MIRA INFORM REPORT
|
Report Date : |
25.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
EWHA CORPORATION |
|
|
|
|
Registered Office : |
87-40, Seungga-ro, Gimpo-si, Gyeonggi-do 415-070 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
01.10.1981 |
|
|
|
|
Com. Reg. No.: |
136-81-01063 |
|
|
|
|
Legal Form : |
Company
Limited by Shares |
|
|
|
|
Line of Business : |
Manufacturer
of Distilling Machinery, Heat exchange unit and Gas Generators |
|
|
|
|
No of Employees : |
31 |
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 : |
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 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 the economy experienced sluggish growth
because of market slowdowns in the United States, China, and the Eurozone. The
incoming administration in 2013, following the December 2012 presidential
election, is likely to face the challenges 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 half of
GDP.
|
Source
: CIA |
Basic
|
Company
Name |
EWHA CORPORATION |
|
Registered Address |
87-40, Seungga-ro, Gimpo-si, Gyeonggi-do, Korea |
|
Building |
|
|
Zip Code |
415-070 |
|
Tel |
+82-31-982-1568 |
|
Fax |
+82-31-982-1569 |
|
E-mail |
|
|
Website |
|
|
Trading
Address |
87-40, Seungga-ro, Gimpo-si, Gyeonggi-do,
Korea (Old Address System : 683-5, Pungmu-dong, Gimpo-si, Gyeonggi-do,
Korea) |
|
Tel |
+82-31-982-1568 |
|
Fax |
+82-31-982-1569 |
|
Other
Address-Ganghwa Factory |
256-38, Yeondong-ro, Seonwon-myeon, Ganghwa-gun, Incheon, Korea |
|
Tel |
+82-32-934-1568 |
|
Fax |
+82-32-934-1560 |
|
Type |
Export |
|
Industry |
Manufacture
of Distilling Machinery, Heat exchange unit and Gas Generators |
|
Main
Business |
Heat
Exchanger, Fan Blower, Fin Tube, Bearing Block, Portable Fan, Pressure
Vessels |
|
Sub
Business |
Manufacture
of Ventilating Machines |
|
Established (mm/dd/yyyy) |
01/10/1981 |
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Heat exchangers(40101802) |
|
Sell |
Blowers(40101601) |
|
Sell |
Tube and tubing(31231300) |
|
Sell |
Air exhausters(40101502) |
|
Buy |
Iron(11101713) |
|
Buy |
Steel(11101704) |
CEO’s
|
Name |
Jung Soon-Hee |
|
Address |
Suite 914, 1322, Jungang-ro, Ilsandong-gu,
Goyang-si, Gyeonggi-do, Korea |
|
Date of Birth |
03/07/1937 |
|
Title |
President 7 CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
470,000,000 |
||||||||||||
|
Employees |
31 |
||||||||||||
|
Formation |
Co.,
Ltd by Shares |
||||||||||||
|
Bank Details |
Woori Bank Industrial Bank of Korea-Gimppo Branch |
||||||||||||
|
Corporate Registered No. |
124411-0002387 |
||||||||||||
|
Business Registered No. |
136-81-01063 |
||||||||||||
|
Permit & Licenses |
12/26/1998 ISO 9002 04/2007 KS Mark Int’l
Trade No.: 21071535 |
||||||||||||
|
Shareholder Position |
|
||||||||||||
|
Company History |
08/01/1974 Established as EWHA Machine Shop
Co.(Sole Proprietorship) 01/10/1981 Incorporated as EWHA Machine
Shop Corporation 03/28/1995
Changed company name to the present name |
||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President
& CEO |
Mr. |
Jung Soon-Hee |
Male |
Korean |
03/28/2013 |
|
Director |
Mr. |
Jung Yoon-Sik |
Male |
Korean |
12/05/2012 |
|
Director |
Mr. |
Jung Sam-Sik |
Male |
Korean |
03/28/2010 |
|
Auditor |
M/S. |
Kim Song-Ja |
Female |
Korean |
03/28/2010 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
2012 |
15,017,661,096 |
11,673,215,920 |
1,218,146,260 |
|
2011 |
15,537,612,582 |
10,960,123,281 |
1,304,504,579 |
|
2010 |
12,191,000,000 |
9,173,000,000 |
2,696,000,000 |
|
2009 |
11,215,000,000 |
5,998,000,000 |
612,000,000 |
Financial
Description
|
Authorized Capital(KRW) |
2,500,000,000 |
|
Paid-Up Capital(KRW) |
470,000,000 |
|
Total Issued Shares |
47,000 |
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total Assets |
11,673,215,920 |
10,960,123,281 |
|
|
Current Assets |
4,207,521,178 |
4,816,111,888 |
|
|
-Quick
Assets |
3,760,399,260 |
4,325,727,837 |
|
|
-Inventories |
447,121,918 |
490,384,051 |
|
|
Fixed
Assets |
7,465,694,742 |
6,144,011,393 |
|
|
-Investment |
1,130,527,267 |
1,327,689,814 |
|
|
-Tangibles |
6,287,547,475 |
4,395,940,479 |
|
|
-Intangibles |
- |
- |
|
|
-Others |
47,620,000 |
420,381,100 |
|
|
Total Liabilities |
3,401,246,622 |
3,481,932,337 |
|
|
Current Liabilities |
3,366,279,785 |
3,363,860,892 |
|
|
Fixed Liabilities |
34,966,837 |
118,071,445 |
|
|
Capital Stock |
470,000,000 |
470,000,000 |
|
|
Capital Surplus |
- |
- |
|
|
Profit Surplus |
7,990,998,314 |
7,008,190,944 |
|
|
Capital Adjustment |
-189,029,016 |
- |
|
|
Total Equity |
8,271,969,298 |
7,478,190,944 |
|
|
Liab. & Shareholder’s Equity |
11,673,215,920 |
10,960,123,281 |
|
|
Current Liabilities |
3,366,279,785 |
3,363,860,892 |
|
|
Short-Term Borrowings |
1,000,000,000 |
1,600,000,000 |
|
|
Trade Payables |
1,242,938,978 |
1,176,516,396 |
|
|
Account Payables |
65,619,342 |
175,675,198 |
|
|
Withholdings |
14,305,000 |
26,120,440 |
|
|
VAT Withhold |
90,037,350 |
36,608,689 |
|
|
Advance Receipts |
537,985,441 |
27,541,768 |
|
|
Accrued Expenses |
283,322,267 |
112,943,373 |
|
|
Accrued Income Tax |
132,071,407 |
208,455,028 |
|
|
Fixed Liabilities |
34,966,837 |
118,071,445 |
|
|
Provision for Severance & Retirement |
646,092,062 |
612,506,164 |
|
|
Guarantee Deposit Withhold |
30,000,000 |
30,000,000 |
|
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
15,017,661,096 |
15,537,612,582 |
|
|
Cost of Sold Goods |
10,332,619,633 |
11,300,448,109 |
|
|
Gross Profit |
4,685,041,463 |
4,237,164,473 |
|
|
Selling & Admin. Expenses |
3,190,704,669 |
2,579,864,021 |
|
|
Operating Income |
1,494,336,794 |
1,657,300,452 |
|
|
Non-Operating Income |
189,230,010 |
99,503,782 |
|
|
Non-Operating Expenses |
172,888,877 |
65,446,385 |
|
|
Income Before Taxes |
1,510,677,927 |
1,691,357,849 |
|
|
Income Taxes Expenses |
292,531,667 |
386,853,270 |
|
|
Net Income |
1,218,146,260 |
1,304,504,579 |
|
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Cash Flows from Operating |
3,010,031,657 |
-2,433,583,277 |
|
|
-Net Income |
1,218,146,260 |
2,695,873,809 |
|
|
-Exp. without Cash Outflow |
285,758,057 |
96,508,631 |
|
|
-Revenue without Cash Inflows |
-52,671,874 |
-4,627,368,188 |
|
|
-Changes in Asset/ & Liability |
1,558,799,214 |
-598,597,529 |
|
|
Cash Flows from Investing |
-1,724,847,089 |
1,611,591,568 |
|
|
-Cash Inflow from Investing |
420,635,385 |
4,888,157,960 |
|
|
-Cash Outflows for Investing |
-2,145,482,474 |
-3,276,566,392 |
|
|
Cash Flows from Financing |
-800,000,000 |
800,000,000 |
|
|
-Cash Inflows from Financing |
- |
1,000,000,000 |
|
|
-Cash Outflows from Financing |
-800,000,000 |
-200,000,000 |
|
|
Increase/Decrease in Cash |
485,184,568 |
-21,991,709 |
|
|
Cash at the Beginning of Year |
28,519,635 |
50,511,344 |
|
|
Cash at the End of Year |
513,704,203 |
28,519,635 |
|
|
Main Products & Services |
Heat
Exchanger, Fan Blower, Fin Tube, Bearing Block, Portable Fan, Pressure
Vessels |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Customers |
HYUNDAI HEAVY INDUSTRIES CO., LTD.(181211-0000386) SAMSUNG HEAVY INDUSTRIES CO., LTD.(110111-0168595) HYUNDAI SAMHO HEAVY INDUSTRIES CO., LTD.(205411-0003915) POSCO(174611-0000741) EBRA BOILER CO., LTD.(JAPAN) WORFIN
HEAT EXCHANGER XO., LTD.(TAIWAN) |
|
Competitors |
TOKIMEC KOREA POWER CONTROL
CO.,LTD.(110111-1617319) PARKER KOREA LTD.(134511-0029395) BOSCH REXROTH KOREA LTD.(180111-0299015) MEDIPOST
CO., LTD.( 110111-2007709) |
(Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
SHIMYAMG EWHA OGUM MACHINERY CO.,
LTD.(CHINA) |
|
Cooperative Enterprise |
-Insured Company LOTTE
NON-LIFE INSURANCE CO., LTD.(110111-0014459) |
News Clipping
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.17 |
|
|
1 |
Rs. 103.38 |
|
Euro |
1 |
Rs. 85.08 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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.