|
Report Date : |
06.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
DAEWON GSI CO., LTD. |
|
|
|
|
Registered Office : |
990-2, Geumsan-ri, Waegwan-eup, Chilgok-gun, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
04.11.1982 |
|
|
|
|
Com. Reg. No.: |
504-81-04185 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Manufacturer of Machinery for Food, Beverage and Tobacco Processing |
|
|
|
|
No. of Employees : |
169 employees |
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 |
DAEWON GSI CO.,
LTD. (English Co.
Name : DAEWON GLOBAL SYSTEM INTEGRATION CO., LTD.) (Korean Company Name : “(주)대원지에스아이”) |
|
Registered Address |
990-2, Geumsan-ri, Waegwan-eup, Chilgok-gun,
Gyeongsangbuk-do, Korea |
|
Zip Code |
718-802 |
|
Tel |
+82-54-973-2221~8 |
|
Fax |
+82-54-973-2230 |
|
E-mail |
|
|
Website |
|
|
Trading Address |
990-2, Geumsan-ri, Waegwan-eup,
Chilgok-gun, Gyeongsangbuk-do, Korea |
|
Tel |
+82-54-973-2221~8 |
|
Fax |
+82-54-973-2230 |
|
Other Address-Biotech Business Division |
983, Geumsan-ri, Waegwan-eup ,Chilgok-gun,
Gyeongbuk, Korea |
|
Other Address |
1112-1, Gwang-eum-ri,
Namhu-myeon, Andong-si, Gyeongbuk, Korea |
|
Type |
Export/Import |
|
Industry |
Manufacture of Machinery for Food, Beverage and Tobacco Processing |
|
Main Business |
Rice Polishing Mill, Dry Storage Extension Equipment, Grain Dryer,
Color Sorter |
|
Established (mm/dd/yyyy) |
11/04/1982 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Grain analyzers(41112701) |
|
Sell |
Rice cleaning or hulling equipment(21102004) |
|
Sell |
Grading machines
for seed or grain or dried leguminous vegetables(21102003) |
|
Sell |
Agricultural machinery for cleaning and
sorting and grading(21102000) |
|
Name |
Suh Yong-Kyo |
|
Address |
Rm.107-705, 500-1, Sangyeok-dong,
Buk-gu, Daegu, Korea |
|
Date of Birth |
04/05/1955 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
1,248,500,000 |
|||||||||||||||||||||
|
Employees |
169 |
|||||||||||||||||||||
|
Formation |
Co., Ltd by shares |
|||||||||||||||||||||
|
Bank Details |
Daegu Bank Industrial Bank of Korea Korea Exchange Bank NACF |
|||||||||||||||||||||
|
Corporate Registered No. |
170111-0016924 |
|||||||||||||||||||||
|
Business Registered No. |
504-81-04185 |
|||||||||||||||||||||
|
Permit & Licenses |
1999 EM Mark 2001 EM Mark 06/2003 ISO 9001 by BQR 11/2006 CE Mark 11/2006 CE Mark Int’l Trade No.: 13002743 |
|||||||||||||||||||||
|
Shareholder Position |
|
|||||||||||||||||||||
|
Company History |
01/1970 Established as SUNGCHANG MACHINERY
CO.(Sole Proprietorship) 07/1973 Changed company name to DAEWON
INDUSTRY CO. 11/04/1982 Incorporated as DAEWON INDUSTRY
CO., LTD. 02/1995 Moved to the present HQ address 12/07/2001 Changed company name to the
present name 11/2002 Awarded US$5 Million Export Top
Prize 01/05/2004 Decreased capital to
1,248,500,000 KRW from 1,300,000,000 KRW 01/08/2004 Spin off to the existing company
and DAEWON JEONSUL CO., LTD. 11/2005 Awarded US$10 Million Export Top
Prize |
|||||||||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Suh Yong-Kyo |
Male |
Korean |
04/11/2005 |
|
Director |
Mr. |
Jang Young-Ho |
Male |
Korean |
03/20/;2008 |
|
Director |
Mr. |
Suh Chan-Kyo |
Male |
Korean |
03/20/;2008 |
|
Director |
Mr. |
Han Ki-Dong |
Male |
Korean |
03/31/2009 |
|
Director |
Mr. |
Suh Bo-Sung |
Male |
Korean |
08/01/2011 |
|
Auditor |
M/S. |
Seo Myung-Ok |
Female |
Korean |
03/20/;2011 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
70,705,053,997 |
69,599,279,015 |
4,522,031,461 |
|
|
2010 |
58,114,132,658 |
75,116,466,802 |
9,440,202,321 |
|
2009 |
65,629,650,477 |
89,524,386,726 |
8,707,852,318 |
|
2008 |
67,298,340,330 |
65,905,128,128 |
4,711,261,050 |
|
2007 |
41,359,703,039 |
45,870,332,663 |
1,615,519,941 |
|
2006 |
40,249,761,626 |
52,300,676,837 |
2,717,923,074 |
|
2005 |
41,607,575,036 |
44,912,940,591 |
4,689,919,071 |
|
2004 |
36,189,538,934 |
35,784,262,079 |
2,520,472,655 |
|
Authorized Capital(KRW) |
50,000,000,000 |
|
Paid-Up Capital(KRW) |
1,248,500,000 |
|
Total Issues Shares |
2,497,000 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Total Assets |
69,599,279,015 |
75,116,466,802 |
89,524,386,726 |
|
Current Assets |
48,208,918,727 |
51,641,440,550 |
63,326,313,763 |
|
-Quick Assets |
42,248,983,416 |
39,546,922,104 |
56,689,939,507 |
|
-Inventories |
5,959,935,311 |
12,094,518,446 |
6,636,374,256 |
|
Fixed Assets |
21,390,360,288 |
23,475,026,252 |
26,198,072,963 |
|
-Investment |
3,852,352,201 |
3,728,683,802 |
3,107,169,148 |
|
-Tangibles |
16,785,616,458 |
19,104,548,321 |
21,720,561,336 |
|
-Intangibles |
108,812,667 |
142,753,167 |
178,711,167 |
|
-Others |
643,578,962 |
499,040,962 |
1,191,631,312 |
|
Total Liabilities |
37,837,167,030 |
47,876,386,278 |
57,048,324,074 |
|
Current Liabilities |
36,072,615,107 |
42,113,770,434 |
50,909,850,722 |
|
Fixed Liabilities |
1,764,551,923 |
5,762,615,844 |
6,138,473,352 |
|
Capital Stock |
1,248,500,000 |
1,248,500,000 |
1,248,500,000 |
|
Capital Surplus |
365,002,877 |
365,002,877 |
365,002,877 |
|
Profit Surplus |
44,824,793,557 |
40,302,762,096 |
30,862,559,775 |
|
Capital Adjustment |
-14,676,184,449 |
-14,676,184,449 |
- |
|
Total Equity |
31,762,111,985 |
27,240,080,524 |
32,476,062,652 |
|
Liab. & Shareholder’s Equity |
69,599,279,015 |
75,116,466,802 |
89,524,386,726 |
|
Current
Liabilities |
36,072,615,107 |
42,113,770,434 |
50,909,850,722 |
|
Trade Payables |
10,730,712,424 |
7,189,205,826 |
7,544,082,829 |
|
Short-Term Borrowings |
18,959,900,000 |
30,446,589,104 |
38,052,189,104 |
|
Account Payables |
622,494,000 |
4,094,000 |
4,094,000 |
|
Advance Receipts |
281,208,410 |
2,595,199,237 |
846,731,960 |
|
Withholdings |
82,584,320 |
98,143,500 |
105,740,130 |
|
VAT Withhold |
176,759,237 |
- |
28,834,692 |
|
Accrued Expenses |
593,922,883 |
591,748,767 |
554,971,220 |
|
Accrued Income Tax |
509,664,459 |
- |
2,771,926,787 |
|
Current Portion of Long-Term Debts |
693,050,000 |
1,188,790,000 |
1,001,280,000 |
|
Convertible
Bonds |
3,400,000,000 |
- |
- |
|
Fixed
Liabilities |
1,764,551,923 |
5,762,615,844 |
6,138,473,352 |
|
Long-Term Borrowings |
657,050,000 |
1,404,030,000 |
2,364,240,000 |
|
Convertible
Bonds |
- |
3,400,000,000 |
3,400,000,000 |
|
Long-Term
Account Payables |
- |
391,200,000 |
144,400,000 |
|
Leasehold Deposit Received |
311,040,000 |
8,040,000 |
18,040,000 |
|
Deferred Income Tax Credit |
711,502,857 |
550,362,361 |
393,867,500 |
|
Provision for Severance & Retirement |
1,027,224,000 |
745,042,570 |
555,480,040 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Sales |
70,705,053,997 |
58,114,132,658 |
65,629,650,477 |
|
Cost of Sold Goods |
48,267,399,077 |
33,842,658,001 |
37,120,341,156 |
|
Gross Profit |
22,437,654,920 |
24,271,474,657 |
28,509,309,321 |
|
Selling & Admin. Expenses |
15,272,912,023 |
11,064,238,575 |
14,780,171,215 |
|
Operating Income |
7,164,742,897 |
13,207,236,082 |
13,729,138,106 |
|
Non-Operating Income |
7,712,151,718 |
4,492,260,290 |
5,692,162,826 |
|
Non-Operating Expenses |
7,716,433,842 |
6,295,252,542 |
8,872,642,831 |
|
Income Before Taxes |
7,160,460,773 |
11,404,243,830 |
10,548,658,101 |
|
Income Taxes Expenses |
2,638,429,312 |
1,964,041,509 |
1,840,805,783 |
|
Net Income |
4,522,031,461 |
9,440,202,321 |
8,707,852,318 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Cash Flows from Operating |
20,629,515,489 |
2,803,352,680 |
7,761,425,180 |
|
-Net Income |
4,522,031,461 |
9,440,202,321 |
8,707,852,318 |
|
-Exp.
without Cash Outflow |
4,063,150,970 |
1,535,059,150 |
6,373,882,999 |
|
-Revenue
without Cash Inflows |
-1,278,475,087 |
-1,405,765,389 |
-1,667,570,632 |
|
-Changes in
Asset/ & Liability |
13,322,808,145 |
-6,766,143,402 |
-5,652,739,505 |
|
Cash Flows
from Investing |
-8,078,001,091 |
-6,993,069,141 |
-948,933,714 |
|
-Cash Inflow
from Investing |
139,313,208,437 |
83,959,515,929 |
112,178,908,349 |
|
-Cash
Outflows for Investing |
-147,391,209,528 |
-90,952,585,070 |
-113,127,842,063 |
|
Cash Flows
from Financing |
-11,598,167,858 |
-21,783,984,449 |
19,952,699,104 |
|
-Cash
Inflows from Financing |
94,691,141,246 |
128,474,000,000 |
167,255,549,104 |
|
-Cash
Outflows from Financing |
-106,289,309,104 |
-150,257,984,449 |
-147,302,850,000 |
|
Increase/Decrease
in Cash |
953,346,540 |
-25,973,700,910 |
26,765,190,570 |
|
Cash at the
Beginning of Year |
7,490,684,063 |
33,464,384,973 |
6,699,194,403 |
|
Cash at the
End of Year |
8,444,030,603 |
7,490,684,063 |
33,464,384,973 |
|
Main Products & Services |
Color Sorter Manufacturer Color Sorter Rice Color Sorter Cereals Sorter Camera Sorter Grain Sorter Grain Sorting Machine Grain Color Sorter Seed Color Sorter Tea Sorter Color Sorting Machine Rice Processing Machinery Tea Color Sorter |
|
Customers |
NACF |
|
Competitors |
ATS INTERNATIONAL CO., LTD. RM. 707, PHOENIX BLDG., 702-23, YEOKSAM
1-DONG, GANGNAM-GU, SEOUL, KOREA TEL:+82-2-2051-2650~4 FAX:+82-2-2051-2655 HANSUNG ENGINEERING CO., LTD. 586, PUNGSEO-RI, PUNGSE-MYEON, DONGNAM-GU,
CHEONAN-SI, CHUNGCHEONGNAM-DO, KOREA TEL:+82-41-553-4561 FAX:+82-41-553-6053 HAN JAM MACHINERY CO., LTD. 123-6, HA-RI, YEOJU-EUP, YEOJU-GUN,
GYEONGGI-DO, KOREA TEL:+82-31-883-9559 FAX:+82-31-884-0598 |
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
DAEWON JEONSUL CO., LTD.(KOREA) WAPS CO., LTD.(170111-0051730) ILSUNG TECH CO., LTD.(KOREA) DMC CO., LTD.(KOREA) DAEWON GSI(THAILAND)CO., LTD. |
|
Subsidiary |
PT. DAEWON INDONESIA CHUNJI DAEWON KILSAE SANGMU CO., LTD.(CHINA : 천지대원길새상무(유)) |
|
Cooperative Enterprise |
-Insured Company HYUNDAI MARINE & FIREINSURANCE CO., LTD.(110111-0035893) |
(Activity & Markets)
The Subject deals
with the companies in Sri Lanka, China, Taiwan, Colombia, India, Indonesia,
Japan, Pakistan, Philippines, Russia and Vietnam.
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.42 |
|
UK Pound |
1 |
Rs.86.54 |
|
Euro |
1 |
Rs.73.86 |
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.