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MIRA INFORM REPORT
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Report No. : |
492323 |
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Report Date : |
14.02.2018 |
IDENTIFICATION DETAILS
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Name : |
DAEWON GLOBAL
SYSTEM INTEGRATION CO., LTD. |
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Formerly Known As : |
· DAEWON INDUSTRY CO., LTD · DAEWON INDUSTRY CO · SUNGCHANG MACHINERY CO |
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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 : |
Export/Import and 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 |
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 : |
Exist |
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.
|
Source
: CIA |
Basic
Information
|
Company Name |
DAEWON GSI CO.,
LTD. (English Co.
Name: DAEWON GLOBAL SYSTEM INTEGRATION CO., LTD.) |
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Registered Address |
235, Gongdan-ro, Waegwan-eup, Chilgok-gun,
Gyeongsangbuk-do, Korea |
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Building |
|
|
Zip Code |
39909 |
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Tel |
+82-54-973-2221~8 |
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Fax |
+82-54-973-2230 |
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E-mail |
trade@daewon.com |
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Website |
www.daewon.com |
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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) |
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Tel |
+82-54-973-2221~8 |
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Fax |
+82-54-973-2230 |
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Other Address-Biotech Business Division |
37, Gongdan-ro 6-gil, Waegwan-eup,
Chilgok-gun, Gyeongsangbuk-do, Korea |
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Tel |
|
|
Fax |
|
|
Type |
Export/Import |
|
Industry |
Manufacture of Machinery for Food, Beverage and Tobacco Processing |
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Main Business |
Rice Polishing Mill, Dry Storage Extension Equipment, Grain Dryer,
Color Sorter |
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Sub
Business |
|
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Established (mm/dd/yyyy) |
11/04/1982 |
Detailed
Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Grain analyzers(41112701) |
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Sell |
Rice cleaning or hulling equipment(21102004) |
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Sell |
Grading machines for seed or grain or dried
leguminous vegetables(21102003) |
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Sell |
Agricultural machinery for cleaning and
sorting and grading(21102000) |
CEO’s
|
Name |
Suh Yong-Kyo |
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Date of Birth |
04/05/1955 |
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Title |
Chairman & CEO |
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Nationality |
Korean |
Profiles
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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 |
Detailed
Information
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 |
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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 |
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Auditor |
Suh Myung-Ok |
Korean |
06/17/1959 |
03/20/;2011 |
Financials
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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 |
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2014 |
40,268,662,972 |
82,047,156,914 |
7,533,156,015 |
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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 |
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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
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Authorized Capital(KRW) |
50,000,000,000 |
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Paid-Up Capital(KRW) |
1,248,500,000 |
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Total Issues Shares |
2,497,000 |
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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 |
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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 |
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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 |
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Fixed Liabilities |
13,482,805,191 |
19,738,319,865 |
19,721,342,417 |
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Capital Stock |
1,248,500,000 |
1,248,500,000 |
1,248,500,000 |
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Capital Surplus |
365,002,877 |
365,002,877 |
365,002,877 |
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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 |
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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 |
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Trade Payables |
8,457,411,951 |
5,466,580,294 |
3,855,186,697 |
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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 |
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Guarantee
Deposit Withhold |
255,515,291 |
- |
|
|
VAT Withhold |
644,596,327 |
168,992,736 |
356,024,009 |
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Accrued Expenses |
673,551,461 |
755,801,896 |
507,170,493 |
|
Accrued Income Tax |
551,007,237 |
- |
1,351,961,683 |
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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 |
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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
|
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 64.28 |
|
|
1 |
INR 89.02 |
|
Euro |
1 |
INR 78.93 |
|
KRW |
1 |
INR 0.060 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
SYL |
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.