MIRA INFORM REPORT

Report Date :

28.12.2012

IDENTIFICATION DETAILS

Name :	HUVIS CORP
Registered Office :	12F Samseong-Dong, Gangnam-Gu Seoul, 135010
Country :	South Korea
Financials (as on) :	31.12.2011
Date of Incorporation :	01.11.2001
Legal Form :	Public Parent
Line of Business :	Manufacture of man-made fibres
No. of Employees :	898

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 – June 30^th, 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

Huvis Corp

12F
Samseong-Dong, Gangnam-Gu
Seoul, 135010
Korea, Republic of
Tel:	82-2-21894567
Fax:	82-2-21894569
www.huvis.com

Employees:

898

Company Type:

Public Parent

Traded:

Korea Stock Exchange:

079980

Incorporation Date:

01-Nov-2001

Auditor:

Deloitte & Touche LLP

Financials in:	USD (mil)
Fiscal Year End:	31-Dec-2011
Reporting Currency:	South Korean Won
Annual Sales:	1,506.6 ^1
Net Income:	62.8
Total Assets:	688.9 ^2
Market Value:	375.6
	(07-Dec-2012)

Business Description

HUVIS CORPORATION is a Korea-based company engaged in the manufacture of polyester fibers. The Company's products include staple fibers (SFs) and filament yarns (FYs), as well as polyester chips used in polyethylene (PET) materials, bottles and films. Its SFs include spinning fibers and non woven fibers, which are used for blankets, artificial furs, toy skins, wall papers, industrial and special papers, industrial and automobile filters, among others. Its FYs are mainly used for apparels, casual sports, interiors and eco-products. The Company distributes its products within domestic market and to overseas markets. For the fiscal year ended 30 September 2011, HUVIS CORPORATION.'s revenues increased 29% to W1.270T. The Company's net income totaled W60.29B, up from W14.75B. Revenues reflect increased sales of finished products and merchandises. Net income also benefited from increased interest income and increased gain on foreign currency translations in other operating income as well as decreased loss on disposal oftangible assets.

Industry

Industry	Chemicals - Plastics and Rubber
ANZSIC 2006:	1829 - Other Basic Polymer Manufacturing
NACE 2002:	2470 - Manufacture of man-made fibres
NAICS 2002:	325222 - Noncellulosic Organic Fiber Manufacturing
UK SIC 2003:	2470 - Manufacture of man-made fibres
UK SIC 2007:	2060 - Manufacture of man-made fibres
US SIC 1987:	2824 - Manmade Organic Fibers, Except Cellulosic

Key Executives

Name	Title
Bae Geun Yoo	Chief Executive Officer, Director
Gyeong Won Kim	Non-Executive Independent Director
Myeong Rae Lee	Non-Executive Independent Director
Mun Seok Lee	Director
Seong Hwan Moon	Director

Significant Developments

Topic	#*	Most Recent Headline	Date
Initial Public Offerings	1	Huvis Corp Announces Initial Public Offering	12-Jan-2012

Financial Summary

As of 31-Dec-2011

Key Ratios	Company	Industry
Current Ratio (MRQ)	0.84
Quick Ratio (MRQ)	0.48
Debt to Equity (MRQ)	0.72
Sales 5 Year Growth	11.95
Net Profit Margin (TTM) %	4.19
Return on Assets (TTM) %	9.28
Return on Equity (TTM) %	32.98

Stock Snapshot

Traded: Korea Stock Exchange: 079980

As of 7-Dec-2012

   Financials in: KRW

Recent Price	11,800.00	EPS	2,360.94
52 Week High	13,700.00	Price/Sales	0.24
52 Week Low	7,650.00	Price/Book	1.39
Avg. Volume (mil)	0.38
Market Value (mil)	407,100.00

	Price % Change	Rel S&P 500%
4 Week	-5.22%	-7.79%
13 Week	11.85%	10.26%

1 - Profit & Loss Item Exchange Rate: USD 1 = KRW 1107.891
2 - Balance Sheet Item Exchange Rate: USD 1 = KRW 1152

Corporate Overview

Location
12F
Samseong-Dong, Gangnam-Gu
Seoul, 135010
Korea, Republic of

Tel:	82-2-21894567
Fax:	82-2-21894569

www.huvis.com

Quote Symbol - Exchange
079980 - Korea Stock Exchange
Sales KRW(mil):	1,669,185.5
Assets KRW(mil):	793,658.7
Employees:	898
Fiscal Year End:	31-Dec-2011

Industry:	Chemicals - Plastics and Rubber

Incorporation Date:	01-Nov-2001
Company Type:	Public Parent
Quoted Status:	Quoted

Chief Executive Officer, Director:	Bae Geun Yoo

Industry Codes

ANZSIC 2006 Codes:
1829	-	Other Basic Polymer Manufacturing
1821	-	Synthetic Resin and Synthetic Rubber Manufacturing
1312	-	Natural Textile Manufacturing

NACE 2002 Codes:
2470	-	Manufacture of man-made fibres
171	-	Preparation and spinning of textile fibres

NAICS 2002 Codes:
325222	-	Noncellulosic Organic Fiber Manufacturing
325221	-	Cellulosic Organic Fiber Manufacturing
313111	-	Yarn Spinning Mills

US SIC 1987:
2824	-	Manmade Organic Fibers, Except Cellulosic
2281	-	Yarn Spinning Mills
2823	-	Cellulosic Manmade Fibers

UK SIC 2003:
2470	-	Manufacture of man-made fibres
171	-	Preparation and spinning of textile fibres

UK SIC 2007:
2060	-	Manufacture of man-made fibres
1310	-	Preparation and spinning of textile fibres

Business Description

HUVIS CORPORATION is a Korea-based company engaged in the manufacture of polyester fibers. The Company's products include staple fibers (SFs) and filament yarns (FYs), as well as polyester chips used in polyethylene (PET) materials, bottles and films. Its SFs include spinning fibers and non woven fibers, which are used for blankets, artificial furs, toy skins, wall papers, industrial and special papers, industrial and automobile filters, among others. Its FYs are mainly used for apparels, casual sports, interiors and eco-products. The Company distributes its products within domestic market and to overseas markets. For the fiscal year ended 30 September 2011, HUVIS CORPORATION.'s revenues increased 29% to W1.270T. The Company's net income totaled W60.29B, up from W14.75B. Revenues reflect increased sales of finished products and merchandises. Net income also benefited from increased interest income and increased gain on foreign currency translations in other operating income as well as decreased loss on disposal oftangible assets.

More Business Descriptions

Manufacture of synthetic fibers, including polyester filament yarn, polyester chip.

Financial Data

Financials in:	KRW(mil)
Revenue:	1,669,185.5
Net Income:	69,587.3
Assets:	793,658.7
Long Term Debt:	264.0
Total Liabilities:	545,859.8
Working Capital:	-171.1
Date of Financial Data:	31-Dec-2011

1 Year Growth

23.1%

292.9%

11.3%

Key Corporate Relationships

Auditor:	Deloitte & Touche LLP
Auditor:	Deloitte & Touche LLP

Executives Report

Board of Directors

Name	Title	Function
Gyeong Won Kim	Non-Executive Independent Director	Director/Board Member
Biography: Kim Gyeong Won is Non-Executive Independent Director in HUVIS Corporation. Kim was Chief Executive Officer and President of SAMNAM PETROCHEMICAL CO., LTD. and SAM YANG KASEI CO., LTD. and Chief Executive Officer as well as Vice President of SAM YANG SA CO.LTD. Kim holds a Bachelor's degree in Chemical Engineering from Yonsei University, Korea. Age: 67 Education: Yonsei University, B (Chemical Engineering)
Mun Seok Lee	Director	Director/Board Member
Biography: Lee Mun Seok is Director of HUVIS Corporation. Currently, Lee also serves as President of Green Chemicals Biz and Chief Executive Officer of a Korea-based company. Lee holds a Bachelor's degree in Textile Engineering from Kyung Hee University, Korea. Age: 57 Education: Kyung Hee University, B (Textile Engineering)
Myeong Rae Lee	Non-Executive Independent Director	Director/Board Member
Age: 62 Education: Yonsei University, M (Public Administration) Korea Military Academy, B
Seong Hwan Moon	Director	Director/Board Member
Biography: Moon Seong Hwan is Director of HUVIS Corporation. Moon also serves as President of SAM YANG SA CO.LTD and Chief Executive Officer of SAMYANG GENEX CO., LTD. Moon was Chief Executive Officer of the Company and Vice President of SAM YANG SA CO.LTD. Moon holds a Bachelor's degree in Business Administration from Seoul National University, Korea. Age: 58 Education: Seoul National University, B (Business Administration)
Je Hwan Sung	Non-Executive Independent Director	Director/Board Member
Biography: Sung Je Hwan is Non-Executive Independent Director of HUVIS Corporation. Currently, Sung also serves as a professor of Wonkwang University. Sung holds a Bachelor's degree from Korea University and a Doctorate's degree in Economics from Cornell University, the United States. Age: 58 Education: Cornell University, PHD (Economics) Korea University, B
Bae Geun Yoo	Chief Executive Officer, Director	Director/Board Member
Biography: Yoo Bae Geun is Chief Executive Officer and Director in HUVIS Corporation. Yoo also serves as Chief Executive Officer of a China-based company. Yoo previously worked for SK CHEMICALS CO.,LTD. Yoo holds a Bachelor's degree in Business Administration from Kyung Hee University, Korea. Age: 52 Education: Kyung Hee University, B (Business Administration)

Executives

Name	Title	Function
Bae Geun Yoo	Chief Executive Officer, Director	Chief Executive Officer
Biography: Yoo Bae Geun is Chief Executive Officer and Director in HUVIS Corporation. Yoo also serves as Chief Executive Officer of a China-based company. Yoo previously worked for SK CHEMICALS CO.,LTD. Yoo holds a Bachelor's degree in Business Administration from Kyung Hee University, Korea. Age: 52 Kyung Hee University, B (Business Administration)
Bong Gyun Kim	Assistant Managing Director	Managing Director
Age: 49 Education: Chung-Ang University, B (Business Administration)
Mo Yang Kim	Assistant Managing Director	Managing Director
Age: 53 Education: Seoul National University, B (Chemistry)
Man Gyu Kim	Assistant Managing Director	Managing Director
Age: 49 Education: Yeungnam University, B (Business Administration)
Won Pyo Lee	Managing Director	Managing Director
Age: 58 Education: Chonbuk National University, B (Textile Engineering)
Sang Gyu Lee	Assistant Managing Director	Managing Director
Age: 52 Education: Inha University, B (Electronics Engineering)
Yin Yul Shin	Assistant Managing Director	Managing Director
Biography: Shin Yin Yul is Asistant Managing Director of HUVIS Corporation. Shin also serves as Director of two China-based companies. Shin holds a Bachelor's degree in Business Administration from Chonnam National University, Korea. Age: 51 Education: Chonnam National University, B (Business Administration)
Yu Dong Shin	Assistant Managing Director	Managing Director
Biography: Shin Yu Dong is Assistant Managing Director of HUVIS Corporation. Shin also serves as Director of a China-based company. Shin holds a Bachelor's degree in International Trade from Hanyang University, Korea. Age: 51 Education: Hanyang University, B (International Trade)
Heon Ju Yim	Assistant Managing Director	Managing Director
Age: 51 Education: Yonsei University, B (Education)
Pil Man Yoon	Assistant Managing Director	Managing Director
Age: 52 Education: Hanyang University, B (Mechanical Engineering)

Significant Developments

Huvis Corp Announces Initial Public Offering

Jan 12, 2012

Huvis Corp announced that it will offer 16,405,000 common shares of par value KRW 11,700 to KRW 13,200 each in its initial public offering under symbol "079980", raising KRW 191,938.5 million to KRW 216,546 million in proceeds.

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 30-Sep-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Sep-2011
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 with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net Sales	1,506.6	1,172.5	916.6	1,036.2	1,164.1
Revenue	1,506.6	1,172.5	916.6	1,036.2	1,164.1
Total Revenue	1,506.6	1,172.5	916.6	1,036.2	1,164.1
Cost of Revenue	1,359.2	1,038.0	832.3	963.3	1,051.7
Cost of Revenue, Total	1,359.2	1,038.0	832.3	963.3	1,051.7
Gross Profit	147.4	134.5	84.4	73.0	112.4
Selling/General/Administrative Expense	57.7	69.7	50.6	62.3	73.7
Labor & Related Expense	12.2	10.6	8.4	9.7	11.2
Advertising Expense	-	-	0.2	0.2	0.5
Total Selling/General/Administrative Expenses	69.9	80.3	59.2	72.2	85.4
Research & Development	12.2	9.2	4.6	4.6	4.4
Depreciation	0.4	0.5	0.4	0.6	0.6
Amortization of Intangibles	0.2	0.4	0.2	0.1	0.1
Depreciation/Amortization	0.5	0.9	0.5	0.7	0.7
Investment Income - Operating	-1.7	0.4	-	-	-
Interest/Investment Income - Operating	-1.7	0.4	-	-	-
Interest Expense (Income) - Net Operating Total	-1.7	0.4	-	-	-
Impairment-Assets Held for Use	1.0	2.8	-	-	-
Loss (Gain) on Sale of Assets - Operating	-3.4	10.1	-	-	-
Unusual Expense (Income)	-2.5	12.9	-	-	-
Other Operating Expense	3.0	2.6	-	-	-
Other, Net	-1.5	-2.0	-	-	-
Other Operating Expenses, Total	1.5	0.6	-	-	-
Total Operating Expense	1,439.1	1,142.3	896.6	1,040.8	1,142.2
Operating Income	67.5	30.2	20.1	-4.6	21.8
Interest Expense - Non-Operating	-9.4	-12.0	-15.6	-19.3	-21.6
Interest Expense, Net Non-Operating	-9.4	-12.0	-15.6	-19.3	-21.6
Interest Income - Non-Operating	1.3	0.4	0.4	0.3	0.2
Investment Income - Non-Operating	1.2	2.9	-3.5	-6.3	-16.6
Interest/Investment Income - Non-Operating	2.5	3.3	-3.1	-6.0	-16.4
Interest Income (Expense) - Net Non-Operating	0.0	0.0	-	-	-
Interest Income (Expense) - Net Non-Operating Total	-6.9	-8.7	-18.7	-25.3	-37.9
Gain (Loss) on Sale of Assets	-0.4	-0.2	-0.4	2.1	-23.0
Other Non-Operating Income (Expense)	-	-	2.7	2.0	-10.6
Other, Net	-	-	2.7	2.0	-10.6
Income Before Tax	60.2	21.4	3.6	-25.8	-49.7
Total Income Tax	-2.9	6.0	0.8	-1.2	-5.7
Income After Tax	63.2	15.4	2.8	-24.7	-44.0
Minority Interest	-0.3	-0.1	0.0	0.3	0.1
Net Income Before Extraord Items	62.8	15.3	2.8	-24.3	-43.9
Net Income	62.8	15.3	2.8	-24.3	-43.9
Income Available to Common Excl Extraord Items	62.8	15.3	2.8	-24.3	-43.9
Income Available to Common Incl Extraord Items	62.8	15.3	2.8	-24.3	-43.9
Basic/Primary Weighted Average Shares	28.8	28.8	34.5	34.5	34.5
Basic EPS Excl Extraord Items	2.18	0.53	0.08	-0.71	-1.27
Basic/Primary EPS Incl Extraord Items	2.18	0.53	0.08	-0.71	-1.27
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	62.8	15.3	2.8	-24.3	-43.9
Diluted Weighted Average Shares	28.8	28.8	34.5	34.5	34.5
Diluted EPS Excl Extraord Items	2.18	0.53	0.08	-0.71	-1.27
Diluted EPS Incl Extraord Items	2.18	0.53	0.08	-0.71	-1.27
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0	0.0
Interest Expense, Supplemental	9.4	12.0	15.6	19.3	21.6
Depreciation, Supplemental	27.3	37.5	35.2	44.0	62.3
Total Special Items	-2.1	13.1	0.4	-2.1	23.0
Normalized Income Before Tax	58.1	34.5	4.0	-27.9	-26.7
Effect of Special Items on Income Taxes	-0.7	3.7	0.1	-0.7	8.0
Inc Tax Ex Impact of Sp Items	-3.7	9.7	0.9	-1.9	2.3
Normalized Income After Tax	61.8	24.8	3.1	-26.0	-29.0
Normalized Inc. Avail to Com.	61.5	24.7	3.1	-25.7	-28.9
Basic Normalized EPS	2.13	0.86	0.09	-0.74	-0.84
Diluted Normalized EPS	2.13	0.86	0.09	-0.74	-0.84
Amort of Intangibles, Supplemental	0.2	0.4	0.2	0.1	0.1
Rental Expenses	2.1	2.1	1.4	1.8	1.8
Advertising Expense, Supplemental	0.3	0.2	0.2	0.2	0.5
Research & Development Exp, Supplemental	12.2	9.2	4.6	4.6	4.4
Normalized EBIT	63.3	43.6	20.1	-4.6	21.8
Normalized EBITDA	90.8	81.4	55.4	39.5	84.3

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 30-Sep-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Sep-2011
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 with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Cash & Equivalents	47.6	43.3	23.5	26.9	17.0
Short Term Investments	0.3	0.1	1.9	0.2	-
Cash and Short Term Investments	47.8	43.4	25.4	27.1	17.0
Accounts Receivable - Trade, Gross	167.7	150.7	110.2	87.1	132.5
Provision for Doubtful Accounts	-6.4	-6.9	-7.6	-10.8	-11.6
Trade Accounts Receivable - Net	161.3	143.8	102.7	76.3	121.0
Other Receivables	7.0	5.2	6.9	17.4	25.4
Total Receivables, Net	168.4	149.1	109.6	93.7	146.3
Inventories - Finished Goods	71.2	54.6	46.3	46.4	63.4
Inventories - Work In Progress	40.8	37.4	20.6	17.0	27.7
Inventories - Raw Materials	19.9	18.5	11.1	10.6	18.8
Inventories - Other	26.6	21.4	17.5	22.0	18.2
Total Inventory	158.6	132.0	95.5	96.0	128.1
Prepaid Expenses	1.4	1.0	1.4	1.7	3.0
Deferred Income Tax - Current Asset	-	-	1.2	2.0	2.8
Other Current Assets	0.1	0.0	0.1	0.1	0.1
Other Current Assets, Total	0.1	0.0	1.3	2.0	2.9
Total Current Assets	376.3	325.5	233.2	220.5	297.4
Buildings	117.4	115.7	129.4	120.4	155.7
Land/Improvements	101.9	103.2	100.6	93.0	77.2
Machinery/Equipment	444.1	415.1	400.9	367.0	472.1
Construction in Progress	5.1	5.5	11.3	6.0	5.3
Other Property/Plant/Equipment	9.6	9.1	8.3	8.1	10.3
Property/Plant/Equipment - Gross	678.1	648.7	650.6	594.6	720.6
Accumulated Depreciation	-383.3	-361.1	-329.7	-272.3	-317.6
Property/Plant/Equipment - Net	294.7	287.6	320.9	322.3	403.0
Intangibles, Net	6.1	6.6	0.8	0.8	0.7
LT Investment - Affiliate Companies	1.7	1.6	1.3	1.1	4.5
LT Investments - Other	2.0	3.7	0.0	0.0	0.0
Long Term Investments	3.8	5.3	1.3	1.2	4.5
Note Receivable - Long Term	3.7	2.5	2.7	3.0	-
Deferred Income Tax - Long Term Asset	4.4	1.0	5.1	12.4	15.2
Other Long Term Assets	-	-	10.5	10.2	13.2
Other Long Term Assets, Total	4.4	1.0	15.5	22.6	28.3
Total Assets	688.9	628.6	574.4	570.3	733.9
Accounts Payable	259.7	207.1	186.1	149.9	223.3
Accrued Expenses	10.5	7.5	3.5	2.9	4.9
Notes Payable/Short Term Debt	145.2	185.6	166.4	174.8	159.7
Current Portion - Long Term Debt/Capital Leases	8.7	21.4	1.6	41.1	54.7
Customer Advances	8.3	6.6	7.5	4.1	14.8
Security Deposits	2.5	2.6	1.8	1.4	1.3
Income Taxes Payable	-	-	0.0	0.0	6.5
Other Payables	14.1	14.1	12.7	9.4	10.4
Other Current Liabilities	1.2	1.5	0.4	0.5	1.6
Other Current liabilities, Total	26.0	24.8	22.5	15.4	34.6
Total Current Liabilities	450.1	446.4	380.1	384.2	477.3
Long Term Debt	0.2	8.9	36.3	35.1	81.3
Total Long Term Debt	0.2	8.9	36.3	35.1	81.3
Total Debt	154.1	216.0	204.3	251.0	295.8
Minority Interest	1.0	0.6	0.7	0.7	0.9
Reserves	0.0	0.0	-	-	-
Pension Benefits - Underfunded	20.2	16.9	18.5	16.0	20.0
Other Long Term Liabilities	2.3	2.2	0.4	0.4	0.7
Other Liabilities, Total	22.6	19.2	18.9	16.4	20.7
Total Liabilities	473.8	475.1	436.0	436.3	580.2
Common Stock	127.0	126.7	123.4	114.1	153.6
Common Stock	127.0	126.7	123.4	114.1	153.6
Additional Paid-In Capital	2.9	-	-	139.8	188.1
Retained Earnings (Accumulated Deficit)	54.0	-4.1	-16.4	-157.8	-183.6
Unrealized Gain (Loss)	30.4	30.8	30.5	36.1	-0.1
Translation Adjustment	-	-	0.9	1.7	-4.2
Other Comprehensive Income	1.0	0.1	-	-	-
Other Equity, Total	1.0	0.1	0.9	1.7	-4.2
Total Equity	215.1	153.5	138.4	133.9	153.8
Total Liabilities & Shareholders’ Equity	688.9	628.6	574.4	570.3	733.9
Shares Outstanding - Common Stock Primary Issue	29.3	28.8	34.5	34.5	34.5
Total Common Shares Outstanding	29.3	28.8	34.5	34.5	34.5
Treasury Shares - Common Stock Primary Issue	0.0	0.0	0.0	0.0	0.0
Employees	-	-	-	847	844
Accumulated Intangible Amort, Suppl.	1.5	1.3	-	-	-
Deferred Revenue - Current	8.3	6.6	7.5	4.1	14.8
Total Long Term Debt, Supplemental	-	-	12.9	21.4	40.3
Long Term Debt Maturing within 1 Year	-	-	1.6	1.5	12.0
Long Term Debt Maturing in Year 2	-	-	11.3	1.5	2.0
Long Term Debt Maturing in Year 3	-	-	-	0.3	2.0
Long Term Debt Maturing in 2-3 Years	-	-	11.3	1.8	3.9
Long Term Debt Matur. in Year 6 & Beyond	-	-	0.0	18.2	24.3

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 30-Sep-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Sep-2011
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 with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net Income/Starting Line	63.2	15.4	2.8	-24.7	-44.0
Depreciation	27.3	37.5	35.2	44.0	62.3
Depreciation/Depletion	27.3	37.5	35.2	44.0	62.3
Amortization of Intangibles	0.2	0.4	0.2	0.1	0.1
Amortization	0.2	0.4	0.2	0.1	0.1
Deferred Taxes	-	-	0.8	-1.2	-13.1
Unusual Items	1.4	15.2	0.0	-2.4	44.3
Equity in Net Earnings (Loss)	-0.1	-0.2	-0.2	0.6	-0.5
Other Non-Cash Items	7.4	23.5	6.4	-0.4	14.9
Non-Cash Items	8.7	38.4	6.3	-2.2	58.7
Accounts Receivable	-21.7	17.9	2.5	24.4	-19.4
Inventories	-28.5	-30.9	7.6	-0.9	-21.6
Prepaid Expenses	-	-	0.4	0.6	-1.1
Other Assets	4.1	-2.9	0.0	0.0	0.5
Accounts Payable	55.0	17.0	1.6	-57.9	-0.1
Accrued Expenses	-	-	0.3	-0.8	0.1
Taxes Payable	-	-	0.0	-5.6	6.6
Other Liabilities	-1.7	-2.3	0.1	-11.0	3.3
Other Operating Cash Flow	-7.7	-11.4	-	-	-
Changes in Working Capital	-0.6	-12.6	12.5	-51.1	-31.8
Cash from Operating Activities	98.7	79.1	57.7	-35.0	32.2
Purchase of Fixed Assets	-37.9	-15.6	-14.4	-10.4	-10.8
Purchase/Acquisition of Intangibles	-0.8	-1.6	-0.1	-0.4	0.0
Capital Expenditures	-38.6	-17.2	-14.5	-10.8	-10.8
Sale of Fixed Assets	0.1	1.8	0.1	0.9	9.3
Sale/Maturity of Investment	4.0	5.1	-	5.7	1.9
Purchase of Investments	-2.8	-0.2	-1.6	-0.2	-
Sale of Intangible Assets	0.4	-	-	-	-
Other Investing Cash Flow	-0.8	1.0	0.6	0.9	-4.5
Other Investing Cash Flow Items, Total	1.0	7.7	-0.9	7.3	6.7
Cash from Investing Activities	-37.6	-9.5	-15.4	-3.5	-4.2
Other Financing Cash Flow	-	0.0	1.6	1.8	1.3
Financing Cash Flow Items	-	0.0	1.6	1.8	1.3
Sale/Issuance of Common	5.2	-	-	-	-
Common Stock, Net	5.2	-	-	-	-
Issuance (Retirement) of Stock, Net	5.2	-	-	-	-
Short Term Debt Issued	209.7	55.0	1,105.1	2,406.9	2,103.7
Short Term Debt Reduction	-250.0	-97.1	-1,113.8	-2,317.4	-2,075.7
Short Term Debt, Net	-40.3	-42.1	-8.7	89.5	28.0
Long Term Debt Issued	-	0.2	7.6	18.8	10.7
Long Term Debt Reduction	-22.2	-9.0	-47.9	-55.2	-57.0
Long Term Debt, Net	-22.2	-8.7	-40.3	-36.5	-46.4
Issuance (Retirement) of Debt, Net	-62.6	-50.9	-49.0	53.0	-18.3
Cash from Financing Activities	-57.3	-50.9	-47.4	54.8	-17.0
Foreign Exchange Effects	1.3	0.2	-	-	-
Net Change in Cash	5.1	18.8	-5.1	16.3	11.0
Net Cash - Beginning Balance	44.4	23.7	26.5	14.5	6.1
Net Cash - Ending Balance	49.4	42.5	21.5	30.8	17.2
Cash Interest Paid	8.7	11.5	-	-	-

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 30-Sep-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Sep-2011
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 with Explanation	Unqualified with Explanation	Unqualified with Explanation
Sales Revenue	1,506.6	1,172.5	916.6	1,036.2	1,164.1
Total Revenue	1,506.6	1,172.5	916.6	1,036.2	1,164.1
Costs of Goods and Services Sold	1,359.2	1,038.0	832.3	963.3	1,051.7
Salaries and Wages	8.8	7.4	5.7	6.6	7.5
Retirement & Severance Benefits	0.6	0.4	0.7	0.8	1.1
Employee Benefits	2.8	2.8	2.0	2.3	2.6
Travel Expense	-	-	0.8	0.9	1.1
Communication Expense	-	-	0.1	0.2	0.2
Utility Expense	-	-	0.2	0.2	0.3
Taxes & Dues	-	-	0.5	0.8	0.8
Office Consumable Expense	-	-	0.4	0.4	0.4
Book Expense	-	-	0.0	0.0	0.0
Rental Expenses	2.1	2.1	1.4	1.8	1.8
Vehicles Maintenance Expense	-	-	0.5	0.5	0.5
Repair Expense	-	-	0.0	0.1	0.1
Insurance Expense	-	-	0.2	0.2	0.3
Commission Paid	3.2	2.2	2.6	2.7	3.4
Sales Commissions	3.3	2.2	6.4	9.7	8.0
Other Commission	2.8	1.4	-	-	-
Shipping & Handling Expense	40.2	50.1	32.7	37.2	44.1
Packaging Expenses	1.2	0.9	0.7	0.9	1.0
Entertainment Expense	-	-	0.9	1.0	1.0
Sales Promotion Expense	-	-	0.1	0.1	0.2
Advertising Expense	-	-	0.1	0.1	0.3
Education & Training Expense	-	-	0.2	0.2	0.1
Overseas Branch Management Expense	-	-	0.3	0.3	0.4
Sample Expenses	0.4	0.4	0.4	0.6	0.6
Conference Expense	-	-	0.0	0.0	0.0
Expenses of Allowance for Doubtful Accou	1.0	3.1	2.0	4.2	8.9
Development Costs	12.2	9.2	-	-	-
Research Expense	-	-	4.6	4.6	4.4
Other Administrative Expense	3.7	3.0	-	-	-
Adjustment for Selling and Administrativ	0.0	0.0	-	-	-
Depreciation	0.4	0.5	0.4	0.6	0.6
Amortization of Intangible Assets	0.2	0.4	0.2	0.1	0.1
Other Selling Expense	2.8	5.6	0.4	0.5	0.5
Gain on Foreign Currency Transactions	-18.3	-15.1	-	-	-
Gain on Foreign Currency Translation	-2.0	-0.8	-	-	-
Gain on Disposal of Property, Plant and	-0.1	-1.7	-	-	-
Service Income	-0.2	-0.2	-	-	-
Gain-Disposal of Scrapped Materials	-0.5	-0.2	-	-	-
Gain-Disposal of Pre-products	-3.4	-2.3	-	-	-
Technology Income	-0.1	0.0	-	-	-
Parking Income	-0.1	-0.1	-	-	-
Gain on Assets Contributed	-	0.0	-	-	-
Rental Income	-	-0.3	-	-	-
Miscellaneous Income	-1.1	-1.3	-	-	-
Adjustment for Other Operating Income	0.0	0.0	-	-	-
Loss on Foreign Currency Transactions	16.1	15.6	-	-	-
Loss on Foreign Currency Translation	2.5	0.7	-	-	-
Loss on Disposal of Property, Plant and	0.1	13.9	-	-	-
Impairment Loss on Property, Plant and E	0.2	1.5	-	-	-
Other Allowance for Doubtful Accounts	0.1	-	-	-	-
Impairment Loss on Intangible Assets	0.8	1.3	-	-	-
Loss-Disposal of Raw Materials	0.4	0.5	-	-	-
Donations Paid	0.0	0.0	-	-	-
Provisions	-	0.0	-	-	-
Miscellaneous Loss	0.0	1.1	-	-	-
Adjustment for Other Operating Expense	0.0	0.0	-	-	-
Total Operating Expense	1,439.1	1,142.3	896.6	1,040.8	1,142.2
Interest Income	1.3	0.4	0.4	0.3	0.2
Gain-Currency Forwards Transactions	0.7	0.0	-	-	0.0
Gain on Foreign Currency Transactions	-	2.7	17.2	33.0	9.4
Gain on Foreign Currency Translations	2.3	-	1.2	4.1	0.5
Gain-Disposal of Investment Assets	-	-	0.0	1.8	0.2
Gain on Valuations of Derivatives	0.0	0.0	-	-	-
Gain-Valuation of Currency Forwards	-	-	0.0	-	-
Gain-Disposal of Tangible Assets	-	-	0.0	0.6	0.4
Gain-Disposal of Scrapped Materials	-	-	0.2	0.3	0.4
Gain-Disposal of Raw Materials	-	-	-	1.1	-
Gain-Disposal of Pre-products	-	-	0.1	0.0	0.0
Rental Income	-	-	1.1	1.4	1.7
Income-Patent & Royalty	-	-	0.0	0.3	0.4
Gain-Assets Contributed	-	-	1.0	0.8	0.2
Parking Income	-	-	0.1	0.0	-
Service Income	-	-	0.1	0.3	0.4
Miscellaneous Non-Operating Income	-	-	1.0	0.6	1.2
Interest Expenses	-9.4	-12.0	-15.6	-19.3	-21.6
Loss on Foreign Currency Transactions	-0.4	-	-	-	-
Loss-Foreign Exchange Transaction	-	-	-21.5	-42.1	-3.7
Loss on Foreign Currency Translations	-	0.0	-0.8	-2.6	-1.9
Loss-Valuation of Currency Forwards	-	-	-	0.0	-0.6
Loss-Reduction of Tangible Assets	-	-	-	-	-21.1
Loss on Derivative Transaction	-1.6	0.0	-	-	-
Loss on Disposal of Securities Available	-	0.0	-	-	-
Loss on Disposal of Trade Receivable	-0.4	-0.2	-	-	-
Loss-Disposal of Tangible Assets	-	-	-0.1	0.0	-23.8
Loss-Disposal of Raw Materials	-	-	-0.7	-	0.0
Donations Paid, Non-Operating	-	-	0.0	0.0	0.0
Depreciation-Suspended Assets	-	-	-0.5	-1.4	-14.5
Miscellaneous Non-Operating Expense	-	-	-0.1	0.0	0.0
Gain on Investments in Affiliates	0.1	0.2	0.2	0.0	0.6
Loss under Equity Method	-	-	0.0	-0.6	-0.1
Adjustment	-	-	-	-	-
Adjustment for Finance Income	0.0	-	-	-	-
Adjustment for Finance Expense	-	0.0	-	-	-
Net Income Before Taxes	60.2	21.4	3.6	-25.8	-49.7
Provision for Income Taxes	-2.9	6.0	0.8	-1.2	-5.7
Net Income After Taxes	63.2	15.4	2.8	-24.7	-44.0
Minority Interest	-0.3	-0.1	0.0	0.3	0.1
Net Income Before Extra. Items	62.8	15.3	2.8	-24.3	-43.9
Net Income	62.8	15.3	2.8	-24.3	-43.9
Income Available to Com Excl ExtraOrd	62.8	15.3	2.8	-24.3	-43.9
Income Available to Com Incl ExtraOrd	62.8	15.3	2.8	-24.3	-43.9
Basic Weighted Average Shares	28.8	28.8	34.5	34.5	34.5
Basic EPS Excluding ExtraOrdinary Items	2.18	0.53	0.08	-0.71	-1.27
Basic EPS Including ExtraOrdinary Items	2.18	0.53	0.08	-0.71	-1.27
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	62.8	15.3	2.8	-24.3	-43.9
Diluted Weighted Average Shares	28.8	28.8	34.5	34.5	34.5
Diluted EPS Excluding ExtraOrd Items	2.18	0.53	0.08	-0.71	-1.27
Diluted EPS Including ExtraOrd Items	2.18	0.53	0.08	-0.71	-1.27
DPS-Common Stock	0.00	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0	0.0
Normalized Income Before Taxes	58.1	34.5	4.0	-27.9	-26.7
Inc Tax Ex Impact of Sp Items	-3.7	9.7	0.9	-1.9	2.3
Normalized Income After Taxes	61.8	24.8	3.1	-26.0	-29.0
Normalized Inc. Avail to Com.	61.5	24.7	3.1	-25.7	-28.9
Basic Normalized EPS	2.13	0.86	0.09	-0.74	-0.84
Diluted Normalized EPS	2.13	0.86	0.09	-0.74	-0.84
Interest Expense, Supplemental	9.4	12.0	15.6	19.3	21.6
Rental Expense, Supplemental	2.1	2.1	1.4	1.8	1.8
Advertising Expense, Supplemental	0.3	0.2	0.2	0.2	0.5
R&D Expense, Supplemental	12.2	9.2	4.6	4.6	4.4
Depreciation, Supplemental	27.3	37.5	35.2	44.0	62.3
Amort of Intangibles, Supplemental	0.2	0.4	0.2	0.1	0.1

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 30-Sep-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Sep-2011
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 with Explanation	Unqualified with Explanation	Unqualified with Explanation
Cash & Cash Equivalents	47.6	43.3	23.5	26.9	17.0
ST Financial Assets	-	-	1.9	0.2	-
Currency Futures, Current Assets	0.0	0.0	0.0	-	-
Trade Receivable	167.7	150.7	110.2	87.1	132.5
Allowance for Doubtful Accounts for Trad	-6.3	-6.9	-7.6	-10.8	-11.6
Account Receivables	6.3	3.5	6.9	17.4	25.4
Allowance for Doubtful Accounts	-0.1	-	-	-	-
Loans	0.7	-	-	-	-
Accrued Income	0.0	-	-	-	-
Prepaid Taxes	0.0	0.0	0.0	0.0	2.2
Prepaid Expenses	1.4	1.0	1.4	1.7	0.9
Advance Payments	3.4	3.7	1.6	2.8	2.7
Deferred Income Taxes-Debit, Current	-	-	1.2	2.0	2.8
Other Quick Assets	0.1	-	0.1	0.1	0.1
Receivables from Recovery of Value Added	-	1.8	-	-	-
Merchandises	1.8	1.6	0.3	0.2	0.1
Finished Goods	57.2	43.7	34.7	37.3	53.0
Manufactured Goods	12.2	9.2	11.3	8.9	10.3
Goods in Transit	17.7	13.4	12.1	15.7	10.6
Raw Materials	19.9	18.5	11.1	10.6	18.8
Semi-finished Goods	26.5	24.6	12.2	12.9	20.3
Works in Process	14.3	12.8	8.4	4.1	7.4
Supplies	5.5	4.4	3.9	3.5	4.8
Other Financial Instruments	0.3	0.1	-	-	-
Adjustment for Trade & Other Receivables	0.0	0.0	-	-	-
Adjustment for Inventories	0.0	0.0	-	-	-
Adjustment for Other Current Assets	0.0	0.0	-	-	-
Total Current Assets	376.3	325.5	233.2	220.5	297.4
LT Financial Assets	-	-	0.0	0.0	0.0
LT Account Receivable	3.7	2.5	2.7	3.0	-
Investment in Affiliates	1.7	1.6	1.3	1.1	4.5
Security Deposit	-	-	0.8	1.3	1.5
LT Security Deposit	-	-	9.7	8.9	11.7
Non-Current Deferred Income Taxes Assets	4.4	1.0	5.1	12.4	15.2
Lands	101.9	103.2	100.6	93.0	77.2
Buildings	105.0	104.3	118.5	110.5	143.7
Buildings-Reduction	-	-	-3.8	-3.6	-5.8
Buildings-Depreciation	-27.6	-25.2	-25.5	-21.2	-24.1
Structures	12.4	11.5	15.8	14.5	19.2
Structures-Depreciation	-3.2	-2.9	-4.1	-3.4	-4.0
Structures-Reduction	-	-	-1.1	-1.0	-1.3
Machineries & Equipments	444.2	414.9	404.2	371.0	484.1
Machineries & Equipments-Depreciation	-342.9	-323.3	-290.5	-239.2	-279.2
Accumulated Impairment Losses for Machin	-	-	-5.1	-5.1	-13.1
Machineries & Equipments-Government Subs	-2.4	-2.0	-1.3	-1.2	-1.6
Vehicles	2.3	2.3	3.1	2.3	2.8
Vehicles-Depreciation	-1.8	-1.6	-2.1	-1.6	-1.8
Vehicles & Transportation Equipment-Redu	-	-	0.0	0.0	0.0
Construction in Progress	5.0	6.0	11.9	4.1	5.0
Construction in Progress-Depreciation	-0.2	-	-	-	-
Construction in Progress-Government Subs	-0.9	-0.5	-1.0	-0.2	-0.1
Machines in Transit	1.0	0.2	0.5	2.2	0.5
Machines in Transits-Government Subsidy	-0.1	-0.1	-0.1	-0.1	-0.1
Other Property Plant & Equipment	9.6	9.1	8.3	8.2	10.3
Other Property Plant & Equipment-Depreci	-7.6	-8.1	-7.6	-7.0	-8.5
Other Tangible Assets-Reduction	-	-	0.0	0.0	0.0
Industrial Property Rights	0.2	0.2	0.2	0.2	0.4
Software	0.3	0.3	0.6	0.6	0.3
Other Non-Current Financial Instruments	2.0	3.7	-	-	-
Adjustment for Property, Plant & Equipme	-	-	-	-	-
Membership Rights	3.8	4.6	-	-	-
Other Intangible Assets	1.8	1.6	-	-	-
Adjustment for Intangible Assets	0.0	0.0	-	-	-
Total Assets	688.9	628.6	574.4	570.3	733.9
Current Trade Payables	259.7	207.1	186.1	149.9	223.3
Other Payables	14.1	14.1	12.7	9.4	10.4
Income Taxes Payable	-	-	0.0	0.0	6.5
Accrued Expenses	10.5	7.5	3.5	2.9	4.9
Advance from Customers, Current Liabilit	8.3	6.6	7.5	4.1	14.8
Security Deposit Withheld	2.5	2.6	1.8	1.4	1.3
Withholdings	1.2	1.5	0.4	0.5	1.0
Currency Futures, Current	-	-	-	0.0	0.6
Current Portion of Bonds	8.7	17.3	-	39.6	42.7
Current Borrowings	145.2	185.6	166.4	174.8	159.7
Current Portion of LT Debt	-	4.1	1.6	1.5	12.0
Adjustment for Current Trade & Other Pay	0.0	0.0	-	-	-
Adjustment for Other Current Liabilities	0.0	0.0	-	-	-
Total Current Liabilities	450.1	446.4	380.1	384.2	477.3
Bonds	-	8.7	25.0	15.1	53.1
LT Borrowings	0.2	0.2	11.3	20.0	28.3
Total Long Term Debt	0.2	8.9	36.3	35.1	81.3
Rent Deposit	-	0.4	0.4	0.4	0.7
Non-Current Accrued Expenses	2.3	1.9	-	-	-
Deposit-Retirement Insurance	-	-	-2.6	-2.6	-3.7
Retirement & Severance Benefits, Non-Cur	20.2	16.9	21.8	18.9	23.8
Plan Assets	-	-	-0.6	-	-
Transfer to National Pension Fund	-	-	-0.1	-0.1	-0.2
Retirement Pension Operating Fund	-	-	-	-0.2	-
Minority Interests	1.0	0.6	0.7	0.7	0.9
Non-Current Provisions	0.0	0.0	-	-	-
Total Liabilities	473.8	475.1	436.0	436.3	580.2
Common Stock	127.0	126.7	123.4	114.1	153.6
Paid-in Capital in Excess of Par	-	-	-	139.8	188.1
Capital Change, Equity Method	-	-	0.4	0.5	-0.1
Overseas Business Translation Credit	-	-	0.9	1.7	-4.2
Gain-Revaluation	30.4	30.8	30.1	35.6	-
Retained Earning Carried Forward	54.0	-4.1	-16.4	-158.2	-185.7
Reserve-Research & Development	-	-	-	-	1.4
Legal Reserve	-	-	-	0.4	0.6
Reserve-Business Rationalization	-	-	-	0.0	0.0
Capital Surplus	2.9	-	-	-	-
Accumulated Other Comprehensive Income	1.0	0.1	-	-	-
Adjustment for Retained Earnings or Accu	0.0	0.0	-	-	-
Total Equity	215.1	153.5	138.4	133.9	153.8
Total Liabilities & Shareholders' Equity	688.9	628.6	574.4	570.3	733.9
S/O-Common Stock	29.3	28.8	34.5	34.5	34.5
Total Common Shares Outstanding	29.3	28.8	34.5	34.5	34.5
T/S-Common Stock	0.0	0.0	0.0	0.0	0.0
Accumulated Intangible Amort, Suppl.	1.5	1.3	-	-	-
Deferred Revenue, Current	8.3	6.6	7.5	4.1	14.8
Full-Time Employees	-	-	-	847	844
Long Term Debt Maturing within 1 Year	-	-	1.6	1.5	12.0
Long Term Debt Maturing in Year 2	-	-	11.3	1.5	2.0
Long Term Debt Maturing in Year 3	-	-	-	0.3	2.0
Long Term Debt - Remaining Maturities	-	-	-	18.2	24.3
Total Long Term Debt, Supplemental	-	-	12.9	21.4	40.3

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 30-Sep-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Sep-2011
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 with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net Income	63.2	15.4	2.8	-24.7	-44.0
Depreciation	27.3	37.5	35.2	44.0	62.3
Amortization of Intangible Assets	0.2	0.4	0.2	0.1	0.1
Expense of Allowance for Doubtful Accoun	1.0	3.1	2.0	4.2	8.9
Payment for Retirement Allowance, ONCI	3.8	3.2	3.8	3.6	4.6
Expenses of Allowance for Other Doubtful	0.1	-	-	-	-
Loss on Disposal of Trade Receivables	0.4	0.2	-	-	-
Interest Expenses	9.4	12.0	0.4	0.3	0.6
Interest Income	-1.3	-0.4	-0.2	-	-
Gain-Foreign Currency Translation	-4.3	-0.8	-1.2	-4.1	-0.5
Gain-Valuation of Currency Futures	0.0	0.0	0.0	-	-
Gain-Assets Contributed	-	-	-1.0	-0.8	-0.2
Miscellaneous Gain	-	-	-	-	0.0
Government Subsidy	-0.1	-0.3	-	-	-
Gain on Derivatives Transaction	-0.7	0.0	-	-	-
Corporate Taxes Expense	-2.9	6.0	-	-	-
Losses on Foreign Currency Translation	2.5	0.7	0.8	2.6	1.9
Loss-Valuation of Currency Futures	-	-	-	0.0	0.6
Decrease in Other Non-Current Assets	-	0.0	-	-	-
Loss-Disposal of Tangible Assets	0.1	13.9	0.1	0.0	23.8
Loss-Investment Assets Disposal	-	0.0	-	-	-
Loss-Reduction of Tangible Assets	0.2	1.5	-	-	21.1
Impairment Loss on Intangible Assets	0.8	1.3	-	-	-
Loss under Equity Method	-	-	0.0	0.6	0.1
Gain-Disposal of Investment Assets	-	-	0.0	-1.8	-0.2
Gain-Disposal of Tangible Assets	-0.1	-1.7	0.0	-0.6	-0.4
Gain on Valuation of Investment in Affil	-0.1	-0.2	-0.2	0.0	-0.6
Trade & Other Receviables	-21.7	17.9	-	-	-
Trade Receivable	-	-	-8.8	26.3	-2.3
Account Receivable	-	-	11.3	-1.9	-17.2
Accrued Income	-	-	-	-	0.0
Prepaid Expense	-	-	0.4	-1.2	0.9
Prepaid Taxes	-	-	-	1.8	-2.0
LT Advance Payment	-	-	-	-	0.0
Advanced Payment	-	-	1.4	-0.9	0.2
Inventory	-28.5	-30.9	6.3	0.0	-21.8
Other Current Assets	2.1	-4.1	0.0	0.0	0.2
Currency Forwards Assets	1.6	0.0	-	-	0.4
Allowance for Losses on Valuation of Inv	1.3	1.1	-	-	-
Derivatives Assets	-0.8	0.0	-	-	-
Deferred Income Tax Debit	-	-	0.8	-1.2	-13.1
Trade & Other Payables	55.0	17.0	-	-	-
Trade Payable	-	-	-0.6	-59.9	1.2
Account Payable	-	-	2.3	2.0	-1.4
Advance Received	-	-	2.9	-7.9	7.0
Deposit Withheld	-	-	-0.1	-0.3	0.4
Accrued Expense	-	-	0.3	-0.8	0.1
Taxes Payable	-	-	0.0	-5.6	6.6
Currency Forwards Liablities	-	-	0.0	-0.5	-1.0
Payment-Retirement Bonus	-3.2	-2.9	-2.6	-2.2	-3.3
Retirement Pension Operating Fund	-0.2	0.0	-0.3	-0.3	-
Deposit-Retirement Insurance	-	-	0.2	0.1	0.1
Reserve-National Pension	-	-	0.0	0.0	0.1
Overseas Business Translation Debit	-	-	1.9	-6.2	-0.9
Other Financial Liabilities	-0.1	0.7	-	-	-
Other Current Liabilities	1.2	-0.2	-	-	-
Provisions	-	0.0	-	-	-
Other Non-Current Liabilities	0.5	-	-	-	-
National Pension Fund	0.0	0.0	-	-	-
Cash-Interest Received	0.9	0.1	-	-	-
Cash-Interest Paid	-8.7	-11.5	-	-	-
Cash from Operating Activities	98.7	79.1	57.7	-35.0	32.2
Decrease-Guarantee Deposit	-	-	1.5	3.0	0.5
Decrease-Security Deposit	-	-	3.7	2.1	3.0
Decrease-ST Financial Assets	-	-	-	-	0.3
Disposal of Current Financial Instrument	-	1.9	-	-	-
Disposal of Other Non-Current Finacial I	4.0	3.2	-	-	-
Disposal-Securities under Equity Method	-	-	-	5.7	1.6
Disposal-Structure	-	-	0.0	0.0	0.2
Disposal-Buildings	-	-	-	0.0	0.0
Disposal-Machinery & Equipments	-	-	0.1	0.8	8.8
Disposal-Transportation	-	-	0.0	0.0	0.1
Disposal-Construction in Progress	-	-	-	0.0	0.1
Disposal-Other Tangible Assets	-	-	0.0	0.0	0.0
Increase-Guarantee Deposit	-	-	-1.9	-1.6	-2.7
Increase-Security Deposit	-	-	-2.8	-2.6	-5.3
Increase-ST Financial Assets	-	-	-1.6	-0.2	-
Increase-Structure	-	-	-	0.0	-
Increase-Machinery & Equipment	-	-	0.0	0.0	-0.2
Increase-Transportation	-	-	0.0	0.0	-0.1
Increase-Construction Progress	-	-	-12.9	-7.6	-9.7
Increase-Machines in Transit	-	-	-1.4	-2.7	-0.7
Increase-Other Tangible Assets	-	-	-0.1	-0.1	0.0
Increase-Industrial Property Right	-	-	0.0	0.0	0.0
Increase-Software	-	-	-0.1	-0.4	0.0
Disposal of Property, Plant and Equipmen	0.1	1.8	-	-	-
Disposal of Intangible Assets	0.4	-	-	-	-
Increase in Government Subsidy	1.2	0.9	-	-	-
Increase in Non-Current Trade&Other Rece	0.6	0.5	-	-	-
Purchase of Non-Current Financial Instru	-	-0.2	-	-	-
Purchase of Other Financial Instruments	-2.8	-	-	-	-
Purchase of Property, Plant and Equipmen	-37.9	-15.6	-	-	-
Purchase of Intangible Assets	-0.8	-1.6	-	-	-
Decrease in Non-Current Trade&Other Rece	-2.2	-	-	-	-
Purchase of Other Non-Current Financial	-0.4	-0.4	-	-	-
Cash from Investing Activities	-37.6	-9.5	-15.4	-3.5	-4.2
Increase in Current Borrowings	209.7	55.0	1,105.1	2,406.9	2,103.7
Increase-LT Borrowings	-	0.2	-	1.5	-
Increase-Bond	-	-	7.6	17.3	10.7
Increase-LT Rent Guarantee Deposit	-	-	0.3	0.2	0.1
Increase-Security Deposit Received	-	-	0.7	0.6	1.2
Increase-Subsidy from Government	-	-	1.5	1.4	1.7
Decrease in Current Borrowings	-250.0	-97.1	-1,113.8	-2,317.4	-2,075.7
Decrease-LT Borrowings	-	-	-7.3	-8.7	-
Decrease in Current Portion of Long-Term	-22.2	-9.0	-1.4	-10.2	-8.6
Decrease-Current Portion of Bond	-	-	-39.2	-36.3	-48.4
Decrease Security Deposit	-	-	-0.4	-0.1	-1.8
Decrease-LT Lease Guarantee Deposit	-	0.0	-0.4	-0.2	-
Capital Increase	5.2	-	-	-	-
Cash from Financing Activities	-57.3	-50.9	-47.4	54.8	-17.0
Foreign Exchange Effects	1.3	0.2	-	-	-
Net Change in Cash	5.1	18.8	-5.1	16.3	11.0
Net Cash Beginning Balance	44.4	23.7	26.5	14.5	6.1
Cash and Cash Equivalents at End	49.4	42.5	21.5	30.8	17.2
Cash Interest Paid	8.7	11.5	-	-	-

Financial Health

Financials in: USD (mil)

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

Key Indicators USD (mil)
Â	Quarter Ending 31-Dec-2011	Quarter Ending Yr Ago	Annual Year End 31-Dec-2011	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1 (?)	348.2	-	1,506.6	23.13%	13.54%	11.95%
Research & Development1 (?)	-	-	12.2	26.97%	38.32%	23.22%
Operating Income1 (?)	13.5	-	67.5	114.29%	-	-
Income Available to Common Excl Extraord Items1 (?)	8.1	-	62.8	292.94%	-	-
Basic EPS Excl Extraord Items1 (?)	0.35	-	2.18	291.69%	-	-
Capital Expenditures2 (?)	38.6	114.76%	38.6	114.76%	53.22%	23.18%
Cash from Operating Activities2 (?)	98.7	19.66%	98.7	19.66%	-	-
Free Cash Flow (?)	57.8	-6.84%	57.8	-6.84%	-	-
Total Assets3 (?)	688.9	11.25%	688.9	11.25%	3.38%	1.80%
Total Liabilities3 (?)	473.8	1.23%	473.8	1.23%	-0.23%	0.11%
Total Long Term Debt3 (?)	0.2	-97.40%	0.2	-97.40%	-81.85%	-70.35%
Total Common Shares Outstanding3 (?)	29.3	1.74%	29.3	1.74%	-5.35%	-3.25%
1-ExchangeRate: KRW to USD Average for Period	1145.271505	Â	1107.891393	Â	Â	Â
2-ExchangeRate: KRW to USD Average for Period	1107.891393	Â	1107.891393	Â	Â	Â
3-ExchangeRate: KRW to USD Period End Date	1152.000000	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 (?)	9.78%	11.47%	9.20%	7.04%	9.65%
Operating Margin (?)	4.48%	2.58%	2.19%	-0.44%	1.88%
Pretax Margin (?)	4.00%	1.82%	0.39%	-2.49%	-4.27%
Net Profit Margin (?)	4.17%	1.31%	0.31%	-2.35%	-3.77%
Financial Strength
Current Ratio (?)	0.84	0.73	0.61	0.57	0.62
Long Term Debt/Equity (?)	0.00	0.06	0.26	0.26	0.53
Total Debt/Equity (?)	0.72	1.41	1.48	1.87	1.92
Interest Coverage (?)	-	129,320,139.74	-	-	-
Management Effectiveness
Return on Assets (?)	9.29%	2.57%	0.52%	-3.86%	-5.78%
Return on Equity (?)	32.98%	10.56%	2.17%	-17.14%	-24.94%
Efficiency
Receivables Turnover (?)	9.19	9.14	9.53	8.95	8.20
Inventory Turnover (?)	9.06	9.20	9.15	8.80	8.89
Asset Turnover (?)	2.22	1.96	1.69	1.62	1.53

Market Valuation USD (mil)
P/E (TTM) (?)	5.49	.	Enterprise Value2 (?)	460.6
Price/Sales (TTM) (?)	0.24	.	Enterprise Value/Revenue (TTM) (?)	0.32
Price/Book (MRQ) (?)	1.39	.	Enterprise Value/EBITDA (TTM) (?)	5.14
Market Cap as of 07-Dec-20121 (?)	375.6	.
1-ExchangeRate: KRW to USD on 7-Dec-2012	1083.824909
2-ExchangeRate: KRW to USD on 31-Dec-2011	1152.000000

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 (?)	0.84	0.73	0.61	0.57	0.62
Quick/Acid Test Ratio (?)	0.48	0.43	0.36	0.31	0.34
Working Capital1 (?)	-73.8	-120.9	-146.9	-163.7	-179.8
Long Term Debt/Equity (?)	0.00	0.06	0.26	0.26	0.53
Total Debt/Equity (?)	0.72	1.41	1.48	1.87	1.92
Long Term Debt/Total Capital (?)	0.00	0.02	0.11	0.09	0.18
Total Debt/Total Capital (?)	0.42	0.58	0.60	0.65	0.66
Interest Coverage (?)	-	129,320,139.74	-	-	-
Payout Ratio (?)	0.00%	0.00%	0.00%	0.00%	0.00%
Effective Tax Rate (?)	-4.89%	28.06%	21.87%	-	-
Total Capital1 (?)	369.2	369.4	342.7	385.0	449.5
Efficiency
Asset Turnover (?)	2.22	1.96	1.69	1.62	1.53
Inventory Turnover (?)	9.06	9.20	9.15	8.80	8.89
Days In Inventory (?)	40.29	39.67	39.87	41.46	41.05
Receivables Turnover (?)	9.19	9.14	9.53	8.95	8.20
Days Receivables Outstanding (?)	39.71	39.95	38.30	40.80	44.53
Revenue/Employee2 (?)	-	-	-	1,068,970	1,369,101
Operating Income/Employee2 (?)	-	-	-	-4,739	25,671
EBITDA/Employee2 (?)	-	-	-	40,772	99,091
Profitability
Gross Margin (?)	9.78%	11.47%	9.20%	7.04%	9.65%
Operating Margin (?)	4.48%	2.58%	2.19%	-0.44%	1.88%
EBITDA Margin (?)	6.30%	5.80%	6.05%	3.81%	7.24%
EBIT Margin (?)	4.48%	2.58%	2.19%	-0.44%	1.88%
Pretax Margin (?)	4.00%	1.82%	0.39%	-2.49%	-4.27%
Net Profit Margin (?)	4.17%	1.31%	0.31%	-2.35%	-3.77%
R&D Expense/Revenue (?)	0.81%	0.78%	0.50%	0.45%	0.38%
COGS/Revenue (?)	90.22%	88.53%	90.80%	92.96%	90.35%
SG&A Expense/Revenue (?)	4.64%	6.85%	6.46%	6.97%	7.33%
Management Effectiveness
Return on Assets (?)	9.29%	2.57%	0.52%	-3.86%	-5.78%
Return on Equity (?)	32.98%	10.56%	2.17%	-17.14%	-24.94%
Valuation
Free Cash Flow/Share2 (?)	1.98	2.19	1.37	-1.16	0.62
Operating Cash Flow/Share 2 (?)	3.25	2.80	1.83	-0.89	0.93
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) (?)	6.48
Market Cap/Equity (MRQ) (?)	1.64
Market Cap/Revenue (TTM) (?)	0.24
Market Cap/EBIT (TTM) (?)	5.44
Market Cap/EBITDA (TTM) (?)	3.87
Enterprise Value/Earnings (TTM) (?)	8.44
Enterprise Value/Equity (MRQ) (?)	2.14
Enterprise Value/Revenue (TTM) (?)	0.32
Enterprise Value/EBIT (TTM) (?)	7.09
Enterprise Value/EBITDA (TTM) (?)	5.04

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.84
UK Pound	1	Rs.88.55
Euro	1	Rs.72.63

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%)

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.