MIRA
INFORM REPORT
|
Report Date : |
12.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
MANHO ROPE & WIRE LTD |
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Registered Office : |
1660-11, Songjeong-dong, Gangseo-gu, Busan - 618-270 |
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Country : |
Korea |
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Financials (as on) : |
30.06.2006 |
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Date of Incorporation : |
09.04.1953 |
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Legal Form : |
Listed Company |
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Line of Business : |
Manufacture of Steel Wire |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 : |
Regular |
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Litigation : |
Clear |
Basic
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Company
Name |
MANHO ROPE & WIRE LTD. |
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Registered Address / Busan Factory |
1660-11,
Songjeong-dong, Gangseo-gu, BUSAN, KOREA |
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Zip Code |
618-270 |
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Tel |
+82-51-601-0300 |
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Fax |
+82-51-442-1163 |
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E-mail |
admin@manhorope.com;mh21@manhorope.com |
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Website |
www.manhorope.com |
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Trading Address / Seoul Office |
14th
Fl., Dongwoo Bldg., 708-1, Yeoksam 2-dong, Gangnam-gu, SEOUL, KOREA |
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Tel |
+82-2-3452-8111 |
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Fax |
+82-2-3452-6048 |
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Yangsan Factory |
259, Yusan-dong, Yangsan-si, GYEONGSANGNAM-DO, KOREA |
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Tel |
+82-55-387-5831 |
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Fax |
+82-55-387-5836 |
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Changwon Factory |
41, Seongsan-dong, Changwon-si, GYEONGSANGNAM-DO |
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Tel |
+82-55-283-3131 |
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Fax |
+82-55-283-3198 |
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Busan Office |
85-2, Jungangdong 4-ga, Jung-gu, BUSAN |
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Tel |
+82-51-601-0300~9 |
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Fax |
+82-51-442-1163 |
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Type |
Export/Import |
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Industry |
Manufacture of Steel Wire |
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Main Business |
Wire Rope, Fiber Rope, Stainless Steel Wire, Hard Steel Wire, PP Manline
Rope, PP Hi-Man Rope, Nylon Rope |
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Established (mm/dd/yyyy) |
09/04/1953 |
The Subject owns the premises of Yangsan Factory (50,582㎡),
Busan Factory (33,058㎡) and Changwon Factory (102,949㎡).
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Non electrical steel cables(31151705) |
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Sell |
Polypropylene rope(31151503) |
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Sell |
Nylon rope(31151504) |
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Sell |
Wire rope(31151505) |
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Sell |
Piano steel wire(31151803) |
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Sell |
Mechanical wire(31151800) |
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Sell |
Ropes(31151500 |
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Buy |
Steel bars(30101604) |
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Buy |
Polyester rope(31151502) |
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Buy |
Polypropylene rope(31151503) |
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Buy |
Steel(11101704) |
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Buy |
Nylon rope(31151504) |
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Buy |
Iron(11101713) |
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Buy |
Zinc(11101719) |
CEO’s
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Name |
Kim Sang-Hwan |
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Date of Birth |
01/20/1963 |
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Title |
President & CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
|
Capital |
4,150,000,000 KRW |
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Employees |
145 |
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Formation |
Listed Company (KSE : 001080) as of
06/18/1977 |
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Bank Details |
Busan Bank International Finance Branch |
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Corporate Registered No. |
180111-0054659 |
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Business Registered No. |
606-81-08662 |
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Permit & Licenses |
05/1989 JIS 01/1999 JIS 08/25/2001 ISO 9002 10/26/2001 KS Int’l Trade No.: 672160 |
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Shareholder Position |
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Company History |
1953. 09. 04 Established Donga Rope &
Wire Ltd. 1959. 12. 27 Changed firm name to Manho
Rope & Wire 1971. 04. 11 Acquired KS Mark Approval 1971. 11 .19 Moved operations to Busan
Plant 1971. 11 .30 Awarded the Prime Minister's
Commendation 1977. 01 .15 Selected as the Outstanding
Company by Defense Procurement Agency 1977. 03 .03 Awarded the Industrial
Service Medal 1977. 06 .18 Initial Public Offering of
Stocks (listed on Korean Stock Exchange)
1980. 03. 03 Awarded the Stone Tower
Industrial Meritorious Medal 1982. 09. 01 Changwon Plant Opened,
Operation Started 1982. 09 .09 Moved to Yangsan Plant,
Operation Started 1984. 09. 08 Merged with Bookook Steel,
Inc. 1988. 03. 03 Awarded the Steel Tower
Industrial Meritorious Medal 1989. 05. 11 Awarded the Steel Tower
Industrial Meritorious Medal 1992. 12. 23 Elevator Rope Acquired Type
Approval (Elevator Part) 1993. 08. 27 Renamed to Manho Wire &
Rope, Ltd. 1995. 07. 14 Acquired ISO 9002 Approval 1996. 09. 16 Obtained Patent for
Manufacturing Process of Hi-Man Rope 1997. 07. 31 Registered as Supplier of PC
Steel Strand for Atomic Power Plants 1999. 01. 20 ~ 07. 15 Japanese Industrial
Standard Approved (Hard Drawn Steel Wires, Galvanized Steel Wire Strand &
Steel Wire for ACSR, PC Wire, PC Steel Strand, Elevator Rope, Stainless
Wire 2000. 10. 11 Supplied PC Strand for
Yungkwang Atomic Plants, Generator #5and #6
2001. 08. 25 Renewal of ISO 9002 2001. 10. 01 Moved to Busan Plant,
Operation Started 2001. 10. 26 Korean Industrial Standard
Approved (Elevator Rope) 2002. 01. 01 Moved the Main Office 2003. 10. 20 Moved the Seoul Office
(Dangsan-dong, Yeongdeungpo-ku) 2004. 12. 30 Moved the Seoul Office
(Daechi-dong, Kangnam-ku) 2005. 10. 02 Moved the Seoul Office
(Yeoksam-dong, Kangnam-ku) 2006. 07. 28 PP HI-MAN ROPE and 2 other
types approved by BV(French Classification Society) 2006. 09. 14 ROPE manufacturing method approved
by NK(Japanese Marine Association) NYLON 2006. 10. 30 Acquired API 9A certification |
The Subject Company is a manufacturer engaged
in the provision of ropes. Headquartered in Busan, Korea, the Company provides its
products such as wire ropes and fiber ropes. Its wire ropes are used in ships,
elevators, cable cars, heating power plants, iron works, springs, cranes, mines
and construction of bridges. Its fiber ropes are used in fishing and
shipbuilding. In addition, the Company provides personal computer (PC) wires,
stainless wires, iron wires. During the fiscal year ended June 30, 2006, the
sale of wire ropes and fiber ropes accounted for approximately 76% and 18% of
the Company's total revenue, respectively.
Management
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Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
Chairman |
Mr. |
Kim Dong-Soo |
Korean |
1945.08.09 |
Busan National University |
|
President & CEO |
Mr. |
Kim Sang-Hwan |
Korean |
1963.01.20 |
Dong Ah University |
|
Vice President |
Mr. |
Jeong Yong-Tae |
Korean |
1940.05.26 |
Youngnam University |
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Sr. Executive director |
Mr. |
Kim Woon-Tae |
Korean |
1946.12.15 |
Busan National University |
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Sr. Executive director |
Mr. |
Park Moon-Hun |
Korean |
1948.04.08 |
Busan Technical College |
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Advisor |
Mr. |
Kim Young-Kyu |
Korean |
1936.01.12 |
Dongkuk University |
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Outside Director |
Mr. |
Lee Chang-Jo |
Korean |
1943.08.18 |
Busan National University |
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Outside Director |
Mr. |
Kim Nam-Man |
Korean |
1946.07.18 |
Masan Commercial High School |
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Auditor |
Mr. |
Jeong Jin-Kyun |
Korean |
1936.11.27 |
Daeyang Technical High School |
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Auditor |
Mr. |
Song Soo-Il |
Korean |
1942.06.23 |
Busan Fishery College |
Financials
Unit: KRW
|
Year |
Sales |
Assets |
Net income |
|
146,419,767,961 |
181,670,235,973 |
(-)1,520,894,184 |
|
|
2005 |
156,049,622,463 |
188,172,795,188 |
3,543,913,035 |
|
2004 |
138,870,872,091 |
185,447,664,046 |
2,431,540,698 |
Financial Description
Unit: KRW
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Authorized
Capital |
10,000,000,000 |
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Paid-Up
Capital |
4,150,000,000 |
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Total Issues Shares |
830,000 |
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Balance Sheet |
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Unit : Korean Won |
As of 06/30/2006 |
As of 06/30/2005 |
As of 06/30/2004 |
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Total Assets |
181,670,235,973 |
188,172,795,188 |
185,447,664,046 |
|
Current Assets |
62,628,532,182 |
63,957,753,654 |
62,045,853,551 |
|
-Quick Assets |
40,923,856,462 |
32,011,189,733 |
42,935,275,783 |
|
-Inventories |
21,704,675,720 |
31,946,563,921 |
19,110,577,768 |
|
Fixed Assets |
119,041,703,791 |
124,215,041,534 |
123,401,810,495 |
|
-Investment |
28,940,879,776 |
27,305,163,678 |
26,371,892,823 |
|
-Tangibles |
90,100,824,015 |
96,879,877,850 |
96,897,683,960 |
|
-Intangibles |
- |
30,000,006 |
132,233,712 |
|
Total Liabilities |
21,735,832,136 |
29,043,122,271 |
31,298,170,057 |
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Current Liabilities |
16,425,863,313 |
23,465,509,870 |
19,819,364,818 |
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Fixed Liabilities |
5,309,968,823 |
5,577,612,401 |
11,478,805,239 |
|
Capital Stock |
4,150,000,000 |
4,150,000,000 |
4,150,000,000 |
|
Capital Surplus |
125,941,695,790 |
125,941,695,790 |
125,941,695,790 |
|
Profit Surplus |
35,425,084,359 |
37,502,647,343 |
34,480,611,308 |
|
Capital Adjustment |
(-)5,582,376,312 |
(-)8,464,670,216 |
(-)10,422,813,109 |
|
Total Equity |
159,934,403,837 |
159,129,672,917 |
154,149,493,989 |
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Liab. & Shareholder’s Equity |
181,670,235,973 |
188,172,795,188 |
185,447,664,046 |
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Current Liabilities |
16,425,863,313 |
23,465,509,870 |
19,819,364,818 |
|
Trade Paybles |
6,935,901,382 |
10,299,940,754 |
9,992,547,832 |
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Account payables |
1,520,725,497 |
1,446,871,686 |
1,472,831,061 |
|
Advance Receipts |
280,000,633 |
336,351,152 |
366,317,047 |
|
Withholdings |
75,472,681 |
66,512,713 |
75,444,443 |
|
Accrued Expenses |
3,763,788,786 |
3,247,970,132 |
3,376,809,377 |
|
Accrued Income Tax |
53,005,275 |
573,426,065 |
731,530,573 |
|
Accrued Dividends |
3,308,448 |
3,158,668 |
2,941,608 |
|
Guarantee Deposts Withhold |
249,300,000 |
249,300,000 |
271,300,000 |
|
Short-Term Borrowins |
3,259,389,240 |
7,241,978,700 |
- |
|
Current Portion of Long-Term Debts |
284,971,371 |
- |
3,529,642,877 |
|
Fixed Liabilities |
5,309,968,823 |
5,577,612,401 |
11,478,805,239 |
|
Long-Term Borrowings |
2,604,216,973 |
3,212,183,825 |
9,263,811,207 |
|
Provision for Severance & Retirement |
4,819,435,665 |
4,121,695,491 |
3,730,096,218 |
|
Transferred to National Pension Fund |
(-)93,264,050 |
(-)103,517,550 |
(-)113,359,250 |
|
Deposits for Severance Insurance |
(-)2,714,004,129 |
(-)2,768,960,789 |
(-)2,615,454,360 |
|
Leasehold Deposits Received |
693,584,364 |
1,116,211,424 |
1,213,711,424 |
|
Income Statement |
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|
Unit : Korean Won |
As of 06/30/2006 |
As of 06/30/2005 |
As of 06/30/2004 |
|
Sales |
146,419,767,961 |
156,049,622,463 |
138,870,872,091 |
|
Cost of Sold Goods |
134,707,149,155 |
139,421,753,058 |
122,513,405,078 |
|
Gross Profit |
11,712,618,806 |
16,627,869,405 |
16,357,467,013 |
|
Selling & Admin. Expenses |
13,583,842,802 |
13,063,014,946 |
12,274,447,080 |
|
Operating Income |
(-)1,871,223,996 |
3,564,854,459 |
4,083,019,933 |
|
Non-Operating Income |
2,038,221,432 |
3,368,336,616 |
2,482,395,629 |
|
Non-Operating expenses |
2,118,862,412 |
2,160,438,259 |
3,064,624,725 |
|
Ordinary Income |
(-)1,951,864,976 |
4,772,752,816 |
3,500,790,837 |
|
Special Income |
- |
- |
- |
|
Income Before Taxes |
(-)1,951,864,976 |
4,772,752,816 |
3,500,790,837 |
|
Income Taxes Expenses |
(-)430,970,792 |
1,228,839,781 |
1,069,250,139 |
|
Net Income |
(-)1,520,894,184 |
3,543,913,035 |
2,431,540,698 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 06/30/2006 |
As of 06/30/2005 |
As of 06/30/2004 |
|
Cash Flows from Operating |
10,662,353,332 |
(-)1,167,919,653 |
7,374,389,931 |
|
-Net Income |
(-)1,520,894,184 |
3,543,913,035 |
2,431,540,698 |
|
-Exp. without Cash Outflow |
9,023,083,769 |
8,302,193,258 |
9,316,419,373 |
|
-Revenue without Cash Inflows |
(-)781,239,036 |
(-)1,991,755,829 |
(-)281,726,678 |
|
-Changes in Asset/ & Liability |
3,941,402,783 |
(-)11,022,270,117 |
(-)4,091,843,462 |
|
Cash Flows from Investing |
(-)1,319,916,610 |
1,203,560,214 |
(-)4,032,152,030 |
|
-Cash Inflow from Investing |
2,131,195,180 |
63,151,387,080 |
65,020,751,665 |
|
-Cash Outflows for Investing |
(-)3,451,111,790 |
(-)61,947,826,866 |
(-)69,052,903,695 |
|
Cash Flows from Financing |
(-)4,459,602,916 |
(-)1,627,833,262 |
(-)2,741,503,493 |
|
-Cash Inflows from Financing |
187,713,148 |
12,218,780,762 |
89,970,477 |
|
-Cash Outflows from Financing |
(-)4,647,316,064 |
(-)13,846,614,024 |
(-)2,831,473,970 |
|
Increase/Decrease in Cash |
4,882,833,806 |
(-)1,592,192,701 |
600,734,408 |
|
Cash at the Beginning of Year |
753,666,304 |
2,345,859,005 |
1,745,124,597 |
|
Cash at the End of Year |
5,636,500,110 |
753,666,304 |
2,345,859,005 |
Products,
Technologies, Services
Description
|
Main
Products & Services |
Fiber Rope Wire Rope Stainless Rope Stainless Cable Hard Drawn Steel Wire Piano Wire HIBON PC Wire PC Strand Galvanized Steel Wire for ACSR Elevator Rope |
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Production
Capacity (Unit: Ton) |
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Technologies
Acquired |
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Trade Partners
|
Customers |
Wire Rope & Fiber Rope are supplied to
Fishery, Shipbuilding, Construction companies. PC Wire & Hibon & ACSR are supplied
to Construction companies. Stainless Rope & Hard Drawn Steel Wire are
supplied to Automotive, Electronics and general industrial companies. -Sales Channel Export: Manufacture by customers' demands Domestic: 1) Governmental entities - Sales by Bids 2) End User - Sales by customers' demands 3) Wholesales : Wholesalers → (Middle Agents) → End User -Payment Condition-Cash & Credit |
|
Competitors |
DAE-A STEEL WIRE JINHEUNG IRON & STEEL.CO., LTD Korea Sangsa Co., Ltd. HANKUK STEEL WIRE CO.,
LTD. DUCK HEUNG WIRE MFG. CO., LTD. DSR DongBang Special Steel Co., Ltd. HYUNDAI STEEL COMPANY FINE STEEL CO., LTD |
Related Parties
(Subsidiaries, Joint-
Venture &
Affiliates)
|
Subsidiary |
DONG DAE METAL CO., LTD (100% Held by the
Subject company) |
Sales by Region (Activity
& Markets)
|
Sales/ Unit :Mil KRW |
12/31/2006 |
06/30/2006 |
06/30/2005 |
|
Export |
28,046 |
29,275 |
56,089 |
|
Domestic |
47,557 |
41,842 |
90,331 |
|
Total |
75,603 |
71,117 |
146,420 |
The Subject exports to South America, South-East Asia, Middle East, North
America, New Zealand, Australia, South-East Asia, Hong Kong, Europe, Taiwan,
Singapore.
Court Action
No.
News Clipping
Profits of Listed Firms Surge
KOREA TIMES: 2002/09/30
By Cho Hyo-young /Staff Reporter
Listed companies that closed their books in June posted a surge of more
than 500 percent in combined net profits this year from a year earlier. The
financial sector saw remarkable earnings, and some manufacturers enjoyed profit
from debt write-offs.
The Korea Stock Exchange (KSE) reported yesterday that 21 KSE-listed
firms whose fiscal year ends in June chalked up a 539.5-percent rise of 436.8
billion won in combined net profits during the fiscal year 2001 between July
2001 and June 2002. They also registered 3.25 trillion won in revenues during
the same period, an increase of 2.7 percent year-on-year.
During the same span, they also saw operating profits soar 150 percent
to 268.2 billion won, whereas the firms posted a deficit of 45.7 billion won in
ordinary profits.
The main board said the manufacturing sector continued to enjoy a
profit, while the financial industry saw better earnings after a steep rise in
revenues, cost cuts and sustained restructuring.
The 16 listed firms in the manufacturing sector recorded a 1.3-percent
drop of 2.89 trillion won in revenues, while it realized a 239.6-percent surge
of 383.1 billion won in net profits.
The sharp rise in net profits of the manufacturing sector is
attributable to the fact that Shinho Paper posted a profit of 548.2 billion won
from a write-off of a debt.
The five listed financial industry firms saw revenues jump 54.45
percent, to 354 billion won, with 53.7 billion won in net profits, swinging
back to the black.
Those returning to profit include Namhan Paper, Samyang Heavy Machinery,
Shinho Paper, Jeil Savings Bank, Jinheung Savings Bank and Korea Savings Bank.
However, Namyang and Manho Rope & Wire switched into the red.
The 26 Kosdaq-registered firms whose fiscal year ends in June brought in
1.37 trillion won in revenues this year, an increase of 10.5 percent year-
on-year, while all companies swung back to the black, Kosdaq officials said.
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 |
|
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 |
|
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 |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)