MIRA
INFORM REPORT
|
Report Date : |
16.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
KOREA REFRACTORIES CO., LTD. |
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|
|
|
Registered Office : |
386-14, Gagok-ri, Songsan-myeon,
Dangjin-gun, Chungcheongnam-do, Korea 343-831 |
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|
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Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.03.2011 |
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|
|
|
Date of Incorporation : |
24.06.1974 |
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Com. Reg. No.: |
622-81-06900 |
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|
|
|
Legal Form : |
Listed Company |
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|
|
|
Line of Business : |
Manufacture of Structural Refractory Ceramic 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 |
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
No Complaints |
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|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Basic information
|
Company
Name |
KOREA REFRACTORIES CO., LTD. (Trade Name : KRC) (Korean Company Name : “한국내화(주)”) |
|
Registered Address |
386-14, Gagok-ri, Songsan-myeon,
Dangjin-gun, Chungcheongnam-do, Korea |
|
Zip Code |
343-831 |
|
Tel |
+82-41-359-2200 |
|
Fax |
+82-41-359-2299 |
|
E-mail |
jlee@foosung.com |
|
Website |
www.fskrc.co.kr |
|
Trading Address |
3FL., Foosung Bldg., 8-1, Gumi-dong, Bundang-gu, Seongnam-si, Gyeonggi-do, Korea |
|
Tel |
+82-31-627-4200 |
|
Fax |
+82-31-627-4299 |
|
Other Address-Ulsan Office |
2FL., Dongcheon Bldg., 875-15, Bangu-dong, Jung-gu, Ulsan, Korea |
|
Tel |
+82-52-296-3777 |
|
Fax |
+82-52-296-3776 |
|
Other Address |
4FL., 171-18, Haedo-dong,
Nam-gu, Pohang-si, Gyeongbuk, Korea |
|
Tel |
+82-54-278-3215~6 |
|
Fax |
+82-54-278-3216 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Structural Refractory Ceramic Products |
|
Main Business |
Refractories, Furnace Construction |
|
Established (mm/dd/yyyy) |
06/24/1974 |
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Castables(31371200) |
|
Sell |
Mortars(30111504) |
|
Buy |
Aluminum(11101705) |
|
Buy |
Magnesium(11101707) |
|
Buy |
Clays(11111800) |
CEO’s
|
Name |
Kim Geun-Soo |
|
Date of Birth |
09/15/1948 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
7,859,168,500 |
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|
Employees |
384 |
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|
Formation |
Listed Company (Korea Stock Exchange : 010040) as of 10/16/2000 A Company of FOOSUNG GROUP |
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Bank Details |
Kookmin Bank Korea Exchange Bank Shinhan Bank |
||||||||||||||||||
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Corporate Registered No. |
184611-0000319 |
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Business Registered No. |
622-81-06900 |
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Permit & Licenses |
07/1983 KS Mark 10/1983 CE Mark 06/1996 ISO 9002 08/2003 ISO 9001 Int’l Trade No.: 166061 |
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Shareholder Position |
|
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|
Company History |
05/1973 Established as KOREA SPECIAL
REFRACTORIES CO.(Sole Proprietorship) 06/24/1974 Incorporated as KOREA SPECIAL
REFRACTORIES CO., LTD. |
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|
|
Management
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
President & CEO |
Mr. |
Kim Geun-Soo |
Korean |
1948.09.15 |
University of California, USA |
|
President & CEO |
Mr. |
Song Han-Joo |
Korean |
1952.08.10 |
Hanyang University, Korea |
|
Vice President |
Mr. |
Kim Yong-Min |
Korean |
1976.09.14 |
Washington University, USA |
|
Outside Director |
Mr. |
Song Hyuck-Joon |
Korean |
1958.12.14 |
Seoul National University, Korea |
|
Auditor |
Mr. |
Song Young-Soo |
Korean |
1948.02.28 |
- |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
52,906,828,356 |
203,180,323,781 |
2,761,341,546 |
|
|
2010 |
199,127,261,082 |
172,699,668,941 |
5,843,695,702 |
|
2009 |
124,088,996,960 |
171,329,607,524 |
-5,846,241,580 |
|
2008 |
83,957,424,111 |
104,477,247,149 |
-1,490,968,917 |
(*)03/2011 and 2010’s figures are based on the K-IFRS Accounting System.
Financial Description
|
Authorized Capital(KRW) |
50,000,000,000 |
|
Paid-Up Capital(KRW) |
7,859,168,500 |
|
Total Issues Shares |
15,718,337 |
Balance
Sheet
|
Unit : Korean Won |
01/01/2011~03/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Total Assets |
203,180,323,781 |
193,186,854,963 |
|
|
Current
Assets |
90,855,461,855 |
80,356,066,186 |
|
|
Inventories |
38,714,224,873 |
33,764,995,363 |
|
|
Trade Receivables & Other
Receivables |
49,731,295,120 |
43,717,935,920 |
|
|
Other Financial Instruments |
192,598,751 |
73,555,223 |
|
|
Other Assets |
1,272,466,278 |
682,217,767 |
|
|
Cash & Cash Equivalents |
944,876,833 |
2,117,361,913 |
|
|
Non-Current
Assets |
112,324,861,926 |
112,830,788,777 |
|
|
Tangibles |
76,345,398,574 |
76,845,847,278 |
|
|
Operating Rights |
145,682,792 |
145,682,792 |
|
|
Intangibles |
1,871,173,025 |
1,896,923,024 |
|
|
Investment_Related Companies |
12,885,229,613 |
12,885,229,613 |
|
|
Deferred Income Tax Assets |
33,671,130 |
33,671,130 |
|
|
Other Financial Instruments |
21,043,706,792 |
21,023,434,940 |
|
|
Total
Liabilities |
147,685,787,450 |
141,465,876,164 |
|
|
Current
Liabilities |
112,152,525,612 |
104,475,036,735 |
|
|
Trade Payables & Other
Payables |
27,868,272,577 |
20,764,392,066 |
|
|
Short-Term Borrowings |
80,179,589,071 |
80,298,997,088 |
|
|
Other Financial Debts |
1,564,830,167 |
1,149,516,398 |
|
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Other Debts |
2,539,833,797 |
2,262,131,183 |
|
|
Non-Current
Liabilities |
35,533,261,838 |
36,990,839,429 |
|
|
Long-Term Trade Payables &
Other Payables |
69,600,000 |
69,600,000 |
|
|
Long-Term Borrowings |
30,881,150,000 |
32,791,350,000 |
|
|
Provision for Severance &
Retirement |
2,696,946,991 |
2,244,324,583 |
|
|
Deferred Income Tax Credit |
1,885,564,847 |
1,885,564,846 |
|
|
Capital
Stock |
20,629,271,539 |
18,990,878,372 |
|
|
Capital Surplus |
32,956,018,878 |
30,288,280,415 |
|
|
Others |
1,909,245,914 |
2,441,820,012 |
|
|
Total Equity |
55,494,536,331 |
51,720,978,799 |
|
|
Liab. & Shareholder’s Equity |
203,180,323,781 |
193,186,854,963 |
|
Balance
Sheet
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Total Assets |
172,699,668,941 |
171,329,607,524 |
104,477,247,149 |
|
Current Assets |
60,764,984,700 |
50,705,738,460 |
40,523,017,026 |
|
-Quick Assets |
26,999,989,337 |
23,794,293,987 |
17,611,257,340 |
|
-Inventories |
33,764,995,363 |
26,911,444,473 |
22,911,759,686 |
|
Fixed Assets |
111,934,684,241 |
120,623,869,064 |
63,954,230,123 |
|
-Investment |
13,120,368,098 |
12,086,611,269 |
11,339,059,165 |
|
-Tangibles |
76,017,060,052 |
94,239,377,327 |
49,398,481,718 |
|
-Intangibles |
564,357,318 |
145,682,792 |
190,508,266 |
|
-Others |
22,232,898,773 |
14,152,197,676 |
3,026,180,974 |
|
Total Liabilities |
115,732,616,925 |
119,679,310,046 |
79,162,592,924 |
|
Current Liabilities |
76,934,011,072 |
59,834,256,955 |
54,306,016,573 |
|
Fixed Liabilities |
38,798,605,853 |
59,845,053,091 |
24,856,576,351 |
|
Capital Stock |
7,623,064,500 |
6,528,014,500 |
5,541,079,000 |
|
Capital Surplus |
18,597,226,885 |
14,692,278,585 |
8,497,689,898 |
|
Profit Surplus |
10,130,246,751 |
4,286,551,049 |
10,132,792,629 |
|
Capital Adjustment |
20,616,513,880 |
26,143,453,344 |
1,143,092,698 |
|
Total Equity |
56,967,052,016 |
51,650,297,478 |
25,314,654,225 |
|
Liab. & Shareholder’s Equity |
172,699,668,941 |
171,329,607,524 |
104,477,247,149 |
Income
Statement
|
Unit : Korean Won |
01/01/2011~03/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Sales |
52,906,828,356 |
|
|
|
Cost of Sold Goods |
44,996,436,013 |
|
|
|
Gross Profit |
7,910,392,343 |
|
|
|
Distribution Expenses |
495,568,798 |
|
|
|
Marketing Expenses |
64,767,352 |
|
|
|
Leasing Expenses |
27,469,768 |
|
|
|
Selling & Admin. Expenses |
2,239,160,512 |
|
|
|
Operating Income |
5,083,425,913 |
|
|
|
Finance Expenses |
1,540,945,228 |
|
|
|
Investment Profit |
27,039,064 |
|
|
|
Other Profits |
-501,362,476 |
|
|
|
Income Before Taxes |
3,068,157,273 |
|
|
|
Income Taxes Expenses |
306,815,727 |
|
|
|
Income from Continuous Business |
2,761,341,546 |
|
|
|
Income from Stopped Business |
|
|
|
|
Net Income |
2,761,341,546 |
|
|
Income
Statement
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Sales |
199,127,261,082 |
124,088,996,960 |
83,957,424,111 |
|
Cost of Sold Goods |
179,164,417,864 |
123,188,263,031 |
78,939,464,573 |
|
Gross Profit |
19,962,843,218 |
900,733,929 |
5,017,959,538 |
|
Selling & Admin. Expenses |
11,171,775,027 |
9,233,990,940 |
7,428,166,089 |
|
Operating Income |
8,791,068,191 |
-8,333,257,011 |
-2,410,206,551 |
|
Non-Operating Income |
7,740,901,312 |
750,425,240 |
1,385,177,754 |
|
Non-Operating Expenses |
9,481,641,367 |
4,007,265,190 |
1,367,033,263 |
|
Income Before Taxes |
7,050,328,136 |
-11,590,096,961 |
-2,392,062,060 |
|
Income Taxes Expenses |
1,206,632,434 |
-5,743,855,381 |
-901,093,143 |
|
Net Income |
5,843,695,702 |
-5,846,241,580 |
-1,490,968,917 |
Cash
Flows
|
Unit : Korean Won |
01/01/2011~03/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Operating
Activities Cash Flows |
2,227,261,247 |
|
|
|
Net Income |
2,761,341,546 |
|
|
|
Interests Received |
27,039,064 |
|
|
|
Interests Paid |
-932,323,329 |
|
|
|
Income Taxes |
-306,815,727 |
|
|
|
Cash
Flows from Investing |
-848,940,788 |
|
|
|
Cash Inflow from Investing |
91,949,558 |
|
|
|
Cash Outflows for Investing |
-940,890,346 |
|
|
|
Cash
Flows from Financing |
-2,551,225,435 |
|
|
|
Cash Inflows from Financing |
55,815,268,389 |
|
|
|
Cash Outflows from Financing |
-58,366,493,824 |
|
|
|
Increase/Decrease
in Cash |
-1,172,904,976 |
|
|
|
Cash at
the Beginning of Year |
2,235,761,913 |
|
|
|
Cash at
the End of Year |
1,062,856,937 |
|
|
Cash
Flows
|
Unit :
Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Cash Flows
from Operating |
-7,966,112,961 |
-19,182,585,318 |
5,212,867,890 |
|
-Net Income |
5,843,695,702 |
-5,846,241,580 |
-1,490,968,917 |
|
-Exp.
without Cash Outflow |
11,772,593,265 |
7,132,349,537 |
3,809,241,619 |
|
-Revenue
without Cash Inflows |
-7,673,336,679 |
-1,018,139,747 |
-787,301,894 |
|
-Changes in
Asset/ & Liability |
-17,909,065,249 |
-19,450,553,528 |
3,681,897,082 |
|
Cash Flows
from Investing |
768,555,214 |
-27,868,225,146 |
-29,193,481,053 |
|
-Cash Inflow
from Investing |
11,300,609,001 |
832,243,980 |
747,811,099 |
|
-Cash
Outflows for Investing |
-10,532,053,787 |
-28,700,469,126 |
-29,941,292,152 |
|
Cash Flows
from Financing |
8,770,134,300 |
45,532,080,525 |
26,098,286,229 |
|
-Cash
Inflows from Financing |
19,611,009,300 |
65,667,497,858 |
43,819,021,775 |
|
-Cash
Outflows from Financing |
-10,840,875,000 |
-20,135,417,333 |
-17,720,735,546 |
|
Increase/Decrease
in Cash |
1,572,576,553 |
-1,518,729,939 |
2,117,673,066 |
|
Cash at the
Beginning of Year |
663,185,360 |
2,181,915,299 |
64,242,233 |
|
Cash at the
End of Year |
2,235,761,913 |
663,185,360 |
2,181,915,299 |
Trade Partners & Competitors
|
Customers |
HYUNDAI STEEL COMPANY(120111-0001743) HYUNDAI HEAVY INDUSTRIES CO.,LTD.(181211-0000386) HALLA ENERGY & ENVIRONMENT CO., LTD.(205411-0004294) KCC CORPORATION(110111-0221814) |
|
Competitors |
POSCO CHEMTECH CO., LTD.(174611-0001947) CHOSUN REFRACTORIES
CO.,LTD.(201111-0000440) DONGKUK REFRACTORIES & STEEL CO.,
LTD.(195511-0069249) |
Related Parties
(Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
FIRSTEC CO., LTD.(194211-0000133) FOOSUNG HDS CO., LTD.(181211-0003091) FOOSUNG CO., LTD.(131411-0189425) FOOSUNG INDUSTRIAL CO., LTD.(154511-0000812) FOOSUNG PRECISION IND. CO.,
LTD.(134811-0023854) IL KWANG INDUSTRIAL CO.,
LTD.(110111-0003353) FOOSUNG TECH CORP.(135811-0107392) FIRSTEC CO., LTD.(194211-0000133) KOREA ENVIRONMENT TECHNOLOGY CO., LTD.
(181211-0024485) YONGSHIN ENVIRONMENT DEVELOPMENT CO.,
LTD.(230111-0096931) SRD.STD BEIJING FOOSUNG ZHEJIANG FOOSONG BEIJING FOOSUNG TAEGUK MOTOR PARTS CO.,
LTD.(CHINA) FOOSUNG PRECISION MOTOR PARTS SHOZHOU CO.,
LTD.(CHINA) QINGDAO FOOSUNG MOTOR PARTS CO.,
LTD.(CHINA) SHOUZOU FOOSUNG CHEMICALS CO., LTD.(CHINA) DAIRYEN FOOSUNG PARTS CO., LTD.(CHINA) SEOKSOO DEVELOPMENT CO., LTD. FOOSUNG U.S.A INC. |
|
Cooperative Enterprise |
-Technical Support from VESUVIUS CRUCIBLE COMPANY (USA) -Insured Company HYUNDAI MARINE & FIRE INSURANCE CO., LTD.(110111-0035893) |
Sales by Region
(Activity &
Markets)
|
Sales/ Unit :Mil KRW |
03/2011 |
2010 |
2009 |
|
Export |
- |
- |
- |
|
Domestic |
52,907 |
199,127 |
124,089 |
|
Total |
52,907 |
199,127 |
124,089 |
The Subject deals
with the companies in China.
Court Action
No.
News Clipping
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.37 |
|
|
1 |
Rs.73.53 |
|
Euro |
1 |
Rs.64.36 |
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 |
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 |
|
-- |
NB |
New Business |
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.