|
Report Date : |
14.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
COUNTEC CO.,
LTD. |
|
|
|
|
Registered Office : |
78, Saneop-ro,Ojeong-gu, Bucheon-si,Gyeonggi-do, Korea |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
02.01.2004 |
|
|
|
|
Com. Reg. No.: |
130-86-03087 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Manufacture of Containers Cleaning, Packing and Wrapping Machinery and
Charger |
|
|
|
|
No. of Employees |
55 |
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 |
COUNTEC CO.,
LTD. |
|
Registered Address |
78, Saneop-ro,Ojeong-gu, Bucheon-si,Gyeonggi-do, Korea |
|
Zip Code |
421-170 |
|
Tel |
+82-32-674-9323 |
|
Fax |
+82-32-674-9322 |
|
E-mail |
|
|
Website |
|
|
|
|
|
Trading
Address |
78, Saneop-ro,Ojeong-gu,
Bucheon-si,Gyeonggi-do, Korea (Old Address System : 739-2, Ojeong-dong, Ojeong-gu, Bucheon-si,
Gyeonggi-do, Korea) |
|
Tel |
+82-32-674-9323 |
|
Fax |
+82-32-674-9322 |
|
|
|
|
Type |
Export |
|
Industry |
Manufacture
of Containers Cleaning, Packing and Wrapping Machinery and Charger |
|
Main Business |
Rotary
Tablet Counting Machine, Air Cleaner, Silicagel Inserter, Vinyl Inserter |
|
|
|
|
Established (mm/dd/yyyy) |
01/02/2004 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Rotary
Tablet Counting Machine |
|
Sell |
Air cleaners(40161602) |
|
Name |
Lee
Jong-Woo |
|
Address |
Suite 102-1103, 45, Yanghwa-ro, Mapo-gu,
Seoul, Korea |
|
Date of Birth |
06/03/1949 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
350,000,000 |
|||||||||||||||
|
Employees |
55 |
|||||||||||||||
|
Formation |
Co., Ltd by Shares Venture
Business |
|||||||||||||||
|
Bank Details |
Citibank, Korea Korea Exchange Bank-Dodang Dong Branch Woori Bank |
|||||||||||||||
|
Corporate Registered No. |
1211110-115965 |
|||||||||||||||
|
Business Registered No. |
130-86-03087 |
|||||||||||||||
|
Permit & Licenses |
Int’l
Trade No.: 14052211 |
|||||||||||||||
|
Shareholder Position |
|
|||||||||||||||
|
Company History |
01/01/1996 Established as Dongwon Machinery
Co.(Sole Proprietorship) 11/14/2003 Designated as a Venture Business 01/02/2004 Incorporated as the present name 09/28/2005 Increased the authorized shares to 400,000 shares from
40,000 shares 09/28/2005 Increased capital to 350,000,000 KRW from 50,000,000 KRW 09/2006 Designated as an INNO-BIZ Company 11/2007 Awarded US$ 5 Million Export Top Prize 10/19/2011 Designated as a Venture Business
again 02/10/2012
Moved to the present HQ address from 281-31, Dodang-dong, Wonmi-gu,
Bucheon-si, Gyeonggi-do, Korea |
|||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President
& CEO |
Mr. |
Lee
Jong-Woo |
Male |
Korean |
01/02/2007 |
|
Director |
Mr. |
Lee Boo-Han |
Male |
Korean |
01/02/2007 |
|
Auditor |
M/S. |
Sohn Joo-Won |
Female |
Korean |
01/02/2010 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
|
|
|
|
|
2012 |
16,031,576,326 |
13,825,311,568 |
1,297,940,506 |
|
2011 |
13,978,329,149 |
13,644,680,383 |
797,489,080 |
|
2010 |
10,702,000,000 |
8,735,000,000 |
663,000,000 |
|
2009 |
11,151,000,000 |
7,595,000,000 |
994,000,000 |
|
2008 |
8,088,000,000 |
8,429,000,000 |
514,000,000 |
|
Authorized Capital(KRW) |
2,000,000,000 |
|
Paid-Up Capital(KRW) |
350,000,000 |
|
Total Issued Shares |
70,000 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total Assets |
13,825,311,568 |
13,644,680,383 |
8,735,000,000 |
|
Current Assets |
2,469,759,118 |
3,945,806,603 |
- |
|
-Quick
Assets |
1,895,164,488 |
2,899,795,528 |
- |
|
-Inventories |
574,594,630 |
1,046,011,075 |
- |
|
Fixed
Assets |
11,355,552,450 |
9,698,873,780 |
- |
|
-Investment |
369,735,095 |
71,400,000 |
- |
|
-Tangibles |
10,393,914,902 |
9,080,331,656 |
- |
|
-Intangibles |
133,993,663 |
109,633,334 |
- |
|
-Others |
457,908,790 |
437,508,790 |
|
|
Total Liabilities |
9,223,973,358 |
10,299,870,439 |
6,187,000,000 |
|
Current Liabilities |
2,442,218,758 |
3,871,111,782 |
- |
|
Fixed Liabilities |
6,781,754,600 |
6,428,758,657 |
- |
|
Capital Stock |
350,000,000 |
350,000,000 |
- |
|
Capital Surplus |
|
|
- |
|
Profit Surplus |
4,251,338,210 |
2,994,809,944 |
2,197,000,000 |
|
Capital Adjustment |
|
|
- |
|
Total Equity |
4,601,338,210 |
3,344,809,944 |
2,547,000,000 |
|
Liab. & Shareholder’s Equity |
13,825,311,568 |
13,644,680,383 |
8,735,000,000 |
|
Current
Liabilities |
2,442,218,758 |
3,871,111,782 |
|
|
Trade Payables |
756,772,415 |
815,364,234 |
|
|
Account Payables |
11,000,000 |
1,570,262,840 |
|
|
Withholdings |
135,270,260 |
20,060,300 |
|
|
Advance Receipts |
344,800,413 |
951,974,380 |
|
|
Short-Term Borrowings |
- |
58,355,943 |
|
|
Current Portion of Long-Term Debts |
290,467,900 |
435,701,850 |
|
|
Accrued Expenses |
718,736,530 |
- |
|
|
Deferred Income Tax |
185,171,240 |
19,392,235 |
|
|
Fixed
Liabilities |
6,781,754,600 |
6,428,758,657 |
|
|
Long-Term Borrowings |
6,549,912,950 |
6,428,758,657 |
|
|
Provision for Severance & Retirement |
565,541,650 |
- |
|
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
16,031,576,326 |
13,978,329,149 |
10,702,000,000 |
|
Cost of Sold Goods |
9,756,984,350 |
9,073,157,610 |
- |
|
Gross Profit |
6,274,591,976 |
4,905,171,539 |
- |
|
Selling & Admin. Expenses |
5,032,058,639 |
2,804,689,203 |
- |
|
Operating Income |
1,242,533,337 |
2,100,482,336 |
- |
|
Non-Operating Income |
790,245,759 |
431,624,905 |
- |
|
Non-Operating Expenses |
510,794,410 |
1,640,985,816 |
- |
|
Income Before Taxes |
1,521,984,686 |
891,121,425 |
- |
|
Income Taxes Expenses |
224,044,180 |
93,632,345 |
- |
|
Net Income |
1,297,940,506 |
797,489,080 |
663,000,000 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Cash Flows from Operating |
1,599,827,839 |
2,722,969,422 |
|
|
-Net Income |
1,297,940,506 |
797,489,080 |
|
|
-Exp. without Cash Outflow |
1,098,270,052 |
1,387,794,195 |
|
|
-Revenue without Cash Inflows |
-642,981,674 |
-33,646,908 |
|
|
-Changes in Asset/ & Liability |
-153,401,045 |
571,333,055 |
|
|
Cash Flows from Investing |
-1,963,380,297 |
-4,302,808,533 |
|
|
-Cash Inflow from Investing |
208,547,080 |
1,324,320,000 |
|
|
-Cash Outflows for Investing |
-2,171,927,377 |
-5,627,128,533 |
|
|
Cash Flows from Financing |
514,666,896 |
1,455,161,940 |
|
|
-Cash Inflows from Financing |
1,008,724,689 |
2,049,959,200 |
|
|
-Cash Outflows from Financing |
-494,057,793 |
-594,797,260 |
|
|
Increase/Decrease in Cash |
151,114,438 |
-124,677,171 |
|
|
Cash at the Beginning of Year |
194,141,705 |
318,818,876 |
|
|
Cash at the End of Year |
345,256,143 |
194,141,705 |
|
|
Main Products & Services |
Rotary
Tablet Counting Machine, Air Cleaner, Silicagel Inserter, Vinyl Inserter |
|
Customers |
HANMI HOLDINGS CO., LTD.(KOREA) SK CHEMICAL CO., LTD.(KOREA) |
|
Competitors |
CAREX CO., LTD. 3RD FL., CAREX BLDG., 787-15, YEOKSAM
2-DONG, GANGNAM-GU, SEOUL, KOREA TEL:+82-2-508-4646 FAX:+82-2-508-2244 KORAUTO TRADING CO., LTD. RM. 301, YUSEON BLDG., 235-4, YONGDAP-DONG,
SEONGDONG-GU, SEOUL, KOREA TEL:+82-2-2243-2895 FAX:+82-2-2243-2898 SUNGWOO CORPORATION RM. 1003, REGENT OFFICETEL, 547-8, GUUI
3-DONG, GWANGJIN-GU, SEOUL, KOREA TEL:+82-2-6461-4313 FAX:+82-2-3436-4312 |
|
Cooperative Enterprise |
-Insured Company LIG
INSURANCE CO., LTD.(110111-0017859) |
The Subject exports
to Taiwan, USA, India, Indonesia and Hong Kong.
No.
------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.27 |
|
|
1 |
Rs.101.09 |
|
Euro |
1 |
Rs.83.74 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NIT |
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.