MIRA
INFORM REPORT
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Report Date : |
12.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
HOONG-A CORPORATION |
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Registered Office : |
83-4, Dodang-dong, Wonmi-gu, Bucheon-si, Gyeonggi-do 420-803 |
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Country : |
Korea |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
12.17.1991 |
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Com. Reg. No.: |
130-81-33247 |
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Legal Form : |
Company Limited by Shares |
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Line of Business : |
Manufacture of Containers Cleaning, Packing and Wrapping Machinery and
Charger |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Basic
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Company Name |
HOONG-A CORPORATION |
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Registered Address |
83-4, Dodang-dong, Wonmi-gu, Bucheon-si,
Gyeonggi-do, Korea |
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Zip Code |
420-803 |
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Tel |
+82-32-675-1511 |
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Fax |
+82-32-675-1512 |
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E-mail |
sales@hoonga.com;tsale@hoonga.com |
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Website |
www.hoonga.com |
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Trading Address |
83-4, Dodang-dong, Wonmi-gu, Bucheon-si, Gyeonggi-do,
Korea |
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Tel |
+82-32-675-1511 |
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Fax |
+82-32-675-1512 |
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Type |
Export/Import |
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Industry |
Manufacture of Containers Cleaning, Packing and Wrapping Machinery and
Charger |
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Main Business |
Blister Packaging Systems, Cartoning Machine, Inspector, Push Through
Pack(P.T.P) Machine |
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Established (mm/dd/yyyy) |
12/17/1991 |
The Subject owns
the premises of registered HQ address/Factory(611.8㎡).
Detailed Products
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Activity |
Detailed Products (UNSPSC) |
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Sell |
Packaging machinery(23152900) |
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Sell |
Cartoning machinery(24102107) |
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Sell |
Sifters(23151608) |
CEO’s
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Name |
Kang Shin-Young |
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Address |
329, Sinjeong-dong, Yangcheon-gu, Seoul, Korea |
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Date of Birth |
04/17/1958 |
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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 |
600,000,000 KRW |
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Employees |
84 |
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Formation |
Co., Ltd by shares |
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Bank Details |
Korea Exchange Bank-Dodang Dong Branch |
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Corporate Registered No. |
124311-0033988 |
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Business Registered No. |
130-81-33247 |
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Permit & Licenses |
03/23/2000 "CE-Mark" for MINISTAR-N8 from SGS 11/09/2001 "CE-Mark" for MINISTAR-400 and MINISTAR-G7 from SGSs 04/03/2002 ISO9001:2000 / Quality System by BM TRADA / UKAS 11/12/2002 ISO14001 / Environmental System from BM TRADA/UKAS 11/14/2002 "CE-Mark" for MINISTAR-N5 and MINISTAR-V6 from SGS 07/02/2004 ISO 14001 / Environmental System by BM TRADA / UKAS 07/02/2004 ISO 9001 / Quality System by BM TRADA / UKAS Int’l Trade No.: 223461 |
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Shareholder Position |
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Company History |
12/17/1991
Incorporated as the present name 11/30/1995 Awarded US$1 Million Export Top
Prize 11/30/2001 Awarded US$3 Million Export Top
Prize 06/12/2002 Increased capital to
600,000,000 KRW from 300,000,000 KRW 11/26/2004 Awarded US$5 Million Export Top
Prize |
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Management
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Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Day |
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President & CEO |
Mr. |
Kang Shin-Young |
Male |
Korean |
03/31/2003 |
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Director |
Mr. |
Kang Dae-Hee |
Male |
Korean |
03/27/2000 |
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Director |
M/S. |
Kang Shin-Won |
Female |
Korean |
03/27/2000 |
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Director |
M/S. |
Kang Shin-Sook |
Male |
Korean |
03/27/2000 |
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Auditor |
Mr. |
Jung Tae-Yong |
Male |
Korean |
03/27/2000 |
Financials
Unit: KRW
|
Year |
Sales |
Assets |
Net income |
|
16,244,639,542 |
14,065,569,692 |
1,215,061,957 |
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|
2006 |
14,570,958,765 |
13,747,289,321 |
1,316,527,163 |
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2005 |
11,336,570,931 |
10,695,174,582 |
947,730,212 |
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2004 |
12,420,404,604 |
9,527,586,853 |
1,286,075,610 |
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2003 |
10,130,467,458 |
9,064,259,439 |
875,335,116 |
Financial Description
Unit: KRW
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Authorized
Capital |
2,400,000,000 |
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Paid-Up
Capital |
600,000,000 |
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Total Issues Shares |
60,000 |
Balance
Sheet
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Unit : Korean Won |
As of 12/31/2007 |
As of 12/31/2006 |
As of 12/31/2005 |
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Total Assets |
14,065,569,692 |
13,747,289,321 |
10,695,174,582 |
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Current Assets |
11,073,379,650 |
10,802,831,570 |
7,549,711,915 |
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-Quick Assets |
5,501,580,322 |
6,101,905,454 |
3,931,446,772 |
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-Inventories |
5,571,799,328 |
4,700,926,116 |
3,618,265,143 |
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Fixed Assets |
2,992,190,042 |
2,944,457,751 |
3,145,462,667 |
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-Investment |
584,708,124 |
477,775,142 |
560,257,492 |
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-Tangibles |
2,139,909,886 |
2,268,490,371 |
2,420,586,502 |
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-Intangibles |
100,130,514 |
139,704,720 |
164,618,673 |
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-Others |
167,441,518 |
58,487,518 |
- |
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Total Liabilities |
4,963,403,596 |
5,760,185,182 |
3,924,597,606 |
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Current Liabilities |
4,054,097,595 |
4,680,175,529 |
2,655,302,253 |
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Fixed Liabilities |
909,306,001 |
1,080,009,653 |
1,269,295,353 |
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Capital Stock |
600,000,000 |
600,000,000 |
600,000,000 |
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Capital Surplus |
- |
- |
- |
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Profit Surplus |
8,502,166,096 |
7,387,104,139 |
6,170,576,976 |
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Capital Adjustment |
- |
- |
- |
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Total Equity |
9,102,166,096 |
7,987,104,139 |
6,770,576,976 |
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Liab. & Shareholder’s Equity |
14,065,569,692 |
13,747,289,321 |
10,695,174,582 |
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Current
Liabilities |
4,054,097,595 |
4,680,175,529 |
2,655,302,253 |
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Trade Payables |
873,044,773 |
830,954,731 |
393,945,622 |
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Account Payables |
1,215,193,632 |
1,281,163,337 |
659,640,791 |
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Advance Receipts |
1,082,315,174 |
1,756,794,526 |
1,145,079,864 |
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Withholdings |
17,780 |
15,486,060 |
14,764,420 |
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Accrued Expenses |
521,476,336 |
387,025,804 |
274,975,036 |
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Accrued Income Tax |
162,049,900 |
208,751,071 |
95,896,520 |
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Current Portion of Long-Term Borrowings |
200,000,000 |
200,000,000 |
71,000,000 |
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Fixed
Liabilities |
909,306,001 |
1,080,009,653 |
1,269,295,353 |
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Long-Term Borrowings |
550,000,000 |
750,000,000 |
950,000,000 |
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Provision for Severance & Retirement |
437,554,227 |
407,514,869 |
385,953,103 |
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Leasehold Deposit Received |
20,000,000 |
20,000,000 |
- |
Income
Statement
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Unit : Million Korean Won |
As of 12/31/2006 |
As of 12/31/2005 |
As of 12/31/2004 |
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Sales |
16,244,639,542 |
14,570,958,765 |
11,336,570,931 |
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Cost of Sold Goods |
11,923,395,514 |
9,935,262,564 |
7,229,524,340 |
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Gross Profit |
4,321,244,028 |
4,635,696,201 |
4,107,046,591 |
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Selling & Admin. Expenses |
3,007,699,539 |
2,969,952,505 |
2,898,919,967 |
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Operating Income |
1,313,544,489 |
1,665,743,696 |
1,208,126,624 |
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Non-Operating Income |
438,304,250 |
213,807,388 |
162,722,950 |
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Non-Operating expenses |
223,743,812 |
239,603,557 |
177,703,462 |
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Ordinary Income |
1,528,104,927 |
1,639,947,527 |
1,193,146,112 |
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Special Income |
- |
- |
- |
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Income Before Taxes |
1,528,104,927 |
1,639,947,527 |
1,193,146,112 |
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Income Taxes Expenses |
313,042,970 |
323,420,364 |
245,415,900 |
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Net Income |
1,215,061,957 |
1,316,527,163 |
947,730,212 |
Cash
Flows
|
Unit : Million Korean Won |
As of 12/31/2006 |
As of 12/31/2005 |
As of 12/31/2004 |
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Cash Flows from Operating |
61,714,177 |
879,601,144 |
25,411,831 |
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-Net Income |
1,215,061,957 |
1,316,527,163 |
947,730,212 |
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-Exp. without Cash Outflow |
621,111,430 |
548,585,562 |
574,046,678 |
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-Revenue without Cash Inflows |
(-)37,404,843 |
(-)6,093,570 |
(-)7,474,530 |
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-Changes in Asset/ & Liability |
(-)1,737,054,367 |
(-)979,418,011 |
(-)1,488,890,529 |
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Cash Flows from Investing |
(-)129,126,890 |
(-)183,243,233 |
(-)234,944,246 |
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-Cash Inflow from Investing |
196,936,364 |
217,257,268 |
53,789,545 |
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-Cash Outflows for Investing |
(-)326,063,254 |
(-)400,500,501 |
(-)288,733,791 |
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Cash Flows from Financing |
(-)300,000,000 |
(-)171,000,000 |
(-)195,000,000 |
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-Cash Inflows from Financing |
- |
- |
- |
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-Cash Outflows from Financing |
(-)300,000,000 |
(-)171,000,000 |
(-)195,000,000 |
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Increase/Decrease in Cash |
(-)367,412,713 |
525,357,911 |
(-)404,532,415 |
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Cash at the Beginning of Year |
1,592,143,844 |
1,066,785,933 |
1,471,318,348 |
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Cash at the End of Year |
1,224,731,131 |
1,592,143,844 |
1,066,785,933 |
Products, Technologies, Services
Description
|
Main
Products & Services |
Blister Packaging Machine Cartoning Machine End Packaging Machine Tablet Inspector Tablet Capsule Lifter |
Trade
Partners
|
Customers |
Pharmaceutical Packaging -Aventis -Boehringer Ingelheim -Glaxo Smith Kline -Lilly -Pfizer -Otsuka -Pharmacia & Upjohn -RP Scherer -Novatis -Abbott Laboratories Toothbrush Packaging -Colgate –Palmolive -Schiffer -Signal -Oral-B -Morning Kiss Battery Packaging -Energizer -Rocket Domestic manufacturers of medicines,
confectionery companies, food companies etc. |
Related Parties (Subsidiaries,
Joint-Venture & Affiliates)
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Affiliates |
H&K |
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Subsidiary |
HOONG-A AMERICA CO (100.0% held by the subject company) |
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Cooperative Enterprise |
LIG INSURANCE CO., LTD.(110111-0017859) |
Sales by
Region (Activity &
Markets)
The Subject exports to China, India, Iran, Sweden and USA.
Court
Action
No.
News
Clipping
--
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)