MIRA INFORM REPORT

 

 

Report Date :

05.10.2012

 

IDENTIFICATION DETAILS

 

Name :

MARINE LAND CO., LTD.

 

 

Registered Office :

360-60, Eopseong-dong, Seobuk-gu, Cheonan-si, Chungcheongnam-do, Korea

 

 

Country :

South Korea

 

 

Financials (as on) :

31.12.2008

 

 

Date of Incorporation :

06.08.1993

 

 

Com. Reg. No.:

123-81-32838

 

 

Legal Form :

Co., Ltd by shares

 

 

Line of Business :

Wholesale of Transportation Equipment

 

 

No. of Employees :

20

 

 

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 :

Unknown

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

MARINE LAND CO., LTD.

(Korean Company Name : “마린랜드(주)”)

Registered Address

360-60, Eopseong-dong, Seobuk-gu, Cheonan-si, Chungcheongnam-do, Korea

Zip Code

331-290

Tel

+82-41-564-5221

Fax

+82-41-564-0246

E-mail

desk@marineland.co.kr

Website

www.marineland.co.kr

Trading Address

360-60, Eopseong-dong, Seobuk-gu, Cheonan-si, Chungcheongnam-do, Korea

Tel

+82-41-564-5221

Fax

+82-41-564-0246

Other Address-Showroom

99-3, Daeseong-ri, Cheongpyeong-myeon, Gapyeong-gun, Gyeonggi-do, Korea

Tel

+82-31-585-5221

Fax

+82-31-585-5220

Type

Import

Industry

Wholesale of Transportation Equipment

  Main Business

Boat

Established (mm/dd/yyyy)

08/06/1993

Mr. Kim Chan-Su owns the premises of registered HQ address.

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Oil pumps(40151524)

Sell

Water safety(46161600)

Sell

Switches and controls and relays and accessories(39121500)

Sell

Ventilation(40101500)

Sell

Engines(26101500)

Sell

Marine craft systems and subassemblies(25111900)

Sell

Recreational watercraft(25111800)

 

 

CEO’s

 

Name

Kim Chan-Su

Address

Suite 107-1103, 403, Ichon-dong, Yongsan-gu, Seoul, Korea

Date of Birth

01/06/2000

Title

President & CEO

Sex

Male

Nationality

Korean

 

Profiles

 

Capital (KRW)

100,000,000

Employees

20

Formation

Co., Ltd by shares

Bank Details

Industrial Bank of Korea(Acct. No.: 041-564-5221)

Nonghyup Bank(Acct. No.: 100015-51-005267)

Kookmin Bank(Acct. No.: 059-25-0020-916)

Korea Exchange Bank-Geumjeong Dong Branch

(Acct. No.: 238-22-01136-5)

Corporate Registered No.

135111-0038963

Business Registered No.

123-81-32838

Permit & Licenses

Int’l Trade No. : 1123169

Shareholder Position

Name

Shares

%

KIM CHAN-SU

5,450

54.50

OTHERS(4)

4,550

45.50

TOTAL

10,000

100.00

Company History

08/06/1993 Incorporated as PACIFIC MARINE LTD.

06/1997 Changed company name to the present name

 

 

 

 

Detailed Information

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

President & CEO

Mr.

Kim Chan-Su

Male

Korean

01/06/2000

Director

Mr.

Kim Chan-Yong

Male

Korean

01/06/2000

Director

M/S.

Oh Kyung-Sook

Female

Korean

01/06/2000

Auditor

Mr.

Kim Ho-Sik

Male

Korean

01/06/2000

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

2011

 

 

 

2010

 

 

 

2009

6,925,000,000

9,384,000,000

416,000,000

2008

4,785,510,235

8,141,144,443

(-)126,679,470

2007

6,100,113,524

8,660,711,445

(-)314,822,744

2006

6,977,609,535

8,596,767,149

622,864,813

2005

6,369,687,286

7,729,455,715

603,592,445

2004

7,639,702,812

7,146,461,013

848,623,356

The latest financials are not available, and the Subject Company does not have any obligations to release its financials to the public.

 

Financial Description

 

Authorized Capital(KRW)

400,000,000

Paid-Up Capital(KRW)

100,000,000

Total Issues Shares

10,000

 

 

Balance Sheet

 

Unit : Korean Won

As of 12/31/2008

As of 12/31/2007

As of 12/31/2006

Total Assets

8,141,144,443

8,660,711,445

8,596,767,149

Current Assets

4,730,031,311

5,141,396,633

6,707,597,491

-Quick Assets

1,352,848,743

1,383,375,761

3,289,555,671

-Inventories

3,377,182,568

3,758,020,872

3,418,041,820

Fixed Assets

3,411,113,132

3,519,314,812

1,889,169,658

-Investment

33,696,000

33,696,000

30,888,000

-Tangibles

2,108,488,732

1,966,690,412

1,309,353,258

-Intangibles

770,000,000

990,000,000

-

-Others

498,928,400

528,928,400

548,928,400

Total Liabilities

992,756,425

1,385,643,957

1,006,876,917

Current Liabilities

303,812,843

821,748,041

500,664,223

Fixed Liabilities

688,943,582

563,895,916

506,212,694

Capital Stock

100,000,000

100,000,000

100,000,000

Capital Surplus

-　

-　

-　

Profit Surplus

7,048,388,018

7,175,067,488

7,489,890,232

Capital Adjustment

-　

-　

-　

Total Equity

7,148,388,018

7,275,067,488

7,589,890,232

Liab. & Shareholder’s Equity

8,141,144,443

8,660,711,445

8,596,767,149

 

Current Liabilities

303,812,843

821,748,041

500,664,223

Trade Payables

234,785,827

530,455,948

330,263,755

Account Payables

10,188,588

59,009,970

26,271,792

Withholdings

9,450,650

11,904,310

14,774,570

VAT Withhold

25,493,337

1,899,089

27,596,325

Advance Receipts

5,532,290

5,944,999

78,303,549

Accrued Income Tax

14,721,320

98,825

15,556,475

Accrued Expenses

3,640,831

212,434,900

7,897,757

Fixed Liabilities

688,943,582

563,895,916

506,212,694

Provision for Severance & Retirement

647,695,712

572,648,046

509,964,824

Leasehold Deposit Received

50,000,000

-

5,000,000

 

 

Income Statement

 

Unit : Korean Won

As of 12/31/2008

As of 12/31/2007

As of 12/31/2006

Sales

4,785,510,235

6,100,113,524

6,977,609,535

Cost of Sold Goods

2,905,514,439

3,960,856,070

4,697,510,599

Gross Profit

1,879,995,796

2,139,257,454

2,280,098,936

Selling & Admin. Expenses

2,294,027,624

2,333,979,421

1,851,988,813

Operating Income

(-)414,031,828

(-)194,721,967

428,110,123

Non-Operating Income

444,070,917

120,260,864

265,441,319

Non-Operating Expenses

169,524,747

247,804,644

36,925,308

Ordinary Income

(-)139,485,658

(-)322,265,747

656,626,134

Special Income

-

-

-

Income Before Taxes

(-)139,485,658

(-)322,265,747

656,626,134

Income Taxes Expenses

(-)12,806,188

(-)7,443,003

33,761,321

Net Income

(-)126,679,470

(-)314,822,744

622,864,813

 

 

Cash Flows

 

Unit : Korean Won

As of 12/31/2009

As of 12/31/2008

As of 12/31/2007

Cash Flows from Operating

As of 12/31/2008

As of 12/31/2007

As of 12/31/2006

-Net Income

480,015,058

86,312,421

1,921,933,415

-Exp. without Cash Outflow

(-)126,679,470

(-)314,822,744

622,864,813

-Revenue without Cash Inflows

533,356,257

367,070,201

145,288,362

-Changes in Asset/ & Liability

-

-

(-)15,204,422

Cash Flows from Investing

73,338,271

34,064,964

1,168,984,662

-Cash Inflow from Investing

(-)188,803,911

(-)349,075,337

(-)1,626,219,813

-Cash Outflows for Investing

121,920,000

1,561,361,796

24,331,818

Cash Flows from Financing

(-)310,723,911

(-)1,910,437,133

(-)1,650,551,631

-Cash Inflows from Financing

-

-

-

-Cash Outflows from Financing

-　

-　

-　

Increase/Decrease in Cash

-　

-　

-　

Cash at the Beginning of Year

291,211,147

(-)262,762,916

295,713,602

Cash at the End of Year

493,963,871

756,726,787

461,013,185

 

 

Products, Technologies, Services Description

 

Main Products & Services

Boats & Yachts

Engines & Parts

Waterskies

Fishing & Scuba Goods

Boating Accessories

Leisure Goods

Military & Rescue Equipments

 

 

Trade Partners & Competitors

 

Suppliers

SEARAY(USA)

FRAUSCHER(AUSTRIA)

APREAMARE(ITALY)

JEANNEAU(FRANCE)

MASTERCRAFT(USA)

STARCRAFT(USA)

MERCURY MARINE

Competitors

HWA CHANG TRADING CO., LTD.

726-420, HANNAM-DONG, YONGSAN-GU, SEOUL, KOREA

TEL:+82-2-794-6111  FAX:+82-2-794-6155

 

MASTER MARINE CO., LTD.

1423, SANJEONG 3-DONG, MOKPO-SI, JEOLLANAM-DO, KOREA

TEL:+82-61-242-4496  FAX:+82-61-242-4497

 

MARINE 21 CO., LTD.

RM. 11, SUYOUNGMAN YACHTING CENTER, 1393, U 1-DONG, HAEUNDAE-GU, BUSAN,, KOREA

TEL:+82-51-742-4141  FAX:+82-51-744-2063

 

 

Sales by Region (Activity & Markets)

 

The Subject imports from USA and Europe including Italy, France and Austria.

 

 

Court Action

 

No.

 

 

News Clipping

 

--

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.97

UK Pound

1

Rs.83.67

Euro

1

Rs.67.19

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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