|
Report Date : |
12.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
THYSSENKRUPP
ELEVATOR (KOREA) LTD. |
|
|
|
|
Registered Office : |
3rd Fl., Seoul Mobile Telecom 923-12, Mok 1-dong, Yangcheon-gu, Seoul,
Korea 158-719 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
30.09.2012 |
|
|
|
|
Date of Incorporation : |
28.06.1979 |
|
|
|
|
Com. Reg. No.: |
133-81-23748 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Manufacture of Elevators and Conveyor systems |
|
|
|
|
No. of Employees : |
866 |
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 : |
Good |
|
Payment Behaviour : |
Regular |
|
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 (31.03.2011) |
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 |
THYSSENKRUPP
ELEVATOR (KOREA) LTD. (Korean Company
Name : “티센크루프엘리베이터코리아(주)”) |
|
Registered Address |
923-12, Mok 1-dong, Yangcheon-gu, Seoul,
Korea |
|
Building |
3rd Fl., Seoul Mobile Telecom |
|
Zip Code |
158-719 |
|
Tel |
+82-2-2610-7777 |
|
Fax |
+82-2-2610-7700 |
|
E-mail |
customers@tkde.co.kr |
|
Website |
www.thyssenkrupp-elevator.co.kr |
|
Trading Address |
3rd Fl., Seoul Mobile Telecom, 923-12, Mok
1-dong, Yangcheon-gu, Seoul, Korea (New Address System : 233-3,
Mokdongdong-ro, Yangcheon-gu, Seoul,
Korea) |
|
Tel |
+82-2-2610-7777 |
|
Fax |
+82-2-2610-7700 |
|
Other Address-Cheonan Factory |
115-24, Sindu-ri, Ipjang-myeon, Seobuk-gu,
Cheonan-si, Chungcheongnam-do, Korea |
|
Tel |
+82-41-589-4000 |
|
Fax |
+82-41-589-4200 |
|
Other Address-Gangnam Office |
12F, 7-23, Sincheon-dong, Songpa-gu,
Seoul, 138-240, Korea |
|
Tel |
+82-02-413-6723 |
|
Fax |
+82-02-3413-6728 |
|
Other Address-Gangbuk Office |
Dongdaemon Building 7F, 330-1,
Changsin-dong, Jongno-gu, 110-540, Seoul, Korea |
|
Tel |
+82-02-745-2390 |
|
Fax |
+82-02-745-2395 |
|
Other Address-Gangseo Office |
Youngbin Building 2F, 546-63,
Bupyeong-dong, Bupyeong-gu, Incheon, Korea |
|
Tel |
+82-32-330-0830 |
|
Fax |
+82-32-330-0845 |
|
Other Address-Gyeonggi Office |
Andong Building 2F, 1023-1, Gwonseon-dong,
Gwonseon-gu, Suwon-si, Gyeonggi-do, 441-390, Korea |
|
Tel |
+82-31-238-5577 |
|
Fax |
+82-31-329-8724 |
|
Other Address-Daejeon Office |
Sentria
Officetel 5F, Room No. 1610~1615, Oryu-dong, Jung-gu, Daejeon, 301-120 Korea |
|
Tel |
+82-42-525-7241 |
|
Fax |
+82-42-525-7245 |
|
Other Address-Gyeongbuk Office |
Beomeo
Officetel Kingdom Ⅱ Room No. 1504, 45-4, Beomeo-dong, Suseong-gu, Deagu, 706-010 Korea |
|
Tel |
+82-53-742-7033 |
|
Fax |
+82-53-742-245 |
|
Other Address-Gyeongnam Office |
Jungang Building 10F, 51, Daechang-dong
1-ga, Jung-gu, Busan, 600-101 Korea |
|
Tel |
+82-51-466-1621~4 |
|
Fax |
+82-51-465-2365 |
|
Other Address-Honam Office |
Songkang Building 7F, 33-42, Yu-dong,
Buk-gu, Gwangju, 500-020 Korea |
|
Tel |
+82-51-466-1621~4 |
|
Fax |
.+82-51-465-2365 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Elevators and Conveyor systems |
|
Main Business |
Elevator, Escalator, Moving Sidewalk, Car Lift |
|
Sub
Business |
Installation of Machinery Equipment for Building |
|
Established (mm/dd/yyyy) |
06/28/1979 |
The Subject owns the premises of Chunan
Factory.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Lifts(24101604) |
|
Sell |
Elevators(24101601) |
|
Sell |
Escalator or walkways(24101626) |
|
Buy |
Capacitors(32121500) |
|
Buy |
Silicone VMQ and PMQ and PVMQ(13101708) |
|
Buy |
Circuit protection devices and accessories(39121600) |
|
Buy |
Electrical insulators(39121721) |
|
Buy |
Motors(26101600) |
|
Buy |
Resistors(32121600) |
|
Buy |
Switches and controls and relays and accessories(39121500) |
|
Buy |
Inductors(32121702) |
|
Buy |
Diodes(32111500) |
|
Buy |
Magnetic coils(39121010) |
|
Buy |
Integrated circuits(32101600) |
|
Buy |
Power supply transformers(39121002) |
|
Buy |
Light emitting diodes LEDs(32111503) |
|
Name |
Park Yang-Choon |
|
Address |
Suite 102-602, 264, Mokdongseo-ro, Yangcheon-gu,
Seoul, Korea |
|
Date of Birth |
06/26/1958 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
1,273,220,000 |
|||||||||
|
Employees |
866 |
|||||||||
|
Formation |
Co., Ltd by shares Foreign Direct Investment Corporation by Germany |
|||||||||
|
Bank Details |
Korea Exchange Bank-Oyu Dong Branch |
|||||||||
|
Corporate Registered No. |
124311-0004898 |
|||||||||
|
Business Registered No. |
133-81-23748 |
|||||||||
|
Permit & Licenses |
04/1997 ISO 9001 09/21/2000 ISO 14001 Int’l Trade No.: 301527 |
|||||||||
|
Shareholder Position |
|
|||||||||
|
Company History |
06/28/1979
Incorporated as Dongyang Heavy Industries Co., Ltd. 10/01/2003
Acquired Elevator Business Division from DY HOLDINGS CO., LTD., and changed
company name to THYSSENKRUPP DONGYANG ELEVATOR CO., LTD. 08/07/2008 Changed company name to the
present name 09/29/2008 Acquired WON
CORPORATION(161511-0007819) |
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Park Yang-Choon |
Male |
Korean |
04/06/2012 |
|
Director |
Mr. |
Yourgen Buller |
Male |
German |
12/01/2010 |
|
Director |
Mr. |
Ahn Sang-Woo |
Male |
Korean |
10/17/2008 |
|
Director |
Mr. |
Yoon Sung-Tae |
Male |
Korean |
10/17/2008 |
|
Director |
Mr. |
Lee Jong-Young |
Male |
Korean |
10/17/2008 |
|
Director |
Mr. |
Tusten Kalrus |
Male |
German |
10/01/2012 |
|
Auditor |
Mr. |
Stephan Alshut |
Male |
German |
08/01/2008 |
|
Supervisor of HQ Address |
Mr. |
Jo Jae-Hyun |
Male |
German |
04/07/2008 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
347,024,885,186 |
184,482,655,449 |
5,973,473,544 |
|
|
(*)09/2011 |
299,116,794,623 |
165,785,836,937 |
5,444,136,882 |
|
(*)09/2010 |
311,154,088,577 |
190,292,057,307 |
5,180,539,534 |
|
09/2009 |
340,305,634,811 |
219,307,202,781 |
-22,493,042,701 |
|
09/2008 |
270,249,787,008 |
214,203,751,552 |
-116,256,806,082 |
|
09/2007 |
292,246,289,855 |
242,468,817,624 |
-33,927,214,779 |
|
09/2006 |
267,874,760,643 |
254,000,241,497 |
-17,265,448,302 |
|
09/2005 |
306,263,337,440 |
253,989,347,876 |
5,779,967,994 |
|
09/2004 |
252,256,419,280 |
262,045,194,339 |
3,529,450,626 |
(*)Figures are based
on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
2,000,000,000 |
|
Paid-Up Capital(KRW) |
1,273,220,000 |
|
Total Issued Shares |
254,644 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of 09/30/2012 |
As of 09/30/2011 |
As of 09/30/2010 |
|
Total Assets |
184,482,655,449 |
165,785,836,937 |
190,292,057,307 |
|
Current
Assets |
146,624,051,905 |
125,641,882,478 |
149,229,303,028 |
|
Cash & Cash Equivalents |
2,780,311,272 |
3,689,556,970 |
4,717,998,625 |
|
Current Financial Instruments |
5,507,291,074 |
27,884,096,568 |
32,127,454,274 |
|
Trade Receivables |
69,458,985,071 |
52,533,955,271 |
62,182,194,138 |
|
Other Receivables-Construction |
23,686,558,641 |
18,839,522,205 |
23,956,508,197 |
|
Short-Term Receivables |
934,367,116 |
565,759,227 |
1,931,414,024 |
|
Inventories |
17,551,766,722 |
18,946,998,829 |
18,359,804,951 |
|
Derivatives |
838,509,090 |
493,578,712 |
3,619,494,735 |
|
Prepaid Taxes |
24,533,652,077 |
105,740,190 |
75,176,727 |
|
Other Current Assets |
1,332,610,842 |
2,582,674,506 |
2,259,257,357 |
|
Non-Current
Assets |
37,858,603,544 |
40,143,954,459 |
41,062,754,279 |
|
Marketable Financial Instruments |
2,812,720,490 |
2,812,590,440 |
2,812,590,440 |
|
Tangibles |
30,208,904,874 |
31,257,598,667 |
32,351,787,706 |
|
Intangibles |
1,632,023,693 |
2,600,511,811 |
2,805,724,265 |
|
Guarantees |
2,143,478,980 |
2,150,493,980 |
2,597,529,980 |
|
Long-Term Loans |
823,798,646 |
933,137,880 |
- |
|
Other Non-Current Assets |
237,676,861 |
389,621,681 |
495,121,888 |
|
Total
Liabilities |
118,898,440,739 |
103,916,645,738 |
128,145,423,395 |
|
Current
Liabilities |
96,799,921,113 |
82,827,051,048 |
113,649,220,842 |
|
Trade Payables |
38,351,406,347 |
32,376,984,268 |
33,357,043,126 |
|
Short-Term Borrowings |
7,632,492,464 |
296,956,886 |
589,486,445 |
|
Account Payables |
2,160,554,922 |
3,582,604,676 |
4,492,429,663 |
|
Accrued Expenses |
12,054,385,579 |
9,937,458,924 |
9,350,930,951 |
|
Advance Receipts |
5,375,297,427 |
3,594,251,574 |
3,579,828,534 |
|
Accrued Income Tax |
- |
510,135,080 |
- |
|
Other Payables-Constrcution |
16,974,122,363 |
15,891,517,866 |
18,789,343,216 |
|
Provisions |
12,143,405,720 |
12,467,918,061 |
12,351,688,355 |
|
Current Portion of Long-Term
Debts |
|
|
29,646,500,000 |
|
Derivatives |
165,357,227 |
2,872,810,582 |
430,118,947 |
|
Other Current Liabilities |
1,942,899,064 |
1,296,413,131 |
1,061,851,605 |
|
Non-Current
Liabilities |
22,098,519,626 |
21,089,594,690 |
14,496,202,553 |
|
Confirmed Salaries |
22,098,519,626 |
21,089,594,690 |
14,496,202,553 |
|
Capital
Stock |
1,273,220,000 |
1,273,220,000 |
1,273,220,000 |
|
Capital Surplus |
233,981,980,410 |
233,981,980,410 |
233,981,980,410 |
|
Profit Surplus |
-169,670,985,700 |
-173,386,009,211 |
-173,039,594,251 |
|
Others |
|
|
-68,972,247 |
|
Total Equity |
65,584,214,710 |
61,869,191,199 |
62,146,633,912 |
|
Liab. & Shareholder’s Equity |
184,482,655,449 |
165,785,836,937 |
190,292,057,307 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of 09/30/2012 |
As of 09/30/2011 |
As of 09/30/2010 |
|
Sales |
347,024,885,186 |
299,116,794,623 |
311,154,088,577 |
|
Cost of Sold Goods |
308,654,282,253 |
263,358,038,630 |
274,054,873,394 |
|
Gross Profit |
38,370,602,933 |
35,758,755,993 |
37,099,215,183 |
|
Selling & Admin. Expenses |
-34,586,679,759 |
-31,861,755,114 |
-31,061,564,788 |
|
Other Operating Income |
458,912,964 |
1,278,497,441 |
481,853,707 |
|
Other Operating Expenses |
-273,199,900 |
-102,226,768 |
-155,454,472 |
|
Operating Income |
3,969,636,238 |
5,073,271,552 |
6,364,049,630 |
|
Finance Income |
9,324,643,939 |
20,942,744,018 |
34,782,244,288 |
|
Finance Expenses |
-7,341,571,033 |
-19,937,154,228 |
-35,965,754,384 |
|
Income Before Taxes |
5,952,709,144 |
6,078,861,342 |
5,180,539,534 |
|
Income Taxes Expenses |
-20,764,400 |
634,724,460 |
- |
|
Net Income |
5,973,473,544 |
5,444,136,882 |
5,180,539,534 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of 09/30/2012 |
As of 09/30/2011 |
As of 09/30/2010 |
|
Operating
Activities Cash Flows |
-29,455,086,072 |
23,889,556,957 |
37,660,962,180 |
|
Cash Flows from Operating |
-4,948,481,460 |
23,471,743,183 |
37,576,265,344 |
|
Interests Received |
455,616,450 |
1,036,202,752 |
1,246,594,332 |
|
Interests Paid |
-45,352,895 |
-494,104,609 |
-1,205,048,495 |
|
Dividends Received |
414,400 |
30,868,474 |
41,266,104 |
|
Income Taxes |
-24,917,282,567 |
-155,152,843 |
1,884,895 |
|
Cash
Flows from Investing |
21,228,540,702 |
5,019,659,104 |
1,835,197,927 |
|
Cash Inflow from Investing |
27,459,722,075 |
101,557,879,122 |
90,392,595,454 |
|
Cash Outflows for Investing |
-6,231,181,373 |
-96,538,220,018 |
88,557,397,527 |
|
Cash
Flows from Financing |
7,335,535,578 |
-29,931,029,559 |
-36,343,385,801 |
|
Cash Inflows from Financing |
7,632,492,464 |
8,000,000 |
183,645,907 |
|
Cash Outflows from Financing |
-296,956,886 |
-29,939,029,559 |
36,527,031,708 |
|
Increase/Decrease
in Cash |
-891,009,792 |
-1,021,813,498 |
3,152,774,306 |
|
Cash at
the Beginning of Year |
3,689,556,970 |
4,717,998,625 |
1,565,224,319 |
|
Cash at
the End of Year |
2,780,311,272 |
3,689,556,970 |
4,717,998,625 |
|
Main Products & Services |
As a major elevator company specialized in
manufacture, installation and maintenance service of elevators/escalators,
the subject has provided about 4,000 units under maintenance in Korea, and
Cheonan plant has one of the world's largest elevator factories & one of
the tallest Test Tower in the world(157m). Elevator Passengers' Elevator
High Rise building elevator
Office building elevator
Apartment elevator
Machine Room Less(MRL) elevator Freight Elevator Observation Elevator Nude
Elevator Hospital Elevator Car
Lift Escalator Moving sidewalk |
|
Detailed Products Spec. |
Annually 8,000 units |
|
Customers |
POSCO ENGINEERING & CONSTRUCTION SAMSUNG CORPORATION SAMSUNG EVERLAND DAEWOO ENGINEERING & CONSTRUCTION SAMSUNG HEAVY INDUSTRIES DONGBU ENGINEERING & CONSTRUCTION WAL MART KOREA SK ENGINEERING & CONSTRUCTION |
|
Competitors |
HYUNDAI ELEVATOR CO., LTD. SAN 136-1, AMI-RI, BUBAL-EUP, ICHEON-SI,
GYEONGGI-DO, KOREA TEL:+82-31-644-5114 FAX:+82-2-745-4227 MITSUBISHI ELEVATOR KOREA CO., LTD. 9TH FL., KOREA ASSOCIATION OF MACHINERY
INDUSTRY ANNEX, 13-31, YEOUIDO-DONG, YEONGDEUNGPO-GU, SEOUL, KOREA TEL:+82-2-6670-2053 FAX:+82-2-6670-2060 SCHINDLER ELEVATOR CO., LTD. 4DA-401, SIHWA INDUSTRIAL COMPLEX, 657,
SEONGGOK-DONG, DANWON-GU, ANSAN-SI, GYEONGGI-DO, KOREA TEL:+82-31-431-0151 FAX:+82-31-431-0166 |
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
THYSSENKRUPP ELEVATOR AG |
|
Corporate Ownership |
THYSSENKRUPP ELEVATOR AG |
|
Major Shareholders |
THYSSENKRUPP ELEVATOR AG |
|
Cooperative Enterprise |
-Insured Company SAMSUNG FIRE & MARINE INSURANCE CO., LTD.(110111-0005078) |
(Activity & Markets)
The Subject deals with the companies in Germany, India, Indonesia,
Japan, Malaysia, Philippines, Singapore, and Middle East and South America.
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.54 |
|
|
1 |
Rs.88.05 |
|
Euro |
1 |
Rs.72.29 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.