MIRA
INFORM REPORT
|
Report Date : |
05.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
ENK CO., LTD. |
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Registered Office : |
1172, Jisa-dong, Gangseo-gu, Busan, 618-230 |
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Country : |
Korea |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
27.01.2005 |
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Com. Reg. No.: |
606-81-90406 |
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Legal Form : |
Company Limited by Shares |
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Line of Business : |
Manufacture of Installed Tanks and Reservoirs |
RATING &
COMMENTS
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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 : |
No Complaints |
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Litigation : |
Clear |
Basic
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Company
Name |
ENK CO., LTD. (Korean Company
Name : “이엔케이”) |
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Registered Address |
1172, Jisa-dong, Gangseo-gu, Busan, Korea |
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Zip Code |
618-230 |
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Tel |
+82-51-974-7711~4 |
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Fax |
+82-51-974-1314 |
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E-mail |
ekkim@nkcf.com;bmpark@enkcf.com;mhkim@enkcf.co.kr |
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Website |
www.enkcf.com |
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Trading Address |
1172, Jisa-dong, Gangseo-gu, Busan, Korea |
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Tel |
+82-51-974-7711~4 |
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Fax |
+82-51-974-1314 |
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Other Address-Sinpyeong Branch |
370-27, Sinpyeong-dong, Saha-gu, Busan,
Korea |
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Tel |
+82-51-200-0196 |
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Type |
Export |
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Industry |
Manufacture of Installed Tanks and Reservoirs |
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Main Business |
CNG Cylinder, High Pressure Gas Cylinder, CNG High Pressure Gas Cylinder,
Hydrogen Gas Tank, Scuba Container |
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Established (mm/dd/yyyy) |
01/27/2005 |
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
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Sell |
Air or gas tanks or cylinders(24111802) |
CEO’s
|
Name |
Hwang Young-Bae |
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Address |
779-8, Jayang-dong, Gwangjin-gu, Seoul, Korea |
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Date of Birth |
07/28/1957 |
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Title |
Co-President & CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
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Capital |
29,743,930,000 KRW |
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Employees |
76 |
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Formation |
Co., Ltd by shares A Company of NK CO., LTD. Venture Business Foreign Direct Investment Corporation |
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Bank Details |
Busan Bank-Sinpyeong Branch Korea Exchange Bank Hana Bank |
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Corporate Registered No. |
180111-0508838 |
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Business Registered No. |
606-81-90406 |
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Permit & Licenses |
06/2007 ISO 11439 (Natural Gas Vehicle Fuel Cylinder) 06/2007 ISO 9001: 2000 Int’l Trade No.: 45258613 |
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Shareholder Position |
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Company History |
01/27/2005 Incorporated as NKCF CO., LTD.,
as a JV with METAL SPINNING CONSULTANTS INC.-USA 02/17/2005 Registered as a Foreign Direct
Investment Corporation 12/20/2005 Increased the authorized shares to 3,000,000 shares from
101,600 shares 12/20/2005 Increased capital to
3,127,000,000 KRW from 127,000,000 KRW 12/30/2005 Increased capital to 4,651,160,000
KRW from 3,127,000,000 KRW 01/18/2006 Increased capital to
6,651,160,000 KRW from 4,651,160,000 KRW 09/13/2006 Increased capital to
7,277,260,000 KRW from 6,651,160,000 KRW 12/06/2006 Changed company name to the
present name 12/11/2006 Moved to the present HQ address
from 1 Block, 7 Lot, Busan Science Industrial Complex, Jisa-dong,
Gangseo-gu, Busan, Korea 01/30/2007 Increased the authorized shares to 20,000,000 shares from
3,000,000 shares 02/06/2007 Increased capital to
17,277,260,000 KRW from 7,277,260,000 KRW 02/17/2007 Increased capital to
20,610,595,000 KRW from 17,277,260,000 KRW 11/27/2007 Increased capital to
25,610,595,000 KRW from 20,610,595,000 KRW 10/17/2008 Increased capital to
29,743,930,000 KRW from 25,610,595,000 KRW |
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Management
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Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
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Co-President & CEO |
Mr. |
Hwang Young-Bae |
Male |
Korean |
05/29/2008 |
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Co-President & CEO |
Mr. |
Chun Young-Soo |
Male |
Korean |
05/29/2008 |
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Director |
Mr. |
Jung Se-Jin |
Male |
Korean |
01/27/2005 |
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Director |
Mr. |
Tak In-Joo |
Male |
Korean |
01/27/2005 |
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Director |
Mr. |
Park Yoon-So |
Male |
Korean |
03/28/2008 |
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Auditor |
Mr. |
Lee Seung-Bok |
Male |
Korean |
12/14/2005 |
Financials
Unit: KRW
|
Year |
Sales |
Assets |
Net income |
|
11,651,457,193 |
88,636,443,366 |
(-)5,535,396,255 |
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|
2006 |
- |
38,269,317,494 |
(-)324,603,392 |
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2005 |
- |
8,522,483,334 |
(-)68,492,734 |
Financial Description
Unit: KRW
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Authorized
Capital |
100,000,000,000 |
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Paid-Up
Capital |
29,743,930,000 |
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Total Issues Shares |
5,948,786 (Common:4,455,452 / Preferable:1,493,334) |
Balance
Sheet
|
Unit : Korean Won |
As of 12/31/2007 |
As of 12/31/2006 |
As of 12/31/2005 |
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Total Assets |
88,636,443,366 |
38,269,317,494 |
8,522,483,334 |
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Current Assets |
20,904,572,790 |
1,227,278,917 |
671,857,152 |
|
-Quick Assets |
13,978,245,711 |
1,227,278,917 |
671,857,152 |
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-Inventories |
6,926,327,079 |
- |
- |
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Fixed Assets |
67,731,870,576 |
37,042,038,577 |
7,850,626,182 |
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-Investment |
660,065,000 |
40,065,000 |
369,505,000 |
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-Tangibles |
66,565,836,961 |
36,815,879,947 |
7,476,116,615 |
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-Intangibles |
325,968,615 |
186,093,630 |
5,004,567 |
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-Others |
180,000,000 |
- |
- |
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Total Liabilities |
62,739,681,947 |
31,426,725,620 |
3,961,587,228 |
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Current Liabilities |
31,245,082,353 |
16,007,925,620 |
3,961,587,228 |
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Fixed Liabilities |
31,494,599,594 |
15,418,800,000 |
- |
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Capital Stock |
25,610,595,000 |
7,277,260,000 |
4,651,160,000 |
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Capital Surplus |
6,214,658,800 |
- |
- |
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Profit Surplus |
(-)5,928,492,381 |
(-)393,096,126 |
(-)68,492,734 |
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Capital Adjustment |
- |
(-)41,572,000 |
(-)21,771,160 |
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Total Equity |
25,896,761,419 |
6,842,591,874 |
4,560,896,106 |
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Liab. &
Shareholder’s Equity |
88,636,443,366 |
38,269,317,494 |
8,522,483,334 |
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Current
Liabilities |
31,245,082,353 |
16,007,925,620 |
3,961,587,228 |
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Trade Payables |
6,263,934,138 |
- |
- |
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Short-Term Borrowings |
10,000,000,000 |
7,490,000,000 |
1,490,000,000 |
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Account Payables |
10,896,288,873 |
8,151,234,272 |
2,443,260,428 |
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Advance Receipts |
37,293,540 |
- |
- |
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Unearned Income |
- |
45,565,756 |
- |
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Accrued Expenses |
564,979,717 |
275,056,034 |
23,180,540 |
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Withholdings |
196,385,679 |
46,069,558 |
5,146,260 |
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Current Portion of Long-Term Debts |
3,286,200,406 |
- |
- |
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Fixed
Liabilities |
31,494,599,594 |
15,418,800,000 |
- |
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Long-Term Borrowings |
31,314,599,594 |
15,418,800,000 |
- |
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Long-Term Account Payables |
180,000,000 |
- |
- |
Income
Statement
|
Unit : Korean Won |
As of 12/31/2007 |
As of 12/31/2006 |
As of 12/31/2005 |
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Sales |
11,651,457,193 |
- |
- |
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Cost of Sold Goods |
14,831,745,598 |
- |
- |
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Gross Profit |
(-)3,180,288,405 |
- |
- |
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Selling & Admin. Expenses |
2,095,774,404 |
366,996,182 |
68,532,702 |
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Operating Income |
(-)5,276,062,809 |
(-)366,996,182 |
(-)68,532,702 |
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Non-Operating Income |
535,627,567 |
43,286,803 |
119,222 |
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Non-Operating expenses |
794,961,013 |
894,013 |
79,254 |
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Ordinary Income |
(-)5,535,396,255 |
(-)324,603,392 |
(-)68,492,734 |
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Special Income |
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Income Before Taxes |
(-)5,535,396,255 |
(-)324,603,392 |
(-)68,492,734 |
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Income Taxes Expenses |
- |
- |
- |
|
Net Income |
(-)5,535,396,255 |
(-)324,603,392 |
(-)68,492,734 |
Cash
Flows
|
Unit : Korean Won |
As of 12/31/2007 |
As of 12/31/2006 |
As of 12/31/2005 |
|
Cash Flows from Operating |
(-)8,678,632,153 |
(-)733,918,943 |
(-)162,775,559 |
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-Net Income |
(-)5,535,396,255 |
(-)324,603,392 |
(-)68,492,734 |
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-Exp. without Cash Outflow |
5,607,615,386 |
13,456,687 |
1,631,325 |
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-Revenue
without Cash Inflows |
(-)25,374,173 |
(-)8,434,244 |
- |
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-Changes in
Asset/ & Liability |
(-)8,725,477,111 |
(-)414,337,994 |
(-)95,914,150 |
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Cash Flows
from Investing |
(-)34,879,676,433 |
(-)22,955,426,164 |
(-)4,238,272,267 |
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-Cash Inflow
from Investing |
47,500,000 |
369,440,000 |
- |
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-Cash
Outflows for Investing |
(-)34,927,176,433 |
(-)23,324,866,164 |
(-)4,238,272,267 |
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Cash Flows
from Financing |
46,731,565,800 |
23,902,999,160 |
4,595,228,840 |
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-Cash
Inflows from Financing |
66,632,005,000 |
25,322,800,000 |
4,618,582,312 |
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-Cash
Outflows from Financing |
(-)19,900,439,200 |
(-)1,419,800,840 |
(-)23,353,472 |
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Increase/Decrease in Cash |
3,173,257,214 |
213,654,053 |
194,181,014 |
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Cash at the Beginning of Year |
407,835,067 |
194,181,014 |
- |
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Cash at the End of Year |
3,581,092,281 |
407,835,067 |
194,181,014 |
Products, Technologies, Services
Description
|
Main
Products & Services |
Gas cylinders for below usages; - New alternative energy - Medical industries - Aircraft systems - Scuba systems, and - Industrial gases |
Trade Partners
|
Suppliers |
NK CO., LTD.(180111-0054641) |
|
Competitors |
3G CORPORATION RM. 501-3, TIME PLAZA, 296-1, CHANG 5-DONG,
DOBONG-GU, SEOUL, KOREA TEL:+82-2-999-1389 FAX:+82-2-999-1605 KCR CO., LTD. 802-15, YONGAM-RI, BONGDONG-EUP, WANJU-GUN,
JEOLLABUK-DO, KOREA TEL:+82-63-263-1700 FAX:+82-63-261-2500 KOREA HIGH PRESSURE CYLINDER CO., LTD. 191-1, DANWOL-DONG, ICHEON-SI, GYEONGGI-DO,
KOREA TEL:+82-31-633-3615 FAX:+82-31-633-5894 |
Related Parties (Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
NK CO., LTD.(180111-0054641) NKO3 CO., LTD.(180111-0551580) METAL SPINNING CONSULTANTS INC. METRO LAND CO., LTD.(180111-0368539) NAMYANG PRESSURE CONTAINER TECHNOLOGY CO.,
LTD-CHINA NKSH CO., LTD-CHINA NO.1505, LUODONG RD, BAOSHAN, SHANGHAI,
CHINA TEL :+86-21-3385-1800~4 FAX :+86-21-3385-1805 NKTECH CO., LTD.(180111-01923000 541-3 WON-DONG, OSAN, GYEONGGI-DO, KOREA TEL :+82-31-377-3311/2 FAX :+82-31-372-3679 GESKO CO., LTD. (134811-0070151) 541-3, WON-DONG, OSAN, GYEONGGI-DO, KOREA TEL :+82-31-377-3311/2 FAX :+82-31-372-3679 |
|
Corporate Ownership |
NK CO., LTD.(180111-0054641) |
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Major Shareholders |
NK CO., LTD.(180111-0054641) |
Sales by
Region (Activity &
Markets)
The Subject exports
to Thailand.
Court
Action
No.
News
Clipping
--
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.69 |
|
UK Pound |
1 |
Rs.72.96 |
|
Euro |
1 |
Rs.63.46 |
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 |
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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 |
|
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 |
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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%)