MIRA INFORM REPORT

 

 

Report Date :

02.11.2012

 

IDENTIFICATION DETAILS

 

Name :

ILRIM NANOTEC CO., LTD.

 

 

Formerly Known As :

ILRIM Hydraulic Co., Ltd.

 

 

Registered Office :

24-14, Palyong-dong, Uichang-gu, Changwon-si, Gyeongsangnam-do, Korea, Zip Code 641-847

 

 

Country :

South korea

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

15.01.1992

 

 

Com. Reg. No.:

608-81-14587

 

 

Legal Form :

Co., Ltd by Shares

 

 

Line of Business :

Manufacturer of Other Machine-Tools for Working

 

 

No. of Employees :

175 employees

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

No Complaints

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

South korea

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

South Korea - ECONOMIC OVERVIEW

 

South Korea over the past four decades has demonstrated incredible growth and global integration to become a high-tech industrialized economy. In the 1960s, GDP per capita was comparable with levels in the poorer countries of Africa and Asia. In 2004, South Korea joined the trillion dollar club of world economies, and currently is among the world's 20 largest economies. Initially, a system of close government and business ties, including directed credit and import restrictions, made this success possible. The government promoted the import of raw materials and technology at the expense of consumer goods, and encouraged savings and investment over consumption. The Asian financial crisis of 1997-98 exposed longstanding weaknesses in South Korea''s development model including high debt/equity ratios and massive short-term foreign borrowing. GDP plunged by 6.9% in 1998, and then recovered by 9% in 1999-2000. Korea adopted numerous economic reforms following the crisis, including greater openness to foreign investment and imports. Growth moderated to about 4% annually between 2003 and 2007. With the global economic downturn in late 2008, South Korean GDP growth slowed to 0.3% in 2009. In the third quarter of 2009, the economy began to recover, in large part due to export growth, low interest rates, and an expansionary fiscal policy, and growth was 3.6% in 2011. In 2011, the US-South Korea Free Trade Agreement was ratified by both governments and is projected to go into effect in early 2012. The South Korean economy''s long term challenges include a rapidly aging population, inflexible labor market, and heavy reliance on exports - which comprise half of GDP.

 

Source : CIA

 

Basic

 

Company Name

ILRIM NANOTEC CO., LTD.

(Korean Company Name : “일림나노텍(주)”)

Registered Address

24-14, Palyong-dong, Uichang-gu, Changwon-si, Gyeongsangnam-do, Korea

Zip Code

641-847

Tel

+82-55-292-4022

Fax

+82-55-297-4022

E-mail

ilrim@ilrim.co.kr

Website

www.ilrim.co.kr

Trading Address

24-14, Palyong-dong, Uichang-gu, Changwon-si, Gyeongsangnam-do, Korea

Tel

+82-55-292-4022

Fax

+82-55-297-4022

Type

Export/Import

Industry

Manufacture of Other Machine-Tools for Working

  Main Business

Hydraulic Power Unit, Laser Cutting Machine, Water cooler, Oil cooler, Panel Air Conditioner, CNC Turning Center

Established (mm/dd/yyyy)

01/15/1992

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Rotating piston pumps(40151557)

Sell

Sliding vane pumps(40151560)

Buy

Hydraulic pumps(40151533)

Buy

Hoses(40142000)

Buy

Indicating and recording instruments(41111900)

Buy

Weight measuring instruments(41111500)

 

 

CEO’s

 

Name

Park Hyo-Chan

Address

Suite 101-2704, 121, Daewon-dong, Uichang-gu, Changwon-si, Gyeongsangnam-do, Korea

Date of Birth

12/02/1958

Title

President & CEO

Sex

Male

Nationality

Korean

 

Profiles

 

Capital (KRW)

2,190,000,000

Employees

175

Formation

Co., Ltd by Shares

Bank Details

Gyungnam Bank-Yangdeok-Dong Branch

Kookmin Bank

Corporate Registered No.

190111-0018372

Business Registered No.

608-81-14587

Permit & Licenses

Int’l Trade No.: 24003724

Shareholder Position

Name

Shares

%

PARK HYO-CHAN & HIS FAMILY

1,554,000

50.23

KOREA DEVELOPMENT BANK(110135-0000937)

800,000

18.26

KOREA CREDIT GUARANTEE FUND(114271-0001636)

400,000

9.13

SMALL BUSINESS CORPORATION

180,000

4.10

OTHERS

800,000

18.29

TOTAL

4,380,000

100.00

Company History

01/15/1992 Incorporated as ILRIM Hydraulic Co., Ltd.

03/29/2005 Changed company name to the present name

05/16/2005 Split off the par value to 500 KRW from 5,000 KRW

05/16/2005 Increased the authorized shares to 10,000,000 shares from 1,000,000 shares

11/30/2005 Increased capital to 2,190,000,000 KRW from 1,590,000,000 KRW

 

 

 

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

Co-President & CEO

Mr.

Park Hyo-Chan

Male

Korean

10/18/2010

Co-President & CEO

Mr.

Seo Kyung-Je

Male

Korean

10/18/2010

Co-President & CEO

Mr.

Kim Min-Ho

Male

Korean

03/30/2011

Auditor

Mr.

Kang Yong-Bok

Male

Korean

03/29/2005

 

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

2011

   93,306,511,180

105,094,537,356

636,224,510

2010

68,535,618,188

85,947,553,394

2,419,903,233

2009

40,364,641,082

62,144,978,460

757,945,940

 

Financial Description

 

Authorized Capital(KRW)

5,000,000,000

Paid-Up Capital(KRW)

2,190,000,000

Total Issued Shares

4,380,000

 

 

Balance Sheet

 

Unit : Korean Won

As of 12/31/2011

As of 12/31/2010

As of 12/31/2009

Total Assets

105,094,537,356

85,947,553,394

62,144,978,460

Current Assets

40,762,984,753

38,253,377,295

27,984,207,863

-Quick Assets

22,077,048,384

22,275,819,757

18,356,142,144

-Inventories

18,685,936,369

15,977,557,538

9,628,065,719

Fixed Assets

64,331,552,603

47,694,176,099

34,160,770,597

-Investment

20,374,231,473

14,413,921,387

11,593,119,995

-Tangibles

41,729,539,752

31,527,949,352

20,789,423,247

-Intangibles

1,572,018,064

1,167,022,916

1,142,405,870

-Others

655,763,314

585,282,444

635,821,485

Total Liabilities

63,397,066,107

51,947,829,020

38,593,663,709

Current Liabilities

51,397,630,083

42,450,079,020

23,553,294,678

Fixed Liabilities

11,999,436,024

9,497,750,000

15,040,369,031

Capital Stock

2,190,000,000

2,190,000,000

2,190,000,000

Capital Surplus

2,527,320,100

2,527,320,100

2,527,320,100

Profit Surplus

12,858,800,863

12,222,576,353

9,802,673,120

Capital Adjustment

24,121,350,286

17,059,827,921

9,031,321,531

Total Equity

41,697,471,249

33,999,724,374

23,551,314,751

Liab. & Shareholder’s Equity

105,094,537,356

85,947,553,394

62,144,978,460

 

Current Liabilities

51,397,630,083

42,450,079,020

23,553,294,678

Trade Payables

18,825,499,574

12,786,097,358

4,310,320,387

Short-Term Borrowings

28,142,257,064

22,663,938,863

16,080,035,417

Account Payables

423,358,285

475,354,238

306,032,538

Withholdings

59,402,310

50,762,530

32,986,370

Accrued Expenses

470,434,835

416,574,928

320,016,101

Current Portion of Long-Term Debts

2,866,499,683

5,231,250,000

2,012,000,000

Advance Receipts

610,178,332

468,484,571

444,996,183

Unearned Income

-　

-　

25,297,968

Accrued Income Tax

-

357,616,532

21,609,714

Fixed Liabilities

11,999,436,024

9,497,750,000

15,040,369,031

Long-Term Borrowings

10,969,550,000

9,134,750,000

11,720,000,000

Debentures

-　

-　

3,000,000,000

Long-Term Account Payables

406,552,816

363,000,000

268,490,000

Finance Lease Account Payables

519,700,987

-

-　

Leasehold Deposit Received

1,000,000

-

-　

Provision for Severance & Retirement

402,566,385

209,180,175

165,961,077

 

 

Income Statement

 

Unit : Korean Won

As of 12/31/2011

As of 12/31/2010

As of 12/31/2009

Sales

   93,306,511,180

68,535,618,188

40,364,641,082

Cost of Sold Goods

81,308,351,469

59,266,978,470

33,395,007,711

Gross Profit

11,998,159,711

9,268,639,718

6,969,633,371

Selling & Admin. Expenses

8,474,822,083

6,704,425,511

4,810,773,028

Operating Income

3,523,337,628

2,564,214,207

2,158,860,343

Non-Operating Income

4,212,503,705

4,686,703,155

2,090,401,782

Non-Operating Expenses

6,844,305,802

4,434,310,659

3,395,270,575

Income Before Taxes

891,535,531

2,816,606,703

853,991,550

Income Taxes Expenses

255,311,021

396,703,470

96,045,610

Net Income

636,224,510

2,419,903,233

757,945,940

 

 

Cash Flows

 

Unit : Korean Won

As of 12/31/2011

As of 12/31/2010

As of 12/31/2009

Cash Flows from Operating

5,082,992,143

-2,073,354,955

-4,587,823,166

-Net Income

636,224,510

2,419,903,233

757,945,940

-Exp. without Cash Outflow

3,946,567,620

2,072,353,190

1,562,879,591

-Revenue without Cash Inflows

-1,497,030,811

-3,049,372,750

-969,697,898

-Changes in Asset/ & Liability

1,997,230,824

-3,516,238,628

-5,938,950,799

Cash Flows from Investing

-10,650,826,692

-4,567,956,754

-3,826,974,779

-Cash Inflow from Investing

12,259,277,787

22,158,472,394

14,040,053,318

-Cash Outflows for Investing

-22,910,104,479

-26,726,429,148

-17,867,028,097

Cash Flows from Financing

5,685,072,650

4,577,554,927

10,296,935,863

-Cash Inflows from Financing

27,942,730,049

51,710,527,581

39,534,570,367

-Cash Outflows from Financing

-22,257,657,399

-47,132,972,654

-29,237,634,504

Increase/Decrease in Cash

117,238,101

-2,063,756,782

1,882,137,918

Cash at the Beginning of Year

1,356,784,088

3,420,540,870

1,538,432,952

Cash at the End of Year

1,474,022,189

1,356,784,088

3,420,570,870

 

Products, Technologies, Services Description

 

Main Products & Services

Hydraulic Power Unit, Laser Cutting Machine, Water cooler, Oil cooler, Panel Air Conditioner, CNC Turning Center

 

 

Trade Partners & Competitors

 

Competitors

LASER & PHYSICS CO., LTD.

278-4, MAESAN-RI, MOHYEON-MYEON, CHEOIN-GU, YONGIN-SI, GYEONGGI-DO, KOREA

TEL:+82-31-322-1537  FAX:+82-31-322-1536

 

CARAS LASER, INC.

RM. 513, ACE HIGH AND TOWER 1-CHA, 235-2, GURO 3-DONG, GURO-GU, SEOUL, KOREA

TEL:+82-2-868-2141  FAX:+82-2-868-2149

 

KOREA SHINKO MICRO ELECTRONICS CO., LTD.

35, SEONPYEONG-RI, SEO-MYEON, SUNCHEON-SI, JEOLLANAM-DO, KOREA

TEL:+82-61-753-8801  FAX:+82-61-753-8804

 

 

Related Parties

(Subsidiaries, Joint-Venture & Affiliates)

 

Affiliates

DMC CO., LTD.(KOREA)

(35.00% held by the subject company)

 

YONTAE ILRIM HYDRAULIC CO., LTD.(CHINA, 연태일림유압유한공사)

(100.00% held by the subject company)

 

YONTAE ILRIM KISANG CO., LTD.(CHINA, 연태일림기상유한공사)

(79.71% held by the subject company)

Cooperative Enterprise

-Insured Company

HANWHA GENERAL INSURANCE CO., LTD.(110111-0006456)

AMERICAN HOME ASSURANCE

 

 

Sales by Region

(Activity & Markets)

 

Not Available.

 

 

Court Action

 

No.

 

 

News Clipping

 

--

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.79

UK Pound

1

Rs.86.77

Euro

1

Rs.69.71

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.