|
Report Date : |
11.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
HOONG A CORPORATION |
|
|
|
|
Registered Office : |
55,
Saneop-ro 7beon-gil, Ojeong-gu, Bucheon-si, Gyeonggi-do, Korea |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
17.12.1991 |
|
|
|
|
Com. Reg. No.: |
130-81-33247 |
|
|
|
|
Legal Form : |
Company Limited By Shares |
|
|
|
|
Line of Business : |
Manufacture of Packing Machinery and Containers Cleaning Machinery |
|
|
|
|
No of Employees : |
100 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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. 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 |
|
Company Name |
HOONG A CORPORATION (Korean Company Name : “(주)흥아기연”) |
|
Registered Address |
55, Saneop-ro
7beon-gil, Ojeong-gu, Bucheon-si, Gyeonggi-do, Korea |
|
Building |
|
|
Zip Code |
421-170 |
|
Tel |
+82-32-675-1511 |
|
Fax |
+82-32-675-1512 +82-32-675-9200 |
|
E-mail |
sales@hoonga.com;tsales@hoonga.com |
|
Website |
www.hoonga.com |
|
Trading Address |
55,
Saneop-ro 7beon-gil, Ojeong-gu, Bucheon-si, Gyeonggi-do, Korea (Old Address
System : 758-6/7/8, Ojeong-dong, Ojeong-gu, Bucheon-si,
Gyeonggi-do, Korea) |
|
Tel |
+82-32-675-1511 |
|
Fax |
+82-32-675-1512 +82-32-675-9200 |
|
Other Address-Branch |
72, Pyeongcheon-ro 850beon-gil, Wonmi-gu,
Bucheon-si, Gyeonggi-do, Korea (Old Address
System : 83-6, Dodang-dong, Wonmi-gu, Bucheon-si, Gyeonggi-do, Korea) |
|
Tel |
+82-32-682-4355 |
|
Fax |
+82-32-675-1525 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Packing Machinery and Containers Cleaning Machinery |
|
Main Business |
Blister Packaging Systems, Cartoning Machine, Inspector, Push Through
Pack(P.T.P) Machinery |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
12/17/1991 |
The Subject owns
the premise of registered HQ address(611.8㎡).
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Packaging machinery(23152900) |
|
Sell |
Cartoning machinery(24102107) |
|
Sell |
Sifters(23151608) |
|
Name |
Kang Shin-Young |
|
Address |
Suite 1411-902, 329, Sinjeong-dong,
Yangcheon-gu, Seoul 158-070 Korea |
|
Date of Birth |
04/17/1958 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
600,000,000 |
|||||||||
|
Employees |
100 |
|||||||||
|
Formation |
Co., Ltd by shares |
|||||||||
|
Bank Details |
Korea Exchange Bank-Dodang Dong Branch |
|||||||||
|
Corporate Registered No. |
124311-0033988 |
|||||||||
|
Business Registered No. |
130-81-33247 |
|||||||||
|
Permit & Licenses |
03/05/1996 EM Mark 02/23/2000 CE Mark 11/29/2001 EM Mark 04/03/2002 ISO 9001 11/12/2002 ISO 14001 11/14/2002 CE Mark 07/02/2004 ISO 9001 07/02/2004 ISO 14001 07/26/2004 CE Mark 11/29/2005 EM Mark Int’l Trade No.: 223461 |
|||||||||
|
Shareholder Position |
|
|||||||||
|
Company History |
12/01/1970 Established as HOONG A Trade
Co.(Sole Proprietorship) 07/01/1981 Changed company name to HOONG A
MACHINERY CO. 12/17/1991 Incorporated as the present name 09/01/1998 Designated as a Venture Business 06/11/2002 Increased the authorized shares
to 240,000 shares from 40,000 shares 06/12/2002 Increased capital to 600,000,000
KRW from 300,000,000 KRW 11/11/2004 Designated as a Venture Business
again 11/30/2006 Awarded US$ 10 Million Export
Top Prize 11/2009 Awarded US$ 20 Million Export Top
Prize 02/14/2011 Moved to the present HQ address
from 83-6,
Dodang-dong, Wonmi-gu, Bucheon-si, Gyeonggi-do, Korea |
|||||||||
|
|
|
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Kang Shin-Young |
Male |
Korean |
03/31/2003 |
|
Chairman & CEO |
Mr. |
Kang Dae-Hee |
Male |
Korean |
03/27/2000 |
|
Outside Director |
M/S. |
Kang Shin-Won |
Female |
Korean |
03/27/2000 |
|
Director |
M/S. |
Yeon Jung-Eun |
Female |
Korean |
03/31/2009 |
|
Auditor |
M/S. |
Jeong Tae-Yong |
Female |
Korean |
03/27/2000 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
30,546,148,846 |
42,076,195,215 |
4,620,025,879 |
|
|
2012 |
30,720,316,195 |
38,802,726,775 |
2,537,043,401 |
|
2011 |
28,707,733,090 |
38,526,780,239 |
3,390,223,710 |
|
2010 |
25,664,346,979 |
33,772,483,686 |
3,920,950,343 |
|
2009 |
27,432,676,555 |
26,430,774,869 |
5,979,746,921 |
|
2008 |
20,967,337,219 |
19,046,066,105 |
2,794,751,175 |
|
2007 |
16,244,639,542 |
14,065,569,692 |
1,215,061,957 |
|
2006 |
14,570,958,765 |
13,747,289,321 |
1,316,527,163 |
|
2005 |
11,336,570,931 |
10,695,174,582 |
947,730,212 |
|
2004 |
12,420,404,604 |
9,527,586,853 |
1,286,075,610 |
|
Authorized Capital(KRW) |
2,400,000,000 |
|
Paid-Up Capital(KRW) |
600,000,000 |
|
Total Issues Shares |
60,000 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Total Assets |
42,076,195,215 |
38,802,726,775 |
38,526,780,239 |
|
Current Assets |
23,419,907,460 |
19,780,319,907 |
19,228,111,154 |
|
-Quick Assets |
14,762,955,518 |
11,428,551,719 |
10,350,178,006 |
|
-Inventories |
8,656,951,942 |
8,351,768,188 |
8,877,933,148 |
|
Fixed Assets |
18,656,287,755 |
19,022,406,868 |
19,298,669,085 |
|
-Investment |
638,004,018 |
523,432,528 |
359,150,839 |
|
-Tangibles |
16,974,686,345 |
17,393,858,626 |
17,811,795,954 |
|
-Intangibles |
158,995,294 |
225,213,616 |
247,820,194 |
|
-Others |
884,602,098 |
879,902,098 |
879,902,098 |
|
Total Liabilities |
10,981,287,690 |
12,127,845,129 |
14,138,941,994 |
|
Current Liabilities |
10,801,287,690 |
8,208,901,145 |
9,855,701,423 |
|
Fixed Liabilities |
180,000,000 |
3,918,943,984 |
4,283,240,571 |
|
Capital Stock |
600,000,000 |
600,000,000 |
600,000,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
30,494,907,525 |
26,074,881,646 |
23,787,838,245 |
|
Capital Adjustment |
|
|
|
|
Total Equity |
31,094,907,525 |
26,674,881,646 |
24,387,838,245 |
|
Liab. & Shareholder’s Equity |
42,076,195,215 |
38,802,726,775 |
38,526,780,239 |
|
Current Liabilities |
10,801,287,690 |
8,208,901,145 |
9,855,701,423 |
|
Short-Term Borrowings |
|
|
500,000,000 |
|
Trade Payables |
1,034,240,901 |
1,255,491,561 |
1,514,094,488 |
|
Account Payables |
1,295,591,286 |
904,157,858 |
2,000,497,818 |
|
Advance Receipts |
6,110,089,933 |
3,406,856,779 |
4,134,153,713 |
|
Withholdings |
10,479,834 |
16,070,643 |
10,270,182 |
|
Accrued Expenses |
2,007,655,726 |
2,007,361,094 |
1,446,018,952 |
|
Accrued Income Tax |
343,230,010 |
168,963,210 |
250,666,270 |
|
Current Portion of Long-Term Debts |
- |
450,000,000 |
- |
|
Fixed Liabilities |
180,000,000 |
3,918,943,984 |
4,283,240,571 |
|
Long-Term Borrowings |
- |
2,550,000,000 |
3,000,000,000 |
|
Provision for Severance & Retirement |
- |
1,270,554,414 |
1,210,892,473 |
|
Leasehold Deposit Received |
180,000,000 |
180,000,000 |
180,000,000 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Sales |
30,546,148,846 |
30,720,316,195 |
28,707,733,090 |
|
Cost of Sold Goods |
20,724,087,873 |
21,632,534,875 |
19,245,108,130 |
|
Gross Profit |
9,822,060,973 |
9,087,781,320 |
9,462,624,960 |
|
Selling & Admin. Expenses |
5,048,318,564 |
6,294,492,992 |
5,771,854,162 |
|
Operating Income |
4,773,742,409 |
2,793,288,328 |
3,690,770,798 |
|
Non-Operating Income |
704,415,116 |
751,151,257 |
896,951,567 |
|
Non-Operating Expenses |
321,067,271 |
601,180,664 |
595,767,185 |
|
Income Before Taxes |
5,157,090,254 |
2,943,258,921 |
3,991,955,180 |
|
Income Taxes Expenses |
537,064,375 |
406,215,520 |
601,731,470 |
|
Net Income |
4,620,025,879 |
2,537,043,401 |
3,390,223,710 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Cash Flows from Operating |
5,816,699,366 |
709,055,860 |
5,878,062,220 |
|
-Net Income |
4,620,025,879 |
2,537,043,401 |
3,390,223,710 |
|
-Exp. without Cash Outflow |
641,200,576 |
1,149,686,899 |
1,074,956,849 |
|
-Revenue without Cash Inflows |
-34,412,109 |
-154,053,478 |
-135,732,068 |
|
-Changes in Asset/ & Liability |
589,885,020 |
-2,823,620,962 |
1,548,613,729 |
|
Cash Flows from Investing |
418,512,617 |
-1,236,796,590 |
-1,102,556,637 |
|
-Cash Inflow from Investing |
590,879,091 |
372,812,247 |
535,996,074 |
|
-Cash Outflows for Investing |
-172,366,474 |
-1,609,608,837 |
-1,638,552,711 |
|
Cash Flows from Financing |
-3,200,000,000 |
-750,000,000 |
-210,000,000 |
|
-Cash Inflows from Financing |
- |
- |
190,000,000 |
|
-Cash Outflows from Financing |
-3,200,000,000 |
-750,000,000 |
-400,000,000 |
|
Increase/Decrease in Cash |
3,035,211,983 |
-1,277,740,730 |
4,565,505,583 |
|
Cash at the Beginning of Year |
4,127,329,345 |
5,405,070,075 |
839,564,492 |
|
Cash at the End of Year |
7,162,541,328 |
4,127,329,345 |
5,405,070,075 |
|
Main Products & Services |
Blister Packaging Machine Cartoning Machine End Packaging Machine Tablet Capsule Inspector Tablet Capsule Lifter Petrochemical raw materials Food industry machinery |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
BOUCHERIE CHAIST PERRY INDUSTRIES |
|
Customers |
AVENTIS PFIZER COLGATE-PALMOLIVE ORAL-B ENERGIZER SCHIFFER |
|
Competitors |
DAE SUNG MACHINERY CO., LTD. 407-5, CHEONGCHEON 2-DONG, BUPYEONG-GU,
INCHEON, KOREA TEL:+82-32-513-8004 FAX:+82-32-511-9693 WOOK IL MACHINERY CO., LTD. 1447-5, SEONGSAN-RI, SEONGJU-EUP,
SEONGJU-GUN, GYEONGSANGBUK-DO, KOREA TEL:+82-54-931-6162~6 FAX:+82-54-931-6106~9 KYONGJIN SYSTEM 9B-50L, BANWOL INDUSTRIAL COMPLEX, 653,
CHOJI-DONG, DANWON-GU, ANSAN-SI, GYEONGGI-DO, KOREA TEL:+82-31-494-9822 FAX:+82-31-494-9885 |
|
Affiliates |
H&K CORPORATION |
|
Overseas Office |
|
|
Liaison Office |
|
|
Overseas Branch |
|
|
Joint Venture |
|
|
Subsidiary |
HOONG A AMERICA CO. (100.0% held by the subject company) TEL: +1-56-407-9317 FAX: +1-562-407-9327 |
|
Corporate Ownership |
|
|
Major Shareholders |
|
|
Cooperative Enterprise |
-Insured Company LIG INSURANCE CO., LTD.(110111-0017859) |
|
Sales/ Unit : KRW |
2011 |
2010 |
2009 |
|
Export |
20,637,371,690 |
17,735,910,129 |
21,907,102,103 |
|
Domestic |
8,070,361,400 |
7,928,436,850 |
5,414,113,592 |
|
Others |
|
|
111,460,860 |
|
Total |
28,707,733,090 |
25,664,346,979 |
27,432,676,555 |
The subject deals
with the companies in China, India, Iran, Sweden and USA.
No.
-----
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.45 |
|
|
1 |
Rs.97.76 |
|
Euro |
1 |
Rs76.68 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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.