|
Report Date : |
24.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
SAMYANG CORP |
|
|
|
|
Formerly Known As : |
SAMSU COMPANY |
|
|
|
|
Registered Office : |
263, Yeonji-Dong, Jongno-Gu Seoul, 110725 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
03.11.2011 |
|
|
|
|
Legal Form : |
Public Subsidiary |
|
|
|
|
Line of Business : |
Manufacture of sugar |
|
|
|
|
No. of Employees : |
849 |
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
Samyang Corp
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Business
Description
|
Samyang Corporation is a Korea-based company principally engaged in
the food, chemical and feed businesses. Its food business produces sugar, wheat
flour, wheat flour, pre-mix products, oil, cooking syrup and others. Its
chemical business provision of engineering plastic products, fibers used for
industrial materials, polyethylene terephthalate (PET) bottles and ion
exchange resins. Its feed engages in the provision of various mixed feeds,
which are used for pigs, cattle, chicken and others. It also engages in the
leasing business. On July 1, 2013, the Company merged with Samyang EMS Co.,
Ltd., a Korea-based company mainly engaged in the manufacturing and sales of
semiconductor and electric materials. After the merger, the Company survives
and Samyang EMS Co., Ltd., was dissolved. For the
three months ended 31 March 2013, Samyang Corp revenues decreased 2% to
W318.15B. Net income applicable to common stockholders excluding
extraordinary items decreased 75% to W1.27B. Revenues reflect Chemistry
segment decrease of 5% to W149.14B, Other Asian Countries segment decrease of
22% to W25.85B, Europe segment decrease of 26% to W15.45B. Net income also reflects
Other Non-Operating Income decrease of 27% to W9.36B (income). |
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
|
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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Samyang Corp |
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|
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Seoul |
Korea, Republic of |
Food Processing |
1,654.2 |
163 |
|
|
Subsidiary |
Seoul |
Korea, Republic of |
Food Processing |
1,212.8 |
849 |
|
|
Subsidiary |
Seoul |
Korea, Republic of |
Chemical Manufacturing |
2,216.4 |
227 |
|
|
Subsidiary |
Yongi, Chungchongnam-Do |
Korea, Republic of |
Semiconductors |
7.9 |
50 |
|
|
Subsidiary |
Seoul, Seoul |
Korea, Republic of |
Computer Networks |
34.8 |
185 |
|
|
Subsidiary |
Buchon, Kyonggi-Do |
Korea, Republic of |
Miscellaneous Capital Goods |
13.5 |
36 |
|
|
Branch |
Chiyoda-Ku, Tokyo |
Japan |
Retail (Grocery) |
63.5 |
3 |
|
|
Subsidiary |
Seoul |
Korea, Republic of |
Miscellaneous Financial Services |
222.9 |
|
|
|
Subsidiary |
Seoul |
Korea, Republic of |
Food Processing |
585.6 |
349 |
|
|
Subsidiary |
Seoul, Seoul |
Korea, Republic of |
Food Processing |
123.3 |
57 |
|
|
Subsidiary |
Qinhuangdao, Hebei |
China |
Food Processing |
31.0 |
48 |
|
|
Subsidiary |
Incheon |
Korea, Republic of |
Food Processing |
|
160 |
|
|
Subsidiary |
Bucheon |
Korea, Republic of |
Miscellaneous Capital Goods |
21.5 |
27 |
Executives
Report
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per share
items (actual units) |
|
|
|
|
|
|
|
|
|
31-Dec-2012 |
31-Dec-2011 |
|
Period Length |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
|
Filed Currency |
KRW |
KRW |
|
Exchange Rate
(Period Average) |
1126.848795 |
1107.891393 |
|
Auditor |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
Net Sales |
1,211.8 |
209.3 |
|
Revenue |
1,211.8 |
209.3 |
|
Other Revenue |
1.0 |
0.1 |
|
Other Revenue, Total |
1.0 |
0.1 |
|
Total Revenue |
1,212.8 |
209.4 |
|
|
|
|
|
Cost of Revenue |
1,053.3 |
191.9 |
|
Cost of Revenue, Total |
1,053.3 |
191.9 |
|
Gross Profit |
158.5 |
17.4 |
|
|
|
|
|
Selling/General/Administrative Expense |
97.8 |
15.5 |
|
Labor & Related Expense |
27.1 |
4.2 |
|
Advertising Expense |
6.9 |
1.6 |
|
Total Selling/General/Administrative Expenses |
131.8 |
21.3 |
|
Research & Development |
9.6 |
1.2 |
|
Depreciation |
3.3 |
0.4 |
|
Amortization of Intangibles |
0.5 |
0.1 |
|
Depreciation/Amortization |
3.7 |
0.5 |
|
Other, Net |
0.0 |
-0.2 |
|
Other Operating Expenses, Total |
0.0 |
-0.2 |
|
Total Operating Expense |
1,198.4 |
214.7 |
|
|
|
|
|
Operating Income |
14.4 |
-5.3 |
|
|
|
|
|
Interest Expense -
Non-Operating |
-3.1 |
-0.5 |
|
Interest Expense, Net Non-Operating |
-3.1 |
-0.5 |
|
Interest Income -
Non-Operating |
2.7 |
0.5 |
|
Investment Income -
Non-Operating |
1.9 |
3.7 |
|
Interest/Investment Income - Non-Operating |
4.5 |
4.2 |
|
Interest Income (Expense) - Net Non-Operating |
0.0 |
0.0 |
|
Interest Income (Expense) - Net Non-Operating Total |
1.4 |
3.7 |
|
Gain (Loss) on Sale of Assets |
-0.1 |
0.1 |
|
Other Non-Operating Income (Expense) |
6.2 |
0.9 |
|
Other, Net |
6.2 |
0.9 |
|
Income Before Tax |
21.9 |
-0.7 |
|
|
|
|
|
Total Income Tax |
3.9 |
-0.9 |
|
Income After Tax |
18.0 |
0.3 |
|
|
|
|
|
Net Income Before Extraord Items |
18.0 |
0.3 |
|
Discontinued Operations |
5.0 |
-1.5 |
|
Total Extraord Items |
5.0 |
-1.5 |
|
Net Income |
23.0 |
-1.2 |
|
|
|
|
|
Preferred Dividends |
-0.6 |
0.0 |
|
Total Adjustments to Net Income |
-0.6 |
0.0 |
|
Income Available to Common Excl Extraord Items |
17.5 |
0.3 |
|
|
|
|
|
Income Available to Common Incl Extraord Items |
22.5 |
-1.2 |
|
|
|
|
|
Basic/Primary Weighted Average Shares |
4.1 |
4.3 |
|
Basic EPS Excl Extraord Items |
4.23 |
0.06 |
|
Basic/Primary EPS Incl Extraord Items |
5.43 |
-0.29 |
|
Dilution Adjustment |
0.0 |
0.0 |
|
Diluted Net Income |
22.5 |
-1.2 |
|
Diluted Weighted Average Shares |
4.1 |
4.3 |
|
Diluted EPS Excl Extraord Items |
4.23 |
0.06 |
|
Diluted EPS Incl Extraord Items |
5.43 |
-0.29 |
|
Dividends per Share - Common Stock Primary Issue |
0.44 |
0.00 |
|
Gross Dividends - Common Stock |
1.8 |
0.0 |
|
Interest Expense, Supplemental |
3.1 |
0.5 |
|
Depreciation, Supplemental |
13.2 |
2.3 |
|
Total Special Items |
0.1 |
-0.1 |
|
Normalized Income Before Tax |
22.0 |
-0.7 |
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.0 |
0.0 |
|
Inc Tax Ex Impact of Sp Items |
3.9 |
-1.0 |
|
Normalized Income After Tax |
18.2 |
0.2 |
|
|
|
|
|
Normalized Inc. Avail to Com. |
17.6 |
0.2 |
|
|
|
|
|
Basic Normalized EPS |
4.25 |
0.05 |
|
Diluted Normalized EPS |
4.25 |
0.05 |
|
Amort of Intangibles, Supplemental |
0.5 |
0.1 |
|
Rental Expenses |
2.9 |
0.5 |
|
Advertising Expense, Supplemental |
6.9 |
1.6 |
|
Research & Development Exp, Supplemental |
11.2 |
1.5 |
|
Normalized EBIT |
14.4 |
-5.3 |
|
Normalized EBITDA |
28.1 |
-2.9 |
|
Interest Cost - Domestic |
1.1 |
0.2 |
|
Service Cost - Domestic |
3.0 |
0.5 |
|
Expected Return on Assets - Domestic |
-0.5 |
-0.1 |
|
Curtailments & Settlements - Domestic |
0.2 |
- |
|
Domestic Pension Plan Expense |
3.7 |
0.6 |
|
Total Pension Expense |
3.7 |
0.6 |
|
Total Plan Interest Cost |
1.1 |
0.2 |
|
Total Plan Service Cost |
3.0 |
0.5 |
|
Total Plan Expected Return |
-0.5 |
-0.1 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
|
Exchange Rate |
1066.400024 |
1152 |
|
Auditor |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
Cash & Equivalents |
34.5 |
62.8 |
|
Short Term Investments |
73.2 |
50.7 |
|
Cash and Short Term Investments |
107.8 |
113.5 |
|
Accounts Receivable -
Trade, Gross |
129.8 |
158.9 |
|
Provision for Doubtful
Accounts |
-1.6 |
-1.6 |
|
Trade Accounts Receivable - Net |
128.9 |
157.7 |
|
Other Receivables |
7.0 |
10.2 |
|
Total Receivables, Net |
136.0 |
167.9 |
|
Inventories - Finished Goods |
57.6 |
52.4 |
|
Inventories - Work In Progress |
8.0 |
8.2 |
|
Inventories - Raw Materials |
52.7 |
34.3 |
|
Inventories - Other |
23.3 |
52.5 |
|
Total Inventory |
141.6 |
147.3 |
|
Prepaid Expenses |
5.7 |
1.6 |
|
Other Current Assets |
0.0 |
0.0 |
|
Other Current Assets, Total |
0.0 |
0.0 |
|
Total Current Assets |
391.0 |
430.2 |
|
|
|
|
|
Buildings |
99.2 |
93.9 |
|
Land/Improvements |
185.4 |
187.3 |
|
Machinery/Equipment |
237.8 |
218.7 |
|
Construction in
Progress |
9.1 |
9.3 |
|
Other
Property/Plant/Equipment |
34.2 |
31.9 |
|
Property/Plant/Equipment - Gross |
565.7 |
541.1 |
|
Accumulated Depreciation |
-217.1 |
-206.8 |
|
Property/Plant/Equipment - Net |
348.6 |
334.3 |
|
Intangibles, Net |
4.5 |
5.4 |
|
LT Investments - Other |
26.8 |
24.9 |
|
Long Term Investments |
26.8 |
24.9 |
|
Note Receivable - Long Term |
0.3 |
0.4 |
|
Other Long Term Assets |
4.2 |
5.1 |
|
Other Long Term Assets, Total |
4.2 |
5.1 |
|
Total Assets |
775.5 |
800.2 |
|
|
|
|
|
Accounts Payable |
115.5 |
141.8 |
|
Accrued Expenses |
6.0 |
4.8 |
|
Notes Payable/Short Term Debt |
167.8 |
209.1 |
|
Current Portion - Long Term Debt/Capital Leases |
0.0 |
2.1 |
|
Customer Advances |
13.6 |
11.3 |
|
Income Taxes Payable |
0.5 |
- |
|
Other Payables |
34.5 |
37.0 |
|
Other Current Liabilities |
4.2 |
3.5 |
|
Other Current liabilities, Total |
52.7 |
51.9 |
|
Total Current Liabilities |
342.0 |
409.6 |
|
|
|
|
|
Long Term Debt |
7.2 |
7.0 |
|
Total Long Term Debt |
7.2 |
7.0 |
|
Total Debt |
175.0 |
218.1 |
|
|
|
|
|
Deferred Income Tax - LT Liability |
25.2 |
26.3 |
|
Deferred Income Tax |
25.2 |
26.3 |
|
Pension Benefits - Underfunded |
15.8 |
9.2 |
|
Other Long Term Liabilities |
0.8 |
0.7 |
|
Other Liabilities, Total |
16.5 |
9.9 |
|
Total Liabilities |
390.9 |
452.8 |
|
|
|
|
|
Preferred Stock - Non Redeemable |
0.8 |
0.7 |
|
Preferred Stock - Non Redeemable, Net |
0.8 |
0.7 |
|
Common Stock |
20.0 |
18.5 |
|
Common Stock |
20.0 |
18.5 |
|
Additional Paid-In Capital |
356.9 |
330.4 |
|
Retained Earnings (Accumulated Deficit) |
16.8 |
-2.8 |
|
Treasury Stock - Common |
-10.4 |
- |
|
Unrealized Gain (Loss) |
0.8 |
0.8 |
|
Translation Adjustment |
-0.4 |
-0.1 |
|
Other Equity |
0.0 |
0.0 |
|
Other Comprehensive Income |
0.0 |
0.0 |
|
Other Equity, Total |
-0.4 |
-0.1 |
|
Total Equity |
384.6 |
347.5 |
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
775.5 |
800.2 |
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
4.1 |
4.3 |
|
Total Common Shares Outstanding |
4.1 |
4.3 |
|
Treasury Shares - Common Stock Primary Issue |
0.2 |
0.0 |
|
Shares Outstanding - Preferred Stock Primary
Issue |
0.1 |
0.2 |
|
Total Preferred Stock Outstanding |
0.1 |
0.2 |
|
Treasury Shares - Preferred Primary Issue |
0.0 |
0.0 |
|
Number of Common Shareholders |
829 |
891 |
|
Deferred Revenue - Current |
13.6 |
11.3 |
|
Total Long Term Debt, Supplemental |
176.5 |
- |
|
Long Term Debt Maturing within 1 Year |
168.2 |
- |
|
Long Term Debt Maturing in Year 2 |
2.0 |
- |
|
Long Term Debt Maturing in Year 3 |
2.0 |
- |
|
Long Term Debt Maturing in Year 4 |
2.0 |
- |
|
Long Term Debt Maturing in Year 5 |
2.0 |
- |
|
Long Term Debt Maturing in 2-3 Years |
4.0 |
- |
|
Long Term Debt Maturing in 4-5 Years |
4.0 |
- |
|
Long Term Debt Matur. in Year 6 & Beyond |
0.3 |
- |
|
Total Operating Leases, Supplemental |
14.4 |
10.5 |
|
Operating Lease Payments Due in Year 1 |
3.8 |
3.4 |
|
Operating Lease Payments Due in Year 2 |
1.3 |
0.5 |
|
Operating Lease Payments Due in Year 3 |
1.3 |
0.5 |
|
Operating Lease Payments Due in Year 4 |
1.3 |
0.5 |
|
Operating Lease Payments Due in Year 5 |
1.3 |
0.5 |
|
Operating Lease Pymts. Due in 2-3 Years |
2.7 |
0.9 |
|
Operating Lease Pymts. Due in 4-5 Years |
2.7 |
0.9 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
5.3 |
5.2 |
|
Pension Obligation - Domestic |
29.2 |
21.5 |
|
Plan Assets - Domestic |
13.5 |
12.3 |
|
Funded Status - Domestic |
-15.8 |
-9.2 |
|
Total Funded Status |
-15.8 |
-9.2 |
|
Total Plan Obligations |
29.2 |
21.5 |
|
Total Plan Assets |
13.5 |
12.3 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
|
Period Length |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
|
Exchange Rate
(Period Average) |
1126.848795 |
1107.891393 |
|
Auditor |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
Net Income/Starting Line |
18.0 |
0.3 |
|
Depreciation |
13.3 |
2.3 |
|
Depreciation/Depletion |
13.3 |
2.3 |
|
Amortization of Intangibles |
0.5 |
0.1 |
|
Amortization |
0.5 |
0.1 |
|
Discontinued Operations |
5.1 |
-1.5 |
|
Unusual Items |
-8.0 |
-9.2 |
|
Other Non-Cash Items |
6.7 |
6.4 |
|
Non-Cash Items |
3.9 |
-4.4 |
|
Accounts Receivable |
23.7 |
2.1 |
|
Inventories |
-1.0 |
-8.0 |
|
Other Assets |
-3.3 |
0.4 |
|
Accounts Payable |
-31.3 |
22.0 |
|
Other Liabilities |
-15.9 |
-0.8 |
|
Other Operating Cash Flow |
-6.7 |
0.1 |
|
Changes in Working Capital |
-34.4 |
15.8 |
|
Cash from Operating Activities |
1.4 |
14.1 |
|
|
|
|
|
Purchase of Fixed Assets |
-27.4 |
-6.6 |
|
Purchase/Acquisition of Intangibles |
-0.1 |
-0.1 |
|
Capital Expenditures |
-27.4 |
-6.7 |
|
Sale of Business |
23.9 |
- |
|
Sale of Fixed Assets |
0.2 |
0.1 |
|
Sale/Maturity of Investment |
161.9 |
23.8 |
|
Purchase of Investments |
-180.2 |
-19.9 |
|
Other Investing Cash Flow |
0.4 |
-2.5 |
|
Other Investing Cash Flow Items, Total |
6.2 |
1.4 |
|
Cash from Investing Activities |
-21.2 |
-5.2 |
|
|
|
|
|
Other Financing Cash Flow |
0.1 |
0.1 |
|
Financing Cash Flow Items |
0.1 |
0.1 |
|
Sale/Issuance of
Common |
- |
0.2 |
|
Repurchase/Retirement
of Common |
-9.8 |
-0.2 |
|
Common Stock, Net |
-9.8 |
0.0 |
|
Issuance (Retirement) of Stock, Net |
-9.8 |
0.0 |
|
Short Term Debt Issued |
9.4 |
0.5 |
|
Short Term Debt
Reduction |
-9.3 |
-2.2 |
|
Short Term Debt, Net |
0.1 |
-1.7 |
|
Long Term Debt
Reduction |
-2.1 |
0.0 |
|
Long Term Debt, Net |
-2.1 |
0.0 |
|
Issuance (Retirement) of Debt, Net |
-2.0 |
-1.7 |
|
Cash from Financing Activities |
-11.7 |
-1.6 |
|
|
|
|
|
Foreign Exchange Effects |
-0.1 |
0.0 |
|
Net Change in Cash |
-31.6 |
7.2 |
|
|
|
|
|
Net Cash - Beginning Balance |
64.5 |
58.4 |
|
Net Cash - Ending Balance |
32.9 |
65.6 |
|
Cash Interest Paid |
3.0 |
0.5 |
|
Cash Taxes Paid |
6.6 |
0.1 |
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
31-Dec-2012 |
31-Dec-2011 |
|
Period Length |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
|
Filed Currency |
KRW |
KRW |
|
Exchange Rate
(Period Average) |
1126.848795 |
1107.891393 |
|
Auditor |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
Merchandise Sales |
394.2 |
64.0 |
|
Finished Goods Revenues |
785.7 |
140.6 |
|
Semi-Finished Goods Revenue |
28.6 |
4.2 |
|
Residual Products |
3.3 |
0.4 |
|
Rental Revenue |
1.0 |
0.1 |
|
Adj. for Revenues |
0.0 |
0.0 |
|
Total Revenue |
1,212.8 |
209.4 |
|
|
|
|
|
Costs of Goods & Services Sold |
1,053.3 |
191.9 |
|
Reversal of Allow. for DA |
0.0 |
-0.2 |
|
Salaries & Wages |
21.1 |
3.5 |
|
Retirement & Severance Benefits |
1.8 |
0.2 |
|
Employee Benefits |
4.3 |
0.5 |
|
Travel Expense |
1.8 |
0.3 |
|
Cmmunication Expense |
0.7 |
0.1 |
|
Utility Expense |
1.1 |
0.3 |
|
Consumable Expense |
1.9 |
0.4 |
|
Taxes & Dues |
2.1 |
0.2 |
|
Rental Expense |
2.9 |
0.5 |
|
Commission Paid |
39.6 |
5.8 |
|
Depreciation |
3.3 |
0.4 |
|
Repair Expense |
0.5 |
0.1 |
|
Vehicle Maintenance Expense |
2.3 |
0.4 |
|
Insurance Premiums |
0.5 |
0.1 |
|
Advertising Expense |
6.9 |
1.6 |
|
Sample Expense |
1.2 |
0.2 |
|
Expense of Allow. for DA |
1.4 |
0.4 |
|
Shipping & Handling Expense |
37.0 |
6.0 |
|
Publication Expense |
0.2 |
0.0 |
|
Education & Training Expense |
0.8 |
0.1 |
|
Development Costs |
9.6 |
1.2 |
|
Amort. of Intangibless |
0.5 |
0.1 |
|
Other Selling & Administrative Expense |
3.7 |
0.6 |
|
Adj. for Selling & Administrative Exp. |
0.0 |
0.0 |
|
Total Operating Expense |
1,198.4 |
214.7 |
|
|
|
|
|
Interest Income |
2.7 |
0.5 |
|
Gain-Disposal of F.A. Avail. for Sale |
- |
9.2 |
|
Gain on Valt of Derivatives |
0.0 |
1.1 |
|
Gain on Derivatives Transaction |
2.6 |
2.6 |
|
Adj. for Finance Income |
0.0 |
0.0 |
|
Interest Expense |
-3.1 |
-0.5 |
|
Loss on Disposal of Trade Receivable |
0.0 |
0.0 |
|
Loss on Valt of Derivatives |
-1.9 |
0.0 |
|
Loss on Derivative Transaction |
-5.7 |
-1.4 |
|
Adj. for Finance Expense |
0.0 |
0.0 |
|
Gain on Foreign Currency Transaction |
18.2 |
3.8 |
|
Gain on Foreign Currency Translation |
6.7 |
1.9 |
|
Gain on Disposal of PPE |
0.1 |
0.1 |
|
Rec. of Impmt Loss on PPE |
0.2 |
- |
|
Commission Income |
1.2 |
- |
|
Miscellaneous Non-Operating Income |
9.3 |
1.2 |
|
Adj for Other Non-Operating Income |
0.0 |
0.0 |
|
Loss on Foreign Currency Transaction |
-17.0 |
-4.9 |
|
Loss on Foreign Currency Translation |
-0.6 |
-8.6 |
|
Loss on Disposal of PPE |
-0.2 |
- |
|
Impmt Loss on Intangibless |
-0.9 |
- |
|
Miscellaneous Non-Operating Expense |
-4.2 |
-0.3 |
|
Adj for Other Non-Operating Expense |
0.0 |
0.0 |
|
Dividend Income |
0.1 |
- |
|
Net Income Before Taxes |
21.9 |
-0.7 |
|
|
|
|
|
Prov. for Income Taxes |
3.9 |
-0.9 |
|
Net Income After Taxes |
18.0 |
0.3 |
|
|
|
|
|
Net Income Before Extra. Items |
18.0 |
0.3 |
|
Discontinued Operations |
5.0 |
-1.5 |
|
Net Income |
23.0 |
-1.2 |
|
|
|
|
|
Preferred Dividends |
-0.6 |
0.0 |
|
Income Available to Com Excl ExtraOrd |
17.5 |
0.3 |
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
22.5 |
-1.2 |
|
|
|
|
|
Basic Weighted Average Shares |
4.1 |
4.3 |
|
Basic EPS Excluding ExtraOrdinary Items |
4.23 |
0.06 |
|
Basic EPS Including ExtraOrdinary Items |
5.43 |
-0.29 |
|
Dilution Adjustment |
0.0 |
0.0 |
|
Diluted Net Income |
22.5 |
-1.2 |
|
Diluted Weighted Average Shares |
4.1 |
4.3 |
|
Diluted EPS Excluding ExtraOrd Items |
4.23 |
0.06 |
|
Diluted EPS Including ExtraOrd Items |
5.43 |
-0.29 |
|
DPS-Ordinary Shares |
0.44 |
0.00 |
|
Gross Dividends - Common Stock |
1.8 |
0.0 |
|
Normalized Income Before Taxes |
22.0 |
-0.7 |
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
3.9 |
-1.0 |
|
Normalized Income After Taxes |
18.2 |
0.2 |
|
|
|
|
|
Normalized Inc. Avail to Com. |
17.6 |
0.2 |
|
|
|
|
|
Basic Normalized EPS |
4.25 |
0.05 |
|
Diluted Normalized EPS |
4.25 |
0.05 |
|
Interest Expense, Supplemental |
3.1 |
0.5 |
|
Rental Expense, Supplemental |
2.9 |
0.5 |
|
Advertising Expense, Supplemental |
6.9 |
1.6 |
|
R&D Expense, Supplemental |
11.2 |
1.5 |
|
Depreciation, Supplemental |
13.2 |
2.3 |
|
Amort of Intangibles, Supplemental |
0.5 |
0.1 |
|
Service Cost - Domestic |
3.0 |
0.5 |
|
Interest Cost - Domestic |
1.1 |
0.2 |
|
Expected Return on Assets - Domestic |
-0.5 |
-0.1 |
|
Curtailments & Settlements - Domestic |
0.2 |
- |
|
Domestic Pension Plan Expense |
3.7 |
0.6 |
|
Total Pension Expense |
3.7 |
0.6 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
|
|
|
31-Dec-2012 |
31-Dec-2011 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
|
Exchange Rate |
1066.400024 |
1152 |
|
Auditor |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
Cash & Cash Equivalents |
34.5 |
62.8 |
|
Trade Receivable, Gross |
129.8 |
158.9 |
|
Allow. for DA |
-1.6 |
-1.6 |
|
Account Receivable |
6.9 |
10.1 |
|
Other Loan & Trade Receivable |
0.0 |
0.0 |
|
Other Current Fincl Instrm |
73.2 |
50.7 |
|
Merchandises |
17.3 |
18.6 |
|
Finished Goods |
40.3 |
33.7 |
|
Semi-finished Goods |
7.1 |
7.0 |
|
Residual Products |
0.1 |
0.1 |
|
Works in Process |
0.9 |
1.2 |
|
Raw Materials |
46.8 |
25.5 |
|
Supplemental Raw Materials |
5.8 |
8.7 |
|
Supplies |
1.7 |
2.7 |
|
Goods in Transit |
19.7 |
47.2 |
|
Receivable of Corporate Tax Refund |
0.1 |
0.1 |
|
Prepaid Expense |
0.5 |
0.4 |
|
Advance Payments |
1.9 |
2.6 |
|
Accrued Income |
0.7 |
0.4 |
|
Prepaid Value Added Taxes |
5.3 |
1.2 |
|
Adj. for Other Current Assets |
0.0 |
0.0 |
|
Adj. for Trade & Other Receivable |
0.0 |
0.0 |
|
Adj. for Inventories |
0.0 |
0.0 |
|
Total Current Assets |
391.0 |
430.2 |
|
|
|
|
|
Lands |
185.4 |
187.3 |
|
Buildings |
82.7 |
76.3 |
|
Buildings-Reduction |
-2.3 |
-2.2 |
|
Buildings-Depreciation |
-24.3 |
-23.0 |
|
Structures |
19.9 |
21.0 |
|
Structures-Reduction |
-1.1 |
-1.2 |
|
Structures-Depreciation |
-13.3 |
-13.6 |
|
Machineries & Equipments |
238.6 |
219.6 |
|
Machineries & Equipments-Reduction |
-1.1 |
-1.3 |
|
Machineries & Equipments-Depreciation |
-150.2 |
-142.7 |
|
Machineries & Equipments-Govern. Subsidy |
-1.0 |
-0.9 |
|
Vehicles |
1.3 |
1.2 |
|
Vehicles-Depreciation |
-1.0 |
-1.0 |
|
Other Property Plant & Equipment |
34.4 |
32.1 |
|
Other Tangibles-Depreciation |
-28.3 |
-26.6 |
|
Other Tangibles-Reduction |
0.0 |
0.0 |
|
Other Tangibles-Government Subsidy |
-0.3 |
-0.2 |
|
Construction in Progress |
9.1 |
9.3 |
|
Adj. for Property, Plant & Equipment |
0.0 |
0.0 |
|
Industrial Property Rights |
0.1 |
0.1 |
|
Development Costs |
1.5 |
2.6 |
|
Software |
0.5 |
0.5 |
|
Membership Rights |
2.0 |
1.8 |
|
Other Intangibless |
0.5 |
0.5 |
|
Adj. for Intangibless |
0.0 |
0.0 |
|
Invmt in Properties |
4.3 |
4.1 |
|
Guarantee Deposits, Non-Current Assets |
3.7 |
4.9 |
|
Non-Current Loans |
0.2 |
0.2 |
|
Other Non-Current Receivable |
0.1 |
0.2 |
|
Adj. for Other Non-Current Receivable |
0.0 |
0.0 |
|
Non-Current Securities Available-for-Sal |
22.4 |
20.8 |
|
Other Non-Current Fincl Instrm |
0.0 |
0.0 |
|
Non-Current Prepaid Expense |
0.5 |
0.2 |
|
Total Assets |
775.5 |
800.2 |
|
|
|
|
|
Trade Payable |
115.5 |
141.8 |
|
Acount Payable |
34.0 |
35.8 |
|
Other Payable |
0.5 |
1.2 |
|
Adj. for Trade & Other Payable |
0.0 |
0.0 |
|
Current Borrowings |
167.8 |
209.1 |
|
Current Portion of Long-Term Borrowings |
0.0 |
2.1 |
|
Income Taxes Payable |
0.5 |
- |
|
Advance from Customers |
12.8 |
11.3 |
|
Unearned Income |
0.7 |
- |
|
Withheld |
2.2 |
3.5 |
|
Accrued Expense |
6.0 |
4.6 |
|
Value Added Taxes Withheld |
- |
0.1 |
|
Other Current Fincl Liabilities |
2.0 |
0.0 |
|
Adj. for Other Current Liabilities |
0.0 |
0.0 |
|
Total Current Liabilities |
342.0 |
409.6 |
|
|
|
|
|
Non-Current Borrowings |
7.2 |
7.0 |
|
Total Long Term Debt |
7.2 |
7.0 |
|
|
|
|
|
Other Non-Current Payable |
0.8 |
0.7 |
|
Other Non-Current Fincl Liabilities |
- |
0.0 |
|
Retirement & Severance Benefits, Non-Cur |
15.8 |
9.2 |
|
Deferred Income Taxes, LT Liabilities |
25.2 |
26.3 |
|
Total Liabilities |
390.9 |
452.8 |
|
|
|
|
|
Common Stock |
20.0 |
18.5 |
|
Preferred Stock |
0.8 |
0.7 |
|
Adj. for Capital Stock |
0.0 |
0.0 |
|
Additional Paid in Capital |
356.7 |
330.2 |
|
Other Capital Surplus |
0.3 |
0.2 |
|
Adj. for Capital Surplus |
0.0 |
0.0 |
|
Gain/Losses on Valuation of Securities A |
0.8 |
0.8 |
|
Overseas Bus. Translation Debit/Credit |
-0.4 |
-0.1 |
|
Adj.-Accum. Other Comprehensive Income |
0.0 |
0.0 |
|
Retained Earnings |
16.8 |
-2.8 |
|
Losses on Disposal of Treasury Stock |
0.0 |
0.0 |
|
Adj. for Other Capital Items |
0.0 |
- |
|
Treasury Stock |
-10.4 |
- |
|
Total Equity |
384.6 |
347.5 |
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
775.5 |
800.2 |
|
|
|
|
|
S/O-Ordinary Shares |
4.1 |
4.3 |
|
Total Common Shares Outstanding |
4.1 |
4.3 |
|
T/S-Ordinary Shares |
0.2 |
0.0 |
|
S/O-Preference Shares |
0.1 |
0.2 |
|
Total Preferred Shares Outstanding |
0.1 |
0.2 |
|
T/S-Preference Shares |
0.0 |
0.0 |
|
Deferred Revenue, Current |
13.6 |
11.3 |
|
Number of Common Shareholders |
829 |
891 |
|
Long Term Debt Maturing within 1 Year |
168.2 |
- |
|
Long Term Debt Maturing in Year 5 |
8.0 |
- |
|
Long Term Debt - Remaining Maturities |
0.3 |
- |
|
Total Long Term Debt, Supplemental |
176.5 |
- |
|
Operating Lease Pymts. Due within 1Year |
3.8 |
3.4 |
|
Operating Lease Payments Due in Year 5 |
5.3 |
1.8 |
|
Operating Leases - Remaining Payments |
5.3 |
5.2 |
|
Total Operating Leases, Supplemental |
14.4 |
10.5 |
|
Pension Obligation - Domestic |
29.2 |
21.5 |
|
Plan Assets - Domestic |
13.5 |
12.3 |
|
Funded Status - Domestic |
-15.8 |
-9.2 |
|
Total Funded Status |
-15.8 |
-9.2 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
|
Period Length |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
|
Exchange Rate
(Period Average) |
1126.848795 |
1107.891393 |
|
Auditor |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
Net Income or Loss |
18.0 |
0.3 |
|
Depreciation |
13.3 |
2.3 |
|
Discontinued Operations |
5.1 |
-1.5 |
|
Corporate Taxes Expense |
5.5 |
-1.5 |
|
Interest Expenses |
3.3 |
0.6 |
|
Amort. of Intangibless |
0.5 |
0.1 |
|
Expense of Allow. for DA |
1.4 |
0.4 |
|
Retirement and Severance Benefits |
3.7 |
0.6 |
|
Losses on Foreign Currency Translation |
0.6 |
10.2 |
|
Loss on Valt of Derivative Fincl Assets |
1.9 |
0.0 |
|
Loss on Sale of Tangibles |
0.2 |
- |
|
Impmt Loss on Intangibles |
0.9 |
- |
|
Interest Income |
-2.8 |
-0.6 |
|
Dividend Income |
-0.1 |
- |
|
Gains on Foreign Currency Translation |
-6.7 |
-1.9 |
|
Rec. of Allow. for DA |
0.0 |
-0.1 |
|
Rec. of Impmt Loss on Tangibles |
-0.2 |
- |
|
Gain on Disposal of Property, Plant and |
-0.1 |
-0.1 |
|
Gain on Disposal of Financial Assets Ava |
- |
-9.2 |
|
Gain-Sale of Discontinued Operations |
-8.7 |
- |
|
Gains on Valts of Derivatives Assets |
0.0 |
-1.3 |
|
Trade Receivables |
20.2 |
5.8 |
|
LT Other Receivables |
0.1 |
- |
|
Other Receivables |
3.5 |
-3.8 |
|
Inventory |
-1.0 |
-8.0 |
|
Other Current Assets |
-2.9 |
0.4 |
|
Other Non-Current Assets |
-0.3 |
- |
|
Trade Payable |
-30.7 |
14.1 |
|
Other Payable |
-0.6 |
7.9 |
|
Current Borrowings |
-13.5 |
1.7 |
|
Other Current Liabilities |
0.4 |
-1.9 |
|
Other LT Liabilities |
0.0 |
- |
|
Other Non-Current Payable |
0.1 |
-0.1 |
|
Payment for Retirement Allow. |
-2.1 |
-1.2 |
|
Retm&Sevr Benf Liability |
0.1 |
- |
|
Plan Assets |
-0.9 |
0.5 |
|
Government Subsidy |
- |
0.1 |
|
Adj. for Cash Flow from Operations |
0.0 |
0.0 |
|
Cash-Interest Paid |
-3.0 |
-0.5 |
|
Cash-Interest Received |
2.8 |
0.6 |
|
Cash-Tax Paid |
-6.6 |
-0.1 |
|
Cash-Tax Refunded |
0.1 |
- |
|
Cash-Dividend Income |
0.1 |
- |
|
Cash from Operating Activities |
1.4 |
14.1 |
|
|
|
|
|
Disposal of Securities Available-for-Sal |
- |
12.9 |
|
Decrease in Guarantee Deposit |
1.7 |
0.2 |
|
Disposal in Current Loans |
0.0 |
0.0 |
|
Decrease in Non-Current Loans |
0.0 |
- |
|
Decrease in Government Subsidy |
0.6 |
- |
|
Disposal of Property, Plant and Equipmen |
0.2 |
0.1 |
|
Disposal of Other Financial Instruments |
161.9 |
10.9 |
|
Cash Inflow-Sale of Business Segment |
23.9 |
- |
|
Purchase of Sec. Available-for-Sale |
0.0 |
0.0 |
|
Purchase of Tangibles |
-27.4 |
-6.6 |
|
Purchase of Intangibless |
-0.1 |
-0.1 |
|
Increase in Guarantee Deposit |
-1.1 |
-2.7 |
|
Increase in Non-Current Loans |
0.0 |
0.0 |
|
Purchase of Other Fincl Instruments |
-180.2 |
-19.9 |
|
Increase in Government Subsidy |
-0.7 |
- |
|
Cash from Investing Activities |
-21.2 |
-5.2 |
|
|
|
|
|
Decrease in Treasury Stocks |
- |
0.2 |
|
Increase in Current Borrowings |
9.4 |
0.5 |
|
Increase in Treasury Stocks |
-9.8 |
-0.2 |
|
Stocks Issuance Cost |
- |
0.0 |
|
Decrease in Current Borrowings |
-9.3 |
-2.2 |
|
Decs in Current Portion of LT Borrowings |
-2.1 |
0.0 |
|
Adj. for Foreign Currency Translation |
0.1 |
0.1 |
|
Cash from Financing Activities |
-11.7 |
-1.6 |
|
|
|
|
|
Foreign Exchange Effects |
-0.1 |
0.0 |
|
Incs or Decs in Cash & Cash Equivalents |
-31.6 |
7.2 |
|
|
|
|
|
Cash and Cash Equivalents at Beginning |
64.5 |
58.4 |
|
Cash and Cash Equivalents at End |
32.9 |
65.6 |
|
Cash Interest Paid |
3.0 |
0.5 |
|
Cash Taxes Paid |
6.6 |
0.1 |
|
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.59.68 |
|
|
1 |
Rs.91.66 |
|
Euro |
1 |
Rs.78.68 |
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.