|
Report Date : |
25.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
KUKDO CHEMICAL CO LTD |
|
|
|
|
Registered Office : |
345-35, Gasan-Dong, Geumcheon-Gu Seoul, 153802 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
22.02.1972 |
|
|
|
|
Legal Form : |
Public Parent |
|
|
|
|
Line of Business : |
Manufacture of plastics in primary forms |
|
|
|
|
No. of Employees : |
319 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SOUTH KOREA - ECONOMIC OVERVIEW
South Korea over the past four decades has demonstrated incredible growth and global integration to become a high-tech industrialized economy. In the 1960s, GDP per capita was comparable with levels in the poorer countries of Africa and Asia. In 2004, South Korea joined the trillion dollar club of world economies, and currently is among the world's 20 largest economies. Initially, a system of close government and business ties, including directed credit and import restrictions, made this success possible. The government promoted the import of raw materials and technology at the expense of consumer goods, and encouraged savings and investment over consumption. The Asian financial crisis of 1997-98 exposed longstanding weaknesses in South Korea''s development model including high debt/equity ratios and massive short-term foreign borrowing. GDP plunged by 6.9% in 1998, and then recovered by 9% in 1999-2000. Korea adopted numerous economic reforms following the crisis, including greater openness to foreign investment and imports. Growth moderated to about 4% annually between 2003 and 2007. With the global economic downturn in late 2008, South Korean GDP growth slowed to 0.3% in 2009. In the third quarter of 2009, the economy began to recover, in large part due to export growth, low interest rates, and an expansionary fiscal policy, and growth was 3.6% in 2011. In 2011, the US-South Korea Free Trade Agreement was ratified by both governments and is projected to go into effect in early 2012. The South Korean economy''s long term challenges include a rapidly aging population, inflexible labor market, and heavy reliance on exports - which comprise half of GDP.
Source
: CIA
Kukdo Chemical Co
Ltd
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Business
Description
|
KUKDO CHEMICAL Co., Ltd. is a Korea-based company engaged in the
manufacture and sale of epoxy and polyamide resins. The Company operates in two
segments: epoxy segment and polyol segment. The epoxy segment specializes in
the development of epoxy resin products including bisphenol-A epoxy resin,
bisphenol-F type epoxy resin, brominated epoxy resin, non-halogen flame
retardant epoxy and others used in paints, electrical and electronic parts,
aerospace and information technology. The polyol segment offers coating
polyols, adhesive polyols, sealant polyols, elastomer polyols, flexible
polyols, rigid polyols and others used as building insulation materials,
automobile interior materials, waterproofs, adhesives and so on. For the
fiscal year ended 31 December 2012, Kukdo Chemical Co Ltd revenues decreased
4% to W841.39B. Net income increased 22% to W29.62B. Revenues reflect Epoxy
segment decrease of 7% to W765.09B, South Korea segment decrease of 6% to
W413.07B, Asia segment decrease of 8% to W282.06B, Europe segment decrease of
2% to W93.41B. Net income reflects Polyol segment income increase of 55% to
W4.46B, Epoxy segment income increase of 2% to W35.73B. |
Industry
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Industry |
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ANZSIC 2006: |
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NACE 2002: |
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NAICS 2002: |
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UK SIC 2003: |
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UK SIC 2007: |
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US SIC 1987: |
2821 - Plastics Materials, Synthetic Resins, and
Nonvulcanizable Elastomers |
Key Executives
|
Significant Developments
|
Financial Summary
|
Stock
Snapshot
|
1 - Profit &
Loss Item Exchange Rate: USD 1 = KRW 1126.849
2 - Balance Sheet Item Exchange Rate: USD 1 = KRW 1066.4
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Kukdo Chemical
Co Ltd The Strategic Initiatives report is created using technology to
extract meaningful insights from analyst reports about a company's strategic
projects and investments. More about Strategic Initiatives
|
|
Key Organizational Changes |
|
|
Since established in 1972 Company chemical co ltd has grown to become
one of the world's largest producers of epoxy resin and curing agents as well
as being major local producers of thermosetting resin, inorganic chemicals,
polyols and polyureas. With for manufacturing plants in Korea and one in
Kunshan, china giving a combined tonnage of over 345,000 ton/year Company are
seen as a true strategic partner to many of the emerging epdxy applications.
Our recent acquisition of Hajin Chem tech co ltd allows us to further expand
our range of reactive diluents, hardeners and catalysts throughout our
customer base. Company is heavily committed to technical development and work
closely with customers to develop solution to overcome difficulties presented
by the ever changing demands of regulation. This work is carried out by our
extensive R&D center in Seoul which is equipped with a comprehensive
array of technical instruments and staffed by experienced technicians many of
whom are leaders in their particular field. |
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Kukdo Chemical
Co Ltd |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Seoul |
Korea, Republic of |
Chemicals - Plastics and Rubber |
746.7 |
319 |
|
|
Subsidiary |
Kunshan, Jiangsu |
China |
Chemicals - Plastics and Rubber |
188.0 |
170 |
|
|
Subsidiary |
Shiheung, Kyonggi-Do |
Korea, Republic of |
Apparel and Accessories |
8.3 |
105 |
|
|
Facility |
Siheung, Gyeonggi |
Korea, Republic of |
Chemicals - Plastics and Rubber |
|
|
|
Executives Report
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Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Restated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate
(Period Average) |
1126.848795 |
1107.891393 |
1156.281981 |
1276.385219 |
1100.562842 |
|
Auditor |
Shinhan
Accounting Corporation |
Shinhan
Accounting Corporation |
Shinhan
Accounting Corporation |
Shinhan
Accounting Corporation |
Shinhan
Accounting Corporation |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
746.7 |
789.6 |
691.7 |
391.1 |
463.3 |
|
Revenue |
746.7 |
789.6 |
691.7 |
391.1 |
463.3 |
|
Total Revenue |
746.7 |
789.6 |
691.7 |
391.1 |
463.3 |
|
|
|
|
|
|
|
|
Cost of Revenue |
672.5 |
721.3 |
615.9 |
348.0 |
413.7 |
|
Cost of Revenue, Total |
672.5 |
721.3 |
615.9 |
348.0 |
413.7 |
|
Gross Profit |
74.2 |
68.4 |
75.8 |
43.1 |
49.6 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
26.2 |
23.7 |
26.4 |
17.6 |
19.8 |
|
Labor & Related Expense |
10.6 |
9.0 |
8.0 |
5.7 |
6.5 |
|
Advertising Expense |
0.2 |
0.3 |
0.1 |
0.1 |
0.2 |
|
Total Selling/General/Administrative Expenses |
37.0 |
33.0 |
34.5 |
23.4 |
26.4 |
|
Research & Development |
0.6 |
0.7 |
0.8 |
0.2 |
0.2 |
|
Depreciation |
0.4 |
0.4 |
0.4 |
0.4 |
0.5 |
|
Amortization of Intangibles |
0.2 |
0.2 |
0.2 |
0.0 |
0.0 |
|
Depreciation/Amortization |
0.6 |
0.6 |
0.5 |
0.4 |
0.5 |
|
Loss (Gain) on Sale of Assets - Operating |
- |
- |
1.8 |
- |
- |
|
Unusual Expense (Income) |
- |
- |
1.8 |
- |
- |
|
Other Operating Expense |
- |
- |
0.2 |
- |
- |
|
Other, Net |
- |
- |
-0.7 |
- |
- |
|
Other Operating Expenses, Total |
- |
- |
-0.5 |
- |
- |
|
Total Operating Expense |
710.7 |
755.5 |
653.0 |
372.0 |
440.8 |
|
|
|
|
|
|
|
|
Operating Income |
36.0 |
34.1 |
38.7 |
19.0 |
22.5 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-4.0 |
-5.0 |
-4.6 |
-3.1 |
-4.7 |
|
Interest Expense, Net Non-Operating |
-4.0 |
-5.0 |
-4.6 |
-3.1 |
-4.7 |
|
Interest Income -
Non-Operating |
2.5 |
2.2 |
2.0 |
2.0 |
3.5 |
|
Investment Income -
Non-Operating |
-0.2 |
-0.6 |
1.1 |
5.3 |
2.3 |
|
Interest/Investment Income - Non-Operating |
2.4 |
1.5 |
3.1 |
7.3 |
5.8 |
|
Interest Income (Expense) - Net Non-Operating |
- |
0.0 |
- |
- |
- |
|
Interest Income (Expense) - Net Non-Operating Total |
-1.6 |
-3.5 |
-1.5 |
4.1 |
1.1 |
|
Gain (Loss) on Sale of Assets |
-0.1 |
0.0 |
- |
-0.9 |
12.5 |
|
Other Non-Operating Income (Expense) |
0.8 |
0.8 |
-0.2 |
1.6 |
1.0 |
|
Other, Net |
0.8 |
0.8 |
-0.2 |
1.6 |
1.0 |
|
Income Before Tax |
35.0 |
31.4 |
37.1 |
23.8 |
37.1 |
|
|
|
|
|
|
|
|
Total Income Tax |
8.5 |
8.9 |
9.2 |
6.0 |
10.3 |
|
Income After Tax |
26.6 |
22.5 |
27.8 |
17.9 |
26.7 |
|
|
|
|
|
|
|
|
Minority Interest |
-0.3 |
-0.5 |
-0.5 |
-0.1 |
-0.2 |
|
Net Income Before Extraord Items |
26.3 |
22.0 |
27.3 |
17.7 |
26.5 |
|
Net Income |
26.3 |
22.0 |
27.3 |
17.7 |
26.5 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
26.3 |
22.0 |
27.3 |
17.7 |
26.5 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
26.3 |
22.0 |
27.3 |
17.7 |
26.5 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
5.8 |
5.8 |
5.8 |
5.8 |
5.8 |
|
Basic EPS Excl Extraord Items |
4.52 |
3.78 |
4.70 |
3.05 |
4.57 |
|
Basic/Primary EPS Incl Extraord Items |
4.52 |
3.78 |
4.70 |
3.05 |
4.57 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
- |
- |
|
Diluted Net Income |
26.3 |
22.0 |
27.3 |
17.7 |
26.5 |
|
Diluted Weighted Average Shares |
5.8 |
5.8 |
5.8 |
5.8 |
5.8 |
|
Diluted EPS Excl Extraord Items |
4.52 |
3.78 |
4.70 |
3.05 |
4.57 |
|
Diluted EPS Incl Extraord Items |
4.52 |
3.78 |
4.70 |
3.05 |
4.57 |
|
Dividends per Share - Common Stock Primary Issue |
0.89 |
0.72 |
0.78 |
0.63 |
0.73 |
|
Gross Dividends - Common Stock |
5.2 |
4.2 |
4.5 |
3.6 |
4.2 |
|
Interest Expense, Supplemental |
4.0 |
5.0 |
4.6 |
3.1 |
4.7 |
|
Interest Capitalized, Supplemental |
-0.2 |
-0.2 |
- |
- |
- |
|
Depreciation, Supplemental |
8.9 |
7.6 |
5.7 |
11.3 |
9.9 |
|
Total Special Items |
0.1 |
0.0 |
1.8 |
0.9 |
-12.5 |
|
Normalized Income Before Tax |
35.2 |
31.5 |
38.8 |
24.8 |
24.6 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.0 |
0.0 |
0.4 |
0.2 |
-3.5 |
|
Inc Tax Ex Impact of Sp Items |
8.5 |
8.9 |
9.7 |
6.2 |
6.9 |
|
Normalized Income After Tax |
26.7 |
22.5 |
29.2 |
18.6 |
17.7 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
26.4 |
22.0 |
28.6 |
18.5 |
17.6 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
4.54 |
3.78 |
4.92 |
3.18 |
3.02 |
|
Diluted Normalized EPS |
4.54 |
3.78 |
4.92 |
3.18 |
3.02 |
|
Amort of Intangibles, Supplemental |
0.2 |
0.2 |
0.2 |
0.0 |
0.0 |
|
Rental Expenses |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Advertising Expense, Supplemental |
0.2 |
0.3 |
0.1 |
0.1 |
0.2 |
|
Research & Development Exp, Supplemental |
0.6 |
0.7 |
0.8 |
0.3 |
0.2 |
|
Normalized EBIT |
36.0 |
34.1 |
40.5 |
19.0 |
22.5 |
|
Normalized EBITDA |
45.0 |
41.9 |
46.3 |
30.3 |
32.4 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Restated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate |
1066.400024 |
1152 |
1134.9 |
1164.475 |
1259.55 |
|
Auditor |
Shinhan
Accounting Corporation |
Shinhan
Accounting Corporation |
Shinhan
Accounting Corporation |
Shinhan
Accounting Corporation |
Shinhan
Accounting Corporation |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
6.1 |
22.0 |
43.5 |
60.8 |
23.8 |
|
Short Term Investments |
69.9 |
48.5 |
12.6 |
14.4 |
33.5 |
|
Cash and Short Term Investments |
76.0 |
70.4 |
56.0 |
75.2 |
57.3 |
|
Accounts Receivable -
Trade, Gross |
155.3 |
164.6 |
211.9 |
98.5 |
96.1 |
|
Provision for Doubtful
Accounts |
-1.8 |
-1.6 |
-2.8 |
-2.3 |
-3.6 |
|
Trade Accounts Receivable - Net |
154.0 |
163.5 |
209.5 |
96.4 |
93.4 |
|
Other Receivables |
3.3 |
2.5 |
1.8 |
1.2 |
2.0 |
|
Total Receivables, Net |
157.3 |
165.9 |
211.2 |
97.6 |
95.3 |
|
Inventories - Finished Goods |
40.0 |
36.0 |
33.7 |
24.7 |
30.5 |
|
Inventories - Work In Progress |
5.4 |
3.3 |
5.2 |
4.7 |
1.9 |
|
Inventories - Raw Materials |
28.1 |
29.5 |
29.0 |
18.8 |
17.0 |
|
Inventories - Other |
2.5 |
0.8 |
10.4 |
2.9 |
0.1 |
|
Total Inventory |
75.9 |
69.6 |
78.4 |
51.1 |
49.5 |
|
Prepaid Expenses |
1.4 |
0.7 |
1.6 |
0.5 |
1.3 |
|
Deferred Income Tax - Current Asset |
- |
- |
- |
0.2 |
0.2 |
|
Other Current Assets |
0.0 |
0.0 |
0.0 |
- |
- |
|
Other Current Assets, Total |
0.0 |
0.0 |
0.0 |
0.2 |
0.2 |
|
Total Current Assets |
310.6 |
306.6 |
347.3 |
224.6 |
203.7 |
|
|
|
|
|
|
|
|
Buildings |
- |
- |
- |
47.6 |
40.2 |
|
Land/Improvements |
- |
- |
- |
23.5 |
16.1 |
|
Machinery/Equipment |
- |
- |
- |
87.5 |
80.4 |
|
Construction in Progress |
- |
- |
- |
1.5 |
0.3 |
|
Other
Property/Plant/Equipment |
- |
- |
- |
3.9 |
6.3 |
|
Property/Plant/Equipment - Gross |
- |
- |
- |
164.0 |
143.4 |
|
Accumulated Depreciation |
- |
- |
- |
-75.0 |
-59.0 |
|
Property/Plant/Equipment - Net |
197.7 |
177.7 |
147.9 |
88.9 |
84.4 |
|
Intangibles, Net |
3.2 |
3.0 |
3.1 |
0.7 |
0.7 |
|
LT Investment - Affiliate Companies |
- |
3.0 |
4.0 |
8.8 |
4.2 |
|
LT Investments - Other |
0.9 |
0.9 |
1.1 |
0.5 |
1.3 |
|
Long Term Investments |
0.9 |
3.9 |
5.1 |
9.3 |
5.6 |
|
Note Receivable - Long Term |
0.0 |
0.7 |
0.7 |
- |
- |
|
Deferred Income Tax - Long Term Asset |
- |
0.0 |
- |
- |
- |
|
Other Long Term Assets |
1.3 |
0.7 |
0.9 |
2.2 |
2.1 |
|
Other Long Term Assets, Total |
1.3 |
0.7 |
0.9 |
2.2 |
2.1 |
|
Total Assets |
513.7 |
492.6 |
504.9 |
325.7 |
296.5 |
|
|
|
|
|
|
|
|
Accounts Payable |
66.9 |
59.8 |
77.0 |
51.1 |
24.4 |
|
Accrued Expenses |
3.9 |
3.2 |
3.1 |
2.8 |
1.9 |
|
Notes Payable/Short Term Debt |
34.9 |
59.2 |
90.3 |
26.2 |
25.4 |
|
Current Portion - Long Term Debt/Capital Leases |
26.4 |
8.8 |
7.4 |
25.4 |
1.4 |
|
Customer Advances |
1.1 |
0.7 |
0.5 |
0.5 |
0.2 |
|
Income Taxes Payable |
4.9 |
1.5 |
3.4 |
1.3 |
7.5 |
|
Other Payables |
16.7 |
20.9 |
21.4 |
4.7 |
15.0 |
|
Other Current Liabilities |
0.5 |
0.5 |
0.7 |
0.3 |
0.4 |
|
Other Current liabilities, Total |
23.1 |
23.6 |
26.0 |
6.8 |
23.1 |
|
Total Current Liabilities |
155.2 |
154.6 |
203.7 |
112.3 |
76.2 |
|
|
|
|
|
|
|
|
Long Term Debt |
21.4 |
44.8 |
28.8 |
10.5 |
45.4 |
|
Total Long Term Debt |
21.4 |
44.8 |
28.8 |
10.5 |
45.4 |
|
Total Debt |
82.7 |
112.8 |
126.4 |
62.1 |
72.1 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
21.2 |
19.3 |
15.6 |
4.5 |
3.2 |
|
Deferred Income Tax |
21.2 |
19.3 |
15.6 |
4.5 |
3.2 |
|
Minority Interest |
7.5 |
7.2 |
5.6 |
4.4 |
4.3 |
|
Pension Benefits - Underfunded |
- |
- |
- |
- |
0.1 |
|
Other Long Term Liabilities |
- |
- |
- |
- |
0.0 |
|
Other Liabilities, Total |
- |
- |
- |
- |
0.1 |
|
Total Liabilities |
205.4 |
225.9 |
253.6 |
131.6 |
129.0 |
|
|
|
|
|
|
|
|
Common Stock |
27.2 |
25.2 |
25.6 |
24.9 |
23.1 |
|
Common Stock |
27.2 |
25.2 |
25.6 |
24.9 |
23.1 |
|
Additional Paid-In Capital |
43.3 |
40.1 |
40.7 |
39.7 |
36.7 |
|
Retained Earnings (Accumulated Deficit) |
237.8 |
198.4 |
184.6 |
121.9 |
98.4 |
|
Unrealized Gain (Loss) |
- |
- |
- |
0.5 |
0.6 |
|
Translation Adjustment |
-0.1 |
2.9 |
0.4 |
7.0 |
8.7 |
|
Other Equity, Total |
-0.1 |
2.9 |
0.4 |
7.0 |
8.7 |
|
Total Equity |
308.3 |
266.7 |
251.4 |
194.1 |
167.5 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
513.7 |
492.6 |
504.9 |
325.7 |
296.5 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
5.8 |
5.8 |
5.8 |
5.8 |
5.8 |
|
Total Common Shares Outstanding |
5.8 |
5.8 |
5.8 |
5.8 |
5.8 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Employees |
- |
319 |
299 |
270 |
264 |
|
Number of Common Shareholders |
- |
- |
- |
- |
3,335 |
|
Accumulated Intangible Amort, Suppl. |
0.2 |
0.2 |
0.2 |
- |
- |
|
Deferred Revenue - Current |
1.1 |
0.7 |
0.5 |
0.5 |
0.2 |
|
Total Long Term Debt, Supplemental |
47.8 |
53.6 |
- |
23.0 |
34.9 |
|
Long Term Debt Maturing within 1 Year |
26.4 |
8.8 |
- |
12.5 |
1.4 |
|
Long Term Debt Maturing in Year 2 |
6.3 |
11.4 |
- |
- |
- |
|
Long Term Debt Maturing in Year 3 |
4.8 |
18.9 |
- |
- |
- |
|
Long Term Debt Maturing in Year 4 |
0.1 |
4.4 |
- |
- |
- |
|
Long Term Debt Maturing in 2-3 Years |
11.1 |
30.3 |
- |
- |
- |
|
Long Term Debt Maturing in 4-5 Years |
0.1 |
4.4 |
- |
- |
- |
|
Long Term Debt Matur. in Year 6 & Beyond |
10.3 |
10.2 |
- |
10.5 |
33.5 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate
(Period Average) |
1126.848795 |
1107.891393 |
1156.281981 |
1276.385219 |
1100.562842 |
|
Auditor |
Shinhan
Accounting Corporation |
Shinhan
Accounting Corporation |
Shinhan
Accounting Corporation |
Shinhan
Accounting Corporation |
Shinhan Accounting
Corporation |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
26.6 |
22.5 |
27.8 |
17.9 |
26.7 |
|
Depreciation |
8.9 |
7.6 |
5.7 |
11.3 |
9.9 |
|
Depreciation/Depletion |
8.9 |
7.6 |
5.7 |
11.3 |
9.9 |
|
Amortization of Intangibles |
0.2 |
0.2 |
0.2 |
0.0 |
0.0 |
|
Amortization |
0.2 |
0.2 |
0.2 |
0.0 |
0.0 |
|
Deferred Taxes |
- |
- |
- |
1.5 |
-0.9 |
|
Unusual Items |
-0.2 |
0.8 |
1.7 |
-0.1 |
-13.9 |
|
Equity in Net Earnings (Loss) |
- |
-0.1 |
0.3 |
-3.8 |
-0.1 |
|
Other Non-Cash Items |
12.5 |
12.6 |
14.1 |
0.6 |
1.9 |
|
Non-Cash Items |
12.3 |
13.4 |
16.1 |
-3.4 |
-12.1 |
|
Accounts Receivable |
26.0 |
58.7 |
-52.9 |
6.8 |
17.4 |
|
Inventories |
-1.7 |
8.7 |
-24.3 |
2.0 |
5.7 |
|
Prepaid Expenses |
-0.6 |
1.0 |
-1.1 |
0.7 |
-0.2 |
|
Accounts Payable |
-10.3 |
-31.4 |
16.7 |
9.6 |
-33.0 |
|
Accrued Expenses |
0.4 |
0.0 |
0.4 |
0.7 |
-0.2 |
|
Taxes Payable |
- |
- |
- |
-6.2 |
6.6 |
|
Other Liabilities |
-1.2 |
-1.2 |
-1.2 |
-0.7 |
-0.4 |
|
Other Operating Cash Flow |
-5.5 |
-10.4 |
-7.7 |
- |
- |
|
Changes in Working Capital |
7.0 |
25.4 |
-70.1 |
12.9 |
-4.1 |
|
Cash from Operating Activities |
54.9 |
69.0 |
-20.4 |
40.2 |
19.4 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-18.9 |
-37.9 |
-8.7 |
-11.2 |
-19.7 |
|
Purchase/Acquisition of Intangibles |
-0.5 |
- |
-0.3 |
- |
- |
|
Capital Expenditures |
-19.3 |
-37.9 |
-9.0 |
-11.2 |
-19.7 |
|
Sale of Fixed Assets |
1.7 |
0.1 |
0.2 |
0.5 |
23.3 |
|
Sale/Maturity of Investment |
169.0 |
41.0 |
44.2 |
66.7 |
44.6 |
|
Purchase of Investments |
-182.6 |
-77.3 |
-42.0 |
-46.0 |
-69.8 |
|
Sale of Intangible Assets |
0.4 |
- |
- |
- |
- |
|
Other Investing Cash Flow |
-0.5 |
0.3 |
-0.1 |
- |
- |
|
Other Investing Cash Flow Items, Total |
-11.9 |
-36.0 |
2.3 |
21.2 |
-1.9 |
|
Cash from Investing Activities |
-31.3 |
-73.9 |
-6.7 |
9.9 |
-21.6 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
- |
0.0 |
- |
-1.1 |
2.0 |
|
Financing Cash Flow Items |
- |
0.0 |
- |
-1.1 |
2.0 |
|
Cash Dividends Paid - Common |
-4.2 |
-4.9 |
-4.1 |
-3.6 |
-4.2 |
|
Total Cash Dividends Paid |
-4.2 |
-4.9 |
-4.1 |
-3.6 |
-4.2 |
|
Sale/Issuance of
Common |
- |
1.0 |
0.5 |
- |
- |
|
Common Stock, Net |
- |
1.0 |
0.5 |
- |
- |
|
Issuance (Retirement) of Stock, Net |
- |
1.0 |
0.5 |
- |
- |
|
Short Term Debt Issued |
249.9 |
473.3 |
71.0 |
24.4 |
136.5 |
|
Short Term Debt
Reduction |
-276.4 |
-505.1 |
-58.4 |
-38.3 |
-138.9 |
|
Short Term Debt, Net |
-26.6 |
-31.8 |
12.7 |
-13.9 |
-2.5 |
|
Long Term Debt Issued |
- |
25.7 |
24.8 |
1.8 |
9.7 |
|
Long Term Debt
Reduction |
-9.0 |
-7.6 |
-25.8 |
-1.4 |
-3.0 |
|
Long Term Debt, Net |
-9.0 |
18.1 |
-1.0 |
0.4 |
6.7 |
|
Issuance (Retirement) of Debt, Net |
-35.6 |
-13.7 |
11.6 |
-13.5 |
4.3 |
|
Cash from Financing Activities |
-39.8 |
-17.6 |
8.0 |
-18.2 |
2.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.5 |
0.8 |
0.2 |
- |
- |
|
Net Change in Cash |
-16.7 |
-21.7 |
-18.9 |
31.9 |
-0.2 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
22.4 |
44.5 |
61.5 |
23.5 |
27.4 |
|
Net Cash - Ending Balance |
5.8 |
22.8 |
42.6 |
55.4 |
27.3 |
|
Cash Interest Paid |
4.1 |
4.9 |
4.4 |
- |
- |
|
Cash Taxes Paid |
4.1 |
7.6 |
5.2 |
- |
- |
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Restated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate
(Period Average) |
1126.848795 |
1107.891393 |
1156.281981 |
1276.385219 |
1100.562842 |
|
Auditor |
Shinhan
Accounting Corporation |
Shinhan
Accounting Corporation |
Shinhan
Accounting Corporation |
Shinhan
Accounting Corporation |
Shinhan
Accounting Corporation |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Finished Product Export Sales |
- |
- |
- |
196.5 |
248.3 |
|
Domestic Sales |
- |
- |
- |
169.0 |
152.1 |
|
Merchandise Export Sales |
- |
- |
- |
4.9 |
35.7 |
|
Merchandise Domestic Sales |
- |
- |
- |
20.6 |
27.2 |
|
Sales Revenue |
746.7 |
789.6 |
691.7 |
- |
- |
|
Total Revenue |
746.7 |
789.6 |
691.7 |
391.1 |
463.3 |
|
|
|
|
|
|
|
|
Costs of Goods & Services Sold |
- |
- |
615.9 |
- |
- |
|
Cost of Finish. Good |
- |
- |
- |
325.0 |
353.9 |
|
Cost-Merchandise |
- |
- |
- |
23.0 |
59.9 |
|
Other Cost |
658.8 |
708.6 |
- |
- |
- |
|
Labour & Related Expenses in COR/COGS |
13.7 |
12.6 |
- |
- |
- |
|
Adjustment |
0.0 |
0.0 |
- |
- |
- |
|
Salaries & Wages |
7.9 |
6.9 |
6.1 |
4.5 |
5.1 |
|
Retirement & Severance Benefits |
0.6 |
0.4 |
0.4 |
0.3 |
0.3 |
|
Employee Benefits |
2.1 |
1.7 |
1.5 |
0.9 |
1.1 |
|
Utility Expense |
0.2 |
0.2 |
0.1 |
0.1 |
0.1 |
|
Communication Expense |
0.3 |
0.3 |
0.3 |
0.2 |
0.2 |
|
Consumable Expense |
0.3 |
0.2 |
0.2 |
0.1 |
0.2 |
|
Office Supplies Expense |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Publication Expense |
0.0 |
0.0 |
0.0 |
0.1 |
0.0 |
|
Travel Expense |
0.8 |
0.8 |
0.6 |
0.5 |
0.6 |
|
Vehicle Maintenance Expense |
0.4 |
0.3 |
0.3 |
0.2 |
0.2 |
|
Repair & Maintenance Expense |
0.1 |
0.1 |
0.1 |
0.0 |
0.0 |
|
Taxes & Dues |
0.8 |
0.8 |
0.6 |
0.4 |
0.4 |
|
Commissions |
0.7 |
0.7 |
0.7 |
3.4 |
3.0 |
|
Sales Commissions |
- |
- |
0.0 |
0.0 |
0.0 |
|
Entertainment Expense |
0.3 |
0.4 |
0.4 |
0.3 |
0.3 |
|
R & D Expense |
0.6 |
0.7 |
0.8 |
0.2 |
0.2 |
|
Advertising Expense |
0.2 |
0.3 |
0.1 |
0.1 |
0.2 |
|
Depreciation |
0.4 |
0.4 |
0.4 |
0.4 |
0.5 |
|
Amort. of Intangibless |
0.2 |
0.2 |
0.2 |
0.0 |
0.0 |
|
Environment Expense |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Exporting Related Expense |
2.7 |
3.3 |
4.1 |
- |
- |
|
Education & Training Expense |
0.1 |
0.1 |
0.1 |
0.1 |
0.2 |
|
Shipping & Handling Expense |
17.8 |
15.7 |
16.9 |
11.5 |
11.6 |
|
Insurance Expenses |
0.4 |
0.4 |
0.4 |
0.3 |
0.3 |
|
Sample Expense |
0.1 |
0.1 |
0.1 |
0.0 |
0.0 |
|
Rental Expense |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Expense of Allow. for DA |
1.1 |
- |
1.3 |
- |
2.0 |
|
Miscellaneous Operating Expense |
0.0 |
- |
- |
0.1 |
0.2 |
|
Adj. for Other Selling & Admin. Expense |
0.0 |
0.0 |
0.0 |
- |
- |
|
Rental Income |
- |
- |
0.0 |
- |
- |
|
Gain on Disposal of PPT |
- |
- |
0.0 |
- |
- |
|
Miscellaneous Income |
- |
- |
-0.7 |
- |
- |
|
Adj. for Other Operating Income |
- |
- |
- |
- |
- |
|
Donations Paid |
- |
- |
0.0 |
- |
- |
|
Loss on Disposal of PPT |
- |
- |
1.8 |
- |
- |
|
Miscellaneous Loss |
- |
- |
0.2 |
- |
- |
|
Casualty Loss |
- |
- |
0.0 |
- |
- |
|
Adj. for Other Operating Expense |
- |
- |
0.0 |
- |
- |
|
Total Operating Expense |
710.7 |
755.5 |
653.0 |
372.0 |
440.8 |
|
|
|
|
|
|
|
|
Interest Income |
2.5 |
2.2 |
2.0 |
2.0 |
3.5 |
|
Dividend Income |
0.0 |
- |
- |
- |
- |
|
Fee & Commission Received |
- |
- |
- |
- |
0.1 |
|
Rental Income |
- |
0.0 |
- |
0.0 |
0.0 |
|
Gain on Foreign Currency Transaction |
1.4 |
4.9 |
5.3 |
4.8 |
10.2 |
|
Gain on Foreign Currency Translation |
0.6 |
0.7 |
0.1 |
0.0 |
0.8 |
|
Gain-Disposal of Sec. Avail. for Sale |
- |
- |
0.0 |
- |
- |
|
Gain-Disposal of Investment Assets |
- |
- |
- |
0.0 |
- |
|
Gain on Disposal of Property, Plant and |
0.1 |
0.0 |
- |
0.1 |
14.0 |
|
Gain on Disposal of Intangible Assets |
0.2 |
- |
- |
- |
- |
|
Miscellaneous Income |
1.1 |
1.0 |
- |
1.6 |
1.0 |
|
Gain on Disposal of Invmt in Affiliates |
- |
- |
0.2 |
- |
- |
|
Recovery of Allowance for Doubtful Accou |
- |
0.4 |
- |
0.4 |
- |
|
Gain on Insurance |
- |
1.5 |
- |
- |
- |
|
Loss-Disposal of Invmt in Subsidiaries |
- |
- |
0.0 |
- |
- |
|
Interest Expense |
-4.0 |
-5.0 |
-4.6 |
-3.1 |
-4.7 |
|
Loss on Foreign Currency Transaction |
-1.6 |
-4.1 |
-4.1 |
-3.3 |
-8.3 |
|
Loss on Foreign Currency Translation |
-0.7 |
-0.7 |
-0.1 |
-0.1 |
-0.4 |
|
Loss on Disposal of Trade Receivable |
-0.3 |
-0.1 |
- |
-1.0 |
-1.5 |
|
Loss on Disposal of Property, Plant and |
0.0 |
0.0 |
- |
0.0 |
-0.1 |
|
Loss on Disposal of Intangible Assets |
0.0 |
- |
- |
- |
- |
|
Impairment Loss on Property, Plant and E |
- |
-0.7 |
- |
- |
- |
|
Donations Paid |
0.0 |
0.0 |
- |
0.0 |
0.0 |
|
Loss on Derivative Transaction |
- |
-0.6 |
- |
- |
- |
|
Impairment Loss on Inventory |
- |
-0.2 |
- |
- |
- |
|
Casualty Loss |
- |
-1.7 |
- |
- |
- |
|
Gain under Equity Method |
- |
0.1 |
0.1 |
3.8 |
0.1 |
|
Loss under Equity Method |
- |
- |
-0.3 |
- |
- |
|
Miscellaneous Loss |
-0.1 |
-0.3 |
- |
- |
- |
|
Adj. for Finance Income |
0.0 |
0.0 |
0.0 |
- |
- |
|
Adj. for Finance Expense |
0.0 |
- |
0.0 |
- |
- |
|
Other Finance Expense |
-0.2 |
-0.1 |
-0.2 |
-0.4 |
-0.1 |
|
Adj |
- |
- |
- |
- |
- |
|
Adj for Other Non-Operating Income |
0.0 |
0.0 |
- |
- |
- |
|
Adj for Other Non-Operating Expenses |
0.0 |
0.0 |
- |
- |
- |
|
Net Income Before Taxes |
35.0 |
31.4 |
37.1 |
23.8 |
37.1 |
|
|
|
|
|
|
|
|
Prov. for Income Taxes |
8.5 |
8.9 |
9.2 |
6.0 |
10.3 |
|
Net Income After Taxes |
26.6 |
22.5 |
27.8 |
17.9 |
26.7 |
|
|
|
|
|
|
|
|
Minority Interest |
-0.3 |
-0.5 |
-0.5 |
-0.1 |
-0.2 |
|
Net Income Before Extra. Items |
26.3 |
22.0 |
27.3 |
17.7 |
26.5 |
|
Net Income |
26.3 |
22.0 |
27.3 |
17.7 |
26.5 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
26.3 |
22.0 |
27.3 |
17.7 |
26.5 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
26.3 |
22.0 |
27.3 |
17.7 |
26.5 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
5.8 |
5.8 |
5.8 |
5.8 |
5.8 |
|
Basic EPS Excluding ExtraOrdinary Items |
4.52 |
3.78 |
4.70 |
3.05 |
4.57 |
|
Basic EPS Including ExtraOrdinary Item |
4.52 |
3.78 |
4.70 |
3.05 |
4.57 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
- |
- |
|
Diluted Net Income |
26.3 |
22.0 |
27.3 |
17.7 |
26.5 |
|
Diluted Weighted Average Shares |
5.8 |
5.8 |
5.8 |
5.8 |
5.8 |
|
Diluted EPS Excluding ExtraOrd Items |
4.52 |
3.78 |
4.70 |
3.05 |
4.57 |
|
Diluted EPS Including ExtraOrd Items |
4.52 |
3.78 |
4.70 |
3.05 |
4.57 |
|
DPS-Common Stock |
0.89 |
0.72 |
0.78 |
0.63 |
0.73 |
|
Gross Dividends - Common Stock |
5.2 |
4.2 |
4.5 |
3.6 |
4.2 |
|
Normalized Income Before Taxes |
35.2 |
31.5 |
38.8 |
24.8 |
24.6 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
8.5 |
8.9 |
9.7 |
6.2 |
6.9 |
|
Normalized Income After Taxes |
26.7 |
22.5 |
29.2 |
18.6 |
17.7 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
26.4 |
22.0 |
28.6 |
18.5 |
17.6 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
4.54 |
3.78 |
4.92 |
3.18 |
3.02 |
|
Diluted Normalized EPS |
4.54 |
3.78 |
4.92 |
3.18 |
3.02 |
|
R&D Expense, Supplemental |
0.6 |
0.7 |
0.8 |
0.3 |
0.2 |
|
Advertising Expense, Supplemental |
0.2 |
0.3 |
0.1 |
0.1 |
0.2 |
|
Interest Expense, Supplemental |
4.0 |
5.0 |
4.6 |
3.1 |
4.7 |
|
Amort of Intangibles, Supplemental |
0.2 |
0.2 |
0.2 |
0.0 |
0.0 |
|
Rental Expense, Supplemental |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Depreciation, Supplemental |
8.9 |
7.6 |
5.7 |
11.3 |
9.9 |
|
Interest Capitalized, Supplemental |
-0.2 |
-0.2 |
- |
- |
- |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Restated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate |
1066.400024 |
1152 |
1134.9 |
1164.475 |
1259.55 |
|
Auditor |
Shinhan
Accounting Corporation |
Shinhan
Accounting Corporation |
Shinhan
Accounting Corporation |
Shinhan
Accounting Corporation |
Shinhan
Accounting Corporation |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Cash Equivalents |
6.1 |
22.0 |
43.5 |
60.8 |
23.8 |
|
Secs held-Mature |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Current Fincl Instrm |
- |
48.4 |
12.6 |
14.4 |
33.4 |
|
Trade Receivables, Gross |
155.3 |
164.6 |
211.9 |
98.5 |
96.1 |
|
Allow. for DA |
-1.8 |
-1.6 |
-2.8 |
-2.3 |
-3.6 |
|
Account Receivable |
3.3 |
2.5 |
1.8 |
1.2 |
2.0 |
|
Accrued Income |
0.5 |
0.5 |
0.3 |
0.2 |
0.8 |
|
Advance Payments |
1.2 |
0.4 |
8.7 |
0.0 |
0.0 |
|
Prepaid Expense |
0.2 |
0.2 |
0.2 |
0.1 |
0.1 |
|
Prepaid Inc Tax |
- |
- |
- |
- |
0.1 |
|
Prepaid Value Added Taxes |
1.2 |
0.5 |
1.4 |
0.4 |
1.0 |
|
Receivable of Corporate Tax Refund |
0.0 |
0.0 |
0.0 |
- |
- |
|
Deferred Tax Asset |
- |
- |
- |
0.2 |
0.2 |
|
Merchandises |
3.3 |
3.5 |
2.9 |
3.5 |
2.7 |
|
Finished Goods |
36.7 |
32.5 |
30.8 |
21.2 |
27.8 |
|
Works in Process |
5.4 |
3.3 |
5.2 |
4.7 |
1.9 |
|
Raw Materials |
28.1 |
29.5 |
29.0 |
18.8 |
17.0 |
|
Goods in Transit |
1.0 |
0.2 |
1.5 |
2.8 |
0.0 |
|
Supplies |
0.2 |
0.2 |
0.2 |
0.2 |
0.1 |
|
Adj. for Inventories |
0.0 |
0.0 |
0.0 |
- |
- |
|
Adj. for Trade & Other Receivable |
0.0 |
0.0 |
- |
- |
- |
|
Adj. for Other Invmt Assets |
- |
- |
- |
- |
- |
|
Adj. for Other Current Assets |
0.0 |
0.0 |
0.0 |
- |
- |
|
Other Current Investment Assets |
69.9 |
- |
- |
- |
- |
|
Total Current Assets |
310.6 |
306.6 |
347.3 |
224.6 |
203.7 |
|
|
|
|
|
|
|
|
Non-Current Fincl Instrm |
- |
0.0 |
0.2 |
0.0 |
1.0 |
|
Non-Current Securities Available-for-Sal |
- |
0.7 |
0.7 |
0.2 |
0.2 |
|
Secs held-Mature |
- |
0.3 |
0.3 |
0.3 |
0.1 |
|
Invmt in Affiliates |
- |
3.0 |
4.0 |
8.8 |
4.2 |
|
Guarantee Deposits, Non-Current Assets |
1.2 |
0.6 |
0.8 |
0.5 |
0.5 |
|
LT Prepaid Expen |
- |
- |
- |
0.0 |
0.1 |
|
Other Non-Current Assets |
0.0 |
0.1 |
0.1 |
1.6 |
1.5 |
|
Other Non-Current Investment Assets |
0.9 |
- |
- |
- |
- |
|
Non-Current Other Receivables |
1.4 |
0.7 |
0.7 |
- |
- |
|
Allowance for Doubtful Accounts for Non- |
-1.3 |
- |
- |
- |
- |
|
Present Value Discount for Rental Deposi |
-0.1 |
- |
- |
- |
- |
|
Land |
- |
- |
- |
23.5 |
16.1 |
|
Buildings |
- |
- |
- |
35.7 |
33.9 |
|
Buildings-Depreciation |
- |
- |
- |
-9.6 |
-7.9 |
|
Structures |
- |
- |
- |
11.8 |
6.4 |
|
Structures-Depreciation |
- |
- |
- |
-3.7 |
-1.3 |
|
Machinery/Equip. |
- |
- |
- |
86.6 |
79.6 |
|
Mach/Equip Depre |
- |
- |
- |
-57.8 |
-44.3 |
|
Govt Subsidy-Mac |
- |
- |
- |
0.0 |
0.0 |
|
Transport Equip. |
- |
- |
- |
1.0 |
0.8 |
|
Transport Deprec |
- |
- |
- |
-0.6 |
-0.5 |
|
Other Tangibles |
- |
- |
- |
3.9 |
6.3 |
|
Deprec.-Other |
- |
- |
- |
-3.4 |
-4.9 |
|
Construction in Progress |
- |
- |
- |
1.5 |
0.3 |
|
Land Use Right |
0.7 |
0.7 |
0.7 |
0.7 |
0.7 |
|
Industrial Property Rights |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Intangibless |
0.2 |
0.3 |
0.5 |
- |
- |
|
Membership Rights |
2.3 |
1.9 |
1.9 |
- |
- |
|
Property, Plant & Equipment, Net |
197.7 |
177.7 |
147.9 |
- |
- |
|
Non-Current Deferred Income Taxes Assets |
- |
0.0 |
- |
- |
- |
|
Adj. for Intangibless |
0.0 |
0.0 |
- |
- |
- |
|
Adj. for LT Trade & Other Receivable |
0.0 |
0.0 |
0.0 |
- |
- |
|
Adj. for Other Non-Current Invmt Assets |
- |
0.0 |
0.0 |
- |
- |
|
Total Assets |
513.7 |
492.6 |
504.9 |
325.7 |
296.5 |
|
|
|
|
|
|
|
|
Current Trade Payable |
66.9 |
59.8 |
77.0 |
51.1 |
24.4 |
|
Current Borrowings |
34.9 |
59.2 |
90.3 |
26.2 |
25.4 |
|
Other Payable |
16.7 |
20.9 |
21.4 |
4.7 |
15.0 |
|
Advance from Customers, Current |
1.1 |
0.7 |
0.5 |
0.5 |
0.2 |
|
Withheld |
0.3 |
0.3 |
0.4 |
0.3 |
0.4 |
|
Accrued Expense |
3.9 |
3.2 |
3.1 |
2.6 |
1.7 |
|
Income Taxes Payable |
4.9 |
1.5 |
3.4 |
1.3 |
7.5 |
|
VAT Withheld |
- |
- |
- |
0.2 |
0.2 |
|
Current Portion of Long-Term Borrowings |
12.3 |
8.8 |
7.4 |
12.5 |
1.4 |
|
Current Portion of Bonds |
14.1 |
- |
- |
12.9 |
- |
|
Other in Other Current Liabilities |
0.2 |
0.1 |
0.3 |
- |
- |
|
Adjustment for Trade & Other Payables |
0.0 |
0.0 |
0.0 |
- |
- |
|
Adj. for Other Current Liabilities |
0.0 |
- |
- |
- |
- |
|
Total Current Liabilities |
155.2 |
154.6 |
203.7 |
112.3 |
76.2 |
|
|
|
|
|
|
|
|
Bonds |
- |
13.0 |
13.2 |
- |
11.9 |
|
Non-Current Borrowings |
21.4 |
31.8 |
15.6 |
10.5 |
33.5 |
|
Total Long Term Debt |
21.4 |
44.8 |
28.8 |
10.5 |
45.4 |
|
|
|
|
|
|
|
|
Retire Reserve |
- |
- |
- |
- |
0.1 |
|
Deferred Income Taxes, LT Liabilities |
21.2 |
19.3 |
15.6 |
4.5 |
3.2 |
|
Lease Deposit |
- |
- |
- |
- |
0.0 |
|
Minority Interests |
7.5 |
7.2 |
5.6 |
4.4 |
4.3 |
|
Total Liabilities |
205.4 |
225.9 |
253.6 |
131.6 |
129.0 |
|
|
|
|
|
|
|
|
Capital Stock |
27.2 |
25.2 |
25.6 |
24.9 |
23.1 |
|
Other Capital Surplus |
0.6 |
0.6 |
0.6 |
0.6 |
0.5 |
|
Additional Paid in Capital |
35.1 |
32.5 |
33.0 |
32.2 |
29.7 |
|
Gains on Disposal of Treasury Stock |
7.6 |
7.0 |
7.1 |
7.0 |
6.4 |
|
Resv for Assets ReValt |
- |
- |
- |
16.2 |
14.9 |
|
Reserve-Research & Development |
3.1 |
2.1 |
1.6 |
1.5 |
2.1 |
|
Reserve-Loss on Treasury Stock Disposal |
- |
- |
- |
- |
1.2 |
|
Legal Reserve |
7.5 |
6.6 |
6.2 |
6.4 |
5.4 |
|
Reserve-Business Rationalization |
2.7 |
2.5 |
2.5 |
2.5 |
2.3 |
|
Reserve-Financial Restructuring |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Retained Earning Carried Forward |
- |
- |
- |
95.3 |
72.4 |
|
Capital Change, Equity Method |
- |
- |
- |
0.5 |
0.6 |
|
Overseas Business Translation Credit |
-0.1 |
2.9 |
0.4 |
7.0 |
8.7 |
|
Appropriated Retained Earnings |
0.0 |
0.0 |
0.0 |
- |
- |
|
Retained Earnings |
224.4 |
187.2 |
174.2 |
- |
- |
|
Adj. for Capital Surplus |
0.0 |
0.0 |
0.0 |
- |
- |
|
Total Equity |
308.3 |
266.7 |
251.4 |
194.1 |
167.5 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
513.7 |
492.6 |
504.9 |
325.7 |
296.5 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
5.8 |
5.8 |
5.8 |
5.8 |
5.8 |
|
Total Common Shares Outstanding |
5.8 |
5.8 |
5.8 |
5.8 |
5.8 |
|
T/S-Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Deferred Revenue, Current |
1.1 |
0.7 |
0.5 |
0.5 |
0.2 |
|
Accumulated Intangible Amort, Suppl. |
0.2 |
0.2 |
0.2 |
- |
- |
|
Full-Time Employees |
- |
319 |
299 |
270 |
264 |
|
Number of Common Shareholders |
- |
- |
- |
- |
3,335 |
|
Long Term Debt Maturing within 1 Year |
26.4 |
8.8 |
- |
12.5 |
1.4 |
|
Long Term Debt Maturing in Year 2 |
6.3 |
11.4 |
- |
- |
- |
|
Long Term Debt Maturing in Year 3 |
4.8 |
18.9 |
- |
- |
- |
|
Long Term Debt Maturing in Year 4 |
0.1 |
4.4 |
- |
- |
- |
|
Long Term Debt - Remaining Maturities |
10.3 |
10.2 |
- |
10.5 |
33.5 |
|
Total Long Term Debt, Supplemental |
47.8 |
53.6 |
- |
23.0 |
34.9 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate
(Period Average) |
1126.848795 |
1107.891393 |
1156.281981 |
1276.385219 |
1100.562842 |
|
Auditor |
Shinhan
Accounting Corporation |
Shinhan
Accounting Corporation |
Shinhan
Accounting Corporation |
Shinhan
Accounting Corporation |
Shinhan
Accounting Corporation |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Income or Loss |
26.6 |
22.5 |
27.8 |
17.9 |
26.7 |
|
Depreciation |
8.9 |
7.6 |
5.7 |
11.3 |
9.9 |
|
Payment for Retirement Allow., ONCI |
1.4 |
1.2 |
1.1 |
0.9 |
0.3 |
|
Amort. of Intangibless |
0.2 |
0.2 |
0.2 |
0.0 |
0.0 |
|
Expense of Allowance for Doubtful Accoun |
1.1 |
- |
1.3 |
- |
2.0 |
|
Loss on Disposal of Investment in Subsid |
- |
- |
0.0 |
- |
- |
|
Losses on Foreign Currency Translation |
0.7 |
0.7 |
0.1 |
0.1 |
0.3 |
|
Interest Expenses |
4.0 |
5.0 |
4.6 |
- |
- |
|
Loss under Equity Method |
- |
- |
0.3 |
- |
- |
|
L-Tang Asset Disp. |
0.0 |
0.0 |
1.8 |
0.0 |
0.1 |
|
Loss on Disposal of Intangible Assets |
0.0 |
- |
- |
- |
- |
|
Impmt Loss on Tangibles |
- |
0.7 |
- |
- |
- |
|
Accrued Interest Expense |
- |
- |
- |
0.0 |
0.0 |
|
Corporate Taxes Expense |
8.5 |
8.9 |
9.2 |
- |
- |
|
Rec. of Allow. for DA |
- |
-0.4 |
- |
-0.4 |
- |
|
Loss on Reduction of Inventory |
- |
0.2 |
- |
- |
- |
|
Interest Income |
-2.6 |
-2.2 |
-2.0 |
- |
- |
|
Gains on Foreign Currency Translation |
-0.6 |
-0.7 |
-0.1 |
0.0 |
-0.8 |
|
Gain under Equity Method |
- |
-0.1 |
-0.1 |
-3.8 |
-0.1 |
|
Gain-Disposal of Investment Assets |
- |
- |
- |
0.0 |
- |
|
Gain on Disposal of Property, Plant and |
-0.1 |
0.0 |
0.0 |
-0.1 |
-14.0 |
|
Gain on Disposal of Intangible Assets |
-0.2 |
- |
- |
- |
- |
|
Gain on Disposal of Investment in Affili |
- |
- |
-0.2 |
- |
- |
|
Dividend Income |
0.0 |
- |
- |
- |
- |
|
Trade Receivables |
24.9 |
58.8 |
-53.0 |
5.3 |
18.3 |
|
Account Receivables |
1.1 |
-0.1 |
0.1 |
0.9 |
-1.6 |
|
Accrued Income |
- |
- |
- |
0.6 |
0.6 |
|
Advance Payments |
-0.8 |
8.4 |
-8.4 |
0.4 |
1.3 |
|
Prepaid Expenses |
-0.1 |
0.1 |
-0.1 |
0.0 |
0.0 |
|
Prepaid Value Added Taxes |
-0.6 |
0.9 |
-1.0 |
0.6 |
-0.4 |
|
Prepaid Income Taxes |
0.0 |
- |
0.0 |
- |
- |
|
Non-Current Prepaid Expenses |
0.0 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Inventory |
-0.9 |
0.3 |
-15.8 |
1.6 |
4.4 |
|
Deferred Tax Aset |
- |
- |
- |
0.0 |
-0.3 |
|
Trade Payable |
2.1 |
-25.6 |
16.2 |
21.3 |
-29.9 |
|
Other Payable |
-12.5 |
-5.8 |
0.5 |
-11.7 |
-3.1 |
|
Advances Received |
- |
0.2 |
-0.1 |
0.3 |
-0.3 |
|
Withholdings |
0.0 |
-0.2 |
0.2 |
-0.1 |
0.2 |
|
Accrued Expenses |
0.4 |
0.0 |
0.4 |
0.7 |
-0.2 |
|
Accrued Income Taxes |
- |
- |
- |
-6.1 |
7.0 |
|
VAT Withheld |
- |
- |
- |
0.0 |
-0.4 |
|
Payment for Retirement Allow. |
-1.4 |
-1.2 |
-1.3 |
-1.0 |
-0.2 |
|
Deferred Taxes-Liab. |
- |
- |
- |
1.5 |
-0.6 |
|
Advance from Customers |
0.3 |
- |
- |
- |
- |
|
Cash-Interest Received |
2.6 |
2.0 |
1.9 |
- |
- |
|
Cash-Interest Paid |
-4.1 |
-4.9 |
-4.4 |
- |
- |
|
Cash-Tax Refunded |
-4.1 |
-7.6 |
-5.2 |
- |
- |
|
Cash-Dividend Income |
0.0 |
- |
- |
- |
- |
|
Adj. |
- |
- |
- |
- |
- |
|
Cash from Operating Activities |
54.9 |
69.0 |
-20.4 |
40.2 |
19.4 |
|
|
|
|
|
|
|
|
Disposal of Current Financial Instrument |
165.9 |
39.9 |
44.2 |
65.6 |
44.1 |
|
Disposal of Non-Current Financial Instru |
- |
0.2 |
- |
1.0 |
- |
|
Disposal of Investment in Affiliates |
3.1 |
1.0 |
- |
- |
- |
|
Dec-Secs held-Mature |
0.0 |
0.0 |
0.0 |
0.0 |
0.6 |
|
Decrease in Guarantee Deposit |
0.1 |
0.3 |
0.1 |
- |
- |
|
Disposal of Land |
1.5 |
- |
- |
0.2 |
23.2 |
|
Disposal-Buildings |
0.1 |
- |
0.1 |
0.0 |
- |
|
Disposal of Vehicles |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Disposal of Machinery |
0.0 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Disposal-Other Fixed Assets |
- |
- |
- |
0.2 |
0.0 |
|
Increase-Government Subsidy |
- |
- |
- |
0.0 |
- |
|
Disposal Other Tang. |
0.0 |
- |
0.0 |
- |
- |
|
Disposal of Intangible Assets |
0.4 |
- |
- |
- |
- |
|
Decrease in Other Non-CurrentReceivable |
- |
0.1 |
0.0 |
- |
- |
|
Purchase of Current Fincl Instruments |
-182.6 |
-77.3 |
-41.9 |
-45.8 |
-65.0 |
|
Purchase of Non-Current Fincl Instrm |
- |
- |
-0.1 |
0.0 |
-1.1 |
|
Increase-Securities under Equity Method |
- |
- |
- |
- |
-3.7 |
|
Purchase of Securities Held to Maturity |
0.0 |
- |
0.0 |
-0.2 |
0.0 |
|
Increase in Guarantee Deposit |
-0.6 |
-0.1 |
-0.3 |
- |
- |
|
Purchase of Land |
- |
-0.1 |
- |
-5.6 |
-1.7 |
|
Purchase of Buildings |
-0.1 |
-0.6 |
-1.7 |
-1.7 |
-1.2 |
|
Purchase of Machinery |
-2.2 |
-3.9 |
-1.8 |
-2.0 |
-1.5 |
|
Purchase of Vehicles |
-0.2 |
-0.3 |
-0.1 |
-0.2 |
-0.2 |
|
Purchase of Other Tangibless |
-0.3 |
-0.4 |
-0.4 |
-0.1 |
-0.3 |
|
Purchase of Construction in Progress |
-16.0 |
-31.9 |
-4.5 |
-1.5 |
-14.5 |
|
Purchase of Facility Usage Right |
- |
- |
- |
-0.1 |
-0.4 |
|
Purchase of Facility Usage Right |
-0.5 |
- |
-0.3 |
- |
- |
|
Purchase of Structures |
-0.1 |
-0.8 |
-0.2 |
0.0 |
0.0 |
|
Cash from Investing Activities |
-31.3 |
-73.9 |
-6.7 |
9.9 |
-21.6 |
|
|
|
|
|
|
|
|
Increase in Current Borrowings |
249.9 |
473.3 |
71.0 |
24.4 |
136.5 |
|
Increase in Bonds |
- |
- |
12.9 |
- |
- |
|
Increase in Non-Current Borrowings |
- |
25.7 |
11.9 |
1.8 |
9.7 |
|
Rights Issue |
- |
1.0 |
0.5 |
- |
- |
|
Increase-Rent Guarantee Deposit |
- |
- |
- |
0.0 |
0.0 |
|
Decrease in Current Borrowings |
-276.4 |
-505.1 |
-58.4 |
-38.3 |
-138.9 |
|
Decrease in Current Portion of Long-Term |
-9.0 |
-7.5 |
-12.6 |
-1.3 |
-2.0 |
|
Decrease in Current Portion of Bonds |
- |
- |
-13.0 |
-0.1 |
- |
|
Decrease in Non-Current Borrowings |
0.0 |
0.0 |
-0.3 |
- |
-1.0 |
|
Dividend Paid |
-4.2 |
-4.9 |
-4.1 |
-3.6 |
-4.2 |
|
Dec-Overseas Biz Currency Translation |
- |
- |
- |
- |
2.0 |
|
Inc-Overseas Business Translation Debit |
- |
- |
- |
-1.1 |
- |
|
Decrease-Lease Guarantee Deposit |
- |
- |
- |
0.0 |
0.0 |
|
Increase in Government Subsidy |
- |
0.0 |
- |
- |
- |
|
Cash from Financing Activities |
-39.8 |
-17.6 |
8.0 |
-18.2 |
2.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.5 |
0.8 |
0.2 |
- |
- |
|
Net Change in Cash |
-16.7 |
-21.7 |
-18.9 |
31.9 |
-0.2 |
|
|
|
|
|
|
|
|
Cash and Cash Equivalents at Beginning |
22.4 |
44.5 |
61.5 |
23.5 |
27.4 |
|
Cash and Cash Equivalents at End |
5.8 |
22.8 |
42.6 |
55.4 |
27.3 |
|
Cash Interest Paid |
4.1 |
4.9 |
4.4 |
- |
- |
|
Cash Taxes Paid |
4.1 |
7.6 |
5.2 |
- |
- |
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
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Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.30 |
|
|
1 |
Rs.82.88 |
|
Euro |
1 |
Rs.70.80 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.