|
Report Date : |
17.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
DOOSAN INDUSTRIAL VEHICLE CO., LTD. |
|
|
|
|
Registered Office : |
7-18, Hwasu-dong, Dong-gu, Incheon, Korea,
Zip Code 401-804 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
29.04.2011 |
|
|
|
|
Com. Reg. No.: |
121-86-09205 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Manufacturer of Work trucks and Stackers |
|
|
|
|
No. of Employees : |
537 |
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 – 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 |
DOOSAN
INDUSTRIAL VEHICLE CO., LTD. (Korean Company Name : “두산산업차량(주)”) |
|
Registered Address |
7-18, Hwasu-dong, Dong-gu, Incheon, Korea (New Address System : 468, Injung-ro, Dong-gu, Incheon, Korea) |
|
Zip Code |
401-804 |
|
Tel |
+82-32-211-5000 |
|
Fax |
+82-32-211-5010 |
|
E-mail |
|
|
Website |
|
|
Trading
Address |
22th Fl., Doosan Tower Bldg., 18-12, Euljiro 6-ga, Jung-gu, Seoul,
Korea |
|
Tel |
+82-2-3398-2269 |
|
Fax |
+82-2-3398-2275 |
|
Type |
Export |
|
Industry |
Manufacture
of Work trucks and Stackers |
|
Main Business |
Forklift, Worktruck |
|
Established (mm/dd/yyyy) |
04/29/2011 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Forklifts(24101603) |
|
Sell |
Transportation components and systems(25170000) |
|
Name |
Seo Sung-Kyo |
|
Address |
Suite 102-1708, 707, Sindaebang-dong,
Dongjak-gu, Seoul, Korea |
|
Date of Birth |
06/04/1960 |
|
Title |
Co-President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
27,000,000,000 |
||||||||||||
|
Employees |
537 |
||||||||||||
|
Formation |
Co., Ltd by Shares A
Company of DOOSAN GROUP |
||||||||||||
|
Bank Details |
SC First Bank of Korea |
||||||||||||
|
Corporate Registered No. |
120111-0567183 |
||||||||||||
|
Business Registered No. |
121-86-09205 |
||||||||||||
|
Permit & Licenses |
Int’l
Trade No.: 30690000 |
||||||||||||
|
Shareholder Position |
|
||||||||||||
|
Company History |
04/29/2011 Incorporated as the present name
after split off from DOOSAN INFRACORE CO., LTD.(120111-0234469) 06/20/2011 Increased the authorized shares to 5,400,000 shares from
20,000 shares 06/29/2011
Increased capital to 27,000,000,000 KRW from 13,770,000,000 KRW |
||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
Co-President
& CEO |
Mr. |
Seo Sung-Kyo |
Male |
Korean |
04/29/2011 |
|
Co-President
& CEO |
Mr. |
Park Jin-Won |
Male |
Korean |
04/29/2011 |
|
Director |
Mr. |
Kim Tae-Yeob |
Male |
Korean |
06/28/2011 |
|
Director |
Mr. |
Kim Min-Cheol |
Male |
Korean |
04/29/2011 |
|
Auditor |
Mr. |
Park Wan-Seok |
Male |
Korean |
11/05/2012 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
619,372,327,529 |
378,330,038,507 |
9,668,647,970 |
|
|
2011 |
293,761,395,200 |
392,569,912,836 |
3,031,391,154 |
|
Authorized Capital(KRW) |
27,000,000,000 |
|
Paid-Up Capital(KRW) |
27,000,000,000 |
|
Total Issued Shares |
5,400,000 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Total Assets |
378,330,038,507 |
392,569,912,836 |
|
|
Current Assets |
178,723,939,697 |
189,178,911,070 |
|
|
Cash & Cash Equivalents |
12,057,425,815 |
9,139,613,675 |
|
|
Trade Receivables & Other Receivables |
103,525,419,978 |
110,221,288,274 |
|
|
Derivatives |
1,318,512,608 |
99,270,096 |
|
|
Inventories |
60,859,116,728 |
68,369,240,861 |
|
|
Other Current Assets |
963,464,568 |
1,349,498,164 |
|
|
Non-Current Assets |
199,606,098,810 |
203,391,001,766 |
|
|
Non-Current Financial Instruments |
486,231,900 |
483,000,000 |
|
|
Tangibles |
69,060,758,236 |
71,236,488,857 |
|
|
Intangibles |
69,133,250,828 |
73,738,197,244 |
|
|
Investment_Subsidiaries |
58,385,337,849 |
55,800,597,849 |
|
|
Deferred Income Tax Assets |
637,075,687 |
1,067,157,506 |
|
|
Other Non-Current Assets |
1,903,444,310 |
1,065,560,310 |
|
|
Total Liabilities |
231,125,669,549 |
257,370,608,241 |
|
|
Current Liabilities |
95,193,057,454 |
109,076,890,443 |
|
|
Trade Payables & Other Payables |
73,148,008,799 |
75,354,698,451 |
|
|
Short-Term Borrowings |
6,250,692,328 |
16,041,248,342 |
|
|
Deferred Income Tax Credit |
2,314,717,905 |
875,848,353 |
|
|
Derivatives |
83,809,179 |
2,019,835,449 |
|
|
Provisions |
4,284,434,582 |
4,832,766,237 |
|
|
Other Current Liabilities |
9,111,394,661 |
9,952,493,611 |
|
|
Non-Current Liabilities |
135,932,612,095 |
148,293,717,798 |
|
|
Long-Term Borrowings |
124,097,294,649 |
138,549,142,600 |
|
|
Provision for Severance & Retirement |
11,647,550,914 |
9,704,725,422 |
|
|
Other Non-Current Liabilities |
187,766,532 |
39,849,776 |
|
|
Capital Stock |
27,000,000,000 |
27,000,000,000 |
|
|
Capital Surplus |
108,000,000,000 |
108,000,000,000 |
|
|
Others |
963,068,674 |
-1,498,040,975 |
|
|
Profit Surplus |
11,241,300,284 |
1,697,345,570 |
|
|
Total Equity |
147,204,368,958 |
135,199,304,595 |
|
|
Liab. & Shareholder’s Equity |
378,330,038,507 |
392,569,912,836 |
|
Income
Statement
|
|||
|
Unit : Korean Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Sales |
619,372,327,529 |
293,761,395,200 |
|
|
Cost of Sold Goods |
-521,406,265,728 |
-243,895,311,118 |
|
|
Gross Profit |
97,966,061,801 |
49,866,084,082 |
|
|
Selling & Admin.
Expenses |
-70,578,209,150 |
-44,645,524,679 |
|
|
Operating Income |
27,387,852,651 |
5,220,559,403 |
|
|
Finance Income |
9,103,045,453 |
8,004,307,814 |
|
|
Finance Expenses |
-22,325,792,789 |
-9,255,967,648 |
|
|
Non-Operating Income |
1,412,690,510 |
534,020,215 |
|
|
Non-Operating
Expenses |
-3,166,877,814 |
-817,781,700 |
|
|
Income Before Taxes |
12,410,918,011 |
3,685,138,084 |
|
|
Income Taxes Expenses |
-2,742,270,041 |
-653,746,930 |
|
|
Net Income |
9,668,647,970 |
3,031,391,154 |
|
Cash
Flows
|
|||
|
Unit : Korean Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Operating Activities Cash Flows |
36,121,756,449 |
6,548,211,409 |
|
|
Cash Flows from
Operating |
46,395,291,808 |
9,230,219,524 |
|
|
Net Income |
9,668,647,970 |
3,031,391,154 |
|
|
Adjustment |
29,179,963,198 |
12,126,108,081 |
|
|
Changes in Asset/
& Liability |
7,546,680,640 |
-5,927,279,711 |
|
|
Interests Received |
152,537,570 |
128,319,134 |
|
|
Interests Paid |
-8,855,832,144 |
-2,764,064,811 |
|
|
Income Taxes |
-1,570,240,785 |
-46,262,438 |
|
|
Cash
Flows from Investing |
-8,562,996,287 |
-281,649,817,253 |
|
|
Cash Inflow from
Investing |
138,513,614 |
252,672,000 |
|
|
Cash Outflows for Investing |
-8,701,509,901 |
-281,902,489,253 |
|
|
Cash
Flows from Financing |
-24,640,948,022 |
283,741,219,519 |
|
|
Cash Inflows from
Financing |
74,874,005,480 |
283,741,219,519 |
|
|
Cash Outflows from
Financing |
-99,514,953,502 |
- |
|
|
Increase/Decrease in Cash |
2,917,812,140 |
8,639,613,675 |
|
|
Cash at the Beginning of Year |
9,139,613,675 |
500,000,000 |
|
|
Cash at the End of Year |
12,057,425,815 |
9,139,613,675 |
|
|
Main Products & Services |
Forklift, Worktruck |
|
Competitors |
KUKJE
MACHINERY CO., LTD.(131111-0000635) 11-1,
YANGSU-RI, OKCHEON-EUP, OKCHEON-GUN, CHUNGCHEONGBUK-DO, KOREA TEL:+82-43-732-1151 FAX:+82-43-732-1162 TONG YANG MOOLSAN
CO., LTD.(110111-0032899) 2ND FL.,
DAEYONG BLDG., 90, NONHYEON 2-DONG, GANGNAM-GU, SEOUL, KOREA TEL:+82-2-3014-2800 FAX:+82-2-3014-2850 LS MTRON
CO., LTD.(134111-0168349) 11TH FL., LS
TOWER, 1026-6, HOGYE 1-DONG, DONGAN-GU, ANYANG-SI, GYEONGGI-DO, KOREA TEL:+82-31-689-8288 FAX:+82-31-689-8298 |
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
DOOSAN CO., LTD(110111-0013774) SRS KOREA CO., LTD.(110111-3139733) DOOSAN HEAVY INDUSTRIES & CONSTRUCTION CO.,LTD(194211-0000943) DOOSAN ENGINE CO., LTD(194211-0038423) DOOSAN MECATEC., LTD.(110111-0126022) DOOSAN CONSTRUCTION & ENGINEERING
CO.,LTD.(110111-0194277) SAEJAE DEVELOPMENT CO., LTD(110111-1074048) NEO TRANS CO., LTD.(131111-0141801) SAMHWA CROWN & CLOSURE
CO.,LTD(134111-0003462) REXCON CO.,LTD.(110111-3586273) ORICOM INC(110111-0176986) DOOSAN BEARS INC(110111-0346919) NEOPLUX CO., LTD.(110111-1927841) N.SHAPER(110111-1943574) GLOBAL LOGISTICS CO., LTD.(110111-1235749) DOOSAN CUVEX CO.,LTD(140111-0032570) DOOSAN MOTORS CORP.(110111-3008293) DONG HYUN ENGINEERING
CO.,LTD.(110111-0508329) DOOSAN MOTTROL HOLDINGS CO., LTD.(110111-3892505) DOOSAN DST CO., LTD.(194211-0096322) DOOSAN CAPITAL CO.,LTD.(110111-1220336) KOREA
AEROSPACE INDUSTRIES, LTD.(110111-1827570) |
|
Subsidiary |
DOOSAN INDUSTRIAL VEHICLE AMERICA
CORP.(USA) (100.00% held by the subject company) DOOSAN INDUSTRIAL VEHICLE YANTAI CO.,
LTD.(UK) (100.00% held by the subject company) DOOSAN INDUSTRIAL VEHICLE EUROPE
N.A.(Belgium) (100.00% held by the subject company) DOOSAN INDUSTRIAL VEHICLE UK(UK) (100.00% held by the subject company) DOOSAN LOGISTICS EUROPE GMBH(Germany) (100.00% held by the subject company) |
|
Corporate Ownership |
DOOSAN CO., LTD(110111-0013774) DIP HOLDINGS CO.,
LTD.(110111-4103076) |
|
Major Shareholders |
DIP HOLDINGS CO.,
LTD.(110111-4103076) |
(Activity & Markets)
The Subject exports
to Europe, USA and Middle East.
No.
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.77 |
|
UK Pound |
1 |
Rs.83.31 |
|
Euro |
1 |
Rs.70.46 |
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.