MIRA
INFORM REPORT
|
Report Date : |
03.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ILJIN ELECTRIC CO., LTD. |
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Registered Office : |
112-83, Annyeong-dong, Hwaseong-si, Gyeonggi-do 445-380 |
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Country : |
Korea |
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Financials (as on) : |
30.09.2008 |
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Date of Incorporation : |
01.01.1982 |
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Com. Reg. No.: |
134811-0159279 |
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Legal Form : |
Listed Company |
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Line of Business : |
Manufacture of Electrical Apparatuseses for Switching, Protecting and Connecting Electrical Circuits Used in Power Distribution Systems |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Basic
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Company
Name |
ILJIN ELECTRIC CO., LTD. (Korean Company Name : “일진전기”) |
|
Registered Address/Factory |
112-83, Annyeong-dong, Hwaseong-si,
Gyeonggi-do, Korea |
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Zip Code |
445-380 |
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Tel |
+82-31-220-0500 |
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Fax |
+82-31-220-0789 |
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E-mail |
hoyoung.jung@iljin.co.kr;Poka@iljin.co.kr;Sookyung.kook@iljin.co.kr |
|
Website |
www.iljinelectric.co.kr |
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Trading Address-Seoul Branch |
12th Fl., Iljin Bldg., 50-1, Dohwa-dong,
Mapo-gu, Seoul, Korea |
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Tel |
+82-2-707-9648 +82-2-707-9114 |
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Fax |
+82-2-707-9019 +82-2-707-9778 |
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Other Address-Banwol Factory |
472-1, Mongnae-dong, Danwon-gu, Ansan-si,
Gyeonggi-do, Korea |
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Tel |
+82-31-486-8260 +82-31-486-8216 |
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Fax |
+82-31-491-1210 |
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Other Address-Incheon Factory |
5-5, Hwasu-dong, Dong-gu, Incheon, Korea |
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Tel |
+82-32-770-2000 |
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Fax |
+82-32-761-2326 |
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Type |
Export |
|
Industry |
Manufacture of Electrical Apparatuseses for Switching, Protecting and Connecting
Electrical Circuits Used in Power Distribution Systems |
|
Main Business |
Circuit Breaker, Power Transmission, Distribution Lines, Power Cables,
Electrical Equipment, Medium-High Voltage Power Cables, Insulated Wire,
Optical Fiber Cable |
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Sub
Business |
Manufacture of Insulated Wire and Cable, Except Insulated Code Sets |
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Established (mm/dd/yyyy) |
01/01/1982 Incorporated 07/02/2008 Reincorporated by Company’s
spinning off |
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|
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The Subject owns the premises of registered HQ address/Factory.
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Insulated or covered wire(26121524) |
|
Sell |
Gas regulators(40142201) |
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Sell |
Surge suppressers(39121610) |
|
Sell |
Electrical measuring and testing
equipment(41113600) |
|
Sell |
Variable resistors or varistors(32121603) |
|
Sell |
Power relays(39121514) |
|
Sell |
Electrical cable and accessories(26121600) |
CEO’s
|
Name |
Hur Jeong-Seok |
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Date of Birth |
09/03/1950 |
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Title |
Co-President & CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
|
Capital |
37,080,390,000 KRW |
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Employees |
893 |
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Formation |
Listed Company (Korea Stock Exchange:
103590) as of 08/01/2008 A Company of ILJIN GROUP |
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Bank Details |
Woori Bank-Mapo Branch Hana Bank Shinhan Bank Kookmin Bank Korea Exchange Bank Citi Bank, Korea |
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Corporate Registered No. |
134811-0159279 (former 120111-0011990) |
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Business Registered No. |
1248667922 (former 124-81-34732) |
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Permit & Licenses |
07/1986 KS 04/1995 ISO 9001 12/2000 ISO 14001 Int’l Trade No.: 850432 |
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Shareholder Position |
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Company History |
08/1975 Development of domestic fittings
for distribution (deadend clamp) 12/1976 Development of domestic 8kV
COS(CUT OUT SWITCH) 10/1978 Completion of Incheon Bupyoung
plant and relocation 07/1979 Development of domestic Lightening
Arretter (in affiliation with McGAW-EDISON of US) 01/01/1982 Changed company
name to Iljin Electric Industry Co., Ltd., from Iljin Metal Industry 02/1990 IPO 03/1990 Development and mass-production of
ALTS, in technology affiliation with France M.G 06/1990 ADS(Auto-Distribution System)
initial delivery - KEPCO, Kyunggi Office 12/1990 Technology affiliation with ABB of
Germany (IPB) 01/1991 Acquired 1st-Grade in Quality
Management (Korea Quality Technology Center) 06/1991 Development of domestic 25.8kV
circuit breaker for substations - technology affiliation with ALSTOM
(Switzerland) 11/1991 Appointed as the leading quality
management company (Governor of
Kyunggi Province) 08/1992 Appointed as the technology
innovating company 04/1993 Awarded with the Bronze Industrial
Medal (Day of Electricity) 04/1995 Acquired KS/ISO 9001 certification
(Korea Quality Assurance Center) 08/1995 Awarded with quality management
leader prize (Governor of Kyunggi Province) 10/1995 Technology affiliation with ASAHI
Metal of Japan (fall-prevention safety device) 04/1996 Acquired approval on elevator
manufacturing (Kyunggi Provincial Office), plant registration (Hwaseong-Gun
Office) 04/1996 Technology affiliation with TOMOE
Cooperation of Japan (iron tower elevator) 06/1996 Technology affiliation agreement
with VALMET of US (SCADA & EMS) 09/1997 Awarded with Gold Prize in national
quality management contest (Minister of Industry and Trade) 09/1997 EO mark certification on group
standard (5 including Gas sw) - Korea Electrical Manufacturers Cooperative 12/1997 765kV Development and pilot run of
transmission fittings 12/1998 Development of C-GIS (Gas
insulation switchgear) 06/2000 Consolidation with Iljin Cable
Inc. 12/2000 Acquired ISO 14001 environmental
management structure certification (Korea Foundation for Quality) 05/2001 Development of domestic 170kV
circuit breaker (GIS) 08/2001 Development of domestic 345kV CV
CABLE 03/2002 Changed company name to Iljin
Electric Co., Ltd from Iljin Electric Industry Co., Ltd. 07/2002 Development of domestic 72.5kV
circuit breaker (GIS) 09/2001 Independent development of 22.9kV
ACSR/AW-TR/OC Cable 07/2002 Development of domestic 72.5kV
circuit breaker (GIS) 12/2002 Disposal of casting business
(aluminum casting, automobile parts) 10/2003 Consolidation with Iljin Co., Ltd 11/2003 Disposal of new material
(Disc/chip marista) facility 03/2004 Independent development of Diesel
Particulate Filter Trap (DPF) 06/2004 Disposal of FS Cable facility,
disposal and lease of CP facility 03/2005 Development of Ribbon optical
cable 03/2005 Development of Relay 05/2005 Development of Digital Instrument
(single-phase) 08/2007 Merged with ILJIN HEAVY INDUSTRIES CO., LTD(120111-0018011) 07/02/2008 Spin off from Manufacturing Division of ILJIN HOLDINGS CO.,
LTD(120111-0011990) and incorporated as the present name 08/01/2008 Listed at Korea Stock Exchange(Code:
103590) |
The Subject Company
is a Korea-based company engaged in the manufacture of electrical equipment.
The Company is established through spinning-off of the electrical equipment manufacturing
business from ILJIN HOLDINGS CO.,LTD, formerly Iljin Electric Co., Ltd. The
Company operates its business under three segments: cable, electrical machinery
and communication. Its cable segment provides power cables, insulated cables
and others. Its electrical machinery segment provides power transmission and
transformation systems, which include high voltage facilities, fittings,
relays, motors, pumps, transformers and other related components. Its
communication segment provides telecommunication cables such as break out
cables, simple and duplex cables, optical cables, copper clad steel wires, foam
skin cables and others used in Internet and information technology (IT)
industries. It also provides lighting products such as sensor lamps, electronic
ballasts, explosion-proof lamps and street lights.
Management
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education/Career |
|
Co-President & CEO |
Mr. |
Hur Jeong-Seok |
Korean |
1969.10.08 |
Yonsei University |
|
Co-President & CEO |
Mr. |
Choi Jin-Yong |
Korean |
1950.09.03 |
Inha University |
|
Vice President |
Mr. |
Kim Hee-Soo |
Korean |
1955.10.04 |
Korea University |
|
Outside Director |
Mr. |
Jung Hyun-Kyo |
Korean |
1955.08.17 |
Prof., Seoul National University |
|
Auditor |
Mr. |
Kang Ho-Jae |
Korean |
1938.04.29 |
Unix Rubber |
|
Auditor |
Mr. |
Shim Seung-Kyu |
Korean |
1965.04.26 |
Iljin Group |
Financials
Unit: KRW
|
Year |
Sales |
Assets |
Net income |
|
766,952,560,114 |
580,629,419,250 |
24,591,325,668 |
|
|
2006 |
678,454,040,113 |
417,752,409,240 |
11,391,769,214 |
|
2005 |
474,565,110,940 |
397,761,306,555 |
15,528,489,507 |
|
2004 |
389,707,642,705 |
346,626,653,715 |
1,425,748,719 |
|
2003 |
195,221,827,872 |
354,319,461,344 |
(-)5,547,405,523 |
Financial Description
Unit: KRW
|
Authorized
Capital |
140,000,000,000 |
|
Paid-Up
Capital |
37,080,390,000 |
|
Total Issues Shares |
37,080,390 |
(*) These figures in 2006 & 2007are before company’s spinning off.
Balance
Sheet
|
Unit : Korean Won |
01/01/2008~09/30/2008 |
As of 12/31/2007 |
As of 12/31/2006 |
|
Total Assets |
551,284,174,163 |
580,629,419,250 |
417,752,409,240 |
|
Current Assets |
320,260,406,771 |
226,521,738,839 |
145,966,315,273 |
|
-Quick Assets |
234,666,985,450 |
154,841,962,311 |
101,672,882,428 |
|
-Inventories |
85,593,421,321 |
71,679,776,528 |
44,293,432,845 |
|
Fixed Assets |
231,023,767,392 |
354,107,680,411 |
271,786,093,967 |
|
-Investment |
14,206,171,433 |
117,578,688,625 |
115,406,404,074 |
|
-Tangibles |
201,435,326,823 |
220,600,869,573 |
152,730,258,654 |
|
-Intangibles |
11,596,708,227 |
12,674,388,171 |
908,577,916 |
|
-Others |
3,785,560,909 |
3,253,734,042 |
2,740,853,323 |
|
Total Liabilities |
389,145,148,168 |
305,738,064,480 |
263,491,531,940 |
|
Current Liabilities |
330,382,604,056 |
243,540,551,727 |
188,254,523,868 |
|
Fixed Liabilities |
58,762,544,112 |
62,197,512,753 |
75,237,008,072 |
|
Capital Stock |
37,080,390,000 |
60,844,648,000 |
39,636,989,000 |
|
Capital Surplus |
133,091,878,824 |
140,201,813,453 |
50,312,201,803 |
|
Profit Surplus |
(-)8,044,544,634 |
84,436,816,212 |
62,980,515,079 |
|
Capital Adjustment |
11,301,805 |
(-)10,591,922,895 |
1,331,171,418 |
|
Total Equity |
162,139,025,995 |
274,891,354,770 |
154,260,877,300 |
|
Liab. & Shareholder’s Equity |
551,284,174,163 |
580,629,419,250 |
417,752,409,240 |
|
Current
Liabilities |
330,382,604,056 |
243,540,551,727 |
188,254,523,868 |
|
Trade Payables |
73,644,443,043 |
77,906,256,820 |
57,506,056,096 |
|
Short-Term Borrowings |
182,650,738,043 |
77,121,645,708 |
72,844,792,065 |
|
Account Payables |
16,118,936,459 |
11,373,685,857 |
13,496,307,209 |
|
Advance Receipts |
11,663,550,912 |
15,008,041,655 |
924,702,080 |
|
Advance Receipts-Construction |
207,422,752 |
337,944,182 |
7,608,613,455 |
|
Derivatives |
24,440,174,069 |
5,762,797,344 |
1,489,124,845 |
|
Withholdings |
1,004,096,863 |
2,422,568,916 |
1,820,724,204 |
|
VAT Withhold |
|
8,917,500 |
- |
|
Accrued Expenses |
3,762,033,655 |
4,994,707,923 |
4,859,846,300 |
|
Accrued Dividends |
5,141,210 |
4,707,650 |
4,271,340 |
|
Accrued Income Tax |
1,289,067,050 |
7,621,185,103 |
1,857,916,161 |
|
Current Portion of Long-Term
Debts |
5,597,000,000 |
996,000,000 |
996,000,000 |
|
Current Portion of Debentures |
10,000,000,000 |
40,000,000,000 |
25,000,000,000 |
|
Fixed
Liabilities |
58,762,544,112 |
62,197,512,753 |
75,237,008,072 |
|
Long-Term Borrowings |
450,000,000 |
5,798,000,000 |
1,794,000,000 |
|
Debentures |
46,129,400,000 |
40,000,000,000 |
55,000,000,000 |
|
Bond With Warrant |
|
938,200,000 |
9,296,000,000 |
|
Provision for Severance &
Retirement |
11,668,120,077 |
10,351,056,460 |
7,321,477,098 |
|
Non-Current Portion of Deferred
Income Tax Credit |
311,131,764 |
461,331,959 |
333,922,973 |
|
Other Non-Current Liabilities |
654,537,867 |
5,150,781,264 |
4,300,480,499 |
Income
Statement
|
Unit : Korean Won |
01/01/2008~09/30/2008 |
As of 12/31/2007 |
As of 12/31/2006 |
|
Sales |
229,131,972,933 |
766,952,560,114 |
678,454,040,113 |
|
Cost of Sold Goods |
201,003,064,264 |
684,509,385,401 |
623,215,836,414 |
|
Gross Profit |
28,128,908,669 |
82,443,174,713 |
55,238,203,699 |
|
Selling & Admin. Expenses |
14,136,636,336 |
46,380,838,076 |
32,267,539,386 |
|
Operating Income |
13,992,272,333 |
36,062,336,637 |
22,970,664,313 |
|
Non-Operating Income |
26,946,027,387 |
24,204,183,275 |
23,611,916,170 |
|
Non-Operating expenses |
51,812,145,010 |
30,231,345,049 |
31,221,874,914 |
|
Ordinary Income |
(-)10,873,845,290 |
30,035,174,863 |
15,360,705,569 |
|
Special Income |
- |
- |
- |
|
Income Before Taxes |
(-)10,873,845,290 |
30,035,174,863 |
15,360,705,569 |
|
Income Taxes Expenses |
(-)2,829,300,656 |
5,443,849,195 |
3,968,936,355 |
|
Net Income |
(-)8,044,544,634 |
24,591,325,668 |
11,391,769,214 |
Cash
Flows
|
Unit : Korean Won |
01/01/2008~09/30/2008 |
As of 12/31/2007 |
As of 12/31/2006 |
|
Cash Flows from Operating |
8,730,771,788 |
(-)4,610,446,471 |
10,797,574,741 |
|
-Net Income |
(-)8,044,544,634 |
24,591,325,668 |
11,391,769,214 |
|
-Exp. without Cash Outflow |
43,521,870,990 |
30,693,905,459 |
22,672,375,436 |
|
-Revenue
without Cash Inflows |
(-)20,437,668,188 |
(-)17,639,519,541 |
(-)10,349,829,722 |
|
-Changes in
Asset/ & Liability |
(-)6,308,886,380 |
(-)42,256,158,057 |
(-)12,916,740,187 |
|
Cash Flows
from Investing |
(-)6,847,188,691 |
(-)13,083,318,577 |
(-)10,176,942,013 |
|
-Cash Inflow
from Investing |
45,400,000 |
3,241,535,961 |
42,538,399,077 |
|
-Cash
Outflows for Investing |
(-)6,892,588,691 |
(-)16,324,854,538 |
(-)52,715,341,090 |
|
Cash Flows
from Financing |
(-)6,371,297,776 |
6,041,241,710 |
5,856,346,127 |
|
-Cash
Inflows from Financing |
240,026,307 |
67,295,948,829 |
368,408,610,627 |
|
-Cash
Outflows from Financing |
(-)6,611,324,083 |
(-)61,254,707,119 |
(-)362,552,264,500 |
|
Increase/Decrease in Cash |
(-)4,487,714,679 |
(-)11,652,523,338 |
6,476,978,855 |
|
Cash at the Beginning of Year |
11,874,699,848 |
21,587,773,294 |
15,110,794,439 |
|
Cash at the End of Year |
7,386,985,169 |
9,935,249,956 |
21,587,773,294 |
Products, Technologies, Services
Description
|
Main
Products & Services |
Transmission and Distribution Electric Devices Circuit Breaker Distribution Automation System Electronic Watthour Meter High and Extra-High Voltage Cable Optical Communication Cable SCR(Cu Rod) SOC Business Auto Parts/Environment Business Lighting Business Brand Name : ILJIN |
Trade
Partners
|
Customers |
KT CORPORATION(110111-1468754) KOREA ELECTRIC POWER
CORPORATION(114671-0001456) KOREAGASCORPORATION(114671-0006125) HANOI POWER COMPANY |
|
Competitors |
HYOSUNG CORPORATION(110111-0030497) HYUNDAI HEAVY INDUSTRIES
CO.,LTD(181211-0000386) LS INDUSTRIAL SYSTEMS
CO.,LTD(110111-0520076) KWANGMYUNG ELECTRIC ENGINEERING
CO.,LTD(130111-0006270) SEONDO ELECTRIC CO.,LTD(130111-0007989) SEMYUNG ELECTRIC MACHINERY(180111-0052091) TAIHAN ELECTRIC WIRE CO.,LTD(110111-0035835) GAON CABLE CO.,LTD(134111-0000567) |
Related Parties (Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
ILJIN HOLDINGS CO., LTD(120111-0011990) ILJIN DIAMOND CO., LTD.(154511-0029242) ILJIN ELECTRIC CO., LTD(134811-0159279) ILJIN DISPLAY CO., LTD.(154511-0006076) ILJIN COPPERFOIL CO., LTD.(214911-0003625) ILJIN LIGHT METAL CO., LTD.(134111-0008412) ILJIN UNISCO CORP.(110111-0356455) JEONJO TELEVISION CO., LTD.(210111-0018260) ILJIN CAPITAL.CO., LTD(110111-0711279) ITEK INVESTMENT CO., LTD.(110111-1877658) SID CO., LTD(164811-0012679) ILJIN MOTOR COMPANY(110111-1267031) ILJIN PISA CO., LTD.(110111-1346489) ILJIN C2C, LTD(110111-2587660) ILJIN NETWORKS CO., LTD.(110111-2771677) MAGMA TOOL CO., LTD.(210111-0028889) ILJIN DSP CO., LTD.(131311-0074735) BTIH(110111-2977126) INITUS CO., LTD.(110111-1544687) BIMED SYSTEM CO., LTD.(170111-0331190) ILJIN DEVELOPMENT COMPANY CO.,
LTD(110111-3929077) HANAKA ILJIN JSC ILJIN GLOBAL LTD |
|
Cooperative Enterprise |
GEC ALSTOM T&D LTD-SWISS DRAKENVERT-USA TOMOE CO.-JAPAN ASHI CO.-JAPAN BRUGG KABEL-GERMANY |
Sales by
Region (Activity &
Markets)
|
Sales/ Unit :Mil KRW |
2007 |
2006 |
2005 |
|
Export |
314,258 |
310,034 |
180,225 |
|
Domestic |
406,137 |
329,978 |
277,316 |
|
Others |
46,558 |
38,442 |
17,024 |
|
Total |
766,953 |
678,454 |
474,565 |
The Subject exports to Taiwan, China and Thailand, and Middle East.
(*) These figures are before company’s spinning off.
Court
Action
|
Case No. |
Court |
Plaintiff(s)/
Creditor(s)/ Applicant(s) |
Defendant(s)/
Debtor(s)/ Respondent(s) |
Cause |
Amount (KRW) |
Status |
|
|
Suwon District Court |
Kim Ik-Bae and Others(2) |
The Subject Company |
Claim for Damages |
370,000,000 |
1sr Round Proceeding |
|
|
|
|
The Subject Company (Total 3 Cases) |
|
587,562,000 KRW |
Proceeding |
News
Clipping
UNPRECEDENTED CASE OF PRICE FIXING
JOONGANGILBO & JOINS.COM:05/28/2007
Seven companies have been fined by the Fair Trade Commission for fixing
prices on a project bid, the commission said yesterday.The firms, which make
gas-insulated switchgears, agreed on bids for a government procurement project,
on the condition that whichever company won would share the profits with the
other cartel members.
The companies, which included Hyundai Heavy Industries and LS Industrial
Systems, held a separate, private bidding session.
It was the first time the commission had discovered a case of
price-fixing and profit-sharing in a contract bid.A fine of 786.8 million won
($850,000) total was levied on the companies.
Hyundai Heavy Industries, LS Industrial Systems (formerly LG Industrial
Systems), Hyosung, Kwang Myung Electric, Seondo Electric and Iljin Electric
will have to pay 124.9 million won each, while ABB Korea was fined 37.4 million
won by the commission.The group gathered for an order for a 24-kilovolt gas
insulated switchgear placed by the Korea Container Terminal Authority.
They set the bidding price for each company and had one company win the
authority’s order.
People in charge of sales at each company except ABB Korea met and
agreed the winner of the bid would pay at least 100 million won to each
company.
At the private bidding session, Kwang Myung said they could make the
highest profit off the contract, which made them the predetermined bid
winner.ABB Korea was not at the preliminary consultation meeting but was
persuaded by other companies at the bidding site on the bidding day and agreed
to cooperate in exchange for 50 million won.
Kwang Myung later won the order for 2.5 billion won and each of the
original six firms took home 140 million won.
“Not only did the companies preset the bidding prices, they divided the
profits,” said a Fair Trade Commission official.
“We fined the companies for as much as they made through unfair
competition.”By Hwang Young-jin Staff Writer[yhwang@joongang.co.kr]
- Copyrights ⓒ JoongangIlbo & Joins.com, All rights reserved.
-
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.90 |
|
UK Pound |
1 |
Rs.74.30 |
|
Euro |
1 |
Rs.63.42 |
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. |
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%)