MIRA
INFORM REPORT
|
Report Date : |
23.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
INNET CO., LTD. |
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Registered Office : |
Wonyoung Bldg.967-2, Daechi-dong, Gangnam-gu, Seoul, Korea 135-848 |
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Country : |
South Korea |
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Financials (as on) : |
30.06.2010 |
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Date of Incorporation : |
28.05.1996 |
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Com. Reg. No.: |
120-81-63481 |
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Legal Form : |
Listed Company |
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Line of Business : |
System Software Development and Supply |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Status : |
Moderate |
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|
|
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Payment Behaviour : |
Partially 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 |
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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 |
INNET CO., LTD. (Korean Company Name : “(주)인네트”) |
|
Registered Address |
967-2, Daechi-dong,
Gangnam-gu, Seoul, Korea |
|
Building |
Wonyoung Bldg. |
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Zip Code |
135-848 |
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Tel |
+82-2-3451-5300 |
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Fax |
+82-2-3451-5399 |
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E-mail |
henry@innet.co.kr |
|
Website |
|
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Trading Address |
Wonyoung
Bldg., 967-2, Daechi-dong, Gangnam-gu, Seoul, Korea |
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Tel |
+82-2-3451-5300 |
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Fax |
+82-2-3451-5399 |
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Type |
Export/Import |
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Industry |
System Software Development and Supply |
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Main Business |
System Integration, Network Integration, System Management, IT
Education, Convergence Solution |
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Sub
Business |
|
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Established (mm/dd/yyyy) |
05/28/1996 |
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Computer servers(43211501) |
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Sell |
System installation(81111809) |
|
Sell |
Temporary personnel services(80111600) |
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Sell |
Application service providers(81112106) |
|
Sell |
Systems integration design(81111503) |
|
Sell |
Software or hardware engineering(81111500) |
|
Sell |
Business function specific
software(43231500) |
CEO’s
|
Name |
Kwak Bong-Seo |
|
Date of Birth |
08/07/1969 |
|
Title |
President & CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
|
Capital (KRW) |
6,592,505,000 |
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Employees |
117 |
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Formation |
Listed Company(KOSDAQ : 041450) as of 07/18/2000 |
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Bank Details |
Citibank, Korea-Teheranro Branch |
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Corporate Registered No. |
110111-1275787 |
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Business Registered No. |
120-81-63481 |
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Permit & Licenses |
03/2003 ISO 9001/TL 9000 Int’l Trade No.: 11391816 |
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Shareholder Position |
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Company History |
05/28/1996 Incorporated as the present name 07/2000 Listed at KOSDAQ Market 09/14/2010 Delisted from KOSDAQ(041450) Market due to Bankruptcy 03/31/2011 The Subject has been closed
according to National Tax Services. |
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Management
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Job Description |
Title |
Name |
Sex |
Nationality |
Date of Birth |
|
Director |
Mr. |
Lee In-Sub |
Male |
Korean |
1974.06.28 |
|
President & CEO |
Mr. |
Kwak Bong-Seo |
Male |
Korean |
1969.08.07 |
|
Director |
Mr. |
Lee Sang-Wan |
Male |
Korean |
1960.03.05 |
|
Outside Director |
Mr. |
Shin Joon |
Male |
Korean |
1950.11.15 |
|
Auditor |
Mr. |
Lee Jung-Woong |
Male |
Korean |
1964.10.01 |
|
Director |
Mr. |
Lee In-Sub |
Male |
Korean |
1974.06.28 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
28,417,571,035 |
42,439,152,324 |
-12,771,449,391 |
|
|
2009 |
74,850,517,285 |
54,793,161,397 |
-38,721,090,917 |
|
2008 |
108,235,910,552 |
88,663,478,567 |
-10,136,286,001 |
Financial Description
|
Authorized Capital(KRW) |
100,000,000,000 |
|
Paid-Up Capital(KRW) |
6,592,505,000 |
|
Total Issues Shares |
6,593,182 |
Balance
Sheet
|
Unit : Korean Won |
01/01/2010~06/30/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Total Assets |
42,439,152,324 |
54,793,161,397 |
88,663,478,567 |
|
Current Assets |
33,701,485,582 |
37,552,202,722 |
70,511,226,629 |
|
-Quick Assets |
29,822,747,815 |
32,066,562,843 |
63,926,081,909 |
|
-Inventories |
3,878,737,767 |
5,485,639,879 |
6,585,144,720 |
|
Fixed Assets |
8,737,666,742 |
17,240,958,675 |
18,152,251,938 |
|
-Investment |
6,215,628,709 |
12,925,500,301 |
13,320,866,425 |
|
-Tangibles |
203,904,501 |
291,769,604 |
503,366,483 |
|
-Intangibles |
2,318,133,532 |
4,023,688,770 |
4,328,019,030 |
|
Total Liabilities |
37,570,386,251 |
38,105,310,502 |
47,158,390,110 |
|
Current Liabilities |
28,227,268,501 |
34,928,553,032 |
44,066,247,428 |
|
Fixed Liabilities |
9,343,117,750 |
3,176,757,470 |
3,092,142,682 |
|
Capital Stock |
6,592,505,000 |
27,967,532,500 |
14,185,959,500 |
|
Capital Surplus |
84,441,476,445 |
62,079,195,893 |
62,255,873,780 |
|
Profit Surplus |
-79,120,676,931 |
-66,349,227,540 |
-27,628,136,623 |
|
Capital Adjustment |
-7,044,538,441 |
-7,009,649,958 |
-7,308,608,200 |
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Total Equity |
4,868,766,073 |
16,687,850,895 |
41,505,088,457 |
|
Liab. & Shareholder’s Equity |
42,439,152,324 |
54,793,161,397 |
88,663,478,567 |
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Current Liabilities |
28,227,268,501 |
34,928,553,032 |
44,066,247,428 |
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Trade Payables |
12,508,571,597 |
16,953,549,761 |
23,056,256,069 |
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Account Payables |
1,916,668,721 |
1,779,150,576 |
2,389,607,459 |
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Withholdings |
612,331,587 |
774,798,851 |
60,498,123 |
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Advance Receipts |
3,036,433,616 |
2,343,640,440 |
2,878,347,684 |
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Short-Term Borrowings |
8,739,386,216 |
10,759,170,717 |
8,378,733,528 |
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Accrued Expenses |
147,038,766 |
133,323,986 |
51,112,727 |
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Bond With Warrant |
907,725,000 |
1,874,700,000 |
7,220,622,500 |
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Finance Lease Debts |
253,755,014 |
313,522,776 |
428,181,188 |
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Fixed Liabilities |
9,343,117,750 |
3,176,757,470 |
3,092,142,682 |
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Convertible Bonds |
1,999,000,000 |
1,999,000,000 |
1,999,000,000 |
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Long-Term Borrowings |
6,000,000,000 |
- |
- |
|
Provision for Severance & Retirement |
1,785,805,960 |
1,804,782,390 |
1,772,532,980 |
Income
Statement
|
Unit : Korean Won |
01/01/2010~06/30/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Sales |
28,417,571,035 |
74,850,517,285 |
108,235,910,552 |
|
Cost of Sold Goods |
24,499,692,836 |
66,293,126,970 |
92,550,804,815 |
|
Gross Profit |
3,917,878,199 |
8,557,390,315 |
15,685,105,737 |
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Selling & Admin. Expenses |
6,706,819,667 |
15,639,577,719 |
15,523,054,070 |
|
Operating Income |
-2,788,941,468 |
-7,082,187,404 |
162,051,667 |
|
Non-Operating Income |
1,413,723,502 |
5,158,023,916 |
3,283,701,483 |
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Non-Operating Expenses |
11,396,231,425 |
36,796,927,429 |
13,582,039,151 |
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Income Before Taxes |
-12,771,449,391 |
-38,721,090,917 |
-10,136,286,001 |
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Income Taxes Expenses |
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|
|
|
Net Income |
-12,771,449,391 |
-38,721,090,917 |
-10,136,286,001 |
Cash
Flows
|
Unit : Korean Won |
01/01/2010~06/30/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Cash Flows from Operating |
-2,721,795,206 |
3,366,535,279 |
9,534,706,213 |
|
-Net Income |
-12,771,449,391 |
-38,721,090,917 |
-10,136,286,001 |
|
-Exp. without Cash Outflow |
11,304,836,509 |
34,929,160,600 |
9,035,634,586 |
|
-Revenue without Cash Inflows |
-601,053,556 |
-242,821,651 |
-778,121,985 |
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-Changes in Asset/ & Liability |
-654,128,768 |
7,401,287,247 |
11,413,479,613 |
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Cash Flows from Investing |
-1,753,234,541 |
-15,834,422,550 |
-15,503,683,248 |
|
-Cash Inflow from Investing |
6,375,775,472 |
11,411,115,276 |
26,404,989,604 |
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-Cash Outflows for Investing |
-8,129,010,013 |
-27,245,537,826 |
-41,908,672,852 |
|
Cash Flows from Financing |
3,863,564,643 |
3,377,061,761 |
12,958,939,093 |
|
-Cash Inflows from Financing |
9,042,235,408 |
18,064,983,898 |
46,108,392,245 |
|
-Cash Outflows from Financing |
-5,178,670,765 |
-14,687,922,137 |
-33,149,453,152 |
|
Increase/Decrease in Cash |
-611,465,104 |
-9,090,825,510 |
6,989,962,058 |
|
Cash at the Beginning of Year |
1,579,176,546 |
10,670,002,056 |
3,680,039,998 |
|
Cash at the End of Year |
967,711,442 |
1,579,176,546 |
10,670,002,056 |
Products, Technologies, Services Description
|
Main Products & Services |
System Integration, Network Integration, System Management, IT Education,
Convergence Solution |
Trade Partners & Competitors
|
Suppliers |
CISCO SYSTEMS KOREA LTD.(110111-1076135) |
|
Customers |
|
|
Competitors |
SSANGYONG INFORMATION & COMMUNICATION
CORP.(110111-0307870) 12TH FL., SSANGYONG BLDG., 24-1, JEODONG
2-GA, JUNG-GU, SEOUL, KOREA TEL:+82-2-2262-8114 FAX:+82-2-2277-2385 COMTEC SYSTEMS CO., LTD.(110111-0414126) 779-10, DAERIM 3-DONG, YEONGDEUNGPO-GU,
SEOUL, KOREA TEL:+82-2-3289-0114 FAX:+82-2-836-6611 SK C & C CO., LTD. SK U-TOWER, 25-1, JEONGJA-DONG, BUNDANG-GU,
SEONGNAM-SI, GYEONGGI-DO, KOREA TEL:+82-2-6400-0114 FAX:+82-2-6400-0115 KOREA ELECTRIC POWER DATA NETWORK CO., LTD. 1355, SEOCHO 2-DONG, SEOCHO-GU, SEOUL,
KOREA TEL:+82-2-6262-6114 FAX:+82-2-6262-6179 |
Related Parties
(Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
H& RESOURCE CO., LTD.(110111-3530569) (61.54% held by the subject company) PT INNET INTERNATIONAL (95.0% held by the subject company) INKAR CO., LTD. (75.0% held by the subject company) INNMO CO., LTD. (50.0% held by the subject company) KMNR CO., LTD. (100.0% held by the subject company) |
Sales by Region
(Activity &
Markets)
Not Available.
Court Action
Not Available.
News Clipping
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.82 |
|
|
1 |
Rs.75.48 |
|
Euro |
1 |
Rs.66.10 |
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.