MIRA INFORM REPORT

Report Date :

27.11.2012

IDENTIFICATION DETAILS

Name :	LG HAUSYS, LTD.
Registered Office :	One IFC Bldg., 23, Yeouido-Dong, Yeongdeungpo-Gu, Seoul, 150876
Country :	South Korea
Financials (as on) :	31.12.2011
Date of Incorporation :	02.04.2009
Legal Form :	Public Parent Company
Line of Business :	manufacturer of construction materials
No. of Employees :	2772 employees

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES:

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

ECGC Country Risk Classification List – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
South Korea	A1	A1

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

South Korea - ECONOMIC OVERVIEW

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

Source : CIA

Company name & address

LG HAUSYS, LTD.

One IFC Bldg., 23, Yeouido-Dong, Yeongdeungpo-Gu

Seoul, 150876

Korea, Republic of

Tel: 82-2-37771114

Fax: 82-2-37737921

Web: www.lghausys.co.kr

Synthesis

Employees: 2,772

Company Type: Public Parent

Corporate Family: 2 Companies

Traded: Korea Stock Exchange: 108670

Incorporation Date: 02-Apr-2009

Auditor: PricewaterhouseCoopers LLP

Financials in: USD (mIllions)

Fiscal Year End: 31-Dec-2011

Reporting Currency: South Korean Won

Annual Sales: 2,211.5 1

Net Income: 42.0

Total Assets: 1,686.2 2

Market Value: 649.5 (09-Nov-2012)

business Description

LG Hausys, Ltd. is a Korea-based company mainly engaged in the manufacture of construction materials. The Company operates in two business segments: construction material segment, and highly functional material and component segment. Its construction material segment manufactures polyvinyl chloride (PVC) windows, aluminum windows, functional glasses, flooring materials, wallpapers and artificial marble products. Its highly functional material and component segment manufactures gloss sheet products, decoration sheet products and functional adhesive materials, as well as automotive components, among others. The Company distributes its products within domestic market and to overseas markets. For the six months ended 30 June 2012, LG HAUSYS, LTD. revenues increased 2% to W1.2T. Net income applicable to common stockholders excluding extraordinary items decreased 2% to W19.43B. Revenues reflect High Professional Qualification Material segment increase of 7% to W487.44B, Common Segments and Other increase from W1.6B to W10.75B, Other Foreign segment increase of 29% to W74.28B, Western Europe segment increase of 14% to W42.04B.

Industry

Industry Fabricated Plastic and Rubber

ANZSIC 2006: 1919 - Other Polymer Product Manufacturing

NACE 2002: 2524 - Manufacture of other plastic products

NAICS 2002: 326199 - All Other Plastics Product Manufacturing

UK SIC 2003: 2524 - Manufacture of other plastic products

UK SIC 2007: 2229 - Manufacture of other plastic products

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

Key Executives

Name	Title
Myeong Ho Han	Chief Executive Officer, Director
Hong Gi Kim	Chief Financial Officer, Director
Tae Sun Yoon	Chief Human Resource Officer, Assistant Managing Director
Jun Ho Cho	Chairman of the Board
Myeong Hwan Kim	Non-Executive Independent Director

Significant Developments

Topic	#*	Most Recent Headline	Date
Strategic Combinations	1	Faurecia SA and LG Hausys Sign Partnership	11-Jan-2012
Special Events / Other	1	LG Hausys Ltd Announces Production Halted at Ulsan Plant	16-Nov-2012
Dividends	1	LG Hausys Ltd Declares Annual Cash Dividend for FY 2011	31-Jan-2012

* number of significant developments within the last 12 months

News

Title	Date
WIPO PUBLISHES PATENT OF LG HAUSYS, LEE MYUNG, JUNG SEONG-MOON, JANG SUK, KIM EUN-JOO FOR "GLASS FIBER BOARD AND A PRODUCTION METHOD THEREFOR" (SOUTH... U.S. Fed News (186 Words)	21-Nov-2012
US Patent Issued to LG Hausys on Nov. 20 for "Bottom Panel for Construction" (South Korean Inventor) U.S. Fed News (79 Words)	21-Nov-2012
Launch Announcement: Professional Builder and Building Design+Construction Bring GreenZone Structures to Greenbuild in San Francisco Investment Weekly News (430 Words)	31-Oct-2012
Studies by S.J. Park and Co-Authors Describe New Findings in Chalcogens Life Science Weekly (408 Words)	12-Sep-2012
Cilio Technologies Lowers the Cost of Doing Business for Installed Sales Manufacturers and Retailers with New Price Structure PR Web (487 Words)	10-Sep-2012

Financial Summary

As of 30-Jun-2012

Key Ratios	Company	Industry
Current Ratio (MRQ)	1.26	2.87
Quick Ratio (MRQ)	0.98	1.37
Debt to Equity (MRQ)	0.86	0.76
Net Profit Margin (TTM) %	1.92	3.92
Return on Assets (TTM) %	2.74	2.89
Return on Equity (TTM) %	6.03	4.01

Stock Snapshot

Traded: Korea Stock Exchange: 108670

As of 9-Nov-2012

   Financials in: KRW

Recent Price	76,400.00	EPS	4,587.36
52 Week High	89,000.00	Price/Sales	0.29
52 Week Low	56,400.00	Dividend Rate	1,000.00
Avg. Volume (mil)	0.02	Price/Earnings	13.77
Market Value (mil)	707,634.80	Price/Book	0.95
		Beta	0.63

	Price % Change	Rel S&P 500%
4 Week	-3.54%	-2.08%
13 Week	11.37%	13.83%
52 Week	-5.21%	-9.75%
Year to Date	-12.08%	-15.71%

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

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

Corporate Overview

Location

One IFC Bldg.

, 23, Yeouido-Dong, Yeongdeungpo-Gu

Seoul, 150876

Korea, Republic of

Tel: 82-2-37771114

Fax: 82-2-37737921

Web: www.lghausys.co.kr

Quote Symbol - Exchange

108670 - Korea Stock Exchange

Sales KRW(mil): 2,450,105.0

Assets KRW(mil): 1,942,481.0

Employees: 2,772

Fiscal Year End: 31-Dec-2011

Industry: Fabricated Plastic and Rubber

Incorporation Date: 02-Apr-2009

Company Type: Public Parent

Quoted Status: Quoted

Chief Executive Officer, Director:

Myeong Ho Han

Company Web Links

Corporate History/Profile

Executives

Financial Information

Home Page

Investor Relations

Products/Services

Contents

Industry Codes

Business Description

Financial Data

Market Data

Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

1919 - Other Polymer Product Manufacturing

1332 - Rope, Cordage and Twine Manufacturing

1915 - Adhesive Manufacturing

2010 - Glass and Glass Product Manufacturing

231 - Motor Vehicle and Motor Vehicle Part Manufacturing

1522 - Paper Bag Manufacturing

2229 - Other Structural Metal Product Manufacturing

1411 - Log Sawmilling

NACE 2002 Codes:

2524 - Manufacture of other plastic products

1754 - Manufacture of other textiles not elsewhere classified

2615 - Manufacture and processing of other glass including technical glassware

2462 - Manufacture of glues and gelatine

2020 - Manufacture of veneer sheets; manufacture of plywood, laminboard, particle board, fibre board and other panels and boards

2812 - Manufacture of builders' carpentry and joinery of metal

2112 - Manufacture of paper and paperboard

3410 - Manufacture of motor vehicles

NAICS 2002 Codes:

326199 - All Other Plastics Product Manufacturing

314999 - All Other Miscellaneous Textile Product Mills

325520 - Adhesive Manufacturing

327215 - Glass Product Manufacturing Made of Purchased Glass

336312 - Gasoline Engine and Engine Parts Manufacturing

322222 - Coated and Laminated Paper Manufacturing

332321 - Metal Window and Door Manufacturing

321918 - Other Millwork (including Flooring )

US SIC 1987:

3089 - Plastics Products, Not Elsewhere Classified

2299 - Textile goods, Not Elsewhere Classified

3231 - Glass Products, Made of Purchased Glass

2891 - Adhesives and Sealants

2431 - Millwork

3442 - Metal Doors, Sash, Frames, Molding, and Trim Manufacturing

2672 - Coated and Laminated Paper, Not Elsewhere Classified

3714 - Motor Vehicle Parts and Accessories

UK SIC 2003:

2524 - Manufacture of other plastic products

17549 - Manufacture of other textiles not elsewhere classified

2615 - Manufacture and processing of other glass including technical glassware

2462 - Manufacture of glues and gelatine

2020 - Manufacture of veneer sheets; manufacture of plywood, laminboard, particle board, fibre board and other panels and boards

2812 - Manufacture of builders' carpentry and joinery of metal

2112 - Manufacture of paper and paperboard

3410 - Manufacture of motor vehicles

UK SIC 2007:

2229 - Manufacture of other plastic products

1396 - Manufacture of other technical and industrial textiles

2052 - Manufacture of glues

2319 - Manufacture and processing of other glass, including technical glassware

2910 - Manufacture of motor vehicles

1712 - Manufacture of paper and paperboard

2512 - Manufacture of doors and windows of metal

1621 - Manufacture of veneer sheets and wood-based panels

Business Description

LG Hausys, Ltd. is a Korea-based company mainly engaged in the manufacture of construction materials. The Company operates in two business segments: construction material segment, and highly functional material and component segment. Its construction material segment manufactures polyvinyl chloride (PVC) windows, aluminum windows, functional glasses, flooring materials, wallpapers and artificial marble products. Its highly functional material and component segment manufactures gloss sheet products, decoration sheet products and functional adhesive materials, as well as automotive components, among others. The Company distributes its products within domestic market and to overseas markets. For the six months ended 30 June 2012, LG HAUSYS, LTD. revenues increased 2% to W1.2T. Net income applicable to common stockholders excluding extraordinary items decreased 2% to W19.43B. Revenues reflect High Professional Qualification Material segment increase of 7% to W487.44B, Common Segments and Other increase from W1.6B to W10.75B, Other Foreign segment increase of 29% to W74.28B, Western Europe segment increase of 14% to W42.04B.

More Business Descriptions

Manufacture of construction materials including aluminium and PVC windows, glasses, flooring and artificial marble products

Financial Data

Financials in:	KRW(mil)
Revenue:	2,450,105.0
Net Income:	46,552.0
Assets:	1,942,481.0
Long Term Debt:	312,710.0
Total Liabilities:	1,221,017.0
Working Capital:	285.0
Date of Financial Data:	31-Dec-2011

1 Year Growth

9.3%

13.3%

27.8%

Market Data

Quote Symbol:	108670
Exchange:	Korea Stock Exchange
Currency:	KRW
Stock Price:	76,400.0
Stock Price Date:	11-09-2012
52 Week Price Change %:	-5.2
Market Value (mil):	707,634,816.0
SEDOL:	B55SJJ5
ISIN:	KR7108670001
Equity and Dept Distribution:
All financials are consolidated. 06/09 CLA.06/09 RCA.

Key Corporate Relationships

Auditor:	PricewaterhouseCoopers LLP
Auditor:	PricewaterhouseCoopers LLP, PWC LLP

Corporate Family	Corporate Structure News:
	LG HAUSYS, LTD.
LG HAUSYS, LTD. Total Corporate Family Members: 2

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
LG HAUSYS, LTD.	Parent	Seoul	Korea, Republic of	Fabricated Plastic and Rubber	2,211.5	2,772
Lgkhsr Ooo	Subsidiary	Moscow	Russian Federation	Fabricated Plastic and Rubber	15.5	417

Executive report

Board of Directors

Name	Title	Function
Jun Ho Cho	Chairman of the Board	Chairman
Biography: Cho Jun Ho has been Chairman of the Board of LG HAUSYS,LTD. since April 1, 2009. Currently, Cho is also Chief Executive Officer, President and Director of LG Corp., and Director of SERVEONE, LG CNS, V-ENS CO.,LTD. and LG Innotek Co., Ltd. Previously, Cho was Chief Financial Officer of LG Corp. Cho received a Master's degree in Marketing from University of Chicago, the United States. Age: 53 Education: University of Chicago, M (Marketing) Seoul National University, B (Business Administration) Social:
Myeong Ho Han	Chief Executive Officer, Director	Director/Board Member
Biography: Han Myeong Ho has been Chief Executive Officer and Director of LG HAUSYS,LTD. since April 1, 2009. Previously, Han was Director of LG.TOSTEM BM and Head of the industrial materials business division of LG Chem Ltd. Han received a Bachelor's degree in Chemical Engieering from Hanyang University, Korea and a Master's degree in Business Administration from University of Washington, the United States. Age: 52 Education: University of Washington, M (Business Administration) Hanyang University, B (Chemical Engineering)
Hong Gi Kim	Chief Financial Officer, Director	Director/Board Member
Biography: Kim Hong Gi has been Chief Financial Officer and Director of LG HAUSYS,LTD. since April 1, 2009. Currently, Kim is also Director of LG.TOSTEM BM and Hausys Eng Co.,LTD. Previously, Kim worked for LG Chem Ltd. Kim received a Master's degree in Business Administration from Seoul National University, Korea. Age: 49 Education: Seoul National University, M (Business Administration)
Myeong Hwan Kim	Non-Executive Independent Director	Director/Board Member
Biography: Kim Myeong Hwan has been Non-Executive Independent Director of LG HAUSYS,LTD. since April 1, 2009. Currently, Kim is also Vice Chairman of a Korea-based company. Previously, Kim was Head of the Seoul region division of Korea National Housing Corporation. Kim received a Bachelor's degree in Architectural Engineering from Seoul National University, Korea. Age: 61 Education: Seoul National University, B (Architectural Engineering) Social:
Hyeon Kim	Non-Executive Independent Director	Director/Board Member
Biography: Kim Hyeon has been Non-Executive Independent Director of LG HAUSYS,LTD. since April 1, 2009. Currently, Kim is also a professor of Korea University. Kim received a Master's degree in Industrial Design from Seoul National University, Korea. Age: 56 Education: Seoul National University, M (Industrial Design)
Chan Seok Oh	Non-Executive Independent Director	Director/Board Member
Biography: Oh Chan Seok has been Non-Executive Independent Director of LG HAUSYS,LTD. since April 1, 2009. Currently, Oh is also Independent Director of DAEWOO SECURITIES CO.,LTD and a consultant of Ernst & Young Han Young, where Oh had served as President. Oh received a Master's degree in Business Administration from Pusan National University, Korea. Age: 57 Education: Pusan National University, M (Business Administration)
Ji Yeong Yoo	Director	Director/Board Member
Biography: Yoo Ji Yeong has been Director of LG HAUSYS,LTD. since March 18, 2011. Previously, Yoo Previously worked for LG CHEM LTD. Yoo completed a Doctorate's course of Chemistry in Seoul National University, Korea. Age: 49

Executives

Name	Title	Function
Myeong Ho Han	Chief Executive Officer, Director	Chief Executive Officer
Biography: Han Myeong Ho has been Chief Executive Officer and Director of LG HAUSYS,LTD. since April 1, 2009. Previously, Han was Director of LG.TOSTEM BM and Head of the industrial materials business division of LG Chem Ltd. Han received a Bachelor's degree in Chemical Engieering from Hanyang University, Korea and a Master's degree in Business Administration from University of Washington, the United States. Age: 52 Education: University of Washington, M (Business Administration) Hanyang University, B (Chemical Engineering)
Dong Ho Bae	Assistant Managing Director	Managing Director
Biography: Bae Dong Ho has been Assistant Managing Director in LG HAUSYS,LTD. since April 1, 2009. Previously, Bae was Head of the AMS Business Division of LG Chem Ltd. Bae received a Bachelor's degree in Chemical Engineering from Sungkyunkwan University, Korea. Age: 52 Education: Sungkyunkwan University, B (Chemical Engineering)
Yun Haeng Cho	Assistant Managing Director	Managing Director
Age: 47 Education: Yonsei University, B (Business Administration)
Jin Hyeong Hwang	Assistant Managing Director	Managing Director
Age: 48 Education: Inha University, B (Chemistry)
Dong Gwan Hwangbo	Assistant Managing Director	Managing Director
Biography: Hwangbo Dong Gwan has been Assistant Managing Director of LG HAUSYS,LTD. since April 1, 2009. Previously, Hwangbo was Head of the LS Business Division of LG Chem Ltd. Hwangbo received a Bachelor's degree in Chemical Engineering from Pusan National University, Korea. Age: 50 Education: Pusan National University, B (Chemical Engineering)
Bong Su Kim	Assistant Managing Director	Managing Director
Biography: Kim Bong Su is Assistant Managing Director of LG HAUSYS,LTD. Currently, Kim is also Assistant Managing Director of LG Corp., and Director of LG Household & Health Care, LG Life Sciences, Ltd, LG-DOW Polycarbonate, LG MMA and Coca-Cola Beverage Co. Previously, Kim was Director of the Company and AT Kearney. Kim received a Bachelor's degree in Statistics from Yonsei University, Korea and a Master's degree in Business Administration from Michigan University, the United States. Age: 45 Education: Michigan University, M (Business Administration) Yonsei University, B (Statistics)
Eun Cheol Lee	Assistant Managing Director	Managing Director
Age: 46 Education: Chung-Ang University, B (English Literature)
Jong Su Lee	Assistant Managing Director	Managing Director
Age: 47 Education: University of Washington, M (Business Administration)
Gyeong Jip Min	Assistant Managing Director	Managing Director
Biography: Min Gyeong Jip has been Assistant Managing Director of LG HAUSYS,LTD. since April 1, 2009. Previously, Min was Head of the industrial materials research center of LG Chem Ltd. Min received a Doctorate's degree in Chemical Engineering from Rensselaer Polytechnic Institute (RPI), the United States. Age: 53 Education: Rensselaer Polytechnic Institute, PHD (Chemical Engineering)
Hyeon Sin Park	Assistant Managing Director	Managing Director
Biography: Park Hyeon Sin has been Assistant Managing Director of LG HAUSYS,LTD. since April 1, 2009. Currently, Park is also Director of Hausys Eng Co.,LTD. Previously, Park worked for LG Chem Ltd. Park received a Bachelor's degree in Chemistry from Sungkyunkwan University, Korea. Age: 64 Education: Sungkyunkwan University, B (Chemistry)
Seong Hui Park	Assistant Managing Director	Managing Director
Biography: Park Seong Hui has been Assistant Managing Director of LG HAUSYS,LTD. since April 1, 2009. Previously, Park worked for LG Chem Ltd. Park received a Master's degree in Visual Design from Pratt Institute, the United States. Age: 44 Education: Pratt Institute, M
Seung Bae Park	Assistant Managing Director	Managing Director
Biography: Park Seung Bae has been Assistant Managing Director of LG HAUSYS,LTD. since April 1, 2009. Currently, Park is also Director of LG.TOSTEM BM. Previously, Park was Corporate Head of LG CAI. Park received a Bachelor's degree in International Trade from Pusan National University, Korea. Age: 54 Education: Pusan National University, B (International Trade)
Tae Sun Yoon	Chief Human Resource Officer, Assistant Managing Director	Managing Director
Biography: Yoon Tae Sun is Chief Human Resource Officer and Assistant Managing Director of LG HAUSYS,LTD. Previously, Yoon worked for LG Chem Ltd. Yoon received a Master's degree in Maintenance of Indigenous Languages and ( MILR ) from Cornell University, the United States. Age: 53 Education: Cornell University, M Social:
Hong Gi Kim	Chief Financial Officer, Director	Finance Executive
Biography: Kim Hong Gi has been Chief Financial Officer and Director of LG HAUSYS,LTD. since April 1, 2009. Currently, Kim is also Director of LG.TOSTEM BM and Hausys Eng Co.,LTD. Previously, Kim worked for LG Chem Ltd. Kim received a Master's degree in Business Administration from Seoul National University, Korea. Age: 49 Education: Seoul National University, M (Business Administration)

Significant Developments

LG Hausys Ltd Announces Production Halted at Ulsan Plant Nov 16, 2012

LG Hausys Ltd announced that the production has been halted at its Ulsan plant due to a fire disaster. The fire damaged part of the plant's vehicle material production lines and polyvinyl chloride (PVC) flooring production lines.

LG Hausys Ltd Declares Annual Cash Dividend for FY 2011 Jan 31, 2012

LG HAUSYS LTD . announced that its Board of Directors has declared an annual cash dividend of KRW 1,000 per share of common stock and KRW 1,050 per share of preferred stock for the fiscal year 2011 to shareholders of record on December 31, 2011. The dividend rates of market prices are 1.2% (common shares) and 4.6% (preferred shares), respectively. The total cash dividend amount is KRW 10,031,234,950.

Faurecia SA and LG Hausys Sign Partnership Jan 11, 2012

Faurecia SA announced that the Company and LG Hausys signed a partnership to jointly develop vehicle interior decoration films. This alliance will be focused on a joint creation work on decorative film patterns, as well as a joint development work on decorative technologies and applications.

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
Period Length	12 Months	12 Months	9 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Restated Normal 31-Dec-2010
Filed Currency	KRW	KRW	KRW
Exchange Rate (Period Average)	1107.891393	1156.281981	1276.385219
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified with Explanation
Net Sales	2,211.5	1,939.0	1,302.5
Revenue	2,211.5	1,939.0	1,302.5
Total Revenue	2,211.5	1,939.0	1,302.5
Cost of Revenue	1,773.4	1,548.0	1,038.7
Cost of Revenue, Total	1,773.4	1,548.0	1,038.7
Gross Profit	438.1	391.0	263.8
Selling/General/Administrative Expense	213.2	191.7	117.5
Labor & Related Expense	116.6	101.3	62.8
Advertising Expense	20.3	21.7	16.3
Total Selling/General/Administrative Expenses	350.1	314.7	196.6
Research & Development	8.5	8.2	4.9
Depreciation	16.1	14.1	8.7
Amortization of Intangibles	2.3	1.8	1.0
Depreciation/Amortization	18.4	16.0	9.7
Investment Income - Operating	0.8	1.2	1.3
Interest/Investment Income - Operating	0.8	1.2	1.3
Interest Expense (Income) - Net Operating Total	0.8	1.2	1.3
Loss (Gain) on Sale of Assets - Operating	-2.4	-1.9	8.3
Unusual Expense (Income)	-2.4	-1.9	8.3
Other Operating Expense	2.7	4.3	11.5
Other, Net	-5.2	-6.5	-2.1
Other Operating Expenses, Total	-2.4	-2.1	9.4
Total Operating Expense	2,146.2	1,884.1	1,269.0
Operating Income	65.3	54.9	33.5
Interest Expense - Non-Operating	-17.0	-14.3	-10.2
Interest Expense, Net Non-Operating	-17.0	-14.3	-10.2
Interest Income - Non-Operating	6.3	7.5	4.1
Investment Income - Non-Operating	0.0	1.2	0.3
Interest/Investment Income - Non-Operating	6.3	8.7	4.4
Interest Income (Expense) - Net Non-Operating Total	-10.7	-5.5	-5.9
Other Non-Operating Income (Expense)	-0.4	-1.0	-3.2
Other, Net	-0.4	-1.0	-3.2
Income Before Tax	54.1	48.3	24.4
Total Income Tax	11.0	12.3	2.6
Income After Tax	43.2	36.0	21.8
Minority Interest	0.2	0.6	-0.5
Net Income Before Extraord Items	43.4	36.7	21.3
Discontinued Operations	-1.4	-1.4	-3.4
Total Extraord Items	-1.4	-1.4	-3.4
Net Income	42.0	35.3	17.9
Preferred Dividends	-4.4	-3.7	-1.9
Total Adjustments to Net Income	-4.4	-3.7	-1.9
Income Available to Common Excl Extraord Items	39.0	33.0	19.4
Income Available to Common Incl Extraord Items	37.6	31.6	16.0
Basic/Primary Weighted Average Shares	8.9	8.9	9.0
Basic EPS Excl Extraord Items	4.36	3.69	2.17
Basic/Primary EPS Incl Extraord Items	4.21	3.53	1.79
Dilution Adjustment	0.0	0.0	0.0
Diluted Net Income	37.6	31.6	16.0
Diluted Weighted Average Shares	8.9	8.9	9.0
Diluted EPS Excl Extraord Items	4.36	3.69	2.17
Diluted EPS Incl Extraord Items	4.21	3.53	1.79
Dividends per Share - Common Stock Primary Issue	0.90	0.86	0.78
Gross Dividends - Common Stock	8.1	7.7	7.0
Interest Expense, Supplemental	17.0	14.3	10.2
Interest Capitalized, Supplemental	-0.3	-0.2	-0.4
Depreciation, Supplemental	62.0	55.5	37.8
Total Special Items	-2.4	-1.9	8.3
Normalized Income Before Tax	51.7	46.5	32.8
Effect of Special Items on Income Taxes	-0.5	-0.5	0.9
Inc Tax Ex Impact of Sp Items	10.5	11.8	3.5
Normalized Income After Tax	41.2	34.6	29.2
Normalized Inc. Avail to Com.	37.1	31.6	26.8
Basic Normalized EPS	4.14	3.53	3.00
Diluted Normalized EPS	4.14	3.53	3.00
Amort of Intangibles, Supplemental	2.6	2.2	1.4
Advertising Expense, Supplemental	20.3	21.7	16.3
Research & Development Exp, Supplemental	8.5	8.2	4.9
Normalized EBIT	63.6	54.3	43.2
Normalized EBITDA	128.2	111.9	82.4

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Restated Normal 31-Dec-2010
Filed Currency	KRW	KRW	KRW
Exchange Rate	1152	1134.9	1164.475
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified with Explanation
Cash & Equivalents	285.3	171.7	190.5
Short Term Investments	64.8	53.0	0.0
Cash and Short Term Investments	350.1	224.7	190.5
Accounts Receivable - Trade, Gross	390.6	331.1	358.9
Provision for Doubtful Accounts	-10.5	-11.4	-21.5
Trade Accounts Receivable - Net	381.7	321.4	337.4
Other Receivables	28.3	20.0	43.1
Total Receivables, Net	410.0	341.4	380.6
Inventories - Finished Goods	127.9	96.0	75.0
Inventories - Work In Progress	14.1	11.8	9.3
Inventories - Raw Materials	32.4	19.9	13.1
Inventories - Other	9.2	7.6	4.3
Total Inventory	183.6	135.4	101.8
Prepaid Expenses	14.9	10.6	9.1
Other Current Assets	0.8	1.0	0.4
Other Current Assets, Total	0.8	1.0	0.4
Total Current Assets	959.3	713.1	682.4
Buildings	198.0	195.2	173.6
Land/Improvements	48.7	64.5	62.2
Machinery/Equipment	816.0	711.3	671.0
Construction in Progress	97.9	98.5	38.5
Property/Plant/Equipment - Gross	1,160.6	1,069.5	945.3
Accumulated Depreciation	-531.2	-509.2	-484.6
Property/Plant/Equipment - Net	629.4	560.3	460.7
Intangibles, Net	25.8	22.3	17.3
LT Investment - Affiliate Companies	5.2	-	-
LT Investments - Other	1.5	2.1	2.0
Long Term Investments	6.7	2.1	2.0
Note Receivable - Long Term	2.1	3.7	15.2
Deferred Income Tax - Long Term Asset	15.0	18.4	22.2
Discontinued Operations - Long Term Asset	18.7	1.0	1.2
Other Long Term Assets	29.2	18.1	3.1
Other Long Term Assets, Total	62.9	37.5	26.5
Total Assets	1,686.2	1,339.1	1,204.0
Accounts Payable	186.3	174.9	166.1
Accrued Expenses	21.2	17.8	15.9
Notes Payable/Short Term Debt	273.5	190.6	121.9
Current Portion - Long Term Debt/Capital Leases	130.3	0.1	-
Customer Advances	18.8	4.5	5.1
Income Taxes Payable	2.3	1.4	-
Other Payables	130.5	120.8	119.9
Other Current Liabilities	12.0	15.3	8.8
Other Current liabilities, Total	163.6	141.9	133.7
Total Current Liabilities	774.9	525.3	437.7
Long Term Debt	271.4	185.9	181.1
Total Long Term Debt	271.4	185.9	181.1
Total Debt	675.2	376.6	303.0
Deferred Income Tax - LT Liability	0.1	0.0	-
Deferred Income Tax	0.1	0.0	-
Minority Interest	0.7	6.7	2.6
Pension Benefits - Underfunded	12.4	13.0	10.1
Other Long Term Liabilities	0.4	1.6	1.6
Other Liabilities, Total	12.8	14.6	11.7
Total Liabilities	1,059.9	732.6	633.1
Preferred Stock - Non Redeemable	4.5	4.5	4.4
Preferred Stock - Non Redeemable, Net	4.5	4.5	4.4
Common Stock	38.9	39.5	38.5
Common Stock	38.9	39.5	38.5
Additional Paid-In Capital	536.6	544.7	530.9
Retained Earnings (Accumulated Deficit)	78.2	47.3	18.1
Unrealized Gain (Loss)	-15.7	-8.1	-
Translation Adjustment	-9.2	-14.2	-
Other Equity	-7.1	-7.2	-7.0
Other Comprehensive Income	-	-	-13.9
Other Equity, Total	-16.3	-21.4	-20.9
Total Equity	626.3	606.5	570.9
Total Liabilities & Shareholders’ Equity	1,686.2	1,339.1	1,204.0
Shares Outstanding - Common Stock Primary Issue	8.9	8.9	8.9
Total Common Shares Outstanding	8.9	8.9	8.9
Treasury Shares - Common Stock Primary Issue	0.0	0.0	0.0
Shares Outstanding - Preferred Stock Primary Issue	1.0	1.0	1.0
Total Preferred Stock Outstanding	1.0	1.0	1.0
Treasury Shares - Preferred Primary Issue	0.0	0.0	0.0
Employees	2,696	2,682	2,731
Number of Common Shareholders	-	21,251	17,815
Deferred Revenue - Current	18.8	4.5	5.1
Total Long Term Debt, Supplemental	-	0.1	207.6
Long Term Debt Maturing within 1 Year	-	0.1	26.0
Long Term Debt Maturing in Year 2	-	-	0.1
Long Term Debt Maturing in Year 3	-	-	128.9
Long Term Debt Maturing in Year 4	-	-	51.6
Long Term Debt Maturing in 2-3 Years	-	-	129.0
Long Term Debt Maturing in 4-5 Years	-	-	51.6
Long Term Debt Matur. in Year 6 & Beyond	-	0.0	1.0

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Period Length	12 Months	12 Months	9 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Restated Normal 31-Dec-2010
Filed Currency	KRW	KRW	KRW
Exchange Rate (Period Average)	1107.891393	1156.281981	1276.385219
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified with Explanation
Net Income/Starting Line	54.1	48.3	20.0
Depreciation	62.0	55.5	37.8
Depreciation/Depletion	62.0	55.5	37.8
Amortization of Intangibles	2.6	2.2	1.4
Amortization	2.6	2.2	1.4
Discontinued Operations	-1.8	-1.8	-
Unusual Items	-14.0	-1.8	15.7
Other Non-Cash Items	26.8	7.9	18.8
Non-Cash Items	11.0	4.3	34.5
Accounts Receivable	-76.7	22.2	-181.8
Inventories	-53.8	-29.1	17.9
Other Assets	-4.1	1.9	-9.4
Accounts Payable	30.5	4.8	141.3
Other Liabilities	-6.3	-15.8	-4.3
Other Operating Cash Flow	-13.8	-6.6	-10.2
Changes in Working Capital	-124.2	-22.6	-46.5
Cash from Operating Activities	5.5	87.7	47.2
Purchase of Fixed Assets	-201.8	-161.0	-63.7
Purchase/Acquisition of Intangibles	-3.2	-1.6	-1.2
Capital Expenditures	-205.0	-162.6	-64.9
Sale of Fixed Assets	22.0	16.1	8.9
Sale/Maturity of Investment	0.7	0.0	0.0
Investment, Net	-0.5	-	-
Purchase of Investments	-	0.0	0.0
Sale of Intangible Assets	0.3	0.1	0.0
Other Investing Cash Flow	-3.0	-30.2	-21.9
Other Investing Cash Flow Items, Total	19.6	-14.0	-13.0
Cash from Investing Activities	-185.3	-176.6	-77.9
Other Financing Cash Flow	-	4.6	-2.2
Financing Cash Flow Items	-	4.6	-2.2
Total Cash Dividends Paid	-9.1	-8.7	-
Repurchase/Retirement of Common	-	-	-1.6
Common Stock, Net	-	-	-1.6
Issuance (Retirement) of Stock, Net	-	-	-1.6
Total Debt Issued	790.9	356.3	57.8
Total Debt Reduction	-480.6	-287.2	-31.4
Issuance (Retirement) of Debt, Net	310.3	69.1	26.4
Cash from Financing Activities	301.2	65.1	22.6
Foreign Exchange Effects	-0.7	0.5	-2.2
Net Change in Cash	120.7	-23.3	-10.2
Net Cash - Beginning Balance	175.9	191.8	184.0
Net Cash - Ending Balance	296.6	168.6	173.8
Cash Interest Paid	15.5	11.9	7.6
Cash Taxes Paid	4.8	1.1	7.0

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
Period Length	12 Months	12 Months	9 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Restated Normal 31-Dec-2010
Filed Currency	KRW	KRW	KRW
Exchange Rate (Period Average)	1107.891393	1156.281981	1276.385219
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified
Sales Revenue	2,211.5	1,939.0	1,302.5
Total Revenue	2,211.5	1,939.0	1,302.5
Cost-Revenue	1,773.4	1,548.0	1,038.7
Salaries and Wages	93.6	81.2	49.3
Retirement and Severance Benefits	4.9	3.1	3.6
Employee Benefits	18.1	17.0	9.8
Travel Expenses	13.3	12.5	7.3
Utility Expenses	1.4	1.1	2.8
Usage Fee	10.1	10.3	6.2
Commission Paid	50.3	48.0	28.5
Freight Expenses	53.2	47.1	25.7
Packaging Expenses	8.2	6.9	2.8
Advertising Expenses	20.3	21.7	16.3
Training Expenses	2.8	2.1	1.7
Sample Expenses	17.2	18.5	7.1
Research & Development Expense	8.5	8.2	4.9
Depreciation	16.1	14.1	8.7
Amortization of Intangible Assets	2.3	1.8	1.0
Other Selling and Administrative Expense	56.6	45.2	35.5
Gain on Disposal of Tangible Assets	-5.5	-4.9	-0.3
Gain on Foreign Currency Transactions	-13.2	-11.7	-2.2
Gains on Foreign Currency Translation	-6.4	-3.7	-1.4
Recovery-Loan Loss Reserve	-2.2	-2.4	-
Other Operating Income	-3.0	-4.1	-2.1
Loss on Disposal of Tangible Assets	3.0	3.0	8.6
Loss on Disposal of Intangible Assets	0.1	0.0	-
Losses on Foreign Currency Transactions	12.5	12.9	2.6
Losses on Foreign Currency Translation	7.8	3.7	2.3
Other Operating Expense	2.7	4.3	11.5
Total Operating Expense	2,146.2	1,884.1	1,269.0
Interest Income	6.3	7.5	4.1
Gains on Foreign Currency Transactions	1.5	1.2	1.6
Gains on Foreign Currency Translation	3.1	1.4	0.2
Dividend Income	0.0	0.0	-
Interest Expenses	-17.0	-14.3	-10.2
Losses on Foreign Currency Transactions	-0.7	-0.8	-1.5
Losses on Foreign Currency Translation	-3.2	-0.6	0.0
Other Non-Operating Income/Loss	-0.4	-1.0	-3.2
Loss under Equity Method	-0.7	-	-
Net Income Before Taxes	54.1	48.3	24.4
Provision for Income Taxes	11.0	12.3	2.6
Net Income After Taxes	43.2	36.0	21.8
Minority Interest	0.2	0.6	-0.5
Net Income Before Extra. Items	43.4	36.7	21.3
Gain/Loss on Discontinued Operations	-1.4	-1.4	-3.4
Net Income	42.0	35.3	17.9
Preferred Dividend	-1.0	-0.9	-0.8
Participated Preferred Dividend	-3.4	-2.7	-1.0
Income Available to Com Excl ExtraOrd	39.0	33.0	19.4
Income Available to Com Incl ExtraOrd	37.6	31.6	16.0
Basic Weighted Average Shares	8.9	8.9	9.0
Basic EPS Excluding ExtraOrdinary Items	4.36	3.69	2.17
Basic EPS Including ExtraOrdinary Items	4.21	3.53	1.79
Dilution Adjustment	0.0	0.0	0.0
Diluted Net Income	37.6	31.6	16.0
Diluted Weighted Average Shares	8.9	8.9	9.0
Diluted EPS Excluding ExtraOrd Items	4.36	3.69	2.17
Diluted EPS Including ExtraOrd Items	4.21	3.53	1.79
DPS-Common Stock	0.90	0.86	0.78
Gross Dividends - Common Stock	8.1	7.7	7.0
Normalized Income Before Taxes	51.7	46.5	32.8
Inc Tax Ex Impact of Sp Items	10.5	11.8	3.5
Normalized Income After Taxes	41.2	34.6	29.2
Normalized Inc. Avail to Com.	37.1	31.6	26.8
Basic Normalized EPS	4.14	3.53	3.00
Diluted Normalized EPS	4.14	3.53	3.00
Interest Expense, Supplemental	17.0	14.3	10.2
Interest Capitalized, Supplemental	-0.1	-0.1	-0.4
Advertising Expense, Supplemental	20.3	21.7	16.3
R&D Expense, Supplemental	8.5	8.2	4.9
Depreciation, Supplemental	62.0	55.5	37.8
Amort of Intangibles, Supplemental	2.6	2.2	1.4
Interest Capitalized, Supplemental	-0.1	-0.1	-

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Restated Normal 31-Dec-2010
Filed Currency	KRW	KRW	KRW
Exchange Rate	1152	1134.9	1164.475
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified
Cash and CashEquivalents	285.3	171.7	190.5
Current Financial Deposits	64.8	53.0	-
Current Financial Assets	-	0.0	-
Trade Receivable	390.6	331.1	358.9
Allowance for Doubtful Accounts for Trad	-10.5	-11.4	-21.5
Account Receivables	36.2	30.2	43.1
Current Loans	0.1	-	-
Allowance for Doubtful Accounts for Acco	-7.9	-10.2	-
Accrued Income	1.5	1.7	-
Prepaid Expenses Total	3.3	2.6	2.5
Advance Payments	3.7	5.0	2.0
Prepaid Income Taxes	1.6	0.8	2.8
Prepaid VAT	10.1	7.2	3.8
Current Financial Assets	-	-	0.0
Other Current Assets	0.8	1.0	0.4
Merchandises	57.7	48.5	42.1
Finished Goods	53.9	32.6	23.4
Goods in Transit	16.3	14.9	9.6
Raw Materials	32.4	19.9	13.1
Semi-finished Goods	14.1	11.8	9.3
Supplies	5.6	2.6	2.3
Total Current Assets	959.3	713.1	682.4
LT Financial Assets	1.0	1.6	1.4
Non-Current Financial Deposits	0.0	0.0	-
LT Loans and Receivables	-	-	12.1
Non-Current Loans	0.5	0.4	-
Investment in Affiliates	5.2	-	-
Other Investments	0.5	0.4	0.6
Non-Current Guarantee Deposits	15.5	15.1	-
Long-term Prepaid Expenses	13.8	3.0	3.1
LT Trade Receivable	1.6	3.3	3.0
Land	48.7	64.5	62.2
Buildings	178.4	175.3	156.2
Depreciation-Buidings	-41.7	-44.9	-40.4
Reduction-Buidings	-5.3	-5.4	-5.3
Structures	26.2	26.7	24.0
Depreciaiton-Structures	-14.1	-14.8	-13.6
Reduction-Structures	-1.4	-1.4	-1.3
Tools & Equipments	198.5	200.7	187.9
Tools & Equipments-Depreciation	-132.1	-131.3	-115.3
Reduction-Tools	-0.1	-1.0	-1.9
Machinery	555.9	459.5	445.5
Depreciation-Equipment	-304.0	-280.9	-281.0
Reduction-Equipment	-1.6	-1.6	-8.1
Vehicles & Transportation Equipment	6.1	4.5	4.0
Depreciation-Vehicles	-3.6	-3.2	-2.7
Fixtures	57.1	49.2	43.4
Fixtures-Depreciation	-35.7	-34.2	-31.6
Reduction-Office Equipment	0.0	0.0	0.0
Construction in Progress	60.0	91.8	34.0
Machines in Transit	37.9	6.7	4.5
Industrial Property Rights	6.6	5.0	4.0
Development Cost	6.8	4.8	2.6
Other Intangible Assets	12.4	12.5	10.7
Deferred Income Taxes Assets Non-current	15.0	18.4	22.2
Non-Current Assets Held for Sale	18.7	1.0	1.2
Total Assets	1,686.2	1,339.1	1,204.0
Trade Payable	186.3	174.9	166.1
Other Payables	130.5	120.8	119.9
Accrued Expenses	21.2	17.8	15.9
Income Taxes Payable	2.3	1.4	-
Advance for Customers	10.2	3.9	4.6
Unearned Income	8.6	0.6	0.4
Withholdings	9.7	11.8	6.1
Short-term Borrowings	273.5	190.6	121.9
Current Portion of Long-term Borrowings	0.1	0.1	-
Current Portion of Bonds	130.2	-	-
Liabilities Reserve	2.3	3.3	2.6
Other Current Liabilities	0.1	0.1	-
Total Current Liabilities	774.9	525.3	437.7
Bonds	224.9	184.7	-
LT Borrowings	46.5	1.2	181.1
Total Long Term Debt	271.4	185.9	181.1
LT Other Payables	0.1	1.6	1.5
LT Other Liabilities	-	-	0.1
Deferred Income Taxes Liabilities Non-cu	0.1	0.0	-
Provisions for Retirement and Severance	12.4	13.0	10.1
Minority Interest	0.7	6.7	2.6
Other Non-Current Liabilities	0.4	-	-
Total Liabilities	1,059.9	732.6	633.1
Common Stock	38.9	39.5	38.5
Preferred Stock	4.5	4.5	4.4
Capital Surplus	536.6	544.7	530.9
Retained Earnings Carried Forward	47.6	37.3	18.1
Legal Reserves	1.7	0.9	-
Appropriated Retained Earnings for Volun	28.9	9.1	-
Other Capital Adjustment	-7.1	-7.2	-7.0
Actuarial Gains & Losses	-15.4	-8.3	-
Gain/Loss on Valuation of Securities Ava	-0.3	0.1	-
Accumulated Other Comprehensive Income	-	-	-13.9
Overseas Business Translation Debit	-9.2	-14.2	-
Total Equity	626.3	606.5	570.9
Total Liabilities & Shareholders' Equity	1,686.2	1,339.1	1,204.0
S/O-Common Stock	8.9	8.9	8.9
Total Common Shares Outstanding	8.9	8.9	8.9
T/S-Common Stock	0.0	0.0	0.0
S/O-Preferred Stock	1.0	1.0	1.0
Total Preferred Shares Outstanding	1.0	1.0	1.0
T/S-Preferred Stock	0.0	0.0	0.0
Deferred Revenue, Current	18.8	4.5	5.1
Full-Tme Employees	2,696	2,682	2,731
Number of Shareholders	-	21,251	17,815
LT Debt Due in 1 Year	-	0.1	26.0
LT Debt Due in 2 Year	-	-	0.1
LT Debt Due in 3 Year	-	-	128.9
LT Debt Due in 4 Year	-	-	51.6
LT Debt -Remaining Maturities	-	-	1.0
Total Long Term Debt, Supplemental	-	0.1	207.6

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Period Length	12 Months	12 Months	9 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Restated Normal 31-Dec-2010
Filed Currency	KRW	KRW	KRW
Exchange Rate (Period Average)	1107.891393	1156.281981	1276.385219
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified
Net Income	54.1	48.3	20.0
Depreciation	62.0	55.5	37.8
Amortization of Intangibles	2.6	2.2	1.4
Expense of Allowance for Doubtful Accoun	2.9	-	1.5
Retirement and Severance Benefits	10.8	6.7	7.2
Gain/Loss on Discontinued Operations	-1.8	-1.8	-
Loss-Reduction of Tangible Assets	-	-	7.7
Gain/Loss on Foreign Currency Translatio	1.5	-0.8	0.7
Gain/Loss on Sale of Property, Plant and	-2.6	-1.9	9.6
Gain/Loss on Sale of Intangible Assets	0.0	0.1	0.4
Gain on Disposal of Securities Available	0.0	-	-
Gain on Disposal of Investment in Subsid	-0.7	-	-
Interest Income	-6.3	-7.5	-4.1
Interest Expenses	18.3	14.4	10.6
Recovery-Doubtful Credit Reserve	-2.2	-2.4	-
Others	1.8	-2.5	2.9
Trade Receivables	-69.5	23.4	-166.2
Other Receivables	-7.2	-1.2	-15.6
Other Current Assets	1.1	-3.0	-4.0
Cumulative Assets outside Company	-5.2	4.9	-5.4
Increase-Other Non-Current Assets, Opera	-10.8	0.1	-2.0
Inventories	-53.8	-29.1	17.9
Trade Payables	15.1	6.5	106.8
Other Payables & Liabilities	15.3	-1.6	33.1
LT Other Payables&Liabilities	0.1	-0.1	1.4
Other Current Liabilities	9.7	1.7	3.1
Payment-Retirement Allowance	-16.3	-18.1	-8.0
Provision-Retirement Allowance	0.3	0.7	0.5
Cash-Interest Received	6.4	6.4	4.4
Cash-Interest Paid	-15.5	-11.9	-7.6
Cash-Tax Paid	-4.8	-1.1	-7.0
Cash-Dividend Income	0.0	0.0	-
Cash from Operating Activities	5.5	87.7	47.2
Decrease-Financial Deposit	66.1	43.9	31.3
Decrease in Short-term Loans	0.1	10.7	0.0
Disposal of Investment in Affiliates	0.6	-	-
Proceeds from Sale of ST Financial Asset	0.0	0.0	-
Disposal of Non-Current Financial Instru	0.1	-	0.0
Decrease-LT Loans and Receivables	6.2	1.4	2.6
Decrease-Assets Held for Sale	13.1	0.3	-
Decrease-Other Non-Current Assets	0.2	0.3	0.2
Proceeds from Sale of Property Plant and	22.0	16.1	8.9
Decrease-Intangible Assets	0.3	0.1	0.0
Increase-Financial Deposit	-81.3	-75.2	-50.1
Increase in Short-term Loans	-0.1	-7.0	-3.4
Increase-LT Loans and Receivables	-7.2	-4.5	-2.6
Purchase of Short-term Financial Assets	-	-	0.0
Purchase of Long-term Financial Assets	-	0.0	-
Purchase of Property, Plant and Equipmen	-201.8	-161.0	-63.7
Purchase of Intangible Assets	-3.2	-1.6	-1.2
Increase-Other Non-Current Assets	-0.1	-0.1	0.0
Cash Flow from Disposal of Investment i	-0.5	-	-
Cash from Investing Activities	-185.3	-176.6	-77.9
Increase-Borrowings	790.9	356.3	57.8
Increase-Minority Interest	-	4.6	2.3
Purchase of Treasury Stock	-	-	-1.6
Redemption-Borrowings	-480.6	-287.2	-31.4
Payments in Dividends	-9.1	-8.7	-
Decrease-Minority Interest	-	-	-4.5
Expense for Stock Issuance	-	-	0.0
Cash from Financing Activities	301.2	65.1	22.6
Foreign Exchange Effects	-0.7	0.5	-2.2
Net Change in Cash	120.7	-23.3	-10.2
Cash Interest Paid	15.5	11.9	7.6
Cash Taxes Paid	4.8	1.1	7.0
Cash and Cash Equivalent at Beginning	175.9	191.8	184.0
Cash and Cash Equivalent at End	296.6	168.6	173.8

Financial Health

Financials in: USD (mil)

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

Key Indicators USD (mil)
Â	Quarter Ending 30-Jun-2012	Quarter Ending Yr Ago	Annual Year End 31-Dec-2011	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1	556.4	2.11%	2,211.5	9.28%	-	-
Research & Development1	-	-	8.5	-0.58%	-	-
Operating Income1	28.7	101.21%	65.3	13.89%	-	-
Income Available to Common Excl Extraord Items1	15.3	71.74%	39.0	13.25%	-	-
Basic EPS Excl Extraord Items1	1.71	71.74%	4.36	13.25%	-	-
Capital Expenditures2	92.2	-13.12%	205.0	20.76%	-	-
Cash from Operating Activities2	26.2	-	5.5	-93.97%	-	-
Free Cash Flow	-65.0	-	-191.8	-	-	-
Total Assets3	1,583.9	11.83%	1,686.2	27.82%	-	-
Total Liabilities3	951.8	16.82%	1,059.9	46.86%	-	-
Total Long Term Debt3	273.8	282.37%	271.4	48.18%	-	-
Employees3	-	-	2696	0.52%	-	-
Total Common Shares Outstanding3	8.9	0.00%	8.9	0.00%	-	-
1-ExchangeRate: KRW to USD Average for Period	1152.046336	Â	1107.891393	Â	Â	Â
2-ExchangeRate: KRW to USD Average for Period	1141.692062	Â	1107.891393	Â	Â	Â
3-ExchangeRate: KRW to USD Period End Date	1157.641477	Â	1152.000000	Â	Â	Â

Key Ratios
Â	31-Dec-2011	31-Dec-2010	31-Dec-2009
Profitability
Gross Margin	19.81%	20.17%	20.25%
Operating Margin	2.95%	2.83%	2.57%
Pretax Margin	2.45%	2.49%	1.88%
Net Profit Margin	1.76%	1.70%	1.49%
Financial Strength
Current Ratio	1.24	1.36	1.56
Long Term Debt/Equity	0.43	0.31	0.32
Total Debt/Equity	1.08	0.62	0.53
Management Effectiveness
Return on Assets	2.76%	2.85%	-
Return on Equity	6.18%	5.68%	-
Efficiency
Receivables Turnover	5.70	5.40	-
Inventory Turnover	10.76	13.15	-
Asset Turnover	1.42	1.53	-

Market Valuation USD (mil)
P/E (TTM)	15.99	.	Enterprise Value2	967.8
Price/Sales (TTM)	0.29	.	Enterprise Value/Revenue (TTM)	0.45
Price/Book (MRQ)	0.94	.	Enterprise Value/EBITDA (TTM)	7.17
Market Cap as of 09-Nov-20121	649.5	.
1-ExchangeRate: KRW to USD on 9-Nov-2012	1089.580263
2-ExchangeRate: KRW to USD on 30-Jun-2012	1157.641477

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
Financial Strength
Current Ratio	1.24	1.36	1.56
Quick/Acid Test Ratio	0.98	1.08	1.30
Working Capital1	184.4	187.8	244.7
Long Term Debt/Equity	0.43	0.31	0.32
Total Debt/Equity	1.08	0.62	0.53
Long Term Debt/Total Capital	0.21	0.19	0.21
Total Debt/Total Capital	0.52	0.38	0.35
Payout Ratio	20.71%	23.45%	36.15%
Effective Tax Rate	20.25%	25.43%	10.79%
Total Capital1	1,301.5	983.1	873.9
Efficiency
Asset Turnover	1.42	1.53	-
Inventory Turnover	10.76	13.15	-
Days In Inventory	33.92	27.75	-
Receivables Turnover	5.70	5.40	-
Days Receivables Outstanding	64.04	67.61	-
Revenue/Employee2	788,883	736,600	522,780
Operating Income/Employee2	23,283	20,859	13,460
EBITDA/Employee2	46,336	42,766	29,187
Profitability
Gross Margin	19.81%	20.17%	20.25%
Operating Margin	2.95%	2.83%	2.57%
EBITDA Margin	5.87%	5.81%	5.58%
EBIT Margin	2.95%	2.83%	2.57%
Pretax Margin	2.45%	2.49%	1.88%
Net Profit Margin	1.76%	1.70%	1.49%
R&D Expense/Revenue	0.38%	0.42%	0.37%
COGS/Revenue	80.19%	79.83%	79.75%
SG&A Expense/Revenue	15.83%	16.23%	15.09%
Management Effectiveness
Return on Assets	2.76%	2.85%	-
Return on Equity	6.18%	5.68%	-
Valuation
Free Cash Flow/Share2	-21.43	-8.52	-2.16
Operating Cash Flow/Share 2	0.59	9.99	5.78
1-ExchangeRate: KRW to USD Period End Date	1152	1134.9	1164.475
2-ExchangeRate: KRW to USD Average for Period	1152	1134.9	1164.475

Current Market Multiples
Market Cap/Earnings (TTM)	16.55
Market Cap/Equity (MRQ)	0.97
Market Cap/Revenue (TTM)	0.29
Market Cap/EBIT (TTM)	9.02
Market Cap/EBITDA (TTM)	4.53
Enterprise Value/Earnings (TTM)	26.19
Enterprise Value/Equity (MRQ)	1.53
Enterprise Value/Revenue (TTM)	0.45
Enterprise Value/EBIT (TTM)	14.29
Enterprise Value/EBITDA (TTM)	7.17

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.69
UK Pound	1	Rs.89.20
Euro	1	Rs.72.10

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.