|
Report Date : |
18.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
BIXOLON CO., LTD. |
|
|
|
|
Formerly Known As : |
Korea Printing
System Co., Ltd. |
|
|
|
|
Registered Office : |
20, Pangyoyeok-ro 241beon-gil, Bundang-gu, Seongnam-si, Gyeonggi-do,
Korea, 7~8FL., Mirae Asset Venture Tower, Zip Code 463-400 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
30.09.2013 |
|
|
|
|
Date of Incorporation : |
14.11.2002 |
|
|
|
|
Com. Reg. No.: |
124-86-02593 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacturer of Computer Printer |
|
|
|
|
No. of Employees : |
81 |
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 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 |
|
Company
Name |
BIXOLON CO.,
LTD. (Korean Company Name : “(주)빅솔론”) |
|
Registered Address |
20, Pangyoyeok-ro 241beon-gil, Bundang-gu, Seongnam-si, Gyeonggi-do,
Korea |
|
Building |
7~8FL.,
Mirae Asset Venture Tower |
|
Zip Code |
463-400 |
|
Tel |
+82-31-218-5500 |
|
Fax |
+82-31-218-5589 |
|
E-mail |
|
|
Website |
|
|
Trading
Address |
7~8FL., Mirae Asset Venture Tower, 20, Pangyoyeok-ro
241beon-gil, Bundang-gu, Seongnam-si, Gyeonggi-do, Korea (Old Address System : 7~8FL., Mirae Asset Venture Tower, 685,
Sampyeong-dong, Bundang-gu, Seongnam-si, Gyeonggi-do, Korea) |
|
Tel |
+82-31-218-5500 |
|
Fax |
+82-31-218-5589 |
|
Other
Address-Factory |
773, Yongtan-dong, Chungju-si, Chungbuk, Korea |
|
Type |
Export/Import |
|
Industry |
Manufacture
of Computer Printer |
|
Main Business |
POS
Printer, Thermal Printer, Inkjet Printer, Label Printer, Card Authorization
Terminals Mechanisms |
|
Established (mm/dd/yyyy) |
11/14/2002 |
The Subject owns
the premises of registered HQ address and factory.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Printer
and photocopier and facsimile accessories(44101700) |
|
Sell |
Thermal
tape printers(43212108) |
|
Sell |
System
Cards(43201400) |
|
Sell |
Inkjet
printers(43212104) |
|
Sell |
Compact
disc CD or labeling printers(43212113) |
|
Name |
Oh
Jin-Seob |
|
Date of Birth |
02/09/1959 |
|
Title |
President
& CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
5,100,000,000 |
|||||||||||||||||||||
|
Employees |
81 |
|||||||||||||||||||||
|
Formation |
Listed
Company (KOSDAQ : 093190) as of 08/20/2007 |
|||||||||||||||||||||
|
Bank Details |
Woori Bank |
|||||||||||||||||||||
|
Corporate Registered No. |
135811-0087297 |
|||||||||||||||||||||
|
Business Registered No. |
124-86-02593 |
|||||||||||||||||||||
|
Permit & Licenses |
09/2005 ISO 9001 Int’l Trade No.: 30143225 |
|||||||||||||||||||||
|
Shareholder Position |
|
|||||||||||||||||||||
|
Company History |
11/14/2002 Incorporated as Korea Printing
System Co., Ltd., by spinning off from SAMSUNG ELECTRO-MECHANICS CO.,
LTD.(130111-0001626) 11/30/2003 Awarded US$ 5Million Export Top
Prize 04/29/2004 Designated as a Venture Business 11/30/2004 Awarded US$ 20 Million Export
Top Prize 08/09/2005 Changed company name to the
present name 06/30/2006 Designated as a Venture Business
again 03/02/2007 Changed the financial closing
date to March 31from December 31 11/30/2007 Awarded US$ 30 Million Export
Top Prize 06/05/2008 Changed the financial closing
date to December 31 from March 31 10/01/2011 Moved to the present HQ address
from A-507,
Digital Empire Bldg., 980-3, Yeongtong 2-dong, Yeongtong-gu, Suwon-si,
Gyeonggi-do, Korea |
|||||||||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Nationality |
Date of
Birth |
Education |
|
Chairman
& CEO |
Mr. |
Kim Hyung-Keun |
Korean |
1958.10.09 |
Seoul National University, Korea |
|
President
& CEO |
Mr. |
Oh Jin-Seob |
Korean |
1959.02.09 |
Hankuk University of Foreign Studies, Korea |
|
Director
/ R&D Center |
Mr. |
Kim Jang-Hwan |
Korean |
1961.09.22 |
Kyunggi Technical College, Korea |
|
Auditor |
Mr. |
Park Hoon |
Korean |
1955,07.22 |
Sungkyunkwan University, Korea |
|
Outside
Director |
Mr. |
Lee Seung-Do |
Korean |
1965.03 |
Hanyang University, Korea |
|
Outside
Director |
Mr. |
Jeon Young-Jin |
Korean |
1963.03 |
Sungkyunkwan University, Korea |
|
Year / Unit
: KRW |
Sales |
Assets |
Net Income |
|
61,952,727,234 |
96,109,149,516 |
13,738,535,660 |
|
|
(*)2012 |
71,227,153,998 |
80,244,696,974 |
12,845,640,534 |
|
(*)2011 |
75,914,337,910 |
72,044,755,072 |
11,548,274,527 |
|
(*)2010 |
65,249,359,536 |
60,593,144,147 |
10,548,195,153 |
|
2009 |
65,762,102,845 |
52,057,817,496 |
10,961,710,704 |
|
2008 |
45,856,310,593 |
41,945,626,847 |
6,296,864,026 |
(*)Figures are based
on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
10,000,000,000 |
|
Paid-Up Capital(KRW) |
5,100,000,000 |
|
Total Issues Shares |
10,200,000 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
01/01/2013~09/30/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Total Assets |
96,109,149,516 |
80,244,696,974 |
72,044,755,072 |
|
Current Assets |
73,780,687,773 |
59,592,163,576 |
50,177,832,036 |
|
Cash & Cash
Equivalents |
1,526,906,258 |
4,195,828,045 |
2,107,647,515 |
|
Trade Receivables |
11,984,058,477 |
11,099,929,413 |
7,266,300,105 |
|
Other Receivables |
927,156,879 |
961,891,953 |
1,913,198,935 |
|
Current Financial
Instruments |
39,137,887,770 |
27,194,024,773 |
22,134,159,536 |
|
Derivatives |
254,884,970 |
|
1,140,398,085 |
|
Inventories |
18,988,539,801 |
15,435,612,065 |
15,101,261,078 |
|
Other Current Assets |
961,253,618 |
704,877,327 |
514,866,782 |
|
Non-Current Assets |
22,328,461,743 |
20,652,533,398 |
21,866,923,036 |
|
Other Non-Current
Assets |
555,894,235 |
540,155,014 |
674,043,874 |
|
Marketable Financial
Instruments |
9,640,178,327 |
8,939,372,658 |
7,865,522,590 |
|
Investment_Subsidiaries |
1,163,394,000 |
1,163,394,000 |
2,336,670,596 |
|
Tangibles |
9,166,878,555 |
9,149,873,211 |
8,373,391,735 |
|
Intangibles |
994,489,600 |
511,634,217 |
247,900,826 |
|
Non-Current Assets to be Sold |
|
|
1,880,911,460 |
|
Deferred Income Tax
Assets |
790,976,252 |
319,856,833 |
446,038,931 |
|
Other Assets |
16,650,774 |
28,247,465 |
42,443,024 |
|
Total
Liabilities |
13,650,417,358 |
9,435,772,647 |
12,104,171,735 |
|
Current Liabilities |
12,821,827,209 |
9,068,198,961 |
11,028,545,825 |
|
Trade Payables |
6,193,497,856 |
4,558,843,785 |
5,719,667,987 |
|
Other Payables |
2,981,450,024 |
2,118,275,842 |
3,174,426,632 |
|
Derivatives |
|
|
19,377,684 |
|
Accrued Income Tax |
2,979,072,442 |
1,053,006,308 |
1,584,959,031 |
|
Other Current
Liabilities |
667,806,887 |
1,338,073,026 |
530,114,491 |
|
Non-Current Liabilities |
828,590,149 |
367,573,686 |
1,075,625,910 |
|
Other Liabilities |
|
|
713,262,421 |
|
Provisions |
302,134,024 |
206,384,395 |
244,425,099 |
|
Derivatives |
|
|
53,898,874 |
|
Provision for
Severance & Retirement |
526,456,125 |
161,189,291 |
64,039,516 |
|
Capital Stock |
5,100,000,000 |
5,100,000,000 |
5,100,000,000 |
|
Capital Surplus |
10,026,855,927 |
10,026,855,927 |
10,026,855,927 |
|
Others |
-3,762,570,687 |
-3,433,413,337 |
-3,079,275,093 |
|
Profit Surplus |
71,094,446,918 |
59,115,481,737 |
47,893,002,503 |
|
Total Equity |
82,458,732,158 |
70,808,924,327 |
59,940,583,337 |
|
Liab. &
Shareholder’s Equity |
96,109,149,516 |
80,244,696,974 |
72,044,755,072 |
Income
Statement
|
|||
|
Unit : Korean Won |
01/01/2013~09/30/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Sales |
61,952,727,234 |
71,227,153,998 |
75,914,337,910 |
|
Cost of Sold Goods |
42,627,026,377 |
53,785,302,272 |
57,857,757,259 |
|
Gross Profit |
19,325,700,857 |
17,441,851,726 |
18,056,580,651 |
|
Selling & Admin.
Expenses |
6,804,084,062 |
6,913,221,894 |
7,149,473,361 |
|
Operating Income |
12,521,616,795 |
10,528,629,832 |
10,907,107,290 |
|
Other Operating
Income |
977,238,933 |
1,392,148,510 |
1,167,205,320 |
|
Other Operating
Expenses |
524,960,030 |
917,250,378 |
839,509,575 |
|
Finance Income |
5,249,367,489 |
5,623,266,459 |
4,631,213,150 |
|
Finance Expenses |
1,344,830,556 |
1,225,964,184 |
1,857,353,204 |
|
Profits from Disposal of Investment on Subsidiaries |
- |
187,763,404 |
- |
|
Income Before Taxes |
16,878,432,631 |
15,588,593,643 |
14,008,662,981 |
|
Income Taxes Expenses |
3,139,896,971 |
2,742,953,109 |
2,460,388,454 |
|
Net Income |
13,738,535,660 |
12,845,640,534 |
11,548,274,527 |
Cash
Flows
|
|||
|
Unit : Korean Won |
01/01/2013~09/30/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Operating Activities Cash Flows |
10,828,923,104 |
5,228,195,919 |
9,745,373,052 |
|
Cash Flows from
Operating |
12,380,526,283 |
8,183,623,802 |
12,382,808,917 |
|
Income Taxes |
-1,551,603,179 |
-2,955,427,883 |
-2,637,435,865 |
|
Cash Flows from
Investing |
-11,882,030,158 |
-1,671,084,332 |
-9,305,273,132 |
|
Cash Flows from
Financing |
-1,611,655,178 |
-1,455,951,031 |
-1,862,932,230 |
|
Increase/Decrease in
Cash |
-2,668,921,787 |
2,088,180,530 |
-1,426,753,353 |
|
Cash at the Beginning
of Year |
4,195,828,045 |
2,107,647,515 |
3,534,400,868 |
|
Cash at the End of
Year |
1,526,906,258 |
4,195,828,045 |
2,107,647,515 |
|
Main Products & Services |
Printers for POS(Point of Sales) Printing Mechanism for CAT(Card Authorization Terminals) Label Printers Mobile Printers Panel Printers Interface Cards Options Accessories Mobile Accessories Brand Name : BIXOLON |
|
Competitors |
EPSON(JAPAN) CITIZEN(JAPAN) STAR MICRONICS(JAPAN) IBM(USA) NCR(USA) ZEBRA(USA) |
(Subsidiaries, Joint-Venture & Affiliates)
|
Overseas Office |
BIXOLON AMERICA INC. (100.0% held by the subject company) 3171 FUJITA ST TORRANCE, CA 90505 USA TEL:+1 858 764 4580 FAX:+1 310 257 6869 BIXOLON EUROPE GMBH (100.0% held by the subject company) TIEFENBROICHER WEG 35 40472 DÜSSELDORF,
GERMANY TEL:+49-(0)211-68 78 54-0 FAX:+49-(0)211-68
78 54-20 BIXOLON ELECTRONICS (DONGGUAN) CO., LTD. (C3A)#11 LUYI 2 ROAD, TANGXIA TOWN,
DONGGUAN CITY, GUANGDONG PROVINCE, P.R. CHINA TEL:+86-769-8262-0704~7
FAX:+86-769-8262-0703 BIXOLON HK (100.0% held by the subject company) |
|
Subsidiary |
EVERINT CO., LTD.(151111-0024904) (100.0% held by the subject company) BIXOLON AMERICA INC. (100.0% held by the subject company) BIXOLON EUROPE GMBH (100.0% held by the subject company) |
|
Cooperative Enterprise |
-Insured Company DONGBU INSURANCE CO.,LTD.(110111-0095285) HEUNGKUK FIRE & MARINE INSURANCE CO., LTD.(110111-0016728) -Patent Usage from SEIKO EPSON CORPORATION |
(Activity & Markets)
|
Sales/ Unit
:Mil KRW |
06/2012 |
2011 |
2010 |
|
Export |
24,639 |
55,893 |
46,822 |
|
Domestic |
8,748 |
19,888 |
18,233 |
|
Total |
33,454 |
75,914 |
65,249 |
The Subject exports
to USA, Europe and China.
No.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.95 |
|
UK Pound |
1 |
Rs.104.02 |
|
Euro |
1 |
Rs.84.95 |
INFORMATION DETAILS
|
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.