|
Report Date : |
28.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
KAO FONG MACHINERY CO. LTD |
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|
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Registered Office : |
No.2, Lane 128, Sec.1, |
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Country : |
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|
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|
Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
03.02.1979 |
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Legal Form : |
Public Independent |
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Line of Business : |
Subject engaged in the manufacture and distribution of machine tools and machinery equipment. |
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No. of Employees : |
263 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
Slow but correct |
|
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 |
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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 4.0%. 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
Source
: CIA
Kao Fong Machinery
Co. Ltd
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Business
Description
|
KAO FONG MACHINERY CO., LTD is principally engaged in the manufacture and
distribution of machine tools and machinery equipment. The Company's products
consist of vertical machining centers, horizontal machining centers,
numerical control (NC) milling machines, as well as bridge machining centers.
The Company's products are used for processing of precision metal components,
molds, semiconductor equipment and others. The Company distributes its
products in domestic market and to overseas markets, including the rest of
Asia, the Americas and Europe. For the three months ended 31 March 2013, Kao
Fong Machinery Co. Ltd revenues increased 10% to NT$400.1M. Net income
increased from NT$1.1M to NT$11.7M. Revenues reflect an increase in demand
for the Company's products and services due to favorable market conditions.
Net income benefited from Interest Expense decrease of 16% to NT$3.5M
(expense), Miscellaneous Income increase of 11% to NT$257K (income). |
Industry
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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: |
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US SIC 1987: |
Key Executives
|
Significant
Developments
|
Financial Summary
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Stock Snapshot
|
1 - Profit &
Loss Item Exchange Rate: USD 1 = TWD 29.57962
2 - Balance Sheet Item Exchange Rate: USD 1 = TWD 29.012
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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-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 |
Updated 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 |
Crowe Horwath (TW) CPAs |
First United CPA
Office |
First United CPA
Office |
First United CPA
Office |
First United CPA
Office |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Gross Revenue |
50.8 |
58.8 |
44.8 |
17.3 |
29.5 |
|
Sales Returns and Allowances |
-0.5 |
-0.4 |
0.0 |
-0.1 |
-0.3 |
|
Revenue |
50.2 |
58.4 |
44.7 |
17.2 |
29.1 |
|
Total Revenue |
50.2 |
58.4 |
44.7 |
17.2 |
29.1 |
|
|
|
|
|
|
|
|
Cost of Revenue |
41.7 |
48.3 |
35.6 |
15.9 |
23.9 |
|
Cost of Revenue, Total |
41.7 |
48.3 |
35.6 |
15.9 |
23.9 |
|
Gross Profit |
8.6 |
10.1 |
9.1 |
1.3 |
5.2 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
6.6 |
6.7 |
4.7 |
2.8 |
3.1 |
|
Total Selling/General/Administrative Expenses |
6.6 |
6.7 |
4.7 |
2.8 |
3.1 |
|
Research & Development |
0.7 |
0.5 |
0.4 |
0.4 |
0.5 |
|
Impairment-Assets Held for Sale |
- |
0.0 |
0.0 |
0.3 |
0.7 |
|
Unusual Expense (Income) |
- |
0.0 |
0.0 |
0.3 |
0.7 |
|
Other, Net |
0.0 |
0.0 |
- |
- |
- |
|
Other Operating Expenses, Total |
0.0 |
0.0 |
- |
- |
- |
|
Total Operating Expense |
49.0 |
55.5 |
40.7 |
19.5 |
28.1 |
|
|
|
|
|
|
|
|
Operating Income |
1.2 |
2.9 |
4.0 |
-2.3 |
1.0 |
|
|
|
|
|
|
|
|
Interest Expense - Non-Operating |
-0.5 |
-0.5 |
-0.3 |
-0.6 |
-0.7 |
|
Interest Expense, Net Non-Operating |
-0.5 |
-0.5 |
-0.3 |
-0.6 |
-0.7 |
|
Interest Income -
Non-Operating |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Investment Income -
Non-Operating |
-0.1 |
0.2 |
-0.1 |
0.0 |
-1.0 |
|
Interest/Investment Income - Non-Operating |
-0.1 |
0.2 |
-0.1 |
0.0 |
-1.0 |
|
Interest Income (Expense) - Net Non-Operating Total |
-0.5 |
-0.3 |
-0.4 |
-0.6 |
-1.7 |
|
Gain (Loss) on Sale of Assets |
0.0 |
0.0 |
0.0 |
1.2 |
0.0 |
|
Other Non-Operating Income (Expense) |
0.2 |
0.2 |
0.1 |
0.1 |
0.2 |
|
Other, Net |
0.2 |
0.2 |
0.1 |
0.1 |
0.2 |
|
Income Before Tax |
0.9 |
2.7 |
3.7 |
-1.5 |
-0.6 |
|
|
|
|
|
|
|
|
Total Income Tax |
0.3 |
0.5 |
0.9 |
-0.6 |
0.3 |
|
Income After Tax |
0.6 |
2.2 |
2.9 |
-0.9 |
-0.9 |
|
|
|
|
|
|
|
|
Net Income Before Extraord Items |
0.6 |
2.2 |
2.9 |
-0.9 |
-0.9 |
|
Net Income |
0.6 |
2.2 |
2.9 |
-0.9 |
-0.9 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord
Items |
0.6 |
2.2 |
2.9 |
-0.9 |
-0.9 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
0.6 |
2.2 |
2.9 |
-0.9 |
-0.9 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
86.8 |
86.8 |
86.8 |
86.8 |
87.1 |
|
Basic EPS Excl Extraord Items |
0.01 |
0.03 |
0.03 |
-0.01 |
-0.01 |
|
Basic/Primary EPS Incl Extraord
Items |
0.01 |
0.03 |
0.03 |
-0.01 |
-0.01 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
0.6 |
2.2 |
2.9 |
-0.9 |
-0.9 |
|
Diluted Weighted Average Shares |
86.8 |
86.8 |
86.8 |
86.8 |
87.1 |
|
Diluted EPS Excl Extraord Items |
0.01 |
0.03 |
0.03 |
-0.01 |
-0.01 |
|
Diluted EPS Incl Extraord
Items |
0.01 |
0.03 |
0.03 |
-0.01 |
-0.01 |
|
Dividends per Share - Common Stock Primary Issue |
0.01 |
0.02 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.6 |
1.4 |
0.0 |
0.0 |
0.0 |
|
Interest Expense, Supplemental |
0.5 |
0.5 |
0.3 |
0.6 |
0.7 |
|
Interest Capitalized, Supplemental |
0.0 |
0.0 |
0.0 |
0.0 |
-0.1 |
|
Depreciation, Supplemental |
1.1 |
1.1 |
1.1 |
1.0 |
1.0 |
|
Total Special Items |
0.0 |
0.0 |
0.0 |
-0.9 |
0.7 |
|
Normalized Income Before Tax |
0.9 |
2.7 |
3.8 |
-2.4 |
0.1 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.0 |
0.0 |
0.0 |
-0.3 |
0.2 |
|
Inc Tax Ex Impact of Sp Items |
0.3 |
0.5 |
0.9 |
-0.9 |
0.5 |
|
Normalized Income After Tax |
0.6 |
2.2 |
2.9 |
-1.5 |
-0.4 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
0.6 |
2.2 |
2.9 |
-1.5 |
-0.4 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.01 |
0.03 |
0.03 |
-0.02 |
0.00 |
|
Diluted Normalized EPS |
0.01 |
0.03 |
0.03 |
-0.02 |
0.00 |
|
Research & Development Exp, Supplemental |
0.7 |
0.5 |
0.4 |
0.4 |
0.5 |
|
Normalized EBIT |
1.2 |
2.9 |
4.0 |
-1.9 |
1.7 |
|
Normalized EBITDA |
2.4 |
4.0 |
5.1 |
-0.9 |
2.7 |
|
Current Tax - Total |
0.2 |
0.5 |
- |
- |
- |
|
Current Tax - Total |
0.2 |
0.5 |
- |
- |
- |
|
Other Tax |
0.1 |
0.0 |
- |
- |
- |
|
Income Tax - Total |
0.3 |
0.5 |
- |
- |
- |
|
Interest Cost - Domestic |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Service Cost - Domestic |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Expected Return on Assets - Domestic |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Actuarial Gains and Losses - Domestic |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Transition Costs - Domestic |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Domestic Pension Plan Expense |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Defined Contribution Expense - Domestic |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Total Pension Expense |
0.2 |
0.2 |
0.1 |
0.1 |
0.1 |
|
Discount Rate - Domestic |
1.60% |
1.80% |
2.00% |
2.50% |
2.50% |
|
Expected Rate of Return - Domestic |
1.60% |
1.80% |
2.00% |
2.50% |
2.50% |
|
Compensation Rate - Domestic |
2.50% |
2.50% |
2.50% |
2.50% |
2.50% |
|
Total Plan Interest Cost |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Plan Service Cost |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Plan Expected Return |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
|
|
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 |
Updated 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 |
Crowe Horwath (TW) CPAs |
First United CPA
Office |
First United CPA
Office |
First United CPA
Office |
First United CPA
Office |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Equivalents |
3.5 |
5.5 |
2.8 |
4.2 |
2.4 |
|
Short Term Investments |
3.4 |
2.4 |
3.1 |
5.0 |
2.9 |
|
Cash and Short Term Investments |
6.9 |
7.9 |
5.9 |
9.2 |
5.2 |
|
Accounts Receivable -
Trade, Gross |
9.1 |
6.3 |
5.6 |
1.3 |
0.9 |
|
Provision for Doubtful
Accounts |
-0.1 |
-0.1 |
-0.1 |
0.0 |
0.0 |
|
Trade Accounts Receivable - Net |
9.2 |
6.6 |
5.6 |
1.2 |
0.9 |
|
Notes Receivable - Short Term |
2.9 |
2.5 |
1.8 |
1.0 |
2.9 |
|
Total Receivables, Net |
12.1 |
9.1 |
7.4 |
2.3 |
3.8 |
|
Inventories - Finished Goods |
2.1 |
2.4 |
2.0 |
1.3 |
2.7 |
|
Inventories - Work In Progress |
5.6 |
4.8 |
3.4 |
1.9 |
2.7 |
|
Inventories - Raw Materials |
11.5 |
17.1 |
9.6 |
6.4 |
8.3 |
|
Inventories - Other |
-0.8 |
-0.8 |
-0.8 |
-1.2 |
-0.8 |
|
Total Inventory |
18.3 |
23.6 |
14.2 |
8.4 |
12.8 |
|
Other Current Assets |
1.6 |
1.3 |
1.4 |
0.8 |
0.8 |
|
Other Current Assets, Total |
1.6 |
1.3 |
1.4 |
0.8 |
0.8 |
|
Total Current Assets |
38.9 |
41.8 |
28.8 |
20.7 |
22.7 |
|
|
|
|
|
|
|
|
Buildings |
28.6 |
27.4 |
28.4 |
25.9 |
19.2 |
|
Land/Improvements |
- |
- |
- |
- |
0.0 |
|
Machinery/Equipment |
7.2 |
7.1 |
7.1 |
6.7 |
7.0 |
|
Construction in
Progress |
1.7 |
0.9 |
0.9 |
0.0 |
5.7 |
|
Other
Property/Plant/Equipment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Property/Plant/Equipment - Gross |
37.5 |
35.4 |
36.4 |
32.6 |
31.9 |
|
Accumulated Depreciation |
-8.1 |
-6.8 |
-6.0 |
-4.6 |
-4.3 |
|
Property/Plant/Equipment - Net |
29.5 |
28.6 |
30.4 |
28.0 |
27.5 |
|
LT Investment - Affiliate Companies |
0.3 |
0.3 |
0.3 |
0.0 |
0.1 |
|
LT Investments - Other |
2.9 |
2.7 |
3.2 |
3.2 |
3.6 |
|
Long Term Investments |
3.1 |
3.0 |
3.4 |
3.2 |
3.6 |
|
Note Receivable - Long Term |
0.0 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Deferred Charges |
0.3 |
0.2 |
0.2 |
0.2 |
0.1 |
|
Pension Benefits - Overfunded |
- |
0.0 |
0.0 |
- |
- |
|
Deferred Income Tax - Long Term Asset |
0.4 |
0.3 |
0.7 |
1.5 |
0.9 |
|
Other Long Term Assets |
0.1 |
0.1 |
0.1 |
0.3 |
12.8 |
|
Other Long Term Assets, Total |
0.8 |
0.5 |
1.0 |
2.0 |
13.9 |
|
Total Assets |
72.3 |
74.0 |
63.7 |
53.9 |
67.9 |
|
|
|
|
|
|
|
|
Accounts Payable |
6.0 |
6.4 |
6.1 |
2.9 |
1.7 |
|
Accrued Expenses |
1.5 |
1.5 |
1.1 |
0.6 |
0.6 |
|
Notes Payable/Short Term Debt |
7.0 |
10.4 |
6.0 |
3.2 |
10.4 |
|
Current Portion - Long Term Debt/Capital Leases |
2.6 |
0.3 |
0.3 |
0.4 |
0.9 |
|
Customer Advances |
0.5 |
0.4 |
0.7 |
0.4 |
0.2 |
|
Income Taxes Payable |
0.1 |
0.0 |
0.0 |
- |
0.0 |
|
Other Payables |
0.1 |
0.0 |
0.1 |
0.1 |
0.2 |
|
Other Current Liabilities |
0.1 |
0.1 |
0.1 |
0.0 |
0.0 |
|
Other Current liabilities, Total |
0.8 |
0.6 |
1.0 |
0.5 |
0.4 |
|
Total Current Liabilities |
17.9 |
19.3 |
14.5 |
7.6 |
13.8 |
|
|
|
|
|
|
|
|
Long Term Debt |
15.2 |
17.4 |
12.3 |
15.5 |
21.6 |
|
Total Long Term Debt |
15.2 |
17.4 |
12.3 |
15.5 |
21.6 |
|
Total Debt |
24.7 |
28.2 |
18.6 |
19.2 |
32.8 |
|
|
|
|
|
|
|
|
Reserves |
- |
- |
- |
0.0 |
0.7 |
|
Pension Benefits - Underfunded |
0.5 |
0.4 |
0.4 |
0.3 |
0.2 |
|
Other Long Term Liabilities |
0.0 |
0.0 |
- |
- |
- |
|
Other Liabilities, Total |
0.5 |
0.4 |
0.4 |
0.3 |
1.0 |
|
Total Liabilities |
33.5 |
37.1 |
27.2 |
23.4 |
36.4 |
|
|
|
|
|
|
|
|
Common Stock |
29.9 |
27.8 |
30.2 |
27.6 |
26.9 |
|
Common Stock |
29.9 |
27.8 |
30.2 |
27.6 |
26.9 |
|
Additional Paid-In Capital |
6.5 |
7.1 |
7.7 |
8.0 |
8.4 |
|
Retained Earnings (Accumulated Deficit) |
4.6 |
5.1 |
3.1 |
-1.0 |
-0.6 |
|
Treasury Stock - Common |
- |
0.0 |
-1.7 |
-1.6 |
-1.5 |
|
Unrealized Gain (Loss) |
-2.5 |
-3.6 |
-2.9 |
-2.9 |
-2.1 |
|
Translation Adjustment |
0.4 |
0.5 |
0.1 |
0.3 |
0.4 |
|
Minimum Pension Liability Adjustment |
-0.1 |
-0.1 |
0.0 |
- |
- |
|
Other Equity, Total |
0.2 |
0.4 |
0.1 |
0.3 |
0.4 |
|
Total Equity |
38.7 |
36.8 |
36.6 |
30.5 |
31.5 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’
Equity |
72.3 |
74.0 |
63.7 |
53.9 |
67.9 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
86.8 |
86.8 |
86.8 |
86.8 |
86.8 |
|
Total Common Shares Outstanding |
86.8 |
86.8 |
86.8 |
86.8 |
86.8 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
4.0 |
4.0 |
4.0 |
|
Employees |
263 |
247 |
186 |
123 |
131 |
|
Number of Common Shareholders |
- |
7,833 |
8,179 |
7,500 |
5,466 |
|
Deferred Revenue - Current |
0.5 |
0.4 |
0.7 |
0.4 |
0.2 |
|
Total Long Term Debt, Supplemental |
17.7 |
17.8 |
- |
- |
- |
|
Long Term Debt Maturing within 1 Year |
2.6 |
0.3 |
- |
- |
- |
|
Long Term Debt Matur. in Year 6 & Beyond |
15.2 |
17.4 |
- |
- |
- |
|
Total Operating Leases, Supplemental |
5.1 |
3.6 |
- |
- |
- |
|
Operating Lease Payments Due in Year 1 |
0.5 |
0.3 |
- |
- |
- |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
4.6 |
3.3 |
- |
- |
- |
|
Pension Obligation - Domestic |
1.2 |
1.0 |
1.0 |
0.7 |
0.7 |
|
Plan Assets - Domestic |
0.4 |
0.3 |
0.3 |
0.3 |
0.2 |
|
Funded Status - Domestic |
-0.8 |
-0.7 |
-0.7 |
-0.5 |
-0.5 |
|
Accumulated Obligation - Domestic |
0.8 |
0.7 |
0.7 |
0.5 |
0.4 |
|
Total Funded Status |
-0.8 |
-0.7 |
-0.7 |
-0.5 |
-0.5 |
|
Discount Rate - Domestic |
1.60% |
1.80% |
2.00% |
2.50% |
2.50% |
|
Expected Rate of Return - Domestic |
1.60% |
1.80% |
2.00% |
2.50% |
2.50% |
|
Compensation Rate - Domestic |
2.50% |
2.50% |
2.50% |
2.50% |
2.50% |
|
Prepaid Benefits - Domestic |
- |
0.0 |
0.0 |
- |
- |
|
Accrued Liabilities - Domestic |
-0.5 |
-0.4 |
-0.4 |
-0.3 |
-0.2 |
|
Net Assets Recognized on Balance Sheet |
-0.5 |
-0.4 |
-0.4 |
-0.3 |
-0.2 |
|
Total Plan Obligations |
1.2 |
1.0 |
1.0 |
0.7 |
0.7 |
|
Total Plan Assets |
0.4 |
0.3 |
0.3 |
0.3 |
0.2 |
|
|
|
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 |
Updated Normal |
Reclassified
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 |
Crowe Horwath (TW) CPAs |
First United CPA
Office |
First United CPA
Office |
First United CPA
Office |
First United CPA
Office |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
0.6 |
2.2 |
2.9 |
-0.9 |
-0.9 |
|
Depreciation |
1.1 |
1.1 |
1.1 |
1.0 |
1.0 |
|
Depreciation/Depletion |
1.1 |
1.1 |
1.1 |
1.0 |
1.0 |
|
Deferred Taxes |
0.2 |
0.5 |
0.8 |
-0.6 |
0.1 |
|
Unusual Items |
0.0 |
-0.1 |
-0.1 |
-0.9 |
0.7 |
|
Equity in Net Earnings (Loss) |
0.1 |
0.2 |
0.0 |
0.1 |
0.2 |
|
Other Non-Cash Items |
0.3 |
0.3 |
-0.1 |
0.4 |
0.8 |
|
Non-Cash Items |
0.4 |
0.4 |
-0.1 |
-0.3 |
1.8 |
|
Accounts Receivable |
-2.6 |
-2.0 |
-4.7 |
1.7 |
0.8 |
|
Inventories |
6.1 |
-10.2 |
-4.1 |
4.1 |
0.5 |
|
Other Assets |
-0.3 |
-0.3 |
1.5 |
-1.5 |
0.3 |
|
Accounts Payable |
-1.6 |
0.5 |
2.7 |
1.2 |
-1.6 |
|
Accrued Expenses |
-0.1 |
0.4 |
0.5 |
0.0 |
-0.1 |
|
Taxes Payable |
0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Liabilities |
0.2 |
-1.0 |
1.0 |
0.1 |
-1.6 |
|
Changes in Working Capital |
1.7 |
-12.6 |
-3.1 |
5.6 |
-1.8 |
|
Cash from Operating Activities |
4.0 |
-8.4 |
1.6 |
4.7 |
0.3 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-0.8 |
-0.3 |
-0.1 |
-0.8 |
-5.7 |
|
Capital Expenditures |
-0.8 |
-0.3 |
-0.1 |
-0.8 |
-5.7 |
|
Sale of Fixed Assets |
0.0 |
0.0 |
0.1 |
0.0 |
0.0 |
|
Sale/Maturity of Investment |
0.0 |
0.4 |
0.0 |
0.0 |
- |
|
Investment, Net |
- |
- |
- |
- |
-2.4 |
|
Purchase of Investments |
0.0 |
-0.5 |
-1.0 |
0.0 |
-2.4 |
|
Other Investing Cash Flow |
-0.2 |
0.2 |
0.8 |
11.8 |
-0.6 |
|
Other Investing Cash Flow Items, Total |
-0.2 |
0.0 |
-0.1 |
11.8 |
-5.4 |
|
Cash from Investing Activities |
-1.0 |
-0.2 |
-0.3 |
11.0 |
-11.1 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
- |
- |
- |
- |
-0.6 |
|
Financing Cash Flow Items |
- |
- |
- |
- |
-0.6 |
|
Cash Dividends Paid - Common |
-1.4 |
- |
- |
- |
-0.8 |
|
Total Cash Dividends Paid |
-1.4 |
- |
- |
- |
-0.8 |
|
Repurchase/Retirement
of Common |
- |
- |
- |
- |
-1.5 |
|
Common Stock, Net |
- |
- |
- |
- |
-1.5 |
|
Issuance (Retirement) of Stock, Net |
- |
- |
- |
- |
-1.5 |
|
Short Term Debt, Net |
-2.9 |
5.5 |
1.7 |
-7.1 |
2.9 |
|
Long Term Debt Issued |
0.0 |
18.0 |
0.0 |
0.6 |
9.2 |
|
Long Term Debt
Reduction |
-0.8 |
-12.2 |
-4.6 |
-7.5 |
-0.6 |
|
Long Term Debt, Net |
-0.8 |
5.8 |
-4.6 |
-6.9 |
8.6 |
|
Issuance (Retirement) of Debt, Net |
-3.7 |
11.3 |
-2.9 |
-14.0 |
11.5 |
|
Cash from Financing Activities |
-5.2 |
11.3 |
-2.9 |
-14.0 |
8.6 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.1 |
0.2 |
-0.1 |
0.0 |
0.5 |
|
Net Change in Cash |
-2.2 |
2.9 |
-1.7 |
1.7 |
-1.7 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
5.6 |
2.7 |
4.3 |
2.4 |
4.2 |
|
Net Cash - Ending Balance |
3.4 |
5.7 |
2.5 |
4.1 |
2.5 |
|
Cash Interest Paid |
0.5 |
0.5 |
0.3 |
0.6 |
0.7 |
|
Cash Taxes Paid |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
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 |
Updated 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 |
Crowe Horwath (TW) CPAs |
First United CPA
Office |
First United CPA
Office |
First United CPA
Office |
First United CPA
Office |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Gross Sales |
50.8 |
58.8 |
44.8 |
17.3 |
29.5 |
|
Sales Returns & Discounts |
-0.5 |
-0.3 |
0.0 |
-0.1 |
-0.3 |
|
Sales Discounts and Allowances |
0.0 |
-0.1 |
0.0 |
-0.1 |
0.0 |
|
Total Revenue |
50.2 |
58.4 |
44.7 |
17.2 |
29.1 |
|
|
|
|
|
|
|
|
Cost of Sales |
41.7 |
48.3 |
35.6 |
15.9 |
23.9 |
|
Impairment Loss |
- |
0.0 |
0.0 |
0.3 |
0.7 |
|
Real. Gain on Inter-affiliate Accounts |
0.0 |
- |
- |
- |
- |
|
Selling Expenses |
4.4 |
4.4 |
3.1 |
1.5 |
1.5 |
|
General and Administrative Expenses |
2.2 |
2.3 |
1.6 |
1.3 |
1.7 |
|
Research and Development Expenses |
0.7 |
0.5 |
0.4 |
0.4 |
0.5 |
|
Reversal of Bad Debt |
- |
- |
0.0 |
0.0 |
-0.1 |
|
Unrealised intercompany interest |
0.0 |
0.0 |
- |
- |
- |
|
Total Operating Expense |
49.0 |
55.5 |
40.7 |
19.5 |
28.1 |
|
|
|
|
|
|
|
|
Interest Income |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Investment Income |
0.1 |
0.1 |
0.2 |
0.1 |
0.2 |
|
Gains on Sale of Investments |
0.0 |
0.1 |
0.1 |
- |
- |
|
Gains on Disposal of Fixed Assets |
0.0 |
0.0 |
0.0 |
1.3 |
0.0 |
|
Gain on Foreign Exchange |
0.0 |
0.2 |
- |
0.0 |
0.1 |
|
Gain/Loss on Fin. Assets Revaluation |
0.0 |
-0.1 |
0.0 |
0.1 |
-1.1 |
|
Rent Income |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Miscellaneous Income |
0.1 |
0.0 |
0.0 |
0.0 |
0.2 |
|
Interest Expense |
-0.5 |
-0.5 |
-0.3 |
-0.6 |
-0.7 |
|
Investment Loss |
-0.1 |
-0.2 |
0.0 |
-0.1 |
-0.2 |
|
Loss on Disposal of Fixed Assets |
0.0 |
0.0 |
0.0 |
-0.1 |
0.0 |
|
Loss on Sale of Investment |
- |
- |
0.0 |
0.0 |
0.0 |
|
Foreign Exchange Losses |
-0.1 |
0.0 |
-0.3 |
0.0 |
0.0 |
|
Miscellaneous Disbursements |
0.0 |
0.0 |
0.0 |
0.0 |
-0.1 |
|
Net Income Before Taxes |
0.9 |
2.7 |
3.7 |
-1.5 |
-0.6 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
0.3 |
0.5 |
0.9 |
-0.6 |
0.3 |
|
Net Income After Taxes |
0.6 |
2.2 |
2.9 |
-0.9 |
-0.9 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
0.6 |
2.2 |
2.9 |
-0.9 |
-0.9 |
|
Net Income |
0.6 |
2.2 |
2.9 |
-0.9 |
-0.9 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
0.6 |
2.2 |
2.9 |
-0.9 |
-0.9 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
0.6 |
2.2 |
2.9 |
-0.9 |
-0.9 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
86.8 |
86.8 |
86.8 |
86.8 |
87.1 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.01 |
0.03 |
0.03 |
-0.01 |
-0.01 |
|
Basic EPS Including ExtraOrdinary Items |
0.01 |
0.03 |
0.03 |
-0.01 |
-0.01 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
0.6 |
2.2 |
2.9 |
-0.9 |
-0.9 |
|
Diluted Weighted Average Shares |
86.8 |
86.8 |
86.8 |
86.8 |
87.1 |
|
Diluted EPS Excluding ExtraOrd Items |
0.01 |
0.03 |
0.03 |
-0.01 |
-0.01 |
|
Diluted EPS Including ExtraOrd Items |
0.01 |
0.03 |
0.03 |
-0.01 |
-0.01 |
|
DPS-Common Stock |
0.01 |
0.02 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.6 |
1.4 |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
0.9 |
2.7 |
3.8 |
-2.4 |
0.1 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
0.3 |
0.5 |
0.9 |
-0.9 |
0.5 |
|
Normalized Income After Taxes |
0.6 |
2.2 |
2.9 |
-1.5 |
-0.4 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
0.6 |
2.2 |
2.9 |
-1.5 |
-0.4 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.01 |
0.03 |
0.03 |
-0.02 |
0.00 |
|
Diluted Normalized EPS |
0.01 |
0.03 |
0.03 |
-0.02 |
0.00 |
|
Interest Expense, Supplemental |
0.5 |
0.5 |
0.3 |
0.6 |
0.7 |
|
R&D Expense, Supplemental |
0.7 |
0.5 |
0.4 |
0.4 |
0.5 |
|
Interest Capitalized |
0.0 |
0.0 |
0.0 |
0.0 |
-0.1 |
|
Depreciation - Operating Cost |
0.8 |
0.8 |
0.8 |
0.7 |
0.6 |
|
Depreciation - Operating Expense |
0.3 |
0.3 |
0.3 |
0.3 |
0.4 |
|
Current Tax |
0.2 |
0.5 |
- |
- |
- |
|
Current Tax - Total |
0.2 |
0.5 |
- |
- |
- |
|
other |
0.1 |
0.0 |
- |
- |
- |
|
Income Tax - Total |
0.3 |
0.5 |
- |
- |
- |
|
Service Cost |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest Cost |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Expected Return on Plan Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Amort. of Unrecognized Transitional Cost |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Amort. of Actuarial Gain/Loss |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Domestic Pension Plan Expense |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Defined Contribution Expense - Domestic |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Total Pension Expense |
0.2 |
0.2 |
0.1 |
0.1 |
0.1 |
|
Discount Rate |
1.60% |
1.80% |
2.00% |
2.50% |
2.50% |
|
Rate of Compensation Increase |
2.50% |
2.50% |
2.50% |
2.50% |
2.50% |
|
Expected Rate of Return on Plan Assets |
1.60% |
1.80% |
2.00% |
2.50% |
2.50% |
|
|
|
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 |
Updated 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 |
Crowe Horwath (TW) CPAs |
First United CPA
Office |
First United CPA
Office |
First United CPA
Office |
First United CPA
Office |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash and Cash Equivalent |
3.5 |
5.5 |
2.8 |
4.2 |
2.4 |
|
Fin. Assets-Fair Value, Current |
0.2 |
0.3 |
0.1 |
1.8 |
0.1 |
|
Financial Assets-Available for Sale |
3.2 |
1.9 |
2.8 |
2.3 |
1.7 |
|
Notes Receivable |
2.2 |
2.2 |
1.8 |
0.6 |
1.6 |
|
Notes Receivable - Related Parties |
0.7 |
0.3 |
0.0 |
0.4 |
1.3 |
|
Accounts Receivable, Gross |
9.1 |
6.3 |
5.6 |
1.3 |
0.9 |
|
Prov. for Doubtful
Account |
-0.1 |
-0.1 |
-0.1 |
0.0 |
0.0 |
|
Accounts Receivable - Related Parties |
0.2 |
0.3 |
0.0 |
0.0 |
0.0 |
|
Other Financial Assets - Current |
0.0 |
0.2 |
0.2 |
0.9 |
1.0 |
|
Raw Material |
10.2 |
15.8 |
8.8 |
5.7 |
7.5 |
|
Supply |
1.3 |
1.3 |
0.8 |
0.6 |
0.8 |
|
Work-in-Process |
4.9 |
4.2 |
2.9 |
1.6 |
2.3 |
|
Half-finished Goods |
0.7 |
0.6 |
0.4 |
0.3 |
0.3 |
|
Finished Goods |
2.1 |
2.4 |
2.0 |
1.3 |
2.7 |
|
Inventory in Transit |
0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Provision/Allowance for Inventory |
-0.9 |
-0.8 |
-0.8 |
-1.2 |
-0.8 |
|
Other Current Assets |
1.6 |
1.3 |
1.4 |
0.8 |
0.8 |
|
Total Current Assets |
38.9 |
41.8 |
28.8 |
20.7 |
22.7 |
|
|
|
|
|
|
|
|
Fin. Asset, Non Current - Cost Method |
2.9 |
2.7 |
3.2 |
3.2 |
3.6 |
|
Long Term Equity Investment |
0.3 |
0.3 |
0.3 |
0.0 |
0.1 |
|
Land and Improvements |
- |
- |
- |
- |
0.0 |
|
Buildings and Structures |
28.6 |
27.4 |
28.4 |
25.9 |
19.2 |
|
Machinery and Equipment |
4.6 |
4.5 |
4.6 |
4.3 |
4.3 |
|
Transportation Equipment |
0.5 |
0.5 |
0.4 |
0.5 |
0.4 |
|
Office Equipment |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Miscellaneous Equipment |
2.1 |
2.0 |
2.0 |
1.9 |
2.1 |
|
Revaluation Increment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Accumulated Depreciation |
-8.1 |
-6.8 |
-6.0 |
-4.6 |
-4.3 |
|
Construction in Progress |
1.7 |
0.9 |
0.9 |
0.0 |
5.5 |
|
Prepayment for Equipment |
- |
- |
- |
- |
0.2 |
|
Deferred Pension Cost |
- |
0.0 |
0.0 |
- |
- |
|
Security Deposits Paid |
0.1 |
0.1 |
0.1 |
0.3 |
0.3 |
|
Deferred Charges |
0.3 |
0.2 |
0.2 |
0.2 |
0.1 |
|
LT Notes & Accounts Receivables |
0.0 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Deferred Income Tax Assets - Non Current |
0.4 |
0.3 |
0.7 |
1.5 |
0.9 |
|
Other Long Term Assets |
- |
- |
- |
0.0 |
12.5 |
|
Total Assets |
72.3 |
74.0 |
63.7 |
53.9 |
67.9 |
|
|
|
|
|
|
|
|
Short Term Borrowings |
6.8 |
10.4 |
5.2 |
3.1 |
10.2 |
|
Short Term Notes & Bills Payable |
1.0 |
- |
- |
- |
- |
|
Notes Payable |
0.2 |
0.1 |
0.8 |
0.1 |
0.2 |
|
Accounts Payable |
5.0 |
6.4 |
6.1 |
2.9 |
1.6 |
|
Accounts Payable - Related Parties |
- |
- |
- |
0.0 |
0.0 |
|
Income Tax Payable |
0.1 |
0.0 |
0.0 |
- |
0.0 |
|
Accrued Expenses |
1.5 |
1.5 |
1.1 |
0.6 |
0.6 |
|
Other Payable |
0.1 |
0.0 |
0.1 |
0.1 |
0.2 |
|
Advance Receipts |
0.5 |
0.4 |
0.7 |
0.4 |
0.2 |
|
Current Portion of Long Term Debt |
2.6 |
0.3 |
0.3 |
0.4 |
0.9 |
|
Other Current Liabilities |
0.1 |
0.1 |
0.1 |
0.0 |
0.0 |
|
Total Current Liabilities |
17.9 |
19.3 |
14.5 |
7.6 |
13.8 |
|
|
|
|
|
|
|
|
Long Term Borrowings |
15.2 |
17.4 |
12.3 |
15.5 |
21.6 |
|
Total Long Term Debt |
15.2 |
17.4 |
12.3 |
15.5 |
21.6 |
|
|
|
|
|
|
|
|
Land Revaluation Increment Tax Reserve |
- |
- |
- |
0.0 |
0.7 |
|
Accrued Pension Liabilities |
0.5 |
0.4 |
0.4 |
0.3 |
0.2 |
|
Other Long Term Liabilities |
0.0 |
0.0 |
- |
- |
- |
|
Total Liabilities |
33.5 |
37.1 |
27.2 |
23.4 |
36.4 |
|
|
|
|
|
|
|
|
Common Stock |
29.9 |
27.8 |
30.2 |
27.6 |
26.9 |
|
Share Premium |
5.8 |
6.3 |
6.9 |
7.3 |
7.7 |
|
Treasury Stock Transaction |
0.5 |
0.5 |
0.6 |
0.5 |
0.5 |
|
Capital Gain on LT Investments |
0.3 |
0.3 |
0.3 |
0.3 |
0.3 |
|
Legal Reserve |
0.5 |
0.3 |
- |
0.0 |
0.2 |
|
Special Reserve |
3.4 |
2.7 |
- |
0.0 |
0.1 |
|
Retained Earnings |
0.7 |
2.1 |
3.1 |
-1.0 |
-0.8 |
|
Cumulative Translation Adjustment |
0.4 |
0.5 |
0.1 |
0.3 |
0.4 |
|
Net Loss Not Recognized as Pension Cost |
-0.1 |
-0.1 |
0.0 |
- |
- |
|
Unrealized G/L on Financial Instruments |
-2.5 |
-3.6 |
-2.9 |
-2.9 |
-3.4 |
|
Unrealized Revaluation Increment |
- |
0.0 |
0.0 |
0.0 |
1.3 |
|
Treasury Stock |
- |
0.0 |
-1.7 |
-1.6 |
-1.5 |
|
Total Equity |
38.7 |
36.8 |
36.6 |
30.5 |
31.5 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
72.3 |
74.0 |
63.7 |
53.9 |
67.9 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
86.8 |
86.8 |
86.8 |
86.8 |
86.8 |
|
Total Common Shares Outstanding |
86.8 |
86.8 |
86.8 |
86.8 |
86.8 |
|
T/S-Common Stock |
0.0 |
0.0 |
4.0 |
4.0 |
4.0 |
|
Deferred Revenue, Current |
0.5 |
0.4 |
0.7 |
0.4 |
0.2 |
|
Full-Time Employees |
263 |
247 |
186 |
123 |
131 |
|
Number of Common Shareholders |
- |
7,833 |
8,179 |
7,500 |
5,466 |
|
Long Term Debt Maturing within 1 Year |
2.6 |
0.3 |
- |
- |
- |
|
Long Term Debt - Remaining Maturities |
15.2 |
17.4 |
- |
- |
- |
|
Total Long Term Debt, Supplemental |
17.7 |
17.8 |
- |
- |
- |
|
Operating Lease Pymts. Due within 1Year |
0.5 |
0.3 |
- |
- |
- |
|
Operating Leases - Remaining Payments |
4.6 |
3.3 |
- |
- |
- |
|
Total Operating Leases, Supplemental |
5.1 |
3.6 |
- |
- |
- |
|
Accumulated Benefit Obligation |
0.8 |
0.7 |
0.7 |
0.5 |
0.4 |
|
Benefit Obligation |
1.2 |
1.0 |
1.0 |
0.7 |
0.7 |
|
Fair Value of Plan Assets |
0.4 |
0.3 |
0.3 |
0.3 |
0.2 |
|
Funded Status |
-0.8 |
-0.7 |
-0.7 |
-0.5 |
-0.5 |
|
Total Funded Status |
-0.8 |
-0.7 |
-0.7 |
-0.5 |
-0.5 |
|
Discount Rate |
1.60% |
1.80% |
2.00% |
2.50% |
2.50% |
|
Rate of Compensation Increase |
2.50% |
2.50% |
2.50% |
2.50% |
2.50% |
|
Expected Rate of Return on Plan Assets |
1.60% |
1.80% |
2.00% |
2.50% |
2.50% |
|
Accrued Pension Liabilities |
-0.5 |
-0.4 |
-0.4 |
-0.3 |
-0.2 |
|
Prepaid Benefits - Domestic |
- |
0.0 |
0.0 |
- |
- |
|
Net Assets Recognized on Balance Sheet |
-0.5 |
-0.4 |
-0.4 |
-0.3 |
-0.2 |
|
|
|
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 |
Updated Normal |
Reclassified
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 |
Crowe Horwath (TW) CPAs |
First United CPA
Office |
First United CPA
Office |
First United CPA
Office |
First United CPA
Office |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income |
0.6 |
2.2 |
2.9 |
-0.9 |
-0.9 |
|
Depreciation |
1.1 |
1.1 |
1.1 |
1.0 |
1.0 |
|
Deferred Charges |
0.3 |
0.2 |
0.2 |
0.2 |
0.1 |
|
Provision for Doubtful Accounts |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Provision for After Sales Services |
0.0 |
0.1 |
0.1 |
0.0 |
- |
|
Inventory Devaluation & Obso.-rev |
0.1 |
0.0 |
-0.4 |
0.3 |
- |
|
Physical Gain/Loss on Inventory |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Equity Investment Gain/Loss |
0.1 |
0.2 |
0.0 |
0.1 |
0.2 |
|
G/L on Disposal&Write-off
of fixed asset |
0.0 |
0.0 |
0.0 |
0.1 |
- |
|
Gain/Loss on Sale of Investments |
0.0 |
-0.1 |
-0.1 |
0.0 |
0.0 |
|
Fin. Assets/lia.
Valuation G/L |
0.0 |
0.1 |
0.0 |
-0.1 |
1.1 |
|
Impairment Loss |
- |
0.0 |
0.0 |
0.3 |
0.7 |
|
Real. G/L on Inter-affiliate Accounts |
0.0 |
- |
0.0 |
-1.3 |
0.0 |
|
Unrea. G/L on
Inter-affiliate Accounts |
0.0 |
0.0 |
- |
- |
- |
|
Financial Assets-Avai.
for Sale-trading |
0.2 |
-0.3 |
1.8 |
-1.5 |
- |
|
Notes Receivable |
0.1 |
-0.5 |
-1.1 |
1.0 |
0.0 |
|
Notes Receivable-Related Parties |
-0.4 |
-0.3 |
0.4 |
1.0 |
- |
|
Accounts Receivable |
-2.5 |
-0.9 |
-4.0 |
-0.3 |
0.7 |
|
Accounts Receivable-Related Parties |
0.1 |
-0.3 |
0.0 |
0.0 |
- |
|
Inventories |
6.1 |
-10.2 |
-4.1 |
4.1 |
0.5 |
|
Other Current Assets |
-0.5 |
-0.1 |
-0.3 |
0.0 |
0.3 |
|
Deferred Tax Assets |
0.2 |
0.5 |
0.8 |
-0.6 |
0.1 |
|
Notes Payable |
0.1 |
-0.8 |
0.7 |
-0.1 |
-0.9 |
|
Accounts Payable |
-1.6 |
0.5 |
2.7 |
1.2 |
-1.6 |
|
Accounts Payable,Related
Parties |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Tax Payable |
0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Accrued Expenses |
-0.1 |
0.4 |
0.5 |
0.0 |
-0.1 |
|
Other Payables |
0.1 |
-0.1 |
0.0 |
0.0 |
0.0 |
|
Advance Receipts |
0.0 |
-0.3 |
0.3 |
0.2 |
-0.7 |
|
Other Current Liabilities |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
pro. for Pension cost |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Foreign Exchange Effect |
- |
- |
- |
- |
-0.4 |
|
Cash from Operating Activities |
4.0 |
-8.4 |
1.6 |
4.7 |
0.3 |
|
|
|
|
|
|
|
|
Disposal of Financial Assets-Cost Method |
0.0 |
0.4 |
0.0 |
0.0 |
- |
|
Capital Reduction in Investee
Company |
0.0 |
0.3 |
0.3 |
0.0 |
0.1 |
|
Purchase & Sale of Investments, Net |
- |
- |
- |
- |
-2.4 |
|
Purchase of Investments & Fund |
- |
- |
- |
- |
-2.4 |
|
Purchase of Financial Assets-Cost Method |
0.0 |
-0.3 |
- |
- |
- |
|
Equity Investment Increase |
0.0 |
-0.2 |
-0.3 |
0.0 |
- |
|
Noncurrent Assets
AFS |
- |
- |
0.0 |
11.8 |
- |
|
Capital Expenditure |
-0.8 |
-0.3 |
-0.1 |
-0.8 |
-5.7 |
|
Disposal of Fixed Assets |
0.0 |
0.0 |
0.1 |
0.0 |
0.0 |
|
Restricted Assets |
0.2 |
0.0 |
0.7 |
0.2 |
-0.3 |
|
Deferred Charges |
-0.4 |
-0.2 |
-0.2 |
-0.2 |
-0.2 |
|
Security Deposit Paid |
0.0 |
0.0 |
0.0 |
0.0 |
-0.2 |
|
Purchase of RE Investment |
- |
- |
-0.7 |
0.0 |
- |
|
Cash from Investing Activities |
-1.0 |
-0.2 |
-0.3 |
11.0 |
-11.1 |
|
|
|
|
|
|
|
|
Short Term Borrowings, Net |
-3.9 |
5.5 |
1.7 |
-7.1 |
2.9 |
|
Short Term Notes&Bills
Payable Increase |
1.0 |
- |
- |
- |
- |
|
Long Term Debt |
0.0 |
18.0 |
0.0 |
0.6 |
9.2 |
|
Repayment of LT Borrowings |
-0.8 |
-12.2 |
-4.6 |
-7.5 |
-0.6 |
|
Directors Remuneration |
- |
- |
- |
- |
0.0 |
|
Employees Bonus |
- |
- |
- |
- |
0.0 |
|
Cash Dividend - Common Stock |
-1.4 |
- |
- |
- |
-0.8 |
|
Equipment Payable |
- |
- |
- |
- |
-0.5 |
|
Treasury Share Repurchase |
- |
- |
- |
- |
-1.5 |
|
Cash from Financing Activities |
-5.2 |
11.3 |
-2.9 |
-14.0 |
8.6 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.1 |
0.2 |
-0.1 |
0.0 |
0.5 |
|
Net Change in Cash |
-2.2 |
2.9 |
-1.7 |
1.7 |
-1.7 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
5.6 |
2.7 |
4.3 |
2.4 |
4.2 |
|
Net Cash - Ending Balance |
3.4 |
5.7 |
2.5 |
4.1 |
2.5 |
|
Cash Interest Paid |
0.5 |
0.5 |
0.3 |
0.6 |
0.7 |
|
Cash Taxes Paid |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
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.59.70 |
|
|
1 |
Rs.92.25 |
|
Euro |
1 |
Rs.78.38 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any risk
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officials.