MIRA INFORM REPORT

 

 

Report Date :

23.10.2013

 

IDENTIFICATION DETAILS

 

Name :

DIGITAL ILLUSTRATE INC.

 

 

Registered Office :

542-2, Dongducheon-dong, Dongducheon-si, Gyeonggi-do, Korea

 

 

Country :

South Korea

 

 

Financials (as on) :

30.06.2013

 

 

Date of Incorporation :

13.02.1996

 

 

Com. Reg. No.:

127-81-65587

 

 

Legal Form :

Listed Company

 

 

Line of Business :

Manufacture of measuring, testing, navigation, control and other precision instruments.

 

 

No. of Employees :

94

 

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

DILLI INC.

(English Company Name : DIGITAL ILLUSTRATE INC.)

(Ex. Company Name : DILLI PRECISION IND. CO., LTD., ““일리정공(주)”)

(Korean Company Name : “(주)딜리”)

Registered Address

542-2, Dongducheon-dong, Dongducheon-si, Gyeonggi-do, Korea

Zip Code

483-080

Tel

+82-31-860-5500

Fax

+82-31-860-5590

E-mail

oversales@dilli.co.kr

Website

www.dilli.co.kr

Trading Address

542-2, Dongducheon-dong, Dongducheon-si, Gyeonggi-do, Korea

(New Address System : 30, Gangbyeon-ro 702beon-gil, Dongducheon-si, Gyeonggi-do, Korea)

Tel

+82-31-860-5500

Fax

+82-31-860-5590

Other Address-2nd Factory

331-2, Jeonggyo-ri, Gasan-myeon, Pocheon-si, Gyeonggi-do, Korea

Tel

+82-31-543-2122

Fax

+82-31-542-8483

Type

Export/Import

Industry

Manufacture of Measuring, Testing, Navigation, Control and Other Precision Instruments

  Main Business

Drafing Machine, Parallel Ruler, Template

Established (mm/dd/yyyy)

02/13/1996

 

The Subject owns the premises of registered HQ address and 2nd Factory.

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Drafting kits or sets(44111812)

Sell

Inkjet printers(43212104)

 

CEO’s

 

Name

Choi Geun-Soo

Address

Suite 103-1501, 167-1, Singok-dong, Uijeongbu-si, Gyeonggi-do, Korea

Date of Birth

09/03/1957

Title

President & CEO

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

2,935,000,000

Employees

94

Formation

Listed Company (KOSDAQ : 131180) as of 01/31/2011

Venture Business

Bank Details

Woori Bank-Duckgye Branch

Shinhan Bank

Corporate Registered No.

115411-0011579

Business Registered No.

127-81-65587

Permit & Licenses

03/21/2004 ISO 9001

08/12/2004 ISO 14001

05/23/2005 FCC

05/27/2005 CE Mark

10/2009 RoHS(Restriction of Hazardous Substances Directive)

 

Int’l Trade No.: 11381305

Shareholder Position

Name

Shares

%

CHOI GEUN-SOO

10,340,605

35.09

AGFA GRAPHICS NV

4,400,000

35.09

CHOI KWAN-SOO

2,897,958

35.09

OTHERS

11,711,437

35.09

TOTAL

29,350,000

100.00

Company History

02/13/1996 Incorporated as DILLI PRECISION IND. CO., LTD.

12/08/2003 Designated as a Venture Business

11/2004 Awarded US$1 Million Export Top Prize

11/2005 Awarded US$3 Million Export Top Prize

11/2006 Awarded US$5 Million Export Top Prize

11/2007 Awarded US$10 Million Export Top Prize

11/2008 Designated as an INNO-BIZ Company

11/2008 Awarded US$20 Million Export Top Prize

01/01/2009 Moved to the present HQ address from 331-2, Jeonggyo-ri, Gasan-myeon, Pocheon-si, Gyeonggi-do, Korea

03/23/2010 Changed company name to the present name

 

 

 

 

Detailed Information

 

Management

 

Job Description

Title

Name

Sex

Nationality

Date of Birth

President & CEO

Mr.

Choi Geun-Soo

Male

Korean

1957.09.03

Director

Mr.

Lee Yeon-Koo

Male

Korean

1968.07.07

Director

Mr.

Kim Yong-Hak

Male

Korean

1972.11.17

Auditor

M/S.

Jung Young-Jin

Female

Korean

1960.03.10

 

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

(*)06/2013

15,467,580,033

48,687,985,603

2,090,629,676

(*)2012

32,301,792,363

47,994,456,687

3,508,298,746

2011

29,300,804,056

45,021,787,321

4,174,384,226

2010

29,250,182,476

31,389,879,638

5,090,093,797

2009

23,058,750,248

24,142,265,246

4,753,019,748

2008

25,688,949,486

20,218,722,689

6,217,649,878

2007

21,550,366,861

13,592,603,142

3,611,869,101

2006

12,852,264,750

8,192,732,225

1,372,698,665

(*)Figures are based on the K-IFRS Accounting System.

 

Financial Description

 

Authorized Capital(KRW)

40,000,000,000

Paid-Up Capital(KRW)

2,935,000,000

Total Issued Shares

29,350,000

 

 

Balance Sheet

 

Unit : Korean Won

01/01/2013~06/30/2013

As of 12/31/2012

As of 12/31/2011

Total Assets

48,687,985,603

47,994,456,687

45,021,787,321

Current Assets

32,054,277,765

31,666,790,396

28,955,052,128

Cash & Cash Equivalents

2,854,056,607

3,237,298,628

4,276,843,181

Other Current Financial Assets

19,001,565,000

20,001,565,000

17,592,354,030

Trade Receivables & Other Receivables

7,346,136,145

5,553,234,078

4,189,483,878

Inventories

2,501,021,167

2,552,988,263

2,634,615,128

Other Current Assets

351,498,846

315,206,225

261,755,911

Deferred Income Taxes

0

6,498,202

0

Non-Current Assets

16,633,707,838

16,327,666,291

16,066,735,193

Tangibles

9,058,819,916

8,891,274,086

9,696,634,080

Investment_Real Estate

1,266,529,638

1,272,090,678

0

Intangibles

1,234,473,041

793,310,311

801,391,771

Marketable Financial Instruments

41,084,687

547,269,360

260,767,204

Investment_Subsidiaries

330,103,950

330,103,950

330,103,950

Other Non-Current Assets

498,628,273

360,454,321

484,106,417

Other Non-Current Finance Assets

4,204,068,333

4,133,163,585

4,493,731,771

Total Liabilities

2,739,556,260

2,939,884,913

2,416,153,634

Current Liabilities

2,330,690,169

2,581,047,962

2,133,688,796

Trade Payables & Other Payables

1,719,984,550

1,834,166,930

1,452,595,209

Short-Term Borrowings

266,686,750

487,921,614

305,476,925

Current Portion of Provisions

134,798,074

239,972,741

212,913,574

Other Current Financial Debts

3,468,273

965,308

20,270,169

Other Current Liabilities

7,044,701

18,021,369

61,114,283

Accrued Income Tax

198,707,821

0

81,318,636

Non-Current Liabilities

408,866,091

358,836,951

282,464,838

Long-Term Trade Payables & Other Payables

215,438,518

157,199,665

34,866,256

Deferred Income Tax Credit

193,427,573

201,637,286

247,598,582

Capital Stock

2,935,000,000

2,935,000,000

2,935,000,000

Capital Surplus

11,478,133,370

11,478,133,370

11,478,133,370

Others

-414,838,782

-434,242,405

-417,318,086

Profit Surplus

31,950,134,755

31,075,680,809

28,609,818,403

Total Equity

45,948,429,343

45,054,571,774

42,605,633,687

Liab. & Shareholder’s Equity

48,687,985,603

47,994,456,687

45,021,787,321

 

 

Income Statement

 

Unit : Korean Won

01/01/2013~06/30/2013

As of 12/31/2012

As of 12/31/2011

Sales

15,467,580,033

32,301,792,363

29,300,804,056

Cost of Sold Goods

10,415,624,944

21,620,733,764

18,950,329,465

Gross Profit

5,051,955,089

10,681,058,599

10,350,474,591

R&D

1,244,482,100

2,800,461,646

2,479,460,634

Selling & Admin. Expenses

2,283,582,657

4,780,471,547

4,224,399,322

Operating Income

1,523,890,332

3,100,125,406

3,646,614,635

Other Operating Income

560,401,528

604,445,895

480,459,995

Other Operating Expenses

87,966,477

518,333,877

250,567,831

Finance Income

453,299,810

870,359,646

1,003,107,626

Finance Expenses

128,965,395

319,542,146

179,904,101

Income Before Taxes

2,320,659,798

3,737,054,924

4,699,710,324

Income Taxes Expenses

230,030,122

228,756,178

525,326,098

Net Income

2,090,629,676

3,508,298,746

4,174,384,226

 

Cash Flows

 

Unit : Korean Won

01/01/2013~06/30/2013

As of 12/31/2012

As of 12/31/2011

Operating Activities Cash Flows

588,540,154

2,882,278,521

2,408,074,079

Net Income

2,090,629,676

3,508,298,746

4,174,384,226

Adjustment

-70,385,247

498,475,649

524,316,119

Changes in Asset/ & Liability

-1,714,679,341

-1,478,459,443

-1,798,571,782

Interests Received

321,481,694

711,724,356

693,559,330

Income Taxes

-38,506,628

-357,760,787

-1,185,613,814

Cash Flows from Investing

452,788,557

-2,950,258,727

-11,532,367,993

Cash Flows from Financing

-1,441,439,079

-862,285,475

9,712,394,997

Increase/Decrease in Cash

-383,242,021

-1,039,544,553

605,765,932

Cash at the Beginning of Year

3,237,298,628

4,276,843,181

3,671,077,249

Cash at the End of Year

2,854,056,607

3,237,298,628

4,276,843,181

 

Products, Technologies, Services Description

 

Main Products & Services

UV Curing Printer

Ink

Drawing Instruments

 

Brand Name : ANAPURNA, NEOTITAN, NS-PR, SK-PM

 

Trade Partners & Competitors

 

Suppliers

 

Customers

SINDOH CO., LTD.(110111-0034960)

AGFA

Competitors

NANO HI-TECH CO., LTD.

MA-108, CHEOMDAN CIRCULATION COMPLEX, 399-8, DORYONG-DONG, YUSEONG-GU, DAEJEON, KOREA

TEL:+82-42-862-0220  FAX:+82-42-861-0512

 

JS RESEARCH INC.

176-1, BONGAN-RI, JANGGI-MYEON, GONGJU-SI, CHUNGCHEONGNAM-DO, KOREA

TEL:+82-41-856-3677  FAX:+82-41-856-3679

 

YEONGIL INDUSTRIAL EQUIPMENT CO., LTD.

47-3, WONMI 1-DONG, WONMI-GU, BUCHEON-SI, GYEONGGI-DO, KOREA

TEL:+82-32-662-1141  FAX:+82-32-666-1151

 

Related Parties (Subsidiaries, Joint-Venture & Affiliates)

 

Affiliates

DIGI I CO., LTD.(KOREA)

Subsidiary

DILLI TECHNOLOGY(SHANGHAI) CO., LTD.(CHINA)

(100.0% held by the subject company)

ROOM 2606-2607 ENTERPRISE SQUARE NO 228 MEIYUAN RODA ZHABEI DISTRICT 200070 SHANGHAI CHINA

 

DILLI MEXICO S.A DE C.V(MEXICO)

(97.0% held by the subject company)

RIO CHURUBUSCO #392 COL AMPLIACION SINATEL IZTAPALAPA C.P 09470 MEXICO D.F

Corporate Ownership

 

Major Shareholders

 

Cooperative Enterprise

-Insured Company

GREEN NON-LIFE INSURANCE CO., LTD.( 110111-0007082)

SAMSUNG FIRE & MARINE INSURANCE CO., LTD.(110111-0005078)

LIG INSURANCE CO., LTD.(110111-0017859)

 

-Partnership Agreement with

AGFA GRAPHICS N.V.

 

Sales by Region (Activity & Markets)

 

Sales/ Unit :Mil KRW

09/2012

2011

2010

Export

21,577

23,649

24,960

Domestic

2,886

5,652

4,290

Total

24,463

29,301

29,250

The subject deals with the companies in France, Indonesia and Japan.

 

 

News Clipping

 

--

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.78

UK Pound

1

Rs.99.66

Euro

1

Rs.84.49

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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%)

 

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