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 [November] 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 November 14, 2007. Attached is English language version of the notice.

 

MIRAE CORPORATION ANNOUNCES

THE THIRD QUARTER RESULTS FOR FISCAL YEAR 2007

Seoul, Korea, November 15, 2007 - Mirae Corporation (Nasdaq: MRAE) today reports its operating and financial results for the nine months ended September 30, 2007

The Company reported total revenues of 60,588 million won for the third quarter of 2007, decreased by 4.6 percent from total revenues of 63,520 million won for the third quarter of 2006. And, gross profit for the third quarter of 2007 was 13,211 million won increased by 88.8 percent from gross profit of 6,999 million won for the third quarter of 2006. Mirae accounted 1,063 million won of operating profit that improved its operating income by 115.9 percent or turnaround from 6,676 million won of operating loss for the third quarter of 2006. Moreover, Mirae accounted 249 million won of ordinary profit and net profit, respectively, for the third quarter of 2007; whereas, ordinary loss and net loss of 7,304 million won for the third quarter of 2006.

[Table 1.] Summary of Operating Results of FY 2007 3Q vs. FY 2006 3Q

(Unit: in million Korean won, %)

 

Category

    FY 2007 3Q    FY 2006 3Q     % Change   

Comment

Revenues

    60,588    63,520     - 4.6   

Gross profit

    13,211    6,999     + 88.8   

Operating income (loss)

    1,063    (6,676 )      Turnover Operating Profit

Ordinary income (loss)

    249    (7,304 )      Turnover Ordinary Profit

Net income (loss)

    249    (7,304 )      Turnover Net Profit

Total revenues decreased for the third quarter of 2007 compared to the same period of 2006, slightly. However, operating income increased by 115.9 percent mainly due to the reduced sales commission fees of worldwide sales for the third quarter of 2007, compared to the same period of 2006.

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 third quarter of 2007 reached 63.8 percent of the total revenue due to new customer development. Sales of Asia region was 17,467 million won, or 28.8 percent of total revenue for the third quarter of 2007, whereas, Sales of Asia region was 7,726 million won, or 12.2 percent for the third quarter of 2006. Especially, Assembly and Test Equipment Division (former Semiconductor Equipment Division) account for 80.9 percent of the total revenue, whereas, SMD Placement System Division account for 18.6 percent of the total revenue.

[Table 2] Revenues Break Down by Region.

(Unit: %)

 

Region

    FY 2007 3Q    FY 2006 3Q

Asia

    28.8    12.2

Europe

    3.8    5.2

US

    31.2    22.8

Overseas Total

    63.8    40.2

Domestic

    36.2    59.8

Total

    100.0    100.0

Each division fully portrays its figures for the third quarter of 2007 as follows. Assembly and Test Equipment Division (former Semiconductor Equipment Division) distributed sales of 48,993 million won, or 5.1 percent increase, for the third quarter of 2007 from 46,596 million won for the third quarter of 2006. In addition, SMD Placement System Division (SMT) generated revenues of 11,263 million won for the third quarter of 2007, increased by 9.9 percent from 10,253 million won for the third quarter of 2006. Sales portion by Automated Test Equipment Division, SMD placement systems Division and Other Division are 80.9 percent, 18.6 percent and 0.5 percent, respectively, for the third quarter of 2007.

[Table 3] Revenues Break Down by Division

(Unit: in million Korean won)

 

Division

    FY 2007 3Q    FY 2006 3Q    % Change

ATE Division

    48,993    46,596    + 5.1

SMT Division

    11,263    10,253    + 9.9

Other

    332    6,671    - 95.0

Total

    60,588    63,520    - 4.6

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%

October 19, 2007

 

•  

Cancellation of Stock Option Granted

Number of Grantees cancelled: 5 employees

Number of Shares cancelled: 507,343 Common Shares

Total Stock Option Granted after this Cancellation: 3,325,912

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: November 15, 2007

 

By  

/s/ Gi-Hoon Joung

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

MIRAE CORPORATION

NON-CONSOLIDATED BALANCE SHEETS UNDER KOREAN GAAP

SEPTEMBER 30, 2007

DECEMBER 31, 2006

(In millions of Korean won)

 

     FY 2007 3Q    FY 2006
     (Unaudited)    (Audited)

ASSETS

      

CURRENT ASSETS :

      

Cash and cash equivalents

    1,147    3,875

Short-term financial instruments

    22,000    38,023

Marketable securities

    52    66

Accounts receivable—trade, net

    27,677    28,074

Short-term loan

    1,052    259

Accounts receivable—other

    7,231    7,065

Inventories

    19,899    15,014

Accrued interest income

    596    648

Advance payments and others

    2,637    2,743

Prepaid income taxes

    169    268
         

Total Current Assets

    82,460    96,035
         

NON-CURRENT ASSETS :

      

Property, plant and equipment—net

    35,481    41,629

Intangible assets—net

    10,003    15,650

Available-for-sale securities

    2,902    3,525

Long-term and restricted bank deposits

    674    673

Guarantee deposits, net

    4,470    5,127

Long-term receivables

    1,634    1,634

Long-term loans and other

    402    540

Equity securities

    14,978    —  
         

Total Non-Current Assets

    70,544    68,778
         

TOTAL ASSETS

    153,004    164,813
         

(Continued)

MIRAE CORPORATION

NON-CONSOLIDATED BALANCE SHEETS UNDER KOREAN GAAP

SEPTEMBER 30, 2007

DECEMBER 31, 2006

(In millions of Korean won)

     FY 2007 3Q     FY 2006  
     (Unaudited)     (Audited)  

LIABILITIES AND SHAREHOLDERS' EQUITY

     

CURRENT LIABILITIES :

     

Accounts payable—trade

    9,903     7,890  

Short-term borrowings

    40,569     41,627  

Accounts payable—other

    1,470     1,333  

Advance receipts from customers

    23     1,978  

Withholdings

    133     164  

Accrued expenses and other

    1,648     2,166  

Short-term guarantee deposits received

    368     41  

Current long-term liability

    848     1,142  

Allowance for guarantee deposited and others

    1,378     16,378  
            

Total Current Liabilities

    56,340     72,719  
            

LONG-TERM LIABILITIES :

     

Long-term borrowings

    9,109     3,995  

Long-term guarantee deposits received

    59     —    

Accrued severance indemnities, net

    1,447     1,774  

Deffered tax liabilities

    —       145  
            

Total Long-term Liabilities

    10,615     5,914  
            

Total Liabilities

    66,955     78,633  
            

SHAREHOLDERS' EQUITY :

     

Capital stock

     

Common stock—par value (Won)100 per share; issued and outstanding 183 million shares as of September 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

    (63,066 )   (63,316 )

Capital adjustments :

     

Treasury stock

    (2,379 )   (2,379 )

Gain on valuation of investment securities

    —       381  

Loss on disposition of treasury stock

    (1,445 )   (1,445 )

Additional paid-in capital—employee stock options

    1,285     1,744  
            

Total Shareholders' Equity

    86,049     86,180  
            

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

    153,004     164,813  
            

MIRAE CORPORATION

NON-CONSOLIDATED STATEMENT OF OPERATIONS UNDER KOREAN GAAP

NINE MONTHS ENDED SEPTEMBER 30, 2007 AND 2006

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

 

     FY 2007 3Q    FY 2006 3Q  
     (Unaudited)    (Unaudited)  

REVENUES

    60,588    63,520  

COST OF SALES

    47,378    56,521  
           

GROSS PROFIT

    13,211    6,999  

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

    12,148    13,675  
           

OPERATING INCOME (LOSS)

    1,063    (6,676 )
           

OTHER INCOMES

    2,700    4,174  

OTHER EXPENSES

    3,514    4,802  
           

ORDINARY PROFIT (LOSS)

    249    (7,304 )
           

INCOME TAX EXPENSE (BENEFIT)

    —      —    

NET INCOME(LOSS)

    249    (7,304 )
           

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

    1    (26 )
           

MIRAE CORPORATION

NON-CONSOLIDATED STATEMENTS OF CASH FLOWS

NINE MONTHS ENDED SEPTEMBER 30, 2007 AND 2006

(In millions of Korean won)

 

     FY 2007 3Q     FY 2006 3Q  
     (Unaudited)     (Unaudited)  

CASH FLOWS FROM OPERATING ACTIVITIES :

     

Net income (loss)

    249     (7,304 )
            

Expenses not involving cash payments :

     

Provision for severance indemnities

    806     622  

Depreciation and amortization

    2,584     2,901  

Allowance for bad debts

    —       —    

Loss from depreciation of intangible assets

    2,434     1,269  

Allowance for bad debts for others

    —       427  

Foreign currency translation loss

    215     666  

Loss from valuation of short-term securities

    14     —    

Loss from disposal of tangible asset

    —       1  

Loss from disposal and valuation of Available-for-sale securities

    151     —    

Equity in losses of affiliate

    —       201  

Loss on disposition of short-term securities

    —       4  

Expense from A/S

    1,050     720  

Compensation cost related to stock options

    —       80  

Loss from disposal of account receivable

    —       29  

Others

    —       —    
            

Sub-total

    7,254     6,920  

Income not involving cash receipts :

     

Foreign currency translation gain

    (135 )   (651 )

Recapture of present value discount account

    0     (249 )

Gain on disposal and valuation of marketable securities

    0     (18 )

Gain on disposal of tangible assets

    (24 )   (14 )

Gain on disposition of investment securities

    —       0  

Reversal of allowance for bad debts

    (47 )   (909 )

Gain on disposal of available-for-sale securities

    (908 )   0  
            

Sub-total

    (1,114 )   (1,841 )

(Continued)

MIRAE CORPORATION

NON-CONSOLIDATED STATEMENTS OF CASH FLOWS

NINE MONTHS ENDED SEPTEMBER 30, 2007 AND 2006

(In millions of Korean won)

 

     FY 2007 3Q     FY 2006 3Q  
     (Unaudited)     (Unaudited)  

Changes in assets and liabilities related to operating activities :

     

Accounts receivable—trade

    126     19,938  

Accounts receivable—other

    (114 )   371  

Accrued income

    51     (228 )

Advance payments

    (320 )   (5,262 )

Prepaid expenses

    24     27  

Prepaid income tax

    99     6  

Inventories

    (8,002 )   2,987  

Accounts payable—trade

    2,019     (10,347 )

Accounts payable—other

    138     (251 )

Advance receipts from customers

    (1,955 )   373  

Withholdings

    (31 )   97  

Accrued expenses

    (518 )   7  

Loss from construction warranty

    —       (3 )

Severance indemnity payments

    (1,134 )   (1,061 )

Decrease in provision for guarantees of the indebtedness

    —       (2,077 )
            

Sub-total

    (9,617 )   4,577  
            
   (3,228 )   2,352  
            

CASH FLOWS FROM INVESTING ACTIVITIES :

     

Cash in flows from investing activities:

     

Decrease in short-term financial instruments

    13,013     25,119  

Decrease in Trading securities

    1,788     4,256  

Decrease in short-term loans

    225     —    

Proceeds from disposal of available-for-sale securities

    1,917     —    

Decrease in long-term loans

    138     368  

Decrease in guarantee deposits

    1,536     962  

Proceeds from disposal of property, plant and equipment

    31     154  

Proceeds from disposal of other intangible assets

    11     —    

Increase in guarantee deposits

    343     7  

Increase in Long term guarantee deposits

    59     10  

Decrease in long-term financial instruments

    —       2  
            
   19,061     30,878  

(Continued)

MIRAE CORPORATION

NON-CONSOLIDATED STATEMENTS OF CASH FLOWS

NINE MONTHS ENDED SEPTEMBER 30, 2007 AND 2006

(In millions of Korean won)

 

     FY 2007 3Q     FY 2006 3Q  
     (Unaudited)     (Unaudited)  

Cash out flows from investing activities:

     

Increase in investment securities

    1,788     4,009  

Increase in short-term loans

    1,014     150  

Increase in long-term financial instruments

    —       7  

Acquisition of investment securities by equity method

    1,281     —    

Acquisition of available-for-sale securities

    1,062     507  

Increase in guarantee deposits

    879     1,102  

Acquisition of property, plant and equipment

    36     550  

Increase in construction in-progress

    —       453  

Acquisition of other tangible assets

    525     686  

Acquisition of industrial rights

    232     404  

Increase in research and development cost

    3,503     4,378  

Decrease in guarantee deposits

    15     —    

Decrease in Long term guarantee deposits

    —       104  

Increase in short-term financial instruments

    12,000     24,035  
            
   22,335     36,385  

CASH FLOWS FROM FINANCING ACTIVITIES :

     

Cash in flows from financing activities :

     

Issuance of common shares

    —       —    

Increase in short-term borrowings

    —       39,024  

Increase in long-term borrowings

    6,000     —    
            

Sub total

    6,000     39,024  
            

Cash out flows from financing activities :

     

Decrease in short-term borrowings

    (1,083 )   (39,658 )

Decrease in long-term borrowings

    —       (16 )

Decrease in current maturities of long-term liabilities

    (1,142 )   (297 )
            

Sub total

    (2,225 )   (39,971 )
            
   3,775     (947 )
            

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

    (2,728 )   (4,102 )

CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD

    3,875     7,143  
            

CASH AND CASH EQUIVALENTS AT END OF THE PERIOD

    1,147     3,041