MIRA
INFORM REPORT
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Report Date : |
26.06.2013 |
IDENTIFICATION DETAILS
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Name : |
CQV Co Ltd
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Registered Office : |
450 Songdu-Ri, Jincheon-Eup, Jincheon, 365802 |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
20.10.2000 |
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Legal Form : |
Public Independent Company |
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Line of Business : |
manufacturer
of pearlescent pigments |
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No. of Employees : |
114 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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South Korea |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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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 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 |
Company name & address
CQV Co Ltd
450
Songdu-Ri, Jincheon-Eup
Jincheon, 365802
Korea, Republic of
Tel: 82-435-312500
Fax: 82-435-360314
Web: www.cqv.co.kr
Synthesis
Employees: 114
Company Type: Public Independent
Traded: KOSDAQ: 101240
Incorporation Date:
20-Oct-2000
Auditor: PricewaterhouseCoopers LLP
Financials in: usd (Millions)
Fiscal Year End:
31-Dec-2012
Reporting Currency: South
Korean Won
Annual Sales: 19.1
1
Net Income: 2.1
Total Assets:
41.8 2
Market Value: 26.9 (14-Jun-2013)
Business Description
CQV Co., Ltd. is a Korea-based company principally engaged in the manufacture of pearlescent pigments. The pearlescent pigments consist of laminar crystals and produces interference colors which come from the refraction ratio difference between laminar crystals and intervention materials to give effects such as iridescent and metallic gloss. The Company’s pearlescent pigments are for industrial usages such as wall papers, paints, artificial leathers, ink and prints, floorings, plastics and powder coatings; cosmetic usages such as nail enamels, lip glosses, base powders, eye shadows, lipsticks and color-related cosmetics, and automotive usages such as exterior paints, automotive paints and refinishes paints. The Company also provides electric ceramic powders (ECPs). It distributes its products within domestic market and to overseas markets. For the nine months ended 30 September 2012, CQV Co Ltd revenues increased 12% to W18.04B. Net income decreased 18% to W1.52B. Revenues reflect South Korea segment increase of 5% to W11.36B, United States segment increase of 33% to W1.4B. Net income was offset by Selling and Administrative Expenses increase of 14% to W4.75B (expense), Other Operating Income decrease of 57% to W244.6M (income).
Industry
Industry Chemical Manufacturing
ANZSIC 2006: 1813 - Basic
Inorganic Chemical Manufacturing
NACE 2002: 2413 - Manufacture
of other inorganic basic chemicals
NAICS 2002: 325131 - Inorganic
Dye and Pigment Manufacturing
UK SIC 2003: 2413 - Manufacture
of other inorganic basic chemicals
UK SIC 2007: 2013 - Manufacture
of other inorganic basic chemicals
US SIC 1987: 2819 - Industrial
Inorganic Chemicals, Not Elsewhere Classified
Key Executives
|
Name |
Title |
|
Gil Wan Jang |
Chief Executive Officer, Director |
|
Chae Hwan Yim |
Internal Auditor |
|
K.W. Chang |
President & CEO |
|
Gwang Su Yim |
Managing Director |
|
Byeong Gi Choi |
Director |
Significant Developments
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* number of significant developments within the last 12 months
Financial Summary
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Stock Snapshot
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1 - Profit & Loss Item Exchange Rate: USD 1 = KRW 1126.849
2 - Balance Sheet Item Exchange Rate: USD 1 = KRW 1066.4
Corporate Overview
Location
450
Songdu-Ri, Jincheon-Eup
Jincheon, 365802
Korea, Republic of
Tel: 82-435-312500
Fax: 82-435-360314
Web: www.cqv.co.kr
Quote Symbol - Exchange
101240 - KOSDAQ
Sales KRW(mil): 21,544.3
Assets KRW(mil): 44,537.1
Employees: 114
Fiscal Year End: 31-Dec-2012
Industry: Chemical
Manufacturing
Incorporation Date: 20-Oct-2000
Company Type: Public
Independent
Quoted Status: Quoted
Chief Executive Officer,
Director: Gil
Wan Jang
Industry Codes
ANZSIC 2006 Codes:
1813 - Basic Inorganic Chemical Manufacturing
2439 - Other Electrical Equipment Manufacturing
NACE 2002 Codes:
2413 - Manufacture of other inorganic basic chemicals
3140 - Manufacture of accumulators, primary cells and primary batteries
NAICS 2002 Codes:
325131 - Inorganic Dye and Pigment Manufacturing
335911 - Storage Battery Manufacturing
US SIC 1987:
2819 - Industrial Inorganic Chemicals, Not Elsewhere Classified
3691 - Storage Batteries
UK SIC 2003:
2413 - Manufacture of other inorganic basic chemicals
3140 - Manufacture of accumulators, primary cells and primary
batteries
UK SIC 2007:
2013 - Manufacture of other inorganic basic chemicals
2720 - Manufacture of batteries and accumulators
Business
Description
CQV Co., Ltd. is a
Korea-based company principally engaged in the manufacture of pearlescent
pigments. The pearlescent pigments consist of laminar crystals and produces
interference colors which come from the refraction ratio difference between
laminar crystals and intervention materials to give effects such as iridescent
and metallic gloss. The Company’s pearlescent pigments are for industrial
usages such as wall papers, paints, artificial leathers, ink and prints,
floorings, plastics and powder coatings; cosmetic usages such as nail enamels,
lip glosses, base powders, eye shadows, lipsticks and color-related cosmetics,
and automotive usages such as exterior paints, automotive paints and refinishes
paints. The Company also provides electric ceramic powders (ECPs). It
distributes its products within domestic market and to overseas markets. For
the nine months ended 30 September 2012, CQV Co Ltd revenues increased 12% to
W18.04B. Net income decreased 18% to W1.52B. Revenues reflect South Korea
segment increase of 5% to W11.36B, United States segment increase of 33% to
W1.4B. Net income was offset by Selling and Administrative Expenses increase of
14% to W4.75B (expense), Other Operating Income decrease of 57% to W244.6M
(income).
More Business
Descriptions
Chemical Products Mfr
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Executive report
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Board of
Directors |
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Director |
Director/Board Member |
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Chief Executive Officer, Director |
Director/Board Member |
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Director |
Director/Board Member |
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Managing Director |
Director/Board Member |
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Executives |
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President & CEO |
Chief Executive Officer |
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Chief Executive Officer, Director |
Chief Executive Officer |
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Managing Director |
Managing Director |
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Internal Auditor |
Accounting Executive |
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Significant Developments
CQV CoLtd Announces Conversion of First Bonds with Warrants into Shares May 10, 2013
CQV CoLtd announced that KRW 725 million worth of its first bonds with warrants have been converted for 205,964 shares of the Company, at the exercise price of KRW 3,520 per share. This brings the total number of the Company's outstanding common shares to 5,705,964. The new shares will be listed on May 30, 2013.
CQV CoLtd Announces Patent Granted Feb 27, 2013
CQV CoLtd announced that it has received a patent on February 26, 2013, for exterior panel with weather proof and method thereof.
CQV CoLtd Announces Patent Granted Dec 27, 2012
CQV CoLtd announced that it has received a patent on December 27, 2012, for silver coatings and methods of manufacture.
CQV CoLtd Lowers FY 2012 Outlook Oct 18, 2012
CQV CoLtd announced that it has lowered its fiscal year 2012 revenue, operating profit and net profit to record KRW 24.8 billion, KRW 3.6 billion and KRW 2.6 billion, respectively. The Company previously, on March 28, 2012, expected fiscal year 2012 revenue, operating profit and net profit to record KRW 27.3 billion, KRW 4.9 billion and KRW 2.6 billion.
CQV CoLtd Announces Patent Granted Sep 14, 2012
CQV CoLtd announced that it has received a patent on September 13, 2012,
for pearlescent pigments with large aspect ratio and preparation method them.
CQV CoLtd Adjusts Exercise Price of Second Bonds with Warrants Aug 29,
2012
CQV CoLtd announced that it has adjusted the exercise price of its
second bonds with warrants to KRW 3,520 from KRW 4,123 per share, effective August
29, 2012.
Annual
Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
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31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
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Period Length |
|
12 Months |
12 Months |
12 Months |
12 Months |
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UpdateType/Date |
Updated Normal |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate
(Period Average) |
1126.848795 |
1107.891393 |
1156.281981 |
1276.385219 |
1100.562842 |
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Auditor |
|
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
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Auditor Opinion |
|
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified |
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Net Sales |
- |
19.4 |
15.7 |
10.2 |
9.8 |
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Revenue |
- |
19.4 |
15.7 |
10.2 |
9.8 |
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Total Revenue |
- |
19.4 |
15.7 |
10.2 |
9.8 |
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Cost of Revenue |
- |
11.3 |
9.1 |
6.0 |
4.9 |
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Cost of Revenue, Total |
- |
11.3 |
9.1 |
6.0 |
4.9 |
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Gross Profit |
- |
8.2 |
6.6 |
4.2 |
4.9 |
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Selling/General/Administrative Expense |
- |
1.8 |
1.5 |
1.0 |
1.4 |
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Labor & Related Expense |
- |
1.8 |
1.4 |
1.0 |
1.1 |
|
Advertising Expense |
- |
0.2 |
0.1 |
0.1 |
0.3 |
|
Total Selling/General/Administrative Expenses |
- |
3.8 |
3.0 |
2.0 |
2.8 |
|
Research & Development |
- |
1.3 |
0.8 |
0.6 |
0.7 |
|
Depreciation |
- |
0.1 |
0.1 |
0.0 |
0.0 |
|
Amortization of Intangibles |
- |
- |
- |
0.0 |
0.0 |
|
Depreciation/Amortization |
- |
0.1 |
0.1 |
0.0 |
0.0 |
|
Investment Income -
Operating |
- |
0.0 |
0.0 |
- |
- |
|
Interest/Investment Income - Operating |
- |
0.0 |
0.0 |
- |
- |
|
Interest Expense (Income) - Net Operating Total |
- |
0.0 |
0.0 |
- |
- |
|
Impairment-Assets Held for Use |
- |
0.1 |
0.2 |
- |
- |
|
Loss (Gain) on Sale of Assets - Operating |
- |
0.0 |
0.0 |
- |
- |
|
Unusual Expense (Income) |
- |
0.1 |
0.2 |
- |
- |
|
Other Operating Expense |
- |
0.0 |
0.0 |
- |
- |
|
Other, Net |
- |
-0.1 |
-0.1 |
- |
- |
|
Other Operating Expenses, Total |
- |
-0.1 |
-0.1 |
- |
- |
|
Total Operating Expense |
- |
16.4 |
13.0 |
8.8 |
8.4 |
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|
|
|
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Operating Income |
- |
3.1 |
2.8 |
1.4 |
1.4 |
|
|
|
|
|
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Interest Expense -
Non-Operating |
- |
-0.7 |
-0.6 |
-0.5 |
-0.2 |
|
Interest Expense, Net Non-Operating |
- |
-0.7 |
-0.6 |
-0.5 |
-0.2 |
|
Interest Income -
Non-Operating |
- |
0.0 |
0.0 |
0.1 |
0.1 |
|
Investment Income -
Non-Operating |
- |
-0.2 |
-0.3 |
0.0 |
-0.5 |
|
Interest/Investment Income - Non-Operating |
- |
-0.2 |
-0.3 |
0.1 |
-0.4 |
|
Interest Income (Expense) - Net Non-Operating |
- |
0.0 |
- |
- |
- |
|
Interest Income (Expense) - Net Non-Operating Total |
- |
-0.9 |
-0.9 |
-0.4 |
-0.6 |
|
Gain (Loss) on Sale of Assets |
- |
- |
- |
- |
1.7 |
|
Other Non-Operating Income (Expense) |
- |
- |
- |
0.1 |
0.0 |
|
Other, Net |
- |
- |
- |
0.1 |
0.0 |
|
Income Before Tax |
- |
2.2 |
1.9 |
1.2 |
2.5 |
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Total Income Tax |
- |
0.0 |
-0.1 |
0.1 |
0.4 |
|
Income After Tax |
- |
2.2 |
2.0 |
1.1 |
2.1 |
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Net Income Before Extraord Items |
- |
2.2 |
2.0 |
1.1 |
2.1 |
|
Net Income |
- |
2.2 |
2.0 |
1.1 |
2.1 |
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Income Available to Common Excl Extraord Items |
- |
2.2 |
2.0 |
1.1 |
2.1 |
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Income Available to Common Incl Extraord Items |
- |
2.2 |
2.0 |
1.1 |
2.1 |
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Basic/Primary Weighted Average Shares |
- |
4.7 |
5.5 |
5.5 |
5.5 |
|
Basic EPS Excl Extraord Items |
- |
0.46 |
0.37 |
0.20 |
0.38 |
|
Basic/Primary EPS Incl Extraord Items |
- |
0.46 |
0.37 |
0.20 |
0.38 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
- |
2.2 |
2.0 |
1.1 |
2.1 |
|
Diluted Weighted Average Shares |
- |
4.7 |
5.5 |
5.5 |
5.5 |
|
Diluted EPS Excl Extraord Items |
- |
0.46 |
0.37 |
0.20 |
0.38 |
|
Diluted EPS Incl Extraord Items |
- |
0.46 |
0.37 |
0.20 |
0.38 |
|
Dividends per Share - Common Stock Primary Issue |
- |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest Expense, Supplemental |
- |
0.7 |
0.6 |
0.5 |
0.2 |
|
Depreciation, Supplemental |
- |
1.3 |
1.0 |
0.5 |
0.3 |
|
Total Special Items |
- |
0.1 |
0.2 |
- |
-1.7 |
|
Normalized Income Before Tax |
- |
2.2 |
2.1 |
1.2 |
0.8 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
- |
0.0 |
0.1 |
- |
-0.3 |
|
Inc Tax Ex Impact of Sp Items |
- |
0.0 |
-0.1 |
0.1 |
0.1 |
|
Normalized Income After Tax |
- |
2.2 |
2.1 |
1.1 |
0.7 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
- |
2.2 |
2.1 |
1.1 |
0.7 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
- |
0.47 |
0.39 |
0.20 |
0.12 |
|
Diluted Normalized EPS |
- |
0.47 |
0.39 |
0.20 |
0.12 |
|
Amort of Intangibles, Supplemental |
- |
0.7 |
0.4 |
0.4 |
0.4 |
|
Rental Expenses |
- |
0.0 |
0.1 |
0.1 |
0.1 |
|
Advertising Expense, Supplemental |
- |
0.2 |
0.1 |
0.1 |
0.3 |
|
Research & Development Exp, Supplemental |
- |
1.3 |
0.8 |
0.6 |
0.7 |
|
Normalized EBIT |
- |
3.1 |
2.9 |
1.4 |
1.4 |
|
Normalized EBITDA |
- |
5.1 |
4.3 |
2.2 |
2.1 |
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 |
|
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
|
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
- |
3.0 |
2.9 |
2.1 |
2.8 |
|
Short Term Investments |
- |
0.1 |
0.1 |
0.1 |
- |
|
Cash and Short Term Investments |
- |
3.1 |
3.0 |
2.2 |
2.8 |
|
Accounts Receivable - Trade,
Gross |
- |
4.3 |
3.8 |
3.0 |
2.1 |
|
Provision for Doubtful
Accounts |
- |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Trade Accounts Receivable - Net |
- |
4.2 |
3.7 |
3.0 |
2.0 |
|
Other Receivables |
- |
0.1 |
0.0 |
0.1 |
0.1 |
|
Total Receivables, Net |
- |
4.3 |
3.7 |
3.0 |
2.1 |
|
Inventories - Finished Goods |
- |
4.3 |
3.4 |
2.9 |
2.8 |
|
Inventories - Work In Progress |
- |
1.7 |
1.6 |
1.5 |
1.1 |
|
Inventories - Raw Materials |
- |
1.2 |
0.9 |
0.9 |
1.0 |
|
Inventories - Other |
- |
0.2 |
0.2 |
0.2 |
0.3 |
|
Total Inventory |
- |
7.5 |
6.1 |
5.6 |
5.2 |
|
Prepaid Expenses |
- |
0.1 |
0.1 |
0.2 |
0.4 |
|
Deferred Income Tax - Current Asset |
- |
- |
- |
0.2 |
0.2 |
|
Other Current Assets |
- |
0.0 |
- |
- |
- |
|
Other Current Assets, Total |
- |
0.0 |
- |
0.2 |
0.2 |
|
Total Current Assets |
- |
15.0 |
12.9 |
11.3 |
10.8 |
|
|
|
|
|
|
|
|
Buildings |
- |
5.8 |
4.9 |
4.7 |
0.1 |
|
Land/Improvements |
- |
4.7 |
4.8 |
4.7 |
3.5 |
|
Machinery/Equipment |
- |
12.5 |
8.8 |
7.4 |
2.1 |
|
Construction in
Progress |
- |
1.0 |
0.8 |
0.2 |
4.1 |
|
Other
Property/Plant/Equipment |
- |
0.0 |
- |
- |
- |
|
Property/Plant/Equipment - Gross |
- |
24.0 |
19.3 |
17.0 |
9.7 |
|
Accumulated Depreciation |
- |
-4.2 |
-3.0 |
-1.9 |
-1.3 |
|
Property/Plant/Equipment - Net |
- |
19.8 |
16.3 |
15.1 |
8.4 |
|
Intangibles, Net |
- |
2.8 |
2.9 |
2.5 |
1.8 |
|
LT Investments - Other |
- |
0.2 |
0.1 |
0.1 |
0.4 |
|
Long Term Investments |
- |
0.2 |
0.1 |
0.1 |
0.4 |
|
Deferred Income Tax - Long Term Asset |
- |
0.8 |
0.8 |
0.3 |
0.2 |
|
Other Long Term Assets |
- |
0.1 |
0.1 |
0.1 |
0.1 |
|
Other Long Term Assets, Total |
- |
1.0 |
0.8 |
0.3 |
0.3 |
|
Total Assets |
- |
38.7 |
33.0 |
29.3 |
21.7 |
|
|
|
|
|
|
|
|
Accounts Payable |
- |
0.3 |
0.3 |
0.3 |
0.3 |
|
Accrued Expenses |
- |
0.2 |
0.1 |
0.1 |
0.0 |
|
Notes Payable/Short Term Debt |
- |
5.6 |
4.4 |
4.3 |
2.4 |
|
Current Portion - Long Term Debt/Capital Leases |
- |
0.5 |
1.8 |
0.3 |
0.1 |
|
Customer Advances |
- |
0.0 |
0.1 |
0.0 |
0.0 |
|
Income Taxes Payable |
- |
- |
0.0 |
0.0 |
0.3 |
|
Other Payables |
- |
0.2 |
0.2 |
0.2 |
0.3 |
|
Other Current Liabilities |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Current liabilities, Total |
- |
0.3 |
0.4 |
0.2 |
0.6 |
|
Total Current Liabilities |
- |
6.9 |
7.1 |
5.3 |
3.4 |
|
|
|
|
|
|
|
|
Long Term Debt |
- |
7.0 |
7.7 |
8.7 |
5.2 |
|
Total Long Term Debt |
- |
7.0 |
7.7 |
8.7 |
5.2 |
|
Total Debt |
- |
13.2 |
14.0 |
13.3 |
7.7 |
|
|
|
|
|
|
|
|
Pension Benefits - Underfunded |
- |
1.7 |
1.3 |
0.7 |
0.5 |
|
Other Long Term Liabilities |
- |
0.1 |
0.0 |
- |
0.1 |
|
Other Liabilities, Total |
- |
1.8 |
1.3 |
0.7 |
0.6 |
|
Total Liabilities |
- |
15.7 |
16.1 |
14.6 |
9.3 |
|
|
|
|
|
|
|
|
Common Stock |
- |
2.4 |
2.0 |
2.0 |
1.8 |
|
Common Stock |
- |
2.4 |
2.0 |
2.0 |
1.8 |
|
Additional Paid-In Capital |
- |
7.0 |
3.0 |
2.9 |
2.7 |
|
Retained Earnings (Accumulated Deficit) |
- |
13.6 |
11.9 |
9.8 |
8.0 |
|
Total Equity |
- |
22.9 |
16.9 |
14.7 |
12.5 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
- |
38.7 |
33.0 |
29.3 |
21.7 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
- |
5.5 |
5.5 |
5.5 |
5.5 |
|
Total Common Shares Outstanding |
- |
5.5 |
5.5 |
5.5 |
5.5 |
|
Treasury Shares - Common Stock Primary Issue |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Employees |
- |
99 |
- |
- |
- |
|
Deferred Revenue - Current |
- |
0.0 |
0.1 |
0.0 |
0.0 |
|
Total Long Term Debt, Supplemental |
- |
7.5 |
9.6 |
9.0 |
5.3 |
|
Long Term Debt Maturing within 1 Year |
- |
0.5 |
1.8 |
0.3 |
0.1 |
|
Long Term Debt Maturing in Year 2 |
- |
3.6 |
3.0 |
2.7 |
0.3 |
|
Long Term Debt Maturing in Year 3 |
- |
1.5 |
- |
2.9 |
1.6 |
|
Long Term Debt Maturing in Year 4 |
- |
1.2 |
- |
2.6 |
1.6 |
|
Long Term Debt Maturing in Year 5 |
- |
- |
- |
- |
1.4 |
|
Long Term Debt Maturing in 2-3 Years |
- |
5.1 |
3.0 |
5.5 |
2.0 |
|
Long Term Debt Maturing in 4-5 Years |
- |
1.2 |
- |
2.6 |
3.0 |
|
Long Term Debt Matur. in Year 6 & Beyond |
- |
0.8 |
4.7 |
0.5 |
0.3 |
|
Total Operating Leases, Supplemental |
- |
0.1 |
- |
0.0 |
0.0 |
|
Operating Lease Payments Due in Year 1 |
- |
0.0 |
- |
0.0 |
0.0 |
|
Operating Lease Payments Due in Year 2 |
- |
0.0 |
- |
0.0 |
0.0 |
|
Operating Lease Payments Due in Year 3 |
- |
0.0 |
- |
0.0 |
0.0 |
|
Operating Lease Payments Due in Year 4 |
- |
0.0 |
- |
0.0 |
0.0 |
|
Operating Lease Payments Due in Year 5 |
- |
0.0 |
- |
0.0 |
0.0 |
|
Operating Lease Pymts. Due in 2-3 Years |
- |
0.0 |
- |
0.0 |
0.0 |
|
Operating Lease Pymts. Due in 4-5 Years |
- |
0.0 |
- |
0.0 |
0.0 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
- |
0.0 |
- |
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 |
|
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
|
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
- |
2.2 |
2.0 |
1.1 |
2.1 |
|
Depreciation |
- |
1.3 |
1.0 |
0.5 |
0.3 |
|
Depreciation/Depletion |
- |
1.3 |
1.0 |
0.5 |
0.3 |
|
Amortization of Intangibles |
- |
0.7 |
0.4 |
0.4 |
0.4 |
|
Amortization |
- |
0.7 |
0.4 |
0.4 |
0.4 |
|
Deferred Taxes |
- |
- |
- |
0.0 |
-0.2 |
|
Unusual Items |
- |
0.0 |
0.2 |
0.3 |
-1.7 |
|
Other Non-Cash Items |
- |
1.4 |
1.2 |
0.0 |
1.3 |
|
Non-Cash Items |
- |
1.4 |
1.4 |
0.3 |
-0.4 |
|
Accounts Receivable |
- |
-0.5 |
-0.6 |
-0.6 |
-0.3 |
|
Inventories |
- |
-1.4 |
-0.5 |
-0.3 |
-2.0 |
|
Prepaid Expenses |
- |
- |
- |
0.2 |
-0.4 |
|
Other Assets |
- |
-0.1 |
0.1 |
- |
- |
|
Accounts Payable |
- |
0.0 |
-0.1 |
-0.1 |
0.4 |
|
Accrued Expenses |
- |
- |
- |
0.0 |
-0.1 |
|
Taxes Payable |
- |
- |
- |
-0.3 |
-0.1 |
|
Other Liabilities |
- |
-0.2 |
-0.1 |
-0.1 |
-0.1 |
|
Other Operating Cash Flow |
- |
-0.8 |
-0.5 |
- |
- |
|
Changes in Working Capital |
- |
-3.1 |
-1.6 |
-1.3 |
-2.5 |
|
Cash from Operating Activities |
- |
2.4 |
3.2 |
1.0 |
-0.3 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
- |
-5.3 |
-1.9 |
-5.9 |
-8.2 |
|
Purchase/Acquisition of Intangibles |
- |
-0.9 |
-0.9 |
-0.9 |
-1.0 |
|
Capital Expenditures |
- |
-6.2 |
-2.8 |
-6.8 |
-9.2 |
|
Sale of Fixed Assets |
- |
0.1 |
0.0 |
- |
2.5 |
|
Sale/Maturity of Investment |
- |
0.2 |
0.2 |
2.0 |
2.0 |
|
Purchase of Investments |
- |
-0.2 |
-0.1 |
-1.8 |
-0.3 |
|
Other Investing Cash Flow |
- |
0.2 |
0.2 |
0.0 |
-0.1 |
|
Other Investing Cash Flow Items, Total |
- |
0.2 |
0.2 |
0.2 |
4.2 |
|
Cash from Investing Activities |
- |
-6.0 |
-2.6 |
-6.6 |
-5.0 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
- |
- |
- |
0.1 |
0.1 |
|
Financing Cash Flow Items |
- |
- |
- |
0.1 |
0.1 |
|
Sale/Issuance of
Common |
- |
4.7 |
- |
- |
1.4 |
|
Common Stock, Net |
- |
4.7 |
- |
- |
1.4 |
|
Issuance (Retirement) of Stock, Net |
- |
4.7 |
- |
- |
1.4 |
|
Short Term Debt Issued |
- |
- |
- |
4.3 |
0.9 |
|
Short Term Debt
Reduction |
- |
- |
- |
-2.7 |
- |
|
Short Term Debt, Net |
- |
- |
- |
1.6 |
0.9 |
|
Long Term Debt Issued |
- |
- |
- |
3.3 |
5.1 |
|
Long Term Debt
Reduction |
- |
- |
- |
-0.1 |
-0.3 |
|
Long Term Debt, Net |
- |
- |
- |
3.2 |
4.8 |
|
Total Debt Issued |
- |
8.7 |
3.2 |
- |
- |
|
Total Debt Reduction |
- |
-9.5 |
-3.2 |
- |
- |
|
Issuance (Retirement) of Debt, Net |
- |
-0.9 |
0.1 |
4.8 |
5.7 |
|
Cash from Financing Activities |
- |
3.8 |
0.1 |
4.9 |
7.2 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
- |
0.0 |
-0.1 |
- |
- |
|
Net Change in Cash |
- |
0.1 |
0.6 |
-0.8 |
1.9 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
- |
3.0 |
2.3 |
2.8 |
1.4 |
|
Net Cash - Ending Balance |
- |
3.1 |
2.9 |
2.0 |
3.3 |
|
Cash Interest Paid |
- |
0.7 |
0.6 |
- |
- |
|
Cash Taxes Paid |
- |
0.1 |
-0.1 |
- |
- |
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 |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Sales Revenue of Finished Goods |
- |
- |
9.4 |
9.1 |
8.9 |
|
Sales Revenue of Merchandises |
- |
- |
0.8 |
0.8 |
0.9 |
|
Revenues-Rental |
- |
- |
0.0 |
- |
- |
|
Sales Revenue |
19.4 |
15.7 |
- |
- |
- |
|
Total Revenue |
19.4 |
15.7 |
10.2 |
9.8 |
9.9 |
|
|
|
|
|
|
|
|
Cost of Finished Goods Sold |
- |
- |
5.4 |
4.3 |
3.6 |
|
Cost of Merchandises Sold |
- |
- |
0.6 |
0.6 |
0.6 |
|
Costs of Goods & Services Sold |
11.3 |
9.1 |
- |
- |
- |
|
Salaries & Wages |
1.5 |
1.1 |
0.8 |
0.9 |
1.0 |
|
Retirement & Severance Benefits |
0.2 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Employee Benefits |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Travel Expense |
0.2 |
0.1 |
0.1 |
0.2 |
0.1 |
|
Communication Expense |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Utility Expenses |
- |
- |
- |
0.2 |
0.0 |
|
Taxes & Dues |
0.1 |
0.1 |
0.0 |
0.0 |
0.1 |
|
Supply Expense |
- |
- |
0.0 |
0.0 |
0.0 |
|
Publication Expense |
- |
- |
0.0 |
0.0 |
0.0 |
|
Office Supplies Expense |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Rental Expense |
0.0 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Vehicle Maintenance Expense |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Repair Expense |
- |
- |
0.0 |
0.0 |
0.0 |
|
Insurance Expense |
0.1 |
0.0 |
0.1 |
0.0 |
0.0 |
|
Commissions |
0.3 |
0.2 |
0.1 |
0.1 |
0.1 |
|
Sales Commissions |
0.2 |
0.2 |
0.0 |
0.1 |
0.2 |
|
Shipping & Handling Expense |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Packaging Expense |
- |
- |
- |
0.0 |
0.0 |
|
Entertainment Expense |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Advertising Expense |
0.2 |
0.1 |
0.1 |
0.3 |
0.2 |
|
Training Expenses |
- |
- |
0.0 |
0.0 |
0.0 |
|
Other Exporting Related Expense |
0.4 |
0.2 |
0.1 |
0.2 |
0.2 |
|
Sample Expense |
0.2 |
0.2 |
0.1 |
0.0 |
0.2 |
|
Association Due |
- |
- |
0.0 |
0.0 |
0.0 |
|
Expense of Allow. for DA |
0.0 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Development Costs |
1.3 |
0.8 |
0.6 |
0.7 |
0.6 |
|
Depreciation |
0.1 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Amort. of Intangibless |
- |
- |
0.0 |
0.0 |
0.0 |
|
Currency Conversion Fee |
- |
- |
0.0 |
0.0 |
0.0 |
|
Other Selling & Administrative Expense |
0.1 |
0.0 |
- |
- |
0.0 |
|
Adj. for Other Selling & Admin. Expense |
0.0 |
- |
- |
- |
- |
|
Gain on Foreign Currency Translation |
0.0 |
0.0 |
- |
- |
- |
|
Gain on Foreign Currency Transaction |
-0.2 |
-0.2 |
- |
- |
- |
|
Reversal of Allow. for DA |
0.0 |
- |
- |
- |
- |
|
Gain on Disposal of PPT |
- |
0.0 |
- |
- |
- |
|
Commission Income |
0.0 |
0.0 |
- |
- |
- |
|
Miscellaneous Income |
-0.1 |
-0.1 |
- |
- |
- |
|
Adj. for Other Operating Income |
- |
0.0 |
- |
- |
- |
|
Loss on Foreign Currency Translation |
0.0 |
0.0 |
- |
- |
- |
|
Loss on Foreign Currency Transaction |
0.2 |
0.2 |
- |
- |
- |
|
Loss on Disposal of PPT |
0.0 |
- |
- |
- |
- |
|
Impmt Loss on Intangibless |
0.1 |
0.2 |
- |
- |
- |
|
Donations Paid |
0.0 |
0.0 |
- |
- |
- |
|
Miscellaneous Loss |
0.0 |
0.0 |
- |
- |
- |
|
Adj. for Other Operating Expense |
0.0 |
0.0 |
- |
- |
- |
|
Total Operating Expense |
16.4 |
13.0 |
8.8 |
8.4 |
7.4 |
|
|
|
|
|
|
|
|
Interest Income |
0.0 |
0.0 |
0.1 |
0.1 |
0.1 |
|
Gain on Foreign Currency Transaction |
0.2 |
0.0 |
0.2 |
0.5 |
0.0 |
|
Gain on Foreign Currency Translation |
0.0 |
0.0 |
0.3 |
0.1 |
0.0 |
|
Gains on Sale of Property, Plant and Equ |
- |
- |
- |
1.7 |
1.0 |
|
Gains from Extinguishment of Debts |
- |
- |
0.0 |
- |
0.0 |
|
Commission Income |
- |
- |
0.0 |
0.1 |
- |
|
Miscellaneous Income |
- |
- |
0.1 |
0.0 |
0.0 |
|
Interest Expense |
-0.7 |
-0.6 |
-0.5 |
-0.2 |
-0.2 |
|
Losses on Sale of Available for Sale Sec |
- |
- |
0.0 |
- |
- |
|
Loss on Foreign Currency Transaction |
-0.1 |
0.0 |
-0.2 |
-0.1 |
0.0 |
|
Loss on Foreign Currency Translation |
-0.3 |
-0.3 |
-0.1 |
-1.1 |
0.0 |
|
Losses on Inventory Obsolescence |
- |
- |
- |
0.0 |
- |
|
Impairment Losses on Intangible Assets i |
- |
- |
-0.2 |
- |
- |
|
Losses on Sale of Property, Plant and Eq |
- |
- |
- |
0.0 |
- |
|
Donations |
- |
- |
0.0 |
0.0 |
0.0 |
|
Miscellaneous Losses |
- |
- |
0.0 |
0.0 |
-0.1 |
|
Adj. for Finance Income |
- |
0.0 |
- |
- |
- |
|
Adj. for Finance Expense |
0.0 |
- |
- |
- |
- |
|
Net Income Before Taxes |
2.2 |
1.9 |
1.2 |
2.5 |
3.2 |
|
|
|
|
|
|
|
|
Prov. for Income Taxes |
0.0 |
-0.1 |
0.1 |
0.4 |
0.4 |
|
Net Income After Taxes |
2.2 |
2.0 |
1.1 |
2.1 |
2.8 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
2.2 |
2.0 |
1.1 |
2.1 |
2.8 |
|
Net Income |
2.2 |
2.0 |
1.1 |
2.1 |
2.8 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
2.2 |
2.0 |
1.1 |
2.1 |
2.8 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
2.2 |
2.0 |
1.1 |
2.1 |
2.8 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
4.7 |
5.5 |
5.5 |
5.5 |
5.5 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.46 |
0.37 |
0.20 |
0.38 |
0.52 |
|
Basic EPS Including ExtraOrdinary Items |
0.46 |
0.37 |
0.20 |
0.38 |
0.52 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
2.2 |
2.0 |
1.1 |
2.1 |
2.8 |
|
Diluted Weighted Average Shares |
4.7 |
5.5 |
5.5 |
5.5 |
5.5 |
|
Diluted EPS Excluding ExtraOrd Items |
0.46 |
0.37 |
0.20 |
0.38 |
0.52 |
|
Diluted EPS Including ExtraOrd Items |
0.46 |
0.37 |
0.20 |
0.38 |
0.52 |
|
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 |
2.2 |
2.1 |
1.2 |
0.8 |
2.3 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
0.0 |
-0.1 |
0.1 |
0.1 |
0.3 |
|
Normalized Income After Taxes |
2.2 |
2.1 |
1.1 |
0.7 |
2.0 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
2.2 |
2.1 |
1.1 |
0.7 |
2.0 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.47 |
0.39 |
0.20 |
0.12 |
0.36 |
|
Diluted Normalized EPS |
0.47 |
0.39 |
0.20 |
0.12 |
0.36 |
|
Interest Expense, Supplemental |
0.7 |
0.6 |
0.5 |
0.2 |
0.2 |
|
Rental Expense, Supplemental |
0.0 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Advertising Expense, Supplemental |
0.2 |
0.1 |
0.1 |
0.3 |
0.2 |
|
R&D Expense, Supplemental |
1.3 |
0.8 |
0.6 |
0.7 |
0.6 |
|
Depreciation, Supplemental |
1.3 |
1.0 |
0.5 |
0.3 |
0.4 |
|
Amort of Intangibles, Supplemental |
0.7 |
0.4 |
0.4 |
0.4 |
0.3 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate |
1152 |
1134.9 |
1164.475 |
1259.55 |
936.05 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Cash Equivalents |
3.0 |
2.9 |
2.2 |
2.9 |
1.6 |
|
Government Subsidy, Cash & Cash Equiv. |
- |
- |
-0.1 |
0.0 |
-0.2 |
|
Current Fincl Instrm |
0.1 |
0.1 |
0.1 |
- |
2.2 |
|
Trade Receivable, Gross |
4.3 |
3.8 |
3.0 |
2.1 |
2.6 |
|
Allow. for DA for Trade Receivable |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
0.0 |
|
Account Receivable |
0.1 |
0.0 |
0.1 |
0.1 |
0.0 |
|
Receivable of Corporate Tax Refund |
0.0 |
- |
- |
- |
- |
|
Accrued Income |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Prepaid Expense |
0.0 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Advance Payments |
0.2 |
0.2 |
0.2 |
0.3 |
0.0 |
|
Prepaid Income Taxes |
- |
- |
0.2 |
- |
- |
|
Prepaid Value Added Taxes |
0.1 |
0.0 |
- |
0.4 |
0.0 |
|
Deferred Income Taxes Assets Current |
- |
- |
0.2 |
0.2 |
0.0 |
|
Merchandises |
0.2 |
0.3 |
0.5 |
0.5 |
0.3 |
|
Allow. for Loss on Valt of Merchandises |
- |
- |
0.0 |
0.0 |
- |
|
Finished Goods |
4.1 |
3.1 |
2.5 |
2.4 |
2.4 |
|
Allow. for Loss-Valt of Finished Goods |
- |
- |
-0.1 |
0.0 |
-0.1 |
|
Goods in Transit |
0.1 |
0.0 |
- |
0.0 |
0.0 |
|
Raw Materials |
1.2 |
0.8 |
0.9 |
1.0 |
0.5 |
|
Supplemental Raw Materials |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Works in Process |
1.7 |
1.6 |
1.6 |
1.1 |
1.5 |
|
Allowance for Loss on Valuation of Works |
- |
- |
0.0 |
0.0 |
0.0 |
|
Adj. for Trade Receivable |
0.0 |
0.0 |
- |
- |
- |
|
Adjustments for Other Financial Instrume |
- |
0.0 |
- |
- |
- |
|
Adj. for Other Current Assets |
0.0 |
- |
- |
- |
- |
|
Adj. for Inventories |
- |
- |
- |
- |
- |
|
Total Current Assets |
15.0 |
12.9 |
11.3 |
10.8 |
11.0 |
|
|
|
|
|
|
|
|
Long-term Financial Instruments |
0.2 |
0.1 |
0.1 |
0.4 |
0.3 |
|
Available-for-Sale Securities in Investm |
- |
- |
- |
- |
0.0 |
|
Guarantee Deposits, Non-Current Assets |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Non-Current Deferred Income Taxes Assets |
0.8 |
0.8 |
0.3 |
0.2 |
0.4 |
|
Lands |
4.7 |
4.8 |
4.7 |
3.5 |
0.0 |
|
Buildings |
5.7 |
4.8 |
4.6 |
0.0 |
0.8 |
|
Buildings-Depreciation |
-0.3 |
-0.2 |
-0.1 |
0.0 |
-0.1 |
|
Structures |
0.1 |
0.1 |
0.1 |
0.0 |
0.1 |
|
Structures-Depreciation |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Tools & Equipments |
0.5 |
0.3 |
0.2 |
0.1 |
0.1 |
|
Tools & Equipments-Depreciation |
-0.2 |
-0.1 |
-0.1 |
0.0 |
-0.1 |
|
Tools & Equipments-Government Subsidy |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Machineries & Equipments |
11.0 |
7.6 |
6.3 |
1.7 |
2.3 |
|
Machineries & Equipments-Depreciation |
-3.1 |
-2.2 |
-1.4 |
-0.9 |
-1.2 |
|
Machineries & Equipments-Govern. Subsidy |
-0.2 |
-0.2 |
-0.1 |
-0.1 |
-0.1 |
|
Vehicles |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Vehicles-Depreciation |
-0.1 |
-0.1 |
0.0 |
0.0 |
0.0 |
|
Fixtures |
0.4 |
0.4 |
0.3 |
0.2 |
0.2 |
|
Fixtures-Depreciation |
-0.3 |
-0.2 |
-0.2 |
-0.1 |
-0.2 |
|
Fixtures-Government Subsidy |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Construction in Progress |
1.0 |
0.8 |
0.2 |
4.1 |
1.2 |
|
Installation Equipments |
0.7 |
0.7 |
0.6 |
0.2 |
0.8 |
|
Installation Equipments-Depreciation |
-0.3 |
-0.3 |
-0.2 |
-0.2 |
-0.6 |
|
Government Subsidy for Installation Equi |
- |
- |
- |
- |
0.0 |
|
Industrial Property Rights |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Development Costs |
2.7 |
2.8 |
2.8 |
2.1 |
2.5 |
|
Government Subsidy for Development Costs |
- |
- |
-0.4 |
-0.5 |
-0.6 |
|
Software |
0.0 |
0.0 |
0.1 |
0.1 |
0.0 |
|
Government Subsidy for Computer Software |
- |
- |
0.0 |
0.0 |
- |
|
Adj. for Property, Plant & Equipment |
0.0 |
- |
- |
- |
- |
|
Adj. for Intangibless |
0.0 |
0.0 |
- |
- |
- |
|
Adj. for Non-Current Fincl Instrm |
0.0 |
0.0 |
- |
- |
- |
|
Total Assets |
38.7 |
33.0 |
29.3 |
21.7 |
16.9 |
|
|
|
|
|
|
|
|
Current Trade Payable |
0.3 |
0.3 |
0.3 |
0.3 |
0.1 |
|
Other Payable |
0.2 |
0.2 |
0.2 |
0.3 |
0.2 |
|
Current Tax Liabilities |
- |
0.0 |
0.0 |
0.3 |
0.5 |
|
VAT Withheld |
- |
- |
0.0 |
- |
- |
|
Accrued Expense |
0.2 |
0.1 |
0.0 |
0.0 |
0.1 |
|
Advance from Customers, Current |
0.0 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Withheld |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Current Borrowings |
5.6 |
4.4 |
4.3 |
2.4 |
2.1 |
|
Current Portion of Long-term Liabilities |
- |
- |
0.3 |
0.1 |
0.3 |
|
Current Portion of LT Borrowing, Korean |
- |
1.1 |
- |
- |
- |
|
Current Portion of LT Borrowing, Foreign |
0.5 |
0.7 |
- |
- |
- |
|
Adj. for Current Borrowings |
- |
0.0 |
- |
- |
- |
|
Adj. for Other Current Fincl Liabilities |
0.0 |
0.0 |
- |
- |
- |
|
Adj. for Other Current Liabilities |
0.0 |
0.0 |
- |
- |
- |
|
Total Current Liabilities |
6.9 |
7.1 |
5.3 |
3.4 |
3.4 |
|
|
|
|
|
|
|
|
Non-Current Borrowings |
7.0 |
7.7 |
8.7 |
5.2 |
0.1 |
|
Total Long Term Debt |
7.0 |
7.7 |
8.7 |
5.2 |
0.1 |
|
|
|
|
|
|
|
|
Other Non-Current Fincl Liabilities |
0.1 |
0.0 |
- |
0.1 |
0.1 |
|
Retirement & Severance Benefits, Non-Cur |
1.7 |
1.3 |
0.7 |
0.5 |
0.5 |
|
Total Liabilities |
15.7 |
16.1 |
14.6 |
9.3 |
4.2 |
|
|
|
|
|
|
|
|
Capital Stock |
2.4 |
2.0 |
2.0 |
1.8 |
2.3 |
|
Capital Surplus |
7.0 |
3.0 |
2.9 |
2.7 |
2.1 |
|
Retained Earnings |
13.6 |
11.9 |
9.8 |
8.0 |
8.3 |
|
Total Equity |
22.9 |
16.9 |
14.7 |
12.5 |
12.7 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
38.7 |
33.0 |
29.3 |
21.7 |
16.9 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
5.5 |
5.5 |
5.5 |
5.5 |
5.5 |
|
Total Common Shares Outstanding |
5.5 |
5.5 |
5.5 |
5.5 |
5.5 |
|
T/S-Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Deferred Revenue, Current |
0.0 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Full-Time Employees |
99 |
- |
- |
- |
- |
|
Long Term Debt Maturing within 1 Year |
0.5 |
1.8 |
0.3 |
0.1 |
0.3 |
|
Long Term Debt Maturing in Year 2 |
3.6 |
3.0 |
2.7 |
0.3 |
0.1 |
|
Long Term Debt Maturing in Year 3 |
1.5 |
- |
2.9 |
1.6 |
0.0 |
|
Long Term Debt Maturing in Year 4 |
1.2 |
- |
2.6 |
1.6 |
0.0 |
|
Long Term Debt Maturing in Year 5 |
- |
- |
- |
1.4 |
- |
|
Long Term Debt - Remaining Maturities |
0.8 |
4.7 |
0.5 |
0.3 |
0.0 |
|
Total Long Term Debt, Supplemental |
7.5 |
9.6 |
9.0 |
5.3 |
0.4 |
|
Operating Lease Pymts. Due within 1Year |
0.0 |
- |
0.0 |
0.0 |
0.0 |
|
Operating Lease Payments Due in Year 5 |
0.1 |
- |
0.0 |
0.0 |
0.0 |
|
Total Operating Leases, Supplemental |
0.1 |
- |
0.0 |
0.0 |
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 |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income or Loss |
2.2 |
2.0 |
1.1 |
2.1 |
2.8 |
|
Depreciation |
1.3 |
1.0 |
0.5 |
0.3 |
0.4 |
|
Amort. of Intangibless |
0.7 |
0.4 |
0.4 |
0.4 |
0.3 |
|
Expense of Allow. for DA |
0.0 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Rec. of Allow. for DA |
0.0 |
- |
- |
- |
- |
|
Payment for Retirement Allow., ONCI |
0.5 |
0.4 |
0.3 |
0.2 |
0.3 |
|
Interest Expenses |
0.7 |
0.6 |
- |
- |
- |
|
Interest Income |
0.0 |
0.0 |
- |
- |
- |
|
Corporate Taxes Expense |
0.0 |
-0.1 |
- |
- |
- |
|
Gains on Foreign Currency Translation |
0.0 |
0.0 |
-0.3 |
0.0 |
0.0 |
|
Losses on Foreign Currency Translation |
0.3 |
0.3 |
0.0 |
1.0 |
0.0 |
|
Miscellaneous Gain |
0.0 |
- |
- |
- |
- |
|
Loss-Depletion of Inventory |
- |
- |
- |
0.0 |
- |
|
Losses on Valt of Inventories |
- |
0.0 |
0.1 |
0.0 |
0.1 |
|
Losses on Sale of Available for Sale Sec |
- |
- |
0.0 |
- |
- |
|
Loss on Disposal of Property, Plant and |
0.0 |
- |
- |
0.0 |
- |
|
Impmt Loss on Intangibless |
0.1 |
0.2 |
0.2 |
- |
- |
|
Gain on Disposal of Property, Plant and |
- |
0.0 |
- |
-1.7 |
-1.0 |
|
Rec. of Losses on Valt of Inventories |
-0.1 |
- |
- |
-0.1 |
- |
|
Gain-Debt Exemption |
- |
- |
0.0 |
- |
0.0 |
|
Decrease or Increase in Trade Receivable |
-0.5 |
-0.6 |
-0.7 |
-0.2 |
-0.7 |
|
Other Receivables |
- |
- |
0.1 |
-0.1 |
0.0 |
|
Decrease or Increase in Prepaid Expenses |
- |
- |
0.0 |
0.0 |
0.0 |
|
Decrease or Increase in Prepaid Income T |
- |
- |
-0.2 |
- |
- |
|
Decrease or Increase in Prepaid Value Ad |
- |
- |
0.4 |
-0.4 |
0.0 |
|
Decrease or Increase in Accrued Revenues |
- |
- |
0.0 |
0.0 |
0.0 |
|
Decrease or Increase in Advance Payments |
- |
- |
-0.2 |
-0.3 |
0.0 |
|
Inventory |
-1.4 |
-0.5 |
-0.2 |
-1.7 |
-0.6 |
|
Decrease or Increase in Deferred Income |
- |
- |
0.0 |
0.0 |
-0.1 |
|
Deferred Income Tax Debit, Current |
- |
- |
0.0 |
-0.2 |
0.0 |
|
Deferred Income Tax Credit, Current, A/L |
- |
- |
- |
- |
0.0 |
|
Trade Payable |
0.0 |
-0.1 |
0.0 |
0.2 |
-0.1 |
|
Increase or Decrease in Other Payables |
- |
- |
-0.1 |
0.2 |
0.0 |
|
Increase or Decrease in Advances from Cu |
- |
- |
0.0 |
0.0 |
0.0 |
|
Increase or Decrease in Withholdings |
- |
- |
0.0 |
0.0 |
0.0 |
|
Increase or Decrease in Accrued Expenses |
- |
- |
0.0 |
-0.1 |
0.1 |
|
Increase or Decrease in Income Taxes Pay |
- |
- |
-0.3 |
-0.1 |
0.5 |
|
VAT Withheld |
- |
- |
0.0 |
- |
0.0 |
|
Payment for Retirement Allow. |
-0.3 |
-0.1 |
-0.1 |
-0.1 |
-0.2 |
|
Government Subsidy, A/L |
- |
- |
0.0 |
0.0 |
- |
|
Other Current Liabilities |
0.1 |
0.1 |
- |
- |
- |
|
Other Current Assets |
-0.1 |
0.1 |
- |
- |
- |
|
Adj. for Cash Flow from Operations |
0.0 |
0.0 |
- |
- |
- |
|
Cash-Interest Paid |
-0.7 |
-0.6 |
- |
- |
- |
|
Cash-Tax Refunded |
-0.1 |
0.1 |
- |
- |
- |
|
Cash from Operating Activities |
2.4 |
3.2 |
1.0 |
-0.3 |
1.9 |
|
|
|
|
|
|
|
|
Proceeds from Sale of Short-term Financi |
0.2 |
0.1 |
1.6 |
2.0 |
0.7 |
|
Proceeds from Sale of Long-term Financia |
- |
0.1 |
0.4 |
- |
- |
|
Proceeds from Sale of Available for sale |
- |
- |
0.0 |
0.0 |
- |
|
Proceeds from Sale of Held-to-Maturity S |
- |
- |
- |
- |
0.1 |
|
Proceeds from Sale of Land |
- |
- |
- |
- |
1.6 |
|
Proceeds from Sale of Property Plant and |
0.1 |
0.0 |
- |
2.5 |
- |
|
Purchase of Current Fincl Instruments |
-0.2 |
-0.1 |
-1.6 |
-0.1 |
-2.0 |
|
Purchase of Non-Current Fincl Instrm |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.2 |
|
Purchase of Available for sale Securitie |
- |
- |
0.0 |
- |
- |
|
Purchase of Land |
- |
- |
0.0 |
- |
0.0 |
|
Purchase of Buildings |
- |
- |
0.0 |
- |
0.0 |
|
Purchase of Structures |
- |
- |
0.0 |
0.0 |
0.0 |
|
Purchase of Tools |
- |
- |
0.0 |
-0.1 |
0.0 |
|
Purchase of Machinery |
- |
- |
-0.1 |
-0.3 |
-0.3 |
|
Purchase of Office Equipment |
- |
- |
-0.1 |
0.0 |
0.0 |
|
Purchase of Vehicles |
- |
- |
- |
0.0 |
0.0 |
|
Increase-Installation Equipments |
- |
- |
-0.1 |
- |
0.0 |
|
Purchase of Construction in Progress |
- |
- |
-5.5 |
-7.8 |
-1.2 |
|
Purchase of Tangibles |
-5.3 |
-1.9 |
- |
- |
- |
|
Purchase of Industrial Property Rights |
- |
- |
- |
0.0 |
0.0 |
|
Purchase of Development Costs |
- |
- |
-0.9 |
-0.9 |
-0.8 |
|
Purchase of Computer Software |
- |
- |
- |
-0.1 |
0.0 |
|
Purchase of Intangibless |
-0.9 |
-0.9 |
- |
- |
- |
|
Decrease in Guarantee Deposit |
0.0 |
0.0 |
0.0 |
- |
0.0 |
|
Increase in Guarantee Deposit |
-0.1 |
0.0 |
0.0 |
-0.1 |
0.0 |
|
Cash Interest Received |
0.0 |
0.0 |
- |
- |
- |
|
Increase in Government Subsidy |
0.2 |
0.2 |
- |
- |
- |
|
Cash from Investing Activities |
-6.0 |
-2.6 |
-6.6 |
-5.0 |
-2.3 |
|
|
|
|
|
|
|
|
Proceeds from Short-term Borrowings |
- |
- |
4.3 |
0.9 |
1.2 |
|
Proceeds from Long-term Borrowings |
- |
- |
3.3 |
5.1 |
0.0 |
|
Increase in Common Stocks |
4.7 |
- |
- |
1.4 |
0.6 |
|
Repayments of Short-term Borrowings |
- |
- |
-2.7 |
- |
-1.1 |
|
Repayments of Long-term Borrowings |
- |
- |
- |
-0.1 |
- |
|
Dec-Current Portion of LT Borrowings |
- |
- |
-0.1 |
-0.2 |
-0.3 |
|
Decrease in Borrowings |
-9.5 |
-3.2 |
- |
- |
- |
|
Borrowings |
8.7 |
3.2 |
- |
- |
- |
|
Decrease-Government Subsidy |
- |
- |
-0.1 |
0.0 |
0.0 |
|
Increase-Subsidy from Government |
- |
- |
0.1 |
0.2 |
0.4 |
|
Increase-Expense for Stock Issuance |
- |
- |
- |
0.0 |
0.0 |
|
Cash from Financing Activities |
3.8 |
0.1 |
4.9 |
7.2 |
0.7 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.0 |
-0.1 |
- |
- |
- |
|
Incs or Decs in Cash & Cash Equivalents |
0.1 |
0.6 |
-0.8 |
1.9 |
0.4 |
|
|
|
|
|
|
|
|
Cash and Cash Equivalents at Beginning |
3.0 |
2.3 |
2.8 |
1.4 |
1.3 |
|
Cash and Cash Equivalents at End |
3.1 |
2.9 |
2.0 |
3.3 |
1.6 |
|
Cash Interest Paid |
0.7 |
0.6 |
- |
- |
- |
|
Cash Taxes Paid |
0.1 |
-0.1 |
- |
- |
- |
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.59.70 |
|
UK Pound |
1 |
Rs.92.25 |
|
Euro |
1 |
Rs.78.38 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.