MIRA
INFORM REPORT
|
Report Date : |
23.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
KOLON PLASTICS INC |
|
|
|
|
Registered Office : |
1018, Eungmyeong-Dong
Gimcheon, 740180 |
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|
|
|
Country : |
South Korea |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
15.03.1996 |
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Legal Form : |
Public Subsidiary |
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Line of Business : |
Subject is engaged in the manufacture and marketing of
engineering plastics. |
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No. of Employees : |
174 |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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 (31.03.2012) |
Current Rating (30.06.2012) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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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
KOLON PLASTICS INC
1018, Eungmyeong-Dong
Gimcheon, 740180
Korea, Republic of
Tel: 82-54-4208371
Fax: 82-54-4208360
Website: www.kolonplastics.com
Employees: 174
Company Type: Public
Subsidiary
Corporate Family: 21 Companies
Ultimate Parent: KOLON
CORPORATION
Traded: Korea Stock Exchange: 138490
Incorporation Date: 15-Mar-1996
Auditor: Ernst
& Young LLP
Financials in: USD (In Millions)
Fiscal Year End: 31-Dec-2011
Reporting Currency: South Korean Won
Net Income: 10.4
Market Value: 152.5
(11-Jan-2013)
Business Description
KOLON PLASTICS, INC. is a Korea-based company engaged in the
manufacture and marketing of engineering plastics. The Company’s products
mainly consist of polyamide (PA) products under the brand name of KOPA, which
are used in the manufacture of automobiles and industrial parts; polybutylene
terephthalate (PBT) products under the brand name of SPESIN, which are used in
electricity and electronic industries, and polyoxymethylene (POM) products
under the brand name of KOCETAL, which are used for various purposes, such as
cars, office equipment and living materials. It also provides polyethylene
terephthalate (PET), polyphenylene sulfide (PPS) and other engineering
plastics. On April 3, 2012, the Company acquired a 60.36% stake in KSI Co.,
Ltd., engaged in the manufacture of plastics compounding resins. After the
transaction, the Company has a 100% stake in KSI Co., Ltd. On September 30,
2012, it merged with its wholly owned subsidiary, KSI Co., Ltd. For the three
months ended 31 March 2012, Kolon Plastics Inc revenues increased 22% to
W60.18B. Net income decreased 41% to W1.56B. Revenues reflect an increase in
demand for the Company's products and services due to favorable market
conditions. Net income was offset by Interest Expenses increase from W88.5M to
W715.9M (expense), Selling and Administrative Expenses increase of 19% to
W3.46B (expense).
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: |
Key Executives
|
Name |
Title |
|
President, Chief Executive Officer, Director |
|
|
Chief Technology Officer, Assistant Managing Director |
|
|
Internal Auditor |
|
|
Young Ho Bae |
Chief Executive Officer |
|
J. H. Han |
Manager-Sales-Asia, Africa & Middle East Oceania |
Significant Developments
|
Topic |
#* |
Most Recent
Headline |
Date |
|
2 |
24-Jul-2012 |
||
|
1 |
Kolon Plastics Inc Declares Annual Cash Dividend for FY 2011 |
8-Feb-2012 |
* number of
significant developments within the last 12 months
Financial Summary
As of 31-Dec-2011
|
Key Ratios |
Company |
Industry |
|
Current Ratio (MRQ) |
0.90 |
|
|
Quick Ratio (MRQ) |
0.40 |
|
|
Debt to Equity (MRQ) |
0.55 |
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Sales 5 Year Growth |
38.42 |
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Net Profit Margin (TTM) % |
5.52 |
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Stock Snapshot
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Traded: Korea Stock Exchange: 138490 |
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As of 11-Jan-2013 Financials in: KRW |
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1 - Profit & Loss Item Exchange Rate: USD 1 = KRW 1107.891
2 - Balance Sheet Item Exchange Rate:
USD 1 = KRW 1152
Location
1018, Eungmyeong-Dong
Gimcheon, 740180
Korea, Republic of
Tel: 82-54-4208371
Fax: 82-54-4208360
Website: www.kolonplastics.com
Quote Symbol –
Exchange 138490 - Korea
Stock Exchange
Sales KRW(mil): 209,195.0
Assets KRW(mil): 196,479.5
Employees: 174
Fiscal Year End: 31-Dec-2011
Industry: Fabricated Plastic and Rubber
Incorporation
Date: 15-Mar-1996
Company Type: Public Subsidiary
Quoted Status: Quoted
President, Chief Executive Officer, Director: Ho Jin Kim
|
ANZSIC 2006 Codes: |
||
|
1919 |
- |
Other Polymer Product Manufacturing |
|
NACE 2002 Codes: |
||
|
2524 |
- |
Manufacture of other plastic products |
|
NAICS 2002 Codes: |
||
|
326199 |
- |
All Other Plastics Product Manufacturing |
|
US SIC 1987: |
||
|
3089 |
- |
Plastics Products, Not Elsewhere Classified |
|
UK SIC 2003: |
||
|
2524 |
- |
Manufacture of other plastic products |
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UK SIC 2007: |
||
|
2229 |
- |
Manufacture of other plastic products |
KOLON PLASTICS, INC. is a Korea-based company engaged in the manufacture and marketing of engineering plastics. The Company’s products mainly consist of polyamide (PA) products under the brand name of KOPA, which are used in the manufacture of automobiles and industrial parts; polybutylene terephthalate (PBT) products under the brand name of SPESIN, which are used in electricity and electronic industries, and polyoxymethylene (POM) products under the brand name of KOCETAL, which are used for various purposes, such as cars, office equipment and living materials. It also provides polyethylene terephthalate (PET), polyphenylene sulfide (PPS) and other engineering plastics. On April 3, 2012, the Company acquired a 60.36% stake in KSI Co., Ltd., engaged in the manufacture of plastics compounding resins. After the transaction, the Company has a 100% stake in KSI Co., Ltd. On September 30, 2012, it merged with its wholly owned subsidiary, KSI Co., Ltd. For the three months ended 31 March 2012, Kolon Plastics Inc revenues increased 22% to W60.18B. Net income decreased 41% to W1.56B. Revenues reflect an increase in demand for the Company's products and services due to favorable market conditions. Net income was offset by Interest Expenses increase from W88.5M to W715.9M (expense), Selling and Administrative Expenses increase of 19% to W3.46B (expense).
More Business Descriptions
Resin and Synthetic Rubber Manufacturing
|
Financials in: |
KRW(mil) |
1 Year Growth |
|
Revenue: |
209,195.0 |
26.0% |
|
Net Income: |
11,546.0 |
22.9% |
|
Assets: |
196,479.5 |
116.9% |
|
Long Term Debt: |
18,000.0 |
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Total Liabilities: |
108,793.8 |
|
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Working Capital: |
-0.4 |
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Date of Financial Data: |
31-Dec-2011 |
|
Auditor: |
Ernst & Young LLP |
|
Auditor: |
Ernst & Young LLP |
Corporate
Structure News
Kolon Plastics Inc
Total Corporate Family Members: 21
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Gwacheon |
Korea, Republic of |
Textiles - Non Apparel |
534.4 |
42 |
|
|
Subsidiary |
Gwacheon |
Korea, Republic of |
Chemicals - Plastics and Rubber |
4,892.3 |
3,639 |
|
|
Subsidiary |
Gwacheon |
Korea, Republic of |
Construction Services |
1,371.7 |
2,487 |
|
|
Subsidiary |
Seoul |
Korea, Republic of |
Computer Services |
871.0 |
294 |
|
|
Facility |
Gwacheon, Gyeonggi-do |
Korea, Republic of |
Chemicals - Plastics and Rubber |
|
1 |
|
|
Subsidiary |
Kwachon, Kyonggi-Do |
Korea, Republic of |
Engineering Consultants |
26.5 |
|
|
|
Subsidiary |
Gwacheon, Gyeonggi |
Korea, Republic of |
Engineering Consultants |
|
|
|
|
Subsidiary |
Gwacheon-si, Gyeonggi-do |
Korea, Republic of |
Apparel and Accessories |
773.2 |
1,165 |
|
|
Subsidiary |
Songnam, Kyonggi-Do |
Korea, Republic of |
Communications Equipment |
2.9 |
10 |
|
|
Subsidiary |
Kwach'on |
Korea, Republic of |
Chemical Manufacturing |
|
500 |
|
|
Subsidiary |
Gwacheon |
Korea, Republic of |
Textiles - Non Apparel |
578.8 |
387 |
|
|
Subsidiary |
Gimcheon |
Korea, Republic of |
Fabricated Plastic and Rubber |
188.8 |
174 |
|
|
Subsidiary |
Sangju, Kyongsangbuk-Do |
Korea, Republic of |
Fabricated Plastic and Rubber |
|
51 |
|
|
Subsidiary |
Fairfield, NJ |
United States |
Fabricated Plastic and Rubber |
|
8 |
|
|
Facility |
Gyeongsan, Kyung Sang Buk-do |
Korea, Republic of |
Textiles - Non Apparel |
|
|
|
|
Subsidiary |
Nanjing, Jiangsu |
China |
Textiles - Non Apparel |
|
|
|
|
Subsidiary |
Serang, Banten |
Indonesia |
Containers and Packaging |
|
|
|
|
Subsidiary |
Gwacheon |
Korea, Republic of |
Biotechnology and Drugs |
105.8 |
291 |
|
|
Subsidiary |
Hongsong, Chungchongnam-Do |
Korea, Republic of |
Semiconductors |
1.0 |
165 |
|
|
Subsidiary |
Kwachon, Kyonggi-Do |
Korea, Republic of |
Construction Services |
140.8 |
|
|
|
Subsidiary |
Inchon, Inchon |
Korea, Republic of |
Miscellaneous Capital Goods |
|
32 |
Board of Directors
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Director |
Director/Board Member |
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President, Chief Executive Officer, Director |
Director/Board Member |
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Chief Technology Officer, Assistant Managing Director |
Director/Board Member |
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Executives
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Chief Executive Officer |
Chief Executive Officer |
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President, Chief Executive Officer, Director |
Chief Executive Officer |
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Internal Auditor |
Accounting Executive |
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Manager-Sales-Asia, Africa & Middle East Oceania |
Sales Executive |
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Manager-Sales-Europe |
Sales Executive |
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Manager-Sales-China & Japan |
Sales Executive |
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Manager-Sales-America |
Sales Executive |
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Chief Technology Officer, Assistant Managing Director |
Engineering/Technical Executive |
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||||||||
Kolon Plastics Inc to Merge with KSI
Jul 24, 2012
Kolon Plastics Inc announced that it has decided to merge with its wholly owned
subsidiary, KSI, which is mainly engaged in the process of compound engineering
plastic products, to improve managerial efficiency. The exchange ratio of
Hanwha Corp and Microaerobot Co., Ltd. is 1:0 and the merger effective date is
September 30, 2012.
Kolon Plastics Inc to Acquire KSID Co.,Ltd
Mar 27, 2012
Kolon Plastics Inc announced that it will acquire 504,000 shares of KSID
Co.,Ltd, which is mainly engaged in the manufacturing of plastics compounding
resign, for KRW 5.5 billion, to reinforce and expand plastics compounding
business. The expected transaction settlement date is April 3, 2012. After the
transaction, the Company holds 835,000 shares, or 100% of KSID Co.,Ltd.
Kolon Plastics Inc Declares Annual Cash Dividend for FY 2011
Feb 08, 2012
Kolon Plastics Inc announced that it has declared an annual cash dividend of
KRW 50 per share of common stock to shareholders of record on December 31,
2011, for the fiscal year 2011. The dividend rate of market price is 1.0% and
the total amount of the cash dividend is KRW 1,450 million.
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 |
Ernst & Young LLP |
Ernst & Young LLP |
Deloitte & Touche
LLP |
Deloitte & Touche
LLP |
Daesung Accounting
Corp. |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
188.8 |
143.6 |
96.7 |
76.9 |
48.6 |
|
Revenue |
188.8 |
143.6 |
96.7 |
76.9 |
48.6 |
|
Total Revenue |
188.8 |
143.6 |
96.7 |
76.9 |
48.6 |
|
|
|
|
|
|
|
|
Cost of Revenue |
164.9 |
124.2 |
82.6 |
67.0 |
41.6 |
|
Cost of Revenue, Total |
164.9 |
124.2 |
82.6 |
67.0 |
41.6 |
|
Gross Profit |
23.9 |
19.4 |
14.1 |
9.9 |
7.0 |
|
|
|
|
|
|
|
|
Selling/General/Administrative
Expense |
7.6 |
6.6 |
3.6 |
3.9 |
3.7 |
|
Labor & Related Expense |
3.3 |
2.2 |
1.7 |
1.0 |
0.7 |
|
Advertising Expense |
0.4 |
0.2 |
0.1 |
0.1 |
0.1 |
|
Total Selling/General/Administrative Expenses |
11.4 |
9.0 |
5.4 |
5.0 |
4.5 |
|
Research & Development |
0.4 |
0.2 |
0.2 |
0.1 |
0.0 |
|
Depreciation |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Amortization of Intangibles |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Depreciation/Amortization |
0.1 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Investment
Income - Operating |
0.6 |
0.0 |
- |
- |
- |
|
Interest/Investment Income -
Operating |
0.6 |
0.0 |
- |
- |
- |
|
Interest Expense (Income) - Net Operating Total |
0.6 |
0.0 |
- |
- |
- |
|
Other Operating Expense |
0.2 |
0.0 |
- |
- |
- |
|
Other, Net |
-0.1 |
-0.1 |
- |
- |
- |
|
Other Operating Expenses, Total |
0.1 |
-0.1 |
- |
- |
- |
|
Total Operating Expense |
177.4 |
133.3 |
88.2 |
72.1 |
46.2 |
|
|
|
|
|
|
|
|
Operating Income |
11.4 |
10.4 |
8.5 |
4.8 |
2.4 |
|
|
|
|
|
|
|
|
Interest
Expense - Non-Operating |
0.0 |
-0.6 |
-0.7 |
-0.4 |
-0.2 |
|
Interest Expense, Net
Non-Operating |
0.0 |
-0.6 |
-0.7 |
-0.4 |
-0.2 |
|
Interest
Income - Non-Operating |
0.2 |
0.1 |
0.1 |
0.2 |
0.2 |
|
Investment
Income - Non-Operating |
0.2 |
0.2 |
-0.3 |
-2.2 |
0.5 |
|
Interest/Investment Income -
Non-Operating |
0.4 |
0.3 |
-0.2 |
-2.0 |
0.6 |
|
Interest Income (Expense) - Net Non-Operating Total |
0.4 |
-0.3 |
-0.9 |
-2.5 |
0.4 |
|
Gain (Loss) on Sale of Assets |
- |
- |
-0.2 |
-0.1 |
- |
|
Other Non-Operating Income
(Expense) |
- |
- |
0.0 |
0.1 |
0.1 |
|
Other, Net |
- |
- |
0.0 |
0.1 |
0.1 |
|
Income Before Tax |
11.8 |
10.0 |
7.4 |
2.4 |
2.9 |
|
|
|
|
|
|
|
|
Total Income Tax |
1.4 |
1.9 |
1.1 |
0.4 |
-1.5 |
|
Income After Tax |
10.4 |
8.1 |
6.2 |
2.0 |
4.3 |
|
|
|
|
|
|
|
|
Net Income Before Extraord Items |
10.4 |
8.1 |
6.2 |
2.0 |
4.3 |
|
Net Income |
10.4 |
8.1 |
6.2 |
2.0 |
4.3 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
10.4 |
8.1 |
6.2 |
2.0 |
4.3 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
10.4 |
8.1 |
6.2 |
2.0 |
4.3 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
25.2 |
29.0 |
29.0 |
29.0 |
20.3 |
|
Basic EPS Excl Extraord Items |
0.41 |
0.28 |
0.21 |
0.07 |
0.21 |
|
Basic/Primary EPS Incl Extraord Items |
0.41 |
0.28 |
0.21 |
0.07 |
0.21 |
|
Dilution Adjustment |
- |
- |
0.0 |
- |
- |
|
Diluted Net Income |
10.4 |
8.1 |
6.2 |
2.0 |
4.3 |
|
Diluted Weighted Average Shares |
25.2 |
29.0 |
29.0 |
29.0 |
20.3 |
|
Diluted EPS Excl Extraord Items |
0.41 |
0.28 |
0.21 |
0.07 |
0.21 |
|
Diluted EPS Incl Extraord Items |
0.41 |
0.28 |
0.21 |
0.07 |
0.21 |
|
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 |
0.0 |
0.6 |
0.7 |
0.4 |
0.2 |
|
Depreciation, Supplemental |
1.7 |
1.6 |
1.3 |
3.3 |
6.0 |
|
Total Special Items |
- |
- |
0.2 |
0.1 |
- |
|
Normalized Income Before Tax |
11.8 |
10.0 |
7.6 |
2.4 |
2.9 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
- |
- |
0.0 |
0.0 |
- |
|
Inc Tax Ex Impact of Sp Items |
1.4 |
1.9 |
1.2 |
0.4 |
-1.5 |
|
Normalized Income After Tax |
10.4 |
8.1 |
6.4 |
2.0 |
4.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
10.4 |
8.1 |
6.4 |
2.0 |
4.3 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.41 |
0.28 |
0.22 |
0.07 |
0.21 |
|
Diluted Normalized EPS |
0.41 |
0.28 |
0.22 |
0.07 |
0.21 |
|
Amort of Intangibles, Supplemental |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Rental Expenses |
0.3 |
0.2 |
0.2 |
0.1 |
0.0 |
|
Advertising Expense, Supplemental |
0.4 |
0.2 |
0.1 |
0.1 |
0.1 |
|
Research & Development Exp, Supplemental |
0.4 |
0.2 |
0.5 |
0.4 |
0.0 |
|
Normalized EBIT |
12.0 |
10.3 |
8.5 |
4.8 |
2.4 |
|
Normalized EBITDA |
13.8 |
12.0 |
9.8 |
8.2 |
8.4 |
Annual
Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
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 |
Ernst & Young LLP |
Ernst & Young LLP |
Deloitte & Touche
LLP |
Deloitte & Touche
LLP |
Daesung Accounting
Corp. |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Equivalents |
5.1 |
5.3 |
4.5 |
4.0 |
5.6 |
|
Short Term Investments |
- |
- |
0.0 |
- |
0.1 |
|
Cash and Short Term Investments |
5.1 |
5.3 |
4.5 |
4.0 |
5.7 |
|
Accounts
Receivable - Trade, Gross |
24.9 |
21.0 |
- |
- |
6.3 |
|
Provision
for Doubtful Accounts |
0.0 |
0.0 |
- |
- |
0.0 |
|
Trade Accounts Receivable - Net |
24.9 |
20.9 |
12.4 |
9.1 |
6.3 |
|
Other Receivables |
0.1 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Total Receivables, Net |
25.0 |
20.9 |
12.4 |
9.1 |
6.3 |
|
Inventories - Finished Goods |
14.8 |
9.5 |
9.0 |
13.3 |
2.9 |
|
Inventories - Work In Progress |
2.4 |
1.2 |
1.3 |
1.0 |
0.6 |
|
Inventories - Raw Materials |
11.5 |
7.4 |
4.2 |
1.7 |
0.8 |
|
Inventories - Other |
10.1 |
5.2 |
3.0 |
0.0 |
1.0 |
|
Total Inventory |
38.8 |
23.4 |
17.5 |
16.0 |
5.3 |
|
Prepaid Expenses |
0.3 |
0.2 |
0.1 |
0.0 |
0.2 |
|
Deferred Income Tax - Current
Asset |
- |
- |
0.1 |
0.5 |
0.5 |
|
Other Current Assets |
0.0 |
- |
- |
0.0 |
- |
|
Other Current Assets, Total |
0.0 |
- |
0.1 |
0.6 |
0.5 |
|
Total Current Assets |
69.2 |
49.8 |
34.6 |
29.6 |
18.0 |
|
|
|
|
|
|
|
|
Buildings |
9.2 |
7.6 |
5.6 |
4.5 |
8.3 |
|
Land/Improvements |
9.9 |
10.0 |
9.8 |
5.0 |
6.7 |
|
Machinery/Equipment |
56.1 |
54.4 |
5.8 |
5.5 |
62.1 |
|
Construction
in Progress |
75.1 |
6.5 |
- |
0.0 |
- |
|
Other
Property/Plant/Equipment |
0.0 |
0.0 |
- |
- |
- |
|
Property/Plant/Equipment - Gross |
150.2 |
78.5 |
21.2 |
15.0 |
77.1 |
|
Accumulated Depreciation |
-52.3 |
-51.4 |
- |
- |
-54.3 |
|
Property/Plant/Equipment - Net |
97.9 |
27.0 |
21.2 |
15.0 |
22.8 |
|
Intangibles, Net |
0.6 |
0.6 |
0.3 |
0.2 |
- |
|
LT Investment - Affiliate
Companies |
2.3 |
2.1 |
- |
- |
- |
|
LT Investments - Other |
0.1 |
0.2 |
1.4 |
1.3 |
0.0 |
|
Long Term Investments |
2.4 |
2.2 |
1.4 |
1.3 |
0.0 |
|
Note Receivable - Long Term |
0.2 |
0.0 |
0.1 |
0.1 |
0.1 |
|
Deferred Income Tax - Long Term
Asset |
- |
- |
- |
0.2 |
0.9 |
|
Other Long Term Assets |
0.2 |
0.1 |
0.4 |
0.3 |
0.3 |
|
Other Long Term Assets, Total |
0.2 |
0.1 |
0.4 |
0.5 |
1.2 |
|
Total Assets |
170.6 |
79.8 |
58.0 |
46.8 |
42.1 |
|
|
|
|
|
|
|
|
Accounts Payable |
34.9 |
20.3 |
15.5 |
9.6 |
4.4 |
|
Accrued Expenses |
1.1 |
2.1 |
1.8 |
1.4 |
1.9 |
|
Notes Payable/Short Term Debt |
26.3 |
11.9 |
0.0 |
11.9 |
0.0 |
|
Current Portion - Long Term Debt/Capital Leases |
- |
- |
6.9 |
4.0 |
- |
|
Customer Advances |
0.2 |
0.6 |
0.0 |
0.0 |
- |
|
Income Taxes Payable |
0.8 |
1.4 |
0.7 |
- |
- |
|
Other Payables |
13.2 |
6.3 |
4.4 |
3.1 |
3.8 |
|
Other Current Liabilities |
0.2 |
0.2 |
0.1 |
0.2 |
0.0 |
|
Other Current liabilities, Total |
14.4 |
8.5 |
5.2 |
3.3 |
3.9 |
|
Total Current Liabilities |
76.7 |
42.7 |
29.4 |
30.1 |
10.2 |
|
|
|
|
|
|
|
|
Long Term Debt |
15.6 |
- |
- |
- |
- |
|
Total Long Term Debt |
15.6 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Debt |
42.0 |
11.9 |
6.9 |
15.9 |
0.0 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
0.7 |
0.8 |
0.7 |
- |
- |
|
Deferred Income Tax |
0.7 |
0.8 |
0.7 |
- |
- |
|
Pension Benefits - Underfunded |
1.0 |
0.3 |
0.7 |
0.5 |
0.4 |
|
Other Long Term Liabilities |
0.4 |
0.3 |
0.2 |
0.6 |
- |
|
Other Liabilities, Total |
1.4 |
0.6 |
0.9 |
1.1 |
0.4 |
|
Total Liabilities |
94.4 |
44.1 |
30.9 |
31.2 |
10.6 |
|
|
|
|
|
|
|
|
Common Stock |
25.2 |
17.9 |
17.4 |
16.1 |
67.3 |
|
Common Stock |
25.2 |
17.9 |
17.4 |
16.1 |
67.3 |
|
Additional Paid-In Capital |
24.1 |
- |
- |
24.4 |
- |
|
Retained Earnings (Accumulated Deficit) |
26.8 |
17.8 |
6.3 |
-24.8 |
-35.7 |
|
Unrealized Gain (Loss) |
- |
- |
3.4 |
- |
- |
|
Translation Adjustment |
0.0 |
- |
- |
- |
- |
|
Other Equity |
- |
- |
-0.1 |
-0.1 |
-0.1 |
|
Other Equity, Total |
0.0 |
- |
-0.1 |
-0.1 |
-0.1 |
|
Total Equity |
76.1 |
35.7 |
27.1 |
15.6 |
31.5 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
170.6 |
79.8 |
58.0 |
46.8 |
42.1 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock
Primary Issue |
29.0 |
29.0 |
29.0 |
29.0 |
20.3 |
|
Total Common Shares Outstanding |
29.0 |
29.0 |
29.0 |
29.0 |
20.3 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Employees |
173 |
- |
- |
- |
- |
|
Accumulated Intangible Amort, Suppl. |
- |
- |
0.0 |
0.0 |
- |
|
Deferred Revenue - Current |
0.2 |
0.6 |
0.0 |
0.0 |
- |
|
Total Long Term Debt, Supplemental |
15.6 |
- |
- |
- |
- |
|
Long Term Debt Maturing within 1 Year |
7.8 |
- |
- |
- |
- |
|
Long Term Debt Maturing in Year 2 |
7.8 |
- |
- |
- |
- |
|
Long Term Debt Maturing in 2-3 Years |
7.8 |
- |
- |
- |
- |
|
Long Term Debt Matur. in Year 6 & Beyond |
0.0 |
- |
- |
- |
- |
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 |
Reclassified
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 |
Ernst & Young LLP |
Ernst & Young LLP |
Deloitte & Touche
LLP |
Deloitte & Touche
LLP |
Daesung Accounting
Corp. |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
10.4 |
8.1 |
6.2 |
2.0 |
4.3 |
|
Depreciation |
1.7 |
1.6 |
1.3 |
3.3 |
6.0 |
|
Depreciation/Depletion |
1.7 |
1.6 |
1.3 |
3.3 |
6.0 |
|
Amortization of Intangibles |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Amortization |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Deferred Taxes |
- |
- |
0.4 |
0.4 |
-1.5 |
|
Unusual Items |
0.1 |
0.0 |
- |
0.0 |
- |
|
Equity in Net Earnings (Loss) |
-0.2 |
-0.2 |
- |
- |
- |
|
Other Non-Cash Items |
2.3 |
2.9 |
0.7 |
0.7 |
0.3 |
|
Non-Cash Items |
2.1 |
2.6 |
0.7 |
0.7 |
0.3 |
|
Accounts Receivable |
-4.5 |
-1.8 |
-2.8 |
-4.8 |
-0.8 |
|
Inventories |
-16.4 |
-5.3 |
0.0 |
-13.9 |
1.0 |
|
Prepaid Expenses |
-0.1 |
-0.1 |
0.0 |
0.0 |
0.0 |
|
Other Assets |
0.0 |
- |
- |
- |
- |
|
Accounts Payable |
22.7 |
6.1 |
5.6 |
8.1 |
1.3 |
|
Accrued Expenses |
-1.1 |
-0.1 |
0.3 |
-0.1 |
-0.5 |
|
Taxes Payable |
- |
- |
0.7 |
- |
- |
|
Other Liabilities |
-1.5 |
-0.3 |
-0.3 |
0.1 |
-0.3 |
|
Other Assets & Liabilities,
Net |
- |
- |
- |
- |
- |
|
Other Operating Cash Flow |
-2.4 |
-1.7 |
- |
-0.5 |
- |
|
Changes in Working Capital |
-3.2 |
-3.3 |
3.4 |
-11.1 |
0.7 |
|
Cash from Operating Activities |
11.0 |
9.1 |
12.0 |
-4.6 |
9.8 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-75.2 |
-7.3 |
-1.8 |
-1.2 |
-1.2 |
|
Purchase/Acquisition of
Intangibles |
-0.1 |
-0.1 |
-0.2 |
-3.3 |
- |
|
Capital Expenditures |
-75.3 |
-7.4 |
-2.0 |
-4.5 |
-1.2 |
|
Sale of Fixed Assets |
- |
- |
- |
0.1 |
- |
|
Sale/Maturity of Investment |
- |
0.0 |
- |
0.1 |
0.1 |
|
Purchase of Investments |
- |
- |
- |
-1.5 |
-0.1 |
|
Other Investing Cash Flow |
-0.2 |
0.3 |
0.1 |
-0.1 |
0.2 |
|
Other Investing Cash Flow Items, Total |
-0.2 |
0.3 |
0.1 |
-1.5 |
0.2 |
|
Cash from Investing Activities |
-75.5 |
-7.2 |
-1.9 |
-6.0 |
-1.0 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
0.0 |
0.1 |
-0.5 |
0.2 |
- |
|
Financing Cash Flow Items |
0.0 |
0.1 |
-0.5 |
0.2 |
- |
|
Sale/Issuance
of Common |
32.9 |
- |
- |
- |
- |
|
Repurchase/Retirement
of Common |
- |
- |
- |
-7.9 |
- |
|
Common Stock, Net |
32.9 |
- |
- |
-7.9 |
- |
|
Issuance (Retirement) of Stock, Net |
32.9 |
- |
- |
-7.9 |
- |
|
Short Term
Debt Issued |
15.2 |
5.4 |
- |
13.6 |
- |
|
Short Term
Debt Reduction |
- |
- |
-9.4 |
- |
-5.4 |
|
Short Term Debt, Net |
15.2 |
5.4 |
-9.4 |
13.6 |
-5.4 |
|
Long Term
Debt Issued |
16.2 |
- |
- |
4.5 |
- |
|
Long Term
Debt Reduction |
- |
-6.9 |
- |
- |
- |
|
Long Term Debt, Net |
16.2 |
-6.9 |
- |
4.5 |
- |
|
Issuance (Retirement) of Debt, Net |
31.4 |
-1.5 |
-9.4 |
18.2 |
-5.4 |
|
Cash from Financing Activities |
64.4 |
-1.4 |
-9.9 |
10.5 |
-5.4 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.0 |
0.0 |
- |
- |
- |
|
Net Change in Cash |
-0.1 |
0.5 |
0.2 |
-0.1 |
3.4 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
5.4 |
4.7 |
4.0 |
4.8 |
2.2 |
|
Net Cash - Ending Balance |
5.3 |
5.2 |
4.2 |
4.7 |
5.6 |
|
Cash Interest Paid |
0.7 |
0.7 |
- |
- |
- |
|
Cash Taxes Paid |
1.9 |
1.1 |
- |
- |
- |
Annual
Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items
(actual units)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
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 |
Ernst & Young LLP |
Deloitte & Touche
LLP |
Deloitte & Touche
LLP |
Deloitte & Touche
LLP |
Daesung Accounting
Corp. |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Sales Revenue |
188.8 |
143.6 |
- |
- |
48.6 |
|
Sales Revenue of Finished Goods |
- |
- |
82.9 |
68.3 |
- |
|
Sales Revenue of Merchandises |
- |
- |
13.8 |
8.5 |
- |
|
Total Revenue |
188.8 |
143.6 |
96.7 |
76.9 |
48.6 |
|
|
|
|
|
|
|
|
Cost of Finished Goods Sold |
- |
- |
69.9 |
40.3 |
- |
|
Cost of Merchandises Sold |
- |
- |
12.7 |
26.7 |
- |
|
Costs of Goods and Services Sold |
164.9 |
124.2 |
- |
- |
41.6 |
|
Salaries and Wages |
2.7 |
2.0 |
0.8 |
0.6 |
0.5 |
|
Bonuses |
- |
- |
0.6 |
0.3 |
0.2 |
|
Provision-Retirement Allowance |
- |
- |
0.2 |
0.1 |
- |
|
Employee Benefits |
0.2 |
0.1 |
0.1 |
0.1 |
0.0 |
|
Retirement and Severance Benefits |
0.5 |
0.1 |
- |
- |
0.0 |
|
Travel Expense |
0.4 |
0.2 |
0.1 |
0.1 |
0.1 |
|
Communication Expenses |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Utility Expense |
0.1 |
0.1 |
0.1 |
0.0 |
0.0 |
|
Taxes and Dues |
0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Office Expense |
0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Rental Expenses |
0.3 |
0.2 |
0.2 |
0.1 |
0.0 |
|
Vehicle Maintenance Expenses |
0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Repair Expense |
0.0 |
0.0 |
0.1 |
0.0 |
- |
|
Insurance Premiums |
0.0 |
0.0 |
- |
0.0 |
- |
|
Commissions |
2.4 |
1.6 |
0.8 |
0.5 |
0.3 |
|
Shipping & Handling Expense |
0.5 |
0.4 |
0.3 |
0.2 |
0.2 |
|
Entertainment Expense |
0.1 |
0.1 |
0.1 |
0.1 |
0.0 |
|
Sales Promotional Expenses |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Advertising Expense |
0.4 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Education & Training Expense |
0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Exporting Expense |
3.3 |
3.6 |
1.7 |
2.6 |
3.0 |
|
Sample Expenses |
0.2 |
0.1 |
0.1 |
0.1 |
0.0 |
|
Conference Expense |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Expenses of Allowance for Doubtful
Accou |
- |
0.0 |
0.1 |
0.0 |
- |
|
Consumable Expense |
0.0 |
- |
- |
- |
- |
|
R & D Expense |
0.4 |
0.2 |
0.2 |
0.1 |
0.0 |
|
Depreciation |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Amortization of Intangible Assets |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Adjustment for Selling and
Administrativ |
0.0 |
0.0 |
- |
- |
- |
|
Gain on Foreign Currency
Transactions |
-1.2 |
-0.9 |
- |
- |
- |
|
Gain on Foreign Currency
Translation |
0.0 |
-0.1 |
- |
- |
- |
|
Loss on Foreign Currency
Transactions |
1.6 |
0.9 |
- |
- |
- |
|
Loss on Foreign Currency
Translation |
0.2 |
0.1 |
- |
- |
- |
|
Miscellaneous Income |
-0.1 |
-0.1 |
- |
- |
- |
|
Miscellaneous Loss |
0.1 |
0.0 |
- |
- |
- |
|
Donations Paid |
0.1 |
0.0 |
- |
- |
- |
|
Adjustment for Other Operating
Income |
0.0 |
0.0 |
- |
- |
- |
|
Adjustment for Other Operating
Expense |
0.0 |
0.0 |
- |
- |
- |
|
Total Operating Expense |
177.4 |
133.3 |
88.2 |
72.1 |
46.2 |
|
|
|
|
|
|
|
|
Interest Income & Discounts |
- |
- |
0.1 |
0.2 |
- |
|
Interest Income |
0.2 |
0.1 |
- |
- |
0.2 |
|
Gains on Foreign Currency
Transactions |
- |
- |
0.6 |
2.6 |
0.6 |
|
Gains on Foreign Currency
Translation |
- |
- |
0.0 |
0.2 |
0.2 |
|
Gains on Sale of Property, Plant
and Equ |
- |
- |
- |
0.0 |
- |
|
Miscellaneous Income |
- |
- |
0.0 |
0.1 |
0.1 |
|
Interest Paid & Discounts |
- |
- |
-0.7 |
-0.4 |
- |
|
Interest Expenses |
0.0 |
-0.6 |
- |
- |
-0.2 |
|
Losses on Derivative Transactions |
- |
- |
- |
-3.2 |
- |
|
Losses on Foreign Currency
Transactions |
- |
- |
-0.9 |
-1.7 |
-0.2 |
|
Losses on Foreign Currency
Translation |
- |
- |
- |
- |
0.0 |
|
Loss on Valuation of Foreign
Currency |
- |
- |
0.0 |
-0.1 |
- |
|
Losses on Sale of Trade Receivable |
- |
- |
-0.2 |
-0.1 |
- |
|
Losses on Sale of Property, Plant
and Eq |
- |
- |
0.0 |
- |
- |
|
Donations |
- |
- |
0.0 |
- |
- |
|
Miscellaneous Losses |
- |
- |
-0.1 |
-0.1 |
0.0 |
|
Gain/Loss on Investments in
Affiliates |
0.2 |
0.2 |
- |
- |
- |
|
Net Income Before Taxes |
11.8 |
10.0 |
7.4 |
2.4 |
2.9 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
1.4 |
1.9 |
1.1 |
0.4 |
-1.5 |
|
Net Income After Taxes |
10.4 |
8.1 |
6.2 |
2.0 |
4.3 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
10.4 |
8.1 |
6.2 |
2.0 |
4.3 |
|
Net Income |
10.4 |
8.1 |
6.2 |
2.0 |
4.3 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
10.4 |
8.1 |
6.2 |
2.0 |
4.3 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
10.4 |
8.1 |
6.2 |
2.0 |
4.3 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
25.2 |
29.0 |
29.0 |
29.0 |
20.3 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.41 |
0.28 |
0.21 |
0.07 |
0.21 |
|
Basic EPS Including ExtraOrdinary Items |
0.41 |
0.28 |
0.21 |
0.07 |
0.21 |
|
Dilution Adjustment |
- |
- |
0.0 |
- |
- |
|
Diluted Net Income |
10.4 |
8.1 |
6.2 |
2.0 |
4.3 |
|
Diluted Weighted Average Shares |
25.2 |
29.0 |
29.0 |
29.0 |
20.3 |
|
Diluted EPS Excluding ExtraOrd Items |
0.41 |
0.28 |
0.21 |
0.07 |
0.21 |
|
Diluted EPS Including ExtraOrd Items |
0.41 |
0.28 |
0.21 |
0.07 |
0.21 |
|
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 |
11.8 |
10.0 |
7.6 |
2.4 |
2.9 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
1.4 |
1.9 |
1.2 |
0.4 |
-1.5 |
|
Normalized Income After Taxes |
10.4 |
8.1 |
6.4 |
2.0 |
4.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
10.4 |
8.1 |
6.4 |
2.0 |
4.3 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.41 |
0.28 |
0.22 |
0.07 |
0.21 |
|
Diluted Normalized EPS |
0.41 |
0.28 |
0.22 |
0.07 |
0.21 |
|
Interest Expense, Supplemental |
0.0 |
0.6 |
0.7 |
0.4 |
0.2 |
|
Rental Expense, Supplemental |
0.3 |
0.2 |
0.2 |
0.1 |
0.0 |
|
Advertising Expense, Supplemental |
0.4 |
0.2 |
0.1 |
0.1 |
0.1 |
|
R&D Expense, Supplemental |
0.4 |
0.2 |
0.5 |
0.4 |
0.0 |
|
Depreciation, Supplemental |
1.7 |
1.6 |
1.3 |
3.3 |
6.0 |
|
Amort of Intangibles, Supplemental |
0.0 |
0.0 |
0.0 |
0.0 |
- |
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 |
Ernst & Young LLP |
Deloitte & Touche
LLP |
Deloitte & Touche
LLP |
Deloitte & Touche
LLP |
Daesung Accounting
Corp. |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Cash Equivalents |
5.1 |
5.3 |
4.5 |
4.0 |
5.6 |
|
Short-term Financial Instruments |
- |
- |
- |
- |
0.1 |
|
Held-to-Maturity Securities
Current |
- |
- |
0.0 |
- |
0.0 |
|
Loans |
0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Trade Receivable, Net |
- |
- |
12.4 |
8.9 |
- |
|
Trade Receivable, Gross |
24.9 |
21.0 |
- |
- |
6.3 |
|
Allowance for Doubtful Accounts
for Trad |
0.0 |
0.0 |
- |
- |
0.0 |
|
Account Receivables |
0.0 |
0.0 |
0.0 |
- |
0.0 |
|
Accrued Income |
- |
- |
0.0 |
0.2 |
0.0 |
|
Prepaid Expenses |
0.3 |
0.2 |
0.1 |
0.0 |
0.0 |
|
Prepaid Income Taxes |
- |
- |
- |
- |
0.0 |
|
Prepaid Value Added Tax |
- |
- |
- |
- |
0.2 |
|
Advance Payments |
1.0 |
0.4 |
0.3 |
0.0 |
- |
|
Deferred Income Taxes Assets
Current |
- |
- |
0.1 |
0.5 |
0.5 |
|
Other in Other Current Assets |
0.0 |
- |
- |
0.0 |
- |
|
Merchandises |
1.4 |
0.4 |
0.3 |
0.7 |
- |
|
Finished Goods |
13.3 |
9.1 |
8.7 |
10.1 |
2.9 |
|
Allowance for Loss on Valuation of
Finis |
- |
- |
- |
- |
0.0 |
|
Raw Materials |
11.5 |
7.4 |
4.2 |
1.7 |
0.8 |
|
Works in Progress |
2.4 |
1.2 |
1.3 |
1.0 |
0.6 |
|
Supplies |
2.9 |
2.3 |
1.9 |
- |
1.0 |
|
Goods in Transit |
6.2 |
2.5 |
0.8 |
- |
0.0 |
|
Residual Products |
0.0 |
0.0 |
0.0 |
2.4 |
0.0 |
|
Adjustment for Trade & Other
Receivables |
0.0 |
0.0 |
- |
- |
- |
|
Adjustment for Inventories |
0.0 |
0.0 |
- |
- |
- |
|
Adjustment for Other Current
Assets |
0.0 |
- |
- |
- |
- |
|
Total Current Assets |
69.2 |
49.8 |
34.6 |
29.6 |
18.0 |
|
|
|
|
|
|
|
|
Long-term Financial Instruments |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Available-for-Sale Securities in
Investm |
- |
- |
1.4 |
1.3 |
- |
|
Held-to-Maturity Securities in
Investmen |
- |
- |
- |
0.0 |
0.0 |
|
Investment in Properties |
0.1 |
0.2 |
- |
- |
- |
|
Loans |
0.2 |
0.0 |
0.1 |
0.1 |
0.1 |
|
Guarantee Deposits, Non-Current
Assets |
0.2 |
0.1 |
0.4 |
0.3 |
0.3 |
|
Investment in Affiliates |
2.3 |
2.1 |
- |
- |
- |
|
Land |
9.9 |
10.0 |
9.8 |
5.0 |
6.7 |
|
Buildings |
6.3 |
4.5 |
3.4 |
2.6 |
4.8 |
|
Buildings-Depreciation |
-1.3 |
-1.2 |
- |
- |
-1.1 |
|
Structures |
3.0 |
3.0 |
2.1 |
2.0 |
3.6 |
|
Structures-Depreciation |
-1.0 |
-0.9 |
- |
- |
-0.8 |
|
Tools |
- |
- |
0.0 |
0.0 |
0.1 |
|
Accumulated Depreciation for Tools |
- |
- |
- |
- |
-0.1 |
|
Machineries & Equipments |
54.6 |
53.7 |
5.6 |
5.3 |
61.5 |
|
Machineries &
Equipments-Government Subs |
-0.2 |
-0.1 |
- |
- |
- |
|
Machineries &
Equipments-Depreciation |
-49.3 |
-48.8 |
- |
- |
-51.9 |
|
Vehicles |
0.1 |
0.1 |
0.0 |
0.0 |
0.1 |
|
Vehicles-Depreciation |
-0.1 |
-0.1 |
- |
- |
-0.1 |
|
Tools & Equipments |
0.2 |
0.1 |
- |
- |
- |
|
Tools &
Equipments-Depreciation |
-0.1 |
-0.1 |
- |
- |
- |
|
Fixtures |
1.3 |
0.6 |
0.2 |
0.1 |
0.4 |
|
Fixtures-Depreciation |
-0.5 |
-0.4 |
- |
- |
-0.3 |
|
Construction in Progress |
75.1 |
6.5 |
- |
0.0 |
- |
|
Patents |
0.2 |
0.2 |
0.2 |
0.2 |
- |
|
Trademark Rights |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Development Costs |
0.4 |
0.3 |
0.1 |
- |
- |
|
Development Costs-Government
Subsidy |
-0.2 |
-0.1 |
- |
- |
- |
|
Membership Rights |
0.2 |
0.2 |
- |
- |
- |
|
Other Intangible Assets |
0.0 |
0.0 |
- |
- |
- |
|
Deferred Income Taxes Assets Non-current |
- |
- |
- |
0.2 |
0.9 |
|
Adjustment for Non-Current Trade
& Other |
0.0 |
0.0 |
- |
- |
- |
|
Adjustment for Property, Plant
& Equipme |
0.0 |
0.0 |
- |
- |
- |
|
Adjustment for Intangible
Assets |
0.0 |
0.0 |
- |
- |
- |
|
Total Assets |
170.6 |
79.8 |
58.0 |
46.8 |
42.1 |
|
|
|
|
|
|
|
|
Trade Payables |
34.9 |
20.3 |
15.5 |
9.6 |
4.4 |
|
Other Payables |
13.2 |
6.3 |
4.4 |
3.1 |
3.8 |
|
Income Taxes Payable |
0.8 |
1.4 |
0.7 |
- |
- |
|
Current Borrowings & Bonds |
- |
- |
- |
11.9 |
- |
|
Current Borrowings |
26.3 |
11.9 |
- |
- |
- |
|
Accrued Expenses |
1.1 |
2.1 |
1.8 |
1.4 |
1.9 |
|
Advance from Customers |
0.2 |
0.6 |
0.0 |
0.0 |
- |
|
Withholdings |
0.2 |
0.2 |
0.1 |
0.2 |
0.0 |
|
Bonds, Current Liabilities |
- |
- |
6.9 |
4.0 |
- |
|
Adjustment for Trade & Other
Payables |
0.0 |
0.0 |
- |
- |
- |
|
Adjustment for Other Current
Liabilities |
0.0 |
0.0 |
- |
- |
- |
|
Total Current Liabilities |
76.7 |
42.7 |
29.4 |
30.1 |
10.2 |
|
|
|
|
|
|
|
|
Non-Current Borrowings |
15.6 |
- |
- |
- |
- |
|
Total Long Term Debt |
15.6 |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
Long-term Other Payables |
0.3 |
0.3 |
0.2 |
0.1 |
- |
|
Long-term Accrued Expenses |
- |
- |
- |
0.5 |
- |
|
Rent Deposit |
0.1 |
0.1 |
0.0 |
- |
- |
|
Deferred Income Taxes, Non-Current
Liabi |
0.7 |
0.8 |
0.7 |
- |
- |
|
Provisions for Retirement and
Severance |
- |
- |
0.7 |
0.5 |
1.3 |
|
Deposits for Retirement and
Severance Be |
- |
- |
- |
- |
-0.8 |
|
Transfer to National Pension Fund |
- |
- |
- |
- |
0.0 |
|
Non-Current Fixed Benefit
Liabilities |
1.0 |
0.3 |
- |
- |
- |
|
Total Liabilities |
94.4 |
44.1 |
30.9 |
31.2 |
10.6 |
|
|
|
|
|
|
|
|
Common Stock |
25.2 |
17.9 |
17.4 |
16.1 |
67.3 |
|
Gains from Capital Reduction |
- |
- |
- |
24.4 |
- |
|
Additional Paid in Capital |
24.1 |
- |
- |
- |
- |
|
Net Income or Loss |
- |
- |
- |
1.7 |
- |
|
Retained Earnings Before
Appropriations |
- |
- |
6.3 |
-26.5 |
-35.7 |
|
Retained Earnings Carried Forward |
26.8 |
17.8 |
- |
- |
- |
|
Discount on Stock issuance in
Capital Ad |
- |
- |
-0.1 |
-0.1 |
-0.1 |
|
Overseas Business Translation
Credit |
0.0 |
- |
- |
- |
- |
|
Gains on Tangible Assets
Revaluation |
- |
- |
3.4 |
- |
- |
|
Total Equity |
76.1 |
35.7 |
27.1 |
15.6 |
31.5 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
170.6 |
79.8 |
58.0 |
46.8 |
42.1 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
29.0 |
29.0 |
29.0 |
29.0 |
20.3 |
|
Total Common Shares Outstanding |
29.0 |
29.0 |
29.0 |
29.0 |
20.3 |
|
T/S-Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Deferred Revenue, Current |
0.2 |
0.6 |
0.0 |
0.0 |
- |
|
Accumulated Intangible Amort, Suppl. |
- |
- |
0.0 |
0.0 |
- |
|
Full-Time Employees |
173 |
- |
- |
- |
- |
|
Long Term Debt Maturing in Year 2 |
15.6 |
- |
- |
- |
- |
|
Total Long Term Debt, Supplemental |
15.6 |
- |
- |
- |
- |
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 |
Reclassified
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 |
Ernst & Young LLP |
Deloitte & Touche
LLP |
Deloitte & Touche
LLP |
Deloitte & Touche
LLP |
Daesung Accounting
Corp. |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income |
10.4 |
8.1 |
6.2 |
2.0 |
4.3 |
|
Depreciation |
1.7 |
1.6 |
1.3 |
3.3 |
6.0 |
|
Amortization of Intangible Assets |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Expense of Allowance for Doubtful
Accoun |
- |
0.0 |
0.1 |
- |
- |
|
Retirement and Severance Benefits |
0.9 |
0.3 |
0.4 |
0.7 |
0.3 |
|
Interest Income |
-0.2 |
-0.1 |
- |
- |
- |
|
Interest Expenses |
0.0 |
0.6 |
- |
- |
- |
|
Corporate Taxes Expense |
1.4 |
1.9 |
- |
- |
- |
|
Losses on Foreign Currency
Translation |
0.2 |
0.1 |
0.0 |
- |
- |
|
Losses on Sale of Trade Receivable |
- |
- |
0.2 |
- |
- |
|
Gains on Foreign Currency
Translation |
0.0 |
-0.1 |
0.0 |
- |
- |
|
Losses on Valuation of Inventories |
0.1 |
0.0 |
- |
- |
- |
|
Gains on Sale of Property, Plant
and Equ |
- |
- |
- |
0.0 |
- |
|
Recovery of Losses on Valuation of
Inven |
- |
0.0 |
- |
- |
- |
|
Gain on Invesment in Affiliates |
-0.2 |
-0.2 |
- |
- |
- |
|
Trade Receivables |
-4.5 |
-1.8 |
-2.8 |
-4.8 |
-0.7 |
|
Account Receivables |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Prepaid Expenses |
-0.1 |
-0.1 |
0.0 |
0.0 |
0.0 |
|
Decrease or Increase in Prepaid
Income T |
- |
- |
- |
- |
0.0 |
|
Advance Payments |
-0.6 |
-0.1 |
-0.1 |
-0.1 |
0.3 |
|
Inventory |
-15.7 |
-5.2 |
- |
- |
- |
|
Decrease or Increase in Accrued
Revenues |
- |
- |
0.0 |
0.0 |
0.0 |
|
Corporate Tax Refundable |
- |
- |
0.0 |
0.0 |
- |
|
Decrease or Increase in
Inventories |
- |
- |
0.0 |
-13.8 |
0.7 |
|
Decrease or Increase in Deferred
Income |
- |
- |
0.7 |
0.4 |
-1.5 |
|
Increase or Decrease in Deferred
Income |
- |
- |
-0.3 |
- |
- |
|
Other Current Assets |
0.0 |
- |
- |
- |
- |
|
Trade Payables |
15.4 |
4.3 |
4.7 |
7.2 |
0.3 |
|
Other Payables |
7.3 |
1.7 |
0.9 |
0.4 |
1.0 |
|
Non-Current Other Payables |
0.1 |
0.1 |
- |
0.6 |
- |
|
Accrued Expenses |
-1.1 |
-0.1 |
0.3 |
-0.1 |
-0.5 |
|
Increase or Decrease in Income
Taxes Pay |
- |
- |
0.7 |
- |
- |
|
Advance from Customers |
-0.4 |
0.6 |
0.0 |
0.0 |
0.0 |
|
Withholdings |
0.0 |
0.0 |
-0.1 |
-0.2 |
0.0 |
|
Payment for Retirement Allowance |
-0.2 |
-0.8 |
-0.3 |
-0.2 |
-0.2 |
|
Decrease Increase Deposits for
Retiremen |
- |
- |
0.0 |
0.4 |
-0.1 |
|
Succession to Provision for
Retirement a |
- |
- |
- |
- |
0.1 |
|
Increase or Decrease in National
Pension |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Plan Assets |
-0.8 |
-0.1 |
- |
- |
- |
|
Adjustment |
- |
- |
- |
-0.5 |
- |
|
Adjustment for Non-Cash Items |
0.0 |
0.0 |
- |
- |
- |
|
Adjustment for Operating Assets
& Liabil |
- |
- |
- |
- |
- |
|
Cash-Interest Received |
0.2 |
0.1 |
- |
- |
- |
|
Cash-Interest Paid |
-0.7 |
-0.7 |
- |
- |
- |
|
Cash-Tax Paid |
-1.9 |
-1.1 |
- |
- |
- |
|
Cash from Operating Activities |
11.0 |
9.1 |
12.0 |
-4.6 |
9.8 |
|
|
|
|
|
|
|
|
Decrease in Short-term Loans |
- |
- |
0.0 |
0.0 |
0.0 |
|
Decrease in Long-term Loans |
- |
- |
- |
0.0 |
- |
|
Decrease in Deposits Provided |
- |
- |
0.1 |
0.0 |
0.2 |
|
Decrease in Other Receivables |
0.1 |
0.2 |
- |
- |
- |
|
Proceeds from Sale of Short-term
Financi |
- |
- |
- |
0.1 |
0.1 |
|
Proceeds from Sale of
Held-to-Maturity S |
- |
0.0 |
- |
0.0 |
0.0 |
|
Proceeds from Sale of Buildings |
- |
- |
- |
0.1 |
- |
|
Proceeds from Sale of Vehicles |
- |
- |
- |
0.0 |
- |
|
Increase-Government Subsidy |
0.1 |
0.1 |
0.2 |
- |
- |
|
Increase in Short-term Loans |
- |
- |
0.0 |
0.0 |
- |
|
Increase in Long-term Loans |
- |
- |
0.0 |
-0.1 |
0.0 |
|
Increase in Deposits Provided |
- |
- |
-0.2 |
-0.1 |
- |
|
Increase in Other Receivables |
-0.4 |
-0.1 |
- |
- |
- |
|
Purchase of Available for sale
Securitie |
- |
- |
- |
-1.5 |
- |
|
Purchase of Short-term Financial
Instrum |
- |
- |
- |
- |
-0.1 |
|
Purchase of Property, Plant and
Equipmen |
-75.2 |
-7.3 |
- |
- |
- |
|
Purchase of Buildings |
- |
- |
-0.7 |
- |
- |
|
Purchase of Structures |
- |
- |
-0.1 |
- |
- |
|
Purchase of Tools |
- |
- |
- |
0.0 |
- |
|
Purchase of Machinery |
- |
- |
-1.0 |
-0.1 |
- |
|
Purchase of Office Equipment |
- |
- |
-0.1 |
-0.1 |
0.0 |
|
Purchase of Vehicles |
- |
- |
- |
- |
0.0 |
|
Purchase of Construction in
Progress |
- |
- |
- |
-1.0 |
-1.2 |
|
Purchase of Goodwill from Business
Acqui |
- |
- |
- |
-3.0 |
- |
|
Increase-Patents |
- |
- |
- |
-0.2 |
- |
|
Increase-Trademark Right |
- |
- |
- |
0.0 |
- |
|
Purchase of Development Costs |
- |
- |
-0.2 |
- |
- |
|
Purchase of Intangible Assets |
-0.1 |
-0.1 |
- |
- |
- |
|
Cash from Investing Activities |
-75.5 |
-7.2 |
-1.9 |
-6.0 |
-1.0 |
|
|
|
|
|
|
|
|
Increase in Current Borrowings |
15.2 |
5.4 |
- |
13.6 |
- |
|
Increase in Non-Current Borrowings |
16.2 |
- |
- |
- |
- |
|
Proceeds from Issuance of Bonds |
- |
- |
- |
4.5 |
- |
|
Rights Issue |
32.9 |
- |
- |
- |
- |
|
Increase in Other Payables |
- |
0.1 |
0.0 |
- |
- |
|
Increase-Subsidy from Government |
- |
- |
- |
0.2 |
- |
|
Repayments of Short-term
Borrowings |
- |
- |
-9.4 |
- |
-5.4 |
|
Repayments of Bonds |
- |
-6.9 |
- |
- |
- |
|
Capital Reduction |
- |
- |
- |
-7.9 |
- |
|
Repayments of Long-term Other
Payables |
- |
- |
-0.5 |
- |
- |
|
Cash Inflow/Outflow from Foreign
Currenc |
0.0 |
- |
- |
- |
- |
|
Cash from Financing Activities |
64.4 |
-1.4 |
-9.9 |
10.5 |
-5.4 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.0 |
0.0 |
- |
- |
- |
|
Net Change in Cash |
-0.1 |
0.5 |
0.2 |
-0.1 |
3.4 |
|
|
|
|
|
|
|
|
Cash and Cash Equivalent at Beginning |
5.4 |
4.7 |
4.0 |
4.8 |
2.2 |
|
Cash and Cash Equivalent at End |
5.3 |
5.2 |
4.2 |
4.7 |
5.6 |
|
Cash Interest Paid |
0.7 |
0.7 |
- |
- |
- |
|
Cash Taxes Paid |
1.9 |
1.1 |
- |
- |
- |
Financial
Health
Financials in: USD (mil)
Except for share items (millions) and per share items
(actual units)
|
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Annual
Ratios
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.53.51 |
|
|
1 |
Rs.84.85 |
|
Euro |
1 |
Rs.71.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.