MIRA INFORM REPORT
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Report Date : |
06.08.2011 |
IDENTIFICATION DETAILS
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Name : |
EHWHA GLOTECH CO., LTD. |
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Formerly Known As : |
EHWHA MACHINERY MFG. CO., LTD. |
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Registered Office : |
1271-11, Sa 3-dong, Sangnok-gu, Ansan-si, Gyeonggi-do, Korea, Rm. 407, Gyeonggi Techno Park, Zip Code 426-901 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
25.11.1985 |
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Com. Reg. No.: |
134-81-05461 |
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Legal Form : |
Co., Ltd by shares |
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Line of Business : |
Manufacture of Industrial Machinery for Washing, Dyeing, Finishing and Processing Industrial Machinery of Fibers |
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 : |
No Complaints |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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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 |
EHWHA GLOTECH CO., LTD. (Korean Company Name : “(주)이화글로텍”) |
|
Registered Address |
1271-11, Sa 3-dong, Sangnok-gu, Ansan-si, Gyeonggi-do,
Korea |
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Building |
Rm. 407, Gyeonggi Techno Park |
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Zip Code |
426-901 |
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Tel |
+82-31-491-4191 |
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Fax |
+82-31-491-4194 |
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E-mail |
ehwha@ehwhaglotech.com;foxone@ehwhaglotech.com; uk0203@ehwhaglotech.com;thjtwlove@nate.com |
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Website |
www.ehwhaglotech.com |
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Trading Address |
Rm. 407, Gyeonggi Techno Park, 1271-11, Sa
3-dong, Sangnok-gu, Ansan-si, Gyeonggi-do, Korea |
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Tel |
+82-31-491-4191 |
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Fax |
+82-31-491-4194 |
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Other Address-Factory |
408-41, Hanjin-ri, Songak-myeon, Dangjin-gun,
Chungcheongnam-do, Korea |
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Tel |
+82-41-358-4490 |
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Fax |
+82-41-358-4496 |
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Type |
Export/Import |
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Industry |
Manufacture of Industrial Machinery for Washing, Dyeing, Finishing and
Processing Industrial Machinery of Fibers |
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Main
Business |
Tenter (Drying & Heat, Setting Tenter) |
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Established (mm/dd/yyyy) |
11/25/1985 |
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Textile processing machinery and
accessories(23121500) |
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Sell |
Textile working machinery and equipment and
accessories(23121600) |
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Sell |
Air filters(40161505) |
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Sell |
Switches and controls and relays and
accessories(39121500) |
|
Buy |
Pipe(40142100) |
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Buy |
Deburring equipment(23171605) |
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Buy |
Iron plate(30102203) |
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Buy |
Drivetrain systems(25173800) |
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Buy |
Inverters(32121705) |
CEO’s
|
Name |
Chung Byung-Sik |
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Address |
Suite 102-702, 1345, Sa-dong,
Sangrok-gu, Ansan-si, Gyeonggi-do, Korea |
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Date of Birth |
03/14/1939 |
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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) |
1,460,000,000 |
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Employees |
117 |
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Formation |
Co., Ltd by shares |
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Bank Details |
Industrial Bank of Korea |
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Corporate Registered No. |
130111-0009159 |
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Business Registered No. |
134-81-05461 |
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Permit & Licenses |
10/2008 ISO 9001 Int’l Trade No.: 500964 |
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Shareholder Position |
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Company History |
11/25/1985 Incorporated as EHWHA MACHINERY
MFG. CO., LTD. 11/2001 Awarded US$10 Million Export Top
Prize 11/2003 Awarded US$20 Million Export Top
Prize 11/2007 Awarded US$30 million Export Top
Prize 12/06/2007 Changed company name to the
present name 12/25/2009 Increased capital to
1,460,000,000 KRW from 1,000,000,000 KRW |
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Management
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Job
Description |
Title |
Name |
Sex |
Nationality |
Inauguration
Date |
|
President & CEO |
Mr. |
Chung Byung-Sik |
Male |
Korean |
12/25/2009 |
|
Director |
Mr. |
Lee Son-Duck |
Male |
Korean |
11/25/2000 |
|
Director |
M/S. |
Lim Soon-Im |
Female |
Korean |
11/25/2000 |
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Director |
Mr. |
Chung Joong-Han |
Male |
Korean |
04/01/2004 |
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Director |
Mr. |
Kim Yong-Nam |
Male |
Korean |
08/20/2009 |
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Auditor |
Mr. |
Lee Jin-Won |
Male |
Korean |
08/20/2009 |
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Supervisor of HQ Office |
Mr. |
Kang Sung-Joo |
Male |
Korean |
06/15/2009 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
51,075,420,426 |
24,632,165,498 |
1,127,612,487 |
|
|
2009 |
39,123,888,260 |
25,183,188,924 |
1,019,159,549 |
|
2008 |
24,485,887,211 |
20,149,537,070 |
(-)2,174,252,660 |
|
2007 |
31,009,755,480 |
19,846,007,280 |
6,057,656,944 |
|
2006 |
29,353,970,547 |
14,489,198,161 |
(-)6,312,784,018 |
|
2005 |
24,039,078,650 |
20,666,263,034 |
(-)650,710,033 |
|
2004 |
25,959,682,016 |
22,374,658,280 |
(-)477,356,937 |
Financial Description
|
Authorized Capital(KRW) |
5,000,000,000 |
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Paid-Up Capital(KRW) |
1,460,000,000 |
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Total Issues Shares |
146,000 |
Balance
Sheet
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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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Total Assets |
24,632,165,498 |
25,183,188,924 |
20,149,537,070 |
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Current Assets |
12,443,372,726 |
13,307,407,864 |
7,498,296,127 |
|
-Quick Assets |
8,305,105,980 |
9,513,516,617 |
3,674,908,575 |
|
-Inventories |
4,138,266,746 |
3,793,891,247 |
3,823,387,552 |
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Fixed Assets |
12,188,792,772 |
11,875,781,060 |
12,651,240,943 |
|
-Investment |
351,212,000 |
231,212,000 |
529,212,000 |
|
-Tangibles |
10,918,570,279 |
10,822,664,049 |
11,195,626,718 |
|
-Intangibles |
547,451,566 |
460,957,284 |
654,608,998 |
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-Others |
371,558,927 |
360,947,727 |
271,793,227 |
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Total Liabilities |
16,295,466,638 |
17,974,102,551 |
14,419,610,246 |
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Current Liabilities |
12,281,021,384 |
14,608,002,469 |
6,822,361,953 |
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Fixed Liabilities |
4,014,445,254 |
3,366,100,082 |
7,597,248,293 |
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Capital Stock |
1,460,000,000 |
1,460,000,000 |
1,000,000,000 |
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Capital Surplus |
- |
- |
- |
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Profit Surplus |
2,722,180,759 |
1,594,568,272 |
575,408,723 |
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Capital Adjustment |
4,154,518,101 |
4,154,518,101 |
4,154,518,101 |
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Total Equity |
8,336,698,860 |
7,209,086,373 |
5,729,926,824 |
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Liab. & Shareholder’s Equity |
24,632,165,498 |
25,183,188,924 |
20,149,537,070 |
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Current
Liabilities |
12,281,021,384 |
14,608,002,469 |
6,822,361,953 |
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Trade Payables |
8,389,183,222 |
9,593,364,884 |
3,511,687,678 |
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Short-Term Borrowings |
800,000,000 |
- |
1,690,000,000 |
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Account Payables |
1,268,446,656 |
762,166,737 |
439,024,863 |
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Advance Receipts |
1,049,129,701 |
796,647,150 |
220,733,822 |
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Accrued Expenses |
13,120,829 |
15,433,455 |
- |
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Withholdings |
12,220,976 |
47,270,243 |
10,305,590 |
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Current Portion of Long-Term Debts |
748,920,000 |
3,393,120,000 |
950,610,000 |
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Fixed
Liabilities |
4,014,445,254 |
3,366,100,082 |
7,597,248,293 |
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Long-Term Borrowings |
3,754,590,000 |
3,003,510,000 |
7,257,440,000 |
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Provision for Severance & Retirement |
573,846,360 |
364,092,275 |
346,704,927 |
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 |
51,075,420,426 |
39,123,888,260 |
24,485,887,211 |
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Cost of Sold Goods |
40,308,196,387 |
30,528,134,225 |
20,836,671,623 |
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Gross Profit |
10,767,224,039 |
8,595,754,035 |
3,649,215,588 |
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Selling & Admin. Expenses |
9,263,519,614 |
6,920,580,927 |
4,383,009,427 |
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Operating Income |
1,503,704,425 |
1,675,173,108 |
-733,793,839 |
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Non-Operating Income |
946,740,956 |
682,929,822 |
990,254,781 |
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Non-Operating Expenses |
1,322,832,894 |
1,338,943,381 |
2,415,908,602 |
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Income Before Taxes |
1,127,612,487 |
1,019,159,549 |
-2,159,447,660 |
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Income Taxes Expenses |
- |
- |
14,805,000 |
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Net Income |
1,127,612,487 |
1,019,159,549 |
-2,174,252,660 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Cash Flows from Operating |
-1,561,862,737 |
7,014,847,824 |
-4,097,105,545 |
|
-Net Income |
1,127,612,487 |
1,019,159,549 |
-2,174,252,660 |
|
-Exp.
without Cash Outflow |
1,455,831,564 |
1,318,717,214 |
1,058,131,201 |
|
-Revenue
without Cash Inflows |
-90,126,386 |
-44,236,906 |
-506,185,526 |
|
-Changes in
Asset/ & Liability |
-4,055,180,402 |
4,721,207,967 |
-2,474,798,560 |
|
Cash Flows
from Investing |
-846,222,758 |
-806,679,601 |
838,268,683 |
|
-Cash Inflow
from Investing |
4,269,632,914 |
2,031,440,803 |
6,025,711,698 |
|
-Cash
Outflows for Investing |
-5,115,855,672 |
-2,838,120,404 |
-5,187,443,015 |
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Cash Flows
from Financing |
-370,353,076 |
-2,718,278,126 |
1,450,653,439 |
|
-Cash
Inflows from Financing |
19,394,542,072 |
14,959,989,562 |
19,535,000,000 |
|
-Cash
Outflows from Financing |
-19,764,895,148 |
-17,678,267,688 |
-18,084,346,561 |
|
Increase/Decrease
in Cash |
-2,778,438,571 |
3,489,890,097 |
-1,808,183,423 |
|
Cash at the
Beginning of Year |
3,641,750,012 |
151,859,915 |
1,960,043,338 |
|
Cash at the End of Year |
863,311,441 |
3,641,750,012 |
151,859,915 |
Products, Technologies, Services Description
|
Main Products & Services |
Padding mangles Roller squeezers Tentering and stentering machines Tensionless and conveyor dryers Drying chambers, ovens Software systems for the knitting industry |
Trade Partners & Competitors
|
Suppliers |
HYUNDAI CAPITAL SERVICES, INC.(110111-0995378) provides vehicle
leasing services to the subject company. |
|
Competitors |
SHINIL ENTERPRISE COMPANY RM. 322, SK HURBGREEN OFFICETEL, 556,
DOHWA-DONG, MAPO-GU, SEOUL, KOREA TEL:+82-2-2273-0581~2 FAX:+82-2-2277-2387 CHUNG SONG MACHINERY IND. CO., LTD. 2NA-702, SIHWA INDUSTRIAL COMPLEX, 1259-1,
JEONGWANG 2-DONG, SIHEUNG-SI, GYEONGGI-DO, KOREA TEL:+82-31-431-8595 FAX:+82-31-431-8598 NPI LTD. A-709, GEUMGANG PENTERIUM IT TOWER, 333-7,
SANGDAEWON 1-DONG, JUNGWON-GU, SEONGNAM-SI, GYEONGGI-DO, KOREA TEL:+82-31-730-0922 FAX:+82-31-730-0923 |
Related Parties
(Subsidiaries,
Joint-Venture & Affiliates)
|
Subsidiary |
SOHUNG EHWA MACHINERY INDUSTRIES CO., LTD.(CHINA : 소흥이화기계공업유한공사) (100.0% held by the subject company) |
|
Cooperative Enterprise |
-Insured Company FIRST FIRE & MARINE INSURANCE CO., LTD.(110111-0017586) AMERICAN HOME ASSURANCE COMPANY KOREA |
Sales by Region
(Activity & Markets)
The Subject exports
to Bangladesh, China, Egypt(Syria, Morocco), India and Turkey.
Court Action
No.
News Clipping
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.80 |
|
UK Pound |
1 |
Rs.72.86 |
|
Euro |
1 |
Rs.63.11 |
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 |
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 |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.