|
Report Date : |
02.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
EM TECH CO., LTD. |
|
|
|
|
Registered Office : |
2-1, Busandaehak-ro 63beon-gil, Geumjeong-gu, Busan, Korea
Rm. 401, Special Engineering Hall, Busan National Univ 609-735 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
18.01.2001 |
|
|
|
|
Com. Reg. No.: |
621-81-42053 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Other Sound Equipment |
|
|
|
|
No. of Employees |
221 |
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 Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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. South 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. South 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-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, dominance of large conglomerates (chaebols), and heavy reliance on exports, which comprise about half of GDP.
|
Source
: CIA |
Basic
|
Company Name |
EM TECH CO., LTD. (Korean Company Name : “(주)이엠텍”) |
|
Registered
Address |
2-1, Busandaehak-ro 63beon-gil, Geumjeong-gu, Busan, Korea |
|
Building |
Rm. 401, Special Engineering Hall, Busan National Univ. |
|
Zip Code |
609-735 |
|
Tel |
+82-55-710-6000 |
|
Fax |
+82-55-710-6100 |
|
E-mail |
is.hwang@em-tech.co.kr |
|
Website |
www.em-tech.co.kr |
|
Trading Address |
Rm. 401, Special Engineering Hall, Busan National Univ., 2-1, Busandaehak-ro 63beon-gil, Geumjeong-gu, Busan, Korea (Old Address System : Rm. 401, Special Engineering Hall, Busan National Univ., San 30, Jangjeon 2-dong, Geumjeong-gu, Busan, Korea) |
|
Tel |
+82-55-710-6000 |
|
Fax |
+82-55-710-6100 |
|
Other Address-Changwon Branch |
24-9, Seongju-dong, Seongsan-gu, Changwon-si, Gyeongsangnam-do, Korea |
|
Tel |
+82-55-710-6012 |
|
Fax |
+82-55-710-6100 |
|
Other Address-Anyang Branch |
88, Jeonpa-ro,
Dongan-gu, Anyang-si, Gyeonggi-do, Korea |
|
Tel |
+82-31-689-5800 |
|
Fax |
|
|
Other Address-Guro Branch |
11, Digital-ro
33-gil, Guro-gu, Seoul, Korea |
|
Tel |
+82-70-4030-6800 |
|
Fax |
|
|
Type |
Export |
|
Industry |
Manufacture of Other Sound Equipment |
|
Main Business |
Micro Speaker, Speaker Receiver |
|
Sub Business |
|
|
Established
(mm/dd/yyyy) |
01/18/2001 |
Detailed Products
|
Activity |
Detailed
Products (UNSPSC) |
|
Sell |
Personal communications device accessories or parts(43191600) |
|
Buy |
Polypropylene resin(13111019) |
|
Buy |
Steel(11101704) |
|
Buy |
Polycarbonate resin(13111012) |
|
Buy |
Acrylonitrile butadiene styrene resin(13111004) |
CEO’s
|
Name |
Jeong Seung-Kiu |
|
Address |
|
|
Date of Birth |
04/27/1964 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
6,746,340,000 |
|||||||||||||||
|
Employees |
221 |
|||||||||||||||
|
Formation |
Listed Company(KOSDAQ : 091120) as of 05/02/2007 Venture Business |
|||||||||||||||
|
Bank Details |
Shinhan Bank |
|||||||||||||||
|
Corporate
Registered No. |
180111-0348945 |
|||||||||||||||
|
Business
Registered No. |
621-81-42053 (Changwon Branch : 609-85-29854) |
|||||||||||||||
|
Permit &
Licenses |
01/2003 ISO9001 09/2005 ISO 14001 09/22/2008 ISO 14001 Int’l Trade No.: 30404751 |
|||||||||||||||
|
Shareholder
Position |
|
|||||||||||||||
|
Company
History |
01/18/2001
Incorporated as the present name 04/10/2001
Designated as a Venture Business 08/2007
Designated as an INNO-BIZ Company 03/29/2012
Designated as a Venture Business again |
|||||||||||||||
|
|
|
Management
|
Job
Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
President & CEO |
Mr. |
Jeong
Seung-Kiu |
Korean |
1964.04.27 |
Busan National
University, Korea |
|
Outside Director |
Mr. |
Park
Kwang-Cheol |
Korean |
1962.11 |
- |
|
Director |
Mr. |
Woo Soo-Myung |
Korean |
1970.09.28 |
Kyunghee
University, Korea |
|
Director |
Mr. |
Ahn Hee-Moon |
Korean |
1966.11 |
Kyungnam
University, Korea |
|
Auditor |
Mr. |
Jeon
Seung-Bong |
Korean |
1973.02.21 |
Busan National
University, Korea |
|
Year / Unit :
KRW |
Sales |
Assets |
Net Income |
|
(*)03/2014 |
38,078,917,145 |
120,109,802,618 |
3,195,457,477 |
|
(*)2013 |
166,954,199,024 |
97,769,938,222 |
20,823,383,908 |
|
(*)2012 |
203,551,478,253 |
91,345,388,828 |
13,159,065,489 |
|
2011 |
80,597,704,357 |
57,642,612,875 |
-1,450,743,119 |
|
2010 |
50,835,667,505 |
49,083,133,689 |
-172,913,703 |
Financial Description
|
Authorized
Capital(KRW) |
25,000,000,000 |
|
Paid-Up Capital(KRW) |
6,746,340,000 |
|
Total Issued
Shares |
13,492,680 |
|
Balance Sheet |
|||
|
Unit : Korean
Won |
As of
12/31/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Total
Assets |
120,109,802,618 |
97,769,938,222 |
91,345,388,828 |
|
Current
Assets |
88,235,284,213 |
68,769,641,848 |
71,057,797,524 |
|
Cash
& Cash Equivalents |
27,760,408,571 |
5,245,024,470 |
33,445,673,462 |
|
Other
Financial Assets |
14,917,009,470 |
24,919,855,711 |
54,885,115 |
|
Trade
Receivables & Other Receivables |
39,502,347,688 |
34,330,903,823 |
30,513,723,064 |
|
Other
Current Assets |
1,435,046,548 |
37,817,159 |
55,722,927 |
|
Inventories |
4,620,471,936 |
4,236,040,685 |
6,987,792,956 |
|
Non-Current
Assets |
31,874,518,405 |
29,000,296,374 |
20,287,591,304 |
|
Other
Financial Assets |
348,403,088 |
312,004,715 |
184,581,223 |
|
Marketable
Financial Instruments |
|
|
46,800,000 |
|
Investment_Subsidiaries |
7,652,686,071 |
7,652,686,071 |
7,652,686,071 |
|
Tangibles |
21,897,768,614 |
19,270,736,695 |
10,190,994,333 |
|
Intangibles |
956,091,206 |
716,840,124 |
607,607,550 |
|
Investment_Real
Estates |
|
|
469,907,930 |
|
Deferred
Income Tax Assets |
1,019,569,426 |
1,048,028,769 |
1,135,014,197 |
|
Total
Liabilities |
44,277,963,374 |
25,236,948,480 |
41,443,021,467 |
|
Current
Liabilities |
32,984,916,609 |
14,115,804,463 |
41,294,880,954 |
|
Trade
Payables & Other Payables |
30,413,295,394 |
10,919,893,925 |
35,542,249,163 |
|
Short-Term
Borrowings |
|
|
2,142,200,000 |
|
Other
Current Financial Debts |
|
|
6,234,424 |
|
Other
Current Liabilities |
5,277,509 |
5,277,509 |
216,985,040 |
|
Deferred
Income Tax Credit |
2,566,343,706 |
3,190,633,029 |
3,387,212,327 |
|
Non-Current
Liabilities |
11,293,046,765 |
11,121,144,017 |
148,140,513 |
|
Long-Term
Borrowings |
2,597,970,000 |
2,597,970,000 |
|
|
Other
Non-Current Financial Debts |
29,982,758 |
39,846,618 |
148,076,512 |
|
Other
Non-Current Liabilities |
|
|
64,001 |
|
Bond with Warrant |
8,665,094,007 |
8,483,327,399 |
|
|
Capital
Stock |
6,746,340,000 |
6,746,340,000 |
6,746,340,000 |
|
Capital
Surplus |
14,355,633,200 |
14,355,633,200 |
14,355,633,200 |
|
Others |
2,972,500,866 |
2,869,108,841 |
1,061,870,368 |
|
Profit
Surplus |
51,757,365,178 |
48,561,907,701 |
27,738,523,793 |
|
Total
Equity |
75,831,839,244 |
72,532,989,742 |
49,902,367,361 |
|
Liab.
& Shareholder’s Equity |
120,109,802,618 |
97,769,938,222 |
91,345,388,828 |
|
Income Statement |
|||
|
Unit : Korean
Won |
As of
12/31/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Sales |
38,078,917,145 |
166,954,199,024 |
203,551,478,253 |
|
Cost
of Sold Goods |
33,084,452,429 |
140,994,951,285 |
175,854,977,380 |
|
Gross
Profit |
4,994,464,716 |
25,959,247,739 |
27,696,500,873 |
|
Selling
& Admin. Expenses |
3,613,964,276 |
14,055,493,435 |
17,653,747,233 |
|
Operating
Income |
1,380,500,440 |
11,903,754,304 |
10,042,753,640 |
|
Other
Income |
2,730,901,236 |
15,606,199,016 |
11,166,829,819 |
|
Other
Expenses |
306,686,883 |
4,896,124,792 |
5,000,681,183 |
|
Finance
Income |
217,465,036 |
659,896,385 |
728,305,511 |
|
Finance
Expenses |
195,454,472 |
536,510,283 |
192,534,524 |
|
Income
Before Taxes |
3,826,725,357 |
22,737,214,630 |
16,744,673,263 |
|
Income
Taxes Expenses |
631,267,880 |
1,913,830,722 |
3,585,607,774 |
|
Net
Income |
3,195,457,477 |
20,823,383,908 |
13,159,065,489 |
|
Cash Flows |
|||
|
Unit : Korean
Won |
As of
12/31/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Operating
Activities Cash Flows |
15,629,585,139 |
-7,323,247,352 |
22,557,145,948 |
|
Net
Income |
3,195,457,477 |
20,823,383,908 |
13,159,065,489 |
|
Adjustment |
913,323,111 |
-200,795,108 |
220,243,338 |
|
Changes
in Asset/ & Liability |
12,489,591,646 |
-25,880,965,893 |
8,652,986,667 |
|
Interests
Received |
258,310,765 |
360,606,643 |
78,430,491 |
|
Income
Taxes |
-1,227,097,860 |
-2,425,476,902 |
-113,020,950 |
|
Dividends
Received |
|
|
559,440,913 |
|
Cash
Flows from Investing |
6,932,836,250 |
-31,196,666,457 |
891,913,822 |
|
Cash
Flows from Financing |
-13,692,135 |
10,327,782,042 |
3,928,718,309 |
|
Increase/Decrease
in Cash |
22,515,384,101 |
-28,200,648,992 |
27,128,094,267 |
|
Cash
at the Beginning of Year |
5,245,024,470 |
33,445,673,462 |
6,317,579,195 |
|
Cash
at the End of Year |
27,760,408,571 |
5,245,024,470 |
33,445,673,462 |
Products,
Technologies, Services Description
|
Main Products
& Services |
Micro Speaker, Speaker Receiver |
|
Detailed
Products Spec. |
|
|
Technologies
Acquired |
|
Trade Partners &
Competitors
|
Suppliers |
|
|
Customers |
SAMSUNG ELECTRONICS CO., LTD.(130111-0006246) LG ELECTRONICS INC.(110111-2487050) |
|
Competitors |
BEST SOUND
ELECTRONICS CO., LTD. 58B-4L,
NAMDONG INDUSTRIAL COMPLEX, 626-3, GOJAN-DONG, NAMDONG-GU, INCHEON, KOREA TEL:+82-32-500-1700~7 FAX:+82-32-554-6205~6 INTER M
CORPORATION 226-9,
DEOKJEONG-DONG, YANGJU-SI, GYEONGGI-DO, KOREA TEL:+82-31-860-7111~8 FAX:+82-31-858-1905 BLUECOM CO.,
LTD. 11-80,
SONGDO-DONG, YEONSU-GU, INCHEON, KOREA TEL:+82-32-810-0500 FAX:+82-32-810-0600 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
|
|
Overseas
Office |
|
|
Liaison Office |
|
|
Overseas
Branch |
|
|
Joint Venture |
|
|
Subsidiary |
EM-TECH VIETNAM CO., LTD. (100.0% held by the subject company) QINGDAO EM TECH CO., LTD.(CHINA) (100.0% held by the subject company) YONTAI EM TECH CO., LTD.(CHINA) (100.0% held by the subject company) |
|
Corporate
Ownership |
|
|
Major
Shareholders |
|
|
Cooperative
Enterprise |
|
Sales by Region
(Activity & Markets)
|
Sales/ Unit
:Mil KRW |
03/2014 |
2013 |
2012 |
|
Export |
28,385 |
139,344 |
153,171 |
|
Domestic |
9,694 |
27,610 |
50,380 |
|
Total |
38,079 |
166,954 |
203,551 |
The Subject
deals with the companies in Vietnam and China.
Court Action
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.03 |
|
|
1 |
Rs.98.91 |
|
Euro |
1 |
Rs.80.34 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIS |
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.