|
Report No. : |
334891 |
|
Report Date : |
03.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
DAEWON GSI CO.,
LTD. |
|
|
|
|
Registered Office : |
235, Gongdan-Ro, Waegwan-Eup, Chilgok-Gun, Gyeongsangbuk-Do, Korea, 718-802 |
|
|
|
|
Country : |
South
Korea |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
11.04.1982 |
|
|
|
|
Com. Reg. No.: |
504-81-04185 |
|
|
|
|
Legal Form : |
Company Limited By Shares |
|
|
|
|
Line of Business : |
Manufacture of Machinery for Food, Beverage and Tobacco Processing |
|
|
|
|
No. of Employees : |
162 |
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 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. 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
6.3% growth in 2010. The US-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,
dominance of large conglomerates (chaebols), and heavy reliance on exports,
which comprise about half of GDP.
|
Source
: CIA |
|
Company Name |
DAEWON GSI CO.,
LTD. (English Co.
Name: DAEWON GLOBAL SYSTEM INTEGRATION CO., LTD.) |
|
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 |
|
|
|
|
Other Address-Eco-Friendly Business Division |
1112-1, Gwang-eum-ri,
Namhu-myeon, Andong-si, Gyeongbuk, Korea |
|
|
|
|
Type |
Export/Import |
|
Industry |
Manufacture of Machinery for Food, Beverage and Tobacco Processing |
|
Main Business |
Rice Polishing Mill, Dry Storage Extension Equipment, Grain Dryer,
Color Sorter |
|
|
|
|
Established (mm/dd/yyyy) |
11/04/1982 |
|
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) |
|
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 |
|
Capital (KRW) |
1,248,500,000 |
|||||||||||||||||||||
|
Employees |
162 |
|||||||||||||||||||||
|
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 |
|||||||||||||||||||||
|
|
|
|
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 |
|
51,816,874,258 |
79,250,131,724 |
2,561,685,751 |
|
|
2012 |
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 |
|
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 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Total Assets |
79,250,131,724 |
79,580,654,002 |
69,599,279,015 |
|
Current Assets |
40,593,458,308 |
43,271,605,450 |
48,208,918,727 |
|
-Quick Assets |
35,806,683,984 |
36,450,719,764 |
42,248,983,416 |
|
-Inventories |
4,786,774,324 |
6,820,885,686 |
5,959,935,311 |
|
Fixed Assets |
38,656,673,416 |
36,309,048,552 |
21,390,360,288 |
|
-Investment |
2,513,326,382 |
3,934,311,468 |
3,852,352,201 |
|
-Tangibles |
35,868,686,473 |
31,648,381,455 |
16,785,616,458 |
|
-Intangibles |
61,968,668 |
77,936,667 |
108,812,667 |
|
-Others |
212,691,893 |
648,418,962 |
643,578,962 |
|
Total Liabilities |
36,813,521,793 |
39,705,729,822 |
37,837,167,030 |
|
Current Liabilities |
14,111,877,647 |
21,357,780,132 |
36,072,615,107 |
|
Fixed Liabilities |
22,701,644,146 |
18,347,949,690 |
1,764,551,923 |
|
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 |
49,772,344,527 |
47,210,658,776 |
44,824,793,557 |
|
Capital Adjustment |
-8,949,237,473 |
-8,949,237,473 |
-14,676,184,449 |
|
Total Equity |
42,436,609,931 |
39,874,924,180 |
31,762,111,985 |
|
Liab. & Shareholder’s Equity |
79,250,131,724 |
79,580,654,002 |
69,599,279,015 |
|
Current
Liabilities |
14,111,877,647 |
21,357,780,132 |
36,072,615,107 |
|
Trade Payables |
6,028,576,340 |
6,113,327,406 |
10,730,712,424 |
|
Short-Term Borrowings |
5,325,000,000 |
12,851,600,000 |
18,959,900,000 |
|
Account Payables |
- |
4,094,000 |
622,494,000 |
|
Advance Receipts |
1,415,496,005 |
1,026,570,756 |
281,208,410 |
|
Withholdings |
130,171,919 |
134,241,323 |
82,584,320 |
|
VAT Withhold |
452,652,624 |
257,890,705 |
176,759,237 |
|
Accrued Expenses |
632,830,759 |
598,705,942 |
593,922,883 |
|
Accrued Income Tax |
|
|
509,664,459 |
|
Current Portion of Long-Term Debts |
127,150,000 |
371,350,000 |
693,050,000 |
|
Convertible
Bonds |
|
|
3,400,000,000 |
|
Fixed
Liabilities |
22,701,644,146 |
18,347,949,690 |
1,764,551,923 |
|
Long-Term Borrowings |
19,930,700,000 |
15,342,850,000 |
657,050,000 |
|
Leasehold Deposit Received |
318,000,000 |
308,000,000 |
311,040,000 |
|
Deferred Income Tax Credit |
2,452,944,146 |
2,697,099,690 |
711,502,857 |
|
Provision for Severance & Retirement |
|
|
1,027,224,000 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Sales |
51,816,874,258 |
50,315,598,554 |
70,705,053,997 |
|
Cost of Sold Goods |
34,407,204,159 |
32,672,905,860 |
48,267,399,077 |
|
Gross Profit |
17,409,670,099 |
17,642,692,694 |
22,437,654,920 |
|
Selling & Admin. Expenses |
11,683,102,050 |
13,104,198,506 |
15,272,912,023 |
|
Operating Income |
5,726,568,049 |
4,538,494,188 |
7,164,742,897 |
|
Non-Operating Income |
2,595,821,731 |
6,217,630,589 |
7,712,151,718 |
|
Non-Operating Expenses |
4,471,807,321 |
7,950,404,597 |
7,716,433,842 |
|
Income Before Taxes |
3,850,582,459 |
2,805,720,180 |
7,160,460,773 |
|
Income Taxes Expenses |
1,288,896,708 |
419,854,961 |
2,638,429,312 |
|
Net Income |
2,561,685,751 |
2,385,865,219 |
4,522,031,461 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Cash Flows from Operating |
8,609,866,690 |
-341,136,446 |
20,629,515,489 |
|
-Net Income |
2,561,685,751 |
2,385,865,219 |
4,522,031,461 |
|
-Exp. without Cash Outflow |
5,379,473,884 |
2,447,558,918 |
4,063,150,970 |
|
-Revenue without Cash Inflows |
-1,025,900,591 |
-741,483,604 |
-1,278,475,087 |
|
-Changes in Asset/ & Liability |
1,694,607,646 |
-4,433,076,979 |
13,322,808,145 |
|
Cash Flows from Investing |
-9,459,472,099 |
-6,537,497,553 |
-8,078,001,091 |
|
-Cash Inflow from Investing |
103,762,043,793 |
161,532,406,310 |
139,313,208,437 |
|
-Cash Outflows for Investing |
-113,221,515,892 |
-168,069,903,863 |
-147,391,209,528 |
|
Cash Flows from Financing |
-2,990,047,958 |
5,121,232,352 |
-11,598,167,858 |
|
-Cash Inflows from Financing |
42,629,902,042 |
184,774,400,000 |
94,691,141,246 |
|
-Cash Outflows from Financing |
-45,619,950,000 |
-179,653,167,648 |
-106,289,309,104 |
|
Increase/Decrease in Cash |
-3,839,653,367 |
-1,757,401,647 |
953,346,540 |
|
Cash at the Beginning of Year |
6,686,628,956 |
8,444,030,603 |
7,490,684,063 |
|
Cash at the End of Year |
2,846,975,589 |
6,686,628,956 |
8,444,030,603 |
|
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 |
|
|
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 |
|
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. |
|
Corporate Ownership |
|
|
Major Shareholders |
|
|
Cooperative Enterprise |
-Insured Company HYUNDAI MARINE & FIREINSURANCE CO., LTD.(110111-0035893) |
The Subject deals with
the companies in Sri Lanka, China, Taiwan, Colombia, India, Indonesia, Japan,
Pakistan, Philippines, Russia and Vietnam.
There is a case filed as
Plaintiff(s)/ Creditor(s)/ Applicant(s) amounting 775,683,000 KRW.
-------
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
: |
KAR |
|
|
|
|
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.