MIRA INFORM REPORT
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Report Date : |
19.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
NEXANS KOREA LTD. |
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Formerly Known As : |
Daesung Electric
Cable Co., Ltd |
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Registered Office : |
165, Sadong-ri, Nami-myeon, Cheongwon-gun, Chungcheongbuk-do, Korea, Zip Code 363-812 |
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Country : |
South korea |
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Financials (as on) : |
30.06.2011 |
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Date of Incorporation : |
21.11.1960 |
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Com. Reg. No.: |
127-81-00963 |
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Legal Form : |
Co., Ltd by Shares |
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Line of Business : |
Manufacture of Other Insulated Wire and Cable |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
KRW 1,440,000,000 |
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|
|
|
Status : |
Moderate |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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South korea
|
a1 |
a1 |
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Risk Category |
ECGC
Classification |
|
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
|
Company
Name |
NEXANS KOREA
LTD. (Korean Company
Name : “넥상스코리아(주)”) |
|
Registered Address |
165, Sadong-ri, Nami-myeon, Cheongwon-gun,
Chungcheongbuk-do, Korea |
|
Zip Code |
363-812 |
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Tel |
+82-43-270-0200 |
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Fax |
+82-43-270-0219 |
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E-mail |
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|
Website |
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Trading Address |
7th Fl., I`Park Tower, 160, Samseong 1-dong,
Gangnam-gu, Seoul, Korea |
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Tel |
+82-2-2140-2400 |
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Fax |
+82-2-2140-2419 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Other Insulated Wire and Cable |
|
Main Business |
Power Cable, Communication Cable, Optical Cable |
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Established (mm/dd/yyyy) |
11/21/1960 |
The Subject owns
the premises of registered HQ address.
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Telecommunications cable(26121616) |
|
Sell |
Power cable(26121629) |
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Sell |
Fiber optic cable(26121607) |
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Sell |
Electrical wire(26121500) |
|
Sell |
Automotive or aircraft wire(26121508) |
|
Buy |
Polyvinyl Chloride PVC(13102030) |
|
Buy |
Asynchronous transfer mode ATM network
equipment(43221805) |
|
Buy |
Copper clad aluminum wire(26121519) |
|
Buy |
Copper wire(26121517) |
|
Buy |
Polyethylene(13111016) |
CEO’s
|
Name |
Kang In-Koo |
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Date of Birth |
12/23/1956 |
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Title |
President & CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
|
Capital (KRW) |
17,707,074,000 |
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Employees |
186 |
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Formation |
Co., Ltd by Shares Foreign Direct Investment Corporation |
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Bank Details |
Shinhan Bank-Coex Corporate Finance Branch |
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Corporate Registered No. |
111511-0000798 |
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Business Registered No. |
127-81-00963 |
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Permit & Licenses |
06/16/1987 UL Mark 03/23/1992 ISO 9002 Int’l Trade No.: 812016( |
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Shareholder Position |
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Company History |
11/21/1960 Incorporated as Daesung Jeonup
Co., Ltd. 01/01/1972 Changed company name to Daesung
Electric Cable Co., Ltd. 03/13/1989 Listed at Korea Stock Exchange
(Code :003050) 07/01/1998 Acquired Daesung Cable Co., Ltd. 04/26/2001 Changed company name to the
present name 12/22/2004 Delisted from Korea Stock
Exchange |
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Management
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Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education/Career |
|
President & CEO |
Mr. |
Kang In-Koo |
Korean |
1956.12.23 |
Seogang University, Korea |
|
Director |
Mr. |
Choi Byung-Cheol |
Korean |
1946.07.14 |
Seoul National University, Korea |
|
Director |
Mr. |
Nicholas Peter Ballas |
USA |
1960.07.27 |
Cabot Corporation Asia |
|
Director |
Mr. |
Vincent Dessale |
French |
1966.06.07 |
- |
|
Director |
Mr. |
Kumar Hingorani |
Canadian |
1971.02.07 |
- |
|
Auditor |
Mr. |
Lee Won-Wook |
Korean |
1955.07.05 |
Sungkyunkwan University, Korea |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
170,958,542,543 |
173,609,745,385 |
-2,330,392,689 |
|
|
2010 |
252,658,338,747 |
166,903,519,881 |
2,217,998,241 |
|
2009 |
203,458,050,116 |
146,236,407,753 |
22,447,711,155 |
|
2008 |
222,420,928,566 |
142,847,080,956 |
-14,217,380,810 |
|
2007 |
199,979,371,858 |
145,839,560,588 |
4,140,901,391 |
|
2006 |
190,805,743,714 |
148,873,932,770 |
5,589,700,163 |
Financial Description
|
Authorized Capital(KRW) |
40,000,000,000 |
|
Paid-Up Capital(KRW) |
17,707,074,000 |
|
Total Issues Shares |
35,414,148 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
01/01/2011~06/30/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Total Assets |
173,609,745,385 |
166,903,519,881 |
146,236,407,753 |
|
Current Assets |
135,153,169,651 |
126,377,005,332 |
103,339,280,262 |
|
-Quick Assets |
117,704,575,903 |
115,355,040,068 |
92,937,976,606 |
|
-Inventories |
17,448,593,748 |
11,021,965,264 |
10,401,303,656 |
|
Fixed Assets |
38,456,575,734 |
40,526,514,549 |
42,897,127,491 |
|
-Investment |
9,517,254,855 |
10,786,673,725 |
14,207,319,353 |
|
-Tangibles |
25,378,371,689 |
26,341,296,732 |
25,542,494,800 |
|
-Intangibles |
134,527,784 |
162,361,112 |
- |
|
-Others |
3,426,421,406 |
3,236,182,980 |
3,147,313,338 |
|
Total Liabilities |
72,923,618,131 |
61,205,783,861 |
41,426,722,439 |
|
Current Liabilities |
71,052,654,453 |
59,640,122,924 |
39,908,039,025 |
|
Fixed Liabilities |
1,870,963,678 |
1,565,660,937 |
1,518,683,414 |
|
Capital Stock |
17,707,074,000 |
17,707,074,000 |
17,707,074,000 |
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Capital Surplus |
64,678,934,174 |
64,678,934,174 |
64,678,934,174 |
|
Profit Surplus |
22,903,201,653 |
27,425,706,854 |
26,303,764,869 |
|
Capital Adjustment |
-4,603,082,573 |
-4,113,979,008 |
-3,880,087,729 |
|
Total Equity |
100,686,127,254 |
105,697,736,020 |
104,809,685,314 |
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Liab. & Shareholder’s Equity |
173,609,745,385 |
166,903,519,881 |
146,236,407,753 |
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Current
Liabilities |
71,052,654,453 |
59,640,122,924 |
39,908,039,025 |
|
Trade Payables |
53,264,296,466 |
43,271,428,858 |
27,638,559,547 |
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Account Payables |
7,234,891,278 |
9,388,117,909 |
4,198,288,187 |
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Advance Receipts |
1,569,884,223 |
1,155,019,721 |
1,176,666,158 |
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Withholdings |
167,895,682 |
253,555,908 |
234,891,394 |
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Accrued Expenses |
2,670,745,300 |
1,608,425,088 |
1,259,779,731 |
|
Accrued Income Tax |
219,736,231 |
- |
1,042,959,601 |
|
VAT Withhold |
2,942,921,192 |
2,651,664,095 |
2,148,881,301 |
|
Accrued Dividends |
3,554,680 |
3,274,360 |
3,134,200 |
|
Derivatives |
2,978,729,401 |
535,148,959 |
1,402,850,239 |
|
Current Portion of Deferred Income Tax
Credit |
- |
773,488,026 |
802,028,667 |
|
Fixed
Liabilities |
1,870,963,678 |
1,565,660,937 |
1,518,683,414 |
|
Provision for Severance & Retirement |
5,480,289,960 |
4,909,885,842 |
5,427,973,501 |
|
Leasehold Deposit Received |
231,446,000 |
525,868,500 |
525,868,500 |
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Provision for Severance & Retirement |
1,236,792,437 |
1,039,792,437 |
992,814,914 |
Income
Statement
|
|||
|
Unit : Korean Won |
01/01/2011~06/30/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Sales |
170,958,542,543 |
252,658,338,747 |
203,458,050,116 |
|
Cost of Sold Goods |
162,789,949,746 |
242,866,543,160 |
189,821,661,491 |
|
Gross Profit |
8,168,592,797 |
9,791,795,587 |
13,636,388,625 |
|
Selling & Admin. Expenses |
7,865,193,638 |
13,131,895,003 |
12,445,218,252 |
|
Operating Income |
303,399,159 |
-3,340,099,416 |
1,191,170,373 |
|
Non-Operating Income |
6,011,886,360 |
15,758,237,214 |
44,116,835,522 |
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Non-Operating Expenses |
9,106,272,173 |
10,533,599,311 |
14,622,333,669 |
|
Income Before Taxes |
-2,790,986,654 |
1,884,538,487 |
30,685,672,226 |
|
Income Taxes Expenses |
-460,593,965 |
-333,459,754 |
8,237,961,071 |
|
Net Income |
-2,330,392,689 |
2,217,998,241 |
22,447,711,155 |
Cash
Flows
|
|||
|
Unit : Korean Won |
01/01/2011~06/30/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Cash Flows from Operating |
-13,726,607,283 |
3,794,440,819 |
23,610,817,266 |
|
-Net Income |
-2,330,392,689 |
2,217,998,241 |
22,447,711,155 |
|
-Exp. without Cash Outflow |
5,366,433,491 |
9,041,434,850 |
8,404,097,939 |
|
-Revenue without Cash Inflows |
-2,953,335,234 |
-6,144,726,033 |
-7,807,341,918 |
|
-Changes in Asset/ & Liability |
-13,809,312,851 |
-1,320,266,239 |
566,350,090 |
|
Cash Flows from Investing |
2,742,160,117 |
-12,862,396,741 |
3,114,961,370 |
|
-Cash Inflow from Investing |
68,345,081,848 |
51,931,793,850 |
6,203,393,495 |
|
-Cash Outflows for Investing |
-65,602,921,731 |
-64,794,190,591 |
-3,088,432,125 |
|
Cash Flows from Financing |
-2,486,254,692 |
-1,095,916,096 |
-5,030,000,000 |
|
-Cash Inflows from Financing |
5,857,820 |
- |
- |
|
-Cash Outflows from Financing |
-2,492,112,512 |
-1,095,916,096 |
-5,030,000,000 |
|
Increase/Decrease in Cash |
-13,470,701,858 |
-10,163,872,018 |
21,695,778,636 |
|
Cash at the Beginning of Year |
19,394,665,521 |
29,558,537,539 |
7,862,758,903 |
|
Cash at the End of Year |
5,923,963,663 |
19,394,665,521 |
29,558,537,539 |
Products, Technologies, Services Description
|
Main Products & Services |
Power Cable, Communication Cable, Optical Cable |
Trade Partners & Competitors
|
Suppliers |
NEXANS DAEYOUNG CO., LTD.(115211-0012779) TAIHAN ELECTRIC WIRE CO.,LTD(110111-0035835) |
|
Competitors |
LS CABLE LTD.(134111-0168357) 12TH FL., LS TOWER, 1026-6, HOGYE 1-DONG,
DONGAN-GU, ANYANG-SI, GYEONGGI-DO, KOREA TEL:+82-2-2189-9114 FAX:+82-2-2189-9259 TAIHAN ELECTRIC WIRE
CO.,LTD(110111-0035835) 113-119, SIHEUNG 1-DONG, GEUMCHEON-GU,
SEOUL 153-839 KOREA TEL:+82-2-890-9114 FAX: +82-2-892-9387 GAON CABLE CO.,LTD.(134111-0000567) 166, GEUMJEONG-DONG, GUNPO-SI, GYEONGGI-DO,
KOREA TEL:+82-31-459-6222 FAX:+82-31-454-1916 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
NEXANS VIETNAM POWER CABLE CO., LTD. (59.05% held by the subject company) KUKDONG ELECTRIC WIRE CO., LTD.(115211-0000609) |
|
Subsidiary |
NEXANS DAEYOUNG CO., LTD.(115211-0012779) (100.0% held by the subject company) |
|
Corporate Ownership |
NEXANS S.A. |
|
Major Shareholders |
NEXANS PARTICIPATIONS S.A. |
|
Cooperative Enterprise |
-Insured Company HYUNDAI MARINE & FIRE INSURANCE CO., LTD.(110111-0035893) -General Relations Agreement NEXANS S.A. |
Sales by Region
(Activity & Markets)
|
Sales/ Unit :Mil KRW |
06/2011 |
2010 |
2009 |
|
Export |
11,234 |
34,827 |
|
|
Domestic |
159,725 |
217,831 |
|
|
Total |
170,959 |
252,658 |
|
The Subject deals with
the companies in Australia, France, Hong Kong, Japan and Vietnam.
Court Action
No.
Credit Limit
KRW 1,440,000,000
News Clipping
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.14 |
|
UK Pound |
1 |
Rs.77.58 |
|
Euro |
1 |
Rs.67.58 |
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.