MIRA
INFORM REPORT
|
Report Date : |
11.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
TSRC CORPORATION |
|
|
|
|
Registered Office : |
18F, 95 Dun Hua South Rd.,
Section 2 Taipei, 106 |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
22.11.1973 |
|
|
|
|
Legal Form : |
Public Parent |
|
|
|
|
Line of Business : |
Subject engaged in the manufacture and sale of synthetic rubber |
|
|
|
|
No. of Employees |
1,466 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
Slow but correct |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Taiwan |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
TAIWAN ECONOMIC OVERVIEW
Taiwan has a dynamic capitalist economy with gradually decreasing government guidance of investment and foreign trade. Exports, led by electronics, machinery, and petrochemicals have provided the primary impetus for economic development. This heavy dependence on exports exposes the economy to fluctuations in world demand. Taiwan's diplomatic isolation, low birth rate, and rapidly aging population are other major long-term challenges. Free trade agreements have proliferated in East Asia over the past several years, and following the landmark Economic Cooperation Framework Agreement (ECFA) signed with China in June 2010, Taiwan in July 2013 signed a free trade deal with New Zealand—Taipei’s first-ever with a country with which it does not maintain diplomatic relations—and in November inked a trade pact with Singapore. Negotiations continue on follow-on components of ECFA regarding trade in goods and a dispute resolution mechanism; a trade in services agreement is under review in the legislature. 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 overall trade surplus largely because of its surplus with China, and its foreign reserves are the world's sixth largest, behind China, Japan, Saudi Arabia, Russia, and Switzerland. 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. Taiwan since 2009 has gradually loosened rules governing Chinese investment on the island, and has also secured greater market access for its investors in the mainland. 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
|
TSRC CORPORATION |
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Description
|
TSRC Corporation is principally engaged in the manufacture and sale of synthetic rubber. The Company's major products include styrene-butadiene rubber (SBR) and butadiene rubber (BR), which are used in the production of daily commodities, such as car tires, shoes soles, conveyor belts, rubber belts, sports equipment, toys and others; nitrile-butadiene rubber (NBR), which is usedin the daily commodities and industrial products, such as oil hoses, oil seals, rollers, rubber plastic foam sheets and others; thermoplastic elastomer (TPE), which is used in plastic modification, adhesive, asphalt modification and TPE compounds, as well automobile parts, wires, shoes, seals and others. The Company is also engaged in the production of thermo plastic rubber (TPR). For the fiscal year ended 31 December 2013, TSRC Corporation revenues decreased 24% to NT$34.42B. Net income decreased 41% to NT$1.5B. Revenues reflect Synthetic Rubber segment decrease of 24% to NT$33.65B, Rubber segment decrease of 10% to NT$737.6M, China segment decrease of 28% to NT$15.43B, Other Foreign segment decrease of 22% to NT$7.89B. |
Industry
|
Industry |
|
|
ANZSIC 2006: |
|
|
ISIC Rev 4: |
2013 - Manufacture of plastics and synthetic rubber in primary forms |
|
NACE Rev 2: |
|
|
NAICS 2012: |
|
|
UK SIC 2007: |
|
|
US SIC 1987: |
|
|
|
|
Key Executives
|
Significant Developments
|
News
|
Financial Summary
As of 31-Dec-2013
Key Ratios Company Industry
Current Ratio (MRQ) 1.43 1.77
Quick Ratio (MRQ) 0.90 0.95
Debt to Equity (MRQ) 0.74 4.23
Sales 5 Year Growth 2.12 0.39
Net Profit Margin (TTM) % 4.98 1.86
Return on Assets (TTM) % 4.98 2.64
Return on Equity (TTM) % 9.58 15.35
Stock Snapshot
|
|
1 - Profit & Loss Item Exchange Rate: USD 1 = TWD 29.69584
2 - Balance Sheet Item Exchange Rate: USD 1 = TWD 29.84805
Corporate Overview
|
|
|
|
|
|||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
|
|
Key Organizational Changes |
|
TSRC's future competitive
advantage comes from three aspects: the first is to improve its technical
innovation capability in manufacturing process to meet the high-end
customers' requirement; the second is to apply project management methodology
into greater team performance and higher efficiency of each job; the third is
to expand its business territory overseas and enable us to connect with
international market. TSRC understands the importance of innovation and
continuously recruits competent technical staff to form the professional
R&D team. The acquisition of Dexco Polymers
enables TSRC to become a fully integrated global supplier of SBC products and
obtains advanced manufacturing technology to focus on specialty and high
value products. TSRC has extended its product portfolio into people's daily
lives, such as personal care products and medical applications, etc. In order
to achieve management efficiency, TSRC applies project management methodology
instead of totalitarian thinking. The company recruits talents from different
disciplines to contribute their expertise for greater connection throughout
R&D, sales, marketing, and supporting departments. |
Corporate Structure News
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Taipei |
Taiwan |
Synthetic Chemical Manufacturing |
1,159.2 |
1,466 |
|
|
Subsidiary |
Houston, TX |
United States |
Synthetic Chemical Manufacturing |
18.8 |
15 |
Executives Report
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Developments
|
News
Annual Income Statement
|
|
31-Dec-2013 |
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Reclassified Normal |
Reclassified Normal |
Updated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate (Period Average) |
29.695843 |
29.57962 |
29.39004 |
31.497037 |
33.023867 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
1,159.2 |
1,533.6 |
- |
- |
- |
|
Gross Revenue |
- |
- |
1,872.8 |
1,162.8 |
668.5 |
|
Sales Returns and Allowances |
- |
- |
-0.6 |
-0.2 |
-0.7 |
|
Revenue |
1,159.2 |
1,533.6 |
1,872.2 |
1,162.7 |
667.7 |
|
Other Revenue |
- |
- |
1.8 |
2.1 |
1.9 |
|
Other Revenue, Total |
- |
- |
1.8 |
2.1 |
1.9 |
|
Total Revenue |
1,159.2 |
1,533.6 |
1,873.9 |
1,164.7 |
669.6 |
|
|
|
|
|
|
|
|
Cost of Revenue |
1,015.5 |
1,329.6 |
1,454.4 |
955.7 |
523.4 |
|
Cost of Revenue, Total |
1,015.5 |
1,329.6 |
1,454.4 |
955.7 |
523.4 |
|
Gross Profit |
143.7 |
204.1 |
417.7 |
207.0 |
144.3 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
65.3 |
64.7 |
62.4 |
44.0 |
30.1 |
|
Total Selling/General/Administrative Expenses |
65.3 |
64.7 |
62.4 |
44.0 |
30.1 |
|
Research & Development |
13.1 |
11.9 |
10.9 |
5.4 |
3.8 |
|
Investment Income - Operating |
0.5 |
0.5 |
- |
- |
- |
|
Interest/Investment Income - Operating |
0.5 |
0.5 |
- |
- |
- |
|
Interest Expense (Income) - Net Operating Total |
0.5 |
0.5 |
- |
- |
- |
|
Impairment-Assets Held for Use |
- |
- |
- |
- |
0.0 |
|
Unusual Expense (Income) |
- |
- |
- |
- |
0.0 |
|
Other, Net |
-4.7 |
-7.2 |
- |
- |
- |
|
Other Operating Expenses, Total |
-4.7 |
-7.2 |
- |
- |
- |
|
Total Operating Expense |
1,089.6 |
1,399.5 |
1,527.7 |
1,005.0 |
557.3 |
|
|
|
|
|
|
|
|
Operating Income |
69.5 |
134.1 |
346.2 |
159.7 |
112.3 |
|
|
|
|
|
|
|
|
Interest Expense - Non-Operating |
-6.2 |
-7.7 |
-7.0 |
-5.2 |
-5.0 |
|
Interest Expense, Net Non-Operating |
-6.2 |
-7.7 |
-7.0 |
-5.2 |
-5.0 |
|
Interest Income - Non-Operating |
3.3 |
3.1 |
2.3 |
0.6 |
0.8 |
|
Investment Income - Non-Operating |
4.0 |
0.9 |
10.8 |
6.9 |
3.9 |
|
Interest/Investment Income - Non-Operating |
7.3 |
4.0 |
13.1 |
7.5 |
4.7 |
|
Interest Income (Expense) - Net Non-Operating Total |
1.0 |
-3.7 |
6.1 |
2.3 |
-0.3 |
|
Gain (Loss) on Sale of Assets |
0.0 |
-0.2 |
-0.3 |
0.6 |
- |
|
Other Non-Operating Income (Expense) |
0.2 |
0.9 |
3.1 |
4.2 |
2.6 |
|
Other, Net |
0.2 |
0.9 |
3.1 |
4.2 |
2.6 |
|
Income Before Tax |
70.8 |
131.2 |
355.2 |
166.8 |
114.7 |
|
|
|
|
|
|
|
|
Total Income Tax |
13.0 |
25.0 |
100.7 |
37.0 |
28.4 |
|
Income After Tax |
57.8 |
106.2 |
254.5 |
129.8 |
86.2 |
|
|
|
|
|
|
|
|
Minority Interest |
-7.4 |
-20.5 |
-59.2 |
-25.7 |
-15.6 |
|
Net Income Before Extraord Items |
50.3 |
85.7 |
195.3 |
104.1 |
70.6 |
|
Accounting Change |
- |
- |
0.1 |
- |
- |
|
Total Extraord Items |
- |
- |
0.1 |
- |
- |
|
Net Income |
50.3 |
85.7 |
195.4 |
104.1 |
70.6 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
50.3 |
85.7 |
195.3 |
104.1 |
70.6 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
50.3 |
85.7 |
195.4 |
104.1 |
70.6 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
786.4 |
786.4 |
786.4 |
786.4 |
786.4 |
|
Basic EPS Excl Extraord Items |
0.06 |
0.11 |
0.25 |
0.13 |
0.09 |
|
Basic/Primary EPS Incl Extraord Items |
0.06 |
0.11 |
0.25 |
0.13 |
0.09 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
50.3 |
85.7 |
195.4 |
104.1 |
70.6 |
|
Diluted Weighted Average Shares |
787.4 |
787.6 |
787.4 |
788.4 |
788.3 |
|
Diluted EPS Excl Extraord Items |
0.06 |
0.11 |
0.25 |
0.13 |
0.09 |
|
Diluted EPS Incl Extraord Items |
0.06 |
0.11 |
0.25 |
0.13 |
0.09 |
|
Dividends per Share - Common Stock Primary Issue |
- |
0.09 |
0.15 |
0.09 |
0.08 |
|
Gross Dividends - Common Stock |
36.3 |
69.1 |
121.6 |
72.2 |
63.0 |
|
Interest Expense, Supplemental |
6.2 |
7.7 |
7.0 |
5.2 |
5.0 |
|
Interest Capitalized, Supplemental |
- |
- |
- |
- |
-0.6 |
|
Depreciation, Supplemental |
30.2 |
26.1 |
23.0 |
21.5 |
19.6 |
|
Total Special Items |
0.0 |
0.2 |
0.3 |
-0.6 |
0.0 |
|
Normalized Income Before Tax |
70.8 |
131.3 |
355.5 |
166.2 |
114.7 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.0 |
0.0 |
0.1 |
-0.1 |
0.0 |
|
Inc Tax Ex Impact of Sp Items |
13.0 |
25.0 |
100.8 |
36.9 |
28.4 |
|
Normalized Income After Tax |
57.8 |
106.3 |
254.7 |
129.3 |
86.2 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
50.3 |
85.8 |
195.5 |
103.6 |
70.6 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.06 |
0.11 |
0.25 |
0.13 |
0.09 |
|
Diluted Normalized EPS |
0.06 |
0.11 |
0.25 |
0.13 |
0.09 |
|
Amort of Intangibles, Supplemental |
6.4 |
5.9 |
3.2 |
0.6 |
0.7 |
|
Rental Expenses |
4.6 |
4.7 |
- |
- |
- |
|
Research & Development Exp, Supplemental |
13.1 |
11.9 |
10.9 |
5.4 |
3.8 |
|
Normalized EBIT |
70.0 |
134.6 |
346.2 |
159.7 |
112.3 |
|
Normalized EBITDA |
106.6 |
166.7 |
372.4 |
181.8 |
132.6 |
|
Current Tax - Total |
18.5 |
34.8 |
75.8 |
31.2 |
20.0 |
|
Current Tax - Total |
18.5 |
34.8 |
75.8 |
31.2 |
20.0 |
|
Deferred Tax - Total |
-5.5 |
-9.8 |
24.8 |
5.7 |
6.4 |
|
Deferred Tax - Total |
-5.5 |
-9.8 |
24.8 |
5.7 |
6.4 |
|
Domestic Tax - Other |
- |
- |
0.1 |
0.1 |
2.0 |
|
Income Tax - Total |
13.0 |
25.0 |
100.7 |
37.0 |
28.4 |
|
Interest Cost - Domestic |
0.4 |
0.4 |
0.4 |
0.4 |
0.5 |
|
Service Cost - Domestic |
0.3 |
0.3 |
0.3 |
0.4 |
0.4 |
|
Expected Return on Assets - Domestic |
-0.3 |
-0.3 |
-0.2 |
-0.2 |
-0.1 |
|
Other Pension, Net - Domestic |
- |
- |
0.3 |
0.1 |
-0.1 |
|
Domestic Pension Plan Expense |
0.5 |
0.5 |
0.9 |
0.7 |
0.7 |
|
Defined Contribution Expense - Domestic |
2.9 |
2.3 |
0.5 |
0.4 |
0.3 |
|
Defined Contribution Expense - Foreign |
- |
- |
1.0 |
0.9 |
0.8 |
|
Total Pension Expense |
3.4 |
2.7 |
2.4 |
2.0 |
1.8 |
|
Discount Rate - Domestic |
2.00% |
1.75% |
2.00% |
1.75% |
2.25% |
|
Expected Rate of Return - Domestic |
2.00% |
1.75% |
2.00% |
1.75% |
2.25% |
|
Compensation Rate - Domestic |
1.50% |
1.50% |
1.50% |
1.50% |
1.00% |
|
Total Plan Interest Cost |
0.4 |
0.4 |
0.4 |
0.4 |
0.5 |
|
Total Plan Service Cost |
0.3 |
0.3 |
0.3 |
0.4 |
0.4 |
|
Total Plan Expected Return |
-0.3 |
-0.3 |
-0.2 |
-0.2 |
-0.1 |
|
Total Plan Other Expense |
- |
- |
0.3 |
0.1 |
-0.1 |
|
|
|
Annual Balance Sheet |
|
Financials in: USD (mil) |
|
|
31-Dec-2013 |
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
UpdateType/Date |
Updated Normal |
Reclassified Normal |
Reclassified Normal |
Reclassified Normal |
Updated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate |
29.848045 |
29.011999 |
30.279 |
29.1565 |
31.985 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Cash |
38.4 |
89.1 |
48.4 |
- |
- |
|
Cash & Equivalents |
129.0 |
88.3 |
151.6 |
140.5 |
63.5 |
|
Short Term Investments |
- |
- |
- |
6.8 |
47.8 |
|
Cash and Short Term Investments |
167.3 |
177.4 |
200.0 |
147.3 |
111.3 |
|
Accounts Receivable - Trade, Gross |
103.5 |
148.0 |
196.1 |
141.5 |
86.2 |
|
Provision for Doubtful Accounts |
0.0 |
0.0 |
0.0 |
-1.4 |
-3.0 |
|
Trade Accounts Receivable - Net |
103.5 |
148.0 |
196.1 |
140.1 |
83.2 |
|
Notes Receivable - Short Term |
27.1 |
48.5 |
82.4 |
37.8 |
27.3 |
|
Other Receivables |
8.3 |
9.7 |
10.1 |
- |
- |
|
Total Receivables, Net |
138.8 |
206.2 |
288.5 |
177.9 |
110.5 |
|
Inventories - Finished Goods |
106.4 |
121.5 |
141.9 |
55.9 |
47.4 |
|
Inventories - Work In Progress |
17.2 |
15.4 |
12.9 |
11.9 |
8.8 |
|
Inventories - Raw Materials |
65.1 |
73.5 |
77.8 |
55.5 |
47.4 |
|
Total Inventory |
188.7 |
210.4 |
232.5 |
123.3 |
103.6 |
|
Prepaid Expenses |
- |
- |
- |
22.7 |
10.6 |
|
Other Current Assets |
17.6 |
16.0 |
11.4 |
- |
- |
|
Other Current Assets, Total |
17.6 |
16.0 |
11.4 |
- |
- |
|
Total Current Assets |
512.5 |
610.0 |
732.4 |
471.2 |
335.9 |
|
|
|
|
|
|
|
|
Buildings |
143.4 |
124.9 |
119.1 |
116.1 |
110.2 |
|
Land/Improvements |
23.3 |
23.9 |
22.9 |
1.9 |
1.7 |
|
Machinery/Equipment |
637.2 |
588.0 |
537.5 |
393.1 |
368.4 |
|
Construction in Progress |
14.3 |
59.4 |
34.7 |
- |
- |
|
Leases |
3.2 |
3.3 |
3.1 |
65.1 |
56.4 |
|
Other Property/Plant/Equipment |
6.5 |
7.5 |
7.6 |
33.8 |
35.2 |
|
Property/Plant/Equipment - Gross |
827.8 |
806.9 |
725.1 |
609.9 |
571.9 |
|
Accumulated Depreciation |
-484.3 |
-464.9 |
-430.3 |
-328.8 |
-291.5 |
|
Property/Plant/Equipment - Net |
343.6 |
342.0 |
294.8 |
301.2 |
292.4 |
|
Goodwill - Gross |
6.9 |
6.9 |
6.9 |
- |
- |
|
Accumulated Goodwill Amortization |
0.0 |
0.0 |
0.0 |
- |
- |
|
Goodwill, Net |
6.9 |
6.9 |
6.9 |
- |
- |
|
Intangibles - Gross |
95.5 |
94.2 |
90.1 |
- |
- |
|
Accumulated Intangible Amortization |
-18.4 |
-11.8 |
-5.8 |
- |
- |
|
Intangibles, Net |
77.1 |
82.4 |
84.3 |
13.1 |
13.6 |
|
LT Investment - Affiliate Companies |
59.6 |
68.4 |
35.0 |
19.6 |
20.9 |
|
LT Investments - Other |
89.6 |
88.9 |
101.2 |
45.9 |
31.8 |
|
Long Term Investments |
149.3 |
157.3 |
136.1 |
65.5 |
52.6 |
|
Pension Benefits - Overfunded |
- |
- |
- |
1.1 |
1.1 |
|
Deferred Income Tax - Long Term Asset |
9.0 |
7.4 |
3.3 |
- |
- |
|
Other Long Term Assets |
19.8 |
20.3 |
23.6 |
8.1 |
7.2 |
|
Other Long Term Assets, Total |
28.8 |
27.7 |
26.9 |
9.2 |
8.3 |
|
Total Assets |
1,118.1 |
1,226.2 |
1,281.4 |
860.3 |
702.8 |
|
|
|
|
|
|
|
|
Accounts Payable |
51.2 |
60.0 |
86.2 |
64.4 |
51.0 |
|
Accrued Expenses |
- |
- |
- |
36.4 |
24.1 |
|
Notes Payable/Short Term Debt |
221.3 |
225.5 |
176.7 |
122.1 |
62.0 |
|
Current Portion - Long Term Debt/Capital Leases |
40.2 |
38.2 |
35.2 |
30.0 |
35.3 |
|
Income Taxes Payable |
4.3 |
19.9 |
27.6 |
17.6 |
1.3 |
|
Other Payables |
36.0 |
42.2 |
38.7 |
- |
- |
|
Other Current Liabilities |
6.1 |
2.3 |
5.5 |
- |
- |
|
Other Current liabilities, Total |
46.5 |
64.4 |
71.8 |
17.6 |
1.3 |
|
Total Current Liabilities |
359.1 |
388.2 |
370.0 |
270.5 |
173.7 |
|
|
|
|
|
|
|
|
Long Term Debt |
122.4 |
160.4 |
168.1 |
35.6 |
63.0 |
|
Total Long Term Debt |
122.4 |
160.4 |
168.1 |
35.6 |
63.0 |
|
Total Debt |
383.9 |
424.1 |
380.0 |
187.7 |
160.3 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
30.3 |
34.9 |
39.5 |
19.1 |
13.8 |
|
Deferred Income Tax |
30.3 |
34.9 |
39.5 |
19.1 |
13.8 |
|
Minority Interest |
66.3 |
79.6 |
116.4 |
75.8 |
63.1 |
|
Reserves |
- |
- |
- |
1.9 |
1.8 |
|
Pension Benefits - Underfunded |
- |
- |
- |
5.1 |
3.3 |
|
Other Long Term Liabilities |
18.1 |
24.2 |
17.5 |
7.8 |
5.0 |
|
Other Liabilities, Total |
18.1 |
24.2 |
17.5 |
14.9 |
10.1 |
|
Total Liabilities |
596.3 |
687.3 |
711.5 |
415.8 |
323.6 |
|
|
|
|
|
|
|
|
Common Stock |
263.5 |
271.1 |
236.1 |
222.9 |
203.2 |
|
Common Stock |
263.5 |
271.1 |
236.1 |
222.9 |
203.2 |
|
Additional Paid-In Capital |
0.0 |
0.0 |
0.0 |
2.4 |
2.2 |
|
Retained Earnings (Accumulated Deficit) |
219.0 |
244.2 |
293.3 |
211.5 |
155.3 |
|
Unrealized Gain (Loss) |
3.7 |
-0.1 |
7.4 |
0.5 |
0.4 |
|
Translation Adjustment |
35.7 |
23.7 |
33.1 |
8.8 |
18.1 |
|
Minimum Pension Liability Adjustment |
- |
- |
- |
-1.7 |
0.0 |
|
Other Equity, Total |
35.7 |
23.7 |
33.1 |
7.2 |
18.1 |
|
Total Equity |
521.8 |
538.9 |
569.9 |
444.5 |
379.2 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
1,118.1 |
1,226.2 |
1,281.4 |
860.3 |
702.8 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary Issue |
786.4 |
786.4 |
786.4 |
786.4 |
786.4 |
|
Total Common Shares Outstanding |
786.4 |
786.4 |
786.4 |
786.4 |
786.4 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Employees |
- |
1,466 |
1,366 |
1,296 |
1,134 |
|
Number of Common Shareholders |
- |
61,097 |
49,740 |
57,935 |
60,487 |
|
Accumulated Goodwill Amortization Suppl. |
0.0 |
0.0 |
0.0 |
- |
- |
|
Accumulated Intangible Amort, Suppl. |
18.4 |
11.8 |
5.8 |
3.5 |
3.1 |
|
Total Long Term Debt, Supplemental |
1.1 |
1.4 |
1.6 |
- |
98.3 |
|
Long Term Debt Maturing within 1 Year |
- |
- |
- |
- |
35.3 |
|
Long Term Debt Maturing in Year 2 |
- |
- |
- |
- |
28.6 |
|
Long Term Debt Maturing in Year 3 |
- |
- |
- |
- |
34.3 |
|
Long Term Debt Maturing in 2-3 Years |
- |
- |
- |
- |
63.0 |
|
Long Term Debt Matur. in Year 6 & Beyond |
1.1 |
1.4 |
1.6 |
- |
0.0 |
|
Interest Costs |
- |
- |
- |
-0.2 |
- |
|
Total Capital Leases, Supplemental |
2.3 |
2.6 |
2.7 |
3.0 |
- |
|
Capital Lease Payments Due in Year 1 |
0.2 |
0.2 |
0.2 |
0.2 |
- |
|
Capital Lease Payments Due in Year 2 |
0.2 |
0.2 |
0.2 |
0.2 |
- |
|
Capital Lease Payments Due in Year 3 |
0.2 |
0.2 |
0.2 |
0.2 |
- |
|
Capital Lease Payments Due in Year 4 |
0.2 |
0.2 |
0.2 |
0.2 |
- |
|
Capital Lease Payments Due in Year 5 |
0.2 |
0.2 |
0.2 |
- |
- |
|
Capital Lease Payments Due in 2-3 Years |
0.5 |
0.5 |
0.4 |
0.5 |
- |
|
Capital Lease Payments Due in 4-5 Years |
0.5 |
0.5 |
0.4 |
0.2 |
- |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
1.1 |
1.4 |
1.6 |
2.2 |
- |
|
Total Operating Leases, Supplemental |
14.8 |
17.3 |
16.9 |
- |
4.6 |
|
Operating Lease Payments Due in Year 1 |
1.7 |
2.0 |
1.7 |
- |
0.3 |
|
Operating Lease Payments Due in Year 2 |
1.7 |
2.0 |
1.7 |
- |
0.3 |
|
Operating Lease Payments Due in Year 3 |
1.7 |
2.0 |
1.7 |
- |
0.3 |
|
Operating Lease Payments Due in Year 4 |
1.7 |
2.0 |
1.7 |
- |
0.3 |
|
Operating Lease Payments Due in Year 5 |
1.7 |
2.0 |
1.7 |
- |
- |
|
Operating Lease Pymts. Due in 2-3 Years |
3.4 |
3.9 |
3.3 |
- |
0.6 |
|
Operating Lease Pymts. Due in 4-5 Years |
3.4 |
3.9 |
3.3 |
- |
0.3 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
6.3 |
7.6 |
8.6 |
- |
3.4 |
|
Pension Obligation - Domestic |
22.0 |
24.5 |
21.6 |
23.1 |
18.7 |
|
Plan Assets - Domestic |
13.0 |
14.7 |
13.6 |
14.2 |
13.3 |
|
Funded Status - Domestic |
-9.1 |
-9.8 |
-8.0 |
-8.9 |
-5.4 |
|
Accumulated Obligation - Domestic |
- |
- |
- |
19.3 |
16.5 |
|
Total Funded Status |
-9.1 |
-9.8 |
-8.0 |
-8.9 |
-5.4 |
|
Discount Rate - Domestic |
- |
1.75% |
2.00% |
1.75% |
2.25% |
|
Expected Rate of Return - Domestic |
- |
1.75% |
2.00% |
1.75% |
2.25% |
|
Compensation Rate - Domestic |
- |
1.50% |
1.50% |
1.50% |
1.00% |
|
Prepaid Benefits - Domestic |
- |
- |
- |
1.1 |
1.1 |
|
Accrued Liabilities - Domestic |
-9.1 |
-9.8 |
-8.0 |
-5.1 |
-3.3 |
|
Net Assets Recognized on Balance Sheet |
-9.1 |
-9.8 |
-8.0 |
-4.0 |
-2.2 |
|
Total Plan Obligations |
22.0 |
24.5 |
21.6 |
23.1 |
18.7 |
|
Total Plan Assets |
13.0 |
14.7 |
13.6 |
14.2 |
13.3 |
|
|
|
Annual Cash Flows |
|
Financials in: USD (mil) |
|
|
31-Dec-2013 |
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified Normal |
Updated Normal |
Reclassified Normal |
Reclassified Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate (Period Average) |
29.695843 |
29.57962 |
29.39004 |
31.497037 |
33.023867 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
70.8 |
131.2 |
254.5 |
129.8 |
86.2 |
|
Depreciation |
30.7 |
26.6 |
24.8 |
23.9 |
19.7 |
|
Depreciation/Depletion |
30.7 |
26.6 |
24.8 |
23.9 |
19.7 |
|
Amortization of Intangibles |
6.4 |
5.9 |
3.2 |
0.6 |
0.7 |
|
Amortization |
6.4 |
5.9 |
3.2 |
0.6 |
0.7 |
|
Deferred Taxes |
- |
- |
24.8 |
5.7 |
3.3 |
|
Unusual Items |
0.0 |
0.5 |
0.0 |
-2.1 |
0.1 |
|
Equity in Net Earnings (Loss) |
5.2 |
-0.1 |
-0.9 |
-1.6 |
-3.6 |
|
Other Non-Cash Items |
2.0 |
3.6 |
23.8 |
-0.8 |
-18.6 |
|
Non-Cash Items |
7.1 |
4.0 |
23.0 |
-4.5 |
-22.1 |
|
Accounts Receivable |
66.1 |
93.1 |
-83.3 |
-52.4 |
7.8 |
|
Inventories |
15.9 |
26.5 |
-78.6 |
-12.1 |
-25.8 |
|
Prepaid Expenses |
- |
- |
9.6 |
-10.3 |
2.3 |
|
Other Assets |
-2.1 |
-4.0 |
-6.4 |
-0.9 |
0.0 |
|
Accounts Payable |
-7.2 |
-29.4 |
12.4 |
6.4 |
36.0 |
|
Accrued Expenses |
-0.4 |
-0.1 |
10.4 |
8.6 |
-9.3 |
|
Taxes Payable |
- |
- |
10.9 |
15.0 |
-8.0 |
|
Other Liabilities |
-4.9 |
-8.3 |
8.1 |
0.4 |
-1.1 |
|
Other Operating Cash Flow |
-40.9 |
-44.1 |
- |
- |
- |
|
Changes in Working Capital |
26.5 |
33.7 |
-116.9 |
-45.3 |
2.0 |
|
Cash from Operating Activities |
141.5 |
201.4 |
213.4 |
110.3 |
89.7 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-31.1 |
-62.0 |
-39.8 |
-10.6 |
-4.0 |
|
Purchase/Acquisition of Intangibles |
0.0 |
0.0 |
-7.2 |
-0.1 |
0.0 |
|
Capital Expenditures |
-31.1 |
-62.0 |
-46.9 |
-10.7 |
-4.0 |
|
Sale of Fixed Assets |
0.1 |
5.1 |
0.5 |
1.6 |
4.2 |
|
Sale/Maturity of Investment |
- |
16.8 |
33.1 |
62.4 |
25.9 |
|
Investment, Net |
- |
- |
-0.8 |
-1.7 |
0.0 |
|
Purchase of Investments |
0.0 |
-50.3 |
-44.1 |
-26.0 |
-66.2 |
|
Sale of Intangible Assets |
- |
- |
- |
0.6 |
0.0 |
|
Other Investing Cash Flow |
2.2 |
13.0 |
-188.7 |
0.8 |
2.6 |
|
Other Investing Cash Flow Items, Total |
2.2 |
-15.3 |
-200.0 |
37.8 |
-33.5 |
|
Cash from Investing Activities |
-28.8 |
-77.3 |
-246.9 |
27.2 |
-37.5 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-0.2 |
-0.2 |
0.6 |
0.4 |
0.0 |
|
Financing Cash Flow Items |
-0.2 |
-0.2 |
0.6 |
0.4 |
0.0 |
|
Cash Dividends Paid - Common |
-88.3 |
-177.0 |
-99.9 |
-80.3 |
-65.4 |
|
Total Cash Dividends Paid |
-88.3 |
-177.0 |
-99.9 |
-80.3 |
-65.4 |
|
Short Term Debt Issued |
15.1 |
3.4 |
- |
- |
- |
|
Short Term Debt, Net |
2.1 |
40.3 |
52.5 |
50.0 |
-19.7 |
|
Long Term Debt Issued |
23.2 |
38.1 |
173.1 |
0.0 |
- |
|
Long Term Debt Reduction |
-53.7 |
-44.2 |
-28.8 |
-34.4 |
-21.0 |
|
Long Term Debt, Net |
-30.5 |
-6.1 |
144.4 |
-34.4 |
-21.0 |
|
Issuance (Retirement) of Debt, Net |
-28.4 |
34.2 |
196.9 |
15.6 |
-40.7 |
|
Cash from Financing Activities |
-116.9 |
-143.0 |
97.5 |
-64.3 |
-106.1 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.9 |
-11.8 |
2.6 |
-7.5 |
-0.9 |
|
Net Change in Cash |
-5.1 |
-30.7 |
66.7 |
65.6 |
-54.7 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
173.3 |
204.7 |
139.4 |
64.5 |
116.1 |
|
Net Cash - Ending Balance |
168.2 |
174.0 |
206.1 |
130.1 |
61.5 |
|
Cash Interest Paid |
6.1 |
7.9 |
4.7 |
4.9 |
6.0 |
|
Cash Taxes Paid |
37.6 |
39.1 |
53.6 |
15.1 |
28.8 |
Annual Income Statement
|
|
31-Dec-2013 |
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Reclassified Normal |
Reclassified Normal |
Updated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate (Period Average) |
29.695843 |
29.57962 |
29.39004 |
31.497037 |
33.023867 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
1,159.2 |
1,533.6 |
- |
- |
- |
|
Gross Sales |
- |
- |
1,872.8 |
1,162.8 |
668.5 |
|
Sales Returns |
- |
- |
- |
-0.2 |
-0.4 |
|
Sales Discounts and Allowances |
- |
- |
-0.6 |
0.0 |
-0.4 |
|
Other Operating Income |
- |
- |
1.8 |
2.1 |
1.9 |
|
Total Revenue |
1,159.2 |
1,533.6 |
1,873.9 |
1,164.7 |
669.6 |
|
|
|
|
|
|
|
|
Rental Expense, Supplemental |
-2.6 |
-2.5 |
- |
- |
- |
|
Other Gain/Expense - Other |
-0.2 |
-0.1 |
- |
- |
- |
|
Royalty Income |
-1.1 |
-1.7 |
- |
- |
- |
|
Service Income |
-0.9 |
-2.9 |
- |
- |
- |
|
Depreciation - Operating Cost |
24.5 |
21.2 |
- |
- |
- |
|
Amort of Intangibles, Operting Cost |
0.7 |
0.9 |
- |
- |
- |
|
Cost of Sales - Balancing value |
990.3 |
1,307.4 |
- |
- |
- |
|
Cost of Sales |
- |
- |
1,453.2 |
954.5 |
522.3 |
|
Other Operating Cost |
- |
- |
1.2 |
1.1 |
1.2 |
|
Depreciation of Investment Property |
0.5 |
0.5 |
- |
- |
- |
|
Selling Expense |
34.8 |
33.9 |
- |
- |
- |
|
Selling Expenses |
- |
- |
30.7 |
23.0 |
17.3 |
|
General and Administrative Expenses |
30.5 |
30.9 |
31.6 |
21.0 |
12.7 |
|
Research and Development Expenses |
13.1 |
11.9 |
10.9 |
5.4 |
3.8 |
|
Impairment of Idle Assets |
- |
- |
- |
- |
0.0 |
|
Total Operating Expense |
1,089.6 |
1,399.5 |
1,527.7 |
1,005.0 |
557.3 |
|
|
|
|
|
|
|
|
Interest Income |
3.3 |
3.1 |
2.3 |
0.6 |
0.8 |
|
Foreign Exchange Gain/Loss |
7.8 |
-0.2 |
- |
- |
- |
|
Gain/Loss on Equity Investment |
-5.2 |
0.1 |
- |
- |
- |
|
G/L on Equity Investment |
- |
- |
0.9 |
1.6 |
3.6 |
|
Dividend Income |
1.4 |
1.4 |
3.4 |
2.3 |
0.1 |
|
Gains/Loss on Disposal of Fixed Assets |
0.0 |
-0.2 |
- |
- |
- |
|
Gain/Loss on Sale of Fixed Assets |
- |
- |
-0.3 |
0.6 |
- |
|
Gain on Sale of Investments |
- |
-0.3 |
0.3 |
1.2 |
0.0 |
|
Gain/Loss on Foreign Exchange |
- |
- |
6.2 |
1.8 |
0.1 |
|
Rental Income |
- |
- |
2.5 |
2.3 |
1.8 |
|
Revaluation Gain on Financial Assets |
- |
- |
- |
0.1 |
0.0 |
|
Miscellaneous Income |
- |
- |
2.4 |
6.1 |
3.2 |
|
Interest Expense |
-6.2 |
-7.7 |
-7.0 |
-5.2 |
-5.0 |
|
Loss on Sale of Investments |
- |
- |
0.0 |
- |
- |
|
Miscellaneous Disbursements |
0.2 |
0.9 |
-1.7 |
-4.2 |
-2.3 |
|
Net Income Before Taxes |
70.8 |
131.2 |
355.2 |
166.8 |
114.7 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
13.0 |
25.0 |
100.7 |
37.0 |
28.4 |
|
Net Income After Taxes |
57.8 |
106.2 |
254.5 |
129.8 |
86.2 |
|
|
|
|
|
|
|
|
Minority Interest |
-7.4 |
-20.5 |
-59.2 |
-25.7 |
-15.6 |
|
Net Income Before Extra. Items |
50.3 |
85.7 |
195.3 |
104.1 |
70.6 |
|
Accounting Change |
- |
- |
0.1 |
- |
- |
|
Net Income |
50.3 |
85.7 |
195.4 |
104.1 |
70.6 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
50.3 |
85.7 |
195.3 |
104.1 |
70.6 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
50.3 |
85.7 |
195.4 |
104.1 |
70.6 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
786.4 |
786.4 |
786.4 |
786.4 |
786.4 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.06 |
0.11 |
0.25 |
0.13 |
0.09 |
|
Basic EPS Including ExtraOrdinary Items |
0.06 |
0.11 |
0.25 |
0.13 |
0.09 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
50.3 |
85.7 |
195.4 |
104.1 |
70.6 |
|
Diluted Weighted Average Shares |
787.4 |
787.6 |
787.4 |
788.4 |
788.3 |
|
Diluted EPS Excluding ExtraOrd Items |
0.06 |
0.11 |
0.25 |
0.13 |
0.09 |
|
Diluted EPS Including ExtraOrd Items |
0.06 |
0.11 |
0.25 |
0.13 |
0.09 |
|
DPS-Ordinary Shares |
- |
0.09 |
0.15 |
0.09 |
0.08 |
|
Gross Dividends - Common Stock |
36.3 |
69.1 |
121.6 |
72.2 |
63.0 |
|
Normalized Income Before Taxes |
70.8 |
131.3 |
355.5 |
166.2 |
114.7 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
13.0 |
25.0 |
100.8 |
36.9 |
28.4 |
|
Normalized Income After Taxes |
57.8 |
106.3 |
254.7 |
129.3 |
86.2 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
50.3 |
85.8 |
195.5 |
103.6 |
70.6 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.06 |
0.11 |
0.25 |
0.13 |
0.09 |
|
Diluted Normalized EPS |
0.06 |
0.11 |
0.25 |
0.13 |
0.09 |
|
Rental Expense - Supplemental |
4.6 |
4.7 |
- |
- |
- |
|
Interest Expense |
6.2 |
7.7 |
- |
- |
- |
|
Interest Expense, Supplemental |
- |
- |
7.0 |
5.2 |
5.0 |
|
Interest Capitalized |
- |
- |
- |
- |
-0.6 |
|
R&D Expense, Supplemental |
13.1 |
11.9 |
10.9 |
5.4 |
3.8 |
|
BC - Depreciation of Fixed Assets |
30.2 |
26.1 |
- |
- |
- |
|
Depreciation - Operating Cost |
- |
- |
19.6 |
19.9 |
17.4 |
|
Depreciation - Operating Expense |
- |
- |
3.4 |
1.6 |
2.2 |
|
BC - Depreciation of Intangible Assets |
6.4 |
5.9 |
- |
- |
- |
|
Amortization - Operating Cost |
- |
- |
0.1 |
0.0 |
- |
|
Amortization - Operating Expense |
- |
- |
3.1 |
0.6 |
0.7 |
|
Current Tax |
18.5 |
34.8 |
75.8 |
31.2 |
20.0 |
|
Current Tax - Total |
18.5 |
34.8 |
75.8 |
31.2 |
20.0 |
|
Deferred Tax |
-5.5 |
-9.8 |
24.8 |
5.7 |
6.4 |
|
Deferred Tax - Total |
-5.5 |
-9.8 |
24.8 |
5.7 |
6.4 |
|
Tax on Retained Earnings |
- |
- |
0.1 |
0.1 |
2.0 |
|
Income Tax - Total |
13.0 |
25.0 |
100.7 |
37.0 |
28.4 |
|
Service Cost - Domestic |
0.3 |
0.3 |
- |
- |
- |
|
Service Cost |
- |
- |
0.3 |
0.4 |
0.4 |
|
Interest Cost - Domestic |
0.4 |
0.4 |
- |
- |
- |
|
Interest Cost |
- |
- |
0.4 |
0.4 |
0.5 |
|
Expected Return on Assets - Domestic |
-0.3 |
-0.3 |
- |
- |
- |
|
Actual Return on Plan Assets |
- |
- |
-0.2 |
-0.2 |
-0.1 |
|
Amortization of Unrecognized Cost |
- |
- |
0.3 |
0.1 |
-0.1 |
|
Domestic Pension Plan Expense |
0.5 |
0.5 |
0.9 |
0.7 |
0.7 |
|
Defined Contribution Expense |
2.9 |
2.3 |
- |
- |
- |
|
Pro. for Defined Contribution Pen. Plan |
- |
- |
0.5 |
0.4 |
0.3 |
|
Defined Contribution Expense - Foreign |
- |
- |
1.0 |
0.9 |
0.8 |
|
Total Pension Expense |
3.4 |
2.7 |
2.4 |
2.0 |
1.8 |
|
Discount Rate - Domestic |
2.00% |
1.75% |
- |
- |
- |
|
Discount Rate |
- |
- |
2.00% |
1.75% |
2.25% |
|
Compensation Rate - Domestic |
1.50% |
1.50% |
- |
- |
- |
|
Rate of Compensation Increase |
- |
- |
1.50% |
1.50% |
1.00% |
|
Expected Rate of Return - Domestic |
2.00% |
1.75% |
- |
- |
- |
|
Expected Rate of Return on Plan Assets |
- |
- |
2.00% |
1.75% |
2.25% |
|
|
|
Annual Balance Sheet |
|
Financials in: USD (mil) |
|
|
31-Dec-2013 |
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
UpdateType/Date |
Updated Normal |
Reclassified Normal |
Reclassified Normal |
Reclassified Normal |
Updated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate |
29.848045 |
29.011999 |
30.279 |
29.1565 |
31.985 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Fixed Deposit |
124.6 |
79.4 |
106.9 |
- |
- |
|
Reverse repo bonds |
4.4 |
9.0 |
44.7 |
- |
- |
|
Cash and Cash Equivalents |
- |
- |
- |
140.5 |
63.5 |
|
Financial Assets-Fair Value,Current |
- |
- |
- |
- |
0.0 |
|
Fin. Asset for Sale - Current |
- |
- |
- |
2.8 |
45.7 |
|
Other Financial Assets - Current |
- |
- |
- |
4.0 |
2.1 |
|
Notes Receivable, Net |
27.1 |
48.5 |
82.4 |
37.8 |
27.3 |
|
Accounts & Notes Receivable, Gross |
103.5 |
148.0 |
196.1 |
141.5 |
86.2 |
|
Impairment Loss |
0.0 |
0.0 |
0.0 |
- |
- |
|
Provision for Doubful Accounts |
- |
- |
- |
-1.4 |
-3.0 |
|
Other Receivables, Net |
4.4 |
9.7 |
10.1 |
- |
- |
|
Finished Goods |
97.6 |
116.0 |
139.8 |
55.8 |
47.4 |
|
Work-in-Process |
17.2 |
15.4 |
12.9 |
11.9 |
8.8 |
|
Supplies |
2.5 |
1.9 |
2.4 |
- |
- |
|
Raw Materials |
62.6 |
71.6 |
75.3 |
52.3 |
46.3 |
|
Supplies and Parts |
- |
- |
- |
3.1 |
1.1 |
|
Merchandise |
8.8 |
5.5 |
2.1 |
0.1 |
0.0 |
|
Current Tax Assets |
3.9 |
0.0 |
0.0 |
- |
- |
|
Prepayment and Other Current Assets |
- |
- |
- |
22.7 |
10.6 |
|
Other Current Assets - Total |
17.6 |
16.0 |
11.4 |
- |
- |
|
Cash in Hand |
0.0 |
0.0 |
0.0 |
- |
- |
|
Bank Check & Bank Deposit |
38.3 |
89.1 |
48.4 |
- |
- |
|
Total Current Assets |
512.5 |
610.0 |
732.4 |
471.2 |
335.9 |
|
|
|
|
|
|
|
|
Investment Property, Gross |
60.8 |
62.6 |
60.0 |
- |
- |
|
Acc Depr Investment Property |
-4.9 |
-4.5 |
-3.8 |
- |
- |
|
Fin. Assets-Avil. for Sale |
33.7 |
30.8 |
45.0 |
- |
- |
|
Financial Asset at Cost - Non Current |
- |
- |
- |
44.0 |
31.7 |
|
Long-Term Equity Investments |
59.6 |
68.4 |
35.0 |
19.6 |
20.9 |
|
Other Financial Assets - Non Current |
- |
- |
- |
1.9 |
0.1 |
|
Land |
- |
- |
- |
9.8 |
10.4 |
|
Land/Improvements, Gross |
20.6 |
21.2 |
20.3 |
- |
- |
|
Land Improvements |
2.7 |
2.8 |
2.7 |
1.9 |
1.7 |
|
Buildings and Structures |
143.4 |
124.9 |
119.1 |
116.1 |
110.2 |
|
Machinery and Equipment |
637.2 |
588.0 |
537.5 |
- |
- |
|
Production Machinery and Equipments |
- |
- |
- |
392.3 |
367.6 |
|
Transportation Equipment |
- |
- |
- |
0.8 |
0.8 |
|
Office Equipment & Others |
6.5 |
7.5 |
7.6 |
18.8 |
21.5 |
|
Leased Assets |
- |
- |
- |
3.2 |
- |
|
Assets Revaluation Increment |
- |
- |
- |
14.9 |
13.7 |
|
Acc Depr/Imp Land/Land Improvements |
0.0 |
0.0 |
0.0 |
- |
- |
|
Acc Depr PPE Leased Out Operating Lease |
0.0 |
0.0 |
0.0 |
- |
- |
|
Acc Depr/Imp Construction in Progress |
0.0 |
0.0 |
- |
- |
- |
|
Depr,Land Improvements |
-2.6 |
-2.7 |
-2.6 |
- |
- |
|
Depre,Buildings and Structures |
-58.2 |
-53.6 |
-50.0 |
- |
- |
|
Depre,Machinery and Equipment |
-419.1 |
-404.1 |
-372.2 |
- |
- |
|
Depre,Office Equipment & Others |
-4.3 |
-4.6 |
-5.6 |
- |
- |
|
Accumulated Depreciation |
- |
- |
- |
-322.1 |
-285.5 |
|
Accumulated Impairment |
- |
- |
- |
-3.2 |
-3.4 |
|
Construc. in Progress & Prepay for Equip |
- |
- |
- |
7.1 |
1.6 |
|
Construction in Progress, Gross |
14.3 |
59.4 |
34.7 |
- |
- |
|
Deferred Pension Cost |
- |
- |
- |
1.1 |
1.1 |
|
Intangible Assets |
- |
- |
- |
13.1 |
13.6 |
|
Technology |
33.3 |
33.0 |
31.5 |
- |
- |
|
Computer Software Cost |
5.9 |
4.9 |
2.5 |
- |
- |
|
Clients Relations |
36.0 |
36.1 |
35.9 |
- |
- |
|
Non-Compete |
0.3 |
0.3 |
0.3 |
- |
- |
|
Patent&Trademark,Gross |
20.0 |
20.0 |
19.9 |
- |
- |
|
Accumu.Technology |
-6.9 |
-4.8 |
-3.0 |
- |
- |
|
Accumu,Computer Software Cost |
-3.6 |
-2.0 |
-0.7 |
- |
- |
|
Accumu,Clients Relations |
-5.5 |
-3.5 |
-1.4 |
- |
- |
|
Accumu,Non-Compete |
-0.3 |
-0.2 |
-0.1 |
- |
- |
|
AccAmort Patent&Trademark |
-2.2 |
-1.4 |
-0.6 |
- |
- |
|
Leased Out Asset-Operating Lease.Gross |
3.2 |
3.3 |
3.1 |
- |
- |
|
Assets for Lease |
- |
- |
- |
65.1 |
56.4 |
|
Accumulated Depre. for Asset for Lease |
- |
- |
- |
-3.5 |
-2.6 |
|
Other Assets - Other |
19.8 |
20.3 |
23.6 |
- |
- |
|
Idle Assets |
- |
- |
- |
4.1 |
4.2 |
|
Other Long Term Assets |
- |
- |
- |
4.0 |
3.0 |
|
Deferred Income Tax Assets |
9.0 |
7.4 |
3.3 |
- |
- |
|
Acc Amort/Imp Goodwill |
0.0 |
0.0 |
0.0 |
- |
- |
|
Goodwill, Gross |
6.9 |
6.9 |
6.9 |
- |
- |
|
Total Assets |
1,118.1 |
1,226.2 |
1,281.4 |
860.3 |
702.8 |
|
|
|
|
|
|
|
|
Short Term Borrowings |
194.5 |
213.5 |
168.5 |
- |
- |
|
Short Term Bills Payable |
26.8 |
12.0 |
8.2 |
- |
- |
|
Short Term Borowings |
- |
- |
- |
122.1 |
62.0 |
|
Notes Payable |
- |
- |
- |
- |
0.0 |
|
Accounts Payable |
51.2 |
58.0 |
77.1 |
- |
48.5 |
|
Notes & Accounts Payable |
- |
- |
- |
53.5 |
- |
|
Accounts Payable - Related Parties |
0.0 |
2.0 |
9.1 |
10.9 |
2.5 |
|
Income Tax Payable |
4.3 |
19.9 |
27.6 |
17.6 |
1.3 |
|
Current Portion of Long Term Debt |
40.2 |
38.2 |
35.2 |
30.0 |
35.3 |
|
Accrued Expenses and Other Current Liab. |
- |
- |
- |
36.4 |
24.1 |
|
Other Current Liabilities |
6.1 |
2.3 |
5.5 |
- |
- |
|
Other Payables |
36.0 |
42.2 |
38.7 |
- |
- |
|
Total Current Liabilities |
359.1 |
388.2 |
370.0 |
270.5 |
173.7 |
|
|
|
|
|
|
|
|
Long Term Borrowings |
122.4 |
160.4 |
168.1 |
35.6 |
63.0 |
|
Total Long Term Debt |
122.4 |
160.4 |
168.1 |
35.6 |
63.0 |
|
|
|
|
|
|
|
|
Land Revaluation Increment Tax Reserve |
- |
- |
- |
1.9 |
1.8 |
|
Accrued Pension Liabilities |
- |
- |
- |
5.1 |
3.3 |
|
Long Term Security Deposits Received |
- |
- |
- |
2.6 |
2.0 |
|
Deferred Income Tax Liabilities |
30.3 |
34.9 |
39.5 |
19.1 |
13.8 |
|
Other Long Term Liabilities |
18.1 |
24.2 |
17.5 |
5.3 |
3.0 |
|
Minority Interest |
66.3 |
79.6 |
116.4 |
- |
- |
|
Minority Interest |
- |
- |
- |
75.8 |
63.1 |
|
Total Liabilities |
596.3 |
687.3 |
711.5 |
415.8 |
323.6 |
|
|
|
|
|
|
|
|
Common Stock |
263.5 |
271.1 |
236.1 |
222.9 |
203.2 |
|
Capital Surplus, Total |
0.0 |
0.0 |
0.0 |
- |
- |
|
Share Premium |
- |
- |
- |
0.0 |
0.0 |
|
Other Paid in Capital |
- |
- |
- |
2.3 |
2.1 |
|
Legal Reserve |
112.4 |
106.8 |
83.3 |
75.3 |
61.4 |
|
Retained Earnings |
106.6 |
137.4 |
210.0 |
136.2 |
94.0 |
|
Cumulative Translation Adjustment |
35.7 |
23.7 |
33.1 |
8.8 |
18.1 |
|
Unrealized Gain/Loss on Pension Fund |
- |
- |
- |
-1.7 |
0.0 |
|
Unrealized LT Inv/Fin. Product Gain/Loss |
3.7 |
-0.1 |
7.4 |
0.2 |
0.2 |
|
Unrealized Assets Revaluation |
- |
- |
- |
0.2 |
0.2 |
|
Total Equity |
521.8 |
538.9 |
569.9 |
444.5 |
379.2 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
1,118.1 |
1,226.2 |
1,281.4 |
860.3 |
702.8 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
786.4 |
786.4 |
786.4 |
786.4 |
786.4 |
|
Total Common Shares Outstanding |
786.4 |
786.4 |
786.4 |
786.4 |
786.4 |
|
T/S-Ordinary Shares |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Acc Amort/Imp Goodwill |
0.0 |
0.0 |
0.0 |
- |
- |
|
Accumu.Technology |
6.9 |
4.8 |
3.0 |
- |
- |
|
Accumu,Computer Software Cost |
3.6 |
2.0 |
0.7 |
- |
- |
|
Accumu,Clients Relations |
5.5 |
3.5 |
1.4 |
- |
- |
|
Accumu,Non-Compete |
0.3 |
0.2 |
0.1 |
- |
- |
|
AccAmort Patent&Trademark |
2.2 |
1.4 |
0.6 |
- |
- |
|
Accumulated Intangible Amortization |
- |
- |
- |
3.5 |
3.1 |
|
Full-Time Employees |
- |
1,466 |
1,366 |
1,296 |
1,134 |
|
Number of Common Shareholders |
- |
61,097 |
49,740 |
57,935 |
60,487 |
|
Long Term Debt - Remaining Maturities |
1.1 |
1.4 |
1.6 |
- |
- |
|
LTD Maturing within 1 year |
- |
- |
- |
- |
35.3 |
|
LTD Maturing within 2 years |
- |
- |
- |
- |
28.6 |
|
LTD Maturing within 3 years |
- |
- |
- |
- |
34.3 |
|
Total Long Term Debt, Supplemental |
1.1 |
1.4 |
1.6 |
- |
98.3 |
|
Capital Lease Payments Due in Year 5 |
0.9 |
0.9 |
0.9 |
- |
- |
|
Capital Lease Payments Due within 1 Year |
0.2 |
0.2 |
0.2 |
- |
- |
|
Capital Lease within 1 year |
- |
- |
- |
0.2 |
- |
|
Capital Lease within 2 years |
- |
- |
- |
0.2 |
- |
|
Capital Lease within 3 years |
- |
- |
- |
0.2 |
- |
|
Capital Lease Payments Due in Year 4 |
- |
- |
- |
0.2 |
- |
|
Capital Leases - Remaining Maturities |
1.1 |
1.4 |
1.6 |
2.2 |
- |
|
Interest Costs |
- |
- |
- |
-0.2 |
- |
|
Total Capital Leases, Supplemental |
2.3 |
2.6 |
2.7 |
3.0 |
- |
|
Operating Lease within 1 year |
- |
- |
- |
- |
0.3 |
|
Operating Lease within 2 years |
- |
- |
- |
- |
0.3 |
|
Operating Lease within 3 years |
- |
- |
- |
- |
0.3 |
|
Operating Lease within 4 years |
- |
- |
- |
- |
0.3 |
|
Operating Lease Payments Due in Year 5 |
8.5 |
9.8 |
8.4 |
- |
- |
|
Operating Leases - Remaining Maturities |
6.3 |
7.6 |
8.6 |
- |
- |
|
Operating Lease more than 10 Years |
- |
- |
- |
- |
3.4 |
|
Total Operating Leases, Supplemental |
14.8 |
17.3 |
16.9 |
- |
4.6 |
|
Accumulated Benefit Obligation |
- |
- |
- |
19.3 |
16.5 |
|
Pension Obligation - Domestic |
22.0 |
24.5 |
21.6 |
- |
- |
|
Benefit Obligation |
- |
- |
- |
23.1 |
18.7 |
|
Plan Assets - Domestic |
13.0 |
14.7 |
13.6 |
- |
- |
|
Fair Value of Plan Assets |
- |
- |
- |
14.2 |
13.3 |
|
Funded Status - Domestic |
-9.1 |
-9.8 |
-8.0 |
- |
- |
|
Funded Status |
- |
- |
- |
-8.9 |
-5.4 |
|
Total Funded Status |
-9.1 |
-9.8 |
-8.0 |
-8.9 |
-5.4 |
|
Discount Rate |
- |
1.75% |
2.00% |
1.75% |
2.25% |
|
Rate of Compensation Increase |
- |
1.50% |
1.50% |
1.50% |
1.00% |
|
Expected Rate of Return on Plan Assets |
- |
1.75% |
2.00% |
1.75% |
2.25% |
|
Deferred Pension Cost |
- |
- |
- |
1.1 |
1.1 |
|
Accrued Liabilities - Domestic |
-9.1 |
-9.8 |
-8.0 |
- |
- |
|
Accrued Pension Liabilities |
- |
- |
- |
-5.1 |
-3.3 |
|
Net Assets Recognized on Balance Sheet |
-9.1 |
-9.8 |
-8.0 |
-4.0 |
-2.2 |
|
|
|
Annual Cash Flows |
|
Financials in: USD (mil) |
|
|
31-Dec-2013 |
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified Normal |
Updated Normal |
Reclassified Normal |
Reclassified Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate (Period Average) |
29.695843 |
29.57962 |
29.39004 |
31.497037 |
33.023867 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
70.8 |
131.2 |
254.5 |
129.8 |
86.2 |
|
Depreciation |
30.7 |
26.6 |
24.8 |
23.9 |
19.7 |
|
Interest Paid |
-6.1 |
-7.9 |
- |
- |
- |
|
Cash Interest Received |
2.8 |
3.0 |
- |
- |
- |
|
Cash Tax Refund |
-37.6 |
-39.1 |
- |
- |
- |
|
Amorta, -Long Term Preypayment Land Rent |
0.4 |
0.4 |
- |
- |
- |
|
Provision for Doubtful Accounts |
0.0 |
0.0 |
- |
- |
- |
|
Interest Expense |
6.2 |
7.7 |
- |
- |
- |
|
Interest Income |
-3.3 |
-3.1 |
- |
- |
- |
|
Dividend Income |
-1.4 |
-1.4 |
- |
- |
- |
|
Amort of Intangible excl Goodwill,Change |
6.4 |
5.9 |
3.2 |
0.6 |
0.7 |
|
Provision for Bad Debts |
- |
- |
-1.4 |
-1.7 |
-0.7 |
|
Unrealized Gain from Sale of Investment |
- |
- |
- |
- |
-0.5 |
|
Prov. for Inventory Devaluation & Obsol. |
- |
- |
3.9 |
-0.1 |
-17.4 |
|
Gain/Loss on Disposal of Properties |
0.0 |
0.2 |
- |
- |
- |
|
Gain/Loss on Disposal of Investments |
0.0 |
0.3 |
- |
- |
- |
|
Cash Dividend from Equity Investment |
- |
- |
0.8 |
1.0 |
0.0 |
|
G/L on Sale of Fixed Assets |
- |
- |
0.3 |
-0.6 |
0.1 |
|
G/L on Sale of Intangible Assets |
- |
- |
- |
-0.3 |
0.0 |
|
Unreal. Valu. G/L on Fin. Assets & Liabi |
- |
- |
- |
- |
0.0 |
|
Net Gain on Sale of Investments |
- |
- |
-0.3 |
-1.2 |
0.0 |
|
Equity Investment Gain/Loss |
5.2 |
-0.1 |
-0.9 |
-1.6 |
-3.6 |
|
Other Cash Effect |
- |
- |
20.5 |
- |
- |
|
Deferred Tax |
- |
- |
24.8 |
5.7 |
- |
|
Other Current Assets |
-2.1 |
-4.0 |
- |
- |
- |
|
Financial Assets-Fair Value, Current |
- |
- |
- |
0.0 |
0.0 |
|
Other Receivable |
5.3 |
0.8 |
- |
- |
- |
|
Notes Receivable |
20.2 |
36.7 |
-47.3 |
-7.3 |
7.6 |
|
Accounts Receivable |
40.6 |
55.6 |
-36.0 |
-45.2 |
0.2 |
|
Other Financial Assets - Current |
- |
- |
-6.4 |
-0.9 |
0.0 |
|
Inventories |
15.9 |
26.5 |
-78.6 |
-12.1 |
-25.8 |
|
Prepayment and Other Current Assets |
- |
- |
9.6 |
- |
- |
|
Prepaid Expense |
- |
- |
- |
-10.3 |
2.3 |
|
Other Current Liabilities |
-0.3 |
-11.7 |
- |
- |
- |
|
Notes Payable |
- |
- |
8.5 |
1.4 |
-1.7 |
|
Accounts Payable |
-5.3 |
-22.0 |
- |
- |
- |
|
Accounts Payable,Related Parties |
-2.0 |
-7.4 |
- |
- |
- |
|
Accounts&Notes Payable |
- |
- |
13.8 |
-1.1 |
33.6 |
|
Accounts Payable - Related Parties |
- |
- |
-1.4 |
7.5 |
2.4 |
|
Tax Payable |
- |
- |
10.9 |
15.0 |
-8.0 |
|
Accrued Expenses and Other Current Liab. |
- |
- |
10.3 |
8.6 |
-9.5 |
|
Accrued Pension Liabilities |
-0.4 |
-0.1 |
0.1 |
0.0 |
0.1 |
|
Deferred Tax Liabilities |
- |
- |
- |
- |
3.3 |
|
Other Operating Liabilities |
-4.6 |
3.4 |
-0.4 |
-1.0 |
0.6 |
|
Cash from Operating Activities |
141.5 |
201.4 |
213.4 |
110.3 |
89.7 |
|
|
|
|
|
|
|
|
Disposal of Fixed Assets |
0.1 |
5.1 |
0.5 |
1.6 |
4.2 |
|
Capital Expenditure |
-31.1 |
-62.0 |
-39.8 |
-10.6 |
-4.0 |
|
Purchase of Equity Investment |
0.0 |
-33.9 |
- |
- |
- |
|
Disposal of Financial Assets for Sale |
- |
16.8 |
33.1 |
59.6 |
25.9 |
|
Disposal of Financial Assets-Cost Method |
- |
- |
- |
- |
0.0 |
|
LT Equity Investment Increase(1) |
- |
- |
-13.9 |
-10.4 |
0.0 |
|
LT Equity Investment Settlement |
- |
- |
- |
2.8 |
0.0 |
|
Purchase of Financial Assets for Sale |
- |
-16.5 |
-30.3 |
-15.6 |
-66.2 |
|
Cap. Reduction-Fin. Assets Avail. for Sa |
- |
7.6 |
- |
- |
- |
|
Decrease in Other LT Assets |
0.8 |
3.4 |
- |
- |
- |
|
Cash Dividend Received |
1.4 |
1.4 |
- |
- |
- |
|
Capital Reduction of Fin. Asset at Cost |
- |
- |
4.9 |
- |
- |
|
Capital Reduction from Equity Investment |
0.0 |
0.7 |
- |
1.4 |
- |
|
Purchase of Intangible Assets |
0.0 |
0.0 |
- |
- |
- |
|
Intangible Assets Increase |
- |
- |
-7.2 |
-0.1 |
0.0 |
|
Disposal of Intangible Assets |
- |
- |
- |
0.6 |
0.0 |
|
Other Financial Assets |
- |
- |
-0.8 |
-1.7 |
0.0 |
|
Other Assets |
- |
- |
-1.7 |
-0.6 |
2.6 |
|
Other Cash Flow from Investing Activitie |
- |
- |
-191.9 |
0.0 |
- |
|
Cash from Investing Activities |
-28.8 |
-77.3 |
-246.9 |
27.2 |
-37.5 |
|
|
|
|
|
|
|
|
Short Term Borrowings, Net |
-13.1 |
36.9 |
52.5 |
50.0 |
-19.7 |
|
Short Term Notes&Bills Payable Increase |
15.1 |
3.4 |
- |
- |
- |
|
Increase in Long-term Borrowings |
23.2 |
38.1 |
- |
- |
- |
|
Decrease in Long-term Borrowings |
-53.7 |
-44.2 |
- |
- |
- |
|
Repayment of Corporate Bonds |
- |
- |
0.0 |
0.0 |
- |
|
Long Term Borrowings Decrease |
- |
- |
-28.8 |
-34.4 |
-21.0 |
|
Long Term Borrowings Increase |
- |
- |
173.1 |
0.0 |
- |
|
Decrease in Other LT Liabilities |
-0.2 |
-0.2 |
- |
- |
- |
|
Cash Dividend - Common Stock |
-88.3 |
-177.0 |
-99.9 |
-80.3 |
-65.4 |
|
Minority Interest |
- |
- |
0.0 |
0.0 |
- |
|
Security Deposit Received |
- |
- |
0.6 |
0.4 |
0.0 |
|
Cash from Financing Activities |
-116.9 |
-143.0 |
97.5 |
-64.3 |
-106.1 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.9 |
-11.8 |
2.6 |
-7.5 |
-0.9 |
|
Net Change in Cash |
-5.1 |
-30.7 |
66.7 |
65.6 |
-54.7 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
173.3 |
204.7 |
139.4 |
64.5 |
116.1 |
|
Net Cash - Ending Balance |
168.2 |
174.0 |
206.1 |
130.1 |
61.5 |
|
Cash Interest Paid |
6.1 |
7.9 |
4.7 |
4.9 |
6.0 |
|
Cash Taxes Paid |
37.6 |
39.1 |
53.6 |
15.1 |
28.8 |
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per share items (actual units) |
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annual Ratios
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.21 |
|
|
1 |
Rs.101.05 |
|
Euro |
1 |
Rs.83.33 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.