MIRA
INFORM REPORT
|
Report Date : |
31.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
KUMCHON CORPORATION |
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Registered Office : |
Rm. 201, SK Bldg., 16-4, Seongsu 1-ga 2-dong, Seongdong-gu, Seoul -
133-710 |
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Country : |
Korea |
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Financials (as on) : |
31.12.2004 |
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Date of Incorporation : |
07/20/1992 |
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Legal Form : |
Company Limited by shares |
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Line of Business : |
Wholesale of Leather and Fur Products |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
Basic
|
Company
Name |
KUMCHON
CORPORATION |
|
Registered Address |
16-4,
Seongsu 1-ga 2-dong, Seongdong-gu, SEOUL, KOREA |
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Building |
Rm. 201, SK Bldg. |
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Zip Code |
133-710 |
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Tel |
+82-2-497-1900 |
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Fax |
+82-2-497-1800 |
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E-mail |
kccsel@kccse.com |
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Website |
www.kccsel.com |
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Trading Address |
Rm. 201,
SK Bldg., 16-4, Seongsu 1-ga 2-dong, Seongdong-gu, SEOUL, KOREA |
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Tel |
+82-2-497-1900 |
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Fax |
+82-2-497-1800 |
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Type |
Export/Import |
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Industry |
Wholesale of Leather and Fur Products |
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Main Business |
Shoes Leathers, Handbag Leathers, Shoe & Handbag Materials,
Components & Leather goods Making Machinery, CAD/CAM |
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Established (mm/dd/yyyy) |
07/20/1992 |
The subject occupies the premises of the
registered address by leasing.
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
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Sell |
Leathers(11162300) |
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Sell |
Fabrics and leather materials |
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Sell |
Leather goods Making Machinery |
CEO’s
|
Name |
Kang Yeon-Koo |
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Address |
435-2, Noonsa-dong, Gwangmyeong-si, Gyeonggi-do,
Korea |
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Date of Birth |
02/15/1942 |
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Title |
President & CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
|
Capital |
350,000,000 KRW |
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Employees |
19 |
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Formation |
Co., Ltd by shares |
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Bank Details |
Industrial Bank of Korea Woori Bank Susoo Dong Branch Kookmin Bank Sungsoo Dong Branch |
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Corporate Registered No. |
110111-0870760 |
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Business Registered No. |
201-81-46345 |
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Permit & Licenses |
Int’l Trade No.: 947620 |
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Shareholder Position |
N/A |
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Company History |
12/26/1983 Established Kumchon Corporation
Co. 06/24/1992 Incorporated as the present
name 04/28/1999 Moved to the present address 12/22/2000 Increased capital to
350,000,000 KRW from 200,000,000 KRW 06/2003 Established KCC STUDIO in China |
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The Subject’s Mr. Kim Young-Man is designated
as “The Master of Making Shoes” in 2004. So The subject is about to launch new
brands using Mr. Kim’s reputation.
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Day |
|
President & CEO |
Mr. |
Kang Yeon-Koo |
Male |
Korean |
06/24/1995 |
|
Director |
Mr. |
Lee Young-Koo |
Male |
Korean |
06/01/2000 |
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Auditor |
Mr. |
Lee Byung-Jik |
Male |
Korean |
06/01/2006 |
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Advisor |
Mr. |
Kim Young-Man |
Male |
Korean |
1998 |
Financials
Unit: KRW
|
Year |
Sales |
Assets |
Net income |
|
2006 |
6,300,000,000 |
|
|
|
6,200,000,000 |
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2004 |
6,145,000,000 |
3,704,000,000 |
195,000,000 |
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2003 |
7,409,000,000 |
3,562,000,000 |
115,000,000 |
|
2002 |
8,405,000,000 |
3,186,000,000 |
145,000,000 |
Financial Description
Unit: KRW
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Authorized
Capital |
1,500,00,000 |
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Paid-Up
Capital |
350,000,000 |
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Total Issues Shares |
70,000 |
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Balance Sheet |
|||
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Unit : Million Korean Won |
As of 12/31/2004 |
As of 12/31/2003 |
As of 12/31/2002 |
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Total Assets |
3,704 |
3,562 |
3,186 |
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Current Assets |
3,208 |
3,037 |
2,687 |
|
-Quick Assets |
2,959 |
2,749 |
2,080 |
|
-Inventories |
249 |
288 |
607 |
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Fixed Assets |
496 |
524 |
499 |
|
-Investment |
136 |
124 |
98 |
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-Tangibles |
356 |
372 |
396 |
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-Intangibles |
4 |
4 |
5 |
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Total Liabilities |
2,407 |
2,422 |
2,182 |
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Current Liabilities |
2,225 |
2,263 |
2,069 |
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Fixed Liabilities |
182 |
183 |
113 |
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Capital Stock |
350 |
350 |
350 |
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Capital Surplus |
- |
- |
- |
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Profit Surplus |
947 |
765 |
654 |
|
Capital Adjustment |
- |
- |
- |
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Total Equity |
1,297 |
1,115 |
1,004 |
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Liab. & Shareholder’s Equity |
3,704 |
3,562 |
3,186 |
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Income Statement |
|||
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Unit : Million Korean Won |
As of 12/31/2004 |
As of 12/31/2003 |
As of 12/31/2002 |
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Sales |
6,145 |
7,409 |
8,405 |
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Cost of Sold Goods |
4,590 |
5,857 |
7,204 |
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Gross Profit |
1,555 |
1,552 |
1,201 |
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Selling & Admin. Expenses |
1,134 |
1,234 |
838 |
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Operating Income |
421 |
318 |
363 |
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Non-Operating Income |
36 |
55 |
64 |
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Non-Operating expenses |
180 |
229 |
240 |
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Ordinary Income |
277 |
145 |
187 |
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Special Income |
- |
- |
- |
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Income Before Taxes |
277 |
144 |
187 |
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Income Taxes Expenses |
82 |
30 |
42 |
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Net Income |
195 |
115 |
145 |
Products,
Technologies, Services
Description
|
Main
Products & Services |
The Subject imports and exports the raw
materials, manufacturing machinery and software for making shoes. Shoemaster-CAD/CAM |
Trade Partners
|
Suppliers |
Torielli Spa-Italy |
Sales by Region (Activity
& Markets)
The Subject deals with the companies in China, Taiwan, France, Germany,
India, Indonesia, Italy, Japan, Pakistan and Spain. The Subject develops the
new materials for making women’s shoes domestically and from other countries,
and exports them to India, Italy, Japan and Indonesia, and imports the raw
materials from France, Italy, Spain, China and Brazil.
Court Action
Not Available.
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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 and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)