MIRA INFORM REPORT

Report Date :

29.10.2013

IDENTIFICATION DETAILS

Name :	S-ENERGY CO., LTD

Registered Office :	10F, E&C Venture Dream Tower 6 197-28, Guro-Dong Guro-Gu Seongnam, 463400 Korea, Republic of

Country :	South Korea

Financials (as on) :	31.12.2012

Date of Incorporation :	12.01.2001

Legal Form :	Public Independent

Line of Business :	Manufacture of solar modules for use in the photovoltaic power business.

No. of Employees :	228

RATING & COMMENTS

MIRA’s Rating :

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 31^st, 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

South Korea

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 and address

S-ENERGY CO., LTD

10F, E&C Venture Dream Tower 6
197-28, Guro-Dong
Guro-Gu
Seongnam, 463400
Korea, Republic of


Tel:	82-2-8017100
Fax:	82-2-8017100

Employees:

228

Company Type:

Public Independent

Traded:

KOSDAQ:

095910

Incorporation Date:

12-Jan-2001

Auditor:

Deloitte & Touche LLP


Fiscal Year End:	31-Dec-2012
Reporting Currency:	South Korean Won
Annual Sales:	200.0 ¹
Net Income:	9.0
Total Assets:	157.4 ²
Market Value:	97.5
	(11-Oct-2013)

Business Description

S-Energy CO.,LTD. is a Korea-based company engaged in the photovoltaic (PV) power business. The Company provides PV modules and power generation systems, as well as installation services. The Companyâ€™s products include PV modules, building integrated photovoltaic (BIPV) modules, inverters, trackers and mounts. It provides energy equipment installation services for apartment house, governments, public institutions and others. As of December 31, 2011, the Company had five affiliated companies. For the six months ended 30 June 2013, S-Energy Co., Ltd revenues increased 4% to W113.29B. Net income decreased 67% to W2.04B. Revenues reflect Domestic Market segment increase of 72% to W18.3B, Other Foreign segment increase of 7% to W54.94B. Net income was offset by Other Foreign segment income decrease of 75% to W1.71B. Basic Earnings per Share excluding Extraordinary Items decreased from W592.62 to W200.12.

Industry

Industry	Semiconductor and Other Electronic Component Manufacturing
ANZSIC 2006:	2429 - Other Electronic Equipment Manufacturing
ISIC Rev 4:	2610 - Manufacture of electronic components and boards
NACE Rev 2:	2611 - Manufacture of electronic components
NAICS 2012:	334413 - Semiconductor and Related Device Manufacturing
UK SIC 2007:	2611 - Manufacture of electronic components
US SIC 1987:	3674 - Semiconductors and Related Devices

Key Executives

Name	Title
Seong Min Hong	Chief Executive Officer, Director
Jeong Won Cha	Internal Auditor
Sung Min Hong	Chief Executive Officer
Sang Min Park	Finance Manager
S W Lee	Accounts Manager

Significant Developments

Topic	#*	Most Recent Headline	Date
Business Deals	3	S-Energy Co Ltd Signs Contract with LSG Building Solutions BmbH (Austria)	10-Oct-2013
Equity Investments	1	S-Energy Co Ltd Announces Changes in Shareholding Structure	4-Jun-2013
Dividends	1	S-Energy Co Ltd Declares Annual Cash Dividend for FY 2012	20-Feb-2013

News

Title	Date
S-Energy Co Ltd Declares Annual Cash Dividend for FY 2012	20-Feb-2013
WIPO PUBLISHES PATENT OF S-ENERGY, KIM DAE WON, CHOI YONG HYON FOR "BACK CONTACT SOLAR CELL MODULE AND METHOD FOR MANUFACTURING SAME" (SOUTH KOREAN... U.S. Fed News (216 Words)	17-Dec-2012

Financial Summary

As of 30-Jun-2013

Key Ratios	Company	Industry
Current Ratio (MRQ)	1.55	3.16
Quick Ratio (MRQ)	1.28	1.74
Debt to Equity (MRQ)	0.76	0.29
Sales 5 Year Growth	38.04	6.76

Stock Snapshot

Traded: KOSDAQ: 095910

As of 11-Oct-2013

Financials in: KRW

Recent Price	9,970.00	EPS	1,030.31
52 Week High	13,550.00	Price/Sales	0.46
52 Week Low	8,700.00	Dividend Rate	100.00
Avg. Volume (mil)	0.25	Price/Book	1.38
Market Value (mil)	104,491.70	Beta	1.81

	Price % Change	Rel S&P 500%
4 Week	-11.77%	-13.10%
13 Week	-1.29%	-8.84%
52 Week	-0.30%	-4.82%
Year to Date	-5.05%	-6.35%

Key IDSM Number: 98092764

1 - Profit & Loss Item Exchange Rate: USD 1 = KRW 1126.849

2 - Balance Sheet Item Exchange Rate: USD 1 = KRW 1066.4

Corporate Overview

S-Energy Co., Ltd

Location
10F, E&C Venture Dream Tower 6
197-28, Guro-Dong
Guro-Gu
Seongnam, 463400
Korea, Republic of

Tel:	82-2-8017100
Fax:	82-2-8017100

www.s-energy.com

Quote Symbol - Exchange
095910 - KOSDAQ

Sales KRW(mil):	225,361.2
Assets KRW(mil):	167,821.6
Employees:	228
Fiscal Year End:	31-Dec-2012



Industry:	Semiconductors

Incorporation Date:	12-Jan-2001
Company Type:	Public Independent
Quoted Status:	Quoted


Chief Executive Officer, Director:	Seong Min Hong

Industry Codes

ANZSIC 2006 Codes:
2429	-	Other Electronic Equipment Manufacturing
3299	-	Other Construction Services Not Elsewhere Classified

ISIC Rev 4 Codes:
2610	-	Manufacture of electronic components and boards
4390	-	Other specialized construction activities

NACE Rev 2 Codes:
2611	-	Manufacture of electronic components
4399	-	Other specialised construction activities n.e.c.

NAICS 2012 Codes:
334413	-	Semiconductor and Related Device Manufacturing
238990	-	All Other Specialty Trade Contractors

US SIC 1987:
3674	-	Semiconductors and Related Devices
1799	-	Special Trade Contractors, Not Elsewhere Classified

UK SIC 2007:
2611	-	Manufacture of electronic components
43999	-	Specialised construction activities (other than scaffold erection) n.e.c.

Business Description

More Business Descriptions

Manufacture of solar modules for use in the photovoltaic power business

S-Energy Co.,LTD (S-Energy) is a renewable energy company, based in Republic of Korea. The company manufactures markets and distributes solar modules. It provides research and development, installation and after sales service of solar system. S-Energy products are PV module and building integrated photovoltaic (BIPV). S-Energy offers various solutions for photovoltaic like system installation, PV module manufacture, remote control web monitoring and inverter. The company generates various types of PV generation, which includes individual, grid connected, hybrid system and solar thermal systems. It offers services for of PV generation include site selection, budget maintenance, Installation and maintenance of PV Generation systems. The companyâ€™s offices are located in Europe and America. S-Energy is headquartered in Seongnam-si, Republic of Korea.The company reported revenues of (Won) KRW 225,361.17 million during the fiscal year ended December 2012, an increase of 15.38% over 2011. The operating profit of the company was KRW 18,664.59 million during the fiscal year 2012, an increase of 362.16% over 2011. The net profit of the company was KRW 10,098.70 million during the fiscal year 2012, whereas the company reported a net loss of KRW 476.04 million during 2011.

Other Scientific and Technical Consulting Services

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Financial Data

Financials in:	KRW(mil)

Revenue:	225,361.2
Net Income:	10,098.7
Assets:	167,821.6
Long Term Debt:	19,056.5
Total Liabilities:	93,348.6
Working Capital:	50.4

Date of Financial Data:	31-Dec-2012

1 Year Growth

15.4%

9.7%

$Description: Z:\web\images\arrows\externalright.gif$

Market Data

Quote Symbol:	095910
Exchange:	KOSDAQ
Currency:	KRW
Stock Price:	9,970.0
Stock Price Date:	10-11-2013
52 Week Price Change %:	-0.3
Market Value (mil):	104,491,696.0

SEDOL:	B249LG9
ISIN:	KR7095910006

Equity and Dept Distribution:
All financials reflect non-consolidated data. Script issue (30,000 shares) on 02/07/05. Script issue (90,000 shares) on 11/17/06. 10-for-1 Stock Stpit on 01/13/07. '04 WAS is estimated by S/O. '07/Q3 WAS is accumulated for 9M. 06/09, Script Issue 1:1 (F:2.00000).Ticker:095910 FY'10 Q1 is RES. FY'11 Q1 and FY'10 Q1 WAS is calculated.

Key Corporate Relationships

Auditor:	Deloitte & Touche LLP

Auditor:	Deloitte & Touche LLP, KPMG LLP

Executives Report

Board of Directors

Name

Title

Function

Jae Hong Ahn

Non-Executive Independent Director

Director/Board Member

Biography:

Ahn Jae Hong has been serving as Non-Executive Independent Director of S-Energy Co., Ltd. since March 23, 2012. Ahn also works for Miraeasset No.1 Special Purpose Acquisition Company. Ahn worked for KTB Investment & Securities Co., Ltd. and another company. Ahn holds a Bachelor's degree in Business Administration from Korea University, and a Master's degree in Business Administration from Sogang University, Korea.

Age: 57

Education:

Sogang University, M
Korea University, B (Business Administration)

Seong Min Hong

Chief Executive Officer, Director

Director/Board Member

Biography:

Hong Seong Min has been Chief Executive Officer and Director of S-Energy Co., Ltd. since 2001. Hong previously worked for SAMSUNG ELECTRONICS CO,.LTD. Hong holds a Bachelor's degree and a Master's degree in Electrical Engineering from Korea University in 1984.

Age: 52

Education:

Korea University, M (Electrical Engineering)
Korea University, B

Yin Cheol Jang

Vice President, Director

Director/Board Member

Biography:

Jang Yin Cheol is Vice President and Director of S-Energy Co., Ltd. since 2010. Jang previously served as Managing Director of the Company and worked for SAMSUNG ELECTRONICS CO,.LTD and POSCO. Jang holds a Bachelor's degree in Chemistry from Sogang University, Korea.

Age: 48

Education:

Sogang University, B (Chemistry)

Yong Ho Lee

Vice President, Director

Director/Board Member

Biography:

Lee Yong Ho has been Vice President and Director of S-Energy Co., Ltd. since 2009. Prior to the current position, Lee was Managing Director of the Company. Lee previously also worked for SAMSUNG ELECTRONICS CO,.LTD. Lee holds a Bachelor's degree in Metallurgical Engineering from Inha University in 1986, Korea.

Age: 49

Education:

Inha University, B (Metallurgical Engineering)

Gi Eok Moon

Managing Director

Director/Board Member

Biography:

Moon Gi Eok has been Managing Director of S-Energy Co., Ltd. since March 23, 2012. Moon was Internal Auditor in the Company. Moon previously worked for SAMSUNG ELECTRONICS CO,.LTD.

Age: 54

Executives

Name

Title

Function

Seong Min Hong

Chief Executive Officer, Director

Chief Executive Officer

Biography:

Age: 52

Education:

Korea University, M (Electrical Engineering)
Korea University, B

Sung Min Hong

Chief Executive Officer

Dae Won Kim

Managing Director

Biography:

Kim Dae Won is Managing Director of S-Energy Co., Ltd. Previously, Kim worked for SAMSUNG ELECTRONICS CO,.LTD and hyosung. Kim received a Master's degree in Electronics from Seoul National University, Korea.

Age: 50

Education:

Seoul National University, M (Electronics)

Jae Bok Lee

Assistant Managing Director

Managing Director

Gi Eok Moon

Managing Director

Biography:

Moon Gi Eok has been Managing Director of S-Energy Co., Ltd. since March 23, 2012. Moon was Internal Auditor in the Company. Moon previously worked for SAMSUNG ELECTRONICS CO,.LTD.

Gyeong Sik Yoon

Managing Director

Biography:

Yoon Gyeong Sik is Managing Director of S-Energy Co., Ltd. Previously, Yoon worked for SK Energy Co. Ltd. Yoon received a Bachelor's degree in Chemistry Education from Seoul National University, Korea and a Master's degree in Chemistry from Korea Advanced Institute of Science & Technology.

Age: 58

Education:

Korea Advanced Institute of Science and Technology, M (Chemistry)
Seoul National University, B

Sang Min Park

Finance Manager

Finance Executive

Jeong Won Cha

Internal Auditor

Accounting Executive

Biography:

Cha Jeong Won has been serving as Internal Auditor of S-Energy Co., Ltd. since March 23, 2012. Cha previously worked for SAMSUNG ELECTRONICS CO,.LTD. Cha holds a Bachelor's degree from Korea University.

Age: 53

Education:

Korea University, B

S W Lee

Accounts Manager

Accounting Executive

Sung Yong Han

IT Manager

Other

Significant Developments

S-Energy Co Ltd Signs Contract with LSG Building Solutions BmbH (Austria)

Oct 10, 2013

S-Energy Co Ltd announced that it has signed a contract with LSG Building Solutions BmbH (Austria) to supply solar battery modules. The contract amount is KRW 9,513,360,610.

S-Energy Co Ltd Announces Changes in Shareholding Structure

Jun 04, 2013

S-Energy Co Ltd announced that CNH LEASE CO.,Ltd. and two related parties have acquired 682,798 shares of the Company, representing a 6.51% stake.

S-Energy Co Ltd Signs Contract with FR-Frankensolar GmbH

Apr 19, 2013

S-Energy Co Ltd announced that it has signed a contract with FR-Frankensolar GmbH to supply solar battery modules in Europe. The contract amount is KRW 6,670,346,152.

S-Energy Co Ltd Declares Annual Cash Dividend for FY 2012

Feb 20, 2013

S-Energy Co Ltd announced that it has declared an annual cash dividend of KRW 100 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 1.0% and the total amount of the cash dividend is KRW 1,028,856,200. The Company's annual cash dividend for the fiscal year 2010 was KRW 70 per share.

S-Energy Co Ltd Amends Amount of Business Deal

Dec 28, 2012

S-Energy Co., Ltd. announced that it has made an amendment to the business deal to supply solar cell modules to North America, initially announced on February 10, 2012. After the amendment, the contract amount has been amended to KRW 35,199,899,362 from KRW 61,641,840,000.

News

	S-Energy Co Ltd Declares Annual Cash Dividend for FY 2012	20-Feb-2013
	WIPO PUBLISHES PATENT OF S-ENERGY, KIM DAE WON, CHOI YONG HYON FOR "BACK CONTACT SOLAR CELL MODULE AND METHOD FOR MANUFACTURING SAME" (SOUTH KOREAN... U.S. Fed News (216 Words)	17-Dec-2012

Annual Income Statement

	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 31-Dec-2012	Reclassified Normal 31-Dec-2012	Restated Normal 31-Dec-2011	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	KRW	KRW	KRW	KRW	KRW
Exchange Rate (Period Average)	1126.848795	1107.891393	1156.281981	1276.385219	1100.562842
Auditor	Deloitte & Touche LLP	Deloitte & Touche LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified

Net Sales	200.0	176.3	200.4	115.0	90.0
Revenue	200.0	176.3	200.4	115.0	90.0
Total Revenue	200.0	176.3	200.4	115.0	90.0

Cost of Revenue	168.0	161.8	179.0	100.3	82.1
Cost of Revenue, Total	168.0	161.8	179.0	100.3	82.1
Gross Profit	31.9	14.6	21.5	14.7	7.9

Selling/General/Administrative Expense	8.2	4.8	4.2	3.0	1.9
Labor & Related Expense	5.1	5.0	3.7	2.5	2.2
Advertising Expense	0.2	0.1	0.2	0.1	0.1
Total Selling/General/Administrative Expenses	13.5	9.9	8.1	5.6	4.1
Research & Development	1.4	0.6	1.1	1.3	1.2
Depreciation	0.1	0.2	0.1	0.1	0.1
Amortization of Intangibles	0.3	0.3	-	0.0	-
Depreciation/Amortization	0.5	0.5	0.1	0.2	0.1
Investment Income - Operating	-	-	1.5	-	-
Interest/Investment Income - Operating	-	-	1.5	-	-
Interest Expense (Income) - Net Operating Total	-	-	1.5	-	-
Loss (Gain) on Sale of Assets - Operating	-	-	0.2	-	-
Unusual Expense (Income)	-	-	0.2	-	-
Other Operating Expense	-	-	0.4	-	-
Other, Net	-	-	-0.1	-	-
Other Operating Expenses, Total	-	-	0.3	-	-
Total Operating Expense	183.4	172.7	190.2	107.4	87.5

Operating Income	16.6	3.6	10.2	7.6	2.5

Interest Expense - Non-Operating	-1.4	-1.3	-1.0	-1.1	-0.3
Interest Expense, Net Non-Operating	-1.4	-1.3	-1.0	-1.1	-0.3
Interest Income - Non-Operating	0.8	0.4	0.2	0.1	0.4
Investment Income - Non-Operating	-0.6	-2.6	-1.0	0.3	-2.8
Interest/Investment Income - Non-Operating	0.1	-2.1	-0.8	0.4	-2.4
Interest Income (Expense) - Net Non-Operating	0.0	0.0	0.0	-	-
Interest Income (Expense) - Net Non-Operating Total	-1.3	-3.5	-1.8	-0.7	-2.7
Gain (Loss) on Sale of Assets	-0.6	0.1	-	-	0.0
Other Non-Operating Income (Expense)	-3.3	-1.1	-	0.1	0.5
Other, Net	-3.3	-1.1	-	0.1	0.5
Income Before Tax	11.3	-0.9	8.4	7.0	0.3

Total Income Tax	2.3	-0.4	0.6	0.8	-0.7
Income After Tax	9.0	-0.4	7.8	6.2	1.0

Minority Interest	-	-	-	0.0	-
Net Income Before Extraord Items	9.0	-0.4	7.8	6.2	1.0
Net Income	9.0	-0.4	7.8	6.2	1.0

Income Available to Common Excl Extraord Items	9.0	-0.4	7.8	6.2	1.0

Income Available to Common Incl Extraord Items	9.0	-0.4	7.8	6.2	1.0

Basic/Primary Weighted Average Shares	10.3	10.3	10.5	9.7	9.1
Basic EPS Excl Extraord Items	0.87	-0.04	0.75	0.64	0.11
Basic/Primary EPS Incl Extraord Items	0.87	-0.04	0.75	0.64	0.11
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	9.0	-0.4	7.8	6.2	1.0
Diluted Weighted Average Shares	10.3	10.3	10.5	9.7	9.1
Diluted EPS Excl Extraord Items	0.87	-0.04	0.75	0.64	0.11
Diluted EPS Incl Extraord Items	0.87	-0.04	0.75	0.64	0.11
Dividends per Share - Common Stock Primary Issue	0.09	0.00	0.06	0.05	0.00
Gross Dividends - Common Stock	0.9	0.0	0.6	0.6	0.0
Interest Expense, Supplemental	1.4	1.3	1.0	1.1	0.3
Depreciation, Supplemental	3.6	3.3	2.4	2.4	1.1
Total Special Items	0.6	-0.1	0.2	0.0	0.0
Normalized Income Before Tax	11.9	-1.0	8.7	7.0	0.3

Effect of Special Items on Income Taxes	0.1	0.0	0.0	0.0	0.0
Inc Tax Ex Impact of Sp Items	2.5	-0.5	0.6	0.8	-0.7
Normalized Income After Tax	9.4	-0.5	8.0	6.3	1.0

Normalized Inc. Avail to Com.	9.4	-0.5	8.0	6.2	1.0

Basic Normalized EPS	0.92	-0.05	0.77	0.64	0.11
Diluted Normalized EPS	0.91	-0.05	0.77	0.64	0.11
Amort of Acquisition Costs, Supplemental	-	-	-	0.0	-
Amort of Intangibles, Supplemental	0.4	0.3	-	0.0	-
Rental Expenses	0.1	0.0	0.0	0.0	0.0
Advertising Expense, Supplemental	0.2	0.1	0.2	0.1	0.1
Research & Development Exp, Supplemental	1.4	0.6	1.1	1.3	1.2
Normalized EBIT	16.6	3.6	11.9	7.6	2.5
Normalized EBITDA	20.6	7.2	14.4	10.1	3.6

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 31-Dec-2012	Updated Normal 31-Dec-2011	Restated Normal 31-Dec-2011	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	KRW	KRW	KRW	KRW	KRW
Exchange Rate	1066.400024	1152	1134.9	1164.475	1259.55
Auditor	Deloitte & Touche LLP	Deloitte & Touche LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified

Cash & Equivalents	30.8	24.3	25.9	26.0	5.1
Short Term Investments	5.2	6.9	1.3	0.5	0.2
Cash and Short Term Investments	35.9	31.2	27.2	26.5	5.3
Accounts Receivable - Trade, Gross	65.7	34.0	11.5	7.0	2.8
Provision for Doubtful Accounts	-0.9	0.0	0.0	-0.5	-0.3
Trade Accounts Receivable - Net	64.9	34.0	11.6	6.6	2.5
Other Receivables	7.0	5.6	1.8	1.5	1.8
Total Receivables, Net	71.9	39.6	13.4	8.1	4.3
Inventories - Finished Goods	4.8	11.9	7.8	6.7	5.0
Inventories - Work In Progress	0.1	0.2	0.5	0.9	1.3
Inventories - Raw Materials	1.4	2.8	6.6	4.1	4.1
Inventories - Other	0.3	4.3	3.7	2.1	1.3
Total Inventory	6.6	19.2	18.6	13.8	11.7
Prepaid Expenses	1.2	0.6	0.1	0.1	0.0
Deferred Income Tax - Current Asset	-	-	-	0.3	0.5
Other Current Assets	0.1	0.0	0.2	-	0.0
Other Current Assets, Total	0.1	0.0	0.2	0.3	0.5
Total Current Assets	115.7	90.6	59.5	48.7	21.8

Buildings	6.8	6.3	6.2	6.0	2.4
Land/Improvements	5.4	4.9	5.3	4.8	4.0
Machinery/Equipment	30.0	32.9	24.0	17.4	4.4
Construction in Progress	2.3	3.2	0.0	0.0	2.7
Other Property/Plant/Equipment	0.0	-	0.0	-	-
Property/Plant/Equipment - Gross	44.5	47.3	35.5	28.2	13.4
Accumulated Depreciation	-11.6	-8.3	-5.5	-5.0	-1.9
Property/Plant/Equipment - Net	33.0	39.0	30.1	23.2	11.5
Goodwill, Net	-	0.1	0.1	0.1	-
Intangibles, Net	1.3	1.4	0.7	0.4	0.4
LT Investment - Affiliate Companies	0.4	-	-	0.1	1.5
LT Investments - Other	0.1	0.1	0.7	1.2	1.2
Long Term Investments	0.5	0.1	0.7	1.2	2.7
Note Receivable - Long Term	0.0	0.0	0.0	0.7	0.3
Deferred Income Tax - Long Term Asset	-	0.9	0.2	0.6	0.3
Other Long Term Assets	6.9	0.6	0.4	0.7	0.9
Other Long Term Assets, Total	6.9	1.5	0.6	1.3	1.2
Total Assets	157.4	132.8	91.7	75.7	38.0

Accounts Payable	20.8	23.7	4.7	5.5	2.2
Accrued Expenses	0.1	0.1	0.1	0.3	0.0
Notes Payable/Short Term Debt	16.1	17.3	7.1	4.1	3.3
Current Portion - Long Term Debt/Capital Leases	9.2	-	-	0.9	0.1
Dividends Payable	-	0.0	0.0	0.0	0.0
Customer Advances	1.3	4.5	1.5	1.7	1.1
Income Taxes Payable	1.0	0.1	0.2	0.4	-
Other Payables	19.6	8.0	4.3	2.6	0.8
Other Current Liabilities	0.3	0.1	0.7	0.2	0.3
Other Current liabilities, Total	22.2	12.7	6.7	4.9	2.2
Total Current Liabilities	68.4	53.9	18.6	15.7	7.8

Long Term Debt	17.9	23.5	16.5	15.8	6.0
Total Long Term Debt	17.9	23.5	16.5	15.8	6.0
Total Debt	43.2	40.8	23.6	20.8	9.4

Deferred Income Tax - LT Liability	0.5	-	-	-	-
Deferred Income Tax	0.5	-	-	-	-
Minority Interest	-	-	-	0.1	-
Reserves	0.0	0.0	-	-	-
Pension Benefits - Underfunded	-	-	-	-	0.1
Other Long Term Liabilities	0.7	0.1	0.0	1.0	0.4
Other Liabilities, Total	0.8	0.1	0.0	1.0	0.5
Total Liabilities	87.5	77.5	35.1	32.6	14.3

Common Stock	4.9	4.5	4.6	4.4	1.8
Common Stock	4.9	4.5	4.6	4.4	1.8
Additional Paid-In Capital	32.7	29.5	28.6	23.6	14.7
Retained Earnings (Accumulated Deficit)	34.4	23.1	24.4	15.2	7.8
Treasury Stock - Common	-1.2	-0.9	-	-	-
Unrealized Gain (Loss)	-0.2	-0.2	-0.4	0.0	0.1
Translation Adjustment	0.0	0.0	-	-	-0.6
Other Equity	-0.7	-0.7	-0.7	0.0	0.0
Other Equity, Total	-0.7	-0.7	-0.7	0.0	-0.6
Total Equity	69.8	55.3	56.6	43.0	23.7

Total Liabilities & Shareholdersâ€™ Equity	157.4	132.8	91.7	75.7	38.0

Shares Outstanding - Common Stock Primary Issue	10.3	10.3	10.5	10.2	2.2
Total Common Shares Outstanding	10.3	10.3	10.5	10.2	2.2
Treasury Shares - Common Stock Primary Issue	0.2	0.2	0.0	0.0	0.0
Shares Outstanding - Preferred Stock Primary Issue	0.0	0.0	0.0	0.0	0.0
Total Preferred Stock Outstanding	0.0	0.0	0.0	0.0	0.0
Treasury Shares - Preferred Primary Issue	0.0	0.0	0.0	0.0	0.0
Employees	194	178	149	101	73
Number of Common Shareholders	-	-	9,181	11,507	8,016
Accumulated Intangible Amort, Suppl.	0.7	0.3	0.0	-	-
Deferred Revenue - Current	1.3	4.5	1.5	1.7	1.1
Total Long Term Debt, Supplemental	18.3	-	-	16.7	6.1
Long Term Debt Maturing within 1 Year	0.4	-	-	0.9	0.1
Long Term Debt Maturing in Year 2	0.2	-	-	1.5	0.1
Long Term Debt Maturing in Year 3	0.2	-	-	3.5	2.4
Long Term Debt Maturing in Year 4	0.2	-	-	1.4	0.6
Long Term Debt Maturing in Year 5	0.2	-	-	-	-
Long Term Debt Maturing in 2-3 Years	0.4	-	-	5.1	2.5
Long Term Debt Maturing in 4-5 Years	0.4	-	-	1.4	0.6
Long Term Debt Matur. in Year 6 & Beyond	17.0	-	-	9.3	2.8
Total Operating Leases, Supplemental	19.9	-	-	-	-
Operating Lease Payments Due in Year 1	1.0	-	-	-	-
Operating Lease Payments Due in Year 2	1.0	-	-	-	-
Operating Lease Payments Due in Year 3	1.0	-	-	-	-
Operating Lease Payments Due in Year 4	1.0	-	-	-	-
Operating Lease Payments Due in Year 5	1.0	-	-	-	-
Operating Lease Pymts. Due in 2-3 Years	2.0	-	-	-	-
Operating Lease Pymts. Due in 4-5 Years	2.0	-	-	-	-
Oper. Lse. Pymts. Due in Year 6 & Beyond	14.8	-	-	-	-

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 31-Dec-2012	Reclassified Normal 31-Dec-2012	Restated Normal 31-Dec-2011	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	KRW	KRW	KRW	KRW	KRW
Exchange Rate (Period Average)	1126.848795	1107.891393	1156.281981	1276.385219	1100.562842
Auditor	Deloitte & Touche LLP	Deloitte & Touche LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified

Net Income/Starting Line	9.0	-0.4	7.8	6.2	1.0
Depreciation	3.6	3.3	2.4	2.4	1.1
Depreciation/Depletion	3.6	3.3	2.4	2.4	1.1
Amortization of Intangibles	0.4	0.3	-	-	-
Amortization of Acquisition Costs	-	-	-	0.0	-
Amortization	0.4	0.3	-	0.0	-
Deferred Taxes	-	-	0.3	0.4	-0.6
Unusual Items	0.0	0.4	-0.3	0.0	-0.5
Equity in Net Earnings (Loss)	0.3	-	-	-	-0.2
Other Non-Cash Items	5.1	2.2	2.5	0.4	1.4
Non-Cash Items	5.3	2.6	2.3	0.5	0.7
Accounts Receivable	-29.5	-27.0	-4.0	-3.0	2.4
Inventories	12.5	-0.9	-4.5	-1.0	-11.0
Prepaid Expenses	-5.3	-0.5	0.0	0.0	0.0
Other Assets	-	-	-	-	0.0
Accounts Payable	7.4	23.2	-1.4	4.0	2.3
Accrued Expenses	0.0	0.0	-0.3	0.2	0.0
Taxes Payable	-	-	-0.2	0.3	0.0
Other Liabilities	-3.3	2.7	-1.0	0.1	0.8
Other Operating Cash Flow	-0.5	-1.3	-1.4	-	-
Changes in Working Capital	-18.8	-3.8	-12.7	0.6	-5.5
Cash from Operating Activities	-0.5	1.9	0.1	10.1	-3.3

Purchase of Fixed Assets	-4.4	-14.5	-6.3	-7.9	-10.4
Purchase/Acquisition of Intangibles	-	-1.1	-0.5	-	-0.1
Capital Expenditures	-4.4	-15.6	-6.7	-7.9	-10.4
Acquisition of Business	1.2	-0.4	-	-	-
Sale of Fixed Assets	3.0	1.2	0.0	-	0.4
Sale/Maturity of Investment	6.7	0.4	0.2	0.7	14.5
Purchase of Investments	-4.7	-6.2	-0.3	-0.6	-12.2
Other Investing Cash Flow	-1.0	0.4	0.3	2.4	1.8
Other Investing Cash Flow Items, Total	5.1	-4.5	0.3	2.5	4.5
Cash from Investing Activities	0.7	-20.1	-6.4	-5.4	-6.0

Other Financing Cash Flow	-0.2	0.0	0.0	1.2	0.2
Financing Cash Flow Items	-0.2	0.0	0.0	1.2	0.2
Total Cash Dividends Paid	-	-0.7	-0.6	-	-0.2
Sale/Issuance of Common	-	0.6	3.4	9.2	-
Repurchase/Retirement of Common	-0.2	-1.2	-	-	-
Common Stock, Net	-0.2	-0.6	3.4	9.2	-
Issuance (Retirement) of Stock, Net	-0.2	-0.6	3.4	9.2	-
Short Term Debt Issued	-	23.8	15.8	40.3	2.6
Short Term Debt Reduction	-1.5	-13.1	-15.1	-39.7	-0.7
Short Term Debt, Net	-1.5	10.8	0.8	0.6	1.9
Long Term Debt Issued	8.7	9.4	4.1	3.8	4.2
Long Term Debt Reduction	-2.9	-1.8	-2.7	-0.4	-
Long Term Debt, Net	5.9	7.5	1.4	3.3	4.2
Issuance (Retirement) of Debt, Net	4.3	18.3	2.2	3.9	6.2
Cash from Financing Activities	4.0	17.0	4.9	14.3	6.2

Foreign Exchange Effects	0.0	0.0	-	-	-
Net Change in Cash	4.2	-1.2	-1.4	19.1	-3.0

Net Cash - Beginning Balance	24.9	26.5	26.8	5.2	9.0
Net Cash - Ending Balance	29.1	25.3	25.4	24.2	6.0
Cash Interest Paid	1.0	1.3	1.0	-	-
Cash Taxes Paid	0.2	0.5	0.5	-	-

Annual Income Statement

	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 31-Dec-2012	Reclassified Normal 31-Dec-2012	Restated Normal 31-Dec-2011	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	KRW	KRW	KRW	KRW	KRW
Exchange Rate (Period Average)	1126.848795	1107.891393	1156.281981	1276.385219	1100.562842
Auditor	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified

Finished Product Revenue	-	-	-	112.8	87.6
Merchandise Revenue	-	-	-	1.3	1.3
Service Revenue	-	-	-	0.0	0.0
Other Revenue	-	-	-	0.9	1.0
Sales Revenue	200.0	176.3	200.4	-	-
Total Revenue	200.0	176.3	200.4	115.0	90.0

Cost-Finished Goods Sold	-	-	-	97.9	80.3
Cost-Merchandise Sold	-	-	-	2.1	1.1
Cost-Manufacturing	-	-	-	-	0.8
Cost-Other Sales	-	-	-	0.4	-
Salaries & Wages	4.3	3.1	2.3	1.8	1.7
Retirement Allowance	0.3	0.3	0.2	0.4	0.2
Employee Benefits	0.4	0.3	0.2	0.2	0.2
Stock-Based Compensation	0.2	1.3	1.0	0.1	0.0
Travel Expense	0.6	0.2	0.2	0.2	0.2
Communication Expense	0.1	0.1	0.0	0.0	0.0
Taxes & Dues	0.2	0.2	0.2	0.1	0.1
Expense-Consumable Goods	0.0	0.1	0.0	0.0	0.1
Publishing & Printing Expense	0.0	0.0	0.0	0.0	0.0
Rental Expense	0.1	0.0	0.0	0.0	0.0
Building Maintenance Expense	0.3	0.0	0.0	0.0	0.0
Vehicles Maintenance Expense	0.2	0.2	0.1	0.1	0.1
Repair Expense	0.2	0.0	0.0	0.0	0.0
Insurance Expense	0.2	0.1	0.2	0.2	0.2
Commission Paid	1.9	1.2	0.4	0.4	0.5
Shipping & Handling Expense	0.2	0.1	0.2	0.1	0.2
Entertainment Expense	0.3	0.1	0.1	0.1	0.1
Advertising Expense	0.2	0.1	0.2	0.1	0.1
Education & Training Expense	0.0	0.0	0.0	0.0	0.0
Exporting Expense	3.0	2.3	2.4	1.5	0.1
Conference Expense	-	-	-	-	0.0
Expense of Allow. for DA	0.9	0.0	0.0	0.1	0.2
Research & Development Expense	1.4	0.6	1.1	1.3	1.2
Depreciation	0.1	0.2	0.1	0.1	0.1
Expense-Samples	0.1	0.1	0.1	0.1	-
Amortization-Goodwill	0.3	0.3	-	0.0	-
Costs of Goods & Services Sold	168.0	161.8	179.0	-	-
Adj. for Selling & Administrative Exp.	0.0	-	0.0	-	-
Gain on Disposal of PPE	-	-	0.0	-	-
Gain on Foreign Currency Transaction	-	-	-3.6	-	-
Gain on Foreign Currency Translation	-	-	0.0	-	-
Gain-Disposal of Sec. Avail. for Sale	-	-	0.0	-	-
Loss on Disposal of PPE	-	-	0.0	-	-
Loss on Foreign Currency Transaction	-	-	5.1	-	-
Loss on Foreign Currency Translation	-	-	0.1	-	-
Loss-Disposal of Sec. Avail. for Sale	-	-	0.0	-	-
Adj-Other Gain & Loss	-	-	-	-	-
Miscellaneous Income	-	-	-0.1	-	-
Loss on Scrapping of Inventory	-	-	0.2	-	-
Donations Paid	-	-	0.0	-	-
Miscellaneous Loss	-	-	0.4	-	-
Adj-Other Income & Expense	-	-	0.0	-	-
Total Operating Expense	183.4	172.7	190.2	107.4	87.5

Interest Income	0.8	0.4	0.2	0.1	0.4
Dividend Income	-	0.0	-	-	-
Gain-Derivatives Transactions	0.2	0.3	0.3	0.2	0.0
Gain-Disposal of F.A. Avail. for Sale	-	0.0	-	0.1	-
Gain on Foreign Currency Transaction	3.0	2.3	0.3	2.7	1.6
Gain on Foreign Currency Translation	0.3	0.4	-	0.4	0.1
Gain on Valt of Derivatives	0.1	-	0.4	-	0.5
Gain on Valt of Fincl Assets at FVTPL	0.0	-	-	-	-
Gain on Disposal of Invmt Assets	0.4	-	-	-	-
Gain on Disposal of PPE	-	0.4	-	-	0.0
Gain from Extinguishment of Debts	0.3	-	-	-	0.1
Miscellaneous Income	0.2	0.8	-	0.1	0.5
Interest Expense	-1.4	-1.3	-1.0	-1.1	-0.3
Loss-Disposal of F.A. Avail. for Sale	-	0.0	-	0.0	0.0
Loss on Disposal of Invmt Assets	-	-0.1	-	-	-
Loss-Derivatives Transaction	-0.3	-1.7	-1.2	-0.7	-0.8
Loss on Scrapping of Inventory	-0.6	-0.1	-	-	-
Loss on Valt of Derivatives	0.0	-	0.0	-0.1	-
Loss on Foreign Currency Transaction	-2.9	-3.0	-0.9	-1.8	-3.3
Loss on Foreign Currency Translation	-1.2	-0.7	-	-0.4	-1.0
Loss-Disposal of Accounts Receivable	-	-	-	-	0.0
Loss on Disposal of PPE	-	-0.2	-	-	0.0
Donations Paid	-0.1	0.0	-	0.0	-0.1
Miscellaneous Loss	-3.8	-1.9	-	0.0	0.0
Gain under Equity Method	-	-	-	-	0.2
Loss under Equity Method	-0.3	-	-	-	-
Adj. for Finance Income	0.0	0.0	0.0	-	-
Loss on Valt of Fincl Assets at FVTPL	-	0.0	-	-	-
Adj. for Finance Expense	0.0	0.0	-	-	-
Adj for Other Non-Operating Income	-	0.0	-	-	-
Adj for Other Non-Operating Expense	0.0	-	-	-	-
Net Income Before Taxes	11.3	-0.9	8.4	7.0	0.3

Prov. for Income Taxes	2.3	-0.4	0.6	0.8	-0.7
Net Income After Taxes	9.0	-0.4	7.8	6.2	1.0

Minority Interest Gain	-	-	-	0.0	-
Net Income Before Extra. Items	9.0	-0.4	7.8	6.2	1.0
Net Income	9.0	-0.4	7.8	6.2	1.0

Income Available to Com Excl ExtraOrd	9.0	-0.4	7.8	6.2	1.0

Income Available to Com Incl ExtraOrd	9.0	-0.4	7.8	6.2	1.0

Basic Weighted Average Shares	10.3	10.3	10.5	9.7	9.1
Basic EPS Excluding ExtraOrdinary Items	0.87	-0.04	0.75	0.64	0.11
Basic EPS Including ExtraOrdinary Items	0.87	-0.04	0.75	0.64	0.11
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	9.0	-0.4	7.8	6.2	1.0
Diluted Weighted Average Shares	10.3	10.3	10.5	9.7	9.1
Diluted EPS Excluding ExtraOrd Items	0.87	-0.04	0.75	0.64	0.11
Diluted EPS Including ExtraOrd Items	0.87	-0.04	0.75	0.64	0.11
DPS-Ordinary Shares	0.09	0.00	0.06	0.05	0.00
Gross Dividends - Common Stock	0.9	0.0	0.6	0.6	0.0
Normalized Income Before Taxes	11.9	-1.0	8.7	7.0	0.3

Inc Tax Ex Impact of Sp Items	2.5	-0.5	0.6	0.8	-0.7
Normalized Income After Taxes	9.4	-0.5	8.0	6.3	1.0

Normalized Inc. Avail to Com.	9.4	-0.5	8.0	6.2	1.0

Basic Normalized EPS	0.92	-0.05	0.77	0.64	0.11
Diluted Normalized EPS	0.91	-0.05	0.77	0.64	0.11
Interest Expense, Supplemental	1.4	1.3	1.0	1.1	0.3
Rental Expense, Supplemental	0.1	0.0	0.0	0.0	0.0
Advertising Expense, Supplemental	0.2	0.1	0.2	0.1	0.1
R&D Expense, Supplemental	1.4	0.6	1.1	1.3	1.2
Depreciation, Supplemental	3.6	3.3	2.4	2.4	1.1
Amort of Intangibles, Supplemental	0.4	0.3	-	0.0	-
Amort of Acquisition Costs, Supplemental	-	-	-	0.0	-

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 31-Dec-2012	Updated Normal 31-Dec-2011	Restated Normal 31-Dec-2011	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	KRW	KRW	KRW	KRW	KRW
Exchange Rate	1066.400024	1152	1134.9	1164.475	1259.55
Auditor	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified

Cash & Cash Equivalents	30.8	24.3	25.9	26.6	5.1
Current Fincl Instrm	5.0	6.7	0.9	0.5	0.2
Fincl Assets at FVTPL	0.2	0.1	0.4	-	-
Current Loans	-	-	-	0.5	0.3
Current Derivative Assets	-	-	-	-	0.0
Derivative Assets for Risk Hedge	0.1	0.0	0.2	-	-
Trade Receivable	65.7	34.0	11.5	7.0	2.8
Allow. for DA for Trade Receivable	-0.9	0.0	0.0	-0.5	-0.3
Account Receivable	7.0	5.6	1.8	1.0	1.4
Receivable-Recovery of Taxes	-	-	-	0.0	0.1
Prepaid Expense	1.1	0.5	0.1	0.1	0.0
Current Tax Assets	0.0	0.1	-	-	-
Prepaid Value Added Taxes	0.1	-	-	-	-
Advance Payments	0.1	4.1	3.6	2.0	1.3
Deferred Income Taxes-Debit, Current	-	-	-	0.3	0.5
Accrued Income	0.1	0.0	0.0	0.0	0.0
Merchandises	-	0.0	0.0	0.0	0.5
Finished Goods	3.3	11.6	3.7	5.7	3.3
Goods in Transit	1.5	0.2	4.1	1.0	1.2
Raw Materials	1.4	2.8	6.6	4.1	4.1
Work in Progress	0.1	0.2	0.5	0.9	1.3
Supplies	0.2	0.1	0.1	0.1	0.0
Adj. for Inventories	-	0.0	0.0	-	-
Adj. for Trade & Other Receivable	-	0.0	0.0	-	-
Adj. for Other Current Assets	0.0	0.0	0.0	-	-
Government Subsidy, Cash & Cash Equiv.	-	-	-	-0.6	-
Total Current Assets	115.7	90.6	59.5	48.7	21.8

Non-Current Fincl Instrm	-	-	0.1	0.4	0.2
Securities Available for Sale	0.1	0.1	0.6	0.8	1.1
Guarantee Deposits, Non-Current Assets	1.9	0.6	0.4	-	-
Derivatives, assets	-	-	-	0.3	0.4
Non-Current Other Receivable	0.0	0.0	0.0	0.7	0.3
Invmt in Affiliates	0.4	-	-	0.1	1.5
LT Security Deposit	-	-	-	0.4	0.5
Non-Current Prepaid Expense	4.9	-	-	-	-
Non-Current Deferred Income Taxes Assets	-	0.9	0.2	0.6	0.3
Lands	5.4	4.9	5.3	4.8	4.0
Buildings	6.8	6.3	6.2	6.0	2.3
Buildings-Depreciation	-0.7	-0.5	-0.4	-0.3	-0.1
Structures	0.1	0.1	0.0	0.0	0.0
Structures-Depreciation	0.0	0.0	0.0	0.0	0.0
Tools & Equipments	0.4	0.4	0.2	0.1	0.1
Tools & Equipments-Depreciation	-0.3	-0.2	-0.1	-0.1	-0.1
Machineries & Equipments	27.5	24.2	15.6	9.6	3.9
Machineries & Equipments-Depreciation	-9.4	-5.6	-3.3	-3.5	-1.4
Machineries & Equipments-Govern. Subsidy	-0.5	-0.2	-0.2	-0.1	-0.2
Vehicles	0.1	0.0	0.0	0.0	0.0
Vehicles-Depreciation	0.0	0.0	0.0	0.0	0.0
Fixtures	2.0	1.5	1.4	0.9	0.7
Fixtures-Depreciation	-1.1	-0.7	-0.7	-0.6	-0.3
Fixtures-Government Subsidy	-	0.0	0.0	0.0	-0.1
Installation Equipments	0.6	7.0	7.1	6.9	-
Installation Equipments-Depreciation	0.0	-1.2	-0.9	-0.5	-
Construction in Progress	2.3	3.5	0.0	0.0	2.7
Construction in Progress-Govern. Subsidy	-	-0.4	-	-	-
Adj. for Property, Plant & Equipment	0.0	-	0.0	-	-
Goodwill	-	0.1	0.1	0.1	-
Membership Rights	0.1	0.1	0.1	-	-
Industrial Property Rights	0.2	0.2	0.0	0.0	0.0
Development Costs	1.0	1.2	0.6	0.5	0.4
Adj. for Intangibless	0.0	0.0	0.0	-	-
Development Cost-Government Subsidy	-	-	-	0.0	-
Adj. for Non-Current Fincl Instrm	0.0	-	-	-	-
Total Assets	157.4	132.8	91.7	75.7	38.0

Trade Payable	20.8	23.7	4.7	5.5	2.2
Other Payable	19.6	8.0	4.3	2.6	0.8
Adj. for Trade & Other Payable	0.0	0.0	0.0	-	-
Dividend Payable	-	0.0	0.0	0.0	0.0
Current Tax Liabilities	1.0	0.1	0.2	0.4	-
Accrued Expense	0.0	0.1	0.0	0.3	0.0
Accrued Expense-Annual Allow.s	0.1	0.1	0.1	-	-
Advance from Customers, Current	0.3	3.5	0.8	1.7	1.1
Deferred Income	0.9	1.1	0.7	-	-
Withheld	0.3	0.1	0.2	0.2	0.0
Current Borrowings	16.1	17.3	7.1	4.1	3.3
Current Derivatives Liabilities	-	-	-	-	0.2
Current Derivatives Liabilities for Risk	0.0	0.0	0.5	-	-
Current Derivatives Liabilities for Sale	-	-	0.0	-	-
Bonds With Stock Warrants	9.2	-	-	-	-
Current Portion of LT Debt	-	-	-	0.9	0.1
Adj. for Other Current Liabilities	0.0	0.0	0.0	-	-
Total Current Liabilities	68.4	53.9	18.6	15.7	7.8

Non-Current Borrowings	17.9	23.5	16.5	15.8	6.0
Total Long Term Debt	17.9	23.5	16.5	15.8	6.0

Rental Guarantee Deposit, LT Liabilities	-	0.1	-	-	-
Non-Current Other Payable	0.7	0.0	0.0	1.0	0.4
Prov.for Retirement & Severance Benefits	-	-	-	-	0.1
Deferred Income Taxes, LT Liabilities	0.5	-	-	-	-
Non-Current Prov.s	0.0	0.0	-	-	-
Minority Interest	-	-	-	0.1	-
Adj. for Other LT Fincl Liabilities	0.0	-	-	-	-
Total Liabilities	87.5	77.5	35.1	32.6	14.3

Capital Stock	4.9	4.5	4.6	4.4	1.8
Additional Paid in Capital	29.0	26.8	27.2	23.3	14.7
Stock Options	3.2	2.7	1.4	0.3	0.1
Consideration for Stock Warrants	0.4	-	-	-	-
Legal Reserve	0.2	-	-	0.0	0.0
Retained Earnings Carried Forward	34.2	23.1	24.4	15.2	7.7
Other Capital Adj.	-	-0.1	-0.1	0.0	0.0
Gain on Valuation of Securities Availabl	-	-	0.1	0.0	0.3
Loss-Valu. of Sec. Available for Sale	-0.2	-0.2	-0.2	-0.1	-0.1
Gains on Valuation of Cash Flow Hedge	-	0.0	0.2	0.0	0.0
Losses on Valuation of Cash Flow Hedge	-	0.0	-0.4	-	-0.2
Capital Change, Equity Method (Loss)	0.0	-	-	-	-
Foreign Currency Translation Credit	-	-	-	-	-0.6
Treasury Stock	-1.2	-0.9	-	-	-
Losses on Disposal of Treasury Stock	0.0	0.0	-	-	-
Gain/Loss on Subsidiaries Acquisition	-0.7	-0.6	-0.6	-	-
Overseas Business Translation Debit	0.0	0.0	-	-	-
Adj. for Other Paid-in Capital	-	0.0	0.0	-	-
Adj. for Other Capital Items	-	-	0.0	-	-
Adj. for Retained Earnings	0.0	-	-	-	-
Total Equity	69.8	55.3	56.6	43.0	23.7

Total Liabilities & Shareholders' Equity	157.4	132.8	91.7	75.7	38.0

S/O-Ordinary Shares	10.3	10.3	10.5	10.2	2.2
Total Common Shares Outstanding	10.3	10.3	10.5	10.2	2.2
T/S-Ordinary Shares	0.2	0.2	0.0	0.0	0.0
S/O-Preference Shares	0.0	0.0	0.0	0.0	0.0
Total Preferred Shares Outstanding	0.0	0.0	0.0	0.0	0.0
T/S-Preference Shares	0.0	0.0	0.0	0.0	0.0
Deferred Revenue, Current	1.3	4.5	1.5	1.7	1.1
Accumulated Intangible Amort, Suppl.	0.7	0.3	0.0	-	-
Full-Time Employees	194	178	149	101	73
Number of Common Shareholders	-	-	9,181	11,507	8,016
Long Term Debt Due in Year 1	0.4	-	-	0.9	0.1
Long Term Debt Due in Year 2	-	-	-	1.5	0.1
Long Term Debt Due in Year 3	-	-	-	3.5	2.4
Long Term Debt Due in Year 4	-	-	-	1.4	0.6
Long Term Debt Due in Year 5	0.9	-	-	-	-
Long Term Debt Remaining Maturity	17.0	-	-	9.3	2.8
Total Long Term Debt, Supplemental	18.3	-	-	16.7	6.1
Operating Lease Pymts. Due within 1Year	1.0	-	-	-	-
Operating Lease Payments Due in Year 5	4.0	-	-	-	-
Operating Leases - Remaining Payments	14.8	-	-	-	-
Total Operating Leases, Supplemental	19.9	-	-	-	-

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 31-Dec-2012	Reclassified Normal 31-Dec-2012	Restated Normal 31-Dec-2011	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	KRW	KRW	KRW	KRW	KRW
Exchange Rate (Period Average)	1126.848795	1107.891393	1156.281981	1276.385219	1100.562842
Auditor	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified

Net Income	9.0	-0.4	7.8	6.2	1.0
Depreciation	3.6	3.3	2.4	2.4	1.1
Amort. of Intangibless	0.4	0.3	-	-	-
Amort.-Goodwill	-	-	-	0.0	-
Stock-Based Compensation	0.3	1.4	1.1	0.2	0.1
Expense of Allow. for DA	0.9	0.0	0.0	0.1	0.2
Provision-Retirement Allowance	-	-	-	0.4	0.3
Losses on Foreign Currency Translation	1.2	0.7	0.1	0.1	1.0
Loss on Valt of Derivative Fincl Assets	0.0	0.4	0.0	0.1	-
Losses on Valt of Inventories	0.1	-	-	-	0.0
Loss on Valt of Fincl Assets at FVTPL	-	0.0	-	-	-
Loss-Disposal of Sec. Available-for-Sale	-	0.0	0.0	0.0	0.0
Losses on Disposal of Investment Assets	-	0.1	-	-	-
Loss on Scraping of Inventory	0.6	0.1	0.2	-	-
Loss on Disposal of Property, Plant and	-	0.2	0.0	-	0.0
Dividend Income	-	0.0	-	-	-
Commissions Paid	-	0.0	-	-	-
Interest Expenses	1.4	1.3	1.0	-	-
Loss under Equity Method	0.3	-	-	-	-
Corporate Taxes Expense	2.3	-0.4	0.6	-	-
Interest Income	-0.8	-0.4	-0.2	-	-
Gains on Valts of Derivatives Assets	-0.1	0.0	-0.4	-	-0.5
Gain on Disposal of Property, Plant and	-	-0.4	0.0	-	0.0
Gain under Equity Method	-	-	-	-	-0.2
Gain on Valt of Fincl Assets at FVTPL	0.0	-	-	-	-
Gain on Exemption of Debts	-0.3	-	-	-	-0.1
Gains on Foreign Currency Translation	-0.3	-0.4	0.0	-0.4	-0.1
Gain on Sale of Invmt Assets	-0.4	-	-	-	-
Gain-Disp. of Security Avail-for-Sale	-	0.0	0.0	-0.1	-
Recovery-Inventory Valuation Loss	-	-	-0.1	0.0	-
Miscellaneous Gain	0.0	-	-	-	-
Trade Receivables	-28.4	-23.2	-4.3	-3.7	4.0
Account Receivables	-1.1	-3.9	0.2	0.6	-1.6
Prepaid Expenses	-0.5	-0.5	0.0	0.0	0.0
Non-Current Prepaid Expenses	-4.7	-	-	-	-
VAT Transfer-Paid Amount	-0.1	-	-	-	-
Advance Payments	4.1	-0.6	-1.6	-0.6	-0.8
Accrued Income	-	0.0	0.0	0.0	0.1
Corporate Tax Refundable	-	-	-	0.1	-0.1
Inventory	8.5	-0.3	-3.0	-0.5	-10.2
Derivatives in Assets	-	-	-	-	0.0
Deferred Income Taxes Assets	-	-	0.3	-	-
Deferred Income Taxes Liabilities	-	-	0.0	-	-
Deferred Income Tax Debit,Non-Current	-	-	-	0.4	-0.3
Deferred Income Tax Debit, Current	-	-	-	0.0	-0.3
Trade Payable	-4.4	19.3	-0.9	3.5	2.4
Non-Current Other Payable	0.7	-	-	-	-
Other Payable	11.1	3.9	-0.5	0.5	-0.1
Advance Received	-3.2	2.8	-0.9	0.5	1.2
Withholdings	0.2	-0.1	0.0	0.1	0.0
Accrued Expenses	0.0	0.0	-0.3	0.2	0.0
Accrued Income Taxes	-	-	-0.2	0.3	0.0
Derivatives in Liabilities	-	-	-	-	-0.3
Payment-Retirement Bonus	-	-	-	-0.1	-0.2
Retirement Pension Operating Fund	-	-	-	-0.5	-
Deferred Income	-0.2	0.0	-	-	-
Overseas Business Translation Credit	0.0	-0.1	-	-	-
Rental Guarantee Depsits	-0.1	0.1	-	-	-
Prov.s	0.0	0.0	-	-	-
Cash-Interest Received	0.7	0.5	0.2	-	-
Cash-Interest Paid	-1.0	-1.3	-1.0	-	-
Cash-Dividend Income	-	0.0	-	-	-
Cash-Tax Paid	-0.2	-0.5	-0.5	-	-
Adj.-Cash Flow from Operating Activities	0.0	0.0	-	-	-
Cash from Operating Activities	-0.5	1.9	0.1	10.1	-3.3

Disposal in Current Loans	0.4	0.3	0.3	0.0	1.0
Decrease in Rental Guarantee Depsoits	0.4	0.2	0.3	0.3	0.0
Decrease-ST Financial Assets	-	-	-	-	14.5
Disposal of Financial Instruments	6.7	0.1	0.1	-	-
Decrease-LT Financial Assets	-	-	-	0.1	-
Disposal-Securities Available-for-Sale	-	0.3	0.2	0.2	0.0
Disposal-Securities under Equity Method	-	-	-	0.4	-
Disposal-Land	-	-	-	-	0.4
Disposal-Transportation	-	-	-	-	0.0
Increase in Government Subsidy	-	0.4	0.4	2.6	2.0
Increase in Current Loans	-0.2	-	0.0	0.0	-0.4
Increase-LT Account Receivable	-	-	-0.3	-0.3	-0.4
Increase in Rental Guarantee Depsoits	-1.6	-0.5	-0.4	-0.2	-0.5
Purchase of Current Fincl Instruments	-	-	-	-0.2	-10.2
Increase-LT Financial Assets	-	-	-	-0.3	-0.1
Purchase of Sec. Available-for-Sale	0.0	-	0.0	-0.1	-0.8
Purchase of Equity Method Sec.	-	-	-	-	-1.0
Purchase of Land	-	-	-	-	0.0
Purchase of Buildings	-	-	-	-	0.0
Increase-Structure	-	-	-	0.0	0.0
Increase-Tools & Supplies	-	-	-	0.0	0.0
Purchase of Machinery	-	-	-	-0.2	-2.2
Increase-Fixtures	-	-	-	-0.2	-0.1
Purchase of Vehicles	-	-	-	0.0	-
Purchase of Construction in Progress	-	-	-	-5.2	-6.1
Decrease-Government Subsidy	-	-	-	-2.2	-1.9
Purchase of Tangibles	-4.4	-14.5	-6.3	-	-
Purchase of Intangibless	-	-1.1	-0.5	-	-0.1
Increase-Utility Model Right	-	-	-	-	0.0
Purchase of Fincl Instruments	-4.7	-6.0	-0.2	-	-
Purchase of Fincl Instrm at FVTPL	-	-0.1	-	-	-
Disposal of Property, Plant and Equipmen	3.0	1.2	0.0	-	-
Cash Outflows from Purchase of Subsidiar	-	-0.4	-	-	-
Cash Inflows from Disposal of Subsidiari	1.8	0.0	-	-	-
Acquisition of Affiliates	-0.6	-	-	-	-
Cash from Investing Activities	0.7	-20.1	-6.4	-5.4	-6.0

Increase in Current Borrowings	-	23.8	15.8	40.3	2.6
Increase in Non-Current Borrowings	-	9.4	4.1	3.8	4.2
Increase in Bonds with Warrant	8.7	-	-	-	-
Increase-LT Accrued Payment	-	-	-	0.5	0.5
Rights Issue	-	0.4	3.4	9.2	-
Decrease in Current Borrowings	-1.5	-13.1	-15.1	-39.7	-0.7
Decrease-LT Accrued Payment	-	-	-	-	-0.2
Dividend Paid	-	-0.7	-0.6	-	-0.2
Decs in Current Portion of LT Liability	-1.2	-1.8	-2.7	-0.4	-
Stocks Issuance Cost	-	-	0.0	-0.1	-
Cash Flow-Consolidation Scope Change	-0.2	0.0	-	0.9	-
Decrease in Non-Current Borrowings	-1.6	-	0.0	-	-
Increase in Treasury Stocks	-0.2	-1.2	-	-	-
Decrease in Treasury Stocks	-	0.2	-	-	-
Cash from Financing Activities	4.0	17.0	4.9	14.3	6.2

Foreign Exchange Effects	0.0	0.0	-	-	-
Incs or Decs in Cash & Cash Equivalents	4.2	-1.2	-1.4	19.1	-3.0

Cash and Cash Equivalents at Beginning	24.9	26.5	26.8	5.2	9.0
Net Cash Ending Balance	29.1	25.3	25.4	24.2	6.0
Cash Interest Paid	1.0	1.3	1.0	-	-
Cash Taxes Paid	0.2	0.5	0.5	-	-

Financial Health

Key IndicatorsÂ USD (mil)
Â	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 (?)	65.3	18.13%	200.0	15.38%	15.37%	38.04%
Research & Development1 (?)	-	-	1.4	149.33%	-1.85%	33.19%
Operating Income1 (?)	1.9	-64.04%	16.6	362.16%	24.17%	42.22%
Income Available to Common Excl Extraord Items1 (?)	1.2	-58.99%	9.0	-	8.46%	23.86%
Basic EPS Excl Extraord Items1 (?)	0.11	-59.83%	0.87	-	6.32%	-12.06%
Capital Expenditures2 (?)	5.4	-21.92%	4.4	-71.41%	-21.23%	-4.79%
Cash from Operating Activities2 (?)	3.9	-	-0.5	-	-	-
Free Cash Flow (?)	-1.5	-	-5.2	-	-	-
Total Assets3 (?)	160.5	-	157.4	9.70%	23.96%	37.11%
Total Liabilities3 (?)	95.1	-	87.5	4.49%	34.95%	78.90%
Total Long Term Debt3 (?)	19.8	-	17.9	-29.65%	1.17%	50.16%
Employees3 (?)	-	-	194	8.99%	24.31%	30.12%
Total Common Shares Outstanding3 (?)	10.2	-	10.3	-0.23%	0.22%	36.08%
1-ExchangeRate: KRW to USD Average for Period	1122.022568	Â	1126.848795	Â	Â	Â
2-ExchangeRate: KRW to USD Average for Period	1103.219597	Â	1126.848795	Â	Â	Â
3-ExchangeRate: KRW to USD Period End Date	1147.202838	Â	1066.400024	Â	Â	Â

Key Ratios
Â	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Profitability
Gross Margin (?)	15.98%	8.26%	10.71%	12.78%	8.80%
Operating Margin (?)	8.28%	2.07%	5.09%	6.64%	2.79%
Pretax Margin (?)	5.66%	-0.50%	4.21%	6.10%	0.35%
Net Profit Margin (?)	4.48%	-0.24%	3.90%	5.39%	1.14%
Financial Strength
Current Ratio (?)	1.69	1.68	3.20	3.09	2.80
Long Term Debt/Equity (?)	0.26	0.43	0.29	0.37	0.25
Total Debt/Equity (?)	0.62	0.74	0.42	0.48	0.40
Interest Coverage (?)	20,287,595.32	5,313,837.01	39,302,624.43	-	-
Management Effectiveness
Return on Assets (?)	6.30%	-0.37%	9.41%	11.73%	2.74%
Return on Equity (?)	14.62%	-0.74%	15.82%	19.81%	3.81%
Efficiency
Receivables Turnover (?)	3.69	6.42	18.83	19.84	13.91
Inventory Turnover (?)	12.99	8.29	11.12	8.32	10.39
Asset Turnover (?)	1.41	1.52	2.41	2.16	2.40

Market ValuationÂ USD (mil)
Enterprise Value2 (?)	102.0	.	Enterprise Value/Revenue (TTM) (?)	0.50
Price/Book (MRQ) (?)	1.36	.	Enterprise Value/EBITDA (TTM) (?)	4.85
Market Cap as of 11-Oct-20131 (?)	97.5	.
1-ExchangeRate: KRW to USD on 11-Oct-2013	1071.663472
2-ExchangeRate: KRW to USD on 30-Jun-2013	1147.202838

Annual Ratios

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Financial Strength
Current Ratio (?)	1.69	1.68	3.20	3.09	2.80
Quick/Acid Test Ratio (?)	1.58	1.31	2.19	2.19	1.23
Working Capital1 (?)	47.3	36.7	40.9	32.9	14.0
Long Term Debt/Equity (?)	0.26	0.43	0.29	0.37	0.25
Total Debt/Equity (?)	0.62	0.74	0.42	0.48	0.40
Long Term Debt/Total Capital (?)	0.16	0.24	0.21	0.25	0.18
Total Debt/Total Capital (?)	0.38	0.42	0.29	0.33	0.28
Interest Coverage (?)	20,287,595.32	5,313,837.01	39,302,624.43	-	-
Payout Ratio (?)	10.20%	0.00%	8.11%	8.58%	0.00%
Effective Tax Rate (?)	20.76%	-	7.36%	10.92%	-229.18%
Total Capital1 (?)	113.0	96.1	80.2	63.9	33.0

Efficiency
Asset Turnover (?)	1.41	1.52	2.41	2.16	2.40
Inventory Turnover (?)	12.99	8.29	11.12	8.32	10.39
Days In Inventory (?)	28.10	44.05	32.83	43.88	35.13
Receivables Turnover (?)	3.69	6.42	18.83	19.84	13.91
Days Receivables Outstanding (?)	98.99	56.81	19.39	18.40	26.23
Revenue/Employee2 (?)	1,089,324	952,554	1,370,402	1,247,967	1,077,349
Operating Income/Employee2 (?)	90,219	19,695	69,727	82,901	30,111
EBITDA/Employee2 (?)	111,934	38,870	86,350	108,868	43,593

Profitability
Gross Margin (?)	15.98%	8.26%	10.71%	12.78%	8.80%
Operating Margin (?)	8.28%	2.07%	5.09%	6.64%	2.79%
EBITDA Margin (?)	10.28%	4.08%	6.30%	8.72%	4.05%
EBIT Margin (?)	8.28%	2.07%	5.09%	6.64%	2.79%
Pretax Margin (?)	5.66%	-0.50%	4.21%	6.10%	0.35%
Net Profit Margin (?)	4.48%	-0.24%	3.90%	5.39%	1.14%
R&D Expense/Revenue (?)	0.69%	0.32%	0.54%	1.13%	1.32%
COGS/Revenue (?)	84.02%	91.74%	89.29%	87.22%	91.20%
SG&A Expense/Revenue (?)	6.77%	5.61%	4.03%	4.88%	4.55%

Management Effectiveness
Return on Assets (?)	6.30%	-0.37%	9.41%	11.73%	2.74%
Return on Equity (?)	14.62%	-0.74%	15.82%	19.81%	3.81%

Valuation
Free Cash Flow/Share2 (?)	-0.50	-1.27	-0.65	0.24	-5.43
Operating Cash Flow/Share 2 (?)	-0.05	0.18	0.01	1.09	-1.29
1-ExchangeRate: KRW to USD Period End Date	1066.400024	1152	1134.9	1164.475	1259.55
2-ExchangeRate: KRW to USD Average for Period	1066.400024	1152	1134.9	1164.475	1259.55

Current Market Multiples
Market Cap/Equity (MRQ) (?)	1.39
Enterprise Value/Equity (MRQ) (?)	1.56

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.50
UK Pound	1	Rs.99.49
Euro	1	Rs.84.88

INFORMATION DETAILS

Report Prepared by :

NIS

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.