MIRA
INFORM REPORT
|
Report Date : |
26.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
EPI VALLEY
CO., LTD. |
|
|
|
|
Registered Office : |
321, Gongdan 2-dong, Gumi-si, Gyeongsangbuk-do - 730-906 |
|
|
|
|
Country : |
Korea |
|
|
|
|
Financials (as on) : |
30.09.2007 |
|
|
|
|
Date of Incorporation : |
03.26.1997 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Diodes, Transistors and Similar Semi-conductor Devices |
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 : |
Clear |
Basic
|
Company
Name |
EPI VALLEY CO., LTD. |
|
Registered Address |
321, Gongdan 2-dong, Gumi-si,
Gyeongsangbuk-do, Korea |
|
Zip Code |
730-906 |
|
Tel |
+82-54-467-2114 |
|
Fax |
+82-54-467-2222 |
|
E-mail |
info@sungiltel.com;sales@sungiltel.com |
|
Website |
www.sungiltel.com |
|
Trading Address |
321, Gongdan 2-dong, Gumi-si,
Gyeongsangbuk-do, Korea |
|
Tel |
+82-54-467-2114 |
|
Fax |
+82-54-467-2222 |
|
Other Address- Telecom & IT Div. Sales Group |
#511 Roadland EZ Tower 153, GuMi-Dong,
BunDang-Gu, SungNam-City KyoungKi-Do, Korea |
|
Tel |
+82-31-714-9173 |
|
Fax |
+82-31-714-9888 |
|
Type |
Export |
|
Industry |
Manufacture of Diodes, Transistors and Similar Semi-conductor Devices |
|
Main Business |
Epiwafer, LED Chip |
|
Established (mm/dd/yyyy) |
03/26/1997 |
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Network routers(43222609) |
|
Sell |
Personal communication devices(43191500) |
|
Sell |
Modems(43222628) |
|
Sell |
Standalone telephone caller
identification(43221505) |
|
Sell |
Network service equipment(43222600) |
|
Sell |
Computer accessories(43211600) |
|
Sell |
Semiconductor wafers(32131003) |
|
Buy |
Diodes(32111500) |
|
Buy |
Integrated circuits(32101600) |
|
Buy |
Bare printed circuit boards(32131010) |
|
Buy |
Bolts(31161600) |
|
Buy |
Magnetic coils(39121010) |
|
Buy |
Electrical cable and accessories(26121600) |
|
Buy |
Nuts(31161700) |
|
Buy |
Filters(40161500) |
|
Buy |
Resistors(32121600) |
|
Buy |
Transistors(32111600) |
CEO’s
|
Name |
Cho Joo-Hwan |
|
Date of Birth |
10/13/1949 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital |
9,981,040,500 KRW |
||||||||||||||||||
|
Employees |
228 |
||||||||||||||||||
|
Formation |
Listed Company (KOSDAQ: 068630) as of 10/27/2005 Venture Business, |
||||||||||||||||||
|
Bank Details |
Citi Bank, Korea-Gumi Branch Woori Bank-Daemyung Dong Branch |
||||||||||||||||||
|
Corporate Registered No. |
176011-0014198 |
||||||||||||||||||
|
Business Registered No. |
513-81-11787 |
||||||||||||||||||
|
Permit & Licenses |
Certification Venture Company [Daegu Kyungbuk Small &
Medium Business Administration, 1998]
Certificate of Superior Technology Company
[Korea Technology Credit Guarantee Fund, 2000] Good Design Product [Ministry of Commerce,
Industry and Energy, 2000] ISO9001 [Korea Quality Assurance,
2000] Company Institute Attached [Korea
Industrial Technology Association, 2002]
Prominent Exporting Company [Small &
Medium Business Exporting Support Center, 2002] INNO-BIZ Company [Small & Medium
Business Association, 2002] Bluetooth Protocol Stack [Bluetooth SIG,
2002] Certificate of No Disaster Record [Korea
Occupational Safety & Health Agency, 2004] Certification of joining industry [Korea IT
Technology Association, 2004] Samsung SDI Excellent Partner [Samsung SDI
Cooperation Company Conference, 2004]
CQIS (Samsung SDI Quality Assurance System)
[Samsung SDI, 2004] Award Meritorious Service in Production of Mobile
Phone [Samsung Electronics, 2000] Commendation of Taxpayer's Day [Gumi Tax Office,
2000] Commendation of Commerce and Industrial Day
[Mayor of Gumi, 2000] Commendation of Small and Medium Enterprise
[Ministry of Commerce, Industry and Energy, 2000] Tech-innovation Competition of Small and
Medium Enterprise [Ministry of Commerce, Industry and Energy, 2000] Commendation of Venture Company [Korean
Prime Minister, 2000] Commendation of Provincial Government [Kyungbuk Provincial Governor, 2001] Commendation of Taxpayer's Day [Daegu Tax
Office, 2004] Monument of 100million Export [Korea International Trade Association,
2005] Venture 100,000million won club [Korea
Venture Business Association, 2006] Designation Leading World SME [Kyungbuk
Provincial Governor, 2006] |
||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||
|
Company History |
03/1997 Company established 03/1998 Contract with Samsung Electronics
Co. for telephones OEM production 11/1998 Listed in [Certificate of ISO
9002] 12/1998 Appointed as The Venture Business
from Korean Government 03/1999 Contract with Samsung Electronics
for Home Networks production 12/01/1999 Changed company name to SUNGIL
TELECOM CO., LTD., from SUNGIL TELECOMMUNICATION CO., LTD. 05/2000 Foundation of new factory /
Awarded as [Prominent Company] from Ministry of Commerce, Industry and Energy 09/2000 Awarded from Korean Prime Minister
in Korean Best Venture Company Contest 10/2000 Listed in [Certificate of Superior
Technology Company] from Korea Technology Credit Guarantee Fund 09/2001 Contract with Samsung SDI for LCD
Module production / Supplying ACR Phone for Amway Korea 03/2002 Listed in [Certificate of
Bluetooth Protocol Stack] from SIG / Exporting ADSL USB Modem for Yozan,
Japan 9/2002 Completion of developing 900MHz RF
Module 12/2002 Appointed as [INNO-BIZ Company] /
Completion of VoIP Phone, 900MHz wireless phone, Bluetooth headset 01/2003 Visited by No Mu-Hyeon, the
president of Korea 11/2003 Contract with Samsung Electronics
for VoIP Phone OEM Production 12/2003 Export of WiFi Phone to Hitachi
Cable in Japan / Capital Increase without consideration (Capital after funding
: USD 2,750,000) 02/2004 Absorption of Xession Telecom 03/2004 Appointed as SSP (Samsung SDI
Partner’s Association) 09/2004 Foundation of TianJin SUNGIL
TELECOM in China 12/2004 Certification of Single PPM (Small
& Medium Business Association) 03/2005 Listed in [Certificate of ISO
14001] 05/2005 Awarded from Korean Prime Minister
in Single PPM Q-Innovation / Certified as No Disaster Goal Attainment from
Korea Occupational Safety & Health Agency 07/2005 Awarded from Korean Prime Minister
in prevention of industrial disaster 08/2005 Approval for listing stocks on
KOSDAQ 10/2005 Listing Stocks on KOSDAQ 11/2005 Awarded as [Monument of 100
million Export] / Conclusion of Supply Agreement for WLL Terminal (Tata
Teleservice, India) 04/2006 Appointed as Venture
100,000million won club (Korea Venture Business Association) 06/2006 Undertaking [K-Mobile] a CDMA
mobile handset developing company (Recognizeed as interrelated enterprises) 06/2006 Certificate of Designation Leading
World SME (Kyungbuk Provincial Governor) 11/2006 Awarded US$200 Million Export Top
Prize 08/16/2007 Changed company name to the
present name 09/01/2007 Merged with the Subject and UTU
INC.(110111-2801044) |
The Subject Company,
formerly Sungil Telecom Co., Ltd., is a Korea-based manufacturer specialized in
the provision of liquid crystal display (LCD) module parts. The Company
operates its business under two main segments: display, home automation and
wireless local loop (WLL) segments. Its display business segment manufactures
parts applied to LCD and organic light-emitting device (OLED) modules and
supplies under original equipment manufacturer (OEM) brand to Samsung SDI. Its
WLL business provides fixed wireless phones and terminals, wireless pay phones
and other related products. In addition, the Company provides wireless fidelity
(WiFi) phones, voice over Internet protocol (VoIP) phones, radio frequency (RF)
modules and others. During the year ended December 31, 2006, the display and
WLL business accounted for approximately 49% and 47% of total sales,
respectively. As of September 11, 2007, the Company merged with EPIVALLEY CO.,
LTD. and UTU Inc.
Management
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
President & CEO |
Mr. |
Cho Joo-Hwan |
Korean |
49.10.13 |
Daegu Commercial High |
|
Vice President |
Mr. |
Lee Sang-Kil |
Korean |
49.05.03 |
- |
|
Director |
Mr. |
Kim Chul-Kyu |
Korean |
63.07.02 |
Youngnam University |
|
Director |
Mr. |
Oh Zeung-Geun |
Korean |
49.02.24 |
Seoul National University |
|
Director |
Mr. |
Park Doo-Jin |
Korean |
52.01.10 |
Seoul National University |
|
Director |
Mr. |
Chang Seok-Joo |
Korean |
63.12.05 |
Kookmin University |
|
Auditor |
Mr. |
Hong Yong-Kwon |
Korean |
49.05.17 |
Daegu Commercial High |
Financials
Unit: KRW
|
Year |
Sales |
Assets |
Net income |
|
178,421,870,890 |
72,120,409,557 |
8,535,410,122 |
|
|
2005 |
154,999,214,174 |
67,393,708,820 |
4,500,643,518 |
|
2004 |
119,833,587,253 |
51,179,634,319 |
3,020,219,632 |
|
2003 |
64,642,394,594 |
27,652,537,287 |
885,634,278 |
Financial Description
Unit: KRW
|
Authorized
Capital |
25,000,000,000 |
|
Paid-Up
Capital |
9,981,040,500 |
|
Total Issues Shares |
19,187,014 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
01/01/2007~09/30/2007 |
As of 12/31/2006 |
As of 12/31/2005 |
|
Total Assets |
144,770,957,008 |
72,120,409,557 |
67,393,708,820 |
|
Current Assets |
54,414,542,464 |
33,752,896,444 |
33,423,571,169 |
|
-Quick Assets |
34,349,119,657 |
15,736,462,578 |
15,039,887,850 |
|
-Inventories |
20,065,422,807 |
18,016,433,866 |
18,383,683,319 |
|
Fixed Assets |
90,356,414,544 |
38,367,513,113 |
33,970,137,651 |
|
-Investment |
8,916,157,371 |
6,830,761,942 |
2,827,200,864 |
|
-Tangibles |
51,976,747,797 |
22,934,409,711 |
22,709,171,020 |
|
-Intangibles |
24,534,445,721 |
8,530,054,842 |
8,369,898,327 |
|
-Others |
4,929,063,655 |
72,286,618 |
63,867,440 |
|
Total Liabilities |
89,008,775,795 |
32,490,632,510 |
39,739,610,044 |
|
Current Liabilities |
70,297,858,962 |
21,209,685,950 |
27,510,036,714 |
|
Fixed Liabilities |
18,710,916,833 |
11,280,946,560 |
12,229,573,330 |
|
Capital Stock |
9,981,040,500 |
6,187,267,000 |
5,633,767,000 |
|
Capital Surplus |
55,501,092,111 |
18,354,162,356 |
12,135,268,755 |
|
Profit Surplus |
7,618,439,213 |
14,555,319,435 |
9,041,710,943 |
|
Capital Adjustment |
-17,338,390,611 |
533,028,256 |
843,352,078 |
|
Total Equity |
55,762,181,213 |
39,629,777,047 |
27,654,098,776 |
|
Liab. &
Shareholder’s Equity |
144,770,957,008 |
72,120,409,557 |
67,393,708,820 |
|
Current
Liabilities |
70,297,858,962 |
21,209,685,950 |
27,510,036,714 |
|
Trade Payables |
6,777,455,587 |
6,218,054,290 |
8,017,268,300 |
|
Short-Term Borrowings |
40,270,300,436 |
8,000,000,000 |
14,600,000,000 |
|
Account Payables |
11,933,089,781 |
3,815,241,215 |
2,823,005,485 |
|
Advance Receipts |
1,478,629,704 |
171,006,300 |
186,487,917 |
|
Withholdings |
187,301,966 |
53,692,124 |
124,148,766 |
|
Accrued Expenses |
1,100,637,488 |
609,943,351 |
596,486,865 |
|
Accrued Income Tax |
95,025,935 |
1,296,154,517 |
907,839,381 |
|
Finance Lease Liabilities |
813,057,133 |
- |
- |
|
Current Portion of Long-Term Debts |
3,183,590,000 |
895,530,000 |
254,800,000 |
|
Bond with Warrant(BW) |
2,762,100,000 |
- |
- |
|
Unearned Income |
32,357,003 |
- |
- |
|
Derivatives |
282,563,811 |
150,064,153 |
- |
|
Others |
1,426,093,949 |
- |
- |
|
Fixed
Liabilities |
18,710,916,833 |
11,280,946,560 |
12,229,573,330 |
|
Long-Term Borrowings |
15,663,980,000 |
8,749,810,000 |
6,778,700,000 |
|
Leasehold Deposit Received |
28,000,000 |
28,000,000 |
26,000,000 |
|
Provision for Severance & Retirement |
2,312,309,237 |
1,880,815,612 |
1,406,014,985 |
|
Long-Term Account Payables |
187,559,856 |
- |
4,558,500,000 |
|
Finance Lease Liabilities |
1,378,246,965 |
- |
- |
|
Deferred Income Tax Credit |
- |
1,773,762,728 |
311,049,533 |
|
Income Statement |
|||
|
Unit : Korean Won |
01/01/2007~09/30/2007 |
As of 12/31/2006 |
As of 12/31/2005 |
|
Sales |
62,782,936,556 |
178,421,870,890 |
154,999,214,174 |
|
Cost of Sold Goods |
62,491,049,362 |
159,989,266,798 |
141,566,890,022 |
|
Gross Profit |
291,887,194 |
18,432,604,092 |
13,432,324,152 |
|
Selling & Admin. Expenses |
5,884,995,652 |
5,897,281,793 |
4,611,198,738 |
|
Operating Income |
(-)5,593,108,458 |
12,535,322,299 |
8,821,125,414 |
|
Non-Operating Income |
2,648,198,335 |
3,395,408,914 |
1,686,977,181 |
|
Non-Operating expenses |
4,926,185,237 |
4,444,343,361 |
4,070,005,272 |
|
Ordinary Income |
(-)7,871,095,360 |
11,486,387,852 |
6,438,097,323 |
|
Special Income |
- |
- |
- |
|
Income Before Taxes |
(-)7,871,095,360 |
11,486,387,852 |
6,438,097,323 |
|
Income Taxes Expenses |
(-)2,094,161,838 |
2,950,977,730 |
1,937,453,805 |
|
Net Income |
(-)5,776,933,522 |
8,535,410,122 |
4,500,643,518 |
|
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 |
(-)928,469,281 |
16,976,229,254 |
(-)14,149,576,323 |
|
-Net Income |
(-)5,776,933,522 |
8,535,410,122 |
4,500,643,518 |
|
-Exp. without Cash Outflow |
9,212,010,997 |
8,156,247,165 |
7,956,382,197 |
|
-Revenue
without Cash Inflows |
(-)4,016,927,864 |
(-)1,175,533,651 |
(-)378,351,884 |
|
-Changes in
Asset/ & Liability |
(-)346,618,892 |
1,460,105,618 |
(-)26,228,250,154 |
|
Cash Flows
from Investing |
(-)23,578,640,424 |
(-)14,665,082,214 |
(-)7,903,832,885 |
|
-Cash Inflow
from Investing |
21,587,461,012 |
977,156,386 |
143,792,096 |
|
-Cash
Outflows for Investing |
(-)45,166,101,436 |
(-)15,642,238,600 |
(-)8,047,624,981 |
|
Cash Flows
from Financing |
24,709,933,094 |
(-)2,431,001,405 |
22,272,192,437 |
|
-Cash
Inflows from Financing |
39,180,216,936 |
13,269,418,000 |
26,878,752,437 |
|
-Cash
Outflows from Financing |
(-)14,470,283,842 |
(-)15,700,419,405 |
(-)4,606,560,000 |
|
Increase/Decrease
in Cash |
202,823,389 |
(-)119,854,365 |
218,783,229 |
|
Cash at the
Beginning of Year |
183,697,137 |
303,551,502 |
84,768,273 |
|
Cash at the End of Year |
386,520,526 |
183,697,137 |
303,551,502 |
Products, Technologies, Services
Description
|
Main
Products & Services |
WLL(Wireless Local Loop) Phone, Terminal
and Payphone LCD/OLED Module for mobile Phone WiFi Phone Other
telecommunication terminal Brand Name: PBA, CPBA, SXP |
Trade
Partners
|
Customers |
SAMSUNG SDI CO.,LTD(110111-0394174) HITACHI-JAPAN TATA TELESERVICES LIMITED-INDIA |
|
Competitors |
SEOUL SEMICONDUCTOR CO., LTD.
(110111-0522436) SAMSUNG ELECTRO-MECHANICS CO.,LTD
(130111-0001626) LG INNOTEK CO., LTD.(110111-0192180) ZTE(CHINA) |
Related Parties (Subsidiaries,
Joint-
Venture & Affiliates)
|
Subsidiary |
ROXIA CO., LTD. (50.06% held by the subject
company) TIANJIN SUNGIL TELECOM CO., LTD. (100.00%
held by the subject company) #10 5TH STREET SAIDA XIQING ECONOMIC
DEVELOPMENT AREA TIANJIN, CHINA |
|
Cooperative Enterprise |
Qualcomm |
Sales by
Region (Activity &
Markets)
|
Sales/ Unit :Thousand KRW |
2006 |
2005 |
2004 |
|
Export |
166,913,932 |
127,969,872 |
71,834,826 |
|
Domestic |
11,507,939 |
27,029,343 |
47,998,762 |
|
Total |
178,421,871 |
154,999,214 |
119,833,588 |
The Subject exports to Taiwan, Afghanistan, Bangladesh, China, Colombia,
India, Japan and Russia.
Court
Action
No.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.23 |
|
UK Pound |
1 |
Rs.83.88 |
|
Euro |
1 |
Rs.66.41 |
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%)