MIRA
INFORM REPORT
|
Report Date : |
15.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
MODERN
ELEVATOR CO., LTD. |
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Registered Office : |
358-179, Galsan-dong, Dalseo-gu, Daegu - 704-900 |
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Country : |
Korea |
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Financials (as on) : |
31.12.2004 |
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Date of Incorporation : |
06/12/1998 |
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Legal Form : |
Company Limited by Shares |
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Line of Business : |
Manufacture of Elevators and Conveyor systems |
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 |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Basic
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Company
Name |
MODERN ELEVATOR CO., LTD. |
|
Registered Address/Factory |
358-179, Galsan-dong, Dalseo-gu, Daegu,
Korea |
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Zip Code |
704-900 |
|
Tel |
+82-53-583-0811 |
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Fax |
+82-53-584-4730 |
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E-mail |
md@mdel.co.kr |
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Website |
www.mdel.co.kr |
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Trading Address |
358-179, Galsan-dong, Dalseo-gu, Daegu,
Korea |
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Tel |
+82-53-583-0811 |
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Fax |
+82-53-584-4730 |
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Type |
Export |
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Industry |
Manufacture of Elevators and Conveyor systems |
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Main Business |
Elevators, Dumb Waiter |
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Established (mm/dd/yyyy) |
06/12/1998 |
Mr. Kim Ho-Ill owns
the premises of registered HQ address/Factory.
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Lifting equipment and accessories(24101600) |
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Sell |
Elevator maintenance services(72101506) |
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Sell |
Lifts(24101604) |
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Sell |
Forklift or elevator accessories or
supplies(24101629) |
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Buy |
Power supply units(39121004) |
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Buy |
Hydraulic oil(15121504) |
|
Buy |
Pneumatic cylinders(27131701) |
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Buy |
Steel channels(30101804) |
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Buy |
Steel beams(30101704) |
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Buy |
Iron plate(30102203) |
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Buy |
Channels(30101800) |
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Buy |
Angles(30101500) |
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Buy |
Motors(26101600) |
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Buy |
Welding rods(23171512) |
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Buy |
Knife blades(27111501) |
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Buy |
Blocks or pulleys(24101613) |
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Buy |
Pipe(40142100) |
CEO’s
|
Name |
Kim Ho-Ill |
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Address |
221, Yongsan-dong ,Dalseo-gu, Daegu, Korea |
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Date of Birth |
11/20/1959 |
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Title |
President & CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
|
Capital |
213,000,000 KRW |
|
Employees |
30 |
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Formation |
Co., Ltd by shares |
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Bank Details |
Industrial Bank of Korea |
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Corporate Registered No. |
170111-0136102 |
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Business Registered No. |
503-81-37835 |
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Permit & Licenses |
11/2001 ISO 9001 |
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Shareholder Position |
Kim Ho-Ill : 51.0% Kim Tae-Soon : 14.5% Kim Jung-Sook : 14.5% Others : 20.0% |
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Company History |
Dec. 1992
Modern Elevator established April. 1993 Made mending contract with Dong-Yang Elevator Co. July. 1993 Made OEM contract with L.G. Elevator. March. 1994 Made mending contract with L.G. Elevator. July. 1994 Made parking system contract with L.G. Elevator. March. 1995 Increased capital by USD103,000 Dec. 1996
Made 21ea passenger elevator, 46ea freight elevator. Aug. 1997
Made dumb waiter OEM contract with L.G. Elevator. July. 1998 Modern Elevator Co., Ltd. established. Nov. 1998
Opened Gumi branch office Jan. 2001
Moved to the present address from 617-5, Jang-dong ,Dalseo-gu, Daegu,
Korea March. 2001 Registered to Supply Administration. Nov. 2001 Acquired ISO9001
certificate. March. 2002 Joined Special Construction Association. Nov. 2002
Opened Pohang branch office. July. 2003 Extended more 500 elevators to be mended. Nov. 2003
Made and installed 10ea MRL for Daegu subway construction. Nov. 2004
Expend and Improved facilities include NCT(Computer Numeric Control)
and Enlarged HQ building and Factory Dec. 2004
Increased capital to 213,000,000 KRW from 103,000,000 KRW May. 2005 Received an order for 6ea
MRL(Machine Room Less) from Busan Subway Minister June. 2005 Extended to 500 ea mending
capacity. Oct. 2005 Introduced by local broad cast
and newspaper(Young Nam IL Bo, TBC) May 2006 Received an order for 15ea
freight elevator from Coppel in Mexico. Nov. 2006 Started Door Operator
development. Jun. 2007 Designated as a company for
export by Korean small and medium enterprise department Jun. 2007 Export 2 sets of car elevator to
India |
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Day |
|
President & CEO |
Mr. |
Kim Ho-Ill |
Male |
Korean |
06/12/1998 |
|
Director |
Mr. |
Kim Tae-Soon |
Male |
Korean |
06/12/1998 |
|
Director |
Mr. |
Choi Sam-Yong |
Male |
Korean |
02/14/2003 |
|
Director |
Mr. |
Lee Byung-Ryul |
Male |
Korean |
03/02/2006 |
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Auditor |
M/S. |
Kim Jung-Sook |
Female |
Korean |
06/12/1998 |
Financials
Unit: KRW
|
Year |
Sales |
Assets |
Net income |
|
2004 |
2,455,000,000 |
1,183,000,000 |
89,000,000 |
|
2003 |
1,500,000,000 |
590,000,000 |
76,000,000 |
|
2002 |
931,000,000 |
354,000,000 |
42,000,000 |
The latest financial is not available, and the
company except for the listed companies does not have any obligation to release
the financial figures.
Financial Description
Unit: KRW
|
Authorized
Capital |
200,000,000 |
|
Paid-Up
Capital |
213,000,000 |
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Total Issues Shares |
21,300 |
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Balance Sheet |
|||
|
Unit : Million Korean Won |
As of 12/31/2004 |
As of 12/31/2003 |
As of 12/31/2002 |
|
Total Assets |
1,183 |
590 |
354 |
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Current Assets |
857 |
444 |
291 |
|
-Quick Assets |
779 |
440 |
288 |
|
-Inventories |
78 |
4 |
3 |
|
Fixed Assets |
326 |
146 |
63 |
|
-Investment |
164 |
76 |
23 |
|
-Tangibles |
162 |
70 |
40 |
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-Intangibles |
- |
- |
- |
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Total Liabilities |
627 |
233 |
73 |
|
Current Liabilities |
621 |
213 |
73 |
|
Fixed Liabilities |
7 |
20 |
- |
|
Capital Stock |
213 |
103 |
103 |
|
Capital Surplus |
- |
- |
- |
|
Profit Surplus |
343 |
254 |
178 |
|
Capital Adjustment |
- |
- |
- |
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Total Equity |
556 |
357 |
281 |
|
Liab. & Shareholder’s Equity |
1,183 |
590 |
354 |
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Income Statement |
|||
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Unit : Million Korean Won |
As of 12/31/2004 |
As of 12/31/2003 |
As of 12/31/2002 |
|
Sales |
2,455 |
1,500 |
931 |
|
Cost of Sold Goods |
2,031 |
1,166 |
771 |
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Gross Profit |
424 |
333 |
159 |
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Selling & Admin. Expenses |
318 |
236 |
73 |
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Operating Income |
107 |
97 |
87 |
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Non-Operating Income |
2 |
1 |
- |
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Non-Operating expenses |
7 |
9 |
24 |
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Ordinary Income |
101 |
89 |
63 |
|
Special Income |
- |
- |
- |
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Income Before Taxes |
101 |
89 |
63 |
|
Income Taxes Expenses |
12 |
13 |
21 |
|
Net Income |
89 |
76 |
42 |
Products, Technologies, Services
Description
|
Main
Products & Services |
Elevators, Dumb Waiter, Lifts |
Trade
Partners
|
Customers |
Procurement Service Agency-Korea |
Sales by
Region (Activity & Markets)
The Subject exports to India.
Court
Action
Not Available.
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 |
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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%)