MIRA INFORM REPORT
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Report Date : |
16.08.2011 |
IDENTIFICATION DETAILS
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Name : |
PK VALVE CO., LTD. |
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Formerly Known As : |
BUMHAN METAL CO., LTD. |
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Registered Office : |
192-1, Sinchon-dong, Seongsan-gu, Changwon-si, Gyeongsangnam-do, Korea, Zip Code 642-370 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
27.06.1968 |
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Com. Reg. No.: |
609-81-01498 |
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Legal Form : |
Co., Ltd by Shares |
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Line of Business : |
Manufacture of Taps, Valves and Similar Products |
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 |
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
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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South Korea |
a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Basic
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Company
Name |
PK VALVE CO.,
LTD. (Korean Company Name : “피케이밸브(주)”) |
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Registered Address |
192-1, Sinchon-dong, Seongsan-gu,
Changwon-si, Gyeongsangnam-do, Korea |
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Zip Code |
642-370 |
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Tel |
+82-55-268-3777 |
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Fax |
+82-55-286-0281 |
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E-mail |
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Website |
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Trading Address |
192-1, Sinchon-dong, Seongsan-gu,
Changwon-si, Gyeongsangnam-do, Korea |
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Tel |
+82-55-268-3777 |
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Fax |
+82-55-286-0281 |
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Type |
Export/Import |
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Industry |
Manufacture of Taps, Valves and Similar Products |
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Main Business |
Cast Steel Valve, Stainless Steel Valve, Ball Valve, Pressure Seal Valve,
Cryogenic Valve, Bellows Valve, Special Valve, Butterfly Valve |
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Established (mm/dd/yyyy) |
06/27/1968 |
Detailed Products
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Activity |
Detailed Products (UNSPSC) |
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Sell |
Valves(40141600) |
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Sell |
Butterfly lug pattern valves(40141619) |
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Sell |
Gate valves(40141613) |
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Sell |
Ball valves(40141607) |
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Sell |
Swing check valves(40141634) |
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Sell |
Globe valves(40141611) |
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Buy |
Steel(11101704) |
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Buy |
Bar(30101600) |
CEO’s
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Name |
Park Hern-Gun |
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Address |
Suite 304-703, Jangji-dong,
Songpa-gu, Seoul, Korea |
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Date of Birth |
11/28/1945 |
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Title |
President & CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
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Capital (KRW) |
6,098,250,000 |
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Employees |
328 |
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Formation |
Co., Ltd by Shares |
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Bank Details |
Woori Bank Kookmin Bank |
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Corporate Registered No. |
194211-0000076 |
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Business Registered No. |
609-81-01498 |
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Permit & Licenses |
06/1983 KS Mark 09/1993 ISO 9001 09/1998 EM 12/2001 CE Mark 07/2002 EM Mark 11/2005 ISO 14001 Int’l Trade No.: 760199 |
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Shareholder Position |
(*) The list is based as of 12/31/2010. |
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Company History |
06/27/1968 Incorporated as BUMHAN METAL
CO., LTD. 06/03/1998 Decided to finish Corporate
Clearing Procedure by Changwon District Court 11/2001 Designated as an INNO-BIZ Company 04/2004 Designated as an INNO-BIZ Company
again 09/01/2006 Changed company name to the
present name 11/2007 Awarded US$ 70 Million Export Top
Prize 07/20/2009 Increased the authorized shares
to 40,000,000 shares from 2,000,000 shares 08/25/2009 Spin off the par value to 500
KRW from 10,000 KRW 04/29/2011 Increased capital to
6,098,250,000 KRW from 5,348,250,000 KRW |
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Management
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Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
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President & CEO |
Mr. |
Park Hern-Gun |
Male |
Korean |
01/01/2009 |
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Director |
Mr. |
Ahn Hak-Soo |
Male |
Korean |
03/25/2005 |
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Director |
Mr. |
Yoon Dong-Soo |
Male |
Korean |
03/29/2006 |
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Director |
Mr. |
Yoon Hyo-Sil |
Male |
Korean |
01/01/2009 |
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Director |
Mr. |
Sohn Kyung-Hyun |
Male |
Korean |
03//29/2010 |
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Director |
Mr. |
Jung Yong-Kil |
Male |
Korean |
03//29/2011 |
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Outside Director |
Mr. |
Choi Jae-Hyuck |
Male |
Korean |
03//29/2011 |
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Auditor |
Mr. |
Lee Jae-In |
Male |
Korean |
03/29/2011 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
97,191,306,339 |
128,584,443,316 |
7,037,029,252 |
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2009 |
104,569,741,255 |
115,815,144,250 |
17,778,355,324 |
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2008 |
96,849,939,185 |
96,124,420,629 |
8,276,105,730 |
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2007 |
87,929,915,605 |
51,053,245,918 |
5,449,088,273 |
|
2006 |
77,741,271,949 |
47,892,740,771 |
2,965,944,731 |
Financial Description
|
Authorized Capital(KRW) |
20,000,000,000 |
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Paid-Up Capital(KRW) |
6,098,250,000 |
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Total Issues Shares |
12,196,500(Common : 9,746,500 / Preferable : 2,450,000) |
Balance
Sheet
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Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
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Total Assets |
128,584,443,316 |
115,815,144,250 |
96,124,420,629 |
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Current Assets |
55,949,541,942 |
51,102,081,830 |
32,558,532,283 |
|
-Quick Assets |
31,495,689,956 |
34,526,673,536 |
19,226,228,129 |
|
-Inventories |
24,453,851,986 |
16,575,408,294 |
13,332,304,154 |
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Fixed Assets |
72,634,901,374 |
64,713,062,420 |
63,565,888,346 |
|
-Investment |
1,546,700,470 |
1,491,215,470 |
1,515,574,710 |
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-Tangibles |
69,432,304,710 |
61,649,431,726 |
60,358,962,067 |
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-Intangibles |
1,655,896,194 |
1,572,415,224 |
1,691,351,569 |
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Total Liabilities |
40,365,278,649 |
34,633,008,835 |
31,836,910,332 |
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Current Liabilities |
22,551,245,098 |
21,835,076,564 |
18,366,993,173 |
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Fixed Liabilities |
17,814,033,551 |
12,797,932,271 |
13,469,917,159 |
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Capital Stock |
5,348,250,000 |
5,348,250,000 |
14,320,000,000 |
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Capital Surplus |
15,878,874,560 |
15,878,874,560 |
15,520,000 |
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Profit Surplus |
37,938,080,129 |
30,901,050,877 |
- |
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Capital Adjustment |
29,053,959,978 |
29,053,959,978 |
35,295,499,304 |
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Total Equity |
88,219,164,667 |
81,182,135,415 |
64,287,510,297 |
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Liab. &
Shareholder’s Equity |
128,584,443,316 |
115,815,144,250 |
96,124,420,629 |
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Current
Liabilities |
22,551,245,098 |
21,835,076,564 |
18,366,993,173 |
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Trade Payables |
14,770,386,768 |
8,500,586,963 |
9,987,461,673 |
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Account Payables |
2,264,190,011 |
2,111,781,196 |
1,069,530,477 |
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Finance Lease Account Payables |
143,527,844 |
123,690,708 |
115,400,266 |
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Advance Receipts |
160,967,342 |
3,507,401,691 |
810,915,021 |
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Withholdings |
236,741,245 |
310,169,342 |
141,244,447 |
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Accrued Expenses |
1,884,427,243 |
2,039,221,375 |
3,595,045,782 |
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Accrued Income Tax |
1,083,263,625 |
3,078,533,993 |
963,797,440 |
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Current Portion of Long-Term Debts |
950,200,000 |
950,200,000 |
550,200,000 |
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Unearned Income |
310,188,587 |
64,666,847 |
103,888,274 |
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Provision for Repairing |
747,352,433 |
1,148,824,449 |
1,029,509,793 |
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Fixed
Liabilities |
17,814,033,551 |
12,797,932,271 |
13,469,917,159 |
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Long-Term Borrowings |
8,445,300,000 |
2,895,500,000 |
3,845,700,000 |
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Finance Lease Account Payables |
169,929,004 |
313,456,848 |
437,147,556 |
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Long-Term Account Payables |
- |
105,602,980 |
7,523,985,126 |
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Provision for Severance & Retirement |
11,343,633,706 |
10,690,703,945 |
10,920,142,730 |
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Non-Current Portion of Deferred Income Tax
Credit |
8,854,248,200 |
9,003,850,270 |
- |
Income
Statement
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Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
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Sales |
97,191,306,339 |
104,569,741,255 |
96,849,939,185 |
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Cost of Sold Goods |
80,485,773,477 |
71,566,811,878 |
75,092,495,290 |
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Gross Profit |
16,705,532,862 |
33,002,929,377 |
21,757,443,895 |
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Selling & Admin. Expenses |
8,308,951,370 |
8,142,517,994 |
6,944,887,415 |
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Operating Income |
8,396,581,492 |
24,860,411,383 |
14,812,556,480 |
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Non-Operating Income |
1,812,778,948 |
2,368,754,098 |
4,248,171,191 |
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Non-Operating Expenses |
1,904,613,703 |
3,891,312,974 |
9,277,872,561 |
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Income Before Taxes |
8,304,746,737 |
23,337,852,507 |
9,782,855,110 |
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Income Taxes Expenses |
1,267,717,485 |
5,559,497,183 |
1,506,749,380 |
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Net Income |
7,037,029,252 |
17,778,355,324 |
8,276,105,730 |
Cash
Flows
|
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Unit : Million Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Cash Flows from Operating |
-4,087,848,867 |
12,196,617,725 |
10,196,915,226 |
|
-Net Income |
7,037,029,252 |
17,778,355,324 |
8,276,105,730 |
|
-Exp.
without Cash Outflow |
3,712,256,551 |
3,307,492,174 |
8,615,385,137 |
|
-Revenue without
Cash Inflows |
-58,046,640 |
-524,624,955 |
-391,697,372 |
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-Changes in
Asset/ & Liability |
-14,779,088,030 |
-8,364,604,818 |
-6,302,878,269 |
|
Cash Flows
from Investing |
-4,224,230,794 |
-15,404,907,368 |
-7,023,022,065 |
|
-Cash Inflow
from Investing |
30,173,117,994 |
14,893,208,480 |
2,156,928,693 |
|
-Cash
Outflows for Investing |
-34,397,348,788 |
-30,298,115,848 |
-9,179,950,758 |
|
Cash Flows
from Financing |
5,426,109,292 |
6,229,760,134 |
1,040,702,502 |
|
-Cash Inflows
from Financing |
39,530,000,000 |
17,436,381,593 |
1,388,500,000 |
|
-Cash
Outflows from Financing |
-34,103,890,708 |
-11,206,621,459 |
-347,797,498 |
|
Increase/Decrease
in Cash |
-2,885,970,369 |
3,021,470,491 |
4,214,595,663 |
|
Cash at the Beginning
of Year |
7,467,914,312 |
4,446,443,821 |
231,848,158 |
|
Cash at the End of Year |
4,581,943,943 |
7,467,914,312 |
4,446,443,821 |
Products, Technologies, Services
Description
|
Main Products & Services |
Cast Steel Valve, Stainless Steel Valve, Ball Valve, Pressure Seal
Valve, Cryogenic Valve, Bellows Valve, Special Valve, Butterfly Valve |
Trade Partners & Competitors
|
Competitors |
TSM TECH CO., LTD.(110111-1513137) 22-3, BUGOK-DONG, NAM-GU, ULSAN, KOREA TEL:+82-52-227-1680 FAX:+82-52-227-1725 HYUNDAI TITANIUM(110111-1115488) 67B-13L, NAMDONG INDUSTRIAL COMPLEX, 628,
GOJAN-DONG, NAMDONG-GU, INCHEON, KOREA TEL:+82-32-813-0114 FAX:+82-32-813-9114 ALL MET CO., LTD.(135511-0129780) 2MA-507-1, SIHWA INDUSTRIAL COMPLEX,
2092-13, JEONGWANG 2-DONG, SIHEUNG-SI, GYEONGGI-DO, KOREA TEL:+82-31-496-9611 FAX:+82-31-496-9612 |
Related Parties
(Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
PK SCS CO., LTD.(194211-0063107) PK TECH CO., LTD.(KOREA) |
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Cooperative Enterprise |
-Insured Company HANWHA GENERAL INSURANCE CO., LTD.(110111-0006456) |
Sales by Region
(Activity & Markets)
|
Sales/ Unit : KRW |
2010 |
2009 |
2008 |
|
Export |
|
74,611,894,839 |
67,538,651,025 |
|
Domestic |
|
29,957,846,416 |
29,311,288,160 |
|
Total |
|
104,569,741,255 |
96,849,939,185 |
Not Available.
Court Action
|
Case No. |
Court |
Plaintiff(s)/
Creditor(s)/ Applicant(s) |
Defendant(s)/
Debtor(s)/ Respondent(s) |
Cause |
Amount (KRW) |
Status |
|
2008GAHAP108410 |
Seoul Central District Court |
The Subject |
Citibank, Korea & Others(6) |
Refund of Inappropriate Profits |
120,000,000 |
Proceeding |
News Clipping
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.37 |
|
UK Pound |
1 |
Rs.73.53 |
|
Euro |
1 |
Rs.64.37 |
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 |
|
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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.