|
Report No. : |
327076 |
|
Report Date : |
12.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
ISU PETASYS CO., LTD. |
|
|
|
|
Registered Office : |
36, Nongong-Ro 53-Gil, Nongong-Eup,
Dalseong-Gun, Daegu, Korea 711-855 |
|
|
|
|
Country : |
South
Korea |
|
|
|
|
Financials (as on) : |
31.03.2015 |
|
|
|
|
Date of Incorporation : |
14.02.1972 |
|
|
|
|
Com. Reg. No.: |
514-81-16131 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Printed Circuit Boards |
|
|
|
|
No. of Employees : |
873 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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, and is currently the world's 12th largest economy. 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 sluggish
growth because of external market slowdowns. 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.
|
Source
: CIA |
|
Company Name |
ISU PETASYS CO.,
LTD. |
|
Registered Address |
36, Nongong-ro 53-gil, Nongong-eup,
Dalseong-gun, Daegu, Korea (Old Address System : 29-54, Bonri-ri, Nongong-eup,
Dalseong-gun, Daegu, Korea) |
|
Zip Code |
711-855 |
|
Tel |
+82-53-610-0300 |
|
Fax |
+82-53-610-0401 |
|
E-mail |
|
|
Website |
|
|
|
|
|
Trading Address |
6FL., ISU Chemical Bldg., 84,
Sapyeong-daero, Seocho-gu, Seoul, Korea |
|
Tel |
+82-2-590-5100 |
|
|
|
|
Type |
Export/Import |
|
Industry |
Manufacture of Printed Circuit Boards |
|
Main Business |
Printed Circuit Board |
|
|
|
|
Established (mm/dd/yyyy) |
02/14/1972 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Bare printed circuit boards(32131010) |
|
Buy |
Copper sheet(30102509) |
|
Buy |
Copper foil(30102009) |
|
Name |
Kim Sung-Min |
|
Address |
|
|
Date of Birth |
09/1959 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
41,268,398,000 |
||||||||||||||||||||||||
|
Employees |
873 |
||||||||||||||||||||||||
|
Formation |
Listed Company (Korea Stock Exchange : 007660) as of 10/07/2003 A Company of ISU Group |
||||||||||||||||||||||||
|
Bank Details |
Korea Development Bank-Daegu Sungseo Branch |
||||||||||||||||||||||||
|
Corporate Registered No. |
110111-0186638 |
||||||||||||||||||||||||
|
Business Registered No. |
514-81-16131 |
||||||||||||||||||||||||
|
Permit & Licenses |
1994 ISO 9002 07/1994 ISO 9002 08/1998 ISO 14001 01/2002 QS 9000 01/2004 TL 9000 11/2007 AS 9100 Int’l Trade No.: 871167 |
||||||||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||||||||
|
Company History |
02/14/1972 Incorporated as Daeyang Shipping
Co., Ltd. 11/25/1986 Changed company name to Daeyang
Mulsan Co., Ltd. 04/01/1996 Changed company name to ISU
Electronics Co., Ltd. 03/2000 Changed company name to PETASYS CO.,
LTD. 08/18/2000 Listed at KOSDAQ Market 10/07/2003 Delisted from KOSDAQ, and listed
at Korea Stock Exchange Market 11/2011 Awarded US$ 200 Million Export Top
Prize |
||||||||||||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
President & CEO |
Mr. |
Kim Sung-Min |
Korean |
1959.09. |
Seoul National University, Korea |
|
Executive Director |
Mr. |
Lee Hee-Sub |
Korean |
1965.06. |
Yonsei University, Korea |
|
Sr. Executive Director |
Mr. |
Hwang Yeob |
Korean |
1964.12. |
Seoul National University, Korea |
|
Outside Director |
Mr. |
Ahn Young-Kyun |
Korean |
1959.02. |
Seoul National University, Korea |
|
Auditor |
Mr. |
Sohn Dong-Ho |
Korean |
1958.10. |
Yonsei University, Korea |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
(*)03/2015 |
88,323,407,061 |
377,776,100,429 |
7,393,454,126 |
|
(*)2014 |
307,235,902,797 |
364,477,052,375 |
27,638,140,197 |
|
(*)2013 |
340,260,403,939 |
295,930,858,124 |
26,635,929,547 |
|
(*)2012 |
298,088,816,388 |
246,656,076,681 |
14,117,630,757 |
|
(*)2011 |
301,987,819,852 |
245,377,437,537 |
12,516,310,671 |
|
2010 |
307,410,171,808 |
244,703,163,668 |
23,992,259,335 |
|
2009 |
275,082,645,945 |
214,733,547,369 |
17,663,391,529 |
|
2008 |
260,760,409,217 |
206,549,308,027 |
11,017,079,125 |
(*)Figures are based
on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
100,000,000,000 |
|
Paid-Up Capital(KRW) |
41,268,398,000 |
|
Total Issued Shares |
41,268,398 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
01/01/2015~03/31/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Total Assets |
377,776,100,429 |
364,477,052,375 |
295,930,858,124 |
|
Current Assets |
158,459,138,366 |
148,363,579,832 |
138,910,538,413 |
|
Cash & Cash Equivalents |
42,231,137,443 |
27,105,803,427 |
27,488,597,011 |
|
Trade Receivables |
72,347,375,510 |
73,098,371,953 |
65,825,398,956 |
|
Other Receivables |
2,440,589,033 |
4,007,283,275 |
3,789,197,964 |
|
Current Financial Instruments |
|
|
885,700,000 |
|
Inventories |
39,714,922,046 |
42,130,876,724 |
39,229,604,843 |
|
Other Current Assets |
1,725,114,334 |
2,021,244,453 |
1,692,039,639 |
|
Non-Current Assets |
219,316,962,063 |
216,113,472,543 |
157,020,319,711 |
|
Investments |
86,159,859,257 |
86,472,243,960 |
87,245,819,212 |
|
Non-Current Financial Instruments |
6,470,377,037 |
5,285,327,037 |
2,811,065,114 |
|
Deferred Income Tax Assets |
2,834,384,939 |
2,834,384,939 |
1,396,530,507 |
|
Tangibles |
99,471,101,799 |
96,936,312,900 |
40,982,861,314 |
|
Intangibles |
2,299,929,580 |
2,384,425,742 |
1,957,002,061 |
|
Investment_Real Estates |
22,081,309,451 |
22,200,777,965 |
22,627,041,503 |
|
Total Liabilities |
171,111,170,499 |
162,018,344,251 |
109,660,823,233 |
|
Current Liabilities |
106,583,501,139 |
113,240,135,394 |
54,141,031,505 |
|
Trade Payables |
21,053,462,682 |
22,192,958,086 |
13,294,130,271 |
|
Account Payables |
14,565,921,670 |
9,789,658,322 |
12,366,876,276 |
|
Accrued Expenses |
6,664,093,744 |
5,480,382,507 |
5,123,853,221 |
|
Finance Debts |
58,525,000,000 |
68,496,000,000 |
14,650,000,000 |
|
Current Portion of Long-Term Debts |
119,700,000 |
1,107,279,883 |
|
|
Deferred Income Tax Credit |
5,393,343,160 |
5,354,977,622 |
7,565,071,741 |
|
Other Current Liabilities |
261,979,883 |
818,878,974 |
1,141,099,996 |
|
Non-Current Liabilities |
64,527,669,360 |
48,778,208,857 |
55,519,791,728 |
|
Non-Current Financial Debts |
49,000,000,000 |
34,100,000,000 |
43,500,000,000 |
|
Confirmed Salaries |
11,990,559,451 |
10,916,200,544 |
7,050,605,890 |
|
Other Non-Current Liabilities |
1,766,830,106 |
2,034,820,308 |
2,996,306,970 |
|
Long-Term Accrued Expenses |
1,770,279,803 |
1,727,188,005 |
1,972,878,868 |
|
Capital Stock |
41,268,398,000 |
41,268,398,000 |
41,268,398,000 |
|
Capital Surplus |
46,200,437,976 |
46,200,437,976 |
46,200,437,976 |
|
Others |
-5,322,604,940 |
-5,322,604,940 |
-920,899,510 |
|
Profit Surplus |
124,518,698,894 |
120,312,477,088 |
99,722,098,425 |
|
Total Equity |
206,664,929,930 |
202,458,708,124 |
186,270,034,891 |
|
Liab. & Shareholder’s Equity |
377,776,100,429 |
364,477,052,375 |
295,930,858,124 |
|
Income Statement |
|||
|
Unit : Korean Won |
01/01/2015~03/31/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Sales |
88,323,407,061 |
307,235,902,797 |
340,260,403,939 |
|
Cost of Sold Goods |
74,264,703,413 |
254,662,379,755 |
278,878,271,722 |
|
Gross Profit |
14,058,703,648 |
52,573,523,042 |
61,382,132,217 |
|
Selling & Admin.
Expenses |
4,598,008,481 |
22,315,076,990 |
25,044,320,803 |
|
Operating Income |
9,460,695,167 |
30,258,446,052 |
36,337,811,414 |
|
Finance Income |
901,820,232 |
2,230,266,240 |
2,350,467,678 |
|
Finance Expenses |
1,475,804,178 |
4,717,996,471 |
4,226,522,020 |
|
Other Income |
2,586,092,427 |
10,938,401,675 |
11,051,002,656 |
|
Other Expenses |
1,718,906,384 |
7,775,710,167 |
11,026,706,477 |
|
Income Before Taxes |
9,753,897,264 |
30,933,407,329 |
34,486,053,251 |
|
Income Taxes Expenses |
2,360,443,138 |
3,295,267,132 |
7,850,123,704 |
|
Net Income |
7,393,454,126 |
27,638,140,197 |
26,635,929,547 |
|
Cash Flows |
|||
|
Unit : Korean Won |
01/01/2015~03/31/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Operating Activities Cash Flows |
15,233,384,277 |
28,337,507,324 |
21,032,385,700 |
|
Net Income |
7,384,979,684 |
27,638,140,197 |
26,635,929,547 |
|
Adjustment |
6,409,555,855 |
18,361,331,991 |
20,542,056,965 |
|
Changes in Asset/
& Liability |
4,514,822,082 |
-8,810,560,252 |
-20,798,483,087 |
|
Interests Received |
303,523,752 |
1,089,147,146 |
721,542,799 |
|
Interests Paid |
-1,057,419,496 |
-3,838,075,025 |
-2,508,615,556 |
|
Income Taxes |
-2,322,077,600 |
-6,102,476,733 |
-3,560,044,968 |
|
Cash Flows from
Investing |
-5,028,210,261 |
-64,551,135,678 |
-34,453,405,340 |
|
Cash Flows from
Financing |
4,920,160,000 |
35,830,834,770 |
15,595,336,482 |
|
Increase/Decrease in
Cash |
15,125,334,016 |
-382,793,584 |
2,174,316,842 |
|
Cash at the Beginning
of Year |
27,105,803,427 |
27,488,597,011 |
25,314,280,169 |
|
Cash at the End of
Year |
42,231,137,443 |
27,105,803,427 |
27,488,597,011 |
|
Main Products & Services |
Printed Circuit Board |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
NELCO ISOLA |
|
Customers |
|
|
Competitors |
ACCURIS CO.,
LTD.(135011-0074357) DAEDUCK
ELECTRONICS CO., LTD.( 130111-0007608) KOREA CIRCUIT CO., LTD.(130111-0026749) |
|
Affiliates-Domestic |
ISU CORPORATION(110111-2833451) ISU CHEMICAL CO., LTD(110111-0008600) ISU SYSTEM CO., LTD.(110111-1304643) ISU C&D CO., LTD.(110111-1151549) EXA BOARD CO., LTD.(131411-0161035) TODA ISU CORPORATION(141211-0043623) ISU OIL CHEMICAL CO., LTD.(110111-0584436) ISU ABXIS CO.,
LTD.(110111-2203951) ISU ENGINEERING & CONSTRUCTION CO.,
LTD.(110111-0202202) ISU EXACHEM CO., LTD.(110111-2303826) ISU VENTURE CAPITAL CO.,
LTD.(110111-1917636) |
|
Affiliates-Overseas |
ISU CHEMICAL GERMANY GMBH ISU PETASYS CORP. ISU-SAUDI ENGINEERING AND CONSTRUCTION CO.,
LTD. ISU BROWNSTONE CO., LTD. GREAT ORIENT CHEMICAL PTE. LTD. GREAT ORIENT CHEMICAL(TAICANG) CO. LTD. ISU CONSTRUCTION(TAICANG) CO., LTD. ISU PETASYS ASIA LIMITED ISU PETASYS HUNAN LIMITED ISU PETASYS INTERNATIONAL(HONGKONG) LIMITED |
|
|
|
|
Subsidiary |
ISU EXABOARD CO., LTD.(131411-0161035) (100.0% held by the subject company) ISU PETASYS ASIA LIMITED (60.0% held by the subject company) UNITS 1201-2, FULLERTON CENTRE, 19 HUNG TO ROAD, KWUN TONG, KOWLOON,
HONG KONG ISU PETASYS CORP. (100.0% held by the subject company) 12930 BRADLEY AVENUE SYLMAR, CA 91342, USA |
|
Sales/ Unit :Mil KRW |
03/2015 |
2014 |
2013 |
|
Export |
85,374 |
296,531 |
329,309 |
|
Domestic |
2,949 |
10,705 |
10,951 |
|
Total |
88,323 |
307,236 |
340,260 |
Not Available.
No.
--------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.89 |
|
|
1 |
Rs.98.90 |
|
Euro |
1 |
Rs.72.31 |
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.