MIRA
INFORM REPORT
|
Report Date : |
26.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
HUVIS CORP |
|
|
|
|
Registered Office : |
12F Samseong-Dong, Gangnam-Gu Seoul, 135010 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
01.11.2001 |
|
|
|
|
Legal Form : |
Public Parent |
|
|
|
|
Line of Business : |
Manufacture of man-made fibres |
|
|
|
|
No. of Employees : |
898 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SOUTH KOREA - ECONOMIC OVERVIEW
South Korea over the past
four decades has demonstrated incredible growth and global integration to become
a high-tech industrialized economy. In the 1960s, GDP per capita was comparable
with levels in the poorer countries of Africa and Asia. In 2004, South Korea
joined the trillion dollar club of world economies, and currently is among the
world's 20 largest economies. Initially, a system of close government and
business ties, including directed credit and import restrictions, made this
success possible. The government promoted the import of raw materials and
technology at the expense of consumer goods, and encouraged savings and
investment over consumption. The Asian financial crisis of 1997-98 exposed
longstanding weaknesses in South Korea's development model including high
debt/equity ratios and massive short-term foreign borrowing. GDP plunged by 6.9%
in 1998, and then recovered by 9% in 1999-2000. Korea adopted numerous economic
reforms following the crisis, including greater openness to foreign investment
and imports. Growth moderated to about 4% annually between 2003 and 2007. With
the global economic downturn in late 2008, South Korean GDP growth slowed to
0.3% in 2009. In the third quarter of 2009, the economy began to recover, in
large part due to export growth, low interest rates, and an expansionary fiscal
policy, and growth was 3.6% in 2011. In 2011, the US-South Korea Free Trade
Agreement was ratified by both governments and is projected to go into effect
in early 2012. The South Korean economy's long term challenges include a
rapidly aging population, inflexible labor market, and heavy reliance on
exports - which comprise half of GDP.
Source
: CIA
Company name and address
Huvis Corp
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business
Description
|
HUVIS CORPORATION is a Korea-based company engaged in the manufacture of
polyester fibers. The Company's products include staple fibers (SFs) and
filament yarns (FYs), as well as polyester chips used in polyethylene (PET)
materials, bottles and films. Its SFs include spinning fibers and non woven
fibers, which are used for blankets, artificial furs, toy skins, wall papers,
industrial and special papers, industrial and automobile filters, among
others. Its FYs are mainly used for apparels, casual sports, interiors and
eco-products. The Company distributes its products within domestic market and
to overseas markets. For the fiscal year ended 30 September 2011, HUVIS
CORPORATION.'s revenues increased 29% to W1.270T. The Company's net income
totaled W60.29B, up from W14.75B. Revenues reflect increased sales of
finished products and merchandises. Net income also benefited from increased
interest income and increased gain on foreign currency translations in other
operating income as well as decreased loss on disposal oftangible assets. |
Industry
|
Industry |
|
|
ANZSIC 2006: |
|
|
NACE 2002: |
|
|
NAICS 2002: |
|
|
UK SIC 2003: |
|
|
UK SIC 2007: |
|
|
US SIC 1987: |
Key Executives
|
Significant
Developments
|
Financial
Summary
|
|
Stock Snapshot
|
1 - Profit &
Loss Item Exchange Rate: USD 1 = KRW 1107.891
2 - Balance Sheet Item Exchange Rate: USD 1 = KRW 1152
Corporate Overview
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
Executives Report
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Developments
|
Annual Income Statement
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate
(Period Average) |
1107.891393 |
1156.281981 |
1276.385219 |
1100.562842 |
929.183333 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
1,506.6 |
1,172.5 |
916.6 |
1,036.2 |
1,164.1 |
|
Revenue |
1,506.6 |
1,172.5 |
916.6 |
1,036.2 |
1,164.1 |
|
Total Revenue |
1,506.6 |
1,172.5 |
916.6 |
1,036.2 |
1,164.1 |
|
|
|
|
|
|
|
|
Cost of Revenue |
1,359.2 |
1,038.0 |
832.3 |
963.3 |
1,051.7 |
|
Cost of Revenue, Total |
1,359.2 |
1,038.0 |
832.3 |
963.3 |
1,051.7 |
|
Gross Profit |
147.4 |
134.5 |
84.4 |
73.0 |
112.4 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
57.7 |
69.7 |
50.6 |
62.3 |
73.7 |
|
Labor & Related Expense |
12.2 |
10.6 |
8.4 |
9.7 |
11.2 |
|
Advertising Expense |
- |
- |
0.2 |
0.2 |
0.5 |
|
Total Selling/General/Administrative Expenses |
69.9 |
80.3 |
59.2 |
72.2 |
85.4 |
|
Research & Development |
12.2 |
9.2 |
4.6 |
4.6 |
4.4 |
|
Depreciation |
0.4 |
0.5 |
0.4 |
0.6 |
0.6 |
|
Amortization of Intangibles |
0.2 |
0.4 |
0.2 |
0.1 |
0.1 |
|
Depreciation/Amortization |
0.5 |
0.9 |
0.5 |
0.7 |
0.7 |
|
Investment Income -
Operating |
-1.7 |
0.4 |
- |
- |
- |
|
Interest/Investment Income - Operating |
-1.7 |
0.4 |
- |
- |
- |
|
Interest Expense (Income) - Net Operating Total |
-1.7 |
0.4 |
- |
- |
- |
|
Impairment-Assets Held for Use |
1.0 |
2.8 |
- |
- |
- |
|
Loss (Gain) on Sale of Assets - Operating |
-3.4 |
10.1 |
- |
- |
- |
|
Unusual Expense (Income) |
-2.5 |
12.9 |
- |
- |
- |
|
Other Operating Expense |
3.0 |
2.6 |
- |
- |
- |
|
Other, Net |
-1.5 |
-2.0 |
- |
- |
- |
|
Other Operating Expenses, Total |
1.5 |
0.6 |
- |
- |
- |
|
Total Operating Expense |
1,439.1 |
1,142.3 |
896.6 |
1,040.8 |
1,142.2 |
|
|
|
|
|
|
|
|
Operating Income |
67.5 |
30.2 |
20.1 |
-4.6 |
21.8 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-9.4 |
-12.0 |
-15.6 |
-19.3 |
-21.6 |
|
Interest Expense, Net Non-Operating |
-9.4 |
-12.0 |
-15.6 |
-19.3 |
-21.6 |
|
Interest Income -
Non-Operating |
1.3 |
0.4 |
0.4 |
0.3 |
0.2 |
|
Investment Income -
Non-Operating |
1.2 |
2.9 |
-3.5 |
-6.3 |
-16.6 |
|
Interest/Investment Income - Non-Operating |
2.5 |
3.3 |
-3.1 |
-6.0 |
-16.4 |
|
Interest Income (Expense) - Net Non-Operating |
0.0 |
0.0 |
- |
- |
- |
|
Interest Income (Expense) - Net Non-Operating Total |
-6.9 |
-8.7 |
-18.7 |
-25.3 |
-37.9 |
|
Gain (Loss) on Sale of Assets |
-0.4 |
-0.2 |
-0.4 |
2.1 |
-23.0 |
|
Other Non-Operating Income (Expense) |
- |
- |
2.7 |
2.0 |
-10.6 |
|
Other, Net |
- |
- |
2.7 |
2.0 |
-10.6 |
|
Income Before Tax |
60.2 |
21.4 |
3.6 |
-25.8 |
-49.7 |
|
|
|
|
|
|
|
|
Total Income Tax |
-2.9 |
6.0 |
0.8 |
-1.2 |
-5.7 |
|
Income After Tax |
63.2 |
15.4 |
2.8 |
-24.7 |
-44.0 |
|
|
|
|
|
|
|
|
Minority Interest |
-0.3 |
-0.1 |
0.0 |
0.3 |
0.1 |
|
Net Income Before Extraord Items |
62.8 |
15.3 |
2.8 |
-24.3 |
-43.9 |
|
Net Income |
62.8 |
15.3 |
2.8 |
-24.3 |
-43.9 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
62.8 |
15.3 |
2.8 |
-24.3 |
-43.9 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
62.8 |
15.3 |
2.8 |
-24.3 |
-43.9 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
28.8 |
28.8 |
34.5 |
34.5 |
34.5 |
|
Basic EPS Excl Extraord Items |
2.18 |
0.53 |
0.08 |
-0.71 |
-1.27 |
|
Basic/Primary EPS Incl Extraord Items |
2.18 |
0.53 |
0.08 |
-0.71 |
-1.27 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
62.8 |
15.3 |
2.8 |
-24.3 |
-43.9 |
|
Diluted Weighted Average Shares |
28.8 |
28.8 |
34.5 |
34.5 |
34.5 |
|
Diluted EPS Excl Extraord Items |
2.18 |
0.53 |
0.08 |
-0.71 |
-1.27 |
|
Diluted EPS Incl Extraord Items |
2.18 |
0.53 |
0.08 |
-0.71 |
-1.27 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest Expense, Supplemental |
9.4 |
12.0 |
15.6 |
19.3 |
21.6 |
|
Depreciation, Supplemental |
27.3 |
37.5 |
35.2 |
44.0 |
62.3 |
|
Total Special Items |
-2.1 |
13.1 |
0.4 |
-2.1 |
23.0 |
|
Normalized Income Before Tax |
58.1 |
34.5 |
4.0 |
-27.9 |
-26.7 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
-0.7 |
3.7 |
0.1 |
-0.7 |
8.0 |
|
Inc Tax Ex Impact of Sp Items |
-3.7 |
9.7 |
0.9 |
-1.9 |
2.3 |
|
Normalized Income After Tax |
61.8 |
24.8 |
3.1 |
-26.0 |
-29.0 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
61.5 |
24.7 |
3.1 |
-25.7 |
-28.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
2.13 |
0.86 |
0.09 |
-0.74 |
-0.84 |
|
Diluted Normalized EPS |
2.13 |
0.86 |
0.09 |
-0.74 |
-0.84 |
|
Amort of Intangibles, Supplemental |
0.2 |
0.4 |
0.2 |
0.1 |
0.1 |
|
Rental Expenses |
2.1 |
2.1 |
1.4 |
1.8 |
1.8 |
|
Advertising Expense, Supplemental |
0.3 |
0.2 |
0.2 |
0.2 |
0.5 |
|
Research & Development Exp, Supplemental |
12.2 |
9.2 |
4.6 |
4.6 |
4.4 |
|
Normalized EBIT |
63.3 |
43.6 |
20.1 |
-4.6 |
21.8 |
|
Normalized EBITDA |
90.8 |
81.4 |
55.4 |
39.5 |
84.3 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate |
1152 |
1134.9 |
1164.475 |
1259.55 |
936.05 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Equivalents |
47.6 |
43.3 |
23.5 |
26.9 |
17.0 |
|
Short Term Investments |
0.3 |
0.1 |
1.9 |
0.2 |
- |
|
Cash and Short Term Investments |
47.8 |
43.4 |
25.4 |
27.1 |
17.0 |
|
Accounts Receivable -
Trade, Gross |
167.7 |
150.7 |
110.2 |
87.1 |
132.5 |
|
Provision for Doubtful
Accounts |
-6.4 |
-6.9 |
-7.6 |
-10.8 |
-11.6 |
|
Trade Accounts Receivable - Net |
161.3 |
143.8 |
102.7 |
76.3 |
121.0 |
|
Other Receivables |
7.0 |
5.2 |
6.9 |
17.4 |
25.4 |
|
Total Receivables, Net |
168.4 |
149.1 |
109.6 |
93.7 |
146.3 |
|
Inventories - Finished Goods |
71.2 |
54.6 |
46.3 |
46.4 |
63.4 |
|
Inventories - Work In Progress |
40.8 |
37.4 |
20.6 |
17.0 |
27.7 |
|
Inventories - Raw Materials |
19.9 |
18.5 |
11.1 |
10.6 |
18.8 |
|
Inventories - Other |
26.6 |
21.4 |
17.5 |
22.0 |
18.2 |
|
Total Inventory |
158.6 |
132.0 |
95.5 |
96.0 |
128.1 |
|
Prepaid Expenses |
1.4 |
1.0 |
1.4 |
1.7 |
3.0 |
|
Deferred Income Tax - Current Asset |
- |
- |
1.2 |
2.0 |
2.8 |
|
Other Current Assets |
0.1 |
0.0 |
0.1 |
0.1 |
0.1 |
|
Other Current Assets, Total |
0.1 |
0.0 |
1.3 |
2.0 |
2.9 |
|
Total Current Assets |
376.3 |
325.5 |
233.2 |
220.5 |
297.4 |
|
|
|
|
|
|
|
|
Buildings |
117.4 |
115.7 |
129.4 |
120.4 |
155.7 |
|
Land/Improvements |
101.9 |
103.2 |
100.6 |
93.0 |
77.2 |
|
Machinery/Equipment |
444.1 |
415.1 |
400.9 |
367.0 |
472.1 |
|
Construction in
Progress |
5.1 |
5.5 |
11.3 |
6.0 |
5.3 |
|
Other
Property/Plant/Equipment |
9.6 |
9.1 |
8.3 |
8.1 |
10.3 |
|
Property/Plant/Equipment - Gross |
678.1 |
648.7 |
650.6 |
594.6 |
720.6 |
|
Accumulated Depreciation |
-383.3 |
-361.1 |
-329.7 |
-272.3 |
-317.6 |
|
Property/Plant/Equipment - Net |
294.7 |
287.6 |
320.9 |
322.3 |
403.0 |
|
Intangibles, Net |
6.1 |
6.6 |
0.8 |
0.8 |
0.7 |
|
LT Investment - Affiliate Companies |
1.7 |
1.6 |
1.3 |
1.1 |
4.5 |
|
LT Investments - Other |
2.0 |
3.7 |
0.0 |
0.0 |
0.0 |
|
Long Term Investments |
3.8 |
5.3 |
1.3 |
1.2 |
4.5 |
|
Note Receivable - Long Term |
3.7 |
2.5 |
2.7 |
3.0 |
- |
|
Deferred Income Tax - Long Term Asset |
4.4 |
1.0 |
5.1 |
12.4 |
15.2 |
|
Other Long Term Assets |
- |
- |
10.5 |
10.2 |
13.2 |
|
Other Long Term Assets, Total |
4.4 |
1.0 |
15.5 |
22.6 |
28.3 |
|
Total Assets |
688.9 |
628.6 |
574.4 |
570.3 |
733.9 |
|
|
|
|
|
|
|
|
Accounts Payable |
259.7 |
207.1 |
186.1 |
149.9 |
223.3 |
|
Accrued Expenses |
10.5 |
7.5 |
3.5 |
2.9 |
4.9 |
|
Notes Payable/Short Term Debt |
145.2 |
185.6 |
166.4 |
174.8 |
159.7 |
|
Current Portion - Long Term Debt/Capital Leases |
8.7 |
21.4 |
1.6 |
41.1 |
54.7 |
|
Customer Advances |
8.3 |
6.6 |
7.5 |
4.1 |
14.8 |
|
Security Deposits |
2.5 |
2.6 |
1.8 |
1.4 |
1.3 |
|
Income Taxes Payable |
- |
- |
0.0 |
0.0 |
6.5 |
|
Other Payables |
14.1 |
14.1 |
12.7 |
9.4 |
10.4 |
|
Other Current Liabilities |
1.2 |
1.5 |
0.4 |
0.5 |
1.6 |
|
Other Current liabilities, Total |
26.0 |
24.8 |
22.5 |
15.4 |
34.6 |
|
Total Current Liabilities |
450.1 |
446.4 |
380.1 |
384.2 |
477.3 |
|
|
|
|
|
|
|
|
Long Term Debt |
0.2 |
8.9 |
36.3 |
35.1 |
81.3 |
|
Total Long Term Debt |
0.2 |
8.9 |
36.3 |
35.1 |
81.3 |
|
Total Debt |
154.1 |
216.0 |
204.3 |
251.0 |
295.8 |
|
|
|
|
|
|
|
|
Minority Interest |
1.0 |
0.6 |
0.7 |
0.7 |
0.9 |
|
Reserves |
0.0 |
0.0 |
- |
- |
- |
|
Pension Benefits - Underfunded |
20.2 |
16.9 |
18.5 |
16.0 |
20.0 |
|
Other Long Term Liabilities |
2.3 |
2.2 |
0.4 |
0.4 |
0.7 |
|
Other Liabilities, Total |
22.6 |
19.2 |
18.9 |
16.4 |
20.7 |
|
Total Liabilities |
473.8 |
475.1 |
436.0 |
436.3 |
580.2 |
|
|
|
|
|
|
|
|
Common Stock |
127.0 |
126.7 |
123.4 |
114.1 |
153.6 |
|
Common Stock |
127.0 |
126.7 |
123.4 |
114.1 |
153.6 |
|
Additional Paid-In Capital |
2.9 |
- |
- |
139.8 |
188.1 |
|
Retained Earnings (Accumulated Deficit) |
54.0 |
-4.1 |
-16.4 |
-157.8 |
-183.6 |
|
Unrealized Gain (Loss) |
30.4 |
30.8 |
30.5 |
36.1 |
-0.1 |
|
Translation Adjustment |
- |
- |
0.9 |
1.7 |
-4.2 |
|
Other Comprehensive Income |
1.0 |
0.1 |
- |
- |
- |
|
Other Equity, Total |
1.0 |
0.1 |
0.9 |
1.7 |
-4.2 |
|
Total Equity |
215.1 |
153.5 |
138.4 |
133.9 |
153.8 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
688.9 |
628.6 |
574.4 |
570.3 |
733.9 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
29.3 |
28.8 |
34.5 |
34.5 |
34.5 |
|
Total Common Shares Outstanding |
29.3 |
28.8 |
34.5 |
34.5 |
34.5 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Employees |
- |
- |
- |
847 |
844 |
|
Accumulated Intangible Amort, Suppl. |
1.5 |
1.3 |
- |
- |
- |
|
Deferred Revenue - Current |
8.3 |
6.6 |
7.5 |
4.1 |
14.8 |
|
Total Long Term Debt, Supplemental |
- |
- |
12.9 |
21.4 |
40.3 |
|
Long Term Debt Maturing within 1 Year |
- |
- |
1.6 |
1.5 |
12.0 |
|
Long Term Debt Maturing in Year 2 |
- |
- |
11.3 |
1.5 |
2.0 |
|
Long Term Debt Maturing in Year 3 |
- |
- |
- |
0.3 |
2.0 |
|
Long Term Debt Maturing in 2-3 Years |
- |
- |
11.3 |
1.8 |
3.9 |
|
Long Term Debt Matur. in Year 6 & Beyond |
- |
- |
0.0 |
18.2 |
24.3 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate
(Period Average) |
1107.891393 |
1156.281981 |
1276.385219 |
1100.562842 |
929.183333 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
63.2 |
15.4 |
2.8 |
-24.7 |
-44.0 |
|
Depreciation |
27.3 |
37.5 |
35.2 |
44.0 |
62.3 |
|
Depreciation/Depletion |
27.3 |
37.5 |
35.2 |
44.0 |
62.3 |
|
Amortization of Intangibles |
0.2 |
0.4 |
0.2 |
0.1 |
0.1 |
|
Amortization |
0.2 |
0.4 |
0.2 |
0.1 |
0.1 |
|
Deferred Taxes |
- |
- |
0.8 |
-1.2 |
-13.1 |
|
Unusual Items |
1.4 |
15.2 |
0.0 |
-2.4 |
44.3 |
|
Equity in Net Earnings (Loss) |
-0.1 |
-0.2 |
-0.2 |
0.6 |
-0.5 |
|
Other Non-Cash Items |
7.4 |
23.5 |
6.4 |
-0.4 |
14.9 |
|
Non-Cash Items |
8.7 |
38.4 |
6.3 |
-2.2 |
58.7 |
|
Accounts Receivable |
-21.7 |
17.9 |
2.5 |
24.4 |
-19.4 |
|
Inventories |
-28.5 |
-30.9 |
7.6 |
-0.9 |
-21.6 |
|
Prepaid Expenses |
- |
- |
0.4 |
0.6 |
-1.1 |
|
Other Assets |
4.1 |
-2.9 |
0.0 |
0.0 |
0.5 |
|
Accounts Payable |
55.0 |
17.0 |
1.6 |
-57.9 |
-0.1 |
|
Accrued Expenses |
- |
- |
0.3 |
-0.8 |
0.1 |
|
Taxes Payable |
- |
- |
0.0 |
-5.6 |
6.6 |
|
Other Liabilities |
-1.7 |
-2.3 |
0.1 |
-11.0 |
3.3 |
|
Other Operating Cash Flow |
-7.7 |
-11.4 |
- |
- |
- |
|
Changes in Working Capital |
-0.6 |
-12.6 |
12.5 |
-51.1 |
-31.8 |
|
Cash from Operating Activities |
98.7 |
79.1 |
57.7 |
-35.0 |
32.2 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-37.9 |
-15.6 |
-14.4 |
-10.4 |
-10.8 |
|
Purchase/Acquisition of Intangibles |
-0.8 |
-1.6 |
-0.1 |
-0.4 |
0.0 |
|
Capital Expenditures |
-38.6 |
-17.2 |
-14.5 |
-10.8 |
-10.8 |
|
Sale of Fixed Assets |
0.1 |
1.8 |
0.1 |
0.9 |
9.3 |
|
Sale/Maturity of Investment |
4.0 |
5.1 |
- |
5.7 |
1.9 |
|
Purchase of Investments |
-2.8 |
-0.2 |
-1.6 |
-0.2 |
- |
|
Sale of Intangible Assets |
0.4 |
- |
- |
- |
- |
|
Other Investing Cash Flow |
-0.8 |
1.0 |
0.6 |
0.9 |
-4.5 |
|
Other Investing Cash Flow Items, Total |
1.0 |
7.7 |
-0.9 |
7.3 |
6.7 |
|
Cash from Investing Activities |
-37.6 |
-9.5 |
-15.4 |
-3.5 |
-4.2 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
- |
0.0 |
1.6 |
1.8 |
1.3 |
|
Financing Cash Flow Items |
- |
0.0 |
1.6 |
1.8 |
1.3 |
|
Sale/Issuance of
Common |
5.2 |
- |
- |
- |
- |
|
Common Stock, Net |
5.2 |
- |
- |
- |
- |
|
Issuance (Retirement) of Stock, Net |
5.2 |
- |
- |
- |
- |
|
Short Term Debt Issued |
209.7 |
55.0 |
1,105.1 |
2,406.9 |
2,103.7 |
|
Short Term Debt
Reduction |
-250.0 |
-97.1 |
-1,113.8 |
-2,317.4 |
-2,075.7 |
|
Short Term Debt, Net |
-40.3 |
-42.1 |
-8.7 |
89.5 |
28.0 |
|
Long Term Debt Issued |
- |
0.2 |
7.6 |
18.8 |
10.7 |
|
Long Term Debt
Reduction |
-22.2 |
-9.0 |
-47.9 |
-55.2 |
-57.0 |
|
Long Term Debt, Net |
-22.2 |
-8.7 |
-40.3 |
-36.5 |
-46.4 |
|
Issuance (Retirement) of Debt, Net |
-62.6 |
-50.9 |
-49.0 |
53.0 |
-18.3 |
|
Cash from Financing Activities |
-57.3 |
-50.9 |
-47.4 |
54.8 |
-17.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
1.3 |
0.2 |
- |
- |
- |
|
Net Change in Cash |
5.1 |
18.8 |
-5.1 |
16.3 |
11.0 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
44.4 |
23.7 |
26.5 |
14.5 |
6.1 |
|
Net Cash - Ending Balance |
49.4 |
42.5 |
21.5 |
30.8 |
17.2 |
|
Cash Interest Paid |
8.7 |
11.5 |
- |
- |
- |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate
(Period Average) |
1107.891393 |
1156.281981 |
1276.385219 |
1100.562842 |
929.183333 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Sales Revenue |
1,506.6 |
1,172.5 |
916.6 |
1,036.2 |
1,164.1 |
|
Total Revenue |
1,506.6 |
1,172.5 |
916.6 |
1,036.2 |
1,164.1 |
|
|
|
|
|
|
|
|
Costs of Goods and Services Sold |
1,359.2 |
1,038.0 |
832.3 |
963.3 |
1,051.7 |
|
Salaries and Wages |
8.8 |
7.4 |
5.7 |
6.6 |
7.5 |
|
Retirement & Severance Benefits |
0.6 |
0.4 |
0.7 |
0.8 |
1.1 |
|
Employee Benefits |
2.8 |
2.8 |
2.0 |
2.3 |
2.6 |
|
Travel Expense |
- |
- |
0.8 |
0.9 |
1.1 |
|
Communication Expense |
- |
- |
0.1 |
0.2 |
0.2 |
|
Utility Expense |
- |
- |
0.2 |
0.2 |
0.3 |
|
Taxes & Dues |
- |
- |
0.5 |
0.8 |
0.8 |
|
Office Consumable Expense |
- |
- |
0.4 |
0.4 |
0.4 |
|
Book Expense |
- |
- |
0.0 |
0.0 |
0.0 |
|
Rental Expenses |
2.1 |
2.1 |
1.4 |
1.8 |
1.8 |
|
Vehicles Maintenance Expense |
- |
- |
0.5 |
0.5 |
0.5 |
|
Repair Expense |
- |
- |
0.0 |
0.1 |
0.1 |
|
Insurance Expense |
- |
- |
0.2 |
0.2 |
0.3 |
|
Commission Paid |
3.2 |
2.2 |
2.6 |
2.7 |
3.4 |
|
Sales Commissions |
3.3 |
2.2 |
6.4 |
9.7 |
8.0 |
|
Other Commission |
2.8 |
1.4 |
- |
- |
- |
|
Shipping & Handling Expense |
40.2 |
50.1 |
32.7 |
37.2 |
44.1 |
|
Packaging Expenses |
1.2 |
0.9 |
0.7 |
0.9 |
1.0 |
|
Entertainment Expense |
- |
- |
0.9 |
1.0 |
1.0 |
|
Sales Promotion Expense |
- |
- |
0.1 |
0.1 |
0.2 |
|
Advertising Expense |
- |
- |
0.1 |
0.1 |
0.3 |
|
Education & Training Expense |
- |
- |
0.2 |
0.2 |
0.1 |
|
Overseas Branch Management Expense |
- |
- |
0.3 |
0.3 |
0.4 |
|
Sample Expenses |
0.4 |
0.4 |
0.4 |
0.6 |
0.6 |
|
Conference Expense |
- |
- |
0.0 |
0.0 |
0.0 |
|
Expenses of Allowance for Doubtful Accou |
1.0 |
3.1 |
2.0 |
4.2 |
8.9 |
|
Development Costs |
12.2 |
9.2 |
- |
- |
- |
|
Research Expense |
- |
- |
4.6 |
4.6 |
4.4 |
|
Other Administrative Expense |
3.7 |
3.0 |
- |
- |
- |
|
Adjustment for Selling and Administrativ |
0.0 |
0.0 |
- |
- |
- |
|
Depreciation |
0.4 |
0.5 |
0.4 |
0.6 |
0.6 |
|
Amortization of Intangible Assets |
0.2 |
0.4 |
0.2 |
0.1 |
0.1 |
|
Other Selling Expense |
2.8 |
5.6 |
0.4 |
0.5 |
0.5 |
|
Gain on Foreign Currency Transactions |
-18.3 |
-15.1 |
- |
- |
- |
|
Gain on Foreign Currency Translation |
-2.0 |
-0.8 |
- |
- |
- |
|
Gain on Disposal of Property, Plant and |
-0.1 |
-1.7 |
- |
- |
- |
|
Service Income |
-0.2 |
-0.2 |
- |
- |
- |
|
Gain-Disposal of Scrapped Materials |
-0.5 |
-0.2 |
- |
- |
- |
|
Gain-Disposal of Pre-products |
-3.4 |
-2.3 |
- |
- |
- |
|
Technology Income |
-0.1 |
0.0 |
- |
- |
- |
|
Parking Income |
-0.1 |
-0.1 |
- |
- |
- |
|
Gain on Assets Contributed |
- |
0.0 |
- |
- |
- |
|
Rental Income |
- |
-0.3 |
- |
- |
- |
|
Miscellaneous Income |
-1.1 |
-1.3 |
- |
- |
- |
|
Adjustment for Other Operating Income |
0.0 |
0.0 |
- |
- |
- |
|
Loss on Foreign Currency Transactions |
16.1 |
15.6 |
- |
- |
- |
|
Loss on Foreign Currency Translation |
2.5 |
0.7 |
- |
- |
- |
|
Loss on Disposal of Property, Plant and |
0.1 |
13.9 |
- |
- |
- |
|
Impairment Loss on Property, Plant and E |
0.2 |
1.5 |
- |
- |
- |
|
Other Allowance for Doubtful Accounts |
0.1 |
- |
- |
- |
- |
|
Impairment Loss on Intangible Assets |
0.8 |
1.3 |
- |
- |
- |
|
Loss-Disposal of Raw Materials |
0.4 |
0.5 |
- |
- |
- |
|
Donations Paid |
0.0 |
0.0 |
- |
- |
- |
|
Provisions |
- |
0.0 |
- |
- |
- |
|
Miscellaneous Loss |
0.0 |
1.1 |
- |
- |
- |
|
Adjustment for Other Operating Expense |
0.0 |
0.0 |
- |
- |
- |
|
Total Operating Expense |
1,439.1 |
1,142.3 |
896.6 |
1,040.8 |
1,142.2 |
|
|
|
|
|
|
|
|
Interest Income |
1.3 |
0.4 |
0.4 |
0.3 |
0.2 |
|
Gain-Currency Forwards Transactions |
0.7 |
0.0 |
- |
- |
0.0 |
|
Gain on Foreign Currency Transactions |
- |
2.7 |
17.2 |
33.0 |
9.4 |
|
Gain on Foreign Currency Translations |
2.3 |
- |
1.2 |
4.1 |
0.5 |
|
Gain-Disposal of Investment Assets |
- |
- |
0.0 |
1.8 |
0.2 |
|
Gain on Valuations of Derivatives |
0.0 |
0.0 |
- |
- |
- |
|
Gain-Valuation of Currency Forwards |
- |
- |
0.0 |
- |
- |
|
Gain-Disposal of Tangible Assets |
- |
- |
0.0 |
0.6 |
0.4 |
|
Gain-Disposal of Scrapped Materials |
- |
- |
0.2 |
0.3 |
0.4 |
|
Gain-Disposal of Raw Materials |
- |
- |
- |
1.1 |
- |
|
Gain-Disposal of Pre-products |
- |
- |
0.1 |
0.0 |
0.0 |
|
Rental Income |
- |
- |
1.1 |
1.4 |
1.7 |
|
Income-Patent & Royalty |
- |
- |
0.0 |
0.3 |
0.4 |
|
Gain-Assets Contributed |
- |
- |
1.0 |
0.8 |
0.2 |
|
Parking Income |
- |
- |
0.1 |
0.0 |
- |
|
Service Income |
- |
- |
0.1 |
0.3 |
0.4 |
|
Miscellaneous Non-Operating Income |
- |
- |
1.0 |
0.6 |
1.2 |
|
Interest Expenses |
-9.4 |
-12.0 |
-15.6 |
-19.3 |
-21.6 |
|
Loss on Foreign Currency Transactions |
-0.4 |
- |
- |
- |
- |
|
Loss-Foreign Exchange Transaction |
- |
- |
-21.5 |
-42.1 |
-3.7 |
|
Loss on Foreign Currency Translations |
- |
0.0 |
-0.8 |
-2.6 |
-1.9 |
|
Loss-Valuation of Currency Forwards |
- |
- |
- |
0.0 |
-0.6 |
|
Loss-Reduction of Tangible Assets |
- |
- |
- |
- |
-21.1 |
|
Loss on Derivative Transaction |
-1.6 |
0.0 |
- |
- |
- |
|
Loss on Disposal of Securities Available |
- |
0.0 |
- |
- |
- |
|
Loss on Disposal of Trade Receivable |
-0.4 |
-0.2 |
- |
- |
- |
|
Loss-Disposal of Tangible Assets |
- |
- |
-0.1 |
0.0 |
-23.8 |
|
Loss-Disposal of Raw Materials |
- |
- |
-0.7 |
- |
0.0 |
|
Donations Paid, Non-Operating |
- |
- |
0.0 |
0.0 |
0.0 |
|
Depreciation-Suspended Assets |
- |
- |
-0.5 |
-1.4 |
-14.5 |
|
Miscellaneous Non-Operating Expense |
- |
- |
-0.1 |
0.0 |
0.0 |
|
Gain on Investments in Affiliates |
0.1 |
0.2 |
0.2 |
0.0 |
0.6 |
|
Loss under Equity Method |
- |
- |
0.0 |
-0.6 |
-0.1 |
|
Adjustment |
- |
- |
- |
- |
- |
|
Adjustment for Finance Income |
0.0 |
- |
- |
- |
- |
|
Adjustment for Finance Expense |
- |
0.0 |
- |
- |
- |
|
Net Income Before Taxes |
60.2 |
21.4 |
3.6 |
-25.8 |
-49.7 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
-2.9 |
6.0 |
0.8 |
-1.2 |
-5.7 |
|
Net Income After Taxes |
63.2 |
15.4 |
2.8 |
-24.7 |
-44.0 |
|
|
|
|
|
|
|
|
Minority Interest |
-0.3 |
-0.1 |
0.0 |
0.3 |
0.1 |
|
Net Income Before Extra. Items |
62.8 |
15.3 |
2.8 |
-24.3 |
-43.9 |
|
Net Income |
62.8 |
15.3 |
2.8 |
-24.3 |
-43.9 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
62.8 |
15.3 |
2.8 |
-24.3 |
-43.9 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
62.8 |
15.3 |
2.8 |
-24.3 |
-43.9 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
28.8 |
28.8 |
34.5 |
34.5 |
34.5 |
|
Basic EPS Excluding ExtraOrdinary Items |
2.18 |
0.53 |
0.08 |
-0.71 |
-1.27 |
|
Basic EPS Including ExtraOrdinary Items |
2.18 |
0.53 |
0.08 |
-0.71 |
-1.27 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
62.8 |
15.3 |
2.8 |
-24.3 |
-43.9 |
|
Diluted Weighted Average Shares |
28.8 |
28.8 |
34.5 |
34.5 |
34.5 |
|
Diluted EPS Excluding ExtraOrd Items |
2.18 |
0.53 |
0.08 |
-0.71 |
-1.27 |
|
Diluted EPS Including ExtraOrd Items |
2.18 |
0.53 |
0.08 |
-0.71 |
-1.27 |
|
DPS-Common Stock |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
58.1 |
34.5 |
4.0 |
-27.9 |
-26.7 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
-3.7 |
9.7 |
0.9 |
-1.9 |
2.3 |
|
Normalized Income After Taxes |
61.8 |
24.8 |
3.1 |
-26.0 |
-29.0 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
61.5 |
24.7 |
3.1 |
-25.7 |
-28.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
2.13 |
0.86 |
0.09 |
-0.74 |
-0.84 |
|
Diluted Normalized EPS |
2.13 |
0.86 |
0.09 |
-0.74 |
-0.84 |
|
Interest Expense, Supplemental |
9.4 |
12.0 |
15.6 |
19.3 |
21.6 |
|
Rental Expense, Supplemental |
2.1 |
2.1 |
1.4 |
1.8 |
1.8 |
|
Advertising Expense, Supplemental |
0.3 |
0.2 |
0.2 |
0.2 |
0.5 |
|
R&D Expense, Supplemental |
12.2 |
9.2 |
4.6 |
4.6 |
4.4 |
|
Depreciation, Supplemental |
27.3 |
37.5 |
35.2 |
44.0 |
62.3 |
|
Amort of Intangibles, Supplemental |
0.2 |
0.4 |
0.2 |
0.1 |
0.1 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate |
1152 |
1134.9 |
1164.475 |
1259.55 |
936.05 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Cash Equivalents |
47.6 |
43.3 |
23.5 |
26.9 |
17.0 |
|
ST Financial Assets |
- |
- |
1.9 |
0.2 |
- |
|
Currency Futures, Current Assets |
0.0 |
0.0 |
0.0 |
- |
- |
|
Trade Receivable |
167.7 |
150.7 |
110.2 |
87.1 |
132.5 |
|
Allowance for Doubtful Accounts for Trad |
-6.3 |
-6.9 |
-7.6 |
-10.8 |
-11.6 |
|
Account Receivables |
6.3 |
3.5 |
6.9 |
17.4 |
25.4 |
|
Allowance for Doubtful Accounts |
-0.1 |
- |
- |
- |
- |
|
Loans |
0.7 |
- |
- |
- |
- |
|
Accrued Income |
0.0 |
- |
- |
- |
- |
|
Prepaid Taxes |
0.0 |
0.0 |
0.0 |
0.0 |
2.2 |
|
Prepaid Expenses |
1.4 |
1.0 |
1.4 |
1.7 |
0.9 |
|
Advance Payments |
3.4 |
3.7 |
1.6 |
2.8 |
2.7 |
|
Deferred Income Taxes-Debit, Current |
- |
- |
1.2 |
2.0 |
2.8 |
|
Other Quick Assets |
0.1 |
- |
0.1 |
0.1 |
0.1 |
|
Receivables from Recovery of Value Added |
- |
1.8 |
- |
- |
- |
|
Merchandises |
1.8 |
1.6 |
0.3 |
0.2 |
0.1 |
|
Finished Goods |
57.2 |
43.7 |
34.7 |
37.3 |
53.0 |
|
Manufactured Goods |
12.2 |
9.2 |
11.3 |
8.9 |
10.3 |
|
Goods in Transit |
17.7 |
13.4 |
12.1 |
15.7 |
10.6 |
|
Raw Materials |
19.9 |
18.5 |
11.1 |
10.6 |
18.8 |
|
Semi-finished Goods |
26.5 |
24.6 |
12.2 |
12.9 |
20.3 |
|
Works in Process |
14.3 |
12.8 |
8.4 |
4.1 |
7.4 |
|
Supplies |
5.5 |
4.4 |
3.9 |
3.5 |
4.8 |
|
Other Financial Instruments |
0.3 |
0.1 |
- |
- |
- |
|
Adjustment for Trade & Other Receivables |
0.0 |
0.0 |
- |
- |
- |
|
Adjustment for Inventories |
0.0 |
0.0 |
- |
- |
- |
|
Adjustment for Other Current Assets |
0.0 |
0.0 |
- |
- |
- |
|
Total Current Assets |
376.3 |
325.5 |
233.2 |
220.5 |
297.4 |
|
|
|
|
|
|
|
|
LT Financial Assets |
- |
- |
0.0 |
0.0 |
0.0 |
|
LT Account Receivable |
3.7 |
2.5 |
2.7 |
3.0 |
- |
|
Investment in Affiliates |
1.7 |
1.6 |
1.3 |
1.1 |
4.5 |
|
Security Deposit |
- |
- |
0.8 |
1.3 |
1.5 |
|
LT Security Deposit |
- |
- |
9.7 |
8.9 |
11.7 |
|
Non-Current Deferred Income Taxes Assets |
4.4 |
1.0 |
5.1 |
12.4 |
15.2 |
|
Lands |
101.9 |
103.2 |
100.6 |
93.0 |
77.2 |
|
Buildings |
105.0 |
104.3 |
118.5 |
110.5 |
143.7 |
|
Buildings-Reduction |
- |
- |
-3.8 |
-3.6 |
-5.8 |
|
Buildings-Depreciation |
-27.6 |
-25.2 |
-25.5 |
-21.2 |
-24.1 |
|
Structures |
12.4 |
11.5 |
15.8 |
14.5 |
19.2 |
|
Structures-Depreciation |
-3.2 |
-2.9 |
-4.1 |
-3.4 |
-4.0 |
|
Structures-Reduction |
- |
- |
-1.1 |
-1.0 |
-1.3 |
|
Machineries & Equipments |
444.2 |
414.9 |
404.2 |
371.0 |
484.1 |
|
Machineries & Equipments-Depreciation |
-342.9 |
-323.3 |
-290.5 |
-239.2 |
-279.2 |
|
Accumulated Impairment Losses for Machin |
- |
- |
-5.1 |
-5.1 |
-13.1 |
|
Machineries & Equipments-Government Subs |
-2.4 |
-2.0 |
-1.3 |
-1.2 |
-1.6 |
|
Vehicles |
2.3 |
2.3 |
3.1 |
2.3 |
2.8 |
|
Vehicles-Depreciation |
-1.8 |
-1.6 |
-2.1 |
-1.6 |
-1.8 |
|
Vehicles & Transportation Equipment-Redu |
- |
- |
0.0 |
0.0 |
0.0 |
|
Construction in Progress |
5.0 |
6.0 |
11.9 |
4.1 |
5.0 |
|
Construction in Progress-Depreciation |
-0.2 |
- |
- |
- |
- |
|
Construction in Progress-Government Subs |
-0.9 |
-0.5 |
-1.0 |
-0.2 |
-0.1 |
|
Machines in Transit |
1.0 |
0.2 |
0.5 |
2.2 |
0.5 |
|
Machines in Transits-Government Subsidy |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Other Property Plant & Equipment |
9.6 |
9.1 |
8.3 |
8.2 |
10.3 |
|
Other Property Plant & Equipment-Depreci |
-7.6 |
-8.1 |
-7.6 |
-7.0 |
-8.5 |
|
Other Tangible Assets-Reduction |
- |
- |
0.0 |
0.0 |
0.0 |
|
Industrial Property Rights |
0.2 |
0.2 |
0.2 |
0.2 |
0.4 |
|
Software |
0.3 |
0.3 |
0.6 |
0.6 |
0.3 |
|
Other Non-Current Financial Instruments |
2.0 |
3.7 |
- |
- |
- |
|
Adjustment for Property, Plant & Equipme |
- |
- |
- |
- |
- |
|
Membership Rights |
3.8 |
4.6 |
- |
- |
- |
|
Other Intangible Assets |
1.8 |
1.6 |
- |
- |
- |
|
Adjustment for Intangible Assets |
0.0 |
0.0 |
- |
- |
- |
|
Total Assets |
688.9 |
628.6 |
574.4 |
570.3 |
733.9 |
|
|
|
|
|
|
|
|
Current Trade Payables |
259.7 |
207.1 |
186.1 |
149.9 |
223.3 |
|
Other Payables |
14.1 |
14.1 |
12.7 |
9.4 |
10.4 |
|
Income Taxes Payable |
- |
- |
0.0 |
0.0 |
6.5 |
|
Accrued Expenses |
10.5 |
7.5 |
3.5 |
2.9 |
4.9 |
|
Advance from Customers, Current Liabilit |
8.3 |
6.6 |
7.5 |
4.1 |
14.8 |
|
Security Deposit Withheld |
2.5 |
2.6 |
1.8 |
1.4 |
1.3 |
|
Withholdings |
1.2 |
1.5 |
0.4 |
0.5 |
1.0 |
|
Currency Futures, Current |
- |
- |
- |
0.0 |
0.6 |
|
Current Portion of Bonds |
8.7 |
17.3 |
- |
39.6 |
42.7 |
|
Current Borrowings |
145.2 |
185.6 |
166.4 |
174.8 |
159.7 |
|
Current Portion of LT Debt |
- |
4.1 |
1.6 |
1.5 |
12.0 |
|
Adjustment for Current Trade & Other Pay |
0.0 |
0.0 |
- |
- |
- |
|
Adjustment for Other Current Liabilities |
0.0 |
0.0 |
- |
- |
- |
|
Total Current Liabilities |
450.1 |
446.4 |
380.1 |
384.2 |
477.3 |
|
|
|
|
|
|
|
|
Bonds |
- |
8.7 |
25.0 |
15.1 |
53.1 |
|
LT Borrowings |
0.2 |
0.2 |
11.3 |
20.0 |
28.3 |
|
Total Long Term Debt |
0.2 |
8.9 |
36.3 |
35.1 |
81.3 |
|
|
|
|
|
|
|
|
Rent Deposit |
- |
0.4 |
0.4 |
0.4 |
0.7 |
|
Non-Current Accrued Expenses |
2.3 |
1.9 |
- |
- |
- |
|
Deposit-Retirement Insurance |
- |
- |
-2.6 |
-2.6 |
-3.7 |
|
Retirement & Severance Benefits, Non-Cur |
20.2 |
16.9 |
21.8 |
18.9 |
23.8 |
|
Plan Assets |
- |
- |
-0.6 |
- |
- |
|
Transfer to National Pension Fund |
- |
- |
-0.1 |
-0.1 |
-0.2 |
|
Retirement Pension Operating Fund |
- |
- |
- |
-0.2 |
- |
|
Minority Interests |
1.0 |
0.6 |
0.7 |
0.7 |
0.9 |
|
Non-Current Provisions |
0.0 |
0.0 |
- |
- |
- |
|
Total Liabilities |
473.8 |
475.1 |
436.0 |
436.3 |
580.2 |
|
|
|
|
|
|
|
|
Common Stock |
127.0 |
126.7 |
123.4 |
114.1 |
153.6 |
|
Paid-in Capital in Excess of Par |
- |
- |
- |
139.8 |
188.1 |
|
Capital Change, Equity Method |
- |
- |
0.4 |
0.5 |
-0.1 |
|
Overseas Business Translation Credit |
- |
- |
0.9 |
1.7 |
-4.2 |
|
Gain-Revaluation |
30.4 |
30.8 |
30.1 |
35.6 |
- |
|
Retained Earning Carried Forward |
54.0 |
-4.1 |
-16.4 |
-158.2 |
-185.7 |
|
Reserve-Research & Development |
- |
- |
- |
- |
1.4 |
|
Legal Reserve |
- |
- |
- |
0.4 |
0.6 |
|
Reserve-Business Rationalization |
- |
- |
- |
0.0 |
0.0 |
|
Capital Surplus |
2.9 |
- |
- |
- |
- |
|
Accumulated Other Comprehensive Income |
1.0 |
0.1 |
- |
- |
- |
|
Adjustment for Retained Earnings or Accu |
0.0 |
0.0 |
- |
- |
- |
|
Total Equity |
215.1 |
153.5 |
138.4 |
133.9 |
153.8 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
688.9 |
628.6 |
574.4 |
570.3 |
733.9 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
29.3 |
28.8 |
34.5 |
34.5 |
34.5 |
|
Total Common Shares Outstanding |
29.3 |
28.8 |
34.5 |
34.5 |
34.5 |
|
T/S-Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Accumulated Intangible Amort, Suppl. |
1.5 |
1.3 |
- |
- |
- |
|
Deferred Revenue, Current |
8.3 |
6.6 |
7.5 |
4.1 |
14.8 |
|
Full-Time Employees |
- |
- |
- |
847 |
844 |
|
Long Term Debt Maturing within 1 Year |
- |
- |
1.6 |
1.5 |
12.0 |
|
Long Term Debt Maturing in Year 2 |
- |
- |
11.3 |
1.5 |
2.0 |
|
Long Term Debt Maturing in Year 3 |
- |
- |
- |
0.3 |
2.0 |
|
Long Term Debt - Remaining Maturities |
- |
- |
- |
18.2 |
24.3 |
|
Total Long Term Debt, Supplemental |
- |
- |
12.9 |
21.4 |
40.3 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate
(Period Average) |
1107.891393 |
1156.281981 |
1276.385219 |
1100.562842 |
929.183333 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income |
63.2 |
15.4 |
2.8 |
-24.7 |
-44.0 |
|
Depreciation |
27.3 |
37.5 |
35.2 |
44.0 |
62.3 |
|
Amortization of Intangible Assets |
0.2 |
0.4 |
0.2 |
0.1 |
0.1 |
|
Expense of Allowance for Doubtful Accoun |
1.0 |
3.1 |
2.0 |
4.2 |
8.9 |
|
Payment for Retirement Allowance, ONCI |
3.8 |
3.2 |
3.8 |
3.6 |
4.6 |
|
Expenses of Allowance for Other Doubtful |
0.1 |
- |
- |
- |
- |
|
Loss on Disposal of Trade Receivables |
0.4 |
0.2 |
- |
- |
- |
|
Interest Expenses |
9.4 |
12.0 |
0.4 |
0.3 |
0.6 |
|
Interest Income |
-1.3 |
-0.4 |
-0.2 |
- |
- |
|
Gain-Foreign Currency Translation |
-4.3 |
-0.8 |
-1.2 |
-4.1 |
-0.5 |
|
Gain-Valuation of Currency Futures |
0.0 |
0.0 |
0.0 |
- |
- |
|
Gain-Assets Contributed |
- |
- |
-1.0 |
-0.8 |
-0.2 |
|
Miscellaneous Gain |
- |
- |
- |
- |
0.0 |
|
Government Subsidy |
-0.1 |
-0.3 |
- |
- |
- |
|
Gain on Derivatives Transaction |
-0.7 |
0.0 |
- |
- |
- |
|
Corporate Taxes Expense |
-2.9 |
6.0 |
- |
- |
- |
|
Losses on Foreign Currency Translation |
2.5 |
0.7 |
0.8 |
2.6 |
1.9 |
|
Loss-Valuation of Currency Futures |
- |
- |
- |
0.0 |
0.6 |
|
Decrease in Other Non-Current Assets |
- |
0.0 |
- |
- |
- |
|
Loss-Disposal of Tangible Assets |
0.1 |
13.9 |
0.1 |
0.0 |
23.8 |
|
Loss-Investment Assets Disposal |
- |
0.0 |
- |
- |
- |
|
Loss-Reduction of Tangible Assets |
0.2 |
1.5 |
- |
- |
21.1 |
|
Impairment Loss on Intangible Assets |
0.8 |
1.3 |
- |
- |
- |
|
Loss under Equity Method |
- |
- |
0.0 |
0.6 |
0.1 |
|
Gain-Disposal of Investment Assets |
- |
- |
0.0 |
-1.8 |
-0.2 |
|
Gain-Disposal of Tangible Assets |
-0.1 |
-1.7 |
0.0 |
-0.6 |
-0.4 |
|
Gain on Valuation of Investment in Affil |
-0.1 |
-0.2 |
-0.2 |
0.0 |
-0.6 |
|
Trade & Other Receviables |
-21.7 |
17.9 |
- |
- |
- |
|
Trade Receivable |
- |
- |
-8.8 |
26.3 |
-2.3 |
|
Account Receivable |
- |
- |
11.3 |
-1.9 |
-17.2 |
|
Accrued Income |
- |
- |
- |
- |
0.0 |
|
Prepaid Expense |
- |
- |
0.4 |
-1.2 |
0.9 |
|
Prepaid Taxes |
- |
- |
- |
1.8 |
-2.0 |
|
LT Advance Payment |
- |
- |
- |
- |
0.0 |
|
Advanced Payment |
- |
- |
1.4 |
-0.9 |
0.2 |
|
Inventory |
-28.5 |
-30.9 |
6.3 |
0.0 |
-21.8 |
|
Other Current Assets |
2.1 |
-4.1 |
0.0 |
0.0 |
0.2 |
|
Currency Forwards Assets |
1.6 |
0.0 |
- |
- |
0.4 |
|
Allowance for Losses on Valuation of Inv |
1.3 |
1.1 |
- |
- |
- |
|
Derivatives Assets |
-0.8 |
0.0 |
- |
- |
- |
|
Deferred Income Tax Debit |
- |
- |
0.8 |
-1.2 |
-13.1 |
|
Trade & Other Payables |
55.0 |
17.0 |
- |
- |
- |
|
Trade Payable |
- |
- |
-0.6 |
-59.9 |
1.2 |
|
Account Payable |
- |
- |
2.3 |
2.0 |
-1.4 |
|
Advance Received |
- |
- |
2.9 |
-7.9 |
7.0 |
|
Deposit Withheld |
- |
- |
-0.1 |
-0.3 |
0.4 |
|
Accrued Expense |
- |
- |
0.3 |
-0.8 |
0.1 |
|
Taxes Payable |
- |
- |
0.0 |
-5.6 |
6.6 |
|
Currency Forwards Liablities |
- |
- |
0.0 |
-0.5 |
-1.0 |
|
Payment-Retirement Bonus |
-3.2 |
-2.9 |
-2.6 |
-2.2 |
-3.3 |
|
Retirement Pension Operating Fund |
-0.2 |
0.0 |
-0.3 |
-0.3 |
- |
|
Deposit-Retirement Insurance |
- |
- |
0.2 |
0.1 |
0.1 |
|
Reserve-National Pension |
- |
- |
0.0 |
0.0 |
0.1 |
|
Overseas Business Translation Debit |
- |
- |
1.9 |
-6.2 |
-0.9 |
|
Other Financial Liabilities |
-0.1 |
0.7 |
- |
- |
- |
|
Other Current Liabilities |
1.2 |
-0.2 |
- |
- |
- |
|
Provisions |
- |
0.0 |
- |
- |
- |
|
Other Non-Current Liabilities |
0.5 |
- |
- |
- |
- |
|
National Pension Fund |
0.0 |
0.0 |
- |
- |
- |
|
Cash-Interest Received |
0.9 |
0.1 |
- |
- |
- |
|
Cash-Interest Paid |
-8.7 |
-11.5 |
- |
- |
- |
|
Cash from Operating Activities |
98.7 |
79.1 |
57.7 |
-35.0 |
32.2 |
|
|
|
|
|
|
|
|
Decrease-Guarantee Deposit |
- |
- |
1.5 |
3.0 |
0.5 |
|
Decrease-Security Deposit |
- |
- |
3.7 |
2.1 |
3.0 |
|
Decrease-ST Financial Assets |
- |
- |
- |
- |
0.3 |
|
Disposal of Current Financial Instrument |
- |
1.9 |
- |
- |
- |
|
Disposal of Other Non-Current Finacial I |
4.0 |
3.2 |
- |
- |
- |
|
Disposal-Securities under Equity Method |
- |
- |
- |
5.7 |
1.6 |
|
Disposal-Structure |
- |
- |
0.0 |
0.0 |
0.2 |
|
Disposal-Buildings |
- |
- |
- |
0.0 |
0.0 |
|
Disposal-Machinery & Equipments |
- |
- |
0.1 |
0.8 |
8.8 |
|
Disposal-Transportation |
- |
- |
0.0 |
0.0 |
0.1 |
|
Disposal-Construction in Progress |
- |
- |
- |
0.0 |
0.1 |
|
Disposal-Other Tangible Assets |
- |
- |
0.0 |
0.0 |
0.0 |
|
Increase-Guarantee Deposit |
- |
- |
-1.9 |
-1.6 |
-2.7 |
|
Increase-Security Deposit |
- |
- |
-2.8 |
-2.6 |
-5.3 |
|
Increase-ST Financial Assets |
- |
- |
-1.6 |
-0.2 |
- |
|
Increase-Structure |
- |
- |
- |
0.0 |
- |
|
Increase-Machinery & Equipment |
- |
- |
0.0 |
0.0 |
-0.2 |
|
Increase-Transportation |
- |
- |
0.0 |
0.0 |
-0.1 |
|
Increase-Construction Progress |
- |
- |
-12.9 |
-7.6 |
-9.7 |
|
Increase-Machines in Transit |
- |
- |
-1.4 |
-2.7 |
-0.7 |
|
Increase-Other Tangible Assets |
- |
- |
-0.1 |
-0.1 |
0.0 |
|
Increase-Industrial Property Right |
- |
- |
0.0 |
0.0 |
0.0 |
|
Increase-Software |
- |
- |
-0.1 |
-0.4 |
0.0 |
|
Disposal of Property, Plant and Equipmen |
0.1 |
1.8 |
- |
- |
- |
|
Disposal of Intangible Assets |
0.4 |
- |
- |
- |
- |
|
Increase in Government Subsidy |
1.2 |
0.9 |
- |
- |
- |
|
Increase in Non-Current Trade&Other Rece |
0.6 |
0.5 |
- |
- |
- |
|
Purchase of Non-Current Financial Instru |
- |
-0.2 |
- |
- |
- |
|
Purchase of Other Financial Instruments |
-2.8 |
- |
- |
- |
- |
|
Purchase of Property, Plant and Equipmen |
-37.9 |
-15.6 |
- |
- |
- |
|
Purchase of Intangible Assets |
-0.8 |
-1.6 |
- |
- |
- |
|
Decrease in Non-Current Trade&Other Rece |
-2.2 |
- |
- |
- |
- |
|
Purchase of Other Non-Current Financial |
-0.4 |
-0.4 |
- |
- |
- |
|
Cash from Investing Activities |
-37.6 |
-9.5 |
-15.4 |
-3.5 |
-4.2 |
|
|
|
|
|
|
|
|
Increase in Current Borrowings |
209.7 |
55.0 |
1,105.1 |
2,406.9 |
2,103.7 |
|
Increase-LT Borrowings |
- |
0.2 |
- |
1.5 |
- |
|
Increase-Bond |
- |
- |
7.6 |
17.3 |
10.7 |
|
Increase-LT Rent Guarantee Deposit |
- |
- |
0.3 |
0.2 |
0.1 |
|
Increase-Security Deposit Received |
- |
- |
0.7 |
0.6 |
1.2 |
|
Increase-Subsidy from Government |
- |
- |
1.5 |
1.4 |
1.7 |
|
Decrease in Current Borrowings |
-250.0 |
-97.1 |
-1,113.8 |
-2,317.4 |
-2,075.7 |
|
Decrease-LT Borrowings |
- |
- |
-7.3 |
-8.7 |
- |
|
Decrease in Current Portion of Long-Term |
-22.2 |
-9.0 |
-1.4 |
-10.2 |
-8.6 |
|
Decrease-Current Portion of Bond |
- |
- |
-39.2 |
-36.3 |
-48.4 |
|
Decrease Security Deposit |
- |
- |
-0.4 |
-0.1 |
-1.8 |
|
Decrease-LT Lease Guarantee Deposit |
- |
0.0 |
-0.4 |
-0.2 |
- |
|
Capital Increase |
5.2 |
- |
- |
- |
- |
|
Cash from Financing Activities |
-57.3 |
-50.9 |
-47.4 |
54.8 |
-17.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
1.3 |
0.2 |
- |
- |
- |
|
Net Change in Cash |
5.1 |
18.8 |
-5.1 |
16.3 |
11.0 |
|
|
|
|
|
|
|
|
Net Cash Beginning Balance |
44.4 |
23.7 |
26.5 |
14.5 |
6.1 |
|
Cash and Cash Equivalents at End |
49.4 |
42.5 |
21.5 |
30.8 |
17.2 |
|
Cash Interest Paid |
8.7 |
11.5 |
- |
- |
- |
Financial Health
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per share
items (actual units) |
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.04 |
|
|
1 |
Rs.81.80 |
|
Euro |
1 |
Rs.71.41 |
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.