation Increment |
5.2 |
5.5 |
5.0 |
4.8 |
4.9 |
|
Leasehold Improvement |
2.3 |
2.1 |
2.1 |
2.3 |
8.6 |
|
Miscellaneous Equipment |
88.3 |
80.3 |
69.5 |
63.1 |
43.1 |
|
Accumulated Depreciation |
-260.9 |
-233.9 |
-198.7 |
-176.9 |
-158.9 |
|
Prov. for Impairment of Fixed
Assets |
-2.2 |
-2.9 |
-4.6 |
-2.4 |
-1.3 |
|
Construction in Progress |
20.3 |
10.7 |
11.8 |
22.8 |
14.5 |
|
Prepayment for Projects &
Equipment |
0.1 |
1.4 |
0.0 |
0.6 |
0.1 |
|
Deferred Pension Cost |
0.1 |
0.0 |
0.3 |
0.5 |
1.2 |
|
Land Use Right |
23.7 |
21.0 |
20.2 |
- |
- |
|
Goodwill |
4.7 |
4.8 |
10.4 |
9.7 |
7.7 |
|
Idle Assets |
5.4 |
5.7 |
8.8 |
4.1 |
0.5 |
|
Assets for Lease |
6.3 |
6.6 |
0.3 |
0.2 |
0.7 |
|
Accumulated Depre. - Asset for
Lease |
- |
- |
- |
- |
-0.2 |
|
Prov. for Impairment of Assets for
Lease |
-1.2 |
-2.4 |
- |
- |
- |
|
Deferred Income Tax Assets - Non
Current |
4.5 |
5.1 |
2.8 |
2.6 |
1.4 |
|
Other Assets - Other |
5.1 |
5.6 |
4.0 |
25.8 |
14.2 |
|
Total Assets |
1,087.7 |
966.7 |
800.6 |
746.0 |
768.0 |
|
|
|
|
|
|
|
|
Short Term Borrowings |
198.0 |
127.3 |
70.1 |
97.8 |
107.8 |
|
Short Term Notes & Bills
Payable |
8.3 |
38.2 |
27.8 |
21.0 |
7.2 |
|
Notes Payable |
6.6 |
7.6 |
8.9 |
6.8 |
10.0 |
|
Accounts Payable |
161.8 |
147.3 |
104.6 |
76.2 |
113.5 |
|
Income Taxes Payable |
6.0 |
8.0 |
10.1 |
4.2 |
8.3 |
|
Accrued Expenses |
45.5 |
37.6 |
31.2 |
26.8 |
49.9 |
|
Financial Liabilities-Fair
Value,Current |
0.0 |
2.3 |
0.2 |
0.2 |
- |
|
Current Portion of Long Term Debt |
23.7 |
4.1 |
3.3 |
3.8 |
15.0 |
|
Other Current Liabilities |
40.6 |
30.0 |
27.4 |
26.9 |
5.1 |
|
Total Current Liabilities |
490.5 |
402.4 |
283.6 |
263.6 |
317.0 |
|
|
|
|
|
|
|
|
Financial Liab. Fair Value - Non
Current |
- |
- |
- |
- |
1.4 |
|
Corporate Bonds Payable |
- |
25.6 |
22.8 |
21.7 |
27.8 |
|
Long Term Borrowings |
36.0 |
21.7 |
24.5 |
32.2 |
26.3 |
|
Total Long Term Debt |
36.0 |
47.2 |
47.3 |
53.9 |
55.5 |
|
|
|
|
|
|
|
|
Land Revaluation Increment Tax
Reserve |
0.7 |
0.7 |
0.6 |
0.6 |
0.6 |
|
Accrued Pension Liabilities |
3.1 |
5.4 |
4.0 |
3.5 |
3.2 |
|
Long Term Security Deposits
Received |
6.7 |
1.8 |
4.9 |
3.7 |
1.7 |
|
Deferred Credit |
- |
- |
8.9 |
8.4 |
8.6 |
|
Other Long Term Liabilities |
2.4 |
2.1 |
1.4 |
2.1 |
1.4 |
|
Minority Interest |
188.6 |
165.0 |
153.3 |
144.9 |
127.4 |
|
Total Liabilities |
728.2 |
624.6 |
504.0 |
480.8 |
515.4 |
|
|
|
|
|
|
|
|
Common Stock |
173.3 |
169.7 |
147.3 |
136.7 |
130.1 |
|
Share Premium |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Bond Conversion Right Premium |
9.6 |
5.8 |
5.3 |
5.2 |
- |
|
Treasury Stock Transaction |
23.8 |
23.2 |
19.8 |
17.9 |
16.6 |
|
Capital Gain on LT Investments |
30.1 |
31.2 |
25.9 |
25.1 |
22.7 |
|
Capital Gain on Options |
1.8 |
2.4 |
2.1 |
2.1 |
2.7 |
|
Other Capital Gain |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Legal Reserve |
35.9 |
33.6 |
27.1 |
23.7 |
20.6 |
|
Retained Earnings |
65.5 |
63.8 |
53.0 |
42.8 |
46.1 |
|
Unrealized LT Investment Gain/Loss |
-2.9 |
-3.0 |
-2.7 |
-2.7 |
-2.7 |
|
Cumulative Translation Adjustment |
8.1 |
-4.3 |
8.3 |
12.7 |
7.5 |
|
Unrealized Gain/Loss on Pension
Fund |
-9.4 |
-7.6 |
-5.7 |
-4.9 |
-1.0 |
|
Unrealized G/L on Fin. Instruments |
28.0 |
31.8 |
20.3 |
10.7 |
14.0 |
|
Unrealized Revaluation Increment |
2.7 |
2.8 |
2.6 |
2.5 |
2.5 |
|
Treasury Stock |
-7.2 |
-7.5 |
-6.8 |
-6.7 |
-6.7 |
|
Total Equity |
359.5 |
342.1 |
296.6 |
265.2 |
252.5 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
1,087.7 |
966.7 |
800.6 |
746.0 |
768.0 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
510.1 |
502.4 |
504.2 |
504.2 |
496.9 |
|
Total Common Shares Outstanding |
510.1 |
502.4 |
504.2 |
504.2 |
496.9 |
|
T/S-Common Stock |
40.7 |
40.7 |
40.7 |
40.7 |
40.7 |
|
Full-Time Employees |
21,308 |
20,459 |
19,631 |
16,874 |
18,000 |
|
Number of Common Shareholders |
56,304 |
56,553 |
56,976 |
51,255 |
52,042 |
|
Current maturities |
- |
4.1 |
3.3 |
- |
15.0 |
|
Total Long Term Debt, Supplemental |
- |
4.1 |
3.3 |
- |
15.0 |
|
Accumulated Benefit Obligation |
4.2 |
16.1 |
13.2 |
12.2 |
11.2 |
|
Benefit Obligation |
5.0 |
19.6 |
16.0 |
14.7 |
13.5 |
|
Fair Value of Plan Assets |
1.1 |
11.2 |
9.5 |
8.9 |
8.2 |
|
Funded Status |
-3.9 |
-8.4 |
-6.5 |
-5.8 |
-5.3 |
|
Total Funded Status |
-3.9 |
-8.4 |
-6.5 |
-5.8 |
-5.3 |
|
Discount Rate |
1.50% |
2.00% |
2.50% |
2.50% |
3.00% |
|
Expected Rate of Return on Plan Assets |
1.50% |
2.00% |
2.50% |
2.50% |
3.00% |
|
Rate of Compensation Increase |
2.00% |
2.00% |
2.00% |
2.00% |
2.50% |
|
Deferred Pension Cost |
0.1 |
0.0 |
0.3 |
0.5 |
1.2 |
|
Accrued Pension Liabilities |
-3.1 |
-5.4 |
-4.0 |
-3.5 |
-3.2 |
|
Net Assets Recognized on Balance Sheet |
-3.0 |
-5.4 |
-3.7 |
-3.0 |
-2.0 |
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 |
Reclassified
Normal |
Reclassified
Normal |
Updated Normal |
Reclassified
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 with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income |
60.4 |
49.0 |
47.0 |
28.3 |
33.0 |
|
Depreciation |
33.3 |
29.6 |
26.5 |
20.5 |
19.0 |
|
Minority Interest |
- |
- |
- |
11.2 |
16.6 |
|
Amortization of Intangible |
1.3 |
1.2 |
1.0 |
- |
- |
|
Amortization of Goodwill |
- |
- |
- |
0.5 |
0.6 |
|
Depre. of Assets for Lease &
Idle Assets |
0.1 |
0.1 |
- |
- |
- |
|
Fixed Assets Expensed |
- |
- |
- |
0.0 |
0.2 |
|
Gain/Loss Sale of LT Investment |
- |
- |
1.1 |
- |
- |
|
Provision of Bad Debts |
-0.5 |
2.2 |
0.7 |
-0.4 |
0.9 |
|
Inventory Devaluation &
Obsolescence |
0.2 |
0.7 |
1.3 |
1.0 |
0.0 |
|
Depreciation of Idle Assets |
- |
- |
0.1 |
0.0 |
-0.2 |
|
Gain/Loss on Fin. Asset@Cost
Revaluation |
-0.2 |
- |
0.1 |
0.2 |
0.2 |
|
G/L on Fin. Ast&Lia@FV
Revaluation |
-2.7 |
1.9 |
0.0 |
-1.1 |
1.0 |
|
Unrealized Exchange Gain/Loss |
3.9 |
-3.6 |
-0.1 |
0.2 |
0.0 |
|
Impairment of Fixed Assets |
-1.8 |
-1.6 |
2.1 |
3.3 |
1.3 |
|
Gain/Loss on Disposal of Fixed
Assets |
-1.4 |
0.3 |
0.5 |
-3.3 |
-2.7 |
|
Amortization of LT Notes Discount |
- |
- |
- |
0.0 |
0.2 |
|
Amortization of Corporate Bond
Discount |
0.5 |
0.5 |
0.5 |
0.6 |
0.1 |
|
Equity Investment Gain/Loss |
0.0 |
0.0 |
-0.8 |
0.3 |
0.2 |
|
Cash Dividend from Equity
Investment |
0.5 |
0.0 |
- |
- |
- |
|
Financial Assets-Trading |
-6.2 |
0.0 |
- |
- |
- |
|
G/L Disposal of Financial Assets
for Sal |
-0.1 |
- |
- |
- |
- |
|
Notes & Accounts Receivable |
-29.0 |
-30.1 |
-6.1 |
12.2 |
-27.5 |
|
Inventories |
-43.4 |
-34.9 |
-27.3 |
52.1 |
-58.3 |
|
Financial Liabilities-Trading |
0.0 |
1.6 |
- |
- |
- |
|
Other Financial Assets - Current |
5.9 |
-6.5 |
6.7 |
-8.6 |
0.2 |
|
Other Current Assets |
-11.9 |
0.7 |
-5.5 |
7.8 |
-19.5 |
|
Deferred Tax Assets |
0.3 |
-1.9 |
-0.3 |
-0.9 |
-1.0 |
|
Intangibles Increase |
- |
- |
- |
0.5 |
-2.1 |
|
Goodwilll |
- |
- |
-0.6 |
-2.1 |
0.0 |
|
Notes & Accounts Payable |
19.9 |
28.1 |
32.3 |
-40.7 |
31.0 |
|
Tax Payable |
-1.8 |
-2.8 |
5.6 |
-4.2 |
6.1 |
|
Accrued Expenses |
9.5 |
3.1 |
3.6 |
-23.4 |
10.5 |
|
Other Current Liabilities |
12.1 |
-0.1 |
-0.2 |
22.7 |
2.1 |
|
Other Liabilities |
-3.9 |
0.2 |
-1.1 |
-2.7 |
-4.5 |
|
Cash from Operating Activities |
45.1 |
37.9 |
87.0 |
73.7 |
7.2 |
|
|
|
|
|
|
|
|
Purchase of Financial Assets for
Sale |
0.3 |
0.0 |
-0.8 |
2.7 |
0.7 |
|
Cap.Reduction of Fin. Assets-Cost
Method |
0.5 |
0.0 |
0.0 |
- |
- |
|
Purchase of Long Term Equity
Investment |
-3.1 |
-0.9 |
-0.3 |
-1.6 |
-3.5 |
|
Purchase of Financial Asset for
Sale |
- |
- |
- |
-0.1 |
- |
|
Sale of Financial Asset for Sale |
- |
- |
- |
- |
0.0 |
|
Capital Expenditure |
-58.1 |
-41.1 |
-36.7 |
-84.4 |
-28.7 |
|
Other Assets |
-0.3 |
-1.7 |
2.0 |
-8.7 |
-5.1 |
|
Deferred Debit |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Intangible Assets Increase |
-4.3 |
-0.8 |
-1.2 |
- |
- |
|
Capital Reduction in Investee
Company |
- |
- |
- |
0.0 |
31.4 |
|
Other Receivables - Related
Parties |
3.9 |
-3.7 |
0.4 |
2.5 |
-0.9 |
|
Cash from Investing Activities |
-61.2 |
-48.2 |
-36.7 |
-89.6 |
-6.1 |
|
|
|
|
|
|
|
|
Short Term Borrowings Increase |
44.4 |
57.4 |
- |
5.2 |
11.3 |
|
Repayment of ST Borrowings |
- |
- |
-23.2 |
- |
- |
|
Long Term Debt |
15.6 |
0.0 |
- |
- |
23.5 |
|
Repayment of LT Borrowings |
0.0 |
-4.4 |
-8.7 |
-5.2 |
- |
|
Minority Interest |
6.7 |
-17.6 |
-7.9 |
8.5 |
60.8 |
|
Directors Remuneration &
Employee Bonus |
- |
- |
- |
-1.0 |
-0.5 |
|
Cash Dividend - Common Stock |
-20.2 |
-17.9 |
-16.3 |
-20.1 |
-12.1 |
|
Security Deposit Received |
5.1 |
-3.3 |
1.1 |
2.0 |
0.1 |
|
Sale of Treasury Shares |
- |
- |
- |
0.0 |
1.4 |
|
Cash from Financing Activities |
51.7 |
14.2 |
-55.0 |
-10.5 |
84.6 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
1.5 |
3.4 |
-3.3 |
-7.6 |
-0.3 |
|
Net Change in Cash |
37.1 |
7.2 |
-7.9 |
-34.0 |
85.4 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
94.9 |
81.3 |
85.4 |
123.4 |
33.1 |
|
Net Cash - Ending Balance |
132.0 |
88.6 |
77.6 |
89.5 |
118.5 |
|
Cash Interest Paid |
5.6 |
4.1 |
3.2 |
9.4 |
5.2 |
|
Cash Taxes Paid |
6.9 |
12.8 |
7.2 |
13.2 |
5.1 |
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.53.89 |
|
|
1 |
Rs.84.92 |
|
Euro |
1 |
Rs.72.51 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.