|
Report No. : |
333207 |
|
Report Date : |
23.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
DAIWHA CORPORATION LTD. |
|
|
|
|
Registered Office : |
3, Yeoksam-Ro 33-Gil, Gangnam-Gu, Seoul, Daehwa Bldg., Korea 135-514 |
|
|
|
|
Country : |
South
Korea |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
19.08.1983 |
|
|
|
|
Com. Reg. No.: |
220-81-04837 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
· Wholesale of Medical, Precision and Scientific Instruments and Equipment · Manufacture of Other Medical and Surgical Equipment and Orthopedic Appliances n.e.c. |
|
|
|
|
No. of Employees : |
67 |
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 |
DAIWHA
CORPORATION LTD. |
|
Registered Address |
3, Yeoksam-ro 33-gil, Gangnam-gu, Seoul,
Korea |
|
Building |
Daehwa Bldg. |
|
Zip Code |
135-514 |
|
Tel |
+82-2-558-1711~6 |
|
Fax |
+82-2-554-0317 |
|
E-mail |
dawha@daiwha.com |
|
Website |
www.daiwha.com |
|
Trading Address |
Daehwa Bldg., 3, Yeoksam-ro 33-gil, Gangnam-gu, Seoul, Korea (Old Address System : Daehwa Bldg.,
733-18, Yeoksam 2-dong, Gangnam-gu, Seoul, Korea) |
|
Tel |
+82-2-558-1711~6 |
|
Fax |
+82-2-558-1745 |
|
Other Address-Wonju Factory |
135, Donghwagongdan-ro,
Munmak-eup, Wonju-si, Gangwon-do, Korea (Old Address System : 1656-2, Donghwa-ri,
Munmak-eup, Wonju-si, Gangwon-do, Korea) |
|
Tel |
|
|
Fax |
|
|
Type |
Export/Import |
|
Industry |
Wholesale of Medical, Precision and Scientific Instruments and
Equipment |
|
Main Business |
Electrosurgical Unit, Infusion Pump, Syringe Pump, Medical Film |
|
Sub
Business |
Manufacture of Other Medical and Surgical Equipment and Orthopedic Appliances
n.e.c. |
|
Established (mm/dd/yyyy) |
08/19/1983 |
The Subject Company
occupies the premises of registered HQ address by leasing base.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Electrosurgical or electrocautery equipment or accessories or related
products(42295104) |
|
Sell |
Syringes and accessories(42142600) |
|
Sell |
Medical equipment and accessories and supplies(42000000) |
|
Sell |
Darkroom supplies(45141600) |
|
Sell |
Electrotherapy equipment(42141800) |
|
Sell |
Pumps(40151500) |
|
Name |
Yoon Dae-Young |
|
Address |
Suite Ga-104, 29-6, Gumi-ro 116beon-gil, Bundang-gu,
Seongnam-si, Gyeonggi-do, Korea |
|
Date of Birth |
03/10/1952 |
|
Title |
Chairman & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
1,700,000,000 |
|||||||||||||||
|
Employees |
67 |
|||||||||||||||
|
Formation |
Co., Ltd by shares |
|||||||||||||||
|
Bank Details |
Woori Bank-Yeoksam Station Branch Industrial Bank of Korea |
|||||||||||||||
|
Corporate Registered No. |
110111-0355027 |
|||||||||||||||
|
Business Registered No. |
220-81-04837 |
|||||||||||||||
|
Permit & Licenses |
09/1993 ISO 9001 11/1996 ISO 9001 10/2003 CE Mark 05/2005 CE Mark Int’l Trade No.: 864985 |
|||||||||||||||
|
Shareholder Position |
|
|||||||||||||||
|
Company History |
08/19/1983 Incorporated as the present name 06/05/1999 Increased capital to
1,200,000,000 KRW from 1,000,000,000 KRW 04/06/2005 Increased the authorized shares
to 5,000,000 shares from 320,000 shares 12/2005 Awarded US$ 1 Million Export Top
Prize 11/13/2014 Increased capital to
1,700,000,000 KRW from 1,500,000,000 KRW |
|||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
Chairman & CEO |
Mr. |
Yoon Dae-Young |
Male |
Korean |
03/20/2012 |
|
President & CEO |
Mr. |
Yoon Dae-Sung |
Male |
Korean |
03/03/2014 |
|
Auditor |
M/S. |
Lim Do-Hee |
Female |
Korean |
03/20/2015 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
11,082,786,573 |
11,474,059,947 |
67,095,443 |
|
|
2013 |
13,263,154,777 |
11,083,832,440 |
-598,516,684 |
|
2012 |
14,166,062,395 |
10,921,281,748 |
-897,583,239 |
|
2011 |
18,544,778,422 |
13,035,389,111 |
85,947,637 |
|
2010 |
15,487,614,857 |
10,041,713,596 |
-772,154,966 |
|
2009 |
15,525,893,500 |
10,321,765,530 |
1,767,999,184 |
|
Authorized Capital(KRW) |
25,000,000,000 |
|
Paid-Up Capital(KRW) |
1,700,000,000 |
|
Total Issued Shares |
340,000 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Total Assets |
11,474,059,947 |
11,083,832,440 |
10,921,281,748 |
|
Current Assets |
6,531,902,192 |
6,815,149,145 |
6,524,742,217 |
|
-Quick Assets |
2,077,205,976 |
2,656,588,330 |
3,140,529,796 |
|
-Inventories |
4,454,696,216 |
4,158,560,815 |
3,384,212,421 |
|
Fixed Assets |
4,942,157,755 |
4,268,683,295 |
4,396,539,531 |
|
-Investment |
68,962,000 |
92,862,000 |
92,962,000 |
|
-Tangibles |
3,161,554,714 |
3,387,614,224 |
3,436,529,309 |
|
-Intangibles |
1,109,809,570 |
120,775,600 |
201,636,751 |
|
-Others |
601,831,471 |
667,431,471 |
665,411,471 |
|
Total Liabilities |
5,835,281,971 |
5,611,085,907 |
4,850,018,531 |
|
Current Liabilities |
5,175,057,917 |
4,944,862,141 |
4,299,106,118 |
|
Fixed Liabilities |
660,224,054 |
666,223,766 |
550,912,413 |
|
Capital Stock |
1,700,000,000 |
1,500,000,000 |
1,500,000,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
4,041,381,576 |
3,974,286,133 |
4,572,802,817 |
|
Capital Adjustment |
-102,603,600 |
-1,539,600 |
-1,539,600 |
|
Total Equity |
5,638,777,976 |
5,472,746,533 |
6,071,263,217 |
|
Liab. & Shareholder’s Equity |
11,474,059,947 |
11,083,832,440 |
10,921,281,748 |
|
Current
Liabilities |
5,175,057,917 |
4,944,862,141 |
4,299,106,118 |
|
Trade
Payables |
1,177,968,083 |
1,355,339,082 |
1,237,029,311 |
|
Short-Term
Borrowings |
3,694,533,875 |
3,092,951,662 |
2,439,120,070 |
|
Current Portion of Long-Term Debts |
- |
100,000,000 |
100,000,000 |
|
Account
Payables |
72,549,845 |
143,009,097 |
208,054,467 |
|
Advance
Receipts |
50,394,479 |
76,433,062 |
14,591,760 |
|
Withholdings |
37,802,353 |
49,314,955 |
50,238,097 |
|
Guarantee Deposit Withhold |
11,067,052 |
11,981,474 |
18,515,472 |
|
Accrued
Expenses |
130,742,230 |
115,832,809 |
231,556,941 |
|
Fixed
Liabilities |
660,224,054 |
666,223,766 |
550,912,413 |
|
Provision
for Severance & Retirement |
862,430,517 |
1,016,362,425 |
898,470,403 |
|
Long-Term Borrowings |
|
|
100,000,000 |
|
Long-Term Account Payables |
109,443,640 |
91,358,053 |
52,651,590 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Sales |
11,082,786,573 |
13,263,154,777 |
14,166,062,395 |
|
Cost of Sold Goods |
7,350,157,099 |
9,004,014,866 |
10,547,608,864 |
|
Gross Profit |
3,732,629,474 |
4,259,139,911 |
3,618,453,531 |
|
Selling & Admin. Expenses |
3,640,654,803 |
4,730,302,234 |
4,472,301,651 |
|
Operating Income |
91,974,671 |
-471,162,323 |
-853,848,120 |
|
Non-Operating Income |
232,931,575 |
121,433,636 |
183,208,108 |
|
Non-Operating Expenses |
257,810,803 |
248,787,997 |
226,943,227 |
|
Income Before Taxes |
67,095,443 |
-598,516,684 |
-897,583,239 |
|
Income Taxes Expenses |
- |
- |
- |
|
Net Income |
67,095,443 |
-598,516,684 |
-897,583,239 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Cash Flows from Operating |
543,089,839 |
-415,965,402 |
-709,180,985 |
|
-Net Income |
67,095,443 |
-598,516,684 |
-897,583,239 |
|
-Exp. without Cash Outflow |
777,410,072 |
756,727,459 |
779,322,321 |
|
-Revenue without Cash Inflows |
-1,533,810 |
- |
-12,706,087 |
|
-Changes in Asset/ & Liability |
-299,881,866 |
-574,176,177 |
-578,213,980 |
|
Cash Flows from Investing |
-1,241,472,505 |
-613,687,311 |
-472,516,704 |
|
-Cash Inflow from Investing |
125,500,000 |
30,000,000 |
41,590,909 |
|
-Cash Outflows for Investing |
-1,366,972,505 |
-643,687,311 |
-514,107,613 |
|
Cash Flows from Financing |
707,862,353 |
801,196,404 |
1,184,595,468 |
|
-Cash Inflows from Financing |
4,210,230,016 |
2,637,649,625 |
3,182,085,644 |
|
-Cash Outflows from Financing |
-3,502,367,663 |
-1,836,453,221 |
-1,997,490,176 |
|
Increase/Decrease in Cash |
9,479,687 |
-228,456,309 |
2,897,779 |
|
Cash at the Beginning of Year |
13,589,017 |
242,045,326 |
239,147,547 |
|
Cash at the End of Year |
23,068,704 |
13,589,017 |
242,045,326 |
|
Main Products & Services |
Electrosurgical Unit, Infusion Pump, Syringe Pump, Medical Film |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Competitors |
WOOJIN CO., LTD. 2ND FL., DONGEUN BLDG., 168-18, SAMJEON-DONG,
SONGPA-GU, SEOUL, KOREA TEL:+82-2-417-3403 FAX:+82-2-417-3471 SM MEDICAL CO., LTD. RM. 303, JUNGGYE INDUSTRIAL COMPLEX Ⅰ, 511-2, JUNGGYE 2.3-DONG, NOWON-GU, SEOUL,
KOREA TEL:+82-2-972-6789 FAX:+82-2-974-7771 CALS MEDICAL CORP. RM. 503, NOBEL TECHNO TOWER, 138-12,
SANGDAEWON 1-DONG, JUNGWON-GU, SEONGNAM-SI, GYEONGGI-DO, KOREA TEL:+82-31-709-7001 FAX:+82-31-707-4781 |
|
Affiliates |
DAIWHA SILUP CO.(KOREA) HIEUN F&B CO.(KOREA) |
|
Cooperative Enterprise |
-Insured Company MERITZ FIRE & MARINE INSURANCE CO., LTD.(110111-0013328) |
The Subject deals
with the companies in Asia, Europe and Africa.
No.
------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.53 |
|
|
1 |
Rs.99.19 |
|
Euro |
1 |
Rs.69.60 |
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.