MIRA
INFORM REPORT
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Report Date : |
24.08.2007 |
IDENTIFICATION DETAILS
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Name : |
DAEWON INDUSTRIAL CO., LTD. |
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Registered Office : |
580-34, Buk-Ri, Nongong-Eup, Dalseong-Gun, Daegu - 711-857 |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
06/28/1977 |
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Legal Form : |
Company Limited by shares |
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Line of Business : |
Manufacture of Other Machinery for Textiles, Apparel and Leather
Production n.e.c. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Basic
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Company
Name |
DAEWON INDUSTRIAL CO., LTD. |
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Registered Address/Factory |
580-34, Buk-Ri, Nongong-Eup, Dalseong-Gun,
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Zip Code |
711-857 |
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Tel |
+82-53-615-2121~2 |
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Fax |
+82-53-615-1216 |
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E-mail |
daewon@daewon.com;jjg5805@daewontech.com;kyh2110@daewontech.com |
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Website |
www.daewontech.com |
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Trading Address |
580-34, Buk-Ri, Nongong-Eup, Dalseong-Gun,
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Tel |
+82-53-615-2121~2 |
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Fax |
+82-53-615-1216 |
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Type |
Export |
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Industry |
Manufacture of Other Machinery for Textiles, Apparel and Leather
Production n.e.c. |
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Main Business |
Two For One Twister With Heat Setting, Texturing And Interlacing Machine,
Two For One Twister For Industrial Resources, Pin Winder With Auto Loading
And Unloading Device, PET |
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Sub
Business |
Camping Cars |
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Established (mm/dd/yyyy) |
06/28/1977 |
The Subject owns the
premises of registered address/factory.
Detailed Products
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Activity |
Detailed Products (UNSPSC) |
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Sell |
Rubber or latex thread(11151610) |
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Sell |
Yarns(11151700) |
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Sell |
Twisting machines(23121504) |
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Sell |
Caravans or camper trailers(25101907) |
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Buy |
Workshop presses(23171622) |
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Buy |
Injection moldings(31141500) |
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Buy |
Base Metals(11101700) |
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Buy |
Inverters(32121705) |
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Buy |
Bearings(31171500) |
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Buy |
Die castings(31101500) |
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Buy |
Iron plate(30102203) |
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Buy |
Bar(30101600) |
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Buy |
Servomotors(26101606) |
CEO’s
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Name |
Chang Yong-Hyun |
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Address |
111-1, Daebong-dong, Jung-gu, |
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Date of Birth |
08/02/1938 |
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Title |
Co-President & CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
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Capital |
4,860,825,000 KRW |
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Employees |
50 |
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Formation |
Co., Ltd by shares |
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Bank Details |
Shinhan Bank-Seongseo Branch |
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Corporate Registered No. |
170111-0007808 |
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Business Registered No. |
503-81-02302 |
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Permit & Licenses |
07/27/2004 CE Mark 12/29/1995 EM Int’l Trade No.: 100591 |
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Shareholder Position |
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Company History |
09/1967 Established as Daewon Machinery
Industry Co. 06/1977 Incorporated as the present name 02/1983 Designated as a Promising SME 11/1995 Awarded 10 Million Export Top
Prize 02/02/2000 Acquired Daewon Industrial Co.,
Ltd. 04/01/2003 Moved to the present address
from 44-26, Buk-ri, Nongong-eup, Dalseong-gun, 01/2006 Obtained NEP(NEW Excellent
Product) 05/08/2006 Acquired Daewon Synthetic Co.,
Ltd. 05/08/2006 Increased capital to
4,860,825,000 KRW from 4,860,000,000 KRW |
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Management
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Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Day |
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President & CEO |
Mr. |
Chang Yong-Hyun |
Male |
Korean |
05/08/2006 |
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Director |
Mr. |
Park Eon-Kyu |
Male |
Korean |
05/08/2006 |
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Director |
Mr. |
Chang Hong-Seok |
Male |
Korean |
05/08/2006 |
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Director |
Mr. |
Chang Joon-Young |
Male |
Korean |
05/08/2006 |
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Auditor |
M/S. |
Park Pil-Soon |
Female |
Korean |
05/08/2006 |
Financials
Unit: KRW
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Year |
Sales |
Assets |
Net income |
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4,025,532,724 |
20,696,139,067 |
(-)1,496,927,070 |
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2005 |
2,268,746,666 |
18,239,093,553 |
(-)2,207,035,213 |
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2004 |
5,585,305,686 |
19,974,948,048 |
(-)3,873,147,796 |
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2003 |
14,085,441,797 |
24,172,848,852 |
87,365,037 |
Financial Description
Unit: KRW
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Authorized Capital |
15,000,000,000 |
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Paid-Up Capital |
4,860,825,000 |
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Total Issues Shares |
972,165 |
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Balance Sheet |
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Unit : Korean Won |
As of 12/31/2006 |
As of 12/31/2005 |
As of 12/31/2004 |
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Total Assets |
20,696,139,067 |
18,239,093,553 |
19,974,948,048 |
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Current Assets |
9,243,876,676 |
6,790,702,477 |
6,768,695,198 |
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-Quick Assets |
5,996,868,647 |
3,487,112,844 |
2,763,052,141 |
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-Inventories |
3,247,008,029 |
3,303,589,633 |
4,005,643,057 |
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Fixed Assets |
11,452,262,391 |
11,448,391,076 |
13,206,252,850 |
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-Investment |
731,438,490 |
968,230,540 |
2,421,860,110 |
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-Tangibles |
10,720,823,901 |
10,480,160,536 |
10,784,392,740 |
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-Intangibles |
- |
- |
- |
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Total Liabilities |
5,795,225,620 |
1,842,078,036 |
1,370,897,318 |
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Current Liabilities |
3,258,599,804 |
1,239,129,606 |
560,216,683 |
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Fixed Liabilities |
2,536,625,816 |
602,948,430 |
810,680,635 |
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Capital Stock |
4,860,825,000 |
4,860,000,000 |
4,860,000,000 |
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Capital Surplus |
2,227,581,145 |
2,227,581,145 |
2,227,581,145 |
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Profit Surplus |
7,812,507,302 |
9,309,434,372 |
11,516,469,585 |
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Capital Adjustment |
- |
- |
- |
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Total Equity |
14,900,913,447 |
16,397,015,517 |
18,604,050,730 |
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Liab. & Shareholder’s Equity |
20,696,139,067 |
18,239,093,553 |
19,974,948,048 |
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Current Liabilities |
3,258,599,804 |
1,239,129,606 |
560,216,683 |
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Trade Payables |
1,465,607,048 |
316,796,231 |
135,934,857 |
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Short-Term Borrowings |
1,500,000,000 |
594,258,138 |
- |
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Account Payables |
47,607,866 |
93,464,192 |
75,206,164 |
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Advance Receipts |
51,455,440 |
48,706,580 |
185,175,603 |
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Withholdings |
15,882,285 |
14,990,716 |
94,900,809 |
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Accrued Expenses |
133,497,708 |
145,279,629 |
26,449,250 |
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Leasehold Deposit Received |
25,017,000 |
21,550,000 |
42,550,000 |
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VAT Withhold |
19,532,457 |
4,084,120 |
- |
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Fixed Liabilities |
2,536,625,816 |
602,948,430 |
810,680,635 |
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Long-Term Borrowings |
1,800,000,000 |
- |
- |
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Provision for Severance & Retirement |
736,625,816 |
602,948,430 |
810,680,635 |
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Income Statement |
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Unit : Korean Won |
As of 12/31/2006 |
As of 12/31/2005 |
As of 12/31/2004 |
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Sales |
4,025,532,724 |
2,268,746,666 |
5,585,305,686 |
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Cost of Sold Goods |
5,886,221,118 |
3,690,866,242 |
6,255,207,251 |
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Gross Profit |
(-)1,860,688,394 |
(-)1,422,119,576 |
669,901,565 |
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Selling & Admin. Expenses |
1,951,099,099 |
1,989,776,642 |
3,358,235,274 |
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Operating Income |
(-)3,811,787,493 |
(-)3,411,896,218 |
(-)4,028,136,839 |
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Non-Operating Income |
4,590,622,635 |
1,468,489,307 |
384,362,911 |
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Non-Operating expenses |
2,275,762,212 |
263,628,302 |
229,373,868 |
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Ordinary Income |
(-)1,496,927,070 |
(-)2,207,035,213 |
(-)3,873,147,796 |
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Special Income |
- |
- |
- |
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Income Before Taxes |
(-)1,496,927,070 |
(-)2,207,035,213 |
(-)3,873,147,796 |
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Income Taxes Expenses |
- |
- |
- |
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Net Income |
(-)1,496,927,070 |
(-)2,207,035,213 |
(-)3,873,147,796 |
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Cash Flows |
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Unit : Korean Won |
As of 12/31/2006 |
As of 12/31/2005 |
As of 12/31/2004 |
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Cash Flows from Operating |
(-)973,187,916 |
(-)1,410,399,448 |
(-)2,145,395,397 |
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-Net Income |
(-)1,496,927,070 |
(-)2,207,035,213 |
(-)3,873,147,796 |
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-Exp. without Cash Outflow |
3,183,178,068 |
1,151,529,284 |
1,198,954,565 |
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-Revenue without Cash Inflows |
(-)4,271,762,133 |
(-)1,101,739,000 |
(-)770,728 |
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-Changes in Asset/ & Liability |
1,612,323,219 |
746,845,481 |
529,568,562 |
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Cash Flows from Investing |
3,028,323,570 |
488,382,085 |
1,069,281,875 |
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-Cash Inflow from Investing |
10,798,916,722 |
2,656,117,396 |
5,491,638,608 |
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-Cash Outflows for Investing |
(-)7,770,593,152 |
(-)2,167,735,311 |
(-)4,422,356,733 |
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Cash Flows from Financing |
(-)1,788,117,821 |
573,258,138 |
(-)411,150,000 |
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-Cash Inflows from Financing |
3,969,288,179 |
2,168,458,138 |
396,450,000 |
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-Cash Outflows from Financing |
(-)5,757,406,000 |
(-)1,595,200,000 |
(-)807,600,000 |
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Increase/Decrease in Cash |
267,017,833 |
(-)348,759,225 |
(-)1,487,263,522 |
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Cash at the Beginning of Year |
20,560,254 |
369,319,479 |
1,856,583,001 |
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Cash at the End of Year |
287,578,087 |
20,560,254 |
369,319,479 |
Products,
Technologies, Services
Description
|
Main Products & Services |
Textile Machines Textile Goods Camping Car |
Related Parties
(Subsidiaries, Joint-
Venture &
Affiliates)
|
Affiliates |
DAEWON SYNTHETIC CO., LTD. DAEWON ENGINEERING CO., LTD. DAEWON INTERNATIONAL CORPORATION DAEWON FNT |
Sales by Region (Activity
& Markets)
The Subject exports to
Court Action
No.
RATING EXPLANATIONS
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)