|
Report Date : |
13.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
ZYLE MOTOR COMPANY |
|
|
|
|
Formerly Known As : |
DAEWOO BUS GLOBAL COPORATION |
|
|
|
|
Registered Office : |
202-1, Ojeong-dong, Ojeong-gu, Bucheon-si, Gyeonggi-do, Korea 421-814 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
18.04.2007 |
|
|
|
|
Com. Reg. No.: |
130-86-26912 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Sale of New Motor Vehicles |
|
|
|
|
No. of Employees : |
70 |
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 but Correct |
|
|
|
|
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
|
Company Name |
ZYLE MOTOR COMPANY (Ex. Company Name : DAEWOO BUS GLOBAL COPORATION) |
|
Registered Address |
202-1, Ojeong-dong, Ojeong-gu, Bucheon-si, Gyeonggi-do, Korea |
|
Zip Code |
421-814 |
|
Tel |
+82-32-680-6692 |
|
Fax |
+82-32-680-6610 |
|
E-mail |
boxtree78@daewoobus.co.kr |
|
Trading Address |
202-1, Ojeong-dong, Ojeong-gu, Bucheon-si, Gyeonggi-do, Korea (New Address System : 215, Ojeong-ro, Ojeong-gu, Bucheon-si,
Gyeonggi-do, Korea) |
|
Tel |
+82-32-680-6692 |
|
Fax |
+82-32-680-6610 |
|
Type |
Export |
|
Industry |
Sale of New Motor Vehicles |
|
Main Business |
Bus, Bus Parts |
|
Established (mm/dd/yyyy) |
04/18/2007 |
Mr. Baik
Sung-Hak owns the premises of registered HQ address.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Busses(25101502) |
|
Name |
Baik Byung-Soo |
|
Address |
C-3, 29-1, Seongbuk-dong, Seongbuk-gu, Seoul, Korea |
|
Date of Birth |
06/27/1969 |
|
Title |
Co-President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
114,200,000 |
|||||||||||||||||||||
|
Employees |
70 |
|||||||||||||||||||||
|
Formation |
Co., Ltd by shares |
|||||||||||||||||||||
|
Bank Details |
Woori Bank Korea Exchange Bank-Hwagok Branch |
|||||||||||||||||||||
|
Corporate Registered No. |
121111-0157066 |
|||||||||||||||||||||
|
Business Registered No. |
130-86-26912 |
|||||||||||||||||||||
|
Permit & Licenses |
Int’l Trade No.: 45312775 |
|||||||||||||||||||||
|
Shareholder Position |
|
|||||||||||||||||||||
|
Company History |
04/18/2007 Incorporated as DABO MACHINERY
CO., LTD., after spin off from YOUNGAN INTERNATIONAL CO., LTD.(110111-1405540)
and CLARK MATERIAL HANDLING INTERNATIONAL INC.(110111-0936752) 05/31/2007 Changed company name to DAEWOO BUS GLOBAL COPORATION after
acquiring DAEWOO BUS GLOBAL CO., LTD. 05/31/2007 Increased capital to 114,200,000 KRW from 100,000,000 KRW 05/21/2011 Acquired CLARK ENG CO., LTD.(121111-0166273) 09/01/2011 Changed Korean company name to 08/08/2013 Changed Korean company name to |
|||||||||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
Co-President & CEO |
Mr. |
Baik Byung-Soo |
Male |
Korean |
07/01/2008 |
|
Co-President & CEO |
Mr. |
Yoon Young-Han |
Male |
Korean |
04/20/2009 |
|
Director |
Mr. |
Baik Sung-Hak |
Male |
Korean |
04/18/2007 |
|
Director |
Mr. |
Kwon Jang-Hyun |
Male |
Korean |
03/03/2011 |
|
Director |
Mr. |
Baik Jung-Soo |
Male |
Korean |
01/01/2012 |
|
Director |
Mr. |
Baik Seung-Soo |
Male |
Korean |
01/01/2012 |
|
Auditor |
Mr. |
Kim Moon-Kyung |
Male |
Korean |
03/30/2009 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
120,103,441,527 |
132,883,930,253 |
-12,147,505,577 |
|
|
2011 |
140,927,858,872 |
147,155,833,621 |
9,886,339,196 |
|
2010 |
134,118,820,407 |
99,707,199,924 |
5,719,290,591 |
|
2009 |
140,512,580,969 |
87,331,418,708 |
7,012,779,542 |
|
2008 |
125,993,908,052 |
93,694,723,188 |
8,638,997,852 |
|
2007 |
61,781,487,166 |
69,945,007,068 |
9,646,466,098 |
|
Authorized Capital(KRW) |
400,000,000 |
|
Paid-Up Capital(KRW) |
114,200,000 |
|
Total Issued Shares |
22,840 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total Assets |
132,883,930,253 |
147,155,833,621 |
99,707,199,924 |
|
Current Assets |
29,056,707,800 |
21,089,919,127 |
14,415,298,937 |
|
-Quick Assets |
26,523,690,674 |
19,880,281,577 |
14,243,491,969 |
|
-Inventories |
2,533,017,126 |
1,209,637,550 |
171,806,968 |
|
Fixed Assets |
103,827,222,453 |
126,065,914,494 |
85,291,900,987 |
|
-Investment |
102,040,424,887 |
124,221,238,712 |
82,263,313,506 |
|
-Tangibles |
56,377,157 |
109,255,373 |
102,089,631 |
|
-Intangibles |
1,718,922,559 |
1,718,922,559 |
2,910,000,000 |
|
-Others |
11,497,850 |
16,497,850 |
16,497,850 |
|
Total Liabilities |
76,351,834,372 |
71,875,487,623 |
43,597,017,296 |
|
Current Liabilities |
68,979,696,211 |
61,459,213,944 |
36,134,691,610 |
|
Fixed Liabilities |
7,372,138,161 |
10,416,273,679 |
7,462,325,686 |
|
Capital Stock |
114,200,000 |
114,200,000 |
114,200,000 |
|
Capital Surplus |
25,519,262,866 |
25,210,963,050 |
25,210,454,142 |
|
Profit Surplus |
31,575,378,797 |
48,523,825,434 |
31,017,534,083 |
|
Capital Adjustment |
-676,745,782 |
1,431,357,514 |
-232,005,597 |
|
Total Equity |
56,532,095,881 |
75,280,345,998 |
56,110,182,628 |
|
Liab. & Shareholder’s Equity |
132,883,930,253 |
147,155,833,621 |
99,707,199,924 |
|
Current Liabilities |
68,979,696,211 |
61,459,213,944 |
36,134,691,610 |
|
Trade Payables |
23,056,024,441 |
19,334,827,260 |
16,279,711,876 |
|
Short-Term Borrowings |
35,715,406,400 |
35,915,406,400 |
16,623,760,993 |
|
Account Payables |
5,386,786,838 |
2,547,315,908 |
2,011,759,612 |
|
Accrued Expenses |
257,336,472 |
108,350,325 |
119,398,663 |
|
Advance Receipts |
2,168,288,463 |
1,282,046,258 |
739,374,938 |
|
Withholdings |
140,905,728 |
150,544,158 |
127,829,390 |
|
Accrued Income Tax |
- |
392,482,428 |
232,856,138 |
|
Guarantee Deposit Withhold |
2,127,854,278 |
1,605,688,363 |
- |
|
Other Current Liabilities |
127,093,591 |
122,552,844 |
- |
|
Fixed Liabilities |
7,372,138,161 |
10,416,273,679 |
7,462,325,686 |
|
Provision for Severance & Retirement |
881,667,280 |
625,379,244 |
249,206,759 |
|
Deferred Income Tax Credit |
6,490,470,881 |
9,790,894,435 |
7,213,118,927 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
120,103,441,527 |
140,927,858,872 |
134,118,820,407 |
|
Cost of Sold Goods |
99,990,665,663 |
119,645,701,264 |
112,935,708,825 |
|
Gross Profit |
20,112,775,864 |
21,282,157,608 |
21,183,111,582 |
|
Selling & Admin. Expenses |
19,134,696,449 |
18,328,153,627 |
18,491,635,608 |
|
Operating Income |
978,079,415 |
2,954,003,981 |
2,691,475,974 |
|
Non-Operating Income |
4,921,389,459 |
22,359,000,557 |
10,206,512,508 |
|
Non-Operating Expenses |
21,056,207,841 |
17,838,272,904 |
5,897,502,791 |
|
Income Before Taxes |
-15,156,738,967 |
7,474,731,634 |
7,000,485,691 |
|
Income Taxes Expenses |
-3,009,233,390 |
-2,411,607,562 |
1,281,195,100 |
|
Net Income |
-12,147,505,577 |
9,886,339,196 |
5,719,290,591 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Cash Flows from Operating |
86,642,983 |
2,091,291,322 |
1,997,385,961 |
|
-Net Income |
-12,147,505,577 |
9,886,339,196 |
5,719,290,591 |
|
-Exp. without Cash Outflow |
17,762,871,298 |
13,463,094,091 |
1,799,695,876 |
|
-Revenue without Cash Inflows |
-878,122,659 |
-18,958,969,262 |
-6,333,961,504 |
|
-Changes in Asset/ & Liability |
-4,650,600,079 |
-2,299,172,703 |
812,360,998 |
|
Cash Flows from Investing |
-332,924,479 |
-641,829,242 |
-2,011,777,439 |
|
-Cash Inflow from Investing |
14,756,521 |
9,089,265 |
26,181,018 |
|
-Cash Outflows for Investing |
-347,681,000 |
-650,918,507 |
-2,037,958,457 |
|
Cash Flows from Financing |
-200,000,000 |
-432,137,217 |
- |
|
-Cash Inflows from Financing |
- |
857,862,783 |
- |
|
-Cash Outflows from Financing |
-200,000,000 |
-1,290,000,000 |
- |
|
Increase/Decrease in Cash |
-446,281,496 |
1,017,324,863 |
-14,391,478 |
|
Cash at the Beginning of Year |
1,164,972,916 |
147,648,053 |
162,039,531 |
|
Cash at the End of Year |
718,691,420 |
1,164,972,916 |
147,648,053 |
|
Main Products & Services |
Bus, Bus Parts |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
DAEWOO BUS CORPORATION(120111-0295940) |
|
Customers |
|
|
Competitors |
DOOWON HEAVY INDUSTRIAL CO., LTD. 650, GUHO-RI, CHUKDONG-MYEON, SACHEON-SI,
GYEONGSANGNAM-DO, KOREA TEL:+82-55-851-2121 FAX:+82-55-851-2011 S.S TRADE CORPORATION 1439, JWA 2-DONG, HAEUNDAE-GU, BUSAN, KOREA TEL:+82-51-915-6466 FAX:+82-51-915-5251 HOGYEONG CO., LTD. 98-1, BUJEON 1-DONG, BUSANJIN-GU, BUSAN,
KOREA TEL:+82-51-806-4123 FAX:+82-51-802-4123 |
|
Affiliates-Domestic |
DAEWOO BUS CORPORATION(120111-0295940) (90.0% held by the subject company) OBS GYEONGIN TV CO., LTD.(121111-0149021) (5.0% held by the subject company) |
|
Affiliates-Overseas |
GULIN DAEWOO BUS CO., LTD. JINGPING ROAD GUILIN GUANGXI, CHINA TEL :+86-773-632-3996 FAX :+86-773-362-6182 SHANGHAI WANXING AUTOMOBILE CO., LTD. NO.999, SHUHAI ROAD, SHANGHAI, CHINA TEL :+86-21-6760-0774 FAX :+86-21-6760-0541 VIETNAM DAEWOO BUS CO., LTD. LOT CN9 KHAI QUANG INDUSTRIAL PARK VINH YEN
CITY VIHN PHUC PROVINCE, VIETNAM TEL :+842-1172-1335 FAX :+842-1172-1334 DAEWOO BUS COSTA RICA S.A 12143-1000 SAN JOSE, COSTA RICA 2.5KMS AL
OESTE, DEL CENTRO COMECIAL / SANTA ANA 2000 TEL :+506-282-9320 FAX :+506-282-5555 DAEWOO BUS KAZAKHSTAN LLC. 81 BI BORANBAYA ST., SEMEY EAST KAZAKHSTAN
OBLAST, 071412, REPUBLIC OF KAZAKHSTAN TEL :+7-7222-33-4601 FAX :+7-7222-33-4606 MASTER TRANSPORTATION BUS MANUFACTUREING(MTBM) CO., LTD. (10.2% held by
the subject company) NO.385,MA-TSO RD., SHINYUAN SHIANG,
PINGTUNG, COUNTRY,TAIWAN 932 ROC TEL :+886-2-2578-8978 FAX :+886-2-2579-4156 DAEWOO BUS(SHANGHAI) GLOBAL TRADING
CO.,LTD. (100.0% held by the subject company) NO. 999, SHUHAI ROAD, SONGJIANG DISTRICT,
SHANGHAI, CHINA TEL :+86-21-6760-2041 FAX :+86-21-6760-2045 DAEWOO BUS COSTARICA S.A VIETNAM DAEWOO BUS CO., LTD DAEWOO BUS KAZAKHSTAN LLC. (50.0% held by the subject company) GYERIM DAEWOO BUS CO., LTD.(CHINA) (50.0% held by the subject company) DAEWOO BUS ANDINA S.A.S (50.0% held by the subject company) DAEWOO BUS MERCOSUR S.A (50.0% held by the subject company) |
|
Overseas Office |
|
|
Liaison Office |
|
|
Overseas Branch |
|
|
Joint Venture |
|
|
Subsidiary |
DAEWOO BUS CORPORATION(120111-0295940) (90.0% held by the subject company) DAEWOO BUS COSTARICA S.A (98.3% held by the subject company) VIETNAM DAEWOO BUS CO., LTD. (100.0% held by the subject company) ZYLE MOTOR SALES CORPORATION(120111-0592908) KORAD CO., LTD.(110111-0298904) |
|
Corporate Ownership |
|
|
Major Shareholders |
|
|
Cooperative Enterprise |
|
|
Sales/ Unit :Mil KRW |
2012 |
2011 |
2010 |
|
Export |
|
|
|
|
Domestic |
|
|
|
|
Total |
|
|
|
The Subject exports to Middle East including
UAE.
|
Case No. |
Court |
Plaintiff(s)/ Creditor(s)/ Applicant(s) |
Defendant(s)/ Debtor(s)/ Respondent(s) |
Cause |
Amount (Million KRW) |
Status |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
No.
Not Available
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.67 |
|
|
1 |
Rs.100.71 |
|
Euro |
1 |
Rs.84.72 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.