MIRA INFORM REPORT

 

 

Report Date :

27.11.2013

 

IDENTIFICATION DETAILS

 

Name :

HUONS CO LTD

 

 

Registered Office :

901, C Dong, Pangyo Innovalley, 621, Sampyeong-Dong, Bundang-Gu, Seongnam, 463400

 

 

Country :

South Korea

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

10.07.1987

 

 

Legal Form :

Public Parent

 

 

Line of Business :

Subject is engaged in the manufacture of pharmaceuticals

 

 

No. of Employees :

425

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No complaints

Litigation :

Clear

 

NOTES:

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

 

ECGC Country Risk Classification List – March, 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

South Korea

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

SOUTH KOREA - ECONOMIC OVERVIEW

 

South Korea over the past four decades has demonstrated incredible growth and global integration to become a high-tech industrialized economy. In the 1960s, GDP per capita was comparable with levels in the poorer countries of Africa and Asia. In 2004, South Korea joined the trillion dollar club of world economies, and is currently the world's 12th largest economy. Initially, a system of close government and business ties, including directed credit and import restrictions, made this success possible. The government promoted the import of raw materials and technology at the expense of consumer goods, and encouraged savings and investment over consumption. The Asian financial crisis of 1997-98 exposed longstanding weaknesses in South Korea's development model including high debt/equity ratios and massive short-term foreign borrowing. GDP plunged by 6.9% in 1998, and then recovered by 9% in 1999-2000. Korea adopted numerous economic reforms following the crisis, including greater openness to foreign investment and imports. Growth moderated to about 4% annually between 2003 and 2007. Korea''s export focused economy was hit hard by the 2008 global economic downturn, but quickly rebounded in subsequent years, reaching 6.3% growth in 2010. The US-South Korea Free Trade Agreement was ratified by both governments in 2011 and went into effect in March 2012. Throughout 2012 the economy experienced sluggish growth because of market slowdowns in the United States, China, and the Eurozone. The incoming administration in 2013, following the December 2012 presidential election, is likely to face the challenges of balancing heavy reliance on exports with developing domestic-oriented sectors, such as services. The South Korean economy''s long term challenges include a rapidly aging population, inflexible labor market, and heavy reliance on exports - which comprise half of GDP.

 

Source : CIA

Company name & address

 

HUONS CO LTD 

                                                                                                                                                                                                                                                                                                                                                                           

 

901, C Dong, Pangyo Innovalley

621, Sampyeong-Dong, Bundang-Gu

 

Seongnam, 463400

Korea

 

 

Tel:

82-70-74925029

Fax:

82-26-4550740

 

 en.huons.com

 

Employees:

425

Company Type:

Public Parent

Corporate Family:

2 Companies

Traded:

KOSDAQ:

084110

Incorporation Date:

10-Jul-1987

Auditor:

Daejoo Accounting Corp.

Financials in:

               

 

 

Fiscal Year End:

31-Dec-2012

Reporting Currency:

South Korean Won

Annual Sales:

120.3  1

Net Income:

5.9

Total Assets:

174.0  2

Market Value:

326.0

 

(08-Nov-2013)

 

 

Business Description     

 

 

Huons Co., Ltd. is a Korea-based company engaged in the manufacture of pharmaceuticals. The Company’s products include remedies for the circulatory systems, digestive systems, endocrine systems, genitourinary systems, central nervous systems, autonomic nervous systems and respiratory systems, as well as other drugs, such as antibiotics, chemotherapeutics, anticancer drugs and obesity treatments, among others. It also provides medical devices. The Company distributes its pharmaceuticals within domestic market and to overseas markets. For the six months ended 30 June 2013, Huons Co Ltd revenues increased 12% to W72.45B. Net income increased from W3.87B to W8.36B. Revenues reflect an increase in demand for the Company's products and services due to favorable market conditions. Net income benefited from Sales Commissions decrease of 43% to W1.88B (expense), Miscellaneous Income increase from W1.07B to W2.26B (income).

 

 

Industry

 

 

Industry

Pharmaceutical Manufacturing

ANZSIC 2006:

1841 - Human Pharmaceutical and Medicinal Product Manufacturing

ISIC Rev 4:

2100 - Manufacture of pharmaceuticals, medicinal chemical and botanical products

NACE Rev 2:

2120 - Manufacture of pharmaceutical preparations

NAICS 2012:

325412 - Pharmaceutical Preparation Manufacturing

UK SIC 2007:

2120 - Manufacture of pharmaceutical preparations

US SIC 1987:

2834 - Pharmaceutical Preparations

 

 

Key Executives   

 

Name

Title

Jae Gap Jeon

Chief Executive Officer, Director

Yin Suk Lee

Internal Auditor

Seong Tae Yoon

Co-Chief Executive Officer, Director

Jong Deok Choi

Non-Executive Independent Director

Sung Tae Yoon

Vice Chairman & CEO

 

 

Significant Developments

 

Topic

#*

Most Recent Headline

Date

Mergers & Acquisitions

1

Huons Co., Ltd. to Invest in Equipment

26-Sep-2013

Officer Changes

1

Huons Co., Ltd. Announces Resignation of Co-CEO

9-Jan-2013

Strategic Combinations

1

Huons Co., Ltd. to Jointly Establish New Company

29-Apr-2013

General Products

2

Huons Co., Ltd. to Start Phase 2 Trial for Fatty Liver Drug

15-Jul-2013

Equity Financing / Related

3

Huons Co., Ltd. Announces Conversion of First Bonds with Warrants into Shares

15-Apr-2013

 

 * number of significant developments within the last 12 months

 

 

News   

 

Title

Date

Aquavit Pharmaceuticals Adds New Advanced Drug Delivery Technology to Product Portfolio
Biotech Week (318 Words)

13-Nov-2013

WIPO PUBLISHES PATENT OF INDUSTRY-ACADEMIC COOPERATION FOUNDATION, YONSEI UNIVERSITY TITLED AS "CYCLOSPORINE-CONTAINING, NON-IRRITATIVE NANOEMULSION OPTHALMIC COMPOSITION"

Plus Patent News (243 Words)

11-Nov-2013

WIPO PUBLISHES PATENT OF YONSEI UNIVERSITY INDUSTRY-ACADEMIC COOPERATION FOUNDATION AND HUONS FOR "CYCLOSPORINE-CONTAINING, NON-IRRITATIVE... 
U.S. Fed News (242 Words)

8-Nov-2013

Other News To Note

BIOWORLD Today (899 Words)

6-Nov-2013

Aquavit Pharmaceuticals Adds New Advanced Drug Delivery Technology to Product Portfolio
PR Newswire US (380 Words)

5-Nov-2013

Huons Co., Ltd. Announces Resignation of Co-CEO

Reuters UK (40 Words)

9-Jan-2013

 

Stock Snapshot  

 

Traded: KOSDAQ: 084110

 

As of 8-Nov-2013

   Financials in: KRW

Recent Price

32,900.00

 

EPS

684.35

52 Week High

33,300.00

 

Price/Sales

2.56

52 Week Low

11,800.00

 

Dividend Rate

150.00

Avg. Volume (mil)

0.09

 

Price/Book

3.41

Market Value (mil)

346,500.90

 

Beta

0.75

 

Price % Change

Rel S&P 500%

4 Week

18.35%

20.74%

13 Week

11.53%

5.68%

52 Week

143.70%

135.05%

Year to Date

147.37%

148.89%

 

 

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
901, C Dong, Pangyo Innovalley
621, Sampyeong-Dong, Bundang-Gu
Seongnam, 463400

Korea

 

Tel:

82-70-74925029

Fax:

82-26-4550740

 

en.huons.com

Quote Symbol - Exchange

084110 - KOSDAQ

Sales KRW(mil):

135,510.4

Assets KRW(mil):

185,518.4

Employees:

425

Fiscal Year End:

31-Dec-2012

 

 

 

Industry:

Biotechnology and Drugs

Incorporation Date:

10-Jul-1987

Company Type:

Public Parent

Quoted Status:

Quoted

 

Chief Executive Officer, Director:

Jae Gap Jeon

 

 

Industry Codes

 

ANZSIC 2006 Codes:

1841

-

Human Pharmaceutical and Medicinal Product Manufacturing

 

ISIC Rev 4 Codes:

2100

-

Manufacture of pharmaceuticals, medicinal chemical and botanical products

 

NACE Rev 2 Codes:

2120

-

Manufacture of pharmaceutical preparations

 

NAICS 2012 Codes:

325412

-

Pharmaceutical Preparation Manufacturing

 

US SIC 1987:

2834

-

Pharmaceutical Preparations

 

UK SIC 2007:

2120

-

Manufacture of pharmaceutical preparations

 

 

Business Description

 

Huons Co., Ltd. is a Korea-based company engaged in the manufacture of pharmaceuticals. The Company’s products include remedies for the circulatory systems, digestive systems, endocrine systems, genitourinary systems, central nervous systems, autonomic nervous systems and respiratory systems, as well as other drugs, such as antibiotics, chemotherapeutics, anticancer drugs and obesity treatments, among others. It also provides medical devices. The Company distributes its pharmaceuticals within domestic market and to overseas markets. For the six months ended 30 June 2013, Huons Co Ltd revenues increased 12% to W72.45B. Net income increased from W3.87B to W8.36B. Revenues reflect an increase in demand for the Company's products and services due to favorable market conditions. Net income benefited from Sales Commissions decrease of 43% to W1.88B (expense), Miscellaneous Income increase from W1.07B to W2.26B (income).

 

 

More Business Descriptions

 

Production of a wide range of pharmaceutical products including anitbiotics, hemostatics, antihistamine agents and vitamins

 

Pharmaceutical Product Mfr

Huons Co., Ltd. (Huons) is a Healthcare pharmaceutical company. It Offers injections, tablets and capsules for the treatment of diseases related to central nervous system, autonomic and central nervous system, circulatory system, respiratory system, digestive system, endocrine systems, allergies, anal organs, hemorrhoids and infectious diseases. The company also markets metabolic agents and drugs for diabetes, vitamins and nutrients, genito-urinary and anal organs, and anti-hemorrhoidals. Huons provides remedies for obesity, vitamins and other health products. The company is headquartered in Seoul, Korea.Huons entered into a contract with LSJ-BIO Co. Ltd for supplying arthritis treatment medication. The company also signed a license agreement with Spectra Medical, Inc. for obtaining exclusive right of the sale of its products in the US markets.The company reported revenues of (Won) KRW 113,122.28 million during the fiscal year ended December 2011, an increase of 12.15% over 2010. The operating profit of the company was KRW 7,963.67 million during the fiscal year 2011, an increase of 409.98% over 2010. The net profit of the company was KRW 4,784.93 million during the fiscal year 2011, whereas the company reported a net loss of KRW 2,362.03 million during 2010.

 

Pharmaceutical and Medicine Manufacturing

 

 

Financial Data

 

Financials in:

KRW(mil)

 

Revenue:

135,510.4

Net Income:

6,667.1

Assets:

185,518.4

Long Term Debt:

25,543.8

 

Total Liabilities:

97,197.3

 

Working Capital:

35.4

 

 

 

Date of Financial Data:

31-Dec-2012

 

1 Year Growth

16.4%

61.9%

8.7%

 

 

Market Data

 

Quote Symbol:

084110

Exchange:

KOSDAQ

Currency:

KRW

Stock Price:

32,900.0

Stock Price Date:

11-08-2013

52 Week Price Change %:

143.7

Market Value (mil):

346,500,896.0

 

SEDOL:

B1GN485

ISIN:

KR7084110006

 

 

Key Corporate Relationships

 

Auditor:

Daejoo Accounting Corp.

 

Auditor:

Daejoo Accounting Corp., Daejoo Accounting Corporation

 

 

 

 

 

Corporate Family    

 

Total Corporate Family Members: 2 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

Source

Huons Co Ltd

Parent

Seongnam

Korea, Republic of

Pharmaceutical Manufacturing

120.3

425

RT

Hubena Co,. Ltd.

Subsidiary

Seoul, Seoul

Korea, Republic of

Non-Metallic Mineral Product Manufacturing

6.7

78

D&B

 

Competitors Report

 

CompanyName

Location

Employees

Ownership

CrystalGenomics Inc.

Seongnam, Korea, Republic of

50

Public

Dongsung Pharmaceutical Co Ltd

Seoul, Korea, Republic of

292

Public

Genexine Inc

Seongnam, Korea, Republic of

77

Public

Samjin Pharmaceutical Co., Ltd.

Seoul, Korea, Republic of

593

Public

 

 

Executives Report

 

Board of Directors

 

 

Name

Title

Function

 

Sung Tae Yoon

 

Vice Chairman & CEO

Vice-Chairman

 

Jong Deok Choi

 

Non-Executive Independent Director

Director/Board Member

 

Age: 60

 

Education:

Dongkuk University, B (Police Administration)

 

Jong Pal Lee

 

Non-Executive Independent Director

Director/Board Member

 

 

Biography:

Lee Jong Pal has been Non-Executive Independent Director of Huons Co., Ltd. since March 20, 2009. Currently, Lee is also Chief Executive Officer of Shinwoo Accounting Co. Previously, Lee was Internal Auditor of the Company and also worked for Samil PricewaterhouseCoopers. Lee holds a Bachelor's and a Master's degrees in Business Administration from Seoul National University, Korea.

 

Age: 57

 

Education:

Seoul National University, M (Business Administration)

Seoul National University, B (Business Administration)

 

Seong Tae Yoon

 

Co-Chief Executive Officer, Director

Director/Board Member

 

 

Age: 47

 

 

Executives

 

Name

Title

Function

 

Jae Gap Jeon

 

Chief Executive Officer, Director

Chief Executive Officer

 

Biography:

Jeon Jae Gap has been serving as Chief Executive Officer and Director of Huons Co., Ltd. since January 9, 2013. Jeon used to be Vice President and Head of Factory at the Company, Previously, Jeon was Assistant Managing Director of KWANGDONG PHARMACEUTICAL CO.,LTD and BORYUNG PHARM CO.,LTD. Jeon holds a Bachelor's degree in Pharmacy from Seoul National University, Korea, and a Mater's degree in Pharmacy from Chung-Ang University, Korea.

 

Age: 56

 

Education:

Chung-Ang University, M (Pharmacy)
Seoul National University, B (Pharmacy)

 

Seong Tae Yoon

 

Co-Chief Executive Officer, Director

Chief Executive Officer

 

 

Age: 47

 

Hyeon Seok Han

 

Assistant Managing Director

Managing Director

 

 

Biography:

Han Hyeon Seok is Assistant Managing Director of Huons Co., Ltd. Previously, Han served as Director of WHANIN PHARM CO.,LTD. Han holds a Bachelor's degree in Pharmacy from Seoul National University, Korea.

 

Age: 51

 

Education:

Seoul National University, B (Pharmacy)

 

Yun Bae Kim

 

Assistant Managing Director

Managing Director

 

 

Age: 53

 

Education:

Seoul National University, B 

 

Jeong Hun Kim

 

Assistant Managing Director

Managing Director

 

 

Age: 50

 

Education:

Chung-Ang University, PHD (Pharmacy)

 

Sang Man Lee

 

Assistant Managing Director

Managing Director

 

 

Biography:

Lee Sang Man is Assistant Managing Director of Huons Co., Ltd. Previously, Lee was Director of the Company. Lee holds a Bachelor's degree in Computers from Soongsil University, Korea.

 

Age: 46

 

Education:

Soongsil University, B (Computers)

 

Hyeon Suk Yoo

 

Assistant Managing Director

Managing Director

 

 

Biography:

Yoo Hyeon Suk is Assistant Managing Director of Huons Co., Ltd. Yoo was previously Head of Quality and Assurance Department in the Company. Yoo holds a Bachelor's, a Master's degree and a Doctorate's degrees in Clinical Pharmacology from Sungkyunkwan University, Korea.

 

Age: 54

 

Education:

Sungkyunkwan University, PHD (Clinical Pharmacology)
Sungkyunkwan University, M (Clinical Pharmacology)
Sungkyunkwan University, B (Clinical Pharmacology)

 

Bo Yeong Yoon

 

Assistant Managing Director

Managing Director

 

 

Biography:

Yoon Bo Yeong is Assistant Managing Director of Huons Co., Ltd. Yoon used to be Head of Finance and Economy Department of the Company. Yoon also worked for JEIL PHARMACEUTICAL CO.,LTD. Yoon holds a Bachelor's degree in Business Administration from Dongguk University, Korea.

 

Age: 48

 

Education:

Dongguk University, B (Business Administration)

 

Su Yil Yum

 

Assistant Managing Director

Managing Director

 

 

Age: 51

 

Education:

Hanyang University, M (Business Administration)

 

Yin Suk Lee

 

Internal Auditor

Accounting Executive

 

 

Age: 58

 

Education:

Chung-Ang University, PHD (Medicine)

 

 

 

Significant Developments

 

 

Huons Co., Ltd. to Invest in Equipment

Sep 26, 2013


Huons Co., Ltd. announced that it has decided to invest KRW 6 billion in equipment and facilities for the production and development of botulinum toxin product, and sales, during the period of October 1, 2013 to April 30, 2014. 

Huons Co., Ltd. to Start Phase 2 Trial for Fatty Liver Drug

Jul 15, 2013


Huons Co., Ltd. announced that it has received the approval from Ministry of Food and Drug Safety to start the phase 2 clinical trial for the safety and effectiveness of HL-09, which can reduce fat of a fatty liver, on July 12, 2013. 

Huons Co., Ltd. Announces Changes in Shareholding Structure

May 14, 2013


Huons Co., Ltd. announced that Yoon Seong Tae has sold 300,000 shares of the Company, equivalent to a 3.59% stake. After the transaction, Yoon Seong Tae and 19 related parties' combined stake in the Company has decreased to 36.82% from 40.41%. 

Huons Co., Ltd. to Jointly Establish New Company

Apr 29, 2013


Huons Co., Ltd. announced that it has decided to jointly establish a new company in China, to foray into China market. The new entity, to be capitalized at KRW 8,996 million, will be mainly engaged in the development, production and sales of eye bath lotion and other medicine. The Company will invest KRW 4,048,200,000, holding a 45% stake in it. 

Huons Co., Ltd. Announces Conversion of First Bonds with Warrants into Shares

Apr 15, 2013


Huons Co., Ltd. announced that its first bonds with warrants have been converted for 191,692 shares of the Company, at the exercise price of KRW 6,260 per share. This brings the total number of the Company's outstanding common shares to 10,515,968. The new shares will be listed on April 30, 2013. 

Huons Co., Ltd. to Dispose Treasury Shares

Apr 12, 2013


Huons Co., Ltd. announced that it will sell 200,000 shares of its common stock for KRW 3,800 million to secure funds for new business. 

Huons Co., Ltd. Declares Annual Cash Dividend for FY 2012

Jan 29, 2013


Huons Co., Ltd. announced that it has declared an annual cash dividend of KRW 150 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 1.14% and the total cash dividend amount is KRW 1,374,597,150. The cash dividend for the fiscal year 2011 was KRW 100 per share. 

Huons Co., Ltd. Announces Conversion of First Bonds with Warrants into Shares

Jan 25, 2013


Huons Co., Ltd. announced that its first bonds with warrants have been converted for 835,461 shares of the Company, at the exercise price of KRW 6,260 per share. This brings the total number of the Company's outstanding common shares to 10,324,276. The new shares will be listed on February 1, 2013 and February 8, 2013. 

Huons Co., Ltd. Announces Resignation of Co-CEO

Jan 09, 2013


Huons Co., Ltd. announced that its Co-Chief Executive Officer (Co-CEO), Yoon Seong Tae, has resigned from the Company, effective January 9, 2013. The current Co-CEO, Jeon Jae Gap, continues his duty as Chief Executive Officer at the Company. 

Huons Co., Ltd. Receives Patent

Dec 06, 2012


Huons Co., Ltd. announced that it has received a patent on December 6, 2012, for non-irritating ophthalmic nano-emulsion composition comprising cyclosporin. 

 

 

News

 

Aquavit Pharmaceuticals Adds New Advanced Drug Delivery Technology to Product Portfolio
Biotech Week (318 Words)

13-Nov-2013

WIPO PUBLISHES PATENT OF INDUSTRY-ACADEMIC COOPERATION FOUNDATION, YONSEI UNIVERSITY TITLED AS "CYCLOSPORINE-CONTAINING, NON-IRRITATIVE NANOEMULSION OPTHALMIC COMPOSITION"

Plus Patent News (243 Words)

11-Nov-2013

WIPO PUBLISHES PATENT OF YONSEI UNIVERSITY INDUSTRY-ACADEMIC COOPERATION FOUNDATION AND HUONS FOR "CYCLOSPORINE-CONTAINING, NON-IRRITATIVE... 
U.S. Fed News (242 Words)

08-Nov-2013

Other News To Note

BIOWORLD Today (899 Words)

06-Nov-2013

Aquavit Pharmaceuticals Adds New Advanced Drug Delivery Technology to Product Portfolio
PR Newswire US (380 Words)

05-Nov-2013

Huons Co., Ltd. Announces Resignation of Co-CEO

Reuters UK (40 Words)

09-Jan-2013

WIPO PUBLISHES PATENT OF HUONS, SUNG-TAE YOON, JAE-KAP JUN, HUEON-SOOK YOU, GI HWAN KIM FOR "EYE-DROP COMPOSITION FOR PREVENTING OR TREATING OCULAR... 
U.S. Fed News (234 Words)

17-Dec-2012

 

Annual Income Statement

 

Financials in: USD (mil)

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

 

 

 

 

Financial Glossary                                                                                                                                                          

 

 

 

31-Dec-2012

31-Dec-2011

Period Length

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2012

Restated Normal 
31-Dec-2012

Filed Currency

KRW

KRW

Exchange Rate (Period Average)

1126.848795

1107.891393

Auditor

Daejoo Accounting Corp.

Daejoo Accounting Corp.

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

 

 

 

    Net Sales

120.3

105.1

Revenue

120.3

105.1

Total Revenue

120.3

105.1

 

 

 

    Cost of Revenue

62.5

57.8

Cost of Revenue, Total

62.5

57.8

Gross Profit

57.7

47.3

 

 

 

    Selling/General/Administrative Expense

16.9

16.9

    Labor & Related Expense

13.6

12.4

    Advertising Expense

4.2

3.2

Total Selling/General/Administrative Expenses

34.7

32.5

Research & Development

9.1

6.5

    Depreciation

0.6

0.6

    Amortization of Intangibles

0.3

0.2

Depreciation/Amortization

0.8

0.8

    Other Unusual Expense (Income)

0.0

-0.1

Unusual Expense (Income)

0.0

-0.1

Total Operating Expense

107.1

97.6

 

 

 

Operating Income

13.2

7.5

 

 

 

        Interest Expense - Non-Operating

-3.0

-2.8

    Interest Expense, Net Non-Operating

-3.0

-2.8

        Interest Income - Non-Operating

0.5

0.6

        Investment Income - Non-Operating

-0.3

-1.0

    Interest/Investment Income - Non-Operating

0.3

-0.4

Interest Income (Expense) - Net Non-Operating Total

-2.7

-3.2

Gain (Loss) on Sale of Assets

0.0

0.4

    Other Non-Operating Income (Expense)

-1.7

-0.6

Other, Net

-1.7

-0.6

Income Before Tax

8.7

4.1

 

 

 

Total Income Tax

2.3

0.0

Income After Tax

6.4

4.2

 

 

 

    Minority Interest

-0.5

-0.5

Net Income Before Extraord Items

5.9

3.7

Net Income

5.9

3.7

 

 

 

Income Available to Common Excl Extraord Items

5.9

3.7

 

 

 

Income Available to Common Incl Extraord Items

5.9

3.7

 

 

 

Basic/Primary Weighted Average Shares

8.8

8.7

Basic EPS Excl Extraord Items

0.68

0.43

Basic/Primary EPS Incl Extraord Items

0.68

0.43

Dilution Adjustment

0.1

-

Diluted Net Income

6.0

3.7

Diluted Weighted Average Shares

9.9

8.7

Diluted EPS Excl Extraord Items

0.61

0.43

Diluted EPS Incl Extraord Items

0.61

0.43

Dividends per Share - Common Stock Primary Issue

0.13

0.09

Gross Dividends - Common Stock

0.0

0.0

Interest Expense, Supplemental

3.0

2.8

Depreciation, Supplemental

7.5

9.6

Total Special Items

0.0

-0.5

Normalized Income Before Tax

8.7

3.6

 

 

 

Effect of Special Items on Income Taxes

0.0

-0.2

Inc Tax Ex Impact of Sp Items

2.3

-0.2

Normalized Income After Tax

6.4

3.8

 

 

 

Normalized Inc. Avail to Com.

5.9

3.4

 

 

 

Basic Normalized EPS

0.68

0.39

Diluted Normalized EPS

0.61

0.39

Amort of Intangibles, Supplemental

0.3

0.4

Rental Expenses

0.2

0.2

Advertising Expense, Supplemental

4.2

3.2

Research & Development Exp, Supplemental

9.1

6.5

Normalized EBIT

13.2

7.5

Normalized EBITDA

21.0

17.4

    Current Tax - Total

0.9

0.2

Current Tax - Total

0.9

0.2

    Deferred Tax - Total

0.7

-0.2

Deferred Tax - Total

0.7

-0.2

    Other Tax

0.7

0.0

Income Tax - Total

2.3

0.0

Interest Cost - Domestic

0.0

0.1

Service Cost - Domestic

0.3

0.6

Expected Return on Assets - Domestic

0.0

0.0

Actuarial Gains and Losses - Domestic

-0.3

0.1

Domestic Pension Plan Expense

0.0

0.8

Defined Contribution Expense - Domestic

1.4

1.2

Total Pension Expense

1.4

2.0

Total Plan Interest Cost

0.0

0.1

Total Plan Service Cost

0.3

0.6

Total Plan Expected Return

0.0

0.0

 

 

Annual Balance Sheet

 

Financials in: USD (mil)

 

 Financial Glossary

                                                                                                                                                                                     

 

 

31-Dec-2012

31-Dec-2011

UpdateType/Date

Updated Normal 
31-Dec-2012

Restated Normal 
31-Dec-2012

Filed Currency

KRW

KRW

Exchange Rate

1066.400024

1152

Auditor

Daejoo Accounting Corp.

Daejoo Accounting Corp.

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

 

 

 

    Cash

0.0

0.0

    Cash & Equivalents

19.9

5.5

    Short Term Investments

7.8

11.3

Cash and Short Term Investments

27.7

16.7

        Accounts Receivable - Trade, Gross

42.2

37.5

        Provision for Doubtful Accounts

-0.6

-0.7

    Trade Accounts Receivable - Net

41.6

36.8

    Notes Receivable - Short Term

1.8

1.5

    Other Receivables

1.7

2.0

Total Receivables, Net

45.1

40.3

    Inventories - Finished Goods

7.0

7.7

    Inventories - Work In Progress

4.0

3.3

    Inventories - Raw Materials

6.2

5.1

    Inventories - Other

0.8

0.2

Total Inventory

18.0

16.3

Prepaid Expenses

3.6

3.3

    Other Current Assets

0.0

0.0

Other Current Assets, Total

0.0

0.0

Total Current Assets

94.4

76.7

 

 

 

        Buildings

44.3

39.3

        Land/Improvements

10.7

9.4

        Machinery/Equipment

50.1

41.8

        Construction in Progress

4.4

2.3

        Other Property/Plant/Equipment

4.8

3.8

    Property/Plant/Equipment - Gross

114.3

96.6

    Accumulated Depreciation

-50.1

-39.0

Property/Plant/Equipment - Net

64.2

57.6

Goodwill, Net

3.1

2.9

Intangibles, Net

3.5

3.9

    LT Investments - Other

5.4

3.5

Long Term Investments

5.4

3.5

Note Receivable - Long Term

0.4

0.2

    Deferred Income Tax - Long Term Asset

1.5

2.0

    Other Long Term Assets

1.5

1.5

Other Long Term Assets, Total

3.0

3.5

Total Assets

174.0

148.1

 

 

 

Accounts Payable

9.0

7.6

Accrued Expenses

1.1

1.1

Notes Payable/Short Term Debt

28.2

22.4

Current Portion - Long Term Debt/Capital Leases

7.7

7.8

    Dividends Payable

0.0

0.0

    Customer Advances

0.1

0.1

    Security Deposits

0.4

0.1

    Income Taxes Payable

0.8

0.2

    Other Payables

6.9

5.1

    Other Current Liabilities

2.1

1.5

Other Current liabilities, Total

10.3

7.0

Total Current Liabilities

56.3

46.0

 

 

 

    Long Term Debt

24.0

29.1

Total Long Term Debt

24.0

29.1

Total Debt

59.9

59.3

 

 

 

    Deferred Income Tax - LT Liability

0.0

-

Deferred Income Tax

0.0

-

Minority Interest

4.3

3.5

    Pension Benefits - Underfunded

0.3

1.1

    Other Long Term Liabilities

6.2

0.3

Other Liabilities, Total

6.5

1.5

Total Liabilities

91.1

80.0

 

 

 

    Common Stock

4.4

3.9

Common Stock

4.4

3.9

Additional Paid-In Capital

30.8

25.8

Retained Earnings (Accumulated Deficit)

51.8

42.9

Treasury Stock - Common

-3.2

-3.2

Unrealized Gain (Loss)

3.5

3.0

    Other Equity

-4.5

-4.2

    Other Comprehensive Income

0.0

0.0

Other Equity, Total

-4.5

-4.2

Total Equity

82.8

68.1

 

 

 

Total Liabilities & Shareholders’ Equity

174.0

148.1

 

 

 

    Shares Outstanding - Common Stock Primary Issue

9.2

8.6

Total Common Shares Outstanding

9.2

8.6

Treasury Shares - Common Stock Primary Issue

0.3

0.4

Employees

417

-

Deferred Revenue - Current

0.1

0.1

Total Long Term Debt, Supplemental

19.7

26.4

Long Term Debt Maturing within 1 Year

7.7

7.8

Long Term Debt Maturing in Year 2

7.0

8.2

Long Term Debt Maturing in Year 3

2.9

6.5

Long Term Debt Maturing in Year 4

0.0

2.7

Long Term Debt Maturing in 2-3 Years

10.0

14.7

Long Term Debt Maturing in 4-5 Years

0.0

2.7

Long Term Debt Matur. in Year 6 & Beyond

2.0

1.2

Pension Obligation - Domestic

0.5

1.9

Plan Assets - Domestic

0.2

0.8

Funded Status - Domestic

-0.3

-1.1

Total Funded Status

-0.3

-1.1

Discount Rate - Domestic

3.21%

3.88%

Expected Rate of Return - Domestic

3.21%

3.88%

Compensation Rate - Domestic

5.00%

5.00%

Total Plan Obligations

0.5

1.9

Total Plan Assets

0.2

0.8

 

 

Annual Cash Flows

 

                                                                                                        Financials in: USD (mil)

 

Financial Glossary

 

 

 

31-Dec-2012

31-Dec-2011

Period Length

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2012

Restated Normal 
31-Dec-2012

Filed Currency

KRW

KRW

Exchange Rate (Period Average)

1126.848795

1107.891393

Auditor

Daejoo Accounting Corp.

Daejoo Accounting Corp.

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

 

 

 

Net Income/Starting Line

6.4

4.2

    Depreciation

7.5

9.6

Depreciation/Depletion

7.5

9.6

    Amortization of Intangibles

0.3

0.4

Amortization

0.3

0.4

    Unusual Items

0.0

-0.4

    Other Non-Cash Items

9.0

5.9

Non-Cash Items

9.0

5.5

    Accounts Receivable

2.1

2.6

    Inventories

-2.7

-2.0

    Prepaid Expenses

0.0

0.0

    Other Assets

-0.8

0.5

    Accounts Payable

-2.1

-1.8

    Other Liabilities

-1.5

-2.7

    Other Operating Cash Flow

-2.5

-2.5

Changes in Working Capital

-7.4

-5.9

Cash from Operating Activities

15.9

13.8

 

 

 

    Purchase of Fixed Assets

-9.2

-5.9

    Purchase/Acquisition of Intangibles

0.0

-0.1

Capital Expenditures

-9.2

-6.0

    Sale of Fixed Assets

0.0

3.1

    Sale/Maturity of Investment

40.7

3.6

    Purchase of Investments

-40.1

-16.7

    Sale of Intangible Assets

0.4

0.0

    Other Investing Cash Flow

2.1

1.6

Other Investing Cash Flow Items, Total

3.1

-8.4

Cash from Investing Activities

-6.2

-14.4

 

 

 

    Other Financing Cash Flow

25.7

20.4

Financing Cash Flow Items

25.7

20.4

Total Cash Dividends Paid

-0.9

-0.8

        Sale/Issuance of Common

5.2

0.4

        Repurchase/Retirement of Common

0.0

-0.2

    Common Stock, Net

5.2

0.2

        Sale/Issuance of Preferred

5.5

-

    Preferred Stock, Net

5.5

-

Issuance (Retirement) of Stock, Net

10.7

0.2

        Long Term Debt Issued

0.0

13.5

        Long Term Debt Reduction

0.0

-0.1

    Long Term Debt, Net

0.0

13.4

    Total Debt Reduction

-32.0

-29.1

Issuance (Retirement) of Debt, Net

-32.0

-15.6

Cash from Financing Activities

3.5

4.2

 

 

 

Foreign Exchange Effects

0.0

0.0

Net Change in Cash

13.2

3.6

 

 

 

Net Cash - Beginning Balance

6.7

3.2

Net Cash - Ending Balance

19.9

6.8

Cash Interest Paid

2.5

2.6

Cash Taxes Paid

1.3

0.1

 

 

Annual Income Statement

 

Financials in: USD (mil)

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

 

 

 

 

 

 

31-Dec-2012

31-Dec-2011

Period Length

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2012

Restated Normal 
31-Dec-2012

Filed Currency

KRW

KRW

Exchange Rate (Period Average)

1126.848795

1107.891393

Auditor

Daejoo Accounting Corp.

Daejoo Accounting Corp.

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

 

 

 

    Sales Revenue

120.3

105.1

Total Revenue

120.3

105.1

 

 

 

    Costs of Goods & Services Sold

62.5

57.8

    Other Payrolls

0.1

0.0

    Salaries & Wages

10.2

9.7

    Retirement & Severance Benefits

0.8

0.7

    Employee Benefits

2.5

2.0

    Sales Promotional Expense

0.5

0.3

    Advertising Expense

3.7

3.0

    Amort. of Intangibless

0.3

0.2

    Depreciation

0.6

0.6

    R & D Expense

9.1

6.5

    Gain from Extinguishment of Debts

0.0

-0.1

    Travel Expense

1.9

2.0

    Utility Expense

0.1

0.1

    Taxes & Dues

0.3

0.4

    Publication Expense

0.1

0.1

    Rental Expense

0.2

0.2

    Vehicle Maintenance Expense

0.3

0.5

    Repair Expense

0.0

0.0

    Sales Commissions

7.1

7.8

    Shipping & Handling Expense

0.7

0.7

    Entertainment Expense

0.3

0.2

    Education & Training Expense

0.8

0.5

    Other Exporting Related Expense

0.9

0.5

    Sample Expense

0.4

0.2

    Expense of Allow. for DA

0.2

0.2

    Conference Expense

0.1

0.1

    Consumable Expense

0.3

0.3

    Service Commission

0.2

0.0

    Insurance Premiums

0.0

0.1

    Cmmunication Expense

0.2

0.2

    Commission Paid

2.3

2.4

    Overseas Market Development Expense

0.4

0.3

    Other Selling & Administrative Expense

0.0

0.0

Total Operating Expense

107.1

97.6

 

 

 

    Interest Income

0.5

0.6

    Interest Expense

-3.0

-2.8

    Loss on Disposal of Intangibless

0.0

0.0

    Gain on Disposal of PPE

0.0

0.8

    Loss on Disposal of PPE

0.0

-0.3

    Gain on Disposal of Manufacture Permi(1)

0.0

0.3

    Donations Paid

-0.6

-0.1

    Miscellaneous Income

1.7

1.1

    Stock Compensation Expense

0.0

0.0

    Other Allow. for DA

0.0

0.0

    Miscellaneous Loss

-2.7

-1.9

    Other Other Non-Operating Expense

0.0

-

    Other Other Non-Operating Income

0.0

0.0

    Gain-Disposal of Sec. Avail. for Sale

0.5

0.0

    Dividend Income

0.0

0.0

    Gain on Derivatives Transaction for Sale

9.3

3.0

    Loss on Derivatives Transaction for Sale

-10.0

-3.7

    Loss-Disposal of Sec. Avail. for Sale

-0.5

0.0

    Loss on Foreign Currency Transaction

0.0

-0.3

    Gain on Foreign Currency Transaction,OE

0.0

0.0

    Loss on Foreign Currency Transaction,OE

-0.1

0.0

    Gain on Foreign Exchange Transaction

0.5

0.0

    Other Finance Income-Total

0.0

-

    Other Total Finance Expense

0.0

0.0

Net Income Before Taxes

8.7

4.1

 

 

 

Provision for Income Taxes

2.3

0.0

Net Income After Taxes

6.4

4.2

 

 

 

    Minority Interest

-0.5

-0.5

Net Income Before Extra. Items

5.9

3.7

Net Income

5.9

3.7

 

 

 

Income Available to Com Excl ExtraOrd

5.9

3.7

 

 

 

Income Available to Com Incl ExtraOrd

5.9

3.7

 

 

 

Basic Weighted Average Shares

8.8

8.7

Basic EPS Excluding ExtraOrdinary Items

0.68

0.43

Basic EPS Including ExtraOrdinary Items

0.68

0.43

Dilution Adjustment

0.1

-

Diluted Net Income

6.0

3.7

Diluted Weighted Average Shares

9.9

8.7

Diluted EPS Excluding ExtraOrd Items

0.61

0.43

Diluted EPS Including ExtraOrd Items

0.61

0.43

DPS-Ordinary Shares

0.13

0.09

Gross Dividends - Common Stock

0.0

0.0

Normalized Income Before Taxes

8.7

3.6

 

 

 

Inc Tax Ex Impact of Sp Items

2.3

-0.2

Normalized Income After Taxes

6.4

3.8

 

 

 

Normalized Inc. Avail to Com.

5.9

3.4

 

 

 

Basic Normalized EPS

0.68

0.39

Diluted Normalized EPS

0.61

0.39

Rental Expense

0.2

0.2

Sales Promotional Expense

0.5

0.3

Advertising Expense

3.7

3.0

Interest Expense

3.0

2.8

BC - Depreciation of Intangible Assets

0.3

0.4

BC - Depreciation of Fixed Assets

7.5

9.6

R & D Expense

9.1

6.5

    Current Tax - Total

0.9

0.2

Current Tax - Total

0.9

0.2

    Deferred Tax - Total

0.7

-0.2

Deferred Tax - Total

0.7

-0.2

    Other Tax - Deferred/Current

0.7

0.0

Income Tax - Total

2.3

0.0

Actuarial Gains and Losses

-0.3

0.1

Expected Return on Assets

0.0

0.0

Interest Cost

0.0

0.1

Service Cost

0.3

0.6

Domestic Pension Plan Expense

0.0

0.8

Defined Contribution Expense

1.4

1.2

Total Pension Expense

1.4

2.0

 

 

Annual Balance Sheet

 

        Financials in: USD (mil)

 

 

 

31-Dec-2012

31-Dec-2011

UpdateType/Date

Updated Normal 
31-Dec-2012

Restated Normal 
31-Dec-2012

Filed Currency

KRW

KRW

Exchange Rate

1066.400024

1152

Auditor

Daejoo Accounting Corp.

Daejoo Accounting Corp.

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

 

 

 

    Advance Payments

3.2

2.4

    Prepaid Expense

0.4

0.9

    Current Tax Assets

0.0

0.0

    Accrued Income

0.1

0.3

    Account Receivable

1.5

1.6

    Allow. for DA for Account Receivable

-

0.0

    Other Receivable - Balancing value

0.0

-

    Trade Receivable, Net - Balancing value

0.0

0.0

    Guarantee Deposit for Futures Trade

0.0

0.0

    Ohter Cur Assets-Balance value

0.0

0.0

    Current Fincl Assets

7.8

11.3

    Government Subsidy

-1.1

-1.1

    Cash&Cash Equv.-Balance. value

0.0

0.0

    Current Loans

1.8

1.5

    Allow. for DA for Trade Receivable

-0.6

-0.7

    Trade Receivable, Gross

42.2

37.5

    Goods in Transit

0.1

0.0

    Supplies

0.7

0.2

    Inventories - Balancing value

0.0

0.0

    Raw Materials

4.7

3.8

    Supplemental Raw Materials

1.5

1.3

    Works in Progress

4.0

3.3

    Finished Goods

5.2

5.0

    Merchandises

1.9

2.7

    Cash

0.0

0.0

    Ordinary Deposit

21.0

6.5

    Current Deposits

0.0

0.0

Total Current Assets

94.4

76.7

 

 

 

    Non-Current Deferred Income Taxes Assets

1.5

2.0

    Industrial Property Rights, Net

0.5

0.7

    Facilities Usage Rights

2.5

2.7

    Other intangibles, Net

0.4

0.5

    Intangibless,Net - Balancing value

0.0

0.0

    Non-Current Fincl Assets

0.9

0.8

    Non-Current Sec. Available-for-Sale

4.5

2.6

    Mach&Equv.-Balance value

0.0

0.0

    Guarantee Deposits, Non-Current Assets

1.5

1.5

    Loans

0.4

0.2

    Goodwill, Net

3.1

2.9

    Construction in Progress,Gross

4.4

2.3

    Fixtures,Gross

4.7

3.7

    Fixtures-Government Subsidy

0.0

0.0

    Other Property Plant & Equipment,Gross

0.1

0.1

    Buildings-Depreciation

-4.1

-2.8

    Structures-Depreciation

-2.0

-1.5

    Machineries & Equipments-Depreciation

-37.1

-29.4

    Vehicles-Depreciation

-0.3

-0.2

    Tools & Equipments-Depreciation

-3.1

-2.4

    Fixtures-Depreciation

-3.6

-2.7

    Machineries & Equipments,Gross

45.5

38.6

    Machineries & Equipments-Govern. Subsidy

0.0

-0.1

    Vehicles,Gross

0.4

0.4

    Tools & Equipments,Gross

4.4

2.8

    Tools & Equipments-Government Subsidy

-0.1

0.0

    Buildings,Gross

38.5

34.4

    Buildings-Government Subsidy

-0.4

-0.3

    Structures,Gross

6.2

5.3

    Structures-Government Subsidy

0.0

0.0

    Lands,Gross

12.3

10.9

    Lands-Government Subsidy

-1.6

-1.5

Total Assets

174.0

148.1

 

 

 

    Current Portion of LT Other Payable

0.0

0.1

    Other Payable

6.9

5.0

    Trade Payable

9.0

7.6

    Withheld

1.0

0.7

    Other Cur Liabilities-Balance value

0.0

0.0

    Prov.for Return of Goods

1.0

0.8

    Current Portion of Long-Term Borrowings

7.7

7.8

    Current Tax Liabilities

0.8

0.2

    Operating Guarantee Deposit

0.2

0.0

    Fincl Guarantee Deposits Liabilities

0.2

0.1

    Current Borrowings

28.2

22.4

    Accrued Expense

1.1

1.1

    Dividend Payable

0.0

0.0

    Advance from Customers

0.1

0.1

Total Current Liabilities

56.3

46.0

 

 

 

    Bonds With Stock Warrants, LT Liability

11.9

10.4

    Non-Current Borrowings

12.0

18.7

Total Long Term Debt

24.0

29.1

 

 

 

    Minority Interests

4.3

3.5

    Other Guarantee Deposit, LT Liabilities

0.0

0.0

    Rental Guarantee Deposit, LT Liabilities

0.4

0.2

    Other Non-Current Payable

0.1

0.1

    Redemption Preferred Stock Liabilities

5.8

-

    Deferred Income Taxes, LT Liabilities

0.0

-

    Non-Current Fixed Benefit Liabilities

0.3

1.1

Total Liabilities

91.1

80.0

 

 

 

    Treasury Stock

-3.2

-3.2

    Resv for Assets ReValt

1.6

1.5

    Gain on Valt of Sec. Available-for-Sale

0.1

0.1

    Loss on Valt of Sec. Available-for-Sale

-0.1

-0.2

    ReValt Surplus

1.9

1.7

    Capital Stock

4.4

3.9

    Legal Resvs

0.7

0.5

    Voluntary Reserve

0.6

3.5

    Retained Earnings Carried Forward

50.5

38.8

    Other Retained Earnings

0.0

0.0

    Consideration for Stock Warrants

2.3

2.7

    Losses on Disposal of Treasury Stock

-0.1

-0.1

    Other Capital Adj.

-4.4

-4.1

    Capital Adj. - Balancing value

0.0

0.0

    Accumul. Other Comprehv. Inc-Bal. value

0.0

0.0

    Additional Paid in Capital

28.3

22.9

    Other Capital Surplus

0.3

0.2

    Stock Options in Other Capital

0.0

0.0

    Capital Surplus - Balancing value

0.0

0.0

Total Equity

82.8

68.1

 

 

 

Total Liabilities & Shareholders' Equity

174.0

148.1

 

 

 

    S/O-Ordinary Shares

9.2

8.6

Total Common Shares Outstanding

9.2

8.6

T/S-Ordinary Shares

0.3

0.4

Advance from Customers

0.1

0.1

Full-Time Employees (Period End)

417

-

Long Term Debt Maturing within 1 Year

7.7

7.8

Long Term Debt Maturing in Year 2

7.0

8.2

Long Term Debt Maturing in Year 3

2.9

6.5

Long Term Debt Maturing in Year 4

0.0

2.7

Long Term Debt - Remaining Maturities

2.0

1.2

Total Long Term Debt, Supplemental

19.7

26.4

Fair Value of Plan Assets

0.2

0.8

Projected Benefit Obligation

0.5

1.9

Funded Status

-0.3

-1.1

Total Funded Status

-0.3

-1.1

Discount Rate - Period End

3.21%

3.88%

Expected Rate of Return - Period End

3.21%

3.88%

Compensation Increase Rate - Period End

5.00%

5.00%

 

 

Annual Cash Flows

 

Financials in: USD (mil)

 

 

 

 

31-Dec-2012

31-Dec-2011

Period Length

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2012

Restated Normal 
31-Dec-2012

Filed Currency

KRW

KRW

Exchange Rate (Period Average)

1126.848795

1107.891393

Auditor

Daejoo Accounting Corp.

Daejoo Accounting Corp.

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

 

 

 

Net Income

6.4

4.2

    Depreciation

7.5

9.6

    Amort. of Intangibless

0.3

0.4

    Inventory

-2.7

-2.0

    Trade & Other Receviables

2.1

2.6

    Trade & Other Payable

-2.1

-1.8

    Other Current Assets

-0.8

0.5

    Loss on Sale of Sec. Available-for-Sale

0.5

0.0

    Loss on Sale of Tangibles

0.0

0.3

    Loss on Sale of Intangibless

0.0

0.0

    Gain on Sale of Sec. Available-for-Sale

-0.5

0.0

    Gain on Sale of Tangibles

0.0

-0.8

    Retirement and Severance Benefits

1.5

1.5

    Expense of Allow. for DA

0.2

0.2

    Corporate Taxes Expense

2.3

0.0

    Interest Income

-0.5

-0.6

    Interest Expenses

2.6

2.5

    Dividend Income

0.0

0.0

    Losses on Foreign Currency Translation

0.1

0.4

    Gains on Foreign Currency Translation

-0.6

-0.3

    Miscellaneous Loss

2.6

1.5

    Loss on Stocks Indexes Transaction

10.0

3.7

    Stock-Based Compensation

0.0

0.0

    Gain on Stocks Indexes Transaction

-9.3

-3.0

    Current Tax Assets

0.0

0.0

    Plan Assets

0.7

-0.3

    Fincl Guarantee Liabilities

0.1

-0.1

    Prov.for Returned Goods

0.2

0.2

    Other Current Liabilities

-1.3

-2.0

    Other Non-Current Liabilities

0.0

-0.1

    Payment for Retirement Allow.

-1.1

-0.4

    Cash-Tax Paid

-1.3

-0.1

    Cash-Interest Received

1.2

0.1

    Cash-Dividend Income

0.0

0.0

    Cash-Interest Paid

-2.5

-2.6

Cash from Operating Activities

15.9

13.8

 

 

 

    Purchase of Tangibles

-9.2

-5.9

    Sale of Current Fincl Assets

33.7

2.4

    Sale of Non-Current Fincl Assets

0.2

0.3

    Sale of Sec. Available-for-Sale

6.7

1.0

    Sale of Tangibles

0.0

3.1

    Sale of Intangibless

0.4

0.0

    Purchase of Sec. Available-for-Sale

-10.3

-3.4

    Purchase of Current Fincl Assets

-29.6

-13.1

    Purchase of Non-Current Fincl Assets

-0.2

-0.1

    Purchase of Intangibless

0.0

-0.1

    Increase Government Subsidy

0.1

1.5

    Decrease in Government Subsidy

-0.2

0.0

    Decrease in Other Receivables

6.9

1.4

    Decs in Other Non-Current Receivables

2.8

1.9

    Sale of Other Non-Current Assets

0.3

0.6

    Increase in Other Receivables

-6.2

-1.4

    Incs in Other Non-Current Receivables

-1.5

-1.7

    Purchase of Other Non-Current Assets

-0.1

-0.6

Cash from Investing Activities

-6.2

-14.4

 

 

 

    Increase in Bonds with Warrant

0.0

13.5

    Increase in Treasury Stocks

0.0

-0.2

    Increase in Redeemable Preferred Stocks

5.5

-

    Decrease in Treasury Stocks

0.4

0.2

    Rights Issue

4.8

0.2

    Decrease in Borrowings

-32.0

-29.1

    Bonds with Warrant Issuance Cost

0.0

-0.1

    Incs in Current Fincl Liabilities

23.4

18.3

    Incs in Non-Current Fincl Liabilities

2.2

2.0

    Incs in Other Non-Current Liabilities

0.2

0.1

    Decs in Other Non-Current Liabilities

-0.1

0.0

    Dividend Paid

-0.9

-0.8

Cash from Financing Activities

3.5

4.2

 

 

 

Foreign Exchange Effects

0.0

0.0

Net Change in Cash

13.2

3.6

 

 

 

Net Cash - Beginning Balance

6.7

3.2

Net Cash - Ending Balance

19.9

6.8

    Cash Interest Paid

2.5

2.6

    Cash Taxes Paid

1.3

0.1

 

 

Financial health

  

Financials in: USD (mil)

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

 

Key Indicators USD (mil)

 

Quarter
Ending
30-Jun-2013

Quarter
Ending
Yr Ago

Annual
Year End
31-Dec-2012

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1 (?)

34.2

12.78%

120.3

16.39%

-

-

Research & Development1 (?)

2.0

-4.45%

9.1

42.56%

-

-

Operating Income1 (?)

6.6

79.07%

13.2

77.92%

-

-

Income Available to Common Excl Extraord Items1 (?)

4.1

79.54%

5.9

61.92%

-

-

Basic EPS Excl Extraord Items1 (?)

0.39

50.34%

0.68

60.04%

-

-

Capital Expenditures2 (?)

7.8

70.65%

9.2

56.72%

-

-

Cash from Operating Activities2 (?)

8.5

-3.12%

15.9

17.21%

-

-

Free Cash Flow (?)

0.7

-83.51%

7.0

-13.22%

-

-

Total Assets3 (?)

169.3

-

174.0

8.73%

-

-

Total Liabilities3 (?)

78.9

-

91.1

5.50%

-

-

Total Long Term Debt3 (?)

8.4

-

24.0

-23.80%

-

-

Employees3 (?)

-

-

417

-

-

-

Total Common Shares Outstanding3 (?)

10.4

-

9.2

5.98%

-

-

1-ExchangeRate: KRW to USD Average for Period

1122.022568

 

1126.848795

 

 

 

2-ExchangeRate: KRW to USD Average for Period

1103.219597

 

1126.848795

 

 

 

3-ExchangeRate: KRW to USD Period End Date

1147.202838

 

1066.400024

 

 

 

 

Key Ratios

 

31-Dec-2012

31-Dec-2011

Profitability

Gross Margin (?)

48.02%

44.98%

Operating Margin (?)

10.94%

7.16%

Pretax Margin (?)

7.24%

3.93%

Net Profit Margin (?)

4.92%

3.54%

Financial Strength

Current Ratio (?)

1.68

1.67

Long Term Debt/Equity (?)

0.29

0.43

Total Debt/Equity (?)

0.72

0.87

Management Effectiveness

Return on Assets (?)

4.04%

-

Return on Equity (?)

7.99%

-

Efficiency

Receivables Turnover (?)

2.87

-

Inventory Turnover (?)

3.71

-

Asset Turnover (?)

0.76

-

 

Market Valuation USD (mil)

Enterprise Value2 (?)

337.5

.

Enterprise Value/Revenue (TTM) (?)

2.84

Price/Book (MRQ) (?)

3.30

.

Enterprise Value/EBITDA (TTM) (?)

16.29

Market Cap as of 08-Nov-20131 (?)

326.0

.

 

 

1-ExchangeRate: KRW to USD on 8-Nov-2013

1062.889897

 

 

 

2-ExchangeRate: KRW to USD on 30-Jun-2013

1147.202838

 

 

 

 

 

 

Annual ratios

 

Financials in: USD (mil)

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

 

 

 

 

 

 

 

 

31-Dec-2012

31-Dec-2011

Financial Strength

Current Ratio (?)

1.68

1.67

Quick/Acid Test Ratio (?)

1.29

1.24

Working Capital1 (?)

38.1

30.7

Long Term Debt/Equity (?)

0.29

0.43

Total Debt/Equity (?)

0.72

0.87

Long Term Debt/Total Capital (?)

0.17

0.23

Total Debt/Total Capital (?)

0.42

0.47

Payout Ratio (?)

19.70%

21.02%

Effective Tax Rate (?)

26.61%

-1.17%

Total Capital1 (?)

142.7

127.4

 

 

 

Efficiency

Asset Turnover (?)

0.76

-

Inventory Turnover (?)

3.71

-

Days In Inventory (?)

98.44

-

Receivables Turnover (?)

2.87

-

Days Receivables Outstanding (?)

127.33

-

Revenue/Employee2 (?)

304,731

-

Operating Income/Employee2 (?)

33,343

-

EBITDA/Employee2 (?)

53,203

-

 

 

 

Profitability

Gross Margin (?)

48.02%

44.98%

Operating Margin (?)

10.94%

7.16%

EBITDA Margin (?)

17.46%

16.65%

EBIT Margin (?)

10.94%

7.16%

Pretax Margin (?)

7.24%

3.93%

Net Profit Margin (?)

4.92%

3.54%

R&D Expense/Revenue (?)

7.56%

6.17%

COGS/Revenue (?)

51.98%

55.02%

SG&A Expense/Revenue (?)

28.82%

30.95%

 

 

 

Management Effectiveness

Return on Assets (?)

4.04%

-

Return on Equity (?)

7.99%

-

 

 

 

Valuation

Free Cash Flow/Share2 (?)

0.77

0.87

Operating Cash Flow/Share 2 (?)

1.83

1.53

1-ExchangeRate: KRW to USD Period End Date

1066.400024

1152

2-ExchangeRate: KRW to USD Average for Period

1066.400024

1152

 


Current Market Multiples

Market Cap/Equity (MRQ) (?)

3.34

Enterprise Value/Equity (MRQ) (?)

3.73

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.45

UK Pound

1

Rs.100.86

Euro

1

Rs.84.50

 

 

INFORMATION DETAILS

 

Report Prepared by :

NNA

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

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

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