6-K 1 d6k.htm FORM 6-K Form 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of [August], 2007

 

MIRAE CORPORATION

(Translation of registrant’s name into English)

 

#9-2, CHA AM-DONG, CHUN AN CITY, CHOONG-NAM 330-200

REPUBLIC OF KOREA

(Address of principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F (  ü  )                No            Form 40-F (        )

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes (        )                    No (  ü  )

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-            .

The registrant files with the Korea Securities Exchange the notice dated August 14, 2007. Attached is English language version of the notice.

 

MIRAE CORPORATION ANNOUNCES

THE FIRST HALF RESULTS FOR FISICAL YEAR 2007

Seoul, Korea, August 17, 2007 - Mirae Corporation (Nasdaq: MRAE) today reports its operating and financial results for the six months ended June 30, 2007

The Company reported total revenues of 44,693 million won for the first half of 2007, decreased by 7.8 percent from total revenues of 48,466 million won for the first half of 2006. And, gross profit for the first half of 2007 was 8,558 million won increased by 43.9 percent from gross profit of 5,949 million won for the first half of 2006. Mirae accounted 642 million won of operating profit that improved its operating income by 119.1 percent or turnaround from 3,357 million won of operating loss for the first half of 2006. Moreover, Mirae accounted 855 million won of ordinary profit and net profit, respectively, for the first half of 2007; whereas, ordinary loss and net loss of 4,811 million won for the first half of 2006.

[Table 1.] Summary of Operating Results of FY 2007 1H vs. FY 2006 1H

(Unit: in million Korean won, %)

 

Category

    FY 2007 1H    FY 2006 1H     % Change   

Comment

Revenues

    44,693    48,466     -7.8   

Operating income (loss)

    642    (3,357 )      Turnover Operating Profit

Ordinary income (loss)

    855    (4,811 )      Turnover Ordinary Profit

Net income (loss)

    855    (4,811 )      Turnover Net Profit

Mirae Corporation emphasized on the global network reinforcement that facilitated its global market development as well as existing market penetration. By doing so, the Company’s overseas sales for the first half of 2007 reached 60.33 percent of the total revenue due to new customer development. Sales of Asia region was 14,574 million won, or 32.61 percent of total revenue for the first half of 2007, whereas, Sales of Asia region was 5,722 million won, or 11.81 percent for the first half of 2006. Especially, Assembly and Test Equipment Division (former Semiconductor Equipment Division) account for 59.0 percent of the total revenue, whereas, SMD Placement System Division account for 18.8 percent of the total revenue.

[Table 2] Revenues Break Down by Region.

(Unit: %)

 

Region

    FY 2007 1H    FY 2006 1H

Asia

    32.61    11.81

Europe

    3.86    4.91

US

    23.86    21.61

Overseas Total

    60.33    38.33

Domestic

    39.67    61.67

Total

    100.0    100.0

Each division fully portrays its figures for the first half of 2007 as follows. Assembly and Test Equipment Division (former Semiconductor Equipment Division) distributed sales of 26,369 million won, or 23.7 percent decrease, for the first half of 2007 from 34,547 million won for the first half of 2006. However, SMD Placement System Division (SMT) generated revenues of 8,397 million won for the first half of 2007, increased by 8.8 percent from 7,716 million won for the first half of 2006. Sales portion by Automated Test Equipment Division, SMD placement systems Division and Other Division are 59.0 percent, 18.8 percent and 22.2 percent, respectively, for the first half of 2007.

[Table 3] Revenues Break Down by Division

(Unit: in million Korean won)

 

Division

    FY 2007 1H    FY 2006 1H    % Change

ATE Division

    26,369    34,547    -23.7

SMT Division

    8,397    7,716    +8.8

Other

    9,927    6,203    +60.0

Total

    44,693    48,466    -7.8

Highlights of FY 2007

January 3, 2007

 

•  

Cyberbank Corporation creditor was reported to have made a decision in carrying out the right of pledge was collateralized deposit by Mirae Corporation.

1.Summary

Mirae Corporation provided pledge our deposit as collateral to our affiliated company Cyberbank Corporation and the repayment of the borrowings is not made for the creditor Korea Development Bank by Cyberbank Corporation. As of January 3, 2007, Cyberbank Corporation creditor was reported to have made a decision in carrying out the right of pledge that collateralized deposit by Mirae Corporation. According to the contractual obligation with creditor, Mirae Corporation has to subrogate the debt of Cyberbank Corporation.

2.Mirae Corporation provided collateral of deposit in the total amount of Won 23,000 million for the repayment of borrowings. As of January 3, 2007, Mirae Corporation will have to subrogate the debt in the amount of Won 15,000 million (12.3% of Equity Capital) of Cyberbank Corporation due to the repayment of the borrowings was not made for the creditor.

January 9, 2007

 

•  

Decision on disposal of Equities of SOFTFORUM Co., Ltd.

Number of Shares to be disposed: 230,810

Disposal Amount (KRW): 820,634,540

Number of Shares held after disposal: 0

January 16, 2007

 

•  

Decision on investment in SOFTFORUM Co., Ltd.

Number of Shares to be acquired: 243,331

Acquisition Amount (KRW): 661,860,320

Number of Shares held after acquisition: 243,331

Purpose of Acquisition: Taking profit from general investment

February 12, 2007

 

•  

Decision on disposal of Equities of SOFTFORUM Co., Ltd.

Number of Shares to be disposed: 243,331

Disposal Amount (KRW): 973,324,000

Number of Shares held after disposal: 0

March 5, 2007

 

•  

Decision on Calling Annual Shareholders’ Meeting

Date: March 27, 2007

The agenda for the 16th Annual Shareholders’ Meeting.

A. Report

1) Report on business and Audit Results

B. Agenda

1) Approval of Balance sheet, Income statement and Statement of loss disposition for the fiscal year 2006.

2) Partial amendment to articles of incorporation.

3) Approval of the ceiling amount of the Remuneration for Directors

March 27, 2007

 

•

  

Result of the 16th Annual Shareholders’ Meeting

1) Approval of Balance Sheet, Income Statement and Statement of loss disposition for the fiscal year 2006

® Resolved as proposed

2) Partial amendment to articles of Incorporation

® Resolved as proposed

3) Approval of the ceiling amount of remuneration for directors

® Resolved as proposed

April 27, 2007

 

•  

Cancellation of Stock Option Granted

Number of Grantees cancelled: 44 employees

Number of Shares cancelled: 2,280,795 Common Shares

Total Stock Option Granted after this Cancellation: 3,833,255

May 14, 2007

 

•  

Decision on investment in Slim Disc Corporation

Number of Shares to be acquired: 16,119

Acquisition Amount (KRW): 80,595,000

Number of Shares held after acquisition: 16,119

Number of Shareholding ration after acquisition: 23.03%

 

•  

Addition of Affiliated Company

Name of Company: Slim Disc Corporation

Main Business: Development, Manufacture and Sale of multi media related product and disc.

July 19, 2007

 

•  

Decision on investment in GLD Corporation

Number of Shares to be acquired: 15,103,166

Acquisition Amount (KRW): 15,103,166,000

Number of Shares held after acquisition: 16,303,166

Number of Shareholding ration after acquisition: 98%

This release contains operation and financial performance and other financial business matters prepared using accounting principles and reporting practices generally accepted in Korea (“Korean GAAP”) and is in unconsolidated basis. In accordance with KSE regulation, the unconsolidated balance sheet, the unconsolidated statement of operation and the unconsolidated statement of cash flows for the third quarter of 2004, have been reviewed by the Outside Auditor. In all other respects, these unconsolidated balance sheet, the unconsolidated statement of operation and the unconsolidated statement of cash flows under Korean GAAP are not intended to present the Company’s financial position and results of operations in accordance with accounting principles and reporting practices generally accepted in the United States. Accordingly, the balance sheet, statements of operation and statement of cash flows are not designed for use by those who are not informed about Korean GAAP.

Mirae Corporation is a manufacturer and supplier of semiconductor handlers and SMD placement systems along with Internet related businesses including SoftForum (PKI solution provider).

The common stock of Mirae Corporation is traded on the Korea Stock Exchange under the number “025560” and American Depositary Receipt of the common stock of Mirae is traded on the Nasdaq National Market under the symbol “MRAE”.

Balance Sheet

Income Statement

Cash Flow

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: August 17, 2007

 

By  

Gi-Hoon Joung

  Gi-Hoon Joung
  Mirae Corporation
  Director of Accounting Team and Acting CFO

MIRAE CORPORATION

NON-CONSOLIDATED BALANCE SHEETS UNDER KOREAN GAAP

JUNE 30, 2007

DECEMBER 31, 2006

(In millions of Korean won)

 

ASSETS

    FY 2007 1H    FY 2006
     (Unaudited)    (Audited)

CURRENT ASSETS :

      

Cash and cash equivalents

    6,665    3,875

Short-term financial instruments

    22,700    38,023

Marketable securities

    53    66

Accounts receivable - trade, net

    30,869    28,074

Short-term loan

    578    259

Accounts receivable - other

    7,644    7,065

Inventories

    19,777    15,014

Accrued interest income

    417    648

Advance payments and others

    2,833    2,743

Prepaid income taxes

    151    268
         

Total Current Assets

    91,687    96,035
         

NON-CURRENT ASSETS :

      

Property, plant and equipment - net

    40,464    41,629

Intangible assets - net

    18,796    15,650

Available-for-sale securities

    2,902    3,525

Long-term and restricted bank deposits

    675    673

Guarantee deposits, net

    5,018    5,127

Long-term receivables

    1,634    1,634

Long-term loans and other

    457    540

Equity securities

    81    —  
         

Total Non-Current Assets

    70,027    68,778
         

TOTAL ASSETS

    161,714    164,813
         

(Continued)

MIRAE CORPORATION

NON-CONSOLIDATED BALANCE SHEETS UNDER KOREAN GAAP

JUNE 30, 2007

DECEMBER 31, 2006

(In millions of Korean won)

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

    FY 2007 1H     FY 2006  
     (Unaudited)     (Audited)  

CURRENT LIABILITIES :

     

Accounts payable - trade

    18,133     7,890  

Short-term borrowings

    46,447     41,627  

Accounts payable - other

    998     1,333  

Advance receipts from customers

    16     1,978  

Withholdings

    140     164  

Accrued expenses and other

    1,570     2,166  

Short-term guarantee deposits received

    128     41  

Current long-term liability

    1,138     1,142  

Allowance for guarantee deposited and others

    1,305     16,378  
            

Total Current Liabilities

    69,875     72,719  
            

LONG-TERM LIABILITIES :

     

Long-term borrowings

    3,414     3,995  

Long-term guarantee deposits received

    60     —    

Accrued severance indemnities, net

    1,711     1,774  

Deffered tax liabilities

    —       145  
            

Total Long-term Liabilities

    5,185     5,914  
            

Total Liabilities

    75,060     78,633  
            

SHAREHOLDERS’ EQUITY :

     

Capital stock

     

Common stock - par value (Won)100 per share; issued and outstanding 183 million shares as of June 30,2007 and December 31 2006

   18,387     18,387  

Capital surplus :

     

Additional paid-in capital

    132,616     132,616  

Other Capital Surplus

    651     192  

Retained earnings(Accumulated deficit) :

     

Unappropriated

    (62,461 )   (63,316 )

Capital adjustments :

     

Treasury stock

    (2,379 )   (2,379 )

Gain on valuation of investment securities

    —       381  

Loss on dispositon of treasury stock

    (1,445 )   (1,445 )

Additional paid-in capital - employee stock options

    1,285     1,744  
            

Total Shareholders’ Equity

    86,654     86,180  
            

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

    161,714     164,813  
            

MIRAE CORPORATION

NON-CONSOLIDATED STATEMENTS OF OPERATIONS UNDER KOREAN GAAP

FOR THE SIX MONTHS ENDED JUNE 30, 2007 AND 2006

(In millions of Korean won, except per share data)

 

Category

    2007 2Q    2007 1H    2006 2Q     2006 1H  

REVENUES

    21,260    44,693    17,200     48,466  

COST OF SALES

    16,897    36,136    16,392     42,517  

GROSS PROFIT

    4,363    8,558    808     5,949  

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

    3,963    7,916    4,444     9,306  

OPERATING INCOME (LOSS)

    400    642    (3,637 )   (3,357 )

OTHER INCOMES:

    964    2,500    1,350     2,433  

OTHER EXPENSES:

    1,151    2,288    1,868     3,887  

ORDINARY PROFIT (LOSS)

    213    855    (4,154 )   (4,811 )

INCOME TAX EXPENSE (BENEFIT)

    —      —      —       —    

NET INCOME(LOSS)

    213    855    (4,154 )   (4,811 )

NET INCOME(LOSS) PER SHARE (In Korean won)

    1    5    (23 )   (26 )

MIRAE CORPORATION

NON-CONSOLIDATED STATEMENTS OF CASH FLOWS

SIX MONTHS ENDED JUNE 30, 2007 AND 2006

(In millions of Korean won)

 

     FY 2007 1H     FY 2006 1H  
     (Unaudited)     (Unaudited)  

CASH FLOWS FROM OPERATING ACTIVITIES :

     

Net income (loss)

    855     (4,811 )
            

Expenses not involving cash payments :

     

Provision for severance indemnities

    525     422  

Depreciation and amortization

    1,943     1,893  

Allowance for bad debts

    —       315  

Loss from depreciation of intangible assets

    1,756     710  

Foreign currency translation loss

    153     703  

Expense from A/S

    544     490  

Loss from disposal of tangible asset

    —       1  

Equity in losses of affiliate

    —       201  

Loss on disposition of short-term securities

    13     —    

Impairment loss of available-for-sale securities

    151     —    

Compensation cost related to stock options

    —       80  

Others

    —       29  
            

Sub-total

    5,085     4,844  

Income not involving cash receipts :

     

Foreign currency translation gain

    (502 )   (385 )

Recapture of present value discount account

    0     (174 )

Gain on disposal and valuation of marketable securities

    0     (26 )

Gain on disposal of available-for sale securities

    (908 )   0  

Gain on disposal of tangible assets

    (24 )   0  

Reversal of allowance for bad debts

    (93 )   (227 )
            

Sub-total

    (1,527 )   (812 )

(Continued)

MIRAE CORPORATION

NON-CONSOLIDATED STATEMENTS OF CASH FLOWS

SIX MONTHS ENDED JUNE 30, 2007 AND 2006

(In millions of Korean won)

 

     FY 2007 1H     FY 2006 1H  
     (Unaudited)     (Unaudited)  

Changes in assets and liabilities related to operating activities :

     

Accounts receivable - trade

    (3,095 )   15,780  

Accounts receivable - other

    (450 )   1,262  

Accrued income

    231     91  

Advance payments

    (133 )   (3,252 )

Prepaid expenses

    7     5  

Prepaid income tax

    117     45  

Inventories

    (6,830 )   6,326  

Accounts payable - trade

    10,258     (11,846 )

Accounts payable - other

    (335 )   (5 )

Advance receipts from customers

    (1,962 )   (28 )

Withholdings

    (24 )   36  

Accrued expenses

    (597 )   123  

Allowance for warranty payment

    (618 )   (493 )

Allowance for guarantee deposits payment

    (15,000 )   (1,538 )

Severance indemnity payments

    (588 )   (632 )
            

Sub-total

    (19,019 )   5,874  
            
   (14,606 )   5,095  
            

CASH FLOWS FROM INVESTING ACTIVITIES :

     

Cash in flows from investing activities:

     

Decrease in short-term financial instruments

    15,323     17,869  

Decrease in trading securities

    —       4,000  

Decrease in short-term loan

    11     —    

Decrease in long-term loans

    84     278  

Disposition of available-for-sale securities

    1,917     —    

Decrease in guarantee deposits

    545     192  

Proceeds from disposal of property, plant and equipment

    31     1  

Disposition of intangible assets

    11     —    

Decrease in long-term financial instruments

    2     1  

Increase in Long term guarantee deposits

    157     7  
            
   18,081     22,348  

(Continued)

MIRAE CORPORATION

NON-CONSOLIDATED STATEMENTS OF CASH FLOWS

SIX MONTHS ENDED JUNE 30, 2007 AND 2006

(In millions of Korean won)

 

     FY 2007 1H     FY 2006 1H  
     (Unaudited)     (Unaudited)  

Cash out flows from investing activities:

     

Increase in short-term financial instruments

    —       17,035  

Increase in short-term loans

    330     140  

Increase in long-term financial instruments

    5     5  

Acquisition of available for sale securities

    1,062     507  

Increase in guarantee deposits

    436     267  

Acquisition of property, plant and equipment

    12     252  

Increase in construction in-progress

    260     453  

Acquisition of other tangible assets

    336     500  

Acquisition of industrial rights

    157     272  

Increase in research and development cost

    2,689     3,634  

Decrease in guarantee deposits

    10     104  

Acquisition of investment securities by equity method

    81    

Acquisition of trading securities

    —       4,000  
            
   (5,378 )   (27,169 )

CASH FLOWS FROM FINANCING ACTIVITIES :

     

Increase in short-term borrowings

    5,264     33,606  

Increase in long-term borrowings

    —       —    

Decrease in short-term borrowings

    —       (34,261 )

Decrease in current maturities of long-term obligation

    (571 )   —    

Decrease in long-term borrowings

    —       —    
            
   4,693     (655 )
            

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

    2,790     (380 )

CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD

    3,875     7,143  
            

CASH AND CASH EQUIVALENTS AT END OF THE PERIOD

    6,665     6,763