|
Report Date : |
07.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
DAEYANG CORPORATION |
|
|
|
|
Registered Office : |
214, Gongdan 8-ro, Jillyang-eup,
Gyeongsan-si, Gyeongsangbuk-do, Zip Code 712-838 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
24.03.1998 |
|
|
|
|
Com. Reg. No.: |
515-81-13044 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Manufacturer of Knitted Fabric Mills including Knitted Shade Nets,
Anti Mosquito Net, PE Mono Shade Nets, Film Net, Agriculture Nets, Building
Nets & Nets for other application |
|
|
|
|
No. of Employees |
29 |
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 and 2013 the
economy experienced sluggish growth because of market slowdowns in the United
States, China, and the Eurozone. The administration in 2014 is likely to face
the challenge 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 about half of GDP.
|
Source
: CIA |
|
Company Name |
DAEYANG
CORPORATION (Korean Company Name : “(주)대양”) |
|
Registered Address |
214, Gongdan 8-ro, Jillyang-eup,
Gyeongsan-si, Gyeongsangbuk-do, Korea (Old Address System : 1187-2, Sinsang 3-ri, Jillyang-eup,
Gyeongsan-si, Gyeongsangbuk-do, Korea) |
|
Zip Code |
712-838 |
|
Tel |
+82-53-854-5500 |
|
Fax |
+82-53-854-5501 |
|
E-mail |
|
|
Website |
|
|
Trading
Address |
Rm. 1707, Daeryung Post Tower 1-cha, 212-8, Guro 3-dong, Guro-gu,
Seoul, Korea |
|
Tel |
+82-2-854-5500 |
|
Fax |
+82-2-854-5501 |
|
Type |
Export |
|
Industry |
Manufacturer
of Knitted Fabric Mills |
|
Main Business |
Knitted
Shade Nets, Anti Mosquito Net, PE Mono Shade Nets, Film Net, Agriculture Nets,
Building Nets & Nets for other application |
|
Established (mm/dd/yyyy) |
03/24/1998 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Commercial fishing nets(21111504) |
|
Sell |
Mesh(11162111) |
|
Sell |
Awnings(30151901) |
|
Name |
Park
Sang-Su |
|
Address |
Suite 201-1403, 123, Dongwon-ro,
Suseong-gu, Daegu, Korea |
|
Date of Birth |
11/23/1943 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
900,000,000 |
|
Employees |
29 |
|
Formation |
Co.,
Ltd by Shares |
|
Bank Details |
SC First Bank of Korea |
|
Corporate Registered No. |
174811-0016091 |
|
Business Registered No. |
515-81-13044 |
|
Permit & Licenses |
11/2001 ISO 9001 Int’l
Trade No.: 13052160 |
|
Shareholder Position |
N/A |
|
Company History |
03/24/1998 Incorporated as the present name |
|
|
|
|
Job
Description |
Title |
Name |
Sex |
Nationality |
Inauguration
Date |
|
President
& CEO |
Mr. |
Park
Sang-Su |
Male |
Korean |
03/16/2007 |
|
Director |
M/S. |
Park Ji-Yoon |
Female |
Korean |
03/16/2007 |
|
Director |
Mr. |
Park Jae-Woo |
Male |
Korean |
03/16/2013 |
|
Auditor |
M/S. |
Kim Soon-Ja |
Female |
Korean |
03/16/2013 |
|
Year / Unit
: KRW |
Sales |
Assets |
Net Income |
|
2012 |
10,196,000,000 |
6,992,000,000 |
467,000,000 |
|
2011 |
8,991,000,000 |
6,706,000,000 |
256,000,000 |
|
2010 |
10,069,000,000 |
6,608,000,000 |
1,042,000,000 |
|
2009 |
10,897,000,000 |
|
858,000,000 |
|
2008 |
9,226,000,000 |
|
320,000,000 |
The latest &
full financials are not available, and the Subject Company does not have any
obligations to release its financials to the public.
|
Authorized Capital(KRW) |
2,000,000,000 |
|
Paid-Up Capital(KRW) |
900,000,000 |
|
Total Issued Shares |
90,000 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Total Assets |
6,992,000,000 |
6,706,000,000 |
6,608,000,000 |
|
Current Assets |
3,696,000,000 |
3,210,000,000 |
3,151,000,000 |
|
-Quick
Assets |
- |
- |
- |
|
-Inventories |
- |
- |
- |
|
Fixed
Assets |
3,296,000,000 |
3,496,000,000 |
3,457,000,000 |
|
-Investment |
- |
- |
- |
|
-Tangibles |
- |
- |
- |
|
-Intangibles |
- |
- |
- |
|
Total Liabilities |
1,413,000,000 |
1,593,000,000 |
1,751,000,000 |
|
Current Liabilities |
1,113,000,000 |
1,593,000,000 |
1,751,000,000 |
|
Fixed Liabilities |
300,000,000 |
- |
- |
|
Capital Stock |
900,000,000 |
900,000,000 |
900,000,000 |
|
Capital Surplus |
- |
- |
- |
|
Profit Surplus |
- |
- |
- |
|
Capital Adjustment |
- |
- |
- |
|
Total Equity |
5,579,000,000 |
5,113,000,000 |
4,857,000,000 |
|
Liab. & Shareholder’s Equity |
6,992,000,000 |
6,706,000,000 |
6,608,000,000 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Sales |
10,196,000,000 |
8,991,000,000 |
10,069,000,000 |
|
Cost of Sold Goods |
8,634,000,000 |
8,111,000,000 |
7,857,000,000 |
|
Gross Profit |
1,562,000,000 |
880,000,000 |
2,212,000,000 |
|
Selling & Admin. Expenses |
1,026,000,000 |
952,000,000 |
944,000,000 |
|
Operating Income |
536,000,000 |
-72,000,000 |
1,268,000,000 |
|
Non-Operating Income |
153,000,000 |
672,000,000 |
315,000,000 |
|
Non-Operating Expenses |
137,000,000 |
292,000,000 |
290,000,000 |
|
Income Before Taxes |
553,000,000 |
308,000,000 |
1,294,000,000 |
|
Income Taxes Expenses |
86,000,000 |
52,000,000 |
252,000,000 |
|
Net Income |
467,000,000 |
256,000,000 |
1,042,000,000 |
|
Main Products & Services |
Knitted Shade Nets, Anti Mosquito Net, PE Mono Shade Nets, Film Net,
Agriculture Nets, Building Nets & Nets for other application Brand Name : Ultra NET |
|
Competitors |
SOONGWON
IND. CO., LTD. 632,
GEUMMAE-RI, HYORYEONG-MYEON, GUNWI-GUN, GYEONGSANGBUK-DO, KOREA TEL:+82-54-383-6166 FAX:+82-54-383-6199 DONG WON
INDUSTRY CO. 951-2,GEUMPO-RI,
NONGONG-EUP, DALSEONG-GUN, DAEGU, KOREA TEL:+82-53-615-9791~5 FAX:+82-53-615-9796 NEW PRIME
INC. RM. 1416,
GWANGHWAMUN OFFICIA, 163, SINMUNNO 1-GA, JONGNO-GU, SEOUL, KOREA TEL:+82-2-730-4228 FAX:+82-2-730-4229 |
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
DAESUNG INDUSTRIAL CO.(KOREA) |
(Activity & Markets)
The Subject exports
to Australia.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.32 |
|
UK Pound |
1 |
Rs.100.04 |
|
Euro |
1 |
Rs.82.65 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.