MIRA INFORM REPORT
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Report Date : |
25.10.2011 |
IDENTIFICATION DETAILS
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Name : |
WINPAC INC. |
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Formerly Known As : |
IPAC INC. |
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Registered Office : |
351-25, Gachang-ri, Baegam-myeon, Cheoin-gu, Yongin-si, Gyeonggi-do, Korea 449-862 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
03.04.2002 |
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Com. Reg. No.: |
126-81-61690 |
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Legal Form : |
Co., Ltd by shares |
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Line of Business : |
Manufacture of Electronic Integrated Circuits |
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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
WINPAC INC. (Korean Company Name : “(주)윈팩”) |
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Registered Address |
351-25, Gachang-ri, Baegam-myeon, Cheoin-gu, Yongin-si, Gyeonggi-do,
Korea |
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Zip Code |
449-862 |
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Tel |
+82-31-323-3191 |
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Fax |
+82-31-323-3195 |
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E-mail |
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Website |
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Trading Address |
351-25, Gachang-ri, Baegam-myeon,
Cheoin-gu, Yongin-si, Gyeonggi-do, Korea |
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Tel |
+82-31-323-3191 |
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Fax |
+82-31-323-3195 |
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Type |
Export |
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Industry |
Manufacture of Electronic Integrated Circuits |
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Main Business |
FBGA, WLP, CSP, SD Memory Card |
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Established (mm/dd/yyyy) |
04/03/2002 |
The Subject owns the
premises of registered HQ address.
Detailed Products
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Activity |
Detailed Products (UNSPSC) |
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Sell |
Integrated circuits(32101600) |
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Sell |
Communications Devices and
Accessories(43190000) |
CEO’s
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Name |
Ryu Sam-Tae |
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Address |
Rm.601, 103-11, Nonhyeon-dong,
Gangnam-gu, Seoul, Korea |
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Date of Birth |
03/20/1951 |
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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) |
3,691,277,000 |
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Employees |
305 |
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Formation |
Co., Ltd by shares |
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Bank Details |
Korea Development Bank Korea Exchange Bank-Icheon Branch Kookmin Bank |
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Corporate Registered No. |
134411-0020543 |
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Business Registered No. |
126-81-61690 |
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Permit & Licenses |
06/2004 ISO 9000 03/2006 ISO 14001 Int’l Trade No.: 45157422 |
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Shareholder Position |
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Company History |
04/03/2002 Incorporated as IPAC INC. 02/25/2004 Changed company name to the
present name 03/03/2005 Moved to the present HQ address
from 1027-1, Yulbuk-ri, Cheongbuk-myeon, Pyeongtaek-si, Gyeonggi-do, Korea 05/31/2005 Designated as a Venture Business 05/31/2007 Designated as a Venture Business
again 10/11/2007 Increased capital to
3,450,000,000 KRW from 3,300,000,000 KRW 11/26/2007 Increased capital to
3,691,277,000 KRW from 3,450,000,000 KRW 01/01/2011 Increased capital to
3,691,277,000 KRW from 3,691,277,000 KRW |
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Management
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Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
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President & CEO |
Mr. |
Ryu Sam-Tae |
Male |
Korean |
05/29/2008 |
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Director |
Mr. |
Kim Seok |
Male |
Korean |
03/22/2007 |
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Director |
Mr. |
Song Yoon-Seok |
Male |
Korean |
04/29/2011 |
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Director |
Mr. |
Hong Soon-Won |
Male |
Korean |
04/29/2011 |
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Director |
Mr. |
Kim Dal-Soo |
Male |
Korean |
04/29/2011 |
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Director |
Mr. |
Lee Dong-Hoon |
Male |
Korean |
04/29/2011 |
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Auditor |
Mr. |
Lim Kyung-Ok |
Male |
Korean |
04/29/2011 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
58,413,760,430 |
94,440,345,714 |
2,361,861,768 |
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2009 |
32,679,088,886 |
76,360,328,509 |
2,246,566,256 |
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2008 |
35,539,709,187 |
33,099,757,271 |
-2,919,941,124 |
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2007 |
31,962,196,549 |
31,099,244,613 |
1,026,043,501 |
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2006 |
22,699,240,373 |
26,232,964,675 |
3,083,730,617 |
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2005 |
10,085,131,898 |
21,502,154,950 |
822,359,899 |
Financial Description
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Authorized Capital(KRW) |
50,000,000,000 |
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Paid-Up Capital(KRW) |
3,691,277,000 |
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Total Issued Shares |
7,382,554 |
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 |
94,440,345,714 |
76,360,328,509 |
33,099,757,271 |
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Current Assets |
13,175,703,159 |
11,531,959,050 |
7,690,200,369 |
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-Quick Assets |
10,381,159,896 |
9,738,438,931 |
6,093,447,508 |
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-Inventories |
2,794,543,263 |
1,793,520,119 |
1,596,752,861 |
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Fixed Assets |
81,264,642,555 |
64,828,369,459 |
25,409,556,902 |
|
-Investment |
110,000 |
571,250 |
260,906,240 |
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-Tangibles |
76,833,935,937 |
59,035,127,069 |
22,365,151,181 |
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-Intangibles |
1,162,131,984 |
1,072,651,837 |
1,246,796,667 |
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-Others |
3,268,464,634 |
4,720,019,303 |
1,536,702,814 |
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Total Liabilities |
72,678,317,230 |
60,960,151,793 |
19,946,146,811 |
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Current Liabilities |
49,419,321,592 |
36,073,364,320 |
11,618,281,996 |
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Fixed Liabilities |
23,258,995,638 |
24,886,787,473 |
8,327,864,815 |
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Capital Stock |
3,691,277,000 |
3,691,277,000 |
3,691,277,000 |
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Capital Surplus |
4,256,446,184 |
4,256,446,184 |
4,256,446,184 |
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Profit Surplus |
6,986,404,718 |
4,624,542,950 |
2,789,745,426 |
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Capital Adjustment |
6,827,900,582 |
2,827,910,582 |
2,416,141,850 |
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Total Equity |
21,762,028,484 |
15,400,176,716 |
13,153,610,460 |
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Liab. & Shareholder’s Equity |
94,440,345,714 |
76,360,328,509 |
33,099,757,271 |
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Current
Liabilities |
49,419,321,592 |
36,073,364,320 |
11,618,281,996 |
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Trade Payables |
4,500,610,681 |
1,677,199,845 |
873,250,658 |
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Account Payables |
6,578,603,195 |
2,496,716,962 |
358,482,818 |
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Accrued Expenses |
1,391,339,724 |
913,672,574 |
853,239,517 |
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Withholdings |
152,110,448 |
46,958,202 |
275,513,730 |
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Advance Receipts |
43,309,144 |
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58,234,582 |
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Short-Term Borrowings |
14,112,354,964 |
13,036,495,618 |
8,399,560,691 |
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Current Portion of Long-Term Debts |
3,227,928,754 |
4,689,010,913 |
800,000,000 |
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Finance Lease Debts |
19,413,064,682 |
13,213,310,206 |
- |
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Fixed
Liabilities |
23,258,995,638 |
24,886,787,473 |
8,327,864,815 |
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Long-Term Borrowings |
4,682,522,151 |
6,955,347,808 |
7,600,605,432 |
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Long-Term Finance Lease |
17,365,982,018 |
17,009,847,684 |
- |
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Provision for Severance & Retirement |
1,320,233,056 |
1,018,232,650 |
813,762,475 |
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 |
58,413,760,430 |
32,679,088,886 |
35,539,709,187 |
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Cost of Sold Goods |
45,121,299,434 |
30,492,054,466 |
33,628,008,233 |
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Gross Profit |
13,292,460,996 |
2,187,034,420 |
1,911,700,954 |
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Selling & Admin. Expenses |
3,153,297,523 |
2,226,490,722 |
2,527,438,852 |
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Operating Income |
10,139,163,473 |
-39,456,302 |
-615,737,898 |
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Non-Operating Income |
849,898,088 |
747,647,782 |
184,264,521 |
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Non-Operating Expenses |
6,058,249,997 |
2,216,965,032 |
3,412,725,227 |
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Income Before Taxes |
4,930,811,564 |
-1,508,773,552 |
-3,844,198,604 |
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Income Taxes Expenses |
2,568,949,796 |
-3,755,339,808 |
-924,257,480 |
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Net Income |
2,361,861,768 |
2,246,566,256 |
-2,919,941,124 |
Cash
Flows
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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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Cash Flows from Operating |
28,946,923,120 |
7,393,079,680 |
1,178,146,799 |
|
-Net Income |
2,361,861,768 |
2,246,566,256 |
-2,919,941,124 |
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-Exp. without Cash Outflow |
15,850,851,330 |
9,017,006,606 |
7,919,580,506 |
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-Revenue without Cash Inflows |
-405,208,056 |
-290,200,800 |
-5,104,879 |
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-Changes in Asset/ & Liability |
11,139,418,078 |
-3,580,292,382 |
-3,816,387,704 |
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Cash Flows from Investing |
-12,491,947,316 |
-11,026,884,249 |
-1,129,071,192 |
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-Cash Inflow from Investing |
1,095,459,338 |
5,744,004,434 |
777,783,452 |
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-Cash Outflows for Investing |
-13,587,406,654 |
-16,770,888,683 |
-1,906,854,644 |
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Cash Flows from Financing |
-16,456,790,275 |
3,632,520,887 |
-131,205,299 |
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-Cash Inflows from Financing |
5,647,249,346 |
8,948,735,816 |
38,570,774,168 |
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-Cash Outflows from Financing |
-22,104,039,621 |
-5,316,214,929 |
-38,701,979,467 |
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Increase/Decrease in Cash |
-1,814,471 |
-1,283,682 |
-82,129,692 |
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Cash at the Beginning of Year |
22,865,193 |
24,148,875 |
106,278,567 |
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Cash at the End of Year |
21,050,722 |
22,865,193 |
24,148,875 |
Products, Technologies, Services Description
|
Main Products & Services |
Provides memory (DRAM, Flash) packaging service to the memory
manufacturers FBGA(Fine Pitch Ball Grid Array) -Face Up -Face Down WLP |
Trade Partners & Competitors
|
Customers |
HYNIX SEMICONDUCTOR INC.(134411-0001387) LG INNOTEK CO., LTD.(110111-0192180) |
|
Competitors |
AMKOR TECHNOLOGY KOREA, INC. 957, DAECHON-DONG, BUK-GU, GWANGJU, KOREA TEL:+82-62-970-7114 FAX:+82-62-970-7241 ASE KOREA INC. 494, MUNBAL-RI, GYOHA-EUP, PAJU-SI,
GYEONGGI-DO, KOREA TEL:+82-31-940-0114 FAX:+82-31-940-0637 DAWIN TECHNOLOGY INC. DAWIN BLDG., 180-14, DOGOK 1-DONG,
GANGNAM-GU, SEOUL, KOREA TEL:+82-2-529-2826 FAX:+82-2-529-2827 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
WINPAC HAMPTON (50.0% held by the subject company) Tel:+1-408-517-0202 Fax:+1-408-517-0105 HANSUNG ELCOMTEC CO., LTD.(134811-0015546) (53.59% held by the subject company) SEVIT CO., LTD.(134611-0011366) MICRO OPTICS CO.(KOREA) |
|
Corporate Ownership |
HANSUNG ELCOMTEC CO., LTD.(134811-0015546) |
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Major Shareholders |
HANSUNG ELCOMTEC CO., LTD.(134811-0015546) |
|
Cooperative Enterprise |
-Insured company DONGBU INSURANCE CO., LTD.(110111-0095285) HANWHA GENERAL INSURANCE CO., LTD.(110111-0006456) LOTTE NON-LIFE INSURANCE CO., LTD.(110111-0014459) |
Sales by Region
(Activity & Markets)
The Subject exports
to USA.
Court Action
No.
News Clipping
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.07 |
|
UK Pound |
1 |
Rs.79.16 |
|
Euro |
1 |
Rs.69.04 |
RATING EXPLANATIONS
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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.