|
Report No. : |
335309 |
|
Report Date : |
06.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
ADS RAIL CO., LTD. |
|
|
|
|
Registered Office : |
85,
Chunhwa-ro, Bubuk-myeon, Miryang-si, Gyeongsangnam-do, Korea, 627-852 |
|
|
|
|
Country : |
South
Korea |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
08.07.1991 |
|
|
|
|
Com. Reg. No.: |
615-81-05975 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares A Company of Hankuk Fiber Group |
|
|
|
|
Line of Business : |
Manufacture of Locomotives Parts and Related Equipment, Synthetic
Resin, Construction Works |
|
|
|
|
No. of Employees : |
63 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow but correct |
|
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 |
ADS RAIL CO., LTD. (Korean Company Name : “(주)에이디에스레일”) |
|
Registered Address |
85,
Chunhwa-ro, Bubuk-myeon, Miryang-si, Gyeongsangnam-do, Korea |
|
Building |
|
|
Zip Code |
627-852 |
|
Tel |
+82-55-359-2052 |
|
Fax |
+82-55-353-4924 |
|
E-mail |
limb@kfiber-x.com |
|
Website |
|
|
Trading Address |
85, Chunhwa-ro, Bubuk-myeon, Miryang-si,
Gyeongsangnam-do, Korea (Old Address System : 181-1, Yongji-ri, Bubuk-myeon,
Miryang-si, Gyeongsangnam-do, Korea) |
|
Tel |
+82-55-359-2052 |
|
Fax |
+82-55-353-4924 |
|
Other Address-2nd Factory |
693, Sangnam-ro, Sangnam-myeon, Miryang-si,
Gyeongsangnam-do, Korea (Old Address System : 377-8, Yeon-geum-ri, Sangnam-myeon, Miryang-si, Gyeongsangnam-do,
Korea) |
|
Tel |
|
|
Fax |
|
|
Other Address-Uiwang Factory |
Rm.303, Daeyoung Valley, 257, Gyeongsu-daero, Uiwang-si,
Gyeonggi-do, Korea (Old Address System : Rm.303, Daeyoung
Valley, 290-2,
Gocheon-dong, Uiwang-si, Gyeonggi-do, Korea) |
|
Tel |
|
|
Fax |
|
|
Type |
Export/Import |
|
Industry |
Manufacture of Locomotives Parts and Related Equipment, Synthetic
Resin, Construction Works |
|
Main Business |
Train Door Panel, Door Engine, Interior Panel, Locomotives Door
System, HVAC, Steel Structure, Synthetic Resin, Glass Fiber |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
07/08/1991 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Doors(30171500) |
|
Sell |
Panels or panelling(30161505) |
|
Sell |
Glass fibers(11151512) |
|
Name |
Cho Gye-Chan |
|
Address |
85, Chunhwa-ro, Bubuk-myeon, Miryang-si,
Gyeongsangnam-do, Korea |
|
Date of Birth |
04/21/1970 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
4,572,030,000 |
|||||||||
|
Employees |
63 |
|||||||||
|
Formation |
Co., Ltd by Shares A Company of Hankuk Fiber Group |
|||||||||
|
Bank Details |
Korea Exchange Bank Gyungnam Bank |
|||||||||
|
Corporate Registered No. |
180111-0116350 |
|||||||||
|
Business Registered No. |
615-81-05975 |
|||||||||
|
Permit & Licenses |
08/2005 ISO 9001 Int’l Trade No.: 901408 |
|||||||||
|
Shareholder Position |
|
|||||||||
|
Company History |
07/08/1991 Incorporated as ACM Corporation 06/20/2002 Changed company name to ACM CO.,
LTD. 05/28/2003 Moved to the present HQ address
from 384, Yeon-geum-ri,
Sangnam-myeon, Miryang-si, Gyeongsangnam-do, Korea 06/20/2003 Changed company name to the
present name 11/07/2008 Increased the authorized shares
to 2,000,000 shares from 1,000,000 shares 09/11/2013 Split off and established YOUNG-NAM ALPS
ICE VALLEY CABLE CAR CO., LTD.(191311-0022245) 12/30/2014 Increased capital to
4,572,030,000 KRW from 2,572,030,000 KRW |
|||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Cho Gye-Chan |
Male |
Korean |
01/19/2004 |
|
Director |
M/S. |
Park Kyung-Ae |
Female |
Korean |
03/27/2015 |
|
Director |
Mr. |
Shin Jin-Ho |
Male |
Korean |
03/27/2015 |
|
Auditor |
Mr. |
Park Jang-Ho |
Male |
Korean |
03/30/2012 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
2014 |
13,493,438,618 |
11,479,676,805 |
-5,668,479,971 |
|
2013 |
9,199,668,666 |
13,088,102,386 |
-1,809,616,817 |
|
2012 |
15,303,321,229 |
29,458,538,309 |
-102,289,067 |
|
2011 |
16,048,487,553 |
25,712,922,870 |
-526,576,436 |
|
2010 |
15,924,885,043 |
16,271,547,803 |
981,709,440 |
|
Authorized Capital(KRW) |
250,000,000,000 |
|
Paid-Up Capital(KRW) |
4,572,030,000 |
|
Total Issued Shares |
914,406 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Total Assets |
11,479,676,805 |
13,088,102,386 |
29,458,538,309 |
|
Current Assets |
8,803,930,423 |
10,715,620,201 |
9,909,327,311 |
|
-Quick Assets |
4,481,639,601 |
7,041,583,179 |
7,273,235,038 |
|
-Inventories |
4,322,290,822 |
3,674,037,022 |
2,636,092,273 |
|
Fixed Assets |
2,675,746,382 |
2,372,482,185 |
19,549,210,998 |
|
-Investment |
621,609,920 |
621,389,920 |
503,564,920 |
|
-Tangibles |
1,391,360,692 |
931,038,463 |
18,129,470,966 |
|
-Intangibles |
282,775,770 |
440,053,802 |
536,175,112 |
|
-Others |
380,000,000 |
380,000,000 |
380,000,000 |
|
Total Liabilities |
11,361,763,059 |
9,301,708,669 |
20,964,974,796 |
|
Current Liabilities |
6,872,186,378 |
8,601,932,246 |
14,804,922,040 |
|
Fixed Liabilities |
4,489,576,681 |
699,776,423 |
6,160,052,756 |
|
Capital Stock |
4,572,030,000 |
2,572,030,000 |
4,200,000,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
-3,184,533,275 |
2,483,946,696 |
4,293,563,513 |
|
Capital Adjustment |
-1,269,582,979 |
-1,269,582,979 |
- |
|
Total Equity |
117,913,746 |
3,786,393,717 |
8,493,563,513 |
|
Liab. & Shareholder’s Equity |
11,479,676,805 |
13,088,102,386 |
29,458,538,309 |
|
Current Liabilities |
6,872,186,378 |
8,601,932,246 |
14,804,922,040 |
|
Trade Payables |
2,505,346,993 |
1,839,250,462 |
1,580,074,618 |
|
Short-Term Borrowings |
- |
5,000,000,000 |
8,300,000,000 |
|
Account Payables |
894,189,033 |
998,347,881 |
2,104,032,383 |
|
Advance Receipts |
2,510,813,886 |
190,476,857 |
810,229,020 |
|
Withholdings |
184,456,397 |
204,570,287 |
238,067,767 |
|
Accrued Expenses |
402,380,069 |
369,286,759 |
472,511,252 |
|
Current Portion of Long-Term Debts |
375,000,000 |
- |
1,300,007,000 |
|
Fixed Liabilities |
4,489,576,681 |
699,776,423 |
6,160,052,756 |
|
Long-Term Borrowings |
1,625,000,000 |
- |
5,449,993,000 |
|
Leasehold Deposit Received |
40,000,000 |
40,000,000 |
50,000,000 |
|
Provisions |
2,168,000,000 |
- |
|
|
Provision for Severance & Retirement |
656,576,681 |
659,776,423 |
660,059,756 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Sales |
13,493,438,618 |
9,199,668,666 |
15,303,321,229 |
|
Cost of Sold Goods |
12,998,815,122 |
9,682,188,992 |
14,334,639,631 |
|
Gross Profit |
494,623,496 |
-482,520,326 |
968,681,598 |
|
Selling & Admin. Expenses |
5,725,624,304 |
863,695,520 |
649,920,120 |
|
Operating Income |
-5,231,000,808 |
-1,346,215,846 |
318,761,478 |
|
Non-Operating Income |
151,311,163 |
248,307,386 |
173,739,204 |
|
Non-Operating Expenses |
588,790,326 |
711,708,357 |
789,667,539 |
|
Income Before Taxes |
-5,668,479,971 |
-1,809,616,817 |
-297,166,857 |
|
Income Taxes Expenses |
- |
- |
-194,877,790 |
|
Net Income |
-5,668,479,971 |
-1,809,616,817 |
-102,289,067 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Cash Flows from Operating |
1,314,791,066 |
-1,695,924,924 |
1,178,223,696 |
|
-Net Income |
-5,668,479,971 |
-1,809,616,817 |
-102,289,067 |
|
-Exp. without Cash Outflow |
4,225,696,061 |
1,305,804,462 |
713,644,143 |
|
-Changes in Asset/ & Liability |
2,757,574,976 |
-1,192,112,569 |
566,868,620 |
|
Cash Flows from Investing |
-244,247,706 |
-2,447,221,881 |
-7,598,856,570 |
|
-Cash Inflow from Investing |
979,780,118 |
1,444,938,955 |
814,927,160 |
|
-Cash Outflows for Investing |
-1,224,027,824 |
-3,892,160,836 |
-8,413,783,730 |
|
Cash Flows from Financing |
-1,104,158,848 |
3,862,251,678 |
5,888,108,213 |
|
-Cash Inflows from Financing |
16,257,064,810 |
13,289,042,659 |
27,238,306,684 |
|
-Cash Outflows from Financing |
-17,361,223,658 |
-9,426,790,981 |
-21,350,198,471 |
|
Increase/Decrease in Cash |
33,615,488 |
280,895,127 |
-532,524,661 |
|
Cash at the Beginning of Year |
271,341,176 |
552,236,303 |
1,084,760,964 |
|
Cash at the End of Year |
237,725,688 |
271,341,176 |
552,236,303 |
|
Main Products & Services |
Train Door Panel, Door Engine, Interior Panel, Locomotives Door System,
HVAC, Steel Structure, Synthetic Resin, Glass Fiber |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
HANKUK CARBON CO., LTD.(180111-0054691) |
|
Customers |
HANKUK FIBER GLASS CO., LTD.(180111-0027359) TAELIM CO., LTD.(191311-0017535) YOUNG-NAM ALPS ICE VALLEY CABLE CAR CO., LTD.(191311-0022245) |
|
Competitors |
PLAKOR CO., LTD. 536, BUGYANG-DONG, HWASEONG-SI,
GYEONGGI-DO, KOREA TEL:+82-31-369-8400 FAX:+82-31-355-7039 KWANG WON I & D CO., LTD. 45, SACHANG-RI, YANGGAM-MYEON, HWASEONG-SI,
GYEONGGI-DO, KOREA TEL:+82-31-353-3245 FAX:+82-31-353-4146 DONG YANG CO., LTD. 858-1, EOGOK-DONG, YANGSAN-SI,
GYEONGSANGNAM-DO, KOREA TEL:+82-55-367-2311 FAX:+82-55-367-2316 |
|
Affiliates |
HANKUK
CARBON CO., LTD.(180111-0054691) HANKUK
FIBER GLASS CO., LTD.(180111-0027359) HANKUK ADVANCED MATERIALS CO., LTD.(191311-0000564) WORLD CO., LTD.(191311-0001075) ILSAN CARBON CO., LTD.(115611-0021110) TAELIM CO., LTD.(191311-0017535) YOUNG-NAM ALPS ICE VALLEY CABLE CAR CO., LTD.(191311-0022245) |
|
Major Shareholders |
|
|
Cooperative Enterprise |
-Insured Company HYUNDAIMARINE&FIREINSURANCECO., LTD.(110111-0035893) SAMSUNG FIRE & MARINE INSURANCE CO., LTD.(110111-0005078) |
Not Available.
No.
-------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.82 |
|
|
1 |
Rs.99.15 |
|
Euro |
1 |
Rs.69.31 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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.