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MIRA
INFORM REPORT
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Report No. : |
489669 |
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Report Date : |
02.02.2018 |
IDENTIFICATION DETAILS
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Name : |
DAEWON GSI CO.,
LTD. |
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|
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Registered Office : |
235, Gongdan-Ro, Waegwan-Eup, Chilgok-Gun,
Gyeongsangbuk-Do, Korea 39909 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
04.11.1982 |
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Com. Reg. No.: |
504-81-04185 |
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Legal Form : |
Co., Ltd by shares |
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Line of Business : |
Manufacture of Machinery for Food, Beverage and Tobacco Processing. (Rice Polishing Mill, Dry Storage Extension Equipment, Grain Dryer,
Color Sorter) |
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No. of Employees : |
150 |
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+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
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
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 2016, the economy experienced slow growth – 2%-3% per year - due to sluggish domestic consumption, a drop in foreign demand for South Korean exports, increased competition from regional rivals such as China and Japan, and declining investment. The administration in 2016 faced the challenge of balancing heavy reliance on exports with domestic restructuring efforts in the country’s shipbuilding and shipping industries.
The South Korean economy's short-term challenges include a potential loss of consumer confidence due to issues with its mobile phone industry, as well as uncertainty stemming from a tumultuous domestic political situation. In the long-term, South Korea must deal with a rapidly aging population, inflexible labor market, dominance of large conglomerates (chaebols), and the heavy reliance on exports, which comprise more than 40% of GDP. South Korea’s low overall unemployment rate masks problems with high youth unemployment, low worker productivity, high labor underutilization, and low female participation in the workforce. The government has tried to implement structural reforms, but continues to face significant headwind from vested interests. Finally, the country could eventually face an unprecedented financial burden in the event the unification of the Korean Peninsula were to occur.
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Source
: CIA |
Basic Information
|
Company Name |
DAEWON GSI CO.,
LTD. (English Co.
Name : DAEWON GLOBAL SYSTEM INTEGRATION CO., LTD.) |
|
Registered Address |
235, Gongdan-ro, Waegwan-eup, Chilgok-gun,
Gyeongsangbuk-do, Korea |
|
Building |
-- |
|
Zip Code |
39909 |
|
Tel |
+82-54-973-2221~8 |
|
Fax |
+82-54-973-2230 |
|
E-mail |
trade@daewon.com |
|
Website |
www.daewon.com |
|
Trading Address |
235, Gongdan-ro, Waegwan-eup, Chilgok-gun,
Gyeongsangbuk-do, Korea (Old Address System : 990-2, Geumsan-ri,
Waegwan-eup, Chilgok-gun, Gyeongsangbuk-do, Korea) |
|
Tel |
+82-54-973-2221~8 |
|
Fax |
+82-54-973-2230 |
|
Other Address-Biotech Business Division |
37, Gongdan-ro 6-gil, Waegwan-eup,
Chilgok-gun, Gyeongsangbuk-do, Korea |
|
Type |
Export/Import |
|
Industry |
Manufacture of Machinery for Food, Beverage and Tobacco Processing |
|
Main Business |
Rice Polishing Mill, Dry Storage Extension Equipment, Grain Dryer,
Color Sorter |
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Sub
Business |
|
|
Established (mm/dd/yyyy) |
11/04/1982 |
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Grain analyzers(41112701) |
|
Sell |
Rice cleaning or hulling equipment(21102004) |
|
Sell |
Grading machines for seed or grain or dried
leguminous vegetables(21102003) |
|
Sell |
Agricultural machinery for cleaning and
sorting and grading(21102000) |
CEO’s
|
Name |
Suh Yong-Kyo |
|
Date of Birth |
04/05/1955 |
|
Title |
Chairman & CEO |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
1,248,500,000 |
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Employees |
150 |
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Formation |
Co., Ltd by shares |
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Bank Details |
Daegu Bank Industrial Bank of Korea KEB Hana Bank NH Nonghyup Bank |
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Corporate Registered No. |
170111-0016924 |
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Business Registered No. |
504-81-04185 |
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Permit & Licenses |
1999 EM Mark 2001 EM Mark 06/2003 ISO 9001 by BQR 11/2006 CE Mark 11/2006 CE Mark Int’l Trade No.: 13002743 |
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Shareholder Position |
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Company History |
01/1970 Established as SUNGCHANG MACHINERY
CO.(Sole Proprietorship) 07/1973 Changed company name to DAEWON
INDUSTRY CO. 11/04/1982 Incorporated as DAEWON INDUSTRY
CO., LTD. 02/1995 Moved to the present HQ address 12/07/2001 Changed company name to the
present name 11/2002 Awarded US$5 Million Export Top
Prize 01/05/2004 Decreased capital to
1,248,500,000 KRW from 1,300,000,000 KRW 01/08/2004 Spin off to the existing company
and DAEWON JEONSUL CO., LTD. 11/2005 Awarded US$10 Million Export Top
Prize |
Management
|
Job Description |
Name |
Nationality |
Date of Birth |
Inauguration Date |
|
Chairman & CEO |
Suh Yong-Kyo |
Korean |
04/05/1955 |
04/11/2005 |
|
President & CEO |
Suh Bo-Sung |
Korean |
02/23/1983 |
03/31/2016 |
|
Director |
Suh Chan-Kyo |
Korean |
04/05/1955 |
03/20/2008 |
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Director |
Suh Soo-Jung |
Korean |
02/19/1982 |
03/31/2016 |
|
Auditor |
Suh Myung-Ok |
Korean |
06/17/1959 |
03/20/;2011 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
40,227,377,270 |
96,801,632,944 |
3,442,465,757 |
|
|
2015 |
34,291,492,041 |
91,895,169,955 |
571,760,449 |
|
2014 |
40,268,662,972 |
82,047,156,914 |
7,533,156,015 |
|
2013 |
51,816,874,258 |
79,250,131,724 |
2,561,685,751 |
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2012 |
50,315,598,554 |
79,580,654,002 |
2,385,865,219 |
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2011 |
70,705,053,997 |
69,599,279,015 |
4,522,031,461 |
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2010 |
58,114,132,658 |
75,116,466,802 |
9,440,202,321 |
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2009 |
65,629,650,477 |
89,524,386,726 |
8,707,852,318 |
|
2008 |
67,298,340,330 |
65,905,128,128 |
4,711,261,050 |
|
2007 |
41,359,703,039 |
45,870,332,663 |
1,615,519,941 |
|
2006 |
40,249,761,626 |
52,300,676,837 |
2,717,923,074 |
|
2005 |
41,607,575,036 |
44,912,940,591 |
4,689,919,071 |
|
2004 |
36,189,538,934 |
35,784,262,079 |
2,520,472,655 |
Financial Description
|
Authorized Capital(KRW) |
50,000,000,000 |
|
Paid-Up Capital(KRW) |
1,248,500,000 |
|
Total Issues Shares |
2,497,000 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2016 |
As of 12/31/2015 |
As of 12/31/2014 |
|
Total Assets |
96,801,632,944 |
91,895,169,955 |
82,047,156,914 |
|
Current Assets |
55,584,632,300 |
48,830,708,352 |
41,066,315,803 |
|
-Quick Assets |
52,447,463,972 |
45,678,393,519 |
38,131,495,001 |
|
-Inventories |
3,137,168,328 |
3,152,314,833 |
2,934,820,802 |
|
Fixed Assets |
41,217,000,644 |
43,064,461,603 |
40,980,841,111 |
|
-Investment |
3,198,517,456 |
3,175,438,780 |
3,087,692,802 |
|
-Tangibles |
37,825,738,909 |
39,691,612,628 |
37,495,248,527 |
|
-Intangibles |
41,548,087 |
64,346,395 |
78,804,703 |
|
-Others |
151,196,192 |
133,063,800 |
319,095,079 |
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Total Liabilities |
42,991,053,444 |
41,353,030,005 |
32,170,155,768 |
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Current Liabilities |
29,508,248,253 |
21,614,710,140 |
12,448,813,351 |
|
Fixed Liabilities |
13,482,805,191 |
19,738,319,865 |
19,721,342,417 |
|
Capital Stock |
1,248,500,000 |
1,248,500,000 |
1,248,500,000 |
|
Capital Surplus |
365,002,877 |
365,002,877 |
365,002,877 |
|
Profit Surplus |
61,319,726,748 |
57,877,260,991 |
57,305,500,542 |
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Capital Adjustment |
-9,122,650,125 |
-8,948,623,918 |
-9,042,002,273 |
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Total Equity |
53,810,579,500 |
50,542,139,950 |
49,877,001,146 |
|
Liab. & Shareholder’s Equity |
96,801,632,944 |
91,895,169,955 |
82,047,156,914 |
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Current
Liabilities |
29,508,248,253 |
21,614,710,140 |
12,448,813,351 |
|
Trade Payables |
8,457,411,951 |
5,466,580,294 |
3,855,186,697 |
|
Short-Term Borrowings |
8,500,000,000 |
13,516,812,860 |
5,000,000,000 |
|
Advance Receipts |
589,903,420 |
1,196,031,220 |
963,677,850 |
|
Withholdings |
98,932,566 |
107,511,134 |
199,393,932 |
|
Guarantee
Deposit Withhold |
255,515,291 |
- |
|
|
VAT Withhold |
644,596,327 |
168,992,736 |
356,024,009 |
|
Accrued Expenses |
673,551,461 |
755,801,896 |
507,170,493 |
|
Accrued Income Tax |
551,007,237 |
- |
1,351,961,683 |
|
Current Portion of Long-Term Debts |
9,737,330,000 |
402,980,000 |
157,140,000 |
|
Current Portion of Deferred Income Tax
Credit |
|
|
58,258,687 |
|
Fixed
Liabilities |
13,482,805,191 |
19,738,319,865 |
19,721,342,417 |
|
Long-Term Borrowings |
11,340,080,000 |
17,370,580,000 |
16,998,560,000 |
|
Leasehold Deposit Received |
473,500,000 |
505,500,000 |
473,000,000 |
|
Deferred Income Tax Credit |
1,669,225,191 |
1,862,239,865 |
2,249,782,417 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2016 |
As of 12/31/2015 |
As of 12/31/2014 |
|
Sales |
40,227,377,270 |
34,291,492,041 |
40,268,662,972 |
|
Cost of Sold Goods |
28,024,489,859 |
27,051,589,716 |
27,485,657,877 |
|
Gross Profit |
12,202,887,411 |
7,239,902,325 |
12,783,005,095 |
|
Selling & Admin. Expenses |
9,064,090,558 |
8,628,010,722 |
10,198,892,771 |
|
Operating Income |
3,138,796,853 |
-1,388,108,397 |
2,584,112,324 |
|
Non-Operating Income |
8,424,156,831 |
12,189,932,580 |
9,553,340,289 |
|
Non-Operating Expenses |
5,941,660,651 |
10,173,130,461 |
2,911,650,509 |
|
Income Before Taxes |
5,621,293,033 |
628,693,722 |
9,225,802,104 |
|
Income Taxes Expenses |
2,178,827,276 |
56,933,273 |
1,692,646,089 |
|
Net Income |
3,442,465,757 |
571,760,449 |
7,533,156,015 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2016 |
As of 12/31/2015 |
As of 12/31/2014 |
|
Cash Flows from Operating |
6,846,079,069 |
-54,187,158 |
3,473,765,913 |
|
-Net Income |
3,442,465,757 |
571,760,449 |
7,533,156,015 |
|
-Exp. without Cash Outflow |
5,335,429,958 |
9,506,583,892 |
2,927,061,632 |
|
-Revenue without Cash Inflows |
-5,002,042,598 |
-9,330,966,095 |
-6,861,536,676 |
|
-Changes in Asset/ & Liability |
3,070,225,952 |
-801,565,404 |
-124,915,058 |
|
Cash Flows from Investing |
-946,034,059 |
262,630,990 |
1,320,432,234 |
|
-Cash Inflow from Investing |
148,093,052,692 |
243,644,586,095 |
121,060,288,900 |
|
-Cash Outflows for Investing |
-149,039,086,751 |
-243,381,955,105 |
-119,739,856,666 |
|
Cash Flows from Financing |
-1,744,962,860 |
9,167,172,860 |
-3,072,150,000 |
|
-Cash Inflows from Financing |
37,906,500,000 |
46,595,505,200 |
60,938,000,000 |
|
-Cash Outflows from Financing |
-39,651,462,860 |
-37,428,332,340 |
-64,010,150,000 |
|
Increase/Decrease in Cash |
4,155,082,150 |
9,375,616,692 |
1,722,048,147 |
|
Cash at the Beginning of Year |
13,944,640,428 |
4,569,023,736 |
2,846,975,589 |
|
Cash at the End of Year |
18,099,722,578 |
13,944,640,428 |
4,569,023,736 |
Products, Technologies, Services Description
|
Main Products & Services |
Color Sorter Manufacturer Color Sorter Rice Color Sorter Cereals Sorter Camera Sorter Grain Sorter Grain Sorting Machine Grain Color Sorter Seed Color Sorter Tea Sorter Color Sorting Machine Rice Processing Machinery Tea Color Sorter |
Trade Partners & Competitors
|
Suppliers |
-- |
|
Customers |
NATIONAL AGRICULTURAL COOPERATIVE
FEDERATION(NACF, NONGHYUP : 110136-0027690) |
|
Competitors |
ATS INTERNATIONAL CO., LTD. RM. 707, PHOENIX BLDG., 702-23, YEOKSAM
1-DONG, GANGNAM-GU, SEOUL, KOREA TEL:+82-2-2051-2650~4 FAX:+82-2-2051-2655 HANSUNG ENGINEERING CO., LTD. 586, PUNGSEO-RI, PUNGSE-MYEON, DONGNAM-GU,
CHEONAN-SI, CHUNGCHEONGNAM-DO, KOREA TEL:+82-41-553-4561 FAX:+82-41-553-6053 HAN JAM MACHINERY CO., LTD. 123-6, HA-RI, YEOJU-EUP, YEOJU-GUN,
GYEONGGI-DO, KOREA TEL:+82-31-883-9559 FAX:+82-31-884-0598 |
Related Parties (Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
DAEWON ELECTRIC CONSTRUCTION CO.,LTD.(175211-0017537) WAPS CO., LTD.(170111-0051730) ILSUNG TECH CO., LTD.(KOREA) ILSUNG INVESTMENT CO., LTD.(175211-0034664) DAEWON GSI(THAILAND)CO., LTD. |
|
Subsidiary |
PT. DAEWON INDONESIA TIANJIN DAEWON BUSINESS CO., LTD. |
|
Cooperative Enterprise |
-Insured Company HYUNDAI MARINE & FIREINSURANCE CO., LTD.(110111-0035893) KB INSURANCE CO., LTD.(110111-0017859) |
Sales by Region (Activity & Markets)
The Subject deals
with the companies in Sri Lanka, China, Taiwan, Colombia, India, Indonesia,
Japan, Pakistan, Philippines, Russia and Vietnam.
Court Action
There are 1 case filed as
Defendant(s)/ Debtor(s)/ Respondent(s) amounting 280,964,000 KRW, and 1 case
filed as Plaintiff(s)/ Creditor(s)/ Applicant(s) as of 12/31/2016.
News Clipping
---------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.61 |
|
|
1 |
INR 90.18 |
|
Euro |
1 |
INR 78.95 |
|
KRW |
1 |
INR 0.059 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
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.