MIRA INFORM REPORT
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Report Date : |
20.06.2011 |
IDENTIFICATION DETAILS
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Name : |
KOREA NICKEL CORP. |
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Registered Office : |
5439-1, Sangdaewon 2-dong, Jungwon-gu, Seongnam-si, Gyeonggi-do, Korea 8th Fl., Starwood Plaza, Post Code 462-819 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
01.05.1987 |
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Com. Reg. No.: |
211-81-36261 |
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Legal Form : |
Co., Ltd by Shares |
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Line of Business : |
Manufacture of Other Smelting, Refining and Alloys of Non-ferrous
Metals |
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
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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 |
KOREA NICKEL
CORP. (Korean Company
Name : “코리아니켈(주)”) |
|
Registered Address |
5439-1, Sangdaewon 2-dong, Jungwon-gu,
Seongnam-si, Gyeonggi-do, Korea |
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Building |
8th Fl., Starwood Plaza |
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Zip Code |
462-819 |
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Tel |
+82-31-737-0920 |
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Fax |
+82-31-737-0950 |
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E-mail |
thnam@koreazinc.co.kr |
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Website |
www.korea-nickel.co.kr |
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Trading Address |
8th Fl., Starwood Plaza, 5439-1,
Sangdaewon 2-dong, Jungwon-gu, Seongnam-si, Gyeonggi-do, Korea |
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Tel |
+82-31-737-0920 |
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Fax |
+82-31-737-0950 |
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Other Address-Onsan Factory |
116-8, Hwasan-ri, Onsan-eup, Ulju-gun, Ulsan, Korea |
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Tel |
+82-52-237-0071 |
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Type |
Export/Import |
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Industry |
Manufacture of Other Smelting, Refining and Alloys of Non-ferrous
Metals |
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Main Business |
Nickel, Electrolytic Nickel for Melting |
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Established (mm/dd/yyyy) |
05/01/1987 |
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Nickel(11101706) |
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Sell |
Cobalt ore(11101615) |
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Sell |
Copper(11101715) |
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Sell |
Tin ore(11101610) |
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Sell |
Chromium ore(11101612) |
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Sell |
Chemicals including Bio Chemicals and Gas
Materials(12000000) |
CEO’s
|
Name |
Kim Hyun-Tae |
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Address |
Suite 211-13, Siheung-dong,
Sujeong-gu, Seongnam-si, Gyeonggi-do, Korea |
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Date of Birth |
08/18/1951 |
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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) |
5,400,000,000 |
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Employees |
41 |
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Formation |
Co., Ltd by Shares A Company of YOUNG POONG GROUP Foreign Direct Investment Corporation |
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Bank Details |
Korea Exchange Bank-Young Dong Branch Shinhan Bank Woori Bank |
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Corporate Registered No. |
110111-0529482 |
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Business Registered No. |
211-81-36261 |
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Permit & Licenses |
02/22/2002 ISO 9001 08/19/2002 ISO 14001 Int’l Trade No.: 539083 |
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Shareholder Position |
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Company History |
05/01/1987 Incorporated as the present name 02/28/2009 Moved to the present HQ address
from 142, Nonhyeon-dong, Gangnam-gu, Seoul, Korea |
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Management
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Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
Co-President & CEO |
Mr. |
Kim Hyun-Tae |
Male |
Korean |
02/20/1995 |
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Co-President & CEO |
Mr. |
Choi Chang-Young |
Male |
Korean |
02/15/1993 |
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Director |
Mr. |
Choi Chang-Gerl |
Male |
Korean |
02/15/1993 |
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Director |
Mr. |
James Si |
Male |
Chinese |
03/10/1997 |
|
Director |
Mr. |
Hoverto Moreson |
Male |
Brazilian |
02/18/2009 |
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Director |
Mr. |
Choi James Soung |
Male |
USA |
03/03/2011 |
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Auditor |
Mr. |
Noh Sang-Wook |
Male |
Korean |
03/03/2011 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
282,931,789,098 |
133,024,400,046 |
1,009,853,077 |
|
|
2009 |
194,485,897,015 |
130,246,646,763 |
-5,601,580,285 |
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2008 |
462,639,917,561 |
184,382,446,559 |
23,515,770,127 |
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2007 |
895,110,116,673 |
270,605,712,476 |
27,603,217,701 |
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2006 |
574,062,226,199 |
191,892,493,668 |
-6,041,939,374 |
Financial Description
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Authorized Capital(KRW) |
20,000,000,000 |
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Paid-Up Capital(KRW) |
5,400,000,000 |
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Total Issues Shares |
540,000 |
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 |
133,024,400,046 |
130,246,646,763 |
184,382,446,559 |
|
Current Assets |
79,022,357,372 |
82,721,614,671 |
102,226,752,983 |
|
-Quick Assets |
41,547,143,134 |
60,621,867,486 |
51,089,592,081 |
|
-Inventories |
37,475,214,238 |
22,099,747,185 |
51,137,160,902 |
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Fixed Assets |
54,002,042,674 |
47,525,032,092 |
82,155,693,576 |
|
-Investment |
26,329,004,136 |
19,676,702,972 |
72,641,413,816 |
|
-Tangibles |
12,188,737,313 |
12,575,187,100 |
8,804,192,540 |
|
-Intangibles |
15,484,301,225 |
15,273,142,020 |
710,087,220 |
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Total Liabilities |
11,405,218,430 |
9,993,130,055 |
44,361,521,855 |
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Current Liabilities |
11,208,951,590 |
9,719,726,225 |
33,861,898,919 |
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Fixed Liabilities |
196,266,840 |
273,403,830 |
10,499,622,936 |
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Capital Stock |
5,400,000,000 |
5,400,000,000 |
5,400,000,000 |
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Capital Surplus |
2,714,293,981 |
635,723,342 |
635,723,342 |
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Profit Surplus |
113,543,909,475 |
114,154,056,398 |
122,455,636,683 |
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Capital Adjustment |
-39,021,840 |
63,736,968 |
11,529,564,679 |
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Total Equity |
121,619,181,616 |
120,253,516,708 |
140,020,924,704 |
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Liab. &
Shareholder’s Equity |
133,024,400,046 |
130,246,646,763 |
184,382,446,559 |
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Current Liabilities |
11,208,951,590 |
9,719,726,225 |
33,861,898,919 |
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Trade Payables |
9,661,133,485 |
9,013,593,485 |
28,535,578,759 |
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Account Payables |
177,553,688 |
548,398,260 |
1,570,537,709 |
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Withholdings |
146,034,650 |
151,099,490 |
123,063,842 |
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Accrued Expenses |
109,436 |
125,480 |
137,080 |
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Accrued Income Tax |
1,216,983,341 |
- |
3,626,685,429 |
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Current Portion of Long-Term Debts |
7,136,990 |
6,509,510 |
5,896,100 |
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Fixed Liabilities |
196,266,840 |
273,403,830 |
10,499,622,936 |
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Long-Term Borrowings |
56,266,840 |
63,403,830 |
69,913,340 |
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Provision for Severance & Retirement |
3,178,238,229 |
3,206,726,847 |
3,134,547,542 |
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Leasehold Deposit Received |
140,000,000 |
210,000,000 |
90,000,000 |
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 |
282,931,789,098 |
194,485,897,015 |
462,639,917,561 |
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Cost of Sold Goods |
272,832,667,743 |
188,555,792,973 |
418,895,015,030 |
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Gross Profit |
10,099,121,355 |
5,930,104,042 |
43,744,902,531 |
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Selling & Admin. Expenses |
3,469,912,166 |
2,468,315,396 |
4,749,142,395 |
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Operating Income |
6,629,209,189 |
3,461,788,646 |
38,995,760,136 |
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Non-Operating Income |
4,741,253,925 |
9,755,989,720 |
17,865,492,156 |
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Non-Operating Expenses |
7,105,689,298 |
16,875,276,722 |
26,647,896,664 |
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Income Before Taxes |
4,264,773,816 |
-3,657,498,356 |
30,213,355,628 |
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Income Taxes Expenses |
3,254,920,739 |
1,944,081,929 |
6,697,585,501 |
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Net Income |
1,009,853,077 |
-5,601,580,285 |
23,515,770,127 |
Cash
Flows
|
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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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Cash Flows from Operating |
-15,302,698,168 |
18,665,487,009 |
11,543,904,437 |
|
-Net Income |
1,009,853,077 |
-5,601,580,285 |
23,515,770,127 |
|
-Exp. without Cash Outflow |
8,347,651,929 |
14,567,849,478 |
6,562,800,962 |
|
-Revenue
without Cash Inflows |
-219,059,576 |
-5,104,893,291 |
-12,451,647,494 |
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-Changes in
Asset/ & Liability |
-24,441,143,598 |
14,804,111,107 |
-6,083,019,158 |
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Cash Flows
from Investing |
-11,491,636,980 |
6,549,724,275 |
-13,556,109,802 |
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-Cash Inflow
from Investing |
2,596,000,000 |
39,485,228,815 |
2,512,340,113 |
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-Cash
Outflows for Investing |
-14,087,636,980 |
-32,935,504,540 |
-16,068,449,915 |
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Cash Flows
from Financing |
-1,696,509,510 |
-2,705,896,100 |
-7,750,644,968 |
|
-Cash
Inflows from Financing |
- |
- |
61,596,316,953 |
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-Cash
Outflows from Financing |
-1,696,509,510 |
-2,705,896,100 |
-69,346,961,921 |
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Increase/Decrease in Cash |
-28,490,844,658 |
22,509,315,184 |
-9,762,850,333 |
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Cash at the Beginning of Year |
52,308,085,545 |
29,798,770,361 |
39,561,620,694 |
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Cash at the End of Year |
23,817,240,887 |
52,308,085,545 |
29,798,770,361 |
Products, Technologies, Services Description
|
Main Products & Services |
Nickel, Electrolytic Nickel for Melting |
Trade Partners & Competitors
|
Customers |
POSCO(174611-0000741) |
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Competitors |
YOO CHANG METAL INDUSTRIAL CO., LTD. 245, NAE-DONG, OJEONG-GU, BUCHEON-SI,
GYEONGGI-DO, KOREA TEL:+82-32-674-1231 FAX:+82-32-674-8191 TORECOM CORP. 180, UNYONG-RI, DUNPO-MYEON, ASAN-SI,
CHUNGCHEONGNAM-DO, KOREA TEL:+82-41-537-6114 FAX:+82-41-534-2136 SAMJI METAL INDUSTRIAL CO., LTD. 4MA-815, SIHWA INDUSTRIAL COMPLEX, 712,
SEONGGOK-DONG, DANWON-GU, ANSAN-SI, GYEONGGI-DO, KOREA TEL:+82-31-319-8811 FAX:+82-31-319-8233 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates-Domestic |
YOUNG POONG CORPORATION(110111-0003824) KOREA ZINC INC.(110111-0168404) KOREA CIRCUIT CO., LTD.(130111-0026749) INTERFLEX CO., LTD.(135011-0042924) YOUNG POONG ELECTRONICS CO.,
LTD.(135011-0032106) YOUNG POONG BOOK STORE CO.,
LTD.(110111-0855530) SIGNETICS CORP.(110111-0070815) KG INTERNATIONAL
CORPORATION(110111-4252807) YOUNGPOONG CORPORATION(110111-0003824) YOUNG POONG PRECISION
CORPORATION(110111-0342496) SEWON TEXTILE CO., LTD.(110111-0318760) TERRANIX CO., LTD.(135011-0042950) YOUNG POONG DEVELOPMENT CO., LTD.(110111-0612914) YOOMI DEVELOPMENT CO., LTD.(110111-0235542) SORIN INVESTMENT DEVELOPMENT
CORPORATION(110111-0074544) STI CORP.(115611-0019652) KOREA NICKEL CORP.(110111-0529482) SORIN I & T CO., LTD.(110111-1260077) KG GREENTECH CO.,LTD.(230111-0164077) CLEAN KOREA CO., LTD.(134711-0004996) SORIN CORPORATION(110111-0365068) KORYO HEAVY EQUIPMENT CO.,
LTD.(181211-0020558) KG ENGINEERING CO., LTD.(110111-2102153) ALANTUM CORPORATION(131111-0215078) (39.11% held by the subject
company) XMETECH CO., LTD.(131111-0238400) (10.00% held by the subject
company) |
|
Affiliates-Overseas |
KZ - PRANDA CO., LTD.(THAILAND) KZ MINERALS BOLIVIA S.A.(BOLIVIA) KZ MINERALS HOLDINGS PTE.LTD.(SINGAPORE) MINOCQUA METALS CORP.(AUSTRALIA) PAN PACIFIC METAL MINING CORP.(CANADA) COLWELL KENNEDY AUSTRALIA PTY.,
LTD.(AUSTRALIA) SUN METALS HOLDING PTY., LTD.(AUSTRALIA) YP JAPAN CORP.(JAPAN) CHINA CIRCUIT(TIANJIN) CO., LTD.(CHINA) SUN METALS CORP., PTY., LTD.(AUSTRALIA) ALANTUM EUROPE GMBH(GERMANY) IATM(DALIAN) CO., LTD.(CHINA) IATM(SHENYANG) CO., LTD.(CHINA) |
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Cooperative Enterprise |
-Insured Company LIG INSURANCE CO., LTD.(110111-0017859) |
Court Action
No.
News Clipping
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.93 |
|
UK Pound |
1 |
Rs.72.43 |
|
Euro |
1 |
Rs.63.62 |
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 |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.