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MIRA INFORM REPORT
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Report No. : |
489603 |
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Report Date : |
01.02.2018 |
IDENTIFICATION DETAILS
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Name : |
COUNTEC CO., LTD. |
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Registered Office : |
78, Saneop-ro,Ojeong-gu, Bucheon-si,Gyeonggi-do, 14402 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
02.01.2004 |
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Com. Reg. No.: |
130-86-03087 |
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Legal Form : |
Co., Ltd by Shares |
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Line of Business : |
Export Manufacture of Containers Cleaning,
Packing and Wrapping Machinery and Charger Rotary Tablet Counting Machine,
Air Cleaner, Silicagel Inserter, Vinyl Inserter, Packaging Machinery for
Pharmaceuticals |
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No. of Employees : |
82 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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South Korea |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
SOUTH KOREA -
ECONOMIC OVERVIEW
After emerging from the 1950-53 war with North Korea, South Korea emerged as one of the 20th century’s most remarkable economic success stories, becoming a developed, globally connected, high-technology society within decades. In the 1960s, GDP per capita was comparable with levels in the poorest countries in the world. In 2004, South Korea joined the trillion-dollar club of world economies.
Beginning in the 1960s under President PARK Chung-hee, the government promoted the import of raw materials and technology, encouraged saving and investment over consumption, kept wages low, and directed resources to export-oriented industries that remain important to the economy to this day. Growth surged under these policies, and frequently reached double-digits in the 1960s and 1970s. Growth gradually moderated in the 1990s as the economy matured, but remained strong enough to propel South Korea into the ranks of the advanced economies of the OECD by 1997. These policies also led to the emergence of family-owned chaebol conglomerates such as Daewoo, Hyundai, and Samsung, which retained their dominant positions even as the government loosened its grip on the economy amid the political changes of the 1980s and 1990s.
The Asian financial crisis of 1997-98 hit South Korea’s companies hard because of their excessive reliance on short-term borrowing, and GDP ultimately plunged by 7% in 1998. South Korea tackled difficult economic reforms following the crisis, including restructuring some chaebols, increasing labor market flexibility, and opening up to more foreign investment and imports. These steps lead to a relatively rapid economic recovery. South Korea also began expanding its network of free trade agreements to help bolster exports, and has since implemented 16 free trade agreements covering 58 countries—including the United State and China—that collectively cover more than three-quarters of global GDP.
In 2017, the election of President MOON Jae-in brought a surge in consumer confidence, in part, because of his successful efforts to increase wages and government spending. These factors combined with an uptick in export growth to drive real GDP growth to more than 3%, despite disruptions in South Korea’s trade with China over the deployment of a US missile defense system in South Korea.
In 2018 and beyond, South Korea will contend with gradually slowing economic growth - in the 2-3% range - not uncommon for advanced economies. This could be partially offset by efforts to address challenges arising from its rapidly aging population, inflexible labor market, continued dominance of the chaebols, and heavy reliance on exports rather than domestic consumption. Socioeconomic problems also persist, and include rising inequality, poverty among the elderly, high youth unemployment, long working hours, low worker productivity, and corruption.
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Source
: CIA |
Basic
Information
Basic
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Company Name |
COUNTEC CO., LTD. |
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Registered
Address |
78, Saneop-ro,Ojeong-gu,
Bucheon-si,Gyeonggi-do, Korea |
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Building |
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Zip Code |
14402 |
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Tel |
+82-32-674-9323 |
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Fax |
+82-32-674-9322 |
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E-mail |
sales@countec.com |
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Website |
www.countec.com |
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Trading Address |
78, Saneop-ro,Ojeong-gu,
Bucheon-si,Gyeonggi-do, Korea (Old Address System : 739-2, Ojeong-dong,
Ojeong-gu, Bucheon-si, Gyeonggi-do, Korea) |
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Tel |
+82-32-674-9323 |
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Fax |
+82-32-674-9322 |
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Other Address |
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|
Tel |
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|
Fax |
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Type |
Export |
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Industry |
Manufacture of Containers Cleaning, Packing
and Wrapping Machinery and Charger |
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Main Business |
Rotary Tablet Counting Machine, Air Cleaner,
Silicagel Inserter, Vinyl Inserter, Packaging Machinery for Pharmaceuticals |
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Sub Business |
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Established
(mm/dd/yyyy) |
01/02/2004 |
Detailed
Products
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Activity |
Detailed
Products (UNSPSC) |
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Sell |
Rotary Tablet Counting Machine |
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Sell |
Air cleaners(40161602) |
CEO’s
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Name |
Lee Jong-Woo |
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Date of Birth |
06/03/1949 |
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Title |
President
& CEO |
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Nationality |
Korean |
Profiles
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Capital (KRW) |
350,000,000 |
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Employees |
82 |
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Formation |
Co., Ltd by Shares Venture Business |
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Bank Details |
Citibank,
Korea KEB Hana
Bank-Dodang Dong Branch Woori Bank Shinhan Bank |
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Corporate
Registered No. |
1211110-115965 |
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Business
Registered No. |
130-86-03087 |
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Permit &
Licenses |
Int’l Trade No.: 14052211 |
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Shareholder
Position |
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Company
History |
01/01/1996
Established as Dongwon Machinery Co.(Sole Proprietorship) 11/14/2003 Designated
as a Venture Business 01/02/2004 Incorporated
as the present name 09/28/2005 Increased the authorized shares
to 400,000 shares from 40,000 shares 09/28/2005 Increased capital to 350,000,000
KRW from 50,000,000 KRW 09/2006 Designated as an INNO-BIZ Company 11/2007 Awarded US$ 5 Million Export Top
Prize 10/19/2011 Designated as a Venture Business again 02/10/2012 Moved to the present HQ address
from 281-31, Dodang-dong, Wonmi-gu, Bucheon-si, Gyeonggi-do, Korea |
Detailed
Information
Management
|
Job
Description |
Name |
Nationality |
Date of Birth |
Inauguration
Date |
|
President & CEO |
Lee Jong-Woo |
Korean |
06/03/1949 |
01/02/2007 |
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Director |
Lee Boo-Han |
Korean |
09/12/1982 |
01/02/2007 |
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Auditor |
Sohn Joo-Won |
Korean |
11/19/1953 |
01/02/2007 |
Financials
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Year / Unit :
KRW |
Sales |
Assets |
Net Income |
|
2016 |
21,924,534,820 |
20,232,791,199 |
2,158,605,298 |
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2015 |
21,698,960,716 |
18,772,201,840 |
2,438,934,612 |
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2014 |
11,972,672,638 |
16,574,356,428 |
620,364,158 |
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2013 |
15,786,437,059 |
16,109,686,940 |
2,144,414,900 |
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2012 |
16,031,576,326 |
13,825,311,568 |
1,297,940,506 |
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2011 |
13,978,329,149 |
13,644,680,383 |
797,489,080 |
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2010 |
10,702,000,000 |
8,735,000,000 |
663,000,000 |
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2009 |
11,151,000,000 |
7,595,000,000 |
994,000,000 |
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2008 |
8,088,000,000 |
8,429,000,000 |
514,000,000 |
Financial
Description
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Authorized
Capital(KRW) |
2,000,000,000 |
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Paid-Up
Capital(KRW) |
350,000,000 |
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Total Issued
Shares |
70,000 |
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Balance Sheet |
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Unit : Korean
Won |
As of
12/31/2016 |
As of
12/31/2015 |
As of
12/31/2014 |
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Total Assets |
20,232,791,199 |
18,772,201,840 |
16,574,356,428 |
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Current
Assets |
8,063,144,033 |
6,192,366,369 |
4,152,850,880 |
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-Quick Assets |
4,598,702,653 |
3,974,196,847 |
1,994,456,840 |
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-Inventories |
3,464,441,380 |
2,218,169,522 |
2,158,394,040 |
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Fixed Assets |
12,169,647,166 |
12,579,835,471 |
12,421,505,548 |
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-Investment |
1,524,073,177 |
1,344,622,880 |
984,782,575 |
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-Tangibles |
9,271,624,938 |
9,674,192,470 |
9,959,507,603 |
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-Intangibles |
558,893,171 |
649,604,241 |
780,033,990 |
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-Others |
815,055,880 |
911,415,880 |
697,181,380 |
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Total
Liabilities |
9,169,134,021 |
9,567,149,960 |
9,508,239,160 |
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Current
Liabilities |
5,262,012,559 |
4,738,326,089 |
3,776,367,748 |
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Fixed
Liabilities |
3,907,121,462 |
4,828,823,871 |
5,731,871,412 |
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Capital Stock |
350,000,000 |
350,000,000 |
350,000,000 |
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Capital
Surplus |
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Profit
Surplus |
10,713,657,178 |
8,855,051,880 |
6,716,117,268 |
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Capital Adjustment |
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Total Equity |
11,063,657,178 |
9,205,051,880 |
7,066,117,268 |
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Liab. &
Shareholder’s Equity |
20,232,791,199 |
18,772,201,840 |
16,574,356,428 |
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Current
Liabilities |
5,262,012,559 |
4,738,326,089 |
3,776,367,748 |
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Trade Payables |
563,099,085 |
851,441,855 |
432,025,176 |
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Account Payables |
- |
4,634,500 |
- |
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Withholdings |
53,576,136 |
51,721,020 |
53,520,537 |
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Advance Receipts |
432,851,688 |
760,843,020 |
667,238,204 |
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Short-Term Borrowings |
1,602,459,553 |
843,725,234 |
1,478,824,715 |
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Current Portion of Long-Term Debts |
1,438,837,681 |
1,221,161,617 |
638,904,000 |
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Accrued Expenses |
926,376,429 |
685,813,746 |
505,855,116 |
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Deferred Income Tax |
244,811,987 |
318,985,097 |
- |
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Fixed
Liabilities |
3,907,121,462 |
4,828,823,871 |
5,731,871,412 |
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Long-Term Borrowings |
3,907,121,462 |
4,828,823,871 |
5,637,418,073 |
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Provision for Severance & Retirement |
0 |
0 |
94,453,339 |
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Income Statement |
|||
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Unit : Korean
Won |
As of
12/31/2016 |
As of 12/31/2015 |
As of
12/31/2014 |
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Sales |
21,924,534,820 |
21,698,960,716 |
11,972,672,638 |
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Cost of Sold
Goods |
12,057,223,709 |
11,786,821,548 |
6,547,360,047 |
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Gross Profit |
9,867,311,111 |
9,912,139,168 |
5,425,312,591 |
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Selling &
Admin. Expenses |
7,326,714,957 |
6,596,275,081 |
5,017,722,579 |
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Operating
Income |
2,540,596,154 |
3,315,864,087 |
407,590,012 |
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Non-Operating
Income |
554,556,804 |
210,547,701 |
650,437,365 |
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Non-Operating
Expenses |
497,949,263 |
641,553,549 |
427,281,627 |
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Income Before
Taxes |
2,597,203,695 |
2,884,858,239 |
630,745,750 |
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Income Taxes
Expenses |
438,598,397 |
445,923,627 |
10,381,592 |
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Net Income |
2,158,605,298 |
2,438,934,612 |
620,364,158 |
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Cash Flows |
|||
|
Unit : Korean
Won |
As of
12/31/2016 |
As of
12/31/2015 |
As of
12/31/2014 |
|
Cash Flows
from Operating |
319,266,420 |
2,071,685,325 |
-971,832,805 |
|
-Net Income |
2,158,605,298 |
2,438,934,612 |
620,364,158 |
|
-Exp. without
Cash Outflow |
734,979,402 |
697,332,554 |
577,253,047 |
|
-Revenue
without Cash Inflows |
-74,098,798 |
-15,641,132 |
-11,240,029 |
|
-Changes in
Asset/ & Liability |
-2,500,219,482 |
-1,048,940,709 |
-2,158,209,981 |
|
Cash Flows
from Investing |
5,257,870 |
-383,153,012 |
-913,896,769 |
|
-Cash Inflow
from Investing |
569,439,973 |
336,812,415 |
412,110,352 |
|
-Cash
Outflows for Investing |
-564,182,103 |
-719,965,427 |
-1,326,007,121 |
|
Cash Flows
from Financing |
-373,540,298 |
-1,288,248,877 |
805,182,598 |
|
-Cash Inflows
from Financing |
1,258,734,319 |
500,000,000 |
1,418,998,420 |
|
-Cash
Outflows from Financing |
-1,632,274,617 |
-1,788,248,877 |
-613,815,822 |
|
Increase/Decrease
in Cash |
-49,016,008 |
400,283,436 |
-1,080,546,976 |
|
Cash at the
Beginning of Year |
579,230,354 |
178,946,918 |
1,259,493,894 |
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Cash at the
End of Year |
530,214,346 |
579,230,354 |
178,946,918 |
Products,
Technologies, Services Description
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Main Products
& Services |
Rotary Tablet Counting Machine, Air
Cleaner, Silicagel Inserter, Vinyl Inserter |
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Detailed
Products Spec. |
|
|
Technologies
Acquired |
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Trade
Partners & Competitors
|
Suppliers |
COGLIX CO., LTD.(135711-0113549) |
|
Customers |
HANMI
HOLDINGS CO., LTD.(KOREA) SK CHEMICAL
CO., LTD.(KOREA) |
|
Competitors |
CAREX CO.,
LTD. 3RD FL., CAREX
BLDG., 787-15, YEOKSAM 2-DONG, GANGNAM-GU, SEOUL, KOREA TEL:+82-2-508-4646 FAX:+82-2-508-2244 KORAUTO
TRADING CO., LTD. RM. 301,
YUSEON BLDG., 235-4, YONGDAP-DONG, SEONGDONG-GU, SEOUL, KOREA TEL:+82-2-2243-2895 FAX:+82-2-2243-2898 SUNGWOO
CORPORATION RM. 1003,
REGENT OFFICETEL, 547-8, GUUI 3-DONG, GWANGJIN-GU, SEOUL, KOREA TEL:+82-2-6461-4313 FAX:+82-2-3436-4312 |
Related
Parties (Subsidiaries, Joint-Venture & Affiliates)
|
Cooperative
Enterprise |
-Insured
Company LIG INSURANCE CO., LTD.(110111-0017859) -National Subsidies from TIPA(KOREA
TECHNOLOGY AND INFORMATION PROMOTION AGENCY FOR SMES) |
Sales
by Region (Activity & Markets)
The Subject exports to Taiwan, USA,
India, Indonesia and Hong Kong.
Court
Action
No.
News
Clipping
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.69 |
|
|
1 |
INR 90.35 |
|
Euro |
1 |
INR 79.21 |
|
KRW |
1 |
INR 0.059 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
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Report Prepared
by : |
TRU |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.