|
Report Date : |
11.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
TAEWOONG CO., LTD. |
|
|
|
|
Registered Office : |
1462-1, Songjeong-Dong, Gangseo-Gu Busan, 618817 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
19.06.1987 |
|
|
|
|
Legal Form : |
Public Independent |
|
|
|
|
Line of Business : |
Subject engaged in the manufacture of forging parts for heavy industries. |
|
|
|
|
No. of Employees : |
267 |
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 : |
Slow but correct |
|
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
Taewoong Co., Ltd.
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
67, Noksansandan
27-Ro, Gangseo-Gu Busan,
South Korea
|
TAEWOONG CO.,LTD is a Korea-based company engaged in the manufacture of
forging parts for heavy industries. The Company produces five categories of
products: including piston rods, piston crowns, connecting rods, cylinder
covers, propeller shafts, cross heads and others; products for wind power
plants, including main shafts, tower flanges, bearings and others; products
for nuclear power plants, including inner webs, outer rings and others;
products for industrial plants, including casting molds, main cylinders,
crane wheels, forged rings, kiln tires, rollers, round bars and other, as
well as products for industrial machineries, including shafts, gears, wheels,
tire rings and others. The Company distributes its products within domestic
market and to overseas markets. For the three months ended 31 March 2013, Taewoong Co., Ltd. revenues decreased 43% to W78.2B. Net
income increased 74% to W3.58B. Revenues reflect Denmark segment decrease of
53% to W20.04B, United States segment decrease of 69% to W7.29B. Net income
reflects Distribution Expense decrease of 37% to W3.51B (expense), Loss on
Foreign Currency Transaction decrease of 80% to W199.5M (expense). |
Industry
|
Industry |
|
|
ANZSIC 2006: |
|
|
ISIC Rev 4: |
2591 - Forging, pressing, stamping and roll-forming
of metal; powder metallurgy |
|
NACE Rev 2: |
2550 - Forging, pressing, stamping and roll-forming
of metal; powder metallurgy |
|
NAICS 2012: |
|
|
UK SIC 2007: |
2550 - Forging, pressing, stamping and roll-forming
of metal; powder metallurgy |
|
US SIC 1987: |
Key Executives
|
Significant
Developments
|
Financial Summary
|
Stock
Snapshot
|
1 - Profit &
Loss Item Exchange Rate: USD 1 = KRW 1126.849
2 - Balance Sheet Item Exchange Rate: USD 1 = KRW 1066.4
|
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Executives Report
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Restated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate
(Period Average) |
1126.848795 |
1107.891393 |
1156.281981 |
1276.385219 |
1100.562842 |
|
Auditor |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
374.1 |
433.9 |
288.5 |
419.7 |
559.1 |
|
Revenue |
374.1 |
433.9 |
288.5 |
419.7 |
559.1 |
|
Total Revenue |
374.1 |
433.9 |
288.5 |
419.7 |
559.1 |
|
|
|
|
|
|
|
|
Cost of Revenue |
337.1 |
385.0 |
237.9 |
354.8 |
444.9 |
|
Cost of Revenue, Total |
337.1 |
385.0 |
237.9 |
354.8 |
444.9 |
|
Gross Profit |
37.0 |
48.8 |
50.7 |
64.9 |
114.2 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
20.8 |
27.1 |
16.5 |
13.7 |
18.2 |
|
Labor & Related Expense |
3.6 |
3.5 |
3.1 |
2.9 |
3.4 |
|
Advertising Expense |
0.2 |
0.3 |
0.2 |
0.2 |
0.1 |
|
Total Selling/General/Administrative Expenses |
24.7 |
30.9 |
19.8 |
16.8 |
21.7 |
|
Research & Development |
1.1 |
1.7 |
3.1 |
2.7 |
0.9 |
|
Depreciation |
1.9 |
1.3 |
0.6 |
0.5 |
0.5 |
|
Depreciation/Amortization |
1.9 |
1.3 |
0.6 |
0.5 |
0.5 |
|
Investment Income -
Operating |
0.2 |
0.2 |
1.0 |
- |
- |
|
Interest/Investment Income - Operating |
0.2 |
0.2 |
1.0 |
- |
- |
|
Interest Expense (Income) - Net Operating Total |
0.2 |
0.2 |
1.0 |
- |
- |
|
Other Operating Expense |
- |
- |
0.2 |
- |
- |
|
Other, Net |
- |
- |
-3.6 |
- |
- |
|
Other Operating Expenses, Total |
- |
- |
-3.4 |
- |
- |
|
Total Operating Expense |
364.9 |
419.1 |
259.0 |
374.8 |
467.9 |
|
|
|
|
|
|
|
|
Operating Income |
9.1 |
14.8 |
29.6 |
44.9 |
91.1 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-5.8 |
-1.4 |
-0.9 |
-4.2 |
-5.2 |
|
Interest Expense, Net Non-Operating |
-5.8 |
-1.4 |
-0.9 |
-4.2 |
-5.2 |
|
Interest Income -
Non-Operating |
6.6 |
2.7 |
2.4 |
2.4 |
3.7 |
|
Investment Income -
Non-Operating |
-2.3 |
0.1 |
- |
-13.0 |
0.7 |
|
Interest/Investment Income - Non-Operating |
4.3 |
2.8 |
2.4 |
-10.6 |
4.3 |
|
Interest Income (Expense) - Net Non-Operating |
- |
- |
0.0 |
- |
- |
|
Interest Income (Expense) - Net Non-Operating Total |
-1.6 |
1.3 |
1.6 |
-14.7 |
-0.9 |
|
Gain (Loss) on Sale of Assets |
-0.1 |
-0.9 |
-0.7 |
1.1 |
0.0 |
|
Other Non-Operating Income (Expense) |
4.1 |
2.7 |
- |
2.7 |
1.8 |
|
Other, Net |
4.1 |
2.7 |
- |
2.7 |
1.8 |
|
Income Before Tax |
11.6 |
17.8 |
30.4 |
33.9 |
92.0 |
|
|
|
|
|
|
|
|
Total Income Tax |
4.2 |
3.9 |
6.9 |
8.8 |
24.5 |
|
Income After Tax |
7.4 |
13.9 |
23.5 |
25.1 |
67.5 |
|
|
|
|
|
|
|
|
Net Income Before Extraord Items |
7.4 |
13.9 |
23.5 |
25.1 |
67.5 |
|
Net Income |
7.4 |
13.9 |
23.5 |
25.1 |
67.5 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord
Items |
7.4 |
13.9 |
23.5 |
25.1 |
67.5 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
7.4 |
13.9 |
23.5 |
25.1 |
67.5 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
16.6 |
16.6 |
16.6 |
16.6 |
16.5 |
|
Basic EPS Excl Extraord Items |
0.44 |
0.84 |
1.42 |
1.51 |
4.10 |
|
Basic/Primary EPS Incl Extraord
Items |
0.44 |
0.84 |
1.42 |
1.51 |
4.10 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
7.4 |
13.9 |
23.5 |
25.1 |
67.5 |
|
Diluted Weighted Average Shares |
17.2 |
16.6 |
16.6 |
16.6 |
16.5 |
|
Diluted EPS Excl Extraord Items |
0.43 |
0.84 |
1.42 |
1.51 |
4.10 |
|
Diluted EPS Incl Extraord
Items |
0.43 |
0.84 |
1.42 |
1.51 |
4.10 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.00 |
0.08 |
0.09 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
1.3 |
1.5 |
|
Interest Expense, Supplemental |
5.8 |
1.4 |
0.9 |
4.2 |
5.2 |
|
Depreciation, Supplemental |
10.8 |
10.8 |
5.7 |
28.8 |
12.8 |
|
Total Special Items |
0.1 |
0.9 |
0.7 |
-1.1 |
0.0 |
|
Normalized Income Before Tax |
11.7 |
18.8 |
31.1 |
32.8 |
92.0 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.0 |
0.2 |
0.2 |
-0.3 |
0.0 |
|
Inc Tax Ex Impact of Sp Items |
4.2 |
4.1 |
7.1 |
8.6 |
24.5 |
|
Normalized Income After Tax |
7.4 |
14.6 |
24.1 |
24.3 |
67.5 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
7.4 |
14.6 |
24.1 |
24.3 |
67.5 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.45 |
0.88 |
1.45 |
1.46 |
4.10 |
|
Diluted Normalized EPS |
0.43 |
0.88 |
1.45 |
1.46 |
4.10 |
|
Advertising Expense, Supplemental |
0.2 |
0.3 |
0.2 |
0.2 |
0.1 |
|
Research & Development Exp, Supplemental |
1.1 |
1.7 |
3.1 |
2.7 |
0.9 |
|
Normalized EBIT |
9.3 |
14.9 |
30.5 |
44.9 |
91.1 |
|
Normalized EBITDA |
20.1 |
25.7 |
36.3 |
73.7 |
103.9 |
|
Current Tax - Total |
5.2 |
3.8 |
- |
- |
- |
|
Current Tax - Total |
5.2 |
3.8 |
- |
- |
- |
|
Deferred Tax - Total |
-0.9 |
2.1 |
- |
- |
- |
|
Deferred Tax - Total |
-0.9 |
2.1 |
- |
- |
- |
|
Other Tax |
0.0 |
-2.0 |
- |
- |
- |
|
Income Tax - Total |
4.2 |
3.9 |
- |
- |
- |
|
Interest Cost - Domestic |
0.2 |
0.2 |
- |
- |
- |
|
Service Cost - Domestic |
0.8 |
0.9 |
- |
- |
- |
|
Expected Return on Assets - Domestic |
-0.1 |
-0.1 |
- |
- |
- |
|
Domestic Pension Plan Expense |
0.8 |
0.9 |
- |
- |
- |
|
Total Pension Expense |
0.8 |
0.9 |
- |
- |
- |
|
Total Plan Interest Cost |
0.2 |
0.2 |
- |
- |
- |
|
Total Plan Service Cost |
0.8 |
0.9 |
- |
- |
- |
|
Total Plan Expected Return |
-0.1 |
-0.1 |
- |
- |
- |
|
|
|
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 |
Reclassified
Normal |
Restated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate |
1066.400024 |
1152 |
1134.9 |
1164.475 |
1259.55 |
|
Auditor |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
12.0 |
29.4 |
74.4 |
75.4 |
63.2 |
|
Short Term Investments |
174.8 |
141.7 |
0.0 |
0.0 |
0.1 |
|
Cash and Short Term Investments |
186.8 |
171.1 |
74.4 |
75.4 |
63.3 |
|
Accounts Receivable -
Trade, Gross |
75.2 |
91.4 |
84.6 |
60.7 |
143.3 |
|
Provision for Doubtful
Accounts |
-2.2 |
-1.3 |
-0.3 |
-0.6 |
-1.4 |
|
Trade Accounts Receivable - Net |
73.5 |
90.7 |
84.9 |
60.6 |
142.1 |
|
Other Receivables |
0.2 |
0.1 |
0.1 |
6.0 |
0.3 |
|
Total Receivables, Net |
73.7 |
90.8 |
85.0 |
66.6 |
142.4 |
|
Inventories - Finished Goods |
25.3 |
26.6 |
56.0 |
25.8 |
37.9 |
|
Inventories - Work In Progress |
24.7 |
33.4 |
18.0 |
28.4 |
14.3 |
|
Inventories - Raw Materials |
67.7 |
97.2 |
57.7 |
42.6 |
128.1 |
|
Inventories - Other |
1.0 |
0.3 |
0.9 |
3.5 |
7.3 |
|
Total Inventory |
118.7 |
157.5 |
132.7 |
100.3 |
187.5 |
|
Prepaid Expenses |
2.1 |
4.6 |
2.9 |
1.1 |
11.3 |
|
Deferred Income Tax - Current Asset |
- |
- |
- |
0.2 |
3.6 |
|
Other Current Assets, Total |
- |
- |
- |
0.2 |
3.6 |
|
Total Current Assets |
381.2 |
424.0 |
295.1 |
243.5 |
408.2 |
|
|
|
|
|
|
|
|
Buildings |
- |
15.4 |
15.6 |
18.2 |
16.8 |
|
Land/Improvements |
- |
95.5 |
38.4 |
44.9 |
41.5 |
|
Machinery/Equipment |
- |
127.4 |
122.6 |
117.3 |
107.3 |
|
Construction in
Progress |
- |
9.7 |
70.4 |
48.4 |
25.9 |
|
Other
Property/Plant/Equipment |
- |
2.8 |
2.7 |
2.4 |
1.9 |
|
Property/Plant/Equipment - Gross |
- |
250.8 |
249.7 |
231.1 |
193.4 |
|
Accumulated Depreciation |
- |
-45.8 |
-36.1 |
-55.0 |
-25.4 |
|
Property/Plant/Equipment - Net |
212.1 |
205.0 |
213.6 |
176.2 |
168.0 |
|
Intangibles, Net |
0.6 |
0.6 |
0.6 |
0.4 |
0.3 |
|
LT Investment - Affiliate Companies |
9.6 |
8.7 |
- |
- |
- |
|
LT Investments - Other |
16.5 |
15.5 |
15.5 |
5.1 |
4.5 |
|
Long Term Investments |
26.2 |
24.2 |
15.5 |
5.1 |
4.5 |
|
Note Receivable - Long Term |
2.5 |
2.3 |
- |
- |
- |
|
Other Long Term Assets |
0.3 |
0.1 |
0.2 |
0.2 |
0.2 |
|
Other Long Term Assets, Total |
0.3 |
0.1 |
0.2 |
0.2 |
0.2 |
|
Total Assets |
622.9 |
656.2 |
525.0 |
425.4 |
581.3 |
|
|
|
|
|
|
|
|
Accounts Payable |
46.6 |
73.6 |
47.0 |
40.0 |
82.0 |
|
Accrued Expenses |
3.6 |
4.6 |
3.2 |
2.7 |
5.1 |
|
Notes Payable/Short Term Debt |
90.4 |
61.2 |
42.7 |
5.7 |
143.7 |
|
Current Portion - Long Term Debt/Capital Leases |
- |
- |
3.5 |
2.0 |
1.1 |
|
Customer Advances |
2.9 |
2.2 |
1.1 |
0.7 |
6.2 |
|
Security Deposits |
1.5 |
0.0 |
- |
- |
- |
|
Income Taxes Payable |
3.1 |
1.2 |
2.6 |
- |
21.3 |
|
Other Payables |
4.7 |
6.5 |
4.3 |
8.3 |
3.2 |
|
Other Current Liabilities |
0.2 |
0.2 |
0.1 |
0.1 |
0.1 |
|
Other Current liabilities, Total |
12.4 |
10.1 |
8.1 |
9.2 |
30.8 |
|
Total Current Liabilities |
152.9 |
149.4 |
104.5 |
59.7 |
262.7 |
|
|
|
|
|
|
|
|
Long Term Debt |
7.2 |
84.9 |
14.3 |
18.5 |
18.8 |
|
Total Long Term Debt |
7.2 |
84.9 |
14.3 |
18.5 |
18.8 |
|
Total Debt |
97.6 |
146.0 |
60.4 |
26.2 |
163.7 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
26.5 |
25.4 |
23.7 |
16.1 |
16.3 |
|
Deferred Income Tax |
26.5 |
25.4 |
23.7 |
16.1 |
16.3 |
|
Pension Benefits - Underfunded |
1.3 |
0.9 |
1.3 |
0.2 |
0.6 |
|
Other Long Term Liabilities |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Other Liabilities, Total |
1.3 |
0.9 |
1.3 |
0.2 |
0.6 |
|
Total Liabilities |
187.9 |
260.5 |
143.7 |
94.4 |
298.5 |
|
|
|
|
|
|
|
|
Common Stock |
7.8 |
7.2 |
7.3 |
7.1 |
6.6 |
|
Common Stock |
7.8 |
7.2 |
7.3 |
7.1 |
6.6 |
|
Additional Paid-In Capital |
76.4 |
70.8 |
65.1 |
63.5 |
58.7 |
|
Retained Earnings (Accumulated Deficit) |
350.9 |
317.7 |
308.8 |
199.1 |
159.9 |
|
Unrealized Gain (Loss) |
- |
- |
- |
0.0 |
0.0 |
|
Other Equity |
- |
- |
- |
61.3 |
57.6 |
|
Other Equity, Total |
- |
- |
- |
61.3 |
57.6 |
|
Total Equity |
435.0 |
395.7 |
381.3 |
331.0 |
282.8 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’
Equity |
622.9 |
656.2 |
525.0 |
425.4 |
581.3 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
16.6 |
16.6 |
16.6 |
16.6 |
16.6 |
|
Total Common Shares Outstanding |
16.6 |
16.6 |
16.6 |
16.6 |
16.6 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Employees |
259 |
259 |
244 |
241 |
292 |
|
Number of Common Shareholders |
- |
- |
20,156 |
8,655 |
5,642 |
|
Deferred Revenue - Current |
2.9 |
2.2 |
1.1 |
0.7 |
6.2 |
|
Total Long Term Debt, Supplemental |
- |
- |
- |
16.2 |
16.1 |
|
Long Term Debt Maturing within 1 Year |
- |
- |
- |
2.0 |
1.1 |
|
Long Term Debt Maturing in Year 2 |
- |
- |
- |
3.4 |
1.9 |
|
Long Term Debt Maturing in Year 3 |
- |
- |
- |
3.4 |
3.2 |
|
Long Term Debt Maturing in Year 4 |
- |
- |
- |
3.3 |
3.2 |
|
Long Term Debt Maturing in 2-3 Years |
- |
- |
- |
6.9 |
5.0 |
|
Long Term Debt Maturing in 4-5 Years |
- |
- |
- |
3.3 |
3.2 |
|
Long Term Debt Matur. in Year 6 & Beyond |
- |
- |
- |
4.0 |
6.8 |
|
Pension Obligation - Domestic |
5.1 |
3.8 |
- |
- |
- |
|
Plan Assets - Domestic |
3.8 |
2.9 |
- |
- |
- |
|
Funded Status - Domestic |
-1.3 |
-0.9 |
- |
- |
- |
|
Total Funded Status |
-1.3 |
-0.9 |
- |
- |
- |
|
Discount Rate - Domestic |
3.39% |
4.14% |
- |
- |
- |
|
Expected Rate of Return - Domestic |
4.10% |
4.10% |
- |
- |
- |
|
Compensation Rate - Domestic |
5.35% |
5.44% |
- |
- |
- |
|
Total Plan Obligations |
5.1 |
3.8 |
- |
- |
- |
|
Total Plan Assets |
3.8 |
2.9 |
- |
- |
- |
|
|
|
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 |
Reclassified
Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate
(Period Average) |
1126.848795 |
1107.891393 |
1156.281981 |
1276.385219 |
1100.562842 |
|
Auditor |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
7.4 |
13.9 |
23.5 |
25.1 |
67.5 |
|
Depreciation |
10.8 |
10.8 |
5.7 |
28.8 |
12.8 |
|
Depreciation/Depletion |
10.8 |
10.8 |
5.7 |
28.8 |
12.8 |
|
Deferred Taxes |
- |
- |
- |
2.3 |
-6.2 |
|
Unusual Items |
- |
- |
- |
0.1 |
- |
|
Equity in Net Earnings (Loss) |
-0.2 |
0.0 |
- |
- |
- |
|
Other Non-Cash Items |
6.5 |
6.7 |
7.7 |
0.8 |
19.9 |
|
Non-Cash Items |
6.2 |
6.7 |
7.7 |
0.9 |
19.9 |
|
Accounts Receivable |
21.3 |
-2.4 |
6.5 |
79.4 |
-94.9 |
|
Inventories |
49.5 |
-27.9 |
-29.3 |
93.6 |
-158.9 |
|
Prepaid Expenses |
- |
- |
- |
10.1 |
-8.3 |
|
Other Assets |
2.0 |
-1.8 |
-1.7 |
- |
- |
|
Accounts Payable |
-33.1 |
32.1 |
2.1 |
-44.5 |
27.6 |
|
Accrued Expenses |
- |
- |
- |
-2.5 |
3.0 |
|
Taxes Payable |
- |
- |
- |
-21.0 |
13.9 |
|
Other Liabilities |
-0.3 |
0.1 |
-0.1 |
-6.4 |
4.9 |
|
Other Operating Cash Flow |
2.2 |
-4.8 |
3.6 |
-1.2 |
0.0 |
|
Changes in Working Capital |
41.6 |
-4.6 |
-18.9 |
107.4 |
-212.8 |
|
Cash from Operating Activities |
66.1 |
26.8 |
18.0 |
164.5 |
-118.7 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-1.9 |
-5.5 |
-22.8 |
-25.0 |
-32.1 |
|
Purchase/Acquisition of Intangibles |
- |
- |
-0.3 |
- |
- |
|
Capital Expenditures |
-1.9 |
-5.5 |
-23.1 |
-25.0 |
-32.1 |
|
Sale of Fixed Assets |
0.0 |
0.0 |
- |
1.2 |
0.1 |
|
Sale/Maturity of Investment |
365.6 |
0.0 |
0.0 |
0.5 |
0.3 |
|
Purchase of Investments |
-386.2 |
-158.7 |
-0.5 |
-0.6 |
0.0 |
|
Sale of Intangible Assets |
- |
- |
0.1 |
- |
- |
|
Other Investing Cash Flow |
-0.2 |
0.1 |
0.5 |
-0.3 |
-0.2 |
|
Other Investing Cash Flow Items, Total |
-20.8 |
-158.6 |
0.1 |
0.9 |
0.1 |
|
Cash from Investing Activities |
-22.7 |
-164.1 |
-23.1 |
-24.2 |
-32.0 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
- |
- |
- |
3.4 |
-7.5 |
|
Financing Cash Flow Items |
- |
- |
- |
3.4 |
-7.5 |
|
Cash Dividends Paid - Common |
- |
- |
-1.4 |
-1.3 |
-1.4 |
|
Total Cash Dividends Paid |
- |
- |
-1.4 |
-1.3 |
-1.4 |
|
Sale/Issuance of
Common |
- |
- |
- |
- |
61.0 |
|
Common Stock, Net |
- |
- |
- |
- |
61.0 |
|
Issuance (Retirement) of Stock, Net |
- |
- |
- |
- |
61.0 |
|
Short Term Debt Issued |
- |
- |
- |
5.5 |
303.3 |
|
Short Term Debt
Reduction |
- |
- |
- |
-141.5 |
-154.9 |
|
Short Term Debt, Net |
- |
- |
- |
-136.0 |
148.4 |
|
Long Term Debt Issued |
- |
- |
- |
- |
7.9 |
|
Long Term Debt, Net |
- |
- |
- |
- |
7.9 |
|
Total Debt Issued |
44.6 |
270.4 |
38.9 |
- |
- |
|
Total Debt Reduction |
-106.6 |
-178.9 |
-34.9 |
- |
- |
|
Issuance (Retirement) of Debt, Net |
-61.9 |
91.5 |
4.0 |
-136.0 |
156.3 |
|
Cash from Financing Activities |
-61.9 |
91.5 |
2.6 |
-134.0 |
208.4 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.1 |
0.3 |
-0.4 |
- |
- |
|
Net Change in Cash |
-18.7 |
-45.7 |
-2.8 |
6.4 |
57.7 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
30.1 |
76.2 |
75.9 |
62.4 |
14.6 |
|
Net Cash - Ending Balance |
11.4 |
30.6 |
73.1 |
68.8 |
72.3 |
|
Cash Interest Paid |
1.0 |
2.2 |
1.6 |
- |
- |
|
Cash Taxes Paid |
3.4 |
5.2 |
-2.7 |
- |
- |
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Restated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate
(Period Average) |
1126.848795 |
1107.891393 |
1156.281981 |
1276.385219 |
1100.562842 |
|
Auditor |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Finished Product Domestic Sales Revenues |
112.3 |
143.5 |
88.3 |
126.3 |
156.9 |
|
Finished Product Exported Sales Revenues |
208.6 |
230.8 |
160.5 |
230.4 |
355.0 |
|
Raw Materials Revenue |
33.2 |
31.6 |
17.4 |
48.5 |
32.9 |
|
Other Revenue |
20.0 |
27.9 |
22.2 |
14.5 |
14.3 |
|
Adj. for Revenues |
0.0 |
0.0 |
0.0 |
- |
- |
|
Total Revenue |
374.1 |
433.9 |
288.5 |
419.7 |
559.1 |
|
|
|
|
|
|
|
|
Cost of Finished Goods Sold |
- |
- |
- |
310.5 |
414.8 |
|
Cost-Raw Materials |
- |
- |
- |
44.3 |
30.1 |
|
Costs of Goods & Services Sold |
337.1 |
385.0 |
237.9 |
- |
- |
|
Labor & Related Expenses in SGA |
1.6 |
1.5 |
- |
- |
- |
|
Employees Salaries for Selling Expense |
0.1 |
0.1 |
- |
- |
- |
|
Labor & Related Expenses in S |
0.5 |
0.5 |
- |
- |
- |
|
Retirement Allowance for Selling Expense |
0.1 |
0.1 |
- |
- |
- |
|
Labor & Related Expenses in |
0.2 |
0.2 |
- |
- |
- |
|
Salaries & Wages |
- |
- |
0.5 |
1.9 |
2.0 |
|
Salaries & Wages for Selling Expense |
0.6 |
0.6 |
2.0 |
- |
- |
|
OE Executive & Officer Salaries |
- |
- |
- |
0.4 |
0.4 |
|
Other Payrolls |
0.0 |
0.0 |
- |
0.0 |
0.0 |
|
Bonuses |
0.1 |
0.1 |
0.1 |
0.1 |
0.2 |
|
Retirement & Severance Benefits |
- |
- |
0.2 |
0.2 |
0.3 |
|
Employee Benefits |
0.4 |
0.4 |
0.3 |
0.3 |
0.5 |
|
Other Selling Expense |
- |
- |
- |
- |
- |
|
Selling/General/Admin. Expense |
0.0 |
0.0 |
- |
- |
- |
|
Travel Expense |
0.3 |
0.3 |
0.3 |
0.3 |
0.3 |
|
Communication Expense |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Taxes & Dues |
0.5 |
0.5 |
0.3 |
0.5 |
0.3 |
|
Consumable Expense |
0.1 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Publication Expense |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Repair Expense |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Vehicle Maintenance Expense |
0.3 |
0.3 |
0.2 |
0.2 |
0.3 |
|
Insurance Premiums |
0.0 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Commissions |
2.5 |
3.3 |
2.5 |
3.0 |
2.6 |
|
Distribution Expense |
14.8 |
20.4 |
11.7 |
1.1 |
2.2 |
|
Entertainment Expense |
0.4 |
0.4 |
0.6 |
0.6 |
0.5 |
|
Advertising Expense |
0.2 |
0.3 |
0.2 |
0.2 |
0.1 |
|
Education & Training Expense |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Export Expense |
- |
- |
- |
7.3 |
10.2 |
|
China Branch Maintenance Expense |
0.1 |
0.3 |
0.4 |
0.3 |
0.3 |
|
Expense of Allow. for DA |
1.3 |
1.0 |
0.0 |
- |
0.9 |
|
R & D Expense |
1.1 |
1.7 |
3.1 |
2.7 |
0.9 |
|
Depreciation in SGA |
1.9 |
1.3 |
0.6 |
0.5 |
0.5 |
|
Depreciation for Invmt
Property |
0.2 |
0.2 |
0.1 |
- |
- |
|
Miscellaneous Expense |
0.1 |
0.1 |
0.0 |
0.0 |
0.1 |
|
Adj. for Selling Expense |
- |
- |
0.0 |
- |
- |
|
Adjustment for Administrative Expenses |
- |
- |
0.0 |
- |
- |
|
Gain on Foreign Currency Transaction |
- |
- |
-6.0 |
- |
- |
|
Gain on Foreign Currency Translation |
- |
- |
-0.1 |
- |
- |
|
Gain on Assets Contributed |
- |
- |
-1.3 |
- |
- |
|
Rental Income |
- |
- |
-0.5 |
- |
- |
|
Miscellaneous Income |
- |
- |
-1.7 |
- |
- |
|
Adj. for Other Operating Income |
- |
- |
- |
- |
- |
|
Loss on Foreign Currency Transaction |
- |
- |
5.9 |
- |
- |
|
Loss on Foreign Currency Translation |
- |
- |
1.0 |
- |
- |
|
Donations Paid |
- |
- |
0.1 |
- |
- |
|
Miscellaneous Loss |
- |
- |
0.1 |
- |
- |
|
Adj. for Other Operating Expense |
- |
- |
0.0 |
- |
- |
|
Total Operating Expense |
364.9 |
419.1 |
259.0 |
374.8 |
467.9 |
|
|
|
|
|
|
|
|
Interest Income |
6.6 |
2.7 |
2.4 |
2.4 |
3.7 |
|
Rental Income |
0.7 |
0.5 |
- |
- |
- |
|
Miscellaneous Income |
3.6 |
2.4 |
- |
- |
- |
|
Miscellaneous Loss |
-0.1 |
-0.1 |
- |
- |
- |
|
Donations Paid |
-0.1 |
-0.1 |
- |
- |
- |
|
Other Other
Non-Operating Expense |
0.0 |
0.0 |
- |
- |
- |
|
Other Other
Non-Operating Income |
0.0 |
0.0 |
- |
- |
- |
|
Rental Income |
- |
- |
- |
0.4 |
0.5 |
|
NI Gain from Assets Contributed |
- |
- |
- |
1.5 |
1.1 |
|
Gain under Equity Method |
0.2 |
0.0 |
- |
- |
- |
|
Gain on Foreign Currency Transaction |
3.6 |
6.0 |
- |
- |
- |
|
Gain on Foreign Currency Translation |
0.1 |
1.1 |
- |
- |
- |
|
Loss on Foreign Currency Transaction |
-5.6 |
-4.1 |
- |
- |
- |
|
Loss on Foreign Currency Translation |
-0.7 |
-2.9 |
- |
- |
- |
|
Other Finance Income |
0.0 |
0.0 |
- |
- |
- |
|
Other Total Financial Expense |
0.0 |
0.0 |
- |
- |
- |
|
Gain on Disposal of PPE |
- |
0.0 |
- |
- |
- |
|
NI Gain on Disposal of Tangible Assets |
- |
- |
- |
1.2 |
0.0 |
|
NI Gain on Foreign Currency Translation |
- |
- |
- |
1.5 |
4.8 |
|
NI Gain on Foreign Exchange Transaction |
- |
- |
- |
10.6 |
48.4 |
|
Reversal of Allow. for DA |
- |
- |
- |
0.5 |
- |
|
Miscellaneous Income |
- |
- |
- |
2.3 |
0.3 |
|
Interest Expense |
-5.8 |
-1.4 |
-0.9 |
-4.2 |
-5.2 |
|
Losses on Sale of Property, Plant and Eq |
- |
- |
- |
-0.1 |
- |
|
Loss-Disposal of Trade Receivable |
-0.1 |
-0.9 |
-0.7 |
- |
- |
|
NE Loss on Disposal of Accounts Receivab |
- |
- |
- |
-0.6 |
-0.7 |
|
NE Loss on Foreign Currency Translation |
- |
- |
- |
-1.5 |
-23.7 |
|
NE Loss on Foreign Exchange Transaction |
- |
- |
- |
-22.9 |
-28.2 |
|
Donations |
- |
- |
- |
-0.2 |
-0.1 |
|
Miscellaneous Losses |
- |
- |
- |
-1.8 |
0.0 |
|
Adjustment for Financial Cost |
- |
- |
0.0 |
- |
- |
|
Net Income Before Taxes |
11.6 |
17.8 |
30.4 |
33.9 |
92.0 |
|
|
|
|
|
|
|
|
Prov. for Income Taxes |
4.2 |
3.9 |
6.9 |
8.8 |
24.5 |
|
Net Income After Taxes |
7.4 |
13.9 |
23.5 |
25.1 |
67.5 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
7.4 |
13.9 |
23.5 |
25.1 |
67.5 |
|
Net Income |
7.4 |
13.9 |
23.5 |
25.1 |
67.5 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
7.4 |
13.9 |
23.5 |
25.1 |
67.5 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
7.4 |
13.9 |
23.5 |
25.1 |
67.5 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
16.6 |
16.6 |
16.6 |
16.6 |
16.5 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.44 |
0.84 |
1.42 |
1.51 |
4.10 |
|
Basic EPS Including ExtraOrdinary Items |
0.44 |
0.84 |
1.42 |
1.51 |
4.10 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
7.4 |
13.9 |
23.5 |
25.1 |
67.5 |
|
Diluted Weighted Average Share |
17.2 |
16.6 |
16.6 |
16.6 |
16.5 |
|
Diluted EPS Excluding ExtraOrd Items |
0.43 |
0.84 |
1.42 |
1.51 |
4.10 |
|
Diluted EPS Including ExtraOrd Items |
0.43 |
0.84 |
1.42 |
1.51 |
4.10 |
|
DPS-Ordinary Shares |
0.00 |
0.00 |
0.00 |
0.08 |
0.09 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
1.3 |
1.5 |
|
Normalized Income Before Taxes |
11.7 |
18.8 |
31.1 |
32.8 |
92.0 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
4.2 |
4.1 |
7.1 |
8.6 |
24.5 |
|
Normalized Income After Taxes |
7.4 |
14.6 |
24.1 |
24.3 |
67.5 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
7.4 |
14.6 |
24.1 |
24.3 |
67.5 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.45 |
0.88 |
1.45 |
1.46 |
4.10 |
|
Diluted Normalized EPS |
0.43 |
0.88 |
1.45 |
1.46 |
4.10 |
|
Interest Expense |
5.8 |
1.4 |
- |
- |
- |
|
Interest Expense, Supplemental |
- |
- |
0.9 |
4.2 |
5.2 |
|
Advertising Expense, Supplemental |
0.2 |
0.3 |
0.2 |
0.2 |
0.1 |
|
R&D Expense, Supplemental |
1.1 |
1.7 |
3.1 |
2.7 |
0.9 |
|
Depreciation, Supplemental |
10.8 |
10.8 |
5.7 |
28.8 |
12.8 |
|
Current Tax - Total |
5.2 |
3.8 |
- |
- |
- |
|
Current Tax - Total |
5.2 |
3.8 |
- |
- |
- |
|
Deferred Tax - Total |
-0.9 |
2.1 |
- |
- |
- |
|
Deferred Tax - Total |
-0.9 |
2.1 |
- |
- |
- |
|
Other Tax - Deferred/Current |
0.0 |
-2.0 |
- |
- |
- |
|
Income Tax - Total |
4.2 |
3.9 |
- |
- |
- |
|
Expected Return on Assets |
-0.1 |
-0.1 |
- |
- |
- |
|
Interest Cost |
0.2 |
0.2 |
- |
- |
- |
|
Service Cost |
0.8 |
0.9 |
- |
- |
- |
|
Domestic Pension Plan Expense |
0.8 |
0.9 |
- |
- |
- |
|
Total Pension Expense |
0.8 |
0.9 |
- |
- |
- |
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Restated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate |
1066.400024 |
1152 |
1134.9 |
1164.475 |
1259.55 |
|
Auditor |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Cash Equivalents |
12.0 |
29.4 |
74.4 |
75.4 |
63.2 |
|
Current Fincl Instrm |
174.8 |
141.5 |
- |
- |
- |
|
CA Securities held to Maturities |
0.0 |
0.2 |
0.0 |
0.0 |
0.1 |
|
Trade Receivable, Gross |
75.2 |
91.4 |
84.6 |
60.7 |
143.3 |
|
Allow. for DA for Trade Receivable |
-2.2 |
-1.3 |
-0.3 |
-0.6 |
-1.4 |
|
Account Receivable |
0.0 |
0.0 |
0.0 |
0.4 |
0.1 |
|
Current Loans to Employees |
0.1 |
0.1 |
0.1 |
0.1 |
0.2 |
|
Receivable-Recovery of Taxes |
- |
- |
- |
5.5 |
- |
|
Other Trade & Other Receivable |
0.0 |
0.0 |
- |
- |
- |
|
Advance Payments |
0.8 |
0.0 |
0.0 |
0.1 |
0.6 |
|
Deferred Income Taxes-Debit, Current |
- |
- |
- |
0.2 |
3.6 |
|
Prepaid Expense |
0.0 |
0.3 |
0.7 |
0.0 |
0.2 |
|
Prepaid Value Added Taxes |
2.0 |
4.3 |
2.2 |
1.1 |
11.0 |
|
Accrued Income |
0.6 |
0.6 |
0.5 |
0.5 |
0.2 |
|
Adj. for Other Current Assets |
0.0 |
0.0 |
0.0 |
- |
- |
|
Finished Goods |
25.3 |
26.6 |
56.0 |
25.8 |
37.9 |
|
Raw Materials |
67.7 |
89.3 |
49.5 |
36.3 |
120.8 |
|
Raw Materials in Transit, Current |
0.0 |
7.9 |
8.2 |
6.2 |
7.3 |
|
CA Work in Progress |
24.7 |
33.4 |
18.0 |
28.4 |
14.3 |
|
Residual Products |
0.2 |
0.2 |
0.9 |
3.4 |
6.8 |
|
Adj. for Inventories |
- |
0.0 |
0.0 |
- |
- |
|
Total Current Assets |
381.2 |
424.0 |
295.1 |
243.5 |
408.2 |
|
|
|
|
|
|
|
|
Investment Property, Land |
8.1 |
7.5 |
- |
- |
- |
|
Investment Property, Building |
2.8 |
2.6 |
- |
- |
- |
|
Acc Depr Investment
Property, Building |
-0.9 |
-0.7 |
- |
- |
- |
|
Investment Property, Structures |
1.4 |
1.3 |
- |
- |
- |
|
Acc Depr Investment
Property, Structures |
-0.4 |
-0.3 |
- |
- |
- |
|
Other Invmt in
Properties |
0.0 |
0.0 |
- |
- |
- |
|
Non-Current Fincl Instrm |
0.0 |
0.0 |
- |
- |
- |
|
LT Finl Assets |
- |
- |
0.0 |
0.0 |
0.0 |
|
Securities Held to Maturities |
- |
- |
- |
0.2 |
0.6 |
|
Securities Available for Sale |
5.5 |
5.1 |
5.2 |
4.9 |
4.0 |
|
Invmt in Properties |
- |
- |
10.3 |
- |
- |
|
Guarantee Deposits, Non-Current Assets |
0.3 |
0.1 |
0.2 |
0.2 |
0.2 |
|
Lands |
- |
95.5 |
38.4 |
44.9 |
41.5 |
|
Buildings |
- |
14.7 |
15.0 |
17.2 |
15.9 |
|
Buildings-Depreciation |
- |
-3.2 |
-2.7 |
-2.7 |
-2.0 |
|
Structures |
- |
0.7 |
0.7 |
1.0 |
1.0 |
|
Structures-Depreciation |
- |
-0.4 |
-0.4 |
-0.6 |
-0.5 |
|
Tools & Equipments |
- |
1.2 |
1.2 |
1.2 |
1.2 |
|
Tools & Equipments-Depreciation |
- |
-1.2 |
-1.1 |
-1.0 |
-0.8 |
|
Machineries & Equipments |
- |
121.9 |
117.2 |
112.1 |
102.9 |
|
Machineries & Equipments-Depreciation |
- |
-34.8 |
-26.0 |
-45.6 |
-18.7 |
|
Vehicles |
- |
4.3 |
4.2 |
4.0 |
3.3 |
|
Vehicles-Depreciation |
- |
-3.9 |
-3.7 |
-3.2 |
-2.3 |
|
Fixtures |
- |
2.8 |
2.7 |
2.4 |
1.9 |
|
Fixtures-Depreciation |
- |
-2.3 |
-2.1 |
-1.8 |
-1.2 |
|
Construction in Progress |
- |
9.4 |
70.1 |
48.0 |
25.7 |
|
Trees |
- |
0.3 |
0.3 |
0.3 |
0.2 |
|
Adj. for Property, Plant & Equipment |
- |
- |
- |
- |
- |
|
Intangibless |
0.6 |
0.6 |
0.6 |
0.4 |
0.3 |
|
Invmt in Affiliates |
9.6 |
8.7 |
- |
- |
- |
|
Government Bond, |
2.5 |
2.3 |
- |
- |
- |
|
Adj. for LT Trade & Other Receivable |
0.0 |
0.0 |
- |
- |
- |
|
Other Total Tangible Assets, Net |
- |
0.0 |
- |
- |
- |
|
Fixtures, Net |
0.4 |
- |
- |
- |
- |
|
Other Total Tangible Assets, Net |
211.7 |
- |
- |
- |
- |
|
Total Assets |
622.9 |
656.2 |
525.0 |
425.4 |
581.3 |
|
|
|
|
|
|
|
|
Trade Payable |
46.6 |
73.6 |
47.0 |
40.0 |
82.0 |
|
Other Payable |
4.7 |
6.5 |
4.3 |
8.3 |
3.2 |
|
Other Trade & Other Payable |
0.0 |
0.0 |
0.0 |
- |
- |
|
Current Tax Liabilities |
3.1 |
1.2 |
2.6 |
- |
21.3 |
|
Accrued Expense |
3.6 |
4.6 |
3.2 |
2.7 |
5.1 |
|
Advance from Customers |
2.9 |
2.2 |
1.1 |
0.7 |
6.2 |
|
Withheld |
0.2 |
0.2 |
0.1 |
0.1 |
0.1 |
|
ST Borrowings |
- |
- |
42.7 |
- |
- |
|
Current Borrowings |
90.4 |
61.2 |
- |
5.7 |
143.7 |
|
Adj. for Current Borrowings |
- |
- |
- |
- |
- |
|
Current Portion of Long-term Liabilities |
- |
- |
3.5 |
2.0 |
1.1 |
|
Other Current Liabilities Bookmark |
0.0 |
0.0 |
0.0 |
- |
- |
|
Guarantee Deposits, Current Liabilities |
1.5 |
0.0 |
- |
- |
- |
|
Total Current Liabilities |
152.9 |
149.4 |
104.5 |
59.7 |
262.7 |
|
|
|
|
|
|
|
|
Non-Current Borrowings |
7.2 |
84.9 |
14.3 |
14.2 |
15.0 |
|
Convertible Bonds |
- |
- |
- |
4.1 |
3.9 |
|
Conversion Rights Adjustment for Bonds |
- |
- |
- |
-0.1 |
- |
|
Yield to Maturity Premium on Convertible |
- |
- |
- |
0.3 |
- |
|
Total Long Term Debt |
7.2 |
84.9 |
14.3 |
18.5 |
18.8 |
|
|
|
|
|
|
|
|
Deferred Income Taxes, LT Liabilities |
26.5 |
25.4 |
23.7 |
16.1 |
16.3 |
|
Provisions for Retirement and Severance |
1.3 |
0.9 |
1.3 |
2.5 |
0.6 |
|
Rental Guarantee Deposit, LT Liabilities |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Transfer to National Pension Fund |
- |
- |
- |
0.0 |
- |
|
Retirement Trust |
- |
- |
- |
-2.4 |
- |
|
Total Liabilities |
187.9 |
260.5 |
143.7 |
94.4 |
298.5 |
|
|
|
|
|
|
|
|
Capital Stock |
7.8 |
7.2 |
7.3 |
7.1 |
6.6 |
|
Additional Paid in Capital |
69.2 |
64.1 |
65.1 |
63.4 |
58.6 |
|
Consideration for Stock Warrants |
7.0 |
6.6 |
- |
- |
- |
|
Other Capital Surplus |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Adj. for Other Paid-in Capital |
0.0 |
0.0 |
0.0 |
- |
- |
|
SE Reserve for Assets Revaluation |
- |
- |
- |
0.0 |
0.0 |
|
Resv for Corporation
Development |
- |
- |
- |
0.1 |
- |
|
Legal Reserve |
- |
- |
- |
3.5 |
3.2 |
|
Voluntary Reserve |
- |
- |
- |
- |
7.8 |
|
Resv for Business
Stabilizations |
- |
- |
- |
1.3 |
- |
|
Resv for R&D |
- |
- |
- |
2.0 |
- |
|
Unappropriated
Retained Earnings |
- |
- |
- |
192.2 |
148.9 |
|
Retained Earnings |
350.9 |
317.7 |
308.8 |
- |
- |
|
Gain on Re-valuation |
- |
- |
- |
61.3 |
57.6 |
|
Other Capital |
- |
- |
- |
0.0 |
- |
|
Total Equity |
435.0 |
395.7 |
381.3 |
331.0 |
282.8 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
622.9 |
656.2 |
525.0 |
425.4 |
581.3 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
16.6 |
16.6 |
16.6 |
16.6 |
16.6 |
|
Total Common Shares Outstanding |
16.6 |
16.6 |
16.6 |
16.6 |
16.6 |
|
T/S-Ordinary Shares |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Advance from Customers |
2.9 |
2.2 |
- |
- |
- |
|
Deferred Revenue, Current |
- |
- |
1.1 |
0.7 |
6.2 |
|
Full-Time Employees |
259 |
259 |
244 |
241 |
292 |
|
Number of Common Shareholders |
- |
- |
20,156 |
8,655 |
5,642 |
|
Long-Term Debts Due in 1 Year |
- |
- |
- |
2.0 |
1.1 |
|
Long-Term Debts Due in 2 Years |
- |
- |
- |
3.4 |
1.9 |
|
Long-Term Debts Due in 3 Years |
- |
- |
- |
3.4 |
3.2 |
|
Long-Term Debts Due in 5 Years |
- |
- |
- |
3.3 |
3.2 |
|
Long-Term Debts Due Remaining |
- |
- |
- |
4.0 |
6.8 |
|
Total Long Term Debt, Supplemental |
- |
- |
- |
16.2 |
16.1 |
|
Fair Value of Plan Assets |
3.8 |
2.9 |
- |
- |
- |
|
Projected Benefit Obligation |
5.1 |
3.8 |
- |
- |
- |
|
Funded Status |
-1.3 |
-0.9 |
- |
- |
- |
|
Total Funded Status |
-1.3 |
-0.9 |
- |
- |
- |
|
Discount Rate - Period End |
3.39% |
4.14% |
- |
- |
- |
|
Expected Rate of Return - Period End |
4.10% |
4.10% |
- |
- |
- |
|
Compensation Increase Rate - Period End |
5.35% |
5.44% |
- |
- |
- |
|
|
|
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 |
Reclassified
Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate
(Period Average) |
1126.848795 |
1107.891393 |
1156.281981 |
1276.385219 |
1100.562842 |
|
Auditor |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income or Loss |
7.4 |
13.9 |
23.5 |
25.1 |
67.5 |
|
Depreciation |
10.8 |
10.8 |
5.7 |
28.8 |
12.8 |
|
Gain on Invmt under
Equity Method |
-0.2 |
0.0 |
- |
- |
- |
|
Finance Gain |
-6.6 |
-2.7 |
- |
- |
- |
|
Expense of Allow. for DA |
1.3 |
0.0 |
- |
- |
- |
|
Payment for Retirement Allow., ONCI |
0.8 |
0.9 |
0.6 |
0.5 |
1.1 |
|
Losses on Foreign Currency Translation |
0.7 |
2.6 |
1.0 |
0.6 |
23.7 |
|
Depreciation of Real Estate |
0.2 |
0.2 |
0.1 |
- |
- |
|
Other Added Expense |
- |
- |
0.0 |
- |
- |
|
Repair Expense |
- |
- |
- |
0.2 |
- |
|
Corporate Taxes Expense |
4.2 |
3.9 |
6.9 |
- |
- |
|
Finance Cost |
5.9 |
2.4 |
1.6 |
- |
- |
|
Interest Expenses |
- |
- |
- |
0.1 |
0.0 |
|
Finance Income |
- |
- |
-2.4 |
- |
- |
|
Other Deducted Income |
0.0 |
0.0 |
0.0 |
- |
- |
|
Losses on Sale of Property, Plant and Eq |
- |
- |
- |
0.1 |
- |
|
Gains on Sale of Property, Plant and Equ |
0.0 |
0.0 |
- |
-1.2 |
0.0 |
|
Gains on Foreign Currency Translation |
-0.1 |
-0.6 |
-0.1 |
-0.6 |
-4.8 |
|
Other Receivables |
0.0 |
0.0 |
- |
- |
- |
|
Trade Receivables |
21.3 |
-2.4 |
6.5 |
84.6 |
-94.8 |
|
Corporate Tax Refundable |
- |
- |
- |
-5.0 |
- |
|
Accrued Income |
- |
- |
- |
-0.2 |
-0.1 |
|
Advance Payments |
- |
- |
- |
0.5 |
-0.6 |
|
Inventory |
49.5 |
-27.9 |
-29.3 |
93.1 |
-158.3 |
|
Ppd Valu Added Taxes |
- |
- |
- |
9.9 |
-8.3 |
|
A/L Increase in Prepaid Expense |
- |
- |
- |
0.2 |
0.0 |
|
Other Current Assets |
2.0 |
-1.8 |
-1.7 |
- |
- |
|
Deferred Income Tax Debit |
- |
- |
- |
3.4 |
-4.2 |
|
Trade Payable |
-31.1 |
28.3 |
5.9 |
-44.5 |
27.6 |
|
Other Payable |
-2.0 |
3.8 |
-3.8 |
- |
- |
|
Accrued Expenses |
- |
- |
- |
-2.5 |
3.0 |
|
Accrued Inc Tax |
- |
- |
- |
-21.0 |
13.9 |
|
Other Current Liabilities |
0.4 |
1.2 |
0.4 |
- |
- |
|
Retirement Trust |
- |
- |
- |
0.1 |
-0.8 |
|
Advances Received |
- |
- |
- |
-5.5 |
6.0 |
|
A/L Increase in Deposits Withheld |
- |
- |
- |
0.0 |
0.0 |
|
A/L Increase in Deferred Income Tax Cred |
- |
- |
- |
-1.2 |
-2.0 |
|
Plan Assets |
-0.5 |
-0.5 |
0.1 |
0.0 |
0.0 |
|
Payment for Retirement Allow. |
-0.2 |
-0.6 |
-0.5 |
-1.0 |
-0.4 |
|
Cash-Interest Received |
6.7 |
2.6 |
2.4 |
- |
- |
|
Cash-Interest Paid |
-1.0 |
-2.2 |
-1.6 |
- |
- |
|
Cash-Tax Refunded |
-3.4 |
-5.2 |
2.7 |
- |
- |
|
Cash from Operating Activities |
66.1 |
26.8 |
18.0 |
164.5 |
-118.7 |
|
|
|
|
|
|
|
|
Decrease of ST Receivable from Employees |
0.1 |
0.1 |
0.2 |
0.1 |
33.3 |
|
Decrease in Other Receivables |
0.0 |
1.3 |
2.6 |
2.0 |
0.7 |
|
Sale of Current Fincl
Instruments |
365.5 |
0.0 |
- |
- |
- |
|
Disposal of Securities Available-for-Sal |
0.2 |
0.0 |
0.0 |
- |
- |
|
IP Disposal of Securities Held to Maturi |
- |
- |
- |
0.5 |
0.3 |
|
Disposal of Property, Plant and Equipmen |
0.0 |
0.0 |
- |
- |
- |
|
IP Disposal of Machinery and Equipments |
- |
- |
- |
1.2 |
0.0 |
|
Disp-Vehicles |
- |
- |
- |
0.0 |
0.0 |
|
Disposal-Tools & Supplies |
- |
- |
- |
0.0 |
0.0 |
|
IP Disposal of Supplies |
- |
- |
- |
- |
0.1 |
|
Increase of ST Receivable from Employees |
-0.1 |
-0.1 |
-0.2 |
-0.1 |
-33.3 |
|
Increase in Other Receivables |
0.0 |
-1.3 |
-2.2 |
-2.2 |
-0.8 |
|
Increase-National Bond and Public Bond |
0.0 |
-2.4 |
- |
- |
- |
|
Purchase of Invmt in
Affiliates |
0.0 |
-9.0 |
- |
- |
- |
|
Purchase of Current Fincl
Instruments |
-386.2 |
-147.1 |
- |
- |
- |
|
Purchase of Sec. Available-for-Sale |
0.0 |
-0.1 |
- |
-0.6 |
- |
|
IN Increase in Securities Held to Maturi |
- |
- |
- |
0.0 |
0.0 |
|
Purchase of Real Estate |
- |
- |
-0.5 |
- |
- |
|
Purchase of Tangibles |
-1.9 |
-5.5 |
-0.4 |
- |
- |
|
Purchase of Machinery |
- |
- |
- |
-0.3 |
0.0 |
|
Purchase of Office Equipment |
- |
- |
- |
-0.2 |
-0.1 |
|
Purchase of Vehicles |
- |
- |
- |
0.0 |
0.0 |
|
IN Acquisition of Tools |
- |
- |
- |
0.0 |
-0.2 |
|
Purchase of Construction in Progress |
- |
- |
-22.4 |
-24.5 |
-31.7 |
|
Increase in Guarantee Deposit |
-0.3 |
0.0 |
-0.1 |
-0.1 |
-0.2 |
|
Decrease in Guarantee Deposit |
0.2 |
0.0 |
0.2 |
0.0 |
- |
|
Decrease-Membership Right |
- |
- |
0.1 |
- |
- |
|
Increase-Membership Right |
- |
- |
-0.3 |
- |
- |
|
Cash from Investing Activities |
-22.7 |
-164.1 |
-23.1 |
-24.2 |
-32.0 |
|
|
|
|
|
|
|
|
Increase in Borrowings |
44.6 |
270.4 |
38.9 |
- |
- |
|
Inc-LT Borrowing |
- |
- |
- |
- |
4.7 |
|
FP Increase in Convertible Bonds |
- |
- |
- |
- |
3.2 |
|
Increase-Rent Guarantee Deposit |
- |
- |
- |
0.0 |
- |
|
Increase in ST Borrowings in FC |
- |
- |
- |
5.5 |
303.3 |
|
Inc-Account Payable |
- |
- |
- |
29.9 |
42.1 |
|
Capital Increase |
- |
- |
- |
- |
61.0 |
|
FN Decrease of Current Portion of LT Lia |
- |
- |
- |
-1.1 |
-0.8 |
|
Decrease in Borrowings |
-106.6 |
-178.9 |
-34.9 |
- |
- |
|
FN Decrease of Short-Term Borrowings in |
- |
- |
- |
-141.5 |
-154.9 |
|
Dividend Paid |
- |
- |
-1.4 |
-1.3 |
-1.4 |
|
FN Repayment of Accrued Payments |
- |
- |
- |
-25.4 |
-48.7 |
|
Cash from Financing Activities |
-61.9 |
91.5 |
2.6 |
-134.0 |
208.4 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.1 |
0.3 |
-0.4 |
- |
- |
|
Incs or Decs in Cash & Cash Equivalents |
-18.7 |
-45.7 |
-2.8 |
6.4 |
57.7 |
|
|
|
|
|
|
|
|
Cash and Cash Equivalents at Beginning |
30.1 |
76.2 |
75.9 |
62.4 |
14.6 |
|
Cash and Cash Equivalents at End |
11.4 |
30.6 |
73.1 |
68.8 |
72.3 |
|
Cash Interest Paid |
1.0 |
2.2 |
1.6 |
- |
- |
|
Cash Taxes Paid |
3.4 |
5.2 |
-2.7 |
- |
- |
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
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Financials in: USD (mil) |
|
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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.62.19 |
|
|
1 |
Rs.102.14 |
|
Euro |
1 |
Rs.84.74 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.