MIRA
INFORM REPORT
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Report Date : |
10.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
MYUNGHWA INDUSTRY CO., LTD. |
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Registered Office : |
16-206, Siheung Cheoljae Complex, 966,
Siheung 3-dong, Geumcheon-gu, Seoul, 153-756 |
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Country : |
Korea |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
05.19.1984 |
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Com. Reg. No.: |
119-81-01336 |
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Legal Form : |
Company Limited by Shares |
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Line of Business : |
Wholesale of Basic Metals |
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 |
MYUNGHWA
INDUSTRY CO., LTD. |
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Registered Address |
966, Siheung 3-dong, Geumcheon-gu, Seoul,
Korea |
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Building |
16-206, Siheung Cheoljae Complex |
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Zip Code |
153-756 |
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Tel |
+82-2-804-8881~3 |
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Fax |
+82-2-804-8880 |
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E-mail |
Jhleemh@myunghwa.biz;skkim@myunghwa.biz;jhkim@myungwha.biz |
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Website |
www.myunghwa.biz |
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Trading Address |
16-206, Siheung Cheoljae Complex, 966, Siheung
3-dong, Geumcheon-gu, Seoul, Korea |
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Tel |
+82-2-804-8881~3 |
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Fax |
+82-2-804-8880 |
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Other Address-Poseung Factory |
1210-2, Dogok-ri, Poseung-eup,
Pyeongtaek-si, Gyeonggi-do, Korea |
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Tel |
+82-31-683-8051 |
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Fax |
+82-31-683-8058 |
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Type |
Export/Import |
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Industry |
Wholesale of Basic Metals |
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Main Business |
Aluminum Sheet, Aluminum Coil, Aluminum Wires, Aluminum Foils,
Aluminum Bars, Aluminum Tubes, Aluminum Plates, Aluminum Billets |
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Established (mm/dd/yyyy) |
05/19/1984 |
The Subject owns
the premises of Poseung Factory (4,027.90㎡).
Detailed Products
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Activity |
Detailed Products (UNSPSC) |
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Sell |
Mechanical wire(31151800) |
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Sell |
Aluminum coil(30101906) |
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Sell |
Aluminum(11101705) |
CEO’s
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Name |
Lee Jae-Hwa |
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Address |
334-402, Sinbanpo Hanshin Apt., Jamwon-dong, Seocho-gu, Seoul, Korea |
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Date of Birth |
07/09/1941 |
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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 |
500,000,000 KRW |
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Employees |
16 |
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Formation |
Co., Ltd by shares |
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Bank Details |
Korea Exchange Bank-Shihung Dong Branch Industrial Bank of Korea Hana Bank |
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Corporate Registered No. |
110111-0374704 |
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Business Registered No. |
119-81-01336 |
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Permit & Licenses |
Int’l Trade No.: 549475 |
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Shareholder Position |
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Company History |
05/19/1984
Incorporated as the present name 12/25/2003
Increased capital to 250,000,000 KRW from 150,000,000 KRW 10/06/2004
Increased the authorized shares to 200,000 from 80,000 shares 10/22/2004
Increased capital to 500,000,000 KRW from 250,000,000 KRW |
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Management
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Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Day |
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President & CEO |
Mr. |
Lee Jae-Hwa |
Male |
Korean |
05/19/1992 |
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Director |
Mr. |
Lee Seung-Kook |
Male |
Korean |
05/19/2004 |
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Director |
Mr. |
Lee Eun-Young |
Female |
Korean |
08/05/2008 |
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Auditor |
M/S. |
Ahn Myung-Hee |
Female |
Korean |
03/18/1994 |
Financials
Unit: KRW
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Year |
Sales |
Assets |
Net income |
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15,817,191,268 |
9,511,457,510 |
(-)928,843,029 |
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2006 |
17,376,176,254 |
8,151,830,720 |
377,565,259 |
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2005 |
13,796,000,000 |
6,051,000,000 |
301,000,000 |
Financial Description
Unit: KRW
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Authorized
Capital |
1,000,000,000 |
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Paid-Up
Capital |
500,000,000 |
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Total Issues Shares |
100,000 |
Balance
Sheet
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Unit : Korean Won |
As of 12/31/2007 |
As of 12/31/2006 |
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Total Assets |
9,511,457,510 |
8,151,830,720 |
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Current Assets |
6,896,880,193 |
5,902,428,956 |
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-Quick Assets |
2,696,632,257 |
2,443,851,655 |
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-Inventories |
4,200,247,936 |
3,458,577,301 |
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Fixed Assets |
2,614,577,317 |
2,249,401,764 |
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-Investment |
206,621,284 |
2,000,000 |
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-Tangibles |
2,388,704,433 |
2,236,150,164 |
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-Intangibles |
19,251,600 |
11,251,600 |
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Total Liabilities |
8,998,388,183 |
6,682,120,191 |
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Current Liabilities |
7,262,605,932 |
4,114,998,587 |
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Fixed Liabilities |
1,735,782,251 |
2,567,121,604 |
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Capital Stock |
500,000,000 |
500,000,000 |
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Capital Surplus |
- |
- |
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Profit Surplus |
11,605,613 |
969,710,529 |
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Capital Adjustment |
1,463,714 |
- |
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Total Equity |
513,069,327 |
1,469,710,529 |
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Liab. & Shareholder’s Equity |
9,511,457,510 |
8,151,830,720 |
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Current
Liabilities |
7,262,605,932 |
4,114,998,587 |
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Trade Payables |
2,641,352,348 |
2,208,534,526 |
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Short-Term Borrowings |
3,262,998,490 |
1,499,400,000 |
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Account Payables |
157,914,079 |
361,396,498 |
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Accrued Expenses |
37,781,095 |
- |
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Advance Receipts |
6,379,680 |
- |
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Withholdings |
9,830,240 |
21,481,545 |
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Accrued Income Tax |
- |
24,186,018 |
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Current Portion of Long-Term
Debts |
1,146,350,000 |
- |
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Fixed
Liabilities |
1,735,782,251 |
2,567,121,604 |
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Long-Term Borrowings |
1,522,520,000 |
2,390,974,900 |
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Provision for Severance &
Retirement |
220,275,151 |
183,159,604 |
Income
Statement
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Unit : Million Korean Won |
As of 12/31/2007 |
As of 12/31/2006 |
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Sales |
15,817,191,268 |
17,376,176,254 |
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Cost of Sold Goods |
15,299,661,475 |
15,897,521,577 |
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Gross Profit |
517,529,793 |
1,478,654,677 |
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Selling & Admin. Expenses |
1,120,866,805 |
1,155,033,917 |
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Operating Income |
(-)603,337,012 |
323,620,760 |
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Non-Operating Income |
229,031,338 |
471,734,130 |
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Non-Operating expenses |
554,537,355 |
370,871,663 |
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Ordinary Income |
(-)928,843,029 |
424,483,227 |
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Special Income |
- |
- |
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Income Before Taxes |
(-)928,843,029 |
424,483,227 |
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Income Taxes Expenses |
- |
46,917,968 |
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Net Income |
(-)928,843,029 |
377,565,259 |
Cash
Flows
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Unit : Million Korean Won |
As of 12/31/2007 |
As of 12/31/2006 |
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Cash Flows from Operating |
(-)1,826,171,695 |
(-)1,023,667,873 |
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-Net Income |
(-)928,843,029 |
377,565,259 |
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-Exp. without Cash Outflow |
447,059,722 |
379,091,656 |
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-Revenue without Cash Inflows |
(-)53,758 |
(-)16,178,902 |
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-Changes in Asset/ & Liability |
(-)1,344,334,630 |
(-)1,764,145,886 |
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Cash Flows from Investing |
(-)184,613,270 |
(-)17,264,821 |
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-Cash Inflow from Investing |
454,221,300 |
22,663,943 |
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-Cash Outflows for Investing |
(-)638,834,570 |
(-)39,928,764 |
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Cash Flows from Financing |
2,041,493,590 |
1,040,924,400 |
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-Cash Inflows from Financing |
3,461,998,490 |
1,449,400,000 |
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-Cash Outflows from Financing |
(-)1,420,504,900 |
(-)408,475,600 |
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Increase/Decrease in Cash |
30,708,625 |
(-)8,294 |
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Cash at the Beginning of Year |
567,718 |
576,012 |
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Cash at the End of Year |
31,276,343 |
567,718 |
Products, Technologies, Services
Description
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Main
Products & Services |
Import : aluminum flat rolled products(Semi-products)like coils &
sheet / special alloys, unique items and many kinds of the machined aluminum
like cutting, sawing, stamping, drilling, bending, milling, welding, etc Import & Export : all kinds of aluminum products like plates,
round bars, profiles, tubes, wires, circles, slugs, etc Sell : Aluminum flat rolled products (coil & sheet), Aluminum
Plate, Round bar, Check plate, Profile, Tube, Wire, Circle, Slug |
Related Parties (Subsidiaries,
Joint-Venture & Affiliates)
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Cooperative Enterprise |
-Insured Company DONGBU INSURANCE CO., LTD(110111-0095285) |
Sales by
Region (Activity &
Markets)
The Subject deals with the companies in Bahrain, China, Taiwan, Italy
and USA.
Court
Action
No.
News
Clipping
--
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.44 |
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UK Pound |
1 |
Rs.79.62 |
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Euro |
1 |
Rs.63.48 |
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%)