|
Report Date : |
09.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
VATECH CO., LTD. |
|
|
|
|
Registered Office : |
23-4, Seoku-dong, Hwaseong-si, Gyeonggi-do, Korea 445-170 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
04.04.1992 |
|
|
|
|
Com. Reg. No.: |
123-81-28203 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Radiation Apparatuses |
|
|
|
|
No. of Employees : |
201 |
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 |
VATECH CO., LTD. (English Company Name : VALUE ADDED TECHNOLOGY CO., LTD.) (Korean Company
Name : “(주)바텍”) |
|
Registered Address |
23-4, Seoku-dong, Hwaseong-si,
Gyeonggi-do, Korea |
|
Building |
|
|
Zip Code |
445-170 |
|
Tel |
+82-31-377-9104 |
|
Fax |
+82-31-377-9198 |
|
E-mail |
hans112@vatech.co.kr |
|
Website |
www.vatech.co.kr |
|
Trading Address |
473-4, Bora-dong,
Giheung-gu, Yongin-si, Gyeonggi-do, Korea |
|
Tel |
+82-31-679-2000 |
|
Fax |
+82-31-8005-8321 |
|
Type |
Export |
|
Industry |
Manufacture of Radiation Apparatuses |
|
Main Business |
Industrial & Dental Digital X-Ray Package System, TFT-LCD Test
System, Dental CAD/CAM |
|
Sub
Business |
Manufacture of Other Electronic Valves, Tubes and Electronic
Components n.e.c. |
|
Established (mm/dd/yyyy) |
04/04/1992 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Semiconductor process systems(23211101) |
|
Sell |
Gauges or inspection fixtures(23171902) |
|
Sell |
Cameras(45121500) |
|
Sell |
Dental clinical furniture(42151700) |
|
Sell |
Medical diagnostic x ray products(42201800) |
|
Sell |
Electronic and communication measuring and
testing instruments(41113700) |
|
Name |
Noh Chang-Joon |
|
Address |
|
|
Date of Birth |
09/13/1958 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
7,427,128,000 |
||||||||||||||||||
|
Employees |
201 |
||||||||||||||||||
|
Formation |
Listed Company (KOSDAQ : 043150) as of 09/29/2006 A Company of VATECH CO., LTD. |
||||||||||||||||||
|
Bank Details |
Industrial Bank of Korea Shinhan Bank-Pyungchon Corporate Finance
Branch |
||||||||||||||||||
|
Corporate Registered No. |
134111-0036348 |
||||||||||||||||||
|
Business Registered No. |
123-81-28203 |
||||||||||||||||||
|
Permit & Licenses |
12/2001 ISO 9001 Int’l Trade No.: 21013966 |
||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||
|
Company History |
04/04/1992 Incorporated as VATECH SYSTEM
CO., LTD. 07/1998 Designated as a Venture Business 03/2002 Changed company name to the present name 11/09/2006 Designated as a Venture Business
again 11/2009 Awarded US$ 30 Million Export Top
Prize 11/2010 Awarded US$ 50 Million Export Top
Prize 04/08/2011 Spin off into the subject
company, and newly established company, VATECH GLOBAL CO., LTD.(110111-4578328) 05/03/2011 Spin off into the subject company, and
newly established company, RAYENCE CO., LTD.(134811-0216516) 03/29/2013 Decided to acquire Generator Business from RAYENCE CO., LTD.(134811-0216516) |
||||||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Educationj |
|
President & CEO |
Mr. |
Noh Chang-Joon |
Korean |
1958.09.13 |
Seoul National University, Korea |
|
Director |
Mr. |
Kim Sung-Ho |
Korean |
1967.09.29 |
Seoul National University, Korea |
|
Outside Director/Auditor |
Mr. |
Lee Byung-Nam |
- |
1957.08.11 |
Seoul National University, Korea |
|
Outside Director/Auditor |
Mr. |
Park Song-Ha |
Korean |
1946.03.08 |
Korea University, Korea |
|
Outside Director/Auditor |
Mr. |
Seo Jung-Wook |
Korean |
1970.11.30 |
Seoul National University, Korea |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
19,532,725,736 |
168,780,344,577 |
1,804,606,802 |
|
|
(*)2012 |
92,394,852,705 |
159,632,008,295 |
1,387,437,397 |
|
(*)2011 |
98,689,539,524 |
155,108,668,263 |
5,955,286,610 |
|
2010 |
126,628,747,015 |
153,818,094,124 |
9,273,604,520 |
|
2009 |
94,681,105,501 |
108,360,518,417 |
7,252,538,550 |
|
2008 |
80,225,253,952 |
95,817,541,037 |
5,362,255,600 |
|
2007 |
64,979,251,735 |
70,639,687,536 |
7,024,159,597 |
|
2006 |
54,072,761,532 |
56,644,899,186 |
5,229,091,747 |
|
2005 |
39,689,328,136 |
39,806,834,128 |
5,192,363,676 |
(*)Figures are based
on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
25,000,000,000 |
|
Paid-Up Capital(KRW) |
7,427,128,000 |
|
Total Issues Shares |
14,854,256 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
01/01/2013~03/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Total Assets |
168,780,344,577 |
159,632,008,295 |
155,108,668,263 |
|
Current
Assets |
92,089,756,288 |
88,631,067,736 |
93,082,253,881 |
|
Cash & Cash Equivalents |
5,469,611,849 |
4,547,494,140 |
9,734,025,299 |
|
Current Financial Instruments |
11,000,000,000 |
11,000,000,000 |
11,000,000,000 |
|
Trade Receivables |
62,897,400,254 |
59,951,765,461 |
63,038,718,804 |
|
Other Receivables |
503,817,370 |
598,526,348 |
486,719,292 |
|
Other Current Assets |
1,112,350,020 |
1,215,053,104 |
1,360,570,425 |
|
Derivatives |
135,259,248 |
675,213,151 |
102,451,696 |
|
Inventories |
10,543,273,061 |
10,214,971,046 |
7,359,768,365 |
|
Deferred Income Tax Assets |
428,044,486 |
428,044,486 |
|
|
Non-Current
Assets |
76,690,588,289 |
71,000,940,559 |
62,026,414,382 |
|
Non-Current Financial Instruments |
297,900,000 |
297,900,000 |
297,900,000 |
|
Other Receivables |
1,409,088,500 |
1,387,360,600 |
1,205,455,000 |
|
Marketable Financial Instruments |
1,050,000,000 |
1,050,615,000 |
1,050,615,000 |
|
Investment_Subsidiaries |
20,595,593,290 |
20,595,593,290 |
12,989,290,073 |
|
Tangibles |
22,149,623,899 |
17,590,794,756 |
16,406,011,103 |
|
Intangibles |
7,024,459,342 |
6,282,419,071 |
6,527,989,678 |
|
Investment_Real Estates |
20,933,532,226 |
21,035,512,186 |
20,751,416,970 |
|
Deferred Income Tax Assets |
3,230,391,032 |
2,760,745,656 |
2,797,736,558 |
|
Total
Liabilities |
88,081,757,445 |
79,257,796,365 |
75,097,231,073 |
|
Current
Liabilities |
70,033,258,944 |
64,562,749,230 |
58,984,470,095 |
|
Trade Payables |
24,975,738,556 |
23,330,757,706 |
25,390,546,224 |
|
Other Payables |
7,162,200,908 |
5,102,380,625 |
4,321,449,577 |
|
Short-Term Borrowings |
35,669,687,605 |
35,596,301,463 |
26,960,819,317 |
|
Deferred Income Tax Credit |
805,934,490 |
14,068,840 |
69,235,628 |
|
Derivatives |
995,753,221 |
|
1,278,287,194 |
|
Finance Guarantee |
205,915,788 |
307,502,357 |
276,357,933 |
|
Other Current Liabilities |
218,028,376 |
211,738,239 |
687,774,222 |
|
Non-Current
Liabilities |
18,048,498,501 |
14,695,047,135 |
16,112,760,978 |
|
Long-Term Borrowings |
13,603,360,000 |
10,374,040,000 |
12,236,000,000 |
|
Confirmed Salaries |
3,906,393,665 |
3,500,414,344 |
3,215,583,912 |
|
Provisions |
538,744,836 |
820,592,791 |
649,177,066 |
|
Other Payables |
0 |
|
12,000,000 |
|
Capital
Stock |
7,427,128,000 |
7,427,128,000 |
7,427,128,000 |
|
Capital Surplus |
23,255,666,690 |
23,270,472,690 |
23,329,696,690 |
|
Profit Surplus |
48,012,874,621 |
47,673,693,419 |
47,251,694,679 |
|
Others |
2,002,917,821 |
2,002,917,821 |
2,002,917,821 |
|
Total Equity |
80,698,587,132 |
80,374,211,930 |
80,011,437,190 |
|
Liab. & Shareholder’s Equity |
168,780,344,577 |
159,632,008,295 |
155,108,668,263 |
Income
Statement
|
|||
|
Unit : Korean Won |
01/01/2013~03/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Sales |
19,532,725,736 |
92,394,852,705 |
98,689,539,524 |
|
Cost of Sold Goods |
15,093,134,458 |
74,236,235,575 |
73,103,437,138 |
|
Gross Profit |
4,439,591,278 |
18,158,617,130 |
25,586,102,386 |
|
Selling & Admin. Expenses |
2,509,102,123 |
12,897,337,360 |
18,664,379,870 |
|
Operating Income |
1,930,489,155 |
5,261,279,770 |
6,921,722,516 |
|
Other Operating Income |
2,171,541,196 |
4,948,171,151 |
12,037,109,794 |
|
Other Operating Expenses |
1,604,759,360 |
7,140,490,018 |
11,271,431,813 |
|
Finance Income |
235,279,378 |
742,343,939 |
2,089,790,169 |
|
Finance Expenses |
594,872,373 |
2,351,602,329 |
2,108,321,336 |
|
Income Before Taxes |
2,137,677,996 |
1,459,702,513 |
7,668,869,330 |
|
Income Taxes Expenses |
333,071,194 |
72,265,116 |
1,406,620,180 |
|
Income from Continuous Business |
1,804,606,802 |
1,387,437,397 |
6,262,249,150 |
|
Income from Stopped Business |
|
|
-306,962,540 |
|
Net Income |
1,804,606,802 |
1,387,437,397 |
5,955,286,610 |
Cash
Flows
|
|||
|
Unit : Korean Won |
01/01/2013~03/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Operating
Activities Cash Flows |
4,965,188,641 |
983,809,541 |
5,856,227,704 |
|
Cash Flows from Operating |
5,291,503,268 |
3,331,903,585 |
11,724,770,586 |
|
Interests Received |
189,944,813 |
454,947,344 |
466,464,784 |
|
Interests Paid |
-490,602,520 |
-2,181,209,054 |
-1,940,643,803 |
|
Income Taxes |
-25,656,920 |
-621,832,334 |
-4,394,363,863 |
|
Cash
Flows from Investing |
-5,845,770,203 |
-12,020,321,314 |
-4,707,442,468 |
|
Cash Inflow from Investing |
540,691,597 |
1,601,392,304 |
13,522,855,862 |
|
Cash Outflows for Investing |
-6,386,461,800 |
-13,621,713,618 |
-18,230,298,330 |
|
Cash
Flows from Financing |
1,805,731,534 |
5,860,576,288 |
4,426,052,352 |
|
Cash Inflows from Financing |
75,100,000,000 |
272,795,953,126 |
281,682,846,504 |
|
Cash Outflows from Financing |
-73,294,268,466 |
-266,935,376,838 |
-277,256,794,152 |
|
Increase/Decrease
in Cash |
925,149,972 |
-5,175,935,485 |
5,574,837,588 |
|
Cash at
the Beginning of Year |
4,547,494,140 |
9,734,025,299 |
3,934,865,556 |
|
Cash at
the End of Year |
5,469,611,849 |
4,547,494,140 |
9,734,025,299 |
|
Main Products & Services |
Industrial & Dental Digital X-Ray Package System, TFT-LCD Test
System, Dental CAD/CAM |
|
Suppliers |
VATECH EWOO HOLDINGS CO.,
LTD.(134511-0087814) RAYENCE CO., LTD.(134811-0216516) VATECHENG CO., LTD(134811-0191792) |
|
Customers |
SUNI MEDICAL IMAGING INC.(USA) |
|
Competitors |
DRGEM CORPORATION 7TH FL., DONG-IL TECHNO TOWN 1-CHA, 826,
GURO 3-DONG, GURO-GU, SEOUL, KOREA TEL:+82-2-869-8566 FAX:+82-2-869-8567 DAE DONG HIGHTECH CORP. DAEDONG BLDG., 533-7, DEUNGCHON 2-DONG,
GANGSEO-GU, SEOUL, KOREA TEL:+82-2-2655-0123 FAX:+82-2-2655-0530 HAN YOUNG TRADING CO., LTD. HAN YOUNG BLDG., 1194, GAEPO 4-DONG,
GANGNAM-GU, SEOUL, KOREA TEL:+82-2-571-1122 FAX:+82-2-571-1121 |
(Subsidiaries, Joint-Venture
& Affiliates)
|
Affiliates-Domestic |
VATECH KOREA CO., LTD.(KOREA) (100.0% held by the subject company) VATECH EWOO HOLDINGS CO., LTD.(134511-0087814) (9.07% held by the subject company) VATECH HUMANRAY CO., LTD.(134811-0191875) VATECHENG CO., LTD(134811-0191792) VATECH GLOBAL CO., LTD.(110111-4578328) (100.00% held by the
subject company) RAYENCE CO., LTD.(134811-0216516) (50.27% held by the
subject company) |
|
Affiliates-Overseas |
VATECH MEDICAL CO.,LTD.TAIWAN (100.00% held by the
subject company) VATECH CENTRAL EUROPE, S.R.O (60.0% held by the subject company) E-WOO TECHNOLOGY CO., LTD.TAIWAN (100.0% held by the subject company) VATECH ITALIA S.R.L 960.0% held by the subject company) VATECH EUROPE HQ GMBH (100.0% held by the subject company) VATECH JAPAN CO., LTD. (100.0% held by the subject company) E-WOO SHANGHAI CO., LTD. BEIJING E-WOO CO., LTD. E-WOO SINGAPORE PTE LTD. E-WOO TECHNOLOGY HONGKONG CO., LTD. E-WOO TECHNOLOGY U.S.A. INC. E-WOO TECHNOLOGY UK LIMITED E-WOO SPAIN S.L. E-WOO TECHNOLOGY FRANCE SARL VATECH MEDICAL PTY LTD.(AUSTRALIA) (100.00% held by the subject company) VATECH GLOBAL MEXICO S DE RL DE CV (100.00% held by the subject company) RAYENCE INC. (100.00% held by the subject company) |
|
Cooperative Enterprise |
-Strategic Alliance with SHINHUNG CO., LTD.(110111-0047864) |
(Activity &
Markets)
|
Sales/ Unit :Thousand KRW |
2010 |
2009 |
2008 |
|
Export |
77,974,379 |
49,758,435 |
32,117,345 |
|
Domestic |
48,654,368 |
44,922,670 |
48,107,909 |
|
Total |
126,628,747 |
94,681,105 |
80,225,254 |
The Subject exports
to North America, Europe and China.
|
Case No. |
Court |
Plaintiff(s)/
Creditor(s)/ Applicant(s) |
Defendant(s)/
Debtor(s)/ Respondent(s) |
Cause |
Amount (KRW) |
Status |
|
|
Suwon District Court |
The Subject Company |
Duzon C&T Co., Ltd.(131111-0121762) |
Refund |
135,641,000 |
1st round is proceeding |
|
|
Court in USA |
Oy Ajat, Ltd.(Finland) |
The Subject Company |
Infringement of Patent Rights |
- |
Proceeding |
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.04 |
|
|
1 |
Rs.90.89 |
|
Euro |
1 |
Rs.78.27 |
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.