MIRA INFORM REPORT

 

 

Report Date :

12.09.2014

 

IDENTIFICATION DETAILS

 

Name :

DOOSAN INFRACORE CO., LTD.

 

 

Registered Office :

489, Injung-ro, Dong-gu, Incheon, Korea 401-804

 

 

Country :

South Korea

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

23.10.2000

 

 

Com. Reg. No.:

121-81-40254

 

 

Legal Form :

Listed Company

 

 

Line of Business :

Manufacture of Civil Engineering and Similar Machine Equipment

 

 

No. of Employees

5,554

 

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 :

Exist

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

South Korea

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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

 

 

 

Basic Information

 

Basic

 

Company Name

DOOSAN INFRACORE CO., LTD.

Registered Address

489, Injung-ro, Dong-gu, Incheon, Korea

(Old Address System : 7-11, Hwasu 1-dong, Dong-gu, Incheon, Korea)

Building

 

Zip Code

401-804

Tel

+82-32-211-1114

Fax

+82-32-211-1231

E-mail

infracore_master@doosan.com

Website

www.doosaninfracore.co.kr

Trading Address

Doosan Tower 22th~26th FL. 275, Jangchungdan-ro, Jung-gu, Seoul, Korea

(Old Address System : Doosan Tower 22th~26th FL. 18-12, Euljiro-6ga, Jung-gu, Seoul, Korea)

Tel

+82-2-3398-8114

Fax

+82-2-3398-8117

Other Address-Changwon Factory1

601-3, Namsan-dong, Changwon, Kyongsangnam-do, Korea

Tel

+82-55-280-4114

Fax

+82-55-287-1140

Other Address-Changwon Factory 3

82, Daewon-dong, Changwon, Kyongsangnam-do, Korea

Tel

+82-55-270-0497

Fax

+82-55-273-0141

Other Address-Parts Center

85-1, Palgok Ei-dong, Ansan, Kyunggi-do, Korea

Tel

+82-31-400-2114

Fax

+82-31-400-2040

Type

Export/Import

Industry

Manufacture of Civil Engineering and Similar Machine Equipment

  Main Business

Excavator, Wheel Loaders, Tower Cranes, Concrete Pump Trucks, Diesel Engines, Machine Tools, SSL(Skid-Steer Loader), CTL(Compact Truck Loader)

Established (mm/dd/yyyy)

10/23/2000

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Forklifts(24101603)

Sell

Track excavators(22101526)

Sell

Tower cranes(24101623)

Sell

Crawler drills(20111604)

Sell

Earth moving machinery(22101500)

Sell

Antiaircraft missiles(46121502)

Sell

Paving equipment(22101600)

Sell

Diesel engines(26101504)

Sell

Skid steer loaders(22101529)

Sell

Defense and Law Enforcement and Security and Safety Equipment and Supplies(46000000)

Sell

Lathes(23171606)

Sell

Hydraulic cylinders(27121602)

Sell

Hydraulic pumps(40151533)

Sell

Industrial trucks(24101500)

Sell

Engines(26101500)

Buy

Iron plate(30102203)

Buy

Bolts(31161600)

Buy

Grease(15121902)

Buy

Stainless steel plate(30102205)

Buy

Bearings(31171500)

Buy

Motors(26101600)

Buy

Pipe(40142100)

Buy

Nuts(31161700)

 

 

CEO’s

 

Name

Kim Yong-Sung

Address

 

Date of Birth

01/02/1962

Title

Co-President & CEO

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

1,037,276,570,000

Employees

5,554

Formation

Listed Company (Korea Stock Exchange: 042670) as of 02/2001

A Company of DOOSAN GROUP

Bank Details

Korea Development Bank

16-3, Youido-Dong, Youngdungpo-Gu, Seoul 150-010 Korea

Tel: 82-2-787-5000

 

Hana Bank-HQ Branch

Citibank, Korea

Corporate Registered No.

120111-0234469

Business Registered No.

121-81-40254

Permit & Licenses

10/2007 GD Mark (HP5100)

 

Int’l Trade No.: 14072949

Shareholder Position

Name

Shares

%

DOOSAN HEAVY INDUSTRIES & CONSTRUCTION CO.,LTD(194211-0000943)

43,945,896

21.18

NATIONAL PENSION SERVICE(110171-0007134)

6,500,296

3.13

OTHERS

157,009,122

75.68

TOTAL

207,455,314

100.00

Company History

06/2011 Separated New Vehicle Products Business, and established Doosan Industrial Vehicle Co., Ltd.(120111-0567183)

12/31/2008 Separated Defense Products Business Group and established DOOSAN DST CO., LTD.(194211-0096322)

09/2008 Acquired ATL(Germany)

08/2008 Moxy, a Norwegian large size dump truck company, acquired.

12/2007 Doosan Infracore China Co. (DICC) produces and sells more than 10,000 excavators in a year.

11/2007 US$2 Billion Export Tower received on Trade Day.

11/2007 Ingersoll-Rand’s compact construction equipment unit acquired, along with two other units.

09/2007 Doosan Holdings Europe Ltd. established.

09/2007 Doosan Holdings International Ltd. established.

09/2007 Doosan Infracore International, Inc. (DII) established.

07/2007 Yantai Yuhua Machinery Ltd. acquired.

06/2007 Doosan Infracore India Private Ltd. established.

04/2007 Doosan Infracore (Suzhou) Co., Ltd. established.

03/2007 CTI, holder of original technology for HCNG engines, acquired.

01/2007 Doosan Mecatek’s Machine Tools Division acquired.

10/2006 Doosan Capital acquired.

09/2006 Doosan Infracore (China) investment Co., Ltd. Established as a holding company.

09/2006 Doosan Infracore (China) investment Co., Ltd. Established as a holding company.

12/2005 Established Doosan Infracore Co., Ltd. (rep. office) in Dubai

04/2005 Changed company name to the present name

11/2004 Awarded the USD 1 Billion Export Tower during the Trade Day

07/2003 Established Doosan Infracore Machine Tools Yantai Co., Ltd. in Shandong, China

10/2000 The Machinery Division separated from Daewoo Heavy Industries and launched as Daewoo Heavy Industries & Machinery.

(*)The official date of separation was August 31, 1999. The operating assets of the Daewoo Heavy Industries Machinery Division, overseas subsidiaries’ investment securities and other real connections with asset value were transferred to Daewoo Heavy Industries & Machinery, which assumed responsibility for the above invested assets.

Company History

Before Separation

10/2000 200,000 units in aggregate production and shipment of forklifts Exceeded

10/1999 Transfers Aerospace Business Division to Korea Aerospace Industries, Ltd.

08/1999 Workout(management improvement activity) issued.

07/1999 Transferred from Train Business Division to Korea Rolling Stock Corp.

12/1998 Won Prime Ministerial Award for exemplary industrial cooperation with SMBs

05/1998 Developed Korean first large aperture reflective lens for satellite camera use

07/1997 50,000 units in aggregate production of excavators exceeded

07/1997 100,000 units in aggregate export volume of forklifts exceeded

05/1994 Exported excavator technologies to Malaysian firm Tingming

07/1993 An-San A/S Center completed

01/1992 Construction of plant to produce hydraulic parts for excavators completed

11/1990 Euro-Daewoo S.A. founded in Belgium (undertook CBM corp.)

11/1989 Construction of plant for FA equipment in Changwon and Research Institute for National Defense Industry completed

02/1987 Initiated Exportation of excavators under original brand 'Solar' to Netherlands

08/1984 The second factory in Changwon completed

05/1983 Concluded OEM contract with Caterpillar corp. in U.S to supply forklifts

02/1981 Technical Research Institute for Internal Combustion Engines founded

06/1980 Developed Korean first CNC lathe.

12/1978 Research Institute for Internal Combustion Engines founded

10/1978 Initiated Exportation of construction equipment (3 excavators and 3 forklifts to Sudan)

08/1977 Construction of a Machine tool factory in Changwon completed

06/1973 Bu-Kok Rolling Stock Co. Ltd acquired

08/1966 Listed in stock market

11/1964 Rolling stock business initiated

05/1963 Started with new name "Korean Machinery Industries corp." as a public enterprise with 700 million won paid-in capital

12/1961 Trade union launched

05/1951 Designated as a public enterprise

04/1905 Construction of factories for metal cast, cast steel, forging and rolling

06/1937 Chosun Machine Works founded

 

 

Detailed Information

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

Co-President & CEO

Mr.

Kim Yong-Sung

Male

Korean

1962.01.02

Co-President & CEO

Mr.

Lee Oh-Kyu

Male

Korean

1955.02.05

Outside Director

Mr.

Lee Jae-Hoon

Male

Korean

1955.09

Outside Director

Mr.

Yoon Se-Ri

Male

Korean

1953.11

Outside Director

Mr.

Kwon Tae-Shin

Male

Korean

1949.10.

Outside Director

Mr.

Hong Ki-Jong

Male

Korean

1954.10.20

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

(*)2013

3,827,351,663,727

6,905,923,499,846

-120,358,197,949

(*)2012

4,243,618,747,416

6,763,982,432,945

-121,315,581,686

(*)2011

4,426,917,140,025

5,844,575,435,670

313,804,391,628

(*)2010

3,879,948,121,493

4,914,914,380,006

189,658,022,387

2009

2,663,206,050,082

4,778,605,166,032

-311,103,724,944

2008

3,963,378,988,959

4,925,628,714,013

-121,818,090,867

2007

3,719,881,302,554

3,207,322,840,200

180,261,608,250

2006

3,282,769,993,129

2,469,978,593,521

135,744,243,496

2005

2,815,255,982,612

2,465,146,467,288

135,575,945,101

2004

2,860,636,307,342

2,629,300,498,349

123,024,612,952

2003

2,314,055,733,840

2,530,076,117,219

164,250,569,319

(*)Figures are based on the K-IFRS Accounting System.

 

 

Financial Description

 

Authorized Capital(KRW)

2,000,000,000,000

Paid-Up Capital(KRW)

1,037,276,570,000

Total Issues Shares

207,455,314

 

Balance Sheet

Unit : Korean Won

As of 12/31/2013

As of 12/31/2012

As of 12/31/2011

Total Assets

6,905,923,499,846

6,763,982,432,945

5,844,575,435,670

Current Assets

1,468,533,310,673

1,667,332,695,337

1,755,421,858,144

Cash & Cash Equivalents

15,342,892,954

143,504,026,265

161,804,233,569

Current Financial Instruments

99,382,502,676

123,766,708,109

32,247,096,581

Marketable Financial Instruments

10,470,000

0

1,200,000,000

Trade Receivables & Other Receivables

866,427,501,224

818,676,253,203

912,662,318,916

Derivatives

41,768,446,180

73,226,197,464

19,307,871,952

Inventories

428,473,766,018

475,827,128,429

603,574,889,637

Assets to be Sold

279,322,191

1,675,933,149

1,675,933,149

Other Current Assets

16,848,409,430

30,656,448,718

22,949,514,340

Non-Current Assets

5,437,390,189,173

5,096,649,737,608

4,089,153,577,526

Non-Current Financial Instruments

2,011,500,000

2,011,500,000

11,500,000

Long-Term Marketable Financial Instruments

8,729,807,793

8,799,235,033

1,899,785,788

Other Non-Current Assets

121,777,837,950

107,673,060,977

114,672,683,819

Derivatives

1,776,066,413

4,525,583,392

0

Investment_Subsidiaries

3,221,032,216,388

3,168,673,068,195

2,365,903,655,798

Tangibles

1,581,032,241,648

1,332,097,578,596

1,260,400,794,858

Intangibles

346,829,367,136

320,190,201,995

278,057,007,666

Investment_Real Estates

27,622,848,319

27,871,356,394

29,032,623,853

Deferred Income Taxes

83,839,255,569

82,826,044,138

0

Other Non-Current Assets

42,739,047,957

41,982,108,888

39,175,525,744

Total Liabilities

4,331,045,539,441

4,620,963,083,765

4,155,945,637,010

Current Liabilities

1,694,385,625,949

2,168,430,365,862

1,918,171,559,627

Trade Payables & Other Payables

771,937,539,325

641,352,112,231

691,131,028,352

Short-Term Borrowings

310,702,374,699

610,119,111,009

124,793,719,903

Current Portion of Debentures

426,872,492,128

469,592,187,972

232,824,289,736

Current Portion of Long-Term Borrowings

84,203,935,915

252,721,275,057

225,323,655,212

Accrued Income Tax

0

0

57,005,432,512

Derivatives

938,951,636

831,659,358

436,932,319,506

Provisions

20,926,284,662

21,211,052,359

22,088,921,028

Other Current Liabilities

78,804,047,584

172,602,967,876

128,072,193,378

Non-Current Liabilities

2,636,659,913,492

2,452,532,717,903

2,237,774,077,383

Non-Current Financial Instruments

18,892,339,653

26,493,308,892

0

Debentures

1,661,085,676,311

1,585,861,248,159

1,594,857,576,069

Long-Term Borrowings

763,581,667,480

627,952,707,899

473,371,975,696

Provision for Severance & Retirement

162,127,359,400

171,881,989,229

117,225,821,175

Non-Current Portion of Derivatives

0

7,707,578

286,042,423

Deferred Income Tax Credit

0

0

6,573,669,701

Other Non-Current Debts

30,972,870,648

40,335,756,146

45,458,992,319

Capital Stock

1,037,276,570,000

843,290,170,000

842,779,420,000

Capital Surplus

251,169,877,678

28,043,485,609

22,077,027,652

Other Securities

508,259,603,649

508,259,603,649

0

Others

-38,675,339,158

-32,133,872,630

-30,645,598,038

Installments

182,013,819,248

52,538,597,516

-37,506,129,338

Profit Surplus

634,833,428,988

743,021,365,036

891,925,078,384

Total Equity

2,574,877,960,405

2,143,019,349,180

1,688,629,798,660

Liab. & Shareholder’s Equity

6,905,923,499,846

6,763,982,432,945

5,844,575,435,670

 

Income Statement

Unit : Korean Won

As of 12/31/2013

As of 12/31/2012

As of 12/31/2011

Sales

3,827,351,663,727

4,243,618,747,416

4,426,917,140,025

Cost of Sold Goods

3,203,426,646,682

3,525,418,190,327

3,473,611,992,603

Gross Profit

623,925,017,045

718,200,557,089

953,305,147,422

Selling & Admin. Expenses

643,439,159,088

664,509,175,436

583,928,836,275

Operating Income

-19,514,142,043

53,691,381,653

369,376,311,147

Finance Income

132,824,158,760

184,109,792,546

190,306,482,424

Finance Expenses

280,765,356,101

343,461,165,817

382,943,650,662

Other Non-Operating Income

53,489,624,739

20,955,509,941

32,698,430,728

Other Non-Operating Expenses

32,490,127,328

48,798,220,845

29,668,151,599

Profits from Disposal of Subsidiaries' Stocks

-21,073,868,864

-46,115,001,234

145,439,954,713

Losses from Disposal of Subsidiaries' Stocks

0

-31,561,228,695

0

Income Before Taxes

-167,529,710,837

-211,178,932,451

325,209,376,751

Income Taxes Expenses

47,171,512,888

89,863,350,765

-81,632,442,230

Income from Continuous Business

-120,358,197,949

-121,315,581,686

243,576,934,521

Income from Stopped Business

0

0

70,227,457,107

Net Income

-120,358,197,949

-121,315,581,686

313,804,391,628

 

Cash Flows

Unit : Korean Won

As of 12/31/2013

As of 12/31/2012

As of 12/31/2011

Operating Activities Cash Flows

63,093,368,099

-286,622,699,397

111,914,434,889

Cash Flows from Operating

189,832,951,039

-143,821,154,735

241,724,188,157

Net Income

-120,358,197,949

-121,315,581,686

313,804,391,628

Adjustment

323,226,632,670

247,874,550,803

187,769,735,233

Changes in Asset/ & Liability

-13,035,483,682

-270,380,123,852

-259,849,938,704

Interests Received

10,748,288,503

10,972,610,270

16,659,822,821

Interests Paid

-151,691,535,017

-134,434,687,326

-117,512,959,103

Dividends Received

1,027,636,796

51,593,652,323

37,939,500,000

Income Taxes

13,176,026,778

-70,933,119,929

-66,896,116,986

Cash Flows from Investing

-294,667,338,776

-1,228,428,311,690

-553,377,986,298

Cash Inflow from Investing

26,793,862,396

71,920,043,225

450,183,789,811

Cash Outflows for Investing

-321,461,201,172

-1,300,348,354,915

-1,003,561,776,109

Cash Flows from Financing

101,824,170,943

1,498,341,748,593

539,572,566,516

Cash Inflows from Financing

1,286,415,016,169

1,956,665,403,804

2,205,866,172,853

Cash Outflows from Financing

-1,184,590,845,226

-458,323,655,211

-1,666,293,606,337

Increase/Decrease in Cash

-128,161,133,311

-18,300,207,304

97,921,505,194

Cash at the Beginning of Year

143,504,026,265

161,804,233,569

63,882,728,375

Cash at the End of Year

15,342,892,954

143,504,026,265

161,804,233,569

 

 

Products, Technologies, Services Description

 

Main Products & Services

BUSINESS GROUPS

-Construction Equipment

-Machine Tools

-Forklifts

-Engines & Materials

-Defense Products (Separated and established as DOOSAN DST CO., LTD.(194211-0096322))

 

Brand Name : Doosan Infracore, Bobcat, Moxy

Detailed Products Spec.

Products

09/2010

2009

2008

Excavator/Wheel Loader

1,275,280

1,236,018

1,118,193

Machinery

992,670

1,126,370

1,352,960

Forklifts

300,097

494,663

474,231

Engines

359,310

496,720

488,800

Others

-

-

993,834

Total

2,927,357

3,353,771

4,428,018

Technologies Acquired

 

 

 

Trade Partners & Competitors

 

Suppliers

HANSUNG ECONET CO., LTD.

168, WONNAM-RI, EUMBONG-MYEON ASAN-SI CHUNGNAM-DO 336-864 KOREA

TEL: 82-41-541-5733  FAX: 82-41-541-5738

INDUSTRY: MANUFACTURE OF AGRICULTURAL AND FORESTRY MACHINERY

 

JINSUNG T.E.C

538-5, SEGYO-DONG, PYEONGTAEK-SI, GYEONGGI-DO 450-818 KOREA

TEL: 82-31-658-0100  FAX: 82-31-658-0106

INDUSTRY: MANUFACTURE OF CIVIL ENGINEERING AND SIMILAR MACHINE EQUIPMENT

 

NGVI, INC.

300-14 CHANGCHON-RI NAMSAN-MYEON CHUNCHEON-SI GANGWON-DO 200-911 KOREA

TEL: 82-33-260-3400 FAX: 82-33-261-9184

 

FINE A.T.C CO., LTD.

853-10, OE-DONG, CHANGWON-SI, GYEONGNAM-DO 641-020 KOREA

TEL: 82-55-239-3500  FAX: 82-55-264-9615

INDUSTRY: MANUFACTURE OF ALL OTHER SPECIAL PURPOSE MACHINERY, N.E.C.

 

DONGYANG MECHATRONICS CORP.

616-4, NAMCHON-DONG, NAMDONG-GU, INCHON 405-846 KOREA

TEL: 82-32-810-4100  FAX: 82-32-812-4200

INDUSTRY: MANUFACTURE OF PARTS AND ACCESSORIES FOR MOTOR ENGINES

Customers

DEFENSE PROCUREMENT AGENCY

15 YONGSAN-DONG 2-GA YONGSAN-GU SEOUL 140-841 KOREA

TEL: 82-2-2079-6239 FAX: 82-2-773-7587

INDUSTRY: WEAPON / MILITARY EQUIPMENT

 

DAEWOO BUS

TATA MOTOR

KOMASTU

Competitors

VOLVO

HYUNDAI HEAVY INDUSTRIES

WIA

HWACHEON

TONGIL

SMEC

CLARK

DONG MYUNG HEAVY INDUSTRIES

 

Related Parties (Subsidiaries, Joint-Venture & Affiliates)

 

Affiliates-Domestic

DOOSAN CO.,LTD(110111-0013774)

SRS KOREA CO., LTD.(110111-3139733)

DOOSAN HEAVY INDUSTRIES & CONSTRUCTION CO.,LTD(194211-0000943)

DOOSAN ENGINE CO., LTD(194211-0038423)

DOOSAN MECATEC., LTD.(110111-0126022)

DOOSAN CONSTRUCTION & ENGINEERING CO.,LTD.(110111-0194277)

SAEJAE DEVELOPMENT CO., LTD(110111-1074048)

NEO TRANS CO., LTD.(131111-0141801)

SAMHWA CROWN & CLOSURE CO.,LTD(134111-0003462)

REXCON CO.,LTD.(110111-3586273)

ORICOM INC(110111-0176986)

DOOSAN BEARS INC(110111-0346919)

NEOPLUX CO., LTD.(110111-1927841)

N.SHAPER(110111-1943574)

GLOBAL LOGISTICS CO., LTD.(110111-1235749)

DOOSAN CUVEX CO.,LTD(140111-0032570)

DOOSAN MOTORS CORP.(110111-3008293)

DONG HYUN ENGINEERING CO.,LTD.(110111-0508329)

DOOSAN MOTTROL HOLDINGS CO., LTD.(110111-3892505)

DOOSAN DST CO., LTD.(194211-0096322)

DOOSAN CAPITAL CO.,LTD.(110111-1220336)

(19.99% held by the subject company)

 

KOREA AEROSPACE INDUSTRIES, LTD.(110111-1827570)

(22.23% held by the subject company)

Affiliates-Overseas

DOOSAN INFRACORE EUROPE S.A

(99.65% held by the subject company)

 

DOOSAN INFRACORE AMERICA CORP.

(100.0% held by the subject company)

 

DOOSAN INFRACORE CHINA CO., LTD

(90.0% held by the subject company)

 

DOOSAN INFRACORE MACHINE TOOLS YANTAI CO., LTD.

(90.0% held by the subject company)

 

DOOSAN INFRACORE GERMANY GMBH

(100.0% held by the subject company)

 

DOOSAN INFRACORE JAPAN CORP.

(100.0% held by the subject company)

 

DOOSAN INFRACORE (CHINA) INVESTMENT CO., LTD.

(100.0% held by the subject company)

 

DAEWOO MACHINERY CO., LTD.(TAIWAN)

(100.0% held by the subject company)

 

DAEWOO MAQUINAS E EQUIOMENTOS LTDA (BRAZIL)

(70.0% held by the subject company)

 

DOOSAN INFRACORE XINJIANG MACHINERY CO., LTD.

(60.0% held by the subject company)

 

DAJIAN(TIANJIN) MECHANICAL CONSTRUCTION CO., LTD.

(60.0% held by the subject company)

 

DOOSAN INFRACORE INTERNATIONAL, INC.

(51.85% held by the subject company)

 

DOOSAN HOLDINGS EUROPE LTD.

(51.85% held by the subject company)

 

DOOSAN INFRACORE INDIA PRIVATE LTD.

(99.99% held by the subject company)

 

DOOSAN INFRACORE SOUTH AFRICA PTY LTD.

 

DOOSAN INFRACORE INTERNATIONAL, INC. (DII)

(BOBCAT, DI PORTABLE POWER, DII ATTACHMENTS)

(*)As a core strategy for global growth, Doosan Infracore completed the M&A with Ingersoll-Rand’s 3 Business Units (Bobcat, DI Portable Power, DII Attachments) in November 2007 and established Doosan Infracore International, Inc.(DII), a holding company controlling the management of these 3 Business Units.

Overseas Office

DOOSAN INFRACORE XINJIANG MACHINERY CO., LTD.

NO. 178, HETANBEI ROAD, WURUMUQI, XINJIAN, CHINA

TEL : +86-991-469-7217 FAX : +86-991-469-8641

 

DAIJIAN(TIANJIN) MECHANICAL CONSTRUCTION CO., LTD.

NO. 87, GONGXING ROAD, TANGGU, TIANJIN, CHINA

TEL : +86-222-521-0540 FAX : +86-222-521-0714

 

DOOSAN INFRACORE CHINA CO., LTD.

NO. 28, WUZHISHAN ROAD, ECO & TECH. DEVELOPMENT ZONE, YANTAI, SHANDONG, CHINA

TEL : +86-535-698-2000 FAX : +86-535-638-2004

 

DOOSAN INFRACORE MACHINE TOOLS YANTAL CO., LTD.

#1, DAYU ROAD 1, ECO & TECH. DEVELOPMENT ZONE, YANTAI, SHANDONG, CHINA

TEL : +86-535-693-5000 FAX : +86-535-693-5619

 

DOOSAN INFRACORE LIAONING MACINERY CO., LTD.

NO. 32, DONGLING ROAD, DONGLING DISTRICT, SHENYANG, LIAONING, CHINA

TEL : +86-24-8841-1407 FAX : +86-24-8841-1404

 

DOOSAN INFRACORE AMERICA CORP.

2905 SHAWNEE INDUSTRIAL WAY, SUWANEE, GEORGIA 30024, U.S.A.

TEL : +1-770-831-2200 FAX : +1-770-831-0480

 

DOOSAN INFRACORE AMERICA CORP.(FORKLIFTS)

4350 RENAISSANCE PARKWAY, WARRENSVILLE HEIGHTS, OH 44128, U.S.A.

TEL : +1-216-595-1212 FAX : +1-216-595-1214

 

DOOSAN INFRACORE AMERICA CORP.(MACHINE TOOL BG)

8 YORK AVENUE, WEST CALDWELL, NEW JERSEY 07006, U.S.A.

TEL : +1-973-618-2500 FAX : +1-973-618-2501

Overseas Office

DOOSAN INFRACORE U.K. LTD.

DAEWOO HOUSE, UNIT 6.3, NANTGARW PARK, CARDIFF CF4 7QU, U.K.

TEL : +44-1443-84-2273 FAX : +44-1443-84-1933

 

DOOSAN INFRACORE EUROPE S.A.

1A, RUE ACHILLE DEGRACE 7080 FRAMERIES BELGIUM

TEL : +32-65-61-3230 FAX : +32-65-61-3238

 

DOOSAN INFRACORE EUROPE S.A. FRANCE

ZAC DE LA CLEF ST. PIERRE - BUROPLUS 2 1A AVENUE JEAN D'ALEMBERT 78990 ELANCOURT FRANCE

TEL : +33-1-3016-2151 FAX : +33-1-3016-2155

 

DOOSAN INFRACORE EUROPE S.A. ITAILA (FORKLIFTS)

VIA MONFALCONE, 41 20092 CINISELLO BALSAMO(MI)

TEL : +39-02-6120565 FAX : +39-02-6126322

 

DOOSAN INFRACORE GERMANY GMBH

HANS-BOCKLER STRASSE 29, D-40764, LANGENFELD-FUHRKAMP, GERMANY

TEL : +49-2173-8509-20 FAX : +49-2173-8509-60

 

DOOSAN INFRACORE SOUTH AFRICA PTY LTD.

60C ELECTRON AVENUE ISANDO 1600, JOHANNESBURG, SOUTH AFRICA

TEL : +27-11-974-2095 FAX : +27-11-974-2778

 

DOOSAN INFRACORE JAPAN CORP.

2402, MITA KOKUSAI BLD., 1-4-28, MITA, MINATO-KU TOKYO 108-0073, JAPAN

TEL : +81-3-5730-9013 FAX : +81-3-5730-9016

 

DOOSAN INFRACORE EUROPE S.A. GERMANY (FORKLIFTS)

HEINRICH-VON-STEPHAN-STR.2 40764 LANGENFELD GERMANY

TEL : +49-2173-2035220 FAX : +40-2173-2035229

 

DOOSAN INFRACORE EUROPE S.A. (FORKLIFTS)

EUROPARK NOORD 36 9100 SINT - NIKLAAS BELGIUM

TEL : +32-3-760-0987 FAX : +32-3-760-0989

Subsidiary

DOOSAN INFRACORE EUROPE S.A

(99.65% held by the subject company)

 

DOOSAN INFRACORE AMERICA CORP.

(100.0% held by the subject company)

 

DOOSAN INFRACORE CHINA CO., LTD

(90.0% held by the subject company)

 

DOOSAN INFRACORE MACHINE TOOLS YANTAI CO., LTD.

(90.0% held by the subject company)

 

DOOSAN INFRACORE GERMANY GMBH

(100.0% held by the subject company)

 

DOOSAN INFRACORE JAPAN CORP.

(100.0% held by the subject company)

 

DOOSAN INFRACORE (CHINA) INVESTMENT CO., LTD.

(100.0% held by the subject company)

 

DAEWOO MACHINERY CO., LTD.(TAIWAN)

(100.0% held by the subject company)

 

DAEWOO MAQUINAS E EQUIOMENTOS LTDA (BRAZIL)

(70.0% held by the subject company)

 

DOOSAN INFRACORE XINJIANG MACHINERY CO., LTD.

(60.0% held by the subject company)

 

DAJIAN(TIANJIN) MECHANICAL CONSTRUCTION CO., LTD.

(60.0% held by the subject company)

 

DOOSAN INFRACORE INTERNATIONAL, INC.

(51.85% held by the subject company)

 

DOOSAN HOLDINGS EUROPE LTD.

(51.85% held by the subject company)

 

DOOSAN INFRACORE INDIA PRIVATE LTD.

(99.99% held by the subject company)

 

DOOSAN INTERNATIONAL KOREA LTD.

(100.0% held by the subject company)

 

DOOSAN BOBCAT CHILE

(100.0% held by the subject company)

 

DOOSAN INTERNATIONAL DO BRASIL COMMERCIAL

(100.0% held by the subject company)

 

DOOSAN INTERNATIONAL MEXICO S.A. DE C.V.

(100.0% held by the subject company)

Corporate Ownership

DOOSAN CO.,LTD(110111-0013774)

DOOSAN HEAVY INDUSTRIES & CONSTRUCTION CO.,LTD(194211-0000943)

Major Shareholders

 

Cooperative Enterprise

-Insured Company

SAMSUNG FIRE & MARINE INSURANCE CO., LTD(110111-0005078)

MERITZ FIRE & MARINE INSURANCE CO., LTD.(110111-0013328)

HYUNDAI MARINE & FIRE INSURANCE CO., LTD.(110111-0035893)

 

 

Sales by Region (Activity & Markets)

 

Sales/ Unit :Mil KRW

09/2010

2009

2008

Export

1,906,317

1,724,447

1,502,457

Domestic

1,242,792

938,759

2,460,922

Total

3,149,109

2,663,206

3,963,379

The Subject exports to North America, Europe, Asia, Africa and CIS Countries.

Court Action

 

Case No.

Court

Plaintiff(s)/ Creditor(s)/ Applicant(s)

Defendant(s)/ Debtor(s)/ Respondent(s)

Cause

Amount (KRW)

Status

 

Court in New York, USA

INGERSOLL-RAND COMPANY LIMITED

The Subject Company

Payment related to Bobcat

USD31,831,882

Filed

 

 

Seoul City, Seoul Metro

The Subject Company, Rotem, Hyundai Mobis

Claim for Damages

6,800,000,000 KRW

The Subject won and 3rd Round Proceeding.

 

 

Penzenskoe Konstruktorskoye Byuro Modelirovaniya

The Subject Company and Korea Aerospace Industries, Ltd.(110111-1827570)

Claim for Illegal Usage on S/W

$49,749,048

The Subject has won at 1st round.

There are 56 cases filed as Defendant(s)/ Debtor(s)/ Respondent(s) amounting 96,681,000,000 KRW.

 

 

News Clipping

--

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.19

UK Pound

1

Rs.98.65

Euro

1

Rs.78.63

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

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%)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.