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MIRA INFORM REPORT
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Report No. : |
486676 |
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Report Date : |
19.01.2018 |
IDENTIFICATION DETAILS
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Name : |
GEMSS MEDICAL SYSTEMS CO., LTD. |
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Registered Office : |
29, Dunchon-Daero 541beon-Gil, Jungwon-Gu,
Seongnam-Si, Gyeonggi-Do, 2FL., Dongbang Rental Bldg., Korea 13216 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
16.10.1995 |
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Com. Reg. No.: |
608-81-23640 |
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Legal Form : |
Co., Ltd by Shares |
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Line of Business : |
Manufacture of Imaging Diagnostic System. (Digital Radiography Systems, C-arm and Conventional X-Ray Systems,
Lithotripter, E.S.W.L, DR X-ray, C-Arm
X-ray) |
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No. of Employees : |
87 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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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) |
|
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 |
GEMSS MEDICAL SYSTEMS CO., LTD. |
|
Registered Address |
29, Dunchon-daero 541beon-gil, Jungwon-gu,
Seongnam-si, Gyeonggi-do, Korea |
|
Building |
2FL., Dongbang Rental Bldg. |
|
Zip Code |
13216 |
|
Tel |
+82-31-764-7321 |
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Fax |
+82-31-764-7324 |
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E-mail |
gemss@gemss-medical.com |
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Website |
www.gemss-medical.com |
|
Trading Address |
2FL., Dongbang Rental Bldg., 29, Dunchon-daero
541beon-gil, Jungwon-gu, Seongnam-si, Gyeonggi-do, Korea (Old Address System : 2FL., Dongbang
Rental Bldg., 333-1, Sangdaewon-dong, Jungwon-gu, Seongnam-si, Gyeonggi-do,
Korea) |
|
Tel |
+82-31-746-2211 |
|
Fax |
+82-31-737-2210 +82-505-720-2209 |
|
Type |
Export/Import |
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Industry |
Manufacture of Imaging Diagnostic System |
|
Main Business |
Digital Radiography Systems, C-arm and Conventional X-Ray Systems,
Lithotripter, E.S.W.L, DR X-ray, C-Arm
X-ray |
|
Sub
Business |
-- |
|
Established (mm/dd/yyyy) |
10/16/1995 |
Detailed
Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Imaging Diagnostic System |
|
Sell |
C-arm and Conventional X-Ray Systems |
|
Sell |
Lithotripter |
|
Sell |
Medical equipment and accessories and supplies(42000000) |
CEO’s
|
Name |
Lee Ja-Sung |
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Date of Birth |
10/10/1965 |
|
Title |
President & CEO |
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Nationality |
Korean |
Profiles
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Capital (KRW) |
9,645,000,000 |
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Employees |
87 |
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Formation |
Co., Ltd by Shares |
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Bank Details |
Woori Bank Kookmin Bank Industrial Bank of Korea |
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Corporate Registered No. |
190111-0026325 |
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Business Registered No. |
608-81-23640 |
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Permit & Licenses |
12/08/2005 ISO 9001 |
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Shareholder Position |
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Company History |
10/16/1995 Incorporated as COMED CO., LTD. 02/27/2010 Changed company name to COMED MEDICAL SYSTEMS CO., LTD 09/27/2010 Designated as a MAIN-BIZ Company 11/26/2010 Designated as an INNO-BIZ Company 06/30/2011 Designated as a Venture Business 02/15/2013 Changed company name to the present name 03/02/2015 Moved to the present HQ address
from 61, Dunchon-daero 541beon-gil, Jungwon-gu, Seongnam-si, Gyeonggi-do,
Korea (Old Address System : 236-4,
Sangdaewon-dong, Jungwon-gu, Seongnam-si, Gyeonggi-do, Korea) 02/11/2016 Increased the authorized shares
to 50,000,000 shares from 12,000,000 shares 03/24/2017 Increased capital to
9,645,000,000 KRW from 9,578,250,000 KRW |
Management
|
Job Description |
Name |
Nationality |
Date of Birth |
Inauguration Date |
|
Co-President & CEO |
Lee Ja-Sung |
Korean |
10/10/1965 |
10/15/2005 |
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Co-President & CEO |
Wi Ringz |
Chinese |
03/17/1982 |
10/26/2017 |
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Director |
Lee Sun-Joo |
Korean |
01/15/1953 |
03/31/2015 |
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Director |
Masaki Yishikawa |
Japanese |
12/04/1966 |
03/31/2015 |
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Director |
Kong Ching Wien |
Chinese |
02/06/1979 |
03/31/2016 |
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Director |
Ju Ching Lien |
Chinese |
05/27/1976 |
03/31/2016 |
|
Director |
Sma pei |
Chinese |
01/19/1976 |
03/31/2016 |
|
Auditor |
Hu Ji Chung |
Chinese |
02/14/1980 |
03/31/2016 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
2016 |
16,212,929,340 |
34,167,253,116 |
-11,479,603,411 |
|
2015 |
27,726,548,942 |
41,120,660,229 |
984,919,803 |
|
2014 |
28,126,310,632 |
44,247,731,253 |
-926,386,533 |
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2013 |
34,640,363,198 |
39,651,415,080 |
551,689,337 |
|
2012 |
35,196,088,794 |
27,979,501,411 |
1,999,190,778 |
Financial
Description
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Authorized Capital(KRW) |
25,000,000,000 |
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Paid-Up Capital(KRW) |
9,645,000,000 |
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Total Issued Shares |
19,290,000 |
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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 |
34,167,253,116 |
41,120,660,229 |
44,247,731,253 |
|
Current Assets |
22,049,669,933 |
27,811,152,635 |
30,789,862,216 |
|
-Quick Assets |
17,768,991,100 |
18,707,347,430 |
18,192,458,376 |
|
-Inventories |
4,280,678,833 |
9,103,805,205 |
12,597,403,840 |
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Fixed Assets |
12,117,583,183 |
13,309,507,594 |
13,457,869,037 |
|
-Investment |
1,767,808,457 |
1,688,917,470 |
1,832,878,724 |
|
-Tangibles |
97,498,989 |
200,596,855 |
1,197,429,146 |
|
-Intangibles |
7,556,921,366 |
8,732,189,807 |
7,857,684,659 |
|
-Others |
2,695,354,371 |
2,687,803,462 |
2,569,876,508 |
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Total Liabilities |
26,160,721,282 |
31,480,157,413 |
35,515,268,126 |
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Current Liabilities |
24,544,762,482 |
27,251,395,108 |
31,574,886,939 |
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Fixed Liabilities |
1,615,958,800 |
4,228,762,305 |
3,940,381,187 |
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Capital Stock |
9,578,250,000 |
2,390,000,000 |
2,390,000,000 |
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Capital Surplus |
6,809,808,480 |
4,132,135,810 |
4,127,514,818 |
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Profit Surplus |
-8,450,824,079 |
3,029,840,396 |
2,096,092,771 |
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Capital Adjustment |
69,297,433 |
88,526,610 |
118,855,538 |
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Total Equity |
8,006,531,834 |
9,640,502,816 |
8,732,463,127 |
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Liab. & Shareholder’s Equity |
34,167,253,116 |
41,120,660,229 |
44,247,731,253 |
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Current Liabilities |
24,544,762,482 |
27,251,395,108 |
31,574,886,939 |
|
Trade Payables |
8,504,040,960 |
11,230,998,189 |
9,902,766,109 |
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Account Payables |
2,929,381,081 |
3,982,143,864 |
2,098,204,051 |
|
Withholdings |
135,744,530 |
125,384,300 |
109,499,400 |
|
Advance Receipts |
1,878,225,724 |
2,176,210,833 |
5,102,062,045 |
|
Short-Term Borrowings |
8,533,581,591 |
9,432,283,410 |
13,232,928,205 |
|
Accrued Expenses |
63,788,596 |
68,536,491 |
129,427,129 |
|
Deferred Income Tax Credit |
- |
110,838,021 |
- |
|
Current Portion of Long-Term Debts |
- |
125,000,000 |
1,000,000,000 |
|
Current Portion of Debentures |
2,500,000,000 |
- |
|
|
Fixed
Liabilities |
1,615,958,800 |
4,228,762,305 |
3,940,381,187 |
|
Debentures |
- |
2,500,000,000 |
2,500,000,000 |
|
Long-Term Borrowings |
|
|
125,000,000 |
|
Provision for Severance & Retirement |
869,750,617 |
1,147,118,666 |
1,010,331,942 |
|
Long-Term Account Payables |
746,208,183 |
581,643,639 |
305,049,245 |
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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 |
16,212,929,340 |
27,726,548,942 |
28,126,310,632 |
|
Cost of Sold Goods |
14,983,098,884 |
21,704,345,236 |
21,512,663,826 |
|
Gross Profit |
1,229,830,456 |
6,022,203,706 |
6,613,646,806 |
|
Selling & Admin. Expenses |
8,388,622,268 |
6,191,707,534 |
7,821,126,636 |
|
Operating Income |
-7,158,791,812 |
-169,503,828 |
-1,207,479,830 |
|
Non-Operating Income |
1,989,991,151 |
5,022,452,623 |
1,703,434,293 |
|
Non-Operating Expenses |
6,703,904,997 |
3,390,135,018 |
2,099,225,323 |
|
Income Before Taxes |
-11,872,705,658 |
1,462,813,777 |
-1,603,270,860 |
|
Income Taxes Expenses |
-393,102,247 |
477,893,974 |
-676,884,327 |
|
Net Income |
-11,479,603,411 |
984,919,803 |
-926,386,533 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2016 |
As of 12/31/2015 |
As of 12/31/2014 |
|
Cash Flows from Operating |
-6,628,371,185 |
6,822,698,026 |
-497,180,810 |
|
-Net Income |
-11,479,603,411 |
984,919,803 |
-926,386,533 |
|
-Exp. without Cash Outflow |
3,365,409,348 |
3,237,163,499 |
2,619,698,799 |
|
-Revenue without Cash Inflows |
-924,357,540 |
-1,642,939,826 |
-1,249,008,459 |
|
-Changes in Asset/ & Liability |
2,410,180,418 |
4,243,554,550 |
-941,484,617 |
|
Cash Flows from Investing |
-3,576,250,705 |
-5,111,081,994 |
-4,757,583,381 |
|
-Cash Inflow from Investing |
1,465,000,000 |
3,018,931,193 |
419,529,706 |
|
-Cash Outflows for Investing |
-5,041,250,705 |
-8,130,013,187 |
-5,177,113,087 |
|
Cash Flows from Financing |
10,345,479,919 |
-1,966,180,572 |
4,712,995,393 |
|
-Cash Inflows from Financing |
20,282,567,111 |
9,095,304,230 |
13,854,969,621 |
|
-Cash Outflows from Financing |
-9,937,087,192 |
-11,061,484,802 |
-9,141,974,228 |
|
Increase/Decrease in Cash |
140,858,029 |
-254,564,540 |
541,768,798 |
|
Cash at the Beginning of Year |
1,379,558,478 |
1,634,123,018 |
2,175,891,816 |
|
Cash at the End of Year |
1,520,416,507 |
1,379,558,478 |
1,634,123,018 |
Products, Technologies, Services
Description
|
Main Products & Services |
Digital Radiography Systems, C-arm and Conventional X-Ray Systems,
Lithotripter, E.S.W.L, DR X-ray, C-Arm
X-ray |
Related Parties (Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
GEMSS SOLUTION CO., LTD.(285011-0226585) WITHUUS HITECH CO., LTD.(134811-0121731) GSA(GEMSS (THAILAND) CO., LTD) (49.00% held by the subject company) OFFICE ADDRESS: NO. 2/22, IYARA BUILDING, ROOM NO. 407, CHAN RD.,
THOONGWATDON, SATHORN, BANGKOK, 10120 TEL:+662-678-5157 FAX:
+662-678-5158 |
|
Subsidiary |
GNA(GEMSS NORTH AMERICA INC) (100.00% held by the subject company) 750-A LAKESIDE DRIVE | MOBILE, ALABAMA 36693 USA TEL:+1-(866) 639-1579 GJP(GEMSS JAPAN) (100.00% held by the subject company) 809, 6-3-32 NISHINAKAJIMA, YODOGAWA-KU, OSAKA, JAPAN 532-0011 TEL:+81-6-6476-7145 FAX:+
81-6-6476-7146 VIKOMED(VIETNAM-KOREA MEDICAL CORPORATION) (96.00% held by the subject company) HOA LAC HIGH-TECH PARK, KM29, LANG-HOA LAC ROAD, THACH THAT ,HA NOI,
VIETNAM TEL:+ 84-97-588-0655 FAX:+
84-4-6326-9256 GMI(PT GEMSS MEDICAL INDONESIA) (60.00% held by the subject company) GRAHA MANDIRI LEVEL 31ST, JALAN IMAM BONJOL NO.61, JAKARTA 10310
INDONESIA TEL:+62-21-398-33768 |
|
Corporate Ownership |
|
|
Major Shareholders |
SHANGHAI BAILIN INDUSTRY CO., LTD. |
|
Cooperative Enterprise |
-Insured company HYUNDAI MARINE & FIRE INSURANCE CO., LTD.(110111-0035893) SAMSUNG FIRE & MARINE INSURANCE CO., LTD.(110111-0005078) |
Sales
by Region (Activity & Markets)
The Subject exports
to U.S.A,
Vietnam, Thailand, Indonesia and China.
Court
Action
No.
News
Clipping
--------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.84 |
|
|
1 |
INR 88.28 |
|
Euro |
1 |
INR 77.88 |
|
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 : |
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.