MIRA INFORM REPORT

 

 

Report Date :           

21.02.2012

 

IDENTIFICATION DETAILS

 

Name :

KUMO HITECH CORPORATION

 

 

Registered Office :

218-6, Yongam-ri, Eunhyeon-myeon, Yangju-si, Gyeonggi-do, Korea, Zip Code 482-863

 

 

Country :

South Korea

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

15.01.2002

 

 

Com. Reg. No.:

127-81-71565

 

 

Legal Form :

Co., Ltd by Shares

 

 

Line of Business :

Manufacture of Plastic Windows and Doors

 

 

No. of Employees :

45

 

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 :

Small Company 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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

KUMO HITECH CORPORATION

(Korean Company Name : “(주)금오하이텍”)

Registered Address

218-6, Yongam-ri, Eunhyeon-myeon, Yangju-si, Gyeonggi-do, Korea

Zip Code

482-863

Tel

+82-31-861-5300

Fax

+82-31-862-1254

Website

www.kumohitech.com

Trading Address

218-6, Yongam-ri, Eunhyeon-myeon, Yangju-si, Gyeonggi-do, Korea

Tel

+82-31-861-5300

Fax

+82-31-862-1254

Type

Export

Industry

Manufacture of Plastic Windows and Doors

  Main Business

ABS Door, PVC Frame

  Sub Business

Manufacture of Metal Structural Components

Established (mm/dd/yyyy)

01/15/2002

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Doors(30171500)

 

 

CEO’s

 

Name

Lee Kang-Yeom

Address

189-9, Seonam-ri, Eunhyeon-myeon, Yangju-si, Gyeonggi-do, Korea

Date of Birth

12/03/1961

Title

President & CEO

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

2,286,815,000

Employees

45

Formation

Co., Ltd by Shares

Bank Details

Industrial Bank of Korea

Woori Bank

Shinhan Bank

Corporate Registered No.

111511-0049291

Business Registered No.

127-81-71565

Permit & Licenses

11/2003 ISO 9001

02/2005 KS Mark

11/20008 UL Mark

Shareholder Position

Name

Shares

%

LEE KANG-YEOM

225,447

49.29

BANG JUNG-CHEOL

68,000

14.87

HWANG YONG-KI

45,900

10.04

LEE SUCK-JAE

22,100

4.83

YOON OK-JOO & OTHERS

95,916

20.97

TOTAL

457,363

100.00

Company History

01/15/2002 Incorporated as the present name

05/2008 Designated as a Promising Export SMEs

07/01/2008 Increased the authorized shares to 40,000,000 shares from 480,000 shares

03/02/2010 Increased capital to 2,286,815,000 KRW from 1,840,000,000 KRW

03/03/2011 Acquired KUMO HI STEEL CO., LTD.

 

 

 

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

President & CEO

Mr.

Lee Kang-Yeom

Male

Korean

01/15/2005

Director

Mr.

Hwang Yong-Ki

Male

Korean

01/15/2005

Director

Mr.

Bang Jung-Cheol

Male

Korean

01/15/2005

Director

Mr.

Hong Chan-Hee

Male

Korean

12/09/2011

Auditor

Mr.

Lee Suck-Jae

Male

Korean

07/21/2003

 

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

2010

30,618,615,785

25,955,412,202

908,235,641

2009

26,150,768,029

17,339,056,569

1,005,749,108

2008

17,965,581,148

14,281,927,366

864,524,443

 

 

Financial Description

 

Authorized Capital(KRW)

200,000,000,000

Paid-Up Capital(KRW)

2,286,815,000

Total Issued Shares

457,363

 

 

Balance Sheet

 

Unit : Korean Won

As of 12/31/2010

As of 12/31/2009

As of 12/31/2008

Total Assets

25,955,412,202

17,339,056,569

14,281,927,366

Current Assets

13,783,446,660

9,752,876,259

8,041,918,923

-Quick Assets

7,535,222,773

5,920,263,012

3,439,804,606

-Inventories

6,248,223,887

3,832,613,247

4,602,114,317

Fixed Assets

12,171,965,542

7,586,180,310

6,240,008,443

-Investment

2,360,281,926

1,303,584,635

418,329,190

-Tangibles

10,377,235,601

6,183,633,853

5,686,563,258

-Intangibles

-680,313,985

15,941,822

8,748,695

-Others

114,762,000

83,020,000

126,367,300

Total Liabilities

17,116,394,547

11,651,911,396

9,324,364,071

Current Liabilities

14,701,160,009

8,263,152,190

7,101,090,029

Fixed Liabilities

2,415,234,538

3,388,759,206

2,223,274,042

Capital Stock

2,286,815,000

1,840,000,000

1,840,000,000

Capital Surplus

2,356,821,841

560,000,000

560,000,000

Profit Surplus

4,195,380,814

3,287,145,173

2,557,563,295

Capital Adjustment

　

　

　

Total Equity

8,839,017,655

5,687,145,173

4,957,563,295

Liab. & Shareholder’s Equity

25,955,412,202

17,339,056,569

14,281,927,366

 

Current Liabilities

14,701,160,009

8,263,152,190

7,101,090,029

Short-Term Borrowings

9,385,445,940

4,138,207,742

3,650,000,000

Trade Payables

3,411,460,323

2,219,490,080

2,080,099,492

Account Payables

148,046,173

120,884,320

183,865,538

Advance Receipts

110,363,781

104,049,434

7,415,858

Withholdings

13,826,720

7,225,920

14,615,950

VAT Withhold

203,504,027

170,206,369

-

Accrued Income Tax

17,802,840

126,159,584

86,350,433

Accrued Expenses

245,171,483

416,879,231

152,668,755

Short-Term Borrowings to Shareholders/ Executives/ Employees

18,648,726

-

18,555,000

Current Portion of Long-Term Debts

1,146,889,996

960,049,510

907,519,003

Fixed Liabilities

2,415,234,538

3,388,759,206

2,223,274,042

Long-Term Borrowings

2,337,499,999

3,207,056,665

2,059,409,997

Guarantee Deposit Withhold

　

　

10,000,000

Provision for Severance & Retirement

   162,908,156

181,702,541

153,864,045

 

 

Income Statement

 

Unit : Korean Won

As of 12/31/2010

As of 12/31/2009

As of 12/31/2008

Sales

30,618,615,785

26,150,768,029

17,965,581,148

Cost of Sold Goods

26,594,014,093

22,905,196,248

15,385,245,245

Gross Profit

4,024,601,692

3,245,571,781

2,580,335,903

Selling & Admin. Expenses

2,176,369,016

1,351,825,887

1,043,223,106

Operating Income

1,848,232,676

1,893,745,894

1,537,112,797

Non-Operating Income

366,641,748

160,793,488

234,979,866

Non-Operating Expenses

1,223,328,568

854,390,625

766,217,940

Income Before Taxes

991,545,856

1,200,148,757

1,005,874,723

Income Taxes Expenses

     83,310,215

194,399,649

141,350,280

Net Income

908,235,641

1,005,749,108

864,524,443

 

 

Cash Flows

 

Unit : Korean Won

As of 12/31/2010

As of 12/31/2009

As of 12/31/2008

Cash Flows from Operating

-915,880,805

1,723,908,908

756,442,460

-Net Income

908,235,641

1,005,749,108

864,524,443

-Exp. without Cash Outflow

1,379,516,619

1,353,875,370

1,268,625,081

-Revenue without Cash Inflows

-208,670,225

-

-106,948,199

-Changes in Asset/ & Liability

-2,994,962,840

-635,715,570

-1,269,758,865

Cash Flows from Investing

-171,686,291

-3,515,731,765

-3,217,342,333

-Cash Inflow from Investing

2,919,438,453

1,077,682,142

1,057,321,957

-Cash Outflows for Investing

-3,091,124,744

-4,593,413,907

-4,274,664,290

Cash Flows from Financing

883,529,020

1,736,648,096

2,643,811,908

-Cash Inflows from Financing

9,543,568,642

8,932,086,728

6,012,098,038

-Cash Outflows from Financing

-8,660,039,622

-7,195,438,632

-3,368,286,130

Increase/Decrease in Cash

-204,038,076

-55,174,761

182,912,035

Cash at the Beginning of Year

433,553,116

488,727,877

305,815,842

Cash at the End of Year

229,515,040

433,553,116

488,727,877

 

 

Products, Technologies, Services Description

 

Main Products & Services

ABS Door, PVC Frame

 

 

Trade Partners & Competitors

 

Competitors

DAEHWA PRECISION CO., LTD.

250-5, GUNSEO-RI, JIKSAN-EUP, SEOBUK-GU, CHEONAN-SI, CHUNGCHEONGNAM-DO, KOREA

TEL:+82-41-588-5600  FAX:+82-41-588-5603

 

DONG HWA TECH CO., LTD.

3RA-117, SIHWA INDUSTRIAL COMPLEX, 1271-7, JEONGWANG 1-DONG, SIHEUNG-SI, GYEONGGI-DO, KOREA

TEL:+82-31-488-9601~4  FAX:+82-31-488-9605

 

KYUNGIN GEAR CO.

73B-5L, NAMDONG INDUSTRIAL COMPLEX, 643-4, GOJAN-DONG, NAMDONG-GU, INCHEON, KOREA

TEL:+82-32-710-1234  FAX:+82-32-710-5678

 

 

Sales by Region

(Activity & Markets)

 

The Subject exports to Kazakhstan.

 

 

Court Action

 

No.

 

 

News Clipping

 

---

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.21

UK Pound

1

Rs.77.75

Euro

1

Rs.64.58

 

 

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.