MIRA INFORM REPORT

 

 

Report Date :           

19.04.2012

 

IDENTIFICATION DETAILS

 

Name :

TK CORPORATION

 

 

Registered Office :

1499-1 SongJung-Dong, 1499-1, Songjeong-Dong, Gangseo-Gu, Busan, 618817

 

 

Country :

South korea

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

01.09.1982

 

 

Legal Form :

Public Parent Company

 

 

Line of Business :

manufacture and supply of fittings and allied products

 

 

No. of Employees :

369

 

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 :

Clear

 

 

NOTES:

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

 

ECGC Country Risk Classification List – March 31st, 2012

 

Country Name

Previous Rating

                   (31.12.2011)                  

Current Rating

(31.03.2012)

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 & address 

 

TK Corporation

1499-1 SongJung-Dong

1499-1, Songjeong-Dong, Gangseo-Gu

Busan, 618817

Korea, Republic of

Tel:       82-51-9706617

Fax:      82-51-8316969

Web:    www.tkbend.co.kr

           

 

Synthesis

 

Employees:                  369

Company Type:            Public Parent

Corporate Family:          2 Companies

Traded:

KOSDAQ:                     023160

Incorporation Date:         01-Sep-1982

Auditor:                        Sungdoe Accounting Corp.        

Financials in:                 USD (Millions)

Fiscal Year End:            31-Dec-2011

Reporting Currency:       South Korean Won

Annual Sales:                233.7  1

Net Income:                   24.9

Total Assets:                366.7  2

Market Value:               635.8

(06-Apr-2012)

 

 

Business Description     

 

TAE KWANG CORPORATION is a Korea-based company that is principally involved in the manufacture and supply of fittings and allied products. The Company mainly produces pipe fittings, which are made of carbon steel, low alloy steel and stainless steel, used to connect pipe ends. The pipe fittings can be divided into various types such as elbow type, tee type, reducer type, lathe type, stub end type and others. The Company distributes its pipe fittings to thermal power plants, heavy chemical industry such as petrochemical plants, and shipbuilding industry in domestic market, as well as to the overseas markets including the United States, Europe, Southeast Asia and Middle East. As of December 31, 2010, the Company had three affiliated companies. For the fiscal year ended 31 December 2010, TK Corporation's revenues decreased 18% to W215.94B. The company's net income decreased 97% to W1.55B. Revenues reflect decreased domestic demand for elbow, tee and reducer finished goods in pipe fitting segment. Net income was offset by lower gain on foreign exchange transaction, lower gain on disposal of investment assets and the inclusion of losses on valuation of currency forward.

Industry             

Industry            Fabricated Plastic and Rubber

ANZSIC 2006:    1919 - Other Polymer Product Manufacturing

NACE 2002:      2524 - Manufacture of other plastic products

NAICS 2002:     326122 - Plastics Pipe and Pipe Fitting Manufacturing

UK SIC 2003:    2524 - Manufacture of other plastic products

US SIC 1987:    3089 - Plastics Products, Not Elsewhere Classified

 

           

Key Executives

 

Name

Title

Seong Deok Yoon

Chief Executive Officer, Director

Gyu Jung Lee

Internal Auditor

Sung Duk Yoon

Chief Executive Officer

Jong Gyu Yoon

Chairman of the Board

Yun Seok Park

Non-Executive Independent Director

 

 

Significant Developments

 

Topic

#*

Most Recent Headline

Date

Equity Investments

3

TK Corporation Announces Changes in Shareholding Structure

9-Jan-2012

Dividends

1

TK Corporation Declares Annual Stock Dividend for FY 2011

21-Dec-2011

 

* number of significant developments within the last 12 months

 

 

 

News

 

Title

Date

Where is driver Ali Azam?
New Nation (Bangladesh) (528 Words)

18-Apr-2012

Customs earns Tk 423cr in 9 months
New Nation (Bangladesh) (208 Words)

18-Apr-2012

Metro takes Kings' crown
Messenger - Eastern Courier (Australia) (179 Words)

18-Apr-2012

Is Marks & Spencer's dominance of UK clothing starting to unravel?
Daily Telegraph (UK) (746 Words)

18-Apr-2012

Donate your clothes
Grimsby Evening Telegraph (UK) (34 Words)

17-Apr-2012

 

Financial Summary    

 

As of 31-Dec-2011

Key Ratios                               Company         Industry

Current Ratio (MRQ)                   3.22                  2.14

Quick Ratio (MRQ)                     1.67                  1.41

Debt to Equity (MRQ)                 0.01                  0.26

Sales 5 Year Growth                  6.22                  3.09

Net Profit Margin (TTM) %           15.63                3.78

Return on Assets (TTM) %          21.95                3.76

Return on Equity (TTM) %           31.63                7.41

 

 

Stock Snapshot    

 

 

Traded: KOSDAQ: 023160

 

As of 6-Apr-2012

   Financials in: KRW

Recent Price

29,550.00

 

EPS

1,164.70

52 Week High

32,500.00

 

Price/Sales

2.77

52 Week Low

12,378.64

 

Price/Earnings

13.00

Avg. Volume (mil)

0.14

 

Price/Book

2.01

Market Value (mil)

717,559.60

 

Beta

1.66

 

Price % Change

Rel S&P 500%

4 Week

-5.89%

-6.39%

13 Week

33.11%

20.91%

52 Week

30.63%

36.63%

Year to Date

24.16%

11.73%

 

 

 

1 - Profit & Loss Item Exchange Rate: USD 1 = KRW 1107.891

2 - Balance Sheet Item Exchange Rate: USD 1 = KRW 1152

 

 

Corporate Overview

 

Location

1499-1 SongJung-Dong

1499-1, Songjeong-Dong, Gangseo-Gu

Busan, 618817

Korea, Republic of

Tel:       82-51-9706617

Fax:      82-51-8316969

Web:    www.tkbend.co.kr

           

Quote Symbol - Exchange

023160 - KOSDAQ

Sales KRW(mil):            258,887.9

Assets KRW(mil):          422,467.4

Employees:                   369

Fiscal Year End:            31-Dec-2011

Industry:                        Fabricated Plastic and Rubber

Incorporation Date:         01-Sep-1982

Company Type:             Public Parent

Quoted Status:              Quoted

Chief Executive Officer,

Director:                        Seong Deok Yoon

 

Company Web Links

Company Contact/E-mail

Corporate History/Profile

Financial Information

Home Page

Products/Services

 

Contents

Industry Codes

Business Description

Financial Data

Market Data

Key Corporate Relationships

 

Industry Codes

 

ANZSIC 2006 Codes:

2299     -          Other Fabricated Metal Product Manufacturing Not Elsewhere Classified

2122     -          Steel Pipe and Tube Manufacturing

1919     -          Other Polymer Product Manufacturing

 

NACE 2002 Codes:

2524     -          Manufacture of other plastic products

2913     -          Manufacture of taps and valves

2721     -          Manufacture of cast iron tubes

 

NAICS 2002 Codes:

331210  -          Iron and Steel Pipe and Tube Manufacturing from Purchased Steel

326122  -          Plastics Pipe and Pipe Fitting Manufacturing

332919  -          Other Metal Valve and Pipe Fitting Manufacturing

 

US SIC 1987:

3494     -          Valves and Pipe Fittings, Not Elsewhere Classified

3317     -          Steel Pipe and Tubes

3089     -          Plastics Products, Not Elsewhere Classified

UK SIC 2003:

2721     -          Manufacture of cast iron tubes

2913     -          Manufacture of taps and valves

2524     -          Manufacture of other plastic products

 

Business Description

TAE KWANG CORPORATION is a Korea-based company that is principally involved in the manufacture and supply of fittings and allied products. The Company mainly produces pipe fittings, which are made of carbon steel, low alloy steel and stainless steel, used to connect pipe ends. The pipe fittings can be divided into various types such as elbow type, tee type, reducer type, lathe type, stub end type and others. The Company distributes its pipe fittings to thermal power plants, heavy chemical industry such as petrochemical plants, and shipbuilding industry in domestic market, as well as to the overseas markets including the United States, Europe, Southeast Asia and Middle East. As of December 31, 2010, the Company had three affiliated companies. For the fiscal year ended 31 December 2010, TK Corporation's revenues decreased 18% to W215.94B. The company's net income decreased 97% to W1.55B. Revenues reflect decreased domestic demand for elbow, tee and reducer finished goods in pipe fitting segment. Net income was offset by lower gain on foreign exchange transaction, lower gain on disposal of investment assets and the inclusion of losses on valuation of currency forward.

 

More Business Descriptions

·         Manufacture of steel welding fittings and pipes

·         Iron and Steel Pipe and Tube Manufacturing from Purchased Steel

 

 

Financial Data

Financials in:

KRW(mil)

 

Revenue:

258,887.9

Net Income:

27,564.1

Assets:

422,467.4

Long Term Debt:

0.0

 

Total Liabilities:

70,135.3

 

Working Capital:

16.1

 

 

 

Date of Financial Data:

31-Dec-2011

 

1 Year Growth

19.9%

3,430.3%

12.4%

Market Data

Quote Symbol:

023160

Exchange:

KOSDAQ

Currency:

KRW

Stock Price:

29,550.0

Stock Price Date:

04-06-2012

52 Week Price Change %:

30.6

Market Value (mil):

717,559,616.0

 

SEDOL:

6167125

ISIN:

KR7023160005

 

Equity and Dept Distribution:

05/2005, Scrip Issue, 0.251 new shares for every 1 share held. 04/2005, Rights Issue, 0.181 new share for every 1 @ KRW 6720 (Factor: 1.042194). FY'97-07 reflect non-consolidated data. 02/08, scrip issue(Factor: 1.0499999). FY'06, fncl. is CLA. FY'06 2Q(CSP 6 mo. data), 12/09, 1.00:0.05, stock dividend(F:1.050000).

 

Key Corporate Relationships

Auditor:

Sungdoe Accounting Corp.

 

Auditor:

Sungdoe Accounting Corp.

 

 

 

 

 

 

 

 

 

 

Corporate Family

Corporate Structure News:

 

TK Corporation

TK Corporation 
Total Corporate Family Members: 2 

 

 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

 

TK Corporation

Parent

Busan

Korea, Republic of

Fabricated Plastic and Rubber

233.7

369

 

TKSCT Corporation

Subsidiary

Gangseo-Gu

Korea, Republic of

Iron and Steel

 

130

 

 

 

 

Executive report

 

Board of Directors

 

Name

Title

Function

 

Jong Gyu Yoon

 

Chairman of the Board

Chairman

 

 

Yoon Jong Gyu has been Chairman of the Board of TK Corporation. Previously, Yoon served as Chief Executive Officer of the Company.

Yun Seok Park

 

Non-Executive Independent Director

Director/Board Member

 

 

 

Park Yun Seok has been Non-Executive Independent Director of TK Corporation. Park holds a Bachelor's degree in Economics from Dong-A University, Korea. Park is a Certified Public Accountant in Korea.



B Economics, Dong-A University

Bon Yil Son

 

Director

Director/Board Member

 

 

Seong Deok Yoon

 

Chief Executive Officer, Director

Director/Board Member

 

 

 

Yoon Seong Deok has been Chief Executive Officer and Director of TK Corporation. Previously, Yoon served as Vice President and Assistant Managing Director of the Company. Yoon holds a Bachelor's degree from Hanyang University, Korea and a Master's degree from Pusan National University, Korea.



M , Pusan National University
B , Hanyang University

Sang Won Yoon

 

Director

Director/Board Member

 

 



B , Pusan National University

 

Executives

 

Name

Title

Function

 

Sung Duk Yoon

 

Chief Executive Officer

Chief Executive Officer

 

Seong Deok Yoon

 

Chief Executive Officer, Director

Chief Executive Officer

 

 

Yoon Seong Deok has been Chief Executive Officer and Director of TK Corporation. Previously, Yoon served as Vice President and Assistant Managing Director of the Company. Yoon holds a Bachelor's degree from Hanyang University, Korea and a Master's degree from Pusan National University, Korea.



M , Pusan National University
B , Hanyang University

Gyu Jung Lee

 

Internal Auditor

Accounting Executive

 

 

 

Lee Gyu Jung has been Internal Auditor of TK Corporation. Previously, Lee worked for Hyundai Motor Co. Lee holds a Bachelor's degree from Dong-A University, Korea.



B , Dong-A University

 

 

Significant Developments

 

 

 

TK Corporation Announces Changes in Shareholding Structure Jan 09, 2012


TK Corporation announced that National Pension Service has acquired 1,186,647 shares of the Company, representing a 5.03% stake. 

 

TK Corporation Declares Annual Stock Dividend for FY 2011 Dec 21, 2011


TK Corporation declared its fiscal year 2011 annual stock dividend of 699,600 shares on its common stock to shareholders of record on December 31, 2011. Each holder of common stock of the Company on the record date will be entitled to receive 0.03000003 additional common shares. 

 

TK Corporation Announces Changes in Shareholding Structure Nov 16, 2011


TK Corporation announced that FIDELITY FUNDS and 19 related parties have acquired 1,181,849 shares of the Company, representing a 5.01% stake. 

 

TK Corporation Announces Changes in Shareholding Structure May 09, 2011


TK Corporation announced that FIDELITY FUNDS and 11 related parties have acquired 1,208,870 shares of the Company, representing a 5.13% stake. 

 

 

 

Annual Income Statement

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Restated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1107.891393

1156.281981

1276.385219

1100.562842

929.183333

Auditor

Sungdoe Accounting Corp.

Sungdoe Accounting Corp.

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Sungdoe Accounting Corp.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

233.7

186.8

198.6

330.5

305.4

Revenue

233.7

186.8

198.6

330.5

305.4

    Other Revenue

-

-

6.8

14.7

3.5

Other Revenue, Total

-

-

6.8

14.7

3.5

Total Revenue

233.7

186.8

205.5

345.2

308.9

 

 

 

 

 

 

    Cost of Revenue

181.9

172.7

155.9

221.3

227.9

Cost of Revenue, Total

181.9

172.7

155.9

221.3

227.9

Gross Profit

51.8

14.1

42.7

109.1

77.5

 

 

 

 

 

 

    Selling/General/Administrative Expense

13.7

10.2

13.4

21.0

17.3

    Labor & Related Expense

4.4

3.8

3.2

4.1

3.8

    Advertising Expense

0.0

0.0

0.0

0.1

0.1

Total Selling/General/Administrative Expenses

18.1

14.0

16.7

25.1

21.1

Research & Development

0.4

0.3

0.3

0.7

1.2

    Depreciation

0.3

0.3

0.3

0.3

0.3

    Amortization of Intangibles

0.0

0.0

0.0

0.0

0.0

Depreciation/Amortization

0.4

0.3

0.3

0.3

0.3

    Loss (Gain) on Sale of Assets - Operating

0.0

-1.7

-

-

-

    Other Unusual Expense (Income)

0.5

-0.6

-

-

-

Unusual Expense (Income)

0.5

-2.3

-

-

-

    Other Operating Expense

0.2

0.2

-

-

-

    Other, Net

-1.1

-0.1

-

-

-

Other Operating Expenses, Total

-0.9

0.1

-

-

-

Total Operating Expense

200.4

185.1

173.2

247.5

250.5

 

 

 

 

 

 

Operating Income

33.3

1.6

32.3

97.7

58.4

 

 

 

 

 

 

        Interest Expense - Non-Operating

-0.1

-0.1

-0.1

-0.1

-0.1

    Interest Expense, Net Non-Operating

-0.1

-0.1

-0.1

-0.1

-0.1

        Interest Income - Non-Operating

0.4

1.9

1.3

1.2

0.4

        Investment Income - Non-Operating

0.4

-2.3

12.4

6.3

0.7

    Interest/Investment Income - Non-Operating

0.8

-0.4

13.7

7.5

1.1

    Interest Income (Expense) - Net Non-Operating

0.0

-

-

-

-

Interest Income (Expense) - Net Non-Operating Total

0.7

-0.5

13.6

7.4

1.0

Gain (Loss) on Sale of Assets

-

-

0.1

0.0

0.1

    Other Non-Operating Income (Expense)

-

-

0.1

0.1

2.2

Other, Net

-

-

0.1

0.1

2.2

Income Before Tax

34.0

1.1

46.1

105.3

61.7

 

 

 

 

 

 

Total Income Tax

9.2

0.4

11.3

29.8

13.4

Income After Tax

24.9

0.7

34.8

75.5

48.3

 

 

 

 

 

 

    Minority Interest

-

-

-

-0.8

-

Net Income Before Extraord Items

24.9

0.7

34.8

74.7

48.3

Net Income

24.9

0.7

34.8

74.7

48.3

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

24.9

0.7

34.8

74.7

48.3

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

24.9

0.7

34.8

74.7

48.3

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

24.0

24.1

24.1

23.1

23.1

Basic EPS Excl Extraord Items

1.04

0.03

1.45

3.24

2.09

Basic/Primary EPS Incl Extraord Items

1.04

0.03

1.45

3.24

2.09

Diluted Net Income

24.9

0.7

34.8

74.7

48.3

Diluted Weighted Average Shares

24.0

24.1

24.1

23.1

23.1

Diluted EPS Excl Extraord Items

1.04

0.03

1.45

3.24

2.09

Diluted EPS Incl Extraord Items

1.04

0.03

1.45

3.24

2.09

Dividends per Share - Common Stock Primary Issue

0.01

0.01

0.00

0.00

0.00

Gross Dividends - Common Stock

0.3

0.3

0.0

0.0

0.0

Interest Expense, Supplemental

0.1

0.1

0.1

0.1

0.1

Depreciation, Supplemental

3.8

3.4

3.4

5.6

6.2

Total Special Items

0.5

-2.3

-0.1

0.0

-0.1

Normalized Income Before Tax

34.6

-1.2

46.0

105.3

61.6

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.1

-0.8

0.0

0.0

0.0

Inc Tax Ex Impact of Sp Items

9.3

-0.4

11.2

29.8

13.4

Normalized Income After Tax

25.3

-0.8

34.8

75.5

48.2

 

 

 

 

 

 

Normalized Inc. Avail to Com.

25.3

-0.8

34.8

74.7

48.2

 

 

 

 

 

 

Basic Normalized EPS

1.05

-0.03

1.44

3.24

2.09

Diluted Normalized EPS

1.05

-0.03

1.44

3.24

2.09

Amort of Intangibles, Supplemental

0.0

0.0

0.0

0.0

0.0

Rental Expenses

0.1

0.1

0.3

0.3

0.1

Advertising Expense, Supplemental

0.0

0.0

0.0

0.1

0.1

Research & Development Exp, Supplemental

0.4

0.3

0.3

0.7

1.2

Normalized EBIT

33.8

-0.7

32.3

97.7

58.4

Normalized EBITDA

37.6

2.7

35.7

103.4

64.5

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

UpdateType/Date

Updated Normal 
31-Dec-2011

Restated Normal
31-Dec-2011

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate

1152

1134.9

1164.475

1259.55

936.05

Auditor

Sungdoe Accounting Corp.

Sungdoe Accounting Corp.

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Sungdoe Accounting Corp.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

11.2

9.4

23.8

19.3

9.8

    Short Term Investments

7.4

25.5

71.9

14.0

4.2

Cash and Short Term Investments

18.5

34.9

95.7

33.3

14.0

        Accounts Receivable - Trade, Gross

-

-

50.1

80.8

86.3

        Provision for Doubtful Accounts

-

-

-2.5

-2.4

-1.5

    Trade Accounts Receivable - Net

91.4

82.7

48.4

78.6

84.8

    Other Receivables

4.0

4.6

2.9

4.1

3.6

Total Receivables, Net

95.4

87.3

51.3

82.7

88.4

    Inventories - Finished Goods

-

-

24.0

25.2

41.3

    Inventories - Work In Progress

-

-

10.0

14.3

10.8

    Inventories - Raw Materials

-

-

40.2

57.0

43.5

    Inventories - Other

-

-

0.1

0.8

0.1

Total Inventory

139.0

95.3

74.3

97.3

95.6

Prepaid Expenses

-

-

0.1

0.1

0.1

    Deferred Income Tax - Current Asset

-

-

0.5

0.3

0.2

    Other Current Assets

0.7

0.8

-

-

-

Other Current Assets, Total

0.7

0.8

0.5

0.3

0.2

Total Current Assets

253.6

218.4

221.9

213.7

198.3

 

 

 

 

 

 

        Buildings

-

-

9.0

9.9

14.0

        Land/Improvements

-

-

46.9

11.5

15.5

        Machinery/Equipment

-

-

30.4

30.5

42.2

        Construction in Progress

-

-

5.8

22.8

0.8

    Property/Plant/Equipment - Gross

-

-

92.0

74.8

72.5

    Accumulated Depreciation

-

-

-26.2

-23.0

-32.2

Property/Plant/Equipment - Net

103.7

107.7

65.9

51.8

40.3

Intangibles, Net

0.5

0.5

0.0

0.0

0.0

    LT Investments - Other

7.2

4.4

5.0

3.4

3.3

Long Term Investments

7.2

4.4

5.0

3.4

3.3

Note Receivable - Long Term

1.7

0.3

-

-

-

    Deferred Income Tax - Long Term Asset

-

-

0.9

0.0

1.6

    Other Long Term Assets

-

-

0.6

0.6

0.9

Other Long Term Assets, Total

-

-

1.6

0.7

2.5

Total Assets

366.7

331.3

294.4

269.6

244.4

 

 

 

 

 

 

Accounts Payable

26.5

20.0

30.1

38.2

37.7

Accrued Expenses

-

-

1.8

1.7

2.4

Notes Payable/Short Term Debt

0.0

6.7

0.0

0.0

1.9

    Customer Advances

-

-

0.4

0.3

1.8

    Income Taxes Payable

6.9

-

3.4

19.6

11.5

    Other Payables

15.7

7.4

5.5

6.3

5.9

    Other Current Liabilities

1.3

0.7

0.3

0.6

0.4

Other Current liabilities, Total

23.9

8.1

9.6

26.8

19.6

Total Current Liabilities

50.4

34.9

41.5

66.7

61.6

 

 

 

 

 

 

Total Long Term Debt

0.0

0.0

0.0

0.0

0.0

Total Debt

0.0

6.7

0.0

0.0

1.9

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

9.4

7.9

-

-

-

Deferred Income Tax

9.4

7.9

-

-

-

Minority Interest

-

-

-

3.2

-

    Pension Benefits - Underfunded

1.1

2.3

4.8

6.2

8.1

Other Liabilities, Total

1.1

2.3

4.8

6.2

8.1

Total Liabilities

60.9

45.0

46.3

76.1

69.6

 

 

 

 

 

 

    Common Stock

10.2

10.1

9.4

8.2

10.6

Common Stock

10.2

10.1

9.4

8.2

10.6

Additional Paid-In Capital

29.4

29.9

29.1

26.8

36.6

Retained Earnings (Accumulated Deficit)

271.0

251.1

211.6

160.8

128.5

Treasury Stock - Common

-

-

-2.1

-2.1

-1.0

Unrealized Gain (Loss)

-

-

0.2

-0.3

0.0

    Other Equity

-4.8

-4.8

-

-

-

    Other Comprehensive Income

-

0.1

-

-

-

Other Equity, Total

-4.8

-4.7

-

-

-

Total Equity

305.8

286.3

248.1

193.5

174.7

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

366.7

331.3

294.4

269.6

244.4

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

24.0

24.0

23.0

23.0

23.1

Total Common Shares Outstanding

24.0

24.0

23.0

23.0

23.1

Treasury Shares - Common Stock Primary Issue

0.3

0.3

0.2

0.2

0.0

Employees

-

369

359

339

445

Number of Common Shareholders

-

9,162

6,514

5,549

4,986

Deferred Revenue - Current

-

-

0.4

0.3

1.8

 

Annual Cash Flows

 

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Reclassified Normal 
31-Dec-2011

Reclassified Normal 
31-Dec-2010

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1107.891393

1156.281981

1276.385219

1100.562842

929.183333

Auditor

Sungdoe Accounting Corp.

Sungdoe Accounting Corp.

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Sungdoe Accounting Corp.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

-

-

34.8

75.5

48.3

    Depreciation

-

-

3.4

5.6

6.2

Depreciation/Depletion

-

-

3.4

5.6

6.2

    Amortization of Intangibles

-

-

0.0

0.0

0.0

Amortization

-

-

0.0

0.0

0.0

Deferred Taxes

-

-

-1.2

1.2

-0.5

    Unusual Items

-

-

-15.5

0.0

-0.1

    Equity in Net Earnings (Loss)

-

-

0.2

-

-

    Other Non-Cash Items

-

-

3.0

12.7

2.4

Non-Cash Items

-

-

-12.3

12.7

2.3

    Accounts Receivable

-

-

27.5

-19.4

-29.0

    Inventories

-

-

19.3

-29.2

-12.3

    Prepaid Expenses

-

-

0.7

-0.9

0.2

    Accounts Payable

-

-

-9.7

14.3

-0.5

    Accrued Expenses

-

-

0.2

0.0

0.4

    Taxes Payable

-

-

-15.4

12.7

7.2

    Other Liabilities

-

-

-2.4

-3.2

0.8

    Other Operating Cash Flow

14.6

-17.8

-

-

-

Changes in Working Capital

14.6

-17.8

20.1

-25.6

-33.2

Cash from Operating Activities

14.6

-17.8

44.9

69.3

23.1

 

 

 

 

 

 

    Purchase of Fixed Assets

-4.5

-6.8

-17.5

-30.6

-8.0

    Purchase/Acquisition of Intangibles

0.0

-

-

0.0

0.0

Capital Expenditures

-4.6

-6.8

-17.5

-30.6

-8.0

    Sale of Fixed Assets

0.0

4.9

0.1

0.0

0.1

    Sale/Maturity of Investment

2.8

6.3

61.2

24.6

6.1

    Purchase of Investments

-5.8

-5.0

-80.0

-46.0

-9.1

    Other Investing Cash Flow

1.9

-0.3

0.2

0.1

-1.5

Other Investing Cash Flow Items, Total

-1.1

5.9

-18.6

-21.4

-4.4

Cash from Investing Activities

-5.7

-0.9

-36.0

-52.0

-12.4

 

 

 

 

 

 

    Other Financing Cash Flow

-

0.0

0.0

-0.4

-1.0

Financing Cash Flow Items

-

0.0

0.0

-0.4

-1.0

Total Cash Dividends Paid

-

-

-

-

-1.6

        Sale/Issuance of Common

-

-

0.3

-

-

        Repurchase/Retirement of Common

0.0

-2.6

0.0

-1.6

-

    Common Stock, Net

0.0

-2.6

0.2

-1.6

-

Issuance (Retirement) of Stock, Net

0.0

-2.6

0.2

-1.6

-

        Short Term Debt Issued

8.7

19.1

-

1.8

2.2

        Short Term Debt Reduction

-15.6

-12.5

-

-3.5

-5.8

    Short Term Debt, Net

-6.9

6.6

-

-1.6

-3.6

Issuance (Retirement) of Debt, Net

-6.9

6.6

-

-1.6

-3.6

Cash from Financing Activities

-7.0

4.1

0.2

-3.6

-6.2

 

 

 

 

 

 

Foreign Exchange Effects

0.0

0.0

-

-

-

Net Change in Cash

1.9

-14.7

9.1

13.7

4.6

 

 

 

 

 

 

Net Cash - Beginning Balance

9.7

24.0

12.6

8.4

5.3

Net Cash - Ending Balance

11.6

9.3

21.7

22.1

9.9

Cash Interest Paid

0.1

0.1

-

-

-

Cash Taxes Paid

0.3

4.1

-

-

-

 

 

Annual Income Statement

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Restated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1107.891393

1156.281981

1276.385219

1100.562842

929.183333

Auditor

Sungdoe Accounting Corp.

Sungdoe Accounting Corp.

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Sungdoe Accounting Corp.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Sales Revenue of Finished Goods

-

-

198.6

330.5

297.2

    Sales of By-Products

-

-

-

0.0

-

    Raw Material Revenue

-

-

-

-

8.2

    Other Revenue

-

-

6.8

14.7

3.5

    Sales Revenue

233.7

186.8

-

-

-

Total Revenue

233.7

186.8

205.5

345.2

308.9

 

 

 

 

 

 

    Cost of Revenue

181.9

172.7

-

-

-

    Cost of Finished Goods Sold

-

-

150.8

212.2

219.4

    Cost Raw Material

-

-

-

9.2

8.5

    Cost of Other Goods Sold

-

-

5.1

-

-

    Salaries and Wages

3.3

3.0

2.5

3.0

2.8

    Retirement and Severance Benefits

0.8

0.5

0.4

0.7

0.6

    Employee Benefits

0.4

0.3

0.3

0.3

0.4

    Travel Expenses

0.2

0.2

0.2

0.3

0.3

    Communication Expenses

0.1

0.1

0.0

0.1

0.1

    Condolences Exp

-

-

-

-

0.0

    Utility Expenses

0.0

0.0

0.0

0.1

0.1

    Taxes and Dues

0.3

0.3

0.4

0.3

0.2

    Depreciation

0.3

0.3

0.3

0.3

0.3

    Repair Expenses

0.0

0.0

0.0

0.0

0.0

    Insurance Premiums

0.4

0.4

0.3

0.3

0.3

    Entertainment Expenses

0.3

0.2

0.2

0.2

0.2

    Advertising Expenses

0.0

0.0

0.0

0.1

0.1

    Education & Training Expense

0.0

0.0

0.0

0.0

-

    Consumable Expense

0.2

0.2

0.1

0.3

0.3

    Vehicle Maintenance Expenses

0.1

0.2

0.1

0.2

0.2

    Publication Expenses

0.0

0.0

0.0

0.0

0.0

    Freight Expenses

0.8

0.7

0.8

1.1

1.2

    Export Expenses

3.8

3.8

3.2

4.5

2.8

    Commissions

7.3

4.0

7.7

11.8

10.5

    Research & Development Expense

-

-

0.3

0.7

1.2

    Expenses of Allowance for Doubtful Accou

0.0

0.1

0.0

1.4

0.8

    Amortization of Intangible Assets

0.0

0.0

0.0

0.0

0.0

    Miscellaneous Operating Expense

0.0

0.0

0.0

0.0

0.0

    Rental Expenses

0.1

0.1

0.3

0.3

0.1

    Development Costs

0.4

0.3

-

-

-

    Adjustment for Selling and Administrativ

0.0

0.0

-

-

-

    Inspection Fee

-0.1

0.0

-

-

-

    Gain on Disposal of Property, Plant and

0.0

-1.7

-

-

-

    Damage Compensation Expense, other incom

-0.1

-0.7

-

-

-

    Commission Income

-1.0

-

-

-

-

    Miscellaneous Income

-0.1

-0.1

-

-

-

    Adjustment for Other Operating Income

0.0

-

-

-

-

    Donations Paid

0.0

0.0

-

-

-

    Compensation of Deferment

0.2

0.0

-

-

-

    Loss on Disposal of Property, Plant and

0.0

0.0

-

-

-

    Plant Transfer Fee

0.0

0.1

-

-

-

    Damage Compensation Expense

0.6

0.1

-

-

-

    Miscellaneous Loss

0.0

0.0

-

-

-

    Adjustment for Other Operating Expense

0.0

0.0

-

-

-

Total Operating Expense

200.4

185.1

173.2

247.5

250.5

 

 

 

 

 

 

    Interest Income

0.4

1.9

1.3

1.2

0.4

    Gains on Foreign Currency Transactions

3.6

1.9

5.8

19.8

1.4

    Gains on Foreign Currency Translation

0.7

0.1

0.0

2.4

0.9

    Manufacturing-Income

-

-

0.0

0.0

0.0

    Income from Testing

-

-

0.1

0.1

0.1

    Dividend Income

-

-

-

0.0

0.0

    Gains on Sale of Investment Assets

0.2

0.4

15.4

-

-

    G-Reduction Loss of Sec. Avail-for-Sale

-

-

-

-

0.0

    Gains on Sale of Property, Plant and Equ

-

-

0.1

0.0

0.1

    Gain-Currency Forwards Transactions

1.3

0.0

-

-

0.1

    Gains on Valuation of Currency Forward

0.0

0.2

-

-

-

    Compensation Gain

-

-

0.4

0.4

3.5

    Miscellaneous Income

-

-

0.1

0.1

0.2

    Interest Expenses

-0.1

-0.1

-0.1

-0.1

-0.1

    Loss-Derivatives Transaction

-

-

-

-10.3

-

    Losses on Foreign Currency Transactions

-4.4

-3.6

-6.9

-3.1

-1.6

    Loss-Foreign Currency Translation

-0.4

-0.6

-1.7

-2.5

-

    Loss-Currency Forwards Transaction

0.0

-0.3

-

-

-0.1

    Losses on Valuation of Currency Forward

-0.6

-0.5

-

-

-

    Donations Paid

-

-

0.0

-0.1

0.0

    Delayed Rewards Exp

-

-

-0.3

-0.1

-0.6

    Expense-Defect Repair

-

-

-

0.0

-

    Loss-Disposal of Tangible Assets

-

-

0.0

0.0

0.0

    Compensation Exp

-

-

-0.2

-0.4

-0.9

    Miscellaneous Losses

-

-

0.0

0.0

0.0

    Losses on Valuation of Equity Method Sec

-

-

-0.2

-

-

    Adjustment for Finance Income

-

0.0

-

-

-

    Adjustment for Finance Expense

0.0

0.0

-

-

-

Net Income Before Taxes

34.0

1.1

46.1

105.3

61.7

 

 

 

 

 

 

Provision for Income Taxes

9.2

0.4

11.3

29.8

13.4

Net Income After Taxes

24.9

0.7

34.8

75.5

48.3

 

 

 

 

 

 

    Minority Interest Gain

-

-

-

-0.8

-

Net Income Before Extra. Items

24.9

0.7

34.8

74.7

48.3

Net Income

24.9

0.7

34.8

74.7

48.3

 

 

 

 

 

 

Income Available to Com Excl E

24.9

0.7

34.8

74.7

48.3

 

 

 

 

 

 

Income Available to Com Incl E

24.9

0.7

34.8

74.7

48.3

 

 

 

 

 

 

Basic Weighted Average Shares

24.0

24.1

24.1

23.1

23.1

Basic EPS Excluding ExtraOrdin

1.04

0.03

1.45

3.24

2.09

Basic EPS Including ExtraOrdin

1.04

0.03

1.45

3.24

2.09

Diluted Net Income

24.9

0.7

34.8

74.7

48.3

Diluted Weighted Average Share

24.0

24.1

24.1

23.1

23.1

Diluted EPS Excluding ExtraOrd

1.04

0.03

1.45

3.24

2.09

Diluted EPS Including ExtraOrd

1.04

0.03

1.45

3.24

2.09

DPS-Common Stock

0.01

0.01

0.00

0.00

0.00

Gross Dividends - Common Stock

0.3

0.3

0.0

0.0

0.0

Normalized Income Before Taxes

34.6

-1.2

46.0

105.3

61.6

 

 

 

 

 

 

Inc Tax Ex. Impact of Sp Items

9.3

-0.4

11.2

29.8

13.4

Normalized Income After Taxes

25.3

-0.8

34.8

75.5

48.2

 

 

 

 

 

 

Normalized Inc. Avail to Com.

25.3

-0.8

34.8

74.7

48.2

 

 

 

 

 

 

Basic Normalized EPS

1.05

-0.03

1.44

3.24

2.09

Diluted Normalized EPS

1.05

-0.03

1.44

3.24

2.09

R&D Expense, Supplemental

0.4

0.3

0.3

0.7

1.2

Advertising Expense

0.0

0.0

0.0

0.1

0.1

Interest Expense

0.1

0.1

0.1

0.1

0.1

Rental Expense

0.1

0.1

0.3

0.3

0.1

Depreciation

3.8

3.4

3.4

5.6

6.2

Amort of Intangibles, Supplemental

0.0

0.0

0.0

0.0

0.0

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

UpdateType/Date

Updated Normal 
31-Dec-2011

Restated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate

1152

1134.9

1164.475

1259.55

936.05

Auditor

Sungdoe Accounting Corp.

Sungdoe Accounting Corp.

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Sungdoe Accounting Corp.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash and CashEquivalents

11.2

9.4

23.8

19.3

9.8

    ST Securities Held to Maturities

-

-

0.1

0.0

0.0

    ST Finl Assets

-

-

71.8

14.0

4.2

    Trade Rcvbls,G

-

-

50.1

80.8

86.3

    Allowance for Doubtful Accounts for Trad

-

-

-2.5

-2.4

-1.5

    Other Receivables

4.0

4.6

2.9

-

-

    ST Loan, Net

-

-

0.0

0.2

0.4

    Other Rcvbls

-

-

-

3.9

3.2

    Accrued Income

-

-

0.8

0.2

0.1

    Advance Payments

-

-

0.1

0.8

0.1

    Prepaid Expenses Total

-

-

0.1

0.1

0.1

    Deferred Income Taxes Assets Current

-

-

0.5

0.3

0.2

    Finished Goods

-

-

23.3

24.1

38.4

    Works in Process

-

-

10.0

14.3

10.8

    Raw Materials

-

-

40.2

57.0

43.5

    Goods in Transit

-

-

0.7

1.1

2.8

    Other Curr Asset

0.7

0.8

-

-

-

    Trade Receivables, Net

91.4

82.7

-

-

-

    Other Financial Instruments

7.4

25.5

-

-

-

    Inventories

139.0

95.3

-

-

-

Total Current Assets

253.6

218.4

221.9

213.7

198.3

 

 

 

 

 

 

    Securities avail for Sale

-

-

2.1

0.8

0.4

    Held-to-Maturity Securities in Investmen

-

-

0.0

0.1

0.2

    Deposits Provided

-

-

0.6

0.6

0.9

    Deferred Income Taxes Assets Non-current

-

-

0.9

0.0

1.6

    Long-term Financial Instruments

-

-

2.8

2.5

2.7

    Land

-

-

46.9

11.5

15.5

    Buildings

-

-

8.7

9.6

13.6

    Accumulated Depreciation for Buildings

-

-

-3.0

-2.5

-3.6

    Structures

-

-

0.3

0.3

0.5

    Accumulated Depreciation for Structures

-

-

-0.1

-0.1

-0.2

    Machinery/Equip.

-

-

27.3

27.8

38.0

    Depr-Mach/Equip.

-

-

-20.6

-18.1

-25.1

    Transport Equip.

-

-

1.4

1.2

1.6

    Deprec-Transport

-

-

-1.1

-1.1

-1.2

    Tools/Equipments

-

-

0.3

0.3

0.5

    Depr-Tool/Equip

-

-

-0.2

-0.3

-0.5

    Fixtures

-

-

1.3

1.1

2.1

    Deprec-Fixtures

-

-

-1.1

-0.9

-1.7

    Construc in Prog

-

-

5.8

22.8

0.8

    Industrial Property Rights

-

-

0.0

0.0

0.0

    Other Non-Current Receivables

1.7

0.3

-

-

-

    Other Non-Current Financial Instruments

7.2

4.4

-

-

-

    Property, Plant & Equipment, Net

103.7

107.7

-

-

-

    Intangible Assets

0.5

0.5

-

-

-

Total Assets

366.7

331.3

294.4

269.6

244.4

 

 

 

 

 

 

    Trade Payable

26.5

20.0

30.1

38.2

37.7

    Accounts Payable

15.7

7.4

5.5

6.3

5.9

    Other Current Liabilities

0.5

0.2

-

-

-

    Advance for Customers

-

-

0.4

0.3

1.8

    Deposit Withheld

-

-

0.3

0.6

0.4

    Accrued Expenses

-

-

1.8

1.7

2.4

    Inc Tax Payable

6.9

-

3.4

19.6

11.5

    ST Borrowings

-

6.7

-

-

1.9

    Other Current Financial Liabilities

0.8

0.5

-

-

-

Total Current Liability

50.4

34.9

41.5

66.7

61.6

 

 

 

 

 

 

    Provisions for Retirement and Severance

1.1

2.3

6.7

6.2

8.1

    Deposits for Retirement and Severance Be

-

-

-1.9

-

-

    Transfer to National Pension Fund

-

-

0.0

-

-

    Minority Interest

-

-

-

3.2

-

    Deferred Income Taxes, Non-Current Liabi

9.4

7.9

-

-

-

Total Liabilities

60.9

45.0

46.3

76.1

69.6

 

 

 

 

 

 

    Common Stock

10.2

10.1

9.4

8.2

10.6

    Paid-in Capital

-

-

29.0

26.8

36.6

    G-Treasury Dispo

-

-

0.1

0.0

0.0

    Legal Reserve

-

-

1.1

1.0

1.4

    Voluntary Reserve

-

-

165.8

89.7

78.0

    Accumulated Comprehensiv Other Income

-

0.1

-

-

-

    Loss-Valu. of Sec. Available for Sale

-

-

0.2

-0.3

0.0

    Ret Earn Carried

-

-

44.7

70.0

49.1

    Other Capital

-4.8

-4.8

-

-

-

    Treasury Stock

-

-

-2.1

-2.1

-1.0

    Capital Surplus

29.4

29.9

-

-

-

    Retained Earnings or Accumulated Deficit

271.0

251.1

-

-

-

Total Equity

305.8

286.3

248.1

193.5

174.7

 

 

 

 

 

 

Total Liabilities & Shareholde

366.7

331.3

294.4

269.6

244.4

 

 

 

 

 

 

    S/O-Common Stock

24.0

24.0

23.0

23.0

23.1

Total Common Shares Outstandin

24.0

24.0

23.0

23.0

23.1

T/S-Common Stock

0.3

0.3

0.2

0.2

0.0

Deferred Revenue, Current

-

-

0.4

0.3

1.8

Full-Time Employees

-

369

359

339

445

Number of Common Shareholders

-

9,162

6,514

5,549

4,986

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Reclassified Normal 
31-Dec-2011

Reclassified Normal 
31-Dec-2010

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1107.891393

1156.281981

1276.385219

1100.562842

929.183333

Auditor

Sungdoe Accounting Corp.

Sungdoe Accounting Corp.

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Sungdoe Accounting Corp.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income

-

-

34.8

75.5

48.3

    Depreciation

-

-

3.4

5.6

6.2

    Retirement Allowance

-

-

1.4

2.4

2.4

    Amortization of Intangible Assets

-

-

0.0

0.0

0.0

    L-Tangible Asst Disp

-

-

0.0

0.0

0.0

    L-For Exch Translatn

-

-

1.6

2.0

-

    Loss-Derivatives Transaction

-

-

-

10.3

-

    Adjutment Corporate Taxes

-

-

-

-

0.0

    Gains on Sale of Investment Assets

-

-

-15.4

-

-

    G-Tangible Asst Disp

-

-

-0.1

0.0

-0.1

    Recovery-Sec. Avail-for-Sale Reduction

-

-

-

-

0.0

    Gains on Foreign Currency Translation

-

-

0.0

-2.1

0.0

    Trade Receivables

-

-

26.7

-17.5

-29.0

    Account Receivable

-

-

1.2

-1.9

-

    Advance Payments

-

-

0.7

-0.9

0.2

    Prepaid Expenses

-

-

0.0

0.0

0.0

    Inventories

-

-

19.3

-29.2

-12.3

    Deferred Income Taxes

-

-

-1.2

1.2

-0.5

    Trade Payables

-

-

-8.5

11.6

-0.5

    Account Payable

-

-

-1.2

2.7

-

    Advances Received

-

-

0.1

-1.3

1.8

    Deposits Withheld

-

-

0.0

0.3

0.2

    Accrued Expenses

-

-

0.2

0.0

0.4

    Accrued Inc Tax

-

-

-15.4

12.7

7.2

    Reserve-National Pension

-

-

0.0

0.0

0.0

    Payment-Retirement Bonus

-

-

-1.7

-1.2

-1.1

    Retirement Insurance Deposit

-

-

-0.8

-1.0

-0.1

    Accrued Income

-

-

-0.5

0.0

-

    Losses on Valuation of Equity Method Sec

-

-

0.2

-

-

    Cash Flow from Operating Activities

14.3

-16.0

-

-

-

    Cash-Interest Received

0.7

2.3

-

-

-

    Cash-Interest Paid

-0.1

-0.1

-

-

-

    Cash-Tax Paid

-0.3

-4.1

-

-

-

Cash From Operating Activities

14.6

-17.8

44.9

69.3

23.1

 

 

 

 

 

 

    Dec-ST Finl Asset

-

-

27.2

21.7

6.0

    Dispose-Securities held till Maturity,Cu

0.0

0.1

0.0

0.0

-

    Disposal-Securities under Equity Method

-

-

33.8

2.9

-

    Decrease-ST Loans

-

-

0.2

2.3

0.2

    Dec-Account Rcvbls

-

-

-

0.2

15.5

    Dec-Accrued Income

-

-

-

0.1

0.1

    Dec-LT Finl Asset

1.7

2.0

0.1

0.0

0.1

    Dispose-Securities avail for Sale

1.1

4.2

-

-

-

    Decrease-Guarantee Deposit

1.7

0.1

0.1

0.1

0.1

    Disp-Machinery

0.0

0.1

0.0

-

0.0

    Disposal-Supplies

-

-

0.0

0.0

0.0

    Disp-Vehicles

0.0

0.0

0.1

0.0

0.0

    Disposal-Tools & Supplies

-

-

0.0

-

0.0

    Disp-Land

-

4.0

-

-

-

    Disposal of Building

-

0.8

-

-

-

    Inc-ST Finl Asset

-

-

-78.0

-33.0

-6.9

    Acq-Securities Held to Maturities

-1.4

0.0

0.0

0.0

0.0

    Increase-ST Loans

-

-

0.0

-2.3

-0.6

    Inc-Account Rcvbls

-

-

-

0.0

-16.5

    Inc-Accrued Income

-

-

-

-0.2

-0.1

    Increase-Securities Available-for-Sale

-3.2

-3.4

-0.6

-1.0

-0.3

    Inc-LT Finl Asset

-1.2

-1.6

-1.3

-1.7

-1.8

    Increase-Derevatives

-

-

-

-10.3

-

    Inc-Guarantee Dep

-3.2

-0.4

0.0

-0.1

-0.2

    Acq-Building

-0.6

0.0

-

-0.1

-0.9

    Acq-Machinery

-0.7

-0.9

-1.0

-1.2

-5.6

    Acq-Vehicles

-0.1

-0.5

-0.3

-0.1

-0.4

    Acq-Tools/Equipmt

-0.2

-0.2

-0.1

0.0

-0.1

    Acq-Fixtures

-

-

-

-0.1

-0.2

    Acq-Constructn Prog

-2.5

-5.0

-15.9

-29.1

-0.8

    Increase-Industrial Property Right

-

-

-

0.0

0.0

    Purchase of Office Equipment

0.0

-0.1

-0.1

-

-

    Acq-Land

-0.1

-

-0.1

-

-

    Acq-Structure

-0.3

-0.1

-

-

-

    Land Settlement Refund

3.3

-

-

-

-

    Purchase of Software

0.0

-

-

-

-

Cash From Investing Activities

-5.7

-0.9

-36.0

-52.0

-12.4

 

 

 

 

 

 

    Inc-ST Borrowings

8.7

19.1

-

1.8

2.2

    Inc-Account Payable

-

-

-

4.4

47.4

    Proceeds from Sale of Treasury Stock

-

-

0.3

-

-

    Dec-ST Borrowings

-15.6

-12.5

-

-3.5

-5.8

    Acquisition-Treasury Stock

0.0

-2.6

0.0

-1.6

-

    Dec-Account Payable

-

-

-

-4.8

-48.4

    Payment-Dividends

-

-

-

-

-1.6

    Increase-Shares Bonus Issuance Cost

-

0.0

0.0

-

-

Cash From Financing Activities

-7.0

4.1

0.2

-3.6

-6.2

 

 

 

 

 

 

Foreign Exchange Effects

0.0

0.0

-

-

-

Net Change in Cash

1.9

-14.7

9.1

13.7

4.6

 

 

 

 

 

 

Net Cash Beginning Balance

9.7

24.0

12.6

8.4

5.3

Net Cash Ending Balance

11.6

9.3

21.7

22.1

9.9

    Cash Interest Paid

0.1

0.1

-

-

-

    Cash Taxes Paid

0.3

4.1

-

-

-

 

Financial Health

 

Financials in: USD (mil) 

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

Key Indicators USD (mil)

 

Quarter
Ending
31-Dec-2007

Quarter
Ending
Yr Ago

Annual
Year End
31-Dec-2011

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1

79.9

26.32%

233.7

19.89%

-12.00%

6.22%

Research & Development1

0.2

16.15%

0.4

3.43%

-20.24%

-15.46%

Operating Income1

19.1

207.29%

33.3

1,874.07%

-29.99%

7.01%

Income Available to Common Excl Extraord Items1

14.8

202.71%

24.9

3,430.28%

-30.53%

7.64%

Basic EPS Excl Extraord Items1

0.69

242.30%

1.04

3,435.87%

-31.44%

6.80%

Capital Expenditures2

8.0

-7.56%

4.6

-35.38%

-46.83%

-8.80%

Cash from Operating Activities2

23.1

777.43%

14.6

-

-40.40%

45.85%

Free Cash Flow

15.0

-

9.6

-

-36.16%

-

Total Assets3

244.4

27.06%

366.7

12.36%

7.55%

18.60%

Total Liabilities3

69.6

8.92%

60.9

37.39%

-9.89%

3.22%

Total Long Term Debt3

0.0

-

0.0

-

-

-

Employees3

-

-

-

-

-

-

Total Common Shares Outstanding3

23.1

-4.76%

24.0

-0.01%

1.48%

-0.20%

1-ExchangeRate: KRW to USD Average for Period

921.111290

 

1107.891393

 

 

 

2-ExchangeRate: KRW to USD Average for Period

929.183333

 

1107.891393

 

 

 

3-ExchangeRate: KRW to USD Period End Date

936.050000

 

1152.000000

 

 

 

Key Ratios

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Profitability

Gross Margin

22.17%

7.53%

21.51%

33.03%

25.38%

Operating Margin

14.26%

0.87%

15.72%

28.31%

18.90%

Pretax Margin

14.57%

0.59%

22.43%

30.51%

19.96%

Net Profit Margin

10.65%

0.36%

16.95%

21.64%

15.63%

Financial Strength

Current Ratio

5.03

6.26

5.35

3.21

3.22

Long Term Debt/Equity

0.00

0.00

0.00

0.00

0.00

Total Debt/Equity

0.00

0.02

0.00

0.00

0.01

Interest Coverage

43,939,103.74

23,371,093.75

-

-

-

Management Effectiveness

Return on Assets

6.90%

0.22%

13.03%

29.25%

21.95%

Return on Equity

8.14%

0.25%

16.69%

40.38%

31.63%

Efficiency

Receivables Turnover

2.48

2.72

3.20

4.07

4.18

Inventory Turnover

1.50

2.05

1.90

2.30

2.52

Asset Turnover

0.65

0.60

0.77

1.34

1.40

Market Valuation USD (mil)

P/E (TTM)

15.22

.

Enterprise Value2

743.8

Price/Sales (TTM)

2.50

.

Enterprise Value/Revenue (TTM)

2.69

Price/Book (MRQ)

4.17

.

Enterprise Value/EBITDA (TTM)

16.95

Market Cap as of 06-Apr-20121

635.8

.

 

 

1-ExchangeRate: KRW to USD on 6-Apr-2012

1128.579371

 

 

 

2-ExchangeRate: KRW to USD on 31-Dec-2007

936.050000

 

 

 

 

 

Annual Ratios

 

Financials in: USD (mil) 

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

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Financial Strength

Current Ratio

5.03

6.26

5.35

3.21

3.22

Quick/Acid Test Ratio

2.26

3.51

3.55

1.74

1.66

Working Capital1

203.2

183.5

180.5

147.1

136.7

Long Term Debt/Equity

0.00

0.00

0.00

0.00

0.00

Total Debt/Equity

0.00

0.02

0.00

0.00

0.01

Long Term Debt/Total Capital

0.00

0.00

0.00

0.00

0.00

Total Debt/Total Capital

0.00

0.02

0.00

0.00

0.01

Interest Coverage

43,939,103.74

23,371,093.75

-

-

-

Payout Ratio

1.27%

44.87%

0.00%

0.00%

0.00%

Effective Tax Rate

26.93%

39.09%

24.44%

28.29%

21.68%

Total Capital1

305.8

293.1

248.1

193.5

176.7

 

 

 

 

 

 

Efficiency

Asset Turnover

0.65

0.60

0.77

1.34

1.40

Inventory Turnover

1.50

2.05

1.90

2.30

2.52

Days In Inventory

242.96

177.92

191.81

158.92

144.67

Receivables Turnover

2.48

2.72

3.20

4.07

4.18

Days Receivables Outstanding

147.37

134.30

114.07

89.78

87.29

Revenue/Employee2

-

515,640

627,297

889,848

689,003

Operating Income/Employee2

-

4,465

98,631

251,950

130,213

EBITDA/Employee2

-

13,934

109,140

266,431

143,989

 

 

 

 

 

 

Profitability

Gross Margin

22.17%

7.53%

21.51%

33.03%

25.38%

Operating Margin

14.26%

0.87%

15.72%

28.31%

18.90%

EBITDA Margin

15.87%

2.70%

17.40%

29.94%

20.90%

EBIT Margin

14.26%

0.87%

15.72%

28.31%

18.90%

Pretax Margin

14.57%

0.59%

22.43%

30.51%

19.96%

Net Profit Margin

10.65%

0.36%

16.95%

21.64%

15.63%

R&D Expense/Revenue

0.16%

0.19%

0.17%

0.22%

0.38%

COGS/Revenue

77.83%

92.47%

75.87%

64.11%

73.78%

SG&A Expense/Revenue

7.76%

7.50%

8.10%

7.28%

6.84%

 

 

 

 

 

 

Management Effectiveness

Return on Assets

6.90%

0.22%

13.03%

29.25%

21.95%

Return on Equity

8.14%

0.25%

16.69%

40.38%

31.63%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2

0.40

-1.04

1.31

1.47

0.65

Operating Cash Flow/Share 2

0.58

-0.76

2.14

2.64

0.99

1-ExchangeRate: KRW to USD Period End Date

1152

1134.9

1164.475

1259.55

936.05

2-ExchangeRate: KRW to USD Average for Period

1152

1134.9

1164.475

1259.55

936.05

 

Current Market Multiples

Market Cap/Earnings (TTM)

15.99

Market Cap/Equity (MRQ)

4.39

Market Cap/Revenue (TTM)

2.50

Market Cap/EBIT (TTM)

13.23

Market Cap/EBITDA (TTM)

11.96

Enterprise Value/Earnings (TTM)

15.52

Enterprise Value/Equity (MRQ)

4.26

Enterprise Value/Revenue (TTM)

2.43

Enterprise Value/EBIT (TTM)

12.84

Enterprise Value/EBITDA (TTM)

11.61

 

 

 

 

Annual Income Statement

Standardized

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Restated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1107.891393

1156.281981

1276.385219

1100.562842

929.183333

Auditor

Sungdoe Accounting Corp.

Sungdoe Accounting Corp.

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Sungdoe Accounting Corp.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

233.7

186.8

198.6

330.5

305.4

Revenue

233.7

186.8

198.6

330.5

305.4

    Other Revenue

-

-

6.8

14.7

3.5

Other Revenue, Total

-

-

6.8

14.7

3.5

Total Revenue

233.7

186.8

205.5

345.2

308.9

 

 

 

 

 

 

    Cost of Revenue

181.9

172.7

155.9

221.3

227.9

Cost of Revenue, Total

181.9

172.7

155.9

221.3

227.9

Gross Profit

51.8

14.1

42.7

109.1

77.5

 

 

 

 

 

 

    Selling/General/Administrative Expense

13.7

10.2

13.4

21.0

17.3

    Labor & Related Expense

4.4

3.8

3.2

4.1

3.8

    Advertising Expense

0.0

0.0

0.0

0.1

0.1

Total Selling/General/Administrative Expenses

18.1

14.0

16.7

25.1

21.1

Research & Development

0.4

0.3

0.3

0.7

1.2

    Depreciation

0.3

0.3

0.3

0.3

0.3

    Amortization of Intangibles

0.0

0.0

0.0

0.0

0.0

Depreciation/Amortization

0.4

0.3

0.3

0.3

0.3

    Loss (Gain) on Sale of Assets - Operating

0.0

-1.7

-

-

-

    Other Unusual Expense (Income)

0.5

-0.6

-

-

-

Unusual Expense (Income)

0.5

-2.3

-

-

-

    Other Operating Expense

0.2

0.2

-

-

-

    Other, Net

-1.1

-0.1

-

-

-

Other Operating Expenses, Total

-0.9

0.1

-

-

-

Total Operating Expense

200.4

185.1

173.2

247.5

250.5

 

 

 

 

 

 

Operating Income

33.3

1.6

32.3

97.7

58.4

 

 

 

 

 

 

        Interest Expense - Non-Operating

-0.1

-0.1

-0.1

-0.1

-0.1

    Interest Expense, Net Non-Operating

-0.1

-0.1

-0.1

-0.1

-0.1

        Interest Income - Non-Operating

0.4

1.9

1.3

1.2

0.4

        Investment Income - Non-Operating

0.4

-2.3

12.4

6.3

0.7

    Interest/Investment Income - Non-Operating

0.8

-0.4

13.7

7.5

1.1

    Interest Income (Expense) - Net Non-Operating

0.0

-

-

-

-

Interest Income (Expense) - Net Non-Operating Total

0.7

-0.5

13.6

7.4

1.0

Gain (Loss) on Sale of Assets

-

-

0.1

0.0

0.1

    Other Non-Operating Income (Expense)

-

-

0.1

0.1

2.2

Other, Net

-

-

0.1

0.1

2.2

Income Before Tax

34.0

1.1

46.1

105.3

61.7

 

 

 

 

 

 

Total Income Tax

9.2

0.4

11.3

29.8

13.4

Income After Tax

24.9

0.7

34.8

75.5

48.3

 

 

 

 

 

 

    Minority Interest

-

-

-

-0.8

-

Net Income Before Extraord Items

24.9

0.7

34.8

74.7

48.3

Net Income

24.9

0.7

34.8

74.7

48.3

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

24.9

0.7

34.8

74.7

48.3

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

24.9

0.7

34.8

74.7

48.3

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

24.0

24.1

24.1

23.1

23.1

Basic EPS Excl Extraord Items

1.04

0.03

1.45

3.24

2.09

Basic/Primary EPS Incl Extraord Items

1.04

0.03

1.45

3.24

2.09

Diluted Net Income

24.9

0.7

34.8

74.7

48.3

Diluted Weighted Average Shares

24.0

24.1

24.1

23.1

23.1

Diluted EPS Excl Extraord Items

1.04

0.03

1.45

3.24

2.09

Diluted EPS Incl Extraord Items

1.04

0.03

1.45

3.24

2.09

Dividends per Share - Common Stock Primary Issue

0.01

0.01

0.00

0.00

0.00

Gross Dividends - Common Stock

0.3

0.3

0.0

0.0

0.0

Interest Expense, Supplemental

0.1

0.1

0.1

0.1

0.1

Depreciation, Supplemental

3.8

3.4

3.4

5.6

6.2

Total Special Items

0.5

-2.3

-0.1

0.0

-0.1

Normalized Income Before Tax

34.6

-1.2

46.0

105.3

61.6

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.1

-0.8

0.0

0.0

0.0

Inc Tax Ex Impact of Sp Items

9.3

-0.4

11.2

29.8

13.4

Normalized Income After Tax

25.3

-0.8

34.8

75.5

48.2

 

 

 

 

 

 

Normalized Inc. Avail to Com.

25.3

-0.8

34.8

74.7

48.2

 

 

 

 

 

 

Basic Normalized EPS

1.05

-0.03

1.44

3.24

2.09

Diluted Normalized EPS

1.05

-0.03

1.44

3.24

2.09

Amort of Intangibles, Supplemental

0.0

0.0

0.0

0.0

0.0

Rental Expenses

0.1

0.1

0.3

0.3

0.1

Advertising Expense, Supplemental

0.0

0.0

0.0

0.1

0.1

Research & Development Exp, Supplemental

0.4

0.3

0.3

0.7

1.2

Normalized EBIT

33.8

-0.7

32.3

97.7

58.4

Normalized EBITDA

37.6

2.7

35.7

103.4

64.5

 Interim Income Statement

Standardized

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2007

30-Sep-2007

30-Jun-2007

31-Mar-2007

31-Dec-2006

Period Length

3 Months

3 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal
31-Dec-2007

Updated Normal
30-Sep-2007

Reclassified Normal
30-Jun-2008

Reclassified Normal
31-Mar-2008

Updated Normal
31-Dec-2006

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

921.11129

927.638172

929.351075

938.879121

938.234946

 

 

 

 

 

 

    Net Sales

70.8

75.3

74.8

76.2

62.1

Revenue

70.8

75.3

74.8

76.2

62.1

    Other Revenue

9.1

0.6

1.1

1.0

-

Other Revenue, Total

9.1

0.6

1.1

1.0

-

Total Revenue

79.9

75.8

76.0

77.2

62.1

 

 

 

 

 

 

    Cost of Revenue

55.0

59.1

54.6

59.2

51.1

Cost of Revenue, Total

55.0

59.1

54.6

59.2

51.1

Gross Profit

15.8

16.2

20.2

17.1

11.0

 

 

 

 

 

 

    Selling/General/Administrative Expense

4.2

4.2

4.5

4.4

3.6

    Labor & Related Expense

1.3

0.8

1.0

0.8

1.0

    Advertising Expense

0.0

0.0

0.0

0.0

0.0

Total Selling/General/Administrative Expenses

5.5

5.0

5.4

5.2

4.6

Research & Development

0.2

0.2

0.6

0.2

0.2

    Depreciation

0.1

0.1

0.1

0.0

0.1

    Amortization of Intangibles

0.0

0.0

0.0

0.0

0.0

Depreciation/Amortization

0.1

0.1

0.1

0.0

0.1

Total Operating Expense

60.8

64.3

60.7

64.6

56.0

 

 

 

 

 

 

Operating Income

19.1

11.5

15.3

12.6

6.1

 

 

 

 

 

 

        Interest Expense - Non-Operating

0.0

0.0

0.0

0.0

-0.1

    Interest Expense, Net Non-Operating

0.0

0.0

0.0

0.0

-0.1

        Interest Income - Non-Operating

0.2

0.1

0.0

0.0

0.0

        Investment Income - Non-Operating

1.1

-0.1

-0.7

0.4

-0.4

    Interest/Investment Income - Non-Operating

1.3

0.0

-0.6

0.4

-0.3

Interest Income (Expense) - Net Non-Operating Total

1.3

0.0

-0.7

0.4

-0.4

Gain (Loss) on Sale of Assets

0.0

0.0

0.1

-

0.6

    Other Non-Operating Income (Expense)

-1.9

1.7

2.6

-0.2

0.0

Other, Net

-1.9

1.7

2.6

-0.2

0.0

Income Before Tax

18.4

13.2

17.3

12.8

6.3

 

 

 

 

 

 

Total Income Tax

3.6

3.1

3.8

2.9

1.5

Income After Tax

14.8

10.1

13.5

9.9

4.8

 

 

 

 

 

 

Net Income Before Extraord Items

14.8

10.1

13.5

9.9

4.8

Net Income

14.8

10.1

13.5

9.9

4.8

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

14.8

10.1

13.5

9.9

4.8

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

14.8

10.1

13.5

9.9

4.8

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

21.5

23.1

24.3

24.3

24.3

Basic EPS Excl Extraord Items

0.69

0.44

0.56

0.41

0.20

Basic/Primary EPS Incl Extraord Items

0.69

0.44

0.56

0.41

0.20

Diluted Net Income

14.8

10.1

13.5

9.9

4.8

Diluted Weighted Average Shares

21.5

23.1

24.3

24.3

24.3

Diluted EPS Excl Extraord Items

0.69

0.44

0.56

0.41

0.20

Diluted EPS Incl Extraord Items

0.69

0.44

0.56

0.41

0.20

Dividends per Share - Common Stock Primary Issue

0.00

0.00

0.00

0.00

0.07

Gross Dividends - Common Stock

0.0

0.0

0.0

0.0

1.6

Interest Expense, Supplemental

0.0

0.0

0.0

0.0

0.1

Depreciation, Supplemental

1.7

1.7

1.5

1.3

1.6

Total Special Items

0.0

0.0

-0.1

-

-0.6

Normalized Income Before Tax

18.4

13.2

17.2

12.8

5.7

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.0

0.0

0.0

-

-0.1

Inc Tax Ex Impact of Sp Items

3.6

3.1

3.8

2.9

1.3

Normalized Income After Tax

14.8

10.1

13.5

9.9

4.4

 

 

 

 

 

 

Normalized Inc. Avail to Com.

14.8

10.1

13.5

9.9

4.4

 

 

 

 

 

 

Basic Normalized EPS

0.69

0.44

0.56

0.41

0.18

Diluted Normalized EPS

0.69

0.44

0.56

0.41

0.18

Amort of Intangibles, Supplemental

0.0

0.0

0.0

0.0

0.0

Rental Expenses

0.0

0.0

0.1

0.0

0.0

Advertising Expense, Supplemental

0.0

0.0

0.0

0.0

0.0

Research & Development Exp, Supplemental

0.2

0.2

0.6

0.2

0.2

Normalized EBIT

19.1

11.5

15.3

12.6

6.1

Normalized EBITDA

20.8

13.2

16.8

13.9

7.7

 

 

 

Annual Balance Sheet

Standardized

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

UpdateType/Date

Updated Normal 
31-Dec-2011

Restated Normal
31-Dec-2011

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate

1152

1134.9

1164.475

1259.55

936.05

Auditor

Sungdoe Accounting Corp.

Sungdoe Accounting Corp.

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Sungdoe Accounting Corp.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

11.2

9.4

23.8

19.3

9.8

    Short Term Investments

7.4

25.5

71.9

14.0

4.2

Cash and Short Term Investments

18.5

34.9

95.7

33.3

14.0

        Accounts Receivable - Trade, Gross

-

-

50.1

80.8

86.3

        Provision for Doubtful Accounts

-

-

-2.5

-2.4

-1.5

    Trade Accounts Receivable - Net

91.4

82.7

48.4

78.6

84.8

    Other Receivables

4.0

4.6

2.9

4.1

3.6

Total Receivables, Net

95.4

87.3

51.3

82.7

88.4

    Inventories - Finished Goods

-

-

24.0

25.2

41.3

    Inventories - Work In Progress

-

-

10.0

14.3

10.8

    Inventories - Raw Materials

-

-

40.2

57.0

43.5

    Inventories - Other

-

-

0.1

0.8

0.1

Total Inventory

139.0

95.3

74.3

97.3

95.6

Prepaid Expenses

-

-

0.1

0.1

0.1

    Deferred Income Tax - Current Asset

-

-

0.5

0.3

0.2

    Other Current Assets

0.7

0.8

-

-

-

Other Current Assets, Total

0.7

0.8

0.5

0.3

0.2

Total Current Assets

253.6

218.4

221.9

213.7

198.3

 

 

 

 

 

 

        Buildings

-

-

9.0

9.9

14.0

        Land/Improvements

-

-

46.9

11.5

15.5

        Machinery/Equipment

-

-

30.4

30.5

42.2

        Construction in Progress

-

-

5.8

22.8

0.8

    Property/Plant/Equipment - Gross

-

-

92.0

74.8

72.5

    Accumulated Depreciation

-

-

-26.2

-23.0

-32.2

Property/Plant/Equipment - Net

103.7

107.7

65.9

51.8

40.3

Intangibles, Net

0.5

0.5

0.0

0.0

0.0

    LT Investments - Other

7.2

4.4

5.0

3.4

3.3

Long Term Investments

7.2

4.4

5.0

3.4

3.3

Note Receivable - Long Term

1.7

0.3

-

-

-

    Deferred Income Tax - Long Term Asset

-

-

0.9

0.0

1.6

    Other Long Term Assets

-

-

0.6

0.6

0.9

Other Long Term Assets, Total

-

-

1.6

0.7

2.5

Total Assets

366.7

331.3

294.4

269.6

244.4

 

 

 

 

 

 

Accounts Payable

26.5

20.0

30.1

38.2

37.7

Accrued Expenses

-

-

1.8

1.7

2.4

Notes Payable/Short Term Debt

0.0

6.7

0.0

0.0

1.9

    Customer Advances

-

-

0.4

0.3

1.8

    Income Taxes Payable

6.9

-

3.4

19.6

11.5

    Other Payables

15.7

7.4

5.5

6.3

5.9

    Other Current Liabilities

1.3

0.7

0.3

0.6

0.4

Other Current liabilities, Total

23.9

8.1

9.6

26.8

19.6

Total Current Liabilities

50.4

34.9

41.5

66.7

61.6

 

 

 

 

 

 

Total Long Term Debt

0.0

0.0

0.0

0.0

0.0

Total Debt

0.0

6.7

0.0

0.0

1.9

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

9.4

7.9

-

-

-

Deferred Income Tax

9.4

7.9

-

-

-

Minority Interest

-

-

-

3.2

-

    Pension Benefits - Underfunded

1.1

2.3

4.8

6.2

8.1

Other Liabilities, Total

1.1

2.3

4.8

6.2

8.1

Total Liabilities

60.9

45.0

46.3

76.1

69.6

 

 

 

 

 

 

    Common Stock

10.2

10.1

9.4

8.2

10.6

Common Stock

10.2

10.1

9.4

8.2

10.6

Additional Paid-In Capital

29.4

29.9

29.1

26.8

36.6

Retained Earnings (Accumulated Deficit)

271.0

251.1

211.6

160.8

128.5

Treasury Stock - Common

-

-

-2.1

-2.1

-1.0

Unrealized Gain (Loss)

-

-

0.2

-0.3

0.0

    Other Equity

-4.8

-4.8

-

-

-

    Other Comprehensive Income

-

0.1

-

-

-

Other Equity, Total

-4.8

-4.7

-

-

-

Total Equity

305.8

286.3

248.1

193.5

174.7

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

366.7

331.3

294.4

269.6

244.4

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

24.0

24.0

23.0

23.0

23.1

Total Common Shares Outstanding

24.0

24.0

23.0

23.0

23.1

Treasury Shares - Common Stock Primary Issue

0.3

0.3

0.2

0.2

0.0

Employees

-

369

359

339

445

Number of Common Shareholders

-

9,162

6,514

5,549

4,986

Deferred Revenue - Current

-

-

0.4

0.3

1.8

 

 

 

Interim Balance Sheet

Standardized

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2007

30-Sep-2007

30-Jun-2007

31-Mar-2007

31-Dec-2006

UpdateType/Date

Updated Normal 
31-Dec-2007

Updated Normal 
30-Sep-2007

Updated Normal 
30-Jun-2007

Updated Normal 
31-Mar-2007

Updated Normal 
31-Dec-2006

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate

936.05

915.15

923.9

940.6

930

 

 

 

 

 

 

    Cash & Equivalents

9.8

11.1

10.9

6.9

5.3

    Short Term Investments

4.2

6.2

1.3

1.3

1.3

Cash and Short Term Investments

14.0

17.3

12.2

8.2

6.6

        Accounts Receivable - Trade, Gross

86.3

74.1

72.1

67.5

57.0

        Provision for Doubtful Accounts

-1.5

-1.1

-1.5

-1.1

-0.8

    Trade Accounts Receivable - Net

84.8

73.2

70.6

66.5

56.4

    Other Receivables

3.6

3.8

5.4

1.8

2.2

Total Receivables, Net

88.4

76.9

76.0

68.3

58.6

    Inventories - Finished Goods

41.3

36.4

46.0

44.2

48.8

    Inventories - Work In Progress

10.8

11.4

9.7

11.3

13.8

    Inventories - Raw Materials

43.5

40.9

33.0

24.5

21.3

    Inventories - Other

0.1

0.3

0.1

0.4

0.3

Total Inventory

95.6

88.9

88.9

80.4

84.2

Prepaid Expenses

0.1

0.1

0.1

0.1

0.1

    Deferred Income Tax - Current Asset

0.2

0.1

0.2

0.1

0.1

Other Current Assets, Total

0.2

0.1

0.2

0.1

0.1

Total Current Assets

198.3

183.3

177.4

157.2

149.5

 

 

 

 

 

 

        Buildings

14.0

14.4

13.4

13.1

13.2

        Land/Improvements

15.5

15.9

15.7

15.5

15.6

        Machinery/Equipment

42.2

42.8

40.5

39.2

36.8

        Construction in Progress

0.8

0.1

1.3

0.5

0.9

    Property/Plant/Equipment - Gross

72.5

73.1

70.9

68.2

66.6

    Accumulated Depreciation

-32.2

-31.8

-29.7

-28.8

-27.8

Property/Plant/Equipment - Net

40.3

41.4

41.2

39.5

38.7

Intangibles, Net

0.0

0.0

0.0

0.0

0.0

    LT Investments - Other

3.3

3.2

3.2

3.2

3.2

Long Term Investments

3.3

3.2

3.2

3.2

3.2

    Deferred Income Tax - Long Term Asset

1.6

1.5

1.5

1.4

1.3

    Other Long Term Assets

0.9

0.8

0.9

0.8

0.8

Other Long Term Assets, Total

2.5

2.3

2.4

2.2

2.1

Total Assets

244.4

230.2

224.1

202.1

193.6

 

 

 

 

 

 

Accounts Payable

37.7

39.8

45.8

40.4

38.5

Accrued Expenses

2.4

1.0

1.6

1.2

2.0

Notes Payable/Short Term Debt

1.9

2.1

2.2

2.3

5.5

    Dividends Payable

-

-

-

1.6

-

    Customer Advances

1.8

0.4

0.1

0.0

0.0

    Income Taxes Payable

11.5

8.8

7.1

7.4

4.3

    Other Payables

5.9

6.3

7.0

5.7

6.9

    Other Current Liabilities

0.4

0.4

0.3

0.2

0.2

Other Current liabilities, Total

19.6

15.9

14.5

14.9

11.5

Total Current Liabilities

61.6

58.7

64.1

58.8

57.4

 

 

 

 

 

 

Total Long Term Debt

0.0

0.0

0.0

0.0

0.0

Total Debt

1.9

2.1

2.2

2.3

5.5

 

 

 

 

 

 

    Pension Benefits - Underfunded

8.1

7.6

8.0

7.2

6.9

Other Liabilities, Total

8.1

7.6

8.0

7.2

6.9

Total Liabilities

69.6

66.4

72.0

66.1

64.3

 

 

 

 

 

 

    Common Stock

10.6

10.8

10.7

10.5

10.6

Common Stock

10.6

10.8

10.7

10.5

10.6

Additional Paid-In Capital

36.6

37.5

37.1

36.5

36.9

Retained Earnings (Accumulated Deficit)

128.5

116.5

105.2

90.0

82.7

Treasury Stock - Common

-1.0

-1.0

-1.0

-0.9

-1.0

Unrealized Gain (Loss)

0.0

-

-

-

-

Total Equity

174.7

163.8

152.1

136.0

129.2

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

244.4

230.2

224.1

202.1

193.6

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

23.1

24.3

24.3

24.3

24.3

Total Common Shares Outstanding

23.1

24.3

24.3

24.3

24.3

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

0.0

Employees

445

447

449

432

410

Number of Common Shareholders

4,986

-

2,036

2,036

2,036

Deferred Revenue - Current

1.8

0.4

0.1

0.0

0.0

 

 

Annual Cash Flows

Standardized

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Reclassified Normal 
31-Dec-2011

Reclassified Normal 
31-Dec-2010

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1107.891393

1156.281981

1276.385219

1100.562842

929.183333

Auditor

Sungdoe Accounting Corp.

Sungdoe Accounting Corp.

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Sungdoe Accounting Corp.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

-

-

34.8

75.5

48.3

    Depreciation

-

-

3.4

5.6

6.2

Depreciation/Depletion

-

-

3.4

5.6

6.2

    Amortization of Intangibles

-

-

0.0

0.0

0.0

Amortization

-

-

0.0

0.0

0.0

Deferred Taxes

-

-

-1.2

1.2

-0.5

    Unusual Items

-

-

-15.5

0.0

-0.1

    Equity in Net Earnings (Loss)

-

-

0.2

-

-

    Other Non-Cash Items

-

-

3.0

12.7

2.4

Non-Cash Items

-

-

-12.3

12.7

2.3

    Accounts Receivable

-

-

27.5

-19.4

-29.0

    Inventories

-

-

19.3

-29.2

-12.3

    Prepaid Expenses

-

-

0.7

-0.9

0.2

    Accounts Payable

-

-

-9.7

14.3

-0.5

    Accrued Expenses

-

-

0.2

0.0

0.4

    Taxes Payable

-

-

-15.4

12.7

7.2

    Other Liabilities

-

-

-2.4

-3.2

0.8

    Other Operating Cash Flow

14.6

-17.8

-

-

-

Changes in Working Capital

14.6

-17.8

20.1

-25.6

-33.2

Cash from Operating Activities

14.6

-17.8

44.9

69.3

23.1

 

 

 

 

 

 

    Purchase of Fixed Assets

-4.5

-6.8

-17.5

-30.6

-8.0

    Purchase/Acquisition of Intangibles

0.0

-

-

0.0

0.0

Capital Expenditures

-4.6

-6.8

-17.5

-30.6

-8.0

    Sale of Fixed Assets

0.0

4.9

0.1

0.0

0.1

    Sale/Maturity of Investment

2.8

6.3

61.2

24.6

6.1

    Purchase of Investments

-5.8

-5.0

-80.0

-46.0

-9.1

    Other Investing Cash Flow

1.9

-0.3

0.2

0.1

-1.5

Other Investing Cash Flow Items, Total

-1.1

5.9

-18.6

-21.4

-4.4

Cash from Investing Activities

-5.7

-0.9

-36.0

-52.0

-12.4

 

 

 

 

 

 

    Other Financing Cash Flow

-

0.0

0.0

-0.4

-1.0

Financing Cash Flow Items

-

0.0

0.0

-0.4

-1.0

Total Cash Dividends Paid

-

-

-

-

-1.6

        Sale/Issuance of Common

-

-

0.3

-

-

        Repurchase/Retirement of Common

0.0

-2.6

0.0

-1.6

-

    Common Stock, Net

0.0

-2.6

0.2

-1.6

-

Issuance (Retirement) of Stock, Net

0.0

-2.6

0.2

-1.6

-

        Short Term Debt Issued

8.7

19.1

-

1.8

2.2

        Short Term Debt Reduction

-15.6

-12.5

-

-3.5

-5.8

    Short Term Debt, Net

-6.9

6.6

-

-1.6

-3.6

Issuance (Retirement) of Debt, Net

-6.9

6.6

-

-1.6

-3.6

Cash from Financing Activities

-7.0

4.1

0.2

-3.6

-6.2

 

 

 

 

 

 

Foreign Exchange Effects

0.0

0.0

-

-

-

Net Change in Cash

1.9

-14.7

9.1

13.7

4.6

 

 

 

 

 

 

Net Cash - Beginning Balance

9.7

24.0

12.6

8.4

5.3

Net Cash - Ending Balance

11.6

9.3

21.7

22.1

9.9

Cash Interest Paid

0.1

0.1

-

-

-

Cash Taxes Paid

0.3

4.1

-

-

-

 

 

 

Interim Cash Flows

Standardized

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2007

30-Sep-2007

30-Jun-2007

31-Mar-2007

31-Dec-2006

Period Length

12 Months

9 Months

6 Months

3 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2007

Updated Normal 
30-Sep-2007

Updated Normal 
30-Jun-2007

Updated Normal 
31-Mar-2007

Updated Normal 
31-Dec-2006

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

929.183333

931.865091

933.969672

938.879121

955.035724

 

 

 

 

 

 

Net Income/Starting Line

48.3

33.5

23.4

9.9

20.0

    Depreciation

6.2

4.5

2.7

1.3

5.4

Depreciation/Depletion

6.2

4.5

2.7

1.3

5.4

    Amortization of Intangibles

0.0

0.0

0.0

0.0

0.0

Amortization

0.0

0.0

0.0

0.0

0.0

Deferred Taxes

-0.5

-0.3

-0.4

-0.2

-0.2

    Unusual Items

-0.1

-0.1

-0.1

-

-0.1

    Other Non-Cash Items

2.4

1.4

1.5

0.6

2.1

Non-Cash Items

2.3

1.4

1.5

0.6

2.0

    Accounts Receivable

-29.0

-15.6

-13.7

-10.8

-18.0

    Inventories

-12.3

-3.3

-4.3

3.0

-25.4

    Prepaid Expenses

0.2

0.0

0.2

-0.1

3.2

    Accounts Payable

-0.5

0.7

7.0

2.4

15.2

    Accrued Expenses

0.4

-1.0

-0.4

-0.8

0.2

    Taxes Payable

7.2

4.3

2.8

3.1

1.7

    Other Liabilities

0.8

-0.2

-0.4

-0.1

-1.4

Changes in Working Capital

-33.2

-15.0

-8.8

-3.4

-24.6

Cash from Operating Activities

23.1

24.0

18.4

8.2

2.6

 

 

 

 

 

 

    Purchase of Fixed Assets

-8.0

-6.4

-4.9

-2.5

-8.4

    Purchase/Acquisition of Intangibles

0.0

-

-

-

0.0

Capital Expenditures

-8.0

-6.4

-4.9

-2.5

-8.4

    Sale of Fixed Assets

0.1

0.1

0.1

-

0.1

    Sale/Maturity of Investment

6.1

5.2

1.1

0.4

3.6

    Purchase of Investments

-9.1

-9.7

-1.0

-0.5

-2.0

    Other Investing Cash Flow

-1.5

-1.7

-3.2

0.3

-1.2

Other Investing Cash Flow Items, Total

-4.4

-6.2

-3.1

0.2

0.5

Cash from Investing Activities

-12.4

-12.6

-8.0

-2.3

-7.9

 

 

 

 

 

 

    Other Financing Cash Flow

-1.0

-0.7

0.0

-1.1

2.7

Financing Cash Flow Items

-1.0

-0.7

0.0

-1.1

2.7

Total Cash Dividends Paid

-1.6

-1.6

-1.6

-

-1.1

        Short Term Debt Issued

2.2

2.2

2.2

0.8

53.2

        Short Term Debt Reduction

-5.8

-5.7

-5.5

-3.9

-49.2

    Short Term Debt, Net

-3.6

-3.5

-3.3

-3.1

4.0

Issuance (Retirement) of Debt, Net

-3.6

-3.5

-3.3

-3.1

4.0

Cash from Financing Activities

-6.2

-5.8

-4.9

-4.3

5.6

 

 

 

 

 

 

Net Change in Cash

4.6

5.6

5.5

1.7

0.2

 

 

 

 

 

 

Net Cash - Beginning Balance

5.3

5.3

5.3

5.3

5.0

Net Cash - Ending Balance

9.9

10.9

10.8

6.9

5.2

 

 

 

Annual Income Statement

As Reported

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Restated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1107.891393

1156.281981

1276.385219

1100.562842

929.183333

Auditor

Sungdoe Accounting Corp.

Sungdoe Accounting Corp.

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Sungdoe Accounting Corp.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Sales Revenue of Finished Goods

-

-

198.6

330.5

297.2

    Sales of By-Products

-

-

-

0.0

-

    Raw Material Revenue

-

-

-

-

8.2

    Other Revenue

-

-

6.8

14.7

3.5

    Sales Revenue

233.7

186.8

-

-

-

Total Revenue

233.7

186.8

205.5

345.2

308.9

 

 

 

 

 

 

    Cost of Revenue

181.9

172.7

-

-

-

    Cost of Finished Goods Sold

-

-

150.8

212.2

219.4

    Cost Raw Material

-

-

-

9.2

8.5

    Cost of Other Goods Sold

-

-

5.1

-

-

    Salaries and Wages

3.3

3.0

2.5

3.0

2.8

    Retirement and Severance Benefits

0.8

0.5

0.4

0.7

0.6

    Employee Benefits

0.4

0.3

0.3

0.3

0.4

    Travel Expenses

0.2

0.2

0.2

0.3

0.3

    Communication Expenses

0.1

0.1

0.0

0.1

0.1

    Condolences Exp

-

-

-

-

0.0

    Utility Expenses

0.0

0.0

0.0

0.1

0.1

    Taxes and Dues

0.3

0.3

0.4

0.3

0.2

    Depreciation

0.3

0.3

0.3

0.3

0.3

    Repair Expenses

0.0

0.0

0.0

0.0

0.0

    Insurance Premiums

0.4

0.4

0.3

0.3

0.3

    Entertainment Expenses

0.3

0.2

0.2

0.2

0.2

    Advertising Expenses

0.0

0.0

0.0

0.1

0.1

    Education & Training Expense

0.0

0.0

0.0

0.0

-

    Consumable Expense

0.2

0.2

0.1

0.3

0.3

    Vehicle Maintenance Expenses

0.1

0.2

0.1

0.2

0.2

    Publication Expenses

0.0

0.0

0.0

0.0

0.0

    Freight Expenses

0.8

0.7

0.8

1.1

1.2

    Export Expenses

3.8

3.8

3.2

4.5

2.8

    Commissions

7.3

4.0

7.7

11.8

10.5

    Research & Development Expense

-

-

0.3

0.7

1.2

    Expenses of Allowance for Doubtful Accou

0.0

0.1

0.0

1.4

0.8

    Amortization of Intangible Assets

0.0

0.0

0.0

0.0

0.0

    Miscellaneous Operating Expense

0.0

0.0

0.0

0.0

0.0

    Rental Expenses

0.1

0.1

0.3

0.3

0.1

    Development Costs

0.4

0.3

-

-

-

    Adjustment for Selling and Administrativ

0.0

0.0

-

-

-

    Inspection Fee

-0.1

0.0

-

-

-

    Gain on Disposal of Property, Plant and

0.0

-1.7

-

-

-

    Damage Compensation Expense, other incom

-0.1

-0.7

-

-

-

    Commission Income

-1.0

-

-

-

-

    Miscellaneous Income

-0.1

-0.1

-

-

-

    Adjustment for Other Operating Income

0.0

-

-

-

-

    Donations Paid

0.0

0.0

-

-

-

    Compensation of Deferment

0.2

0.0

-

-

-

    Loss on Disposal of Property, Plant and

0.0

0.0

-

-

-

    Plant Transfer Fee

0.0

0.1

-

-

-

    Damage Compensation Expense

0.6

0.1

-

-

-

    Miscellaneous Loss

0.0

0.0

-

-

-

    Adjustment for Other Operating Expense

0.0

0.0

-

-

-

Total Operating Expense

200.4

185.1

173.2

247.5

250.5

 

 

 

 

 

 

    Interest Income

0.4

1.9

1.3

1.2

0.4

    Gains on Foreign Currency Transactions

3.6

1.9

5.8

19.8

1.4

    Gains on Foreign Currency Translation

0.7

0.1

0.0

2.4

0.9

    Manufacturing-Income

-

-

0.0

0.0

0.0

    Income from Testing

-

-

0.1

0.1

0.1

    Dividend Income

-

-

-

0.0

0.0

    Gains on Sale of Investment Assets

0.2

0.4

15.4

-

-

    G-Reduction Loss of Sec. Avail-for-Sale

-

-

-

-

0.0

    Gains on Sale of Property, Plant and Equ

-

-

0.1

0.0

0.1

    Gain-Currency Forwards Transactions

1.3

0.0

-

-

0.1

    Gains on Valuation of Currency Forward

0.0

0.2

-

-

-

    Compensation Gain

-

-

0.4

0.4

3.5

    Miscellaneous Income

-

-

0.1

0.1

0.2

    Interest Expenses

-0.1

-0.1

-0.1

-0.1

-0.1

    Loss-Derivatives Transaction

-

-

-

-10.3

-

    Losses on Foreign Currency Transactions

-4.4

-3.6

-6.9

-3.1

-1.6

    Loss-Foreign Currency Translation

-0.4

-0.6

-1.7

-2.5

-

    Loss-Currency Forwards Transaction

0.0

-0.3

-

-

-0.1

    Losses on Valuation of Currency Forward

-0.6

-0.5

-

-

-

    Donations Paid

-

-

0.0

-0.1

0.0

    Delayed Rewards Exp

-

-

-0.3

-0.1

-0.6

    Expense-Defect Repair

-

-

-

0.0

-

    Loss-Disposal of Tangible Assets

-

-

0.0

0.0

0.0

    Compensation Exp

-

-

-0.2

-0.4

-0.9

    Miscellaneous Losses

-

-

0.0

0.0

0.0

    Losses on Valuation of Equity Method Sec

-

-

-0.2

-

-

    Adjustment for Finance Income

-

0.0

-

-

-

    Adjustment for Finance Expense

0.0

0.0

-

-

-

Net Income Before Taxes

34.0

1.1

46.1

105.3

61.7

 

 

 

 

 

 

Provision for Income Taxes

9.2

0.4

11.3

29.8

13.4

Net Income After Taxes

24.9

0.7

34.8

75.5

48.3

 

 

 

 

 

 

    Minority Interest Gain

-

-

-

-0.8

-

Net Income Before Extra. Items

24.9

0.7

34.8

74.7

48.3

Net Income

24.9

0.7

34.8

74.7

48.3

 

 

 

 

 

 

Income Available to Com Excl E

24.9

0.7

34.8

74.7

48.3

 

 

 

 

 

 

Income Available to Com Incl E

24.9

0.7

34.8

74.7

48.3

 

 

 

 

 

 

Basic Weighted Average Shares

24.0

24.1

24.1

23.1

23.1

Basic EPS Excluding ExtraOrdin

1.04

0.03

1.45

3.24

2.09

Basic EPS Including ExtraOrdin

1.04

0.03

1.45

3.24

2.09

Diluted Net Income

24.9

0.7

34.8

74.7

48.3

Diluted Weighted Average Share

24.0

24.1

24.1

23.1

23.1

Diluted EPS Excluding ExtraOrd

1.04

0.03

1.45

3.24

2.09

Diluted EPS Including ExtraOrd

1.04

0.03

1.45

3.24

2.09

DPS-Common Stock

0.01

0.01

0.00

0.00

0.00

Gross Dividends - Common Stock

0.3

0.3

0.0

0.0

0.0

Normalized Income Before Taxes

34.6

-1.2

46.0

105.3

61.6

 

 

 

 

 

 

Inc Tax Ex. Impact of Sp Items

9.3

-0.4

11.2

29.8

13.4

Normalized Income After Taxes

25.3

-0.8

34.8

75.5

48.2

 

 

 

 

 

 

Normalized Inc. Avail to Com.

25.3

-0.8

34.8

74.7

48.2

 

 

 

 

 

 

Basic Normalized EPS

1.05

-0.03

1.44

3.24

2.09

Diluted Normalized EPS

1.05

-0.03

1.44

3.24

2.09

R&D Expense, Supplemental

0.4

0.3

0.3

0.7

1.2

Advertising Expense

0.0

0.0

0.0

0.1

0.1

Interest Expense

0.1

0.1

0.1

0.1

0.1

Rental Expense

0.1

0.1

0.3

0.3

0.1

Depreciation

3.8

3.4

3.4

5.6

6.2

Amort of Intangibles, Supplemental

0.0

0.0

0.0

0.0

0.0

 

 

 

Interim Income Statement

As Reported

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2007

30-Sep-2007

30-Jun-2007

31-Mar-2007

31-Dec-2006

Period Length

3 Months

3 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal 
31-Dec-2007

Updated Normal 
30-Sep-2007

Reclassified Normal 
30-Jun-2008

Reclassified Normal 
31-Mar-2008

Updated Normal 
31-Dec-2006

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

921.11129

927.638172

929.351075

938.879121

938.234946

 

 

 

 

 

 

    Sales Revenue of Finished Goods

76.8

73.3

72.6

74.5

61.3

    Raw Materials Revenue

-6.1

2.0

2.3

1.7

0.8

    Other Sales Revenue

9.1

0.6

1.1

1.0

-

Total Revenue

79.9

75.8

76.0

77.2

62.1

 

 

 

 

 

 

    Cost of Finished Goods Sold

52.7

57.0

52.2

57.4

50.2

    Cost-Raw Materials

2.3

2.1

2.4

1.7

0.9

    Salaries and Wages

1.0

0.6

0.6

0.5

0.8

    Retirement Allowance

0.2

-

0.2

0.2

0.2

    Employee Benefits

0.1

0.1

0.1

0.1

0.1

    Travel Expenses

0.1

0.1

0.1

0.1

0.1

    Communication Expenses

0.0

0.0

0.0

0.0

0.0

    Utility Expenses

0.0

0.0

0.0

0.0

0.0

    Taxes and Dues

0.1

0.1

0.1

0.1

0.1

    Expense-Consumable Goods

0.1

0.1

0.1

0.1

0.1

    Publishing & Printing Expense

0.0

0.0

0.0

0.0

0.0

    Rental Expenses

0.0

0.0

0.1

0.0

-

    Vehicle Maintenance Expenses

0.1

0.1

0.0

0.1

0.1

    Repair Expenses

0.0

0.0

-

0.0

0.0

    Insurance Expense

0.1

0.1

0.1

0.1

0.1

    Commission Paid

2.6

2.7

2.4

2.8

1.9

    Shipping & Handling Expense

0.3

0.3

0.3

0.4

0.3

    Entertainment Expense

0.1

0.1

0.0

0.1

0.0

    Advertising Expense

0.0

0.0

0.0

0.0

0.0

    Exporting Expense

0.7

0.8

0.8

0.6

0.8

    Condolences Expense

0.0

0.0

0.0

0.0

0.0

    Provision-Bad Debt

0.1

-

0.4

0.3

0.1

    Research & Development Expense

0.2

0.2

0.6

0.2

0.2

    Depreciation Expense

0.1

0.1

0.1

0.0

0.1

    Amortization-Intangibles

0.0

0.0

0.0

0.0

0.0

    Miscellaneous Operating Expense

0.0

0.0

0.0

0.0

0.0

Total Operating Expense

60.8

64.3

60.7

64.6

56.0

 

 

 

 

 

 

    Interest Income

0.2

0.1

0.0

0.0

0.0

    Dividend Income

0.0

-

0.0

-

0.0

    Gain-Disposal of Sec. Available-Sale

-

-

-

-

0.0

    Gain-Derivatives Transactions

0.0

0.0

-

-

-

    Gain-Foreign Exchange Transaction

0.5

0.4

0.1

0.3

0.1

    Gain-Foreign Currency Translation

0.7

-

-

0.1

-0.2

    G-Reduction Loss of Sec. Avail-for-Sale

0.0

-

-

-

-

    Gain-Disposal of Tangible Assets

0.0

0.0

0.1

-

0.0

    Recovery-Loan Loss Reserve

-0.4

0.4

-

-

-

    Recovery-Tariffs, Non-Operating

-0.7

-

0.7

-

-

    Recovery-Retirement Allowance

0.0

0.0

-

-

-

    Gain-Disposal of Residual Products

-

-

-

-

0.6

    Inspection Fees Income

0.0

-

-

0.0

0.0

    Processing Income

0.0

-

0.0

-

0.0

    Gain-Damage Compensation

0.0

1.3

2.2

0.0

0.0

    Testing Income

0.1

0.0

0.0

-

-

    Miscellaneous Non-Operating Income

0.0

0.0

0.1

0.1

0.0

    Interest Expense, Non-Operating

0.0

0.0

0.0

0.0

-0.1

    Loss-Foreign Exchange Transaction

-0.6

-0.5

-0.4

-0.1

-0.6

    Loss-Foreign Currency Translation

0.4

-0.1

-0.4

-

0.3

    Loss-Derivatives Transaction

-0.1

-

-

-

-

    Loss-Disposal of Tangible Assets

0.0

-

-

-

0.0

    Expense-Delayed Rewards

-0.6

0.0

0.0

0.0

0.0

    Expense-Defect Repair

-

-

-

-

0.0

    Compensation Expense

-0.2

0.0

-0.3

-0.3

0.0

    Additional Income Taxes Paid

-

-

-

-

0.0

    Donations Paid, Non-Operating

0.0

-

0.0

0.0

0.0

    Miscellaneous Non-Operating Expense

0.0

0.0

0.0

0.0

0.0

Net Income Before Taxes

18.4

13.2

17.3

12.8

6.3

 

 

 

 

 

 

Provision for Income Taxes

3.6

3.1

3.8

2.9

1.5

Net Income After Taxes

14.8

10.1

13.5

9.9

4.8

 

 

 

 

 

 

Net Income Before Extra. Items

14.8

10.1

13.5

9.9

4.8

Net Income

14.8

10.1

13.5

9.9

4.8

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

14.8

10.1

13.5

9.9

4.8

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

14.8

10.1

13.5

9.9

4.8

 

 

 

 

 

 

Basic Weighted Average Shares

21.5

23.1

24.3

24.3

24.3

Basic EPS Excluding ExtraOrdinary Items

0.69

0.44

0.56

0.41

0.20

Basic EPS Including ExtraOrdinary Items

0.69

0.44

0.56

0.41

0.20

Diluted Net Income

14.8

10.1

13.5

9.9

4.8

Diluted Weighted Average Shares

21.5

23.1

24.3

24.3

24.3

Diluted EPS Excluding ExtraOrd Items

0.69

0.44

0.56

0.41

0.20

Diluted EPS Including ExtraOrd Items

0.69

0.44

0.56

0.41

0.20

DPS-Common Stock

0.00

0.00

0.00

0.00

0.07

Gross Dividends - Common Stock

0.0

0.0

0.0

0.0

1.6

Normalized Income Before Taxes

18.4

13.2

17.2

12.8

5.7

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

3.6

3.1

3.8

2.9

1.3

Normalized Income After Taxes

14.8

10.1

13.5

9.9

4.4

 

 

 

 

 

 

Normalized Inc. Avail to Com.

14.8

10.1

13.5

9.9

4.4

 

 

 

 

 

 

Basic Normalized EPS

0.69

0.44

0.56

0.41

0.18

Diluted Normalized EPS

0.69

0.44

0.56

0.41

0.18

Interest Expense, Supplemental

0.0

0.0

0.0

0.0

0.1

Rental Expense, Supplemental

0.0

0.0

0.1

0.0

0.0

Advertising Expense, Supplemental

0.0

0.0

0.0

0.0

0.0

R&D Expense, Supplemental

0.2

0.2

0.6

0.2

0.2

Depreciation, Supplemental

1.7

1.7

1.5

1.3

1.6

Amort of Intangibles, Supplemental

0.0

0.0

0.0

0.0

0.0

 

 

 

Annual Balance Sheet

As Reported

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

UpdateType/Date

Updated Normal 
31-Dec-2011

Restated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate

1152

1134.9

1164.475

1259.55

936.05

Auditor

Sungdoe Accounting Corp.

Sungdoe Accounting Corp.

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Sungdoe Accounting Corp.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash and CashEquivalents

11.2

9.4

23.8

19.3

9.8

    ST Securities Held to Maturities

-

-

0.1

0.0

0.0

    ST Finl Assets

-

-

71.8

14.0

4.2

    Trade Rcvbls,G

-

-

50.1

80.8

86.3

    Allowance for Doubtful Accounts for Trad

-

-

-2.5

-2.4

-1.5

    Other Receivables

4.0

4.6

2.9

-

-

    ST Loan, Net

-

-

0.0

0.2

0.4

    Other Rcvbls

-

-

-

3.9

3.2

    Accrued Income

-

-

0.8

0.2

0.1

    Advance Payments

-

-

0.1

0.8

0.1

    Prepaid Expenses Total

-

-

0.1

0.1

0.1

    Deferred Income Taxes Assets Current

-

-

0.5

0.3

0.2

    Finished Goods

-

-

23.3

24.1

38.4

    Works in Process

-

-

10.0

14.3

10.8

    Raw Materials

-

-

40.2

57.0

43.5

    Goods in Transit

-

-

0.7

1.1

2.8

    Other Curr Asset

0.7

0.8

-

-

-

    Trade Receivables, Net

91.4

82.7

-

-

-

    Other Financial Instruments

7.4

25.5

-

-

-

    Inventories

139.0

95.3

-

-

-

Total Current Assets

253.6

218.4

221.9

213.7

198.3

 

 

 

 

 

 

    Securities avail for Sale

-

-

2.1

0.8

0.4

    Held-to-Maturity Securities in Investmen

-

-

0.0

0.1

0.2

    Deposits Provided

-

-

0.6

0.6

0.9

    Deferred Income Taxes Assets Non-current

-

-

0.9

0.0

1.6

    Long-term Financial Instruments

-

-

2.8

2.5

2.7

    Land

-

-

46.9

11.5

15.5

    Buildings

-

-

8.7

9.6

13.6

    Accumulated Depreciation for Buildings

-

-

-3.0

-2.5

-3.6

    Structures

-

-

0.3

0.3

0.5

    Accumulated Depreciation for Structures

-

-

-0.1

-0.1

-0.2

    Machinery/Equip.

-

-

27.3

27.8

38.0

    Depr-Mach/Equip.

-

-

-20.6

-18.1

-25.1

    Transport Equip.

-

-

1.4

1.2

1.6

    Deprec-Transport

-

-

-1.1

-1.1

-1.2

    Tools/Equipments

-

-

0.3

0.3

0.5

    Depr-Tool/Equip

-

-

-0.2

-0.3

-0.5

    Fixtures

-

-

1.3

1.1

2.1

    Deprec-Fixtures

-

-

-1.1

-0.9

-1.7

    Construc in Prog

-

-

5.8

22.8

0.8

    Industrial Property Rights

-

-

0.0

0.0

0.0

    Other Non-Current Receivables

1.7

0.3

-

-

-

    Other Non-Current Financial Instruments

7.2

4.4

-

-

-

    Property, Plant & Equipment, Net

103.7

107.7

-

-

-

    Intangible Assets

0.5

0.5

-

-

-

Total Assets

366.7

331.3

294.4

269.6

244.4

 

 

 

 

 

 

    Trade Payable

26.5

20.0

30.1

38.2

37.7

    Accounts Payable

15.7

7.4

5.5

6.3

5.9

    Other Current Liabilities

0.5

0.2

-

-

-

    Advance for Customers

-

-

0.4

0.3

1.8

    Deposit Withheld

-

-

0.3

0.6

0.4

    Accrued Expenses

-

-

1.8

1.7

2.4

    Inc Tax Payable

6.9

-

3.4

19.6

11.5

    ST Borrowings

-

6.7

-

-

1.9

    Other Current Financial Liabilities

0.8

0.5

-

-

-

Total Current Liability

50.4

34.9

41.5

66.7

61.6

 

 

 

 

 

 

    Provisions for Retirement and Severance

1.1

2.3

6.7

6.2

8.1

    Deposits for Retirement and Severance Be

-

-

-1.9

-

-

    Transfer to National Pension Fund

-

-

0.0

-

-

    Minority Interest

-

-

-

3.2

-

    Deferred Income Taxes, Non-Current Liabi

9.4

7.9

-

-

-

Total Liabilities

60.9

45.0

46.3

76.1

69.6

 

 

 

 

 

 

    Common Stock

10.2

10.1

9.4

8.2

10.6

    Paid-in Capital

-

-

29.0

26.8

36.6

    G-Treasury Dispo

-

-

0.1

0.0

0.0

    Legal Reserve

-

-

1.1

1.0

1.4

    Voluntary Reserve

-

-

165.8

89.7

78.0

    Accumulated Comprehensiv Other Income

-

0.1

-

-

-

    Loss-Valu. of Sec. Available for Sale

-

-

0.2

-0.3

0.0

    Ret Earn Carried

-

-

44.7

70.0

49.1

    Other Capital

-4.8

-4.8

-

-

-

    Treasury Stock

-

-

-2.1

-2.1

-1.0

    Capital Surplus

29.4

29.9

-

-

-

    Retained Earnings or Accumulated Deficit

271.0

251.1

-

-

-

Total Equity

305.8

286.3

248.1

193.5

174.7

 

 

 

 

 

 

Total Liabilities & Shareholde

366.7

331.3

294.4

269.6

244.4

 

 

 

 

 

 

    S/O-Common Stock

24.0

24.0

23.0

23.0

23.1

Total Common Shares Outstandin

24.0

24.0

23.0

23.0

23.1

T/S-Common Stock

0.3

0.3

0.2

0.2

0.0

Deferred Revenue, Current

-

-

0.4

0.3

1.8

Full-Time Employees

-

369

359

339

445

Number of Common Shareholders

-

9,162

6,514

5,549

4,986

 

 

 

Interim Balance Sheet

As Reported

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2007

30-Sep-2007

30-Jun-2007

31-Mar-2007

31-Dec-2006

UpdateType/Date

Updated Normal 
31-Dec-2007

Updated Normal 
30-Sep-2007

Updated Normal 
30-Jun-2007

Updated Normal 
31-Mar-2007

Updated Normal 
31-Dec-2006

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate

936.05

915.15

923.9

940.6

930

 

 

 

 

 

 

    Cash & Equivalents

9.8

11.1

10.9

6.9

5.3

    ST Financial Assets

4.2

6.2

1.3

1.3

1.3

    ST Securities Held to Maturities

0.0

0.0

0.0

-

-

    ST Loan, Net

0.4

0.5

0.5

0.0

-

    Trade Receivable

86.3

74.1

72.1

67.5

57.0

    Reserve-Doubtful Account

-1.5

-1.1

-1.5

-1.1

-0.8

    Other Receivable, Net

3.2

3.2

4.9

1.8

2.2

    Prepaid Expense

0.1

0.1

0.1

0.1

0.1

    Advanced Payment

0.1

0.3

0.1

0.4

0.3

    Deferred Income Taxes-Debit, Current

0.2

0.1

0.2

0.1

0.1

    Accrued Income

0.1

0.1

0.1

0.1

0.1

    Finished Goods

38.4

31.0

42.1

39.7

47.6

    Goods in Transit

2.8

5.4

3.9

4.6

1.1

    Raw Materials

43.5

40.9

33.0

24.5

21.3

    Work in Progress

10.8

11.4

9.7

11.3

13.8

Total Current Assets

198.3

183.3

177.4

157.2

149.5

 

 

 

 

 

 

    LT Financial Assets

2.7

2.8

2.9

3.0

3.0

    Investment Securities

-

0.2

-

-

-

    Securities Available for Sale

0.4

0.0

0.0

0.0

0.0

    Securities Held to Maturities

0.2

0.2

0.2

0.2

0.2

    LT Security Deposit

0.9

1.0

0.9

0.8

0.8

    Deferred Income Tax, Debit

1.6

1.5

1.5

1.4

1.3

    Land

15.5

15.9

15.7

15.5

15.6

    Buildings

13.6

13.9

12.9

12.7

12.7

    Buildings-Depreciation

-3.6

-3.5

-3.4

-3.1

-3.0

    Structures

0.5

0.5

0.5

0.5

0.5

    Structures-Depreciation

-0.2

-0.2

-0.2

-0.1

-0.1

    Tools & Equipments

0.5

0.6

0.5

0.5

0.5

    Tools & Equipments-Depreciation

-0.5

-0.5

-0.5

-0.5

-0.5

    Machinery & Equipment

38.0

38.4

36.3

35.2

32.8

    Machinery & Equipment-Depreciation

-25.1

-24.5

-22.8

-22.1

-21.3

    Vehicles & Transportation Equipment

1.6

1.6

1.5

1.4

1.4

    Vehicles & Transportation-Depreciation

-1.2

-1.1

-1.0

-1.1

-1.1

    Fixtures

2.1

2.3

2.2

2.1

2.1

    Fixtures-Depreciation

-1.7

-2.0

-1.9

-1.8

-1.8

    Construction in Progress

0.8

0.1

1.3

0.5

0.9

    Industrial Property Right

0.0

0.0

0.0

0.0

0.0

    Other Fixed Assets

-

-0.2

-

-

-

Total Assets

244.4

230.2

224.1

202.1

193.6

 

 

 

 

 

 

    Trade Payable

37.7

39.8

45.8

40.4

38.5

    Account Payable

5.9

6.3

7.0

5.7

6.9

    Dividend Payable

-

-

-

1.6

-

    Income Taxes Payable

11.5

8.8

7.1

7.4

4.3

    Accrued Expense

2.4

1.0

1.6

1.2

2.0

    Advances Received

1.8

0.4

0.1

0.0

0.0

    Deposit Withheld

0.4

0.4

0.3

0.2

0.2

    ST Borrowings

1.9

2.1

2.2

2.3

5.5

Total Current Liabilities

61.6

58.7

64.1

58.8

57.4

 

 

 

 

 

 

    Reserve-Severance and Retirement Benefit

8.1

7.6

8.0

7.2

6.9

Total Liabilities

69.6

66.4

72.0

66.1

64.3

 

 

 

 

 

 

    Common Stock

10.6

10.8

10.7

10.5

10.6

    Paid-in Capital in Excess of Par

36.6

37.5

37.1

36.5

36.9

    Gain on Disposal of Treasury Stock

0.0

0.0

0.0

0.0

0.0

    Reserve-Corporation Development

-

0.2

0.2

0.2

0.2

    Legal Reserve

1.4

1.3

1.3

1.2

1.1

    Reserve-Business Rationalization

-

1.9

1.9

1.9

1.9

    Reserve-Financial Restructuring

-

0.0

0.0

0.0

0.0

    Voluntary Reserve

78.0

77.8

77.1

75.7

58.3

    Loss-Valu. of Sec. Available for Sale

0.0

-

-

-

-

    Retained Earning Carried Forward

49.1

35.3

24.8

11.0

21.2

    Treasury Stock

-1.0

-1.0

-1.0

-0.9

-1.0

Total Equity

174.7

163.8

152.1

136.0

129.2

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

244.4

230.2

224.1

202.1

193.6

 

 

 

 

 

 

    S/O-Common Stock

23.1

24.3

24.3

24.3

24.3

Total Common Shares Outstanding

23.1

24.3

24.3

24.3

24.3

T/S-Common Stock

0.0

0.0

0.0

0.0

0.0

Deferred Revenue, Current

1.8

0.4

0.1

0.0

0.0

Full-Time Employees

445

447

449

432

410

Number of Common Shareholders

4,986

-

2,036

2,036

2,036

 

 

 

Annual Cash Flows

As Reported

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Reclassified Normal 
31-Dec-2011

Reclassified Normal 
31-Dec-2010

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1107.891393

1156.281981

1276.385219

1100.562842

929.183333

Auditor

Sungdoe Accounting Corp.

Sungdoe Accounting Corp.

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Sungdoe Accounting Corp.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income

-

-

34.8

75.5

48.3

    Depreciation

-

-

3.4

5.6

6.2

    Retirement Allowance

-

-

1.4

2.4

2.4

    Amortization of Intangible Assets

-

-

0.0

0.0

0.0

    L-Tangible Asst Disp

-

-

0.0

0.0

0.0

    L-For Exch Translatn

-

-

1.6

2.0

-

    Loss-Derivatives Transaction

-

-

-

10.3

-

    Adjutment Corporate Taxes

-

-

-

-

0.0

    Gains on Sale of Investment Assets

-

-

-15.4

-

-

    G-Tangible Asst Disp

-

-

-0.1

0.0

-0.1

    Recovery-Sec. Avail-for-Sale Reduction

-

-

-

-

0.0

    Gains on Foreign Currency Translation

-

-

0.0

-2.1

0.0

    Trade Receivables

-

-

26.7

-17.5

-29.0

    Account Receivable

-

-

1.2

-1.9

-

    Advance Payments

-

-

0.7

-0.9

0.2

    Prepaid Expenses

-

-

0.0

0.0

0.0

    Inventories

-

-

19.3

-29.2

-12.3

    Deferred Income Taxes

-

-

-1.2

1.2

-0.5

    Trade Payables

-

-

-8.5

11.6

-0.5

    Account Payable

-

-

-1.2

2.7

-

    Advances Received

-

-

0.1

-1.3

1.8

    Deposits Withheld

-

-

0.0

0.3

0.2

    Accrued Expenses

-

-

0.2

0.0

0.4

    Accrued Inc Tax

-

-

-15.4

12.7

7.2

    Reserve-National Pension

-

-

0.0

0.0

0.0

    Payment-Retirement Bonus

-

-

-1.7

-1.2

-1.1

    Retirement Insurance Deposit

-

-

-0.8

-1.0

-0.1

    Accrued Income

-

-

-0.5

0.0

-

    Losses on Valuation of Equity Method Sec

-

-

0.2

-

-

    Cash Flow from Operating Activities

14.3

-16.0

-

-

-

    Cash-Interest Received

0.7

2.3

-

-

-

    Cash-Interest Paid

-0.1

-0.1

-

-

-

    Cash-Tax Paid

-0.3

-4.1

-

-

-

Cash From Operating Activities

14.6

-17.8

44.9

69.3

23.1

 

 

 

 

 

 

    Dec-ST Finl Asset

-

-

27.2

21.7

6.0

    Dispose-Securities held till Maturity,Cu

0.0

0.1

0.0

0.0

-

    Disposal-Securities under Equity Method

-

-

33.8

2.9

-

    Decrease-ST Loans

-

-

0.2

2.3

0.2

    Dec-Account Rcvbls

-

-

-

0.2

15.5

    Dec-Accrued Income

-

-

-

0.1

0.1

    Dec-LT Finl Asset

1.7

2.0

0.1

0.0

0.1

    Dispose-Securities avail for Sale

1.1

4.2

-

-

-

    Decrease-Guarantee Deposit

1.7

0.1

0.1

0.1

0.1

    Disp-Machinery

0.0

0.1

0.0

-

0.0

    Disposal-Supplies

-

-

0.0

0.0

0.0

    Disp-Vehicles

0.0

0.0

0.1

0.0

0.0

    Disposal-Tools & Supplies

-

-

0.0

-

0.0

    Disp-Land

-

4.0

-

-

-

    Disposal of Building

-

0.8

-

-

-

    Inc-ST Finl Asset

-

-

-78.0

-33.0

-6.9

    Acq-Securities Held to Maturities

-1.4

0.0

0.0

0.0

0.0

    Increase-ST Loans

-

-

0.0

-2.3

-0.6

    Inc-Account Rcvbls

-

-

-

0.0

-16.5

    Inc-Accrued Income

-

-

-

-0.2

-0.1

    Increase-Securities Available-for-Sale

-3.2

-3.4

-0.6

-1.0

-0.3

    Inc-LT Finl Asset

-1.2

-1.6

-1.3

-1.7

-1.8

    Increase-Derevatives

-

-

-

-10.3

-

    Inc-Guarantee Dep

-3.2

-0.4

0.0

-0.1

-0.2

    Acq-Building

-0.6

0.0

-

-0.1

-0.9

    Acq-Machinery

-0.7

-0.9

-1.0

-1.2

-5.6

    Acq-Vehicles

-0.1

-0.5

-0.3

-0.1

-0.4

    Acq-Tools/Equipmt

-0.2

-0.2

-0.1

0.0

-0.1

    Acq-Fixtures

-

-

-

-0.1

-0.2

    Acq-Constructn Prog

-2.5

-5.0

-15.9

-29.1

-0.8

    Increase-Industrial Property Right

-

-

-

0.0

0.0

    Purchase of Office Equipment

0.0

-0.1

-0.1

-

-

    Acq-Land

-0.1

-

-0.1

-

-

    Acq-Structure

-0.3

-0.1

-

-

-

    Land Settlement Refund

3.3

-

-

-

-

    Purchase of Software

0.0

-

-

-

-

Cash From Investing Activities

-5.7

-0.9

-36.0

-52.0

-12.4

 

 

 

 

 

 

    Inc-ST Borrowings

8.7

19.1

-

1.8

2.2

    Inc-Account Payable

-

-

-

4.4

47.4

    Proceeds from Sale of Treasury Stock

-

-

0.3

-

-

    Dec-ST Borrowings

-15.6

-12.5

-

-3.5

-5.8

    Acquisition-Treasury Stock

0.0

-2.6

0.0

-1.6

-

    Dec-Account Payable

-

-

-

-4.8

-48.4

    Payment-Dividends

-

-

-

-

-1.6

    Increase-Shares Bonus Issuance Cost

-

0.0

0.0

-

-

Cash From Financing Activities

-7.0

4.1

0.2

-3.6

-6.2

 

 

 

 

 

 

Foreign Exchange Effects

0.0

0.0

-

-

-

Net Change in Cash

1.9

-14.7

9.1

13.7

4.6

 

 

 

 

 

 

Net Cash Beginning Balance

9.7

24.0

12.6

8.4

5.3

Net Cash Ending Balance

11.6

9.3

21.7

22.1

9.9

    Cash Interest Paid

0.1

0.1

-

-

-

    Cash Taxes Paid

0.3

4.1

-

-

-

 

 

 

Interim Cash Flows

As Reported

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2007

30-Sep-2007

30-Jun-2007

31-Mar-2007

31-Dec-2006

Period Length

12 Months

9 Months

6 Months

3 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2007

Updated Normal 
30-Sep-2007

Updated Normal 
30-Jun-2007

Updated Normal 
31-Mar-2007

Updated Normal 
31-Dec-2006

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

929.183333

931.865091

933.969672

938.879121

955.035724

 

 

 

 

 

 

Net Income

48.3

33.5

23.4

9.9

20.0

    Depreciation

6.2

4.5

2.7

1.3

5.4

    Amortization-Intangible Assets

0.0

0.0

0.0

0.0

0.0

    Provision-Retirement Allowance

2.4

1.4

1.5

0.5

2.1

    Adjutment Corporate Taxes

0.0

-

-

-

0.0

    Commission Accrued

-

-

-

0.1

-

    Loss-Foreign Currency Translation

-

-

-

-

0.0

    Loss-Disposal of Tangible Assets

0.0

-

-

-

0.0

    Recovery-Sec. Avail-for-Sale Reduction

0.0

-

-

-

-

    Gain-Disp. of Security Avail-for-Sale

-

-

-

-

-0.1

    Gain-Disposal of Tangible Assets

-0.1

-0.1

-0.1

-

0.0

    Gain-Foreign Currency Translation

0.0

-

-

0.0

0.0

    Trade Receivable

-29.0

-15.6

-13.7

-10.8

-18.0

    Prepaid Expense

0.0

0.0

0.0

0.0

0.0

    Advanced Payment

0.2

0.1

0.2

-0.1

3.2

    Inventory

-12.3

-3.3

-4.3

3.0

-25.4

    Deferred Income Tax Debit

-0.5

-0.3

-0.4

-0.2

-0.2

    Trade Payable

-0.5

0.7

7.0

2.4

15.2

    Advance Received

1.8

0.4

0.0

0.0

-0.1

    Deposit Withheld

0.2

0.2

0.2

0.0

-0.1

    Accrued Expense

0.4

-1.0

-0.4

-0.8

0.2

    Accrued Income Taxes

7.2

4.3

2.8

3.1

1.7

    Payment of Retirement Bonus

-1.1

-0.8

-0.6

-0.2

-1.2

    Deposit-Retirement Insurance

-0.1

-

-

-

0.0

    Reserve-National Pension

0.0

0.0

0.0

-

-

Cash from Operating Activities

23.1

24.0

18.4

8.2

2.6

 

 

 

 

 

 

    Decrease-ST Loans

0.2

0.1

0.0

0.0

-

    Decrease-Accrued Income

0.1

0.1

0.1

0.1

0.1

    Decrease-Guarantee Deposit

0.1

-

-

-

-

    Decrease-Account Receivable

15.5

12.2

5.7

3.0

9.5

    Decrease-ST Financial Assets

6.0

5.0

1.1

0.4

3.1

    Decrease-LT Financial Assets

0.1

0.1

-

-

0.1

    Disposal-Securities Available-for-Sale

-

-

-

-

0.4

    Disposal-Securities Held to Maturities

-

-

-

-

0.0

    Disposal-Machinery & Equipments

0.0

0.0

0.0

-

0.1

    Disposal-Supplies

0.0

-

-

-

-

    Disposal-Tools & Supplies

0.0

-

-

-

-

    Disposal-Transportation

0.0

0.0

0.0

-

0.0

    Increase-ST Loans

-0.6

-0.6

-0.5

0.0

-

    Increase-Accrued Income

-0.1

-0.1

-0.1

-0.1

-0.1

    Increase-Account Receivable

-16.5

-13.2

-8.3

-2.6

-10.7

    Increase-Guarantee Deposit

-0.2

-0.2

-0.1

-0.1

0.0

    Increase-ST Financial Assets

-6.9

-8.4

-0.1

-0.1

-0.2

    Increase-Securities Available-for-Sale

-0.3

-

-

-

-

    Increase-LT Financial Assets

-1.8

-1.3

-0.8

-0.4

-1.7

    Increase-Securities Held to Maturities

0.0

0.0

0.0

-

0.0

    Increase-Buildings

-0.9

-0.9

-0.1

-0.1

0.0

    Increase-Structure

-

-

0.0

-

0.0

    Increase-Tools & Supplies

-0.1

-0.1

0.0

0.0

0.0

    Increase-Machinery & Equipment

-5.6

-4.9

-3.2

-0.6

-6.8

    Increase-Fixtures

-0.2

-0.2

-0.1

-0.1

-0.1

    Increase-Transportation

-0.4

-0.3

-0.3

-

-0.2

    Increase-Construction Progress

-0.8

-0.1

-1.3

-1.7

-1.1

    Increase-Industrial Property Right

0.0

-

-

-

0.0

Cash from Investing Activities

-12.4

-12.6

-8.0

-2.3

-7.9

 

 

 

 

 

 

    Increase-ST Borrowings

2.2

2.2

2.2

0.8

53.2

    Increase-Accrued Payable

47.4

36.2

24.3

12.4

41.2

    Decrease-ST Borrowings

-5.8

-5.7

-5.5

-3.9

-49.2

    Decrease-Accrued Payment

-48.4

-37.0

-24.3

-13.6

-38.5

    Dividends Paid

-1.6

-1.6

-1.6

-

-1.1

Cash from Financing Activities

-6.2

-5.8

-4.9

-4.3

5.6

 

 

 

 

 

 

Net Change in Cash

4.6

5.6

5.5

1.7

0.2

 

 

 

 

 

 

Net Cash Beginning Balance

5.3

5.3

5.3

5.3

5.0

Net Cash Ending Balance

9.9

10.9

10.8

6.9

5.2

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.50

UK Pound

1

Rs.81.99

Euro

1

Rs.67.54

 

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.