MIRA
INFORM REPORT

Report Date :

22.12.2012

Tel. No.:

02 2005 5227

Fax No.:

02 2005 5220

IDENTIFICATION DETAILS

Name :

GS GLOBAL CORP

Formerly Known As :

SSANGYONG CORPORATION

Registered Office :

10F GS Tower, 679, Yeoksam-Dong, Gangnam-Gu Seoul, 135985

Country :

South Korea

Financials (as on) :

31.12.2011

Date of Incorporation :

31.07.1954

Legal Form :

Public Subsidiary

Line of Business :

Wholesale of metals and ores

No. of Employees :

235

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal
commitments.

Satisfactory

Status :

Satisfactory

Payment Behaviour :

Slow but correct

Litigation :

Clear

NOTES :

Any query related to this report can be made
on e-mail: [email-masked]
while quoting report number, name and date.

ECGC Country Risk Classification List – June 30th, 2012

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

South Korea

A1

A1

Risk Category

ECGC
Classification

Insignificant

A1

Low

A2

Moderate

B1

High

B2

Very High

C1

Restricted

C2

Off-credit

D

SOUTH KOREA - ECONOMIC OVERVIEW

South Korea over the past four
decades has demonstrated incredible growth and global integration to become a
high-tech industrialized economy. In the 1960s, GDP per capita was comparable
with levels in the poorer countries of Africa and Asia. In 2004, South Korea
joined the trillion dollar club of world economies, and currently is among the
world's 20 largest economies. Initially, a system of close government and
business ties, including directed credit and import restrictions, made this
success possible. The government promoted the import of raw materials and
technology at the expense of consumer goods, and encouraged savings and
investment over consumption. The Asian financial crisis of 1997-98 exposed
longstanding weaknesses in South Korea's development model including high debt/equity
ratios and massive short-term foreign borrowing. GDP plunged by 6.9% in 1998,
and then recovered by 9% in 1999-2000. Korea adopted numerous economic reforms
following the crisis, including greater openness to foreign investment and
imports. Growth moderated to about 4% annually between 2003 and 2007. With the
global economic downturn in late 2008, South Korean GDP growth slowed to 0.3%
in 2009. In the third quarter of 2009, the economy began to recover, in large
part due to export growth, low interest rates, and an expansionary fiscal
policy, and growth was 3.6% in 2011. In 2011, the US-South Korea Free Trade
Agreement was ratified by both governments and is projected to go into effect
in early 2012. The South Korean economy's long term challenges include a
rapidly aging population, inflexible labor market, and heavy reliance on
exports - which comprise half of GDP.

Source
: CIA

Company name and address

Top of Form

Bottom of Form

Top of Form

GS Global Corp

10F

GS Tower, 679, Yeoksam-Dong, Gangnam-Gu

Seoul, 135985

Korea, Republic of

Tel:

82-2-20055300

Fax:

82-2-20055301

www.gsgcorp.com

Employees:

235

Company Type:

Public Subsidiary

Corporate Family:

39 Companies

Ultimate Parent:

GS Holdings Corp.

Traded:

Korea Stock Exchange:

001250

Incorporation Date:

31-Jul-1954

Auditor:

Deloitte & Touche LLP

Financials
in:

USD (mil)

Fiscal Year End:

31-Dec-2011

Reporting Currency:

South Korean Won

Annual Sales:

2,614.8  1

Net Income:

(5.6)

Total Assets:

925.4  2

Market Value:

255.7

(07-Dec-2012)

Business
Description

GS Global Corp. is a Korea-based trading company specialized in the
export, import and triangular trade activities. The Company operates its
business under two main segments: steel & metal segment and resource &
commodities segment. Its steel & metal segment imports, exports and
trades steel and metal products sourced from the domestic and overseas
manufacturers. Its resource & commodities segment imports, exports and
trades petroleum products, petrochemicals, cement, coal, engines and other
machines and industrial plants. It also provides inspection, storage and
maintenance services for imported cars. In addition, through its
subsidiaries, it engages in the manufacture of industrial equipment,
including chemical equipment, such as heat exchangers, pressure vessels,
columns, towers, reactors and others, and energy equipment, such as heat
recovery steam generators, steam drums, condensers and others. For the six
months ended 30 June 2012, GS Global Corp revenues increased 45% to W1.838T.
Net income increased from W4.32B to W15.32B. Revenues reflect Steel and Metal
Segment increase of 37% to W1.938T, Manufacturing Segment increase of 49% to
W174.4B, Resource and Commodities Segement segment increase from W23.98B to W56.6B,
Asia segment increase of 42% to W1.489T, Domestic segment increase of 56% to
W372.11B.

Industry

Industry

Miscellaneous Capital Goods

ANZSIC 2006:

3322 - Metal and Mineral Wholesaling

NACE 2002:

5152 - Wholesale of metals and ores

NAICS 2002:

42351 - Metal Service Centers and Other Metal
Merchant Wholesalers

UK SIC 2003:

5152 - Wholesale of metals and ores

UK SIC 2007:

4672 - Wholesale of metals and metal ores

US SIC 1987:

5051 - Metals Service Centers and Offices

Key Executives

Name

Title

Taek Geun Jung

Chief Executive Officer, Director

Seok Hwan Kim

Chief Financial Officer, Assistant Managing Director

Taik-Keun Jung

President & CEO

Jae Du Kwon

Manager-Finance & Investor Relations

Jin Hak Byun

Vice President-Sales

Significant
Developments

Topic

#*

Most Recent Headline

Date

New Business / Unit / Subsidiary

1

GS Global Corp. to Establish New Subsidiary

4-May-2012

Dividends

1

GS Global Corp. Declares Annual Cash Dividend for
FY 2011

8-Feb-2012

Financial
Summary

As of 30-Sep-2012

Key Ratios

Company

Industry

Current Ratio (MRQ)

0.99

3.16

Quick Ratio (MRQ)

0.84

1.74

Debt to Equity (MRQ)

2.48

0.29

Sales 5 Year Growth

13.87

6.76

Net Profit Margin (TTM) %

0.12

8.43

Return on Assets (TTM) %

0.35

7.34

Return on Equity (TTM) %

3.05

12.34

Stock Snapshot

Traded: Korea Stock Exchange: 001250

As of 7-Dec-2012

Financials in: KRW

Recent Price

12,300.00

EPS

-226.54

52 Week High

15,600.00

Price/Sales

0.10

52 Week Low

9,920.00

Dividend Rate

125.00

Avg. Volume (mil)

0.18

Price/Earnings

44.81

Market Value (mil)

277,165.30

Price/Book

1.23

Beta

1.18

Price %
Change

Rel S&P
500%

4 Week

2.07%

-0.70%

13 Week

-6.11%

-7.44%

52 Week

14.95%

12.30%

Year to Date

18.84%

10.85%

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

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

Corporate Overview

Location

10F

GS Tower, 679, Yeoksam-Dong, Gangnam-Gu

Seoul, 135985

Korea, Republic of

Tel:

82-2-20055300

Fax:

82-2-20055301

www.gsgcorp.com

Quote Symbol - Exchange

001250 -
Korea Stock Exchange

Sales KRW(mil):

2,896,907.5

Assets KRW(mil):

1,066,064.5

Employees:

235

Fiscal Year End:

31-Dec-2011

Industry:

Miscellaneous
Capital Goods

Incorporation Date:

31-Jul-1954

Company Type:

Public
Subsidiary

Quoted Status:

Quoted

Previous Name:

Ssangyong
Corporation

Chief Executive Officer, Director:

Taek Geun
Jung

Company Web Links

Company Contact/E-mail

Corporate History/Profile

Home Page

Investor Relations

Products/Services

Industry Codes

ANZSIC 2006 Codes:

3322

-

Metal and Mineral Wholesaling

3323

-

Industrial and Agricultural Chemical Product Wholesaling

2499

-

Other Machinery and Equipment Manufacturing Not Elsewhere
Classified

3321

-

Petroleum Product Wholesaling

5309

-

Other Warehousing and Storage Services

2231

-

Boiler, Tank and Other Heavy Gauge Metal Container
Manufacturing

9419

-

Other Automotive Repair and Maintenance

3419

-

Other Specialised Industrial Machinery and Equipment
Wholesaling

NACE 2002 Codes:

5152

-

Wholesale of metals and ores

5020

-

Maintenance and repair of motor vehicles

2911

-

Manufacture of engines and turbines, except aircraft, vehicle
and cycle engines

2811

-

Manufacture of metal structures and parts of structures

6312

-

Storage and warehousing

5151

-

Wholesale of solid, liquid and gaseous fuels and related
products

5187

-

Wholesale of other machinery for use in industry, trade and
navigation

5155

-

Wholesale of chemical products

NAICS 2002 Codes:

42351

-

Metal Service Centers and Other Metal Merchant Wholesalers

423830

-

Industrial Machinery and Equipment Merchant Wholesalers

424690

-

Other Chemical and Allied Products Merchant Wholesalers

424710

-

Petroleum Bulk Stations and Terminals

493190

-

Other Warehousing and Storage

332313

-

Plate Work Manufacturing

811111

-

General Automotive Repair

333611

-

Turbine and Turbine Generator Set Units Manufacturing

423520

-

Coal and Other Mineral and Ore Merchant Wholesalers

US SIC 1987:

5051

-

Metals Service Centers and Offices

4226

-

Special Warehousing and Storage, Not Elsewhere Classified

3511

-

Steam, Gas, and Hydraulic Turbines, and Turbine Generator Set
Units

5171

-

Petroleum Bulk stations and Terminals

3443

-

Fabricated Plate Work (Boiler Shops)

7538

-

General Automotive Repair Shops

5169

-

Chemicals and Allied Products, Not Elsewhere Classified

5052

-

Coal and Other Minerals and Ores

5084

-

Industrial Machinery and Equipment

UK SIC 2003:

5152

-

Wholesale of metals and ores

51511

-

Wholesale of petroleum and petroleum products

2911

-

Manufacture of engines and turbines, except aircraft, vehicle
and cycle engines

5020

-

Maintenance and repair of motor vehicles

2811

-

Manufacture of metal structures and parts of structures

63129

-

Other storage and warehousing not elsewhere classified

5187

-

Wholesale of other machinery for use in industry, trade and
navigation

5155

-

Wholesale of chemical products

UK SIC 2007:

4672

-

Wholesale of metals and metal ores

4675

-

Wholesale of chemical products

2811

-

Manufacture of engines and turbines, except aircraft, vehicle
and cycle engines

2511

-

Manufacture of metal structures and parts of structures

52103

-

Operation of warehousing and storage facilities for land
transport activities of division 49

4520

-

Maintenance and repair of motor vehicles

4669

-

Wholesale of other machinery and equipment

46711

-

Wholesale of petroleum and petroleum products

Business Description

GS Global Corp. is a Korea-based trading company specialized
in the export, import and triangular trade activities. The Company
operates its business under two main segments: steel & metal
segment and resource & commodities segment. Its steel & metal
segment imports, exports and trades steel and metal products sourced
from the domestic and overseas manufacturers. Its resource &
commodities segment imports, exports and trades petroleum products,
petrochemicals, cement, coal, engines and other machines and
industrial plants. It also provides inspection, storage and
maintenance services for imported cars. In addition, through its
subsidiaries, it engages in the manufacture of industrial equipment,
including chemical equipment, such as heat exchangers, pressure
vessels, columns, towers, reactors and others, and energy equipment,
such as heat recovery steam generators, steam drums, condensers and
others. For the six months ended 30 June 2012, GS Global Corp
revenues increased 45% to W1.838T. Net income increased from W4.32B
to W15.32B. Revenues reflect Steel and Metal Segment increase of 37%
to W1.938T, Manufacturing Segment increase of 49% to W174.4B,
Resource and Commodities Segement segment increase from W23.98B to
W56.6B, Asia segment increase of 42% to W1.489T, Domestic segment
increase of 56% to W372.11B.

More
Business Descriptions

The group has divided its business
structure into two major groups - manufacturing and service.
These include materials and machinery, trading, construction,
finance and leisure

General Trading Services; Steel,
Metal, Cement, Chemicals, Electronics & Other Industrial
Products Whlsr

GS Global Corp. (GS Global) is a
general trading company, based in Korea. GS Global operates
import and export business through its various subsidiaries and
branches located across the world. The company categorizes its
business operations into nine areas namely, steel, petrochemical,
oil product, natural resources, cement material, living
commodities, leisure sports business, machinery/plant, machinery
import, business development and logistics. The steel & metal
business relates to imports, exports and trading of steel and
metal products and logistic services. The steel division exports
domestic steel products which are manufactured by POSCO, Hyundai
Steel, Dongbu Steel, HYSCO, POSCO CNC, SeAH besteel, Dongkuk
Steel, POSCO SS, Union Steel, TCC, Korea Steel and others.Through
the machinery and plant division, the company provides financing,
construction and supply of equipment, plant facilities,
machinery, required for project, auto and automobiles parts. The
company delivers worldwide generation facilities, marine engine,
and construction of power transmission, along with cement plants
and communication networks. It also provides construction
services for power plants, cement plants and oil refinery plants.
Through the petrochemical division the company carries out three
operations namely Aromatics, Polymers and Oil Products. The
company exports organic and inorganic aromatic products
PVC/PET/ABS plastic and lubricants, base oils, automotive oils
through its oil products division. Through this division the
company also carries out bunkering and lubricants business. The
industrial and automotive lubricants are exported to Russia,
Japan and Vietnam.The cement division of the company exports
cement, cement clinker and special cement to the US, Japan,
Africa, the Middle East and other countries. The company also has
four cement storage plants located in Yokohama, Chiba, Nagoya and
Osaka in Japan. It annually exports around four million tonnes of
cement. The energy division of the company engages in trading of
coal, natural gypsum, iron ore, palm oil and petroleum coke. Its
coal is supplied to companies to generate electric power. Iron is
supplied to Chinese steel manufactures, natural gypsum and
petroleum coke to Korean and Asian customers. The company
supplies Honda engine products and parts to Korean customers. The
products include sparkignition engine, engine parts, water pump,
lawn mower and brush cutter. The logistics services provided by
GS Global include cargo work, transporting, custom clearance, and
storage. The services provides loading and unloading services,
transportation, painting, inspection and other related services
for car-importing companies in Korea. It operates a pre-delivery
inspection center at Northern Port of Pyeongtaek for importing
cars from various countries. Under the business development
division, the company is engaged in promoting new business across
various locations. The company also engages in the distribution
of other products such as, meat, food and feed ingredients,
construction materials and fruits. The subsidiaries through which
the company operates are located across the world. Some of its
key operating subsidiaries include GS Global Australia Pty.,
Ltd., GS Global Japan Corporation, GS Global U.S.A. Inc., GS
Global H.K. Company Ltd and GS Global Europe GmbH.

GS Global Corp. (GS Global) is a
trading company, based in Korea. The company operates through its
segments such as Steel, Petrochemical, Oil product, Natural
Resource, Cement material, Living Commodities, Leisure Sports
Business, Machinery and Plant, Machinery import, Business
development, and logistics. It imports, exports and trades metal
& steel products, petrochemicals, coal, cement and other
machines and industrial plants. It also provides EPC services and
supplies machinery to various plants. GS Global imports and
distributes bicycles of brands such as FILA and BILLION. The
company operates through its subsidiaries and branch offices in
Europe, Middle East, Asia, China, Japan, Australia and North
America. GS Global is headquartered in Seoul, Korea.The company
reported revenues of (Won) KRW 2,896,907.40 million during the fiscal
year ended December 2011, an increase of 75.73% over 2010. The
operating loss of the company was KRW 3,638.96 million during the
fiscal year 2011, as against an operating income of KRW 19,251.69
million during 2010. The net loss of the company was KRW 6,202.62
million during the fiscal year 2011, as against a net profit of
KRW 19,735.30 million during 2010.

Trading Companies

Financial Data

Financials in:

KRW(mil)

Revenue:

2,896,907.5

Net Income:

-6,202.6

Assets:

1,066,064.5

Long Term Debt:

120,125.5

Total Liabilities:

841,416.3

Working Capital:

8.8

Date of Financial Data:

31-Dec-2011

1 Year
Growth

75.7%

NA

68.2%

Market Data

Quote Symbol:

001250

Exchange:

Korea Stock Exchange

Currency:

KRW

Stock Price:

12,300.0

Stock Price Date:

12-07-2012

52 Week Price Change %:

15.0

Market Value (mil):

277,165,312.0

SEDOL:

6764838

ISIN:

KR7001250000

Equity and Dept Distribution:

03/2006, 1-for-3.5 Complex capital change (Factor: 0.285714).
11/2006, 1-for-2.093 complex capital change (Factor: 0.477897).
05/2002, complex capital change (Factor:0.1636199). 08/1999, right
issue(Factor:1.251656). 09/1999, scrip issue(Factor:1.15). '8/08, 2:1
stock split. 08/2009, name changed from Ssangyong Corporation.

Subsidiaries

Company

Percentage
Owned

Country

GS Global Australia Pty Ltd

AUSTRALIA

GS Global Japan Corporation

JAPAN

GS Global (China) Company Limited

100%

PEOPLE'S REPUBLIC OF CHINA

GS Global HK Limited

100%

HONG KONG SAR

Key Corporate Relationships

Auditor:

Deloitte & Touche LLP

Auditor:

Deloitte & Touche LLP

Corporate Structure News

GS Global Corp

Total Corporate Family Members: 39

Company Name

Company Type

Location

Country

Industry

Sales

(USD mil)

Employees

GS Holdings Corp.

Parent

Seoul

Korea, Republic of

Retail (Grocery)

7,666.3

27

GS Engineering & Construction Corp.

Subsidiary

Seoul

Korea, Republic of

Construction Services

8,170.7

6,616

Gs Construction Arabia Co. Ltd

Subsidiary

Al Khobar

Saudi Arabia

Construction Services

1,800

Parnas Hotel Co., Ltd.

Subsidiary

Seoul, Seoul

Korea, Republic of

Hotels and Motels

51.8

1,408

Ohl Medio Ambiente Inima Sa

Subsidiary

Madrid, Madrid

Spain

Business Services

58.7

30

Ezville, Inc.

Subsidiary

Seoul, Seoul

Korea, Republic of

Software and Programming

6.4

27

GS Retail Co Ltd (Parent)

Subsidiary

Seoul

Korea, Republic of

Retail (Grocery)

3,596.0

3,538

Fresh Serve Co., Ltd.

Subsidiary

Osan

Korea, Republic of

Food Processing

33

GS Caltex Corp

Subsidiary

Seoul

Korea, Republic of

Oil and Gas Operations

43,277.0

3,158

GS Power Co., Ltd.

Subsidiary

Anyang-si, Gyeonggi-do

Korea, Republic of

Electric Utilities

638.4

225

Haeyang City Gas Co., Ltd.

Subsidiary

Gwangju

Korea, Republic of

Oil and Gas Operations

394.6

130

Seorabul City Gas Co., Ltd.

Subsidiary

Kyongju, Kyongsangbuk-Do

Korea, Republic of

Natural Gas Utilities

48.6

47

Gs Fuel Cell Co., Ltd.

Subsidiary

Seoul, Seoul

Korea, Republic of

Electronic Instruments and Controls

2.6

42

Gs Caltex Singapore Pte. Ltd.

Subsidiary

Singapore

Singapore

Oil and Gas Operations

18,552.9

20

Nextation.Co., Ltd.

Subsidiary

Seoul, Seoul

Korea, Republic of

Retail (Catalog and Mail Order)

5.1

15

Amco Ltd.

Subsidiary

Seoul, Seoul

Korea, Republic of

Construction - Raw Materials

52.1

7

Bnc Co., Ltd.

Subsidiary

Umsong

Korea, Republic of

Fabricated Plastic and Rubber

19.5

Gsnanotech Co., Ltd.

Subsidiary

Seoul, Seoul

Korea, Republic of

Electronic Instruments and Controls

2.0

Gs Greentech Co., Ltd.

Subsidiary

Seoul, Seoul

Korea, Republic of

Oil and Gas Operations

GS Teleservice Inc

Subsidiary

Seoul

Korea, Republic of

Business Services

1,200

GS Home Shopping Inc.

Subsidiary

Seoul

Korea, Republic of

Retail (Catalog and Mail Order)

831.9

890

GS Global Corp

Subsidiary

Seoul

Korea, Republic of

Miscellaneous Capital Goods

2,614.8

235

Dkt Co., Ltd.

Subsidiary

Ulsan

Korea, Republic of

Miscellaneous Capital Goods

239.6

376

Ssangyong Shipping Co. Ltd.

Subsidiary

Seoul

Korea, Republic of

Water Transportation

250

Ssangyong Paper Co., Ltd.

Subsidiary

Osan

Korea, Republic of

Paper and Paper Products

60.4

145

Ssangyong (U.S.A.) Inc.

Subsidiary

Fort Lee, NJ

United States

Business Services

349.2

100

Ssangyong (U.S.A.), Inc.-California

Branch

Cypress, CA

United States

Business Services

3

GS Global Australia Pty Ltd

Subsidiary

North Sydney, NSW

Australia

Miscellaneous Capital Goods

83.9

8

GS Global Corporation-Kuala Lumpur

Subsidiary

Kuala Lumpur

Malaysia

Construction - Raw Materials

5

Gs Global Hong Kong Limited

Subsidiary

Sheung Wan, Hong Kong

Hong Kong

Miscellaneous Capital Goods

80.0

2

Gs Japan Corporation

Subsidiary

Minato-Ku, Tokyo

Japan

Miscellaneous Capital Goods

355.5

Ssangyong (Hong Kong) Co., Ltd.

Subsidiary

Hong Kong

Hong Kong

Personal and Household Products

1.0

GS Global Japan Corporation

Subsidiary

Tokyo

Japan

Miscellaneous Capital Goods

1.0

Meiryu Cement K.K.

Branch

Yatomi, Aichi

Japan

Construction - Raw Materials

1.0

8

GS Global (China) Company Limited

Subsidiary

Shanghai

China

Miscellaneous Capital Goods

GS Global HK Limited

Subsidiary

Hong Kong

Hong Kong

Miscellaneous Capital Goods

GS Global Corporation-New Delhi

Subsidiary

New Delhi

India

Construction - Raw Materials

GS EPS Co Ltd

Subsidiary

Dangjin-gun, Chungcheongnam-do

Korea, Republic of

Electric Utilities

688.1

110

GS Sports Company Limited

Subsidiary

Seoul

Korea, Republic of

Recreational Activities

Competitors
Report

CompanyName

Location

Employees

Ownership

Daewoo International Corporation

Seoul, Korea, Republic of

1,983

Public

Hyundai Corporation

Seoul, Korea, Republic of

361

Public

LG International Corp

Seoul, Korea, Republic of

691

Public

Sinopec Shanghai Petrochemical Co. Ltd.

Shanghai, China

15,256

Public

The Siam Cement Public Company Limited

Bangkok, Thailand

34,725

Public

Executives Report

Board of Directors

Name

Title

Function

Jong Won Ahn

Non-Executive Independent Director

Director/Board Member

Biography:

Ahn Jong Won has been Non-Executive Independent Director of GS
Global Corp. (formerly known as Ssangyong Corporation) since July 21,
2009. Previously, Ahn was Vice Chairman of DONGAHÂ·SF CO.,
LTD. and Independent Director of GS Engineering & Construction
Corp. Ahn holds a Bachelor's degree in Business Administration from
Yonsei University, Korea and a Master's degree in Business
Administration from New York University, the United States.

Age: 64

Education:

New York
University, M (Business Administration)

Yonsei University, B (Business Administration)

Seong Min Choi

Director

Director/Board Member

Sang Won Han

Director

Director/Board Member

Taek Geun Jung

Chief Executive Officer, Director

Director/Board Member

Biography:

Jung Taek Geun has been Chief Executive Officer and Director of
GS Global Corp. (formerly known as Ssangyong Corporation) since July
21, 2009. Previously, Jung was Chief Financial Officer cum Head of
Management Support of GS Retail and Assistant Managing Director of LG
International Corp. Jung holds a Bachelor's degree in Public Administration
from Yonsei University, Korea.

Age: 58

Education:

Yonsei University, B (Public Administration)

Hoe Hun Jung

Director

Director/Board Member

Seok Hwan Kim

Chief Financial Officer, Assistant Managing Director

Director/Board Member

Biography:

Kim Seok Hwan has been Chief Financial Officer and Assistant
Managing Director of GS Global Corp. (formerly known as Ssangyong
Corporation). Kim previously was Assistant Managing Director of GS EPS.
Kim holds a Bachelor's degree in Economics from Korea University.

Age: 49

Education:

Korea University, B (Economics)

Gyeong Gu Kim

Director

Director/Board Member

Byeong Yeol Kim

Director

Director/Board Member

Biography:

Kim Byeong Yeol has been Director of GS Global Corp. (formerly
known as Ssangyong Corporation)since July 21, 2009. Kim previously was
Vice President cum Head of Operations & Supply of GS Caltex. Kim
holds a Bachelor's degree in Industrial Chemistry from Seoul National
University, Korea and a Master's degree in Business Administration from
McGIll University, Canada.

Age: 57

Education:

McGill
University, M (Business Administration)

Seoul National University, B (Chemical Engineering)

Yeong Seop Kim

Non-Executive Independent Director

Director/Board Member

Biography:

Kim Yeong Seop has been Non-Executive Independent Director of GS
Global Corp. (formerly known as Ssangyong Corporation) since July 21,
2009. Previously, Kim was Internal Auditor of KPGM and worked for Korea
Development Bank as Branch Manager of the bank's branch in London. Kim
holds a Bachelor's degree in Business Administration from Korea
University and a Master's degree in Business Administration from George
Washington University, the United States.

Age: 62

Education:

George
Washington University, M (Business Administration)

Korea University, B (Business Administration)

Su Ho Lee

Non-Executive Independent Director

Director/Board Member

Biography:

Lee Su Ho has been Non-Executive Independent Director of GS Global
Corp. (formerly known as Ssangyong Corporation) since July 21, 2009.
Lee is also Independent Director of GS Retail. Previously, Lee was
President cum Chief Executive Officer of Korea Gas Corporation and Vice
Chairman cum Chief Executive Officer of LG International Corp. Lee
holds a Bachelor's degree in Economics from Yonsei University, Korea.

Age: 68

Education:

Yonsei University, B (Economics)

Gyeong Seok Seo

Director

Director/Board Member

Biography:

Seo Gyeong Seok has been Director of GS Global Corp. since 2009.
Previously, Seo was Vice Chairman, Chief Executive Officer and
President of GS Holdings. Seo holds a Bachelor's degree in Public
Administration from Seoul National University, Korea.

Age: 64

Education:

Seoul National University, LLB

Yil Jung Yoon

Director

Director/Board Member

Biography:

Yoon Yil Jung has been Director of GS Global Corp. (formerly
known as Ssangyong Corporation) since July 21, 2009. Yoon is also Vice
President cum Head of CVS Business of GS Retail, where Yoon served as
Managing Director previously, Yoon holds a Bachelor's degree in English
and Education from Pusan National University, Korea and completed a
Master's course from Korea University.

Age: 58

Education:

Pusan National University, B (English and Education)

Executives

Name

Title

Function

Kook Pil Cho

President & Chief Executive Officer

Chief Executive Officer

Taek Geun Jung

Chief Executive Officer, Director

Chief Executive Officer

Biography:

Jung Taek Geun has been Chief Executive Officer and Director of
GS Global Corp. (formerly known as Ssangyong Corporation) since July
21, 2009. Previously, Jung was Chief Financial Officer cum Head of
Management Support of GS Retail and Assistant Managing Director of LG
International Corp. Jung holds a Bachelor's degree in Public
Administration from Yonsei University, Korea.

Age: 58

Education:

Yonsei University, B (Public Administration)

Taik-Keun Jung

President & CEO

Chief Executive Officer

Biography:

Taik - Keun Jung is the Chief Executive Officer and President of
GS Global Corp, since July 21, 2009. Jung previously served as a Chief
Financial Officer and Head of Management Support for GS Retail and
Assistant Managing Director for LG International Corp.

Age: 58

Kee-Hyeok Nam

General Manager-Recruitment

Division Head Executive

Ho Nam Yi

General Manager-Project Planning & Business

Division Head Executive

Jeong Hae Doh

Assistant Managing Director

Managing Director

Age: 45

Education:

Seoul National University, LLB

Jae Hong Gwon

Managing Director

Managing Director

Biography:

Gwon Jae Hong is Managing Director of GS Global Corp.
Previously, Gwon was Head of LG INTERNATIONAL CORP's branch in Singapore.
Gwon received a Bachelor's degree in International Trade and a Master
of Business Administration from Hankuk University of Foreign Studies,
Korea.

Age: 54

Education:

Hankuk
University of Foreign Studies, MBA

Hankuk University of Foreign Studies, B (International Trade)

Tae Hyeong Kim

Assistant Managing Director

Managing Director

Age: 53

Education:

Hankuk University of Foreign Studies, B (Spanish)

Seong Mun Kim

Assistant Managing Director

Managing Director

Age: 56

Education:

Dongguk University, B (Business Administration)

Seong Gyu Kim

Assistant Managing Director

Managing Director

Biography:

Kim Seong Gyu is Assistant Managing Director of GS Global Corp.
Previously, Kim worked for GS Holdings, GS Engineering &
Construction Corp. Kim received a Bachelor's degree in Accounting from
Pusan National University, Korea.

Age: 50

Education:

Pusan National University, B (Accounting)

Tae Woo Kim

Co-Assistant Managing Director

Managing Director

Deok Hwan Son

Co-Assistant Managing Director

Managing Director

Young Seok Choi

Auditor

Finance Executive

Seok Hwan Kim

Chief Financial Officer, Assistant Managing Director

Finance Executive

Biography:

Kim Seok Hwan has been Chief Financial Officer and Assistant
Managing Director of GS Global Corp. (formerly known as Ssangyong
Corporation). Kim previously was Assistant Managing Director of GS EPS.
Kim holds a Bachelor's degree in Economics from Korea University.

Age: 49

Education:

Korea University, B (Economics)

Jae Du Kwon

Manager-Finance & Investor Relations

Finance Executive

Jin Hak Byun

Vice President-Sales

Sales Executive

Cha Heum Yeon

Manager-Public Relations

Public Relations Executive

Significant Developments

GS Global Corp. to Establish New Subsidiary

May 04, 2012

GS Global Corp. announced that it has decided to establish a new wholly
owned subsidiary, GS GLOBAL E&P(AMERICA) CORPORATION, in the United
States. The new entity, to be capitalized at KRW 16,950 million, will be
mainly engaged in the resource development.

GS Global Corp. Declares Annual Cash Dividend for FY 2011

Feb 08, 2012

GS Global Corp. announced that it has declared an annual cash dividend of
KRW 125 per share of common stock to shareholders of record on December 31,
2011, for the fiscal year 2011. The dividend rate of market price is 1.2%
and the total amount of the cash dividend is KRW 2,811,900,250. The
Company's annual cash dividend for the fiscal year 2010 was KRW 500 per share.

Annual Income Statement

Financials in: USD (mil)

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

Financial Glossary

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

Deloitte &
Touche LLP

Deloitte &
Touche LLP

Deloitte &
Touche LLP

Deloitte &
Touche LLP

Deloitte &
Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

Net Sales

2,614.8

1,425.7

1,165.3

1,693.3

1,532.2

Revenue

2,614.8

1,425.7

1,165.3

1,693.3

1,532.2

Other Revenue

-

-

0.2

0.5

-

Other Revenue, Total

-

-

0.2

0.5

-

Total Revenue

2,614.8

1,425.7

1,165.5

1,693.8

1,532.2

Cost of Revenue

2,535.2

1,368.5

1,096.3

1,623.2

1,462.5

Cost of Revenue, Total

2,535.2

1,368.5

1,096.3

1,623.2

1,462.5

Gross Profit

79.6

57.2

69.0

70.0

69.7

Selling/General/Administrative Expense

35.9

23.4

23.7

20.0

18.4

Labor & Related Expense

31.9

18.8

15.6

17.3

16.6

Advertising Expense

-

-

0.1

0.2

0.1

Total Selling/General/Administrative Expenses

67.8

42.2

39.4

37.5

35.1

Depreciation

1.3

0.8

0.4

0.4

0.5

Amortization of Intangibles

0.7

0.2

1.0

0.7

0.3

Depreciation/Amortization

2.0

1.0

1.4

1.1

0.8

Investment Income -
Operating

-3.3

-2.8

-

-

-

Interest/Investment Income - Operating

-3.3

-2.8

-

-

-

Interest Expense (Income) - Net Operating Total

-3.3

-2.8

-

-

-

Impairment-Assets Held for Use

0.4

1.1

-

-

-

Impairment-Assets Held for Sale

0.0

0.0

-

-

-

Loss (Gain) on Sale of Assets - Operating

0.4

-0.3

-

-

-

Unusual Expense (Income)

0.8

0.8

-

-

-

Other Operating Expense

22.0

3.6

-

-

-

Other, Net

-6.4

-4.3

-

-

-

Other Operating Expenses, Total

15.6

-0.7

-

-

-

Total Operating Expense

2,618.1

1,409.1

1,137.1

1,661.9

1,498.4

Operating Income

-3.3

16.6

28.4

31.9

33.7

Interest Expense -
Non-Operating

-13.7

-0.7

-3.2

-5.5

-6.2

Interest Expense, Net Non-Operating

-13.7

-0.7

-3.2

-5.5

-6.2

Interest Income -
Non-Operating

2.4

0.9

0.7

1.0

1.4

Investment Income -
Non-Operating

-0.6

3.7

-0.2

1.7

-0.4

Interest/Investment Income - Non-Operating

1.8

4.6

0.5

2.7

1.1

Interest Income (Expense) - Net Non-Operating

0.0

-

-

-

-

Interest Income (Expense) - Net Non-Operating Total

-11.9

3.9

-2.7

-2.8

-5.1

Gain (Loss) on Sale of Assets

-1.2

-2.1

-3.9

0.8

-6.4

Other Non-Operating Income (Expense)

-

-

-1.9

0.2

-13.8

Other, Net

-

-

-1.9

0.2

-13.8

Income Before Tax

-16.4

18.5

19.9

30.2

8.5

Total Income Tax

-2.5

1.4

1.0

2.0

-1.8

Income After Tax

-14.0

17.1

18.9

28.1

10.2

Minority Interest

8.4

0.0

-0.2

0.7

-

Equity In Affiliates

-

-

-

-3.7

-

Net Income Before Extraord Items

-5.6

17.1

18.7

25.1

10.2

Net Income

-5.6

17.1

18.7

25.1

10.2

Income Available to Common Excl Extraord Items

-5.6

17.1

18.7

25.1

10.2

Income Available to Common Incl Extraord Items

-5.6

17.1

18.7

25.1

10.2

Basic/Primary Weighted Average Shares

20.9

11.2

13.7

13.4

13.4

Basic EPS Excl Extraord Items

-0.27

1.52

1.36

1.88

0.76

Basic/Primary EPS Incl Extraord Items

-0.27

1.52

1.36

1.88

0.76

Dilution Adjustment

0.0

0.0

0.0

0.0

-

Diluted Net Income

-5.6

17.1

18.7

25.1

10.2

Diluted Weighted Average Shares

20.9

11.2

13.7

13.4

13.4

Diluted EPS Excl Extraord Items

-0.27

1.52

1.36

1.88

0.76

Diluted EPS Incl Extraord Items

-0.27

1.52

1.36

1.88

0.76

Dividends per Share - Common Stock Primary Issue

0.11

0.00

0.00

0.36

0.00

Gross Dividends - Common Stock

2.5

0.0

0.0

4.8

0.0

Interest Expense, Supplemental

13.7

0.7

3.2

5.5

6.2

Depreciation, Supplemental

4.5

0.8

2.0

0.9

0.5

Total Special Items

2.0

2.9

4.7

-0.5

6.4

Normalized Income Before Tax

-14.4

21.4

24.6

29.7

14.8

Effect of Special Items on Income Taxes

0.7

0.2

0.2

-0.1

2.2

Inc Tax Ex Impact of Sp Items

-1.8

1.7

1.2

2.0

0.5

Normalized Income After Tax

-12.6

19.7

23.4

27.7

14.4

Normalized Inc. Avail to Com.

-4.3

19.7

23.2

24.7

14.4

Basic Normalized EPS

-0.20

1.76

1.69

1.84

1.07

Diluted Normalized EPS

-0.20

1.76

1.69

1.84

1.07

Amort of Acquisition Costs, Supplemental

-

-

0.8

0.3

-

Amort of Intangibles, Supplemental

0.7

0.2

0.2

0.4

0.3

Rental Expenses

9.0

6.9

5.1

4.1

5.9

Advertising Expense, Supplemental

0.2

0.2

0.1

0.2

0.1

Normalized EBIT

-5.8

14.7

28.4

31.9

33.7

Normalized EBITDA

-0.5

15.7

31.4

33.5

34.5

Annual Balance
Sheet

Financials in:
USD (mil)

Financial Glossary

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

Deloitte &
Touche LLP

Deloitte &
Touche LLP

Deloitte &
Touche LLP

Deloitte &
Touche LLP

Deloitte &
Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

Cash & Equivalents

98.8

39.9

51.4

39.3

22.3

Short Term Investments

1.7

4.8

2.4

3.4

3.6

Cash and Short Term Investments

100.5

44.7

53.9

42.8

26.0

Accounts Receivable -
Trade, Gross

345.4

190.4

67.8

91.4

89.1

Provision for Doubtful
Accounts

-0.3

-1.2

-1.6

-1.8

-1.0

Trade Accounts Receivable - Net

345.4

189.6

66.3

89.7

88.3

Notes Receivable - Short Term

-

-

-

-

0.3

Other Receivables

4.4

3.8

1.8

3.0

3.3

Total Receivables, Net

349.8

193.3

68.1

92.7

91.9

Inventories - Finished Goods

88.7

81.4

30.9

45.6

36.9

Inventories - Work In Progress

1.8

-

-

-

-

Inventories - Raw Materials

12.4

25.2

2.9

-

-

Inventories - Other

25.9

11.0

2.0

5.8

2.3

Total Inventory

128.7

117.5

35.7

51.4

39.2

Prepaid Expenses

8.7

8.0

0.5

1.0

2.4

Deferred Income Tax - Current Asset

-

-

0.1

0.1

0.0

Other Current Assets

1.2

0.4

2.2

3.9

0.8

Other Current Assets, Total

1.2

0.4

2.3

4.1

0.8

Total Current Assets

588.9

363.9

160.5

191.8

160.2

Buildings

57.7

38.7

12.5

12.2

4.2

Land/Improvements

141.8

32.8

12.8

11.9

0.3

Machinery/Equipment

45.1

38.7

16.5

15.4

5.9

Construction in
Progress

12.7

4.5

0.0

-

-

Other
Property/Plant/Equipment

0.0

0.0

-

-

-

Property/Plant/Equipment - Gross

257.3

114.7

41.9

39.5

10.4

Accumulated Depreciation

-20.1

-16.6

-14.1

-12.8

-7.1

Property/Plant/Equipment - Net

237.2

98.1

27.8

26.7

3.3

Goodwill, Net

43.8

44.4

2.7

5.5

-

Intangibles, Net

9.8

7.8

1.6

1.5

2.4

LT Investment - Affiliate Companies

4.5

13.5

0.4

-

-

LT Investments - Other

6.9

5.9

7.7

6.6

8.0

Long Term Investments

11.4

19.5

8.1

6.6

8.0

Note Receivable - Long Term

5.4

0.5

0.6

0.7

0.5

Pension Benefits - Overfunded

0.0

0.3

-

-

-

Deferred Income Tax - Long Term Asset

22.4

17.6

17.7

16.7

20.0

Other Long Term Assets

6.4

6.5

7.5

6.6

7.0

Other Long Term Assets, Total

28.9

24.3

25.3

23.3

27.0

Total Assets

925.4

558.6

226.5

256.2

201.3

Accounts Payable

163.6

134.9

64.1

49.3

71.0

Accrued Expenses

27.6

17.0

8.0

4.8

7.2

Notes Payable/Short Term Debt

310.9

227.3

57.9

119.9

54.8

Current Portion - Long Term Debt/Capital Leases

23.3

9.2

2.2

6.9

8.0

Customer Advances

24.4

12.8

1.0

2.2

1.7

Income Taxes Payable

4.2

0.0

1.0

1.0

-

Other Payables

24.5

12.7

5.9

5.5

5.3

Deferred Income Tax - Current Liability

-

-

0.0

0.0

0.0

Other Current Liabilities

13.5

6.3

3.6

2.5

2.8

Other Current liabilities, Total

66.6

31.8

11.5

11.2

9.8

Total Current Liabilities

592.0

420.3

143.7

192.0

150.8

Long Term Debt

104.3

31.7

1.7

3.6

6.4

Total Long Term Debt

104.3

31.7

1.7

3.6

6.4

Total Debt

438.5

268.2

61.9

130.4

69.2

Deferred Income Tax - LT Liability

1.3

3.9

0.0

-

-

Deferred Income Tax

1.3

3.9

0.0

-

-

Minority Interest

29.1

12.7

7.2

5.0

-

Reserves

-

0.8

-

-

-

Pension Benefits - Underfunded

2.3

5.5

4.6

3.3

3.3

Other Long Term Liabilities

1.5

1.1

1.0

1.3

1.2

Other Liabilities, Total

3.7

7.4

5.6

4.6

4.5

Total Liabilities

730.4

476.1

158.2

205.3

161.7

Common Stock

48.9

24.8

24.2

21.2

28.5

Common Stock

48.9

24.8

24.2

21.2

28.5

Additional Paid-In Capital

118.3

14.5

14.1

8.3

11.2

Retained Earnings (Accumulated Deficit)

38.0

49.0

37.2

29.1

5.5

Treasury Stock - Common

-0.6

-0.6

-0.6

-1.8

-2.1

Unrealized Gain (Loss)

-2.3

-0.3

-0.8

-0.7

-1.0

Translation Adjustment

-7.2

-4.5

-1.4

-2.3

-2.6

Other Equity

-

0.0

-4.4

-2.8

-

Other Comprehensive Income

0.0

-0.3

-

-

-

Other Equity, Total

-7.3

-4.8

-5.8

-5.1

-2.6

Total Equity

195.0

82.5

68.3

50.9

39.6

Total Liabilities & Shareholdersâ€™ Equity

925.4

558.6

226.5

256.2

201.3

Shares Outstanding - Common Stock Primary
Issue

22.5

14.1

14.1

13.3

13.4

Total Common Shares Outstanding

22.5

14.1

14.1

13.3

13.4

Treasury Shares - Common Stock Primary Issue

0.0

48.5

0.0

0.1

0.0

Employees

221

187

150

158

178

Number of Common Shareholders

-

6,288

-

2,209

2,153

Accumulated Goodwill Amortization Suppl.

-

-

1.2

0.3

-

Accumulated Intangible Amort, Suppl.

1.2

0.3

2.5

2.3

-

Deferred Revenue - Current

24.4

12.8

1.0

2.2

1.7

Total Long Term Debt, Supplemental

-

-

3.9

10.5

14.4

Long Term Debt Maturing within 1 Year

-

-

2.2

6.9

8.0

Long Term Debt Maturing in Year 2

-

-

1.7

2.1

6.4

Long Term Debt Maturing in Year 3

-

-

-

1.6

-

Long Term Debt Maturing in 2-3 Years

-

-

1.7

3.6

6.4

Long Term Debt Matur. in Year 6 & Beyond

-

-

0.0

0.0

0.0

Annual Cash
Flows

Financials in:
USD (mil)

Financial Glossary

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

Reclassified
Normal

31-Dec-2008

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate
(Period Average)

1107.891393

1156.281981

1276.385219

1100.562842

929.183333

Auditor

Deloitte &
Touche LLP

Deloitte &
Touche LLP

Deloitte &
Touche LLP

Deloitte &
Touche LLP

Deloitte &
Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

Net Income/Starting Line

-14.0

17.1

18.9

24.4

10.2

Depreciation

4.5

0.8

2.0

0.9

0.5

Depreciation/Depletion

4.5

0.8

2.0

0.9

0.5

Amortization of Intangibles

0.7

0.2

1.0

0.7

0.3

Amortization

0.7

0.2

1.0

0.7

0.3

Deferred Taxes

-

-

-0.1

0.6

-2.3

Unusual Items

-0.8

-1.7

4.7

7.8

5.7

Equity in Net Earnings (Loss)

3.7

0.2

-0.5

-

-

Other Non-Cash Items

11.2

1.3

5.5

5.7

16.7

Non-Cash Items

14.1

-0.2

9.7

13.5

22.4

Accounts Receivable

-104.3

-4.2

25.2

-5.4

19.8

Inventories

4.1

-38.1

16.9

-9.6

3.5

Prepaid Expenses

-

-

0.5

1.6

1.3

Other Assets

-67.4

-117.4

2.8

-2.4

1.0

Accounts Payable

43.4

71.0

10.7

-48.8

-33.1

Accrued Expenses

-

-

1.4

10.3

-0.6

Taxes Payable

-

-

-1.0

-0.4

-

Other Liabilities

12.1

11.4

0.6

-1.9

-2.7

Other Operating Cash Flow

-11.6

-1.8

-

-

-

Changes in Working Capital

-123.6

-79.1

57.1

-56.5

-10.8

Cash from Operating Activities

-118.2

-61.2

88.5

-16.4

20.4

Purchase of Fixed Assets

-151.8

-5.2

-1.1

-0.4

-0.3

Purchase/Acquisition of Intangibles

-1.4

-2.6

-0.3

0.0

0.0

Capital Expenditures

-153.2

-7.8

-1.5

-0.4

-0.3

Acquisition of Business

-

-64.8

0.0

-10.3

-

Sale of Fixed Assets

1.3

0.0

0.4

0.1

1.1

Sale/Maturity of Investment

9.3

14.5

4.1

61.5

59.1

Purchase of Investments

-7.4

-5.7

-3.6

-62.1

-56.9

Sale of Intangible Assets

0.4

-

-

-

-

Other Investing Cash Flow

-2.9

0.1

-0.3

-1.7

-0.2

Other Investing Cash Flow Items, Total

0.6

-55.9

0.5

-12.5

3.1

Cash from Investing Activities

-152.5

-63.8

-0.9

-12.9

2.8

Other Financing Cash Flow

-

-

-8.2

-4.7

-6.3

Financing Cash Flow Items

-

-

-8.2

-4.7

-6.3

Total Cash Dividends Paid

-5.1

-5.0

-13.5

-

-

Sale/Issuance of
Common

155.3

0.5

6.2

-

-

Repurchase/Retirement
of Common

-

-

-0.1

-0.3

-

Common Stock, Net

155.3

0.5

6.1

-0.3

-

Issuance (Retirement) of Stock, Net

155.3

0.5

6.1

-0.3

-

Short Term Debt Issued

711.2

210.2

81.1

79.2

63.7

Short Term Debt
Reduction

-624.1

-95.1

-144.9

-18.8

-66.1

Short Term Debt, Net

87.1

115.1

-63.8

60.4

-2.4

Long Term Debt Issued

108.3

-

-

-

-

Long Term Debt
Reduction

-13.8

-2.4

-

-

-11.3

Long Term Debt, Net

94.5

-2.4

-

-

-11.3

Issuance (Retirement) of Debt, Net

181.6

112.7

-63.8

60.4

-13.7

Cash from Financing Activities

331.8

108.2

-79.5

55.3

-20.1

Foreign Exchange Effects

1.7

0.6

-

-

-

Net Change in Cash

62.8

-16.2

8.1

26.0

3.1

Net Cash - Beginning Balance

39.9

54.5

38.8

19.0

19.4

Net Cash - Ending Balance

102.7

38.3

46.9

45.0

22.5

Cash Interest Paid

13.3

0.9

-

-

-

Cash Taxes Paid

0.6

1.6

-

-

-

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

Deloitte &
Touche LLP

Deloitte &
Touche LLP

Deloitte &
Touche LLP

Deloitte &
Touche LLP

Deloitte &
Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

Merchandise Sales

2,347.9

1,405.4

1,114.1

1,634.7

1,517.6

Finished Goods Revenues

239.8

4.5

33.9

36.4

-

Agency Revenue

-

-

-

3.8

3.2

Commissions Revenue

27.0

15.9

17.3

18.1

11.4

Rental Revenues

-

-

-

0.3

-

Other Revenue

-

-

0.2

0.5

-

Total Revenue

2,614.8

1,425.7

1,165.5

1,693.8

1,532.2

Cost of Merchandises Sold

2,271.2

1,357.9

1,063.0

1,586.0

1,460.0

Cost-Finished Goods Sold

245.5

3.6

28.3

33.2

-

Cost Agency Revenue

-

-

-

0.0

0.0

Cost of Commission

18.5

7.0

5.0

3.7

2.4

Cost-Other Sales

-

-

0.0

0.2

-

Salaries

19.5

11.7

9.5

10.0

9.4

Bonuses

7.0

3.3

2.4

3.8

3.1

Retirement & Severance Benefits

1.6

1.1

1.5

1.3

1.7

Expense-Stock Compensation

-

-

0.2

0.2

0.2

Employee Benefits

3.7

2.7

2.0

2.0

2.1

Travel Expense

2.5

1.4

0.9

1.3

1.3

Education & Training Expense

0.2

0.1

0.0

0.1

0.1

Communication Exp.

0.9

0.6

0.5

0.6

0.7

Utility Expenses

-

-

0.1

0.2

0.2

Taxes and Dues

-

-

0.5

0.4

0.5

Rental Expenses

9.0

6.9

5.1

4.1

5.9

Depreciation Expense

1.3

0.8

0.4

0.4

0.5

Amortization of Intangible Assets

0.7

0.2

1.0

0.7

0.3

Repair Expenses

-

-

0.1

0.1

0.3

Insurance Expense

1.5

1.2

0.8

0.9

0.6

Consumable Expense

-

-

0.2

0.1

0.1

Printing Expense

-

-

0.1

0.1

0.1

Vehicle Expenses

0.9

0.6

0.4

0.5

0.4

Entertainment

-

-

1.2

1.5

1.4

Advertising Expenses

-

-

0.1

0.2

0.1

Other Selling Expense

2.3

1.7

-

-

-

Other Administrative Expense

2.4

1.9

-

-

-

Shipping & Handling Expense

3.4

2.2

5.3

4.4

0.3

Commission Paid

8.8

4.1

5.3

2.3

2.9

Other Exporting Exp

4.1

2.6

1.9

3.0

3.3

Miscellaneous Operating Expense

-

-

0.5

0.1

0.1

Expenses for Samples

-

-

0.1

0.0

0.1

Amort. of Bad Debts

-

-

0.4

0.5

0.0

Storage Expense

-

-

0.2

-

-

Conference Expense

-

-

0.0

-

-

Gain on Foreign Currency Transactions

-62.2

-22.6

-

-

-

Gain on Foreign Currency Translation

-10.8

-4.7

-

-

-

Gain on Disposal of Property, Plant and

-0.1

0.0

-

-

-

Gain on Disposal of Investment in Real E

-

-0.1

-

-

-

Gain on Disposal of Intangible Assets

-

-0.3

-

-

-

Gain on Valuation of Derivatives

-0.6

-

-

-

-

Gain on Derivative Transactions

-14.8

-

-

-

-

Rental Income

0.0

-

-

-

-

Recovery of Impairment Loss on Advance P

0.0

0.0

-

-

-

Reversal of Allowance for Doubtful Accou

-0.9

-2.9

-

-

-

Recovery of Provision for Damage Compens

-0.8

-

-

-

-

Miscellaneous Income

-4.6

-1.4

-

-

-

Adjustment for Other Operating Income

0.0

0.0

-

-

-

Loss on Foreign Currency Transactions

63.4

20.2

-

-

-

Loss on Foreign Currency Translation

9.0

4.2

-

-

-

Loss on Disposal of Property, Plant and

0.3

0.0

-

-

-

Loss on Disposal of Intangible Assets

0.1

-

-

-

-

Impairment Loss on Intangible Assets

0.4

1.1

-

-

-

Loss on Disposal of Other Investment Ass

0.0

0.2

-

-

-

Provisison for Defective Repair

1.2

-

-

-

-

Loss on Valuation of Derivatives

1.8

-

-

-

-

Loss on Derivative Transactions

11.0

-

-

-

-

Other Allowance for Doubtful Accounts

-

2.2

-

-

-

Donations Paid

0.2

0.1

-

-

-

Miscellaneous Loss

20.6

1.3

-

-

-

Adjustment for Selling Expense

-

0.0

-

-

-

Adjustment for Administrative Expense

0.0

0.0

-

-

-

Adjustment for Other Operating Expense

-

0.0

-

-

-

Total Operating Expense

2,618.1

1,409.1

1,137.1

1,661.9

1,498.4

Interest Income

2.4

0.9

0.7

1.0

1.4

Dividend Income

0.1

0.0

0.0

0.1

0.0

Gain on Foreign Currency Transactions

0.3

-

28.7

41.3

9.7

Gain-Foreign Currency Translation

-

-

3.5

3.5

1.3

G-Disp Secs avail. for Sale

-

-

0.0

0.3

-

Gain-Disposal of Investment Assets

-

-

0.2

-

-

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

-

-

0.2

-

0.0

G-Tang Asset Disp.

-

-

0.3

9.1

0.0

Revers-Doubtful Acct

-

-

0.9

-

0.3

Gain on Derivatives Transaction

-

2.4

-

-

-

Gain on Disposal of Financial Instrument

0.0

-

-

-

-

Gain Currency Value.

-

-

0.3

0.1

0.7

G-Currency Futures Trade

-

-

1.7

9.1

0.8

Fees Received

-

-

-

0.0

3.4

Gain on Valuations of Derivatives

-

0.0

-

-

-

Gain-Valuation of Other Investment Asset

-

-

0.0

-

-

Other Non-Op Income

-

-

3.2

1.8

2.2

Interest Expenses

-13.7

-0.7

-3.2

-5.5

-6.2

Loss on Foreign Currency Transactions

-0.2

-

-29.9

-45.1

-9.7

Loss on Foreign Currency Translations

0.0

-

-1.1

-1.9

-0.8

Donations Paid

-

-

0.0

-0.1

0.0

Loss-Reduction of Other Investment Asset

-

-

-

-0.1

-

Loss-Valuation of Other Investment Asset

-

-

-

0.0

-

L-Tang Asset Disp.

-

-

0.0

-0.3

-0.4

L-Inv Asset Disposal

-

-

0.0

-0.1

-

L-Trade Rcv Disposal

-1.2

-2.1

-4.2

-8.0

-6.1

Loss on Valuation of Other Derivatives

-

0.0

-0.3

-1.2

-0.7

Loss on Derivative Transaction

-

-3.2

-2.6

-4.1

-1.7

L-Secs Avail for Sale Reduction

-

-

-

0.0

-0.1

Loss-Reduction of Intangible Assets

-

-

-1.5

-

-

Other Non-Op Expense

-

-

-3.6

-1.1

-1.4

Loss-Prior Period Error Correction

-

-

-0.5

-

-

Loss-Valuation of inventory

-

-

-

-

0.0

Bad Debt Expense

-

-

-0.6

-0.3

-18.0

Commission Paid

-

-

0.0

-0.2

-0.2

Expense-Stock Compensation, Non-Operatin

-

-

-1.2

-

-

Gain on Disposal of Investments in Subsi

2.9

-

-

-

-

Gain on Disposal of Investments in Affil

-

4.6

-

-

-

Gain under Equity Method

-

-

0.5

-

-

Loss under Equity Method

-3.7

-0.2

-

-

-

Adjustment for Finance Income

-

0.0

-

-

-

Adjustment for Finance Expense

0.0

0.0

-

-

-

Net Income Before Taxes

-16.4

18.5

19.9

30.2

8.5

Provision for Income Taxes

-2.5

1.4

1.0

2.0

-1.8

Net Income After Taxes

-14.0

17.1

18.9

28.1

10.2

Earning Before Acquisition of Subsidiary

-

-

-

-3.7

-

Minority Interest

8.4

0.0

-0.2

-

-

Loss Minority Int.

-

-

-

0.7

-

Net Income Before Extra. Items

-5.6

17.1

18.7

25.1

10.2

Net Income

-5.6

17.1

18.7

25.1

10.2

Income Available to Com Excl E

-5.6

17.1

18.7

25.1

10.2

Income Available to Com Incl E

-5.6

17.1

18.7

25.1

10.2

Basic Weighted Average Shares

20.9

11.2

13.7

13.4

13.4

Basic EPS Excluding ExtraOrdin

-0.27

1.52

1.36

1.88

0.76

Basic EPS Including ExtraOrdin

-0.27

1.52

1.36

1.88

0.76

Dilution Adjustment

0.0

0.0

0.0

0.0

-

Diluted Net Income

-5.6

17.1

18.7

25.1

10.2

Diluted Weighted Average Share

20.9

11.2

13.7

13.4

13.4

Diluted EPS Excluding ExtraOrd

-0.27

1.52

1.36

1.88

0.76

Diluted EPS Including ExtraOrd

-0.27

1.52

1.36

1.88

0.76

DPS-Common Stock

0.11

0.00

0.00

0.36

0.00

Gross Dividends - Common Stock

2.5

0.0

0.0

4.8

0.0

Normalized Income Before Taxes

-14.4

21.4

24.6

29.7

14.8

Inc Tax Ex. Impact of Sp Items

-1.8

1.7

1.2

2.0

0.5

Normalized Income After Taxes

-12.6

19.7

23.4

27.7

14.4

Normalized Inc. Avail to Com.

-4.3

19.7

23.2

24.7

14.4

Basic Normalized EPS

-0.20

1.76

1.69

1.84

1.07

Diluted Normalized EPS

-0.20

1.76

1.69

1.84

1.07

Interest Expense

13.7

0.7

3.2

5.5

6.2

Rental Expense

9.0

6.9

5.1

4.1

5.9

Advertising Expense

0.2

0.2

0.1

0.2

0.1

Depreciation

4.5

0.8

2.0

0.9

0.5

Amort of Intangibles, Suppleme

0.7

0.2

0.2

0.4

0.3

Amort of Acquisition Cost

-

-

0.8

0.3

-

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

Deloitte &
Touche LLP

Deloitte &
Touche LLP

Deloitte &
Touche LLP

Deloitte &
Touche LLP

Deloitte &
Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

Cash & Cash Equivalents

98.8

39.0

51.4

39.3

22.3

Current Court Receivership Deposits

0.0

0.9

-

-

-

Current Financial Assets

1.7

4.8

2.4

3.4

3.6

Current Portion of Long-Term Loans

0.5

-

-

-

-

Trade Rcvb Gross

267.1

164.8

67.8

91.4

89.1

Doubtful Account

-0.3

-1.2

-1.6

-1.8

-1.0

Current Loans

0.5

0.1

1.2

1.0

1.3

Allowance for Doubtful Accounts for Curr

-0.1

-0.1

-

-

-

Account Receivables

3.4

3.8

0.3

2.0

2.0

Allowance for Doubtful Accounts for Acco

0.0

0.0

-

-

-

Other Current Assets

-

-

1.8

1.0

-

Currency Futures

-

-

0.3

0.1

0.7

Current Deposits

1.2

0.4

0.1

2.9

0.0

Accrued Income

0.4

0.4

0.1

0.1

0.1

Allowance for Doubtful Accounts for Accr

-0.1

-0.1

-

-

-

Deferred Notes Receivable

-

-

-

-

0.3

Construction Receivables

78.3

25.7

-

-

-

Advance Payments

25.9

11.1

2.0

5.8

2.3

Loss on Valuation of Advance Payments

-

-0.1

-

-

-

Prepaid Expenses

3.0

2.2

0.5

1.0

2.4

Receivable-Recovery of Taxes

-

-

0.2

-

-

Current Tax Assets

0.3

0.1

-

-

-

Prepaid Value Added Taxes

5.4

5.7

-

-

-

Deferred Taxes, Asset

-

-

0.1

0.1

0.0

Merchandise

71.9

70.8

25.1

42.6

36.9

Finished Goods

-

0.1

-

-

-

Works in Process

1.8

-

-

-

-

Raw Materials

12.4

25.2

2.9

-

-

Other Inventories

0.0

0.0

-

-

-

Goods in Transit

16.8

10.4

5.8

2.9

-

Adjustment for Trade & Other Receivables

0.0

-

-

-

-

Adjustment for Current Non-Financial Ins

0.0

-

-

-

-

Adjustment for Inventories

0.0

0.0

-

-

-

Total Current Assets

588.9

363.9

160.5

191.8

160.2

Non-Current Financial Instruments

6.5

5.4

0.1

0.0

0.0

LT Invest Secs.

-

-

7.6

6.6

7.9

Investment in Properties

-

0.4

-

-

-

Non-Current Financial Deposits

0.4

0.1

-

-

-

Investment in Affiliates

4.5

13.5

0.4

-

-

Non-Current Loans

3.3

0.6

0.1

0.3

0.1

Allowance for Doubtful Accounts for Non-

-17.6

-16.8

-

-

-

Non-Current Trade Receivables

18.1

17.3

0.5

0.5

0.4

Allowance for Doubtful Accounts for Non-

-0.6

-0.6

-

-

-

Non-Current Other Receivables

2.2

-

-

0.0

0.0

Non-Current Guarantee Deposits

6.4

6.4

7.3

6.5

6.4

Other LT Assets

-

-

0.2

0.0

-

LT Prepaid Expenses

0.0

0.0

0.1

0.1

0.6

LA Deferred Tax

22.4

17.6

17.7

16.7

20.0

Lands

141.8

32.8

12.8

11.9

0.3

Buildings

47.7

28.7

7.9

7.4

3.3

Buildings-Depreciation

-4.1

-2.9

-1.6

-1.3

-1.0

Structures

10.0

10.0

4.6

5.6

1.9

Structures-Depreciation

-1.3

-0.9

-0.8

-1.1

-0.8

Structure Reduction

-

-

-

-0.8

-1.1

Machineries & Equipments

35.6

30.4

11.7

10.7

0.5

Machineries & Equipments-Depreciation

-8.4

-7.1

-8.2

-6.3

-0.4

Vehicles

2.1

1.9

0.9

0.9

0.8

Vehicles-Depreciation

-1.4

-1.2

-0.6

-0.6

-0.6

Tools & Equipments

1.9

1.7

0.3

0.2

-

Tools & Equipments-Depreciation

-1.4

-1.2

-0.2

-0.1

-

Fixtures

5.5

4.6

3.7

3.7

4.6

Fixtures-Depreciation

-3.6

-3.4

-2.7

-3.4

-4.2

Construction in Progress

12.7

4.5

0.0

-

-

Membership Rights

4.5

4.7

-

-

-

Development Cost

1.8

2.1

1.5

1.4

2.2

Software

0.8

0.5

0.1

0.0

-

Other Intangible Assets

2.7

0.5

-

-

-

Goodwill

43.8

44.4

2.7

5.5

-

Retirement & Severance Assets

0.0

0.3

-

-

-

Indust.-Patent

0.0

0.0

0.0

0.2

0.2

Adjustment for Property, Plant & Equipme

0.0

0.0

-

-

-

Adjustment for Intangible Assets

-

0.0

-

-

-

Adjustment for Non-Current Trade & Other

0.0

0.0

-

-

-

Adjustment

0.0

0.0

-

-

-

Total Assets

925.4

558.6

226.5

256.2

201.3

Trade Payables

163.6

134.9

64.1

49.3

71.0

Current Borrowings

310.9

227.3

57.9

119.9

54.8

Value Added Taxes Withholdings

4.6

1.7

-

-

-

Advance from Customers, Current Liabilit

24.4

12.8

1.0

2.2

1.6

Deposit Withheld

2.4

4.1

3.3

1.5

2.2

Accounts Payable

24.5

12.7

5.9

5.5

5.3

Accrued Expenses

23.0

15.3

8.0

4.8

7.2

Current Tax Liabilities

4.2

0.0

1.0

1.0

-

Reserve for Current Liabilities

0.6

-

-

-

-

Current LT Liabs

23.3

9.2

2.2

6.9

8.0

Unearned Income

-

-

-

-

0.0

Other Current Financial Liabilities

1.9

1.4

-

-

-

Current Non-Financial Liabilities

-

0.0

-

-

-

Currency Futures

-

-

0.3

1.0

0.7

Deferred Tax Credit

-

-

0.0

0.0

0.0

Overbilled Constructions

8.6

0.8

-

-

-

Adjustment for Current Trade & Other Pay

0.0

0.0

-

-

-

Total Current Liability

592.0

420.3

143.7

192.0

150.8

LT Borrowings

90.6

31.7

1.7

3.6

6.4

Bonds With Stock Warrants, Non-Current L

13.7

-

-

-

-

Total Long Term Debt

104.3

31.7

1.7

3.6

6.4

Security Deposit

1.5

1.1

1.0

1.3

1.2

Long-term Provision for Other Estimated

-

0.8

-

-

-

Deferred Income Taxes, Non-Current Liabi

1.3

3.9

0.0

-

-

Retirement & Severance Benefits, Non-Cur

2.3

5.5

-

-

-

Retire Reserve

-

-

4.8

3.3

3.3

Deposit-Retirement Insurance

-

-

-0.1

-

-

Transfer to National Pension Fund

-

-

0.0

-

-

Minority Interests

29.1

12.7

7.2

5.0

-

Total Liabilities

730.4

476.1

158.2

205.3

161.7

Common Stock

48.9

24.8

24.2

21.2

28.5

Additional Paid in Capital

110.1

14.5

14.1

8.0

-

Stock Options

-

-

-

0.3

0.2

Capital Surplus

5.6

-

-

-

11.0

Consideration for Stock Warrants

2.6

-

-

-

-

Capital Change, Equity Method

-0.3

-

-

-

0.9

Actuarial Gains & Losses

-1.1

-0.2

-

-

-

Capital Change, Equity Method (Loss)

-

-

-0.7

-0.7

-1.8

Gain-Valu. of Sec. Available for Sale

-

-

-

0.0

0.0

Loss-Valu. of Sec. Available for Sale

-0.9

0.0

0.0

-0.1

-0.1

Retained Earnings Carried Forward

35.5

46.9

36.7

29.1

5.5

Appropriated Retained Earnings for Legal

2.5

2.0

0.5

-

-

Other Legal Reserves

0.0

0.0

-

-

-

Other Capital Adjustment

-

-

-3.0

-2.8

-

Oversea Op Trans

-21.5

-20.2

-1.4

-2.3

-2.6

Overseas Business Translation Credit

14.3

15.7

-

-

-

Losses on Valuation of Derivatives Cash

0.0

-0.3

-

-

-

Loss on Disposal of Treasury Stocks

-

-

-1.3

-

-

Treasury Stock

-0.6

-0.6

-0.6

-1.8

-2.1

Adjustment for Other Paid-in Capital

-

0.0

-

-

-

Adjustment for Other Capital Items

-

0.0

-

-

-

Adjustment for Retained Earnings or Accu

0.0

0.0

-

-

-

Total Equity

195.0

82.5

68.3

50.9

39.6

Total Liabilities & Shareholde

925.4

558.6

226.5

256.2

201.3

S/O-Common Stock

22.5

14.1

14.1

13.3

13.4

Total Common Shares Outstandin

22.5

14.1

14.1

13.3

13.4

T/S-Common Stock

0.0

48.5

0.0

0.1

0.0

Deferred Revenue, Current

24.4

12.8

1.0

2.2

1.7

Accumulated Intangible Amort, Suppl.

1.2

0.3

2.5

2.3

-

Accumulated Goodwill Amort, Suppl.

-

-

1.2

0.3

-

Full-Time Employees

221

187

150

158

178

Number of Common Shareholders

-

6,288

-

2,209

2,153

LT Debt 1 Yr

-

-

2.2

6.9

8.0

LT Debt 2 Yr

-

-

1.7

2.1

6.4

LT Debt 3 Yr

-

-

-

1.6

-

Total Long Term Debt, Supplemental

-

-

3.9

10.5

14.4

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

Restated Normal

31-Dec-2011

Updated Normal

31-Dec-2009

Updated Normal

31-Dec-2008

Reclassified
Normal

31-Dec-2008

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate
(Period Average)

1107.891393

1156.281981

1276.385219

1100.562842

929.183333

Auditor

Deloitte &
Touche LLP

Deloitte &
Touche LLP

Deloitte &
Touche LLP

Deloitte &
Touche LLP

Deloitte &
Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

Net Income

-14.0

17.1

18.9

24.4

10.2

Depreciation

4.5

0.8

2.0

0.9

0.5

Amort. Intangible

0.7

0.2

1.0

0.7

0.3

Stock Compensation Expense

-

-

1.5

0.2

0.2

Retirement Allowance

2.4

1.1

1.5

1.3

1.7

Loss on Valuation of Derivative Financia

1.8

0.0

0.3

1.2

0.7

Loss-Foreign Currency Translation

9.0

4.2

1.1

1.9

0.8

Amort-Bad Debt Exp.

-

-

0.4

0.5

0.0

Adjustment for Added Expense w/o Cash Fl

0.0

-

-

-

-

Loss-Prior Period Error Correction

-

-

0.5

-

-

Dividend Income

-0.1

-

-

-

-

Corporate Taxes Expense

-2.5

1.4

-

-

-

Expense of Allowance for Doubtful Accoun

0.1

0.0

-

-

-

Other Provisions-Doubtful Account

-

2.2

0.6

0.3

18.0

Revers-Doubtful Acct

-

-

-0.9

-

-0.3

Provision for Defect Repair

1.2

-

-

-

-

Gains on Valuations of Derivatives Asset

-0.6

0.0

-

-

-

L-Trade Rcv Disp.

-

-

4.2

7.7

6.1

Loss-Securities Available for Sale Disp.

-

-

0.0

0.1

-

L-Inv Asset Valuatn.

-

-

-

0.0

0.1

Loss on Disposal of Property, Plant and

0.3

0.0

0.0

0.3

0.4

Loss on Disposal of Trade Receivables

1.2

2.1

-

-

-

Loss-Reduction of Intangible Assets

0.4

1.1

1.5

-

-

Loss on Disposal of Intangible Assets

0.1

-

-

-

-

Loss-Reduction of Other Investment Asset

-

-

-

0.1

-

Loss-Valuation of Other Investment Asset

-

-

-

0.0

-

Interest Income

-2.4

-0.9

-

-

-

Interest Expenses

13.7

0.7

-

-

-

Loss-Valuation of Inventory

-

-

0.0

-

0.0

Loss under Equity Method

3.7

0.2

-

-

-

Depreciation of Investment Properties

-

0.0

-

-

-

Miscellaneous Loss

0.4

0.0

0.5

-

-

G-For Exch Translatn

-10.8

-4.7

-3.4

-3.5

-1.1

Recovery of Allowance for Doubtful Accou

-0.9

-2.9

-

-

-

Recover of Loss on Reduction of Advanced

0.0

0.0

-

-

-

Recovery-Sec. Avail-for-Sale Reduction

-

-

-0.2

-

0.0

Gain on Disposal of Other Investment Ass

-

-0.3

-

-

-

Gain on Disposal of Investment Propertie

-

-0.1

-

-

-

Gain on Disposal of Investment in Subsid

-2.9

-

-

-

-

G-disp Secs avail. for Sale

-

-

0.0

-0.3

-

Loss on Disposal of Other Investment Ass

0.0

0.2

-

-

-

Gain-Valuation of Currency Futures

-

-

-0.3

-0.1

-0.7

Gain on Disposal of Property, Plant and

-0.1

0.0

-0.3

0.0

0.0

Dividend Income

-

-

0.3

-

-

Gain-Foreign Currency Transaction

-

-

-

-0.2

-

Commission Income

-

-

-

0.0

-3.4

Gain-Disposal of Investment Assets

-

-

-0.2

-

-

Gain on Disposal of Financial Assets Ava

0.0

-

-

-

-

Gain on Disposal of Investment in Affili

-

-4.6

-

-

-

Gain-Valuation of Other Investment Asset

-

-

0.0

-

-

Gain under Equity Method

-

-

-0.5

-

-

Overseas Business Translation Debit

-

-

3.2

4.0

0.0

Trade Receivables

-103.8

-2.9

24.1

-5.8

30.0

Non-Current Trade Receivables

0.1

0.2

-

-

-

Other Current Receivables

-0.7

0.3

1.1

0.3

0.7

Other Non-Current Receivables

0.2

-1.8

0.2

0.0

-10.9

Accrued Income

-

-

-0.1

0.1

0.0

Corporate Tax Refundable

-

-

-0.2

-

-

Deferred Notes

-

-

-

0.2

0.9

Currency Forward Assets

-

-

0.1

0.6

0.1

Advance Payments

-

-

4.4

-3.1

2.2

Deferred Taxes-Asset, Current

-

-

-

0.5

0.1

Deferred Taxes-Asset

-

-

-0.1

0.1

-2.4

Security Deposits

-

-

2.7

-3.3

0.0

Fianacial Assets

3.6

-106.4

-

-

-

Current Non-Financial Instruments

-71.0

-11.0

-

-

-

Other Non-Current Non-Financial Assets

0.0

0.0

-

-

-

Inventory

4.1

-38.1

12.5

-6.5

1.3

Prepaid Expenses

-

-

0.5

1.6

-0.1

LT Preapid Expense

-

-

0.0

0.0

1.4

Trade Payables

27.5

65.1

11.8

-47.8

-32.0

Advances Received

-

-

-0.7

0.0

0.1

Other Payables

0.2

8.4

-

-

-

Other Current Payables

15.6

-2.5

-1.1

-1.0

-1.2

Deposits Withheld

-

-

1.6

-0.6

-1.6

Accrued Expenses

-

-

1.4

10.3

-0.6

Unearned Income

-

-

1.7

-

0.0

Retiremt Allow Paymt

-

-

-1.7

-0.8

-0.7

Retirement and Severance Benefits Liabil

-6.7

-0.1

-

-

-

Provisions

-1.4

-

-

-

-

Deposit-Retirement Insurance

-

-

0.0

0.0

0.0

Nation Pension Fund

-

-

0.0

0.0

0.0

Current Fianacial Liabilities

20.9

11.7

-

-

-

Security Deposits

-

-

-0.1

0.0

0.1

Increase-Reserve for Severance & Retirem

-

-

0.7

-

-

Overseas Business Translation Credit

0.0

-

-

-

-

Currency Forward Liabiities

-0.7

-0.2

-1.0

-0.6

-0.5

Accrued Income Tax

-

-

-1.0

-0.4

-

Deferred Income Tax Credit, A/L

-

-

0.0

-

-

Cash-Interest Received

2.3

0.8

-

-

-

Cash-Interest Paid

-13.3

-0.9

-

-

-

Cash-Dividend Income

0.1

-

-

-

-

Cash-Tax Paid

-0.6

-1.9

-

-

-

Cash-Tax Refunded

0.0

0.2

-

-

-

Adjustment for Deduction-Non-cash Income

-

0.0

-

-

-

Cash from Operating Activities

-118.2

-61.2

88.5

-16.4

20.4

Disposal of Financial Instruments at Fai

-

1.8

3.2

61.0

59.0

Decrease-LT Financial Assets

-

-

-

0.1

-

Disposal of Investment in Affiliates

9.0

11.3

-

-

-

Disposal of Investment Properties

-

0.6

-

-

-

Disposal in Current Loans

1.1

-

0.0

0.0

0.1

Disposal of Current Financial Deposit

3.7

-

-

-

-

Decrease-Non-Current Loans

-

0.1

0.2

0.1

-

Decrease in Current Guarantee Deposit

0.2

0.0

-

-

-

Decrease in Non-Current Financial Deposi

0.0

-

-

-

-

Decrease in Non-Current Guarantee Deposi

0.1

-

-

-

-

Disposal of Securities Current Available

0.0

-

-

-

-

Disposal of Securities Available-for-Sal

0.2

0.9

0.9

0.3

0.1

Dec-Guarantee Dep

-

-

0.8

0.5

0.8

Decrease-LT Accounts Receivable

-

-

-

-

0.2

Disposal of Property, Plant and Equipmen

1.3

0.0

0.4

0.1

1.1

Inc in Guarant Depos

-

-

-0.9

-0.3

-1.2

Disposal of Intangible Assets

0.4

-

-

-

-

Incr-ST Finl Assets

-

-

-2.2

-61.2

-56.9

Increase in Current Loans

-0.7

-

-0.1

0.0

-

Increase in Non-Current Loans

-4.2

-

-

-

-

Increase in Non-Current Financial Deposi

-0.3

-

-

-

-

Inc-LT Finl Assets

-

-

-0.1

-

0.0

Purchase of Securities Available-for-Sal

-2.7

-

-1.1

-0.8

0.0

Purchase of Held-to-Maturity Securities

-

-0.9

-

-

-

Purchase of Current Financial Deposit

-2.8

-

-

-

-

Purchase of Other Non-Current Finacial I

-0.9

-

-

-

-

Increase-Other Investment Assets

-

-

-0.1

-0.1

-

Purchase of Investment in Affiliates

-3.8

-4.9

-

-

-

Purchase of Other Current Financial Inst

0.0

0.0

-

-

-

Increase-Securities under Equity Method

-

-

-0.2

-

-

Increase in LT Loans

-

-

-0.2

-1.9

-

Acq. Tangible Asset

-151.8

-5.2

-1.1

-0.4

-0.3

Decrease-Minority Interest

-

-

-

-

0.0

Cash Outflow-Acquisition of Subsidiaries

-

-

-0.8

-10.3

-

Purchase of Subsidiaries

-

-64.8

-

-

-

Cash Inflow-Acquisition of Subsidiaries

-

-

0.8

-

-

Acq Intangible Asset

-1.4

-2.6

-0.3

0.0

0.0

Cash from Investing Activities

-152.5

-63.8

-0.9

-12.9

2.8

Increase in Current Borrowings

711.2

210.2

81.1

79.2

63.7

Decrease in Current Borrowings

-624.1

-95.1

-144.9

-18.8

-66.1

Increase in Bonds with Warrant

18.1

-

-

-

-

Increase in Non-Current Borrowings

90.3

-

-

-

-

Dividend Paid

-5.1

-5.0

-13.5

-

-

Rights Issue

155.3

0.5

6.0

-

-

Disposal-Treasury Stock

-

-

0.2

-

-

Repay Curr LT Liabs

-

-

-6.8

-6.8

-6.5

Decrease-Lease Guarantee Deposit

-

-

-0.2

-0.1

-

Decrease in Current Portion of Long-Term

-13.7

-

-

-

-

Dec-Rent Deposits

-

-

-

0.0

-

Decrease in Non-Current Borrowings

-0.1

-2.4

-

-

-11.3

Acquis of Treas Stck

-

-

-0.1

-0.3

-

Inc-Stk Issue Discnt

-

-

0.0

-

-

Cash Inflow-Consol. Scope Change, FN

-

-

-

0.8

-0.2

Net Change in Other Cash

-

-

-1.3

1.4

0.4

Cash from Financing Activities

331.8

108.2

-79.5

55.3

-20.1

Foreign Exchange Effects

1.7

0.6

-

-

-

Net Change in Cash

62.8

-16.2

8.1

26.0

3.1

Cash and Cash Equivalents at Beginning

39.9

54.5

38.8

19.0

19.4

Cash and Cash Equivalents at End

102.7

38.3

46.9

45.0

22.5

Cash Interest Paid

13.3

0.9

-

-

-

Cash Taxes Paid

0.6

1.6

-

-

-

Financial
Health

Financials in: USD (mil)

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

Key IndicatorsÂ USD (mil)

Â

Quarter

Ending

30-Sep-2012

Quarter

Ending

Yr Ago

Annual

Year End

31-Dec-2011

1 Year

Growth

3 Year

Growth

5 Year

Growth

Total Revenue1 (?)

701.1

0.12%

2,614.8

75.73%

15.83%

13.87%

Operating Income1 (?)

5.1

0.60%

-3.3

-

-

-

Income Available to Common Excl Extraord Items1 (?)

2.7

-19.90%

-5.6

-

-

-

Basic EPS Excl Extraord Items1 (?)

0.12

-19.90%

-0.27

-

-

-

Capital Expenditures2 (?)

101.2

-24.37%

153.2

1,779.47%

614.03%

181.46%

Cash from Operating Activities2 (?)

25.8

-

-118.2

-

-

-

Free Cash Flow (?)

-76.8

-

-261.0

-

-

-

Total Assets3
(?)

1,104.2

12.48%

925.4

68.17%

48.94%

36.92%

Total Liabilities3 (?)

892.9

14.96%

730.4

55.73%

48.19%

33.64%

Total Long Term Debt3 (?)

179.0

70.82%

104.3

233.68%

197.31%

38.00%

Employees3
(?)

-

-

221

18.18%

11.84%

4.42%

Total Common Shares Outstanding3 (?)

22.5

0.00%

22.5

59.27%

19.04%

10.90%

1-ExchangeRate: KRW to USD Average for Period

1135.684261

Â

1107.891393

Â

Â

Â

2-ExchangeRate: KRW to USD Average for Period

1139.544072

Â

1107.891393

Â

Â

Â

3-ExchangeRate: KRW to USD Period End Date

1119.259952

Â

1152.000000

Â

Â

Â

Key Ratios

Â

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Profitability

Gross Margin
(?)

3.05%

4.01%

5.92%

4.14%

4.55%

Operating Margin (?)

-0.13%

1.17%

2.44%

1.88%

2.20%

Pretax Margin
(?)

-0.63%

1.30%

1.71%

1.78%

0.55%

Net Profit Margin (?)

-0.21%

1.20%

1.61%

1.48%

0.67%

Financial Strength

Current Ratio
(?)

0.99

0.87

1.12

1.00

1.06

Long Term Debt/Equity (?)

0.53

0.38

0.02

0.07

0.16

Total Debt/Equity (?)

2.25

3.25

0.91

2.56

1.75

Interest Coverage (?)

-

1,925,168,625.00

-

-

-

Management Effectiveness

Return on Assets (?)

-1.82%

4.39%

8.22%

12.10%

4.64%

Return on Equity (?)

-3.90%

22.79%

33.23%

54.69%

31.12%

Efficiency

Receivables Turnover (?)

9.31

11.04

15.18

18.39

14.07

Inventory Turnover (?)

19.95

18.09

26.31

35.25

35.57

Asset Turnover (?)

3.41

3.67

5.07

7.29

6.95

Market ValuationÂ USD (mil)

P/E (TTM)
(?)

38.81

.

Enterprise Value2 (?)

697.6

Price/Sales (TTM) (?)

0.08

.

Enterprise Value/Revenue (TTM) (?)

0.22

Price/Book (MRQ) (?)

1.17

.

Enterprise Value/EBITDA (TTM) (?)

27.04

Market Cap as of 07-Dec-20121 (?)

255.7

.

1-ExchangeRate: KRW to USD on 7-Dec-2012

1083.824909

2-ExchangeRate: KRW to USD on 30-Sep-2012

1119.259952

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 (?)

0.99

0.87

1.12

1.00

1.06

Quick/Acid Test Ratio (?)

0.76

0.57

0.85

0.71

0.78

Working Capital1 (?)

-3.2

-56.4

16.8

-0.2

9.4

Long Term Debt/Equity (?)

0.53

0.38

0.02

0.07

0.16

Total Debt/Equity (?)

2.25

3.25

0.91

2.56

1.75

Long Term Debt/Total Capital (?)

0.16

0.09

0.01

0.02

0.06

Total Debt/Total Capital (?)

0.69

0.76

0.48

0.72

0.64

Interest Coverage (?)

-

1,925,168,625.00

-

-

-

Payout Ratio (?)

-42.10%

0.00%

0.00%

19.25%

0.00%

Effective Tax Rate (?)

-

7.72%

5.11%

6.79%

-21.14%

Total Capital1 (?)

633.5

350.7

130.2

181.3

108.8

Efficiency

Asset Turnover (?)

3.41

3.67

5.07

7.29

6.95

Inventory Turnover (?)

19.95

18.09

26.31

35.25

35.57

Days In Inventory (?)

18.30

20.18

13.87

10.36

10.26

Receivables Turnover (?)

9.31

11.04

15.18

18.39

14.07

Days Receivables Outstanding (?)

39.21

33.07

24.05

19.84

25.95

Revenue/Employee2 (?)

11,378,627

7,767,772

8,516,504

9,367,253

8,544,578

Operating Income/Employee2 (?)

-14,293

90,713

207,583

176,517

188,074

EBITDA/Employee2 (?)

8,666

96,216

223,548

183,396

192,508

Profitability

Gross Margin (?)

3.05%

4.01%

5.92%

4.14%

4.55%

Operating Margin (?)

-0.13%

1.17%

2.44%

1.88%

2.20%

EBITDA Margin (?)

0.08%

1.24%

2.62%

1.96%

2.25%

EBIT Margin (?)

-0.13%

1.17%

2.44%

1.88%

2.20%

Pretax Margin (?)

-0.63%

1.30%

1.71%

1.78%

0.55%

Net Profit Margin (?)

-0.21%

1.20%

1.61%

1.48%

0.67%

COGS/Revenue (?)

96.95%

95.99%

94.06%

95.83%

95.45%

SG&A Expense/Revenue (?)

2.59%

2.96%

3.38%

2.22%

2.29%

Management Effectiveness

Return on Assets (?)

-1.82%

4.39%

8.22%

12.10%

4.64%

Return on Equity (?)

-3.90%

22.79%

33.23%

54.69%

31.12%

Valuation

Free Cash Flow/Share2 (?)

-11.60

-4.98

6.76

-1.10

1.49

Operating Cash Flow/Share 2 (?)

-5.06

-4.42

6.87

-1.07

1.51

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) (?)

38.88

Market Cap/Equity (MRQ) (?)

1.17

Market Cap/Revenue (TTM) (?)

0.08

Market Cap/EBIT (TTM) (?)

12.73

Market Cap/EBITDA (TTM) (?)

9.60

Enterprise Value/Earnings (TTM) (?)

109.52

Enterprise Value/Equity (MRQ) (?)

3.30

Enterprise Value/Revenue (TTM) (?)

0.22

Enterprise Value/EBIT (TTM) (?)

35.85

Enterprise Value/EBITDA (TTM) (?)

27.04

FOREIGN EXCHANGE RATES

Currency

Unit

Indian Rupees

US Dollar

1

Rs.55.08

UK Pound

1

Rs.89.53

Euro

1

Rs.72.77

INFORMATION DETAILS

Report
Prepared by :

PRL

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%)