|
Report Date : |
19.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
KOREGON CO.,
LTD. |
|
|
|
|
Registered Office : |
A-1009, Champs-Elysees Bldg., 889-5, Daechi
4-dong, Gangnam-gu, Seoul, Korea |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
11.01.1996 |
|
|
|
|
Com. Reg. No.: |
220-81-30349 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Wholesale of Seeds and seedling (Vegetable Seeds, Fertilizers) |
|
|
|
|
No. of Employees : |
59 |
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 |
|
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 – March 31st,
2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 is currently the world's 12th largest economy. 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. Korea''s export focused economy was hit hard by the 2008 global economic
downturn, but quickly rebounded in subsequent years, reaching 6.3% growth in
2010. The US-South Korea Free Trade Agreement was ratified by both governments
in 2011 and went into effect in March 2012. Throughout 2012 the economy
experienced sluggish growth because of market slowdowns in the United States,
China, and the Eurozone. The incoming administration in 2013, following the
December 2012 presidential election, is likely to face the challenges of
balancing heavy reliance on exports with developing domestic-oriented sectors,
such as services. 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 |
|
Company Name |
KOREGON CO.,
LTD. (Korean Company
Name : “(주)코레곤”) |
|
Registered Address |
889-5, Daechi 4-dong, Gangnam-gu, Seoul,
Korea |
|
Building |
A-1009, Champs-Elysees Bldg. |
|
Zip Code |
135-712 |
|
Tel |
+82-2-561-3822~3 |
|
Fax |
+82-2-561-3821 |
|
E-mail |
daesin0807@naver.com |
|
Website |
www.koregon.com |
|
Trading Address |
A-1009, Champs-Elysees Bldg., 889-5,
Daechi 4-dong, Gangnam-gu, Seoul, Korea (New Address System : 406, Teheran-ro,
Gangnam-gu, Seoul, Korea) |
|
Tel |
+82-2-561-3822~3 |
|
Fax |
+82-2-561-3821 |
|
Type |
Export/Import |
|
Industry |
Wholesale of Seeds and seedling |
|
Main Business |
Vegetable Seeds, Fertilizers |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
01/11/1996 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Seeds and bulbs and seedlings and cuttings(10150000) |
|
Sell |
Flower seeds and bulbs and seedlings and
cuttings(10151900) |
|
Sell |
Tree and shrub seeds and cuttings(10152000) |
|
Sell |
Vegetable seeds and seedlings(10151500) |
|
Sell |
Agricultural and forestry and landscape machinery
and equipment(21100000) |
|
Sell |
Nitrogen Phosphorous Potassium Mixtures
NPK(10171605) |
|
Name |
Yun Wan-Soo |
|
Address |
Suite 3-801, 70-1, Banpo-dong, Seocho-gu,
Seoul, Korea |
|
Date of Birth |
01/19/1942 |
|
Title |
Co-President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
2,000,000,000 |
||||||||||||||||||||||||
|
Employees |
59 |
||||||||||||||||||||||||
|
Formation |
Co., Ltd by Shares |
||||||||||||||||||||||||
|
Bank Details |
Industrial Bank of Korea-Sunnung Branch |
||||||||||||||||||||||||
|
Corporate Registered No. |
110111-1230757 |
||||||||||||||||||||||||
|
Business Registered No. |
220-81-30349 |
||||||||||||||||||||||||
|
Permit & Licenses |
Int’l Trade No.: 11301468 |
||||||||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||||||||
|
Company History |
01/11/1996 Incorporated as the present name 10/30/2008 Moved to the present HQ address
from 889-70,
Daechi-dong, Gangnam-gu, Seoul, Korea 07/21/2009 Designated as a Venture Business 11/11/2011 Increased capital to
2,000,000,000 KRW from 1,400,000,000 KRW 12/08/2011 Increased the authorized shares
to 1,000,000 shares from 500,000 shares |
||||||||||||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
Co-President & CEO |
Mr. |
Yun Wan-Soo |
Male |
Korean |
08/16/2000 |
|
Co-President & CEO |
Mr. |
Yang Dong-Hyoun |
Male |
Korean |
01/11/2002 |
|
Director |
Mr. |
Jung Woon-Hwa |
Male |
Korean |
10/20/2010 |
|
Auditor |
Mr. |
Oh Dal-Hee |
Male |
Korean |
03/23/2001 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
20,341,663,773 |
18,703,384,652 |
660,465,218 |
|
|
2011 |
21,192,394,281 |
17,935,893,090 |
914,308,720 |
|
2010 |
18,969,306,214 |
14,991,252,225 |
553,728,127 |
|
2009 |
17,075,348,187 |
14,731,675,389 |
708,266,244 |
|
2008 |
16,545,623,425 |
14,353,874,738 |
763,005,041 |
Financial
Description
|
Authorized Capital(KRW) |
5,000,000,000 |
|
Paid-Up Capital(KRW) |
2,000,000,000 |
|
Total Issued Shares |
400,000 |
Balance Sheet
|
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total Assets |
18,703,384,652 |
17,935,893,090 |
14,991,252,225 |
|
Current Assets |
10,808,057,173 |
10,274,212,191 |
7,911,906,447 |
|
-Quick Assets |
8,385,708,457 |
8,318,780,940 |
5,798,123,606 |
|
-Inventories |
2,422,348,716 |
1,955,431,251 |
2,113,782,841 |
|
Fixed Assets |
7,895,327,479 |
7,661,680,899 |
7,079,345,778 |
|
-Investment |
1,249,955,989 |
1,331,438,458 |
1,279,586,696 |
|
-Tangibles |
6,314,597,490 |
6,000,860,441 |
5,472,467,082 |
|
-Intangibles |
330,774,000 |
329,382,000 |
327,292,000 |
|
Total Liabilities |
11,067,487,927 |
10,976,788,646 |
9,310,607,083 |
|
Current Liabilities |
7,520,336,699 |
6,661,119,310 |
5,113,042,883 |
|
Fixed Liabilities |
3,547,151,228 |
4,315,669,336 |
4,197,564,200 |
|
Capital Stock |
2,000,000,000 |
2,000,000,000 |
1,400,000,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
5,655,412,934 |
4,994,947,716 |
4,280,638,996 |
|
Capital Adjustment |
-19,516,209 |
-35,843,272 |
6,146 |
|
Total Equity |
7,635,896,725 |
6,959,104,444 |
5,680,645,142 |
|
Liab. & Shareholder’s Equity |
18,703,384,652 |
17,935,893,090 |
14,991,252,225 |
|
Current Liabilities |
7,520,336,699 |
6,661,119,310 |
5,113,042,883 |
|
Trade Payables |
949,665,128 |
842,649,643 |
535,493,001 |
|
Account Payables |
140,758,330 |
239,029,660 |
83,449,003 |
|
Withholdings |
18,085,540 |
16,223,190 |
14,429,860 |
|
Advance Receipts |
68,561,708 |
100,343,400 |
295,565,775 |
|
Short-Term
Borrowings |
3,741,949,941 |
3,224,657,835 |
2,482,285,587 |
|
Current Portion
of Long-Term Borrowings |
1,200,000,000 |
607,000,000 |
- |
|
Accrued Expenses |
132,336,595 |
128,534,012 |
126,042,397 |
|
Accrued Income
Tax |
1,161,657 |
127,037,570 |
6,333,260 |
|
Short-Term
Borrowings to Shareholders/ Executives/ Employees |
1,267,817,800 |
1,375,644,000 |
1,569,444,000 |
|
Fixed Liabilities |
3,547,151,228 |
4,315,669,336 |
4,197,564,200 |
|
Long-Term
Borrowings |
2,796,000,000 |
3,740,000,000 |
3,847,000,000 |
|
Provision for
Severance & Retirement |
1,040,050,565 |
859,586,143 |
630,790,478 |
Income Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
20,341,663,773 |
21,192,394,281 |
18,969,306,214 |
|
Cost of Sold Goods |
14,439,947,607 |
14,958,802,551 |
13,558,101,413 |
|
Gross Profit |
5,901,716,166 |
6,233,591,730 |
5,411,204,801 |
|
Selling & Admin. Expenses |
5,167,677,204 |
4,871,385,828 |
4,430,077,364 |
|
Operating Income |
734,038,962 |
1,362,205,902 |
981,127,437 |
|
Non-Operating Income |
395,006,840 |
103,497,424 |
170,056,670 |
|
Non-Operating Expenses |
455,802,350 |
423,481,036 |
589,240,891 |
|
Income Before Taxes |
673,243,452 |
1,042,222,290 |
561,943,216 |
|
Income Taxes Expenses |
12,778,234 |
127,913,570 |
8,215,089 |
|
Net Income |
660,465,218 |
914,308,720 |
553,728,127 |
Cash Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Cash Flows from Operating |
683,267,805 |
174,930,737 |
-307,296,060 |
|
-Net Income |
660,465,218 |
914,308,720 |
553,728,127 |
|
-Exp. without Cash Outflow |
398,056,467 |
512,993,853 |
446,531,966 |
|
-Revenue without Cash Inflows |
- |
- |
-23,197,296 |
|
-Changes in Asset/ & Liability |
-375,253,880 |
-1,252,371,836 |
-1,284,358,857 |
|
Cash Flows from Investing |
-899,258,598 |
-1,504,711,242 |
62,570,948 |
|
-Cash Inflow from Investing |
97,809,532 |
35,849,418 |
716,107,884 |
|
-Cash Outflows for Investing |
-997,068,130 |
-1,540,560,660 |
-653,536,936 |
|
Cash Flows from Financing |
-60,610,866 |
1,448,572,248 |
339,792,731 |
|
-Cash Inflows from Financing |
773,292,106 |
1,949,372,248 |
1,168,835,548 |
|
-Cash Outflows from Financing |
-833,902,972 |
-500,800,000 |
-829,042,817 |
|
Increase/Decrease in Cash |
-276,601,659 |
118,791,743 |
95,067,619 |
|
Cash at the Beginning of Year |
434,502,005 |
315,710,262 |
220,642,643 |
|
Cash at the End of Year |
157,900,346 |
434,502,005 |
315,710,262 |
|
Main Products & Services |
Vegetable Seeds, Fertilizers |
|
Competitors |
DAENONG SEEDS CO., LTD. 653-47, HAENGSIN-DONG, DEOKYANG-GU,
GOYANG-SI, GYEONGGI-DO, KOREA TEL:+82-31-973-5456~8 FAX:+82-31-973-5459 KOOIJ KOREA SEEDS CO., LTD. 1146-6, OE-DONG, GIMHAE-SI,
GYEONGSANGNAM-DO, KOREA TEL:+82-55-335-8609 FAX:+82-55-325-8982 NAMNONG HORTICULTURE CO., LTD. 1152-25, OGYE-RI, NAMPYEONG-EUP, NAJU-SI,
JEOLLANAM-DO, KOREA TEL:+82-61-337-0275 FAX:+82-61-337-7694 |
|
Cooperative Enterprise |
-Insured Company LOTTE NON-LIFE INSURANCE CO., LTD.(110111-0014459) |
The Subject deals
with the companies in USA, India, Japan and China.
No.
----
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.61.81 |
|
UK Pound |
1 |
Rs.96.56 |
|
Euro |
1 |
Rs.82.45 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.