MIRA
INFORM REPORT
|
Report Date : |
16.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
HITRON SYSTEMS INC. |
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Registered Office : |
HITRON B/D, 109-19, Majeon-Ri, Samjuk-Myeon, Ansung-Si,
GYEONGGI-DO, 456-881 |
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Country : |
Korea |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
11/10/1986 |
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Legal Form : |
Listed Company |
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Line of Business : |
Manufacture of Television and Radio Receivers, Sound or Video
Recording or Reproducing Apparatuses, and Related Goods |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Basic
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Company Name |
HITRON SYSTEMS INC. |
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Registered
Address /Ansung
Factory |
109-19, Majeon-ri, Samjuk-myeon, Ansung-si, GYEONGGI-DO,
KOREA |
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Building |
HITRON B/D |
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Zip Code |
456-881 |
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Tel |
+82-31-670-9100 |
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Fax |
82-31-674-9900 |
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E-mail |
sales@hitron.co.kr |
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Website |
www.hitron.co.kr |
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Trading Address |
726-5, Suseo-dong, Gangnam-gu, Seoul, Korea |
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Tel |
+82-2-3410-9300 |
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Fax |
+82-2-445-9922 |
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Type |
Export |
|
Industry |
Manufacture of Television and Radio Receivers, Sound or Video
Recording or Reproducing Apparatuses, and Related Goods |
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Main Business |
CCTV Systems, CCTV Monitor, Multiplexer, DVR |
|
Sub Business |
Wholesale of Navigating and Telecommunication Equipment |
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Established
(mm/dd/yyyy) |
11/10/1986 |
Ansung Factory
The Subject's
local factory that is located in Ansung city is capable of producing a wide
variety of products for about 300 customers all over the world. 46 Cell-lines
and strict quality control allows Hitron to fully meet valuable customers
demand. In addition, one of The Subject's core cohesiveness is to cover
seamlessly full line of CCTV products, allowing you to do a ONE-STOP shopping
at one site.
Address : 109-19
Majeon-ri, Samjuk-myeon, Ansung-city, Kyungki-do, Korea.
Phone : 82-
031-670-9100
Main Products :
CCTV Camera, Monitor, DVR, etc
Factory :
101,702m²
Building :
17,116m²
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Video monitors(46171612) -Digital Video Recording System includes the recording function. Traditionally the security image is on VCR tape. But VDR is recording the image on GDD. It gives more good image quality and value added function to us(Compression, recording, searching, monitering and transmission functions are added) |
|
Sell |
Surveillance and detection equipment(46171600) -Mux is multi camera input control system. This Mux system is designed for controlling the CCTV camera inputs upto 16 channels, also it controls for the image recording |
|
Sell |
Housings and cabinets(31261500) Security Surveillance & Detection Equipment Closed Circuit Television System gives us more securitied life for the people. CCTV System including TV camera, Display Monitor and Controlling System |
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Sell |
Security cameras(46171610) |
|
Sell |
Camera controllers(45121623) |
|
Sell |
Surveillance video or audio recorders(46171621) |
|
Sell |
Cathode ray tube CRT monitors(43211901) |
|
Sell |
Camera brackets(45121609) |
|
Buy |
Security cameras(46171610) |
|
Buy |
Consumer electronics(52160000 |
|
Buy |
Integrated circuits(32101600) |
|
Buy |
Cathode ray tubes(32141001) |
|
Buy |
Switches and controls and relays and accessories(39121500) |
|
Buy |
Slide switches(39121508) |
|
Buy |
Hard disk drives(43201803) |
|
Buy |
Liquid crystal display LCD panels or monitors(43211902) |
|
Buy |
Motors(26101600) |
|
Buy |
Power cord(26121636) |
|
Buy |
Lugs connectors and terminals(39121400) |
|
Buy |
Power supply transformers(39121002) |
|
Buy |
Optical filters(31241800) |
|
Buy |
Electronic Components and Supplies(32000000) |
|
Buy |
Bare printed circuit boards(32131010) |
CEO’s
|
Name |
Choi Young-Duk |
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Date of Birth |
11/12/1948 |
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Title |
President
& CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
|
Capital |
13,826,837,500 KRW |
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Employees |
302 |
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Formation |
Listed Company (KSE: 019490) as of 11/04/1998, Foreign
Direct Investment Corporations |
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Bank Details |
Hana Bank Cheondam Dong
Branch |
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Corporate
Registered No. |
124321-0017841 |
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Business
Registered No. |
312-81-06094 |
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Permit &
Licenses |
02/12/1996 ISO
9001 |
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Shareholder
Position |
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Company
History |
2004. Nov. Attained US$ 100 million Export Prize 2002. March. attained the Chairman's Prize for 'the 29th Commerce & Industry day' ceremony 2001. Oct. Attained the Grand Prize for Corporate Management 2000. Nov. Attained US$ 70 million Export Prize 2000. Nov. Attained the TQM Grand prize 1999. Nov. Attained the IE Grand prize of the International Production Innovative Competition. 1998. Dec. Attained the Best Venture Entrepreneurship 1998. Nov. Listed on KSE market. 1998. Aug. Established An-Sung Headquarter and Plant. 1997. Dec. Attained the best promising company prize 1996. Nov. Attained US$ 50 million Export Prize 1996. Apr. Attained Multimedia prize 1996. Feb. Attained ISO-9001 certificate 1995. May Established Seoul Office Building 1994. Dec. Attained BABT Quality Certificate from England 1994. Jun. IPO on the KOSDAQ Market 1992. Nov. Attained US$ 10 million Export Prize 1991. Aug. Established the Research Center 1990. Nov. Attained US$ 5 million Export Prize 1989. Jun. Hitron formed a firm stand of growth as a promising medium company. 1989. Jan. Established Chun An Headquarter and Plant 1986. Nov. Founded Hitron Systems Inc. |
The Subject is a
manufacturer engaged in the provision of network systems and security. The
Company operates two main divisions: Security division, which provides observation
systems, monitors, cameras, controllers, time-lapse videocassette recorders
(VCRs) and digital video recorder systems, and Security INC division, which
offers specialized solutions from fundamental multimedia technology to system
integration and Internet business. During the year ended December 31, 2005,
Security division accounted for approximately 95% of total sales. The Company's
headquarters and factory are located in Gyeonggi Province, Korea.
Management
|
Job
Description |
Title |
Name |
Sex |
Nationality |
Date of Birth |
|
President
& CEO |
Mr. |
Choi Young-Duk |
Male |
Korean |
'48.11.12 |
|
Chairman |
Mr. |
Kil Dae-Ho |
Male |
Korean |
'50.09.27 |
|
Director |
Mr. |
Hur Chang-Heng |
Male |
Korean |
'58.07.01 |
|
Auditor |
Mr. |
Eo Soo-Jin |
Male |
Korean |
'50.09.15 |
Financials
Unit:
KRW
|
Year |
Sales |
Assets |
Net income |
|
134,853,771,799 |
106,939,398,545 |
(-)2,779,876,499 |
|
|
2004 |
143,913,642,317 |
111,670,982,036 |
343,220,471 |
|
2003 |
130,050,709,842 |
114,129,342,260 |
(-)4,870,700,744 |
Financial Description
Unit: KRW
|
Authorized
Capital |
50,000,000,000 |
|
Paid-Up
Capital |
13,826,837,500 |
|
Total Issues
Shares |
5,530,735 |
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Balance Sheet |
|||
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Unit : Korean
Won |
As of
12/31/2006 |
As of
12/31/2005 |
As of
12/31/2004 |
|
Total Assets |
106,939,398,545 |
111,670,982,036 |
114,129,342,260 |
|
Current Assets |
69,963,101,840 |
71,069,050,541 |
73,885,776,937 |
|
-Quick Assets |
47,593,106,999 |
47,325,829,491 |
49,104,988,621 |
|
-Inventories |
22,369,994,841 |
23,743,221,050 |
24,780,788,316 |
|
Fixed Assets |
36,976,296,705 |
40,601,931,495 |
40,243,565,323 |
|
-Investment |
4,046,990,205 |
6,662,351,552 |
4,834,382,969 |
|
-Tangibles |
29,698,153,600 |
29,934,864,971 |
30,966,578,268 |
|
-Intangibles |
3,231,152,900 |
4,004,714,972 |
4,442,604,086 |
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Total
Liabilities |
49,591,627,219 |
52,169,076,130 |
54,990,913,106 |
|
Current
Liabilities |
32,785,390,473 |
49,510,524,252 |
52,349,979,297 |
|
Fixed
Liabilities |
16,806,236,746 |
2,658,551,878 |
2,640,933,809 |
|
Capital Stock |
13,826,837,500 |
13,826,837,500 |
13,826,837,500 |
|
Capital
Surplus |
34,676,561,082 |
34,676,561,082 |
34,676,561,082 |
|
Profit Surplus |
24,473,568,910 |
27,253,445,409 |
26,910,224,938 |
|
Capital
Adjustment |
(-)15,629,196,166 |
(-)16,254,938,085 |
(-)16,275,194,366 |
|
Total Equity |
57,347,771,326 |
59,501,905,906 |
59,138,429,154 |
|
Liab. &
Shareholder’s Equity |
106,939,398,545 |
111,670,982,036 |
114,129,342,260 |
|
Income
Statement |
|||
|
Unit : Korean
Won |
As of
12/31/2006 |
As of
12/31/2005 |
As of
12/31/2004 |
|
Sales |
134,853,771,799 |
143,913,642,317 |
130,050,709,842 |
|
Cost of Sold
Goods |
122,579,588,428 |
128,364,349,486 |
116,813,574,286 |
|
Gross Profit |
12,274,183,371 |
15,549,292,831 |
13,237,135,556 |
|
Selling &
Admin. Expenses |
11,069,737,717 |
13,080,779,186 |
12,185,435,328 |
|
Operating
Income |
1,204,445,654 |
2,468,513,645 |
1,051,700,228 |
|
Non-Operating
Income |
5,742,949,723 |
3,946,926,505 |
6,349,197,883 |
|
Non-Operating
expenses |
9,727,271,876 |
6,072,219,679 |
12,271,598,855 |
|
Ordinary
Income |
(-)2,779,876,499 |
343,220,471 |
(-)4,870,700,744 |
|
Special Income |
|
- |
- |
|
Income Before
Taxes |
(-)2,779,876,499 |
343,220,471 |
(-)4,870,700,744 |
|
Income Taxes
Expenses |
- |
- |
- |
|
Net Income |
(-)2,779,876,499 |
343,220,471 |
(-)4,870,700,744 |
|
Cash Flows |
|||
|
Unit : Korean
Won |
As of
12/31/2006 |
As of 12/31/2005 |
As of
12/31/2004 |
|
Cash Flows
from Operating |
5,767,286,359 |
7,248,791,356 |
12,385,474,091 |
|
-Net Income |
(-)2,779,876,499 |
343,220,471 |
(-)4,870,700,744 |
|
-Exp. without
Cash Outflow |
7,889,846,972 |
6,700,827,497 |
11,065,551,548 |
|
-Revenue
without Cash Inflows |
(-)1,578,255,248 |
(-)777,618,586 |
(-)2,206,007,440 |
|
-Changes in
Asset/ & Liability |
2,235,571,134 |
982,361,974 |
8,396,630,727 |
|
Cash Flows
from Investing |
1,384,162,750 |
(-)3,074,342,556 |
(-)3,106,356,898 |
|
-Cash Inflow
from Investing |
7,329,509,254 |
7,470,873,629 |
11,749,804,276 |
|
-Cash Outflows
for Investing |
(-)5,945,346,504 |
(-)10,545,216,185 |
(-)14,856,161,174 |
|
Cash Flows
from Financing |
(-)2,675,573,117 |
(-)4,461,925,408 |
(-)12,794,529,004 |
|
-Cash Inflows
from Financing |
87,068,281,044 |
94,944,991,587 |
104,570,113,156 |
|
-Cash Outflows
from Financing |
(-)89,743,854,161 |
(-)99,406,916,995 |
(-)117,364,642,160 |
|
Increase/Decrease
in Cash |
4,475,875,992 |
(-)287,476,608 |
(-)3,515,411,811 |
|
Cash at the
Beginning of Year |
3,236,914,792 |
3,524,391,400 |
7,039,803,211 |
|
Cash at the
End of Year |
7,712,790,784 |
3,236,914,792 |
3,524,391,400 |
Products,
Technologies, Services
Description
|
Main Products
& Services |
-Multi-Channel
Observation System(Color 14") No picture
rolling when switching between cameras 4-channel full
skip automatic camera selector(adjustable from 1 to 60 seconds) 4-camera
expansion unit support by conncting a max. of 4 cameras on the expansion
unit; can view 8camera locations on the monitor 2-way audio /
multi-alarm processing / looping out / stand-by function -Multi-Channel
Observation System(B/W 10", 12") No picture
rolling when switching between cameras 4-channel full
skip automatic camera selector(adjustable from 1 to 60 seconds) 4-camera
expansion unit support by conncting a max. of 4 cameras on the expansion
unit; can view 8camera locations on the monitor 2-way audio /
multi-alarm processing / looping out / stand-by function -Quad Built-in
Monitor System(B/W 12", 14", 17") Still picture
display in quad mode Auto freeze
when video loss in quad mode Automatic skip
upon video loss Four looping
video output capability for external video device Variable dwell
time (0-60 seconds) Four alarm
inputs Variable alarm
hold time (4-60 seconds) Optional
on-screen display -Combi Station
(Multimedia Personal Workstation) Supper
Computing Power Intel Pentium
Processor 32-128 Mbyte
Memory 256/512 Kbyte
Cache PCI local bus
(3 slots) and LISA expansion bus (4 slots) PCI graphic
board supporting 1280 1024, 256 colors Windows-NT3.5
operating system Multimedia
Multi-Processing Hardware ISA bus
Audio/Video multiboard Data
compression method : JPEG/MPEG/H.261 Video overlay
supporting 4 windows simultaneously Convenient
Multimedia-Supporting Environment Providing
environment for video conference and group work Providing of
programming environment for multimedia production Real tine
processing of multimedia data stream Intelligent
User Interface User interface
by writing and voice recognition Schedule
management, communication service, E-mail by an agent User interface
next generation -ENlighten[DSM]
ENlighten for
Unix/Distributed Systems Manager [DSM] is a full featured, scalable, standards-based
applecation suite of event monitoring and systems administration capabilities
that offers true cross-platform functionality and a more significant ROI than
any other solution available today. |
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Production
Capacity (Unit: Million
KRW) |
|
Trade Partners
|
Suppliers |
Gongshin
Techno Sonic, Cysys, Wonchang Industry, Samsung SDI, Eunpa LCD, Daewoon,
Prima Tech, Kumil Industry, Multiwave Korea, CPT |
|
Customers |
HITRON SYSTEMS
(SOZHOU) CO., LTD. Matrix
Networks, Inc. Q20/20.Inc Mitos Sales Channel Export: Master
L/C base directly, Local L/C base indirectly Domestic:
Direct Sales, Indirect Sales through wholesalers Payment
Condition Export: Cash
in advance, COD, L/C Domestic: Cash
& Credit |
Related Parties
(Subsidiaries, Joint-
Venture &
Affiliates)
|
Affiliates |
MATRIX
NETWORKS, INC. Q20/20.Inc Mitos Numesa, Inc. |
|
Overseas
Office |
HITRON SYSTEMS
(SOZHOU) CO., LTD. In October
2003, The Subject has opened 'China factory' in Soju to penetrate into a
emerging China market and to reduce manufacturing cost while increasing
productivity. Furthermore,
The Subject expanded the facility in July, 2005 by newly setting up a
buildings to be used as a strategic base for the production and procurement. Address :
No.19 MUQIAO JIE JINFENG RU, SUZHOU XINQU JIANG SU, CHINA Phone :
86-512-6269-7001~4 Main Products
: CCTV AF Camera, B/W·Color Monitor, etc Factory :
20,130m² Building :
7,757m² |
Sales by Region (Activity
& Markets)
|
Sales/ Unit
:Mil KRW |
2005 |
2004 |
2003 |
|
Export |
135,089 |
117,199 |
106,869 |
|
Domestic |
8,825 |
12,852 |
22,609 |
|
Total |
143,914 |
130,051 |
129,478 |
The Subject imports the high Qualified Sensor from Japan’s major semi-conductor manufacturers. And exports by ODM to over 60 countries and its exporting portion from the total sales is about 90%.
Court Action
|
Case No. |
Court |
Plaintiff(s)/ Creditor(s)/ Applicant(s) |
Defendant(s)/ Debtor(s)/ Respondent(s) |
Cause |
Amount (KRW) |
Status |
|
|
Supreme Court |
The Subject |
KCGF |
Guarantee on Receivables |
100,000,000 |
Proceeding |
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%)