MIRA
INFORM REPORT
|
Report Date : |
18.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
FINE SEMITECH CORPORATION |
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Registered Office : |
180-3, Yeongcheon-ri, Dongtan-myeon, Hwaseong-si, GYEONGGI-DO -
445-813 |
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Country : |
Korea |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
09/29/1987 |
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Legal Form : |
Listed Company |
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Line of Business : |
Manufacture of Semiconductor- Making Machinery |
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 |
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|
|
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Payment Behaviour : |
Usually correct |
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Litigation : |
Exists |
Basic
|
Company
Name |
FINE
SEMITECH CORPORATION |
|
Registered Address |
180-3,
Yeongcheon-ri, Dongtan-myeon, Hwaseong-si, GYEONGGI-DO, KOREA |
|
Zip Code |
445-813 |
|
Tel |
+82-31-370-0700 |
|
Fax |
+82-31-370-0805 |
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E-mail |
sales@fst.co.kr |
|
Website |
www.fstc.co.kr |
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Trading Address |
180-3,
Yeongcheon-ri, Dongtan-myeon, Hwaseong-si, GYEONGGI-DO, KOREA |
|
Tel |
+82-31-370-0700 |
|
Fax |
+82-31-370-0805 |
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Type |
Export |
|
Industry |
Manufacture of Semiconductor- Making Machinery |
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Main Business |
Pellicle, Chiller, IPA Dryer |
|
Established (mm/dd/yyyy) |
09/29/1987 |
The Subject owns the premises of registered
address, but as of 04/11/2007, the premise(3,732㎡) is supposed to acquired by Korea Land Corporation for the construction
of road. Its price is 5,230,409,477 KRW and It should be completed by
05/31/2007.
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Air dryers(23201202) |
|
Sell |
Laboratory chillers(41103023) |
|
Sell |
Semiconductor devices(32111700) |
|
Sell |
Pellicles |
|
Buy |
Computer chassis(43201601) |
|
Buy |
Power supply units(39121004) |
|
Buy |
Resistors(32121600) |
|
Buy |
Switches and controls and relays and accessories(39121500) |
|
Buy |
Capacitors(32121500) |
|
Buy |
Expansion valves(40141612) |
|
Buy |
Solenoid valves(40141605) |
|
Buy |
Compressors(40151600) |
|
Buy |
Filters(40161500) |
|
Buy |
Level sensors or transmitters(41111938) |
|
Buy |
Earth leakage circuit breakers(39121614) |
|
Buy |
Photoelectric sensors(39121528) |
CEO’s
|
Name |
Chang Myung-Shik |
|
Date of Birth |
12/18/1953 |
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Title |
President & CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
|
Capital |
6,512,720,000 KRW |
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Employees |
167 |
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Formation |
Listed Company (KOSDAQ : 036810) as of 01/18/2000 Venture Business, Foreign Direct Investment Corporations |
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Bank Details |
Citi Bank, Korea,-Suwon Jongro Branch |
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Corporate Registered No. |
110111-0546006 |
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Business Registered No. |
124-81-23841 |
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Permit & Licenses |
12/1994 ISO 9001 02/2000 CE (Chiller) 02/2006 ISO 14001 Int’l Trade No.: 982093 |
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Shareholder Position |
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Company History |
09/1987 Established as Fine Semiconductor
Technology Co., Ltd. 04/1994 Awarded the Minister of Science
& Technology Award in the 9th Venture Company Grand Prize 01/2000 Listed at KOSDAQ Market 09/2000 Awarded Venture Company Committee
Social Prize 08/2001 Changed company name to the
present name 02/2002 Acquired Gigatron 03/23/2007
Changed English company name to the present name from FST INC. |
The Subject Company is a Korea-based company
engaged in the manufacturing of pellicles and chillers. The Company provides
two main products: pellicles, which protect mask and reticle surfaces from
atmospheric particles and other types of pollution, and chillers, including
dual-compressor chillers, thermoelectric chillers, heat exchangers and
temperature and humidity controllers (THCs). During the year ended December 31,
2005, the Company had a production capacity of 150,000 pellicles and its actual
output was 75,717 pellicles. In 2005, pellicles and chillers accounted for
approximately 34% and 56% of total sales, respectively. The Company's headquarters
and factory are located in Gyeonggi Province.
Management
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
President & CEO |
Mr. |
Chang Myung-Shik |
Korean |
53.12.18 |
Seogang University |
|
Director |
Mr. |
Kim Doo-Won |
Korean |
56.01.23 |
Hanyang University |
|
Director |
Mr. |
Paik Jong-Sung |
Korean |
55.12.07 |
Yonsei University |
|
Director |
Mr. |
Hwang Chung-Ho |
Korean |
60.03.20 |
Yonsei University |
|
Director |
Mr. |
Chang In-Jae |
Korean |
66.12.15 |
Hanvat University |
|
Auditor |
Mr. |
Kim Dong-Soo |
Korean |
52.10.01 |
Seogang University |
Financials
Unit: KRW
|
Year |
Sales |
Assets |
Net income |
|
2006 |
45,605,317,467 |
58,898,961,402 |
1,358,485,744 |
|
34,241,218,745 |
60,766,497,753 |
(-)434,429,050 |
|
|
2004 |
29,941,444,776 |
52,736,497,390 |
1,218,851,480 |
Financial Description
Unit: KRW
|
Authorized
Capital |
2,500,000,000,000 |
|
Paid-Up
Capital |
6,512,720,000 |
|
Total Issues Shares |
13,025,440 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2006 |
As of 12/31/2005 |
As of 12/31/2004 |
|
Total Assets |
58,898,961,402 |
60,766,497,753 |
52,736,497,390 |
|
Current Assets |
26,108,888,472 |
27,105,296,734 |
22,894,062,006 |
|
-Quick Assets |
11,954,256,074 |
13,191,499,674 |
9,837,322,890 |
|
-Inventories |
14,154,632,398 |
13,913,797,060 |
13,056,739,116 |
|
Fixed Assets |
32,790,072,930 |
33,661,201,019 |
29,842,435,384 |
|
-Investment |
5,525,423,771 |
5,983,343,817 |
6,521,302,872 |
|
-Tangibles |
22,916,138,382 |
23,277,552,477 |
19,155,459,815 |
|
-Intangibles |
4,348,510,777 |
4,400,304,725 |
4,165,672,697 |
|
Total Liabilities |
34,696,077,405 |
37,884,668,379 |
30,170,639,436 |
|
Current Liabilities |
22,475,073,911 |
25,591,093,019 |
21,780,357,240 |
|
Fixed Liabilities |
12,221,003,494 |
12,293,575,360 |
8,390,282,196 |
|
Capital Stock |
6,512,720,000 |
6,512,720,000 |
6,512,720,000 |
|
Capital Surplus |
17,228,252,495 |
17,128,421,630 |
16,841,829,130 |
|
Profit Surplus |
2,217,757,112 |
859,271,368 |
1,293,700,418 |
|
Capital Adjustment |
(-)1,755,845,610 |
(-)1,618,583,624 |
(-)2,082,391,594 |
|
Total Equity |
24,202,883,997 |
22,881,829,374 |
22,565,857,954 |
|
Liab. & Shareholder’s Equity |
58,898,961,402 |
60,766,497,753 |
52,736,497,390 |
|
Current Liabilities |
22,475,073,911 |
25,591,093,019 |
21,780,357,240 |
|
Trade Payables |
8,203,173,993 |
9,850,454,464 |
7,308,406,316 |
|
Short-Term Borrowings |
10,989,247,189 |
11,714,877,170 |
5,270,000,000 |
|
Account Payables |
269,754,035 |
391,873,302 |
1,357,987,126 |
|
Advance Receipts |
- |
517,000,000 |
90,200,000 |
|
Withholdings |
19,930,948 |
21,461,767 |
37,537,322 |
|
Accrued Income Tax |
- |
155,715,481 |
54,472,719 |
|
Accrued Expenses |
33,574,097 |
43,804,061 |
15,290,070 |
|
Current Portion of Long -Term Debts |
2,959,393,649 |
2,895,906,774 |
7,646,463,687 |
|
Fixed Liabilities |
12,221,003,494 |
12,293,575,360 |
8,390,282,196 |
|
Long-Term Borrowings |
5,601,067,261 |
7,858,308,811 |
7,058,298,158 |
|
Long-Term Account payables |
248,904,258 |
90,309,715 |
922,802,221 |
|
Convertible Debentures |
1,942,799,604 |
- |
- |
|
Debentures with Stock Warrants |
3,364,273,430 |
3,608,346,953 |
- |
|
Provision for Severance & Retirement |
1,006,937,700 |
652,464,700 |
366,758,885 |
|
Others |
57,021,241 |
84,145,181 |
42,422,932 |
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Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2006 |
As of 12/31/2005 |
As of 12/31/2004 |
|
Sales |
45,605,317,467 |
34,241,218,745 |
29,941,444,776 |
|
Cost of Sold Goods |
35,092,599,954 |
25,846,325,198 |
21,806,209,758 |
|
Gross Profit |
10,512,717,513 |
8,394,893,547 |
8,135,235,018 |
|
Selling & Admin. Expenses |
7,344,710,465 |
7,167,676,678 |
5,273,910,542 |
|
Operating Income |
3,168,007,048 |
1,227,216,869 |
2,861,324,476 |
|
Non-Operating Income |
990,200,328 |
1,080,162,233 |
706,544,225 |
|
Non-Operating expenses |
2,811,308,479 |
2,879,969,847 |
2,746,937,379 |
|
Ordinary Income |
1,346,898,897 |
(-)572,590,745 |
820,931,322 |
|
Special Income |
- |
- |
- |
|
Income Before Taxes |
1,346,898,897 |
(-)572,590,745 |
820,931,322 |
|
Income Taxes Expenses |
(-)11,586,847 |
(-)138,161,695 |
(-)397,920,158 |
|
Net Income |
1,358,485,744 |
(-)434,429,050 |
1,218,851,480 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2006 |
As of 12/31/2005 |
As of 12/31/2004 |
|
Cash Flows from Operating |
2,752,237,261 |
2,829,229,470 |
(-)1,563,056,250 |
|
-Net Income |
1,358,485,744 |
(-)434,429,050 |
1,218,851,480 |
|
-Exp. without Cash Outflow |
5,685,806,085 |
5,635,264,125 |
3,459,285,709 |
|
-Revenue without Cash Inflows |
(-)489,702,794 |
(-)576,413,641 |
(-)299,063,148 |
|
-Changes in Asset/ & Liability |
(-)3,802,351,774 |
(-)1,795,191,964 |
(-)5,942,130,291 |
|
Cash Flows from Investing |
(-)1,672,993,475 |
(-)8,290,990,359 |
(-)9,591,768,869 |
|
-Cash Inflow from Investing |
3,062,500,090 |
258,776,340 |
827,818,406 |
|
-Cash Outflows for Investing |
(-)4,735,493,565 |
(-)8,549,766,699 |
(-)10,419,587,275 |
|
Cash Flows from Financing |
(-)968,835,764 |
6,054,384,527 |
12,352,680,641 |
|
-Cash Inflows from Financing |
13,192,877,170 |
12,771,851,000 |
20,993,576,255 |
|
-Cash Outflows from Financing |
(-)14,161,712,934 |
(-)6,717,466,473 |
(-)8,640,895,614 |
|
Increase/Decrease in Cash |
110,408,022 |
592,623,638 |
1,197,855,522 |
|
Cash at the Beginning of Year |
2,320,969,620 |
1,728,345,982 |
530,490,460 |
|
Cash at the End of Year |
2,431,377,642 |
2,320,969,620 |
1,728,345,982 |
Products,
Technologies, Services
Description
|
Main
Products & Services |
Pellicle Chiller IPA Dryer |
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Production
Capacity (Unit ; EA) |
|
Trade Partners
|
Customers |
Samsung Electronics -Sales Channel Domestic: Direct Sales (Pellicle-VMI System
/ Chiller-The Subject Brand or OEM System) Export: Direct Sales or Sales through
Agents -Payment Condition Domestic: Credit or Cash] Export: T/T |
|
Competitors |
Asahi-Kasei-Japan LASEMTECH.INC.(130111-0023349) UNION SEMICONDUCTOR EQUIPMENT CO., LTD(134811-0024878) The Subject’s Pellicle and the Subject’s
Chiller account for 70% and 65% respectively in domestic Market Share. |
Related Parties
(Subsidiaries, Joint-
Venture &
Affiliates)
|
Affiliates |
BITECH CO., LTD. PS PLASMA AMP Engineering |
|
Subsidiary |
GIGATRON.CO.,LTD.(120111-0157679) The Subject has 100% shares of
GIGATRON.CO.,LTD. |
Sales by Region (Activity
& Markets)
|
Sales/ Unit : Thousand KRW |
2006 |
2005 |
2004 |
|
Export |
9,995,785 |
5,119,663 |
2,370,471 |
|
Domestic |
35,609,533 |
29,121,555 |
27,570,974 |
|
Total |
45,605,318 |
34,241,218 |
29,941,445 |
The Subject exports its products to Taiwan, USA and Japan.
Court Action
|
Case No. |
Court |
Plaintiff(s)/
Creditor(s)/ Applicant(s) |
Defendant(s)/ Debtor(s)/
Respondent(s) |
Cause |
Amount (Million KRW) |
Status |
|
|
Supreme Court |
The Subject |
|
Payment on Sales Commission |
424 |
|
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)