MIRA INFORM REPORT

 

 

Report Date :

21.10.2013

 

IDENTIFICATION DETAILS

 

Name :

DAE YANG INDUSTRIAL CO., LTD.

 

 

Registered Office :

977, Keumsan-ri, Waegwan-eup, Chilgok-gun, Gyeongsangbuk-do, Korea 718-802

 

 

Country :

South Korea

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

11.09.1995

 

 

Com. Reg. No.:

Co., Ltd by Shares

 

 

Legal Form :

504-81-18544

 

 

Line of Business :

Wholesale of Spun Fibers and Yarns

 

 

No. of Employees :

27

 

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

 

Basic Information

 

Basic

 

Company Name

DAE YANG INDUSTRIAL CO., LTD.

Registered Address

977, Keumsan-ri, Waegwan-eup, Chilgok-gun, Gyeongsangbuk-do, Korea

Zip Code

718-802

Tel

+82-54-974-3322

Fax

+82-54-973-0972

E-mail

k9743321@kornet.net

Trading Address

977, Keumsan-ri, Waegwan-eup, Chilgok-gun, Gyeongsangbuk-do, Korea

(New Address System : 75, Gongdan-ro 8-gil, Waegwan-eup, Chilgok-gun, Gyeongsangbuk-do, Korea)

Tel

+82-54-974-3322

Fax

+82-54-973-0972

Type

Export/Import

Industry

Spinning of Man-Made Fibers

  Main Business

Polyester Regenerated Staple Fibers

  Sub Business

Wholesale of Spun Fibers and Yarns

Established (mm/dd/yyyy)

09/11/1995

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Nonwoven fabrics(11162200)

Sell

Rugs and mats(52101500)

Sell

Polyester fibers(11151503)

Buy

Packaging boxes(24121503)

Buy

Packaging films(24141514)

Buy

Box(24112404)

Buy

Straps(31151900)

Buy

Tape(31201500)

Buy

Polyethylene Terepthalate PET(13102020)

 

 

CEO’s

 

Name

Sin Dong-Won

Address

Suite 308-1401, 33, Daesiryeongnam-ro, Dasa-eup, Dalseong-gun, Daegu, Korea

Date of Birth

08/20/1955

Title

Representative Director

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

600,000,000

Employees

27

Formation

Co., Ltd by Shares

Bank Details

Industrial Bank of Korea-Waegwan Branch

Corporate Registered No.

1752110-004609

Business Registered No.

504-81-18544

Permit & Licenses

08/01/2007 ISO 9001

 

Int’l Trade No.: 25001334

Shareholder Position

N/A

Company History

05/1989 Established as DAE YANG INDUSTRIAL CO.(Sole Proprietorship)

09/11/1995 Incorporated as the present name

11/1995 Awarded US$ 5 Million Export Top Prize

08/31/2009 Designated as a Venture Business

12/08/2012 Increased capital to 600,00,000 KRW from 415,000,000 KRW

 

 

 

 

Detailed Information

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

Representative Director

Mr.

Sin Dong-Won

Male

Korean

03/31/2004

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

2012

19,394,000,000

7,119,000,000

442,000,000

2011

18,218,000,000

5,038,000,000

472,000,000

2010

16,616,000,000

4,550,000,000

373,000,000

2009

11,306,000,000

N/A

N/A

2008

14,775,000,000

4,679,000,000

211,000,000

2007

14,981,000,000

3,599,000,000

241,000,000

2006

10,279,000,000

3,349,000,000

107,000,000

 

 

Financial Description

 

Authorized Capital(KRW)

1,660,000,000

Paid-Up Capital(KRW)

600,000,000

Total Issued Shares

60,000

 

Balance Sheet

Unit : Korean Won

As of 12/31/2012

As of 12/31/2011

As of 12/31/2010

Total Assets

7,119,000,000

5,038,000,000

4,550,000,000

Current Assets

3,160,000,000

2,844,000,000

2,385,000,000

-Quick Assets

-

-

-

-Inventories

-

-

-

Fixed Assets

3,959,000,000

2,194,000,000

2,165,000,000

-Investment

-

-

-

-Tangibles

-

-

-

-Intangibles

-

-

-

Total Liabilities

5,062,000,000

3,562,000,000

3,404,000,000

Current Liabilities

3,341,000,000

2,132,000,000

1,688,000,000

Fixed Liabilities

1,721,000,000

1,430,000,000

1,716,000,000

Capital Stock

600,000,000

415,000,000

415,000,000

Capital Surplus

-

-

-

Profit Surplus

-

-

-

Capital Adjustment

-

-

-

Total Equity

2,057,000,000

1,476,000,000

1,146,000,000

Liab. & Shareholder’s Equity

7,119,000,000

5,038,000,000

4,550,000,000

 

Income Statement

Unit : Korean Won

As of 12/31/2012

As of 12/31/2011

As of 12/31/2010

Sales

19,394,000,000

18,218,000,000

16,616,000,000

Cost of Sold Goods

17,683,000,000

16,713,000,000

15,294,000,000

Gross Profit

1,711,000,000

1,505,000,000

1,322,000,000

Selling & Admin. Expenses

1,005,000,000

944,000,000

842,000,000

Operating Income

706,000,000

561,000,000

480,000,000

Non-Operating Income

183,000,000

348,000,000

332,000,000

Non-Operating Expenses

411,000,000

406,000,000

424,000,000

Income Before Taxes

478,000,000

503,000,000

388,000,000

Income Taxes Expenses

36,000,000

31,000,000

15,000,000

Net Income

442,000,000

472,000,000

373,000,000

 

 

Products, Technologies, Services Description

 

Main Products & Services

Polyester Regenerated Staple Fibers

 

 

Trade Partners & Competitors

 

Competitors

KEON BAEK CO., LTD.

1188-3, SINSANG-RI, JILLYANG-EUP, GYEONGSAN-SI, GYEONGSANGBUK-DO, KOREA

TEL:+82-53-856-0815~8  FAX:+82-53-856-0819

 

DO BEST CO., LTD.

105-112, GONGDEOK-DONG, MAPO-GU, SEOUL, KOREA

TEL:+82-2-3271-3800  FAX:+82-2-3271-3899

 

SOLSANG INTERNATIONAL CORP.

RM. 711, DAEYOUNG BLDG., 44-1, YEOEUIDO-DONG, YEONGDEUNGPO-GU, SEOUL, KOREA

TEL:+82-2-318-1137  FAX:+82-2-318-1170

 

 

Sales by Region (Activity & Markets)

 

Sales/ Unit :Mil KRW

2012

2011

2010

Export

 

 

 

Domestic

 

 

 

Total

 

 

 

The Subject exports to USA, UK and Japan.

 

News Clipping

 

Not Available.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.28

UK Pound

1

Rs.99.03

Euro

1

Rs.83.80

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.