|
Report Date : |
28.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
DAENONG CORPORATION |
|
|
|
|
Registered Office : |
1, Dowon-ri, Naesu-eup, Cheongwon-gun, Chungcheongbuk-do,
Korea 363-933 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
30.09.2012 |
|
|
|
|
Date of Incorporation : |
15.04.1955 |
|
|
|
|
Com. Reg. No.: |
105-81-33940 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Cotton of Spinning |
|
|
|
|
No. of Employees : |
252 |
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 : |
Unknown |
|
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 |
DAENONG
CORPORATION (Korean Company
Name : “(주)대농”) |
|
Registered Address |
1, Dowon-ri, Naesu-eup, Cheongwon-gun,
Chungcheongbuk-do, Korea |
|
Zip Code |
363-933 |
|
Tel |
+82-2-2009-4500 |
|
Fax |
+82-2-2009-4554 |
|
E-mail |
trade1@daenong21.com |
|
Website |
www.daenong21.com |
|
Trading Address |
12th FI., Rich Tower, 141-33, Samseong
2-dong, Gangnam-gu, Seoul, Korea |
|
Tel |
+82-2-2009-4500 |
|
Fax |
+82-2-2009-4554 |
|
Type |
Export/Import |
|
Industry |
Cotton of Spinning |
|
Main Business |
Melange Yarn, Cotton Yarn, Linen Blended Yarn, Polynosic, Linen,
Stretch, Cotton |
|
Established (mm/dd/yyyy) |
04/15/1955 |
The Subject owns
the premises of registered HQ address.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Fabrics and leather materials(11160000) |
|
Sell |
Fibers(11151500) |
|
Sell |
Threads(11151600) |
|
Sell |
Bedclothes(52121500) |
|
Sell |
Cotton yarn(11151702) |
|
Name |
Jung Chun-Bo |
|
Address |
Suite 301, 23, Dosan-daero, Gangnam-gu,
Seoul, Korea |
|
Date of Birth |
07/06/1955 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
8,931,010,000 |
||||||||||||
|
Employees |
252 |
||||||||||||
|
Formation |
Co., Ltd by Shares |
||||||||||||
|
Bank Details |
Shinhan Bank-Sales 1 Dept. |
||||||||||||
|
Corporate Registered No. |
110111-0138572 |
||||||||||||
|
Business Registered No. |
105-81-33940 |
||||||||||||
|
Permit & Licenses |
Int’l Trade No.: 670296 |
||||||||||||
|
Shareholder Position |
|
||||||||||||
|
Company History |
04/15/1955 Incorporated as Daehan Nongsan
Co., Ltd. 07/01/1973 Changed company name to the present name 01/14/1991 Listed at Korea Stock Exchange 12/30/1997 Started Corporate Clearing
Procedure 09/04/1998 Approved of Corporate Clearing
Plan 04/27/2002 Delisted from Korea Stock
Exchange 05/02/2005 Moved to the present HQ address
from 33-1, Mapo-dong, Mapo-gu, Seoul, Korea 12/28/2005 Split off the subject company,
and established Shinyoung Daenong Co., Ltd. 04/15/2009 Decreased capital to
8,931,010,000 KRW from 89,310,100,000 KRW |
||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Sex |
Nationality |
Date of Birth |
|
President & CEO |
Mr. |
Jung Chun-Bo |
Male |
Korean |
1955.07.06 |
|
Director |
Mr. |
Choi Kwang-Cheol |
Male |
Korean |
1971.12.23 |
|
Director |
Mr. |
Park Gye-Sung |
Male |
Korean |
1961.08.20 |
|
Director |
Mr. |
Park Sang-Hyup |
Male |
Korean |
1961.07.01 |
|
Director |
Mr. |
Ahn Byung-Jin |
Male |
Korean |
1964.05. |
|
Auditor |
Mr. |
Kim Sung-Hwan |
Male |
Korean |
1964.06.08 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
117,179,076,566 |
135,577,713,657 |
-13,187,133,734 |
|
|
2011 |
179,409,519,388 |
147,686,854,132 |
-14,881,325,661 |
|
2010 |
145,590,969,744 |
135,837,973,786 |
2,361,105,555 |
|
2009 |
119,478,390,050 |
118,518,768,622 |
13,336,702,823 |
|
2008 |
89,014,415,794 |
205,124,523,433 |
14,740,918,689 |
|
Authorized Capital(KRW) |
125,000,000,000 |
|
Paid-Up Capital(KRW) |
8,931,010,000 |
|
Total Issued Shares |
1,786,202 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
01/01/2012~09/30/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total Assets |
135,577,713,657 |
147,686,854,132 |
135,837,973,786 |
|
Current Assets |
70,624,063,799 |
75,145,414,365 |
64,901,510,682 |
|
-Quick Assets |
36,757,669,452 |
34,591,308,456 |
44,443,396,247 |
|
-Inventories |
33,866,394,347 |
40,554,105,909 |
20,458,114,435 |
|
Fixed Assets |
64,953,649,858 |
72,541,439,767 |
70,936,463,104 |
|
-Investment |
37,759,137,184 |
43,289,955,782 |
39,388,800,316 |
|
-Tangibles |
26,249,518,570 |
28,225,723,244 |
30,616,076,339 |
|
-Intangibles |
43,264,500 |
70,976,665 |
18,139,469 |
|
-Others |
901,729,604 |
954,784,076 |
913,446,980 |
|
Total Liabilities |
62,657,505,612 |
61,283,667,260 |
36,418,813,819 |
|
Current Liabilities |
57,356,756,053 |
53,543,145,203 |
28,559,316,069 |
|
Fixed Liabilities |
5,300,749,559 |
7,740,522,057 |
7,859,497,750 |
|
Capital Stock |
8,931,010,000 |
8,931,010,000 |
8,931,010,000 |
|
Capital Surplus |
9,950,145,226 |
9,950,145,226 |
9,950,145,226 |
|
Profit Surplus |
48,353,821,158 |
61,540,954,892 |
76,422,280,553 |
|
Capital Adjustment |
5,685,231,661 |
5,981,076,754 |
4,115,724,188 |
|
Total Equity |
72,920,208,045 |
86,403,186,872 |
99,419,159,967 |
|
Liab. & Shareholder’s Equity |
135,577,713,657 |
147,686,854,132 |
135,837,973,786 |
|
Current Liabilities |
57,356,756,053 |
53,543,145,203 |
28,559,316,069 |
|
Trade Payables |
9,822,868,228 |
9,516,791,841 |
8,111,987,389 |
|
Short-Term Borrowings |
42,937,649,631 |
39,553,190,223 |
17,192,258,757 |
|
Account Payables |
2,708,863,554 |
2,111,038,891 |
1,829,635,311 |
|
Advance Receipts |
251,599,330 |
139,362,961 |
231,606,169 |
|
Withholdings |
1,387,640 |
36,752,810 |
44,067,365 |
|
Accrued Expenses |
384,387,672 |
519,341,813 |
382,359,234 |
|
Accrued Income Tax |
- |
- |
350,735,170 |
|
Current Portion of Long-Term Debts |
1,249,999,998 |
1,666,666,664 |
416,666,674 |
|
Fixed Liabilities |
5,300,749,559 |
7,740,522,057 |
7,859,497,750 |
|
Long-Term Borrowings |
2,083,333,330 |
2,916,666,662 |
4,583,333,326 |
|
Leasehold Deposit Received |
274,200,000 |
274,200,000 |
274,200,000 |
|
Provision for Severance & Retirement |
3,720,741,940 |
3,957,669,260 |
3,212,086,450 |
|
Deferred Income Tax Credit |
220,217,254 |
803,976,325 |
- |
Income
Statement
|
|||
|
Unit : Korean Won |
01/01/2012~09/30/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
117,179,076,566 |
179,409,519,388 |
145,590,969,744 |
|
Cost of Sold Goods |
118,797,057,395 |
171,312,468,812 |
132,568,613,896 |
|
Gross Profit |
-1,617,980,829 |
8,097,050,576 |
13,022,355,848 |
|
Selling & Admin. Expenses |
5,820,696,442 |
11,609,119,086 |
6,626,032,948 |
|
Operating Income |
-7,438,677,271 |
-3,512,068,510 |
6,396,322,900 |
|
Non-Operating Income |
1,582,956,472 |
5,570,207,886 |
4,825,164,643 |
|
Non-Operating Expenses |
7,924,935,130 |
17,950,139,904 |
9,109,722,225 |
|
Income Before Taxes |
-13,780,655,929 |
-15,892,000,528 |
2,111,765,318 |
|
Income Taxes Expenses |
-593,522,195 |
-1,010,674,867 |
-249,340,237 |
|
Net Income |
-13,187,133,734 |
-14,881,325,661 |
2,361,105,555 |
Cash
Flows
|
|||
|
Unit : Korean Won |
01/01/2012~09/30/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Cash Flows
from Operating |
-3,124,257,757 |
-21,866,522,948 |
-3,147,126,810 |
|
-Net Income |
-13,187,133,734 |
-14,881,325,661 |
2,361,105,555 |
|
-Exp.
without Cash Outflow |
9,135,738,983 |
17,163,872,180 |
9,397,458,162 |
|
-Revenue
without Cash Inflows |
-25,818,894 |
-786,000,446 |
-828,142,412 |
|
-Changes in
Asset/ & Liability |
952,955,888 |
-23,363,069,021 |
-14,077,548,115 |
|
Cash Flows
from Investing |
-772,642,811 |
-8,833,884,708 |
-8,402,154,723 |
|
-Cash Inflow
from Investing |
1,492,377,000 |
6,633,828,330 |
5,873,806,154 |
|
-Cash
Outflows for Investing |
-2,265,019,811 |
-15,467,713,038 |
-14,275,960,877 |
|
Cash Flows
from Financing |
2,134,459,410 |
20,693,239,636 |
10,295,158,049 |
|
-Cash Inflows
from Financing |
64,354,913,037 |
80,054,831,596 |
27,487,416,806 |
|
-Cash
Outflows from Financing |
-62,220,453,627 |
-59,361,591,960 |
-17,192,258,757 |
|
Increase/Decrease
in Cash |
-1,762,441,158 |
10,007,168,020 |
1,254,123,484 |
|
Cash at the Beginning
of Year |
7,307,765,205 |
17,314,933,225 |
18,569,056,709 |
|
Cash at the
End of Year |
5,545,324,047 |
7,307,765,205 |
17,314,933,225 |
|
Main Products & Services |
Melange Yarn, Cotton Yarn, Linen Blended Yarn, Polynosic, Linen,
Stretch, Cotton |
|
Competitors |
TAE KWANG INDUSTRIAL CO.,
LTD.(110111-0185276) ILSHIN SPINNING CO.,LTD.(110111-0041717) CHONBANG CO.,LTD.(110111-0005664) |
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
DAENONG TEXTILE CO., LTD.(110111-3878266) (80.0% held by the subject company) |
|
Overseas Office |
PT. GISTEX POPULAR INDONESIA (60.0% held by the subject company) PT. DAENONG GLOBAL (99.0% held by the subject company) |
|
Subsidiary |
QINGDAO DAENONG TEXTILE CO., LTD.(CHINA) (100.0% held by the subject company) HWANHAE DAENONG TEXTILE CO., LTD.(CHINA) (100.0% held by the subject company) |
(Activity & Markets)
|
Sales/ Unit :Mil KRW |
09/2012 |
2011 |
2010 |
|
Export |
23,694 |
160,031 |
132,989 |
|
Domestic |
17,710 |
19,378 |
12,601 |
|
Total |
41,404 |
179,409 |
145,590 |
Not Available.
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.27 |
|
|
1 |
Rs.82.49 |
|
Euro |
1 |
Rs.69.88 |
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.