MIRA INFORM
REPORT
|
Report Date : |
11.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
KORLOY, INC |
|
|
|
|
Formerly Known As : |
Korea Yakum
Industry Co., Ltd. |
|
|
|
|
Registered Office : |
953-1, Doksanbon-dong, Geumcheon-gu, Seoul, Korea, Holistar Bldg., Zip Code 153-823 |
|
|
|
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Country : |
South Korea |
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|
|
|
Financials (as on) : |
31.12.2010 |
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|
|
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Date of Incorporation : |
11.06.1966 |
|
|
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Com. Reg. No.: |
214-81-08556 |
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|
|
|
Legal Form : |
Co., Ltd by Shares |
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|
|
|
Line of Business : |
Manufacture of Saws, Saw Blades and Interchangeable Tools |
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 : |
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 |
|
Restricted |
C2 |
|
Off-credit |
D |
Basic
|
Company
Name |
KORLOY, INC. (Korean Company Name : “한국야금(주)”) |
|
Registered Address |
953-1, Doksanbon-dong, Geumcheon-gu,
Seoul, Korea |
|
Building |
Holistar Bldg. |
|
Zip Code |
153-823 |
|
Tel |
+82-2-521-4700 |
|
Fax |
+82-2-522-3188 |
|
E-mail |
kcb1965@korloy.com;export@korloy.com;eusoo@korloy.com |
|
Website |
www.korloy.com |
|
Trading Address |
Holistar Bldg., 953-1, Doksanbon-dong,
Geumcheon-gu, Seoul, Korea (P.O.BOX 25) |
|
Tel |
+82-2-521-4700 |
|
Fax |
+82-2-522-3188 |
|
Other Address-Seoul Office |
3FL.,
Dongin B/D., 1606-2, Seocho-dong, Seocho-gu, Seoul, Korea |
|
Tel |
+82-2-587-7367 |
|
Fax |
+82-2-3486-4990 |
|
Other Address-Cheongju Factory |
53-16,
Songjeong-dong, Heungdeok-gu, Cheongju-si, Chungcheongbuk-do, Korea |
|
Tel |
+82-43-261-0141 |
|
Fax |
+82-43-263-8731 |
|
Other Address-Jincheon Factory |
767-1, Gwanghyewon-ri, Gwanghyewon-myeon,
Jincheon-gun, Chungcheongbuk-do, Korea |
|
Tel |
+82-43-535-0141 |
|
Fax |
+82-43-535-0144 |
|
Other Address-Daejeon Sales Office |
11-4, Yongjeon-dong, Dong-gu, Daejeon,
Korea |
|
Tel |
+82-42-627-2496 |
|
Other Address-Busan Sales Office |
124-1, Gamjeon-dong, Sasang-gu, Busan,
Korea |
|
Tel |
+82-51-326-2215 |
|
Other Address-Masan Sales Office |
208-7, Sanho-dong, Masan-si, Gyeongsangnam-do,
Korea |
|
Tel |
+82-55-241-1227 |
|
Other Address-Daegu Sales Office |
31-222, Industrial Materials Bldg., 12-10,
Sangyeok-dong, Buk-gu, Daegu, Korea |
|
Tel |
+82-53-604-0864 |
|
Other Address-Ulsan Sales Office |
3rd Fl., Juok Bldg., 1484-3, Samsan-dong,
Nam-gu, Ulsan, Korea |
|
Tel |
+82-52-273-6670 |
|
Fax |
+82-52-275-3353 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Saws, Saw Blades and Interchangeable Tools |
|
Main Business |
Inserts, Toolholders, Cutter Bodies, Endmills, Drills |
|
Established (mm/dd/yyyy) |
06/11/1966 |
The Subject owns
the premises of registered HQ address, Cheongju Factory and Jincheon Factory.
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Cutting tools(23153300) |
|
Sell |
Drill bits(27112801) |
|
Sell |
Metal working machinery attachments(23172000) |
|
Sell |
Machine end mills(23172005) |
|
Sell |
Holder jaw(23153026) |
|
Buy |
Tungsten carbide(31191518) |
|
Buy |
Bolts(31161600) |
|
Buy |
Ball bearings(31171504) |
CEO’s
|
Name |
Kim Kyung-Bae |
|
Address |
Suite 202-603, 1759, Gagyeong-dong,
Heungdeok-gu, Cheongju-si, Chungbuk, Korea |
|
Date of Birth |
09/28/1956 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
5,000,000,000 |
|||||||||||||||
|
Employees |
469 |
|||||||||||||||
|
Formation |
Co., Ltd by Shares Foreign Direct Investment Corporation |
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|
Bank Details |
Industrial Bank of Korea-Sales 1 Department Shinhan Bank Mizuho Bank SC First Bank of Korea |
|||||||||||||||
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Corporate Registered No. |
110111-0077720 |
|||||||||||||||
|
Business Registered No. |
214-81-08556 |
|||||||||||||||
|
Permit & Licenses |
05/1996 EM 03/2003 ISO 9001 06/2004 EM 09/2004 EM Int’l Trade No.: 757793 |
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|
Shareholder Position |
|
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|
Company History |
06/11/1966 Incorporated as Korea Yakum
Industry Co., Ltd. 07/1987 Changed company name to the present
name 07/2005 Designated as an INNO-BIZ Company 12/2008 Awarded US$ 50 Million Export Top
Prize |
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|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
Co-President & CEO |
Mr. |
Kim Kyung-Bae |
Male |
Korean |
03/24/2011 |
|
Co-President & CEO |
Mr. |
Murayama Tomomichi |
Male |
Japanese |
03/24/2009 |
|
Director |
Mr. |
Kim Hak-Kyu |
Male |
Korean |
03/31/2010 |
|
Director |
Mr. |
Yoon Hae-Sup |
Male |
Korean |
03/24/1993 |
|
Director |
Mr. |
Kurasaka Katzuhite |
Male |
Japanese |
11/18/2010 |
|
Director |
Mr. |
Tomita Kunihiro |
Male |
Japanese |
03/17/2005 |
|
Director |
Mr. |
Han Jae-Keun |
Male |
Korean |
03/24/2009 |
|
Auditor |
Mr. |
Park Joon-Bum |
Male |
Korean |
03/24/2009 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
132,816,215,934 |
152,647,971,761 |
20,003,774,790 |
|
|
2009 |
90,667,498,212 |
122,203,019,621 |
2,115,925,703 |
|
2008 |
117,773,667,836 |
138,710,052,758 |
13,318,720,574 |
|
2007 |
95,653,772,946 |
118,496,602,453 |
7,031,347,475 |
|
2006 |
90,079,051,697 |
114,374,617,582 |
4,803,967,478 |
|
2005 |
83,925,130,193 |
99,941,133,351 |
7,290,325,321 |
|
2004 |
71,047,454,568 |
87,822,044,291 |
11,083,380,648 |
Financial Description
|
Authorized Capital(KRW) |
5,000,000,000 |
|
Paid-Up Capital(KRW) |
5,000,000,000 |
|
Total Issues Shares |
1,000,000 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Total Assets |
152,647,971,761 |
122,203,019,621 |
138,710,052,758 |
|
Current Assets |
82,071,984,807 |
63,268,953,057 |
77,694,039,783 |
|
-Quick Assets |
33,249,753,465 |
20,243,469,178 |
25,382,123,428 |
|
-Inventories |
48,822,231,342 |
43,025,483,879 |
52,311,916,355 |
|
Fixed Assets |
70,575,986,954 |
58,934,066,564 |
61,016,012,975 |
|
-Investment |
3,084,018,799 |
2,491,273,582 |
2,352,544,890 |
|
-Tangibles |
64,178,728,642 |
53,712,008,358 |
56,331,740,228 |
|
-Intangibles |
335,129,604 |
212,313,246 |
168,089,548 |
|
-Others |
2,978,109,909 |
2,518,471,378 |
2,163,638,309 |
|
Total Liabilities |
51,291,956,680 |
40,400,779,330 |
57,523,738,170 |
|
Current Liabilities |
42,870,969,902 |
26,149,462,006 |
45,266,538,963 |
|
Fixed Liabilities |
8,420,986,778 |
14,251,317,324 |
12,257,199,207 |
|
Capital Stock |
5,000,000,000 |
5,000,000,000 |
5,000,000,000 |
|
Capital Surplus |
7,533,134,067 |
7,533,134,067 |
7,533,134,067 |
|
Profit Surplus |
88,822,881,014 |
69,269,106,224 |
68,653,180,521 |
|
Capital Adjustment |
- |
- |
- |
|
Total Equity |
101,356,015,081 |
81,802,240,291 |
81,186,314,588 |
|
Liab. & Shareholder’s Equity |
152,647,971,761 |
122,203,019,621 |
138,710,052,758 |
|
Current Liabilities |
36,333,366,801 |
24,869,202,906 |
19,847,907,572 |
|
Trade payables |
7,636,477,676 |
5,421,758,585 |
5,149,502,587 |
|
Short-Term Borrowings |
17,900,000,000 |
9,400,000,000 |
7,400,000,000 |
|
Account Payables |
7,016,132,186 |
6,612,537,440 |
3,587,673,549 |
|
Advance Receipts |
91,768,038 |
193,030,158 |
183,954,679 |
|
Withholdings |
519,707,915 |
501,662,695 |
251,559,319 |
|
Accrued Expenses |
207,237,674 |
195,724,972 |
264,699,247 |
|
Accrued Income Tax |
265,160,936 |
885,018,736 |
1,129,790,311 |
|
Current Portion of Long-Term Debts |
2,635,884,000 |
1,592,370,000 |
1,790,180,000 |
|
Deferred Income Tax Credit |
60,998,376 |
67,100,320 |
90,547,880 |
|
Fixed Liabilities |
15,465,991,652 |
16,300,638,794 |
15,568,170,389 |
|
Long-Term Borrowings |
8,709,486,000 |
9,745,370,000 |
9,721,740,000 |
|
Provision for Severance & Retirement |
16,484,376,774 |
15,716,823,770 |
14,154,950,851 |
|
Leasehold
Deposit Received |
(-)245,796,100 |
(-)282,007,400 |
(-)321,440,100 |
|
Provision
for Promotion |
(-)9,512,519,482 |
(-)8,980,137,854 |
(-)8,363,913,772 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Sales |
132,816,215,934 |
90,667,498,212 |
117,773,667,836 |
|
Cost of Sold Goods |
94,375,444,920 |
75,445,199,150 |
85,633,718,787 |
|
Gross Profit |
38,440,771,014 |
15,222,299,062 |
32,139,949,049 |
|
Selling & Admin. Expenses |
14,473,677,839 |
12,083,673,896 |
12,756,409,696 |
|
Operating Income |
23,967,093,175 |
3,138,625,166 |
19,383,539,353 |
|
Non-Operating Income |
2,148,163,988 |
2,685,788,029 |
5,270,695,709 |
|
Non-Operating Expenses |
2,553,572,303 |
3,036,309,056 |
7,326,524,124 |
|
Ordinary Income |
23,561,684,860 |
2,788,104,139 |
17,327,710,938 |
|
Special Income |
- |
- |
- |
|
Income Before Taxes |
23,561,684,860 |
2,788,104,139 |
17,327,710,938 |
|
Income Taxes Expenses |
3,557,910,070 |
672,178,436 |
4,008,990,364 |
|
Net Income |
20,003,774,790 |
2,115,925,703 |
13,318,720,574 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Cash Flows from Operating |
26,007,385,295 |
8,819,285,735 |
17,898,771,930 |
|
-Net Income |
20,003,774,790 |
2,115,925,703 |
13,318,720,574 |
|
-Exp. without Cash Outflow |
14,405,935,679 |
11,817,269,476 |
15,640,750,202 |
|
-Revenue without Cash Inflows |
-357,739,623 |
-402,239,481 |
-573,043,193 |
|
-Changes in
Asset/ & Liability |
-8,044,585,551 |
-4,711,669,963 |
-10,487,655,653 |
|
Cash Flows from
Investing |
-22,025,201,861 |
-6,434,163,061 |
-13,099,229,310 |
|
-Cash Inflow
from Investing |
875,785,724 |
3,646,327,727 |
1,400,980,028 |
|
-Cash
Outflows for Investing |
-22,900,987,585 |
-10,080,490,788 |
-14,500,209,338 |
|
Cash Flows from
Financing |
-4,848,320,000 |
-1,585,752,000 |
-4,485,903,870 |
|
-Cash
Inflows from Financing |
25,432,400,000 |
158,570,000,000 |
149,410,030,000 |
|
-Cash
Outflows from Financing |
-30,280,720,000 |
-160,155,752,000 |
-153,895,933,870 |
|
Increase/Decrease
in Cash |
-866,136,566 |
799,370,674 |
313,638,750 |
|
Cash at the
Beginning of Year |
2,775,689,085 |
1,976,318,411 |
1,662,679,661 |
|
Cash at the End of Year |
1,909,552,519 |
2,775,689,085 |
1,976,318,411 |
Products, Technologies, Services Description
|
Main Products & Services |
The Subject Company has the wide range of
carbide grades for Turning inserts such as Uncoated Carbide, CVD Coated Carbide,
PVD Coated carbide, TiAlN Coated, Cermet, Coated Cermet, PCBN and Diamond
Coated Carbide. Those are combined with high technology geometry design on
inserts for general External Turning, Boring, Threading, Grooving,
Face-grooving and Parting off operations. Recently, the AK geometry insert is
one of our fame resounding all over the world in Aluminum machining. The Subject Company offers various
solutions for customers' changing needs in Milling operations with deep
know-how and accumulated field experiences for 34 years. To optimize
customer's machining condition, The Subject Company designs and produces
custom-made milling tools as well as wide range of KORLOY standard milling
programs such as MILL-MAX Series, DOUBLE-MILL Series, FUTURE-MILL Series,
SIDE-MILLING CUTTER Series, ECO-MAX Series, ALPHA-MILL Series, MACH-MILL
Series, TURBO-MILL Series, CEN-MILL Series. The Subject Company produces and
supplies Carbide Endmills for precision endmill operations with its new Q-MAX
Coating technique and Ultra-fine Grain Grade in it. The Subject Company has indexable insert
type drilling solution as the JIP-DRILL Series. It is used at short hole
drilling with high efficiency and productivity indexable insert. Also The
Subject Company offers Carbide Drills for high performance drilling as it is
called, Vulcan-Drill Series. The Subject Company supplies KORLOY TOOLING
SYSTEM for all kinds of machining centers. The Subject Company produces and
supplies the HSK Tooling System for the high speed machining centers as well
as general tooling systems such as BT type holders. |
Trade Partners & Competitors
|
Customers |
DINE INC.(110111-1045396) SUMITOMO HARD METAL SUMITOMO ELECTRIC INDUSTRIES |
|
Competitors |
INBEX DIAMOND CO., LTD. 296-2, DONGPAE 1-RI, GYOHA-EUP, PAJU-SI,
GYEONGGI-DO, KOREA TEL:+82-31-945-2153 FAX:+82-31-945-2809 ACCUTECH CO., LTD. 1402-3, JUAN 5-DONG, NAM-GU, INCHEON, KOREA TEL:+82-32-816-8808 FAX:+82-32-811-0837 SEWON TECH CO., LTD. 396-11, CHEONGCHEON 2-DONG, BUPYEONG-GU,
INCHEON, KOREA TEL:+82-32-582-4324~6 FAX:+82-32-582-4327 |
Related Parties
(Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
DINE INC. (110111-1045396) SUMITOMO HARD METAL CO., LTD.(JAPAN) SUMITOMO ELECTRIC INDUSTRIES CO.,
LTD.(JAPAN) KORLOY AMERICA LNC. KORLOY EUROPE GMBH KORLOY DINE TOOL INC. |
|
Corporate Ownership |
DINE INC.(110111-1045396) SUMITOMO ELECTRIC INDUSTRIES CO.,
LTD.(JAPAN) SUMITOMO HARD METAL CO., LTD.(JAPAN) |
|
Major Shareholders |
DINE INC.(110111-1045396) |
|
Cooperative Enterprise |
-Insured Company LIG INSURANCE CO., LTD.(110111-0017859) HANWHA GENERAL INSURANCE CO., LTD.(110111-0006456) |
Sales by Region
(Activity & Markets)
The Subject exports to Japan, Canada and Germany.
Court Action
No.
News Clipping
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.72 |
|
UK Pound |
1 |
Rs.72.93 |
|
Euro |
1 |
Rs.64.72 |
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.