MIRA INFORM REPORT

Report Date :

29.06.2013

IDENTIFICATION DETAILS

Name :	TRI OCEAN TEXTILE CO LTD

Registered Office :	9/F, No.62-5, Sining North Road Datong District Taipei, 103

Country :	Taiwan

Financials (as on) :	31.12.2012

Date of Incorporation :	07.10.1968

Legal Form :	Public Parent

Line of Business :	Manufacture of man-made fibres

No. of Employees :	162

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Taiwan

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

TAIWAN - ECONOMIC OVERVIEW

Taiwan has a dynamic capitalist economy with gradually decreasing government guidance of investment and foreign trade. Exports, led by electronics, machinery, and petrochemicals have provided the primary impetus for economic development. This heavy dependence on exports exposes the economy to fluctuations in world demand. In 2009, Taiwan's GDP contracted 1.8%, due primarily to a 13.1% year-on-year decline in exports. In 2010 GDP grew 10.7%, as exports returned to the level of previous years, and in 2011, grew 4.0%. In 2012, however, growth fell to 1.3%, because of softening global demand. Taiwan's diplomatic isolation, low birth rate, and rapidly aging population are major long-term challenges. Free trade agreements have proliferated in East Asia over the past several years, but except for the landmark Economic Cooperation Framework Agreement (ECFA) signed with China in June 2010, so far Taiwan has been excluded from this greater economic integration in part because of its diplomatic status. Negotiations continue on such follow-on components of ECFA regarding trade in goods and services. The MA administration has said that the ECFA will serve as a stepping stone toward trade pacts with other key trade partners, which Taiwan subsequently launched with Singapore and New Zealand. Taiwan's Total Fertility rate of just over one child per woman is among the lowest in the world, raising the prospect of future labor shortages, falling domestic demand, and declining tax revenues. Taiwan's population is aging quickly, with the number of people over 65 accounting for 11.2% of the island's total population as of 2012. The island runs a large trade surplus largely because of its surplus with China, and its foreign reserves are the world's fifth largest, behind China, Japan, Saudi Arabia, and Russia. In 2006 China overtook the US to become Taiwan's second-largest source of imports after Japan. China is also the island's number one destination for foreign direct investment. Three financial memorandums of understanding, covering banking, securities, and insurance, took effect in mid-January 2010, opening the island to greater investments from the mainland's financial firms and institutional investors, and providing new opportunities for Taiwan financial firms to operate in China. In August 2012, Taiwan Central Bank signed a memorandum of understanding on cross-Strait currency settlement with its Chinese counterpart. The MOU allows for the direct settlement of Chinese RMB and the New Taiwan dollar across the Strait, which could help develop Taiwan into a local RMB hub. Closer economic links with the mainland bring greater opportunities for the Taiwan economy, but also poses new challenges as the island becomes more economically dependent on China while political differences remain unresolved

Source : CIA

Company name and address Top of Form

Bottom of Form

Top of Form

Tri Ocean Textile Co Ltd

9/F, No.62-5,
Sining North Road
Datong District
Taipei, 103
Taiwan


Tel:	886-2-25525135
Fax:	886-2-25509123

www.triocean.com.tw

Employees:

162

Company Type:

Public Parent

Corporate Family:

4 Companies

Traded:

Taiwan Stock Exchange:

1472

Incorporation Date:

07-Oct-1968

Auditor:

Deloitte & Touche LLP

Financials in:	USD (mil)
Fiscal Year End:	31-Dec-2012
Reporting Currency:	Taiwanese New Dollar
Annual Sales:	29.2 ¹
Net Income:	(5.5)
Total Assets:	44.1 ²
Market Value:	33.8
	(14-Jun-2013)

Business Description

Tri Ocean Textile Co., Ltd. is a Taiwan-based company primarily engaged in the weaving, dyeing, processing and distribution of fabric products. The Company provides polyamide (Nylon) fibers, polypropylene (PP) fibers, knitted fabrics and woven fabrics, as well as polyester (PET) fibers. The Company distributes its products in domestic and overseas markets, such as Europe, Oceania, the Americas and the rest of Asia. During the year ended December 31, 2011, the Company obtained approximately 57.45%, 20.92% and 11.14% of its total revenue from the sale of polyamide fibers, polypropylene fibers and PET fibers, respectively. The Company acquired 100% shares of Evalon Textile (Thailand) Co., Ltd, effectively May 7, 2012. For the three months ended 31 March 2013, Tri Ocean Textile Co Ltd revenues decreased 11% to NT$205.6M. Net loss increased 47% to NT$32.4M. Revenues reflect a decrease in demand for the Company's products and services due to unfavorable market conditions. Basic Earnings per Share excluding Extraordinary Items decreased from -NT$0.40 to -NT$0.50.

Industry

Industry	Chemicals - Plastics and Rubber
ANZSIC 2006:	1829 - Other Basic Polymer Manufacturing
NACE 2002:	2470 - Manufacture of man-made fibres
NAICS 2002:	325222 - Noncellulosic Organic Fiber Manufacturing
UK SIC 2003:	2470 - Manufacture of man-made fibres
UK SIC 2007:	2060 - Manufacture of man-made fibres
US SIC 1987:	2824 - Manmade Organic Fibers, Except Cellulosic

Key Executives

Name	Title
Junming Huang	Chairman of the Board, General Manager
Zhizhong Weng	Head of Finance
Mingyuan Yang	Special Assistant to General Manager's Office
Zhengxiong Chen	Director
Chin-Tsung Huang	Chairman

Significant Developments

Topic	#*	Most Recent Headline	Date
Divestitures	1	Tri Ocean Textile Co Ltd's Subsidiary to Sell Fixed Assets	13-Jun-2013
Dividends	1	Tri Ocean Textile Co Ltd Announces No Dividend Payment for FY 2012	28-Mar-2013

Financial Summary

As of 31-Mar-2013

Key Ratios	Company	Industry
Current Ratio (MRQ)	0.52	2.75
Quick Ratio (MRQ)	0.26	1.45
Debt to Equity (MRQ)	1.79	0.52
Sales 5 Year Growth	-10.99	10.05
Net Profit Margin (TTM) %	-20.64	7.39
Return on Assets (TTM) %	-13.43	7.59
Return on Equity (TTM) %	-41.13	15.09

Stock Snapshot

Traded: Taiwan Stock Exchange: 1472

As of 14-Jun-2013

Financials in: TWD

Recent Price	15.15	EPS	-2.41
52 Week High	20.00	Price/Sales	1.17
52 Week Low	8.07	Price/Book	2.48
Avg. Volume (mil)	0.09	Beta	1.25
Market Value (mil)	1,009.75

	Price % Change	Rel S&P 500%
4 Week	3.77%	9.39%
13 Week	9.39%	9.25%
52 Week	86.58%	66.31%
Year to Date	-13.92%	-16.50%

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
9/F, No.62-5,
Sining North Road
Datong District
Taipei, 103
Taiwan

Tel:	886-2-25525135
Fax:	886-2-25509123

www.triocean.com.tw

Quote Symbol - Exchange
1472 - Taiwan Stock Exchange

Sales TWD(mil):	862.3
Assets TWD(mil):	1,278.5
Employees:	162
Fiscal Year End:	31-Dec-2012


Industry:	Chemicals - Plastics and Rubber

Incorporation Date:	07-Oct-1968
Company Type:	Public Parent
Quoted Status:	Quoted


Chairman of the Board, General Manager:	Junming Huang

Industry Codes

ANZSIC 2006 Codes:
1829	-	Other Basic Polymer Manufacturing
2291	-	Spring and Wire Product Manufacturing
1312	-	Natural Textile Manufacturing
1340	-	Knitted Product Manufacturing

NACE 2002 Codes:
2470	-	Manufacture of man-made fibres
2873	-	Manufacture of wire products
171	-	Preparation and spinning of textile fibres
1754	-	Manufacture of other textiles not elsewhere classified

NAICS 2002 Codes:
325222	-	Noncellulosic Organic Fiber Manufacturing
332618	-	Other Fabricated Wire Product Manufacturing
313112	-	Yarn Texturing, Throwing, and Twisting Mills
313249	-	Other Knit Fabric and Lace Mills

US SIC 1987:
2824	-	Manmade Organic Fibers, Except Cellulosic
3496	-	Miscellaneous Fabricated Wire Products
2259	-	Knitting Mills, Not Elsewhere Classified
2282	-	Yarn Texturizing, Throwing, Twisting, and Winding Mills

UK SIC 2003:
2470	-	Manufacture of man-made fibres
2873	-	Manufacture of wire products
171	-	Preparation and spinning of textile fibres
17549	-	Manufacture of other textiles not elsewhere classified

UK SIC 2007:
2060	-	Manufacture of man-made fibres
2593	-	Manufacture of wire products, chain and springs
1310	-	Preparation and spinning of textile fibres
1396	-	Manufacture of other technical and industrial textiles

Business Description

More Business Descriptions

Manufacture of polypropylene filament yarn

Textile Mfr

Financial Data

Financials in:	TWD(mil)

Revenue:	862.3
Net Income:	-163.6
Assets:	1,278.5
Long Term Debt:	26.5
Total Liabilities:	885.6
Working Capital:	0.1

Date of Financial Data:	31-Dec-2012

1 Year Growth

-46.9%

-7.5%

Market Data

Quote Symbol:	1472
Exchange:	Taiwan Stock Exchange
Currency:	TWD
Stock Price:	15.2
Stock Price Date:	06-14-2013
52 Week Price Change %:	86.6
Market Value (mil):	1,009,747.0

SEDOL:	6141293
ISIN:	TW0001472009

Equity and Dept Distribution:
FY'05 I/S restated & C/F reclassified. FY'06 I/S restated. The Company started to report quarter financials since FY'08. FY'07 B/S reclassified and C/F restated. FY'08 Qs I/S & B/S are being CLA. FY'09 Q3 I/S & C/F were being CLA. FY'10 Q2 B/S is being CLA.2011-11-14, capital reduction, factor:0.68.

Subsidiaries

Company	Percentage Owned	Country
Tri Ocean Tuntex Textile (Thailand) Co Ltd	64%	THAILAND

Key Corporate Relationships

Auditor:	Deloitte & Touche LLP

Auditor:	Deloitte & Touche LLP, Deloitte & Touche

Corporate Structure News

Tri Ocean Textile Co Ltd
Total Corporate Family Members: 4

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Tri Ocean Textile Co Ltd	Parent	Taipei	Taiwan	Chemicals - Plastics and Rubber	29.2	162
EVALON TEXTILE CO., LTD.	Subsidiary	Taichung	Taiwan	Apparel and Accessories		140
EVALON TEXTILE (Thailand) CO., LTD.	Subsidiary	Rayong	Thailand	Apparel and Accessories		70
Evalon Textile Co., Ltd.	Subsidiary	Taipei City, Taipei	Taiwan	Apparel and Accessories		40

Executives Report

Board of Directors

Name

Title

Function

Junming Huang

Chairman of the Board, General Manager

Chairman

Biography:

Mr. Huang Junming has been Chairman of the Board and General Manager in Tri Ocean Textile Co Ltd. He also serves as Chairman of the Board in four other companies, including Evalon Textile (Thailand).

Compensation/Salary:2,904,000

Compensation Currency: TWD

Chin-Tsung Huang

Chairman

Zhengxiong Chen

Director

Director/Board Member

Lian'an Shi

Director

Director/Board Member

Executives

Name

Title

Function

Junming Huang

Chairman of the Board, General Manager

Division Head Executive

Biography:

Mr. Huang Junming has been Chairman of the Board and General Manager in Tri Ocean Textile Co Ltd. He also serves as Chairman of the Board in four other companies, including Evalon Textile (Thailand).

Compensation/Salary:2,904,000

Compensation Currency: TWD

Zhizhong Weng

Head of Finance

Finance Executive

Mingyuan Yang

Special Assistant to General Manager's Office

Investor Relations Executive

Significant Developments

Tri Ocean Textile Co Ltd's Subsidiary to Sell Fixed Assets

Jun 13, 2013

Tri Ocean Textile Co Ltd announced that its subsidiary has decided to sell fixed assets including plant, land and equipments, for NTD 110,000,000 in total to Lih Shyang Industrial Co., Ltd.

Tri Ocean Textile Co Ltd Announces No Dividend Payment for FY 2012

Mar 28, 2013

Tri Ocean Textile Co Ltd announced that it will pay no dividend to shareholders for fiscal year 2012.

Annual Income Statement

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	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	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation

Gross Revenue	29.5	55.5	47.1	27.6	43.1
Sales Returns and Allowances	-0.3	-0.2	-0.1	-0.1	-0.4
Revenue	29.2	55.3	47.0	27.4	42.7
Total Revenue	29.2	55.3	47.0	27.4	42.7

Cost of Revenue	30.8	51.7	45.5	30.0	45.3
Cost of Revenue, Total	30.8	51.7	45.5	30.0	45.3
Gross Profit	-1.6	3.6	1.5	-2.5	-2.6

Selling/General/Administrative Expense	3.4	2.9	2.7	2.7	3.0
Total Selling/General/Administrative Expenses	3.4	2.9	2.7	2.7	3.0
Impairment-Assets Held for Use	1.0	5.4	0.2	1.2	0.8
Unusual Expense (Income)	1.0	5.4	0.2	1.2	0.8
Total Operating Expense	35.2	59.9	48.4	33.9	49.0

Operating Income	-6.0	-4.7	-1.4	-6.4	-6.4

Interest Expense - Non-Operating	-0.7	-0.6	-0.5	-0.6	-0.8
Interest Expense, Net Non-Operating	-0.7	-0.6	-0.5	-0.6	-0.8
Interest Income - Non-Operating	0.0	0.0	0.0	0.0	0.0
Investment Income - Non-Operating	1.1	0.0	0.3	0.1	-0.3
Interest/Investment Income - Non-Operating	1.1	0.0	0.3	0.1	-0.3
Interest Income (Expense) - Net Non-Operating Total	0.4	-0.6	-0.2	-0.5	-1.0
Gain (Loss) on Sale of Assets	-0.1	0.0	0.0	-0.4	0.0
Other Non-Operating Income (Expense)	0.2	0.0	0.3	0.1	-0.5
Other, Net	0.2	0.0	0.3	0.1	-0.5
Income Before Tax	-5.4	-5.3	-1.3	-7.2	-7.9

Total Income Tax	0.1	0.0	0.1	0.1	0.0
Income After Tax	-5.6	-5.3	-1.4	-7.4	-7.9

Minority Interest	0.0	-0.1	0.1	1.2	1.7
Net Income Before Extraord Items	-5.5	-5.3	-1.3	-6.1	-6.2
Net Income	-5.5	-5.3	-1.3	-6.1	-6.2

Income Available to Common Excl Extraord Items	-5.5	-5.3	-1.3	-6.1	-6.2

Income Available to Common Incl Extraord Items	-5.5	-5.3	-1.3	-6.1	-6.2

Basic/Primary Weighted Average Shares	59.5	55.9	55.9	55.9	55.9
Basic EPS Excl Extraord Items	-0.09	-0.10	-0.02	-0.11	-0.11
Basic/Primary EPS Incl Extraord Items	-0.09	-0.10	-0.02	-0.11	-0.11
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	-5.5	-5.3	-1.3	-6.1	-6.2
Diluted Weighted Average Shares	59.5	55.9	55.9	55.9	55.9
Diluted EPS Excl Extraord Items	-0.09	-0.10	-0.02	-0.11	-0.11
Diluted EPS Incl Extraord Items	-0.09	-0.10	-0.02	-0.11	-0.11
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0	0.0
Interest Expense, Supplemental	0.7	0.6	0.5	0.6	0.8
Depreciation, Supplemental	2.1	2.3	2.2	2.1	2.3
Total Special Items	1.0	5.4	0.2	1.6	0.8
Normalized Income Before Tax	-4.4	0.2	-1.1	-5.6	-7.0

Effect of Special Items on Income Taxes	0.4	1.9	0.1	0.6	0.3
Inc Tax Ex Impact of Sp Items	0.5	1.9	0.1	0.7	0.3
Normalized Income After Tax	-4.9	-1.8	-1.3	-6.3	-7.3

Normalized Inc. Avail to Com.	-4.9	-1.8	-1.2	-5.1	-5.6

Basic Normalized EPS	-0.08	-0.03	-0.02	-0.09	-0.10
Diluted Normalized EPS	-0.08	-0.03	-0.02	-0.09	-0.10
Amort of Intangibles, Supplemental	0.6	0.5	0.3	0.3	0.3
Normalized EBIT	-5.0	0.7	-1.2	-5.2	-5.5
Normalized EBITDA	-2.4	3.5	1.2	-2.9	-2.9
Current Tax - Total	0.0	0.0	0.0	0.0	0.0
Current Tax - Total	0.0	0.0	0.0	0.0	0.0
Deferred Tax - Total	0.1	0.0	0.1	0.1	0.0
Deferred Tax - Total	0.1	0.0	0.1	0.1	0.0
Other Tax	-	-	0.0	0.0	0.0
Income Tax - Total	0.1	0.0	0.1	0.1	0.0
Interest Cost - Domestic	0.0	0.0	0.0	0.0	0.0
Service Cost - Domestic	0.0	0.0	0.0	0.0	0.0
Expected Return on Assets - Domestic	0.0	0.0	0.0	0.0	0.0
Curtailments & Settlements - Domestic	-	-	-	0.0	-
Transition Costs - Domestic	0.0	0.0	0.0	0.0	0.0
Other Pension, Net - Domestic	-	-	0.0	-	0.0
Domestic Pension Plan Expense	0.0	0.1	0.0	0.0	0.0
Defined Contribution Expense - Domestic	0.1	0.1	0.1	0.1	0.1
Total Pension Expense	0.1	0.2	0.1	0.1	0.1
Discount Rate - Domestic	1.88%	2.00%	2.00%	2.00%	2.75%
Expected Rate of Return - Domestic	1.88%	2.00%	2.00%	1.50%	1.50%
Compensation Rate - Domestic	1.50%	1.50%	1.50%	2.00%	2.75%
Total Plan Interest Cost	0.0	0.0	0.0	0.0	0.0
Total Plan Service Cost	0.0	0.0	0.0	0.0	0.0
Total Plan Expected Return	0.0	0.0	0.0	0.0	0.0
Total Plan Other Expense	-	-	0.0	-	0.0

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	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	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation

Cash	2.9	-	-	-	-
Cash & Equivalents	-	3.2	2.8	2.3	2.8
Short Term Investments	-	0.0	0.2	0.1	0.1
Cash and Short Term Investments	2.9	3.2	3.0	2.5	2.9
Accounts Receivable - Trade, Gross	2.3	1.8	3.2	2.6	1.9
Provision for Doubtful Accounts	0.0	0.0	0.0	0.0	0.0
Trade Accounts Receivable - Net	2.3	1.7	3.2	2.6	1.9
Notes Receivable - Short Term	2.0	1.6	2.4	1.2	0.6
Other Receivables	-	-	0.2	0.0	0.0
Total Receivables, Net	4.3	3.3	5.8	3.8	2.6
Inventories - Finished Goods	4.4	4.9	3.7	4.9	8.4
Inventories - Work In Progress	0.1	0.4	0.5	0.1	0.1
Inventories - Raw Materials	3.0	2.6	4.2	1.6	2.8
Total Inventory	7.4	7.9	8.4	6.6	11.2
Prepaid Expenses	0.6	-	-	-	-
Restricted Cash - Current	0.4	1.0	1.6	0.2	0.0
Deferred Income Tax - Current Asset	0.3	0.3	0.4	0.4	0.5
Other Current Assets	0.3	0.2	1.0	0.1	0.2
Other Current Assets, Total	1.0	1.5	3.0	0.7	0.8
Total Current Assets	16.2	15.9	20.2	13.6	17.5

Buildings	14.7	14.1	14.8	13.4	13.0
Land/Improvements	7.3	7.0	7.3	6.6	6.4
Machinery/Equipment	44.0	42.7	44.8	39.5	41.4
Construction in Progress	0.2	0.2	0.1	0.0	0.0
Other Property/Plant/Equipment	3.3	3.2	3.3	3.0	2.9
Property/Plant/Equipment - Gross	69.5	67.1	70.2	62.6	63.8
Accumulated Depreciation	-43.5	-39.5	-33.9	-28.0	-27.3
Property/Plant/Equipment - Net	26.0	27.6	36.3	34.6	36.5
Intangibles, Net	0.0	0.0	0.0	0.0	0.0
Note Receivable - Long Term	-	-	-	0.0	0.0
Deferred Charges	0.6	0.9	0.5	0.2	0.3
Pension Benefits - Overfunded	0.1	0.1	0.1	0.0	0.0
Deferred Income Tax - Long Term Asset	-	-	-	0.0	0.0
Other Long Term Assets	1.1	1.1	1.0	1.3	1.6
Other Long Term Assets, Total	1.8	2.1	1.6	1.5	1.9
Total Assets	44.1	45.7	58.2	49.8	56.0

Accounts Payable	3.5	3.3	5.0	2.4	1.9
Accrued Expenses	1.2	1.0	1.5	1.1	1.0
Notes Payable/Short Term Debt	21.1	19.8	22.3	17.4	16.0
Current Portion - Long Term Debt/Capital Leases	0.9	1.2	1.3	1.4	1.9
Customer Advances	1.0	0.4	-	-	-
Income Taxes Payable	0.0	-	-	-	-
Other Payables	0.3	0.6	0.8	0.7	0.7
Other Current Liabilities	0.0	0.0	0.7	0.3	0.3
Other Current liabilities, Total	1.4	1.0	1.5	1.1	1.0
Total Current Liabilities	28.1	26.4	31.5	23.4	21.8

Long Term Debt	0.9	2.1	3.4	3.3	4.6
Total Long Term Debt	0.9	2.1	3.4	3.3	4.6
Total Debt	23.0	23.1	27.0	22.2	22.5

Deferred Income Tax - LT Liability	0.0	0.1	0.6	0.7	1.1
Deferred Income Tax	0.0	0.1	0.6	0.7	1.1
Minority Interest	0.0	0.5	0.5	0.9	2.1
Reserves	1.3	1.2	1.3	1.2	1.1
Pension Benefits - Underfunded	0.2	0.1	0.2	0.0	0.0
Other Liabilities, Total	1.5	1.3	1.5	1.2	1.2
Total Liabilities	30.5	30.3	37.5	29.6	30.7

Common Stock	23.0	19.7	30.0	27.4	26.7
Common Stock	23.0	19.7	30.0	27.4	26.7
Additional Paid-In Capital	0.6	-	-	0.0	2.8
Retained Earnings (Accumulated Deficit)	-13.6	-7.3	-11.8	-9.5	-5.9
Treasury Stock - Common	-0.8	-1.2	-1.3	-1.2	-1.1
Unrealized Gain (Loss)	1.9	1.8	1.9	1.7	1.7
Translation Adjustment	2.6	2.5	2.1	1.8	1.2
Minimum Pension Liability Adjustment	-0.1	0.0	-0.2	-	-
Other Equity, Total	2.5	2.5	1.9	1.8	1.2
Total Equity	13.5	15.3	20.6	20.2	25.3

Total Liabilities & Shareholdersâ€™ Equity	44.1	45.7	58.2	49.8	56.0

Shares Outstanding - Common Stock Primary Issue	64.4	55.9	55.9	55.9	55.9
Total Common Shares Outstanding	64.4	55.9	55.9	55.9	55.9
Treasury Shares - Common Stock Primary Issue	2.2	3.6	3.6	3.6	3.6
Employees	162	160	301	274	294
Number of Common Shareholders	-	3,198	4,514	3,788	3,624
Deferred Revenue - Current	1.0	0.4	-	-	-
Pension Obligation - Domestic	0.5	0.5	0.9	0.6	0.6
Plan Assets - Domestic	0.3	0.4	0.6	0.6	0.6
Funded Status - Domestic	-0.2	-0.1	-0.3	0.0	0.0
Accumulated Obligation - Domestic	0.5	0.4	0.8	0.5	0.5
Total Funded Status	-0.2	-0.1	-0.3	0.0	0.0
Discount Rate - Domestic	1.88%	2.00%	2.00%	2.00%	2.75%
Expected Rate of Return - Domestic	1.50%	2.00%	2.00%	1.50%	1.50%
Compensation Rate - Domestic	1.88%	1.50%	1.50%	2.00%	2.75%
Prepaid Benefits - Domestic	0.1	0.1	0.1	0.0	0.0
Accrued Liabilities - Domestic	-0.2	-0.1	-0.2	0.0	0.0
Net Assets Recognized on Balance Sheet	-0.1	0.0	-0.2	0.0	0.0
Total Plan Obligations	0.5	0.5	0.9	0.6	0.6
Total Plan Assets	0.3	0.4	0.6	0.6	0.6

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	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	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation

Net Income/Starting Line	-5.6	-5.3	-1.4	-7.4	-7.9
Depreciation	2.1	2.3	2.2	2.1	2.5
Depreciation/Depletion	2.1	2.3	2.2	2.1	2.5
Amortization of Intangibles	0.6	0.5	0.3	0.3	0.3
Amortization	0.6	0.5	0.3	0.3	0.3
Deferred Taxes	0.1	0.0	0.1	0.1	0.0
Unusual Items	-0.1	5.4	0.2	1.6	0.8
Other Non-Cash Items	0.0	-	-	-0.1	0.1
Non-Cash Items	-0.1	5.4	0.2	1.6	0.9
Accounts Receivable	-0.8	2.1	-1.5	-1.2	2.5
Inventories	0.8	0.2	-1.1	4.8	3.2
Prepaid Expenses	-0.6	-	-	-	-
Other Assets	-0.2	1.2	-0.8	0.1	0.8
Accounts Payable	-0.1	-1.4	2.0	0.4	-1.9
Accrued Expenses	0.1	-0.4	0.4	0.1	-0.1
Taxes Payable	0.0	-	-	-	-
Other Liabilities	0.4	0.0	0.4	0.5	-1.5
Changes in Working Capital	-0.3	1.7	-0.6	4.8	3.2
Cash from Operating Activities	-3.2	4.7	0.7	1.5	-1.0

Purchase of Fixed Assets	-0.4	-0.6	-0.4	-0.3	-0.6
Purchase/Acquisition of Intangibles	0.0	0.0	-	0.0	-0.1
Capital Expenditures	-0.4	-0.7	-0.4	-0.3	-0.6
Acquisition of Business	-0.5	-	-	-	-
Sale of Fixed Assets	0.0	0.0	0.0	0.1	0.0
Investment, Net	1.1	-	0.0	0.0	0.1
Other Investing Cash Flow	0.3	-0.3	-1.9	-0.3	-0.1
Other Investing Cash Flow Items, Total	0.9	-0.3	-1.9	-0.1	0.0
Cash from Investing Activities	0.6	-0.9	-2.3	-0.4	-0.6

Other Financing Cash Flow	-	0.0	-0.5	-	-
Financing Cash Flow Items	-	0.0	-0.5	-	-
Sale/Issuance of Common	3.2	-	-	-	-
Common Stock, Net	3.2	-	-	-	-
Issuance (Retirement) of Stock, Net	3.2	-	-	-	-
Short Term Debt, Net	0.5	-2.0	3.0	0.3	2.5
Long Term Debt, Net	-1.5	-1.3	-0.5	-1.8	-2.9
Issuance (Retirement) of Debt, Net	-1.1	-3.2	2.5	-1.5	-0.4
Cash from Financing Activities	2.1	-3.2	2.0	-1.5	-0.4

Foreign Exchange Effects	0.0	0.1	-0.2	-0.1	0.3
Net Change in Cash	-0.5	0.6	0.2	-0.5	-1.7

Net Cash - Beginning Balance	3.3	2.8	2.4	2.8	4.6
Net Cash - Ending Balance	2.8	3.3	2.6	2.3	2.9
Cash Interest Paid	0.7	0.6	0.6	0.6	0.7
Cash Taxes Paid	-	-	0.0	0.0	0.0

Annual Income Statement

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 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	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified

Gross Sales	29.5	55.5	47.1	27.6	43.1
Sales Returns & Discounts	-0.3	-0.2	-0.1	-0.1	-0.4
Total Revenue	29.2	55.3	47.0	27.4	42.7

Cost of Sales	30.8	51.7	45.5	30.0	45.3
Operating Expenses	3.4	2.9	2.7	2.7	3.0
Impairment Loss	1.0	7.4	0.2	1.2	0.8
Gain on Reversal of Impairment Loss	0.0	-2.0	-	-	-
Total Operating Expense	35.2	59.9	48.4	33.9	49.0

Interest Income	0.0	0.0	0.0	0.0	0.0
Dividend Income	0.0	0.0	0.0	0.0	0.0
Gain on Sale of Fixed Assets	0.0	-	-	-	-
Gain/Loss on Foreign Exchange	0.0	0.0	0.2	0.0	-0.2
Rent Income	0.0	0.0	0.0	0.0	0.0
Fncl. Assets Valuation Gain/Loss	-	0.0	0.1	0.1	-0.1
Miscellaneous Income	0.5	0.1	0.5	0.2	0.1
Interest Expense	-0.7	-0.6	-0.5	-0.6	-0.8
Loss/Gain on Sale of Investments	1.1	0.0	-	0.0	0.0
Loss on Sale of Fixed Assets	-0.1	0.0	0.0	-0.4	0.0
Miscellaneous Disbursements	-0.3	-0.1	-0.2	-0.1	-0.5
Net Income Before Taxes	-5.4	-5.3	-1.3	-7.2	-7.9

Provision for Income Taxes	0.1	0.0	0.1	0.1	0.0
Net Income After Taxes	-5.6	-5.3	-1.4	-7.4	-7.9

Minority Interest	0.0	-0.1	0.1	1.2	1.7
Net Income Before Extra. Items	-5.5	-5.3	-1.3	-6.1	-6.2
Net Income	-5.5	-5.3	-1.3	-6.1	-6.2

Income Available to Com Excl ExtraOrd	-5.5	-5.3	-1.3	-6.1	-6.2

Income Available to Com Incl ExtraOrd	-5.5	-5.3	-1.3	-6.1	-6.2

Basic Weighted Average Shares	59.5	55.9	55.9	55.9	55.9
Basic EPS Excluding ExtraOrdinary Items	-0.09	-0.10	-0.02	-0.11	-0.11
Basic EPS Including ExtraOrdinary Items	-0.09	-0.10	-0.02	-0.11	-0.11
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	-5.5	-5.3	-1.3	-6.1	-6.2
Diluted Weighted Average Shares	59.5	55.9	55.9	55.9	55.9
Diluted EPS Excluding ExtraOrd Items	-0.09	-0.10	-0.02	-0.11	-0.11
Diluted EPS Including ExtraOrd Items	-0.09	-0.10	-0.02	-0.11	-0.11
DPS-Common Stock	0.00	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0	0.0
Normalized Income Before Taxes	-4.4	0.2	-1.1	-5.6	-7.0

Inc Tax Ex Impact of Sp Items	0.5	1.9	0.1	0.7	0.3
Normalized Income After Taxes	-4.9	-1.8	-1.3	-6.3	-7.3

Normalized Inc. Avail to Com.	-4.9	-1.8	-1.2	-5.1	-5.6

Basic Normalized EPS	-0.08	-0.03	-0.02	-0.09	-0.10
Diluted Normalized EPS	-0.08	-0.03	-0.02	-0.09	-0.10
Interest Expense, Supplemental	0.7	0.6	0.5	0.6	0.8
Depreciation - Operating Cost	1.9	1.9	1.9	1.9	2.3
Depreciation - Operating Expense	0.1	0.1	0.1	0.1	0.1
Depreciation - Non-Optg Loss	0.1	0.2	0.1	0.0	-
Amortization - Operating Cost	0.5	0.5	0.2	0.2	0.3
Amortization - Operating Expense	0.0	0.0	0.0	0.0	0.0
Amortization - Non-Optg Loss	-	0.0	0.0	0.0	-
Current Tax Payable	0.0	0.0	0.0	0.0	0.0
Current Tax - Total	0.0	0.0	0.0	0.0	0.0
Deferred Tax	0.1	0.0	0.1	0.1	0.0
Deferred Tax - Total	0.1	0.0	0.1	0.1	0.0
Other Tax	-	-	0.0	0.0	0.0
Income Tax - Total	0.1	0.0	0.1	0.1	0.0
Service Cost	0.0	0.0	0.0	0.0	0.0
Interest Cost	0.0	0.0	0.0	0.0	0.0
Expected Return on Plan Assets	0.0	0.0	0.0	0.0	0.0
Amort. of Transition Cost	0.0	0.0	0.0	0.0	0.0
Amort. of Unrealized Pension Benefit	-	-	0.0	-	0.0
Curtaliment & Settlement	-	-	-	0.0	-
Domestic Pension Plan Expense	0.0	0.1	0.0	0.0	0.0
Defined Contribution Expense - Domestic	0.1	0.1	0.1	0.1	0.1
Total Pension Expense	0.1	0.2	0.1	0.1	0.1
Discount Rate	1.88%	2.00%	2.00%	2.00%	2.75%
Rate of Compensation Increase	1.50%	1.50%	1.50%	2.00%	2.75%
Expected Return on Plan Assets	1.88%	2.00%	2.00%	1.50%	1.50%

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	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	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified

Cash and Cash Equivalent	-	3.2	2.8	2.3	2.8
Cash	2.9	-	-	-	-
Financial Assets-Fair Value,Current	-	0.0	0.2	0.1	0.1
Notes Receivable	2.0	1.6	2.4	1.2	0.6
Accounts Receivable, Gross	2.3	1.8	3.2	2.6	1.9
Provision for Doubtful Accounts	0.0	0.0	0.0	0.0	0.0
Other Receivables	-	-	0.2	0.0	0.0
Finished Goods	4.4	4.9	3.7	4.9	8.4
Raw Material	2.6	2.1	3.7	1.0	2.2
Supplies	0.4	0.5	0.5	0.6	0.6
Work-in-Process	0.1	0.4	0.5	0.1	0.1
Prepayment	0.6	-	-	-	-
Restricted Assets	0.4	1.0	1.6	0.2	0.0
Deferred Income Tax Assets - Current	0.3	0.3	0.4	0.4	0.5
Other Current Assets	0.3	0.2	1.0	0.1	0.2
Total Current Assets	16.2	15.9	20.2	13.6	17.5

Land and Improvements	7.3	7.0	7.3	6.6	6.4
Buildings and Structures	14.7	14.1	14.8	13.4	13.0
Machinery and Equipment	39.1	37.8	40.0	35.4	36.2
Transportation Equipment	0.3	0.3	0.4	0.3	0.4
Office Equipment	0.6	0.5	0.6	0.5	0.4
Miscellaneous Equipment	4.1	4.0	3.9	3.3	4.4
Assets Revaluation Increment	3.3	3.2	3.3	3.0	2.9
Accumulated Depreciation	-31.0	-28.4	-28.0	-22.8	-22.7
Provision for Impairment of Fixed Assets	-12.5	-11.1	-6.0	-5.2	-4.7
Prepayment for Equipment	0.2	0.2	0.1	0.0	0.0
Intangible Assets/Computer Software Cost	0.0	0.0	0.0	0.0	0.0
Idle Assets	1.1	1.1	1.0	1.3	1.6
Security Deposits Paid	0.0	0.0	0.0	0.0	0.0
Deferred Charges	0.6	0.9	0.5	0.2	0.3
Overdue Receivables	-	-	-	0.0	0.0
Deferred Income Tax Assets - Non Current	-	-	-	0.0	0.0
Prepaid pension	0.1	0.1	0.1	0.0	0.0
Total Assets	44.1	45.7	58.2	49.8	56.0

Short Term Borrowings	19.5	18.2	20.9	16.1	15.4
Financial Liabilities-Fair Value,Current	-	0.0	0.0	-	-
Notes Payable	1.6	1.6	1.4	1.3	0.6
Accounts Payable	3.5	3.3	5.0	2.4	1.9
Income Tax Payable	0.0	-	-	-	-
Accrued Expenses	1.2	1.0	1.5	1.1	1.0
Other Payable - Related Parties	0.3	0.3	0.3	0.3	0.3
Other Payables	0.0	0.3	0.5	0.4	0.4
Advance Receipts	1.0	0.4	-	-	-
Current Portion of LT Debts	0.9	1.2	1.3	1.4	1.9
Other Current Liabilities	0.0	0.0	0.7	0.3	0.3
Total Current Liabilities	28.1	26.4	31.5	23.4	21.8

Long Term Borrowings	0.9	2.1	3.4	3.3	4.6
Total Long Term Debt	0.9	2.1	3.4	3.3	4.6

Land Revaluation Increment Tax Reserve	1.3	1.2	1.3	1.2	1.1
Accrued Pension Liabilities	0.2	0.1	0.2	0.0	0.0
Deferred Income Tax	0.0	0.1	0.6	0.7	1.1
Minority Interest	0.0	0.5	0.5	0.9	2.1
Total Liabilities	30.5	30.3	37.5	29.6	30.7

Common Stock	23.0	19.7	30.0	27.4	26.7
Additional Paid-In Capital	0.2	-	-	0.0	2.8
Treasury Stock Transaction	0.4	-	-	-	-
Retained Earnings	-13.6	-7.3	-11.8	-9.5	-5.9
Cumulative Translation Adjustment	2.6	2.5	2.1	1.8	1.2
Net Loss Not Recognized as Pension Cost	-0.1	0.0	-0.2	-	-
Unrealized Revaluation Increment	1.9	1.8	1.9	1.7	1.7
Treasury Stock	-0.8	-1.2	-1.3	-1.2	-1.1
Total Equity	13.5	15.3	20.6	20.2	25.3

Total Liabilities & Shareholders' Equity	44.1	45.7	58.2	49.8	56.0

S/O-Common Stock	64.4	55.9	55.9	55.9	55.9
Total Common Shares Outstanding	64.4	55.9	55.9	55.9	55.9
T/S-Common Stock	2.2	3.6	3.6	3.6	3.6
Deferred Revenue - Current	1.0	0.4	-	-	-
Full-Time Employees	162	160	301	274	294
Number of Common Shareholders	-	3,198	4,514	3,788	3,624
Accumulated Benefit Obligation	0.5	0.4	0.8	0.5	0.5
Projected Benefit Obligation	0.5	0.5	0.9	0.6	0.6
Fair Value of Plan Assets	0.3	0.4	0.6	0.6	0.6
Funed Status	-0.2	-0.1	-0.3	0.0	0.0
Total Funded Status	-0.2	-0.1	-0.3	0.0	0.0
Discount Rate	1.88%	2.00%	2.00%	2.00%	2.75%
Expected Return on Plan Assets	1.50%	2.00%	2.00%	1.50%	1.50%
Rate of Compensation Increase	1.88%	1.50%	1.50%	2.00%	2.75%
Prepaid Pension	0.1	0.1	0.1	0.0	0.0
Accrued Pension Liabilites	-0.2	-0.1	-0.2	0.0	0.0
Net Assets Recognized on Balance Sheet	-0.1	0.0	-0.2	0.0	0.0

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 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	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified

Net Income	-5.6	-5.3	-1.4	-7.4	-7.9
Depreciation	2.1	2.3	2.2	2.1	2.5
Amortization	0.6	0.5	0.3	0.3	0.3
Fncl. Assets Valuation	0.0	-	-	-0.1	0.1
Impairment Loss on Assets	1.0	5.4	0.2	1.2	0.8
Net Loss on Disposal of Properties	0.1	0.0	0.0	0.4	0.0
G/L on Sale of Investments	-1.1	-	-	-	-
Deferred Tax	0.1	0.0	0.1	0.1	0.0
Financial Assets-Fair Value, Current	-	0.2	-0.1	0.0	0.0
Notes Receivable	-0.3	0.8	-1.0	-0.5	1.1
Accounts Receivable	-0.4	1.4	-0.3	-0.6	1.4
Other Receivables	-	-	-0.2	0.0	0.1
Prepaid Pension	-	-	-	0.0	0.0
Inventories	0.8	0.2	-1.1	4.8	3.2
Prepayment	-0.6	-	-	-	-
Other Current Assets	-0.2	1.0	-0.8	0.1	0.8
Notes Payable	-0.1	0.2	0.1	0.5	-1.4
Accounts Payable	0.0	-1.4	2.1	0.4	-1.8
Tax Payable	0.0	-	-	-	-
Accrued Expenses	0.1	-0.4	0.4	0.1	-0.1
Other Payables	-0.1	0.0	0.0	0.0	-0.1
Advance Receipts	0.5	-	-	-	-
Other Current Liabilities	0.0	-0.3	0.3	0.0	-0.1
Accrued Pension Liabilities	0.0	0.0	0.0	0.0	0.0
Cash from Operating Activities	-3.2	4.7	0.7	1.5	-1.0

Fncl. Assets-At Cost	1.1	-	-	0.0	0.1
Purchase of Subsidiary	-0.5	-	-	-	-
Financial Assets-Fair Value	-	-	0.0	0.0	0.0
Disposal of Fixed Assets	0.0	0.0	0.0	0.1	0.0
Capital Expenditure	-0.4	-0.6	-0.4	-0.3	-0.6
Security Deposit Paid	0.0	0.0	0.0	0.0	0.0
Computer Software Cost	0.0	0.0	-	0.0	-0.1
Deferred Charges	-0.3	-0.9	-0.5	-0.1	-0.1
Restricted Assets, Current	0.6	0.6	-1.3	-0.1	0.0
Cash from Investing Activities	0.6	-0.9	-2.3	-0.4	-0.6

Short Term Borrowings	0.5	-2.0	3.0	0.3	2.5
Long Term Borrowings	-1.5	-1.3	-0.5	-1.8	-2.9
Disposal of Treasury Stock	0.8	-	-	-	-
Issuance of Common Stock	2.3	-	-	-	-
Minority Interest	-	0.0	-0.5	-	-
Cash from Financing Activities	2.1	-3.2	2.0	-1.5	-0.4

Foreign Exchange Effects	0.0	0.1	-0.2	-0.1	0.3
Net Change in Cash	-0.5	0.6	0.2	-0.5	-1.7

Net Cash - Beginning Balance	3.3	2.8	2.4	2.8	4.6
Net Cash - Ending Balance	2.8	3.3	2.6	2.3	2.9
Cash Interest Paid	0.7	0.6	0.6	0.6	0.7
Cash Taxes Paid	-	-	0.0	0.0	0.0

Financial Health

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

Key IndicatorsÂ USD (mil)
Â	Quarter Ending 31-Mar-2013	Quarter Ending Yr Ago	Annual Year End 31-Dec-2012	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1 (?)	7.0	-10.59%	29.2	-46.93%	-1.64%	-10.99%
Operating Income1 (?)	-1.2	-	-6.0	-	-	-
Income Available to Common Excl Extraord Items1 (?)	-1.1	-	-5.5	-	-	-
Basic EPS Excl Extraord Items1 (?)	-0.02	-	-0.09	-	-	-
Capital Expenditures2 (?)	0.0	-29.65%	0.4	-41.98%	2.30%	-22.18%
Cash from Operating Activities2 (?)	-0.8	-	-3.2	-	-	-
Free Cash Flow (?)	-0.9	-	-3.6	-	-	-
Total Assets3 (?)	41.6	-6.72%	44.1	-7.54%	-7.04%	-10.18%
Total Liabilities3 (?)	28.7	-3.97%	30.5	-3.55%	-2.17%	-5.23%
Total Long Term Debt3 (?)	0.3	-79.62%	0.9	-58.06%	-37.25%	-35.48%
Employees3 (?)	-	-	162	1.25%	-16.07%	-14.95%
Total Common Shares Outstanding3 (?)	64.4	15.36%	64.4	15.34%	4.87%	2.90%
1-ExchangeRate: TWD to USD Average for Period	29.473353	Â	29.579620	Â	Â	Â
2-ExchangeRate: TWD to USD Average for Period	29.473353	Â	29.579620	Â	Â	Â
3-ExchangeRate: TWD to USD Period End Date	29.908335	Â	29.011999	Â	Â	Â

Utility Industry SpecificÂ USD (mil)
Â	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Deferred Charges3 (?)	0.6	0.9	0.5	0.2	0.3
3-ExchangeRate: TWD to USD Period End Date	29.011999	30.279000	29.156500	31.985000	32.818000

Key Ratios
Â	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Profitability
Gross Margin (?)	-5.55%	6.58%	3.19%	-9.21%	-6.03%
Operating Margin (?)	-20.58%	-8.42%	-3.00%	-23.49%	-14.90%
Pretax Margin (?)	-18.61%	-9.51%	-2.78%	-26.39%	-18.42%
Net Profit Margin (?)	-18.97%	-9.66%	-2.77%	-22.32%	-14.46%
Financial Strength
Current Ratio (?)	0.57	0.60	0.64	0.58	0.80
Long Term Debt/Equity (?)	0.07	0.14	0.17	0.17	0.18
Total Debt/Equity (?)	1.70	1.51	1.31	1.10	0.89
Management Effectiveness
Return on Assets (?)	-12.35%	-10.08%	-2.65%	-14.17%	-12.33%
Return on Equity (?)	-38.16%	-29.45%	-6.58%	-27.42%	-20.95%
Efficiency
Receivables Turnover (?)	7.71	12.07	10.17	8.78	10.82
Inventory Turnover (?)	4.01	6.26	6.29	3.42	3.40
Asset Turnover (?)	0.65	1.06	0.90	0.53	0.67

Market ValuationÂ USD (mil)
Enterprise Value2 (?)	52.6	.	Price/Sales (TTM) (?)	1.20
Enterprise Value/Revenue (TTM) (?)	1.88	.	Price/Book (MRQ) (?)	2.55
Market Cap as of 14-Jun-20131 (?)	33.8	.
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 (?)	0.57	0.60	0.64	0.58	0.80
Quick/Acid Test Ratio (?)	0.25	0.25	0.28	0.27	0.25
Working Capital1 (?)	-12.0	-10.5	-11.3	-9.8	-4.3
Long Term Debt/Equity (?)	0.07	0.14	0.17	0.17	0.18
Total Debt/Equity (?)	1.70	1.51	1.31	1.10	0.89
Long Term Debt/Total Capital (?)	0.03	0.05	0.07	0.08	0.10
Total Debt/Total Capital (?)	0.63	0.60	0.57	0.52	0.47
Payout Ratio (?)	0.00%	0.00%	0.00%	0.00%	0.00%
Total Capital1 (?)	36.5	38.5	47.6	42.3	47.8

Efficiency
Asset Turnover (?)	0.65	1.06	0.90	0.53	0.67
Inventory Turnover (?)	4.01	6.26	6.29	3.42	3.40
Days In Inventory (?)	91.06	58.32	58.06	106.82	107.38
Receivables Turnover (?)	7.71	12.07	10.17	8.78	10.82
Days Receivables Outstanding (?)	47.35	30.25	35.88	41.59	33.74
Revenue/Employee2 (?)	183,480	335,426	168,771	103,417	139,531
Operating Income/Employee2 (?)	-37,761	-28,235	-5,065	-24,297	-20,792
EBITDA/Employee2 (?)	-21,290	-11,279	3,691	-15,450	-12,182

Profitability
Gross Margin (?)	-5.55%	6.58%	3.19%	-9.21%	-6.03%
Operating Margin (?)	-20.58%	-8.42%	-3.00%	-23.49%	-14.90%
EBITDA Margin (?)	-11.60%	-3.36%	2.19%	-14.94%	-8.73%
EBIT Margin (?)	-20.58%	-8.42%	-3.00%	-23.49%	-14.90%
Pretax Margin (?)	-18.61%	-9.51%	-2.78%	-26.39%	-18.42%
Net Profit Margin (?)	-18.97%	-9.66%	-2.77%	-22.32%	-14.46%
COGS/Revenue (?)	105.55%	93.42%	96.81%	109.21%	106.03%
SG&A Expense/Revenue (?)	11.62%	5.25%	5.84%	9.78%	6.94%

Management Effectiveness
Return on Assets (?)	-12.35%	-10.08%	-2.65%	-14.17%	-12.33%
Return on Equity (?)	-38.16%	-29.45%	-6.58%	-27.42%	-20.95%

Valuation
Free Cash Flow/Share2 (?)	-0.06	0.07	0.01	0.02	-0.03
Operating Cash Flow/Share 2 (?)	-0.05	0.08	0.01	0.03	-0.02
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) (?)	-5.78
Market Cap/Equity (MRQ) (?)	2.64
Market Cap/Revenue (TTM) (?)	1.20
Market Cap/EBIT (TTM) (?)	-6.20
Market Cap/EBITDA (TTM) (?)	-10.99
Enterprise Value/Earnings (TTM) (?)	-9.00
Enterprise Value/Equity (MRQ) (?)	4.11
Enterprise Value/Revenue (TTM) (?)	1.88
Enterprise Value/EBIT (TTM) (?)	-9.67
Enterprise Value/EBITDA (TTM) (?)	-17.12

FOREIGN EXCHANGE RATES

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

INFORMATION DETAILS

Report Prepared by :

PRL

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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.

Company name and address Top of Form

Corporate Overview

Corporate Structure News

Executives Report

Significant Developments

Annual Income Statement

Annual Income Statement

Financial Health

Annual Ratios

Unit