MIRA INFORM REPORT

           

 

 

Report Date :

18.05.2013

 

IDENTIFICATION DETAILS

 

Name :

NANTEX INDUSTRY CO LTD 

 

 

Registered Office :

No. 9, Industrial 1st Road, Lin-Yuan District, Kaohsiung, 832

 

 

Country :

Taiwan

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

10.01.1979

 

 

Legal Form :

Public Parent Company

 

 

Line of Business :

manufacturer and distribution of synthetic rubber products.

 

 

No. of Employees :

680

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory 

 

 

Payment Behaviour :

No  Complaints 

 

 

Litigation :

Clear 

 

NOTES:

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

 

ECGC Country Risk Classification List – March 31st 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Taiwan

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Taiwan ECONOMIC OVERVIEW

 

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

 

Source : CIA

 

 

Company name & address

 

Nantex Industry Co Ltd

No. 9

Industrial 1st Road, Lin-Yuan District

Kaohsiung, 832

Taiwan

 

Tel:       886-7-6413621

Fax:      886-7-6424828

 

Web:    www.nantex.com.tw

 

 

Synthesis  

 

Employees:                 680

Company Type:            Public Parent

Corporate Family:          2 Companies

Traded:                         Taiwan Stock Exchange:            2108

Incorporation Date:        10-Jan-1979

Auditor:                       PricewaterhouseCoopers LLP   

Financials in:                 USD (Millions)

Fiscal Year End:            31-Dec-2012

Reporting Currency:       Taiwanese New Dollar

Annual Sales:                340.6  1

Net Income:                 12.0

Total Assets:                247.6  2

Market Value:               258.3 (03-May-2013)

 

 

Business Description     

 

Nantex Industry Co., Ltd. is principally engaged in the manufacture and distribution of synthetic rubber products. The Company's major products include styrene butadiene rubber (SBR) latexes, butadiene-acrylonitrile (NBR) latexes, NBR synthetic rubber factices, latex sheets and thermoplastic vulcanizates (TPVs), among others. Its products are primarily applied in manufacture of paper products, construction materials, artificial leather products, footwear, automobile parts, sports equipment, electronic components, industrial products and medical equipment, among others. For the fiscal year ended 31 December 2012, Nantex Industry Co Ltd revenues decreased 11% to NT$10.08B. Net income decreased 62% to NT$355.5M. Revenues reflect Other Foreign segment decrease of 65% to NT$745M, Malaysia segment decrease of 27% to NT$1.58B. Net income also reflects Selling Expenses increase of 20% to NT$400.8M (expense), Research and Development Expenses increase of 74% to NT$136.8M (expense).

Industry            

Industry           Chemicals - Plastics and Rubber

ANZSIC 2006:   1821 - Synthetic Resin and Synthetic Rubber Manufacturing

NACE 2002:      2417 - Manufacture of synthetic rubber in primary forms

NAICS 2002:     325212 - Synthetic Rubber Manufacturing

UK SIC 2003:    2417 - Manufacture of synthetic rubber in primary forms

UK SIC 2007:    2017 - Manufacture of synthetic rubber in primary forms

US SIC 1987:    2822 - Synthetic Rubber (Vulcanizable Elastomers)

 

           

Key Executives   

 

Name                                       Title    

Shengzhong Huang                   Manager-Accounting     

Ruiyuan Huang  Deputy             General Manager         

Cheng Hua-Tang                        President         

Yuan-Lin Hsiao                          Manager

Dongyuan Yang                                    Chairman of the Board  

 

 

significant Developments  

 

Topic               #*                     Most Recent Headline                                                                           Date

Dividends         2                      Nantex Industry Co Ltd Announces FY 2012 Dividend Payment               21-Mar-2013

 

* number of significant developments within the last 12 months>> View All  >> View Last 12 Months

 

News   

 

Title                                                                                                                             Date

Nantex Industry Co Ltd Announces FY 2012 Dividend Payment                                       21-Mar-2013

 

 

Financial Summary    

 

 

As of 31-Dec-2012

Key Ratios

Company

Industry

Current Ratio (MRQ)

2.88

2.18

Quick Ratio (MRQ)

1.48

1.35

Debt to Equity (MRQ)

0.08

0.82

Sales 5 Year Growth

10.32

6.26

Net Profit Margin (TTM) %

3.74

10.56

Return on Assets (TTM) %

5.32

8.26

Return on Equity (TTM) %

6.25

22.07

 

 

Stock Snapshot    

 

 

Traded: Taiwan Stock Exchange: 2108

 

As of 3-May-2013

   Financials in: TWD

Recent Price

20.10

 

EPS

0.92

52 Week High

25.76

 

Price/Sales

0.76

52 Week Low

15.50

 

Dividend Rate

1.43

Avg. Volume (mil)

0.25

 

Price/Earnings

20.04

Market Value (mil)

7,638.61

 

Price/Book

1.37

 

 

 

Beta

0.94

 

Price % Change

Rel S&P 500%

4 Week

-0.50%

-2.86%

13 Week

-0.99%

-4.38%

52 Week

-17.07%

-21.92%

Year to Date

7.20%

1.46%

 

 

1 - Profit & Loss Item Exchange Rate: USD 1 = TWD 29.57962

2 - Balance Sheet Item Exchange Rate: USD 1 = TWD 29.012

 

 

Corporate Overview

 

Location

No. 9

Industrial 1st Road, Lin-Yuan District

Kaohsiung, 832

Taiwan

Tel:       886-7-6413621

Fax:      886-7-6424828

Web:    www.nantex.com.tw

           

Quote Symbol - Exchange

2108 - Taiwan Stock Exchange

Sales TWD(mil):            10,075.2

Assets TWD(mil):          7,183.9

Employees:                  680

Fiscal Year End:            31-Dec-2012

Industry:                       Chemicals - Plastics and Rubber

Incorporation Date:        10-Jan-1979

Company Type  :           Public Parent

Quoted Status:              Quoted

President:                     Cheng Hua-Tang

 

Industry Codes

 

ANZSIC 2006 Codes:

1821     -          Synthetic Resin and Synthetic Rubber Manufacturing

 

NACE 2002 Codes:

2417     -          Manufacture of synthetic rubber in primary forms

 

NAICS 2002 Codes:

325212  -          Synthetic Rubber Manufacturing

 

US SIC 1987:

2822     -          Synthetic Rubber (Vulcanizable Elastomers)

 

UK SIC 2003:

2417     -          Manufacture of synthetic rubber in primary forms

 

UK SIC 2007:

2017     -          Manufacture of synthetic rubber in primary forms

 

Business Description

Nantex Industry Co., Ltd. is principally engaged in the manufacture and distribution of synthetic rubber products. The Company's major products include styrene butadiene rubber (SBR) latexes, butadiene-acrylonitrile (NBR) latexes, NBR synthetic rubber factices, latex sheets and thermoplastic vulcanizates (TPVs), among others. Its products are primarily applied in manufacture of paper products, construction materials, artificial leather products, footwear, automobile parts, sports equipment, electronic components, industrial products and medical equipment, among others. For the fiscal year ended 31 December 2012, Nantex Industry Co Ltd revenues decreased 11% to NT$10.08B. Net income decreased 62% to NT$355.5M. Revenues reflect Other Foreign segment decrease of 65% to NT$745M, Malaysia segment decrease of 27% to NT$1.58B. Net income also reflects Selling Expenses increase of 20% to NT$400.8M (expense), Research and Development Expenses increase of 74% to NT$136.8M (expense).

 

More Business Descriptions

Manufacture of synthetic rubber latexes, styrene-butiadene rubber, acrylonitrile-butiadene rubber, polymer composite, insole materials, carbon masterbatch

 

Rubber & Latex Products Mfr

 

Nantex Industry Co Ltd (Nantex) is a chemical company, based in Taiwan. The company operates through the manufacture and distribution of synthetic rubber products. It manufactures various grades of MBR, NBR and SBR latexes. The products of the company include inner shoe soles, synthetic rubber latex, carbon masterbatch compounds, acrylonitrile-butadiene rubber (NBR), and thermoplastic elastomers. Its products are used in paper and paperboard, medical and industrial gloves, adhesives, and nonwoven fabrics. The company distributes its products through the brand NANTEX, NANCAR and HYCAR. It has its operating units in the US, Taiwan, Europe, Africa and Australia. Nantex is headquartered in Kaohsiung Hsien, Taiwan.The company reported revenues of (Taiwanese Dollars) TWD 11,339.08 million during the fiscal year ended December 2011, an increase of 41.60% over 2010. The operating profit of the company was TWD 1,091.68 million during the fiscal year 2011, an increase of 59.48% over 2010. The net profit of the company was TWD 938.09 million during the fiscal year 2011, an increase of 73.36% over 2010.

 

Resin and Synthetic Rubber Manufacturing

 

Brand/Trade Names

NANTEX

 

Financial Data

Financials in:

TWD(mil)

 

Revenue:

10,075.2

Net Income:

355.5

Assets:

7,183.9

Long Term Debt:

35.1

 

Total Liabilities:

1,610.4

 

Working Capital:

2.3

 

 

 

Date of Financial Data:

31-Dec-2012

 

1 Year Growth

-11.1%

-62.1%

2.8%

 

Market Data

Quote Symbol:

2108

Exchange:

Taiwan Stock Exchange

Currency:

TWD

Stock Price:

20.1

Stock Price Date:

05-03-2013

52 Week Price Change %:

-17.1

Market Value (mil):

7,638,611.0

 

SEDOL:

6621267

ISIN:

TW0002108008

 

Equity and Dept Distribution:

08/2006, 6% stock dividend. 08/2005, 2.5% stock dividend. 08/2004, 3% stock dividend. 07/2003, 5% stock dividend. 08/2002, 10% stock dividend. 09/2007, 5% stock dividend. 9/2008, 10% stock dividend. 06/2009, 8% Stock Dividend. 09/2010, 8% stock dividend. 09/2011, stock dividend (F:1.06). FY'2010 Q2 B/S is being CLA.

 

Subsidiaries

Company

Percentage Owned

Country

Inter Medium Interational Ltd

100%

BRITISH VIRGIN ISLANDS

 

 

 

Key Corporate Relationships

Auditor:

PricewaterhouseCoopers LLP

 

Auditor:

PricewaterhouseCoopers LLP, PricewaterhouseCoopers

 

 

 

 

 

 

 

 

 

 

Corporate Family

Corporate Structure News:

 

Nantex Industry Co Ltd

Nantex Industry Co Ltd 
Total Corporate Family Members: 2 

 

 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

 

Nantex Industry Co Ltd

Parent

Kaohsiung

Taiwan

Chemicals - Plastics and Rubber

340.6

680

 

ZhenJiang Nantex Chemical Industry Co., Ltd.

Subsidiary

Zhenjiang, Jiangsu

China

Chemicals - Plastics and Rubber

 

152

 

 

 

 

Competitors Report

 

Company Name

Location

Employees

Ownership

TSRC Corporation

Taipei, Taiwan

1,466

Public

 

 

Executive report

 

Board of Directors

 

Name

Title

Function

 

Tony T Y Yang

 

Chairman

Chairman

 

Tony T.Y. Yang

 

Chairman

Chairman

 

Tung Yuan Yang

 

Chairman

Chairman

 

Dongyuan Yang

 

Chairman of the Board

Chairman

 

Biography:

Yang Dongyuan has been Chairman of the Board in Nantex Industry Co., Ltd. since June 9, 2004. Yang also serves as Chairman of the Board in a chemical engineering company and Deputy General Manager in Tainan Spinning Co., Ltd.

 

Minghui Chen

 

Director

Director/Board Member

 

 

Biography:

Chen Minghui has been Director in Chun Yuan Steel Industrial Co., Ltd. since June 21, 2010. Chen is also Chairman of the Board in another company.

 

Wenteng Hou

 

Managing Director

Director/Board Member

 

 

Biography:

Hou Wenteng has been Managing Director in Nantex Industry Co., Ltd. since July 25, 1987. Hou also serves as Director in Tainan Spinning Co., Ltd.

 

Boming Hou

 

Managing Director

Director/Board Member

 

 

Biography:

Mr. Hou Boming has been Managing Director in Nantex Industry Co., Ltd. since August 21, 1989. He also serves as Vice Chairman of the Board and General Manager in Tainan Spinning Co., Ltd., as well as Director in Uni-President Enterprises Corp.

 

Boyu Hou

 

Director

Director/Board Member

 

 

Biography:

Hou Boyu has been Director in Chun Yuan Steel Industrial Co., Ltd since June 21, 2010. Hou is also Chairman of the Board in an investment company and Director in Tainan Spinning Co., Ltd.

 

Guozhou Huang

 

Director

Director/Board Member

 

 

Biography:

Huang Guozhou has been Director in Nantex Industry Co., Ltd. since June 14, 2001. Huang is also Manager of Business in another company.

 

Mengsheng Liao

 

Director

Director/Board Member

 

 

Biography:

Liao Mengsheng has been Director in Chun Yuan Steel Industrial Co., Ltd since June 21, 2010. Liao is also Deputy General Manager of Tainan Spinning Co., Ltd.

 

Shen Qiu

 

Deputy General Manager, Director

Director/Board Member

 

 

Biography:

Qiu Shen has been Deputy General Manager and Director in Nantex Industry Co., Ltd. since July 1, 2010. Qiu is also Director in two other companies, including Nanmat Technology Co., Ltd. Qiu was Assistant General Manager-Finance in the Company.

 

Lianghong Wu

 

Managing Director

Director/Board Member

 

 

Biography:

Mr. Wu Lianghong has been Managing Director in Nantex Industry Co., Ltd. He is also Director in Tainan Spinning Co., Ltd and Chairman of the Board in another company.

 

Zhonghe Wu

 

Director

Director/Board Member

 

 

Liling Zheng

 

Managing Director

Director/Board Member

 

 

Biography:

Ms. Zheng Liling has been Managing Director in Nantex Industry Co., Ltd. since July 25, 1987. She also serves as Director in two other companies.

 

Chaoyuan Zheng

 

Director

Director/Board Member

 

 

Biography:

Zheng Chaoyuan has been Director in Chun Yuan Steel Industrial Co., Ltd. since June 21, 2010. Zheng is also Chairman of the Board in another company.

 

Biying Zheng

 

Director

Director/Board Member

 

 

Yaoming Zhuang

 

Director

Director/Board Member

 

 

Biography:

Zhuang Yaoming has been Director in Nantex Industry Co., Ltd. since June 9, 2004. Zhuang is also Deputy General Manager in another company.

 

Yingzhi Zhuang

 

Director

Director/Board Member

 

 

Biography:

Zhuang Yingzhi has been Director in Nantex Industry Co., Ltd. since June 14, 2001. Zhuang is Chairman of the Board in an investment company.

 

 

 

 

 

Executives

 

Name

Title

Function

 

Cheng Hua-Tang

 

President

President

 

Hua-Tang Cheng

 

General Manager

Division Head Executive

 

Huatang Zheng

 

General Manager

Division Head Executive

 

Biography:

Zheng Huatang has been General Manager in Nantex Industry Co., Ltd. since September 15, 2009. Zheng is also Director in another company. Zheng used to be Executive Deputy General Manager in the Company.

 

Renqin Chen

 

Managing Director

Managing Director

 

 

Wenteng Hou

 

Managing Director

Managing Director

 

 

Biography:

Hou Wenteng has been Managing Director in Nantex Industry Co., Ltd. since July 25, 1987. Hou also serves as Director in Tainan Spinning Co., Ltd.

 

Boming Hou

 

Managing Director

Managing Director

 

 

Biography:

Mr. Hou Boming has been Managing Director in Nantex Industry Co., Ltd. since August 21, 1989. He also serves as Vice Chairman of the Board and General Manager in Tainan Spinning Co., Ltd., as well as Director in Uni-President Enterprises Corp.

 

Lianghong Wu

 

Managing Director

Managing Director

 

 

Biography:

Mr. Wu Lianghong has been Managing Director in Nantex Industry Co., Ltd. He is also Director in Tainan Spinning Co., Ltd and Chairman of the Board in another company.

 

Liling Zheng

 

Managing Director

Managing Director

 

 

Biography:

Ms. Zheng Liling has been Managing Director in Nantex Industry Co., Ltd. since July 25, 1987. She also serves as Director in two other companies.

 

Shengzhong Huang

 

Manager-Accounting

Accounting Executive

 

 

Biography:

Huang Shengzhong has been Manager-Accounting in Nantex Industry Co Ltd since March 16, 2002. Huang also serves as Director in Nanmat Technology Co. LTD.

 

Yuan-Lin Hsiao

 

Manager

Other

 

 

Ruiyuan Huang

 

Deputy General Manager

Other

 

 

Biography:

Huang Ruiyuan has been Deputy General Manager in Chun Yuan Steel Industrial Co., Ltd. Huang is also Director in another company.

 

 

 

 

Significant Developments

 

Nantex Industry Co Ltd Announces FY 2012 Dividend Payment Mar 21, 2013

 

Nantex Industry Co Ltd announced that it will pay a cash dividend of NTD 0.5 per share, and stock dividends worth NTD 0.5 per share, to shareholders for fiscal year 2012.

 

Nantex Industry Co Ltd Announces FY 2011 Dividend Payment Date Aug 23, 2012

 

Nantex Industry Co Ltd announced that it will pay a cash dividend of NTD 1.5 per share (NTD 542,900,564 in total), and distribute 50 new shares for every 1,000 shares as stock dividends worth NTD 180,966,860, to shareholders of record on September 16, 2012. The Company's shares will be traded ex-dividend on September 10, 2012.

 

 

Annual Income Statement

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2012

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2009

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

29.57962

29.39004

31.497037

33.023867

31.543497

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Net Sales

1.9

-

-

-

-

    Gross Revenue

338.9

386.1

255.2

165.3

213.5

    Sales Returns and Allowances

-0.3

-0.3

-0.9

-1.4

-0.9

Revenue

340.6

385.8

254.2

163.9

212.6

Total Revenue

340.6

385.8

254.2

163.9

212.6

 

 

 

 

 

 

    Cost of Revenue

296.8

323.7

212.6

124.4

170.7

Cost of Revenue, Total

296.8

323.7

212.6

124.4

170.7

Gross Profit

43.8

62.1

41.6

39.4

41.9

 

 

 

 

 

 

    Selling/General/Administrative Expense

25.4

22.2

18.1

15.0

16.3

Total Selling/General/Administrative Expenses

25.4

22.2

18.1

15.0

16.3

Research & Development

4.6

2.7

1.7

1.6

1.7

Total Operating Expense

326.9

348.7

232.5

141.0

188.6

 

 

 

 

 

 

Operating Income

13.7

37.1

21.7

22.8

24.0

 

 

 

 

 

 

        Interest Expense - Non-Operating

-0.4

-0.1

-0.1

-0.1

-0.6

    Interest Expense, Net Non-Operating

-0.4

-0.1

-0.1

-0.1

-0.6

        Interest Income - Non-Operating

0.2

0.4

0.2

0.4

1.0

        Investment Income - Non-Operating

-0.5

2.0

-1.2

-1.9

1.9

    Interest/Investment Income - Non-Operating

-0.3

2.5

-0.9

-1.5

2.9

Interest Income (Expense) - Net Non-Operating Total

-0.8

2.4

-1.0

-1.6

2.3

Gain (Loss) on Sale of Assets

0.2

-0.4

0.0

0.0

0.0

    Other Non-Operating Income (Expense)

2.8

0.5

0.0

0.6

0.0

Other, Net

2.8

0.5

0.0

0.6

0.0

Income Before Tax

15.9

39.7

20.8

21.8

26.2

 

 

 

 

 

 

Total Income Tax

3.2

7.7

3.6

5.0

8.0

Income After Tax

12.7

31.9

17.2

16.8

18.3

 

 

 

 

 

 

    Minority Interest

-0.7

-

-

-

-

Net Income Before Extraord Items

12.0

31.9

17.2

16.8

18.3

Net Income

12.0

31.9

17.2

16.8

18.3

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

12.0

31.9

17.2

16.8

18.3

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

12.0

31.9

17.2

16.8

18.3

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

380.0

380.0

380.0

380.0

380.0

Basic EPS Excl Extraord Items

0.03

0.08

0.05

0.04

0.05

Basic/Primary EPS Incl Extraord Items

0.03

0.08

0.05

0.04

0.05

Dilution Adjustment

0.0

-

-

-

0.0

Diluted Net Income

12.0

31.9

17.2

16.8

18.3

Diluted Weighted Average Shares

380.4

380.9

380.6

380.6

381.2

Diluted EPS Excl Extraord Items

0.03

0.08

0.05

0.04

0.05

Diluted EPS Incl Extraord Items

0.03

0.08

0.05

0.04

0.05

Dividends per Share - Common Stock Primary Issue

0.02

0.05

0.03

0.02

0.02

Gross Dividends - Common Stock

6.4

18.5

9.8

7.7

7.4

Interest Expense, Supplemental

0.4

0.1

0.1

0.1

0.6

Interest Capitalized, Supplemental

-

-

-

0.0

-0.3

Depreciation, Supplemental

10.5

8.8

8.2

7.7

7.4

Total Special Items

-0.2

0.4

0.0

0.0

0.0

Normalized Income Before Tax

15.8

40.0

20.8

21.9

26.2

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.0

0.1

0.0

0.0

0.0

Inc Tax Ex Impact of Sp Items

3.2

7.8

3.6

5.0

8.0

Normalized Income After Tax

12.6

32.2

17.2

16.9

18.3

 

 

 

 

 

 

Normalized Inc. Avail to Com.

11.9

32.2

17.2

16.9

18.3

 

 

 

 

 

 

Basic Normalized EPS

0.03

0.08

0.05

0.04

0.05

Diluted Normalized EPS

0.03

0.08

0.05

0.04

0.05

Amort of Intangibles, Supplemental

0.8

0.1

0.1

0.1

0.1

Research & Development Exp, Supplemental

4.6

2.7

1.7

1.6

1.7

Normalized EBIT

13.7

37.1

21.7

22.8

24.0

Normalized EBITDA

25.0

46.1

30.0

30.6

31.4

    Current Tax - Total

3.4

8.4

4.3

5.3

-

Current Tax - Total

3.4

8.4

4.3

5.3

-

    Other Tax

-0.2

-0.7

-0.7

-0.3

-

Income Tax - Total

3.2

7.7

3.6

5.0

-

Interest Cost - Domestic

0.3

0.3

0.3

0.3

0.4

Service Cost - Domestic

0.3

0.3

0.3

0.3

0.4

Expected Return on Assets - Domestic

-0.2

-0.3

-0.2

-0.2

-0.3

Actuarial Gains and Losses - Domestic

0.4

0.2

0.2

0.3

0.1

Transition Costs - Domestic

0.0

0.0

0.2

0.2

0.2

Domestic Pension Plan Expense

0.8

0.6

0.7

0.8

0.8

Defined Contribution Expense - Domestic

0.3

0.1

0.1

0.2

0.2

Defined Contribution Expense - Foreign

0.3

0.2

0.2

-

-

Total Pension Expense

1.4

0.9

1.0

1.1

1.0

Compensation Rate - Domestic

3.00%

1.00%

1.00%

1.00%

1.00%

Total Plan Interest Cost

0.3

0.3

0.3

0.3

0.4

Total Plan Service Cost

0.3

0.3

0.3

0.3

0.4

Total Plan Expected Return

-0.2

-0.3

-0.2

-0.2

-0.3

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

UpdateType/Date

Updated Normal 
31-Dec-2012

Reclassified Normal 
31-Dec-2012

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Reclassified Normal 
31-Dec-2009

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate

29.011999

30.279

29.1565

31.985

32.818

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Cash & Equivalents

18.8

46.7

36.8

46.1

22.0

    Short Term Investments

1.5

2.9

6.5

3.7

1.5

Cash and Short Term Investments

20.4

49.6

43.4

49.7

23.5

        Accounts Receivable - Trade, Gross

17.7

18.8

17.7

13.4

15.3

        Provision for Doubtful Accounts

-0.1

-0.3

-0.1

-0.1

-0.3

    Trade Accounts Receivable - Net

17.6

18.4

17.6

13.3

15.0

    Notes Receivable - Short Term

10.5

12.5

9.8

6.1

3.4

    Other Receivables

3.2

4.0

1.5

2.2

2.4

Total Receivables, Net

31.3

34.9

28.9

21.6

20.8

    Inventories - Finished Goods

25.1

16.2

16.2

11.1

14.6

    Inventories - Work In Progress

5.2

2.3

2.3

1.6

1.5

    Inventories - Raw Materials

25.1

15.5

17.9

9.2

12.5

Total Inventory

55.4

34.0

36.4

21.9

28.6

Prepaid Expenses

6.6

3.2

5.2

1.8

1.0

    Deferred Income Tax - Current Asset

0.4

0.1

0.2

0.1

0.6

Other Current Assets, Total

0.4

0.1

0.2

0.1

0.6

Total Current Assets

114.1

121.8

114.1

95.1

74.4

 

 

 

 

 

 

        Buildings

44.6

35.7

36.8

33.8

30.9

        Land/Improvements

2.7

2.6

2.7

2.4

2.4

        Machinery/Equipment

167.4

133.3

133.0

121.9

108.7

        Construction in Progress

21.2

26.0

0.9

1.0

10.0

        Other Property/Plant/Equipment

13.3

12.7

13.2

12.0

11.7

    Property/Plant/Equipment - Gross

249.2

210.3

186.5

171.2

163.7

    Accumulated Depreciation

-125.8

-112.2

-105.7

-91.5

-82.3

Property/Plant/Equipment - Net

123.4

98.1

80.8

79.6

81.4

Intangibles, Net

2.0

1.9

1.9

1.9

1.7

    LT Investment - Affiliate Companies

0.0

3.3

3.5

3.0

3.4

    LT Investments - Other

3.2

3.1

3.2

2.9

4.2

Long Term Investments

3.2

6.4

6.6

6.0

7.6

    Deferred Charges

1.9

0.0

0.0

0.0

0.0

    Pension Benefits - Overfunded

0.0

0.0

0.0

0.2

0.4

    Other Long Term Assets

3.0

2.5

2.5

2.2

2.2

Other Long Term Assets, Total

4.9

2.5

2.5

2.4

2.6

Total Assets

247.6

230.7

206.0

185.0

167.8

 

 

 

 

 

 

Accounts Payable

12.1

13.6

10.8

9.1

4.1

Accrued Expenses

8.7

8.9

7.2

6.3

6.6

Notes Payable/Short Term Debt

11.3

0.0

3.0

5.4

6.6

Current Portion - Long Term Debt/Capital Leases

2.2

-

-

-

-

    Customer Advances

2.0

2.6

0.5

0.9

0.5

    Income Taxes Payable

0.2

3.1

2.2

0.8

3.8

    Other Payables

3.1

0.2

1.1

0.8

0.4

Other Current liabilities, Total

5.3

5.9

3.8

2.5

4.7

Total Current Liabilities

39.6

28.5

24.8

23.2

22.0

 

 

 

 

 

 

    Long Term Debt

1.2

-

-

-

-

Total Long Term Debt

1.2

0.0

0.0

0.0

0.0

Total Debt

14.6

0.0

3.0

5.4

6.6

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

5.1

5.2

5.3

5.4

4.8

Deferred Income Tax

5.1

5.2

5.3

5.4

4.8

Minority Interest

5.2

0.0

-

-

-

    Reserves

3.2

3.1

3.2

2.9

2.8

    Pension Benefits - Underfunded

1.2

2.3

2.4

2.4

2.4

    Other Long Term Liabilities

0.0

0.0

0.0

0.0

0.0

Other Liabilities, Total

4.4

5.3

5.6

5.3

5.3

Total Liabilities

55.5

39.0

35.7

34.0

32.0

 

 

 

 

 

 

    Common Stock

131.0

119.5

117.1

98.8

89.2

Common Stock

131.0

119.5

117.1

98.8

89.2

Additional Paid-In Capital

0.6

0.6

0.6

0.5

0.5

Retained Earnings (Accumulated Deficit)

48.5

58.6

46.2

41.0

37.4

Unrealized Gain (Loss)

4.6

4.2

5.2

5.0

1.1

    Translation Adjustment

7.8

10.9

3.0

7.2

9.0

    Minimum Pension Liability Adjustment

-0.4

-2.0

-1.8

-1.5

-1.4

Other Equity, Total

7.4

8.8

1.2

5.7

7.6

Total Equity

192.1

191.7

170.3

151.1

135.8

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

247.6

230.7

206.0

185.0

167.8

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

380.0

380.0

380.0

380.0

380.0

Total Common Shares Outstanding

380.0

380.0

380.0

380.0

380.0

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

0.0

Employees

680

470

410

400

400

Number of Common Shareholders

-

-

16,714

17,549

-

Accumulated Intangible Amort, Suppl.

0.5

0.3

0.3

0.2

0.1

Deferred Revenue - Current

2.0

2.6

0.5

0.9

0.5

Total Operating Leases, Supplemental

0.7

-

-

-

-

Operating Lease Payments Due in Year 1

0.1

-

-

-

-

Operating Lease Payments Due in Year 2

0.1

-

-

-

-

Operating Lease Payments Due in Year 3

0.1

-

-

-

-

Operating Lease Payments Due in Year 4

0.1

-

-

-

-

Operating Lease Payments Due in Year 5

0.1

-

-

-

-

Operating Lease Pymts. Due in 2-3 Years

0.3

-

-

-

-

Operating Lease Pymts. Due in 4-5 Years

0.2

-

-

-

-

Oper. Lse. Pymts. Due in Year 6 & Beyond

0.0

-

-

-

-

Pension Obligation - Domestic

20.1

14.7

14.6

13.1

13.1

Plan Assets - Domestic

13.4

11.9

11.5

10.1

9.2

Funded Status - Domestic

-6.7

-2.8

-3.1

-3.1

-3.9

Accumulated Obligation - Domestic

14.6

14.2

13.9

12.5

11.6

Total Funded Status

-6.7

-2.8

-3.1

-3.1

-3.9

Discount Rate - Domestic

1.75%

2.25%

2.25%

2.25%

3.25%

Expected Rate of Return - Domestic

1.75%

2.25%

2.25%

2.25%

3.25%

Compensation Rate - Domestic

3.00%

1.00%

1.00%

1.00%

1.00%

Prepaid Benefits - Domestic

0.0

0.0

-

0.2

0.4

Accrued Liabilities - Domestic

-1.2

-2.3

-2.4

-2.4

-2.4

Net Assets Recognized on Balance Sheet

-1.2

-2.3

-2.4

-2.2

-2.1

Total Plan Obligations

20.1

14.7

14.6

13.1

13.1

Total Plan Assets

13.4

11.9

11.5

10.1

9.2

 

 

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

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

Net Income/Starting Line

12.7

31.9

17.2

16.8

18.3

    Depreciation

10.5

8.8

8.2

7.7

7.4

Depreciation/Depletion

10.5

8.8

8.2

7.7

7.4

    Amortization of Intangibles

0.8

0.1

0.1

0.1

0.1

Amortization

0.8

0.1

0.1

0.1

0.1

Deferred Taxes

-0.7

0.3

-0.7

1.0

0.5

    Unusual Items

0.0

0.1

-0.3

1.5

0.0

    Equity in Net Earnings (Loss)

0.0

0.0

-0.1

0.4

-0.2

    Other Non-Cash Items

-1.0

0.6

1.3

-7.7

7.0

Non-Cash Items

-1.0

0.7

0.9

-5.7

6.9

    Accounts Receivable

5.3

-7.6

-4.8

-0.1

2.0

    Inventories

-19.6

-0.1

-11.4

14.1

-13.8

    Prepaid Expenses

-3.1

1.9

-3.0

-0.8

0.9

    Other Assets

0.1

-0.1

0.1

1.2

-0.6

    Accounts Payable

-2.2

2.4

0.9

5.3

-7.9

    Accrued Expenses

-0.6

2.1

0.3

-0.5

0.7

    Taxes Payable

-3.1

1.0

1.3

-3.0

1.6

    Other Liabilities

-0.1

1.8

-0.8

0.2

-1.1

Changes in Working Capital

-23.4

1.5

-17.4

16.4

-18.2

Cash from Operating Activities

-1.0

43.3

8.3

36.4

15.0

 

 

 

 

 

 

    Purchase of Fixed Assets

-22.4

-25.5

-4.6

-5.2

-10.7

    Purchase/Acquisition of Intangibles

0.0

0.0

0.0

-0.2

-0.3

Capital Expenditures

-22.4

-25.6

-4.6

-5.5

-11.1

    Sale of Fixed Assets

0.3

0.0

0.0

0.0

0.0

    Sale/Maturity of Investment

0.7

7.5

5.9

6.1

0.0

    Investment, Net

0.8

0.7

0.1

0.0

-0.2

    Purchase of Investments

0.0

-5.3

-8.3

-4.6

0.0

    Other Investing Cash Flow

-0.9

0.0

0.0

0.0

0.0

Other Investing Cash Flow Items, Total

0.9

2.9

-2.3

1.6

-0.2

Cash from Investing Activities

-21.5

-22.6

-6.9

-3.9

-11.2

 

 

 

 

 

 

    Other Financing Cash Flow

4.4

-

0.0

0.0

-1.2

Financing Cash Flow Items

4.4

-

0.0

0.0

-1.2

    Cash Dividends Paid - Common

-18.4

-10.5

-8.0

-7.1

-8.4

Total Cash Dividends Paid

-18.4

-10.5

-8.0

-7.1

-8.4

        Short Term Debt Issued

11.0

-

-

-

-

        Short Term Debt Reduction

-

-3.0

-2.7

-1.4

-4.9

    Short Term Debt, Net

11.0

-3.0

-2.7

-1.4

-4.9

    Long Term Debt, Net

3.3

-

-

-

-

Issuance (Retirement) of Debt, Net

14.4

-3.0

-2.7

-1.4

-4.9

Cash from Financing Activities

0.4

-13.4

-10.7

-8.5

-14.5

 

 

 

 

 

 

Foreign Exchange Effects

-1.5

4.2

-3.4

-1.1

2.5

Net Change in Cash

-23.6

11.5

-12.7

22.8

-8.3

 

 

 

 

 

 

Net Cash - Beginning Balance

42.0

36.6

46.8

21.8

31.1

Net Cash - Ending Balance

18.5

48.1

34.1

44.6

22.8

Cash Interest Paid

0.4

0.1

0.1

0.1

0.6

Cash Taxes Paid

6.3

6.4

3.1

7.0

5.8

 

 

 

Annual Income Statement

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2012

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2009

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

29.57962

29.39004

31.497037

33.023867

31.543497

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Gross Sales

338.9

386.1

255.2

165.3

213.5

    Sales Returns & Discounts

-0.1

0.0

-0.7

-1.4

-0.6

    Sales Discounts and Allowances

-0.2

-0.3

-0.2

0.0

-0.3

    Processing Revenue

1.9

-

-

-

-

Total Revenue

340.6

385.8

254.2

163.9

212.6

 

 

 

 

 

 

    Cost of Sales

294.6

323.7

212.6

124.4

170.7

    Cost of Processing

2.3

-

-

-

-

    Selling Expenses

13.6

11.4

10.3

7.4

8.0

    General and Administrative Expenses

11.9

10.9

7.8

7.5

8.3

    Research and Development Expenses

4.6

2.7

1.7

1.6

1.7

Total Operating Expense

326.9

348.7

232.5

141.0

188.6

 

 

 

 

 

 

    Interest Income

0.2

0.4

0.2

0.4

1.0

    Gain on Equity Investment

-

0.0

0.1

0.0

0.2

    Dividend Income

0.3

0.2

0.2

0.0

0.1

    Gain on Sale of Investments

0.0

0.3

0.3

0.0

0.3

    Rent Income

0.0

-

-

-

-

    Foreign Exchange Loss

-0.6

-

-1.7

-

-

    Foreign Exchange Gain

0.0

1.5

-

0.0

1.3

    Gains on Disposal of Fixed Assets

0.2

0.0

0.0

0.0

-

    Miscellaneous Income

2.9

0.6

0.1

0.7

0.6

    Interest Expense

-0.4

-0.1

-0.1

-0.1

-0.6

    Loss on Sale of Investment

-0.2

-

-

-1.5

0.0

    Loss on Equity Investment

0.0

0.0

0.0

-0.4

0.0

    Loss on Sale of Fixed Assets

-0.1

-0.4

0.0

0.0

0.0

    Miscellaneous Disbursements

-0.1

-0.1

-0.1

-0.1

-0.6

Net Income Before Taxes

15.9

39.7

20.8

21.8

26.2

 

 

 

 

 

 

Provision for Income Taxes

3.2

7.7

3.6

5.0

8.0

Net Income After Taxes

12.7

31.9

17.2

16.8

18.3

 

 

 

 

 

 

    Minority Interest

-0.7

-

-

-

-

Net Income Before Extra. Items

12.0

31.9

17.2

16.8

18.3

Net Income

12.0

31.9

17.2

16.8

18.3

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

12.0

31.9

17.2

16.8

18.3

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

12.0

31.9

17.2

16.8

18.3

 

 

 

 

 

 

Basic Weighted Average Shares

380.0

380.0

380.0

380.0

380.0

Basic EPS Excluding ExtraOrdinary Items

0.03

0.08

0.05

0.04

0.05

Basic EPS Including ExtraOrdinary Items

0.03

0.08

0.05

0.04

0.05

Dilution Adjustment

0.0

-

-

-

0.0

Diluted Net Income

12.0

31.9

17.2

16.8

18.3

Diluted Weighted Average Shares

380.4

380.9

380.6

380.6

381.2

Diluted EPS Excluding ExtraOrd Items

0.03

0.08

0.05

0.04

0.05

Diluted EPS Including ExtraOrd Items

0.03

0.08

0.05

0.04

0.05

DPS-Ordinary Stock

0.02

0.05

0.03

0.02

0.02

Gross Dividends - Common Stock

6.4

18.5

9.8

7.7

7.4

Normalized Income Before Taxes

15.8

40.0

20.8

21.9

26.2

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

3.2

7.8

3.6

5.0

8.0

Normalized Income After Taxes

12.6

32.2

17.2

16.9

18.3

 

 

 

 

 

 

Normalized Inc. Avail to Com.

11.9

32.2

17.2

16.9

18.3

 

 

 

 

 

 

Basic Normalized EPS

0.03

0.08

0.05

0.04

0.05

Diluted Normalized EPS

0.03

0.08

0.05

0.04

0.05

Interest Expense, Supplemental

0.4

0.1

0.1

0.1

0.6

R&D Expense, Supplemental

4.6

2.7

1.7

1.6

1.7

Depreciation - Operating Cost

9.1

8.1

7.5

7.0

6.6

Depreciation - Operating Expense

1.3

0.7

0.7

0.7

0.7

Amortization - Operating Cost

0.6

0.0

0.0

0.0

0.0

Amortization - Operating Expense

0.2

0.1

0.1

0.1

0.1

Capitalized Interest

-

-

-

0.0

-0.3

    Current Tax

3.4

8.4

4.3

5.3

-

Current Tax - Total

3.4

8.4

4.3

5.3

-

    Other Tax

-0.2

-0.7

-0.7

-0.3

-

Income Tax - Total

3.2

7.7

3.6

5.0

-

Service Cost

0.3

0.3

0.3

0.3

0.4

Interest Cost

0.3

0.3

0.3

0.3

0.4

Expected Return on Plan Assets

-0.2

-0.3

-0.2

-0.2

-0.3

Amort. of Unrecognized Transitional Cost

0.0

0.0

0.2

0.2

0.2

Amort. of Actuarial Gain/Loss

0.4

0.2

0.2

0.3

0.1

Domestic Pension Plan Expense

0.8

0.6

0.7

0.8

0.8

Pro. for Defined Contribution Pen. Plan

0.3

0.1

0.1

0.2

0.2

Defined Contribution Expense - Foreign

0.3

0.2

0.2

-

-

Total Pension Expense

1.4

0.9

1.0

1.1

1.0

Discount Rate

1.75%

2.25%

2.25%

2.25%

3.25%

Rate of Compensation Increase

3.00%

1.00%

1.00%

1.00%

1.00%

Expected Rate of Return on Plan Assets

1.75%

2.25%

2.25%

2.25%

3.25%

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

UpdateType/Date

Updated Normal 
31-Dec-2012

Reclassified Normal 
31-Dec-2012

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Reclassified Normal 
31-Dec-2009

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate

29.011999

30.279

29.1565

31.985

32.818

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Cash and Cash Equivalent

18.8

46.7

36.8

46.1

22.0

    Other Financial Assets - Current

0.0

0.8

1.6

1.5

1.5

    Financial Assets-Available for Sale

1.5

2.1

4.9

2.1

0.0

    Notes Receivable

10.5

12.5

9.8

6.1

3.4

    Accounts Receivable, Gross

17.7

18.8

17.7

13.4

15.3

    Provision for Sales Discount

-

-0.2

0.0

0.0

-0.2

    Provision for Doubtful Accounts

-0.1

-0.1

-0.1

-0.1

-0.1

    Other Receivables

3.2

4.0

1.5

2.2

2.4

    Merchandise

0.1

-

-

-

-

    Raw Material

23.9

14.5

17.0

8.4

11.8

    Supplies

1.2

1.1

0.9

0.8

0.7

    Work-in-Process

5.2

2.3

2.3

1.6

1.5

    Finished Goods

25.0

16.2

16.2

11.1

14.6

    Prepayment

6.6

3.2

5.2

1.8

1.0

    Deferred Income Tax Assets - Current

0.4

0.1

0.2

0.1

0.6

Total Current Assets

114.1

121.8

114.1

95.1

74.4

 

 

 

 

 

 

    Financial Assets Available for Sale

-

-

-

0.0

1.4

    Long Term Investment - Cost Method

3.2

3.1

3.2

2.9

2.8

    Long Term Equity Investment

0.0

3.3

3.5

3.0

3.4

    Land

2.2

2.1

2.2

2.0

1.9

    Land Improvements

0.5

0.5

0.5

0.5

0.4

    Buildings and Structures

44.6

35.7

36.8

33.8

30.9

    Machinery and Equipment

153.5

125.4

124.9

114.7

102.7

    Computers and Telecom Equipment

0.9

0.5

0.6

0.6

0.6

    Test Equipment

4.6

2.6

2.8

2.5

2.4

    Pollution Protective Equipment

1.5

0.9

1.0

0.9

0.9

    Transportation Equipment

1.6

1.4

1.4

1.2

1.0

    Leasehold Improvements

0.0

0.0

-

-

-

    Miscellaneous Equipment

5.3

2.4

2.3

2.1

1.1

    Assets Revaluation Increment

13.3

12.7

13.2

12.0

11.7

    Accumulated Depreciation

-125.8

-112.2

-105.7

-91.5

-82.3

    Construction in Prg.&Prpymt.t for Equip

21.2

26.0

0.9

1.0

10.0

    Trademark

0.0

0.0

0.0

0.0

0.0

    Patent

0.0

-

-

-

-

    Computer Software Cost

0.1

0.1

0.2

0.2

0.0

    Deferred Pension Cost

0.0

0.0

0.0

0.2

0.4

    Other Intangible Assets, Net

1.8

1.7

1.7

1.7

1.7

    Idle Assets

0.4

0.0

-

-

-

    Security Deposits Paid

0.1

0.0

0.0

0.0

0.0

    Deferred Charges

1.9

0.0

0.0

0.0

0.0

    Other Assets - Other

2.5

2.5

2.5

2.2

2.1

Total Assets

247.6

230.7

206.0

185.0

167.8

 

 

 

 

 

 

    Short Term Borrowings

11.3

0.0

3.0

5.4

6.6

    Accounts Payable

12.1

13.6

10.8

9.1

4.1

    Income Taxes Payable

0.2

3.1

2.2

0.8

3.8

    Accrued Expenses

8.7

8.9

7.2

6.3

6.6

    Other Payables

3.1

0.2

1.1

0.8

0.4

    Advance Receipts

2.0

2.6

0.5

0.9

0.5

    Current Portion of LT Borrowing

2.2

-

-

-

-

Total Current Liabilities

39.6

28.5

24.8

23.2

22.0

 

 

 

 

 

 

    Long Term Debt

1.2

-

-

-

-

Total Long Term Debt

1.2

-

-

-

-

 

 

 

 

 

 

    Land Revaluation Increment Tax Reserve

3.2

3.1

3.2

2.9

2.8

    Accrued Pension Liabilities

1.2

2.3

2.4

2.4

2.4

    Long Term Security Deposits Received

0.0

0.0

0.0

0.0

0.0

    Deferred Income Tax Liabilities

5.1

5.2

5.3

5.4

4.8

    Other Long Term Liabilities

0.0

0.0

-

-

-

    Minority Interest

5.2

0.0

-

-

-

Total Liabilities

55.5

39.0

35.7

34.0

32.0

 

 

 

 

 

 

    Common Stock

131.0

119.5

117.1

98.8

89.2

    Capital Gain on LT Investments

0.6

0.6

0.6

0.5

0.5

    Legal Reserve

23.0

18.9

17.8

14.5

12.4

    Special Reserve

0.1

0.1

0.1

0.1

0.1

    Retained Earnings

25.3

39.5

28.3

26.4

24.9

    Unrealized Gain on Financial Assets

-0.8

-1.0

-0.3

0.0

-3.7

    Unrealized Fixed Assets Revaluation

5.4

5.2

5.4

4.9

4.8

    Cumulative Translation Adjustment

7.8

10.9

3.0

7.2

9.0

    Unrealized Gain/Loss on Pension Fund

-0.4

-2.0

-1.8

-1.5

-1.4

Total Equity

192.1

191.7

170.3

151.1

135.8

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

247.6

230.7

206.0

185.0

167.8

 

 

 

 

 

 

    S/O-Ordinary Stock

380.0

380.0

380.0

380.0

380.0

Total Common Shares Outstanding

380.0

380.0

380.0

380.0

380.0

T/S-Ordinary Stock

0.0

0.0

0.0

0.0

0.0

Deferred Revenue, Current

2.0

2.6

0.5

0.9

0.5

Accu. Amort. of Other Intangibles

0.5

0.3

0.3

0.2

0.1

Full-Time Employees

680

470

410

400

400

Number of Common Shareholders

-

-

16,714

17,549

-

Operating Lease Pymts. Due within 1Year

0.1

-

-

-

-

Operating Lease Payments Due in Year 2

0.1

-

-

-

-

Operating Lease Payments Due in Year 3

0.1

-

-

-

-

Operating Lease Payments Due in Year 4

0.1

-

-

-

-

Operating Lease Payments Due in Year 5

0.1

-

-

-

-

Total Operating Leases

0.7

-

-

-

-

Accumulated Benefit Obligation

14.6

14.2

13.9

12.5

11.6

Benefit Obligation

20.1

14.7

14.6

13.1

13.1

Fair Value of Plan Assets

13.4

11.9

11.5

10.1

9.2

Funded Status

-6.7

-2.8

-3.1

-3.1

-3.9

Total Funded Status

-6.7

-2.8

-3.1

-3.1

-3.9

Discount Rate

1.75%

2.25%

2.25%

2.25%

3.25%

Rate of Compensation Increase

3.00%

1.00%

1.00%

1.00%

1.00%

Expected Rate of Return on Plan Assets

1.75%

2.25%

2.25%

2.25%

3.25%

Accrued Pension Liabilities

-1.2

-2.3

-2.4

-2.4

-2.4

Deferred Pension Cost

0.0

0.0

-

0.2

0.4

Net Assets Recognized on Balance Sheet

-1.2

-2.3

-2.4

-2.2

-2.1

 

 

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

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

Net Income

12.7

31.9

17.2

16.8

18.3

    Depreciation

10.5

8.8

8.2

7.7

7.4

    Amortization of Intangibles

0.8

0.1

0.1

0.1

0.1

    Provision of Bad Debts

-0.1

0.0

0.0

-

-

    Reversal of Provision for Bad Debts

-

-

-

-1.0

0.0

    Provision for Sales Discount

-

-

-

0.0

0.1

    Reversal of Sales Discount

-0.2

0.2

0.0

-0.1

0.0

    Gain from Reversal of Bad Debt

-

-

0.0

0.0

0.0

    Prov. for Inventory Devaluation

-

1.1

-0.1

-6.5

6.9

    Gain from Inventory Revaluation

-0.4

-

-

-

-

    Equity Investment Gain/Loss

0.0

0.0

-0.1

0.4

-0.2

    Loss from Sale of Fin. Assets for Sale

0.2

-0.3

-0.3

1.5

0.0

    Net Gain on Disposal of Properties

-0.2

0.0

0.0

-

-

    Net Loss on Disposal of Properties

0.1

0.4

0.0

0.0

0.0

    Other Expense-Fixed Asset

-

-

0.0

0.0

0.0

    Exchange Gain

-0.4

-0.7

1.4

0.0

0.0

    Notes Receivable

2.5

-3.2

-2.9

-2.5

4.1

    Accounts Receivable

1.8

-1.7

-2.8

2.2

-0.3

    Other Receivables

0.9

-2.7

0.8

0.2

-1.8

    Inventories

-19.6

-0.1

-11.4

14.1

-13.8

    Prepayment

-3.1

1.9

-3.0

-0.8

0.9

    Deferred Tax Assets - Current

-0.4

0.2

-0.2

0.5

-0.6

    Deferred Pension Cost

0.0

0.0

0.2

0.2

0.2

    LT Notes Receivable

-

-

-

1.0

0.0

    Other Assets

0.1

-0.1

-0.1

0.0

-0.8

    Accounts Payable

-2.0

3.3

0.7

4.8

-7.8

    Tax Payable

-3.1

1.0

1.3

-3.0

1.6

    Accrued Expenses

-0.6

2.1

0.3

-0.5

0.7

    Other Payables

-0.2

-0.9

0.2

0.5

-0.1

    Advance Receipts

-0.7

2.2

-0.4

0.3

-0.8

    Other Current Liabilities

0.0

-

-

-

-

    Accrued Pension Liabilities

0.5

-0.4

-0.3

-0.1

-0.2

    Deferred Tax Liabilities

-0.3

0.1

-0.6

0.5

1.1

Cash from Operating Activities

-1.0

43.3

8.3

36.4

15.0

 

 

 

 

 

 

    Purchase of Financial Assets for Sale

0.0

-5.3

-8.3

-4.6

0.0

    Disposal of Financial Assets for Sale

0.7

7.5

5.9

6.1

0.0

    Other Financial Assets

0.8

0.7

0.1

0.0

-0.2

    Capital Expenditure

-22.4

-25.5

-4.6

-5.2

-10.7

    Disposal of Fixed Assets

0.3

0.0

0.0

0.0

0.0

    Trade Mark Increase

0.0

0.0

0.0

0.0

0.0

    Computer Software Increase

0.0

0.0

0.0

-0.2

0.0

    Othe Intangible Assets Increase

0.0

0.0

0.0

0.0

-0.3

    Security Deposit Paid

0.0

0.0

0.0

0.0

0.0

    Deferred Charges

-0.9

-

-

-

-

Cash from Investing Activities

-21.5

-22.6

-6.9

-3.9

-11.2

 

 

 

 

 

 

    Short Term Borrowings Increase

11.0

-

-

-

-

    Short Term Borrowings Decrease

-

-3.0

-2.7

-1.4

-4.9

    LT Borrowing

3.3

-

-

-

-

    Security Deposit Received

-

-

0.0

0.0

0.0

    Employees Bonus&Directors Remuneration

-

-

-

0.0

-1.2

    Cash Dividend - Common Stock

-18.4

-10.5

-8.0

-7.1

-8.4

    Minority Interest

4.4

-

-

-

-

Cash from Financing Activities

0.4

-13.4

-10.7

-8.5

-14.5

 

 

 

 

 

 

Foreign Exchange Effects

-1.5

4.2

-3.4

-1.1

2.5

Net Change in Cash

-23.6

11.5

-12.7

22.8

-8.3

 

 

 

 

 

 

Net Cash - Beginning Balance

42.0

36.6

46.8

21.8

31.1

Net Cash - Ending Balance

18.5

48.1

34.1

44.6

22.8

    Cash Interest Paid

0.4

0.1

0.1

0.1

0.6

    Cash Taxes Paid

6.3

6.4

3.1

7.0

5.8

 

 

Financial Health

 

Financials in: USD (mil) 

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

Key Indicators USD (mil)

 

Quarter
Ending
31-Dec-2012

Quarter
Ending
Yr Ago

Annual
Year End
31-Dec-2012

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1 

89.6

-1.73%

340.6

-11.15%

23.02%

10.32%

Research & Development1 

2.4

221.72%

4.6

74.00%

36.66%

21.07%

Operating Income1 

4.3

-4.49%

13.7

-62.81%

-18.66%

-12.52%

Income Available to Common Excl Extraord Items1

3.9

-21.36%

12.0

-62.11%

-13.83%

-15.19%

Basic EPS Excl Extraord Items1 

0.01

-21.35%

0.03

-62.11%

-13.83%

-15.19%

Capital Expenditures2 

22.4

-11.73%

22.4

-11.73%

54.33%

17.64%

Cash from Operating Activities2 

-1.0

-

-1.0

-

-

-

Free Cash Flow 

-23.8

-

-23.8

-

-

-

Total Assets3 

247.6

2.84%

247.6

2.84%

6.67%

5.31%

Total Liabilities3 

55.5

36.45%

55.5

36.45%

14.03%

3.88%

Total Long Term Debt3 

1.2

-

1.2

-

-

-

Employees3 

-

-

680

44.68%

19.35%

11.36%

Total Common Shares Outstanding3 

380.0

0.00%

380.0

0.00%

0.00%

0.00%

1-ExchangeRate: TWD to USD Average for Period

29.153628

 

29.579620

 

 

 

2-ExchangeRate: TWD to USD Average for Period

29.579620

 

29.579620

 

 

 

3-ExchangeRate: TWD to USD Period End Date

29.011999

 

29.011999

 

 

 

Utility Industry Specific USD (mil)

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

 

Deferred Charges3 

1.9

0.0

0.0

0.0

0.0

 

3-ExchangeRate: TWD to USD Period End Date

29.011999

30.279000

29.156500

31.985000

32.818000

 

Key Ratios

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Profitability

Gross Margin 

12.85%

16.09%

16.36%

24.07%

19.71%

Operating Margin 

4.03%

9.63%

8.55%

13.94%

11.27%

Pretax Margin 

4.68%

10.28%

8.17%

13.32%

12.34%

Net Profit Margin 

3.53%

8.27%

6.76%

10.27%

8.60%

Financial Strength

Current Ratio 

2.88

4.28

4.60

4.09

3.39

Long Term Debt/Equity 

0.01

0.00

0.00

0.00

0.00

Total Debt/Equity 

0.08

0.00

0.02

0.04

0.05

Management Effectiveness

Return on Assets 

5.32%

14.44%

9.08%

9.73%

10.43%

Return on Equity 

6.25%

17.42%

11.05%

11.96%

13.29%

Efficiency

Receivables Turnover 

10.24

11.94

10.45

7.88

9.36

Inventory Turnover 

6.66

9.10

7.60

5.02

6.45

Asset Turnover 

1.42

1.75

1.34

0.95

1.21

Market Valuation USD (mil)

P/E (TTM) 

21.51

.

Enterprise Value2 

262.8

Price/Sales (TTM) 

0.76

.

Enterprise Value/Revenue (TTM) 

0.76

Price/Book (MRQ) 

1.37

.

Enterprise Value/EBITDA (TTM) 

10.31

Market Cap as of 03-May-20131

258.3

.

 

 

1-ExchangeRate: TWD to USD on 3-May-2013

29.578060

 

 

 

2-ExchangeRate: TWD to USD on 31-Dec-2012

29.011999

 

 

 

 

 

Annual Ratios

 

Financials in: USD (mil) 

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

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Financial Strength

Current Ratio 

2.88

4.28

4.60

4.09

3.39

Quick/Acid Test Ratio 

1.31

2.97

2.91

3.07

2.02

Working Capital1 

74.6

93.3

89.3

71.9

52.5

Long Term Debt/Equity 

0.01

0.00

0.00

0.00

0.00

Total Debt/Equity 

0.08

0.00

0.02

0.04

0.05

Long Term Debt/Total Capital 

0.01

0.00

0.00

0.00

0.00

Total Debt/Total Capital 

0.07

0.00

0.02

0.03

0.05

Payout Ratio 

53.45%

57.87%

56.79%

45.52%

40.62%

Effective Tax Rate 

20.00%

19.50%

17.28%

22.90%

30.34%

Total Capital1 

206.7

191.7

173.3

156.4

142.4

 

 

 

 

 

 

Efficiency

Asset Turnover 

1.42

1.75

1.34

0.95

1.21

Inventory Turnover 

6.66

9.10

7.60

5.02

6.45

Days In Inventory 

54.80

40.09

48.02

72.76

56.58

Receivables Turnover 

10.24

11.94

10.45

7.88

9.36

Days Receivables Outstanding 

35.63

30.58

34.93

46.34

39.00

Revenue/Employee2 

510,700

796,780

669,892

422,941

510,777

Operating Income/Employee2 

20,581

76,711

57,261

58,976

57,561

EBITDA/Employee2 

37,465

95,152

79,158

79,109

75,383

 

 

 

 

 

 

Profitability

Gross Margin 

12.85%

16.09%

16.36%

24.07%

19.71%

Operating Margin 

4.03%

9.63%

8.55%

13.94%

11.27%

EBITDA Margin 

7.34%

11.94%

11.82%

18.70%

14.76%

EBIT Margin 

4.03%

9.63%

8.55%

13.94%

11.27%

Pretax Margin 

4.68%

10.28%

8.17%

13.32%

12.34%

Net Profit Margin 

3.53%

8.27%

6.76%

10.27%

8.60%

R&D Expense/Revenue 

1.36%

0.69%

0.68%

0.99%

0.80%

COGS/Revenue 

87.15%

83.91%

83.64%

75.93%

80.29%

SG&A Expense/Revenue 

7.47%

5.77%

7.13%

9.14%

7.65%

 

 

 

 

 

 

Management Effectiveness

Return on Assets 

5.32%

14.44%

9.08%

9.73%

10.43%

Return on Equity 

6.25%

17.42%

11.05%

11.96%

13.29%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2 

-0.06

0.05

0.01

0.08

0.01

Operating Cash Flow/Share 2 

0.00

0.11

0.02

0.10

0.04

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) 

21.51

Market Cap/Equity (MRQ) 

1.37

Market Cap/Revenue (TTM) 

0.76

Market Cap/EBIT (TTM) 

18.81

Market Cap/EBITDA (TTM) 

10.32

Enterprise Value/Earnings (TTM) 

21.47

Enterprise Value/Equity (MRQ) 

1.37

Enterprise Value/Revenue (TTM) 

0.76

Enterprise Value/EBIT (TTM) 

18.78

Enterprise Value/EBITDA (TTM) 

10.30

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.89

UK Pound

1

Rs.83.66

Euro

1

Rs.70.58

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

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

 

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

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

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

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