MIRA INFORM REPORT

 

 

Report Date :

26.12.2014

 

IDENTIFICATION DETAILS

 

Name :

POTEC CO., LTD.

 

 

Registered Office :

40-4, Techno 2-ro, Yuseong-gu, Daejeon,  Zip Code 305-509

 

 

Country :

South Korea

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

22.02.2002

 

 

Com. Reg. No.:

305-81-53167

 

 

Legal Form :

Co., Ltd by Shares

 

 

Line of Business :

·         Manufacturer of Other Optical Instruments and Photographic Equipment such as Auto Refractors Keratometer & Lens Measuring Equipment

·         Engaged as Exporter of Chart projectors & Auto phoroptors

·         Engaged in Optical Industry Machinery and Equipment as well as Supplies

 

 

No of Employees :

43

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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

POTEC CO., LTD.

(Korean Company Name : “()포텍”)

Registered Address

40-4, Techno 2-ro, Yuseong-gu, Daejeon, Korea

Zip Code

305-509

Tel

+82-42-632-3536

Fax

+82-42-632-3537

E-mail

webmaster@potec.biz;color600@hanmail.net

Website

www.potec.biz

Trading Address

40-4, Techno 2-ro, Yuseong-gu, Daejeon, Korea

(Old Address System : 1324, Gwanpyeong-dong, Yuseong-gu, Daejeon, Korea)

Tel

+82-42-632-3536

Fax

+82-42-632-3537

Type

Export

  Main Business

·         Manufacturer of Other Optical Instruments and Photographic Equipment such as Auto Refractors Keratometer & Lens Measuring Equipment

·         Engaged as Exporter of Chart projectors & Auto phoroptors

·         Engaged in Optical Industry Machinery and Equipment as well as Supplies

Established (mm/dd/yyyy)

02/22/2002

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Chart projectors or accessories(42183037)

Sell

Lens measuring equipment(23151702)

Sell

Auto Refractors Keratometer

 

 

CEO’s

 

Name

Ko An-Soo

Address

Suite 1202-1103, 119, Baeul 1-ro, Yuseong-gu, Daejeon, Korea

Date of Birth

04/08/1955

Title

President & CEO

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

800,000,000

Employees

43

Formation

Co., Ltd by Shares

Venture Business

Bank Details

Korea Exchange Bank-Jungchon Dong Branch

Corporate Registered No.

160111-0133407

Business Registered No.

305-81-53167

Permit & Licenses

Int’l Trade No.: 16107975

Shareholder Position

N/A

Company History

02/22/2002 Incorporated as the present name

08/12/2002 Increased the authorized shares to 1,000,000 shares from 160,000 shares

08/13/2002 Increased capital to 800,000,000 KRW from 200,000,000 KRW

08/25/2003 Designated as a Venture Business

11/2006 Awarded US$ 5 Million Export Top Prize

12/16/2010 Moved to the present HQ address from 292-4, Samseong-dong, Dong-gu, Daejeon, Korea

11/21/2011 Designated as a Venture Business again

 

 

 

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

President & CEO

Mr.

Ko An-Soo

Male

Korean

08/26/2003

Director

M/S.

Nam Kyung-Lim

Female

Korean

02/22/2005

Director

Mr.

Ko Kyu-Ho

Male

Korean

03/25/2010

 

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

2013

6,303,647,000

8,734,564,000

476,343,000

2012

6,404,851,000

9,226,913,000

387,044,000

2011

7,314,577,000

9,392,296,000

1,167,783,000

2010

6,624,235,000

9,495,939,000

954,322,000

2009

6,600,440,000

8,303,939,000

1,430,067,000

2008

7,800,516,000

7,860,665,000

2,168,577,000

 

 

Financial Description

 

Authorized Capital(KRW)

5,000,000,000

Paid-Up Capital(KRW)

800,000,000

Total Issued Shares

160,000

 

 

Balance Sheet

 

Unit : Korean Won

As of 12/31/2013

As of 12/31/2012

As of 12/31/2011

Total Assets

8,734,564,000

9,226,913,000

9,392,296,000

Current Assets

4,934,000,000

5,007,000,000

5,255,000,000

Fixed Assets

3,800,000,000

4,220,000,000

4,137,000,000

Total Liabilities

889,635,000

958,327,000

1,310,754,000

Current Liabilities

579,000,000

607,000,000

739,000,000

Fixed Liabilities

311,000,000

352,000,000

572,000,000

Capital Stock

800,000,000

800,000,000

800,000,000

Total Equity

7,844,929,000

8,268,586,000

8,081,542,000

Liab. & Shareholder’s Equity

8,734,564,000

9,226,913,000

9,392,296,000

 

 

Income Statement

 

Unit : Korean Won

As of 12/31/2013

As of 12/31/2012

As of 12/31/2011

Sales

6,303,647,000

6,404,851,000

7,314,577,000

Cost of Sold Goods

4,765,647,000

4,436,851,000

4,704,577,000

Gross Profit

1,538,000,000

1,968,000,000

2,610,000,000

Selling & Admin. Expenses

1,368,919,000

1,530,471,000

1,515,030,000

Operating Income

169,081,000

437,529,000

1,094,970,000

Non-Operating Income

478,000,000

200,000,000

272,000,000

Non-Operating Expenses

171,000,000

251,000,000

176,000,000

Income Before Taxes

476,000,000

387,000,000

1,191,000,000

Income Taxes Expenses

-343,000

-44,000

23,217,000

Net Income

476,343,000

387,044,000

1,167,783,000

 

 

Products, Technologies, Services Description

 

Main Products & Services

Other Optical Instruments and Photographic Equipment such as Auto Refractors Keratometer, Lens Measuring Equipment,  Chart projectors & Auto phoroptors

 

Trade Partners & Competitors

 

Customers

LINHA MEDICA

APPASAMY

DONGAH MEDICAL CO.(KOREA)

DONGA OPTICAL CO.(KOREA)

Competitors

HUVITZ CO., LTD.

689-3, GEUMJEONG-DONG, GUNPO-SI, GYEONGGI-DO, KOREA

TEL:+82-31-428-9100  FAX:+82-31-477-8617

 

UNICOS CO., LTD.

114-1, MUNHWA 1-DONG, JUNG-GU, DAEJEON, KOREA.

TEL:+82-42-581-0008  FAX:+82-42-581-0053


 

FOREIGN EXCHANGE RATES

 

Currency

Unit

Indian Rupees

US Dollar

1

Rs.63.46

UK Pound

1

Rs.98.51

Euro

1

Rs.77.31

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

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%)

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