|
Report Date : |
15.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
XXENTRIA
TECHNOLOGY MATERIALS CO.LTD |
|
|
|
|
Registered Office : |
7F, No. 411, Section
1 Chung Shan Road, Kuei Jen District Tainan, 711 |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
09.09.1994 |
|
|
|
|
Legal Form : |
Public Independent |
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|
|
Line of Business : |
Manufacturing and distribution of aluminum composite panels and galvanized steel composite panels |
|
|
|
|
No. of Employees : |
243 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
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. In keeping with this trend, some large, state-owned banks and industrial firms have been privatized. 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 1.9%, due primarily to a 20% year-on-year decline in exports. In 2010 GDP grew 10.9%, as exports returned to the level of previous years, and in 2011, grew 5.2%. However, 2012 growth will likely be less, according to most forecasters, 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 so far Taiwan has been excluded from this greater economic integration largely because of its diplomatic status with the exception of the landmark Economic Cooperation Framework Agreement (ECFA) signed with China in June 2010. The MA administration has said that the ECFA will serve as a stepping stone toward trade pacts with other regional partners, and negotiations on a deal with Singapore began this year. Follow-on components of ECFA, including deals on trade in goods, services, and investment, have yet to be completed. 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 10.9% of the island's total population as of 2011. The island runs a large trade surplus, and its foreign reserves are the world's fourth largest, behind China, Japan, and Russia. Since 2005 China has overtaken 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. 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
Xxentria Technology Materials Co.Ltd
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Business Description
|
Xxentria Technology Materials Co., Ltd. is principally
engaged in the manufacturing and distribution of aluminum composite panels
and galvanized steel composite panels. The Company also provides
polypropylene (PP) panels, U-shape tops, PP welding rods, polyvinyl chloride
(PVC) welding rods, aluminum rolls, recycling materials, as well as zinc
composite panels, among others. The Company's products are mainly used in
factory office buildings, public construction projects, shopping centers,
shop external decorations, advertisement boards and others. The Company
distributes its products in Taiwan's domestic markets and to overseas
markets, including the Americas and the rest of Asia. On December 25, 2012,
the Company transferred its coating business division to a wholly owned
subsidiary. For the nine months ended 30 September 2012, Xxentria Technology
Materials Co.Ltd revenues increased 42% to NT$2.8B. Net income increased 44%
to NT$482.6M. Revenues reflect Sales Returns & Discounts decrease of 28%
to NT$18.8M. Net income benefited from Miscellaneous Income increase from
NT$3.9M to NT$12.4M (income), Interest Income increase of 86% to NT$5.1M
(income), Dividend Income increase of 89% to NT$3.2M (income). |
Industry
|
Industry |
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ANZSIC 2006: |
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NACE 2002: |
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NAICS 2002: |
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UK SIC 2003: |
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UK SIC 2007: |
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US SIC 1987: |
Key Executives
|
Significant Developments
|
Financial Summary
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|
Stock Snapshot
|
1 - Profit & Loss Item Exchange Rate: USD 1 = TWD 29.39004
2 - Balance Sheet Item Exchange Rate: USD 1 = TWD 30.279
|
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Executives Report
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|
|
|
Financials in:
USD (mil) |
|
|
Except for
share items (millions) and per share items (actual units) |
|
|
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified Normal |
Updated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate (Period Average) |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
32.848802 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Gross Revenue |
94.7 |
46.6 |
22.3 |
45.6 |
48.0 |
|
Sales Returns and
Allowances |
-1.0 |
-0.5 |
-0.5 |
-0.6 |
-0.7 |
|
Revenue |
93.7 |
46.1 |
21.7 |
45.1 |
47.3 |
|
Total Revenue |
93.7 |
46.1 |
21.7 |
45.1 |
47.3 |
|
|
|
|
|
|
|
|
Cost of Revenue |
65.2 |
32.1 |
17.0 |
34.6 |
34.1 |
|
Cost of Revenue, Total |
65.2 |
32.1 |
17.0 |
34.6 |
34.1 |
|
Gross Profit |
28.5 |
13.9 |
4.7 |
10.5 |
13.2 |
|
|
|
|
|
|
|
|
Selling/General/Administrative
Expense |
10.5 |
5.6 |
2.1 |
5.0 |
5.3 |
|
Total Selling/General/Administrative Expenses |
10.5 |
5.6 |
2.1 |
5.0 |
5.3 |
|
Research & Development |
0.1 |
0.0 |
0.1 |
0.0 |
0.0 |
|
Impairment-Assets
Held for Sale |
- |
0.0 |
0.1 |
0.0 |
0.0 |
|
Unusual Expense (Income) |
- |
0.0 |
0.1 |
0.0 |
0.0 |
|
Other, Net |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Operating Expenses, Total |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Operating Expense |
75.8 |
37.8 |
19.2 |
39.6 |
39.4 |
|
|
|
|
|
|
|
|
Operating Income |
17.9 |
8.2 |
2.5 |
5.4 |
7.8 |
|
|
|
|
|
|
|
|
Interest
Expense - Non-Operating |
-0.5 |
-0.2 |
-0.2 |
-0.5 |
-0.4 |
|
Interest Expense,
Net Non-Operating |
-0.5 |
-0.2 |
-0.2 |
-0.5 |
-0.4 |
|
Interest
Income - Non-Operating |
0.1 |
0.0 |
0.0 |
0.1 |
0.1 |
|
Investment
Income - Non-Operating |
2.2 |
-1.7 |
0.3 |
0.1 |
0.7 |
|
Interest/Investment
Income - Non-Operating |
2.3 |
-1.7 |
0.3 |
0.2 |
0.8 |
|
Interest Income (Expense) - Net
Non-Operating Total |
1.8 |
-1.9 |
0.1 |
-0.3 |
0.4 |
|
Gain (Loss) on Sale of Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.3 |
|
Other Non-Operating
Income (Expense) |
0.2 |
0.2 |
0.1 |
0.1 |
-0.2 |
|
Other, Net |
0.2 |
0.2 |
0.1 |
0.1 |
-0.2 |
|
Income Before Tax |
19.8 |
6.5 |
2.7 |
5.2 |
8.4 |
|
|
|
|
|
|
|
|
Total Income Tax |
3.5 |
1.2 |
0.2 |
0.9 |
1.2 |
|
Income After Tax |
16.4 |
5.3 |
2.5 |
4.3 |
7.2 |
|
|
|
|
|
|
|
|
Minority Interest |
-0.1 |
0.2 |
- |
- |
0.0 |
|
Net Income Before Extraord Items |
16.3 |
5.5 |
2.5 |
4.3 |
7.2 |
|
Net Income |
16.3 |
5.5 |
2.5 |
4.3 |
7.2 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord
Items |
16.3 |
5.5 |
2.5 |
4.3 |
7.2 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord
Items |
16.3 |
5.5 |
2.5 |
4.3 |
7.2 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
131.4 |
113.7 |
96.0 |
98.1 |
96.8 |
|
Basic EPS Excl Extraord Items |
0.12 |
0.05 |
0.03 |
0.04 |
0.07 |
|
Basic/Primary EPS Incl Extraord Items |
0.12 |
0.05 |
0.03 |
0.04 |
0.07 |
|
Dilution Adjustment |
0.2 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
16.5 |
5.6 |
2.5 |
4.3 |
7.2 |
|
Diluted Weighted Average Shares |
146.4 |
119.3 |
96.0 |
99.2 |
99.1 |
|
Diluted EPS Excl Extraord Items |
0.11 |
0.05 |
0.03 |
0.04 |
0.07 |
|
Diluted EPS Incl Extraord Items |
0.11 |
0.05 |
0.03 |
0.04 |
0.07 |
|
Dividends per Share - Common Stock Primary
Issue |
0.05 |
0.03 |
0.02 |
0.03 |
0.02 |
|
Gross Dividends - Common Stock |
7.1 |
3.9 |
2.2 |
2.6 |
1.6 |
|
Interest Expense, Supplemental |
0.5 |
0.2 |
0.2 |
0.5 |
0.4 |
|
Interest Capitalized, Supplemental |
-0.2 |
-0.1 |
0.0 |
0.0 |
0.0 |
|
Depreciation, Supplemental |
2.1 |
1.5 |
1.4 |
1.5 |
1.1 |
|
Total Special Items |
0.0 |
0.0 |
0.1 |
0.0 |
-0.3 |
|
Normalized Income Before Tax |
19.8 |
6.5 |
2.7 |
5.2 |
8.1 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Inc Tax Ex Impact of Sp Items |
3.5 |
1.2 |
0.2 |
0.9 |
1.1 |
|
Normalized Income After Tax |
16.4 |
5.3 |
2.6 |
4.3 |
6.9 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
16.3 |
5.5 |
2.6 |
4.3 |
7.0 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.12 |
0.05 |
0.03 |
0.04 |
0.07 |
|
Diluted Normalized EPS |
0.11 |
0.05 |
0.03 |
0.04 |
0.07 |
|
Amort of Intangibles, Supplemental |
0.0 |
0.0 |
- |
- |
- |
|
Research & Development Exp,
Supplemental |
0.1 |
0.0 |
0.1 |
0.0 |
0.0 |
|
Normalized EBIT |
17.9 |
8.2 |
2.6 |
5.4 |
7.8 |
|
Normalized EBITDA |
20.0 |
9.8 |
4.0 |
6.9 |
9.0 |
|
Current Tax - Total |
3.2 |
1.3 |
0.2 |
0.9 |
1.1 |
|
Current Tax - Total |
3.2 |
1.3 |
0.2 |
0.9 |
1.1 |
|
Deferred Tax -
Total |
0.2 |
-0.1 |
0.0 |
0.0 |
0.1 |
|
Deferred Tax - Total |
0.2 |
-0.1 |
0.0 |
0.0 |
0.1 |
|
Income Tax - Total |
3.5 |
1.2 |
0.2 |
0.9 |
1.2 |
|
Interest Cost - Domestic |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Service Cost - Domestic |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Expected Return on Assets - Domestic |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Transition Costs - Domestic |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Domestic Pension Plan Expense |
0.1 |
0.0 |
0.0 |
0.1 |
0.1 |
|
Defined Contribution Expense - Domestic |
0.1 |
0.1 |
0.1 |
0.1 |
- |
|
Total Pension Expense |
0.2 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Discount Rate - Domestic |
2.00% |
2.25% |
2.25% |
2.50% |
3.50% |
|
Expected Rate of Return - Domestic |
2.00% |
2.00% |
2.00% |
2.50% |
2.50% |
|
Compensation Rate - Domestic |
2.00% |
3.00% |
2.00% |
2.00% |
2.00% |
|
Total Plan Interest Cost |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Plan Service Cost |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Plan Expected Return |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
|
|
Annual Balance Sheet |
|
Financials in: USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Restated Normal |
Reclassified Normal |
Updated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate |
30.279 |
29.1565 |
31.985 |
32.818 |
32.4345 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Cash &
Equivalents |
15.5 |
13.3 |
5.6 |
2.9 |
2.0 |
|
Short Term
Investments |
13.2 |
7.7 |
4.5 |
1.4 |
1.9 |
|
Cash and Short Term Investments |
28.7 |
21.0 |
10.2 |
4.4 |
3.9 |
|
Accounts
Receivable - Trade, Gross |
20.2 |
7.2 |
4.8 |
8.5 |
5.2 |
|
Provision
for Doubtful Accounts |
-0.5 |
-0.5 |
-0.4 |
-0.4 |
-0.6 |
|
Trade Accounts
Receivable - Net |
19.7 |
6.9 |
4.5 |
8.3 |
10.7 |
|
Notes Receivable - Short
Term |
0.4 |
0.6 |
0.7 |
0.8 |
0.4 |
|
Total Receivables, Net |
20.1 |
7.5 |
5.2 |
9.1 |
11.1 |
|
Inventories -
Finished Goods |
3.1 |
3.2 |
3.3 |
4.2 |
4.4 |
|
Inventories - Work
In Progress |
1.5 |
2.1 |
3.2 |
2.3 |
3.7 |
|
Inventories - Raw
Materials |
11.9 |
7.6 |
4.1 |
4.1 |
5.7 |
|
Inventories - Other |
- |
- |
- |
- |
-0.6 |
|
Total Inventory |
16.5 |
12.9 |
10.6 |
10.6 |
13.2 |
|
Prepaid Expenses |
3.1 |
1.9 |
0.4 |
0.1 |
0.1 |
|
Deferred Income Tax
- Current Asset |
0.1 |
0.3 |
0.2 |
0.2 |
0.2 |
|
Other Current
Assets |
- |
- |
- |
- |
0.9 |
|
Other Current Assets, Total |
0.1 |
0.3 |
0.2 |
0.2 |
1.1 |
|
Total Current Assets |
68.5 |
43.7 |
26.6 |
24.3 |
29.4 |
|
|
|
|
|
|
|
|
Buildings |
10.4 |
5.0 |
4.5 |
4.2 |
4.2 |
|
Land/Improvements |
35.4 |
31.4 |
20.3 |
19.8 |
20.0 |
|
Machinery/Equipment |
19.9 |
15.6 |
13.8 |
13.1 |
12.8 |
|
Construction
in Progress |
26.2 |
30.7 |
0.2 |
0.3 |
0.2 |
|
Leases |
- |
- |
- |
0.6 |
0.6 |
|
Other
Property/Plant/Equipment |
0.0 |
- |
- |
- |
- |
|
Property/Plant/Equipment
- Gross |
91.9 |
82.6 |
38.7 |
38.0 |
37.9 |
|
Accumulated
Depreciation |
-13.2 |
-11.6 |
-9.1 |
-7.7 |
-6.3 |
|
Property/Plant/Equipment - Net |
78.7 |
71.0 |
29.6 |
30.4 |
31.6 |
|
Intangibles, Net |
0.0 |
0.0 |
0.0 |
- |
- |
|
LT Investment -
Affiliate Companies |
0.9 |
0.9 |
0.8 |
0.3 |
0.4 |
|
LT Investments -
Other |
4.5 |
5.4 |
4.7 |
4.3 |
4.0 |
|
Long Term Investments |
5.4 |
6.3 |
5.5 |
4.7 |
4.3 |
|
Deferred Income Tax
- Long Term Asset |
0.2 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Other Long Term
Assets |
0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Long Term Assets, Total |
0.3 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Total Assets |
152.9 |
121.1 |
61.8 |
59.5 |
65.4 |
|
|
|
|
|
|
|
|
Accounts Payable |
5.0 |
3.7 |
0.8 |
0.7 |
1.8 |
|
Accrued Expenses |
4.9 |
3.7 |
1.0 |
1.4 |
1.9 |
|
Notes Payable/Short Term Debt |
23.1 |
24.2 |
10.5 |
9.0 |
8.7 |
|
Current Portion - Long Term Debt/Capital
Leases |
11.6 |
0.0 |
1.3 |
1.2 |
2.2 |
|
Income Taxes
Payable |
2.5 |
1.4 |
0.1 |
0.2 |
0.7 |
|
Other Current liabilities, Total |
2.5 |
1.4 |
0.1 |
0.2 |
0.7 |
|
Total Current Liabilities |
47.0 |
33.0 |
13.6 |
12.5 |
15.3 |
|
|
|
|
|
|
|
|
Long Term Debt |
13.1 |
20.7 |
1.9 |
3.0 |
4.3 |
|
Total Long Term Debt |
13.1 |
20.7 |
1.9 |
3.0 |
4.3 |
|
Total Debt |
47.8 |
44.9 |
13.6 |
13.2 |
15.3 |
|
|
|
|
|
|
|
|
Minority Interest |
0.9 |
0.8 |
0.0 |
- |
0.0 |
|
Pension Benefits -
Underfunded |
0.6 |
0.5 |
0.4 |
0.4 |
0.3 |
|
Other Long Term
Liabilities |
0.0 |
- |
- |
- |
0.0 |
|
Other Liabilities, Total |
0.6 |
0.5 |
0.4 |
0.4 |
0.3 |
|
Total Liabilities |
61.5 |
55.0 |
15.9 |
15.9 |
20.0 |
|
|
|
|
|
|
|
|
Common Stock |
43.0 |
38.2 |
28.8 |
27.7 |
23.5 |
|
Common Stock |
43.0 |
38.2 |
28.8 |
27.7 |
23.5 |
|
Additional Paid-In Capital |
28.3 |
20.4 |
13.6 |
13.0 |
13.2 |
|
Retained Earnings (Accumulated Deficit) |
20.8 |
9.3 |
6.4 |
6.5 |
8.8 |
|
Treasury Stock - Common |
0.0 |
-1.8 |
-2.9 |
-2.8 |
- |
|
Unrealized Gain (Loss) |
-0.7 |
0.0 |
0.0 |
-0.7 |
- |
|
Translation
Adjustment |
0.0 |
-0.1 |
0.0 |
-0.2 |
-0.1 |
|
Other Equity, Total |
0.0 |
-0.1 |
0.0 |
-0.2 |
-0.1 |
|
Total Equity |
91.4 |
66.1 |
45.9 |
43.6 |
45.4 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’
Equity |
152.9 |
121.1 |
61.8 |
59.5 |
65.4 |
|
|
|
|
|
|
|
|
Shares Outstanding
- Common Stock Primary Issue |
137.3 |
116.1 |
96.0 |
95.9 |
98.2 |
|
Total Common Shares Outstanding |
137.3 |
116.1 |
96.0 |
95.9 |
98.2 |
|
Treasury Shares - Common Stock Primary
Issue |
0.0 |
1.5 |
4.0 |
4.0 |
- |
|
Employees |
217 |
153 |
124 |
150 |
150 |
|
Number of Common Shareholders |
7,939 |
8,943 |
7,380 |
8,258 |
8,611 |
|
Total Long Term Debt, Supplemental |
17.1 |
- |
- |
4.3 |
5.5 |
|
Long Term Debt Maturing within 1 Year |
4.0 |
- |
- |
1.2 |
1.2 |
|
Long Term Debt Maturing in Year 2 |
4.0 |
- |
- |
1.2 |
1.2 |
|
Long Term Debt Maturing in Year 3 |
4.0 |
- |
- |
1.2 |
1.2 |
|
Long Term Debt Maturing in Year 4 |
4.0 |
- |
- |
0.6 |
1.2 |
|
Long Term Debt Maturing in Year 5 |
1.0 |
- |
- |
- |
- |
|
Long Term Debt Maturing in 2-3 Years |
8.1 |
- |
- |
2.4 |
2.5 |
|
Long Term Debt Maturing in 4-5 Years |
5.0 |
- |
- |
0.6 |
1.2 |
|
Long Term Debt Matur. in Year 6 &
Beyond |
0.0 |
- |
- |
0.0 |
0.6 |
|
Pension Obligation - Domestic |
0.9 |
1.1 |
0.7 |
0.6 |
0.5 |
|
Plan Assets - Domestic |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Funded Status - Domestic |
-0.7 |
-0.9 |
-0.5 |
-0.4 |
-0.3 |
|
Accumulated Obligation - Domestic |
0.7 |
0.7 |
0.5 |
0.5 |
0.4 |
|
Total Funded Status |
-0.7 |
-0.9 |
-0.5 |
-0.4 |
-0.3 |
|
Discount Rate - Domestic |
2.00% |
2.25% |
2.25% |
2.50% |
3.50% |
|
Expected Rate of Return - Domestic |
2.00% |
2.00% |
2.00% |
2.50% |
2.50% |
|
Compensation Rate - Domestic |
2.00% |
3.00% |
2.00% |
2.00% |
2.00% |
|
Accrued Liabilities - Domestic |
-0.6 |
-0.5 |
-0.4 |
-0.4 |
-0.3 |
|
Net Assets Recognized on Balance Sheet |
-0.6 |
-0.5 |
-0.4 |
-0.4 |
-0.3 |
|
Total Plan Obligations |
0.9 |
1.1 |
0.7 |
0.6 |
0.5 |
|
Total Plan Assets |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
|
|
Annual Cash Flows |
|
Financials in: USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate (Period Average) |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
32.848802 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
16.4 |
5.3 |
2.5 |
4.3 |
7.2 |
|
Depreciation |
2.1 |
1.5 |
1.4 |
1.5 |
1.2 |
|
Depreciation/Depletion |
2.1 |
1.5 |
1.4 |
1.5 |
1.2 |
|
Amortization of
Intangibles |
0.0 |
0.0 |
- |
- |
- |
|
Amortization |
0.0 |
0.0 |
- |
- |
- |
|
Deferred Taxes |
0.2 |
-0.1 |
0.0 |
0.0 |
0.1 |
|
Unusual Items |
-0.3 |
-0.3 |
-0.3 |
-0.3 |
-1.2 |
|
Equity in Net
Earnings (Loss) |
-0.1 |
-0.1 |
-0.2 |
-0.1 |
-0.1 |
|
Other Non-Cash
Items |
-0.1 |
1.2 |
0.4 |
0.3 |
0.2 |
|
Non-Cash Items |
-0.5 |
0.8 |
0.0 |
0.0 |
-1.1 |
|
Accounts Receivable |
-13.2 |
-2.0 |
3.9 |
1.9 |
-3.1 |
|
Inventories |
-5.4 |
-1.1 |
0.3 |
2.5 |
-2.0 |
|
Prepaid Expenses |
-1.3 |
-1.4 |
-0.3 |
0.1 |
-0.1 |
|
Other Assets |
0.0 |
0.0 |
0.0 |
0.4 |
-0.1 |
|
Accounts Payable |
1.4 |
2.6 |
0.1 |
-1.2 |
0.4 |
|
Taxes Payable |
1.2 |
1.3 |
-0.2 |
-0.4 |
0.2 |
|
Other Liabilities |
1.8 |
1.8 |
-0.3 |
-0.1 |
-0.2 |
|
Changes in Working Capital |
-15.5 |
1.1 |
3.5 |
3.3 |
-4.8 |
|
Cash from Operating Activities |
2.7 |
8.6 |
7.5 |
9.1 |
2.6 |
|
|
|
|
|
|
|
|
Purchase of Fixed
Assets |
-10.9 |
-36.5 |
-0.4 |
-0.9 |
-13.7 |
|
Capital Expenditures |
-10.9 |
-36.5 |
-0.4 |
-0.9 |
-13.7 |
|
Sale of Business |
- |
- |
0.5 |
- |
- |
|
Sale of Fixed
Assets |
0.0 |
0.0 |
0.0 |
0.0 |
1.5 |
|
Sale/Maturity of
Investment |
5.1 |
0.8 |
1.8 |
- |
- |
|
Investment, Net |
-7.2 |
-2.3 |
0.1 |
0.0 |
2.4 |
|
Purchase of
Investments |
-4.7 |
-1.1 |
-1.5 |
-0.3 |
-3.0 |
|
Other Investing
Cash Flow |
-0.1 |
0.0 |
-2.8 |
0.0 |
1.2 |
|
Other Investing Cash Flow Items, Total |
-6.9 |
-2.6 |
-1.9 |
-0.3 |
2.1 |
|
Cash from Investing Activities |
-17.8 |
-39.1 |
-2.3 |
-1.2 |
-11.6 |
|
|
|
|
|
|
|
|
Other Financing
Cash Flow |
0.0 |
0.9 |
0.0 |
-0.3 |
-1.0 |
|
Financing Cash Flow Items |
0.0 |
0.9 |
0.0 |
-0.3 |
-1.0 |
|
Cash Dividends Paid
- Common |
-4.1 |
-2.3 |
-2.5 |
-1.7 |
-3.3 |
|
Total Cash Dividends Paid |
-4.1 |
-2.3 |
-2.5 |
-1.7 |
-3.3 |
|
Sale/Issuance
of Common |
2.1 |
7.4 |
- |
0.0 |
4.6 |
|
Repurchase/Retirement
of Common |
- |
- |
0.0 |
-2.9 |
0.0 |
|
Common Stock, Net |
2.1 |
7.4 |
0.0 |
-2.9 |
4.6 |
|
Sale/Issuance of
Common/Preferred |
1.9 |
1.3 |
- |
- |
- |
|
Issuance (Retirement) of Stock, Net |
4.1 |
8.7 |
0.0 |
-2.9 |
4.6 |
|
Short Term Debt,
Net |
-0.3 |
11.7 |
1.3 |
0.4 |
2.7 |
|
Long
Term Debt Issued |
20.7 |
22.1 |
- |
0.0 |
6.1 |
|
Long
Term Debt Reduction |
-3.1 |
-3.2 |
-1.2 |
-2.2 |
-2.4 |
|
Long Term Debt, Net |
17.6 |
18.9 |
-1.2 |
-2.2 |
3.7 |
|
Issuance (Retirement) of Debt, Net |
17.4 |
30.6 |
0.0 |
-1.9 |
6.5 |
|
Cash from Financing Activities |
17.3 |
37.9 |
-2.4 |
-6.8 |
6.8 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.6 |
-0.9 |
-0.2 |
0.0 |
-0.1 |
|
Net Change in Cash |
2.8 |
6.5 |
2.5 |
1.1 |
-2.3 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
13.1 |
5.7 |
2.9 |
2.0 |
4.2 |
|
Net Cash - Ending Balance |
16.0 |
12.3 |
5.5 |
3.1 |
1.9 |
|
Cash Interest Paid |
0.3 |
0.1 |
0.2 |
0.5 |
0.4 |
|
Cash Taxes Paid |
2.0 |
0.1 |
0.6 |
1.3 |
0.9 |
|
Financials in:
USD (mil) |
|
|
Except for
share items (millions) and per share items (actual units) |
|
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified Normal |
Updated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate (Period Average) |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
32.848802 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Gross Sales |
94.7 |
46.6 |
22.3 |
45.6 |
48.0 |
|
Sales Returns &
Discounts |
-1.0 |
-0.5 |
-0.5 |
-0.6 |
-0.7 |
|
Total Revenue |
93.7 |
46.1 |
21.7 |
45.1 |
47.3 |
|
|
|
|
|
|
|
|
Cost of Sales |
65.2 |
32.1 |
17.0 |
34.6 |
34.0 |
|
Unrealised G/L from
Affiliate Companies |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Realised G/L from
Affiliate Companies |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Selling Expenses |
8.6 |
4.4 |
1.6 |
4.2 |
4.4 |
|
General and
Administrative Expenses |
2.0 |
1.2 |
0.5 |
0.8 |
0.9 |
|
Research and
Development Expenses |
0.1 |
0.0 |
0.1 |
0.0 |
0.0 |
|
Gain/Loss on
Inventory Valuation |
- |
- |
- |
- |
0.1 |
|
Gain/Loss on Physical
Inventory |
- |
- |
- |
- |
0.0 |
|
Impairment Loss |
- |
0.0 |
0.1 |
0.0 |
0.0 |
|
Reversal of Bad
Debt |
- |
- |
- |
- |
0.0 |
|
Total Operating Expense |
75.8 |
37.8 |
19.2 |
39.6 |
39.4 |
|
|
|
|
|
|
|
|
Interest Income |
0.1 |
0.0 |
0.0 |
0.1 |
0.1 |
|
Gain on Equity
Investment |
0.1 |
0.1 |
0.2 |
0.1 |
0.1 |
|
Dividend Income |
0.1 |
0.1 |
0.0 |
0.1 |
0.0 |
|
Gain on Sale of
Fixed Assets |
- |
- |
- |
- |
0.3 |
|
Gain/Loss on Sale
of Investment |
0.2 |
0.1 |
0.4 |
0.0 |
0.3 |
|
Miscellaneous
Income |
0.2 |
0.2 |
0.1 |
0.1 |
0.2 |
|
Gain/Loss on
Foreign Exchange |
1.7 |
-2.2 |
-0.3 |
0.2 |
0.0 |
|
Rental Income |
- |
- |
- |
- |
0.0 |
|
Gain/Loss on Fin.
Assets Valuation |
0.1 |
- |
0.0 |
-0.2 |
0.2 |
|
Interest Expense |
-0.5 |
-0.2 |
-0.2 |
-0.5 |
-0.4 |
|
Loss on Disposal of
Fixed Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Revaluation G/L on
Fin. Liabilities |
0.0 |
0.2 |
0.0 |
0.0 |
- |
|
Miscellaneous
Disbursements |
0.0 |
0.0 |
0.0 |
0.0 |
-0.4 |
|
Net Income Before Taxes |
19.8 |
6.5 |
2.7 |
5.2 |
8.4 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
3.5 |
1.2 |
0.2 |
0.9 |
1.2 |
|
Net Income After Taxes |
16.4 |
5.3 |
2.5 |
4.3 |
7.2 |
|
|
|
|
|
|
|
|
Minority Interests |
-0.1 |
0.2 |
- |
- |
0.0 |
|
Net Income Before Extra. Items |
16.3 |
5.5 |
2.5 |
4.3 |
7.2 |
|
Net Income |
16.3 |
5.5 |
2.5 |
4.3 |
7.2 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
16.3 |
5.5 |
2.5 |
4.3 |
7.2 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
16.3 |
5.5 |
2.5 |
4.3 |
7.2 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
131.4 |
113.7 |
96.0 |
98.1 |
96.8 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.12 |
0.05 |
0.03 |
0.04 |
0.07 |
|
Basic EPS Including ExtraOrdinary Items |
0.12 |
0.05 |
0.03 |
0.04 |
0.07 |
|
Dilution Adjustment |
0.2 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
16.5 |
5.6 |
2.5 |
4.3 |
7.2 |
|
Diluted Weighted Average Shares |
146.4 |
119.3 |
96.0 |
99.2 |
99.1 |
|
Diluted EPS Excluding ExtraOrd Items |
0.11 |
0.05 |
0.03 |
0.04 |
0.07 |
|
Diluted EPS Including ExtraOrd Items |
0.11 |
0.05 |
0.03 |
0.04 |
0.07 |
|
DPS-Common Stock |
0.05 |
0.03 |
0.02 |
0.03 |
0.02 |
|
Gross Dividends - Common Stock |
7.1 |
3.9 |
2.2 |
2.6 |
1.6 |
|
Normalized Income Before Taxes |
19.8 |
6.5 |
2.7 |
5.2 |
8.1 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
3.5 |
1.2 |
0.2 |
0.9 |
1.1 |
|
Normalized Income After Taxes |
16.4 |
5.3 |
2.6 |
4.3 |
6.9 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
16.3 |
5.5 |
2.6 |
4.3 |
7.0 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.12 |
0.05 |
0.03 |
0.04 |
0.07 |
|
Diluted Normalized EPS |
0.11 |
0.05 |
0.03 |
0.04 |
0.07 |
|
Interest Expense, Supplemental |
0.5 |
0.2 |
0.2 |
0.5 |
0.4 |
|
Interest Capitalized |
-0.2 |
-0.1 |
0.0 |
0.0 |
0.0 |
|
R&D Expense, Supplemental |
0.1 |
0.0 |
0.1 |
0.0 |
0.0 |
|
Depreciation - Operating Cost |
2.1 |
1.5 |
1.4 |
1.4 |
1.1 |
|
Depreciation - Operating Expense |
0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Amortization - Operating Cost |
0.0 |
0.0 |
- |
- |
- |
|
Amortization - Operating Expense |
0.0 |
0.0 |
- |
- |
- |
|
Current Tax Payable |
3.2 |
1.3 |
0.2 |
0.9 |
1.1 |
|
Current Tax - Total |
3.2 |
1.3 |
0.2 |
0.9 |
1.1 |
|
Deferred Tax |
0.2 |
-0.1 |
0.0 |
0.0 |
0.1 |
|
Deferred Tax - Total |
0.2 |
-0.1 |
0.0 |
0.0 |
0.1 |
|
Income Tax - Total |
3.5 |
1.2 |
0.2 |
0.9 |
1.2 |
|
Service Cost |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest Cost |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Expected Return on Plan Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Amortization |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Domestic Pension Plan Expense |
0.1 |
0.0 |
0.0 |
0.1 |
0.1 |
|
Provision for Defined Contribution Plan |
0.1 |
0.1 |
0.1 |
0.1 |
- |
|
Total Pension Expense |
0.2 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Discount Rate |
2.00% |
2.25% |
2.25% |
2.50% |
3.50% |
|
Rate of Compensation Increase |
2.00% |
3.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return on Plan Assets |
2.00% |
2.00% |
2.00% |
2.50% |
2.50% |
|
|
|
Annual Balance Sheet |
|
Financials in: USD (mil) |
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Restated Normal |
Reclassified Normal |
Updated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate |
30.279 |
29.1565 |
31.985 |
32.818 |
32.4345 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Cash and Cash
Equivalent |
15.5 |
13.3 |
5.6 |
2.9 |
2.0 |
|
Financial Assets-Fair
Value,Current |
0.0 |
- |
- |
- |
- |
|
Fin. Assets for
Trading |
- |
- |
- |
- |
1.4 |
|
Financial
Assets-Available for Sale |
1.2 |
2.2 |
1.6 |
1.4 |
- |
|
Notes Receivable |
0.4 |
0.5 |
0.7 |
0.7 |
0.4 |
|
Notes Receivable - Related
Parties |
0.0 |
0.1 |
0.0 |
0.1 |
- |
|
Accounts
Receivable, Gross |
20.2 |
7.2 |
4.8 |
8.5 |
5.2 |
|
Provision for
Doubtful Accounts |
-0.5 |
-0.3 |
-0.3 |
-0.3 |
-0.6 |
|
Provision for Sales
Discount |
0.0 |
-0.2 |
-0.1 |
-0.1 |
- |
|
Accounts Receivable
- Related Parties |
0.0 |
0.2 |
0.0 |
0.2 |
6.1 |
|
Other Financial
Assets - Current |
12.0 |
5.5 |
2.9 |
0.0 |
0.5 |
|
Finished Goods |
3.1 |
3.1 |
3.3 |
4.2 |
4.3 |
|
Work-in-Process |
1.5 |
2.1 |
3.2 |
2.3 |
3.7 |
|
Raw Material |
11.5 |
7.3 |
3.8 |
3.7 |
5.5 |
|
Supplies |
0.4 |
0.3 |
0.3 |
0.4 |
0.2 |
|
Merchandise |
0.0 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Provision/Allowance
for Inventory |
- |
- |
- |
- |
-0.6 |
|
Land for
Construction |
- |
- |
- |
- |
0.9 |
|
Prepayment and
Other Current Assets |
3.1 |
1.9 |
0.4 |
0.1 |
0.1 |
|
Deferred Income Tax
Assets |
0.1 |
0.3 |
0.2 |
0.2 |
0.2 |
|
Total Current Assets |
68.5 |
43.7 |
26.6 |
24.3 |
29.4 |
|
|
|
|
|
|
|
|
Long Term Equity
Investment |
0.9 |
0.9 |
0.8 |
0.3 |
0.4 |
|
Long Term Real
Estate Investments |
0.0 |
1.0 |
0.9 |
0.9 |
- |
|
Other Financial
Assets - Non-Current |
0.5 |
0.2 |
0.0 |
0.4 |
0.4 |
|
Financial
Assets-Cost Method,Non-Current |
4.0 |
4.2 |
3.8 |
3.0 |
3.5 |
|
Land |
35.4 |
31.4 |
20.3 |
19.8 |
20.0 |
|
Buildings and
Structures |
10.4 |
5.0 |
4.5 |
4.2 |
4.2 |
|
Machinery and
Equipment |
18.6 |
14.4 |
12.7 |
12.1 |
11.8 |
|
Transportation
Equipment |
0.3 |
0.3 |
0.3 |
0.3 |
0.3 |
|
Office Equipment |
0.6 |
0.5 |
0.5 |
0.4 |
0.4 |
|
Leasehold Assets |
0.0 |
- |
- |
- |
- |
|
Miscellaneous
Equipment |
0.4 |
0.4 |
0.3 |
0.3 |
0.3 |
|
Accumulated
Depreciation |
-13.2 |
-11.6 |
-9.1 |
-7.4 |
-6.1 |
|
Construction in
Progress & Prepayment |
26.2 |
30.7 |
0.2 |
0.3 |
0.2 |
|
Assets for Lease
Gross |
- |
- |
- |
0.6 |
0.6 |
|
Accumulated
Depreciation for Leased Ast. |
- |
- |
- |
-0.1 |
-0.1 |
|
Accumulated
Impairment for Leased Ast. |
- |
- |
- |
-0.1 |
-0.1 |
|
Foreign Exchange Affect |
- |
- |
- |
0.0 |
- |
|
Idle Assets |
- |
- |
- |
0.0 |
0.0 |
|
Intangible Assets |
0.0 |
0.0 |
0.0 |
- |
- |
|
Deferred Income Tax
Assets - Non Current |
0.2 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Other Long Term
Assets |
0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Assets |
152.9 |
121.1 |
61.8 |
59.5 |
65.4 |
|
|
|
|
|
|
|
|
Short Term
Borrowings |
23.0 |
22.9 |
10.4 |
8.9 |
8.7 |
|
ST Notes &
Bills Payable |
0.0 |
1.3 |
0.0 |
- |
0.0 |
|
Notes Payable |
0.1 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Accounts Payable -
Related Parties |
0.0 |
- |
- |
- |
- |
|
Accounts Payable |
5.0 |
3.7 |
0.8 |
0.7 |
1.8 |
|
Income Taxes
Payable |
2.5 |
1.4 |
0.1 |
0.2 |
0.7 |
|
Financial
Liabilities for Trading |
- |
- |
- |
0.0 |
- |
|
Current Portion of
Corporate Bond |
7.6 |
- |
- |
- |
1.0 |
|
Current Portion of
Long Term Debt |
4.0 |
0.0 |
1.3 |
1.2 |
1.2 |
|
Accrued Expense
& Other Current Liab. |
4.9 |
3.7 |
1.0 |
1.4 |
1.9 |
|
Total Current Liabilities |
47.0 |
33.0 |
13.6 |
12.5 |
15.3 |
|
|
|
|
|
|
|
|
Corporate Bonds
Payable |
0.0 |
20.6 |
0.0 |
- |
- |
|
Fin.
Liabilities-Fair Value, Non-current |
0.0 |
0.1 |
0.0 |
- |
- |
|
Long Term
Borrowings |
13.1 |
0.0 |
1.9 |
3.0 |
4.3 |
|
Total Long Term Debt |
13.1 |
20.7 |
1.9 |
3.0 |
4.3 |
|
|
|
|
|
|
|
|
Accrued Pension
Liabilities |
0.6 |
0.5 |
0.4 |
0.4 |
0.3 |
|
Long Term Security
Deposits Received |
0.0 |
- |
- |
- |
0.0 |
|
Deferred Debit |
- |
- |
- |
- |
0.0 |
|
Minority Interest |
0.9 |
0.8 |
0.0 |
- |
0.0 |
|
Total Liabilities |
61.5 |
55.0 |
15.9 |
15.9 |
20.0 |
|
|
|
|
|
|
|
|
Common Stock |
43.0 |
38.2 |
28.8 |
27.7 |
23.5 |
|
Additional Paid-In
Capital |
26.0 |
18.2 |
13.3 |
13.0 |
13.2 |
|
Cap. Surplus,
Treasury Stock Transaction |
0.6 |
0.3 |
0.0 |
- |
- |
|
Capital Surplus,
Long-term Investments |
0.0 |
0.0 |
0.0 |
- |
- |
|
Employee Stock
Option |
- |
0.0 |
0.3 |
0.0 |
- |
|
Stock Option, |
1.7 |
1.9 |
0.0 |
- |
- |
|
Legal Reserve |
3.6 |
3.2 |
2.6 |
2.1 |
1.4 |
|
Special Reserve |
0.1 |
0.0 |
0.9 |
0.1 |
0.0 |
|
Retained Earnings |
17.1 |
6.1 |
2.8 |
4.2 |
7.4 |
|
Cumulative
Translation Adjustment |
0.0 |
-0.1 |
0.0 |
-0.2 |
-0.1 |
|
Unrealized G/L on Financial
Products |
-0.7 |
0.0 |
0.0 |
-0.7 |
- |
|
Treasury Stock |
0.0 |
-1.8 |
-2.9 |
-2.8 |
- |
|
Total Equity |
91.4 |
66.1 |
45.9 |
43.6 |
45.4 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders'
Equity |
152.9 |
121.1 |
61.8 |
59.5 |
65.4 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
137.3 |
116.1 |
96.0 |
95.9 |
98.2 |
|
Total Common Shares Outstanding |
137.3 |
116.1 |
96.0 |
95.9 |
98.2 |
|
T/S-Common Stock |
0.0 |
1.5 |
4.0 |
4.0 |
- |
|
Full-Time Employees |
217 |
153 |
124 |
150 |
150 |
|
Number of Common Shareholders |
7,939 |
8,943 |
7,380 |
8,258 |
8,611 |
|
Long Term Debt Maturity within 1 Year |
4.0 |
- |
- |
1.2 |
1.2 |
|
Long Term Debt Maturity within 2 Years |
4.0 |
- |
- |
1.2 |
1.2 |
|
Long Term Debt Maturity within 3 Years |
4.0 |
- |
- |
1.2 |
1.2 |
|
Long Term Debt Maturity within 4 Years |
4.0 |
- |
- |
0.6 |
1.2 |
|
Long Term Debt Maturity within 5 Years |
1.0 |
- |
- |
- |
- |
|
Long Term Debt Remaining Maturity |
- |
- |
- |
- |
0.6 |
|
Total Long Term Debt, Supplemental |
17.1 |
- |
- |
4.3 |
5.5 |
|
Accumulated Benefit Obligation |
0.7 |
0.7 |
0.5 |
0.5 |
0.4 |
|
Benefit Obligation |
0.9 |
1.1 |
0.7 |
0.6 |
0.5 |
|
Fair Value of Plan Asset |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Funded Status |
-0.7 |
-0.9 |
-0.5 |
-0.4 |
-0.3 |
|
Total Funded Status |
-0.7 |
-0.9 |
-0.5 |
-0.4 |
-0.3 |
|
Discount Rate |
2.00% |
2.25% |
2.25% |
2.50% |
3.50% |
|
Rate Compensation Increase |
2.00% |
3.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return on Plan Assets |
2.00% |
2.00% |
2.00% |
2.50% |
2.50% |
|
Accrued Pension Liabilities |
-0.6 |
-0.5 |
-0.4 |
-0.4 |
-0.3 |
|
Net Assets Recognized on Balance Sheet |
-0.6 |
-0.5 |
-0.4 |
-0.4 |
-0.3 |
|
|
|
Annual Cash Flows |
|
Financials in: USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate (Period Average) |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
32.848802 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
16.4 |
5.3 |
2.5 |
4.3 |
7.2 |
|
Depreciation |
2.1 |
1.5 |
1.4 |
1.5 |
1.2 |
|
Amortization of
Intangibles |
0.0 |
0.0 |
- |
- |
- |
|
Deferred Charges |
- |
- |
0.0 |
- |
- |
|
Provision of Bad
Debts |
0.2 |
0.0 |
0.0 |
0.0 |
0.2 |
|
Provision for Sales
Return&Discount |
-0.2 |
0.1 |
0.0 |
0.1 |
- |
|
Interest Subsidy |
- |
- |
0.0 |
0.0 |
0.0 |
|
Interset of
Corporation Bond Payable |
0.3 |
0.1 |
- |
- |
- |
|
Inventory
Devaluation & Obsolescence |
0.0 |
0.0 |
-0.1 |
0.0 |
0.1 |
|
Disposal of
Investment |
- |
- |
- |
0.0 |
-0.3 |
|
Equity Investment
Gain/Loss |
-0.1 |
-0.1 |
-0.2 |
-0.1 |
-0.1 |
|
Cash
Dividend-Equity Method |
0.0 |
0.0 |
0.1 |
0.1 |
0.0 |
|
Unrealised Fin.
Liablities Valua. Gain |
-0.1 |
-0.2 |
- |
- |
- |
|
G/L on
Disposal&Write-off of Properties |
0.0 |
0.0 |
0.0 |
0.0 |
-0.2 |
|
Loss on Sale of
Fin. Assets at Cost-Curr |
- |
- |
0.0 |
- |
- |
|
Impairment Loss |
- |
- |
0.1 |
- |
0.0 |
|
Real./Unreal G/L
from Affiliated Company |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Unrealised Foreign
Exchange G/L |
-0.5 |
1.0 |
0.2 |
-0.1 |
0.0 |
|
Stock Compensation
Expense |
0.1 |
0.0 |
- |
- |
- |
|
Deferred Tax |
0.2 |
-0.1 |
0.0 |
0.0 |
0.1 |
|
G/L on Sale of Fin.
Assets for Sale |
-0.2 |
-0.1 |
-0.4 |
- |
- |
|
Treasury Stock Transferred
to Employees |
- |
- |
0.3 |
- |
- |
|
G/L on Fin. Assets
for Trading Valuation |
- |
- |
0.0 |
0.3 |
- |
|
Unrealised Fin.
Assets for Trading Loss |
- |
- |
- |
- |
-0.2 |
|
Fin. Assets for
Trading Increase |
- |
- |
0.0 |
-2.1 |
-4.3 |
|
Sale of Fin. Assets
for Trading |
- |
- |
0.0 |
1.8 |
3.8 |
|
Notes Receivable |
0.1 |
0.2 |
0.0 |
-0.4 |
0.3 |
|
Notes
Receivable-Related Parties |
0.1 |
-0.1 |
0.1 |
- |
- |
|
Accounts Receivable |
-13.6 |
-2.0 |
3.7 |
-3.7 |
-2.2 |
|
Accounts
Receivable-Related |
0.2 |
-0.2 |
0.2 |
6.0 |
-1.3 |
|
Inventories |
-5.4 |
-1.1 |
0.3 |
2.5 |
-2.0 |
|
Prepayment &
Other Current Assets |
-1.3 |
-1.4 |
-0.3 |
0.1 |
-0.1 |
|
Other Financial
Assets,Current |
0.0 |
0.0 |
0.0 |
0.4 |
-0.1 |
|
Fin. Liabilities
for Trading |
- |
- |
0.0 |
- |
- |
|
Notes Payable |
0.0 |
0.1 |
0.0 |
0.0 |
-1.1 |
|
Accounts Payable |
1.4 |
2.6 |
0.1 |
-1.2 |
0.4 |
|
Tax Payable |
1.2 |
1.3 |
-0.2 |
-0.4 |
0.2 |
|
Other Current
Liabilites & Accrued Exp. |
1.7 |
1.7 |
-0.4 |
-0.1 |
0.9 |
|
Accrued Pension
Liabilities |
0.1 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Cash From Operating Activities |
2.7 |
8.6 |
7.5 |
9.1 |
2.6 |
|
|
|
|
|
|
|
|
Financial Assets
for Sale Decrease |
5.1 |
0.8 |
1.8 |
- |
- |
|
Financial Assets
for Sale Increase |
-4.7 |
-1.1 |
-0.8 |
-0.3 |
- |
|
Purchase of
Financial Assets-Cost Method |
0.0 |
0.0 |
-0.6 |
- |
-3.0 |
|
Purchase/Sale of LT
Equity Investments |
- |
- |
-0.3 |
0.0 |
2.3 |
|
Disposal of Subsidiary |
- |
- |
0.5 |
- |
- |
|
Capital Reduction
from Invested Company |
- |
- |
0.0 |
- |
- |
|
Capital Expenditure |
-10.9 |
-36.5 |
-0.4 |
-0.9 |
-13.7 |
|
Disposal of
Financial Assets-Cost Method |
- |
- |
0.0 |
- |
- |
|
Disposal of Fixed
Assets |
0.0 |
0.0 |
0.0 |
0.0 |
1.5 |
|
Restricted Assets |
- |
- |
-2.8 |
- |
0.0 |
|
Other Financial
Assets-NonCurrent |
-0.3 |
-0.2 |
0.4 |
0.0 |
0.0 |
|
Other Financial
Assets- Current |
-6.9 |
-2.2 |
- |
- |
- |
|
Other Assets |
-0.1 |
0.0 |
0.0 |
0.0 |
1.2 |
|
Cash From Investing Activities |
-17.8 |
-39.1 |
-2.3 |
-1.2 |
-11.6 |
|
|
|
|
|
|
|
|
Short Term
Borrowings, Net |
1.0 |
10.5 |
1.3 |
0.4 |
3.6 |
|
ST Notes and Bills
Payable |
-1.3 |
1.2 |
- |
0.0 |
-0.9 |
|
Issuance of
Corporate Bonds |
0.0 |
22.1 |
- |
- |
- |
|
Corporate Bond
Decrease |
- |
- |
0.0 |
-1.0 |
- |
|
Long Term
Borrowings Increase |
20.7 |
0.0 |
- |
0.0 |
6.1 |
|
Repayment of LT
Borrowings |
-3.1 |
-3.2 |
-1.2 |
-1.3 |
-2.4 |
|
Minority Interest |
0.0 |
0.9 |
- |
0.0 |
-0.8 |
|
Treasury Stock
Transferred to Employees |
2.1 |
0.0 |
- |
- |
- |
|
Directors
Remuneration & Employee Bonus |
- |
- |
0.0 |
-0.3 |
-0.2 |
|
Cash Dividend -
Common Stock |
-4.1 |
-2.3 |
-2.5 |
-1.7 |
-3.3 |
|
Cash Capital |
0.0 |
7.4 |
- |
0.0 |
4.6 |
|
Purchased of
Treasury Stock |
- |
- |
0.0 |
-2.9 |
0.0 |
|
Disposal of
Treasury Stock |
1.9 |
1.3 |
- |
- |
- |
|
Security Deposit
Received |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Cash From Financing Activities |
17.3 |
37.9 |
-2.4 |
-6.8 |
6.8 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.6 |
-0.9 |
-0.2 |
0.0 |
-0.1 |
|
Net Change in Cash |
2.8 |
6.5 |
2.5 |
1.1 |
-2.3 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
13.1 |
5.7 |
2.9 |
2.0 |
4.2 |
|
Net Cash - Ending Balance |
16.0 |
12.3 |
5.5 |
3.1 |
1.9 |
|
Cash Interest Paid |
0.3 |
0.1 |
0.2 |
0.5 |
0.4 |
|
Cash Taxes Paid |
2.0 |
0.1 |
0.6 |
1.3 |
0.9 |
|
Financials in:
USD (mil) |
|
|
Except for
share items (millions) and per share items (actual units) |
|
|
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Financials in:
USD (mil) |
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Except for
share items (millions) and per share items (actual units) |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.44 |
|
|
1 |
Rs.81.33 |
|
Euro |
1 |
Rs.70.50 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.