MIRA INFORM REPORT

 

 

Report Date :

29.06.2013

 

IDENTIFICATION DETAILS

 

Name :

SONG HO INDUSTRIAL CO LTD 

 

 

Registered Office :

No. 61, Nan-Kong 3 Road, Nankong Industrial Zone, Yungfeng Lih, Nantou, 540

 

 

Country :

Taiwan 

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

15.09.1972

 

 

Legal Form :

Public Independent Company

 

 

Line of Business :

Subject is engaged in the production and distribution of steel wires, rod steel, steel cables, nodularization materials and watergate machinery

 

 

No. of Employees :

422

 

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 31st 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Taiwan

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Taiwan ECONOMIC OVERVIEW

 

Taiwan has a dynamic capitalist economy with gradually decreasing government guidance of investment and foreign trade. Exports, led by electronics, machinery, and petrochemicals have provided the primary impetus for economic development. This heavy dependence on exports exposes the economy to fluctuations in world demand. In 2009, Taiwan's GDP contracted 1.8%, due primarily to a 13.1% year-on-year decline in exports. In 2010 GDP grew 10.7%, as exports returned to the level of previous years, and in 2011, grew 4.1%. In 2012, however, growth fell to 1.3%, because of softening global demand. Taiwan's diplomatic isolation, low birth rate, and rapidly aging population are major long-term challenges. Free trade agreements have proliferated in East Asia over the past several years, but except for the landmark Economic Cooperation Framework Agreement (ECFA) signed with China in June 2010, so far Taiwan has been excluded from this greater economic integration in part because of its diplomatic status. Negotiations continue on such follow-on components of ECFA regarding trade in goods and services. The MA administration has said that the ECFA will serve as a stepping stone toward trade pacts with other key trade partners, which Taiwan subsequently launched with Singapore and New Zealand. Taiwan's Total Fertility rate of just over one child per woman is among the lowest in the world, raising the prospect of future labor shortages, falling domestic demand, and declining tax revenues. Taiwan's population is aging quickly, with the number of people over 65 accounting for 11.2% of the island's total population as of 2012. The island runs a large trade surplus largely because of its surplus with China, and its foreign reserves are the world's fifth largest, behind China, Japan, Saudi Arabia, and Russia. In 2006 China overtook the US to become Taiwan's second-largest source of imports after Japan. China is also the island's number one destination for foreign direct investment. Three financial memorandums of understanding, covering banking, securities, and insurance, took effect in mid-January 2010, opening the island to greater investments from the mainland's financial firms and institutional investors, and providing new opportunities for Taiwan financial firms to operate in China. In August 2012, Taiwan Central Bank signed a memorandum of understanding on cross-Strait currency settlement with its Chinese counterpart. The MOU allows for the direct settlement of Chinese RMB and the New Taiwan dollar across the Strait, which could help develop Taiwan into a local RMB hub. Closer economic links with the mainland bring greater opportunities for the Taiwan economy, but also poses new challenges as the island becomes more economically dependent on China while political differences remain unresolved.

 

Source : CIA

 

 

Company name & address

 

Song Ho Industrial Co Ltd

No. 61

Nan-Kong 3 Road, Nankong Industrial Zone

Yungfeng Lih

Nantou, 540

Taiwan

Tel:       886-4-92253551

Fax:      886-4-92253395

Web:    www.songho.com.tw

           

 

Synthesis

 

Employees:                 422

Company Type:             Public Independent

Traded:                         Gre Tai Security Market: 5016

Incorporation Date:        15-Sep-1972

Auditor:                                   Ernst & Young LLP       

Financials in:                 USD (Millions)

Fiscal Year End:            31-Dec-2012

Reporting Currency:       Taiwanese New Dollar

Annual Sales:               88.6  1

Net Income:                 1.2

Total Assets:                90.2  2

Market Value:               42.7 (14-Jun-2013)

 

 

Business Description     

 

Song Ho Industrial Co., Ltd. is principally engaged in the production and distribution of steel wires, rod steel, steel cables, nodularization materials and watergate machinery. The Company's steel wire products include galvanized steel wires and non-galvanized steel wires. Its steel cable products include galvanized steel cables, non-galvanized steel cables, inner control cables and steel stranded wires. The rod steel products include free cutting steel rods, medium-carbon steel rods, low-carbon steel rods and alloy steel rods. Its nodularization materials are used for alloy and low-carbon steels. The Company is also involved in the manufacture, construction, installation and maintenance of water equipment. For the three months ended 31 March 2013, Song Ho Industrial Co Ltd revenues decreased 2% to NT$640.2M. Net income increased from NT$7.6M to NT$22.7M. Revenues reflect a decrease in demand for the Company's products and services due to unfavorable market conditions. Net income reflects Interest Expense decrease of 6% to NT$4.2M (expense), Gain/Loss on Sale of Fixed Assets increase from NT$29K (expense) to NT$65K (income).

 

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

Jinnan Li

Executive Deputy General Manager, Director

Huiru Wu

IR Contact Officer

Minshun Lin

Chairman of the Board

Huiyan Hong

Vice Chairman of the Board

Tingfang Lin

Director

 

 

 

Significant Developments  

 

 

Topic

#*

Most Recent Headline

Date

Dividends

2

Song Ho Industrial Co Ltd Announces FY 2012 Dividend Payment Date

5-Jun-2013

 

* number of significant developments within the last 12 months  

 

 

Financial summary

 

 

As of 31-Mar-2013

Key Ratios

Company

Industry

Current Ratio (MRQ)

1.69

2.95

Quick Ratio (MRQ)

0.95

1.63

Debt to Equity (MRQ)

1.26

0.67

Sales 5 Year Growth

1.05

8.01

Net Profit Margin (TTM) %

1.95

0.49

Return on Assets (TTM) %

1.90

0.76

Return on Equity (TTM) %

4.91

-0.76

 

 

Stock Snapshot    

 

 

Traded: Gre Tai Security Market: 5016

 

As of 14-Jun-2013

   Financials in: TWD

Recent Price

25.70

 

EPS

0.70

52 Week High

35.65

 

Price/Sales

0.49

52 Week Low

20.60

 

Dividend Rate

1.10

Avg. Volume (mil)

0.0003

 

Price/Earnings

27.24

Market Value (mil)

1,275.29

 

Price/Book

1.30

 

 

 

Beta

0.47

 

Price % Change

Rel S&P 500%

4 Week

1.38%

6.87%

13 Week

-4.46%

-4.58%

52 Week

-9.51%

-19.34%

Year to Date

8.67%

5.41%

 

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. 61

Nan-Kong 3 Road, Nankong Industrial Zone

Yungfeng Lih

Nantou, 540

Taiwan

Tel:       886-4-92253551

Fax:      886-4-92253395

Web:    www.songho.com.tw

           

Quote Symbol - Exchange

5016 - Gre Tai Security Market

Sales TWD(mil):            2,622.0

Assets TWD(mil):          2,615.9

Employees:                  422

Fiscal Year End:            31-Dec-2012

Industry:                       Construction - Supplies and Fixtures

Incorporation Date:        15-Sep-1972

Company Type:             Public Independent

Quoted Status:              Quoted

Chairman of the Board:  Minshun Lin

 

Industry Codes

ANZSIC 2006 Codes:

2291     -          Spring and Wire Product Manufacturing

3109     -          Other Heavy and Civil Engineering Construction

2122     -          Steel Pipe and Tube Manufacturing

2499     -          Other Machinery and Equipment Manufacturing Not Elsewhere Classified

2110     -          Iron Smelting and Steel Manufacturing

 

NACE 2002 Codes:

2734     -          Wire drawing

2732     -          Cold rolling of narrow strip

2924     -          Manufacture of other general purpose machinery not elsewhere classified

2721     -          Manufacture of cast iron tubes

4521     -          General construction of buildings and civil engineering works

 

NAICS 2002 Codes:

331222  -          Steel Wire Drawing

332999  -          All Other Miscellaneous Fabricated Metal Product Manufacturing

331210  -          Iron and Steel Pipe and Tube Manufacturing from Purchased Steel

331221  -          Rolled Steel Shape Manufacturing

237130  -          Power and Communication Line and Related Structures Construction

 

US SIC 1987:

3315     -          Steel Wiredrawing and Steel Nails and Spikes

3317     -          Steel Pipe and Tubes

3316     -          Cold-Rolled Steel Sheet, Strip, and Bars

1623     -          Water, Sewer, Pipeline, and Communications and Power Line Construction

3599     -          Industrial and Commercial Machinery and Equipment, Not Elsewhere Classified

 

UK SIC 2003:

2734     -          Wire drawing

45213   -          Construction of civil engineering constructions

2924     -          Manufacture of other general purpose machinery not elsewhere classified

2721     -          Manufacture of cast iron tubes

2732     -          Cold rolling of narrow strip

 

UK SIC 2007:

2434     -          Cold drawing of wire

4221     -          Construction of utility projects for fluids

2829     -          Manufacture of other general-purpose machinery n.e.c.

2451     -          Casting of iron

2432     -          Cold rolling of narrow strip

 

Business Description

Song Ho Industrial Co., Ltd. is principally engaged in the production and distribution of steel wires, rod steel, steel cables, nodularization materials and watergate machinery. The Company's steel wire products include galvanized steel wires and non-galvanized steel wires. Its steel cable products include galvanized steel cables, non-galvanized steel cables, inner control cables and steel stranded wires. The rod steel products include free cutting steel rods, medium-carbon steel rods, low-carbon steel rods and alloy steel rods. Its nodularization materials are used for alloy and low-carbon steels. The Company is also involved in the manufacture, construction, installation and maintenance of water equipment. For the three months ended 31 March 2013, Song Ho Industrial Co Ltd revenues decreased 2% to NT$640.2M. Net income increased from NT$7.6M to NT$22.7M. Revenues reflect a decrease in demand for the Company's products and services due to unfavorable market conditions. Net income reflects Interest Expense decrease of 6% to NT$4.2M (expense), Gain/Loss on Sale of Fixed Assets increase from NT$29K (expense) to NT$65K (income).

 

More Business Descriptions

Manufacture of steel wire rope and steel wire

 

 

Financial Data

Financials in:

TWD(mil)

 

Revenue:

2,622.0

Net Income:

35.9

Assets:

2,615.9

Long Term Debt:

660.2

 

Total Liabilities:

1,633.9

 

Working Capital:

0.8

 

 

 

Date of Financial Data:

31-Dec-2012

 

1 Year Growth

-12.7%

-83.2%

-8.8%

 

Market Data

Quote Symbol:

5016

Exchange:

Gre Tai Security Market

Currency:

TWD

Stock Price:

25.7

Stock Price Date:

06-14-2013

52 Week Price Change %:

-9.5

Market Value (mil):

1,275,287.0

 

SEDOL:

6335290

ISIN:

TW0005016000

 

Equity and Dept Distribution:

FY'03-04 Financials reflect parent company only. FY'05 interims B/S & C/F reclassified. 07/2005 & 07/09, 10% stock dividend. 09/09 C/F CLA. 07/2011, 10% Stock Dividend. FY'10 Q2 C/F has been CLA.

 

Subsidiaries

Company

Percentage Owned

Country

Fortune Pro Trading Limited

80%

BRITISH VIRGIN ISLANDS

Song Ho Vietnam Industrial Co Ltd

95.69%

VIETNAM

 

 

 

 

Key Corporate Relationships

Auditor:

Ernst & Young LLP

 

Auditor:

Ernst & Young (Taipei, Taiwan), Ernst & Young LLP

 

 

 

 

 

 

 

 

 

Executive report

 

Board of Directors

 

Name

Title

Function

 

Minshun Lin

 

Chairman of the Board

Chairman

 

Biography:

Mr. Lin Minhsun has been Chairman of the Board in Song Ho Industrial Co Ltd since December 6, 1996. He also serves as Chairman of the Board in five other companies and Director in another company.

 

Huiyan Hong

 

Vice Chairman of the Board

Vice-Chairman

 

 

Biography:

Hong Huiyan has been Vice Chairman of the Board in Song Ho Industrial Co Ltd since June 16, 2005. Hong used to be Chief Executive Officer of the Company. Hong also serves as Director in a precision company.

 

Yifu Jian

 

General Manager, Director

Director/Board Member

 

 

Biography:

Mr. Jian Yifu has been General Manager and Director in Song Ho Industrial Co Ltd since June 21, 2011. He is also Director in a Vietnam-based industrial company.

 

Jinnan Li

 

Executive Deputy General Manager, Director

Director/Board Member

 

 

Biography:

Li Jinnan has been Executive Deputy General Manager and Director in Song Ho Industrial Co Ltd since June 21, 2011. Li is also Director in another company. Li was Deputy General Manager of the Company.

 

Tingfang Lin

 

Director

Director/Board Member

 

 

Biography:

Mr. Lin Tingfang has been Director in Song Ho Industrial Co Ltd since December 6, 1996. He also serves as Chairman of the Board in a Vietnam-based company, General Manager and Director in an electrical machinery company and Director in three other companies.

 

 

 

 

Executives

 

Name

Title

Function

 

Yifu Jian

 

General Manager, Director

Division Head Executive

 

Biography:

Mr. Jian Yifu has been General Manager and Director in Song Ho Industrial Co Ltd since June 21, 2011. He is also Director in a Vietnam-based industrial company.

 

Jinnan Li

 

Executive Deputy General Manager, Director

Division Head Executive

 

 

Biography:

Li Jinnan has been Executive Deputy General Manager and Director in Song Ho Industrial Co Ltd since June 21, 2011. Li is also Director in another company. Li was Deputy General Manager of the Company.

 

Dafu Zhang

 

Deputy General Manager

Division Head Executive

 

 

Biography:

Zhang Dafu has been Deputy General Manager in Song Ho Industrial Co Ltd since January 1, 2011. Zhang also serves as General Manager in another company.

 

Huiru Wu

 

IR Contact Officer

Investor Relations Executive

 

 

Biography:

Wu Huiru is IR Contact Officer of Song Ho Industrial Co Ltd. Wu also serves as Assistant General Manager of the Company and Deputy General Manager in another company.

 

 

 

Significant Developments

 

Song Ho Industrial Co Ltd Announces FY 2012 Dividend Payment Date Jun 05, 2013

 

Song Ho Industrial Co Ltd announced that it will pay cash dividends of NTD 54,584,284 (NTD 1.1 per share) for fiscal year 2012, to shareholders of record on June 30, 2013. The Company's shares will be traded ex-dividend on June 24, 2013.

 

Song Ho Industrial Co Ltd Announces FY 2012 Dividend Payment Apr 25, 2013

 

Song Ho Industrial Co Ltd announced that it will pay cash dividends of NTD 54,584,284 (NTD 1.1 per share) to shareholders for fiscal year 2012.



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

Reclassified Normal 
31-Dec-2009

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

29.57962

29.39004

31.497037

33.023867

31.543497

Auditor

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified

 

 

 

 

 

 

    Gross Revenue

89.0

102.5

91.7

62.4

91.3

    Sales Returns and Allowances

-0.3

-0.3

-0.2

-0.2

-0.3

Revenue

88.6

102.2

91.5

62.1

91.0

Total Revenue

88.6

102.2

91.5

62.1

91.0

 

 

 

 

 

 

    Cost of Revenue

81.2

87.4

78.2

59.7

77.1

Cost of Revenue, Total

81.2

87.4

78.2

59.7

77.1

Gross Profit

7.5

14.8

13.3

2.4

13.9

 

 

 

 

 

 

    Selling/General/Administrative Expense

4.9

5.2

4.8

3.4

5.3

Total Selling/General/Administrative Expenses

4.9

5.2

4.8

3.4

5.3

Research & Development

0.2

0.2

0.2

0.1

0.2

    Impairment-Assets Held for Use

-

0.0

0.1

-

-

Unusual Expense (Income)

-

0.0

0.1

-

-

Total Operating Expense

86.3

92.8

83.3

63.3

82.5

 

 

 

 

 

 

Operating Income

2.4

9.3

8.2

-1.1

8.5

 

 

 

 

 

 

        Interest Expense - Non-Operating

-0.6

-0.6

-0.6

-0.6

-1.1

    Interest Expense, Net Non-Operating

-0.6

-0.6

-0.6

-0.6

-1.1

        Interest Income - Non-Operating

0.0

0.1

0.0

0.0

0.0

        Investment Income - Non-Operating

-0.1

0.0

-0.6

-0.5

-0.3

    Interest/Investment Income - Non-Operating

-0.1

0.1

-0.6

-0.4

-0.2

Interest Income (Expense) - Net Non-Operating Total

-0.7

-0.5

-1.2

-1.0

-1.4

Gain (Loss) on Sale of Assets

0.1

-0.1

-0.1

-0.1

-0.1

    Other Non-Operating Income (Expense)

0.0

0.0

-0.1

0.1

0.1

Other, Net

0.0

0.0

-0.1

0.1

0.1

Income Before Tax

1.8

8.7

6.9

-2.1

7.1

 

 

 

 

 

 

Total Income Tax

0.6

1.5

1.4

0.0

1.8

Income After Tax

1.2

7.3

5.4

-2.1

5.3

 

 

 

 

 

 

    Minority Interest

0.0

0.0

0.0

0.1

0.0

Net Income Before Extraord Items

1.2

7.2

5.5

-2.1

5.3

Net Income

1.2

7.2

5.5

-2.1

5.3

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

1.2

7.2

5.5

-2.1

5.3

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

1.2

7.2

5.5

-2.1

5.3

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

49.6

49.6

49.6

49.6

49.6

Basic EPS Excl Extraord Items

0.02

0.15

0.11

-0.04

0.11

Basic/Primary EPS Incl Extraord Items

0.02

0.15

0.11

-0.04

0.11

Dilution Adjustment

0.0

0.0

0.0

0.0

-

Diluted Net Income

1.2

7.2

5.5

-2.1

5.3

Diluted Weighted Average Shares

49.6

49.7

49.7

49.6

49.7

Diluted EPS Excl Extraord Items

0.02

0.15

0.11

-0.04

0.11

Diluted EPS Incl Extraord Items

0.02

0.15

0.11

-0.04

0.11

Dividends per Share - Common Stock Primary Issue

-

0.09

0.04

0.01

0.04

Gross Dividends - Common Stock

-

4.2

2.1

0.4

2.0

Interest Expense, Supplemental

0.6

0.6

0.6

0.6

1.1

Depreciation, Supplemental

3.1

2.8

2.5

2.5

2.5

Total Special Items

-0.1

0.1

0.1

0.1

0.1

Normalized Income Before Tax

1.7

8.8

7.0

-2.1

7.2

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.0

0.0

0.0

0.0

0.0

Inc Tax Ex Impact of Sp Items

0.6

1.5

1.5

0.0

1.8

Normalized Income After Tax

1.2

7.4

5.5

-2.1

5.3

 

 

 

 

 

 

Normalized Inc. Avail to Com.

1.2

7.3

5.5

-2.0

5.4

 

 

 

 

 

 

Basic Normalized EPS

0.02

0.15

0.11

-0.04

0.11

Diluted Normalized EPS

0.02

0.15

0.11

-0.04

0.11

Research & Development Exp, Supplemental

0.2

0.2

0.2

0.1

0.2

Normalized EBIT

2.4

9.3

8.3

-1.1

8.5

Normalized EBITDA

5.5

12.2

10.8

1.4

11.0

    Current Tax - Total

0.3

1.4

1.1

0.0

2.2

Current Tax - Total

0.3

1.4

1.1

0.0

2.2

    Deferred Tax - Total

0.0

0.0

0.3

0.1

-0.3

Deferred Tax - Total

0.0

0.0

0.3

0.1

-0.3

    Other Tax

0.3

0.0

0.0

-0.1

0.0

Income Tax - Total

0.6

1.5

1.4

0.0

1.8

Interest Cost - Domestic

0.1

0.1

0.1

0.1

0.1

Service Cost - Domestic

0.1

0.1

0.1

0.1

0.1

Expected Return on Assets - Domestic

0.0

0.0

0.0

0.0

0.0

Transition Costs - Domestic

-

0.1

0.1

0.1

0.1

Other Pension, Net - Domestic

0.0

0.1

0.0

0.0

0.0

Domestic Pension Plan Expense

0.1

0.3

0.2

0.2

0.3

Defined Contribution Expense - Domestic

0.2

0.2

0.1

0.1

-

Total Pension Expense

0.3

0.5

0.4

0.3

0.3

Discount Rate - Domestic

1.75%

2.00%

2.00%

2.25%

2.50%

Expected Rate of Return - Domestic

1.75%

2.00%

2.00%

2.25%

2.50%

Compensation Rate - Domestic

1.00%

1.00%

3.00%

1.00%

1.00%

Total Plan Interest Cost

0.1

0.1

0.1

0.1

0.1

Total Plan Service Cost

0.1

0.1

0.1

0.1

0.1

Total Plan Expected Return

0.0

0.0

0.0

0.0

0.0

Total Plan Other Expense

0.0

0.1

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 
31-Dec-2012

Reclassified Normal 
31-Dec-2012

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Reclassified Normal 
31-Dec-2009

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate

29.011999

30.279

29.1565

31.985

32.818

Auditor

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

9.5

9.6

9.8

7.0

5.3

Cash and Short Term Investments

9.5

9.6

9.8

7.0

5.3

        Accounts Receivable - Trade, Gross

12.4

-

14.6

12.2

7.8

        Provision for Doubtful Accounts

-0.5

-

-0.3

-0.2

-0.2

    Trade Accounts Receivable - Net

12.0

12.3

14.4

12.0

7.6

    Notes Receivable - Short Term

7.1

8.7

9.0

5.3

6.8

Total Receivables, Net

19.1

21.0

23.4

17.3

14.4

    Inventories - Finished Goods

10.0

9.9

8.3

6.0

8.3

    Inventories - Work In Progress

4.3

4.5

3.7

2.7

2.8

    Inventories - Raw Materials

9.2

13.6

10.5

6.0

20.0

    Inventories - Other

-0.5

-0.1

-0.2

-0.4

-3.4

Total Inventory

23.1

27.9

22.4

14.4

27.8

    Restricted Cash - Current

0.1

0.1

0.2

0.6

0.5

    Deferred Income Tax - Current Asset

0.1

0.1

0.1

0.3

0.2

    Other Current Assets

0.8

1.0

0.9

0.7

1.2

Other Current Assets, Total

1.1

1.2

1.2

1.6

1.8

Total Current Assets

52.7

59.6

56.7

40.2

49.3

 

 

 

 

 

 

        Buildings

10.1

10.3

11.0

10.7

10.9

        Land/Improvements

3.8

1.8

1.8

1.7

1.6

        Machinery/Equipment

38.1

40.0

41.5

37.2

37.1

        Construction in Progress

0.3

0.1

1.3

0.4

0.4

        Other Property/Plant/Equipment

10.6

10.3

10.9

10.0

9.7

    Property/Plant/Equipment - Gross

62.9

62.5

66.6

59.9

59.8

    Accumulated Depreciation

-29.2

-31.1

-33.7

-30.3

-29.0

Property/Plant/Equipment - Net

33.7

31.4

32.8

29.6

30.8

    LT Investments - Other

2.0

1.9

2.0

1.9

1.9

Long Term Investments

2.0

1.9

2.0

1.9

1.9

    Deferred Charges

0.0

0.1

0.1

0.1

0.2

    Pension Benefits - Overfunded

-

-

0.1

0.2

0.2

    Deferred Income Tax - Long Term Asset

1.2

1.1

1.1

0.9

1.0

    Restricted Cash - Long Term

0.0

0.0

0.0

0.1

0.2

    Other Long Term Assets

0.6

0.6

0.5

0.4

0.5

Other Long Term Assets, Total

1.8

1.8

1.8

1.7

2.1

Total Assets

90.2

94.7

93.3

73.5

84.0

 

 

 

 

 

 

Accounts Payable

1.2

1.1

1.3

1.0

1.0

Accrued Expenses

1.9

2.2

2.3

1.3

1.7

Notes Payable/Short Term Debt

13.9

18.2

29.8

18.0

23.5

Current Portion - Long Term Debt/Capital Leases

7.4

6.2

3.9

7.0

7.0

    Income Taxes Payable

0.1

0.9

1.2

0.0

1.7

    Other Current Liabilities

0.3

0.9

0.4

0.9

0.6

Other Current liabilities, Total

0.4

1.8

1.6

0.9

2.3

Total Current Liabilities

24.8

29.5

38.9

28.2

35.5

 

 

 

 

 

 

    Long Term Debt

22.8

21.3

13.6

12.1

12.0

Total Long Term Debt

22.8

21.3

13.6

12.1

12.0

Total Debt

44.1

45.6

47.2

37.1

42.5

 

 

 

 

 

 

Minority Interest

0.3

0.3

0.3

0.2

0.3

    Reserves

5.8

5.5

5.7

5.2

5.1

    Pension Benefits - Underfunded

2.8

2.4

2.4

2.1

1.7

    Other Long Term Liabilities

0.0

0.0

0.0

0.0

0.0

Other Liabilities, Total

8.6

8.0

8.2

7.3

6.8

Total Liabilities

56.3

59.0

60.8

47.9

54.6

 

 

 

 

 

 

    Common Stock

17.1

16.4

15.5

14.1

12.5

Common Stock

17.1

16.4

15.5

14.1

12.5

Additional Paid-In Capital

0.3

0.3

3.0

2.8

2.7

Retained Earnings (Accumulated Deficit)

16.6

18.8

16.1

9.7

14.7

Unrealized Gain (Loss)

2.8

2.7

-

-

-

    Translation Adjustment

-1.9

-1.8

-1.6

-0.7

-0.4

    Minimum Pension Liability Adjustment

-0.9

-0.6

-0.5

-0.3

-

Other Equity, Total

-2.9

-2.4

-2.2

-1.1

-0.4

Total Equity

33.8

35.7

32.4

25.5

29.4

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

90.2

94.7

93.3

73.5

84.0

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

49.6

49.6

49.6

49.6

49.6

Total Common Shares Outstanding

49.6

49.6

49.6

49.6

49.6

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

0.0

Employees

422

454

436

403

439

Number of Common Shareholders

-

-

1,626

1,228

1,180

Pension Obligation - Domestic

4.8

4.2

5.0

3.4

2.8

Plan Assets - Domestic

1.6

1.4

1.2

1.0

0.8

Funded Status - Domestic

-3.1

-2.8

-3.7

-2.4

-2.0

Accumulated Obligation - Domestic

4.4

3.9

3.6

3.1

2.5

Total Funded Status

-3.1

-2.8

-3.7

-2.4

-2.0

Discount Rate - Domestic

1.75%

2.00%

2.00%

2.25%

2.50%

Expected Rate of Return - Domestic

1.75%

2.00%

2.00%

2.25%

2.50%

Compensation Rate - Domestic

1.00%

1.00%

3.00%

1.00%

1.00%

Prepaid Benefits - Domestic

-

-

0.1

0.2

0.2

Accrued Liabilities - Domestic

-2.8

-2.4

-2.4

-2.1

-1.7

Net Assets Recognized on Balance Sheet

-2.8

-2.4

-2.3

-1.9

-1.5

Total Plan Obligations

4.8

4.2

5.0

3.4

2.8

Total Plan Assets

1.6

1.4

1.2

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 
31-Dec-2012

Updated Normal 
31-Dec-2011

Reclassified Normal 
31-Dec-2011

Reclassified Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2009

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

29.57962

29.39004

31.497037

33.023867

31.543497

Auditor

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

1.2

7.3

5.4

-2.1

5.3

    Depreciation

3.1

2.8

2.5

2.5

2.5

Depreciation/Depletion

3.1

2.8

2.5

2.5

2.5

Deferred Taxes

0.0

0.0

0.3

0.1

-0.3

    Unusual Items

-0.1

0.1

0.2

0.1

0.1

    Other Non-Cash Items

0.4

0.0

-0.1

-3.0

0.2

Non-Cash Items

0.3

0.1

0.0

-2.9

0.3

    Accounts Receivable

2.8

1.5

-4.0

-2.4

7.5

    Inventories

5.6

-6.5

-5.9

16.7

-16.1

    Other Assets

0.2

-0.1

-0.1

0.5

-0.2

    Accounts Payable

0.0

-0.1

0.1

0.0

-0.5

    Accrued Expenses

-0.4

0.0

0.8

-0.5

0.5

    Taxes Payable

-0.8

-0.3

1.1

-1.7

1.4

    Other Liabilities

-2.9

1.2

1.2

-0.1

-0.3

Changes in Working Capital

4.4

-4.3

-6.9

12.5

-7.8

Cash from Operating Activities

9.1

5.8

1.4

10.1

0.0

 

 

 

 

 

 

    Purchase of Fixed Assets

-4.5

-2.6

-4.0

-1.1

-2.0

Capital Expenditures

-4.5

-2.6

-4.0

-1.1

-2.0

    Sale of Fixed Assets

0.5

0.0

0.0

0.0

0.0

    Sale/Maturity of Investment

0.0

0.0

0.0

0.0

0.0

    Other Investing Cash Flow

-0.3

-0.1

0.5

0.1

-0.2

Other Investing Cash Flow Items, Total

0.1

-0.1

0.5

0.1

-0.2

Cash from Investing Activities

-4.4

-2.6

-3.5

-1.0

-2.2

 

 

 

 

 

 

    Other Financing Cash Flow

0.0

0.0

0.0

-

-0.2

Financing Cash Flow Items

0.0

0.0

0.0

-

-0.2

    Cash Dividends Paid - Common

-4.2

-2.3

-0.4

-1.9

-1.6

Total Cash Dividends Paid

-4.2

-2.3

-0.4

-1.9

-1.6

        Short Term Debt Issued

1.5

-0.7

1.9

-

1.9

        Short Term Debt Reduction

-

-

-

-0.6

-

    Short Term Debt, Net

-0.3

-11.7

7.7

-5.5

7.6

    Long Term Debt, Net

-0.7

11.0

-3.3

-0.3

-3.6

Issuance (Retirement) of Debt, Net

-1.0

-0.7

4.5

-5.8

4.0

Cash from Financing Activities

-5.2

-3.0

4.1

-7.6

2.3

 

 

 

 

 

 

Foreign Exchange Effects

-0.1

0.0

0.0

0.1

0.0

Net Change in Cash

-0.5

0.1

2.0

1.5

0.1

 

 

 

 

 

 

Net Cash - Beginning Balance

9.8

9.7

7.1

5.3

5.4

Net Cash - Ending Balance

9.3

9.8

9.1

6.7

5.5

Cash Interest Paid

0.6

0.6

0.6

0.6

1.1

Cash Taxes Paid

1.4

1.8

0.0

1.6

0.8

 

 

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

Reclassified Normal 
31-Dec-2009

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

29.57962

29.39004

31.497037

33.023867

31.543497

Auditor

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified

 

 

 

 

 

 

    Gross Sales

89.0

102.5

91.7

62.4

91.3

    Sales Returns

-0.2

-0.2

-0.1

-0.1

-0.2

    Sales Discounts and Allowances

-0.1

-0.1

-0.1

-0.1

-0.2

Total Revenue

88.6

102.2

91.5

62.1

91.0

 

 

 

 

 

 

    Cost of Sales

81.2

87.4

78.2

59.7

77.1

    Selling Expenses

2.7

2.8

2.4

1.7

2.9

    General and Administrative Expenses

2.2

2.5

2.4

1.8

2.4

    Research and Development

0.2

0.2

0.2

0.1

0.2

    Impairment Loss

-

0.0

0.1

-

-

Total Operating Expense

86.3

92.8

83.3

63.3

82.5

 

 

 

 

 

 

    Interest Income

0.0

0.1

0.0

0.0

0.0

    Dividend Income

0.0

0.0

0.0

0.0

0.1

    Gain/Loss on Sale of Fixed Assets

0.1

-0.1

-0.1

-0.1

-0.1

    Gain/Loss on Sale of Investments

0.0

0.0

0.0

-

-

    Gain/Loss on Foreign Exchange

-0.2

0.0

-0.6

-0.5

-0.4

    Rent Income

0.0

0.0

0.0

0.0

0.0

    Gain/Loss on Finanical Assets Valuation

-

-

-

0.0

0.0

    Miscellaneous Income

0.1

0.2

0.1

0.1

0.2

    Interest Expenses

-0.6

-0.6

-0.6

-0.6

-1.1

    Miscellaneous Disbursements

0.0

-0.2

-0.1

0.0

-0.2

Net Income Before Taxes

1.8

8.7

6.9

-2.1

7.1

 

 

 

 

 

 

Provision for Income Taxes

0.6

1.5

1.4

0.0

1.8

Net Income After Taxes

1.2

7.3

5.4

-2.1

5.3

 

 

 

 

 

 

    Minority Interests

0.0

0.0

0.0

0.1

0.0

Net Income Before Extra. Items

1.2

7.2

5.5

-2.1

5.3

Net Income

1.2

7.2

5.5

-2.1

5.3

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

1.2

7.2

5.5

-2.1

5.3

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

1.2

7.2

5.5

-2.1

5.3

 

 

 

 

 

 

Basic Weighted Average Shares

49.6

49.6

49.6

49.6

49.6

Basic EPS Excluding ExtraOrdinary Items

0.02

0.15

0.11

-0.04

0.11

Basic EPS Including ExtraOrdinary Items

0.02

0.15

0.11

-0.04

0.11

Dilution Adjustment

0.0

0.0

0.0

0.0

-

Diluted Net Income

1.2

7.2

5.5

-2.1

5.3

Diluted Weighted Average Shares

49.6

49.7

49.7

49.6

49.7

Diluted EPS Excluding ExtraOrd Items

0.02

0.15

0.11

-0.04

0.11

Diluted EPS Including ExtraOrd Items

0.02

0.15

0.11

-0.04

0.11

DPS-Common Stock

-

0.09

0.04

0.01

0.04

Gross Dividends - Common Stock

-

4.2

2.1

0.4

2.0

Normalized Income Before Taxes

1.7

8.8

7.0

-2.1

7.2

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.6

1.5

1.5

0.0

1.8

Normalized Income After Taxes

1.2

7.4

5.5

-2.1

5.3

 

 

 

 

 

 

Normalized Inc. Avail to Com.

1.2

7.3

5.5

-2.0

5.4

 

 

 

 

 

 

Basic Normalized EPS

0.02

0.15

0.11

-0.04

0.11

Diluted Normalized EPS

0.02

0.15

0.11

-0.04

0.11

Interest Expenses

0.6

0.6

0.6

0.6

1.1

Research and Development

0.2

0.2

0.2

0.1

0.2

Depreciation - Operating Cost

2.9

2.6

2.4

2.3

2.4

Depreciation - Operating Expense

0.2

0.2

0.2

0.2

0.2

    Current Tax Payable

0.3

1.4

1.1

0.0

2.2

Current Tax - Total

0.3

1.4

1.1

0.0

2.2

    Deferred Tax

0.0

0.0

0.3

0.1

-0.3

Deferred Tax - Total

0.0

0.0

0.3

0.1

-0.3

    Other Tax

0.3

0.0

0.0

-0.1

0.0

Income Tax - Total

0.6

1.5

1.4

0.0

1.8

Service Cost

0.1

0.1

0.1

0.1

0.1

Interest Cost

0.1

0.1

0.1

0.1

0.1

Expected Return on Plan Assets

0.0

0.0

0.0

0.0

0.0

Amort. Transitional Benefit Obligation

-

0.1

0.1

0.1

0.1

Amortization of Pension Loss

0.0

0.1

0.0

0.0

0.0

Domestic Pension Plan Expense

0.1

0.3

0.2

0.2

0.3

Defined Contribution Expense - Domestic

0.2

0.2

0.1

0.1

-

Total Pension Expense

0.3

0.5

0.4

0.3

0.3

Discount Rate

1.75%

2.00%

2.00%

2.25%

2.50%

Rate of Compensation Increase

1.00%

1.00%

3.00%

1.00%

1.00%

Expected Rate of Return on Plan Assets

1.75%

2.00%

2.00%

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

Reclassified Normal 
31-Dec-2012

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Reclassified Normal 
31-Dec-2009

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate

29.011999

30.279

29.1565

31.985

32.818

Auditor

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified

 

 

 

 

 

 

    Cash and Cash Equivalent

9.5

9.6

9.8

7.0

5.3

    Notes Receivable

7.1

8.7

8.9

5.3

6.8

    Notes Receivable - Related Parties

0.0

0.0

0.0

0.0

-

    Accounts Receivable, Net

-

12.3

-

-

-

    Accounts Receivable, Gross

12.4

-

14.6

12.2

7.8

    Provision for Foreign Exchange Gain/Loss

0.0

-

-0.1

0.0

0.0

    Provision for Doubtful Accounts

-0.5

-

-0.2

-0.2

-0.2

    Accounts Receivable - Related Parties

0.0

0.0

0.0

0.0

0.0

    Raw Material

9.0

13.4

10.3

5.8

19.7

    Supplies

0.3

0.3

0.2

0.2

0.3

    Work-in-Process

3.7

3.1

2.8

1.8

2.1

    Finished Goods

10.0

9.9

8.3

5.5

8.2

    Merchadize

0.0

0.0

0.0

0.5

0.1

    Construction Materials

0.0

0.0

0.0

0.0

0.0

    Construction in Progress

0.6

1.4

1.0

0.9

0.7

    Provision/Allowance for Inventory

-0.5

-0.1

-0.2

-0.4

-3.4

    Deferred Income Tax Assets - Current

0.1

0.1

0.1

0.3

0.2

    Restricted Assets - Bank Deposit

0.1

0.1

0.2

0.6

0.5

    Other Current Assets

0.8

1.0

0.9

0.7

1.2

Total Current Assets

52.7

59.6

56.7

40.2

49.3

 

 

 

 

 

 

    Financial Assets at Cost

2.0

1.9

2.0

1.9

1.9

    Land and Improvements

3.8

1.8

1.8

1.7

1.6

    Buildings and Structures

9.8

10.1

10.9

10.7

10.9

    Machinery and Equipment

33.2

34.5

35.1

31.5

30.9

    Utility Equipment

1.5

1.6

2.0

1.8

1.9

    Transportation Equipment

1.4

1.4

1.8

1.5

1.5

    Office Equipment

0.0

0.0

0.0

0.0

0.0

    Leasehold Improvement

0.3

0.2

0.0

0.0

0.0

    Miscellaneous Equipment

2.0

2.5

2.7

2.4

2.7

    Assets Revaluation Increment

10.6

10.3

10.9

10.0

9.7

    Accumulated Depreciation

-29.2

-31.1

-33.7

-30.3

-29.0

    Prepayment for Equipment

0.3

0.1

1.3

0.4

0.4

    Deferred Pension Cost

-

-

0.1

0.2

0.2

    Idle Assets

0.0

0.4

0.4

0.4

0.3

    Security Deposits Paid

0.5

0.2

0.1

0.1

0.1

    Deferred Charges

0.0

0.1

0.1

0.1

0.2

    Deferred Income Tax Assets - Non Current

1.2

1.1

1.1

0.9

1.0

    Restricted Assets - Bank Deposit

0.0

0.0

0.0

0.1

0.2

Total Assets

90.2

94.7

93.3

73.5

84.0

 

 

 

 

 

 

    Short Term Borrowings

6.2

7.7

19.1

11.7

16.3

    Short Term Notes & Bills Payable

2.1

2.6

3.4

1.3

1.8

    Notes Payable

5.6

7.8

7.2

5.0

5.4

    Notes Payable - Related Parties

0.0

0.0

0.0

0.0

-

    Accounts Payable

1.2

1.1

1.3

1.0

1.0

    Accounts Payable-Related Parties

0.0

0.0

0.0

0.0

-

    Income Taxes Payable

0.1

0.9

1.2

0.0

1.7

    Accrued Expenses

1.9

2.2

2.3

1.3

1.7

    Current Portion of Long Term Debt

7.4

6.2

3.9

7.0

7.0

    Other Current Liabilities

0.3

0.9

0.4

0.9

0.6

Total Current Liabilities

24.8

29.5

38.9

28.2

35.5

 

 

 

 

 

 

    Long Term Borrowings

22.8

21.3

13.6

12.1

12.0

Total Long Term Debt

22.8

21.3

13.6

12.1

12.0

 

 

 

 

 

 

    Land Revaluation Increment Tax Reserve

5.8

5.5

5.7

5.2

5.1

    Accrued Pension Liabilities

2.8

2.4

2.4

2.1

1.7

    Long Term Security Deposits Received

0.0

0.0

0.0

0.0

0.0

    Minority Interest

0.3

0.3

0.3

0.2

0.3

Total Liabilities

56.3

59.0

60.8

47.9

54.6

 

 

 

 

 

 

    Common Stock

17.1

16.4

15.5

14.1

12.5

    Share Premium

0.3

0.3

0.3

0.3

0.2

    Fixed Assets Revaluation

-

-

2.8

2.5

2.5

    Unrealized Revaluation Increment

2.8

2.7

-

-

-

    Legal Reserve

5.3

4.3

3.9

3.6

3.0

    Special Reserve

2.5

2.1

1.2

0.4

0.5

    Retained Earnings

8.8

12.4

11.0

5.7

11.2

    Cumulative Translation Adjustment

-1.9

-1.8

-1.6

-0.7

-0.4

    Unrealized Gain/Loss on Pension Fund

-0.9

-0.6

-0.5

-0.3

-

Total Equity

33.8

35.7

32.4

25.5

29.4

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

90.2

94.7

93.3

73.5

84.0

 

 

 

 

 

 

    S/O-Common Stock

49.6

49.6

49.6

49.6

49.6

Total Common Shares Outstanding

49.6

49.6

49.6

49.6

49.6

T/S-Common Stock

0.0

0.0

0.0

0.0

0.0

Full-Time Employees

422

454

436

403

439

Number of Common Shareholders

-

-

1,626

1,228

1,180

Accumulated Benefit Obligation

4.4

3.9

3.6

3.1

2.5

Benefit Obligation

4.8

4.2

5.0

3.4

2.8

Fair Value of Plan Assets

1.6

1.4

1.2

1.0

0.8

Funded Status

-3.1

-2.8

-3.7

-2.4

-2.0

Total Funded Status

-3.1

-2.8

-3.7

-2.4

-2.0

Discount Rate

1.75%

2.00%

2.00%

2.25%

2.50%

Rate of Compensation Increase

1.00%

1.00%

3.00%

1.00%

1.00%

Expected Rate of Return on Plan Assets

1.75%

2.00%

2.00%

2.25%

2.50%

Deferred Pension Cost

-

-

0.1

0.2

0.2

Accrued Pension Liabilities

-2.8

-2.4

-2.4

-2.1

-1.7

Net Assets Recognized on Balance Sheet

-2.8

-2.4

-2.3

-1.9

-1.5

 

 

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

Updated Normal 
31-Dec-2011

Reclassified Normal 
31-Dec-2011

Reclassified Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2009

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

29.57962

29.39004

31.497037

33.023867

31.543497

Auditor

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified

 

 

 

 

 

 

Net Income

1.2

7.3

5.4

-2.1

5.3

    Depreciation

3.1

2.8

2.5

2.5

2.5

    Minority Interest

0.0

0.0

0.0

-0.1

0.0

    Gain on Financial Assets Valuation

-

-

-

-

0.0

    Deferred Charges

0.1

0.1

0.1

0.1

0.2

    Reversal of Allowance for Doubtfull Acc.

0.0

0.0

0.0

-0.1

-

    Gain/Loss on Sale of Investments

0.0

0.0

0.0

0.0

-

    Gain/Loss on Disposal of Properties

-0.1

0.1

0.1

0.1

0.1

    Inventory Devaluation & Obsolescence

0.3

-0.1

-0.2

-3.0

-

    Impairment Loss/Reversal Gain

0.0

0.0

0.1

0.0

-

    Notes Receivable

2.0

-0.1

-2.9

1.5

2.2

    Accounts Receivable

0.8

1.6

-1.1

-4.0

5.3

    Inventories

5.6

-6.5

-5.9

16.7

-16.1

    Deferred Tax Assets

0.0

0.0

0.3

0.1

-0.3

    Other Current Assets

0.2

-0.1

-0.1

0.5

-0.2

    Notes Payable

-2.5

1.0

1.5

-0.5

-0.3

    Accounts Payable

0.0

-0.1

0.1

0.0

-0.5

    Accrued Expenses

-0.4

0.0

0.8

-0.5

0.5

    Tax Payable

-0.8

-0.3

1.1

-1.7

1.4

    Other Current Liabilities

-0.3

0.1

-0.4

0.3

-0.1

    Accrued Pension Liabilities

-0.1

0.1

0.0

0.0

0.1

Cash from Operating Activities

9.1

5.8

1.4

10.1

0.0

 

 

 

 

 

 

    Financial Assets at Cost

0.0

0.0

0.0

0.0

0.0

    Capital Expenditure

-4.5

-2.6

-4.0

-1.1

-2.0

    Disposal of Fixed Assets

0.5

0.0

0.0

0.0

0.0

    Deferred Charges

0.0

0.0

-0.1

0.0

0.0

    Restricted Assets - Bank Deposit

0.0

0.1

0.5

0.0

-0.3

    Security Deposit Paid

-0.3

-0.1

0.0

0.0

0.0

    Other Asets

-

-

-

-

0.0

Cash from Investing Activities

-4.4

-2.6

-3.5

-1.0

-2.2

 

 

 

 

 

 

    Short Term Borrowings, Net

-1.8

-11.0

5.8

-4.9

5.7

    ST Note Increase

1.5

-0.7

1.9

-

1.9

    Repayment of ST Notes

-

-

-

-0.6

-

    Long Term Borrowings

-0.7

11.0

-3.3

-0.3

-3.6

    Directors Remuneration

-

-

-

-

-0.1

    Employees Bonus

-

-

-

-

0.0

    Cash Dividend - Common Stock

-4.2

-2.3

-0.4

-1.9

-1.6

    Minority Interest

0.0

0.0

0.0

-

-0.1

Cash from Financing Activities

-5.2

-3.0

4.1

-7.6

2.3

 

 

 

 

 

 

Foreign Exchange Effects

-0.1

0.0

0.0

0.1

0.0

Net Change in Cash

-0.5

0.1

2.0

1.5

0.1

 

 

 

 

 

 

Net Cash - Beginning Balance

9.8

9.7

7.1

5.3

5.4

Net Cash - Ending Balance

9.3

9.8

9.1

6.7

5.5

    Cash Interest Paid

0.6

0.6

0.6

0.6

1.1

    Cash Taxes Paid

1.4

1.8

0.0

1.6

0.8

 

 

Financial Health

 

Financials in: USD (mil) 

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

Key Indicators USD (mil)

 

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 

21.7

-1.98%

88.6

-12.67%

8.51%

1.05%

Research & Development1 

0.0

-5.25%

0.2

-17.35%

13.95%

-1.70%

Operating Income1 

1.1

93.55%

2.4

-74.32%

-

-5.26%

Income Available to Common Excl Extraord Items1

0.8

199.67%

1.2

-83.16%

-

-10.71%

Basic EPS Excl Extraord Items1 

0.02

199.74%

0.02

-83.15%

-

-10.71%

Capital Expenditures2 

3.1

298.44%

4.5

76.26%

52.58%

-6.14%

Cash from Operating Activities2 

2.7

47.12%

9.1

57.45%

-6.85%

-

Free Cash Flow 

-0.4

-

4.7

42.69%

-22.68%

-

Total Assets3 

88.8

-1.14%

90.2

-8.77%

3.64%

0.90%

Total Liabilities3 

55.2

2.65%

56.3

-8.49%

2.16%

-0.24%

Total Long Term Debt3 

16.9

-16.21%

22.8

2.48%

19.37%

8.14%

Employees3 

-

-

422

-7.05%

1.55%

-2.01%

Total Common Shares Outstanding3 

49.6

0.00%

49.6

0.00%

0.00%

0.00%

1-ExchangeRate: TWD to USD Average for Period

29.473353

 

29.579620

 

 

 

2-ExchangeRate: TWD to USD Average for Period

29.473353

 

29.579620

 

 

 

3-ExchangeRate: TWD to USD Period End Date

29.908335

 

29.011999

 

 

 

Utility Industry Specific USD (mil)

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

 

Deferred Charges3 

0.0

0.1

0.1

0.1

0.2

 

3-ExchangeRate: TWD to USD Period End Date

29.011999

30.279000

29.156500

31.985000

32.818000

 

Key Ratios

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Profitability

Gross Margin 

8.42%

14.48%

14.52%

3.88%

15.31%

Operating Margin 

2.69%

9.14%

8.97%

-1.82%

9.30%

Pretax Margin 

2.00%

8.56%

7.50%

-3.43%

7.82%

Net Profit Margin 

1.37%

7.09%

5.96%

-3.32%

5.85%

Financial Strength

Current Ratio 

2.13

2.02

1.46

1.42

1.39

Long Term Debt/Equity 

0.67

0.60

0.42

0.48

0.41

Total Debt/Equity 

1.30

1.28

1.45

1.45

1.44

Management Effectiveness

Return on Assets 

1.30%

7.66%

6.74%

-2.74%

6.34%

Return on Equity 

3.48%

21.01%

19.48%

-7.65%

18.50%

Efficiency

Receivables Turnover 

4.41

4.56

4.67

4.00

4.86

Inventory Turnover 

3.17

3.43

4.43

2.88

3.70

Asset Turnover 

0.96

1.07

1.14

0.80

1.09

Market Valuation USD (mil)

P/E (TTM) 

24.93

.

Enterprise Value2 

77.4

Price/Sales (TTM) 

0.49

.

Enterprise Value/Revenue (TTM) 

0.89

Price/Book (MRQ) 

1.27

.

Enterprise Value/EBITDA (TTM) 

13.13

Market Cap as of 14-Jun-20131 

42.7

.

 

 

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 

2.13

2.02

1.46

1.42

1.39

Quick/Acid Test Ratio 

1.15

1.04

0.85

0.86

0.55

Working Capital1 

27.9

30.2

17.8

12.0

13.8

Long Term Debt/Equity 

0.67

0.60

0.42

0.48

0.41

Total Debt/Equity 

1.30

1.28

1.45

1.45

1.44

Long Term Debt/Total Capital 

0.29

0.26

0.17

0.19

0.17

Total Debt/Total Capital 

0.57

0.56

0.59

0.59

0.59

Payout Ratio 

-

58.24%

39.41%

-19.84%

36.66%

Effective Tax Rate 

32.29%

16.75%

20.93%

-

25.74%

Total Capital1 

77.9

81.4

79.6

62.6

71.9

 

 

 

 

 

 

Efficiency

Asset Turnover 

0.96

1.07

1.14

0.80

1.09

Inventory Turnover 

3.17

3.43

4.43

2.88

3.70

Days In Inventory 

115.09

106.39

82.34

126.80

98.76

Receivables Turnover 

4.41

4.56

4.67

4.00

4.86

Days Receivables Outstanding 

82.77

80.03

78.20

91.18

75.03

Revenue/Employee2 

214,163

218,414

226,655

159,224

199,225

Operating Income/Employee2 

5,755

19,960

20,339

-2,898

18,522

EBITDA/Employee2 

13,308

26,005

26,632

3,552

24,082

 

 

 

 

 

 

Profitability

Gross Margin 

8.42%

14.48%

14.52%

3.88%

15.31%

Operating Margin 

2.69%

9.14%

8.97%

-1.82%

9.30%

EBITDA Margin 

6.21%

11.91%

11.75%

2.23%

12.09%

EBIT Margin 

2.69%

9.14%

8.97%

-1.82%

9.30%

Pretax Margin 

2.00%

8.56%

7.50%

-3.43%

7.82%

Net Profit Margin 

1.37%

7.09%

5.96%

-3.32%

5.85%

R&D Expense/Revenue 

0.20%

0.21%

0.21%

0.17%

0.20%

COGS/Revenue 

91.58%

85.52%

85.48%

96.12%

84.69%

SG&A Expense/Revenue 

5.53%

5.13%

5.27%

5.53%

5.82%

 

 

 

 

 

 

Management Effectiveness

Return on Assets 

1.30%

7.66%

6.74%

-2.74%

6.34%

Return on Equity 

3.48%

21.01%

19.48%

-7.65%

18.50%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2 

0.10

0.06

-0.06

0.19

-0.04

Operating Cash Flow/Share 2 

0.19

0.11

0.03

0.21

0.00

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) 

24.93

Market Cap/Equity (MRQ) 

1.27

Market Cap/Revenue (TTM) 

0.49

Market Cap/EBIT (TTM) 

14.79

Market Cap/EBITDA (TTM) 

7.23

Enterprise Value/Earnings (TTM) 

45.25

Enterprise Value/Equity (MRQ) 

2.30

Enterprise Value/Revenue (TTM) 

0.89

Enterprise Value/EBIT (TTM) 

26.85

Enterprise Value/EBITDA (TTM) 

13.13

 

FOREIGN EXCHANGE RATES

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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