MIRA INFORM REPORT
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Report Date : |
19.04.2011 |
IDENTIFICATION DETAILS
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Name : |
MYUNG BO ENTERPRISE CO., LTD. |
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Registered Office : |
1521-3, Dadae 1-dong, Saha-gu, Busan, Korea, Zip Code 604-826 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
16.10.1985 |
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Com. Reg. No.: |
603-81-09681 |
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Legal Form : |
Co., Ltd by Shares |
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Line of Business : |
Manufacture of Upholstered Seats for Transport Vehicles |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment
Behaviour : |
Unknown |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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South Korea |
a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Basic
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Company Name |
MYUNG BO
ENTERPRISE CO., LTD. (Korean
Company Name : “명보기업(주)”) |
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Registered Address |
1521-3, Dadae 1-dong, Saha-gu, Busan,
Korea |
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Zip Code |
604-826 |
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Tel |
+82-51-263-3111 |
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Fax |
+82-51-263-3113 |
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E-mail |
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Website |
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Trading Address |
1521-3, Dadae 1-dong, Saha-gu, Busan,
Korea |
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Tel |
+82-51-263-3111 |
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Fax |
+82-51-263-3113 |
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Type |
Export |
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Industry |
Manufacture of Upholstered Seats for Transport Vehicles |
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Main Business |
Bus Seat |
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Established (mm/dd/yyyy) |
10/16/1985 |
Detailed
Products
|
Activity |
Detailed Products (UNSPSC) |
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Sell |
Vehicle seating systems(25174600) |
CEO’s
|
Name |
Cho Seok-Jin |
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Address |
Suite 106-203, 694-1, Seodaesin-dong
3-ga, Seo-gu, Busan, Korea |
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Date of Birth |
09/05/1969 |
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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 (KRW) |
220,000,000 |
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Employees |
22 |
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Formation |
Co., Ltd by Shares |
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Bank Details |
Kyungnam Bank Busan Bank |
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Corporate Registered No. |
180111-0058510 |
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Business Registered No. |
603-81-09681 |
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Permit & Licenses |
12/28/2006 ISO/TS 16949 by IATF |
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Shareholder Position |
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Company History |
10/16/1985 Incorporated as the present name 08/24/2006 Moved to the present HQ address
from 1501-3, Dadae 1-dong, Saha-gu, Busan, Korea |
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Management
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Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
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President & CEO |
Mr. |
Cho Seok-Jin |
Male |
Korean |
12/18/2008 |
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Director |
Mr. |
Cho Kyu-Sang |
Male |
Korean |
12/18/2008 |
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Auditor |
M/S. |
Jang Seo-Eun |
Female |
Korean |
12/18/2008 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
20,344,583,538 |
18,394,120,860 |
488,309,759 |
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|
2009 |
16,477,786,755 |
14,647,083,439 |
567,628,800 |
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2008 |
20,445,918,731 |
14,438,845,215 |
919,469,525 |
|
2007 |
27,502,479,449 |
16,843,267,956 |
1,281,206,249 |
Financial
Description
|
Authorized Capital(KRW) |
480,000,000 |
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Paid-Up Capital(KRW) |
220,000,000 |
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Total Issues Shares |
44,000 |
Balance Sheet
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
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Total Assets |
18,394,120,860 |
14,647,083,439 |
14,438,845,215 |
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Current Assets |
3,183,874,608 |
2,335,207,465 |
1,751,939,483 |
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-Quick Assets |
2,547,374,595 |
1,919,477,325 |
1,601,436,413 |
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-Inventories |
636,500,013 |
415,730,140 |
150,503,070 |
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Fixed Assets |
15,210,246,252 |
12,311,875,974 |
12,686,905,732 |
|
-Investment |
1,115,180,629 |
685,307,183 |
602,294,453 |
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-Tangibles |
13,168,207,812 |
10,654,849,552 |
11,164,621,357 |
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-Intangibles |
10,994,423 |
8,512,606 |
7,829,726 |
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-Others |
915,863,388 |
963,206,633 |
912,160,196 |
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Total Liabilities |
10,887,112,159 |
7,628,384,497 |
7,987,775,073 |
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Current Liabilities |
6,824,751,202 |
6,040,079,580 |
5,271,676,436 |
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Fixed Liabilities |
4,062,360,957 |
1,588,304,917 |
2,716,098,637 |
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Capital Stock |
220,000,000 |
220,000,000 |
220,000,000 |
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Capital Surplus |
- |
- |
- |
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Profit Surplus |
7,467,655,101 |
6,979,345,342 |
6,411,716,542 |
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Capital Adjustment |
-180,646,400 |
-180,646,400 |
-180,646,400 |
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Total Equity |
7,507,008,701 |
7,018,698,942 |
6,451,070,142 |
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Liab. &
Shareholder’s Equity |
18,394,120,860 |
14,647,083,439 |
14,438,845,215 |
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Current Liabilities |
6,824,751,202 |
6,040,079,580 |
5,271,676,436 |
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Trade Payables |
3,652,479,012 |
3,603,268,284 |
2,255,712,268 |
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Account Payables |
910,365,789 |
125,872,329 |
132,362,887 |
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Short-Term Borrowings |
1,500,000,000 |
1,800,000,000 |
795,000,000 |
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Current Portion of Long-Term Debts |
525,000,000 |
240,000,000 |
1,818,397,000 |
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Advance Receipts |
69,095,011 |
176,576,564 |
137,622,135 |
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Accrued Expenses |
93,330,766 |
48,794,317 |
52,267,071 |
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Accrued Income Tax |
14,111,855 |
2,746,200 |
- |
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Withholdings |
12,677,760 |
8,436,060 |
8,485,210 |
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VAT Withhold |
47,691,009 |
34,385,826 |
71,829,865 |
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Fixed
Liabilities |
4,062,360,957 |
1,588,304,917 |
2,716,098,637 |
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Long-Term Borrowings |
3,175,000,000 |
840,000,000 |
1,664,000,000 |
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Provision for Severance & Retirement |
72,857,350 |
37,591,340 |
39,609,030 |
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Long-Term Leasehold Deposit Received |
150,000,000 |
100,000,000 |
100,000,000 |
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Short-Term Borrowings to Shareholders/
Executives/ Employees |
731,775,597 |
648,304,917 |
952,098,637 |
Income Statement
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Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
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Sales |
20,344,583,538 |
16,477,786,755 |
20,445,918,731 |
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Cost of Sold Goods |
17,185,894,553 |
14,209,397,544 |
17,358,526,491 |
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Gross Profit |
3,158,688,985 |
2,268,389,211 |
3,087,392,240 |
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Selling & Admin. Expenses |
2,308,247,664 |
1,509,656,276 |
1,787,203,147 |
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Operating Income |
850,441,321 |
758,732,935 |
1,300,189,093 |
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Non-Operating Income |
73,235,773 |
185,290,093 |
197,717,056 |
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Non-Operating Expenses |
421,429,918 |
350,660,859 |
517,805,039 |
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Ordinary Income |
502,247,176 |
593,362,169 |
980,101,110 |
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Special Income |
- |
- |
- |
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Income Before Taxes |
502,247,176 |
593,362,169 |
980,101,110 |
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Income Taxes Expenses |
13,937,417 |
25,733,369 |
60,631,585 |
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Net Income |
488,309,759 |
567,628,800 |
919,469,525 |
Cash Flows
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Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Cash Flows from Operating |
1,275,011,331 |
1,717,383,899 |
960,669,248 |
|
-Net Income |
488,309,759 |
567,628,800 |
919,469,525 |
|
-Exp. without Cash Outflow |
655,561,264 |
452,954,563 |
392,566,067 |
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-Revenue without Cash Inflows |
-17,081,134 |
-24,255,615 |
-32,134,511 |
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-Changes in Asset/ & Liability |
148,221,442 |
721,056,151 |
-319,231,833 |
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Cash Flows from Investing |
-3,432,724,430 |
-1,025,623,609 |
-731,994,493 |
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-Cash Inflow from Investing |
145,554,847 |
30,496,798 |
149,790,636 |
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-Cash Outflows for Investing |
-3,578,279,277 |
-1,056,120,407 |
-881,785,129 |
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Cash Flows from Financing |
2,500,970,680 |
-678,793,720 |
-265,754,684 |
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-Cash Inflows from Financing |
6,585,369,181 |
1,911,800,000 |
584,000,000 |
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-Cash Outflows from Financing |
-4,084,398,501 |
-2,590,593,720 |
-849,754,684 |
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Increase/Decrease in Cash |
343,257,581 |
12,966,570 |
-37,079,929 |
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Cash at the Beginning of Year |
40,617,327 |
27,650,757 |
64,730,686 |
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Cash at the End of Year |
383,874,908 |
40,617,327 |
27,650,757 |
Products, Technologies, Services
Description
|
Main Products & Services |
Bus Seat |
Trade Partners & Competitors
|
Competitors |
WOOCHANG CO., LTD. 10-3, JUKGOK-RI, JINYEONG-EUP, GIMHAE-SI,
GYEONGSANGNAM-DO, KOREA TEL:+82-55-342-4081 FAX:+82-55-342-4085 |
Related
Parties
(Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
SHINA TECH CO., LTD.(KOREA) (49.49% held by the subject
company) |
|
Cooperative Enterprise |
-Insured Company HANWHA GENERAL INSURANCE CO., LTD.(110111-0006456) |
Sales
by Region
(Activity & Markets)
Not Available.
Court
Action
No.
News
Clipping
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.27 |
|
UK Pound |
1 |
Rs.7208 |
|
Euro |
1 |
Rs.63.66 |
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 |
|
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 |
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 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.