MIRA INFORM REPORT

Report Date :

11.11.2013

IDENTIFICATION DETAILS

Name :	I - CHIUN PRECISION INDUSTRY CO LTD

Registered Office :	No.17 Wu Gung Wu Road Sinjhuang District New Taipei, 242

Country :	Taiwan

Financials (as on) :	31.12.2012

Date of Incorporation :	18.08.1977

Legal Form :	Public Independent

Line of Business :	Manufacturing, processing and distribution of light emitting diode (LED) lead frames and liquid crystal display (LCD) components.

No. of Employees :	2,425

RATING & COMMENTS

MIRA’s Rating :

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 31^st, 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Taiwan

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

I-CHIUN PRECISION INDUSTRY CO LTD

No.17
Wu Gung Wu Road, Sinjhuang District

New Taipei, 242
Taiwan


Tel:	886-2-22990001
Fax:	886-2-22994529

www.i-chiun.com.tw

Employees:

2,425

Company Type:

Public Independent

Traded:

Taiwan Stock Exchange:

2486

Incorporation Date:

18-Aug-1977

Auditor:

PricewaterhouseCoopers LLP


Fiscal Year End:	31-Dec-2012
Reporting Currency:	Taiwanese New Dollar
Annual Sales:	222.1 ¹
Net Income:	2.9
Total Assets:	295.8 ²
Market Value:	139.7
	(18-Oct-2013)

Business Description

I-CHIUN PRECISION INDUSTRY CO., LTD is principally engaged in the manufacturing, processing and distribution of light emitting diode (LED) lead frames and liquid crystal display (LCD) components. The Company provides LED lead frames, including LED lead frames, surface mount device (SMD) frames, infrared lead frames and automobile lamp lead frames, among others; LCD components, including lamp reflect boards and back boards of LCD backlight modules, as well as other products, including stamping components for mobile communication products. Its products are applied in monitors, panels, traffic signs, automobile lamps, backlight panels, mobile phones, mouse and computers. It distributes its products primarily in Asia, Europe and the Americas. For the six months ended 30 June 2013, I-Chiun Precision Industry Co Ltd revenues increased 21% to NT$3.39B. Net income increased from NT$31.6M to NT$82.6M. Revenues reflect an increase in demand for the Company's products and services due to favorable market conditions. Net income benefited from Selling Expenses decrease of 14% to NT$93.8M (expense), Research and Development Expenses decrease of 16% to NT$54.6M (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
Mincheng Cai	Deputy General Manager
Zhongyi Li	Vice Chairman of the Board, General Manager
Wanshun Zhou	Chairman of the Board
Wujun Lin	Director
Chuijing Ye	Director

Significant Developments

Topic	#*	Most Recent Headline	Date
Debt Financing / Related	1	I-Chiun Precision Industry Co Ltd to Issue 5th Series Unsecured Convertible Corporate Bonds	9-Aug-2013
Dividends	2	I-Chiun Precision Industry Co Ltd Announces FY 2012 Dividend Payment Date	25-Jun-2013

News

Title	Date
I-Chiun Precision Industry Co Ltd Announces FY 2012 Dividend Payment Reuters (29 Words)	8-Mar-2013

Financial Summary

As of 30-Jun-2013

Key Ratios	Company	Industry
Current Ratio (MRQ)	1.79	3.90
Quick Ratio (MRQ)	1.55	3.02
Debt to Equity (MRQ)	0.67	0.21
Sales 5 Year Growth	7.68	11.04
Net Profit Margin (TTM) %	1.66	19.30
Return on Assets (TTM) %	1.36	15.21
Return on Equity (TTM) %	3.61	21.72

Stock Snapshot

Traded: Taiwan Stock Exchange: 2486

As of 18-Oct-2013

Financials in: TWD

Recent Price	19.95	EPS	0.47
52 Week High	22.20	Price/Sales	0.62
52 Week Low	16.30	Dividend Rate	0.50
Avg. Volume (mil)	0.99	Price/Earnings	28.21
Market Value (mil)	4,103.64	Price/Book	1.07
		Beta	1.52

	Price % Change	Rel S&P 500%
4 Week	17.35%	14.12%
13 Week	8.42%	3.55%
52 Week	-0.25%	-11.78%
Year to Date	12.08%	2.23%

Key IDSM Number: 45983803

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.17
Wu Gung Wu Road, Sinjhuang District
New Taipei, 242
Taiwan

Tel:	886-2-22990001
Fax:	886-2-22994529

www.i-chiun.com.tw

Quote Symbol - Exchange
2486 - Taiwan Stock Exchange

Sales TWD(mil):	6,569.3
Assets TWD(mil):	8,581.8
Employees:	2,425
Fiscal Year End:	31-Dec-2012


Industry:	Semiconductors

Incorporation Date:	18-Aug-1977
Company Type:	Public Independent
Quoted Status:	Quoted


Chairman of the Board:	Wanshun Zhou

Industry Codes

ANZSIC 2006 Codes:
2429	-	Other Electronic Equipment Manufacturing

ISIC Rev 4 Codes:
2610	-	Manufacture of electronic components and boards

NACE Rev 2 Codes:
2611	-	Manufacture of electronic components

NAICS 2012 Codes:
334413	-	Semiconductor and Related Device Manufacturing
334419	-	Other Electronic Component Manufacturing

US SIC 1987:
3674	-	Semiconductors and Related Devices
3679	-	Electronic Components, Not Elsewhere Classified

UK SIC 2007:
2611	-	Manufacture of electronic components

Business Description

More Business Descriptions

Manufacture of LEDs, stamping of CD-ROM parts and the manufacture of telecommunications products

Financial Data

Financials in:	TWD(mil)

Revenue:	6,569.3
Net Income:	85.5
Assets:	8,581.8
Long Term Debt:	0.0
Total Liabilities:	4,782.6
Working Capital:	0.7

Date of Financial Data:	31-Dec-2012

1 Year Growth

32.0%

8.5%

Market Data

Quote Symbol:	2486
Exchange:	Taiwan Stock Exchange
Currency:	TWD
Stock Price:	20.0
Stock Price Date:	10-18-2013
52 Week Price Change %:	-0.3
Market Value (mil):	4,103,641.0

SEDOL:	6224785
ISIN:	TW0002486008

Equity and Dept Distribution:
07/01, 9% stock dividend. 07/02, 5% stock dividend. 07/03, 5% stock dividend. 08/04, 4.98% stock dividend. 08/05, 6.95% stock dividend. 06/06, Rights issue, 11.1 new shares for every 100 shares held @ TWD 32 (Factor:1.005912). 08/06, 8.71% stock dividend. 07/2007, 5% stock dividend. FY'06, annual, C/F is being CLA.

Subsidiaries

Company	Percentage Owned	Country
More Fortune Profits Limited	100%	BRITISH VIRGIN ISLANDS

Key Corporate Relationships

Auditor:	PricewaterhouseCoopers LLP

Auditor:	PricewaterhouseCoopers LLP, PricewaterhouseCoopers CPA Firm

Executives Report

Board of Directors

Name

Title

Function

Wanshun Zhou

Chairman of the Board

Chairman

Biography:

Zhou Wanshun has been serving as Chairman of the Board in I-Chiun Precision Industry Co Ltd since October 11, 1992. Zhou also serves as Chairman of the Board in six companies, as well as Director in another company. Zhou holds a Ph.D. in Business Administration from Pacific Western University, the United States.

Education:

Pacific Western University, PHD (Business Administration)

Zhongyi Li

Vice Chairman of the Board, General Manager

Vice-Chairman

Biography:

Li Zhongyi is Vice Chairman of the Board and General Manager in I-Chiun Precision Industry Co Ltd. Li also serves as Director in three companies, as well as Vice Chairman of the Board and General Manager in another company.

Wujun Lin

Director

Director/Board Member

Biography:

Lin Wujun has been serving as Director in I-Chiun Precision Industry Co Ltd since July 1, 2008. Lin also serves as Director in an industry company and Independent Director in another company. Lin is Associate Professor in Shih Chien University, Taiwan.

Chuijing Ye

Director

Director/Board Member

Biography:

Ye Chuijing has been serving as Director in I-Chiun Precision Industry Co Ltd since July 1, 2008. Ye also serves as Chairman of the Board, Chief Executive Officer and Director in other 14 companies. Ye holds a Ph.D. in Business Administration from Pacific Western University, the United States.

Education:

Pacific Western University, PHD (Business Administration)
Western Pacific University, MBA
Stevens Institute of Technology, M

Executives

Name

Title

Function

Mincheng Cai

Deputy General Manager

Division Head Executive

Biography:

Cai Mincheng is Deputy General Manager of I-Chiun Precision Industry Co Ltd. Cai was Deputy General Manager in a Shenzhen-based company.

Zhongyi Li

Vice Chairman of the Board, General Manager

Division Head Executive

Biography:

Xuanhong Lin

Deputy General Manager

Division Head Executive

Biography:

Lin Xuanhong has been serving as Deputy General Manager in I-Chiun Precision Industry Co Ltd since August 1, 2011. Lin used to serve as Deputy General Manager in another company.

Tongrong Xie

General Manager-Operation Center, Director

Division Head Executive

Biography:

Xie Tongrong is General Manager-Operation Center and Director in I-Chiun Precision Industry Co Ltd. Xie also serves as Director in an optoelectronic company and a Shenzhen-based technology company. Xie used to serves as General Manager in an industry company.

Bairong Yang

Assistant General Manager-General Management

Division Head Executive

Significant Developments

I-Chiun Precision Industry Co Ltd to Issue 5th Series Unsecured Convertible Corporate Bonds

Aug 09, 2013

I-Chiun Precision Industry Co Ltd announced that it has decided to issue a NTD 1.1 billion fifth series unsecured convertible corporate bonds, each with a par value of NTD 100,000, with a term of five years and interest rate a 0%. The Company will use the proceeds to invest in companies, pay back bank loan and supplement working capital. Fubon Securities will serve as the underwriter for the issuance.

I-Chiun Precision Industry Co Ltd Announces FY 2012 Dividend Payment Date

Jun 25, 2013

I-Chiun Precision Industry Co Ltd announced that it will pay a cash dividend of NTD 0.5 per share or NTD 101,598,165 in total for fiscal year 2012, to shareholders of record on July 31, 2013. The Company's shares will be traded ex-dividend on July 25, 2013.

I-Chiun Precision Industry Co Ltd Announces FY 2012 Dividend Payment

Mar 08, 2013

I-Chiun Precision Industry Co Ltd announced that it will pay a cash dividend of NTD 0.5 per share, or NTD 101,598,165 in total to shareholders for fiscal year 2012.

News

I-Chiun Precision Industry Co Ltd Announces FY 2012 Dividend Payment
Reuters (29 Words)

08-Mar-2013

Annual Income Statement

	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

Gross Revenue	227.4	174.5	195.0	137.2	153.5
Sales Returns and Allowances	-5.4	-5.1	-4.0	-2.6	-2.1
Revenue	222.1	169.4	191.0	134.6	151.4
Total Revenue	222.1	169.4	191.0	134.6	151.4

Cost of Revenue	195.2	156.7	152.2	104.6	117.6
Cost of Revenue, Total	195.2	156.7	152.2	104.6	117.6
Gross Profit	26.9	12.7	38.8	30.0	33.8

Selling/General/Administrative Expense	16.2	13.0	14.8	12.5	12.5
Total Selling/General/Administrative Expenses	16.2	13.0	14.8	12.5	12.5
Research & Development	4.6	2.3	1.4	1.6	1.5
Impairment-Assets Held for Use	-	-	-	0.0	1.5
Impairment-Assets Held for Sale	0.3	1.6	-	-	-
Unusual Expense (Income)	0.3	1.6	-	0.0	1.5
Other, Net	-	0.0	0.0	0.0	0.0
Other Operating Expenses, Total	-	0.0	0.0	0.0	0.0
Total Operating Expense	216.3	173.6	168.5	118.8	133.1

Operating Income	5.8	-4.3	22.5	15.8	18.2

Interest Expense - Non-Operating	-2.5	-2.2	-1.3	-1.0	-1.7
Interest Expense, Net Non-Operating	-2.5	-2.2	-1.3	-1.0	-1.7
Interest Income - Non-Operating	0.2	0.1	0.1	0.1	0.3
Investment Income - Non-Operating	-0.7	-8.6	-5.7	7.0	-2.1
Interest/Investment Income - Non-Operating	-0.5	-8.5	-5.6	7.1	-1.8
Interest Income (Expense) - Net Non-Operating Total	-3.1	-10.7	-6.9	6.1	-3.5
Gain (Loss) on Sale of Assets	-0.2	-0.4	-0.1	0.2	0.3
Other Non-Operating Income (Expense)	0.6	1.5	1.8	1.5	1.8
Other, Net	0.6	1.5	1.8	1.5	1.8
Income Before Tax	3.1	-13.9	17.3	23.7	16.9

Total Income Tax	0.7	-0.2	3.6	3.9	5.1
Income After Tax	2.4	-13.6	13.6	19.8	11.8

Minority Interest	0.5	0.1	-	-	-
Net Income Before Extraord Items	2.9	-13.5	13.6	19.8	11.8
Net Income	2.9	-13.5	13.6	19.8	11.8

Income Available to Common Excl Extraord Items	2.9	-13.5	13.6	19.8	11.8

Income Available to Common Incl Extraord Items	2.9	-13.5	13.6	19.8	11.8

Basic/Primary Weighted Average Shares	203.2	203.1	204.4	187.2	178.9
Basic EPS Excl Extraord Items	0.01	-0.07	0.07	0.11	0.07
Basic/Primary EPS Incl Extraord Items	0.01	-0.07	0.07	0.11	0.07
Dilution Adjustment	0.0	0.0	1.0	0.0	0.4
Diluted Net Income	2.9	-13.5	14.6	19.8	12.2
Diluted Weighted Average Shares	204.9	203.1	232.9	188.9	197.2
Diluted EPS Excl Extraord Items	0.01	-0.07	0.06	0.10	0.06
Diluted EPS Incl Extraord Items	0.01	-0.07	0.06	0.10	0.06
Dividends per Share - Common Stock Primary Issue	0.02	0.00	0.04	0.08	0.04
Gross Dividends - Common Stock	3.4	0.0	8.0	15.5	6.4
Interest Expense, Supplemental	2.5	2.2	1.3	1.0	1.7
Depreciation, Supplemental	19.6	19.4	17.5	13.3	11.7
Total Special Items	0.5	2.0	0.1	-0.2	1.2
Normalized Income Before Tax	3.6	-11.8	17.3	23.5	18.1

Effect of Special Items on Income Taxes	0.1	0.7	0.0	0.0	0.4
Inc Tax Ex Impact of Sp Items	0.8	0.5	3.7	3.9	5.5
Normalized Income After Tax	2.7	-12.3	13.7	19.6	12.6

Normalized Inc. Avail to Com.	3.3	-12.2	13.7	19.6	12.6

Basic Normalized EPS	0.02	-0.06	0.07	0.10	0.07
Diluted Normalized EPS	0.02	-0.06	0.06	0.10	0.07
Amort of Intangibles, Supplemental	1.8	1.4	0.8	0.7	0.7
Research & Development Exp, Supplemental	4.6	2.3	1.4	1.6	1.5
Normalized EBIT	6.1	-2.6	22.5	15.8	19.7
Normalized EBITDA	27.4	18.2	40.8	29.8	32.1
Current Tax - Total	0.8	-2.0	4.3	6.7	1.3
Current Tax - Total	0.8	-2.0	4.3	6.7	1.3
Deferred Tax - Total	-	-	-	-	1.6
Deferred Tax - Total	-	-	-	-	1.6
Other Tax	-0.1	1.8	-0.6	-2.8	2.2
Income Tax - Total	0.7	-0.2	3.6	3.9	5.1
Interest Cost - Domestic	0.1	0.1	0.1	0.1	0.1
Service Cost - Domestic	0.0	0.0	0.0	0.0	0.0
Expected Return on Assets - Domestic	0.0	0.0	0.0	0.0	0.0
Transition Costs - Domestic	0.0	0.0	0.0	0.0	0.0
Other Pension, Net - Domestic	0.0	0.0	0.0	0.0	0.0
Domestic Pension Plan Expense	0.1	0.1	0.1	0.1	0.1
Defined Contribution Expense - Domestic	0.8	0.7	0.7	0.5	0.5
Defined Contribution Expense - Foreign	0.3	0.2	0.2	0.3	0.3
Total Pension Expense	1.2	1.0	1.0	0.9	0.9
Discount Rate - Domestic	1.75%	2.00%	2.00%	2.25%	2.50%
Expected Rate of Return - Domestic	1.75%	2.00%	2.00%	2.25%	2.50%
Compensation Rate - Domestic	1.00%	1.00%	1.00%	1.00%	2.00%
Total Plan Interest Cost	0.1	0.1	0.1	0.1	0.1
Total Plan Service Cost	0.0	0.0	0.0	0.0	0.0
Total Plan Expected Return	0.0	0.0	0.0	0.0	0.0
Total Plan Other Expense	0.0	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	Updated Normal 31-Dec-2009	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 with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation

Cash & Equivalents	32.3	40.9	58.4	19.0	36.0
Short Term Investments	12.6	10.9	10.2	6.1	1.6
Cash and Short Term Investments	45.0	51.8	68.5	25.1	37.6
Accounts Receivable - Trade, Gross	93.3	55.6	60.9	55.1	41.8
Provision for Doubtful Accounts	-1.2	-0.5	-0.5	-0.5	-0.7
Trade Accounts Receivable - Net	92.2	56.8	63.8	58.8	45.7
Notes Receivable - Short Term	8.5	2.2	2.6	2.0	3.4
Other Receivables	3.4	3.5	3.9	2.0	2.0
Total Receivables, Net	104.1	62.5	70.3	62.8	51.0
Inventories - Finished Goods	7.3	10.0	10.7	9.0	9.5
Inventories - Work In Progress	3.5	2.8	3.2	2.2	0.6
Inventories - Raw Materials	12.2	9.7	13.9	8.1	5.5
Inventories - Other	-	-	-	-3.4	-4.0
Total Inventory	23.0	22.4	27.8	15.9	11.6
Deferred Income Tax - Current Asset	0.0	-	-	-	0.3
Other Current Assets	1.9	1.9	2.7	2.0	0.6
Other Current Assets, Total	1.9	1.9	2.7	2.0	0.9
Total Current Assets	174.0	138.6	169.3	105.8	101.2

Buildings	25.7	25.7	25.4	22.4	21.5
Land/Improvements	0.5	0.5	0.5	0.5	0.5
Machinery/Equipment	164.1	144.3	134.3	88.6	78.2
Construction in Progress	4.4	12.4	10.9	8.3	4.3
Other Property/Plant/Equipment	3.4	3.2	3.4	3.1	3.0
Property/Plant/Equipment - Gross	198.1	186.2	174.6	122.8	107.5
Accumulated Depreciation	-86.8	-74.4	-66.7	-49.1	-39.4
Property/Plant/Equipment - Net	111.3	111.8	107.8	73.7	68.1
Intangibles, Net	4.9	3.7	0.7	0.7	0.7
LT Investment - Affiliate Companies	1.1	1.3	1.9	0.1	-
LT Investments - Other	1.6	2.9	6.2	4.5	0.7
Long Term Investments	2.6	4.2	8.1	4.6	0.7
Pension Benefits - Overfunded	0.1	0.1	0.1	0.1	0.1
Other Long Term Assets	3.0	2.8	2.7	1.2	1.2
Other Long Term Assets, Total	3.0	2.9	2.8	1.3	1.3
Total Assets	295.8	261.2	288.9	186.1	172.0

Accounts Payable	41.9	25.2	25.5	19.5	10.0
Accrued Expenses	7.5	5.4	8.8	9.9	7.7
Notes Payable/Short Term Debt	20.1	18.0	21.7	5.5	17.7
Current Portion - Long Term Debt/Capital Leases	70.2	-	0.0	0.1	1.2
Income Taxes Payable	0.9	0.5	1.6	0.8	1.3
Other Payables	9.2	6.5	3.0	1.1	1.5
Other Current Liabilities	0.7	1.0	0.7	0.7	0.7
Other Current liabilities, Total	10.8	8.1	5.3	2.6	3.4
Total Current Liabilities	150.5	56.7	61.4	37.6	40.0

Long Term Debt	0.0	65.3	66.7	0.0	24.3
Total Long Term Debt	0.0	65.3	66.7	0.0	24.3
Total Debt	90.3	83.3	88.4	5.6	43.2

Deferred Income Tax - LT Liability	8.3	8.6	8.4	7.3	6.5
Deferred Income Tax	8.3	8.6	8.4	7.3	6.5
Minority Interest	1.2	1.3	-	-	-
Reserves	1.4	1.4	1.4	1.3	1.3
Pension Benefits - Underfunded	3.3	2.7	2.5	2.3	2.0
Other Long Term Liabilities	0.1	0.1	0.2	0.1	0.1
Other Liabilities, Total	4.8	4.2	4.1	3.7	3.4
Total Liabilities	164.8	136.0	140.5	48.6	74.1

Common Stock	70.9	67.9	71.1	64.8	52.0
Common Stock	70.9	67.9	71.1	64.8	52.0
Additional Paid-In Capital	48.2	45.8	47.6	35.4	19.0
Retained Earnings (Accumulated Deficit)	16.3	12.8	35.6	35.0	22.9
Treasury Stock - Common	-3.3	-3.2	-4.4	-1.3	-1.2
Unrealized Gain (Loss)	-1.1	-0.9	0.2	0.2	0.2
Translation Adjustment	1.3	3.5	-1.3	3.7	5.2
Minimum Pension Liability Adjustment	-1.3	-0.7	-0.4	-0.4	-0.3
Other Equity, Total	0.1	2.8	-1.7	3.3	4.9
Total Equity	131.0	125.2	148.3	137.5	97.9

Total Liabilities & Shareholdersâ€™ Equity	295.8	261.2	288.9	186.1	172.0

Shares Outstanding - Common Stock Primary Issue	203.2	203.2	202.7	204.7	176.0
Total Common Shares Outstanding	203.2	203.2	202.7	204.7	176.0
Treasury Shares - Common Stock Primary Issue	2.5	2.5	4.5	2.5	2.6
Employees	2,425	2,165	2,680	2,330	1,800
Number of Common Shareholders	24,431	23,599	25,073	22,851	20,196
Total Long Term Debt, Supplemental	-	-	-	0.1	1.2
Long Term Debt Maturing within 1 Year	-	-	-	0.1	1.2
Long Term Debt Matur. in Year 6 & Beyond	-	-	-	0.0	0.0
Total Operating Leases, Supplemental	5.9	6.6	6.5	-	-
Operating Lease Payments Due in Year 1	0.9	0.8	0.6	-	-
Operating Lease Payments Due in Year 2	0.9	0.9	0.6	-	-
Operating Lease Payments Due in Year 3	0.9	0.9	0.7	-	-
Operating Lease Payments Due in Year 4	0.8	0.8	0.7	-	-
Operating Lease Pymts. Due in 2-3 Years	1.8	1.8	1.3	-	-
Operating Lease Pymts. Due in 4-5 Years	0.8	0.8	0.7	-	-
Oper. Lse. Pymts. Due in Year 6 & Beyond	2.4	3.1	3.9	-	-
Pension Obligation - Domestic	3.7	2.9	2.5	2.2	2.2
Plan Assets - Domestic	1.4	1.3	1.2	1.1	1.1
Funded Status - Domestic	-2.2	-1.6	-1.3	-1.1	-1.1
Accumulated Obligation - Domestic	3.3	2.6	2.2	2.0	1.7
Total Funded Status	-2.2	-1.6	-1.3	-1.1	-1.1
Discount Rate - Domestic	1.75%	2.00%	2.00%	2.25%	2.50%
Expected Rate of Return - Domestic	1.75%	2.00%	2.00%	2.25%	2.50%
Compensation Rate - Domestic	1.00%	1.00%	1.00%	1.00%	2.00%
Prepaid Benefits - Domestic	0.1	0.1	0.1	0.1	0.1
Accrued Liabilities - Domestic	-3.3	-2.7	-2.5	-2.3	-2.0
Net Assets Recognized on Balance Sheet	-3.2	-2.6	-2.4	-2.2	-1.9
Total Plan Obligations	3.7	2.9	2.5	2.2	2.2
Total Plan Assets	1.4	1.3	1.2	1.1	1.1

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	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 with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation

Net Income/Starting Line	2.4	-13.6	13.6	19.8	11.8
Depreciation	19.6	19.5	17.6	13.3	11.7
Depreciation/Depletion	19.6	19.5	17.6	13.3	11.7
Amortization of Intangibles	1.8	1.4	0.8	0.7	0.7
Amortization	1.8	1.4	0.8	0.7	0.7
Deferred Taxes	-0.2	-0.4	0.5	1.0	1.6
Unusual Items	5.0	7.0	1.5	-1.2	3.3
Other Non-Cash Items	-0.2	10.1	5.8	-4.3	2.5
Non-Cash Items	4.8	17.1	7.3	-5.6	5.8
Accounts Receivable	-40.0	5.9	-0.9	-9.6	13.0
Inventories	-1.1	1.0	-12.8	-4.8	-2.5
Other Assets	-0.6	-6.5	-4.7	-0.2	-1.2
Accounts Payable	16.0	1.5	4.7	9.1	-7.4
Accrued Expenses	1.8	-3.2	-1.9	2.3	-0.2
Taxes Payable	0.3	-1.0	0.7	-0.5	-1.2
Other Liabilities	-0.2	0.4	-0.3	-0.4	-0.7
Changes in Working Capital	-23.7	-1.9	-15.3	-4.0	-0.2
Cash from Operating Activities	4.6	22.0	24.4	25.2	31.4

Purchase of Fixed Assets	-24.0	-28.0	-48.1	-20.6	-26.2
Purchase/Acquisition of Intangibles	-1.3	-2.9	-	-	-
Capital Expenditures	-25.3	-30.9	-48.1	-20.6	-26.2
Acquisition of Business	0.0	1.4	-	-	-
Sale of Fixed Assets	7.4	6.1	4.2	2.9	4.7
Sale/Maturity of Investment	1.1	0.0	0.5	0.7	0.0
Investment, Net	0.0	0.1	0.0	0.2	-0.1
Purchase of Investments	0.0	-0.5	-3.4	-4.4	-0.5
Other Investing Cash Flow	-0.3	-1.7	-2.8	-0.6	-0.5
Other Investing Cash Flow Items, Total	8.1	5.4	-1.6	-1.3	3.5
Cash from Investing Activities	-17.2	-25.5	-49.7	-21.9	-22.7

Other Financing Cash Flow	2.5	0.0	-0.1	0.0	-1.4
Financing Cash Flow Items	2.5	0.0	-0.1	0.0	-1.4
Cash Dividends Paid - Common	0.0	-8.6	-16.2	-6.1	-9.0
Total Cash Dividends Paid	0.0	-8.6	-16.2	-6.1	-9.0
Sale/Issuance of Common	0.5	0.3	0.3	-	-
Repurchase/Retirement of Common	-	0.0	-3.1	0.0	-1.3
Common Stock, Net	0.5	0.3	-2.8	0.0	-1.3
Issuance (Retirement) of Stock, Net	0.5	0.3	-2.8	0.0	-1.3
Short Term Debt, Net	1.7	-5.0	12.3	-11.1	-4.6
Long Term Debt Issued	-	0.0	69.8	0.0	31.7
Long Term Debt Reduction	-	-0.7	-0.1	-2.4	-3.7
Long Term Debt, Net	-	-0.7	69.8	-2.4	28.0
Issuance (Retirement) of Debt, Net	1.7	-5.8	82.0	-13.5	23.4
Cash from Financing Activities	4.6	-14.1	62.8	-19.6	11.7

Foreign Exchange Effects	-2.2	1.8	-2.9	-1.0	1.2
Net Change in Cash	-10.1	-15.8	34.7	-17.3	21.6

Net Cash - Beginning Balance	41.8	57.9	19.3	35.7	15.8
Net Cash - Ending Balance	31.7	42.1	54.0	18.4	37.4
Cash Interest Paid	0.6	0.2	0.1	0.5	1.1
Cash Taxes Paid	0.7	1.6	3.1	3.3	4.8

Annual Income Statement

	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

Gross Sales	227.4	174.5	195.0	137.2	153.5
Sales Returns	-3.6	-3.5	-2.3	-1.5	-1.0
Sales Discounts	-1.8	-1.5	-1.7	-1.1	-1.1
Total Revenue	222.1	169.4	191.0	134.6	151.4

Cost of Sales	-	-	0.0	0.0	0.0
Real. Gain on Inter-affiliate Accounts	-	0.0	0.0	-	-
Cost of Sales	195.2	156.7	152.2	104.6	117.6
Selling Expenses	7.6	6.7	7.1	4.9	4.5
General and Administrative Expenses	8.7	6.4	7.8	7.6	8.1
Research and Development Expenses	4.6	2.3	1.4	1.6	1.5
Impairment Loss	-	-	-	0.0	1.5
Impairment Loss- Fin. Assets	0.3	1.6	-	-	-
Total Operating Expense	216.3	173.6	168.5	118.8	133.1

Interest Income	0.2	0.1	0.1	0.1	0.3
Investment Income/Loss	0.6	-	-	2.6	0.0
Gain/Loss on Financial Liab. Valuation	0.6	-2.1	-0.9	0.8	0.8
Gain/Loss on Sale of Investments	0.0	-2.6	0.2	0.0	-0.8
Gain on Sale of Fixed Assets	-	-	0.0	0.2	0.3
Miscellaneous Income	1.6	2.1	2.1	1.7	2.2
Interest Expense	-2.5	-2.2	-1.3	-1.0	-1.7
Loss on Equity Investment	-1.1	-1.2	-0.1	0.0	0.0
Loss on Sale of Fixed Assets	-0.2	-0.4	-0.1	-	-
Gain/Loss on Foreign Exchange	-0.9	1.1	-3.8	0.5	-0.4
Gain/Loss on Fin. Assets Valuation	0.1	-3.7	-1.1	3.2	-1.7
Miscellaneous Disbursements	-1.0	-0.6	-0.3	-0.2	-0.4
Net Income Before Taxes	3.1	-13.9	17.3	23.7	16.9

Provision for Income Taxes	0.7	-0.2	3.6	3.9	5.1
Net Income After Taxes	2.4	-13.6	13.6	19.8	11.8

Minority Interest	0.5	0.1	-	-	-
Net Income Before Extra. Items	2.9	-13.5	13.6	19.8	11.8
Net Income	2.9	-13.5	13.6	19.8	11.8

Income Available to Com Excl ExtraOrd	2.9	-13.5	13.6	19.8	11.8

Income Available to Com Incl ExtraOrd	2.9	-13.5	13.6	19.8	11.8

Basic Weighted Average Shares	203.2	203.1	204.4	187.2	178.9
Basic EPS Excluding ExtraOrdinary Items	0.01	-0.07	0.07	0.11	0.07
Basic EPS Including ExtraOrdinary Items	0.01	-0.07	0.07	0.11	0.07
Dilution Adjustment	0.0	0.0	1.0	0.0	0.4
Diluted Net Income	2.9	-13.5	14.6	19.8	12.2
Diluted Weighted Average Shares	204.9	203.1	232.9	188.9	197.2
Diluted EPS Excluding ExtraOrd Items	0.01	-0.07	0.06	0.10	0.06
Diluted EPS Including ExtraOrd Items	0.01	-0.07	0.06	0.10	0.06
DPS-Ordinary Shares	0.02	0.00	0.04	0.08	0.04
Gross Dividends - Common Stock	3.4	0.0	8.0	15.5	6.4
Normalized Income Before Taxes	3.6	-11.8	17.3	23.5	18.1

Inc Tax Ex Impact of Sp Items	0.8	0.5	3.7	3.9	5.5
Normalized Income After Taxes	2.7	-12.3	13.7	19.6	12.6

Normalized Inc. Avail to Com.	3.3	-12.2	13.7	19.6	12.6

Basic Normalized EPS	0.02	-0.06	0.07	0.10	0.07
Diluted Normalized EPS	0.02	-0.06	0.06	0.10	0.07
Interest Expense, Supplemental	2.5	2.2	1.3	1.0	1.7
R&D Expense, Supplemental	4.6	2.3	1.4	1.6	1.5
Depreciation - Operating Cost	17.2	18.3	16.5	12.5	10.7
Depreciation - Operating Expense	2.4	1.1	1.0	0.8	1.0
Amortization - Operating Cost	0.6	0.5	0.4	0.3	0.4
Amortization - Operating Expense	1.2	0.9	0.4	0.4	0.3
Current Tax Payable	0.8	-2.0	4.3	6.7	1.3
Current Tax - Total	0.8	-2.0	4.3	6.7	1.3
Deferred Tax	-	-	-	-	1.6
Deferred Tax - Total	-	-	-	-	1.6
Other Tax	-0.1	1.8	-0.6	-2.8	2.2
Income Tax - Total	0.7	-0.2	3.6	3.9	5.1
Service Cost	0.0	0.0	0.0	0.0	0.0
Interest Cost	0.1	0.1	0.1	0.1	0.1
Expected Return on Plan Assets	0.0	0.0	0.0	0.0	0.0
Unrealized Pension Loss	0.0	0.0	0.0	0.0	0.0
Amort. Transitional Benefit Obligation	0.0	0.0	0.0	0.0	0.0
Domestic Pension Plan Expense	0.1	0.1	0.1	0.1	0.1
Defined Contribution Expense - Foreign	0.3	0.2	0.2	0.3	0.3
Defined Contribution Expense - Domestic	0.8	0.7	0.7	0.5	0.5
Total Pension Expense	1.2	1.0	1.0	0.9	0.9
Discount Rate	1.75%	2.00%	2.00%	2.25%	2.50%
Rate of Compensation Increase	1.00%	1.00%	1.00%	1.00%	2.00%
Expected Rate of Return on Plan Assets	1.75%	2.00%	2.00%	2.25%	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	Updated Normal 31-Dec-2009	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 with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation

Cash and Cash Equivalent	32.3	40.9	58.4	19.0	36.0
Fin. Assets at Fair Value - Current	12.6	10.9	10.1	6.0	1.3
Notes Receivable	8.5	1.6	1.3	1.6	1.9
Notes Receivable-Related Parties	0.0	0.6	1.3	0.3	1.5
Accounts Receivable, Gross	93.3	55.6	60.9	55.1	41.8
Provision for Doubtful Accounts	-1.2	-0.5	-0.5	-0.5	-0.7
Accounts Receivable - Related Parties	0.0	1.8	3.4	4.2	4.6
Other Financial Assets - Current	-	0.0	0.1	0.1	0.3
Other Receivables	3.4	3.5	3.9	2.0	2.0
Raw Material	10.9	8.4	12.7	7.3	4.8
Supplies	1.2	1.3	1.2	0.8	0.8
Work-in-Process/ Semi-finished Goods	3.5	2.8	3.2	2.2	0.6
Finished Goods	7.3	8.5	9.3	7.7	7.0
Merchandise Inventories	-	1.5	1.4	1.3	2.5
Provision/Allowance for Inventory	-	-	-	-3.4	-4.0
Deferred Income Tax Assets - Current	0.0	-	-	-	0.3
Other Current Assets	1.9	1.9	2.7	2.0	0.6
Total Current Assets	174.0	138.6	169.3	105.8	101.2

Financial Assets-Available for Sale,Non-	0.8	1.0	-	-	-
Non-Current Fin. Assets - Cost Method	0.7	1.9	6.2	4.5	0.7
Prepayment for Long Term Investment	0.0	0.1	-	-	-
Long-Term Equity Investments	1.1	1.3	1.9	0.1	-
Land and Improvements	0.5	0.5	0.5	0.5	0.5
Buildings and Structures	25.7	25.7	25.4	22.4	21.5
Machinery and Equipment	110.5	97.2	87.6	55.8	49.8
Molding Equipment	37.1	32.2	33.1	23.8	20.1
Miscellaneous Equipment	16.5	14.9	13.6	9.0	8.3
Assets Revaluation Increment	3.4	3.2	3.4	3.1	3.0
Accumulated Depreciation	-86.4	-73.8	-66.1	-47.8	-37.9
Accumulated Impairment of Fixed Assets	-0.4	-0.5	-0.6	-1.2	-1.5
Prepayment for Equipment	4.4	12.4	10.9	8.3	4.3
Deferred Pension Cost	0.1	0.1	0.1	0.1	0.1
Other Intangible Assets	4.9	3.7	0.7	0.7	0.7
Security Deposits Paid	0.4	0.4	1.7	0.3	0.2
Other Long Term Assets	2.6	2.5	1.1	0.9	1.0
Total Assets	295.8	261.2	288.9	186.1	172.0

Short Term Borrowings	15.8	13.5	19.1	5.3	16.4
Financial Liab. at Fair Value	4.1	4.5	2.5	0.0	0.9
Notes Payable	0.2	0.0	0.1	0.2	0.3
Accounts Payable	41.9	25.2	25.5	19.5	10.0
Accrued Expenses	7.5	5.4	8.8	9.9	7.7
Income Taxes Payable	0.9	0.5	1.6	0.8	1.3
Other Payables	9.2	6.5	3.0	1.1	1.5
Current Portion of Long Term Debt	70.2	-	0.0	0.1	1.2
Other Current Liabilities	0.7	1.0	0.7	0.7	0.7
Total Current Liabilities	150.5	56.7	61.4	37.6	40.0

Corporate Bonds Payable	0.0	65.3	66.7	0.0	23.1
Long Term Borrowings	-	-	-	0.0	1.2
LT Notes Payable	-	-	-	0.0	0.0
Total Long Term Debt	0.0	65.3	66.7	0.0	24.3

Land Revaluation Increment Tax Reserve	1.4	1.4	1.4	1.3	1.3
Accrued Pension Liabilities	3.3	2.7	2.5	2.3	2.0
Long Term Security Deposits Received	0.1	0.1	0.2	0.1	0.1
Minority Interest	1.2	1.3	-	-	-
Deferred Income Tax Liabilities	8.3	8.6	8.4	7.3	6.5
Other Long Term Liabilities	-	-	0.0	0.0	-
Total Liabilities	164.8	136.0	140.5	48.6	74.1

Common Stock	70.9	67.9	71.1	64.8	52.0
Additional Paid-In Capital	37.8	36.3	37.9	34.6	15.7
Capital Surplus, LT Equity Investments	0.0	-	-	-	-
Treasury Stock Transaction	1.1	1.0	0.7	0.2	0.2
Capital Gain on Consolidation	0.4	0.4	0.4	0.4	0.4
Paid-In Capital-Warrants	8.6	7.9	8.3	0.0	2.5
Paid-In Capital - Other	0.3	0.2	0.3	0.2	0.2
Legal Reserve	10.6	10.2	9.1	6.3	5.0
Special Reserve	0.0	1.4	-	-	-
Retained Earnings	5.6	1.2	26.5	28.8	18.0
Unrealized G/L on Financial Instruments	-1.4	-1.1	-	-	-
Unrealized Gain/Loss on Pension Cost	-1.3	-0.7	-0.4	-0.4	-0.3
Unrealized Gain on FA Revaluation	0.2	0.2	0.2	0.2	0.2
Cumulative Translation Adjustment	1.3	3.5	-1.3	3.7	5.2
Treasury Stock	-3.3	-3.2	-4.4	-1.3	-1.2
Total Equity	131.0	125.2	148.3	137.5	97.9

Total Liabilities & Shareholders' Equity	295.8	261.2	288.9	186.1	172.0

S/O-Ordinary Shares	203.2	203.2	202.7	204.7	176.0
Total Common Shares Outstanding	203.2	203.2	202.7	204.7	176.0
T/S-Ordinary Shares	2.5	2.5	4.5	2.5	2.6
Full-Time Employees	2,425	2,165	2,680	2,330	1,800
Number of Common Shareholders	24,431	23,599	25,073	22,851	20,196
Long Term Debt due in 1 year	-	-	-	0.1	1.2
Total Long Term Debt, Supplemental	-	-	-	0.1	1.2
Operating Lease due within 1 Year	0.9	0.8	0.6	-	-
Operating Lease due in 2 Years	0.9	0.9	0.6	-	-
Operating Lease Payments Due in Year 3	0.9	0.9	0.7	-	-
Operating Lease Payments Due in Year 4	0.8	0.8	0.7	-	-
Operating Leases - Remaining Payments	2.4	3.1	3.9	-	-
Total Operating Leases, Supplemental	5.9	6.6	6.5	-	-
Benefit Obligation	3.7	2.9	2.5	2.2	2.2
Fair Value of Plan Assets	1.4	1.3	1.2	1.1	1.1
Funded Status	-2.2	-1.6	-1.3	-1.1	-1.1
Accumulated Benefit Obligation	3.3	2.6	2.2	2.0	1.7
Total Funded Status	-2.2	-1.6	-1.3	-1.1	-1.1
Discount Rate	1.75%	2.00%	2.00%	2.25%	2.50%
Rate of Compensation Increase	1.00%	1.00%	1.00%	1.00%	2.00%
Expected Rate of Return on Plan Assets	1.75%	2.00%	2.00%	2.25%	2.50%
Deferred Pension Cost	0.1	0.1	0.1	0.1	0.1
Accrued Pension Liabilities	-3.3	-2.7	-2.5	-2.3	-2.0
Net Assets Recognized on Balance Sheet	-3.2	-2.6	-2.4	-2.2	-1.9

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 with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation

Net Income	2.4	-13.6	13.6	19.8	11.8
Depreciation	19.6	19.5	17.6	13.3	11.7
Amortization of intangible	1.8	1.4	0.8	0.7	0.7
Employee Stock Option	0.3	0.3	0.5	-	-
G/L on Financial Assets Valuation	-0.1	3.7	1.1	-3.2	1.7
G/L on Financial Liab. Valuation	-0.6	2.1	0.9	-0.8	-0.8
G/L on Redemption of Corporate Bonds	-	-0.1	-	-	-
Provision of Bad Debts	0.6	0.0	0.2	-0.4	0.2
Write-off/Impairment on Inventories	5.0	2.4	1.6	1.5	2.1
Prov. for Inventory Devaluation	-3.5	1.0	1.8	-0.6	1.6
Other Investment Loss	-	-	-	-	0.0
Net Gain on Disposal of Properties	0.2	0.4	0.1	-0.2	-0.3
Loss on Intangible Assets	-	-	-	-	0.0
Impairment Loss on Fixed Assets	-	-	-	0.0	1.5
Impairment Loss on Other Assets	-	-	-	0.0	0.1
Gain on Sale of Investments	-0.6	2.6	-0.2	-2.6	0.0
Loss on LT Equity Investment	1.1	1.2	0.1	0.0	-
Amort. of Corp. Bonds Discount	2.0	1.9	1.2	0.5	0.5
Coporate Bonds Redemption Gain	-	-	-	0.0	-1.1
Fin. Assets Investment Loss -Cost Method	0.3	1.6	-	-	-
Financial Assets at Fair Value	-0.7	-7.2	-4.3	1.2	-1.5
Notes Receivable	-6.1	0.3	-0.4	1.5	0.6
Accounts Receivable	-32.8	4.7	0.4	-11.1	12.9
Other Receivables	-1.1	0.9	-0.9	0.0	-0.5
Inventories	-1.1	1.0	-12.8	-4.8	-2.5
Other Current Assets	0.0	0.7	-0.5	-1.3	0.3
Deferred Tax Liabilities	-0.2	-0.4	0.5	1.0	1.6
Other Asset	-	-	-	-	0.0
Notes Payable	0.2	-0.1	-0.1	-0.1	-0.8
Accounts Payable	15.3	0.6	3.8	9.0	-7.3
Tax Payable	0.3	-1.0	0.7	-0.5	-1.2
Accrued Expenses	1.8	-3.2	-1.9	2.3	-0.2
Other Payables	0.7	0.9	0.8	0.2	-0.1
Other Liabilities	-	0.0	0.0	0.0	-
Other Current Liabilities	-0.4	0.5	-0.2	-0.3	0.1
Accrued Pension Liabilities(1)	0.0	0.0	0.0	0.1	0.2
Cash from Operating Activities	4.6	22.0	24.4	25.2	31.4

Other Receivables	1.3	-0.6	-0.7	-	-
Capital Reduction in Investee Company	-	-	-	0.0	0.4
Other Financial Assets - Current	0.0	0.1	0.0	0.2	-0.1
Other Financial Assets - Non-Current	-	-	-	-	0.0
Financial Assets at Cost Increase	-	0.0	-2.1	-4.3	-0.5
Financial Assets at Cost Decrease	1.1	0.0	0.5	0.7	0.0
Prepayment for LT Investment Decrease	0.0	-0.1	-	-	-
Capital Expenditure	-24.0	-28.0	-48.1	-20.6	-26.2
Disposal of Fixed Assets	7.4	6.1	4.2	2.9	4.7
Purchase of LT Equity Investment	0.0	-0.5	-1.3	-0.1	-
Security Deposit Paid	0.0	1.3	-1.2	-0.1	-0.1
Other Assets Increase/Decrease	-1.7	-2.4	-0.9	-0.5	-0.8
Purchase of Subsidiary	0.0	1.4	-	-	-
Other Intangible Assets, Increase	-1.3	-2.9	-	-	-
Cash from Investing Activities	-17.2	-25.5	-49.7	-21.9	-22.7

Short Term Borrowings Increase/Decrease	1.7	-5.0	12.3	-11.1	-4.6
Corpoarte Bonds Issuance Cost	-	-	-0.2	0.0	-0.2
Corporate Bonds Payable Increase	-	0.0	69.8	0.0	31.7
Corporate Bonds Redeemed	-	-0.7	-0.1	0.0	-2.3
Repayment of LT Borrowings	-	-	0.0	-2.1	-1.1
Long Term Notes Increase	-	-	-	-	0.0
Other Payables-Related Parties	2.5	-	-	-	-
Cash Capital	0.5	-	-	-	-
Long Term Notes Decrease	-	0.0	0.0	-0.3	-0.3
Security Deposit Received	0.0	0.0	0.0	0.0	0.1
Treasury Shares Repurchase	-	0.0	-3.1	0.0	-1.3
Treasury Stock Transferred to Employees	0.0	0.3	0.3	-	-
Cash Dividend - Common Stock	0.0	-8.6	-16.2	-6.1	-9.0
Employees Bonus	-	-	-	0.0	-1.0
Directors Remuneration	-	-	-	0.0	-0.4
Cash from Financing Activities	4.6	-14.1	62.8	-19.6	11.7

Foreign Exchange Effects	-2.2	1.8	-2.9	-1.0	1.2
Net Change in Cash	-10.1	-15.8	34.7	-17.3	21.6

Net Cash - Beginning Balance	41.8	57.9	19.3	35.7	15.8
Net Cash - Ending Balance	31.7	42.1	54.0	18.4	37.4
Cash Interest Paid	0.6	0.2	0.1	0.5	1.1
Cash Taxes Paid	0.7	1.6	3.1	3.3	4.8

Financial Health

Key IndicatorsÂ USD (mil)
Â	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 (?)	63.1	21.23%	222.1	31.96%	13.91%	7.68%
Research & Development1 (?)	0.8	-30.32%	4.6	99.07%	36.80%	33.11%
Operating Income1 (?)	2.6	157.78%	5.8	-	-31.20%	-25.56%
Income Available to Common Excl Extraord Items1 (?)	1.2	-	2.9	-	-49.24%	-31.29%
Basic EPS Excl Extraord Items1 (?)	0.01	-	0.01	-	-50.60%	-33.04%
Capital Expenditures2 (?)	12.1	-7.05%	25.3	-17.66%	3.18%	1.57%
Cash from Operating Activities2 (?)	20.1	-	4.6	-78.94%	-45.28%	-24.85%
Free Cash Flow (?)	7.9	-	-21.1	-	-	-
Total Assets3 (?)	306.5	12.09%	295.8	8.49%	12.97%	10.88%
Total Liabilities3 (?)	179.2	21.28%	164.8	16.12%	45.41%	17.94%
Total Long Term Debt3 (?)	59.9	-	0.0	-	-	-
Employees3 (?)	-	-	2425	12.01%	1.34%	-3.97%
Total Common Shares Outstanding3 (?)	203.2	0.00%	203.2	0.00%	-0.25%	2.75%
1-ExchangeRate: TWD to USD Average for Period	29.875010	Â	29.579620	Â	Â	Â
2-ExchangeRate: TWD to USD Average for Period	29.670357	Â	29.579620	Â	Â	Â
3-ExchangeRate: TWD to USD Period End Date	30.054810	Â	29.011999	Â	Â	Â

Key Ratios
Â	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Profitability
Gross Margin (?)	12.11%	7.52%	20.30%	22.28%	22.32%
Operating Margin (?)	2.59%	-2.51%	11.78%	11.77%	12.05%
Pretax Margin (?)	1.38%	-8.18%	9.04%	17.61%	11.18%
Net Profit Margin (?)	1.30%	-7.97%	7.13%	14.71%	7.80%
Financial Strength
Current Ratio (?)	1.16	2.45	2.76	2.81	2.53
Long Term Debt/Equity (?)	0.00	0.52	0.45	0.00	0.25
Total Debt/Equity (?)	0.69	0.67	0.60	0.04	0.44
Management Effectiveness
Return on Assets (?)	0.85%	-4.91%	5.97%	11.28%	6.92%
Return on Equity (?)	2.25%	-9.78%	9.83%	17.18%	11.95%
Efficiency
Receivables Turnover (?)	2.67	2.52	2.96	2.41	2.53
Inventory Turnover (?)	8.58	6.17	7.26	7.76	9.18
Asset Turnover (?)	0.80	0.61	0.84	0.77	0.89

Market ValuationÂ USD (mil)
P/E (TTM) (?)	29.70	.	Enterprise Value2 (?)	162.2
Price/Sales (TTM) (?)	0.57	.	Enterprise Value/Revenue (TTM) (?)	0.68
Price/Book (MRQ) (?)	1.06	.	Enterprise Value/EBITDA (TTM) (?)	3.88
Market Cap as of 18-Oct-20131 (?)	139.7	.
1-ExchangeRate: TWD to USD on 18-Oct-2013	29.372011
2-ExchangeRate: TWD to USD on 30-Jun-2013	30.054810

Annual Ratios

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Financial Strength
Current Ratio (?)	1.16	2.45	2.76	2.81	2.53
Quick/Acid Test Ratio (?)	0.99	2.02	2.26	2.34	2.22
Working Capital1 (?)	23.4	82.0	108.0	68.1	61.2
Long Term Debt/Equity (?)	0.00	0.52	0.45	0.00	0.25
Total Debt/Equity (?)	0.69	0.67	0.60	0.04	0.44
Long Term Debt/Total Capital (?)	0.00	0.31	0.28	0.00	0.17
Total Debt/Total Capital (?)	0.41	0.40	0.37	0.04	0.31
Payout Ratio (?)	118.76%	0.00%	59.58%	71.58%	55.10%
Effective Tax Rate (?)	23.07%	-	21.13%	16.44%	30.19%
Total Capital1 (?)	221.3	208.6	236.8	143.1	141.1

Efficiency
Asset Turnover (?)	0.80	0.61	0.84	0.77	0.89
Inventory Turnover (?)	8.58	6.17	7.26	7.76	9.18
Days In Inventory (?)	42.54	59.11	50.29	47.06	39.78
Receivables Turnover (?)	2.67	2.52	2.96	2.41	2.53
Days Receivables Outstanding (?)	136.54	144.58	123.11	151.22	144.09
Revenue/Employee2 (?)	93,375	75,940	76,981	59,643	80,825
Operating Income/Employee2 (?)	2,421	-1,906	9,070	7,021	9,735
EBITDA/Employee2 (?)	11,403	7,417	16,453	13,223	16,331

Profitability
Gross Margin (?)	12.11%	7.52%	20.30%	22.28%	22.32%
Operating Margin (?)	2.59%	-2.51%	11.78%	11.77%	12.05%
EBITDA Margin (?)	12.21%	9.77%	21.37%	22.17%	20.21%
EBIT Margin (?)	2.59%	-2.51%	11.78%	11.77%	12.05%
Pretax Margin (?)	1.38%	-8.18%	9.04%	17.61%	11.18%
Net Profit Margin (?)	1.30%	-7.97%	7.13%	14.71%	7.80%
R&D Expense/Revenue (?)	2.09%	1.38%	0.76%	1.20%	1.01%
COGS/Revenue (?)	87.89%	92.48%	79.70%	77.72%	77.68%
SG&A Expense/Revenue (?)	7.30%	7.69%	7.77%	9.29%	8.29%

Management Effectiveness
Return on Assets (?)	0.85%	-4.91%	5.97%	11.28%	6.92%
Return on Equity (?)	2.25%	-9.78%	9.83%	17.18%	11.95%

Valuation
Free Cash Flow/Share2 (?)	-0.10	-0.04	-0.13	0.02	0.03
Operating Cash Flow/Share 2 (?)	0.02	0.11	0.13	0.13	0.17
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) (?)	30.06
Market Cap/Equity (MRQ) (?)	1.07
Market Cap/Revenue (TTM) (?)	0.57
Market Cap/EBIT (TTM) (?)	18.35
Market Cap/EBITDA (TTM) (?)	3.26
Enterprise Value/Earnings (TTM) (?)	35.71
Enterprise Value/Equity (MRQ) (?)	1.27
Enterprise Value/Revenue (TTM) (?)	0.68
Enterprise Value/EBIT (TTM) (?)	21.80
Enterprise Value/EBITDA (TTM) (?)	3.88

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 :

NIS

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%)