|
Report No. : |
332625 |
|
Report Date : |
17.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
VINATECH CO.,
LTD. |
|
|
|
|
Registered Office : |
15, Unam-ro, Deokjin-gu, Jeonju-si,
Jeollabuk-do, Korea, 561-202 |
|
|
|
|
Country : |
South
Korea |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
26.07.1999 |
|
|
|
|
Com. Reg. No.: |
123-81-49760 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Electronic Capacitors |
|
|
|
|
No. of Employees : |
106 |
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 |
VINATECH CO.,
LTD. (Korean Company
Name : “비나텍(주)”) |
|
Registered Address |
15, Unam-ro, Deokjin-gu, Jeonju-si,
Jeollabuk-do, Korea |
|
Building |
|
|
Zip Code |
561-202 |
|
Tel |
+82-63-715-3020 |
|
Fax |
+82-63-715-3021 |
|
E-mail |
hycap@vina.co.kr |
|
Website |
www.vina.co.kr |
|
Trading Address |
15, Unam-ro, Deokjin-gu, Jeonju-si,
Jeollabuk-do, Korea (Old Address System :837-1, Palbokdong
2-ga, Deokjin-gu, Jeonju-si, Jeollabuk-do, Korea) |
|
Tel |
+82-63-715-3020 |
|
Fax |
+82-63-715-3021 |
|
Other Address-Sales Office |
149, Gongdan-ro, Gunpo-si, Gyeonggi-do,
Korea |
|
Tel |
+82-31-448-3066 |
|
Fax |
|
|
Other Address |
587-40, Gwahaksaneop 2-ro, Ochang-eup,
Cheongwon-gun, Chungcheongbuk-do, Korea |
|
Tel |
+82-43-715-5100 |
|
Fax |
|
|
Type |
Export/Import |
|
Industry |
Manufacture of Electronic Capacitors |
|
Main Business |
Hybrid Capacitor, Electric Double Layer Capacitor, Super Capacitor,
Capacitor |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
07/26/1999 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Capacitors(32121500) |
|
Sell |
System boards processors interfaces or
modules(43201500) |
|
Name |
Sung Do-Kyong |
|
Address |
Suite 103-1410, 102, Seosin-ro, Wansan-gu,
Jeonju-si, Jeollabuk-do, Korea |
|
Date of Birth |
09/20/1958 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
1,773,286,000 |
||||||||||||||||||||||||
|
Employees |
106 |
||||||||||||||||||||||||
|
Formation |
Listed Company(KONEX, Korea New Exchange : 126340) as of 07/01/2013 Venture Business |
||||||||||||||||||||||||
|
Bank Details |
Woori Bank Industrial Bank of Korea |
||||||||||||||||||||||||
|
Corporate Registered No. |
134111-0067418 |
||||||||||||||||||||||||
|
Business Registered No. |
123-81-49760 |
||||||||||||||||||||||||
|
Permit & Licenses |
07/08/2004 ISO 9001 12/27/2004 ISO 14001 Int’l Trade No.: 11786616 |
||||||||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||||||||
|
Company History |
07/26/1999 Incorporated as the present name 07/2005 Designated as a Venture Business 11/2006 Awarded US$ 3 Million Export Top Prize 06/2007 Designated as an INNO-BIZ Company 08/30/2011 Designated as a Venture Business
again 10/12/2011 Moved to the present HQ address from 14-1, Dang-dong,
Gunpo-si, Gyeonggi-do, Korea 07/01/2013 Listed at KONEX Market 08/23/2013 Split off the par value to 500
KRW from 5,000 KRW |
||||||||||||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Sung Do-Kyong |
Male |
Korean |
03/25/2008 |
|
Director |
Mr. |
Lee Chang-Yong |
Male |
Korean |
03/25/2008 |
|
Director |
Mr. |
Lee Dong-Yeol |
Male |
Korean |
03/25/2008 |
|
Outside Director |
Mr. |
Shin Tae-Kwang |
Male |
Korean |
03/25/2011 |
|
Outside Director |
Mr. |
Li Jason (Woo Hyun) |
Male |
USA |
- |
|
Auditor |
Mr. |
Song Sang-Sub |
Male |
Korean |
- |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
2014 |
22,031,589,174 |
27,281,294,278 |
402,275,544 |
|
2013 |
20,992,256,918 |
24,526,851,059 |
-930,782,112 |
|
2012 |
18,607,515,471 |
23,590,295,036 |
451,118,503 |
|
2011 |
19,222,783,300 |
18,722,128,996 |
534,586,144 |
|
2010 |
18,883,715,129 |
15,139,924,774 |
417,045,331 |
|
2009 |
|
|
|
|
2008 |
12,587,537,217 |
8,422,158,915 |
-926,515,871 |
Financial
Description
|
Authorized Capital(KRW) |
10,000,000,000 |
|
Paid-Up Capital(KRW) |
1,773,286,000 |
|
Total Issued Shares |
3,546,572 (Common: 2,283,000 / Preferable : 1,263,572) |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Total Assets |
27,281,294,278 |
24,526,851,059 |
23,590,295,036 |
|
Current Assets |
11,127,829,008 |
9,195,533,839 |
8,849,131,133 |
|
-Quick Assets |
5,420,813,564 |
4,452,056,596 |
5,279,641,432 |
|
-Inventories |
5,707,015,444 |
4,743,477,243 |
3,569,489,701 |
|
Fixed Assets |
16,153,465,270 |
15,331,317,220 |
14,741,163,903 |
|
-Investment |
9,000,000 |
715,081,480 |
454,612,480 |
|
-Tangibles |
8,281,644,635 |
8,439,654,532 |
9,206,777,146 |
|
-Intangibles |
7,707,120,485 |
6,021,386,058 |
5,079,774,277 |
|
-Others |
155,700,150 |
155,195,150 |
88,370,000 |
|
Total Liabilities |
18,132,962,514 |
17,741,404,739 |
15,833,905,704 |
|
Current Liabilities |
11,638,459,742 |
10,052,533,946 |
7,461,254,374 |
|
Fixed Liabilities |
6,494,502,772 |
7,688,870,793 |
8,372,651,330 |
|
Capital Stock |
1,773,286,000 |
1,619,440,000 |
1,619,440,000 |
|
Capital Surplus |
5,651,637,134 |
3,805,485,134 |
3,805,485,134 |
|
Profit Surplus |
1,772,828,630 |
1,410,552,986 |
2,381,334,998 |
|
Capital Adjustment |
-49,420,000 |
-50,031,800 |
-49,870,800 |
|
Total Equity |
9,148,331,764 |
6,785,446,320 |
7,756,389,332 |
|
Liab. & Shareholder’s Equity |
27,281,294,278 |
24,526,851,059 |
23,590,295,036 |
|
Current Liabilities |
11,638,459,742 |
10,052,533,946 |
7,461,254,374 |
|
Trade Payables |
803,078,229 |
1,279,161,804 |
1,457,407,032 |
|
Short-Term Borrowings |
8,166,168,450 |
6,826,632,084 |
5,025,965,346 |
|
Account Payables |
452,226,686 |
390,296,635 |
367,652,956 |
|
Short-Term Borrowings-Foreign Currency |
|
|
83,046,693 |
|
Withholdings |
45,763,260 |
49,988,440 |
34,834,190 |
|
Advance Receipts |
114,021,447 |
148,474,910 |
2,145,000 |
|
Accrued Expenses |
51,996,074 |
53,981,616 |
47,939,659 |
|
Accrued Dividends |
29,999,900 |
29,999,900 |
29,999,900 |
|
Current Portion of Long-Term Debts |
1,264,000,000 |
587,500,000 |
75,000,000 |
|
Current Portion of Debentures |
666,640,000 |
666,640,000 |
337,263,598 |
|
Fixed Liabilities |
6,494,502,772 |
7,688,870,793 |
8,372,651,330 |
|
Long-Term Borrowings |
4,884,500,000 |
5,518,500,000 |
5,920,000,000 |
|
Convertible Bonds |
499,980,000 |
999,960,000 |
1,685,863,126 |
|
Long-Term Account Payables |
620,009,414 |
719,183,788 |
601,737,037 |
|
Provision for Severance & Retirement |
697,217,212 |
653,859,050 |
165,051,167 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Sales |
22,031,589,174 |
20,992,256,918 |
18,607,515,471 |
|
Cost of Sold Goods |
17,690,338,677 |
17,658,955,327 |
14,811,374,635 |
|
Gross Profit |
4,341,250,497 |
3,333,301,591 |
3,796,140,836 |
|
Selling & Admin. Expenses |
3,582,822,718 |
3,752,855,722 |
2,993,786,588 |
|
Operating Income |
758,427,779 |
-419,554,131 |
802,354,248 |
|
Non-Operating Income |
508,690,103 |
519,453,615 |
387,895,939 |
|
Non-Operating Expenses |
864,842,338 |
1,030,681,596 |
739,131,684 |
|
Income Before Taxes |
402,275,544 |
-930,782,112 |
451,118,503 |
|
Income Taxes Expenses |
- |
- |
- |
|
Net Income |
402,275,544 |
-930,782,112 |
451,118,503 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Cash Flows from Operating |
-299,982,449 |
1,837,597,502 |
244,517,264 |
|
-Net Income |
402,275,544 |
-930,782,112 |
451,118,503 |
|
-Exp. without Cash Outflow |
2,362,019,698 |
2,995,009,325 |
1,644,188,935 |
|
-Revenue without Cash Inflows |
-13,619,873 |
-75,409,386 |
-111,791,107 |
|
-Changes in Asset/ & Liability |
-3,050,657,818 |
-151,220,325 |
-1,738,999,067 |
|
Cash Flows from Investing |
-2,626,334,551 |
-3,635,264,275 |
-4,915,022,137 |
|
-Cash Inflow from Investing |
1,753,260,174 |
2,113,252,046 |
6,122,545,440 |
|
-Cash Outflows for Investing |
-4,379,594,725 |
-5,748,516,321 |
-11,037,567,577 |
|
Cash Flows from Financing |
2,708,054,493 |
1,548,260,281 |
4,963,195,102 |
|
-Cash Inflows from Financing |
8,319,496,750 |
7,456,991,079 |
11,835,229,588 |
|
-Cash Outflows from Financing |
-5,611,442,257 |
-5,908,730,798 |
-6,872,034,486 |
|
Increase/Decrease in Cash |
-218,262,507 |
-249,406,492 |
292,690,229 |
|
Cash at the Beginning of Year |
398,230,204 |
647,636,696 |
354,946,467 |
|
Cash at the End of Year |
179,967,697 |
398,230,204 |
647,636,696 |
|
Main Products & Services |
Hybrid Capacitor, Electric Double Layer Capacitor, Super Capacitor,
Capacitor Brand Name : Hy-cap |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
|
|
Customers |
|
|
Competitors |
WINIX CO., LTD. 492, HWANGSANG-DONG, GUMI-SI,
GYEONGSANGBUK-DO, KOREA TEL:+82-54-472-8201~3 FAX:+82-54-472-8204 GLOSTECH CO., LTD. 604, HYOSEONG 2-DONG, GYEYANG-GU, INCHEON,
KOREA TEL:+82-2-559-9500 FAX:+82-2-559-9555 ZEFATEK CO., LTD. KOREA EXPORT INDUSTRIAL COMPLEX 3-DANJI,
326-4, GASAN-DONG, GEUMCHEON-GU, SEOUL, KOREA TEL:+82-2-862-9300 FAX:+82-2-857-4365 |
|
Major Shareholders |
|
|
Cooperative Enterprise |
-Insured Company HYUNDAI MARINE & FIRE INSURANCE CO., LTD.(110111-0035893) |
|
Sales/ Unit :Thousand KRW |
2014 |
2013 |
2012 |
|
Export |
8,966,027 |
11,332,742 |
7,755,352 |
|
Domestic |
13,065,562 |
9,659,516 |
10,852,163 |
|
Total |
22,031,589 |
20,992,258 |
18,607,515 |
The Subject deals
with the companies in Japan and China.
No.
------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.50 |
|
|
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.69.39 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
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.