MIRA INFORM REPORT
|
Report Date : |
13.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
CKD BIO CORPORATION |
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Registered Office : |
CKD Bio, 11F, Chongkundang Bldg., 368, Chungjeongno 3-Ga, Seodaemun-Gu, Seoul, 120756 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
12.11.2001 |
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Legal Form : |
Public Independent Company |
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Line of Business : |
manufacturing
of pharmaceutical products. |
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No. of Employees : |
267 (2011) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
South Korea - ECONOMIC OVERVIEW
South Korea
over the past four decades has demonstrated incredible growth and global integration
to become a high-tech industrialized economy. In the 1960s, GDP per capita was
comparable with levels in the poorer countries of Africa and Asia. In 2004,
South Korea joined the trillion dollar club of world economies, and is
currently the world's 12th largest economy. Initially, a system of close
government and business ties, including directed credit and import
restrictions, made this success possible. The government promoted the import of
raw materials and technology at the expense of consumer goods, and encouraged
savings and investment over consumption. The Asian financial crisis of 1997-98
exposed longstanding weaknesses in South Korea's development model including
high debt/equity ratios and massive short-term foreign borrowing. GDP plunged
by 6.9% in 1998, and then recovered by 9% in 1999-2000. Korea adopted numerous
economic reforms following the crisis, including greater openness to foreign
investment and imports. Growth moderated to about 4% annually between 2003 and
2007. Korea's export focused economy was hit hard by the 2008 global economic
downturn, but quickly rebounded in subsequent years, reaching 6.3% growth in
2010. The US-South Korea Free Trade Agreement was ratified by both governments
in 2011 and went into effect in March 2012. Throughout 2012 the economy
experienced sluggish growth because of market slowdowns in the United States,
China, and the Eurozone. The incoming administration in 2013, following the
December 2012 presidential election, is likely to face the challenges of
balancing heavy reliance on exports with developing domestic-oriented sectors,
such as services. The South Korean economy's long term challenges include a
rapidly aging population, inflexible labor market, and heavy reliance on
exports - which comprise half of GDP.
|
Source : CIA |
Company name & address
CKD Bio Corporation
CKD Bio, 11F, Chongkundang Bldg.
368, Chungjeongno 3-Ga
Seodaemun-Gu
Seoul, 120756
Korea, Republic of
Tel: 82-2-21940555
Fax: 82-2-21940556
Web: www.ckdbio.com
Synthesis
Employees: 267 (2011)
Company Type: Public Independent
Traded: Korea
Stock Exchange: 063160
Incorporation Date: 12-Nov-2001
Auditor: Deloitte Anjin LLC
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2012
Reporting Currency: South
Korean Won
Annual Sales: 101.0
1
Net Income: 6.3
Total Assets: 173.9
2
Market Value: 81.4 (26-Apr-2013)
Business Description
CKD Bio Corp. is a Korea-based company specialized in the manufacturing of pharmaceutical products. The Company mainly provides antibiotic ingredients, consisting of potassium clavulanates, demethylchlortetracyclines (DMCTs) and rifampicins. It also provides immunosuppressive agents, including cyclosporin and tacrolimus, and remedies for diabetes, such as acarbose. The Company distributes its products within domestic market and to overseas markets, such as America, China, Europe, Africa, Southeast Asia, Latin America and the Middle East. For the fiscal year ended 31 December 2012, CKD Bio Corporation revenues increased 3% to W113.76B. Net income decreased 35% to W7.1B. Revenues reflect Merchandise Sales increase of 33% to W14.61B, Merchandise Export Sales increase of 40% to W3.91B, Finished Goods Revenues increase of 4% to W15.57B. Net income was offset by Gain-Foreign Exchange Transaction decrease of 68% to W573M (income).
Industry
Industry Biotechnology and Drugs
ANZSIC 2006: 1841 - Human
Pharmaceutical and Medicinal Product Manufacturing
NACE 2002: 2441 - Manufacture
of basic pharmaceutical products
NAICS 2002: 325411 - Medicinal
and Botanical Manufacturing
UK SIC 2003: 2441 - Manufacture
of basic pharmaceutical products
UK SIC 2007: 2110 - Manufacture
of basic pharmaceutical products
US SIC 1987: 2833 - Medicinal
Chemicals and Botanical Products
Key Executives
|
Name |
Title |
|
Hui Yil Kang |
Co-Chief Executive Officer, Vice President, Director |
|
Jang Han Lee |
Chairman of the Board, Co-Chief Executive Officer |
|
Kyung-Ju Lee |
President |
|
Saeng Gyu Seo |
Assistant Managing Director |
|
Gwang Seop Gil |
Non-Executive Independent Director |
Significant Developments
|
Topic |
#* |
Most Recent Headline |
Date |
|
1 |
CKD Bio
Corporation Announces Changes in Shareholding Structure |
9-Jul-2012 |
|
|
1 |
27-Feb-2013 |
* number of significant developments within the last 12 months
Financial Summary
|
Stock Snapshot
|
1 - Profit & Loss Item Exchange Rate: USD 1 = KRW 1126.849
2 - Balance Sheet Item Exchange Rate: USD 1 = KRW 1066.4
Corporate Overview
Location
CKD Bio, 11F, Chongkundang Bldg.
368, Chungjeongno 3-Ga
Seodaemun-Gu
Seoul, 120756
Korea, Republic of
Tel: 82-2-21940555
Fax: 82-2-21940556
Web: www.ckdbio.com
Quote Symbol - Exchange
063160 - Korea
Stock Exchange
Sales KRW(mil): 113,759.6
Assets KRW(mil): 185,424.9
Employees: 267
(2011)
Fiscal Year End: 31-Dec-2012
Industry: Biotechnology
and Drugs
Incorporation Date: 12-Nov-2001
Company Type: Public
Independent
Quoted Status: Quoted
Chairman of the
Board, Co-Chief Executive Officer:
Jang Han Lee
Industry Codes
ANZSIC 2006 Codes:
1841 - Human Pharmaceutical and Medicinal Product Manufacturing
NACE 2002 Codes:
2441 - Manufacture of basic pharmaceutical products
2442 - Manufacture of pharmaceutical preparations
NAICS 2002 Codes:
325411 - Medicinal and Botanical Manufacturing
325412 - Pharmaceutical Preparation Manufacturing
US SIC 1987:
2833 - Medicinal Chemicals and Botanical Products
2834 - Pharmaceutical Preparations
UK SIC 2003:
2441 - Manufacture of basic pharmaceutical products
24421 - Manufacture of medicaments
UK SIC 2007:
2110 - Manufacture of basic pharmaceutical products
2120 - Manufacture of pharmaceutical preparations
Business
Description
CKD Bio Corp. is a
Korea-based company specialized in the manufacturing of pharmaceutical
products. The Company mainly provides antibiotic ingredients, consisting of
potassium clavulanates, demethylchlortetracyclines (DMCTs) and rifampicins. It
also provides immunosuppressive agents, including cyclosporin and tacrolimus,
and remedies for diabetes, such as acarbose. The Company distributes its
products within domestic market and to overseas markets, such as America,
China, Europe, Africa, Southeast Asia, Latin America and the Middle East. For
the fiscal year ended 31 December 2012, CKD Bio Corporation revenues increased
3% to W113.76B. Net income decreased 35% to W7.1B. Revenues reflect Merchandise
Sales increase of 33% to W14.61B, Merchandise Export Sales increase of 40% to
W3.91B, Finished Goods Revenues increase of 4% to W15.57B. Net income was
offset by Gain-Foreign Exchange Transaction decrease of 68% to W573M (income).
More Business Descriptions
Manufacture of pharmaceutical products
CKD Bio Corporation (CKDBC) is a pharmaceuticals and healthcare company, based in Korea. The company develops and distributes pharmaceutical raw materials and drugs. It provides an antibiotic ingredient that consists of potassium clavulanates, demethyl chlortetracyclines and rifampicins. CKDBC also manufactures immuno suppressive agents including cyclosporin and tacrolimus, and remedies for diabetes such as acarbose. The company’s research and development provides new products to treat the diseases such as oncology, central nervous system, immunology, and cardiovascular, metabolic disease, infectious and respiratory disease. CKDBC Bio has a plant for fermentation and synthesis and also a research institute in Korea. The product line of the organization includes bulk products and finished products. CKDBC is headquartered in Seoul, Korea.The company reported revenues of (Won) KRW 110,527.72 million during the fiscal year ended December 2011, a decrease of 9.08% from 2010. The operating profit of the company was KRW 13,544.62 million during the fiscal year 2011, a decrease of 30.11% from 2010. The net profit of the company was KRW 10,920.60 million during the fiscal year 2011, a decrease of 33.88% from 2010.
Pharmaceutical and Medicine Manufacturing
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Competitors Report
|
Company
Name |
Location |
Employees |
Ownership |
|
EQUISnZAROO Co Ltd |
Ansan, Korea, Republic of |
83 |
Public |
|
Han Wha Pharma Co., Ltd. |
Sungbuk-Gu, Korea, Republic of |
|
Private |
|
RNL BIO Co., Ltd. |
Seoul, Korea, Republic of |
183 |
Public |
|
Schnell Biopharmaceuticals |
Seoul, Korea, Republic of |
154 |
Public |
|
Seoul Pharma Co., Ltd. |
Siheung, Korea, Republic of |
202 |
Public |
|
Wooridul Pharmaceutical Ltd |
Hwaseong, Korea, Republic of |
190 |
Public |
Executives Report
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Significant Developments
CKD Bio Declares Annual Cash Dividend for FY 2012 Feb 27, 2013
CKD Bio Corporation announced that it has declared an annual cash dividend of KRW 350 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 2.96% and the total amount of the cash dividend is KRW 1,795,317,650.
CKD Bio Corporation Announces Changes in Shareholding Structure Jul 09, 2012
CKD Bio Corporation announced that National Pension Service and one related party have sold 187,730 shares of the Company, representing a 3.59% stake.
Annual income statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Restated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate
(Period Average) |
1126.848795 |
1107.891393 |
1156.281981 |
1276.385219 |
1100.562842 |
|
Auditor |
Deloitte Anjin
LLC |
Deloitte Anjin
LLC |
Deloitte & Touche
LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
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|
Net Sales |
101.0 |
99.8 |
105.1 |
83.5 |
75.8 |
|
Revenue |
101.0 |
99.8 |
105.1 |
83.5 |
75.8 |
|
Total Revenue |
101.0 |
99.8 |
105.1 |
83.5 |
75.8 |
|
|
|
|
|
|
|
|
Cost of Revenue |
80.6 |
78.2 |
77.3 |
60.3 |
56.4 |
|
Cost of Revenue, Total |
80.6 |
78.2 |
77.3 |
60.3 |
56.4 |
|
Gross Profit |
20.3 |
21.6 |
27.8 |
23.2 |
19.4 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
6.3 |
6.8 |
5.9 |
5.2 |
8.1 |
|
Labor & Related Expense |
3.4 |
3.3 |
2.8 |
2.4 |
2.7 |
|
Advertising Expense |
- |
- |
- |
0.0 |
0.0 |
|
Total Selling/General/Administrative Expenses |
9.6 |
10.1 |
8.7 |
7.6 |
10.8 |
|
Research & Development |
2.9 |
2.9 |
2.8 |
2.1 |
1.6 |
|
Depreciation |
- |
- |
- |
0.0 |
0.0 |
|
Amortization of Intangibles |
- |
- |
- |
0.1 |
0.1 |
|
Depreciation/Amortization |
- |
- |
- |
0.1 |
0.1 |
|
Investment Income -
Operating |
- |
- |
0.0 |
- |
- |
|
Interest/Investment Income - Operating |
- |
- |
0.0 |
- |
- |
|
Interest Expense (Income) - Net Operating Total |
- |
- |
0.0 |
- |
- |
|
Impairment-Assets Held for Use |
- |
0.1 |
- |
- |
- |
|
Loss (Gain) on Sale of Assets - Operating |
- |
- |
-0.1 |
- |
- |
|
Unusual Expense (Income) |
- |
0.1 |
-0.1 |
- |
- |
|
Other Operating Expense |
0.0 |
- |
0.0 |
- |
- |
|
Other, Net |
0.0 |
- |
-0.4 |
- |
- |
|
Other Operating Expenses, Total |
0.0 |
- |
-0.4 |
- |
- |
|
Total Operating Expense |
93.1 |
91.3 |
88.4 |
70.1 |
68.9 |
|
|
|
|
|
|
|
|
Operating Income |
7.8 |
8.4 |
16.8 |
13.4 |
6.9 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-1.1 |
-1.0 |
-1.0 |
-0.9 |
-1.6 |
|
Interest Expense, Net Non-Operating |
-1.1 |
-1.0 |
-1.0 |
-0.9 |
-1.6 |
|
Interest Income -
Non-Operating |
0.2 |
0.1 |
0.3 |
0.2 |
0.2 |
|
Investment Income - Non-Operating |
-0.9 |
0.2 |
-0.1 |
-0.5 |
3.5 |
|
Interest/Investment Income - Non-Operating |
-0.7 |
0.3 |
0.2 |
-0.3 |
3.7 |
|
Interest Income (Expense) - Net Non-Operating |
- |
- |
0.0 |
- |
- |
|
Interest Income (Expense) - Net Non-Operating Total |
-1.8 |
-0.6 |
-0.8 |
-1.2 |
2.1 |
|
Gain (Loss) on Sale of Assets |
0.0 |
-0.4 |
- |
-0.4 |
-0.5 |
|
Other Non-Operating Income (Expense) |
1.2 |
4.3 |
0.1 |
1.4 |
0.5 |
|
Other, Net |
1.2 |
4.3 |
0.1 |
1.4 |
0.5 |
|
Income Before Tax |
7.2 |
11.7 |
16.0 |
13.2 |
9.0 |
|
|
|
|
|
|
|
|
Total Income Tax |
0.9 |
1.9 |
1.8 |
0.5 |
1.0 |
|
Income After Tax |
6.3 |
9.9 |
14.3 |
12.7 |
7.9 |
|
|
|
|
|
|
|
|
Net Income Before Extraord Items |
6.3 |
9.9 |
14.3 |
12.7 |
7.9 |
|
Net Income |
6.3 |
9.9 |
14.3 |
12.7 |
7.9 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
6.3 |
9.9 |
14.3 |
12.7 |
7.9 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
6.3 |
9.9 |
14.3 |
12.7 |
7.9 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
5.1 |
5.1 |
5.2 |
5.2 |
5.2 |
|
Basic EPS Excl Extraord Items |
1.23 |
1.92 |
2.73 |
2.42 |
1.52 |
|
Basic/Primary EPS Incl Extraord Items |
1.23 |
1.92 |
2.73 |
2.42 |
1.52 |
|
Dilution Adjustment |
- |
- |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
6.3 |
9.9 |
14.3 |
12.7 |
7.9 |
|
Diluted Weighted Average Shares |
5.1 |
5.1 |
5.2 |
5.2 |
5.2 |
|
Diluted EPS Excl Extraord Items |
1.23 |
1.92 |
2.73 |
2.42 |
1.52 |
|
Diluted EPS Incl Extraord Items |
1.23 |
1.92 |
2.73 |
2.42 |
1.52 |
|
Dividends per Share - Common Stock Primary Issue |
0.26 |
0.27 |
0.35 |
0.24 |
0.23 |
|
Gross Dividends - Common Stock |
- |
1.6 |
1.8 |
1.2 |
1.2 |
|
Interest Expense, Supplemental |
1.1 |
1.0 |
1.0 |
0.9 |
1.6 |
|
Depreciation, Supplemental |
10.2 |
8.2 |
6.0 |
4.6 |
4.4 |
|
Total Special Items |
0.0 |
0.5 |
-0.1 |
0.4 |
0.5 |
|
Normalized Income Before Tax |
7.2 |
12.2 |
16.0 |
13.6 |
9.5 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.0 |
0.1 |
0.0 |
0.0 |
0.1 |
|
Inc Tax Ex Impact of Sp Items |
0.9 |
1.9 |
1.8 |
0.5 |
1.1 |
|
Normalized Income After Tax |
6.3 |
10.3 |
14.2 |
13.0 |
8.4 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
6.3 |
10.3 |
14.2 |
13.0 |
8.4 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.23 |
2.00 |
2.72 |
2.49 |
1.60 |
|
Diluted Normalized EPS |
1.23 |
2.00 |
2.72 |
2.49 |
1.60 |
|
Amort of Intangibles, Supplemental |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Rental Expenses |
0.2 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Advertising Expense, Supplemental |
- |
- |
- |
0.0 |
0.0 |
|
Research & Development Exp, Supplemental |
2.9 |
2.9 |
2.8 |
2.1 |
1.6 |
|
Normalized EBIT |
7.8 |
8.5 |
16.7 |
13.4 |
6.9 |
|
Normalized EBITDA |
18.1 |
16.8 |
22.8 |
18.1 |
11.4 |
|
Current Tax - Total |
0.2 |
0.3 |
- |
- |
- |
|
Current Tax - Total |
0.2 |
0.3 |
- |
- |
- |
|
Deferred Tax - Total |
0.6 |
1.5 |
- |
- |
- |
|
Deferred Tax - Total |
0.6 |
1.5 |
- |
- |
- |
|
Other Tax |
0.0 |
0.0 |
- |
- |
- |
|
Income Tax - Total |
0.9 |
1.9 |
- |
- |
- |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate |
1066.400024 |
1152 |
1134.9 |
1164.475 |
1259.55 |
|
Auditor |
Deloitte Anjin
LLC |
Deloitte Anjin
LLC |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
16.1 |
2.9 |
10.2 |
13.4 |
7.3 |
|
Short Term Investments |
0.0 |
2.0 |
- |
- |
0.3 |
|
Cash and Short Term Investments |
16.1 |
4.9 |
10.2 |
13.4 |
7.5 |
|
Accounts Receivable -
Trade, Gross |
- |
42.0 |
40.0 |
24.7 |
18.5 |
|
Provision for Doubtful
Accounts |
- |
-2.9 |
-2.9 |
-3.1 |
-3.0 |
|
Trade Accounts Receivable - Net |
28.0 |
39.4 |
37.3 |
21.7 |
15.5 |
|
Other Receivables |
- |
4.4 |
1.8 |
1.5 |
0.9 |
|
Total Receivables, Net |
28.0 |
43.7 |
39.1 |
23.2 |
16.5 |
|
Inventories - Finished Goods |
- |
16.6 |
9.0 |
10.9 |
12.1 |
|
Inventories - Work In Progress |
- |
7.1 |
8.3 |
6.7 |
6.1 |
|
Inventories - Raw Materials |
- |
2.5 |
1.4 |
1.9 |
1.9 |
|
Inventories - Other |
- |
0.2 |
0.1 |
0.1 |
0.5 |
|
Total Inventory |
29.9 |
26.3 |
18.8 |
19.6 |
20.7 |
|
Prepaid Expenses |
0.0 |
0.4 |
0.1 |
0.1 |
0.0 |
|
Deferred Income Tax - Current Asset |
- |
- |
- |
0.6 |
0.2 |
|
Other Current Assets |
0.6 |
0.0 |
- |
- |
0.9 |
|
Other Current Assets, Total |
0.6 |
0.0 |
- |
0.6 |
1.1 |
|
Total Current Assets |
74.5 |
75.2 |
68.3 |
56.9 |
45.8 |
|
|
|
|
|
|
|
|
Buildings |
- |
32.5 |
31.4 |
- |
- |
|
Land/Improvements |
- |
44.2 |
44.9 |
8.4 |
7.8 |
|
Machinery/Equipment |
- |
80.1 |
66.8 |
78.2 |
67.9 |
|
Construction in
Progress |
- |
0.3 |
0.5 |
4.6 |
0.8 |
|
Other Property/Plant/Equipment |
- |
0.0 |
0.0 |
- |
- |
|
Property/Plant/Equipment - Gross |
- |
157.2 |
143.6 |
91.2 |
76.4 |
|
Accumulated Depreciation |
- |
-61.6 |
-57.2 |
-56.0 |
-49.7 |
|
Property/Plant/Equipment - Net |
97.6 |
95.6 |
86.4 |
35.2 |
26.7 |
|
Intangibles, Net |
0.1 |
0.2 |
1.4 |
0.3 |
0.4 |
|
LT Investments - Other |
0.3 |
0.0 |
1.5 |
1.1 |
0.8 |
|
Long Term Investments |
0.3 |
0.0 |
1.5 |
1.1 |
0.8 |
|
Note Receivable - Long Term |
1.2 |
- |
- |
- |
- |
|
Deferred Income Tax - Long Term Asset |
- |
- |
- |
0.7 |
1.3 |
|
Other Long Term Assets |
- |
1.1 |
0.1 |
1.3 |
0.3 |
|
Other Long Term Assets, Total |
- |
1.1 |
0.1 |
2.1 |
1.6 |
|
Total Assets |
173.9 |
172.1 |
157.6 |
95.5 |
75.3 |
|
|
|
|
|
|
|
|
Accounts Payable |
16.2 |
19.2 |
15.6 |
14.4 |
9.8 |
|
Accrued Expenses |
- |
4.1 |
3.3 |
2.6 |
1.6 |
|
Notes Payable/Short Term Debt |
21.6 |
21.0 |
23.1 |
13.7 |
18.3 |
|
Current Portion - Long Term Debt/Capital Leases |
- |
0.6 |
0.8 |
0.3 |
- |
|
Customer Advances |
- |
0.1 |
0.2 |
0.5 |
0.6 |
|
Security Deposits |
- |
0.1 |
0.1 |
- |
- |
|
Income Taxes Payable |
0.1 |
- |
1.1 |
0.2 |
- |
|
Other Payables |
- |
5.4 |
4.3 |
6.3 |
4.0 |
|
Other Current Liabilities |
0.9 |
0.2 |
0.2 |
0.2 |
0.1 |
|
Other Current liabilities, Total |
1.0 |
5.8 |
5.9 |
7.0 |
4.7 |
|
Total Current Liabilities |
38.8 |
50.6 |
48.9 |
38.0 |
34.2 |
|
|
|
|
|
|
|
|
Long Term Debt |
5.2 |
6.7 |
1.0 |
1.8 |
0.4 |
|
Total Long Term Debt |
5.2 |
6.7 |
1.0 |
1.8 |
0.4 |
|
Total Debt |
26.9 |
28.2 |
25.0 |
15.8 |
18.7 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
10.1 |
8.7 |
7.4 |
- |
- |
|
Deferred Income Tax |
10.1 |
8.7 |
7.4 |
- |
- |
|
Pension Benefits - Underfunded |
3.1 |
2.5 |
2.2 |
0.8 |
1.6 |
|
Other Long Term Liabilities |
0.3 |
0.3 |
0.3 |
- |
- |
|
Other Liabilities, Total |
3.4 |
2.8 |
2.5 |
0.8 |
1.6 |
|
Total Liabilities |
57.5 |
68.8 |
59.7 |
40.5 |
36.3 |
|
|
|
|
|
|
|
|
Common Stock |
12.3 |
11.3 |
11.5 |
11.2 |
10.4 |
|
Common Stock |
12.3 |
11.3 |
11.5 |
11.2 |
10.4 |
|
Additional Paid-In Capital |
24.1 |
23.8 |
24.1 |
23.5 |
21.7 |
|
Retained Earnings (Accumulated Deficit) |
80.0 |
69.6 |
63.0 |
20.3 |
6.9 |
|
Treasury Stock - Common |
- |
-1.4 |
-0.7 |
- |
- |
|
Unrealized Gain (Loss) |
- |
- |
- |
- |
0.0 |
|
Total Equity |
116.4 |
103.3 |
98.0 |
55.0 |
39.0 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
173.9 |
172.1 |
157.6 |
95.5 |
75.3 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
5.1 |
5.1 |
5.2 |
5.2 |
5.2 |
|
Total Common Shares Outstanding |
5.1 |
5.1 |
5.2 |
5.2 |
5.2 |
|
Treasury Shares - Common Stock Primary Issue |
0.1 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Employees |
- |
267 |
266 |
248 |
252 |
|
Number of Common Shareholders |
- |
- |
4,482 |
- |
3,498 |
|
Accumulated Intangible Amort, Suppl. |
- |
1.3 |
1.2 |
1.1 |
0.9 |
|
Deferred Revenue - Current |
- |
0.1 |
0.2 |
0.5 |
0.6 |
|
Total Long Term Debt, Supplemental |
- |
30.0 |
- |
2.0 |
0.4 |
|
Long Term Debt Maturing within 1 Year |
- |
22.7 |
- |
0.3 |
0.0 |
|
Long Term Debt Maturing in Year 2 |
- |
2.2 |
- |
0.8 |
0.0 |
|
Long Term Debt Maturing in Year 3 |
- |
- |
- |
0.6 |
0.0 |
|
Long Term Debt Maturing in Year 4 |
- |
- |
- |
- |
0.0 |
|
Long Term Debt Maturing in 2-3 Years |
- |
2.2 |
- |
1.4 |
0.0 |
|
Long Term Debt Maturing in 4-5 Years |
- |
- |
- |
- |
0.0 |
|
Long Term Debt Matur. in Year 6 & Beyond |
- |
5.2 |
- |
0.4 |
0.4 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate
(Period Average) |
1126.848795 |
1107.891393 |
1156.281981 |
1276.385219 |
1100.562842 |
|
Auditor |
Deloitte Anjin
LLC |
Deloitte Anjin
LLC |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
6.3 |
9.9 |
14.3 |
12.7 |
7.9 |
|
Depreciation |
10.2 |
8.4 |
6.0 |
4.6 |
4.4 |
|
Depreciation/Depletion |
10.2 |
8.4 |
6.0 |
4.6 |
4.4 |
|
Amortization of Intangibles |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Amortization |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Deferred Taxes |
- |
- |
- |
0.3 |
1.0 |
|
Unusual Items |
0.0 |
0.3 |
0.4 |
0.6 |
1.1 |
|
Equity in Net Earnings (Loss) |
- |
- |
- |
- |
-3.2 |
|
Other Non-Cash Items |
2.7 |
4.0 |
3.6 |
0.9 |
4.5 |
|
Non-Cash Items |
2.7 |
4.3 |
4.0 |
1.5 |
2.4 |
|
Accounts Receivable |
0.0 |
-5.2 |
-5.6 |
-5.2 |
-3.3 |
|
Inventories |
0.0 |
-7.9 |
0.8 |
2.4 |
-5.8 |
|
Prepaid Expenses |
0.0 |
-0.3 |
0.0 |
-0.1 |
0.0 |
|
Other Assets |
- |
- |
0.0 |
- |
- |
|
Accounts Payable |
0.0 |
5.1 |
-1.2 |
5.3 |
4.3 |
|
Accrued Expenses |
0.0 |
0.8 |
0.3 |
0.8 |
0.5 |
|
Taxes Payable |
- |
- |
- |
0.2 |
- |
|
Other Liabilities |
0.0 |
-1.0 |
-1.0 |
-1.9 |
-1.9 |
|
Other Assets & Liabilities, Net |
1.9 |
0.0 |
0.0 |
- |
- |
|
Other Operating Cash Flow |
-0.8 |
-2.4 |
-1.1 |
- |
- |
|
Changes in Working Capital |
1.0 |
-10.9 |
-7.8 |
1.6 |
-6.2 |
|
Cash from Operating Activities |
20.3 |
11.7 |
16.6 |
20.8 |
9.7 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-4.9 |
-19.9 |
-17.1 |
-10.6 |
-3.2 |
|
Purchase/Acquisition of Intangibles |
0.0 |
0.0 |
-0.1 |
0.0 |
0.0 |
|
Capital Expenditures |
-4.9 |
-20.0 |
-17.1 |
-10.6 |
-3.2 |
|
Sale of Fixed Assets |
0.0 |
0.1 |
0.1 |
0.1 |
0.0 |
|
Sale/Maturity of Investment |
2.0 |
- |
0.0 |
0.3 |
4.1 |
|
Purchase of Investments |
-0.3 |
-0.5 |
-0.4 |
-0.4 |
-0.5 |
|
Other Investing Cash Flow |
0.0 |
0.2 |
- |
-0.9 |
0.0 |
|
Other Investing Cash Flow Items, Total |
1.8 |
-0.3 |
-0.4 |
-1.0 |
3.6 |
|
Cash from Investing Activities |
-3.1 |
-20.2 |
-17.5 |
-11.6 |
0.5 |
|
|
|
|
|
|
|
|
Cash Dividends Paid - Common |
-1.6 |
-1.9 |
-1.4 |
-1.0 |
- |
|
Total Cash Dividends Paid |
-1.6 |
-1.9 |
-1.4 |
-1.0 |
- |
|
Repurchase/Retirement
of Common |
0.0 |
-0.8 |
-0.6 |
- |
- |
|
Common Stock, Net |
0.0 |
-0.8 |
-0.6 |
- |
- |
|
Issuance (Retirement) of Stock, Net |
0.0 |
-0.8 |
-0.6 |
- |
- |
|
Short Term Debt Issued |
- |
- |
- |
8.5 |
11.4 |
|
Short Term Debt
Reduction |
0.0 |
- |
- |
-13.1 |
-11.3 |
|
Short Term Debt, Net |
-2.7 |
-2.0 |
-0.3 |
-4.6 |
0.2 |
|
Long Term Debt Issued |
0.0 |
6.6 |
- |
1.4 |
0.5 |
|
Long Term Debt
Reduction |
-0.6 |
-0.9 |
-0.3 |
- |
-4.5 |
|
Long Term Debt, Net |
-0.6 |
5.7 |
-0.3 |
1.4 |
-4.0 |
|
Issuance (Retirement) of Debt, Net |
-3.3 |
3.7 |
-0.6 |
-3.2 |
-3.8 |
|
Cash from Financing Activities |
-4.9 |
1.0 |
-2.6 |
-4.2 |
-3.8 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.1 |
0.0 |
0.0 |
- |
- |
|
Net Change in Cash |
12.3 |
-7.5 |
-3.4 |
5.1 |
6.4 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
2.9 |
10.5 |
13.5 |
7.2 |
2.0 |
|
Net Cash - Ending Balance |
15.2 |
3.0 |
10.1 |
12.2 |
8.3 |
|
Cash Interest Paid |
-0.4 |
1.0 |
1.0 |
- |
- |
|
Cash Taxes Paid |
0.1 |
1.5 |
0.3 |
- |
- |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Restated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate
(Period Average) |
1126.848795 |
1107.891393 |
1156.281981 |
1276.385219 |
1100.562842 |
|
Auditor |
Deloitte Anjin LLC |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Other Sales Revenue |
0.0 |
0.0 |
- |
- |
- |
|
Finished Goods Revenues |
13.8 |
13.5 |
- |
- |
- |
|
Merchandise Sales |
13.0 |
9.9 |
- |
- |
- |
|
Other Revenue |
0.6 |
2.0 |
- |
- |
- |
|
Finished Products |
- |
- |
- |
9.2 |
8.6 |
|
Finished Product Export Sales |
70.1 |
71.8 |
- |
52.4 |
50.9 |
|
Sales Revenue of Merchandises |
- |
- |
- |
13.1 |
12.1 |
|
Merchandise Export Sales |
3.5 |
2.5 |
- |
5.4 |
2.0 |
|
Fee & Commission Revenue |
- |
- |
- |
3.5 |
2.2 |
|
Sales Revenue |
- |
- |
105.1 |
- |
- |
|
Total Revenue |
101.0 |
99.8 |
105.1 |
83.5 |
75.8 |
|
|
|
|
|
|
|
|
Impairment of Goodwill |
- |
0.1 |
- |
- |
- |
|
Labor & Related Expense - COGS |
10.2 |
10.7 |
- |
- |
- |
|
Cost of Finished Goods Sold |
- |
- |
- |
43.1 |
43.4 |
|
Other Cost of Goods and Services Sold |
66.7 |
71.3 |
- |
- |
- |
|
Other Costs of Goods & Services Sold |
3.7 |
-3.8 |
- |
- |
- |
|
Cost of Merchandises Sold |
- |
- |
- |
17.2 |
13.0 |
|
Salaries & Wages |
2.9 |
2.9 |
2.4 |
2.0 |
2.2 |
|
Retirement & Severance Benefits |
0.2 |
0.2 |
0.2 |
0.1 |
0.2 |
|
Employee Benefits |
0.2 |
0.2 |
0.2 |
0.2 |
0.3 |
|
Other Selling & Administrative Expense |
0.0 |
0.0 |
- |
- |
- |
|
Travel Expenses |
- |
- |
- |
0.1 |
0.0 |
|
Communication Expense |
- |
- |
- |
0.0 |
0.1 |
|
Taxes & Dues |
- |
- |
- |
0.1 |
0.1 |
|
Supply Expense |
- |
- |
- |
0.0 |
0.0 |
|
Book Expense |
- |
- |
- |
0.0 |
0.0 |
|
Office Expense |
- |
- |
- |
0.0 |
0.0 |
|
Rental Expense |
0.2 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Repair Expense |
- |
- |
- |
0.0 |
0.0 |
|
Vehicle Maintenance Expense |
- |
- |
- |
0.0 |
0.0 |
|
Insurance Premiums |
- |
- |
- |
0.0 |
0.0 |
|
Commissions |
0.3 |
0.3 |
0.3 |
0.3 |
0.3 |
|
Freight Expense |
- |
- |
- |
0.0 |
0.0 |
|
Entertainment |
- |
- |
- |
0.0 |
0.0 |
|
Sales Promotional Expense |
- |
- |
- |
0.0 |
0.0 |
|
Advertising Expenses |
- |
- |
- |
0.0 |
0.0 |
|
Education & Training |
- |
- |
- |
0.0 |
0.0 |
|
Exporting Expense |
5.1 |
5.4 |
4.7 |
4.2 |
3.6 |
|
Overseas Market Development Cost |
0.4 |
0.4 |
0.3 |
0.3 |
0.3 |
|
Sample Expense |
- |
- |
- |
0.0 |
0.0 |
|
Conference Expense |
- |
- |
- |
0.0 |
0.0 |
|
Expense of Allow. for DA |
-0.2 |
0.0 |
- |
- |
3.3 |
|
R & D Expense |
2.9 |
2.9 |
2.8 |
2.1 |
1.6 |
|
Depreciation |
- |
- |
- |
0.0 |
0.0 |
|
Amort. of Intangibless |
- |
- |
- |
0.1 |
0.1 |
|
Other Selling & Administrative Expense |
0.5 |
0.5 |
0.5 |
0.0 |
0.0 |
|
Costs of Goods & Services Sold |
- |
- |
77.3 |
- |
- |
|
Other Operating Expense |
0.0 |
- |
- |
- |
- |
|
Miscellaneous Loss |
- |
- |
0.0 |
- |
- |
|
Adj. for Other Selling & Admin. Expense |
- |
- |
- |
- |
- |
|
Other Operating Income |
0.0 |
- |
- |
- |
- |
|
Incentives Received |
- |
- |
-0.2 |
- |
- |
|
Gain on Disposal of PPT |
- |
- |
-0.1 |
- |
- |
|
Gain-Disposal of Sec. Avail. for Sale |
- |
- |
0.0 |
- |
- |
|
Reversal of Allow. for DA |
- |
- |
-0.1 |
- |
- |
|
Dividend Income |
- |
- |
0.0 |
- |
- |
|
Miscellaneous Income |
- |
- |
-0.1 |
- |
- |
|
Adj. for Other Operating Income |
- |
- |
0.0 |
- |
- |
|
Total Operating Expense |
93.1 |
91.3 |
88.4 |
70.1 |
68.9 |
|
|
|
|
|
|
|
|
Interest Income |
0.2 |
0.1 |
0.3 |
0.2 |
0.2 |
|
Other Finance Income |
- |
- |
- |
- |
- |
|
Other Finance Expense |
0.0 |
0.0 |
- |
- |
- |
|
Dividend Income |
0.0 |
0.0 |
- |
- |
- |
|
Dividend Income |
- |
- |
- |
0.0 |
0.0 |
|
Gain-Valuation of Derivatives |
- |
- |
- |
- |
1.0 |
|
Incentives Received |
0.7 |
0.2 |
- |
- |
- |
|
Insurance Income |
- |
4.2 |
- |
- |
- |
|
Miscellaneous Income |
0.2 |
0.3 |
- |
- |
- |
|
Other Other Non-Operating Expense |
0.0 |
- |
- |
- |
- |
|
Miscellaneous Expense |
0.0 |
0.0 |
- |
- |
- |
|
Loss on Scrapping of Inventory |
- |
-0.6 |
- |
- |
- |
|
Other Other Non-Operating Expense |
0.0 |
0.0 |
- |
- |
- |
|
Other Other Non-Operating Income |
- |
0.0 |
- |
- |
- |
|
Gains on Insurance Settlements |
- |
- |
- |
1.0 |
- |
|
Gain-Foreign Exchange Transaction |
0.5 |
1.6 |
1.8 |
1.7 |
3.6 |
|
Gain-Foreign Currency Translation |
0.3 |
0.2 |
0.1 |
0.0 |
0.3 |
|
Gain-Derivatives Transactions(1) |
- |
- |
- |
- |
3.1 |
|
Gain-Derivatives Transactions |
- |
- |
- |
0.0 |
0.3 |
|
Gain on Sale of Tangible Assets |
0.0 |
0.1 |
- |
- |
- |
|
Losses on Sale of Tangible Assets |
- |
-0.4 |
- |
- |
- |
|
Gain-Disposal of Tangible Assets |
- |
- |
- |
0.1 |
0.0 |
|
Plan Assets |
- |
- |
- |
0.0 |
- |
|
Incentives Received |
- |
- |
- |
0.1 |
0.4 |
|
Reversal of Allow. for DA |
- |
- |
- |
0.2 |
- |
|
Gain from Extinguishment of Debts |
0.0 |
0.0 |
- |
- |
- |
|
Rec. of Fincl Guarantee Liabilities |
0.3 |
0.1 |
0.1 |
- |
- |
|
Miscellaneous Income |
- |
- |
- |
0.1 |
0.1 |
|
Interest Expense |
-1.1 |
-1.0 |
-1.0 |
-0.9 |
-1.6 |
|
L-Trade Rcv Disposal |
- |
- |
- |
-0.2 |
-0.5 |
|
NE Loss on Scrap of Inventories |
- |
- |
- |
0.0 |
-0.1 |
|
Loss-Reduct. of Sec. Available-Sale |
- |
- |
- |
-0.2 |
-0.6 |
|
Loss-Foreign Exchange Transaction |
-1.1 |
-1.4 |
-1.9 |
-1.7 |
-2.5 |
|
Loss-Foreign Currency Translation |
-0.6 |
-0.2 |
-0.1 |
-0.3 |
-1.9 |
|
Losses on Sale of Property, Plant and Eq |
- |
- |
- |
-0.2 |
- |
|
Miscellaneous Losses |
- |
- |
- |
0.0 |
0.0 |
|
Gain-Valuation of Equity Method Sec. |
- |
- |
- |
- |
0.1 |
|
Adj. for Finance Income |
- |
- |
0.0 |
- |
- |
|
Adj. for Finance Expense |
- |
- |
0.0 |
- |
- |
|
Net Income Before Taxes |
7.2 |
11.7 |
16.0 |
13.2 |
9.0 |
|
|
|
|
|
|
|
|
Prov. for Income Taxes |
0.9 |
1.9 |
1.8 |
0.5 |
1.0 |
|
Net Income After Taxes |
6.3 |
9.9 |
14.3 |
12.7 |
7.9 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
6.3 |
9.9 |
14.3 |
12.7 |
7.9 |
|
Net Income |
6.3 |
9.9 |
14.3 |
12.7 |
7.9 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
6.3 |
9.9 |
14.3 |
12.7 |
7.9 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
6.3 |
9.9 |
14.3 |
12.7 |
7.9 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
5.1 |
5.1 |
5.2 |
5.2 |
5.2 |
|
Basic EPS Excluding ExtraOrdinary Items |
1.23 |
1.92 |
2.73 |
2.42 |
1.52 |
|
Basic EPS Including ExtraOrdinary Items |
1.23 |
1.92 |
2.73 |
2.42 |
1.52 |
|
Dilution Adjustment |
- |
- |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
6.3 |
9.9 |
14.3 |
12.7 |
7.9 |
|
Diluted Weighted Average Share |
5.1 |
5.1 |
5.2 |
5.2 |
5.2 |
|
Diluted EPS Excluding ExtraOrd Items |
1.23 |
1.92 |
2.73 |
2.42 |
1.52 |
|
Diluted EPS Including ExtraOrd Items |
1.23 |
1.92 |
2.73 |
2.42 |
1.52 |
|
DPS-Common Stock |
0.26 |
0.27 |
0.35 |
0.24 |
0.23 |
|
Gross Dividends - Common Stock |
- |
1.6 |
1.8 |
1.2 |
1.2 |
|
Normalized Income Before Taxes |
7.2 |
12.2 |
16.0 |
13.6 |
9.5 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
0.9 |
1.9 |
1.8 |
0.5 |
1.1 |
|
Normalized Income After Taxes |
6.3 |
10.3 |
14.2 |
13.0 |
8.4 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
6.3 |
10.3 |
14.2 |
13.0 |
8.4 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.23 |
2.00 |
2.72 |
2.49 |
1.60 |
|
Diluted Normalized EPS |
1.23 |
2.00 |
2.72 |
2.49 |
1.60 |
|
Interest Expense |
1.1 |
- |
- |
- |
- |
|
Interest Expense, Supplemental |
- |
1.0 |
1.0 |
0.9 |
1.6 |
|
Advertising Expense, Supplemental |
- |
- |
- |
0.0 |
0.0 |
|
Rental Expense, Supplemental |
0.2 |
0.1 |
0.1 |
0.1 |
0.1 |
|
R&D Expense, Supplemental |
2.9 |
2.9 |
2.8 |
2.1 |
1.6 |
|
BC - Depreciation of Fixed Assets |
10.2 |
8.2 |
- |
- |
- |
|
Depreciation, Supplemental |
- |
- |
6.0 |
4.6 |
4.4 |
|
BC - Depreciation of Intangible Assets |
0.1 |
0.1 |
- |
- |
- |
|
Amort of Intangibles, Supplemental |
- |
- |
0.1 |
0.1 |
0.1 |
|
Current Tax - Total |
0.2 |
0.3 |
- |
- |
- |
|
Current Tax - Total |
0.2 |
0.3 |
- |
- |
- |
|
Deferred Tax - Total |
0.6 |
1.5 |
- |
- |
- |
|
Deferred Tax - Total |
0.6 |
1.5 |
- |
- |
- |
|
Other Tax - Deferred/Current |
0.0 |
0.0 |
- |
- |
- |
|
Income Tax - Total |
0.9 |
1.9 |
- |
- |
- |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate |
1066.400024 |
1152 |
1134.9 |
1164.475 |
1259.55 |
|
Auditor |
Deloitte Anjin
LLC |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Cash Equivalents |
16.1 |
2.9 |
10.2 |
13.4 |
7.3 |
|
ST Finl Assets |
0.0 |
2.0 |
- |
- |
0.3 |
|
Derivatives |
- |
- |
- |
- |
0.9 |
|
Trade Receivable, Gross |
- |
42.0 |
40.0 |
24.7 |
18.5 |
|
Allow. for DA for Trade Receivable |
- |
-2.9 |
-2.9 |
-3.1 |
-3.0 |
|
Account Receivable |
- |
4.4 |
1.8 |
1.5 |
0.9 |
|
Other Quick Assets |
- |
- |
- |
- |
0.0 |
|
Advance Payments |
- |
0.2 |
0.1 |
0.1 |
0.5 |
|
Current Tax Assets |
0.0 |
- |
- |
- |
- |
|
Prepaid Expense |
- |
0.3 |
0.1 |
0.1 |
0.0 |
|
Prepaid Inc Tax |
- |
0.0 |
- |
- |
- |
|
Accrued Income |
- |
0.2 |
0.1 |
0.1 |
0.1 |
|
Merchandises |
- |
- |
0.4 |
1.1 |
0.8 |
|
Other Current Assets - Total |
0.6 |
- |
- |
- |
- |
|
Deferred Income Tax |
- |
- |
- |
0.6 |
0.2 |
|
Finished Goods |
- |
12.3 |
6.1 |
6.7 |
8.6 |
|
Allow. for Loss-Valt of Finished Goods |
- |
- |
- |
-0.1 |
- |
|
Works in Process |
- |
7.1 |
8.3 |
7.2 |
6.1 |
|
Allowance for Loss on Valuation of Works |
- |
- |
- |
-0.5 |
- |
|
Raw Materials |
- |
2.5 |
1.4 |
1.8 |
1.9 |
|
Supplies |
- |
0.0 |
0.0 |
0.1 |
0.0 |
|
Goods in Transit |
- |
4.2 |
2.5 |
3.3 |
2.7 |
|
Packaging Materials |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Adj. for Trade & Other Receivable |
- |
0.0 |
0.0 |
- |
- |
|
Adj. for Inventories |
- |
0.0 |
0.0 |
- |
- |
|
Adj. for Other Current Assets |
- |
0.0 |
- |
- |
- |
|
Inventories |
29.9 |
- |
- |
- |
- |
|
Trade & Other Receivable |
28.0 |
- |
- |
- |
- |
|
Total Current Assets |
74.5 |
75.2 |
68.3 |
56.9 |
45.8 |
|
|
|
|
|
|
|
|
Non-Current Fincl Instrm |
0.3 |
- |
- |
- |
- |
|
LT Finl Assets |
- |
0.0 |
1.5 |
1.0 |
0.5 |
|
Guarantee Deposits, Non-Current Assets |
- |
1.1 |
0.1 |
1.3 |
0.3 |
|
Securities Available for Sale |
0.0 |
0.0 |
0.0 |
0.0 |
0.3 |
|
Non-Current Trade & Other Receivable |
1.2 |
- |
- |
- |
- |
|
LA Deferred Tax |
- |
- |
- |
0.7 |
1.3 |
|
Lands |
- |
44.2 |
44.9 |
8.4 |
7.8 |
|
Buildings |
- |
14.8 |
13.4 |
- |
- |
|
Deprec-Buildings |
- |
-5.0 |
-4.6 |
- |
- |
|
Structures |
- |
17.8 |
18.0 |
- |
- |
|
Deprec-Structure |
- |
-13.1 |
-12.1 |
- |
- |
|
Tools/Equipments |
- |
0.1 |
0.1 |
- |
- |
|
Depr-Tool/Equip |
- |
-0.1 |
-0.1 |
- |
- |
|
Machinery/Equip. |
- |
79.4 |
65.9 |
- |
- |
|
Government Subsidy-Machinery/Equip. |
- |
-0.2 |
- |
- |
- |
|
Depr-Mach/Equip. |
- |
-42.8 |
-39.8 |
- |
- |
|
Transport Equip. |
- |
0.1 |
0.1 |
- |
- |
|
Deprec-Transport |
- |
-0.1 |
0.0 |
- |
- |
|
Misc. Fixtures |
- |
0.7 |
0.7 |
- |
- |
|
Deprec-Fixtures |
- |
-0.6 |
-0.5 |
- |
- |
|
Construction in Progress |
- |
0.3 |
0.5 |
4.6 |
0.8 |
|
Tools & Equipments |
- |
- |
- |
78.2 |
67.9 |
|
Tools & Equipments-Depreciation |
- |
- |
- |
-56.0 |
-49.7 |
|
Intangibless,Net |
0.1 |
- |
- |
- |
- |
|
Development Costs |
- |
0.1 |
0.1 |
0.2 |
0.2 |
|
Other Intangibless |
- |
- |
1.1 |
- |
- |
|
Trademark Rights |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Patents |
- |
0.1 |
0.1 |
0.2 |
0.2 |
|
Adj. for Property, Plant & Equipment |
- |
0.0 |
0.0 |
- |
- |
|
Adj. for Intangibless |
- |
0.0 |
0.0 |
- |
- |
|
Property, Plant & Equipment, Net |
97.6 |
- |
- |
- |
- |
|
Total Assets |
173.9 |
172.1 |
157.6 |
95.5 |
75.3 |
|
|
|
|
|
|
|
|
Trade & Other Payable |
16.2 |
- |
- |
- |
- |
|
Current Trade Payable |
- |
19.2 |
15.6 |
14.4 |
9.8 |
|
Other Payable |
- |
5.4 |
4.3 |
6.3 |
4.0 |
|
Current Tax Liabilities |
0.1 |
- |
1.1 |
0.2 |
- |
|
Accrued Expense |
- |
4.1 |
3.3 |
2.6 |
1.6 |
|
Advance from Customers, Current |
- |
0.1 |
0.2 |
0.5 |
0.6 |
|
Other Current Liabilities - Total |
0.9 |
- |
- |
- |
- |
|
Withheld |
- |
0.2 |
0.2 |
0.2 |
0.1 |
|
Fincl Guarantee Deposits Liabilities |
- |
0.1 |
0.1 |
- |
- |
|
Current Borrowings |
21.6 |
21.0 |
23.1 |
13.7 |
18.3 |
|
Current Portion of Long-Term Borrowings |
- |
0.6 |
0.8 |
0.3 |
- |
|
Adj. for Current Trade & Other Payable |
- |
0.0 |
0.0 |
- |
- |
|
Adj. for Current Portion of LT Debts |
- |
- |
0.0 |
- |
- |
|
Adj. for Other Current Liabilities |
- |
0.0 |
0.0 |
- |
- |
|
Total Current Liabilities |
38.8 |
50.6 |
48.9 |
38.0 |
34.2 |
|
|
|
|
|
|
|
|
Non-Current Borrowings |
5.2 |
6.7 |
1.0 |
1.8 |
0.4 |
|
Total Long Term Debt |
5.2 |
6.7 |
1.0 |
1.8 |
0.4 |
|
|
|
|
|
|
|
|
LT Employee Benefits Liabilities |
0.4 |
- |
- |
- |
- |
|
Retirement Resrv |
- |
0.4 |
0.4 |
- |
1.6 |
|
Deposits for Retirement and Severance Be |
- |
- |
- |
-0.5 |
- |
|
Provisions for Retirement and Severance |
2.7 |
2.1 |
1.7 |
2.8 |
- |
|
Plan Assets |
- |
- |
- |
-1.5 |
- |
|
Transfer to National Pension Fund |
- |
- |
- |
0.0 |
- |
|
Deferred Income Taxes, LT Liabilities |
10.1 |
8.7 |
7.4 |
- |
- |
|
Non-Current Trade & Other Payable |
0.3 |
- |
- |
- |
- |
|
Non-Current Other Payable |
- |
0.1 |
- |
- |
- |
|
Non-Current Fincl Deposits Liabilities |
- |
0.2 |
0.3 |
- |
- |
|
Adj. for LT Trade & Other Payable |
- |
0.0 |
0.0 |
- |
- |
|
Total Liabilities |
57.5 |
68.8 |
59.7 |
40.5 |
36.3 |
|
|
|
|
|
|
|
|
Capital Stock |
12.3 |
11.3 |
11.5 |
11.2 |
10.4 |
|
Other Paid-in Capital |
24.1 |
- |
- |
- |
- |
|
Additional Paid in Capital |
- |
23.8 |
24.1 |
23.5 |
21.7 |
|
Legal Resvs |
- |
0.4 |
0.3 |
- |
- |
|
Non ContributedReserve&Retain Earn-Total |
80.0 |
- |
- |
- |
- |
|
Retained Earnings Carried Forward |
- |
66.6 |
60.1 |
20.2 |
6.9 |
|
Loss-Valuation of Derivatives |
- |
- |
- |
- |
0.0 |
|
Appropriated Retained Earnings for Statu |
- |
- |
- |
0.1 |
- |
|
Voluntary Reserve |
- |
2.6 |
2.6 |
- |
- |
|
Treasury Stock |
- |
-1.4 |
-0.7 |
- |
- |
|
Adj. for Other Paid-in Capital |
- |
- |
0.0 |
- |
- |
|
Adj. for Retained Earnings |
- |
- |
0.0 |
- |
- |
|
Total Equity |
116.4 |
103.3 |
98.0 |
55.0 |
39.0 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
173.9 |
172.1 |
157.6 |
95.5 |
75.3 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
5.1 |
5.1 |
5.2 |
5.2 |
5.2 |
|
Total Common Shares Outstanding |
5.1 |
5.1 |
5.2 |
5.2 |
5.2 |
|
T/S-Common Stock |
0.1 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Accumulated Intangible Amort. Suppl. |
- |
1.3 |
1.2 |
1.1 |
0.9 |
|
Deferred Revenue, Current |
- |
0.1 |
0.2 |
0.5 |
0.6 |
|
Full-Time Employees |
- |
267 |
266 |
248 |
252 |
|
Number of Common Shareholders |
- |
- |
4,482 |
- |
3,498 |
|
Long Term Debt Maturing within 1 Year |
- |
22.7 |
- |
0.3 |
- |
|
Long Term Debt Maturing within 2 Years |
- |
2.2 |
- |
0.8 |
- |
|
Long Term Debt Maturing within 3 Years |
- |
- |
- |
0.6 |
0.0 |
|
Long Term Debt Maturing within 4 Years |
- |
- |
- |
- |
0.0 |
|
Long Term Debt Maturing Remaining |
- |
5.2 |
- |
0.4 |
0.4 |
|
Total Long Term Debt, Supplemental |
- |
30.0 |
- |
2.0 |
0.4 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate (Period
Average) |
1126.848795 |
1107.891393 |
1156.281981 |
1276.385219 |
1100.562842 |
|
Auditor |
Deloitte Anjin
LLC |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income or Loss |
6.3 |
9.9 |
14.3 |
12.7 |
7.9 |
|
Depreciation |
10.2 |
8.4 |
6.0 |
4.6 |
4.4 |
|
Amort. of Intangibless |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Expense of Allow. for DA |
- |
0.0 |
- |
- |
3.3 |
|
Salaries |
0.0 |
- |
- |
- |
- |
|
Other Added Expense/Deducted Incomes |
2.7 |
- |
- |
- |
- |
|
Retirement and Severance Benefits |
- |
1.3 |
1.1 |
0.9 |
1.2 |
|
Interest Expenses |
0.0 |
1.0 |
1.0 |
- |
- |
|
Losses on Foreign Currency Translation |
0.0 |
0.2 |
0.1 |
0.2 |
1.6 |
|
Loss-Disposal of Trade Receivable |
- |
- |
- |
0.2 |
0.5 |
|
Loss on Disposal of Property, Plant and |
- |
0.4 |
- |
0.2 |
- |
|
Losses on Valt of Inventories |
- |
- |
0.4 |
- |
- |
|
Loss on Scraping of Inventory |
- |
0.6 |
- |
0.0 |
0.1 |
|
Loss-Reduct. of Sec. Available-for-Sale |
- |
- |
- |
0.2 |
0.6 |
|
Loss on Reduction of Membership Right |
- |
0.1 |
- |
- |
- |
|
Rec. of Losses on Valt of Inventories |
0.0 |
-0.8 |
- |
- |
- |
|
Rec. of Fincl Guarantee Liabilities |
0.0 |
-0.1 |
-0.1 |
- |
- |
|
Gain on Exemption of Debts |
- |
0.0 |
- |
- |
- |
|
Gain-Derivatives Valuation |
- |
- |
- |
- |
-1.0 |
|
Rec. of Allow. for DA |
0.0 |
- |
-0.1 |
-0.2 |
- |
|
Dividend Income |
0.0 |
0.0 |
0.0 |
- |
- |
|
Gain-Derivatives Transaction |
- |
- |
- |
0.0 |
-0.3 |
|
Gains on Foreign Currency Translation |
0.0 |
-0.2 |
-0.1 |
0.0 |
-0.3 |
|
Gain on Disposal of Financial Assets Ava |
- |
- |
0.0 |
- |
- |
|
Gain on Disposal of Property, Plant and |
0.0 |
-0.1 |
-0.1 |
-0.1 |
0.0 |
|
Gain under Equity Method |
- |
- |
- |
- |
-0.1 |
|
Interest Income |
0.0 |
-0.1 |
-0.3 |
- |
- |
|
G-Equity Method Valu |
- |
- |
- |
- |
-3.1 |
|
Trade Receivables |
0.0 |
-2.5 |
-5.3 |
-4.7 |
-3.2 |
|
Account Receivables |
0.0 |
-2.7 |
-0.2 |
-0.5 |
-0.2 |
|
Accrued Income |
- |
- |
- |
0.0 |
0.0 |
|
Advance Payments |
0.0 |
0.0 |
-0.1 |
0.4 |
-0.5 |
|
Corporate Tax Refundable |
- |
- |
- |
0.0 |
0.1 |
|
Prepaid Expenses |
0.0 |
-0.3 |
0.0 |
-0.1 |
0.0 |
|
Increase in Guarantee Deposit |
- |
- |
0.0 |
- |
- |
|
Inventory |
0.0 |
-7.8 |
0.9 |
2.0 |
-5.3 |
|
Deferred Income Tax, Current Assets |
- |
- |
- |
-0.3 |
-0.2 |
|
Deferred Taxes-Asset |
- |
- |
- |
0.6 |
1.2 |
|
Non-Current Other Payable |
0.0 |
- |
- |
- |
- |
|
Trade Payable |
0.0 |
3.9 |
0.9 |
3.5 |
2.7 |
|
Account Payable |
0.0 |
1.2 |
-2.1 |
1.8 |
1.7 |
|
Increase or Decrease in Income Taxes Pay |
- |
- |
- |
0.2 |
- |
|
Plan Assets |
0.0 |
- |
- |
- |
- |
|
Advance from Customers |
0.0 |
0.1 |
-0.2 |
-0.2 |
0.3 |
|
Withholdings |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Accrued Expenses |
0.0 |
0.8 |
0.3 |
0.8 |
0.5 |
|
Payment for Retirement Allow. |
0.0 |
-0.8 |
-0.6 |
-1.7 |
-1.8 |
|
Nation Pension Fnd |
- |
- |
- |
0.0 |
0.0 |
|
Retirement Insurance |
- |
- |
- |
1.3 |
-0.4 |
|
Payment-LT Employee Benefits |
0.0 |
0.0 |
-0.1 |
- |
- |
|
Retirement Pension Operating Fund |
- |
-0.2 |
-0.1 |
-1.4 |
- |
|
Adj. for Operating Activities |
0.0 |
0.0 |
0.0 |
- |
- |
|
Cash-Interest Received |
0.4 |
0.1 |
0.3 |
- |
- |
|
Cash-Interest Paid |
-1.1 |
-1.0 |
-1.0 |
- |
- |
|
Cash-Tax Refunded |
-0.1 |
-1.5 |
-0.3 |
- |
- |
|
Cash-Dividend Income |
0.0 |
0.0 |
0.0 |
- |
- |
|
Employee Benefits Expense |
- |
0.0 |
0.2 |
- |
- |
|
Corporate Taxes Expense |
0.0 |
1.9 |
1.8 |
- |
- |
|
Change in working capita |
1.9 |
- |
- |
- |
- |
|
Adj. for Operating Assets & Liabilities |
0.0 |
0.0 |
0.0 |
- |
- |
|
Cash From Operating Activities |
20.3 |
11.7 |
16.6 |
20.8 |
9.7 |
|
|
|
|
|
|
|
|
Proceeds from Sale of Short-term Financi |
- |
- |
- |
0.3 |
- |
|
Sale of Current Fincl Instruments |
2.0 |
- |
- |
- |
- |
|
IP Disposal of Securities under Equity M |
- |
- |
- |
- |
4.1 |
|
Disposal-Securities Available-for-Sale |
- |
- |
0.0 |
- |
0.0 |
|
Decrease-Guarantee Deposit |
- |
- |
- |
0.0 |
0.0 |
|
Disposal-Tangible Assets |
0.0 |
0.1 |
0.1 |
0.1 |
0.0 |
|
Increase-ST Financial Assets |
- |
- |
- |
- |
-0.1 |
|
Purchase of Current Fincl Instruments |
0.0 |
- |
- |
- |
- |
|
Purchase of Non-Current Fincl Instrm |
-0.3 |
-0.5 |
-0.4 |
-0.4 |
-0.4 |
|
Increase in Deposits Provided |
- |
- |
- |
-0.9 |
- |
|
Purchase of Current Sec. Avail.-for-Sale |
- |
- |
0.0 |
- |
- |
|
Purchase of Intangibless |
0.0 |
0.0 |
-0.1 |
0.0 |
0.0 |
|
Increase in Government Subsidy |
0.0 |
0.2 |
- |
- |
- |
|
Purchase of Tangibles |
-4.9 |
-19.9 |
-17.1 |
-10.6 |
-3.2 |
|
Cash From Investing Activities |
-3.1 |
-20.2 |
-17.5 |
-11.6 |
0.5 |
|
|
|
|
|
|
|
|
Inc-ST Borrowings |
- |
- |
- |
8.5 |
11.4 |
|
Increase in Non-Current Borrowings |
0.0 |
- |
- |
- |
- |
|
Increase-LT Borrowings |
- |
6.6 |
- |
1.4 |
0.5 |
|
Decrease in Current Borrowings |
0.0 |
- |
- |
-13.1 |
-11.3 |
|
Decs in Current Portion of LT Borrowings |
-0.6 |
-0.9 |
-0.3 |
- |
-4.5 |
|
Increase in Treasury Stocks |
0.0 |
-0.8 |
-0.6 |
- |
- |
|
Dividend Paid |
-1.6 |
-1.9 |
-1.4 |
-1.0 |
- |
|
Current Borrowings, Net |
-2.7 |
-2.0 |
-0.3 |
- |
- |
|
Cash From Financing Activities |
-4.9 |
1.0 |
-2.6 |
-4.2 |
-3.8 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.1 |
0.0 |
0.0 |
- |
- |
|
Incs or Decs in Cash & Cash Equivalents |
12.3 |
-7.5 |
-3.4 |
5.1 |
6.4 |
|
|
|
|
|
|
|
|
Cash and Cash Equivalents at Beginning |
2.9 |
10.5 |
13.5 |
7.2 |
2.0 |
|
Cash and Cash Equivalents at End |
15.2 |
3.0 |
10.1 |
12.2 |
8.3 |
|
Cash Interest Paid |
-0.4 |
1.0 |
1.0 |
- |
- |
|
Cash Taxes Paid |
0.1 |
1.5 |
0.3 |
- |
- |
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.54.54 |
|
UK Pound |
1 |
Rs.84.19 |
|
Euro |
1 |
Rs.71.11 |
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.