MIRA INFORM REPORT
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Report Date : |
12.08.2011 |
IDENTIFICATION DETAILS
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Name : |
GICO CO., LTD. |
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Formerly Known As : |
AGI CO., LTD. |
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Registered Office : |
1088, Wolchon-ri, Gunbuk-myeon, Haman-gun, Gyeongsangnam-do, Korea, Zip Code 637-821 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
06.01.2006 |
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Com. Reg. No.: |
137-81-73411 |
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Legal Form : |
Co., Ltd by shares |
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Line of Business : |
Manufacture of Distilling Machinery, Heat exchange unit and Gas Generators |
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 : |
Usually Correct |
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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 – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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South Korea |
a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Basic
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Company
Name |
GICO CO., LTD. (English Company Name : GLOBAL INDUSTRY COREA.CO., LTD.) (Korean Company
Name : “(주)지코”) |
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Registered Address |
1088, Wolchon-ri, Gunbuk-myeon, Haman-gun,
Gyeongsangnam-do, Korea |
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Zip Code |
637-821 |
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Tel |
+82-55-585-6725 |
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Fax |
+82-55-585-6720 |
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E-mail |
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Website |
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Trading Address |
1088, Wolchon-ri, Gunbuk-myeon, Haman-gun,
Gyeongsangnam-do, Korea |
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Tel |
+82-55-585-6725 |
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Fax |
+82-55-585-6720 |
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Other Address-Incheon
Office |
852-32, Jakjeon-dong,
Gyeyang-gu, Incheon, Korea |
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Tel |
+82-32-584-2635 |
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Type |
Export |
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Industry |
Manufacture of Distilling Machinery, Heat exchange unit and Gas
Generators |
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Main Business |
Heat Exchangers, Pump, Valve, Plant Equipment, Steel & Electric
Power Generation Equipment |
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Established (mm/dd/yyyy) |
01/06/2006 |
The Subject owns
the premises of registered HQ address.
Detailed Products
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Activity |
Detailed Products (UNSPSC) |
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Sell |
Heating equipment and parts and
accessories(40101800) |
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Sell |
Heat exchangers(40101802) |
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Sell |
Pipe flanges(40142400) |
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Sell |
Pipe(40142100) |
CEO’s
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Name |
Park Jung-Woo |
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Address |
Suite 116-101, 93, Sinwol-dong,
Changwon-si, Gyeongsangnam-do, Korea |
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Date of Birth |
09/15/1958 |
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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 (KRW) |
1,800,000,000 |
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Employees |
100 |
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Formation |
Co., Ltd by shares |
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Bank Details |
Shinhan Bank-Songlim Dong Branch Industrial Bank of Korea Kookmin Bank |
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Corporate Registered No. |
194211-0077273 |
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Business Registered No. |
137-81-73411 |
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Permit & Licenses |
11/2009 ISO14001 |
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Shareholder Position |
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Company History |
01/06/2006 Incorporated as AGI CO., LTD. 02/13/2006 Changed company name to the
present name 05/08/2008 Moved to the present HQ address
from 173-255, Gajwa-dong, Seo-gu, Incheon, Korea 06/17/2009 Increased the authorized shares to 5,000,000 shares from
400,000 shares 06/18/2009 Increased capital to 200,000,000 KRW from 800,000,000 KRW 07/04/2009 Increased capital to 1,150,000,000 KRW from 800,000,000 KRW 07/09/2009 Increased capital to 1,500,000,000 KRW from 1,150,000,000
KRW 08/11/2010 Increased the authorized shares to 10,000,000 shares from
5,000,000 shares 08/12/2010 Increased capital to 1,800,000,000 KRW from 1,500,000,000
KRW |
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Management
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Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
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President & CEO |
Mr. |
Park Jung-Woo |
Male |
Korean |
10/01/2007 |
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Director |
M/S. |
Kim Nyeon-Hwa |
Female |
Korean |
06/17/2009 |
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Director |
Mr. |
Choi Jong-Ryuck |
Male |
Korean |
06/17/2009 |
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Auditor |
Mr. |
Jang In-Seok |
Male |
Korean |
02/23/2011 |
Financials
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Year / Unit : KRW |
Sales |
Assets |
Net Income |
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2010 |
7,797,016,047 |
12,204,132,258 |
(-)423,769,838 |
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2009 |
7,515,060,788 |
8,799,238,666 |
(-)152,453,881 |
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2008 |
3,981,000,000 |
6,622,000,000 |
320,000,000 |
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2007 |
1,298,000,000 |
1,498,000,000 |
96,000,000 |
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2006 |
419,000,000 |
128,000,000 |
(-)10,000,000 |
Financial Description
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Authorized Capital(KRW) |
2,500,000,000 |
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Paid-Up Capital(KRW) |
1,800,000,000 |
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Total Issues Shares |
3,600,000(Common : 3,000,000 / Preferable : 600,000) |
Balance
Sheet
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Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
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Total Assets |
12,204,132,258 |
8,799,238,666 |
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Current Assets |
4,199,088,829 |
4,487,006,853 |
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-Quick Assets |
3,056,897,211 |
2,776,639,945 |
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-Inventories |
1,142,191,618 |
1,710,366,908 |
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Fixed Assets |
8,005,043,429 |
4,312,231,813 |
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-Investment |
150,000,000 |
300,000,000 |
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-Tangibles |
7,685,925,269 |
3,898,413,413 |
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-Intangibles |
169,118,160 |
113,818,400 |
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Total Liabilities |
9,186,718,513 |
7,044,939,344 |
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Current Liabilities |
4,847,802,344 |
2,369,619,344 |
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Fixed Liabilities |
4,338,916,169 |
4,675,320,000 |
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Capital Stock |
1,800,000,000 |
1,500,000,000 |
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Capital Surplus |
1,386,884,261 |
- |
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Profit Surplus |
-169,470,516 |
254,299,322 |
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Capital Adjustment |
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Total Equity |
3,017,413,745 |
1,754,299,322 |
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Liab. &
Shareholder’s Equity |
12,204,132,258 |
8,799,238,666 |
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Total Liabilities |
4,847,802,344 |
2,369,619,344 |
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Trade Payables |
824,543,471 |
322,411,303 |
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Short-Term Borrowings |
2,261,108,390 |
1,528,998,390 |
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Current Portion of Long-Term Debts |
1,073,694,545 |
- |
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Account Payables |
33,996,359 |
46,630,367 |
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Accrued Expenses |
424,906,994 |
44,814,709 |
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Withholdings |
99,089,360 |
120,579,448 |
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VAT Withhold |
119,978,335 |
298,872,147 |
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Accrued Income Tax |
10,484,890 |
7,312,980 |
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Fixed Liabilities |
4,338,916,169 |
4,675,320,000 |
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Long-Term Borrowings |
2,629,895,455 |
4,675,320,000 |
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Bond With Warrant |
1,500,000,000 |
- |
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Provision for Severance & Retirement |
341,394,172 |
- |
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Income
Statement
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Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
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Sales |
7,797,016,047 |
7,515,060,788 |
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Cost of Sold Goods |
7,237,086,029 |
6,925,283,806 |
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Gross Profit |
559,930,018 |
589,776,982 |
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Selling & Admin. Expenses |
492,154,559 |
355,729,152 |
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Operating Income |
67,775,459 |
234,047,830 |
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Non-Operating Income |
120,415,147 |
125,420,953 |
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Non-Operating Expenses |
571,377,122 |
467,638,890 |
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Income Before Taxes |
-383,186,516 |
-108,170,107 |
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Income Taxes Expenses |
40,583,322 |
44,283,774 |
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Net Income |
-423,769,838 |
-152,453,881 |
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Cash
Flows
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Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
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Cash Flows from Operating |
2,618,487,840 |
-782,096,551 |
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-Net Income |
-423,769,838 |
-152,453,881 |
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-Exp.
without Cash Outflow |
974,613,617 |
461,101,176 |
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-Revenue
without Cash Inflows |
- |
- |
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-Changes in Asset/
& Liability |
2,067,644,061 |
-1,090,743,846 |
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Cash Flows
from Investing |
-5,375,584,496 |
-1,018,695,792 |
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-Cash Inflow
from Investing |
2,160,634,811 |
2,010,117,498 |
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-Cash
Outflows for Investing |
-7,536,219,307 |
-3,028,813,290 |
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Cash Flows
from Financing |
2,760,380,000 |
1,785,638,390 |
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-Cash
Inflows from Financing |
6,258,901,993 |
2,378,848,390 |
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-Cash
Outflows from Financing |
-3,498,521,993 |
-593,210,000 |
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Increase/Decrease
in Cash |
3,283,344 |
-15,153,953 |
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Cash at the
Beginning of Year |
73,139,551 |
88,293,504 |
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Cash at the End of Year |
76,422,895 |
73,139,551 |
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Products, Technologies, Services Description
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Main Products & Services |
Heat Exchangers, Chemical Tanks, Electric power Equipment |
Trade Partners & Competitors
|
Suppliers |
KOREA METAL CO., LTD.(KOREA) DUCKSOO METAL CO., LTD.(180111-0318659) HAPCHEON STEEL CO., LTD.(194211-0022814) |
|
Customers |
TSM TECH CO., LTD.(110111-1513137) GARDNER DENVER KOREA CO., LTD.(110111-0817770) KOREA WESTERN POWER CO., LTD.(110111-2207177) DOOSAN HEAVY INDUSTRIES & CONSTRUCTION CO., LTD(194211-0000943) |
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Competitors |
HANWHA TECHM CO.,LTD.(194211-0056095) 59, SEONGSAN-DONG, CHANGWON-SI,
GYEONGSANGNAM-DO, KOREA TEL:+82-55-280-8820~4 FAX:+82-55-280-4664 KENERTEC CO., LTD.(110111-1465213) 366, IGA-RI, CHEONGHA-MYEON, BUK-GU,
POHANG-SI, GYEONGSANGBUK-DO, KOREA TEL:+82-54-763-7000 FAX:+82-54-763-7100 JNK HEATERS CO., LTD.(110111-1591034) A-1012, WOOLIM LION`S VALLEY 1-CHA, 371-28,
GASAN-DONG, GEUMCHEON-GU, SEOUL, KOREA TEL:+82-2-2026-4271 FAX:+82-2-2026-2706 |
Related Parties
(Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
GICO & BOGOKORA CO., LTD.(195411-0019874) |
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Cooperative Enterprise |
-Insured Company AMERICAN HOME ASSURANCE COMPANY KOREA
BRANCH |
Sales by Region
(Activity &
Markets)
Not Available.
Court Action
No.
News Clipping
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.27 |
|
UK Pound |
1 |
Rs.73.34 |
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Euro |
1 |
Rs.64.58 |
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 |
|
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 |
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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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.