MIRA INFORM REPORT

Report Date :

04.10.2012

IDENTIFICATION DETAILS

Name :	DONGBU CNI CO LTD
Registered Office :	Dongbu Financial Center 891-10, Daechi-Dong, Gangnam-Gu Gangnam-Gu Seoul, 135523
Country :	South Korea
Financials (as on) :	31.12.2011
Date of Incorporation :	15.03.1977
Legal Form :	Public Subsidiary
Line of Business :	Engaged in the provision of integrated information technology (IT) solutions.
No. of Employees :	1,099

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

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

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

Country Name	Previous Rating (31.03.2011)	Current Rating (30.06.2012)
South Korea	A1	A1

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

SOUTH KOREA - ECONOMIC OVERVIEW

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

Source : CIA

Company name and address

Top of Form

Bottom of Form

Dongbu CNI Co Ltd

Dongbu Financial Center
891-10, Daechi-Dong, Gangnam-Gu
Gangnam-Gu
Seoul, 135523
Korea, Republic of
Tel:	82-2-34841600
Fax:	82-2-21366006
www.dongbufinechem.com

Employees:

1,099

Company Type:

Public Subsidiary

Corporate Family:

33 Companies

Ultimate Parent:

Dongbu Group

Traded:

Korea Stock Exchange:

012030

Incorporation Date:

15-Mar-1977

Auditor:

Deloitte & Touche LLP

Financials in:	USD (mil)
Fiscal Year End:	31-Dec-2011
Reporting Currency:	South Korean Won
Annual Sales:	461.3 ^1
Net Income:	4.3
Total Assets:	596.1 ^2
Market Value:	131.2
	(21-Sep-2012)

Business Description

DONGBU CNI CO., LTD. is a Korea-based company mainly engaged in the provision of integrated information technology (IT) solutions. The Company operates in four business segments: IT segment, which provides application outsourcing (AO), infrastructure outsourcing (IO), solutions and information convergence technology (ICT) and logistics; global segment, which engages in the trading of various product, such as metal, minerals, energy, grains and agricultural products; electronic materials segment, which manufactures adhesives and magnetic powder cores, and consulting segment, which provides accounting solution, intelligent traffic management system (ITMS) solution, business management solution, solution marketing and solution-based service indicator (SI). For the six months ended 30 June 2012, Dongbu CNI Co Ltd revenues decreased less than 1% to W237.43B. Net income increased 12% to W8.29B. Revenues reflect IT segment increase of 12% to W152.9B, Electric Materials segment increase of 2% to W19.58B, Other segment increase of 4% to W5.22B, also reflect Global segment decrease of 22% to W59.73B. Net income benefited from Electric Materials segment loss decrease of 24% to W465.7M.

Industry

Industry	Computer Services
ANZSIC 2006:	7000 - Computer System Design and Related Services
NACE 2002:	72 - Computer and Related Activities
NAICS 2002:	541512 - Computer Systems Design Services
UK SIC 2003:	72 - Computer and Related Activities
UK SIC 2007:	620 - Computer programming, consultancy and related activities
US SIC 1987:	7379 - Computer Related Services, Not Elsewhere Classified

Key Executives

Name	Title
Je Dong Gwak	Co-President, Co-Chief Executive Officer, Director
Yin Taek Yoon	Co-President
Dong Won Lee	Chief Financial Officer, Assistant Managing Director
Sang Su Seo	Internal Auditor
Suk Gi Baek	Vice President

Significant Developments

Topic	#*	Most Recent Headline	Date
Officer Changes	1	DONGBU CNI CO.,LTD Announces Appointment of Co-CEO	23-Mar-2012
Other Earnings Pre-Announcement	1	DONGBU CNI CO.,LTD Issues FY 2012 Outlook	14-May-2012
Equity Financing / Related	3	DONGBU CNI CO.,LTD Announces Amendments to Rights Issue	21-May-2012
Equity Investments	1	Dongbu Fine Chemicals Co., Ltd. to Sell Shares of Dongbu Life Insurance Co., Ltd.	23-Dec-2011
Dividends	1	DONGBU CNI CO.,LTD Declares Annual Cash Dividend for FY 2011	8-Mar-2012

* number of significant developments within the last 12 months

News

Title	Date
Dongbu CNI Partners With Axios Systems to Expand ITSM Coverage in Korea with assyst PR Newswire Europe (inc. UK Disclose) (513 Words)	24-Sep-2012
Electrolux reportedly makes binding offer for Daewoo Electronics M&A Navigator (281 Words)	21-Aug-2012

Financial Summary

As of 30-Jun-2012

Key Ratios	Company	Industry
Current Ratio (MRQ)	0.57	2.18
Quick Ratio (MRQ)	0.51	1.35
Debt to Equity (MRQ)	0.84	0.82
Sales 5 Year Growth	27.83	6.26
Net Profit Margin (TTM) %	1.09	10.56
Return on Assets (TTM) %	0.78	8.26
Return on Equity (TTM) %	1.84	22.07

Stock Snapshot

Traded: Korea Stock Exchange: 012030

As of 21-Sep-2012

   Financials in: KRW

Recent Price	8,080.00	EPS	512.43
52 Week High	12,664.43	Price/Sales	0.29
52 Week Low	6,420.00	Dividend Rate	116.54
Avg. Volume (mil)	0.06	Price/Earnings	19.35
Market Value (mil)	147,158.10	Price/Book	0.33
		Beta	0.77

	Price % Change	Rel S&P 500%
4 Week	8.89%	4.40%
13 Week	20.96%	11.60%
52 Week	-16.13%	-24.58%
Year to Date	-4.59%	-13.00%

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

Corporate Overview

Location
Dongbu Financial Center
891-10, Daechi-Dong, Gangnam-Gu
Gangnam-Gu
Seoul, 135523
Korea, Republic of

Tel:	82-2-34841600
Fax:	82-2-21366006

www.dongbufinechem.com

Quote Symbol - Exchange
012030 - Korea Stock Exchange
Sales KRW(mil):	511,077.1
Assets KRW(mil):	686,746.4
Employees:	1,099
Fiscal Year End:	31-Dec-2011

Industry:	Computer Services

Incorporation Date:	15-Mar-1977
Company Type:	Public Subsidiary
Quoted Status:	Quoted
Previous Name:	Dongbu Fine Chemicals Co Ltd

Co-President, Co-Chief Executive Officer, Director:	Je Dong Gwak

Company Web Links

Corporate History/Profile

Financial Information

Home Page

Products/Services

Contents Industry Codes Business Description Financial Data Market Data

Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:
7000	-	Computer System Design and Related Services
2439	-	Other Electrical Equipment Manufacturing
696	-	Management and Related Consulting Services
6411	-	Financial Asset Broking Services
1832	-	Pesticide Manufacturing
1915	-	Adhesive Manufacturing

NACE 2002 Codes:
72	-	Computer and Related Activities
2462	-	Manufacture of glues and gelatine
6712	-	Security broking and fund management
3162	-	Manufacture of other electrical equipment not elsewhere classified
7414	-	Business and management consultancy activities
2420	-	Manufacture of pesticides and other agro-chemical products

NAICS 2002 Codes:
541512	-	Computer Systems Design Services
541611	-	Administrative Management and General Management Consulting Services
335999	-	All Other Miscellaneous Electrical Equipment and Component Manufacturing
523140	-	Commodity Contracts Brokerage
325320	-	Pesticide and Other Agricultural Chemical Manufacturing
325520	-	Adhesive Manufacturing

US SIC 1987:
7379	-	Computer Related Services, Not Elsewhere Classified
2891	-	Adhesives and Sealants
3699	-	Electrical Machinery, Equipment, and Supplies, Not Elsewhere Classified
6221	-	Commodity Contracts Brokers and Dealers
8742	-	Management Consulting Services
2879	-	Pesticides and Agricultural Chemicals, Not Elsewhere Classified

UK SIC 2003:
72	-	Computer and Related Activities
2462	-	Manufacture of glues and gelatine
6712	-	Security broking and fund management
2420	-	Manufacture of pesticides and other agro-chemical products
3162	-	Manufacture of other electrical equipment not elsewhere classified
74143	-	General management consultancy activities

UK SIC 2007:
620	-	Computer programming, consultancy and related activities
2052	-	Manufacture of glues
2020	-	Manufacture of pesticides and other agrochemical products
6612	-	Security and commodity contracts brokerage
2790	-	Manufacture of other electrical equipment
70229	-	Management consultancy activities (other than financial management)

Business Description

DONGBU CNI CO., LTD. is a Korea-based company mainly engaged in the provision of integrated information technology (IT) solutions. The Company operates in four business segments: IT segment, which provides application outsourcing (AO), infrastructure outsourcing (IO), solutions and information convergence technology (ICT) and logistics; global segment, which engages in the trading of various product, such as metal, minerals, energy, grains and agricultural products; electronic materials segment, which manufactures adhesives and magnetic powder cores, and consulting segment, which provides accounting solution, intelligent traffic management system (ITMS) solution, business management solution, solution marketing and solution-based service indicator (SI). For the six months ended 30 June 2012, Dongbu CNI Co Ltd revenues decreased less than 1% to W237.43B. Net income increased 12% to W8.29B. Revenues reflect IT segment increase of 12% to W152.9B, Electric Materials segment increase of 2% to W19.58B, Other segment increase of 4% to W5.22B, also reflect Global segment decrease of 22% to W59.73B. Net income benefited from Electric Materials segment loss decrease of 24% to W465.7M.

More Business Descriptions

Manufacture of agricultural base chemicals and adhesives

Dongbu Fine Chemicals Co., Ltd. (Dongbu Fine Chemicals) is a Korea-based fine chemicals manufacturer. The company engages in manufacturing of agricultural base chemicals and adhesives. Its operations are organized into four divisions: Agrochemicals, Crop Protectants, Adhesives and Magnetic Power Cores. The company, through its Agrochemicals division, provides insecticides, herbicides, fungicides and plant growth regulators. Further, it also offers 150 types of Crop Protectants in Japanese farmers. Adhesives division of Dongbu Fine Chemicals, offers adhesives which find applications in electrics, electronic products, automobiles, wood furniture, construction and other industries. Magnetic Powder Core division of the company offers iron power cores and molypermalloy powder cores. It is also engages in the trading of synthetic resins. Dongbu Fine Chemicals is headquartered in Seoul, Republic of Korea.The company reported revenues of (Won) KRW 511,077.05 million during the fiscal year ended December 2011, an increase of 165.75% over 2010. The operating profit of the company was KRW 14,955.64 million during the fiscal year 2011, whereas the company reported an operating loss of KRW 2,656.96 million during 2010. The net profit of the company was KRW 4,798.47 million during the fiscal year 2011, an increase of 13.66% over 2010.

Pesticide and Other Agricultural Chemical Manufacturing

Financial Data

Financials in:	KRW(mil)
Revenue:	511,077.1
Net Income:	4,798.5
Assets:	686,746.4
Long Term Debt:	163,527.5
Total Liabilities:	430,206.3
Working Capital:	-97.6
Date of Financial Data:	31-Dec-2011

1 Year Growth

165.7%

NA

1.1%

Market Data

Quote Symbol:	012030
Exchange:	Korea Stock Exchange
Currency:	KRW
Stock Price:	8,080.0
Stock Price Date:	09-21-2012
52 Week Price Change %:	-16.1
Market Value (mil):	147,158,096.0
SEDOL:	6402150
ISIN:	KR7012030003
Equity and Dept Distribution:
All financials reflect non-consolidated data. 04/22/99, 1.120:1Non-renounceable rights issue in same stock @ W5,900 (1.412779). Q1/08, WAS is estimated by S/O.FY'09 Q1 is RCA. FY'10 Q2 is RCA. FY'09, Annual is RES. FY'09, Q4 is RES. 11/10 Name changed from Dongbu Fine Chemicals Co.,Ltd. 04/2012,Right Issue(F: 1.287069)

Key Corporate Relationships

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

Corporate Structure News

Dongbu CNI Co Ltd
Total Corporate Family Members: 33

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Dongbu Group	Parent	Seoul	Korea, Republic of	Miscellaneous Financial Services	1.0	312
Dongbu Insurance Co., Ltd.	Affiliates	Seoul	Korea, Republic of	Insurance (Property and Casualty)	8,829.7	4,779
Dongbu Life Insurance Co Ltd	Subsidiary	Seoul	Korea, Republic of	Insurance (Life)	1,439.5	492
Dongbu Automobile Insurance Claim Adjustment Co., Ltd.	Subsidiary	Seoul, Seoul	Korea, Republic of	Investment Services		250
Dongbu HiTek Semiconductor	Affiliates	Seoul	Korea, Republic of	Semiconductors		1,800
Dongbu Steel Co., Ltd.	Affiliates	Seoul	Korea, Republic of	Construction - Supplies and Fixtures	3,844.7	1,772
Dongbu Special Steel Co., Ltd.	Subsidiary	Seoul, Seoul	Korea, Republic of	Construction - Supplies and Fixtures		262
Dongbu Corp	Affiliates	Seoul	Korea, Republic of	Construction Services	2,120.4	1,657
Dongbu HiTeck Co., LTD.	Subsidiary	Seoul	Korea, Republic of	Semiconductors	498.4	2,567
Dongbu CNI Co Ltd	Subsidiary	Seoul	Korea, Republic of	Computer Services	461.3	1,099
Dongbu Securities Co., Ltd.	Subsidiary	Seoul	Korea, Republic of	Investment Services	965.3	1,029
Dongbu Securities Co., Ltd.	Branch	Suwon, Kyonggi-Do	Korea, Republic of	Investment Services
Dongbu Cni Co., Ltd.	Subsidiary	Seoul	Korea, Republic of	Business Services	150.5	739
Dongbu Corp - Logistics	Division	Seoul	Korea, Republic of	Business Services
Dongbu Engineering Co., Ltd.	Subsidiary	Anyang, Kyonggi-Do	Korea, Republic of	Engineering Consultants		484
Dongbu Pusan Container Terminal Co Ltd	Subsidiary	Busan	Korea, Republic of	Miscellaneous Transportation	50.1	150
Dongbu Incheon Multipurpose Terminal Co., Ltd.	Subsidiary	Inchon, Inchon	Korea, Republic of	Miscellaneous Transportation		15
Dongbu Corp - Construction	Division	Seoul	Korea, Republic of	Business Services
Dongbu Hannong Chemicals Co., Ltd.	Affiliates	Seoul	Korea, Republic of	Chemical Manufacturing		1,200
Dongbu Express	Affiliates	Seoul	Korea, Republic of	Miscellaneous Transportation		1,100
Dongbu CNI Co., Ltd	Affiliates	Seoul	Korea, Republic of	Computer Networks		600
Dongbu Engineering Co., Ltd .	Affiliates	Seoul	Korea, Republic of	Engineering Consultants		400
Dongbu Fine Chemical Co., Ltd.	Affiliates	Seoul	Korea, Republic of	Chemical Manufacturing		300
Dongbu Savings Bank	Affiliates	Seoul	Korea, Republic of	Commercial Banks		103
Dongbu Technology Institute	Affiliates	Daejeon	Korea, Republic of	Business Services		100
Breeding Research Institute	Affiliates	Suwon	Korea, Republic of	Business Services		50
Dongbu Asset Management	Affiliates	Seoul	Korea, Republic of	Investment Services	1,069.0	47
Dongbu Advanced Research Institute	Affiliates	Daejeon	Korea, Republic of	Business Services		45
Dongbu Investment Management	Affiliates	Seoul	Korea, Republic of	Investment Services
Agriculture Technology Research Institute	Affiliates	Suwon	Korea, Republic of	Business Services
Petrochemicals Technology Institute	Affiliates	Ulsan	Korea, Republic of	Business Services
Dongbu Capital Co., Ltd.	Affiliates	Seoul	Korea, Republic of	Consumer Financial Services
Dongbu HiTek Agriculture	Affiliates	Seoul	Korea, Republic of	Chemical Manufacturing

Competitors Report

CompanyName	Location	Employees	Ownership
Samsung Fine Chemicals Co Ltd	Ulsan, Korea, Republic of	1,067	Public
Sungbo Chemical Co., Ltd.	Goyang, Korea, Republic of	141	Public

Executives Report

Board of Directors

Name	Title	Function
Jun Ki Kim	Chairman	Chairman
Sun Hwan Kim	Vice Chairman	Vice-Chairman
Age: 64 Education: Korea University, B (Mathematics)
Je Dong Gwak	Co-President, Co-Chief Executive Officer, Director	Director/Board Member
Biography: Gwak Je Dong has been serving as Co-President, Co-Chief Executive Officer and Director in DONGBU CNI CO.,LTD. since March 23, 2012. Gwak is President of Dongbu Capital. Gwak used to be Internal Auditor of Dongbu Life Insurance Co., Ltd. Gwak holds a Bachelor's degree in Economics from Korea University, Korea. Age: 65 Education: Korea University, B (Economics)
Nam Gyu Han	Non-Executive Independent Director	Director/Board Member
Biography: Han Nam Gyu has been serving as Non-Executive Independent Director of DONGBU CNI CO.,LTD. since March 25, 2011. Han used to be Chief Executive Officer of Joongang Ilbo. Han holds a Bachelor's degree in English Literature from Seoul National University, Korea. Age: 68 Education: Seoul National University, B (English Literature)
Hang Seok Jang	Non-Executive Independent Director	Director/Board Member
Biography: Jang Hang Seok has been serving as Non-Executive Independent Director in DONGBU CNI CO.,LTD. since March 26, 2010. Jang is also an advisor of Barun. Jang holds a Bachelor's degree in Economics from Korea University and a Master's degree from University of Wisconsin, the United States. Age: 63 Education: University of Wisconsin, M Korea University, B (Economics)
Bong Lee	Co-President, Co-Chief Executive Officer, Director	Director/Board Member
Age: 61 Education: Hankuk University of Foreign Studies, PHD (Business Administration) Columbia University, MBA New York University, M (Computer Engineering)

Executives

Name	Title	Function
Je Dong Gwak	Co-President, Co-Chief Executive Officer, Director	Chief Executive Officer
Biography: Gwak Je Dong has been serving as Co-President, Co-Chief Executive Officer and Director in DONGBU CNI CO.,LTD. since March 23, 2012. Gwak is President of Dongbu Capital. Gwak used to be Internal Auditor of Dongbu Life Insurance Co., Ltd. Gwak holds a Bachelor's degree in Economics from Korea University, Korea. Age: 65 Education: Korea University, B (Economics)
Dae Jin Jeon	Chief Executive Officer	Chief Executive Officer
Bong Lee	Co-President, Co-Chief Executive Officer, Director	Chief Executive Officer
Age: 61 Education: Hankuk University of Foreign Studies, PHD (Business Administration) Columbia University, MBA New York University, M (Computer Engineering)
Yin Taek Yoon	Co-President	President
Age: 58 Education: Boston University, MBA
Byeong Deok Ahn	Assistant Managing Director	Managing Director
Age: 51 Education: Korea University, B (Business Administration)
Bae Eon Cha	Assistant Managing Director	Managing Director
Chang Jin Kim	Assistant Managing Director	Managing Director
Age: 51 Education: Hanyang University, B (Materials Engineering)
Gap Hun Lee	Assistant Managing Director	Managing Director
Age: 51 Education: Seoul National University, PHD (Industrial Engineering) Seoul National University, M (Marine Engineering) Seoul National University, B (Marine Engineering)
Jong Wuk Lee	Assistant Managing Director	Managing Director
Age: 53 Education: Sogang University, B (Business Administration)
Chung Sik Lee	Assistant Managing Director	Managing Director
Age: 50 Education: Kyungbuk National University, B (Electronics Engineering)
Hae Min Lee	Managing Director-Business Development	Managing Director
Man Seong Park	Assistant Managing Director	Managing Director
Age: 52 Education: Korea University, B (Physics)
Jong Min Shin	Assistant Managing Director	Managing Director
Age: 51 Education: Korea University, M Kyungpook National University, B (Statistics)
Ho Yim	Assistant Managing Director	Managing Director
Age: 49 Education: University of Missouri, DS (Mechanical Engineering) University of Missouri, M (Industrial Engineering) Ajou University, B (Industrial Engineering)
Gi Lee	Chief Financial Officer, Vice President	Finance Executive
Age: 59 Education: Seoul National University, B (International Trade)
Dong Won Lee	Chief Financial Officer, Assistant Managing Director	Finance Executive
Age: 52 Education: Korea Advanced Institute of Science & Technology, PHD (Management)
Sang Su Seo	Internal Auditor	Accounting Executive
Biography: Seo Sang Su has been serving as Internal Auditor of DONGBU CNI CO.,LTD. since March 25, 2011. Seo used to be President of Dongbu CNI Co.,Ltd. Seo holds a Bachelor's degree in Industrial Engineering from Seoul National University, Korea. Age: 61 Education: Seoul National University, B (Industrial Engineering)
Suk Gi Baek	Vice President	Other
Age: 60 Education: Yeungnam University, B (Economics)
Dong Cheon Cha	Vice President	Other
Seong Geun Ha	Vice President	Other
Age: 56 Education: Hankuk University of Foreign Studies, B (Law)
Hyeong Gu Kim	Vice President	Other
Age: 57 Education: Chung-Ang University, B (Education)
Jun Dong Kim	Vice President	Other
Age: 56 Education: Seoul National University, B (Metallurgical Engineering)
Jong Yeon Lee	Vice President	Other

Significant Developments

DONGBU CNI CO.,LTD Announces Amendments to Rights Issue

May 21, 2012

DONGBU CNI CO.,LTD announced that it has made amendments to the rights issue of 9,106,316 common shares, initially announced on April 6, 2012. Now, shares will be issued at an issue price of KRW 6,010 per share, raising KRW 54,728,959,160 for other funds.

DONGBU CNI CO.,LTD Issues FY 2012 Outlook

May 14, 2012

DONGBU CNI CO.,LTD announced that it expects its fiscal year 2012 revenue and operating profit to record KRW 605.9 billion and KRW 23 billion, respectively.

DONGBU CNI CO.,LTD Announces Amendments to Rights Issue

Apr 19, 2012

DONGBU CNI CO.,LTD announced that it has made amendments to the rights issue of 9,106,316 common shares, initially announced on April 6, 2012. Now, shares will be issued at an issue price of KRW 6,370 per share, raising KRW 58,007,232,920 for other funds.

DONGBU CNI CO.,LTD Announces Rights Issue

Apr 06, 2012

DONGBU CNI CO.,LTD announced a rights issue of 9,106,316 common shares of par value KRW 5,000 each, raising KRW 64,654,843,600 in proceeds. The employee stock ownership association will have a preferred right to purchase the new shares at an allocation rate of 20% on April 25, 2012, and the shareholders of record on April 24, 2012 will have rights to purchase 0.90028098 new rights shares for each share held from May 24, 2012 to May 25, 2012. The listing date of the new shares is June 14, 2012. TONGYANG Securities Inc. will be the underwriter.

DONGBU CNI CO.,LTD Announces Appointment of Co-CEO

Mar 23, 2012

DONGBU CNI CO.,LTD announced that it has appointed Lee Bong as its new Co-Chief Executive Officer, effective March 23, 2012. Its current Chief Executive Officer, Gwak Je Dong continues the duty as Co-Chief Executive Officer.

DONGBU CNI CO.,LTD Declares Annual Cash Dividend for FY 2011

Mar 08, 2012

DONGBU CNI 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 1.32% and the total amount of the cash dividend is KRW 1,213,796,550. The dividend payment date is April 20, 2012. The Company's annual cash dividend for the fiscal year 2010 was KRW 350 per share.

Dongbu Fine Chemicals Co., Ltd. to Sell Shares of Dongbu Life Insurance Co., Ltd.

Dec 23, 2011

Dongbu Fine Chemicals Co., Ltd. announced that it will sell 3,045,000 shares of Dongbu Life Insurance Co., Ltd., for KRW 40,900,440,000 on January 4, 2012, to improve financial structure. After the transaction, the Company will hold 1,888,412 shares, or 6.51% of Dongbu Life Insurance Co., Ltd.

Annual Income Statement

Financials in: USD (mil)

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

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Restated Normal 31-Dec-2011	Restated Normal 31-Dec-2010	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	KRW	KRW	KRW	KRW	KRW
Exchange Rate (Period Average)	1107.891393	1156.281981	1276.385219	1100.562842	929.183333
Auditor	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	461.3	166.3	-	-	-
Gross Revenue	-	-	77.5	156.4	164.1
Sales Returns and Allowances	-	-	-0.2	-2.3	-1.9
Revenue	461.3	166.3	77.3	154.2	162.2
Other Revenue	-	-	0.1	10.4	10.0
Other Revenue, Total	-	-	0.1	10.4	10.0
Total Revenue	461.3	166.3	77.5	164.5	172.2
Cost of Revenue	414.1	149.2	71.1	133.6	138.8
Cost of Revenue, Total	414.1	149.2	71.1	133.6	138.8
Gross Profit	47.2	17.2	6.3	20.5	23.4
Selling/General/Administrative Expense	14.0	10.4	7.8	13.2	12.5
Labor & Related Expense	16.5	7.2	2.0	5.3	6.8
Advertising Expense	0.9	0.4	0.3	1.0	0.8
Total Selling/General/Administrative Expenses	31.4	18.0	10.1	19.5	20.2
Research & Development	2.0	2.4	1.7	3.5	2.9
Depreciation	0.2	0.1	0.1	0.1	0.2
Amortization of Intangibles	0.6	0.1	0.0	0.0	0.0
Depreciation/Amortization	0.7	0.2	0.1	0.2	0.2
Investment Income - Operating	-0.4	0.5	-	-	-
Interest/Investment Income - Operating	-0.4	0.5	-	-	-
Interest Expense (Income) - Net Operating Total	-0.4	0.5	-	-	-
Loss (Gain) on Sale of Assets - Operating	0.6	0.0	-	-	-
Unusual Expense (Income)	0.6	0.0	-	-	-
Other Operating Expense	0.2	0.3	-	-	-
Other, Net	-0.9	-1.9	-	-	-
Other Operating Expenses, Total	-0.7	-1.6	-	-	-
Total Operating Expense	447.8	168.6	83.0	156.8	162.2
Operating Income	13.5	-2.3	-5.5	7.7	10.0
Interest Expense - Non-Operating	-19.3	-16.7	-8.3	-5.8	-4.5
Interest Expense, Net Non-Operating	-19.3	-16.7	-8.3	-5.8	-4.5
Interest Income - Non-Operating	1.2	0.5	1.2	1.3	0.7
Investment Income - Non-Operating	9.9	16.6	0.1	10.8	2.5
Interest/Investment Income - Non-Operating	11.1	17.1	1.3	12.1	3.2
Interest Income (Expense) - Net Non-Operating	0.0	-	-	-	-
Interest Income (Expense) - Net Non-Operating Total	-8.2	0.4	-7.0	6.3	-1.3
Gain (Loss) on Sale of Assets	-	-	0.4	-1.3	-0.4
Other Non-Operating Income (Expense)	0.2	0.1	0.1	0.6	0.5
Other, Net	0.2	0.1	0.1	0.6	0.5
Income Before Tax	5.5	-1.7	-11.9	13.3	8.8
Total Income Tax	1.2	0.4	-4.2	-2.0	2.8
Income After Tax	4.3	-2.1	-7.7	15.3	6.0
Net Income Before Extraord Items	4.3	-2.1	-7.7	15.3	6.0
Discontinued Operations	-	5.7	8.8	-	-
Total Extraord Items	-	5.7	8.8	-	-
Net Income	4.3	3.7	1.0	15.3	6.0
Income Available to Common Excl Extraord Items	4.3	-2.1	-7.7	15.3	6.0
Income Available to Common Incl Extraord Items	4.3	3.7	1.0	15.3	6.0
Basic/Primary Weighted Average Shares	10.4	6.0	5.1	5.1	5.1
Basic EPS Excl Extraord Items	0.42	-0.34	-1.52	2.99	1.18
Basic/Primary EPS Incl Extraord Items	0.42	0.61	0.20	2.99	1.18
Dilution Adjustment	0.0	0.0	0.0	-	-
Diluted Net Income	4.3	3.7	1.0	15.3	6.0
Diluted Weighted Average Shares	10.4	6.0	5.1	5.1	5.1
Diluted EPS Excl Extraord Items	0.42	-0.34	-1.52	2.99	1.18
Diluted EPS Incl Extraord Items	0.42	0.61	0.20	2.99	1.18
Dividends per Share - Common Stock Primary Issue	0.11	0.24	0.30	0.18	0.42
Gross Dividends - Common Stock	1.1	2.4	1.6	0.9	2.1
Interest Expense, Supplemental	19.3	16.7	8.3	5.8	4.5
Depreciation, Supplemental	2.3	2.3	2.5	2.9	3.4
Total Special Items	0.6	0.0	-0.4	1.3	0.4
Normalized Income Before Tax	6.1	-1.7	-12.4	14.6	9.3
Effect of Special Items on Income Taxes	0.1	0.0	-0.2	0.5	0.1
Inc Tax Ex Impact of Sp Items	1.3	0.4	-4.4	-1.5	3.0
Normalized Income After Tax	4.8	-2.1	-8.0	16.1	6.3
Normalized Inc. Avail to Com.	4.8	-2.1	-8.0	16.1	6.3
Basic Normalized EPS	0.46	-0.34	-1.58	3.17	1.23
Diluted Normalized EPS	0.46	-0.34	-1.58	3.17	1.23
Amort of Intangibles, Supplemental	0.8	0.2	0.0	0.0	0.0
Rental Expenses	2.3	0.8	0.4	0.5	0.4
Advertising Expense, Supplemental	0.9	0.4	0.3	1.0	0.8
Research & Development Exp, Supplemental	2.0	2.4	0.0	3.5	3.1
Normalized EBIT	13.7	-1.8	-5.5	7.7	10.0
Normalized EBITDA	16.8	0.6	-3.0	10.7	13.4

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Restated Normal 31-Dec-2011	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	KRW	KRW	KRW	KRW	KRW
Exchange Rate	1152	1134.9	1164.475	1259.55	936.05
Auditor	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	3.6	8.7	2.1	14.7	1.2
Short Term Investments	1.3	2.5	1.8	6.6	12.7
Cash and Short Term Investments	4.9	11.2	3.9	21.3	13.9
Accounts Receivable - Trade, Gross	76.3	64.4	32.0	34.4	42.4
Provision for Doubtful Accounts	-0.4	-0.5	-2.0	-1.5	-0.8
Trade Accounts Receivable - Net	90.4	72.0	30.0	33.0	41.8
Other Receivables	5.6	3.9	1.3	0.4	2.6
Total Receivables, Net	96.0	75.9	31.3	33.4	44.4
Inventories - Finished Goods	4.5	10.1	20.1	19.7	17.8
Inventories - Work In Progress	1.9	1.5	10.5	5.1	5.5
Inventories - Raw Materials	1.4	2.3	10.6	9.6	9.2
Inventories - Other	6.3	8.3	2.1	3.3	2.5
Total Inventory	14.1	22.3	43.3	37.7	35.1
Prepaid Expenses	0.3	0.1	0.3	0.2	0.2
Deferred Income Tax - Current Asset	-	-	0.3	0.0	0.2
Other Current Assets	0.8	0.6	0.0	0.0	0.0
Other Current Assets, Total	0.8	0.6	0.3	0.0	0.2
Total Current Assets	116.0	110.2	79.0	92.7	93.7
Buildings	5.1	5.0	13.6	12.6	16.7
Land/Improvements	39.5	40.1	78.2	73.0	21.7
Machinery/Equipment	24.2	14.9	33.3	29.3	37.8
Construction in Progress	-	0.5	0.0	0.0	0.0
Other Property/Plant/Equipment	0.0	0.0	-	-	-
Property/Plant/Equipment - Gross	68.8	60.4	125.1	114.9	76.2
Accumulated Depreciation	-10.9	-9.0	-28.6	-24.1	-29.2
Property/Plant/Equipment - Net	57.8	51.4	96.5	90.7	47.0
Goodwill, Net	37.2	37.7	-	-	-
Intangibles, Net	6.3	6.1	0.0	0.1	0.1
LT Investment - Affiliate Companies	224.8	198.5	66.6	5.4	-
LT Investments - Other	146.4	190.0	128.5	55.6	129.9
Long Term Investments	371.1	388.6	195.0	60.9	129.9
Note Receivable - Long Term	2.9	0.5	-	-	-
Other Long Term Assets	4.7	4.1	1.3	1.1	2.2
Other Long Term Assets, Total	4.7	4.1	1.3	1.1	2.2
Total Assets	596.1	598.6	372.0	245.5	273.0
Accounts Payable	61.4	60.1	21.3	18.2	13.5
Accrued Expenses	3.2	2.1	1.8	0.7	0.8
Notes Payable/Short Term Debt	76.8	136.1	123.6	57.7	31.0
Current Portion - Long Term Debt/Capital Leases	30.6	45.6	0.6	41.4	28.1
Dividends Payable	0.0	0.0	0.0	0.0	0.0
Customer Advances	9.9	6.1	1.9	1.5	0.8
Income Taxes Payable	-	0.8	-	1.9	2.9
Other Payables	9.8	7.6	14.8	12.5	15.4
Other Current Liabilities	9.1	12.9	1.5	0.3	0.3
Other Current liabilities, Total	28.8	27.4	18.2	16.2	19.4
Total Current Liabilities	200.7	271.4	165.5	134.2	92.7
Long Term Debt	138.6	26.6	35.0	1.4	3.3
Capital Lease Obligations	3.4	0.7	-	-	-
Total Long Term Debt	142.0	27.4	35.0	1.4	3.3
Total Debt	249.3	209.1	159.2	100.6	62.3
Deferred Income Tax - LT Liability	24.1	33.7	19.6	7.2	22.9
Deferred Income Tax	24.1	33.7	19.6	7.2	22.9
Reserves	-	-	0.5	0.7	0.7
Pension Benefits - Underfunded	5.7	4.3	1.2	2.1	2.1
Other Long Term Liabilities	1.0	1.2	0.2	0.2	0.0
Other Liabilities, Total	6.6	5.4	1.9	3.0	2.8
Total Liabilities	373.4	337.9	222.0	145.9	121.7
Common Stock	39.5	40.1	17.2	15.9	21.4
Common Stock	39.5	40.1	17.2	15.9	21.4
Additional Paid-In Capital	87.7	89.0	24.2	22.4	30.1
Retained Earnings (Accumulated Deficit)	80.7	80.2	115.8	106.8	127.8
Treasury Stock - Common	-	-	-0.2	-0.2	-0.3
Unrealized Gain (Loss)	14.6	51.4	-54.9	-89.7	-27.8
Translation Adjustment	0.1	0.0	-	-	-
Other Equity	0.0	0.0	48.0	44.5	-
Other Equity, Total	0.1	0.0	48.0	44.5	-
Total Equity	222.7	260.7	150.0	99.6	151.3
Total Liabilities & Shareholders’ Equity	596.1	598.6	372.0	245.5	273.0
Shares Outstanding - Common Stock Primary Issue	10.4	10.4	5.1	5.1	5.1
Total Common Shares Outstanding	10.4	10.4	5.1	5.1	5.1
Treasury Shares - Common Stock Primary Issue	1.3	1.3	0.1	0.1	0.1
Employees	1,103	879	281	275	289
Number of Common Shareholders	-	3,933	660	756	935
Accumulated Intangible Amort, Suppl.	0.9	0.3	0.5	0.4	0.5
Deferred Revenue - Current	9.9	6.1	1.9	1.5	0.8
Total Long Term Debt, Supplemental	-	-	123.5	42.9	31.4
Long Term Debt Maturing within 1 Year	-	-	88.4	41.5	28.1
Long Term Debt Maturing in Year 2	-	-	34.7	0.7	1.4
Long Term Debt Maturing in Year 3	-	-	0.3	0.3	1.0
Long Term Debt Maturing in Year 4	-	-	0.1	0.3	0.4
Long Term Debt Maturing in Year 5	-	-	0.0	-	-
Long Term Debt Maturing in 2-3 Years	-	-	35.0	1.0	2.4
Long Term Debt Maturing in 4-5 Years	-	-	0.1	0.3	0.4
Long Term Debt Matur. in Year 6 & Beyond	-	-	0.0	0.1	0.5
Total Capital Leases, Supplemental	7.7	-	-	-	-
Capital Lease Payments Due in Year 1	4.3	-	-	-	-
Capital Lease Payments Due in Year 2	1.7	-	-	-	-
Capital Lease Payments Due in Year 3	0.9	-	-	-	-
Capital Lease Payments Due in Year 4	0.5	-	-	-	-
Capital Lease Payments Due in 2-3 Years	2.6	-	-	-	-
Capital Lease Payments Due in 4-5 Years	0.5	-	-	-	-
Cap. Lease Pymts. Due in Year 6 & Beyond	0.2	-	-	-	-
Total Operating Leases, Supplemental	0.6	-	0.1	0.1	-
Operating Lease Payments Due in Year 1	0.2	-	0.1	0.1	-
Operating Lease Payments Due in Year 2	0.2	-	0.0	0.0	-
Operating Lease Payments Due in Year 3	0.2	-	0.0	0.0	-
Operating Lease Pymts. Due in 2-3 Years	0.4	-	0.1	0.1	-
Oper. Lse. Pymts. Due in Year 6 & Beyond	0.0	-	0.0	0.0	-

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Restated Normal 31-Dec-2011	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Reclassified Normal 31-Dec-2008
Filed Currency	KRW	KRW	KRW	KRW	KRW
Exchange Rate (Period Average)	1107.891393	1156.281981	1276.385219	1100.562842	929.183333
Auditor	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	4.3	3.7	1.0	15.3	6.0
Depreciation	2.3	2.3	2.5	2.9	3.4
Depreciation/Depletion	2.3	2.3	2.5	2.9	3.4
Amortization of Intangibles	0.8	0.2	0.0	0.0	0.0
Amortization	0.8	0.2	0.0	0.0	0.0
Deferred Taxes	-	-	-0.2	-5.6	-1.1
Unusual Items	2.8	-2.2	-0.7	-7.8	-1.4
Equity in Net Earnings (Loss)	-11.2	-9.4	1.1	0.8	0.5
Other Non-Cash Items	22.5	18.7	2.0	1.5	1.9
Non-Cash Items	14.0	7.2	2.4	-5.5	1.1
Accounts Receivable	-20.7	-39.0	3.5	-2.9	-5.0
Inventories	6.4	5.7	-2.3	-14.5	-2.4
Prepaid Expenses	-	-	-0.1	-0.1	0.0
Other Assets	-2.9	1.6	0.0	0.0	0.0
Accounts Payable	4.4	-0.8	2.7	8.2	6.2
Accrued Expenses	-	-	0.9	0.2	0.5
Taxes Payable	-	-	-1.8	-0.3	2.4
Other Liabilities	4.1	-9.6	-0.9	0.8	-0.1
Other Operating Cash Flow	-16.5	-14.0	-	-	-
Changes in Working Capital	-25.2	-56.0	2.0	-8.6	1.7
Cash from Operating Activities	-3.7	-42.8	7.8	-1.5	11.1
Purchase of Fixed Assets	-9.7	-2.1	-1.7	-1.9	-2.8
Purchase/Acquisition of Intangibles	-1.1	-0.2	0.0	0.0	0.0
Capital Expenditures	-10.9	-2.4	-1.7	-1.9	-2.8
Sale of Fixed Assets	0.0	0.0	1.1	0.1	0.0
Sale/Maturity of Investment	15.4	10.0	5.1	25.4	10.1
Investment, Net	0.0	0.8	-	-	-
Purchase of Investments	-42.4	-35.6	-69.8	-69.0	-11.7
Other Investing Cash Flow	-	-	-0.1	2.5	-2.5
Other Investing Cash Flow Items, Total	-26.9	-24.7	-63.7	-41.0	-4.0
Cash from Investing Activities	-37.8	-27.1	-65.5	-42.9	-6.8
Other Financing Cash Flow	0.3	16.3	-0.1	0.1	0.0
Financing Cash Flow Items	0.3	16.3	-0.1	0.1	0.0
Cash Dividends Paid - Common	-2.6	-1.7	-0.8	-1.8	-2.1
Total Cash Dividends Paid	-2.6	-1.7	-0.8	-1.8	-2.1
Repurchase/Retirement of Common	-	0.0	-	-	-
Common Stock, Net	-	0.0	-	-	-
Issuance (Retirement) of Stock, Net	-	0.0	-	-	-
Short Term Debt Issued	28.6	115.8	-	39.6	-
Short Term Debt Reduction	-88.5	-88.2	-24.1	-	-1.1
Short Term Debt, Net	-59.8	27.6	-24.1	39.6	-1.1
Long Term Debt Issued	143.7	34.5	110.9	46.2	-
Long Term Debt Reduction	-45.4	-0.7	-41.0	-23.9	-1.1
Long Term Debt, Net	98.3	33.8	69.9	22.3	-1.1
Issuance (Retirement) of Debt, Net	38.4	61.4	45.9	62.0	-2.3
Cash from Financing Activities	36.2	75.9	45.0	60.3	-4.4
Foreign Exchange Effects	0.1	0.0	-	-	-
Net Change in Cash	-5.2	6.0	-12.7	15.9	-0.1
Net Cash - Beginning Balance	8.9	2.6	14.6	1.0	1.3
Net Cash - Ending Balance	3.8	8.6	1.9	16.9	1.2
Cash Interest Paid	18.2	15.7	-	-	-
Cash Taxes Paid	0.4	0.1	-	-	-

Annual Income Statement

Financials in: USD (mil)

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

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Restated Normal 31-Dec-2011	Restated Normal 31-Dec-2010	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	KRW	KRW	KRW	KRW	KRW
Exchange Rate (Period Average)	1107.891393	1156.281981	1276.385219	1100.562842	929.183333
Auditor	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Revenue,Net	461.3	166.3	-	-	-
Merchandise Revenues,Gross	-	-	59.3	73.9	71.2
Finished Products,Gross	-	-	18.2	95.7	104.5
Sales Incentive, Gross	-	-	-	-13.2	-11.6
Other Revenues, Gross	-	-	0.1	10.4	10.0
Sales Allowance	-	-	-0.2	-1.8	-1.6
Reserve-Sales Return Revenue	-	-	-	-0.5	-0.3
Total Revenue	461.3	166.3	77.5	164.5	172.2
Costs of Goods and Services Sold	414.1	149.2	-	-	-
Merchandise Cost	-	-	55.3	65.2	63.0
Cost-Finished Goods	-	-	15.8	60.8	68.0
Cost of Other Sales	-	-	0.0	7.7	7.8
Cost of Services	-	-	0.0	-	-
Salaries & Wages	13.1	6.2	1.5	4.0	5.4
Retirement Allowance	1.2	0.3	0.2	0.5	0.4
Employee Benefits	2.2	0.8	0.4	0.8	1.0
Travel Expense	0.5	0.2	0.1	0.3	0.4
Communication Exp.	0.3	0.1	0.1	0.2	0.2
Taxes & Dues	0.4	0.3	0.1	0.1	0.2
Consumable Expense	0.1	0.1	0.1	0.1	0.1
Development Costs	2.0	2.4	1.7	3.5	2.9
Printing Expenses	0.1	0.1	0.0	0.0	0.0
Rent	2.3	0.8	0.4	0.5	0.4
Depreciation Expense	0.2	0.1	0.1	0.1	0.2
Amort- Intangibles	0.6	0.1	0.0	0.0	0.0
Repair Expense	0.6	0.1	0.0	0.0	0.1
Transportation Equip	0.3	0.1	0.1	0.3	0.4
Insurance Expenses	0.1	0.1	0.1	0.2	0.2
Commissions Paid	3.6	1.6	0.8	0.5	1.0
Service Expense	0.5	2.9	3.7	5.1	4.0
Awards Expense	0.1	0.0	0.0	0.0	0.1
Conference Expense	0.6	0.1	0.0	0.0	0.0
Education & Training Expense	0.2	0.1	0.0	0.1	0.2
Business Promotional Expenses	0.6	0.2	0.1	0.2	0.1
Marketing Expense	0.1	0.1	0.1	0.4	0.4
Advertising Expense	0.3	0.0	0.0	0.4	0.4
Association Expense	-	-	0.0	0.0	0.1
Utility Expenses	-	-	0.0	-	-
Sales Commission	0.4	0.7	0.4	0.3	0.2
Supply Expenses	-	-	-	0.1	0.2
Overseas Marketing Expenses	-	-	0.0	-	-
Shipping & Storage Expense	3.1	2.7	1.4	3.2	4.4
Claims Expense	-	-	0.0	0.3	0.0
Expenses for Samples	-	-	0.0	0.1	0.0
Amort. of Bad Debts	-	-	0.3	1.4	0.4
Electricity Expense	-	-	-	0.0	0.0
Water Expense	-	-	-	0.0	0.0
Heating Expense	0.0	0.0	-	0.0	0.0
Environ. Maint. Exp	-	-	0.0	0.1	0.1
Other Selling and Administrative Expense	0.9	0.3	-	-	-
Adjustment for Selling and Administrativ	0.0	0.0	-	-	-
Rental Income	-	-0.3	-	-	-
Gain on Foreign Currency Transactions	-1.5	-1.8	-	-	-
Gain on Foreign Currency Translation	-0.4	-0.1	-	-	-
Miscellaneous Income	-0.5	-0.3	-	-	-
Gain on Disposal of Property, Plant and	0.0	-	-	-	-
Insurance Actuarial Gain	-0.1	-	-	-	-
Reversal of Allowance for Doubtful Accou	-0.1	-1.3	-	-	-
Recovery of Provisions	-0.2	-	-	-	-
Adjustment for Other Operating Income	-	0.0	-	-	-
Loss on Foreign Currency Transactions	1.4	2.1	-	-	-
Loss on Foreign Currency Translation	0.1	0.3	-	-	-
Loss on Disposal of Property, Plant and	0.0	0.0	-	-	-
Loss on Scrapping of Inventory	0.6	-	-	-	-
Donations Paid	-	0.0	-	-	-
Insurance Actuarial Loss	-	0.3	-	-	-
Miscellaneous Loss	0.2	0.0	-	-	-
Adjustment for Other Operating Expense	0.0	0.0	-	-	-
Total Operating Expense	447.8	168.6	83.0	156.8	162.2
Interest Income	1.2	0.5	1.2	1.3	0.7
Dividend Income	1.5	1.7	0.8	1.9	1.4
Gain on Foreign Currency Transactions	0.5	0.7	0.1	2.6	0.1
Gain on Foreign Currency Translations	0.0	0.0	4.0	5.3	2.8
Gain on Disposal of Securities Available	-	5.8	0.2	12.0	4.9
G-Reduction Loss of Sec. Avail-for-Sale	-	-	-	-	0.0
Gain on Disposal of Investments in Affil	0.0	-	-	-	-
Gain on Valuation of Assets at Fair Valu	0.1	-	-	-	-
Gain on Derivatives Transaction	0.0	-	-	-	-
Rental Income	-	-	0.0	0.0	-
Gain Disposal Tang Assets	-	-	0.4	0.0	0.0
Gain on Guarantee Deposit	0.2	0.1	-	-	-
Other Non-Op Income	-	-	0.1	0.6	0.5
Gain on Valuation of Derivatives	0.0	-	-	-	-
Reversal of Allowance for Doubtful Accou	-	-	0.0	-	-
Interest Expenses	-19.3	-16.7	-8.3	-5.8	-4.5
Loss on Foreign Currency Transactions	-0.5	-1.0	-0.5	-1.4	-0.3
Loss on Foreign Currency Translations	0.0	0.0	-3.3	-5.7	-2.9
Loss-Currency Swap Transaction	-	-	-	-	0.0
L-Inventory Scraping	-	-	0.0	-1.3	-0.4
L-Disp Secs Avail. for Sale	-	0.0	0.0	-2.8	-2.9
Loss Disp Tang. Ast	-	-	-	-0.1	0.0
Loss-Revaluation	-	-	-	-0.2	-
Impairment Loss on Securities Available	-2.9	-	-	-	-
Donations	-	-	0.0	-	-
Other Non-Op Expense	-	-	0.0	0.0	0.0
Gain under Equity Method	11.2	9.4	0.0	-	-
Loss-Valuation of Equity Method Sec.	-	-	-1.1	-0.8	-0.5
Adjustment for Finance Income	0.0	0.0	-	-	-
Adjustment for Finance Expense	0.0	0.0	-	-	-
Net Income Before Taxes	5.5	-1.7	-11.9	13.3	8.8
Provision for Income Taxes	1.2	0.4	-4.2	-2.0	2.8
Net Income After Taxes	4.3	-2.1	-7.7	15.3	6.0
Net Income Before Extra. Items	4.3	-2.1	-7.7	15.3	6.0
Gain on Discontinued Operations	-	5.7	8.8	-	-
Net Income	4.3	3.7	1.0	15.3	6.0
Income Available to Com Excl ExtraOrd	4.3	-2.1	-7.7	15.3	6.0
Income Available to Com Incl ExtraOrd	4.3	3.7	1.0	15.3	6.0
Basic Weighted Average Shares	10.4	6.0	5.1	5.1	5.1
Basic EPS Excluding ExtraOrdinary Items	0.42	-0.34	-1.52	2.99	1.18
Basic EPS Including ExtraOrdinary Item	0.42	0.61	0.20	2.99	1.18
Dilution Adjustment	0.0	0.0	0.0	-	-
Diluted Net Income	4.3	3.7	1.0	15.3	6.0
Diluted Weighted Average Shares	10.4	6.0	5.1	5.1	5.1
Diluted EPS Excluding ExtraOrd Items	0.42	-0.34	-1.52	2.99	1.18
Diluted EPS Including ExtraOrd Items	0.42	0.61	0.20	2.99	1.18
DPS-Common Stock	0.11	0.24	0.30	0.18	0.42
Gross Dividends - Common Stock	1.1	2.4	1.6	0.9	2.1
Normalized Income Before Taxes	6.1	-1.7	-12.4	14.6	9.3
Inc Tax Ex Impact of Sp Items	1.3	0.4	-4.4	-1.5	3.0
Normalized Income After Taxes	4.8	-2.1	-8.0	16.1	6.3
Normalized Inc. Avail to Com.	4.8	-2.1	-8.0	16.1	6.3
Basic Normalized EPS	0.46	-0.34	-1.58	3.17	1.23
Diluted Normalized EPS	0.46	-0.34	-1.58	3.17	1.23
R&D Expense, Supplemental	2.0	2.4	0.0	3.5	3.1
Advertising Expense, Supplemental	0.9	0.4	0.3	1.0	0.8
Interest Expense, Supplemental	19.3	16.7	8.3	5.8	4.5
Amort of Intangibles, Supplemental	0.8	0.2	0.0	0.0	0.0
Rental Expense, Supplemental	2.3	0.8	0.4	0.5	0.4
Depreciation, Supplemental	2.3	2.3	2.5	2.9	3.4

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Restated Normal 31-Dec-2011	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	KRW	KRW	KRW	KRW	KRW
Exchange Rate	1152	1134.9	1164.475	1259.55	936.05
Auditor	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash and CashEquivalents	3.6	8.7	2.1	14.7	1.2
Government Subsidy for Cash and Cash Equ	-	-	0.0	-	-
ST Finl Asset	-	2.5	1.8	6.6	12.7
Financial Assets at Fair Value Through P	1.3	-	-	-	-
Unbilled Constructions	14.5	8.0	-	-	-
Trade Receivables, Gross	76.3	64.4	32.0	34.4	42.4
Allowance for Doubtful Accounts for Trad	-0.4	-0.5	-2.0	-1.5	-0.8
Account Receivables	2.2	2.3	0.9	0.4	0.4
Allowance for Doubtful Accounts for Othe	-	-	0.0	-	-
Accrued Income	0.1	0.1	0.0	0.1	0.2
ST Loans, Net	-	-	0.0	0.0	2.1
Receivable of Corporate Tax Refund	0.1	0.4	0.3	-	-
Current Receivables for Capital Lease	3.3	1.2	-	-	-
Advance Payments	6.2	8.2	0.0	-	-
Prepaid Expenses	0.3	0.1	0.3	0.2	0.2
Security Deposit	0.8	0.6	0.0	0.0	0.0
Current Derivative Assets	0.0	-	-	-	-
Current Dfrd Taxes	-	-	0.3	0.0	0.2
Merchandises	1.7	7.0	2.2	3.2	2.2
Allowance for Loss on Valuation of Merch	-	-	0.0	-	-
Finished Goods	2.8	3.1	18.3	16.5	15.6
Allowance for Loss on Valuation of Finis	-	-	-0.4	-	-
Semi-finished Goods	1.9	1.5	10.5	5.1	5.5
Allowance for Loss on Valuation of Semif	-	-	0.0	-	-
Raw Materials	1.4	2.3	10.6	9.6	9.2
Allowance for Loss on Valuation of Raw M	-	-	0.0	-	-
Stored Goods	-	-	0.1	0.2	0.3
Supplies	0.0	0.0	-	-	-
Goods in Transit	0.1	0.1	2.0	3.1	2.2
Adjustment for Trade & Other Receivables	0.0	-	-	-	-
Adjustment for Other Financial Instrumen	-	-	-	-	-
Adjustment for Inventories	-	-	-	-	-
Adjustment for Other Current Assets	0.0	0.0	-	-	-
Total Current Assets	116.0	110.2	79.0	92.7	93.7
LT Finl Asset	0.0	0.0	0.8	0.3	0.0
Securities avail. for Sale	146.3	190.0	127.7	55.3	129.9
Equity Method Investment Securities	224.8	198.5	66.6	5.4	-
Guarantee Deposits, Non-Current Assets	4.7	4.1	1.3	1.1	2.2
Land	39.5	40.1	78.2	73.0	21.7
Buildings	4.3	4.4	10.9	10.2	13.5
Buildings-Depreciation	-1.0	-0.9	-2.7	-2.3	-2.8
Structures	0.8	0.6	2.6	2.4	3.2
Structures-Depreciation	-0.3	-0.3	-1.3	-1.1	-1.3
Machineries & Equipments	14.8	11.1	29.7	26.4	34.0
Machineries & Equipments-Depreciation	-8.0	-7.1	-21.9	-18.6	-22.4
Transport Equip.	0.1	0.1	0.1	0.1	0.1
Vehicles-Depreciation	-0.1	-0.1	-0.1	-0.1	-0.1
Tools & Equipments	1.2	1.0	1.7	1.2	1.2
Tools & Equipments-Depreciation	-0.5	-0.3	-0.9	-0.7	-0.8
Fixtures	8.0	2.7	1.8	1.6	2.4
Fixtures-Depreciation	-1.0	-0.3	-1.6	-1.4	-1.9
Construction in Progress	-	0.5	0.0	0.0	0.0
Industrial Property Rights	0.0	0.0	0.0	0.0	0.1
Customer Relationships	1.4	1.8	-	-	-
Membership Rights	2.7	1.8	-	-	-
Software	0.8	0.8	0.0	0.0	0.1
Development Costs	1.3	1.7	-	-	-
Goodwill	37.2	37.7	-	-	-
Non-Current Accrued Income	0.0	0.0	-	-	-
Capital Leasing Receivables Non-current	2.9	0.5	-	-	-
Adjustment for Non-Current Trade & Other	0.0	0.0	-	-	-
Adjustment for Property, Plant & Equipme	0.0	0.0	-	-	-
Adjustment for Intangible Assets	0.0	0.0	-	-	-
Total Assets	596.1	598.6	372.0	245.5	273.0
Trade Payables	61.4	60.1	21.3	18.2	13.5
ST Borrowings	50.8	49.9	36.0	57.7	31.0
Current Bonds	26.0	86.2	87.6	-	-
Discount on Bonds of Current Portion of	-	-	-0.2	-	-
Accounts Payable	9.8	7.6	14.8	12.5	15.4
Dividend Payable	0.0	0.0	0.0	0.0	0.0
Advance from Customers, Current Liabilit	9.9	6.1	1.9	1.5	0.8
Deposit Withheld	1.3	1.2	1.5	0.3	0.3
Government Subsidy, Current Liabilities	0.3	-	-	-	-
Reserve for Current Liabilities	-	0.2	-	-	-
Accrued Expenses	3.2	2.1	1.8	0.7	0.8
Income Taxes Payables	-	0.8	-	1.9	2.9
Current Portion of LT Liability	26.3	44.3	0.8	41.4	28.1
Overbilled Constructions	7.5	11.5	-	-	-
Current Capital Lease Payables	4.3	1.4	-	-	-
Adjustment for Trade & Other Payables	0.0	0.0	-	-	-
Adjustment for Other Current Financial L	0.0	0.0	-	-	-
Adjustment for Other Current Liabilities	-	0.0	-	-	-
Total Current Liabilities	200.7	271.4	165.5	134.2	92.7
Bonds	138.5	26.3	34.4	-	-
LT Borrowings	0.1	0.3	0.8	1.4	3.3
Discount on Bonds of Long-term Liabiliti	-	-	-0.1	-	-
Capital Leased Liabilities, LD	3.4	0.7	-	-	-
Total Long Term Debt	142.0	27.4	35.0	1.4	3.3
LT Account Payable	0.1	0.1	0.2	0.2	-
Provisions for Retirement and Severance	5.7	4.3	4.2	2.1	2.1
Reserve-Sales Return	-	-	0.5	0.7	0.7
LL Defer Tax Crd	24.1	33.7	19.6	7.2	22.9
Rental Secur Dep	-	-	0.0	0.0	0.0
Deposits for Retirement and Severance Be	-	-	-1.2	-	-
Plan Assets	-	-	-1.9	-	-
Transfer to National Pension Fund	-	-	0.0	-	-
Non-Current Financial Deposits Liabiliti	0.9	1.1	-	-	-
Ad-Other Non-current Liabilities	0.0	0.0	-	-	-
Total Liabilities	373.4	337.9	222.0	145.9	121.7
Common Stock	39.5	40.1	17.2	15.9	21.4
Paid-in Capital	-	-	5.8	5.4	7.3
Other Paid-in Capital	87.7	89.0	-	-	-
Other Capital Surplus	-	-	18.4	17.0	22.9
Retained Earnings or Accumulated Deficit	80.7	80.2	-	-	-
Legal Reserve	-	-	5.4	4.9	6.4
Voluntary Reserves	-	-	5.8	6.1	8.6
Retained Carried	-	-	104.5	95.8	112.8
Revaluation Adjustment	-	-	48.0	44.5	-
Treasury Stock	-	-	-0.2	-0.2	-0.3
Overseas Business Translation Credit	0.1	0.0	-	-	-
G-Valu-Secs avail. for Sale	14.0	51.2	-	0.2	28.1
L-Valu-Secs avail. for Sale	-	-	-	-	-55.9
Loss-Valu. of Sec. Available for Sale	-	-	-55.1	-89.9	-
Capital Change, Equity Method	0.6	0.1	0.2	0.0	-
Adjustment for Other Capital Items	0.0	0.0	-	-	-
Total Equity	222.7	260.7	150.0	99.6	151.3
Total Liabilities & Shareholders' Equity	596.1	598.6	372.0	245.5	273.0
S/O-Common Stock	10.4	10.4	5.1	5.1	5.1
Total Common Shares Outstanding	10.4	10.4	5.1	5.1	5.1
T/S-Common Stock	1.3	1.3	0.1	0.1	0.1
Deferred Revenue, Current	9.9	6.1	1.9	1.5	0.8
Accumulated Intangible Amort Supp.	0.9	0.3	0.5	0.4	0.5
Full-Time Employees	1,103	879	281	275	289
Number of Common Shareholders	-	3,933	660	756	935
LT Debt 1 yr	-	-	88.4	41.5	28.1
LT Debt 2 yrs	-	-	34.7	0.7	1.4
LT Debt 3 yrs	-	-	0.3	0.3	1.0
LT Debt 4 yrs	-	-	0.1	0.3	0.4
LT Debt 5 yrs	-	-	0.0	-	-
LT Debt thereafter	-	-	-	0.1	0.5
Total Long Term Debt, Supplemental	-	-	123.5	42.9	31.4
Capital Lease Payments Due within 1 Year	4.3	-	-	-	-
Capital Lease Payments Due in Year 2	1.7	-	-	-	-
Capital Lease Payments Due in Year 3	0.9	-	-	-	-
Capital Lease Payments Due in Year 4	0.5	-	-	-	-
Capital Leases - Remaining Maturities	0.2	-	-	-	-
Total Capital Leases	7.7	-	-	-	-
Operating Lease Pumnt Due with 1 Year	0.2	-	0.1	0.1	-
Operating Lease Pumnt Due with 2 Year	0.2	-	0.0	0.0	-
Operating Lease Pumnt Due with 3 Year	0.2	-	0.0	0.0	-
Total Operating Leases	0.6	-	0.1	0.1	-

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Restated Normal 31-Dec-2011	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Reclassified Normal 31-Dec-2008
Filed Currency	KRW	KRW	KRW	KRW	KRW
Exchange Rate (Period Average)	1107.891393	1156.281981	1276.385219	1100.562842	929.183333
Auditor	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income	4.3	3.7	1.0	15.3	6.0
Depreciation	2.3	2.3	2.5	2.9	3.4
Amortization-Intangible Assets	0.8	0.2	0.0	0.0	0.0
Prov. Doubtful Act	-	-	0.4	1.4	0.4
Retirement and Severance Benefits	4.4	1.0	1.0	1.2	1.3
Interest Expenses	19.3	16.7	-	-	-
Amort. of Discount	-	-	0.1	0.1	0.0
Corporate Taxes Expense	1.2	2.7	-	-	-
Losses on Foreign Currency Translation	0.1	0.3	0.6	1.4	0.3
Losses on Valuation of Inventories	0.0	0.3	-	-	0.2
Inventory Scrapping	-	0.0	0.0	1.3	0.4
L-Disposal of Tangible Assets	0.0	0.0	0.0	0.1	0.0
Loss on Disposal of Investment in Associ	-	3.2	-	-	-
Loss-Currency Swap Transaction	-	-	-	-	0.0
Loss on Disposal of Financial Assets Ava	-	0.0	-	2.8	2.9
Impairment Loss on Financial Assets Avai	2.9	-	-	-	-
L-under Euqity Method	-	-	1.1	0.8	0.5
Loss-Revaluation	-	-	-	0.2	-
Development Cost	-	-	0.0	-	-
Gain/Loss on Insurance Repairment	-0.1	0.3	-	-	-
Gains on Foreign Currency Translation	-0.4	-0.2	-0.2	-2.6	-0.1
Gain on Financial Guarantees	-0.2	-0.1	-	-	-
Recovery-Sec. Avail-for-Sale Reduction	-	-	-	-	0.0
Recovery of Provisions	-0.2	-	-	-	-
Recovery-Inventory Valuation Loss	-0.2	-	0.0	-0.2	-
Gains on Sale of Property, Plant and Equ	0.0	-	-0.2	0.0	0.0
Gain on Disposal of Financial Assets Ava	-	-5.8	-0.5	-12.0	-4.9
Gain on Valuation of Financial Assets at	-0.1	-	-	-	-
Gains on Sale of Equity Method Securitie	0.0	-	-	-	-
Gains on Valuations of Derivatives Asset	0.0	-	-	-	-
Recovery of Allowance for Doubtful Accou	-0.1	-1.3	-	-	-
Gains on Valuation of Equity Method Secu	-11.2	-9.4	-	-	-
Interest Income	-1.2	-0.5	-	-	-
Miscellaneous Gain	-	-	0.0	-	0.0
Trade & Other Receviables	-13.8	-31.2	-	-	-
Unbilled Constructions	-6.9	-7.8	-	-	-
Dec in Trade Rcvbls	-	-	4.2	-2.9	-4.9
Decrease Acct Rcvbl	-	-	-0.5	0.0	0.0
Corporate Tax Refundable	-	-	-0.3	-	-
Dec in Accrued Inc	-	-	0.1	0.0	-0.1
Decrease or Increase in Advance Payments	-	-	0.0	-	0.0
Dec In Prepaid Exp	-	-	-0.1	-0.1	0.0
Decrease Inventory	6.4	5.7	-2.3	-14.5	-2.5
Dividend Income, A/L	-1.5	-1.7	-	-	-
Dfrd Taxes - Assets	-	-	-0.2	0.1	-0.1
Trade Payable	-	-	1.6	9.8	1.3
A/L Inc Acc't Pay.	-	-	1.1	-1.8	4.9
Inc in Advances Rcvd	-	-	0.2	1.1	0.1
Inc in Deposit Rcvd	-	-	1.1	0.1	0.1
Increase in Sec Rcvd	-	-	0.0	0.0	0.0
Inc in Accrued Exp.	-	-	0.9	0.2	0.5
Other Current Assets	-0.3	2.1	-	-	-
Other Non-Current Assets	-2.6	-0.4	-	-	-
Trade & Other Payables	4.4	-0.8	-	-	-
Inc in Accrd Inc Tax	-	-	-1.8	-0.3	2.4
LT Account Payable	-	-	0.0	0.2	-
Inc Deferred Tax Liab.	-	-	0.0	-5.7	-1.0
Other Financial Liabilities	0.8	-0.7	-	-	-
Other Current Liabilities	7.3	-16.6	-	-	-
Other Non-Current Liabilities	2.8	0.4	-	-	-
Overbilled Constructions	-4.0	11.3	-	-	-
Plan Assets	-1.5	-1.0	-	-	-
Payment-Retirement Bonus	-1.3	-3.0	-0.7	-0.9	-0.8
Carry-Over Retire Rsv.	-	-	0.3	0.2	0.4
Dec-Dep for Ret Ins	-	-	0.1	0.1	0.1
Reserve-National Pension	-	-	0.0	0.0	-
Incease-Sales Return Revenue	-	-	-0.2	0.2	0.1
Increase-Currency Swap Liability	-	-	-	-	0.0
Dec -Depo for Secur	-	-	0.0	0.0	0.0
Retirement Pension Operating Fund	-	-	-1.7	-	-
Cash-Dividend Income	2.4	3.0	-	-	-
Cash-Interest Received	1.1	0.5	-	-	-
Cash-Interest Paid	-18.2	-15.7	-	-	-
Cash-Tax Refunded	0.4	0.3	-	-	-
Cash-Tax Paid	-0.8	-0.4	-	-	-
Cash from Operating Activities	-3.7	-42.8	7.8	-1.5	11.1
Decrease-ST Loans	-	-	0.0	1.8	0.0
Decrease-Guarantee Deposit	-	-	-	0.8	-
Decrease-ST Financial Assets	-	-	4.8	3.3	-
Disp ST Securities avail. for Sale	-	-	0.3	22.1	10.1
Disp-Secs avail. for Sale	3.7	10.0	-	-	-
Net, Non-Current Other Financial Assets	0.0	0.8	-	-	-
Disposal of Other Financial Instruments	11.7	-	-	-	-
Proceeds from Sale of Land	-	-	1.0	-	-
Proceeds from Sale of Buildings	-	-	0.1	-	-
Disposal-Machinery & Equipments	-	-	0.0	0.0	-
Disp-Fixtures	-	-	-	0.1	0.0
Disposal of Property, Plant and Equipmen	0.0	0.0	-	-	-
Disp Tools/Supplies	-	-	-	-	0.0
Increase in Short-term Loans	-	-	0.0	-	-
Inc in Guarant Depos	-	-	-0.1	-0.2	-0.3
Increase in ST Loans	-	-	-	-	-2.2
Purchase of Property, Plant and Equipmen	-9.7	-2.1	-	-	-
Increase-Buildings	-	-	-	0.0	-
Increase-Structure	-	-	-	0.0	-
Purch. of Mach/Equip	-	-	-	0.0	-0.3
Acq. in Tools/Suppl.	-	-	-0.2	-0.2	-0.2
Acq-Fixtures	-	-	0.0	0.0	-0.1
Inc. Const. In Prog	-	-	-1.5	-1.6	-2.1
Purchase of Intangible Assets	-1.1	-0.2	-	-	-
Increase-Software	-	-	0.0	0.0	0.0
Increase-Securities under Equity Method	-3.3	-34.9	-56.4	-6.9	-
Acq-Secs avail. for Sale	-28.7	-0.1	-12.9	-61.8	-2.0
Purchase of Other Financial Instruments	-10.4	-0.6	-	-	-
Purchase of Short-term Financial Instrum	-	-	-	-	-9.7
Increase-LT Financial Assets	-	-	-0.5	-0.3	-
Cash from Investing Activities	-37.8	-27.1	-65.5	-42.9	-6.8
Increase in Government Subsidy	0.3	-	0.1	0.2	0.0
Increase in Current Borrowings	1.7	31.1	-	39.6	-
Increase in Current Portion of Long-Term	-	8.6	-	-	-
Increase in Bonds	143.7	25.9	110.9	46.2	-
Increase Current Bonds	27.0	84.8	-	-	-
Decr-Gov't Subsidy	-	-	-0.2	-0.1	0.0
Repayments of Short-term Borrowings	-	-	-24.1	-	-1.1
Repay Curr LT Liabs	-45.4	-0.4	-41.0	-23.9	-1.1
Repayments of Long-term Borrowings	-	-0.3	-	-	-
Decrease ST Bonds	-88.5	-88.2	-	-	-
Cash Outflow from Other Financing Activi	-	-0.1	-	-	-
Cash Inflow from Other Financing Activit	-	16.4	-	-	-
Dividends Paid	-2.6	-1.7	-0.8	-1.8	-2.1
Increase-Fraction Stock	-	0.0	-	-	-
Cash from Financing Activities	36.2	75.9	45.0	60.3	-4.4
Foreign Exchange Effects	0.1	0.0	-	-	-
Net Change in Cash	-5.2	6.0	-12.7	15.9	-0.1
Net Cash - Beginning Balance	8.9	2.6	14.6	1.0	1.3
Net Cash - Ending Balance	3.8	8.6	1.9	16.9	1.2
Cash Interest Paid	18.2	15.7	-	-	-
Cash Taxes Paid	0.4	0.1	-	-	-

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	108.8	-5.32%	461.3	165.75%	41.33%	27.83%
Research & Development1	0.5	7.60%	2.0	-19.41%	-16.77%	0.90%
Operating Income1	1.4	-64.31%	13.5	-	20.90%	11.11%
Income Available to Common Excl Extraord Items1	6.5	189.29%	4.3	-	-34.14%	15.89%
Basic EPS Excl Extraord Items1	0.43	102.25%	0.42	-	-48.10%	0.46%
Capital Expenditures2	1.1	-76.22%	10.9	342.00%	80.64%	29.62%
Cash from Operating Activities2	-24.3	-	-3.7	-	-	-
Free Cash Flow	-25.0	-	-14.0	-	-	-
Total Assets3	605.1	-3.15%	596.1	1.10%	30.47%	28.81%
Total Liabilities3	337.8	-9.38%	373.4	12.19%	32.79%	35.89%
Total Long Term Debt3	45.6	-62.25%	142.0	426.47%	349.43%	41.03%
Employees3	-	-	1103	25.48%	58.88%	31.93%
Total Common Shares Outstanding3	17.2	65.13%	10.4	0.00%	26.90%	15.36%
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	31-Dec-2008	31-Dec-2007
Profitability
Gross Margin	10.23%	10.31%	8.11%	13.31%	14.43%
Operating Margin	2.93%	-1.38%	-7.10%	4.67%	5.81%
Pretax Margin	1.19%	-1.03%	-15.42%	8.09%	5.12%
Net Profit Margin	0.94%	-1.24%	-9.99%	9.28%	3.48%
Financial Strength
Current Ratio	0.58	0.41	0.48	0.69	1.01
Long Term Debt/Equity	0.64	0.11	0.23	0.01	0.02
Total Debt/Equity	1.12	0.80	1.06	1.01	0.41
Interest Coverage	115,043,355.31	-	-	-	-
Management Effectiveness
Return on Assets	0.70%	-0.43%	-2.66%	5.95%	2.48%
Return on Equity	1.74%	-1.01%	-6.58%	12.58%	4.59%
Efficiency
Receivables Turnover	5.19	3.14	2.52	4.33	4.17
Inventory Turnover	22.11	4.56	1.85	3.66	4.03
Asset Turnover	0.75	0.35	0.27	0.64	0.71

Market Valuation USD (mil)
P/E (TTM)	23.69	.	Enterprise Value2	318.1
Price/Sales (TTM)	0.29	.	Enterprise Value/Revenue (TTM)	0.72
Price/Book (MRQ)	0.45	.	Enterprise Value/EBITDA (TTM)	22.27
Market Cap as of 21-Sep-20121	131.2	.
1-ExchangeRate: KRW to USD on 21-Sep-2012	1121.717904
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	31-Dec-2008	31-Dec-2007
Financial Strength
Current Ratio	0.58	0.41	0.48	0.69	1.01
Quick/Acid Test Ratio	0.50	0.32	0.21	0.41	0.63
Working Capital1	-84.7	-161.2	-86.5	-41.6	1.0
Long Term Debt/Equity	0.64	0.11	0.23	0.01	0.02
Total Debt/Equity	1.12	0.80	1.06	1.01	0.41
Long Term Debt/Total Capital	0.30	0.06	0.11	0.01	0.02
Total Debt/Total Capital	0.53	0.45	0.51	0.50	0.29
Interest Coverage	115,043,355.31	-	-	-	-
Payout Ratio	25.30%	-68.24%	-20.04%	5.90%	35.57%
Effective Tax Rate	21.12%	-	-	-14.72%	32.04%
Total Capital1	472.0	469.8	309.2	200.2	213.6
Efficiency
Asset Turnover	0.75	0.35	0.27	0.64	0.71
Inventory Turnover	22.11	4.56	1.85	3.66	4.03
Days In Inventory	16.51	80.09	197.02	99.68	90.52
Receivables Turnover	5.19	3.14	2.52	4.33	4.17
Days Receivables Outstanding	70.27	116.32	144.83	84.25	87.54
Revenue/Employee2	402,215	192,782	302,216	522,721	591,317
Operating Income/Employee2	11,770	-2,663	-21,455	24,434	34,349
EBITDA/Employee2	14,489	158	-11,546	33,841	46,089
Profitability
Gross Margin	10.23%	10.31%	8.11%	13.31%	14.43%
Operating Margin	2.93%	-1.38%	-7.10%	4.67%	5.81%
EBITDA Margin	3.60%	0.08%	-3.82%	6.47%	7.79%
EBIT Margin	2.93%	-1.38%	-7.10%	4.67%	5.81%
Pretax Margin	1.19%	-1.03%	-15.42%	8.09%	5.12%
Net Profit Margin	0.94%	-1.24%	-9.99%	9.28%	3.48%
R&D Expense/Revenue	0.43%	1.42%	2.19%	2.11%	1.68%
COGS/Revenue	89.77%	89.69%	91.74%	81.24%	80.62%
SG&A Expense/Revenue	6.81%	10.85%	13.03%	11.87%	11.75%
Management Effectiveness
Return on Assets	0.70%	-0.43%	-2.66%	5.95%	2.48%
Return on Equity	1.74%	-1.01%	-6.58%	12.58%	4.59%
Valuation
Free Cash Flow/Share2	-1.35	-4.42	1.29	-0.57	1.62
Operating Cash Flow/Share 2	-0.34	-4.19	1.67	-0.26	2.17
1-ExchangeRate: KRW to USD Period End Date	1152	1134.9	1164.475	1259.55	936.05
2-ExchangeRate: KRW to USD Average for Period	1152	1134.9	1164.475	1259.55	936.05

Current Market Multiples
Market Cap/Earnings (TTM)	25.09
Market Cap/Equity (MRQ)	0.48
Market Cap/Revenue (TTM)	0.29
Market Cap/EBIT (TTM)	12.10
Market Cap/EBITDA (TTM)	8.90
Enterprise Value/Earnings (TTM)	62.78
Enterprise Value/Equity (MRQ)	1.19
Enterprise Value/Revenue (TTM)	0.72
Enterprise Value/EBIT (TTM)	30.29
Enterprise Value/EBITDA (TTM)	22.27

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.33
UK Pound	1	Rs.84.30
Euro	1	Rs.67.45

INFORMATION DETAILS

Report Prepared by :

PRL

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.