MIRA INFORM REPORT
|
Report Date : |
22.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
KISCO |
|
|
|
|
Registered Office : |
70, Sinchon-dong, Seongsan-gu,
Changwon-si, Gyeongsangnam-do, Korea, Zip Code 642-370 |
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|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
30.09.2011 |
|
|
|
|
Date of Incorporation : |
01.09.2008 |
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|
|
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Com. Reg. No.: |
609-81-84470 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Hot Rolled, Drawn and Extruded Iron or Steel Products |
|
|
|
|
No. of Employees
: |
764 persons |
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 |
|
Payment
Behaviour : |
No Complaints |
|
Litigation : |
Exists |
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
South korea
|
a1 |
a1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Basic
|
Company Name |
KISCO (Korean Company Name : “한국철강(주)”) |
|
Registered Address |
70, Sinchon-dong, Seongsan-gu,
Changwon-si, Gyeongsangnam-do, Korea |
|
Zip Code |
642-370 |
|
Tel |
+82-55-260-0500 |
|
Fax |
+82-55-283-3429 |
|
E-mail |
|
|
Website |
|
|
Trading Address |
9th Fl., Dabo Bldg., 140, Mapo-dong,
Mapo-gu, Seoul, Korea |
|
Tel |
+82-2-718-4551 |
|
Fax |
+82-2-718-4551 |
|
Other Address-Jeungpyeong Factory(Energy) |
1044, Miam-ri, Jeungpyeong-eup,
Jeungpyeong-gun, Chungcheongbuk-do, Korea |
|
Tel |
+82-43-820-9000 |
|
Type |
Export |
|
Industry |
Manufacture of Hot Rolled, Drawn and Extruded Iron or Steel Products |
|
Main Business |
Steel Bar, Round Bar, Steel Pipe, Billet, Ingot, Industrial Gas, Thin
Film Solar Cell, Module |
|
Established (mm/dd/yyyy) |
09/01/2008 |
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Carbon steel pipe(40142101) |
|
Sell |
Iron bars(30101603) |
|
Sell |
Forgings(31130000) |
|
Sell |
Steel tubing(31231310) |
|
Sell |
Billets(30103300) |
|
Sell |
Ingots(30103400) |
|
Sell |
Steel(11101704) |
|
Buy |
Refining metal services(73121509) |
|
Buy |
Furnaces(40101805) |
|
Buy |
Tube and tubing(31231300) |
|
Buy |
Metal scrap(11191600) |
|
Buy |
Ferrous alloy(11101712) |
|
Buy |
Iron(11101713) |
|
Buy |
Non ferrous alloy(11101711) |
|
Buy |
Hydraulic presses(27121500) |
|
Buy |
Coke(15101604) |
CEO’s
|
Name |
Chang Sang-Don |
|
Address |
|
|
Date of Birth |
10/01/1937 |
|
Title |
Chairman & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
46,050,000,000 |
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|
Employees |
764 |
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|
Formation |
Listed Company(Korea Stock Exchange : 104700) as of 09/29/2008 A Company of KISCO HOLDINGS CORP. (190111-0001872) |
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Bank Details |
Korea Development Bank |
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|
Corporate Registered No. |
194211-0094318 |
|||||||||||||||||||||
|
Business Registered No. |
609-81-84470 |
|||||||||||||||||||||
|
Permit & Licenses |
09/2009 UL Mark 06/2010 ISO 14001 06/2010 OHSAS 18001 06/2010 KOSHA 18001 |
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|
Shareholder Position |
|
|||||||||||||||||||||
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Company History |
09/01/2008 Incorporated as the present name |
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|
|
Management
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
Chairman & CEO |
Mr. |
Chang Sang-Don |
Korean |
1937.10.01 |
Dongkuk University, Korea |
|
Vice Chairman |
Mr. |
Kim Man-Yeol |
Korean |
1942.01.12 |
Youngnam University, Korea |
|
Sr. Executive Director |
Mr. |
Chang Se-Hong |
Korean |
1966.10.01 |
California University, USA |
|
Vice President & CFO |
Mr. |
Jung Chan-Hyun |
Korean |
1946.03.02 |
Busan Commercial High |
|
Sr. Executive Director |
Mr. |
Moon Jong-In |
Korean |
1953.05.20 |
Kyungnam University, Korea |
|
Director |
Mr. |
Jung Cheol-Ki |
Korean |
1955.08.18 |
Korea University, Korea |
|
Director |
Mr. |
Lee Byung-Je |
Korean |
1959.07.29 |
Kyungnam University, Korea |
|
Director |
Mr. |
Lee Soo-Ha |
Korean |
1961.01.25 |
Busan National University, Korea |
|
Outside Director |
Mr. |
Kim Jo-Il |
Korean |
1944.11.10 |
Masan High School |
|
Outside Director |
Mr. |
Kwak Cheol-Yoon |
Korean |
1947.03.10 |
Sunggang High School |
|
Outside Director |
Mr. |
Ha Sung-Hae |
Korean |
1952.06.22 |
Hyupsung Commercial High |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
695,509,936,339 |
1,040,088,322,687 |
-1,132,484,565 |
|
|
2010 |
879,924,338,630 |
947,286,728,297 |
15,461,258,461 |
|
2009 |
911,503,171,887 |
972,821,670,640 |
46,053,565,383 |
|
2008 |
316,051,876,212 |
904,562,483,962 |
49,290,877,098 |
(*)09/2011 ‘s figures are based on the K-IFRS Accounting System.
Financial Description
|
Authorized Capital(KRW) |
150,000,000,000 |
|
Paid-Up Capital(KRW) |
46,050,000,000 |
|
Total Issued Shares |
9,210,000 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
01/01/2011~09/30/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Total Assets |
1,040,088,322,687 |
972,261,802,357 |
|
|
Current
Assets |
492,011,350,721 |
417,980,868,411 |
|
|
Cash & Cash Equivalents |
12,754,255,421 |
92,299,575,725 |
|
|
Current Financial Instruments |
95,115,902,955 |
12,030,435,074 |
|
|
Trade Receivables |
180,653,997,191 |
182,199,832,616 |
|
|
Other Receivables |
1,496,859,699 |
510,781,953 |
|
|
Other Finance Assets |
570,000 |
144,815,000 |
|
|
Inventories |
189,304,621,339 |
121,492,215,285 |
|
|
Income Tax |
194,748,340 |
|
|
|
Other Assets |
12,490,395,776 |
9,303,212,758 |
|
|
Non-Current
Assets |
548,076,971,966 |
554,280,933,946 |
|
|
Current Financial Instruments |
10,482,641,234 |
11,276,641,234 |
|
|
Other Receivables |
765,013,332 |
755,477,232 |
|
|
Other Finance Assets |
23,913,844,850 |
25,719,222,450 |
|
|
Tangibles |
511,804,709,822 |
514,733,477,102 |
|
|
Intangibles |
979,906,928 |
1,665,260,128 |
|
|
Investment_Related Companies |
130,855,800 |
130,855,800 |
|
|
Total
Liabilities |
332,127,934,703 |
253,465,380,080 |
|
|
Current
Liabilities |
306,074,831,964 |
230,419,406,382 |
|
|
Trade Payables |
174,850,395,690 |
169,702,982,110 |
|
|
Accrued Income Tax |
|
2,912,825,752 |
|
|
Other Payables |
37,072,231,904 |
35,886,365,278 |
|
|
Short-Term Borrowings |
91,320,610,005 |
14,315,848,538 |
|
|
Other Liabilities |
2,831,594,365 |
7,601,384,704 |
|
|
Non-Current
Liabilities |
26,053,102,739 |
23,045,973,698 |
|
|
Borrowings to Shareholders/ Executives/ Employees |
1,475,593,633 |
1,475,593,633 |
|
|
Confirmed Salaries |
13,623,675,739 |
10,154,237,740 |
|
|
Deferred Income Tax Credit |
9,300,707,442 |
10,007,460,844 |
|
|
Other Payables |
1,653,125,925 |
1,408,681,481 |
|
|
Capital
Stock |
598,598,163,966 |
598,598,163,966 |
|
|
Profit Surplus |
100,951,855,359 |
110,370,483,324 |
|
|
Installments |
8,571,923,104 |
9,989,329,432 |
|
|
Others |
-161,554,445 |
-161,554,445 |
|
|
Total Equity |
707,960,387,984 |
718,796,422,277 |
|
|
Liab.
& Shareholder’s Equity |
1,040,088,322,687 |
972,261,802,357 |
|
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Total Assets |
947,286,728,297 |
972,821,670,640 |
904,562,483,962 |
|
Current Assets |
429,901,626,344 |
419,911,477,378 |
372,270,553,286 |
|
-Quick Assets |
308,409,411,059 |
260,889,729,433 |
220,845,453,554 |
|
-Inventories |
121,492,215,285 |
159,021,747,945 |
151,425,099,732 |
|
Fixed Assets |
517,385,101,953 |
552,910,193,262 |
532,291,930,676 |
|
-Investment |
38,955,156,930 |
45,603,755,284 |
27,807,880,599 |
|
-Tangibles |
476,009,207,663 |
504,885,720,618 |
501,271,904,821 |
|
-Intangibles |
2,420,737,360 |
2,420,717,360 |
3,212,145,256 |
|
Total Liabilities |
244,825,370,233 |
267,178,353,564 |
254,387,484,541 |
|
Current Liabilities |
228,341,624,058 |
249,035,425,217 |
240,521,105,818 |
|
Fixed Liabilities |
16,483,746,175 |
18,142,928,347 |
13,866,378,723 |
|
Capital Stock |
46,050,000,000 |
46,050,000,000 |
46,050,000,000 |
|
Capital Surplus |
552,548,163,966 |
552,548,163,966 |
552,548,163,966 |
|
Profit Surplus |
94,233,414,142 |
87,058,299,081 |
49,290,877,098 |
|
Capital Adjustment |
9,629,779,956 |
19,986,854,029 |
2,285,958,357 |
|
Total Equity |
702,461,358,064 |
705,643,317,076 |
650,174,999,421 |
|
Liab. & Shareholder’s Equity |
947,286,728,297 |
972,821,670,640 |
904,562,483,962 |
Income
Statement
|
|||
|
Unit : Korean Won |
01/01/2011~09/30/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Sales |
695,509,936,339 |
|
|
|
Cost of Sold Goods |
653,488,646,205 |
|
|
|
Gross Profit |
42,021,290,134 |
|
|
|
Selling & Admin. Expenses |
17,982,198,119 |
|
|
|
Logistics |
11,902,155,918 |
|
|
|
Other Operating Income |
1,961,978,463 |
|
|
|
Other Operating Expenses |
13,377,212,981 |
|
|
|
Operating Income |
721,701,579 |
|
|
|
Finance Income |
4,571,705,905 |
|
|
|
Finance Expenses |
6,763,164,501 |
|
|
|
Income Before Taxes |
-1,469,757,017 |
|
|
|
Income Taxes Expenses |
-337,272,452 |
|
|
|
Net Income |
-1,132,484,565 |
|
|
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Sales |
879,924,338,630 |
911,503,171,887 |
316,051,876,212 |
|
Cost of Sold Goods |
841,387,272,869 |
818,203,611,858 |
239,856,460,523 |
|
Gross Profit |
38,537,065,761 |
93,299,560,029 |
76,195,415,689 |
|
Selling & Admin. Expenses |
40,847,824,413 |
43,845,007,938 |
15,699,750,626 |
|
Operating Income |
-2,310,758,652 |
49,454,552,091 |
60,495,665,063 |
|
Non-Operating Income |
25,607,604,873 |
11,847,335,285 |
4,852,837,147 |
|
Non-Operating Expenses |
5,468,213,353 |
2,991,890,310 |
2,413,967,992 |
|
Income Before Taxes |
17,828,632,868 |
58,309,997,066 |
62,934,534,218 |
|
Income Taxes Expenses |
2,367,374,407 |
12,256,431,683 |
13,643,657,120 |
|
Net Income |
15,461,258,461 |
46,053,565,383 |
49,290,877,098 |
Cash
Flows
|
|||
|
Unit : Korean Won |
01/01/2011~09/30/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Operating
Activities Cash Flows |
-32,018,940,831 |
|
|
|
Cash Flows from Operating |
-30,119,973,380 |
|
|
|
Interests Received |
2,172,780,519 |
|
|
|
Interests Paid |
-994,474,200 |
|
|
|
Income Taxes |
-3,077,273,770 |
|
|
|
Cash Flows from Investing |
-101,718,852,805 |
|
|
|
Cash Flows from Financing |
54,149,930,976 |
|
|
|
Increase/Decrease in Cash |
-79,545,320,304 |
|
|
|
Cash at the Beginning of Year |
92,299,575,725 |
|
|
|
Cash at the End of Year |
12,754,255,421 |
|
|
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Cash Flows from Operating |
78,178,872,112 |
29,779,801,059 |
14,649,828,473 |
|
-Net Income |
15,461,258,461 |
46,053,565,383 |
49,290,877,098 |
|
-Exp. without Cash Outflow |
64,903,727,100 |
63,992,189,154 |
17,832,034,667 |
|
-Revenue without Cash Inflows |
-17,798,920,160 |
-926,109,810 |
-1,412,107,798 |
|
-Changes in Asset/ & Liability |
15,612,806,711 |
-79,339,843,668 |
-51,060,975,494 |
|
Cash Flows from Investing |
-6,021,512,163 |
-68,329,008,966 |
-37,832,733,175 |
|
-Cash Inflow from Investing |
809,133,311,581 |
877,215,003,017 |
497,443,846,922 |
|
-Cash Outflows for Investing |
-815,154,823,744 |
-945,544,011,983 |
-535,276,580,097 |
|
Cash Flows from Financing |
-34,600,080,316 |
32,239,230,517 |
1,241,017,307 |
|
-Cash Inflows from Financing |
15,228,559,362 |
2,277,160,964,619 |
1,081,056,099,990 |
|
-Cash Outflows from Financing |
-49,828,639,678 |
-2,244,921,734,102 |
-1,079,815,082,683 |
|
Increase/Decrease in Cash |
37,557,279,633 |
-6,309,977,390 |
-21,941,887,395 |
|
Cash at the Beginning of Year |
54,742,296,092 |
61,052,273,482 |
82,994,160,877 |
|
Cash at the End of Year |
92,299,575,725 |
54,742,296,092 |
61,052,273,482 |
Products, Technologies, Services Description
|
Main Products & Services |
Steel Products Energy Business Brand Name : GET WATT |
Trade Partners & Competitors
|
Competitors |
DONGKUK STEEL MILL CO., LTD.(110111-0031338) HYUNDAI STEEL COMPANY(120111-0001743) |
Related Parties
(Subsidiaries, Joint-Venture
& Affiliates)
|
Affiliates |
KISCO HOLDINGS CORP. (190111-0001872) KOREA STEEL SHAPES CO.,
LTD.(180111-0015362) YOUNG HEUNG IRON & STEEL CO.,
LTD.(194211-0000191) HWAN YOUNG STEEL IND.CO.,
LTD.(180111-0028026) DAE HEUNG INDUSTRIAL CO., LTD.(194311-0000660) SEORYUNG CO., LTD.(KOREA) DAE YU CORE CO., LTD.(110111-2224759) SEHWA EXPRESS CO., LTD.(190111-0001468) MASAN PORT 5 OPERATION CO.,
LTD.(190111-0035433) LABO CO., LTD.(145211-0002047) PYUNGRI MATERIAL CO., LTD.(190111-0063781) YOUNGHUNG(TAECHANG) KANGSASUNG CO.,
LTD.(CHINA) YOUNGWIRE VINA LABO JAPAN (14.0%% held by the subject company) JINIL INTERNATIONAL (51.0% held by the subject company) |
|
Cooperative Enterprise |
-Insured Company HANWHA GENERAL INSURANCE CO., LTD.(110111-0006456) |
Sales by Region
(Activity &
Markets)
|
Sales/ Unit :Mil
KRW |
06/2011 |
2010 |
2009 |
|
Export |
23,254 |
39,950 |
- |
|
Domestic |
672,256 |
839,855 |
- |
|
Total |
695,510 |
879,805 |
- |
The Subject exports
to Australia, China, Japan and Russia.
Court Action
|
Case No. |
Court |
Plaintiff(s)/ Creditor(s)/ Applicant(s) |
Defendant(s)/ Debtor(s)/ Respondent(s) |
Cause |
Amount (Million
KRW) |
Status |
|
2007GAHAP3360 |
Changwon District Court |
BOOYOUNG CO., LTD.(110111-0346191) |
The Subject Company |
Claim for Compensation from
Damages |
28,523 |
Proceeding |
News Clipping
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.67 |
|
UK Pound |
1 |
Rs.82.53 |
|
Euro |
1 |
Rs.69.13 |
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.