|
|
|
MIRA INFORM REPORT
|
Report No. : |
484824 |
|
Report Date : |
06.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
DURR KOREA INC. |
|
|
|
|
Registered Office : |
662, Gyeongin-Ro, Guro-Gu, Seoul, 20th Fl., Tower-Dong, Dicube City, Korea 08209 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
27.04.1982 |
|
|
|
|
Com. Reg. No.: |
220-81-01034 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Manufacture of all Other Special Purpose Machinery, n.e.c. (Paint Shop Facilities, Paint Robot, RTO- Regenerative Thermal
Oxidizer) |
|
|
|
|
No. of Employees : |
173 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
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.
|
Source
: CIA |
Basic
Information
|
Company Name |
DURR KOREA INC. |
|
Registered Address |
662, Gyeongin-ro, Guro-gu, Seoul, Korea |
|
Building |
20th Fl., Tower-dong, Dicube City |
|
Zip Code |
08209 |
|
Tel |
+82-2-6444-1000 |
|
Fax |
+82-2-6444-1010 |
|
E-mail |
minkyung.jeon@durr.co.kr |
|
Website |
www.durr.com |
|
Trading Address |
20th Fl., Tower-dong, Dicube City, 662,
Gyeongin-ro, Guro-gu, Seoul, Korea (Old Address System : 20th Fl.,
Tower-dong, Dicube City, 692, Sindorim-dong, Guro-gu, Seoul, Korea) |
|
Tel |
+82-2-6444-1000 |
|
Fax |
+82-2-6444-1010 |
|
Type |
Export/Import |
|
Industry |
Manufacture of All Other Special Purpose Machinery, n.e.c. |
|
Main Business |
Paint Shop Facilities, Paint Robot, RTO(Regenerative Thermal Oxidizer) |
|
Sub Business |
Other Building Installation |
|
Established (mm/dd/yyyy) |
04/27/1982 |
Detailed
Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Robotics(23153200) |
|
Sell |
Paint systems(23153500) |
|
Sell |
Water
treatment and supply equipment(47101500) |
CEO’s
|
Name |
Andreas Shall |
|
Date of Birth |
03/02/1970 |
|
Title |
President & CEO |
|
Nationality |
German |
Profiles
|
Capital (KRW) |
550,000,000 |
|||||||||
|
Employees |
173 |
|||||||||
|
Formation |
Co., Ltd by shares Foreign Direct Investment Corporation |
|||||||||
|
Bank Details |
KEB Hana Bank-Nonhyun Central Branch |
|||||||||
|
Corporate Registered No. |
110111-0317829 |
|||||||||
|
Business Registered No. |
220-81-01034 |
|||||||||
|
Permit & Licenses |
Int’l Trade No : 842581 |
|||||||||
|
Shareholder Position |
|
|||||||||
|
Company History |
04/27/1982 Incorporated as Shinhang
Corporation 08/01/1995 Changed company name to
Shinhang Durr Inc. 08/03/1995 Increased capital to 550,000,000
KRW from 500,000,000 KRW 08/22/1995 Registered as a Foreign Direct
Investment Corporation(K0004775) 09/20/2001 Changed company name to the
present name from Shinhang Durr Inc. |
Management
|
Job Description |
Name |
Nationality |
Date of Birth |
Inauguration Date |
|
President & CEO |
Andreas Shall |
German |
03/02/1970 |
08/01/2016 |
|
Director |
Shin Won-Chul |
Korean |
01/20/1959 |
04/26/2012 |
|
Director |
Lim Hyun-Sung |
Korean |
08/31/1962 |
09/30/2013 |
|
Auditor |
Reiner Gauzepaul |
Germany |
01/14/1972 |
03/21/2007 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
2016 |
91,126,185,072 |
48,867,202,032 |
3,291,876,142 |
|
2015 |
78,443,528,883 |
48,471,193,610 |
4,274,045,491 |
|
2014 |
71,571,198,679 |
40,613,259,472 |
6,723,022,824 |
|
2013 |
119,213,076,417 |
60,304,708,842 |
5,651,383,773 |
|
2012 |
80,354,671,335 |
40,718,863,533 |
6,199,385,592 |
|
2011 |
116,992,665,760 |
75,201,057,376 |
7,041,147,271 |
|
2010 |
48,548,072,263 |
33,178,721,912 |
2,287,309,076 |
|
2009 |
43,099,655,428 |
27,313,742,172 |
5,013,605,935 |
Financial
Description
|
Authorized Capital(KRW) |
1,200,000,000 |
|
Paid-Up Capital(KRW) |
550,000,000 |
|
Total Issued Shares |
110,000 |
|
Balance Sheet |
|||
|
Unit : Korean
Won |
As of 12/31/2016 |
As of 12/31/2015 |
As of 12/31/2014 |
|
Total
Assets |
48,867,202,032 |
48,471,193,610 |
40,613,259,472 |
|
Current
Assets |
39,877,916,435 |
38,300,465,174 |
35,285,389,176 |
|
Cash
& Cash Equivalents |
16,978,220,787 |
10,722,182,836 |
15,270,595,543 |
|
Trade
Receivables |
15,092,311,452 |
13,326,432,499 |
11,577,310,099 |
|
Other
Receivables-Construction |
5,848,289,801 |
12,034,351,752 |
3,533,001,673 |
|
Other
Receivables |
29,862,504 |
315,113,882 |
59,942,189 |
|
Inventories |
602,283,054 |
453,510,298 |
297,169,470 |
|
Other
Current Assets |
960,506,601 |
999,519,626 |
3,708,656,988 |
|
Derivatives |
366,442,236 |
449,354,281 |
838,713,214 |
|
Non-Current Assets |
8,989,285,597 |
10,170,728,436 |
5,327,870,296 |
|
Non-Current
Financial Instruments |
- |
5,500,000 |
5,500,000 |
|
Long-Term Trade Receivables |
205,000,000 |
200,000,000 |
200,000,000 |
|
Tangibles |
5,779,405,369 |
4,588,101,795 |
1,118,193,444 |
|
Intangibles |
113,087,000 |
129,439,000 |
126,439,000 |
|
Deferred
Income Tax Assets |
932,554,466 |
1,395,644,719 |
697,609,221 |
|
Guarantees |
1,955,510,400 |
3,733,485,535 |
3,113,485,535 |
|
Derivatives |
3,728,362 |
118,557,387 |
66,643,096 |
|
Total Liabilities |
34,024,010,583 |
34,571,178,742 |
25,072,264,694 |
|
Current Liabilities |
33,160,924,893 |
33,054,127,457 |
24,392,260,073 |
|
Trade Payables |
9,849,387,292 |
15,086,460,208 |
7,819,514,940 |
|
Account
Payables |
995,536,850 |
616,254,712 |
244,496,278 |
|
Accrued
Expenses |
2,824,941,499 |
2,166,551,898 |
1,630,344,320 |
|
Other Payables-Construction |
17,698,968,919 |
10,917,953,817 |
12,449,828,365 |
|
Other
Current Liabilities |
473,578,645 |
1,076,798,703 |
960,246,654 |
|
Deferred
Income Tax Credit |
341,070,432 |
337,620,180 |
1,223,588,730 |
|
Derivatives |
977,441,256 |
2,852,487,939 |
64,240,786 |
|
Non-Current Liabilities |
863,085,690 |
1,517,051,285 |
680,004,621 |
|
Long-Term
Accrued Expenses |
183,963,238 |
201,708,849 |
- |
|
Provision
for Severance & Retirement |
678,545,310 |
865,896,420 |
665,697,867 |
|
Derivatives |
577,142 |
449,446,016 |
14,306,754 |
|
Capital Stock |
550,000,000 |
550,000,000 |
550,000,000 |
|
Capital
Surplus |
450,000,000 |
450,000,000 |
450,000,000 |
|
Others |
166,287,462 |
-1,577,781,303 |
450,322,033 |
|
Profit
Surplus |
13,676,903,987 |
14,477,796,171 |
14,090,672,745 |
|
Total
Equity |
14,843,191,449 |
13,900,014,868 |
15,540,994,778 |
|
Liab.
& Shareholder’s Equity |
48,867,202,032 |
48,471,193,610 |
40,613,259,472 |
|
Income Statement |
|||
|
Unit : Korean
Won |
As of 12/31/2016 |
As of 12/31/2015 |
As of 12/31/2014 |
|
Sales |
91,126,185,072 |
78,443,528,883 |
71,571,198,679 |
|
Cost
of Sold Goods |
76,279,596,096 |
63,398,851,513 |
54,532,161,249 |
|
Gross
Profit |
14,846,588,976 |
15,044,677,370 |
17,039,037,430 |
|
Selling
& Admin. Expenses |
10,851,052,441 |
9,550,089,824 |
7,854,389,006 |
|
Operating
Income |
3,995,536,535 |
5,494,587,546 |
9,184,648,424 |
|
Finance
Income |
169,955,160 |
5,236,074,742 |
2,503,482,930 |
|
Finance
Expenses |
74,313,296 |
4,603,680,783 |
3,355,040,229 |
|
Other
Income |
86,228,835 |
255,826,893 |
38,658,641 |
|
Other
Expenses |
31,888,653 |
189,698,438 |
19,439 |
|
Income
Before Taxes |
4,145,518,581 |
6,193,109,960 |
8,371,730,327 |
|
Income
Taxes Expenses |
853,642,439 |
1,919,064,469 |
1,648,707,503 |
|
Net
Income |
3,291,876,142 |
4,274,045,491 |
6,723,022,824 |
|
Cash Flows |
|||
|
Unit : Korean
Won |
As of 12/31/2016 |
As of 12/31/2015 |
As of 12/31/2014 |
|
Operating Activities Cash Flows |
10,477,144,944 |
3,368,089,108 |
8,558,613,620 |
|
Net
Income |
3,291,876,142 |
4,274,045,491 |
6,723,022,824 |
|
Adjustment |
1,690,288,086 |
2,946,058,453 |
1,746,265,235 |
|
Changes
in Asset/ & Liability |
6,254,199,791 |
-1,093,715,193 |
1,347,541,993 |
|
Interests
Received |
93,634,265 |
87,995,569 |
136,406,328 |
|
Income
Taxes |
-852,853,340 |
-2,846,295,212 |
-1,394,622,760 |
|
Cash Flows from Investing |
-232,660,569 |
-4,333,321,756 |
-607,038,098 |
|
Cash
Inflow from Investing |
2,005,177,135 |
13,443,250 |
2,776,363,637 |
|
Cash
Outflows for Investing |
-2,237,837,704 |
-4,346,765,006 |
-3,383,401,735 |
|
Cash Flows from Financing |
-4,000,000,000 |
-3,586,465,500 |
-7,331,000,000 |
|
Cash
Inflows from Financing |
- |
- |
- |
|
Cash
Outflows from Financing |
-4,000,000,000 |
-3,586,465,500 |
-7,331,000,000 |
|
Increase/Decrease in Cash |
6,244,484,375 |
-4,551,698,148 |
620,575,522 |
|
Cash at the Beginning of Year |
10,722,182,836 |
15,270,595,543 |
14,758,600,953 |
|
Cash at the End of Year |
16,978,220,787 |
10,722,182,836 |
15,270,595,543 |
Products, Technologies, Services
Description
|
Main Products & Services |
Paint Shop Facilities, Paint Robot, RTO(Regenerative Thermal Oxidizer) |
Trade
Partners & Competitors
|
Suppliers |
-- |
|
Customers |
-- |
|
Competitors |
HANWHA TECHM CO., LTD. 9,
SEONGSANPAECHONG-RO, SEONGSAN-GU, CHANGWON-SI, GYEONGSANGNAM-DO, KOREA TEL:+82-55-280-8988 FAX:+82-55-280-4664 SOOKOOK
CORPORATION 345-4,
SUHA-RI, SINDUN-MYEON, ICHEON-SI, GYEONGGI-DO, KOREA TEL:+82-31-631-3400 FAX:+82-31-631-2730 HAN YANG
INDUSTRY CO., LTD. 351-1,
JANGHA-DONG, SANGNOK-GU, ANSAN-SI, GYEONGGI-DO, KOREA TEL:+82-31-486-3200 FAX:+82-31-486-1001 |
Related Parties (Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
DURR SYSTEMS GMBH DURR SYSTEMS INC. DURR PAINTSHOP SYSTEMS ENGINEERING CO.,
LTD. DURR SYSTEMS (BRASIL) OLPI DURR S.P.A DURR INDIA PRIVATE LTD. DURR SYSTEMS RUS DURR THAILAND CO. LTD. DURR SYSTEMS GMBH DURR IT SERVICE GMBH |
|
Cooperative Enterprise |
-R&D and Management Services DURR SYSTEMS AG |
Sales
by Region (Activity & Markets)
The Subject deals with the companies in Germany, China and USA.
Court
Action
|
Case No. |
Court |
Plaintiff(s)/ Creditor(s)/ Applicant(s) |
Defendant(s)/ Debtor(s)/ Respondent(s) |
Cause |
Amount (KRW) |
Status |
|
-- |
-- |
SK Hynix
Inc.(134411-0001387) |
The Subject
Company |
Claim for
Compensation from Damages |
11,450,000,000 |
Proceeding |
News
Clipping
-----------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.38 |
|
|
1 |
INR 86.02 |
|
Euro |
1 |
INR 76.50 |
|
KRW |
1 |
INR 0.060 |
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.