MIRA INFORM REPORT

Report Date :

07.03.2013

IDENTIFICATION DETAILS

Name :	STARFLEX CO LTD
Registered Office :	669, Seonjeong-Ri, Samseong-Myeon Eumseong, 369832
Country :	South Korea
Financials (as on) :	31.12.2011
Date of Incorporation :	11.07.1996
Legal Form :	Public Parent
Line of Business :	Manufacturing of the polyvinyl chloride (PVC) flex products for advertising industry.
No. of Employees :	226

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	--

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30^th, 2012

Country Name	Previous Rating (31.03.2011)	Current Rating (30.06.2012)
South Korea	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

SOUTH KOREA - ECONOMIC OVERVIEW

South Korea over the past four decades has demonstrated incredible growth and global integration to become a high-tech industrialized economy. In the 1960s, GDP per capita was comparable with levels in the poorer countries of Africa and Asia. In 2004, South Korea joined the trillion dollar club of world economies, and currently is among the world's 20 largest economies. Initially, a system of close government and business ties, including directed credit and import restrictions, made this success possible. The government promoted the import of raw materials and technology at the expense of consumer goods, and encouraged savings and investment over consumption. The Asian financial crisis of 1997-98 exposed longstanding weaknesses in South Korea''s development model including high debt/equity ratios and massive short-term foreign borrowing. GDP plunged by 6.9% in 1998, and then recovered by 9% in 1999-2000. Korea adopted numerous economic reforms following the crisis, including greater openness to foreign investment and imports. Growth moderated to about 4% annually between 2003 and 2007. With the global economic downturn in late 2008, South Korean GDP growth slowed to 0.3% in 2009. In the third quarter of 2009, the economy began to recover, in large part due to export growth, low interest rates, and an expansionary fiscal policy, and growth was 3.6% in 2011. In 2011, the US-South Korea Free Trade Agreement was ratified by both governments and is projected to go into effect in early 2012. The South Korean economy''s long term challenges include a rapidly aging population, inflexible labor market, and heavy reliance on exports - which comprise half of GDP.

Source : CIA

Company name and address Top of Form

Bottom of Form

Top of Form

StarFlex Co Ltd

669, Seonjeong-Ri, Samseong-Myeon
Eumseong, 369832
Korea, Republic of
Tel:	82-43-8784071
Fax:	82-43-8811363
www.star-flex.com

Head Office

15F CBS B/D 917-1, Mok Dong Yang Chon Ku, Seoul, Korea

Employees:

226

Company Type:

Public Parent

Traded:

KOSDAQ:

115570

Incorporation Date:

11-Jul-1996

Auditor:

KPMG LLP

Financials in:	USD (mil)
Fiscal Year End:	31-Dec-2011
Reporting Currency:	South Korean Won
Annual Sales:	188.3 ^1
Net Income:	(3.5)
Total Assets:	162.1 ^2
Market Value:	35.5
	(15-Feb-2013)

Business Description

StarFlex Co., Ltd. is a Korea-based company engaged in the manufacturing of the polyvinyl chloride (PVC) flex products for advertising industry. The Company's products portfolio consists of backlit flex banners, front lit flex banners, block out flex banners, self adhesive banners, coated flex banners, solit banners and textile banners, which are used in digital printing, billboards, building murals and in-store displays. The Company distributes its products within domestic market and to overseas marekts, such as Asia, North America, Central and South America, Europe, the Middle East and Africa. As of December 31, 2011, the Company had three affiliated companies. On January 18, 2013, the Company acquired additional shares of STAR CHEMICAL CO. LTD, which is mainly engaged in the manufacturing of chemical fiber. After the acquisition, it held 90.63% stake in STAR CHEMICAL CO. LTD. For the fiscal year ended 31 December 2010, STARFLEX CO., LTD's revenues increased 6% to W80.47B. Net income decreased 39% to W4.88B. Revenues reflect increased demand for the Company's fished goods and merchandises. Net income was offset by decreased gains on foreign currency translation, increased losses on foreign currency transaction as well as increased losses on sale of property, plant and equipment.

Industry

Industry	Textiles - Non Apparel
ANZSIC 2006:	1334 - Textile Finishing and Other Textile Product Manufacturing
NACE 2002:	1754 - Manufacture of other textiles not elsewhere classified
NAICS 2002:	314999 - All Other Miscellaneous Textile Product Mills
UK SIC 2003:	1754 - Manufacture of other textiles not elsewhere classified
UK SIC 2007:	1399 - Manufacture of other textiles n.e.c.
US SIC 1987:	2399 - Fabricated Textile Products, Not Elsewhere Classified

Key Executives

Name	Title
Se Gwon Kim	Chief Executive Officer, Director
Min Pyo Kang	Chief Financial Officer, Managing Director
Byeong Jun Gwon	Internal Auditor
Jeong Yong Lee	Director
Jong Su Park	Non-Executive Independent Director

Significant Developments

Topic	#*	Most Recent Headline	Date
Mergers & Acquisitions	1	Starflex Co Ltd Acquires STAR CHEMICAL CO. LTD	18-Jan-2013
Equity Investments	1	Starflex Co Ltd to Acquire Stake in STAR CHEMICAL CO. LTD	23-Mar-2012
Debt Financing / Related	3	Starflex Co Ltd Adjusts Exercise Price of Second Bonds with Warrants	26-Jul-2012
Dividends	1	Starflex Co Ltd Declares Annual Cash Dividend for FY 2012	12-Feb-2013

Financial Summary

As of 31-Dec-2011

Key Ratios	Company	Industry
Current Ratio (MRQ)	0.74	2.22
Quick Ratio (MRQ)	0.43	1.09
Debt to Equity (MRQ)	1.14	1.83
Sales 5 Year Growth	29.44	-1.82
Net Profit Margin (TTM) %	-3.75	1.34
Return on Assets (TTM) %	-4.96	1.80
Return on Equity (TTM) %	-5.36	6.70

Stock Snapshot

Traded: KOSDAQ: 115570

As of 15-Feb-2013

   Financials in: KRW

Recent Price	7,130.00	EPS	-745.57
52 Week High	8,380.00	Price/Sales	0.18
52 Week Low	5,610.00	Dividend Rate	200.00
Avg. Volume (mil)	0.02	Price/Book	0.54
Market Value (mil)	38,502.00

	Price % Change	Rel S&P 500%
4 Week	-4.17%	-3.84%
13 Week	4.09%	-2.24%
52 Week	5.16%	6.02%
Year to Date	-4.81%	-4.05%

1 - Profit & Loss Item Exchange Rate: USD 1 = KRW 1107.891
2 - Balance Sheet Item Exchange Rate: USD 1 = KRW 1152

Corporate Overview

Location
669, Seonjeong-Ri, Samseong-Myeon
Eumseong, 369832
Korea, Republic of

Tel:	82-43-8784071
Fax:	82-43-8811363

www.star-flex.com

Quote Symbol - Exchange
115570 - KOSDAQ
Sales KRW(mil):	208,655.3
Assets KRW(mil):	186,778.9
Employees:	226
Fiscal Year End:	31-Dec-2011

Industry:

Textiles - Non Apparel

Incorporation Date:	11-Jul-1996
Company Type:	Public Parent
Quoted Status:	Quoted

Chief Executive Officer, Director:

Se Gwon Kim

Industry Codes

ANZSIC 2006 Codes:
1334	-	Textile Finishing and Other Textile Product Manufacturing

NACE 2002 Codes:
1754	-	Manufacture of other textiles not elsewhere classified

NAICS 2002 Codes:
314999	-	All Other Miscellaneous Textile Product Mills

US SIC 1987:
2399	-	Fabricated Textile Products, Not Elsewhere Classified

UK SIC 2003:
1754	-	Manufacture of other textiles not elsewhere classified

UK SIC 2007:
1399	-	Manufacture of other textiles n.e.c.

Business Description

StarFlex Co., Ltd. is a Korea-based company engaged in the manufacturing of the polyvinyl chloride (PVC) flex products for advertising industry. The Company's products portfolio consists of backlit flex banners, front lit flex banners, block out flex banners, self adhesive banners, coated flex banners, solit banners and textile banners, which are used in digital printing, billboards, building murals and in-store displays. The Company distributes its products within domestic market and to overseas marekts, such as Asia, North America, Central and South America, Europe, the Middle East and Africa. As of December 31, 2011, the Company had three affiliated companies. On January 18, 2013, the Company acquired additional shares of STAR CHEMICAL CO. LTD, which is mainly engaged in the manufacturing of chemical fiber. After the acquisition, it held 90.63% stake in STAR CHEMICAL CO. LTD. For the fiscal year ended 31 December 2010, STARFLEX CO., LTD's revenues increased 6% to W80.47B. Net income decreased 39% to W4.88B. Revenues reflect increased demand for the Company's fished goods and merchandises. Net income was offset by decreased gains on foreign currency translation, increased losses on foreign currency transaction as well as increased losses on sale of property, plant and equipment.

More Business Descriptions

Manufacture of the polyvinyl chloride flex products that are used for advertising industry

Financial Data

Financials in:	KRW(mil)
Revenue:	208,655.3
Net Income:	-3,929.0
Assets:	186,778.9
Long Term Debt:	9,133.0
Total Liabilities:	116,077.4
Working Capital:	8.7
Date of Financial Data:	31-Dec-2011

1 Year Growth

159.3%

NA

39.2%

Key Corporate Relationships

Auditor:	KPMG LLP
Auditor:	KPMG LLP, KPMG LLP

Executives Report

Board of Directors

Name	Title	Function
Min Pyo Kang	Chief Financial Officer, Managing Director	Director/Board Member
Age: 46 Education: Korea University, B (Statistics)
Se Gwon Kim	Chief Executive Officer, Director	Director/Board Member
Biography: Kim Se Gwon is Chief Executive Officer and Director of STARFLEX CO.,LTD. Previously, Kim served as President at a Korea-based company. Age: 58
Jeong Yong Lee	Director	Director/Board Member
Age: 46
Jong Su Park	Non-Executive Independent Director	Director/Board Member	Reuters
Biography: Park Jong Su has been Non-Executive Independent Director of STARFLEX CO.,LTD since March 26, 2010. Currently, Park is also a professor of Soonchunhyang University, Korea, where Park had served as a dean. Park received a Bachelor's degree in Economics from Sungkyunkwan University, Korea and a Doctorate's degree in Business Administration from Chung-Ang University, Korea. Age: 64 Education: Chung-Ang University, PHD (Business Administration) Sungkyunkwan University, B (Economics)

Executives

Name	Title	Function
Se Gwon Kim	Chief Executive Officer, Director	Chief Executive Officer
Biography: Kim Se Gwon is Chief Executive Officer and Director of STARFLEX CO.,LTD. Previously, Kim served as President at a Korea-based company. Age: 58
Min Pyo Kang	Chief Financial Officer, Managing Director	Managing Director
Age: 46 Education: Korea University, B (Statistics)
Byeong Jun Gwon	Internal Auditor	Accounting Executive
Biography: Gwon Byeong Jun is Internal Auditor of STARFLEX CO.,LTD. Previously, Gwon served as Chief Executive Officer at a Korea-based company and also worked for Daewoo Engineering & Construction Co. Age: 55

significant Developments

Starflex Co Ltd Declares Annual Cash Dividend for FY 2012

Feb 12, 2013

Starflex Co Ltd announced that it has declared an annual cash dividend of KRW 200 per share of common stock to shareholders of record on December 31, 2012, for the fiscal year 2012. The dividend rate of market price is 2.64% and the total amount of the cash dividend is KRW 386,302,000.

Starflex Co Ltd Acquires STAR CHEMICAL CO. LTD

Jan 18, 2013

Starflex Co Ltd announced that it has acquired 3 million shares of STAR CHEMICAL CO. LTD, which is mainly engaged in the manufacturing of chemical fiber, for KRW 33,623,633,010, on January 18, 2013. After the transaction, the Company holds 5,800,000 shares, or 90.63%.

Starflex Co Ltd Adjusts Exercise Price of Second Bonds with Warrants

Jul 26, 2012

Starflex Co Ltd announced that it has adjusted the exercise price of its second bonds with warrants to KRW 5,814 from KRW 6,364 per share, effective July 26, 2012.

Starflex Co Ltd Announces Subscription Results of Second Bonds with Warrants

Apr 26, 2012

Starflex Co Ltd announced that all of its previously announced second unregistered/unsecured private bonds with warrants have been successfully subscribed as of April 26, 2012. The Company raised KRW 5 billion in proceeds from the bond offering.

Starflex Co Ltd to Issue Second Bonds with Warrants

Apr 25, 2012

Starflex Co Ltd announced the offering of its second unregistered/unsecured private bonds with warrants, raising KRW 5 billion in proceeds, for its operations. The details regarding the bond issuance are as follows: maturity on April 26, 2016, yield to maturity 3%, zero annual coupon, lump-sum redemption of principal on maturity date, 100% conversion rate of bonds to common shares at KRW 6,364 per share and exercise period from April 26, 2013 to March 26, 2016.

Starflex Co Ltd to Acquire Stake in STAR CHEMICAL CO. LTD

Mar 23, 2012

Starflex Co Ltd announced that it will acquired 1 million shares of STAR CHEMICAL CO. LTD, for KRW 10 billion, on March 27, 2012. After the transaction, the Company will hold 2,800,000 shares, or 82.35% of STAR CHEMICAL CO. LTD.

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	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 31-Dec-2011	Restated Normal 31-Dec-2011	Updated Normal 31-Dec-2009	Updated Normal 30-Sep-2009	Updated Normal 30-Sep-2009
Filed Currency	KRW	KRW	KRW	KRW	KRW
Exchange Rate (Period Average)	1107.891393	1156.281981	1276.385219	1100.562842	929.183333
Auditor	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP	Daejoo Accounting Corp.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	188.3	69.6	59.3	63.3	60.4
Revenue	188.3	69.6	59.3	63.3	60.4
Total Revenue	188.3	69.6	59.3	63.3	60.4
Cost of Revenue	182.0	54.1	43.3	51.9	49.2
Cost of Revenue, Total	182.0	54.1	43.3	51.9	49.2
Gross Profit	6.3	15.5	15.9	11.4	11.2
Selling/General/Administrative Expense	4.2	3.2	3.3	4.2	4.2
Labor & Related Expense	4.0	2.5	1.9	1.9	2.1
Advertising Expense	0.2	0.3	0.2	0.3	0.2
Total Selling/General/Administrative Expenses	8.5	5.9	5.4	6.3	6.5
Research & Development	0.2	0.1	0.2	0.2	0.4
Depreciation	0.2	0.1	0.1	0.2	0.5
Depreciation/Amortization	0.2	0.1	0.1	0.2	0.5
Loss (Gain) on Sale of Assets - Operating	0.0	0.0	-	-	-
Unusual Expense (Income)	0.0	0.0	-	-	-
Other Operating Expense	0.9	0.8	-	-	-
Other, Net	-0.2	-0.2	-	-	-
Other Operating Expenses, Total	0.7	0.6	-	-	-
Total Operating Expense	191.5	60.9	49.1	58.6	56.5
Operating Income	-3.2	8.7	10.2	4.7	3.9
Interest Expense - Non-Operating	-2.9	-0.6	-0.8	-1.3	-1.0
Interest Expense, Net Non-Operating	-2.9	-0.6	-0.8	-1.3	-1.0
Interest Income - Non-Operating	0.1	0.4	0.1	0.0	0.0
Investment Income - Non-Operating	0.0	-0.8	-0.9	0.1	0.2
Interest/Investment Income - Non-Operating	0.1	-0.3	-0.9	0.2	0.2
Interest Income (Expense) - Net Non-Operating	0.0	-	-	-	-
Interest Income (Expense) - Net Non-Operating Total	-2.8	-1.0	-1.7	-1.1	-0.8
Gain (Loss) on Sale of Assets	-	-	-0.2	0.0	-0.2
Other Non-Operating Income (Expense)	1.1	0.1	0.4	0.8	0.3
Other, Net	1.1	0.1	0.4	0.8	0.3
Income Before Tax	-4.9	7.8	8.8	4.3	3.2
Total Income Tax	2.2	1.7	2.5	0.4	0.3
Income After Tax	-7.1	6.1	6.3	3.8	2.9
Minority Interest	3.5	0.1	-	-	-
Net Income Before Extraord Items	-3.5	6.2	6.3	3.8	2.9
Net Income	-3.5	6.2	6.3	3.8	2.9
Income Available to Common Excl Extraord Items	-3.5	6.2	6.3	3.8	2.9
Income Available to Common Incl Extraord Items	-3.5	6.2	6.3	3.8	2.9
Basic/Primary Weighted Average Shares	5.3	5.3	4.0	4.0	4.0
Basic EPS Excl Extraord Items	-0.67	1.18	1.57	0.95	0.72
Basic/Primary EPS Incl Extraord Items	-0.67	1.18	1.57	0.95	0.72
Dilution Adjustment	0.0	0.0	0.0	0.0	-
Diluted Net Income	-3.5	6.2	6.3	3.8	2.9
Diluted Weighted Average Shares	5.3	5.3	4.0	4.0	4.0
Diluted EPS Excl Extraord Items	-0.67	1.17	1.57	0.95	0.72
Diluted EPS Incl Extraord Items	-0.67	1.17	1.57	0.95	0.72
Dividends per Share - Common Stock Primary Issue	0.18	0.17	0.00	0.00	0.00
Gross Dividends - Common Stock	1.0	0.3	0.0	0.0	0.0
Interest Expense, Supplemental	2.9	0.6	0.8	1.3	1.0
Depreciation, Supplemental	3.6	1.6	3.6	4.8	4.1
Total Special Items	0.0	0.0	0.2	0.0	0.2
Normalized Income Before Tax	-4.9	7.8	9.0	4.3	3.4
Effect of Special Items on Income Taxes	0.0	0.0	0.0	0.0	0.0
Inc Tax Ex Impact of Sp Items	2.2	1.7	2.6	0.4	0.3
Normalized Income After Tax	-7.1	6.1	6.4	3.8	3.1
Normalized Inc. Avail to Com.	-3.6	6.2	6.4	3.8	3.1
Basic Normalized EPS	-0.67	1.19	1.60	0.96	0.78
Diluted Normalized EPS	-0.67	1.18	1.60	0.96	0.78
Rental Expenses	-	-	0.0	0.0	0.0
Advertising Expense, Supplemental	0.2	0.3	0.2	0.3	0.2
Research & Development Exp, Supplemental	0.2	0.1	0.2	0.2	0.4
Normalized EBIT	-3.2	8.8	10.2	4.7	3.9
Normalized EBITDA	0.4	10.4	13.8	9.4	8.0

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Restated Normal 31-Dec-2011	Updated Normal 31-Dec-2009	Updated Normal 30-Sep-2009	Updated Normal 30-Sep-2009
Filed Currency	KRW	KRW	KRW	KRW	KRW
Exchange Rate	1152	1134.9	1164.475	1259.55	936.05
Auditor	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP	Daejoo Accounting Corp.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	5.4	4.5	2.4	4.4	0.6
Short Term Investments	-	1.3	0.0	0.8	-
Cash and Short Term Investments	5.4	5.8	2.5	5.2	0.6
Accounts Receivable - Trade, Gross	31.9	11.7	6.3	4.6	5.1
Provision for Doubtful Accounts	-0.8	-0.5	-0.4	-0.3	-0.3
Trade Accounts Receivable - Net	31.1	11.1	5.8	4.3	4.8
Other Receivables	1.8	1.7	0.8	0.5	0.8
Total Receivables, Net	32.9	12.8	6.6	4.8	5.6
Inventories - Finished Goods	12.2	3.6	2.7	2.1	3.7
Inventories - Work In Progress	2.9	1.5	1.2	1.6	2.9
Inventories - Raw Materials	9.8	3.6	3.5	4.7	2.6
Inventories - Other	2.6	1.5	0.3	0.1	0.6
Total Inventory	27.5	10.2	7.7	8.6	9.8
Prepaid Expenses	0.5	0.2	0.1	0.1	0.1
Deferred Income Tax - Current Asset	-	-	0.1	0.4	0.0
Other Current Assets	0.0	0.0	-	-	-
Other Current Assets, Total	0.0	0.0	0.1	0.4	0.0
Total Current Assets	66.3	29.1	17.0	19.0	16.2
Buildings	24.9	12.1	13.6	12.6	16.2
Land/Improvements	23.8	24.1	11.7	10.8	14.6
Machinery/Equipment	27.9	11.8	8.5	25.6	25.1
Construction in Progress	8.0	27.6	0.4	0.2	5.9
Leases	5.2	5.3	5.2	-	-
Other Property/Plant/Equipment	2.4	1.6	-	-	-
Property/Plant/Equipment - Gross	92.1	82.4	39.4	49.2	61.6
Accumulated Depreciation	-11.4	-8.2	-7.1	-16.1	-16.2
Property/Plant/Equipment - Net	80.8	74.2	32.3	33.1	45.5
Intangibles, Net	0.1	0.1	-	-	-
LT Investments - Other	12.0	12.1	0.2	0.1	0.2
Long Term Investments	12.0	12.1	0.2	0.1	0.2
Note Receivable - Long Term	-	-	0.0	0.0	0.0
Deferred Charges	0.1	0.1	0.1	-	-
Deferred Income Tax - Long Term Asset	-	-	0.2	0.0	0.2
Other Long Term Assets	2.9	2.6	0.8	0.3	0.4
Other Long Term Assets, Total	2.9	2.7	1.1	0.3	0.5
Total Assets	162.1	118.2	50.6	52.5	62.3
Accounts Payable	16.2	7.2	2.9	3.0	2.8
Accrued Expenses	0.3	0.1	0.0	0.2	0.1
Notes Payable/Short Term Debt	58.3	15.3	1.7	17.6	20.8
Current Portion - Long Term Debt/Capital Leases	3.7	3.7	0.6	0.3	0.2
Customer Advances	1.3	1.1	0.7	0.5	2.5
Security Deposits	-	-	0.1	0.0	0.0
Income Taxes Payable	1.0	0.4	1.8	0.4	0.0
Other Payables	6.8	4.7	1.6	3.2	5.0
Other Current Liabilities	2.5	0.1	0.1	0.1	0.1
Other Current liabilities, Total	11.5	6.3	4.3	4.2	7.7
Total Current Liabilities	90.0	32.6	9.6	25.4	31.5
Long Term Debt	7.9	7.9	3.7	3.9	3.4
Capital Lease Obligations	-	2.9	5.0	-	-
Total Long Term Debt	7.9	10.8	8.7	3.9	3.4
Total Debt	70.0	29.8	11.0	21.9	24.4
Deferred Income Tax - LT Liability	3.1	2.8	-	-	-
Deferred Income Tax	3.1	2.8	-	-	-
Minority Interest	-1.0	2.5	-	-	-
Pension Benefits - Underfunded	0.7	0.2	0.6	0.2	0.9
Other Long Term Liabilities	0.1	2.9	-	-	-
Other Liabilities, Total	0.8	3.1	0.6	0.2	0.9
Total Liabilities	100.8	51.8	18.9	29.5	35.9
Common Stock	2.3	2.4	1.7	1.6	2.1
Common Stock	2.3	2.4	1.7	1.6	2.1
Additional Paid-In Capital	18.0	18.2	-	-	-
Retained Earnings (Accumulated Deficit)	41.9	46.7	30.1	21.4	24.3
Treasury Stock - Common	-0.9	-0.9	-	-	-
Total Equity	61.4	66.4	31.8	23.0	26.5
Total Liabilities & Shareholders’ Equity	162.1	118.2	50.6	52.5	62.3
Shares Outstanding - Common Stock Primary Issue	5.3	5.3	4.0	4.0	4.0
Total Common Shares Outstanding	5.3	5.3	4.0	4.0	4.0
Treasury Shares - Common Stock Primary Issue	0.1	0.1	0.0	0.0	0.0
Employees	219	235	205	222	320
Number of Common Shareholders	-	1,351	4,553	-	-
Deferred Revenue - Current	1.3	1.1	0.7	0.5	2.5
Total Long Term Debt, Supplemental	2.8	-	4.3	4.3	3.6
Long Term Debt Maturing within 1 Year	0.7	-	0.6	0.3	0.2
Long Term Debt Maturing in Year 2	0.7	-	0.9	0.5	0.4
Long Term Debt Maturing in Year 3	0.7	-	0.7	0.8	0.4
Long Term Debt Maturing in Year 4	0.5	-	0.7	0.6	0.5
Long Term Debt Maturing in 2-3 Years	1.4	-	1.5	1.3	0.7
Long Term Debt Maturing in 4-5 Years	0.5	-	0.7	0.6	0.5
Long Term Debt Matur. in Year 6 & Beyond	0.2	-	1.4	2.0	2.2
Interest Costs	-0.1	-	-	-	-
Total Capital Leases, Supplemental	3.0	-	-	-	-
Capital Lease Payments Due in Year 1	3.1	-	-	-	-

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	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 31-Dec-2011	Restated Normal 31-Dec-2011	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Updated Normal 30-Sep-2009
Filed Currency	KRW	KRW	KRW	KRW	KRW
Exchange Rate (Period Average)	1107.891393	1156.281981	1276.385219	1100.562842	929.183333
Auditor	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP	Daejoo Accounting Corp.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	-7.1	6.1	6.3	3.8	2.9
Depreciation	3.6	1.6	3.6	4.8	4.1
Depreciation/Depletion	3.6	1.6	3.6	4.8	4.1
Deferred Taxes	-	-	0.1	-0.3	-0.3
Unusual Items	1.3	0.0	1.7	0.2	0.2
Other Non-Cash Items	5.6	3.2	0.6	0.5	0.3
Non-Cash Items	6.9	3.2	2.3	0.7	0.5
Accounts Receivable	-21.5	-0.2	-1.7	-0.7	0.4
Inventories	-19.0	-2.0	1.6	-1.6	-4.7
Prepaid Expenses	-	-	0.0	0.0	0.0
Other Assets	-	-	-	-	0.0
Accounts Payable	11.8	7.0	-0.7	0.0	1.7
Accrued Expenses	-	-	-0.1	0.1	0.0
Taxes Payable	-	-	1.2	0.5	-1.5
Other Liabilities	-0.1	-1.0	0.2	-1.9	1.9
Other Assets & Liabilities, Net	-0.5	0.1	-	-	-
Other Operating Cash Flow	-3.2	-2.9	-	-	-
Changes in Working Capital	-32.5	1.1	0.4	-3.7	-2.2
Cash from Operating Activities	-29.1	12.0	12.6	5.2	5.0
Purchase of Fixed Assets	-11.7	-6.5	-2.1	-4.0	-14.8
Purchase/Acquisition of Intangibles	-	-0.1	-	-	-
Capital Expenditures	-11.7	-6.5	-2.1	-4.0	-14.8
Sale of Business	-	-34.5	-	-	-
Sale of Fixed Assets	0.2	0.0	4.7	0.0	0.0
Sale/Maturity of Investment	1.4	8.7	0.8	2.5	0.1
Purchase of Investments	-0.2	-10.7	-0.1	-3.5	0.0
Other Investing Cash Flow	-0.3	-2.6	-0.5	0.0	0.0
Other Investing Cash Flow Items, Total	1.0	-39.2	4.9	-0.9	0.1
Cash from Investing Activities	-10.7	-45.7	2.8	-4.9	-14.7
Other Financing Cash Flow	0.0	0.0	-	-	-
Financing Cash Flow Items	0.0	0.0	-	-	-
Total Cash Dividends Paid	-0.3	-	-	-	-
Sale/Issuance of Common	-	20.2	-	-	-
Repurchase/Retirement of Common	-	-0.9	-	-	-
Common Stock, Net	-	19.3	-	-	-
Issuance (Retirement) of Stock, Net	-	19.3	-	-	-
Short Term Debt Issued	155.8	31.3	15.3	13.5	9.4
Short Term Debt Reduction	-110.8	-22.9	-32.4	-11.2	-3.2
Short Term Debt, Net	44.9	8.4	-17.1	2.3	6.1
Long Term Debt Issued	-	8.5	-	2.0	3.0
Long Term Debt Reduction	-3.8	-0.6	-0.3	-0.2	-0.1
Long Term Debt, Net	-3.8	7.9	-0.3	1.8	2.9
Issuance (Retirement) of Debt, Net	41.2	16.3	-17.4	4.1	9.0
Cash from Financing Activities	40.8	35.7	-17.4	4.1	9.0
Foreign Exchange Effects	0.0	0.0	-	-	-
Net Change in Cash	1.1	1.9	-2.1	4.5	-0.7
Net Cash - Beginning Balance	4.6	2.5	4.3	0.5	1.4
Net Cash - Ending Balance	5.7	4.4	2.2	5.0	0.6
Cash Interest Paid	3.1	0.4	-	-	-
Cash Taxes Paid	1.3	2.8	-	-	-

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 31-Dec-2011	Restated Normal 31-Dec-2011	Updated Normal 31-Dec-2009	Updated Normal 30-Sep-2009	Updated Normal 30-Sep-2009
Filed Currency	KRW	KRW	KRW	KRW	KRW
Exchange Rate (Period Average)	1107.891393	1156.281981	1276.385219	1100.562842	929.183333
Auditor	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP	Daejoo Accounting Corp.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Finished Goods Revenues	185.1	67.7	57.8	62.5	58.1
Merchandise Sales	3.2	1.9	1.5	0.7	2.3
Adjustment for Revenues	0.0	0.0	-	-	-
Total Revenue	188.3	69.6	59.3	63.3	60.4
Cost of Finished Goods Sold	-	-	41.9	51.2	47.4
Cost of Merchandises Sold	-	-	1.4	0.7	1.8
Costs of Goods and Services Sold	182.0	54.1	-	-	-
Salaries and Wages	3.6	2.1	1.4	1.5	1.6
Retirement and Severance Benefits	0.1	0.2	0.3	0.2	0.3
Employee Benefits	0.3	0.2	0.1	0.1	0.2
Travel Expense	0.2	0.2	0.1	0.1	0.2
Communication Expenses	-	-	0.0	0.0	0.0
Utility Expenses	-	-	0.1	-	0.0
Taxes and Dues	-	-	0.1	0.1	0.1
Supply Expenses	-	-	0.0	0.0	0.0
Publication Expenses	-	-	0.0	0.0	0.0
Office Supplies Expense	-	-	0.0	0.0	0.0
Rental Expenses	-	-	0.0	0.0	0.0
Maintenance Expense	-	-	0.0	0.0	0.0
Vehicle Maintenance Expenses	-	-	0.0	0.0	0.1
Repair Expenses	-	-	0.1	0.0	0.0
Insurance Premiums	-	-	0.0	0.0	0.0
Commissions	0.7	0.6	0.5	0.5	0.5
Storage Expense	-	-	0.0	0.0	0.0
Shipping & Handling Expense	1.1	0.4	0.2	0.3	0.3
Entertainment Expenses	-	-	0.1	0.1	0.1
Sales Promotional Expenses	-	-	0.1	0.1	-
Advertising Expense	0.2	0.3	0.2	0.2	0.2
Training Expenses	-	-	0.0	0.0	-
Other Exporting Related Expense	1.6	1.7	1.7	2.7	2.7
Other Service Fee	0.1	0.1	0.0	0.0	-
Expenses of Allowance for Doubtful Accou	0.4	0.1	0.1	0.1	-
Development Costs	0.2	0.1	0.2	0.2	0.4
Depreciation	0.2	0.1	0.1	0.2	0.5
Amortization of Investment Properties	0.1	0.1	-	-	-
Miscellaneous Expenses	-	-	0.0	0.0	0.0
Electricity Expense	-	-	-	-	0.0
Outside Processing Expense	-	-	-	-	0.0
Other Selling&Administrative Expense,Oth	0.9	0.8	-	-	-
Adjustment for Selling and Administrativ	0.0	-	-	-	-
Rental Income	-0.2	-0.1	-	-	-
Reversal of Allowance for Doubtful Accou	0.0	-0.1	-	-	-
Gain on Disposal of Property, Plant and	-0.1	0.0	-	-	-
Adjustment for Other Operating Income	0.0	-	-	-	-
Loss on Disposal of Property, Plant and	-	0.0	-	-	-
Loss on Disposal of Deferred	0.0	0.0	-	-	-
Adjustment for Other Operating Expense	-	0.0	-	-	-
Total Operating Expense	191.5	60.9	49.1	58.6	56.5
Interest Income	0.1	0.4	0.1	0.0	0.0
Adjustment for Finance Income	0.0	-	-	-	-
Gain on Foreign Currency Transactions	1.0	1.2	0.8	1.7	0.3
Gain on Foreign Currency Translations	0.2	0.1	0.2	0.3	0.2
Gain on Valuation of Option Early Redemp	0.4	-	-	-	-
Gains on Sale of Property, Plant and Equ	-	-	0.0	0.0	-
Rental Income	-	-	0.0	0.0	0.0
Reversal of Allowance for Doubtful Accou	-	-	-	-	0.1
Insurance Income	-	-	0.9	-	-
Gains on prior Period Adjustments	-	-	-	0.1	-
Miscellaneous Income	1.1	0.2	0.6	0.7	0.5
Adj for Other Non-Operating Income	-	0.0	-	-	-
Interest Expenses	-2.9	-0.6	-0.8	-1.3	-1.0
Adjustment for Finance Expense	-	-	-	-	-
Losses on Currency Forward Transactions	-	-	-	-0.3	-
Loss on Foreign Currency Transactions	-1.0	-1.4	-1.1	-1.5	-0.3
Loss on Foreign Currency Translations	-0.6	-0.6	-0.1	0.0	0.0
Loss on Valuation of Call Redemption Opt	-	0.0	-	-	-
Impairment Losses on Property, Plant and	-	-	-0.7	-	-
Losses on Sale of Property, Plant and Eq	-	-	0.0	-0.1	-0.2
Losses on Sale of Trade Receivable	-	-	-0.2	-	-
Loss-Disposal of Deferred Assets	-	-	0.0	-	-
Losses Due to Disaster	-	-	-1.0	-	-
Other Allowance for Doubtful Accounts	-	-	0.0	-	-
Donations	0.0	0.0	0.0	0.0	0.0
Depreciation of Idle Assets not Operatio	-	-	-0.1	-	-
Miscellaneous Loss	0.0	-0.1	0.0	0.0	-0.3
Additional Payments of Income Taxes	-	-	-	-	0.0
Adj for Other Non-Operating Expenses	-	-	-	-	-
Net Income Before Taxes	-4.9	7.8	8.8	4.3	3.2
Provision for Income Taxes	2.2	1.7	2.5	0.4	0.3
Net Income After Taxes	-7.1	6.1	6.3	3.8	2.9
Minority Interest	3.5	0.1	-	-	-
Net Income Before Extra. Items	-3.5	6.2	6.3	3.8	2.9
Net Income	-3.5	6.2	6.3	3.8	2.9
Income Available to Com Excl ExtraOrd	-3.5	6.2	6.3	3.8	2.9
Income Available to Com Incl ExtraOrd	-3.5	6.2	6.3	3.8	2.9
Basic Weighted Average Shares	5.3	5.3	4.0	4.0	4.0
Basic EPS Excluding ExtraOrdinary Items	-0.67	1.18	1.57	0.95	0.72
Basic EPS Including ExtraOrdinary Items	-0.67	1.18	1.57	0.95	0.72
Dilution Adjustment	0.0	0.0	0.0	0.0	-
Diluted Net Income	-3.5	6.2	6.3	3.8	2.9
Diluted Weighted Average Shares	5.3	5.3	4.0	4.0	4.0
Diluted EPS Excluding ExtraOrd Items	-0.67	1.17	1.57	0.95	0.72
Diluted EPS Including ExtraOrd Items	-0.67	1.17	1.57	0.95	0.72
DPS-Ordinary Shares	0.18	0.17	0.00	0.00	0.00
Gross Dividends - Common Stock	1.0	0.3	0.0	0.0	0.0
Normalized Income Before Taxes	-4.9	7.8	9.0	4.3	3.4
Inc Tax Ex Impact of Sp Items	2.2	1.7	2.6	0.4	0.3
Normalized Income After Taxes	-7.1	6.1	6.4	3.8	3.1
Normalized Inc. Avail to Com.	-3.6	6.2	6.4	3.8	3.1
Basic Normalized EPS	-0.67	1.19	1.60	0.96	0.78
Diluted Normalized EPS	-0.67	1.18	1.60	0.96	0.78
Interest Expense, Supplemental	2.9	0.6	0.8	1.3	1.0
Rental Expense, Supplemental	-	-	0.0	0.0	0.0
Advertising Expense, Supplemental	0.2	0.3	0.2	0.3	0.2
R&D Expense, Supplemental	0.2	0.1	0.2	0.2	0.4
Depreciation, Supplemental	3.6	1.6	3.6	4.8	4.1

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Restated Normal 31-Dec-2011	Updated Normal 31-Dec-2009	Updated Normal 30-Sep-2009	Updated Normal 30-Sep-2009
Filed Currency	KRW	KRW	KRW	KRW	KRW
Exchange Rate	1152	1134.9	1164.475	1259.55	936.05
Auditor	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP	Daejoo Accounting Corp.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash and CashEquivalents	5.4	4.5	2.4	4.4	0.6
Current Financial Instruments	-	1.3	0.0	0.8	-
Trade Receivables, Gross	31.9	11.7	6.3	4.6	5.1
Allowance for Doubtful Accounts for Trad	-0.8	-0.5	-0.4	-0.3	-0.3
Short-term Loans	0.9	0.9	-	-	-
Other Receivables	0.9	0.8	0.8	0.5	0.8
Allowance for Doubtful Accounts for Othe	-	-	0.0	-	-
Accrued Income	0.0	0.0	0.0	0.0	-
Adjustment for Trade & Other Receivables	-	0.0	-	-	-
Advance Payments	0.8	0.4	0.1	0.1	0.4
Prepaid Expenses Total	0.2	0.2	0.1	0.1	0.1
Prepaid Value Added Taxes	0.3	0.1	-	-	-
Current Tax Assets	0.0	0.0	-	-	-
Adjustment for Other Current Non-Financi	0.0	0.0	-	-	-
Deferred Income Taxes Assets Current	-	-	0.1	0.4	0.0
Merchandises	0.0	0.0	0.0	0.0	0.1
Finished Goods	12.2	3.6	2.9	2.4	3.8
Allowance for Loss on Valuation of Finis	-	-	-0.1	-0.3	-0.2
Goods in Transit	1.1	1.1	0.2	-	0.2
Raw Materials	9.8	3.6	3.5	4.8	2.6
Allowance for Loss on Valuation of Raw M	-	-	0.0	0.0	0.0
Works in Process	2.9	1.5	1.2	1.6	2.9
Allowance for Loss on Valuation of Works	-	-	0.0	-	-
Supplies	0.7	-	-	-	-
Adjustment for Inventories	0.0	0.0	-	-	-
Total Current Assets	66.3	29.1	17.0	19.0	16.2
Available-for-Sale Securities in Investm	0.9	1.0	0.2	0.1	0.2
Non-Current Financial Instruments	0.2	-	-	-	-
Investment in Properties	10.9	11.2	-	-	-
Long-term Trade Receivables	-	-	0.0	0.0	0.0
Allowance for Doubtful Accounts for Long	-	-	0.0	0.0	0.0
Deposits Provided	2.9	2.6	0.8	0.3	0.4
Loss-Disposal of Deferred Assets	0.1	0.1	0.1	-	-
Deferred Income Taxes Assets Non-current	-	-	0.2	0.0	0.2
Land	23.8	24.1	11.7	10.8	14.6
Buildings	21.3	10.0	12.4	11.0	14.7
Accumulated Impairment Losses for Buildi	-	-	-0.7	-	-
Accumulated Depreciation for Buildings	-2.0	-1.3	-1.7	-1.2	-1.1
Structures	3.5	2.1	1.9	1.6	1.5
Accumulated Depreciation for Structures	-0.7	-0.5	-0.4	-0.2	-0.2
Tools	-	-	0.4	0.4	0.4
Accumulated Depreciation for Tools	-	-	-0.4	-0.3	-0.2
Machinery	27.9	11.8	3.5	19.6	19.7
Accumulated Depreciation for Machinery	-6.1	-4.3	-1.9	-12.2	-12.5
Machineries & Equipments-Government Subs	0.0	-	-	-	-
Vehicles & Transportation Equipment	-	-	0.2	0.2	0.4
Accumulated Depreciation for Vehicles	-	-	-0.2	-0.2	-0.4
Office Equipment	-	-	0.3	0.3	0.3
Accumulated Depreciation for Office Equi	-	-	-0.3	-0.2	-0.2
Government Subsidy for Office Equipment	-	-	-	0.0	0.0
Construction in Progress	8.0	27.6	0.4	0.2	5.9
Experimental Equipment	-	-	0.4	0.4	0.5
Experimental Equip.-Depreciation	-	-	-0.4	-0.3	-0.4
Installation Equipment	-	-	3.6	4.7	3.7
Installation Equipment-Depreciation	-	-	-1.6	-1.4	-1.2
Capital Leased Assets	5.2	5.3	5.2	-	-
Accumulated Depreciation for Capital Lea	-1.1	-0.7	-0.2	-	-
Other Property Plant & Equipment	2.4	1.6	-	-	-
Other Property Plant & Equipment-Depreci	-1.5	-1.4	-	-	-
Adjustment for Property, Plant & Equipme	0.0	0.0	-	-	-
Membership Rights	0.1	0.1	-	-	-
Total Assets	162.1	118.2	50.6	52.5	62.3
Trade Payable	16.2	7.2	2.9	3.0	2.8
Other Payables	6.8	4.7	1.6	1.9	3.2
Income Taxes Payable	1.0	0.4	1.8	0.4	0.0
Accrued Expenses	0.3	0.1	0.0	0.2	0.1
Adjustment for Current Trade & Other Pay	0.0	0.0	-	-	-
Advance for Customers	1.3	1.1	0.7	0.5	2.5
Leasehold Deposits Received	-	-	0.1	0.0	0.0
Call Redemption of Option	2.3	-	-	-	-
Withholdings	0.2	0.1	0.1	0.1	0.1
Short-term Borrowings	58.3	15.3	1.7	17.6	20.8
Adjustment for Current Borrowings	0.0	0.0	-	-	-
Current Portion of Capital Leases	3.0	2.8	-	-	-
Current Portion of Long-term Borrowings	0.7	0.9	0.6	0.3	0.2
ST Debt-Shareholder, Director & Employee	-	-	-	1.3	1.8
Total Current Liabilities	90.0	32.6	9.6	25.4	31.5
Long-term Borrowings	2.1	2.9	3.7	3.9	3.4
Capital Leased Liabilities Non-Current	-	2.9	5.0	-	-
Bonds With Stock Warrants	8.7	8.8	-	-	-
Stock Warrants Adjustment, Non-Current L	-3.8	-4.7	-	-	-
Discount on Bonds With Stock Warrants, N	-0.1	-0.1	-	-	-
Yield to Maturity Premium on Bonds with	1.0	1.0	-	-	-
Adjustment for Non-current Borrowings	0.0	0.0	-	-	-
Total Long Term Debt	7.9	10.8	8.7	3.9	3.4
Guarantee Deposits, Non-Current Liabilit	0.1	0.1	-	-	-
Call Redemption of Option, Non-Current	-	2.7	-	-	-
Non-Current Fixed Benefit Liabilities	0.7	0.2	-	-	-
Other Non-Current Employee Benefits Liab	0.0	0.0	-	-	-
Deposits for Retirement and Severance Be	-	-	-0.1	-0.1	-0.2
Provisions for Retirement and Severance	-	-	0.7	0.3	1.1
Transfer to National Pension Fund	-	-	0.0	0.0	0.0
Deferred Income Taxes Liabilities Non-cu	3.1	2.8	-	-	-
Minority Interests	-1.0	2.5	-	-	-
Total Liabilities	100.8	51.8	18.9	29.5	35.9
Common Stock	2.3	2.4	1.7	1.6	2.1
Legal Reserves	0.0	-	-	-	-
Appropriated Retained Earnings for Volun	0.1	0.1	0.1	0.0	0.1
Retained Earnings Before Appropriations	41.8	46.6	30.0	21.0	23.1
Appropriated Retained Earnings for Resea	-	-	-	0.3	0.7
Reserve-Startup Investment	-	-	-	0.1	0.4
Adjustment for Retained Earnings or Accu	0.0	0.0	-	-	-
Capital Surplus	18.0	18.2	-	-	-
Treasury Stock	-0.9	-0.9	-	-	-
Total Equity	61.4	66.4	31.8	23.0	26.5
Total Liabilities & Shareholders' Equity	162.1	118.2	50.6	52.5	62.3
S/O-Ordinary Shares	5.3	5.3	4.0	4.0	4.0
Total Common Shares Outstanding	5.3	5.3	4.0	4.0	4.0
T/S-Ordinary Shares	0.1	0.1	0.0	0.0	0.0
Deferred Revenue, Current	1.3	1.1	0.7	0.5	2.5
Full-Time Employees	219	235	205	222	320
Number of Common Shareholders	-	1,351	4,553	-	-
Long Term Debt Maturing within 1 Year	0.7	-	0.6	0.3	0.2
Long Term Debt Maturing in Year 2	0.7	-	0.9	0.5	0.4
Long Term Debt Maturing in Year 3	0.7	-	0.7	0.8	0.4
Long Term Debt Maturing in Year 4	0.5	-	0.7	0.6	0.5
Long Term Debt - Remaining Maturities	0.2	-	1.4	2.0	2.2
Total Long Term Debt, Supplemental	2.8	-	4.3	4.3	3.6
Capital Lease Payments Due within 1 Year	3.1	-	-	-	-
Interest Costs	-0.1	-	-	-	-
Total Capital Leases, Supplemental	3.0	-	-	-	-

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 31-Dec-2011	Restated Normal 31-Dec-2011	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Updated Normal 30-Sep-2009
Filed Currency	KRW	KRW	KRW	KRW	KRW
Exchange Rate (Period Average)	1107.891393	1156.281981	1276.385219	1100.562842	929.183333
Auditor	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP	Daejoo Accounting Corp.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income	-7.1	6.1	6.3	3.8	2.9
Depreciation	3.6	1.6	3.6	4.8	4.1
Expense of Allowance for Doubtful Accoun	0.4	0.1	0.1	0.1	-
Expenses of Allowance for Other Doubtful	-	-	0.0	-	-
Reversal of Allowance for Doubtful Accou	0.0	-0.1	-	-	-0.1
Depreciation of Investment Properties	0.1	0.1	-	-	-
Retirement and Severance Benefits	0.2	0.5	0.5	0.5	0.4
Corporate Taxes Expense	2.2	1.7	-	-	-
Interest Expenses	2.9	0.6	-	-	-
Interest Income	-0.1	-0.4	-	-	-
Gains on Foreign Currency Translation	-0.2	-0.1	-0.1	-0.1	-0.1
Gains on Prior Period Adjustments	-	-	-	-0.1	0.0
Gain on Valuation of Call Redemption of	-0.4	-	-	-	-
Losses on Foreign Currency Translation	0.6	0.6	0.1	0.0	0.0
Loss-Currency Forwards Transaction	-	-	-	0.1	-
Loss on Valuation of Call Redemption of	-	0.0	-	-	-
Losses on Sale of Trade Receivable	-	-	0.2	-	-
Loss on Disposal of Property, Plant and	-	0.0	0.0	0.1	0.2
Loss-Disposal of Deferred Assets	0.0	0.0	0.0	-	-
Losses on Valuation of Inventories	1.4	0.0	-	0.2	-
Impairment Losses on Property, Plant and	-	-	0.7	-	-
Casualty Loss	-	-	1.0	-	-
Gains on Sale of Property, Plant and Equ	-0.1	0.0	0.0	0.0	0.0
Recovery of Losses on Valuation of Inven	-	-0.1	-0.1	-	-
Adjustment for Other Non-Cash Expense/	0.0	0.0	-	-	-
Decrease or Increase in Trade Receivable	-21.5	-0.2	-1.5	-0.8	0.6
Decrease or Increase in Other Receivable	-	-	-0.2	0.1	-0.3
Decrease or Increase in Accrued Revenues	-	-	0.0	0.0	0.0
Decrease or Increase in Long-term Trade	-	-	-	-	0.0
Decrease or Increase in Other Quick Asse	-	-	-	-	0.0
Decrease or Increase in Prepaid Expenses	-	-	0.0	0.0	0.0
Decrease or Increase in Advance Payments	-	-	0.0	0.2	-0.2
Decrease or Increase in Inventories	-19.0	-2.0	1.6	-1.8	-4.5
Decrease or Increase in Deferred Income	-	-	0.1	-0.3	-0.2
Increase or Decrease in Trade Payables	9.6	4.1	-0.3	1.2	0.4
Increase or Decrease in Other Payables	2.2	2.9	-0.4	-1.2	1.3
Lease Guarantee Deposit	-	-	0.1	0.0	0.0
Increase or Decrease in Advances from Cu	-	-	0.2	-1.6	2.2
Increase or Decrease in Withholdings	-	-	0.0	0.0	0.0
Increase or Decrease in Accrued Expenses	-	-	-0.1	0.1	0.0
Increase or Decrease in Income Taxes Pay	-	-	1.2	0.5	-1.5
Payment for Retirement and Severance Ben	-	-	-0.1	-0.4	-0.3
Plan Assets	-0.1	-1.1	-	-	-
Decrease Increase Deposits for Retiremen	0.0	0.1	0.0	0.0	-
Increase or Decrease in National Pension	-	-	-	0.0	-
Deferred Income Tax Debit, Current	-	-	-	-	0.0
Increase or Decrease in Deferred Income	-	-	-	-	0.0
Deferred Income Tax Credit, Current, A/L	-	-	-	-	0.0
Other Operating Assets & Liabilities	-0.5	0.1	-	-	-
Adjustment	0.0	-	-	-	-
Cash-Interest Received	1.2	0.4	-	-	-
Cash-Interest Paid	-3.1	-0.4	-	-	-
Cash-Tax Paid	-1.3	-2.8	-	-	-
Cash from Operating Activities	-29.1	12.0	12.6	5.2	5.0
Disposal in Current Loans	6.0	-	-	-	-
Decrease in Guarantee Deposit	0.0	4.8	-	0.0	0.0
Decrease-Deposit for Retirement Trust	-	-	-	-	0.0
Proceeds from Sale of Machinery	-	-	3.7	-	0.0
Proceeds from Sale of Vehicles	-	-	0.0	0.0	-
Disposal-Installation Equipment	-	-	1.0	-	-
Disposal of Property, Plant and Equipmen	0.2	0.0	-	-	-
Disposal of Current Financial Instrument	1.4	-	-	-	-
Disposal of Non-Current Financial Instru	-	8.7	0.8	2.5	0.1
Increase-Deposit for Retirement Trust	-	-	-	-	0.0
Increase in Deposits Provided	-0.4	-6.5	-0.5	-	-
Increase in Current Loans	-6.0	-0.9	-	-	-
Increase in Government Subsidy	0.0	-	-	-	-
Proceeds from Sale of Capital Leased Ass	-	0.0	-	-	-
Purchase of Current Financial Instrument	-	-1.3	0.0	-3.5	0.0
Purchase of Non-Current Financial Instru	-0.2	-8.6	-	-	-
Purchase of Investment Properties	-	0.0	-	-	-
Purchase of Available for sale Securitie	-	-0.7	-0.1	-	-
Purchase of Land	-	-	0.0	-	0.0
Purchase of Buildings	-	-	-0.7	-0.1	-0.3
Purchase of Structures	-	-	-0.1	-0.3	-0.7
Purchase of Tools	-	-	0.0	-0.1	-0.2
Purchase of Machinery	-	-	-0.8	-2.2	-2.1
Increase-Miscellaneous Fixtures	-	-	0.0	0.0	-0.1
Purchase of Vehicles	-	-	0.0	0.0	0.0
Increase-Installation Equipments	-	-	-0.1	-1.1	-0.1
Increase-Experimental Equipments	-	-	0.0	-	0.0
Purchase of Construction in Progress	-	-	-0.4	-0.3	-11.2
Purchase of Property, Plant and Equipmen	-11.7	-6.5	-	-	-
Purchase of Intangible Assets	-	-0.1	-	-	-
Cash Outflow from Disposal of Assets	-	-34.5	-	-	-
Cash from Investing Activities	-10.7	-45.7	2.8	-4.9	-14.7
Proceeds from Short-term Borrowings	155.8	31.3	15.3	12.0	8.6
Inc-ST Borrowings from Employees	-	-	-	1.5	0.8
Proceeds from Long-term Borrowings	-	-	-	2.0	3.0
Issuance-Bond with Warrant	-	8.5	-	-	-
Repayments of Short-term Borrowings	-110.8	-22.9	-31.1	-9.6	-3.2
Decrease-ST Borrowings form Employees	-	-	-1.3	-1.5	0.0
Repayments of Current Portion of Long-te	-0.9	-0.6	-0.3	-0.2	-0.1
Decrease in Capital Lease Liabilities	-2.9	-	-	-	-
Capital Increase	-	20.2	-	-	-
Increase in Rental Guarantee Deposits	-	0.0	-	-	-
Decrease in Rental Guarantee Deposits	0.0	0.0	-	-	-
Dividend Paid	-0.3	-	-	-	-
Purchase of Treasury Stock	-	-0.9	-	-	-
Cash from Financing Activities	40.8	35.7	-17.4	4.1	9.0
Foreign Exchange Effects	0.0	0.0	-	-	-
Net Change in Cash	1.1	1.9	-2.1	4.5	-0.7
Cash and Cash Equivalent at Beginning	4.6	2.5	4.3	0.5	1.4
Cash and Cash Equivalent at End	5.7	4.4	2.2	5.0	0.6
Cash Interest Paid	3.1	0.4	-	-	-
Cash Taxes Paid	1.3	2.8	-	-	-

Financial Health

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Key Indicators USD (mil)
Â	Quarter Ending 31-Dec-2011	Quarter Ending Yr Ago	Annual Year End 31-Dec-2011	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1 (?)	188.3	159.29%	188.3	159.29%	44.18%	29.44%
Research & Development1 (?)	-	-	0.2	17.32%	-4.48%	-2.14%
Operating Income1 (?)	-3.2	-	-3.2	-	-	-
Income Available to Common Excl Extraord Items1 (?)	-3.5	-	-3.5	-	-	-
Basic EPS Excl Extraord Items1 (?)	-0.67	-	-0.67	-	-	-
Capital Expenditures2 (?)	11.7	70.93%	11.7	70.93%	42.73%	-10.25%
Cash from Operating Activities2 (?)	-29.1	-	-29.1	-	-	-
Free Cash Flow (?)	-39.2	-	-39.2	-	-	-
Total Assets3 (?)	162.1	45.28%	162.1	39.25%	41.37%	32.97%
Total Liabilities3 (?)	100.8	120.17%	100.8	97.45%	46.23%	38.43%
Total Long Term Debt3 (?)	7.9	-25.55%	7.9	-25.55%	22.64%	73.38%
Employees3 (?)	-	-	219	-6.81%	-0.45%	7.02%
Total Common Shares Outstanding3 (?)	5.3	0.00%	5.3	0.00%	9.87%	5.81%
1-ExchangeRate: KRW to USD Average for Period	1107.891393	Â	1107.891393	Â	Â	Â
2-ExchangeRate: KRW to USD Average for Period	1107.891393	Â	1107.891393	Â	Â	Â
3-ExchangeRate: KRW to USD Period End Date	1152.000000	Â	1152.000000	Â	Â	Â

Utility Industry Specific USD (mil)
Â	31-Dec-2011	31-Dec-2010	31-Dec-2009
Deferred Charges3 (?)	0.1	0.1	0.1
3-ExchangeRate: KRW to USD Period End Date	1152.000000	1134.900000	1164.475000

Key Ratios
Â	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Profitability
Gross Margin (?)	3.34%	22.32%	26.90%	17.97%	18.60%
Operating Margin (?)	-1.69%	12.53%	17.26%	7.35%	6.47%
Pretax Margin (?)	-2.60%	11.21%	14.86%	6.73%	5.31%
Net Profit Margin (?)	-1.88%	8.92%	10.62%	6.04%	4.80%
Financial Strength
Current Ratio (?)	0.74	0.89	1.78	0.75	0.51
Long Term Debt/Equity (?)	0.13	0.16	0.27	0.17	0.13
Total Debt/Equity (?)	1.14	0.45	0.35	0.95	0.92
Management Effectiveness
Return on Assets (?)	-4.88%	7.33%	12.85%	6.75%	5.22%
Return on Equity (?)	-5.38%	12.78%	24.35%	15.63%	11.49%
Efficiency
Receivables Turnover (?)	7.96	7.22	11.00	12.31	10.46
Inventory Turnover (?)	9.32	6.08	5.61	5.72	6.54
Asset Turnover (?)	1.30	0.83	1.21	1.12	1.09

Market Valuation USD (mil)
Enterprise Value2 (?)	96.9	.	Price/Sales (TTM) (?)	0.18
Enterprise Value/Revenue (TTM) (?)	0.54	.	Price/Book (MRQ) (?)	0.54
Enterprise Value/EBITDA (TTM) (?)	239.95	.	Market Cap1 (?)	35.5
1-ExchangeRate: KRW to USD on 15-Feb-2013	1084.920935
2-ExchangeRate: KRW to USD on 31-Dec-2011	1152.000000

Annual Ratios

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
Financial Strength
Current Ratio (?)	0.74	0.89	1.78	0.75	0.51
Quick/Acid Test Ratio (?)	0.43	0.57	0.95	0.39	0.20
Working Capital1 (?)	-23.7	-3.5	7.4	-6.4	-15.4
Long Term Debt/Equity (?)	0.13	0.16	0.27	0.17	0.13
Total Debt/Equity (?)	1.14	0.45	0.35	0.95	0.92
Long Term Debt/Total Capital (?)	0.06	0.11	0.20	0.09	0.07
Total Debt/Total Capital (?)	0.53	0.31	0.26	0.49	0.48
Payout Ratio (?)	-27.01%	14.65%	0.00%	0.00%	0.00%
Effective Tax Rate (?)	-	21.55%	28.53%	10.28%	9.70%
Total Capital1 (?)	131.4	96.2	42.8	44.9	50.9
Efficiency
Asset Turnover (?)	1.30	0.83	1.21	1.12	1.09
Inventory Turnover (?)	9.32	6.08	5.61	5.72	6.54
Days In Inventory (?)	39.15	60.08	65.09	63.78	55.77
Receivables Turnover (?)	7.96	7.22	11.00	12.31	10.46
Days Receivables Outstanding (?)	45.88	50.56	33.17	29.65	34.90
Revenue/Employee2 (?)	827,052	301,731	316,993	248,976	187,430
Operating Income/Employee2 (?)	-14,010	37,820	54,702	18,312	12,119
EBITDA/Employee2 (?)	1,845	44,759	73,719	37,026	24,697
Profitability
Gross Margin (?)	3.34%	22.32%	26.90%	17.97%	18.60%
Operating Margin (?)	-1.69%	12.53%	17.26%	7.35%	6.47%
EBITDA Margin (?)	0.22%	14.83%	23.26%	14.87%	13.18%
EBIT Margin (?)	-1.69%	12.53%	17.26%	7.35%	6.47%
Pretax Margin (?)	-2.60%	11.21%	14.86%	6.73%	5.31%
Net Profit Margin (?)	-1.88%	8.92%	10.62%	6.04%	4.80%
R&D Expense/Revenue (?)	0.10%	0.21%	0.39%	0.33%	0.67%
COGS/Revenue (?)	96.66%	77.68%	73.10%	82.03%	81.40%
SG&A Expense/Revenue (?)	4.49%	8.52%	9.06%	9.93%	10.70%
Management Effectiveness
Return on Assets (?)	-4.88%	7.33%	12.85%	6.75%	5.22%
Return on Equity (?)	-5.38%	12.78%	24.35%	15.63%	11.49%
Valuation
Free Cash Flow/Share2 (?)	-7.38	1.04	2.86	0.26	-2.45
Operating Cash Flow/Share 2 (?)	-5.27	2.30	3.44	1.14	1.23
1-ExchangeRate: KRW to USD Period End Date	1152	1134.9	1164.475	1259.55	936.05
2-ExchangeRate: KRW to USD Average for Period	1152	1134.9	1164.475	1259.55	936.05

Current Market Multiples
Market Cap/Earnings (TTM) (?)	-9.80
Market Cap/Equity (MRQ) (?)	0.54
Market Cap/Revenue (TTM) (?)	0.18
Market Cap/EBIT (TTM) (?)	-10.89
Market Cap/EBITDA (TTM) (?)	82.73
Enterprise Value/Earnings (TTM) (?)	-28.42
Enterprise Value/Equity (MRQ) (?)	1.58
Enterprise Value/Revenue (TTM) (?)	0.54
Enterprise Value/EBIT (TTM) (?)	-31.59
Enterprise Value/EBITDA (TTM) (?)	239.95

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.71
UK Pound	1	Rs.82.79
Euro	1	Rs.71.43

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.