MIRA
INFORM REPORT
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Report Date : |
15.10.2013 |
IDENTIFICATION DETAILS
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Name : |
WALSIN LIHWA CORPORATION |
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Registered Office : |
25F, No.1,
Songzhi Road, Sinyi District, Taipei, 110 |
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Country : |
Taiwan |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
01.12.1966 |
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Legal Form : |
Public Parent
Company |
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Line of Business : |
Subject is
engaged in the smelting, processing, manufacturing and distributing of metal
products, electrical wires and cables Subject operate through wire and cable division, specialty steel division, green photonics division and real estate division |
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No. of Employees : |
7,651 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Taiwan |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Taiwan ECONOMIC OVERVIEW
Taiwan has a dynamic capitalist economy with gradually decreasing government guidance of investment and foreign trade. 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 & address
Walsin Lihwa Corporation
25F, No.1,
Songzhi Road, Sinyi District
Taipei, 110
Taiwan
Tel: 886-2-87262211
Fax: 886-2-27202234
Web: www.walsin.com
Yenshui Plant
No.3-10, Shi Jou Liau, Chin Shuei Li,
Yenshui Dist., Tainan City 73742,
Taiwan, R.O.C.
Tel: 886-6-652-0911
Fax: 886-6-652-3181
synthesis
Employees: 7,651
Company Type: Public
Parent
Corporate Family: 2 Companies
Traded: Taiwan Stock Exchange:
1605
Incorporation
Date: 01-Dec-1966
Auditor: Deloitte & Touche
LLP
Financials in: USD (Millions)
Fiscal Year End: 31-Dec-2012
Reporting
Currency: Taiwanese New Dollar
Annual Sales: 5,322.6 1
Net Income: (112.5)
Total Assets: 3,750.3 2
Market Value: 1,098.4
(27-Sep-2013)
Business
Description
Walsin Lihwa
Corporation is principally engaged in the smelting, processing, manufacture and
distribution of metal products, electrical wires and cables. The Company
operates in four business divisions: wire and cable division, which offers
copper wires, power cables, communication cables, electric wires, industrial
cables as well as steel cables and wires; specialty steel division, which
offers billets, slabs, ingots, stainless steel wire rods, stainless steel
straight bars, stainless steel precision foils, stainless steel seamless pipes
and tubes and stainless steel drawn wires, among others; green photonics
division, which offers light emitting diode (LED) wafers and chips, as well as
solar power system design, installation and engineering services, among others,
and real estate division, which offers residential building and office leasing
services. For the six months ended 30 June 2013, Walsin Lihwa Corporation
revenues decreased 7% to NT$72.91B. Net income totaled NT$362.9M vs. loss of
NT$1.26B. Revenues reflect Electric wire and cable segment decrease of 48% to
NT$27.93B, Special Steel Segment decrease of 59% to NT$9.19B. Net Income
reflects G/L on Sale of Investments increase from NT$338.2M (expense) to
NT$847.5M (income).
Industry
Industry
Metal Products Manufacturing
ANZSIC 2006: 2149 - Other Basic Non-Ferrous Metal
Product Manufacturing
ISIC Rev 4: 2420 - Manufacture of basic precious and
other non-ferrous metals
NACE Rev 2: 2445 - Other non-ferrous metal production
NAICS 2012: 335929 - Other Communication and Energy
Wire Manufacturing
UK SIC 2007: 2445 - Other non-ferrous metal production
US SIC 1987: 3357 - Drawing and Insulating of Nonferrous
Wire
Key
Executives
|
Name |
Title |
|
Youlun Jiao |
Chairman of the Board, Chief Executive Officer |
|
Decheng Wen |
Head-Finance |
|
Wangcai Lin |
Director |
|
Youhui Jiao |
General Manager-Wire and Cable Business, Director |
|
Yu-Lon Chiao |
Chairman |
Significant Developments
|
* number of significant developments within the last 12 months
Financial Summary
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Stock Snapshot
|
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
25F, No.1,
Songzhi Road, Sinyi District
Taipei, 110
Taiwan
Tel: 886-2-87262211
Fax: 886-2-27202234
Web: www.walsin.com
Quote Symbol - Exchange
1605 - Taiwan Stock Exchange
Sales TWD(mil): 157,440.5
Assets TWD(mil): 108,803.1
Employees: 7,651
Fiscal Year End: 31-Dec-2012
Industry: Miscellaneous Fabricated
Products
Incorporation
Date: 01-Dec-1966
Company Type: Public Parent
Quoted Status: Quoted
Chairman of the Board,
Chief Executive Officer:
Youlun Jiao
Industry Codes
ANZSIC 2006
Codes:
2149 - Other
Basic Non-Ferrous Metal Product Manufacturing
2431 - Electric
Cable and Wire Manufacturing
6923 - Engineering
Design and Engineering Consulting Services
2429 - Other
Electronic Equipment Manufacturing
6711 - Residential
Property Operators
2291 - Spring
and Wire Product Manufacturing
6712 - Non-Residential
Property Operators
ISIC Rev 4 Codes:
2420 - Manufacture
of basic precious and other non-ferrous metals
6810 - Real
estate activities with own or leased property
2610 - Manufacture
of electronic components and boards
7110 - Architectural
and engineering activities and related technical consultancy
2410 - Manufacture
of basic iron and steel
2710 - Manufacture
of electric motors, generators, transformers and electricity distribution and
control apparatus
24 - Manufacture
of basic metals
NACE Rev 2 Codes:
2445 - Other
non-ferrous metal production
6820 - Renting
and operating of own or leased real estate
2611 - Manufacture
of electronic components
7112 - Engineering
activities and related technical consultancy
2434 - Cold
drawing of wire
2712 - Manufacture
of electricity distribution and control apparatus
24 - Manufacture
of basic metals
NAICS 2012 Codes:
335929 - Other
Communication and Energy Wire Manufacturing
531110 - Lessors
of Residential Buildings and Dwellings
531120 - Lessors
of Nonresidential Buildings (except Miniwarehouses)
334413 - Semiconductor
and Related Device Manufacturing
541330 - Engineering
Services
331314 - Secondary
Smelting and Alloying of Aluminum
335931 - Current-Carrying
Wiring Device Manufacturing
331222 - Steel
Wire Drawing
US SIC 1987:
3357 - Drawing
and Insulating of Nonferrous Wire
8711 - Engineering
Services
3315 - Steel
Wiredrawing and Steel Nails and Spikes
3674 - Semiconductors
and Related Devices
6512 - Operators
of Nonresidential Buildings
3643 - Current-Carrying
Wiring Devices
3399 - Primary
Metal Products, Not Elsewhere Classified
6513 - Operators
or Apartment Buildings
UK SIC 2007:
2445 - Other
non-ferrous metal production
2611 - Manufacture
of electronic components
68209 - Letting
and operating of own or leased real estate (other than Housing Association real
estate
and conference and exhibition services) n.e.c.
71129
- Other engineering activities
(not including engineering design for industrial process and
production or engineering related scientific and
technical consulting activities)
2434 - Cold
drawing of wire
2712 - Manufacture
of electricity distribution and control apparatus
24 - Manufacture
of basic metals
Business Description
Walsin Lihwa
Corporation is principally engaged in the smelting, processing, manufacture and
distribution of metal products, electrical wires and cables. The Company
operates in four business divisions: wire and cable division, which offers
copper wires, power cables, communication cables, electric wires, industrial
cables as well as steel cables and wires; specialty steel division, which
offers billets, slabs, ingots, stainless steel wire rods, stainless steel
straight bars, stainless steel precision foils, stainless steel seamless pipes
and tubes and stainless steel drawn wires, among others; green photonics
division, which offers light emitting diode (LED) wafers and chips, as well as
solar power system design, installation and engineering services, among others,
and real estate division, which offers residential building and office leasing
services. For the six months ended 30 June 2013, Walsin Lihwa Corporation
revenues decreased 7% to NT$72.91B. Net income totaled NT$362.9M vs. loss of
NT$1.26B. Revenues reflect Electric wire and cable segment decrease of 48% to
NT$27.93B, Special Steel Segment decrease of 59% to NT$9.19B. Net Income
reflects G/L on Sale of Investments increase from NT$338.2M (expense) to
NT$847.5M (income).
More Business Descriptions
Production of
electric and steel wire and cable, fine ceramics, heat-resistant copper alloy,
copper rod and PE and PVC wire
Communication and Energy Wire and Cable
Manufacturing
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Corporate Family |
Corporate
Structure News: |
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Walsin
Lihwa Corporation |
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Walsin Lihwa Corporation |
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Company
Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
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Walsin Lihwa Corporation |
Parent |
Taipei |
Taiwan |
Metal Products Manufacturing |
5,322.6 |
7,651 |
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Touch Micro-System Technology
Corp. |
Subsidiary |
Yangmei City, Taoyuan |
Taiwan |
Semiconductor and Other Electronic Component Manufacturing |
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Executive report
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Board of
Directors |
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Chairman |
Chairman |
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Chairman of the Board, Chief Executive Officer |
Chairman |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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General Manager-Wire and Cable Business, Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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General Manager-Specialty Steel Business, Director |
Director/Board Member |
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General Manager, Director |
Director/Board Member |
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Executives |
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Chairman of the Board, Chief Executive Officer |
Chief Executive Officer |
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Deputy General Manager-Special Steel Business Group |
Division Head Executive |
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Deputy General Manager-Special Steel Business Group |
Division Head Executive |
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Deputy General Manager-Special Steel Business Group |
Division Head Executive |
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President Wire and Cable Group |
Division Head Executive |
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Deputy General Manager-Trading Estate Business Group |
Division Head Executive |
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President, Micro-Optical-Mechanical-Electronic Group |
Division Head Executive |
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General Manager-MOEMS Business Group |
Division Head Executive |
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General Manager-Wire and Cable Business,
Director |
Division Head Executive |
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Deputy General Manager-Wire and Cable Business Group |
Division Head Executive |
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Deputy General Manager-Wire and Cable Business |
Division Head Executive |
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General Manager-Specialty Steel Business, Director |
Division Head Executive |
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Deputy General Manager-Wire and Cable Business Group |
Division Head Executive |
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General Manager, Director |
Division Head Executive |
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Head-Finance |
Finance Executive |
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Director |
Investor Relations Executive |
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Significant
Developments
Walsin Lihwa Corp
Announces No Dividend Payment for FY 2012 Mar 21, 2013
Walsin Lihwa Corp
announced that it will pay no dividend to shareholders for fiscal year 2012.
Annual
Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate
(Period Average) |
29.57962 |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
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Gross Revenue |
5,362.2 |
6,513.6 |
6,093.5 |
4,065.2 |
5,029.1 |
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Sales Returns and Allowances |
-39.6 |
-52.5 |
-56.4 |
-39.1 |
-46.2 |
|
Revenue |
5,322.6 |
6,461.1 |
6,037.1 |
4,026.1 |
4,983.0 |
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Total Revenue |
5,322.6 |
6,461.1 |
6,037.1 |
4,026.1 |
4,983.0 |
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Cost of Revenue |
5,067.9 |
6,279.7 |
5,762.3 |
3,733.0 |
4,894.6 |
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Cost of Revenue, Total |
5,067.9 |
6,279.7 |
5,762.3 |
3,733.0 |
4,894.6 |
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Gross Profit |
254.7 |
181.4 |
274.9 |
293.1 |
88.4 |
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Selling/General/Administrative Expense |
162.4 |
168.8 |
151.2 |
115.3 |
118.0 |
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Total Selling/General/Administrative Expenses |
162.4 |
168.8 |
151.2 |
115.3 |
118.0 |
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Research & Development |
15.2 |
30.5 |
11.1 |
12.9 |
5.6 |
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Impairment-Assets Held for Use |
90.2 |
136.0 |
-7.3 |
3.4 |
14.9 |
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Unusual Expense (Income) |
90.2 |
136.0 |
-7.3 |
3.4 |
14.9 |
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Total Operating Expense |
5,335.7 |
6,615.1 |
5,917.2 |
3,864.6 |
5,033.0 |
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Operating Income |
-13.1 |
-153.9 |
119.9 |
161.6 |
-50.0 |
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Interest Expense - Non-Operating |
-20.9 |
-43.9 |
-35.6 |
-27.1 |
-64.0 |
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Interest Expense, Net Non-Operating |
-20.9 |
-43.9 |
-35.6 |
-27.1 |
-64.0 |
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Interest Income -
Non-Operating |
15.5 |
7.9 |
2.5 |
3.2 |
16.4 |
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Investment Income -
Non-Operating |
-47.6 |
20.6 |
82.0 |
-51.9 |
-89.1 |
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Interest/Investment Income - Non-Operating |
-32.1 |
28.5 |
84.5 |
-48.7 |
-72.7 |
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Interest Income (Expense) - Net Non-Operating Total |
-52.9 |
-15.4 |
48.8 |
-75.8 |
-136.7 |
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Gain (Loss) on Sale of Assets |
0.4 |
5.5 |
6.2 |
-0.1 |
3.4 |
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Other Non-Operating Income (Expense) |
1.3 |
33.6 |
13.4 |
-0.6 |
-6.8 |
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Other, Net |
1.3 |
33.6 |
13.4 |
-0.6 |
-6.8 |
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Income Before Tax |
-64.4 |
-130.3 |
188.3 |
85.1 |
-190.1 |
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Total Income Tax |
46.0 |
12.4 |
30.6 |
21.0 |
-17.4 |
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Income After Tax |
-110.4 |
-142.7 |
157.7 |
64.2 |
-172.7 |
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Minority Interest |
-2.1 |
-2.7 |
-6.1 |
-20.7 |
14.1 |
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Net Income Before Extraord Items |
-112.5 |
-145.3 |
151.7 |
43.5 |
-158.6 |
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Net Income |
-112.5 |
-145.3 |
151.7 |
43.5 |
-158.6 |
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Income Available to Common Excl Extraord Items |
-112.5 |
-145.3 |
151.7 |
43.5 |
-158.6 |
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Income Available to Common Incl Extraord Items |
-112.5 |
-145.3 |
151.7 |
43.5 |
-158.6 |
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Basic/Primary Weighted Average Shares |
3,557.1 |
3,556.9 |
3,087.1 |
3,081.8 |
3,179.4 |
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Basic EPS Excl Extraord Items |
-0.03 |
-0.04 |
0.05 |
0.01 |
-0.05 |
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Basic/Primary EPS Incl Extraord Items |
-0.03 |
-0.04 |
0.05 |
0.01 |
-0.05 |
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Dilution Adjustment |
0.0 |
0.0 |
1.0 |
0.0 |
0.0 |
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Diluted Net Income |
-112.5 |
-145.3 |
152.6 |
43.5 |
-158.6 |
|
Diluted Weighted Average Shares |
3,557.1 |
3,556.9 |
3,121.6 |
3,081.8 |
3,179.4 |
|
Diluted EPS Excl Extraord Items |
-0.03 |
-0.04 |
0.05 |
0.01 |
-0.05 |
|
Diluted EPS Incl Extraord Items |
-0.03 |
-0.04 |
0.05 |
0.01 |
-0.05 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.01 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
45.4 |
0.0 |
0.0 |
|
Interest Expense, Supplemental |
20.9 |
43.9 |
35.6 |
27.1 |
64.0 |
|
Depreciation, Supplemental |
87.7 |
77.2 |
63.6 |
50.6 |
45.0 |
|
Total Special Items |
89.9 |
130.5 |
-13.5 |
3.4 |
11.5 |
|
Normalized Income Before Tax |
25.4 |
0.2 |
174.8 |
88.6 |
-178.6 |
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|
|
|
|
|
|
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Effect of Special Items on Income Taxes |
31.5 |
45.7 |
-2.2 |
0.8 |
4.0 |
|
Inc Tax Ex Impact of Sp Items |
77.5 |
58.0 |
28.4 |
21.8 |
-13.4 |
|
Normalized Income After Tax |
-52.0 |
-57.8 |
146.4 |
66.7 |
-165.2 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-54.1 |
-60.5 |
140.3 |
46.1 |
-151.2 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-0.02 |
-0.02 |
0.05 |
0.01 |
-0.05 |
|
Diluted Normalized EPS |
-0.02 |
-0.02 |
0.05 |
0.01 |
-0.05 |
|
Amort of Intangibles, Supplemental |
3.5 |
2.6 |
1.7 |
2.0 |
2.4 |
|
Research & Development Exp, Supplemental |
15.2 |
30.5 |
11.1 |
12.9 |
5.6 |
|
Normalized EBIT |
77.1 |
-17.9 |
112.6 |
164.9 |
-35.1 |
|
Normalized EBITDA |
168.3 |
61.9 |
177.9 |
217.5 |
12.3 |
|
Current Tax - Total |
-3.0 |
-16.2 |
23.6 |
14.8 |
-17.8 |
|
Current Tax - Total |
-3.0 |
-16.2 |
23.6 |
14.8 |
-17.8 |
|
Deferred Tax - Total |
48.3 |
32.6 |
1.2 |
1.8 |
0.3 |
|
Deferred Tax - Total |
48.3 |
32.6 |
1.2 |
1.8 |
0.3 |
|
Other Tax |
0.6 |
-4.1 |
5.8 |
4.4 |
0.0 |
|
Income Tax - Total |
46.0 |
12.4 |
30.6 |
21.0 |
-17.4 |
|
Interest Cost - Domestic |
0.9 |
0.9 |
0.8 |
0.9 |
1.0 |
|
Service Cost - Domestic |
0.6 |
0.7 |
0.8 |
0.8 |
1.0 |
|
Expected Return on Assets - Domestic |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Curtailments & Settlements - Domestic |
-0.1 |
- |
- |
- |
- |
|
Transition Costs - Domestic |
0.0 |
1.4 |
1.3 |
1.2 |
1.2 |
|
Other Pension, Net - Domestic |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Domestic Pension Plan Expense |
1.4 |
2.9 |
2.8 |
2.9 |
3.1 |
|
Defined Contribution Expense - Domestic |
2.6 |
2.5 |
1.9 |
1.5 |
1.4 |
|
Total Pension Expense |
3.9 |
5.5 |
4.8 |
4.4 |
4.5 |
|
Discount Rate - Domestic |
1.75% |
2.00% |
2.25% |
2.25% |
2.50% |
|
Expected Rate of Return - Domestic |
1.75% |
2.00% |
2.00% |
1.50% |
2.50% |
|
Compensation Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.00% |
2.50% |
|
Total Plan Interest Cost |
0.9 |
0.9 |
0.8 |
0.9 |
1.0 |
|
Total Plan Service Cost |
0.6 |
0.7 |
0.8 |
0.8 |
1.0 |
|
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 |
Reclassified
Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate |
29.011999 |
30.279 |
29.1565 |
31.985 |
32.818 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Equivalents |
208.9 |
427.4 |
350.5 |
273.7 |
524.9 |
|
Short Term Investments |
19.2 |
63.5 |
164.4 |
44.3 |
72.5 |
|
Cash and Short Term Investments |
228.1 |
490.9 |
514.9 |
318.0 |
597.4 |
|
Accounts Receivable - Trade,
Gross |
376.4 |
303.3 |
313.6 |
249.3 |
199.9 |
|
Provision for Doubtful
Accounts |
-5.1 |
-5.2 |
-7.2 |
-9.5 |
-8.0 |
|
Trade Accounts Receivable - Net |
371.2 |
298.1 |
306.4 |
239.7 |
191.9 |
|
Notes Receivable - Short Term |
186.4 |
248.8 |
176.2 |
67.1 |
43.4 |
|
Total Receivables, Net |
557.6 |
546.9 |
482.7 |
306.8 |
235.3 |
|
Inventories - Finished Goods |
188.4 |
307.1 |
381.5 |
259.6 |
189.3 |
|
Inventories - Work In Progress |
306.7 |
285.6 |
193.5 |
121.3 |
63.8 |
|
Inventories - Raw Materials |
275.8 |
400.5 |
641.4 |
512.7 |
276.6 |
|
Inventories - Other |
- |
- |
- |
0.0 |
-86.4 |
|
Total Inventory |
770.9 |
993.2 |
1,216.4 |
893.5 |
443.4 |
|
Restricted Cash - Current |
22.4 |
23.3 |
- |
- |
- |
|
Other Current Assets |
64.0 |
88.6 |
120.0 |
84.9 |
50.8 |
|
Other Current Assets, Total |
86.3 |
111.9 |
120.0 |
84.9 |
50.8 |
|
Total Current Assets |
1,643.0 |
2,142.9 |
2,334.0 |
1,603.3 |
1,326.9 |
|
|
|
|
|
|
|
|
Buildings |
472.7 |
456.8 |
425.3 |
378.8 |
233.4 |
|
Land/Improvements |
264.0 |
251.8 |
273.6 |
255.3 |
249.1 |
|
Machinery/Equipment |
1,103.5 |
1,000.4 |
841.5 |
749.9 |
663.3 |
|
Construction in
Progress |
181.2 |
114.5 |
150.3 |
69.1 |
203.0 |
|
Other
Property/Plant/Equipment |
23.4 |
22.4 |
23.2 |
21.2 |
20.7 |
|
Property/Plant/Equipment - Gross |
2,044.6 |
1,846.0 |
1,713.8 |
1,474.4 |
1,369.5 |
|
Accumulated Depreciation |
-839.2 |
-719.1 |
-653.3 |
-568.4 |
-523.1 |
|
Property/Plant/Equipment - Net |
1,205.5 |
1,126.8 |
1,060.5 |
906.0 |
846.4 |
|
Intangibles, Net |
57.3 |
58.0 |
54.1 |
80.6 |
64.4 |
|
LT Investment - Affiliate Companies |
596.3 |
607.7 |
680.8 |
542.1 |
566.5 |
|
LT Investments - Other |
102.6 |
133.9 |
183.7 |
167.4 |
122.1 |
|
Long Term Investments |
698.9 |
741.6 |
864.5 |
709.5 |
688.6 |
|
Deferred Charges |
3.8 |
4.0 |
2.8 |
1.9 |
2.4 |
|
Deferred Income Tax - Long Term Asset |
34.6 |
32.4 |
30.6 |
25.2 |
19.9 |
|
Other Long Term Assets |
107.2 |
59.3 |
9.0 |
10.9 |
20.6 |
|
Other Long Term Assets, Total |
145.7 |
95.7 |
42.4 |
38.0 |
42.8 |
|
Total Assets |
3,750.3 |
4,165.0 |
4,355.5 |
3,337.4 |
2,969.2 |
|
|
|
|
|
|
|
|
Accounts Payable |
173.6 |
315.5 |
325.1 |
223.7 |
103.4 |
|
Notes Payable/Short Term Debt |
440.5 |
441.2 |
718.6 |
424.5 |
317.0 |
|
Current Portion - Long Term Debt/Capital Leases |
4.3 |
896.1 |
156.8 |
12.3 |
681.3 |
|
Customer Advances |
0.0 |
96.8 |
- |
- |
- |
|
Income Taxes Payable |
31.8 |
14.2 |
26.6 |
7.1 |
0.8 |
|
Other Payables |
131.4 |
86.9 |
142.6 |
102.8 |
101.8 |
|
Other Current Liabilities |
46.8 |
50.7 |
52.3 |
43.0 |
34.8 |
|
Other Current liabilities, Total |
210.0 |
248.7 |
221.5 |
152.9 |
137.4 |
|
Total Current Liabilities |
828.5 |
1,901.6 |
1,422.0 |
813.4 |
1,239.1 |
|
|
|
|
|
|
|
|
Long Term Debt |
677.8 |
37.8 |
542.1 |
664.1 |
18.6 |
|
Total Long Term Debt |
677.8 |
37.8 |
542.1 |
664.1 |
18.6 |
|
Total Debt |
1,122.7 |
1,375.2 |
1,417.6 |
1,101.0 |
1,016.9 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
2.3 |
2.6 |
0.0 |
2.5 |
2.4 |
|
Deferred Income Tax |
2.3 |
2.6 |
0.0 |
2.5 |
2.4 |
|
Minority Interest |
146.7 |
61.8 |
57.0 |
50.5 |
35.3 |
|
Reserves |
4.5 |
4.3 |
4.5 |
4.1 |
4.0 |
|
Pension Benefits - Underfunded |
45.8 |
44.1 |
43.3 |
37.3 |
34.6 |
|
Other Long Term Liabilities |
51.2 |
48.4 |
45.4 |
27.0 |
37.2 |
|
Other Liabilities, Total |
101.5 |
96.8 |
93.2 |
68.5 |
75.8 |
|
Total Liabilities |
1,756.7 |
2,100.6 |
2,114.4 |
1,598.9 |
1,371.2 |
|
|
|
|
|
|
|
|
Common Stock |
1,246.4 |
1,194.2 |
1,239.8 |
959.6 |
977.0 |
|
Common Stock |
1,246.4 |
1,194.2 |
1,239.8 |
959.6 |
977.0 |
|
Additional Paid-In Capital |
695.4 |
668.2 |
694.4 |
524.5 |
510.1 |
|
Retained Earnings (Accumulated Deficit) |
111.4 |
216.7 |
420.6 |
234.0 |
184.4 |
|
Treasury Stock - Common |
-32.3 |
-21.5 |
-33.1 |
-14.2 |
-20.9 |
|
Unrealized Gain (Loss) |
-62.6 |
-74.9 |
-70.5 |
-32.7 |
-137.7 |
|
Translation Adjustment |
35.2 |
81.7 |
-10.3 |
67.3 |
85.2 |
|
Other Equity |
- |
- |
0.2 |
- |
- |
|
Other Equity, Total |
35.2 |
81.7 |
-10.1 |
67.3 |
85.2 |
|
Total Equity |
1,993.6 |
2,064.4 |
2,241.1 |
1,738.4 |
1,598.0 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
3,750.3 |
4,165.0 |
4,355.5 |
3,337.4 |
2,969.2 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
3,473.8 |
3,557.0 |
3,531.5 |
3,025.8 |
3,135.8 |
|
Total Common Shares Outstanding |
3,473.8 |
3,557.0 |
3,531.5 |
3,025.8 |
3,135.8 |
|
Treasury Shares - Common Stock Primary Issue |
142.2 |
59.0 |
83.4 |
43.4 |
70.5 |
|
Employees |
7,651 |
8,438 |
7,826 |
7,325 |
7,460 |
|
Number of Common Shareholders |
163,766 |
169,227 |
174,251 |
162,472 |
170,613 |
|
Deferred Revenue - Current |
0.0 |
96.8 |
- |
- |
- |
|
Total Long Term Debt, Supplemental |
- |
- |
156.8 |
12.3 |
681.3 |
|
Long Term Debt Maturing within 1 Year |
- |
- |
156.8 |
12.3 |
681.3 |
|
Long Term Debt Matur. in Year 6 & Beyond |
- |
- |
0.0 |
0.0 |
0.0 |
|
Pension Obligation - Domestic |
45.7 |
42.3 |
41.1 |
35.3 |
33.6 |
|
Plan Assets - Domestic |
1.0 |
0.4 |
0.5 |
0.3 |
0.3 |
|
Funded Status - Domestic |
-44.7 |
-41.9 |
-40.6 |
-35.1 |
-33.3 |
|
Accumulated Obligation - Domestic |
36.6 |
33.1 |
32.4 |
27.5 |
24.4 |
|
Total Funded Status |
-44.7 |
-41.9 |
-40.6 |
-35.1 |
-33.3 |
|
Discount Rate - Domestic |
1.75% |
2.00% |
2.25% |
2.25% |
2.50% |
|
Expected Rate of Return - Domestic |
1.75% |
2.00% |
2.00% |
1.50% |
2.50% |
|
Compensation Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.00% |
2.50% |
|
Accrued Liabilities - Domestic |
-45.8 |
-44.1 |
-43.3 |
-37.3 |
-34.6 |
|
Net Assets Recognized on Balance Sheet |
-45.8 |
-44.1 |
-43.3 |
-37.3 |
-34.6 |
|
Total Plan Obligations |
45.7 |
42.3 |
41.1 |
35.3 |
33.6 |
|
Total Plan Assets |
1.0 |
0.4 |
0.5 |
0.3 |
0.3 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate
(Period Average) |
29.57962 |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
-110.4 |
-142.7 |
157.7 |
64.2 |
-172.7 |
|
Depreciation |
91.2 |
79.8 |
65.4 |
52.7 |
47.9 |
|
Depreciation/Depletion |
91.2 |
79.8 |
65.4 |
52.7 |
47.9 |
|
Deferred Taxes |
13.1 |
-1.9 |
-3.4 |
3.6 |
-21.8 |
|
Unusual Items |
118.1 |
124.9 |
-25.6 |
3.3 |
53.0 |
|
Equity in Net Earnings (Loss) |
28.3 |
14.0 |
-46.6 |
58.4 |
66.3 |
|
Other Non-Cash Items |
1.8 |
11.6 |
9.8 |
2.4 |
43.6 |
|
Non-Cash Items |
148.2 |
150.5 |
-62.4 |
64.1 |
162.9 |
|
Accounts Receivable |
12.9 |
-84.6 |
-135.2 |
-63.3 |
204.9 |
|
Inventories |
260.6 |
183.5 |
-218.6 |
-424.8 |
211.7 |
|
Other Assets |
-5.3 |
-19.7 |
7.9 |
-19.4 |
4.7 |
|
Accounts Payable |
-112.9 |
-25.0 |
89.9 |
115.1 |
-113.5 |
|
Taxes Payable |
16.7 |
-11.7 |
17.4 |
6.1 |
-2.6 |
|
Other Liabilities |
-98.0 |
93.9 |
17.2 |
3.4 |
6.5 |
|
Changes in Working Capital |
73.9 |
136.3 |
-221.4 |
-383.0 |
311.6 |
|
Cash from Operating Activities |
216.0 |
222.0 |
-64.1 |
-198.4 |
328.0 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-212.9 |
-209.4 |
-180.2 |
-106.8 |
-133.7 |
|
Purchase/Acquisition of Intangibles |
0.0 |
-3.7 |
0.3 |
-9.9 |
-20.1 |
|
Capital Expenditures |
-212.9 |
-213.1 |
-179.9 |
-116.7 |
-153.8 |
|
Sale of Business |
-0.5 |
33.0 |
0.1 |
3.6 |
0.0 |
|
Sale of Fixed Assets |
9.7 |
28.9 |
13.1 |
2.5 |
6.2 |
|
Sale/Maturity of Investment |
33.1 |
16.7 |
0.1 |
40.6 |
17.6 |
|
Purchase of Investments |
-27.6 |
-102.1 |
-54.8 |
-19.6 |
-10.0 |
|
Sale of Intangible Assets |
0.2 |
0.6 |
0.0 |
1.1 |
0.0 |
|
Other Investing Cash Flow |
55.7 |
-36.4 |
-12.9 |
11.0 |
4.8 |
|
Other Investing Cash Flow Items, Total |
70.7 |
-59.2 |
-54.4 |
39.3 |
18.7 |
|
Cash from Investing Activities |
-142.3 |
-272.4 |
-234.3 |
-77.4 |
-135.1 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-0.9 |
120.9 |
-109.8 |
-4.5 |
9.5 |
|
Financing Cash Flow Items |
-0.9 |
120.9 |
-109.8 |
-4.5 |
9.5 |
|
Cash Dividends Paid - Common |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Cash Dividends Paid |
0.0 |
-48.4 |
0.0 |
0.0 |
-30.4 |
|
Sale/Issuance of
Common |
0.0 |
10.8 |
272.3 |
- |
- |
|
Repurchase/Retirement
of Common |
0.0 |
0.0 |
-16.2 |
-34.9 |
-33.2 |
|
Common Stock, Net |
0.0 |
10.8 |
256.1 |
-34.9 |
-33.2 |
|
Issuance (Retirement) of Stock, Net |
0.0 |
10.8 |
256.1 |
-34.9 |
-33.2 |
|
Short Term Debt, Net |
-12.4 |
-266.2 |
271.7 |
97.2 |
-373.8 |
|
Long Term Debt Issued |
- |
264.5 |
- |
- |
383.0 |
|
Long Term Debt
Reduction |
-267.1 |
-17.4 |
-15.5 |
-36.1 |
-295.8 |
|
Long Term Debt, Net |
-267.1 |
247.1 |
-15.5 |
-36.1 |
87.1 |
|
Issuance (Retirement) of Debt, Net |
-279.4 |
-19.1 |
256.3 |
61.2 |
-286.6 |
|
Cash from Financing Activities |
-280.4 |
64.2 |
402.6 |
21.7 |
-340.8 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-26.0 |
78.8 |
-57.7 |
-2.5 |
11.8 |
|
Net Change in Cash |
-232.6 |
92.6 |
46.5 |
-256.6 |
-136.2 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
437.5 |
347.7 |
277.9 |
521.6 |
682.3 |
|
Net Cash - Ending Balance |
204.9 |
440.3 |
324.4 |
265.1 |
546.1 |
|
Cash Interest Paid |
20.2 |
45.6 |
42.7 |
27.3 |
56.7 |
|
Cash Taxes Paid |
18.4 |
26.6 |
16.0 |
8.9 |
10.5 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate
(Period Average) |
29.57962 |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte & Touche
LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Gross Sales |
5,362.2 |
6,513.6 |
6,093.5 |
4,065.2 |
5,029.1 |
|
Sales Discounts and Allowances |
-39.6 |
-52.5 |
-56.4 |
-39.1 |
-46.2 |
|
Total Revenue |
5,322.6 |
6,461.1 |
6,037.1 |
4,026.1 |
4,983.0 |
|
|
|
|
|
|
|
|
Cost of Sales |
5,067.9 |
6,279.7 |
5,762.3 |
3,733.0 |
4,894.6 |
|
Selling Expense |
60.9 |
59.6 |
49.7 |
47.6 |
51.7 |
|
General and Administrative Expense |
101.5 |
109.2 |
101.5 |
67.7 |
66.3 |
|
Research and Development Expenses |
15.2 |
30.5 |
11.1 |
12.9 |
5.6 |
|
Impairment Loss/Reversal of Assets |
90.2 |
136.0 |
-7.3 |
3.4 |
14.9 |
|
Total Operating Expense |
5,335.7 |
6,615.1 |
5,917.2 |
3,864.6 |
5,033.0 |
|
|
|
|
|
|
|
|
Interest Income |
15.5 |
7.9 |
2.5 |
3.2 |
16.4 |
|
Investment Income |
1.9 |
1.1 |
1.1 |
1.9 |
11.0 |
|
Gain on Equity Investment |
- |
0.0 |
46.6 |
0.0 |
0.0 |
|
Gains on Disposal of Fixed Assets |
1.7 |
7.3 |
6.9 |
0.9 |
4.2 |
|
Loss on Equity Investment |
-28.3 |
-14.0 |
0.0 |
-58.4 |
-66.3 |
|
G/L on Sale of Investment |
-28.3 |
5.6 |
12.1 |
0.1 |
-41.5 |
|
Gain/Loss on Foreign Exchange |
5.4 |
31.3 |
22.1 |
3.3 |
31.8 |
|
G/L on Revaluation of Financial Assets |
0.8 |
-2.2 |
0.7 |
-1.6 |
-10.7 |
|
G/L on Revaluation of Financial Liab. |
2.2 |
-1.2 |
-0.6 |
2.8 |
-13.3 |
|
Miscellaneous Income |
7.5 |
37.8 |
19.9 |
11.8 |
10.3 |
|
Interest Expense |
-20.9 |
-43.9 |
-35.6 |
-27.1 |
-64.0 |
|
Other Investment Loss |
-1.3 |
- |
- |
- |
- |
|
Loss on Disposal of Fixed Assets |
-1.3 |
-1.8 |
-0.7 |
-0.9 |
-0.8 |
|
Miscellaneous Disbursements |
-6.2 |
-4.2 |
-6.5 |
-12.4 |
-17.1 |
|
Net Income Before Taxes |
-64.4 |
-130.3 |
188.3 |
85.1 |
-190.1 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
46.0 |
12.4 |
30.6 |
21.0 |
-17.4 |
|
Net Income After Taxes |
-110.4 |
-142.7 |
157.7 |
64.2 |
-172.7 |
|
|
|
|
|
|
|
|
Minority Interest |
-2.1 |
-2.7 |
-6.1 |
-20.7 |
14.1 |
|
Net Income Before Extra. Items |
-112.5 |
-145.3 |
151.7 |
43.5 |
-158.6 |
|
Net Income |
-112.5 |
-145.3 |
151.7 |
43.5 |
-158.6 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
-112.5 |
-145.3 |
151.7 |
43.5 |
-158.6 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
-112.5 |
-145.3 |
151.7 |
43.5 |
-158.6 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
3,557.1 |
3,556.9 |
3,087.1 |
3,081.8 |
3,179.4 |
|
Basic EPS Excluding ExtraOrdinary Items |
-0.03 |
-0.04 |
0.05 |
0.01 |
-0.05 |
|
Basic EPS Including ExtraOrdinary Items |
-0.03 |
-0.04 |
0.05 |
0.01 |
-0.05 |
|
Dilution Adjustment |
0.0 |
0.0 |
1.0 |
0.0 |
0.0 |
|
Diluted Net Income |
-112.5 |
-145.3 |
152.6 |
43.5 |
-158.6 |
|
Diluted Weighted Average Shares |
3,557.1 |
3,556.9 |
3,121.6 |
3,081.8 |
3,179.4 |
|
Diluted EPS Excluding ExtraOrd Items |
-0.03 |
-0.04 |
0.05 |
0.01 |
-0.05 |
|
Diluted EPS Including ExtraOrd Items |
-0.03 |
-0.04 |
0.05 |
0.01 |
-0.05 |
|
DPS-Ordinary Shares |
0.00 |
0.00 |
0.01 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
45.4 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
25.4 |
0.2 |
174.8 |
88.6 |
-178.6 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
77.5 |
58.0 |
28.4 |
21.8 |
-13.4 |
|
Normalized Income After Taxes |
-52.0 |
-57.8 |
146.4 |
66.7 |
-165.2 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-54.1 |
-60.5 |
140.3 |
46.1 |
-151.2 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-0.02 |
-0.02 |
0.05 |
0.01 |
-0.05 |
|
Diluted Normalized EPS |
-0.02 |
-0.02 |
0.05 |
0.01 |
-0.05 |
|
R&D Expense, Supplemental |
15.2 |
30.5 |
11.1 |
12.9 |
5.6 |
|
Interest Expense, Supplemental |
20.9 |
43.9 |
35.6 |
27.1 |
64.0 |
|
Depreciation, Operating Cost |
75.8 |
63.9 |
53.3 |
43.4 |
39.8 |
|
Depreciation, Operating Expense |
11.8 |
13.3 |
10.4 |
7.2 |
5.2 |
|
Depreciation, Non-Operating Exp. |
- |
0.0 |
- |
- |
- |
|
Amortization, Operating Cost |
0.2 |
0.1 |
0.2 |
0.1 |
0.1 |
|
Amortization, Operating Expense |
3.0 |
2.2 |
1.5 |
1.9 |
2.3 |
|
Amort of Intangibles, Non-Operating Exp. |
0.3 |
0.3 |
- |
- |
- |
|
Current Tax |
-3.0 |
-16.2 |
23.6 |
14.8 |
-17.8 |
|
Current Tax - Total |
-3.0 |
-16.2 |
23.6 |
14.8 |
-17.8 |
|
Deferred Tax |
48.3 |
32.6 |
1.2 |
1.8 |
0.3 |
|
Deferred Tax - Total |
48.3 |
32.6 |
1.2 |
1.8 |
0.3 |
|
Other Tax |
0.6 |
-4.1 |
5.8 |
4.4 |
0.0 |
|
Income Tax - Total |
46.0 |
12.4 |
30.6 |
21.0 |
-17.4 |
|
Service Cost |
0.6 |
0.7 |
0.8 |
0.8 |
1.0 |
|
Interest Cost |
0.9 |
0.9 |
0.8 |
0.9 |
1.0 |
|
Expected Return on Plan Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Amort. Transitional Benefit Obligation |
0.0 |
1.4 |
1.3 |
1.2 |
1.2 |
|
Amort. Unrealized Pension Benefit |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Curtailments & Settlements |
-0.1 |
- |
- |
- |
- |
|
Domestic Pension Plan Expense |
1.4 |
2.9 |
2.8 |
2.9 |
3.1 |
|
Pro. for Defined Contribution Plan |
2.6 |
2.5 |
1.9 |
1.5 |
1.4 |
|
Total Pension Expense |
3.9 |
5.5 |
4.8 |
4.4 |
4.5 |
|
Discount Rate |
1.75% |
2.00% |
2.25% |
2.25% |
2.50% |
|
Expected Rate of Return on Plan Assets |
1.75% |
2.00% |
2.00% |
1.50% |
2.50% |
|
Rate of Compensation Increase |
2.00% |
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 |
Reclassified
Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate |
29.011999 |
30.279 |
29.1565 |
31.985 |
32.818 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash and Cash Equivalents |
208.9 |
427.4 |
350.5 |
273.7 |
524.9 |
|
Financial Assets at Fair Value |
1.7 |
0.4 |
5.8 |
9.0 |
5.5 |
|
Financial Assets for Sale |
0.2 |
0.2 |
0.3 |
0.2 |
0.2 |
|
Other Financial Assets, Current |
17.3 |
63.0 |
158.3 |
35.1 |
66.8 |
|
Notes Receivable |
186.4 |
248.8 |
176.2 |
67.1 |
43.4 |
|
Accounts Receivables |
376.4 |
303.3 |
313.6 |
249.3 |
199.9 |
|
Provision for Doubtful Account |
-5.1 |
-5.2 |
-7.2 |
-9.5 |
-8.0 |
|
Raw Material |
222.9 |
211.2 |
456.7 |
316.0 |
162.0 |
|
Materials/Supplies in Transit |
44.5 |
182.0 |
175.3 |
145.4 |
41.5 |
|
Supplies |
8.4 |
7.2 |
9.4 |
15.0 |
15.7 |
|
Work-in-Process |
66.4 |
70.5 |
74.4 |
88.2 |
60.9 |
|
Construction in Process |
6.9 |
0.5 |
0.7 |
1.6 |
3.0 |
|
Finished Goods |
178.4 |
307.1 |
381.5 |
259.6 |
189.3 |
|
Land and Buildings for Sale |
10.1 |
- |
- |
- |
- |
|
Undeveloped Land |
0.1 |
0.1 |
0.1 |
36.3 |
57.3 |
|
Plan in Process |
233.4 |
214.6 |
118.4 |
31.5 |
- |
|
Prepayment for Land |
- |
- |
- |
0.0 |
0.1 |
|
Provision for Inventory |
- |
- |
- |
- |
-86.5 |
|
Other Long Term Assets for Sale |
1.2 |
- |
30.8 |
- |
- |
|
Restricted Assets |
22.4 |
23.3 |
- |
- |
- |
|
Other Current Assets |
62.8 |
88.6 |
89.2 |
84.9 |
50.8 |
|
Total Current Assets |
1,643.0 |
2,142.9 |
2,334.0 |
1,603.3 |
1,326.9 |
|
|
|
|
|
|
|
|
Long Term Equity Investment |
596.3 |
607.7 |
680.8 |
542.1 |
566.5 |
|
Financial Assets Available for Sale |
43.6 |
34.6 |
101.3 |
110.6 |
55.5 |
|
Long Term Investment, Cost Method |
- |
- |
- |
- |
0.0 |
|
Non-Current Fin. Assets, at Cost |
53.3 |
85.5 |
73.5 |
48.7 |
59.3 |
|
Real Estate Investments |
5.6 |
5.4 |
7.8 |
7.3 |
7.3 |
|
Financial Assets-Held to Maturity, Non-C |
0.0 |
7.8 |
- |
- |
- |
|
Financial Assets-Fair Value,Non-Current |
0.0 |
0.5 |
1.0 |
- |
- |
|
Financial Assets-Hedging |
0.0 |
0.1 |
- |
- |
0.0 |
|
Prepayment for Long Term Investment |
0.0 |
0.2 |
0.2 |
0.7 |
- |
|
Land and Improvements |
264.0 |
251.8 |
273.6 |
255.3 |
249.1 |
|
Buildings and Structures |
472.7 |
456.8 |
425.3 |
378.8 |
233.4 |
|
Machinery and Equipment |
880.9 |
790.8 |
657.4 |
589.3 |
523.8 |
|
Other Equipment |
222.6 |
209.6 |
184.0 |
160.6 |
139.5 |
|
Assets Revaluation Increment |
23.4 |
22.4 |
23.2 |
21.2 |
20.7 |
|
Accumulated Depreciation |
-773.2 |
-674.9 |
-619.0 |
-523.7 |
-478.0 |
|
Provision for Impairment of Fixed Assets |
-66.0 |
-44.2 |
-34.4 |
-44.6 |
-45.1 |
|
Construction in Prog. & Prepay for Equip |
181.2 |
114.5 |
150.3 |
69.1 |
203.0 |
|
Land Use Right |
50.7 |
51.8 |
47.4 |
74.5 |
64.4 |
|
Other Intangible Assets |
6.6 |
6.2 |
6.7 |
6.1 |
- |
|
Security Deposits Paid |
14.4 |
16.9 |
7.7 |
9.1 |
4.8 |
|
Deferred Charges |
3.8 |
4.0 |
2.8 |
1.9 |
2.4 |
|
Deferred Income Tax Assets, Non Current |
34.6 |
32.4 |
30.6 |
25.2 |
19.9 |
|
Other Long Term Assets |
92.9 |
42.3 |
1.4 |
1.8 |
15.7 |
|
Total Assets |
3,750.3 |
4,165.0 |
4,355.5 |
3,337.4 |
2,969.2 |
|
|
|
|
|
|
|
|
ST Borrowings |
405.8 |
408.8 |
680.0 |
385.3 |
285.9 |
|
Financial Liability at Fair Value |
0.2 |
2.3 |
1.2 |
0.5 |
3.1 |
|
Derivative Liabilities for Hedging |
0.0 |
1.6 |
1.2 |
0.0 |
0.5 |
|
Short Term Notes & Bills Payable |
3.3 |
0.0 |
- |
- |
- |
|
Notes Payable |
31.3 |
30.1 |
37.4 |
38.7 |
27.9 |
|
Accounts Payable |
173.6 |
315.5 |
325.1 |
223.7 |
103.4 |
|
Income Taxes Payable |
31.8 |
14.2 |
26.6 |
7.1 |
0.8 |
|
Other Payables |
131.4 |
86.9 |
142.6 |
102.8 |
101.8 |
|
Customer Advance |
0.0 |
96.8 |
- |
- |
- |
|
Current Portion of Long Term Debt |
4.3 |
896.1 |
156.8 |
12.3 |
681.3 |
|
Liabilities Related to Assets for Sale |
- |
- |
0.5 |
- |
- |
|
Other Current Liabilities |
46.8 |
49.2 |
50.6 |
43.0 |
34.3 |
|
Total Current Liabilities |
828.5 |
1,901.6 |
1,422.0 |
813.4 |
1,239.1 |
|
|
|
|
|
|
|
|
LT Borrowings |
675.2 |
36.5 |
541.2 |
644.8 |
1.4 |
|
Corporate Bonds Payable |
- |
- |
0.0 |
18.4 |
17.2 |
|
Long Term Notes and Accounts Payable |
2.6 |
1.3 |
- |
- |
- |
|
Fin Liabilities-at Cost, Non-current |
- |
- |
0.9 |
0.9 |
- |
|
Total Long Term Debt |
677.8 |
37.8 |
542.1 |
664.1 |
18.6 |
|
|
|
|
|
|
|
|
Land Revaluation Increment Tax Reserve |
4.5 |
4.3 |
4.5 |
4.1 |
4.0 |
|
Derivative Financial Liability, Hedging |
- |
- |
3.6 |
6.3 |
8.5 |
|
Accrued Pension Liabilities |
45.8 |
44.1 |
43.3 |
37.3 |
34.6 |
|
Deferred Tax Liabilities |
2.3 |
2.6 |
0.0 |
2.5 |
2.4 |
|
Inter-Affiliates Unrealised Gain |
- |
1.9 |
2.0 |
1.8 |
1.8 |
|
Others |
51.2 |
46.5 |
39.8 |
18.9 |
26.9 |
|
Minority Interest |
146.7 |
61.8 |
57.0 |
50.5 |
35.3 |
|
Total Liabilities |
1,756.7 |
2,100.6 |
2,114.4 |
1,598.9 |
1,371.2 |
|
|
|
|
|
|
|
|
Common Stock |
1,246.4 |
1,194.2 |
1,239.8 |
959.6 |
977.0 |
|
Advance Receipt for Common Stock |
- |
- |
0.2 |
- |
- |
|
Paid-In Capital |
381.2 |
364.7 |
378.6 |
242.6 |
247.0 |
|
Capital Gain on Fixed Assets Disposal |
71.5 |
68.5 |
71.1 |
64.9 |
63.2 |
|
Capital Gain on LT Investments |
152.8 |
148.9 |
155.5 |
141.3 |
136.2 |
|
Treasury Stock Transactions |
54.5 |
52.2 |
49.0 |
44.6 |
33.3 |
|
Paid in Capital-Stock Options |
- |
- |
7.3 |
2.6 |
2.5 |
|
Capital Surplus, Other |
35.4 |
33.9 |
32.9 |
28.5 |
27.8 |
|
Legal Reserve |
187.0 |
179.2 |
169.7 |
150.9 |
147.0 |
|
Special Reserve |
39.2 |
127.5 |
49.5 |
45.1 |
44.0 |
|
Retained Earnings |
-114.7 |
-89.9 |
201.4 |
38.1 |
-6.6 |
|
Unrealized Fin. Assests G/L |
-77.3 |
-89.0 |
-85.1 |
-46.0 |
-150.7 |
|
Cumulative Translation Adjustment |
35.2 |
81.7 |
-10.3 |
67.3 |
85.2 |
|
Unrealized Revaluation Increment |
14.7 |
14.1 |
14.6 |
13.3 |
13.0 |
|
Treasury Stock |
-32.3 |
-21.5 |
-33.1 |
-14.2 |
-20.9 |
|
Total Equity |
1,993.6 |
2,064.4 |
2,241.1 |
1,738.4 |
1,598.0 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
3,750.3 |
4,165.0 |
4,355.5 |
3,337.4 |
2,969.2 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
3,473.8 |
3,557.0 |
3,531.5 |
3,025.8 |
3,135.8 |
|
Total Common Shares Outstanding |
3,473.8 |
3,557.0 |
3,531.5 |
3,025.8 |
3,135.8 |
|
T/S-Ordinary Shares |
142.2 |
59.0 |
83.4 |
43.4 |
70.5 |
|
Customer Advance |
0.0 |
96.8 |
- |
- |
- |
|
Full-Time Employees |
7,651 |
8,438 |
7,826 |
7,325 |
7,460 |
|
Number of Common Shareholders |
163,766 |
169,227 |
174,251 |
162,472 |
170,613 |
|
Current maturities |
- |
- |
156.8 |
12.3 |
681.3 |
|
Total Long Term Debt, Supplemental |
- |
- |
156.8 |
12.3 |
681.3 |
|
Benefit Obligation |
45.7 |
42.3 |
41.1 |
35.3 |
33.6 |
|
Fair Value of Plan Assets |
1.0 |
0.4 |
0.5 |
0.3 |
0.3 |
|
Funded Status |
-44.7 |
-41.9 |
-40.6 |
-35.1 |
-33.3 |
|
Accumulated Benefit Obligation |
36.6 |
33.1 |
32.4 |
27.5 |
24.4 |
|
Total Funded Status |
-44.7 |
-41.9 |
-40.6 |
-35.1 |
-33.3 |
|
Discount Rate |
1.75% |
2.00% |
2.25% |
2.25% |
2.50% |
|
Rate of Compensation Increase |
2.00% |
2.00% |
2.00% |
2.00% |
2.50% |
|
Expected Rate of Return on Plan Assets |
1.75% |
2.00% |
2.00% |
1.50% |
2.50% |
|
Accrued Pension Liabilities |
-45.8 |
-44.1 |
-43.3 |
-37.3 |
-34.6 |
|
Net Assets Recognized on Balance Sheet |
-45.8 |
-44.1 |
-43.3 |
-37.3 |
-34.6 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate
(Period Average) |
29.57962 |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income |
-110.4 |
-142.7 |
157.7 |
64.2 |
-172.7 |
|
Depreciation |
91.2 |
79.8 |
65.4 |
52.7 |
47.9 |
|
Amortization of Bond Discount |
0.0 |
0.9 |
1.2 |
1.1 |
11.1 |
|
Equity Investment Gain/Loss |
28.3 |
14.0 |
-46.6 |
58.4 |
66.3 |
|
Gain on Investee Co. Capital Return |
- |
3.5 |
-0.7 |
- |
- |
|
Cash Dividend from Equity Investment |
2.3 |
3.1 |
5.0 |
2.9 |
5.5 |
|
Liquidated Loss on Equity Investment |
1.3 |
- |
- |
- |
- |
|
Employee Stock Option Cost |
0.2 |
0.0 |
6.0 |
- |
- |
|
Gain on Redem. of Foreign Cor. Bond |
- |
- |
- |
0.0 |
-0.7 |
|
Impairment Loss |
90.2 |
136.0 |
-7.3 |
3.4 |
14.9 |
|
Net Gain/Loss on Disposal of Asset |
-0.4 |
-5.5 |
-6.2 |
0.1 |
-3.4 |
|
Gain/Loss on Sale of Investments |
28.3 |
-5.6 |
-12.1 |
-0.1 |
41.5 |
|
Revaluation of Fin. Assets & Liabilities |
-3.0 |
3.4 |
-0.1 |
-1.2 |
24.1 |
|
Foreign Exchange Adjustment of Bond |
0.0 |
0.6 |
-1.6 |
-0.5 |
3.6 |
|
Reval. G/L on Fin. Assets for Hedging |
0.6 |
- |
- |
- |
- |
|
Unrealized FX G/L on FIN. Assets HTM |
0.3 |
- |
- |
- |
- |
|
Deferred Tax Asset |
13.1 |
-1.9 |
-3.4 |
3.6 |
-21.8 |
|
Financial Assets at Fair Value, Current |
-10.4 |
13.6 |
9.8 |
-5.1 |
-27.4 |
|
Notes/Account Receivable |
12.9 |
-84.6 |
-135.2 |
-63.3 |
204.9 |
|
Other Financial Assets, Current |
-10.1 |
-6.8 |
2.5 |
20.5 |
28.6 |
|
Inventories |
260.6 |
183.5 |
-218.6 |
-424.8 |
211.7 |
|
Other Current Assets |
17.3 |
-3.7 |
-6.3 |
-40.0 |
2.2 |
|
Other Assets |
-2.1 |
-22.6 |
1.9 |
5.2 |
1.3 |
|
Notes&Account Payable |
-152.8 |
-2.6 |
69.1 |
123.6 |
-116.4 |
|
Other Payable |
39.9 |
-22.4 |
20.8 |
-8.5 |
2.9 |
|
Income Tax Payable |
16.7 |
-11.7 |
17.4 |
6.1 |
-2.6 |
|
Other Current Liabilities |
-4.5 |
-6.0 |
2.8 |
10.2 |
1.0 |
|
Accrued Pension Liability |
-0.2 |
2.4 |
2.2 |
1.7 |
3.4 |
|
Other Liabilities |
5.7 |
-2.4 |
12.2 |
-8.5 |
2.1 |
|
Advance Receipts-Real Estate |
-99.1 |
99.8 |
- |
- |
- |
|
Cash from Operating Activities |
216.0 |
222.0 |
-64.1 |
-198.4 |
328.0 |
|
|
|
|
|
|
|
|
Capital Expenditure |
-212.9 |
-209.4 |
-180.2 |
-106.8 |
-133.7 |
|
Disposal of Fixed Assets |
9.7 |
28.9 |
13.1 |
2.5 |
6.2 |
|
Disposal of LT Equity Investment |
27.4 |
9.7 |
0.0 |
8.2 |
17.6 |
|
Cap. Reduction on LT Equity Invest. |
2.0 |
3.0 |
4.9 |
8.5 |
5.8 |
|
Purchase of LT Equity Investment |
-18.1 |
-27.8 |
-20.3 |
-3.8 |
-8.0 |
|
Prepayment for LT Investment |
- |
- |
- |
-0.7 |
0.0 |
|
Cash from Subsidiaries |
17.5 |
0.0 |
0.1 |
-0.2 |
-5.0 |
|
Purchase of Financial Assets-Cost Method |
-9.5 |
-21.6 |
-34.5 |
-15.0 |
-2.0 |
|
Disposal of Financial Assets-Cost Method |
5.7 |
4.8 |
0.1 |
31.0 |
0.1 |
|
Cap. Reduction on Fin. Assets at Cost |
0.0 |
1.9 |
0.8 |
2.7 |
4.2 |
|
Sale of Fin. Libilities-at Cost |
- |
- |
- |
0.9 |
0.0 |
|
Purchase of Financial Assets for Sale |
0.0 |
-44.7 |
- |
- |
- |
|
Purchase of Fin. Assets-Held to Maturity |
0.0 |
-8.0 |
- |
- |
- |
|
Disposal of Financial Assets for Sale |
0.0 |
2.3 |
- |
0.5 |
0.0 |
|
Sale of Subsidiaries |
-0.5 |
33.0 |
0.1 |
3.6 |
0.0 |
|
Other Financial Assets |
37.5 |
-38.4 |
- |
- |
- |
|
Deferred Charges |
-1.3 |
-2.9 |
-1.5 |
0.0 |
-0.2 |
|
Land Use Right Increase |
0.0 |
-3.7 |
0.3 |
-9.9 |
-20.1 |
|
Land Use Right Decrease |
0.2 |
0.6 |
0.0 |
1.1 |
0.0 |
|
Transferred to Disposal Group for Sale |
0.0 |
0.0 |
-17.4 |
- |
- |
|
Cash from Investing Activities |
-142.3 |
-272.4 |
-234.3 |
-77.4 |
-135.1 |
|
|
|
|
|
|
|
|
ST Borrowing |
-15.6 |
-266.2 |
271.7 |
97.2 |
-373.8 |
|
Short Term Notes, Net |
3.2 |
- |
- |
- |
- |
|
Pledged Time Deposit |
1.3 |
106.4 |
-109.8 |
2.8 |
9.6 |
|
Repayment of LT Borrowings |
-267.1 |
- |
-15.5 |
-36.1 |
- |
|
LT Borrowing Expenses |
- |
- |
- |
0.0 |
-0.6 |
|
LT Borrowing |
- |
264.5 |
- |
- |
383.0 |
|
LT Borrowing Expense |
-0.7 |
- |
- |
- |
- |
|
Redemption of Bonds Payable |
0.0 |
-17.4 |
- |
0.0 |
-295.8 |
|
Minority Interest |
-0.3 |
22.3 |
0.3 |
0.3 |
2.8 |
|
Redeemed Treasury Stock |
0.0 |
0.0 |
-16.2 |
-34.9 |
-33.2 |
|
Directors Remuneration&Employees Bonus |
- |
- |
- |
0.0 |
-1.5 |
|
Bonuses to Director/Employee, Subsidiary |
- |
- |
- |
0.0 |
-0.4 |
|
Cash Dividends to Minority Stockholders |
-1.9 |
-9.7 |
-0.3 |
0.0 |
-0.4 |
|
Cash Dividend |
0.0 |
-48.4 |
- |
0.0 |
-30.4 |
|
Distribution of Prior Year's Dividends |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Capital Refund to Minority Interest, Sub |
- |
- |
- |
-7.6 |
0.0 |
|
Cash Capital |
0.0 |
0.0 |
272.3 |
- |
- |
|
Depositary Receipts Return |
0.6 |
1.9 |
- |
- |
- |
|
Disposal of Treasury Stock |
0.0 |
10.8 |
- |
- |
- |
|
Cash from Financing Activities |
-280.4 |
64.2 |
402.6 |
21.7 |
-340.8 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-26.0 |
78.8 |
-57.7 |
-2.5 |
11.8 |
|
Net Change in Cash |
-232.6 |
92.6 |
46.5 |
-256.6 |
-136.2 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
437.5 |
347.7 |
277.9 |
521.6 |
682.3 |
|
Net Cash - Ending Balance |
204.9 |
440.3 |
324.4 |
265.1 |
546.1 |
|
Cash Interest Paid |
20.2 |
45.6 |
42.7 |
27.3 |
56.7 |
|
Cash Taxes Paid |
18.4 |
26.6 |
16.0 |
8.9 |
10.5 |
Financial
Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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Annual
Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.30 |
|
|
1 |
Rs.97.99 |
|
Euro |
1 |
Rs.83.15 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to
overcome financial difficulties seems comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.