|
Report Date : |
23.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
EHWHA GLOTECH CO., LTD. |
|
|
|
|
Registered Office : |
705, Haean-ro, Sangnok-gu, Ansan-si, Gyeonggi-do, Korea |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
25.11.1985 |
|
|
|
|
Com. Reg. No.: |
134-81-05461 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Manufacturer of Industrial Machinery for Washing, Dyeing, Finishing
and Processing Industrial Machinery of Fibers |
|
|
|
|
No. of Employees : |
114 |
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 |
|
Payment Behaviour : |
Slow but correct |
|
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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 is currently the
world's 12th largest economy. 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. Korea's export focused economy was hit hard by the 2008 global economic
downturn, but quickly rebounded in subsequent years, reaching 6.3% growth in
2010. The US-South Korea Free Trade Agreement was ratified by both governments
in 2011 and went into effect in March 2012. Throughout 2012 and 2013 the
economy experienced sluggish growth because of market slowdowns in the United
States, China, and the Eurozone. The administration in 2014 is likely to face
the challenge of balancing heavy reliance on exports with developing
domestic-oriented sectors, such as services. The South Korean economy's long
term challenges include a rapidly aging population, inflexible labor market,
and heavy reliance on exports - which comprise about half of GDP.
|
Source : CIA |
Basic
|
Company Name |
EHWHA GLOTECH CO., LTD. |
|
Registered Address |
705, Haean-ro, Sangnok-gu, Ansan-si, Gyeonggi-do, Korea |
|
Building |
Rm. 407, Gyeonggi Techno Park |
|
Zip Code |
426-901 |
|
Tel |
+82-31-491-4191 |
|
Fax |
+82-31-491-4194 |
|
E-mail |
|
|
Website |
|
|
Trading Address |
Rm. 407, Gyeonggi Techno Park, 705, Haean-ro, Sangnok-gu, Ansan-si,
Gyeonggi-do, Korea (Old Address System : Rm. 407, Gyeonggi Techno Park, 1271-11, Sa
3-dong, Sangnok-gu, Ansan-si, Gyeonggi-do, Korea) |
|
Tel |
+82-31-491-4191 |
|
Fax |
+82-31-491-4194 |
|
Other Address-Factory |
408-41, Hanjin-ri, Songak-myeon, Dangjin-gun, Chungcheongnam-do, Korea |
|
Tel |
+82-41-358-4490 |
|
Fax |
+82-41-358-4496 |
|
Type |
Export/Import |
|
Industry |
Manufacturer of Industrial Machinery for Washing, Dyeing, Finishing and
Processing Industrial Machinery of Fibers |
|
Main Business |
Tenter (Drying & Heat, Setting Tenter) |
|
Established (mm/dd/yyyy) |
11/25/1985 |
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Textile processing machinery and accessories(23121500) |
|
Sell |
Textile working machinery and equipment and accessories(23121600) |
|
Sell |
Air filters(40161505) |
|
Sell |
Switches and controls and relays and accessories(39121500) |
|
Buy |
Pipe(40142100) |
|
Buy |
Deburring equipment(23171605) |
|
Buy |
Iron plate(30102203) |
|
Buy |
Drivetrain systems(25173800) |
|
Buy |
Inverters(32121705) |
CEO’s
|
Name |
Chung Byung-Sik |
|
Address |
Suite 102-702, 58, Gamgol 2-ro, Sangnok-gu,
Ansan-si, Gyeonggi-do, Korea |
|
Date of Birth |
03/14/1939 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
1,460,000,000 |
|||||||||||||||
|
Employees |
114 |
|||||||||||||||
|
Formation |
Co., Ltd by shares |
|||||||||||||||
|
Bank Details |
Industrial Bank of Korea Nonghyup Bank |
|||||||||||||||
|
Corporate Registered No. |
130111-0009159 |
|||||||||||||||
|
Business Registered No. |
134-81-05461 |
|||||||||||||||
|
Permit & Licenses |
10/2008 ISO 9001 Int’l Trade No.: 500964 |
|||||||||||||||
|
Shareholder Position |
|
|||||||||||||||
|
Company History |
11/25/1985 Incorporated as EHWHA MACHINERY
MFG. CO., LTD. 11/2001 Awarded US$10 Million Export Top
Prize 11/2003 Awarded US$20 Million Export Top
Prize 11/2007 Awarded US$30 million Export Top
Prize 12/06/2007 Changed company name to the
present name 12/25/2009 Increased capital to
1,460,000,000 KRW from 1,000,000,000 KRW |
|||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Chung Byung-Sik |
Male |
Korean |
12/25/2009 |
|
Director |
M/S. |
Kang Shin-Eok |
Female |
Korean |
03/19/2013 |
|
Director |
Mr. |
Chung Joong-Han |
Male |
Korean |
04/01/2004 |
|
Auditor |
M/S. |
Lee Young-Sun |
Female |
Korean |
03/19/2013 |
|
Supervisor of HQ Office |
Mr. |
Kang Sung-Joo |
Male |
Korean |
06/15/2009 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
48,695,742,103 |
23,140,236,836 |
486,635,167 |
|
|
2011 |
48,084,802,540 |
26,791,945,381 |
1,149,511,653 |
|
2010 |
51,075,420,426 |
24,632,165,498 |
1,127,612,487 |
|
2009 |
39,123,888,260 |
25,183,188,924 |
1,019,159,549 |
|
2008 |
24,485,887,211 |
20,149,537,070 |
-2,174,252,660 |
|
2007 |
31,009,755,480 |
19,846,007,280 |
6,057,656,944 |
|
2006 |
29,353,970,547 |
14,489,198,161 |
-6,312,784,018 |
|
2005 |
24,039,078,650 |
20,666,263,034 |
-650,710,033 |
|
2004 |
25,959,682,016 |
22,374,658,280 |
-477,356,937 |
Financial
Description
|
Authorized Capital(KRW) |
5,000,000,000 |
|
Paid-Up Capital(KRW) |
1,460,000,000 |
|
Total Issues Shares |
146,000 |
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total Assets |
23,140,236,836 |
26,791,945,381 |
24,632,165,498 |
|
Current Assets |
11,799,825,019 |
14,569,629,816 |
12,443,372,726 |
|
-Quick Assets |
8,827,522,544 |
12,480,214,408 |
8,305,105,980 |
|
-Inventories |
2,972,302,475 |
2,089,415,408 |
4,138,266,746 |
|
Fixed Assets |
11,340,411,817 |
12,222,315,565 |
12,188,792,772 |
|
-Investment |
99,624,000 |
472,552,000 |
351,212,000 |
|
-Tangibles |
10,531,676,958 |
10,651,848,941 |
10,918,570,279 |
|
-Intangibles |
501,652,414 |
803,874,179 |
547,451,566 |
|
-Others |
207,458,445 |
294,040,445 |
371,558,927 |
|
Total Liabilities |
13,221,293,160 |
17,305,734,868 |
16,295,466,638 |
|
Current Liabilities |
10,981,613,406 |
14,605,832,548 |
12,281,021,384 |
|
Fixed Liabilities |
2,239,679,754 |
2,699,902,320 |
4,014,445,254 |
|
Capital Stock |
1,460,000,000 |
1,460,000,000 |
1,460,000,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
4,304,425,575 |
3,871,692,412 |
2,722,180,759 |
|
Capital Adjustment |
4,154,518,101 |
4,154,518,101 |
4,154,518,101 |
|
Total Equity |
9,918,943,676 |
9,486,210,513 |
8,336,698,860 |
|
Liab. & Shareholder’s Equity |
23,140,236,836 |
26,791,945,381 |
24,632,165,498 |
|
Current Liabilities |
10,981,613,406 |
14,605,832,548 |
12,281,021,384 |
|
Trade Payables |
6,666,944,976 |
9,846,393,328 |
8,389,183,222 |
|
Short-Term Borrowings |
1,400,000,000 |
800,000,000 |
800,000,000 |
|
Account Payables |
1,338,021,530 |
1,776,879,403 |
1,268,446,656 |
|
Advance Receipts |
487,794,424 |
1,135,076,328 |
1,049,129,701 |
|
Accrued Expenses |
443,531,539 |
12,263,237 |
13,120,829 |
|
Accrued Income Taxes |
10,123,680 |
- |
- |
|
Withholdings |
19,597,257 |
19,630,252 |
12,220,976 |
|
Current Portion of Long-Term Debts |
615,600,000 |
1,015,590,000 |
748,920,000 |
|
Fixed Liabilities |
2,239,679,754 |
2,699,902,320 |
4,014,445,254 |
|
Long-Term Borrowings |
2,123,400,000 |
2,439,000,000 |
3,754,590,000 |
|
Provision for Severance & Retirement |
809,838,170 |
735,111,836 |
573,846,360 |
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
48,695,742,103 |
48,084,802,540 |
51,075,420,426 |
|
Cost of Sold Goods |
38,830,697,130 |
39,028,539,737 |
40,308,196,387 |
|
Gross Profit |
9,865,044,973 |
9,056,262,803 |
10,767,224,039 |
|
Selling & Admin. Expenses |
8,417,937,010 |
7,888,187,568 |
9,263,519,614 |
|
Operating Income |
1,447,107,963 |
1,168,075,235 |
1,503,704,425 |
|
Non-Operating Income |
589,897,473 |
926,760,583 |
946,740,956 |
|
Non-Operating Expenses |
1,538,881,869 |
945,324,165 |
1,322,832,894 |
|
Income Before Taxes |
498,123,567 |
1,149,511,653 |
1,127,612,487 |
|
Income Taxes Expenses |
11,488,400 |
- |
- |
|
Net Income |
486,635,167 |
1,149,511,653 |
1,127,612,487 |
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Cash Flows from Operating |
-1,204,044,401 |
2,696,870,395 |
-1,561,862,737 |
|
-Net Income |
486,635,167 |
1,149,511,653 |
1,127,612,487 |
|
-Exp. without Cash Outflow |
1,651,446,374 |
1,099,391,999 |
1,455,831,564 |
|
-Revenue without Cash Inflows |
-49,728,131 |
-192,209,597 |
-90,126,386 |
|
-Changes in Asset/ & Liability |
-3,292,397,811 |
640,176,340 |
-4,055,180,402 |
|
Cash Flows from Investing |
-98,204,964 |
-751,318,013 |
-846,222,758 |
|
-Cash Inflow from Investing |
5,193,694,427 |
3,510,301,836 |
4,269,632,914 |
|
-Cash Outflows for Investing |
-5,291,899,391 |
-4,261,619,849 |
-5,115,855,672 |
|
Cash Flows from Financing |
-574,189,288 |
-550,961,721 |
-370,353,076 |
|
-Cash Inflows from Financing |
17,899,721,281 |
20,805,149,369 |
19,394,542,072 |
|
-Cash Outflows from Financing |
-18,473,910,569 |
-21,356,111,090 |
-19,764,895,148 |
|
Increase/Decrease in Cash |
-1,876,438,653 |
1,394,590,661 |
-2,778,438,571 |
|
Cash at the Beginning of Year |
2,257,902,102 |
863,311,441 |
3,641,750,012 |
|
Cash at the End of Year |
381,463,449 |
2,257,902,102 |
863,311,441 |
|
Main Products & Services |
Padding mangles Roller squeezers Tentering and stentering machines Tensionless and conveyor dryers Drying chambers, ovens Software systems for the knitting industry |
|
Suppliers |
HYUNDAI CAPITAL SERVICES, INC.(110111-0995378) provides vehicle
leasing services to the subject company. |
|
Competitors |
SHINIL ENTERPRISE COMPANY RM. 322, SK HURBGREEN OFFICETEL, 556,
DOHWA-DONG, MAPO-GU, SEOUL, KOREA TEL:+82-2-2273-0581~2 FAX:+82-2-2277-2387 CHUNG SONG MACHINERY IND. CO., LTD. 2NA-702, SIHWA INDUSTRIAL COMPLEX, 1259-1,
JEONGWANG 2-DONG, SIHEUNG-SI, GYEONGGI-DO, KOREA TEL:+82-31-431-8595 FAX:+82-31-431-8598 NPI LTD. A-709, GEUMGANG PENTERIUM IT TOWER, 333-7,
SANGDAEWON 1-DONG, JUNGWON-GU, SEONGNAM-SI, GYEONGGI-DO, KOREA TEL:+82-31-730-0922 FAX:+82-31-730-0923 |
(Subsidiaries,
Joint-Venture & Affiliates)
|
Subsidiary |
SOHUNG EHWA MACHINERY INDUSTRIES CO., LTD.(CHINA : (100.0% held by the subject company) |
|
Cooperative Enterprise |
-Insured Company AIG INSURANCE CO., LTD.(110111-4725010) |
(Activity & Markets)
The Subject exports to Bangladesh, China,
Egypt(Syria, Morocco), India and Turkey.
Not Available
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.71 |
|
|
1 |
Rs.102.04 |
|
Euro |
1 |
Rs.83.76 |
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.