MIRA INFORM REPORT
|
Report Date : |
29.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
CHIH LIEN INDUSTRIAL CO LTD |
|
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Registered Office : |
No. 480, Chung Shing Road, Sinwu, 327 |
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|
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Country : |
Taiwan |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
03.09.1973 |
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Legal Form : |
Public Parent Company |
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Line of Business : |
Subject is engaged in the manufacturing, processing and trading of
steel wires and steel bars |
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No. of Employees : |
248 |
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 |
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Payment Behaviour : |
Slow but Correct |
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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) |
|
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 4.1%. In 2012, however, growth fell to 1.3%, because of softening
global demand. Taiwan's diplomatic isolation, low birth rate, and rapidly aging
population are major long-term challenges. Free trade agreements have
proliferated in East Asia over the past several years, but except for the
landmark Economic Cooperation Framework Agreement (ECFA) signed with China in
June 2010, so far Taiwan has been excluded from this greater economic
integration in part because of its diplomatic status. Negotiations continue on
such follow-on components of ECFA regarding trade in goods and services. The MA
administration has said that the ECFA will serve as a stepping stone toward
trade pacts with other key trade partners, which Taiwan subsequently launched
with Singapore and New Zealand. Taiwan's Total Fertility rate of just over one
child per woman is among the lowest in the world, raising the prospect of
future labor shortages, falling domestic demand, and declining tax revenues.
Taiwan's population is aging quickly, with the number of people over 65 accounting
for 11.2% of the island's total population as of 2012. The island runs a large
trade surplus largely because of its surplus with China, and its foreign
reserves are the world's fifth largest, behind China, Japan, Saudi Arabia, and
Russia. In 2006 China overtook the US to become Taiwan's second-largest source
of imports after Japan. China is also the island's number one destination for
foreign direct investment. Three financial memorandums of understanding,
covering banking, securities, and insurance, took effect in mid-January 2010,
opening the island to greater investments from the mainland's financial firms
and institutional investors, and providing new opportunities for Taiwan
financial firms to operate in China. In August 2012, Taiwan Central Bank signed
a memorandum of understanding on cross-Strait currency settlement with its
Chinese counterpart. The MOU allows for the direct settlement of Chinese RMB
and the New Taiwan dollar across the Strait, which could help develop Taiwan
into a local RMB hub. Closer economic links with the mainland bring greater
opportunities for the Taiwan economy, but also poses new challenges as the
island becomes more economically dependent on China while political differences
remain unresolved.
|
Source : CIA |
Company name & address
Chih Lien Industrial Co Ltd
No. 480, Chung Shing Road
Sinwu, 327
Taiwan
Tel: 886-3-4772797
Fax: 886-3-4770875
Web: www.chihlien.com.tw
Synthesis
Employees: 248
Company Type: Public Parent
Corporate Family: 3
Companies
Traded: Taiwan
Stock Exchange: 2024
Incorporation Date: 03-Sep-1973
Auditor: KPMG LLP
Financials in: USD
(Millions)
Fiscal Year End: 31-Dec-2012
Reporting Currency: Taiwanese
New Dollar
Annual Sales: 69.0
1
Net Income: (3.4)
Total Assets: 82.7
2
Market Value: 21.7 (14-Jun-2013)
Business Description
CHIH LIEN INDUSTRIAL CO., LTD. is a Taiwan-based company primarily
engaged in the manufacture, processing and trading of steel wires and steel
bars. The Company provides steel wires, including high-carbon steel wires,
low-carbon steel wires, springs and annealed wires, which are applied in the
manufacture of umbrellas, steel cables, screws and sports apparatus, among
others, as well as steel bars, including cutting steels, medium-carbon steels,
alloy steels, stainless steels and polished rods, which are applied in
manufacture of electronic, computer, bicycle, motorcycle and automobile
components, as well as industrial tools and components. The Company is also
engaged in the manufacture of rods as an original equipment manufacturer (OEM).
For the three months ended 31 March 2013, Chih Lien Industrial Co Ltd revenues
decreased 4% to NT$472.7M. Net income totaled NT$9.1M vs. loss of NT$36.5M.
Revenues reflect Gross Sales decrease of 3% to NT$462.3M, Processing Revenues
decrease of 14% to NT$13.7M, Sales Returns increase of 66% to NT$1.5M. Net
Income reflects Interest Expense decrease of 23% to NT$7.1M (expense),
Miscellaneous Disbursements decrease of 3% to NT$296K (expense).
Industry
Industry Construction - Supplies and Fixtures
ANZSIC 2006: 2291 - Spring and
Wire Product Manufacturing
NACE 2002: 2734 - Wire
drawing
NAICS 2002: 331222 - Steel
Wire Drawing
UK SIC 2003: 2734 - Wire
drawing
UK SIC 2007: 2434 - Cold
drawing of wire
US SIC 1987: 3315 - Steel
Wiredrawing and Steel Nails and Spikes
Key
Executives
|
Name |
Title |
|
Mingyuan Qiu |
Assistant General Manager-Finance |
|
Chenwang Xie |
Deputy General Manager, Director |
|
Ming Yuan Chiu |
Manager-Finance |
|
Shu Kun Hsu |
Manager |
|
Yuling Guo |
Director |
Significant
Developments
|
* number of significant developments within the last 12 months
Financial
Summary
|
Stock
Snapshot
|
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
No. 480, Chung Shing Road
Sinwu, 327
Taiwan
Tel: 886-3-4772797
Fax: 886-3-4770875
Web: www.chihlien.com.tw
Quote Symbol - Exchange
2024 - Taiwan
Stock Exchange
Sales TWD(mil): 2,040.5
Assets TWD(mil): 2,400.3
Employees: 248
Fiscal Year End: 31-Dec-2012
Industry: Construction
- Supplies and Fixtures
Incorporation Date: 03-Sep-1973
Company Type: Public
Parent
Quoted Status: Quoted
Chairman of the
Board, General Manager:
Chunxing Liu
Industry Codes
ANZSIC 2006 Codes:
2291 - Spring and Wire Product Manufacturing
2110 - Iron Smelting and Steel Manufacturing
NACE 2002 Codes:
2734 - Wire drawing
2732 - Cold rolling of narrow strip
NAICS 2002 Codes:
331222 - Steel Wire Drawing
331221 - Rolled Steel Shape Manufacturing
US SIC 1987:
3315 - Steel Wiredrawing and Steel Nails and Spikes
3316 - Cold-Rolled Steel Sheet, Strip, and Bars
UK SIC 2003:
2734 - Wire drawing
2732 - Cold rolling of narrow strip
UK SIC 2007:
2434 - Cold drawing of wire
2432 - Cold rolling of narrow strip
Business
Description
CHIH LIEN INDUSTRIAL
CO., LTD. is a Taiwan-based company primarily engaged in the manufacture,
processing and trading of steel wires and steel bars. The Company provides
steel wires, including high-carbon steel wires, low-carbon steel wires, springs
and annealed wires, which are applied in the manufacture of umbrellas, steel
cables, screws and sports apparatus, among others, as well as steel bars,
including cutting steels, medium-carbon steels, alloy steels, stainless steels
and polished rods, which are applied in manufacture of electronic, computer,
bicycle, motorcycle and automobile components, as well as industrial tools and
components. The Company is also engaged in the manufacture of rods as an
original equipment manufacturer (OEM). For the three months ended 31 March
2013, Chih Lien Industrial Co Ltd revenues decreased 4% to NT$472.7M. Net
income totaled NT$9.1M vs. loss of NT$36.5M. Revenues reflect Gross Sales
decrease of 3% to NT$462.3M, Processing Revenues decrease of 14% to NT$13.7M,
Sales Returns increase of 66% to NT$1.5M. Net Income reflects Interest Expense
decrease of 23% to NT$7.1M (expense), Miscellaneous Disbursements decrease of
3% to NT$296K (expense).
More Business
Descriptions
· Manufacture of high carbon steel wire, free cutting steel bar, wire rope and galvanised steel wire rope
· Steel Wire & Steel Bar Mfr
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Corporate Family |
Corporate
Structure News: |
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Chih
Lien Industrial Co Ltd |
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Chih Lien Industrial Co Ltd |
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Company
Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
|
|
Chih Lien Industrial Co Ltd |
Parent |
Sinwu |
Taiwan |
Construction - Supplies and Fixtures |
69.0 |
248 |
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Chih Lien Industrial Co., Ltd.
- Shin Wu Factory |
Facility |
Shin Wu Hsiang, Taoyuan |
Taiwan |
Iron and Steel |
|
155 |
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Chih Lien Industrial Co., Ltd.
- Dong Guan Factory |
Facility |
Dongguan, Guangdong |
China |
Iron and Steel |
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96 |
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Executive report
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Board of
Directors |
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Chairman of the Board, General Manager |
Chairman |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Deputy General Manager, Director |
Director/Board Member |
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Executives |
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Chairman of the Board, General Manager |
Division Head Executive |
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Assistant General Manager-Finance |
Division Head Executive |
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Deputy General Manager, Director |
Division Head Executive |
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Manager-Finance |
Finance Executive |
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Manager |
Other |
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Significant Developments
Chih Lien Industrial Co Ltd Announces No Dividend Payment for FY 2012 Mar 27, 2013
Chih Lien Industrial Co Ltd announced that it will pay no dividend to shareholders for fiscal year 2012.
Chih Lien Industrial Co Ltd Obtains Syndicated Loan Dec 18, 2012
Chih Lien Industrial Co Ltd announced that it has obtained syndicated loans of NTD 710 million from four banks including First Commercial Bank.
Chih Lien Industrial Co Ltd Announces FY 2011 Dividend Payment Date Aug 24, 2012
Chih Lien
Industrial Co Ltd announced that it will pay a cash dividend of NTD 0.15 per
share, or NTD 16,432,500 in total to shareholders of record on September 17, 2012.
The Company's shares will be traded ex-dividend on September 11, 2012. .
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2012 |
31-Dc-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 |
KPMG LLP |
KPMG LLP |
KPMG Peat
Marwick LLP |
KPMG Peat
Marwick LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
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|
|
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|
Net Sales |
2.1 |
2.6 |
2.2 |
1.1 |
2.1 |
|
Gross Revenue |
67.2 |
78.3 |
69.7 |
43.2 |
66.6 |
|
Sales Returns and Allowances |
-0.4 |
-0.5 |
-0.5 |
-0.6 |
-0.5 |
|
Revenue |
69.0 |
80.5 |
71.4 |
43.7 |
68.3 |
|
Total Revenue |
69.0 |
80.5 |
71.4 |
43.7 |
68.3 |
|
|
|
|
|
|
|
|
Cost of Revenue |
67.6 |
71.5 |
63.2 |
48.1 |
61.2 |
|
Cost of Revenue, Total |
67.6 |
71.5 |
63.2 |
48.1 |
61.2 |
|
Gross Profit |
1.3 |
9.0 |
8.2 |
-4.4 |
7.0 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
4.1 |
4.0 |
3.4 |
2.5 |
3.6 |
|
Total Selling/General/Administrative Expenses |
4.1 |
4.0 |
3.4 |
2.5 |
3.6 |
|
Impairment-Assets Held for Use |
- |
0.0 |
-0.6 |
- |
- |
|
Impairment-Assets Held for Sale |
0.0 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Unusual Expense (Income) |
0.0 |
0.0 |
-0.6 |
0.0 |
0.1 |
|
Total Operating Expense |
71.7 |
75.4 |
66.0 |
50.6 |
64.9 |
|
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|
|
|
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Operating Income |
-2.8 |
5.0 |
5.4 |
-7.0 |
3.4 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-1.2 |
-1.1 |
-1.1 |
-1.3 |
-1.7 |
|
Interest Expense, Net Non-Operating |
-1.2 |
-1.1 |
-1.1 |
-1.3 |
-1.7 |
|
Interest Income -
Non-Operating |
0.0 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Investment Income -
Non-Operating |
0.3 |
-0.1 |
0.0 |
-0.1 |
-0.6 |
|
Interest/Investment Income - Non-Operating |
0.3 |
-0.1 |
0.0 |
-0.1 |
-0.5 |
|
Interest Income (Expense) - Net Non-Operating Total |
-0.9 |
-1.3 |
-1.0 |
-1.4 |
-2.2 |
|
Gain (Loss) on Sale of Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Non-Operating Income (Expense) |
0.0 |
0.2 |
0.0 |
0.0 |
0.3 |
|
Other, Net |
0.0 |
0.2 |
0.0 |
0.0 |
0.3 |
|
Income Before Tax |
-3.6 |
3.9 |
4.3 |
-8.3 |
1.5 |
|
|
|
|
|
|
|
|
Total Income Tax |
0.0 |
-0.1 |
-0.1 |
-0.1 |
0.3 |
|
Income After Tax |
-3.6 |
4.1 |
4.4 |
-8.2 |
1.2 |
|
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|
|
|
|
|
|
Minority Interest |
0.2 |
0.1 |
-0.4 |
0.5 |
-0.1 |
|
Net Income Before Extraord Items |
-3.4 |
4.2 |
4.0 |
-7.7 |
1.1 |
|
Net Income |
-3.4 |
4.2 |
4.0 |
-7.7 |
1.1 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
-3.4 |
4.2 |
4.0 |
-7.7 |
1.1 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
-3.4 |
4.2 |
4.0 |
-7.7 |
1.1 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
109.6 |
111.8 |
111.9 |
111.9 |
111.9 |
|
Basic EPS Excl Extraord Items |
-0.03 |
0.04 |
0.04 |
-0.07 |
0.01 |
|
Basic/Primary EPS Incl Extraord Items |
-0.03 |
0.04 |
0.04 |
-0.07 |
0.01 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Diluted Net Income |
-3.4 |
4.2 |
4.0 |
-7.7 |
1.1 |
|
Diluted Weighted Average Shares |
109.6 |
111.8 |
111.9 |
111.9 |
112.0 |
|
Diluted EPS Excl Extraord Items |
-0.03 |
0.04 |
0.04 |
-0.07 |
0.01 |
|
Diluted EPS Incl Extraord Items |
-0.03 |
0.04 |
0.04 |
-0.07 |
0.01 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.01 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.6 |
0.0 |
0.0 |
0.0 |
|
Interest Expense, Supplemental |
1.2 |
1.1 |
1.1 |
1.3 |
1.7 |
|
Depreciation, Supplemental |
2.4 |
2.5 |
2.4 |
2.9 |
3.4 |
|
Total Special Items |
0.0 |
0.0 |
-0.6 |
0.0 |
0.1 |
|
Normalized Income Before Tax |
-3.6 |
3.9 |
3.8 |
-8.3 |
1.6 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.0 |
0.0 |
-0.2 |
0.0 |
0.0 |
|
Inc Tax Ex Impact of Sp Items |
0.0 |
-0.1 |
-0.2 |
-0.1 |
0.3 |
|
Normalized Income After Tax |
-3.6 |
4.1 |
4.0 |
-8.2 |
1.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-3.4 |
4.2 |
3.6 |
-7.6 |
1.2 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-0.03 |
0.04 |
0.03 |
-0.07 |
0.01 |
|
Diluted Normalized EPS |
-0.03 |
0.04 |
0.03 |
-0.07 |
0.01 |
|
Amort of Intangibles, Supplemental |
0.1 |
0.1 |
0.0 |
0.1 |
0.1 |
|
Normalized EBIT |
-2.8 |
5.0 |
4.8 |
-6.9 |
3.4 |
|
Normalized EBITDA |
-0.3 |
7.6 |
7.3 |
-4.0 |
6.9 |
|
Current Tax - Total |
0.0 |
0.0 |
- |
0.0 |
0.3 |
|
Current Tax - Total |
0.0 |
0.0 |
- |
0.0 |
0.3 |
|
Deferred Tax - Total |
0.0 |
-0.1 |
-0.1 |
-0.1 |
0.0 |
|
Deferred Tax - Total |
0.0 |
-0.1 |
-0.1 |
-0.1 |
0.0 |
|
Income Tax - Total |
0.0 |
-0.1 |
-0.1 |
-0.1 |
0.3 |
|
Interest Cost - Domestic |
0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Service Cost - Domestic |
0.1 |
0.0 |
0.1 |
0.0 |
0.1 |
|
Expected Return on Assets - Domestic |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Transition Costs - Domestic |
0.1 |
0.0 |
0.1 |
0.0 |
0.0 |
|
Domestic Pension Plan Expense |
0.2 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Defined Contribution Expense - Domestic |
0.1 |
0.1 |
- |
- |
- |
|
Total Pension Expense |
0.3 |
0.2 |
0.1 |
0.1 |
0.1 |
|
Discount Rate - Domestic |
1.75% |
2.00% |
2.25% |
2.25% |
2.25% |
|
Expected Rate of Return - Domestic |
1.75% |
2.00% |
2.25% |
2.25% |
2.25% |
|
Compensation Rate - Domestic |
1.00% |
1.00% |
1.00% |
1.00% |
1.00% |
|
Total Plan Interest Cost |
0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Plan Service Cost |
0.1 |
0.0 |
0.1 |
0.0 |
0.1 |
|
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 |
Reclassified
Normal |
Updated Normal |
|
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 Peat
Marwick LLP |
KPMG Peat
Marwick LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Equivalents |
3.9 |
5.2 |
2.7 |
1.8 |
1.8 |
|
Short Term Investments |
0.0 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Cash and Short Term Investments |
3.9 |
5.2 |
2.7 |
1.8 |
1.9 |
|
Accounts Receivable -
Trade, Gross |
8.7 |
8.3 |
9.5 |
7.7 |
5.2 |
|
Provision for Doubtful
Accounts |
-0.1 |
-0.1 |
-0.3 |
-0.6 |
-0.6 |
|
Trade Accounts Receivable - Net |
9.1 |
8.8 |
9.7 |
7.5 |
4.9 |
|
Notes Receivable - Short Term |
3.6 |
4.9 |
4.7 |
2.0 |
1.5 |
|
Other Receivables |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Total Receivables, Net |
12.7 |
13.7 |
14.4 |
9.5 |
6.4 |
|
Inventories - Finished Goods |
6.3 |
7.6 |
5.4 |
3.6 |
6.6 |
|
Inventories - Work In Progress |
0.6 |
0.6 |
0.5 |
0.3 |
0.6 |
|
Inventories - Raw Materials |
9.0 |
17.3 |
13.7 |
5.2 |
21.4 |
|
Inventories - Other |
0.3 |
1.5 |
2.8 |
0.4 |
-3.6 |
|
Total Inventory |
16.2 |
27.1 |
22.4 |
9.5 |
25.0 |
|
Prepaid Expenses |
0.3 |
1.7 |
0.5 |
0.1 |
0.6 |
|
Restricted Cash - Current |
3.5 |
4.3 |
3.6 |
3.2 |
6.7 |
|
Other Current Assets |
0.2 |
0.6 |
0.3 |
0.2 |
- |
|
Other Current Assets, Total |
3.7 |
4.8 |
3.8 |
3.4 |
6.7 |
|
Total Current Assets |
36.8 |
52.6 |
43.7 |
24.2 |
40.6 |
|
|
|
|
|
|
|
|
Buildings |
16.1 |
15.0 |
15.3 |
14.6 |
14.3 |
|
Land/Improvements |
23.2 |
22.2 |
23.1 |
21.0 |
20.5 |
|
Machinery/Equipment |
18.9 |
26.4 |
24.4 |
27.1 |
27.0 |
|
Construction in
Progress |
2.4 |
2.2 |
0.1 |
2.0 |
0.7 |
|
Property/Plant/Equipment - Gross |
60.6 |
65.7 |
62.8 |
64.7 |
62.5 |
|
Accumulated Depreciation |
-17.0 |
-25.4 |
-23.9 |
-28.4 |
-25.5 |
|
Property/Plant/Equipment - Net |
43.6 |
40.3 |
38.9 |
36.3 |
36.9 |
|
Goodwill, Net |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Intangibles, Net |
1.5 |
1.5 |
1.5 |
1.4 |
1.4 |
|
LT Investments - Other |
0.0 |
- |
0.0 |
0.0 |
0.2 |
|
Long Term Investments |
0.0 |
- |
0.0 |
0.0 |
0.2 |
|
Note Receivable - Long Term |
0.4 |
- |
- |
- |
- |
|
Pension Benefits - Overfunded |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Long Term Assets |
0.4 |
0.2 |
0.1 |
0.0 |
0.3 |
|
Other Long Term Assets, Total |
0.4 |
0.2 |
0.1 |
0.0 |
0.3 |
|
Total Assets |
82.7 |
94.6 |
84.3 |
62.0 |
79.5 |
|
|
|
|
|
|
|
|
Accounts Payable |
2.1 |
3.2 |
4.1 |
1.8 |
3.5 |
|
Accrued Expenses |
1.3 |
1.7 |
1.7 |
0.9 |
1.4 |
|
Notes Payable/Short Term Debt |
16.0 |
23.0 |
15.6 |
15.6 |
26.9 |
|
Current Portion - Long Term Debt/Capital Leases |
6.8 |
4.4 |
5.8 |
2.6 |
2.0 |
|
Other Payables |
0.1 |
0.5 |
0.0 |
0.0 |
- |
|
Other Current Liabilities |
0.3 |
0.3 |
0.3 |
0.3 |
- |
|
Other Current liabilities, Total |
0.4 |
0.8 |
0.3 |
0.3 |
- |
|
Total Current Liabilities |
26.7 |
33.1 |
27.5 |
21.3 |
33.8 |
|
|
|
|
|
|
|
|
Long Term Debt |
16.0 |
18.8 |
16.9 |
7.9 |
5.2 |
|
Capital Lease Obligations |
- |
- |
- |
- |
0.0 |
|
Total Long Term Debt |
16.0 |
18.8 |
16.9 |
7.9 |
5.2 |
|
Total Debt |
38.8 |
46.3 |
38.3 |
26.1 |
34.1 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
0.0 |
0.2 |
0.4 |
0.5 |
0.6 |
|
Deferred Income Tax |
0.0 |
0.2 |
0.4 |
0.5 |
0.6 |
|
Minority Interest |
2.7 |
2.9 |
2.7 |
2.5 |
3.0 |
|
Pension Benefits - Underfunded |
1.4 |
1.6 |
1.1 |
1.0 |
0.9 |
|
Other Liabilities, Total |
1.4 |
1.6 |
1.1 |
1.0 |
0.9 |
|
Total Liabilities |
46.8 |
56.6 |
48.6 |
33.2 |
43.5 |
|
|
|
|
|
|
|
|
Common Stock |
37.8 |
36.2 |
38.4 |
35.0 |
34.1 |
|
Common Stock |
37.8 |
36.2 |
38.4 |
35.0 |
34.1 |
|
Additional Paid-In Capital |
0.2 |
0.2 |
- |
- |
- |
|
Retained Earnings (Accumulated Deficit) |
-3.1 |
0.8 |
-3.3 |
-7.0 |
0.9 |
|
Translation Adjustment |
1.8 |
1.8 |
1.1 |
1.2 |
1.3 |
|
Minimum Pension Liability Adjustment |
-0.7 |
-0.9 |
-0.4 |
-0.4 |
-0.3 |
|
Other Equity, Total |
1.1 |
0.8 |
0.6 |
0.8 |
1.0 |
|
Total Equity |
35.9 |
38.0 |
35.7 |
28.8 |
35.9 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
82.7 |
94.6 |
84.3 |
62.0 |
79.5 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
109.6 |
109.6 |
111.9 |
111.9 |
111.9 |
|
Total Common Shares Outstanding |
109.6 |
109.6 |
111.9 |
111.9 |
111.9 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Employees |
248 |
269 |
239 |
241 |
254 |
|
Number of Common Shareholders |
- |
11,121 |
11,526 |
11,589 |
12,376 |
|
Total Long Term Debt, Supplemental |
22.7 |
23.3 |
22.7 |
10.5 |
7.1 |
|
Long Term Debt Maturing within 1 Year |
6.8 |
4.4 |
5.8 |
2.6 |
1.9 |
|
Long Term Debt Maturing in Year 2 |
7.0 |
14.3 |
7.5 |
7.9 |
3.2 |
|
Long Term Debt Maturing in Year 3 |
9.0 |
2.6 |
4.7 |
- |
1.9 |
|
Long Term Debt Maturing in Year 4 |
- |
1.9 |
2.7 |
- |
0.0 |
|
Long Term Debt Maturing in 2-3 Years |
16.0 |
16.9 |
12.2 |
7.9 |
5.1 |
|
Long Term Debt Maturing in 4-5 Years |
- |
1.9 |
2.7 |
- |
0.0 |
|
Long Term Debt Matur. in Year 6 & Beyond |
0.0 |
0.0 |
2.0 |
0.0 |
0.0 |
|
Pension Obligation - Domestic |
2.5 |
2.5 |
2.0 |
1.8 |
1.5 |
|
Plan Assets - Domestic |
1.0 |
0.8 |
0.8 |
0.6 |
0.6 |
|
Funded Status - Domestic |
-1.5 |
-1.7 |
-1.2 |
-1.1 |
-1.0 |
|
Accumulated Obligation - Domestic |
2.4 |
2.4 |
1.9 |
1.7 |
1.4 |
|
Total Funded Status |
-1.5 |
-1.7 |
-1.2 |
-1.1 |
-1.0 |
|
Discount Rate - Domestic |
1.75% |
2.00% |
2.25% |
2.25% |
2.25% |
|
Expected Rate of Return - Domestic |
1.75% |
2.00% |
2.25% |
2.25% |
2.25% |
|
Compensation Rate - Domestic |
1.00% |
1.00% |
1.00% |
1.00% |
1.00% |
|
Prepaid Benefits - Domestic |
- |
- |
0.0 |
0.0 |
0.0 |
|
Accrued Liabilities - Domestic |
-1.4 |
-1.6 |
-1.1 |
-1.0 |
-0.9 |
|
Net Assets Recognized on Balance Sheet |
-1.4 |
-1.6 |
-1.1 |
-1.0 |
-0.8 |
|
Total Plan Obligations |
2.5 |
2.5 |
2.0 |
1.8 |
1.5 |
|
Total Plan Assets |
1.0 |
0.8 |
0.8 |
0.6 |
0.6 |
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 |
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 |
KPMG LLP |
KPMG LLP |
KPMG Peat
Marwick LLP |
KPMG Peat
Marwick LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
-3.6 |
4.1 |
4.4 |
-8.2 |
1.2 |
|
Depreciation |
2.4 |
2.5 |
2.4 |
2.9 |
3.4 |
|
Depreciation/Depletion |
2.4 |
2.5 |
2.4 |
2.9 |
3.4 |
|
Amortization of Intangibles |
0.1 |
0.1 |
0.0 |
0.1 |
0.1 |
|
Amortization |
0.1 |
0.1 |
0.0 |
0.1 |
0.1 |
|
Deferred Taxes |
0.0 |
-0.1 |
-0.1 |
-0.1 |
0.0 |
|
Unusual Items |
0.0 |
0.0 |
-0.6 |
0.0 |
0.1 |
|
Other Non-Cash Items |
0.8 |
-0.3 |
-0.9 |
-2.3 |
4.2 |
|
Non-Cash Items |
0.7 |
-0.3 |
-1.5 |
-2.3 |
4.3 |
|
Accounts Receivable |
1.1 |
0.3 |
-3.3 |
-2.8 |
7.1 |
|
Inventories |
11.1 |
-5.6 |
-10.5 |
18.3 |
-16.4 |
|
Prepaid Expenses |
1.5 |
-1.3 |
-0.4 |
0.4 |
-0.4 |
|
Other Assets |
0.2 |
-0.1 |
0.0 |
0.0 |
0.1 |
|
Accounts Payable |
-1.1 |
-0.7 |
1.9 |
-1.4 |
0.0 |
|
Accrued Expenses |
-0.4 |
0.1 |
0.6 |
-0.2 |
0.2 |
|
Other Liabilities |
-0.2 |
0.6 |
-0.2 |
0.1 |
0.1 |
|
Changes in Working Capital |
12.1 |
-6.8 |
-11.9 |
14.3 |
-9.4 |
|
Cash from Operating Activities |
11.6 |
-0.6 |
-6.6 |
6.7 |
-0.4 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-4.4 |
-4.8 |
-1.3 |
-1.5 |
-2.0 |
|
Capital Expenditures |
-4.4 |
-4.8 |
-1.3 |
-1.5 |
-2.0 |
|
Sale of Fixed Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Sale/Maturity of Investment |
0.0 |
- |
- |
- |
- |
|
Other Investing Cash Flow |
0.9 |
-0.9 |
-0.2 |
3.6 |
-4.1 |
|
Other Investing Cash Flow Items, Total |
1.0 |
-0.9 |
-0.2 |
3.6 |
-4.1 |
|
Cash from Investing Activities |
-3.4 |
-5.7 |
-1.4 |
2.1 |
-6.1 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
- |
0.0 |
-0.4 |
-0.6 |
0.5 |
|
Financing Cash Flow Items |
- |
0.0 |
-0.4 |
-0.6 |
0.5 |
|
Cash Dividends Paid - Common |
-0.6 |
- |
- |
- |
- |
|
Total Cash Dividends Paid |
-0.6 |
- |
- |
- |
- |
|
Sale/Issuance of
Common |
- |
- |
- |
- |
0.0 |
|
Repurchase/Retirement
of Common |
- |
-0.6 |
- |
- |
- |
|
Common Stock, Net |
- |
-0.6 |
- |
- |
0.0 |
|
Issuance (Retirement) of Stock, Net |
- |
-0.6 |
- |
- |
0.0 |
|
Short Term Debt Issued |
1.0 |
2.4 |
- |
- |
- |
|
Short Term Debt, Net |
-7.5 |
7.7 |
-1.3 |
-11.0 |
6.5 |
|
Long Term Debt Issued |
27.9 |
8.2 |
12.3 |
3.6 |
- |
|
Long Term Debt
Reduction |
-29.4 |
-6.7 |
-1.9 |
-0.9 |
-1.7 |
|
Long Term Debt, Net |
-1.5 |
1.5 |
10.4 |
2.7 |
-1.9 |
|
Issuance (Retirement) of Debt, Net |
-9.1 |
9.2 |
9.1 |
-8.3 |
4.5 |
|
Cash from Financing Activities |
-9.6 |
8.6 |
8.8 |
-8.9 |
5.1 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.1 |
0.4 |
-0.1 |
-0.1 |
0.4 |
|
Net Change in Cash |
-1.5 |
2.7 |
0.7 |
-0.1 |
-1.1 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
5.3 |
2.6 |
1.8 |
1.8 |
3.0 |
|
Net Cash - Ending Balance |
3.8 |
5.3 |
2.5 |
1.7 |
1.9 |
|
Cash Interest Paid |
1.3 |
1.1 |
1.1 |
1.3 |
1.7 |
|
Cash Taxes Paid |
0.0 |
0.0 |
0.0 |
0.0 |
0.3 |
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 |
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 |
KPMG LLP |
KPMG LLP |
KPMG Peat
Marwick LLP |
KPMG Peat
Marwick LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Gross Sales |
67.2 |
78.3 |
69.7 |
43.2 |
66.6 |
|
Sales Returns |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Sales Discounts |
-0.2 |
-0.4 |
-0.4 |
-0.5 |
-0.3 |
|
Processing Revenues |
2.1 |
2.6 |
2.2 |
1.1 |
2.1 |
|
Total Revenue |
69.0 |
80.5 |
71.4 |
43.7 |
68.3 |
|
|
|
|
|
|
|
|
Cost of Sales |
67.6 |
71.5 |
63.2 |
48.1 |
61.2 |
|
Selling Expenses |
2.1 |
1.9 |
1.4 |
1.1 |
2.1 |
|
General and Administrative Expenses |
2.0 |
2.1 |
2.0 |
1.5 |
1.6 |
|
Impairment Loss |
0.0 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Gain on Reversal of Impairment Loss |
- |
0.0 |
-0.6 |
- |
- |
|
Total Operating Expense |
71.7 |
75.4 |
66.0 |
50.6 |
64.9 |
|
|
|
|
|
|
|
|
Interest Income |
0.0 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Gain on Sale of Fixed Assets |
0.0 |
0.0 |
- |
- |
- |
|
Revaluation Gain on Financial Assets |
0.0 |
- |
- |
- |
- |
|
Gain/Loss on Foreign Exchange |
0.2 |
-0.1 |
0.0 |
0.1 |
-0.6 |
|
Miscellaneous Income |
0.1 |
0.3 |
0.1 |
0.1 |
0.5 |
|
Interest Expense |
-1.2 |
-1.1 |
-1.1 |
-1.3 |
-1.7 |
|
Revaluation Loss on Fin. Liabilities |
- |
0.0 |
0.0 |
- |
- |
|
Loss on Sale of Fixed Assets |
0.0 |
- |
0.0 |
0.0 |
0.0 |
|
G/Loss on Sale of Investments |
0.0 |
- |
- |
- |
- |
|
Other Investment Loss |
- |
- |
0.0 |
-0.1 |
0.0 |
|
Miscellaneous Disbursements |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.2 |
|
Net Income Before Taxes |
-3.6 |
3.9 |
4.3 |
-8.3 |
1.5 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
0.0 |
-0.1 |
-0.1 |
-0.1 |
0.3 |
|
Net Income After Taxes |
-3.6 |
4.1 |
4.4 |
-8.2 |
1.2 |
|
|
|
|
|
|
|
|
Minority Interests |
0.2 |
0.1 |
-0.4 |
0.5 |
-0.1 |
|
Net Income Before Extra. Items |
-3.4 |
4.2 |
4.0 |
-7.7 |
1.1 |
|
Net Income |
-3.4 |
4.2 |
4.0 |
-7.7 |
1.1 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
-3.4 |
4.2 |
4.0 |
-7.7 |
1.1 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
-3.4 |
4.2 |
4.0 |
-7.7 |
1.1 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
109.6 |
111.8 |
111.9 |
111.9 |
111.9 |
|
Basic EPS Excluding ExtraOrdinary Items |
-0.03 |
0.04 |
0.04 |
-0.07 |
0.01 |
|
Basic EPS Including ExtraOrdinary Items |
-0.03 |
0.04 |
0.04 |
-0.07 |
0.01 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Diluted Net Income |
-3.4 |
4.2 |
4.0 |
-7.7 |
1.1 |
|
Diluted Weighted Average Shares |
109.6 |
111.8 |
111.9 |
111.9 |
112.0 |
|
Diluted EPS Excluding ExtraOrd Items |
-0.03 |
0.04 |
0.04 |
-0.07 |
0.01 |
|
Diluted EPS Including ExtraOrd Items |
-0.03 |
0.04 |
0.04 |
-0.07 |
0.01 |
|
DPS-Ordinary Stock |
0.00 |
0.01 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.6 |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
-3.6 |
3.9 |
3.8 |
-8.3 |
1.6 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
0.0 |
-0.1 |
-0.2 |
-0.1 |
0.3 |
|
Normalized Income After Taxes |
-3.6 |
4.1 |
4.0 |
-8.2 |
1.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-3.4 |
4.2 |
3.6 |
-7.6 |
1.2 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-0.03 |
0.04 |
0.03 |
-0.07 |
0.01 |
|
Diluted Normalized EPS |
-0.03 |
0.04 |
0.03 |
-0.07 |
0.01 |
|
Interest Expense, Supplemental |
1.2 |
1.1 |
1.1 |
1.3 |
1.7 |
|
Depreciation - Operating Cost |
2.3 |
2.4 |
2.4 |
2.8 |
3.3 |
|
Depreciation - Operating Expense |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Amortization - Operating Cost |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Amortization - Operating Expense |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Current Tax |
0.0 |
0.0 |
- |
0.0 |
0.3 |
|
Current Tax - Total |
0.0 |
0.0 |
- |
0.0 |
0.3 |
|
Deferred Tax |
0.0 |
-0.1 |
-0.1 |
-0.1 |
0.0 |
|
Deferred Tax - Total |
0.0 |
-0.1 |
-0.1 |
-0.1 |
0.0 |
|
Income Tax - Total |
0.0 |
-0.1 |
-0.1 |
-0.1 |
0.3 |
|
Service Cost |
0.1 |
0.0 |
0.1 |
0.0 |
0.1 |
|
Interest Cost |
0.1 |
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 Transition Cost |
0.1 |
0.0 |
0.1 |
0.0 |
0.0 |
|
Domestic Pension Plan Expense |
0.2 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Defined Contribution Expense - Domestic |
0.1 |
0.1 |
- |
- |
- |
|
Total Pension Expense |
0.3 |
0.2 |
0.1 |
0.1 |
0.1 |
|
Discount Rate |
1.75% |
2.00% |
2.25% |
2.25% |
2.25% |
|
Rate of Compensation Increase |
1.00% |
1.00% |
1.00% |
1.00% |
1.00% |
|
Expected Return on Plan Assets |
1.75% |
2.00% |
2.25% |
2.25% |
2.25% |
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 |
Reclassified
Normal |
Updated Normal |
|
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 Peat
Marwick LLP |
KPMG Peat
Marwick LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash and Cash Equivalent |
3.9 |
5.2 |
2.7 |
1.8 |
1.8 |
|
Notes Receivable |
3.0 |
4.3 |
4.1 |
2.0 |
1.5 |
|
Notes Receivable - Related Parties |
0.5 |
0.5 |
0.6 |
0.0 |
0.1 |
|
Accounts Receivable, Gross |
8.7 |
8.3 |
9.5 |
7.7 |
5.2 |
|
Provision for Doubtful Accounts |
-0.1 |
-0.1 |
-0.3 |
-0.6 |
-0.6 |
|
Accounts Receivable - Related Parties |
0.6 |
0.6 |
0.4 |
0.3 |
0.3 |
|
Other Receivables - Related Parties |
- |
0.0 |
0.0 |
0.0 |
- |
|
Overdue Receivable |
0.0 |
0.0 |
- |
- |
- |
|
Other Financial Assets - Current |
0.0 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Raw Material |
8.9 |
17.3 |
13.6 |
5.2 |
21.4 |
|
Supplies |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Work-in-Process |
0.6 |
0.6 |
0.5 |
0.3 |
0.6 |
|
Finished Goods |
6.3 |
7.6 |
5.4 |
3.6 |
6.6 |
|
Merchandise |
0.0 |
0.0 |
0.0 |
- |
- |
|
Goods Purchased |
- |
- |
- |
0.0 |
0.0 |
|
Inventory in Transit |
0.3 |
1.5 |
2.8 |
0.4 |
- |
|
Provision/Allowance for Inventory |
- |
- |
- |
- |
-3.6 |
|
Restricted Assets |
3.5 |
4.3 |
3.6 |
3.2 |
6.7 |
|
Prepayment & Other Current Assets |
- |
- |
- |
- |
0.6 |
|
Other Current Assets |
0.2 |
0.6 |
0.3 |
0.2 |
- |
|
Prepaid Expenses |
0.3 |
0.1 |
0.3 |
0.1 |
- |
|
Prepayment |
0.0 |
1.6 |
0.2 |
0.0 |
- |
|
Total Current Assets |
36.8 |
52.6 |
43.7 |
24.2 |
40.6 |
|
|
|
|
|
|
|
|
Financial Assets -Cost Method |
0.0 |
- |
0.0 |
0.0 |
0.2 |
|
Land |
23.2 |
22.2 |
23.1 |
21.0 |
20.5 |
|
Buildings and Structures |
16.1 |
15.0 |
15.3 |
14.6 |
14.3 |
|
Machinery and Equipment |
12.8 |
20.9 |
19.4 |
21.5 |
21.9 |
|
Environmental Equipment |
1.7 |
1.7 |
1.6 |
1.7 |
1.7 |
|
Transportation Equipment |
0.5 |
0.5 |
0.2 |
0.2 |
0.2 |
|
Office Equipment |
0.8 |
0.0 |
0.0 |
0.2 |
0.4 |
|
Miscellaneous Equipment |
3.1 |
3.2 |
3.2 |
3.4 |
2.7 |
|
Accumulated Depreciation |
-16.8 |
-25.2 |
-23.7 |
-27.1 |
-24.3 |
|
Provision for Impairment of Fixed Assets |
-0.2 |
-0.2 |
-0.2 |
-1.3 |
-1.2 |
|
Constr. in Progress & Prepay for Equip. |
2.4 |
2.2 |
0.1 |
2.0 |
0.7 |
|
Goodwill |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Deferred Pension Cost |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Land Use Right |
1.5 |
1.5 |
1.5 |
1.4 |
1.4 |
|
LT Accounts Receivables |
0.4 |
- |
- |
- |
- |
|
Idle Assets |
- |
- |
- |
- |
0.0 |
|
Other Long Term Assets |
0.4 |
0.2 |
0.1 |
0.0 |
0.3 |
|
Total Assets |
82.7 |
94.6 |
84.3 |
62.0 |
79.5 |
|
|
|
|
|
|
|
|
Short Term Borrowings |
11.8 |
19.6 |
15.0 |
14.9 |
25.9 |
|
Short Term Notes & Bills Payable |
3.4 |
2.3 |
- |
- |
- |
|
Current Portion of Long Term Debt |
6.8 |
4.4 |
5.8 |
2.6 |
1.9 |
|
Notes Payable |
0.8 |
1.1 |
0.6 |
0.7 |
0.4 |
|
Other Notes Payable - Related Parties |
- |
- |
- |
- |
0.6 |
|
Accounts Payable |
2.1 |
3.2 |
4.1 |
1.4 |
3.5 |
|
Accounts Payable - Related Parties |
- |
- |
0.0 |
0.4 |
- |
|
Current Portion of Lease Payment |
- |
- |
- |
- |
0.1 |
|
Accrued Expenses & Other Current Liab. |
- |
- |
- |
- |
1.4 |
|
Accrued Expenses |
1.3 |
1.7 |
1.7 |
0.9 |
- |
|
Other Payables |
0.1 |
0.5 |
0.0 |
0.0 |
- |
|
Other Current Liabilities |
0.3 |
0.3 |
0.3 |
0.3 |
- |
|
Total Current Liabilities |
26.7 |
33.1 |
27.5 |
21.3 |
33.8 |
|
|
|
|
|
|
|
|
Long Term Borrowings |
16.0 |
18.8 |
16.9 |
7.9 |
5.2 |
|
Lease Payable |
- |
- |
- |
- |
0.0 |
|
Total Long Term Debt |
16.0 |
18.8 |
16.9 |
7.9 |
5.2 |
|
|
|
|
|
|
|
|
Accrued Pension Liabilities |
1.4 |
1.6 |
1.1 |
1.0 |
0.9 |
|
Deferred Tax Liabilities |
0.0 |
0.2 |
0.4 |
0.5 |
0.6 |
|
Minority Interest |
2.7 |
2.9 |
2.7 |
2.5 |
3.0 |
|
Total Liabilities |
46.8 |
56.6 |
48.6 |
33.2 |
43.5 |
|
|
|
|
|
|
|
|
Common Stock |
37.8 |
36.2 |
38.4 |
35.0 |
34.1 |
|
Cap. Surplus, Treasury Stock Transaction |
0.2 |
0.2 |
- |
- |
- |
|
Legal Reserve |
0.1 |
0.0 |
0.0 |
0.1 |
0.1 |
|
Special Reserve |
- |
- |
0.0 |
0.2 |
0.2 |
|
Retained Earnings |
-3.2 |
0.8 |
-3.3 |
-7.3 |
0.6 |
|
Cumulative Translation Adjustment |
1.8 |
1.8 |
1.1 |
1.2 |
1.3 |
|
Unrealized Gain/Loss on Pension Fund |
-0.7 |
-0.9 |
-0.4 |
-0.4 |
-0.3 |
|
Total Equity |
35.9 |
38.0 |
35.7 |
28.8 |
35.9 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
82.7 |
94.6 |
84.3 |
62.0 |
79.5 |
|
|
|
|
|
|
|
|
S/O-Ordinary Stock |
109.6 |
109.6 |
111.9 |
111.9 |
111.9 |
|
Total Common Shares Outstanding |
109.6 |
109.6 |
111.9 |
111.9 |
111.9 |
|
T/S-Ordinary Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Full-Time Employees |
248 |
269 |
239 |
241 |
254 |
|
Number of Common Shareholders |
- |
11,121 |
11,526 |
11,589 |
12,376 |
|
Long Term Debt due in 1 year |
6.8 |
4.4 |
5.8 |
2.6 |
1.9 |
|
Long Term Debt due in 2 years |
7.0 |
14.3 |
7.5 |
7.9 |
3.2 |
|
Long Term Debt due in 3 years |
9.0 |
2.6 |
4.7 |
- |
1.9 |
|
Long Term Debt due in 4 years |
- |
1.9 |
2.7 |
- |
0.0 |
|
Long Term Debt due after 5 years |
- |
- |
2.0 |
- |
- |
|
Total Long Term Debt, Supplemental |
22.7 |
23.3 |
22.7 |
10.5 |
7.1 |
|
Accumulated Benefit Obligation |
2.4 |
2.4 |
1.9 |
1.7 |
1.4 |
|
Projected Benefit Obligation |
2.5 |
2.5 |
2.0 |
1.8 |
1.5 |
|
Fair Value of Plan Assets |
1.0 |
0.8 |
0.8 |
0.6 |
0.6 |
|
Funed Status |
-1.5 |
-1.7 |
-1.2 |
-1.1 |
-1.0 |
|
Total Funded Status |
-1.5 |
-1.7 |
-1.2 |
-1.1 |
-1.0 |
|
Discount Rate |
1.75% |
2.00% |
2.25% |
2.25% |
2.25% |
|
Rate of Compensation Increase |
1.00% |
1.00% |
1.00% |
1.00% |
1.00% |
|
Expected Return on Plan Assets |
1.75% |
2.00% |
2.25% |
2.25% |
2.25% |
|
Deferred Pension Cost |
- |
- |
0.0 |
0.0 |
0.0 |
|
Accrued Pension Liabilities |
-1.4 |
-1.6 |
-1.1 |
-1.0 |
-0.9 |
|
Net Assets Recognized on Balance Sheet |
-1.4 |
-1.6 |
-1.1 |
-1.0 |
-0.8 |
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 |
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 |
KPMG LLP |
KPMG LLP |
KPMG Peat
Marwick LLP |
KPMG Peat
Marwick LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income |
-3.6 |
4.1 |
4.4 |
-8.2 |
1.2 |
|
Depreciation |
2.4 |
2.5 |
2.4 |
2.9 |
3.4 |
|
Amortization of Intangibles |
0.1 |
0.1 |
0.0 |
0.1 |
0.1 |
|
Provision of Bad Debts |
0.0 |
-0.2 |
-0.4 |
0.1 |
0.6 |
|
Gain/Loss Inventory Devaluation |
0.7 |
-0.1 |
-0.5 |
-2.6 |
3.7 |
|
Physical Gain/Loss on Inventory |
0.0 |
- |
- |
- |
- |
|
Other Investment Loss |
- |
- |
0.0 |
0.1 |
0.0 |
|
Other Expense-Fixed Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Gain/Loss on Disposal of Properties |
- |
- |
0.0 |
0.0 |
0.0 |
|
Deferred Tax |
0.0 |
-0.1 |
-0.1 |
-0.1 |
0.0 |
|
Provision for Impairment Loss |
0.0 |
0.0 |
-0.6 |
0.0 |
0.1 |
|
Gain/Loss on Disposal of Fixed Assets |
0.0 |
0.0 |
- |
- |
- |
|
G/L on Sale of Investments |
0.0 |
- |
- |
- |
- |
|
Notes & Accounts Receivable |
- |
- |
- |
-2.8 |
7.1 |
|
Other Receivables-Related Parties |
- |
0.0 |
0.0 |
- |
- |
|
Inventories |
11.1 |
-5.6 |
-10.5 |
18.3 |
-16.4 |
|
Other Financial Assets |
0.1 |
-0.1 |
0.0 |
0.0 |
0.1 |
|
Prepayment & Other Current Assets |
- |
- |
- |
0.4 |
-0.4 |
|
Other Current Assets |
0.1 |
0.0 |
0.0 |
- |
- |
|
Notes & Accounts Payable |
- |
- |
- |
-1.4 |
0.0 |
|
Accrued Expenses & Other Current Liab. |
- |
- |
- |
-0.2 |
0.2 |
|
Accrued Pension Liabilities |
0.0 |
0.0 |
0.0 |
0.1 |
0.1 |
|
Notes Receivable |
1.5 |
-0.4 |
-1.8 |
- |
- |
|
Notes Receivable-Related Parties |
0.0 |
0.0 |
-0.5 |
- |
- |
|
Accounts Receivable |
-0.5 |
0.9 |
-1.0 |
- |
- |
|
Accounts Receivable-Related Parties |
0.1 |
-0.2 |
-0.1 |
- |
- |
|
Prepaid Expense |
-0.2 |
0.2 |
-0.2 |
- |
- |
|
Prepayment |
1.6 |
-1.5 |
-0.2 |
- |
- |
|
Notes Payable |
-0.3 |
0.5 |
-0.1 |
- |
- |
|
Accounts Payable |
-1.1 |
-0.8 |
2.3 |
- |
- |
|
Accounts Payable,Related Parties |
- |
0.0 |
-0.4 |
- |
- |
|
Other Payables |
0.0 |
0.1 |
0.0 |
- |
- |
|
Accrued Expenses |
-0.4 |
0.1 |
0.6 |
- |
- |
|
Other Current Liabilities |
0.0 |
0.1 |
0.0 |
- |
- |
|
Cash from Operating Activities |
11.6 |
-0.6 |
-6.6 |
6.7 |
-0.4 |
|
|
|
|
|
|
|
|
Disposal of Financial Assets-Cost Method |
0.0 |
- |
- |
- |
- |
|
Capital Reduction in Investee Company |
- |
- |
- |
- |
0.0 |
|
Capital Expenditure |
-4.4 |
-4.8 |
-1.3 |
-1.5 |
-2.0 |
|
Disposal of Fixed Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Restricted Assets |
1.0 |
-0.9 |
0.0 |
3.6 |
-3.4 |
|
Other Assets |
- |
0.0 |
-0.1 |
0.1 |
-0.7 |
|
Deferred Charges Increase |
0.0 |
0.0 |
0.0 |
- |
- |
|
Cash from Investing Activities |
-3.4 |
-5.7 |
-1.4 |
2.1 |
-6.1 |
|
Short Term Borrowings, Net |
-8.6 |
5.3 |
-1.3 |
-11.0 |
6.5 |
|
Short Term Notes&Bills Payable Increase |
1.0 |
2.4 |
- |
- |
- |
|
Repayment of LT Borrowings |
-29.4 |
-6.7 |
-1.9 |
-0.9 |
-1.7 |
|
LT Borrowings Increase |
27.9 |
8.2 |
12.3 |
3.6 |
- |
|
Inc Other Notes Paybl-Related Parties |
- |
- |
- |
-0.6 |
0.5 |
|
Lease Payable |
- |
- |
0.0 |
-0.1 |
-0.2 |
|
Cash Capital |
- |
- |
- |
- |
0.0 |
|
Purchase of Treasury Shares |
- |
-0.6 |
- |
- |
- |
|
Cash Dividend |
-0.6 |
- |
- |
- |
- |
|
Minority Interest |
- |
0.0 |
-0.4 |
- |
- |
|
Cash from Financing Activities |
-9.6 |
8.6 |
8.8 |
-8.9 |
5.1 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.1 |
0.4 |
-0.1 |
-0.1 |
0.4 |
|
Net Change in Cash |
-1.5 |
2.7 |
0.7 |
-0.1 |
-1.1 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
5.3 |
2.6 |
1.8 |
1.8 |
3.0 |
|
Net Cash - Ending Balance |
3.8 |
5.3 |
2.5 |
1.7 |
1.9 |
|
Cash Interest Paid |
1.3 |
1.1 |
1.1 |
1.3 |
1.7 |
|
Cash Taxes Paid |
0.0 |
0.0 |
0.0 |
0.0 |
0.3 |
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
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.70 |
|
UK Pound |
1 |
Rs.91.14 |
|
Euro |
1 |
Rs.77.98 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.