|
Report No. : |
305927 |
|
Report Date : |
31.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
EHWHA GLOTECH CO., LTD. |
|
|
|
|
Registered Office : |
705, Haean-ro, Sangnok-gu, Ansan-si, Gyeonggi-do,
Korea, Rm. 407, Gyeonggi Techno Park, 426-901 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
25.11.1985 |
|
|
|
|
Com. Reg. No.: |
134-81-05461 |
|
|
|
|
Legal Form : |
Company Limited By Shares |
|
|
|
|
Line of Business : |
Manufacture of Industrial Machinery for Washing, Dyeing, Finishing and
Processing Industrial Machinery of Fibers |
|
|
|
|
No. of Employee : |
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 : |
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, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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 |
EHWHA GLOTECH CO., LTD. (Korean Company Name : “(주)이화글로텍”) |
|
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 |
ehwha@ehwhaglotech.com;foxone@ehwhaglotech.com; uk0203@ehwhaglotech.com;thjtwlove@nate.com |
|
Website |
www.ehwhaglotech.com |
|
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 |
Manufacture of Industrial Machinery for Washing, Dyeing, Finishing and
Processing Industrial Machinery of Fibers |
|
Main Business |
Tenter (Drying & Heat, Setting Tenter) |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
11/25/1985 |
|
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) |
|
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 |
|
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 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
37,604,469,702 |
22,866,112,040 |
1,320,482,679 |
|
|
2012 |
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 |
|
Authorized Capital(KRW) |
5,000,000,000 |
|
Paid-Up Capital(KRW) |
1,460,000,000 |
|
Total Issues Shares |
146,000 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Total Assets |
22,866,112,040 |
23,140,236,836 |
26,791,945,381 |
|
Current Assets |
10,205,410,850 |
11,799,825,019 |
14,569,629,816 |
|
-Quick Assets |
7,976,493,601 |
8,827,522,544 |
12,480,214,408 |
|
-Inventories |
2,228,917,249 |
2,972,302,475 |
2,089,415,408 |
|
Fixed Assets |
12,660,701,190 |
11,340,411,817 |
12,222,315,565 |
|
-Investment |
32,000,000 |
99,624,000 |
472,552,000 |
|
-Tangibles |
11,772,066,469 |
10,531,676,958 |
10,651,848,941 |
|
-Intangibles |
194,474,682 |
501,652,414 |
803,874,179 |
|
-Others |
662,160,039 |
207,458,445 |
294,040,445 |
|
Total Liabilities |
11,626,685,685 |
13,221,293,160 |
17,305,734,868 |
|
Current Liabilities |
10,014,387,863 |
10,981,613,406 |
14,605,832,548 |
|
Fixed Liabilities |
1,612,297,822 |
2,239,679,754 |
2,699,902,320 |
|
Capital Stock |
1,460,000,000 |
1,460,000,000 |
1,460,000,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
5,624,908,254 |
4,304,425,575 |
3,871,692,412 |
|
Capital Adjustment |
4,154,518,101 |
4,154,518,101 |
4,154,518,101 |
|
Total Equity |
11,239,426,355 |
9,918,943,676 |
9,486,210,513 |
|
Liab. & Shareholder’s Equity |
22,866,112,040 |
23,140,236,836 |
26,791,945,381 |
|
Current
Liabilities |
10,014,387,863 |
10,981,613,406 |
14,605,832,548 |
|
Trade Payables |
6,374,210,820 |
6,666,944,976 |
9,846,393,328 |
|
Short-Term Borrowings |
1,400,000,000 |
1,400,000,000 |
800,000,000 |
|
Account Payables |
865,380,326 |
1,338,021,530 |
1,776,879,403 |
|
Advance Receipts |
153,360,158 |
487,794,424 |
1,135,076,328 |
|
Accrued Expenses |
531,925,819 |
443,531,539 |
12,263,237 |
|
Accrued
Income Taxes |
- |
10,123,680 |
- |
|
Withholdings |
73,910,740 |
19,597,257 |
19,630,252 |
|
Current Portion of Long-Term Debts |
615,600,000 |
615,600,000 |
1,015,590,000 |
|
Fixed
Liabilities |
1,612,297,822 |
2,239,679,754 |
2,699,902,320 |
|
Long-Term Borrowings |
1,507,800,000 |
2,123,400,000 |
2,439,000,000 |
|
Provision for Severance & Retirement |
1,082,099,137 |
809,838,170 |
735,111,836 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Sales |
37,604,469,702 |
48,695,742,103 |
48,084,802,540 |
|
Cost of Sold Goods |
29,759,263,043 |
38,830,697,130 |
39,028,539,737 |
|
Gross Profit |
7,845,206,659 |
9,865,044,973 |
9,056,262,803 |
|
Selling & Admin. Expenses |
5,639,066,057 |
8,417,937,010 |
7,888,187,568 |
|
Operating Income |
2,206,140,602 |
1,447,107,963 |
1,168,075,235 |
|
Non-Operating Income |
726,726,905 |
589,897,473 |
926,760,583 |
|
Non-Operating Expenses |
1,612,384,828 |
1,538,881,869 |
945,324,165 |
|
Income Before Taxes |
1,320,482,679 |
498,123,567 |
1,149,511,653 |
|
Income Taxes Expenses |
- |
11,488,400 |
- |
|
Net Income |
1,320,482,679 |
486,635,167 |
1,149,511,653 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Cash Flows from Operating |
2,729,011,006 |
-1,405,714,262 |
2,696,870,395 |
|
-Net Income |
1,320,482,679 |
486,635,167 |
1,149,511,653 |
|
-Exp. without Cash Outflow |
1,787,469,471 |
1,651,446,374 |
1,099,391,999 |
|
-Revenue without Cash Inflows |
-79,723,216 |
-49,728,131 |
-192,209,597 |
|
-Changes in Asset/ & Liability |
-299,217,928 |
-3,494,067,672 |
640,176,340 |
|
Cash Flows from Investing |
-1,180,176,307 |
-355,134,391 |
-751,318,013 |
|
-Cash Inflow from Investing |
738,801,000 |
759,510,000 |
3,510,301,836 |
|
-Cash Outflows for Investing |
-1,918,977,307 |
-1,114,644,391 |
-4,261,619,849 |
|
Cash Flows from Financing |
-615,600,000 |
-115,590,000 |
-550,961,721 |
|
-Cash Inflows from Financing |
5,850,000,000 |
4,100,000,000 |
20,805,149,369 |
|
-Cash Outflows from Financing |
-6,465,600,000 |
-4,215,590,000 |
-21,356,111,090 |
|
Increase/Decrease in Cash |
933,234,699 |
-1,876,438,653 |
1,394,590,661 |
|
Cash at the Beginning of Year |
381,463,449 |
2,257,902,102 |
863,311,441 |
|
Cash at the End of Year |
1,314,698,148 |
381,463,449 |
2,257,902,102 |
|
Main Products & Services |
Padding mangles Roller squeezers Tentering and stentering machines Tensionless and conveyor dryers Drying chambers, ovens Software systems for the knitting industry |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
HYUNDAI CAPITAL SERVICES, INC.(110111-0995378) provides vehicle
leasing services to the subject company. |
|
Customers |
|
|
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 |
|
Affiliates |
|
|
Subsidiary |
SOHUNG EHWA MACHINERY INDUSTRIES CO., LTD.(CHINA : (100.0% held by the subject company) |
|
Corporate Ownership |
|
|
Major Shareholders |
|
|
Cooperative Enterprise |
-Insured Company AIG INSURANCE CO., LTD.(110111-4725010) |
|
Sales/ Unit :Mil KRW |
2013 |
2012 |
2011 |
|
Export |
|
|
|
|
Domestic |
|
|
|
|
Total |
|
|
|
The Subject exports
to Bangladesh, China, Egypt(Syria, Morocco), India and Turkey.
|
Case No. |
Court |
Plaintiff(s)/
Creditor(s)/ Applicant(s) |
Defendant(s)/
Debtor(s)/ Respondent(s) |
Cause |
Amount (Million KRW) |
Status |
|
|
|
The Subject Company |
- |
Refund of Inappropriate Profits |
25 |
Proceeding |
-------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.75 |
|
|
1 |
Rs.93.13 |
|
Euro |
1 |
Rs.70.03 |
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.