MIRA INFORM REPORT

 

 

Report Date :

04.09.2012

 

IDENTIFICATION DETAILS

 

Name :

POSCO M-TECH CO LTD

 

 

Formerly Known As :

SAMJUNG PACKING & ALUMINUM CO LTD

 

 

Registered Office :

608, Hyoja-Dong, Nam-Gu Pohang, 790330

 

 

 

 

Country :

South Korea

 

 

 

 

Financials (as on) :

31.12.2010

 

 

 

 

Date of Incorporation :

27.12.1973

 

 

 

 

Legal Form :

Public Parent

 

 

 

 

Line of Business :

Manufacturer engaged in the provision of steel raw materials and packing materials and services

 

 

 

 

No. of Employees :

955

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

Litigation :

Clear

 

 

NOTES :

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

 

ECGC Country Risk Classification List – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

South Korea

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

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

Posco M-Tech Co Ltd

                                                                                                                                                  

 

608, Hyoja-Dong, Nam-Gu

 

 

Pohang, 790330

Korea, Republic of

 

Tel:

82-54-2808114

Fax:

82-54-2808302

 

www.poscomtech.com

 

Employees:

955

Company Type:

Public Parent

Corporate Family:

3 Companies

Traded:

KOSDAQ:

009520

Incorporation Date:

27-Dec-1973

Auditor:

PricewaterhouseCoopers LLP

Financials in:

USD (mil)

 

 

Fiscal Year End:

31-Dec-2010

Reporting Currency:

South Korean Won

Annual Sales:

470.3  1

Net Income:

6.9

Total Assets:

267.5  2

Market Value:

220.7

 

(17-Aug-2012)

                                     

Business Description       

 

POSCO M-TECH CO.,LTD. is a Korea-based manufacturer engaged in the provision of steel raw materials and packing materials and services. The Company operates its business through three segments: steel raw materials segment, which provides aluminum ingots, pellets, mini-pellets, molybdenum briquette and ferro-molybdenum; packaging segment, which provides packaging materials used for steel packaging, and packaging services, as well as scraps, and engineering segment, which sales of packaging equipment, such as steel coil packaging lines, steel sheet dispensers, strap masters, inner-ring molders, outer-ring molders, steel automatic attaching facilities and others. On March 31, 2011, the Company changed its name from Samjung Packaging & Aluminum Co., Ltd. to POSCO M-TECH CO.,LTD. On May 20, 2011, the Company acquired 88.6% of RECO METAL CO.LTD. For the fiscal year ended 31 December 2010, POSCO M-TECH CO.,LTD.'s revenues totaled W543.77B. The Company's net income totaled W7.95B. Revenues and net income are not comparable to the previous period due to company stopped reporting non-consolidated financial statement since December 2010. POSCO M-TECH CO.,LTD., formerly Samjung Packaging & Aluminum Co., Ltd., is a manufacturer engaged in the provision of steel raw materials.

          

Industry                                                                                                                                      

 

Industry

Metal Mining

ANZSIC 2006:

213 - Basic Non-Ferrous Metal Manufacturing

NACE 2002:

2745 - Other non-ferrous metal production

NAICS 2002:

331314 - Secondary Smelting and Alloying of Aluminum

UK SIC 2003:

2745 - Other non-ferrous metal production

UK SIC 2007:

2445 - Other non-ferrous metal production

US SIC 1987:

3341 - Secondary Smelting and Refining of Nonferrous Metals

                        

Key Executives           

   

 

Name

Title

Yong Cheol Yoon

Chief Executive Officer, Director

Hwan Bae Yoo

Internal Auditor

Byung Gi Jang

Chief Executive Officer

Wan-Gu Yeo

Auditor

Jeong Gyu Kim

Director-Management

 

  Significant Developments                                

 

Topic

#*

Most Recent Headline

Date

Strategic Combinations

1

Samjung Packing & Aluminum Co., Ltd. to Jointly Establish New Company

31-Oct-2011

Business Deals

2

POSCO M-TECH CO.,LTD Signs Contract with POSCO

22-Jun-2012

General Products

1

POSCO M-TECH CO.,LTD to Invest in New Facilities

19-Jan-2012

Dividends

1

POSCO M-TECH CO.,LTD Declares Annual Cash Dividend for FY 2011

19-Jan-2012

* number of significant developments within the last 12 months

 

      

Financial Summary                                                                                                                   

 

As of 31-Dec-2010

Key Ratios

Company

Industry

Sales 5 Year Growth

12.93

6.76

 

 

 

   Stock Snapshot                                  

 

Traded: KOSDAQ: 009520

 

As of 17-Aug-2012

   Financials in: KRW

Recent Price

6,010.00

 

EPS

340.75

52 Week High

9,500.00

 

Price/Sales

0.46

52 Week Low

5,640.00

 

Dividend Rate

75.00

Avg. Volume (mil)

0.05

 

Price/Book

1.62

Market Value (mil)

250,256.40

 

Beta

0.73

 

Price % Change

Rel S&P 500%

4 Week

-1.31%

-7.58%

13 Week

1.35%

-7.20%

52 Week

-37.20%

-39.97%

Year to Date

-19.87%

-24.85%

 

 

1 - Profit & Loss Item Exchange Rate: USD 1 = KRW 1156.282
2 - Balance Sheet Item Exchange Rate: USD 1 = KRW 1134.9

 

Corporate Overview

 

Location
608, Hyoja-Dong, Nam-Gu
Pohang, 790330
Korea, Republic of

 

Tel:

82-54-2808114

Fax:

82-54-2808302

 

www.poscomtech.com

Quote Symbol - Exchange

009520 - KOSDAQ

Sales KRW(mil):

543,770.4

Assets KRW(mil):

303,537.2

Employees:

955

Fiscal Year End:

31-Dec-2010

 

Industry:

Metal Mining

Incorporation Date:

27-Dec-1973

Company Type:

Public Parent

Quoted Status:

Quoted

Previous Name:

Samjung Packing & Aluminum Co Ltd

 

Chief Executive Officer, Director:

Yong Cheol Yoon

 

Company Web Links

Corporate History/Profile

Executives

Financial Information

 

Home Page

Investor Relations

News Releases

 

Products/Services

Contents

Industry Codes

Business Description

Financial Data

Market Data

Key Corporate Relationships

Industry Codes

 

ANZSIC 2006 Codes:

213

-

Basic Non-Ferrous Metal Manufacturing

2499

-

Other Machinery and Equipment Manufacturing Not Elsewhere Classified

6999

-

Other Professional, Scientific and Technical Services Not Elsewhere Classified

3322

-

Metal and Mineral Wholesaling

 

NACE 2002 Codes:

2745

-

Other non-ferrous metal production

2924

-

Manufacture of other general purpose machinery not elsewhere classified

7487

-

Other business activities not elsewhere classified

5157

-

Wholesale of waste and scrap

 

NAICS 2002 Codes:

331314

-

Secondary Smelting and Alloying of Aluminum

561990

-

All Other Support Services

333993

-

Packaging Machinery Manufacturing

423930

-

Recyclable Material Merchant Wholesalers

 

US SIC 1987:

3341

-

Secondary Smelting and Refining of Nonferrous Metals

3565

-

Packaging Machinery

7389

-

Business Services, Not Elsewhere Classified

5093

-

Scrap and Waste Materials

 

UK SIC 2003:

2745

-

Other non-ferrous metal production

2924

-

Manufacture of other general purpose machinery not elsewhere classified

7487

-

Other business activities not elsewhere classified

5157

-

Wholesale of waste and scrap

 

UK SIC 2007:

2445

-

Other non-ferrous metal production

2829

-

Manufacture of other general-purpose machinery n.e.c.

8299

-

Other business support service activities n.e.c.

4677

-

Wholesale of waste and scrap

 

Business Description

POSCO M-TECH CO.,LTD. is a Korea-based manufacturer engaged in the provision of steel raw materials and packing materials and services. The Company operates its business through three segments: steel raw materials segment, which provides aluminum ingots, pellets, mini-pellets, molybdenum briquette and ferro-molybdenum; packaging segment, which provides packaging materials used for steel packaging, and packaging services, as well as scraps, and engineering segment, which sales of packaging equipment, such as steel coil packaging lines, steel sheet dispensers, strap masters, inner-ring molders, outer-ring molders, steel automatic attaching facilities and others. On March 31, 2011, the Company changed its name from Samjung Packaging & Aluminum Co., Ltd. to POSCO M-TECH CO.,LTD. On May 20, 2011, the Company acquired 88.6% of RECO METAL CO.LTD. For the fiscal year ended 31 December 2010, POSCO M-TECH CO.,LTD.'s revenues totaled W543.77B. The Company's net income totaled W7.95B. Revenues and net income are not comparable to the previous period due to company stopped reporting non-consolidated financial statement since December 2010. POSCO M-TECH CO.,LTD., formerly Samjung Packaging & Aluminum Co., Ltd., is a manufacturer engaged in the provision of steel raw materials.

 

 

More Business Descriptions

Manufacture of steel products and production of aluminium deoxidizer for steel products

Engineering Services

 

Iron and Steel Mills and Ferroalloy Manufacturing

 

 

 

 

 

 

 

Financial Data

 

Financials in:

KRW(mil)

 

Revenue:

543,770.4

Net Income:

7,949.4

Assets:

303,537.2

Long Term Debt:

5,347.4

 

Total Liabilities:

149,263.9

 

Working Capital:

41.2

 

 

 

Date of Financial Data:

31-Dec-2010

 

1 Year Growth

79.3%

102.1%

83.8%

 

 

Market Data

Quote Symbol:

009520

Exchange:

KOSDAQ

Currency:

KRW

Stock Price:

6,010.0

Stock Price Date:

08-17-2012

52 Week Price Change %:

-37.2

Market Value (mil):

250,256,400.0

 

SEDOL:

6103000

ISIN:

KR7009520008

 

Equity and Dept Distribution:

'03-'04, financials are consolidated ('03, CF N/A). '05-'08, non-consolidated. 11/10 right issue(F:1.072065) 03/31/2011, the company's name changed to POSCO M-TECH CO., LTD. 05/14/2012, Stock Split(F:10.000000).

 

 

Key Corporate Relationships

Auditor:

PricewaterhouseCoopers LLP

 

Auditor:

PricewaterhouseCoopers LLP

 

 

 

 

 

 

 

 

 

 

Corporate Structure News

Total Corporate Family Members: 3

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

Posco M-Tech Co Ltd

Parent

Pohang

Korea, Republic of

Metal Mining

470.3

955

9 Digit Co., Ltd.

Subsidiary

Inchon, Inchon

Korea, Republic of

Chemical Manufacturing

16.6

24

Reco Metal Co., Ltd.

Subsidiary

Hwasong, Kyonggi-Do

Korea, Republic of

Construction Services

5.6

14

 

 

 

 

Executives Report

 

 

Board of Directors

 

Name

Title

Function

Tae Gu Huh

 

Director

Director/Board Member

Biography:

Huh Tae Gu has been Director in POSCO M-TECH CO.,LTD. Huh is also working for POSCO. Huh holds a Bachelor's degree.

 

Age: 55

 

Yu Sik Jung

 

Managing Director

Director/Board Member

 

 

Biography:

Jung Yu Sik has been Managing Director of POSCO M-TECH CO.,LTD since March 18, 2011. Previously, Jung served as Assistant Managing Director of POSDATA and also worked for POSCO-China. Jung holds a Bachelor's degree from Hanyang University, Korea.

 

Age: 58

 

Education:

Hanyang University, B

 

Chang Gyun Kang

 

Vice President, Director

Director/Board Member

 

 

Biography:

Kang Chang Gyun is Vice President and Director of POSCO M-TECH CO.,LTD. Currently, Kang also serves as Assistant Managing Director of POSCO. Kang used to serve the Company as Assistant Managing Director. Previously, Kang served as Assistant Managing Director of POSCO. Kang holds a Bachelor's degree.

 

Age: 56

 

Bum-Ki Lee

 

Director

Director/Board Member

 

 

Wung Sun Yim

 

Non-Executive Independent Director

Director/Board Member

 

 

Biography:

Yim Wung Sun has been serving as Non-Executive Independent Director of POSCO M-TECH CO.,LTD since March 19, 2010. Previously, Yim served as Division Head of Woolim Resources Development Co., Ltd and also worked for POSCO. Yim holds a Master's degree.

 

Age: 46

 

Yong Cheol Yoon

 

Chief Executive Officer, Director

Director/Board Member

 

 

Biography:

Yoon Yong Cheol has been serving as Chief Executive Officer and Director of POSCO M-TECH CO.,LTD since March 19, 2010. Yoon also works for Research Institute of Industrial Science & Technology. Previously, Yoon worked for POSCO. Yoon holds a Bachelor's degree in Metallurgy from Korea University.

 

Age: 59

 

Education:

Korea University, B (Metallurgy)

 

 

Executives

 

Name

Title

Function

Byung Gi Jang

 

Chief Executive Officer

Chief Executive Officer

Yong Cheol Yoon

 

Chief Executive Officer, Director

Chief Executive Officer

Biography:

Yoon Yong Cheol has been serving as Chief Executive Officer and Director of POSCO M-TECH CO.,LTD since March 19, 2010. Yoon also works for Research Institute of Industrial Science & Technology. Previously, Yoon worked for POSCO. Yoon holds a Bachelor's degree in Metallurgy from Korea University.

 

Age: 59

 

Education:

Korea University, B (Metallurgy)

 

Gye Su Dong

 

Assistant Managing Director

Managing Director

 

 

Age: 56

 

Key-Soo Dong

 

Managing Director

Managing Director

 

 

Gyeong Hoe Gu

 

Assistant Managing Director

Managing Director

 

 

Age: 54

 

Yu Sik Jung

 

Managing Director

Managing Director

 

 

Biography:

Jung Yu Sik has been Managing Director of POSCO M-TECH CO.,LTD since March 18, 2011. Previously, Jung served as Assistant Managing Director of POSDATA and also worked for POSCO-China. Jung holds a Bachelor's degree from Hanyang University, Korea.

 

Age: 58

 

Education:

Hanyang University, B

 

Jin-Hyung Noh

 

Managing Director-Steel Raw Material

Managing Director

 

 

Gi Deok Park

 

Managing Director

Managing Director

 

 

Biography:

Park Gi Deok has been serving as Managing Director of POSCO M-TECH CO.,LTD since 2007. Previously, Park served as Assistant Managing Director at the Company and Head of Quality and Technology Division at POSCO. Park holds a Bachelor's degree in Metallurgical Engineering from University of Ulsan, Korea.

 

Age: 59

 

Education:

University of Ulsan, B (Metallurgical Engineering)

 

Eun Sik Son

 

Assistant Managing Director

Managing Director

 

 

Age: 53

 

Jeong Gyu Kim

 

Director-Management

Administration Executive

 

 

Wan-Gu Yeo

 

Auditor

Finance Executive

 

 

Hwan Bae Yoo

 

Internal Auditor

Accounting Executive

 

 

Biography:

Yoo Hwan Bae has been serving as Internal Auditor of POSCO M-TECH CO.,LTD since March 19, 2009. Yoo is also Managing Director of a Korea-based company. Yoo was a Group Leader of POSCO e-Learning previously. Yoo holds a Bachelor's degree from Kyungpook National University, Korea.

 

Age: 57

 

Education:

Kyungpook National University, B

 

Jung Jae Lee

 

Manager-Recruitment

Human Resources Executive

 

 

Gwan-Do Lee

 

Director-Engineering

Engineering/Technical Executive

 

 

 

 Significant Developments

 

 

 

 

POSCO M-TECH CO.,LTD Signs Contract with POSCO

Jun 22, 2012


POSCO M-TECH CO.,LTD announced that it has signed a contract with POSCO to provide operation service of magnesium smelting factory. The contract amount is KRW 13,498,100,000.

POSCO M-TECH CO.,LTD to Invest in New Facilities

Jan 19, 2012


POSCO M-TECH CO.,LTD announced that it will invest KRW 3,235 million in new facilities to increase the production, during the period from February 1, 2012 to May 31, 2012.

POSCO M-TECH CO.,LTD Declares Annual Cash Dividend for FY 2011

Jan 19, 2012


POSCO M-TECH CO.,LTD announced that it has declared an annual cash dividend of KRW 750 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 0.97% and the total amount of the cash dividend is KRW 3,123 million.

POSCO M-TECH CO.,LTD Signs Contract with POSCO

Jan 06, 2012


POSCO M-TECH CO.,LTD announced that it has signed a contract with POSCO to supply Al-ingot, Al-pellet, Al-mini pellet and high definition Al-mini pellet. The contract amount is KRW 93,191,880,000.

Samjung Packing & Aluminum Co., Ltd. to Jointly Establish New Company

Oct 31, 2011


Samjung Packing & Aluminum Co., Ltd. announced that it will jointly establish a new Korea-based company, to foray into high purity alumina business. The new entity, to be capitalized at KRW 20 billion, will be mainly engaged in the high purity alumina business. The expected transaction settlement date is December 30, 2011. The Company will invest KRW 10.2 billion, holding a 51% stake in it.

 

 

 

 

Annual Income Statement

 

Financials in: USD (mil)

 

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

 

 

 

 

 

  Financial Glossary

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2007

Updated Normal
31-Dec-2006

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1156.281981

1276.385219

1100.562842

929.183333

955.035724

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Sahmduk Accounting Corp.

Sahmduk Accounting Corp.

Auditor Opinion

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

470.3

237.6

339.5

277.3

237.1

Revenue

470.3

237.6

339.5

277.3

237.1

    Other Revenue

-

0.0

0.0

0.0

-

Other Revenue, Total

-

0.0

0.0

0.0

-

Total Revenue

470.3

237.7

339.5

277.3

237.1

 

 

 

 

 

 

    Cost of Revenue

445.4

224.2

320.0

258.0

218.1

Cost of Revenue, Total

445.4

224.2

320.0

258.0

218.1

Gross Profit

24.9

13.4

19.6

19.2

19.0

 

 

 

 

 

 

    Selling/General/Administrative Expense

4.3

1.4

2.6

2.1

2.9

    Labor & Related Expense

5.7

3.5

4.2

5.8

6.3

    Advertising Expense

0.2

0.2

0.2

0.1

0.1

Total Selling/General/Administrative Expenses

10.2

5.1

7.0

8.0

9.3

Research & Development

0.3

0.0

-

0.8

-

    Depreciation

0.3

0.4

0.6

0.4

0.4

    Amortization of Intangibles

1.3

0.6

0.5

0.1

0.1

Depreciation/Amortization

1.6

1.0

1.2

0.5

0.4

Total Operating Expense

457.5

230.4

328.1

267.3

227.8

 

 

 

 

 

 

Operating Income

12.7

7.2

11.5

10.0

9.3

 

 

 

 

 

 

        Interest Expense - Non-Operating

-3.5

-2.9

-3.7

-3.2

-2.4

    Interest Expense, Net Non-Operating

-3.5

-2.9

-3.7

-3.2

-2.4

        Interest Income - Non-Operating

1.5

1.0

1.5

3.1

1.9

        Investment Income - Non-Operating

-3.3

-1.7

-21.6

5.8

5.4

    Interest/Investment Income - Non-Operating

-1.7

-0.7

-20.1

9.0

7.3

Interest Income (Expense) - Net Non-Operating Total

-5.2

-3.6

-23.8

5.8

4.9

Gain (Loss) on Sale of Assets

-0.4

0.0

0.0

-0.3

-0.3

    Other Non-Operating Income (Expense)

0.1

0.2

-0.1

-0.8

-0.2

Other, Net

0.1

0.2

-0.1

-0.8

-0.2

Income Before Tax

7.3

3.9

-12.5

14.6

13.7

 

 

 

 

 

 

Total Income Tax

0.4

0.8

-3.4

3.1

3.8

Income After Tax

6.9

3.1

-9.1

11.5

9.9

 

 

 

 

 

 

    Minority Interest

-0.2

-

-

0.0

0.0

    Equity In Affiliates

0.2

-

-

-

-

Net Income Before Extraord Items

6.9

3.1

-9.1

11.5

9.9

Net Income

6.9

3.1

-9.1

11.5

9.9

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

6.9

3.1

-9.1

11.5

9.9

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

6.9

3.1

-9.1

11.5

9.9

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

26.7

27.3

27.2

27.0

27.0

Basic EPS Excl Extraord Items

0.26

0.11

-0.34

0.43

0.37

Basic/Primary EPS Incl Extraord Items

0.26

0.11

-0.34

0.43

0.37

Dilution Adjustment

0.0

0.0

0.0

-

-

Diluted Net Income

6.9

3.1

-9.1

11.5

9.9

Diluted Weighted Average Shares

26.7

27.3

27.2

27.0

27.0

Diluted EPS Excl Extraord Items

0.26

0.11

-0.34

0.43

0.37

Diluted EPS Incl Extraord Items

0.26

0.11

-0.34

0.43

0.37

Dividends per Share - Common Stock Primary Issue

0.06

0.05

0.04

0.08

0.07

Gross Dividends - Common Stock

2.7

1.5

0.6

2.0

2.0

Interest Expense, Supplemental

3.5

2.9

3.7

3.2

2.4

Depreciation, Supplemental

3.0

3.5

3.8

3.4

2.4

Total Special Items

1.0

0.0

0.0

0.3

0.3

Normalized Income Before Tax

8.3

3.9

-12.5

15.0

14.0

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.0

0.0

0.0

0.1

0.1

Inc Tax Ex Impact of Sp Items

0.5

0.8

-3.4

3.1

3.9

Normalized Income After Tax

7.9

3.1

-9.1

11.8

10.1

 

 

 

 

 

 

Normalized Inc. Avail to Com.

7.9

3.1

-9.1

11.8

10.1

 

 

 

 

 

 

Basic Normalized EPS

0.29

0.11

-0.33

0.44

0.37

Diluted Normalized EPS

0.29

0.11

-0.33

0.44

0.37

Amort of Acquisition Costs, Supplemental

0.6

-

-

-

-

Amort of Intangibles, Supplemental

0.7

0.6

0.5

0.1

0.1

Rental Expenses

0.1

0.0

0.0

0.0

0.0

Advertising Expense, Supplemental

0.2

0.2

0.2

0.1

0.1

Research & Development Exp, Supplemental

0.3

0.0

-

0.8

-

Normalized EBIT

12.7

7.2

11.5

10.0

9.3

Normalized EBITDA

17.1

11.4

15.8

13.5

11.7

 

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

  Financial Glossary

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2007

Updated Normal
31-Dec-2006

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate

1134.9

1164.475

1259.55

936.05

930

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Sahmduk Accounting Corp.

Sahmduk Accounting Corp.

Auditor Opinion

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

21.6

0.8

1.3

1.2

9.4

    Short Term Investments

57.3

0.2

1.4

57.3

62.2

Cash and Short Term Investments

78.9

1.0

2.7

58.5

71.6

        Accounts Receivable - Trade, Gross

70.5

39.7

19.1

19.1

15.6

        Provision for Doubtful Accounts

-0.1

-

-

-

-

    Trade Accounts Receivable - Net

72.7

41.2

20.2

22.2

17.1

    Other Receivables

2.7

0.4

1.3

0.3

0.7

Total Receivables, Net

75.5

41.6

21.6

22.5

17.8

    Inventories - Finished Goods

19.9

13.9

11.6

14.8

6.8

    Inventories - Raw Materials

24.7

7.6

5.0

7.0

5.4

    Inventories - Other

6.5

1.5

3.4

6.4

7.3

Total Inventory

51.1

23.0

20.0

28.2

19.5

Prepaid Expenses

0.2

0.2

0.2

0.1

0.3

    Deferred Income Tax - Current Asset

0.4

0.5

0.1

-

-

    Other Current Assets

-

-

0.2

-

-

Other Current Assets, Total

0.4

0.5

0.4

-

-

Total Current Assets

206.0

66.3

44.9

109.3

109.2

 

 

 

 

 

 

        Buildings

9.6

5.5

7.1

9.5

9.5

        Land/Improvements

5.6

3.8

3.1

4.2

4.2

        Machinery/Equipment

37.7

37.2

35.7

43.9

36.4

        Construction in Progress

3.0

0.4

0.0

4.1

-

    Property/Plant/Equipment - Gross

55.9

46.9

45.9

61.6

50.1

    Accumulated Depreciation

-33.6

-32.2

-29.5

-36.8

-34.3

Property/Plant/Equipment - Net

22.2

14.7

16.4

24.9

15.8

Goodwill, Net

3.6

-

-

-

-

Intangibles, Net

2.4

3.0

3.1

0.2

0.3

    LT Investment - Affiliate Companies

14.9

15.1

15.0

-

-

    LT Investments - Other

15.7

41.4

38.5

18.4

12.8

Long Term Investments

30.6

56.5

53.5

18.4

12.8

Note Receivable - Long Term

0.0

-

-

-

-

    Deferred Income Tax - Long Term Asset

1.0

0.3

3.3

-

0.2

    Other Long Term Assets

1.7

1.1

1.6

2.0

1.3

Other Long Term Assets, Total

2.7

1.4

4.9

2.0

1.5

Total Assets

267.5

141.8

122.8

154.8

139.6

 

 

 

 

 

 

Accounts Payable

23.4

11.6

12.2

8.0

12.2

Accrued Expenses

2.2

1.8

3.6

5.0

4.6

Notes Payable/Short Term Debt

84.0

60.3

52.4

42.7

33.3

Current Portion - Long Term Debt/Capital Leases

1.0

0.1

0.1

0.0

-

    Customer Advances

0.0

-

0.3

-

0.0

    Income Taxes Payable

5.1

-

0.0

0.2

1.4

    Other Payables

4.3

1.9

1.1

3.5

3.1

    Deferred Income Tax - Current Liability

0.5

-

-

2.9

1.4

    Other Current Liabilities

0.9

0.8

1.0

0.9

0.5

Other Current liabilities, Total

10.8

2.7

2.4

7.4

6.4

Total Current Liabilities

121.4

76.5

70.7

63.3

56.6

 

 

 

 

 

 

    Long Term Debt

4.7

2.2

2.2

0.9

0.9

Total Long Term Debt

4.7

2.2

2.2

0.9

0.9

Total Debt

89.7

62.6

54.8

43.6

34.2

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

0.4

-

-

0.0

-

Deferred Income Tax

0.4

-

-

0.0

-

Minority Interest

0.8

-

-

-

-

    Pension Benefits - Underfunded

4.1

4.2

4.8

7.6

8.0

Other Liabilities, Total

4.1

4.2

4.8

7.6

8.0

Total Liabilities

131.5

82.9

77.7

71.7

65.5

 

 

 

 

 

 

    Common Stock

18.3

12.9

11.9

16.0

16.1

Common Stock

18.3

12.9

11.9

16.0

16.1

Additional Paid-In Capital

66.7

9.3

8.6

14.3

12.3

Retained Earnings (Accumulated Deficit)

49.5

43.0

37.2

62.8

53.7

Treasury Stock - Common

-

-5.3

-4.9

-10.0

-7.9

Unrealized Gain (Loss)

1.4

-1.0

-7.7

-

0.0

Total Equity

135.9

58.9

45.1

83.1

74.1

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

267.5

141.8

122.8

154.8

139.6

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

41.6

27.3

27.3

27.0

27.0

Total Common Shares Outstanding

41.6

27.3

27.3

27.0

27.0

Treasury Shares - Common Stock Primary Issue

0.0

4.8

4.8

5.2

5.2

Employees

955

922

984

1,057

1,122

Number of Common Shareholders

3,877

975

1,073

1,028

1,025

Deferred Revenue - Current

0.0

-

0.3

0.9

0.5

Total Long Term Debt, Supplemental

5.7

2.4

2.3

0.9

0.9

Long Term Debt Maturing within 1 Year

1.0

0.1

0.1

0.0

0.0

Long Term Debt Maturing in Year 2

0.9

0.1

0.1

0.2

0.0

Long Term Debt Maturing in Year 3

0.8

0.1

0.1

0.2

0.2

Long Term Debt Maturing in Year 4

0.7

0.2

0.1

0.2

0.2

Long Term Debt Maturing in 2-3 Years

1.6

0.3

0.3

0.4

0.2

Long Term Debt Maturing in 4-5 Years

0.7

0.2

0.1

0.2

0.2

Long Term Debt Matur. in Year 6 & Beyond

2.3

1.7

1.8

0.3

0.5

Total Operating Leases, Supplemental

0.5

-

-

-

-

Operating Lease Payments Due in Year 1

0.2

-

-

-

-

Operating Lease Payments Due in Year 2

0.1

-

-

-

-

Operating Lease Payments Due in Year 3

0.1

-

-

-

-

Operating Lease Payments Due in Year 4

0.1

-

-

-

-

Operating Lease Payments Due in Year 5

0.1

-

-

-

-

Operating Lease Pymts. Due in 2-3 Years

0.1

-

-

-

-

Operating Lease Pymts. Due in 4-5 Years

0.1

-

-

-

-

Oper. Lse. Pymts. Due in Year 6 & Beyond

0.0

-

-

-

-

 

 

 

Annual Cash Flows

Financials in: USD (mil)

 

  Financial Glossary

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2007

Updated Normal
31-Dec-2006

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1156.281981

1276.385219

1100.562842

929.183333

955.035724

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Sahmduk Accounting Corp.

Sahmduk Accounting Corp.

Auditor Opinion

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

7.1

3.1

-9.1

11.5

9.9

    Depreciation

3.0

3.5

3.8

3.4

2.4

Depreciation/Depletion

3.0

3.5

3.8

3.4

2.4

    Amortization of Intangibles

1.4

0.6

0.5

0.1

0.1

Amortization

1.4

0.6

0.5

0.1

0.1

Deferred Taxes

-0.4

0.8

-3.9

1.6

1.9

    Unusual Items

1.3

1.5

10.7

-5.9

-3.6

    Equity in Net Earnings (Loss)

0.2

0.0

0.1

-

0.0

    Other Non-Cash Items

4.2

3.2

6.8

5.4

3.8

Non-Cash Items

5.6

4.7

17.6

-0.5

0.2

    Accounts Receivable

-32.6

-16.8

-5.7

-5.1

5.6

    Inventories

-18.8

-0.7

-0.8

-12.0

-4.0

    Prepaid Expenses

-3.6

0.3

-0.6

0.9

1.0

    Other Assets

-

0.2

-

-

-

    Accounts Payable

13.4

-0.8

5.3

-3.6

-3.1

    Accrued Expenses

0.3

-1.9

-0.2

0.4

-1.8

    Taxes Payable

0.5

0.0

-0.3

-1.2

0.2

    Other Liabilities

-4.5

-4.5

-4.7

-4.9

-8.9

Changes in Working Capital

-45.3

-24.2

-6.8

-25.5

-11.0

Cash from Operating Activities

-28.7

-11.4

2.0

-9.3

3.3

 

 

 

 

 

 

    Purchase of Fixed Assets

-7.9

-3.0

-3.9

-13.1

-2.1

    Purchase/Acquisition of Intangibles

-0.5

-0.3

-1.5

-0.1

-0.1

Capital Expenditures

-8.4

-3.3

-5.4

-13.2

-2.2

    Sale of Fixed Assets

0.5

2.4

0.1

0.4

0.4

    Sale/Maturity of Investment

29.5

15.1

21.7

64.4

76.5

    Purchase of Investments

-56.6

-6.4

-39.9

-57.0

-66.8

    Other Investing Cash Flow

-0.6

0.6

0.0

-0.7

-0.7

Other Investing Cash Flow Items, Total

-27.1

11.7

-18.1

7.2

9.5

Cash from Investing Activities

-35.5

8.3

-23.5

-6.0

7.2

 

 

 

 

 

 

    Other Financing Cash Flow

-3.6

-0.1

0.0

-

0.0

Financing Cash Flow Items

-3.6

-0.1

0.0

-

0.0

    Cash Dividends Paid - Common

-1.7

-0.5

-1.7

-2.0

-2.0

Total Cash Dividends Paid

-1.7

-0.5

-1.7

-2.0

-2.0

        Sale/Issuance of Common

70.9

-

0.7

-

0.0

        Repurchase/Retirement of Common

-

-

-

-

0.0

    Common Stock, Net

70.9

-

0.7

-

0.0

Issuance (Retirement) of Stock, Net

70.9

-

0.7

-

0.0

        Short Term Debt Issued

323.2

159.9

207.4

160.7

97.9

        Short Term Debt Reduction

-305.0

-156.7

-186.3

-151.5

-98.6

    Short Term Debt, Net

18.2

3.2

21.1

9.2

-0.8

        Long Term Debt Issued

1.1

-

1.9

-

0.0

        Long Term Debt Reduction

-0.3

-

-

-

0.0

    Long Term Debt, Net

0.8

-

1.9

-

0.0

Issuance (Retirement) of Debt, Net

19.0

3.2

23.0

9.2

-0.8

Cash from Financing Activities

84.6

2.5

21.9

7.2

-2.7

 

 

 

 

 

 

Net Change in Cash

20.4

-0.6

0.5

-8.2

7.8

 

 

 

 

 

 

Net Cash - Beginning Balance

0.8

1.3

1.0

9.5

1.4

Net Cash - Ending Balance

21.2

0.7

1.5

1.2

9.2

 

 

 

 

Annual Income Statement

Financials in: USD (mil)

 

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

 

 

 

 

 

 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2007

Updated Normal
31-Dec-2006

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1156.281981

1276.385219

1100.562842

929.183333

955.035724

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Sahmduk Accounting Corp.

Sahmduk Accounting Corp.

Auditor Opinion

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Finished Products

297.9

174.8

252.7

264.4

222.9

    Merchandise Revenues

154.6

54.7

61.7

7.9

0.2

    Engineering Revenue

17.7

8.2

25.1

4.9

13.9

    Service Revenue

0.1

-

-

-

-

    Other Revenue

-

0.0

0.0

0.0

-

Total Revenue

470.3

237.7

339.5

277.3

237.1

 

 

 

 

 

 

    Cost of Finish. Good

275.5

161.7

236.3

245.7

205.4

    Cost-Merchandise

153.2

54.1

60.2

7.7

0.2

    Cost-Engineering

16.6

8.4

23.4

4.6

12.4

    Cost-Services

0.0

-

-

-

-

    Salaries

3.9

2.3

2.4

3.4

3.7

    Retirement Allowance

0.7

0.3

0.4

0.8

0.6

    Voluntary Retirement Payment

-

0.1

0.4

0.2

-

    Employee Benefits

1.1

0.9

1.0

1.5

2.0

    Education & Training

0.4

0.1

0.0

0.2

0.2

    Travel Expenses

0.2

0.1

0.1

0.2

0.2

    Communication Exp.

0.1

0.0

0.1

0.1

0.1

    Utility Expenses

0.1

0.0

0.0

0.0

0.0

    Taxes and Dues

0.1

0.1

0.1

0.1

0.1

    Repair Expenses

0.2

0.2

0.1

0.2

0.3

    Rent

0.1

0.0

0.0

0.0

0.0

    Depreciation Expense

0.3

0.4

0.6

0.4

0.4

    Advertising Expense

0.1

0.2

0.2

0.1

0.1

    Marketing Expense

0.0

0.0

0.0

-

-

    Amortization-Intangibles

1.3

0.6

0.5

0.1

0.1

    Research & Development Expense

0.3

0.0

-

0.8

-

    Shipping/Handling

0.5

0.2

0.4

0.3

0.1

    Packaging Expenses

0.0

0.0

0.1

0.1

0.1

    Vehicles Expense

0.1

0.0

0.0

0.0

0.1

    Vehicles Leasing Expense

0.0

-

-

-

-

    Commissions Paid

1.8

0.5

1.4

0.7

1.4

    Sales Commissions

0.1

0.0

0.1

0.0

0.0

    Consumable Expense

0.2

0.0

0.1

0.1

0.1

    Printing Expense

0.0

0.0

0.0

0.1

0.1

    Insurance Expenses

0.1

0.0

0.1

0.0

0.0

    Entertainment

0.1

0.0

0.0

0.1

0.1

    Guaranteed Commission

0.0

-

-

-

-

    Other Exporting Related Expense

0.0

-

-

-

-

    Expense-Samples

0.0

-

-

-

-

    Provision-Bad Debt

0.2

-

-

-

-

    Association Due

0.0

-

-

-

-

Total Operating Expense

457.5

230.4

328.1

267.3

227.8

 

 

 

 

 

 

    Interest Income

1.5

1.0

1.5

3.1

1.9

    Dividend Income

0.0

0.0

0.0

0.0

0.0

    Recovery-Loan Loss Reserve

0.0

-

-

-

-

    Other Non-Op. Income

0.3

0.2

0.7

0.6

0.3

    Recovery of Tariffs

-

-

-

-

0.0

    G-For Curr Transactn

3.7

2.3

4.7

0.7

2.0

    G-For Exch Translatn

0.1

0.1

0.8

0.0

0.1

    Gain-Derivatives Transactions

-

0.8

-

-

-

    G-ST Secs Valu

-

-

0.3

6.6

2.9

    Gain-Valuation of Derivatives

-

-

0.2

-

-

    G-ST Secs Disp.

-

-

-

0.9

1.8

    G-Secs. for Sale Disposal

0.9

1.2

-

1.6

0.2

    G-Disp Securities under Equity Method

-

-

-

-

0.0

    Gain-Disposal of Other Fixed Assets

-

-

0.1

-

-

    G-Tang Asst Disposal

0.1

0.3

0.1

0.1

0.1

    Gain-Disposal of inventory

-

-

-

0.0

-

    Interest Expense, Non-Operating

-3.5

-2.9

-3.7

-3.2

-2.4

    L-prior Error Adjustments

-

-

-

-

0.0

    Donations Paid

0.0

0.0

-0.8

-0.9

0.0

    Addl Income Tax Paid

-

-

-

-

-0.5

    Miscellaneous Non-Operating Expense

-0.1

0.0

0.0

-0.5

0.0

    Bad Debt Expense

0.0

-

-

-

-

    L-For Curr Transactn

-3.9

-2.3

-15.4

-0.6

-0.6

    L-For Exch Translatn

-0.7

-0.3

-3.3

-0.5

0.0

    Loss-Derivatives Transaction

-

0.0

-

-

-

    Loss-Valuation of Derivatives

-

-

0.0

-

-

    Loss-Valuation of ST Financial Assets

-

-

-0.5

-

-

    L-ST Secs Valu.

-

-

-2.4

-0.4

-0.6

    Loss-Reduction of Intangible Assets

-1.0

-

-

-

-

    Loss-Reduct. of Sec. Available-Sale

-

-2.2

-5.9

-

-

    Loss-Depletion of inventory

-

-

0.0

-2.4

-

    Loss-Disposal of Sec Available-Sale

-2.2

-1.3

0.0

-

-

    L-ST Secs Disp.

-

-

-

0.0

-0.4

    L-Tang.Asst Disposal

-0.1

-0.2

0.0

-0.2

-0.3

    L-Trade Receivable Disposal

-0.4

-0.1

-0.1

-0.2

0.0

    Loss-Disposal of inventory

-

-

-

0.0

-

    Loss under Equity Method

-0.2

0.0

-0.1

-

0.0

Net Income Before Taxes

7.3

3.9

-12.5

14.6

13.7

 

 

 

 

 

 

Provision for Income Taxes

0.4

0.8

-3.4

3.1

3.8

Net Income After Taxes

6.9

3.1

-9.1

11.5

9.9

 

 

 

 

 

 

    Minority Interest Gain

-0.2

-

-

0.0

0.0

    Earning Before Acquisition of Subsidiary

0.2

-

-

-

-

Net Income Before Extra. Items

6.9

3.1

-9.1

11.5

9.9

Net Income

6.9

3.1

-9.1

11.5

9.9

 

 

 

 

 

 

Income Available to Com Excl E

6.9

3.1

-9.1

11.5

9.9

 

 

 

 

 

 

Income Available to Com Incl E

6.9

3.1

-9.1

11.5

9.9

 

 

 

 

 

 

Basic Weighted Average Shares

26.7

27.3

27.2

27.0

27.0

Basic EPS Excluding ExtraOrdin

0.26

0.11

-0.34

0.43

0.37

Basic EPS Including ExtraOrdin

0.26

0.11

-0.34

0.43

0.37

Dilution Adjustment

0.0

0.0

0.0

-

-

Diluted Net Income

6.9

3.1

-9.1

11.5

9.9

Diluted Weighted Average Share

26.7

27.3

27.2

27.0

27.0

Diluted EPS Excluding ExtraOrd

0.26

0.11

-0.34

0.43

0.37

Diluted EPS Including ExtraOrd

0.26

0.11

-0.34

0.43

0.37

DPS-Common Stock

0.06

0.05

0.04

0.08

0.07

Gross Dividends - Common Stock

2.7

1.5

0.6

2.0

2.0

Normalized Income Before Taxes

8.3

3.9

-12.5

15.0

14.0

 

 

 

 

 

 

Inc Tax Ex. Impact of Sp Items

0.5

0.8

-3.4

3.1

3.9

Normalized Income After Taxes

7.9

3.1

-9.1

11.8

10.1

 

 

 

 

 

 

Normalized Inc. Avail to Com.

7.9

3.1

-9.1

11.8

10.1

 

 

 

 

 

 

Basic Normalized EPS

0.29

0.11

-0.33

0.44

0.37

Diluted Normalized EPS

0.29

0.11

-0.33

0.44

0.37

R&D Expense, Supplemental

0.3

0.0

-

0.8

-

Advertising Expense

0.2

0.2

0.2

0.1

0.1

Rental Expense

0.1

0.0

0.0

0.0

0.0

Interest Expense

3.5

2.9

3.7

3.2

2.4

Depreciation

3.0

3.5

3.8

3.4

2.4

Amort of Acquisition Costs, Supplemental

0.6

-

-

-

-

Amort of Intangibles, Suppleme

0.7

0.6

0.5

0.1

0.1

 

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2007

Updated Normal
31-Dec-2006

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate

1134.9

1164.475

1259.55

936.05

930

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Sahmduk Accounting Corp.

Sahmduk Accounting Corp.

Auditor Opinion

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash/Equivalents

21.6

0.8

1.3

1.2

9.4

    Cash & Equivalents-Government Subsidy

0.0

-

-

-

-

    ST Finl Assets

57.3

0.2

1.4

14.6

6.9

    ST Secs for Sale

-

-

-

42.7

55.3

    ST Investment Assets

0.0

-

-

-

-

    Sec. Held-to-Maturity

-

-

-

-

0.0

    Trade Rcvbls,G

70.5

39.7

19.1

19.1

15.6

    Reserve-Doubtful Account

-0.1

-

-

-

-

    Other Rcvbls

2.7

0.4

1.3

0.3

0.7

    ST Loan, Net

-

-

-

0.0

-

    Receivable-Recovery of Taxes

0.0

-

-

-

-

    Accrued Income

2.4

1.5

1.1

3.1

1.5

    Advance Payments

4.2

0.2

0.5

2.6

3.4

    Deferred Income Taxes-Debit, Current

0.4

0.5

0.1

-

-

    Prepaid Expenses

0.2

0.2

0.2

0.1

0.3

    Derivatives

-

-

0.2

-

-

    Merchandises

4.2

2.5

3.5

9.5

0.0

    Allowance for Loss on Valuation of Merch

-

-0.7

-1.2

-

-

    Finished Goods

2.2

2.5

5.4

4.5

6.8

    Allowance for Loss on Valuation of Finis

-

-0.6

-0.6

-

-

    Goods in Transit

12.2

9.2

2.8

-

-

    Semi-finished Goods

1.3

1.1

1.6

0.8

-

    Raw Materials

24.7

7.6

5.2

7.0

5.4

    Allowance for Loss on Valuation of Raw M

-

-

-0.2

-

-

    Supplies

2.3

1.2

2.9

3.8

4.0

Total Current Assets

206.0

66.3

44.9

109.3

109.2

 

 

 

 

 

 

    LT Finl Assets

15.5

15.8

11.4

18.1

11.9

    Secs for Sale

0.1

25.6

27.1

0.3

0.8

    Secs-Maturity

-

-

-

-

0.1

    Equity Method Investment Securities

14.9

15.1

15.0

-

-

    LT Loan

0.0

-

-

-

-

    LT Guarantee Dep

1.7

1.1

1.6

2.0

1.3

    LA Deferred Tax

1.0

0.3

3.3

-

0.2

    Land

5.6

3.8

3.1

4.2

4.2

    Buildings

8.5

4.7

6.3

8.4

8.4

    Deprec-Buildings

-2.2

-1.8

-2.3

-2.8

-2.7

    Structures

1.1

0.8

0.8

1.1

1.1

    Deprec-Structure

-0.6

-0.6

-0.6

-0.7

-0.7

    Tools/Equip./Fix

7.4

6.8

5.9

5.9

5.0

    Depr-Tool/Equip

-6.1

-5.4

-4.4

-4.8

-4.1

    Machinery/Equip.

29.2

28.8

28.1

35.7

29.1

    Machinery & Equipment-Government Subsidy

-0.6

-

-

-

-

    Depr-Mach/Equip.

-23.3

-22.9

-20.8

-26.5

-25.0

    Transport Equip.

1.6

1.7

1.7

2.3

2.2

    Deprec-Transport

-1.5

-1.5

-1.5

-1.9

-1.8

    Construction in Progress

3.0

0.4

0.0

4.1

-

    Industrial Patnt

0.1

0.0

0.0

0.0

0.0

    Software

-

-

-

0.2

0.2

    Development Cost

1.8

0.8

0.4

-

-

    Development Cost-Government Subsidy

-1.1

-

-

-

-

    Other Intangible

1.5

2.1

2.6

-

-

    Goodwill

3.6

-

-

-

-

Total Assets

267.5

141.8

122.8

154.8

139.6

 

 

 

 

 

 

    Trade Payable

23.4

11.6

12.2

8.0

12.2

    Accounts Payable

4.3

1.9

1.1

3.5

3.1

    ST Borrowings

84.0

29.1

22.3

13.0

21.1

    ST Borrowings in Foreign Currency

-

31.1

30.1

29.7

12.2

    Advances Received

0.0

-

0.3

-

0.0

    Unearned Income

-

-

-

-

0.0

    Current Portion of LT Debt

1.0

0.1

0.1

0.0

-

    Derivatives in Liabilities, Current

-

-

0.0

-

-

    Deposit Withheld

0.9

0.8

1.0

0.9

0.5

    VAT Withheld

-

-

-

1.7

1.0

    Accrued Expenses

2.2

1.8

3.6

3.3

3.6

    Income Taxes Payable

5.1

-

0.0

0.2

1.4

    Dfrd Taxes

0.5

-

-

2.9

1.4

Total Current Liability

121.4

76.5

70.7

63.3

56.6

 

 

 

 

 

 

    LT Borrowings

4.7

2.2

2.2

0.9

0.9

Total Long Term Debt

4.7

2.2

2.2

0.9

0.9

 

 

 

 

 

 

    Deferred Income Tax, Credit

0.4

-

-

0.0

-

    Retirement Resrv

14.3

13.9

14.7

7.6

8.0

    Deposit-Retirement Insurance

-10.5

-9.6

-9.7

-

-

    Transfer to National Pension Fund

-0.1

-0.1

-0.2

-

-

    Transfer to National Pension Fund-Govern

0.6

-

-

-

-

    Plan Assets

-0.1

-

-

-

-

    Minority Interest

0.8

-

-

-

-

Total Liabilities

131.5

82.9

77.7

71.7

65.5

 

 

 

 

 

 

    Common Stock

18.3

12.9

11.9

16.0

16.1

    Paid-in Capital

44.1

1.1

1.0

1.4

1.4

    Othr Cap Surplus

14.6

0.4

0.4

3.3

1.1

    Asst Revalu Rsv

8.0

7.8

7.2

9.7

9.8

    Rsv-Repurch Stk

-

-

-

-

0.2

    Reserve-Legal

5.8

5.4

5.0

6.1

5.6

    Rsv-Finl Restruc

-

-

-

-

0.0

    Rsv-Busines Expn

-

-

-

-

2.6

    Voluntary Reserve

36.0

33.8

39.6

44.8

34.7

    Ret Earn Carried

7.7

3.8

-7.4

11.8

10.6

    Capital Change, Equity Method

1.4

1.7

2.4

-

-

    Loss-Valu. of Sec. Available for Sale

-

-2.7

-10.1

-

0.0

    Treasury Stock

-

-5.3

-4.9

-10.0

-7.9

Total Equity

135.9

58.9

45.1

83.1

74.1

 

 

 

 

 

 

Total Liabilities & Shareholde

267.5

141.8

122.8

154.8

139.6

 

 

 

 

 

 

    S/O-Common Stock

41.6

27.3

27.3

27.0

27.0

Total Common Shares Outstandin

41.6

27.3

27.3

27.0

27.0

T/S-Common Stock

0.0

4.8

4.8

5.2

5.2

Deferred Revenue, Current

0.0

-

0.3

0.9

0.5

Full-Time Employees

955

922

984

1,057

1,122

Number of Common Shareholders

3,877

975

1,073

1,028

1,025

LT Debt due in Year 1

1.0

0.1

0.1

0.0

-

LT Debt in 2 Years

0.9

0.1

0.1

0.2

0.0

LT Debt 3 yrs

0.8

0.1

0.1

0.2

0.2

LT Debt 4 yrs

0.7

0.2

0.1

0.2

0.2

Long Term Debt - Remaining Maturities

2.3

1.7

1.8

0.3

0.5

Total Long Term Debt, Supplemental

5.7

2.4

2.3

0.9

0.9

Operating Lease Pymts. Due within 1Year

0.2

-

-

-

-

Operating Lease Payments Due in Year 5

0.2

-

-

-

-

Total Operating Leases

0.5

-

-

-

-

 

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2007

Updated Normal
31-Dec-2006

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1156.281981

1276.385219

1100.562842

929.183333

955.035724

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Sahmduk Accounting Corp.

Sahmduk Accounting Corp.

Auditor Opinion

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income

7.1

3.1

-9.1

11.5

9.9

    Depreciation

3.0

3.5

3.8

3.4

2.4

    Amort.-Intangible

1.4

0.6

0.5

0.1

0.1

    Provision-Doubtful Account

0.2

-

-

-

-

    Other Provisions-Doubtful Account

0.0

-

-

-

-

    Retirement Allowance

3.8

3.1

4.4

4.8

3.9

    L-Prior Error Adjustments

-

-

-

-

0.0

    L-For Exch Translatn

0.3

0.3

3.3

0.5

0.0

    Loss-Depletion of Inventory

-

-

0.0

2.4

-

    Loss-Valuation of Inventory

0.0

-

2.3

-

-

    Loss-Valuation of ST Financial Assets

-

-

0.5

-

-

    L-Mkt Secs Valuation

-

-

2.4

0.4

0.6

    Loss-Valuation of Derivatives

-

-

0.0

-

-

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

-

2.2

5.9

-

-

    Loss-Reduction of Intangible Assets

1.0

-

-

-

-

    L-Mkt Secs Disposal

-

-

-

0.0

0.4

    Loss-Disposal of Sec. Available-for-Sale

2.2

1.3

0.0

-

-

    L-Tangible Asst Disp

0.1

0.2

0.0

0.2

0.3

    L-Trade Receivables Disposal

0.4

0.1

0.1

0.2

0.0

    Loss-Disposal of Inventory

-

-

-

0.0

-

    Loss under Equity Method

0.2

0.0

0.1

-

0.0

    Acquisition of Subsidiary Expense witho

-0.1

-

-

-

-

    Acquisition of Subsidiary Non-cash Incom

0.0

-

-

-

-

    Recovery-Provision Doubtful Account

0.0

-

-

-

-

    G-For Exch Translatn

-0.1

-0.1

-0.8

0.0

-0.1

    G-MKt Secs Valuation

-

-

-0.3

-6.6

-2.9

    G-Mkt Secs Disposal

-

-

-

-0.9

-1.8

    G-Secs. for Sale Disposal

-0.9

-1.2

-

-1.6

-0.2

    G-Disp Securities under Equity Method

-

-

-

-

0.0

    Gain-Disposal of Other Fixed Assets

-

-

-0.1

-

-

    G-Tangible Asst Disp

-0.1

-0.3

-0.1

-0.1

-0.1

    Recovery-Inventory Valuation Loss

-1.3

-0.8

-

-

-

    Gain-Derivatives Valuation

-

-

-0.2

-

-

    Gain-Disposal of Inventory

-

-

-

0.0

-

    Trade Receivables

-29.5

-17.6

-5.7

-3.8

5.3

    Account Receivables

-2.3

1.0

-1.3

0.4

0.9

    Accrued Income

-0.8

-0.2

1.3

-1.7

-0.6

    Corporate Tax Refundable

0.0

-

-

-

-

    Advance Payments

-3.7

0.3

-0.5

0.7

1.1

    Prepaid Expenses

0.1

0.0

-0.1

0.2

-0.1

    Derivatives in Assets

-

0.2

-

-

-

    Inventories

-18.8

-0.7

-0.8

-12.0

-4.0

    Deferred Taxes-Asset

-1.4

1.1

-1.3

0.2

1.0

    Deferred Income Tax Debit, Current

0.1

-0.3

-0.2

-

-

    Deferred Income Tax Credit, A/L

0.4

-

0.0

0.0

-

    Current Dfrd Taxes - Liab.

0.5

-

-2.4

1.4

0.8

    Accrued Expenses

0.3

-1.9

1.3

-0.3

-1.1

    VAT Withheld

-

-

-1.4

0.7

-0.7

    Accrued Inc Tax

0.5

0.0

-0.3

-1.2

0.2

    Trade Payables

11.1

-1.4

7.1

-4.1

-2.4

    Account Payables

2.3

0.6

-1.8

0.5

-0.7

    Advances Received

0.0

-0.3

0.3

-

-3.7

    Unearned Income

-

-

-

-

-0.4

    Deposits Withheld

0.1

-0.2

0.4

0.3

0.3

    Reserve-National Pension

0.0

0.1

0.1

0.1

0.1

    Retirement Insurance Deposit

-0.6

0.8

1.0

-1.3

-0.3

    Payment of Retirement Bonus

-4.0

-4.8

-6.5

-3.9

-4.9

    Retirement Pension Operating Fund

0.0

-

-

-

-

    Derivatives in Liabilities

-

0.0

-

-

-

Cash from Operating Activities

-28.7

-11.4

2.0

-9.3

3.3

 

 

 

 

 

 

    Dec-ST Finl Asset

1.4

1.2

14.7

11.8

14.0

    Dec-Marketable Secs

-

-

-

50.4

56.1

    Dec-Secs. for Sale

27.9

12.4

0.0

2.1

0.5

    Dec-Secs. Held to Maturities

-

-

-

0.1

0.0

    Dec-Securities under Equity Method

-

-

-

-

0.0

    Dec-LT Finl Asset

0.2

1.4

6.9

-

5.9

    Dec-ST Loans

0.0

-

0.1

1.9

0.8

    Decrease-LT Loans

0.0

-

-

-

-

    Dec-Guarantee Dep

0.1

0.7

0.5

0.1

0.1

    Disp-Land

0.0

1.1

0.0

0.1

0.2

    Disposal of Building

0.2

0.9

0.0

0.2

0.2

    Disp-Structure

-

0.1

-

-

0.0

    Disp-Machinery

0.0

0.3

0.1

0.1

0.0

    Disp-Vehicles

0.0

0.1

0.0

0.0

0.1

    Disposal-Tools & Supplies

0.2

0.0

0.0

0.0

-

    Increase-Securities under Equity Method

-

-

-13.7

-

-

    Inc-ST Finl Asset

-51.3

0.0

-14.8

-19.6

-6.6

    Increase-ST Investment Assets

0.0

-

-

-

-

    Inc-LT Finl Asset

-5.3

-4.6

-5.2

-6.3

-5.9

    Inc-Marketable Sec

-

-

-5.4

-31.1

-54.0

    Inc-Sec. Available for Sale

-

-1.7

-0.8

-0.1

-0.1

    Inc-Secs. Held to Maturities

-

-

-

0.0

-0.1

    Inc-Guarantee Dep

-0.7

-0.1

-0.5

-0.9

-0.8

    Inc-ST Loans

-

-

-0.1

-1.9

-0.8

    Increase-LT Loans

0.0

-

-

-

-

    Increase-Land

0.0

-1.2

0.0

-0.1

0.0

    Acq-Building

-2.9

-

-0.1

-0.6

-0.1

    Acq-Structure

-0.3

-

-

0.0

0.0

    Acq-Machinery

-0.9

-0.6

-2.5

-7.1

-0.7

    Acq-Vehicles

-0.1

-0.1

-0.3

-0.3

-0.4

    Acq-Tools/Equipmt

-0.8

-0.8

-1.0

-1.0

-0.9

    Increase-Construction Progress

-2.9

-0.3

0.0

-4.1

-

    Acq-Industr.Patent

0.0

0.0

0.0

0.0

0.0

    Increase-Other Intangible Assets

0.0

0.0

-1.0

0.0

-0.1

    Increase-Development Cost

-0.5

-0.3

-0.5

-

-

Cash from Investing Activities

-35.5

8.3

-23.5

-6.0

7.2

 

 

 

 

 

 

    Inc-ST Borrowings

323.2

87.7

97.6

60.1

64.8

    Inc-ST Borrowings in Foreign Currency

-

72.2

109.8

100.6

33.0

    Increase-Subsidy from Government

0.3

-

-

-

-

    Increase-LT Borrowings

1.1

-

1.9

-

0.0

    Capital Increase

47.2

-

-

-

-

    Disposal-Treasury Stock

23.7

-

0.7

-

0.0

    Dec-ST Borrowings

-305.0

-83.1

-83.1

-68.0

-68.5

    Dec-ST Borrowings in Foreign Currency

-

-73.6

-103.2

-83.5

-30.1

    Dec-Current Portion of LT Liabilities

-1.0

-0.1

0.0

-

0.0

    Decrease-LT Borrowings

-0.3

-

-

-

0.0

    Acq-Treasury Stock

-

-

-

-

0.0

    Payment-Dividends

-1.7

-0.5

-1.7

-2.0

-2.0

    Decrease-Minority Interest, FN

-3.8

-

-

-

-

    Cash Inflow-Consol. Scope Change, FN

0.8

-

-

-

-

Cash from Financing Activities

84.6

2.5

21.9

7.2

-2.7

 

 

 

 

 

 

Net Change in Cash

20.4

-0.6

0.5

-8.2

7.8

 

 

 

 

 

 

Net Cash - Beginning Balance

0.8

1.3

1.0

9.5

1.4

Net Cash - Ending Balance

21.2

0.7

1.5

1.2

9.2

 

 

 

Financial Health

Financials in: USD (mil)

 

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

 

 

 

Key Indicators USD (mil)

 

Quarter
Ending

Quarter
Ending
Yr Ago

Annual
Year End
31-Dec-2010

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1

-

-

470.3

79.26%

28.27%

12.93%

Research & Development1

-

-

0.3

1,583.70%

-16.79%

-

Operating Income1

-

-

12.7

59.25%

16.54%

19.37%

Income Available to Common Excl Extraord Items1

-

-

6.9

102.10%

-9.51%

-6.82%

Basic EPS Excl Extraord Items1

-

-

0.26

106.78%

-9.17%

-6.65%

Capital Expenditures2

-

-

8.4

126.52%

-7.54%

29.94%

Cash from Operating Activities2

-

-

-28.7

-

-

-

Free Cash Flow

-

-

-37.7

-

-

-

Total Assets3

-

-

267.5

83.80%

27.94%

18.15%

Total Liabilities3

-

-

131.5

54.64%

30.51%

16.27%

Total Long Term Debt3

-

-

4.7

107.06%

86.34%

43.79%

Employees3

-

-

955

3.58%

-3.33%

-2.21%

Total Common Shares Outstanding3

-

-

41.6

52.36%

15.52%

9.04%

1-ExchangeRate: KRW to USD Average for Period

 

 

1156.281981

 

 

 

2-ExchangeRate: KRW to USD Average for Period

 

 

1156.281981

 

 

 

3-ExchangeRate: KRW to USD Period End Date

 

 

1134.900000

 

 

 

Key Ratios

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Profitability

Gross Margin

5.29%

5.65%

5.76%

6.93%

8.02%

Operating Margin

2.71%

3.05%

3.37%

3.61%

3.93%

Pretax Margin

1.55%

1.64%

-3.69%

5.27%

5.79%

Net Profit Margin

1.46%

1.30%

-2.68%

4.16%

4.17%

Financial Strength

Current Ratio

1.70

0.87

0.64

1.73

1.93

Long Term Debt/Equity

0.03

0.04

0.05

0.01

0.01

Total Debt/Equity

0.66

1.06

1.21

0.53

0.46

Management Effectiveness

Return on Assets

3.38%

2.46%

-6.70%

7.81%

7.22%

Return on Equity

7.13%

6.27%

-14.90%

14.62%

14.47%

Efficiency

Receivables Turnover

8.11

8.02

15.50

13.72

11.78

Inventory Turnover

12.16

11.01

13.64

10.77

12.47

Asset Turnover

2.32

1.90

2.49

1.88

1.73

Market Valuation USD (mil)

Enterprise Value2

232.4

.

Enterprise Value/Revenue (TTM)

0.48

Enterprise Value/EBITDA (TTM)

13.35

.

Market Cap1

220.7

1-ExchangeRate: KRW to USD on 17-Aug-2012

1133.790374

 

 

 

2-ExchangeRate: KRW to USD on 17-Aug-2012

1133.790374

 

 

 

 

 

 

Annual Ratios

Financials in: USD (mil)

 

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

 

 

 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Financial Strength

Current Ratio

1.70

0.87

0.64

1.73

1.93

Quick/Acid Test Ratio

1.27

0.56

0.34

1.28

1.58

Working Capital1

84.6

-10.2

-25.8

46.0

52.6

Long Term Debt/Equity

0.03

0.04

0.05

0.01

0.01

Total Debt/Equity

0.66

1.06

1.21

0.53

0.46

Long Term Debt/Total Capital

0.02

0.02

0.02

0.01

0.01

Total Debt/Total Capital

0.40

0.52

0.55

0.34

0.32

Payout Ratio

25.20%

48.61%

-12.64%

17.61%

20.01%

Effective Tax Rate

5.97%

20.98%

-

21.04%

27.96%

Total Capital1

225.6

121.5

99.9

126.7

108.3

 

 

 

 

 

 

Efficiency

Asset Turnover

2.32

1.90

2.49

1.88

1.73

Inventory Turnover

12.16

11.01

13.64

10.77

12.47

Days In Inventory

30.03

33.14

26.76

33.88

29.27

Receivables Turnover

8.11

8.02

15.50

13.72

11.78

Days Receivables Outstanding

45.00

45.49

23.55

26.61

30.99

Revenue/Employee2

501,712

282,542

301,503

260,389

216,993

Operating Income/Employee2

13,589

8,614

10,172

9,405

8,526

EBITDA/Employee2

17,549

13,560

14,018

12,667

10,744

 

 

 

 

 

 

Profitability

Gross Margin

5.29%

5.65%

5.76%

6.93%

8.02%

Operating Margin

2.71%

3.05%

3.37%

3.61%

3.93%

EBITDA Margin

3.50%

4.80%

4.65%

4.86%

4.95%

EBIT Margin

2.71%

3.05%

3.37%

3.61%

3.93%

Pretax Margin

1.55%

1.64%

-3.69%

5.27%

5.79%

Net Profit Margin

1.46%

1.30%

-2.68%

4.16%

4.17%

R&D Expense/Revenue

0.07%

0.01%

-

0.27%

-

COGS/Revenue

94.71%

94.34%

94.23%

93.07%

91.98%

SG&A Expense/Revenue

2.16%

2.16%

2.05%

2.87%

3.91%

 

 

 

 

 

 

Management Effectiveness

Return on Assets

3.38%

2.46%

-6.70%

7.81%

7.22%

Return on Equity

7.13%

6.27%

-14.90%

14.62%

14.47%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2

-0.91

-0.59

-0.11

-0.83

0.04

Operating Cash Flow/Share 2

-0.70

-0.46

0.06

-0.34

0.13

1-ExchangeRate: KRW to USD Period End Date

1134.9

1164.475

1259.55

936.05

930

2-ExchangeRate: KRW to USD Average for Period

1134.9

1164.475

1259.55

936.05

930

 

 

 

Bottom of Form

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.45

UK Pound

1

Rs.87.98

Euro

1

Rs.69.69

 

 

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.