MIRA
INFORM REPORT
|
Report Date : |
25.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
EMSONIC CORPORATION |
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Registered Office : |
119-5, Jeongchon-ri, Seonggeo-eup, Cheonan-si, Chungcheongnam-do, 330-833 |
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Country : |
Korea |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
10.13.1972 |
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Com. Reg. No.: |
127-81-08140 |
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Legal Form : |
Company Limited by Shares |
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Line of Business : |
Manufacture of Other Sound Equipment |
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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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Basic
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Company Name |
EMSONIC CORPORATION |
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Registered Address/Factory |
119-5, Jeongchon-ri, Seonggeo-eup,
Cheonan-si, Chungcheongnam-do, Korea |
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Zip Code |
330-833 |
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Tel |
+82-41-629-6800 |
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Fax |
+82-41-629-6809 |
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Website |
www.emsonic.com |
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Trading Address |
119-5, Jeongchon-ri, Seonggeo-eup,
Cheonan-si, Chungcheongnam-do, Korea |
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Tel |
+82-41-629-6800 |
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Fax |
+82-41-629-6809 |
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Type |
Export/Import |
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Industry |
Manufacture of Other Sound Equipment |
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Main Business |
Speaker, MP3 Player, Amplifier |
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Established (mm/dd/yyyy) |
10/13/1972 |
The Subject owns
the premises of registered HQ address/Factory.
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Loudspeakers(52161512) |
|
Sell |
Vehicle sound systems and
components(25174410) |
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Buy |
Inductors(32121702) |
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Buy |
Capacitors(32121500) |
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Buy |
Bare printed circuit boards(32131010) |
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Buy |
Gaskets(31181500) |
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Buy |
Transistors(32111600) |
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Buy |
Magnetic coils(39121010) |
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Buy |
Chassis components(43201600) |
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Buy |
Diodes(32111500) |
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Buy |
Power supply transformers(39121002) |
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Buy |
Resistors(32121600) |
CEO’s
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Name |
Lee Seung-Bae |
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Date of Birth |
09/27/1962 |
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Title |
President & CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
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Capital |
7,023,516,500 KRW |
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Employees |
32 |
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Formation |
Co., Ltd by shares A Company of EMSONIC CORPORATION |
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Bank Details |
Korea Exchnage Bank-Chungmuro Branch Woori Bank |
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Corporate Registered No. |
111511-0005136 |
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Business Registered No. |
127-81-08140 |
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Permit & Licenses |
10/12/1995 ISO 9001 01/03/1997 Single PPM 02/26/1999 QS 9000 04/04/2001 QS 9000 12/31/2002 ISO 14001 01/30/2007 ISO 14001 Int’l Trade No.: 810111 |
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Shareholder Position |
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Company History |
10/13/1972
Incorporated as as Hankuk Bukdu Sound Co., Ltd. 01/14/1985
Changed company name to Bukdu Co., Ltd. 10/13/1988
Listed at Korea Stock Exchange(KSE: 008120) 03/17/2000
Changed company name to Moto Joy Co., Ltd. 01/27/2005
Applied the Corporate Closing Procedure to Ujungbu District Court 03/11/2005
Approved the Corporate Closing Procedure from Ujungbu District Court 04/28/2005
Unlisted from Korea Stock Exchange(KSE: 008120) 08/08/2005
Approved the Plan on Debt Clearance and Acquiring by EXA E&C,
Inc.(110111-0774376) from Ujungbu District Court 10/17/2005 Approved
to Finish the Closing Procedure by Ujungbu District Court 12/30/2005
Changed company name to the present name |
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The Subject
manufactures and exports speakers for cars, TVs, monitors, audio equipment, and
produces in-car entertainment including audios, amplifiers and MP3 players. The
company is also developing mobile Internet systems and DVD players for in-car
use. It was established in 1972. The company has annual revenues in excess of
US$7 million, around 45 percent of which is accounted for by exports to Europe,
and the USA.
Management
|
Job Description |
Title |
Name |
Date of Birth |
Nationality |
Inauguration Day |
|
President & CEO |
Mr. |
Lee Seung-Bae |
1962.09 |
Korean |
Korea University |
|
Director |
Mr. |
Koo Bon-Hyun |
1968.12 |
Korean |
Ciracus University |
|
Director |
Mr. |
Kim Ki-Ho |
1953.02 |
Korean |
Hnakuk University of Foreign Studies |
|
Director |
Mr. |
Kim Si-Tae |
1959.09 |
Korean |
Kookmin University |
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Auditor |
Mr. |
Suk Woo-Joon |
1946.08 |
Korean |
Kyungbuk National University |
Financials
Unit: KRW
|
Year |
Sales |
Assets |
Net income |
|
20,263,230,377 |
9,199,615,380 |
189,289,228 |
|
|
2006 |
26,249,608,722 |
9,792,377,908 |
(-)3,652,986,549 |
|
2005 |
7,810,942,130 |
7,587,802,695 |
12,785,963,083 |
|
2004 |
44,091,063,953 |
8,357,721,288 |
(-)28,412,701,800 |
|
2003 |
55,352,908,233 |
52,439,317,747 |
(-)1,610,816,704 |
Financial Description
Unit: KRW
|
Authorized
Capital |
100,000,000,000 |
|
Paid-Up
Capital |
7,023,516,500 |
|
Total Issues Shares |
14,047,033 |
Balance
Sheet
|
Unit : Korean Won |
As of 12/31/2007 |
As of 12/31/2006 |
As of 12/31/2005 |
|
Total Assets |
9,199,615,380 |
9,792,377,908 |
7,587,802,695 |
|
Current Assets |
5,594,049,207 |
5,588,743,380 |
5,284,813,851 |
|
-Quick Assets |
3,777,230,729 |
4,120,879,870 |
3,315,506,569 |
|
-Inventories |
1,816,818,478 |
1,467,863,510 |
1,969,307,282 |
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Fixed Assets |
3,605,566,173 |
4,203,634,528 |
2,302,988,844 |
|
-Investment |
717,335,059 |
1,087,890,658 |
42,579,633 |
|
-Tangibles |
2,846,153,531 |
3,007,563,870 |
2,152,409,211 |
|
-Intangibles |
6,047,583 |
- |
- |
|
-Others |
36,030,000 |
108,180,000 |
108,000,000 |
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Total Liabilities |
4,620,236,555 |
5,400,562,311 |
6,122,123,913 |
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Current Liabilities |
2,927,406,165 |
3,853,716,488 |
6,122,123,913 |
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Fixed Liabilities |
1,692,830,390 |
1,546,845,823 |
- |
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Capital Stock |
7,023,516,500 |
7,023,516,500 |
3,723,516,500 |
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Capital Surplus |
- |
3,279,123,364 |
15,913,907,500 |
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Profit Surplus |
(-)2,407,108,335 |
(-)5,875,520,927 |
(-)18,136,441,878 |
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Capital Adjustment |
-37,029,340 |
-35,303,340 |
-35,303,340 |
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Total Equity |
4,579,378,825 |
4,391,815,597 |
1,465,678,782 |
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Liab. & Shareholder’s Equity |
9,199,615,380 |
9,792,377,908 |
7,587,802,695 |
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Current
Liabilities |
2,927,406,165 |
3,853,716,488 |
6,122,123,913 |
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Trade Payables |
1,070,314,535 |
1,069,923,096 |
4,294,629,681 |
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Short-Term Borrowings |
1,341,472,227 |
1,547,729,220 |
- |
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Account Payables |
143,531,624 |
961,761,820 |
1,618,565,084 |
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Accrued Expenses |
35,210,279 |
1,747,160 |
632,310 |
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Advance Receipts |
15,136,270 |
7,732,185 |
- |
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Withholdings |
305,921,372 |
251,394,586 |
194,868,417 |
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Others |
15,819,858 |
13,428,421 |
13,428,421 |
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Fixed
Liabilities |
1,692,830,390 |
1,546,845,823 |
- |
|
Convertible Bond |
1,500,000,000 |
1,500,000,000 |
- |
|
Provision for Severance & Retirement |
168,658,511 |
79,456,444 |
4,718,672 |
Income
Statement
|
Unit : Korean Won |
As of 12/31/2007 |
As of 12/31/2006 |
As of 12/31/2005 |
|
Sales |
20,263,230,377 |
26,249,608,722 |
7,810,942,130 |
|
Cost of Sold Goods |
18,551,419,986 |
23,493,461,316 |
6,383,245,498 |
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Gross Profit |
1,711,810,391 |
2,756,147,406 |
1,427,696,632 |
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Selling & Admin. Expenses |
1,627,971,269 |
2,241,432,290 |
2,665,387,115 |
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Operating Income |
83,839,122 |
514,715,116 |
(-)1,237,690,483 |
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Non-Operating Income |
436,712,394 |
392,444,178 |
23,286,222,223 |
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Non-Operating expenses |
331,262,288 |
4,560,145,843 |
9,262,568,657 |
|
Ordinary Income |
189,289,228 |
(-)3,652,986,549 |
12,785,963,083 |
|
Special Income |
- |
- |
- |
|
Income Before Taxes |
189,289,228 |
(-)3,652,986,549 |
12,785,963,083 |
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Income Taxes Expenses |
- |
- |
- |
|
Net Income |
189,289,228 |
(-)3,652,986,549 |
12,785,963,083 |
Cash
Flows
|
Unit : Korean Won |
As of 12/31/2007 |
As of 12/31/2006 |
As of 12/31/2005 |
|
Cash Flows from Operating |
(-)237,067,626 |
(-)7,200,895,592 |
(-)1,739,975,479 |
|
-Net Income |
189,289,228 |
(-)3,652,986,549 |
12,785,963,083 |
|
-Exp.
without Cash Outflow |
631,312,507 |
4,839,213,923 |
11,735,297,907 |
|
-Revenue
without Cash Inflows |
(-)256,285,461 |
(-)87,930,917 |
(-)23,176,895,667 |
|
-Changes in
Asset/ & Liability |
(-)801,383,900 |
(-)8,299,192,049 |
(-)3,084,340,802 |
|
Cash Flows
from Investing |
322,948,186 |
(-)3,041,947,056 |
(-)371,470,759 |
|
-Cash Inflow
from Investing |
671,455,017 |
679,212,816 |
679,854,130 |
|
-Cash
Outflows for Investing |
(-)348,506,831 |
(-)3,721,159,872 |
(-)1,051,324,889 |
|
Cash Flows
from Financing |
(-)239,970,993 |
9,626,852,584 |
3,377,506,030 |
|
-Cash
Inflows from Financing |
3,652,478,722 |
12,174,492,027 |
7,127,882,476 |
|
-Cash
Outflows from Financing |
(-)3,892,449,715 |
(-)2,547,639,443 |
(-)3,750,376,446 |
|
Increase/Decrease
in Cash |
(-)154,090,433 |
(-)615,990,064 |
1,266,059,792 |
|
Cash at the
Beginning of Year |
660,942,177 |
1,276,932,241 |
10,872,449 |
|
Cash at the End of Year |
506,851,744 |
660,942,177 |
1,276,932,241 |
Products, Technologies, Services
Description
|
Main
Products & Services |
Speaker, MP3 Player, Amplifier |
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Annual
Production Capacity (Unit:
Thousand EA) |
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Trade
Partners
|
Customers |
LG ELECTRONICS INC. (*) 41% out of total sales is from LG
ELECTRONICS INC.(110111-2487050) |
Related Parties (Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
EXA E&C, INC.(110111-0774376) TIANJIN SUNGJU EXA EMSONIC(YANTAI) SOUNDTEC |
|
Subsidiary |
EMSONIC YANTAI (100.0% held by the subject) EMSONIC AMERICA LLC(100.0% held by the
subject) MJTELEMATICS CO., LTD(120111-0355364)
(100.0% held by the subject) |
|
Cooperative Enterprise |
LIG INSURANCE CO., LTD.(110111-0017859) |
Sales by
Region (Activity &
Markets)
|
Sales/ Unit :Mil KRW |
2007 |
2006 |
2005 |
|
Export |
17,602 |
21,825 |
341 |
|
Domestic |
2,661 |
4,424 |
7,460 |
|
Total |
20,263 |
26,249 |
7,810 |
The Subject exports to USA, Japan and Europe.
Court
Action
No.
News
Clipping
--
RATING
EXPLANATIONS
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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 |
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<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%)