MIRA
INFORM REPORT
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Report Date : |
26.06.2013 |
IDENTIFICATION DETAILS
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Name : |
CHINA STEEL CHEMICAL CORPORATION |
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Registered Office : |
5th FL-1, 47, |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
03.02.1989 |
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Legal Form : |
Public Subsidiary Company |
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Line of Business : |
Subject is engaged in the production, processing and sale of
coal tar distilling products, light oil products and coke. |
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No. of Employees : |
154 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Taiwan |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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 4.0%. 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.
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Source : CIA |
Company name & address
China Steel Chemical Corporation
5th FL-1
47, Chung Hua 4th Road
Kaohsiung, 802
Taiwan
Tel: 886-7-3383515
Fax: 886-7-5354706
Web: www.cscc.com.tw
Synthesis
Employees: 154
Company Type: Public Subsidiary
Corporate Family: 33
Companies
Ultimate Parent: China
Steel Corporation
Traded: Taiwan
Stock Exchange: 1723
Incorporation Date: 03-Feb-1989
Auditor: Deloitte & Touche LLP
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2012
Reporting Currency:
Taiwanese New Dollar
Annual Sales: 281.1
1
Net Income: 66.7
Total Assets: 257.6
2
Market Value: 1,197.2 (14-Jun-2013)
Business Description
China Steel Chemical Corporation is principally engaged in the production, processing and sale of coal tar distilling products, light oil products and coke. The Company's coal tar distilling products include soft pitch, creosote oils, raw naphthalene, refined naphthalene, special asphalt, roof caulk glue, wood cosmoline, dinaphthol and others. The Company's light oil products include toluene, benzene and solvent. During the year ended December 31, 2011, the Company's three major products, coke tar distilling products, coke products and light oil, accounted for approximately 43.76%, 25.26% and 24.49% of its total revenue, respectively. The Company distributes its products in domestic markets and to overseas markets, including Mainland China, Japan, Vietnam, South Korea, Hong Kong, India, Myanmar, Indonesia and Malaysia, among others. For the three months ended 31 March 2013, China Steel Chemical Corporation revenues decreased 9% to NT$2.08B. Net income decreased 1% to NT$526.5M. Revenues reflect Carbon-Chemicals Production segment decrease of 11% to NT$1.9B. Net income also reflects Carbon-Chemicals Production segment income decrease of 6% to NT$554.9M, EGI-Chemicals Trading segment income decrease of 46% to NT$261K.
Industry
Industry Chemical Manufacturing
ANZSIC 2006: 1812 - Basic
Organic Chemical Manufacturing
NACE 2002: 2414 - Manufacture
of other organic basic chemicals
NAICS 2002: 325192 - Cyclic
Crude and Intermediate Manufacturing
UK SIC 2003: 2414 - Manufacture
of other organic basic chemicals
UK SIC 2007: 2014 - Manufacture
of other organic basic chemicals
US SIC 1987: 2865 - Cyclic
Organic Crudes and Intermediates, and organic Dyes and Pigments
Key Executives
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Name |
Title |
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Mingda Fang |
Deputy General Manager |
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Mingxing Lin |
Deputy General Manager |
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James Wang |
Manager-Commercial |
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Lemin Zhong |
Chairman of the Board |
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Hezong Chen |
Director |
Significant Developments
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* 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 29.57962
2 - Balance Sheet Item Exchange Rate: USD 1 = TWD 29.012
Corporate Overview
Location
5th FL-1
47, Chung Hua 4th Road
Kaohsiung, 802
Taiwan
Tel: 886-7-3383515
Fax: 886-7-5354706
Web www.cscc.com.tw
Quote Symbol - Exchange
1723 - Taiwan
Stock Exchange
Sales TWD(mil): 8,314.3
Assets TWD(mil): 7,473.8
Employees: 154
Fiscal Year End: 31-Dec-2012
Industry: Chemical
Manufacturing
Incorporation Date: 03-Feb-1989
Company Type: Public
Subsidiary
Quoted Status: Quoted
Chairman of the Board: Lemin
Zhong
Industry Codes
ANZSIC 2006 Codes:
1812 - Basic Organic Chemical Manufacturing
1813 - Basic Inorganic Chemical Manufacturing
1709 - Other Petroleum and Coal Product Manufacturing
1701 - Petroleum Refining and Petroleum Fuel Manufacturing
NACE 2002 Codes:
2414 - Manufacture of other organic basic chemicals
2413 - Manufacture of other inorganic basic chemicals
2320 - Manufacture of refined petroleum products
2682 - Manufacture of other non-metallic mineral products not
elsewhere classified
NAICS 2002 Codes:
325192 - Cyclic Crude and Intermediate Manufacturing
325199 - All Other Basic Organic Chemical Manufacturing
324122 - Asphalt Shingle and Coating Materials Manufacturing
325188 - All Other Basic Inorganic Chemical Manufacturing
324110 - Petroleum Refineries
324121 - Asphalt Paving Mixture and Block Manufacturing
US SIC 1987:
2865 - Cyclic Organic Crudes and Intermediates, and organic Dyes
and Pigments
2819 - Industrial Inorganic Chemicals, Not Elsewhere Classified
2869 - Industrial Organic Chemicals, Not Elsewhere Classified
2911 - Petroleum Refining
2951 - Asphalt Paving Mixtures and Blocks
2952 - Asphalt Felts and Coatings
UK SIC 2003:
2414 - Manufacture of other organic basic chemicals
2682 - Manufacture of other non-metallic mineral products not
elsewhere classified
2413 - Manufacture of other inorganic basic chemicals
2320 - Manufacture of refined petroleum products
UK SIC 2007:
2014 - Manufacture of other organic basic chemicals
2399 - Manufacture of other non-metallic mineral products n.e.c.
2013 - Manufacture of other inorganic basic chemicals
1920 - Manufacture of refined petroleum products
Business
Description
China Steel Chemical
Corporation is principally engaged in the production, processing and sale of
coal tar distilling products, light oil products and coke. The Company's coal
tar distilling products include soft pitch, creosote oils, raw naphthalene,
refined naphthalene, special asphalt, roof caulk glue, wood cosmoline,
dinaphthol and others. The Company's light oil products include toluene,
benzene and solvent. During the year ended December 31, 2011, the Company's
three major products, coke tar distilling products, coke products and light
oil, accounted for approximately 43.76%, 25.26% and 24.49% of its total
revenue, respectively. The Company distributes its products in domestic markets
and to overseas markets, including Mainland China, Japan, Vietnam, South Korea,
Hong Kong, India, Myanmar, Indonesia and Malaysia, among others. For the three
months ended 31 March 2013, China Steel Chemical Corporation revenues decreased
9% to NT$2.08B. Net income decreased 1% to NT$526.5M. Revenues reflect
Carbon-Chemicals Production segment decrease of 11% to NT$1.9B. Net income also
reflects Carbon-Chemicals Production segment income decrease of 6% to
NT$554.9M, EGI-Chemicals Trading segment income decrease of 46% to NT$261K.
More Business
Descriptions
Process of coal
tar, benzole and coke breeze
Mfr. of Coal Tar,
Coke, Coke Breeze, Coal Chemical, Anti-Corrosion & Water Proof Coating
Material for Construction
China Steel
Chemical Corporation (CSCC) is a manufacturing company, based in Taiwan. The
company produces and processes coal tar, benzole and coke breeze. Its products
include asphalt, soft pitch, refined coal tar, roof leak glue, wood
preservation oil, wash oil, creosote, naphthalene, benzene, toluene, fine coke,
lithium battery anode material and dye intermediates. CSCC’s business
activities include processing of coal tar to produce soft pitch, refined
naphthalene, and creosote oils; processing of benzole to produce toluene,
benzene, and solvent and grading of coke breeze to produce various sizes of
metallurgical coke. The company was founded in 1989. CSCC is headquartered in
Kaohsiung, Taiwan.The company reported revenues of (Taiwanese Dollars) TWD
8,314.32 million during the fiscal year ended December 2012, a decrease of
8.25% from 2011. The operating profit of the company was TWD 2,120.32 million
during the fiscal year 2012, a decrease of 12.73% from 2011. The net profit of
the company was TWD 1,973.62 million during the fiscal year 2012, a decrease of
12.16% from 2011.
Other Petroleum and Coal Products Manufacturing
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Executive report
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Board
of Directors |
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Chairman of the Board |
Chairman |
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Director |
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Director |
Director/Board Member |
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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 |
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Director |
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Executives |
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Deputy General Manager |
Division Head Executive |
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Deputy General Manager |
Division Head Executive |
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General Manager, Director |
Division Head Executive |
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Deputy General Manager |
Division Head Executive |
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Manager-Commercial |
Commercial Executive |
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Significant Developments
China Steel Chemical Corp Announces FY 2012 Dividend Payment Mar 19, 2013
China Steel Chemical Corp announced that it will pay a cash dividend of NTD 7.4 per share, or NTD 1,753,093,152 in total to shareholders for fiscal year 2012.
China Steel Chemical Corp Receives Fine Dec 27, 2012
China Steel Chemical Corp announced that it was imposed a fine of NTD 100,000, due to its violation of Air Pollution Control Act.
China Steel Chemical Corporation Announces FY 2011 Dividend Payment Date Jun 27, 2012
China Steel Chemical Corporation announced that it will pay a cash dividend of NTD 8 per share, or NTD 1,895,235,840 in total to shareholders of record on July 24, 2012. The Company's shares will be traded ex-dividend on July 18, 2012.
Annual
Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
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31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
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Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
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UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
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Exchange Rate
(Period Average) |
29.57962 |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
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Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
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Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
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Net Sales |
277.2 |
303.9 |
262.8 |
162.0 |
268.8 |
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Revenue |
277.2 |
303.9 |
262.8 |
162.0 |
268.8 |
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Other Revenue |
3.9 |
4.4 |
3.4 |
2.7 |
3.5 |
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Other Revenue, Total |
3.9 |
4.4 |
3.4 |
2.7 |
3.5 |
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Total Revenue |
281.1 |
308.3 |
266.2 |
164.7 |
272.3 |
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Cost of Revenue |
198.2 |
214.3 |
185.1 |
113.4 |
208.7 |
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Cost of Revenue, Total |
198.2 |
214.3 |
185.1 |
113.4 |
208.7 |
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Gross Profit |
79.0 |
89.6 |
77.7 |
48.6 |
60.1 |
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Selling/General/Administrative Expense |
8.9 |
9.4 |
10.3 |
8.0 |
10.5 |
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Total Selling/General/Administrative Expenses |
8.9 |
9.4 |
10.3 |
8.0 |
10.5 |
|
Research & Development |
2.4 |
2.0 |
1.9 |
1.5 |
1.4 |
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Impairment-Assets Held for Use |
- |
- |
- |
- |
0.8 |
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Unusual Expense (Income) |
- |
- |
- |
- |
0.8 |
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Total Operating Expense |
209.4 |
225.7 |
197.4 |
122.9 |
221.4 |
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Operating Income |
71.7 |
82.7 |
68.9 |
41.8 |
50.9 |
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Interest Expense -
Non-Operating |
-0.1 |
-0.1 |
0.0 |
0.0 |
-0.2 |
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Interest Expense, Net Non-Operating |
-0.1 |
-0.1 |
0.0 |
0.0 |
-0.2 |
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Interest Income -
Non-Operating |
0.9 |
0.8 |
0.6 |
0.5 |
1.3 |
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Investment Income -
Non-Operating |
3.1 |
3.6 |
2.0 |
2.8 |
1.7 |
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Interest/Investment Income - Non-Operating |
4.0 |
4.4 |
2.6 |
3.3 |
3.0 |
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Interest Income (Expense) - Net Non-Operating Total |
3.9 |
4.3 |
2.6 |
3.3 |
2.8 |
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Other Non-Operating Income (Expense) |
1.9 |
2.9 |
-0.2 |
2.0 |
3.3 |
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Other, Net |
1.9 |
2.9 |
-0.2 |
2.0 |
3.3 |
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Income Before Tax |
77.5 |
89.9 |
71.2 |
47.0 |
57.0 |
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Total Income Tax |
10.7 |
13.5 |
10.4 |
7.7 |
11.2 |
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Income After Tax |
66.8 |
76.5 |
60.8 |
39.3 |
45.8 |
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Minority Interest |
-0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
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Net Income Before Extraord Items |
66.7 |
76.4 |
60.8 |
39.3 |
45.8 |
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Net Income |
66.7 |
76.4 |
60.8 |
39.3 |
45.8 |
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Income Available to Common Excl Extraord Items |
66.7 |
76.4 |
60.8 |
39.3 |
45.8 |
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Income Available to Common Incl Extraord Items |
66.7 |
76.4 |
60.8 |
39.3 |
45.8 |
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Basic/Primary Weighted Average Shares |
230.1 |
230.1 |
230.0 |
230.0 |
230.0 |
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Basic EPS Excl Extraord Items |
0.29 |
0.33 |
0.26 |
0.17 |
0.20 |
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Basic/Primary EPS Incl Extraord Items |
0.29 |
0.33 |
0.26 |
0.17 |
0.20 |
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Dilution Adjustment |
- |
- |
0.0 |
0.0 |
0.0 |
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Diluted Net Income |
66.7 |
76.4 |
60.8 |
39.3 |
45.8 |
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Diluted Weighted Average Shares |
231.3 |
231.4 |
231.2 |
231.5 |
231.9 |
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Diluted EPS Excl Extraord Items |
0.29 |
0.33 |
0.26 |
0.17 |
0.20 |
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Diluted EPS Incl Extraord Items |
0.29 |
0.33 |
0.26 |
0.17 |
0.20 |
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Dividends per Share - Common Stock Primary Issue |
0.25 |
0.27 |
0.23 |
0.17 |
0.15 |
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Gross Dividends - Common Stock |
59.3 |
64.5 |
54.2 |
40.2 |
34.9 |
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Interest Expense, Supplemental |
0.1 |
0.1 |
0.0 |
0.0 |
0.2 |
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Depreciation, Supplemental |
7.5 |
6.2 |
5.1 |
3.5 |
3.2 |
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Total Special Items |
- |
- |
- |
- |
0.8 |
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Normalized Income Before Tax |
77.5 |
89.9 |
71.2 |
47.0 |
57.8 |
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Effect of Special Items on Income Taxes |
- |
- |
- |
- |
0.2 |
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Inc Tax Ex Impact of Sp Items |
10.7 |
13.5 |
10.4 |
7.7 |
11.4 |
|
Normalized Income After Tax |
66.8 |
76.5 |
60.8 |
39.3 |
46.4 |
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Normalized Inc. Avail to Com. |
66.7 |
76.4 |
60.8 |
39.3 |
46.4 |
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Basic Normalized EPS |
0.29 |
0.33 |
0.26 |
0.17 |
0.20 |
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Diluted Normalized EPS |
0.29 |
0.33 |
0.26 |
0.17 |
0.20 |
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Research & Development Exp, Supplemental |
2.4 |
2.0 |
1.9 |
1.5 |
1.4 |
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Normalized EBIT |
71.7 |
82.7 |
68.9 |
41.8 |
51.7 |
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Normalized EBITDA |
79.2 |
88.9 |
74.0 |
45.3 |
54.9 |
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Current Tax - Total |
11.1 |
12.7 |
10.4 |
8.7 |
11.9 |
|
Current Tax - Total |
11.1 |
12.7 |
10.4 |
8.7 |
11.9 |
|
Deferred Tax - Total |
0.0 |
0.4 |
0.4 |
0.0 |
-0.4 |
|
Deferred Tax - Total |
0.0 |
0.4 |
0.4 |
0.0 |
-0.4 |
|
Other Tax |
-0.4 |
0.4 |
-0.4 |
-0.9 |
-0.2 |
|
Income Tax - Total |
10.7 |
13.5 |
10.4 |
7.7 |
11.2 |
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Interest Cost - Domestic |
0.2 |
0.1 |
0.1 |
0.2 |
0.1 |
|
Service Cost - Domestic |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
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Expected Return on Assets - Domestic |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Transition Costs - Domestic |
-0.3 |
-0.4 |
0.1 |
0.1 |
0.1 |
|
Domestic Pension Plan Expense |
0.0 |
-0.1 |
0.4 |
0.4 |
0.4 |
|
Defined Contribution Expense - Domestic |
0.1 |
0.1 |
0.0 |
0.0 |
0.4 |
|
Total Pension Expense |
0.1 |
0.0 |
0.4 |
0.4 |
0.7 |
|
Discount Rate - Domestic |
1.88% |
2.00% |
2.00% |
2.00% |
2.75% |
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Expected Rate of Return - Domestic |
1.88% |
2.00% |
2.00% |
2.00% |
2.75% |
|
Compensation Rate - Domestic |
3.00% |
3.00% |
3.00% |
3.00% |
3.25% |
|
Total Plan Interest Cost |
0.2 |
0.1 |
0.1 |
0.2 |
0.1 |
|
Total Plan Service Cost |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Total Plan Expected Return |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate |
29.011999 |
30.279 |
29.1565 |
31.985 |
32.818 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte & Touche
LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Equivalents |
43.6 |
52.8 |
22.5 |
12.6 |
32.8 |
|
Short Term Investments |
45.1 |
33.3 |
60.7 |
57.8 |
42.3 |
|
Cash and Short Term Investments |
88.7 |
86.0 |
83.1 |
70.4 |
75.1 |
|
Accounts Receivable -
Trade, Gross |
16.4 |
16.8 |
21.2 |
14.2 |
8.2 |
|
Provision for Doubtful
Accounts |
-0.5 |
-0.5 |
-1.3 |
-1.0 |
-0.8 |
|
Trade Accounts Receivable - Net |
22.4 |
21.1 |
24.7 |
17.9 |
9.1 |
|
Notes Receivable - Short Term |
0.5 |
0.9 |
0.2 |
0.3 |
0.9 |
|
Other Receivables |
1.4 |
0.6 |
0.5 |
0.5 |
5.6 |
|
Total Receivables, Net |
24.2 |
22.6 |
25.4 |
18.7 |
15.7 |
|
Inventories - Finished Goods |
9.7 |
9.9 |
6.1 |
4.6 |
3.6 |
|
Inventories - Work In Progress |
1.7 |
1.3 |
1.2 |
1.1 |
0.7 |
|
Inventories - Raw Materials |
1.5 |
3.3 |
1.2 |
0.6 |
1.0 |
|
Inventories - Other |
- |
- |
- |
0.1 |
-0.2 |
|
Total Inventory |
12.9 |
14.6 |
8.5 |
6.5 |
5.1 |
|
Deferred Income Tax - Current Asset |
0.5 |
0.3 |
0.3 |
0.4 |
0.2 |
|
Other Current Assets |
0.9 |
2.0 |
1.8 |
4.4 |
3.4 |
|
Other Current Assets, Total |
1.5 |
2.3 |
2.1 |
4.8 |
3.6 |
|
Total Current Assets |
127.2 |
125.4 |
119.1 |
100.3 |
99.5 |
|
|
|
|
|
|
|
|
Buildings |
12.8 |
12.2 |
10.2 |
7.5 |
6.7 |
|
Land/Improvements |
3.6 |
3.5 |
3.6 |
3.3 |
3.3 |
|
Machinery/Equipment |
101.8 |
94.8 |
87.4 |
68.7 |
61.7 |
|
Construction in
Progress |
12.6 |
9.5 |
10.1 |
15.8 |
14.8 |
|
Leases |
20.2 |
19.4 |
20.1 |
3.1 |
3.0 |
|
Property/Plant/Equipment - Gross |
151.0 |
139.4 |
131.4 |
98.3 |
89.6 |
|
Accumulated Depreciation |
-79.3 |
-69.0 |
-71.3 |
-62.9 |
-58.3 |
|
Property/Plant/Equipment - Net |
71.6 |
70.3 |
60.1 |
35.4 |
31.3 |
|
LT Investment - Affiliate Companies |
44.5 |
42.4 |
42.7 |
36.5 |
27.0 |
|
LT Investments - Other |
13.9 |
11.9 |
15.5 |
10.9 |
7.1 |
|
Long Term Investments |
58.4 |
54.3 |
58.2 |
47.4 |
34.1 |
|
Pension Benefits - Overfunded |
0.0 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Deferred Income Tax - Long Term Asset |
0.4 |
0.5 |
0.9 |
1.1 |
1.3 |
|
Other Long Term Assets |
0.0 |
0.0 |
0.0 |
0.5 |
0.5 |
|
Other Long Term Assets, Total |
0.4 |
0.6 |
1.0 |
1.6 |
1.9 |
|
Total Assets |
257.6 |
250.7 |
238.5 |
184.8 |
166.7 |
|
|
|
|
|
|
|
|
Accounts Payable |
11.2 |
9.9 |
9.4 |
11.0 |
9.5 |
|
Accrued Expenses |
9.5 |
9.7 |
8.6 |
6.7 |
7.5 |
|
Notes Payable/Short Term Debt |
3.1 |
6.5 |
7.0 |
0.0 |
0.2 |
|
Income Taxes Payable |
5.0 |
7.9 |
7.7 |
3.3 |
5.1 |
|
Other Current Liabilities |
1.3 |
2.0 |
4.2 |
0.9 |
1.7 |
|
Other Current liabilities, Total |
6.3 |
9.9 |
11.9 |
4.2 |
6.9 |
|
Total Current Liabilities |
30.1 |
35.9 |
36.9 |
22.0 |
24.1 |
|
|
|
|
|
|
|
|
Total Long Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Debt |
3.1 |
6.5 |
7.0 |
0.0 |
0.2 |
|
|
|
|
|
|
|
|
Minority Interest |
5.2 |
4.9 |
0.0 |
0.0 |
0.0 |
|
Pension Benefits - Underfunded |
2.5 |
3.5 |
3.4 |
1.7 |
2.1 |
|
Other Long Term Liabilities |
- |
- |
- |
- |
0.0 |
|
Other Liabilities, Total |
2.5 |
3.5 |
3.4 |
1.7 |
2.1 |
|
Total Liabilities |
37.8 |
44.2 |
40.3 |
23.7 |
26.2 |
|
|
|
|
|
|
|
|
Common Stock |
81.7 |
78.2 |
81.3 |
74.1 |
72.2 |
|
Common Stock |
81.7 |
78.2 |
81.3 |
74.1 |
72.2 |
|
Additional Paid-In Capital |
16.8 |
14.3 |
12.5 |
9.8 |
8.6 |
|
Retained Earnings (Accumulated Deficit) |
131.7 |
123.6 |
109.8 |
81.7 |
73.7 |
|
Treasury Stock - Common |
-5.2 |
-5.0 |
-5.2 |
-4.8 |
-4.7 |
|
Unrealized Gain (Loss) |
-2.1 |
-2.1 |
2.2 |
0.4 |
-9.4 |
|
Translation Adjustment |
-1.4 |
-0.7 |
-1.0 |
-0.1 |
0.3 |
|
Minimum Pension Liability Adjustment |
-1.7 |
-1.9 |
-1.3 |
0.0 |
-0.1 |
|
Other Equity, Total |
-3.1 |
-2.6 |
-2.3 |
-0.1 |
0.2 |
|
Total Equity |
219.8 |
206.4 |
198.2 |
161.1 |
140.5 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
257.6 |
250.7 |
238.5 |
184.8 |
166.7 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
230.1 |
230.1 |
230.1 |
230.0 |
230.0 |
|
Total Common Shares Outstanding |
230.1 |
230.1 |
230.1 |
230.0 |
230.0 |
|
Treasury Shares - Common Stock Primary Issue |
6.8 |
6.8 |
6.8 |
6.9 |
6.9 |
|
Employees |
154 |
145 |
131 |
127 |
128 |
|
Number of Common Shareholders |
- |
22,385 |
18,783 |
19,995 |
22,971 |
|
Pension Obligation - Domestic |
7.9 |
7.8 |
7.4 |
6.2 |
5.9 |
|
Plan Assets - Domestic |
3.1 |
2.6 |
2.9 |
2.6 |
2.4 |
|
Funded Status - Domestic |
-4.8 |
-5.2 |
-4.5 |
-3.6 |
-3.5 |
|
Accumulated Obligation - Domestic |
5.3 |
5.1 |
4.8 |
3.9 |
3.7 |
|
Total Funded Status |
-4.8 |
-5.2 |
-4.5 |
-3.6 |
-3.5 |
|
Discount Rate - Domestic |
1.88% |
2.00% |
2.00% |
2.00% |
2.75% |
|
Expected Rate of Return - Domestic |
1.88% |
2.00% |
2.00% |
2.00% |
2.75% |
|
Compensation Rate - Domestic |
3.00% |
3.00% |
3.00% |
3.00% |
3.25% |
|
Prepaid Benefits - Domestic |
0.0 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Accrued Liabilities - Domestic |
-2.5 |
-3.5 |
-3.4 |
-1.7 |
-2.1 |
|
Net Assets Recognized on Balance Sheet |
-2.5 |
-3.4 |
-3.4 |
-1.7 |
-2.0 |
|
Total Plan Obligations |
7.9 |
7.8 |
7.4 |
6.2 |
5.9 |
|
Total Plan Assets |
3.1 |
2.6 |
2.9 |
2.6 |
2.4 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
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) |
29.57962 |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte & Touche
LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
66.8 |
76.5 |
60.8 |
39.3 |
45.8 |
|
Depreciation |
7.5 |
6.2 |
5.1 |
3.5 |
3.2 |
|
Depreciation/Depletion |
7.5 |
6.2 |
5.1 |
3.5 |
3.2 |
|
Deferred Taxes |
0.0 |
0.4 |
0.4 |
0.0 |
-0.4 |
|
Unusual Items |
0.0 |
-0.6 |
0.0 |
-0.1 |
0.6 |
|
Equity in Net Earnings (Loss) |
-3.3 |
-4.8 |
-2.8 |
-2.3 |
-3.2 |
|
Other Non-Cash Items |
3.1 |
2.4 |
1.7 |
1.2 |
3.9 |
|
Non-Cash Items |
-0.2 |
-3.0 |
-1.0 |
-1.2 |
1.3 |
|
Accounts Receivable |
0.1 |
2.8 |
-5.1 |
-3.0 |
0.9 |
|
Inventories |
1.0 |
-6.8 |
-1.0 |
-1.2 |
-1.6 |
|
Other Assets |
-1.5 |
-3.5 |
1.9 |
-0.6 |
-3.9 |
|
Accounts Payable |
0.9 |
0.8 |
-2.5 |
1.2 |
1.1 |
|
Accrued Expenses |
-0.8 |
1.5 |
1.2 |
-1.8 |
2.4 |
|
Taxes Payable |
-3.2 |
0.5 |
3.8 |
-1.9 |
-2.4 |
|
Other Liabilities |
-1.0 |
0.0 |
0.0 |
-0.1 |
0.3 |
|
Changes in Working Capital |
-4.6 |
-4.7 |
-1.7 |
-7.3 |
-3.1 |
|
Cash from Operating Activities |
69.4 |
75.4 |
63.5 |
34.4 |
46.8 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-6.0 |
-21.5 |
-22.1 |
-6.7 |
-13.3 |
|
Capital Expenditures |
-6.0 |
-21.5 |
-22.1 |
-6.7 |
-13.3 |
|
Sale/Maturity of Investment |
97.0 |
203.3 |
239.2 |
158.7 |
175.2 |
|
Purchase of Investments |
-105.6 |
-173.7 |
-238.5 |
-174.2 |
-172.1 |
|
Other Investing Cash Flow |
0.0 |
0.0 |
0.2 |
0.4 |
0.0 |
|
Other Investing Cash Flow Items, Total |
-8.6 |
29.6 |
0.8 |
-15.1 |
3.1 |
|
Cash from Investing Activities |
-14.6 |
8.1 |
-21.3 |
-21.8 |
-10.2 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
0.0 |
5.3 |
0.4 |
0.0 |
-1.5 |
|
Financing Cash Flow Items |
0.0 |
5.3 |
0.4 |
0.0 |
-1.5 |
|
Cash Dividends Paid - Common |
-62.2 |
-56.3 |
-40.9 |
-32.4 |
-34.3 |
|
Total Cash Dividends Paid |
-62.2 |
-56.3 |
-40.9 |
-32.4 |
-34.3 |
|
Short Term Debt Issued |
- |
- |
6.5 |
- |
- |
|
Short Term Debt
Reduction |
-1.6 |
-2.3 |
- |
-0.2 |
-3.1 |
|
Short Term Debt, Net |
-3.6 |
-0.3 |
6.5 |
-0.2 |
-3.1 |
|
Issuance (Retirement) of Debt, Net |
-3.6 |
-0.3 |
6.5 |
-0.2 |
-3.1 |
|
Cash from Financing Activities |
-65.8 |
-51.3 |
-34.0 |
-32.6 |
-38.9 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.3 |
0.0 |
-0.3 |
-0.2 |
0.1 |
|
Net Change in Cash |
-11.3 |
32.1 |
8.0 |
-20.3 |
-2.2 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
54.0 |
22.3 |
12.8 |
32.5 |
36.4 |
|
Net Cash - Ending Balance |
42.7 |
54.4 |
20.8 |
12.2 |
34.1 |
|
Cash Interest Paid |
0.1 |
0.1 |
0.0 |
0.0 |
0.2 |
|
Cash Taxes Paid |
13.9 |
12.6 |
6.2 |
9.6 |
14.0 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
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) |
29.57962 |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte & Touche
LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Sales |
277.2 |
303.9 |
262.8 |
162.0 |
268.8 |
|
Other Income |
3.9 |
4.4 |
3.4 |
2.7 |
3.5 |
|
Total Revenue |
281.1 |
308.3 |
266.2 |
164.7 |
272.3 |
|
|
|
|
|
|
|
|
Cost of Sales |
198.2 |
214.3 |
185.1 |
113.4 |
208.7 |
|
Research and Development Expenses |
2.4 |
2.0 |
1.9 |
1.5 |
1.4 |
|
Selling Expenses |
4.9 |
5.2 |
5.9 |
5.1 |
5.0 |
|
General and Administrative Expenses |
4.0 |
5.0 |
4.4 |
2.9 |
5.5 |
|
Impairment Loss on Assets |
- |
- |
- |
- |
0.8 |
|
Gain on Recovery of Bad Debts |
0.0 |
-0.8 |
- |
- |
- |
|
Total Operating Expense |
209.4 |
225.7 |
197.4 |
122.9 |
221.4 |
|
|
|
|
|
|
|
|
Interest Income |
0.9 |
0.8 |
0.6 |
0.5 |
1.3 |
|
Gain on Equity Investment |
2.7 |
4.1 |
2.1 |
2.1 |
2.5 |
|
Gain on Disposal of Investment |
- |
- |
- |
- |
0.6 |
|
Revaluation Gain on Fin. Liabilities |
0.0 |
0.0 |
- |
- |
- |
|
G/L on Financial Assets Revaluation |
0.5 |
0.0 |
0.3 |
0.8 |
-1.5 |
|
Gain/Loss on Foreign Exchange |
-0.2 |
-0.3 |
-0.4 |
-0.1 |
0.0 |
|
Miscellaneous Income |
2.0 |
3.1 |
1.2 |
2.0 |
3.4 |
|
Interest Expenses |
-0.1 |
-0.1 |
0.0 |
0.0 |
-0.2 |
|
Revaluation Loss on Fin. Liabilities |
- |
0.0 |
0.0 |
0.0 |
- |
|
Revaluation Loss on Financial Assets |
0.0 |
-0.3 |
- |
- |
- |
|
Miscellaneous Disbursements |
0.0 |
-0.2 |
-1.4 |
-0.1 |
-0.1 |
|
Net Income Before Taxes |
77.5 |
89.9 |
71.2 |
47.0 |
57.0 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
10.7 |
13.5 |
10.4 |
7.7 |
11.2 |
|
Net Income After Taxes |
66.8 |
76.5 |
60.8 |
39.3 |
45.8 |
|
|
|
|
|
|
|
|
Minority Interest |
-0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Income Before Extra. Items |
66.7 |
76.4 |
60.8 |
39.3 |
45.8 |
|
Net Income |
66.7 |
76.4 |
60.8 |
39.3 |
45.8 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
66.7 |
76.4 |
60.8 |
39.3 |
45.8 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
66.7 |
76.4 |
60.8 |
39.3 |
45.8 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
230.1 |
230.1 |
230.0 |
230.0 |
230.0 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.29 |
0.33 |
0.26 |
0.17 |
0.20 |
|
Basic EPS Including ExtraOrdinary Items |
0.29 |
0.33 |
0.26 |
0.17 |
0.20 |
|
Dilution Adjustment |
- |
- |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
66.7 |
76.4 |
60.8 |
39.3 |
45.8 |
|
Diluted Weighted Average Shares |
231.3 |
231.4 |
231.2 |
231.5 |
231.9 |
|
Diluted EPS Excluding ExtraOrd Items |
0.29 |
0.33 |
0.26 |
0.17 |
0.20 |
|
Diluted EPS Including ExtraOrd Items |
0.29 |
0.33 |
0.26 |
0.17 |
0.20 |
|
DPS-Common Stock |
0.25 |
0.27 |
0.23 |
0.17 |
0.15 |
|
Gross Dividends - Common Stock |
59.3 |
64.5 |
54.2 |
40.2 |
34.9 |
|
Normalized Income Before Taxes |
77.5 |
89.9 |
71.2 |
47.0 |
57.8 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
10.7 |
13.5 |
10.4 |
7.7 |
11.4 |
|
Normalized Income After Taxes |
66.8 |
76.5 |
60.8 |
39.3 |
46.4 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
66.7 |
76.4 |
60.8 |
39.3 |
46.4 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.29 |
0.33 |
0.26 |
0.17 |
0.20 |
|
Diluted Normalized EPS |
0.29 |
0.33 |
0.26 |
0.17 |
0.20 |
|
Interest Expense, Supplemental |
0.1 |
0.1 |
0.0 |
0.0 |
0.2 |
|
Research and Development Expenses |
2.4 |
2.0 |
1.9 |
1.5 |
1.4 |
|
Depreciation- Operating Cost |
7.1 |
5.9 |
4.7 |
3.1 |
2.8 |
|
Depreciation- Operating Expense |
0.4 |
0.3 |
0.4 |
0.4 |
0.4 |
|
Current Tax |
11.1 |
12.7 |
10.4 |
8.7 |
11.9 |
|
Current Tax - Total |
11.1 |
12.7 |
10.4 |
8.7 |
11.9 |
|
Deferred Tax |
0.0 |
0.4 |
0.4 |
0.0 |
-0.4 |
|
Deferred Tax - Total |
0.0 |
0.4 |
0.4 |
0.0 |
-0.4 |
|
Other Tax |
-0.4 |
0.4 |
-0.4 |
-0.9 |
-0.2 |
|
Income Tax - Total |
10.7 |
13.5 |
10.4 |
7.7 |
11.2 |
|
Service Cost |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Interest Cost |
0.2 |
0.1 |
0.1 |
0.2 |
0.1 |
|
Expected Return on Plan Assets |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Amortization of Unrecognized Cost |
-0.3 |
-0.4 |
0.1 |
0.1 |
0.1 |
|
Domestic Pension Plan Expense |
0.0 |
-0.1 |
0.4 |
0.4 |
0.4 |
|
Prov. for Defined Contr. Plan - Domestic |
0.1 |
0.1 |
0.0 |
0.0 |
0.4 |
|
Total Pension Expense |
0.1 |
0.0 |
0.4 |
0.4 |
0.7 |
|
Discount Rate |
1.88% |
2.00% |
2.00% |
2.00% |
2.75% |
|
Rate of Compensation Increase |
3.00% |
3.00% |
3.00% |
3.00% |
3.25% |
|
Expected Rate of Return on Plan Assets |
1.88% |
2.00% |
2.00% |
2.00% |
2.75% |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate |
29.011999 |
30.279 |
29.1565 |
31.985 |
32.818 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash and Cash Equivalent |
43.6 |
52.8 |
22.5 |
12.6 |
32.8 |
|
Financial Asset at Fair Value, Current |
39.5 |
27.4 |
56.7 |
49.6 |
36.4 |
|
Financial Assets for Trading- Current |
4.7 |
3.0 |
4.0 |
3.5 |
2.2 |
|
Financial Assets Held to Maturity- Curre |
0.9 |
2.8 |
0.0 |
4.7 |
3.7 |
|
Note Receivables |
0.5 |
0.9 |
0.2 |
0.3 |
0.9 |
|
Account Receivables |
16.4 |
16.8 |
21.2 |
14.2 |
8.2 |
|
Doubtful Accounts |
-0.5 |
-0.5 |
-1.3 |
-1.0 |
-0.8 |
|
Accounts Receivable - Related Parties |
6.4 |
4.7 |
4.9 |
4.6 |
1.7 |
|
Other Receivables |
1.4 |
0.6 |
0.5 |
0.5 |
5.6 |
|
Finished Goods |
9.7 |
9.7 |
4.3 |
4.1 |
3.5 |
|
Work in Progress |
1.7 |
1.3 |
1.2 |
1.1 |
0.7 |
|
Raw Material |
0.2 |
2.1 |
0.3 |
0.2 |
0.3 |
|
Supplies |
1.3 |
1.2 |
0.9 |
0.4 |
0.8 |
|
Merchandise |
0.0 |
0.3 |
1.7 |
0.5 |
0.1 |
|
Consignment Goods |
- |
- |
- |
0.1 |
0.0 |
|
Provision for Inventory |
- |
- |
- |
- |
-0.2 |
|
Deferred Tax Assets |
0.5 |
0.3 |
0.3 |
0.4 |
0.2 |
|
Other Current Assets |
0.9 |
2.0 |
1.8 |
4.4 |
3.4 |
|
Total Current Assets |
127.2 |
125.4 |
119.1 |
100.3 |
99.5 |
|
|
|
|
|
|
|
|
Financial Assets At Fair Value- Non-Curr |
- |
- |
- |
- |
0.0 |
|
Financial Assets for Trading- Non-Curren |
- |
- |
- |
- |
0.0 |
|
Financial Assets, HTM, Non-Current |
2.8 |
0.8 |
4.1 |
1.6 |
1.5 |
|
Financial Assets At Cost- Non-Current |
5.7 |
6.8 |
7.3 |
6.2 |
5.6 |
|
Bond Investment - Inactive Market |
5.4 |
4.3 |
4.1 |
3.1 |
- |
|
Long Term Equity Investments |
44.5 |
42.4 |
42.7 |
36.5 |
27.0 |
|
Land |
3.6 |
3.5 |
3.6 |
3.3 |
3.3 |
|
Buildings and Structures |
12.8 |
12.2 |
10.2 |
7.5 |
6.7 |
|
Machinery and Equipment |
96.8 |
90.5 |
84.0 |
66.4 |
59.8 |
|
Transportation Equipment |
2.7 |
2.2 |
1.9 |
1.0 |
0.8 |
|
Other Facilities |
2.4 |
2.1 |
1.5 |
1.3 |
1.2 |
|
Accumulated Depreciation |
-77.8 |
-67.6 |
-69.6 |
-61.4 |
-56.9 |
|
Constrn In Prog & Prepyts for Equipment |
12.6 |
9.5 |
10.1 |
15.8 |
14.8 |
|
Deferred Pension Cost |
0.0 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Assets for Lease |
20.2 |
19.4 |
20.1 |
3.1 |
3.0 |
|
Accm. Depr. - Lease Asset, Related Party |
-0.6 |
-0.6 |
-0.6 |
-0.6 |
-0.6 |
|
Accm. Depr. - Lease Assets,Non-Related |
-0.6 |
-0.6 |
-0.5 |
-0.4 |
-0.4 |
|
Accm. Impairment - Lease Asset |
-0.3 |
-0.3 |
-0.5 |
-0.5 |
-0.5 |
|
Security Deposits Paid |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Deferred Tax Assets - Long Term |
0.4 |
0.5 |
0.9 |
1.1 |
1.3 |
|
Other Assets |
0.0 |
0.0 |
0.0 |
0.4 |
0.5 |
|
Total Assets |
257.6 |
250.7 |
238.5 |
184.8 |
166.7 |
|
|
|
|
|
|
|
|
Short Term Borrowings |
3.1 |
4.5 |
7.0 |
0.0 |
0.2 |
|
Short Term Notes & Bills Payable |
0.0 |
2.0 |
0.0 |
- |
- |
|
Financial Liabilities-Fair Value,Current |
0.0 |
0.0 |
0.0 |
- |
- |
|
Accounts Payable |
0.8 |
0.9 |
0.9 |
0.7 |
0.5 |
|
Accounts Payable - Related Parties |
10.4 |
9.0 |
8.5 |
10.4 |
9.0 |
|
Taxes Payable |
5.0 |
7.9 |
7.7 |
3.3 |
5.1 |
|
Accrued Expenses |
9.5 |
9.7 |
8.6 |
6.7 |
7.5 |
|
Other Liabilities |
1.3 |
2.0 |
4.2 |
0.9 |
1.7 |
|
Total Current Liabilities |
30.1 |
35.9 |
36.9 |
22.0 |
24.1 |
|
|
|
|
|
|
|
|
Accrued Pension Liabilities |
2.5 |
3.5 |
3.4 |
1.7 |
2.1 |
|
Security Deposits Received |
- |
- |
- |
- |
0.0 |
|
Minority Interest |
5.2 |
4.9 |
0.0 |
0.0 |
0.0 |
|
Total Liabilities |
37.8 |
44.2 |
40.3 |
23.7 |
26.2 |
|
|
|
|
|
|
|
|
Common Stock |
81.7 |
78.2 |
81.3 |
74.1 |
72.2 |
|
Additional Paid in Capital |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Treasury Stock Transaction |
13.0 |
10.7 |
9.2 |
6.9 |
5.7 |
|
Capital Surplus - LT Equity Investment |
3.8 |
3.6 |
3.3 |
3.0 |
2.9 |
|
Legal Reserve |
52.7 |
43.1 |
38.2 |
30.8 |
25.6 |
|
Special Reserve |
8.3 |
3.3 |
3.4 |
9.4 |
0.0 |
|
Retained Earning |
70.6 |
77.2 |
68.1 |
41.5 |
48.1 |
|
Unrealised Profit of Financial Products |
-2.1 |
-2.1 |
2.2 |
0.4 |
-9.4 |
|
Translation Adjustment |
-1.4 |
-0.7 |
-1.0 |
-0.1 |
0.3 |
|
Net Loss Not Recognized as Pension Cost |
-1.7 |
-1.9 |
-1.3 |
0.0 |
-0.1 |
|
Treasury Stock |
-5.2 |
-5.0 |
-5.2 |
-4.8 |
-4.7 |
|
Total Equity |
219.8 |
206.4 |
198.2 |
161.1 |
140.5 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
257.6 |
250.7 |
238.5 |
184.8 |
166.7 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
230.1 |
230.1 |
230.1 |
230.0 |
230.0 |
|
Total Common Shares Outstanding |
230.1 |
230.1 |
230.1 |
230.0 |
230.0 |
|
T/S-Common Stock |
6.8 |
6.8 |
6.8 |
6.9 |
6.9 |
|
Full-Time Employees |
154 |
145 |
131 |
127 |
128 |
|
Shareholders |
- |
22,385 |
18,783 |
19,995 |
22,971 |
|
Accumulated Benefit Obligation |
5.3 |
5.1 |
4.8 |
3.9 |
3.7 |
|
Benefit Obligation |
7.9 |
7.8 |
7.4 |
6.2 |
5.9 |
|
Fair Value of Plan Assets |
3.1 |
2.6 |
2.9 |
2.6 |
2.4 |
|
Funded Status |
-4.8 |
-5.2 |
-4.5 |
-3.6 |
-3.5 |
|
Total Funded Status |
-4.8 |
-5.2 |
-4.5 |
-3.6 |
-3.5 |
|
Discount Rate |
1.88% |
2.00% |
2.00% |
2.00% |
2.75% |
|
Rate of Compensation Increase |
3.00% |
3.00% |
3.00% |
3.00% |
3.25% |
|
Expected Rate of Return on Plan Assets |
1.88% |
2.00% |
2.00% |
2.00% |
2.75% |
|
Deferred Pension Cost |
0.0 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Accrued Pension Liabilities |
-2.5 |
-3.5 |
-3.4 |
-1.7 |
-2.1 |
|
Net Assets Recognized on Balance Sheet |
-2.5 |
-3.4 |
-3.4 |
-1.7 |
-2.0 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
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) |
29.57962 |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income |
66.8 |
76.5 |
60.8 |
39.3 |
45.8 |
|
Depreciation |
7.5 |
6.2 |
5.1 |
3.5 |
3.2 |
|
Doubtful Accounts |
0.0 |
-0.8 |
0.2 |
0.2 |
-0.6 |
|
Provision for Inventory Loss |
1.3 |
0.3 |
-0.1 |
0.0 |
0.0 |
|
Unreal. Valu. G/L on Fin. Assets & Liabi |
-0.7 |
0.6 |
-0.6 |
-1.1 |
2.4 |
|
Equity Investment Gain/Loss |
-3.3 |
-4.8 |
-2.8 |
-2.3 |
-3.2 |
|
LT Equity Investment- Cash Dividends |
2.5 |
2.2 |
1.7 |
2.1 |
2.0 |
|
G/L on Disposal of Equity Investments |
0.0 |
-0.6 |
0.0 |
- |
- |
|
Deferred Income Tax |
0.0 |
0.4 |
0.4 |
0.0 |
-0.4 |
|
Gain/Loss on Valuation of Leased Assets |
- |
- |
- |
- |
0.0 |
|
Provision for Pension Fund |
- |
0.0 |
0.3 |
- |
- |
|
Other |
0.0 |
0.1 |
0.2 |
0.0 |
0.1 |
|
Gain on Disposal of Investments |
- |
- |
- |
-0.3 |
-0.7 |
|
Impairment Loss on Assets |
- |
- |
- |
0.2 |
1.3 |
|
Financial Assets for Trading |
-2.6 |
-3.2 |
0.1 |
-0.6 |
-1.5 |
|
Notes Receivable |
0.5 |
-0.8 |
0.1 |
- |
- |
|
Accounts Receivable |
1.0 |
3.7 |
-5.3 |
- |
- |
|
Accounts Receivable-Related Parties |
-1.5 |
0.0 |
0.2 |
- |
- |
|
Note/Account Receivables |
- |
- |
- |
-7.9 |
5.6 |
|
Other Receivables |
0.0 |
-0.1 |
-0.1 |
4.9 |
-4.8 |
|
Inventories |
1.0 |
-6.8 |
-1.0 |
-1.2 |
-1.6 |
|
Other Current Asset |
1.1 |
-0.3 |
1.8 |
-0.1 |
-2.3 |
|
Accounts Payable |
-0.1 |
0.0 |
0.2 |
1.2 |
1.1 |
|
Accounts Payable,Related Parties |
1.0 |
0.8 |
-2.6 |
- |
- |
|
Tax Payable |
-3.2 |
0.5 |
3.8 |
-1.9 |
-2.4 |
|
Accrued Expenses |
-0.8 |
1.5 |
1.2 |
- |
- |
|
Accrued Expenses and Other Liabilties |
- |
- |
- |
-1.8 |
2.4 |
|
Other Liabilities |
-0.3 |
0.4 |
0.0 |
- |
- |
|
Accrued Pension Liabilities |
-0.7 |
-0.4 |
0.0 |
-0.1 |
0.3 |
|
Cash from Operating Activities |
69.4 |
75.4 |
63.5 |
34.4 |
46.8 |
|
|
|
|
|
|
|
|
Purchase of Financial Assets- Fair Value |
-101.4 |
-171.1 |
-231.7 |
-132.5 |
-144.2 |
|
Financial Assets-Fair Value Decrease |
94.0 |
201.6 |
230.8 |
122.2 |
148.4 |
|
Financial Assets for Trading- Increase |
-0.5 |
- |
- |
0.0 |
-0.1 |
|
Financial Assets for Trading- Decrease |
- |
- |
- |
0.0 |
1.2 |
|
Purchase of Fin. Assets-Held to Maturity |
-2.8 |
-0.3 |
-2.5 |
-37.0 |
-26.8 |
|
Fin. Assets-Held to Maturity Decrease |
2.0 |
0.6 |
3.7 |
36.1 |
24.6 |
|
Maturity of Financial Assets HTM |
- |
0.0 |
1.3 |
- |
- |
|
Capital Reduction of LT Equity Invest. |
- |
0.0 |
0.2 |
0.4 |
- |
|
Increase in LT Equity Investments |
0.0 |
-1.9 |
- |
0.0 |
-0.1 |
|
Sale/Maturity of LT Equity Investments |
0.2 |
0.9 |
- |
0.1 |
0.0 |
|
Prepaid Fncl. Assets |
- |
- |
- |
-0.9 |
- |
|
Purchase of Financial Assets-Cost Method |
- |
0.0 |
-0.6 |
-0.8 |
-0.9 |
|
Disposal of Financial Assets-Cost Method |
0.0 |
0.0 |
0.1 |
0.3 |
1.0 |
|
Reduction of Fncl. Assets- Cost Method |
0.2 |
0.1 |
0.1 |
0.0 |
0.0 |
|
Disposal of Financial Assets for Sale |
0.7 |
0.0 |
0.0 |
- |
- |
|
Purchase of Bond Investment, Non-active |
-0.9 |
-0.3 |
-3.8 |
-3.0 |
- |
|
Capital Expenditure |
-6.0 |
-21.5 |
-22.1 |
-6.7 |
-13.3 |
|
Other Cash Flow from Investing Activitie |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Disposal of Bond Investment, Non-active |
- |
0.0 |
3.2 |
- |
- |
|
Cash from Investing Activities |
-14.6 |
8.1 |
-21.3 |
-21.8 |
-10.2 |
|
|
|
|
|
|
|
|
Decrease of ST Debt |
- |
- |
- |
-0.2 |
-3.1 |
|
Short Term Borrowings Increase |
- |
- |
6.5 |
- |
- |
|
Short Term Borrowings Decrease |
-1.6 |
-2.3 |
- |
- |
- |
|
Short Term Notes&Bills Payable Increase |
-2.0 |
2.0 |
0.0 |
- |
- |
|
Cash Dividend - Common Stock |
-62.2 |
-56.3 |
-40.9 |
-32.4 |
-34.3 |
|
Employees Bonus |
- |
- |
- |
0.0 |
-1.1 |
|
Minority Interest |
0.0 |
5.0 |
0.0 |
- |
- |
|
Directors' Remuneration |
- |
- |
- |
0.0 |
-0.4 |
|
Other Cash Flow from Financing Activitie |
- |
0.3 |
0.4 |
0.0 |
0.1 |
|
Others |
- |
- |
- |
0.0 |
0.0 |
|
Cash from Financing Activities |
-65.8 |
-51.3 |
-34.0 |
-32.6 |
-38.9 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.3 |
0.0 |
-0.3 |
-0.2 |
0.1 |
|
Net Change in Cash |
-11.3 |
32.1 |
8.0 |
-20.3 |
-2.2 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
54.0 |
22.3 |
12.8 |
32.5 |
36.4 |
|
Net Cash - Ending Balance |
42.7 |
54.4 |
20.8 |
12.2 |
34.1 |
|
Cash Interest Paid |
0.1 |
0.1 |
0.0 |
0.0 |
0.2 |
|
Cash Taxes Paid |
13.9 |
12.6 |
6.2 |
9.6 |
14.0 |
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.59.70 |
|
UK Pound |
1 |
Rs.92.25 |
|
Euro |
1 |
Rs.78.38 |
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 |
|
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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.