MIRA INFORM REPORT

 

 

Report Date :

10.07.2012

 

IDENTIFICATION DETAILS

 

Name :

HWANG-KUM STEEL & TECHNOLOGY CO., LTD.

 

 

Registered Office :

717-4, Seonggok-Dong, Danwon-Gu, Ansan, 425836

 

 

Country :

South Korea

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

25.08.1986

 

 

Legal Form :

Public Independent Company

 

 

Line of Business :

manufacturing and wholesale of stainless steel products

 

 

No. of Employees :

125

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

Litigation :

Clear

NOTES:

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

 

ECGC Country Risk Classification List – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

South Korea

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name & address 

 

Hwang-Kum Steel & Technology Co., Ltd.

717-4, Seonggok-Dong

Danwon-Gu

Ansan, 425836

Korea, Republic of

Tel:       82-2-8509700

Fax:      82-2-8509760

Web:    www.hwangkum.com

 

 

synthesis 

 

Employees:                  125

Company Type:            Public Independent

Traded:                         Korea Stock Exchange:  032560

Incorporation Date:         25-Aug-1986

Auditor:                         Charm Accounting Corp.

Financials in:                 USD (Millions)

Fiscal Year End:            31-Dec-2011

Reporting Currency:       South Korean Won

Annual Sales:               193.5  1

Net Income:                  8.2

Total Assets:                223.7  2

Market Value:                46.2 (29-Jun-2012)

 

 

Business Description     

 

Hwang Kum Steel & Technology Co., Ltd is a Korean company engaged in the manufacturing and wholesale of stainless steel products. The Company mainly produces hot-rolled stainless and cold-rolled stainless steel products used in automobile, shipbuilding, machinery, home appliance and construction sectors. The Company distributes its products in both the domestic and overseas markets. As of December 31, 2010, the Company had four affiliated companies. For the fiscal year ended 31 December 2010, Hwangkum Steel& Technology Co., Ltd's revenues increased 28% to W186.06B. The Company's net income decreased 9% to W14.38B. Revenues reflect increased income from pipe wholesale in domestic market. Net income was offset by decreased interest income, decreased gain on foreign exchange transaction as well as decreased gain on foreign currency translation.

 

Industry             

Industry            Construction - Supplies and Fixtures

ANZSIC 2006:    2110 - Iron Smelting and Steel Manufacturing

NACE 2002:      2732 - Cold rolling of narrow strip

NAICS 2002:     331221 - Rolled Steel Shape Manufacturing

UK SIC 2003:    2732 - Cold rolling of narrow strip

US SIC 1987:    3316 - Cold-Rolled Steel Sheet, Strip, and Bars

 

Key Executives   

 

Name

Title

Jong Hyeon Kim

Chairman of the Board, Chief Executive Officer

Hwa Seop Kim

Internal Auditor

Wu Seung Kim

Auditor

Jong Wuk Kim

Head of Manufacturing

Jong Sik Kim

Managing Director

 

 

Significant Developments  

 

 

Topic

#*

Most Recent Headline

Date

Dividends

1

Hwang-Kum Steel & Technology Co Ltd Declares FY 2011 Cash Dividend

8-Dec-2011

 

* number of significant developments within the last 12 months                                              

 

 

Financial Summary

             

 

As of 31-Mar-2012

Key Ratios

Company

Industry

Current Ratio (MRQ)

1.54

2.95

Quick Ratio (MRQ)

0.74

1.63

Debt to Equity (MRQ)

0.49

0.67

Sales 5 Year Growth

10.43

8.01

Net Profit Margin (TTM) %

2.20

0.49

Return on Assets (TTM) %

1.76

0.76

Return on Equity (TTM) %

2.99

-0.76

 

 

Stock Snapshot    

 

 

Traded: Korea Stock Exchange: 032560

 

As of 29-Jun-2012

   Financials in: KRW

Recent Price

3,820.00

 

EPS

660.74

52 Week High

6,880.64

 

Price/Sales

0.25

52 Week Low

3,475.00

 

Dividend Rate

100.00

Avg. Volume (mil)

0.03

 

Price/Earnings

13.61

Market Value (mil)

53,480.54

 

Price/Book

0.35

 

 

 

Beta

1.34

 

Price % Change

Rel S&P 500%

4 Week

3.10%

2.02%

13 Week

-12.59%

-5.04%

52 Week

-39.59%

-31.55%

Year to Date

-15.11%

-16.41%

 

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

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

 

 

Corporate Overview

 

Location

717-4, Seonggok-Dong

Danwon-Gu

Ansan, 425836

Korea, Republic of

Tel:       82-2-8509700

Fax:      82-2-8509760

Web:    www.hwangkum.com

           

Quote Symbol - Exchange

032560 - Korea Stock Exchange

Sales KRW(mil):            214,382.4

Assets KRW(mil):          257,748.6

Employees:                   125

Fiscal Year End:            31-Dec-2011

Industry:                        Construction - Supplies and Fixtures

Incorporation Date:         25-Aug-1986

Company Type              Public Independent

Quoted Status:              Quoted

Chairman of the Board,

Chief Executive Officer:   Jong Hyeon Kim

 

Company Web Links

Home Page

 

Contents

Industry Codes

Business Description

Financial Data

Market Data

Key Corporate Relationships

 

Industry Codes

 

ANZSIC 2006 Codes:

2110     -          Iron Smelting and Steel Manufacturing

 

NACE 2002 Codes:

2732     -          Cold rolling of narrow strip

2710     -          Manufacture of basic iron and steel and of ferro-alloys

 

NAICS 2002 Codes:

331221  -          Rolled Steel Shape Manufacturing

331111  -          Iron and Steel Mills

 

US SIC 1987:

3316     -          Cold-Rolled Steel Sheet, Strip, and Bars

3312     -          Steel Works, Blast Furnaces (Including Coke Ovens), and Rolling Mills

 

UK SIC 2003:

2710     -          Manufacture of basic iron and steel and of ferro-alloys

2732     -          Cold rolling of narrow strip

 

Business Description

Hwang Kum Steel & Technology Co., Ltd is a Korean company engaged in the manufacturing and wholesale of stainless steel products. The Company mainly produces hot-rolled stainless and cold-rolled stainless steel products used in automobile, shipbuilding, machinery, home appliance and construction sectors. The Company distributes its products in both the domestic and overseas markets. As of December 31, 2010, the Company had four affiliated companies. For the fiscal year ended 31 December 2010, Hwangkum Steel& Technology Co., Ltd's revenues increased 28% to W186.06B. The Company's net income decreased 9% to W14.38B. Revenues reflect increased income from pipe wholesale in domestic market. Net income was offset by decreased interest income, decreased gain on foreign exchange transaction as well as decreased gain on foreign currency translation.

 

More Business Descriptions

·         Manufacture of and wholesale trade in stainless steel products

Iron and Steel Mills and Ferroalloy Manufacturing

 

Financial Data

Financials in:

KRW(mil)

 

Revenue:

214,382.4

Net Income:

9,080.3

Assets:

257,748.6

Long Term Debt:

0.0

 

Total Liabilities:

106,059.0

 

Working Capital:

43.9

 

 

 

Date of Financial Data:

31-Dec-2011

 

1 Year Growth

15.2%

-37.3%

2.5%

Market Data

Quote Symbol:

032560

Exchange:

Korea Stock Exchange

Currency:

KRW

Stock Price:

3,820.0

Stock Price Date:

06-29-2012

52 Week Price Change %:

-39.6

Market Value (mil):

53,480,540.0

 

SEDOL:

6167299

ISIN:

KR7032560005

 

Equity and Dept Distribution:

06/03, 0.052% stock dividend. FY'98 -'02, financials are non consolidated.v06/01, rights issue(factor:1.052335). 08/01, scrip issue (factor:1.10502). 01/00, scrip issue (factor:1.4379) 10/99, 10-for-1 stock split. 12/07, 4% stock dividend. 10/2009, Name corrected from Hang-Kum Steel & Tech nology Co Ltd. 02/10, scrip issue (factor: 1.200037).

 

 

Key Corporate Relationships

Auditor:

Charm Accounting Corp.

 

Auditor:

Ernst & Young LLP, Charm Accounting Corp.

 

 

 

 

 

 

 

 

Executive report

 

Board of Directors

 

Name

Title

Function

 

Jong Hyeon Kim

 

Chairman of the Board, Chief Executive Officer

Chairman

 

Biography:

Kim Jong Hyeon is Chairman of the Board and Chief Executive Officer of Hwang-Kum Steel & Technology Co Ltd. Kim is also Chairman of eSANGNetworks Co., Ltd. Kim holds a Doctorate's degree in Mechanical Manufacturing from Georgia Tech University, the United States.

 

Age: 50

 

Education:

Georgia Tech University, DS (Mechanical Engineering)

 

Sung Joo Kim

 

Chairman

Chairman

 

 

Jong Sik Kim

 

Managing Director

Director/Board Member

 

 

Biography:

Kim Jong Sik has been Managing Director of Hwang-Kum Steel & Technology Co Ltd. since March 20, 2009. Kim is also Chief Executive Officer in an investment company. Kim was Vice President of SMI and Chief Executive Officer of ENOJAIN CO.,LTD. Kim holds a Doctorate's degree in Electronics Engineering from Seoul National University, Korea.

 

Age: 48

 

Education:

Seoul National University, PHD (Electronics Engineering)

 

Jeong Chan Lee

 

Managing Director

Director/Board Member

 

 

Biography:

Lee Jeong Chan is Managing Director of Hwang-Kum Steel & Technology Co Ltd. Lee was Assistant Managing Director of the Company. Lee holds a Bachelor's degree in Business Administration from Inha University, Korea.

 

Age: 50

 

Education:

Inha University, B (Business Administration)

 

Jae San Nam

 

Director

Director/Board Member

 

 

Age: 42

 

Education:

Dong-A University, M (Mechanical Engineering)

 

Sang Hyeon Nam

 

Non-Executive Independent Director

Director/Board Member

 

 

Biography:

Nam Sang Hyeon is Non-Executive Independent Director of Hwang-Kum Steel & Technology Co Ltd. Nam is a Certified Tax Agent. Nam holds a Master's degree in Economics from Korea University.

 

Age: 56

 

Education:

Korea University, M (Economics)

 

Guk Hwan Yang

 

Non-Executive Independent Director

Director/Board Member

 

 

Biography:

Yang Guk Hwan has been Non-Executive Independent Director of Hwang-Kum Steel & Technology Co Ltd. since March 21, 2008. Yang is currently Chief Executive Officer of ASIAN LUX CO., LTD. Yang holds a Bachelor's degree from Sangji University, Korea.

 

Age: 60

 

Education:

Sangji University, B 

 

 

Executives

 

Name

Title

Function

 

Jong Hyeon Kim

 

Chairman of the Board, Chief Executive Officer

Chief Executive Officer

 

Biography:

Kim Jong Hyeon is Chairman of the Board and Chief Executive Officer of Hwang-Kum Steel & Technology Co Ltd. Kim is also Chairman of eSANGNetworks Co., Ltd. Kim holds a Doctorate's degree in Mechanical Manufacturing from Georgia Tech University, the United States.

 

Age: 50

 

Education:

Georgia Tech University, DS (Mechanical Engineering)

 

Sang Hyun Kim

 

Manager-Steel

Division Head Executive

 

 

Jong Sik Kim

 

Managing Director

Managing Director

 

 

Biography:

Kim Jong Sik has been Managing Director of Hwang-Kum Steel & Technology Co Ltd. since March 20, 2009. Kim is also Chief Executive Officer in an investment company. Kim was Vice President of SMI and Chief Executive Officer of ENOJAIN CO.,LTD. Kim holds a Doctorate's degree in Electronics Engineering from Seoul National University, Korea.

 

Age: 48

 

Education:

Seoul National University, PHD (Electronics Engineering)

 

Jeong Chan Lee

 

Managing Director

Managing Director

 

 

Biography:

Lee Jeong Chan is Managing Director of Hwang-Kum Steel & Technology Co Ltd. Lee was Assistant Managing Director of the Company. Lee holds a Bachelor's degree in Business Administration from Inha University, Korea.

 

Age: 50

 

Education:

Inha University, B (Business Administration)

 

Yong Seok Song

 

Assistant Managing Director

Managing Director

 

 

Age: 47

 

Education:

Hanyang University, B 

 

Wu Seung Kim

 

Auditor

Finance Executive

 

 

Yeong Seong Kim

 

Internal Auditor

Accounting Executive

 

 

Biography:

Kim Yeong Seong has been Internal Auditor of Hwang-Kum Steel & Technology Co Ltd. since June 24, 2009. Currently, Kim is also serving as Internal Auditor at GOODSTEELPARTNERS CO. Ltd. Previously, Kim served as a research fellow at a research center of Seoul National University, Korea. Kim received a Master's degree in Metallurgical Engineering from Seoul National University, Korea.

 

Age: 42

 

Education:

Seoul National University, M (Metallurgical Engineering)

 

Hwa Seop Kim

 

Internal Auditor

Accounting Executive

 

 

Biography:

Kim Hwa Seop has been Internal Auditor of Hwang-Kum Steel & Technology Co Ltd. since March 22, 2012. Kim holds a Bachelor's degree in Law from KOREA NATIONAL POLICE UNIVERSITY, Korea. Kim was Adjunct Professor at Seowon University, Korea.

 

Education:

KOREA NATIONAL POLICE UNIVERSITY, B (Law)

 

Jong Wuk Kim

 

Head of Manufacturing

Manufacturing Executive

 

 

 

 

Significant Developments

 

Hwang-Kum Steel & Technology Co Ltd Declares FY 2011 Cash Dividend Dec 08, 2011

 

Hwang-Kum Steel & Technology Co Ltd announced that it has declared its fiscal year 2011 annual cash dividend of KRW 100 per share of common stock to shareholders of record on December 31, 2011. The total cash dividend amount is KRW 1,299,813,900. The Company had declared its fiscal year 2010 annual cash dividend of KRW 100 per share of common stock.

 

 

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

Charm Accounting Corp.

Charm Accounting Corp.

Charm Accounting Corp.

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

193.5

160.9

113.3

141.2

143.6

Revenue

193.5

160.9

113.3

141.2

143.6

    Other Revenue

-

-

0.3

-

-

Other Revenue, Total

-

-

0.3

-

-

Total Revenue

193.5

160.9

113.6

141.2

143.6

 

 

 

 

 

 

    Cost of Revenue

175.7

140.4

98.6

129.1

120.8

Cost of Revenue, Total

175.7

140.4

98.6

129.1

120.8

Gross Profit

17.8

20.5

14.7

12.1

22.8

 

 

 

 

 

 

    Selling/General/Administrative Expense

2.7

2.3

2.0

2.1

1.7

    Labor & Related Expense

3.0

2.7

2.1

2.1

2.3

    Advertising Expense

0.0

0.0

0.0

0.1

0.0

Total Selling/General/Administrative Expenses

5.7

5.0

4.2

4.3

4.0

Research & Development

0.2

0.3

0.1

0.1

0.1

    Depreciation

0.4

0.3

0.2

0.2

0.2

    Amortization of Intangibles

0.0

0.0

0.3

0.0

0.0

Depreciation/Amortization

0.4

0.3

0.4

0.2

0.3

Total Operating Expense

182.1

145.9

103.4

133.7

125.2

 

 

 

 

 

 

Operating Income

11.4

15.0

10.3

7.4

18.4

 

 

 

 

 

 

        Interest Expense - Non-Operating

-0.9

-1.3

-2.1

-1.5

-1.2

    Interest Expense, Net Non-Operating

-0.9

-1.3

-2.1

-1.5

-1.2

        Interest Income - Non-Operating

0.4

0.8

1.1

1.0

0.6

        Investment Income - Non-Operating

0.4

3.1

5.7

-5.7

1.3

    Interest/Investment Income - Non-Operating

0.8

3.9

6.8

-4.7

1.9

    Interest Income (Expense) - Net Non-Operating

0.0

-

-

-

-

Interest Income (Expense) - Net Non-Operating Total

-0.1

2.6

4.7

-6.2

0.7

Gain (Loss) on Sale of Assets

-0.2

0.0

0.0

0.0

0.0

    Other Non-Operating Income (Expense)

-0.1

-0.5

-0.1

0.1

-0.9

Other, Net

-0.1

-0.5

-0.1

0.1

-0.9

Income Before Tax

11.0

17.1

14.9

1.3

18.3

 

 

 

 

 

 

Total Income Tax

2.7

3.9

2.5

0.1

2.7

Income After Tax

8.4

13.2

12.4

1.2

15.5

 

 

 

 

 

 

    Minority Interest

-0.2

-0.7

0.0

-

-

Net Income Before Extraord Items

8.2

12.5

12.4

1.2

15.5

Net Income

8.2

12.5

12.4

1.2

15.5

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

8.2

12.5

12.4

1.2

15.5

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

8.2

12.5

12.4

1.2

15.5

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

14.0

13.0

12.9

12.9

12.4

Basic EPS Excl Extraord Items

0.59

0.96

0.96

0.10

1.25

Basic/Primary EPS Incl Extraord Items

0.59

0.96

0.96

0.10

1.25

Dilution Adjustment

0.0

0.0

0.0

0.0

-

Diluted Net Income

8.2

12.5

12.4

1.2

15.5

Diluted Weighted Average Shares

14.0

13.0

12.9

12.9

12.4

Diluted EPS Excl Extraord Items

0.59

0.96

0.96

0.10

1.25

Diluted EPS Incl Extraord Items

0.59

0.96

0.96

0.10

1.25

Dividends per Share - Common Stock Primary Issue

0.08

0.08

0.07

0.04

0.08

Gross Dividends - Common Stock

1.2

1.0

0.8

0.5

1.2

Interest Expense, Supplemental

0.9

1.3

2.1

1.5

1.2

Interest Capitalized, Supplemental

-0.1

-

-

-

-

Depreciation, Supplemental

3.0

2.2

1.7

1.4

1.4

Total Special Items

0.2

0.0

0.2

0.0

0.0

Normalized Income Before Tax

11.2

17.1

15.1

1.3

18.3

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.0

0.0

0.0

0.0

0.0

Inc Tax Ex Impact of Sp Items

2.7

3.9

2.5

0.1

2.7

Normalized Income After Tax

8.5

13.2

12.7

1.2

15.5

 

 

 

 

 

 

Normalized Inc. Avail to Com.

8.3

12.5

12.6

1.2

15.5

 

 

 

 

 

 

Basic Normalized EPS

0.60

0.96

0.98

0.10

1.25

Diluted Normalized EPS

0.60

0.96

0.98

0.10

1.25

Amort of Acquisition Costs, Supplemental

-

-

0.2

-

-

Amort of Intangibles, Supplemental

0.0

0.0

0.0

0.1

0.1

Rental Expenses

0.1

0.0

0.0

-

-

Advertising Expense, Supplemental

0.0

0.0

0.0

0.1

0.0

Research & Development Exp, Supplemental

0.2

0.3

0.1

0.1

0.1

Normalized EBIT

11.4

15.0

10.3

7.4

18.4

Normalized EBITDA

14.4

17.2

12.3

8.9

19.9

 

 

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

Charm Accounting Corp.

Charm Accounting Corp.

Charm Accounting Corp.

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

22.8

18.9

7.3

16.6

14.9

    Short Term Investments

1.7

9.7

23.5

13.0

0.0

Cash and Short Term Investments

24.5

28.6

30.8

29.7

15.0

        Accounts Receivable - Trade, Gross

42.5

41.5

22.6

20.7

25.6

        Provision for Doubtful Accounts

-0.7

-0.7

-1.8

-0.7

-0.5

    Trade Accounts Receivable - Net

41.8

40.8

21.0

20.3

25.1

    Other Receivables

0.1

0.1

2.7

0.1

0.0

Total Receivables, Net

41.9

40.9

23.7

20.4

25.1

    Inventories - Finished Goods

27.8

21.3

15.9

11.5

13.5

    Inventories - Work In Progress

2.1

2.0

1.6

-

-

    Inventories - Raw Materials

22.4

26.9

20.3

12.4

27.3

    Inventories - Other

3.7

2.2

0.1

0.0

0.1

Total Inventory

56.0

52.3

38.0

23.9

40.8

Prepaid Expenses

0.0

0.0

0.7

0.0

0.0

    Deferred Income Tax - Current Asset

-

-

-

0.3

0.0

    Other Current Assets

0.0

0.3

0.0

-

-

Other Current Assets, Total

0.0

0.3

0.0

0.3

0.0

Total Current Assets

122.4

122.1

93.1

74.3

81.0

 

 

 

 

 

 

        Buildings

15.6

15.5

14.8

7.0

9.1

        Land/Improvements

46.6

46.6

15.1

9.5

12.0

        Machinery/Equipment

24.4

19.0

16.6

11.5

12.1

        Construction in Progress

7.0

8.4

4.1

2.0

2.0

        Other Property/Plant/Equipment

0.0

-

-

-

-

    Property/Plant/Equipment - Gross

93.5

89.5

50.5

30.0

35.2

    Accumulated Depreciation

-11.8

-9.4

-7.0

-5.1

-5.2

Property/Plant/Equipment - Net

81.6

80.1

43.5

24.9

30.0

Goodwill, Net

-

-

0.1

-

-

Intangibles, Net

0.0

0.0

0.0

0.1

0.1

    LT Investment - Affiliate Companies

16.0

15.6

-

9.0

-

    LT Investments - Other

3.2

3.2

3.4

0.9

1.5

Long Term Investments

19.1

18.8

3.4

9.8

1.5

Note Receivable - Long Term

-

0.1

0.0

0.0

-

    Deferred Income Tax - Long Term Asset

-

-

13.9

-

10.7

    Other Long Term Assets

0.6

0.4

0.4

0.4

0.3

Other Long Term Assets, Total

0.6

0.4

14.3

0.4

11.0

Total Assets

223.7

221.6

154.5

109.5

123.6

 

 

 

 

 

 

Accounts Payable

7.4

9.1

5.2

3.4

9.6

Accrued Expenses

0.4

0.5

2.1

0.2

1.5

Notes Payable/Short Term Debt

67.0

65.7

53.5

32.8

14.1

Current Portion - Long Term Debt/Capital Leases

-

-

-

-

2.0

    Customer Advances

0.1

0.3

0.1

0.0

0.1

    Security Deposits

0.2

0.2

0.2

0.2

0.2

    Income Taxes Payable

0.6

3.0

-

-

-

    Other Payables

1.7

1.8

0.3

2.8

2.1

    Deferred Income Tax - Current Liability

-

-

0.2

-

-

    Other Current Liabilities

0.2

0.2

0.1

0.0

0.0

Other Current liabilities, Total

2.7

5.5

0.8

3.0

2.4

Total Current Liabilities

77.5

80.9

61.6

39.4

29.6

 

 

 

 

 

 

Total Long Term Debt

0.0

0.0

0.0

0.0

0.0

Total Debt

67.0

65.7

53.5

32.8

16.1

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

8.3

8.4

1.3

1.0

1.5

Deferred Income Tax

8.3

8.4

1.3

1.0

1.5

Minority Interest

6.3

5.5

3.7

-

-

    Pension Benefits - Underfunded

0.0

0.0

0.0

0.0

0.0

    Other Long Term Liabilities

-

-

-

-

0.2

Other Liabilities, Total

0.0

0.0

0.0

0.0

0.2

Total Liabilities

92.1

94.9

66.6

40.4

31.3

 

 

 

 

 

 

    Common Stock

5.6

5.3

4.3

4.0

5.1

Common Stock

5.6

5.3

4.3

4.0

5.1

Additional Paid-In Capital

4.2

4.2

5.0

4.6

6.2

Retained Earnings (Accumulated Deficit)

121.9

117.2

77.5

59.5

79.8

Treasury Stock - Common

0.0

0.0

0.0

0.0

-

Unrealized Gain (Loss)

-

-

1.2

1.1

1.1

Total Equity

131.7

126.7

87.9

69.1

92.3

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

223.7

221.6

154.5

109.5

123.6

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

14.0

12.9

12.9

12.9

12.4

Total Common Shares Outstanding

14.0

12.9

12.9

12.9

12.4

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

0.0

Employees

118

-

107

103

86

Number of Common Shareholders

-

-

-

3,906

4,481

Accumulated Goodwill Amortization Suppl.

-

-

0.2

-

-

Accumulated Intangible Amort, Suppl.

0.0

0.0

0.3

-

-

Deferred Revenue - Current

0.1

0.3

0.1

0.0

0.1

Total Long Term Debt, Supplemental

-

-

-

-

4.0

Long Term Debt Maturing within 1 Year

-

-

-

-

2.0

Long Term Debt Maturing in Year 2

-

-

-

-

2.0

Long Term Debt Maturing in 2-3 Years

-

-

-

-

2.0

Long Term Debt Matur. in Year 6 & Beyond

-

-

-

-

0.0

 

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Reclassified Normal 
31-Dec-2011

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

Charm Accounting Corp.

Charm Accounting Corp.

Charm Accounting Corp.

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

8.2

12.5

12.4

1.2

15.5

    Depreciation

3.0

2.2

1.7

1.4

1.4

Depreciation/Depletion

3.0

2.2

1.7

1.4

1.4

    Amortization of Intangibles

0.0

0.0

0.3

0.1

0.1

Amortization

0.0

0.0

0.3

0.1

0.1

Deferred Taxes

-

-

0.6

-0.4

-0.1

    Unusual Items

0.2

0.0

-0.4

0.2

0.0

    Equity in Net Earnings (Loss)

-1.0

-1.3

-0.7

-0.8

-1.3

    Other Non-Cash Items

5.0

4.3

-0.7

3.0

0.5

Non-Cash Items

4.3

3.0

-1.8

2.4

-0.8

    Accounts Receivable

-1.7

-18.9

-1.0

-2.2

1.4

    Inventories

-4.7

-13.2

-11.0

7.4

-8.7

    Prepaid Expenses

-

-

-0.5

-0.1

0.0

    Other Assets

0.2

3.6

-

-

-

    Accounts Payable

-1.7

3.7

-1.0

-2.9

0.4

    Accrued Expenses

-

-

0.2

0.2

-0.1

    Taxes Payable

-

-

1.5

-1.2

-0.4

    Other Liabilities

-0.8

1.1

-0.5

-0.4

-1.6

    Other Operating Cash Flow

-5.3

-3.0

-

-

-

Changes in Working Capital

-13.9

-26.5

-12.4

0.7

-9.0

Cash from Operating Activities

1.5

-8.8

1.0

5.4

7.1

 

 

 

 

 

 

    Purchase of Fixed Assets

-7.0

-6.5

-3.5

-4.4

-3.1

    Purchase/Acquisition of Intangibles

0.0

0.0

0.0

-0.1

-

Capital Expenditures

-7.0

-6.5

-3.5

-4.5

-3.1

    Sale of Fixed Assets

1.0

0.0

0.1

0.1

0.1

    Sale/Maturity of Investment

8.2

14.3

1.6

11.1

13.0

    Purchase of Investments

0.0

-

-20.4

-25.9

-7.9

    Other Investing Cash Flow

0.0

0.0

0.0

-0.3

-0.1

Other Investing Cash Flow Items, Total

9.2

14.3

-18.7

-15.1

5.1

Cash from Investing Activities

2.2

7.8

-22.2

-19.6

2.0

 

 

 

 

 

 

    Other Financing Cash Flow

0.9

1.8

0.0

-

-

Financing Cash Flow Items

0.9

1.8

0.0

-

-

Total Cash Dividends Paid

-1.1

-0.9

-0.4

-0.9

-2.1

        Repurchase/Retirement of Common

-

-

-

0.0

-

    Common Stock, Net

-

-

-

0.0

-

Issuance (Retirement) of Stock, Net

-

-

-

0.0

-

        Short Term Debt Issued

145.6

19.7

11.9

73.0

57.7

        Short Term Debt Reduction

-144.7

-8.4

-

-49.9

-60.5

    Short Term Debt, Net

0.9

11.3

11.9

23.2

-2.7

        Long Term Debt Reduction

-

-

-

-1.7

-1.0

    Long Term Debt, Net

-

-

-

-1.7

-1.0

Issuance (Retirement) of Debt, Net

0.9

11.3

11.9

21.4

-3.7

Cash from Financing Activities

0.7

12.2

11.5

20.6

-5.8

 

 

 

 

 

 

Foreign Exchange Effects

-0.1

0.0

-

-

-

Net Change in Cash

4.3

11.2

-9.7

6.4

3.3

 

 

 

 

 

 

Net Cash - Beginning Balance

19.4

7.4

16.4

12.7

11.7

Net Cash - Ending Balance

23.7

18.6

6.7

19.0

15.0

Cash Interest Paid

1.0

1.4

-

-

-

Cash Taxes Paid

5.1

2.4

-

-

-

 

 

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

Charm Accounting Corp.

Charm Accounting Corp.

Charm Accounting Corp.

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Finished Products

-

-

85.4

114.2

124.8

    Merchandise Revenues

-

-

25.2

27.0

18.8

    Revenue from Manufacturing

-

-

2.7

-

-

    Other Revenue

-

-

0.3

-

-

    Rental Revenues

-

-

-

0.0

0.0

    Sales Revenue

193.5

160.9

-

-

-

Total Revenue

193.5

160.9

113.6

141.2

143.6

 

 

 

 

 

 

    Costs of Goods and Services Sold

175.7

140.4

-

-

-

    Cost of Finish. Good

-

-

74.1

104.1

104.8

    Cost-Merchandise

-

-

22.3

25.0

16.0

    Cost-Manufacturing

-

-

2.2

-

-

    Salaries and Wages

2.5

2.2

1.8

1.8

2.0

    Retirement & Severance Benefits

0.2

0.2

0.1

0.1

0.1

    Employee Benefits

0.4

0.3

0.2

0.2

0.2

    Travel Expenses

0.1

0.2

0.1

0.1

0.1

    Taxes and Dues

0.1

0.1

0.1

0.1

0.1

    Communication Expenses

0.1

0.1

0.1

0.1

0.1

    Utility Expenses

0.0

0.0

0.0

0.1

0.1

    Education & Training

0.0

0.0

0.0

0.0

0.0

    Packaging Expense

-

-

0.1

-

-

    Depreciation

0.4

0.3

0.2

0.2

0.2

    Insurance Expenses

0.0

0.0

0.0

0.0

0.0

    Repair Expenses

0.0

0.0

0.0

0.0

0.0

    Advertising Expenses

0.0

0.0

0.0

0.1

0.0

    Commissions

0.4

0.4

0.4

0.4

0.5

    Publication Expenses

0.0

0.0

0.0

0.0

0.0

    Entertainment

0.1

0.0

0.0

0.0

0.0

    Consumable Expense

0.0

0.1

0.1

0.1

0.0

    Vehicle Expense

0.2

0.2

0.2

0.2

0.2

    Shipping/Handling

1.5

1.0

0.7

0.7

0.3

    Other Exporting Related Expense

0.0

-

0.0

0.0

0.0

    Development Costs

0.2

0.3

0.1

0.1

0.1

    Expenses of Allowance for Doubtful Accou

-

0.1

0.2

0.4

0.2

    Amortization of Intangible Assets

0.0

0.0

0.3

0.0

0.0

    Rent

0.1

0.0

0.0

-

-

    Adjustment for Selling and Administrativ

0.0

0.0

-

-

-

Total Operating Expense

182.1

145.9

103.4

133.7

125.2

 

 

 

 

 

 

    Interest Income

0.4

0.8

1.1

1.0

0.6

    Gain-Disposal of Equity Method Sec.

-

-

-

0.3

-

    Gain-Currency Forwards Transactions

-

-

-

1.2

-

    Gain on Foreign Currency Transactions

3.6

4.0

8.4

2.1

0.6

    Dividend Income

0.1

-

-

-

-

    Gain on Derivatives Transaction

1.0

1.1

0.2

-

-

    Gain-Disposal of Sec. Available-Sale

-

-

0.4

-

-

    Gain on Foreign Currency Translations

0.0

0.6

1.2

1.2

0.0

    Gain-Disposal of Other Investment Assets

-

-

0.2

-

-

    G-Currency Futr Valu

-

-

-

-

0.1

    G-Currency Swap Valu

-

-

-

-

0.1

    Gain on Disposal of Property, Plant and

0.2

0.0

0.0

0.0

0.0

    Miscellaneous Income

0.3

0.2

0.2

0.2

0.0

    Recovery of Allowance for Doubtful Accou

0.1

-

-

-

-

    Gain-Valuation of Derivatives

-

-

0.0

-

-

    Interest Expenses

-0.9

-1.3

-2.1

-1.5

-1.2

    Loss-Disposal of Equity Method Sec.

-

-

-0.1

0.0

-

    Loss on Foreign Currency Transactions

-2.7

-2.9

-

0.0

-

    L-For Curr Transactn

-

-

-4.4

-7.2

-0.6

    Loss on Foreign Currency Translations

-1.5

0.0

-0.2

-3.6

-0.1

    Loss-Reduction of Intangible Assets

-

-

-0.1

-

-

    Loss on Disposal of Property, Plant and

-0.4

-

-

0.0

-

    Loss on Derivative Transaction

-1.0

-1.0

-0.7

-

-

    Donations Paid

-0.4

-0.7

-0.2

-0.1

-0.9

    Loss-Valuation of Currency Forwards

-

-

-

-

0.0

    L-ST Securities Available for Sale

-

-

-

-0.5

0.0

    Miscellaneous Loss

-0.1

0.0

0.0

0.0

0.0

    Gain under Equity Method

-

-

0.7

0.8

1.3

    Gain/Loss on Investments in Affiliates

1.0

1.3

-

-

-

    Adjustment for Finance Income

-

0.0

-

-

-

    Adjustment for Finance Expense

0.0

0.0

-

-

-

    Adjustment for Other Non-Operating Incom

0.0

0.0

-

-

-

    Adjustment for Other Non-Operating Expen

0.0

-

-

-

-

Net Income Before Taxes

11.0

17.1

14.9

1.3

18.3

 

 

 

 

 

 

Provision for Income Taxes

2.7

3.9

2.5

0.1

2.7

Net Income After Taxes

8.4

13.2

12.4

1.2

15.5

 

 

 

 

 

 

    Minority Interest

-0.2

-0.7

0.0

-

-

Net Income Before Extra. Items

8.2

12.5

12.4

1.2

15.5

Net Income

8.2

12.5

12.4

1.2

15.5

 

 

 

 

 

 

Income Available to Com Excl E

8.2

12.5

12.4

1.2

15.5

 

 

 

 

 

 

Income Available to Com Incl E

8.2

12.5

12.4

1.2

15.5

 

 

 

 

 

 

Basic Weighted Average Shares

14.0

13.0

12.9

12.9

12.4

Basic EPS Excluding ExtraOrdin

0.59

0.96

0.96

0.10

1.25

Basic EPS Including ExtraOrdin

0.59

0.96

0.96

0.10

1.25

Dilution Adjustment

0.0

0.0

0.0

0.0

-

Diluted Net Income

8.2

12.5

12.4

1.2

15.5

Diluted Weighted Average Share

14.0

13.0

12.9

12.9

12.4

Diluted EPS Excluding ExtraOrd

0.59

0.96

0.96

0.10

1.25

Diluted EPS Including ExtraOrd

0.59

0.96

0.96

0.10

1.25

DPS-Ordinary Shares

0.08

0.08

0.07

0.04

0.08

Gross Dividends - Common Stock

1.2

1.0

0.8

0.5

1.2

Normalized Income Before Taxes

11.2

17.1

15.1

1.3

18.3

 

 

 

 

 

 

Inc Tax Ex. Impact of Sp Items

2.7

3.9

2.5

0.1

2.7

Normalized Income After Taxes

8.5

13.2

12.7

1.2

15.5

 

 

 

 

 

 

Normalized Inc. Avail to Com.

8.3

12.5

12.6

1.2

15.5

 

 

 

 

 

 

Basic Normalized EPS

0.60

0.96

0.98

0.10

1.25

Diluted Normalized EPS

0.60

0.96

0.98

0.10

1.25

R&D Expense, Supplemental

0.2

0.3

0.1

0.1

0.1

Advertising Expense

0.0

0.0

0.0

0.1

0.0

Interest Expense

0.9

1.3

2.1

1.5

1.2

Amort of Acquisition Costs, Supplemental

-

-

0.2

-

-

Amort of Intangibles, Suppleme

0.0

0.0

0.0

0.1

0.1

Rental Expense

0.1

0.0

0.0

-

-

Depreciation

3.0

2.2

1.7

1.4

1.4

Interest Capitalized, Supplemental

-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 
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

Charm Accounting Corp.

Charm Accounting Corp.

Charm Accounting Corp.

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash/Equivalents

22.8

18.9

7.3

16.6

14.9

    Current Financial Instruments

1.7

9.5

23.5

13.0

0.0

    Secs for Sale

-

-

-

0.0

0.0

    Current Securities Held-to-Maturities

-

0.2

-

-

-

    Trade Receivables, Gross

42.5

41.5

22.6

20.7

25.6

    Allowance for Doubtful Accounts for Trad

-0.7

-0.7

-1.8

-0.7

-0.5

    Account Receivables

0.0

0.1

2.7

0.0

0.0

    Accrued Income

0.0

0.0

0.2

0.3

-

    Advance Payments

0.0

0.0

0.1

0.0

0.1

    Prepaid Expenses

0.0

0.0

0.0

0.0

0.0

    Deferred Tax

-

-

-

0.3

0.0

    Tax Reciveables

-

-

-

0.1

-

    Current Loans

0.1

0.0

0.0

0.0

0.0

    Guarantee Deposit for Futures Trade

-

0.3

-

-

-

    Prepaid Inc Tax

-

-

0.7

-

-

    Supplies

0.0

0.0

0.0

-

-

    Merchandise

7.0

2.4

2.5

2.0

1.6

    Works in Process

2.1

2.0

1.6

-

-

    Derivatives

-

-

0.0

-

-

    Finished Goods

20.8

18.9

13.4

9.5

11.8

    Raw Materials

22.4

26.9

19.7

10.1

23.1

    Raw Mat.Transit

-

-

0.6

2.4

4.2

    Goods in Transit

3.7

2.1

-

-

-

    Adjustment for Inventories

0.0

-

-

-

-

    Adjustment for Other Current Assets

0.0

0.0

-

-

-

    Adjustment for Other Current Financial I

0.0

-

-

-

-

    Adjustment for Trade Receivables

0.0

0.0

-

-

-

Total Current Assets

122.4

122.1

93.1

74.3

81.0

 

 

 

 

 

 

    LT Finl Assets

0.0

0.0

0.1

0.0

0.0

    Non-Current Loans

-

0.1

0.0

0.0

-

    Non-Current Rental Guarantee Deposits

0.6

0.4

0.4

0.4

0.3

    Securities held to meturities

-

-

0.2

0.2

0.2

    Non-Current Securities Available-for-Sal

3.2

3.2

3.1

0.4

0.9

    Securities under Equity Method

-

-

-

9.0

-

    Investment in Affiliates

16.0

15.6

-

-

-

    LT Advance Pay

-

-

-

-

0.0

    Deferred Taxes

-

-

13.9

-

10.7

    LT Invest Secs.

-

-

-

0.2

0.3

    Lands

46.6

46.6

15.1

9.5

12.0

    Buildings

14.7

14.6

14.2

7.0

9.0

    Deprec-Buildings

-2.0

-1.7

-1.3

-0.9

-1.0

    Structures

0.9

0.9

0.6

0.0

0.0

    Deprec-Structure

-0.1

-0.1

0.0

0.0

0.0

    Machineries & Equipments

21.3

16.0

14.8

10.1

10.5

    Machineries & Equipments-Depreciation

-8.2

-6.6

-4.9

-3.3

-3.3

    Machineries & Equipments-Government Subs

0.0

0.0

-

-

-

    Vehicles

1.0

1.1

0.9

0.7

0.8

    Vehicles-Depreciation

-0.7

-0.6

-0.4

-0.4

-0.4

    Tools/Equipments

0.2

0.2

0.1

0.1

0.1

    Depr-Tool/Equip

-0.1

-0.1

-0.1

0.0

0.0

    Fixtures

1.8

1.8

0.4

0.6

0.7

    Deprec-Fixtures

-0.7

-0.4

-0.3

-0.4

-0.5

    Electrical Equip

-

-

0.3

0.0

0.0

    Dep-Elect Equip

-

-

0.0

0.0

0.0

    Construc in Prog

7.0

8.4

4.1

2.0

2.0

    Software

0.0

0.0

0.0

0.1

0.1

    Neg Goodwill

-

-

0.1

-

-

    Adjustment for Property, Plant & Equipme

0.0

-

-

-

-

    Adjustment for Other Non-Current Financi

-

0.0

-

-

-

Total Assets

223.7

221.6

154.5

109.5

123.6

 

 

 

 

 

 

    Trade Payable

7.4

9.1

5.2

3.4

9.6

    Other Payables

1.7

1.8

0.3

2.8

2.1

    ST Borrowings

67.0

65.7

53.5

32.8

14.1

    Advances Receivd

0.1

0.3

0.1

0.0

0.1

    Withholdings

0.2

0.2

0.1

0.0

0.0

    Accrued Expenses

0.4

0.5

0.5

0.2

0.1

    VAT Withheld

-

-

1.6

-

1.4

    Inc Tax Payable

0.6

3.0

-

-

-

    Lease Guarantee

0.2

0.2

0.2

0.2

0.2

    Current LT Liab.

-

-

-

-

2.0

    Dfrd Taxes

-

-

0.2

-

-

    Adjustment for Other Current Financial L

0.0

0.0

-

-

-

Total Current Liability

77.5

80.9

61.6

39.4

29.6

 

 

 

 

 

 

    Retirement & Severance Benefits, Non-Cur

0.0

0.0

-

-

-

    Retirement Resrv

-

-

0.3

0.0

0.0

    Deferred Income Taxes, Non-Current Liabi

8.3

8.4

1.3

1.0

1.5

    Deposit-Retirement Insurance

-

-

0.0

-

-

    Plan Assets

-

-

-0.3

-

-

    Transfer to National Pension Fund

-

-

0.0

-

-

    Minority Interests

6.3

5.5

3.7

-

-

    Currency Swaps, Long Term

-

-

-

-

0.2

Total Liabilities

92.1

94.9

66.6

40.4

31.3

 

 

 

 

 

 

    Common Stock

5.6

5.3

4.3

4.0

5.1

    Capital Surplus

4.2

4.2

-

-

-

    Additional Paid in Capital

-

-

4.8

4.4

5.9

    Other Capital Adjustment

-

-

0.2

0.2

0.2

    Capital Change, Equity Method

-

-

1.2

1.1

1.1

    Capital Change, Equity Method (Loss)

-

-

0.0

-

-

    Retained Earnings or Accumulated Deficit

121.9

117.2

-

-

-

    Retained Earning

-

-

72.0

54.5

71.2

    Reserve-Legal

-

-

1.1

1.0

1.3

    Rsv-BusinessRatl

-

-

4.3

4.0

7.4

    Treasury Stock

0.0

0.0

0.0

0.0

-

Total Equity

131.7

126.7

87.9

69.1

92.3

 

 

 

 

 

 

Total Liabilities & Shareholde

223.7

221.6

154.5

109.5

123.6

 

 

 

 

 

 

    S/O-Ordinary Shares

14.0

12.9

12.9

12.9

12.4

Total Common Shares Outstandin

14.0

12.9

12.9

12.9

12.4

T/S-Ordinary Shares

0.0

0.0

0.0

0.0

0.0

Accumulated Goodwill Amortization Suppl.

-

-

0.2

-

-

Accumulated Intangible Amort, Suppl.

0.0

0.0

0.3

-

-

Deferred Revenue, Current

0.1

0.3

0.1

0.0

0.1

Full-Time Employees

118

-

107

103

86

Number of Common Shareholders

-

-

-

3,906

4,481

LT Debt 1 yr

-

-

-

-

2.0

LT Debt 2 yrs

-

-

-

-

2.0

Total Long Term Debt, Supplemental

-

-

-

-

4.0

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Reclassified Normal 
31-Dec-2011

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

Charm Accounting Corp.

Charm Accounting Corp.

Charm Accounting Corp.

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income

8.2

12.5

12.4

1.2

15.5

    Depreciation

3.0

2.2

1.7

1.4

1.4

    Amortization of Intangible Assets

0.0

0.0

0.3

0.1

0.1

    Payment for Retirement Allowance, ONCI

0.4

0.4

0.2

0.2

0.2

    Losses on Foreign Currency Translation

1.5

0.0

0.2

3.6

0.1

    Loss on Disposal of Property, Plant and

0.4

-

-

0.0

-

    Taxes Related to Shareholder's Equity

-

-

0.0

0.1

0.1

    Expense of Allowance for Doubtful Accoun

-

0.1

0.2

0.4

0.2

    Recovery of Allowance for Doubtful Accou

-0.1

-

-

-

-

    Gain/Loss on Investment in Affiliates

-1.0

-1.3

-

-

-

    Commission Fees Paid

-

-

-

-

0.0

    L-Inv.Secs Valuation

-

-

-

-

0.0

    Loss-Reduct. of Sec. Available-for-Sale

-

-

-

0.5

-

    Loss-Disposal of Sec under Equity Method

-

-

0.1

0.0

-

    Gains on Foreign Currency Translation

0.0

-0.6

-1.2

-1.2

0.0

    Gain-Disp. of Security Avail-for-Sale

-

-

-0.4

-

-

    G-Tangible Asst Disp

-0.2

0.0

0.0

0.0

0.0

    Gain-Other Investment Assets Disposal

-

-

-0.2

-

-

    G-Currency Swap Val.

-

-

-

-

-0.1

    Gain-Disp. of Securities/Equity Method

-

-

-

-0.3

-

    G-Gain under Equity Method

-

-

-0.7

-0.8

-1.3

    Gain-Derivatives Valuation

-

-

0.0

-

-

    Loss-Reduction of Intangible Assets

-

-

0.1

-

-

    Interest Expenses

0.9

1.3

-

-

-

    Corporate Taxes Expense

2.7

3.9

-

-

-

    Interest Income

-0.4

-0.8

-

-

-

    Income Tax Payable

-

-

-

-0.1

-

    Trade Receivables

-1.7

-18.9

1.3

-1.9

0.3

    Account Receivables

-

-

-2.6

0.0

1.0

    Accrued Income

-

-

0.1

-0.3

0.0

    Advance Payments

-

-

-0.1

0.0

0.0

    Prepaid Income Taxes

-

-

-

-0.1

-

    Prepaid Expenses

-

-

0.1

0.0

0.0

    Inventories

-4.7

-13.2

-10.9

7.4

-8.7

    Decrease in Other Current Financial Asse

0.4

3.1

-

-

-

    Other Current Assets

0.0

0.1

-

-

-

    Other Non-Current Fiancial Assets

-0.2

0.4

-

-

-

    Trade Payables

-1.7

3.7

1.4

-4.3

-0.9

    Account Payables

-

-

-2.4

1.4

1.2

    Deposits Withheld

-

-

0.1

0.0

-0.1

    Advances Received

-

-

0.0

0.0

-0.5

    Deposit-Retirement Insurance

-

-

0.0

-

-

    Other Current Liabilities

-0.2

0.2

-

-

-

    Other Current Financial Liabilities

-0.2

1.6

-

-

-

    Accrued Expenses

-

-

0.2

0.2

-0.1

    Currency Future L

-

-

-

-0.2

-0.7

    Corporate Tax Refundable

-

-

0.1

-

-

    Accrued Inc Tax

-

-

1.5

-1.2

-0.4

    ST Deferred Taxes-Liab.

-

-

0.1

-

-0.3

    LT Deferred Taxes-Liab.

-

-

0.2

-0.1

0.3

    Deferred Taxes-Assets

-

-

0.3

-0.3

0.0

    Payment for Retirement Allowance

-0.4

-0.7

-0.3

-0.2

-0.3

    Retirement Insurance

-

-

-0.3

0.0

0.0

    Prepaid Taxes

-

-

-0.6

-

-

    Cash-Interest Received

0.4

0.9

-

-

-

    Cash-Tax Paid

-5.1

-2.4

-

-

-

    Cash-Interest Paid

-1.0

-1.4

-

-

-

    Cash-Dividend Income

0.4

-

-

-

-

Cash from Operating Activities

1.5

-8.8

1.0

5.4

7.1

 

 

 

 

 

 

    Disposal of Current Financial Instrument

8.0

14.3

-

11.1

11.9

    Disposal of Financial Assets Held to Mat

0.2

-

0.0

-

0.0

    Disp-Secs avail. for Sale

-

-

1.0

-

1.1

    Disposal of Derivative Assets

-

0.0

-

-

-

    Dec-ST Loans

1.9

0.0

-

1.6

0.0

    Disposal of Structures

0.0

-

-

0.1

0.1

    Increase-Government Subsidy

-

0.0

-

-

-

    Disp-Vehicles

0.0

0.0

0.1

0.0

0.0

    Disposal of Machinery

0.0

-

-

-

-

    Disposal of Fixtures

0.0

-

-

-

-

    Disposal of Land

0.8

-

-

-

-

    Disposal of Buildings

0.2

-

-

-

-

    Decrease in Non-Current Loans

0.1

-

0.0

-

-

    Increase in Current Loans

-1.9

-

0.0

-1.6

-

    Inc-ST Finl Asset

-

-

-8.6

-25.9

-3.5

    Acq-Secs avial. for Sale

-

-

-3.0

0.0

-1.2

    Disposal-Securities under Equity Method

-

-

0.2

-

-

    Disposal of Other Investment Assets

-

-

0.4

-

-

    Inc-Guarantee Dep

-

0.0

0.0

-0.3

0.0

    Purchase of Land

-1.3

-

-

-0.6

-

    Increase-Buildings

-0.5

0.0

-

-0.1

-

    Acq-Machinery

-1.2

-0.6

-

-0.3

-0.1

    Acq-Vehicles

0.0

-0.2

-0.2

-0.2

-0.4

    Acq-Tools/Equipmt

0.0

0.0

-

0.0

0.0

    Acq-Fixtures

-0.1

-0.1

0.0

0.0

-0.1

    Acq-Installation Eq

-

-

-

-

0.0

    Acq-Constructn Prog

-3.8

-5.5

-3.2

-3.1

-2.5

    Increase-Intangible Assets

-

-

0.0

-0.1

-

    Acq-Software

0.0

0.0

-

-

-

    Acq-Securities under Equity Method

-

-

-8.7

-

-3.2

    Increase in Non-Current Loans

-

-0.1

-

0.0

0.0

    Purchase of Non-Current Financial Instru

0.0

-

-0.1

-

-

    Purchase of Structures

0.0

-

-

-

-

Cash from Investing Activities

2.2

7.8

-22.2

-19.6

2.0

 

 

 

 

 

 

    Increase in Current Borrowings

145.6

19.7

11.9

73.0

57.7

    Inc-Lease Guarantee

-

-

0.0

-

-

    Decrease in Current Borrowings

-144.7

-8.4

-

-49.9

-60.5

    Dec-Current Portion of LT Borrowings

-

-

-

-1.7

-1.0

    Acq-Treasury Stock

-

-

-

0.0

-

    Payment-Dividends

-1.1

-0.9

-0.4

-0.9

-2.1

    Increase in Minority Interest

0.9

1.8

-

-

-

Cash from Financing Activities

0.7

12.2

11.5

20.6

-5.8

 

 

 

 

 

 

Foreign Exchange Effects

-0.1

0.0

-

-

-

Net Change in Cash

4.3

11.2

-9.7

6.4

3.3

 

 

 

 

 

 

Net Cash - Beginning Balance

19.4

7.4

16.4

12.7

11.7

Net Cash - Ending Balance

23.7

18.6

6.7

19.0

15.0

    Cash Interest Paid

1.0

1.4

-

-

-

    Cash Taxes Paid

5.1

2.4

-

-

-

 

 

Financial Health

 

Financials in: USD (mil) 

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

Key Indicators USD (mil)

 

Quarter
Ending
31-Mar-2012

Quarter
Ending
Yr Ago

Annual
Year End
31-Dec-2011

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1

41.9

-14.37%

193.5

15.22%

11.33%

10.43%

Research & Development1

-

-

0.2

-24.07%

17.61%

-23.90%

Operating Income1

0.7

-88.39%

11.4

-27.22%

15.63%

-5.90%

Income Available to Common Excl Extraord Items1

1.4

-74.17%

8.2

-37.34%

88.30%

-6.52%

Basic EPS Excl Extraord Items1

0.10

-74.17%

0.59

-41.82%

83.34%

-8.08%

Capital Expenditures2

4.4

106.51%

7.0

3.96%

16.29%

13.61%

Cash from Operating Activities2

-2.9

-

1.5

-

-34.01%

-

Free Cash Flow

-7.3

-

-5.3

-

-

-

Total Assets3

226.7

-0.34%

223.7

2.50%

23.17%

15.19%

Total Liabilities3

93.2

-3.80%

92.1

-1.51%

27.71%

15.08%

Total Long Term Debt3

0.0

-

0.0

-

-

-

Employees3

-

-

118

-

4.64%

10.08%

Total Common Shares Outstanding3

14.0

0.00%

14.0

8.33%

2.70%

1.64%

1-ExchangeRate: KRW to USD Average for Period

1131.034971

 

1107.891393

 

 

 

2-ExchangeRate: KRW to USD Average for Period

1131.034971

 

1107.891393

 

 

 

3-ExchangeRate: KRW to USD Period End Date

1138.093549

 

1152.000000

 

 

 

Key Ratios

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Profitability

Gross Margin

9.20%

12.76%

12.97%

8.57%

15.91%

Operating Margin

5.91%

9.35%

9.03%

5.27%

12.83%

Pretax Margin

5.70%

10.62%

13.14%

0.95%

12.73%

Net Profit Margin

4.24%

7.79%

10.92%

0.88%

10.82%

Financial Strength

Current Ratio

1.58

1.51

1.51

1.88

2.74

Long Term Debt/Equity

0.00

0.00

0.00

0.00

0.00

Total Debt/Equity

0.51

0.52

0.61

0.47

0.17

Interest Coverage

-

579,849,615.67

-

-

-

Management Effectiveness

Return on Assets

3.65%

7.07%

10.00%

1.07%

11.90%

Return on Equity

6.15%

11.78%

16.72%

1.57%

17.95%

Efficiency

Receivables Turnover

4.53

5.03

5.44

6.31

4.66

Inventory Turnover

3.14

3.14

3.39

4.16

2.96

Asset Turnover

0.84

0.86

0.91

1.23

1.10

Market Valuation USD (mil)

P/E (TTM)

11.90

.

Enterprise Value2

103.2

Price/Sales (TTM)

0.26

.

Enterprise Value/Revenue (TTM)

0.57

Price/Book (MRQ)

0.35

.

Enterprise Value/EBITDA (TTM)

11.92

Market Cap as of 29-Jun-20121

46.2

.

 

 

1-ExchangeRate: KRW to USD on 29-Jun-2012

1157.641477

 

 

 

2-ExchangeRate: KRW to USD on 31-Mar-2012

1138.093549

 

 

 

 

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

1.58

1.51

1.51

1.88

2.74

Quick/Acid Test Ratio

0.86

0.86

0.88

1.27

1.35

Working Capital1

44.9

41.2

31.5

34.9

51.4

Long Term Debt/Equity

0.00

0.00

0.00

0.00

0.00

Total Debt/Equity

0.51

0.52

0.61

0.47

0.17

Long Term Debt/Total Capital

0.00

0.00

0.00

0.00

0.00

Total Debt/Total Capital

0.34

0.34

0.38

0.32

0.15

Interest Coverage

-

579,849,615.67

-

-

-

Payout Ratio

14.31%

8.33%

7.58%

36.76%

6.65%

Effective Tax Rate

24.03%

22.83%

16.61%

7.76%

14.95%

Total Capital1

198.7

192.4

141.4

101.9

108.4

 

 

 

 

 

 

Efficiency

Asset Turnover

0.84

0.86

0.91

1.23

1.10

Inventory Turnover

3.14

3.14

3.39

4.16

2.96

Days In Inventory

116.12

116.42

107.73

87.78

123.46

Receivables Turnover

4.53

5.03

5.44

6.31

4.66

Days Receivables Outstanding

80.62

72.61

67.13

57.88

78.32

Revenue/Employee2

1,577,084

-

1,163,845

1,197,698

1,657,661

Operating Income/Employee2

93,133

-

105,083

63,121

212,700

EBITDA/Employee2

117,699

-

123,348

75,796

229,236

 

 

 

 

 

 

Profitability

Gross Margin

9.20%

12.76%

12.97%

8.57%

15.91%

Operating Margin

5.91%

9.35%

9.03%

5.27%

12.83%

EBITDA Margin

7.46%

10.71%

10.60%

6.33%

13.83%

EBIT Margin

5.91%

9.35%

9.03%

5.27%

12.83%

Pretax Margin

5.70%

10.62%

13.14%

0.95%

12.73%

Net Profit Margin

4.24%

7.79%

10.92%

0.88%

10.82%

R&D Expense/Revenue

0.11%

0.16%

0.10%

0.09%

0.06%

COGS/Revenue

90.80%

87.24%

86.81%

91.43%

84.09%

SG&A Expense/Revenue

2.96%

3.09%

3.68%

3.05%

2.82%

 

 

 

 

 

 

Management Effectiveness

Return on Assets

3.65%

7.07%

10.00%

1.07%

11.90%

Return on Equity

6.15%

11.78%

16.72%

1.57%

17.95%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2

-0.38

-1.21

-0.21

0.06

0.32

Operating Cash Flow/Share 2

0.11

-0.69

0.08

0.36

0.57

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)

11.90

Market Cap/Equity (MRQ)

0.35

Market Cap/Revenue (TTM)

0.26

Market Cap/EBIT (TTM)

8.25

Market Cap/EBITDA (TTM)

5.43

Enterprise Value/Earnings (TTM)

26.15

Enterprise Value/Equity (MRQ)

0.77

Enterprise Value/Revenue (TTM)

0.57

Enterprise Value/EBIT (TTM)

18.13

Enterprise Value/EBITDA (TTM)

11.92

 

 

Annual Income Statement

Standardized

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Restated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1107.891393

1156.281981

1276.385219

1100.562842

929.183333

Auditor

Charm Accounting Corp.

Charm Accounting Corp.

Charm Accounting Corp.

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

193.5

160.9

113.3

141.2

143.6

Revenue

193.5

160.9

113.3

141.2

143.6

    Other Revenue

-

-

0.3

-

-

Other Revenue, Total

-

-

0.3

-

-

Total Revenue

193.5

160.9

113.6

141.2

143.6

 

 

 

 

 

 

    Cost of Revenue

175.7

140.4

98.6

129.1

120.8

Cost of Revenue, Total

175.7

140.4

98.6

129.1

120.8

Gross Profit

17.8

20.5

14.7

12.1

22.8

 

 

 

 

 

 

    Selling/General/Administrative Expense

2.7

2.3

2.0

2.1

1.7

    Labor & Related Expense

3.0

2.7

2.1

2.1

2.3

    Advertising Expense

0.0

0.0

0.0

0.1

0.0

Total Selling/General/Administrative Expenses

5.7

5.0

4.2

4.3

4.0

Research & Development

0.2

0.3

0.1

0.1

0.1

    Depreciation

0.4

0.3

0.2

0.2

0.2

    Amortization of Intangibles

0.0

0.0

0.3

0.0

0.0

Depreciation/Amortization

0.4

0.3

0.4

0.2

0.3

Total Operating Expense

182.1

145.9

103.4

133.7

125.2

 

 

 

 

 

 

Operating Income

11.4

15.0

10.3

7.4

18.4

 

 

 

 

 

 

        Interest Expense - Non-Operating

-0.9

-1.3

-2.1

-1.5

-1.2

    Interest Expense, Net Non-Operating

-0.9

-1.3

-2.1

-1.5

-1.2

        Interest Income - Non-Operating

0.4

0.8

1.1

1.0

0.6

        Investment Income - Non-Operating

0.4

3.1

5.7

-5.7

1.3

    Interest/Investment Income - Non-Operating

0.8

3.9

6.8

-4.7

1.9

    Interest Income (Expense) - Net Non-Operating

0.0

-

-

-

-

Interest Income (Expense) - Net Non-Operating Total

-0.1

2.6

4.7

-6.2

0.7

Gain (Loss) on Sale of Assets

-0.2

0.0

0.0

0.0

0.0

    Other Non-Operating Income (Expense)

-0.1

-0.5

-0.1

0.1

-0.9

Other, Net

-0.1

-0.5

-0.1

0.1

-0.9

Income Before Tax

11.0

17.1

14.9

1.3

18.3

 

 

 

 

 

 

Total Income Tax

2.7

3.9

2.5

0.1

2.7

Income After Tax

8.4

13.2

12.4

1.2

15.5

 

 

 

 

 

 

    Minority Interest

-0.2

-0.7

0.0

-

-

Net Income Before Extraord Items

8.2

12.5

12.4

1.2

15.5

Net Income

8.2

12.5

12.4

1.2

15.5

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

8.2

12.5

12.4

1.2

15.5

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

8.2

12.5

12.4

1.2

15.5

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

14.0

13.0

12.9

12.9

12.4

Basic EPS Excl Extraord Items

0.59

0.96

0.96

0.10

1.25

Basic/Primary EPS Incl Extraord Items

0.59

0.96

0.96

0.10

1.25

Dilution Adjustment

0.0

0.0

0.0

0.0

-

Diluted Net Income

8.2

12.5

12.4

1.2

15.5

Diluted Weighted Average Shares

14.0

13.0

12.9

12.9

12.4

Diluted EPS Excl Extraord Items

0.59

0.96

0.96

0.10

1.25

Diluted EPS Incl Extraord Items

0.59

0.96

0.96

0.10

1.25

Dividends per Share - Common Stock Primary Issue

0.08

0.08

0.07

0.04

0.08

Gross Dividends - Common Stock

1.2

1.0

0.8

0.5

1.2

Interest Expense, Supplemental

0.9

1.3

2.1

1.5

1.2

Interest Capitalized, Supplemental

-0.1

-

-

-

-

Depreciation, Supplemental

3.0

2.2

1.7

1.4

1.4

Total Special Items

0.2

0.0

0.2

0.0

0.0

Normalized Income Before Tax

11.2

17.1

15.1

1.3

18.3

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.0

0.0

0.0

0.0

0.0

Inc Tax Ex Impact of Sp Items

2.7

3.9

2.5

0.1

2.7

Normalized Income After Tax

8.5

13.2

12.7

1.2

15.5

 

 

 

 

 

 

Normalized Inc. Avail to Com.

8.3

12.5

12.6

1.2

15.5

 

 

 

 

 

 

Basic Normalized EPS

0.60

0.96

0.98

0.10

1.25

Diluted Normalized EPS

0.60

0.96

0.98

0.10

1.25

Amort of Acquisition Costs, Supplemental

-

-

0.2

-

-

Amort of Intangibles, Supplemental

0.0

0.0

0.0

0.1

0.1

Rental Expenses

0.1

0.0

0.0

-

-

Advertising Expense, Supplemental

0.0

0.0

0.0

0.1

0.0

Research & Development Exp, Supplemental

0.2

0.3

0.1

0.1

0.1

Normalized EBIT

11.4

15.0

10.3

7.4

18.4

Normalized EBITDA

14.4

17.2

12.3

8.9

19.9

 

 

Interim Income Statement

Standardized

 

Financials in: USD (mil) 

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

 

 

 

31-Mar-2012

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

Period Length

3 Months

3 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal 
31-Mar-2012

Updated Normal 
31-Dec-2011

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Reclassified Normal 
31-Mar-2012

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1131.034971

1145.271505

1082.999462

1083.436022

1120.28956

 

 

 

 

 

 

    Net Sales

41.9

42.2

50.0

52.2

49.4

Revenue

41.9

42.2

50.0

52.2

49.4

Total Revenue

41.9

42.2

50.0

52.2

49.4

 

 

 

 

 

 

    Cost of Revenue

39.4

39.7

47.5

47.4

41.5

Cost of Revenue, Total

39.4

39.7

47.5

47.4

41.5

Gross Profit

2.4

2.5

2.6

4.8

7.9

 

 

 

 

 

 

    Selling/General/Administrative Expense

1.7

1.5

1.6

1.6

1.7

Total Selling/General/Administrative Expenses

1.7

1.5

1.6

1.6

1.7

Total Operating Expense

41.2

41.2

49.1

49.0

43.1

 

 

 

 

 

 

Operating Income

0.7

1.0

0.9

3.2

6.2

 

 

 

 

 

 

        Investment Income - Non-Operating

0.4

3.3

-4.8

1.7

0.6

    Interest/Investment Income - Non-Operating

0.4

3.3

-4.8

1.7

0.6

    Interest Income (Expense) - Net Non-Operating

0.8

-0.8

0.0

-0.1

1.4

Interest Income (Expense) - Net Non-Operating Total

1.2

2.6

-4.8

1.6

2.0

    Other Non-Operating Income (Expense)

0.0

-1.3

0.1

-0.3

-0.4

Other, Net

0.0

-1.3

0.1

-0.3

-0.4

Income Before Tax

1.9

2.3

-3.7

4.5

7.8

 

 

 

 

 

 

Total Income Tax

0.4

0.4

-0.9

1.0

2.1

Income After Tax

1.6

1.9

-2.8

3.5

5.8

 

 

 

 

 

 

    Minority Interest

-0.1

-0.2

0.4

-0.1

-0.3

Net Income Before Extraord Items

1.4

1.7

-2.4

3.3

5.5

Net Income

1.4

1.7

-2.4

3.3

5.5

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

1.4

1.7

-2.4

3.3

5.5

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

1.4

1.7

-2.4

3.3

5.5

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

14.0

14.0

14.0

14.0

14.0

Basic EPS Excl Extraord Items

0.10

0.12

-0.17

0.24

0.39

Basic/Primary EPS Incl Extraord Items

0.10

0.12

-0.17

0.24

0.39

Dilution Adjustment

-

0.0

0.0

0.0

-

Diluted Net Income

1.4

1.7

-2.4

3.3

5.5

Diluted Weighted Average Shares

14.0

14.0

14.0

14.0

14.0

Diluted EPS Excl Extraord Items

0.10

0.12

-0.17

0.24

0.39

Diluted EPS Incl Extraord Items

0.10

0.12

-0.17

0.24

0.39

Dividends per Share - Common Stock Primary Issue

0.00

0.08

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

1.1

0.0

0.0

0.0

Interest Expense, Supplemental

0.3

0.3

0.2

0.2

0.3

Interest Capitalized, Supplemental

-0.1

-

-

-

-

Depreciation, Supplemental

0.8

0.7

0.8

0.8

0.7

Normalized Income Before Tax

1.9

2.3

-3.7

4.5

7.8

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.4

0.4

-0.9

1.0

2.1

Normalized Income After Tax

1.6

1.9

-2.8

3.5

5.8

 

 

 

 

 

 

Normalized Inc. Avail to Com.

1.4

1.7

-2.4

3.3

5.5

 

 

 

 

 

 

Basic Normalized EPS

0.10

0.12

-0.17

0.24

0.39

Diluted Normalized EPS

0.10

0.12

-0.17

0.24

0.39

Amort of Intangibles, Supplemental

0.0

0.0

0.0

0.0

0.0

Rental Expenses

0.0

0.0

0.0

0.0

0.0

Advertising Expense, Supplemental

0.1

0.0

0.0

0.0

0.0

Research & Development Exp, Supplemental

0.1

0.1

0.1

0.0

0.0

Normalized EBIT

0.7

1.0

0.9

3.2

6.2

Normalized EBITDA

1.5

1.7

1.7

4.0

7.0

 

Annual Balance Sheet

Standardized

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

UpdateType/Date

Updated Normal 
31-Dec-2011

Restated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate

1152

1134.9

1164.475

1259.55

936.05

Auditor

Charm Accounting Corp.

Charm Accounting Corp.

Charm Accounting Corp.

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

22.8

18.9

7.3

16.6

14.9

    Short Term Investments

1.7

9.7

23.5

13.0

0.0

Cash and Short Term Investments

24.5

28.6

30.8

29.7

15.0

        Accounts Receivable - Trade, Gross

42.5

41.5

22.6

20.7

25.6

        Provision for Doubtful Accounts

-0.7

-0.7

-1.8

-0.7

-0.5

    Trade Accounts Receivable - Net

41.8

40.8

21.0

20.3

25.1

    Other Receivables

0.1

0.1

2.7

0.1

0.0

Total Receivables, Net

41.9

40.9

23.7

20.4

25.1

    Inventories - Finished Goods

27.8

21.3

15.9

11.5

13.5

    Inventories - Work In Progress

2.1

2.0

1.6

-

-

    Inventories - Raw Materials

22.4

26.9

20.3

12.4

27.3

    Inventories - Other

3.7

2.2

0.1

0.0

0.1

Total Inventory

56.0

52.3

38.0

23.9

40.8

Prepaid Expenses

0.0

0.0

0.7

0.0

0.0

    Deferred Income Tax - Current Asset

-

-

-

0.3

0.0

    Other Current Assets

0.0

0.3

0.0

-

-

Other Current Assets, Total

0.0

0.3

0.0

0.3

0.0

Total Current Assets

122.4

122.1

93.1

74.3

81.0

 

 

 

 

 

 

        Buildings

15.6

15.5

14.8

7.0

9.1

        Land/Improvements

46.6

46.6

15.1

9.5

12.0

        Machinery/Equipment

24.4

19.0

16.6

11.5

12.1

        Construction in Progress

7.0

8.4

4.1

2.0

2.0

        Other Property/Plant/Equipment

0.0

-

-

-

-

    Property/Plant/Equipment - Gross

93.5

89.5

50.5

30.0

35.2

    Accumulated Depreciation

-11.8

-9.4

-7.0

-5.1

-5.2

Property/Plant/Equipment - Net

81.6

80.1

43.5

24.9

30.0

Goodwill, Net

-

-

0.1

-

-

Intangibles, Net

0.0

0.0

0.0

0.1

0.1

    LT Investment - Affiliate Companies

16.0

15.6

-

9.0

-

    LT Investments - Other

3.2

3.2

3.4

0.9

1.5

Long Term Investments

19.1

18.8

3.4

9.8

1.5

Note Receivable - Long Term

-

0.1

0.0

0.0

-

    Deferred Income Tax - Long Term Asset

-

-

13.9

-

10.7

    Other Long Term Assets

0.6

0.4

0.4

0.4

0.3

Other Long Term Assets, Total

0.6

0.4

14.3

0.4

11.0

Total Assets

223.7

221.6

154.5

109.5

123.6

 

 

 

 

 

 

Accounts Payable

7.4

9.1

5.2

3.4

9.6

Accrued Expenses

0.4

0.5

2.1

0.2

1.5

Notes Payable/Short Term Debt

67.0

65.7

53.5

32.8

14.1

Current Portion - Long Term Debt/Capital Leases

-

-

-

-

2.0

    Customer Advances

0.1

0.3

0.1

0.0

0.1

    Security Deposits

0.2

0.2

0.2

0.2

0.2

    Income Taxes Payable

0.6

3.0

-

-

-

    Other Payables

1.7

1.8

0.3

2.8

2.1

    Deferred Income Tax - Current Liability

-

-

0.2

-

-

    Other Current Liabilities

0.2

0.2

0.1

0.0

0.0

Other Current liabilities, Total

2.7

5.5

0.8

3.0

2.4

Total Current Liabilities

77.5

80.9

61.6

39.4

29.6

 

 

 

 

 

 

Total Long Term Debt

0.0

0.0

0.0

0.0

0.0

Total Debt

67.0

65.7

53.5

32.8

16.1

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

8.3

8.4

1.3

1.0

1.5

Deferred Income Tax

8.3

8.4

1.3

1.0

1.5

Minority Interest

6.3

5.5

3.7

-

-

    Pension Benefits - Underfunded

0.0

0.0

0.0

0.0

0.0

    Other Long Term Liabilities

-

-

-

-

0.2

Other Liabilities, Total

0.0

0.0

0.0

0.0

0.2

Total Liabilities

92.1

94.9

66.6

40.4

31.3

 

 

 

 

 

 

    Common Stock

5.6

5.3

4.3

4.0

5.1

Common Stock

5.6

5.3

4.3

4.0

5.1

Additional Paid-In Capital

4.2

4.2

5.0

4.6

6.2

Retained Earnings (Accumulated Deficit)

121.9

117.2

77.5

59.5

79.8

Treasury Stock - Common

0.0

0.0

0.0

0.0

-

Unrealized Gain (Loss)

-

-

1.2

1.1

1.1

Total Equity

131.7

126.7

87.9

69.1

92.3

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

223.7

221.6

154.5

109.5

123.6

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

14.0

12.9

12.9

12.9

12.4

Total Common Shares Outstanding

14.0

12.9

12.9

12.9

12.4

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

0.0

Employees

118

-

107

103

86

Number of Common Shareholders

-

-

-

3,906

4,481

Accumulated Goodwill Amortization Suppl.

-

-

0.2

-

-

Accumulated Intangible Amort, Suppl.

0.0

0.0

0.3

-

-

Deferred Revenue - Current

0.1

0.3

0.1

0.0

0.1

Total Long Term Debt, Supplemental

-

-

-

-

4.0

Long Term Debt Maturing within 1 Year

-

-

-

-

2.0

Long Term Debt Maturing in Year 2

-

-

-

-

2.0

Long Term Debt Maturing in 2-3 Years

-

-

-

-

2.0

Long Term Debt Matur. in Year 6 & Beyond

-

-

-

-

0.0

 

 

 

Interim Balance Sheet

Standardized

 

Financials in: USD (mil) 

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

 

 

 

31-Mar-2012

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

UpdateType/Date

Updated Normal 
31-Mar-2012

Updated Normal 
31-Dec-2011

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate

1138.093549

1152

1178.05

1067.65

1096.95

 

 

 

 

 

 

    Cash & Equivalents

12.6

22.8

21.2

13.4

15.5

    Short Term Investments

3.7

1.7

0.5

0.2

5.4

Cash and Short Term Investments

16.3

24.5

21.6

13.6

20.9

        Accounts Receivable - Trade, Gross

41.2

42.5

44.3

50.2

44.0

        Provision for Doubtful Accounts

-0.7

-0.7

-0.6

-0.7

-0.7

    Trade Accounts Receivable - Net

40.6

41.8

43.6

49.5

43.3

    Other Receivables

1.0

0.1

0.1

0.2

0.4

Total Receivables, Net

41.6

41.9

43.7

49.7

43.7

    Inventories - Finished Goods

27.5

27.8

25.7

28.3

22.8

    Inventories - Work In Progress

1.7

2.1

2.3

2.9

3.6

    Inventories - Raw Materials

31.6

22.4

28.8

34.3

39.5

    Inventories - Other

1.5

3.7

0.0

0.0

0.0

Total Inventory

62.4

56.0

56.8

65.5

65.9

Prepaid Expenses

0.1

0.0

0.1

1.1

0.5

    Other Current Assets

0.1

0.0

0.7

0.2

0.5

Other Current Assets, Total

0.1

0.0

0.7

0.2

0.5

Total Current Assets

120.6

122.4

122.8

130.2

131.5

 

 

 

 

 

 

        Buildings

15.7

15.6

-

-

-

        Land/Improvements

47.2

46.6

-

-

-

        Machinery/Equipment

24.8

24.4

-

-

-

        Construction in Progress

11.3

7.0

-

-

-

        Other Property/Plant/Equipment

0.0

0.0

-

-

-

    Property/Plant/Equipment - Gross

99.1

93.5

-

-

-

    Accumulated Depreciation

-12.7

-11.8

-

-

-

Property/Plant/Equipment - Net

86.4

81.6

80.5

88.8

84.4

Intangibles, Net

0.0

0.0

0.0

0.0

0.0

    LT Investment - Affiliate Companies

16.1

16.0

15.4

17.1

16.4

    LT Investments - Other

3.2

3.2

3.1

3.4

3.3

Long Term Investments

19.4

19.1

18.6

20.5

19.7

Note Receivable - Long Term

-

-

0.0

0.0

0.0

    Deferred Income Tax - Long Term Asset

-

-

0.2

-

-

    Other Long Term Assets

0.5

0.6

0.5

0.5

0.4

Other Long Term Assets, Total

0.5

0.6

0.8

0.5

0.4

Total Assets

226.7

223.7

222.7

240.1

236.0

 

 

 

 

 

 

Accounts Payable

8.7

7.4

9.1

8.7

10.6

Accrued Expenses

0.3

0.4

0.2

0.3

0.4

Notes Payable/Short Term Debt

66.1

67.0

68.3

65.3

67.1

    Dividends Payable

1.1

-

-

-

1.1

    Customer Advances

0.2

0.1

0.8

0.6

0.4

    Security Deposits

0.2

0.2

0.2

0.2

0.2

    Income Taxes Payable

1.0

0.6

0.5

2.9

3.6

    Other Payables

0.5

1.7

1.9

2.0

1.5

    Other Current Liabilities

0.0

0.2

0.2

1.1

0.0

Other Current liabilities, Total

3.0

2.7

3.6

6.8

6.7

Total Current Liabilities

78.1

77.5

81.2

81.0

84.8

 

 

 

 

 

 

Total Long Term Debt

0.0

0.0

0.0

0.0

0.0

Total Debt

66.1

67.0

68.3

65.3

67.1

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

8.4

8.3

8.1

9.1

8.8

Deferred Income Tax

8.4

8.3

8.1

9.1

8.8

Minority Interest

6.5

6.3

6.0

7.1

6.8

    Pension Benefits - Underfunded

0.2

0.0

0.3

0.2

0.1

Other Liabilities, Total

0.2

0.0

0.3

0.2

0.1

Total Liabilities

93.2

92.1

95.6

97.4

100.5

 

 

 

 

 

 

    Common Stock

6.2

5.6

5.5

6.1

5.9

Common Stock

6.2

5.6

5.5

6.1

5.9

Additional Paid-In Capital

4.2

4.2

4.1

4.5

4.4

Retained Earnings (Accumulated Deficit)

123.2

121.9

117.5

132.1

125.3

Treasury Stock - Common

0.0

0.0

0.0

0.0

0.0

    Other Comprehensive Income

-

-

0.0

0.0

0.0

Other Equity, Total

-

-

0.0

0.0

0.0

Total Equity

133.5

131.7

127.1

142.6

135.5

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

226.7

223.7

222.7

240.1

236.0

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

14.0

14.0

14.0

14.0

14.0

Total Common Shares Outstanding

14.0

14.0

14.0

14.0

14.0

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

0.0

Employees

125

118

123

124

120

Accumulated Intangible Amort, Suppl.

0.0

0.0

-

-

-

Deferred Revenue - Current

0.2

0.1

0.8

0.6

0.4

 

 

 

Annual Cash Flows

Standardized

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Reclassified Normal 
31-Dec-2011

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

Charm Accounting Corp.

Charm Accounting Corp.

Charm Accounting Corp.

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

8.2

12.5

12.4

1.2

15.5

    Depreciation

3.0

2.2

1.7

1.4

1.4

Depreciation/Depletion

3.0

2.2

1.7

1.4

1.4

    Amortization of Intangibles

0.0

0.0

0.3

0.1

0.1

Amortization

0.0

0.0

0.3

0.1

0.1

Deferred Taxes

-

-

0.6

-0.4

-0.1

    Unusual Items

0.2

0.0

-0.4

0.2

0.0

    Equity in Net Earnings (Loss)

-1.0

-1.3

-0.7

-0.8

-1.3

    Other Non-Cash Items

5.0

4.3

-0.7

3.0

0.5

Non-Cash Items

4.3

3.0

-1.8

2.4

-0.8

    Accounts Receivable

-1.7

-18.9

-1.0

-2.2

1.4

    Inventories

-4.7

-13.2

-11.0

7.4

-8.7

    Prepaid Expenses

-

-

-0.5

-0.1

0.0

    Other Assets

0.2

3.6

-

-

-

    Accounts Payable

-1.7

3.7

-1.0

-2.9

0.4

    Accrued Expenses

-

-

0.2

0.2

-0.1

    Taxes Payable

-

-

1.5

-1.2

-0.4

    Other Liabilities

-0.8

1.1

-0.5

-0.4

-1.6

    Other Operating Cash Flow

-5.3

-3.0

-

-

-

Changes in Working Capital

-13.9

-26.5

-12.4

0.7

-9.0

Cash from Operating Activities

1.5

-8.8

1.0

5.4

7.1

 

 

 

 

 

 

    Purchase of Fixed Assets

-7.0

-6.5

-3.5

-4.4

-3.1

    Purchase/Acquisition of Intangibles

0.0

0.0

0.0

-0.1

-

Capital Expenditures

-7.0

-6.5

-3.5

-4.5

-3.1

    Sale of Fixed Assets

1.0

0.0

0.1

0.1

0.1

    Sale/Maturity of Investment

8.2

14.3

1.6

11.1

13.0

    Purchase of Investments

0.0

-

-20.4

-25.9

-7.9

    Other Investing Cash Flow

0.0

0.0

0.0

-0.3

-0.1

Other Investing Cash Flow Items, Total

9.2

14.3

-18.7

-15.1

5.1

Cash from Investing Activities

2.2

7.8

-22.2

-19.6

2.0

 

 

 

 

 

 

    Other Financing Cash Flow

0.9

1.8

0.0

-

-

Financing Cash Flow Items

0.9

1.8

0.0

-

-

Total Cash Dividends Paid

-1.1

-0.9

-0.4

-0.9

-2.1

        Repurchase/Retirement of Common

-

-

-

0.0

-

    Common Stock, Net

-

-

-

0.0

-

Issuance (Retirement) of Stock, Net

-

-

-

0.0

-

        Short Term Debt Issued

145.6

19.7

11.9

73.0

57.7

        Short Term Debt Reduction

-144.7

-8.4

-

-49.9

-60.5

    Short Term Debt, Net

0.9

11.3

11.9

23.2

-2.7

        Long Term Debt Reduction

-

-

-

-1.7

-1.0

    Long Term Debt, Net

-

-

-

-1.7

-1.0

Issuance (Retirement) of Debt, Net

0.9

11.3

11.9

21.4

-3.7

Cash from Financing Activities

0.7

12.2

11.5

20.6

-5.8

 

 

 

 

 

 

Foreign Exchange Effects

-0.1

0.0

-

-

-

Net Change in Cash

4.3

11.2

-9.7

6.4

3.3

 

 

 

 

 

 

Net Cash - Beginning Balance

19.4

7.4

16.4

12.7

11.7

Net Cash - Ending Balance

23.7

18.6

6.7

19.0

15.0

Cash Interest Paid

1.0

1.4

-

-

-

Cash Taxes Paid

5.1

2.4

-

-

-

 

 

 

Interim Cash Flows

Standardized

 

Financials in: USD (mil) 

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

 

 

 

31-Mar-2012

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

Period Length

3 Months

12 Months

9 Months

6 Months

3 Months

UpdateType/Date

Updated Normal 
31-Mar-2012

Updated Normal 
31-Dec-2011

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1131.034971

1107.891393

1095.603455

1101.856011

1120.28956

 

 

 

 

 

 

Net Income/Starting Line

1.6

8.2

6.5

9.3

5.8

    Depreciation

0.8

3.0

2.3

1.5

0.7

Depreciation/Depletion

0.8

3.0

2.3

1.5

0.7

    Amortization of Intangibles

0.0

0.0

0.0

0.0

0.0

Amortization

0.0

0.0

0.0

0.0

0.0

    Unusual Items

-

0.2

0.4

0.4

0.0

    Equity in Net Earnings (Loss)

-0.4

-1.0

-0.8

-0.9

-0.6

    Other Non-Cash Items

0.3

5.0

5.8

2.1

1.1

Non-Cash Items

-0.1

4.3

5.4

1.6

0.6

    Accounts Receivable

1.8

-1.7

-4.3

-4.2

0.4

    Inventories

-5.6

-4.7

-6.9

-10.0

-11.9

    Other Assets

-1.2

0.2

0.0

-1.0

-0.6

    Accounts Payable

1.3

-1.7

0.4

-2.8

-1.2

    Other Liabilities

-1.3

-0.8

0.5

0.6

-0.5

    Other Operating Cash Flow

-0.1

-5.3

-5.6

-2.9

-1.0

Changes in Working Capital

-5.1

-13.9

-15.9

-20.3

-14.8

Cash from Operating Activities

-2.9

1.5

-1.7

-7.9

-7.7

 

 

 

 

 

 

    Purchase of Fixed Assets

-4.4

-7.0

-6.2

-5.4

-2.2

    Purchase/Acquisition of Intangibles

-

0.0

0.0

0.0

-

Capital Expenditures

-4.4

-7.0

-6.2

-5.4

-2.2

    Sale of Fixed Assets

-

1.0

0.0

0.0

0.0

    Sale/Maturity of Investment

0.4

8.2

9.6

9.6

4.6

    Purchase of Investments

-1.9

0.0

-0.4

-

-

    Other Investing Cash Flow

0.0

0.0

0.0

0.2

0.0

Other Investing Cash Flow Items, Total

-1.6

9.2

9.1

9.8

4.6

Cash from Investing Activities

-6.0

2.2

3.0

4.4

2.4

 

 

 

 

 

 

    Other Financing Cash Flow

-

0.9

0.7

1.1

1.1

Financing Cash Flow Items

-

0.9

0.7

1.1

1.1

Total Cash Dividends Paid

-

-1.1

-1.1

-1.1

-

        Short Term Debt Issued

37.9

145.6

101.8

-

0.3

        Short Term Debt Reduction

-39.5

-144.7

-99.6

-3.1

-

    Short Term Debt, Net

-1.6

0.9

2.1

-3.1

0.3

Issuance (Retirement) of Debt, Net

-1.6

0.9

2.1

-3.1

0.3

Cash from Financing Activities

-1.6

0.7

1.8

-3.1

1.4

 

 

 

 

 

 

Foreign Exchange Effects

0.1

-0.1

0.1

0.0

-0.1

Net Change in Cash

-10.5

4.3

3.2

-6.5

-4.0

 

 

 

 

 

 

Net Cash - Beginning Balance

23.2

19.4

19.6

19.5

19.2

Net Cash - Ending Balance

12.7

23.7

22.8

13.0

15.2

Cash Interest Paid

0.2

1.0

0.9

0.5

0.2

Cash Taxes Paid

0.0

5.1

5.1

3.1

1.4

 

 

 

Annual Income Statement

As Reported

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Restated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1107.891393

1156.281981

1276.385219

1100.562842

929.183333

Auditor

Charm Accounting Corp.

Charm Accounting Corp.

Charm Accounting Corp.

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Finished Products

-

-

85.4

114.2

124.8

    Merchandise Revenues

-

-

25.2

27.0

18.8

    Revenue from Manufacturing

-

-

2.7

-

-

    Other Revenue

-

-

0.3

-

-

    Rental Revenues

-

-

-

0.0

0.0

    Sales Revenue

193.5

160.9

-

-

-

Total Revenue

193.5

160.9

113.6

141.2

143.6

 

 

 

 

 

 

    Costs of Goods and Services Sold

175.7

140.4

-

-

-

    Cost of Finish. Good

-

-

74.1

104.1

104.8

    Cost-Merchandise

-

-

22.3

25.0

16.0

    Cost-Manufacturing

-

-

2.2

-

-

    Salaries and Wages

2.5

2.2

1.8

1.8

2.0

    Retirement & Severance Benefits

0.2

0.2

0.1

0.1

0.1

    Employee Benefits

0.4

0.3

0.2

0.2

0.2

    Travel Expenses

0.1

0.2

0.1

0.1

0.1

    Taxes and Dues

0.1

0.1

0.1

0.1

0.1

    Communication Expenses

0.1

0.1

0.1

0.1

0.1

    Utility Expenses

0.0

0.0

0.0

0.1

0.1

    Education & Training

0.0

0.0

0.0

0.0

0.0

    Packaging Expense

-

-

0.1

-

-

    Depreciation

0.4

0.3

0.2

0.2

0.2

    Insurance Expenses

0.0

0.0

0.0

0.0

0.0

    Repair Expenses

0.0

0.0

0.0

0.0

0.0

    Advertising Expenses

0.0

0.0

0.0

0.1

0.0

    Commissions

0.4

0.4

0.4

0.4

0.5

    Publication Expenses

0.0

0.0

0.0

0.0

0.0

    Entertainment

0.1

0.0

0.0

0.0

0.0

    Consumable Expense

0.0

0.1

0.1

0.1

0.0

    Vehicle Expense

0.2

0.2

0.2

0.2

0.2

    Shipping/Handling

1.5

1.0

0.7

0.7

0.3

    Other Exporting Related Expense

0.0

-

0.0

0.0

0.0

    Development Costs

0.2

0.3

0.1

0.1

0.1

    Expenses of Allowance for Doubtful Accou

-

0.1

0.2

0.4

0.2

    Amortization of Intangible Assets

0.0

0.0

0.3

0.0

0.0

    Rent

0.1

0.0

0.0

-

-

    Adjustment for Selling and Administrativ

0.0

0.0

-

-

-

Total Operating Expense

182.1

145.9

103.4

133.7

125.2

 

 

 

 

 

 

    Interest Income

0.4

0.8

1.1

1.0

0.6

    Gain-Disposal of Equity Method Sec.

-

-

-

0.3

-

    Gain-Currency Forwards Transactions

-

-

-

1.2

-

    Gain on Foreign Currency Transactions

3.6

4.0

8.4

2.1

0.6

    Dividend Income

0.1

-

-

-

-

    Gain on Derivatives Transaction

1.0

1.1

0.2

-

-

    Gain-Disposal of Sec. Available-Sale

-

-

0.4

-

-

    Gain on Foreign Currency Translations

0.0

0.6

1.2

1.2

0.0

    Gain-Disposal of Other Investment Assets

-

-

0.2

-

-

    G-Currency Futr Valu

-

-

-

-

0.1

    G-Currency Swap Valu

-

-

-

-

0.1

    Gain on Disposal of Property, Plant and

0.2

0.0

0.0

0.0

0.0

    Miscellaneous Income

0.3

0.2

0.2

0.2

0.0

    Recovery of Allowance for Doubtful Accou

0.1

-

-

-

-

    Gain-Valuation of Derivatives

-

-

0.0

-

-

    Interest Expenses

-0.9

-1.3

-2.1

-1.5

-1.2

    Loss-Disposal of Equity Method Sec.

-

-

-0.1

0.0

-

    Loss on Foreign Currency Transactions

-2.7

-2.9

-

0.0

-

    L-For Curr Transactn

-

-

-4.4

-7.2

-0.6

    Loss on Foreign Currency Translations

-1.5

0.0

-0.2

-3.6

-0.1

    Loss-Reduction of Intangible Assets

-

-

-0.1

-

-

    Loss on Disposal of Property, Plant and

-0.4

-

-

0.0

-

    Loss on Derivative Transaction

-1.0

-1.0

-0.7

-

-

    Donations Paid

-0.4

-0.7

-0.2

-0.1

-0.9

    Loss-Valuation of Currency Forwards

-

-

-

-

0.0

    L-ST Securities Available for Sale

-

-

-

-0.5

0.0

    Miscellaneous Loss

-0.1

0.0

0.0

0.0

0.0

    Gain under Equity Method

-

-

0.7

0.8

1.3

    Gain/Loss on Investments in Affiliates

1.0

1.3

-

-

-

    Adjustment for Finance Income

-

0.0

-

-

-

    Adjustment for Finance Expense

0.0

0.0

-

-

-

    Adjustment for Other Non-Operating Incom

0.0

0.0

-

-

-

    Adjustment for Other Non-Operating Expen

0.0

-

-

-

-

Net Income Before Taxes

11.0

17.1

14.9

1.3

18.3

 

 

 

 

 

 

Provision for Income Taxes

2.7

3.9

2.5

0.1

2.7

Net Income After Taxes

8.4

13.2

12.4

1.2

15.5

 

 

 

 

 

 

    Minority Interest

-0.2

-0.7

0.0

-

-

Net Income Before Extra. Items

8.2

12.5

12.4

1.2

15.5

Net Income

8.2

12.5

12.4

1.2

15.5

 

 

 

 

 

 

Income Available to Com Excl E

8.2

12.5

12.4

1.2

15.5

 

 

 

 

 

 

Income Available to Com Incl E

8.2

12.5

12.4

1.2

15.5

 

 

 

 

 

 

Basic Weighted Average Shares

14.0

13.0

12.9

12.9

12.4

Basic EPS Excluding ExtraOrdin

0.59

0.96

0.96

0.10

1.25

Basic EPS Including ExtraOrdin

0.59

0.96

0.96

0.10

1.25

Dilution Adjustment

0.0

0.0

0.0

0.0

-

Diluted Net Income

8.2

12.5

12.4

1.2

15.5

Diluted Weighted Average Share

14.0

13.0

12.9

12.9

12.4

Diluted EPS Excluding ExtraOrd

0.59

0.96

0.96

0.10

1.25

Diluted EPS Including ExtraOrd

0.59

0.96

0.96

0.10

1.25

DPS-Ordinary Shares

0.08

0.08

0.07

0.04

0.08

Gross Dividends - Common Stock

1.2

1.0

0.8

0.5

1.2

Normalized Income Before Taxes

11.2

17.1

15.1

1.3

18.3

 

 

 

 

 

 

Inc Tax Ex. Impact of Sp Items

2.7

3.9

2.5

0.1

2.7

Normalized Income After Taxes

8.5

13.2

12.7

1.2

15.5

 

 

 

 

 

 

Normalized Inc. Avail to Com.

8.3

12.5

12.6

1.2

15.5

 

 

 

 

 

 

Basic Normalized EPS

0.60

0.96

0.98

0.10

1.25

Diluted Normalized EPS

0.60

0.96

0.98

0.10

1.25

R&D Expense, Supplemental

0.2

0.3

0.1

0.1

0.1

Advertising Expense

0.0

0.0

0.0

0.1

0.0

Interest Expense

0.9

1.3

2.1

1.5

1.2

Amort of Acquisition Costs, Supplemental

-

-

0.2

-

-

Amort of Intangibles, Suppleme

0.0

0.0

0.0

0.1

0.1

Rental Expense

0.1

0.0

0.0

-

-

Depreciation

3.0

2.2

1.7

1.4

1.4

Interest Capitalized, Supplemental

-0.1

-

-

-

-

 

Interim Income Statement

As Reported

 

Financials in: USD (mil) 

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

 

 

 

31-Mar-2012

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

Period Length

3 Months

3 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal 
31-Mar-2012

Updated Normal 
31-Dec-2011

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Reclassified Normal 
31-Mar-2012

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1131.034971

1145.271505

1082.999462

1083.436022

1120.28956

 

 

 

 

 

 

    Sales Revenue

41.9

42.2

50.0

52.2

49.4

Total Revenue

41.9

42.2

50.0

52.2

49.4

 

 

 

 

 

 

    Costs of Goods and Services Sold

39.4

39.7

47.5

47.4

41.5

    Selling and Administrative Expenses

1.7

1.5

1.6

1.6

1.7

Total Operating Expense

41.2

41.2

49.1

49.0

43.1

 

 

 

 

 

 

    Finance Income

1.8

4.1

0.3

0.2

2.2

    Finance Costs

-1.0

-4.8

-0.3

-0.3

-0.8

    Gain/Loss on Investments in Affiliates

0.4

0.2

-0.1

0.3

0.6

    Gain/Loss on Foreign Currency Translatio

-

3.1

-4.7

1.4

-

    Other Non-Operating Income

0.0

-0.6

-

-

0.1

    Other Non-Operating Expenses

0.0

-0.7

0.1

-0.3

-0.4

Net Income Before Taxes

1.9

2.3

-3.7

4.5

7.8

 

 

 

 

 

 

Provision for Income Taxes

0.4

0.4

-0.9

1.0

2.1

Net Income After Taxes

1.6

1.9

-2.8

3.5

5.8

 

 

 

 

 

 

    Minority Interest

-0.1

-0.2

0.4

-0.1

-0.3

Net Income Before Extra. Items

1.4

1.7

-2.4

3.3

5.5

Net Income

1.4

1.7

-2.4

3.3

5.5

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

1.4

1.7

-2.4

3.3

5.5

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

1.4

1.7

-2.4

3.3

5.5

 

 

 

 

 

 

Basic Weighted Average Shares

14.0

14.0

14.0

14.0

14.0

Basic EPS Excluding ExtraOrdinary Items

0.10

0.12

-0.17

0.24

0.39

Basic EPS Including ExtraOrdinary Item

0.10

0.12

-0.17

0.24

0.39

Dilution Adjustment

-

0.0

0.0

0.0

-

Diluted Net Income

1.4

1.7

-2.4

3.3

5.5

Diluted Weighted Average Shares

14.0

14.0

14.0

14.0

14.0

Diluted EPS Excluding ExtraOrd Items

0.10

0.12

-0.17

0.24

0.39

Diluted EPS Including ExtraOrd Items

0.10

0.12

-0.17

0.24

0.39

DPS-Ordinary Shares

0.00

0.08

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

1.1

0.0

0.0

0.0

Normalized Income Before Taxes

1.9

2.3

-3.7

4.5

7.8

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.4

0.4

-0.9

1.0

2.1

Normalized Income After Taxes

1.6

1.9

-2.8

3.5

5.8

 

 

 

 

 

 

Normalized Inc. Avail to Com.

1.4

1.7

-2.4

3.3

5.5

 

 

 

 

 

 

Basic Normalized EPS

0.10

0.12

-0.17

0.24

0.39

Diluted Normalized EPS

0.10

0.12

-0.17

0.24

0.39

Interest Expense, Supplemental

0.3

0.3

0.2

0.2

0.3

Rental Expense, Supplemental

0.0

0.0

0.0

0.0

0.0

Research & Development Exp, Supplemental

0.1

0.1

0.1

0.0

0.0

Advertising Expense, Supplemental

0.1

0.0

0.0

0.0

0.0

Interest Capitalized, Supplemental

-0.1

-

-

-

-

Depreciation, Supplemental

0.8

0.7

0.8

0.8

0.7

Amort of Intangibles, Supplemental

0.0

0.0

0.0

0.0

0.0

 

 

 

Annual Balance Sheet

As Reported

 

Financials in: USD (mil) 

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

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

UpdateType/Date

Updated Normal 
31-Dec-2011

Restated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate

1152

1134.9

1164.475

1259.55

936.05

Auditor

Charm Accounting Corp.

Charm Accounting Corp.

Charm Accounting Corp.

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash/Equivalents

22.8

18.9

7.3

16.6

14.9

    Current Financial Instruments

1.7

9.5

23.5

13.0

0.0

    Secs for Sale

-

-

-

0.0

0.0

    Current Securities Held-to-Maturities

-

0.2

-

-

-

    Trade Receivables, Gross

42.5

41.5

22.6

20.7

25.6

    Allowance for Doubtful Accounts for Trad

-0.7

-0.7

-1.8

-0.7

-0.5

    Account Receivables

0.0

0.1

2.7

0.0

0.0

    Accrued Income

0.0

0.0

0.2

0.3

-

    Advance Payments

0.0

0.0

0.1

0.0

0.1

    Prepaid Expenses

0.0

0.0

0.0

0.0

0.0

    Deferred Tax

-

-

-

0.3

0.0

    Tax Reciveables

-

-

-

0.1

-

    Current Loans

0.1

0.0

0.0

0.0

0.0

    Guarantee Deposit for Futures Trade

-

0.3

-

-

-

    Prepaid Inc Tax

-

-

0.7

-

-

    Supplies

0.0

0.0

0.0

-

-

    Merchandise

7.0

2.4

2.5

2.0

1.6

    Works in Process

2.1

2.0

1.6

-

-

    Derivatives

-

-

0.0

-

-

    Finished Goods

20.8

18.9

13.4

9.5

11.8

    Raw Materials

22.4

26.9

19.7

10.1

23.1

    Raw Mat.Transit

-

-

0.6

2.4

4.2

    Goods in Transit

3.7

2.1

-

-

-

    Adjustment for Inventories

0.0

-

-

-

-

    Adjustment for Other Current Assets

0.0

0.0

-

-

-

    Adjustment for Other Current Financial I

0.0

-

-

-

-

    Adjustment for Trade Receivables

0.0

0.0

-

-

-

Total Current Assets

122.4

122.1

93.1

74.3

81.0

 

 

 

 

 

 

    LT Finl Assets

0.0

0.0

0.1

0.0

0.0

    Non-Current Loans

-

0.1

0.0

0.0

-

    Non-Current Rental Guarantee Deposits

0.6

0.4

0.4

0.4

0.3

    Securities held to meturities

-

-

0.2

0.2

0.2

    Non-Current Securities Available-for-Sal

3.2

3.2

3.1

0.4

0.9

    Securities under Equity Method

-

-

-

9.0

-

    Investment in Affiliates

16.0

15.6

-

-

-

    LT Advance Pay

-

-

-

-

0.0

    Deferred Taxes

-

-

13.9

-

10.7

    LT Invest Secs.

-

-

-

0.2

0.3

    Lands

46.6

46.6

15.1

9.5

12.0

    Buildings

14.7

14.6

14.2

7.0

9.0

    Deprec-Buildings

-2.0

-1.7

-1.3

-0.9

-1.0

    Structures

0.9

0.9

0.6

0.0

0.0

    Deprec-Structure

-0.1

-0.1

0.0

0.0

0.0

    Machineries & Equipments

21.3

16.0

14.8

10.1

10.5

    Machineries & Equipments-Depreciation

-8.2

-6.6

-4.9

-3.3

-3.3

    Machineries & Equipments-Government Subs

0.0

0.0

-

-

-

    Vehicles

1.0

1.1

0.9

0.7

0.8

    Vehicles-Depreciation

-0.7

-0.6

-0.4

-0.4

-0.4

    Tools/Equipments

0.2

0.2

0.1

0.1

0.1

    Depr-Tool/Equip

-0.1

-0.1

-0.1

0.0

0.0

    Fixtures

1.8

1.8

0.4

0.6

0.7

    Deprec-Fixtures

-0.7

-0.4

-0.3

-0.4

-0.5

    Electrical Equip

-

-

0.3

0.0

0.0

    Dep-Elect Equip

-

-

0.0

0.0

0.0

    Construc in Prog

7.0

8.4

4.1

2.0

2.0

    Software

0.0

0.0

0.0

0.1

0.1

    Neg Goodwill

-

-

0.1

-

-

    Adjustment for Property, Plant & Equipme

0.0

-

-

-

-

    Adjustment for Other Non-Current Financi

-

0.0

-

-

-

Total Assets

223.7

221.6

154.5

109.5

123.6

 

 

 

 

 

 

    Trade Payable

7.4

9.1

5.2

3.4

9.6

    Other Payables

1.7

1.8

0.3

2.8

2.1

    ST Borrowings

67.0

65.7

53.5

32.8

14.1

    Advances Receivd

0.1

0.3

0.1

0.0

0.1

    Withholdings

0.2

0.2

0.1

0.0

0.0

    Accrued Expenses

0.4

0.5

0.5

0.2

0.1

    VAT Withheld

-

-

1.6

-

1.4

    Inc Tax Payable

0.6

3.0

-

-

-

    Lease Guarantee

0.2

0.2

0.2

0.2

0.2

    Current LT Liab.

-

-

-

-

2.0

    Dfrd Taxes

-

-

0.2

-

-

    Adjustment for Other Current Financial L

0.0

0.0

-

-

-

Total Current Liability

77.5

80.9

61.6

39.4

29.6

 

 

 

 

 

 

    Retirement & Severance Benefits, Non-Cur

0.0

0.0

-

-

-

    Retirement Resrv

-

-

0.3

0.0

0.0

    Deferred Income Taxes, Non-Current Liabi

8.3

8.4

1.3

1.0

1.5

    Deposit-Retirement Insurance

-

-

0.0

-

-

    Plan Assets

-

-

-0.3

-

-

    Transfer to National Pension Fund

-

-

0.0

-

-

    Minority Interests

6.3

5.5

3.7

-

-

    Currency Swaps, Long Term

-

-

-

-

0.2

Total Liabilities

92.1

94.9

66.6

40.4

31.3

 

 

 

 

 

 

    Common Stock

5.6

5.3

4.3

4.0

5.1

    Capital Surplus

4.2

4.2

-

-

-

    Additional Paid in Capital

-

-

4.8

4.4

5.9

    Other Capital Adjustment

-

-

0.2

0.2

0.2

    Capital Change, Equity Method

-

-

1.2

1.1

1.1

    Capital Change, Equity Method (Loss)

-

-

0.0

-

-

    Retained Earnings or Accumulated Deficit

121.9

117.2

-

-

-

    Retained Earning

-

-

72.0

54.5

71.2

    Reserve-Legal

-

-

1.1

1.0

1.3

    Rsv-BusinessRatl

-

-

4.3

4.0

7.4

    Treasury Stock

0.0

0.0

0.0

0.0

-

Total Equity

131.7

126.7

87.9

69.1

92.3

 

 

 

 

 

 

Total Liabilities & Shareholde

223.7

221.6

154.5

109.5

123.6

 

 

 

 

 

 

    S/O-Ordinary Shares

14.0

12.9

12.9

12.9

12.4

Total Common Shares Outstandin

14.0

12.9

12.9

12.9

12.4

T/S-Ordinary Shares

0.0

0.0

0.0

0.0

0.0

Accumulated Goodwill Amortization Suppl.

-

-

0.2

-

-

Accumulated Intangible Amort, Suppl.

0.0

0.0

0.3

-

-

Deferred Revenue, Current

0.1

0.3

0.1

0.0

0.1

Full-Time Employees

118

-

107

103

86

Number of Common Shareholders

-

-

-

3,906

4,481

LT Debt 1 yr

-

-

-

-

2.0

LT Debt 2 yrs

-

-

-

-

2.0

Total Long Term Debt, Supplemental

-

-

-

-

4.0

 

 

 

Interim Balance Sheet

As Reported

 

Financials in: USD (mil) 

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

 

 

 

31-Mar-2012

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

UpdateType/Date

Updated Normal 
31-Mar-2012

Updated Normal 
31-Dec-2011

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate

1138.093549

1152

1178.05

1067.65

1096.95

 

 

 

 

 

 

    Cash and Cash Equivalents

12.6

22.8

21.2

13.4

15.5

    ST Securities Held to Maturities

-

-

-

-

0.2

    Current Held-to-Maturity Invement Assets

-

-

-

0.0

-

    Short-term Financial Instruments

3.7

1.7

0.5

0.2

5.2

    Trade Receivables, Gross

41.2

42.5

44.3

50.2

44.0

    Allowance for Doubtful Accounts for Trad

-0.7

-0.7

-0.6

-0.7

-0.7

    Other Receivables

0.9

0.0

0.0

0.1

0.4

    Accrued Income

0.0

0.0

0.0

0.0

0.0

    Short-term Loans

0.0

0.1

0.1

0.1

0.0

    Receivable of Corporate Tax Refund

0.0

-

-

-

-

    Prepaid Value Added Taxes

0.1

-

-

1.1

0.5

    Prepaid Income Taxes

0.0

-

-

-

-

    Prepaid Expenses Total

0.0

0.0

0.1

0.0

0.0

    Advance Payments

0.2

0.0

0.0

0.0

0.0

    Guarantee Deposit-Futures Trade

-

-

0.7

0.2

-

    Other Current Assets

-

-

-

-

0.0

    Current Derivative Assets

0.1

-

-

-

-

    Current Financial Deposit

-

-

-

-

0.4

    Merchandises

5.8

7.0

6.3

6.3

3.6

    Finished Goods

21.8

20.8

19.4

22.0

19.2

    Raw Materials

31.6

22.4

28.4

33.4

35.8

    Raw Materials in Transit, Current

-

-

0.3

1.0

3.7

    Works in Process

1.7

2.1

2.3

2.9

3.6

    Goods in Transit

1.3

3.7

-

-

-

    Supplies

0.0

0.0

0.0

0.0

0.0

    Adjustment for Other Current Assets

0.0

0.0

-

0.0

0.0

    Adjustment for Other Current Financial A

0.0

0.0

-

0.0

0.0

    Adjsutment for Trade and Other Receivabl

-

-

0.0

0.0

0.0

    Adjustment for Trade Receivables

0.0

0.0

-

-

-

    Adjustment for Inventory

0.0

0.0

-

0.0

0.0

Total Current Assets

120.6

122.4

122.8

130.2

131.5

 

 

 

 

 

 

    Investment in Affiliates

16.1

16.0

15.4

17.1

16.4

    Long-term Financial Instruments

0.0

0.0

0.0

0.0

0.0

    LT Available-for-Sale Financial Assets

3.2

3.2

3.1

3.4

3.3

    Long-term Loans

-

-

0.0

0.0

0.0

    Deferred Income Taxes Assets Current

-

-

0.2

-

-

    Non-Current Rental Guarantee Deposits

0.5

0.6

0.5

0.5

0.4

    Property, Plant and Equipment

-

-

80.5

88.8

84.4

    Lands

47.2

46.6

-

-

-

    Buildings

14.9

14.7

-

-

-

    Buildings-Depreciation

-2.1

-2.0

-

-

-

    Structures

0.9

0.9

-

-

-

    Structures-Depreciation

-0.1

-0.1

-

-

-

    Machineries & Equipments

21.7

21.3

-

-

-

    Machineries & Equipments-Depreciation

-8.9

-8.2

-

-

-

    Machineries & Equipments-Government Subs

0.0

0.0

-

-

-

    Vehicles

1.0

1.0

-

-

-

    Vehicles-Depreciation

-0.7

-0.7

-

-

-

    Tools & Equipments

0.2

0.2

-

-

-

    Tools & Equipments-Depreciation

-0.1

-0.1

-

-

-

    Fixtures

1.9

1.8

-

-

-

    Fixtures-Depreciation

-0.8

-0.7

-

-

-

    Construction in Progress

11.3

7.0

-

-

-

    Software

0.0

0.0

0.0

0.0

0.0

    Adjustment for Other Non-Current Financi

-

-

0.0

0.0

0.0

    Adjustment for Property, Plant & Equipme

0.0

0.0

-

-

-

Total Assets

226.7

223.7

222.7

240.1

236.0

 

 

 

 

 

 

    Short-term Borrowings

66.1

67.0

68.3

65.3

67.1

    Advance to Receivable

0.2

0.1

0.8

0.6

0.4

    Trade Payable

8.7

7.4

9.1

8.7

10.6

    Other Payables

0.5

1.7

1.9

2.0

1.5

    Adjustment for Trade and Other Payable

-

-

0.0

-

0.0

    Dividend Payables

1.1

-

-

-

1.1

    Accrued Expenses

0.3

0.4

0.2

0.3

0.4

    Leasehold Deposits Received

0.2

0.2

0.2

0.2

0.2

    Income Taxes Payable

1.0

0.6

0.5

2.9

3.6

    Withholdings

0.0

0.2

0.2

1.1

0.0

    Adjustment for Other Current Financial L

0.0

0.0

0.0

0.0

-

Total Current Liabilities

78.1

77.5

81.2

81.0

84.8

 

 

 

 

 

 

    Provisions for Retirement and Severance

0.2

0.0

0.3

0.2

0.1

    Deferred Income Taxes Liabilities Non-cu

8.4

8.3

8.1

9.1

8.8

    Minority Interest

6.5

6.3

6.0

7.1

6.8

Total Liabilities

93.2

92.1

95.6

97.4

100.5

 

 

 

 

 

 

    Capital Stock

6.2

5.6

5.5

6.1

5.9

    Capital Surplus, Total

4.2

4.2

0.2

4.5

-

    Additional Paid-in Capital

-

-

3.9

-

4.1

    Other Capital Surplus

-

-

-

-

0.2

    Accumulated Other Comprehensive Income

-

-

0.0

0.0

0.0

    Treasury Stock

0.0

0.0

0.0

0.0

0.0

    Retained Earnings or Accumulated Deficit

123.2

121.9

-

-

-

    Appropriated Retained Earnings for Legal

-

-

1.3

1.5

1.4

    Appropriated Retained Earnings for Volun

-

-

4.3

4.7

4.6

    Retained Earnings Before Appropriations

-

-

111.9

125.9

119.3

    Adjustment for Retained Earnings

-

-

0.0

0.0

-

Total Equity

133.5

131.7

127.1

142.6

135.5

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

226.7

223.7

222.7

240.1

236.0

 

 

 

 

 

 

    S/O-Ordinary Shares

14.0

14.0

14.0

14.0

14.0

Total Common Shares Outstanding

14.0

14.0

14.0

14.0

14.0

T/S-Ordinary Shares

0.0

0.0

0.0

0.0

0.0

Accumulated Intangible Amort, Suppl.

0.0

0.0

-

-

-

Deferred Revenue, Current

0.2

0.1

0.8

0.6

0.4

Full-Time Employees

125

118

123

124

120

 

 

Annual Cash Flows

As Reported

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Reclassified Normal 
31-Dec-2011

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

Charm Accounting Corp.

Charm Accounting Corp.

Charm Accounting Corp.

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income

8.2

12.5

12.4

1.2

15.5

    Depreciation

3.0

2.2

1.7

1.4

1.4

    Amortization of Intangible Assets

0.0

0.0

0.3

0.1

0.1

    Payment for Retirement Allowance, ONCI

0.4

0.4

0.2

0.2

0.2

    Losses on Foreign Currency Translation

1.5

0.0

0.2

3.6

0.1

    Loss on Disposal of Property, Plant and

0.4

-

-

0.0

-

    Taxes Related to Shareholder's Equity

-

-

0.0

0.1

0.1

    Expense of Allowance for Doubtful Accoun

-

0.1

0.2

0.4

0.2

    Recovery of Allowance for Doubtful Accou

-0.1

-

-

-

-

    Gain/Loss on Investment in Affiliates

-1.0

-1.3

-

-

-

    Commission Fees Paid

-

-

-

-

0.0

    L-Inv.Secs Valuation

-

-

-

-

0.0

    Loss-Reduct. of Sec. Available-for-Sale

-

-

-

0.5

-

    Loss-Disposal of Sec under Equity Method

-

-

0.1

0.0

-

    Gains on Foreign Currency Translation

0.0

-0.6

-1.2

-1.2

0.0

    Gain-Disp. of Security Avail-for-Sale

-

-

-0.4

-

-

    G-Tangible Asst Disp

-0.2

0.0

0.0

0.0

0.0

    Gain-Other Investment Assets Disposal

-

-

-0.2

-

-

    G-Currency Swap Val.

-

-

-

-

-0.1

    Gain-Disp. of Securities/Equity Method

-

-

-

-0.3

-

    G-Gain under Equity Method

-

-

-0.7

-0.8

-1.3

    Gain-Derivatives Valuation

-

-

0.0

-

-

    Loss-Reduction of Intangible Assets

-

-

0.1

-

-

    Interest Expenses

0.9

1.3

-

-

-

    Corporate Taxes Expense

2.7

3.9

-

-

-

    Interest Income

-0.4

-0.8

-

-

-

    Income Tax Payable

-

-

-

-0.1

-

    Trade Receivables

-1.7

-18.9

1.3

-1.9

0.3

    Account Receivables

-

-

-2.6

0.0

1.0

    Accrued Income

-

-

0.1

-0.3

0.0

    Advance Payments

-

-

-0.1

0.0

0.0

    Prepaid Income Taxes

-

-

-

-0.1

-

    Prepaid Expenses

-

-

0.1

0.0

0.0

    Inventories

-4.7

-13.2

-10.9

7.4

-8.7

    Decrease in Other Current Financial Asse

0.4

3.1

-

-

-

    Other Current Assets

0.0

0.1

-

-

-

    Other Non-Current Fiancial Assets

-0.2

0.4

-

-

-

    Trade Payables

-1.7

3.7

1.4

-4.3

-0.9

    Account Payables

-

-

-2.4

1.4

1.2

    Deposits Withheld

-

-

0.1

0.0

-0.1

    Advances Received

-

-

0.0

0.0

-0.5

    Deposit-Retirement Insurance

-

-

0.0

-

-

    Other Current Liabilities

-0.2

0.2

-

-

-

    Other Current Financial Liabilities

-0.2

1.6

-

-

-

    Accrued Expenses

-

-

0.2

0.2

-0.1

    Currency Future L

-

-

-

-0.2

-0.7

    Corporate Tax Refundable

-

-

0.1

-

-

    Accrued Inc Tax

-

-

1.5

-1.2

-0.4

    ST Deferred Taxes-Liab.

-

-

0.1

-

-0.3

    LT Deferred Taxes-Liab.

-

-

0.2

-0.1

0.3

    Deferred Taxes-Assets

-

-

0.3

-0.3

0.0

    Payment for Retirement Allowance

-0.4

-0.7

-0.3

-0.2

-0.3

    Retirement Insurance

-

-

-0.3

0.0

0.0

    Prepaid Taxes

-

-

-0.6

-

-

    Cash-Interest Received

0.4

0.9

-

-

-

    Cash-Tax Paid

-5.1

-2.4

-

-

-

    Cash-Interest Paid

-1.0

-1.4

-

-

-

    Cash-Dividend Income

0.4

-

-

-

-

Cash from Operating Activities

1.5

-8.8

1.0

5.4

7.1

 

 

 

 

 

 

    Disposal of Current Financial Instrument

8.0

14.3

-

11.1

11.9

    Disposal of Financial Assets Held to Mat

0.2

-

0.0

-

0.0

    Disp-Secs avail. for Sale

-

-

1.0

-

1.1

    Disposal of Derivative Assets

-

0.0

-

-

-

    Dec-ST Loans

1.9

0.0

-

1.6

0.0

    Disposal of Structures

0.0

-

-

0.1

0.1

    Increase-Government Subsidy

-

0.0

-

-

-

    Disp-Vehicles

0.0

0.0

0.1

0.0

0.0

    Disposal of Machinery

0.0

-

-

-

-

    Disposal of Fixtures

0.0

-

-

-

-

    Disposal of Land

0.8

-

-

-

-

    Disposal of Buildings

0.2

-

-

-

-

    Decrease in Non-Current Loans

0.1

-

0.0

-

-

    Increase in Current Loans

-1.9

-

0.0

-1.6

-

    Inc-ST Finl Asset

-

-

-8.6

-25.9

-3.5

    Acq-Secs avial. for Sale

-

-

-3.0

0.0

-1.2

    Disposal-Securities under Equity Method

-

-

0.2

-

-

    Disposal of Other Investment Assets

-

-

0.4

-

-

    Inc-Guarantee Dep

-

0.0

0.0

-0.3

0.0

    Purchase of Land

-1.3

-

-

-0.6

-

    Increase-Buildings

-0.5

0.0

-

-0.1

-

    Acq-Machinery

-1.2

-0.6

-

-0.3

-0.1

    Acq-Vehicles

0.0

-0.2

-0.2

-0.2

-0.4

    Acq-Tools/Equipmt

0.0

0.0

-

0.0

0.0

    Acq-Fixtures

-0.1

-0.1

0.0

0.0

-0.1

    Acq-Installation Eq

-

-

-

-

0.0

    Acq-Constructn Prog

-3.8

-5.5

-3.2

-3.1

-2.5

    Increase-Intangible Assets

-

-

0.0

-0.1

-

    Acq-Software

0.0

0.0

-

-

-

    Acq-Securities under Equity Method

-

-

-8.7

-

-3.2

    Increase in Non-Current Loans

-

-0.1

-

0.0

0.0

    Purchase of Non-Current Financial Instru

0.0

-

-0.1

-

-

    Purchase of Structures

0.0

-

-

-

-

Cash from Investing Activities

2.2

7.8

-22.2

-19.6

2.0

 

 

 

 

 

 

    Increase in Current Borrowings

145.6

19.7

11.9

73.0

57.7

    Inc-Lease Guarantee

-

-

0.0

-

-

    Decrease in Current Borrowings

-144.7

-8.4

-

-49.9

-60.5

    Dec-Current Portion of LT Borrowings

-

-

-

-1.7

-1.0

    Acq-Treasury Stock

-

-

-

0.0

-

    Payment-Dividends

-1.1

-0.9

-0.4

-0.9

-2.1

    Increase in Minority Interest

0.9

1.8

-

-

-

Cash from Financing Activities

0.7

12.2

11.5

20.6

-5.8

 

 

 

 

 

 

Foreign Exchange Effects

-0.1

0.0

-

-

-

Net Change in Cash

4.3

11.2

-9.7

6.4

3.3

 

 

 

 

 

 

Net Cash - Beginning Balance

19.4

7.4

16.4

12.7

11.7

Net Cash - Ending Balance

23.7

18.6

6.7

19.0

15.0

    Cash Interest Paid

1.0

1.4

-

-

-

    Cash Taxes Paid

5.1

2.4

-

-

-

 

 

Interim Cash Flows

As Reported

 

Financials in: USD (mil) 

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

 

 

 

31-Mar-2012

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

Period Length

3 Months

12 Months

9 Months

6 Months

3 Months

UpdateType/Date

Updated Normal 
31-Mar-2012

Updated Normal 
31-Dec-2011

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1131.034971

1107.891393

1095.603455

1101.856011

1120.28956

 

 

 

 

 

 

Net Income

1.6

8.2

6.5

9.3

5.8

    Depreciation

0.8

3.0

2.3

1.5

0.7

    Amortization of Intangible Assets

0.0

0.0

0.0

0.0

0.0

    Retirement and Severance Benefits

0.1

0.4

0.3

0.2

0.1

    Recovery-Doubtful Credit Reserve

-

-0.1

-0.1

-0.1

0.0

    Losses on Sale of Property, Plant and Eq

-

0.4

0.4

0.4

-

    Losses on Foreign Currency Translation

0.0

1.5

3.2

0.1

0.2

    Interest Income

-0.1

-0.4

-0.4

-0.3

-0.1

    Interest Expenses

0.3

0.9

0.6

0.5

0.3

    Corporate Taxes

0.4

2.7

2.3

3.1

2.1

    Dividend Income

-

-

-

-0.1

-0.1

    Taxes Related to Shareholder's Equity

-

-

0.0

-

-

    Gain under Equity Method

-

-

-0.8

-0.9

-0.6

    Gain/Loss on Investment in Affiliates

-0.4

-1.0

-

-

-

    Gains on Sale of Property, Plant and Equ

-

-0.2

0.0

0.0

0.0

    Gains on Foreign Currency Translation

-0.3

0.0

-0.2

-1.4

-1.3

    Gains on Valuations of Derivatives Asset

-0.1

-

-

-

-

    Trade and Other Current Receivable

-

-

-4.1

-4.2

0.4

    Trade Receivables

1.8

-1.7

-

-

-

    Other Receivables

-

-

-0.2

0.0

0.0

    Other Current Assets

-0.2

0.0

0.0

-1.0

-0.6

    Decrease in Other Current Financial Asse

-1.0

0.4

-

-

-

    Other Non-Current Fiancial Assets

0.1

-0.2

-

-

-

    Inventories

-5.6

-4.7

-6.9

-10.0

-11.9

    Trade and Other Current Payables

-

-

0.4

-2.8

-1.2

    Trade Payables

1.3

-1.7

-

-

-

    Other Current Liabilities

0.1

-0.2

0.5

0.8

-0.3

    Other Non-current Liabilities

-

-

-

-0.2

-0.2

    Other Current Financial Liabilities

-1.4

-0.2

-

-

-

    Payment-Retirement Allowance

0.0

-0.4

0.0

0.0

0.0

    Cash-Interest Paid

-0.2

-1.0

-0.9

-0.5

-0.2

    Cash-Interest Received

0.1

0.4

0.4

0.3

0.2

    Cash-Tax Paid

0.0

-5.1

-5.1

-3.1

-1.4

    Cash-Dividend Income

-

0.4

-

0.4

0.4

Cash from Operating Activities

-2.9

1.5

-1.7

-7.9

-7.7

 

 

 

 

 

 

    Decrease-Other Financial Assets

-

-

0.2

-

-

    Proceeds from Sale of ST Financial Instr

-

8.0

9.4

9.6

4.6

    Disposal of Financial Assets Held to Mat

-

0.2

-

-

-

    Disposal of Investment in Affiliates

0.4

-

-

-

-

    Decrease in Short-term Loans

0.1

1.9

1.9

-

0.0

    Decrease in Long-term Loans

-

0.1

0.0

-

-

    Increase in Deposits Provided

-

-

-

0.0

0.0

    Other Cash Inflow

-

-

-

0.3

-

    Increase in Short-term Loans

-0.1

-1.9

-1.9

0.0

-

    Increase-Other Financial Assets

-

-

-0.4

-

-

    Purchase of Current Financial Instrument

-1.9

-

-

-

-

    Purchase of Long-term Financial Instrume

-

0.0

0.0

-

-

    Purchase of Software

-

0.0

-

-

-

    Purchase of Other Intangible Assets

-

-

0.0

-

-

    Purchase of Intangible Assets

-

-

-

0.0

-

    Proceeds from Sale of Property Plant and

-

-

0.0

0.0

0.0

    Disposal of Land

-

0.8

-

-

-

    Disposal of Buildings

-

0.2

-

-

-

    Disposal of Structures

-

0.0

-

-

-

    Disposal of Machinery

-

0.0

-

-

-

    Disposal of Vehicles

-

0.0

-

-

-

    Disposal of Furnitures & Fixtures

-

0.0

-

-

-

    Purchase of Property, Plant and Equipmen

-

-

-6.2

-5.4

-2.2

    Purchase of Land

-

-1.3

-

-

-

    Purchase of Buildings

-

-0.5

-

-

-

    Purchase of Structures

-

0.0

-

-

-

    Purchase of Machinery

-0.1

-1.2

-

-

-

    Purchase of Vehicles

0.0

0.0

-

-

-

    Purchase of Tools & Equipments

-

0.0

-

-

-

    Purchase of Fixtures

0.0

-0.1

-

-

-

    Purchase of Construction in Progress

-4.3

-3.8

-

-

-

Cash from Investing Activities

-6.0

2.2

3.0

4.4

2.4

 

 

 

 

 

 

    Increase in Current Borrowings

37.9

145.6

101.8

-

0.3

    Decrease in Current Borrowings

-39.5

-144.7

-99.6

-3.1

-

    Payments in Dividends

-

-1.1

-1.1

-1.1

-

    Cash Outflow-Consol. Scope Change, FN

-

-

-

0.0

-

    Cash Inflow-Consol. Scope Change, FN

-

-

0.7

1.1

1.1

    Increase in Minority Interest

-

0.9

-

-

-

Cash from Financing Activities

-1.6

0.7

1.8

-3.1

1.4

 

 

 

 

 

 

Foreign Exchange Effects

0.1

-0.1

0.1

0.0

-0.1

Net Change in Cash

-10.5

4.3

3.2

-6.5

-4.0

 

 

 

 

 

 

Cash and Cash Equivalent at Beginning

23.2

19.4

19.6

19.5

19.2

Cash and Cash Equivalent at End

12.7

23.7

22.8

13.0

15.2

    Cash Interest Paid

0.2

1.0

0.9

0.5

0.2

    Cash Taxes Paid

0.0

5.1

5.1

3.1

1.4

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.56.02

UK Pound

1

Rs.86.78

Euro

1

Rs.68.83

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.