MIRA INFORM REPORT
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Report Date : |
23.03.2013 |
IDENTIFICATION DETAILS
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Name : |
OCEAN PLASTICS CO LTD |
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Registered Office : |
5F & 6F, No.310, ChuKwang Road, Wanhua
District, Taipei, 108 |
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Country : |
Taiwan |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
07.06.1965 |
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Legal Form : |
Public Parent |
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Line of Business : |
Manufacture, processing and distribution of plastic materials and
products |
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No. of Employees : |
813 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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Taiwan |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source
: CIA |
Company
name and address
Ocean Plastics Co Ltd
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Employees: |
813 |
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Company Type: |
Public Parent |
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Corporate Family: |
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Traded: |
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Incorporation Date: |
07-Jun-1965 |
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Auditor: |
KPMG LLP |
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Fiscal Year End: |
31-Dec-2011 |
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Reporting Currency: |
Taiwanese New Dollar |
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Annual Sales: |
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Net Income: |
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Total Assets: |
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Market Value: |
187.7 |
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(26-Oct-2012) |
Business Description
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OCEAN PLASTICS CO., LTD. is principally
engaged in the manufacture, processing and distribution of plastic materials
and products. The Company primarily provides plastic cloths, plastic leather
products, synthetic leather products, plastic construction materials and
plastic raw materials. Its products are primarily used in the manufacture of
file folders, stationery related products, balls, shoes, purses, handbags,
furniture and sports equipment, among others. The Company distributes its
products in Taiwan, Mainland China, Hong Kong, India and the United States,
among others. For the six months ended 30 June 2012, Ocean Plastics Co Ltd
revenues decreased 12% to NT$2.65B. Net loss decreased 35% to NT$68.8M.
Revenues reflect a decrease in demand for the Company's products and services
due to unfavorable market conditions. Lower net loss reflects Selling Expense
decrease of 15% to NT$99.1M (expense), Gain/Loss on Equity Investment
increase of 39% to NT$21.6M (income). |
Industry
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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: |
2671 - Packaging Paper and Plastics Film, Coated and
Laminated |
Key Executives
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Significant Developments
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* number of significant developments within the last 12
months |
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Financial Summary |
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Stock Snapshot |
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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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More Business
Descriptions |
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Plastic Cloths Mfr
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Ocean Plastic Co., Ltd. (Ocean Plastic) is
a plastic products manufacturing company, based in Taiwan. The company
manufactures and markets polyvinyl chloride (PVC) products. It offers
products such as DMF-free ECO PU, wood plastic composites, PVC sheet, PVC
leather, PVC raw material, and PVC construction material. The company offers
water-based polyurethane resin, water-based polyurethane film, PPU synthetic
leather and water-based polyurethane synthetic leather. Its products used in
food containers, living, clothing, learning, transporting and entertaining
applications. Ocean Plastic markets its products through its distribution
network. The company was established in 1965. Ocean Plastic is headquartered
in Wanhua, Taipei, Taiwan.The company reported revenues of (Taiwanese
Dollars) TWD 5,718.86 million during the fiscal year ended December 2011, a
decrease of 6.59% from 2010. The operating loss of the company was TWD 194.29
million during the fiscal year 2011, as compared to an operating loss of TWD
162.52 million during 2010. The net loss of the company was TWD 167.77
million during the fiscal year 2011, as compared to a net loss of TWD 135.00
million during 2010. |
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Source: Global Data |
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Other Plastics Product Manufacturing |
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Corporate Structure News: |
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Ocean Plastics Co Ltd |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Taipei |
Taiwan |
Containers and Packaging |
194.6 |
813 |
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Subsidiary |
Taipei |
Taiwan |
Electronic Instruments and Controls |
|
100 |
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Subsidiary |
Suzhou, Jiangsu |
China |
Electronic Instruments and Controls |
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Subsidiary |
Chang-Hua, Taipei |
Taiwan |
Electronic Instruments and Controls |
|
100 |
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Facility |
Dasmarinas, Cavite |
Philippines |
Fabricated Plastic and Rubber |
|
40 |
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Facility |
Kunshan, Jiangsu |
China |
Fabricated Plastic and Rubber |
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Subsidiary |
Chung-li, Taoyuan |
Taiwan |
Construction - Supplies and Fixtures |
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Subsidiary |
Huizhou, Guangdong |
China |
Fabricated Plastic and Rubber |
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Ocean Plastics
Co Ltd |
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Competitors
Report |
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CompanyName |
Location |
Employees |
Ownership |
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Acelon Chemicals & Fiber Co. |
Puyan, Taiwan |
538 |
Public |
|
Everlight Chemical Industrial Corp. |
Taipei, Taiwan |
1,638 |
Public |
|
Formosa Chemicals & Fibre Corporation |
Changhua, Taiwan |
18,803 |
Public |
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General Plastic Industrial Co.,Ltd. |
Taichung, Taiwan |
507 |
Public |
|
Huikwang Corp |
Tainan, Taiwan |
320 |
Public |
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Ocean Plastics
Co Ltd
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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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31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
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Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
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UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
Reclassified
Normal |
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Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate
(Period Average) |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
32.848802 |
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Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
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Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
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Gross Revenue |
195.4 |
195.2 |
167.4 |
179.6 |
179.1 |
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Sales Returns and Allowances |
-0.8 |
-0.8 |
-0.8 |
-1.2 |
-1.0 |
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Revenue |
194.6 |
194.4 |
166.6 |
178.4 |
178.0 |
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Total Revenue |
194.6 |
194.4 |
166.6 |
178.4 |
178.0 |
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Cost of Revenue |
192.9 |
184.3 |
151.6 |
168.5 |
163.2 |
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Cost of Revenue, Total |
192.9 |
184.3 |
151.6 |
168.5 |
163.2 |
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Gross Profit |
1.7 |
10.1 |
15.0 |
10.0 |
14.9 |
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Selling/General/Administrative Expense |
12.6 |
12.9 |
12.3 |
12.4 |
13.4 |
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Total Selling/General/Administrative Expenses |
12.6 |
12.9 |
12.3 |
12.4 |
13.4 |
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Impairment-Assets Held for Use |
-4.3 |
0.0 |
-0.4 |
0.0 |
- |
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Impairment-Assets Held for Sale |
0.0 |
2.3 |
0.1 |
5.2 |
0.9 |
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Unusual Expense (Income) |
-4.3 |
2.3 |
-0.2 |
5.2 |
0.9 |
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Total Operating Expense |
201.2 |
199.5 |
163.7 |
186.1 |
177.4 |
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Operating Income |
-6.6 |
-5.2 |
2.9 |
-7.6 |
0.6 |
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Interest Expense -
Non-Operating |
-0.4 |
-0.2 |
-0.2 |
-0.3 |
-0.1 |
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Interest Expense, Net Non-Operating |
-0.4 |
-0.2 |
-0.2 |
-0.3 |
-0.1 |
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Interest Income -
Non-Operating |
0.0 |
0.0 |
0.1 |
0.1 |
0.1 |
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Investment Income -
Non-Operating |
1.5 |
1.0 |
0.7 |
-2.3 |
-7.3 |
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Interest/Investment Income - Non-Operating |
1.5 |
1.1 |
0.8 |
-2.2 |
-7.2 |
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Interest Income (Expense) - Net Non-Operating Total |
1.1 |
0.8 |
0.5 |
-2.4 |
-7.2 |
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Gain (Loss) on Sale of Assets |
-0.1 |
0.1 |
0.7 |
0.3 |
0.3 |
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Other Non-Operating Income (Expense) |
0.0 |
0.3 |
0.1 |
1.1 |
0.7 |
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Other, Net |
0.0 |
0.3 |
0.1 |
1.1 |
0.7 |
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Income Before Tax |
-5.6 |
-4.0 |
4.3 |
-8.6 |
-5.7 |
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Total Income Tax |
0.1 |
0.3 |
1.9 |
-0.3 |
1.3 |
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Income After Tax |
-5.7 |
-4.3 |
2.4 |
-8.4 |
-7.0 |
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Minority Interest |
- |
- |
- |
- |
0.0 |
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Net Income Before Extraord Items |
-5.7 |
-4.3 |
2.4 |
-8.4 |
-7.0 |
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Net Income |
-5.7 |
-4.3 |
2.4 |
-8.4 |
-7.0 |
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Income Available to Common Excl Extraord Items |
-5.7 |
-4.3 |
2.4 |
-8.4 |
-7.0 |
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Income Available to Common Incl Extraord Items |
-5.7 |
-4.3 |
2.4 |
-8.4 |
-7.0 |
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Basic/Primary Weighted Average Shares |
220.7 |
220.7 |
220.7 |
220.7 |
220.7 |
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Basic EPS Excl Extraord Items |
-0.03 |
-0.02 |
0.01 |
-0.04 |
-0.03 |
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Basic/Primary EPS Incl Extraord Items |
-0.03 |
-0.02 |
0.01 |
-0.04 |
-0.03 |
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Dilution Adjustment |
0.0 |
0.0 |
- |
0.0 |
0.0 |
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Diluted Net Income |
-5.7 |
-4.3 |
2.4 |
-8.4 |
-7.0 |
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Diluted Weighted Average Shares |
220.7 |
220.7 |
220.7 |
220.7 |
220.7 |
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Diluted EPS Excl Extraord Items |
-0.03 |
-0.02 |
0.01 |
-0.04 |
-0.03 |
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Diluted EPS Incl Extraord Items |
-0.03 |
-0.02 |
0.01 |
-0.04 |
-0.03 |
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Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
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Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Interest Expense, Supplemental |
0.4 |
0.2 |
0.2 |
0.3 |
0.1 |
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Interest Capitalized, Supplemental |
-0.1 |
-0.1 |
- |
- |
- |
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Depreciation, Supplemental |
4.7 |
4.8 |
3.6 |
3.4 |
5.3 |
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Total Special Items |
-4.2 |
2.3 |
-0.9 |
4.9 |
0.6 |
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Normalized Income Before Tax |
-9.8 |
-1.7 |
3.3 |
-3.7 |
-5.1 |
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Effect of Special Items on Income Taxes |
-1.5 |
0.8 |
-0.4 |
1.7 |
0.2 |
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Inc Tax Ex Impact of Sp Items |
-1.3 |
1.1 |
1.5 |
1.4 |
1.6 |
|
Normalized Income After Tax |
-8.4 |
-2.8 |
1.9 |
-5.2 |
-6.6 |
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Normalized Inc. Avail to Com. |
-8.4 |
-2.8 |
1.9 |
-5.2 |
-6.6 |
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Basic Normalized EPS |
-0.04 |
-0.01 |
0.01 |
-0.02 |
-0.03 |
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Diluted Normalized EPS |
-0.04 |
-0.01 |
0.01 |
-0.02 |
-0.03 |
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Amort of Intangibles, Supplemental |
0.1 |
0.1 |
0.1 |
0.2 |
0.6 |
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Normalized EBIT |
-10.9 |
-2.8 |
2.7 |
-2.4 |
1.5 |
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Normalized EBITDA |
-6.2 |
2.1 |
6.4 |
1.2 |
7.3 |
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Current Tax - Total |
0.2 |
0.3 |
0.9 |
0.4 |
0.5 |
|
Current Tax - Total |
0.2 |
0.3 |
0.9 |
0.4 |
0.5 |
|
Deferred Tax - Total |
0.0 |
0.0 |
0.9 |
-0.7 |
0.8 |
|
Deferred Tax - Total |
0.0 |
0.0 |
0.9 |
-0.7 |
0.8 |
|
Income Tax - Total |
0.1 |
0.3 |
1.9 |
-0.3 |
1.3 |
|
Interest Cost - Domestic |
0.3 |
0.3 |
0.4 |
0.4 |
0.4 |
|
Service Cost - Domestic |
0.3 |
0.3 |
0.3 |
0.3 |
0.3 |
|
Expected Return on Assets - Domestic |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Transition Costs - Domestic |
0.1 |
0.8 |
0.7 |
0.8 |
0.7 |
|
Domestic Pension Plan Expense |
0.7 |
1.4 |
1.4 |
1.5 |
1.5 |
|
Defined Contribution Expense - Domestic |
0.3 |
0.3 |
0.2 |
0.3 |
- |
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Total Pension Expense |
1.0 |
1.7 |
1.6 |
1.7 |
1.5 |
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Discount Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.75% |
2.75% |
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Expected Rate of Return - Domestic |
2.00% |
2.00% |
2.00% |
2.75% |
2.75% |
|
Compensation Rate - Domestic |
2.00% |
2.25% |
2.00% |
2.00% |
2.00% |
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Total Plan Interest Cost |
0.3 |
0.3 |
0.4 |
0.4 |
0.4 |
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Total Plan Service Cost |
0.3 |
0.3 |
0.3 |
0.3 |
0.3 |
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Total Plan Expected Return |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Annual Balance Sheet |
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Financials in:
USD (mil) |
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|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
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UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Reclassified
Normal |
Reclassified Normal
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Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
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Exchange Rate |
30.279 |
29.1565 |
31.985 |
32.818 |
32.4345 |
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Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
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Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
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Cash & Equivalents |
8.2 |
8.9 |
9.3 |
9.4 |
5.4 |
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Short Term Investments |
0.7 |
0.7 |
0.8 |
0.6 |
9.5 |
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Cash and Short Term Investments |
8.9 |
9.6 |
10.0 |
10.0 |
14.9 |
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Accounts Receivable -
Trade, Gross |
19.9 |
17.7 |
22.6 |
16.3 |
21.5 |
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Provision for Doubtful
Accounts |
-0.9 |
-0.8 |
-0.8 |
-0.6 |
-0.6 |
|
Trade Accounts Receivable - Net |
18.9 |
16.9 |
21.7 |
15.7 |
20.9 |
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Total Receivables, Net |
18.9 |
16.9 |
21.7 |
15.7 |
20.9 |
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Inventories - Finished Goods |
11.1 |
16.6 |
10.6 |
13.0 |
12.1 |
|
Inventories - Work In Progress |
1.5 |
2.3 |
1.8 |
1.0 |
3.2 |
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Inventories - Raw Materials |
9.3 |
13.6 |
9.9 |
8.0 |
13.2 |
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Inventories - Other |
- |
- |
- |
- |
-1.5 |
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Total Inventory |
21.9 |
32.5 |
22.3 |
22.0 |
26.9 |
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Other Current Assets |
2.9 |
3.8 |
2.2 |
3.2 |
2.2 |
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Other Current Assets, Total |
2.9 |
3.8 |
2.2 |
3.2 |
2.2 |
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Total Current Assets |
52.6 |
62.8 |
56.2 |
50.9 |
64.9 |
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Buildings |
21.2 |
21.2 |
19.8 |
19.1 |
18.0 |
|
Land/Improvements |
8.7 |
7.8 |
7.1 |
6.2 |
6.2 |
|
Machinery/Equipment |
135.3 |
146.9 |
133.6 |
124.7 |
108.6 |
|
Construction in
Progress |
10.3 |
4.3 |
3.3 |
5.9 |
15.4 |
|
Other
Property/Plant/Equipment |
141.5 |
3.5 |
3.2 |
2.7 |
2.9 |
|
Property/Plant/Equipment - Gross |
316.9 |
183.7 |
167.0 |
158.6 |
151.1 |
|
Accumulated Depreciation |
-125.5 |
-138.4 |
-123.7 |
-117.8 |
-117.1 |
|
Property/Plant/Equipment - Net |
191.4 |
45.2 |
43.4 |
40.8 |
34.0 |
|
Intangibles, Net |
2.1 |
2.0 |
2.0 |
2.0 |
1.9 |
|
LT Investment - Affiliate Companies |
10.7 |
10.1 |
8.5 |
7.9 |
8.0 |
|
LT Investments - Other |
10.8 |
13.2 |
11.5 |
9.9 |
10.3 |
|
Long Term Investments |
21.5 |
23.4 |
20.0 |
17.8 |
18.3 |
|
Pension Benefits - Overfunded |
- |
- |
0.0 |
0.0 |
1.6 |
|
Other Long Term Assets |
23.4 |
23.6 |
20.7 |
21.0 |
19.8 |
|
Other Long Term Assets, Total |
23.4 |
23.6 |
20.8 |
21.0 |
21.5 |
|
Total Assets |
291.0 |
157.1 |
142.4 |
132.5 |
140.5 |
|
|
|
|
|
|
|
|
Accounts Payable |
15.4 |
20.0 |
22.0 |
12.1 |
24.0 |
|
Accrued Expenses |
5.1 |
4.3 |
5.5 |
4.0 |
4.9 |
|
Notes Payable/Short Term Debt |
18.5 |
17.8 |
7.7 |
12.7 |
2.2 |
|
Other Current Liabilities |
2.2 |
1.2 |
4.3 |
3.7 |
4.7 |
|
Other Current liabilities, Total |
2.2 |
1.2 |
4.3 |
3.7 |
4.7 |
|
Total Current Liabilities |
41.2 |
43.4 |
39.5 |
32.5 |
35.7 |
|
|
|
|
|
|
|
|
Long Term Debt |
16.5 |
10.3 |
6.3 |
10.2 |
3.0 |
|
Total Long Term Debt |
16.5 |
10.3 |
6.3 |
10.2 |
3.0 |
|
Total Debt |
35.1 |
28.1 |
14.0 |
22.9 |
5.2 |
|
|
|
|
|
|
|
|
Minority Interest |
- |
- |
- |
- |
0.0 |
|
Reserves |
44.6 |
0.0 |
- |
- |
- |
|
Pension Benefits - Underfunded |
14.1 |
14.3 |
12.3 |
11.1 |
12.4 |
|
Other Long Term Liabilities |
0.6 |
0.2 |
0.6 |
0.1 |
0.3 |
|
Other Liabilities, Total |
59.3 |
14.5 |
12.9 |
11.2 |
12.7 |
|
Total Liabilities |
117.0 |
68.2 |
58.7 |
53.9 |
51.4 |
|
|
|
|
|
|
|
|
Common Stock |
75.0 |
77.9 |
71.0 |
69.2 |
70.1 |
|
Common Stock |
75.0 |
77.9 |
71.0 |
69.2 |
70.1 |
|
Additional Paid-In Capital |
3.3 |
3.5 |
3.2 |
3.1 |
3.1 |
|
Retained Earnings (Accumulated Deficit) |
0.2 |
5.9 |
9.6 |
7.0 |
15.2 |
|
Treasury Stock - Common |
-1.2 |
-1.2 |
-1.1 |
-1.1 |
-1.1 |
|
Unrealized Gain (Loss) |
93.4 |
1.2 |
-1.5 |
-3.1 |
0.8 |
|
Translation Adjustment |
3.2 |
1.5 |
2.4 |
3.5 |
1.1 |
|
Other Equity, Total |
3.2 |
1.5 |
2.4 |
3.5 |
1.1 |
|
Total Equity |
174.0 |
88.8 |
83.7 |
78.6 |
89.1 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
291.0 |
157.1 |
142.4 |
132.5 |
140.5 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
220.7 |
220.7 |
220.7 |
220.7 |
220.7 |
|
Total Common Shares Outstanding |
220.7 |
220.7 |
220.7 |
220.7 |
220.7 |
|
Treasury Shares - Common Stock Primary Issue |
6.5 |
6.5 |
6.5 |
6.5 |
6.5 |
|
Employees |
833 |
852 |
872 |
867 |
875 |
|
Number of Common Shareholders |
4,241 |
4,744 |
5,365 |
5,416 |
5,990 |
|
Pension Obligation - Domestic |
16.9 |
17.2 |
15.3 |
13.7 |
14.6 |
|
Plan Assets - Domestic |
0.2 |
0.2 |
0.1 |
0.1 |
0.1 |
|
Funded Status - Domestic |
-16.7 |
-17.0 |
-15.2 |
-13.6 |
-14.6 |
|
Accumulated Obligation - Domestic |
14.0 |
14.1 |
12.4 |
10.9 |
12.4 |
|
Total Funded Status |
-16.7 |
-17.0 |
-15.2 |
-13.6 |
-14.6 |
|
Discount Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.75% |
2.75% |
|
Expected Rate of Return - Domestic |
2.00% |
2.00% |
2.00% |
2.75% |
2.75% |
|
Compensation Rate - Domestic |
2.00% |
2.25% |
2.00% |
2.00% |
2.00% |
|
Prepaid Benefits - Domestic |
- |
- |
0.0 |
0.0 |
1.6 |
|
Accrued Liabilities - Domestic |
-14.1 |
-14.3 |
-12.3 |
-11.1 |
-12.4 |
|
Net Assets Recognized on Balance Sheet |
-14.1 |
-14.3 |
-12.2 |
-11.1 |
-10.7 |
|
Total Plan Obligations |
16.9 |
17.2 |
15.3 |
13.7 |
14.6 |
|
Total Plan Assets |
0.2 |
0.2 |
0.1 |
0.1 |
0.1 |
|
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 with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
-5.7 |
-4.3 |
2.4 |
-8.4 |
-7.0 |
|
Depreciation |
4.7 |
4.8 |
3.6 |
3.6 |
5.8 |
|
Depreciation/Depletion |
4.7 |
4.8 |
3.6 |
3.6 |
5.8 |
|
Amortization of Intangibles |
0.1 |
0.1 |
0.1 |
- |
- |
|
Amortization |
0.1 |
0.1 |
0.1 |
- |
- |
|
Deferred Taxes |
0.0 |
0.0 |
0.9 |
-0.7 |
0.8 |
|
Unusual Items |
-4.2 |
2.1 |
-0.9 |
4.9 |
0.6 |
|
Equity in Net Earnings (Loss) |
-1.1 |
-0.7 |
-0.4 |
0.0 |
0.3 |
|
Other Non-Cash Items |
0.9 |
0.1 |
0.7 |
4.9 |
7.9 |
|
Non-Cash Items |
-4.3 |
1.5 |
-0.6 |
9.8 |
8.9 |
|
Accounts Receivable |
-2.9 |
6.5 |
-5.7 |
5.0 |
-3.7 |
|
Inventories |
9.0 |
-7.6 |
-0.3 |
3.2 |
-6.5 |
|
Other Assets |
-0.4 |
-0.7 |
1.4 |
-0.9 |
-0.7 |
|
Accounts Payable |
-4.0 |
-3.8 |
9.3 |
-12.0 |
8.9 |
|
Accrued Expenses |
1.0 |
-1.5 |
1.3 |
-1.4 |
-0.1 |
|
Other Liabilities |
0.7 |
-1.9 |
2.5 |
0.4 |
-0.8 |
|
Other Assets & Liabilities, Net |
0.1 |
0.1 |
0.0 |
- |
- |
|
Changes in Working Capital |
3.5 |
-9.0 |
8.6 |
-5.7 |
-2.9 |
|
Cash from Operating Activities |
-1.8 |
-6.8 |
15.1 |
-1.4 |
5.6 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-8.5 |
-3.7 |
-6.1 |
-16.4 |
-9.4 |
|
Purchase/Acquisition of Intangibles |
- |
- |
0.0 |
-0.2 |
-0.2 |
|
Capital Expenditures |
-8.5 |
-3.7 |
-6.1 |
-16.6 |
-9.6 |
|
Sale of Fixed Assets |
0.0 |
0.1 |
0.7 |
1.5 |
0.3 |
|
Sale/Maturity of Investment |
0.1 |
0.2 |
- |
- |
- |
|
Investment, Net |
0.3 |
0.1 |
-0.1 |
- |
- |
|
Purchase of Investments |
0.0 |
0.0 |
- |
- |
-0.3 |
|
Other Investing Cash Flow |
-0.8 |
-0.9 |
-0.2 |
0.0 |
-0.4 |
|
Other Investing Cash Flow Items, Total |
-0.4 |
-0.5 |
0.4 |
1.5 |
-0.4 |
|
Cash from Investing Activities |
-8.9 |
-4.2 |
-5.7 |
-15.1 |
-10.0 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
0.0 |
-0.1 |
0.0 |
-0.2 |
-0.2 |
|
Financing Cash Flow Items |
0.0 |
-0.1 |
0.0 |
-0.2 |
-0.2 |
|
Cash Dividends Paid - Common |
- |
- |
- |
0.0 |
-1.4 |
|
Total Cash Dividends Paid |
- |
- |
- |
0.0 |
-1.4 |
|
Short Term Debt, Net |
1.4 |
8.2 |
-5.1 |
10.9 |
-3.2 |
|
Long Term Debt, Net |
6.8 |
3.2 |
-4.1 |
7.6 |
2.9 |
|
Issuance (Retirement) of Debt, Net |
8.2 |
11.4 |
-9.2 |
18.4 |
-0.2 |
|
Cash from Financing Activities |
8.2 |
11.3 |
-9.2 |
18.2 |
-1.8 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
2.2 |
-1.4 |
-0.5 |
2.5 |
0.8 |
|
Net Change in Cash |
-0.4 |
-1.2 |
-0.4 |
4.3 |
-5.4 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
8.8 |
9.4 |
9.4 |
5.6 |
10.7 |
|
Net Cash - Ending Balance |
8.5 |
8.2 |
9.0 |
9.8 |
5.3 |
|
Cash Interest Paid |
0.4 |
0.2 |
0.2 |
0.3 |
0.1 |
|
Cash Taxes Paid |
0.2 |
1.3 |
0.5 |
0.6 |
0.1 |
|
|
|
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 |
Reclassified
Normal |
Reclassified
Normal |
Reclassified
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 with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Gross Sales |
195.4 |
195.2 |
167.4 |
179.6 |
179.1 |
|
Sales Returns & Allowances |
-0.8 |
-0.8 |
-0.8 |
-1.2 |
-1.0 |
|
Total Revenue |
194.6 |
194.4 |
166.6 |
178.4 |
178.0 |
|
|
|
|
|
|
|
|
Cost of Sales |
192.9 |
184.3 |
151.6 |
168.5 |
163.0 |
|
Selling Expenses |
7.3 |
7.9 |
7.8 |
8.3 |
8.1 |
|
General and Administrative Expenses |
5.3 |
5.0 |
4.5 |
4.1 |
5.3 |
|
Gain on Reversal of Impairment Loss |
-4.3 |
0.0 |
-0.4 |
0.0 |
- |
|
Inventory Devaluation & Obsolescence |
- |
- |
- |
- |
0.2 |
|
Impairment Loss |
0.0 |
2.3 |
0.1 |
5.2 |
0.9 |
|
Total Operating Expense |
201.2 |
199.5 |
163.7 |
186.1 |
177.4 |
|
|
|
|
|
|
|
|
Interest Income |
0.0 |
0.0 |
0.1 |
0.1 |
0.1 |
|
Gain/Loss on Equity Investment |
1.1 |
0.7 |
0.4 |
0.0 |
-0.3 |
|
Dividend Income |
0.3 |
0.1 |
0.1 |
0.2 |
0.2 |
|
Gain on Sale of Investments |
- |
0.1 |
0.0 |
- |
- |
|
Gain/Loss on Sale of Fixed Assets |
-0.1 |
0.1 |
0.7 |
0.3 |
0.3 |
|
Gain on Foreign Exchange |
0.1 |
0.1 |
0.0 |
0.5 |
0.1 |
|
Miscellaneous Income |
0.3 |
0.4 |
0.1 |
1.3 |
0.9 |
|
Interest Expense |
-0.4 |
-0.2 |
-0.2 |
-0.3 |
-0.1 |
|
Financial Assets Valuation G/L |
- |
-0.1 |
0.1 |
-3.0 |
-7.3 |
|
Miscellaneous Disbursements |
-0.3 |
-0.1 |
0.0 |
-0.2 |
-0.2 |
|
Net Income Before Taxes |
-5.6 |
-4.0 |
4.3 |
-8.6 |
-5.7 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
0.1 |
0.3 |
1.9 |
-0.3 |
1.3 |
|
Net Income After Taxes |
-5.7 |
-4.3 |
2.4 |
-8.4 |
-7.0 |
|
|
|
|
|
|
|
|
Minority Interests |
- |
- |
- |
- |
0.0 |
|
Net Income Before Extra. Items |
-5.7 |
-4.3 |
2.4 |
-8.4 |
-7.0 |
|
Net Income |
-5.7 |
-4.3 |
2.4 |
-8.4 |
-7.0 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
-5.7 |
-4.3 |
2.4 |
-8.4 |
-7.0 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
-5.7 |
-4.3 |
2.4 |
-8.4 |
-7.0 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
220.7 |
220.7 |
220.7 |
220.7 |
220.7 |
|
Basic EPS Excluding ExtraOrdinary Items |
-0.03 |
-0.02 |
0.01 |
-0.04 |
-0.03 |
|
Basic EPS Including ExtraOrdinary Items |
-0.03 |
-0.02 |
0.01 |
-0.04 |
-0.03 |
|
Dilution Adjustment |
0.0 |
0.0 |
- |
0.0 |
0.0 |
|
Diluted Net Income |
-5.7 |
-4.3 |
2.4 |
-8.4 |
-7.0 |
|
Diluted Weighted Average Shares |
220.7 |
220.7 |
220.7 |
220.7 |
220.7 |
|
Diluted EPS Excluding ExtraOrd Items |
-0.03 |
-0.02 |
0.01 |
-0.04 |
-0.03 |
|
Diluted EPS Including ExtraOrd Items |
-0.03 |
-0.02 |
0.01 |
-0.04 |
-0.03 |
|
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 |
-9.8 |
-1.7 |
3.3 |
-3.7 |
-5.1 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
-1.3 |
1.1 |
1.5 |
1.4 |
1.6 |
|
Normalized Income After Taxes |
-8.4 |
-2.8 |
1.9 |
-5.2 |
-6.6 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-8.4 |
-2.8 |
1.9 |
-5.2 |
-6.6 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-0.04 |
-0.01 |
0.01 |
-0.02 |
-0.03 |
|
Diluted Normalized EPS |
-0.04 |
-0.01 |
0.01 |
-0.02 |
-0.03 |
|
Interest Expense, Supplemental |
0.4 |
0.2 |
0.2 |
0.3 |
0.1 |
|
Interest Capitalized |
-0.1 |
-0.1 |
- |
- |
- |
|
Depreciation - Operating Cost |
4.2 |
4.5 |
3.1 |
3.2 |
5.1 |
|
Depreciation - Operating Expense |
0.5 |
0.4 |
0.4 |
0.2 |
0.2 |
|
Amortization - Operating Cost |
0.0 |
0.0 |
0.1 |
0.1 |
0.6 |
|
Amortization - Operating Expense |
0.0 |
0.1 |
0.0 |
0.1 |
0.0 |
|
Current Tax Payable |
0.2 |
0.3 |
0.9 |
0.4 |
0.5 |
|
Current Tax - Total |
0.2 |
0.3 |
0.9 |
0.4 |
0.5 |
|
Deferred Tax |
0.0 |
0.0 |
0.9 |
-0.7 |
0.8 |
|
Deferred Tax - Total |
0.0 |
0.0 |
0.9 |
-0.7 |
0.8 |
|
Income Tax - Total |
0.1 |
0.3 |
1.9 |
-0.3 |
1.3 |
|
Service Cost |
0.3 |
0.3 |
0.3 |
0.3 |
0.3 |
|
Interest Cost |
0.3 |
0.3 |
0.4 |
0.4 |
0.4 |
|
Expected Return on Plan Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Amortization |
0.1 |
0.8 |
0.7 |
0.8 |
0.7 |
|
Domestic Pension Plan Expense |
0.7 |
1.4 |
1.4 |
1.5 |
1.5 |
|
Provision for Defined Contribution Plan |
0.3 |
0.3 |
0.2 |
0.3 |
- |
|
Total Pension Expense |
1.0 |
1.7 |
1.6 |
1.7 |
1.5 |
|
Discount Rate |
2.00% |
2.00% |
2.00% |
2.75% |
2.75% |
|
Rate of Compensation Increase |
2.00% |
2.25% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return on Plan Assets |
2.00% |
2.00% |
2.00% |
2.75% |
2.75% |
|
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 |
Reclassified
Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
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 with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Cash and Cash Equivalent |
8.2 |
8.9 |
9.3 |
9.4 |
5.4 |
|
Financial Asset at Fair Value |
0.7 |
0.7 |
0.8 |
0.6 |
9.4 |
|
Notes & Accounts Receivable |
19.9 |
17.7 |
22.6 |
16.3 |
21.5 |
|
Provision for Doubtful Accounts |
-0.9 |
-0.8 |
-0.8 |
-0.6 |
-0.6 |
|
Other Financial Assets - Current |
- |
- |
- |
- |
0.1 |
|
Merchandise |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Finished Goods |
11.1 |
16.6 |
10.6 |
13.0 |
12.1 |
|
Work-in-Process |
1.5 |
2.3 |
1.8 |
1.0 |
3.2 |
|
Raw Material |
8.6 |
12.3 |
8.7 |
5.9 |
8.3 |
|
Supplies |
0.5 |
0.7 |
0.4 |
0.9 |
1.4 |
|
Materials in Transit |
0.2 |
0.6 |
0.8 |
1.3 |
3.5 |
|
Provision/Allowance for Inventory |
- |
- |
- |
- |
-1.5 |
|
Other Current Assets |
2.9 |
3.8 |
2.2 |
3.2 |
2.2 |
|
Total Current Assets |
52.6 |
62.8 |
56.2 |
50.9 |
64.9 |
|
|
|
|
|
|
|
|
Financial Assets-Available for Sale |
2.5 |
4.5 |
3.4 |
1.9 |
0.0 |
|
Financial Asset at Cost |
8.3 |
8.7 |
8.0 |
8.0 |
10.3 |
|
Long Term Equity Investment |
10.7 |
10.1 |
8.5 |
7.9 |
8.0 |
|
Land and Improvements |
8.7 |
7.8 |
7.1 |
6.2 |
6.2 |
|
Buildings and Structures |
21.2 |
21.2 |
19.8 |
19.1 |
18.0 |
|
Machinery and Equipment |
95.1 |
103.3 |
94.3 |
86.9 |
77.4 |
|
Miscellaneous Equipment |
40.1 |
43.6 |
39.4 |
37.8 |
31.2 |
|
Assets Revaluation Increment |
141.5 |
3.5 |
3.2 |
2.7 |
2.9 |
|
Accumulated Depreciation |
-122.9 |
-131.2 |
-117.2 |
-111.0 |
-113.2 |
|
Provision for Impairment of Fixed Assets |
-2.6 |
-7.3 |
-6.5 |
-6.8 |
-3.9 |
|
Construction in Prog. & Prepay for Equip |
10.3 |
4.3 |
3.3 |
5.9 |
15.4 |
|
Deferred Pension Cost |
- |
- |
0.0 |
0.0 |
1.6 |
|
Land Use Right |
2.1 |
2.0 |
2.0 |
2.0 |
1.9 |
|
Idle Assets |
- |
- |
- |
- |
19.1 |
|
Other Assets-Land |
23.4 |
23.6 |
20.7 |
20.0 |
- |
|
Other Long Term Assets |
0.0 |
0.0 |
0.0 |
1.0 |
0.7 |
|
Total Assets |
291.0 |
157.1 |
142.4 |
132.5 |
140.5 |
|
|
|
|
|
|
|
|
Short Term Borrowings |
18.5 |
17.8 |
7.7 |
12.6 |
2.2 |
|
Financial Liabilities-Fair Value,Current |
- |
- |
0.0 |
0.0 |
0.0 |
|
Accounts & Notes Payable |
15.4 |
20.0 |
22.0 |
12.1 |
24.0 |
|
Accrued Expenses |
5.1 |
4.3 |
5.5 |
4.0 |
4.9 |
|
Other Current Liabilities |
2.2 |
1.2 |
4.3 |
3.7 |
4.7 |
|
Total Current Liabilities |
41.2 |
43.4 |
39.5 |
32.5 |
35.7 |
|
|
|
|
|
|
|
|
Long Term Borrowings |
16.5 |
10.3 |
6.3 |
10.2 |
3.0 |
|
Total Long Term Debt |
16.5 |
10.3 |
6.3 |
10.2 |
3.0 |
|
|
|
|
|
|
|
|
Land Revaluation Increment Tax Reserve |
44.6 |
0.0 |
- |
- |
- |
|
Accrued Pension Liabilities |
14.1 |
14.3 |
12.3 |
11.1 |
12.4 |
|
Other Long Term Liabilities |
0.6 |
0.2 |
0.6 |
0.1 |
0.3 |
|
Minority Interest |
- |
- |
- |
- |
0.0 |
|
Total Liabilities |
117.0 |
68.2 |
58.7 |
53.9 |
51.4 |
|
|
|
|
|
|
|
|
Common Stock |
75.0 |
77.9 |
71.0 |
69.2 |
70.1 |
|
Share Premium |
3.3 |
3.5 |
3.2 |
3.1 |
3.1 |
|
Legal Reserve |
4.4 |
9.4 |
8.6 |
8.4 |
8.5 |
|
Special Reserve |
1.3 |
1.4 |
1.3 |
1.2 |
1.2 |
|
Retained Earnings |
-5.5 |
-4.9 |
-0.2 |
-2.6 |
5.5 |
|
Cumulative Translation Adjustment |
3.2 |
1.5 |
2.4 |
3.5 |
1.1 |
|
Unrealized G/L on Financial Instruments |
-1.5 |
-0.1 |
-2.6 |
-3.9 |
0.0 |
|
Unrealized Revaluation Increment |
94.9 |
1.3 |
1.2 |
0.8 |
0.8 |
|
Treasury Stock |
-1.2 |
-1.2 |
-1.1 |
-1.1 |
-1.1 |
|
Total Equity |
174.0 |
88.8 |
83.7 |
78.6 |
89.1 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
291.0 |
157.1 |
142.4 |
132.5 |
140.5 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
220.7 |
220.7 |
220.7 |
220.7 |
220.7 |
|
Total Common Shares Outstanding |
220.7 |
220.7 |
220.7 |
220.7 |
220.7 |
|
T/S-Common Stock |
6.5 |
6.5 |
6.5 |
6.5 |
6.5 |
|
Full-Time Employees |
833 |
852 |
872 |
867 |
875 |
|
Number of Common Shareholders |
4,241 |
4,744 |
5,365 |
5,416 |
5,990 |
|
Accumulated Benefit Obligation |
14.0 |
14.1 |
12.4 |
10.9 |
12.4 |
|
Benefit Obligaiton |
16.9 |
17.2 |
15.3 |
13.7 |
14.6 |
|
Fair Value of Plan Assets |
0.2 |
0.2 |
0.1 |
0.1 |
0.1 |
|
Funded Status |
-16.7 |
-17.0 |
-15.2 |
-13.6 |
-14.6 |
|
Total Funded Status |
-16.7 |
-17.0 |
-15.2 |
-13.6 |
-14.6 |
|
Discount Rate |
2.00% |
2.00% |
2.00% |
2.75% |
2.75% |
|
Rate of Compensation Increase |
2.00% |
2.25% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return on Plan Assets |
2.00% |
2.00% |
2.00% |
2.75% |
2.75% |
|
Deferred Pension Cost |
- |
- |
0.0 |
0.0 |
1.6 |
|
Accrued Pension Liabilities |
-14.1 |
-14.3 |
-12.3 |
-11.1 |
-12.4 |
|
Net Assets Recognized on Balance Sheet |
-14.1 |
-14.3 |
-12.2 |
-11.1 |
-10.7 |
|
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 with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
-5.7 |
-4.3 |
2.4 |
-8.4 |
-7.0 |
|
Depreciation |
4.7 |
4.8 |
3.6 |
3.6 |
5.8 |
|
Amortization of Intangibles |
0.1 |
0.1 |
0.1 |
- |
- |
|
Provision of Bad Debts |
0.1 |
0.0 |
0.2 |
0.2 |
0.3 |
|
Accounting Change on Financial Asset |
- |
- |
- |
- |
0.0 |
|
G/L on Financial Assets Valuation |
- |
- |
-0.1 |
3.0 |
7.3 |
|
Equity Investment Gain/Loss |
-1.1 |
-0.7 |
-0.4 |
0.0 |
0.3 |
|
Cash Dividends from Equity Subsidiaries |
0.1 |
- |
- |
- |
0.0 |
|
Financial Assets Valuation - Fair Value |
- |
- |
- |
- |
-0.1 |
|
Net Gain/Loss on Disposal of Properties |
0.1 |
-0.1 |
-0.7 |
-0.3 |
-0.3 |
|
Other Expense-Fixed Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.3 |
|
Gain on Sale of Investments |
0.0 |
-0.1 |
- |
- |
0.0 |
|
Reversal fo Impairment on Fixed Assets |
- |
- |
-0.4 |
- |
- |
|
Impairment Loss on Assets |
-4.3 |
2.3 |
0.1 |
5.2 |
0.9 |
|
Inventory Devaluation & Obsolescence |
0.7 |
0.1 |
0.7 |
1.6 |
0.2 |
|
Impairment on Fncl. Assets-at Cost |
- |
- |
- |
- |
0.0 |
|
Finanical Liabilities for Trading |
- |
- |
- |
0.0 |
- |
|
Financial Asset at Fair Value |
- |
- |
- |
0.1 |
- |
|
Fin.Assets&Liability-Fair Value, Current |
0.1 |
0.1 |
0.0 |
- |
- |
|
Notes & Accounts Receivable |
-2.9 |
6.5 |
-5.7 |
5.0 |
-3.7 |
|
Inventories |
9.0 |
-7.6 |
-0.3 |
3.2 |
-6.5 |
|
Other Financial Asset |
- |
- |
- |
-1.6 |
0.2 |
|
Deferred Tax Assets |
0.0 |
0.0 |
0.9 |
-0.7 |
0.8 |
|
Other Current Assets |
-0.4 |
-0.7 |
1.4 |
0.7 |
-0.9 |
|
Accounts & Notes Payable |
-4.0 |
-3.8 |
9.3 |
-12.0 |
6.3 |
|
Other Payables |
- |
- |
- |
- |
2.6 |
|
Accrued Expenses |
1.0 |
-1.5 |
1.3 |
-1.4 |
-0.1 |
|
Other Current Liabilities |
0.4 |
-2.7 |
1.8 |
-0.2 |
-1.6 |
|
Accrued Pension Liabilities |
0.3 |
0.8 |
0.8 |
0.5 |
0.8 |
|
Other Liabilities |
- |
- |
0.0 |
- |
- |
|
Other |
- |
- |
- |
- |
0.0 |
|
Cash from Operating Activities |
-1.8 |
-6.8 |
15.1 |
-1.4 |
5.6 |
|
|
|
|
|
|
|
|
Deferred Charges |
-0.2 |
0.0 |
0.0 |
0.0 |
-0.3 |
|
Financial Assets for Sale,Non-current |
0.3 |
0.1 |
-0.1 |
- |
- |
|
Long Term Investments Increase |
- |
- |
- |
- |
-0.3 |
|
Disposal of Financial Assets for Sale |
0.1 |
0.2 |
- |
- |
- |
|
Purchase of Financial Assets-Cost Method |
0.0 |
0.0 |
- |
- |
- |
|
Other Assets-Land |
-0.6 |
-0.8 |
-0.2 |
- |
- |
|
Capital Expenditure |
-8.5 |
-3.7 |
-6.1 |
-16.4 |
-9.4 |
|
Land Use Right |
- |
- |
0.0 |
-0.2 |
-0.2 |
|
Disposal of Fixed Assets |
0.0 |
0.1 |
0.7 |
1.5 |
0.3 |
|
Other |
0.0 |
0.0 |
0.1 |
0.0 |
0.0 |
|
Cash from Investing Activities |
-8.9 |
-4.2 |
-5.7 |
-15.1 |
-10.0 |
|
|
|
|
|
|
|
|
Short Term Borrowings, Net |
1.4 |
8.7 |
-5.1 |
10.9 |
-2.4 |
|
Security Deposit Received |
0.0 |
-0.1 |
0.0 |
-0.2 |
0.0 |
|
Long Term Borrowings, Net |
6.8 |
3.2 |
-4.1 |
7.6 |
2.9 |
|
Other Payable Increase -Related Parties |
0.0 |
-0.5 |
0.0 |
0.0 |
-0.8 |
|
Directors Remuneration & Employees Bonus |
- |
- |
- |
0.0 |
-0.2 |
|
Minority Interest |
- |
- |
0.0 |
0.0 |
- |
|
Cash Dividend - Common Stock |
- |
- |
- |
0.0 |
-1.4 |
|
Cash from Financing Activities |
8.2 |
11.3 |
-9.2 |
18.2 |
-1.8 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
2.2 |
-1.4 |
-0.5 |
2.5 |
0.8 |
|
Net Change in Cash |
-0.4 |
-1.2 |
-0.4 |
4.3 |
-5.4 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
8.8 |
9.4 |
9.4 |
5.6 |
10.7 |
|
Net Cash - Ending Balance |
8.5 |
8.2 |
9.0 |
9.8 |
5.3 |
|
Cash Interest Paid |
0.4 |
0.2 |
0.2 |
0.3 |
0.1 |
|
Cash Taxes Paid |
0.2 |
1.3 |
0.5 |
0.6 |
0.1 |
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per share items (actual units) |
|
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Financials in: USD (mil) |
|
|
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.54.34 |
|
UK Pound |
1 |
Rs.82.56 |
|
Euro |
1 |
Rs.70.10 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.