|
Report Date : |
13.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
DAEDONG INDUSTRIAL CO., LTD. |
|
|
|
|
Registered Office : |
1-12, Buk-ri, Nongong-eup, Dalseong-gun, Daegu, Korea 711-857 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
30.09.2012 |
|
|
|
|
Date of Incorporation : |
20.05.1947 |
|
|
|
|
Com. Reg. No.: |
514-81-06690 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Agricultural and Forestry Machinery |
|
|
|
|
No. of Employees : |
807 |
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 Complaint |
|
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 |
|
Company Name |
DAEDONG INDUSTRIAL CO., LTD. (Korean Company Name : “대동공업(주)”) |
|
Registered Address |
1-12, Buk-ri, Nongong-eup, Dalseong-gun,
Daegu, Korea |
|
Zip Code |
711-857 |
|
Tel |
+82-53-610-3000 |
|
Fax |
+82-53-615-1050 |
|
E-mail |
jskim@daedong.co.kr |
|
Website |
www.daedong.co.kr |
|
Trading Address |
1422-5, Seocho-dong, Seocho-gu, Seoul, Korea
(P.O.BOX 53) |
|
Tel |
+82-2-3470-7300 |
|
Fax |
+82-2-583-3646 |
|
Other Address-R&D Center |
400-1, Jikgyo-ri, Changnyeong-eup, Changnyeong-gun, Gyeongsangnam-do,
Korea |
|
Tel |
+82-55-530-7100 |
|
Fax |
+82-55-530-7111 |
|
Other Address-Gangwon Sales Office |
198-45, Hupyeong-dong, Chuncheon-si, Gangwon-do, Korea |
|
Tel |
+82-33-257-8941 |
|
Other Address-Sales Office |
412, Bojeong-dong, Giheung-gu, Yongin-si, Gyeonggi-do, Korea |
|
Tel |
+82-31-262-8131 |
|
Fax |
+82-31-262-9830 |
|
Other Address-Youngnam Sales Office |
464, Seongsan-ri, Hwawon-eup, Dalseong-gun, Daegu, Korea |
|
Tel |
+82-53-635-1655 |
|
Fax |
+82-53-635-1645 |
|
Other Address-Chungcheong Sales Office |
508-1, Gongam-ri, Banpo-myeon, Gongju-si, Chungcheongnam-do, Korea |
|
Tel |
+82-41-857-3381 |
|
Fax |
+82-41-857-3385 |
|
Other Address-Jeonnam Sales Office |
737-1, Ancheong-dong, Gwangsan-gu, Gwangju, Korea |
|
Tel |
+82-62-955-6301 |
|
Fax |
|
|
Type |
Export |
|
Industry |
Manufacture of Agricultural and Forestry Machinery |
|
Main Business |
Tractor, Combine, Rice Transplanter, Power Tiller |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
05/20/1947 |
The Subject owns
the premises of registered HQ address/Factory.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Cultivators(21101503) |
|
Sell |
Transplanters(21101602) |
|
Sell |
Laboratory bailers(41104005) |
|
Sell |
Fertilizer spreaders or distributors(21101804) |
|
Sell |
Mowers(21101701) |
|
Sell |
Agricultural tractors(25101901) |
|
Sell |
Skid steer loaders(22101529) |
|
Sell |
Combine harvesters(21101704) |
|
Sell |
Engines(26101500) |
|
Buy |
Motors(26101600) |
|
Buy |
Gears(31171700) |
|
Buy |
Engines(26101500) |
|
Buy |
Steel plate(30102204) |
|
Buy |
Conveyor belting(24101715) |
|
Buy |
Chains(31151600) |
|
Buy |
Batteries and cells and accessories(26111700) |
|
Buy |
Hydraulic motors(26101613) |
|
Buy |
Pigment paints(31211503) |
|
Buy |
Mufflers or resonators(25173702) |
|
Buy |
Tanks and cylinders and their accessories(24111800) |
|
Buy |
Tires and tire tubes(25172500) |
|
Buy |
Glass products(30171700) |
|
Name |
Kim Jun-Sik |
|
Address |
|
|
Date of Birth |
05/20/1966 |
|
Title |
Vice Chairman & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
23,728,210,000 |
|||||||||||||||||||||||||||
|
Employees |
807 |
|||||||||||||||||||||||||||
|
Formation |
Listed Company (Korea Stock Exchange :
000490 ) as of 06/27/1975 A company of DAEDONG INDUSTRIAL GROUP |
|||||||||||||||||||||||||||
|
Bank Details |
Shinhan Bank |
|||||||||||||||||||||||||||
|
Corporate Registered No. |
191111-0000104 |
|||||||||||||||||||||||||||
|
Business Registered No. |
514-81-06690 |
|||||||||||||||||||||||||||
|
Permit & Licenses |
02/14/1997 ISO 14001 02/14/1997 ISO 9001 2002 ISO 9001 12/01/2005 ISO 14001 Int’l Trade No.: 770244 |
|||||||||||||||||||||||||||
|
Shareholder Position |
|
|||||||||||||||||||||||||||
|
Company History |
05/20/1947 Incorporated as DAEDONG KONGUPSA CO.(sole
Proprietorship) 11/16/1966 Incorporated as present name 06/27/1975 Listed company at KSE Market 11/30/1993 Awarded US$10 Million Export
Prize 11/30/2003 Awarded US$50 Million Export
Prize 11/30/2004 Awarded US$70 Million Export
Prize 12/02/2008 Awarded US$100 Million Export
Top Prize |
|||||||||||||||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Date of Birth |
|
Vice Chairman & CEO |
Mr. |
Kim Jun-Sik |
Male |
Korean |
1966.05.20 |
|
Co-President & CEO |
Mr. |
Kwak Sang-Cheol |
Male |
Korean |
1957.11.27 |
|
Co-President & CEO |
Mr. |
Jin Young-Kyun |
Male |
Korean |
1955.04.03 |
|
Vice Chairman |
Mr. |
Han Jae-Hyoung |
Male |
Korean |
1940.02.04 |
|
Outside Director |
Mr. |
Kwon Dae-Kun |
Male |
Korean |
1965.09.23 |
|
Outside Director |
Mr. |
Kim Hong-Sik |
Male |
Korean |
1949.09.16 |
|
Outside Director |
Mr. |
Lee Won-Oh |
Male |
Korean |
1967.02.12 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
396,600,878,348 |
510,372,947,495 |
8,854,607,824 |
|
|
(*)2011 |
503,098,278,437 |
469,760,508,800 |
1,725,338,419 |
|
(*)2010 |
441,001,481,131 |
463,412,628,897 |
2,348,280,428 |
|
2009 |
418,106,583,135 |
309,133,717,685 |
3,761,024,329 |
|
2008 |
442,575,770,712 |
323,348,858,586 |
-13,555,880,972 |
|
2007 |
384,042,383,110 |
299,814,173,314 |
-4,684,185,374 |
|
2006 |
342,911,913,556 |
299,821,794,424 |
1,870,374,057 |
|
2005 |
351,006,218,000 |
266,137,903,000 |
5,023,081,000 |
|
2004 |
283,422,212,000 |
238,329,440,000 |
4,239,679,000 |
(*)Figures are based
on the K-IFRS Accounting System.
Financial
Description
|
Authorized Capital(KRW) |
320,000,000,000 |
|
Paid-Up Capital(KRW) |
23,728,210,000 |
|
Total Issues Shares |
23,728,210 |
Balance Sheet
|
|||
|
Unit : Korean Won |
01/01/2012~09/30/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total Assets |
510,372,947,495 |
469,760,508,800 |
463,412,628,897 |
|
Current Assets |
253,591,597,335 |
214,018,267,686 |
208,724,509,777 |
|
Cash & Cash
Equivalents |
2,717,493,254 |
2,410,763,113 |
1,765,979,990 |
|
Trade Receivables
& Other Receivables |
140,035,874,930 |
97,875,015,613 |
106,754,619,119 |
|
Current Financial
Instruments |
139,496,336 |
73,250,756 |
293,547,645 |
|
Current Non-Financial
Instruments |
1,050,088,493 |
753,929,205 |
872,458,505 |
|
Inventories |
109,648,644,322 |
112,905,308,999 |
97,411,089,949 |
|
Deferred Income Taxes |
0 |
0 |
1,626,814,569 |
|
Non-Current Assets |
256,781,350,160 |
255,742,241,114 |
254,688,119,120 |
|
Investment_Subsidiaries |
30,282,671,147 |
30,282,671,147 |
28,534,671,147 |
|
Investment_Real
Estates |
6,636,391,911 |
6,658,440,916 |
6,687,839,588 |
|
Tangibles |
204,396,099,082 |
204,497,257,619 |
210,056,583,305 |
|
Intangibles |
13,423,738,470 |
12,135,201,882 |
7,223,345,250 |
|
Other Non-Current
Assets |
2,042,449,550 |
2,168,669,550 |
2,185,679,830 |
|
Total
Liabilities |
291,572,068,109 |
257,879,247,341 |
251,928,715,386 |
|
Current Liabilities |
219,683,474,284 |
181,980,897,620 |
177,650,989,375 |
|
Trade Payables &
Other Payables |
80,016,844,373 |
69,760,489,742 |
61,806,166,529 |
|
Short-Term Borrowings |
125,330,570,071 |
97,159,190,619 |
104,295,306,510 |
|
Other Current
Financial Debts |
8,457,689,816 |
9,217,472,933 |
9,293,970,645 |
|
Other Non-Current
Financial Debts |
3,537,595,671 |
3,436,202,158 |
2,255,545,691 |
|
Deferred Income Tax
Credit |
2,340,774,353 |
2,407,542,168 |
0 |
|
Non-Current Liabilities |
71,888,593,825 |
75,898,349,721 |
74,277,726,011 |
|
Long-Term Trade
Payables & Other Payables |
34,136,920,381 |
37,717,883,769 |
33,793,811,790 |
|
Provision for
Severance & Retirement |
16,763,251,883 |
18,061,325,373 |
18,120,446,875 |
|
Other Non-Current
Financial Debts |
2,508,958,045 |
2,364,044,277 |
2,426,296,804 |
|
Other Non-Current
Provisions |
4,096,389,884 |
3,903,383,400 |
3,610,098,019 |
|
Deferred Income Tax
Credit |
14,383,073,632 |
13,851,712,902 |
16,327,072,523 |
|
Capital Stock |
23,728,210,000 |
23,728,210,000 |
23,728,210,000 |
|
Capital Surplus |
4,176,999,776 |
4,176,999,776 |
4,176,999,776 |
|
Others |
0 |
0 |
3,620,439 |
|
Profit Surplus |
190,895,669,610 |
183,976,051,683 |
183,575,083,296 |
|
Total Equity |
218,800,879,386 |
211,881,261,459 |
211,483,913,511 |
|
Liab. &
Shareholder’s Equity |
510,372,947,495 |
469,760,508,800 |
463,412,628,897 |
Income Statement
|
|||
|
Unit : Korean Won |
01/01/2012~09/30/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
396,600,878,348 |
503,098,278,437 |
441,001,481,131 |
|
Cost of Sold Goods |
306,600,664,780 |
394,566,032,929 |
342,114,465,605 |
|
Gross Profit |
90,000,213,568 |
108,532,245,508 |
98,887,015,526 |
|
Selling Expenses |
39,291,849,932 |
52,986,696,800 |
43,777,682,947 |
|
Admin. Expenses |
37,650,058,823 |
49,739,486,566 |
45,748,376,389 |
|
Operating Income |
13,058,304,813 |
5,806,062,142 |
9,360,956,190 |
|
Other Income |
175,813,462 |
2,455,385,320 |
976,588,384 |
|
Finance Income |
2,604,090,839 |
1,046,191,167 |
762,819,861 |
|
Finance Expenses |
4,016,298,530 |
7,287,653,223 |
7,409,071,692 |
|
Income Before Taxes |
11,821,910,584 |
2,019,985,406 |
3,691,292,743 |
|
Income Taxes Expenses |
2,967,302,760 |
294,646,987 |
1,343,012,315 |
|
Net Income |
8,854,607,824 |
1,725,338,419 |
2,348,280,428 |
Cash Flows
|
|||
|
Unit : Korean Won |
01/01/2012~09/30/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Operating Activities Cash Flows |
-5,783,087,525 |
30,245,296,339 |
18,109,271,803 |
|
Net Income |
8,854,607,824 |
1,725,338,419 |
2,348,280,428 |
|
Adjustment |
-12,388,430,974 |
27,173,369,858 |
16,715,122,527 |
|
Income Taxes |
-2,249,264,375 |
1,346,588,062 |
-954,131,152 |
|
Cash Flows from
Investing |
-15,448,747,243 |
-18,692,352,006 |
-22,736,777,531 |
|
Cash Flows from
Financing |
21,538,564,909 |
-10,908,161,210 |
4,769,026,170 |
|
Increase/Decrease in
Cash |
306,730,141 |
644,783,123 |
141,520,442 |
|
Cash at the Beginning
of Year |
2,410,763,113 |
1,765,979,990 |
1,624,459,548 |
|
Cash at the End of
Year |
2,717,493,254 |
2,410,763,113 |
1,765,979,990 |
|
Main Products & Services |
Tractor Combine Rice Transplanter Power Tiller Engines Brand Name : D500(C), DSM72(G), DT10DE,
S3-680(A), 4A220A-DY |
|
Suppliers |
DAEDONG GEAR CO., LTD.(191111-0000758) KYEONG NAM STEEL CO., LTD.(194211-0006090) |
|
Customers |
BOBCAT COMPANY-USA CLARK EQUIPMENT COMPANY-USA NATIONAL AGRICULTURAL COOPERATIVE FEDERATION-KOREA |
|
Competitors |
KUKJE, MACHINERY CO., LTD.(131111-0000635) 11-1, YANGSU-RI, OKCHEON-EUP, OKCHEON-GUN,
CHUNGCHEONGBUK-DO, KOREA TEL:+82-43-732-1151 FAX:+82-43-732-1162 TONG YANG MOOLSAN CO., LTD.(110111-0032899) 2ND FL., DAEYONG BLDG., 90, NONHYEON
2-DONG, GANGNAM-GU, SEOUL, KOREA TEL:+82-2-3014-2800 FAX:+82-2-3014-2850 LS MTRON CO., LTD.(134111-0168349) 11TH FL., LS TOWER, 1026-6, HOGYE 1-DONG,
DONGAN-GU, ANYANG-SI, GYEONGGI-DO, KOREA TEL:+82-31-689-8288 FAX:+82-31-689-8298 |
|
Affiliates |
DAEDONG GEAR CO., LTD.(191111-0000758) (31.6% held by
the subject company) |
|
Subsidiary |
DAEDONG METAL CO., LTD. (174111-0002630) (70.13% held by the subject company) HAN KUK CHAIN IND. CO., LTD (134611-0000260) (24.51% held by the subject company) DAEDONG SEOCHON CO., LTD.(164411-0006927) (100.00% held by the subject company) DAEDONG-USA, INC. (100.00% held by the subject company) DAENONG NAMKYUNG CO., LTD.(CHINA) (90.00% held by the subject company) DAEDONG KIOTI EUROPE.B.V. (100.00% held by the subject company) STATIONSWEG 36, 3214 VK ZUIDLAND, NETHERLANDS |
|
Cooperative Enterprise |
KUBOTA CORPORATION(JAPAN) SHIBAWURA(JAPAN) |
|
Sales/ Unit :Mil KRW |
09/2012 |
2011 |
2010 |
|
Export |
176,780 |
209,213 |
|
|
Domestic |
219,821 |
293,885 |
|
|
Total |
396,601 |
503,098 |
|
The Subject exports to USA.
|
Case No. |
Court |
Plaintiff(s)/
Creditor(s)/ Applicant(s) |
Defendant(s)/
Debtor(s)/ Respondent(s) |
Cause |
Amount (KRW) |
Status |
|
|
|
Kabushikikaisha Kubota(Japan) |
The Subject Company |
Claim for Compensation from Infringement of Patent |
600,000,000 |
2nd round is proceeding |
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.53.95 |
|
UK Pound |
1 |
Rs.84.48 |
|
Euro |
1 |
Rs.72.23 |
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.