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Report No. : |
341738 |
|
Report Date : |
22.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
KOVAC MED CO., LTD. |
|
|
|
|
Registered Office : |
13, Haean-ro 31beon-gil, Danwon-gu, Ansan-si, Gyeonggi-do |
|
|
|
|
Country : |
Korea (South) |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
24.09.2001 |
|
|
|
|
Com. Reg. No.: |
134-81-73955 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
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|
|
|
Line of Business : |
Manufacture of Medical, Precision and Scientific Instruments and
Equipment. |
|
|
|
|
No. of Employee : |
300 |
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) |
|
Korea (South) |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
KOREA (SOUTH) 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 AsianFINANCIAL 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 FreeTRADE 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 |
Basic
|
Company Name |
KOVAC MED CO., LTD. |
|
Registered Address |
13, Haean-ro 31beon-gil, Danwon-gu, Ansan-si,
Gyeonggi-do, Korea (Old Address System : 617-3,
Seonggok-dong, Danwon-gu, Ansan-si, Gyeonggi-do, Korea) |
|
Building |
|
|
Zip Code |
15608 |
|
Tel |
+82-31-491-2339 |
|
Fax |
+82-31-491-2217 |
|
E-mail |
|
|
Website |
|
|
Trading Address |
Rm.613, Hanshin Intervalley 24 East Bldg.,
322, Teheran-ro, Gangnam-gu, Seoul, Korea (Old Address System : Rm.613, Hanshin Intervalley
24 East Bldg., 707-34, Yeoksam-dong, Gangnam-gu, Seoul, Korea) |
|
Tel |
+82-2-2183-1155 +82-70-8656-8026 |
|
Fax |
+82-2-2183-1154 |
|
Other Address-2nd Factory |
210, Sandan-ro 35beon-gil, Danwon-gu,
Ansan-si, Gyeonggi-do, Korea |
|
Tel |
|
|
Fax |
|
|
Type |
Export/Import |
|
Industry |
manufacture of Medical, Precision and Scientific Instruments and
Equipment |
|
Main Business |
Medical Devices, Medical Supplies |
|
Sub Business |
|
|
Established (mm/dd/yyyy) |
09/24/2001 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Injection and aspiration needles and accessories(42142500) |
|
Sell |
Medical equipment and accessories and supplies(42000000) |
|
Sell |
Pharmaceutical industry machinery and equipment and supplies(23151800) |
|
Sell |
Syringes and accessories(42142600) |
|
Name |
In Chi-Man |
|
Address |
Suite A-4602, Tower Palace 1 Cha, 56,
Eonju-ro 30-gil, Gangnam-gu, Seoul, Korea |
|
Date of Birth |
08/02/1953 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
1,254,810,000 |
|||||||||||||||
|
Employees |
300 |
|||||||||||||||
|
Formation |
Co., Ltd by Shares |
|||||||||||||||
|
Bank Details |
KEB Hana Bank SWhinhan Bank |
|||||||||||||||
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Corporate Registered No. |
135011-0117511 |
|||||||||||||||
|
Business Registered No. |
134-81-73955 |
|||||||||||||||
|
Permit & Licenses |
N/A |
|||||||||||||||
|
Shareholder Position |
|
|||||||||||||||
|
Company History |
09/24/2001 Incorporated as the present name 04/01/2003 Moved to the present HQ address
from 394, Mongnae-dong, Danwon-gu, Ansan-si, Gyeonggi-do, Korea 09/17/2013 Acquired Ace Machine Co., Ltd.,
and Kovac Machine Co., Ltd. 09/17/2013 Increased capital to
1,254,810,000 KRW from 500,000,000 KRW |
|||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
In Chi-Man |
Male |
Korean |
04/13/2011 |
|
Director |
Mr. |
Lee Dong-Soo |
Male |
Korean |
04/13/2011 |
|
Director |
Mr. |
In Han-Jin |
Male |
Korean |
09/17/2013 |
|
Director |
Mr. |
Lee Sang-Koo |
Male |
Korean |
09/17/2013 |
|
Auditor |
Mr. |
Ahn Young-Min |
Male |
Korean |
09/17/2013 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
2014 |
20,883,710,099 |
32,189,579,290 |
689,206,178 |
|
2013 |
16,982,218,866 |
34,048,530,176 |
990,511,916 |
|
2012 |
15,388,894,289 |
12,556,157,017 |
858,746,490 |
|
2011 |
14,318,682,826 |
12,535,395,485 |
196,647,130 |
|
2010 |
11,680,412,145 |
11,363,305,194 |
842,809,668 |
|
Authorized Capital(KRW) |
2,000,000,000 |
|
Paid-Up Capital(KRW) |
1,254,810,000 |
|
Total Issued Shares |
250,962 |
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Total Assets |
32,189,579,290 |
34,048,530,176 |
12,556,157,017 |
|
Current Assets |
12,523,227,243 |
13,395,440,559 |
7,511,514,699 |
|
-Quick Assets |
4,551,676,813 |
7,657,726,137 |
5,301,767,520 |
|
-Inventories |
7,971,550,430 |
5,737,714,422 |
2,209,747,179 |
|
Fixed Assets |
19,666,352,047 |
20,653,089,617 |
5,044,642,318 |
|
-Investment |
3,000,000 |
3,000,000 |
3,000,000 |
|
-Tangibles |
16,351,109,375 |
17,099,882,176 |
4,971,911,713 |
|
-Intangibles |
3,264,534,367 |
3,439,420,136 |
- |
|
-Others |
47,708,305 |
110,787,305 |
69,730,605 |
|
Total Liabilities |
8,350,104,482 |
10,898,261,546 |
5,171,655,441 |
|
Current Liabilities |
6,960,356,057 |
9,371,095,457 |
4,540,570,256 |
|
Fixed Liabilities |
1,389,748,425 |
1,527,166,089 |
631,085,185 |
|
Capital Stock |
1,254,810,000 |
1,254,810,000 |
500,000,000 |
|
Capital Surplus |
14,020,445,138 |
14,020,445,138 |
- |
|
Profit Surplus |
8,564,219,670 |
7,875,013,492 |
6,884,501,576 |
|
Capital Adjustment |
- |
- |
- |
|
Total Equity |
23,839,474,808 |
23,150,268,630 |
7,384,501,576 |
|
Liab. & Shareholder’s Equity |
32,189,579,290 |
34,048,530,176 |
12,556,157,017 |
|
Current
Liabilities |
6,960,356,057 |
9,371,095,457 |
4,540,570,256 |
|
Trade Payables |
1,207,088,293 |
1,430,866,440 |
1,059,318,266 |
|
Account Payables |
362,843,668 |
183,826,828 |
887,222,873 |
|
Short-Term Borrowings |
3,289,600,000 |
6,695,193,218 |
1,832,227,062 |
|
Withholdings |
79,116,810 |
78,473,662 |
20,201,097 |
|
Advance Receipts |
1,197,572,361 |
64,615,870 |
105,158,035 |
|
Accrued Expenses |
803,690,580 |
717,931,938 |
448,903,911 |
|
Deferred Income Tax Credit |
20,444,345 |
200,187,501 |
187,539,012 |
|
Fixed
Liabilities |
1,389,748,425 |
1,527,166,089 |
631,085,185 |
|
Leasehold Deposit Received |
177,000,000 |
221,200,000 |
12,000,000 |
|
Provision for Severance & Retirement |
1,212,748,425 |
1,305,966,089 |
619,085,185 |
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Sales |
20,883,710,099 |
16,982,218,866 |
15,388,894,289 |
|
Cost of Sold Goods |
17,753,255,119 |
13,592,862,332 |
12,765,455,374 |
|
Gross Profit |
3,130,454,980 |
3,389,356,534 |
2,623,438,915 |
|
Selling & Admin. Expenses |
2,461,603,782 |
1,761,251,089 |
1,269,929,401 |
|
Operating Income |
668,851,198 |
1,628,105,445 |
1,353,509,514 |
|
Non-Operating Income |
479,640,982 |
353,521,324 |
360,540,159 |
|
Non-Operating Expenses |
285,449,818 |
645,728,450 |
627,007,436 |
|
Income Before Taxes |
863,042,362 |
1,335,898,319 |
1,087,042,237 |
|
Income Taxes Expenses |
173,836,184 |
345,386,403 |
228,295,747 |
|
Net Income |
689,206,178 |
990,511,916 |
858,746,490 |
|
Unit : Korean Won |
As of 12/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Cash Flows from Operating |
4,694,236,551 |
-1,917,858,914 |
449,489,161 |
|
-Net Income |
689,206,178 |
990,511,916 |
858,746,490 |
|
-Exp. without Cash Outflow |
3,572,994,227 |
2,350,905,545 |
1,456,329,570 |
|
-Revenue without Cash Inflows |
-7,016,044 |
-9,779,664 |
-188,621,121 |
|
-Changes in Asset/ & Liability |
439,052,190 |
-5,249,496,711 |
-1,676,965,778 |
|
Cash Flows from Investing |
-1,214,488,184 |
-18,131,346,347 |
-53,323,800 |
|
-Cash Inflow from Investing |
1,048,772,469 |
66,135,055 |
728,305,853 |
|
-Cash Outflows for Investing |
-2,263,260,653 |
-18,197,481,402 |
-781,629,653 |
|
Cash Flows from Financing |
-3,449,793,218 |
19,851,890,264 |
-195,569,055 |
|
-Cash Inflows from Financing |
15,550,882,584 |
22,265,524,327 |
1,402,292,121 |
|
-Cash Outflows from Financing |
-19,000,675,802 |
-2,413,634,063 |
-1,597,861,176 |
|
Increase/Decrease in Cash |
29,955,149 |
-197,314,997 |
200,596,306 |
|
Cash at the Beginning of Year |
16,567,085 |
213,882,082 |
13,285,776 |
|
Cash at the End of Year |
46,522,234 |
16,567,085 |
213,882,082 |
|
Main Products & Services |
Hypodermic Needles Hypodermic Cannula Probes Tubular Surgical Components Cut Tubes Assemblies |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
|
|
Customers |
|
|
Competitors |
KYUNG GI MEDICAL SUPPLIES CORP. RM. 522, ILSAN VISTA OFFICETEL, 49,
GANGSEON-RO, ILSANSEO-GU, GOYANG-SI, GYEONGGI-DO, KOREA TEL:+82-31-924-2035~6 FAX:+82-31-924-2037 MEDIWAY KOREA CO., LTD. 3RD FL., SEOKCHO BLDG., 1784-1,
SEOBYEON-DONG, BUK-GU, DAEGU, KOREA TEL:+82-53-955-2225 FAX:+82-53-955-1124 MD MEDICAL CO., LTD. RM.301, SEJIN BLDG., 1157-8, CHORYANG-DONG,
DONG-GU, BUSAN, KOREA TEL:+82-70-7124-2600 FAX:+82-51-944-2606 |
|
Affiliates |
SBD CO., LTD.(176011-0069846) ADVANCED TUBE TECHNOLOGIES CO., LTD.(131411-0221954) (20.00% held by the subject company) TAECHANG CO., LTD.(KOREA) |
|
Overseas Office |
|
|
Liaison Office |
|
|
Overseas Branch |
|
|
Joint Venture |
|
|
Subsidiary |
|
|
Corporate Ownership |
|
|
Major Shareholders |
|
|
Cooperative Enterprise |
-Insured Comp[any HYUNDAI MARINE & FIRE INSURANCE CO., LTD.(110111-0035893) |
Not Available.
No.
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.75 |
|
|
1 |
Rs.102.17 |
|
Euro |
1 |
Rs.74.38 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
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.