Attachment 1
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Report
Update On |
22nd April, 2003 |
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Report on |
D. I. CORPORATION |
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Registered Office |
RM 804, Dongwha, B/D, 791-1, Majang-Dong, NG-GU, Seoul, Korea |
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Tel. No. |
2-2297-9352 |
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Fax No. |
2-2297-9354 |
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E-Mail |
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Telex |
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Attachment 2
SUMMARY
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Incorporated |
24.12.1996 |
Status |
Moderate |
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Registration No. |
11011-1356727 |
Chief Executive |
Mr. Kyung-Kook Kim |
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Capital (KRW) |
300 millions |
Payments |
Delayed |
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Sales (KRW) |
10,117 millions |
Litigation |
Clear |
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Net Worth (KRW) |
662 millions |
Banking Reputation |
No adverse |
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No. of Employees |
3 |
Auditors |
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Credit Rating |
C (See attachment 3) |
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IDENTIFICATION
COMPANY NAME : D.I.CORPORATION
ADDRESS : RM.804 DONGWHA B/D, 791-1 MAJANG-DONG,
SONGDO
NG-GU, SEOUL
TEL : 2-2297-9352
FAX : 2-2297-9354
E-MAIL : dico9352@netsgo.com
PROFILE
PRESIDENT
& CEO : Mr. KIM, KYUNG-KOOK
ANNUAL
SALES : KRW 10,117million
NET
INCOME : KRW 58million
LINE
OF BUSINESS : Wholesale of Meat
SIC
CODE : G51312
STAFF
EMPLOYEED : 3 persons
STATUTORY INFORMATION
LEGAL
FORM : Company limited by shares
DATE
OF REGISTRATION : Dec. 24, 1996
PAID
UP CAPITAL : KRW 300 million(As of Dec. 31, 2002)
STOCK
LISTING : Unlisted
CORPORATE
REG. NO. : 110111-1356727
BUSINESS
REG. NO. : 206-81-51218
EX/IMPORT
REG. NO. : 11472816
OFFICES & FACTORIES
HEAD OFFICE : RM.804 DONGWHA B/D, 791-1 MAJANG-DONG,
SONGDO
NG-GU, SEOUL
Tel :
2-2297-9352 Fax : 2-2297-9354
E-mail :
dico9352@netsgo.com
Floor Space : 66 ㎡
This building is rented.
Location : Commercial Area
HISTORY
Established in Dec. 1996 by the current
president.
Initially registered capital was KRW 50
million.
Most recent increase in capital was to KRW
300 million in Jul. 2000.
Failed to repay the principal of loans
furnished by
Kookmin Bank and Industrial Bank of Korea as
of Feb. 26, 2003.
AFFILIATED COMPANIES
COMPANY
Company Name : SOSEUL SEED CO.,
LTD.
President & CEO : KIM, KYUNG-KOOK
Paid-up Capital : KRW 100 million
()
Annual Sales : KRW 274
million
Line of Business : Mfg. of seeds
Relationship : Same
president.
MANAGEMENT
PRESIDENT & CEO
Name : Mr.KIM, KYUNG-KOOK
Date of Birth : Oct. 29,
1957
Education : Graduated from Yonsei Univ. in Feb. 1980
(major : Physical Education)
Work Experience : 20 year(s) in this
line of business
* Top decision maker is the person who has the
ultimate authorithy or power to make important decision.
He/She may or may
not be officially registered as a president or an executive director.
OTHER
DIRECTOR(S) : 2 person(s)
OTHER
AUDITOR(S) : 1 person(s)
SHAREHOLDERS
(Unit : million KRW, as of Jul. 26,
2001)
|
Name |
Position |
Amount |
Ratio |
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KIM,
KYUNG-KOOK |
President |
125 |
41.7 |
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KIM,
KYU-HO |
Affiliate |
87 |
29.0 |
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MOON,
JOON-SHIK |
Auditor |
75 |
25.0 |
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KIM,
HEE-JA |
Investor |
13 |
4.3 |
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Others |
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0.0 |
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Total |
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300 |
100.0% |
BUSINESSES
LINE OF BUSINESS : Wholesale of Meat
MAIN ITEMS : Wholesales pork
TERMS OF PAYMENT
Terms of purchase : 90.0% in cash & 10.0% on 60 day credit
Terms of sale : 90.0% in cash & 10.0% on 30 day credit
SUPPLIERS & CUSTOMERS
Suppliers : CJ Food System
Carnex ( Plant in Hungary)
Falco Trade, etc.
Customers : Local market
NATIONAL RANKING OF SALES AMONG COMPETITORS IN THE SAME INDUSTRY
|
1999 |
2000 |
2001 |
|
6,824 / 89,508 |
6,414 / 113,662 |
8,240 / 116,912 |
BANKING RELATIONS
Main Bank(s) : Industrial Bank of Korea
Kookmin Bank
LOAN BALANCES : KRW 6,073 million (as of Dec. 31, 2002)
CREDIT CHECK OF THE SUBJECT, PRESIDENT &CEO (as of
report date)
(∨) no
negative information as of reporting day
( ) listed as N1 (Nonperformance1)
( ) listed as N2 (Nonperformance2)
( ) listed as N3 (Nonperformance3)
* TYPES OF
NONPERFORMANCE
According to an agreement of the Korea Federation of Banks, in case the debtor is delinquent or fails to repay the principal or interest on loans furnished by any financial institution including credit card companies, the debtor is classified as:
■ N1 if it is 3 to 6 months
delinquent in payment of the principal or interest on loans totalling less than
15 million KRW
■ N2 if it is more than 6 months delinquent in payment of the principal
or interest on loans totalling less then 15 million KRW or 3 to 6 months
delinquent in payment of the principal or interest on loans totaling more then
15 million KRW
■ N3 if it is more than 6 months delinquent in payment of the
principal or interest on loans of more than 15 million KRW or if they failed to
pay checks or promissory notes
Note : Debtors who are less than 3
months delinquent in payment of the principal or interest on loans are not
reported.
SUMMARY
The
subject imports pork from overseas markets and distributes them in the local
market.
Its
sales for the past three years are as follows:
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FY 2000: KRW 13,274 million
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FY 2001: KRW 10,680 million
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FY 2002: KRW 10,117 million
As of Feb. 26, 2003, the subject failed to repay the principal of the loans furnished by Kookmin Bank and Industrial Bank of Korea.
As of Apr. 21, 2003, its head office
was still in tact and the business had not closed down.
According to an agreement by the Korea Federation
of Banks, in case the debtor is delinquent or fails to repay the principal or
interest on loans furnished by any financial institution including credit card
companies, the debtor is classified, listed, and reported as
"Nonperformance". However as of now, the subject is not yet listed as
"Nonperformance", since it is less than 3 months delinquent in
payment of the principal on loans.
REMARKS
We are not in
a position to confirm you the subject's risk of insolvency.
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BALANCE SHEET |
(Unit : million KRW)
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Dec. 31, 2002 |
Dec. 31, 2001 |
Dec. 31, 2000 |
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Independent Auditor's Opinion |
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CURRENT ASSETS |
6,589 |
1,659 |
1,103 |
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Quick assets |
2,380 |
1,079 |
666 |
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Cash & cash equivalents |
23 |
29 |
72 |
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Short-term financial instruments |
10 |
20 |
0 |
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Securities marketable |
1 |
1 |
1 |
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Accounts receivable-trade |
1,870 |
545 |
474 |
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Short-term loans |
91 |
12 |
0 |
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Others |
385 |
472 |
119 |
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Inventories |
4,209 |
580 |
437 |
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Merchandise |
4,209 |
580 |
369 |
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Finished goods |
0 |
0 |
0 |
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Semi-finished goods |
0 |
0 |
0 |
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Work in process |
0 |
0 |
0 |
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Raw materials |
0 |
0 |
0 |
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Others |
0 |
0 |
68 |
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FIXED ASSETS |
146 |
220 |
207 |
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Investments |
145 |
217 |
204 |
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Long-term financial instruments |
0 |
0 |
0 |
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Investment securities |
0 |
0 |
0 |
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Long-term loans |
0 |
0 |
0 |
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Long-term accounts receivable-trade |
0 |
0 |
0 |
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Investment in real estates |
0 |
0 |
0 |
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Others |
145 |
217 |
204 |
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Tangible assets |
1 |
3 |
3 |
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Land |
0 |
0 |
0 |
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Buildings |
0 |
0 |
0 |
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Structures |
0 |
0 |
0 |
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Machinery |
0 |
0 |
0 |
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Ships |
0 |
0 |
0 |
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Vehicles & conveying equipment |
1 |
1 |
1 |
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Construction in progress |
0 |
0 |
0 |
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Others |
0 |
2 |
2 |
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Intangible assets |
0 |
0 |
0 |
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Goodwill |
0 |
0 |
0 |
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Intellectual proprietary rights |
0 |
0 |
0 |
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Others |
0 |
0 |
0 |
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TOTAL ASSETS |
6,735 |
1,879 |
1,310 |
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BALANCE
SHEET |
(Unit : KRW million)
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Dec. 31, 2002 |
Dec. 31, 2001 |
Dec. 31, 2000 |
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CURRENT
LIABILITIES |
6,073 |
1,275 |
782 |
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Accounts payable-trade |
268 |
26 |
146 |
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Short-term borrowings |
5,562 |
1,178 |
570 |
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Tax payable |
4 |
1 |
25 |
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Dividends payable |
0 |
0 |
0 |
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Current portion of long-term debt |
0 |
0 |
0 |
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Others |
239 |
70 |
41 |
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LONG-FIXD
LIABILITIES |
0 |
0 |
0 |
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Bonds |
0 |
0 |
0 |
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Long-term borrowings |
0 |
0 |
0 |
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Others |
0 |
0 |
0 |
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TOTAL LIABILITIES |
6,073 |
1,275 |
782 |
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Paid-up capital |
300 |
300 |
300 |
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Capital surplus |
0 |
0 |
0 |
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Retained earnings |
362 |
305 |
230 |
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Capital adjustment |
0 |
-1 |
-2 |
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TOTAL STOCKHOLDERS' EQUITY |
662 |
604 |
528 |
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TOTAL LIABILITIES & STOCKHOLDERS' EQUITY |
6,735 |
1,879 |
1,310 |
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INCOME
STATEMENTS |
(Unit : million KRW)
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|
01/01/2002 ∼31/12/2002 |
01/01/2001 ∼31/12/2001 |
01/01/2000 ∼31/12/2000 |
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Sales |
10,117 |
10,680 |
13,274 |
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Cost of sales |
8,988 |
10,069 |
12,655 |
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Beginning inventory of merchandise |
180 |
369 |
59 |
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Purchases / Manufactures during the year |
11,217 |
9,934 |
12,990 |
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Ending inventory of merchandise |
2,408 |
180 |
369 |
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Gross Profit on sales |
1,129 |
611 |
619 |
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Selling & Administrative Expenses |
573 |
374 |
347 |
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Salaries |
113 |
86 |
75 |
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Retirement allowance |
0 |
0 |
1 |
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Other employee benefits |
30 |
24 |
36 |
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Rent |
24 |
22 |
7 |
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Entertainment |
44 |
44 |
37 |
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Depreciation / Amortization |
1 |
5 |
4 |
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Taxes and dues |
7 |
5 |
5 |
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Advertising |
4 |
6 |
2 |
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Research expenses |
0 |
0 |
0 |
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Others |
350 |
182 |
180 |
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Operating profit |
556 |
237 |
272 |
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Non-operating Income |
3 |
3 |
4 |
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Interest income |
3 |
0 |
0 |
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Dividend income |
0 |
0 |
0 |
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profits on foreign currency transaction |
0 |
2 |
0 |
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Others |
0 |
1 |
4 |
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Non-operating Expenses |
489 |
149 |
128 |
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Interest expenses |
487 |
145 |
126 |
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Losses on foreign currency transaction |
1 |
2 |
0 |
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Others |
1 |
2 |
2 |
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Ordinary Income |
70 |
91 |
148 |
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Extraordinary profit |
0 |
0 |
0 |
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Extraordinary Losses |
0 |
0 |
0 |
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Income before Income Tax |
70 |
91 |
148 |
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Income Tax Expenses |
12 |
15 |
33 |
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Net Income |
58 |
76 |
115 |
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KEY
FINANCIAL RATIOS ANALYSIS |
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Dec. 31, 2000 |
Dec. 31, 2001 |
Dec. 31, 2002 |
Ave. in same Industry(2001) |
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Liquidity Analysis |
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Current ratio(%) |
141.00 |
130.10 |
108.40 |
117.40 |
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Quick ratio(%) |
85.10 |
84.60 |
39.10 |
90.20 |
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Fixed assets
ratio(%) |
39.20 |
36.40 |
22.00 |
105.10 |
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Debt ratio(%) |
148.10 |
211.00 |
917.30 |
188.80 |
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Profitability Analysis |
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Return on total
assets(%) |
10.90 |
4.70 |
1.30 |
3.90 |
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Ordinary income to total
assets(%) |
14.00 |
5.70 |
1.60 |
5.50 |
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Net income to
sales(%) |
0.80 |
0.70 |
0.50 |
1.60 |
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Ordinary income to
sales(%) |
1.10 |
0.80 |
0.60 |
2.30 |
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Activity Analysis |
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Total assets
turnover(times) |
12.50 |
6.60 |
2.30 |
2.30 |
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Equity
turnover(times) |
33.40 |
18.80 |
15.90 |
6.80 |
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Accounts receivable
turnover(times) |
31.60 |
20.90 |
8.30 |
7.30 |
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Accounts payable
turnover(times) |
102.80 |
124.10 |
68.80 |
9.10 |
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Growth Analysis |
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Total assets growth
ratio(%) |
64.10 |
43.40 |
258.40 |
9.00 |
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Sales growth
ratio(%) |
38.70 |
-19.50 |
-5.20 |
4.90 |
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Net income growth
ratio(%) |
43.70 |
-33.90 |
-23.60 |
0.00 |
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Tangible assets
growth ratio(%) |
-57.10 |
0.00 |
-66.60 |
8.40 |
Note
1 : SOURCE OF AVERAGE IN THE SAME INDUSTRY : BANK OF KOREA
2 : Formulas as follow ;
a.
current ratio = (current assets / current liabilities) x 100
b.
quick ratio = (quick assets / current liabilities) x 100
c.
fixed assets ratio = (fixed assets / total stockholders' equity) x 100
d.
debt ratio = (total liabilities / total stockholders' equity) x 100
e.
return on total assets = (net income / total assets*) x 100
f.
ordinary income to total assets = (ordinary income / total assets*) x 100
g.
net income to sales = (net income /sales) x 100
h.
ordinary income to sales = (ordinary income / sales*) x 100
i.
total assets turnover = sales / total assets*
j.
equity turnover = sales / total stockholders' equity*
k.
accounts receivable turnover = sales / accounts receivable*
l.
accounts payable turnover = sales / accounts payable*
m.
total assets growth ratio = (total assets / previous year total assets - 1) x
100
n.
sales growth ratio = (sales / previous year sales - 1) x 100
o.
net income growth ratio = (net income / previous year net income - 1) x 100
p.
tangible assets growth ratio = (tangible assets / previous year tangible assets
-1) x 100
3. * : average amount during the period
Attachment 3
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SCORE SHEET |
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SCORE |
CREDIT RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an
extremely sound financial base with the strongest capability for timely
payment of interest and principal sums |
Unlimited |
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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 |
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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. Maybe drawn to slightly
difficult position as unfavourable conditions arise. Minimal assurance for
timely payment on interest and principal sums |
Moderate |
|
26-40 |
B |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively limited or considered
not known. Capability to pay both interest and principal sums is doubtful |
Small |
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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 |
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<10 |
C |
Absolute credit risk
exists. Caution needed to be exercised |
Credit not recommended |
Attachment 4
ACKNOWLEDGEMENT
Dear Sir/Madam,
As part of our control
system, please fax/email us this note
upon receipt of this report. If we do not receive the acknowledgement within 24
hours, we will assume that our report meets your requirement. If you have any suggestion
to help us improve our reports and services, please do not hesitate to let us
know.
Thank you.
______________________________________________________________________________
To : MIRA INFORM PRIVATE
LIMITED
From :
To :
Feedback – Please tick
the appropriate box.
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GOOD |
FAIR |
POOR |
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Further Comments/Suggestion :
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Company’s Stamp &
Signature