|
Report Date : |
13.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
ASIA POLYMER CORP. |
|
|
|
|
Registered Office : |
12F, No.37, Ji-Hu
Road, Neihu District Taipei, 114 |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
25.01.1977 |
|
|
|
|
Legal Form : |
Public Independent |
|
|
|
|
Line of Business : |
Manufacturer of plastics in primary forms |
|
|
|
|
No. of Employees : |
207 |
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 : |
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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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. 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 1.8%, due primarily to a 13.1% year-on-year
decline in exports. In 2010 GDP grew 10.7%, as exports returned to the level of
previous years, and in 2011, grew 4.1%. In 2012, however, growth fell to 1.3%,
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
except for the landmark Economic Cooperation Framework Agreement (ECFA) signed
with China in June 2010, so far Taiwan has been excluded from this greater
economic integration in part because of its diplomatic status. Negotiations
continue on such follow-on components of ECFA regarding trade in goods and
services. The MA administration has said that the ECFA will serve as a stepping
stone toward trade pacts with other key trade partners, which Taiwan
subsequently launched with Singapore and New Zealand. 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 11.2% of the island's total population as of 2012. The
island runs a large trade surplus largely because of its surplus with China,
and its foreign reserves are the world's fifth largest, behind China, Japan,
Saudi Arabia, and Russia. In 2006 China overtook 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. In August 2012, Taiwan Central
Bank signed a memorandum of understanding on cross-Strait currency settlement
with its Chinese counterpart. The MOU allows for the direct settlement of
Chinese RMB and the New Taiwan dollar across the Strait, which could help
develop Taiwan into a local RMB hub. 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 |
Asia Polymer Corp.
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Business Description
|
Asia Polymer Corp. is principally engaged
in the manufacture and distribution of plastic tablets and resins. The
Company provides low density polyethylene (LDPE), medium density polyethylene,
high density polyethylene (HDPE) and ethylene-vinyl acetate (EVA) polymer
resin. During the year ended December 31, 2011, the Company obtained
approximately 53% and 47% of its total revenue from EVA polymer resins and
LDPE plastic tablets, respectively. It distributes its products in domestic
and overseas markets, such as Hong Kong, Mainland China, Korea, Japan,
Southeast Asia, South Asia, Middle East, Africa and Europe. For the nine
months ended 30 September 2012, Asia Polymer Corp. revenues decreased 25% to
NT$3.83B. Net income decreased 55% to NT$638.6M. Revenues reflect a decrease
in demand for the Company's products and services due to unfavorable market
conditions. Net income also reflects Miscellaneous Disbursements increase
from NT$3.6M to NT$8.5M (expense). Basic Earnings per Share excluding
Extraordinary Items decreased from NT$3.05 to NT$1.36. |
Industry
|
Industry |
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|
ANZSIC 2006: |
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|
NACE 2002: |
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|
NAICS 2002: |
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|
UK SIC 2003: |
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UK SIC 2007: |
|
|
US SIC 1987: |
2821 - Plastics Materials, Synthetic Resins, and
Nonvulcanizable Elastomers |
Key Executives
|
Significant
Developments
|
Financial Summary
|
Stock Snapshot
|
1 - Profit & Loss Item Exchange Rate: USD 1 = TWD 29.39004
2 - Balance Sheet Item Exchange Rate: USD 1 = TWD 30.279
|
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Executives Report
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|
|
|
Financials in: USD
(mil) |
|
|
Except for
share items (millions) and per share items (actual units) |
|
|
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified Normal |
Reclassified Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate (Period Average) |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
32.848802 |
|
Auditor |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with Explanation |
|
|
|
|
|
|
|
|
Gross Revenue |
214.5 |
202.1 |
147.8 |
177.6 |
184.9 |
|
Sales Returns and
Allowances |
-0.3 |
-0.9 |
-0.4 |
-1.0 |
-0.4 |
|
Revenue |
214.2 |
201.2 |
147.4 |
176.6 |
184.5 |
|
Total Revenue |
214.2 |
201.2 |
147.4 |
176.6 |
184.5 |
|
|
|
|
|
|
|
|
Cost of Revenue |
145.8 |
146.2 |
114.4 |
155.8 |
154.3 |
|
Cost of Revenue, Total |
145.8 |
146.2 |
114.4 |
155.8 |
154.3 |
|
Gross Profit |
68.3 |
54.9 |
33.0 |
20.8 |
30.3 |
|
|
|
|
|
|
|
|
Selling/General/Administrative
Expense |
8.9 |
7.1 |
6.3 |
6.1 |
6.9 |
|
Total Selling/General/Administrative
Expenses |
8.9 |
7.1 |
6.3 |
6.1 |
6.9 |
|
Research & Development |
0.4 |
0.5 |
0.5 |
0.3 |
0.3 |
|
Depreciation |
0.4 |
0.4 |
0.4 |
0.4 |
0.5 |
|
Depreciation/Amortization |
0.4 |
0.4 |
0.4 |
0.4 |
0.5 |
|
Impairment-Assets
Held for Sale |
- |
0.0 |
0.0 |
0.4 |
0.4 |
|
Unusual Expense (Income) |
- |
0.0 |
0.0 |
0.4 |
0.4 |
|
Total Operating Expense |
155.5 |
154.1 |
121.6 |
163.0 |
162.3 |
|
|
|
|
|
|
|
|
Operating Income |
58.7 |
47.0 |
25.8 |
13.6 |
22.2 |
|
|
|
|
|
|
|
|
Interest
Expense - Non-Operating |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest Expense,
Net Non-Operating |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest
Income - Non-Operating |
0.7 |
0.5 |
0.4 |
1.1 |
0.8 |
|
Investment
Income - Non-Operating |
4.1 |
6.4 |
8.6 |
-1.4 |
4.7 |
|
Interest/Investment
Income - Non-Operating |
4.8 |
6.9 |
9.0 |
-0.4 |
5.5 |
|
Interest Income (Expense) - Net
Non-Operating Total |
4.8 |
6.9 |
9.0 |
-0.4 |
5.5 |
|
Gain (Loss) on Sale of Assets |
0.0 |
0.0 |
- |
- |
1.3 |
|
Other Non-Operating
Income (Expense) |
1.9 |
1.9 |
1.6 |
1.7 |
1.6 |
|
Other, Net |
1.9 |
1.9 |
1.6 |
1.7 |
1.6 |
|
Income Before Tax |
65.5 |
55.8 |
36.5 |
14.9 |
30.5 |
|
|
|
|
|
|
|
|
Total Income Tax |
10.3 |
9.6 |
6.6 |
4.2 |
6.6 |
|
Income After Tax |
55.1 |
46.1 |
29.8 |
10.7 |
23.9 |
|
|
|
|
|
|
|
|
Net Income Before Extraord Items |
55.1 |
46.1 |
29.8 |
10.7 |
23.9 |
|
Accounting Change |
- |
- |
- |
- |
0.0 |
|
Total Extraord Items |
- |
- |
- |
- |
0.0 |
|
Net Income |
55.1 |
46.1 |
29.8 |
10.7 |
23.9 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord
Items |
55.1 |
46.1 |
29.8 |
10.7 |
23.9 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord
Items |
55.1 |
46.1 |
29.8 |
10.7 |
23.9 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
469.7 |
469.7 |
469.7 |
469.7 |
469.7 |
|
Basic EPS Excl Extraord Items |
0.12 |
0.10 |
0.06 |
0.02 |
0.05 |
|
Basic/Primary EPS Incl Extraord Items |
0.12 |
0.10 |
0.06 |
0.02 |
0.05 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Diluted Net Income |
55.1 |
46.1 |
29.8 |
10.7 |
23.9 |
|
Diluted Weighted Average Shares |
470.4 |
470.4 |
470.4 |
470.1 |
469.7 |
|
Diluted EPS Excl Extraord Items |
0.12 |
0.10 |
0.06 |
0.02 |
0.05 |
|
Diluted EPS Incl Extraord Items |
0.12 |
0.10 |
0.06 |
0.02 |
0.05 |
|
Dividends per Share - Common Stock Primary
Issue |
0.03 |
0.03 |
0.01 |
0.02 |
0.03 |
|
Gross Dividends - Common Stock |
13.3 |
14.9 |
4.7 |
8.3 |
15.9 |
|
Interest Expense, Supplemental |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Depreciation, Supplemental |
2.7 |
2.6 |
2.6 |
2.4 |
2.2 |
|
Total Special Items |
0.0 |
0.0 |
0.0 |
0.4 |
-0.9 |
|
Normalized Income Before Tax |
65.5 |
55.7 |
36.5 |
15.3 |
29.6 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.0 |
0.0 |
0.0 |
0.1 |
-0.2 |
|
Inc Tax Ex Impact of Sp Items |
10.3 |
9.6 |
6.6 |
4.3 |
6.4 |
|
Normalized Income After Tax |
55.1 |
46.1 |
29.9 |
11.0 |
23.2 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
55.1 |
46.1 |
29.9 |
11.0 |
23.2 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.12 |
0.10 |
0.06 |
0.02 |
0.05 |
|
Diluted Normalized EPS |
0.12 |
0.10 |
0.06 |
0.02 |
0.05 |
|
Research & Development Exp,
Supplemental |
0.4 |
0.5 |
0.5 |
0.3 |
0.3 |
|
Normalized EBIT |
58.7 |
47.0 |
25.8 |
14.0 |
22.6 |
|
Normalized EBITDA |
61.4 |
49.6 |
28.4 |
16.5 |
24.8 |
|
Current Tax - Total |
10.7 |
8.4 |
5.9 |
4.4 |
5.7 |
|
Current Tax - Total |
10.7 |
8.4 |
5.9 |
4.4 |
5.7 |
|
Deferred Tax -
Total |
0.2 |
-0.3 |
0.7 |
-0.6 |
0.8 |
|
Deferred Tax - Total |
0.2 |
-0.3 |
0.7 |
-0.6 |
0.8 |
|
Other Tax |
-0.6 |
1.5 |
0.1 |
0.3 |
0.0 |
|
Income Tax - Total |
10.3 |
9.6 |
6.6 |
4.2 |
6.6 |
|
Interest Cost - Domestic |
0.4 |
0.4 |
0.4 |
0.6 |
0.6 |
|
Service Cost - Domestic |
0.2 |
0.2 |
0.4 |
0.4 |
0.3 |
|
Expected Return on Assets - Domestic |
-0.2 |
-0.2 |
-0.2 |
-0.3 |
-0.3 |
|
Transition Costs - Domestic |
0.1 |
0.4 |
0.4 |
0.8 |
0.9 |
|
Domestic Pension Plan Expense |
0.5 |
0.9 |
1.0 |
1.5 |
1.5 |
|
Defined Contribution Expense - Domestic |
0.2 |
0.2 |
0.1 |
0.1 |
- |
|
Total Pension Expense |
0.7 |
1.0 |
1.2 |
1.6 |
1.5 |
|
Discount Rate - Domestic |
2.25% |
2.25% |
2.25% |
2.25% |
3.25% |
|
Expected Rate of Return - Domestic |
2.25% |
2.25% |
2.25% |
2.25% |
3.25% |
|
Compensation Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Total Plan Interest Cost |
0.4 |
0.4 |
0.4 |
0.6 |
0.6 |
|
Total Plan Service Cost |
0.2 |
0.2 |
0.4 |
0.4 |
0.3 |
|
Total Plan Expected Return |
-0.2 |
-0.2 |
-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 |
Reclassified Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate |
30.279 |
29.1565 |
31.985 |
32.818 |
32.4345 |
|
Auditor |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with Explanation |
|
|
|
|
|
|
|
|
Cash &
Equivalents |
42.8 |
40.3 |
19.7 |
24.7 |
31.6 |
|
Short Term
Investments |
66.4 |
85.5 |
65.0 |
29.2 |
43.7 |
|
Cash and Short Term Investments |
109.2 |
125.8 |
84.7 |
53.9 |
75.3 |
|
Accounts
Receivable - Trade, Gross |
6.1 |
5.9 |
8.5 |
6.2 |
9.7 |
|
Provision
for Doubtful Accounts |
-0.3 |
-0.4 |
-0.2 |
-0.1 |
-0.2 |
|
Trade Accounts Receivable
- Net |
11.0 |
12.4 |
8.7 |
6.8 |
12.0 |
|
Notes Receivable -
Short Term |
0.0 |
0.0 |
0.1 |
0.1 |
0.2 |
|
Other Receivables |
1.4 |
0.8 |
0.8 |
0.5 |
- |
|
Total Receivables, Net |
12.5 |
13.2 |
9.5 |
7.4 |
12.2 |
|
Inventories - Finished
Goods |
23.9 |
10.9 |
5.6 |
7.7 |
7.5 |
|
Inventories - Work
In Progress |
1.1 |
0.9 |
1.1 |
0.4 |
1.4 |
|
Inventories - Raw
Materials |
4.9 |
3.7 |
1.2 |
2.4 |
5.5 |
|
Inventories - Other |
- |
- |
- |
- |
-0.8 |
|
Total Inventory |
29.8 |
15.5 |
7.8 |
10.5 |
13.7 |
|
Restricted Cash -
Current |
- |
- |
- |
- |
0.1 |
|
Deferred Income Tax
- Current Asset |
0.2 |
0.2 |
0.1 |
0.9 |
0.2 |
|
Other Current
Assets |
2.3 |
1.9 |
1.6 |
1.0 |
0.8 |
|
Other Current Assets, Total |
2.5 |
2.0 |
1.7 |
1.9 |
1.1 |
|
Total Current Assets |
154.0 |
156.6 |
103.7 |
73.7 |
102.2 |
|
|
|
|
|
|
|
|
Buildings |
7.2 |
8.0 |
6.7 |
6.5 |
6.3 |
|
Land/Improvements |
2.9 |
4.7 |
3.0 |
3.0 |
3.0 |
|
Machinery/Equipment |
92.7 |
97.9 |
89.0 |
83.6 |
82.4 |
|
Construction
in Progress |
3.6 |
1.5 |
1.1 |
0.2 |
0.7 |
|
Leases |
24.8 |
23.9 |
23.1 |
22.6 |
22.8 |
|
Other
Property/Plant/Equipment |
17.9 |
18.9 |
17.3 |
16.9 |
17.1 |
|
Property/Plant/Equipment
- Gross |
149.0 |
155.0 |
140.2 |
132.8 |
132.3 |
|
Accumulated
Depreciation |
-109.3 |
-115.8 |
-104.2 |
-99.0 |
-98.0 |
|
Property/Plant/Equipment - Net |
39.7 |
39.3 |
36.0 |
33.7 |
34.3 |
|
LT Investment -
Affiliate Companies |
39.9 |
40.4 |
31.9 |
28.6 |
29.0 |
|
LT Investments -
Other |
95.9 |
78.5 |
60.1 |
39.1 |
59.6 |
|
Long Term Investments |
135.7 |
118.9 |
92.0 |
67.7 |
88.6 |
|
Pension Benefits -
Overfunded |
0.1 |
0.2 |
0.3 |
0.4 |
0.5 |
|
Deferred Income Tax
- Long Term Asset |
0.5 |
0.5 |
- |
- |
0.7 |
|
Other Long Term
Assets |
0.9 |
0.1 |
1.0 |
1.0 |
1.0 |
|
Other Long Term Assets, Total |
1.5 |
0.8 |
1.3 |
1.4 |
2.2 |
|
Total Assets |
330.9 |
315.5 |
233.0 |
176.5 |
227.3 |
|
|
|
|
|
|
|
|
Accounts Payable |
10.5 |
7.2 |
8.2 |
3.0 |
16.1 |
|
Accrued Expenses |
6.7 |
6.2 |
5.0 |
2.8 |
3.9 |
|
Notes Payable/Short Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Dividends Payable |
0.2 |
0.2 |
0.2 |
0.1 |
0.1 |
|
Income Taxes
Payable |
6.1 |
7.5 |
3.8 |
1.9 |
4.8 |
|
Other Payables |
1.6 |
2.5 |
0.1 |
3.5 |
- |
|
Other Current
Liabilities |
1.6 |
2.5 |
1.1 |
0.3 |
0.8 |
|
Other Current liabilities, Total |
9.6 |
12.7 |
5.3 |
5.9 |
5.7 |
|
Total Current Liabilities |
26.8 |
26.2 |
18.5 |
11.6 |
25.7 |
|
|
|
|
|
|
|
|
Total Long Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
|
|
|
|
|
|
|
Deferred Income Tax
- LT Liability |
- |
0.0 |
0.2 |
0.6 |
- |
|
Deferred Income Tax |
- |
0.0 |
0.2 |
0.6 |
- |
|
Reserves |
0.7 |
0.7 |
0.7 |
0.7 |
0.7 |
|
Pension Benefits -
Underfunded |
8.9 |
9.0 |
9.2 |
9.2 |
8.5 |
|
Other Long Term
Liabilities |
0.2 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Other Liabilities, Total |
9.8 |
9.9 |
10.0 |
10.0 |
9.2 |
|
Total Liabilities |
36.6 |
36.1 |
28.7 |
22.3 |
34.9 |
|
|
|
|
|
|
|
|
Common Stock |
129.3 |
107.4 |
81.6 |
79.5 |
80.4 |
|
Common Stock |
129.3 |
107.4 |
81.6 |
79.5 |
80.4 |
|
Additional Paid-In Capital |
1.0 |
1.1 |
1.0 |
0.8 |
0.7 |
|
Retained Earnings (Accumulated Deficit) |
120.8 |
112.9 |
78.7 |
54.6 |
61.2 |
|
Unrealized Gain (Loss) |
42.8 |
59.0 |
43.7 |
19.6 |
50.6 |
|
Translation
Adjustment |
0.8 |
-0.6 |
1.1 |
1.6 |
1.0 |
|
Minimum Pension
Liability Adjustment |
-0.5 |
-0.4 |
-1.8 |
-1.8 |
-1.6 |
|
Other Equity, Total |
0.3 |
-1.0 |
-0.6 |
-0.3 |
-0.6 |
|
Total Equity |
294.3 |
279.3 |
204.3 |
154.2 |
192.4 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’
Equity |
330.9 |
315.5 |
233.0 |
176.5 |
227.3 |
|
|
|
|
|
|
|
|
Shares Outstanding
- Common Stock Primary Issue |
469.7 |
469.7 |
469.7 |
469.7 |
469.7 |
|
Total Common Shares Outstanding |
469.7 |
469.7 |
469.7 |
469.7 |
469.7 |
|
Treasury Shares - Common Stock Primary
Issue |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Employees |
207 |
206 |
207 |
216 |
222 |
|
Number of Common Shareholders |
33,412 |
27,028 |
26,320 |
25,552 |
24,678 |
|
Pension Obligation - Domestic |
17.2 |
18.1 |
17.7 |
18.0 |
18.2 |
|
Plan Assets - Domestic |
7.5 |
8.2 |
7.6 |
7.8 |
7.9 |
|
Funded Status - Domestic |
-9.6 |
-9.9 |
-10.1 |
-10.2 |
-10.3 |
|
Accumulated Obligation - Domestic |
16.5 |
17.3 |
16.8 |
17.0 |
16.4 |
|
Total Funded Status |
-9.6 |
-9.9 |
-10.1 |
-10.2 |
-10.3 |
|
Discount Rate - Domestic |
2.25% |
2.25% |
2.25% |
2.25% |
3.25% |
|
Expected Rate of Return - Domestic |
2.25% |
2.25% |
2.25% |
2.25% |
3.25% |
|
Compensation Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Prepaid Benefits - Domestic |
- |
0.2 |
0.3 |
0.4 |
0.5 |
|
Accrued Liabilities - Domestic |
- |
-9.0 |
-9.2 |
-9.2 |
-8.5 |
|
Net Assets Recognized on Balance Sheet |
- |
-8.9 |
-8.9 |
-8.8 |
-7.9 |
|
Total Plan Obligations |
17.2 |
18.1 |
17.7 |
18.0 |
18.2 |
|
Total Plan Assets |
7.5 |
8.2 |
7.6 |
7.8 |
7.9 |
|
|
|
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 |
Reclassified Normal |
Updated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate (Period Average) |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
32.848802 |
|
Auditor |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
55.1 |
46.1 |
29.8 |
10.7 |
23.9 |
|
Depreciation |
2.7 |
2.6 |
2.6 |
2.4 |
2.2 |
|
Depreciation/Depletion |
2.7 |
2.6 |
2.6 |
2.4 |
2.2 |
|
Deferred Taxes |
0.2 |
-0.2 |
0.8 |
-0.6 |
0.8 |
|
Accounting Change |
- |
- |
- |
- |
0.0 |
|
Unusual Items |
-0.5 |
0.1 |
-0.8 |
-1.4 |
-2.8 |
|
Equity in Net
Earnings (Loss) |
-1.4 |
-3.3 |
-1.1 |
0.8 |
-1.0 |
|
Other Non-Cash
Items |
1.8 |
-0.3 |
-8.4 |
9.7 |
0.3 |
|
Non-Cash Items |
-0.1 |
-3.5 |
-10.3 |
9.1 |
-3.5 |
|
Accounts Receivable |
0.3 |
-2.8 |
-1.9 |
5.4 |
0.3 |
|
Inventories |
-15.4 |
-6.5 |
6.1 |
-0.5 |
-1.3 |
|
Other Assets |
0.9 |
1.5 |
-1.7 |
2.4 |
-6.1 |
|
Accounts Payable |
2.8 |
0.6 |
1.6 |
-9.9 |
7.1 |
|
Accrued Expenses |
0.7 |
0.7 |
2.1 |
-1.4 |
1.5 |
|
Taxes Payable |
-1.1 |
3.0 |
1.8 |
-2.9 |
3.9 |
|
Other Liabilities |
-1.5 |
2.3 |
0.3 |
0.5 |
1.0 |
|
Changes in Working Capital |
-13.1 |
-1.2 |
8.4 |
-6.3 |
6.4 |
|
Cash from Operating Activities |
44.7 |
43.8 |
31.3 |
15.4 |
29.9 |
|
|
|
|
|
|
|
|
Purchase of Fixed
Assets |
-4.5 |
-2.6 |
-3.4 |
-2.2 |
-1.8 |
|
Capital Expenditures |
-4.5 |
-2.6 |
-3.4 |
-2.2 |
-1.8 |
|
Sale of Fixed
Assets |
0.0 |
0.0 |
0.0 |
0.0 |
3.2 |
|
Sale/Maturity of
Investment |
83.8 |
90.1 |
95.4 |
53.9 |
53.4 |
|
Purchase of
Investments |
-104.7 |
-108.6 |
-120.9 |
-58.0 |
-60.8 |
|
Other Investing
Cash Flow |
0.5 |
0.0 |
0.1 |
0.7 |
-0.1 |
|
Other Investing Cash Flow Items, Total |
-20.3 |
-18.5 |
-25.4 |
-3.4 |
-4.2 |
|
Cash from Investing Activities |
-24.9 |
-21.1 |
-28.8 |
-5.7 |
-6.1 |
|
|
|
|
|
|
|
|
Other Financing
Cash Flow |
0.0 |
0.0 |
0.0 |
-0.1 |
-7.9 |
|
Financing Cash Flow Items |
0.0 |
0.0 |
0.0 |
-0.1 |
-7.9 |
|
Cash Dividends Paid
- Common |
-16.0 |
-4.9 |
-7.8 |
-16.5 |
- |
|
Total Cash Dividends Paid |
-16.0 |
-4.9 |
-7.8 |
-16.5 |
- |
|
Cash from Financing Activities |
-15.9 |
-4.9 |
-7.8 |
-16.6 |
-7.9 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.2 |
-0.4 |
-0.2 |
0.1 |
0.0 |
|
Net Change in Cash |
4.1 |
17.3 |
-5.4 |
-6.8 |
15.8 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
40.0 |
20.0 |
24.5 |
32.5 |
15.3 |
|
Net Cash - Ending Balance |
44.1 |
37.3 |
19.1 |
25.7 |
31.2 |
|
Cash Interest Paid |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Cash Taxes Paid |
12.0 |
6.8 |
4.0 |
7.7 |
1.9 |
Annual Income Statement
|
Financials in:
USD (mil) |
|
|
Except for
share items (millions) and per share items (actual units) |
|
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified Normal |
Reclassified Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate (Period Average) |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
32.848802 |
|
Auditor |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Gross Sales |
214.5 |
202.1 |
147.8 |
177.6 |
184.9 |
|
Sales Returns &
Discounts |
-0.3 |
-0.9 |
-0.4 |
-1.0 |
-0.4 |
|
Total Revenue |
214.2 |
201.2 |
147.4 |
176.6 |
184.5 |
|
|
|
|
|
|
|
|
Cost of Sales |
145.8 |
146.2 |
114.4 |
155.8 |
154.4 |
|
Gain/Loss on Physical
Inventory |
- |
- |
- |
- |
-0.1 |
|
Selling Expenses |
4.0 |
4.8 |
4.2 |
4.1 |
4.6 |
|
General and
Administrative Expenses |
4.9 |
2.3 |
2.1 |
2.1 |
2.3 |
|
Research and
Development Expenses |
0.4 |
0.5 |
0.5 |
0.3 |
0.3 |
|
Depreciation of
Rental & Idle Assets |
0.4 |
0.4 |
0.4 |
0.4 |
0.5 |
|
Impairment of
Financial Assets at Cost |
- |
0.0 |
0.0 |
0.4 |
0.4 |
|
Total Operating Expense |
155.5 |
154.1 |
121.6 |
163.0 |
162.3 |
|
|
|
|
|
|
|
|
Rent Income |
1.8 |
1.7 |
1.5 |
1.5 |
1.7 |
|
Dividend Income |
3.5 |
2.4 |
1.3 |
4.2 |
2.0 |
|
Gain/Loss on Equity
Investment |
1.4 |
4.1 |
1.1 |
-0.8 |
1.0 |
|
Foreign Exchange
Gains |
0.2 |
- |
- |
- |
- |
|
Gain on Sale of
Investment |
0.5 |
0.0 |
0.8 |
1.8 |
1.9 |
|
Loss on Sale of
Investment |
0.0 |
-0.1 |
- |
- |
- |
|
Gain on Sale of
Idle/Fixed Assets |
- |
- |
- |
- |
1.3 |
|
Loss on Foreign
Exchange |
0.0 |
-0.5 |
- |
-0.3 |
- |
|
Foreign Exchange
Gains |
- |
0.0 |
0.2 |
- |
0.1 |
|
Gain/Loss on
Financial Assets Valuation |
-1.3 |
0.7 |
5.2 |
-6.4 |
-0.3 |
|
Interest Income |
0.7 |
0.5 |
0.4 |
1.1 |
0.8 |
|
Miscellaneous
Income |
0.3 |
0.3 |
0.4 |
0.3 |
0.2 |
|
Interest Expense |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Loss on Revaluation
of Financial Liab. |
-0.1 |
-0.1 |
0.0 |
-0.1 |
0.0 |
|
Gains on Disposal
of Fixed Assets |
0.0 |
0.1 |
- |
- |
- |
|
Loss on Disposal of
Fixed Assets |
0.0 |
-0.1 |
- |
- |
- |
|
Miscellaneous
Disbursements |
-0.2 |
-0.1 |
-0.3 |
-0.1 |
-0.3 |
|
Net Income Before Taxes |
65.5 |
55.8 |
36.5 |
14.9 |
30.5 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
10.3 |
9.6 |
6.6 |
4.2 |
6.6 |
|
Net Income After Taxes |
55.1 |
46.1 |
29.8 |
10.7 |
23.9 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
55.1 |
46.1 |
29.8 |
10.7 |
23.9 |
|
Accounting Change |
- |
- |
- |
- |
0.0 |
|
Net Income |
55.1 |
46.1 |
29.8 |
10.7 |
23.9 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
55.1 |
46.1 |
29.8 |
10.7 |
23.9 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
55.1 |
46.1 |
29.8 |
10.7 |
23.9 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
469.7 |
469.7 |
469.7 |
469.7 |
469.7 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.12 |
0.10 |
0.06 |
0.02 |
0.05 |
|
Basic EPS Including ExtraOrdinary Items |
0.12 |
0.10 |
0.06 |
0.02 |
0.05 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Diluted Net Income |
55.1 |
46.1 |
29.8 |
10.7 |
23.9 |
|
Diluted Weighted Average Shares |
470.4 |
470.4 |
470.4 |
470.1 |
469.7 |
|
Diluted EPS Excluding ExtraOrd Items |
0.12 |
0.10 |
0.06 |
0.02 |
0.05 |
|
Diluted EPS Including ExtraOrd Items |
0.12 |
0.10 |
0.06 |
0.02 |
0.05 |
|
DPS-Common Stock |
0.03 |
0.03 |
0.01 |
0.02 |
0.03 |
|
Gross Dividends - Common Stock |
13.3 |
14.9 |
4.7 |
8.3 |
15.9 |
|
Normalized Income Before Taxes |
65.5 |
55.7 |
36.5 |
15.3 |
29.6 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
10.3 |
9.6 |
6.6 |
4.3 |
6.4 |
|
Normalized Income After Taxes |
55.1 |
46.1 |
29.9 |
11.0 |
23.2 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
55.1 |
46.1 |
29.9 |
11.0 |
23.2 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.12 |
0.10 |
0.06 |
0.02 |
0.05 |
|
Diluted Normalized EPS |
0.12 |
0.10 |
0.06 |
0.02 |
0.05 |
|
Interest Expense, Supplemental |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
R&D Expense, Supplemental |
0.4 |
0.5 |
0.5 |
0.3 |
0.3 |
|
Depreciation - Operating Cost |
2.3 |
2.2 |
2.2 |
2.0 |
1.7 |
|
Depreciation - Operating Expense |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Depreciation - Non-Operating Expense |
0.4 |
0.4 |
0.4 |
0.4 |
0.5 |
|
Current Tax Payable |
10.7 |
8.4 |
5.9 |
4.4 |
5.7 |
|
Current Tax - Total |
10.7 |
8.4 |
5.9 |
4.4 |
5.7 |
|
Deferred Tax |
0.2 |
-0.3 |
0.7 |
-0.6 |
0.8 |
|
Deferred Tax - Total |
0.2 |
-0.3 |
0.7 |
-0.6 |
0.8 |
|
Other Tax |
-0.6 |
1.5 |
0.1 |
0.3 |
0.0 |
|
Income Tax - Total |
10.3 |
9.6 |
6.6 |
4.2 |
6.6 |
|
Service Cost |
0.2 |
0.2 |
0.4 |
0.4 |
0.3 |
|
Interest Cost |
0.4 |
0.4 |
0.4 |
0.6 |
0.6 |
|
Expected Return on Plan Assets |
-0.2 |
-0.2 |
-0.2 |
-0.3 |
-0.3 |
|
Amortization of Unrecognized Cost |
0.1 |
0.4 |
0.4 |
0.8 |
0.9 |
|
Domestic Pension Plan Expense |
0.5 |
0.9 |
1.0 |
1.5 |
1.5 |
|
Defined Contribution Expense - Domestic |
0.2 |
0.2 |
0.1 |
0.1 |
- |
|
Total Pension Expense |
0.7 |
1.0 |
1.2 |
1.6 |
1.5 |
|
Discount Rate |
2.25% |
2.25% |
2.25% |
2.25% |
3.25% |
|
Rate of Compensation Increase |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return on Plan Assets |
2.25% |
2.25% |
2.25% |
2.25% |
3.25% |
|
|
|
Annual Balance Sheet |
|
Financials in: USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified Normal |
Reclassified Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate |
30.279 |
29.1565 |
31.985 |
32.818 |
32.4345 |
|
Auditor |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with Explanation |
|
|
|
|
|
|
|
|
Cash and Cash
Equivalents |
42.8 |
40.3 |
19.7 |
24.7 |
31.6 |
|
Financial
Assets-Fair Value,Current |
64.6 |
81.6 |
46.1 |
26.0 |
29.1 |
|
Financial
Assets-Available for Sale, Cur |
1.7 |
3.9 |
4.9 |
3.2 |
13.1 |
|
Fin. Assets-Held to
Maturity,Current |
- |
0.0 |
14.1 |
0.0 |
0.9 |
|
Notes Receivable |
0.0 |
0.0 |
0.1 |
0.1 |
0.2 |
|
Notes Receivable -
Related Parties, N |
- |
- |
- |
- |
0.0 |
|
Accounts Receivable,
Gross |
6.1 |
5.9 |
8.5 |
6.2 |
9.7 |
|
Provision for
Doubtful Accounts |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.2 |
|
Provision for Sales
Discount |
-0.2 |
-0.3 |
0.0 |
0.0 |
0.0 |
|
Accounts Receivable
- Related Parties |
5.2 |
6.8 |
0.3 |
0.8 |
2.5 |
|
Other Receivables -
Related Parties |
1.4 |
0.8 |
0.8 |
0.5 |
- |
|
Finished Goods |
23.9 |
10.9 |
5.6 |
7.7 |
7.5 |
|
Work-in-Process |
1.1 |
0.9 |
1.1 |
0.4 |
1.4 |
|
Raw Material |
3.8 |
2.8 |
0.3 |
2.0 |
3.9 |
|
Supply |
1.0 |
0.9 |
0.8 |
0.4 |
1.6 |
|
Provision/Allowance
for Inventory |
- |
- |
- |
- |
-0.8 |
|
Other Financial
Assets - Current |
0.2 |
0.0 |
0.0 |
0.1 |
0.6 |
|
Deferred Income Tax
Assets - Current |
0.2 |
0.2 |
0.1 |
0.9 |
0.2 |
|
Restricted Assets |
- |
- |
- |
- |
0.1 |
|
Other Current
Assets |
2.3 |
1.9 |
1.6 |
1.0 |
0.8 |
|
Total Current Assets |
154.0 |
156.6 |
103.7 |
73.7 |
102.2 |
|
|
|
|
|
|
|
|
Long-Term Equity
Investments |
39.9 |
40.4 |
31.9 |
28.6 |
29.0 |
|
Financial
Assets-Cost Method,Non-Current |
4.7 |
5.0 |
3.6 |
4.1 |
5.3 |
|
Financial
Assets-Fair Value,Non-Current |
- |
0.0 |
1.6 |
0.0 |
0.8 |
|
Financial Assets
Available for Sale |
91.1 |
73.4 |
54.9 |
33.5 |
52.0 |
|
Non-active Bond
Investment |
- |
- |
0.0 |
1.5 |
1.5 |
|
Prepayment for Long
Term Investment |
- |
- |
- |
- |
0.0 |
|
Land |
2.9 |
4.7 |
3.0 |
3.0 |
3.0 |
|
Buildings and
Structures |
7.2 |
8.0 |
6.7 |
6.5 |
6.3 |
|
Machinery and
Equipment |
91.0 |
95.7 |
86.9 |
81.6 |
80.3 |
|
Miscellaneous
Equipment |
1.7 |
2.2 |
2.1 |
2.0 |
2.1 |
|
Revaluation
Increments |
17.9 |
18.9 |
17.3 |
16.9 |
17.1 |
|
Accumulated
Depreciation on Fixed Assets |
-102.8 |
-109.4 |
-98.5 |
-93.8 |
-93.1 |
|
Construction in Progress |
3.6 |
1.5 |
1.1 |
0.2 |
0.7 |
|
Idle Assets |
0.8 |
0.0 |
0.9 |
0.9 |
0.9 |
|
Depreciation for
Idle Assets |
- |
- |
- |
0.0 |
0.0 |
|
Impairment for Idle
Assets |
- |
- |
- |
- |
0.0 |
|
Rental Assets |
24.8 |
23.9 |
23.1 |
22.6 |
22.8 |
|
Accumulated
Depreciation-Asset for Lease |
-6.6 |
-6.3 |
-5.8 |
-5.3 |
-4.9 |
|
Deferred Pension
Cost |
0.1 |
0.2 |
0.3 |
0.4 |
0.5 |
|
Security Deposits
Paid |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Deferred Income Tax
Assets |
0.5 |
0.5 |
- |
- |
0.7 |
|
Total Assets |
330.9 |
315.5 |
233.0 |
176.5 |
227.3 |
|
|
|
|
|
|
|
|
Financial
Liabilities-Fair Value,Current |
0.0 |
0.0 |
- |
- |
0.0 |
|
Accounts Payable |
10.3 |
7.1 |
8.1 |
2.9 |
4.7 |
|
Accounts Payable - Related
Parties |
0.2 |
0.1 |
0.1 |
0.0 |
11.4 |
|
Tax Payable |
6.1 |
7.5 |
3.8 |
1.9 |
4.8 |
|
Dividends Payable |
0.2 |
0.2 |
0.2 |
0.1 |
0.1 |
|
Accrued Expenses |
6.7 |
6.2 |
5.0 |
2.8 |
3.9 |
|
Other
Payables,Related Parties |
1.6 |
2.5 |
0.1 |
3.5 |
- |
|
Other Current
Liabilities |
1.6 |
2.5 |
1.1 |
0.3 |
0.8 |
|
Total Current Liabilities |
26.8 |
26.2 |
18.5 |
11.6 |
25.7 |
|
|
|
|
|
|
|
|
Land Revaluation
Increment Tax Reserve |
0.7 |
0.7 |
0.7 |
0.7 |
0.7 |
|
Long Term Security
Deposits Received |
0.2 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Accrued Pension
Liabilities |
8.9 |
9.0 |
9.2 |
9.2 |
8.5 |
|
Deferred Income Tax
Liabiilities |
- |
0.0 |
0.2 |
0.6 |
- |
|
Total Liabilities |
36.6 |
36.1 |
28.7 |
22.3 |
34.9 |
|
|
|
|
|
|
|
|
Common Stock |
129.3 |
107.4 |
81.6 |
79.5 |
80.4 |
|
Capital Surplus,
Additional Paid in Capi |
1.0 |
1.1 |
1.0 |
0.8 |
0.7 |
|
Legal Reserve |
39.0 |
35.5 |
29.3 |
27.5 |
25.4 |
|
Special Reserve |
- |
- |
- |
- |
0.0 |
|
Retained Earnings |
81.8 |
77.4 |
49.4 |
27.1 |
35.8 |
|
Cumulative
Translation Adjustment |
0.8 |
-0.6 |
1.1 |
1.6 |
1.0 |
|
Unrealized G/L on
Financial Instruments |
24.9 |
40.3 |
26.6 |
2.9 |
33.8 |
|
Unrealized
Revaluation Increment |
18.0 |
18.6 |
17.1 |
16.6 |
16.8 |
|
Net Loss Not
Recognized as Pension Cost |
-0.5 |
-0.4 |
-1.8 |
-1.8 |
-1.6 |
|
Total Equity |
294.3 |
279.3 |
204.3 |
154.2 |
192.4 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders'
Equity |
330.9 |
315.5 |
233.0 |
176.5 |
227.3 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
469.7 |
469.7 |
469.7 |
469.7 |
469.7 |
|
Total Common Shares Outstanding |
469.7 |
469.7 |
469.7 |
469.7 |
469.7 |
|
T/S-Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Full-Time Employees |
207 |
206 |
207 |
216 |
222 |
|
Number of Common Shareholders |
33,412 |
27,028 |
26,320 |
25,552 |
24,678 |
|
Accumulated Benefit Obligation |
16.5 |
17.3 |
16.8 |
17.0 |
16.4 |
|
Benefit Obligation |
17.2 |
18.1 |
17.7 |
18.0 |
18.2 |
|
Fair Value of Plan Assets |
7.5 |
8.2 |
7.6 |
7.8 |
7.9 |
|
Funded Status |
-9.6 |
-9.9 |
-10.1 |
-10.2 |
-10.3 |
|
Total Funded Status |
-9.6 |
-9.9 |
-10.1 |
-10.2 |
-10.3 |
|
Discount Rate |
2.25% |
2.25% |
2.25% |
2.25% |
3.25% |
|
Rate of Compensation Increase |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return on Plan Assets |
2.25% |
2.25% |
2.25% |
2.25% |
3.25% |
|
Deferred Pension Cost |
- |
0.2 |
0.3 |
0.4 |
0.5 |
|
Accrued Pension Liabilities |
- |
-9.0 |
-9.2 |
-9.2 |
-8.5 |
|
Net Assets Recognized on Balance Sheet |
- |
-8.9 |
-8.9 |
-8.8 |
-7.9 |
|
|
|
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 |
Reclassified Normal |
Updated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate (Period Average) |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
32.848802 |
|
Auditor |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with Explanation |
|
|
|
|
|
|
|
|
Net Income |
55.1 |
46.1 |
29.8 |
10.7 |
23.9 |
|
Depreciation |
2.7 |
2.6 |
2.6 |
2.4 |
2.2 |
|
Accounting Change |
- |
- |
- |
- |
0.0 |
|
Affiliate
Investment Gain/Loss |
-1.4 |
-4.1 |
-1.1 |
0.8 |
-1.0 |
|
Bad Debts |
- |
- |
- |
-0.1 |
0.1 |
|
Amortis. of Discount
of ST Bills Payable |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Impairment of
Financial Assets, Cost Me. |
- |
0.0 |
0.0 |
0.4 |
0.4 |
|
Equity Investment
Gain/Loss |
- |
0.7 |
0.0 |
- |
- |
|
Cash Dividend from
Equity Investment |
0.4 |
- |
- |
0.1 |
0.1 |
|
Cash Dividend-Five
Year |
0.0 |
0.0 |
0.0 |
- |
- |
|
Construction in
Process Turn to Expense |
0.0 |
0.1 |
0.0 |
0.0 |
- |
|
Inventory
Devaluation & Obsolescence |
0.0 |
0.0 |
-3.2 |
3.1 |
-0.1 |
|
Pro. for Doubtful
Acct. & Sales Discount |
-0.1 |
0.2 |
0.0 |
- |
- |
|
Loss on Physical
Inventory |
- |
0.1 |
0.0 |
0.1 |
- |
|
Unreal. Valu. G/L
on Fin. Assets & Liabi |
1.5 |
- |
- |
- |
- |
|
Gain on Sale of
Idle Assets |
- |
- |
- |
0.0 |
-1.3 |
|
Gain on Sale of Equity
Investments |
-0.5 |
0.1 |
-0.8 |
-1.8 |
-1.9 |
|
Loss on Revaluation
of Financial Assets |
- |
-0.6 |
-5.2 |
6.5 |
0.3 |
|
Gain/Loss on
Disposal of Properties |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Deferred Tax |
0.2 |
-0.2 |
0.8 |
-0.6 |
0.8 |
|
Financial Assets -
Trading |
1.6 |
1.6 |
-1.2 |
2.1 |
-5.8 |
|
Notes &
Accounts Receivable |
1.0 |
-2.8 |
-1.6 |
5.4 |
0.3 |
|
Other Receivable -
Related Parties |
-0.6 |
0.0 |
-0.2 |
0.0 |
- |
|
Inventories |
-15.4 |
-6.5 |
6.1 |
-0.5 |
-1.3 |
|
Other Financial
Assets |
-0.1 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Other Current
Assets |
-0.5 |
-0.1 |
-0.5 |
0.3 |
-0.5 |
|
Financial
Liabilities-Trading |
- |
0.0 |
0.0 |
- |
0.0 |
|
Accounts Payable |
3.7 |
-1.7 |
5.0 |
-1.9 |
7.1 |
|
Accrued Expenses |
0.7 |
0.7 |
2.1 |
-1.4 |
1.5 |
|
Tax Payable |
-1.1 |
3.0 |
1.8 |
-2.9 |
3.9 |
|
Other Payable -
Related Parties |
-0.9 |
2.2 |
-3.4 |
-7.9 |
- |
|
Other Current
Liabilities |
-1.5 |
1.9 |
0.1 |
-0.3 |
0.1 |
|
Accrued Pension
Liabilities |
0.1 |
0.4 |
0.2 |
0.8 |
0.9 |
|
Cash from Operating Activities |
44.7 |
43.8 |
31.3 |
15.4 |
29.9 |
|
|
|
|
|
|
|
|
Purchase of
Financial Assets-Fair Value |
-72.0 |
-94.7 |
-104.0 |
-55.9 |
-56.8 |
|
Disposal of Financial
Assets-Fair Value |
83.8 |
66.3 |
90.0 |
51.4 |
51.4 |
|
Long Term Equity
Investments Increase |
0.0 |
-1.9 |
-2.3 |
-1.5 |
-0.7 |
|
Long Term Equity
Investments Decrease |
0.0 |
0.0 |
1.7 |
0.0 |
0.0 |
|
Financial Assets - Held
to Maturity |
0.0 |
-9.5 |
-13.6 |
0.0 |
-0.9 |
|
Disposal of Fin.
Assets-Held to Meturity |
0.0 |
23.8 |
0.0 |
1.0 |
- |
|
Financial Assets -
Available for Sale |
-32.4 |
-1.2 |
-1.0 |
-0.2 |
-1.2 |
|
Financial Assets
Available for Sale |
- |
0.0 |
2.2 |
0.0 |
0.6 |
|
Prepayment for LT
Investment |
- |
- |
- |
- |
0.0 |
|
Capital Refund of
Non-active Bond Invest |
- |
0.0 |
1.5 |
0.0 |
- |
|
Capital Expenditure |
-4.5 |
-2.5 |
-3.4 |
-2.2 |
-1.8 |
|
Purchase of Assets
for Rent |
0.0 |
-0.1 |
0.0 |
0.0 |
- |
|
Disposal of Fixed
Assets |
0.0 |
0.0 |
0.0 |
- |
3.2 |
|
Disposal of Fixed
Assets&Idle Assets |
- |
- |
- |
0.0 |
- |
|
Purchase of
Financial Assets-Cost Method |
-0.3 |
-1.3 |
0.0 |
-0.4 |
-1.1 |
|
Cap. Return of Fin.
Assets-Cost Method |
0.5 |
0.0 |
0.1 |
0.6 |
- |
|
Sale of Financial
Assets at Cost |
- |
- |
- |
1.5 |
1.4 |
|
Security Deposit
Paid |
0.0 |
0.0 |
0.0 |
- |
0.0 |
|
Restricted Assets |
- |
- |
- |
0.1 |
-0.1 |
|
Cash from Investing Activities |
-24.9 |
-21.1 |
-28.8 |
-5.7 |
-6.1 |
|
|
|
|
|
|
|
|
Security Deposit
Received |
0.0 |
0.0 |
0.0 |
-0.1 |
0.0 |
|
Cash Dividend -
Common Stock |
-16.0 |
-4.9 |
-7.8 |
-16.5 |
- |
|
Dividend & Employees
Bonus |
- |
- |
- |
- |
-7.9 |
|
Cash from Financing Activities |
-15.9 |
-4.9 |
-7.8 |
-16.6 |
-7.9 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.2 |
-0.4 |
-0.2 |
0.1 |
0.0 |
|
Net Change in Cash |
4.1 |
17.3 |
-5.4 |
-6.8 |
15.8 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
40.0 |
20.0 |
24.5 |
32.5 |
15.3 |
|
Net Cash - Ending Balance |
44.1 |
37.3 |
19.1 |
25.7 |
31.2 |
|
Cash Interest Paid |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Cash Taxes Paid |
12.0 |
6.8 |
4.0 |
7.7 |
1.9 |
|
Financials in:
USD (mil) |
|
|
Except for
share items (millions) and per share items (actual units) |
|
|
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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.58.27 |
|
UK Pound |
1 |
Rs.91.16 |
|
Euro |
1 |
Rs.77.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.