MIRA INFORM REPORT
|
Report Date : |
13.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
DAEDONG IM CO.,
LTD. |
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|
|
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Registered Office : |
2-1301, Ace Hightech City 55-20, Mullaedong 3-ga, Yeongdeungpo-gu,
Seoul 150-972 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2012 |
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|
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Date of Incorporation : |
01.09.1998 |
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Com. Reg. No.: |
107-81-64755 |
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Legal Form : |
Co., Ltd by Shares |
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Line of Business : |
Wholesale of Electrical Machinery and Related Materials |
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|
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No. of Employees : |
16 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 |
DAEDONG IM CO.,
LTD. (English Company
Name : DAEDONG INDUSTRIAL MACHINERY CO., LTD.) (Korean Company Name
: “대동아이엠(주)”) |
|
Registered Address |
55-20, Mullaedong 3-ga, Yeongdeungpo-gu,
Seoul, ,Korea |
|
Building |
2-1301, Ace Hightech City |
|
Zip Code |
150-972 |
|
Tel |
+82-2-2631-4841 |
|
Fax |
+82-2-2631-4842 |
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E-mail |
|
|
Website |
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|
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Trading Address |
2-1301, Ace Hightech City, 55-20,
Mullaedong 3-ga, Yeongdeungpo-gu, Seoul, ,Korea |
|
Tel |
+82-2-2631-4841 |
|
Fax |
+82-2-2631-4842 |
|
|
|
|
Type |
Export |
|
Industry |
Wholesale of Electrical Machinery and Related Materials |
|
Main Business |
Diesel Generator |
|
|
|
|
Established (mm/dd/yyyy) |
09/01/1998 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Diesel engines(26101504) |
|
Sell |
Power generators(26111600) |
|
Name |
Park Ji-Soo |
|
Address |
Suite 129-402, 810, Hannam-dong,
Yongsan-gu, Seoul, Korea |
|
Date of Birth |
08/01/1959 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
500,000,000 |
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|
Employees |
16 |
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Formation |
Co., Ltd by Shares |
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Bank Details |
Kookmin Bank Industrial Bank of Korea Korea Exchange Bank |
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Corporate Registered No. |
110111-1581100 |
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Business Registered No. |
107-81-64755 |
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Permit & Licenses |
Int’l Trade No.: 11520184 |
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Shareholder Position |
|
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Company History |
09/01/1998 Incorporated as the present name 09/03/2007 Increased the authorized shares
to 2,000,000 shares from 20,000 shares 09/04/2007 Increased capital to 500,000,000
KRW from 50,000,000 KRW 10/07/2007 Split off the par value to 5,000
KRW from 10,000 KRW 04/15/2009 Moved to the present HQ address
from 2-1302/1303,
Ace Hightech City, 55-20, Mullaedong 3-ga, Yeongdeungpo-gu, Seoul, ,Korea 11/30/2009 Awarded US$ 20 Million Export
Top Prize 11/30/2010 Awarded US$ 50 Million Export
Top Prize |
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Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Park Ji-Soo |
Male |
Korean |
07/19/2007 |
|
Director |
M/S. |
Lee Ji-Young |
Female |
Korean |
07/19/2007 |
|
Outside Director |
Mr. |
Park Kwan-Soo |
Male |
Korean |
03/10/2011 |
|
Auditor |
Mr. |
Park Jae-Hyun |
Male |
Korean |
09/30/2008 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
6,204,939,265 |
17,566,794,350 |
-1,935,669,111 |
|
|
2011 |
5,455,101,928 |
23,275,178,404 |
-4,114,095,017 |
|
2010 |
36,522,514,769 |
29,880,257,903 |
1,079,856,579 |
|
Authorized Capital(KRW) |
10,000,000,000 |
|
Paid-Up Capital(KRW) |
500,000,000 |
|
Total Issued Shares |
100,000 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total Assets |
17,566,794,350 |
23,275,178,404 |
29,880,257,903 |
|
Current Assets |
14,534,213,278 |
16,526,623,942 |
16,981,115,108 |
|
-Quick Assets |
14,437,029,478 |
16,442,633,471 |
16,981,115,108 |
|
-Inventories |
97,183,800 |
83,990,471 |
- |
|
Fixed Assets |
3,032,581,072 |
6,748,554,462 |
12,899,142,795 |
|
-Investment |
- |
3,558,053,032 |
9,519,233,305 |
|
-Tangibles |
2,992,991,303 |
3,147,016,221 |
3,314,202,040 |
|
-Intangibles |
39,589,769 |
43,485,209 |
65,707,450 |
|
Total Liabilities |
6,321,900,206 |
10,094,615,149 |
12,585,599,631 |
|
Current Liabilities |
5,664,765,616 |
9,335,615,149 |
11,539,798,711 |
|
Fixed Liabilities |
657,134,590 |
759,000,000 |
1,045,800,920 |
|
Capital Stock |
500,000,000 |
500,000,000 |
500,000,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
10,744,894,144 |
12,680,563,255 |
16,794,658,272 |
|
Capital Adjustment |
|
|
|
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Total Equity |
11,244,894,144 |
13,180,563,255 |
17,294,658,272 |
|
Liab. & Shareholder’s Equity |
17,566,794,350 |
23,275,178,404 |
29,880,257,903 |
|
Current Liabilities |
5,664,765,616 |
9,335,615,149 |
11,539,798,711 |
|
Trade Payables |
1,503,703,653 |
3,546,392,565 |
5,774,292,639 |
|
Account Payables |
518,868,593 |
1,016,774,421 |
36,357,836 |
|
Withholdings |
32,943,942 |
160,595,912 |
125,645,945 |
|
Advance Receipts |
639,011,264 |
70,000 |
70,000 |
|
Short-Term Borrowings |
2,630,000,000 |
4,075,000,000 |
4,600,000,000 |
|
Accrued Expenses |
13,638,164 |
315,182,251 |
816,832,291 |
|
Current Portion of Long-Term Debts |
326,600,000 |
221,600,000 |
186,600,000 |
|
Fixed Liabilities |
657,134,590 |
759,000,000 |
1,045,800,920 |
|
Long-Term Borrowings |
612,400,000 |
729,000,000 |
950,600,000 |
|
Leasehold Deposit Received |
- |
30,000,000 |
30,000,000 |
|
Provision for Severance & Retirement |
468,469,997 |
273,764,165 |
335,367,498 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
6,204,939,265 |
5,455,101,928 |
36,522,514,769 |
|
Cost of Sold Goods |
5,106,209,744 |
4,290,401,153 |
26,874,510,196 |
|
Gross Profit |
1,098,729,521 |
1,164,700,775 |
9,648,004,573 |
|
Selling & Admin. Expenses |
2,479,001,964 |
5,078,766,057 |
6,335,749,213 |
|
Operating Income |
-1,380,272,443 |
-3,914,065,282 |
3,312,255,360 |
|
Non-Operating Income |
318,387,833 |
463,222,395 |
1,263,210,364 |
|
Non-Operating Expenses |
1,176,298,438 |
663,252,130 |
3,007,558,197 |
|
Income Before Taxes |
-2,238,183,048 |
-4,114,095,017 |
1,567,907,527 |
|
Income Taxes Expenses |
-302,513,937 |
- |
488,050,948 |
|
Net Income |
-1,935,669,111 |
-4,114,095,017 |
1,079,856,579 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Cash Flows from Operating |
1,904,201,237 |
986,176,399 |
-9,397,816,003 |
|
-Net Income |
-1,935,669,111 |
-4,114,095,017 |
1,079,856,579 |
|
-Exp. without Cash Outflow |
1,054,364,294 |
1,514,742,246 |
1,424,790,694 |
|
-Revenue without Cash Inflows |
-176,030,504 |
-112,449,716 |
-194,172,304 |
|
-Changes in Asset/ & Liability |
2,961,536,558 |
3,697,978,886 |
-11,708,290,972 |
|
Cash Flows from Investing |
660,205,440 |
-754,440,900 |
1,471,202,958 |
|
-Cash Inflow from Investing |
660,205,440 |
109,272,241 |
1,945,445,736 |
|
-Cash Outflows for Investing |
- |
-863,713,141 |
-474,242,778 |
|
Cash Flows from Financing |
-1,486,600,000 |
-711,600,000 |
-885,141,500 |
|
-Cash Inflows from Financing |
210,000,000 |
- |
- |
|
-Cash Outflows from Financing |
-1,696,600,000 |
-711,600,000 |
-885,141,500 |
|
Increase/Decrease in Cash |
1,077,806,677 |
-479,864,501 |
-8,811,754,545 |
|
Cash at the Beginning of Year |
140,951,767 |
620,816,268 |
9,432,570,814 |
|
Cash at the End of Year |
1,218,758,444 |
140,951,767 |
620,816,269 |
|
Main Products & Services |
Diesel Generator |
|
Suppliers |
LS INDUSTRIAL SYSTEMS KOREA PLANT SERVICE & ENGINEERING KOREA ELECTRIC POWER CORPORATION (KEPCO) STX ENGINE STX ENPACO |
|
Competitors |
DOOSAN ENGINE CO., LTD. 69-3, SINCHON-DONG, CHANGWON-SI,
GYEONGSANGNAM-DO, KOREA TEL:+82-55-260-6000 FAX:+82-55-282-0588 DOOWON PRECISION INDUSTRY CO., LTD. 180, GEONJI-RI, DAEDEOK-MYEON, ANSEONG-SI,
GYEONGGI-DO, KOREA TEL:+82-31-670-6000 FAX:+82-31-670-6200 CASCO CO., LTD. 938-2, TAEGOK-RI, BUK-MYEON, JEONGEUP-SI,
JEOLLABUK-DO, KOREA TEL:+82-63-570-6114 FAX:+82-63-570-6198 |
|
Cooperative Enterprise |
-Insured Company HANWHA GENERAL INSURANCE CO., LTD.(110111-0006456) |
The Subject exports
to Asia, Africa and Middle East.
No.
-------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.54 |
|
|
1 |
Rs.84.19 |
|
Euro |
1 |
Rs.71.11 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.