MIRA
INFORM REPORT
|
Report Date : |
03.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
Cosmo Chemical Co Ltd (Parent) |
|
|
|
|
Formerly Known as: |
Hankook
Titanium Industrial Co Ltd |
|
|
|
|
Registered Office : |
5F, Cosmos
Building, 1534-5, Seocho-Dong, Seocho-Gu, Seoul, 137070 |
|
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|
|
Country : |
South Korea |
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|
|
|
Financials (as on) : |
31.12.2012 |
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|
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Date of Incorporation : |
12.02.1968 |
|
|
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|
Legal Form : |
Private
Independent Company |
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|
|
Line of Business : |
producer of titanium
dioxides, which are used in rubbers, papers, resins, paints, bricks,
electronic components, multi layer ceramic capacitors (MLCCs), catalysts
under the brand name COTIOX KA-100 and COTIOX KA- 300. |
|
|
|
|
No. of Employees : |
347 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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|
|
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
South Korea ECONOMIC OVERVIEW
South Korea
over the past four decades has demonstrated incredible growth and global
integration to become a high-tech industrialized economy. In the 1960s, GDP per
capita was comparable with levels in the poorer countries of Africa and Asia.
In 2004, South Korea joined the trillion dollar club of world economies, and is
currently the world's 12th largest economy. Initially, a system of close
government and business ties, including directed credit and import
restrictions, made this success possible. The government promoted the import of
raw materials and technology at the expense of consumer goods, and encouraged
savings and investment over consumption. The Asian financial crisis of 1997-98
exposed longstanding weaknesses in South Korea's development model including
high debt/equity ratios and massive short-term foreign borrowing. GDP plunged
by 6.9% in 1998, and then recovered by 9% in 1999-2000. Korea adopted numerous
economic reforms following the crisis, including greater openness to foreign
investment and imports. Growth moderated to about 4% annually between 2003 and
2007. Korea''s export focused economy was hit hard by the 2008 global economic
downturn, but quickly rebounded in subsequent years, reaching 6.3% growth in
2010. The US-South Korea Free Trade Agreement was ratified by both governments
in 2011 and went into effect in March 2012. Throughout 2012 the economy
experienced sluggish growth because of market slowdowns in the United States,
China, and the Eurozone. The incoming administration in 2013, following the
December 2012 presidential election, is likely to face the challenges of
balancing heavy reliance on exports with developing domestic-oriented sectors,
such as services. The South Korean economy''s long term challenges include a
rapidly aging population, inflexible labor market, and heavy reliance on
exports - which comprise half of GDP.
|
Source : CIA |
Company
name & address
Cosmo Chemical Co Ltd
(Parent)
5F, Cosmos
Building
1534-5,
Seocho-Dong
Seocho-Gu
Seoul, 137070
Korea, Republic
of
Tel: 82-32-4516100
Fax: 82-32-4516119
Web: www.cosmochem.com
Inchon Plant :
556-15 Kajwa-Dong, Seo-Ku, Inchon, Korea
synthesis
Employees: 347
Company Type: Private
Independent
Traded: Korea
Stock Exchange: 005420
Incorporation
Date: 12-Feb-1968
Auditor: Jungil
Accounting Corp
Financials in: USD (Millions)
Fiscal Year End: 31-Dec-2012
Reporting
Currency: South Korean Won
Annual Sales: 159.9 1
Net Income: (15.7)
Total Assets:
487.5 2
Market Value:
94.9 (06-Dec-2013)
Business
Description
COSMO CHEMICAL
CO., LTD. is a Korea-based company mainly engaged in the manufacture of
titanium dioxides. The Company produces titanium dioxides, which are used in
rubbers, papers, resins, paints, bricks, electronic components, multi layer
ceramic capacitors (MLCCs), catalysts under the brand name COTIOX KA-100 and
COTIOX KA- 300. It also provides cobalt sulfates, including liquid cobalt
sulfates, solid cobalt sulfates and cathode coppers, which are used for
secondary lithium batteries, paint desiccants, cobalt pigments, tire bonds,
electricity and communication cables, construction materials and others; water
treatment agents, such as ferrous sulfates, poly ferric sulfates, liquid
ferrous sulfates, gypsums and others, which are used in wastewater treatment
agents, construction materials and other industries. The Company distributes
its products within domestic market and to overseas markets. For the six months
ended 30 June 2013, Cosmo Chemical Co Ltd (Parent) revenues decreased 17% to
W83.07B. Net income increased from W278.7M to W10.86B. Revenues reflect a
decrease in demand for the Company's products and services due to unfavorable
market conditions. Net income reflects Gains on Sale of Property, Plant and Equ
increase from W57.9M to W24.59B (income), Loss on Redemption of Bonds decrease
from W3.42B (expense) to W0K.
Industry
Industry
Basic Chemical Manufacturing
ANZSIC 2006: 1813 - Basic Inorganic Chemical
Manufacturing
ISIC Rev 4: 2011 - Manufacture of basic chemicals
NACE Rev 2: 2013 - Manufacture of other inorganic
basic chemicals
NAICS 2012: 325180 - Other Basic Inorganic Chemical
Manufacturing
UK SIC 2007: 2013 - Manufacture of other inorganic basic
chemicals
US SIC 1987: 2819 - Industrial Inorganic Chemicals, Not
Elsewhere Classified
Key
Executives
|
Name |
Title |
|
Jae Hyeon Baek |
President, Chief Executive Officer, Director |
|
Wu Jin Gu |
Chief Financial Officer, Managing Director |
|
Gyeong Su Huh |
Chairman of the Board |
|
Hong Wuk Baek |
Non-Executive Independent Director |
|
Jong Gil Cho |
Non-Executive Independent Director |
Financial Summary
|
Stock Snapshot
|
1 - Profit &
Loss Item Exchange Rate: USD 1 = KRW 1126.849
2 - Balance Sheet
Item Exchange Rate: USD 1 = KRW 1066.4
Corporate
Overview
Location
5F, Cosmos
Building
1534-5,
Seocho-Dong
Seocho-Gu
Seoul, 137070
Korea, Republic
of
Tel: 82-32-4516100
Fax: 82-32-4516119
Web: www.cosmochem.com
Quote Symbol -
Exchange
005420 - Korea Stock Exchange
Sales KRW(mil): 180,206.6
Assets KRW(mil): 519,897.8
Employees: 347
Fiscal Year End: 31-Dec-2012
Industry: Chemical Manufacturing
Incorporation Date: 12-Feb-1968
Company Type: Private
Independent
Quoted Status: Not
Quoted
Previous Name: Hankook
Titanium Industrial Co Ltd
President, Chief
Executive Officer, Director:
Jae Hyeon Baek
Industry Codes
ANZSIC 2006
Codes:
1813 - Basic
Inorganic Chemical Manufacturing
ISIC Rev 4 Codes:
2011 - Manufacture
of basic chemicals
NACE Rev 2 Codes:
2013 - Manufacture
of other inorganic basic chemicals
NAICS 2012 Codes:
325180 - Other
Basic Inorganic Chemical Manufacturing
US SIC 1987:
2819 - Industrial
Inorganic Chemicals, Not Elsewhere Classified
UK SIC 2007:
2013 - Manufacture
of other inorganic basic chemicals
Business Description
COSMO CHEMICAL
CO., LTD. is a Korea-based company mainly engaged in the manufacture of
titanium dioxides. The Company produces titanium dioxides, which are used in
rubbers, papers, resins, paints, bricks, electronic components, multi layer
ceramic capacitors (MLCCs), catalysts and others under the brand name COTIOX
KA-100 and COTIOX KA- 300. It also provides cobalt sulfates, including liquid
cobalt sulfates, solid cobalt sulfates and cathode coppers, which are used for
secondary lithium batteries, paint desiccants, cobalt pigments, tire bonds,
electricity and communication cables, construction materials and others; water
treatment agents, such as ferrous sulfates, poly ferric sulfates, liquid
ferrous sulfates, gypsums and others, which are used in wastewater treatment
agents, construction materials and other industries. The Company distributes
its products within domestic market and to overseas markets. For the six months
ended 30 June 2013, Cosmo Chemical Co Ltd (Parent) revenues decreased 17% to
W83.07B. Net income increased from W278.7M to W10.86B. Revenues reflect a
decrease in demand for the Company's products and services due to unfavorable
market conditions. Net income reflects Gains on Sale of Property, Plant and Equ
increase from W57.9M to W24.59B (income), Loss on Redemption of Bonds decrease
from W3.42B (expense) to W0K.
More Business Descriptions
Manufacture of
titanium dioxide, sulphuric acids and ferrous sulfates
All Other
Chemical Product and Preparation Manufacturing
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Executive report
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Board of
Directors |
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Chairman of the Board |
Chairman |
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Non-Executive Independent Director |
Director/Board Member |
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Non-Executive Independent Director |
Director/Board Member |
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Non-Executive Independent Director |
Director/Board Member |
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Non-Executive Independent Director |
Director/Board Member |
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Executives |
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President, Chief Executive Officer, Director |
Chief Executive Officer |
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Chief Financial Officer, Managing Director |
Managing Director |
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Managing Director |
Managing Director |
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Cosmo Chemical Co., Ltd. Announces Changes in Shareholding
Structure Aug 05, 2013 Cosmo Chemical Co., Ltd. announced that FRANKLIN
TEMPLETON INVESTMENT TRUST MANAGEMENT CO.,LTD. has acquired 674,964 shares of
the Company, representing a 5.15% stake.
Cosmo Chemical Co Ltd to Invest KRW 23,100 million in New Facilities Jul 23, 2013
Cosmo Chemical Co Ltd announced that it will invest KRW 23,100 million in new
rutile process facilities to increase the production and sales, from July 23,
2013 to June 30, 2014.
Cosmo Chemical Co Ltd to Acquire Land and Buildings Jun 13, 2013
Cosmo Chemical Co Ltd announced that it has decided to acquire land and a
building located on No. 1543-5, Seocho-dong, Seocho-gu, Seoul, from COSMO
CORPORATION CO., LTD. for property leasing business, for KRW 39,000,000,000.
The Company also announced that it plans to acquire land and buildings in No.
892, Wonsan-ri, Onsan-eup, Ulju-gun, Ulsan, South Korea, from KOREA ZINC INC,
to secure its investment and liquidity, for KRW 44,300,000,000. The proposed
settlement date of both the acquisition is June 17, 2013.
Cosmo Chemical Co., Ltd. Signs Contract with Reliance Indurstries Limited Jun 05, 2013
Cosmo Chemical Co., Ltd. announced that it has signed a contract with Reliance
Indurstries Limited to supply titanium dioxide for staple fiber and filament.
The contract amount is KRW 4,619,160,000.
Annual
Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate
(Period Average) |
1126.848795 |
1107.891393 |
1156.281981 |
1276.385219 |
1100.562842 |
|
Auditor |
Jungil
Accounting Corp |
Jungil
Accounting Corp |
Jungil
Accounting Corp |
Jungil
Accounting Corp |
Jungil
Accounting Corp |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
159.9 |
155.6 |
107.9 |
86.6 |
94.2 |
|
Revenue |
159.9 |
155.6 |
107.9 |
86.6 |
94.2 |
|
Total Revenue |
159.9 |
155.6 |
107.9 |
86.6 |
94.2 |
|
|
|
|
|
|
|
|
Cost of Revenue |
137.3 |
117.6 |
86.3 |
70.3 |
85.4 |
|
Cost of Revenue, Total |
137.3 |
117.6 |
86.3 |
70.3 |
85.4 |
|
Gross Profit |
22.7 |
38.0 |
21.6 |
16.3 |
8.8 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
16.4 |
14.0 |
13.0 |
8.4 |
7.8 |
|
Labor & Related Expense |
1.1 |
4.8 |
3.4 |
2.7 |
3.2 |
|
Advertising Expense |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Selling/General/Administrative Expenses |
17.6 |
18.7 |
16.4 |
11.1 |
11.0 |
|
Research & Development |
0.1 |
0.0 |
0.1 |
0.1 |
0.1 |
|
Depreciation |
0.1 |
0.0 |
0.0 |
0.1 |
0.1 |
|
Amortization of Intangibles |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Depreciation/Amortization |
0.1 |
0.1 |
0.0 |
0.1 |
0.1 |
|
Total Operating Expense |
155.0 |
136.4 |
102.7 |
81.6 |
96.6 |
|
|
|
|
|
|
|
|
Operating Income |
4.9 |
19.1 |
5.1 |
5.0 |
-2.4 |
|
|
|
|
|
|
|
|
Interest Expense - Non-Operating |
-11.2 |
-8.3 |
-6.3 |
-4.6 |
-6.3 |
|
Interest Expense, Net Non-Operating |
-11.2 |
-8.3 |
-6.3 |
-4.6 |
-6.3 |
|
Interest Income -
Non-Operating |
2.5 |
2.3 |
1.9 |
0.4 |
0.8 |
|
Investment Income -
Non-Operating |
-11.3 |
-1.2 |
25.8 |
- |
- |
|
Interest/Investment Income - Non-Operating |
-8.8 |
1.1 |
27.7 |
0.4 |
0.8 |
|
Interest Income (Expense) - Net Non-Operating Total |
-20.0 |
-7.2 |
21.4 |
-4.2 |
-5.4 |
|
Gain (Loss) on Sale of Assets |
0.1 |
0.0 |
0.0 |
- |
- |
|
Other Non-Operating Income (Expense) |
-0.6 |
0.6 |
0.3 |
0.9 |
2.5 |
|
Other, Net |
-0.6 |
0.6 |
0.3 |
0.9 |
2.5 |
|
Income Before Tax |
-15.7 |
12.6 |
26.7 |
1.7 |
-5.4 |
|
|
|
|
|
|
|
|
Total Income Tax |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Income After Tax |
-15.7 |
12.6 |
26.7 |
1.7 |
-5.4 |
|
|
|
|
|
|
|
|
Net Income Before Extraord Items |
-15.7 |
12.6 |
26.7 |
1.7 |
-5.4 |
|
Net Income |
-15.7 |
12.6 |
26.7 |
1.7 |
-5.4 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
-15.7 |
12.6 |
26.7 |
1.7 |
-5.4 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
-15.7 |
12.6 |
26.7 |
1.7 |
-5.4 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
13.1 |
12.0 |
11.0 |
11.0 |
11.0 |
|
Basic EPS Excl Extraord Items |
-1.20 |
1.05 |
2.44 |
0.16 |
-0.49 |
|
Basic/Primary EPS Incl Extraord Items |
-1.20 |
1.05 |
2.44 |
0.16 |
-0.49 |
|
Dilution Adjustment |
0.0 |
0.8 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
-15.7 |
13.4 |
26.7 |
1.7 |
-5.4 |
|
Diluted Weighted Average Shares |
13.1 |
13.9 |
11.0 |
11.0 |
11.0 |
|
Diluted EPS Excl Extraord Items |
-1.20 |
0.97 |
2.44 |
0.16 |
-0.49 |
|
Diluted EPS Incl Extraord Items |
-1.20 |
0.97 |
2.44 |
0.16 |
-0.49 |
|
Dividends per Share - Common Stock Primary Issue |
- |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest Expense, Supplemental |
11.2 |
8.3 |
6.3 |
4.6 |
6.3 |
|
Depreciation, Supplemental |
16.2 |
12.1 |
9.6 |
8.6 |
9.9 |
|
Total Special Items |
-0.1 |
0.0 |
0.0 |
- |
- |
|
Normalized Income Before Tax |
-15.7 |
12.6 |
26.7 |
1.7 |
-5.4 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.0 |
0.0 |
0.0 |
- |
- |
|
Inc Tax Ex Impact of Sp Items |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized Income After Tax |
-15.7 |
12.6 |
26.7 |
1.7 |
-5.4 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-15.7 |
12.6 |
26.7 |
1.7 |
-5.4 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-1.20 |
1.05 |
2.44 |
0.16 |
-0.49 |
|
Diluted Normalized EPS |
-1.20 |
0.96 |
2.44 |
0.16 |
-0.49 |
|
Amort of Intangibles, Supplemental |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Rental Expenses |
0.8 |
1.0 |
0.6 |
0.2 |
0.1 |
|
Advertising Expense, Supplemental |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Research & Development Exp, Supplemental |
0.1 |
0.0 |
0.1 |
0.1 |
0.1 |
|
Normalized EBIT |
4.9 |
19.1 |
5.1 |
5.0 |
-2.4 |
|
Normalized EBITDA |
21.1 |
31.3 |
14.8 |
13.6 |
7.5 |
|
Interest Cost - Domestic |
0.3 |
0.3 |
- |
- |
- |
|
Service Cost - Domestic |
1.2 |
1.2 |
- |
- |
- |
|
Expected Return on Assets - Domestic |
-0.2 |
0.0 |
- |
- |
- |
|
Actuarial Gains and Losses - Domestic |
0.2 |
0.6 |
- |
- |
- |
|
Domestic Pension Plan Expense |
1.6 |
2.0 |
- |
- |
- |
|
Total Pension Expense |
1.6 |
2.0 |
- |
- |
- |
|
Total Plan Interest Cost |
0.3 |
0.3 |
- |
- |
- |
|
Total Plan Service Cost |
1.2 |
1.2 |
- |
- |
- |
|
Total Plan Expected Return |
-0.2 |
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 |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate |
1066.400024 |
1152 |
1134.9 |
1164.475 |
1259.55 |
|
Auditor |
Jungil
Accounting Corp |
Jungil
Accounting Corp |
Jungil
Accounting Corp |
Jungil
Accounting Corp |
Jungil
Accounting Corp |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
0.6 |
1.0 |
0.8 |
0.7 |
0.1 |
|
Short Term Investments |
6.1 |
6.7 |
- |
0.8 |
4.4 |
|
Cash and Short Term Investments |
6.7 |
7.7 |
0.8 |
1.5 |
4.4 |
|
Accounts Receivable -
Trade, Gross |
16.7 |
14.7 |
9.4 |
8.9 |
6.7 |
|
Provision for Doubtful
Accounts |
-0.7 |
-0.5 |
-0.6 |
-0.6 |
-0.5 |
|
Trade Accounts Receivable - Net |
16.9 |
14.5 |
8.8 |
8.4 |
6.3 |
|
Notes Receivable - Short Term |
23.7 |
23.5 |
25.8 |
- |
- |
|
Other Receivables |
1.8 |
1.7 |
1.6 |
3.6 |
4.6 |
|
Total Receivables, Net |
42.4 |
39.7 |
36.3 |
11.9 |
10.8 |
|
Inventories - Finished Goods |
36.2 |
11.0 |
2.6 |
2.5 |
8.0 |
|
Inventories - Work In Progress |
7.5 |
5.1 |
5.7 |
3.4 |
2.0 |
|
Inventories - Raw Materials |
14.4 |
29.8 |
2.8 |
3.3 |
5.1 |
|
Inventories - Other |
7.4 |
3.0 |
0.9 |
1.3 |
0.3 |
|
Total Inventory |
65.5 |
48.9 |
12.0 |
10.5 |
15.5 |
|
Prepaid Expenses |
5.9 |
8.0 |
6.4 |
- |
- |
|
Other Current Assets |
- |
- |
- |
2.2 |
1.4 |
|
Other Current Assets, Total |
- |
- |
- |
2.2 |
1.4 |
|
Total Current Assets |
120.4 |
104.3 |
55.4 |
26.1 |
32.1 |
|
|
|
|
|
|
|
|
Buildings |
76.2 |
69.6 |
53.1 |
33.0 |
31.9 |
|
Land/Improvements |
199.2 |
184.4 |
187.2 |
182.4 |
168.7 |
|
Machinery/Equipment |
290.2 |
256.9 |
220.7 |
43.8 |
44.9 |
|
Construction in
Progress |
- |
- |
15.1 |
2.8 |
0.7 |
|
Other
Property/Plant/Equipment |
5.5 |
4.8 |
4.5 |
0.7 |
0.8 |
|
Property/Plant/Equipment - Gross |
571.1 |
515.7 |
480.6 |
262.8 |
247.0 |
|
Accumulated Depreciation |
-250.7 |
-217.0 |
-208.7 |
-9.4 |
-8.7 |
|
Property/Plant/Equipment - Net |
320.5 |
298.7 |
271.9 |
253.4 |
238.3 |
|
Intangibles, Net |
2.7 |
2.5 |
1.2 |
1.2 |
1.1 |
|
LT Investment - Affiliate Companies |
37.9 |
46.7 |
48.5 |
9.6 |
9.5 |
|
LT Investments - Other |
5.8 |
5.6 |
5.6 |
5.3 |
0.4 |
|
Long Term Investments |
43.7 |
52.2 |
54.1 |
15.0 |
9.9 |
|
Note Receivable - Long Term |
0.0 |
- |
- |
- |
- |
|
Other Long Term Assets |
0.2 |
0.2 |
0.3 |
0.4 |
0.6 |
|
Other Long Term Assets, Total |
0.2 |
0.2 |
0.3 |
0.4 |
0.6 |
|
Total Assets |
487.5 |
458.0 |
383.0 |
296.1 |
282.0 |
|
|
|
|
|
|
|
|
Accounts Payable |
16.2 |
19.6 |
8.9 |
16.0 |
11.4 |
|
Accrued Expenses |
6.6 |
8.3 |
6.2 |
- |
- |
|
Notes Payable/Short Term Debt |
108.8 |
86.2 |
66.7 |
53.3 |
56.0 |
|
Current Portion - Long Term Debt/Capital Leases |
12.3 |
1.7 |
12.0 |
- |
- |
|
Customer Advances |
0.4 |
0.4 |
0.6 |
- |
- |
|
Security Deposits |
0.0 |
0.0 |
0.0 |
- |
- |
|
Other Payables |
5.5 |
5.6 |
6.9 |
5.5 |
6.2 |
|
Other Current Liabilities |
1.7 |
1.5 |
1.1 |
1.3 |
0.4 |
|
Other Current liabilities, Total |
7.5 |
7.5 |
8.6 |
6.8 |
6.6 |
|
Total Current Liabilities |
151.4 |
123.4 |
102.5 |
76.1 |
74.0 |
|
|
|
|
|
|
|
|
Long Term Debt |
67.9 |
67.2 |
36.9 |
10.3 |
9.5 |
|
Total Long Term Debt |
67.9 |
67.2 |
36.9 |
10.3 |
9.5 |
|
Total Debt |
189.1 |
155.1 |
115.6 |
63.6 |
65.6 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
39.7 |
36.7 |
37.3 |
36.3 |
33.6 |
|
Deferred Income Tax |
39.7 |
36.7 |
37.3 |
36.3 |
33.6 |
|
Reserves |
0.3 |
1.8 |
2.0 |
1.8 |
2.8 |
|
Pension Benefits - Underfunded |
2.0 |
2.3 |
3.8 |
3.8 |
3.6 |
|
Other Long Term Liabilities |
5.0 |
5.4 |
6.9 |
8.9 |
13.4 |
|
Other Liabilities, Total |
7.3 |
9.5 |
12.7 |
14.5 |
19.8 |
|
Total Liabilities |
266.4 |
236.8 |
189.4 |
137.3 |
136.9 |
|
|
|
|
|
|
|
|
Common Stock |
61.4 |
56.9 |
48.5 |
47.2 |
43.7 |
|
Common Stock |
61.4 |
56.9 |
48.5 |
47.2 |
43.7 |
|
Additional Paid-In Capital |
22.4 |
20.6 |
11.8 |
8.3 |
7.7 |
|
Retained Earnings (Accumulated Deficit) |
-3.5 |
12.6 |
0.8 |
-25.7 |
-25.6 |
|
Treasury Stock - Common |
-0.2 |
-0.2 |
-0.2 |
- |
- |
|
Unrealized Gain (Loss) |
5.1 |
4.9 |
4.7 |
- |
- |
|
Other Equity |
135.9 |
126.4 |
128.1 |
0.2 |
0.3 |
|
Other Comprehensive Income |
- |
- |
- |
128.9 |
119.0 |
|
Other Equity, Total |
135.9 |
126.4 |
128.1 |
129.0 |
119.4 |
|
Total Equity |
221.2 |
221.1 |
193.7 |
158.8 |
145.1 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
487.5 |
458.0 |
383.0 |
296.1 |
282.0 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
13.1 |
13.1 |
11.0 |
11.0 |
11.0 |
|
Total Common Shares Outstanding |
13.1 |
13.1 |
11.0 |
11.0 |
11.0 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Employees |
347 |
315 |
267 |
258 |
246 |
|
Number of Common Shareholders |
- |
- |
2,917 |
1,986 |
2,064 |
|
Deferred Revenue - Current |
0.4 |
0.4 |
0.6 |
0.2 |
- |
|
Total Long Term Debt, Supplemental |
57.4 |
24.8 |
25.2 |
25.7 |
- |
|
Long Term Debt Maturing within 1 Year |
12.3 |
1.7 |
12.0 |
6.0 |
- |
|
Long Term Debt Maturing in Year 2 |
10.2 |
22.7 |
6.1 |
14.4 |
- |
|
Long Term Debt Maturing in Year 3 |
- |
- |
7.2 |
3.5 |
- |
|
Long Term Debt Maturing in 2-3 Years |
10.2 |
22.7 |
13.3 |
18.0 |
- |
|
Long Term Debt Matur. in Year 6 & Beyond |
34.9 |
0.4 |
0.0 |
1.7 |
- |
|
Pension Obligation - Domestic |
8.3 |
7.4 |
- |
- |
- |
|
Plan Assets - Domestic |
6.3 |
5.1 |
- |
- |
- |
|
Funded Status - Domestic |
-2.0 |
-2.3 |
- |
- |
- |
|
Total Funded Status |
-2.0 |
-2.3 |
- |
- |
- |
|
Discount Rate - Domestic |
3.28% |
3.11% |
- |
- |
- |
|
Expected Rate of Return - Domestic |
3.53% |
4.01% |
- |
- |
- |
|
Compensation Rate - Domestic |
3.76% |
3.85% |
- |
- |
- |
|
Total Plan Obligations |
8.3 |
7.4 |
- |
- |
- |
|
Total Plan Assets |
6.3 |
5.1 |
- |
- |
- |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate
(Period Average) |
1126.848795 |
1107.891393 |
1156.281981 |
1276.385219 |
1100.562842 |
|
Auditor |
Jungil
Accounting Corp |
Jungil
Accounting Corp |
Jungil
Accounting Corp |
Jungil
Accounting Corp |
Jungil
Accounting Corp |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
-15.7 |
12.6 |
26.7 |
1.7 |
-5.4 |
|
Depreciation |
16.1 |
12.1 |
9.6 |
8.5 |
9.8 |
|
Depreciation/Depletion |
16.1 |
12.1 |
9.6 |
8.5 |
9.8 |
|
Amortization of Intangibles |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Amortization |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Unusual Items |
2.8 |
0.0 |
0.0 |
0.0 |
-4.0 |
|
Equity in Net Earnings (Loss) |
11.2 |
0.9 |
-25.9 |
0.6 |
1.4 |
|
Other Non-Cash Items |
9.9 |
9.1 |
7.0 |
5.2 |
6.6 |
|
Non-Cash Items |
24.0 |
10.0 |
-19.0 |
5.8 |
4.0 |
|
Accounts Receivable |
-0.8 |
-6.0 |
-0.2 |
-1.5 |
1.8 |
|
Inventories |
-12.0 |
-38.4 |
-1.2 |
5.7 |
-12.8 |
|
Prepaid Expenses |
- |
- |
0.0 |
0.0 |
0.0 |
|
Other Assets |
2.6 |
-1.9 |
-3.7 |
-0.7 |
-0.3 |
|
Accounts Payable |
-4.8 |
11.2 |
1.2 |
0.5 |
2.8 |
|
Accrued Expenses |
-2.3 |
2.0 |
1.2 |
0.4 |
0.5 |
|
Other Liabilities |
-2.4 |
-6.7 |
-2.1 |
-1.4 |
-2.5 |
|
Other Operating Cash Flow |
-6.7 |
-4.7 |
-3.6 |
-3.4 |
-4.7 |
|
Changes in Working Capital |
-26.4 |
-44.4 |
-8.3 |
-0.4 |
-15.1 |
|
Cash from Operating Activities |
-1.9 |
-9.6 |
9.1 |
15.6 |
-6.7 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-14.1 |
-42.7 |
-21.0 |
-4.6 |
-3.8 |
|
Purchase/Acquisition of Intangibles |
- |
-1.3 |
-0.6 |
- |
0.0 |
|
Capital Expenditures |
-14.1 |
-44.0 |
-21.5 |
-4.6 |
-3.8 |
|
Sale of Fixed Assets |
0.1 |
0.1 |
0.1 |
0.0 |
5.3 |
|
Sale/Maturity of Investment |
16.5 |
0.2 |
1.6 |
5.0 |
5.2 |
|
Purchase of Investments |
-15.1 |
-7.0 |
-12.0 |
-5.8 |
-4.9 |
|
Other Investing Cash Flow |
1.6 |
2.1 |
-23.5 |
1.6 |
0.8 |
|
Other Investing Cash Flow Items, Total |
3.0 |
-4.7 |
-33.8 |
0.8 |
6.3 |
|
Cash from Investing Activities |
-11.1 |
-48.7 |
-55.3 |
-3.8 |
2.4 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
3.2 |
4.5 |
1.2 |
-0.7 |
3.1 |
|
Financing Cash Flow Items |
3.2 |
4.5 |
1.2 |
-0.7 |
3.1 |
|
Sale/Issuance of
Common |
0.0 |
0.3 |
- |
- |
- |
|
Common Stock, Net |
0.0 |
0.3 |
- |
- |
- |
|
Warrants Converted |
0.0 |
11.5 |
- |
- |
- |
|
Issuance (Retirement) of Stock, Net |
0.0 |
11.8 |
- |
- |
- |
|
Short Term Debt Issued |
224.1 |
80.8 |
115.6 |
78.2 |
104.1 |
|
Short Term Debt
Reduction |
-209.3 |
-70.3 |
-103.8 |
-84.8 |
-102.8 |
|
Short Term Debt, Net |
14.9 |
10.5 |
11.8 |
-6.7 |
1.3 |
|
Long Term Debt Issued |
30.7 |
38.7 |
39.8 |
- |
10.9 |
|
Long Term Debt
Reduction |
-36.1 |
-6.8 |
-6.4 |
-3.9 |
-11.3 |
|
Long Term Debt, Net |
-5.4 |
31.9 |
33.4 |
-3.9 |
-0.4 |
|
Issuance (Retirement) of Debt, Net |
9.5 |
42.3 |
45.1 |
-10.6 |
0.9 |
|
Cash from Financing Activities |
12.7 |
58.5 |
46.4 |
-11.3 |
4.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.2 |
-0.1 |
0.0 |
0.0 |
0.0 |
|
Net Change in Cash |
-0.5 |
0.2 |
0.1 |
0.6 |
-0.2 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
1.0 |
0.9 |
0.7 |
0.1 |
0.3 |
|
Net Cash - Ending Balance |
0.5 |
1.0 |
0.8 |
0.6 |
0.1 |
|
Cash Interest Paid |
8.8 |
6.7 |
5.1 |
3.8 |
5.0 |
|
Cash Taxes Paid |
-0.1 |
0.0 |
0.4 |
0.1 |
0.1 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate
(Period Average) |
1126.848795 |
1107.891393 |
1156.281981 |
1276.385219 |
1100.562842 |
|
Auditor |
Jungil
Accounting Corp |
Jungil
Accounting Corp |
Jungil
Accounting Corp |
Jungil
Accounting Corp |
Jungil
Accounting Corp |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Sales Revenue |
- |
- |
- |
86.6 |
94.2 |
|
Finished Goods Revenues |
156.6 |
148.5 |
106.1 |
- |
- |
|
Merchandise Sales |
3.1 |
6.6 |
1.7 |
- |
- |
|
Other Revenue |
0.2 |
0.5 |
- |
- |
- |
|
Total Revenue |
159.9 |
155.6 |
107.9 |
86.6 |
94.2 |
|
|
|
|
|
|
|
|
Costs of Goods & Services Sold |
- |
117.6 |
- |
70.3 |
85.4 |
|
Cost of Finished Goods Sold |
134.8 |
- |
84.4 |
- |
- |
|
Cost of Other Goods Sold |
0.0 |
- |
- |
- |
- |
|
Cost of Merchandises Sold |
2.5 |
- |
1.8 |
- |
- |
|
Salaries & Wages |
0.0 |
3.5 |
2.6 |
2.1 |
2.4 |
|
Retirement & Severance Benefits |
0.5 |
0.7 |
0.4 |
0.3 |
0.4 |
|
Employee Benefits |
0.7 |
0.6 |
0.4 |
0.3 |
0.5 |
|
selling&admini.exp-balancing |
3.7 |
- |
- |
- |
- |
|
Insurance Premiums |
0.2 |
- |
- |
- |
- |
|
Travel Expense |
0.3 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Communication Expense |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Utility Expense |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Taxes & Dues |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Repair Expense |
0.0 |
0.0 |
0.0 |
0.1 |
0.0 |
|
Insurance Expenses |
- |
0.2 |
0.1 |
0.1 |
0.1 |
|
Entertainment Expense |
0.3 |
0.3 |
0.3 |
0.2 |
0.2 |
|
Shipping & Handling Expense |
5.7 |
6.6 |
5.6 |
3.6 |
2.9 |
|
Commissions |
2.8 |
2.8 |
3.9 |
2.3 |
1.8 |
|
Expense of Allow. for DA |
0.1 |
0.2 |
- |
0.0 |
0.3 |
|
Consumable Expense |
0.5 |
0.6 |
0.5 |
0.2 |
0.1 |
|
Vehicle Maintenance Expense |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Publication Expense |
0.0 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Education & Training Expense |
0.2 |
0.3 |
0.2 |
0.1 |
0.2 |
|
Environment Maintenance Expense |
0.0 |
0.0 |
0.0 |
0.0 |
0.3 |
|
Defective Repair Expense |
0.0 |
0.0 |
0.2 |
0.0 |
- |
|
Sample Expense |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Service Expense |
0.4 |
0.3 |
0.3 |
0.2 |
0.3 |
|
Packaging Expense |
1.1 |
1.0 |
0.9 |
0.9 |
1.0 |
|
Miscellaneous Operating Expense |
- |
- |
- |
- |
0.0 |
|
Conference Expense |
0.0 |
0.0 |
0.0 |
- |
- |
|
Rental Expense |
0.8 |
1.0 |
0.6 |
0.2 |
0.1 |
|
Advertising Expense |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Depreciation of Idle Asset not Operation |
0.0 |
- |
- |
- |
- |
|
Depreciation |
0.1 |
0.0 |
0.0 |
0.1 |
0.1 |
|
Amort. of Intangibless |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Development Costs |
0.1 |
0.0 |
0.1 |
0.1 |
0.1 |
|
Total Operating Expense |
155.0 |
136.4 |
102.7 |
81.6 |
96.6 |
|
|
|
|
|
|
|
|
Interest Income |
2.5 |
2.3 |
1.9 |
0.4 |
0.8 |
|
Gain-Disposal of F.A. Avail. for Sale |
0.1 |
- |
- |
- |
- |
|
Dividend Income |
0.0 |
0.1 |
0.0 |
- |
- |
|
Gain on Foreign Currency Transaction |
1.2 |
1.2 |
0.9 |
- |
- |
|
Gain on Foreign Currency Translation |
0.1 |
0.0 |
0.0 |
- |
- |
|
Gain on Disposal of PPE |
0.1 |
0.0 |
0.0 |
- |
- |
|
Donations |
0.0 |
- |
- |
- |
- |
|
Loss on Redemption of Bonds |
-3.0 |
- |
- |
- |
- |
|
Rec. of Allow. for DA |
0.0 |
0.2 |
0.0 |
- |
- |
|
Miscellaneous Income |
1.1 |
0.5 |
0.3 |
- |
- |
|
Recovery of Provisions for Environment M |
1.4 |
0.2 |
0.1 |
- |
- |
|
Other Non-Operating Revenues |
- |
- |
- |
0.9 |
2.5 |
|
Interest Expense |
-11.2 |
-8.3 |
-6.3 |
-4.6 |
-6.3 |
|
Loss on Foreign Currency Transaction |
-1.2 |
-1.3 |
-1.2 |
- |
- |
|
Loss on Foreign Currency Translation |
-0.3 |
-0.2 |
0.0 |
- |
- |
|
Loss on Valt of Inventory |
- |
-0.2 |
- |
- |
- |
|
Loss on Disposal of Invmt in Affiliates |
- |
0.0 |
- |
- |
- |
|
Loss on Disposal of Intangibless |
- |
- |
0.0 |
- |
- |
|
Miscellaneous Loss |
0.0 |
-0.1 |
0.0 |
- |
- |
|
Donations Paid |
- |
0.0 |
0.0 |
- |
- |
|
Depreciation of Idle Asset not Operation |
- |
0.0 |
0.0 |
- |
- |
|
Loss under Equity Method |
-11.2 |
-1.0 |
-1.4 |
- |
- |
|
Gain under Equity Method |
0.0 |
0.1 |
27.3 |
- |
- |
|
Other Allow. for DA |
- |
-0.1 |
- |
- |
- |
|
Net Income Before Taxes |
-15.7 |
12.6 |
26.7 |
1.7 |
-5.4 |
|
|
|
|
|
|
|
|
Prov. for Income Taxes |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Income After Taxes |
-15.7 |
12.6 |
26.7 |
1.7 |
-5.4 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
-15.7 |
12.6 |
26.7 |
1.7 |
-5.4 |
|
Net Income |
-15.7 |
12.6 |
26.7 |
1.7 |
-5.4 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
-15.7 |
12.6 |
26.7 |
1.7 |
-5.4 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
-15.7 |
12.6 |
26.7 |
1.7 |
-5.4 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
13.1 |
12.0 |
11.0 |
11.0 |
11.0 |
|
Basic EPS Excluding ExtraOrdinary Items |
-1.20 |
1.05 |
2.44 |
0.16 |
-0.49 |
|
Basic EPS Including ExtraOrdinary Items |
-1.20 |
1.05 |
2.44 |
0.16 |
-0.49 |
|
Dilution Adjustment |
0.0 |
0.8 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
-15.7 |
13.4 |
26.7 |
1.7 |
-5.4 |
|
Diluted Weighted Average Shares |
13.1 |
13.9 |
11.0 |
11.0 |
11.0 |
|
Diluted EPS Excluding ExtraOrd Items |
-1.20 |
0.97 |
2.44 |
0.16 |
-0.49 |
|
Diluted EPS Including ExtraOrd Items |
-1.20 |
0.97 |
2.44 |
0.16 |
-0.49 |
|
DPS-Ordinary Shares |
- |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
-15.7 |
12.6 |
26.7 |
1.7 |
-5.4 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized Income After Taxes |
-15.7 |
12.6 |
26.7 |
1.7 |
-5.4 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-15.7 |
12.6 |
26.7 |
1.7 |
-5.4 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-1.20 |
1.05 |
2.44 |
0.16 |
-0.49 |
|
Diluted Normalized EPS |
-1.20 |
0.96 |
2.44 |
0.16 |
-0.49 |
|
Interest Expense |
11.2 |
- |
- |
- |
- |
|
Interest Expense, Supplemental |
- |
8.3 |
6.3 |
4.6 |
6.3 |
|
R&D Expense, Supplemental |
0.1 |
0.0 |
0.1 |
0.1 |
0.1 |
|
Rental Expense, Supplemental |
0.8 |
1.0 |
0.6 |
0.2 |
0.1 |
|
Advertising Expense, Supplemental |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Amort of Intangibles, Supplemental |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Depreciation, Supplemental |
16.2 |
12.1 |
9.6 |
8.6 |
9.9 |
|
Actuarial Gains and Losses |
0.2 |
0.6 |
- |
- |
- |
|
Expected Return on Assets |
-0.2 |
0.0 |
- |
- |
- |
|
Interest Cost |
0.3 |
0.3 |
- |
- |
- |
|
Service Cost |
1.2 |
1.2 |
- |
- |
- |
|
Domestic Pension Plan Expense |
1.6 |
2.0 |
- |
- |
- |
|
Total Pension Expense |
1.6 |
2.0 |
- |
- |
- |
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 |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate |
1066.400024 |
1152 |
1134.9 |
1164.475 |
1259.55 |
|
Auditor |
Jungil
Accounting Corp |
Jungil
Accounting Corp |
Jungil
Accounting Corp |
Jungil
Accounting Corp |
Jungil Accounting
Corp |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Cash Equivalents |
0.6 |
1.0 |
0.8 |
0.7 |
0.1 |
|
Current Fincl Instrm |
6.1 |
6.7 |
- |
0.8 |
4.3 |
|
Marketable Secs. |
- |
- |
- |
- |
0.1 |
|
Current Loans |
23.8 |
23.6 |
25.8 |
- |
- |
|
Allow. for DA for Current Loans |
-0.2 |
-0.2 |
- |
- |
- |
|
Trade Receivable, Gross |
16.7 |
14.7 |
9.4 |
8.9 |
6.7 |
|
Allow. for DA for Trade Receivable |
-0.7 |
-0.5 |
-0.6 |
-0.6 |
-0.5 |
|
ST Receivable from Relative Parties |
- |
- |
- |
2.3 |
3.6 |
|
Doubtful Account-Relative Parties |
- |
- |
- |
-0.2 |
-0.3 |
|
Allow. for DA for Account Receivable |
-0.1 |
-0.1 |
- |
- |
- |
|
Account Receivable |
1.9 |
1.8 |
1.6 |
1.5 |
1.3 |
|
Accrued Income |
0.8 |
0.3 |
0.1 |
0.0 |
0.1 |
|
Advance Payments |
2.7 |
2.6 |
3.0 |
- |
- |
|
Prepaid Expense |
0.1 |
0.1 |
0.2 |
- |
- |
|
Prepaid Income Taxes |
0.4 |
0.5 |
0.5 |
- |
- |
|
Prepaid Value Added Taxes |
2.6 |
4.8 |
2.7 |
- |
- |
|
Other Current Assets |
- |
- |
- |
2.2 |
1.4 |
|
Finished Goods |
36.1 |
11.6 |
2.4 |
2.5 |
8.0 |
|
Allow. for Loss-Valt of Finished Goods |
0.0 |
-0.8 |
- |
- |
- |
|
Works in Progress |
7.5 |
5.8 |
5.7 |
3.4 |
2.0 |
|
Allowance for Loss on Valuation of Works |
0.0 |
-0.7 |
- |
- |
- |
|
Raw Materials |
13.8 |
28.9 |
2.6 |
3.1 |
5.0 |
|
Supplemental Raw Materials |
0.6 |
1.0 |
0.2 |
0.1 |
0.1 |
|
Supplies |
0.7 |
0.8 |
0.5 |
0.3 |
0.3 |
|
Goods in Transit |
6.8 |
2.2 |
0.4 |
1.0 |
0.1 |
|
Merchandises |
0.1 |
0.3 |
0.2 |
- |
- |
|
Total Current Assets |
120.4 |
104.3 |
55.4 |
26.1 |
32.1 |
|
|
|
|
|
|
|
|
Non-Current Fincl Instrm |
0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
LT Invest Secs. |
5.7 |
5.6 |
5.6 |
5.3 |
0.4 |
|
LT Loan |
0.0 |
- |
- |
- |
- |
|
Invmt in Affiliates |
37.9 |
46.7 |
48.5 |
9.6 |
9.5 |
|
Other Non-Current Receivable |
0.0 |
0.1 |
0.2 |
0.2 |
0.3 |
|
Other Non-Current Assets(1) |
0.2 |
0.1 |
- |
0.2 |
0.2 |
|
Other Non-Current Assets |
- |
- |
0.1 |
- |
- |
|
Long-term Advance Payments |
- |
- |
0.0 |
- |
- |
|
Lands |
199.2 |
184.4 |
187.2 |
182.4 |
168.7 |
|
Buildings |
57.7 |
53.0 |
38.7 |
26.0 |
25.0 |
|
Accumulated Depreciation for Buildings |
- |
-14.5 |
-13.7 |
-1.0 |
-1.0 |
|
Structures |
18.4 |
16.5 |
14.4 |
7.1 |
7.0 |
|
Buildings-Depreciation |
-17.1 |
- |
- |
- |
- |
|
Structures-Depreciation |
-9.1 |
- |
- |
- |
- |
|
Machineries & Equipments-Depreciation |
-219.9 |
- |
- |
- |
- |
|
Lands-Depreciation |
0.0 |
- |
- |
- |
- |
|
Structure Depre. |
- |
-8.0 |
-7.8 |
-0.5 |
-0.5 |
|
Machinery |
290.2 |
256.9 |
220.7 |
43.8 |
44.9 |
|
Accumulated Depreciation for Machinery |
- |
-190.5 |
-183.3 |
-7.6 |
-7.0 |
|
Construction in Progress |
- |
- |
15.1 |
2.8 |
0.7 |
|
Other Tangible Assets |
5.5 |
4.8 |
4.5 |
0.7 |
0.8 |
|
Other Tangibles-Depreciation |
-4.5 |
-4.0 |
-3.9 |
-0.2 |
-0.3 |
|
Membership Rights |
2.7 |
2.5 |
1.2 |
1.1 |
1.1 |
|
Industrial Property Rights |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Assets |
487.5 |
458.0 |
383.0 |
296.1 |
282.0 |
|
|
|
|
|
|
|
|
Current Trade Payable |
16.2 |
19.6 |
8.9 |
16.0 |
11.4 |
|
Other Payable |
1.3 |
0.4 |
2.5 |
- |
- |
|
Accrued Expense |
6.6 |
8.3 |
6.2 |
- |
- |
|
Unearned Income |
0.0 |
0.0 |
0.0 |
- |
- |
|
Advance from Customers |
0.4 |
0.4 |
0.6 |
- |
- |
|
Guarantee Deposit Withheld |
0.0 |
0.0 |
0.0 |
- |
- |
|
Current Borrowings |
108.8 |
86.2 |
66.7 |
53.3 |
56.0 |
|
Current Portion of LT Other Payable |
4.2 |
5.2 |
4.4 |
5.5 |
6.2 |
|
Current Portion of Long-Term Borrowings |
12.3 |
1.7 |
12.0 |
- |
- |
|
Other Current Liabilities |
- |
- |
- |
1.3 |
0.4 |
|
Withheld |
1.7 |
1.5 |
1.1 |
- |
- |
|
Total Current Liabilities |
151.4 |
123.4 |
102.5 |
76.1 |
74.0 |
|
|
|
|
|
|
|
|
Bonds With Stock Warrants |
22.8 |
- |
- |
- |
- |
|
Non-Current Borrowings |
45.1 |
23.1 |
13.3 |
10.3 |
9.5 |
|
Bonds With Stock Warrants, LT Liability |
- |
44.1 |
23.6 |
- |
- |
|
Total Long Term Debt |
67.9 |
67.2 |
36.9 |
10.3 |
9.5 |
|
|
|
|
|
|
|
|
Capital Guarantee Deposit Borrowing |
- |
- |
- |
- |
0.1 |
|
Non-Current Other Payable |
5.0 |
5.4 |
6.9 |
8.9 |
13.3 |
|
Deferred Income Taxes, LT Liabilities |
39.7 |
36.7 |
37.3 |
36.3 |
33.6 |
|
Retirement & Severance Benefits, Non-Cur |
2.0 |
2.3 |
3.8 |
3.8 |
3.6 |
|
Prov.for Environment Management |
0.3 |
1.8 |
2.0 |
1.8 |
2.8 |
|
Other LT Employee Benefits Liabilities |
- |
- |
0.0 |
0.0 |
0.0 |
|
Total Liabilities |
266.4 |
236.8 |
189.4 |
137.3 |
136.9 |
|
|
|
|
|
|
|
|
Capital Stock |
61.4 |
56.9 |
48.5 |
47.2 |
43.7 |
|
Capital Surplus |
22.4 |
- |
- |
8.3 |
7.7 |
|
Additional Paid in Capital |
- |
12.6 |
8.5 |
- |
- |
|
Consideration for Stock Warrants |
- |
8.0 |
3.3 |
- |
- |
|
Retained Earnings |
-3.5 |
12.6 |
0.8 |
-25.7 |
-25.6 |
|
Capital Adj. |
- |
- |
- |
0.2 |
0.3 |
|
Accumulated Other Comprehensive Income |
- |
- |
- |
128.9 |
119.0 |
|
Gains on Disposal of Treasury Stock |
- |
0.2 |
- |
- |
- |
|
Debt for Equity Swaps |
0.0 |
0.4 |
0.4 |
- |
- |
|
Treasury Stock |
-0.2 |
-0.2 |
-0.2 |
- |
- |
|
Gains on Valuation of Available for Sale |
0.0 |
0.1 |
0.2 |
- |
- |
|
Capital Change, Equity Method |
5.2 |
4.8 |
4.5 |
- |
- |
|
ReValt Adj. |
135.9 |
125.8 |
127.7 |
- |
- |
|
Total Equity |
221.2 |
221.1 |
193.7 |
158.8 |
145.1 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
487.5 |
458.0 |
383.0 |
296.1 |
282.0 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
13.1 |
13.1 |
11.0 |
11.0 |
11.0 |
|
Total Common Shares Outstanding |
13.1 |
13.1 |
11.0 |
11.0 |
11.0 |
|
T/S-Ordinary Shares |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Unearned Income |
0.0 |
- |
- |
- |
- |
|
Advance from Customers |
0.4 |
- |
- |
- |
- |
|
Deferred Revenue, Current |
- |
0.4 |
0.6 |
0.2 |
- |
|
Full-Time Employees |
347 |
315 |
267 |
258 |
246 |
|
Number of Common Shareholders |
- |
- |
2,917 |
1,986 |
2,064 |
|
LT Debt-Due 1 year |
12.3 |
1.7 |
12.0 |
6.0 |
- |
|
LT Debt-Due 2 years |
10.2 |
22.7 |
6.1 |
14.4 |
- |
|
LT Debt-Due 3 years |
- |
- |
7.2 |
3.5 |
- |
|
LT Debt-Remained |
34.9 |
0.4 |
- |
1.7 |
- |
|
Total Long Term Debt, Supplemental |
57.4 |
24.8 |
25.2 |
25.7 |
- |
|
Fair Value of Plan Assets |
6.3 |
5.1 |
- |
- |
- |
|
Projected Benefit Obligation |
8.3 |
7.4 |
- |
- |
- |
|
Funded Status |
-2.0 |
-2.3 |
- |
- |
- |
|
Total Funded Status |
-2.0 |
-2.3 |
- |
- |
- |
|
Discount Rate - Period End |
3.28% |
3.11% |
- |
- |
- |
|
Expected Rate of Return - Period End |
3.53% |
4.01% |
- |
- |
- |
|
Compensation Increase Rate - Period End |
3.76% |
3.85% |
- |
- |
- |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate
(Period Average) |
1126.848795 |
1107.891393 |
1156.281981 |
1276.385219 |
1100.562842 |
|
Auditor |
Jungil
Accounting Corp |
Jungil
Accounting Corp |
Jungil
Accounting Corp |
Jungil
Accounting Corp |
Jungil
Accounting Corp |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income or Loss |
-15.7 |
12.6 |
26.7 |
1.7 |
-5.4 |
|
Depreciation |
16.1 |
12.1 |
9.6 |
8.5 |
9.8 |
|
Amort. of Intangibless |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Depreciation of Idle Asset not Operation |
0.0 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Expense of Allow. for DA |
0.1 |
0.2 |
- |
0.0 |
0.3 |
|
Payment for Retirement Allow., ONCI |
1.8 |
2.1 |
1.4 |
1.2 |
0.7 |
|
Prov.for Environment Management |
0.9 |
1.1 |
1.2 |
1.0 |
1.4 |
|
Finance Expense |
11.2 |
8.3 |
6.3 |
4.6 |
6.4 |
|
Expenses of Allow. for Other DA |
- |
0.1 |
- |
- |
- |
|
Losses on Foreign Currency Translation |
0.3 |
0.2 |
0.0 |
0.1 |
0.2 |
|
Loss on Redemption of Bonds |
3.0 |
- |
- |
- |
- |
|
Gain on Sale of Sec. Available-for-Sale |
-0.1 |
- |
- |
- |
- |
|
Loss on Disposal of Equity Method Securi |
- |
0.0 |
- |
- |
- |
|
Loss-Investment Assets Disposal |
- |
- |
0.0 |
- |
0.1 |
|
Loss-Disposal of Tangible Assets |
- |
- |
- |
0.0 |
0.0 |
|
Loss under Equity Method |
11.2 |
1.0 |
1.4 |
0.6 |
1.4 |
|
Miscellaneous Gain |
-0.4 |
0.0 |
- |
- |
- |
|
Rec. of Allow. for DA |
- |
-0.2 |
0.0 |
-0.2 |
-2.0 |
|
Gain Disp Tang. Ast |
-0.1 |
0.0 |
0.0 |
0.0 |
-4.0 |
|
Gains on Foreign Currency Translation |
-0.1 |
0.0 |
0.0 |
0.0 |
-0.3 |
|
Rec. of Prov.for Environment Management |
-1.4 |
-0.2 |
-0.1 |
-1.2 |
- |
|
Recovery-Other Employee Salaries |
- |
- |
- |
0.0 |
0.0 |
|
Gain under Equity Method |
- |
-0.1 |
-27.3 |
- |
- |
|
Finance Income |
-2.5 |
-2.3 |
-1.9 |
-0.4 |
-0.2 |
|
Inventory |
-12.0 |
-38.4 |
-1.2 |
5.7 |
-12.8 |
|
Trade Receivables |
-0.8 |
-6.0 |
-0.2 |
-1.5 |
1.8 |
|
Advance Payments |
- |
- |
0.0 |
0.0 |
0.0 |
|
Trade Payable |
-4.8 |
11.2 |
1.2 |
0.5 |
2.8 |
|
Accrued Expenses |
-2.3 |
2.0 |
1.2 |
0.4 |
0.5 |
|
Other Current Assets |
2.6 |
-1.9 |
-3.7 |
-0.7 |
-0.3 |
|
Other Current Liabilities |
0.8 |
-1.9 |
0.4 |
0.8 |
0.2 |
|
Prov.for Environment Management |
-1.0 |
-1.1 |
-1.0 |
-0.9 |
-1.3 |
|
Payment for Retirement Allow. |
-1.4 |
-1.1 |
-1.0 |
-0.6 |
-1.3 |
|
Retirement Pension Assets |
-0.8 |
-2.6 |
-0.4 |
-0.8 |
0.0 |
|
Cash-Interest Received |
2.0 |
2.1 |
1.9 |
0.4 |
0.2 |
|
Cash-Interest Paid |
-8.8 |
-6.7 |
-5.1 |
-3.8 |
-5.0 |
|
Cash-Tax Refunded |
0.1 |
0.0 |
-0.4 |
0.1 |
0.1 |
|
Cash from Operating Activities |
-1.9 |
-9.6 |
9.1 |
15.6 |
-6.7 |
|
|
|
|
|
|
|
|
Dec-ST Financial Assets |
- |
- |
0.8 |
5.0 |
4.9 |
|
Sale of Current Fincl Instruments |
16.2 |
- |
- |
- |
- |
|
Disposal of Securities Available-for-Sal |
0.3 |
0.2 |
- |
- |
0.0 |
|
Disposal-Investment Assets |
- |
- |
0.9 |
- |
0.2 |
|
Decrease in Loans |
3.4 |
2.1 |
61.7 |
2.1 |
3.3 |
|
Decrease in Non-Current Loans |
0.0 |
0.0 |
0.1 |
0.1 |
0.1 |
|
Decrease in Other Receivables |
- |
- |
32.2 |
1.6 |
4.5 |
|
Decrease in Guarantee Deposit |
0.0 |
0.0 |
- |
0.0 |
0.3 |
|
Proceeds from Sale of Property Plant and |
0.1 |
0.1 |
0.1 |
0.0 |
5.3 |
|
Increase in Current Loans |
-1.8 |
- |
-84.9 |
-0.6 |
-2.5 |
|
Increase in LT Loans |
- |
- |
- |
- |
-0.2 |
|
Increase in Other Receivables |
- |
- |
-32.3 |
-1.6 |
-4.4 |
|
Increase in Guarantee Deposit |
-0.1 |
0.0 |
-0.3 |
0.0 |
-0.3 |
|
Purchase of Non-Current Fincl Instrm |
-0.1 |
0.0 |
- |
- |
- |
|
Purchase of Current Fincl Instruments |
-15.1 |
-7.0 |
- |
-1.4 |
-4.9 |
|
Purchase of Available for sale Securitie |
- |
- |
- |
-4.3 |
- |
|
Purchase of Equity Method Sec. |
- |
- |
-12.0 |
- |
- |
|
Purchase of Tangibles |
-14.1 |
-42.7 |
-21.0 |
-4.6 |
-3.8 |
|
Purchase of Intangibless |
- |
-1.3 |
-0.6 |
- |
- |
|
Purchase of Industrial Property Rights |
- |
- |
- |
- |
0.0 |
|
Cash from Investing Activities |
-11.1 |
-48.7 |
-55.3 |
-3.8 |
2.4 |
|
|
|
|
|
|
|
|
Sale of Odd Lots after Capital Reduction |
0.0 |
- |
- |
- |
- |
|
Increase in Other Payable |
- |
- |
9.4 |
- |
- |
|
Increase in Other Non-Current Payable |
3.2 |
4.0 |
2.3 |
- |
- |
|
Inc-Current Portion of Other LT Payable |
0.0 |
0.4 |
- |
6.2 |
11.5 |
|
Repay Curr LT Liabs |
- |
- |
- |
-6.8 |
-8.4 |
|
Increase in Current Borrowings |
224.1 |
80.8 |
115.6 |
78.2 |
104.1 |
|
Decrease in Treasury Stocks |
0.0 |
0.3 |
- |
- |
- |
|
Increase in Non-Current Borrowings |
30.7 |
12.2 |
14.7 |
- |
10.9 |
|
Increase in Bonds with Warrant |
0.0 |
26.5 |
25.1 |
- |
- |
|
Exercise of Stock Warrants |
0.0 |
11.5 |
- |
- |
- |
|
Expense for Stock Issuance |
- |
- |
- |
-0.2 |
0.0 |
|
Decrease in Other Payable |
- |
- |
-10.4 |
- |
- |
|
Decrease in Bonds with Warrant |
-28.6 |
- |
- |
- |
- |
|
Dec-Current Portion of Other LT Payable |
-5.8 |
-5.4 |
-6.1 |
-3.9 |
-11.3 |
|
Decrease in Non-Current Borrowings |
-1.7 |
-1.4 |
-0.3 |
- |
- |
|
Decrease in Current Borrowings |
-209.3 |
-70.3 |
-103.8 |
-84.8 |
-102.8 |
|
Cash from Financing Activities |
12.7 |
58.5 |
46.4 |
-11.3 |
4.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.2 |
-0.1 |
0.0 |
0.0 |
0.0 |
|
Incs or Decs in Cash & Cash Equivalents |
-0.5 |
0.2 |
0.1 |
0.6 |
-0.2 |
|
|
|
|
|
|
|
|
Cash and Cash Equivalents at Beginning |
1.0 |
0.9 |
0.7 |
0.1 |
0.3 |
|
Cash and Cash Equivalents at End |
0.5 |
1.0 |
0.8 |
0.6 |
0.1 |
|
Cash Interest Paid |
8.8 |
6.7 |
5.1 |
3.8 |
5.0 |
|
Cash Taxes Paid |
-0.1 |
0.0 |
0.4 |
0.1 |
0.1 |
Financial
Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
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Annual
Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.90 |
|
UK Pound |
1 |
Rs.102.74 |
|
Euro |
1 |
Rs.85.16 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to
overcome financial difficulties seems comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.