|
Report Date : |
12.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
UBIVELOX INC. |
|
|
|
|
Registered Office : |
212-8, Guro 3-dong, Guro-gu, Seoul, Korea, Rm. 705, Daeryung Post
Tower 1-cha 152-790 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
30.09.2013 |
|
|
|
|
Date of Incorporation : |
01.09.2000 |
|
|
|
|
Com. Reg. No.: |
119-81-41677 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Application Software Development and Supply and Mobile Platform,
Mobile Solution, Mobile Application, Telematices |
|
|
|
|
No. of Employees : |
400 |
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 |
UBIVELOX INC. (Korean Company Name
: “유비벨록스(주)”) |
|
Registered Address |
212-8, Guro 3-dong, Guro-gu, Seoul, Korea |
|
Building |
Rm. 705, Daeryung Post Tower 1-cha |
|
Zip Code |
152-790 |
|
Tel |
+82-2-597-3023 |
|
Fax |
+82-2-597-3177 |
|
E-mail |
contact@ubivelox.com |
|
Website |
www.ubivelox.com |
|
Trading Address |
Rm. 705, Daeryung Post Tower 1-cha, 212-8,
Guro 3-dong, Guro-gu, Seoul, Korea (New Address System : 288, Digital-ro,
Guro-gu, Seou, Korea) |
|
Tel |
+82-2-597-3023 |
|
Fax |
+82-2-597-3177 |
|
Type |
Export/Import |
|
Industry |
Application Software Development and Supply |
|
Main Business |
Mobile Platform, Mobile Solution, Mobile Application, Telematices |
|
Established (mm/dd/yyyy) |
09/01/2000 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Development software(43232400) |
|
Sell |
Communications server software(43232902) |
|
Sell |
Computer Equipment and Accessories(43210000) |
|
Name |
Lee Heung-Bouk |
|
Date of Birth |
02/1974 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
2,738,827,000 |
||||||||||||||||||
|
Employees |
400 |
||||||||||||||||||
|
Formation |
Listed Company (KOSDAQ : 089850) as of 06/18/2010 Venture Business |
||||||||||||||||||
|
Bank Details |
Woori Bank-Naksungdae Branch |
||||||||||||||||||
|
Corporate Registered No. |
110111-2062167 |
||||||||||||||||||
|
Business Registered No. |
119-81-41677 |
||||||||||||||||||
|
Permit & Licenses |
N/A |
||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||
|
Company History |
09/01/2000 Incorporated as VELOXSOFT INC. 12/2005 Moved to the present HQ address
from 1659-5,
Bongcheon-dong, Gwanak-gu, Seoul, Korea 06/2009 Changed company name to the present name |
||||||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
President & CEO |
Mr. |
Lee Heung-Bouk |
Korean |
1974.02 |
Seoul National University, Korea |
|
Sr. Executive Director |
Mr. |
Yang Byung-Sun |
Korean |
1974.1 |
Seoul National University, Korea |
|
Sr. Executive Director |
Mr. |
Kim Sung-Jin |
Korean |
1968.02 |
Ulsan University, Korea |
|
Executive Director |
Mr. |
Lee Byung-Kap |
Korean |
1974.11 |
- |
|
Director |
Mr. |
Kim Myyung-Ho |
Korean |
1968.11 |
Sungkyunkwan University, Korea |
|
Outside Director |
Mr. |
Jung Koo-Min |
Korean |
1972.10 |
Seoul National University, Korea |
|
Outside Director |
Mr. |
Ju Min-Cheol |
Korean |
1974.01 |
KAIST, Korea |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
55,295,555,238 |
107,757,990,483 |
21,426,223 |
|
|
(*)2012 |
83,473,032,205 |
108,364,505,106 |
6,883,915,153 |
|
(*)2011 |
92,088,835,599 |
87,859,957,788 |
9,785,375,913 |
|
2010 |
80,279,645,027 |
53,562,621,034 |
10,127,015,957 |
|
2009 |
44,966,542,106 |
33,005,052,508 |
4,511,770,937 |
|
2008 |
15,135,497,635 |
16,409,999,804 |
1,865,041,726 |
|
2007 |
11,082,129,043 |
12,649,990,160 |
2,060,633,576 |
|
2006 |
7,138,669,590 |
8,899,788,673 |
925,250,741 |
(*)Figures are based
on the K-IFRS Accounting System.
Financial
Description
|
Authorized Capital(KRW) |
10,000,000,000 |
|
Paid-Up Capital(KRW) |
2,738,827,000 |
|
Total Issues Shares |
5,477,654 |
|
Unit : Korean Won |
01/01/2013~09/30/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Total Assets |
107,757,990,483 |
108,364,505,106 |
87,859,957,788 |
|
Current
Assets |
36,922,620,141 |
40,640,086,819 |
34,190,981,007 |
|
Cash & Cash Equivalents |
8,627,140,345 |
9,449,593,981 |
1,221,813,820 |
|
Marketable Financial Instruments |
1,648,000,000 |
623,000,000 |
4,355,000,000 |
|
Finance Assets from this year's
Income |
203,603,279 |
905,262,424 |
795,611,711 |
|
Other Receivables |
9,955,579,338 |
17,771,935,836 |
14,337,375,216 |
|
Deferred Income Tax Assets |
|
105,352,252 |
|
|
Current Financial Instruments |
2,311,187,269 |
1,861,536,692 |
511,297,899 |
|
Other Current Assets |
5,270,454,284 |
1,661,220,716 |
1,796,555,754 |
|
Inventories |
8,906,655,626 |
8,262,184,918 |
11,173,326,607 |
|
Non-Current
Assets |
70,835,370,342 |
67,724,418,287 |
53,668,976,781 |
|
Non-Current Financial Instruments |
940,000,000 |
498,000,000 |
90,000,000 |
|
Marketable Financial Instruments |
55,000,000 |
55,000,000 |
55,000,000 |
|
Investment_Related Companies |
39,518,755,280 |
39,272,066,280 |
38,455,756,280 |
|
Tangibles |
13,918,715,758 |
13,509,412,319 |
4,663,628,699 |
|
Intangibles |
13,374,349,652 |
11,671,539,761 |
8,688,398,632 |
|
Non-Current Financial Instruments |
2,457,568,414 |
2,354,752,001 |
1,633,586,893 |
|
Deferred Income Tax Assets |
570,981,238 |
363,647,926 |
82,606,277 |
|
Total
Liabilities |
37,891,504,346 |
38,958,241,463 |
34,075,514,851 |
|
Current
Liabilities |
26,920,296,319 |
23,822,295,087 |
9,941,187,540 |
|
Trade Payables |
2,496,341,751 |
7,812,010,157 |
3,717,374,053 |
|
Short-Term Borrowings |
17,135,097,547 |
12,572,687,163 |
2,790,000,000 |
|
Current Portion of Long-Term
Debts |
4,166,700,000 |
|
|
|
Accrued Income Tax |
89,265,689 |
|
821,014,764 |
|
Other Current Financial Debts |
2,306,477,972 |
2,335,670,450 |
1,693,636,332 |
|
Other Current Liabilities |
726,413,360 |
1,101,927,317 |
919,162,391 |
|
Non-Current
Liabilities |
10,971,208,027 |
15,135,946,376 |
24,134,327,311 |
|
Long-Term Borrowings |
10,833,300,000 |
15,000,000,000 |
15,000,000,000 |
|
Provision for Severance & Retirement |
37,470,890 |
31,777,889 |
52,229,433 |
|
Provision for Repairing |
84,614,706 |
84,368,412 |
83,727,661 |
|
Other Non-Current Financial Debts |
15,822,431 |
19,800,075 |
- |
|
Bond With Warrant |
- |
- |
8,998,370,217 |
|
Capital
Stock |
3,003,708,000 |
2,997,982,500 |
2,757,980,500 |
|
Capital Surplus |
29,329,317,346 |
29,135,051,131 |
21,101,820,503 |
|
Profit Surplus |
38,058,642,629 |
38,037,216,406 |
31,153,301,253 |
|
Others |
-525,181,838 |
-763,986,394 |
-1,228,659,319 |
|
Total Equity |
69,866,486,137 |
69,406,263,643 |
53,784,442,937 |
|
Liab. & Shareholder’s Equity |
107,757,990,483 |
108,364,505,106 |
87,859,957,788 |
|
Unit : Korean Won |
01/01/2013~09/30/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Sales |
55,295,555,238 |
83,473,032,205 |
92,088,835,599 |
|
Cost of Sold Goods |
40,738,042,253 |
58,676,158,132 |
60,479,073,201 |
|
Gross Profit |
14,557,512,985 |
24,796,874,073 |
31,609,762,398 |
|
Selling & Admin. Expenses |
-11,375,681,421 |
-15,343,102,160 |
-19,043,587,699 |
|
Operating Income |
3,181,831,564 |
9,453,771,913 |
12,566,174,699 |
|
Other Income |
269,697,788 |
273,840,980 |
563,709,661 |
|
Other Expenses |
-243,686,890 |
-226,378,642 |
-712,629,069 |
|
Finance Income |
380,715,587 |
846,411,373 |
538,610,579 |
|
Finance Expenses |
-1,987,245,504 |
-3,650,797,797 |
-620,011,747 |
|
Profits from Investment on Related Companies |
- |
786,150,000 |
- |
|
Losses from Investment on Related Companies |
- |
-503,340,000 |
- |
|
Income Before Taxes |
1,601,312,545 |
6,979,657,827 |
12,335,854,123 |
|
Income Taxes Expenses |
1,579,886,322 |
257,733,385 |
1,962,111,665 |
|
Income from Continuous Business |
21,426,223 |
6,721,924,442 |
10,373,742,458 |
|
Income from Stopped Business |
|
161,990,711 |
-588,366,545 |
|
Net Income |
21,426,223 |
6,883,915,153 |
9,785,375,913 |
|
Unit : Korean Won |
01/01/2013~09/30/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Operating Activities Cash Flows |
1,173,709,098 |
13,515,389,511 |
2,608,000,824 |
|
Cash Flows from
Operating |
3,731,739,899 |
15,769,089,451 |
5,076,627,924 |
|
Interests Received |
75,756,056 |
204,852,210 |
492,285,524 |
|
Interests Paid |
-1,062,735,670 |
-974,354,872 |
-221,469,167 |
|
Income Taxes |
-1,571,051,187 |
-1,484,197,278 |
-2,739,443,457 |
|
Cash Flows from
Investing |
-6,836,145,808 |
-12,870,930,626 |
-43,854,965,104 |
|
Cash Flows from
Financing |
4,979,656,149 |
7,850,449,951 |
27,846,639,100 |
|
Increase/Decrease in
Cash |
-822,453,635 |
8,227,780,161 |
-13,398,267,730 |
|
Cash at the Beginning
of Year |
9,449,593,981 |
1,221,813,820 |
14,620,081,550 |
|
Cash at the End of
Year |
8,627,140,345 |
9,449,593,981 |
1,221,813,820 |
|
Main Products & Services |
Embedded S/W Total Solution, Smart Card |
|
Customers |
KOOKMIN BANK(110111-0015655) |
|
Competitors |
INIT DATASYSTEM CO., LTD. RM.607, WINDSTONE OFFICETEL, 275-2, YANGJAE
2-DONG, SEOCHO-GU, SEOUL, KOREA TEL:+82-2-574-2590 FAX:+82-2-574-2591 ROOTONPLUS CO., LTD. 5FL., INEUI BLDG., 221-44, SINGIL-DONG,
YEONGDEUNGPO-GU, SEOUL, KOREA TEL:+82-70-7507-3645 FAX:+82-2-847-8177 NSYSTEM CO., LTD. RM. B806, 8TH FL., GEUMGANG PENTERIUM IT
TOWER, 333-7, SANGDAEWON 1-DONG, JUNGWON-GU, SEONGNAM-SI, GYEONGGI-DO, KOREA TEL:+82-31-730-0277 FAX:+82-31-730-0279 |
|
Affiliates |
THINKWARE SYSTEMS CORPORATION(110111-1394420) (22.17% held by the subject company) MONDO SYSTEMS, INC.(110111-3284687) (23.26% held by the subject company) BIT&PULSE CO., LTD.(110111-1771470) (33.84% held by the subject company) UBIVELOX MOBILE CO., LTD.(110111-4580224) (42.33% held by the subject company) MI WORKS CO., LTD.(110111-2056590) |
|
Subsidiary |
UBIVELOX INTERNATIONAL PTE. LTD. (100.0% held by the subject company) |
|
Sales/ Unit :Mil KRW |
2010 |
2009 |
2008 |
|
Export |
2,475 |
2,198 |
923 |
|
Domestic |
77,804 |
42,769 |
14,212 |
|
Total |
80,279 |
44,967 |
15,135 |
The Subject deals
with the companies in Singapore.
No.
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.33 |
|
|
1 |
Rs.100.79 |
|
Euro |
1 |
Rs.84.37 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.