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Report Date : |
04.12.2013 |
IDENTIFICATION DETAILS
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Name : |
INSUNG MACHINE & ELECTRICITY CO., LTD. |
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Registered Office : |
266-2, Uijeon-ri, Jinyeong-eup, Gimhae-si, Gyeongsangnam-do, Korea,
Zip Code 621-801 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
18.10.1999 |
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Com. Reg. No.: |
615-81-10065 |
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Legal Form : |
Co., Ltd by Shares |
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Line of Business : |
Manufacturer of Industrial Ovens, Furnaces and Furnace Burners |
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No. of Employees : |
23 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
TATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 – September 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
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 |
INSUNG MACHINE
& ELECTRICITY CO., LTD. (Korean Company Name : “(주)인성기전”) |
|
Registered Address |
266-2, Uijeon-ri, Jinyeong-eup, Gimhae-si, Gyeongsangnam-do, Korea |
|
Zip Code |
621-801 |
|
Tel |
+82-55-323-5701~4 |
|
Fax |
+82-55-323-5705 |
|
E-mail |
|
|
Website |
|
|
Trading
Address |
266-2, Uijeon-ri, Jinyeong-eup, Gimhae-si, Gyeongsangnam-do, Korea |
|
Tel |
+82-55-323-5701~4 |
|
Fax |
+82-55-323-5705 |
|
Type |
Export/Import |
|
Industry |
Manufacture
of Industrial Ovens, Furnaces and Furnace Burners |
|
Main Business |
Induction
Heater, Automatic Disconnect Control Device, Magnetic Particles Inspector |
|
Established (mm/dd/yyyy) |
10/18/1999 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Heating equipment and parts and
accessories(40101800) |
|
Sell |
Magnetic particle examination equipment(41111803) |
|
Sell |
Ultra pure water systems(41104206) |
|
Sell |
Industrial machinery components and
accessories(23153100) |
|
Buy |
Power supply transformers(39121002) |
|
Buy |
Diodes(32111500) |
|
Buy |
Integrated circuits(32101600) |
|
Buy |
Resistors(32121600) |
|
Buy |
Bolts(31161600) |
|
Buy |
Asynchronous transfer mode ATM network
equipment(43221805) |
|
Name |
Lee
Seong-Dong |
|
Address |
Suite 106-903, 1130, Nae-dong,
Gimhae-si, Gyeongsangnam-do, Korea |
|
Date of Birth |
04/11/1960 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
362,000,000 |
||||||||||
|
Employees |
23 |
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|
Formation |
Co., Ltd by Shares Venture
Business |
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Bank Details |
Busan Bank-Sasang Branch Gyungnam Bank-Sasang Branch |
||||||||||
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Corporate Registered No. |
184611-0035748 |
||||||||||
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Business Registered No. |
615-81-10065 |
||||||||||
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Permit & Licenses |
02/01/2009
ISO 9001 |
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Shareholder Position |
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Company History |
10/18/1999 Incorporated as the present name 03/08/2007 Designated as a Venture Business 03/09/2007 Designated as an INNO-BIZ
Company 06/01/2007 Moved to the present HQ address
from 1009-1, Daegam-ri, Sangdong-myeon, Gimhae-si,
Gyeongsangnam-do, Korea 03/03/2009 Increased the authorized shares to
100,000 shares from 20,000 shares 08/05/2009 Increased capital to 362,000,000 KRW
from 200,000,000 KRW 03/02/2010 Designated as a Venture Business
again |
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Job
Description |
Title |
Name |
Sex |
Nationality |
Inauguration
Date |
|
Representative
Director |
Mr. |
Lee
Seong-Dong |
Male |
Korean |
02/18/2008 |
|
Auditor |
M/S. |
Na Young-Ja |
Female |
Korean |
11/26/2013 |
|
Year / Unit
: KRW |
Sales |
Assets |
Net Income |
|
2009 |
2,426,000,000 |
4,564,000,000 |
74,000,000 |
|
2008 |
2,734,000,000 |
4,093,000,000 |
77,000,000 |
|
2007 |
4,845,000,000 |
4,316,000,000 |
185,000,000 |
|
2006 |
3,567,000,000 |
|
|
The latest financials
are not available, and the Subject Company does not have any obligations to
release its financials to the public.
|
Authorized Capital(KRW) |
1,000,000,000 |
|
Paid-Up Capital(KRW) |
362,000,000 |
|
Total Issues Shares |
36,200 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As
of 12/31/2009 |
As
of 12/31/2008 |
As
of 12/31/2007 |
|
Total Assets |
4,564,000,000 |
4,093,000,000 |
4,316,000,000 |
|
Current Assets |
997,000,000 |
727,000,000 |
1,073,000,000 |
|
-Quick
Assets |
919,000,000 |
563,000,000 |
1,002,000,000 |
|
-Inventories |
78,000,000 |
164,000,000 |
71,000,000 |
|
Fixed
Assets |
3,567,000,000 |
3,366,000,000 |
3,243,000,000 |
|
-Investment |
429,000,000 |
212,000,000 |
82,000,000 |
|
-Tangibles |
2,737,000,000 |
2,754,000,000 |
2,828,000,000 |
|
-Intangibles |
400,000,000 |
400,000,000 |
332,000,000 |
|
Total Liabilities |
3,332,000,000 |
3,097,000,000 |
3,397,000,000 |
|
Current Liabilities |
343,000,000 |
481,000,000 |
466,000,000 |
|
Fixed Liabilities |
2,989,000,000 |
2,616,000,000 |
2,932,000,000 |
|
Capital Stock |
362,000,000 |
200,000,000 |
200,000,000 |
|
Capital Surplus |
- |
- |
- |
|
Profit Surplus |
870,000,000 |
796,000,000 |
719,000,000 |
|
Capital Adjustment |
- |
- |
- |
|
Total Equity |
1,232,000,000 |
996,000,000 |
919,000,000 |
|
Liab. & Shareholder’s Equity |
4,564,000,000 |
4,093,000,000 |
4,316,000,000 |
Income
Statement
|
|||
|
Unit : Korean Won |
As
of 12/31/2009 |
As
of 12/31/2008 |
As
of 12/31/2007 |
|
Sales |
2,426,000,000 |
2,734,000,000 |
4,845,000,000 |
|
Cost of Sold Goods |
1,871,000,000 |
2,076,000,000 |
4,306,000,000 |
|
Gross Profit |
555,000,000 |
658,000,000 |
539,000,000 |
|
Selling & Admin. Expenses |
266,000,000 |
413,000,000 |
615,000,000 |
|
Operating Income |
289,000,000 |
245,000,000 |
-76,000,000 |
|
Non-Operating Income |
48,000,000 |
75,000,000 |
458,000,000 |
|
Non-Operating Expenses |
263,000,000 |
242,000,000 |
196,000,000 |
|
Income Before Taxes |
74,000,000 |
79,000,000 |
186,000,000 |
|
Income Taxes Expenses |
- |
2,000,000 |
2,000,000 |
|
Net Income |
74,000,000 |
77,000,000 |
185,000,000 |
|
Main Products & Services |
Induction
Heater, Automatic Disconnect Control Device, Magnetic Particles Inspector |
|
Competitors |
HIGH POWER TECHNICAL CO., LTD. 11-124, SIHEUNG CIRCULATION CENTER, 984,
SIHEUNG 3-DONG, GEUMCHEON-GU, SEOUL, KOREA TEL:+82-2-804-0150 FAX:+82-2-806-4883 HIGH POWER TECHNICAL CO., LTD. 11-124, SIHEUNG CIRCULATION CENTER, 984,
SIHEUNG 3-DONG, GEUMCHEON-GU, SEOUL, KOREA TEL:+82-2-804-0150 FAX:+82-2-806-4883 DOO SUNG INDUCTION CORP. 1070, WONJI-RI, JUCHON-MYEON, GIMHAE-SI,
GYEONGSANGNAM-DO, KOREA TEL:+82-55-337-3000 FAX:+82-55-337-3001 |
(Activity & Markets)
The Subject deals
with the companies in China.
Not Available.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.34 |
|
UK Pound |
1 |
Rs.102.06 |
|
Euro |
1 |
Rs.84.46 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.