MIRA INFORM REPORT

 

 

Report Date :

14.06.2011

 

IDENTIFICATION DETAILS

 

Name :

CIT CO., LTD.

 

 

Registered Office :

3Ba-403, Sihwa Industrial Complex 2192-3, Jeongwang 1-dong, Siheung-si, Gyeonggi-do, Korea 429-936

 

 

Country :

South Korea

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

22.02.1996

 

 

Com. Reg. No.:

133-81-24766

 

 

Legal Form :

Co., Ltd by shares

 

 

Line of Business :

Manufacture of Duplication Machines

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

No Complaints

 

 

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)

South Korea

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Basic

 

Company Name

CIT CO., LTD.

(English Name : CREATIVE IMAGING TECHNOLOGY CO., LTD.)

(Korean Company Name : “(주)씨아이티”)

Registered Address

2192-3, Jeongwang 1-dong, Siheung-si, Gyeonggi-do, Korea

Building

3Ba-403, Sihwa Industrial Complex

Zip Code

429-936

Tel

+82-31-499-3572

Fax

+82-31-499-1940

E-mail

main@citko.co.kr; ha9045@citko.co.kr

Website

www.citkorea.com

Trading Address

3Ba-403, Sihwa Industrial Complex, 2192-3, Jeongwang 1-dong, Siheung-si, Gyeonggi-do, Korea

Tel

+82-31-499-3572

Fax

+82-31-499-1940

Type

Export

Industry

Manufacture of Duplication Machines

  Main Business

Upper Fuser Roller, Lower, Roller, Cleaning Roller, Lever, Color Toner

  Sub Business

Manufacture of Chemical Preparations for Photograph and Sensitized Materials

Established (mm/dd/yyyy)

02/22/1996

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Printer and photocopier and facsimile accessories(44101700)

 

 

CEO’s

 

Name

Jeon Jeong-Su

Address

1865-42, Daebubuk-dong, Danwon-gu, Ansan-si, Gyeonggi-do, Korea

Date of Birth

03/08/1954

Title

President & CEO, and Trustee designated by Seoul Central District Court as of 12/17/2011

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

1,625,000,000

Employees

4

Formation

Co., Ltd by shares

Venture Business

Bank Details

Shinhan Bank-Shihwa Industrial Complex Corporate Finance Branch

Korea Development Bank

Corporate Registered No.

135011-0072864

Business Registered No.

133-81-24766

Permit & Licenses

12/1998 ISO 9001

02/2007 ISO 14001

 

Int’l Trade No.: 21018945

Shareholder Position

NAME

Shares

%

JEON JEONG-SU

2,116,000

65.11

KIBO TECHNOLOGY ADVANCING CAPITAL CORPORATION(110111-0169874)

500,000

15.38

KDB CAPITAL CORPORATION(110111-0137558)

250,000

7.69

KOREA DEVELOPMENT BANK

250,000

7.69

OTHERS

134,000

4.13

TOTAL

3,250,000

100.00

Company History

05/1988 Established as Bong Hwa Precision Co.(Sole Proprietorship)

12/1996 Incorporated as Bong Hwa Precision Co., Ltd.

04/2002 Changed Company name to the present name

11/ 2005 Increased capital to 1,625,000,000 KRW from 1,600,000,000 KRW

04/2006 Moved to the present HQ address from 1285-7, Jeongwang-dong, Siheung-si, Gyeonggi-do, Korea

11/09/2009 Designated as a Venture Business again

12/17/2010 Decided to start the Corporate Reviving Procedure(2010hoihap134 by Seoul Central District Court

05/18/2011 Approved of Corporate Reviving Plan by Seoul Central District Court

 

 

 

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

President & CEO, and Trustee

Mr.

Jeon Jeong-Su

Male

Korean

12/17/2010

Director

Mr.

Lee Gye-Ha

Male

Korean

07/20/2010

Director

Mr.

Lee Won-Wook

Male

Korean

02/11/2008

Auditor

Mr.

Kang Neung-Won

Male

Korean

06/02/2011

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

2010

 

 

 

2009

3,484,481,395

12,479,008,791

(-)770,116,761

2008

4,508,817,594

12,688,126,662

(-)1,030,624,987

2007

4,266,351,292

9,640,598,421

108,863,623

2006

 4,203,517,514

  9,839,758,543

(-)136,182,716

2005

4,154,284,427

 10,643,515,781

(-)832,543,451

2004

6,061,408,067

12,242,457,339

(-)316,629,101

2003

5,915,326,004

10,696,651,934

(-)19,155,250

(*)The Subject did not support the financial figures, and so CPA did not issued 2010’s authorized figures to the public.

 

 

Financial Description

 

Authorized Capital(KRW)

10,000,000,000

Paid-Up Capital(KRW)

1,625,000,000

Total Issues Shares

3,250,000

 

 

Balance Sheet

 

Unit : Korean Won

As of 12/31/2009

As of 12/31/2008

As of 12/31/2007

Total Assets

12,479,008,791

12,688,126,662

9,640,598,421

Current Assets

3,744,370,206

3,448,520,918

2,924,432,361

-Quick Assets

1,873,415,648

2,048,725,033

1,829,668,523

-Inventories

1,870,954,558

1,399,795,885

1,094,763,838

Fixed Assets

8,734,638,585

9,239,605,744

6,716,166,060

-Investment

166,500,000

126,500,000

13,500,000

-Tangibles

7,055,427,109

7,133,005,155

4,699,517,630

-Intangibles

1,510,572,269

1,957,666,382

1,935,422,501

-Others

2,139,207

22,434,207

67,725,929

Total Liabilities

8,291,090,914

7,730,092,024

6,584,449,984

Current Liabilities

6,908,076,732

5,230,248,491

4,943,055,144

Fixed Liabilities

1,383,014,182

2,499,843,533

1,641,394,840

Capital Stock

1,625,000,000

1,625,000,000

1,625,000,000

Capital Surplus

1,571,281,000

1,571,281,000

1,571,281,000

Profit Surplus

1,940,874,311

1,170,757,550

140,132,563

Capital Adjustment

2,932,511,188

2,932,511,188

-

Total Equity

4,187,917,877

4,958,034,638

3,056,148,437

Liab. & Shareholder’s Equity

12,479,008,791

12,688,126,662

9,640,598,421

 

Current Liabilities

6,908,076,732

5,230,248,491

4,943,055,144

Trade Payables

252,619,794

211,005,422

199,831,122

Short-Term Borrowings

4,934,760,110

3,154,847,014

3,453,971,249

Account Payables

130,509,496

113,576,496

153,010,726

Accrued Expenses

89,608,255

100,482,642

97,949,545

Advance Receipts

56,077,925

18,289,310

20,349,191

Withholdings

8,140,431

7,739,631

9,930,770

VAT Withhold

18,398,950

-

-

Current Portion of Long-Term Debts

1,417,961,771

1,624,307,976

1,008,012,541

Fixed Liabilities

1,383,014,182

2,499,843,533

1,641,394,840

Long-Term Borrowings

1,368,921,272

2,436,465,943

1,609,948,856

Leasehold Deposit Received

10,000,000

10,000,000

-

Provision for Severance & Retirement

108,940,270

97,570,610

63,995,040

 

 

Income Statement

 

Unit : Korean Won

As of 12/31/2009

As of 12/31/2008

As of 12/31/2007

Sales

3,484,481,395

4,508,817,594

4,266,351,292

Cost of Sold Goods

2,578,986,060

2,646,592,830

2,608,833,756

Gross Profit

905,495,335

1,862,224,764

1,657,517,536

Selling & Admin. Expenses

1,011,459,413

886,815,600

720,259,512

Operating Income

-105,964,078

975,409,164

937,258,024

Non-Operating Income

426,883,241

268,042,263

186,801,460

Non-Operating Expenses

1,091,035,924

2,274,076,414

786,448,891

Ordinary Income

-770,116,761

-1,030,624,987

337,610,593

Special Income

 

 

 

Income Before Taxes

-770,116,761

-1,030,624,987

337,610,593

Income Taxes Expenses

-

-

-

Net Income

-770,116,761

-1,030,624,987

108,863,623

 

 

Cash Flows

 

Unit : Korean Won

As of 12/31/2009

As of 12/31/2008

As of 12/31/2007

Cash Flows from Operating

172,199,233

916,251,981

-324,225,340

-Net Income

-770,116,761

-1,030,624,987

108,863,623

-Exp. without Cash Outflow

1,848,096,978

2,647,018,226

1,193,885,391

-Revenue without Cash Inflows

-259,012,124

-176,435,993

-324,816,649

-Changes in Asset/ & Liability

-646,768,860

-523,705,265

-1,302,157,705

Cash Flows from Investing

-975,569,356

-544,395,961

132,117,645

-Cash Inflow from Investing

128,051,416

65,760,561

471,456,431

-Cash Outflows for Investing

-1,103,620,772

-610,156,522

-339,338,786

Cash Flows from Financing

764,298,500

-373,959,596

217,360,554

-Cash Inflows from Financing

3,405,402,061

2,277,799,780

5,225,727,820

-Cash Outflows from Financing

-2,641,103,561

-2,651,759,376

-5,008,367,266

Increase/Decrease in Cash

39,071,623

2,103,576

25,252,859

Cash at the Beginning of Year

78,806,586

80,910,162

55,657,303

Cash at the End of Year

39,734,963

78,806,586

80,910,162

(*) The Subject needs to be monitored because the operating income and net income in 2009 were (-)106,000,000 and (-)770,000,000 respectively.

 

 

Products, Technologies, Services Description

 

Main Products & Services

Color Toner Manufacturer

 

 

Trade Partners & Competitors

 

Suppliers

ORIX Auto Leasing Korea Corporation(110111-2944688) supplies vehicles by leasing base.

 

 

Related Parties

(Subsidiaries, Joint-Venture & Affiliates)

 

Overseas Office

CHINA OFFICE

Address: ROOM 302A,3/F, NO.1, LANE 1550, PINGLIANG ROAD,YANGPU DISTRICT, SHANGHAI, CHINA (Post Code: 200090)

Tel / Fax: 86-21-5880-8371

http://www.citkorea.com.cn

Cooperative Enterprise

-Insured Company

LOTTE NON-LIFE INSURANCE CO., LTD.(110111-0014459)

LIG INSURANCE CO., LTD(110111-0017859)

 

 

Sales by Region

(Activity & Markets)

 

The Subject exports to Asia and Europe. About 70% out of total sales is from exporting.

 

Court Action

 

Not Available.

 

 

News Clipping

 

--

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.87

UK Pound

1

Rs.72.83

Euro

1

Rs.64.37

 

 

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

--

NB

                                       New Business

 

--

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.