MIRA
INFORM REPORT
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Report Date : |
13.06.2007 |
IDENTIFICATION DETAILS
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Name : |
DAEWOO INTERNATIONAL CORPORATION |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
12/27/2000 |
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Legal Form : |
Listed Company |
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Line of Business : |
Wholesale of Non-Specialized Goods. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Basic
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Company
Name |
DAEWOO
INTERNATIONAL CORPORATION |
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Registered Address |
541,
Namdaemunno 5-ga, Jung-gu, |
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Building |
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Zip Code |
100-714 |
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Tel |
+82-2-759-2114 |
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Fax |
+82-2-753-9489 |
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E-mail |
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Website |
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Trading Address |
Daewoo
Center Bldg., 541, Namdaemunno 5-ga, Jung-gu, |
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Tel |
+82-2-759-2114 |
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Fax |
+82-2-753-9489 |
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Busan Factory |
1746-1,
Songjeong-dong, Gangseo-gu, |
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Tel |
+82-51-960-3114 |
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Fax |
+82-51-988-2614 |
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Daewoo Dept. Store |
28, Sinpodong 2-ga, Masan-si, |
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Tel |
+82-55-240-5000 |
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Type |
Export/Import |
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Industry |
Wholesale of Non-Specialized Goods |
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Main Business |
Cold Rolled Product, Auto-Component, Impassioned Performance Product,
Synthetic Resin |
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Sub
Business |
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Established |
12/27/2000 |
The Subject
occupies the premises of the registered address (16,149㎡), and owns Masan Daewoo Department Store
(16,984㎡).
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
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Sell |
Vocational training(86100000) |
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Sell |
Steel plate(30102204) |
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Sell |
Steel(11101704) |
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Sell |
Chemicals including Bio Chemicals and Gas Materials(12000000) |
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Sell |
Fibers(11151500) |
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Sell |
Distribution(80141700) |
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Sell |
Transportation components and systems(25170000) |
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Sell |
Structural materials and basic shapes(30100000) |
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Sell |
Base Metals(11101700) |
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Sell |
Industrial process machinery and equipment and supplies(23150000) |
CEO’s
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Name |
Kang Young-Won |
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Address |
- |
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Date of Birth |
09/05/1951 |
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Title |
President & CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
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Capital |
474,943,880,000 KRW |
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Employees |
1,504 and additional 179 in overseas branches |
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Formation |
Listed Company (KSE : 047050) as of
03/23/2001 |
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Bank Details |
Woori Bank-Corporate Finance HQ Korea Exchange Bank |
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Corporate Registered No. |
110111-2137358 |
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Business Registered No. |
104-81-58195 |
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Permit & Licenses |
N/A |
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Shareholder Position |
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Company History |
03/ 22/1967 : Established as Daewoo
Industrial Co., Ltds 01/01/1982 : Merged with Daewoo
Development Co., Ltd; changed name to Daewoo Corporation 12/ 27/2000 : Daewoo International Corporation
established as a result of spin-off plan of Daewoo Corporation 03/ 23/2001 Listed at KSE again 11/ 15/2002 : Granted Preliminary
Graduation of Work-Out 12/ 30/2003 : Completed the Work-Out
Program 01/15/2007 Established DAEWOO STC VINA
LTD., in 02/26/2007 Secured the developing right on
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The Subject Company is a Korea-based company
specialized in the provision of trade services. Headquartered in
As the trade and construction business sector
of Daewoo Corporation was divided into Daewoo International Corporation, Daewoo
Engineering and Construction Co., Ltd., and Daewoo Corporation on Dec. 27,
2000, Daewoo International Corporation was renewed as the corporation to deal
exclusively with the trade business.
As of 03/15/2000, the subject has signed the
agreement on Workout with the association of Financial institutes creditors. At
12/30/2003 the subject has been decided the completion of Workout procedure.
Management
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Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
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President & CEO |
Mr. |
Kang Young-Won |
Korean |
'51.09.05 |
University |
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Vice President & CEO |
Mr. |
Yoon Byung-Eun |
Korean |
'52.08.30 |
University |
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Sr. Executive Director |
Mr. |
Im Dong-Ho |
Korean |
'51.08.01 |
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Outside Director |
Mr. |
Kang Pyung-Soo |
Korean |
'40.09.29 |
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Outside Director |
Mr. |
Park Pan-Young |
Korean |
'47.05.13 |
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Outside Director |
Mr. |
Kang Chang-Ik |
Korean |
'53.04.12 |
University |
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Outside Director |
Mr. |
Park Beom-Kyei |
Korean |
'63.04.27 |
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Financials
Unit: Thousand KRW
|
Year |
Sales |
Assets |
Net income |
|
6,383,614,771 |
1,928,794,170 |
112,807,879 |
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2005 |
5,144,532,095 |
1,705,368,957 |
172,301,572 |
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2004 |
5,017,210,407 |
1,622,774,223 |
114,053,022 |
|
2003 |
4,130,698,707 |
1,636,650,724 |
54,477,047 |
Financial Description
Unit: KRW
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Authorized Capital |
2,500,000,000,000 |
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Paid-Up Capital |
474,943,880,000 |
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Total Issues Shares |
94,988,776 |
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Balance Sheet |
|||
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Unit : Thousand Korean Won |
01/01/2007~03/31/2007 |
As of 12/31/2006 |
As of 12/31/2005 |
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Total Assets |
2,054,965,154 |
1,928,794,170 |
1,705,368,957 |
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Current Assets |
907,670,365 |
800,862,818 |
715,615,939 |
|
-Quick Assets |
802,025,101 |
613,805,005 |
627,486,143 |
|
-Inventories |
105,645,264 |
187,057,813 |
88,129,796 |
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Fixed Assets |
1,147,294,789 |
1,127,931,352 |
989,753,018 |
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-Investment |
911,417,085 |
900,304,975 |
745,966,760 |
|
-Tangibles |
167,664,682 |
169,399,479 |
176,006,630 |
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-Intangibles |
26,307,297 |
22,258,517 |
24,183,917 |
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-Others |
41,905,725 |
35,968,381 |
43,595,711 |
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Total Liabilities |
1,154,123,101 |
1,018,947,975 |
867,783,058 |
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Current Liabilities |
793,332,003 |
682,205,081 |
520,555,013 |
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Fixed Liabilities |
360,791,098 |
336,742,894 |
347,228,045 |
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Capital Stock |
474,943,880 |
474,943,880 |
474,943,880 |
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Capital Surplus |
15,852 |
15,852 |
15,852 |
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Profit Surplus |
419,484,729 |
426,463,180 |
335,795,202 |
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Capital Adjustment |
1,170,000 |
1,170,000 |
1,170,000 |
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Total Equity |
900,842,053 |
909,846,195 |
837,585,899 |
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Liab. & Shareholder’s Equity |
2,054,965,154 |
1,928,794,170 |
1,705,368,957 |
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Current Liabilities |
793,332,003 |
682,205,081 |
520,555,013 |
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Trade Payables |
419,707,709 |
393,194,142 |
298,163,499 |
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Short-Term Borrowings |
95,823,837 |
9,330,911 |
1,923,876 |
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Account payables |
66,762,123 |
63,202,720 |
52,391,819 |
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Advance Receipts |
22,443,092 |
32,365,881 |
17,005,673 |
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Withholdings |
130,942,968 |
124,360,573 |
108,750,446 |
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Accrued Expenses |
4,786,989 |
4,370,025 |
4,382,768 |
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Accrued Income Tax |
- |
13,055,486 |
53,518 |
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Current Portion of
Long-Term Debts |
35,156,392 |
35,079,575 |
41,087,233 |
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Others |
25,043,066 |
14,789,371 |
4,925,147 |
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Fixed Liabilities |
360,791,098 |
336,742,894 |
347,228,045 |
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Long-Term Borrowings |
273,701,952 |
266,415,003 |
304,529,759 |
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Long-Term Account Payables |
8,826,989 |
8,726,676 |
13,542,739 |
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Long-Term Accrued Expenses |
10,916,982 |
10,988,901 |
10,246,763 |
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Guarantee Deposit Income |
7,633,154 |
7,484,953 |
7,454,454 |
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Provision for Severance
& Retirement |
45,019,384 |
42,300,873 |
39,785,228 |
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Deferred Income Tax Credit |
47,755,995 |
38,571,353 |
17,694,327 |
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Others |
67,003,423 |
65,796,711 |
68,377,710 |
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Income Statement |
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Unit : Thousand Korean Won |
01/01/2007~03/31/2007 |
As of 12/31/2006 |
As of 12/31/2005 |
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Sales |
1,921,331,752 |
6,383,614,771 |
5,144,532,095 |
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Cost of Sold Goods |
1,786,414,909 |
5,911,115,384 |
4,738,784,450 |
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Gross Profit |
134,916,843 |
472,499,387 |
405,747,645 |
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Selling & Admin. Expenses |
101,652,998 |
394,803,125 |
344,280,944 |
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Operating Income |
33,263,845 |
77,696,262 |
61,466,701 |
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Non-Operating Income |
101,361,933 |
383,775,067 |
362,044,417 |
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Non-Operating expenses |
100,442,631 |
307,121,209 |
235,880,240 |
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Ordinary Income |
34,183,147 |
154,350,120 |
187,630,878 |
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Special Income |
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|
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Income Before Taxes |
34,183,147 |
154,350,120 |
187,630,878 |
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Income Taxes Expenses |
12,668,449 |
41,542,241 |
15,329,306 |
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Net Income |
21,514,698 |
112,807,879 |
172,301,572 |
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Cash Flows |
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Unit : Thousand Korean Won |
01/01/2007~03/31/2007 |
As of 12/31/2006 |
As of 12/31/2005 |
|
Cash Flows from Operating |
(-)10,960,323 |
35,795,189 |
145,231,596 |
|
-Net Income |
21,514,698 |
112,807,879 |
172,301,572 |
|
-Exp. without Cash Outflow |
90,668,551 |
222,967,353 |
164,935,339 |
|
-Revenue without Cash Inflows |
(-)85,778,074 |
(-)269,394,569 |
(-)223,594,476 |
|
-Changes in Asset/ & Liability |
(-)37,365,498 |
(-)30,585,474 |
31,589,161 |
|
Cash Flows from Investing |
(-)22,179,742 |
(-)19,723,348 |
(-)1,363,565 |
|
-Cash Inflow from Investing |
54,756,075 |
178,438,834 |
159,812,766 |
|
-Cash Outflows for Investing |
(-)76,935,817 |
(-)198,162,182 |
(-)161,176,331 |
|
Cash Flows from Financing |
52,219,097 |
(-)61,231,612 |
(-)151,154,573 |
|
-Cash Inflows from Financing |
185,178,806 |
171,316,042 |
35,137,997 |
|
-Cash Outflows from Financing |
(-)132,959,709 |
(-)232,547,654 |
(-)186,292,570 |
|
Increase/Decrease in Cash |
19,079,032 |
(-)45,159,771 |
(-)7,286,542 |
|
Cash at the Beginning of Year |
107,450,872 |
152,610,643 |
159,897,185 |
|
Cash at the End of Year |
126,529,904 |
107,450,872 |
152,610,643 |
Products,
Technologies, Services
Description
|
Main Products & Services |
Steel, Metal, Chemical, Automotive and
Component, Machinery, Media and Electronics, Textiles, Commodity and Energy |
Organization
Structure
|
Suppliers |
TSM Tech Co., Ltd. President Dae-Yul Ma Address: 4BA-505-1, SIHWA INDUSTRIAL COMPLEX,
748-6, SEONGGOK-DONG, DANWON-GU, ANSAN-SI, GYEONGGI-DO 425-110 Tel: 82-31-432-5511 Fax: 82-31-432-0412 Industry: Manufacture of All Other Special
Purpose Machinery, n.e.c. Dong Hwa Co., Ltd. President: Hee-Sun Cha Address: 584-1, GAJWA 1-DONG, SEO-GU,
INCHEON 404-812 Tel: 82-32-870-1500 Fax: 82-32-867-2238 Industry: Manufacture of Other Parts and
Accessories for Motor Vehicles |
|
Customers |
Payment: In case of exporting, mostly it is
paid by D/A, D/P and USANCE base with Export Insurance coverage. |
|
Competitors |
The subject has been ranked as 2nd
player among competitor next to SK Networks based on the custom transaction
performance in 03/2007. SK Networks Hyosung Corporation LG International Corporation Samsung Corporaion Hyundai Corporation Ssangyon Corporaion |
Related Parties
(Subsidiaries, Joint-
Venture &
Affiliates)
|
Affiliates |
DAEWOO TEXTILE (H.K.) LTD. DAEWOO INT'L ( DAEWOO CANADA LTD. DAEWOO HANDELS GmbH. DAEWOO ITALIA S.R.L. DAEWOO JAPAN CORP. DAEWOO DAEWOO INT'L (DEUTSCHLAND) GmbH. DAEWOO INT'L JAPAN CORP. DAEWOO INT'L DAEWOO TEXTILE COMPANY MYANMAR DAEWOO LTD. DAEWOO (M) SDN. BHD. PT. RISMAR DAEWOO APPAREL DAEWOO EL SALVADOR S.A. DE C.V. GEZIRA TANNERY CO.,LTD. MYANMAR DAEWOO INT'L LTD. MYANMAR DAEWOO CONSTRUCTION MACHINERY
CO.,LTD. DAEWOO STC VINA LTD. N.I.CO.,LTD. HANJUNG POWER LTD. DAEWOO ( MYANMAR KOREA TIMBER INT'L LTD. GENERAL MEDICINES CO.,LTD. DAEWOO APPAREL VIETNAM LTD. DAYTEK ELECTRONICS CORPORATION PT. INTERNATIONAL STEEL |
|
Cooperative |
SAUDI STEEL PIPE-Saudi SEARS / K-MART - ASH / PDC-Vietnam MPE - UNIPLAST - CEMEX TRADING LLC - VYKSA - PWP - CHERRY AUTOMOBILE - MYGYAR SUZUKI - |
Overseas Branch
Daewoo Int'l(
Address: NIHON SEIMEI YODOYABASHI BLDG, 8Th
Fl., 5-29, 3-Chome, KITAHAMA, CHUO-KU,
Tel: 81-6-6222-0848~9
Fax: 81-6-6222-0865
Daewoo Int'l(
Address: 6F,
Tel: 81-52-222-3717
Fax: 81-52-222-3719
Daewoo Int’l London Branch Office
Address:
10th
Tel: 44-208-336-9131~3
Fax: 44-208-949-3783
Oficina de Madrid
Address: Capitan Haya, 56, 6Floor-D, 28020
Tel: 34-91-571-0563
Fax: 34-91-571-6827
Address: Cumhuriyet Cad.Merkez Apt.163/7,
34373 Elmadag -
Tel: 90-212-232-1567/1592/1757
Fax: 90-212-232-1994
Address: Leninsky prospect 158. Hotel Salyut,
Office 303,
Tel: 7-095-234-9242/9244
Fax: 7-095-234-9249
Address: 4th Floor, 1,
Tel: 998-71-133-0111, 0311
Fax: 998-71-133-2114
Address:
Tel: 1-416)510-2886
Fax: 1-416)510-0908
Address: Bosques De Cirueos No,130-5
Tel: 52-55)5596-5757,4243
Fax: 52-55)5596-1585
Sucursal Buenos Aires
Address:
Tel: 54-11)4816-3201
Fax: 54-11)4815-1158
Daewoo do Brasil Imp. E Exp Ltda
Address: Av. Paulista 777, 13 andar
CEP-0311-100, Sao Paulo-S.P, Brasil
Tel: 55-11)3285-5699
Fax: 55-11)3266-4125
Beijing Representative Office
Address:
Office C-701,
Tel:
86-10-6465-2226
Fax: 86-10-6465-1531, 1532
Shanghai Office
Address: Room 1303-1309 Ruijin B/D 205,
Tel: 86-21-6472-4280
Fax: 86-21-6472-0437
Address: Dalian World Trade Center Room 2602
No.25,
Tel: 86-411-8253-0808
Fax: 86-411-8253-0070
Address: Harbin Baoil Technical Building #810
No. 93 Zhongshan Road, Xiangfang District, Harbin,Heilongjang Prov.,
China(Postal Code :150036)
Tel: 86-451-8233-0434, 0466, 6431
Fax: 86-451-8233-0264
Address: Noble Hotel Room.
Tel: 86-431-563-0676, 567-4753
Fax: 86-431-567-4759
Address:
Tel: 86-24-2253-4496
Fax: 86-24-2253-4529
Address: #703,
Tel: 86-532-8573-1688/8788
Fax: 86-532-8572-7588
Address: #709
Tel: 86-27-8577-0993
Fax: 86-27-8577-0992
Address: Room 1301, Gitic Plaza Main Bldg.
Tel: 86-20-8331-1371
Fax: 86-20-8331-2789
Address: Room 915 Horizon Jianguo Hotel,
Tel: 86-871-318-3373
Fax: 86-871-318-0371
Shantou Representative Office
Address: B/18F
Tel: 86-754-816-3442~4, 816-9536
Fax:
86-754-816-3445
Address: 8FL-1, NO.51,
Tel:
886-2-8732-5557
Fax: 886-2-8732-5537/5856/5857
Address:
Tel:
61-2-9906-7355
Fax: 61-2-9906-7588
Manila Representative Office
Address: 5th Floor. Pacific Star Bldg., Sen.
Gil J. Puyat Avenue Cor. Makati Avenue, Makati City.
Tel: 63-2-818-1031~2
Fax: 63-2-817-5267
Address: 3rd Floor,
Tel: 84-4-8315220
Fax: 84-4-8317889
HoChiMinh Office
Address:
Tel: 84-8-821-7740
Fax: 84-8-821-7750
Address: UNIT 1901-1902,
Tel: 66-2-654-0124~8
Fax: 66-2-654-0129
Address:
Tel: 62-21-520-4520
Fax: 62-21-520-3478
Address:
4/6, First Floor, Sirifort Institutional Area,New Delhi-110049,
Tel: 91-11-649-8201~3
Fax: 91-11-649-5387, 4792
Address: No. 27,
Tel: 98-21-646-3571~7
Fax: 98-21-646-9805, 649-2057
Address:
Tel: 971-4-324-8240
Fax: 971-4-324-8241
Tel Aviv Office
Address: Floor 12th ,
Tel: 972-3-537-2292
Fax: 972-3-537-2286
Address:
Tel: 966-1-464-6814, 6211
Fax: 966-1-464-6814
Address: Qateef Str., House #24, UMM OTHINA,
Tel: 962-6-553-6451~2
Fax: 962-6-553-6453
Address: No. 10 Street, 29 QT, 601, Mansur,
Tel: 964-1-543-1663, 5701
Fax: 964-1-542-9258
Address: FLAT No. 64,
Tel: 20-2-525-6012, 524-0810
Fax: 20-2-525-6015
Address: International House 5th Floor, Mama
Ngina Steert P.O.Box 43739 G.P.O Nairobi
Tel: 254-20-316108, 316109
Fax: 254-20-316135
Address: Angle Rue de Honaine et 16 Novembre,
Imm 2, Apt 11 Agdal, B.P 8153
Tel: 213-37-674509
Fax: 212-37-674510
Address: Hotel International Alger, Room
#225, Pins Maritimes,
Tel: 213-21-210752
Fax: 213-21-219796
Address: Chez SOREPRAS, 92, Rue 18, Janvier
1952 1001
Tel: 216-71-334051
Fax: 216-71-334051
Address:
Av.Hiji Ya Henda, Torre B, 2o. Andar, Apto. B(Ao Estadio da
Cidadela),
Tel: 244-2-263635, 263931, 263966
Fax: 244-2-263670
Address: 1st Floor, Fedsure Towers
Tel: 27-11-784-1326
Fax: 27-11-784-1301
Subsidiary
DW
Address: KM25 1/2 CARRETRA A SONSONATE,
Tel: 503-338-4037
Fax: 503-338-5223
*Daewoo International has 88% shares of DW EL
SALVADOR S.A DE C.V.
DW INT'L AMERICA CORP
Address:
Tel: 1-201-229-4500
Fax: 1-201-229-4538
*Daewoo International has 100% shares of DW
INT'L AMERICA CORP
DW INT'L (
Address:
18F,
Tel: 81-3-3224-7121(MAIN)
Fax: 81-3-3224-7170
*Daewoo International has 100% shares of DW
INT'L (JAPAN) CORP.
DW ITALIA S.R.L.
Address: Centro Direzionale Colleoni Palazzo
Liocorno (A3) Via Paracelso 6, 20041 Agrate Brianza (MI), Italia
Tel: 39-039-6411-61
Fax: 39-039-6091-887
*Daewoo International has 100% shares of DW
ITALIA S.R.L.
DW
Address:
Tel: 65-6333-5507
Fax: 65-6333-5508, 5509
*Daewoo International has 100% shares of DW
SINGAPORE PTE.,LTD
Daewoo Int’l (Deutchland) GmbH
Address: Im Atzelnest 3, 61352
Tel: 49-6172-27959~0
Fax: 49-6172-27959-99
*Daewoo International has 100% shares of
Daewoo Int’l (Deutchland) GmbH
Myanmar Daewoo Ltd.
Address:
Tel: 95-1-379120~1,379123~4
Fax: 95-1)379117~9,379127,253037
*Daewoo International has 100% shares of
Myanmar Daewoo Ltd.
Daewoo (
Address: BRAC Center(7 th Floor) 75,
Mohakhali C/A, Dhaka-1212.
Tel: 880-2-9881316-21,9882174
Fax: 880-2-882984, 9882173
Daewoo (M) Sdn Bhd
Address:
Tel: 60-3-2161-8033
Fax: 60-3-2161-5790
Daewoo Global Nigeria Ltd.
Address: Plot 216 Etim Inyang Cerscent,
Victoria Island,
Tel: 234-1-461-1461~4, 1466
Fax: 234-1-461-1465
PT. International Steel
*Daewoo International has 51% shares of PT.
International Steel Indonesia
Sales by Region (Activity
& Markets)
|
Sales/ Unit :Mil KRW |
2006 |
2005 |
2004 |
|
Export |
3,851,048 |
3,261,265 |
3,210,050 |
|
Domestic |
253,414 |
226,574 |
226,972 |
|
Others |
2,279,153 |
1,656,693 |
1,580,188 |
|
Total |
6,383,615 |
5,144,532 |
5,017,210 |
The subject deals with the companies in Asia(62.3%),
North America(13.2%), Middle East(11.4%), Europe(10.1%) and
Court Action
|
Case No. |
Court |
Plaintiff(s)/
Creditor(s)/ Applicant(s) |
Defendant(s)/
Debtor(s)/ Respondent(s) |
Cause |
Amount (KRW) |
Status |
|
|
|
Finance Co., Ltd. |
The Subject |
Refund the principal amount of CB |
1,462,000,000 KRW |
Proceeding |
|
|
|
Ndever Co., Ltd. |
The Subject |
Application for Debentures |
USD7,851,000 |
Proceeding |
|
|
|
Kim Jae-Cheon and Others(1) |
The Subject |
Application for Debentures |
308,000,000 KRW |
Proceeding |
|
|
|
Indusind Bank |
The Subject |
Guaranteed Liabilities |
- |
Proceeding |
|
|
|
Yoem Ki-Boo |
The Subject |
Application for Debentures |
77,000,000 KRW |
Proceeding |
|
|
|
Yoon Moon-Ja |
The Subject |
Application for Debentures |
5,000,000 KRW |
Proceeding |
|
|
|
Daemin Chimjang |
The Subject |
Claim for Damages |
41,000,000 KRW |
Proceeding |
|
|
|
Park Moo-Hee |
The Subject |
Taking off from the building |
11,000,000 KRW |
Proceeding |
|
|
|
Keun
Ho Co., Ltd. |
The Subject |
Claim for Damages |
118,000,000 KRW |
Proceeding |
|
|
|
and others(2) |
The Subject |
Claim for Damages |
18,000,000 KRW |
Proceeding |
|
|
|
Daewoo Motor Sales |
The Subject |
Application for loans |
8,644,000,000 KRW |
Proceeding |
|
|
|
IDBI |
The Subject |
Guaranteed Liabilities |
- |
Proceeding |
|
|
|
Hilevel |
The Subject |
Claim for Damages |
EUR 12,000,000 |
Proceeding |
|
|
|
K-MART |
The Subject |
Refund the Account Payables |
USD 236,000 |
Proceeding |
|
|
|
DWA Trust |
The Subject |
Application for Account Receivables |
- |
Proceeding |
|
|
|
LBA |
The Subject |
Claim for Damages |
EUR 5,000,000 |
Proceeding |
|
|
|
Rex Book Store |
The Subject |
Confirmation on Bid -Nullifying |
- |
Cancelled by the Creditor |
News Clipping
Woori to Be Privatized by March 2008
By Na Jeong-ju / Staff Reporter
The government plans to dispose of its controlling stake in the Woori
Financial Group, the country’s third-largest financial services company, by
March 2008 in phases, the Ministry of Finance and Economy said yesterday.
In its white paper, the ministry’s public fund management committee said
the government will privatize Woori through block sales and other methods by
March 2008.
``We plan to reduce our shareholding in Woori steadily depending on the
market situation,’’ a ministry official said. ``Up to the March 2008 deadline,
we will find investors who are eager to buy Woori. As Woori has enjoyed stable
earnings growth, there will be many investors out there awaiting the deal.’’
Created by a government-initiated restructuring scheme in April 2001,
Woori Financial commands eight financial institutions, including Woori Bank. It
is 78 percent owned by the state-run Korea Deposit Insurance Corp.
The paper said the government will also put Daewoo Shipbuilding and
Marine Engineering, Daewoo International and Ssangyong Construction and
Engineering up for sale at appropriate times.
``The sales will be conducted in a transparent and fair manner with the
agreement of all existing shareholders,’’ the official said.
As of the end of June, the amount of public funds injected for
restructuring of the financial sector stood at 168.3 trillion won. So far, the
government has recovered 79.6 trillion won, or 47 percent, of the funds,
according to the paper.
Market watchers say the government needs to sell its shares in Woori to
multiple investors in stages to prevent the share prices of Woori from falling
sharply, out of concern that the sales could negatively impact the stock
market. They also suggest it dispose of unprofitable subsidiaries of Woori,
such as Kwangju Bank and Kyongnam Bank, before putting the shares up for sale.
The ministry said it will start selling the shares early next year, two
years behind the original plan. Previously, lawmakers were against the sale of
Woori when the government-set a deadline of April 2005, fearing the state-owned
company might be sold too cheaply.
Newspaper: The
Subject: Daewoo Signs Deal on
Date: 03-Oct-2005
Daewoo International Monday signed an agreement with three major investment
partners to develop a gas mine off
The agreement calls for Daewoo, Korea Gas Corporation (KGC) and
``It will take about $300 million to develop a mine, and the costs will
be shared by Daewoo and our partners,’’ a Daewoo official said.
The official said the company will start exploring the Block A3 as early
as December, adding initial tests showed the area may contain gases amounting
to 3-10 trillion cubic feet.
The trading company said ONGC will own a 20-percent stake in the Block
A3 development, while GAIL and KGC will have a 10-percent stake, respectively.
Daewoo recently completed test drillings on the gas reserve it found in
early 2004 in the Block A1 area and confirmed the existence of a huge mine that
may contain up to 18 trillion cubic feet of gases. Daewoo may earn at least
$100 million in net profit annually for 20 years from 2010 once gas production
begins in the Block A1.
It also discovered one more gas field in the Block A1, which is located
north of the Block A3.
Daewoo has maintained partnership with KGC, ONGC and GAIL since 2002 and
jointly developed gas fields in
Newspaper: The
Subject: Daewoo Completes
Date: 22-Aug-2005
Daewoo International said yesterday that it has completed test drillings
on the gas reserve it found earlier in the sea off Myanmar and confirmed the
existence of a huge mine that may contain more than 10 trillion cubic feet of
gases.
The exact size of the reserve is due late this year, Daewoo officials
said.
``The gas mine in Shwe is expected to hold more than 10 trillion cubic
feet of gases,’’ a Daewoo official said, quoting
The trading company has been conducting surveys on the Shwe area, which contains a mine spanning a few kilometers, before pumping gases out for sale. Analysts forecast that Daewoo may earn at least $100 million in net profit annually for 20 years from 2010 once gas production begins.
Daewoo is a main investor in the development of gas mines in Shwe, Shwe
Phyu and Ngwe in
Newspaper: The
Subject: Daewoo International Faces Dark Clouds
Date: 14-Apr-2005
Daewoo International, scion of the now-defunct Daewoo Group, faces a
bumpy road ahead despite its success in the development of natural gas in
A few months ago, the company’s outlook was bright when it said it found
a 140-meter-thick gas mine off the coast of
But it faces a much different picture now.
The trading company, whose export items include warships, armored
vehicles, guns and military planes, is facing allegations that it has supported
Earth Rights International (ERI), a human rights group based in the border
area between
But the
``Daewoo International is developing gas in
At home, the firm faces what appears to be a more serious challenge.
On Monday, the Financial Supervisory Service (FSS) disallowed its bid to
take over Daewoo Precision Industries (DPI), a former Daewoo affiliate that
produces rifles and cannons for the Korean military and exports them to mainly
conflicting areas in the world.
``Daewoo International is not qualified to purchase DPI because its
financial status is unstable and its control is still under the influence of
creditor banks,’’ an FSS official told The Korea Times.
The decision has left Daewoo International in disarray. Many speculate
things were not financial problems, but a soured relationship between Daewoo
and economic decision makers since the late 1990s.
``We were already discussing terms for the takeover after being selected
as the preferred bidder,’’ a Daewoo International official said. ``We wonder
why the FSS put up the issue at this time and suddenly said no to the deal.
Many say politics and emotions are involved.’’
Theories on Kim Woo-choong
The FSS decision came amid growing speculation over the whereabouts of
former Daewoo chairman Kim, who has been in hiding since Daewoo’s fall in 1999.
Kim has been put on Interpol’s watch list by the government.
The latest fuss about his whereabouts came last week when a group of
Korean tourists alleged they saw him in the lobby of a hotel in Ho Chi Minh,
the capital city of
Some media earlier reported foreign businessmen met Kim, 69, in a public
place in
``So many rumors have been circulating about the final days of the
country’s then second-largest conglomerate, and Kim’s fate in the future,’’ a
former Daewoo Group official told The Korea Times.
``The widespread speculation suggests that the Korean government is
behind his runaway life. At the same time it is said to be blocking him from
entering the country.’’
Many former Daewoo executives believe Kim’s discord with bigwigs of the
Kim Dae-jung government led to Daewoo’s bankruptcy, a claim that is flatly
denied by the Government of the People.
``Kim hasn’t officially taken responsibility for the collapse of his
conglomerate yet. Rumors suggest his ignorance of the government’s economic
policies following the Asian financial crisis angered policymakers at the
time,’’ the official said.
``Many of them still hold important positions at the current
administration and don’t want Kim’s return now due to political reasons.’’
Divided Opinions
It took a generation for Daewoo Group to fall from its humble
beginnings. Few paid serious attention to Daewoo’s birth in 1967, but its
collapse in 1999 took a heavy toll on the national economy and took away
thousands of jobs.
His immediate return to the country seems very unlikely, but quite a few
among those who worked for Daewoo’s advance into overseas markets under the
slogan of globalization in the 1990s, badly want his honor restored.
``Mr. Kim put himself into developing the Korean economy for decades. A
lot of burdens were always on his shoulders, but he never said he would give
up,’’ another Daewoo official said on condition of anonymity. ``I wonder why
people don’t just let bygones be bygones. Sometimes that makes me really
angry.’’
Still, a number of Daewoo officials harbor antipathy toward some
high-ranking government officials and lawmakers who were at the center of the
economic control tower during the past government. The emotional rift hasn’t
been cured, and the FSS decision should be understood in this context,
according to the Daewoo official.
Government officials say Kim, known as stubborn and straightforward,
didn’t like the way they tried to overcome economic hardships in the late 1990s
and failed to follow their guidelines. Kim’s attitude, they say, may have
played an important part in Daewoo’s fall.
``A number of businessmen have sympathy toward Kim and are cautiously
talking about his possible return to the mainstream of Korean economic
circles,’’ an FSS official said. ``But many questions are still left
unanswered, and we know it is Kim who can give clear answers.’’
Newspaper: The
Subject: Daewoo Finds New Gas Mine in
Date: 31-Mar-2005
Daewoo International said Thursday that its overseas energy development
team has found a gas reserve in the sea off
``We are conducting test drillings in the newfound mine to check how
much gas it has,’’ Lee Jae-deok, a Daewoo official, told The Korea Times. ``It
is too early to say whether it is worthy to develop. We may hit another jackpot
there, but nobody knows.’’
Lee said the results of test drilling will come out in 15 days.
Daewoo’s stock rose sharply in the morning session to reach 15,500 won
per share, but lost some gains as drilling experts remained skeptical about
commercial use of the new reserve.
Daewoo has been exploring the bottom of the
``The new reserve is located in Shwe Phyu near Shwe,’’ Lee said.
Daewoo officials said the firm is conducting final surveys on the Shwe
area before pumping gases out for sale. Analysts forecast that Daewoo may earn
at least $100 million in net profit annually for 20 years from 2010 once gas
production begins.
Experts have said huge mines may exist in Shwe Phyu and Ngwe. Daewoo is a
main investor in the development of gas mines in Shwe, Shwe Phyu and Ngwe in
It is also taking part in projects to develop gas mines in
Newspaper: The
Subject: Daewoo Finds Natural Gas in
Date: 04-Mar-2005
Daewoo International has successfully produced natural gas from its
second test drilling of a gas mine in
The firm said commercial success in its gas development project in
``We drilled gas amounting to 96 million cubic feet a day from the
reserve. Tests show the density of the gas is very fine and good for commercial
use,’’ it said.
In January, the firm test-drilled the Shwe mine, estimated to contain
about four to six trillion cubic feet of gases. The amount is equivalent to
0.7-1.1 billion barrels of petroleum and 80-120 million tons of liquefied
natural gas, according to Daewoo officials.
``We plan to conduct two more test drillings until June on the area and
finalize our surveys before pumping gases out for sale,’’ a Daewoo official
said.
Daewoo is exploring the sea bottom of Shwe Phyu and Ngwe near Shwe to
find other reserves. Drilling experts say huge mines may exist in Shwe Phyu and
Ngwe, where Daewoo is participating as a main investor for commercial
development of natural gases.
Daewoo is expected to earn at least 100 billion won in net profit
annually for 20 years from 2010 from the
Investors rushed to buy Daewoo shares in the
Daewoo has a 60 percent stake in the natural gas development project in
Shwe. Korea Gas Corp. and two Indian firms are taking part as minor investors.
Daewoo is currently carrying out projects to develop gas mines in
Newspaper: The
Subject: Daewoo Sees Upturn in Global Sales
Date: 04-Feb-2005
Daewoo International, a leading trading company, said Friday its annual
turnover grew by 21.5 percent to 5.01 trillion won last year thanks to brisk
sales in overseas countries.
Operating profits stood at 96 billion won, up 23.1 percent from last
year, while its debt-to-equity ratio fell by 57.9 percent, the firm said.
Sales of iron and metal products, chemical products, auto parts and
energy rose sharply due to rising trade through its 94 subsidiaries worldwide.
Daewoo said its projects to develop energy in overseas countries had
made smooth progress and its debts fell by 116 billion won thanks to early
payment of loans.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)