|
Report Date : |
16.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
ABCO ELECTRONICS CO., LTD. |
|
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|
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Registered Office : |
31, Dunchon-daero 388beon-gil, Jungwon-gu, Seongnam-si, |
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Country : |
|
|
|
|
|
Financials (as on) : |
30.09.2013 |
|
|
|
|
Date of Incorporation : |
19.10.1973 |
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|
|
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Com. Reg. No.: |
129-81-00692 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacturer of Electronic components
such as Lead Resistor, Chip Resistor,
Lead Inductor, Chip Inductor, Noise Filter, Fixed Resistors, Power Inductors
& Electric Double Layer Capacitors |
|
|
|
|
No. of Employees : |
131 |
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 |
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|
|
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Payment Behaviour : |
No Complaints |
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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, 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 |
|
Company
Name |
ABCO ELECTRONICS CO., LTD. (Korean Company Name : “아비코전자(주)”) |
|
Registered Address |
31, Dunchon-daero 388beon-gil, Jungwon-gu, Seongnam-si, Gyeonggi-do,
Korea |
|
Zip Code |
462-120 |
|
Tel |
+82-31-730-5114 |
|
Fax |
+82-31-730-5123 |
|
E-mail |
|
|
Website |
|
|
Trading
Address |
31, Dunchon-daero 388beon-gil, Jungwon-gu,
Seongnam-si, Gyeonggi-do, Korea (Old Address System : 5448-4, Sangdaewon 2-dong, Jungwon-gu,
Seongnam-si, Gyeonggi-do, Korea) |
|
Tel |
+82-31-730-5114 |
|
Fax |
+82-31-730-5123 |
|
Type |
Export/Import |
|
Industry |
Manufacture
of Electronic Coils, Transformers and Other Inductors |
|
Main Business |
Manufacturer
of Electronic components such as Lead Resistor,
Chip Resistor, Lead Inductor, Chip Inductor, Noise Filter, Fixed Resistors,
Power Inductors & Electric Double Layer Capacitors |
|
Established (mm/dd/yyyy) |
10/19/1973 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Electronic Components and Supplies(32000000) |
|
Sell |
Resistors(32121600) |
|
Sell |
Inductors(32121702) |
|
Name |
Lee
Jong-Man |
|
Date of Birth |
06/21/1954 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
6,090,500,000 |
||||||||||||||||||||||||
|
Employees |
131 |
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Formation |
Listed Company (KOSDAQ : 036010) as of 07/03/2002 Foreign
Direct Investment Corporation |
||||||||||||||||||||||||
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Bank Details |
Shinhan Bank-Sungnam Industrial Complex
Breanch |
||||||||||||||||||||||||
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Corporate Registered No. |
131111-0000718 |
||||||||||||||||||||||||
|
Business Registered No. |
129-81-00692 |
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Permit & Licenses |
Int’l
Trade No.: 522234 |
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Shareholder Position |
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Company History |
10/19/1973 Incorporated as the present name 11/2008 Awarded US$ 30 Million Export Top
Prize 06/2009 Designated as an Inno-Biz Company 06/2012
Designated as an Inno-Biz Company again |
||||||||||||||||||||||||
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|
|
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Job
Description |
Title |
Name |
Nationality |
Date of
Birth |
Inauguration
Date |
|
President
& CEO |
Mr. |
Lee Jong-Man |
Korean |
1954.06.21 |
Seoul National University, Korea |
|
Chairman |
Mr. |
Kim Je-Young |
Korean |
1952.04.13 |
Seoul National University, Korea |
|
Vice
President |
Mr. |
Jung Young-Hee |
Korean |
1957.02.22 |
Sungkyunkwan University, Korea |
|
Outside
Director |
Mr. |
Lee Ju-Seok |
Korean |
1954.07 |
Seoul National University, Korea |
|
Auditor |
Mr. |
Jang Hwa-Duck |
Korean |
1954.10.01 |
Myungji University, Korea |
|
Year / Unit
: KRW |
Sales |
Assets |
Net Income |
|
(*)09/2013 |
43,717,120,618 |
93,062,847,359 |
3,713,500,159 |
|
(*)2012 |
43,891,486,124 |
79,679,782,075 |
-3,866,603,355 |
|
(*)2011 |
46,550,956,096 |
82,610,080,227 |
2,747,200,381 |
|
2010 |
47,767,872,946 |
77,434,510,712 |
1,258,401,043 |
|
2009 |
37,702,128,361 |
71,852,331,283 |
1,707,416,963 |
|
2008 |
38,805,748,783 |
74,464,919,234 |
-2,257,070,982 |
|
Authorized Capital(KRW) |
20,000,000,000 |
|
Paid-Up Capital(KRW) |
6,090,500,000 |
|
Total Issued Shares |
12,181,000 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
01/01/2013~09/30/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Total Assets |
93,062,847,359 |
79,679,782,075 |
82,610,080,227 |
|
Current
Assets |
44,973,654,770 |
37,500,678,854 |
44,080,464,580 |
|
Cash & Cash Equivalents |
15,181,592,724 |
12,739,761,070 |
15,062,660,882 |
|
Current Financial Instruments |
7,511,421,485 |
6,258,788,459 |
7,181,395,846 |
|
Trade Receivables & Other
Receivables |
12,407,101,023 |
9,343,204,661 |
13,008,406,034 |
|
Current Financial Instruments |
3,461,789,300 |
3,475,705,061 |
2,997,839,863 |
|
Inventories |
6,411,750,238 |
5,683,219,603 |
5,830,161,955 |
|
Non-Current
Assets |
48,089,192,589 |
42,179,103,221 |
38,529,615,647 |
|
Non-Current Financial Instruments |
2,700,110,352 |
1,402,371,265 |
1,059,032,900 |
|
Long-Term Trade Receivables &
Other Receivables |
2,211,424,000 |
2,081,084,000 |
694,048,560 |
|
Investment_Subsidiaries |
13,414,591,239 |
13,414,591,239 |
12,064,923,734 |
|
Investment_Related Companies |
128,325,753 |
128,325,753 |
278,325,853 |
|
Tangibles |
25,227,292,259 |
20,821,433,438 |
20,876,492,170 |
|
Intangibles |
631,710,421 |
353,486,483 |
36,760,383 |
|
Investment_Real Estates |
3,430,351,480 |
3,468,786,010 |
3,520,032,047 |
|
Deferred Income Tax Assets |
345,387,085 |
509,025,033 |
- |
|
Total
Liabilities |
30,340,497,091 |
24,234,901,991 |
21,653,273,145 |
|
Current
Liabilities |
25,481,120,946 |
24,000,364,176 |
21,162,293,341 |
|
Trade Payables & Other Payables |
7,247,099,285 |
5,764,927,367 |
6,862,111,241 |
|
Short-Term Borrowings |
17,872,071,682 |
18,151,672,205 |
13,474,956,831 |
|
Deferred Income Tax Credit |
309,797,075 |
|
541,782,575 |
|
Other Current Liabilities |
52,152,904 |
83,764,604 |
283,442,694 |
|
Non-Current
Liabilities |
4,859,376,145 |
234,537,815 |
490,979,804 |
|
Long-Term Trade Payables &
Other Payables |
4,366,278,682 |
4,100,000 |
4,100,000 |
|
Provision for Severance &
Retirement |
493,097,463 |
230,437,815 |
251,853,490 |
|
Deferred Income Tax Credit |
|
|
235,026,314 |
|
Capital
Stock |
6,090,500,000 |
6,090,500,000 |
6,090,500,000 |
|
Capital Surplus |
24,290,296,761 |
23,254,432,234 |
23,254,432,234 |
|
Others |
-454,572,890 |
-3,325,619,305 |
-2,361,827,110 |
|
Installments |
67,914,599 |
82,373,666 |
59,342,400 |
|
Profit Surplus |
32,728,211,798 |
29,343,193,489 |
33,914,359,558 |
|
Total Equity |
62,722,350,268 |
55,444,880,084 |
60,956,807,082 |
|
Liab. & Shareholder’s Equity |
93,062,847,359 |
79,679,782,075 |
82,610,080,227 |
Income
Statement
|
|||
|
Unit : Korean Won |
01/01/2013~09/30/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Sales |
43,717,120,618 |
43,891,486,124 |
46,550,956,096 |
|
Cost of Sold Goods |
36,332,705,482 |
39,247,206,411 |
40,679,779,592 |
|
Gross Profit |
7,384,415,136 |
4,644,279,713 |
5,871,176,504 |
|
Selling & Admin.
Expenses |
3,398,183,830 |
4,150,025,768 |
5,266,459,978 |
|
Operating Income |
3,986,231,306 |
494,253,945 |
604,716,526 |
|
Other Income |
424,226,131 |
516,008,810 |
8,841,697,932 |
|
Other Expenses |
527,622,323 |
5,713,562,850 |
4,949,535,630 |
|
Finance Income |
2,089,905,821 |
2,205,575,163 |
1,499,994,680 |
|
Finance Expenses |
1,977,896,563 |
2,118,553,616 |
1,942,725,871 |
|
Income from
Investment on Related Companies |
- |
- |
173,600 |
|
Expenses from
Investment on Related Companies |
- |
- |
307,598,539 |
|
Income Before Taxes |
3,994,844,372 |
-4,616,278,548 |
3,746,722,698 |
|
Income Taxes Expenses |
281,344,213 |
-749,675,193 |
999,522,317 |
|
Net Income |
3,713,500,159 |
-3,866,603,355 |
2,747,200,381 |
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 |
5,975,871,684 |
3,228,027,632 |
1,599,619,693 |
|
Net Income |
3,617,974,814 |
-3,866,603,355 |
2,747,200,381 |
|
Interests Received |
482,850,167 |
712,529,353 |
400,539,588 |
|
Interests Paid |
-497,789,030 |
-674,783,927 |
-596,223,625 |
|
Dividends Received |
5,210,000 |
13,807,300 |
600,000 |
|
Income Taxes |
37,359,893 |
-702,523,690 |
-846,769,267 |
|
Cash Flows from Investing |
-11,141,152,843 |
-8,581,859,273 |
11,500,690,092 |
|
Cash Flows from Financing |
7,713,304,845 |
3,092,725,464 |
-221,006,076 |
|
Increase/Decrease in Cash |
2,548,023,686 |
-2,261,106,177 |
12,879,303,709 |
|
Cash at the Beginning of Year |
12,739,761,070 |
15,062,660,882 |
2,206,691,813 |
|
Cash at the End of Year |
15,181,592,724 |
12,739,761,070 |
15,062,660,882 |
|
Main Products & Services |
Lead
Resistor, Chip Resistor, Lead Inductor, Chip Inductor, Noise Filter, Fixed
Resistors, Power Inductors & Electric Double Layer Capacitors |
|
Customers |
SAMSUNG ELECTRONICS CO., LTD.(130111-0006246) SK
HYNIX INC.(134411-0001387) |
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
TIANJIN HANA INTERNATIONAL TRADE CO.,
LTD.(CHINA) (49.00% held by the subject company) JOY PLANET CO., LTD.(110111-3191189) (35.00%
held by the subject company) |
|
Subsidiary |
CTC CO.,
LTD.(131411-0158496) YOUNGSUNG
ABCO ELECTRONICS CO., LTD.(CHINA) (100.00% held by
the subject company) DOWNTOWN,GANGXI-ZHEN,RONGCHENG-CITY,
SHANDONG PROVINCE, CHINA SHIMYANG
HAENGJINSA ELECTRONICS CO., LTD.(CHINA) (100.00% held by
the subject company) NO.3-1
ZUXING ROAD HUNHE NATIONDEVELOPMENT ZONE OF DONGLING DISTRICT SHENYANG, CHINA YEONTAI CTC
ELECTRONICS CO., LTD.(CHINA) (100.00% held by
the subject company) #5-7 AOKEMA
ROAD LAISHAN ECONOMIC DEVELOPMENT ZONE LAISHAN DISTRIC YANTAI SHANDONG
PROVICE. CHINA |
(Activity & Markets)
Not Available.
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.59 |
|
UK Pound |
1 |
Rs.101.09 |
|
Euro |
1 |
Rs.83.99 |
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.