|
Report Date : |
26.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
DAEWON GSI CO., LTD. |
|
|
|
|
Registered Office : |
235, Gongdan-ro, Waegwan-eup, Chilgok-gun, Gyeongsangbuk-do, Korea |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
11.04.1982 |
|
|
|
|
Com. Reg. No.: |
504-81-04185 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Manufacture of Machinery for Food, Beverage and Tobacco
Processing |
|
|
|
|
No. of Employees : |
165 |
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 : |
Slow but correct |
|
Litigation : |
Exists |
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, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 |
DAEWON GSI CO., LTD. (English Co. Name : DAEWON GLOBAL SYSTEM INTEGRATION CO., LTD.) (Korean Company Name : “(주)대원지에스아이”) |
|
Registered
Address |
235, Gongdan-ro, Waegwan-eup, Chilgok-gun, Gyeongsangbuk-do, Korea |
|
Building |
|
|
Zip Code |
718-802 |
|
Tel |
+82-54-973-2221~8 |
|
Fax |
+82-54-973-2230 |
|
E-mail |
trade@daewon.com |
|
Website |
www.daewon.com |
|
Trading Address |
235, Gongdan-ro, Waegwan-eup, Chilgok-gun, Gyeongsangbuk-do, Korea (Old Address System : 990-2, Geumsan-ri, Waegwan-eup, Chilgok-gun, Gyeongsangbuk-do, Korea) |
|
Tel |
+82-54-973-2221~8 |
|
Fax |
+82-54-973-2230 |
|
Other Address-Biotech Business Division |
37, Gongdan-ro
6-gil, Waegwan-eup, Chilgok-gun, Gyeongsangbuk-do, Korea |
|
Tel |
|
|
Fax |
|
|
Other Address-Eco-Friendly Business Devision |
1112-1, Gwang-eum-ri,
Namhu-myeon, Andong-si, Gyeongbuk, Korea |
|
Tel |
|
|
Fax |
|
|
Type |
Export/Import |
|
Industry |
|
|
Main Business |
Rice Polishing Mill, Dry Storage Extension Equipment,
Grain Dryer, Color Sorter |
|
Sub Business |
|
|
Established
(mm/dd/yyyy) |
11/04/1982 |
Detailed Products
|
Activity |
Detailed
Products (UNSPSC) |
|
Sell |
Grain analyzers(41112701) |
|
Sell |
Rice cleaning or hulling equipment(21102004) |
|
Sell |
Grading machines for seed or grain or dried leguminous vegetables(21102003) |
|
Sell |
Agricultural machinery for cleaning and sorting and grading(21102000) |
CEO’s
|
Name |
Suh Yong-Kyo |
|
Address |
Rm.107-705,
500-1, Sangyeok-dong, Buk-gu, Daegu, Korea |
|
Date of Birth |
04/05/1955 |
|
Title |
President
& CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
1,248,500,000 |
|||||||||||||||||||||
|
Employees |
165 |
|||||||||||||||||||||
|
Formation |
Co., Ltd by shares |
|||||||||||||||||||||
|
Bank Details |
Daegu Bank Industrial
Bank of Korea Korea Exchange
Bank NACF |
|||||||||||||||||||||
|
Corporate Registered
No. |
170111-0016924 |
|||||||||||||||||||||
|
Business
Registered No. |
504-81-04185 |
|||||||||||||||||||||
|
Permit &
Licenses |
1999 EM Mark 2001 EM Mark 06/2003 ISO 9001 by BQR 11/2006 CE Mark 11/2006 CE Mark Int’l Trade No.: 13002743 |
|||||||||||||||||||||
|
Shareholder
Position |
|
|||||||||||||||||||||
|
Company
History |
01/1970
Established as SUNGCHANG MACHINERY CO.(Sole Proprietorship) 07/1973
Changed company name to DAEWON INDUSTRY CO. 11/04/1982
Incorporated as DAEWON INDUSTRY CO., LTD. 02/1995 Moved
to the present HQ address 12/07/2001
Changed company name to the present name 11/2002
Awarded US$5 Million Export Top Prize 01/05/2004
Decreased capital to 1,248,500,000 KRW from 1,300,000,000 KRW 01/08/2004
Spin off to the existing company and DAEWON JEONSUL CO., LTD. 11/2005
Awarded US$10 Million Export Top Prize |
|||||||||||||||||||||
|
|
|
Management
|
Job
Description |
Title |
Name |
Sex |
Nationality |
Inauguration
Date |
|
President & CEO |
Mr. |
Suh Yong-Kyo |
Male |
Korean |
04/11/2005 |
|
Director |
Mr. |
Suh Chan-Kyo |
Male |
Korean |
03/20/;2008 |
|
Director |
Mr. |
Han Ki-Dong |
Male |
Korean |
03/31/2009 |
|
Director |
Mr. |
Suh Bo-Sung |
Male |
Korean |
08/01/2011 |
|
Auditor |
M/S. |
Seo Myung-Ok |
Female |
Korean |
03/20/;2011 |
|
Year / Unit :
KRW |
Sales |
Assets |
Net Income |
|
50,315,598,554 |
79,580,654,002 |
2,385,865,219 |
|
|
2011 |
70,705,053,997 |
69,599,279,015 |
4,522,031,461 |
|
2010 |
58,114,132,658 |
75,116,466,802 |
9,440,202,321 |
|
2009 |
65,629,650,477 |
89,524,386,726 |
8,707,852,318 |
|
2008 |
67,298,340,330 |
65,905,128,128 |
4,711,261,050 |
|
2007 |
41,359,703,039 |
45,870,332,663 |
1,615,519,941 |
|
2006 |
40,249,761,626 |
52,300,676,837 |
2,717,923,074 |
|
2005 |
41,607,575,036 |
44,912,940,591 |
4,689,919,071 |
|
2004 |
36,189,538,934 |
35,784,262,079 |
2,520,472,655 |
Financial Description
|
Authorized
Capital(KRW) |
50,000,000,000 |
|
Paid-Up
Capital(KRW) |
1,248,500,000 |
|
Total Issues
Shares |
2,497,000 |
|
Balance Sheet |
|||
|
Unit : Korean
Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Total Assets |
79,580,654,002 |
69,599,279,015 |
75,116,466,802 |
|
Current Assets |
43,271,605,450 |
48,208,918,727 |
51,641,440,550 |
|
-Quick Assets |
36,450,719,764 |
42,248,983,416 |
39,546,922,104 |
|
-Inventories |
6,820,885,686 |
5,959,935,311 |
12,094,518,446 |
|
Fixed Assets |
36,309,048,552 |
21,390,360,288 |
23,475,026,252 |
|
-Investment |
3,934,311,468 |
3,852,352,201 |
3,728,683,802 |
|
-Tangibles |
31,648,381,455 |
16,785,616,458 |
19,104,548,321 |
|
-Intangibles |
77,936,667 |
108,812,667 |
142,753,167 |
|
-Others |
648,418,962 |
643,578,962 |
499,040,962 |
|
Total
Liabilities |
39,705,729,822 |
37,837,167,030 |
47,876,386,278 |
|
Current
Liabilities |
21,357,780,132 |
36,072,615,107 |
42,113,770,434 |
|
Fixed
Liabilities |
18,347,949,690 |
1,764,551,923 |
5,762,615,844 |
|
Capital Stock |
1,248,500,000 |
1,248,500,000 |
1,248,500,000 |
|
Capital
Surplus |
365,002,877 |
365,002,877 |
365,002,877 |
|
Profit Surplus |
47,210,658,776 |
44,824,793,557 |
40,302,762,096 |
|
Capital
Adjustment |
-8,949,237,473 |
-14,676,184,449 |
-14,676,184,449 |
|
Total Equity |
39,874,924,180 |
31,762,111,985 |
27,240,080,524 |
|
Liab. &
Shareholder’s Equity |
79,580,654,002 |
69,599,279,015 |
75,116,466,802 |
|
Current
Liabilities |
21,357,780,132 |
36,072,615,107 |
42,113,770,434 |
|
Trade Payables |
6,113,327,406 |
10,730,712,424 |
7,189,205,826 |
|
Short-Term Borrowings |
12,851,600,000 |
18,959,900,000 |
30,446,589,104 |
|
Account Payables |
4,094,000 |
622,494,000 |
4,094,000 |
|
Advance Receipts |
1,026,570,756 |
281,208,410 |
2,595,199,237 |
|
Withholdings |
134,241,323 |
82,584,320 |
98,143,500 |
|
VAT Withhold |
257,890,705 |
176,759,237 |
- |
|
Accrued Expenses |
598,705,942 |
593,922,883 |
591,748,767 |
|
Accrued Income Tax |
- |
509,664,459 |
- |
|
Current Portion of Long-Term Debts |
371,350,000 |
693,050,000 |
1,188,790,000 |
|
Convertible
Bonds |
- |
3,400,000,000 |
|
|
Fixed
Liabilities |
18,347,949,690 |
1,764,551,923 |
5,762,615,844 |
|
Long-Term Borrowings |
15,342,850,000 |
657,050,000 |
1,404,030,000 |
|
Convertible
Bonds |
|
|
3,400,000,000 |
|
Long-Term
Account Payables |
|
|
391,200,000 |
|
Leasehold Deposit Received |
308,000,000 |
311,040,000 |
8,040,000 |
|
Deferred Income Tax Credit |
2,697,099,690 |
711,502,857 |
550,362,361 |
|
Provision for Severance & Retirement |
- |
1,027,224,000 |
745,042,570 |
|
Income Statement |
|||
|
Unit : Korean
Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Sales |
50,315,598,554 |
70,705,053,997 |
58,114,132,658 |
|
Cost of Sold
Goods |
32,672,905,860 |
48,267,399,077 |
33,842,658,001 |
|
Gross Profit |
17,642,692,694 |
22,437,654,920 |
24,271,474,657 |
|
Selling &
Admin. Expenses |
13,104,198,506 |
15,272,912,023 |
11,064,238,575 |
|
Operating
Income |
4,538,494,188 |
7,164,742,897 |
13,207,236,082 |
|
Non-Operating
Income |
6,217,630,589 |
7,712,151,718 |
4,492,260,290 |
|
Non-Operating
Expenses |
7,950,404,597 |
7,716,433,842 |
6,295,252,542 |
|
Income Before
Taxes |
2,805,720,180 |
7,160,460,773 |
11,404,243,830 |
|
Income Taxes
Expenses |
419,854,961 |
2,638,429,312 |
1,964,041,509 |
|
Net Income |
2,385,865,219 |
4,522,031,461 |
9,440,202,321 |
|
Cash Flows |
|||
|
Unit : Korean
Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Cash Flows
from Operating |
-341,136,446 |
20,629,515,489 |
2,803,352,680 |
|
-Net Income |
2,385,865,219 |
4,522,031,461 |
9,440,202,321 |
|
-Exp. without
Cash Outflow |
2,447,558,918 |
4,063,150,970 |
1,535,059,150 |
|
-Revenue
without Cash Inflows |
-741,483,604 |
-1,278,475,087 |
-1,405,765,389 |
|
-Changes in
Asset/ & Liability |
-4,433,076,979 |
13,322,808,145 |
-6,766,143,402 |
|
Cash Flows
from Investing |
-6,537,497,553 |
-8,078,001,091 |
-6,993,069,141 |
|
-Cash Inflow
from Investing |
161,532,406,310 |
139,313,208,437 |
83,959,515,929 |
|
-Cash Outflows
for Investing |
-168,069,903,863 |
-147,391,209,528 |
-90,952,585,070 |
|
Cash Flows
from Financing |
5,121,232,352 |
-11,598,167,858 |
-21,783,984,449 |
|
-Cash Inflows
from Financing |
184,774,400,000 |
94,691,141,246 |
128,474,000,000 |
|
-Cash Outflows
from Financing |
-179,653,167,648 |
-106,289,309,104 |
-150,257,984,449 |
|
Increase/Decrease
in Cash |
-1,757,401,647 |
953,346,540 |
-25,973,700,910 |
|
Cash at the
Beginning of Year |
8,444,030,603 |
7,490,684,063 |
33,464,384,973 |
|
Cash at the
End of Year |
6,686,628,956 |
8,444,030,603 |
7,490,684,063 |
Products,
Technologies, Services Description
|
Main Products
& Services |
Color Sorter
Manufacturer Color Sorter Rice Color
Sorter Cereals Sorter Camera Sorter Grain Sorter Grain Sorting
Machine Grain Color
Sorter Seed Color
Sorter Tea Sorter Color Sorting
Machine Rice
Processing Machinery Tea Color
Sorter |
|
Detailed
Products Spec. |
|
|
Technologies
Acquired |
|
Trade Partners &
Competitors
|
Suppliers |
|
|
Customers |
NACF |
|
Competitors |
ATS
INTERNATIONAL CO., LTD. RM. 707,
PHOENIX BLDG., 702-23, YEOKSAM 1-DONG, GANGNAM-GU, SEOUL, KOREA TEL:+82-2-2051-2650~4 FAX:+82-2-2051-2655 HANSUNG
ENGINEERING CO., LTD. 586,
PUNGSEO-RI, PUNGSE-MYEON, DONGNAM-GU, CHEONAN-SI, CHUNGCHEONGNAM-DO, KOREA TEL:+82-41-553-4561 FAX:+82-41-553-6053 HAN JAM
MACHINERY CO., LTD. 123-6, HA-RI,
YEOJU-EUP, YEOJU-GUN, GYEONGGI-DO, KOREA TEL:+82-31-883-9559 FAX:+82-31-884-0598 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
DAEWON JEONSUL
CO., LTD.(KOREA) WAPS CO.,
LTD.(170111-0051730) ILSUNG TECH
CO., LTD.(KOREA) ILSUNG
INVESTMENT CO., LTD.(175211-0034664) DAEWON GSI(THAILAND)CO., LTD. |
|
Overseas
Office |
|
|
Liaison Office |
|
|
Overseas
Branch |
|
|
Joint Venture |
|
|
Subsidiary |
PT. DAEWON
INDONESIA TIANJIN DAEWON BUSINESS CO., LTD.(CHINA : 천지대원길새상무(유)) |
|
Corporate
Ownership |
|
|
Major
Shareholders |
|
|
Cooperative
Enterprise |
-Insured
Company HYUNDAI MARINE & FIREINSURANCE CO., LTD.(110111-0035893) LIG INSURANCE CO., LTD.(110111-0017859) |
Sales by Region
(Activity & Markets)
The Subject
deals with the companies in Sri Lanka, China, Taiwan, Colombia, India,
Indonesia, Japan, Pakistan, Philippines, Russia and Vietnam.
Court Action
There are 4
cases filed as Defendant(s)/ Debtor(s)/ Respondent(s) amounting
273,233,000 KRW, and a case filed as Plaintiff(s)/ Creditor(s)/ Applicant(s)
amounting 307,044,000 KRW.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.98 |
|
|
1 |
Rs.103.31 |
|
Euro |
1 |
Rs.85.14 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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.