|
Report Date : |
14.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
JONGHAP MARITIME, INC. |
|
|
|
|
Registered Office : |
141-150, Namhangdong 3-ga, Yeongdo-gu, Busan, Korea 606-033 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
09.11.1968 |
|
|
|
|
Com. Reg. No.: |
601-81-08293 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Manufacture of Pumps and Compressors |
|
|
|
|
No. of Employees : |
86 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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 |
JONGHAP
MARITIME, INC. (Korean Company
Name : “(주)종합해사”) |
|
Registered Address |
141-150, Namhangdong 3-ga, Yeongdo-gu,
Busan, Korea |
|
Zip Code |
606-033 |
|
Tel |
+82-51-413-7701~5 |
|
Fax |
+82-51-412-8555 |
|
E-mail |
spare@jonghap.co.kr |
|
Website |
www.jonghap.co.kr |
|
Trading Address |
141-150, Namhangdong 3-ga, Yeongdo-gu,
Busan, Korea (New Address System : 22, Namhangnam-ro,
Yeongdo-gu, Busan, Korea) |
|
Tel |
+82-51-413-7701~5 |
|
Fax |
+82-51-412-8555 |
|
Other Address-Cheonghak Factory |
330-106, Cheonghak-dong, Yeongdo-gu,
Busan, Korea |
|
Fax |
+82-51-412-1442 |
|
Other Address-Daepyeong Factory |
199, Daepyeong-dong 2-ga, Yeongdo-gu,
Busan, Korea |
|
Type |
Export/Import |
|
Industry |
Building of Steel Ships |
|
Main Business |
Air Compressor, Ship Repairing |
|
Sub
Business |
Manufacture of Pumps and Compressors |
|
Established (mm/dd/yyyy) |
11/09/1968 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Air compressors(40151601) |
|
Sell |
Valve parts or accessories(40141616) |
|
Sell |
Screw compressors(40151609) |
|
Sell |
Compressors(40151600) |
|
Name |
Choi Jin-Ik |
|
Address |
Suite 102-2229, 6, Jaseong-ro 133beon-gil,
Dong-gu, Busan, Korea |
|
Date of Birth |
08/26/1957 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
2,000,000,000 |
|
Employees |
86 |
|
Formation |
Co., Ltd by Shares |
|
Bank Details |
Industrial Bank of Korea Busan Bank |
|
Corporate Registered No. |
180111-0002286 |
|
Business Registered No. |
601-81-08293 |
|
Permit & Licenses |
N/A |
|
Shareholder Position |
N/A |
|
Company History |
11/09/1968 Incorporated as the present name 11/05/2002 Split off the company, and
established JONGHAP NEWTECH CO., LTD.(180111-0427880) 12/19/2011 Moved to the present registered
HQ addr5ess from 199, Daepyeong-dong 2-ga, Yeongdo-gu, Busan, Korea |
|
|
|
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Choi Jin-Ik |
Male |
Korean |
02/26/2010 |
|
Director |
Mr. |
Seo Jong-Phil |
Male |
Korean |
02/26/2010 |
|
Director |
Mr. |
You Dae-Won |
Male |
Korean |
02/26/2013 |
|
Auditor |
Mr. |
Kim Dal-Kyung |
Male |
Korean |
02/26/2013 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
22,299,091,084 |
22,064,786,523 |
606,569,422 |
|
|
2011 |
20,606,984,017 |
24,195,779,812 |
1,939,331,174 |
|
2010 |
22,141,342,730 |
20,133,325,484 |
2,423,771,619 |
|
Authorized Capital(KRW) |
8,000,000,000 |
|
Paid-Up Capital(KRW) |
2,000,000,000 |
|
Total Issued Shares |
400,000 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total Assets |
22,064,786,523 |
24,195,779,812 |
20,133,325,484 |
|
Current Assets |
11,152,901,109 |
13,379,005,341 |
13,166,865,096 |
|
-Quick Assets |
7,431,665,312 |
10,890,790,239 |
11,449,359,335 |
|
-Inventories |
3,721,235,797 |
2,488,215,102 |
1,717,505,761 |
|
Fixed Assets |
10,911,885,414 |
10,816,774,471 |
6,966,460,388 |
|
-Investment |
291,799,760 |
266,799,760 |
266,799,760 |
|
-Tangibles |
10,167,314,091 |
10,089,111,968 |
6,564,551,084 |
|
-Intangibles |
452,771,563 |
460,862,743 |
135,109,544 |
|
Total Liabilities |
6,150,471,585 |
7,988,034,296 |
4,964,911,142 |
|
Current Liabilities |
5,353,939,501 |
6,986,652,665 |
3,598,876,599 |
|
Fixed Liabilities |
796,532,084 |
1,001,381,631 |
1,366,034,543 |
|
Capital Stock |
2,000,000,000 |
2,000,000,000 |
2,000,000,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
13,914,314,938 |
14,207,745,516 |
13,168,414,342 |
|
Capital Adjustment |
|
|
|
|
Total Equity |
15,914,314,938 |
16,207,745,516 |
15,168,414,342 |
|
Liab. & Shareholder’s Equity |
22,064,786,523 |
24,195,779,812 |
20,133,325,484 |
|
Current Liabilities |
5,353,939,501 |
6,986,652,665 |
3,598,876,599 |
|
Trade Payables |
1,013,167,894 |
1,298,382,846 |
769,866,463 |
|
Short-Term Borrowings |
3,200,000,000 |
3,200,000,000 |
200,000,000 |
|
Account Payables |
726,479,640 |
1,965,789,938 |
1,855,622,351 |
|
Advance Receipts |
160,529,802 |
15,768,341 |
- |
|
Withholdings |
32,749,860 |
78,724,370 |
196,251,170 |
|
Accrued Income Tax |
- |
207,987,170 |
465,693,970 |
|
VAT Withhold |
1,012,305 |
- |
1,442,645 |
|
Current Portion of Long-Term Debts |
220,000,000 |
220,000,000 |
110,000,000 |
|
Fixed Liabilities |
796,532,084 |
1,001,381,631 |
1,366,034,543 |
|
Long-Term Borrowings |
550,000,000 |
770,000,000 |
990,000,000 |
|
Provision for Severance & Retirement |
1,447,927,261 |
1,361,714,589 |
1,555,569,113 |
|
Leasehold Deposit Received |
35,000,000 |
5,000,000 |
105,000,000 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
22,299,091,084 |
20,606,984,017 |
22,141,342,730 |
|
Cost of Sold Goods |
20,815,450,834 |
17,510,254,940 |
18,802,832,540 |
|
Gross Profit |
1,483,640,250 |
3,096,729,077 |
3,338,510,190 |
|
Selling & Admin. Expenses |
781,463,636 |
940,326,405 |
678,481,571 |
|
Operating Income |
702,176,614 |
2,156,402,672 |
2,660,028,619 |
|
Non-Operating Income |
443,168,218 |
632,730,176 |
596,574,122 |
|
Non-Operating Expenses |
367,216,107 |
342,367,894 |
192,141,392 |
|
Income Before Taxes |
778,128,725 |
2,446,764,954 |
3,064,461,349 |
|
Income Taxes Expenses |
171,559,303 |
507,433,780 |
640,689,730 |
|
Net Income |
606,569,422 |
1,939,331,174 |
2,423,771,619 |
Cash
Flows
|
|||
|
Unit :
Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Cash Flows
from Operating |
173,715,070 |
1,106,886,890 |
-492,218,473 |
|
-Net Income |
606,569,422 |
1,939,331,174 |
2,423,771,619 |
|
-Exp.
without Cash Outflow |
1,023,412,448 |
940,579,653 |
912,312,232 |
|
-Revenue
without Cash Inflows |
-7,611,401 |
-17,151,056 |
-15,992,988 |
|
-Changes in
Asset/ & Liability |
-1,448,655,399 |
-1,755,872,881 |
-3,812,309,336 |
|
Cash Flows
from Investing |
-726,756,798 |
-3,415,053,744 |
658,118,195 |
|
-Cash Inflow
from Investing |
137,226,365 |
1,104,604,855 |
3,849,999,350 |
|
-Cash
Outflows for Investing |
-863,983,163 |
-4,519,658,599 |
-3,191,881,155 |
|
Cash Flows
from Financing |
-1,090,000,000 |
1,890,000,000 |
352,807,385 |
|
-Cash
Inflows from Financing |
1,243,215,357 |
3,000,000,000 |
7,317,729,915 |
|
-Cash
Outflows from Financing |
-2,333,215,357 |
-1,110,000,000 |
-6,964,922,530 |
|
Increase/Decrease
in Cash |
-1,643,041,728 |
-418,166,854 |
518,707,107 |
|
Cash at the
Beginning of Year |
2,475,366,064 |
2,893,532,918 |
2,374,825,811 |
|
Cash at the End of Year |
832,324,336 |
2,475,366,064 |
2,893,532,918 |
|
Main Products & Services |
Air Compressor, Ship Repairing |
|
Suppliers |
CUMMINS SALES & SERVICE KOREA CO., LTD.(134811-0027955) |
|
Competitors |
HALLA CLIMATE CONTROL CORPORATION 1689-1, SINIL-DONG, DAEDEOK-GU, DAEJEON,
KOREA TEL:+82-42-930-6114 FAX:+82-42-930-6129 CENTURY CORP. 345, BOCHE-RI, MIYANG-MYEON, ANSEONG-SI,
GYEONGGI-DO, KOREA TEL:+82-31-646-8000 FAX:+82-31-646-8100 SHINHUNG CO., LTD. 8TH FL., SINHEUNG BLDG., 10-3,
JUNGNIM-DONG, JUNG-GU, SEOUL, KOREA TEL:+82-2-6366-2000 FAX:+82-2-6366-2131 |
(Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
JONGHAN MARITIME TECHNOLOGY CO., LTD.(180111-0029610) (47.0% held by the subject company) JONGHAP POLESTAR CO., LTD.( 180111-0038992) (30.0% held by the subject company) JONGHAP MACHINE CO., LTD.(184511-0000717) JONGHAP PRECISION CO., LTD.(184511-0007482) JONGHAP NEWTECH CO., LTD.(180111-0427880) JONGHAP NTECH CO., LTD.(180111-0442648) |
|
Cooperative Enterprise |
-Insured Company HANWHA GENERAL INSURANCE CO., LTD.(110111-0006456) LOTTE NON-LIFE INSURANCE CO., LTD.(110111-0014459) |
(Activity &
Markets)
Not Available.
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.41 |
|
|
1 |
Rs.91.62 |
|
Euro |
1 |
Rs.78.12 |
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.