|
Report Date : |
18.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
M.I. TECH CO., LTD. |
|
|
|
|
Formerly Known As : |
SOOHO MEDITECH CO., LTD. |
|
|
|
|
Registered Office : |
241-3, Habuk-ri, Jinwi-myeon, Pyeongtaek-si, Gyeonggi-do, Korea, Zip Code 451-864 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2011 |
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|
|
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Date of Incorporation : |
11.01.1991 |
|
|
|
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Com. Reg. No.: |
203-81-48392 |
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|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Manufacturer of Other Medical and Surgical Equipment and Orthopedic
Appliances |
|
|
|
|
No. of Employees : |
59 employees |
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 |
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|
|
|
Payment Behaviour : |
No Complaints |
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|
|
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
South Korea - ECONOMIC OVERVIEW
South Korea over the past four decades has demonstrated incredible growth and global integration to become a high-tech industrialized economy. In the 1960s, GDP per capita was comparable with levels in the poorer countries of Africa and Asia. In 2004, South Korea joined the trillion dollar club of world economies, and currently is among the world's 20 largest economies. Initially, a system of close government and business ties, including directed credit and import restrictions, made this success possible. The government promoted the import of raw materials and technology at the expense of consumer goods, and encouraged savings and investment over consumption. The Asian financial crisis of 1997-98 exposed longstanding weaknesses in South Korea''s development model including high debt/equity ratios and massive short-term foreign borrowing. GDP plunged by 6.9% in 1998, and then recovered by 9% in 1999-2000. Korea adopted numerous economic reforms following the crisis, including greater openness to foreign investment and imports. Growth moderated to about 4% annually between 2003 and 2007. With the global economic downturn in late 2008, South Korean GDP growth slowed to 0.3% in 2009. In the third quarter of 2009, the economy began to recover, in large part due to export growth, low interest rates, and an expansionary fiscal policy, and growth was 3.6% in 2011. In 2011, the US-South Korea Free Trade Agreement was ratified by both governments and is projected to go into effect in early 2012. The South Korean economy''s long term challenges include a rapidly aging population, inflexible labor market, and heavy reliance on exports - which comprise half of GDP.
|
Source : CIA |
|
Company
Name |
M.I. TECH CO., LTD. (Korean Company Name : “(주)엠아이텍”) |
|
Registered Address |
241-3, Habuk-ri, Jinwi-myeon,
Pyeongtaek-si, Gyeonggi-do, Korea |
|
Zip Code |
451-864 |
|
Tel |
+82-31-662-5645 +82-31-662-0154 |
|
Fax |
+82-31-662-5648 |
|
E-mail |
|
|
Website |
|
|
Trading Address |
8F, 864-1, Iui-dong, Yeongtong-gu, Suwon-si, Gyeonggi-do, Korea |
|
Tel |
+82-31-888-9254 |
|
Fax |
+82-31-888-9396 |
|
Other Address |
Rm.212, San 109, Samtae-ri, Nam-myeon, Jangseong-gun, Jeollanam-do, Korea |
|
Type |
Export/Import |
|
Industry |
Manufacture of Other Medical and Surgical Equipment and Orthopedic
Appliances n.e.c. |
|
Main Business |
Stent, Catheter, Guide Wire, Biopsy Needle, Kolomark, Enarium Kit,
Intraoperative, Colonic Irrigator |
|
Established (mm/dd/yyyy) |
01/11/1991 |
The Subject owns
the premises of registered HQ address.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Endoscopic stents or tubes(42294932) |
|
Sell |
Introducers or guide pins or guidewires or glidewires for non endoscopic
surgical or open heart procedures(42295405) |
|
Sell |
Suture needles(42312206) |
|
Sell |
Enema administration supplies(42141900) |
|
Sell |
Peripheral or biliary stents(42203412) |
|
Sell |
Surgical equipment and accessories and related products(42295100) |
|
Name |
Lee Hong-Joo |
|
Address |
Suite 408-1502, 79, Norumok-ro,
Ilsandong-gu, Goyang-si, Gyeonggi-do, Korea |
|
Date of Birth |
05/14/1960 |
|
Title |
President & CEO / Trustee |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
1,920,000,000 |
||||||||||||||||||
|
Employees |
59 |
||||||||||||||||||
|
Formation |
Co., Ltd by shares Venture Business |
||||||||||||||||||
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Bank Details |
Industrial Bank of Korea-Songtan Branch |
||||||||||||||||||
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Corporate Registered No. |
110111-0742406 |
||||||||||||||||||
|
Business Registered No. |
203-81-48392 |
||||||||||||||||||
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Permit & Licenses |
09/1996 ISO 9001 Certification 06/1998 ISO13485 Certification 06/1998 CE Mark Certification 12/2004 ISO 13485:2003 Int’l Trade No.: 199698 |
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Shareholder Position |
|
||||||||||||||||||
|
Company
History |
04/1991
Incorporated as SOOHO MEDITECH CO., LTD. 03/1999
Changed company name to the present name 11/2002
Awarded US$ 1 Million Export Top Prize 07/30/2003
Moved to the present HQ address from 17-1, Geumam-ri, Seotan-myeon, Pyeongtaek-si,
Gyeonggi-do, Korea 03/25/2004 Increased the authorized shares
to 1,000,000 shares from 256,000 shares 11/2004
Awarded US$ 3 Million Export Top Prize 11/2007
Awarded US$ 5 Million Export Top Prize 06/16/2008
Increased the authorized shares to 1,300,000 shares from 1,000,000 shares 12/15/2008
Increased capital to 1,700,000,000 KRW from 680,000,000 KRW 06/03/2009
Increased capital to 1,920,000,000 KRW from 1,700,000,000 KRW 09/25/2009
Increased the authorized shares to 4,000,000 shares from 1,300,000 shares 04/26/2012
Decided to start Corporate Reviving Procedure(2012HOIHAP21) by Seoul Central
District Court |
||||||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO / Trustee |
Mr. |
Lee Hong-Joo |
Male |
Korean |
12/14/2011 |
|
Outside Director |
Mr. |
Cho Yong-Soo |
Male |
Korean |
03/18/2005 |
|
Director |
Mr. |
Kim Chul-Soo |
Male |
Korean |
03/28/2008 |
|
Director |
Mr. |
Ryu Keun-Sun |
Male |
Korean |
03/23/2007 |
|
Auditor |
Mr. |
Noh Joon-Sik |
Male |
Korean |
08/08/2005 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
7,899,484,331 |
10,879,803,789 |
-13,785,087,585 |
|
|
2010 |
10,559,311,812 |
20,656,291,052 |
671,659,359 |
|
2009 |
9,265,479,117 |
18,381,526,018 |
695,606,536 |
|
2008 |
8,169,371,763 |
14,224,048,606 |
772,515,606 |
|
2007 |
5,981,692,893 |
11,436,265,990 |
72,571,302 |
|
2006 |
6,303,512,245 |
10,489,966,622 |
63,719,187 |
|
2005 |
5,636,023,867 |
8,125,765,037 |
122,792,546 |
|
2004 |
6,070,635,248 |
8,160,178,169 |
761,729,597 |
|
Authorized Capital(KRW) |
18,500,000,000 |
|
Paid-Up Capital(KRW) |
1,920,000,000 |
|
Total Issued Shares |
384,000 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Total Assets |
10,879,803,789 |
20,656,291,052 |
18,381,526,018 |
|
Current Assets |
4,899,080,766 |
11,165,931,137 |
9,041,945,436 |
|
-Quick Assets |
3,084,789,090 |
9,295,269,755 |
7,430,509,541 |
|
-Inventories |
1,814,291,676 |
1,870,661,382 |
1,611,435,895 |
|
Fixed Assets |
5,980,723,023 |
9,490,359,915 |
9,339,580,582 |
|
-Investment |
138,788,480 |
847,462,915 |
1,312,520,778 |
|
-Tangibles |
4,894,119,796 |
5,096,690,503 |
4,443,796,232 |
|
-Intangibles |
223,453,757 |
2,443,387,854 |
2,263,671,783 |
|
-Others |
724,360,990 |
1,102,818,643 |
1,319,591,789 |
|
Total Liabilities |
15,828,871,222 |
11,718,945,900 |
10,014,515,225 |
|
Current Liabilities |
12,988,022,870 |
8,280,178,650 |
7,210,920,764 |
|
Fixed Liabilities |
2,840,848,352 |
3,438,767,250 |
2,803,594,461 |
|
Capital Stock |
1,920,000,000 |
1,920,000,000 |
1,920,000,000 |
|
Capital Surplus |
2,103,489,800 |
2,103,489,800 |
2,103,489,800 |
|
Profit Surplus |
-8,972,557,233 |
4,913,855,352 |
4,343,520,993 |
|
Capital Adjustment |
- |
- |
- |
|
Total Equity |
-4,949,067,433 |
8,937,345,152 |
8,367,010,793 |
|
Liab. & Shareholder’s Equity |
10,879,803,789 |
20,656,291,052 |
18,381,526,018 |
|
Current Liabilities |
12,988,022,870 |
8,280,178,650 |
7,210,920,764 |
|
Trade Payables |
414,709,958 |
320,848,491 |
122,748,641 |
|
Short-Term Borrowings |
10,598,434,217 |
7,230,000,000 |
5,970,000,000 |
|
Current Portion of Long-Term Debts |
452,965,310 |
33,333,324 |
100,000,000 |
|
Account Payables |
392,748,771 |
206,472,536 |
259,563,580 |
|
Advance Receipts |
181,358,946 |
4,490,467 |
261,453,089 |
|
Withholdings |
97,124,995 |
83,510,300 |
51,215,760 |
|
Accrued Expenses |
670,680,673 |
385,023,263 |
342,553,415 |
|
Provisions for Guarantee Deposit |
180,000,000 |
- |
- |
|
Current Portion of Deferred Income Tax Credit |
- |
- |
31,365,320 |
|
Accrued Income Tax |
- |
16,500,269 |
72,020,959 |
|
Fixed Liabilities |
2,840,848,352 |
3,438,767,250 |
2,803,594,461 |
|
Long-Term Borrowings |
- |
502,777,791 |
225,000,000 |
|
Long-Term Account Payables |
2,117,600,000 |
2,170,500,000 |
1,918,500,000 |
|
Provision for Severance & Retirement |
1,371,381,682 |
1,082,602,255 |
965,706,047 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Sales |
7,899,484,331 |
10,559,311,812 |
9,265,479,117 |
|
Cost of Sold Goods |
4,351,838,563 |
3,760,268,903 |
3,344,737,045 |
|
Gross Profit |
3,547,645,768 |
6,799,042,909 |
5,920,742,072 |
|
Selling & Admin. Expenses |
7,024,409,768 |
5,503,289,977 |
5,170,536,491 |
|
Operating Income |
-3,476,764,000 |
1,295,752,932 |
750,205,581 |
|
Non-Operating Income |
443,522,598 |
245,152,297 |
668,642,891 |
|
Non-Operating Expenses |
10,122,121,676 |
885,828,268 |
685,165,485 |
|
Income Before Taxes |
-13,155,363,078 |
655,076,961 |
733,682,987 |
|
Income Taxes Expenses |
629,724,507 |
-16,582,398 |
38,076,451 |
|
Net Income |
-13,785,087,585 |
671,659,359 |
695,606,536 |
Cash Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Cash Flows from Operating |
-2,918,690,427 |
-1,446,308,670 |
-775,360,894 |
|
-Net Income |
-13,785,087,585 |
671,659,359 |
695,606,536 |
|
-Exp. without Cash Outflow |
9,428,586,703 |
905,210,906 |
971,091,466 |
|
-Revenue without Cash Inflows |
-1,087,754,920 |
-1,006,788,046 |
-919,917,034 |
|
-Changes in Asset/ & Liability |
2,525,565,375 |
-2,016,390,889 |
-1,522,141,862 |
|
Cash Flows from Investing |
-1,682,258,189 |
-2,649,372,477 |
-4,720,515,906 |
|
-Cash Inflow from Investing |
2,326,700,869 |
1,875,251,930 |
1,991,962,075 |
|
-Cash Outflows for Investing |
-4,008,959,058 |
-4,524,624,407 |
-6,712,477,981 |
|
Cash Flows from Financing |
4,471,343,412 |
3,267,306,115 |
5,467,043,727 |
|
-Cash Inflows from Financing |
6,333,780,000 |
5,982,520,000 |
8,849,189,727 |
|
-Cash Outflows from Financing |
-1,862,436,588 |
-2,715,213,885 |
-3,382,146,000 |
|
Increase/Decrease in Cash |
-129,605,204 |
-828,375,032 |
-28,833,073 |
|
Cash at the Beginning of Year |
886,665,352 |
1,715,040,384 |
1,743,873,457 |
|
Cash at the End of Year |
757,060,148 |
886,665,352 |
1,715,040,384 |
(*)The Subject needs
to be monitored because Net Income is (-)13,785,088,000KRW, and Current
Liabilities exceed Current Assets as much as 8,088,942,000 KRW. Total
Liabilities exceed total assets as much as 4,949,067,000 KRW.
|
Main Products & Services |
Songstent, Choostent, Dostent, Hanarostent |
|
Competitors |
HUMED CO., LTD. 4TH FL., 737-4, HANNAM-DONG, YONGSAN-GU,
SEOUL, KOREA TEL:+82-2-796-8111 FAX:+82-2-794-6500 HANSONG AIE INC. 3RD FL., GRATES BLDG., 1619-3, SEOCHO
1-DONG, SEOCHO-GU, SEOUL, KOREA TEL:+82-2-3474-4111 FAX:+82-2-3474-4113 STENTECH INC. RM. 402, JIYEONG PLAZA, 284-63, SEONGSU
2-GA 3-DONG, SEONGDONG-GU, SEOUL, KOREA TEL:+82-2-463-4148 FAX:+82-2-463-4309 |
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
NURO BIOSIS CO., LTD.(110111-2197732) (40.03% held by the subject company) KENTIS CO., LTD.(135811-0143932) NURO VENTIONS CO., LTD.(135811-0169706) |
|
Cooperative Enterprise |
EDWARDS LIFESCIENCES LLC(USA) -Insured Company LIG INSURANCE CO., LTD.(110111-0017859) GREEN NON-LIFE INSURANCE CO., LTD.(110111-0007082) DONGBU INSURANCE CO., LTD.(110111-0095285) |
(Activity & Markets)
The Subject exports
to about 40 countries.
|
Case No. |
Court |
Plaintiff(s)/ Creditor(s)/ Applicant(s) |
Defendant(s)/ Debtor(s)/ Respondent(s) |
Cause |
Amount (KRW) |
Status |
|
|
Daejeon District Court-Cheonan Branch |
Lee Jong-Cheol |
The Subject Company |
Loan |
12,000,000 |
Withdrawal as of 03/20/2012 |
|
|
Suwon District Court-Pyungtaik Branch |
Ventus Entera co., ltd.(Korea) |
The Subject Company |
Collection |
230,000,000 |
Withdrawal as of 02/17/2012 |
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.63 |
|
UK Pound |
1 |
Rs.88.40 |
|
Euro |
1 |
Rs.71.86 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.