MIRA INFORM REPORT
|
Report Date : |
16.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
SHINSEGAE
INTERNATIONAL CO LTD |
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Registered Office : |
79-16, Cheongdam 2-Dong, Gangnam-Gu,
Seoul, 135954 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
25.10.1980 |
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Legal Form : |
Public Independent |
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Line of Business : |
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No. of Employees : |
867 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet
normal commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NOTES
:
Any query related to this report
can be made on e-mail: infodept@mirainform.com while quoting report
number, name and date.
ECGC Country Risk Classification List – March 31st,
2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
SOUTH KOREA - ECONOMIC OVERVIEW
South Korea over the past four decades has demonstrated
incredible growth and global integration to become a high-tech industrialized
economy. In the 1960s, GDP per capita was comparable with levels in the poorer
countries of Africa and Asia. In 2004, South Korea joined the trillion dollar
club of world economies, and is currently the world's 12th largest economy.
Initially, a system of close government and business ties, including directed
credit and import restrictions, made this success possible. The government
promoted the import of raw materials and technology at the expense of consumer
goods, and encouraged savings and investment over consumption. The Asian
financial crisis of 1997-98 exposed longstanding weaknesses in South Korea's
development model including high debt/equity ratios and massive short-term
foreign borrowing. GDP plunged by 6.9% in 1998, and then recovered by 9% in
1999-2000. Korea adopted numerous economic reforms following the crisis,
including greater openness to foreign investment and imports. Growth moderated
to about 4% annually between 2003 and 2007. Korea''s export focused economy was
hit hard by the 2008 global economic downturn, but quickly rebounded in
subsequent years, reaching 6.3% growth in 2010. The US-South Korea Free Trade
Agreement was ratified by both governments in 2011 and went into effect in
March 2012. Throughout 2012 the economy experienced sluggish growth because of
market slowdowns in the United States, China, and the Eurozone. The incoming
administration in 2013, following the December 2012 presidential election, is
likely to face the challenges of balancing heavy reliance on exports with
developing domestic-oriented sectors, such as services. The South Korean
economy''s long term challenges include a rapidly aging population, inflexible
labor market, and heavy reliance on exports - which comprise half of GDP.
|
Source : CIA |
COMPANY NAME & ADDRESS
SHINSEGAE
INTERNATIONAL CO LTD
79-16, Cheongdam 2-Dong, Gangnam-Gu
Seoul, 135954
Korea, Republic of
Tel: 82-2-34401063
Fax: 82-2-34401017
Website : www.sikorea.co.kr
Synthesis
Employees: 867
Company Type: Public Independent
Traded: Korea Stock Exchange: 031430
Incorporation Date: 25-Oct-1980
Auditor: Deloitte
& Touche LLP
Financials in: USD
(mil)
Fiscal Year End: 31-Dec-2012
Reporting Currency: South Korean Won
Net Income: 44.4
Market Value: 533.7
(30-Aug-2013)
Business Description
Shinsegae International Co.,Ltd is a Korea-based company engaged in the
brand distribution business. The Company operates its business through two
divisions: apparel and cosmetics. Its apparel division involves in the import
and export of domestic and overseas fashion products such as women’s and men’s
apparels, accessories and others, under the brand names of VOV, G-CUT, DESIGN
UNITED, J.HOLIC, GIORGIO ARMANI, DOLCE & GABBANA, DIESEL, MONCLER, GAP,
BANANA REPUBLIC and others. Its cosmetics division involves in the manufacture,
retail and wholesale of cosmetics. In addition, the Company involves in the
product planning and production sourcing for E-mart private label (PL) brand
DAIZ. For the three months ended 31 March 2013, Shinsegae International Co Ltd
revenues decreased 7% to W185.35B. Net income decreased 68% to W2.91B. Revenues
reflect Foreign Fashion segment decrease of 10% to W88.21B, Korea Fashion
segment decrease of 6% to W96.25B. Net income also reflects Loss on Foreign
Currency Transaction increase from W267.2M to W1.4B (expense), Gain on Foreign
Currency Transaction decrease of 53% to W551.4M (income).
Industry
Industry Clothing and Apparel Wholesale
ANZSIC 2006: 3711 - Textile Product Wholesaling
ISIC Rev 4: 4641 - Wholesale of textiles, clothing and footwear
NACE Rev 2: 4641 - Wholesale of textiles
NAICS 2012: 42431 - Piece Goods, Notions, and Other Dry Goods Merchant
Wholesalers
UK SIC 2007: 4641 - Wholesale of textiles
US SIC 1987: 5131 - Piece Goods, Notions, and Other Dry Good
Key Executives
Name Title
Hong Seong Choi Chief
Executive Officer, Director
Byeong Ha Cho Assistant
Managing Director
Chun Man Yang Assistant
Managing Director
Paul Husband Non-Executive
Independent Director
Jae Cheon Kim Non-Executive
Independent Director
Stock Snapshot
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|
1 - Profit &
Loss Item Exchange Rate: USD 1 = KRW 1126.849
2 - Balance Sheet Item Exchange Rate: USD 1 = KRW 1066.4
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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 |
Restated Normal |
|
Filed Currency |
KRW |
KRW |
|
Exchange Rate
(Period Average) |
1126.848795 |
1107.891393 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
|
|
|
|
|
Net Sales |
701.3 |
715.2 |
|
Revenue |
701.3 |
715.2 |
|
Total Revenue |
701.3 |
715.2 |
|
|
|
|
|
Cost of Revenue |
367.7 |
370.9 |
|
Cost of Revenue, Total |
367.7 |
370.9 |
|
Gross Profit |
333.6 |
344.3 |
|
|
|
|
|
Selling/General/Administrative Expense |
232.0 |
230.8 |
|
Labor & Related Expense |
49.5 |
42.5 |
|
Advertising Expense |
10.0 |
10.4 |
|
Total Selling/General/Administrative Expenses |
291.5 |
283.7 |
|
Research & Development |
0.9 |
1.0 |
|
Depreciation |
13.3 |
11.3 |
|
Amortization of Intangibles |
0.5 |
0.2 |
|
Depreciation/Amortization |
13.8 |
11.6 |
|
Other Unusual Expense (Income) |
-0.2 |
0.0 |
|
Unusual Expense (Income) |
-0.2 |
0.0 |
|
Total Operating Expense |
673.7 |
667.1 |
|
|
|
|
|
Operating Income |
27.6 |
48.1 |
|
|
|
|
|
Interest Expense -
Non-Operating |
-1.9 |
-2.8 |
|
Interest Expense, Net Non-Operating |
-1.9 |
-2.8 |
|
Interest Income - Non-Operating |
2.0 |
1.8 |
|
Investment Income -
Non-Operating |
10.5 |
4.6 |
|
Interest/Investment Income - Non-Operating |
12.6 |
6.4 |
|
Interest Income (Expense) - Net Non-Operating Total |
10.6 |
3.6 |
|
Gain (Loss) on Sale of Assets |
-4.8 |
-2.1 |
|
Other Non-Operating Income (Expense) |
23.3 |
4.9 |
|
Other, Net |
23.3 |
4.9 |
|
Income Before Tax |
56.7 |
54.4 |
|
|
|
|
|
Total Income Tax |
12.9 |
12.8 |
|
Income After Tax |
43.8 |
41.7 |
|
|
|
|
|
Minority Interest |
0.6 |
0.0 |
|
Net Income Before Extraord Items |
44.4 |
41.7 |
|
Net Income |
44.4 |
41.7 |
|
|
|
|
|
Income Available to Common Excl Extraord Items |
44.4 |
41.7 |
|
|
|
|
|
Income Available to Common Incl Extraord Items |
44.4 |
41.7 |
|
|
|
|
|
Basic/Primary Weighted Average Shares |
7.1 |
6.1 |
|
Basic EPS Excl Extraord Items |
6.22 |
6.80 |
|
Basic/Primary EPS Incl Extraord Items |
6.22 |
6.80 |
|
Diluted Net Income |
44.4 |
41.7 |
|
Diluted Weighted Average Shares |
7.1 |
6.1 |
|
Diluted EPS Excl Extraord Items |
6.22 |
6.80 |
|
Diluted EPS Incl Extraord Items |
6.22 |
6.80 |
|
Dividends per Share - Common Stock Primary Issue |
0.45 |
0.38 |
|
Gross Dividends - Common Stock |
3.2 |
0.1 |
|
Interest Expense, Supplemental |
1.9 |
2.8 |
|
Depreciation, Supplemental |
13.3 |
11.3 |
|
Total Special Items |
4.6 |
2.1 |
|
Normalized Income Before Tax |
61.3 |
56.6 |
|
|
|
|
|
Effect of Special Items on Income Taxes |
1.0 |
0.5 |
|
Inc Tax Ex Impact of Sp Items |
14.0 |
13.3 |
|
Normalized Income After Tax |
47.3 |
43.3 |
|
|
|
|
|
Normalized Inc. Avail to Com. |
47.9 |
43.3 |
|
|
|
|
|
Basic Normalized EPS |
6.71 |
7.07 |
|
Diluted Normalized EPS |
6.71 |
7.07 |
|
Amort of Intangibles, Supplemental |
0.5 |
0.2 |
|
Rental Expenses |
8.8 |
7.9 |
|
Advertising Expense, Supplemental |
10.0 |
10.4 |
|
Research & Development Exp, Supplemental |
0.9 |
1.0 |
|
Normalized EBIT |
27.4 |
48.1 |
|
Normalized EBITDA |
41.1 |
59.6 |
|
Current Tax - Total |
13.0 |
13.2 |
|
Current Tax - Total |
13.0 |
13.2 |
|
Deferred Tax - Total |
-0.2 |
-0.4 |
|
Deferred Tax - Total |
-0.2 |
-0.4 |
|
Other Tax |
0.1 |
- |
|
Income Tax - Total |
12.9 |
12.8 |
|
Interest Cost - Domestic |
0.5 |
0.5 |
|
Service Cost - Domestic |
3.1 |
2.6 |
|
Expected Return on Assets - Domestic |
-0.2 |
-0.2 |
|
Other Pension, Net - Domestic |
0.0 |
- |
|
Domestic Pension Plan Expense |
3.5 |
2.8 |
|
Total Pension Expense |
3.5 |
2.8 |
|
Total Plan Interest Cost |
0.5 |
0.5 |
|
Total Plan Service Cost |
3.1 |
2.6 |
|
Total Plan Expected Return |
-0.2 |
-0.2 |
|
Total Plan Other Expense |
0.0 |
- |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
|
Filed Currency |
KRW |
KRW |
|
Exchange Rate |
1066.400024 |
1152 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
|
|
|
|
|
Cash & Equivalents |
3.5 |
12.8 |
|
Cash and Short Term Investments |
3.5 |
12.8 |
|
Accounts Receivable -
Trade, Gross |
59.8 |
55.9 |
|
Provision for Doubtful
Accounts |
-0.2 |
0.0 |
|
Trade Accounts Receivable - Net |
59.8 |
56.1 |
|
Other Receivables |
13.5 |
13.5 |
|
Total Receivables, Net |
73.2 |
69.5 |
|
Inventories - Finished Goods |
135.0 |
119.0 |
|
Inventories - Work In Progress |
0.3 |
0.2 |
|
Inventories - Raw Materials |
1.8 |
1.2 |
|
Inventories - Other |
19.2 |
13.4 |
|
Total Inventory |
156.3 |
133.8 |
|
Prepaid Expenses |
1.3 |
1.7 |
|
Other Current Assets |
0.1 |
0.1 |
|
Other Current Assets, Total |
0.1 |
0.1 |
|
Total Current Assets |
234.4 |
217.9 |
|
|
|
|
|
Buildings |
11.1 |
10.2 |
|
Land/Improvements |
87.7 |
53.3 |
|
Machinery/Equipment |
15.2 |
8.3 |
|
Construction in
Progress |
15.9 |
16.2 |
|
Other
Property/Plant/Equipment |
77.0 |
65.2 |
|
Property/Plant/Equipment - Gross |
206.9 |
153.3 |
|
Accumulated Depreciation |
-41.5 |
-36.6 |
|
Property/Plant/Equipment - Net |
165.4 |
116.6 |
|
Goodwill - Gross |
1.9 |
0.0 |
|
Accumulated Goodwill Amortization |
0.0 |
0.0 |
|
Goodwill, Net |
1.9 |
0.0 |
|
Intangibles - Gross |
8.1 |
3.3 |
|
Accumulated Intangible Amortization |
-1.5 |
-1.0 |
|
Intangibles, Net |
6.6 |
2.3 |
|
LT Investment - Affiliate Companies |
26.1 |
17.6 |
|
LT Investments - Other |
106.4 |
63.6 |
|
Long Term Investments |
132.5 |
81.2 |
|
Deferred Income Tax - Long Term Asset |
16.4 |
15.9 |
|
Other Long Term Assets |
25.4 |
30.5 |
|
Other Long Term Assets, Total |
41.8 |
46.4 |
|
Total Assets |
582.6 |
464.4 |
|
|
|
|
|
Accounts Payable |
36.2 |
25.9 |
|
Accrued Expenses |
7.2 |
4.5 |
|
Notes Payable/Short Term Debt |
95.2 |
72.7 |
|
Dividends Payable |
0.0 |
0.0 |
|
Customer Advances |
1.6 |
1.3 |
|
Income Taxes Payable |
9.2 |
8.0 |
|
Other Payables |
15.6 |
22.5 |
|
Other Current Liabilities |
3.4 |
4.5 |
|
Other Current liabilities, Total |
29.8 |
36.3 |
|
Total Current Liabilities |
168.3 |
139.4 |
|
|
|
|
|
Long Term Debt |
18.8 |
0.0 |
|
Total Long Term Debt |
18.8 |
0.0 |
|
Total Debt |
113.9 |
72.7 |
|
|
|
|
|
Minority Interest |
1.5 |
- |
|
Pension Benefits - Underfunded |
4.1 |
4.7 |
|
Other Long Term Liabilities |
7.9 |
6.0 |
|
Other Liabilities, Total |
12.0 |
10.7 |
|
Total Liabilities |
200.5 |
150.2 |
|
|
|
|
|
Common Stock |
33.5 |
31.0 |
|
Common Stock |
33.5 |
31.0 |
|
Additional Paid-In Capital |
115.5 |
107.3 |
|
Retained Earnings (Accumulated Deficit) |
233.2 |
175.9 |
|
Unrealized Gain (Loss) |
-0.1 |
0.0 |
|
Other Equity |
0.0 |
- |
|
Other Equity, Total |
0.0 |
- |
|
Total Equity |
382.1 |
314.2 |
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
582.6 |
464.4 |
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
7.1 |
7.1 |
|
Total Common Shares Outstanding |
7.1 |
7.1 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
|
Employees |
841 |
- |
|
Accumulated Goodwill Amortization Suppl. |
0.0 |
0.0 |
|
Accumulated Intangible Amort, Suppl. |
1.5 |
1.0 |
|
Deferred Revenue - Current |
1.6 |
1.3 |
|
Total Long Term Debt, Supplemental |
18.8 |
- |
|
Long Term Debt Maturing within 1 Year |
6.3 |
- |
|
Long Term Debt Maturing in Year 2 |
6.3 |
- |
|
Long Term Debt Maturing in Year 3 |
6.3 |
- |
|
Long Term Debt Maturing in 2-3 Years |
12.5 |
- |
|
Long Term Debt Matur. in Year 6 & Beyond |
- |
- |
|
Pension Obligation - Domestic |
14.0 |
11.8 |
|
Plan Assets - Domestic |
9.9 |
7.0 |
|
Funded Status - Domestic |
-4.1 |
-4.7 |
|
Total Funded Status |
-4.1 |
-4.7 |
|
Discount Rate - Domestic |
3.75% |
5.00% |
|
Expected Rate of Return - Domestic |
5.00% |
5.00% |
|
Compensation Rate - Domestic |
5.90% |
8.31% |
|
Total Plan Obligations |
14.0 |
11.8 |
|
Total Plan Assets |
9.9 |
7.0 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
|
Period Length |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
|
Filed Currency |
KRW |
KRW |
|
Exchange Rate
(Period Average) |
1126.848795 |
1107.891393 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
|
|
|
|
|
Net Income/Starting Line |
43.8 |
41.7 |
|
Depreciation |
13.3 |
11.3 |
|
Depreciation/Depletion |
13.3 |
11.3 |
|
Amortization of Intangibles |
0.5 |
0.2 |
|
Amortization |
0.5 |
0.2 |
|
Unusual Items |
7.3 |
-0.9 |
|
Equity in Net Earnings (Loss) |
-4.4 |
-3.7 |
|
Other Non-Cash Items |
15.7 |
17.3 |
|
Non-Cash Items |
18.6 |
12.7 |
|
Accounts Receivable |
2.0 |
-8.0 |
|
Inventories |
-13.8 |
-22.6 |
|
Prepaid Expenses |
0.0 |
-0.4 |
|
Other Assets |
7.6 |
-4.1 |
|
Accounts Payable |
-0.7 |
9.7 |
|
Accrued Expenses |
2.2 |
0.9 |
|
Other Liabilities |
-4.6 |
-0.3 |
|
Other Assets & Liabilities, Net |
-0.6 |
0.6 |
|
Other Operating Cash Flow |
-13.5 |
-15.2 |
|
Changes in Working Capital |
-21.4 |
-39.4 |
|
Cash from Operating Activities |
54.8 |
26.6 |
|
|
|
|
|
Purchase of Fixed Assets |
-97.9 |
-84.4 |
|
Purchase/Acquisition of Intangibles |
-0.6 |
-0.2 |
|
Capital Expenditures |
-98.5 |
-84.6 |
|
Sale of Fixed Assets |
7.4 |
6.3 |
|
Sale/Maturity of Investment |
1.8 |
0.0 |
|
Purchase of Investments |
-4.4 |
-29.3 |
|
Sale of Intangible Assets |
0.0 |
0.0 |
|
Other Investing Cash Flow |
-0.5 |
0.1 |
|
Other Investing Cash Flow Items, Total |
4.3 |
-22.9 |
|
Cash from Investing Activities |
-94.2 |
-107.5 |
|
|
|
|
|
Cash Dividends Paid - Common |
-3.2 |
-0.1 |
|
Total Cash Dividends Paid |
-3.2 |
-0.1 |
|
Sale/Issuance of
Common |
0.1 |
115.7 |
|
Common Stock, Net |
0.1 |
115.7 |
|
Issuance (Retirement) of Stock, Net |
0.1 |
115.7 |
|
Short Term Debt Issued |
604.2 |
614.7 |
|
Short Term Debt
Reduction |
-589.3 |
-636.1 |
|
Short Term Debt, Net |
14.9 |
-21.4 |
|
Long Term Debt Issued |
17.7 |
0.0 |
|
Long Term Debt, Net |
17.7 |
0.0 |
|
Issuance (Retirement) of Debt, Net |
32.6 |
-21.4 |
|
Cash from Financing Activities |
29.6 |
94.2 |
|
|
|
|
|
Foreign Exchange Effects |
0.0 |
0.0 |
|
Net Change in Cash |
-9.8 |
13.3 |
|
|
|
|
|
Net Cash - Beginning Balance |
13.1 |
0.0 |
|
Net Cash - Ending Balance |
3.3 |
13.3 |
|
Cash Interest Paid |
2.0 |
2.7 |
|
Cash Taxes Paid |
12.5 |
13.0 |
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 |
Restated Normal |
|
Filed Currency |
KRW |
KRW |
|
Exchange Rate
(Period Average) |
1126.848795 |
1107.891393 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
|
|
|
|
|
Merchandise Sales |
595.2 |
610.4 |
|
Finished Goods Revenues |
105.2 |
103.7 |
|
Other Revenue |
0.8 |
1.1 |
|
Other Sales Revenue |
0.0 |
0.0 |
|
Total Revenue |
701.3 |
715.2 |
|
|
|
|
|
Gain on Disposal of Invmt in Affiliates |
-0.2 |
0.0 |
|
Costs of Goods & Services Sold |
367.7 |
370.9 |
|
Salaries & Wages |
39.0 |
34.4 |
|
Retirement & Severance Benefits |
3.5 |
2.8 |
|
Employee Benefits |
7.1 |
5.3 |
|
Depreciation in SGA |
13.3 |
11.3 |
|
Advertising Expense |
6.5 |
6.2 |
|
Sales Promotional Expense |
3.5 |
4.2 |
|
Amort. of Intangibless |
0.5 |
0.2 |
|
R & D Expense |
0.9 |
1.0 |
|
Travel Expense |
3.4 |
3.9 |
|
Taxes & Dues |
0.9 |
0.7 |
|
Rental Expense |
8.8 |
7.9 |
|
Repair Expense |
3.5 |
3.5 |
|
Utility Expense |
0.9 |
0.7 |
|
Shipping & Handling Expense |
4.8 |
4.3 |
|
Packaging Expense |
2.8 |
2.5 |
|
Education & Training Expense |
0.5 |
0.6 |
|
Vehicle Maintenance Expense |
0.3 |
0.2 |
|
Cmmunication Expense |
0.7 |
0.6 |
|
Insurance Premiums |
0.2 |
0.2 |
|
Commission Paid |
197.8 |
195.9 |
|
Consumable Expense |
1.7 |
3.3 |
|
Publication Expense |
0.2 |
0.2 |
|
Activity Expense |
1.2 |
1.1 |
|
Expense of Allow. for DA |
0.0 |
0.0 |
|
Conference Expense |
1.2 |
1.4 |
|
Decoration Expense |
3.2 |
3.8 |
|
Entertainment Expense |
0.1 |
0.1 |
|
Other Selling & Administrative Expense |
0.0 |
0.0 |
|
Total Operating Expense |
673.7 |
667.1 |
|
|
|
|
|
Interest Income |
2.0 |
1.8 |
|
Interest Expense |
-1.9 |
-2.8 |
|
Gain on Disposal of Intangibless |
0.0 |
0.0 |
|
Loss on Disposal of Inventory |
-0.2 |
0.0 |
|
Gain on Disposal of PPE |
0.0 |
0.0 |
|
Gain on Disposal of Inventory |
0.0 |
0.0 |
|
Loss on Disposal of PPE |
-4.6 |
-2.1 |
|
Loss on Scrapping of Inventory |
0.0 |
0.0 |
|
Gain on Foreign Currency Transaction |
5.1 |
3.8 |
|
Gain on Foreign Currency Translation |
2.5 |
1.6 |
|
Loss on Foreign Currency Transaction |
-0.8 |
-3.3 |
|
Loss on Foreign Currency Translation |
-0.1 |
-1.3 |
|
Gain on Currency Forward Transaction |
0.5 |
1.0 |
|
Gain on Valt of Currency Forward |
0.0 |
0.1 |
|
Loss on Currency Forward Transaction |
-1.0 |
-0.3 |
|
Loss on Valt of Currency Forward |
-0.2 |
-0.7 |
|
Gain-Valuation of Invmt in Afflt&Associa |
4.4 |
3.7 |
|
Gain on Disposal of Other Fincl Assets |
0.1 |
0.0 |
|
Loss on Disposal of Marketable Sec. |
0.0 |
0.0 |
|
Other Finance Expense |
- |
0.0 |
|
Other Finance Income |
0.0 |
0.0 |
|
Miscellaneous Income |
2.3 |
2.3 |
|
Miscellaneous Loss |
-0.2 |
-0.2 |
|
Other Allow. for DA |
-0.1 |
0.0 |
|
Commission Income |
21.7 |
3.1 |
|
Donations |
-0.5 |
-0.3 |
|
Other Other Non-Operating Income |
0.0 |
0.0 |
|
Other Other Non-Operating Expense |
- |
0.0 |
|
Net Income Before Taxes |
56.7 |
54.4 |
|
|
|
|
|
Provision for Income Taxes |
12.9 |
12.8 |
|
Net Income After Taxes |
43.8 |
41.7 |
|
|
|
|
|
Minority Interest |
0.6 |
0.0 |
|
Net Income Before Extra. Items |
44.4 |
41.7 |
|
Net Income |
44.4 |
41.7 |
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
44.4 |
41.7 |
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
44.4 |
41.7 |
|
|
|
|
|
Basic Weighted Average Shares |
7.1 |
6.1 |
|
Basic EPS Excluding ExtraOrdinary Items |
6.22 |
6.80 |
|
Basic EPS Including ExtraOrdinary Items |
6.22 |
6.80 |
|
Diluted Net Income |
44.4 |
41.7 |
|
Diluted Weighted Average Shares |
7.1 |
6.1 |
|
Diluted EPS Excluding ExtraOrd Items |
6.22 |
6.80 |
|
Diluted EPS Including ExtraOrd Items |
6.22 |
6.80 |
|
DPS-Ordinary Shares |
0.45 |
0.38 |
|
Gross Dividends - Common Stock |
3.2 |
0.1 |
|
Normalized Income Before Taxes |
61.3 |
56.6 |
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
14.0 |
13.3 |
|
Normalized Income After Taxes |
47.3 |
43.3 |
|
|
|
|
|
Normalized Inc. Avail to Com. |
47.9 |
43.3 |
|
|
|
|
|
Basic Normalized EPS |
6.71 |
7.07 |
|
Diluted Normalized EPS |
6.71 |
7.07 |
|
Rental Expense |
8.8 |
7.9 |
|
Advertising Expense |
6.5 |
6.2 |
|
Sales Promotional Expense |
3.5 |
4.2 |
|
Interest Expense |
1.9 |
2.8 |
|
BC - Depreciation of Fixed Assets |
13.3 |
11.3 |
|
BC - Depreciation of Intangible Assets |
0.5 |
0.2 |
|
R & D Expense |
0.9 |
1.0 |
|
Current Tax - Total |
13.0 |
13.2 |
|
Current Tax - Total |
13.0 |
13.2 |
|
Deferred Tax - Total |
-0.2 |
-0.4 |
|
Deferred Tax - Total |
-0.2 |
-0.4 |
|
Other Tax - Deferred/Current |
0.1 |
- |
|
Income Tax - Total |
12.9 |
12.8 |
|
Expected Return on Assets |
-0.2 |
-0.2 |
|
Interest Cost |
0.5 |
0.5 |
|
Other Pension, Net |
0.0 |
- |
|
Service Cost |
3.1 |
2.6 |
|
Domestic Pension Plan Expense |
3.5 |
2.8 |
|
Total Pension Expense |
3.5 |
2.8 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
|
Filed Currency |
KRW |
KRW |
|
Exchange Rate |
1066.400024 |
1152 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
|
|
|
|
|
Other in Other Current Assets |
0.1 |
0.1 |
|
Other Other Current Assets - Total |
0.0 |
- |
|
Accrued Income |
0.2 |
0.2 |
|
Other Trade & Other Receivable |
0.0 |
- |
|
Cash & Cash Equivalents |
3.5 |
12.8 |
|
Advance Payments |
0.4 |
4.4 |
|
Supplies |
0.8 |
0.9 |
|
Goods in Transit |
17.9 |
8.1 |
|
Other Inventories |
0.0 |
0.0 |
|
Raw Materials |
1.8 |
1.2 |
|
Supplemental Raw Materials |
0.0 |
0.0 |
|
Works in Progress |
0.3 |
0.2 |
|
Account Receivable |
13.6 |
13.5 |
|
Allow. for DA for Account Receivable |
-0.1 |
0.0 |
|
Trade Receivable, Net |
59.8 |
55.9 |
|
Merchandises |
115.4 |
104.8 |
|
Finished Goods |
19.7 |
14.2 |
|
Prepaid Expense |
1.3 |
1.7 |
|
Allow. for DA for Trade Receivable |
-0.2 |
0.0 |
|
Total Current Assets |
234.4 |
217.9 |
|
|
|
|
|
Adj. Intangibles |
0.0 |
0.0 |
|
Invmt Bonds |
13.6 |
12.6 |
|
Invmt in Properties for Lands |
65.3 |
33.3 |
|
Buildings in Real Estate |
10.8 |
2.3 |
|
Investment in Buildings-Depreciation |
-0.2 |
-0.2 |
|
Other Other Non-Current Fincl Instrm |
0.0 |
- |
|
Other Invmt in Properties |
- |
0.0 |
|
Non-Current Fincl Assets |
0.0 |
0.0 |
|
Non-Current Sec. Available-for-Sale |
17.0 |
15.6 |
|
Other Property, Plant & Equipment, Net |
- |
0.0 |
|
Non-Current Prepaid Expense |
2.2 |
4.5 |
|
Guarantee Deposits, Non-Current Assets |
23.2 |
26.0 |
|
Non-Current Deferred Income Taxes Assets |
16.4 |
15.9 |
|
Invmt in Affiliates & JV |
26.1 |
17.6 |
|
Other intangibles-Depreciation |
-1.3 |
-0.8 |
|
Industrial Property Rights, Gross |
0.3 |
0.2 |
|
Membership Rights, Gross |
0.9 |
0.8 |
|
Other intangibles, Gross |
6.8 |
2.2 |
|
Goodwill-Amort. |
0.0 |
0.0 |
|
Goodwill, Gross |
1.9 |
0.0 |
|
Interior-Depreciation |
-34.2 |
-30.5 |
|
Buildings-Depreciation |
-1.0 |
-1.2 |
|
Structures-Depreciation |
-0.4 |
-0.4 |
|
Vehicles-Depreciation |
-0.3 |
-0.2 |
|
Tools & Equipments-Depreciation |
-5.5 |
-4.3 |
|
Machineries & Equipments-Depreciation |
-0.1 |
0.0 |
|
Industrial Property Rights-Amort. |
-0.1 |
-0.2 |
|
Vehicles |
0.7 |
0.4 |
|
Tools & Equipments |
14.3 |
7.9 |
|
Machineries & Equipments |
0.2 |
0.0 |
|
Buildings |
10.5 |
9.6 |
|
Structures |
0.6 |
0.6 |
|
Interior |
77.0 |
65.2 |
|
Construction in Progress |
15.9 |
16.2 |
|
Lands |
87.7 |
53.3 |
|
Total Assets |
582.6 |
464.4 |
|
|
|
|
|
Withheld |
3.1 |
3.9 |
|
Currency Futures, Current Liabilities |
0.2 |
0.6 |
|
Current Interest Rate Swap |
0.0 |
0.0 |
|
Other Other Current Liabilities - Total |
0.0 |
0.0 |
|
Other Current Derivatives Liabilities |
0.0 |
- |
|
Trade Payable |
36.2 |
25.9 |
|
Other Trade & Other Payable |
0.0 |
0.0 |
|
Current Borrowings |
95.2 |
72.7 |
|
Income Taxes Payable |
9.2 |
8.0 |
|
Unearned Income |
1.3 |
1.3 |
|
Advance from Customers |
0.2 |
0.0 |
|
Accrued Expense |
7.2 |
4.5 |
|
Dividend Payable |
0.0 |
0.0 |
|
Other Payable |
15.6 |
22.5 |
|
Total Current Liabilities |
168.3 |
139.4 |
|
|
|
|
|
Non-Current Borrowings |
18.8 |
0.0 |
|
Total Long Term Debt |
18.8 |
0.0 |
|
|
|
|
|
Minority Interest - Redeemable |
1.5 |
- |
|
Retm&Sevr Benf, Non-Current Liabilities |
4.1 |
4.7 |
|
Guarantee Deposits Withheld, Non-Current |
7.9 |
6.0 |
|
Total Liabilities |
200.5 |
150.2 |
|
|
|
|
|
Loss on Valt of Interest Rate Swap |
0.0 |
0.0 |
|
Gains on Valt of Equity Method Sec. |
-0.1 |
0.0 |
|
Capital Change, Equity Method |
0.0 |
0.0 |
|
Capital Stock |
33.5 |
31.0 |
|
Retained Earnings Carried Forward |
232.8 |
175.8 |
|
Legal Reserve |
0.4 |
0.0 |
|
Other Retained Earnings |
0.0 |
0.0 |
|
Additional Paid in Capital |
115.5 |
107.3 |
|
Other Other Capital Items |
0.0 |
- |
|
Total Equity |
382.1 |
314.2 |
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
582.6 |
464.4 |
|
|
|
|
|
S/O-Ordinary Shares |
7.1 |
7.1 |
|
Total Common Shares Outstanding |
7.1 |
7.1 |
|
T/S-Ordinary Shares |
0.0 |
0.0 |
|
Unearned Income |
1.3 |
1.3 |
|
Advance from Customers |
0.2 |
0.0 |
|
Goodwill-Amort. |
0.0 |
0.0 |
|
Acc Amort Intangible Assets - Total |
1.5 |
1.0 |
|
Full-Time Employees (Period End) |
841 |
- |
|
Long Term Debt Maturing in Year 3 |
18.8 |
- |
|
Total Long Term Debt, Supplemental |
18.8 |
- |
|
Fair Value of Plan Assets |
9.9 |
7.0 |
|
Projected Benefit Obligation |
14.0 |
11.8 |
|
Funded Status - Total - no b/d |
-4.1 |
-4.7 |
|
Total Funded Status |
-4.1 |
-4.7 |
|
Discount Rate - Period End |
3.75% |
5.00% |
|
Expected Rate of Return - Period End |
5.00% |
5.00% |
|
Compensation Increase Rate - Period End |
5.90% |
8.31% |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
|
Period Length |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
|
Filed Currency |
KRW |
KRW |
|
Exchange Rate
(Period Average) |
1126.848795 |
1107.891393 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
|
|
|
|
|
Net Income |
43.8 |
41.7 |
|
Depreciation |
13.3 |
11.3 |
|
Gain under Equity Method |
-4.4 |
-3.7 |
|
Trade Receivables |
0.9 |
-5.3 |
|
Account Receivables |
1.0 |
-2.7 |
|
Inventory |
-17.9 |
-28.4 |
|
Advance Payments |
4.1 |
5.8 |
|
Rental Guarantee Deposit |
7.6 |
-4.1 |
|
Consumption Taxes |
0.0 |
0.1 |
|
Trade Payable |
7.9 |
5.0 |
|
Account Payable |
-8.6 |
4.7 |
|
Accrued Expenses |
2.2 |
0.9 |
|
Accrued Dividends |
0.0 |
0.0 |
|
Withholdings |
-1.1 |
0.6 |
|
Advance from Customers |
0.2 |
0.0 |
|
Unearned Income |
0.0 |
-0.1 |
|
Fixed Benefit Liabilitie |
-5.1 |
-2.7 |
|
Guarantee Deposit Withholdings |
1.3 |
1.8 |
|
Amort. of Intangibles |
0.5 |
0.2 |
|
Loss on Scraping of Inventory |
0.7 |
0.8 |
|
Losses on Valt of Inventories |
5.8 |
2.7 |
|
Rec. of Losses on Valt of Inventories |
-3.6 |
-6.5 |
|
Loss on Sale of Inventory |
0.2 |
0.0 |
|
Loss on Sale of Tangibles |
4.6 |
2.1 |
|
Gain on Sale of Inventory |
0.0 |
0.0 |
|
Gain on Sale of Tangibles |
0.0 |
0.0 |
|
Gain on Sale of Intangibles |
0.0 |
0.0 |
|
Gain on Sale of Other Fincl Assets |
-0.1 |
0.0 |
|
Gain on Sale of Invmt in Affiliates |
-0.2 |
0.0 |
|
Prepaid Expenses |
0.0 |
-0.4 |
|
Non-Current Prepaid Expenses |
0.0 |
0.0 |
|
Cash-Interest Received |
1.0 |
0.5 |
|
Cash-Interest Paid |
-2.0 |
-2.7 |
|
Cash-Tax Paid |
-12.5 |
-13.0 |
|
Currency Forward |
-0.6 |
0.6 |
|
Other Operating Assets & Liabilities |
0.0 |
0.0 |
|
Expenses of Allow. for Other DA |
0.1 |
0.0 |
|
Interest Expenses |
1.9 |
2.8 |
|
Losses on Foreign Currency Translation |
0.1 |
1.3 |
|
Interest Income |
-2.0 |
-1.8 |
|
Rental Expense |
1.1 |
1.2 |
|
Gains on Foreign Currency Translation |
-2.5 |
-1.6 |
|
Retirement and Severance Benefits |
3.5 |
2.8 |
|
Expense of Allow. for DA |
0.0 |
0.0 |
|
Corporate Taxes Expense |
12.9 |
12.8 |
|
Loss on Currency Forward Transactions |
1.0 |
0.3 |
|
Loss on Valt of Currency Forwards |
0.2 |
0.7 |
|
Gain on Currency Forwards Transactions |
-0.5 |
-1.0 |
|
Gain on Valt of Currency Forwards |
0.0 |
-0.1 |
|
Employee Benefits Expense |
0.0 |
0.0 |
|
Lease Expense |
0.0 |
0.0 |
|
Miscellaneous Gain |
-0.1 |
0.0 |
|
Other Added Expense/Deducted Incomes |
- |
0.0 |
|
Cash from Operating Activities |
54.8 |
26.6 |
|
|
|
|
|
Purchase of Intangibless |
-0.2 |
0.0 |
|
Purchase of Other Intangibless |
-0.5 |
-0.1 |
|
Sale of Buildings |
3.1 |
0.0 |
|
Sale of Interior |
2.4 |
0.1 |
|
Sale of Vehicles |
0.0 |
0.0 |
|
Sale of Tools & Equipments |
0.9 |
0.0 |
|
Sale of Construction in Progress |
1.1 |
6.2 |
|
Sale of Intangibless |
0.0 |
0.0 |
|
Purchase of Sec. Available-for-Sale |
-0.1 |
-16.2 |
|
Purchase of Invmt Bonds |
0.0 |
-13.1 |
|
Purchase of Real Estate |
-0.5 |
0.0 |
|
Purchase of Invmt in Affiliates |
-0.1 |
0.0 |
|
Purchase of Investment in Association |
-3.8 |
0.0 |
|
Purchase of Buildings |
-1.0 |
0.0 |
|
Purchase of Vehicles |
-0.1 |
-0.1 |
|
Purchase of Construction in Progress |
-80.3 |
-65.9 |
|
Purchase of Land |
0.0 |
0.0 |
|
Purchase of Interior |
-16.0 |
-17.3 |
|
Purchase of Machinery |
0.0 |
0.0 |
|
Purchase of Tools & Fixtures |
-0.5 |
-1.1 |
|
Sale of Currency Forword |
0.0 |
0.1 |
|
Cash Inflow of Merge |
0.1 |
0.0 |
|
Purchase of Currency Forward |
-0.5 |
0.0 |
|
Sale of Real Estate |
0.1 |
0.0 |
|
Sale of Current Fincl Instruments |
0.0 |
0.0 |
|
Sale/Maturity-Invest Sec.-Unclassified |
1.6 |
- |
|
Cash from Investing Activities |
-94.2 |
-107.5 |
|
|
|
|
|
Decrease in Current Borrowings |
-589.3 |
-636.1 |
|
Dividend Paid |
-3.2 |
-0.1 |
|
Rights Issue |
0.1 |
115.7 |
|
Increase in Current Borrowings |
604.2 |
614.7 |
|
Increase in Non-Current Borrowings |
17.7 |
0.0 |
|
Cash from Financing Activities |
29.6 |
94.2 |
|
|
|
|
|
Foreign Exchange Effects |
- |
0.0 |
|
Net Change in Cash |
-9.8 |
13.3 |
|
|
|
|
|
Net Cash - Beginning Balance |
13.1 |
0.0 |
|
Net Cash - Ending Balance |
3.3 |
13.3 |
|
Cash Interest Paid |
2.0 |
2.7 |
|
Cash Taxes Paid |
12.5 |
13.0 |
Financial Health
|
Financials in:
USD (mil) Except for share
items (millions) and per share items (actual units) |
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Annual Ratios
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Financials in:
USD (mil) Except for share
items (millions) and per share items (actual units) |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.63.78 |
|
UK Pound |
1 |
Rs.100.70 |
|
Euro |
1 |
Rs.84.66 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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%)