MIRA
INFORM REPORT
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Report Date : |
23.03.2013 |
IDENTIFICATION DETAILS
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Name : |
COSMO CHEMICAL CO., LTD. |
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Formerly Known as: |
Hankook Titanium Industrial Co Ltd |
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Registered Office : |
5F, Cosmos Building, 1534-5, Seocho-Dong, Seocho-Gu, Seoul, 137070 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
12.02.1968 |
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Legal Form : |
Public Independent Company |
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Line of Business : |
manufacturer of titanium dioxides. |
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No. of Employees : |
316 |
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 : |
Usually Correct |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 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 & address
Cosmo Chemical Co., Ltd.
5F, Cosmos Building
1534-5, Seocho-Dong
Seocho-Gu
Seoul, 137070
Korea, Republic of
Tel: 82-32-4516100
Fax: 82-32-4516119
Web: www.cosmochem.com
Synthesis
Employees: 316
Company Type: Public Independent
Traded: Korea Stock Exchange: 005420
Incorporation Date:
12-Feb-1968
Auditor: Jungil Accounting Corp
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2011
Reporting Currency: South
Korean Won
Annual Sales: 155.6
1
Net Income: 12.6
Total Assets: 458.0
2
Market Value: 93.4 (28-Feb-2013)
Business Description
COSMO CHEMICAL CO., LTD. is a Korea-based company mainly engaged in the
manufacture of titanium dioxides. The Company produces titanium dioxides, which
are used in rubbers, papers, resins, paints, bricks, electronic components,
multi layer ceramic capacitors (MLCCs), catalysts and others. It also provides
by-products, cobalt sulfates, ferrous sulfates, poly ferric sulfates, ferrous
sulfate solutions, gypsums and others, which are used in wastewater treatment,
rechargeable batteries, construction and other industrial uses. The Company
distributes its products within domestic market and to overseas markets. For
the nine months ended 30 September 2012, Cosmo Chemical Co., Ltd. revenues
increased 13% to W139.46B. Net loss totaled W5.23B vs. income of W12.85B.
Revenues reflect Sales Revenue increase of 57% to W139.46B. Net loss reflects
Other Non-Operating Expense/Loss decrease from W367.4M (income) to W6.2B
(expense), Selling and Administrative Expenses increase of 49% to W14.98B
(expense).
Industry
Industry Chemical Manufacturing
ANZSIC 2006: 1813 - Basic
Inorganic Chemical Manufacturing
NACE 2002: 2413 - Manufacture
of other inorganic basic chemicals
NAICS 2002: 325188 - All Other
Basic Inorganic Chemical 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
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Name |
Title |
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President, Chief Executive Officer, Director |
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Chairman of the Board |
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Managing Director |
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Non-Executive Independent Director |
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Non-Executive Independent Director |
News
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Title |
Date |
|
Lithium Ion
Battery Materials Market Report With Forecasts Up to 2022 |
14-Mar-2013 |
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Lithium Ion
Battery Materials: Including Cathode, Anode, Separator, Electrolyte -
2012-2022 Analysis and Forecasts |
1-Jul-2012 |
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Financial Summary
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Stock Snapshot
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1 - Profit & Loss Item Exchange Rate: USD 1 = KRW 1107.891
2 - Balance Sheet Item Exchange Rate: USD 1 = KRW 1152
Corporate Overview
Location
5F, Cosmos Building
1534-5, Seocho-Dong
Seocho-Gu
Seoul, 137070
Korea, Republic of
Tel: 82-32-4516100
Fax: 82-32-4516119
Web: www.cosmochem.com
Quote Symbol - Exchange
005420 - Korea
Stock Exchange
Sales KRW(mil): 172,362.8
Assets KRW(mil): 527,599.8
Employees: 316
Fiscal Year End: 31-Dec-2011
Industry: Chemical Manufacturing
Incorporation Date: 12-Feb-1968
Company Type: Public Independent
Quoted Status: Quoted
Previous Name: Hankook Titanium Industrial Co Ltd
President, Chief
Executive Officer, Director:
Jae Hyeon Baek
Industry Codes
ANZSIC 2006 Codes:
1813 - Basic Inorganic Chemical Manufacturing
NACE 2002 Codes:
2413 - Manufacture of other inorganic basic chemicals
NAICS 2002 Codes:
325188 - All Other Basic Inorganic Chemical Manufacturing
US SIC 1987:
2819 - Industrial Inorganic Chemicals, Not Elsewhere Classified
UK SIC 2003:
2413 - Manufacture of other inorganic basic chemicals
UK SIC 2007:
2013 - Manufacture of other inorganic basic chemicals
Business
Description
COSMO CHEMICAL
CO., LTD. is a Korea-based company mainly engaged in the manufacture of
titanium dioxides. The Company produces titanium dioxides, which are used in
rubbers, papers, resins, paints, bricks, electronic components, multi layer
ceramic capacitors (MLCCs), catalysts and others. It also provides by-products,
cobalt sulfates, ferrous sulfates, poly ferric sulfates, ferrous sulfate
solutions, gypsums and others, which are used in wastewater treatment,
rechargeable batteries, construction and other industrial uses. The Company
distributes its products within domestic market and to overseas markets. For
the nine months ended 30 September 2012, Cosmo Chemical Co., Ltd. revenues
increased 13% to W139.46B. Net loss totaled W5.23B vs. income of W12.85B.
Revenues reflect Sales Revenue increase of 57% to W139.46B. Net loss reflects
Other Non-Operating Expense/Loss decrease from W367.4M (income) to W6.2B
(expense), Selling and Administrative Expenses increase of 49% to W14.98B
(expense).
More Business
Descriptions
Manufacture of titanium dioxide, sulphuric acids and ferrous sulfates
All Other Chemical Product and Preparation Manufacturing
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Executive report
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Board of
Directors |
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Chairman of the Board |
Chairman |
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President, Chief Executive Officer, Director |
Director/Board Member |
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Non-Executive Independent Director |
Director/Board Member |
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Non-Executive Independent Director |
Director/Board Member |
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Managing Director |
Director/Board Member |
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Non-Executive Independent Director |
Director/Board Member |
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Non-Executive Independent Director |
Director/Board Member |
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Executives |
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President, Chief Executive Officer, Director |
Chief Executive Officer |
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Managing Director |
Managing Director |
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Managing Director |
Managing Director |
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Annual
Income Statement
Financials in: USD (mil),
Except for share items (millions) and per share items (actual units),
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31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
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Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
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UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
Updated Normal |
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Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
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Exchange Rate
(Period Average) |
1107.891393 |
1156.281981 |
1276.385219 |
1100.562842 |
929.183333 |
|
Auditor |
Jungil
Accounting Corp |
Jungil
Accounting Corp |
Jungil
Accounting Corp |
Jungil
Accounting Corp |
Jungil
Accounting Corp |
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Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
Unqualified |
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Net Sales |
155.1 |
107.9 |
86.6 |
94.2 |
92.4 |
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Revenue |
155.1 |
107.9 |
86.6 |
94.2 |
92.4 |
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Other Revenue |
0.5 |
- |
- |
- |
0.8 |
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Other Revenue, Total |
0.5 |
- |
- |
- |
0.8 |
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Total Revenue |
155.6 |
107.9 |
86.6 |
94.2 |
93.1 |
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Cost of Revenue |
117.6 |
86.3 |
70.3 |
85.4 |
96.3 |
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Cost of Revenue, Total |
117.6 |
86.3 |
70.3 |
85.4 |
96.3 |
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Gross Profit |
37.5 |
21.6 |
16.3 |
8.8 |
-4.0 |
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Selling/General/Administrative Expense |
14.0 |
13.0 |
8.4 |
7.8 |
6.5 |
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Labor & Related Expense |
4.8 |
3.4 |
2.7 |
3.2 |
3.5 |
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Advertising Expense |
0.0 |
0.0 |
0.0 |
0.0 |
0.3 |
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Total Selling/General/Administrative Expenses |
18.7 |
16.4 |
11.1 |
11.0 |
10.3 |
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Research & Development |
0.0 |
0.1 |
0.1 |
0.1 |
0.4 |
|
Depreciation |
0.0 |
0.0 |
0.1 |
0.1 |
0.2 |
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Amortization of Intangibles |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Depreciation/Amortization |
0.1 |
0.0 |
0.1 |
0.1 |
0.2 |
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Total Operating Expense |
136.4 |
102.7 |
81.6 |
96.6 |
107.2 |
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Operating Income |
19.1 |
5.1 |
5.0 |
-2.4 |
-14.1 |
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Interest Expense -
Non-Operating |
-8.3 |
-6.3 |
-4.6 |
-6.3 |
-6.0 |
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Interest Expense, Net Non-Operating |
-8.3 |
-6.3 |
-4.6 |
-6.3 |
-6.0 |
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Interest Income -
Non-Operating |
2.3 |
1.9 |
0.4 |
0.8 |
0.8 |
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Investment Income -
Non-Operating |
-1.2 |
25.8 |
- |
- |
-1.7 |
|
Interest/Investment Income - Non-Operating |
1.1 |
27.7 |
0.4 |
0.8 |
-0.9 |
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Interest Income (Expense) - Net Non-Operating Total |
-7.2 |
21.4 |
-4.2 |
-5.4 |
-6.9 |
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Gain (Loss) on Sale of Assets |
0.0 |
0.0 |
- |
- |
0.0 |
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Other Non-Operating Income (Expense) |
0.6 |
0.3 |
0.9 |
2.5 |
2.1 |
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Other, Net |
0.6 |
0.3 |
0.9 |
2.5 |
2.1 |
|
Income Before Tax |
12.6 |
26.7 |
1.7 |
-5.4 |
-18.9 |
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|
|
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|
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Total Income Tax |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Income After Tax |
12.6 |
26.7 |
1.7 |
-5.4 |
-18.9 |
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|
|
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Net Income Before Extraord Items |
12.6 |
26.7 |
1.7 |
-5.4 |
-18.9 |
|
Net Income |
12.6 |
26.7 |
1.7 |
-5.4 |
-18.9 |
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Income Available to Common Excl Extraord Items |
12.6 |
26.7 |
1.7 |
-5.4 |
-18.9 |
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|
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Income Available to Common Incl Extraord Items |
12.6 |
26.7 |
1.7 |
-5.4 |
-18.9 |
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Basic/Primary Weighted Average Shares |
12.0 |
11.0 |
11.0 |
11.0 |
10.9 |
|
Basic EPS Excl Extraord Items |
1.05 |
2.44 |
0.16 |
-0.49 |
-1.73 |
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Basic/Primary EPS Incl Extraord Items |
1.05 |
2.44 |
0.16 |
-0.49 |
-1.73 |
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Dilution Adjustment |
0.8 |
0.0 |
0.0 |
0.0 |
- |
|
Diluted Net Income |
13.4 |
26.7 |
1.7 |
-5.4 |
-18.9 |
|
Diluted Weighted Average Shares |
13.9 |
11.0 |
11.0 |
11.0 |
10.9 |
|
Diluted EPS Excl Extraord Items |
0.97 |
2.44 |
0.16 |
-0.49 |
-1.73 |
|
Diluted EPS Incl Extraord Items |
0.97 |
2.44 |
0.16 |
-0.49 |
-1.73 |
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Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest Expense, Supplemental |
8.3 |
6.3 |
4.6 |
6.3 |
6.0 |
|
Depreciation, Supplemental |
12.1 |
9.6 |
8.6 |
9.9 |
13.1 |
|
Total Special Items |
0.0 |
0.0 |
- |
- |
0.0 |
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Normalized Income Before Tax |
12.6 |
26.7 |
1.7 |
-5.4 |
-18.9 |
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|
|
|
|
|
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Effect of Special Items on Income Taxes |
0.0 |
0.0 |
- |
- |
0.0 |
|
Inc Tax Ex Impact of Sp Items |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized Income After Tax |
12.6 |
26.7 |
1.7 |
-5.4 |
-18.9 |
|
|
|
|
|
|
|
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Normalized Inc. Avail to Com. |
12.6 |
26.7 |
1.7 |
-5.4 |
-18.9 |
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|
|
|
|
|
|
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Basic Normalized EPS |
1.05 |
2.44 |
0.16 |
-0.49 |
-1.73 |
|
Diluted Normalized EPS |
0.96 |
2.44 |
0.16 |
-0.49 |
-1.73 |
|
Amort of Intangibles, Supplemental |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Rental Expenses |
1.0 |
0.6 |
0.2 |
0.1 |
0.1 |
|
Advertising Expense, Supplemental |
0.0 |
0.0 |
0.0 |
0.0 |
0.3 |
|
Research & Development Exp, Supplemental |
0.0 |
0.1 |
0.1 |
0.1 |
0.4 |
|
Normalized EBIT |
19.1 |
5.1 |
5.0 |
-2.4 |
-14.1 |
|
Normalized EBITDA |
31.3 |
14.8 |
13.6 |
7.5 |
-1.0 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate |
1152 |
1134.9 |
1164.475 |
1259.55 |
936.05 |
|
Auditor |
Jungil
Accounting Corp |
Jungil
Accounting Corp |
Jungil
Accounting Corp |
Jungil
Accounting Corp |
Jungil
Accounting Corp |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
1.0 |
0.8 |
0.7 |
0.1 |
0.4 |
|
Short Term Investments |
6.7 |
- |
0.8 |
4.4 |
5.8 |
|
Cash and Short Term Investments |
7.7 |
0.8 |
1.5 |
4.4 |
6.1 |
|
Accounts Receivable -
Trade, Gross |
14.7 |
9.4 |
8.9 |
6.7 |
11.3 |
|
Provision for Doubtful
Accounts |
-0.5 |
-0.6 |
-0.6 |
-0.5 |
-1.3 |
|
Trade Accounts Receivable - Net |
14.5 |
8.8 |
8.4 |
6.3 |
10.1 |
|
Other Receivables |
25.1 |
27.4 |
3.6 |
4.6 |
5.7 |
|
Total Receivables, Net |
39.7 |
36.3 |
11.9 |
10.8 |
15.8 |
|
Inventories - Finished Goods |
11.0 |
2.6 |
2.5 |
8.0 |
3.0 |
|
Inventories - Work In Progress |
5.1 |
5.7 |
3.4 |
2.0 |
1.2 |
|
Inventories - Raw Materials |
29.8 |
2.8 |
3.3 |
5.1 |
1.0 |
|
Inventories - Other |
5.6 |
3.9 |
1.3 |
0.3 |
0.7 |
|
Total Inventory |
51.6 |
15.0 |
10.5 |
15.5 |
5.9 |
|
Prepaid Expenses |
5.4 |
3.4 |
- |
- |
1.5 |
|
Other Current Assets |
- |
- |
2.2 |
1.4 |
- |
|
Other Current Assets, Total |
- |
- |
2.2 |
1.4 |
- |
|
Total Current Assets |
104.3 |
55.4 |
26.1 |
32.1 |
29.3 |
|
|
|
|
|
|
|
|
Buildings |
69.6 |
53.1 |
33.0 |
31.9 |
62.9 |
|
Land/Improvements |
184.4 |
187.2 |
182.4 |
168.7 |
30.0 |
|
Machinery/Equipment |
256.9 |
220.7 |
43.8 |
44.9 |
255.4 |
|
Construction in
Progress |
- |
15.1 |
2.8 |
0.7 |
0.8 |
|
Other
Property/Plant/Equipment |
4.8 |
4.5 |
0.7 |
0.8 |
- |
|
Property/Plant/Equipment - Gross |
515.7 |
480.6 |
262.8 |
247.0 |
349.1 |
|
Accumulated Depreciation |
-217.0 |
-208.7 |
-9.4 |
-8.7 |
-218.2 |
|
Property/Plant/Equipment - Net |
298.7 |
271.9 |
253.4 |
238.3 |
130.9 |
|
Intangibles, Net |
2.5 |
1.2 |
1.2 |
1.1 |
- |
|
LT Investment - Affiliate Companies |
46.7 |
48.5 |
9.6 |
9.5 |
7.0 |
|
LT Investments - Other |
5.6 |
5.6 |
5.3 |
0.4 |
0.4 |
|
Long Term Investments |
52.2 |
54.1 |
15.0 |
9.9 |
7.4 |
|
Note Receivable - Long Term |
- |
- |
- |
- |
0.3 |
|
Other Long Term Assets |
0.2 |
0.3 |
0.4 |
0.6 |
2.4 |
|
Other Long Term Assets, Total |
0.2 |
0.3 |
0.4 |
0.6 |
2.4 |
|
Total Assets |
458.0 |
383.0 |
296.1 |
282.0 |
170.3 |
|
|
|
|
|
|
|
|
Accounts Payable |
19.6 |
8.9 |
16.0 |
11.4 |
5.3 |
|
Accrued Expenses |
8.3 |
6.2 |
- |
- |
4.8 |
|
Notes Payable/Short Term Debt |
86.2 |
66.7 |
53.3 |
56.0 |
74.2 |
|
Current Portion - Long Term Debt/Capital Leases |
1.7 |
12.0 |
- |
- |
- |
|
Customer Advances |
0.4 |
0.6 |
- |
- |
0.1 |
|
Security Deposits |
0.0 |
0.0 |
- |
- |
0.1 |
|
Other Payables |
5.6 |
6.9 |
5.5 |
6.2 |
9.3 |
|
Other Current Liabilities |
1.5 |
1.1 |
1.3 |
0.4 |
0.1 |
|
Other Current liabilities, Total |
7.5 |
8.6 |
6.8 |
6.6 |
9.7 |
|
Total Current Liabilities |
123.4 |
102.5 |
76.1 |
74.0 |
94.0 |
|
|
|
|
|
|
|
|
Long Term Debt |
67.2 |
36.9 |
10.3 |
9.5 |
- |
|
Total Long Term Debt |
67.2 |
36.9 |
10.3 |
9.5 |
0.0 |
|
Total Debt |
155.1 |
115.6 |
63.6 |
65.6 |
74.2 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
36.7 |
37.3 |
36.3 |
33.6 |
- |
|
Deferred Income Tax |
36.7 |
37.3 |
36.3 |
33.6 |
- |
|
Reserves |
1.8 |
2.0 |
1.8 |
2.8 |
4.0 |
|
Pension Benefits - Underfunded |
2.3 |
3.8 |
3.8 |
3.6 |
6.2 |
|
Other Long Term Liabilities |
5.4 |
6.9 |
8.9 |
13.4 |
26.1 |
|
Other Liabilities, Total |
9.5 |
12.7 |
14.5 |
19.8 |
36.3 |
|
Total Liabilities |
236.8 |
189.4 |
137.3 |
136.9 |
130.3 |
|
|
|
|
|
|
|
|
Common Stock |
56.9 |
48.5 |
47.2 |
43.7 |
58.2 |
|
Common Stock |
56.9 |
48.5 |
47.2 |
43.7 |
58.2 |
|
Additional Paid-In Capital |
20.6 |
11.8 |
8.3 |
7.7 |
- |
|
Retained Earnings (Accumulated Deficit) |
12.6 |
0.8 |
-25.7 |
-25.6 |
-29.6 |
|
Treasury Stock - Common |
-0.2 |
-0.2 |
- |
- |
0.0 |
|
Unrealized Gain (Loss) |
4.9 |
4.7 |
- |
- |
0.0 |
|
Other Equity |
126.4 |
128.1 |
129.0 |
119.4 |
11.4 |
|
Other Equity, Total |
126.4 |
128.1 |
129.0 |
119.4 |
11.4 |
|
Total Equity |
221.1 |
193.7 |
158.8 |
145.1 |
40.0 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
458.0 |
383.0 |
296.1 |
282.0 |
170.3 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
13.1 |
11.0 |
11.0 |
11.0 |
10.9 |
|
Total Common Shares Outstanding |
13.1 |
11.0 |
11.0 |
11.0 |
10.9 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Employees |
315 |
267 |
258 |
246 |
260 |
|
Number of Common Shareholders |
- |
2,917 |
1,986 |
2,064 |
2,017 |
|
Deferred Revenue - Current |
0.4 |
0.6 |
0.2 |
- |
0.3 |
|
Total Long Term Debt, Supplemental |
24.8 |
25.2 |
25.7 |
- |
- |
|
Long Term Debt Maturing within 1 Year |
1.7 |
12.0 |
6.0 |
- |
- |
|
Long Term Debt Maturing in Year 2 |
22.7 |
6.1 |
14.4 |
- |
- |
|
Long Term Debt Maturing in Year 3 |
- |
7.2 |
3.5 |
- |
- |
|
Long Term Debt Maturing in 2-3 Years |
22.7 |
13.3 |
18.0 |
- |
- |
|
Long Term Debt Matur. in Year 6 & Beyond |
0.4 |
0.0 |
1.7 |
- |
- |
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 |
Updated Normal |
Updated Normal |
Reclassified
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 |
Jungil
Accounting Corp |
Jungil
Accounting Corp |
Jungil Accounting
Corp |
Jungil
Accounting Corp |
Jungil
Accounting Corp |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
12.6 |
26.7 |
1.7 |
-5.4 |
-18.9 |
|
Depreciation |
12.1 |
9.6 |
8.5 |
9.8 |
13.1 |
|
Depreciation/Depletion |
12.1 |
9.6 |
8.5 |
9.8 |
13.1 |
|
Amortization of Intangibles |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Amortization |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Unusual Items |
0.0 |
0.0 |
0.0 |
-4.0 |
0.1 |
|
Equity in Net Earnings (Loss) |
0.9 |
-25.9 |
0.6 |
1.4 |
1.6 |
|
Other Non-Cash Items |
9.1 |
7.0 |
5.2 |
6.6 |
2.1 |
|
Non-Cash Items |
10.0 |
-19.0 |
5.8 |
4.0 |
3.7 |
|
Accounts Receivable |
-6.0 |
-0.2 |
-1.5 |
1.8 |
3.4 |
|
Inventories |
-38.4 |
-1.2 |
5.7 |
-12.8 |
4.5 |
|
Prepaid Expenses |
- |
0.0 |
0.0 |
0.0 |
0.7 |
|
Other Assets |
-1.9 |
-3.7 |
-0.7 |
-0.3 |
- |
|
Accounts Payable |
11.2 |
1.2 |
0.5 |
2.8 |
-7.4 |
|
Accrued Expenses |
2.0 |
1.2 |
0.4 |
0.5 |
0.6 |
|
Other Liabilities |
-6.7 |
-2.1 |
-1.4 |
-2.5 |
-4.0 |
|
Other Operating Cash Flow |
-4.7 |
-3.6 |
-3.4 |
-4.7 |
- |
|
Changes in Working Capital |
-44.4 |
-8.3 |
-0.4 |
-15.1 |
-2.2 |
|
Cash from Operating Activities |
-9.6 |
9.1 |
15.6 |
-6.7 |
-4.2 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-42.7 |
-21.0 |
-4.6 |
-3.8 |
-16.8 |
|
Purchase/Acquisition of Intangibles |
-1.3 |
-0.6 |
- |
0.0 |
- |
|
Capital Expenditures |
-44.0 |
-21.5 |
-4.6 |
-3.8 |
-16.8 |
|
Sale of Fixed Assets |
0.1 |
0.1 |
0.0 |
5.3 |
0.0 |
|
Sale/Maturity of Investment |
0.2 |
1.6 |
5.0 |
5.2 |
20.0 |
|
Purchase of Investments |
-7.0 |
-12.0 |
-5.8 |
-4.9 |
-17.8 |
|
Other Investing Cash Flow |
2.1 |
-23.5 |
1.6 |
0.8 |
0.1 |
|
Other Investing Cash Flow Items, Total |
-4.7 |
-33.8 |
0.8 |
6.3 |
2.3 |
|
Cash from Investing Activities |
-48.7 |
-55.3 |
-3.8 |
2.4 |
-14.5 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
4.5 |
1.2 |
-0.7 |
3.1 |
49.1 |
|
Financing Cash Flow Items |
4.5 |
1.2 |
-0.7 |
3.1 |
49.1 |
|
Sale/Issuance of
Common |
0.3 |
- |
- |
- |
- |
|
Common Stock, Net |
0.3 |
- |
- |
- |
- |
|
Warrants Converted |
11.5 |
- |
- |
- |
- |
|
Issuance (Retirement) of Stock, Net |
11.8 |
- |
- |
- |
- |
|
Short Term Debt Issued |
80.8 |
115.6 |
78.2 |
104.1 |
133.7 |
|
Short Term Debt
Reduction |
-70.3 |
-103.8 |
-84.8 |
-102.8 |
-118.3 |
|
Short Term Debt, Net |
10.5 |
11.8 |
-6.7 |
1.3 |
15.3 |
|
Long Term Debt Issued |
38.7 |
39.8 |
- |
10.9 |
5.3 |
|
Long Term Debt
Reduction |
-6.8 |
-6.4 |
-3.9 |
-11.3 |
-51.8 |
|
Long Term Debt, Net |
31.9 |
33.4 |
-3.9 |
-0.4 |
-46.5 |
|
Issuance (Retirement) of Debt, Net |
42.3 |
45.1 |
-10.6 |
0.9 |
-31.2 |
|
Cash from Financing Activities |
58.5 |
46.4 |
-11.3 |
4.0 |
18.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.1 |
0.0 |
0.0 |
0.0 |
- |
|
Net Change in Cash |
0.2 |
0.1 |
0.6 |
-0.2 |
-0.8 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
0.9 |
0.7 |
0.1 |
0.3 |
1.2 |
|
Net Cash - Ending Balance |
1.0 |
0.8 |
0.6 |
0.1 |
0.4 |
|
Cash Interest Paid |
6.7 |
5.1 |
3.8 |
5.0 |
- |
|
Cash Taxes Paid |
0.0 |
0.4 |
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 |
Updated Normal |
Updated Normal |
Restated 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 |
Jungil
Accounting Corp |
Jungil
Accounting Corp |
Jungil
Accounting Corp |
Jungil
Accounting Corp |
Jungil
Accounting Corp |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Sales Revenue |
- |
- |
86.6 |
94.2 |
- |
|
Sales Revenue of Finished Goods |
148.5 |
106.1 |
- |
- |
88.9 |
|
Sales Revenue of Merchandises |
6.6 |
1.7 |
- |
- |
3.4 |
|
Other Revenue |
0.5 |
- |
- |
- |
0.8 |
|
Total Revenue |
155.6 |
107.9 |
86.6 |
94.2 |
93.1 |
|
|
|
|
|
|
|
|
Cost of Revenue |
117.6 |
- |
70.3 |
85.4 |
96.3 |
|
Cost of Finished Goods Sold |
- |
84.4 |
- |
- |
- |
|
Cost of Merchandises Sold |
- |
1.8 |
- |
- |
- |
|
Salaries & Wages |
3.5 |
2.6 |
2.1 |
2.4 |
2.6 |
|
Retirement Allowance |
0.7 |
0.4 |
0.3 |
0.4 |
0.4 |
|
Employee Benefits |
0.6 |
0.4 |
0.3 |
0.5 |
0.5 |
|
Travel Expenses |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Communication Exp. |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Utility Expenses |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Taxes and Dues |
0.1 |
0.1 |
0.1 |
0.1 |
0.4 |
|
Repair Expenses |
0.0 |
0.0 |
0.1 |
0.0 |
0.0 |
|
Insurance Expenses |
0.2 |
0.1 |
0.1 |
0.1 |
0.2 |
|
Entertainment |
0.3 |
0.3 |
0.2 |
0.2 |
0.3 |
|
Shipping/Handling |
6.6 |
5.6 |
3.6 |
2.9 |
2.6 |
|
Commissions Paid |
2.8 |
3.9 |
2.3 |
1.8 |
1.4 |
|
Provision-Bad Debt |
0.2 |
- |
0.0 |
0.3 |
- |
|
Consumable Expense |
0.6 |
0.5 |
0.2 |
0.1 |
0.5 |
|
Transportation Equip |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Publishing Expenses |
0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Education & Training |
0.3 |
0.2 |
0.1 |
0.2 |
0.1 |
|
Environment Maintainance Expenses |
0.0 |
0.0 |
0.0 |
0.3 |
0.3 |
|
Warranty Expenses of Construction Contra |
0.0 |
0.2 |
0.0 |
- |
- |
|
Sample Expense |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Labor Services |
0.3 |
0.3 |
0.2 |
0.3 |
0.3 |
|
Packaging Expense |
1.0 |
0.9 |
0.9 |
1.0 |
- |
|
Miscellaneous Operating Expense |
- |
- |
- |
0.0 |
0.0 |
|
Conference Expense |
0.0 |
0.0 |
- |
- |
- |
|
Rent Paid |
1.0 |
0.6 |
0.2 |
0.1 |
0.1 |
|
Advertising Expenses |
0.0 |
0.0 |
0.0 |
0.0 |
0.3 |
|
Depreciation Expense |
0.0 |
0.0 |
0.1 |
0.1 |
0.2 |
|
Amortization of Intangible Assets |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Research & Develop. |
0.0 |
0.1 |
0.1 |
0.1 |
0.4 |
|
Total Operating Expense |
136.4 |
102.7 |
81.6 |
96.6 |
107.2 |
|
|
|
|
|
|
|
|
Interest Income |
2.3 |
1.9 |
0.4 |
0.8 |
0.8 |
|
Dividend Income |
0.1 |
0.0 |
- |
- |
0.0 |
|
Gains on Foreign Currency Transactions |
1.2 |
0.9 |
- |
- |
0.3 |
|
Gains on Foreign Currency Translation |
0.0 |
0.0 |
- |
- |
0.0 |
|
Gain Disposal Assets |
0.0 |
0.0 |
- |
- |
0.0 |
|
Recapture Doubt Acct |
0.2 |
0.0 |
- |
- |
1.8 |
|
Miscellaneous Income |
0.5 |
0.3 |
- |
- |
0.5 |
|
Recovery of Provisions for Environment M |
0.2 |
0.1 |
- |
- |
- |
|
Other Non-Operating Revenues |
- |
- |
0.9 |
2.5 |
- |
|
Interest Expenses |
-8.3 |
-6.3 |
-4.6 |
-6.3 |
-6.0 |
|
Losses on Foreign Currency Transactions |
-1.3 |
-1.2 |
- |
- |
-0.3 |
|
Losses on Foreign Currency Translation |
-0.2 |
0.0 |
- |
- |
0.0 |
|
Loss on Valuation of Inventory |
-0.2 |
- |
- |
- |
- |
|
Loss-Depletion of inventory |
- |
- |
- |
- |
-0.1 |
|
Loss on Disposal of Investments in Affil |
0.0 |
- |
- |
- |
- |
|
Loss-Disposal of Intangible Assets |
- |
0.0 |
- |
- |
0.0 |
|
Amort-Suspend Assets |
- |
- |
- |
- |
-0.2 |
|
Miscellaneous Exp. |
-0.1 |
0.0 |
- |
- |
0.0 |
|
Donations Received |
0.0 |
0.0 |
- |
- |
0.0 |
|
Depreciation-Suspended Assets |
0.0 |
0.0 |
- |
- |
- |
|
Loss under Equity Method |
-1.0 |
-1.4 |
- |
- |
-1.6 |
|
Gain under Equity Method |
0.1 |
27.3 |
- |
- |
- |
|
Other Allowance for Doubtful Accounts |
-0.1 |
- |
- |
- |
- |
|
Net Income Before Taxes |
12.6 |
26.7 |
1.7 |
-5.4 |
-18.9 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Income After Taxes |
12.6 |
26.7 |
1.7 |
-5.4 |
-18.9 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
12.6 |
26.7 |
1.7 |
-5.4 |
-18.9 |
|
Net Income |
12.6 |
26.7 |
1.7 |
-5.4 |
-18.9 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
12.6 |
26.7 |
1.7 |
-5.4 |
-18.9 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
12.6 |
26.7 |
1.7 |
-5.4 |
-18.9 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
12.0 |
11.0 |
11.0 |
11.0 |
10.9 |
|
Basic EPS Excluding ExtraOrdinary Items |
1.05 |
2.44 |
0.16 |
-0.49 |
-1.73 |
|
Basic EPS Including ExtraOrdinary Item |
1.05 |
2.44 |
0.16 |
-0.49 |
-1.73 |
|
Dilution Adjustment |
0.8 |
0.0 |
0.0 |
0.0 |
- |
|
Diluted Net Income |
13.4 |
26.7 |
1.7 |
-5.4 |
-18.9 |
|
Diluted Weighted Average Shares |
13.9 |
11.0 |
11.0 |
11.0 |
10.9 |
|
Diluted EPS Excluding ExtraOrd Items |
0.97 |
2.44 |
0.16 |
-0.49 |
-1.73 |
|
Diluted EPS Including ExtraOrd Items |
0.97 |
2.44 |
0.16 |
-0.49 |
-1.73 |
|
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 |
12.6 |
26.7 |
1.7 |
-5.4 |
-18.9 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized Income After Taxes |
12.6 |
26.7 |
1.7 |
-5.4 |
-18.9 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
12.6 |
26.7 |
1.7 |
-5.4 |
-18.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.05 |
2.44 |
0.16 |
-0.49 |
-1.73 |
|
Diluted Normalized EPS |
0.96 |
2.44 |
0.16 |
-0.49 |
-1.73 |
|
Interest Expense, Supplemental |
8.3 |
6.3 |
4.6 |
6.3 |
6.0 |
|
R&D Expense, Supplemental |
0.0 |
0.1 |
0.1 |
0.1 |
0.4 |
|
Rental Expense, Supplemental |
1.0 |
0.6 |
0.2 |
0.1 |
0.1 |
|
Advertising Expense |
0.0 |
0.0 |
0.0 |
0.0 |
0.3 |
|
Amort of Intangibles, Supplemental |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Depreciation, Supplemental |
12.1 |
9.6 |
8.6 |
9.9 |
13.1 |
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 |
Updated Normal |
Updated Normal |
Restated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate |
1152 |
1134.9 |
1164.475 |
1259.55 |
936.05 |
|
Auditor |
Jungil
Accounting Corp |
Jungil
Accounting Corp |
Jungil
Accounting Corp |
Jungil
Accounting Corp |
Jungil
Accounting Corp |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Deposits |
1.0 |
0.8 |
0.7 |
0.1 |
0.4 |
|
Current Financial Instruments |
6.7 |
- |
0.8 |
4.3 |
5.8 |
|
Marketable Secs. |
- |
- |
- |
0.1 |
- |
|
Current Loans |
23.6 |
25.8 |
- |
- |
3.9 |
|
Allowance for Doubtful Accounts for Curr |
-0.2 |
- |
- |
- |
- |
|
Trade Receivables |
14.7 |
9.4 |
8.9 |
6.7 |
11.3 |
|
Doubtful Account |
-0.5 |
-0.6 |
-0.6 |
-0.5 |
-1.3 |
|
ST Receivable from Relative Parties |
- |
- |
2.3 |
3.6 |
- |
|
Doubtful Account-Relative Parties |
- |
- |
-0.2 |
-0.3 |
- |
|
Allowance for Doubtful Accounts for Acco |
-0.1 |
- |
- |
- |
- |
|
Other Receivables |
1.8 |
1.6 |
1.5 |
1.3 |
1.8 |
|
Accrued Income |
0.3 |
0.1 |
0.0 |
0.1 |
0.1 |
|
Advance Payments |
2.6 |
3.0 |
- |
- |
0.1 |
|
Prepaid Expenses |
0.1 |
0.2 |
- |
- |
0.2 |
|
Prepaid Income Taxes |
0.5 |
0.5 |
- |
- |
0.3 |
|
Prepaid VAT |
4.8 |
2.7 |
- |
- |
1.0 |
|
Other Current Assets |
- |
- |
2.2 |
1.4 |
- |
|
Finished Goods |
11.6 |
2.4 |
2.5 |
8.0 |
1.5 |
|
Allowance for Loss on Valuation of Finis |
-0.8 |
- |
- |
- |
- |
|
Work in Progress |
5.8 |
5.7 |
3.4 |
2.0 |
1.2 |
|
Allowance for Loss on Valuation of Works |
-0.7 |
- |
- |
- |
- |
|
Raw Materials |
28.9 |
2.6 |
3.1 |
5.0 |
0.8 |
|
Suppl. Material |
1.0 |
0.2 |
0.1 |
0.1 |
0.2 |
|
Stored Goods |
0.8 |
0.5 |
0.3 |
0.3 |
0.3 |
|
Goods in Transit |
2.2 |
0.4 |
1.0 |
0.1 |
0.2 |
|
Merchandises |
0.3 |
0.2 |
- |
- |
1.5 |
|
Total Current Assets |
104.3 |
55.4 |
26.1 |
32.1 |
29.3 |
|
|
|
|
|
|
|
|
LT Financial Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
LT Invest Secs. |
5.6 |
5.6 |
5.3 |
0.4 |
0.4 |
|
LT Loan |
- |
- |
- |
- |
0.3 |
|
Stocks in Affiliates |
46.7 |
48.5 |
9.6 |
9.5 |
7.0 |
|
Other Securities |
0.1 |
0.2 |
0.2 |
0.3 |
- |
|
Other Non-Current Assets |
0.1 |
- |
0.2 |
0.2 |
- |
|
Deposits Provided |
- |
0.1 |
- |
- |
2.1 |
|
Debt-for-Equity Swap |
- |
- |
- |
- |
0.3 |
|
Long-term Advance Payments |
- |
0.0 |
- |
- |
- |
|
Land |
184.4 |
187.2 |
182.4 |
168.7 |
30.0 |
|
Buildings |
53.0 |
38.7 |
26.0 |
25.0 |
46.4 |
|
Accumulated Depreciation for Buildings |
-14.5 |
-13.7 |
-1.0 |
-1.0 |
-12.9 |
|
Structures |
16.5 |
14.4 |
7.1 |
7.0 |
16.6 |
|
Structures-Government Subsidies |
- |
- |
- |
- |
0.0 |
|
Structure Depre. |
-8.0 |
-7.8 |
-0.5 |
-0.5 |
-7.6 |
|
Machinery |
256.9 |
220.7 |
43.8 |
44.9 |
250.4 |
|
Machinery/Equipment-Government Subsidy |
- |
- |
- |
- |
-0.1 |
|
Accumulated Depreciation for Machinery |
-190.5 |
-183.3 |
-7.6 |
-7.0 |
-193.7 |
|
Transport Equip. |
- |
- |
- |
- |
1.6 |
|
Vehicles & Transportation-Depreciation |
- |
- |
- |
- |
-1.1 |
|
Tools/Equipments |
- |
- |
- |
- |
1.0 |
|
Depr-Tool/Equip |
- |
- |
- |
- |
-0.9 |
|
Miscellaneous Fixtures |
- |
- |
- |
- |
2.4 |
|
Deprec-Fixtures |
- |
- |
- |
- |
-2.1 |
|
Contruc in Prog |
- |
15.1 |
2.8 |
0.7 |
0.8 |
|
Other Tangible Assets |
4.8 |
4.5 |
0.7 |
0.8 |
- |
|
Other Tangibles-Depreciation |
-4.0 |
-3.9 |
-0.2 |
-0.3 |
- |
|
Membership Right |
2.5 |
1.2 |
1.1 |
1.1 |
- |
|
Industrial Property Right |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Total Assets |
458.0 |
383.0 |
296.1 |
282.0 |
170.3 |
|
|
|
|
|
|
|
|
Trade Acct. Pay. |
19.6 |
8.9 |
16.0 |
11.4 |
5.3 |
|
Other Payables |
0.4 |
2.5 |
- |
- |
0.8 |
|
Accrued Expenses |
8.3 |
6.2 |
- |
- |
4.8 |
|
Unearned Income |
0.0 |
0.0 |
- |
- |
- |
|
Advance for Customers |
0.4 |
0.6 |
- |
- |
0.1 |
|
Security Deposit Withheld, Current |
0.0 |
0.0 |
- |
- |
0.1 |
|
ST Borrowings |
86.2 |
66.7 |
53.3 |
56.0 |
74.2 |
|
Current Portion of LT Account Payable |
5.2 |
4.4 |
5.5 |
6.2 |
8.5 |
|
Current Portion of Long-term Liabilities |
1.7 |
12.0 |
- |
- |
- |
|
Other Current Liabilities |
- |
- |
1.3 |
0.4 |
- |
|
Withholdings |
1.5 |
1.1 |
- |
- |
0.1 |
|
Total Current Liabilities |
123.4 |
102.5 |
76.1 |
74.0 |
94.0 |
|
|
|
|
|
|
|
|
LT Borrowings |
23.1 |
13.3 |
10.3 |
9.5 |
- |
|
Bonds With Stock Warrants |
44.1 |
23.6 |
- |
- |
- |
|
Total Long Term Debt |
67.2 |
36.9 |
10.3 |
9.5 |
- |
|
|
|
|
|
|
|
|
Capital Guarantee Deposit Borrowing |
- |
- |
- |
0.1 |
- |
|
LT Account Payables |
5.4 |
6.9 |
8.9 |
13.3 |
26.1 |
|
Deferred Income Tax, Credit |
36.7 |
37.3 |
36.3 |
33.6 |
- |
|
Retirement & Severance Benefits, Non-Cur |
2.3 |
3.8 |
3.8 |
3.6 |
6.2 |
|
Provisions for Environment Management |
1.8 |
2.0 |
1.8 |
2.8 |
4.0 |
|
Other Non-Current Employee Benefits Liab |
- |
0.0 |
0.0 |
0.0 |
- |
|
Total Liabilities |
236.8 |
189.4 |
137.3 |
136.9 |
130.3 |
|
|
|
|
|
|
|
|
Common Stock |
56.9 |
48.5 |
47.2 |
43.7 |
58.2 |
|
Paid-in Capital in Excess of Par |
- |
- |
8.3 |
7.7 |
- |
|
Additional Paid in Capital |
12.6 |
8.5 |
- |
- |
- |
|
Consideration for Stock Warrants |
8.0 |
3.3 |
- |
- |
- |
|
Accumulated Deficit |
12.6 |
0.8 |
-25.7 |
-25.6 |
- |
|
Capital Adjustment |
- |
- |
0.2 |
0.3 |
- |
|
Accumulated Other Comprehensive Income |
- |
- |
128.9 |
119.0 |
- |
|
Unissu Share Cap |
- |
- |
- |
- |
11.4 |
|
Gains on Disposal of Treasury Stock |
0.2 |
- |
- |
- |
- |
|
Debt to be Swapped for Equity in Other C |
0.4 |
0.4 |
- |
- |
- |
|
Treasury Stock in Capital Adjustments |
-0.2 |
-0.2 |
- |
- |
0.0 |
|
G/L-Secs for Sale Valuation |
- |
- |
- |
- |
0.0 |
|
Gains on Valuation of Available for Sale |
0.1 |
0.2 |
- |
- |
- |
|
Capital Change, Equity Method |
4.8 |
4.5 |
- |
- |
0.0 |
|
Revaluation Adjustment |
125.8 |
127.7 |
- |
- |
- |
|
Retained Carried |
- |
- |
- |
- |
-29.6 |
|
Total Equity |
221.1 |
193.7 |
158.8 |
145.1 |
40.0 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
458.0 |
383.0 |
296.1 |
282.0 |
170.3 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
13.1 |
11.0 |
11.0 |
11.0 |
10.9 |
|
Total Common Shares Outstanding |
13.1 |
11.0 |
11.0 |
11.0 |
10.9 |
|
T/S-Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Deferred Revenue, Current |
0.4 |
0.6 |
0.2 |
- |
0.3 |
|
Full-Time Employees |
315 |
267 |
258 |
246 |
260 |
|
Number of Common Shareholders |
- |
2,917 |
1,986 |
2,064 |
2,017 |
|
LT Debt-Due 1 year |
1.7 |
12.0 |
6.0 |
- |
- |
|
LT Debt-Due 2 years |
22.7 |
6.1 |
14.4 |
- |
- |
|
LT Debt-Due 3 years |
- |
7.2 |
3.5 |
- |
- |
|
LT Debt-Remained |
0.4 |
- |
1.7 |
- |
- |
|
Total Long Term Debt, Supplemental |
24.8 |
25.2 |
25.7 |
- |
- |
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 |
Updated Normal |
Updated Normal |
Reclassified
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 |
Jungil
Accounting Corp |
Jungil
Accounting Corp |
Jungil
Accounting Corp |
Jungil
Accounting Corp |
Jungil
Accounting Corp |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
12.6 |
26.7 |
1.7 |
-5.4 |
-18.9 |
|
Depreciation |
12.1 |
9.6 |
8.5 |
9.8 |
13.1 |
|
Amortization of Intangible Assets |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Amort-Suspend Assets |
0.0 |
0.0 |
0.0 |
0.1 |
0.2 |
|
Expense of Allowance for Doubtful Accoun |
0.2 |
- |
0.0 |
0.3 |
- |
|
Retirement and Severance Benefits |
2.1 |
1.4 |
1.2 |
0.7 |
1.4 |
|
Provision-Environmental Management Reser |
1.1 |
1.2 |
1.0 |
1.4 |
1.3 |
|
Interest Expenses |
8.3 |
6.3 |
4.6 |
6.4 |
0.9 |
|
Expenses of Allowance for Other Doubtful |
0.1 |
- |
- |
- |
- |
|
Losses on Foreign Currency Translation |
0.2 |
0.0 |
0.1 |
0.2 |
0.0 |
|
Valuation Inventory |
- |
- |
- |
- |
0.1 |
|
Loss on Disposal of Equity Method Securi |
0.0 |
- |
- |
- |
- |
|
Loss-Investment Assets Disposal |
- |
0.0 |
- |
0.1 |
- |
|
Disp Tang Asst Loss |
- |
- |
0.0 |
0.0 |
0.0 |
|
Losses on Valuation of Equity Method Sec |
1.0 |
1.4 |
0.6 |
1.4 |
1.6 |
|
Miscellaneous Gain |
0.0 |
- |
- |
- |
- |
|
Reversal Prov. Doubt |
-0.2 |
0.0 |
-0.2 |
-2.0 |
-1.8 |
|
Gain Disp Tang. Ast |
0.0 |
0.0 |
0.0 |
-4.0 |
0.0 |
|
Gains on Foreign Currency Translation |
0.0 |
0.0 |
0.0 |
-0.3 |
- |
|
Recorvry-Environmental Management Reser |
-0.2 |
-0.1 |
-1.2 |
- |
- |
|
Recovery-Other Employee Salaries |
- |
- |
0.0 |
0.0 |
- |
|
Gain under Equity Method |
-0.1 |
-27.3 |
- |
- |
- |
|
Interest Income |
-2.3 |
-1.9 |
-0.4 |
-0.2 |
- |
|
Inventory |
-38.4 |
-1.2 |
5.7 |
-12.8 |
3.2 |
|
Trade Receivables |
-6.0 |
-0.2 |
-1.5 |
1.8 |
2.8 |
|
Accrued Income |
- |
- |
- |
- |
0.6 |
|
Prepaid Expenses |
- |
- |
- |
- |
0.0 |
|
Advanced Payment |
- |
- |
- |
- |
1.3 |
|
LT Advance Payment |
- |
0.0 |
0.0 |
0.0 |
- |
|
Prepaid Taxes |
- |
- |
- |
- |
-0.1 |
|
Prepaid VAT |
- |
- |
- |
- |
0.8 |
|
Trade Payables |
11.2 |
1.2 |
0.5 |
2.8 |
-7.4 |
|
Increase or Decrease in Accrued Expenses |
2.0 |
1.2 |
0.4 |
0.5 |
0.6 |
|
Other Current Assets |
-1.9 |
-3.7 |
-0.7 |
-0.3 |
- |
|
Other Current Liabilities |
-1.9 |
0.4 |
0.8 |
0.2 |
- |
|
Advances Received |
- |
- |
- |
- |
0.0 |
|
Deposits Withheld |
- |
- |
- |
- |
0.0 |
|
Provision for Environment Maintainance |
-1.1 |
-1.0 |
-0.9 |
-1.3 |
-1.2 |
|
National Pension |
- |
- |
- |
- |
0.0 |
|
Payment of Retirement Allowance |
-1.1 |
-1.0 |
-0.6 |
-1.3 |
-1.8 |
|
Deposits for Retirement Assets |
-2.6 |
-0.4 |
-0.8 |
0.0 |
-1.1 |
|
Interest Received |
2.1 |
1.9 |
0.4 |
0.2 |
- |
|
Interest Paid |
-6.7 |
-5.1 |
-3.8 |
-5.0 |
- |
|
Cash-Tax Refunded |
0.0 |
-0.4 |
0.1 |
0.1 |
- |
|
Cash from Operating Activities |
-9.6 |
9.1 |
15.6 |
-6.7 |
-4.2 |
|
|
|
|
|
|
|
|
Dec-ST Financial Assets |
- |
0.8 |
5.0 |
4.9 |
19.5 |
|
Dec-LT Financial Assets |
- |
- |
- |
- |
0.5 |
|
Disposal of Securities Available-for-Sal |
0.2 |
- |
- |
0.0 |
- |
|
Disposal-Investment Assets |
- |
0.9 |
- |
0.2 |
- |
|
Dec in ST Loans |
2.1 |
61.7 |
2.1 |
3.3 |
0.5 |
|
Dec in LT Loans |
0.0 |
0.1 |
0.1 |
0.1 |
0.0 |
|
Decrease-Account Receivable |
- |
32.2 |
1.6 |
4.5 |
- |
|
Decrease in Guarantee Deposit |
0.0 |
- |
0.0 |
0.3 |
0.2 |
|
Proceeds from Sale of Property Plant and |
0.1 |
0.1 |
0.0 |
5.3 |
- |
|
Disposal Mach./Equip |
- |
- |
- |
- |
0.0 |
|
Disposal Trans Equip |
- |
- |
- |
- |
0.0 |
|
Disposal of Fixtures |
- |
- |
- |
- |
0.0 |
|
Increase-ST Loans |
- |
-84.9 |
-0.6 |
-2.5 |
- |
|
Increase in LT Loans |
- |
- |
- |
-0.2 |
-0.2 |
|
Inc-Account Payables |
- |
-32.3 |
-1.6 |
-4.4 |
-0.1 |
|
Inc in Guarant Depos |
0.0 |
-0.3 |
0.0 |
-0.3 |
-0.4 |
|
Purchase of Non-Current Financial Instru |
0.0 |
- |
- |
- |
-0.1 |
|
Purchase of Current Financial Instrument |
-7.0 |
- |
-1.4 |
-4.9 |
-15.5 |
|
Purchase of Available for sale Securitie |
- |
- |
-4.3 |
- |
- |
|
Purchase of Investment in Affiliates |
- |
-12.0 |
- |
- |
-2.1 |
|
Purchase of Property, Plant and Equipmen |
-42.7 |
-21.0 |
-4.6 |
-3.8 |
- |
|
Increase Buildings |
- |
- |
- |
- |
0.0 |
|
Increae in Structure |
- |
- |
- |
- |
-0.1 |
|
Purch. of Mach/Equip |
- |
- |
- |
- |
-3.2 |
|
Acq. of Trans Equip |
- |
- |
- |
- |
-0.1 |
|
Acq-Tools/Equipments |
- |
- |
- |
- |
0.0 |
|
Acquis. of Supplies |
- |
- |
- |
- |
-0.1 |
|
Inc. Const. In Prog |
- |
- |
- |
- |
-13.3 |
|
Purchase of Intangible Assets |
-1.3 |
-0.6 |
- |
- |
- |
|
Increase-Industrial Property Right |
- |
- |
- |
0.0 |
- |
|
Cash from Investing Activities |
-48.7 |
-55.3 |
-3.8 |
2.4 |
-14.5 |
|
|
|
|
|
|
|
|
Increase in Other Payables |
- |
9.4 |
- |
- |
- |
|
Increase-LT Account Payable |
4.0 |
2.3 |
- |
- |
23.7 |
|
Increase in Current Portion of Other Lon |
0.4 |
- |
6.2 |
11.5 |
31.6 |
|
Repay Curr LT Liabs |
- |
- |
-6.8 |
-8.4 |
-6.2 |
|
Inc in ST Borrowings |
80.8 |
115.6 |
78.2 |
104.1 |
133.7 |
|
Decrease in Treasury Stocks |
0.3 |
- |
- |
- |
- |
|
Inc-Current Portion of LT Liabilities |
- |
- |
- |
- |
5.3 |
|
Increase-LT Borrowings |
12.2 |
14.7 |
- |
10.9 |
- |
|
Increase in Bonds with Warrant |
26.5 |
25.1 |
- |
- |
- |
|
Exercise of Stock Warrants |
11.5 |
- |
- |
- |
- |
|
Stock Issuance Costs |
- |
- |
-0.2 |
0.0 |
- |
|
Decrease in Other Payables |
- |
-10.4 |
- |
- |
0.0 |
|
Dec in Accrued Pmts |
-5.4 |
-6.1 |
-3.9 |
-11.3 |
-51.8 |
|
Repayments of Long-term Borrowings |
-1.4 |
-0.3 |
- |
- |
- |
|
Repay ST Borrowings |
-70.3 |
-103.8 |
-84.8 |
-102.8 |
-118.3 |
|
Decrease-Capital Lease |
- |
- |
- |
- |
0.0 |
|
Cash from Financing Activities |
58.5 |
46.4 |
-11.3 |
4.0 |
18.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.1 |
0.0 |
0.0 |
0.0 |
- |
|
Net Change in Cash |
0.2 |
0.1 |
0.6 |
-0.2 |
-0.8 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
0.9 |
0.7 |
0.1 |
0.3 |
1.2 |
|
Net Cash - Ending Balance |
1.0 |
0.8 |
0.6 |
0.1 |
0.4 |
|
Cash Interest Paid |
6.7 |
5.1 |
3.8 |
5.0 |
- |
|
Cash Taxes Paid |
0.0 |
0.4 |
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.54.34 |
|
UK Pound |
1 |
Rs.82.56 |
|
Euro |
1 |
Rs.70.10 |
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.