MIRA INFORM REPORT

 

 

Report Date :

09.11.2013

 

IDENTIFICATION DETAILS

 

Name :

SKYMEDI CORPORATION

 

 

Registered Office :

Lixing 1st Road, Lixing 1st Road, Hsinchu Science Park, East District, Hsinchu, 300

 

 

Country :

Taiwan

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

25.09.2003

 

 

Legal Form :

Public Independent

 

 

Line of Business :

Manufacture and Distribution of flash memory card controller chips and universal serial bus (USB) controller chips.

 

 

No. of Employees :

291

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

NOTES:

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

 

ECGC Country Risk Classification List – March, 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

 

company Name and Address

 

Skymedi Corporation 

 

 

 

6F, No. 10-1

Lixing 1st Road, Hsinchu Science Park

East District

Hsinchu, 300

Taiwan

 

Tel:

886-3-5781638

Fax:

886-3-5781626

 

www.skymedi.com.tw

 

Employees:

291

Company Type:

Public Independent

Traded:

Gre Tai Security Market:

3555

Incorporation Date:

25-Sep-2003

Auditor:

PricewaterhouseCoopers LLP

Financials in:

 USD (Mil)

Fiscal Year End:

31-Dec-2012

Reporting Currency:

Taiwanese New Dollar

Annual Sales:

32.4  1

Net Income:

(32.2)

Total Assets:

38.8  2

Market Value:

30.5

 

(18-Oct-2013)

 

 

Business Description

 

SKYMEDI CORPORATION is principally engaged in the manufacture and distribution of flash memory card controller chips and universal serial bus (USB) controller chips. The Company provides flash memory card controller chips, which are applied in secure digital (SD) cards and multimedia cards (MMC) for information transmission between portable products and storage multimedia; USB controller chips, which are applied in memory management, the information transmission between USB interfaces and personal computers (PCs), as well as embedded storage disk controller chips, solid hard drive control chips and multimedia player controller chips. The Company distributes its products primarily in Asia, Europe and the Americas. For the six months ended 30 June 2013, Skymedi Corporation revenues decreased 19% to NT$499.5M. Net loss increased 17% to NT$312.9M. Revenues reflect a decrease in demand for the Company's products and services due to unfavorable market conditions. Higher net loss reflects Research and Development Expenses increase of 4% to NT$263M (expense), Interest Expense increase from NT$750K to NT$2.6M (expense).

 

 

Industry            

 

Industry

Semiconductor and Other Electronic Component Manufacturing

ANZSIC 2006:

2429 - Other Electronic Equipment Manufacturing

ISIC Rev 4:

2610 - Manufacture of electronic components and boards

NACE Rev 2:

2611 - Manufacture of electronic components

NAICS 2012:

334413 - Semiconductor and Related Device Manufacturing

UK SIC 2007:

2611 - Manufacture of electronic components

US SIC 1987:

3674 - Semiconductors and Related Devices

 

 

Key Executives

 

Name

Title

Yonghua Liu

Deputy General Manager

Fujia Xiong

Chairman of the Board, General Manager

Zheyu Li

Chief Financial Officer

Risheng Chen

Independent Director

Dianfang Lin

Director

 

 

Significant Developments

 

Topic

#*

Most Recent Headline

Date

Debt Financing / Related

3

Skymedi Corp to Issue First Secured Convertible Corporate Bonds

17-Sep-2013

Dividends

1

Skymedi Corp Announces No Dividend Payment for FY 2012

26-Mar-2013

* Number of significant developments within the last 12 months

 

 

News

 

Title

Date

Digital broadcasting signal displaying system and signal processing method thereof
U.S. Patents (136 Words)

4-Nov-2013

Patent Issued for Method for Sequentially Writing Data with an Offset to a Non-Volatile Memory
Journal of Engineering (1047 Words)

30-Oct-2013

US Patent Issued to Skymedi on Oct. 29 for "Digital broadcasting signal displaying system and signal processing method thereof" (Taiwanese Inventors) 
U.S. Fed News (189 Words)

29-Oct-2013

Method for sequentially writing data with an offset to a non-volatile memory
U.S. Patents (172 Words)

28-Oct-2013

US Patent Issued to Skymedi on Oct. 22 for "Method for sequentially writing data with an offset to a non-volatile memory" (Taiwanese Inventors) 
U.S. Fed News (220 Words)

22-Oct-2013

Voltage regulator with adaptive miller compensation
U.S. Patents (181 Words)

8-Oct-2013

 

 

Financial Summary

 

As of 30-Jun-2013

Key Ratios

Company

Industry

Current Ratio (MRQ)

2.59

3.90

Quick Ratio (MRQ)

2.18

3.02

Debt to Equity (MRQ)

0.30

0.21

Sales 5 Year Growth

-3.88

11.04

Net Profit Margin (TTM) %

-118.64

19.30

Return on Assets (TTM) %

-63.88

15.21

Return on Equity (TTM) %

-88.24

21.72

 

 

Stock Snapshot

 

Traded: Gre Tai Security Market: 3555

As of 18-Oct-2013

Financials in: TWD

Recent Price

13.80

 

EPS

-14.94

52 Week High

37.50

 

Price/Sales

0.94

52 Week Low

9.70

 

Price/Book

0.93

Avg. Volume (mil)

0.0021

 

Beta

1.14

Market Value (mil)

896.11

 

 

 

 

Price % Change

Rel S&P 500%

4 Week

7.39%

4.43%

13 Week

-5.48%

-9.72%

52 Week

-61.34%

-65.81%

Year to Date

-45.67%

-50.44%

 

 

 

 

 

 

 

 

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
6F, No. 10-1
Lixing 1st Road, Hsinchu Science Park
East District
Hsinchu, 300
Taiwan

 

Tel:

886-3-5781638

Fax:

886-3-5781626

 

www.skymedi.com.tw

Quote Symbol - Exchange

3555 - Gre Tai Security Market

Sales TWD(mil):

957.8

Assets TWD(mil):

1,126.8

Employees:

291

Fiscal Year End:

31-Dec-2012

 

Industry:

Semiconductors

Incorporation Date:

25-Sep-2003

Company Type:

Public Independent

Quoted Status:

Quoted

 

Chairman of the Board, General Manager:

Fujia Xiong

 

 

Executive Report

 

Board of Directors

 

Name

Title

Function

 

Fujia Xiong

 

Chairman of the Board, General Manager

Chairman

 

Biography:

Xiong Fujia has been Chairman of the Board and General Manager in Skymedi Corporation since September 3, 2003. Xiong holds a Ph.D in Electrical Engineering from Stanford University, the United States. Xiong is also Chairman of the Board in a Hong Kong-based company and General Manager as well as Chairman of the Board in a technology company. Xiong used to be Deputy General Manager in Macronix International Co., Ltd.

 

Education:

Stanford University, PHD (Electrical Engineering)
National Tsing Hua University, M (Electronics)

 

Risheng Chen

 

Independent Director

Director/Board Member

 

 

Biography:

Chen Risheng has been Independent Director in Skymedi Corporation since June 28, 2007. Chen is also Chairman of the Board in Sinopower Semiconductor, Inc., and Director in two other companies. Chen holds a Master's degree from National Tsing Hua University, Taiwan.

 

Education:

National Tsing Hua University, M 

 

Dianfang Lin

 

Director

Director/Board Member

 

 

Biography:

Lin Dianfang has been serving as Director in Skymedi Corporation since June 29, 2006. Lin is also Director in Ili Technology Corp. and Chairman of the Board in Dawning Leading Technology Inc. Lin used to be Vice Chairman of the Board in KING YUAN ELECTRONICS CO., LTD. and Chairman of the Board in another technology company.

 

Kunrui Lu

 

Director

Director/Board Member

 

 

Biography:

Lu Kunrui has been Director in Skymedi Corporation since August 8, 2005. Chen also serves as Vice Chairman of the Board in Accton Technology Corporation, where Lu used to be General Manager, as well as Director in another technology company. Lu holds a Master's degree from National Tsinghua University, Taiwan.

 

Education:

National Tsing Hua University, M 

 

Weimin Shen

 

Independent Director

Director/Board Member

 

 

Biography:

Shen Weimin has been Independent Director in Skymedi Corporation since June 28, 2007. Shen is also Independent Director in three other companies including HUGA OPTOTECH INC. Shen holds a Ph.D. from Purdue University, the United States. Shen used to be Professor in National Taichung University of Science and Technology, Taiwan.

 

Education:

Purdue University, PHD (Accounting)

 

Tailang Zhong

 

Independent Director

Director/Board Member

 

 

Biography:

Zhong Tailang has been Independent Director in Skymedi Corporation since June 21, 2011. Zhong is also Associate Professor in National Tsing Hua University, Taiwan. Zhong holds a Doctorate's degree in Electrical Engineering from Texas Tech University, the United States.

 

Education:

Texas Tech University, PHD (Electrical Engineering)

 

Minghong Zhou

 

Director

Director/Board Member

 

 

Education:

National Cheng Kung University, M 

 

 

Executives

 

Name

Title

Function

 

Yonghua Liu

 

Deputy General Manager

Division Head Executive

 

Biography:

Liu Yonghua has been serving as Deputy General Manager in Skymedi Corporation since June 8, 2012. Liu holds a Master's degree from Syracuse University, the United States. Liu was Director in the Company.

 

Education:

Syracuse University, M 

 

Fujia Xiong

 

Chairman of the Board, General Manager

Division Head Executive

 

 

Biography:

Xiong Fujia has been Chairman of the Board and General Manager in Skymedi Corporation since September 3, 2003. Xiong holds a Ph.D in Electrical Engineering from Stanford University, the United States. Xiong is also Chairman of the Board in a Hong Kong-based company and General Manager as well as Chairman of the Board in a technology company. Xiong used to be Deputy General Manager in Macronix International Co., Ltd.

 

Education:

Stanford University, PHD (Electrical Engineering)
National Tsing Hua University, M (Electronics)

 

Zheyu Li

 

Chief Financial Officer

Finance Executive

 

 

 

 

Significant Developments

 

Skymedi Corp to Issue First Secured Convertible Corporate Bonds

Sep 17, 2013


Skymedi Corp announced that it has decided to issue its first secured convertible corporate bonds worth NTD 200 million, with a coupon value and issuance price of NTD 100,000, a term of three years and interest rate of 0%. The Company will use the proceeds to pay back bank loan. The Capital Group will serve as the underwriter. 

Skymedi Corp to Issue Convertible Unsecured Corporate Bonds through Private Placement

Sep 17, 2013


Skymedi Corp announced that it has decided to issue up to NTD 100 million unsecured convertible corporate bonds through private placement with a coupon value and issuance price of NTD 100,000, a term of three years and interest rate of 0%. The Company will use the proceeds to supplement working capital and pay back bank loan. 

Skymedi Corp to Issue First Tranche Secured Convertible Bonds

Jul 11, 2013


Skymedi Corp announced that it has decided to issue NTD 200 million worth of first tranche convertible bonds, each with a face value of NTD 100,000, at the price of par value, with a term of three years and coupon rate of 0%. The Company will use the proceeds to repay bank loans. 

Skymedi Corp Announces No Dividend Payment for FY 2012

Mar 26, 2013


Skymedi Corp announced that it will pay no dividend to shareholders for fiscal year 2012. 

 

 

News

 

 

Digital broadcasting signal displaying system and signal processing method thereof
U.S. Patents (136 Words)

04-Nov-2013

 

Patent Issued for Method for Sequentially Writing Data with an Offset to a Non-Volatile Memory
Journal of Engineering (1047 Words)

30-Oct-2013

 

US Patent Issued to Skymedi on Oct. 29 for "Digital broadcasting signal displaying system and signal processing method thereof" (Taiwanese Inventors) 
U.S. Fed News (189 Words)

29-Oct-2013

 

Method for sequentially writing data with an offset to a non-volatile memory
U.S. Patents (172 Words)

28-Oct-2013

 

US Patent Issued to Skymedi on Oct. 22 for "Method for sequentially writing data with an offset to a non-volatile memory" (Taiwanese Inventors) 
U.S. Fed News (220 Words)

22-Oct-2013

 

Voltage regulator with adaptive miller compensation
U.S. Patents (181 Words)

08-Oct-2013

 

US Patent Issued to Skymedi on Oct. 1 for "Voltage regulator with adaptive miller compensation" (Taiwanese Inventor) 
U.S. Fed News (237 Words)

01-Oct-2013

 

Silicon Motion Technology Corporation at Citi Global Technology Conference - Final
FD (Fair Disclosure) Wire (5579 Words)

20-Sep-2013

 

Method of twice programming a non-volatile flash memory with a sequence
U.S. Patents (127 Words)

12-Aug-2013

 

US Patent Issued to Skymedi on Aug. 6 for "Method of twice programming a non-volatile flash memory with a sequence" (Taiwanese Inventors) 
U.S. Fed News (178 Words)

06-Aug-2013

 

Researchers Submit Patent Application, "Memory Controller and a Method Thereof", for Approval
Politics & Government Week (796 Words)

01-Aug-2013

 

 


Annual Income statement

 

 

Financials in: USD (mil)

 

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

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2012

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Reclassified Normal 
31-Dec-2009

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

29.57962

29.39004

31.497037

33.023867

31.543497

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified with Explanation

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Gross Revenue

32.4

94.8

87.7

46.8

72.7

    Sales Returns and Allowances

0.0

-0.8

-1.5

-3.9

-2.2

Revenue

32.4

94.0

86.3

42.9

70.5

    Other Revenue

-

-

0.0

8.9

0.0

Other Revenue, Total

-

-

0.0

8.9

0.0

Total Revenue

32.4

94.0

86.3

51.8

70.5

 

 

 

 

 

 

    Cost of Revenue

27.8

52.4

36.2

31.5

49.6

Cost of Revenue, Total

27.8

52.4

36.2

31.5

49.6

Gross Profit

4.6

41.6

50.0

11.4

20.8

 

 

 

 

 

 

    Selling/General/Administrative Expense

8.6

10.7

10.4

7.5

9.8

Total Selling/General/Administrative Expenses

8.6

10.7

10.4

7.5

9.8

Research & Development

19.7

19.3

17.1

12.2

10.0

Total Operating Expense

56.0

82.4

63.7

51.2

69.4

 

 

 

 

 

 

Operating Income

-23.7

11.6

22.6

0.6

1.0

 

 

 

 

 

 

        Interest Expense - Non-Operating

0.0

-0.1

-0.1

-0.1

-

    Interest Expense, Net Non-Operating

0.0

-0.1

-0.1

-0.1

-

        Interest Income - Non-Operating

0.3

0.2

0.0

0.0

0.2

        Investment Income - Non-Operating

-9.6

0.2

-0.2

-0.1

-0.3

    Interest/Investment Income - Non-Operating

-9.4

0.4

-0.2

0.0

0.0

Interest Income (Expense) - Net Non-Operating Total

-9.4

0.3

-0.3

-0.1

0.0

Gain (Loss) on Sale of Assets

0.0

0.0

-0.1

-

-

    Other Non-Operating Income (Expense)

0.8

0.4

1.7

0.6

0.1

Other, Net

0.8

0.4

1.7

0.6

0.1

Income Before Tax

-32.2

12.4

23.9

1.1

1.1

 

 

 

 

 

 

Total Income Tax

0.0

0.3

0.7

0.2

0.0

Income After Tax

-32.2

12.1

23.2

0.8

1.1

 

 

 

 

 

 

Net Income Before Extraord Items

-32.2

12.1

23.2

0.8

1.1

Net Income

-32.2

12.1

23.2

0.8

1.1

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

-32.2

12.1

23.2

0.8

1.1

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

-32.2

12.1

23.2

0.8

1.1

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

63.8

54.9

48.1

47.5

42.7

Basic EPS Excl Extraord Items

-0.50

0.22

0.48

0.02

0.02

Basic/Primary EPS Incl Extraord Items

-0.50

0.22

0.48

0.02

0.02

Dilution Adjustment

0.0

0.0

-

-

-

Diluted Net Income

-32.2

12.1

23.2

0.8

1.1

Diluted Weighted Average Shares

63.8

57.8

54.5

47.7

43.0

Diluted EPS Excl Extraord Items

-0.50

0.21

0.43

0.02

0.02

Diluted EPS Incl Extraord Items

-0.50

0.21

0.43

0.02

0.02

Dividends per Share - Common Stock Primary Issue

0.00

0.14

0.23

0.00

0.00

Gross Dividends - Common Stock

0.0

9.1

11.6

0.1

0.1

Interest Expense, Supplemental

0.0

0.1

0.1

0.1

-

Depreciation, Supplemental

0.9

0.7

0.5

0.5

0.5

Total Special Items

0.0

0.0

0.1

-

-

Normalized Income Before Tax

-32.2

12.4

24.0

1.1

1.1

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.0

0.0

0.0

-

-

Inc Tax Ex Impact of Sp Items

0.0

0.3

0.7

0.2

0.0

Normalized Income After Tax

-32.2

12.1

23.3

0.8

1.1

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-32.2

12.1

23.3

0.8

1.1

 

 

 

 

 

 

Basic Normalized EPS

-0.50

0.22

0.48

0.02

0.02

Diluted Normalized EPS

-0.50

0.21

0.43

0.02

0.02

Amort of Intangibles, Supplemental

4.6

3.0

3.0

2.8

2.1

Research & Development Exp, Supplemental

19.7

19.3

17.1

12.2

10.0

Normalized EBIT

-23.7

11.6

22.6

0.6

1.0

Normalized EBITDA

-18.1

15.3

26.1

3.9

3.6

    Current Tax - Total

-

2.1

4.2

-

-

Current Tax - Total

-

2.1

4.2

-

-

    Other Tax

-

-1.8

-3.5

-

-

Income Tax - Total

-

0.3

0.7

-

-

Interest Cost - Domestic

0.0

0.0

0.0

0.0

0.0

Expected Return on Assets - Domestic

0.0

0.0

0.0

0.0

0.0

Transition Costs - Domestic

0.0

0.0

0.0

0.1

0.0

Other Pension, Net - Domestic

0.0

0.0

0.0

0.0

-

Domestic Pension Plan Expense

0.0

0.0

0.0

0.0

0.0

Defined Contribution Expense - Domestic

0.5

0.5

0.4

0.4

0.4

Total Pension Expense

0.6

0.5

0.4

0.5

0.4

Discount Rate - Domestic

1.88%

2.00%

2.00%

2.00%

2.25%

Expected Rate of Return - Domestic

1.88%

2.00%

2.00%

2.00%

2.50%

Compensation Rate - Domestic

5.25%

5.25%

5.25%

5.00%

5.50%

Total Plan Interest Cost

0.0

0.0

0.0

0.0

0.0

Total Plan Expected Return

0.0

0.0

0.0

0.0

0.0

Total Plan Other Expense

0.0

0.0

0.0

0.0

-

 

Annual Balance Sheet

 

Financials in: USD (mil)

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

UpdateType/Date

Updated Normal 
31-Dec-2012

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2010

Updated Normal 
31-Dec-2008

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

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Cash & Equivalents

20.3

50.2

44.5

8.9

15.1

    Short Term Investments

-

0.0

0.0

0.0

-

Cash and Short Term Investments

20.3

50.2

44.5

8.9

15.1

        Accounts Receivable - Trade, Gross

-

0.4

1.9

4.3

7.7

        Provision for Doubtful Accounts

-

-

-0.4

-

-0.1

    Trade Accounts Receivable - Net

0.6

7.0

16.8

13.4

8.1

    Notes Receivable - Short Term

2.1

0.0

0.0

0.0

0.0

    Other Receivables

0.1

0.6

0.8

0.2

0.1

Total Receivables, Net

2.8

7.5

17.6

13.6

8.3

    Inventories - Finished Goods

1.4

0.5

0.5

0.7

4.2

    Inventories - Work In Progress

4.1

11.0

4.2

3.0

6.8

    Inventories - Raw Materials

-

0.5

0.0

0.0

0.1

    Inventories - Other

-

-

-

-

-3.7

Total Inventory

5.5

12.0

4.7

3.6

7.4

Prepaid Expenses

0.8

0.6

0.1

0.2

0.5

    Other Current Assets

0.0

0.1

0.0

0.2

0.0

Other Current Assets, Total

0.0

0.1

0.0

0.2

0.0

Total Current Assets

29.5

70.4

67.0

26.5

31.2

 

 

 

 

 

 

        Buildings

0.6

0.5

0.6

0.7

0.7

        Machinery/Equipment

4.3

2.6

2.7

1.8

1.6

        Construction in Progress

-

-

-

-

0.1

    Property/Plant/Equipment - Gross

4.9

3.2

3.2

2.6

2.4

    Accumulated Depreciation

-2.1

-1.1

-1.8

-1.6

-1.1

Property/Plant/Equipment - Net

2.8

2.1

1.4

1.0

1.2

Intangibles, Net

1.1

0.6

0.3

0.4

0.4

    LT Investments - Other

2.7

13.4

5.9

2.7

0.2

Long Term Investments

2.7

13.4

5.9

2.7

0.2

    Deferred Charges

2.6

2.5

2.2

2.2

1.6

    Other Long Term Assets

0.2

0.1

0.0

0.1

0.1

Other Long Term Assets, Total

2.8

2.5

2.3

2.3

1.7

Total Assets

38.8

89.0

76.8

32.8

34.8

 

 

 

 

 

 

Accounts Payable

1.5

4.8

7.5

3.9

3.5

Accrued Expenses

2.8

5.5

9.0

1.7

2.5

Notes Payable/Short Term Debt

0.2

6.5

8.1

5.0

0.0

    Customer Advances

0.0

0.0

0.0

-

-

    Income Taxes Payable

0.1

0.3

0.7

0.2

-

    Other Payables

1.0

0.4

0.0

0.1

0.0

    Other Current Liabilities

0.1

0.1

0.0

0.0

0.0

Other Current liabilities, Total

1.1

0.8

0.7

0.3

0.0

Total Current Liabilities

5.6

17.6

25.3

10.9

6.0

 

 

 

 

 

 

Total Long Term Debt

0.0

0.0

0.0

0.0

0.0

Total Debt

0.2

6.5

8.1

5.0

0.0

 

 

 

 

 

 

    Other Long Term Liabilities

-

-

-

-

0.0

Other Liabilities, Total

-

-

-

-

0.0

Total Liabilities

5.6

17.6

25.3

10.9

6.0

 

 

 

 

 

 

    Common Stock

22.4

21.1

15.7

12.9

20.0

Common Stock

22.4

21.1

15.7

12.9

20.0

Additional Paid-In Capital

22.7

27.8

10.5

8.0

7.7

Retained Earnings (Accumulated Deficit)

-11.5

22.6

25.4

1.0

1.0

    Translation Adjustment

0.0

0.0

-0.1

0.0

0.0

    Other Equity

-0.3

-

-

-

-

Other Equity, Total

-0.4

0.0

-0.1

0.0

0.0

Total Equity

33.2

71.4

51.6

21.9

28.8

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

38.8

89.0

76.8

32.8

34.8

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

64.9

63.8

50.2

47.6

47.0

Total Common Shares Outstanding

64.9

63.8

50.2

47.6

47.0

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

0.0

Employees

291

323

276

212

262

Number of Common Shareholders

9,570

10,558

2,752

2,240

2,217

Deferred Revenue - Current

0.0

0.0

0.0

-

-

Pension Obligation - Domestic

0.2

0.2

0.3

0.3

0.3

Plan Assets - Domestic

0.3

0.3

0.3

0.2

0.2

Funded Status - Domestic

0.1

0.1

0.0

0.0

-0.1

Accumulated Obligation - Domestic

0.1

0.1

0.1

0.1

0.1

Total Funded Status

0.1

0.1

0.0

0.0

-0.1

Discount Rate - Domestic

1.88%

2.00%

2.00%

2.00%

2.25%

Expected Rate of Return - Domestic

5.25%

5.25%

2.00%

2.00%

2.50%

Compensation Rate - Domestic

1.88%

2.00%

5.25%

5.00%

5.50%

Prepaid Benefits - Domestic

0.1

0.0

0.0

0.0

0.0

Net Assets Recognized on Balance Sheet

0.1

0.0

0.0

0.0

0.0

Total Plan Obligations

0.2

0.2

0.3

0.3

0.3

Total Plan Assets

0.3

0.3

0.3

0.2

0.2

 

 

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

Updated Normal 
31-Dec-2008

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

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

Net Income/Starting Line

-32.2

12.1

23.2

0.8

1.1

    Depreciation

0.9

0.7

0.5

0.5

0.5

Depreciation/Depletion

0.9

0.7

0.5

0.5

0.5

    Amortization of Intangibles

4.6

3.0

3.0

2.8

2.1

Amortization

4.6

3.0

3.0

2.8

2.1

    Unusual Items

9.6

0.0

0.1

-

-

    Other Non-Cash Items

2.9

1.6

1.8

2.8

-0.1

Non-Cash Items

12.5

1.6

1.9

2.8

-0.1

    Accounts Receivable

5.0

10.1

-2.8

-4.7

2.4

    Inventories

4.2

-8.3

-1.7

0.2

-1.9

    Prepaid Expenses

-0.2

-0.5

0.1

-

-

    Other Assets

0.0

0.0

0.2

-

-

    Accounts Payable

-3.0

-2.0

2.9

0.4

-3.1

    Accrued Expenses

-2.9

0.1

6.8

-0.6

0.8

    Taxes Payable

-0.2

-0.4

0.4

0.2

0.0

    Other Liabilities

0.2

0.0

0.0

0.0

0.0

Changes in Working Capital

3.1

-0.8

5.8

-4.5

-1.9

Cash from Operating Activities

-11.1

16.5

34.5

2.5

1.7

 

 

 

 

 

 

    Purchase of Fixed Assets

-1.6

-1.4

-1.0

-0.4

-0.6

    Purchase/Acquisition of Intangibles

-1.2

-0.9

-0.4

-4.0

-2.3

Capital Expenditures

-2.8

-2.3

-1.4

-4.4

-3.0

    Sale of Fixed Assets

0.0

0.0

0.0

0.0

0.0

    Sale/Maturity of Investment

3.7

-

-

-

-

    Investment, Net

-

-

-

-

0.0

    Purchase of Investments

-0.7

-8.0

-2.6

-2.4

0.0

    Other Investing Cash Flow

-5.5

-2.8

-2.3

-6.8

0.0

Other Investing Cash Flow Items, Total

-2.5

-10.9

-4.9

-9.2

0.0

Cash from Investing Activities

-5.3

-13.2

-6.3

-13.6

-3.0

 

 

 

 

 

 

    Other Financing Cash Flow

-

-

-

0.0

0.0

Financing Cash Flow Items

-

-

-

0.0

0.0

    Cash Dividends Paid - Common

-9.1

-12.5

-0.1

-0.1

0.0

Total Cash Dividends Paid

-9.1

-12.5

-0.1

-0.1

0.0

        Sale/Issuance of Common

0.0

16.3

0.0

0.0

11.9

    Common Stock, Net

0.0

16.3

0.0

0.0

11.9

    Options Exercised

0.7

1.8

1.7

0.0

0.0

Issuance (Retirement) of Stock, Net

0.7

18.1

1.7

0.0

11.9

        Short Term Debt Issued

-

-

2.4

4.8

0.0

    Short Term Debt, Net

-6.6

-1.4

2.4

4.8

0.0

Issuance (Retirement) of Debt, Net

-6.6

-1.4

2.4

4.8

0.0

Cash from Financing Activities

-15.0

4.2

4.0

4.7

11.9

 

 

 

 

 

 

Foreign Exchange Effects

0.0

0.0

0.0

0.0

0.0

Net Change in Cash

-31.4

7.6

32.2

-6.4

10.6

 

 

 

 

 

 

Net Cash - Beginning Balance

51.4

44.1

9.0

15.0

5.0

Net Cash - Ending Balance

19.9

51.7

41.2

8.6

15.7

Cash Interest Paid

0.0

0.1

0.1

0.1

0.0

Cash Taxes Paid

0.3

0.7

0.3

0.0

0.0

 

 

Annual Income statement

 

Financials in: USD (mil)

 

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

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2012

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Reclassified Normal
31-Dec-2009

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

29.57962

29.39004

31.497037

33.023867

31.543497

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified with Explanation

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified

 

 

 

 

 

 

    Gross Sales

32.4

94.8

87.7

46.8

72.7

    Sales Returns & Discounts

0.0

-0.8

-0.9

-3.4

-1.7

    Sales Discounts and Allowances

0.0

0.0

-0.5

-0.4

-0.5

    Other Operating Revenue

-

-

0.0

8.9

0.0

Total Revenue

32.4

94.0

86.3

51.8

70.5

 

 

 

 

 

 

    Cost of Sales

27.8

52.4

36.2

31.5

49.6

    Selling Expenses

2.3

4.9

4.7

4.0

4.3

    General and Administrative Expenses

6.2

5.7

5.7

3.5

5.5

    Research and Development Expenses

19.7

19.3

17.1

12.2

10.0

Total Operating Expense

56.0

82.4

63.7

51.2

69.4

 

 

 

 

 

 

    Gains on Disposal of Fixed Assets

0.0

0.0

-

-

-

    Interest Income

0.3

0.2

0.0

0.0

0.2

    Revaluation G/L on Financial Assets

-9.6

0.0

0.1

0.0

0.0

    Miscellaneous Income

0.8

0.6

1.9

0.6

0.3

    Interest Expense

0.0

-0.1

-0.1

-0.1

-

    Loss on Disposal of Fixed Assets

0.0

0.0

-0.1

-

-

    Gain/Loss on Foreign Exchange

0.0

0.3

-0.3

-0.1

-0.3

    Miscellaneous Expenses

0.0

-0.1

-0.2

0.0

-0.3

Net Income Before Taxes

-32.2

12.4

23.9

1.1

1.1

 

 

 

 

 

 

Provision for Income Taxes

0.0

0.3

0.7

0.2

0.0

Net Income After Taxes

-32.2

12.1

23.2

0.8

1.1

 

 

 

 

 

 

Net Income Before Extra. Items

-32.2

12.1

23.2

0.8

1.1

Net Income

-32.2

12.1

23.2

0.8

1.1

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

-32.2

12.1

23.2

0.8

1.1

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

-32.2

12.1

23.2

0.8

1.1

 

 

 

 

 

 

Basic Weighted Average Shares

63.8

54.9

48.1

47.5

42.7

Basic EPS Excluding ExtraOrdinary Items

-0.50

0.22

0.48

0.02

0.02

Basic EPS Including ExtraOrdinary Items

-0.50

0.22

0.48

0.02

0.02

Dilution Adjustment

0.0

0.0

-

-

-

Diluted Net Income

-32.2

12.1

23.2

0.8

1.1

Diluted Weighted Average Shares

63.8

57.8

54.5

47.7

43.0

Diluted EPS Excluding ExtraOrd Items

-0.50

0.21

0.43

0.02

0.02

Diluted EPS Including ExtraOrd Items

-0.50

0.21

0.43

0.02

0.02

DPS-Ordinary Shares

0.00

0.14

0.23

0.00

0.00

Gross Dividends - Common Stock

0.0

9.1

11.6

0.1

0.1

Normalized Income Before Taxes

-32.2

12.4

24.0

1.1

1.1

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.0

0.3

0.7

0.2

0.0

Normalized Income After Taxes

-32.2

12.1

23.3

0.8

1.1

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-32.2

12.1

23.3

0.8

1.1

 

 

 

 

 

 

Basic Normalized EPS

-0.50

0.22

0.48

0.02

0.02

Diluted Normalized EPS

-0.50

0.21

0.43

0.02

0.02

Interest Expense, Supplemental

0.0

0.1

0.1

0.1

-

R&D Expense, Supplemental

19.7

19.3

17.1

12.2

10.0

Depreciation - Operating Expense

0.9

0.7

0.5

0.5

0.5

Amortization - Operating Expense

4.6

3.0

3.0

2.8

2.1

    Current Tax

-

2.1

4.2

-

-

Current Tax - Total

-

2.1

4.2

-

-

    Other Tax

-

-1.8

-3.5

-

-

Income Tax - Total

-

0.3

0.7

-

-

Interest Cost

0.0

0.0

0.0

0.0

0.0

Expected Return on Plan Assets

0.0

0.0

0.0

0.0

0.0

Expected Return on Assets - Domestic

0.0

0.0

-

-

-

Transition Costs - Domestic

0.0

0.0

-

-

-

Other Pension, Net - Domestic

0.0

0.0

0.0

0.0

-

Amort. of Unreconized Translation Cost

0.0

0.0

0.0

0.1

0.0

Domestic Pension Plan Expense

0.0

0.0

0.0

0.0

0.0

Defined Contribution Expense - Domestic

0.5

0.5

0.4

0.4

0.4

Total Pension Expense

0.6

0.5

0.4

0.5

0.4

Discount Rate

1.88%

2.00%

2.00%

2.00%

2.25%

Rate of Compensation Increase

5.25%

5.25%

5.25%

5.00%

5.50%

Expected Rate of Return on Plan Assets

1.88%

2.00%

2.00%

2.00%

2.50%

 

 

Annual Balance Sheet

 

Financials in: USD (mil)

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

UpdateType/Date

Updated Normal 
31-Dec-2012

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2010

Updated Normal 
31-Dec-2008

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

Unqualified with Explanation

Unqualified with Explanation

Unqualified

 

 

 

 

 

 

    Cash and Cash Equivalent

20.3

50.2

44.5

8.9

15.1

    Financial Assets-Fair Value,Current

-

0.0

0.0

0.0

-

    Notes Receivable

2.1

0.0

0.0

0.0

0.0

    Accounts Receivable, Net

0.2

-

-

-

-

    Accounts Receivable, Gross

-

0.4

1.9

4.3

7.7

    Provision for Doubtful Accounts

-

-

-0.4

-

-0.1

    Accounts Receivable - Related Parties

0.4

6.5

15.2

9.2

0.5

    Other Receivables

0.1

0.5

0.8

0.1

0.1

    Other Receivables - Related Parties

0.0

0.0

0.1

0.0

0.0

    Raw Material / Supplies

-

0.5

0.0

0.0

0.1

    Work-in-Process

4.1

11.0

4.2

3.0

6.8

    Finished Goods

1.4

0.5

0.5

0.7

3.7

    Goods in Store

-

-

-

0.0

0.5

    Inventory Provision

-

-

-

-

-3.7

    Prepaid Expenses

0.2

0.5

0.1

0.2

0.5

    Prepayment

0.6

0.1

-

-

0.0

    Other Current Assets

0.0

0.1

0.0

0.2

0.0

Total Current Assets

29.5

70.4

67.0

26.5

31.2

 

 

 

 

 

 

    Financial Assets-Cost Method,Non-Current

0.0

7.3

2.2

1.2

0.2

    Other Financial Assets - Non-Current

2.7

6.2

3.6

1.6

-

    Testing Equipment

4.0

2.4

2.2

1.5

1.3

    Office Equipment

0.3

0.3

0.4

0.4

0.3

    Leasehold Improvement

0.6

0.5

0.6

0.7

0.7

    Accumulated Depreciation

-2.1

-1.1

-1.8

-1.6

-1.1

    Construction in Progress & Prepay for Eq

-

-

-

-

0.1

    Other Intangible Assets

1.1

0.6

0.3

0.4

0.4

    Deferred Charges

2.6

2.5

2.2

2.2

1.6

    Security Deposits Paid

0.2

0.1

0.0

0.1

0.1

Total Assets

38.8

89.0

76.8

32.8

34.8

 

 

 

 

 

 

    Short Term Borrowings

0.0

6.5

8.1

5.0

-

    Notes Payable

0.2

0.0

0.0

0.0

0.0

    Accounts Payable

1.5

4.8

7.5

3.9

3.3

    Accounts Payable-Related Party

-

-

-

-

0.1

    Income Tax Payable

0.1

0.3

0.7

0.2

-

    Accrued Expenses

2.8

5.5

9.0

1.7

2.5

    Other Payables,Related Parties

-

-

0.0

0.1

-

    Advance Receipts

0.0

0.0

0.0

-

-

    Other Payables

1.0

0.4

0.0

-

0.0

    Other Current Liabilities

0.1

0.1

0.0

0.0

0.0

Total Current Liabilities

5.6

17.6

25.3

10.9

6.0

 

 

 

 

 

 

    Security Deposit

-

-

-

-

0.0

Total Liabilities

5.6

17.6

25.3

10.9

6.0

 

 

 

 

 

 

    Common Stock

22.4

21.1

15.7

12.9

20.0

    Additional Paid-In Capital

21.9

27.7

9.9

8.0

7.7

    Employees Share Options

0.1

0.0

0.6

0.0

0.0

    Legal Reserve

4.0

2.6

0.2

0.1

0.0

    Retained Earnings

-15.5

19.9

25.2

0.9

1.0

    Cumulative Translation Adjustment

0.0

0.0

-0.1

0.0

0.0

    Other Equity Adjustment

-0.3

-

-

-

-

    Capital Surplus, Other

0.7

-

-

-

-

    Special Reserve

0.0

-

-

-

-

Total Equity

33.2

71.4

51.6

21.9

28.8

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

38.8

89.0

76.8

32.8

34.8

 

 

 

 

 

 

    S/O-Ordinary Shares

64.9

63.8

50.2

47.6

47.0

Total Common Shares Outstanding

64.9

63.8

50.2

47.6

47.0

T/S-Ordinary Shares

0.0

0.0

0.0

0.0

0.0

Deferred Revenue - Current

0.0

0.0

0.0

-

-

Full-Time Employees

291

323

276

212

262

Number of Common Shareholders

9,570

10,558

2,752

2,240

2,217

Accumulated Benefit Obligation

0.1

0.1

0.1

0.1

0.1

Benefit Obligation

0.2

0.2

0.3

0.3

0.3

Fair Value of Plan Assets

0.3

0.3

0.3

0.2

0.2

Funded Status

0.1

0.1

0.0

0.0

-0.1

Total Funded Status

0.1

0.1

0.0

0.0

-0.1

Discount Rate

1.88%

2.00%

2.00%

2.00%

2.25%

Expensted Return on Plan Assets

5.25%

5.25%

2.00%

2.00%

2.50%

Rate of Compensation

1.88%

2.00%

5.25%

5.00%

5.50%

Prepaid Pension Cost

0.1

0.0

0.0

0.0

0.0

Net Assets Recognized on Balance Sheet

0.1

0.0

0.0

0.0

0.0

 

 

Annual Cash Flows

 

Financials in: USD (mil)

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2012

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

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

Unqualified with Explanation

Unqualified with Explanation

Unqualified

 

 

 

 

 

 

Net Income

-32.2

12.1

23.2

0.8

1.1

    Depreciation

0.9

0.7

0.5

0.5

0.5

    Bad Debt

0.0

-0.4

0.4

-0.1

0.0

    Disposal of Fixed Assets

0.0

0.0

0.1

-

-

    Employee Stock Option Cost

0.1

0.5

0.6

-

-

    Employee Stock Option Cost,Cash Capital

-

0.8

-

-

-

    Amortization

4.6

3.0

3.0

2.8

2.1

    Valu. G/L on Fin. Assets

0.0

0.0

-0.1

-

-

    Prov. for Inventory Devaluation

2.8

0.6

1.0

2.9

-0.1

    Financial Assets-Fair Value, Current

0.0

0.0

0.1

-

-

    Notes Receivable

-2.1

0.0

0.0

0.0

0.3

    Accounts Receivable

0.3

1.5

2.6

3.5

-5.2

    Other Receivables

0.5

0.2

-0.6

-

-

    Accounts Receivable-Related Parties

6.3

8.4

-4.8

-8.3

7.7

    Compensation for Fixed Assets

0.0

0.0

0.0

-

-

    Inventories

4.2

-8.3

-1.7

0.2

-1.9

    Prepaid Expense

0.3

-0.4

0.1

-

-

    Other Receivable/Prepayment/Other Assets

-

-

-

0.2

-0.3

    Other Receivable-Related Party

0.0

0.0

0.0

0.0

0.0

    Other Current Assets

0.0

0.0

0.1

-

-

    Notes Payable

0.2

0.0

0.0

0.0

0.0

    Notes Payable - Related Party

-

-

-

-

0.0

    Accounts Payable

-3.5

-2.4

2.9

0.3

-2.9

    Accounts Payable - Related Party

-

-

-

0.0

-0.3

    Taxes Payable

-0.2

-0.4

0.4

0.2

0.0

    Accrued Expenses

-2.9

0.1

6.8

-0.6

0.8

    Other Payables,Related Parties

0.0

0.0

-0.1

0.1

0.0

    Advance Receipts

0.0

0.0

0.0

-

-

    Other Payables

0.6

0.4

0.0

-

-

    Other Current Liability

0.0

0.0

0.0

-

-

    Impairment on Financial Assets

8.1

-

-

-

-

    Impairment on Deferred Charge

1.5

-

-

-

-

    Prepayment

-0.5

-0.1

-

-

-

Cash from Operating Activities

-11.1

16.5

34.5

2.5

1.7

 

 

 

 

 

 

    Other Financial Assets - Current

-

-

-

-

0.0

    Financial Assets-Cost Method,Non-Current

0.0

-5.3

-0.9

-

0.0

    Other Fin. Assets Decrease, Non-current

3.7

-

-

-

-

    Other Fin. Assets Increase, Non-current

-

-2.7

-1.8

-1.5

0.0

    Equity Investment Increase

-0.7

0.0

0.0

-0.9

0.0

    Capital Expenditure

-1.6

-1.4

-1.0

-0.4

-0.6

    Disposal of Fixed Assets

0.0

0.0

0.0

0.0

0.0

    Increase in Intangible Assets

-1.2

-0.9

-0.4

-4.0

-2.3

    Deferred Assets Increase

-5.4

-2.8

-2.4

-

-

    Security Deposit Paid

-0.1

0.0

0.0

0.0

0.0

    Compensation for Fixed Assets

0.0

0.0

0.0

-6.7

0.0

Cash from Investing Activities

-5.3

-13.2

-6.3

-13.6

-3.0

 

 

 

 

 

 

    Short Term Borrowings

-6.6

-1.4

-

-

-

    Short Term Borrowings Issd

-

-

2.4

4.8

0.0

    Security Deposit

-

-

-

0.0

0.0

    Cash Captial

0.0

16.3

0.0

0.0

11.9

    Employee Option Exercised

0.7

1.8

1.7

0.0

0.0

    Directors Remuneration

-

-

-

-

0.0

    Cash Dividend Paid

-9.1

-12.5

-0.1

-0.1

0.0

Cash from Financing Activities

-15.0

4.2

4.0

4.7

11.9

 

 

 

 

 

 

Foreign Exchange Effects

0.0

0.0

0.0

0.0

0.0

Net Change in Cash

-31.4

7.6

32.2

-6.4

10.6

 

 

 

 

 

 

Net Cash - Beginning Balance

51.4

44.1

9.0

15.0

5.0

Net Cash - Ending Balance

19.9

51.7

41.2

8.6

15.7

    Cash Interest Paid

0.0

0.1

0.1

0.1

0.0

    Cash Taxes Paid

0.3

0.7

0.3

0.0

0.0

 

 

Financial Health

 

Financials in: USD (mil)

 

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

 

 

Key Indicators USD (mil)

 

Quarter
Ending
30-Jun-2013

Quarter
Ending
Yr Ago

Annual
Year End
31-Dec-2012

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1 (?)

8.5

-5.34%

32.4

-65.32%

-17.60%

-3.88%

Research & Development1 (?)

4.2

-7.93%

19.7

2.81%

13.02%

19.48%

Operating Income1 (?)

-4.4

-

-23.7

-

-

-

Income Available to Common Excl Extraord Items1 (?)

-4.1

-

-32.2

-

-

-

Basic EPS Excl Extraord Items1 (?)

-0.06

-

-0.50

-

-

-

Capital Expenditures2 (?)

1.4

-60.36%

2.8

21.00%

-17.26%

2.39%

Cash from Operating Activities2 (?)

-10.8

-

-11.1

-

-

-

Free Cash Flow (?)

-12.0

-

-14.1

-

-

-

Total Assets3 (?)

31.7

-56.06%

38.8

-58.20%

2.38%

6.88%

Total Liabilities3 (?)

10.2

-44.88%

5.6

-69.37%

-22.35%

-9.61%

Total Long Term Debt3 (?)

0.0

-

0.0

-

-

-

Employees3 (?)

-

-

291

-9.91%

11.14%

9.25%

Total Common Shares Outstanding3 (?)

64.7

1.36%

64.9

1.61%

10.90%

11.23%

1-ExchangeRate: TWD to USD Average for Period

29.875010

 

29.579620

 

 

 

2-ExchangeRate: TWD to USD Average for Period

29.670357

 

29.579620

 

 

 

3-ExchangeRate: TWD to USD Period End Date

30.054810

 

29.011999

 

 

 

Utility Industry Specific USD (mil)

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

 

Deferred Charges3 (?)

2.6

2.5

2.2

2.2

1.6

 

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 (?)

14.21%

44.22%

58.00%

26.49%

29.57%

Operating Margin (?)

-73.08%

12.34%

26.17%

1.19%

1.47%

Pretax Margin (?)

-99.50%

13.18%

27.74%

2.11%

1.51%

Net Profit Margin (?)

-99.56%

12.85%

26.94%

1.64%

1.50%

Financial Strength

Current Ratio (?)

5.22

3.99

2.65

2.42

5.22

Long Term Debt/Equity (?)

0.00

0.00

0.00

0.00

0.00

Total Debt/Equity (?)

0.01

0.09

0.16

0.23

0.00

Management Effectiveness

Return on Assets (?)

-49.89%

14.38%

44.50%

2.55%

3.42%

Return on Equity (?)

-61.04%

19.36%

66.44%

3.40%

4.50%

Efficiency

Receivables Turnover (?)

6.19

7.46

5.73

4.84

7.03

Inventory Turnover (?)

3.15

6.14

8.95

5.82

8.03

Asset Turnover (?)

0.50

1.12

1.65

1.56

2.28

Market Valuation USD (mil)

Enterprise Value2 (?)

18.1

.

Price/Sales (TTM)(?)

1.07

Enterprise Value/Revenue (TTM) (?)

0.65

.

Price/Book (MRQ)(?)

1.38

Market Cap as of 18-Oct-20131 (?)

30.5

.

 

 

1-ExchangeRate: TWD to USD on 18-Oct-2013

29.372011

 

 

 

2-ExchangeRate: TWD to USD on 30-Jun-2013

30.054810

 

 

 

 

 

Annual Ratio

 

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 (?)

5.22

3.99

2.65

2.42

5.22

Quick/Acid Test Ratio (?)

4.10

3.27

2.46

2.06

3.90

Working Capital1 (?)

23.8

52.7

41.7

15.5

25.3

Long Term Debt/Equity (?)

0.00

0.00

0.00

0.00

0.00

Total Debt/Equity (?)

0.01

0.09

0.16

0.23

0.00

Long Term Debt/Total Capital (?)

0.00

0.00

0.00

0.00

0.00

Total Debt/Total Capital (?)

0.01

0.08

0.14

0.19

0.00

Payout Ratio (?)

0.00%

65.00%

47.93%

7.73%

8.97%

Effective Tax Rate (?)

-

2.54%

2.85%

22.43%

0.52%

Total Capital1 (?)

33.4

77.9

59.7

26.9

28.8

 

 

 

 

 

 

Efficiency

Asset Turnover (?)

0.50

1.12

1.65

1.56

2.28

Inventory Turnover (?)

3.15

6.14

8.95

5.82

8.03

Days In Inventory (?)

115.87

59.43

40.79

62.74

45.45

Receivables Turnover (?)

6.19

7.46

5.73

4.84

7.03

Days Receivables Outstanding (?)

58.95

48.93

63.67

75.35

51.95

Revenue/Employee2 (?)

113,445

282,370

337,625

252,499

258,534

Operating Income/Employee2 (?)

-82,905

34,853

88,364

3,002

3,806

EBITDA/Employee2 (?)

-63,397

45,986

102,350

19,049

13,311

 

 

 

 

 

 

Profitability

Gross Margin (?)

14.21%

44.22%

58.00%

26.49%

29.57%

Operating Margin (?)

-73.08%

12.34%

26.17%

1.19%

1.47%

EBITDA Margin (?)

-55.88%

16.29%

30.31%

7.54%

5.15%

EBIT Margin (?)

-73.08%

12.34%

26.17%

1.19%

1.47%

Pretax Margin (?)

-99.50%

13.18%

27.74%

2.11%

1.51%

Net Profit Margin (?)

-99.56%

12.85%

26.94%

1.64%

1.50%

R&D Expense/Revenue (?)

60.88%

20.54%

19.80%

23.59%

14.23%

COGS/Revenue (?)

85.79%

55.78%

42.00%

60.84%

70.43%

SG&A Expense/Revenue (?)

26.42%

11.34%

12.03%

14.38%

13.86%

 

 

 

 

 

 

Management Effectiveness

Return on Assets (?)

-49.89%

14.38%

44.50%

2.55%

3.42%

Return on Equity (?)

-61.04%

19.36%

66.44%

3.40%

4.50%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2 (?)

-0.22

0.22

0.71

-0.04

-0.03

Operating Cash Flow/Share 2 (?)

-0.17

0.25

0.74

0.05

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) (?)

-0.89

Market Cap/Equity (MRQ) (?)

1.38

Market Cap/Revenue (TTM) (?)

1.07

Market Cap/EBIT (TTM) (?)

-1.12

Market Cap/EBITDA (TTM) (?)

-1.42

Enterprise Value/Earnings (TTM) (?)

-0.54

Enterprise Value/Equity (MRQ) (?)

0.84

Enterprise Value/Revenue (TTM) (?)

0.65

Enterprise Value/EBIT (TTM) (?)

-0.68

Enterprise Value/EBITDA (TTM) (?)

-0.86

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.73

UK Pound

1

Rs.100.92

Euro

1

Rs.84.06

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIT

 

 

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%)