MIRA
INFORM REPORT
|
Report Date : |
08.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
HOMECAST CO.,
LTD. |
|
|
|
|
Registered Office : |
7th Fl., IT Venture Tower East, 78, Garakbon-dong, Songpa-gu, Seoul -
138-950 |
|
|
|
|
Country : |
Korea |
|
|
|
|
Financials (as on) : |
30.09.2007 |
|
|
|
|
Date of Incorporation : |
05/01/2000 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Television and Radio Receivers, Sound or Video Recording
or Reproducing Apparatuses, and Related Goods |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exists |
Basic
|
Company
Name |
HOMECAST CO., LTD. |
|
Registered Address |
78, Garakbon-dong, Songpa-gu, Seoul, Korea |
|
Building |
7th Fl., IT Venture Tower East |
|
Zip Code |
138-950 |
|
Tel |
+82-2-2142-3700 |
|
Fax |
+82-2-2142-3749 |
|
E-mail |
yejj@homecast.net;smith@homecast.net |
|
Website |
|
|
Trading Address |
7th Fl., IT Venture Tower East, 78,
Garakbon-dong, Songpa-gu, Seoul, Korea |
|
Tel |
+82-2-2142-3700 |
|
Fax |
+82-2-2142-3749 |
|
Other Address- Yeoju Factory |
497-6, Jeombong-ri, Yeoju-eup, Yeoju-gun,
Gyeonggi-do, Korea |
|
Tel |
+82-31-883-1303 |
|
Fax |
+82-31-883-1348 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Television and Radio Receivers, Sound or Video
Recording or Reproducing Apparatuses, and Related Goods |
|
Main Business |
Digital Satellite Receiver, Digital Terrestrial(Cable) Receiver, Home
Network Peperater, Digital Set Top Box |
|
Established (mm/dd/yyyy) |
05/01/2000 |
The Subject owns
the premises of Yeoju Factory.
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Multimedia receivers(52161521) |
|
Sell |
Satellite receivers(52161526) |
|
Sell |
Video cassette players or
recorders(52161529) |
|
Buy |
Transistors(32111600) |
|
Buy |
Magnetic coils(39121010) |
|
Buy |
Radio access equipment(43221705) |
|
Buy |
Filters(40161500) |
|
Buy |
Resistors(32121600) |
|
Buy |
Plastic injection moldings(31141501) |
|
Buy |
Bare printed circuit boards(32131010) |
|
Buy |
Diodes(32111500) |
|
Buy |
Integrated circuits(32101600) |
|
Buy |
Connectors(31163100) |
CEO’s
|
Name |
Lee Bo-Sun |
|
Date of Birth |
06/15/1966 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital |
5,456,533,000 KRW |
||||||||||||||||||
|
Employees |
197 |
||||||||||||||||||
|
Formation |
Listed Company (KOSDAQ: 064240) as of Venture Business, |
||||||||||||||||||
|
Bank Details |
Kookmin Bank-Bangyi Dong Corporate Finance
Branch |
||||||||||||||||||
|
Corporate Registered No. |
110111-1954513 |
||||||||||||||||||
|
Business Registered No. |
215-81-91010 |
||||||||||||||||||
|
Permit & Licenses |
N/A |
||||||||||||||||||
|
Shareholder Position |
|
Company History
May 21, 2002 :
Completed development of Cryptoworks-FTA STB and began exporting.
May 6, 2002 :
Signed a supply contract with NDS Indovision (Indonesia).
Apr. 30, 2002 :
Completed 3rd-round CB issuance(undertaker: Korea Development Bank, worth KRW 1
bil.).
Apr. 29, 2002 ::
Completed 2nd-round CB issuance (undertaker: Financiere Natexis Singapore,
worth KRW 2 bil.).
Apr. 26, 2002 :
Signed a supply contract with Philips India Cryptoworks (MTV India, CAS
contract).
Apr. 7, 2002 :
Completed development of DVB-T STB and began exporting (product development).
Jan. 10, 2002 :
Completed 1st-round CB issuance(undertaker: KorAm Bank, worth KRW 500
mil.).
Dec. 31, 2001 :
Completed development of Sky Life (KDB) STB and began supplying.
Dec. 26, 2001 : Its
R&D lab was designated as a “military service waiver enterprise” by the
Military Manpower Administration.
Dec. 24, 2001 :
Acquired the Betacrypt CAS license.
Dec. 11, 2001 :
Increased capital stock (Employee Stock Ownership Association established, 1,760,230,000
won in capital stock).
Nov. 30, 2001 :
Became the largest shareholder of DONGSENG Co., Ltd. with 20.94% stake (3
including So Min-Young, DONGSENG Co., Ltd.).
Nov. 30, 2001 :
Received the 3 Million Dollar Export Award from the Korea International Trade
Association.
Nov. 13, 2001 :
Signed a Sky Life (KDB) supply contract with Samsung Electronics.
Nov. 5, 2001 :
Completed company registration (Financial Supervisory Commission).
Oct. 31, 2001 :
Completed development of PVR STB and began exporting.
Oct. 30, 2001 : Was
designated as a promising export SME by the Small and Medium Business
Administration’s export support center.
Oct. 29, 2001 :
Completed development of FTA-Positioner STB and began exporting.
Oct. 9, 2001 :
Acquired the Conax CAS license.
Sep. 25, 2001 :
Acquired the Nagravision CAS license.
Jul. 21, 2001 :
Increased capital stock (capital increase through stock issuance, 1,679,625,000
won in capital stock).
Jul. 15, 2001 :
Signed a Sky Life (KDB) development contract with Samsung Electronics.
Jul. 15, 2001 :
Completed stock split (face value KRW 5,000 -> 500).
Jun. 14, 2001 :
Secured a technology start-up certificate and a written guaranty from the
technology evaluation center of the Korea Technology Credit Guarantee Fund.
May 30, 2001 :
Relocated the head office (Fl. 7, East Wing, IT Venture Tower, Garakbon-dong
78, Songpa-gu, Seoul).
May 22, 2001 :
Acquired the Cryptoworks CAS license.
Apr. 29, 2001 :
Completed development of CI-Positioner STB and began exporting.
Jan. 15, 2001 :
Began exporting CI STB.
Dec. 16, 2000 :
Secured a venture firm certificate (Small and Medium Business Administration:
Venture with Technological Excellence)
Dec. 11, 2000 :
Carried out outside-director appointment.
Dec. 11, 2000 :
Increased capital stock (30% capital increase through stock dividend,
1,529,625,000 won in capital stock).
Nov. 30, 2000 :
Completed development of CI STB (product development).
Nov. 24, 2000 :
Increased capital stock (capital increase through stock issuance, 1,176,635,000
won in capital stock).
Nov. 17, 2000 :
Increased capital stock (capital increase through stock issuance, 1,059,970,000
won in capital stock).
Oct. 5, 2000 :
Began exporting FTA STB.
Aug. 31, 2000 :
Completed development of FTA STB (product development).
Jul. 19, 2000 :
Increased capital stock (40% capital increase through stock dividend,
993,300,000 won in capital stock).
Jun. 27, 2000 :
Increased capital stock (capital increase through stock issuance, 709,500,000
won in capital stock).
Jun. 23, 2000 :
Established a company R&D lab (Korea Industrial Technology Association).
Jun. 18, 2000 :
Increased capital stock (capital increase through stock issuance, 640,000,000
won in capital stock).
Jun. 10, 2000 :
Increased capital stock (capital increase through stock issuance, 600,000,000
won in capital stock).
Apr. 27, 2000 :
Established eM Technics (500,000,000 in capital stock).
Apr. 27, 2000 :
Location: Fl. 4, Gwang-dong B/D, Seokchon-dong 273-2, Songpa-gu, Seoul, Korea
The Subject Company,
formerly known as eM Technics Co., Ltd., is a Korea-based manufacturer
specialized in the provision of set top boxes (STBs). The Company mainly
provides STBs such as free to air (FTA), common interface (CI) and conditional
access system (CAS) embedded STBs. In addition, the Company provides portable
multimedia player (PMP) STBs and components for STBs. During the year ended
December 31, 2006, the sale of STBs accounted for approximately 72% of the
Company’s total revenue. In 2006, the Company had a production capacity of
1,728,000 units of STBs and its actual output was 1,728,000 units.
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Day |
|
President & CEO |
Mr. |
Lee Bo-Sun |
Korean |
1966.06.15 |
Yonsei University |
|
Director |
Mr. |
Choi Seung-Jo |
Korean |
1966.04.06 |
Yonsei University |
|
Director |
Mr. |
Lee Sung-Beom |
Korean |
1952.07.15 |
Yonsei University |
|
Outside Director |
Mr. |
Kim Jong-Nam |
Korean |
1971.12.25 |
Kumoh Technical College |
|
Auditor |
Mr. |
Cho Kyung-Chul |
Korean |
1962.09.11 |
Daelim College |
Financials
Unit: KRW
|
Year |
Sales |
Assets |
Net income |
|
101,033,721,985 |
68,448,049,189 |
-4,379,952,278 |
|
|
2005 |
130,312,961,994 |
67,560,743,841 |
6,651,271,229 |
|
2004 |
122,984,074,189 |
46,791,933,208 |
8,460,503,402 |
|
2003 |
77,041,215,278 |
39,589,632,961 |
8,226,190,504 |
Financial Description
Unit: KRW
|
Authorized
Capital |
200,000,000,000 |
|
Paid-Up
Capital |
5,456,533,000 |
|
Total Issues Shares |
10,913,066 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
01/01/2007~09/30/2007 |
As of 12/31/2006 |
As of 12/31/2005 |
|
Total Assets |
63,764,455,746 |
68,448,049,189 |
67,560,743,841 |
|
Current Assets |
31,490,625,352 |
35,569,728,548 |
36,029,406,902 |
|
-Quick Assets |
22,942,774,675 |
26,933,893,271 |
24,349,191,182 |
|
-Inventories |
8,547,850,677 |
8,635,835,277 |
11,680,215,720 |
|
Fixed Assets |
32,273,830,394 |
32,878,320,641 |
31,531,336,939 |
|
-Investment |
6,935,332,636 |
7,282,081,647 |
7,253,115,730 |
|
-Tangibles |
18,718,111,422 |
19,603,391,839 |
18,991,930,140 |
|
-Intangibles |
4,596,215,813 |
4,783,825,703 |
4,937,030,064 |
|
-Others |
2,024,170,523 |
1,209,021,452 |
349,261,005 |
|
Total Liabilities |
28,727,727,130 |
32,441,912,533 |
26,193,137,010 |
|
Current Liabilities |
24,504,277,088 |
27,401,053,645 |
13,345,482,693 |
|
Fixed Liabilities |
4,223,450,042 |
5,040,858,888 |
12,847,654,317 |
|
Capital Stock |
5,456,533,000 |
5,452,633,000 |
5,448,733,000 |
|
Capital Surplus |
12,467,825,660 |
12,380,391,743 |
11,732,729,734 |
|
Profit Surplus |
16,857,215,567 |
18,012,396,394 |
24,026,968,572 |
|
Capital Adjustment |
255,154,389 |
160,715,519 |
159,175,525 |
|
Total Equity |
35,036,728,616 |
36,006,136,656 |
41,367,606,831 |
|
Liab. & Shareholder’s Equity |
63,764,455,746 |
68,448,049,189 |
67,560,743,841 |
|
Current
Liabilities |
24,504,277,088 |
27,401,053,645 |
13,345,482,693 |
|
Trade Payables |
6,877,687,529 |
5,224,753,530 |
6,660,864,975 |
|
Short-Term Borrowings |
2,400,000,000 |
7,150,000,000 |
3,999,850,686 |
|
Current Portion of Long-Term Debts |
900,000,000 |
- |
- |
|
Account Payables |
1,675,550,050 |
2,828,166,094 |
1,507,093,465 |
|
Accrued Expenses |
306,366,940 |
360,119,295 |
782,589,220 |
|
Advance Receipts |
214,954,309 |
73,844,435 |
259,761,696 |
|
Withholdings |
48,250,245 |
48,141,391 |
135,322,651 |
|
Bond with Warrant(BW) |
3,000,000,000 |
3,000,000,000 |
- |
|
Convertible Bond |
9,311,000,000 |
9,311,000,000 |
- |
|
Others |
100,948 |
- |
- |
|
Fixed
Liabilities |
4,223,450,042 |
5,040,858,888 |
12,847,654,317 |
|
Long-Term Borrowings |
3,375,000,000 |
4,500,000,000 |
4,500,000,000 |
|
Bond with Warrant(BW) |
- |
- |
8,000,000,000 |
|
Long-Term Account Payables |
- |
- |
252,034,989 |
|
Leasehold Deposit Received |
200,000,000 |
200,000,000 |
- |
|
Provision for Severance & Retirement |
1,290,397,652 |
1,142,394,582 |
1,132,533,072 |
|
Income Statement |
|||
|
Unit : Korean Won |
01/01/2007~09/30/2007 |
As of 12/31/2006 |
As of 12/31/2005 |
|
Sales |
66,769,384,028 |
101,033,721,985 |
130,312,961,994 |
|
Cost of Sold Goods |
54,979,023,965 |
86,020,194,863 |
102,901,833,713 |
|
Gross Profit |
11,790,360,063 |
15,013,527,122 |
27,411,128,281 |
|
Selling & Admin. Expenses |
11,680,934,219 |
16,574,446,945 |
19,174,893,118 |
|
Operating Income |
109,425,844 |
(-)1,560,919,823 |
8,236,235,163 |
|
Non-Operating Income |
1,331,682,883 |
1,726,495,963 |
2,090,730,826 |
|
Non-Operating expenses |
2,794,633,205 |
5,521,700,257 |
4,099,730,034 |
|
Ordinary Income |
(-)1,353,524,478 |
(-)5,356,124,117 |
6,227,235,955 |
|
Special Income |
- |
- |
- |
|
Income Before Taxes |
(-)1,353,524,478 |
(-)5,356,124,117 |
6,227,235,955 |
|
Income Taxes Expenses |
(-)198,343,651 |
(-)976,171,839 |
(-)424,035,274 |
|
Net Income |
(-)1,155,180,827 |
(-)4,379,952,278 |
6,651,271,229 |
|
Cash Flows |
|||
|
Unit : Korean Won |
01/01/2007~09/30/2007 |
As of 12/31/2006 |
As of 12/31/2005 |
|
Cash Flows from Operating |
7,408,027,052 |
252,407,657 |
4,166,549,360 |
|
-Net Income |
(-)1,155,180,827 |
(-)4,379,952,278 |
6,651,271,229 |
|
-Exp. without Cash Outflow |
4,492,606,268 |
5,761,681,101 |
7,131,595,574 |
|
-Revenue without Cash Inflows |
(-)688,343,067 |
(-)798,862,587 |
(-)469,034,214 |
|
-Changes in
Asset/ & Liability |
4,758,944,678 |
(-)330,458,579 |
(-)9,147,283,229 |
|
Cash Flows
from Investing |
(-)1,156,377,479 |
(-)5,017,500,882 |
(-)15,324,803,296 |
|
-Cash Inflow
from Investing |
1,649,541,624 |
1,383,840,210 |
3,257,553,089 |
|
-Cash
Outflows for Investing |
(-)2,805,919,103 |
(-)6,401,341,092 |
(-)18,582,356,385 |
|
Cash Flows
from Financing |
(-)4,955,790,000 |
5,844,601,114 |
13,306,767,086 |
|
-Cash
Inflows from Financing |
6,035,980,204 |
12,480,649,314 |
37,067,275,916 |
|
-Cash
Outflows from Financing |
(-)10,991,770,204 |
(-)6,636,048,200 |
(-)23,760,508,830 |
|
Increase/Decrease in Cash |
1,295,859,573 |
1,079,507,889 |
2,148,513,150 |
|
Cash at the Beginning of Year |
7,188,577,454 |
6,109,069,565 |
3,960,556,415 |
|
Cash at the End of Year |
8,484,437,027 |
7,188,577,454 |
6,109,069,565 |
Products, Technologies, Services
Description
|
Main
Products & Services |
DIGITAL SET-TOP-BOX(STB) DIGITAL SATELLITE RECEIVER DIGITAL CABLE BOX DIGITAL WEB BOX HDTV STB DIGITAL TERRESTRIAL RECEIVER PVR(PERSONAL VIDEO RECORDER) DIGITAL AUDIO BROADCASTING RECEIVER HOME NETWORK SET-TOP BOX TERRESTRIAL DIGITAL MULTIMEDIA BROADCASTING PORTABLE MULTIMEDIA PLAYER PMP Brand Name: HOMECAST, TVUS |
||||||
|
Annual
Production Capacity (Unit: EA) |
|
Trade
Partners
|
Competitors |
HUMAX(110111-0604200) |
Related Parties (Subsidiaries,
Joint-
Venture & Affiliates)
|
Affiliates |
SPD CO., LTD. |
|
Subsidiary |
HOMECAST EUROPE GMBH(Germany) (100.00% held
by the subject company) |
|
Cooperative Enterprise |
PHILIPS NAGRAVISION SA CONAX SA BETARESEARCH GMBH NDS LIMITED IRDETO ACCESS B.V. |
Sales by
Region (Activity &
Markets)
The Subject exports to China, South East Asian, Middle East, Europe and
USA.
Court
Action
|
Case No. |
Court |
Plaintiff(s)/
Creditor(s)/ Applicant(s) |
Defendant(s)/ Debtor(s)/
Respondent(s) |
Cause |
Amount (KRW) |
Status |
|
2007-Hyungje-20625 |
|
The Subject Company |
DONG SEUNG CO., LTD. |
|
Criminal Case |
|
|
2007-Gahap-15658 |
|
The Subject Company |
DONG SEUNG CO., LTD./MONO CO., LTD./Jung
Seung-Jo |
Claim for Damages |
1,000,000,000 |
|
|
2007-Gahap-4795 |
|
Shin Wook-Sook |
The Subject Company |
Claim for Severance & Retirement |
500,000,000 |
|
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. |
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%)