MIRA
INFORM REPORT
|
Report Date : |
16.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
DAEWON GSI CO., LTD. |
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Registered Office : |
990-2, Geumsan-ri, Waegwan-eup,
Chilgok-gun, Gyeongsangbuk-do, Korea 718-802 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
04.11.1982 |
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Com. Reg. No.: |
504-81-04185 |
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Legal Form : |
Co., Ltd by shares |
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Line of Business : |
Manufacture of Machinery for Food, Beverage and Tobacco Processing |
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 : |
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
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
South Korea |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
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 |
DAEWON GSI CO., LTD. (English Co. Name : DAEWON GLOBAL SYSTEM INTEGRATION CO., LTD.) (Korean Company Name : “(주)대원지에스아이”) |
|
Registered Address |
990-2, Geumsan-ri, Waegwan-eup,
Chilgok-gun, Gyeongsangbuk-do, Korea |
|
Zip Code |
718-802 |
|
Tel |
+82-54-973-2221~8 |
|
Fax |
+82-54-973-2230 |
|
E-mail |
trade@daewon.com |
|
Website |
www.daewon.com |
|
Trading Address |
990-2, Geumsan-ri, Waegwan-eup,
Chilgok-gun, Gyeongsangbuk-do, Korea |
|
Tel |
+82-54-973-2221~8 |
|
Fax |
+82-54-973-2230 |
|
Other Address-Biotech Business Division |
983, Geumsan-ri, Waegwan-eup ,Chilgok-gun,
Gyeongbuk, Korea |
|
Other Address |
1112-1, Gwang-eum-ri,
Namhu-myeon, Andong-si, Gyeongbuk, Korea |
|
Type |
Export/Import |
|
Industry |
Manufacture of Machinery for Food, Beverage and Tobacco Processing |
|
Main Business |
Rice Polishing Mill, Dry Storage Extension Equipment, Grain Dryer,
Color Sorter |
|
Established (mm/dd/yyyy) |
11/04/1982 |
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Grain analyzers(41112701) |
|
Sell |
Rice cleaning or hulling equipment(21102004) |
|
Sell |
Grading machines for seed or grain or dried
leguminous vegetables(21102003) |
|
Sell |
Agricultural machinery for cleaning and sorting
and grading(21102000) |
CEO’s
|
Name |
Suh Yong-Kyo |
|
Address |
Rm.107-705, 500-1, Sangyeok-dong,
Buk-gu, Daegu, Korea |
|
Date of Birth |
04/05/1955 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
1,248,500,000 |
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Employees |
160 |
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Formation |
Co., Ltd by shares |
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Bank Details |
Daegu Bank Industrial Bank of Korea Korea Exchange Bank NACF |
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Corporate Registered No. |
170111-0016924 |
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Business Registered No. |
504-81-04185 |
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Permit & Licenses |
1999 EM Mark 2001 EM Mark 06/2003 ISO 9001 by BQR 11/2006 CE Mark 11/2006 CE Mark Int’l Trade No.: 13002743 |
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Shareholder Position |
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Company History |
01/1970 Established as SUNGCHANG MACHINERY
CO. 07/1973 Changed company name to DAEWON
INDUSTRY CO. 11/04/1982 Incorporated as DAEWON INDUSTRY
CO., LTD. 02/1995 Moved to the present HQ address 12/07/2001 Changed company name to the
present name 11/2002 Awarded US$5 Million Export Top
Prize 01/05/2004 Decreased capital to
1,248,500,000 KRW from 1,300,000,000 KRW 01/08/2004 Spin off to the existing company
and DAEWON JEONSUL CO., LTD. 11/2005 Awarded US$10 Million Export Top
Prize |
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Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Suh Yong-Kyo |
Male |
Korean |
04/11/2005 |
|
Director |
Mr. |
Jang Young-Ho |
Male |
Korean |
03/20/;2008 |
|
Director |
Mr. |
Suh Chan-Kyo |
Male |
Korean |
03/20/;2008 |
|
Director |
Mr. |
Han Ki-Dong |
Male |
Korean |
03/31/2009 |
|
Director |
Mr. |
Suh Bo-Sung |
Male |
Korean |
08/01/2011 |
|
Auditor |
M/S. |
Seo Myung-Ok |
Female |
Korean |
03/20/;2011 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
58,114,132,658 |
75,116,466,802 |
9,440,202,321 |
|
|
2009 |
65,629,650,477 |
89,524,386,726 |
8,707,852,318 |
|
2008 |
67,298,340,330 |
65,905,128,128 |
4,711,261,050 |
|
2007 |
41,359,703,039 |
45,870,332,663 |
1,615,519,941 |
|
2006 |
40,249,761,626 |
52,300,676,837 |
2,717,923,074 |
|
2005 |
41,607,575,036 |
44,912,940,591 |
4,689,919,071 |
|
2004 |
36,189,538,934 |
35,784,262,079 |
2,520,472,655 |
Financial Description
|
Authorized Capital(KRW) |
50,000,000,000 |
|
Paid-Up Capital(KRW) |
1,248,500,000 |
|
Total Issues Shares |
2,497,000 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Total Assets |
75,116,466,802 |
89,524,386,726 |
65,905,128,128 |
|
Current Assets |
51,641,440,550 |
63,326,313,763 |
46,249,023,014 |
|
-Quick Assets |
39,546,922,104 |
56,689,939,507 |
39,947,836,146 |
|
-Inventories |
12,094,518,446 |
6,636,374,256 |
6,301,186,868 |
|
Fixed Assets |
23,475,026,252 |
26,198,072,963 |
19,656,105,114 |
|
-Investment |
3,728,683,802 |
3,107,169,148 |
1,789,172,009 |
|
-Tangibles |
19,104,548,321 |
21,720,561,336 |
14,225,953,522 |
|
-Intangibles |
142,753,167 |
178,711,167 |
96,574,833 |
|
-Others |
499,040,962 |
1,191,631,312 |
3,544,404,750 |
|
Total Liabilities |
47,876,386,278 |
57,048,324,074 |
42,501,920,671 |
|
Current Liabilities |
42,113,770,434 |
50,909,850,722 |
39,185,871,127 |
|
Fixed Liabilities |
5,762,615,844 |
6,138,473,352 |
3,316,049,544 |
|
Capital Stock |
1,248,500,000 |
1,248,500,000 |
1,248,500,000 |
|
Capital Surplus |
365,002,877 |
365,002,877 |
- |
|
Profit Surplus |
40,302,762,096 |
30,862,559,775 |
22,154,707,457 |
|
Capital Adjustment |
-14,676,184,449 |
- |
- |
|
Total Equity |
27,240,080,524 |
32,476,062,652 |
23,403,207,457 |
|
Liab. & Shareholder’s Equity |
75,116,466,802 |
89,524,386,726 |
65,905,128,128 |
|
Current
Liabilities |
42,113,770,434 |
50,909,850,722 |
39,185,871,127 |
|
Trade Payables |
7,189,205,826 |
7,544,082,829 |
11,324,188,102 |
|
Short-Term Borrowings |
30,446,589,104 |
38,052,189,104 |
21,400,000,000 |
|
Account Payables |
4,094,000 |
4,094,000 |
4,094,000 |
|
Advance Receipts |
2,595,199,237 |
846,731,960 |
1,894,421,008 |
|
Withholdings |
98,143,500 |
105,740,130 |
73,654,470 |
|
VAT Withhold |
- |
28,834,692 |
302,971,030 |
|
Accrued Expenses |
591,748,767 |
554,971,220 |
436,105,985 |
|
Guarantee Deposit Withhold |
|
|
2,000,000 |
|
Accrued Income Tax |
- |
2,771,926,787 |
2,442,766,532 |
|
Current Portion of Long-Term Debts |
1,188,790,000 |
1,001,280,000 |
1,305,670,000 |
|
Fixed
Liabilities |
5,762,615,844 |
6,138,473,352 |
3,316,049,544 |
|
Long-Term Borrowings |
1,404,030,000 |
2,364,240,000 |
2,732,740,000 |
|
Convertible
Bonds |
3,400,000,000 |
3,400,000,000 |
- |
|
Long-Term
Account Payables |
391,200,000 |
144,400,000 |
- |
|
Leasehold Deposit Received |
8,040,000 |
18,040,000 |
298,040,000 |
|
Deferred Income Tax Credit |
550,362,361 |
393,867,500 |
223,806,953 |
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Provision for Severance & Retirement |
745,042,570 |
555,480,040 |
232,631,790 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Sales |
58,114,132,658 |
65,629,650,477 |
67,298,340,330 |
|
Cost of Sold Goods |
33,842,658,001 |
37,120,341,156 |
45,020,737,434 |
|
Gross Profit |
24,271,474,657 |
28,509,309,321 |
22,277,602,896 |
|
Selling & Admin. Expenses |
11,064,238,575 |
14,780,171,215 |
19,723,463,284 |
|
Operating Income |
13,207,236,082 |
13,729,138,106 |
2,554,139,612 |
|
Non-Operating Income |
4,492,260,290 |
5,692,162,826 |
7,637,055,801 |
|
Non-Operating Expenses |
6,295,252,542 |
8,872,642,831 |
4,386,758,950 |
|
Income Before Taxes |
11,404,243,830 |
10,548,658,101 |
5,804,436,463 |
|
Income Taxes Expenses |
1,964,041,509 |
1,840,805,783 |
1,093,175,413 |
|
Net Income |
9,440,202,321 |
8,707,852,318 |
4,711,261,050 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Cash Flows from Operating |
2,803,352,680 |
7,761,425,180 |
2,980,474,355 |
|
-Net Income |
9,440,202,321 |
8,707,852,318 |
4,711,261,050 |
|
-Exp. without Cash Outflow |
1,535,059,150 |
6,373,882,999 |
12,385,887,294 |
|
-Revenue without Cash Inflows |
-1,405,765,389 |
-1,667,570,632 |
-2,383,639,801 |
|
-Changes in Asset/ & Liability |
-6,766,143,402 |
-5,652,739,505 |
-11,733,034,188 |
|
Cash Flows from Investing |
-6,993,069,141 |
-948,933,714 |
-8,764,218,065 |
|
-Cash Inflow from Investing |
83,959,515,929 |
112,178,908,349 |
45,711,289,959 |
|
-Cash Outflows for Investing |
-90,952,585,070 |
-113,127,842,063 |
-54,475,508,024 |
|
Cash Flows from Financing |
-21,783,984,449 |
19,952,699,104 |
9,820,847,684 |
|
-Cash Inflows from Financing |
128,474,000,000 |
167,255,549,104 |
69,205,000,000 |
|
-Cash Outflows from Financing |
-150,257,984,449 |
-147,302,850,000 |
-59,384,152,316 |
|
Increase/Decrease in Cash |
-25,973,700,910 |
26,765,190,570 |
4,037,103,974 |
|
Cash at the Beginning of Year |
33,464,384,973 |
6,699,194,403 |
2,662,090,429 |
|
Cash at the End of Year |
7,490,684,063 |
33,464,384,973 |
6,699,194,403 |
Products, Technologies, Services Description
|
Main Products & Services |
Color Sorter Manufacturer Color Sorter Rice Color Sorter Cereals Sorter Camera Sorter Grain Sorter Grain Sorting Machine Grain Color Sorter Seed Color Sorter Tea Sorter Color Sorting Machine Rice Processing Machinery Tea Color Sorter |
Trade Partners & Competitors
|
Customers |
NACF |
|
Competitors |
ATS INTERNATIONAL CO., LTD. RM. 707, PHOENIX BLDG., 702-23, YEOKSAM
1-DONG, GANGNAM-GU, SEOUL, KOREA TEL:+82-2-2051-2650~4 FAX:+82-2-2051-2655 HANSUNG ENGINEERING CO., LTD. 586, PUNGSEO-RI, PUNGSE-MYEON, DONGNAM-GU,
CHEONAN-SI, CHUNGCHEONGNAM-DO, KOREA TEL:+82-41-553-4561 FAX:+82-41-553-6053 HAN JAM MACHINERY CO., LTD. 123-6, HA-RI, YEOJU-EUP, YEOJU-GUN,
GYEONGGI-DO, KOREA TEL:+82-31-883-9559 FAX:+82-31-884-0598 |
Related Parties
(Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
DAEWON JEONSUL CO., LTD.(KOREA) WAPS CO., LTD.(170111-0051730) ILSUNG TECH CO., LTD.(KOREA) DMC CO., LTD.(KOREA) YEONWOON HANGKURIM YANGSHIK MACHINERY CO.,
LTD.(CHINA) DALIAN FREE TRADE ZONE DAEWON GSI(THAILAND)CO., LTD. |
|
Subsidiary |
PT. DAEWON INDONESIA CHUNJI DAEWON KILSAE SANGMU CO., LTD.(CHINA : 천지대원길새상무(유)) |
|
Cooperative Enterprise |
-Insured Company HYUNDAI MARINE & FIREINSURANCE CO., LTD.(110111-0035893) |
Sales by Region
(Activity &
Markets)
The Subject deals
with the companies in Sri Lanka, China, Taiwan, Colombia, India, Indonesia,
Japan, Pakistan, Philippines, Russia and Vietnam.
Court Action
No.
News Clipping
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.37 |
|
|
1 |
Rs.73.53 |
|
Euro |
1 |
Rs.64.36 |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
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 |
|
-- |
NB |
New Business |
-- |
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.