MIRA INFORM REPORT

Report Date :

29.06.2013

IDENTIFICATION DETAILS

Name :	BIOTEQUE CORPORATION
Registered Office :	5F-6, No.23 Sec.1 Chang-An East Road Taipei, 104
Country :	Taiwan
Financials (as on) :	31.12.2012
Date of Incorporation :	13.11.1991
Legal Form :	Public Independent
Line of Business :	Manufacture of medical and surgical equipment and orthopaedic appliances
No. of Employees :	385

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 :	No Complaints
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 31^st, 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 4.0%. 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

Company name and address

Top of Form

Bioteque Corporation

5F-6, No.23 Sec.1
Chang-An East Road
Taipei, 104
Taiwan
Tel:	886-2-25710269
Fax:	886-2-25710213
www.bioteq.com.tw

Employees:

385

Company Type:

Public Independent

Traded:

Gre Tai Security Market:

4107

Incorporation Date:

13-Nov-1991

Auditor:

KPMG LLP

Financials in:	USD (mil)
Fiscal Year End:	31-Dec-2012
Reporting Currency:	Taiwanese New Dollar
Annual Sales:	28.5 ^1
Net Income:	5.6
Total Assets:	56.1 ^2
Market Value:	101.4
	(14-Jun-2013)

Business Description

Bioteque Corporation is a Taiwan-based company engaged in the manufacture and distribution of medical products. The Company provides thermoplastic urethane (TPU) tubes, vessel photographing tubes, blood loop tubes, puncture needles, medical use soft bags, transfusion covers, surgery drainage tubes, precise measuring cylinders, as well as other medical supplies and devices. The Company distributes its products principally in Asia, the Americas, Europe and Africa. During the year ended December 31, 2011, the Company obtained approximately 34.15%, 16.26% and 15.11% of its total revenue from the sale of blood loop tubes, TPU tubes and medical use soft bags, respectively. For the three months ended 31 March 2013, Bioteque Corporation revenues increased 10% to NT$224M. Net income increased 30% to NT$48.2M. Revenues reflect Business Two-Catheter and Drugkits segment increase of 47% to NT$53.3M, Business Three-Medical Parts segment increase of 5% to NT$56.9M. Net income benefited from Subsidiary Income increase from NT$796K to NT$4.6M (income), Interest Expense decrease of 29% to NT$607K (expense).

Industry

Industry	Medical Equipment and Supplies
ANZSIC 2006:	2412 - Medical and Surgical Equipment Manufacturing
NACE 2002:	3310 - Manufacture of medical and surgical equipment and orthopaedic appliances
NAICS 2002:	339113 - Surgical Appliance and Supplies Manufacturing
UK SIC 2003:	3310 - Manufacture of medical and surgical equipment and orthopaedic appliances
UK SIC 2007:	3250 - Manufacture of medical and dental instruments and supplies
US SIC 1987:	3842 - Orthopedic, Prosthetic, and Surgical Appliances and Supplies

Key Executives

Name	Title
Yizhong Huang	Head of Finance
Jinlong Lin	Deputy General Manager
Lee Ming-Chung	President
Lin Chin-Lung	Vice President
Zongli Cai	Chairman of the Board

Significant Developments

Topic	#*	Most Recent Headline	Date
Dividends	1	Bioteque Corp Announces FY 2012 Dividend Payment	29-Mar-2013

Financial Summary

As of 31-Mar-2013

Key Ratios	Company	Industry
Current Ratio (MRQ)	4.78	2.84
Quick Ratio (MRQ)	4.23	1.96
Debt to Equity (MRQ)	0.12	0.37
Sales 5 Year Growth	8.50	13.75
Net Profit Margin (TTM) %	20.58	10.96
Return on Assets (TTM) %	10.52	7.42
Return on Equity (TTM) %	13.67	13.52

Stock Snapshot

Traded: Gre Tai Security Market: 4107

As of 14-Jun-2013

   Financials in: TWD

Recent Price	38.70	EPS	1.98
52 Week High	41.20	Price/Sales	3.60
52 Week Low	27.10	Dividend Rate	1.50
Avg. Volume (mil)	0.0012	Price/Earnings	16.31
Market Value (mil)	3,029.32	Price/Book	2.36
		Beta	1.25

	Price % Change	Rel S&P 500%
4 Week	-3.49%	1.74%
13 Week	6.03%	5.89%
52 Week	33.91%	19.36%
Year to Date	9.32%	6.04%

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
5F-6, No.23 Sec.1
Chang-An East Road
Taipei, 104
Taiwan

Tel:	886-2-25710269
Fax:	886-2-25710213

www.bioteq.com.tw

Quote Symbol - Exchange
4107 - Gre Tai Security Market
Sales TWD(mil):	842.3
Assets TWD(mil):	1,626.5
Employees:	385
Fiscal Year End:	31-Dec-2012

Industry:

Medical Equipment and Supplies

Incorporation Date:	13-Nov-1991
Company Type:	Public Independent
Quoted Status:	Quoted

President:

Lee Ming-Chung

Industry Codes

ANZSIC 2006 Codes:
2412	-	Medical and Surgical Equipment Manufacturing
2419	-	Other Professional and Scientific Equipment Manufacturing

NACE 2002 Codes:
3310	-	Manufacture of medical and surgical equipment and orthopaedic appliances
3320	-	Manufacture of instruments and appliances for measuring, checking, testing, navigating and other purposes, except industrial process control equipment

NAICS 2002 Codes:
339113	-	Surgical Appliance and Supplies Manufacturing
339111	-	Laboratory Apparatus and Furniture Manufacturing
339112	-	Surgical and Medical Instrument Manufacturing

US SIC 1987:
3842	-	Orthopedic, Prosthetic, and Surgical Appliances and Supplies
3841	-	Surgical and Medical Instruments and Apparatus
3821	-	Laboratory Apparatus and Furniture

UK SIC 2003:
3310	-	Manufacture of medical and surgical equipment and orthopaedic appliances
3320	-	Manufacture of instruments and appliances for measuring, checking, testing, navigating and other purposes, except industrial process control equipment

UK SIC 2007:
3250	-	Manufacture of medical and dental instruments and supplies
2651	-	Manufacture of instruments and appliances for measuring, testing and navigation

Business Description

Bioteque Corporation is a Taiwan-based company engaged in the manufacture and distribution of medical products. The Company provides thermoplastic urethane (TPU) tubes, vessel photographing tubes, blood loop tubes, puncture needles, medical use soft bags, transfusion covers, surgery drainage tubes, precise measuring cylinders, as well as other medical supplies and devices. The Company distributes its products principally in Asia, the Americas, Europe and Africa. During the year ended December 31, 2011, the Company obtained approximately 34.15%, 16.26% and 15.11% of its total revenue from the sale of blood loop tubes, TPU tubes and medical use soft bags, respectively. For the three months ended 31 March 2013, Bioteque Corporation revenues increased 10% to NT$224M. Net income increased 30% to NT$48.2M. Revenues reflect Business Two-Catheter and Drugkits segment increase of 47% to NT$53.3M, Business Three-Medical Parts segment increase of 5% to NT$56.9M. Net income benefited from Subsidiary Income increase from NT$796K to NT$4.6M (income), Interest Expense decrease of 29% to NT$607K (expense).

More Business Descriptions

Manufacture of medical supplies and equipment including hermodialysis blood line sets, PTCD one-step sets, AV fistula needles, double pigtail ureteral stent sets, infusion bags, infusion sets, medical drainage bags and tubing sets

BIOTEQUE CORPORATION (Bioteque) is a medical device company, based in Taiwan. The company develops, manufactures and distributes surgical devices for the cardiovascular markets. It markets medical disposable products used in hospitals and healthcare markets. Bioteque operates through its products segments such as Nephrology, Urology, Radiology, Cardiology, Respiratory Care, Critical Care, Iv Administration Therapy and Molding Parts. The company’s products portfolio includes hemodialysis, HD catheter, urodynamic tubing, insufflation tubing set, guidewire, dilator, angiographic syringe, closed suction catheter, artificial nose, tracheostomy catheter, precision IV infusion set and disposables among others. It is an ISO-13485 and ISO-9001 certified company. Bioteque is headquartered in Taipei, Taiwan.The company reported revenues of (Taiwanese Dollars) TWD 760.31 million during the fiscal year ended December 2011, a decrease of 7.46% from 2010. The operating profit of the company was TWD 105.82 million during the fiscal year 2011, a decrease of 39.40% from 2010. The net profit of the company was TWD 128.60 million during the fiscal year 2011, a decrease of 25.49% from 2010.

Financial Data

Financials in:	TWD(mil)
Revenue:	842.3
Net Income:	166.3
Assets:	1,626.5
Long Term Debt:	124.2
Total Liabilities:	342.9
Working Capital:	0.8
Date of Financial Data:	31-Dec-2012

1 Year Growth

10.8%

29.3%

-0.1%

Market Data

Quote Symbol:	4107
Exchange:	Gre Tai Security Market
Currency:	TWD
Stock Price:	38.7
Stock Price Date:	06-14-2013
52 Week Price Change %:	33.9
Market Value (mil):	3,029,316.0
SEDOL:	6431790
ISIN:	TW0004107008
Equity and Dept Distribution:
08/2006, 5% stock dividend. The Company started reporting consolidated financials from 2005. 08/2005, 4.99% stock dividend. 06/2004, 7% stock dividend. 08/2003, 5% stock dividend. 08/2002, 9% stock dividend. 08/2009, 3% stock dividend.

Key Corporate Relationships

Auditor:	KPMG LLP
Auditor:	KPMG LLP, KPMG

Competitors Report

CompanyName	Location	Employees	Ownership
ASAHI INTECC CO., LTD.	Nagoya-Shi, Japan	3,469	Public
Bio Cardia	San Carlos, California, United States	35	Private
Japan Lifeline Co., Ltd.	Shinagawa-Ku, Japan	581	Public
Schmidt Scientific Taiwan Ltd	Taipei, Taiwan		Private

Executives Report

Board of Directors

Name	Title	Function
Zongli Cai	Chairman of the Board	Chairman
Biography: Cai Zongli has been Chairman of the Board in BIOTEQUE CORPORATION since June 25, 1998. Cai also serves as Director in STAR WORLD TECHNOLOGY CORP.
Kenneth Lin	Vice President	Chairman
Tsai Tsung-Li	Chairman	Chairman
Hailu Chen	Director	Director/Board Member
Biography: Chen Hailu has been Director in BIOTEQUE CORPORATION since January 8, 1997. Chen holds a Master's degree from University of San Francisco, the United States. Chen also serves as General Manager in two other companies and Vice Chairman of the Board in a technology company. Education: University of San Francisco, M
Mingzhong Li	General Manager, Director	Director/Board Member
Biography: Mr. Li Mingzhong has been General Manager and Director in BIOTEQUE CORPORATION since January 8, 1997. He holds an Executive Master of Business Administration (EMBA) from National Taiwan University, Taiwan. Education: National Taiwan University, MBA
Yixun Li	Director	Director/Board Member
Biography: Mr. Li Yixun has been Director in Bioteque Corporation since June 27, 2007. He holds a Master of Business Administration (MBA) in Finance from The City University of New York, the United States and a Bachelor's degree in Agriculture from National Taiwan University, Taiwan. He is also Assistant General Manager-Management in the Company. Education: The City University of New York, MBA (Finance) National Taiwan University, B (Agriculture)
Junyao Lin	Director	Director/Board Member
Biography: Lin Junyao has been serving as Director in BIOTEQUE CORPORATION since June 15, 2010. Lin is also Chairman of the Board in two other companies including an investment company.
Mingting Wang	Director	Director/Board Member
Biography: Wang Mingting has been Director in BIOTEQUE CORPORATION since October 29, 2008. Wang holds a Master of Business Administration (MBA) from University of Southern Queensland, Australia. Wang is also Deputy General Manager in Excelsior Medical Co., Ltd., Executive Director in a Shanghai-based trade company and Director in two other companies. Wang used to be General Manager in a leasing company. Education: University of Southern Queensland, MBA
Bangyan Zhang	Director	Director/Board Member
Biography: Zhang Bangyan has been Director in BIOTEQUE CORPORATION since June 25, 1998. Zhang also serves as Chairman of the Board in two companies.

Executives

Name	Title	Function
Lee Ming-Chung	President	President
William Lee	General Manager	Division Head Executive
Mingzhong Li	General Manager, Director	Division Head Executive
Biography: Mr. Li Mingzhong has been General Manager and Director in BIOTEQUE CORPORATION since January 8, 1997. He holds an Executive Master of Business Administration (EMBA) from National Taiwan University, Taiwan. Education: National Taiwan University, MBA
Jinlong Lin	Deputy General Manager	Division Head Executive
Biography: Lin Jinlong has been Deputy General Manager in BIOTEQUE CORPORATION since August 18, 1999. Lin holds an Executive Master of Business Administration (EMBA) and a Master's degree from National Taiwan University. Education: National Taiwan University, MBA National Taiwan University, M
Yizhong Huang	Head of Finance	Finance Executive
Lin Chin-Lung	Vice President	Other

Significant Developments

Bioteque Corp Announces FY 2012 Dividend Payment

Mar 29, 2013

Bioteque Corp announced that it will pay a cash dividend of NTD 1.6 per share, or NTD 125,243,098 in total to shareholders for fiscal year 2012.

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	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 31-Dec-2012	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	29.57962	29.39004	31.497037	33.023867	31.543497
Auditor	KPMG LLP	KPMG LLP	KPMG CPA	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation
Gross Revenue	28.6	25.9	26.2	23.7	20.9
Sales Returns and Allowances	-0.1	0.0	-0.1	0.0	-0.1
Revenue	28.5	25.8	26.1	23.6	20.8
Other Revenue	0.0	0.0	-	-	-
Other Revenue, Total	0.0	0.0	-	-	-
Total Revenue	28.5	25.9	26.1	23.6	20.8
Cost of Revenue	18.5	17.7	16.3	15.2	14.4
Cost of Revenue, Total	18.5	17.7	16.3	15.2	14.4
Gross Profit	9.9	8.1	9.8	8.5	6.4
Selling/General/Administrative Expense	3.2	3.0	2.9	2.7	2.5
Total Selling/General/Administrative Expenses	3.2	3.0	2.9	2.7	2.5
Research & Development	1.5	1.6	1.3	1.1	1.0
Total Operating Expense	23.2	22.3	20.5	18.9	17.8
Operating Income	5.2	3.6	5.5	4.7	2.9
Interest Expense - Non-Operating	-0.1	-0.1	-0.1	-0.1	-0.2
Interest Expense, Net Non-Operating	-0.1	-0.1	-0.1	-0.1	-0.2
Interest Income - Non-Operating	0.1	0.2	0.1	0.2	0.4
Investment Income - Non-Operating	0.1	0.1	-0.3	-0.1	-0.6
Interest/Investment Income - Non-Operating	0.2	0.3	-0.2	0.1	-0.2
Interest Income (Expense) - Net Non-Operating Total	0.1	0.2	-0.3	0.0	-0.4
Gain (Loss) on Sale of Assets	0.4	0.0	0.0	0.0	0.0
Other Non-Operating Income (Expense)	0.8	1.0	1.0	0.5	3.4
Other, Net	0.8	1.0	1.0	0.5	3.4
Income Before Tax	6.6	4.7	6.3	5.2	5.9
Total Income Tax	0.9	0.4	0.8	0.4	0.5
Income After Tax	5.6	4.4	5.5	4.8	5.4
Net Income Before Extraord Items	5.6	4.4	5.5	4.8	5.4
Net Income	5.6	4.4	5.5	4.8	5.4
Income Available to Common Excl Extraord Items	5.6	4.4	5.5	4.8	5.4
Income Available to Common Incl Extraord Items	5.6	4.4	5.5	4.8	5.4
Basic/Primary Weighted Average Shares	78.3	78.3	78.3	78.3	78.3
Basic EPS Excl Extraord Items	0.07	0.06	0.07	0.06	0.07
Basic/Primary EPS Incl Extraord Items	0.07	0.06	0.07	0.06	0.07
Dilution Adjustment	0.0	0.0	-	0.0	0.0
Diluted Net Income	5.6	4.4	5.5	4.8	5.4
Diluted Weighted Average Shares	78.9	79.1	78.7	78.8	78.9
Diluted EPS Excl Extraord Items	0.07	0.06	0.07	0.06	0.07
Diluted EPS Incl Extraord Items	0.07	0.06	0.07	0.06	0.07
Dividends per Share - Common Stock Primary Issue	0.05	0.05	0.06	0.06	0.04
Gross Dividends - Common Stock	4.2	4.0	4.5	4.7	2.9
Interest Expense, Supplemental	0.1	0.1	0.1	0.1	0.2
Depreciation, Supplemental	2.2	2.1	1.8	1.5	1.0
Total Special Items	-0.4	0.0	0.0	0.0	0.0
Normalized Income Before Tax	6.2	4.7	6.3	5.2	5.9
Effect of Special Items on Income Taxes	-0.1	0.0	0.0	0.0	0.0
Inc Tax Ex Impact of Sp Items	0.9	0.4	0.8	0.4	0.5
Normalized Income After Tax	5.3	4.4	5.5	4.8	5.4
Normalized Inc. Avail to Com.	5.3	4.4	5.5	4.8	5.4
Basic Normalized EPS	0.07	0.06	0.07	0.06	0.07
Diluted Normalized EPS	0.07	0.06	0.07	0.06	0.07
Research & Development Exp, Supplemental	1.5	1.6	1.3	1.1	1.0
Normalized EBIT	5.2	3.6	5.5	4.7	2.9
Normalized EBITDA	7.4	5.7	7.3	6.2	4.0
Current Tax - Total	0.9	0.5	0.9	0.6	1.3
Current Tax - Total	0.9	0.5	0.9	0.6	1.3
Deferred Tax - Total	0.0	-0.1	-0.1	-0.2	-1.1
Deferred Tax - Total	0.0	-0.1	-0.1	-0.2	-1.1
Other Tax	0.0	-	0.0	0.0	0.2
Income Tax - Total	0.9	0.4	0.8	0.4	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
Transition Costs - Domestic	0.0	0.0	0.0	0.0	0.0
Domestic Pension Plan Expense	0.1	0.1	0.0	0.1	0.0
Defined Contribution Expense - Domestic	0.2	0.2	0.2	0.2	-
Total Pension Expense	0.3	0.3	0.3	0.2	0.0
Discount Rate - Domestic	1.75%	2.00%	1.75%	2.25%	2.50%
Expected Rate of Return - Domestic	1.75%	2.00%	1.75%	2.25%	2.50%
Compensation Rate - Domestic	1.50%	2.50%	1.50%	1.50%	3.00%
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)

Financial Glossary

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate	29.011999	30.279	29.1565	31.985	32.818
Auditor	KPMG LLP	KPMG LLP	KPMG CPA	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation
Cash & Equivalents	11.0	11.3	10.9	11.6	10.9
Short Term Investments	11.6	9.9	12.4	10.9	11.7
Cash and Short Term Investments	22.6	21.1	23.2	22.5	22.7
Trade Accounts Receivable - Net	4.0	3.7	3.9	3.5	3.1
Notes Receivable - Short Term	1.7	1.0	0.9	0.8	0.7
Total Receivables, Net	5.7	4.8	4.9	4.3	3.7
Inventories - Finished Goods	0.7	0.7	0.7	0.7	0.6
Inventories - Work In Progress	0.8	0.8	0.7	0.6	0.6
Inventories - Raw Materials	2.4	1.9	2.2	1.4	1.8
Total Inventory	4.0	3.5	3.7	2.6	3.0
Restricted Cash - Current	0.0	0.0	0.0	0.0	0.0
Other Current Assets, Total	0.0	0.0	0.0	0.0	0.0
Total Current Assets	32.3	29.4	31.8	29.5	29.4
Buildings	13.7	13.1	13.5	12.1	11.6
Land/Improvements	3.2	3.3	3.4	3.1	3.1
Machinery/Equipment	19.0	17.2	17.5	13.5	12.0
Construction in Progress	0.2	0.5	0.5	2.1	1.0
Property/Plant/Equipment - Gross	36.1	34.1	34.9	30.8	27.8
Accumulated Depreciation	-12.5	-9.9	-9.0	-6.5	-4.8
Property/Plant/Equipment - Net	23.6	24.2	25.9	24.3	23.0
LT Investments - Other	0.0	0.1	0.1	0.1	0.1
Long Term Investments	0.0	0.1	0.1	0.1	0.1
Deferred Charges	0.0	0.1	0.0	0.0	0.0
Pension Benefits - Overfunded	0.0	-	0.0	-	-
Other Long Term Assets, Total	0.1	0.1	0.0	0.0	0.0
Total Assets	56.1	53.8	57.8	54.0	52.5
Accounts Payable	1.5	1.3	1.1	1.1	1.3
Accrued Expenses	1.7	1.6	1.6	1.5	1.3
Notes Payable/Short Term Debt	0.5	0.7	1.0	0.7	1.1
Current Portion - Long Term Debt/Capital Leases	0.9	1.1	0.6	0.6	0.9
Income Taxes Payable	0.7	0.1	0.6	0.4	1.3
Other Payables	0.2	0.1	0.1	0.2	2.5
Other Current Liabilities	0.8	0.7	0.6	0.8	0.7
Other Current liabilities, Total	1.7	0.9	1.4	1.5	4.5
Total Current Liabilities	6.2	5.5	5.8	5.3	9.0
Long Term Debt	4.3	5.7	7.0	7.0	4.2
Total Long Term Debt	4.3	5.7	7.0	7.0	4.2
Total Debt	5.7	7.4	8.7	8.2	6.1
Deferred Income Tax - LT Liability	1.2	1.2	1.4	1.3	1.5
Deferred Income Tax	1.2	1.2	1.4	1.3	1.5
Pension Benefits - Underfunded	0.1	0.1	0.2	0.1	0.1
Other Long Term Liabilities	0.0	0.3	0.8	1.1	1.5
Other Liabilities, Total	0.1	0.4	0.9	1.2	1.6
Total Liabilities	11.8	12.8	15.2	14.8	16.3
Common Stock	27.0	25.9	26.8	24.5	23.2
Common Stock	27.0	25.9	26.8	24.5	23.2
Additional Paid-In Capital	2.9	2.7	2.8	2.6	2.5
Retained Earnings (Accumulated Deficit)	16.1	13.8	14.8	13.0	11.3
Unrealized Gain (Loss)	-0.3	-0.4	-0.4	-0.3	-0.4
Translation Adjustment	-1.4	-1.1	-1.4	-0.6	-0.4
Minimum Pension Liability Adjustment	0.0	0.0	-0.1	-	-
Other Equity, Total	-1.4	-1.1	-1.5	-0.6	-0.4
Total Equity	44.2	41.0	42.6	39.2	36.1
Total Liabilities & Shareholders’ Equity	56.1	53.8	57.8	54.0	52.5
Shares Outstanding - Common Stock Primary Issue	78.3	78.3	78.3	78.3	78.3
Total Common Shares Outstanding	78.3	78.3	78.3	78.3	78.3
Treasury Shares - Common Stock Primary Issue	0.0	0.0	0.0	0.0	0.0
Employees	385	387	368	349	305
Number of Common Shareholders	-	9,799	-	-	8,355
Total Long Term Debt, Supplemental	5.2	6.8	7.6	7.5	5.0
Long Term Debt Maturing within 1 Year	0.9	1.1	0.6	0.6	0.9
Long Term Debt Maturing in Year 2	0.9	1.1	1.1	0.6	0.9
Long Term Debt Maturing in Year 3	0.9	1.1	1.1	1.0	0.7
Long Term Debt Maturing in Year 4	0.9	1.1	1.1	1.0	0.6
Long Term Debt Maturing in Year 5	0.5	1.0	1.1	1.0	0.6
Long Term Debt Maturing in 2-3 Years	1.8	2.2	2.2	1.6	1.6
Long Term Debt Maturing in 4-5 Years	1.4	2.1	2.2	2.0	1.1
Long Term Debt Matur. in Year 6 & Beyond	1.0	1.5	2.6	3.4	1.4
Pension Obligation - Domestic	1.1	1.1	1.1	0.9	1.0
Plan Assets - Domestic	0.8	0.7	0.7	0.7	0.6
Funded Status - Domestic	-0.3	-0.4	-0.4	-0.3	-0.4
Accumulated Obligation - Domestic	0.9	0.8	0.9	0.7	0.6
Total Funded Status	-0.3	-0.4	-0.4	-0.3	-0.4
Discount Rate - Domestic	1.75%	2.00%	1.75%	2.25%	2.50%
Expected Rate of Return - Domestic	1.75%	2.00%	1.75%	2.25%	2.50%
Compensation Rate - Domestic	1.50%	2.50%	1.50%	1.50%	3.00%
Prepaid Benefits - Domestic	0.0	0.0	0.0	-	-
Accrued Liabilities - Domestic	-0.1	-0.1	-0.2	-0.1	-0.1
Net Assets Recognized on Balance Sheet	-0.1	-0.1	-0.2	-0.1	-0.1
Total Plan Obligations	1.1	1.1	1.1	0.9	1.0
Total Plan Assets	0.8	0.7	0.7	0.7	0.6

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	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 31-Dec-2012	Reclassified Normal 31-Dec-2012	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	29.57962	29.39004	31.497037	33.023867	31.543497
Auditor	KPMG LLP	KPMG LLP	KPMG CPA	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation
Net Income/Starting Line	5.6	4.4	5.5	4.8	5.4
Depreciation	2.2	2.1	1.8	1.5	1.0
Depreciation/Depletion	2.2	2.1	1.8	1.5	1.0
Deferred Taxes	0.0	-0.1	-0.1	-0.2	-1.1
Unusual Items	-0.3	0.0	0.0	0.1	0.0
Equity in Net Earnings (Loss)	0.0	0.0	-	-	-
Other Non-Cash Items	0.0	0.0	0.0	0.0	0.2
Non-Cash Items	-0.3	0.0	0.0	0.1	0.2
Accounts Receivable	-0.7	-0.1	-0.1	-0.5	-0.4
Inventories	-0.4	0.1	-0.7	0.4	-0.5
Prepaid Expenses	-	-	-	0.2	0.0
Other Assets	-0.5	-0.3	0.0	0.0	2.2
Accounts Payable	0.1	0.2	-0.1	-0.2	0.5
Accrued Expenses	0.0	0.0	0.0	0.1	0.6
Taxes Payable	0.7	-0.6	0.1	-0.9	1.4
Other Liabilities	-0.5	-0.6	-0.5	-0.1	-0.6
Changes in Working Capital	-1.3	-1.2	-1.3	-0.9	3.2
Cash from Operating Activities	6.2	5.1	5.9	5.3	8.8
Purchase of Fixed Assets	-0.8	-1.4	-1.0	-4.5	-8.9
Capital Expenditures	-0.8	-1.4	-1.0	-4.5	-8.9
Sale of Business	-	-	0.0	0.8	0.8
Sale of Fixed Assets	0.7	0.0	0.0	0.0	0.0
Sale/Maturity of Investment	6.4	6.1	3.7	-	-
Investment, Net	0.0	0.0	0.0	0.1	-4.1
Purchase of Investments	-7.0	-3.8	-4.0	-	-
Other Investing Cash Flow	0.0	-0.1	0.0	0.0	0.0
Other Investing Cash Flow Items, Total	0.0	2.2	-0.4	0.9	-3.3
Cash from Investing Activities	-0.8	0.9	-1.4	-3.6	-12.2
Other Financing Cash Flow	0.0	0.0	-	0.0	-1.0
Financing Cash Flow Items	0.0	0.0	-	0.0	-1.0
Cash Dividends Paid - Common	-4.0	-4.8	-5.0	-2.8	-3.6
Total Cash Dividends Paid	-4.0	-4.8	-5.0	-2.8	-3.6
Short Term Debt, Net	-	-	0.0	-0.6	-0.8
Long Term Debt Issued	-	-	0.0	6.1	-
Long Term Debt Reduction	-1.8	-0.6	-0.6	-3.8	-0.6
Long Term Debt, Net	-1.8	-0.6	-0.6	2.3	-0.6
Issuance (Retirement) of Debt, Net	-1.8	-0.6	-0.6	1.6	-1.4
Cash from Financing Activities	-5.8	-5.4	-5.5	-1.1	-6.0
Foreign Exchange Effects	-0.3	0.3	-0.7	-0.2	-0.2
Net Change in Cash	-0.7	0.8	-1.7	0.4	-9.7
Net Cash - Beginning Balance	11.5	10.8	11.8	10.8	21.0
Net Cash - Ending Balance	10.8	11.6	10.0	11.2	11.4
Cash Interest Paid	0.1	0.1	0.1	0.1	0.2
Cash Taxes Paid	0.3	1.1	0.7	1.6	0.1

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 31-Dec-2012	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	29.57962	29.39004	31.497037	33.023867	31.543497
Auditor	KPMG LLP	KPMG LLP	KPMG CPA	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation
Gross Sales	28.6	25.9	26.2	23.7	20.9
Other Operating Revenue	0.0	0.0	-	-	-
Sales Returns & Discounts	-0.1	0.0	-0.1	0.0	-0.1
Total Revenue	28.5	25.9	26.1	23.6	20.8
Cost of Sales	18.5	17.7	16.3	15.2	14.6
Gain on Physical Inventory	-	-	-	-	-0.2
Selling Expenses	1.7	1.7	1.8	1.5	1.4
General and Administrative Expenses	1.5	1.3	1.2	1.2	1.1
Research and Development Expenses	1.5	1.6	1.3	1.1	1.0
Total Operating Expense	23.2	22.3	20.5	18.9	17.8
Interest Income	0.1	0.2	0.1	0.2	0.4
Investment Income	-	-	0.0	0.0	0.0
Gain on Sale of Fixed Assets	0.4	0.0	0.0	0.0	0.0
Revaluation Gain on Fin. Liabilities	0.0	0.0	-	-	-
Fin. Assets Valuation Gain/Loss	0.1	0.0	-	0.0	-0.2
Foreign Exchange G/L	0.1	0.1	-0.3	0.0	-0.4
Fin. Assets Valuation Gain	-	-	0.0	-	-
Royalty	0.3	0.5	0.4	0.4	0.4
Subsidiary Income	0.5	0.5	0.4	0.1	0.1
Miscellaneous Income	0.0	0.0	0.2	0.1	2.9
Interest Expense	-0.1	-0.1	-0.1	-0.1	-0.2
Other Investment Loss	-0.1	-	0.0	-0.1	0.0
Revaluation Loss on Financial Assets	-	0.0	0.0	-	-
Miscellaneous Disbursements	0.0	0.0	0.0	0.0	-0.1
Net Income Before Taxes	6.6	4.7	6.3	5.2	5.9
Provision for Income Taxes	0.9	0.4	0.8	0.4	0.5
Net Income After Taxes	5.6	4.4	5.5	4.8	5.4
Net Income Before Extra. Items	5.6	4.4	5.5	4.8	5.4
Net Income	5.6	4.4	5.5	4.8	5.4
Income Available to Com Excl ExtraOrd	5.6	4.4	5.5	4.8	5.4
Income Available to Com Incl ExtraOrd	5.6	4.4	5.5	4.8	5.4
Basic Weighted Average Shares	78.3	78.3	78.3	78.3	78.3
Basic EPS Excluding ExtraOrdinary Items	0.07	0.06	0.07	0.06	0.07
Basic EPS Including ExtraOrdinary Items	0.07	0.06	0.07	0.06	0.07
Dilution Adjustment	0.0	0.0	-	0.0	0.0
Diluted Net Income	5.6	4.4	5.5	4.8	5.4
Diluted Weighted Average Shares	78.9	79.1	78.7	78.8	78.9
Diluted EPS Excluding ExtraOrd Items	0.07	0.06	0.07	0.06	0.07
Diluted EPS Including ExtraOrd Items	0.07	0.06	0.07	0.06	0.07
DPS-Common Stock	0.05	0.05	0.06	0.06	0.04
Gross Dividends - Common Stock	4.2	4.0	4.5	4.7	2.9
Normalized Income Before Taxes	6.2	4.7	6.3	5.2	5.9
Inc Tax Ex Impact of Sp Items	0.9	0.4	0.8	0.4	0.5
Normalized Income After Taxes	5.3	4.4	5.5	4.8	5.4
Normalized Inc. Avail to Com.	5.3	4.4	5.5	4.8	5.4
Basic Normalized EPS	0.07	0.06	0.07	0.06	0.07
Diluted Normalized EPS	0.07	0.06	0.07	0.06	0.07
Interest Expense, Supplemental	0.1	0.1	0.1	0.1	0.2
R&D Expense, Supplemental	1.5	1.6	1.3	1.1	1.0
Depreciation - Operating Cost	2.1	2.0	1.7	1.4	1.0
Depreciation - Operating Expense	0.0	0.0	0.0	0.0	0.0
Current Tax Payable	0.9	0.5	0.9	0.6	1.3
Current Tax - Total	0.9	0.5	0.9	0.6	1.3
Deferred Tax	0.0	-0.1	-0.1	-0.2	-1.1
Deferred Tax - Total	0.0	-0.1	-0.1	-0.2	-1.1
Other Tax	0.0	-	0.0	0.0	0.2
Income Tax - Total	0.9	0.4	0.8	0.4	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
Amortization	0.0	0.0	0.0	0.0	0.0
Domestic Pension Plan Expense	0.1	0.1	0.0	0.1	0.0
Provision for Defined Contribusion Plan	0.2	0.2	0.2	0.2	-
Total Pension Expense	0.3	0.3	0.3	0.2	0.0
Discount Rate	1.75%	2.00%	1.75%	2.25%	2.50%
Rate of Compensation Increase	1.50%	2.50%	1.50%	1.50%	3.00%
Expected Rate of Return on Plan Assets	1.75%	2.00%	1.75%	2.25%	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 31-Dec-2012	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate	29.011999	30.279	29.1565	31.985	32.818
Auditor	KPMG LLP	KPMG LLP	KPMG CPA	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation
Cash and Cash Equivalent	11.0	11.3	10.9	11.6	10.9
Fin. Assets-Fair Value, Current	11.3	9.6	12.1	10.7	10.5
Notes Receivable	1.7	1.0	0.9	0.8	0.7
Account Receivable, Net	4.0	3.7	3.9	3.5	3.1
Other Financial Assets - Current	0.0	0.0	0.0	0.0	0.9
Raw Material / Supplies	2.1	1.7	2.1	1.2	1.5
Work-in-Process	0.8	0.8	0.7	0.6	0.6
Finished Goods	0.7	0.7	0.7	0.6	0.6
Merchandise	0.0	0.0	-	0.0	0.0
Material in Transit	0.3	0.2	0.1	0.2	0.3
Restricted Assets	0.0	0.0	0.0	0.0	0.0
Other Current Assets	0.4	0.3	0.2	0.2	0.4
Total Current Assets	32.3	29.4	31.8	29.5	29.4
Fin. Assets-Available for Sale	0.0	0.0	0.1	0.1	0.0
Other Financial Assets - Non-Current	0.0	0.0	0.0	0.0	0.0
Land and Improvements	3.2	3.3	3.4	3.1	3.1
Buildings and Structures	13.7	13.1	13.5	12.1	11.6
Machinery and Equipment	15.7	14.5	14.9	11.5	10.5
Transportation Equipment	0.1	0.1	0.1	0.1	0.1
Office Equipment	0.7	0.6	0.5	0.4	0.2
Miscellaneous Equipment	2.5	1.9	2.0	1.4	1.2
Accumulated Depreciation	-12.5	-9.9	-9.0	-6.5	-4.8
Construction in Progress	0.0	-	0.0	0.2	0.0
Prepayment for Equipment	0.2	0.5	0.4	1.9	1.0
Deferred Pension Cost	0.0	-	0.0	-	-
Deferred Charges	0.0	0.1	0.0	0.0	0.0
Total Assets	56.1	53.8	57.8	54.0	52.5
Financial Liabilities-Fair Value,Current	-	0.0	0.0	-	-
Short Term Borrowings	-	-	0.0	0.0	0.6
Current Portion of Long Term Debt	0.9	1.1	0.6	0.6	0.9
Notes Payable	0.5	0.7	1.0	0.7	0.5
Accounts Payable	1.5	1.3	1.1	1.1	1.3
Income Tax Payables	0.7	0.1	0.6	0.4	1.3
Accrued Expenses	1.7	1.6	1.6	1.5	1.3
Equipment Payables	0.2	0.1	0.1	0.2	2.5
Other Current Liabilities	0.8	0.7	0.6	0.8	0.7
Total Current Liabilities	6.2	5.5	5.8	5.3	9.0
Long Term Borrowings	4.3	5.7	7.0	7.0	4.2
Total Long Term Debt	4.3	5.7	7.0	7.0	4.2
Accrued Pension Liabilities	0.1	0.1	0.2	0.1	0.1
Deferred Income Tax Liabilities	1.2	1.2	1.4	1.3	1.5
Other Long Term Liabilities	0.0	0.3	0.8	1.1	1.5
Long Term Security Deposits Received	0.0	0.0	-	-	-
Total Liabilities	11.8	12.8	15.2	14.8	16.3
Common Stock	27.0	25.9	26.8	24.5	23.2
Additional Paid-In Capital	2.9	2.7	2.8	2.6	2.5
Legal Reserve	4.1	3.5	3.0	2.3	1.7
Special Reserve	1.5	1.8	0.9	0.8	0.5
Retained Earnings	10.5	8.6	10.8	9.9	9.1
Unrealized Loss on Fin. Instruments	-0.3	-0.4	-0.4	-0.3	-0.4
Net Loss Not Recognized as Pension Cost	0.0	0.0	-0.1	-	-
Cumulative Translation Adjustment	-1.4	-1.1	-1.4	-0.6	-0.4
Total Equity	44.2	41.0	42.6	39.2	36.1
Total Liabilities & Shareholders' Equity	56.1	53.8	57.8	54.0	52.5
S/O-Common Stock	78.3	78.3	78.3	78.3	78.3
Total Common Shares Outstanding	78.3	78.3	78.3	78.3	78.3
T/S-Common Stock	0.0	0.0	0.0	0.0	0.0
Full-Time Employees	385	387	368	349	305
Number of Common Shareholders	-	9,799	-	-	8,355
Long Term Debts Due in 1 Year	0.9	1.1	0.6	0.6	0.9
Long Term Debts Due in 2 Years	0.9	1.1	1.1	0.6	0.9
Long Term Debts Due in 3 Years	0.9	1.1	1.1	1.0	0.7
Long Term Debts Due in 4 Years	0.9	1.1	1.1	1.0	0.6
Long Term Debts Due in 5 Years	0.5	1.0	1.1	1.0	0.6
Long Term Debts - Remaining Years	1.0	1.5	2.6	3.4	1.4
Total Long Term Debt, Supplemental	5.2	6.8	7.6	7.5	5.0
Accumulated Benefit Obligation	0.9	0.8	0.9	0.7	0.6
Benefit Obligation	1.1	1.1	1.1	0.9	1.0
Fair Value of Plan Assets	0.8	0.7	0.7	0.7	0.6
Funded Status	-0.3	-0.4	-0.4	-0.3	-0.4
Total Funded Status	-0.3	-0.4	-0.4	-0.3	-0.4
Discount Rate	1.75%	2.00%	1.75%	2.25%	2.50%
Rate of Compensation Increase	1.50%	2.50%	1.50%	1.50%	3.00%
Expected Rate of Return on Plan Assets	1.75%	2.00%	1.75%	2.25%	2.50%
Deferred Pension Cost	0.0	0.0	0.0	-	-
Accrued Pension Liabilities	-0.1	-0.1	-0.2	-0.1	-0.1
Net Assets Recognized on Balance Sheet	-0.1	-0.1	-0.2	-0.1	-0.1

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 31-Dec-2012	Reclassified Normal 31-Dec-2012	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	29.57962	29.39004	31.497037	33.023867	31.543497
Auditor	KPMG LLP	KPMG LLP	KPMG CPA	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation
Net Income	5.6	4.4	5.5	4.8	5.4
Depreciation	2.2	2.1	1.8	1.5	1.0
Deferred Charge	0.0	0.0	0.0	0.0	0.0
Prov. for Bad Debts	-	-	-	-	0.0
Other Expense-Fixed Assets	0.0	0.0	-	-	-
Fire Damage, Net	-	-	-	-	0.0
Disposal of Subsidiaries	-	-	-	-	0.0
Loss on Other Investment	-	-	0.0	0.1	0.0
Equity Investment Loss	0.0	0.0	-	-	-
Gain/Loss on Disposal of Properties	-0.4	0.0	0.0	0.0	0.0
Gain on Sale of Investments	0.1	-	-	-	-
Fin. Assets Valuation Gain	-0.1	0.0	0.0	0.0	0.2
Realized Exchange Loss on Adjustment	-	-	-	-	0.0
Deferred Tax	0.0	-0.1	-0.1	-0.2	-1.1
Financial Assets-Trading	-0.4	-0.2	-	-	-
Notes Receivable	-0.6	-0.1	-0.1	-0.1	0.3
Accounts Receivable	-0.1	0.1	-0.1	-0.3	-0.7
Other Financial Assets	0.0	0.0	0.0	0.0	2.2
Inventories	-0.4	0.1	-0.7	0.4	-0.5
Prepayment & Other Current Assets	-	-	-	0.2	0.0
Other Current Assets	-0.1	-0.1	0.0	-	-
Notes Payable	-0.2	-0.3	0.3	0.2	0.2
Accounts Payable	0.1	0.2	-0.1	-0.2	0.5
Income Tax Payables	0.7	-0.6	0.1	-0.9	1.4
Accrued Expenses	0.0	0.0	0.0	0.1	0.6
Other Current Liab.	0.0	0.2	-0.3	0.2	-0.3
Other Liabilites	-0.3	-0.5	-0.4	-0.4	-0.4
Bond Interest Payable	-	-	-	-	0.0
Accrued Pension Liabilities	0.0	0.0	-	0.0	0.0
Inventory Devaluation & Obsolescence	0.0	0.0	-	-	-
Cash from Operating Activities	6.2	5.1	5.9	5.3	8.8
Fin. Assets-Fair Value	-	-	-	0.1	-4.1
Financial Assets-Fair Value,Non-current	-7.0	-3.8	-4.0	-	-
Disposal of Financial Assets-Fair Value	6.4	6.1	3.7	-	-
Disposal of Financial Assets for Sale	0.0	-	-	-	-
Gain on Sale of Subsidiary	-	-	0.0	0.8	0.8
Restricted Assets	0.0	-	-	-	0.0
Capital Expenditure	-0.8	-1.4	-1.0	-4.5	-8.9
Disposal of Fixed Assets	0.7	0.0	0.0	0.0	0.0
Other Financial Assets-Non Current	0.0	0.0	0.0	0.0	0.0
Other Assets	0.0	-0.1	0.0	0.0	0.0
Cash from Investing Activities	-0.8	0.9	-1.4	-3.6	-12.2
Short Term Borrowings, Net	-	-	0.0	-0.6	-0.8
Long Term Borrowings	-	-	0.0	6.1	-
Repayment of LT Borrowings	-1.8	-0.6	-0.6	-3.8	-0.6
Cash Dividend - Common Stock	-4.0	-4.8	-5.0	-2.8	-3.6
Directors Remuneration & Employees Bonus	-	-	-	0.0	-1.0
Security Deposit Received	0.0	0.0	-	-	-
Cash from Financing Activities	-5.8	-5.4	-5.5	-1.1	-6.0
Foreign Exchange Effects	-0.3	0.3	-0.7	-0.2	-0.2
Net Change in Cash	-0.7	0.8	-1.7	0.4	-9.7
Net Cash - Beginning Balance	11.5	10.8	11.8	10.8	21.0
Net Cash - Ending Balance	10.8	11.6	10.0	11.2	11.4
Cash Interest Paid	0.1	0.1	0.1	0.1	0.2
Cash Taxes Paid	0.3	1.1	0.7	1.6	0.1

Financial Health

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Key Indicators USD (mil)
Â	Quarter Ending 31-Mar-2013	Quarter Ending Yr Ago	Annual Year End 31-Dec-2012	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1 (?)	7.6	10.06%	28.5	10.78%	2.59%	8.50%
Research & Development1 (?)	0.4	-0.65%	1.5	-4.07%	9.04%	14.09%
Operating Income1 (?)	1.6	39.06%	5.2	46.41%	-0.10%	21.22%
Income Available to Common Excl Extraord Items1 (?)	1.6	30.26%	5.6	29.32%	1.61%	-11.66%
Basic EPS Excl Extraord Items1 (?)	0.02	30.27%	0.07	29.33%	1.61%	-12.71%
Capital Expenditures2 (?)	0.0	7.41%	0.8	-39.24%	-45.22%	-26.14%
Cash from Operating Activities2 (?)	3.7	105.62%	6.2	23.58%	1.71%	2.80%
Free Cash Flow (?)	3.6	107.79%	5.5	46.99%	84.38%	26.85%
Total Assets3 (?)	57.4	3.27%	56.1	-0.11%	-1.98%	-0.30%
Total Liabilities3 (?)	12.7	-4.15%	11.8	-11.48%	-10.25%	-6.44%
Total Long Term Debt3 (?)	3.9	-28.43%	4.3	-27.99%	-17.72%	-5.59%
Employees3 (?)	-	-	385	-0.52%	3.33%	4.84%
Total Common Shares Outstanding3 (?)	78.3	0.00%	78.3	0.00%	0.00%	0.00%
1-ExchangeRate: TWD to USD Average for Period	29.473353	Â	29.579620	Â	Â	Â
2-ExchangeRate: TWD to USD Average for Period	29.473353	Â	29.579620	Â	Â	Â
3-ExchangeRate: TWD to USD Period End Date	29.908335	Â	29.011999	Â	Â	Â

Utility Industry Specific USD (mil)
Â	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Deferred Charges3 (?)	0.0	0.1	0.0	0.0	0.0
3-ExchangeRate: TWD to USD Period End Date	29.011999	30.279000	29.156500	31.985000	32.818000

Key Ratios
Â	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Profitability
Gross Margin (?)	34.91%	31.54%	37.61%	35.83%	30.66%
Operating Margin (?)	18.39%	13.92%	21.25%	19.92%	14.07%
Pretax Margin (?)	23.02%	18.34%	24.09%	22.22%	28.42%
Net Profit Margin (?)	19.74%	16.91%	21.01%	20.32%	26.18%
Financial Strength
Current Ratio (?)	5.21	5.33	5.52	5.57	3.26
Long Term Debt/Equity (?)	0.10	0.14	0.17	0.18	0.12
Total Debt/Equity (?)	0.13	0.18	0.20	0.21	0.17
Management Effectiveness
Return on Assets (?)	10.22%	7.76%	10.12%	9.19%	10.17%
Return on Equity (?)	13.18%	10.35%	13.83%	13.00%	14.54%
Efficiency
Receivables Turnover (?)	5.47	5.32	5.88	6.00	5.67
Inventory Turnover (?)	4.95	4.90	5.36	5.48	4.98
Asset Turnover (?)	0.52	0.46	0.48	0.45	0.39

Market Valuation USD (mil)
P/E (TTM) (?)	17.19	.	Enterprise Value2 (?)	81.5
Price/Sales (TTM) (?)	3.51	.	Enterprise Value/Revenue (TTM) (?)	2.83
Price/Book (MRQ) (?)	2.27	.	Enterprise Value/EBITDA (TTM) (?)	10.42
Market Cap as of 14-Jun-20131 (?)	101.4	.
1-ExchangeRate: TWD to USD on 14-Jun-2013	29.880709
2-ExchangeRate: TWD to USD on 31-Mar-2013	29.908335

Annual Ratios

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
Financial Strength
Current Ratio (?)	5.21	5.33	5.52	5.57	3.26
Quick/Acid Test Ratio (?)	4.56	4.69	4.88	5.07	2.92
Working Capital1 (?)	26.1	23.9	26.0	24.2	20.4
Long Term Debt/Equity (?)	0.10	0.14	0.17	0.18	0.12
Total Debt/Equity (?)	0.13	0.18	0.20	0.21	0.17
Long Term Debt/Total Capital (?)	0.09	0.12	0.14	0.15	0.10
Total Debt/Total Capital (?)	0.11	0.15	0.17	0.17	0.15
Payout Ratio (?)	75.31%	91.31%	81.64%	98.76%	53.19%
Effective Tax Rate (?)	14.22%	7.77%	12.79%	8.54%	7.89%
Total Capital1 (?)	49.9	48.4	51.3	47.4	42.3
Efficiency
Asset Turnover (?)	0.52	0.46	0.48	0.45	0.39
Inventory Turnover (?)	4.95	4.90	5.36	5.48	4.98
Days In Inventory (?)	73.74	74.42	68.07	66.62	73.25
Receivables Turnover (?)	5.47	5.32	5.88	6.00	5.67
Days Receivables Outstanding (?)	66.75	68.63	62.13	60.82	64.36
Revenue/Employee2 (?)	75,411	64,884	76,575	69,876	65,424
Operating Income/Employee2 (?)	13,870	9,031	16,274	13,921	9,207
EBITDA/Employee2 (?)	19,618	14,185	21,412	18,335	12,498
Profitability
Gross Margin (?)	34.91%	31.54%	37.61%	35.83%	30.66%
Operating Margin (?)	18.39%	13.92%	21.25%	19.92%	14.07%
EBITDA Margin (?)	26.01%	21.86%	27.96%	26.24%	19.10%
EBIT Margin (?)	18.39%	13.92%	21.25%	19.92%	14.07%
Pretax Margin (?)	23.02%	18.34%	24.09%	22.22%	28.42%
Net Profit Margin (?)	19.74%	16.91%	21.01%	20.32%	26.18%
R&D Expense/Revenue (?)	5.39%	6.22%	5.05%	4.49%	4.72%
COGS/Revenue (?)	65.08%	68.38%	62.39%	64.17%	69.34%
SG&A Expense/Revenue (?)	11.14%	11.48%	11.30%	11.42%	11.86%
Management Effectiveness
Return on Assets (?)	10.22%	7.76%	10.12%	9.19%	10.17%
Return on Equity (?)	13.18%	10.35%	13.83%	13.00%	14.54%
Valuation
Free Cash Flow/Share2 (?)	0.07	0.05	0.07	0.01	0.00
Operating Cash Flow/Share 2 (?)	0.08	0.06	0.08	0.07	0.11
1-ExchangeRate: TWD to USD Period End Date	29.011999	30.279	29.1565	31.985	32.818
2-ExchangeRate: TWD to USD Average for Period	29.011999	30.279	29.1565	31.985	32.818

Current Market Multiples
Market Cap/Earnings (TTM) (?)	17.19
Market Cap/Equity (MRQ) (?)	2.27
Market Cap/Revenue (TTM) (?)	3.51
Market Cap/EBIT (TTM) (?)	17.97
Market Cap/EBITDA (TTM) (?)	12.94
Enterprise Value/Earnings (TTM) (?)	13.84
Enterprise Value/Equity (MRQ) (?)	1.83
Enterprise Value/Revenue (TTM) (?)	2.83
Enterprise Value/EBIT (TTM) (?)	14.47
Enterprise Value/EBITDA (TTM) (?)	10.42

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.70
UK Pound	1	Rs.91.14
Euro	1	Rs.77.97

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.