|
Report Date : |
31.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
TON YI INDUSTRIAL CORP. |
|
|
|
|
Registered Office : |
No. 837 Chung Cheng North Road, Niaosong Village Yongkang District Tainan, 710 |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
14.04.1969 |
|
|
|
|
Legal Form : |
Public Independent |
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|
|
Line of Business : |
Manufacture of basic iron and steel and of ferro-alloys |
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|
|
|
No. of Employees : |
2,618 |
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 4.0%. In
2012, however, growth fell to 1.3%, because of softening global demand.
Taiwan's diplomatic isolation, low birth rate, and rapidly aging population are
major long-term challenges. Free trade agreements have proliferated in East
Asia over the past several years, but except for the landmark Economic
Cooperation Framework Agreement (ECFA) signed with China in June 2010, so far Taiwan
has been excluded from this greater economic integration in part because of its
diplomatic status. Negotiations continue on such follow-on components of ECFA
regarding trade in goods and services. The MA administration has said that the
ECFA will serve as a stepping stone toward trade pacts with other key trade
partners, which Taiwan subsequently launched with Singapore and New Zealand.
Taiwan's Total Fertility rate of just over one child per woman is among the
lowest in the world, raising the prospect of future labor shortages, falling
domestic demand, and declining tax revenues. Taiwan's population is aging
quickly, with the number of people over 65 accounting for 11.2% of the island's
total population as of 2012. The island runs a large trade surplus largely
because of its surplus with China, and its foreign reserves are the world's
fifth largest, behind China, Japan, Saudi Arabia, and Russia. In 2006 China
overtook the US to become Taiwan's second-largest source of imports after
Japan. China is also the island's number one destination for foreign direct
investment. Three financial memorandums of understanding, covering banking,
securities, and insurance, took effect in mid-January 2010, opening the island
to greater investments from the mainland's financial firms and institutional
investors, and providing new opportunities for Taiwan financial firms to
operate in China. In August 2012, Taiwan Central Bank signed a memorandum of
understanding on cross-Strait currency settlement with its Chinese counterpart.
The MOU allows for the direct settlement of Chinese RMB and the New Taiwan
dollar across the Strait, which could help develop Taiwan into a local RMB hub.
Closer economic links with the mainland bring greater opportunities for the
Taiwan economy, but also poses new challenges as the island becomes more
economically dependent on China while political differences remain unresolved.
Source
: CIA
Ton Yi Industrial
Corp.
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Business
Description
|
TON YI INDUSTRIAL CORP. is principally engaged in the manufacture and
distribution of tin mill black plates (TMBPs). The Company operates its business
through three divisions: TMBP division, which provides TMBPs and cold rolled
coils; Steel Sheet division, which offers tinplates and tin free steel (TFS)
plates, as well as Empty Can division, which provides tin cans for food,
drinks, grease and chemical products packaging. During the year ended
December 31, 2011, the Company obtained approximately 55.17% and 40.47% of
its total revenue from TMBP division and Steel Sheet division, respectively.
The Company distributes its products primarily in Taiwan and other Asian
markets. For the fiscal year ended 31 December 2012, Ton Yi Industrial Corp.
revenues increased 6% to NT$27.97B. Net income decreased 72% to NT$271.9M.
Revenues reflect China segment increase of 15% to NT$13.41B, Taiwan segment
increase of 10% to NT$4.13B. Net income was offset by Gain on Foreign
Exchange decrease of 95% to NT$21M (income), Selling Expense increase of 13%
to NT$1.24B (expense). Dividend per share decreased from NT$0.55 to NT$0.15. |
Industry
|
Industry |
|
|
ANZSIC 2006: |
|
|
NACE 2002: |
2710 - Manufacture of basic iron and steel and of
ferro-alloys |
|
NAICS 2002: |
|
|
UK SIC 2003: |
2710 - Manufacture of basic iron and steel and of
ferro-alloys |
|
UK SIC 2007: |
2410 - Manufacture of basic iron and steel and of
ferro-alloys |
|
US SIC 1987: |
3312 - Steel Works, Blast Furnaces (Including Coke
Ovens), and Rolling Mills |
Key Executives
|
Significant
Developments
|
Financial
Summary
|
Stock Snapshot
|
1 - Profit &
Loss Item Exchange Rate: USD 1 = TWD 29.57962
2 - Balance Sheet Item Exchange Rate: USD 1 = TWD 29.012
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Executives Report
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|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
31-Dec-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 |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate
(Period Average) |
29.57962 |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Gross Revenue |
947.5 |
901.4 |
843.7 |
695.4 |
842.6 |
|
Sales Returns and Allowances |
-2.0 |
-1.6 |
-2.4 |
-2.0 |
-1.5 |
|
Revenue |
945.5 |
899.9 |
841.3 |
693.4 |
841.1 |
|
Total Revenue |
945.5 |
899.9 |
841.3 |
693.4 |
841.1 |
|
|
|
|
|
|
|
|
Cost of Revenue |
866.5 |
809.6 |
699.7 |
595.3 |
742.9 |
|
Cost of Revenue, Total |
866.5 |
809.6 |
699.7 |
595.3 |
742.9 |
|
Gross Profit |
79.0 |
90.2 |
141.6 |
98.0 |
98.2 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
58.3 |
52.7 |
53.7 |
42.3 |
45.6 |
|
Total Selling/General/Administrative Expenses |
58.3 |
52.7 |
53.7 |
42.3 |
45.6 |
|
Total Operating Expense |
924.7 |
862.3 |
753.5 |
637.7 |
788.4 |
|
|
|
|
|
|
|
|
Operating Income |
20.7 |
37.5 |
87.8 |
55.7 |
52.6 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-11.3 |
-9.3 |
-7.3 |
-10.0 |
-23.5 |
|
Interest Capitalized -
Non-Operating |
- |
- |
- |
- |
0.0 |
|
Interest Expense, Net Non-Operating |
-11.3 |
-9.3 |
-7.3 |
-10.0 |
-23.5 |
|
Interest Income -
Non-Operating |
1.1 |
1.0 |
0.3 |
0.4 |
0.7 |
|
Investment Income -
Non-Operating |
1.6 |
14.8 |
5.6 |
0.8 |
16.5 |
|
Interest/Investment Income - Non-Operating |
2.6 |
15.8 |
5.9 |
1.1 |
17.2 |
|
Interest Income (Expense) - Net Non-Operating Total |
-8.7 |
6.5 |
-1.4 |
-8.9 |
-6.3 |
|
Gain (Loss) on Sale of Assets |
-0.1 |
-4.2 |
-0.3 |
-0.3 |
-0.1 |
|
Other Non-Operating Income (Expense) |
1.6 |
2.2 |
1.3 |
1.3 |
3.2 |
|
Other, Net |
1.6 |
2.2 |
1.3 |
1.3 |
3.2 |
|
Income Before Tax |
13.6 |
42.1 |
87.4 |
47.9 |
49.5 |
|
|
|
|
|
|
|
|
Total Income Tax |
4.6 |
8.0 |
16.4 |
12.7 |
11.0 |
|
Income After Tax |
8.9 |
34.0 |
71.0 |
35.2 |
38.5 |
|
|
|
|
|
|
|
|
Minority Interest |
0.2 |
-0.5 |
-2.5 |
-1.4 |
-3.8 |
|
Net Income Before Extraord Items |
9.2 |
33.5 |
68.5 |
33.8 |
34.7 |
|
Net Income |
9.2 |
33.5 |
68.5 |
33.8 |
34.7 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
9.2 |
33.5 |
68.5 |
33.8 |
34.7 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
9.2 |
33.5 |
68.5 |
33.8 |
34.7 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
1,579.1 |
1,579.1 |
1,579.1 |
1,579.1 |
1,579.1 |
|
Basic EPS Excl Extraord Items |
0.01 |
0.02 |
0.04 |
0.02 |
0.02 |
|
Basic/Primary EPS Incl Extraord Items |
0.01 |
0.02 |
0.04 |
0.02 |
0.02 |
|
Diluted Net Income |
9.2 |
33.5 |
68.5 |
33.8 |
34.7 |
|
Diluted Weighted Average Shares |
1,581.6 |
1,586.2 |
1,588.4 |
1,586.2 |
1,585.0 |
|
Diluted EPS Excl Extraord Items |
0.01 |
0.02 |
0.04 |
0.02 |
0.02 |
|
Diluted EPS Incl Extraord Items |
0.01 |
0.02 |
0.04 |
0.02 |
0.02 |
|
Dividends per Share - Common Stock Primary Issue |
0.01 |
0.02 |
0.02 |
0.02 |
0.02 |
|
Gross Dividends - Common Stock |
8.0 |
29.6 |
38.2 |
31.9 |
31.0 |
|
Interest Expense, Supplemental |
11.3 |
9.3 |
7.3 |
10.0 |
23.5 |
|
Interest Capitalized, Supplemental |
- |
- |
- |
-0.1 |
0.0 |
|
Depreciation, Supplemental |
58.0 |
51.8 |
51.7 |
51.2 |
52.5 |
|
Total Special Items |
0.1 |
4.2 |
0.3 |
0.3 |
0.1 |
|
Normalized Income Before Tax |
13.6 |
46.3 |
87.7 |
48.1 |
49.6 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.0 |
0.8 |
0.0 |
0.1 |
0.0 |
|
Inc Tax Ex Impact of Sp Items |
4.6 |
8.8 |
16.5 |
12.8 |
11.0 |
|
Normalized Income After Tax |
9.0 |
37.4 |
71.2 |
35.4 |
38.6 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
9.2 |
36.9 |
68.7 |
34.0 |
34.8 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.01 |
0.02 |
0.04 |
0.02 |
0.02 |
|
Diluted Normalized EPS |
0.01 |
0.02 |
0.04 |
0.02 |
0.02 |
|
Amort of Intangibles, Supplemental |
2.0 |
2.8 |
2.4 |
2.2 |
2.2 |
|
Normalized EBIT |
20.7 |
37.5 |
87.8 |
55.7 |
52.6 |
|
Normalized EBITDA |
80.7 |
92.1 |
141.9 |
109.2 |
107.4 |
|
Current Tax - Total |
2.4 |
8.7 |
15.6 |
4.7 |
19.9 |
|
Current Tax - Total |
2.4 |
8.7 |
15.6 |
4.7 |
19.9 |
|
Deferred Tax - Total |
1.7 |
-0.9 |
0.7 |
7.5 |
-9.2 |
|
Deferred Tax - Total |
1.7 |
-0.9 |
0.7 |
7.5 |
-9.2 |
|
Other Tax |
0.5 |
0.2 |
0.2 |
0.5 |
0.2 |
|
Income Tax - Total |
4.6 |
8.0 |
16.4 |
12.7 |
11.0 |
|
Interest Cost - Domestic |
0.7 |
0.7 |
0.7 |
0.4 |
0.7 |
|
Service Cost - Domestic |
0.6 |
0.7 |
1.0 |
0.5 |
1.0 |
|
Expected Return on Assets - Domestic |
-0.2 |
-0.2 |
-0.2 |
-0.1 |
-0.4 |
|
Transition Costs - Domestic |
0.6 |
0.9 |
0.8 |
0.0 |
0.9 |
|
Domestic Pension Plan Expense |
1.7 |
2.0 |
2.2 |
0.9 |
2.2 |
|
Defined Contribution Expense - Domestic |
1.9 |
1.5 |
1.2 |
0.8 |
0.8 |
|
Total Pension Expense |
3.6 |
3.6 |
3.4 |
1.7 |
3.0 |
|
Discount Rate - Domestic |
1.75% |
2.00% |
1.75% |
2.25% |
2.75% |
|
Expected Rate of Return - Domestic |
1.75% |
2.00% |
1.75% |
2.25% |
2.75% |
|
Compensation Rate - Domestic |
3.00% |
3.00% |
3.50% |
3.50% |
0.50% |
|
Total Plan Interest Cost |
0.7 |
0.7 |
0.7 |
0.4 |
0.7 |
|
Total Plan Service Cost |
0.6 |
0.7 |
1.0 |
0.5 |
1.0 |
|
Total Plan Expected Return |
-0.2 |
-0.2 |
-0.2 |
-0.1 |
-0.4 |
|
|
|
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 |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate |
29.011999 |
30.279 |
29.1565 |
31.985 |
32.818 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
69.7 |
79.7 |
29.5 |
31.7 |
39.2 |
|
Short Term Investments |
0.2 |
1.2 |
1.4 |
1.2 |
6.7 |
|
Cash and Short Term Investments |
69.9 |
81.0 |
30.9 |
32.9 |
45.8 |
|
Accounts Receivable -
Trade, Gross |
82.4 |
59.1 |
50.7 |
32.3 |
40.3 |
|
Provision for Doubtful
Accounts |
-2.2 |
-2.2 |
-2.4 |
-2.3 |
-3.1 |
|
Trade Accounts Receivable - Net |
80.2 |
56.9 |
48.3 |
29.9 |
38.2 |
|
Notes Receivable - Short Term |
37.7 |
46.6 |
67.3 |
41.3 |
31.3 |
|
Total Receivables, Net |
117.9 |
103.5 |
115.5 |
71.2 |
69.5 |
|
Inventories - Finished Goods |
48.1 |
55.8 |
46.0 |
23.3 |
56.9 |
|
Inventories - Work In Progress |
29.9 |
24.1 |
29.1 |
23.7 |
19.0 |
|
Inventories - Raw Materials |
83.0 |
91.6 |
102.8 |
60.6 |
121.1 |
|
Inventories - Other |
4.9 |
0.4 |
5.6 |
5.5 |
-41.7 |
|
Total Inventory |
165.9 |
171.9 |
183.5 |
113.1 |
155.3 |
|
Prepaid Expenses |
3.1 |
1.1 |
1.0 |
1.3 |
22.7 |
|
Other Current Assets |
24.5 |
14.9 |
15.7 |
12.9 |
- |
|
Other Current Assets, Total |
24.5 |
14.9 |
15.7 |
12.9 |
- |
|
Total Current Assets |
381.3 |
372.4 |
346.6 |
231.5 |
293.4 |
|
|
|
|
|
|
|
|
Buildings |
283.7 |
254.1 |
256.5 |
238.9 |
237.0 |
|
Land/Improvements |
2.6 |
2.5 |
2.5 |
2.3 |
2.2 |
|
Machinery/Equipment |
1,512.0 |
1,380.1 |
1,406.4 |
1,296.7 |
1,260.0 |
|
Construction in
Progress |
11.2 |
13.1 |
2.5 |
0.7 |
0.7 |
|
Other
Property/Plant/Equipment |
19.0 |
18.2 |
19.0 |
17.3 |
16.9 |
|
Property/Plant/Equipment - Gross |
1,828.5 |
1,668.0 |
1,686.9 |
1,555.8 |
1,516.8 |
|
Accumulated Depreciation |
-916.9 |
-829.8 |
-807.5 |
-695.5 |
-630.7 |
|
Property/Plant/Equipment - Net |
911.6 |
838.2 |
879.4 |
860.3 |
886.1 |
|
Goodwill, Net |
10.4 |
10.4 |
4.9 |
4.9 |
4.9 |
|
Intangibles, Net |
14.5 |
11.1 |
9.8 |
10.2 |
11.2 |
|
LT Investments - Other |
22.8 |
21.4 |
26.4 |
26.1 |
22.5 |
|
Long Term Investments |
22.8 |
21.4 |
26.4 |
26.1 |
22.5 |
|
Pension Benefits - Overfunded |
- |
- |
0.0 |
0.2 |
0.4 |
|
Other Long Term Assets |
2.0 |
7.5 |
3.0 |
3.5 |
4.3 |
|
Other Long Term Assets, Total |
2.0 |
7.5 |
3.0 |
3.7 |
4.7 |
|
Total Assets |
1,342.5 |
1,261.1 |
1,270.1 |
1,136.7 |
1,222.6 |
|
|
|
|
|
|
|
|
Accounts Payable |
30.4 |
12.4 |
19.0 |
16.6 |
6.9 |
|
Accrued Expenses |
23.3 |
24.6 |
35.2 |
19.4 |
21.6 |
|
Notes Payable/Short Term Debt |
110.8 |
97.1 |
119.6 |
98.0 |
188.8 |
|
Current Portion - Long Term Debt/Capital Leases |
68.9 |
100.9 |
144.9 |
102.0 |
120.3 |
|
Other Current Liabilities |
10.3 |
5.6 |
2.7 |
4.7 |
3.8 |
|
Other Current liabilities, Total |
10.3 |
5.6 |
2.7 |
4.7 |
3.8 |
|
Total Current Liabilities |
243.7 |
240.6 |
321.5 |
240.7 |
341.3 |
|
|
|
|
|
|
|
|
Long Term Debt |
426.2 |
343.3 |
264.3 |
296.6 |
301.9 |
|
Total Long Term Debt |
426.2 |
343.3 |
264.3 |
296.6 |
301.9 |
|
Total Debt |
605.9 |
541.3 |
528.9 |
496.6 |
610.9 |
|
|
|
|
|
|
|
|
Minority Interest |
35.5 |
35.6 |
28.0 |
24.6 |
23.2 |
|
Reserves |
6.8 |
6.5 |
6.8 |
6.2 |
6.0 |
|
Other Long Term Liabilities |
1.5 |
0.7 |
1.4 |
3.8 |
2.7 |
|
Other Liabilities, Total |
8.2 |
7.2 |
8.2 |
10.0 |
8.7 |
|
Total Liabilities |
713.6 |
626.6 |
622.0 |
572.0 |
675.1 |
|
|
|
|
|
|
|
|
Common Stock |
544.3 |
521.5 |
515.8 |
470.2 |
458.3 |
|
Common Stock |
544.3 |
521.5 |
515.8 |
470.2 |
458.3 |
|
Additional Paid-In Capital |
10.9 |
10.4 |
10.8 |
9.9 |
9.6 |
|
Retained Earnings (Accumulated Deficit) |
51.0 |
68.6 |
104.5 |
60.7 |
54.9 |
|
Unrealized Gain (Loss) |
2.3 |
2.2 |
6.3 |
7.8 |
4.4 |
|
Translation Adjustment |
27.5 |
31.7 |
16.3 |
20.4 |
22.5 |
|
Minimum Pension Liability Adjustment |
-7.0 |
0.0 |
-5.6 |
-4.2 |
-2.2 |
|
Other Equity, Total |
20.4 |
31.7 |
10.6 |
16.2 |
20.3 |
|
Total Equity |
628.9 |
634.5 |
648.1 |
564.7 |
547.5 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
1,342.5 |
1,261.1 |
1,270.1 |
1,136.7 |
1,222.6 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
1,579.1 |
1,579.1 |
1,579.1 |
1,579.1 |
1,579.1 |
|
Total Common Shares Outstanding |
1,579.1 |
1,579.1 |
1,579.1 |
1,579.1 |
1,579.1 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Employees |
2,618 |
2,262 |
2,223 |
2,161 |
2,206 |
|
Number of Common Shareholders |
- |
66,185 |
- |
- |
62,186 |
|
Total Long Term Debt, Supplemental |
495.1 |
444.2 |
409.2 |
398.6 |
422.1 |
|
Long Term Debt Maturing within 1 Year |
68.9 |
100.9 |
144.9 |
102.0 |
120.3 |
|
Long Term Debt Maturing in Year 2 |
115.2 |
104.5 |
143.7 |
123.0 |
121.4 |
|
Long Term Debt Maturing in Year 3 |
156.1 |
106.6 |
98.6 |
93.8 |
106.0 |
|
Long Term Debt Maturing in Year 4 |
124.0 |
60.4 |
22.0 |
59.8 |
65.2 |
|
Long Term Debt Maturing in Year 5 |
30.9 |
71.7 |
- |
20.1 |
9.3 |
|
Long Term Debt Maturing in 2-3 Years |
271.3 |
211.2 |
242.3 |
216.8 |
227.4 |
|
Long Term Debt Maturing in 4-5 Years |
154.9 |
132.1 |
22.0 |
79.9 |
74.5 |
|
Long Term Debt Matur. in Year 6 & Beyond |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Pension Obligation - Domestic |
40.9 |
35.4 |
39.2 |
30.2 |
15.0 |
|
Plan Assets - Domestic |
24.2 |
21.8 |
20.6 |
13.7 |
11.7 |
|
Funded Status - Domestic |
-16.7 |
-13.5 |
-18.6 |
-16.5 |
-3.3 |
|
Accumulated Obligation - Domestic |
25.0 |
21.5 |
21.4 |
16.6 |
13.8 |
|
Total Funded Status |
-16.7 |
-13.5 |
-18.6 |
-16.5 |
-3.3 |
|
Discount Rate - Domestic |
1.75% |
2.00% |
1.75% |
2.25% |
2.75% |
|
Expected Rate of Return - Domestic |
1.75% |
2.00% |
1.75% |
2.25% |
2.75% |
|
Compensation Rate - Domestic |
3.00% |
3.00% |
3.50% |
3.50% |
0.50% |
|
Prepaid Benefits - Domestic |
- |
- |
- |
0.2 |
0.4 |
|
Net Assets Recognized on Balance Sheet |
- |
- |
- |
0.2 |
0.4 |
|
Total Plan Obligations |
40.9 |
35.4 |
39.2 |
30.2 |
15.0 |
|
Total Plan Assets |
24.2 |
21.8 |
20.6 |
13.7 |
11.7 |
|
|
|
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 |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate
(Period Average) |
29.57962 |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
8.9 |
34.0 |
71.0 |
35.2 |
34.7 |
|
Depreciation |
58.0 |
51.8 |
51.7 |
51.2 |
52.5 |
|
Depreciation/Depletion |
58.0 |
51.8 |
51.7 |
51.2 |
52.5 |
|
Amortization of Intangibles |
2.0 |
2.8 |
2.4 |
2.2 |
2.2 |
|
Amortization |
2.0 |
2.8 |
2.4 |
2.2 |
2.2 |
|
Deferred Taxes |
1.7 |
-0.9 |
0.7 |
7.5 |
-9.2 |
|
Unusual Items |
0.1 |
4.2 |
0.2 |
0.3 |
0.1 |
|
Other Non-Cash Items |
-9.4 |
-2.5 |
-6.4 |
-34.7 |
33.4 |
|
Non-Cash Items |
-9.3 |
1.6 |
-6.2 |
-34.4 |
33.5 |
|
Accounts Receivable |
-13.5 |
11.7 |
-43.4 |
-0.6 |
15.6 |
|
Inventories |
18.5 |
4.4 |
-60.2 |
76.4 |
-58.6 |
|
Prepaid Expenses |
-1.9 |
-0.2 |
0.4 |
0.1 |
-0.5 |
|
Other Assets |
-9.7 |
1.6 |
-1.4 |
6.7 |
-1.4 |
|
Accounts Payable |
17.8 |
-6.2 |
1.9 |
9.5 |
-11.2 |
|
Accrued Expenses |
-2.0 |
-9.7 |
13.3 |
-2.5 |
0.4 |
|
Other Liabilities |
-0.9 |
1.7 |
-7.8 |
2.4 |
0.4 |
|
Changes in Working Capital |
8.3 |
3.4 |
-97.2 |
92.0 |
-55.3 |
|
Cash from Operating Activities |
69.6 |
92.7 |
22.3 |
153.7 |
58.4 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-99.2 |
-22.6 |
-9.0 |
-10.4 |
-9.7 |
|
Purchase/Acquisition of Intangibles |
-5.8 |
- |
- |
- |
- |
|
Capital Expenditures |
-105.0 |
-22.6 |
-9.0 |
-10.4 |
-9.7 |
|
Sale of Fixed Assets |
0.0 |
0.1 |
0.2 |
0.0 |
0.1 |
|
Sale/Maturity of Investment |
0.0 |
0.1 |
- |
0.5 |
0.0 |
|
Investment, Net |
-0.5 |
0.1 |
0.0 |
-0.2 |
-11.1 |
|
Purchase of Investments |
- |
-0.3 |
-1.1 |
- |
- |
|
Intangible, Net |
- |
-1.3 |
- |
- |
- |
|
Other Investing Cash Flow |
-0.4 |
-0.9 |
-0.7 |
-0.3 |
-0.5 |
|
Other Investing Cash Flow Items, Total |
-0.8 |
-2.2 |
-1.5 |
-0.1 |
-11.4 |
|
Cash from Investing Activities |
-105.9 |
-24.7 |
-10.5 |
-10.5 |
-21.1 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-0.1 |
0.1 |
-0.3 |
0.3 |
-3.0 |
|
Financing Cash Flow Items |
-0.1 |
0.1 |
-0.3 |
0.3 |
-3.0 |
|
Cash Dividends Paid - Common |
-29.4 |
-41.0 |
-33.4 |
-29.6 |
-38.1 |
|
Total Cash Dividends Paid |
-29.4 |
-41.0 |
-33.4 |
-29.6 |
-38.1 |
|
Short Term Debt, Net |
14.9 |
-18.6 |
28.4 |
-92.6 |
37.9 |
|
Long Term Debt Issued |
338.4 |
453.1 |
242.3 |
279.0 |
352.4 |
|
Long Term Debt
Reduction |
-297.7 |
-411.2 |
-251.1 |
-307.9 |
-371.3 |
|
Long Term Debt, Net |
40.7 |
41.9 |
-8.8 |
-28.9 |
-18.9 |
|
Issuance (Retirement) of Debt, Net |
55.6 |
23.3 |
19.6 |
-121.4 |
19.0 |
|
Cash from Financing Activities |
26.1 |
-17.7 |
-14.2 |
-150.7 |
-22.2 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-3.1 |
2.6 |
-2.6 |
-0.7 |
0.8 |
|
Net Change in Cash |
-13.2 |
52.8 |
-4.9 |
-8.2 |
16.0 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
81.6 |
29.3 |
32.2 |
38.9 |
24.8 |
|
Net Cash - Ending Balance |
68.4 |
82.1 |
27.3 |
30.7 |
40.8 |
|
Cash Interest Paid |
11.0 |
9.0 |
7.2 |
11.1 |
23.9 |
|
Cash Taxes Paid |
6.3 |
13.0 |
9.2 |
11.1 |
19.6 |
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 |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate
(Period Average) |
29.57962 |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Gross Sales |
947.5 |
901.4 |
843.7 |
695.4 |
842.6 |
|
Sales Discounts and Allowances |
-2.0 |
-1.6 |
-2.4 |
-2.0 |
-1.5 |
|
Total Revenue |
945.5 |
899.9 |
841.3 |
693.4 |
841.1 |
|
|
|
|
|
|
|
|
Cost of Sales |
866.5 |
809.6 |
699.7 |
595.3 |
702.3 |
|
Inventory Devaluation & Obsolescence |
- |
- |
- |
- |
40.6 |
|
General and Administrative Expenses |
16.5 |
15.4 |
16.1 |
12.5 |
11.8 |
|
Selling Expense |
41.8 |
37.3 |
37.7 |
29.8 |
33.7 |
|
Total Operating Expense |
924.7 |
862.3 |
753.5 |
637.7 |
788.4 |
|
|
|
|
|
|
|
|
Interest Income |
1.1 |
1.0 |
0.3 |
0.4 |
0.7 |
|
Dividend Income |
0.9 |
0.1 |
0.1 |
0.1 |
0.2 |
|
Gain on Sale of Fixed Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Gains on Sale of Investments |
0.0 |
0.0 |
0.0 |
- |
- |
|
Gain on Foreign Exchange |
0.7 |
14.9 |
5.4 |
0.5 |
16.3 |
|
Financial Assets Valuation Gain |
0.0 |
0.0 |
0.1 |
0.2 |
0.0 |
|
Miscellaneous Income |
1.8 |
2.4 |
1.4 |
1.7 |
3.7 |
|
Interest Expense |
-11.3 |
-9.3 |
-7.3 |
-10.0 |
-23.5 |
|
Interest Capitalised |
- |
- |
- |
- |
0.0 |
|
Revaluation Loss on Fin. Liabilities |
0.0 |
-0.2 |
0.0 |
- |
- |
|
Loss on Sale of Fixed Assets |
-0.1 |
-4.2 |
-0.3 |
-0.3 |
-0.2 |
|
Miscellaneous Disbursements |
-0.2 |
-0.2 |
-0.1 |
-0.4 |
-0.4 |
|
Net Income Before Taxes |
13.6 |
42.1 |
87.4 |
47.9 |
49.5 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
4.6 |
8.0 |
16.4 |
12.7 |
11.0 |
|
Net Income After Taxes |
8.9 |
34.0 |
71.0 |
35.2 |
38.5 |
|
|
|
|
|
|
|
|
Minority Interest |
0.2 |
-0.5 |
-2.5 |
-1.4 |
-3.8 |
|
Net Income Before Extra. Items |
9.2 |
33.5 |
68.5 |
33.8 |
34.7 |
|
Net Income |
9.2 |
33.5 |
68.5 |
33.8 |
34.7 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
9.2 |
33.5 |
68.5 |
33.8 |
34.7 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
9.2 |
33.5 |
68.5 |
33.8 |
34.7 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
1,579.1 |
1,579.1 |
1,579.1 |
1,579.1 |
1,579.1 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.01 |
0.02 |
0.04 |
0.02 |
0.02 |
|
Basic EPS Including ExtraOrdinary Items |
0.01 |
0.02 |
0.04 |
0.02 |
0.02 |
|
Diluted Net Income |
9.2 |
33.5 |
68.5 |
33.8 |
34.7 |
|
Diluted Weighted Average Shares |
1,581.6 |
1,586.2 |
1,588.4 |
1,586.2 |
1,585.0 |
|
Diluted EPS Excluding ExtraOrd Items |
0.01 |
0.02 |
0.04 |
0.02 |
0.02 |
|
Diluted EPS Including ExtraOrd Items |
0.01 |
0.02 |
0.04 |
0.02 |
0.02 |
|
DPS-Common Stock |
0.01 |
0.02 |
0.02 |
0.02 |
0.02 |
|
Gross Dividends - Common Stock |
8.0 |
29.6 |
38.2 |
31.9 |
31.0 |
|
Normalized Income Before Taxes |
13.6 |
46.3 |
87.7 |
48.1 |
49.6 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
4.6 |
8.8 |
16.5 |
12.8 |
11.0 |
|
Normalized Income After Taxes |
9.0 |
37.4 |
71.2 |
35.4 |
38.6 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
9.2 |
36.9 |
68.7 |
34.0 |
34.8 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.01 |
0.02 |
0.04 |
0.02 |
0.02 |
|
Diluted Normalized EPS |
0.01 |
0.02 |
0.04 |
0.02 |
0.02 |
|
Interest Expense, Supplemental |
11.3 |
9.3 |
7.3 |
10.0 |
23.5 |
|
Interest Capitalized |
- |
- |
- |
-0.1 |
0.0 |
|
Depreciation, Operating Cost |
56.6 |
50.9 |
50.8 |
50.4 |
51.7 |
|
Depreciation, Operating Expense |
1.3 |
0.9 |
0.8 |
0.8 |
0.8 |
|
Amortization, Operating Cost |
1.6 |
2.3 |
2.0 |
1.9 |
1.9 |
|
Amortization, Operating Expense |
0.4 |
0.5 |
0.3 |
0.4 |
0.3 |
|
Current Tax Payable |
2.4 |
8.7 |
15.6 |
4.7 |
19.9 |
|
Current Tax - Total |
2.4 |
8.7 |
15.6 |
4.7 |
19.9 |
|
Deferred Tax |
1.7 |
-0.9 |
0.7 |
7.5 |
-9.2 |
|
Deferred Tax - Total |
1.7 |
-0.9 |
0.7 |
7.5 |
-9.2 |
|
Other Tax |
0.5 |
0.2 |
0.2 |
0.5 |
0.2 |
|
Income Tax - Total |
4.6 |
8.0 |
16.4 |
12.7 |
11.0 |
|
Service Cost |
0.6 |
0.7 |
1.0 |
0.5 |
1.0 |
|
Interest Cost |
0.7 |
0.7 |
0.7 |
0.4 |
0.7 |
|
Expected Return on Plan Assets |
-0.2 |
-0.2 |
-0.2 |
-0.1 |
-0.4 |
|
Amort. Transitional Benefit Obligation |
0.6 |
0.9 |
0.8 |
0.0 |
0.9 |
|
Domestic Pension Plan Expense |
1.7 |
2.0 |
2.2 |
0.9 |
2.2 |
|
Defined Contribution Expense - Domestic |
1.9 |
1.5 |
1.2 |
0.8 |
0.8 |
|
Total Pension Expense |
3.6 |
3.6 |
3.4 |
1.7 |
3.0 |
|
Discount Rate |
1.75% |
2.00% |
1.75% |
2.25% |
2.75% |
|
Rate of Compensation Increase |
3.00% |
3.00% |
3.50% |
3.50% |
0.50% |
|
Expected Rate of Return on Plan Assets |
1.75% |
2.00% |
1.75% |
2.25% |
2.75% |
|
|
|
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 |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate |
29.011999 |
30.279 |
29.1565 |
31.985 |
32.818 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash and Cash Equivalents |
69.7 |
79.7 |
29.5 |
31.7 |
39.2 |
|
Financial Assets-Fair Value,Current |
- |
- |
0.0 |
- |
- |
|
Financial Assets-Trading Security,Curren |
- |
- |
- |
0.2 |
- |
|
Other Financial Asset |
0.2 |
1.2 |
1.4 |
1.0 |
6.7 |
|
Notes Receivable |
37.7 |
46.6 |
67.3 |
41.3 |
31.3 |
|
Accounts Receivable |
62.3 |
58.1 |
49.7 |
31.3 |
40.3 |
|
Provision for Doubtful Accounts |
-2.2 |
-2.1 |
-2.4 |
-2.3 |
-3.1 |
|
Accounts Receivable, Related, Gross |
20.1 |
0.9 |
1.0 |
1.0 |
- |
|
Provision for Doubtful Accounts, Related |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Accounts Receivable, Related Parties |
- |
- |
- |
- |
1.0 |
|
Finished Products |
48.1 |
55.8 |
46.0 |
23.3 |
49.3 |
|
Work-in-Process |
29.9 |
24.1 |
29.1 |
23.7 |
19.0 |
|
Raw Materials |
67.2 |
73.8 |
85.7 |
47.1 |
107.7 |
|
Supplies |
15.8 |
17.9 |
17.1 |
13.5 |
13.5 |
|
Inventory in Transit |
4.9 |
0.4 |
5.6 |
5.5 |
- |
|
Goods in Transit |
- |
- |
- |
- |
7.6 |
|
Provision for Inventory |
- |
- |
- |
- |
-41.7 |
|
Prepayments |
3.1 |
1.1 |
1.0 |
1.3 |
- |
|
Other Current Assets |
24.5 |
14.9 |
15.7 |
12.9 |
- |
|
Prepayments & Other Current Assets |
- |
- |
- |
- |
22.7 |
|
Total Current Assets |
381.3 |
372.4 |
346.6 |
231.5 |
293.4 |
|
|
|
|
|
|
|
|
Financial Assets for Sale |
4.6 |
4.5 |
8.7 |
9.9 |
6.5 |
|
Financial Assets-at Cost Method |
17.3 |
16.5 |
17.2 |
15.7 |
15.3 |
|
Long Term Bond Investments |
- |
- |
- |
- |
0.5 |
|
Other Financial Assets, Non-Current |
0.9 |
0.4 |
0.5 |
0.5 |
0.3 |
|
Land |
2.6 |
2.5 |
2.5 |
2.3 |
2.2 |
|
Building and Structures |
283.7 |
254.1 |
256.5 |
238.9 |
237.0 |
|
Machinery and Equipment |
1,370.8 |
1,261.0 |
1,282.0 |
1,182.9 |
1,152.9 |
|
Testing Equipment |
7.9 |
7.4 |
7.5 |
7.0 |
6.8 |
|
Transportation Equipment |
9.5 |
8.8 |
8.8 |
8.0 |
7.6 |
|
Office Equipment |
1.9 |
0.7 |
0.7 |
0.7 |
0.3 |
|
Other Equipment |
121.8 |
102.2 |
107.3 |
98.1 |
92.2 |
|
Assets Revaluation Increment |
19.0 |
18.2 |
19.0 |
17.3 |
16.9 |
|
Accumulated Depreciation |
-916.9 |
-829.8 |
-807.5 |
-695.5 |
-630.7 |
|
Construction In Progress |
11.2 |
3.6 |
0.0 |
0.0 |
0.4 |
|
Prepayment for Equipment |
- |
9.5 |
2.5 |
0.7 |
0.3 |
|
Deferred Pension Cost |
- |
- |
0.0 |
0.2 |
0.4 |
|
Land Use Rights |
9.7 |
5.3 |
2.5 |
2.5 |
2.6 |
|
Other Intangible Assets |
4.9 |
5.8 |
7.3 |
7.7 |
8.6 |
|
Other Long Term Assets |
2.0 |
7.5 |
3.0 |
3.5 |
4.3 |
|
Goodwill |
10.4 |
10.4 |
4.9 |
4.9 |
4.9 |
|
Total Assets |
1,342.5 |
1,261.1 |
1,270.1 |
1,136.7 |
1,222.6 |
|
|
|
|
|
|
|
|
Short-Term Borrowings |
109.9 |
92.8 |
113.4 |
86.5 |
155.1 |
|
Short-Term Notes and Bills Payable |
0.0 |
3.3 |
5.1 |
5.0 |
28.9 |
|
Notes Payable |
0.9 |
1.1 |
1.0 |
6.5 |
4.8 |
|
Accounts Payable |
29.3 |
12.1 |
14.8 |
15.8 |
6.9 |
|
Accounts Payable - Related Parties |
1.1 |
0.3 |
4.2 |
0.8 |
- |
|
Accrued Expenses |
23.3 |
24.6 |
35.2 |
19.4 |
21.6 |
|
Current Portion of Long Term Debt |
68.9 |
100.9 |
144.9 |
102.0 |
120.3 |
|
Other Current Liabilities |
10.3 |
5.6 |
2.7 |
4.7 |
3.8 |
|
Total Current Liabilities |
243.7 |
240.6 |
321.5 |
240.7 |
341.3 |
|
|
|
|
|
|
|
|
Long-Term Borrowings |
426.2 |
343.3 |
264.3 |
296.6 |
301.9 |
|
Total Long Term Debt |
426.2 |
343.3 |
264.3 |
296.6 |
301.9 |
|
|
|
|
|
|
|
|
Land Revaluation Increment Tax Reserve |
6.8 |
6.5 |
6.8 |
6.2 |
6.0 |
|
Other Long Term Liabilities |
1.5 |
0.7 |
1.4 |
3.8 |
2.7 |
|
Minority Interest |
35.5 |
35.6 |
28.0 |
24.6 |
23.2 |
|
Total Liabilities |
713.6 |
626.6 |
622.0 |
572.0 |
675.1 |
|
|
|
|
|
|
|
|
Common Stock |
544.3 |
521.5 |
515.8 |
470.2 |
458.3 |
|
Cap.Surplus, Additional Paid in Capital |
1.1 |
1.0 |
1.1 |
1.0 |
0.9 |
|
Paid-In Capital, Convertible Bond |
0.9 |
0.9 |
0.9 |
0.9 |
0.8 |
|
Treasury Stock Transaction |
5.8 |
5.6 |
5.8 |
5.3 |
5.2 |
|
Donated Assets Received |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Capital Gain on LT Investments |
3.0 |
2.9 |
3.0 |
2.7 |
2.7 |
|
Legal Reserve |
39.9 |
35.0 |
28.9 |
22.9 |
18.9 |
|
Special Reserve |
- |
- |
- |
- |
0.0 |
|
Retained Earnings |
11.1 |
33.6 |
75.6 |
37.8 |
36.0 |
|
Cumulative Translation Adjustments |
27.5 |
31.7 |
16.3 |
20.4 |
22.5 |
|
Unrealized Gain/Loss on Pension Fund |
-7.0 |
0.0 |
-5.6 |
-4.2 |
-2.2 |
|
Unrealized G/L on Fin. Assets for Sale |
-8.4 |
-8.0 |
-4.3 |
-1.9 |
-5.1 |
|
Unrealized G/L on Revaluation |
10.7 |
10.3 |
10.6 |
9.7 |
9.5 |
|
Total Equity |
628.9 |
634.5 |
648.1 |
564.7 |
547.5 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
1,342.5 |
1,261.1 |
1,270.1 |
1,136.7 |
1,222.6 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
1,579.1 |
1,579.1 |
1,579.1 |
1,579.1 |
1,579.1 |
|
Total Common Shares Outstanding |
1,579.1 |
1,579.1 |
1,579.1 |
1,579.1 |
1,579.1 |
|
T/S-Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Full-Time Employees |
2,618 |
2,262 |
2,223 |
2,161 |
2,206 |
|
Number of Common Shareholders |
- |
66,185 |
- |
- |
62,186 |
|
LT Debt Maturing in 1 Year |
68.9 |
100.9 |
144.9 |
102.0 |
120.3 |
|
LT Debt Maturing in 2 Years |
115.2 |
104.5 |
143.7 |
123.0 |
121.4 |
|
LT Debt Maturing in 3 Years |
156.1 |
106.6 |
98.6 |
93.8 |
106.0 |
|
LT Debt Maturing in 4 Years |
124.0 |
60.4 |
22.0 |
59.8 |
65.2 |
|
LT Debt Maturing in 5 Years |
30.9 |
71.7 |
- |
20.1 |
9.3 |
|
Total Long Term Debt, Supplemental |
495.1 |
444.2 |
409.2 |
398.6 |
422.1 |
|
Accumulated Benefit Obligation |
25.0 |
21.5 |
21.4 |
16.6 |
13.8 |
|
Benefit Obligation |
40.9 |
35.4 |
39.2 |
30.2 |
15.0 |
|
Fair Value of Plan Assets |
24.2 |
21.8 |
20.6 |
13.7 |
11.7 |
|
Funded Status |
-16.7 |
-13.5 |
-18.6 |
-16.5 |
-3.3 |
|
Total Funded Status |
-16.7 |
-13.5 |
-18.6 |
-16.5 |
-3.3 |
|
Discount Rate |
1.75% |
2.00% |
1.75% |
2.25% |
2.75% |
|
Rate of Compensation Increase |
3.00% |
3.00% |
3.50% |
3.50% |
0.50% |
|
Expected Rate of Return on Plan Assets |
1.75% |
2.00% |
1.75% |
2.25% |
2.75% |
|
Deferred Pension Cost |
- |
- |
- |
0.2 |
0.4 |
|
Net Assets Recognized on Balance Sheet |
- |
- |
- |
0.2 |
0.4 |
|
|
|
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 |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate (Period
Average) |
29.57962 |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
8.9 |
34.0 |
71.0 |
35.2 |
34.7 |
|
Depreciation |
58.0 |
51.8 |
51.7 |
51.2 |
52.5 |
|
Minority Interest |
- |
- |
- |
- |
3.8 |
|
Rev/Provision for Bad Debts |
0.0 |
-0.3 |
0.0 |
-0.7 |
0.1 |
|
Amort. of Intangibles |
2.0 |
2.8 |
2.4 |
2.2 |
2.2 |
|
Unreal. Fin. Assets Revaluation Gain |
- |
- |
0.0 |
-0.2 |
- |
|
G/L on Sale of Investments |
0.0 |
0.0 |
- |
- |
- |
|
Inventory Devaluation & Obsolescence |
- |
- |
- |
- |
40.6 |
|
Reversal of Inventory Devaluation |
-8.3 |
3.4 |
-1.1 |
-32.7 |
- |
|
G/L on Sale of Other Assets |
- |
0.0 |
-0.1 |
- |
0.0 |
|
Net Gain/Loss on Disposal of Properties |
0.1 |
4.2 |
0.3 |
0.3 |
0.1 |
|
Other Expenses-Fixed Assets |
- |
0.0 |
0.0 |
0.0 |
- |
|
Unrealized Foreign Exchange Gain/Loss |
-0.1 |
-5.2 |
-2.3 |
-0.1 |
-10.3 |
|
Diff Betw. Pension Cost & Pension Fund |
-1.0 |
-0.4 |
-3.0 |
-1.0 |
-0.8 |
|
Deferred Tax |
1.7 |
-0.9 |
0.7 |
7.5 |
-9.2 |
|
Notes and Accounts Receivable |
- |
- |
- |
- |
15.6 |
|
Notes Receivable |
9.2 |
20.4 |
-20.3 |
-8.9 |
- |
|
Accounts Receivable |
-3.6 |
-8.7 |
-23.1 |
8.2 |
- |
|
Accounts Receivable-Related Parties |
-19.1 |
0.0 |
0.1 |
0.0 |
- |
|
Other Financial Assets, Current |
1.0 |
0.4 |
0.8 |
0.4 |
-1.4 |
|
Financial Assets-Trading |
- |
0.0 |
0.2 |
0.0 |
- |
|
Other Current Assets |
-10.7 |
1.2 |
-2.3 |
6.3 |
- |
|
Inventories |
18.5 |
4.4 |
-60.2 |
76.4 |
-58.6 |
|
Prepayment and Other Current Assets |
- |
- |
- |
- |
-0.5 |
|
Prepayment |
-1.9 |
-0.2 |
0.4 |
0.1 |
- |
|
Notes and Accounts Payable |
- |
- |
- |
- |
-11.2 |
|
Notes Payable |
-0.2 |
0.1 |
-5.7 |
1.5 |
- |
|
Accounts Payable |
17.1 |
-2.3 |
-1.2 |
8.8 |
- |
|
Accounts Payable,Related Parties |
0.7 |
-3.8 |
3.1 |
0.7 |
- |
|
Accrued Expenses |
-2.0 |
-9.7 |
13.3 |
-2.5 |
0.4 |
|
Other Current Liabilities |
-0.7 |
1.6 |
-2.1 |
0.8 |
0.4 |
|
Cash from Operating Activities |
69.6 |
92.7 |
22.3 |
153.7 |
58.4 |
|
|
|
|
|
|
|
|
Financial Assets for Sale |
- |
- |
- |
- |
-12.0 |
|
Debt Invest. without Active Mkt.-Non-cur |
- |
- |
- |
0.5 |
- |
|
Long Term Bond Investments |
- |
- |
0.0 |
- |
1.0 |
|
Other Financial Assets - Current |
- |
-0.3 |
-1.1 |
- |
- |
|
Disposal of Financial Assets-Cost Method |
0.0 |
0.1 |
- |
- |
0.0 |
|
Intangible Assets, Net |
- |
-1.3 |
- |
- |
- |
|
Purchase of Intangible Assets |
-5.8 |
- |
- |
- |
- |
|
Capital Expenditure |
-99.2 |
-22.6 |
-9.0 |
-10.4 |
-9.7 |
|
Disposal of Fixed Assets |
0.0 |
0.1 |
0.0 |
0.0 |
0.1 |
|
Disposal of Other Assets |
- |
0.0 |
0.2 |
- |
0.0 |
|
Deferred Charges & Other Assets |
- |
- |
- |
- |
-0.5 |
|
Other Financial Assets-Non-Current |
-0.5 |
0.1 |
0.0 |
-0.2 |
0.0 |
|
Other Assets |
-0.4 |
-0.9 |
-0.7 |
-0.3 |
- |
|
Cash from Investing Activities |
-105.9 |
-24.7 |
-10.5 |
-10.5 |
-21.1 |
|
|
|
|
|
|
|
|
Short Term Borrowings, Net |
18.2 |
-16.9 |
28.7 |
-68.7 |
11.0 |
|
Short Term Notes, Net |
-3.4 |
-1.7 |
-0.3 |
-23.9 |
26.9 |
|
Long Term Borrowings Increase |
338.4 |
453.1 |
242.3 |
279.0 |
352.4 |
|
Repayment of Long Term Borrowings |
-297.7 |
-411.2 |
-251.1 |
-307.9 |
-371.3 |
|
Directors Remuneration & Employee Bonus |
- |
- |
- |
- |
-3.0 |
|
Cash Dividend |
-29.4 |
-41.0 |
-33.4 |
-29.6 |
-38.1 |
|
Security Deposit Received |
-0.1 |
0.1 |
-0.3 |
0.3 |
0.0 |
|
Cash from Financing Activities |
26.1 |
-17.7 |
-14.2 |
-150.7 |
-22.2 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-3.1 |
2.6 |
-2.6 |
-0.7 |
0.8 |
|
Net Change in Cash |
-13.2 |
52.8 |
-4.9 |
-8.2 |
16.0 |
|
|
|
|
|
|
|
|
Net Cash, Beginning Balance |
81.6 |
29.3 |
32.2 |
38.9 |
24.8 |
|
Net Cash - Ending Balance |
68.4 |
82.1 |
27.3 |
30.7 |
40.8 |
|
Cash Interest Paid |
11.0 |
9.0 |
7.2 |
11.1 |
23.9 |
|
Cash Taxes Paid |
6.3 |
13.0 |
9.2 |
11.1 |
19.6 |
Financial Health
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
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Annual Ratios
|
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.56.10 |
|
|
1 |
Rs.85.13 |
|
Euro |
1 |
Rs.72.80 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.