MIRA INFORM REPORT
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Report Date : |
22.08.2011 |
IDENTIFICATION DETAILS
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Name : |
HOONG A CORPORATION |
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Formerly Known As : |
HOONG A Trade Co |
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Registered Office : |
758-6/7/8, Ojeong-dong, Ojeong-gu, Bucheon-si, Gyeonggi-do, Korea, Zip Code 421-170 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
17.12.1991 |
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Com. Reg. No.: |
130-81-33247 |
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Legal Form : |
Co., Ltd by shares |
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Line of Business : |
Manufacture of Packing Machinery and Containers Cleaning Machinery |
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 |
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Payment
Behaviour : |
Usually Correct |
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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 |
|
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 |
HOONG A CORPORATION (Korean Company Name : “(주)흥아기연”) |
|
Registered Address |
758-6/7/8, Ojeong-dong,
Ojeong-gu, Bucheon-si, Gyeonggi-do, Korea |
|
Zip Code |
421-170 |
|
Tel |
+82-32-675-1511 |
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Fax |
+82-32-675-1512 +82-32-675-9200 |
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E-mail |
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Website |
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Trading Address |
758-6/7/8, Ojeong-dong,
Ojeong-gu, Bucheon-si, Gyeonggi-do, Korea |
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Tel |
+82-32-675-1511 |
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Fax |
+82-32-675-1512 +82-32-675-9200 |
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Other Address-Branch |
83-4, Dodang-dong, Wonmi-gu, Bucheon-si,
Gyeonggi-do, Korea |
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Tel |
+82-32-682-4355 |
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Fax |
+82-32-675-1525 |
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Type |
Export/Import |
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Industry |
Manufacture of Packing Machinery and Containers Cleaning Machinery |
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Main Business |
Blister Packaging Systems, Cartoning Machine, Inspector, Push Through
Pack(P.T.P) Machinery |
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Sub
Business |
|
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Established (mm/dd/yyyy) |
12/17/1991 |
The Subject owns
the premise of registered HQ address(611.8㎡).
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Packaging machinery(23152900) |
|
Sell |
Cartoning machinery(24102107) |
|
Sell |
Sifters(23151608) |
CEO’s
|
Name |
Kang Shin-Young |
|
Address |
Suite 1411-902, 329, Sinjeong-dong,
Yangcheon-gu, Seoul 158-070 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 (KRW) |
600,000,000 |
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Employees |
96 |
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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 |
03/05/1996 EM Mark 02/23/2000 CE Mark 11/29/2001 EM Mark 04/03/2002 ISO 9001 11/12/2002 ISO 14001 11/14/2002 CE Mark 07/02/2004 ISO 9001 07/02/2004 ISO 14001 07/26/2004 CE Mark 11/29/2005 EM Mark Int’l Trade No.: 223461 |
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Shareholder Position |
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Company History |
12/01/1970 Established as HOONG A Trade
Co.(Sole Proprietorship) 07/01/1981 Changed company name to HOONG A
MACHINERY CO. 12/17/1991 Incorporated as the present name 09/01/1998 Designated as a Venture Business 06/11/2002 Increased the authorized shares
to 240,000 shares from 40,000 shares 06/12/2002 Increased capital to 600,000,000
KRW from 300,000,000 KRW 11/11/2004 Designated as a Venture Business
again 11/30/2006 Awarded US$ 10 Million Export
Top Prize 11/2009 Awarded US$ 20 Million Export Top
Prize 02/14/2011 Moved to the present HQ address
from 83-6,
Dodang-dong, Wonmi-gu, Bucheon-si, Gyeonggi-do, Korea |
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Management
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Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Kang Shin-Young |
Male |
Korean |
03/31/2003 |
|
Chairman & CEO |
Mr. |
Kang Dae-Hee |
Male |
Korean |
03/27/2000 |
|
Director |
M/S. |
Kang Shin-Won |
Female |
Korean |
03/27/2000 |
|
Director |
M/S. |
Yeon Jung-Eun |
Female |
Korean |
03/31/2009 |
|
Auditor |
M/S. |
Jeong Tae-Yong |
Female |
Korean |
03/27/2000 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
25,664,346,979 |
33,772,483,686 |
3,920,950,343 |
|
|
2009 |
27,432,676,555 |
26,430,774,869 |
5,979,746,921 |
|
2008 |
20,967,337,219 |
19,046,066,105 |
2,794,751,175 |
|
2007 |
16,244,639,542 |
14,065,569,692 |
1,215,061,957 |
|
2006 |
14,570,958,765 |
13,747,289,321 |
1,316,527,163 |
|
2005 |
11,336,570,931 |
10,695,174,582 |
947,730,212 |
|
2004 |
12,420,404,604 |
9,527,586,853 |
1,286,075,610 |
Financial Description
|
Authorized Capital(KRW) |
2,400,000,000 |
|
Paid-Up Capital(KRW) |
600,000,000 |
|
Total Issues Shares |
60,000 |
Balance
Sheet
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|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Total Assets |
33,772,483,686 |
26,430,774,869 |
19,046,066,105 |
|
Current Assets |
15,198,280,756 |
23,013,864,439 |
16,476,150,973 |
|
-Quick Assets |
7,360,774,674 |
17,437,605,116 |
11,129,235,005 |
|
-Inventories |
7,837,506,082 |
5,576,259,323 |
5,346,915,968 |
|
Fixed Assets |
18,574,202,930 |
3,416,910,430 |
2,569,915,132 |
|
-Investment |
277,404,047 |
321,352,016 |
284,355,140 |
|
-Tangibles |
17,240,641,234 |
1,924,311,212 |
2,024,202,011 |
|
-Intangibles |
226,255,551 |
232,391,104 |
93,616,463 |
|
-Others |
829,902,098 |
938,856,098 |
167,741,518 |
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Total Liabilities |
12,524,869,151 |
8,754,110,677 |
7,199,148,834 |
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Current Liabilities |
8,757,749,308 |
7,889,754,273 |
6,348,111,345 |
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Fixed Liabilities |
3,767,119,843 |
864,356,404 |
851,037,489 |
|
Capital Stock |
600,000,000 |
600,000,000 |
600,000,000 |
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Capital Surplus |
|
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Profit Surplus |
20,647,614,535 |
17,076,664,192 |
11,246,917,271 |
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Capital
Adjustment |
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Total Equity |
21,247,614,535 |
17,676,664,192 |
11,846,917,271 |
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Liab. &
Shareholder’s Equity |
33,772,483,686 |
26,430,774,869 |
19,046,066,105 |
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Current Liabilities |
8,757,749,308 |
7,889,754,273 |
6,348,111,345 |
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Short-Term Borrowings |
500,000,000 |
- |
|
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Trade Payables |
2,204,945,413 |
912,140,950 |
892,450,025 |
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Account Payables |
1,861,724,613 |
1,498,042,145 |
1,415,887,369 |
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Advance Receipts |
2,704,998,307 |
3,599,877,676 |
2,624,287,456 |
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Withholdings |
10,281,162 |
8,794,391 |
- |
|
Accrued Expenses |
957,519,593 |
1,083,103,771 |
579,213,345 |
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Accrued Income Tax |
368,280,220 |
587,795,340 |
636,273,150 |
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Current Portion of Long-Term Debts |
150,000,000 |
200,000,000 |
200,000,000 |
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Fixed Liabilities |
3,767,119,843 |
864,356,404 |
851,037,489 |
|
Long-Term Borrowings |
2,810,000,000 |
150,000,000 |
350,000,000 |
|
Provision for Severance & Retirement |
1,055,890,057 |
863,508,638 |
614,529,196 |
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Leasehold Deposit Received |
38,000,000 |
20,000,000 |
20,000,000 |
Income
Statement
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|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Sales |
25,664,346,979 |
27,432,676,555 |
20,967,337,219 |
|
Cost of Sold Goods |
16,616,445,812 |
15,884,852,847 |
13,490,181,455 |
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Gross Profit |
9,047,901,167 |
11,547,823,708 |
7,477,155,764 |
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Selling & Admin. Expenses |
4,791,835,739 |
4,890,431,634 |
4,152,095,952 |
|
Operating Income |
4,256,065,428 |
6,657,392,074 |
3,325,059,812 |
|
Non-Operating Income |
970,016,122 |
935,368,999 |
1,356,391,538 |
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Non-Operating Expenses |
526,257,807 |
728,494,582 |
1,106,948,965 |
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Ordinary Income |
4,699,823,743 |
6,864,266,491 |
3,574,502,385 |
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Special Income |
- |
- |
- |
|
Income Before Taxes |
4,699,823,743 |
6,864,266,491 |
3,574,502,385 |
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Income Taxes Expenses |
778,873,400 |
884,519,570 |
779,751,210 |
|
Net Income |
3,920,950,343 |
5,979,746,921 |
2,794,751,175 |
Cash
Flows
|
|||
|
Unit :
Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Cash Flows
from Operating |
1,152,349,422 |
2,688,163,871 |
4,643,470,408 |
|
-Net Income |
3,920,950,343 |
5,979,746,921 |
2,794,751,175 |
|
-Exp. without
Cash Outflow |
752,043,487 |
783,352,626 |
802,660,751 |
|
-Revenue
without Cash Inflows |
-157,074,920 |
-50,233,221 |
-283,370,134 |
|
-Changes in
Asset/ & Liability |
-3,363,569,488 |
-4,024,702,455 |
1,329,428,616 |
|
Cash Flows
from Investing |
-6,185,183,766 |
-3,997,894,056 |
-846,072,518 |
|
-Cash Inflow
from Investing |
4,261,017,454 |
385,450,000 |
392,483,435 |
|
-Cash
Outflows for Investing |
-10,446,201,220 |
-4,383,344,056 |
-1,238,555,953 |
|
Cash Flows
from Financing |
2,760,000,000 |
-350,000,000 |
-250,000,000 |
|
-Cash
Inflows from Financing |
3,310,000,000 |
- |
- |
|
-Cash
Outflows from Financing |
-550,000,000 |
-350,000,000 |
-250,000,000 |
|
Increase/Decrease in Cash |
-2,272,834,344 |
-1,659,730,185 |
3,547,397,890 |
|
Cash at the Beginning of Year |
3,112,398,836 |
4,772,129,021 |
1,224,731,131 |
|
Cash at the End of Year |
839,564,492 |
3,112,398,836 |
4,772,129,021 |
Products, Technologies, Services Description
|
Main Products & Services |
Blister Packaging Machine Cartoning Machine End Packaging Machine Tablet Capsule Inspector Tablet Capsule Lifter Petrochemical raw materials Food industry machinery |
Trade Partners & Competitors
|
Suppliers |
BOUCHERIE CHAIST PERRY INDUSTRIES |
|
Customers |
AVENTIS PFIZER COLGATE-PALMOLIVE ORAL-B ENERGIZER SCHIFFER |
|
Competitors |
DAE SUNG MACHINERY CO., LTD. 407-5, CHEONGCHEON 2-DONG, BUPYEONG-GU,
INCHEON, KOREA TEL:+82-32-513-8004 FAX:+82-32-511-9693 WOOK IL MACHINERY CO., LTD. 1447-5, SEONGSAN-RI, SEONGJU-EUP,
SEONGJU-GUN, GYEONGSANGBUK-DO, KOREA TEL:+82-54-931-6162~6 FAX:+82-54-931-6106~9 KYONGJIN SYSTEM 9B-50L, BANWOL INDUSTRIAL COMPLEX, 653, CHOJI-DONG,
DANWON-GU, ANSAN-SI, GYEONGGI-DO, KOREA TEL:+82-31-494-9822 FAX:+82-31-494-9885 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
H & K CORPORATION |
|
Subsidiary |
HOONG A AMERICA (100.0% held by the subject company) TEL: +1-56-407-9317 FAX: +1-562-407-9327 |
|
Cooperative Enterprise |
-Insured Company LIG INSURANCE CO., LTD.(110111-0017859) |
Sales by Region
(Activity & Markets)
|
Sales/ Unit : KRW |
2010 |
2009 |
2008 |
|
Export |
17,735,910,129 |
21,907,102,103 |
15,281,641,209 |
|
Domestic |
7,928,436,850 |
5,414,113,592 |
5,685,696,010 |
|
Others |
- |
111,460,860 |
- |
|
Total |
25,664,346,979 |
27,432,676,555 |
20,967,337,219 |
The subject deals
with the companies in China, India, Iran, Sweden and USA.
Court Action
No.
News Clipping
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.61 |
|
UK Pound |
1 |
Rs.75.32 |
|
Euro |
1 |
Rs.65.68 |
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.