MIRA INFORM REPORT

 

 

Report Date :

29.11.2012

 

IDENTIFICATION DETAILS

 

Name :

DONGSUNG HIGHCHEM CO LTD

 

 

Registered Office :

18F, Samhwa Building, 144-17/18, Samsung-Dong, Gangnam-Gu Seoul, 135280

 

 

Country :

South Korea

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

28.08.1978

 

 

Legal Form :

Public Independent

 

 

Line of Business :

Subject is engaged in the production and marketing of chemical products.

 

 

No. of Employees :

185

 

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 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

South Korea

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

South Korea - ECONOMIC OVERVIEW

 

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

 

Source : CIA

 

Company Name

 

DONGSUNG HIGHCHEM CO LTD                                                                                                                  

 

18F, Samhwa Building

144-17/18, Samsung-Dong

Gangnam-Gu

Seoul, 135280

Korea

 

Tel:       82-2-34504200

Fax:      82-2-5535922

 Email:  www.dshighchem.com

 

Employees:                   185

Company Type:             Public Independent

Traded:                         KOSDAQ:         013450

 

Incorporation Date:         23-Aug-1978

Auditor:                         Ernst & Young LLP

Financials in:                 USD (In Millions)

             

Fiscal Year End:            31-Dec-2011

Reporting Currency:       South Korean Won

Annual Sales:                186.2  1

Net Income:                   8.7

Total Assets:                 78.8  2

Market Value:                70.7

                                    (09-Nov-2012)

 

 

Business Description        

 

 

DONGSUNG HIGHCHEM CO.LTD is a Korea-based company engaged in the production and marketing of chemical products. The Company operates its business through two segments: petrochemical and precision chemical segment and polyurethane (PU) segment. Its petrochemical and precision chemical segment provides petrochemical, such as paraffin and naphthenic; performance solvents, including aliphatic solvents and de-aromatic solvents; functional solvents, such as de-aromatic solvents, aromatic solvents, ketone solvents, glycol solvents and monomer solvents, and organic peroxide. Its PU segment provides polyester polyol, thermoplastic polyurethanes (TPUs) for forming and TPUs for adhesives. For the fiscal year ended 31 December 2011, Dongsung Highchem Co Ltd revenues increased 21% to W206.29B. Net income increased 15% to W9.61B. Revenues reflect Petrochemical Segment increase of 44% to W166.24B. Dividend per share increased from W140.00 to W150.00. Basic Earnings per Share excluding Extraordinary Items increased from W594.65 to W693.71.

 

 

 

 

 

Industry      

 

 

Industry

Chemical Manufacturing

ANZSIC 2006:

1812 - Basic Organic Chemical Manufacturing

NACE 2002:

2414 - Manufacture of other organic basic chemicals

NAICS 2002:

32511 - Petrochemical Manufacturing

UK SIC 2003:

2414 - Manufacture of other organic basic chemicals

UK SIC 2007:

2014 - Manufacture of other organic basic chemicals

US SIC 1987:

2865 - Cyclic Organic Crudes and Intermediates, and organic Dyes and Pigments

 

 

Key Executives     

             

 

Name

Title

Seok Mo Yang

Chief Executive Officer, Vice President, Director

Yeong Jae Park

Internal Auditor

Jong Wook Park

Chief Executive Officer

Jeong Ho Baek

Chairman of the Board

Won Se Park

Vice Chairman of the Board

 

 

Significant Developments

             

 

Topic

#*

Most Recent Headline

Date

General Products

1

DONGSUNG HIGHCHEM CO., LTD to Invest KRW 4,970 million in New Facilities

26-Apr-2012

Equity Investments

2

DONGSUNG HIGHCHEM CO., LTD to Acquire Stake in Korea-based Company

2-Mar-2012

Debt Financing / Related

2

DONGSUNG HIGHCHEM CO., LTD. Announces Subscription Results of First Bonds with Warrants

20-Sep-2012

Dividends

1

DONGSUNG HIGHCHEM CO., LTD Declares Annual Cash Dividend for FY 2011

5-Mar-2012

 * number of significant developments within the last 12 months

 

 

Financial Summary    

 

 

As of 31-Dec-2011

 

Key Ratios

Company

Industry

Sales 5 Year Growth

9.87

6.26

 

 

Stock Snapshot  

 

 

Traded: KOSDAQ: 013450

As of 9-Nov-2012

   Financials in: KRW

Recent Price

5,450.00

 

EPS

692.53

52 Week High

8,050.00

 

Price/Sales

0.37

52 Week Low

3,450.00

 

Dividend Rate

150.00

Avg. Volume (mil)

0.18

 

Price/Book

1.40

Market Value (mil)

76,995.32

 

Beta

0.76

 

Price % Change

Rel S&P 500%

4 Week

-4.39%

-2.94%

13 Week

2.83%

5.10%

52 Week

49.32%

42.17%

Year to Date

23.86%

18.74%

 

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

 

 

Corporate Overview

 

Location
18F, Samhwa Building
144-17/18, Samsung-Dong
Gangnam-Gu
Seoul, 135280
Korea, Republic of

 

Tel:       82-2-34504200

Fax:      82-2-5535922

 

Email:   www.dshighchem.com

 

Quote Symbol – Exchange         013450 - KOSDAQ

 

Sales KRW(mil):                        206,288.4

Assets KRW(mil):                      90,725.4

Employees:                               185

Fiscal Year End:                        31-Dec-2011

 

 

Industry:                                    Chemical Manufacturing

 

Incorporation Date:                     23-Aug-1978

Company Type:                         Public Independent

Quoted Status:                          Quoted

Previous Name:                         Hosung Chemex Co Ltd

 

Chief Executive Officer, Vice President, Director:

Seok Mo Yang

Industry Codes

 

ANZSIC 2006 Codes:

1812

-

Basic Organic Chemical Manufacturing

1813

-

Basic Inorganic Chemical Manufacturing

1821

-

Synthetic Resin and Synthetic Rubber Manufacturing

 

NACE 2002 Codes:

2414

-

Manufacture of other organic basic chemicals

2413

-

Manufacture of other inorganic basic chemicals

2416

-

Manufacture of plastics in primary forms

 

NAICS 2002 Codes:

32511

-

Petrochemical Manufacturing

325199

-

All Other Basic Organic Chemical Manufacturing

325188

-

All Other Basic Inorganic Chemical Manufacturing

325211

-

Plastics Material and Resin Manufacturing

 

US SIC 1987:

2865

-

Cyclic Organic Crudes and Intermediates, and organic Dyes and Pigments

2819

-

Industrial Inorganic Chemicals, Not Elsewhere Classified

2869

-

Industrial Organic Chemicals, Not Elsewhere Classified

2821

-

Plastics Materials, Synthetic Resins, and Nonvulcanizable Elastomers

 

UK SIC 2003:

2414

-

Manufacture of other organic basic chemicals

2416

-

Manufacture of plastics in primary forms

2413

-

Manufacture of other inorganic basic chemicals

 

UK SIC 2007:

2014

-

Manufacture of other organic basic chemicals

2013

-

Manufacture of other inorganic basic chemicals

2016

-

Manufacture of plastics in primary forms

 

 

Business Description

 

DONGSUNG HIGHCHEM CO.LTD is a Korea-based company engaged in the production and marketing of chemical products. The Company operates its business through two segments: petrochemical and precision chemical segment and polyurethane (PU) segment. Its petrochemical and precision chemical segment provides petrochemical, such as paraffin and naphthenic; performance solvents, including aliphatic solvents and de-aromatic solvents; functional solvents, such as de-aromatic solvents, aromatic solvents, ketone solvents, glycol solvents and monomer solvents, and organic peroxide. Its PU segment provides polyester polyol, thermoplastic polyurethanes (TPUs) for forming and TPUs for adhesives. For the fiscal year ended 31 December 2011, Dongsung Highchem Co Ltd revenues increased 21% to W206.29B. Net income increased 15% to W9.61B. Revenues reflect Petrochemical Segment increase of 44% to W166.24B. Dividend per share increased from W140.00 to W150.00. Basic Earnings per Share excluding Extraordinary Items increased from W594.65 to W693.71.

More Business Descriptions

Manufacture of petrochemical products including organic peroxide, Ester and TPU

Hosung Chemex Co., Ltd. (Hosung Chemex) is a manufacturer and distributor of chemical and medical products in South Korean. The company was acquired by Dongsung Holdings Co Ltd, a provider of plasticizer, organic peroxide polyurethane, solvents, medical, paint and special coating. The medical products developed by the company include orthopedic splint and casting tape. The company’s products were exported to developed and emerging economies such as Malaysia, China, India, Greece and Germany. Additionally, it is also an original equipment manufacturer (OEM) for 3M Europe and 3M Korea. The quality management system of the company is ISO 13845 qualified and CE certified. The company is headquartered in Seoul, South Korea.

All Other Chemical Product and Preparation Manufacturing

 

 

Financial Data

 

 

 

Financials in:

KRW(mil)

1 Year Growth

Revenue:

206,288.4

20.8%

Net Income:

9,610.0

14.8%

Assets:

90,725.4

29.6%

Long Term Debt:

2,459.4

 

Total Liabilities:

37,581.2

 

Working Capital:

20.5

 

Date of Financial Data:

31-Dec-2011

 

 

 

Market Data

 

Quote Symbol:

013450

Exchange:

KOSDAQ

Currency:

KRW

Stock Price:

5,450.0

Stock Price Date:

11-09-2012

52 Week Price Change %:

49.3

Market Value (mil):

76,995,320.0

SEDOL:

6592891

ISIN:

KR7013450002

 

 

Equity and Dept Distribution

 

'98-04 and '06-'10, financials are non-consolidated data. '05,financials are consolidated numbers(C/F is N/A). 5/2003, 2-for-1 stock split; 4/2002, 5-for-1 stock split. FY'03, financials are reclassified.07/09, 1.00:0.71 capital (F:0.710000).10/2009,name changed from Hosung Chemex Co., Ltd.

 

Key Corporate Relationships

 

Auditor:             Ernst & Young LLP

Auditor:             Ernst & Young LLP

 

 

Competitors Report

 

Company Name

Location

Employees

Ownership

AK Holdings, Inc.

Seoul, Korea, Republic of

243

Public

Honam Petrochemical Corp

Seoul, Korea, Republic of

1,720

Public

 

 

Board of Directors

 

 

Name

Title

Function

Jeong Ho Baek

 

Chairman of the Board

Chairman

Biography:

Baek Jeong Ho is Chairman of the Board in DONGSUNG HIGHCHEM CO., LTD (formerly known as Hosung Chemex Co., Ltd.) Currently, Baek is also Chairman of the Board of Dongsung Chemicals Co., Ltd. Prior to joining the Company, Baek served as Chairman and Chief Executive Officer of Dong Sung Chemicals Co., Ltd. Baek received a Bachelor's degree in Sociology from Yonsei University in 1981 and a Master's degree in Business Administration from Northrop University in 1985.

Age: 53

Education:

Yonsei University, B (Sociology)

Jin Suk Choi

 

Vice Chairman

Vice-Chairman

 

Won Se Park

 

Vice Chairman of the Board

Vice-Chairman

 

Biography:

Park Won Se has been Vice Chairman of the Board in DONGSUNG HIGHCHEM CO., LTD since March 18, 2011. Park is Director in another Korea-based company. Park was Chief Executive Officer in CJ Media Inc and DONGSUNG HOLDINGS CO.,LTD. Park holds a Bachelor's degree in Law from Korea University.

Age: 58

Education:

Korea University, B (Law)

Mun Taek Ahn

 

Director

Director/Board Member

 

Seok Mo Yang

 

Chief Executive Officer, Vice President, Director

Director/Board Member

 

Biography:

Yang Seok Mo has been serving as Chief Executive Officer, Vice President and Director of DONGSUNG HIGHCHEM CO., LTD since March 18, 2011. Yang used to be Chief Executive Officer and Director of a Korea-based company. Yang holds a Bachelor's degree in Chemistry from Sungkyunkwan University, Korea.

Age: 55

Education:

Sungkyunkwan University, B (Chemistry)

 

 

Executives

 

 

Name

Title

Function

Jong Wook Park

 

Chief Executive Officer

Chief Executive Officer

Seok Mo Yang

 

Chief Executive Officer, Vice President, Director

Chief Executive Officer

Biography:

Yang Seok Mo has been serving as Chief Executive Officer, Vice President and Director of DONGSUNG HIGHCHEM CO., LTD since March 18, 2011. Yang used to be Chief Executive Officer and Director of a Korea-based company. Yang holds a Bachelor's degree in Chemistry from Sungkyunkwan University, Korea.

Age: 55

Education:

Sungkyunkwan University, B (Chemistry)

Yeong Jae Park

 

Internal Auditor

Accounting Executive

 

Biography:

Park Yeong Jae is Internal Auditor of DONGSUNG HIGHCHEM CO., LTD (formerly known as Hosung Chemex Co., Ltd.) Previously, Park served as Head of the Management and Surport Division at DONGSUNG CHEMICAL CO.,LTD. Park obtained a Bachelor's degree from Yonsei University, Korea in 1984.

Age: 53

Education:

Yonsei University, B (Statistics)

 

 

Significant Developments

 

 

 

DONGSUNG HIGHCHEM CO., LTD. Announces Subscription Results of First Bonds with Warrants

Sep 20, 2012


DONGSUNG HIGHCHEM CO., LTD. announced that all of its previously announced first unregistered/unsecured private bonds with warrants have been successfully subscribed as of September 20, 2012. The Company raised KRW 25 billion in proceeds from the bond offering.

 

DONGSUNG HIGHCHEM CO., LTD. to Issue First Bonds with Warrants

Sep 18, 2012


DONGSUNG HIGHCHEM CO., LTD. announced the offering of its first unregistered/unsecured private bonds with warrants, raising KRW 25 billion in proceeds. The details regarding the bond issuance are as follows: maturity on September 20, 2017, yield to maturity 3%, zero annual coupon, lump-sum redemption of principal on maturity date, 100% conversion rate of bonds to common shares at KRW 6,150 per share and exercise period from September 20, 2013 to August 20, 2017. KRW 10 billion of the proceeds will be used for facilities and KRW 15 billion will be used as other funds.

 

DONGSUNG HIGHCHEM CO., LTD to Invest KRW 4,970 million in New Facilities

Apr 26, 2012


DONGSUNG HIGHCHEM CO., LTD announced that it will invest KRW 4,970 million in new facilities to ensure the stable supply, during the period from April 26, 2012 to December 31, 2012.

 

DONGSUNG HIGHCHEM CO., LTD Declares Annual Cash Dividend for FY 2011

Mar 05, 2012


DONGSUNG HIGHCHEM CO., LTD announced that it has declared an annual cash dividend of KRW 150 per share of common stock to shareholders of record on December 31, 2011, for the fiscal year 2011. The dividend rate of market price is 3.51% and the total amount of the cash dividend is KRW 2,044,137,300.

 

DONGSUNG HIGHCHEM CO., LTD to Acquire Stake in Korea-based Company

Mar 02, 2012


DONGSUNG HIGHCHEM CO., LTD announced that it has decided to acquire 20,000 shares of a Korea-based company, which is mainly engaged in the provision of automobile parts, representing a 12.3% stake, for KRW 2 billion, to expand paint protect film business and invest the related business.

 

DONGSUNG HIGHCHEM CO., LTD Announces Changes in Shareholding Structure

Jan 10, 2012


DONGSUNG HIGHCHEM CO., LTD announced that SHINYOUNG ASSET MANAGEMENT CO., LTD. has sold 425,327 shares of the Company, equivalent to a 3.02% stake. After the transaction, SHINYOUNG ASSET MANAGEMENT's stake in the Company has decreased to 9.56% from 12.58%.

 

 

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

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Restated Normal
31-Dec-2009

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

Ernst & Young LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

186.2

147.7

107.2

130.5

144.8

Revenue

186.2

147.7

107.2

130.5

144.8

Total Revenue

186.2

147.7

107.2

130.5

144.8

 

 

 

 

 

 

    Cost of Revenue

-

129.8

90.2

117.5

127.5

Cost of Revenue, Total

-

129.8

90.2

117.5

127.5

Gross Profit

186.2

17.8

16.9

13.0

17.3

 

 

 

 

 

 

    Selling/General/Administrative Expense

171.0

5.3

4.6

4.4

4.7

    Labor & Related Expense

4.1

3.4

3.0

3.7

4.7

Total Selling/General/Administrative Expenses

175.1

8.7

7.6

8.1

9.4

Research & Development

-

-

0.0

0.0

0.0

    Depreciation

0.2

0.2

0.1

0.2

0.3

    Amortization of Intangibles

0.0

0.0

0.0

0.0

0.0

Depreciation/Amortization

0.2

0.2

0.1

0.2

0.3

        Investment Income - Operating

0.0

-

-

-

-

    Interest/Investment Income - Operating

0.0

-

-

-

-

Interest Expense (Income) - Net Operating Total

0.0

-

-

-

-

    Loss (Gain) on Sale of Assets - Operating

0.0

-

-

-

-

Unusual Expense (Income)

0.0

-

-

-

-

    Other, Net

-0.1

-

-

-

-

Other Operating Expenses, Total

-0.1

-

-

-

-

Total Operating Expense

175.2

138.7

98.0

125.8

137.2

 

 

 

 

 

 

Operating Income

11.0

9.0

9.2

4.7

7.6

 

 

 

 

 

 

        Interest Expense - Non-Operating

-0.2

-0.2

-0.1

-0.1

-0.2

    Interest Expense, Net Non-Operating

-0.2

-0.2

-0.1

-0.1

-0.2

        Interest Income - Non-Operating

0.5

0.3

0.4

0.6

0.4

        Investment Income - Non-Operating

0.0

-0.1

0.3

-1.2

0.5

    Interest/Investment Income - Non-Operating

0.5

0.2

0.6

-0.6

0.9

    Interest Income (Expense) - Net Non-Operating

-

-

0.4

0.6

0.3

Interest Income (Expense) - Net Non-Operating Total

0.4

0.1

0.9

-0.1

1.0

Gain (Loss) on Sale of Assets

-

0.0

-0.1

0.0

0.0

    Other Non-Operating Income (Expense)

0.0

0.4

0.1

0.1

-0.1

Other, Net

0.0

0.4

0.1

0.1

-0.1

Income Before Tax

11.4

9.4

10.1

4.7

8.5

 

 

 

 

 

 

Total Income Tax

2.7

2.2

2.7

1.0

2.3

Income After Tax

8.7

7.2

7.4

3.7

6.2

 

 

 

 

 

 

Net Income Before Extraord Items

8.7

7.2

7.4

3.7

6.2

    Discontinued Operations

-

0.0

0.1

0.2

-

Total Extraord Items

-

0.0

0.1

0.2

-

Net Income

8.7

7.2

7.5

3.9

6.2

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

8.7

7.2

7.4

3.7

6.2

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

8.7

7.2

7.5

3.9

6.2

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

13.9

14.1

17.0

14.2

14.0

Basic EPS Excl Extraord Items

0.63

0.51

0.43

0.26

0.44

Basic/Primary EPS Incl Extraord Items

0.63

0.51

0.44

0.27

0.44

Dilution Adjustment

-

0.0

0.0

0.0

-

Diluted Net Income

8.7

7.2

7.5

3.9

6.2

Diluted Weighted Average Shares

13.9

14.1

17.0

14.2

14.0

Diluted EPS Excl Extraord Items

0.63

0.51

0.43

0.26

0.44

Diluted EPS Incl Extraord Items

0.63

0.51

0.44

0.27

0.44

Dividends per Share - Common Stock Primary Issue

0.14

0.12

0.08

0.08

0.11

Gross Dividends - Common Stock

1.8

1.7

1.1

1.1

1.6

Interest Expense, Supplemental

0.2

0.2

0.1

0.1

0.2

Depreciation, Supplemental

1.6

1.6

1.4

2.6

3.4

Total Special Items

0.0

0.0

0.1

0.0

0.0

Normalized Income Before Tax

11.4

9.5

10.2

4.7

8.5

 

 

 

 

 

 

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

2.2

2.7

1.0

2.3

Normalized Income After Tax

8.7

7.3

7.5

3.7

6.2

 

 

 

 

 

 

Normalized Inc. Avail to Com.

8.7

7.3

7.5

3.7

6.2

 

 

 

 

 

 

Basic Normalized EPS

0.63

0.52

0.44

0.26

0.44

Diluted Normalized EPS

0.63

0.52

0.44

0.26

0.44

Amort of Intangibles, Supplemental

0.0

0.0

0.0

0.0

0.0

Rental Expenses

0.3

0.4

0.6

0.5

0.6

Research & Development Exp, Supplemental

-

0.2

0.1

0.0

0.0

Normalized EBIT

11.0

9.0

9.2

4.7

7.6

Normalized EBITDA

12.6

10.6

10.6

7.2

10.9

 

 

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

Updated Normal
31-Dec-2010

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

Ernst & Young LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

20.5

13.1

8.5

12.7

10.4

    Short Term Investments

0.1

0.0

0.0

-

0.6

Cash and Short Term Investments

20.5

13.1

8.5

12.7

11.0

        Accounts Receivable - Trade, Gross

20.7

16.5

13.9

11.0

17.8

        Provision for Doubtful Accounts

-0.2

-0.2

-0.2

-0.2

-0.2

    Trade Accounts Receivable - Net

20.5

16.3

14.1

10.9

17.6

    Other Receivables

0.0

0.0

0.1

0.1

0.4

Total Receivables, Net

20.5

16.4

14.2

11.0

18.0

    Inventories - Finished Goods

6.0

6.3

6.2

4.3

7.2

    Inventories - Work In Progress

0.5

0.4

0.4

0.5

0.5

    Inventories - Raw Materials

3.7

3.6

1.2

0.9

2.1

    Inventories - Other

0.1

0.1

0.1

0.1

0.1

Total Inventory

10.3

10.4

7.9

5.7

9.9

Prepaid Expenses

0.1

0.1

0.1

0.2

0.3

Total Current Assets

51.5

40.0

30.8

29.6

39.3

 

 

 

 

 

 

        Buildings

11.9

12.5

11.6

20.7

27.7

        Land/Improvements

12.1

5.4

5.2

8.2

11.0

        Machinery/Equipment

32.7

32.5

29.3

29.0

38.9

        Construction in Progress

0.0

0.2

3.4

2.5

0.0

    Property/Plant/Equipment - Gross

56.7

50.4

49.6

60.5

77.6

    Accumulated Depreciation

-33.9

-33.0

-31.9

-32.4

-40.8

Property/Plant/Equipment - Net

22.9

17.5

17.7

28.1

36.8

Intangibles, Net

1.3

0.1

0.1

0.1

0.2

    LT Investment - Affiliate Companies

-

-

-

3.0

3.9

    LT Investments - Other

0.2

0.1

0.1

1.2

6.8

Long Term Investments

0.2

0.1

0.1

4.2

10.7

    Deferred Income Tax - Long Term Asset

-

-

-

0.0

-

    Other Long Term Assets

2.9

4.0

1.5

2.5

3.5

Other Long Term Assets, Total

2.9

4.0

1.5

2.5

3.5

Total Assets

78.8

61.7

50.1

64.6

90.5

 

 

 

 

 

 

Accounts Payable

17.8

15.6

10.0

5.9

11.2

Accrued Expenses

2.1

1.6

1.3

1.0

0.8

Notes Payable/Short Term Debt

3.7

1.6

1.2

0.0

1.7

Current Portion - Long Term Debt/Capital Leases

0.3

0.1

-

-

-

    Customer Advances

0.0

0.0

0.1

0.2

-

    Income Taxes Payable

1.5

1.1

1.9

0.0

2.5

    Other Payables

2.0

1.6

1.4

1.0

1.2

    Deferred Income Tax - Current Liability

-

0.0

0.1

0.1

0.3

    Other Current Liabilities

0.5

0.4

0.5

0.7

1.1

Other Current liabilities, Total

4.1

3.1

3.9

1.9

5.1

Total Current Liabilities

28.1

21.9

16.4

8.8

18.9

 

 

 

 

 

 

    Long Term Debt

2.1

2.5

2.5

1.8

-

Total Long Term Debt

2.1

2.5

2.5

1.8

0.0

Total Debt

6.2

4.2

3.7

1.8

1.7

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

1.5

0.2

0.0

-

0.6

Deferred Income Tax

1.5

0.2

0.0

-

0.6

    Pension Benefits - Underfunded

0.6

0.2

0.6

0.5

0.4

    Other Long Term Liabilities

0.2

0.3

0.3

1.1

1.8

Other Liabilities, Total

0.9

0.6

0.9

1.7

2.2

Total Liabilities

32.6

25.2

19.9

12.3

21.7

 

 

 

 

 

 

    Common Stock

6.1

6.2

6.1

7.9

10.7

Common Stock

6.1

6.2

6.1

7.9

10.7

Additional Paid-In Capital

5.9

7.4

7.2

7.5

10.0

Retained Earnings (Accumulated Deficit)

35.7

23.5

47.2

37.0

46.8

Treasury Stock - Common

-1.7

-0.6

0.0

-

-

Unrealized Gain (Loss)

-

-

0.0

-0.1

1.2

    Other Equity

-

-

-30.3

-

-

Other Equity, Total

-

-

-30.3

-

-

Total Equity

46.1

36.5

30.2

52.3

68.8

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

78.8

61.7

50.1

64.6

90.5

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

13.6

13.9

14.1

14.2

14.2

Total Common Shares Outstanding

13.6

13.9

14.1

14.2

14.2

Treasury Shares - Common Stock Primary Issue

0.5

0.2

0.0

0.0

0.0

Employees

185

169

161

180

179

Number of Common Shareholders

-

2,283

2,610

3,106

3,615

Accumulated Intangible Amort, Suppl.

0.2

0.2

0.2

0.2

-

Deferred Revenue - Current

0.0

0.0

0.1

0.8

-

Total Long Term Debt, Supplemental

2.5

2.6

2.5

1.8

-

Long Term Debt Maturing within 1 Year

0.3

0.1

0.0

0.0

-

Long Term Debt Maturing in Year 2

-

0.3

0.0

0.0

-

Long Term Debt Maturing in Year 3

-

0.4

0.3

0.0

-

Long Term Debt Maturing in Year 4

-

0.4

0.4

0.3

-

Long Term Debt Maturing in 2-3 Years

-

0.7

0.4

0.0

-

Long Term Debt Maturing in 4-5 Years

-

0.4

0.4

0.3

-

Long Term Debt Matur. in Year 6 & Beyond

2.1

1.4

1.8

1.5

-

 

 

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

Updated Normal
31-Dec-2010

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

Ernst & Young LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

8.7

7.2

7.5

3.9

6.2

    Depreciation

1.6

1.6

1.4

2.6

3.4

Depreciation/Depletion

1.6

1.6

1.4

2.6

3.4

    Amortization of Intangibles

0.0

0.0

0.0

0.0

0.0

Amortization

0.0

0.0

0.0

0.0

0.0

Deferred Taxes

-

0.0

0.1

-0.3

-0.9

    Unusual Items

0.0

0.0

0.1

0.3

-0.6

    Equity in Net Earnings (Loss)

-

-

-0.3

-0.1

-0.1

    Other Non-Cash Items

3.6

1.0

0.7

0.9

1.0

Non-Cash Items

3.6

1.0

0.6

1.1

0.3

    Accounts Receivable

-4.6

-1.8

-2.1

2.7

-0.3

    Inventories

-0.1

-2.3

-1.5

1.9

-1.0

    Prepaid Expenses

-

0.0

0.1

0.1

0.1

    Other Assets

0.0

-

0.1

-

-

    Accounts Payable

2.8

5.3

3.7

-2.7

-3.8

    Accrued Expenses

-

0.1

0.2

0.3

0.1

    Taxes Payable

-

-0.7

1.7

-2.3

0.9

    Other Liabilities

-0.8

-1.4

-0.9

-0.4

-0.8

    Other Operating Cash Flow

-1.8

-

-

-

-

Changes in Working Capital

-4.5

-0.7

1.1

-0.5

-4.8

Cash from Operating Activities

9.4

9.2

10.7

6.8

4.2

 

 

 

 

 

 

    Purchase of Fixed Assets

-0.8

-1.0

-2.1

-3.5

-0.7

    Purchase/Acquisition of Intangibles

-0.2

0.0

-

-

-

Capital Expenditures

-1.0

-1.1

-2.1

-3.5

-0.7

    Sale of Business

-

-

-14.9

-

-

    Sale of Fixed Assets

0.0

0.0

0.2

0.1

0.0

    Sale/Maturity of Investment

0.3

0.0

-

3.0

4.7

    Purchase of Investments

-

0.0

0.0

0.0

-4.3

    Other Investing Cash Flow

0.0

-2.4

0.8

0.2

0.1

Other Investing Cash Flow Items, Total

0.4

-2.4

-13.9

3.3

0.5

Cash from Investing Activities

-0.6

-3.5

-16.0

-0.2

-0.2

 

 

 

 

 

 

    Other Financing Cash Flow

-0.4

-0.1

-0.2

-0.1

-0.7

Financing Cash Flow Items

-0.4

-0.1

-0.2

-0.1

-0.7

    Cash Dividends Paid - Common

-1.8

-1.2

-0.9

-1.4

-1.3

Total Cash Dividends Paid

-1.8

-1.2

-0.9

-1.4

-1.3

        Sale/Issuance of Common

0.9

-

-

-

1.4

        Repurchase/Retirement of Common

-2.0

-0.6

0.0

-

-

    Common Stock, Net

-1.1

-0.6

0.0

-

1.4

Issuance (Retirement) of Stock, Net

-1.1

-0.6

0.0

-

1.4

        Short Term Debt Issued

3.9

0.4

1.1

-

-

        Short Term Debt Reduction

-1.7

-

-

-1.5

-1.5

    Short Term Debt, Net

2.2

0.4

1.1

-1.5

-1.5

        Long Term Debt Issued

-

-

0.5

2.0

-

    Long Term Debt, Net

-

-

0.5

2.0

-

Issuance (Retirement) of Debt, Net

2.2

0.4

1.6

0.6

-1.5

Cash from Financing Activities

-1.0

-1.5

0.5

-0.9

-2.1

 

 

 

 

 

 

Foreign Exchange Effects

0.0

-

-

-

-

Net Change in Cash

7.7

4.3

-4.8

5.7

1.8

 

 

 

 

 

 

Net Cash - Beginning Balance

13.6

8.6

12.5

8.8

8.6

Net Cash - Ending Balance

21.3

12.9

7.8

14.5

10.5

Cash Interest Paid

0.2

-

-

-

-

Cash Taxes Paid

2.2

-

-

-

-

 

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

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Restated Normal
31-Dec-2009

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

Ernst & Young LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Finished Product Revenues

-

108.6

76.5

87.2

95.6

    Merchandise Revenues

-

39.1

30.6

43.3

47.8

    Real Estate Rent Rev

-

-

-

-

1.5

    Sales Revenue

186.2

-

-

-

-

Total Revenue

186.2

147.7

107.2

130.5

144.8

 

 

 

 

 

 

    Cost of Finish. Good

-

94.9

63.5

77.6

83.3

    Cost-Merchandise

-

34.9

26.7

39.9

43.1

    Cost-RE Rental Rev.

-

-

-

-

1.1

    Costs of Goods and Services Sold

165.3

-

-

-

-

    Salaries

3.2

2.8

2.5

3.0

3.9

    Retirement Allowance

0.6

0.4

0.3

0.4

0.5

    Employee Benefits

0.3

0.2

0.2

0.3

0.3

    Travel Expenses

-

0.1

0.1

0.1

0.1

    Communication Exp.

-

0.1

0.1

0.1

0.1

    Taxes and Dues

-

0.1

0.1

0.1

0.2

    Expenses-Consumable Goods

-

0.1

0.0

0.0

0.1

    Rent

0.3

0.4

0.6

0.5

0.6

    Vehicles Expense

0.2

0.2

0.2

0.2

0.3

    Insurance Expenses

-

0.1

0.1

0.1

0.1

    Commissions Paid

2.1

1.8

1.4

1.0

0.3

    Sales Commissions

-

0.0

0.1

0.1

0.1

    Storage Expenses

0.1

0.1

0.1

0.1

0.1

    Shipping/Handling

1.4

1.2

1.0

1.2

1.8

    Entertainment

0.1

0.1

0.1

0.1

0.1

    Education & Training

-

0.0

0.0

0.0

0.1

    Other Exporting Exp

0.8

1.0

0.8

0.7

0.7

    Provision-Bad Debt

0.0

0.0

-

-

0.0

    Research & Development Expense

-

-

0.0

0.0

0.0

    Depreciation-Investment Properties

0.0

-

-

-

-

    Depreciation Expense

0.2

0.2

0.1

0.2

0.3

    Amortization-Intangibles

0.0

0.0

0.0

0.0

0.0

    Other Sales and Administrative Expens

0.5

0.1

0.1

0.1

0.1

    Rental Income

-0.1

-

-

-

-

    Gain on Foreign Currency Transactions

-0.5

-

-

-

-

    Gain on Foreign Currency Translation

0.0

-

-

-

-

    Gain on Disposal of Property, Plant and

0.0

-

-

-

-

    Loss on Foreign Currency Transactions

0.5

-

-

-

-

    Loss on Foreign Currency Translation

0.1

-

-

-

-

    Loss on Disposal of Property, Plant and

0.0

-

-

-

-

Total Operating Expense

175.2

138.7

98.0

125.8

137.2

 

 

 

 

 

 

    Interest Income

0.5

0.3

0.4

0.6

0.4

    Dividend Income

0.0

0.0

0.0

0.2

0.1

    Rental Income

-

0.1

0.1

0.1

0.1

    Gain on Disposal of Investment Propertie

0.0

-

-

-

-

    Gain-Disposal of Sec. Available-Sale

-

0.0

-

0.0

0.6

    Gain on Disposal of Tangible Assets

-

0.0

0.0

0.0

0.0

    Gain on Foreign Exchange Transaction

-

0.4

0.8

1.5

0.2

    Gain-Disposal of Other LT Assets

-

-

0.2

-

-

    Gain-Derivatives Transactions

-

0.1

0.2

0.0

-

    Gain-Valuation of Derivatives

-

-

0.0

-

-

    G-For Exch Translatn

-

0.0

0.0

0.1

0.0

    Fees Received

-

-

-

-

0.1

    Miscellaneous Non-Operating Income

0.0

0.3

0.1

0.0

0.1

    Interest Expense, Non-Operating

-0.2

-0.2

-0.1

-0.1

-0.2

    Loss-Derivatives Transaction

-

0.0

-

-0.8

-

    Loss on Disposal of Securities Availa

0.0

-

-

-0.3

0.0

    Loss-Reduct. of Sec. Available-Sale

-

-

0.0

-

-

    Loss on Disposal of Tangible Assets

-

0.0

-0.3

0.0

-

    Loss on Foreign Exchange Transaction

-

-0.5

-0.6

-1.2

-0.2

    L-For Exch Translatn

-

0.0

0.0

-0.1

0.0

    Donations Paid

0.0

-

0.0

0.0

0.0

    Miscellaneous Non-Operating Expense

0.0

0.0

-0.1

0.0

-0.4

    Loss under Equity Method

-

-

-0.1

-0.5

-0.2

    Gain under Equity Method

-

-

0.4

0.6

0.3

Net Income Before Taxes

11.4

9.4

10.1

4.7

8.5

 

 

 

 

 

 

Provision for Income Taxes

2.7

2.2

2.7

1.0

2.3

Net Income After Taxes

8.7

7.2

7.4

3.7

6.2

 

 

 

 

 

 

Net Income Before Extra. Items

8.7

7.2

7.4

3.7

6.2

    Gain on Discontinued Operations

-

0.0

0.1

0.2

-

Net Income

8.7

7.2

7.5

3.9

6.2

 

 

 

 

 

 

Income Available to Com Excl E

8.7

7.2

7.4

3.7

6.2

 

 

 

 

 

 

Income Available to Com Incl E

8.7

7.2

7.5

3.9

6.2

 

 

 

 

 

 

Basic Weighted Average Shares

13.9

14.1

17.0

14.2

14.0

Basic EPS Excluding ExtraOrdin

0.63

0.51

0.43

0.26

0.44

Basic EPS Including ExtraOrdin

0.63

0.51

0.44

0.27

0.44

Dilution Adjustment

-

0.0

0.0

0.0

-

Diluted Net Income

8.7

7.2

7.5

3.9

6.2

Diluted Weighted Average Share

13.9

14.1

17.0

14.2

14.0

Diluted EPS Excluding ExtraOrd

0.63

0.51

0.43

0.26

0.44

Diluted EPS Including ExtraOrd

0.63

0.51

0.44

0.27

0.44

DPS-Common Stock

0.14

0.12

0.08

0.08

0.11

Gross Dividends - Common Stock

1.8

1.7

1.1

1.1

1.6

Normalized Income Before Taxes

11.4

9.5

10.2

4.7

8.5

 

 

 

 

 

 

Inc Tax Ex. Impact of Sp Items

2.7

2.2

2.7

1.0

2.3

Normalized Income After Taxes

8.7

7.3

7.5

3.7

6.2

 

 

 

 

 

 

Normalized Inc. Avail to Com.

8.7

7.3

7.5

3.7

6.2

 

 

 

 

 

 

Basic Normalized EPS

0.63

0.52

0.44

0.26

0.44

Diluted Normalized EPS

0.63

0.52

0.44

0.26

0.44

R&D Expense, Supplemental

-

0.2

0.1

0.0

0.0

Interest Expense

0.2

0.2

0.1

0.1

0.2

Rental Expense

0.3

0.4

0.6

0.5

0.6

Depreciation

1.6

1.6

1.4

2.6

3.4

Amort of Intangibles, Suppleme

0.0

0.0

0.0

0.0

0.0

 

 

Annual Balance Sheet

 

Financials in: USD (mil)

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

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

Ernst & Young LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash and Equivalents

20.5

13.3

8.8

13.0

10.4

    Government Subsidy for Cash and CashEqui

-

-0.2

-0.3

-0.3

-

    Securities Available-for-Sale

0.1

-

-

-

-

    ST Securities Held to Maturities

-

0.0

0.0

-

-

    ST Finl Assets

-

-

-

-

0.6

    Trade Rcvbls,G

20.7

16.5

13.9

11.0

17.8

    Allw-Doubtful Ac

-0.2

-0.2

-0.2

-0.2

-0.2

    Other Receivable, Net

0.0

0.0

0.1

0.1

0.4

    Advanced Payment

-

0.0

-

0.0

0.0

    Prepaid Expense

0.1

0.1

0.1

0.2

0.3

    Accrued Income

0.0

0.0

0.4

0.0

0.0

    Merchandise

1.5

2.0

1.0

1.7

2.0

    Finished Goods

4.4

4.0

4.6

2.4

5.2

    Allowance for Loss on Valuation of Finis

-

-

-0.1

-0.1

-

    Goods in Transit

-

0.3

0.8

0.3

-

    Work in Progress

0.5

0.4

0.4

0.5

0.5

    Raw Materials

3.7

3.6

1.2

0.9

2.1

    Allowance for Loss on Valuation of Raw M

-

-

-

0.0

-

    Stored Goods

0.1

0.1

0.1

0.1

0.1

Total Current Assets

51.5

40.0

30.8

29.6

39.3

 

 

 

 

 

 

    LT Finl Assets

0.0

0.0

0.0

0.0

0.0

    Investment Securities under Equity Metho

-

-

-

3.0

3.9

    Secs held to Maturity

-

0.1

0.1

0.1

0.1

    Investment in Properties

0.2

-

-

-

-

    Securities Available for Sale

0.0

0.0

0.0

1.1

6.7

    LT Guarantee Dep

0.0

4.0

1.5

2.5

3.5

    Non-Current Rental Guarantee Deposits

2.9

-

-

-

-

    Land

12.1

5.4

5.2

8.2

11.0

    Buildings

7.5

8.1

8.0

17.3

23.3

    Buildings-Depreciation

-3.2

-3.2

-2.9

-4.6

-5.7

    Structures

4.4

4.4

3.7

3.4

4.4

    Structures-Depreciation

-3.1

-3.0

-2.9

-2.6

-3.5

    Tools/Equipments

1.9

1.9

1.9

2.3

2.8

    Tools & Equipments-Government Subsidy

-0.1

-0.2

-0.3

-0.3

-0.1

    Tools & Equipments-Depreciation

-1.7

-1.6

-1.6

-1.7

-2.0

    Machinery/Equip.

28.7

28.6

25.7

25.0

33.5

    Machinery & Equipment-Depreciation

-24.4

-23.8

-23.3

-21.8

-27.5

    Vehicles & Transportation Equipment

1.2

1.2

1.1

1.0

1.4

    Vehicles & Transportation Equipment-Depr

-0.7

-0.7

-0.5

-0.7

-1.0

    Fixtures

1.0

1.0

0.8

1.0

1.3

    Deprec-Fixtures

-0.8

-0.7

-0.7

-0.9

-1.1

    Construc in Prog

-

0.1

3.4

2.5

-

    Timberland

0.0

0.0

0.0

0.0

0.0

    Membership Rights

1.2

-

-

-

-

    Other Intangible

0.0

0.0

-

-

-

    Usage Rights on Waste Water Ground

0.1

0.1

0.1

0.1

0.2

    Deferred Income Tax, Debit

-

-

-

0.0

-

Total Assets

78.8

61.7

50.1

64.6

90.5

 

 

 

 

 

 

    Trade Payable

17.8

15.6

10.0

5.9

11.2

    Accounts Payable

2.0

1.6

1.4

1.0

1.2

    Inc Tax Payable

1.5

1.1

1.9

0.0

2.5

    Accrued Expenses

1.3

1.3

1.2

0.9

0.8

    Tariffs Payables

0.0

-

-

-

-

    Advances Received

0.0

0.0

0.1

0.2

-

    Deposit Withheld

0.5

0.4

0.5

0.7

-

    VAT Withheld

0.8

0.3

0.1

0.1

-

    ST Borrowings

3.7

1.6

1.2

-

1.7

    Deferred Income Tax, Current Liabilities

-

0.0

0.1

0.1

0.3

    Current Portion of Long-Term Debts

0.3

0.1

-

-

-

    Other Cur Liabs.

-

-

-

-

1.1

Total Current Liability

28.1

21.9

16.4

8.8

18.9

 

 

 

 

 

 

    LT Borrowings

2.1

2.5

2.5

1.8

-

Total Long Term Debt

2.1

2.5

2.5

1.8

-

 

 

 

 

 

 

    Rent Deposits

0.0

0.3

0.3

1.1

1.8

    Non-Current Accrued Expenses

0.2

-

-

-

-

    Deferred Tax-Cr

1.5

0.2

0.0

-

0.6

    Retirement Resrv

0.6

2.4

2.8

2.3

0.4

    Deposit-Retirement Insurance

-

-2.2

-2.1

-1.7

-

    Transfer to National Pension Fund

-

0.0

0.0

0.0

-

Total Liabilities

32.6

25.2

19.9

12.3

21.7

 

 

 

 

 

 

    Common Stock

6.1

6.2

6.1

7.9

10.7

    Paid-in Capital

2.1

2.1

2.1

2.7

3.7

    Othr Cap Surplus

1.0

5.3

5.1

4.7

6.4

    Gain on Mergers

2.8

-

-

-

-

    Retained Earnings or Accumulated Deficit

14.9

-

-

-

-

    Reserve-Legal

-

1.9

1.8

1.5

1.9

    Voluntary Reserve

-

14.0

35.8

30.8

37.2

    Ret Earn Carried

-

7.5

9.7

4.7

7.8

    Other Reserves

20.8

-

-

-

-

    Loss-Valu. of Sec. Available for Sale

-

-

0.0

-0.1

-

    L-Secs for Sale Valuation

-

-

-

-

1.2

    Loss on Capital Reduction

-

-

-30.3

-

-

    Treasury Stock

-1.7

-0.6

0.0

-

-

Total Equity

46.1

36.5

30.2

52.3

68.8

 

 

 

 

 

 

Total Liabilities & Shareholde

78.8

61.7

50.1

64.6

90.5

 

 

 

 

 

 

    S/O-Common Stock

13.6

13.9

14.1

14.2

14.2

Total Common Shares Outstandin

13.6

13.9

14.1

14.2

14.2

T/S-Common Stock

0.5

0.2

0.0

0.0

0.0

Deferred Revenue, Current

0.0

0.0

0.1

0.8

-

Accumulated Intangible Amorti., Supple

0.2

0.2

0.2

0.2

-

Full-Time Employees

185

169

161

180

179

Number of Common Shareholders

-

2,283

2,610

3,106

3,615

Long Term Debt Maturing within 1 Year

0.3

0.1

-

-

-

Long Term Debt Maturing in Year 2

-

0.3

0.1

-

-

LT Debt 3 yr

-

0.4

0.3

0.1

-

LT Debt 4 yr

-

0.4

0.4

0.3

-

LT Debt Remaining

2.1

1.4

1.8

1.5

-

Total Long Term Debt, Supplemental

2.5

2.6

2.5

1.8

-

 

 

Annual Cash Flows

 

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

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

Ernst & Young LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income

8.7

7.2

7.5

3.9

6.2

    Depreciation

1.6

1.6

1.4

2.6

3.4

    Amortization-Intangible Assets

0.0

0.0

0.0

0.0

0.0

    Provision for Doubtful Accounts

0.0

0.0

-

-

0.0

    Provision for Retirement Allowances

1.1

0.9

0.7

0.9

1.0

    Depreciation of Investment Properties

0.0

-

-

-

-

    Finance Cost

0.2

-

-

-

-

    Finance Income

-0.5

-

-

-

-

    Loss on Foreign Currency Translation

0.1

0.0

0.0

0.1

0.0

    Loss on Disposal of Securities Available

0.0

-

-

0.3

0.0

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

-

-

0.0

-

-

    Gain-Disp. of Security Avail-for-Sale

-

0.0

-

0.0

-0.6

    Loss under Equity Method

-

-

0.1

0.5

0.2

    L-Inventory Valuatn

0.0

-

-

-

-

    Loss on Disposal of Tangible Assets

0.0

0.0

0.3

0.0

-

    Dividend Income

0.0

-

-

-

-

    Corporate Taxes Expense

2.7

-

-

-

-

    Gain on Disposal of Investment Assets

0.0

-

-

-

-

    Gain under Equity Method

-

-

-0.4

-0.6

-0.3

    Gain on Disposal of Intangible Assets

0.0

-

-

-

-

    Gain-Disposal of Other Non-Current Ass.

-

-

-0.2

-

-

    G-Tangible Asst Disp

-

0.0

0.0

0.0

0.0

    Gain on Foreign Currency Translation

0.0

0.0

0.0

-0.1

0.0

    Gain-Derivatives Valuation

-

-

0.0

-

-

    Trade Receivables

-4.6

-2.2

-1.9

2.5

-0.1

    Decrease in Accrued Income

-

0.4

-0.3

0.0

0.0

    Increase in Accounts Receivable

0.0

0.0

0.1

0.2

-0.1

    Advance Payments

-

0.0

0.0

0.0

0.0

    Increase in Prepaid Expense

-

0.0

0.1

0.1

0.1

    Other Current Assets

0.1

-

-

-

-

    Other Financial Assets

-0.1

-

-

-

-

    Increase-Equity Method Securities

-

-

0.1

-

-

    Increase in Inventories

-0.1

-2.3

-1.5

1.8

-1.0

    Deferred Income Tax Debit

-

-

-

0.4

-

    Trade Payables

2.5

5.2

3.3

-2.8

-3.2

    Increase in Accounts Payable

0.2

0.1

0.4

0.1

-0.6

    Increase in Accrued Expenses

-

0.1

0.2

0.3

0.1

    Accrued Inc Tax

-

-0.9

1.7

-2.1

0.6

    VAT Withheld

-

0.2

0.0

-0.2

0.2

    Advance Received

-

0.0

-0.1

0.1

0.0

    Deposit Withheld

-

0.0

-0.1

0.1

0.1

    Other Current Liab.

0.5

-

-

-

-

    Succession of Retirement Allowance

0.3

-

-

-

-

    Fixed Benefit Liabilities

-0.8

-

-

-

-

    Deferred Income Tax Credit, Current, A/L

-

-0.1

0.0

-

-

    Increase in Deferred Income Tax Cred

-

0.1

0.0

-0.7

-0.9

    Nation Pension Fnd

-

0.0

0.0

-

0.0

    Payment of Retirement Bonus

-0.8

-1.4

-0.4

-0.3

-0.7

    Deposit-Retirement Insurance

-

0.0

-0.3

-0.3

-0.3

    Cash-Interest Paid

-0.2

-

-

-

-

    Cash-Interest Received

0.5

-

-

-

-

    Cash-Tax Paid

-2.2

-

-

-

-

Cash From Operating Activities

9.4

9.2

10.7

6.8

4.2

 

 

 

 

 

 

    Disposal-Securities Held to Maturities

-

0.0

-

-

-

    Disposal of Securities Available for

0.0

0.0

-

2.5

4.7

    Disposal-Transportation

-

0.0

0.1

0.1

0.0

    Disposal-Supplies

-

0.0

0.0

0.0

-

    Disposal-Structure

-

-

0.0

-

-

    Disposal-Machinery & Equipments

-

-

0.1

-

-

    Disposal-Tools & Supplies

-

-

0.0

-

-

    Dec-Guarantee Dep

0.3

0.5

1.4

0.2

0.1

    Decrease-ST Financial Assets

-

-

-

0.5

-

    Disposal of Investment Properties

0.3

-

-

-

-

    Disp-Tangible Assets

0.0

-

-

-

-

    Inc-Guarantee Dep

-0.2

-2.9

-0.5

0.0

-

    Increase in Securities Available for

-

-

0.0

-

-4.3

    Increase in Securities Held to Maturi

-

0.0

0.0

0.0

0.0

    Increase-Land

-

-

-0.3

-

0.0

    Increase-Buildings

-

-

-0.7

0.0

-0.1

    Increase-Structure

-

0.0

-

-0.2

-

    Increase-Tools & Supplies

-

-0.1

0.0

-0.1

0.0

    Increase-Machinery & Equipment

-

-

-

-0.1

-0.6

    Increase-Fixtures

-

-0.2

0.0

0.0

-0.1

    Increase-Transportation

-

-0.1

-0.4

-0.2

0.0

    Increase-Construction Progress

-

-0.6

-0.6

-2.9

-

    Acquisition of Tangible Assets

-0.8

-

-

-

-

    Increase-Intangible Assets

-0.2

0.0

-

-

-

    Cash Outflow-Spin-Off

-

-

-14.9

-

-

Cash From Investing Activities

-0.6

-3.5

-16.0

-0.2

-0.2

 

 

 

 

 

 

    Inc-ST Borrowings

3.9

0.4

1.1

-

-

    Increase-LT Borrowings

-

-

0.5

2.0

-

    Increase in Rent Guarantee Deposits

-

0.0

0.2

2.2

0.3

    Increase-Subsidy from Government

-

0.1

0.1

0.1

-

    Disposal-Treasury Stock

0.9

-

-

-

1.4

    Decrease in Current Borrowings

-1.7

-

-

-

-

    Decrease-Government Subsidy

-

-0.2

-0.2

-

-

    Redemption of Current Portion of LT L

-0.1

-

-

-

-0.8

    Redemption of Short-Term Borrowings

-

-

-

-1.5

-1.5

    Dec-Rent Deposits

-0.3

-

-0.3

-2.4

-0.2

    Acquisition-Treasury Stock

-2.0

-0.6

0.0

-

-

    Payment-Dividends

-1.8

-1.2

-0.9

-1.4

-1.3

Cash From Financing Activities

-1.0

-1.5

0.5

-0.9

-2.1

 

 

 

 

 

 

Foreign Exchange Effects

0.0

-

-

-

-

Net Change in Cash

7.7

4.3

-4.8

5.7

1.8

 

 

 

 

 

 

Net Cash Beginning Balance

13.6

8.6

12.5

8.8

8.6

Net Cash Ending Balance

21.3

12.9

7.8

14.5

10.5

    Cash Interest Paid

0.2

-

-

-

-

    Cash Taxes Paid

2.2

-

-

-

-

 

 

Financial Health

 

Financials in: USD (mil) 

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

 

Key Indicators USD (mil)

 

Quarter
Ending

Quarter
Ending
Yr Ago

Annual
Year End
31-Dec-2011

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1 (?)

-

-

186.2

20.83%

12.83%

9.87%

Operating Income1 (?)

-

-

11.0

17.16%

33.45%

14.57%

Income Available to Common Excl Extraord Items1 (?)

-

-

8.7

14.77%

33.36%

16.84%

Basic EPS Excl Extraord Items1 (?)

-

-

0.63

16.66%

34.47%

16.94%

Capital Expenditures2 (?)

-

-

1.0

-5.29%

-32.93%

-22.65%

Cash from Operating Activities2 (?)

-

-

9.4

-2.80%

11.46%

8.22%

Free Cash Flow (?)

-

-

8.0

-2.48%

36.11%

26.84%

Total Assets3 (?)

-

-

78.8

29.58%

3.69%

1.97%

Total Liabilities3 (?)

-

-

32.6

31.57%

34.37%

8.37%

Total Long Term Debt3 (?)

-

-

2.1

-13.89%

3.01%

-

Employees3 (?)

-

-

185

9.47%

0.92%

1.23%

Total Common Shares Outstanding3 (?)

-

-

13.6

-2.08%

-1.36%

-0.42%

1-ExchangeRate: KRW to USD Average for Period

 

 

1107.891393

 

 

 

2-ExchangeRate: KRW to USD Average for Period

 

 

1107.891393

 

 

 

3-ExchangeRate: KRW to USD Period End Date

 

 

1152.000000

 

 

 

 

Key Ratios

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Profitability

Gross Margin (?)

100.00%

12.09%

15.81%

9.95%

11.93%

Operating Margin (?)

5.90%

6.09%

8.57%

3.57%

5.23%

Pretax Margin (?)

6.12%

6.39%

9.40%

3.58%

5.90%

Net Profit Margin (?)

4.66%

4.90%

6.90%

2.82%

4.30%

Financial Strength

Current Ratio (?)

1.84

1.82

1.87

3.36

2.08

Long Term Debt/Equity (?)

0.05

0.07

0.08

0.03

0.00

Total Debt/Equity (?)

0.13

0.12

0.12

0.03

0.03

Management Effectiveness

Return on Assets (?)

11.96%

13.05%

13.51%

4.88%

6.92%

Return on Equity (?)

20.32%

21.87%

18.67%

6.22%

9.51%

Efficiency

Receivables Turnover (?)

9.77

9.72

9.00

9.35

8.06

Asset Turnover (?)

2.57

2.66

1.96

1.73

1.61

Inventory Turnover (?)

-

14.30

14.02

15.66

13.44

           

Market Valuation USD (mil)

Enterprise Value2 (?)

55.5

.

Enterprise Value/Revenue (TTM) (?)

0.29

Enterprise Value/EBITDA (TTM) (?)

4.33

.

Market Cap1 (?)

70.7

1-ExchangeRate: KRW to USD on 9-Nov-2012

1089.580263

 

 

 

2-ExchangeRate: KRW to USD on 9-Nov-2012

1089.580263

 

 

 

 

 

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 (?)

1.84

1.82

1.87

3.36

2.08

Quick/Acid Test Ratio (?)

1.46

1.34

1.38

2.68

1.54

Working Capital1 (?)

23.4

18.1

14.3

20.8

20.4

Long Term Debt/Equity (?)

0.05

0.07

0.08

0.03

0.00

Total Debt/Equity (?)

0.13

0.12

0.12

0.03

0.03

Long Term Debt/Total Capital (?)

0.04

0.06

0.07

0.03

0.00

Total Debt/Total Capital (?)

0.12

0.10

0.11

0.03

0.02

Payout Ratio (?)

21.62%

23.54%

18.06%

29.62%

25.57%

Effective Tax Rate (?)

23.92%

23.19%

26.66%

21.16%

27.20%

Total Capital1 (?)

52.3

40.7

33.9

54.1

70.5

 

 

 

 

 

 

Efficiency

Asset Turnover (?)

2.57

2.66

1.96

1.73

1.61

Inventory Turnover (?)

-

14.30

14.02

15.66

13.44

Days In Inventory (?)

-

25.52

26.04

23.31

27.17

Receivables Turnover (?)

9.77

9.72

9.00

9.35

8.06

Days Receivables Outstanding (?)

37.35

37.55

40.57

39.02

45.30

Revenue/Employee2 (?)

967,945

890,157

729,561

633,390

803,085

Operating Income/Employee2 (?)

57,117

54,172

62,518

22,594

41,984

EBITDA/Employee2 (?)

65,638

63,813

72,244

35,167

60,695

 

 

 

 

 

 

Profitability

Gross Margin (?)

100.00%

12.09%

15.81%

9.95%

11.93%

Operating Margin (?)

5.90%

6.09%

8.57%

3.57%

5.23%

EBITDA Margin (?)

6.78%

7.17%

9.90%

5.55%

7.56%

EBIT Margin (?)

5.90%

6.09%

8.57%

3.57%

5.23%

Pretax Margin (?)

6.12%

6.39%

9.40%

3.58%

5.90%

Net Profit Margin (?)

4.66%

4.90%

6.90%

2.82%

4.30%

R&D Expense/Revenue (?)

-

-

0.00%

0.01%

0.01%

COGS/Revenue (?)

-

87.91%

84.19%

90.05%

88.07%

SG&A Expense/Revenue (?)

94.04%

5.87%

7.11%

6.22%

6.49%

 

 

 

 

 

 

Management Effectiveness

Return on Assets (?)

11.96%

13.05%

13.51%

4.88%

6.92%

Return on Equity (?)

20.32%

21.87%

18.67%

6.22%

9.51%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2 (?)

0.59

0.60

0.67

0.20

0.24

Operating Cash Flow/Share 2 (?)

0.66

0.68

0.83

0.42

0.29

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

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.70

UK Pound

1

Rs.89.34

Euro

1

Rs.72.35

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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.