MIRA INFORM REPORT

Report Date :

08.10.2012

IDENTIFICATION DETAILS

Name :	GS GLOBAL CORP
Registered Office :	10F, GS Tower, 679, Yeoksam-Dong, Gangnam-Gu, Seoul, 135985 Korea
Country :	South Korea
Financials (as on) :	31.12.2011
Date of Incorporation :	31.06.1954
Legal Form :	Public Subsidiary
Line of Business :	Wholesale of metals and ores
No. of Employees :	235

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No complaints
Litigation :	Clear

NOTES :

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

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

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
South Korea	A2	A2

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

GS Global Corp

10F
GS Tower, 679, Yeoksam-Dong, Gangnam-Gu
Seoul, 135985
Korea, Republic of
Tel:	82-2-20055300
Fax:	82-2-20055301
www.gsgcorp.com

Employees:

235

Company Type:

Public Subsidiary

Corporate Family:

39 Companies

Ultimate Parent:

GS Holdings Corp.

Traded:

Korea Stock Exchange:

001250

Incorporation Date:

31-Jul-1954

Auditor:

Deloitte & Touche LLP

Fiscal Year End:	31-Dec-2011
Reporting Currency:	South Korean Won
Annual Sales:	2,614.8 ^1
Net Income:	(5.6)
Total Assets:	925.4 ^2
Market Value:	290.3
	(21-Sep-2012)

Business Description

GS Global Corp. is a Korea-based trading company specialized in the export, import and triangular trade activities. The Company operates its business under two main segments: steel & metal segment and resource & commodities segment. Its steel & metal segment imports, exports and trades steel and metal products sourced from the domestic and overseas manufacturers. Its resource & commodities segment imports, exports and trades petroleum products, petrochemicals, cement, coal, engines and other machines and industrial plants. It also provides inspection, storage and maintenance services for imported cars. In addition, through its subsidiaries, it engages in the manufacture of industrial equipment, including chemical equipment, such as heat exchangers, pressure vessels, columns, towers, reactors and others, and energy equipment, such as heat recovery steam generators, steam drums, condensers and others. For the six months ended 30 June 2012, GS Global Corp revenues increased 45% to W1.838T. Net income increased from W4.32B to W15.32B. Revenues reflect Steel and Metal Segment increase of 37% to W1.938T, Manufacturing Segment increase of 49% to W174.4B, Resource and Commodities Segement segment increase from W23.98B to W56.6B, Asia segment increase of 42% to W1.489T, Domestic segment increase of 56% to W372.11B.

Industry

Industry	Miscellaneous Capital Goods
ANZSIC 2006:	3322 - Metal and Mineral Wholesaling
NACE 2002:	5152 - Wholesale of metals and ores
NAICS 2002:	42351 - Metal Service Centers and Other Metal Merchant Wholesalers
UK SIC 2003:	5152 - Wholesale of metals and ores
UK SIC 2007:	4672 - Wholesale of metals and metal ores
US SIC 1987:	5051 - Metals Service Centers and Offices

Key Executives

Name	Title
Taek Geun Jung	Chief Executive Officer, Director
Seok Hwan Kim	Chief Financial Officer, Assistant Managing Director
Taik-Keun Jung	President & CEO
Jae Du Kwon	Manager-Finance & Investor Relations
Jin Hak Byun	Vice President-Sales

Significant Developments

Topic	#*	Most Recent Headline	Date
New Business / Unit / Subsidiary	1	GS Global Corp. to Establish New Subsidiary	4-May-2012
Dividends	1	GS Global Corp. Declares Annual Cash Dividend for FY 2011	8-Feb-2012

* number of significant developments within the last 12 months

News

Title	Date
Parnell, Sullivan promote Alaska LNG in Asia Alaska Journal of Commerce (Anchorage) (885 Words)	27-Sep-2012
Showing off a great pick-up line Leicester Mercury (UK) (84 Words)	31-Aug-2012
S.KOREA'S GS GROUP TO INVEST US$2.7BLN IN 2012 Asia Pulse Businesswire (150 Words)	27-Dec-2011
S.Korea's GS Group earmarks US$2.7bln for investment in 2012 Asia In Focus (128 Words)	27-Dec-2011
Style by the miles Daily Record (Glasgow, Scotland) (443 Words)	9-Dec-2011

Financial Summary

As of 30-Jun-2012

Key Ratios	Company	Industry
Current Ratio (MRQ)	1.06	3.16
Quick Ratio (MRQ)	0.84	1.74
Debt to Equity (MRQ)	2.37	0.29
Sales 5 Year Growth	13.87	6.76
Net Profit Margin (TTM) %	0.07	8.43
Return on Assets (TTM) %	0.23	7.34
Return on Equity (TTM) %	2.50	12.34

Stock Snapshot

Traded: Korea Stock Exchange: 001250

As of 21-Sep-2012

   Financials in: KRW

Recent Price	14,450.00	EPS	-226.54
52 Week High	15,600.00	Price/Sales	0.11
52 Week Low	9,630.00	Dividend Rate	125.00
Avg. Volume (mil)	0.13	Price/Earnings	48.28
Market Value (mil)	325,612.90	Price/Book	1.45
		Beta	1.15

	Price % Change	Rel S&P 500%
4 Week	17.00%	12.18%
13 Week	17.00%	7.94%
52 Week	24.57%	12.01%
Year to Date	39.61%	27.30%

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

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

Corporate Overview

Location
10F
GS Tower, 679, Yeoksam-Dong, Gangnam-Gu
Seoul, 135985
Korea, Republic of

Tel:	82-2-20055300
Fax:	82-2-20055301

www.gsgcorp.com

Quote Symbol - Exchange
001250 - Korea Stock Exchange
Sales KRW(mil):	2,896,907.5
Assets KRW(mil):	1,066,064.5
Employees:	235
Fiscal Year End:	31-Dec-2011

Industry:	Miscellaneous Capital Goods

Incorporation Date:	31-Jul-1954
Company Type:	Public Subsidiary
Quoted Status:	Quoted
Previous Name:	Ssangyong Corporation

Chief Executive Officer, Director:	Taek Geun Jung

Industry Codes

ANZSIC 2006 Codes:
3322	-	Metal and Mineral Wholesaling
3323	-	Industrial and Agricultural Chemical Product Wholesaling
5309	-	Other Warehousing and Storage Services
2499	-	Other Machinery and Equipment Manufacturing Not Elsewhere Classified
2231	-	Boiler, Tank and Other Heavy Gauge Metal Container Manufacturing
9419	-	Other Automotive Repair and Maintenance
3321	-	Petroleum Product Wholesaling
3419	-	Other Specialised Industrial Machinery and Equipment Wholesaling

NACE 2002 Codes:
5152	-	Wholesale of metals and ores
5020	-	Maintenance and repair of motor vehicles
2811	-	Manufacture of metal structures and parts of structures
6312	-	Storage and warehousing
5155	-	Wholesale of chemical products
5151	-	Wholesale of solid, liquid and gaseous fuels and related products
2911	-	Manufacture of engines and turbines, except aircraft, vehicle and cycle engines
5187	-	Wholesale of other machinery for use in industry, trade and navigation

NAICS 2002 Codes:
42351	-	Metal Service Centers and Other Metal Merchant Wholesalers
423830	-	Industrial Machinery and Equipment Merchant Wholesalers
424710	-	Petroleum Bulk Stations and Terminals
332313	-	Plate Work Manufacturing
811111	-	General Automotive Repair
424690	-	Other Chemical and Allied Products Merchant Wholesalers
493190	-	Other Warehousing and Storage
333611	-	Turbine and Turbine Generator Set Units Manufacturing
423520	-	Coal and Other Mineral and Ore Merchant Wholesalers

US SIC 1987:
5051	-	Metals Service Centers and Offices
5084	-	Industrial Machinery and Equipment
3511	-	Steam, Gas, and Hydraulic Turbines, and Turbine Generator Set Units
5171	-	Petroleum Bulk stations and Terminals
3443	-	Fabricated Plate Work (Boiler Shops)
7538	-	General Automotive Repair Shops
5169	-	Chemicals and Allied Products, Not Elsewhere Classified
4226	-	Special Warehousing and Storage, Not Elsewhere Classified
5052	-	Coal and Other Minerals and Ores

UK SIC 2003:
5152	-	Wholesale of metals and ores
5155	-	Wholesale of chemical products
5020	-	Maintenance and repair of motor vehicles
2811	-	Manufacture of metal structures and parts of structures
63129	-	Other storage and warehousing not elsewhere classified
5187	-	Wholesale of other machinery for use in industry, trade and navigation
51511	-	Wholesale of petroleum and petroleum products
2911	-	Manufacture of engines and turbines, except aircraft, vehicle and cycle engines

UK SIC 2007:
4672	-	Wholesale of metals and metal ores
4669	-	Wholesale of other machinery and equipment
4675	-	Wholesale of chemical products
2811	-	Manufacture of engines and turbines, except aircraft, vehicle and cycle engines
2511	-	Manufacture of metal structures and parts of structures
52103	-	Operation of warehousing and storage facilities for land transport activities of division 49
4520	-	Maintenance and repair of motor vehicles
46711	-	Wholesale of petroleum and petroleum products

Top

Business Description

GS Global Corp. is a Korea-based trading company specialized in the export, import and triangular trade activities. The Company operates its business under two main segments: steel & metal segment and resource & commodities segment. Its steel & metal segment imports, exports and trades steel and metal products sourced from the domestic and overseas manufacturers. Its resource & commodities segment imports, exports and trades petroleum products, petrochemicals, cement, coal, engines and other machines and industrial plants. It also provides inspection, storage and maintenance services for imported cars. In addition, through its subsidiaries, it engages in the manufacture of industrial equipment, including chemical equipment, such as heat exchangers, pressure vessels, columns, towers, reactors and others, and energy equipment, such as heat recovery steam generators, steam drums, condensers and others. For the six months ended 30 June 2012, GS Global Corp revenues increased 45% to W1.838T. Net income increased from W4.32B to W15.32B. Revenues reflect Steel and Metal Segment increase of 37% to W1.938T, Manufacturing Segment increase of 49% to W174.4B, Resource and Commodities Segement segment increase from W23.98B to W56.6B, Asia segment increase of 42% to W1.489T, Domestic segment increase of 56% to W372.11B.

More Business Descriptions

The group has divided its business structure into two major groups - manufacturing and service. These include materials and machinery, trading, construction, finance and leisure

General Trading Services; Steel, Metal, Cement, Chemicals, Electronics & Other Industrial Products Whlsr

GS Global Corp. (GS Global), formally Ssangyong Corporation is a general trading company engaged in export and import, and various other businesses. The company operates its business across the world through its subsidiaries and branches. The company divides its business operations into nine areas namely, cement material, energy, steel & metal, petroleum, petrochemical, machinery and plant, import, logistic service and business development. The company classifies its business operations into two segments, namely, steel & metal segment and resource & commodities segment. The steel & metal segment includes business related to imports, exports and trading of steel and metal products and logistic services. The resource & commodities segment engages in the import and exports of petroleum products, petrochemicals, cement, machines and industrial plants.Under the machinery and plant division, the company provides financing, construction and supply of equipment, plant facilities, machinery, required for project, auto and automobiles parts. It delivers worldwide generation facilities, marine engine, and construction of power transmission, along with cement plants and communication networks. GS Global also provides construction services for power plants, cement plants and oil refinery plants. The company operates three divisions through its petrochemical divisions, namely, Aromatics, Polymers and Oil Products. GS Global exports organic and inorganic aromatic products PVC/PET/ABS plastic and lubricants, base oils, automotive oils through its oil products division. Under the cement division, the company exports cement, cement clinker and special cement to the US, Japan, Africa, the Middle East and other countries. The company also has four cement storage plants in Yokohama, Chiba, Nagoya, Osaka in Japan. GS Global annually exports three to four million tonnes of cement. Under the energy division, the company engages in trading of coal, natural gypsum, iron ore, palm oil and petroleum coke. It supplies coal to electric power producers and cement and steel manufacturers and iron to Chinese steel manufactures and natural gypsum and petroleum coke to the Korean and Asian customers. The company engages in bunkering and lubricants business through its petroleum business. It exports industrial and automotive lubricants to Russia, Japan and Vietnam. In addition, it exports fuel oil, gas oil and Jet fuel to various markets across the globe. Under the steel & metal division the company engages in exports of its products worldwide. It exports products manufactured by Union Steel, INI Steel, Dong-Bu Steel, Changwon Special Steel, Jinbang Steel through its 20 branches located all around the world. GS Global, under the import segment, supplies Honda engine products and parts to Korean customers. The products supplied by the company include sparkignition engine, engine parts water pump, lawn mower and brush cutter. Under logistics services provided by GS Global include cargo work, transporting, custom clearance, and storage. The company provides services such as in loading and unloading, transportation, painting, inspection and other related services for car-importing companies in Korea. It operates a pre-delivery inspection center at Northern Port of Pyeongtaek for importing cars from various countries. Under the business development division, the company is engaged in promoting new business across various locations. The company also engages in the distribution of other products such as, meat, food and feed ingredients, construction materials and fruits. The company has a number of subsidiaries located across the world. Some of its key operating subsidiaries include GS Global Australia Pty., Ltd., GS Global Japan Corporation, GS Global U.S.A. Inc., GS Global H.K. Company Ltd and GS Global Europe GmbH .

GS Global Corp. (GS Global), formally Ssangyong Corporation engages in export, import and general trading activities. The company classifies its business operations into two segments, namely, steel & metal segment and resource & commodities segment. The steel & metal segment includes business related to imports, exports and trading of steel and metal products and logistic services. The resource & commodities segment engages in the import and exports of petroleum products, petrochemicals, cement, machines and industrial plants. The other products supplied by the company include Food and Feed Ingredients, construction materials and fruits . The company’s domestic operations can be classified into sales segment and planning & support segment. The planning & support business segment includes planning, finance and accounting team. The company operates across the world through its subsidiaries and branch offices in Europe, Middle East, Asia, China, Japan, Australia and North America. The company is headquartered in Seoul, Korea.The company reported revenues of (Won) KRW 2,896,907.40 million during the fiscal year ended December 2011, an increase of 75.73% over 2010. The operating loss of the company was KRW 3,638.96 million during the fiscal year 2011, as against an operating income of KRW 19,251.69 million during 2010. The net loss of the company was KRW 6,202.62 million during the fiscal year 2011, as against a net profit of KRW 19,735.30 million during 2010.

Trading Companies

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Financial Data

Financials in:	KRW(mil)
Revenue:	2,896,907.5
Net Income:	-6,202.6
Assets:	1,066,064.5
Long Term Debt:	120,125.5
Total Liabilities:	841,416.3
Working Capital:	8.8
Date of Financial Data:	31-Dec-2011

1 Year Growth

75.7%

NA

68.2%

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Market Data

Quote Symbol:	001250
Exchange:	Korea Stock Exchange
Currency:	KRW
Stock Price:	14,450.0
Stock Price Date:	09-21-2012
52 Week Price Change %:	24.6
Market Value (mil):	325,612,896.0
SEDOL:	6764838
ISIN:	KR7001250000
Equity and Dept Distribution:
03/2006, 1-for-3.5 Complex capital change (Factor: 0.285714). 11/2006, 1-for-2.093 complex capital change (Factor: 0.477897). 05/2002, complex capital change (Factor:0.1636199). 08/1999, right issue(Factor:1.251656). 09/1999, scrip issue(Factor:1.15). '8/08, 2:1 stock split. 08/2009, name changed from Ssangyong Corporation.
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Subsidiaries

Company	Percentage Owned	Country
GS Global Australia Pty Ltd		AUSTRALIA
GS Global Japan Corporation		JAPAN
GS Global (China) Company Limited	100%	PEOPLE'S REPUBLIC OF CHINA
GS Global HK Company Limited	100%	HONG KONG SAR

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Key Corporate Relationships

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

Top

Corporate Family	Corporate Structure News:
	GS Holdings Corp. GS Global Corp
GS Global Corp Total Corporate Family Members: 39

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
GS Holdings Corp.	Parent	Seoul	Korea, Republic of	Retail (Grocery)	7,666.3	27
GS Engineering & Construction Corp.	Subsidiary	Seoul	Korea, Republic of	Construction Services	8,170.7	6,381
Gs Construction Arabia Co. Ltd	Subsidiary	Al Khobar	Saudi Arabia	Construction Services		1,800
Parnas Hotel Co., Ltd.	Subsidiary	Seoul, Seoul	Korea, Republic of	Hotels and Motels	51.8	1,408
OHL Medio Ambiente Inima, S.A.U.	Subsidiary	Madrid	Spain	Business Services		30
Ezville, Inc.	Subsidiary	Seoul, Seoul	Korea, Republic of	Software and Programming	6.4	27
GS Retail Co Ltd (Parent)	Subsidiary	Seoul	Korea, Republic of	Retail (Grocery)	3,596.0	3,417
Fresh Serve Co., Ltd.	Subsidiary	Osan	Korea, Republic of	Food Processing		33
GS Caltex Corp	Subsidiary	Seoul	Korea, Republic of	Oil and Gas Operations	43,277.0	3,158
Hae Yang City Gas Co., Ltd.	Subsidiary	Kwangju, Kwangju	Korea, Republic of	Natural Gas Utilities	311.3	128
Seorabul City Gas Co., Ltd.	Subsidiary	Kyongju, Kyongsangbuk-Do	Korea, Republic of	Natural Gas Utilities	48.6	47
Gs Fuel Cell Co., Ltd.	Subsidiary	Seoul, Seoul	Korea, Republic of	Electronic Instruments and Controls	2.6	42
Gs Caltex Singapore Pte. Ltd.	Subsidiary	Singapore	Singapore	Oil and Gas Operations	18,552.9	20
Nextation.Co., Ltd.	Subsidiary	Seoul, Seoul	Korea, Republic of	Retail (Catalog and Mail Order)	5.1	15
Amco Ltd.	Subsidiary	Seoul, Seoul	Korea, Republic of	Construction - Raw Materials	52.1	7
GS POWER CO.,LTD	Subsidiary	Anyang, Gyeonggi	Korea, Republic of	Oil Well Services and Equipment	522.1
Bnc Co., Ltd.	Subsidiary	Umsong	Korea, Republic of	Fabricated Plastic and Rubber	19.5
Gsnanotech Co., Ltd.	Subsidiary	Seoul, Seoul	Korea, Republic of	Electronic Instruments and Controls	2.0
Gs Caltex Corporation	Branch	Suwon, Kyonggi-Do	Korea, Republic of	Nonclassifiable Industries
Gs Greentech Co., Ltd.	Subsidiary	Seoul, Seoul	Korea, Republic of	Oil and Gas Operations
GS Teleservice Inc	Subsidiary	Seoul	Korea, Republic of	Business Services		1,200
GS Home Shopping Inc.	Subsidiary	Seoul	Korea, Republic of	Retail (Catalog and Mail Order)	831.9	890
GS Global Corp	Subsidiary	Seoul	Korea, Republic of	Miscellaneous Capital Goods	2,614.8	235
Dkt Co., Ltd.	Subsidiary	Ulsan	Korea, Republic of	Miscellaneous Capital Goods	239.6	376
Ssangyong Shipping Co. Ltd.	Subsidiary	Seoul	Korea, Republic of	Water Transportation		250
Ssangyong Paper Co., Ltd.	Subsidiary	Osan	Korea, Republic of	Paper and Paper Products	60.4	145
Ssangyong (U.S.A.) Inc.	Subsidiary	Fort Lee, NJ	United States	Business Services	349.2	100
Ssangyong (U.S.A.), Inc.-California	Branch	Cypress, CA	United States	Business Services
Ssangyong (Hong Kong) Ltd	Subsidiary	Kowloon, Kowloon	Hong Kong	Personal and Household Products	1.0	100
GS Global Australia Pty Ltd	Subsidiary	North Sydney, NSW	Australia	Miscellaneous Capital Goods	83.9	8
GS Global Corporation-Kuala Lumpur	Subsidiary	Kuala Lumpur	Malaysia	Construction - Raw Materials		5
Gs Japan Corporation	Subsidiary	Minato-Ku, Tokyo	Japan	Miscellaneous Capital Goods	355.5
GS Global Japan Corporation	Subsidiary	Tokyo	Japan	Miscellaneous Capital Goods	1.0
Meiryu Cement Corporation	Branch	Nagoya	Japan	Construction - Raw Materials	1.0	100
GS Global HK Company Limited	Subsidiary	Hong Kong	Hong Kong	Miscellaneous Capital Goods
GS Global (China) Company Limited	Subsidiary	Shanghai	China	Miscellaneous Capital Goods
GS Global Corporation-New Delhi	Subsidiary	New Delhi	India	Construction - Raw Materials
GS EPS Co Ltd	Subsidiary	Dangjin-gun, Chungcheongnam-do	Korea, Republic of	Electric Utilities	688.1	110
GS Sports Company Limited	Subsidiary	Seoul	Korea, Republic of	Recreational Activities

GS Global Corp

Competitors Report

CompanyName	Location	Employees	Ownership
Daewoo International Corporation	Seoul, Korea, Republic of	1,978	Public
Hyundai Corporation	Seoul, Korea, Republic of	361	Public
LG International Corp	Seoul, Korea, Republic of	686	Public
Noble Group Limited	Hong Kong, Hong Kong	14,000	Public
Sinopec Shanghai Petrochemical Co. Ltd.	Shanghai, China	15,256	Public
The Siam Cement Public Company Limited	Bangkok, Thailand	34,725	Public

GS Global Corp Seoul, , Korea, Republic of, Tel: 82-2-20055300, URL: http://www.gsgcorp.com

Executives Report

Board of Directors

Name	Title	Function
Jong Won Ahn	Non-Executive Independent Director	Director/Board Member
Biography: Ahn Jong Won has been Non-Executive Independent Director of GS Global Corp. (formerly known as Ssangyong Corporation) since July 21, 2009. Previously, Ahn was Vice Chairman of DONGAH·SF CO., LTD. and Independent Director of GS Engineering & Construction Corp. Ahn holds a Bachelor's degree in Business Administration from Yonsei University, Korea and a Master's degree in Business Administration from New York University, the United States. Age: 64 Education: New York University, M (Business Administration) Yonsei University, B (Business Administration)
Seong Min Choi	Director	Director/Board Member
Sang Won Han	Director	Director/Board Member
Taek Geun Jung	Chief Executive Officer, Director	Director/Board Member
Biography: Jung Taek Geun has been Chief Executive Officer and Director of GS Global Corp. (formerly known as Ssangyong Corporation) since July 21, 2009. Previously, Jung was Chief Financial Officer cum Head of Management Support of GS Retail and Assistant Managing Director of LG International Corp. Jung holds a Bachelor's degree in Public Administration from Yonsei University, Korea. Age: 58 Education: Yonsei University, B (Public Administration)
Hoe Hun Jung	Director	Director/Board Member
Seok Hwan Kim	Chief Financial Officer, Assistant Managing Director	Director/Board Member
Biography: Kim Seok Hwan has been Chief Financial Officer and Assistant Managing Director of GS Global Corp. (formerly known as Ssangyong Corporation). Kim previously was Assistant Managing Director of GS EPS. Kim holds a Bachelor's degree in Economics from Korea University. Age: 49 Education: Korea University, B (Economics)
Gyeong Gu Kim	Director	Director/Board Member
Byeong Yeol Kim	Director	Director/Board Member
Biography: Kim Byeong Yeol has been Director of GS Global Corp. (formerly known as Ssangyong Corporation)since July 21, 2009. Kim previously was Vice President cum Head of Operations & Supply of GS Caltex. Kim holds a Bachelor's degree in Industrial Chemistry from Seoul National University, Korea and a Master's degree in Business Administration from McGIll University, Canada. Age: 57 Education: McGill University, M (Business Administration) Seoul National University, B (Chemical Engineering)
Yeong Seop Kim	Non-Executive Independent Director	Director/Board Member
Biography: Kim Yeong Seop has been Non-Executive Independent Director of GS Global Corp. (formerly known as Ssangyong Corporation) since July 21, 2009. Previously, Kim was Internal Auditor of KPGM and worked for Korea Development Bank as Branch Manager of the bank's branch in London. Kim holds a Bachelor's degree in Business Administration from Korea University and a Master's degree in Business Administration from George Washington University, the United States. Age: 62 Education: George Washington University, M (Business Administration) Korea University, B (Business Administration)
Su Ho Lee	Non-Executive Independent Director	Director/Board Member
Biography: Lee Su Ho has been Non-Executive Independent Director of GS Global Corp. (formerly known as Ssangyong Corporation) since July 21, 2009. Lee is also Independent Director of GS Retail. Previously, Lee was President cum Chief Executive Officer of Korea Gas Corporation and Vice Chairman cum Chief Executive Officer of LG International Corp. Lee holds a Bachelor's degree in Economics from Yonsei University, Korea. Age: 68 Education: Yonsei University, B (Economics)
Gyeong Seok Seo	Director	Director/Board Member
Biography: Seo Gyeong Seok has been Director of GS Global Corp. since 2009. Previously, Seo was Vice Chairman, Chief Executive Officer and President of GS Holdings. Seo holds a Bachelor's degree in Public Administration from Seoul National University, Korea. Age: 64 Education: Seoul National University, LLB
Yil Jung Yoon	Director	Director/Board Member
Biography: Yoon Yil Jung has been Director of GS Global Corp. (formerly known as Ssangyong Corporation) since July 21, 2009. Yoon is also Vice President cum Head of CVS Business of GS Retail, where Yoon served as Managing Director previously, Yoon holds a Bachelor's degree in English and Education from Pusan National University, Korea and completed a Master's course from Korea University. Age: 58 Education: Pusan National University, B (English and Education)

Executives

Name	Title	Function
Kook Pil Cho	President & Chief Executive Officer	Chief Executive Officer
Taek Geun Jung	Chief Executive Officer, Director	Chief Executive Officer
Biography: Jung Taek Geun has been Chief Executive Officer and Director of GS Global Corp. (formerly known as Ssangyong Corporation) since July 21, 2009. Previously, Jung was Chief Financial Officer cum Head of Management Support of GS Retail and Assistant Managing Director of LG International Corp. Jung holds a Bachelor's degree in Public Administration from Yonsei University, Korea. Age: 58 Education: Yonsei University, B (Public Administration)
Taik-Keun Jung	President & CEO	Chief Executive Officer
Kee-Hyeok Nam	General Manager-Recruitment	Division Head Executive
Ho Nam Yi	General Manager-Project Planning & Business	Division Head Executive
Jeong Hae Doh	Assistant Managing Director	Managing Director
Age: 45 Education: Seoul National University, LLB
Jae Hong Gwon	Managing Director	Managing Director
Biography: Gwon Jae Hong is Managing Director of GS Global Corp. Previously, Gwon was Head of LG INTERNATIONAL CORP's branch in Singapore. Gwon received a Bachelor's degree in International Trade and a Master of Business Administration from Hankuk University of Foreign Studies, Korea. Age: 54 Education: Hankuk University of Foreign Studies, MBA Hankuk University of Foreign Studies, B (International Trade)
Seong Mun Kim	Assistant Managing Director	Managing Director
Age: 56 Education: Dongguk University, B (Business Administration)
Seong Gyu Kim	Assistant Managing Director	Managing Director
Biography: Kim Seong Gyu is Assistant Managing Director of GS Global Corp. Previously, Kim worked for GS Holdings, GS Engineering & Construction Corp. Kim received a Bachelor's degree in Accounting from Pusan National University, Korea. Age: 50 Education: Pusan National University, B (Accounting)
Tae Hyeong Kim	Assistant Managing Director	Managing Director
Age: 53 Education: Hankuk University of Foreign Studies, B (Spanish)
Tae Woo Kim	Co-Assistant Managing Director	Managing Director
Deok Hwan Son	Co-Assistant Managing Director	Managing Director
Young Seok Choi	Auditor	Finance Executive
Seok Hwan Kim	Chief Financial Officer, Assistant Managing Director	Finance Executive
Biography: Kim Seok Hwan has been Chief Financial Officer and Assistant Managing Director of GS Global Corp. (formerly known as Ssangyong Corporation). Kim previously was Assistant Managing Director of GS EPS. Kim holds a Bachelor's degree in Economics from Korea University. Age: 49 Education: Korea University, B (Economics)
Jae Du Kwon	Manager-Finance & Investor Relations	Finance Executive
Jin Hak Byun	Vice President-Sales	Sales Executive
Cha Heum Yeon	Manager-Public Relations	Public Relations Executive

Global Corp

Significant Developments

GS Global Corp. to Establish New Subsidiary

May 04, 2012

GS Global Corp. announced that it has decided to establish a new wholly owned subsidiary, GS GLOBAL E&P(AMERICA) CORPORATION, in the United States. The new entity, to be capitalized at KRW 16,950 million, will be mainly engaged in the resource development.

GS Global Corp. Declares Annual Cash Dividend for FY 2011

Feb 08, 2012

GS Global Corp. announced that it has declared an annual cash dividend of KRW 125 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 1.2% and the total amount of the cash dividend is KRW 2,811,900,250. The Company's annual cash dividend for the fiscal year 2010 was KRW 500 per share.

News
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Articles: 0 Matches

GS Global Corp Seoul, Korea, Republic of, Tel: 82-2-20055300, URL: http://www.gsgcorp.com

Annual Income Statement

Financials in: USD (mil)

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

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Restated Normal 31-Dec-2011	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	KRW	KRW	KRW	KRW	KRW
Exchange Rate (Period Average)	1107.891393	1156.281981	1276.385219	1100.562842	929.183333
Auditor	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	2,614.8	1,425.7	1,165.3	1,693.3	1,532.2
Revenue	2,614.8	1,425.7	1,165.3	1,693.3	1,532.2
Other Revenue	-	-	0.2	0.5	-
Other Revenue, Total	-	-	0.2	0.5	-
Total Revenue	2,614.8	1,425.7	1,165.5	1,693.8	1,532.2
Cost of Revenue	2,535.2	1,368.5	1,096.3	1,623.2	1,462.5
Cost of Revenue, Total	2,535.2	1,368.5	1,096.3	1,623.2	1,462.5
Gross Profit	79.6	57.2	69.0	70.0	69.7
Selling/General/Administrative Expense	35.9	23.4	23.7	20.0	18.4
Labor & Related Expense	31.9	18.8	15.6	17.3	16.6
Advertising Expense	-	-	0.1	0.2	0.1
Total Selling/General/Administrative Expenses	67.8	42.2	39.4	37.5	35.1
Depreciation	1.3	0.8	0.4	0.4	0.5
Amortization of Intangibles	0.7	0.2	1.0	0.7	0.3
Depreciation/Amortization	2.0	1.0	1.4	1.1	0.8
Investment Income - Operating	-3.3	-2.8	-	-	-
Interest/Investment Income - Operating	-3.3	-2.8	-	-	-
Interest Expense (Income) - Net Operating Total	-3.3	-2.8	-	-	-
Impairment-Assets Held for Use	0.4	1.1	-	-	-
Impairment-Assets Held for Sale	0.0	0.0	-	-	-
Loss (Gain) on Sale of Assets - Operating	0.4	-0.3	-	-	-
Unusual Expense (Income)	0.8	0.8	-	-	-
Other Operating Expense	22.0	3.6	-	-	-
Other, Net	-6.4	-4.3	-	-	-
Other Operating Expenses, Total	15.6	-0.7	-	-	-
Total Operating Expense	2,618.1	1,409.1	1,137.1	1,661.9	1,498.4
Operating Income	-3.3	16.6	28.4	31.9	33.7
Interest Expense - Non-Operating	-13.7	-0.7	-3.2	-5.5	-6.2
Interest Expense, Net Non-Operating	-13.7	-0.7	-3.2	-5.5	-6.2
Interest Income - Non-Operating	2.4	0.9	0.7	1.0	1.4
Investment Income - Non-Operating	-0.6	3.7	-0.2	1.7	-0.4
Interest/Investment Income - Non-Operating	1.8	4.6	0.5	2.7	1.1
Interest Income (Expense) - Net Non-Operating	0.0	-	-	-	-
Interest Income (Expense) - Net Non-Operating Total	-11.9	3.9	-2.7	-2.8	-5.1
Gain (Loss) on Sale of Assets	-1.2	-2.1	-3.9	0.8	-6.4
Other Non-Operating Income (Expense)	-	-	-1.9	0.2	-13.8
Other, Net	-	-	-1.9	0.2	-13.8
Income Before Tax	-16.4	18.5	19.9	30.2	8.5
Total Income Tax	-2.5	1.4	1.0	2.0	-1.8
Income After Tax	-14.0	17.1	18.9	28.1	10.2
Minority Interest	8.4	0.0	-0.2	0.7	-
Equity In Affiliates	-	-	-	-3.7	-
Net Income Before Extraord Items	-5.6	17.1	18.7	25.1	10.2
Net Income	-5.6	17.1	18.7	25.1	10.2
Income Available to Common Excl Extraord Items	-5.6	17.1	18.7	25.1	10.2
Income Available to Common Incl Extraord Items	-5.6	17.1	18.7	25.1	10.2
Basic/Primary Weighted Average Shares	20.9	11.2	13.7	13.4	13.4
Basic EPS Excl Extraord Items	-0.27	1.52	1.36	1.88	0.76
Basic/Primary EPS Incl Extraord Items	-0.27	1.52	1.36	1.88	0.76
Dilution Adjustment	0.0	0.0	0.0	0.0	-
Diluted Net Income	-5.6	17.1	18.7	25.1	10.2
Diluted Weighted Average Shares	20.9	11.2	13.7	13.4	13.4
Diluted EPS Excl Extraord Items	-0.27	1.52	1.36	1.88	0.76
Diluted EPS Incl Extraord Items	-0.27	1.52	1.36	1.88	0.76
Dividends per Share - Common Stock Primary Issue	0.11	0.00	0.00	0.36	0.00
Gross Dividends - Common Stock	2.5	0.0	0.0	4.8	0.0
Interest Expense, Supplemental	13.7	0.7	3.2	5.5	6.2
Depreciation, Supplemental	4.5	0.8	2.0	0.9	0.5
Total Special Items	2.0	2.9	4.7	-0.5	6.4
Normalized Income Before Tax	-14.4	21.4	24.6	29.7	14.8
Effect of Special Items on Income Taxes	0.7	0.2	0.2	-0.1	2.2
Inc Tax Ex Impact of Sp Items	-1.8	1.7	1.2	2.0	0.5
Normalized Income After Tax	-12.6	19.7	23.4	27.7	14.4
Normalized Inc. Avail to Com.	-4.3	19.7	23.2	24.7	14.4
Basic Normalized EPS	-0.20	1.76	1.69	1.84	1.07
Diluted Normalized EPS	-0.20	1.76	1.69	1.84	1.07
Amort of Acquisition Costs, Supplemental	-	-	0.8	0.3	-
Amort of Intangibles, Supplemental	0.7	0.2	0.2	0.4	0.3
Rental Expenses	9.0	6.9	5.1	4.1	5.9
Advertising Expense, Supplemental	0.2	0.2	0.1	0.2	0.1
Normalized EBIT	-5.8	14.7	28.4	31.9	33.7
Normalized EBITDA	-0.5	15.7	31.4	33.5	34.5

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	98.8	39.9	51.4	39.3	22.3
Short Term Investments	1.7	4.8	2.4	3.4	3.6
Cash and Short Term Investments	100.5	44.7	53.9	42.8	26.0
Accounts Receivable - Trade, Gross	345.4	190.4	67.8	91.4	89.1
Provision for Doubtful Accounts	-0.3	-1.2	-1.6	-1.8	-1.0
Trade Accounts Receivable - Net	345.4	189.6	66.3	89.7	88.3
Notes Receivable - Short Term	-	-	-	-	0.3
Other Receivables	4.4	3.8	1.8	3.0	3.3
Total Receivables, Net	349.8	193.3	68.1	92.7	91.9
Inventories - Finished Goods	88.7	81.4	30.9	45.6	36.9
Inventories - Work In Progress	1.8	-	-	-	-
Inventories - Raw Materials	12.4	25.2	2.9	-	-
Inventories - Other	25.9	11.0	2.0	5.8	2.3
Total Inventory	128.7	117.5	35.7	51.4	39.2
Prepaid Expenses	8.7	8.0	0.5	1.0	2.4
Deferred Income Tax - Current Asset	-	-	0.1	0.1	0.0
Other Current Assets	1.2	0.4	2.2	3.9	0.8
Other Current Assets, Total	1.2	0.4	2.3	4.1	0.8
Total Current Assets	588.9	363.9	160.5	191.8	160.2
Buildings	57.7	38.7	12.5	12.2	4.2
Land/Improvements	141.8	32.8	12.8	11.9	0.3
Machinery/Equipment	45.1	38.7	16.5	15.4	5.9
Construction in Progress	12.7	4.5	0.0	-	-
Other Property/Plant/Equipment	0.0	0.0	-	-	-
Property/Plant/Equipment - Gross	257.3	114.7	41.9	39.5	10.4
Accumulated Depreciation	-20.1	-16.6	-14.1	-12.8	-7.1
Property/Plant/Equipment - Net	237.2	98.1	27.8	26.7	3.3
Goodwill, Net	43.8	44.4	2.7	5.5	-
Intangibles, Net	9.8	7.8	1.6	1.5	2.4
LT Investment - Affiliate Companies	4.5	13.5	0.4	-	-
LT Investments - Other	6.9	5.9	7.7	6.6	8.0
Long Term Investments	11.4	19.5	8.1	6.6	8.0
Note Receivable - Long Term	5.4	0.5	0.6	0.7	0.5
Pension Benefits - Overfunded	0.0	0.3	-	-	-
Deferred Income Tax - Long Term Asset	22.4	17.6	17.7	16.7	20.0
Other Long Term Assets	6.4	6.5	7.5	6.6	7.0
Other Long Term Assets, Total	28.9	24.3	25.3	23.3	27.0
Total Assets	925.4	558.6	226.5	256.2	201.3
Accounts Payable	163.6	134.9	64.1	49.3	71.0
Accrued Expenses	27.6	17.0	8.0	4.8	7.2
Notes Payable/Short Term Debt	310.9	227.3	57.9	119.9	54.8
Current Portion - Long Term Debt/Capital Leases	23.3	9.2	2.2	6.9	8.0
Customer Advances	24.4	12.8	1.0	2.2	1.7
Income Taxes Payable	4.2	0.0	1.0	1.0	-
Other Payables	24.5	12.7	5.9	5.5	5.3
Deferred Income Tax - Current Liability	-	-	0.0	0.0	0.0
Other Current Liabilities	13.5	6.3	3.6	2.5	2.8
Other Current liabilities, Total	66.6	31.8	11.5	11.2	9.8
Total Current Liabilities	592.0	420.3	143.7	192.0	150.8
Long Term Debt	104.3	31.7	1.7	3.6	6.4
Total Long Term Debt	104.3	31.7	1.7	3.6	6.4
Total Debt	438.5	268.2	61.9	130.4	69.2
Deferred Income Tax - LT Liability	1.3	3.9	0.0	-	-
Deferred Income Tax	1.3	3.9	0.0	-	-
Minority Interest	29.1	12.7	7.2	5.0	-
Reserves	-	0.8	-	-	-
Pension Benefits - Underfunded	2.3	5.5	4.6	3.3	3.3
Other Long Term Liabilities	1.5	1.1	1.0	1.3	1.2
Other Liabilities, Total	3.7	7.4	5.6	4.6	4.5
Total Liabilities	730.4	476.1	158.2	205.3	161.7
Common Stock	48.9	24.8	24.2	21.2	28.5
Common Stock	48.9	24.8	24.2	21.2	28.5
Additional Paid-In Capital	118.3	14.5	14.1	8.3	11.2
Retained Earnings (Accumulated Deficit)	38.0	49.0	37.2	29.1	5.5
Treasury Stock - Common	-0.6	-0.6	-0.6	-1.8	-2.1
Unrealized Gain (Loss)	-2.3	-0.3	-0.8	-0.7	-1.0
Translation Adjustment	-7.2	-4.5	-1.4	-2.3	-2.6
Other Equity	-	0.0	-4.4	-2.8	-
Other Comprehensive Income	0.0	-0.3	-	-	-
Other Equity, Total	-7.3	-4.8	-5.8	-5.1	-2.6
Total Equity	195.0	82.5	68.3	50.9	39.6
Total Liabilities & Shareholders’ Equity	925.4	558.6	226.5	256.2	201.3
Shares Outstanding - Common Stock Primary Issue	22.5	14.1	14.1	13.3	13.4
Total Common Shares Outstanding	22.5	14.1	14.1	13.3	13.4
Treasury Shares - Common Stock Primary Issue	0.0	48.5	0.0	0.1	0.0
Employees	221	187	150	158	178
Number of Common Shareholders	-	6,288	-	2,209	2,153
Accumulated Goodwill Amortization Suppl.	-	-	1.2	0.3	-
Accumulated Intangible Amort, Suppl.	1.2	0.3	2.5	2.3	-
Deferred Revenue - Current	24.4	12.8	1.0	2.2	1.7
Total Long Term Debt, Supplemental	-	-	3.9	10.5	14.4
Long Term Debt Maturing within 1 Year	-	-	2.2	6.9	8.0
Long Term Debt Maturing in Year 2	-	-	1.7	2.1	6.4
Long Term Debt Maturing in Year 3	-	-	-	1.6	-
Long Term Debt Maturing in 2-3 Years	-	-	1.7	3.6	6.4
Long Term Debt Matur. 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	-14.0	17.1	18.9	24.4	10.2
Depreciation	4.5	0.8	2.0	0.9	0.5
Depreciation/Depletion	4.5	0.8	2.0	0.9	0.5
Amortization of Intangibles	0.7	0.2	1.0	0.7	0.3
Amortization	0.7	0.2	1.0	0.7	0.3
Deferred Taxes	-	-	-0.1	0.6	-2.3
Unusual Items	-0.8	-1.7	4.7	7.8	5.7
Equity in Net Earnings (Loss)	3.7	0.2	-0.5	-	-
Other Non-Cash Items	11.2	1.3	5.5	5.7	16.7
Non-Cash Items	14.1	-0.2	9.7	13.5	22.4
Accounts Receivable	-104.3	-4.2	25.2	-5.4	19.8
Inventories	4.1	-38.1	16.9	-9.6	3.5
Prepaid Expenses	-	-	0.5	1.6	1.3
Other Assets	-67.4	-117.4	2.8	-2.4	1.0
Accounts Payable	43.4	71.0	10.7	-48.8	-33.1
Accrued Expenses	-	-	1.4	10.3	-0.6
Taxes Payable	-	-	-1.0	-0.4	-
Other Liabilities	12.1	11.4	0.6	-1.9	-2.7
Other Operating Cash Flow	-11.6	-1.8	-	-	-
Changes in Working Capital	-123.6	-79.1	57.1	-56.5	-10.8
Cash from Operating Activities	-118.2	-61.2	88.5	-16.4	20.4
Purchase of Fixed Assets	-151.8	-5.2	-1.1	-0.4	-0.3
Purchase/Acquisition of Intangibles	-1.4	-2.6	-0.3	0.0	0.0
Capital Expenditures	-153.2	-7.8	-1.5	-0.4	-0.3
Acquisition of Business	-	-64.8	0.0	-10.3	-
Sale of Fixed Assets	1.3	0.0	0.4	0.1	1.1
Sale/Maturity of Investment	9.3	14.5	4.1	61.5	59.1
Purchase of Investments	-7.4	-5.7	-3.6	-62.1	-56.9
Sale of Intangible Assets	0.4	-	-	-	-
Other Investing Cash Flow	-2.9	0.1	-0.3	-1.7	-0.2
Other Investing Cash Flow Items, Total	0.6	-55.9	0.5	-12.5	3.1
Cash from Investing Activities	-152.5	-63.8	-0.9	-12.9	2.8
Other Financing Cash Flow	-	-	-8.2	-4.7	-6.3
Financing Cash Flow Items	-	-	-8.2	-4.7	-6.3
Total Cash Dividends Paid	-5.1	-5.0	-13.5	-	-
Sale/Issuance of Common	155.3	0.5	6.2	-	-
Repurchase/Retirement of Common	-	-	-0.1	-0.3	-
Common Stock, Net	155.3	0.5	6.1	-0.3	-
Issuance (Retirement) of Stock, Net	155.3	0.5	6.1	-0.3	-
Short Term Debt Issued	711.2	210.2	81.1	79.2	63.7
Short Term Debt Reduction	-624.1	-95.1	-144.9	-18.8	-66.1
Short Term Debt, Net	87.1	115.1	-63.8	60.4	-2.4
Long Term Debt Issued	108.3	-	-	-	-
Long Term Debt Reduction	-13.8	-2.4	-	-	-11.3
Long Term Debt, Net	94.5	-2.4	-	-	-11.3
Issuance (Retirement) of Debt, Net	181.6	112.7	-63.8	60.4	-13.7
Cash from Financing Activities	331.8	108.2	-79.5	55.3	-20.1
Foreign Exchange Effects	1.7	0.6	-	-	-
Net Change in Cash	62.8	-16.2	8.1	26.0	3.1
Net Cash - Beginning Balance	39.9	54.5	38.8	19.0	19.4
Net Cash - Ending Balance	102.7	38.3	46.9	45.0	22.5
Cash Interest Paid	13.3	0.9	-	-	-
Cash Taxes Paid	0.6	1.6	-	-	-

GS Global Corp Seoul, Korea, Republic of, Tel: 82-2-20055300, URL: http://www.gsgcorp.com

Annual Income Statement

Financials in: USD (mil)

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

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Restated Normal 31-Dec-2011	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	KRW	KRW	KRW	KRW	KRW
Exchange Rate (Period Average)	1107.891393	1156.281981	1276.385219	1100.562842	929.183333
Auditor	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Merchandise Sales	2,347.9	1,405.4	1,114.1	1,634.7	1,517.6
Finished Goods Revenues	239.8	4.5	33.9	36.4	-
Agency Revenue	-	-	-	3.8	3.2
Commissions Revenue	27.0	15.9	17.3	18.1	11.4
Rental Revenues	-	-	-	0.3	-
Other Revenue	-	-	0.2	0.5	-
Total Revenue	2,614.8	1,425.7	1,165.5	1,693.8	1,532.2
Cost of Merchandises Sold	2,271.2	1,357.9	1,063.0	1,586.0	1,460.0
Cost-Finished Goods Sold	245.5	3.6	28.3	33.2	-
Cost Agency Revenue	-	-	-	0.0	0.0
Cost of Commission	18.5	7.0	5.0	3.7	2.4
Cost-Other Sales	-	-	0.0	0.2	-
Salaries	19.5	11.7	9.5	10.0	9.4
Bonuses	7.0	3.3	2.4	3.8	3.1
Retirement & Severance Benefits	1.6	1.1	1.5	1.3	1.7
Expense-Stock Compensation	-	-	0.2	0.2	0.2
Employee Benefits	3.7	2.7	2.0	2.0	2.1
Travel Expense	2.5	1.4	0.9	1.3	1.3
Education & Training Expense	0.2	0.1	0.0	0.1	0.1
Communication Exp.	0.9	0.6	0.5	0.6	0.7
Utility Expenses	-	-	0.1	0.2	0.2
Taxes and Dues	-	-	0.5	0.4	0.5
Rental Expenses	9.0	6.9	5.1	4.1	5.9
Depreciation Expense	1.3	0.8	0.4	0.4	0.5
Amortization of Intangible Assets	0.7	0.2	1.0	0.7	0.3
Repair Expenses	-	-	0.1	0.1	0.3
Insurance Expense	1.5	1.2	0.8	0.9	0.6
Consumable Expense	-	-	0.2	0.1	0.1
Printing Expense	-	-	0.1	0.1	0.1
Vehicle Expenses	0.9	0.6	0.4	0.5	0.4
Entertainment	-	-	1.2	1.5	1.4
Advertising Expenses	-	-	0.1	0.2	0.1
Other Selling Expense	2.3	1.7	-	-	-
Other Administrative Expense	2.4	1.9	-	-	-
Shipping & Handling Expense	3.4	2.2	5.3	4.4	0.3
Commission Paid	8.8	4.1	5.3	2.3	2.9
Other Exporting Exp	4.1	2.6	1.9	3.0	3.3
Miscellaneous Operating Expense	-	-	0.5	0.1	0.1
Expenses for Samples	-	-	0.1	0.0	0.1
Amort. of Bad Debts	-	-	0.4	0.5	0.0
Storage Expense	-	-	0.2	-	-
Conference Expense	-	-	0.0	-	-
Gain on Foreign Currency Transactions	-62.2	-22.6	-	-	-
Gain on Foreign Currency Translation	-10.8	-4.7	-	-	-
Gain on Disposal of Property, Plant and	-0.1	0.0	-	-	-
Gain on Disposal of Investment in Real E	-	-0.1	-	-	-
Gain on Disposal of Intangible Assets	-	-0.3	-	-	-
Gain on Valuation of Derivatives	-0.6	-	-	-	-
Gain on Derivative Transactions	-14.8	-	-	-	-
Rental Income	0.0	-	-	-	-
Recovery of Impairment Loss on Advance P	0.0	0.0	-	-	-
Reversal of Allowance for Doubtful Accou	-0.9	-2.9	-	-	-
Recovery of Provision for Damage Compens	-0.8	-	-	-	-
Miscellaneous Income	-4.6	-1.4	-	-	-
Adjustment for Other Operating Income	0.0	0.0	-	-	-
Loss on Foreign Currency Transactions	63.4	20.2	-	-	-
Loss on Foreign Currency Translation	9.0	4.2	-	-	-
Loss on Disposal of Property, Plant and	0.3	0.0	-	-	-
Loss on Disposal of Intangible Assets	0.1	-	-	-	-
Impairment Loss on Intangible Assets	0.4	1.1	-	-	-
Loss on Disposal of Other Investment Ass	0.0	0.2	-	-	-
Provisison for Defective Repair	1.2	-	-	-	-
Loss on Valuation of Derivatives	1.8	-	-	-	-
Loss on Derivative Transactions	11.0	-	-	-	-
Other Allowance for Doubtful Accounts	-	2.2	-	-	-
Donations Paid	0.2	0.1	-	-	-
Miscellaneous Loss	20.6	1.3	-	-	-
Adjustment for Selling Expense	-	0.0	-	-	-
Adjustment for Administrative Expense	0.0	0.0	-	-	-
Adjustment for Other Operating Expense	-	0.0	-	-	-
Total Operating Expense	2,618.1	1,409.1	1,137.1	1,661.9	1,498.4
Interest Income	2.4	0.9	0.7	1.0	1.4
Dividend Income	0.1	0.0	0.0	0.1	0.0
Gain on Foreign Currency Transactions	0.3	-	28.7	41.3	9.7
Gain-Foreign Currency Translation	-	-	3.5	3.5	1.3
G-Disp Secs avail. for Sale	-	-	0.0	0.3	-
Gain-Disposal of Investment Assets	-	-	0.2	-	-
G-Reduction Loss of Sec. Avail-for-Sale	-	-	0.2	-	0.0
G-Tang Asset Disp.	-	-	0.3	9.1	0.0
Revers-Doubtful Acct	-	-	0.9	-	0.3
Gain on Derivatives Transaction	-	2.4	-	-	-
Gain on Disposal of Financial Instrument	0.0	-	-	-	-
Gain Currency Value.	-	-	0.3	0.1	0.7
G-Currency Futures Trade	-	-	1.7	9.1	0.8
Fees Received	-	-	-	0.0	3.4
Gain on Valuations of Derivatives	-	0.0	-	-	-
Gain-Valuation of Other Investment Asset	-	-	0.0	-	-
Other Non-Op Income	-	-	3.2	1.8	2.2
Interest Expenses	-13.7	-0.7	-3.2	-5.5	-6.2
Loss on Foreign Currency Transactions	-0.2	-	-29.9	-45.1	-9.7
Loss on Foreign Currency Translations	0.0	-	-1.1	-1.9	-0.8
Donations Paid	-	-	0.0	-0.1	0.0
Loss-Reduction of Other Investment Asset	-	-	-	-0.1	-
Loss-Valuation of Other Investment Asset	-	-	-	0.0	-
L-Tang Asset Disp.	-	-	0.0	-0.3	-0.4
L-Inv Asset Disposal	-	-	0.0	-0.1	-
L-Trade Rcv Disposal	-1.2	-2.1	-4.2	-8.0	-6.1
Loss on Valuation of Other Derivatives	-	0.0	-0.3	-1.2	-0.7
Loss on Derivative Transaction	-	-3.2	-2.6	-4.1	-1.7
L-Secs Avail for Sale Reduction	-	-	-	0.0	-0.1
Loss-Reduction of Intangible Assets	-	-	-1.5	-	-
Other Non-Op Expense	-	-	-3.6	-1.1	-1.4
Loss-Prior Period Error Correction	-	-	-0.5	-	-
Loss-Valuation of inventory	-	-	-	-	0.0
Bad Debt Expense	-	-	-0.6	-0.3	-18.0
Commission Paid	-	-	0.0	-0.2	-0.2
Expense-Stock Compensation, Non-Operatin	-	-	-1.2	-	-
Gain on Disposal of Investments in Subsi	2.9	-	-	-	-
Gain on Disposal of Investments in Affil	-	4.6	-	-	-
Gain under Equity Method	-	-	0.5	-	-
Loss under Equity Method	-3.7	-0.2	-	-	-
Adjustment for Finance Income	-	0.0	-	-	-
Adjustment for Finance Expense	0.0	0.0	-	-	-
Net Income Before Taxes	-16.4	18.5	19.9	30.2	8.5
Provision for Income Taxes	-2.5	1.4	1.0	2.0	-1.8
Net Income After Taxes	-14.0	17.1	18.9	28.1	10.2
Earning Before Acquisition of Subsidiary	-	-	-	-3.7	-
Minority Interest	8.4	0.0	-0.2	-	-
Loss Minority Int.	-	-	-	0.7	-
Net Income Before Extra. Items	-5.6	17.1	18.7	25.1	10.2
Net Income	-5.6	17.1	18.7	25.1	10.2
Income Available to Com Excl E	-5.6	17.1	18.7	25.1	10.2
Income Available to Com Incl E	-5.6	17.1	18.7	25.1	10.2
Basic Weighted Average Shares	20.9	11.2	13.7	13.4	13.4
Basic EPS Excluding ExtraOrdin	-0.27	1.52	1.36	1.88	0.76
Basic EPS Including ExtraOrdin	-0.27	1.52	1.36	1.88	0.76
Dilution Adjustment	0.0	0.0	0.0	0.0	-
Diluted Net Income	-5.6	17.1	18.7	25.1	10.2
Diluted Weighted Average Share	20.9	11.2	13.7	13.4	13.4
Diluted EPS Excluding ExtraOrd	-0.27	1.52	1.36	1.88	0.76
Diluted EPS Including ExtraOrd	-0.27	1.52	1.36	1.88	0.76
DPS-Common Stock	0.11	0.00	0.00	0.36	0.00
Gross Dividends - Common Stock	2.5	0.0	0.0	4.8	0.0
Normalized Income Before Taxes	-14.4	21.4	24.6	29.7	14.8
Inc Tax Ex. Impact of Sp Items	-1.8	1.7	1.2	2.0	0.5
Normalized Income After Taxes	-12.6	19.7	23.4	27.7	14.4
Normalized Inc. Avail to Com.	-4.3	19.7	23.2	24.7	14.4
Basic Normalized EPS	-0.20	1.76	1.69	1.84	1.07
Diluted Normalized EPS	-0.20	1.76	1.69	1.84	1.07
Interest Expense	13.7	0.7	3.2	5.5	6.2
Rental Expense	9.0	6.9	5.1	4.1	5.9
Advertising Expense	0.2	0.2	0.1	0.2	0.1
Depreciation	4.5	0.8	2.0	0.9	0.5
Amort of Intangibles, Suppleme	0.7	0.2	0.2	0.4	0.3
Amort of Acquisition Cost	-	-	0.8	0.3	-

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 & Cash Equivalents	98.8	39.0	51.4	39.3	22.3
Current Court Receivership Deposits	0.0	0.9	-	-	-
Current Financial Assets	1.7	4.8	2.4	3.4	3.6
Current Portion of Long-Term Loans	0.5	-	-	-	-
Trade Rcvb Gross	267.1	164.8	67.8	91.4	89.1
Doubtful Account	-0.3	-1.2	-1.6	-1.8	-1.0
Current Loans	0.5	0.1	1.2	1.0	1.3
Allowance for Doubtful Accounts for Curr	-0.1	-0.1	-	-	-
Account Receivables	3.4	3.8	0.3	2.0	2.0
Allowance for Doubtful Accounts for Acco	0.0	0.0	-	-	-
Other Current Assets	-	-	1.8	1.0	-
Currency Futures	-	-	0.3	0.1	0.7
Current Deposits	1.2	0.4	0.1	2.9	0.0
Accrued Income	0.4	0.4	0.1	0.1	0.1
Allowance for Doubtful Accounts for Accr	-0.1	-0.1	-	-	-
Deferred Notes Receivable	-	-	-	-	0.3
Construction Receivables	78.3	25.7	-	-	-
Advance Payments	25.9	11.1	2.0	5.8	2.3
Loss on Valuation of Advance Payments	-	-0.1	-	-	-
Prepaid Expenses	3.0	2.2	0.5	1.0	2.4
Receivable-Recovery of Taxes	-	-	0.2	-	-
Current Tax Assets	0.3	0.1	-	-	-
Prepaid Value Added Taxes	5.4	5.7	-	-	-
Deferred Taxes, Asset	-	-	0.1	0.1	0.0
Merchandise	71.9	70.8	25.1	42.6	36.9
Finished Goods	-	0.1	-	-	-
Works in Process	1.8	-	-	-	-
Raw Materials	12.4	25.2	2.9	-	-
Other Inventories	0.0	0.0	-	-	-
Goods in Transit	16.8	10.4	5.8	2.9	-
Adjustment for Trade & Other Receivables	0.0	-	-	-	-
Adjustment for Current Non-Financial Ins	0.0	-	-	-	-
Adjustment for Inventories	0.0	0.0	-	-	-
Total Current Assets	588.9	363.9	160.5	191.8	160.2
Non-Current Financial Instruments	6.5	5.4	0.1	0.0	0.0
LT Invest Secs.	-	-	7.6	6.6	7.9
Investment in Properties	-	0.4	-	-	-
Non-Current Financial Deposits	0.4	0.1	-	-	-
Investment in Affiliates	4.5	13.5	0.4	-	-
Non-Current Loans	3.3	0.6	0.1	0.3	0.1
Allowance for Doubtful Accounts for Non-	-17.6	-16.8	-	-	-
Non-Current Trade Receivables	18.1	17.3	0.5	0.5	0.4
Allowance for Doubtful Accounts for Non-	-0.6	-0.6	-	-	-
Non-Current Other Receivables	2.2	-	-	0.0	0.0
Non-Current Guarantee Deposits	6.4	6.4	7.3	6.5	6.4
Other LT Assets	-	-	0.2	0.0	-
LT Prepaid Expenses	0.0	0.0	0.1	0.1	0.6
LA Deferred Tax	22.4	17.6	17.7	16.7	20.0
Lands	141.8	32.8	12.8	11.9	0.3
Buildings	47.7	28.7	7.9	7.4	3.3
Buildings-Depreciation	-4.1	-2.9	-1.6	-1.3	-1.0
Structures	10.0	10.0	4.6	5.6	1.9
Structures-Depreciation	-1.3	-0.9	-0.8	-1.1	-0.8
Structure Reduction	-	-	-	-0.8	-1.1
Machineries & Equipments	35.6	30.4	11.7	10.7	0.5
Machineries & Equipments-Depreciation	-8.4	-7.1	-8.2	-6.3	-0.4
Vehicles	2.1	1.9	0.9	0.9	0.8
Vehicles-Depreciation	-1.4	-1.2	-0.6	-0.6	-0.6
Tools & Equipments	1.9	1.7	0.3	0.2	-
Tools & Equipments-Depreciation	-1.4	-1.2	-0.2	-0.1	-
Fixtures	5.5	4.6	3.7	3.7	4.6
Fixtures-Depreciation	-3.6	-3.4	-2.7	-3.4	-4.2
Construction in Progress	12.7	4.5	0.0	-	-
Membership Rights	4.5	4.7	-	-	-
Development Cost	1.8	2.1	1.5	1.4	2.2
Software	0.8	0.5	0.1	0.0	-
Other Intangible Assets	2.7	0.5	-	-	-
Goodwill	43.8	44.4	2.7	5.5	-
Retirement & Severance Assets	0.0	0.3	-	-	-
Indust.-Patent	0.0	0.0	0.0	0.2	0.2
Adjustment for Property, Plant & Equipme	0.0	0.0	-	-	-
Adjustment for Intangible Assets	-	0.0	-	-	-
Adjustment for Non-Current Trade & Other	0.0	0.0	-	-	-
Adjustment	0.0	0.0	-	-	-
Total Assets	925.4	558.6	226.5	256.2	201.3
Trade Payables	163.6	134.9	64.1	49.3	71.0
Current Borrowings	310.9	227.3	57.9	119.9	54.8
Value Added Taxes Withholdings	4.6	1.7	-	-	-
Advance from Customers, Current Liabilit	24.4	12.8	1.0	2.2	1.6
Deposit Withheld	2.4	4.1	3.3	1.5	2.2
Accounts Payable	24.5	12.7	5.9	5.5	5.3
Accrued Expenses	23.0	15.3	8.0	4.8	7.2
Current Tax Liabilities	4.2	0.0	1.0	1.0	-
Reserve for Current Liabilities	0.6	-	-	-	-
Current LT Liabs	23.3	9.2	2.2	6.9	8.0
Unearned Income	-	-	-	-	0.0
Other Current Financial Liabilities	1.9	1.4	-	-	-
Current Non-Financial Liabilities	-	0.0	-	-	-
Currency Futures	-	-	0.3	1.0	0.7
Deferred Tax Credit	-	-	0.0	0.0	0.0
Overbilled Constructions	8.6	0.8	-	-	-
Adjustment for Current Trade & Other Pay	0.0	0.0	-	-	-
Total Current Liability	592.0	420.3	143.7	192.0	150.8
LT Borrowings	90.6	31.7	1.7	3.6	6.4
Bonds With Stock Warrants, Non-Current L	13.7	-	-	-	-
Total Long Term Debt	104.3	31.7	1.7	3.6	6.4
Security Deposit	1.5	1.1	1.0	1.3	1.2
Long-term Provision for Other Estimated	-	0.8	-	-	-
Deferred Income Taxes, Non-Current Liabi	1.3	3.9	0.0	-	-
Retirement & Severance Benefits, Non-Cur	2.3	5.5	-	-	-
Retire Reserve	-	-	4.8	3.3	3.3
Deposit-Retirement Insurance	-	-	-0.1	-	-
Transfer to National Pension Fund	-	-	0.0	-	-
Minority Interests	29.1	12.7	7.2	5.0	-
Total Liabilities	730.4	476.1	158.2	205.3	161.7
Common Stock	48.9	24.8	24.2	21.2	28.5
Additional Paid in Capital	110.1	14.5	14.1	8.0	-
Stock Options	-	-	-	0.3	0.2
Capital Surplus	5.6	-	-	-	11.0
Consideration for Stock Warrants	2.6	-	-	-	-
Capital Change, Equity Method	-0.3	-	-	-	0.9
Actuarial Gains & Losses	-1.1	-0.2	-	-	-
Capital Change, Equity Method (Loss)	-	-	-0.7	-0.7	-1.8
Gain-Valu. of Sec. Available for Sale	-	-	-	0.0	0.0
Loss-Valu. of Sec. Available for Sale	-0.9	0.0	0.0	-0.1	-0.1
Retained Earnings Carried Forward	35.5	46.9	36.7	29.1	5.5
Appropriated Retained Earnings for Legal	2.5	2.0	0.5	-	-
Other Legal Reserves	0.0	0.0	-	-	-
Other Capital Adjustment	-	-	-3.0	-2.8	-
Oversea Op Trans	-21.5	-20.2	-1.4	-2.3	-2.6
Overseas Business Translation Credit	14.3	15.7	-	-	-
Losses on Valuation of Derivatives Cash	0.0	-0.3	-	-	-
Loss on Disposal of Treasury Stocks	-	-	-1.3	-	-
Treasury Stock	-0.6	-0.6	-0.6	-1.8	-2.1
Adjustment for Other Paid-in Capital	-	0.0	-	-	-
Adjustment for Other Capital Items	-	0.0	-	-	-
Adjustment for Retained Earnings or Accu	0.0	0.0	-	-	-
Total Equity	195.0	82.5	68.3	50.9	39.6
Total Liabilities & Shareholde	925.4	558.6	226.5	256.2	201.3
S/O-Common Stock	22.5	14.1	14.1	13.3	13.4
Total Common Shares Outstandin	22.5	14.1	14.1	13.3	13.4
T/S-Common Stock	0.0	48.5	0.0	0.1	0.0
Deferred Revenue, Current	24.4	12.8	1.0	2.2	1.7
Accumulated Intangible Amort, Suppl.	1.2	0.3	2.5	2.3	-
Accumulated Goodwill Amort, Suppl.	-	-	1.2	0.3	-
Full-Time Employees	221	187	150	158	178
Number of Common Shareholders	-	6,288	-	2,209	2,153
LT Debt 1 Yr	-	-	2.2	6.9	8.0
LT Debt 2 Yr	-	-	1.7	2.1	6.4
LT Debt 3 Yr	-	-	-	1.6	-
Total Long Term Debt, Supplemental	-	-	3.9	10.5	14.4

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	-14.0	17.1	18.9	24.4	10.2
Depreciation	4.5	0.8	2.0	0.9	0.5
Amort. Intangible	0.7	0.2	1.0	0.7	0.3
Stock Compensation Expense	-	-	1.5	0.2	0.2
Retirement Allowance	2.4	1.1	1.5	1.3	1.7
Loss on Valuation of Derivative Financia	1.8	0.0	0.3	1.2	0.7
Loss-Foreign Currency Translation	9.0	4.2	1.1	1.9	0.8
Amort-Bad Debt Exp.	-	-	0.4	0.5	0.0
Adjustment for Added Expense w/o Cash Fl	0.0	-	-	-	-
Loss-Prior Period Error Correction	-	-	0.5	-	-
Dividend Income	-0.1	-	-	-	-
Corporate Taxes Expense	-2.5	1.4	-	-	-
Expense of Allowance for Doubtful Accoun	0.1	0.0	-	-	-
Other Provisions-Doubtful Account	-	2.2	0.6	0.3	18.0
Revers-Doubtful Acct	-	-	-0.9	-	-0.3
Provision for Defect Repair	1.2	-	-	-	-
Gains on Valuations of Derivatives Asset	-0.6	0.0	-	-	-
L-Trade Rcv Disp.	-	-	4.2	7.7	6.1
Loss-Securities Available for Sale Disp.	-	-	0.0	0.1	-
L-Inv Asset Valuatn.	-	-	-	0.0	0.1
Loss on Disposal of Property, Plant and	0.3	0.0	0.0	0.3	0.4
Loss on Disposal of Trade Receivables	1.2	2.1	-	-	-
Loss-Reduction of Intangible Assets	0.4	1.1	1.5	-	-
Loss on Disposal of Intangible Assets	0.1	-	-	-	-
Loss-Reduction of Other Investment Asset	-	-	-	0.1	-
Loss-Valuation of Other Investment Asset	-	-	-	0.0	-
Interest Income	-2.4	-0.9	-	-	-
Interest Expenses	13.7	0.7	-	-	-
Loss-Valuation of Inventory	-	-	0.0	-	0.0
Loss under Equity Method	3.7	0.2	-	-	-
Depreciation of Investment Properties	-	0.0	-	-	-
Miscellaneous Loss	0.4	0.0	0.5	-	-
G-For Exch Translatn	-10.8	-4.7	-3.4	-3.5	-1.1
Recovery of Allowance for Doubtful Accou	-0.9	-2.9	-	-	-
Recover of Loss on Reduction of Advanced	0.0	0.0	-	-	-
Recovery-Sec. Avail-for-Sale Reduction	-	-	-0.2	-	0.0
Gain on Disposal of Other Investment Ass	-	-0.3	-	-	-
Gain on Disposal of Investment Propertie	-	-0.1	-	-	-
Gain on Disposal of Investment in Subsid	-2.9	-	-	-	-
G-disp Secs avail. for Sale	-	-	0.0	-0.3	-
Loss on Disposal of Other Investment Ass	0.0	0.2	-	-	-
Gain-Valuation of Currency Futures	-	-	-0.3	-0.1	-0.7
Gain on Disposal of Property, Plant and	-0.1	0.0	-0.3	0.0	0.0
Dividend Income	-	-	0.3	-	-
Gain-Foreign Currency Transaction	-	-	-	-0.2	-
Commission Income	-	-	-	0.0	-3.4
Gain-Disposal of Investment Assets	-	-	-0.2	-	-
Gain on Disposal of Financial Assets Ava	0.0	-	-	-	-
Gain on Disposal of Investment in Affili	-	-4.6	-	-	-
Gain-Valuation of Other Investment Asset	-	-	0.0	-	-
Gain under Equity Method	-	-	-0.5	-	-
Overseas Business Translation Debit	-	-	3.2	4.0	0.0
Trade Receivables	-103.8	-2.9	24.1	-5.8	30.0
Non-Current Trade Receivables	0.1	0.2	-	-	-
Other Current Receivables	-0.7	0.3	1.1	0.3	0.7
Other Non-Current Receivables	0.2	-1.8	0.2	0.0	-10.9
Accrued Income	-	-	-0.1	0.1	0.0
Corporate Tax Refundable	-	-	-0.2	-	-
Deferred Notes	-	-	-	0.2	0.9
Currency Forward Assets	-	-	0.1	0.6	0.1
Advance Payments	-	-	4.4	-3.1	2.2
Deferred Taxes-Asset, Current	-	-	-	0.5	0.1
Deferred Taxes-Asset	-	-	-0.1	0.1	-2.4
Security Deposits	-	-	2.7	-3.3	0.0
Fianacial Assets	3.6	-106.4	-	-	-
Current Non-Financial Instruments	-71.0	-11.0	-	-	-
Other Non-Current Non-Financial Assets	0.0	0.0	-	-	-
Inventory	4.1	-38.1	12.5	-6.5	1.3
Prepaid Expenses	-	-	0.5	1.6	-0.1
LT Preapid Expense	-	-	0.0	0.0	1.4
Trade Payables	27.5	65.1	11.8	-47.8	-32.0
Advances Received	-	-	-0.7	0.0	0.1
Other Payables	0.2	8.4	-	-	-
Other Current Payables	15.6	-2.5	-1.1	-1.0	-1.2
Deposits Withheld	-	-	1.6	-0.6	-1.6
Accrued Expenses	-	-	1.4	10.3	-0.6
Unearned Income	-	-	1.7	-	0.0
Retiremt Allow Paymt	-	-	-1.7	-0.8	-0.7
Retirement and Severance Benefits Liabil	-6.7	-0.1	-	-	-
Provisions	-1.4	-	-	-	-
Deposit-Retirement Insurance	-	-	0.0	0.0	0.0
Nation Pension Fund	-	-	0.0	0.0	0.0
Current Fianacial Liabilities	20.9	11.7	-	-	-
Security Deposits	-	-	-0.1	0.0	0.1
Increase-Reserve for Severance & Retirem	-	-	0.7	-	-
Overseas Business Translation Credit	0.0	-	-	-	-
Currency Forward Liabiities	-0.7	-0.2	-1.0	-0.6	-0.5
Accrued Income Tax	-	-	-1.0	-0.4	-
Deferred Income Tax Credit, A/L	-	-	0.0	-	-
Cash-Interest Received	2.3	0.8	-	-	-
Cash-Interest Paid	-13.3	-0.9	-	-	-
Cash-Dividend Income	0.1	-	-	-	-
Cash-Tax Paid	-0.6	-1.9	-	-	-
Cash-Tax Refunded	0.0	0.2	-	-	-
Adjustment for Deduction-Non-cash Income	-	0.0	-	-	-
Cash from Operating Activities	-118.2	-61.2	88.5	-16.4	20.4
Disposal of Financial Instruments at Fai	-	1.8	3.2	61.0	59.0
Decrease-LT Financial Assets	-	-	-	0.1	-
Disposal of Investment in Affiliates	9.0	11.3	-	-	-
Disposal of Investment Properties	-	0.6	-	-	-
Disposal in Current Loans	1.1	-	0.0	0.0	0.1
Disposal of Current Financial Deposit	3.7	-	-	-	-
Decrease-Non-Current Loans	-	0.1	0.2	0.1	-
Decrease in Current Guarantee Deposit	0.2	0.0	-	-	-
Decrease in Non-Current Financial Deposi	0.0	-	-	-	-
Decrease in Non-Current Guarantee Deposi	0.1	-	-	-	-
Disposal of Securities Current Available	0.0	-	-	-	-
Disposal of Securities Available-for-Sal	0.2	0.9	0.9	0.3	0.1
Dec-Guarantee Dep	-	-	0.8	0.5	0.8
Decrease-LT Accounts Receivable	-	-	-	-	0.2
Disposal of Property, Plant and Equipmen	1.3	0.0	0.4	0.1	1.1
Inc in Guarant Depos	-	-	-0.9	-0.3	-1.2
Disposal of Intangible Assets	0.4	-	-	-	-
Incr-ST Finl Assets	-	-	-2.2	-61.2	-56.9
Increase in Current Loans	-0.7	-	-0.1	0.0	-
Increase in Non-Current Loans	-4.2	-	-	-	-
Increase in Non-Current Financial Deposi	-0.3	-	-	-	-
Inc-LT Finl Assets	-	-	-0.1	-	0.0
Purchase of Securities Available-for-Sal	-2.7	-	-1.1	-0.8	0.0
Purchase of Held-to-Maturity Securities	-	-0.9	-	-	-
Purchase of Current Financial Deposit	-2.8	-	-	-	-
Purchase of Other Non-Current Finacial I	-0.9	-	-	-	-
Increase-Other Investment Assets	-	-	-0.1	-0.1	-
Purchase of Investment in Affiliates	-3.8	-4.9	-	-	-
Purchase of Other Current Financial Inst	0.0	0.0	-	-	-
Increase-Securities under Equity Method	-	-	-0.2	-	-
Increase in LT Loans	-	-	-0.2	-1.9	-
Acq. Tangible Asset	-151.8	-5.2	-1.1	-0.4	-0.3
Decrease-Minority Interest	-	-	-	-	0.0
Cash Outflow-Acquisition of Subsidiaries	-	-	-0.8	-10.3	-
Purchase of Subsidiaries	-	-64.8	-	-	-
Cash Inflow-Acquisition of Subsidiaries	-	-	0.8	-	-
Acq Intangible Asset	-1.4	-2.6	-0.3	0.0	0.0
Cash from Investing Activities	-152.5	-63.8	-0.9	-12.9	2.8
Increase in Current Borrowings	711.2	210.2	81.1	79.2	63.7
Decrease in Current Borrowings	-624.1	-95.1	-144.9	-18.8	-66.1
Increase in Bonds with Warrant	18.1	-	-	-	-
Increase in Non-Current Borrowings	90.3	-	-	-	-
Dividend Paid	-5.1	-5.0	-13.5	-	-
Rights Issue	155.3	0.5	6.0	-	-
Disposal-Treasury Stock	-	-	0.2	-	-
Repay Curr LT Liabs	-	-	-6.8	-6.8	-6.5
Decrease-Lease Guarantee Deposit	-	-	-0.2	-0.1	-
Decrease in Current Portion of Long-Term	-13.7	-	-	-	-
Dec-Rent Deposits	-	-	-	0.0	-
Decrease in Non-Current Borrowings	-0.1	-2.4	-	-	-11.3
Acquis of Treas Stck	-	-	-0.1	-0.3	-
Inc-Stk Issue Discnt	-	-	0.0	-	-
Cash Inflow-Consol. Scope Change, FN	-	-	-	0.8	-0.2
Net Change in Other Cash	-	-	-1.3	1.4	0.4
Cash from Financing Activities	331.8	108.2	-79.5	55.3	-20.1
Foreign Exchange Effects	1.7	0.6	-	-	-
Net Change in Cash	62.8	-16.2	8.1	26.0	3.1
Cash and Cash Equivalents at Beginning	39.9	54.5	38.8	19.0	19.4
Cash and Cash Equivalents at End	102.7	38.3	46.9	45.0	22.5
Cash Interest Paid	13.3	0.9	-	-	-
Cash Taxes Paid	0.6	1.6	-	-	-

GS Global Corp Seoul, Korea, Republic of, Tel: 82-2-20055300, URL: http://www.gsgcorp.com

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	864.7	51.00%	2,614.8	75.73%	15.83%	13.87%
Operating Income1	12.6	189.92%	-3.3	-	-	-
Income Available to Common Excl Extraord Items1	5.2	716.35%	-5.6	-	-	-
Basic EPS Excl Extraord Items1	0.23	716.35%	-0.27	-	-	-
Capital Expenditures2	33.8	-73.57%	153.2	1,779.47%	614.03%	181.46%
Cash from Operating Activities2	13.5	-	-118.2	-	-	-
Free Cash Flow	-20.0	-	-261.0	-	-	-
Total Assets3	1,046.8	24.06%	925.4	68.17%	48.94%	36.92%
Total Liabilities3	842.8	30.32%	730.4	55.73%	48.19%	33.64%
Total Long Term Debt3	160.9	52.43%	104.3	233.68%	197.31%	38.00%
Employees3	-	-	221	18.18%	11.84%	4.42%
Total Common Shares Outstanding3	22.5	0.00%	22.5	59.27%	19.04%	10.90%
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	3.05%	4.01%	5.92%	4.14%	4.55%
Operating Margin	-0.13%	1.17%	2.44%	1.88%	2.20%
Pretax Margin	-0.63%	1.30%	1.71%	1.78%	0.55%
Net Profit Margin	-0.21%	1.20%	1.61%	1.48%	0.67%
Financial Strength
Current Ratio	0.99	0.87	1.12	1.00	1.06
Long Term Debt/Equity	0.53	0.38	0.02	0.07	0.16
Total Debt/Equity	2.25	3.25	0.91	2.56	1.75
Interest Coverage	-	1,925,168,625.00	-	-	-
Management Effectiveness
Return on Assets	-1.82%	4.39%	8.22%	12.10%	4.64%
Return on Equity	-3.90%	22.79%	33.23%	54.69%	31.12%
Efficiency
Receivables Turnover	9.31	11.04	15.18	18.39	14.07
Inventory Turnover	19.95	18.09	26.31	35.25	35.57
Asset Turnover	3.41	3.67	5.07	7.29	6.95

Market Valuation USD (mil)
P/E (TTM)	55.81	.	Enterprise Value2	671.4
Price/Sales (TTM)	0.09	.	Enterprise Value/Revenue (TTM)	0.22
Price/Book (MRQ)	1.38	.	Enterprise Value/EBITDA (TTM)	30.83
Market Cap as of 21-Sep-20121	290.3	.
1-ExchangeRate: KRW to USD on 21-Sep-2012	1121.717904
2-ExchangeRate: KRW to USD on 30-Jun-2012	1157.641477

GS Global Corp Seoul, Korea, Republic of, Tel: 82-2-20055300, URL: http://www.gsgcorp.com

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	0.99	0.87	1.12	1.00	1.06
Quick/Acid Test Ratio	0.76	0.57	0.85	0.71	0.78
Working Capital1	-3.2	-56.4	16.8	-0.2	9.4
Long Term Debt/Equity	0.53	0.38	0.02	0.07	0.16
Total Debt/Equity	2.25	3.25	0.91	2.56	1.75
Long Term Debt/Total Capital	0.16	0.09	0.01	0.02	0.06
Total Debt/Total Capital	0.69	0.76	0.48	0.72	0.64
Interest Coverage	-	1,925,168,625.00	-	-	-
Payout Ratio	-42.10%	0.00%	0.00%	19.25%	0.00%
Effective Tax Rate	-	7.72%	5.11%	6.79%	-21.14%
Total Capital1	633.5	350.7	130.2	181.3	108.8
Efficiency
Asset Turnover	3.41	3.67	5.07	7.29	6.95
Inventory Turnover	19.95	18.09	26.31	35.25	35.57
Days In Inventory	18.30	20.18	13.87	10.36	10.26
Receivables Turnover	9.31	11.04	15.18	18.39	14.07
Days Receivables Outstanding	39.21	33.07	24.05	19.84	25.95
Revenue/Employee2	11,378,627	7,767,772	8,516,504	9,367,253	8,544,578
Operating Income/Employee2	-14,293	90,713	207,583	176,517	188,074
EBITDA/Employee2	8,666	96,216	223,548	183,396	192,508
Profitability
Gross Margin	3.05%	4.01%	5.92%	4.14%	4.55%
Operating Margin	-0.13%	1.17%	2.44%	1.88%	2.20%
EBITDA Margin	0.08%	1.24%	2.62%	1.96%	2.25%
EBIT Margin	-0.13%	1.17%	2.44%	1.88%	2.20%
Pretax Margin	-0.63%	1.30%	1.71%	1.78%	0.55%
Net Profit Margin	-0.21%	1.20%	1.61%	1.48%	0.67%
COGS/Revenue	96.95%	95.99%	94.06%	95.83%	95.45%
SG&A Expense/Revenue	2.59%	2.96%	3.38%	2.22%	2.29%
Management Effectiveness
Return on Assets	-1.82%	4.39%	8.22%	12.10%	4.64%
Return on Equity	-3.90%	22.79%	33.23%	54.69%	31.12%
Valuation
Free Cash Flow/Share2	-11.60	-4.98	6.76	-1.10	1.49
Operating Cash Flow/Share 2	-5.06	-4.42	6.87	-1.07	1.51
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)	55.90
Market Cap/Equity (MRQ)	1.38
Market Cap/Revenue (TTM)	0.09
Market Cap/EBIT (TTM)	17.34
Market Cap/EBITDA (TTM)	12.92
Enterprise Value/Earnings (TTM)	133.45
Enterprise Value/Equity (MRQ)	3.29
Enterprise Value/Revenue (TTM)	0.22
Enterprise Value/EBIT (TTM)	41.40
Enterprise Value/EBITDA (TTM)	30.83

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.61
UK Pound	1	Rs.83.57
Euro	1	Rs.67.17

INFORMATION DETAILS

Report Prepared by :

PDT

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%)

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