MIRA
INFORM REPORT
|
Report Date : |
05.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
NK CO., LTD. |
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Registered Office : |
497, Sinpyeong 1-dong, Saha-gu, Busan - 604-836 |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
09/07/1984 |
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Legal Form : |
Company Limited by shares Venture Business |
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Line of Business : |
Manufacture of Installed Tanks and Reservoirs |
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 |
|
Status : |
Satisfactory |
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|
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Payment Behaviour : |
Usually correct |
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Litigation : |
Exists |
Basic
|
Company
Name |
NK CO., LTD. |
|
Registered Address |
497, Sinpyeong 1-dong, Saha-gu, |
|
Zip Code |
604-836 |
|
Tel |
+82-51-200-0113 |
|
Fax |
+82-51-204-2215 |
|
E-mail |
thyoon@nkcf.com |
|
Website |
www.nkcf.com |
|
Trading Address |
497, Sinpyeong 1-dong, Saha-gu, |
|
Tel |
+82-51-204-2241 |
|
Fax |
+82-51-204-2215 |
|
Other Address |
1464-1, Songjeong-dong, Gangseo-gu, |
|
Industry |
Manufacture of Installed Tanks and Reservoirs |
|
Main Business |
Seamless Gas CYL, Tube Trailer, Ozonizer |
|
Established (mm/dd/yyyy) |
09/07/1984 |
The Subject owns the premises of the registered address (4,698㎡) with 495
(5,127㎡)/ 496 (4,697㎡)/ 498 (6,741㎡)
/ 499 (8,486㎡), Sinpyeong 1-dong, Saha-gu,
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Smoke detectors(46191501) |
|
Sell |
Flame detectors(46191504) |
|
Sell |
Fire hoses or nozzles(46191603) |
|
Sell |
Fire fighting equipment(46191600) |
|
Sell |
Fire sprinkler systems(46191602) |
|
Sell |
Fire suppression foam or similar
compounds(46191606) |
|
Sell |
Temperature and heat measuring
instruments(41112200) |
|
Sell |
Liquified petroleum gas(15111510) |
|
Sell |
Industrial use gases(12142100) |
|
Sell |
Pipe fittings(40142300) |
|
Sell |
Pipe(40142100) |
|
Sell |
Iron plate(30102203) |
|
Sell |
Valves(40141600) |
|
Sell |
Hoses(40142000) |
|
Sell |
Carbon dioxide gas CO2(12142104) |
|
Sell |
Pressure sensors(41111927) |
|
Sell |
Industrial use gases(12142100) |
|
Sell |
Fire alarm systems(46191505) |
CEO’s
|
Name |
Park Yoon-So |
|
Address |
176-30, |
|
Date of Birth |
04/14/1941 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital |
5,000,000,000 KRW |
|||||||||||||||
|
Employees |
215 |
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Formation |
Co., Ltd by shares Venture Business |
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Bank Details |
Korea Exchange Bank- Sinpyeong Dong
Branch Hana Bank Busan Bank |
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Corporate Registered No. |
180111-0054641 |
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Business Registered No. |
603-81-06888 |
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Permit & Licenses |
10/1994 ISO 9001 11/2001 KT 12/2001 ISO 14001 2006. Jan. Hyundai Heavy Industry awarded NK
Quality-Excellent Company Prize. 2005. Jun.
City of 2004. Nov.
President of 2004. Oct. Busan Chamber of Commerce and industry
awarded NK Proud Member of Commerce and Industry. 2004. Feb.
Korea Industrial Technology Association awarded NK Technology
Management Chief Executive Officer Prize.
2003. Nov.
Minister of Government Administration and Home Affairs awarded NK Fire
Fighter Merit Prize in commemoration of the 41st Fire Fighting Day. 2002. Oct.
Minister of Industry and Resources awarded NK Venture Company Grand
Prize. 2002. Jul.
Prime Minister awarded the NK-included group Merit at the 9th Gas Safety
Promotion Contest. 2002. Jun.
Minister of Environment awarded NK Merit Prize at the 3rd Natural Gas
Vehicle Propagation Convention. 2002. Mar.
Minister of Finance and Economy awarded NK Model Tax Payer Prize in
commemoration of the 36th Tax Payers’ Day.
2001. Sept. Minister of Science and Technology awarded
NK IR52 Jangyoungsil Prize and Korea Daily Economy awarded NK Dasan
Technology Prize 2000. Nov.
President of 2000. Sept. Saha-gu of 2000. May. City of 1999. Aug.
Small Medium Business Administration awarded NK in Technology
Development Section. 1999. May.
Small Medium Business Administration awarded NK for its Excellent
Process of Y2K among Small Medium Business. 1999. Mar.
Minister of Finance and Economy awarded NK as Model Tax Payer. 1997. Dec.
Busan Chamber of Commerce and Industry awarded NK Industrial Grand
Prize in Technology section. 1994. Nov.
President of 1993. Dec.
President of 1992. Nov.
President of 1992. Sept. Minister of Commerce and Industry awarded
NK Merit Prize for Domestication of Machinery Part Materials. 1992. Feb.
Hyundai Heavy Industry Co., Ltd. awarded NK Excellent Company Exploit
Plaque 1991. Nov. President of Korea entitled NK
$5 million 1990. Oct.
Samsung Heavy Industry Co., Ltd. awarded NK Excellent Company Exploit
Plaque 1988. Nov.
Daewoo Shipbuilding Engineering Co., Ltd. awarded NK Excellent Company
Prize. 1987. Nov. Prime Minister
awarded NK Excellence Prize for Quality Management Engineering
Standardization. |
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Shareholder Position |
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Company History |
09/07/1984
Established as Nam Yang Industry
Co., Ltd. 11/10/1998 Changed company name to the present name 07/22/2005 Split the Pa Value to 500KRW from 5,000 KRW 10/27/2006 Issued Convertible Bonds(CB) amounting 3,000,000,000 KRW 02/17/2007 Increased capital to 5,500,000,000 KRW from 5,000,000,000
KRW |
The Subject Company
based in
Ever since its
foundation in 1980 inaugurated with Nam Yang Industry Co., Ltd. as manufacturer
of high pressure gas cylinders, marine fire protection systems, The Subject
Company has achieved its expertise and experience into the worldwide market for
excellence as the Korean market leader and expanded marketing and production
capacities in Korea and Overseas, focusing on high-end, high value-added
products and knowledge-led business hybrids for environment friendly systems.
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Day |
|
President & CEO |
Mr. |
Park Yoon-So |
Male |
Korean |
10/01/1997 |
|
Director |
Mr. |
Tak In-Joo |
Male |
Korean |
03/24/2004 |
|
Director |
Mr. |
Jung Se-Jin |
Male |
Korean |
03/24/2004 |
|
Director |
Mr. |
Jung Han-Seol |
Male |
Korean |
02/16/2007 |
|
Auditor |
Mr. |
Park Jin-Hyung |
Male |
Korean |
12/09/2005 |
Financials
Unit: KRW
|
Year |
Sales |
Assets |
Net income |
|
114,330,763,371 |
99,817,811,507 |
4,040,072,833 |
|
|
2005 |
83,509,046,723 |
88,047,934,072 |
4,559,249,500 |
|
2004 |
66,392,597,828 |
67,037,118,247 |
3,388,554,593 |
Financial Description
Unit: KRW
|
Authorized Capital |
50,000,000,000 |
|
Paid-Up Capital |
5,000,000,000 |
|
Total Issues Shares |
10,000,000 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2006 |
As of 12/31/2005 |
As of 12/31/2004 |
|
Total Assets |
99,817,811,507 |
88,047,934,072 |
67,037,118,247 |
|
Current Assets |
57,926,027,643 |
48,593,799,126 |
35,469,068,633 |
|
-Quick Assets |
32,082,328,633 |
21,995,121,518 |
22,497,637,677 |
|
-Inventories |
25,843,699,010 |
26,598,677,608 |
12,971,430,956 |
|
Fixed Assets |
41,891,783,864 |
39,454,134,946 |
31,568,049,614 |
|
-Investment |
6,481,895,823 |
4,181,293,009 |
1,391,829,820 |
|
-Tangibles |
33,027,476,246 |
34,086,235,046 |
29,656,149,837 |
|
-Intangibles |
2,382,411,795 |
1,186,606,891 |
520,069,957 |
|
Total Liabilities |
58,356,870,532 |
50,967,367,803 |
34,312,665,738 |
|
Current Liabilities |
43,534,450,650 |
32,331,793,632 |
19,839,876,071 |
|
Fixed Liabilities |
14,822,419,882 |
18,635,574,171 |
14,472,789,667 |
|
Capital Stock |
5,000,000,000 |
5,000,000,000 |
5,000,000,000 |
|
Capital Surplus |
9,666,542,779 |
9,295,057,514 |
9,295,057,514 |
|
Profit Surplus |
27,028,717,328 |
22,988,644,495 |
18,429,394,995 |
|
Capital Adjustment |
(-)234,319,132 |
(-)203,135,740 |
- |
|
Total Equity |
41,460,940,975 |
37,080,566,269 |
32,724,452,509 |
|
Liab. & Shareholder’s Equity |
99,817,811,507 |
88,047,934,072 |
67,037,118,247 |
|
Current Liabilities |
43,534,450,650 |
32,331,793,632 |
19,839,876,071 |
|
Trade Payables |
8,837,157,144 |
4,162,213,068 |
3,280,119,241 |
|
Short-Term Borrowings |
22,199,962,954 |
24,010,589,164 |
10,500,000,000 |
|
Short-Term Debts to the shareholders/Directors |
- |
- |
1,008,405,000 |
|
Account Payables |
450,147,100 |
387,216,078 |
657,867,925 |
|
Account Payables |
2,571,714,182 |
412,175,153 |
184,654,623 |
|
Unearned Income |
- |
- |
1,414,793,000 |
|
Withholdings |
589,354,076 |
515,144,657 |
337,931,599 |
|
Accrued Expenses |
589,490,346 |
536,086,702 |
297,679,029 |
|
Accrued Income Tax |
495,066,990 |
- |
478,579,034 |
|
Current Portion of Long-Term Debts |
1,992,170,670 |
2,308,368,810 |
1,679,846,620 |
|
Current Portion of Convertible Bonds |
5,809,387,188 |
- |
- |
|
Fixed Liabilities |
14,822,419,882 |
18,635,574,171 |
14,472,789,667 |
|
Long-Term Borrowings |
7,657,849,840 |
9,450,019,150 |
8,898,387,960 |
|
Convertible Debentures |
5,325,185,767 |
7,917,716,621 |
5,079,615,176 |
|
Long-Term Account Payables |
1,247,319,400 |
871,219,400 |
- |
|
Leasehold Guarantee Received |
372,369,000 |
396,619,000 |
373,224,000 |
|
Provision for Severance & Retirement |
- |
- |
105,895,424 |
|
Deferred Income Tax Credit |
219,695,875 |
- |
15,667,107 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2006 |
As of 12/31/2005 |
As of 12/31/2004 |
|
Sales |
114,330,763,371 |
83,509,046,723 |
66,392,597,828 |
|
Cost of Sold Goods |
96,187,489,985 |
69,772,618,661 |
54,062,254,596 |
|
Gross Profit |
18,143,273,386 |
13,736,428,062 |
12,330,343,232 |
|
Selling & Admin. Expenses |
6,622,354,572 |
6,094,030,292 |
5,563,857,958 |
|
Operating Income |
11,520,918,814 |
7,642,397,770 |
6,766,485,274 |
|
Non-Operating Income |
1,838,201,287 |
1,174,854,139 |
596,877,014 |
|
Non-Operating expenses |
8,616,488,166 |
4,492,107,303 |
2,868,593,619 |
|
Ordinary Income |
4,742,631,935 |
4,325,144,606 |
4,494,768,669 |
|
Special Income |
- |
- |
- |
|
Income Before Taxes |
4,742,631,935 |
4,325,144,606 |
4,494,768,669 |
|
Income Taxes Expenses |
702,559,102 |
(-)234,104,894 |
1,106,214,076 |
|
Net Income |
4,040,072,833 |
4,559,249,500 |
3,388,554,593 |
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2006 |
As of 12/31/2005 |
As of 12/31/2004 |
|
Cash Flows from Operating |
8,211,127,065 |
(-)4,229,429,333 |
(-)2,108,021,079 |
|
-Net Income |
4,040,072,833 |
4,559,249,500 |
3,388,554,593 |
|
-Exp. without Cash Outflow |
6,258,549,006 |
5,012,569,867 |
3,911,299,188 |
|
-Revenue without Cash Inflows |
(-)102,577,542 |
(-)125,082,955 |
(-)15,637,411 |
|
-Changes in Asset/ & Liability |
(-)1,984,917,232 |
(-)13,676,165,745 |
(-)9,392,237,449 |
|
Cash Flows from Investing |
(-)8,614,551,580 |
(-)13,582,186,829 |
(-)2,077,118,859 |
|
-Cash Inflow from Investing |
133,005,982 |
271,116,877 |
104,215,455 |
|
-Cash Outflows for Investing |
(-)8,747,557,562 |
(-)13,853,303,706 |
(-)2,181,334,314 |
|
Cash Flows from Financing |
957,756,340 |
19,776,207,694 |
6,940,770,380 |
|
-Cash Inflows from Financing |
103,098,227,100 |
78,556,857,764 |
39,041,433,974 |
|
-Cash Outflows from Financing |
(-)102,140,470,760 |
(-)58,780,650,070 |
(-)32,100,663,594 |
|
Increase/Decrease in Cash |
554,331,825 |
1,964,591,532 |
2,755,630,442 |
|
Cash at the Beginning of Year |
6,967,957,206 |
5,003,365,674 |
2,247,735,232 |
|
Cash at the End of Year |
7,522,289,031 |
6,967,957,206 |
5,003,365,674 |
Products, Technologies,
Services
Description
|
Main Products & Services |
NKO3 BWTS(Ballast Water Treatment Systems) HIGH PRESSURE GAS CYLINDERS NGV CYLINDERS -CNG Cylinder -CNG Tube Trailer -CNG Storage Vessel -LCNG Tank FIRE EXTINGUSHING SYSTEM ENVIRONMENT BUSINESS |
Trade Partners
|
Customers |
Hyundai Heavy Industry |
|
Competitors |
FINETECH CO., LTD. NEO CYLINDER CO., LTD. HIPRECYL CO., LTD. |
Related Parties
(Subsidiaries, Joint-
Venture &
Affiliates)
|
Affiliates |
ENK CO., LTD. (69.63% held by the Subject
Company) 1172, Jisa-dong, Gangseo-gu, Tel : +82-51-974-7311~4 Fax : +82-51-974-1314 The Company is established in Busan Science
Industrial Complex of Busan-Jinhae Free Economic Zone(BJFEZ) under a Joint
Venture with the world leading technology and facility relocated to produce
mass quantities of the high durability and super light gas cylinder systems
for special use of the new energy, medical service, scuba system and
aircrafts as well as industrial gases from the most innovated and economic
processing of the Billet piercing and Cold and Hot Deep Drawn and Ironing
from high strength steels with or without fiberglass reinforced. The Company also offers Plants for Storage,
Transportation and Refueling of Alternative New Energy, and Construction
& operation of the Cylinder manufacturing & Retest plants on the
turn-key basis. NKTECH CO., LTD. 541-3 Won-dong, Osan, Tel : +82-31-377-3311/2 Fax : +82-31-372-3679 The Company offers Retest Service of
Cylinder Systems authorized by Korean Authority as certified to ISO/IEC 17020
(General requirement for the competence of testing and calibration
laboratories) according to Korea Laboratory Accreditation Scheme. The Company
also offer Environment Friendly Fire Protection Systems and Special gas
service systems. GESKO CO., LTD. 541-3 Won-dong, Osan, Tel : +82-31-377-3311/2 Fax : +82-31-372-3679 The Company takes business roles of
engineering the CNG storage and transportation systems, and NGV refueling
services in the NK Group of Companies. |
|
Joint Venture |
Kavoush Pressure-Vessels Manufacturing Co.( (25.00% held by the Subject Company) |
|
Subsidiary |
NKSH CO., LTD.(Namyang Pressure Vessel Technology
Shanghai Co., Ltd.) (100.00% held by the Subject Company) NO.1505, Tel : +86-21-3385-1800~4 Fax : +86-21-3385-1805 Business : Inspect Jumbo Tubes and Assemble
Tube Trailer, Manufacture Fire Extinguisher Parts, and Shipbuilding Materials
& Parts The Company has been established in The Company offers NKO3 CO., LTD. (100.00% held by the Subject Company) |
Overseas
Cooperative Companies
Frankrigskaj 3
DK-6700
KIDDE-FIRE
PROTECTION
Belvue road
northolt,
Angus Fire
Thame park Road,
Thame,
Gas Container
Service
Raodway No 7,
Colwick Industrial Estate Colwick,
SWE FIRE
sisjo kullegata 6
S-421 32 V. Frolunda,
BENCKERT &
KAFER
Keplerstrabe 12
D-28203
Euro-Kytex
Engineering BV
Innsbruckweg
17,3047 AG
Datema GmbH
Am Seedeich 39,
Unigas Services srl
19/9 Via Cecchi,
Alert Marine
Safety(AMS)
Kaartenmakerstraat
10, Ridderkerk
Uniclean N.V.
Schurhovenveld 3856
Cosmo D.O.O.
Sibenska 11A,
Uniservice
Bati Sahil Yolu Cad
No. 38/2, Guzelyali Pendik,
EUROSAFE Marine
Safety nv
Vitshoekstraat 4
Haven 1033 2070 Zwijndrecht
Unimarine Service
Cyprus Ltd.
SOLAS MARINE
SERVICES CO.L.L.C
Solas Marine Service(H2S
Division)
Solas Marine
Services(Kingdom of Saudi-Arabia)
SEA SAFE CO.
S.A.S. FIRE
PROTECTION
51 Kampong Bugis,
W.H.Brennan &
Co Pte Ltd
GLOBAL MARINE
SAFETY PTE LTD
NO.6,
KIDDE-ASIA
KIDDE-FENWAL
Global Marine
Safety Guangzhou Co., Ltd.
Unit 1, No.188,
Road Gong Yuan Xi.
Hua Hai
Room 201 B,Block B,
Sea View Estate 4-6 Watson Road, North Point,Hong Kong
TAI SHIANG
No.2
No.645
Chunghward.Ching ShuiTown,
TAI CHUNG
NO.15 Lane393 Chung
Chengrd
Pao-an Fire
Equipment Co., Ltd
281 Chung-Hwa 2nd
Rd.Kaohsiung.
Eversafe Ext. SDN
BHD
878 Jalan Subang 9
Taman Perindustrian Subang 47500 Subang Jaya Selangor Darul Ehsan
Global Marine
Safety & Services (M) Sdn Bhd
No.6 Jalan Bukit 6,
Bandar Baru seri Alam, Masai 81750, Johor Bahru, johor, Malaysia
American
International Industries(
11th
99/5 Moo 16
Srinakarin RD. Bangkeaw Bangplee Samutprakarn 10540
PT.Electronic
j1.Blak No.29,
Khatracom Global
Marine Safety(
74B, Trinh Phong,
Nha Trang,
Solas Marine
Services Pvt. Ltd.
International
infotech park, J-203 Tower No5, Vashi, Navi Mumbai 400-703,
Global Marine
Safety Services
811, Corporate
Centre, Nirmal Lifestyle L.B.S Marg, Mulund(Wset), Mumbai 400-080
NDC
Sea Fort Square
Center Bldg.3-12, Higashi-Shinagawa 2 Chome Shinagawa-ku,
Nohmi Bosai Ltd.
4-7-3 Kudan Minami
Chiyoda-ku,
Kidde Graviner
328 Boundary Road,
Dingley,
TRINKOR PTY LTD
2Harbour Road
Kalamunda Western
Safety Systems
Technology
Global Fire &
Safety Inc.
Fire Protection
Service Inc.
8050
KIDDE FENWAL
Uniservice
A&M SEGURIDAD Y
SUPERVIVENCIA EN EL MAR S.A.C.
AMSUMAR S.A.C. Av.
Santa Rosa 791La Perla-Callao-PERU
Wilkriss Nig. Ltd.
Wilkriss Nigeria
Limited
#30
Sales by Region (Activity
& Markets)
|
Sales/ Unit :Mil KRW |
2006 |
2005 |
2004 |
|
Export |
76,261,013,714 |
56,443,400,043 |
45,020,698,993 |
|
Domestic |
38,069,749,657 |
27,065,646,680 |
21,371,898,835 |
|
Total |
114,330,763,371 |
83,509,046,723 |
66,392,597,828 |
Court Action
|
Case No. |
Court |
Plaintiff(s)/
Creditor(s)/ Applicant(s) |
Defendant(s)/
Debtor(s)/ Respondent(s) |
Cause |
Amount (KRW) |
Status |
|
2006 KAHAP82590 |
- |
Cheonbuk City Gas Co., Ltd. |
The Subject Company and Others(1) |
Claim for Damages |
127,835,000 |
Proceeding |
|
2006Kahap12636 |
- |
The Subject Company |
Incruit and Others(1) |
|
180,700,000 |
Proceeding |
|
2006Kahap 17723 |
- |
Incruit and Others (1) |
The Subject Company |
Claim for Account Payables |
125,384,000 |
Proceeding |
|
- |
- |
The Subject Company |
KOMEX PRO |
Claim for Account Payables |
EUR 436,102 |
Proceeding |
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%)