|
Report Date : |
15.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
DEERFOS CO.,
LTD. |
|
|
|
|
Registered Office : |
290, Gajwa 4-dong, Seo-gu, Incheon, Korea |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
23.04.1963 |
|
|
|
|
Com. Reg. No.: |
137-81-07570 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Manufacture of Abrasive Articles |
|
|
|
|
No. of Employees : |
250 |
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 – 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 |
DEERFOS CO.,
LTD. (Korean Company
Name : “(주)디어포스”) |
|
Registered Address |
290, Gajwa 4-dong, Seo-gu, Incheon, Korea |
|
Zip Code |
404-815 |
|
Tel |
+82-32-580-4100 |
|
Fax |
+82-32-580-4199 |
|
E-mail |
|
|
Website |
|
|
Trading Address |
10FL., Seonam Bldg., 9-4, Yangpyeong-dong
1-ga, Yeongdeungpo-gu, Seoul, Korea (P.O
BOX 915, Seoul Korea) |
|
Tel |
+82-2-780-0046 |
|
Other Address-Jincheon Factory |
255-1, Mundeok-ri, Munbaek-myeon,
Jincheon-gun, Chungcheongbuk-do, Korea |
|
Tel |
+82-43-533-4106 |
|
Fax |
+82-43-533-4105 |
|
Other Address-Cheongwon Factory |
95, Han-gye-ri, Gadeok-myeon, Cheongwon-gun,
Chungbuk, Korea |
|
Other Address-Songrim Direct Sales Store |
C-111, Songnim Industrial Tools Center, 296, Songnim 4-dong, Dong-gu,
Incheon, Korea |
|
Tel |
+82-32-278-8411 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Abrasive Articles |
|
Main Business |
Abrasive Papers, Abrasive DISC, Abrasive Wheel |
|
Established (mm/dd/yyyy) |
04/23/1963 |
The Subject owns
the premises of registered HQ address(12,203.90㎡) and Jincheon Factory (40,435.00㎡), and Seoul
Office(1,247.70㎡).
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Abrasives and abrasive media(31191500) |
|
Sell |
Abrasive papers(31191501) |
|
Sell |
Abrasive cloth(31191504) |
|
Sell |
Manicure implements(53131617) |
|
Name |
Yoon Ho-Cheol |
|
Address |
Suite A-1401, 55-1, Yeouido-dong,
Yeongdeungpo-gu, Seoul, Korea |
|
Date of Birth |
07/02/1954 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
3,608,530,000 |
|||||||||||||||
|
Employees |
250 |
|||||||||||||||
|
Formation |
Co., Ltd by shares |
|||||||||||||||
|
Bank Details |
Industrial Bank of Korea-Yoido Branch Korea Development Bank Shinhan Bank Hana Bank-Yoido Branch |
|||||||||||||||
|
Corporate Registered No. |
120111-0016156 |
|||||||||||||||
|
Business Registered No. |
137-81-07570 |
|||||||||||||||
|
Permit & Licenses |
07/1996 ISO 9002 05/04/2006 ISO 9001 Int’l Trade No.: 850494 |
|||||||||||||||
|
Shareholder Position |
|
|||||||||||||||
|
Company History |
04/23/1963 Incorporated as Korea Abrasive
Co., Ltd. 11/19/2003 Decreased capital to
3,608,530,000 KRW from 6,000,000,00 KRW 04/17/2006 Changed company name to the
present name |
|||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Yoon Ho-Cheol |
Male |
Korean |
03/16/1999 |
|
Director |
Mr. |
Yoon Nam-Hyun |
Male |
Korean |
03/16/1999 |
|
Director |
Mr. |
Lee Wan-Soo |
Male |
Korean |
03/12/2004 |
|
Director |
Mr. |
Lee Byung-Won |
Male |
Korean |
03/12/2004 |
|
Director |
Mr. |
Jung Joo-Hak |
Male |
Korean |
03/12/2004 |
|
Director |
Mr. |
Lee Dong-Sun |
Male |
Korean |
03/22/2010 |
|
Director |
Mr. |
Kim Hyuck-Soo |
Male |
Korean |
03/30/2012 |
|
Auditor |
Mr. |
Yoon Ho-Sam |
Male |
Korean |
03/12/2004 |
|
Supervisor of HQ Office |
Mr. |
Lee Joon-Sung |
Male |
Korean |
01/15/2001 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
90,688,286,120 |
113,591,050,026 |
6,720,406,328 |
|
|
2010 |
86,201,930,786 |
108,250,286,687 |
8,403,017,537 |
|
2009 |
69,770,537,287 |
102,325,993,957 |
6,565,105,975 |
|
2008 |
81,577,103,362 |
91,458,102,367 |
4,016,480,614 |
|
2007 |
64,340,381,430 |
76,424,478,989 |
4,234,939,685 |
|
2006 |
63,962,439,815 |
69,199,057,873 |
3,080,947,346 |
|
2005 |
63,950,709,792 |
66,159,524,098 |
4,432,541,246 |
|
2004 |
63,152,720,932 |
60,715,316,691 |
7,135,834,748 |
Financial
Description
|
Authorized Capital(KRW) |
10,000,000,000 |
|
Paid-Up Capital(KRW) |
3,608,530,000 |
|
Total Issued Shares |
721,706 |
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Total Assets |
113,591,050,026 |
108,250,286,687 |
102,325,993,957 |
|
Current Assets |
68,473,223,252 |
63,099,508,135 |
59,380,483,303 |
|
-Quick Assets |
46,405,680,263 |
43,332,971,071 |
41,292,179,045 |
|
-Inventories |
22,067,542,989 |
19,766,537,064 |
18,088,304,258 |
|
Fixed Assets |
45,117,826,774 |
45,150,778,552 |
42,945,510,654 |
|
-Investment |
17,401,519,259 |
15,479,696,618 |
14,730,991,471 |
|
-Tangibles |
27,090,699,260 |
29,164,426,441 |
27,845,634,813 |
|
-Intangibles |
90,046,695 |
93,303,933 |
71,494,810 |
|
-Others |
535,561,560 |
413,351,560 |
297,389,560 |
|
Total Liabilities |
35,826,935,205 |
37,617,421,626 |
39,860,233,645 |
|
Current Liabilities |
31,558,902,157 |
31,273,980,228 |
31,132,226,753 |
|
Fixed Liabilities |
4,268,033,048 |
6,343,441,398 |
8,728,006,892 |
|
Capital Stock |
3,608,530,000 |
3,608,530,000 |
3,608,530,000 |
|
Capital Surplus |
7,366,211,749 |
7,366,211,749 |
7,366,211,749 |
|
Profit Surplus |
63,765,373,094 |
57,405,819,766 |
49,363,655,229 |
|
Capital Adjustment |
3,023,999,978 |
2,252,303,546 |
2,127,363,334 |
|
Total Equity |
77,764,114,821 |
70,632,865,061 |
62,465,760,312 |
|
Liab. & Shareholder’s Equity |
113,591,050,026 |
108,250,286,687 |
102,325,993,957 |
|
Current
Liabilities |
31,558,902,157 |
31,273,980,228 |
31,132,226,753 |
|
Short-Term Borrowings |
17,903,591,053 |
16,000,000,000 |
16,000,000,000 |
|
Trade Payables |
9,307,074,925 |
10,952,475,297 |
10,520,546,960 |
|
Account Payables |
1,919,592,130 |
2,347,743,649 |
1,721,953,063 |
|
Advance Receipts |
123,624,979 |
25,026,591 |
117,277,252 |
|
Withholdings |
161,108,350 |
92,816,530 |
91,529,652 |
|
Accrued Income Tax |
417,600,952 |
- |
879,665,896 |
|
Accrued Expenses |
46,600,928 |
80,377,521 |
36,527,258 |
|
Current Portion of Long-Term Debts |
1,679,708,840 |
1,684,340,640 |
1,764,726,672 |
|
Derivatives |
- |
91,200,000 |
- |
|
Fixed
Liabilities |
4,268,033,048 |
6,343,441,398 |
8,728,006,892 |
|
Long-Term Borrowings |
2,595,036,050 |
4,320,041,440 |
6,543,511,684 |
|
Long-Term Account Payables |
85,050,000 |
85,050,000 |
89,679,403 |
|
Leasehold Deposit Received |
1,262,189,300 |
1,287,189,300 |
1,358,483,500 |
|
Provision for Severance & Retirement |
1,619,620,102 |
2,439,210,827 |
2,813,380,182 |
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Sales |
90,688,286,120 |
86,201,930,786 |
69,770,537,287 |
|
Cost of Sold Goods |
75,654,939,938 |
69,977,322,453 |
53,122,044,068 |
|
Gross Profit |
15,033,346,182 |
16,224,608,333 |
16,648,493,219 |
|
Selling & Admin. Expenses |
7,564,614,558 |
7,857,657,630 |
7,217,308,346 |
|
Operating Income |
7,468,731,624 |
8,366,950,703 |
9,431,184,873 |
|
Non-Operating Income |
3,342,791,183 |
4,282,402,507 |
3,818,437,811 |
|
Non-Operating Expenses |
3,398,483,757 |
3,679,821,533 |
5,248,715,691 |
|
Income Before Taxes |
7,413,039,050 |
8,969,531,677 |
8,000,906,993 |
|
Income Taxes Expenses |
692,632,722 |
566,514,140 |
1,435,801,018 |
|
Net Income |
6,720,406,328 |
8,403,017,537 |
6,565,105,975 |
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Cash Flows from Operating |
4,476,446,340 |
5,347,223,357 |
5,768,199,649 |
|
-Net Income |
6,720,406,328 |
8,403,017,537 |
6,565,105,975 |
|
-Exp. without Cash Outflow |
4,193,174,310 |
3,264,299,283 |
4,268,833,624 |
|
-Revenue without Cash Inflows |
-1,794,389,150 |
-2,533,276,691 |
-2,058,640,774 |
|
-Changes in Asset/ & Liability |
-4,642,745,148 |
-3,786,816,772 |
-3,007,099,176 |
|
Cash Flows from Investing |
915,839,652 |
-2,684,963,267 |
-2,461,046,628 |
|
-Cash Inflow from Investing |
4,297,270,710 |
2,105,131,288 |
1,189,506,768 |
|
-Cash Outflows for Investing |
-3,381,431,058 |
-4,790,094,555 |
-3,650,553,396 |
|
Cash Flows from Financing |
-2,045,193,640 |
-2,125,579,672 |
1,610,085,097 |
|
-Cash Inflows from Financing |
- |
3,400,000,000 |
3,000,000,000 |
|
-Cash Outflows from Financing |
-2,045,193,640 |
-5,525,579,672 |
-1,389,914,903 |
|
Increase/Decrease in Cash |
3,347,092,352 |
536,680,418 |
4,917,238,118 |
|
Cash at the Beginning of Year |
8,541,282,832 |
8,004,602,414 |
3,087,364,296 |
|
Cash at the End of Year |
11,888,375,184 |
8,541,282,832 |
8,004,602,414 |
|
Main Products & Services |
Abrasive Papers, Abrasive DISC, Abrasive Wheel |
|
Customers |
DABO TRADING CO., LTD.(110111-1642580) |
|
Competitors |
SUN ABRASIVES CO., LTD. 609B-3L, BANWOL INDUSTRIAL COMPLEX, 628-4, SEONGGOK-DONG,
DANWON-GU, ANSAN-SI, GYEONGGI-DO, KOREA TEL:+82-31-495-6076 FAX:+82-31-494-6848 PYUNG RIM P & P CO., LTD. 498-1, DOCHEONG-RI, GEUMWANG-EUP,
EUMSEONG-GUN, CHUNGCHEONGBUK-DO, KOREA TEL:+82-43-881-4144 FAX:+82-43-881-4147 DAE SUNG ABRASIVE CO., LTD. 184-1, BEONAM-RI, JOCHIWON-EUP, YEONGI-GUN,
CHUNGCHEONGNAM-DO, KOREA TEL:+82-41-862-3368 FAX:+82-41-865-2532 |
|
Affiliates |
DEERFOS MEMBRANE CO., LTD.(110111-4523521) (30.0% held by the Subject company) |
|
Overseas Branch |
KAICO DEER ABRASIVE PVT LTD PLOT NO.479, PHASE 1, I.E. BARHI, SONEPAT,
HARYANA, INDIA TEL :+91-130-4090110 FAX :+91-130-4090109 DEERFOS HANGZHOU NO.333 HONGXING ROAD.QIAONANQU. XIAOSHAN
ECONOMIC & TECHNOLOGY DEVELOPMENT ZONE HANGZHOU ,ZHEJIANG, CHINA TEL :+86-571-8286-9781 FAX
:+86-571-8286-9782 PT. DEERFOS INDONESIA JT. RAYA GUNUNG GANGSIR NO.27. BEJI,
PASURUAN JAWA TIMUR, INDONESIA TEL :+62-343-65-5555 FAX :+62-343-65-8989 DEERFOS EUROPE DEERFOS EUROPE SP. ZO O.O. 51-317 WROCLAW POLAND UL. BIERUTOWSKA 57/59
(BLDG. 1A) TEL :+48-71-345-66-06 FAX :+48-71-345-66-06
+ 29 EMA DEER ABRASIVE BODEGA 8 MODULO 10, ZONA FRANCA
BARRANQUILLA, COLOMBIA TEL :+57-5-344-8501 FAX :+57-5-344-8105 DEERFOS AMERICA 65 RAILROAD AVE. SUITE #1A RIDGEFIELD, NJ
07657, USA TEL :+1-201-945-6001 FAX :+1-201-945-6035 DEERFOS JAPAN (100.0% held by the Subject company) 8TH FI., ENSOLEILE OHTA BLDG.,20-1,
NIHONBASHI HOKOZAKO-CHO, CHUO-KU, TOKYO, JAPAN 103-0015 TEL :+81-3-3249-3364 FAX :+81-3-3249-3365 DEERFOS AMERICA LATINA (100.0% held by the Subject company) ALAMEDA SANTOS,1827 - CONJ. 82 SL 2 -
CERQUEIRA CESAR CEP 01419-002- SÃO PAULO-SP-BRAZIL CNPJ: 03.435.390/0001-10 TEL :+55-11-3171-3005 FAX :+55-11-3171-3005 |
|
Subsidiary |
DEERFOS MEXICO SA DE (100.0% held by the Subject company) DEERFOS EUROPE SP.ZO.O. (100.0% held by the Subject company) DEERFOS JAPAN, INC. (100.0% held by the Subject company) DEER ABRASIVES EUROPE B.V. (100.0% held by the Subject company) DEERFOS (HANGZHOU) ABRASIVES CO., LTD. (100.0% held by the subject company) PT.DEER ABRASIVE INDONESIA (99.00% held by the subject company) KAICO DEER ABRASIVE CO., LTD. (99.00% held by the subject company) E.M.A. DEER ABRASIVE LTDA. (63.19% held by the subject company) SFC (35.00% held by the subject company) |
|
Cooperative Enterprise |
-Insured Company MERITZ FIRE & MARINE INSURANCE CO., LTD.(110111-0013328) |
The Subject exports
to Indonesia, Australia, Taiwan, Japan, Pakistan, Poland, Italy, USA and
Brazil.
No.
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.87 |
|
|
1 |
Rs.83.59 |
|
Euro |
1 |
Rs.72.37 |
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.