|
Report Date : |
22.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
ARION TECHNOLOGY INC. |
|
|
|
|
Registered Office : |
1042-1 Hogae-Dong Dongahn-Gu Anyang, 431836 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
28.10.1999 |
|
|
|
|
Legal Form : |
Public Independent |
|
|
|
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Line of Business : |
Subject engaged in the development and marketing of digital broadcasting receivers |
|
|
|
|
No. of Employees : |
65 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 is currently the world's 12th largest economy.
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. Korea''s export focused economy was
hit hard by the 2008 global economic downturn, but quickly rebounded in
subsequent years, reaching 6.3% growth in 2010. The US-South Korea Free Trade
Agreement was ratified by both governments in 2011 and went into effect in
March 2012. Throughout 2012 the economy experienced sluggish growth because of
market slowdowns in the United States, China, and the Eurozone. The incoming
administration in 2013, following the December 2012 presidential election, is
likely to face the challenges of balancing heavy reliance on exports with
developing domestic-oriented sectors, such as services. 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
ARION Technology
Inc.
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Business
Description
|
ARION TECHNOLOGY INC. is a Korea-based company engaged in the
development and marketing of digital broadcasting receivers. The Company’s products
portfolio consists of digital set-top boxes (STBs) products, including
conditional access system (CAS) and common interface (CI) receivers, as well
as high-definition (HD) personal video recorders (PVRs), among others. The
Company distributes its products within domestic market and to overseas
markets including Europe, Middle East, Africa and other places. For the
fiscal year ended 31 December 2012, ARION Technology Inc. revenues increased
51% to W100.49B. Net income increased 48% to W5.52B. Revenues reflect India
segment increase from W29.92B to W78.19B. Net income was partially offset by
Commission Paid increase of 62% to W5.33B (expense), Salaries & Wages-R
& D increase of 58% to W2.08B (expense). Dividend per share increased
from W101.52 to W126.90. |
Industry
|
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
|
Significant Developments
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Financial
Summary
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Stock
Snapshot
|
1 - Profit & Loss
Item Exchange Rate: USD 1 = KRW 1126.849
2 - Balance Sheet Item Exchange Rate: USD 1 = KRW 1066.4
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Executives Report
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|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Restated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate
(Period Average) |
1126.848795 |
1107.891393 |
1156.281981 |
1276.385219 |
1100.562842 |
|
Auditor |
Ihnduck
Accounting Corp. |
Ihnduck
Accounting Corp. |
Ihnduck
Accounting Corp. |
Ihnduck
Accounting Corp. |
Ihnduck
Accounting Corp. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
89.2 |
60.1 |
41.1 |
26.1 |
24.4 |
|
Revenue |
89.2 |
60.1 |
41.1 |
26.1 |
24.4 |
|
Total Revenue |
89.2 |
60.1 |
41.1 |
26.1 |
24.4 |
|
|
|
|
|
|
|
|
Cost of Revenue |
70.2 |
46.9 |
31.7 |
20.7 |
18.8 |
|
Cost of Revenue, Total |
70.2 |
46.9 |
31.7 |
20.7 |
18.8 |
|
Gross Profit |
19.0 |
13.2 |
9.4 |
5.4 |
5.5 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
6.6 |
4.7 |
3.1 |
4.3 |
5.7 |
|
Labor & Related Expense |
4.4 |
3.5 |
1.5 |
2.2 |
3.6 |
|
Advertising Expense |
0.1 |
0.1 |
0.1 |
0.1 |
0.2 |
|
Total Selling/General/Administrative Expenses |
11.2 |
8.3 |
4.7 |
6.6 |
9.5 |
|
Research & Development |
0.2 |
0.5 |
3.1 |
0.1 |
0.3 |
|
Depreciation |
0.1 |
0.1 |
- |
- |
- |
|
Amortization of Intangibles |
0.7 |
1.1 |
- |
- |
- |
|
Depreciation/Amortization |
0.8 |
1.2 |
- |
- |
- |
|
Investment Income -
Operating |
- |
- |
0.2 |
- |
- |
|
Interest/Investment Income - Operating |
- |
- |
0.2 |
- |
- |
|
Interest Expense (Income) - Net Operating Total |
- |
- |
0.2 |
- |
- |
|
Impairment-Assets Held for Use |
0.2 |
- |
- |
- |
- |
|
Impairment-Assets Held for Sale |
0.2 |
- |
- |
- |
- |
|
Loss (Gain) on Sale of Assets - Operating |
- |
- |
0.0 |
- |
- |
|
Unusual Expense (Income) |
0.4 |
- |
0.0 |
- |
- |
|
Other Operating Expense |
- |
- |
0.0 |
- |
- |
|
Other, Net |
- |
- |
-0.2 |
- |
- |
|
Other Operating Expenses, Total |
- |
- |
-0.2 |
- |
- |
|
Total Operating Expense |
82.8 |
56.9 |
39.5 |
27.4 |
28.5 |
|
|
|
|
|
|
|
|
Operating Income |
6.3 |
3.2 |
1.7 |
-1.2 |
-4.2 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-0.2 |
-0.2 |
-0.3 |
-0.3 |
-0.6 |
|
Interest Expense, Net Non-Operating |
-0.2 |
-0.2 |
-0.3 |
-0.3 |
-0.6 |
|
Interest Income -
Non-Operating |
0.1 |
0.0 |
0.0 |
0.1 |
0.2 |
|
Investment Income -
Non-Operating |
-0.5 |
0.5 |
- |
-0.8 |
-1.3 |
|
Interest/Investment Income - Non-Operating |
-0.4 |
0.5 |
0.0 |
-0.7 |
-1.1 |
|
Interest Income (Expense) - Net Non-Operating Total |
-0.6 |
0.4 |
-0.3 |
-1.0 |
-1.7 |
|
Gain (Loss) on Sale of Assets |
-0.6 |
- |
- |
- |
6.9 |
|
Other Non-Operating Income (Expense) |
0.0 |
0.1 |
- |
0.0 |
0.1 |
|
Other, Net |
0.0 |
0.1 |
- |
0.0 |
0.1 |
|
Income Before Tax |
5.1 |
3.6 |
1.4 |
-2.2 |
1.1 |
|
|
|
|
|
|
|
|
Total Income Tax |
0.2 |
0.3 |
-0.1 |
0.0 |
-0.4 |
|
Income After Tax |
4.9 |
3.4 |
1.5 |
-2.2 |
1.6 |
|
|
|
|
|
|
|
|
Net Income Before Extraord Items |
4.9 |
3.4 |
1.5 |
-2.2 |
1.6 |
|
Net Income |
4.9 |
3.4 |
1.5 |
-2.2 |
1.6 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
4.9 |
3.4 |
1.5 |
-2.2 |
1.6 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
4.9 |
3.4 |
1.5 |
-2.2 |
1.6 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
6.3 |
6.0 |
5.4 |
5.4 |
5.6 |
|
Basic EPS Excl Extraord Items |
0.78 |
0.56 |
0.28 |
-0.41 |
0.28 |
|
Basic/Primary EPS Incl Extraord Items |
0.78 |
0.56 |
0.28 |
-0.41 |
0.28 |
|
Dilution Adjustment |
0.0 |
0.0 |
- |
0.0 |
0.1 |
|
Diluted Net Income |
4.9 |
3.4 |
1.5 |
-2.2 |
1.7 |
|
Diluted Weighted Average Shares |
6.3 |
6.0 |
5.4 |
5.4 |
7.2 |
|
Diluted EPS Excl Extraord Items |
0.78 |
0.56 |
0.28 |
-0.41 |
0.24 |
|
Diluted EPS Incl Extraord Items |
0.78 |
0.56 |
0.28 |
-0.41 |
0.24 |
|
Dividends per Share - Common Stock Primary Issue |
0.11 |
0.09 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.7 |
0.0 |
0.0 |
0.0 |
|
Interest Expense, Supplemental |
0.2 |
0.2 |
0.3 |
0.3 |
0.6 |
|
Depreciation, Supplemental |
0.3 |
0.3 |
0.4 |
0.3 |
0.5 |
|
Total Special Items |
1.1 |
- |
0.0 |
- |
-6.9 |
|
Normalized Income Before Tax |
6.2 |
3.6 |
1.4 |
-2.2 |
-5.8 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.0 |
- |
0.0 |
- |
-2.4 |
|
Inc Tax Ex Impact of Sp Items |
0.3 |
0.3 |
-0.1 |
0.0 |
-2.9 |
|
Normalized Income After Tax |
5.9 |
3.4 |
1.5 |
-2.2 |
-2.9 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
5.9 |
3.4 |
1.5 |
-2.2 |
-2.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.94 |
0.56 |
0.28 |
-0.41 |
-0.52 |
|
Diluted Normalized EPS |
0.94 |
0.56 |
0.28 |
-0.41 |
-0.39 |
|
Amort of Intangibles, Supplemental |
0.8 |
1.1 |
1.2 |
1.1 |
1.2 |
|
Rental Expenses |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Advertising Expense, Supplemental |
0.1 |
0.1 |
0.1 |
0.1 |
0.2 |
|
Research & Development Exp, Supplemental |
0.2 |
0.5 |
3.1 |
0.1 |
0.3 |
|
Normalized EBIT |
6.8 |
3.2 |
1.8 |
-1.2 |
-4.2 |
|
Normalized EBITDA |
7.8 |
4.6 |
3.5 |
0.1 |
-2.5 |
|
Current Tax - Total |
0.2 |
0.2 |
- |
- |
- |
|
Current Tax - Total |
0.2 |
0.2 |
- |
- |
- |
|
Other Tax |
0.0 |
0.0 |
- |
- |
- |
|
Income Tax - Total |
0.2 |
0.3 |
- |
- |
- |
|
Interest Cost - Domestic |
0.1 |
0.1 |
- |
- |
- |
|
Service Cost - Domestic |
0.4 |
0.3 |
- |
- |
- |
|
Domestic Pension Plan Expense |
0.5 |
0.4 |
- |
- |
- |
|
Total Pension Expense |
0.5 |
0.4 |
- |
- |
- |
|
Total Plan Interest Cost |
0.1 |
0.1 |
- |
- |
- |
|
Total Plan Service Cost |
0.4 |
0.3 |
- |
- |
- |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate |
1066.400024 |
1152 |
1134.9 |
1164.475 |
1259.55 |
|
Auditor |
Ihnduck
Accounting Corp. |
Ihnduck
Accounting Corp. |
Ihnduck
Accounting Corp. |
Ihnduck
Accounting Corp. |
Ihnduck
Accounting Corp. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
0.9 |
2.2 |
0.5 |
0.6 |
0.8 |
|
Short Term Investments |
19.3 |
7.7 |
5.6 |
5.0 |
5.4 |
|
Cash and Short Term Investments |
20.2 |
9.9 |
6.2 |
5.7 |
6.1 |
|
Accounts Receivable -
Trade, Gross |
53.7 |
17.8 |
9.7 |
4.1 |
5.5 |
|
Provision for Doubtful
Accounts |
-0.8 |
-0.6 |
-0.6 |
-0.6 |
-0.7 |
|
Trade Accounts Receivable - Net |
53.0 |
17.2 |
9.1 |
3.5 |
4.9 |
|
Other Receivables |
0.1 |
0.2 |
0.2 |
0.2 |
0.1 |
|
Total Receivables, Net |
53.1 |
17.4 |
9.3 |
3.7 |
5.0 |
|
Inventories - Finished Goods |
- |
- |
0.0 |
0.0 |
0.1 |
|
Inventories - Work In Progress |
0.4 |
0.4 |
0.5 |
0.8 |
1.3 |
|
Inventories - Raw Materials |
5.8 |
3.2 |
3.1 |
1.7 |
2.1 |
|
Inventories - Other |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Inventory |
6.2 |
3.6 |
3.6 |
2.5 |
3.5 |
|
Prepaid Expenses |
0.2 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Deferred Income Tax - Current Asset |
- |
- |
- |
0.5 |
0.4 |
|
Other Current Assets |
- |
- |
- |
0.0 |
0.0 |
|
Other Current Assets, Total |
- |
- |
- |
0.5 |
0.4 |
|
Total Current Assets |
79.7 |
31.0 |
19.2 |
12.5 |
15.1 |
|
|
|
|
|
|
|
|
Buildings |
- |
- |
- |
0.0 |
0.0 |
|
Machinery/Equipment |
4.1 |
3.6 |
3.4 |
3.1 |
2.8 |
|
Construction in
Progress |
0.6 |
- |
- |
- |
- |
|
Other
Property/Plant/Equipment |
1.2 |
1.0 |
1.0 |
1.0 |
0.9 |
|
Property/Plant/Equipment - Gross |
5.9 |
4.6 |
4.4 |
4.1 |
3.7 |
|
Accumulated Depreciation |
-4.7 |
-4.1 |
-3.8 |
-3.7 |
-3.1 |
|
Property/Plant/Equipment - Net |
1.2 |
0.6 |
0.6 |
0.4 |
0.6 |
|
Intangibles - Gross |
8.7 |
- |
- |
- |
- |
|
Accumulated Intangible Amortization |
-6.6 |
- |
- |
- |
- |
|
Intangibles, Net |
2.1 |
2.5 |
3.0 |
3.5 |
3.7 |
|
LT Investments - Other |
- |
0.3 |
0.3 |
0.4 |
0.4 |
|
Long Term Investments |
- |
0.3 |
0.3 |
0.4 |
0.4 |
|
Deferred Income Tax - Long Term Asset |
2.2 |
2.3 |
2.5 |
1.9 |
1.8 |
|
Other Long Term Assets |
0.2 |
0.1 |
0.1 |
0.3 |
0.3 |
|
Other Long Term Assets, Total |
2.4 |
2.4 |
2.6 |
2.2 |
2.1 |
|
Total Assets |
85.4 |
36.7 |
25.8 |
19.0 |
21.9 |
|
|
|
|
|
|
|
|
Accounts Payable |
16.0 |
5.8 |
8.7 |
3.8 |
3.1 |
|
Accrued Expenses |
0.7 |
0.3 |
0.1 |
0.2 |
0.2 |
|
Notes Payable/Short Term Debt |
41.0 |
8.3 |
0.0 |
0.0 |
1.2 |
|
Current Portion - Long Term Debt/Capital Leases |
0.0 |
0.6 |
0.3 |
0.4 |
- |
|
Dividends Payable |
0.0 |
- |
- |
- |
- |
|
Customer Advances |
0.2 |
1.2 |
0.2 |
0.2 |
0.1 |
|
Other Payables |
1.9 |
0.8 |
0.5 |
0.5 |
0.4 |
|
Other Current Liabilities |
0.1 |
0.1 |
0.0 |
0.0 |
0.4 |
|
Other Current liabilities, Total |
2.2 |
2.1 |
0.7 |
0.7 |
0.8 |
|
Total Current Liabilities |
59.9 |
17.0 |
9.7 |
5.1 |
5.4 |
|
|
|
|
|
|
|
|
Long Term Debt |
0.0 |
0.7 |
1.3 |
1.5 |
2.7 |
|
Total Long Term Debt |
0.0 |
0.7 |
1.3 |
1.5 |
2.7 |
|
Total Debt |
41.0 |
9.5 |
1.5 |
1.9 |
3.9 |
|
|
|
|
|
|
|
|
Pension Benefits - Underfunded |
1.9 |
1.4 |
1.0 |
0.7 |
0.8 |
|
Other Long Term Liabilities |
- |
- |
- |
- |
0.0 |
|
Other Liabilities, Total |
1.9 |
1.4 |
1.0 |
0.7 |
0.8 |
|
Total Liabilities |
61.8 |
19.1 |
12.0 |
7.3 |
8.9 |
|
|
|
|
|
|
|
|
Common Stock |
3.1 |
2.9 |
2.6 |
2.5 |
2.3 |
|
Common Stock |
3.1 |
2.9 |
2.6 |
2.5 |
2.3 |
|
Additional Paid-In Capital |
8.3 |
7.6 |
7.3 |
7.0 |
6.5 |
|
Retained Earnings (Accumulated Deficit) |
12.9 |
7.8 |
4.8 |
3.0 |
5.0 |
|
Treasury Stock - Common |
-0.7 |
-0.6 |
-0.9 |
-0.8 |
-0.8 |
|
Other Equity |
0.0 |
0.0 |
- |
- |
- |
|
Other Equity, Total |
0.0 |
0.0 |
- |
- |
- |
|
Total Equity |
23.6 |
17.6 |
13.8 |
11.7 |
13.0 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
85.4 |
36.7 |
25.8 |
19.0 |
21.9 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
6.3 |
6.3 |
5.4 |
5.4 |
5.4 |
|
Total Common Shares Outstanding |
6.3 |
6.3 |
5.4 |
5.4 |
5.4 |
|
Treasury Shares - Common Stock Primary Issue |
0.4 |
0.4 |
0.4 |
0.4 |
0.4 |
|
Employees |
65 |
56 |
54 |
53 |
55 |
|
Number of Common Shareholders |
- |
- |
1,182 |
1,383 |
1,404 |
|
Accumulated Intangible Amort, Suppl. |
6.6 |
5.1 |
4.1 |
- |
- |
|
Deferred Revenue - Current |
0.2 |
1.2 |
0.2 |
0.2 |
0.1 |
|
Total Long Term Debt, Supplemental |
- |
1.2 |
- |
1.9 |
0.4 |
|
Long Term Debt Maturing within 1 Year |
- |
0.6 |
- |
0.4 |
0.2 |
|
Long Term Debt Maturing in Year 2 |
- |
0.6 |
- |
0.5 |
0.2 |
|
Long Term Debt Maturing in Year 3 |
- |
0.1 |
- |
0.5 |
- |
|
Long Term Debt Maturing in Year 4 |
- |
- |
- |
0.5 |
- |
|
Long Term Debt Maturing in 2-3 Years |
- |
0.7 |
- |
1.0 |
0.2 |
|
Long Term Debt Maturing in 4-5 Years |
- |
- |
- |
0.5 |
- |
|
Long Term Debt Matur. in Year 6 & Beyond |
- |
0.0 |
- |
0.0 |
0.0 |
|
Pension Obligation - Domestic |
1.9 |
1.4 |
- |
- |
- |
|
Plan Assets - Domestic |
0.0 |
0.0 |
- |
- |
- |
|
Funded Status - Domestic |
-1.9 |
-1.4 |
- |
- |
- |
|
Total Funded Status |
-1.9 |
-1.4 |
- |
- |
- |
|
Discount Rate - Domestic |
3.82% |
5.02% |
- |
- |
- |
|
Expected Rate of Return - Domestic |
3.82% |
4.09% |
- |
- |
- |
|
Total Plan Obligations |
1.9 |
1.4 |
- |
- |
- |
|
Total Plan Assets |
0.0 |
0.0 |
- |
- |
- |
|
|
|
Annual Cash
Flows |
|
Financials in: USD
(mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate
(Period Average) |
1126.848795 |
1107.891393 |
1156.281981 |
1276.385219 |
1100.562842 |
|
Auditor |
Ihnduck
Accounting Corp. |
Ihnduck
Accounting Corp. |
Ihnduck
Accounting Corp. |
Ihnduck
Accounting Corp. |
Ihnduck Accounting
Corp. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
4.9 |
3.4 |
1.5 |
-2.2 |
1.6 |
|
Depreciation |
0.2 |
0.3 |
0.4 |
0.3 |
0.5 |
|
Depreciation/Depletion |
0.2 |
0.3 |
0.4 |
0.3 |
0.5 |
|
Amortization of Intangibles |
0.8 |
1.1 |
1.2 |
1.1 |
1.2 |
|
Amortization |
0.8 |
1.1 |
1.2 |
1.1 |
1.2 |
|
Deferred Taxes |
- |
- |
- |
0.0 |
-0.4 |
|
Unusual Items |
1.1 |
- |
0.0 |
0.0 |
-6.5 |
|
Other Non-Cash Items |
1.2 |
0.5 |
0.3 |
0.2 |
0.7 |
|
Non-Cash Items |
2.3 |
0.5 |
0.3 |
0.2 |
-5.8 |
|
Accounts Receivable |
6.0 |
-8.3 |
-5.4 |
1.6 |
-0.8 |
|
Inventories |
-2.9 |
0.0 |
-1.1 |
1.2 |
-0.1 |
|
Prepaid Expenses |
0.0 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Other Assets |
- |
- |
0.0 |
- |
- |
|
Accounts Payable |
10.4 |
-2.6 |
4.7 |
0.5 |
-0.2 |
|
Accrued Expenses |
0.4 |
0.2 |
-0.1 |
-0.1 |
0.1 |
|
Other Liabilities |
-1.1 |
0.9 |
-0.1 |
-0.3 |
-0.6 |
|
Other Operating Cash Flow |
-0.1 |
-0.1 |
-0.1 |
- |
- |
|
Changes in Working Capital |
12.7 |
-9.9 |
-2.0 |
2.9 |
-1.5 |
|
Cash from Operating Activities |
20.9 |
-4.6 |
1.4 |
2.3 |
-4.5 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-0.9 |
-0.3 |
-0.3 |
-0.1 |
-0.2 |
|
Purchase/Acquisition of Intangibles |
-0.4 |
-0.6 |
-0.6 |
-0.5 |
-0.6 |
|
Capital Expenditures |
-1.3 |
-0.9 |
-0.9 |
-0.6 |
-0.8 |
|
Sale of Fixed Assets |
- |
- |
0.0 |
- |
16.9 |
|
Sale/Maturity of Investment |
144.2 |
111.1 |
69.2 |
40.4 |
24.6 |
|
Purchase of Investments |
-154.8 |
-113.3 |
-69.6 |
-39.7 |
-30.1 |
|
Sale of Intangible Assets |
- |
- |
- |
- |
0.0 |
|
Other Investing Cash Flow |
-0.1 |
0.1 |
0.1 |
0.0 |
-0.2 |
|
Other Investing Cash Flow Items, Total |
-10.6 |
-2.1 |
-0.2 |
0.7 |
11.3 |
|
Cash from Investing Activities |
-11.9 |
-3.0 |
-1.1 |
0.0 |
10.5 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
0.0 |
-0.2 |
- |
0.0 |
-1.8 |
|
Financing Cash Flow Items |
0.0 |
-0.2 |
- |
0.0 |
-1.8 |
|
Cash Dividends Paid - Common |
-0.7 |
- |
- |
- |
- |
|
Total Cash Dividends Paid |
-0.7 |
- |
- |
- |
- |
|
Sale/Issuance of
Common |
0.0 |
1.3 |
0.1 |
- |
- |
|
Repurchase/Retirement
of Common |
0.0 |
-0.1 |
- |
0.0 |
-0.3 |
|
Common Stock, Net |
0.0 |
1.2 |
0.1 |
0.0 |
-0.3 |
|
Issuance (Retirement) of Stock, Net |
0.0 |
1.2 |
0.1 |
0.0 |
-0.3 |
|
Short Term Debt Issued |
0.0 |
8.6 |
- |
2.1 |
4.4 |
|
Short Term Debt
Reduction |
-8.5 |
- |
- |
-3.6 |
-10.8 |
|
Short Term Debt, Net |
-8.5 |
8.6 |
- |
-1.5 |
-6.5 |
|
Long Term Debt Issued |
- |
- |
- |
1.5 |
2.7 |
|
Long Term Debt
Reduction |
-1.3 |
-0.3 |
-0.4 |
-2.5 |
- |
|
Long Term Debt, Net |
-1.3 |
-0.3 |
-0.4 |
-1.0 |
2.7 |
|
Issuance (Retirement) of Debt, Net |
-9.7 |
8.3 |
-0.4 |
-2.5 |
-3.8 |
|
Cash from Financing Activities |
-10.4 |
9.4 |
-0.4 |
-2.5 |
-5.9 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.0 |
0.0 |
0.0 |
- |
- |
|
Net Change in Cash |
-1.4 |
1.8 |
-0.1 |
-0.2 |
0.1 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
2.3 |
0.6 |
0.6 |
0.7 |
0.7 |
|
Net Cash - Ending Balance |
0.9 |
2.3 |
0.5 |
0.6 |
0.9 |
|
Cash Interest Paid |
0.2 |
0.2 |
0.1 |
- |
- |
|
Cash Taxes Paid |
0.0 |
0.0 |
0.0 |
- |
- |
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Restated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate
(Period Average) |
1126.848795 |
1107.891393 |
1156.281981 |
1276.385219 |
1100.562842 |
|
Auditor |
Ihnduck
Accounting Corp. |
Ihnduck
Accounting Corp. |
Ihnduck
Accounting Corp. |
Ihnduck
Accounting Corp. |
Ihnduck
Accounting Corp. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Finished Product Export Sales |
- |
- |
- |
- |
23.6 |
|
Finished Product Domestic Sales |
- |
- |
- |
- |
0.6 |
|
Rental Income |
- |
- |
- |
- |
0.2 |
|
Sales Revenue of Finished Goods |
- |
- |
- |
25.5 |
- |
|
Royalty Revenue |
- |
- |
- |
0.7 |
- |
|
Sales Revenue |
89.2 |
60.1 |
41.1 |
- |
- |
|
Total Revenue |
89.2 |
60.1 |
41.1 |
26.1 |
24.4 |
|
|
|
|
|
|
|
|
Impmt Loss on Sec. Available for Sale |
0.2 |
- |
- |
- |
- |
|
Impmt Loss on Intangibless |
0.2 |
- |
- |
- |
- |
|
Depreciation-R & D |
0.1 |
0.1 |
- |
- |
- |
|
Amort. of Intangibless-R & D |
0.7 |
1.1 |
- |
- |
- |
|
Cost of Finished Goods Sold |
- |
- |
- |
20.7 |
18.6 |
|
Cost of Rental |
- |
- |
- |
- |
0.2 |
|
Costs of Goods & Services Sold |
70.2 |
46.9 |
31.7 |
- |
- |
|
Salaries & Wages-administrative |
1.1 |
1.1 |
- |
- |
- |
|
Retirement & Severance Benefits-administ |
0.2 |
0.2 |
- |
- |
- |
|
Salaries & Wages-R & D |
1.8 |
1.2 |
- |
- |
- |
|
Retirement & Severance Benefits-R & D |
0.2 |
0.1 |
- |
- |
- |
|
Employee Benefits-R & D |
0.1 |
0.1 |
- |
- |
- |
|
Salaries & Wages |
0.7 |
0.5 |
1.1 |
1.8 |
2.8 |
|
Retirement & Severance Benefits |
0.1 |
0.0 |
0.2 |
0.2 |
0.4 |
|
Employee Benefits |
0.2 |
0.2 |
0.2 |
0.2 |
0.4 |
|
Stock-Based Compensation |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Commission Paid |
4.7 |
3.0 |
- |
- |
- |
|
Travel Expense-administrative |
0.2 |
0.1 |
- |
- |
- |
|
Commission Paid-administrative |
0.2 |
0.3 |
- |
- |
- |
|
Rental Expense-R & D |
0.1 |
0.1 |
- |
- |
- |
|
Taxes & Dues-R & D |
0.0 |
0.0 |
- |
- |
- |
|
Travel Expense-R & D |
0.3 |
0.2 |
- |
- |
- |
|
Cmmunication Expense-R & D |
0.0 |
0.0 |
- |
- |
- |
|
Commission Paid-R & D |
0.0 |
0.0 |
- |
- |
- |
|
Consumable Expense-R & D |
0.0 |
0.0 |
- |
- |
- |
|
Shipping & Handling Expense-R & D |
0.0 |
0.0 |
- |
- |
- |
|
Education & Training Expense-R & D |
0.0 |
0.0 |
- |
- |
- |
|
Rental Expense |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Entertainment Expense |
0.1 |
0.1 |
0.0 |
0.0 |
0.1 |
|
Depreciation |
0.1 |
0.1 |
0.2 |
0.1 |
0.2 |
|
Amort. of Intangibless |
0.0 |
0.0 |
0.0 |
1.1 |
1.2 |
|
Expense of Allow. for DA |
0.1 |
0.0 |
- |
- |
0.7 |
|
Taxes & Dues |
0.0 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Advertising Expense |
0.1 |
0.1 |
0.1 |
0.1 |
0.2 |
|
Travel Expense |
0.2 |
0.2 |
0.2 |
0.3 |
0.7 |
|
Vehicle Maintenance Expense |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Conference Expense |
- |
- |
0.0 |
0.0 |
0.0 |
|
Communication Expense |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Commissions |
- |
- |
2.1 |
2.3 |
2.1 |
|
Consumable Expense |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Insurance Premiums |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Shipping & Handling Expense |
0.0 |
0.0 |
0.0 |
0.1 |
0.1 |
|
Exporting Shipping & Handling Expense |
0.3 |
0.4 |
0.3 |
0.1 |
0.3 |
|
Education & Training Expense |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Sample Expense |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
R & D Expense-administrative |
0.0 |
0.1 |
- |
- |
- |
|
R & D Expense-R & D |
0.2 |
0.4 |
- |
- |
- |
|
R & D Expense |
- |
- |
0.0 |
0.1 |
0.3 |
|
After-Service Sales Expense |
0.1 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Research & Development Expense |
- |
- |
3.0 |
- |
- |
|
Gain on Foreign Currency Transaction |
- |
- |
-0.8 |
- |
- |
|
Gain on Foreign Currency Translation |
- |
- |
-0.1 |
- |
- |
|
Reversal of Allow. for DA |
- |
- |
-0.1 |
- |
- |
|
Gain on Disposal of PPE |
- |
- |
0.0 |
- |
- |
|
Gain-Disposal of Sec. Avail. for Sale |
- |
- |
-0.2 |
- |
- |
|
Miscellaneous Income |
- |
- |
-0.1 |
- |
- |
|
Loss on Foreign Currency Transaction |
- |
- |
1.0 |
- |
- |
|
Loss on Foreign Currency Translation |
- |
- |
0.2 |
- |
- |
|
Loss on Disposal of PPE |
- |
- |
0.0 |
- |
- |
|
Donations Paid |
- |
- |
0.0 |
- |
- |
|
Miscellaneous Loss |
- |
- |
0.0 |
- |
- |
|
Total Operating Expense |
82.8 |
56.9 |
39.5 |
27.4 |
28.5 |
|
|
|
|
|
|
|
|
Interest Income |
0.1 |
0.0 |
0.0 |
0.1 |
0.2 |
|
Gain on Foreign Currency Transaction,OE |
0.9 |
1.5 |
- |
- |
- |
|
Gain on Foreign Currency Translation,OE |
0.1 |
0.3 |
- |
- |
- |
|
Loss on Foreign Currency Translation,OE |
-0.4 |
-0.1 |
- |
- |
- |
|
Loss on Foreign Currency Transaction,OE |
-1.1 |
-1.2 |
- |
- |
- |
|
Gain-Foreign Exchange Transaction |
- |
- |
- |
1.2 |
1.2 |
|
Gain-Currency Forwards Transactions |
- |
- |
- |
- |
0.2 |
|
G-For Exch Translatn |
- |
- |
- |
0.0 |
0.3 |
|
Other Allow. for DA |
-0.1 |
- |
- |
- |
- |
|
Miscellaneous Income |
0.0 |
0.1 |
- |
- |
- |
|
Miscellaneous Income |
- |
- |
- |
0.1 |
0.1 |
|
Loss on Scrapping of Inventory |
-0.6 |
- |
- |
- |
- |
|
Gain-Disposal of Tangible Assets |
- |
- |
- |
- |
8.0 |
|
Reversal of Allow. for DA |
- |
- |
- |
0.1 |
- |
|
Interest Expense |
-0.2 |
-0.2 |
-0.3 |
-0.3 |
-0.6 |
|
Loss-Foreign Exchange Transaction |
- |
- |
- |
-1.7 |
-1.7 |
|
L-For Exch Translatn |
- |
- |
- |
-0.2 |
0.0 |
|
Loss-Reduct. of Sec. Available-Sale |
- |
- |
- |
- |
-0.1 |
|
Loss-Currency Options Transaction |
- |
- |
- |
-0.2 |
-0.8 |
|
Loss-Scrapping of inventory |
- |
- |
- |
- |
-1.1 |
|
Loss-Valuation of Currency Option |
- |
- |
- |
- |
-0.4 |
|
Donations |
0.0 |
0.0 |
- |
0.0 |
0.0 |
|
Miscellaneous Loss |
0.0 |
- |
- |
-0.2 |
0.0 |
|
L-Tang.Asst Disposal |
- |
- |
- |
- |
0.0 |
|
Net Income Before Taxes |
5.1 |
3.6 |
1.4 |
-2.2 |
1.1 |
|
|
|
|
|
|
|
|
Prov. for Income Taxes |
0.2 |
0.3 |
-0.1 |
0.0 |
-0.4 |
|
Net Income After Taxes |
4.9 |
3.4 |
1.5 |
-2.2 |
1.6 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
4.9 |
3.4 |
1.5 |
-2.2 |
1.6 |
|
Net Income |
4.9 |
3.4 |
1.5 |
-2.2 |
1.6 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
4.9 |
3.4 |
1.5 |
-2.2 |
1.6 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
4.9 |
3.4 |
1.5 |
-2.2 |
1.6 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
6.3 |
6.0 |
5.4 |
5.4 |
5.6 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.78 |
0.56 |
0.28 |
-0.41 |
0.28 |
|
Basic EPS Including ExtraOrdinary Items |
0.78 |
0.56 |
0.28 |
-0.41 |
0.28 |
|
Dilution Adjustment |
0.0 |
0.0 |
- |
0.0 |
0.1 |
|
Diluted Net Income |
4.9 |
3.4 |
1.5 |
-2.2 |
1.7 |
|
Diluted Weighted Average Shares |
6.3 |
6.0 |
5.4 |
5.4 |
7.2 |
|
Diluted EPS Excluding ExtraOrd Items |
0.78 |
0.56 |
0.28 |
-0.41 |
0.24 |
|
Diluted EPS Including ExtraOrd Items |
0.78 |
0.56 |
0.28 |
-0.41 |
0.24 |
|
DPS-Ordinary Shares |
0.11 |
0.09 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.7 |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
6.2 |
3.6 |
1.4 |
-2.2 |
-5.8 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
0.3 |
0.3 |
-0.1 |
0.0 |
-2.9 |
|
Normalized Income After Taxes |
5.9 |
3.4 |
1.5 |
-2.2 |
-2.9 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
5.9 |
3.4 |
1.5 |
-2.2 |
-2.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.94 |
0.56 |
0.28 |
-0.41 |
-0.52 |
|
Diluted Normalized EPS |
0.94 |
0.56 |
0.28 |
-0.41 |
-0.39 |
|
Interest Expense |
0.2 |
0.2 |
- |
- |
- |
|
Interest Expense, Supplemental |
- |
- |
0.3 |
0.3 |
0.6 |
|
Advertising Expense, Supplemental |
0.1 |
0.1 |
0.1 |
0.1 |
0.2 |
|
R&D Expense, Supplemental |
0.2 |
0.5 |
3.1 |
0.1 |
0.3 |
|
Depreciation, Supplemental |
0.3 |
0.3 |
0.4 |
0.3 |
0.5 |
|
Amort of Intangibles, Supplemental |
0.8 |
1.1 |
1.2 |
1.1 |
1.2 |
|
Rental Expense, Supplemental |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Current Tax - Total |
0.2 |
0.2 |
- |
- |
- |
|
Current Tax - Total |
0.2 |
0.2 |
- |
- |
- |
|
Other Tax - Deferred/Current |
0.0 |
0.0 |
- |
- |
- |
|
Income Tax - Total |
0.2 |
0.3 |
- |
- |
- |
|
Interest Cost |
0.1 |
0.1 |
- |
- |
- |
|
Service Cost |
0.4 |
0.3 |
- |
- |
- |
|
Domestic Pension Plan Expense |
0.5 |
0.4 |
- |
- |
- |
|
Total Pension Expense |
0.5 |
0.4 |
- |
- |
- |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate |
1066.400024 |
1152 |
1134.9 |
1164.475 |
1259.55 |
|
Auditor |
Ihnduck
Accounting Corp. |
Ihnduck Accounting
Corp. |
Ihnduck
Accounting Corp. |
Ihnduck
Accounting Corp. |
Ihnduck
Accounting Corp. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Cash Equivalents |
0.9 |
2.2 |
0.5 |
0.6 |
0.8 |
|
Current Fincl Instrm |
19.3 |
7.7 |
5.6 |
5.0 |
5.4 |
|
Trade Receivable, Gross |
53.7 |
17.8 |
9.7 |
4.1 |
5.5 |
|
Allow. for DA for Trade Receivable |
-0.8 |
-0.6 |
-0.6 |
-0.6 |
-0.7 |
|
Account Receivable |
0.1 |
0.1 |
0.1 |
0.2 |
0.1 |
|
Accrued Income |
0.0 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Advance Payments |
0.2 |
0.0 |
0.1 |
0.1 |
0.1 |
|
Prepaid Expense |
0.0 |
0.1 |
0.1 |
0.1 |
0.0 |
|
Deposits Received for Guarantees |
- |
- |
- |
0.0 |
0.0 |
|
Current Dfrd Taxes |
- |
- |
- |
0.5 |
0.4 |
|
Current Loans |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Finished Goods |
- |
- |
0.0 |
0.0 |
0.1 |
|
Semi-finished Goods |
0.4 |
0.4 |
0.5 |
0.8 |
1.3 |
|
Raw Materials |
5.8 |
3.2 |
3.1 |
1.7 |
2.1 |
|
Goods in Transit |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Current Assets |
79.7 |
31.0 |
19.2 |
12.5 |
15.1 |
|
|
|
|
|
|
|
|
Securities avail. for Sale |
- |
0.3 |
0.3 |
0.4 |
0.4 |
|
Guarantee Deposits, Non-Current Assets |
0.2 |
0.1 |
0.1 |
0.3 |
0.3 |
|
Disc. for PV for Guarantee Deposit |
0.0 |
0.0 |
0.0 |
- |
- |
|
Non-Current Deferred Income Taxes Assets |
2.2 |
2.3 |
2.5 |
1.9 |
1.8 |
|
Buildings |
- |
- |
- |
0.0 |
0.0 |
|
Deprec-Buildings |
- |
- |
- |
0.0 |
0.0 |
|
Construction in Progress-Depreciation |
0.0 |
- |
- |
- |
- |
|
Vehicles |
0.1 |
0.1 |
0.1 |
0.0 |
0.0 |
|
Vehicles-Depreciation |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Tools & Equipments |
4.0 |
3.5 |
3.3 |
3.1 |
2.7 |
|
Tools & Equipments-Depreciation |
-3.5 |
-3.1 |
-2.9 |
-2.7 |
-2.3 |
|
Fixtures |
1.2 |
1.0 |
1.0 |
1.0 |
0.9 |
|
Fixtures-Depreciation |
-1.1 |
-1.0 |
-0.9 |
-0.9 |
-0.7 |
|
Industrial Property Rights |
- |
- |
- |
0.0 |
0.1 |
|
Facilities Usage Rights |
- |
0.2 |
0.1 |
- |
- |
|
Software |
- |
0.0 |
0.0 |
0.1 |
0.1 |
|
Development Costs |
- |
2.2 |
2.7 |
3.1 |
3.2 |
|
Licenses |
- |
0.1 |
0.2 |
0.3 |
0.3 |
|
Facilities Usage Rights-Amort. |
0.0 |
- |
- |
- |
- |
|
Acc Amort Computer Software |
-0.2 |
- |
- |
- |
- |
|
Development Costs-Amort. |
-5.5 |
- |
- |
- |
- |
|
Licenses-Amort. |
-0.8 |
- |
- |
- |
- |
|
Facilities Usage Rights, Gross |
0.2 |
- |
- |
- |
- |
|
Development Costs, Gross |
7.4 |
- |
- |
- |
- |
|
Licenses, Gross |
0.9 |
- |
- |
- |
- |
|
Software, Gross |
0.3 |
- |
- |
- |
- |
|
Construction in Progress |
0.6 |
- |
- |
- |
- |
|
Total Assets |
85.4 |
36.7 |
25.8 |
19.0 |
21.9 |
|
|
|
|
|
|
|
|
Trade Payable |
16.0 |
5.8 |
8.7 |
3.8 |
3.1 |
|
Currency Options |
- |
- |
- |
- |
0.3 |
|
Other Payable |
1.9 |
0.8 |
0.5 |
0.5 |
0.4 |
|
Accrued Expense |
0.7 |
0.3 |
0.1 |
0.2 |
0.2 |
|
Withheld |
0.1 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Advance from Customers |
0.2 |
1.2 |
0.2 |
0.2 |
0.1 |
|
Current Borrowings |
41.0 |
8.3 |
- |
- |
1.2 |
|
Current Portion of Long-term Liabilities |
0.0 |
0.6 |
0.3 |
0.4 |
- |
|
Dividend Payable |
0.0 |
- |
- |
- |
- |
|
Total Current Liabilities |
59.9 |
17.0 |
9.7 |
5.1 |
5.4 |
|
|
|
|
|
|
|
|
Bonds With Stock Warrants |
- |
- |
- |
- |
2.3 |
|
Non-Current Borrowings |
0.0 |
0.7 |
1.3 |
1.5 |
0.4 |
|
Total Long Term Debt |
0.0 |
0.7 |
1.3 |
1.5 |
2.7 |
|
|
|
|
|
|
|
|
Non-Current Fixed Benefit Liabilities |
1.9 |
1.4 |
1.0 |
0.7 |
0.8 |
|
Rent Deposits |
- |
- |
- |
- |
0.0 |
|
Total Liabilities |
61.8 |
19.1 |
12.0 |
7.3 |
8.9 |
|
|
|
|
|
|
|
|
Capital Stock |
3.1 |
2.9 |
2.6 |
2.5 |
2.3 |
|
Additional Paid in Capital |
8.0 |
7.4 |
6.9 |
6.7 |
6.2 |
|
Consideration for Stock Warrants |
- |
- |
0.0 |
0.0 |
0.0 |
|
Losses on Disposal of Treasury Stock |
0.0 |
0.0 |
- |
- |
- |
|
Legal Reserve |
- |
- |
- |
0.0 |
0.0 |
|
Retained Earnings Carried Forward |
- |
- |
- |
2.9 |
4.9 |
|
Retained Earnings |
12.9 |
7.8 |
4.8 |
- |
- |
|
Stock Options |
0.0 |
0.0 |
0.1 |
0.3 |
0.3 |
|
Other Capital Surplus |
0.2 |
0.2 |
0.2 |
0.1 |
0.0 |
|
Treasury Stock |
-0.7 |
-0.6 |
-0.9 |
-0.8 |
-0.8 |
|
Total Equity |
23.6 |
17.6 |
13.8 |
11.7 |
13.0 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
85.4 |
36.7 |
25.8 |
19.0 |
21.9 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
6.3 |
6.3 |
5.4 |
5.4 |
5.4 |
|
Total Common Shares Outstanding |
6.3 |
6.3 |
5.4 |
5.4 |
5.4 |
|
T/S-Ordinary Shares |
0.4 |
0.4 |
0.4 |
0.4 |
0.4 |
|
Deferred Revenue, Current |
0.2 |
1.2 |
0.2 |
0.2 |
0.1 |
|
Facilities Usage Rights-Amort. |
0.0 |
- |
- |
- |
- |
|
Acc Amort Computer Software |
0.2 |
- |
- |
- |
- |
|
Development Costs-Amort. |
5.5 |
- |
- |
- |
- |
|
Licenses-Amort. |
0.8 |
- |
- |
- |
- |
|
Accumulated Intangible Amort, Suppl. |
- |
5.1 |
4.1 |
- |
- |
|
Full-Time Employees |
65 |
56 |
54 |
53 |
55 |
|
Number of Common Shareholders |
- |
- |
1,182 |
1,383 |
1,404 |
|
Long Term Debt Maturing within 1 Year |
- |
0.6 |
- |
0.4 |
- |
|
Long Term Debt Maturing within 2 Year |
- |
0.6 |
- |
0.5 |
0.4 |
|
Long Term Debt Maturing within 3 Year |
- |
0.1 |
- |
0.5 |
- |
|
Long Term Debt Maturing within 4 Year |
- |
- |
- |
0.5 |
- |
|
Total Long Term Debt, Supplemental |
- |
1.2 |
- |
1.9 |
0.4 |
|
Fair Value of Plan Assets |
0.0 |
0.0 |
- |
- |
- |
|
Projected Benefit Obligation |
1.9 |
1.4 |
- |
- |
- |
|
Funded Status |
-1.9 |
-1.4 |
- |
- |
- |
|
Total Funded Status |
-1.9 |
-1.4 |
- |
- |
- |
|
Discount Rate - Period End |
3.82% |
5.02% |
- |
- |
- |
|
Expected Rate of Return - Period End |
3.82% |
4.09% |
- |
- |
- |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate
(Period Average) |
1126.848795 |
1107.891393 |
1156.281981 |
1276.385219 |
1100.562842 |
|
Auditor |
Ihnduck
Accounting Corp. |
Ihnduck
Accounting Corp. |
Ihnduck
Accounting Corp. |
Ihnduck
Accounting Corp. |
Ihnduck
Accounting Corp. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income or Loss |
4.9 |
3.4 |
1.5 |
-2.2 |
1.6 |
|
Depreciation |
0.2 |
0.3 |
0.4 |
0.3 |
0.5 |
|
Amort. of Intangibless |
0.8 |
1.1 |
1.2 |
1.1 |
1.2 |
|
Retirement and Severance Benefits |
0.5 |
0.4 |
0.3 |
0.2 |
0.4 |
|
Stock-Based Compensation |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Expenses of Allow. for Other DA |
0.1 |
- |
- |
- |
- |
|
Expense of Allow. for DA |
0.1 |
0.0 |
- |
- |
0.7 |
|
Amortization-Discount on Bond Issuance |
- |
- |
- |
0.0 |
0.0 |
|
Amort-Subscription Warrant Adjustment |
- |
- |
- |
0.0 |
0.0 |
|
Interest Expenses |
0.2 |
0.2 |
0.1 |
- |
- |
|
Corporate Taxes Expense |
0.2 |
0.3 |
-0.1 |
- |
- |
|
Impmt Loss on Intangibless |
0.2 |
- |
- |
- |
- |
|
Loss on Scraping of Inventory |
0.6 |
- |
- |
- |
- |
|
Impmt Loss on Sec. Available-for-Sale |
0.2 |
- |
- |
- |
- |
|
Losses on Foreign Currency Translation |
0.4 |
0.1 |
0.1 |
0.1 |
0.0 |
|
L-Tangible Asst Disp |
- |
- |
0.0 |
- |
0.0 |
|
Loss-Scraping of Inventory |
- |
- |
- |
- |
1.1 |
|
Loss-Valuation of Currency Options |
- |
- |
- |
- |
0.4 |
|
Loss-Reduct. of Sec. Available-for-Sale |
- |
- |
- |
- |
0.1 |
|
Gain-Currency Forwards Transaction |
- |
- |
- |
0.0 |
-0.2 |
|
Interest Income |
-0.1 |
-0.1 |
0.0 |
- |
- |
|
Rec. of Allow. for DA |
- |
- |
-0.1 |
-0.1 |
- |
|
Gain-Disposal of Tangible Assets |
- |
- |
0.0 |
0.0 |
-8.0 |
|
Gains on Foreign Currency Translation |
-0.1 |
-0.3 |
-0.1 |
0.0 |
-0.3 |
|
Trade Receivables |
6.0 |
-8.4 |
-5.4 |
1.6 |
-1.0 |
|
Inventory |
-2.8 |
-0.1 |
-1.0 |
1.2 |
-0.2 |
|
Account Receivables |
0.0 |
0.0 |
0.0 |
-0.1 |
0.3 |
|
Accrued Income |
- |
- |
- |
0.1 |
-0.1 |
|
Advance Payments |
-0.2 |
0.1 |
0.0 |
0.0 |
0.1 |
|
Prepaid Expenses |
0.0 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Current Dfrd Taxes - Assets |
- |
- |
- |
-0.1 |
1.4 |
|
Deferred Taxes-Asset |
- |
- |
- |
0.0 |
-1.8 |
|
Deposit Received for Guarantees |
- |
- |
0.0 |
- |
- |
|
Trade Payable |
9.4 |
-2.9 |
4.7 |
0.4 |
-0.1 |
|
Other Payable |
1.0 |
0.3 |
0.0 |
0.1 |
-0.2 |
|
Accrued Expenses |
0.4 |
0.2 |
-0.1 |
-0.1 |
0.1 |
|
Withholdings |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Retirement Pension Operating Fund |
- |
- |
0.0 |
- |
- |
|
Advance from Customers |
-1.1 |
1.1 |
0.0 |
0.1 |
0.0 |
|
Payment for Retirement Allow. |
-0.1 |
-0.2 |
-0.1 |
-0.3 |
-0.7 |
|
Cash-Interest Received |
0.1 |
0.0 |
0.0 |
- |
- |
|
Cash-Interest Paid |
-0.2 |
-0.2 |
-0.1 |
- |
- |
|
Cash-Tax Refunded |
0.0 |
0.0 |
0.0 |
- |
- |
|
Cash From Operating Activities |
20.9 |
-4.6 |
1.4 |
2.3 |
-4.5 |
|
|
|
|
|
|
|
|
Proceeds from Short-term Investment Asse |
- |
- |
- |
0.2 |
- |
|
Disposal-Land |
- |
- |
- |
- |
14.8 |
|
Disposal-Buildings |
- |
- |
0.0 |
- |
2.0 |
|
Disposal-Tools & Supplies |
- |
- |
- |
- |
0.0 |
|
Disposal-Transportation |
- |
- |
0.0 |
- |
0.0 |
|
Disposal-Supplies |
- |
- |
- |
- |
0.0 |
|
Dec-ST Finl Asset |
144.1 |
111.1 |
69.1 |
40.1 |
24.6 |
|
Sale of Sec. Available-for-Sale |
0.1 |
- |
- |
- |
- |
|
Increase in Current Loans |
-0.1 |
- |
- |
- |
- |
|
Decrease in Guarantee Deposit |
0.0 |
0.1 |
0.1 |
0.0 |
0.0 |
|
Disposal-Securities Available for Sale |
- |
- |
0.2 |
- |
- |
|
Decrease-ST Loans to Employees |
0.0 |
0.0 |
0.0 |
- |
- |
|
Decrease-Industrial Property Right |
- |
- |
- |
- |
0.0 |
|
Disposal-Software |
- |
- |
- |
- |
0.0 |
|
Purchase of Current Fincl Instruments |
-154.8 |
-113.3 |
-69.5 |
-39.4 |
-29.9 |
|
Purchase of Sec. Available-for-Sale |
- |
- |
-0.1 |
0.0 |
-0.2 |
|
Purchase of Short-term Investment Assets |
- |
- |
- |
-0.2 |
- |
|
Increase-ST Loans |
- |
- |
- |
0.0 |
0.0 |
|
Increase in Guarantee Deposit |
0.0 |
0.0 |
0.0 |
0.0 |
-0.2 |
|
Purchase of Construction in Progress |
-0.6 |
- |
- |
- |
- |
|
Purchase of Tools & Equipments |
-0.2 |
-0.3 |
-0.2 |
-0.1 |
-0.1 |
|
Purchase of Vehicles |
- |
- |
-0.1 |
- |
- |
|
Purchase of Industrial Property Rights |
- |
- |
- |
0.0 |
0.0 |
|
Purchase of Software |
-0.1 |
- |
0.0 |
- |
0.0 |
|
Purchase of Fixtures |
-0.1 |
0.0 |
0.0 |
0.0 |
-0.1 |
|
Purchase of Facility Usage Right |
0.0 |
-0.2 |
- |
- |
- |
|
Purchase of Licenses |
0.0 |
0.0 |
-0.1 |
0.0 |
0.0 |
|
Purchase of Development Costs |
-0.4 |
-0.4 |
-0.6 |
-0.5 |
-0.6 |
|
Cash From Investing Activities |
-11.9 |
-3.0 |
-1.1 |
0.0 |
10.5 |
|
|
|
|
|
|
|
|
Increase in Current Borrowings |
0.0 |
8.6 |
- |
2.1 |
4.4 |
|
Proceeds from Long-term Borrowings |
- |
- |
- |
1.5 |
- |
|
Issuance-Bond with Warrant |
- |
- |
- |
- |
2.7 |
|
Increase in Stock Warrants |
0.0 |
-0.2 |
- |
- |
- |
|
Increase in Rent Guarantee Deposits |
- |
- |
- |
- |
0.1 |
|
Dec-Current Portion of LT Liabilities |
- |
- |
- |
- |
0.0 |
|
Decrease-Lease Guarantee Deposit |
- |
- |
- |
0.0 |
-1.9 |
|
Dec-ST Borrowings |
-8.5 |
- |
- |
-3.6 |
-10.8 |
|
Decrease in Non-Current Borrowings |
-0.7 |
- |
- |
- |
- |
|
Decs in Current Portion of LT Debts |
-0.6 |
-0.3 |
-0.4 |
-0.1 |
- |
|
Redemption-Bond with Warrant |
- |
- |
- |
-2.4 |
- |
|
Dividends Paid |
-0.7 |
- |
- |
- |
- |
|
Rights Issue |
0.0 |
1.0 |
0.1 |
- |
- |
|
Decrease in Treasury Stocks |
0.0 |
0.3 |
- |
- |
- |
|
Increase in Treasury Stocks |
0.0 |
-0.1 |
- |
0.0 |
-0.3 |
|
Cash From Financing Activities |
-10.4 |
9.4 |
-0.4 |
-2.5 |
-5.9 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.0 |
0.0 |
0.0 |
- |
- |
|
Incs or Decs in Cash & Cash Equivalents |
-1.4 |
1.8 |
-0.1 |
-0.2 |
0.1 |
|
|
|
|
|
|
|
|
Cash and Cash Equivalents at Beginning |
2.3 |
0.6 |
0.6 |
0.7 |
0.7 |
|
Cash and Cash Equivalents at End |
0.9 |
2.3 |
0.5 |
0.6 |
0.9 |
|
Cash Interest Paid |
0.2 |
0.2 |
0.1 |
- |
- |
|
Cash Taxes Paid |
0.0 |
0.0 |
0.0 |
- |
- |
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
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Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.79 |
|
|
1 |
Rs.91.03 |
|
Euro |
1 |
Rs.78.52 |
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.