MIRA INFORM REPORT

Report Date :

21.09.2011

Tel. No.:	0082 2 5703700
Fax No.:	0082 2 5703708

IDENTIFICATION DETAILS

Name :	ILYANG PHARMACEUTICAL CO., LTD
Registered Office :	182-4 Hagal-Dong Giheung-Gu Yongin-Si, Gyeonggi-Do, 446-726 Korea
Country :	South Korea
Financials (as on) :	31.03.2010
Date of Incorporation :	01.07.1946
Legal Form :	Public Independent
Line of Business :	Manufacture of basic pharmaceutical products

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	--

NOTES :

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

ECGC Country Risk Classification List – March 31^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
South Korea	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name and address

Top of Form

Bottom of Form

Ilyang Pharmaceutical Co., Ltd

182-4 Hagal-Dong
Giheung-Gu
Yongin-Si, Gyeonggi-Do, 446-726
Korea, Republic of
Tel:	82-2-5703700
Fax:	82-2-5703708
www.ilyang.co.kr

Employees:

613

Company Type:

Public Independent

Traded:

Korea Stock Exchange:

007570

Incorporation Date:

01-Jul-1946

Auditor:

Shinhan Accounting Corporation

Financials in:	USD (mil)
Fiscal Year End:	31-Mar-2010
Reporting Currency:	South Korean Won
Annual Sales:	122.1 ^1
Net Income:	0.9
Total Assets:	256.2 ^2
Market Value:	476.5
	(09-Sep-2011)

Business Description

Ilyang Pharmaceutical Co Ltd is a Korea-based manufacturer engaged in the pharmaceutical industry. The Company's major products consist of drugs for diabetes, monilial infectious, stomach inflammation, hyperacidity, gastritis, gastro duodenal ulcer, staphylococcal infection, rheumatoid arthritis, apepsia, hyperlipidemia, pneumonia, chronic diarrhea, urinary frequency, liver disease, obesity and others. It also provides healthcare drinks and food, and nutrition. As of March 31, 2011, the Company had six affiliated companies. For the fiscal year ended 31 March 2010, Ilyang Pharmaceutical Co., Ltd.'s revenues totaled W147.69B. The Company's net income totaled W1.07B. Revenues and net income are not comparable to the previous period due to the fact that Company started to report consolidated financial statements since March 2010. The Company is a Korea-based manufacturer engaged in the pharmaceutical industry. It also provides healthcare drinks and food, and nutrition.

Industry

Industry	Biotechnology and Drugs
ANZSIC 2006:	1841 - Human Pharmaceutical and Medicinal Product Manufacturing
NACE 2002:	2441 - Manufacture of basic pharmaceutical products
NAICS 2002:	325411 - Medicinal and Botanical Manufacturing
UK SIC 2003:	2441 - Manufacture of basic pharmaceutical products
US SIC 1987:	2833 - Medicinal Chemicals and Botanical Products

  Key Executives

Name	Title
Do Eon Jung	Chairman of the Board, Co-Chief Executive Officer
Dong Yeon Kim	President, Co-Chief Executive Officer, Director
Young Jo Park	Director-Strategic Planning
Hyun Chan Chung	Manager-Privacy Policy
Myeong Sik Bae	Non-Executive Independent Director

Significant Developments

Topic	#*	Most Recent Headline	Date
Products	3	Ilyang Pharmaceutical Co., Ltd. Receives Patent	29-Jul-2011
Equity Financing / Related	3	Ilyang Pharmaceutical Co., Ltd. Announces Subscription Results of Unclaimed Shares in Rights Issue	13-Apr-2011
Dividends	1	Ilyang Pharmaceutical Co., Ltd. Declares Annual Cash Dividend for FY 2010	4-May-2011

* number of significant developments within the last 12 months

Financial Summary

As of 31-Mar-2010

Key Ratios	Company	Industry
Sales 5 Year Growth	5.87	4.13

Stock Snapshot

Traded: Korea Stock Exchange: 007570

As of 9-Sep-2011

   Financials in: KRW

Recent Price	28,750.00	EPS	72.05
52 Week High	41,450.00	Price/Sales	3.48
52 Week Low	15,050.00	Dividend Rate	100.00
Avg. Volume (mil)	0.38	Price/Book	3.24
Market Value (mil)	513,315.10	Beta	1.50

	Price % Change	Rel S&P 500%
4 Week	-21.66%	-22.50%
13 Week	76.92%	99.73%
52 Week	31.30%	29.23%
Year to Date	17.71%	33.17%

1 - Profit & Loss Item Exchange Rate: USD 1 = KRW 1209.856
2 - Balance Sheet Item Exchange Rate: USD 1 = KRW 1131.45

Corporate Overview

Location
182-4 Hagal-Dong
Giheung-Gu
Yongin-Si, Gyeonggi-Do, 446-726
Korea, Republic of

Tel:	82-2-5703700
Fax:	82-2-5703708

www.ilyang.co.kr

Quote Symbol - Exchange
007570 - Korea Stock Exchange
Sales KRW(mil):	147,689.5
Assets KRW(mil):	289,864.3
Employees:	613
Fiscal Year End:	31-Mar-2010

Industry:	Biotechnology and Drugs

Incorporation Date:	01-Jul-1946
Company Type:	Public Independent
Quoted Status:	Quoted

Chairman of the Board, Co-Chief Executive Officer:	Do Eon Jung

Company Web Links

Corporate History/Profile

Home Page

Products/Services

Contents · Industry Codes · Business Description · Financial Data · Market Data

Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:
1841	-	Human Pharmaceutical and Medicinal Product Manufacturing

NACE 2002 Codes:
2441	-	Manufacture of basic pharmaceutical products
2442	-	Manufacture of pharmaceutical preparations

NAICS 2002 Codes:
325411	-	Medicinal and Botanical Manufacturing
325412	-	Pharmaceutical Preparation Manufacturing

US SIC 1987:
2833	-	Medicinal Chemicals and Botanical Products
2834	-	Pharmaceutical Preparations

UK SIC 2003:
24421	-	Manufacture of medicaments
2441	-	Manufacture of basic pharmaceutical products

Business Description

Ilyang Pharmaceutical Co Ltd is a Korea-based manufacturer engaged in the pharmaceutical industry. The Company's major products consist of drugs for diabetes, monilial infectious, stomach inflammation, hyperacidity, gastritis, gastro duodenal ulcer, staphylococcal infection, rheumatoid arthritis, apepsia, hyperlipidemia, pneumonia, chronic diarrhea, urinary frequency, liver disease, obesity and others. It also provides healthcare drinks and food, and nutrition. As of March 31, 2011, the Company had six affiliated companies. For the fiscal year ended 31 March 2010, Ilyang Pharmaceutical Co., Ltd.'s revenues totaled W147.69B. The Company's net income totaled W1.07B. Revenues and net income are not comparable to the previous period due to the fact that Company started to report consolidated financial statements since March 2010. The Company is a Korea-based manufacturer engaged in the pharmaceutical industry. It also provides healthcare drinks and food, and nutrition.

More Business Descriptions

Manufacture of and wholesale, retail and export trade in a wide range of pharmaceutical products

Pharmaceutical and Medicine Manufacturing

Financial Data

Financials in:	KRW(mil)
Revenue:	147,689.5
Net Income:	1,065.7
Assets:	289,864.3
Long Term Debt:	49,555.8
Total Liabilities:	165,982.7
Working Capital:	54.4
Date of Financial Data:	31-Mar-2010

1 Year Growth

28.9%

NA

8.4%

Market Data

Quote Symbol:	007570
Exchange:	Korea Stock Exchange
Currency:	KRW
Stock Price:	28,750.0
Stock Price Date:	09-09-2011
52 Week Price Change %:	31.3
Market Value (mil):	513,315,104.0
SEDOL:	B17MN40
ISIN:	KR7007570005
Equity and Dept Distribution:
FY'97-FY'02 & FY'06-FY'07, financials reflect non-consolidated data. 07/06, 2-for-1 stock split. FY'03-FY'05, financials reflect consolidated data (FY'03, C/F is N/A). FY'10, financials reflect consolidated data.

Key Corporate Relationships

Auditor:	Shinhan Accounting Corporation
Auditor:	Shinhan Accounting Corporation

Executives Report

Board of Directors

Name	Title	Function
Do Eon Jung	Chairman of the Board, Co-Chief Executive Officer	Chairman
Jung Do Eon has been Chairman of the Board and Co-Chief Executive Officer of Ilyang Pharmaceutical Co., Ltd. Previously, Jung served the Company as Vice Chairman and Chief Executive Officer. Jung holds a Bachelor's degree in Pharmacy from Chung-Ang University, Korea and also completed a Master's course in Business Administration from Korea University. Education B Pharmacy, Chung-Ang University
Myeong Sik Bae	Non-Executive Independent Director	Director/Board Member
Bae Myeong Sik has been Non-Executive Independent Director of Ilyang Pharmaceutical Co., Ltd since May 30, 2008. Prior to the current position, Bae was Internal Auditor at the Company. Previously, Bae served as a tax accountant in Korea. Bae also served as a Director of Investigation Bureau at a regional national tax service of the Seoul-Incheon District. Bae received a Master's degree in Business Administration from Yonsei University, Korea, and also holds a certificate of Certified Public Accountant from the United States. Education M Business Administration, Yonsei University
Seung Nam Joo	Non-Executive Independent Director	Director/Board Member
Reuters Biography (Ilyang Pharmaceutical Co., Ltd) Joo Seung Nam has been Non-Executive Independent Director of Ilyang Pharmaceutical Co., Ltd since May 27, 2005. Prior to the current position, Joo was Internal Auditor at the Company. Previously, Joo served as Chief Executive Officer at Lotte Pharm Co., Ltd. Joo received a Bachelor's degree in Public Administration from Yonsei University, Korea. Education B Public Administration, Yonsei University
Yu Seok Jung	Director	Director/Board Member
Jung Yu Seok has been Director in Ilyang Pharmaceutical Co., Ltd since May 27, 2011. Jung is also Head of Overseas Markets in the Company. Jung holds a Bachelor's degree from New York University, the United Staes. Education B , New York University
Dong Yeon Kim	President, Co-Chief Executive Officer, Director	Director/Board Member
Kim Dong Yeon is President, Co-Chief Executive Officer and Director of Ilyang Pharmaceutical Co., Ltd. Previously, Kim served the Company as Vice President, Managing Director and Assistant Managing Director. Kim holds a Bachelor's degree in Chemical Engineering from Hanyang University and a Doctorate's degree in Engineering from Ajou University, Korea. Education PHD Engineering, Ajou University B Chemical Engineering, Hanyang University
Dong Jun Lee	Director	Director/Board Member
Lee Dong Jun has been Director of Ilyang Pharmaceutical Co., Ltd since May 30, 2008. Previously, Lee worked for CHONGKUNDANG CO.,LTD as Assistant Managing Director of Marketing and Operations. Lee holds a Bachelor's degree in Business Administration from Myongji University, Korea. Education B Business Administration, Myongji University
Yeong Gi Lee	Non-Executive Independent Director	Director/Board Member
Lee Yeong Gi has been Non-Executive Independent Director of Ilyang Pharmaceutical Co., Ltd since May 30, 2008. Prior to the current position, Lee was Internal Auditor and Director of Management at the Company. Lee holds a Bachelor's degree in Business Administration from Kookmin University, Korea. Education B Business Administration, Kookmin University
Jae Yeong Woo	Non-Executive Independent Director	Director/Board Member
Woo Jae Yeong has been Non-Executive Independent Director in Ilyang Pharmaceutical Co., Ltd since May 27, 2011. Woo holds a Bachelor's degree in Law from Chonbuk National University, Korea. Education B Law, Chonbuk National University

Executives

Name	Title	Function
Do Eon Jung	Chairman of the Board, Co-Chief Executive Officer	Chief Executive Officer
Jung Do Eon has been Chairman of the Board and Co-Chief Executive Officer of Ilyang Pharmaceutical Co., Ltd. Previously, Jung served the Company as Vice Chairman and Chief Executive Officer. Jung holds a Bachelor's degree in Pharmacy from Chung-Ang University, Korea and also completed a Master's course in Business Administration from Korea University. Education B Pharmacy, Chung-Ang University
Dong Yeon Kim	President, Co-Chief Executive Officer, Director	Chief Executive Officer
Kim Dong Yeon is President, Co-Chief Executive Officer and Director of Ilyang Pharmaceutical Co., Ltd. Previously, Kim served the Company as Vice President, Managing Director and Assistant Managing Director. Kim holds a Bachelor's degree in Chemical Engineering from Hanyang University and a Doctorate's degree in Engineering from Ajou University, Korea. Education PHD Engineering, Ajou University B Chemical Engineering, Hanyang University
Young Jo Park	Director-Strategic Planning	Planning Executive
Hyun Chan Chung	Manager-Privacy Policy	Other

Significant Developments

Ilyang Pharmaceutical Co., Ltd. Receives Patent

Jul 29, 2011

Ilyang Pharmaceutical Co., Ltd. announced that it has received a patent on July 28, 2011, for solid state forms of racemic ilaprazole.

Ilyang Pharmaceutical Co., Ltd. Receives Patent

Jul 27, 2011

Ilyang Pharmaceutical Co., Ltd. announced that it has received a patent on July 26, 2011, for solid state forms of racemic ilaprazole.

Ilyang Pharmaceutical Co., Ltd. Declares Annual Cash Dividend for FY 2010

May 04, 2011

Ilyang Pharmaceutical Co., Ltd. announced that its Board of Directors has declared an annual cash dividend of KRW 100 per share of common stock and KRW 125 per share of preferred stock for the fiscal year 2010 to shareholders of record on March 31, 2011. The dividend rates of market prices are 0.59% (common shares) and 1.41% (preferred shares), respectively. The total cash dividend amount is KRW 1,377,608,600.

Ilyang Pharmaceutical Co., Ltd. Announces Subscription Results of Unclaimed Shares in Rights Issue

Apr 13, 2011

Ilyang Pharmaceutical Co., Ltd. announced that all the 137,820 unclaimed shares from the previously announced rights issue of 3,200,000 shares have been successfully subscribed as of April 12, 2011, through a public offering.

Ilyang Pharmaceutical Co., Ltd. Announces Subscription Results of Rights Issue

Apr 06, 2011

Ilyang Pharmaceutical Co., Ltd. announced the subscription results of the previously announced rights offering of 3,200,000 common shares. The number of the shares remaining unclaimed is 137,820 of the total allocated shares and the unclaimed shares will be open for subscription to public from April 11, 2011 to April 12, 2011. The unclaimed shares after the public offering will be purchased by the underwriter SOLOMON INVESTMENT & SECURITIES CO.,LTD.

Ilyang Pharmaceutical Co., Ltd. Announces Rights Issue

Feb 17, 2011

Ilyang Pharmaceutical Co., Ltd. announced a rights issue of 3,200,000 common shares of par value KRW 2,500 each at an issue price of KRW 16,450 per share. KRW 37,640 million will be used for operations and KRW 15 billion will be used for facilities. The employee stock ownership association will have a preferred right to purchase the new shares at an allocation rate of 20% on March 14, 2011, and the shareholders of record on March 7, 2011 will have rights to purchase 0.18734244 new rights shares for each share held from April 4, 2011 to April 5, 2011, and the shares remaining unclaimed will be purchased by the underwriter SOLOMON INVESTMENT & SECURITIES CO.,LTD. The new shares will be listed on April 25, 2011.

Ilyang Pharmaceutical Co., Ltd. Receives Patent

Jan 07, 2011

Ilyang Pharmaceutical Co., Ltd. announced that it has received a patent on November 18, 2010, for N-phenyl-2-pyrimidine-amine derivatives and manufacturing method thereof.

Annual Income Statement

Financials in: USD (mil)

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

Financial Glossary

	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007	31-Mar-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008	Updated Normal 31-Mar-2007	Updated Normal 31-Mar-2006
Filed Currency	KRW	KRW	KRW	KRW	KRW
Exchange Rate (Period Average)	1209.855603	1214.015574	933.271038	945.639003	1012.786749
Auditor	Shinhan Accounting Corporation	Shinhan Accounting Corporation	Shinhan Accounting Corporation	Shinhan Accounting Corporation	Sahmduk Accounting Corp.
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified	Unqualified	Unqualified
Net Sales	122.1	94.4	128.9	137.3	118.8
Revenue	122.1	94.4	128.9	137.3	118.8
Total Revenue	122.1	94.4	128.9	137.3	118.8
Cost of Revenue	73.4	63.7	78.9	81.2	67.6
Cost of Revenue, Total	73.4	63.7	78.9	81.2	67.6
Gross Profit	48.7	30.8	50.0	56.1	51.2
Selling/General/Administrative Expense	9.1	7.6	11.0	10.8	9.8
Labor & Related Expense	23.2	20.4	27.7	25.3	22.5
Advertising Expense	8.6	10.4	8.7	11.4	9.8
Total Selling/General/Administrative Expenses	40.9	38.4	47.4	47.4	42.1
Research & Development	0.7	0.8	0.7	0.5	0.5
Depreciation	1.7	1.4	1.8	1.8	1.7
Depreciation/Amortization	1.7	1.4	1.8	1.8	1.7
Total Operating Expense	116.6	104.3	128.7	131.0	111.9
Operating Income	5.4	-9.9	0.2	6.3	6.9
Interest Expense - Non-Operating	-5.0	-5.0	-3.6	-3.0	-3.7
Interest Expense, Net Non-Operating	-5.0	-5.0	-3.6	-3.0	-3.7
Interest Income - Non-Operating	0.6	1.0	0.4	0.3	0.5
Investment Income - Non-Operating	0.3	-1.4	0.4	0.1	7.3
Interest/Investment Income - Non-Operating	0.9	-0.4	0.8	0.4	7.8
Interest Income (Expense) - Net Non-Operating Total	-4.1	-5.5	-2.8	-2.6	4.1
Gain (Loss) on Sale of Assets	0.2	0.0	0.2	0.3	-0.4
Other Non-Operating Income (Expense)	1.6	-1.0	4.1	1.2	-5.0
Other, Net	1.6	-1.0	4.1	1.2	-5.0
Income Before Tax	3.1	-16.4	1.7	5.1	5.5
Total Income Tax	1.4	-3.1	0.6	1.8	2.1
Income After Tax	1.7	-13.2	1.1	3.3	3.4
Minority Interest	-0.9	-	-	-	-
Net Income Before Extraord Items	0.9	-13.2	1.1	3.3	3.4
Net Income	0.9	-13.2	1.1	3.3	3.4
Preferred Dividends	-	-	-0.1	-0.1	-0.1
Total Adjustments to Net Income	-	-	-0.1	-0.1	-0.1
Income Available to Common Excl Extraord Items	0.9	-13.2	1.0	3.2	3.4
Income Available to Common Incl Extraord Items	0.9	-13.2	1.0	3.2	3.4
Basic/Primary Weighted Average Shares	13.9	13.9	13.8	13.4	13.5
Basic EPS Excl Extraord Items	0.06	-0.96	0.07	0.24	0.25
Basic/Primary EPS Incl Extraord Items	0.06	-0.96	0.07	0.24	0.25
Dilution Adjustment	0.0	0.0	0.0	-	-
Diluted Net Income	0.9	-13.2	1.0	3.2	3.4
Diluted Weighted Average Shares	13.9	13.9	13.8	13.4	13.5
Diluted EPS Excl Extraord Items	0.06	-0.96	0.07	0.24	0.25
Diluted EPS Incl Extraord Items	0.06	-0.96	0.07	0.24	0.25
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.10	0.13	0.12
Gross Dividends - Common Stock	0.0	0.0	1.4	1.7	1.7
Interest Expense, Supplemental	5.0	5.0	3.6	3.0	3.7
Interest Capitalized, Supplemental	-	-0.6	-	-	-
Depreciation, Supplemental	3.4	2.6	3.3	2.0	1.5
Total Special Items	-0.1	0.0	-0.2	-0.3	0.4
Normalized Income Before Tax	3.0	-16.4	1.5	4.9	6.0
Effect of Special Items on Income Taxes	-0.1	0.0	-0.1	-0.1	0.2
Inc Tax Ex Impact of Sp Items	1.3	-3.1	0.6	1.8	2.3
Normalized Income After Tax	1.7	-13.2	1.0	3.1	3.7
Normalized Inc. Avail to Com.	0.8	-13.2	0.9	3.0	3.6
Basic Normalized EPS	0.06	-0.96	0.07	0.23	0.27
Diluted Normalized EPS	0.06	-0.96	0.07	0.23	0.27
Amort of Acquisition Costs, Supplemental	0.0	-	-	-	-
Amort of Intangibles, Supplemental	2.0	-	-	1.2	1.2
Rental Expenses	0.3	0.2	0.4	0.4	0.3
Advertising Expense, Supplemental	8.6	10.4	8.7	11.4	9.8
Research & Development Exp, Supplemental	0.7	0.8	0.7	4.2	0.5
Normalized EBIT	5.4	-9.9	0.2	6.3	6.9
Normalized EBITDA	10.8	-7.3	3.5	9.5	9.6

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007	31-Mar-2006
UpdateType/Date	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008	Updated Normal 31-Mar-2007	Updated Normal 31-Mar-2006
Filed Currency	KRW	KRW	KRW	KRW	KRW
Exchange Rate	1131.45	1383.25	990.35	940.6	971.65
Auditor	Shinhan Accounting Corporation	Shinhan Accounting Corporation	Shinhan Accounting Corporation	Shinhan Accounting Corporation	Sahmduk Accounting Corp.
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified	Unqualified	Unqualified
Cash & Equivalents	16.5	13.6	11.1	6.2	1.7
Short Term Investments	1.4	2.0	2.5	0.8	9.5
Cash and Short Term Investments	17.9	15.6	13.6	6.9	11.2
Accounts Receivable - Trade, Gross	57.7	44.4	62.1	69.5	58.7
Provision for Doubtful Accounts	-5.7	-4.6	-6.2	-6.2	-5.5
Trade Accounts Receivable - Net	52.3	40.3	56.2	63.8	53.6
Other Receivables	4.0	2.9	3.9	3.8	3.3
Total Receivables, Net	56.4	43.1	60.1	67.6	56.8
Inventories - Finished Goods	11.9	7.7	14.4	11.1	10.0
Inventories - Work In Progress	2.8	1.7	1.6	2.6	1.8
Inventories - Raw Materials	6.1	4.4	5.9	5.0	5.6
Inventories - Other	1.3	0.9	1.0	1.0	1.2
Total Inventory	22.2	14.7	22.9	19.7	18.6
Prepaid Expenses	1.1	1.1	0.6	0.1	0.4
Deferred Income Tax - Current Asset	-	-	2.0	2.0	1.7
Other Current Assets, Total	-	-	2.0	2.0	1.7
Total Current Assets	97.5	74.5	99.1	96.4	88.8
Buildings	26.4	18.9	26.1	27.6	26.6
Land/Improvements	111.7	91.3	33.7	35.8	34.6
Machinery/Equipment	29.8	22.3	30.3	31.3	29.5
Construction in Progress	3.4	0.2	8.2	-	0.0
Leases	-	0.2	0.1	0.2	-
Property/Plant/Equipment - Gross	171.2	132.9	98.5	94.9	90.7
Accumulated Depreciation	-36.7	-27.2	-36.1	-37.4	-34.7
Property/Plant/Equipment - Net	134.6	105.8	62.4	57.6	56.0
Intangibles, Net	11.3	5.6	5.8	4.3	3.1
LT Investment - Affiliate Companies	-	4.1	3.6	3.0	2.5
LT Investments - Other	1.8	1.0	1.9	3.8	3.2
Long Term Investments	1.8	5.2	5.5	6.8	5.6
Deferred Income Tax - Long Term Asset	-	-	1.3	1.6	2.2
Other Long Term Assets	10.9	2.2	2.6	1.9	1.8
Other Long Term Assets, Total	10.9	2.2	3.9	3.4	4.1
Total Assets	256.2	193.2	176.8	168.6	157.5
Accounts Payable	9.2	8.3	10.3	17.3	9.7
Accrued Expenses	0.6	0.3	0.6	0.5	0.6
Notes Payable/Short Term Debt	23.0	14.5	10.1	2.1	2.7
Current Portion - Long Term Debt/Capital Leases	41.0	25.5	5.4	21.7	20.9
Dividends Payable	0.0	0.0	0.0	0.0	0.0
Customer Advances	0.0	0.3	-	0.0	0.0
Security Deposits	4.2	3.4	4.8	4.0	3.9
Income Taxes Payable	0.0	-	0.1	0.1	1.6
Other Payables	5.4	5.0	7.9	9.4	7.2
Other Current Liabilities	2.7	9.6	3.2	3.1	2.7
Other Current liabilities, Total	12.4	18.3	16.0	16.6	15.3
Total Current Liabilities	86.1	67.0	42.5	58.2	49.2
Long Term Debt	43.8	30.0	50.8	27.2	26.6
Capital Lease Obligations	-	0.0	0.0	0.1	-
Total Long Term Debt	43.8	30.0	50.8	27.3	26.6
Total Debt	107.7	70.0	66.4	51.1	50.2
Deferred Income Tax - LT Liability	8.8	7.1	-	-	-
Deferred Income Tax	8.8	7.1	-	-	-
Minority Interest	4.7	-	-	-	-
Pension Benefits - Underfunded	3.3	2.9	4.0	4.0	4.1
Other Long Term Liabilities	-	-	-	0.1	0.0
Other Liabilities, Total	3.3	2.9	4.0	4.0	4.1
Total Liabilities	146.7	106.9	97.2	89.6	80.0
Preferred Stock - Non Redeemable	1.0	0.8	1.1	1.2	1.1
Preferred Stock - Non Redeemable, Net	1.0	0.8	1.1	1.2	1.1
Common Stock	31.2	25.5	35.6	37.5	36.3
Common Stock	31.2	25.5	35.6	37.5	36.3
Additional Paid-In Capital	26.9	29.9	42.4	42.9	41.0
Retained Earnings (Accumulated Deficit)	1.0	-9.1	5.0	6.0	4.3
Treasury Stock - Common	-6.5	-6.4	-6.3	-9.6	-6.3
Unrealized Gain (Loss)	55.9	45.7	1.7	1.1	1.1
Total Equity	109.5	86.4	79.5	79.0	77.6
Total Liabilities & Shareholders’ Equity	256.2	193.2	176.8	168.6	157.5
Shares Outstanding - Common Stock Primary Issue	13.9	13.8	13.8	13.3	13.5
Total Common Shares Outstanding	13.9	13.8	13.8	13.3	13.5
Treasury Shares - Common Stock Primary Issue	0.9	1.0	0.8	1.4	1.3
Shares Outstanding - Preferred Stock Primary Issue	0.4	0.4	0.4	0.4	0.4
Total Preferred Stock Outstanding	0.4	0.4	0.4	0.4	0.4
Treasury Shares - Preferred Primary Issue	0.0	0.0	-	-	-
Employees	613	652	694	695	647
Number of Common Shareholders	13,846	13,310	8,026	4,943	5,119
Accumulated Intangible Amort, Suppl.	4.3	-	-	-	-
Deferred Revenue - Current	0.0	0.3	-	0.0	0.0
Total Long Term Debt, Supplemental	85.2	55.5	56.1	48.8	47.6
Long Term Debt Maturing within 1 Year	41.0	25.5	5.3	21.6	20.9
Long Term Debt Maturing in Year 2	10.8	15.4	30.6	5.6	20.9
Long Term Debt Maturing in Year 3	28.3	8.8	20.2	21.6	5.5
Long Term Debt Maturing in Year 4	-	-	-	-	0.3
Long Term Debt Maturing in 2-3 Years	39.1	24.2	50.8	27.2	26.3
Long Term Debt Maturing in 4-5 Years	-	-	-	-	0.3
Long Term Debt Matur. in Year 6 & Beyond	5.2	5.8	0.0	0.0	0.0
Total Capital Leases, Supplemental	-	0.0	0.1	0.2	-
Capital Lease Payments Due in Year 1	-	0.0	0.1	0.1	-
Capital Lease Payments Due in Year 2	-	-	0.0	0.1	-
Capital Lease Payments Due in Year 3	-	-	-	0.0	-
Capital Lease Payments Due in 2-3 Years	-	-	0.0	0.1	-
Cap. Lease Pymts. Due in Year 6 & Beyond	-	0.0	0.0	0.0	-

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007	31-Mar-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008	Updated Normal 31-Mar-2007	Updated Normal 31-Mar-2006
Filed Currency	KRW	KRW	KRW	KRW	KRW
Exchange Rate (Period Average)	1209.855603	1214.015574	933.271038	945.639003	1012.786749
Auditor	Shinhan Accounting Corporation	Shinhan Accounting Corporation	Shinhan Accounting Corporation	Shinhan Accounting Corporation	Sahmduk Accounting Corp.
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	1.7	-13.2	1.1	3.3	3.4
Depreciation	3.4	2.6	3.3	3.2	2.7
Depreciation/Depletion	3.4	2.6	3.3	3.2	2.7
Deferred Taxes	0.2	-3.3	-0.1	0.6	-0.4
Unusual Items	-0.1	3.5	-0.2	0.0	-6.3
Equity in Net Earnings (Loss)	0.2	-0.8	-0.3	-0.4	-0.1
Other Non-Cash Items	2.3	4.5	3.0	2.7	8.5
Non-Cash Items	2.3	7.2	2.5	2.4	2.1
Accounts Receivable	-1.4	-0.3	4.2	-8.9	-0.4
Inventories	-5.7	0.0	-4.2	-0.7	-0.5
Prepaid Expenses	0.3	-0.8	-0.5	0.4	-0.2
Other Assets	0.7	0.4	-	-	-
Accounts Payable	-2.0	0.4	-7.6	9.2	1.1
Accrued Expenses	0.1	-0.1	0.1	0.0	0.0
Taxes Payable	-0.1	0.0	-0.1	-1.6	-0.5
Other Liabilities	-7.2	5.8	-1.7	-1.9	-1.9
Changes in Working Capital	-15.4	5.4	-9.9	-3.5	-2.4
Cash from Operating Activities	-7.8	-1.3	-3.1	6.0	5.5
Purchase of Fixed Assets	-4.3	-7.8	-11.0	-1.7	-12.8
Purchase/Acquisition of Intangibles	-4.5	-2.8	-3.0	-2.3	-1.4
Capital Expenditures	-8.8	-10.6	-14.1	-4.1	-14.2
Sale of Fixed Assets	0.2	0.0	0.7	0.4	39.0
Sale/Maturity of Investment	1.0	1.3	130.3	88.5	149.0
Purchase of Investments	-0.3	-1.2	-125.3	-80.5	-142.5
Sale of Intangible Assets	0.0	-	0.0	0.0	0.0
Other Investing Cash Flow	-8.2	-0.4	-1.2	-0.5	-24.5
Other Investing Cash Flow Items, Total	-7.3	-0.3	4.5	7.9	21.0
Cash from Investing Activities	-16.1	-10.9	-9.6	3.8	6.9
Other Financing Cash Flow	0.1	-0.1	1.1	-0.1	-3.1
Financing Cash Flow Items	0.1	-0.1	1.1	-0.1	-3.1
Total Cash Dividends Paid	-0.6	-1.1	-1.8	-1.8	-1.3
Sale/Issuance of Common	2.5	-	-	-	-
Repurchase/Retirement of Common	-	-2.7	-	-2.6	0.0
Common Stock, Net	2.5	-2.7	-	-2.6	0.0
Issuance (Retirement) of Stock, Net	2.5	-2.7	-	-2.6	0.0
Short Term Debt Issued	33.1	17.5	10.7	-	0.8
Short Term Debt Reduction	-28.1	-9.3	-2.1	-0.6	-0.8
Short Term Debt, Net	5.0	8.2	8.6	-0.6	0.0
Long Term Debt Issued	44.8	42.4	32.1	21.1	14.8
Long Term Debt Reduction	-29.3	-28.1	-21.8	-21.5	-23.2
Long Term Debt, Net	15.5	14.3	10.3	-0.4	-8.4
Issuance (Retirement) of Debt, Net	20.4	22.5	18.9	-1.0	-8.4
Cash from Financing Activities	22.5	18.7	18.2	-5.4	-12.8
Foreign Exchange Effects	-0.2	-	-	-	-
Net Change in Cash	-1.6	6.5	5.5	4.4	-0.4
Net Cash - Beginning Balance	17.0	9.0	6.2	1.8	2.1
Net Cash - Ending Balance	15.4	15.5	11.8	6.1	1.6

Annual Income Statement

Financials in: USD (mil)

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

	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007	31-Mar-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008	Updated Normal 31-Mar-2007	Updated Normal 31-Mar-2006
Filed Currency	KRW	KRW	KRW	KRW	KRW
Exchange Rate (Period Average)	1209.855603	1214.015574	933.271038	945.639003	1012.786749
Auditor	Shinhan Accounting Corporation	Shinhan Accounting Corporation	Shinhan Accounting Corporation	Shinhan Accounting Corporation	Sahmduk Accounting Corp.
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified	Unqualified	Unqualified
Revenue	122.1	94.4	128.9	137.3	118.8
Total Revenue	122.1	94.4	128.9	137.3	118.8
Cost-Revenue	73.4	63.7	78.9	81.2	67.6
Salaries & Wages	15.0	13.4	18.0	16.0	14.9
Retirement Allowance	1.6	1.4	2.0	2.0	1.5
Employee Benefits	3.2	2.1	3.2	3.1	2.3
Travel Expense	2.9	2.3	3.1	2.8	2.5
Communication Expense	0.1	0.1	0.2	0.2	0.2
Utility Expense	0.3	0.2	0.3	0.3	0.4
Taxes & Dues	0.8	0.8	1.0	0.9	0.8
Rental Expenses	0.3	0.2	0.4	0.4	0.3
Depreciation Expense	1.7	1.4	1.8	1.8	1.7
Repair Expense	0.1	0.0	0.1	0.1	0.1
Insurance Expense	0.0	0.0	0.1	0.1	0.1
Entertainment Expense	0.4	0.3	0.3	0.5	0.3
Expense-Samples	0.1	0.0	0.1	0.1	0.0
Conference Expense	0.0	0.0	0.1	0.3	0.3
Marketing Expense	4.2	5.3	3.0	3.7	2.8
Advertising Expense	4.4	5.1	5.7	7.7	7.0
Public Relations Expense	0.0	0.0	0.0	0.0	0.0
Expense-Consumable Goods	0.8	0.6	0.8	0.7	0.6
Publishing & Printing Expense	0.1	0.1	0.1	0.1	0.1
Commission Paid	3.4	3.5	4.5	4.1	3.8
Shipping & Handling Expense	1.7	1.3	1.9	2.1	1.8
Vehicles Maintenance Expense	0.5	0.6	0.8	0.8	0.6
Other Exporting Related Expense	0.5	0.5	0.5	0.5	0.6
Lease Expense Paid	-	-	-	-	0.0
Education & Training Expense	0.3	0.3	0.7	0.5	0.4
Other Payrolls	0.0	0.0	0.0	0.0	0.0
Research & Development Expense	0.3	0.5	0.2	0.2	0.2
Technology Development Expense	0.4	0.4	0.4	0.4	0.4
Provision-Bad Debt	0.1	0.1	0.3	0.5	0.5
Miscellaneous Operating Expense	-	0.1	0.1	0.1	0.1
Miscellaneous Operating Expense	0.1	-	-	-	-
Total Operating Expense	116.6	104.3	128.7	131.0	111.9
Interest Income	0.6	1.0	0.4	0.3	0.5
Dividend Income	0.1	0.5	0.1	0.0	0.1
Rental Income	0.6	0.6	0.9	0.9	0.9
Gain-Foreign Currency Translation	0.2	0.4	0.1	0.0	0.1
Gain-Foreign Exchange Transaction	0.4	0.5	0.1	0.1	0.0
Gain-Disposal of Investment Assets	0.2	-	0.1	-	7.8
Fee & Commission Received	0.2	0.4	0.3	0.1	0.0
Gain-Disposal of Sec. Available-Sale	-	-	0.0	0.0	0.2
Miscellaneous Non-Operating Income	1.8	2.0	0.6	1.0	0.1
Gain-Disposal of Tangible Assets	0.1	0.0	0.3	0.3	0.3
Gain-Disposal of Intangible Assets	0.0	-	0.0	0.0	-
Recovery-Tariffs, Non-Operating	-	-	0.0	0.0	-
Interest Expense, Non-Operating	-5.0	-5.0	-3.6	-3.0	-3.7
Loss-Foreign Currency Translation	-0.1	-0.7	-0.1	0.0	-0.2
Loss-Foreign Exchange Transaction	-0.4	-2.8	-0.1	-0.1	0.0
Donations Paid, Non-Operating	-0.1	-0.1	-0.1	-0.1	0.0
Loss-Disposal of Tangible Assets	0.0	0.0	-0.1	0.0	-0.8
Loss-Valuation of Tangible Assets	-	0.0	-	-	-
Retal Expense	-0.3	-0.3	-0.4	-0.4	-0.3
Gain-Assets Contributed	-	-	3.2	-	-
Loss-Disposal of Investment Assets	-	-	-0.1	-	-
Loss-Reduct. of Sec. Available-Sale	-	-	-	-0.2	-0.7
Loss-Disposal of Sec Available-Sale	-	-	0.0	-0.2	0.0
Loss-Disposal of Accounts Receivable	0.0	0.0	-0.1	-0.1	-5.2
Other Amortization	-	-	-	0.0	-0.2
Miscellaneous Non-Operating Expense	-0.5	-0.1	-0.2	-0.1	-0.2
Gain under Equity Method	-	0.8	0.3	0.4	-
Loss under Equity Method	-0.2	-	-	-	0.0
S Loss-Withdraw of Special Inventory	-	-3.5	-	-	-
Net Income Before Taxes	3.1	-16.4	1.7	5.1	5.5
Provision for Income Taxes	1.4	-3.1	0.6	1.8	2.1
Net Income After Taxes	1.7	-13.2	1.1	3.3	3.4
Minority Interest	-0.9	-	-	-	-
Net Income Before Extra. Items	0.9	-13.2	1.1	3.3	3.4
Net Income	0.9	-13.2	1.1	3.3	3.4
Preferred Dividends	-	-	-0.1	-0.1	-0.1
Income Available to Com Excl ExtraOrd	0.9	-13.2	1.0	3.2	3.4
Income Available to Com Incl ExtraOrd	0.9	-13.2	1.0	3.2	3.4
Basic Weighted Average Shares	13.9	13.9	13.8	13.4	13.5
Basic EPS Excluding ExtraOrdinary Items	0.06	-0.96	0.07	0.24	0.25
Basic EPS Including ExtraOrdinary Item	0.06	-0.96	0.07	0.24	0.25
Dilution Adjustment	0.0	0.0	0.0	-	-
Diluted Net Income	0.9	-13.2	1.0	3.2	3.4
Diluted Weighted Average Shares	13.9	13.9	13.8	13.4	13.5
Diluted EPS Excluding ExtraOrd Items	0.06	-0.96	0.07	0.24	0.25
Diluted EPS Including ExtraOrd Items	0.06	-0.96	0.07	0.24	0.25
DPS-Common Stock	0.00	0.00	0.10	0.13	0.12
Gross Dividends - Common Stock	0.0	0.0	1.4	1.7	1.7
Normalized Income Before Taxes	3.0	-16.4	1.5	4.9	6.0
Inc Tax Ex Impact of Sp Items	1.3	-3.1	0.6	1.8	2.3
Normalized Income After Taxes	1.7	-13.2	1.0	3.1	3.7
Normalized Inc. Avail to Com.	0.8	-13.2	0.9	3.0	3.6
Basic Normalized EPS	0.06	-0.96	0.07	0.23	0.27
Diluted Normalized EPS	0.06	-0.96	0.07	0.23	0.27
Interest Expense, Supplemental	5.0	5.0	3.6	3.0	3.7
Interest Capitalized, Supplemental	-	-0.6	-	-	-
Rental Expense, Supplemental	0.3	0.2	0.4	0.4	0.3
Advertising Expense	8.6	10.4	8.7	11.4	9.8
R&D Expense, Supplemental	0.7	0.8	0.7	4.2	0.5
Depreciation, Supplemental	3.4	2.6	3.3	2.0	1.5
Amort. of Intangible Assets	2.0	-	-	1.2	1.2
Amort of Acquisition Costs	0.0	-	-	-	-

Annual Balance Sheet

Financials in: USD (mil)

	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007	31-Mar-2006
UpdateType/Date	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008	Updated Normal 31-Mar-2007	Updated Normal 31-Mar-2006
Filed Currency	KRW	KRW	KRW	KRW	KRW
Exchange Rate	1131.45	1383.25	990.35	940.6	971.65
Auditor	Shinhan Accounting Corporation	Shinhan Accounting Corporation	Shinhan Accounting Corporation	Shinhan Accounting Corporation	Sahmduk Accounting Corp.
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified	Unqualified	Unqualified
Cash & Equivalents	16.5	13.6	11.1	6.2	1.7
ST Financial Assets	0.2	1.1	2.4	0.8	-
ST Deposits	-	-	-	-	8.5
ST Securities Available for Sale	1.1	0.9	0.1	0.0	1.0
Trade Receivable	57.7	44.4	62.1	69.5	58.7
Reserve-Doubtful Account	-5.7	-4.6	-6.2	-6.2	-5.5
ST Loan, Net	0.0	-	0.0	0.0	0.0
Other Receivable, Net	4.0	2.9	3.9	3.8	3.3
Accrued Income	0.3	0.5	0.3	0.4	0.4
Advanced Payment	1.2	0.9	0.9	1.0	1.1
Prepaid Expense	1.1	1.1	0.6	0.1	0.4
Deferred Income Taxes-Debit, Current	-	-	2.0	2.0	1.7
Merchandises	3.4	3.1	5.3	3.8	3.4
Allowance for Loss on Valuation of Merch	-	-0.1	-	-	-
Finished Goods	8.0	5.8	8.3	6.7	6.2
Allowance for Loss on Valuation of Finis	-	-1.8	-	-	-
Pharmaceutical Products	0.4	0.7	0.6	0.4	0.4
Allowance for Loss on Valuation of Pharm	-	0.0	-	-	-
Work in Progress	2.8	1.7	1.6	2.6	1.8
Raw Materials	5.4	4.0	5.3	4.3	4.7
Packaging Materials	0.7	0.5	0.7	0.7	0.7
Stored Goods	0.1	0.0	0.1	0.1	0.1
Raw Materials in Transit	-	-	-	-	0.2
Goods in Transit	0.1	0.0	0.2	0.1	-
Total Current Assets	97.5	74.5	99.1	96.4	88.8
LT Deposits	-	-	-	-	1.2
LT Financial Assets	0.7	0.4	1.2	2.2	-
Securities Available for Sale	1.1	0.7	0.7	1.6	-
LT Invest Secs.	-	-	-	-	2.0
Equity Method Investment Securities	-	4.1	3.6	3.0	2.5
LT Security Deposit	3.4	2.2	2.6	1.9	1.8
LA Defer Tax Dbt	-	-	1.3	1.6	2.2
Land	111.7	91.3	33.7	35.8	34.6
Buildings	24.1	17.0	23.5	24.9	24.0
Buildings-Depreciation	-7.8	-4.8	-6.2	-5.9	-5.1
Structures	2.2	1.9	2.6	2.7	2.6
Structures-Depreciation	-1.5	-1.2	-1.6	-1.6	-1.4
Machinery & Equipment	20.8	14.9	20.4	21.1	19.9
Machinery & Equipment-Depreciation	-19.7	-14.3	-19.3	-20.5	-19.4
Vehicles & Transportation Equipment	0.3	0.8	1.2	1.3	1.2
Vehicles & Transportation-Depreciation	-0.3	-0.7	-1.0	-1.0	-0.9
Tools & Equipments	5.3	4.0	5.1	5.0	4.7
Tools & Equipments-Depreciation	-4.4	-3.5	-4.6	-4.7	-4.4
Fixtures	3.5	2.6	3.6	3.9	3.7
Fixtures-Depreciation	-2.9	-2.5	-3.4	-3.7	-3.4
Construction	3.4	0.2	8.2	-	0.0
Lease Assts.	-	-	0.1	0.2	-
Capital Leased Assets	-	0.2	-	-	-
Accumulated Depreciation for Capital Lea	-	-0.2	-	-	-
Mach.In Transit	0.0	0.0	0.0	0.1	-
Industrial Property Right	1.4	0.5	0.5	0.5	0.5
Exclusive Rights	0.5	0.0	0.0	0.0	-
Usage Rights on Facility	-	-	-	-	0.0
Development Cost	8.8	4.8	4.9	3.3	1.9
Software, Intangible	0.5	0.2	0.2	0.3	0.3
Other Intangible	0.1	0.0	0.2	0.3	0.3
LT Advance Payment	7.5	-	-	-	-
Total Assets	256.2	193.2	176.8	168.6	157.5
Trade Acct. Pay.	9.2	8.3	10.3	17.3	9.7
ST Borrowings	23.0	14.5	10.1	2.1	2.7
Dividend Payable	0.0	0.0	0.0	0.0	0.0
Account Payable	5.4	5.0	7.9	9.4	7.2
Advances Received	0.0	0.3	-	0.0	0.0
Deposit Withheld	2.2	2.7	1.5	1.4	1.4
Income Taxes Payable	0.0	-	0.1	0.1	1.6
Accrued Expense	0.6	0.3	0.6	0.5	0.6
Import Deposit	4.2	3.4	4.8	4.0	3.9
Rsv-Returned Goods	0.5	3.9	1.7	1.7	1.3
Provisions for Accidental Return of Good	-	3.1	-	-	-
Current Portion of LT Debt	41.0	25.5	5.3	21.6	20.9
Current Port. of Capital Lease	-	0.0	0.1	0.1	-
Total Current Liabilities	86.1	67.0	42.5	58.2	49.2
Bonds	-	7.2	30.3	26.6	20.6
Bonds with Warrant	26.5	-	-	-	-
Reserve - Redemption of Bonds	3.4	-	-	-	-
Adjustment - Bonds with Warrant	-3.8	-	-	-	-
LT Borrowings	17.7	22.8	20.5	0.6	0.9
Capital Lease	-	0.0	0.0	0.1	-
Foreign Curr LTD	-	-	-	-	5.1
Total Long Term Debt	43.8	30.0	50.8	27.3	26.6
Retire Reserve	-	-	4.0	4.0	4.1
Reserve-Severance and Retirement Benefit	3.3	2.9	-	-	-
Transfer to National Pension Fund	0.0	0.0	-	-	-
Long-Term Accrued Expenses	-	-	-	0.1	0.0
Deferred Income Tax, Credit	8.8	7.1	-	-	-
Minority Interest	4.7	-	-	-	-
Total Liabilities	146.7	106.9	97.2	89.6	80.0
Common Stock	31.2	25.5	35.6	37.5	36.3
Preferred Stock	1.0	0.8	1.1	1.2	1.1
Treasury Stock	-6.5	-6.4	-6.3	-9.6	-6.3
Gain-Valu. of Sec. Available for Sale	0.0	-	-	-0.2	-0.1
Gain-valuation of Equity Method Securiti	3.0	2.5	1.7	1.3	1.2
Gain-Valuation of Assets	52.8	43.2	-	-	-
Paid-in Capital in Excess of Par	18.8	15.3	21.4	22.6	21.8
Other Capital	3.4	1.5	2.8	1.1	0.6
Reserve for Assets Revaluation	4.8	13.0	18.2	19.1	18.5
Legal Reserve	0.1	0.5	0.6	0.4	0.2
Reserve-Loss on Treasury Stock Disposal	-	0.3	0.5	0.5	0.5
Facilities Resrv	-	1.6	2.7	1.6	-
Retained Earning Carried Forward	0.9	-11.5	1.2	3.5	3.6
Total Equity	109.5	86.4	79.5	79.0	77.6
Total Liabilities & Shareholders' Equity	256.2	193.2	176.8	168.6	157.5
S/O-Common Stock	13.9	13.8	13.8	13.3	13.5
Total Common Shares Outstanding	13.9	13.8	13.8	13.3	13.5
T/S-Common Stock	0.9	1.0	0.8	1.4	1.3
S/O-Preferred Stock	0.4	0.4	0.4	0.4	0.4
Total Preferred Shares Outstanding	0.4	0.4	0.4	0.4	0.4
T/S-Preferred Stock	0.0	0.0	-	-	-
Deferred Revenue, Current	0.0	0.3	-	0.0	0.0
Accumulated Intangible Amort, Suppl.	4.3	-	-	-	-
Full-Time Employees	613	652	694	695	647
Number of Common Shareholders	13,846	13,310	8,026	4,943	5,119
LT Debt 1 yr	41.0	25.5	5.3	21.6	20.9
LT Debt 2 yrs	10.8	15.4	30.6	5.6	20.9
LT Debt 3 yrs	28.3	8.8	20.2	21.6	5.5
LT Debt 4 yrs	-	-	-	-	0.3
LT Debt-Remaining Maturities	5.2	5.8	-	-	-
Total Long Term Debt, Supplemental	85.2	55.5	56.1	48.8	47.6
Capital Lease Pymts. Due in Yr. 1	-	0.0	0.1	0.1	-
Capital Lease Pymts. Due in Yr. 2	-	-	0.0	0.1	-
Capital Lease Pymts. Due in Yr. 3	-	-	-	0.0	-
Total Capital Leases	-	0.0	0.1	0.2	-

Annual Cash Flows

Financials in: USD (mil)

	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007	31-Mar-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008	Updated Normal 31-Mar-2007	Updated Normal 31-Mar-2006
Filed Currency	KRW	KRW	KRW	KRW	KRW
Exchange Rate (Period Average)	1209.855603	1214.015574	933.271038	945.639003	1012.786749
Auditor	Shinhan Accounting Corporation	Shinhan Accounting Corporation	Shinhan Accounting Corporation	Shinhan Accounting Corporation	Sahmduk Accounting Corp.
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified	Unqualified	Unqualified
Net Income	1.7	-13.2	1.1	3.3	3.4
Depreciation	3.4	2.6	3.3	3.2	2.7
Dep-Lease Buildings	-	-	-	-	0.0
Provision-Doubtful Account	0.1	0.1	0.3	0.5	0.5
Amort-Bond Discount	-	-	0.0	0.0	0.0
Substitute-Machinery in Transit	-	-	-	-	0.0
Provision-Retirement Allowance	1.7	1.6	2.2	2.2	1.8
Loss-Foreign Currency Translation	0.0	0.1	0.0	-	0.0
Loss-Foreign Exchange Transaction	-	2.5	-	-	-
Loss-Disposal of Tangible Assets	0.0	0.0	0.1	0.0	0.8
Loss-Valuation of Tangible Assets	-	0.0	-	-	-
Loss-Withdraw of Special Inventory	-	3.5	-	-	-
Reduction-Machines in Transit	0.1	-	-	-	-
Repairing Expenses -Machines in Transit	0.0	-	-	-	-
Treasury Stock Bonuses	-	-	-	-	0.7
L-Disp Secs avial. for Sale	-	-	0.0	0.1	0.0
Loss-Valu. under Equity Method	0.2	-	-	-	0.0
Loss-Disposal of Trade Receivable	0.0	0.0	0.1	-	5.2
Other Amortiztion	-	-	-	-	0.2
L-REduce Securities avail. for Sale	-	-	-	0.2	0.7
Dec-Machine in Trnst	-	0.3	0.3	0.1	-
Amort-Convertible Right Adjustment	0.3	-	-	-	-
Gain-Foreign Currency Translation	0.0	-0.1	0.0	-	-
Gain-Disposal of Tangible Assets	-0.1	0.0	-0.3	-0.3	-7.8
Gain-Disposal of Intangible Assets	0.0	-	-	0.0	0.0
Equity Earnings	-	-0.8	-0.3	-0.4	-0.1
Recovery of Income Taxes Paid	-	-	0.0	0.0	-
G-disp Securities avail. for Sale	-	-	0.0	-	-
Trade Receivable	-1.6	0.0	4.1	-8.8	-0.8
Inventory	-5.7	0.1	-4.4	-0.8	-2.0
Accrued Income	0.2	-0.3	0.1	-0.1	0.4
Advanced Payment	0.0	-0.1	0.2	0.2	1.6
Prepaid Expense	0.3	-0.8	-0.5	0.4	-0.2
Reserve-National Pension	0.0	0.0	0.0	0.0	0.0
Trade Payable	-1.0	1.1	-6.5	7.3	0.8
Account Payable	-1.0	-0.6	-1.1	2.0	0.3
Advance Received	-0.4	0.4	0.0	0.0	-0.1
Deposit Withheld	-1.0	1.8	0.2	-0.1	-0.5
Accrued Income Taxes	-0.1	0.0	-0.1	-1.6	-0.5
Accrued Expense	0.1	-0.1	0.2	-0.1	-0.1
Increase or Decrease Deferred Tax Assets	-	-	-0.1	0.6	-0.4
Deferred Income Tax Credit, A/L	0.2	-3.3	-	-	-
Dec-Doubtful Accts	0.0	0.0	0.0	0.0	0.0
Provision for Sales Return	-3.9	3.0	0.1	0.4	0.3
Reserve-Inventory Valuation	0.0	2.1	0.0	0.2	-
LT Accrued Expenses	-	-	-0.1	0.0	0.0
Pymt of Retire Allow	-1.9	-1.5	-2.0	-2.4	-1.6
Increase -Sec. under Equity Method	0.7	0.4	-	-	-
Cash from Operating Activities	-7.8	-1.3	-3.1	6.0	5.5
Decrease-ST Loans	0.7	0.2	0.1	0.2	0.1
Decrease-ST Financial Assets	1.0	0.8	123.4	87.5	149.0
Decrease Acct Rcvbl.	41.6	38.3	42.2	35.9	25.3
Decrease-Guarantee Deposit	0.6	0.7	2.0	3.5	1.9
Decrease-LT Financial Assets	0.0	0.5	1.0	-	0.0
Disposal of Land	-	-	0.4	0.1	14.2
Disposal-Buildings	0.0	-	0.3	0.2	24.7
Disposal-Machinery & Equipments	0.0	-	0.1	0.0	0.0
Disposal Trans Equip	0.2	0.0	0.0	0.0	0.0
Disp-Tools/Fixtures/Structures	0.0	0.0	0.0	0.0	-
Disp-Other Tangible Assets	-	-	-	-	0.0
Disp Intangible Assets	0.0	-	0.0	0.0	0.0
Disp.-Secs. Avail.-for-Sale	0.0	0.0	0.0	1.0	0.0
Disposal-Securities Available-for-Sale	-	-	5.8	-	-
Dec-Advance Rcvd IP	-	-	-	-	13.2
Inc-ST Secs. Avail.-for-Sale	-	-1.0	-0.1	0.0	-
Increase-Securities Available-for-Sale	-0.1	-0.2	-	-	-
Acq-ST Invest. Assets	-	-	-	-	-0.6
Incr-ST Finl Assets	-	-	-125.2	-79.5	-141.8
Increase-ST Loans	-0.7	-0.2	-0.1	-0.2	-0.1
Inc in Acct Rcvbl.	-41.8	-38.4	-42.4	-36.4	-25.2
Increase-LT Financial Assets	-0.3	-	-	-1.0	-0.1
Acquis in LT Invest Sec	-	-	-	-	0.0
Inc in Guarant Depos	-1.3	-1.0	-2.8	-3.5	-2.2
Increase-Buildings	0.0	0.0	-0.1	-0.2	-1.9
Purch. of Structure	0.0	0.0	0.0	-	0.0
Increase-Machinery & Equipment	-0.1	-0.1	-0.3	-0.7	-0.1
Increase-Transportation	0.0	0.0	-0.1	-0.2	-0.2
Increase-Tools & Supplies	-0.6	-0.4	-0.5	-0.4	0.0
Increase-Fixtures	-0.1	-0.1	-0.1	-	-0.2
Increase-Construction Progress	-3.3	-6.9	-9.7	-	-10.2
Inc-Mach. In Transit	-0.1	-0.3	-0.2	-0.2	-0.1
Inc-Capital Lease Assets	-	-	-	-0.1	-
Increase-Industrial Property Right	-0.4	-0.3	-0.1	-0.1	-0.1
Increase-Other Intangible Assets	0.0	0.0	-	-	-0.1
Increase-Development Cost	-3.7	-2.2	-2.8	-2.2	-1.1
Increase-Software	-0.4	-0.2	-0.1	-0.1	-
Increase-LT Advanced Payment	-7.2	-	-	-	-
Decrease-Advances Received	-	-	-	-	-37.4
Cash from Investing Activities	-16.1	-10.9	-9.6	3.8	6.9
Increase-ST Borrowings	33.1	17.5	10.7	-	-
Inc-ForCurr ST Brrw	-	-	-	-	0.8
Increase-Accrued Payable	0.1	-	-	-	-
Increase-Guarantee Deposit, FP	0.1	0.1	1.2	-0.1	3.4
Proceeds from Issuance of Bonds	20.7	8.2	10.7	21.1	14.8
Issuance-Bond with Warrant	24.1	-	-	-	-
Inc in LT Borrowings	-	17.7	21.4	-	-
Inc-ForCurr LT Brrw	-	-	-	-	0.0
Issuance-Exchangeable Bond	-	16.5	-	-	-
Disposal-Treasury Stock	2.5	-	-	-	-
Dec-Current Portion of FC LT Borrowings	-24.8	-23.7	-16.1	-	-
Dec-Current Portion of FC LT Borrowings	-	-	-5.4	-	-
Decrease-Capital Lease	0.0	0.0	-0.1	-	-
Inc-Bond Issue Cost	-	-	-	-	0.0
Decrease-ST Borrowings	-28.1	-9.2	-2.1	-0.6	0.0
Repay ST Borrowings Foreign	-	-	-	-	-0.8
Decrease-Capital Lease, Current	-	-0.1	-	-	-
Dec in Guarantee Inc	-0.1	-0.2	-0.1	-	-6.5
Repay Cur Port Bond	-	-	-	-	-19.7
Dec-Current Portion of LT Liabilities	-4.4	-0.2	-0.3	-21.5	-3.4
Decrease-LT Borrowings	-0.1	-4.1	-	-	0.0
Purchase of Treasury Stock	-	-2.7	-	-2.6	0.0
Dividends Paid	-0.6	-1.1	-1.8	-1.8	-1.3
Cash from Financing Activities	22.5	18.7	18.2	-5.4	-12.8
Foreign Exchange Effects	-0.2	-	-	-	-
Net Change in Cash	-1.6	6.5	5.5	4.4	-0.4
Net Cash Beginning Balance	17.0	9.0	6.2	1.8	2.1
Net Cash Ending Balance	15.4	15.5	11.8	6.1	1.6

Financial Health

Financials in: USD (mil)

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

Key Indicators USD (mil)
Â	Quarter Ending	Quarter Ending Yr Ago	Annual Year End 31-Mar-2010	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1	-	-	122.1	28.86%	4.38%	5.87%
Research & Development1	-	-	0.7	-17.89%	19.57%	0.87%
Operating Income1	-	-	5.4	-	3.27%	-0.19%
Income Available to Common Excl Extraord Items1	-	-	0.9	-	-29.52%	-10.03%
Basic EPS Excl Extraord Items1	-	-	0.06	-	-30.33%	-9.90%
Capital Expenditures2	-	-	8.8	-17.42%	40.18%	7.89%
Cash from Operating Activities2	-	-	-7.8	-	-	-
Free Cash Flow	-	-	-17.7	-	-	-
Total Assets3	-	-	256.2	8.44%	22.28%	8.75%
Total Liabilities3	-	-	146.7	12.27%	25.37%	7.15%
Total Long Term Debt3	-	-	43.8	19.41%	24.44%	9.69%
Employees3	-	-	613	-5.98%	-4.10%	-0.51%
Total Common Shares Outstanding3	-	-	13.9	0.76%	1.28%	0.58%
1-ExchangeRate: KRW to USD Average for Period	Â	Â	1209.855603	Â	Â	Â
2-ExchangeRate: KRW to USD Average for Period	Â	Â	1209.855603	Â	Â	Â
3-ExchangeRate: KRW to USD Period End Date	Â	Â	1131.450000	Â	Â	Â

Key Ratios
Â	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007	31-Mar-2006
Profitability
Gross Margin	39.88%	32.57%	38.80%	40.85%	43.10%
Operating Margin	4.45%	-10.46%	0.13%	4.60%	5.80%
Pretax Margin	2.55%	-17.32%	1.33%	3.74%	4.67%
Net Profit Margin	0.72%	-14.03%	0.79%	2.34%	2.84%
Financial Strength
Current Ratio	1.13	1.11	2.33	1.66	1.80
Long Term Debt/Equity	0.40	0.35	0.64	0.35	0.34
Total Debt/Equity	0.98	0.81	0.83	0.65	0.65
Management Effectiveness
Return on Assets	0.76%	-7.27%	0.60%	2.00%	2.03%
Return on Equity	0.88%	-16.41%	1.26%	4.13%	4.67%
Efficiency
Receivables Turnover	2.39	1.92	1.95	2.19	2.06
Inventory Turnover	3.91	3.60	3.57	4.19	3.78
Asset Turnover	0.53	0.52	0.72	0.83	0.70

Market Valuation USD (mil)
Enterprise Value2	576.9	.	Enterprise Value/Revenue (TTM)	4.21
Enterprise Value/EBITDA (TTM)	47.46	.	Market Cap1	476.5
1-ExchangeRate: KRW to USD on 9-Sep-2011	1077.250000
2-ExchangeRate: KRW to USD on 9-Sep-2011	1077.250000

Annual Ratios

Financials in: USD (mil)

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

	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007	31-Mar-2006
Financial Strength
Current Ratio	1.13	1.11	2.33	1.66	1.80
Quick/Acid Test Ratio	0.86	0.88	1.74	1.28	1.38
Working Capital1	11.5	7.6	56.7	38.2	39.6
Long Term Debt/Equity	0.40	0.35	0.64	0.35	0.34
Total Debt/Equity	0.98	0.81	0.83	0.65	0.65
Long Term Debt/Total Capital	0.20	0.19	0.35	0.21	0.21
Total Debt/Total Capital	0.50	0.45	0.45	0.39	0.39
Payout Ratio	0.00%	0.00%	138.84%	52.42%	47.12%
Effective Tax Rate	44.16%	-	37.08%	35.97%	38.05%
Total Capital1	217.2	156.3	145.9	130.1	127.8
Efficiency
Asset Turnover	0.53	0.52	0.72	0.83	0.70
Inventory Turnover	3.91	3.60	3.57	4.19	3.78
Days In Inventory	93.26	101.38	102.14	87.09	96.49
Receivables Turnover	2.39	1.92	1.95	2.19	2.06
Days Receivables Outstanding	152.59	189.81	186.80	166.97	177.28
Revenue/Employee2	212,938	127,084	175,016	198,653	191,328
Operating Income/Employee2	9,486	-13,297	234	9,138	11,089
EBITDA/Employee2	18,812	-9,783	4,714	13,776	15,480
Profitability
Gross Margin	39.88%	32.57%	38.80%	40.85%	43.10%
Operating Margin	4.45%	-10.46%	0.13%	4.60%	5.80%
EBITDA Margin	8.83%	-7.70%	2.69%	6.93%	8.09%
EBIT Margin	4.45%	-10.46%	0.13%	4.60%	5.80%
Pretax Margin	2.55%	-17.32%	1.33%	3.74%	4.67%
Net Profit Margin	0.72%	-14.03%	0.79%	2.34%	2.84%
R&D Expense/Revenue	0.56%	0.88%	0.53%	0.37%	0.45%
COGS/Revenue	60.12%	67.43%	61.20%	59.15%	56.90%
SG&A Expense/Revenue	33.51%	40.70%	36.75%	34.54%	35.45%
Management Effectiveness
Return on Assets	0.76%	-7.27%	0.60%	2.00%	2.03%
Return on Equity	0.88%	-16.41%	1.26%	4.13%	4.67%
Valuation
Free Cash Flow/Share2	-1.28	-0.76	-1.17	0.14	-0.67
Operating Cash Flow/Share 2	-0.60	-0.09	-0.21	0.45	0.42
1-ExchangeRate: KRW to USD Period End Date	1131.45	1383.25	990.35	940.6	971.65
2-ExchangeRate: KRW to USD Average for Period	1131.45	1383.25	990.35	940.6	971.65

Annual Income Statement

Standardized

Financials in: USD (mil)

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

Financial Glossary

	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007	31-Mar-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008	Updated Normal 31-Mar-2007	Updated Normal 31-Mar-2006
Filed Currency	KRW	KRW	KRW	KRW	KRW
Exchange Rate (Period Average)	1209.855603	1214.015574	933.271038	945.639003	1012.786749
Auditor	Shinhan Accounting Corporation	Shinhan Accounting Corporation	Shinhan Accounting Corporation	Shinhan Accounting Corporation	Sahmduk Accounting Corp.
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified	Unqualified	Unqualified
Net Sales	122.1	94.4	128.9	137.3	118.8
Revenue	122.1	94.4	128.9	137.3	118.8
Total Revenue	122.1	94.4	128.9	137.3	118.8
Cost of Revenue	73.4	63.7	78.9	81.2	67.6
Cost of Revenue, Total	73.4	63.7	78.9	81.2	67.6
Gross Profit	48.7	30.8	50.0	56.1	51.2
Selling/General/Administrative Expense	9.1	7.6	11.0	10.8	9.8
Labor & Related Expense	23.2	20.4	27.7	25.3	22.5
Advertising Expense	8.6	10.4	8.7	11.4	9.8
Total Selling/General/Administrative Expenses	40.9	38.4	47.4	47.4	42.1
Research & Development	0.7	0.8	0.7	0.5	0.5
Depreciation	1.7	1.4	1.8	1.8	1.7
Depreciation/Amortization	1.7	1.4	1.8	1.8	1.7
Total Operating Expense	116.6	104.3	128.7	131.0	111.9
Operating Income	5.4	-9.9	0.2	6.3	6.9
Interest Expense - Non-Operating	-5.0	-5.0	-3.6	-3.0	-3.7
Interest Expense, Net Non-Operating	-5.0	-5.0	-3.6	-3.0	-3.7
Interest Income - Non-Operating	0.6	1.0	0.4	0.3	0.5
Investment Income - Non-Operating	0.3	-1.4	0.4	0.1	7.3
Interest/Investment Income - Non-Operating	0.9	-0.4	0.8	0.4	7.8
Interest Income (Expense) - Net Non-Operating Total	-4.1	-5.5	-2.8	-2.6	4.1
Gain (Loss) on Sale of Assets	0.2	0.0	0.2	0.3	-0.4
Other Non-Operating Income (Expense)	1.6	-1.0	4.1	1.2	-5.0
Other, Net	1.6	-1.0	4.1	1.2	-5.0
Income Before Tax	3.1	-16.4	1.7	5.1	5.5
Total Income Tax	1.4	-3.1	0.6	1.8	2.1
Income After Tax	1.7	-13.2	1.1	3.3	3.4
Minority Interest	-0.9	-	-	-	-
Net Income Before Extraord Items	0.9	-13.2	1.1	3.3	3.4
Net Income	0.9	-13.2	1.1	3.3	3.4
Preferred Dividends	-	-	-0.1	-0.1	-0.1
Total Adjustments to Net Income	-	-	-0.1	-0.1	-0.1
Income Available to Common Excl Extraord Items	0.9	-13.2	1.0	3.2	3.4
Income Available to Common Incl Extraord Items	0.9	-13.2	1.0	3.2	3.4
Basic/Primary Weighted Average Shares	13.9	13.9	13.8	13.4	13.5
Basic EPS Excl Extraord Items	0.06	-0.96	0.07	0.24	0.25
Basic/Primary EPS Incl Extraord Items	0.06	-0.96	0.07	0.24	0.25
Dilution Adjustment	0.0	0.0	0.0	-	-
Diluted Net Income	0.9	-13.2	1.0	3.2	3.4
Diluted Weighted Average Shares	13.9	13.9	13.8	13.4	13.5
Diluted EPS Excl Extraord Items	0.06	-0.96	0.07	0.24	0.25
Diluted EPS Incl Extraord Items	0.06	-0.96	0.07	0.24	0.25
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.10	0.13	0.12
Gross Dividends - Common Stock	0.0	0.0	1.4	1.7	1.7
Interest Expense, Supplemental	5.0	5.0	3.6	3.0	3.7
Interest Capitalized, Supplemental	-	-0.6	-	-	-
Depreciation, Supplemental	3.4	2.6	3.3	2.0	1.5
Total Special Items	-0.1	0.0	-0.2	-0.3	0.4
Normalized Income Before Tax	3.0	-16.4	1.5	4.9	6.0
Effect of Special Items on Income Taxes	-0.1	0.0	-0.1	-0.1	0.2
Inc Tax Ex Impact of Sp Items	1.3	-3.1	0.6	1.8	2.3
Normalized Income After Tax	1.7	-13.2	1.0	3.1	3.7
Normalized Inc. Avail to Com.	0.8	-13.2	0.9	3.0	3.6
Basic Normalized EPS	0.06	-0.96	0.07	0.23	0.27
Diluted Normalized EPS	0.06	-0.96	0.07	0.23	0.27
Amort of Acquisition Costs, Supplemental	0.0	-	-	-	-
Amort of Intangibles, Supplemental	2.0	-	-	1.2	1.2
Rental Expenses	0.3	0.2	0.4	0.4	0.3
Advertising Expense, Supplemental	8.6	10.4	8.7	11.4	9.8
Research & Development Exp, Supplemental	0.7	0.8	0.7	4.2	0.5
Normalized EBIT	5.4	-9.9	0.2	6.3	6.9
Normalized EBITDA	10.8	-7.3	3.5	9.5	9.6

Interim Income Statement

Financials in: USD (mil)

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

No Financial Data for Ilyang Pharmaceutical Co., Ltd

Annual Balance Sheet

Standardized

Financials in: USD (mil)

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

Financial Glossary

	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007	31-Mar-2006
UpdateType/Date	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008	Updated Normal 31-Mar-2007	Updated Normal 31-Mar-2006
Filed Currency	KRW	KRW	KRW	KRW	KRW
Exchange Rate	1131.45	1383.25	990.35	940.6	971.65
Auditor	Shinhan Accounting Corporation	Shinhan Accounting Corporation	Shinhan Accounting Corporation	Shinhan Accounting Corporation	Sahmduk Accounting Corp.
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified	Unqualified	Unqualified
Cash & Equivalents	16.5	13.6	11.1	6.2	1.7
Short Term Investments	1.4	2.0	2.5	0.8	9.5
Cash and Short Term Investments	17.9	15.6	13.6	6.9	11.2
Accounts Receivable - Trade, Gross	57.7	44.4	62.1	69.5	58.7
Provision for Doubtful Accounts	-5.7	-4.6	-6.2	-6.2	-5.5
Trade Accounts Receivable - Net	52.3	40.3	56.2	63.8	53.6
Other Receivables	4.0	2.9	3.9	3.8	3.3
Total Receivables, Net	56.4	43.1	60.1	67.6	56.8
Inventories - Finished Goods	11.9	7.7	14.4	11.1	10.0
Inventories - Work In Progress	2.8	1.7	1.6	2.6	1.8
Inventories - Raw Materials	6.1	4.4	5.9	5.0	5.6
Inventories - Other	1.3	0.9	1.0	1.0	1.2
Total Inventory	22.2	14.7	22.9	19.7	18.6
Prepaid Expenses	1.1	1.1	0.6	0.1	0.4
Deferred Income Tax - Current Asset	-	-	2.0	2.0	1.7
Other Current Assets, Total	-	-	2.0	2.0	1.7
Total Current Assets	97.5	74.5	99.1	96.4	88.8
Buildings	26.4	18.9	26.1	27.6	26.6
Land/Improvements	111.7	91.3	33.7	35.8	34.6
Machinery/Equipment	29.8	22.3	30.3	31.3	29.5
Construction in Progress	3.4	0.2	8.2	-	0.0
Leases	-	0.2	0.1	0.2	-
Property/Plant/Equipment - Gross	171.2	132.9	98.5	94.9	90.7
Accumulated Depreciation	-36.7	-27.2	-36.1	-37.4	-34.7
Property/Plant/Equipment - Net	134.6	105.8	62.4	57.6	56.0
Intangibles, Net	11.3	5.6	5.8	4.3	3.1
LT Investment - Affiliate Companies	-	4.1	3.6	3.0	2.5
LT Investments - Other	1.8	1.0	1.9	3.8	3.2
Long Term Investments	1.8	5.2	5.5	6.8	5.6
Deferred Income Tax - Long Term Asset	-	-	1.3	1.6	2.2
Other Long Term Assets	10.9	2.2	2.6	1.9	1.8
Other Long Term Assets, Total	10.9	2.2	3.9	3.4	4.1
Total Assets	256.2	193.2	176.8	168.6	157.5
Accounts Payable	9.2	8.3	10.3	17.3	9.7
Accrued Expenses	0.6	0.3	0.6	0.5	0.6
Notes Payable/Short Term Debt	23.0	14.5	10.1	2.1	2.7
Current Portion - Long Term Debt/Capital Leases	41.0	25.5	5.4	21.7	20.9
Dividends Payable	0.0	0.0	0.0	0.0	0.0
Customer Advances	0.0	0.3	-	0.0	0.0
Security Deposits	4.2	3.4	4.8	4.0	3.9
Income Taxes Payable	0.0	-	0.1	0.1	1.6
Other Payables	5.4	5.0	7.9	9.4	7.2
Other Current Liabilities	2.7	9.6	3.2	3.1	2.7
Other Current liabilities, Total	12.4	18.3	16.0	16.6	15.3
Total Current Liabilities	86.1	67.0	42.5	58.2	49.2
Long Term Debt	43.8	30.0	50.8	27.2	26.6
Capital Lease Obligations	-	0.0	0.0	0.1	-
Total Long Term Debt	43.8	30.0	50.8	27.3	26.6
Total Debt	107.7	70.0	66.4	51.1	50.2
Deferred Income Tax - LT Liability	8.8	7.1	-	-	-
Deferred Income Tax	8.8	7.1	-	-	-
Minority Interest	4.7	-	-	-	-
Pension Benefits - Underfunded	3.3	2.9	4.0	4.0	4.1
Other Long Term Liabilities	-	-	-	0.1	0.0
Other Liabilities, Total	3.3	2.9	4.0	4.0	4.1
Total Liabilities	146.7	106.9	97.2	89.6	80.0
Preferred Stock - Non Redeemable	1.0	0.8	1.1	1.2	1.1
Preferred Stock - Non Redeemable, Net	1.0	0.8	1.1	1.2	1.1
Common Stock	31.2	25.5	35.6	37.5	36.3
Common Stock	31.2	25.5	35.6	37.5	36.3
Additional Paid-In Capital	26.9	29.9	42.4	42.9	41.0
Retained Earnings (Accumulated Deficit)	1.0	-9.1	5.0	6.0	4.3
Treasury Stock - Common	-6.5	-6.4	-6.3	-9.6	-6.3
Unrealized Gain (Loss)	55.9	45.7	1.7	1.1	1.1
Total Equity	109.5	86.4	79.5	79.0	77.6
Total Liabilities & Shareholders’ Equity	256.2	193.2	176.8	168.6	157.5
Shares Outstanding - Common Stock Primary Issue	13.9	13.8	13.8	13.3	13.5
Total Common Shares Outstanding	13.9	13.8	13.8	13.3	13.5
Treasury Shares - Common Stock Primary Issue	0.9	1.0	0.8	1.4	1.3
Shares Outstanding - Preferred Stock Primary Issue	0.4	0.4	0.4	0.4	0.4
Total Preferred Stock Outstanding	0.4	0.4	0.4	0.4	0.4
Treasury Shares - Preferred Primary Issue	0.0	0.0	-	-	-
Employees	613	652	694	695	647
Number of Common Shareholders	13,846	13,310	8,026	4,943	5,119
Accumulated Intangible Amort, Suppl.	4.3	-	-	-	-
Deferred Revenue - Current	0.0	0.3	-	0.0	0.0
Total Long Term Debt, Supplemental	85.2	55.5	56.1	48.8	47.6
Long Term Debt Maturing within 1 Year	41.0	25.5	5.3	21.6	20.9
Long Term Debt Maturing in Year 2	10.8	15.4	30.6	5.6	20.9
Long Term Debt Maturing in Year 3	28.3	8.8	20.2	21.6	5.5
Long Term Debt Maturing in Year 4	-	-	-	-	0.3
Long Term Debt Maturing in 2-3 Years	39.1	24.2	50.8	27.2	26.3
Long Term Debt Maturing in 4-5 Years	-	-	-	-	0.3
Long Term Debt Matur. in Year 6 & Beyond	5.2	5.8	0.0	0.0	0.0
Total Capital Leases, Supplemental	-	0.0	0.1	0.2	-
Capital Lease Payments Due in Year 1	-	0.0	0.1	0.1	-
Capital Lease Payments Due in Year 2	-	-	0.0	0.1	-
Capital Lease Payments Due in Year 3	-	-	-	0.0	-
Capital Lease Payments Due in 2-3 Years	-	-	0.0	0.1	-
Cap. Lease Pymts. Due in Year 6 & Beyond	-	0.0	0.0	0.0	-

Interim Balance Sheet

Financials in: USD (mil)

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

No Financial Data for Ilyang Pharmaceutical Co., Ltd

Annual Cash Flows

Standardized

Financials in: USD (mil)

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

Financial Glossary

	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007	31-Mar-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008	Updated Normal 31-Mar-2007	Updated Normal 31-Mar-2006
Filed Currency	KRW	KRW	KRW	KRW	KRW
Exchange Rate (Period Average)	1209.855603	1214.015574	933.271038	945.639003	1012.786749
Auditor	Shinhan Accounting Corporation	Shinhan Accounting Corporation	Shinhan Accounting Corporation	Shinhan Accounting Corporation	Sahmduk Accounting Corp.
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	1.7	-13.2	1.1	3.3	3.4
Depreciation	3.4	2.6	3.3	3.2	2.7
Depreciation/Depletion	3.4	2.6	3.3	3.2	2.7
Deferred Taxes	0.2	-3.3	-0.1	0.6	-0.4
Unusual Items	-0.1	3.5	-0.2	0.0	-6.3
Equity in Net Earnings (Loss)	0.2	-0.8	-0.3	-0.4	-0.1
Other Non-Cash Items	2.3	4.5	3.0	2.7	8.5
Non-Cash Items	2.3	7.2	2.5	2.4	2.1
Accounts Receivable	-1.4	-0.3	4.2	-8.9	-0.4
Inventories	-5.7	0.0	-4.2	-0.7	-0.5
Prepaid Expenses	0.3	-0.8	-0.5	0.4	-0.2
Other Assets	0.7	0.4	-	-	-
Accounts Payable	-2.0	0.4	-7.6	9.2	1.1
Accrued Expenses	0.1	-0.1	0.1	0.0	0.0
Taxes Payable	-0.1	0.0	-0.1	-1.6	-0.5
Other Liabilities	-7.2	5.8	-1.7	-1.9	-1.9
Changes in Working Capital	-15.4	5.4	-9.9	-3.5	-2.4
Cash from Operating Activities	-7.8	-1.3	-3.1	6.0	5.5
Purchase of Fixed Assets	-4.3	-7.8	-11.0	-1.7	-12.8
Purchase/Acquisition of Intangibles	-4.5	-2.8	-3.0	-2.3	-1.4
Capital Expenditures	-8.8	-10.6	-14.1	-4.1	-14.2
Sale of Fixed Assets	0.2	0.0	0.7	0.4	39.0
Sale/Maturity of Investment	1.0	1.3	130.3	88.5	149.0
Purchase of Investments	-0.3	-1.2	-125.3	-80.5	-142.5
Sale of Intangible Assets	0.0	-	0.0	0.0	0.0
Other Investing Cash Flow	-8.2	-0.4	-1.2	-0.5	-24.5
Other Investing Cash Flow Items, Total	-7.3	-0.3	4.5	7.9	21.0
Cash from Investing Activities	-16.1	-10.9	-9.6	3.8	6.9
Other Financing Cash Flow	0.1	-0.1	1.1	-0.1	-3.1
Financing Cash Flow Items	0.1	-0.1	1.1	-0.1	-3.1
Total Cash Dividends Paid	-0.6	-1.1	-1.8	-1.8	-1.3
Sale/Issuance of Common	2.5	-	-	-	-
Repurchase/Retirement of Common	-	-2.7	-	-2.6	0.0
Common Stock, Net	2.5	-2.7	-	-2.6	0.0
Issuance (Retirement) of Stock, Net	2.5	-2.7	-	-2.6	0.0
Short Term Debt Issued	33.1	17.5	10.7	-	0.8
Short Term Debt Reduction	-28.1	-9.3	-2.1	-0.6	-0.8
Short Term Debt, Net	5.0	8.2	8.6	-0.6	0.0
Long Term Debt Issued	44.8	42.4	32.1	21.1	14.8
Long Term Debt Reduction	-29.3	-28.1	-21.8	-21.5	-23.2
Long Term Debt, Net	15.5	14.3	10.3	-0.4	-8.4
Issuance (Retirement) of Debt, Net	20.4	22.5	18.9	-1.0	-8.4
Cash from Financing Activities	22.5	18.7	18.2	-5.4	-12.8
Foreign Exchange Effects	-0.2	-	-	-	-
Net Change in Cash	-1.6	6.5	5.5	4.4	-0.4
Net Cash - Beginning Balance	17.0	9.0	6.2	1.8	2.1
Net Cash - Ending Balance	15.4	15.5	11.8	6.1	1.6

Interim Cash Flows

Financials in: USD (mil)

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

No Financial Data for Ilyang Pharmaceutical Co., Ltd

Annual Income Statement

As Reported

Financials in: USD (mil)

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

	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007	31-Mar-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008	Updated Normal 31-Mar-2007	Updated Normal 31-Mar-2006
Filed Currency	KRW	KRW	KRW	KRW	KRW
Exchange Rate (Period Average)	1209.855603	1214.015574	933.271038	945.639003	1012.786749
Auditor	Shinhan Accounting Corporation	Shinhan Accounting Corporation	Shinhan Accounting Corporation	Shinhan Accounting Corporation	Sahmduk Accounting Corp.
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified	Unqualified	Unqualified
Revenue	122.1	94.4	128.9	137.3	118.8
Total Revenue	122.1	94.4	128.9	137.3	118.8
Cost-Revenue	73.4	63.7	78.9	81.2	67.6
Salaries & Wages	15.0	13.4	18.0	16.0	14.9
Retirement Allowance	1.6	1.4	2.0	2.0	1.5
Employee Benefits	3.2	2.1	3.2	3.1	2.3
Travel Expense	2.9	2.3	3.1	2.8	2.5
Communication Expense	0.1	0.1	0.2	0.2	0.2
Utility Expense	0.3	0.2	0.3	0.3	0.4
Taxes & Dues	0.8	0.8	1.0	0.9	0.8
Rental Expenses	0.3	0.2	0.4	0.4	0.3
Depreciation Expense	1.7	1.4	1.8	1.8	1.7
Repair Expense	0.1	0.0	0.1	0.1	0.1
Insurance Expense	0.0	0.0	0.1	0.1	0.1
Entertainment Expense	0.4	0.3	0.3	0.5	0.3
Expense-Samples	0.1	0.0	0.1	0.1	0.0
Conference Expense	0.0	0.0	0.1	0.3	0.3
Marketing Expense	4.2	5.3	3.0	3.7	2.8
Advertising Expense	4.4	5.1	5.7	7.7	7.0
Public Relations Expense	0.0	0.0	0.0	0.0	0.0
Expense-Consumable Goods	0.8	0.6	0.8	0.7	0.6
Publishing & Printing Expense	0.1	0.1	0.1	0.1	0.1
Commission Paid	3.4	3.5	4.5	4.1	3.8
Shipping & Handling Expense	1.7	1.3	1.9	2.1	1.8
Vehicles Maintenance Expense	0.5	0.6	0.8	0.8	0.6
Other Exporting Related Expense	0.5	0.5	0.5	0.5	0.6
Lease Expense Paid	-	-	-	-	0.0
Education & Training Expense	0.3	0.3	0.7	0.5	0.4
Other Payrolls	0.0	0.0	0.0	0.0	0.0
Research & Development Expense	0.3	0.5	0.2	0.2	0.2
Technology Development Expense	0.4	0.4	0.4	0.4	0.4
Provision-Bad Debt	0.1	0.1	0.3	0.5	0.5
Miscellaneous Operating Expense	-	0.1	0.1	0.1	0.1
Miscellaneous Operating Expense	0.1	-	-	-	-
Total Operating Expense	116.6	104.3	128.7	131.0	111.9
Interest Income	0.6	1.0	0.4	0.3	0.5
Dividend Income	0.1	0.5	0.1	0.0	0.1
Rental Income	0.6	0.6	0.9	0.9	0.9
Gain-Foreign Currency Translation	0.2	0.4	0.1	0.0	0.1
Gain-Foreign Exchange Transaction	0.4	0.5	0.1	0.1	0.0
Gain-Disposal of Investment Assets	0.2	-	0.1	-	7.8
Fee & Commission Received	0.2	0.4	0.3	0.1	0.0
Gain-Disposal of Sec. Available-Sale	-	-	0.0	0.0	0.2
Miscellaneous Non-Operating Income	1.8	2.0	0.6	1.0	0.1
Gain-Disposal of Tangible Assets	0.1	0.0	0.3	0.3	0.3
Gain-Disposal of Intangible Assets	0.0	-	0.0	0.0	-
Recovery-Tariffs, Non-Operating	-	-	0.0	0.0	-
Interest Expense, Non-Operating	-5.0	-5.0	-3.6	-3.0	-3.7
Loss-Foreign Currency Translation	-0.1	-0.7	-0.1	0.0	-0.2
Loss-Foreign Exchange Transaction	-0.4	-2.8	-0.1	-0.1	0.0
Donations Paid, Non-Operating	-0.1	-0.1	-0.1	-0.1	0.0
Loss-Disposal of Tangible Assets	0.0	0.0	-0.1	0.0	-0.8
Loss-Valuation of Tangible Assets	-	0.0	-	-	-
Retal Expense	-0.3	-0.3	-0.4	-0.4	-0.3
Gain-Assets Contributed	-	-	3.2	-	-
Loss-Disposal of Investment Assets	-	-	-0.1	-	-
Loss-Reduct. of Sec. Available-Sale	-	-	-	-0.2	-0.7
Loss-Disposal of Sec Available-Sale	-	-	0.0	-0.2	0.0
Loss-Disposal of Accounts Receivable	0.0	0.0	-0.1	-0.1	-5.2
Other Amortization	-	-	-	0.0	-0.2
Miscellaneous Non-Operating Expense	-0.5	-0.1	-0.2	-0.1	-0.2
Gain under Equity Method	-	0.8	0.3	0.4	-
Loss under Equity Method	-0.2	-	-	-	0.0
S Loss-Withdraw of Special Inventory	-	-3.5	-	-	-
Net Income Before Taxes	3.1	-16.4	1.7	5.1	5.5
Provision for Income Taxes	1.4	-3.1	0.6	1.8	2.1
Net Income After Taxes	1.7	-13.2	1.1	3.3	3.4
Minority Interest	-0.9	-	-	-	-
Net Income Before Extra. Items	0.9	-13.2	1.1	3.3	3.4
Net Income	0.9	-13.2	1.1	3.3	3.4
Preferred Dividends	-	-	-0.1	-0.1	-0.1
Income Available to Com Excl ExtraOrd	0.9	-13.2	1.0	3.2	3.4
Income Available to Com Incl ExtraOrd	0.9	-13.2	1.0	3.2	3.4
Basic Weighted Average Shares	13.9	13.9	13.8	13.4	13.5
Basic EPS Excluding ExtraOrdinary Items	0.06	-0.96	0.07	0.24	0.25
Basic EPS Including ExtraOrdinary Item	0.06	-0.96	0.07	0.24	0.25
Dilution Adjustment	0.0	0.0	0.0	-	-
Diluted Net Income	0.9	-13.2	1.0	3.2	3.4
Diluted Weighted Average Shares	13.9	13.9	13.8	13.4	13.5
Diluted EPS Excluding ExtraOrd Items	0.06	-0.96	0.07	0.24	0.25
Diluted EPS Including ExtraOrd Items	0.06	-0.96	0.07	0.24	0.25
DPS-Common Stock	0.00	0.00	0.10	0.13	0.12
Gross Dividends - Common Stock	0.0	0.0	1.4	1.7	1.7
Normalized Income Before Taxes	3.0	-16.4	1.5	4.9	6.0
Inc Tax Ex Impact of Sp Items	1.3	-3.1	0.6	1.8	2.3
Normalized Income After Taxes	1.7	-13.2	1.0	3.1	3.7
Normalized Inc. Avail to Com.	0.8	-13.2	0.9	3.0	3.6
Basic Normalized EPS	0.06	-0.96	0.07	0.23	0.27
Diluted Normalized EPS	0.06	-0.96	0.07	0.23	0.27
Interest Expense, Supplemental	5.0	5.0	3.6	3.0	3.7
Interest Capitalized, Supplemental	-	-0.6	-	-	-
Rental Expense, Supplemental	0.3	0.2	0.4	0.4	0.3
Advertising Expense	8.6	10.4	8.7	11.4	9.8
R&D Expense, Supplemental	0.7	0.8	0.7	4.2	0.5
Depreciation, Supplemental	3.4	2.6	3.3	2.0	1.5
Amort. of Intangible Assets	2.0	-	-	1.2	1.2
Amort of Acquisition Costs	0.0	-	-	-	-

Interim Income Statement

Financials in: USD (mil)

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

No Financial Data for Ilyang Pharmaceutical Co., Ltd

Annual Balance Sheet

As Reported

Financials in: USD (mil)

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

	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007	31-Mar-2006
UpdateType/Date	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008	Updated Normal 31-Mar-2007	Updated Normal 31-Mar-2006
Filed Currency	KRW	KRW	KRW	KRW	KRW
Exchange Rate	1131.45	1383.25	990.35	940.6	971.65
Auditor	Shinhan Accounting Corporation	Shinhan Accounting Corporation	Shinhan Accounting Corporation	Shinhan Accounting Corporation	Sahmduk Accounting Corp.
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified	Unqualified	Unqualified
Cash & Equivalents	16.5	13.6	11.1	6.2	1.7
ST Financial Assets	0.2	1.1	2.4	0.8	-
ST Deposits	-	-	-	-	8.5
ST Securities Available for Sale	1.1	0.9	0.1	0.0	1.0
Trade Receivable	57.7	44.4	62.1	69.5	58.7
Reserve-Doubtful Account	-5.7	-4.6	-6.2	-6.2	-5.5
ST Loan, Net	0.0	-	0.0	0.0	0.0
Other Receivable, Net	4.0	2.9	3.9	3.8	3.3
Accrued Income	0.3	0.5	0.3	0.4	0.4
Advanced Payment	1.2	0.9	0.9	1.0	1.1
Prepaid Expense	1.1	1.1	0.6	0.1	0.4
Deferred Income Taxes-Debit, Current	-	-	2.0	2.0	1.7
Merchandises	3.4	3.1	5.3	3.8	3.4
Allowance for Loss on Valuation of Merch	-	-0.1	-	-	-
Finished Goods	8.0	5.8	8.3	6.7	6.2
Allowance for Loss on Valuation of Finis	-	-1.8	-	-	-
Pharmaceutical Products	0.4	0.7	0.6	0.4	0.4
Allowance for Loss on Valuation of Pharm	-	0.0	-	-	-
Work in Progress	2.8	1.7	1.6	2.6	1.8
Raw Materials	5.4	4.0	5.3	4.3	4.7
Packaging Materials	0.7	0.5	0.7	0.7	0.7
Stored Goods	0.1	0.0	0.1	0.1	0.1
Raw Materials in Transit	-	-	-	-	0.2
Goods in Transit	0.1	0.0	0.2	0.1	-
Total Current Assets	97.5	74.5	99.1	96.4	88.8
LT Deposits	-	-	-	-	1.2
LT Financial Assets	0.7	0.4	1.2	2.2	-
Securities Available for Sale	1.1	0.7	0.7	1.6	-
LT Invest Secs.	-	-	-	-	2.0
Equity Method Investment Securities	-	4.1	3.6	3.0	2.5
LT Security Deposit	3.4	2.2	2.6	1.9	1.8
LA Defer Tax Dbt	-	-	1.3	1.6	2.2
Land	111.7	91.3	33.7	35.8	34.6
Buildings	24.1	17.0	23.5	24.9	24.0
Buildings-Depreciation	-7.8	-4.8	-6.2	-5.9	-5.1
Structures	2.2	1.9	2.6	2.7	2.6
Structures-Depreciation	-1.5	-1.2	-1.6	-1.6	-1.4
Machinery & Equipment	20.8	14.9	20.4	21.1	19.9
Machinery & Equipment-Depreciation	-19.7	-14.3	-19.3	-20.5	-19.4
Vehicles & Transportation Equipment	0.3	0.8	1.2	1.3	1.2
Vehicles & Transportation-Depreciation	-0.3	-0.7	-1.0	-1.0	-0.9
Tools & Equipments	5.3	4.0	5.1	5.0	4.7
Tools & Equipments-Depreciation	-4.4	-3.5	-4.6	-4.7	-4.4
Fixtures	3.5	2.6	3.6	3.9	3.7
Fixtures-Depreciation	-2.9	-2.5	-3.4	-3.7	-3.4
Construction	3.4	0.2	8.2	-	0.0
Lease Assts.	-	-	0.1	0.2	-
Capital Leased Assets	-	0.2	-	-	-
Accumulated Depreciation for Capital Lea	-	-0.2	-	-	-
Mach.In Transit	0.0	0.0	0.0	0.1	-
Industrial Property Right	1.4	0.5	0.5	0.5	0.5
Exclusive Rights	0.5	0.0	0.0	0.0	-
Usage Rights on Facility	-	-	-	-	0.0
Development Cost	8.8	4.8	4.9	3.3	1.9
Software, Intangible	0.5	0.2	0.2	0.3	0.3
Other Intangible	0.1	0.0	0.2	0.3	0.3
LT Advance Payment	7.5	-	-	-	-
Total Assets	256.2	193.2	176.8	168.6	157.5
Trade Acct. Pay.	9.2	8.3	10.3	17.3	9.7
ST Borrowings	23.0	14.5	10.1	2.1	2.7
Dividend Payable	0.0	0.0	0.0	0.0	0.0
Account Payable	5.4	5.0	7.9	9.4	7.2
Advances Received	0.0	0.3	-	0.0	0.0
Deposit Withheld	2.2	2.7	1.5	1.4	1.4
Income Taxes Payable	0.0	-	0.1	0.1	1.6
Accrued Expense	0.6	0.3	0.6	0.5	0.6
Import Deposit	4.2	3.4	4.8	4.0	3.9
Rsv-Returned Goods	0.5	3.9	1.7	1.7	1.3
Provisions for Accidental Return of Good	-	3.1	-	-	-
Current Portion of LT Debt	41.0	25.5	5.3	21.6	20.9
Current Port. of Capital Lease	-	0.0	0.1	0.1	-
Total Current Liabilities	86.1	67.0	42.5	58.2	49.2
Bonds	-	7.2	30.3	26.6	20.6
Bonds with Warrant	26.5	-	-	-	-
Reserve - Redemption of Bonds	3.4	-	-	-	-
Adjustment - Bonds with Warrant	-3.8	-	-	-	-
LT Borrowings	17.7	22.8	20.5	0.6	0.9
Capital Lease	-	0.0	0.0	0.1	-
Foreign Curr LTD	-	-	-	-	5.1
Total Long Term Debt	43.8	30.0	50.8	27.3	26.6
Retire Reserve	-	-	4.0	4.0	4.1
Reserve-Severance and Retirement Benefit	3.3	2.9	-	-	-
Transfer to National Pension Fund	0.0	0.0	-	-	-
Long-Term Accrued Expenses	-	-	-	0.1	0.0
Deferred Income Tax, Credit	8.8	7.1	-	-	-
Minority Interest	4.7	-	-	-	-
Total Liabilities	146.7	106.9	97.2	89.6	80.0
Common Stock	31.2	25.5	35.6	37.5	36.3
Preferred Stock	1.0	0.8	1.1	1.2	1.1
Treasury Stock	-6.5	-6.4	-6.3	-9.6	-6.3
Gain-Valu. of Sec. Available for Sale	0.0	-	-	-0.2	-0.1
Gain-valuation of Equity Method Securiti	3.0	2.5	1.7	1.3	1.2
Gain-Valuation of Assets	52.8	43.2	-	-	-
Paid-in Capital in Excess of Par	18.8	15.3	21.4	22.6	21.8
Other Capital	3.4	1.5	2.8	1.1	0.6
Reserve for Assets Revaluation	4.8	13.0	18.2	19.1	18.5
Legal Reserve	0.1	0.5	0.6	0.4	0.2
Reserve-Loss on Treasury Stock Disposal	-	0.3	0.5	0.5	0.5
Facilities Resrv	-	1.6	2.7	1.6	-
Retained Earning Carried Forward	0.9	-11.5	1.2	3.5	3.6
Total Equity	109.5	86.4	79.5	79.0	77.6
Total Liabilities & Shareholders' Equity	256.2	193.2	176.8	168.6	157.5
S/O-Common Stock	13.9	13.8	13.8	13.3	13.5
Total Common Shares Outstanding	13.9	13.8	13.8	13.3	13.5
T/S-Common Stock	0.9	1.0	0.8	1.4	1.3
S/O-Preferred Stock	0.4	0.4	0.4	0.4	0.4
Total Preferred Shares Outstanding	0.4	0.4	0.4	0.4	0.4
T/S-Preferred Stock	0.0	0.0	-	-	-
Deferred Revenue, Current	0.0	0.3	-	0.0	0.0
Accumulated Intangible Amort, Suppl.	4.3	-	-	-	-
Full-Time Employees	613	652	694	695	647
Number of Common Shareholders	13,846	13,310	8,026	4,943	5,119
LT Debt 1 yr	41.0	25.5	5.3	21.6	20.9
LT Debt 2 yrs	10.8	15.4	30.6	5.6	20.9
LT Debt 3 yrs	28.3	8.8	20.2	21.6	5.5
LT Debt 4 yrs	-	-	-	-	0.3
LT Debt-Remaining Maturities	5.2	5.8	-	-	-
Total Long Term Debt, Supplemental	85.2	55.5	56.1	48.8	47.6
Capital Lease Pymts. Due in Yr. 1	-	0.0	0.1	0.1	-
Capital Lease Pymts. Due in Yr. 2	-	-	0.0	0.1	-
Capital Lease Pymts. Due in Yr. 3	-	-	-	0.0	-
Total Capital Leases	-	0.0	0.1	0.2	-

Interim Balance Sheet

Financials in: USD (mil)

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

No Financial Data for Ilyang Pharmaceutical Co., Ltd

Annual Cash Flows

As Reported

Financials in: USD (mil)

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

	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007	31-Mar-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008	Updated Normal 31-Mar-2007	Updated Normal 31-Mar-2006
Filed Currency	KRW	KRW	KRW	KRW	KRW
Exchange Rate (Period Average)	1209.855603	1214.015574	933.271038	945.639003	1012.786749
Auditor	Shinhan Accounting Corporation	Shinhan Accounting Corporation	Shinhan Accounting Corporation	Shinhan Accounting Corporation	Sahmduk Accounting Corp.
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified	Unqualified	Unqualified
Net Income	1.7	-13.2	1.1	3.3	3.4
Depreciation	3.4	2.6	3.3	3.2	2.7
Dep-Lease Buildings	-	-	-	-	0.0
Provision-Doubtful Account	0.1	0.1	0.3	0.5	0.5
Amort-Bond Discount	-	-	0.0	0.0	0.0
Substitute-Machinery in Transit	-	-	-	-	0.0
Provision-Retirement Allowance	1.7	1.6	2.2	2.2	1.8
Loss-Foreign Currency Translation	0.0	0.1	0.0	-	0.0
Loss-Foreign Exchange Transaction	-	2.5	-	-	-
Loss-Disposal of Tangible Assets	0.0	0.0	0.1	0.0	0.8
Loss-Valuation of Tangible Assets	-	0.0	-	-	-
Loss-Withdraw of Special Inventory	-	3.5	-	-	-
Reduction-Machines in Transit	0.1	-	-	-	-
Repairing Expenses -Machines in Transit	0.0	-	-	-	-
Treasury Stock Bonuses	-	-	-	-	0.7
L-Disp Secs avial. for Sale	-	-	0.0	0.1	0.0
Loss-Valu. under Equity Method	0.2	-	-	-	0.0
Loss-Disposal of Trade Receivable	0.0	0.0	0.1	-	5.2
Other Amortiztion	-	-	-	-	0.2
L-REduce Securities avail. for Sale	-	-	-	0.2	0.7
Dec-Machine in Trnst	-	0.3	0.3	0.1	-
Amort-Convertible Right Adjustment	0.3	-	-	-	-
Gain-Foreign Currency Translation	0.0	-0.1	0.0	-	-
Gain-Disposal of Tangible Assets	-0.1	0.0	-0.3	-0.3	-7.8
Gain-Disposal of Intangible Assets	0.0	-	-	0.0	0.0
Equity Earnings	-	-0.8	-0.3	-0.4	-0.1
Recovery of Income Taxes Paid	-	-	0.0	0.0	-
G-disp Securities avail. for Sale	-	-	0.0	-	-
Trade Receivable	-1.6	0.0	4.1	-8.8	-0.8
Inventory	-5.7	0.1	-4.4	-0.8	-2.0
Accrued Income	0.2	-0.3	0.1	-0.1	0.4
Advanced Payment	0.0	-0.1	0.2	0.2	1.6
Prepaid Expense	0.3	-0.8	-0.5	0.4	-0.2
Reserve-National Pension	0.0	0.0	0.0	0.0	0.0
Trade Payable	-1.0	1.1	-6.5	7.3	0.8
Account Payable	-1.0	-0.6	-1.1	2.0	0.3
Advance Received	-0.4	0.4	0.0	0.0	-0.1
Deposit Withheld	-1.0	1.8	0.2	-0.1	-0.5
Accrued Income Taxes	-0.1	0.0	-0.1	-1.6	-0.5
Accrued Expense	0.1	-0.1	0.2	-0.1	-0.1
Increase or Decrease Deferred Tax Assets	-	-	-0.1	0.6	-0.4
Deferred Income Tax Credit, A/L	0.2	-3.3	-	-	-
Dec-Doubtful Accts	0.0	0.0	0.0	0.0	0.0
Provision for Sales Return	-3.9	3.0	0.1	0.4	0.3
Reserve-Inventory Valuation	0.0	2.1	0.0	0.2	-
LT Accrued Expenses	-	-	-0.1	0.0	0.0
Pymt of Retire Allow	-1.9	-1.5	-2.0	-2.4	-1.6
Increase -Sec. under Equity Method	0.7	0.4	-	-	-
Cash from Operating Activities	-7.8	-1.3	-3.1	6.0	5.5
Decrease-ST Loans	0.7	0.2	0.1	0.2	0.1
Decrease-ST Financial Assets	1.0	0.8	123.4	87.5	149.0
Decrease Acct Rcvbl.	41.6	38.3	42.2	35.9	25.3
Decrease-Guarantee Deposit	0.6	0.7	2.0	3.5	1.9
Decrease-LT Financial Assets	0.0	0.5	1.0	-	0.0
Disposal of Land	-	-	0.4	0.1	14.2
Disposal-Buildings	0.0	-	0.3	0.2	24.7
Disposal-Machinery & Equipments	0.0	-	0.1	0.0	0.0
Disposal Trans Equip	0.2	0.0	0.0	0.0	0.0
Disp-Tools/Fixtures/Structures	0.0	0.0	0.0	0.0	-
Disp-Other Tangible Assets	-	-	-	-	0.0
Disp Intangible Assets	0.0	-	0.0	0.0	0.0
Disp.-Secs. Avail.-for-Sale	0.0	0.0	0.0	1.0	0.0
Disposal-Securities Available-for-Sale	-	-	5.8	-	-
Dec-Advance Rcvd IP	-	-	-	-	13.2
Inc-ST Secs. Avail.-for-Sale	-	-1.0	-0.1	0.0	-
Increase-Securities Available-for-Sale	-0.1	-0.2	-	-	-
Acq-ST Invest. Assets	-	-	-	-	-0.6
Incr-ST Finl Assets	-	-	-125.2	-79.5	-141.8
Increase-ST Loans	-0.7	-0.2	-0.1	-0.2	-0.1
Inc in Acct Rcvbl.	-41.8	-38.4	-42.4	-36.4	-25.2
Increase-LT Financial Assets	-0.3	-	-	-1.0	-0.1
Acquis in LT Invest Sec	-	-	-	-	0.0
Inc in Guarant Depos	-1.3	-1.0	-2.8	-3.5	-2.2
Increase-Buildings	0.0	0.0	-0.1	-0.2	-1.9
Purch. of Structure	0.0	0.0	0.0	-	0.0
Increase-Machinery & Equipment	-0.1	-0.1	-0.3	-0.7	-0.1
Increase-Transportation	0.0	0.0	-0.1	-0.2	-0.2
Increase-Tools & Supplies	-0.6	-0.4	-0.5	-0.4	0.0
Increase-Fixtures	-0.1	-0.1	-0.1	-	-0.2
Increase-Construction Progress	-3.3	-6.9	-9.7	-	-10.2
Inc-Mach. In Transit	-0.1	-0.3	-0.2	-0.2	-0.1
Inc-Capital Lease Assets	-	-	-	-0.1	-
Increase-Industrial Property Right	-0.4	-0.3	-0.1	-0.1	-0.1
Increase-Other Intangible Assets	0.0	0.0	-	-	-0.1
Increase-Development Cost	-3.7	-2.2	-2.8	-2.2	-1.1
Increase-Software	-0.4	-0.2	-0.1	-0.1	-
Increase-LT Advanced Payment	-7.2	-	-	-	-
Decrease-Advances Received	-	-	-	-	-37.4
Cash from Investing Activities	-16.1	-10.9	-9.6	3.8	6.9
Increase-ST Borrowings	33.1	17.5	10.7	-	-
Inc-ForCurr ST Brrw	-	-	-	-	0.8
Increase-Accrued Payable	0.1	-	-	-	-
Increase-Guarantee Deposit, FP	0.1	0.1	1.2	-0.1	3.4
Proceeds from Issuance of Bonds	20.7	8.2	10.7	21.1	14.8
Issuance-Bond with Warrant	24.1	-	-	-	-
Inc in LT Borrowings	-	17.7	21.4	-	-
Inc-ForCurr LT Brrw	-	-	-	-	0.0
Issuance-Exchangeable Bond	-	16.5	-	-	-
Disposal-Treasury Stock	2.5	-	-	-	-
Dec-Current Portion of FC LT Borrowings	-24.8	-23.7	-16.1	-	-
Dec-Current Portion of FC LT Borrowings	-	-	-5.4	-	-
Decrease-Capital Lease	0.0	0.0	-0.1	-	-
Inc-Bond Issue Cost	-	-	-	-	0.0
Decrease-ST Borrowings	-28.1	-9.2	-2.1	-0.6	0.0
Repay ST Borrowings Foreign	-	-	-	-	-0.8
Decrease-Capital Lease, Current	-	-0.1	-	-	-
Dec in Guarantee Inc	-0.1	-0.2	-0.1	-	-6.5
Repay Cur Port Bond	-	-	-	-	-19.7
Dec-Current Portion of LT Liabilities	-4.4	-0.2	-0.3	-21.5	-3.4
Decrease-LT Borrowings	-0.1	-4.1	-	-	0.0
Purchase of Treasury Stock	-	-2.7	-	-2.6	0.0
Dividends Paid	-0.6	-1.1	-1.8	-1.8	-1.3
Cash from Financing Activities	22.5	18.7	18.2	-5.4	-12.8
Foreign Exchange Effects	-0.2	-	-	-	-
Net Change in Cash	-1.6	6.5	5.5	4.4	-0.4
Net Cash Beginning Balance	17.0	9.0	6.2	1.8	2.1
Net Cash Ending Balance	15.4	15.5	11.8	6.1	1.6

Interim Cash Flows

Financials in: USD (mil)

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

No Financial Data for Ilyang Pharmaceutical Co., Ltd

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.48.22
UK Pound	1	Rs.75.63
Euro	1	Rs.65.64

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%)

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