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Report No. : |
339091 |
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Report Date : |
28.08.2015 |
IDENTIFICATION DETAILS
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Name : |
DAE MYUNG ENCOM CO., LTD. |
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Registered Office : |
2-8, Inha-Ro 222beon-Gil, Nam-Gu, Incheon, Korea 22218 |
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Country : |
South
Korea |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
04.01.2008 |
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Com. Reg. No.: |
121-81-88898 |
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Legal Form : |
Co., Ltd by Shares |
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Line of Business : |
Wholesales and Retails of Tiles and
Sanitary Devices. |
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|
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No. of Employees : |
12 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – 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 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 |
DAE MYUNG ENCOM CO., LTD. |
|
Registered Address |
2-8, Inha-ro
222beon-gil, Nam-gu, Incheon, Korea |
|
Zip Code |
22218 |
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Tel |
+82-32-866-0004 |
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Fax |
+82-32-875-1292 |
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|
|
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Trading Address |
2-8, Inha-ro 222beon-gil, Nam-gu, Incheon,
Korea (Old Address System : 830-22, Juan-dong, Nam-gu, Incheon, Korea) |
|
Tel |
+82-32-866-0004 |
|
Fax |
+82-32-875-1292 |
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Other Address |
1492-18, Juan-dong, Nam-gu, Incheon, Korea |
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|
|
|
Type |
Export/Import |
|
Industry |
Wholesales and Retails of Tiles and
Sanitary Devices |
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Main Business |
Tiles, Construction Materials |
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|
|
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Established (mm/dd/yyyy) |
01/04/2008 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Tiles and flagstones(30131700) |
|
Sell |
Sanitary ware(30181500) |
|
Name |
Song Young-Sik |
|
Address |
222, Inha-ro, Nam-gu, Incheon, Korea |
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Date of Birth |
04/29/1942 |
|
Title |
President & CEO |
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Sex |
Male |
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Nationality |
Korean |
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Capital (KRW) |
500,000,000 |
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Employees |
12 |
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Formation |
Co., Ltd by Shares |
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Bank Details |
N/A |
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Corporate Registered No. |
120111-0453077 |
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Business Registered No. |
121-81-88898 |
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Permit & Licenses |
N/A |
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Shareholder Position |
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Company History |
01/04/2008 Incorporated as DAE MYUNG TILE
CORPORATION 03/10/2009 Increased the authorized shares to 240,000 shares from
40,000 shares 06/13/2011 Changed company name to the present name 03/05/2013 Increased capital to 500,000,000 KRW from 400,000,000 KRW |
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Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Song Young-Sik |
Male |
Korean |
01/04/2011 |
|
Director |
Mr. |
Song
Myung-Yong |
Male |
Korean |
01/04/2011 |
|
Auditor |
M/S. |
Kim
Soo-Jung |
Female |
Korean |
01/04/2011 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
2014 |
12,506,125,000 |
6,029,496,000 |
664,503,000 |
|
2013 |
10,777,295,000 |
4,617,401,000 |
542,331,000 |
|
2012 |
8,540,615,000 |
4,594,446,000 |
348,160,000 |
|
2011 |
6,505,889,000 |
2,893,126,000 |
231,979,000 |
|
Authorized Capital(KRW) |
1,200,000,000 |
|
Paid-Up Capital(KRW) |
500,000,000 |
|
Total Issued Shares |
100,000 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Total Assets |
6,029,496,000 |
4,617,401,000 |
4,594,446,000 |
|
Current Assets |
5,392,908,000 |
4,326,632,000 |
4,414,134,000 |
|
-Quick Assets |
- |
- |
- |
|
-Inventories |
- |
- |
- |
|
Fixed Assets |
636,588,000 |
290,769,000 |
180,312,000 |
|
-Investment |
- |
- |
- |
|
-Tangibles |
- |
- |
- |
|
-Intangibles |
- |
- |
- |
|
Total Liabilities |
3,162,299,000 |
2,354,707,000 |
2,924,083,000 |
|
Current Liabilities |
2,606,438,000 |
2,193,102,000 |
2,774,083,000 |
|
Fixed Liabilities |
555,861,000 |
161,605,000 |
150,000,000 |
|
Capital Stock |
500,000,000 |
500,000,000 |
400,000,000 |
|
Capital Surplus |
- |
- |
- |
|
Profit Surplus |
2,367,197,000 |
1,762,694,000 |
1,270,363,000 |
|
Capital Adjustment |
- |
- |
- |
|
Total Equity |
2,867,197,000 |
2,262,694,000 |
1,670,363,000 |
|
Liab. & Shareholder’s Equity |
6,029,496,000 |
4,617,401,000 |
4,594,446,000 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Sales |
12,506,125,000 |
10,777,295,000 |
8,540,615,000 |
|
Cost of Sold Goods |
10,795,819,000 |
9,088,797,000 |
7,181,785,000 |
|
Gross Profit |
1,710,306,000 |
1,688,498,000 |
1,358,830,000 |
|
Selling & Admin. Expenses |
714,301,000 |
876,244,000 |
732,456,000 |
|
Operating Income |
996,005,000 |
812,254,000 |
626,374,000 |
|
Non-Operating Income |
21,097,000 |
1,349,000 |
5,209,000 |
|
Non-Operating Expenses |
183,426,000 |
146,697,000 |
203,541,000 |
|
Income Before Taxes |
833,676,000 |
666,906,000 |
428,042,000 |
|
Income Taxes Expenses |
169,173,000 |
124,575,000 |
79,882,000 |
|
Net Income |
664,503,000 |
542,331,000 |
348,160,000 |
|
Main Products & Services |
Tiles, Construction Materials |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
ROYAL IDOS CO., LTD.(120111-0375552) ILJU KOREA CO., LTD.( 180111-0588731) |
|
Customers |
GUMBOK SYSTEM CO., LTD.( 110111-3794909) DOOSAN ENGINEERING & CONSTRUCTION CO., LTD.(110111-0194277) |
|
Competitors |
WATOS COREA CO., LTD. 531, WONDANG-DONG, SEO-GU, INCHEON, KOREA TEL:+82-32-563-3686 FAX:+82-32-564-0839 GTOB GLOBAL CO., LTD. 4TH FL., JIN-U BLDG., 129-1, NONHYEON
1-DONG, GANGNAM-GU, SEOUL, KOREA TEL:+82-2-543-8508 FAX:+82-2-543-8539 SHIN SUNG PREFAB SYSTEMS CO., LTD. 542-2, MAE-RI, SANGDONG-MYEON, GIMHAE-SI,
GYEONGSANGNAM-DO, KOREA TEL:+82-55-329-4567 FAX:+82-55-338-1123 |
Not Available.
Not Available.
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.06 |
|
|
1 |
Rs.102.35 |
|
Euro |
1 |
Rs.74.97 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
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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 |
|
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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.