|
Report No. : |
334450 |
|
Report Date : |
01.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
ABCO ELECTRONICS CO., LTD. |
|
|
|
|
Registered Office : |
31, Dunchon-Daero 388beon-Gil, Jungwon-Gu, Seongnam-Si, |
|
|
|
|
Country : |
South
Korea |
|
|
|
|
Financials (as on) : |
31.03.2015 |
|
|
|
|
Date of Incorporation : |
19.10.1973 |
|
|
|
|
Com. Reg. No.: |
129-81-00692 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
· Manufacture of Electronic Coils, Transformers and Other Inductors Manufacture of Electronic Resistors |
|
|
|
|
No. of Employees : |
157 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 economic 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. A system of close government and
business ties, including directed credit and import restrictions, initially
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 7%
in 1998, and then recovered by 9% in 1999-2000. South 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. South Korea's export focused economy was hit hard by the 2008 global
economic downturn, but quickly rebounded in subsequent years, reaching over 6%
growth in 2010. The US-Korea Free Trade Agreement was ratified by both
governments in 2011 and went into effect in March 2012. Between 2012 and 2014,
the economy experienced slow growth due to sluggish domestic consumption and
investment. The administration in 2015 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, dominance of large
conglomerates (chaebols), and the heavy reliance on exports, which comprise
about half of GDP. In an effort to address the long term challenges and sustain
economic growth, the current government has prioritized structural reforms,
deregulation, promotion of entrepreneurship and creative industries, and the
competitiveness of small and medium enterprises.
|
Source
: CIA |
|
Company
Name |
ABCO ELECTRONICS CO., LTD. |
|
Registered Address |
31, Dunchon-daero 388beon-gil, Jungwon-gu,
Seongnam-si, Gyeonggi-do, Korea |
|
Building |
|
|
Zip Code |
462-120 |
|
Tel |
+82-31-730-5114 |
|
Fax |
+82-31-730-5123 |
|
E-mail |
wjkim@abco.co.kr |
|
Website |
www.abco.co.kr |
|
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 |
Lead Resistor, Chip Resistor, Lead Inductor, Chip Inductor, Noise
Filter, Fixed Resistors, Power Inductors |
|
Sub
Business |
Manufacture of Electronic Resistors |
|
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 |
|
Address |
|
|
Date of Birth |
06/21/1954 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
6,402,313,000 |
||||||||||||||||||||||||
|
Employees |
157 |
||||||||||||||||||||||||
|
Formation |
Listed Company (KOSDAQ : 036010) as of 07/03/2002 Foreign Direct Investment Corporation |
||||||||||||||||||||||||
|
Bank Details |
Shinhan Bank-Sungnam Industrial Complex
Breanch |
||||||||||||||||||||||||
|
Corporate Registered No. |
131111-0000718 |
||||||||||||||||||||||||
|
Business Registered No. |
129-81-00692 |
||||||||||||||||||||||||
|
Permit & Licenses |
Int’l Trade No.: 522234 |
||||||||||||||||||||||||
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Shareholder Position |
|
||||||||||||||||||||||||
|
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 |
||||||||||||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Inauguration Date |
|
Chairman |
Mr. |
Kim Je-Young |
Korean |
1952.04.13 |
Seoul National University, Korea |
|
Co-President & CEO |
Mr. |
Lee Jong-Man |
Korean |
1954.06.21 |
Seoul National University, Korea |
|
Co-President & CEO |
Mr. |
Kim Chang-Soo |
Korean |
1978.12 |
University of California, Irvine, USA |
|
Vice President |
Mr. |
Jung Young-Hee |
Korean |
1957.02.22 |
Sungkyunkwan University, Korea |
|
Outside Director |
Mr. |
Lim Sang-Hern |
Korean |
1953.10 |
Korea University, Korea |
|
Outside Director |
Mr. |
Lee Joon-Il |
Korean |
1967.08 |
- |
|
Auditor |
Mr. |
Jang Hwa-Duck |
Korean |
1954.10.01 |
Myungji University, Korea |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
(*)03/2015 |
15,773,105,220 |
96,225,369,499 |
1,733,005,236 |
|
(*)2014 |
57,000,171,401 |
88,710,837,792 |
4,413,034,288 |
|
(*)2013 |
57,415,941,513 |
89,989,842,501 |
3,185,451,013 |
|
(*)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 |
(*)Figures are based
on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
20,000,000,000 |
|
Paid-Up Capital(KRW) |
6,402,313,000 |
|
Total Issued Shares |
12,804,626 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
01/01/2015~03/31/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Total Assets |
96,225,369,499 |
88,710,837,792 |
89,989,842,501 |
|
Current Assets |
59,436,834,465 |
51,031,382,477 |
44,742,270,246 |
|
Cash & Cash Equivalents |
25,428,436,541 |
23,520,827,610 |
16,578,754,227 |
|
Current Financial Instruments |
10,565,240,242 |
6,367,843,628 |
7,514,299,831 |
|
Trade Receivables & Other
Receivables |
14,318,809,363 |
12,424,536,219 |
11,608,479,605 |
|
Current Financial Instruments |
3,441,057,618 |
3,187,325,727 |
3,165,340,193 |
|
Inventories |
5,683,290,701 |
5,530,849,293 |
5,875,396,390 |
|
Non-Current Assets |
36,788,535,034 |
37,679,455,315 |
45,247,572,255 |
|
Non-Current Financial Instruments |
846,344,429 |
758,394,410 |
1,844,033,019 |
|
Long-Term Trade Receivables &
Other Receivables |
969,652,000 |
970,252,000 |
2,198,624,000 |
|
Investment_Subsidiaries |
10,427,122,222 |
10,427,122,222 |
12,478,631,239 |
|
Investment_Related Companies |
651,237,688 |
651,237,688 |
128,325,753 |
|
Tangibles |
19,089,243,286 |
20,411,182,013 |
24,316,081,921 |
|
Intangibles |
561,752,416 |
571,244,713 |
619,545,808 |
|
Investment_Real Estates |
3,600,731,730 |
3,381,168,936 |
3,434,114,973 |
|
Deferred Income Tax Assets |
642,451,263 |
508,853,333 |
228,215,542 |
|
Total Liabilities |
27,441,379,975 |
22,790,023,640 |
27,767,075,244 |
|
Current Liabilities |
26,815,702,174 |
22,230,636,370 |
23,030,375,519 |
|
Trade Payables & Other
Payables |
8,798,483,559 |
7,355,534,443 |
6,637,307,753 |
|
Short-Term Borrowings |
14,351,164,093 |
12,972,490,921 |
16,145,287,108 |
|
Current Portion of Long-Term
Debts |
187,500,000 |
125,000,000 |
|
|
Deferred Income Tax Credit |
1,236,429,928 |
1,416,401,932 |
100,132,994 |
|
Other Current Liabilities |
2,242,124,594 |
361,209,074 |
147,647,664 |
|
Non-Current Liabilities |
625,677,801 |
559,387,270 |
4,736,699,725 |
|
Long-Term Trade Payables &
Other Payables |
5,100,000 |
5,100,000 |
4,100,000 |
|
Long-Term Borrowings |
312,500,000 |
375,000,000 |
|
|
Bond with Warrant |
|
0 |
4,468,879,405 |
|
Provision for Severance &
Retirement |
308,077,801 |
179,287,270 |
263,720,320 |
|
Capital Stock |
6,402,313,000 |
6,090,500,000 |
6,090,500,000 |
|
Capital Surplus |
26,815,799,565 |
24,290,296,761 |
24,290,296,761 |
|
Others |
-107,586,788 |
-152,591,120 |
-392,830,670 |
|
Installments |
19,031,532 |
19,031,532 |
60,885,775 |
|
Profit Surplus |
35,654,432,215 |
35,673,576,979 |
32,173,915,391 |
|
Total Equity |
68,783,989,524 |
65,920,814,152 |
62,222,767,257 |
|
Liab. & Shareholder’s Equity |
96,225,369,499 |
88,710,837,792 |
89,989,842,501 |
|
Income Statement |
|||
|
Unit : Korean Won |
01/01/2015~03/31/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Sales |
15,773,105,220 |
57,000,171,401 |
57,415,941,513 |
|
Cost of Sold Goods |
12,900,942,095 |
44,390,129,260 |
48,304,442,268 |
|
Gross Profit |
2,872,163,125 |
12,610,042,141 |
9,111,499,245 |
|
Selling & Admin. Expenses |
1,244,512,347 |
5,919,361,608 |
4,641,506,739 |
|
Operating Income |
1,627,650,778 |
6,690,680,533 |
4,469,992,506 |
|
Other Income |
95,335,228 |
439,358,810 |
547,852,688 |
|
Other Expenses |
20,728,997 |
2,160,046,424 |
1,524,000,090 |
|
Finance Income |
812,342,471 |
4,779,926,670 |
2,579,748,446 |
|
Finance Expenses |
438,992,288 |
4,033,958,869 |
2,652,235,767 |
|
Income Before Taxes |
2,075,607,192 |
5,715,960,720 |
3,421,357,783 |
|
Income Taxes Expenses |
342,601,956 |
1,302,926,432 |
235,906,770 |
|
Net Income |
1,733,005,236 |
4,413,034,288 |
3,185,451,013 |
|
Cash Flows |
|||
|
Unit : Korean Won |
01/01/2015~03/31/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Operating Activities Cash Flows |
2,012,353,248 |
13,453,587,120 |
8,411,440,498 |
|
Net Income |
1,733,005,236 |
4,413,034,288 |
3,185,451,013 |
|
Interests Received |
168,087,135 |
844,497,619 |
703,500,370 |
|
Interests Paid |
-103,748,812 |
-523,833,707 |
-642,677,641 |
|
Dividends Received |
0 |
317,480,456 |
5,860,000 |
|
Income Taxes |
-653,564,000 |
-228,497,174 |
-309,638 |
|
Adjustment |
868,573,689 |
8,630,905,638 |
5,159,616,394 |
|
Cash Flows from Investing |
-4,304,260,171 |
2,045,008,376 |
-10,456,481,759 |
|
Cash Flows from Financing |
4,200,324,883 |
-8,638,427,108 |
5,955,304,845 |
|
Increase/Decrease in Cash |
1,908,417,960 |
6,860,168,388 |
3,910,263,584 |
|
Cash at the Beginning of Year |
23,520,827,610 |
16,578,754,227 |
12,739,761,070 |
|
Main Products & Services |
Lead Resistor, Chip Resistor, Lead Inductor, Chip Inductor, Noise
Filter, Fixed Resistors, Power Inductors |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
|
|
Customers |
SAMSUNG ELECTRONICS CO., LTD.(130111-0006246) SK HYNIX INC.(134411-0001387) |
|
Competitors |
|
|
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) DONGGUAN CNA ELECTRONICS CO., LTD.(CHINA) |
|
|
|
|
Subsidiary |
CTC CO.,
LTD.(131411-0158496) (100.00% held by the
subject company) 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 |
Not Available.
No.
--------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.01 |
|
|
1 |
Rs.99.84 |
|
Euro |
1 |
Rs.70.16 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
NIT |
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.