MIRA INFORM REPORT
|
Report Date : |
13.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
INTEK DIGITAL INC. |
|
|
|
|
Registered Office : |
1591-9, Gwanyang-dong, Dongan-gu, Anyang-si, Gyeonggi-do, Korea, Rm. 804, Anyang K-Center, Zip Code 431-060 |
|
|
|
|
Country : |
South korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
14.01.2005 |
|
|
|
|
Com. Reg. No.: |
138-81-25421 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Manufacturer of Broadcasting Apparatuses |
|
|
|
|
No. of Employees : |
48 |
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 : |
Slow |
|
|
|
|
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 |
INTEK DIGITAL
INC. (Korean Company Name : “(주)인텍디지탈”) |
|
Registered Address |
1591-9, Gwanyang-dong, Dongan-gu, Anyang-si, Gyeonggi-do, Korea |
|
Building |
Rm.
804, Anyang K-Center |
|
Zip Code |
431-060 |
|
Tel |
+82-31-476-0573 |
|
Fax |
+82-31-476-0575 |
|
E-mail |
|
|
Website |
|
|
Trading
Address |
Rm. 804, Anyang K-Center, 1591-9, Gwanyang-dong, Dongan-gu, Anyang-si,
Gyeonggi-do, Korea |
|
Tel |
+82-31-476-0573 |
|
Fax |
+82-31-476-0575 |
|
Type |
Export |
|
Industry |
Manufacture
of Broadcasting Apparatuses |
|
Main Business |
Digital
Satellite Receiver, Digital Cable, Digital Terrestrial |
|
Established (mm/dd/yyyy) |
01/14/2005 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Satellite receivers(52161526) |
|
Name |
Kim
Shine |
|
Address |
Suite 101, 517-21, Sinsa-dong, Gangnam-gu,
Seoul, Korea |
|
Date of Birth |
11/04/1964 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
1,755,625,000 |
||||||||||||
|
Employees |
48 |
||||||||||||
|
Formation |
Co., Ltd by Shares Venture
Business |
||||||||||||
|
Bank Details |
Korea Exchange Bank Woori Bank Nonghyup Bank-Anyang Corporate Finance
Branch |
||||||||||||
|
Corporate Registered No. |
134111-0125422 |
||||||||||||
|
Business Registered No. |
138-81-25421 |
||||||||||||
|
Permit & Licenses |
Int’l
Trade No.: 30537677 |
||||||||||||
|
Shareholder Position |
(*)The list is based as of 12/31/2012. |
||||||||||||
|
Company History |
01/14/2005 Incorporated as the present name. 10/27/2005 Designated as a Venture Business 11/27/2007 Moved to the present HQ address from Rm. 1101, Anyang
K-Center, 1591-9, Gwanyang-dong, Dongan-gu, Anyang-si, Gyeonggi-do, Korea 03/30/2010 Increased the authorized shares to 20,000,000 shares from
10,000,000 shares 10/27/2011 Designated as a Venture Business
again 03/01/2013
Increased capital to 1,755,625,000 KRW from 1,640,625,000
KRW |
||||||||||||
|
|
|
|
Job
Description |
Title |
Name |
Sex |
Nationality |
Inauguration
Date |
|
President
& CEO |
Mr. |
Kim
Shine |
Male |
Korean |
07/18/2005 |
|
Outside
Director |
Mr. |
Ju Kyung-Seob |
Male |
Korean |
11/03/2011 |
|
Director |
Mr. |
Kim Hyun-Soo |
Male |
Korean |
03/29/2013 |
|
Auditor |
Mr. |
Byun Joong-Seok |
Male |
Korean |
03/30/2010 |
|
Year / Unit
: KRW |
Sales |
Assets |
Net Income |
|
16,934,716,817 |
6,654,037,905 |
-21,108,190,639 |
|
|
2011 |
27,162,232,279 |
30,220,955,480 |
546,768,282 |
|
2010 |
29,324,133,794 |
24,049,078,116 |
-738,931,673 |
|
Authorized Capital(KRW) |
5,000,000,000 |
|
Paid-Up Capital(KRW) |
1,755,625,000 |
|
Total Issued Shares |
3,511,250(Common
: 3,042,500 / Preferable : 468,750) |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of 12/31/2010 |
|
Total Assets |
6,654,037,905 |
30,220,955,480 |
24,049,078,116 |
|
Current Assets |
5,775,150,737 |
25,622,105,563 |
20,237,469,300 |
|
-Quick
Assets |
3,141,226,897 |
19,387,139,305 |
12,577,569,198 |
|
-Inventories |
2,633,923,840 |
6,234,966,258 |
7,659,900,102 |
|
Fixed
Assets |
878,887,168 |
4,598,849,917 |
3,811,608,816 |
|
-Investment |
128,359,282 |
269,565,920 |
86,002,640 |
|
-Tangibles |
162,527,802 |
248,462,159 |
779,584,619 |
|
-Intangibles |
145,440,239 |
1,876,773,946 |
1,004,811,156 |
|
-Others |
442,559,845 |
2,204,047,892 |
1,941,210,401 |
|
Total Liabilities |
19,252,435,898 |
21,627,568,894 |
16,026,736,645 |
|
Current Liabilities |
18,911,251,045 |
20,554,915,663 |
14,780,934,829 |
|
Fixed Liabilities |
341,184,853 |
1,072,653,231 |
1,245,801,816 |
|
Capital Stock |
1,640,625,000 |
1,640,625,000 |
1,640,625,000 |
|
Capital Surplus |
978,786,920 |
978,786,920 |
978,786,920 |
|
Profit Surplus |
97,732,103 |
97,732,103 |
73,455,270 |
|
Capital Adjustment |
-15,315,542,016 |
5,876,242,563 |
5,329,474,281 |
|
Total Equity |
-12,598,397,993 |
8,593,386,586 |
8,022,341,471 |
|
Liab. & Shareholder’s Equity |
6,654,037,905 |
30,220,955,480 |
24,049,078,116 |
|
Current Liabilities |
18,911,251,045 |
20,554,915,663 |
14,780,934,829 |
|
Trade
Payables |
2,538,630,531 |
1,896,691,855 |
1,054,907,621 |
|
Account
Payables |
502,817,177 |
621,477,680 |
242,493,895 |
|
Accrued
Expenses |
146,071,573 |
59,653,597 |
308,221,814 |
|
Short-Term
Borrowings |
14,005,367,508 |
16,448,295,780 |
12,855,338,685 |
|
Current
Portion of Long-Term Debts |
750,000,000 |
250,000,000 |
- |
|
Withholdings |
37,526,458 |
21,148,614 |
25,566,090 |
|
Advance
Receipts |
874,561,023 |
226,296,658 |
29,659,681 |
|
Unearned
Income |
56,276,775 |
298,230,983 |
264,747,043 |
|
Guarantee
Deposit Withhold |
- |
733,120,496 |
- |
|
Fixed Liabilities |
341,184,853 |
1,072,653,231 |
1,245,801,816 |
|
Long-Term
Account Payables |
- |
198,520,829 |
146,982,741 |
|
Long-Term
Borrowings |
- |
750,000,000 |
1,000,000,000 |
|
Provision
for Severance & Retirement |
871,250,726 |
650,547,365 |
626,980,828 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Sales |
16,934,716,817 |
27,162,232,279 |
29,324,133,794 |
|
Cost of Sold Goods |
17,516,290,596 |
19,047,754,778 |
20,677,205,734 |
|
Gross Profit |
-581,573,779 |
8,114,477,501 |
8,646,928,060 |
|
Selling & Admin. Expenses |
15,438,264,430 |
7,110,201,925 |
9,323,937,189 |
|
Operating Income |
-16,019,838,209 |
1,004,275,576 |
-677,009,129 |
|
Non-Operating Income |
425,077,184 |
1,015,358,112 |
846,464,360 |
|
Non-Operating Expenses |
3,922,206,016 |
1,741,659,014 |
1,757,060,683 |
|
Income Before Taxes |
-19,516,967,041 |
277,974,674 |
-1,587,605,452 |
|
Income Taxes Expenses |
1,591,223,598 |
-268,793,608 |
-848,673,779 |
|
Net Income |
-21,108,190,639 |
546,768,282 |
-738,931,673 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Cash Flows from Operating |
810,430,785 |
-2,986,418,476 |
-6,701,434,166 |
|
-Net Income |
-21,108,190,639 |
546,768,282 |
-738,931,673 |
|
-Exp. without Cash Outflow |
12,917,091,710 |
1,123,039,523 |
814,937,351 |
|
-Revenue without Cash Inflows |
- |
-357,545,434 |
-38,901,412 |
|
-Changes in Asset/ & Liability |
9,001,529,714 |
-4,298,680,847 |
-6,738,538,432 |
|
Cash Flows from Investing |
-6,691,032 |
-1,001,989,890 |
-474,409,193 |
|
-Cash Inflow from Investing |
845,716,000 |
2,148,169,137 |
1,747,405,876 |
|
-Cash Outflows for Investing |
-852,407,032 |
-3,150,159,027 |
-2,221,815,069 |
|
Cash Flows from Financing |
-2,692,928,272 |
3,611,301,378 |
6,103,223,685 |
|
-Cash Inflows from Financing |
5,152,954,722 |
10,680,749,587 |
12,543,182,485 |
|
-Cash Outflows from Financing |
-7,845,882,994 |
-7,069,448,209 |
-6,439,958,800 |
|
Increase/Decrease in Cash |
-1,889,188,519 |
-377,106,988 |
1,072,619,674 |
|
Cash at the Beginning of Year |
2,246,654,735 |
2,623,761,723 |
3,696,381,397 |
|
Cash at the End of Year |
357,466,216 |
2,246,654,735 |
2,623,761,723 |
(*)The Subject
needs to be monitored because Net Income is (-)21,108,000,000 KRW, and Total
Liabilities exceed Total Assets as much as 12,598,000,000 KRW.
|
Main Products & Services |
Digital
Satellite Receiver, Digital Cable, Digital Terrestrial |
|
Competitors |
HUMAX CO., LTD. 212-1, YUBANG-DONG, CHEOIN-GU, YONGIN-SI, GYEONGGI-DO,
KOREA TEL:+82-31-331-9400 FAX:+82-31-331-9995 HYUNDAI DIGITAL TECHNOLOGY CO., LTD. 223-22, SANGDAEWON 1-DONG, JUNGWON-GU,
SEONGNAM-SI, GYEONGGI-DO, KOREA TEL:+82-31-737-7300 FAX:+82-31-431-1084 TOPFIELD CO., LTD. 207, GEUMGOK-DONG, BUNDANG-GU, SEONGNAM-SI,
GYEONGGI-DO, KOREA TEL:+82-31-778-0800 FAX:+82-31-778-0801 |
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
B BUTTON LAB INC.(134111-0216437) (20.0%
held by the subject company) |
|
Cooperative Enterprise |
-Insured Company SAMSUNG FIRE & MARINE INSURANCE CO., LTD.(110111-0005078) -License & Royalty Agreement with VIACCESS IRDETO MACROVISION OPEN TV OPERA |
(Activity & Markets)
The Subject exports
to Germany.
No.
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.54 |
|
UK Pound |
1 |
Rs.84.19 |
|
Euro |
1 |
Rs.71.11 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.