MIRA INFORM REPORT
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Report Date : |
22.10.2011 |
IDENTIFICATION DETAILS
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Name : |
TANKTECH CO., LTD. |
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Formerly Known As : |
Hankuk Chulryuck Co., Ltd. |
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Registered Office : |
388-1, Gupyeong-dong, Saha-gu, Busan, Korea, Zip Code 604-818 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
06.03.1991 |
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Com. Reg. No.: |
622-81-02199 |
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Legal Form : |
Co., Ltd by Shares |
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Line of Business : |
Manufacture of Sections for Ships |
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 – 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 |
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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 |
TANKTECH CO., LTD. (Korean Company Name : “탱크테크(주)”) |
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Registered Address |
388-1, Gupyeong-dong, Saha-gu, Busan,
Korea |
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Zip Code |
604-818 |
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Tel |
+82-51-979-1600 |
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Fax |
+82-51-979-1601 |
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E-mail |
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Website |
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Trading Address |
388-1, Gupyeong-dong, Saha-gu, Busan,
Korea |
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Tel |
+82-51-979-1600 |
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Fax |
+82-51-979-1601 |
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Other Address-Gunsan Branch |
850-21, Osikdo-dong,
Gunsan-si, Jeonbuk, Korea |
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Type |
Export/Import |
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Industry |
Manufacture of Sections for Ships |
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Main Business |
High Velocity P/V Valve, Local Fire Fighting System, Emergency Towing
System |
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Sub
Business |
Flammable Fuel Tanks, Marine Cargo Tanks |
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Established (mm/dd/yyyy) |
03/06/1991 |
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
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Sell |
Fire fighting equipment(46191600) |
CEO’s
|
Name |
Joo Kwang-Il |
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Address |
Suite 101-3302, 1510, Geoje-dong,
Yeonje-gu, Busan, Korea |
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Date of Birth |
12/11/1958 |
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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) |
1,600,000,000 |
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Employees |
70 |
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Formation |
Co., Ltd by Shares Venture Business |
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Bank Details |
Busan Bank Woori Bank |
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Corporate Registered No. |
134211-0004393 |
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Business Registered No. |
622-81-02199 |
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Permit & Licenses |
05/25/1998 ISO 9001 by ABS 12/30/1998 CE Mark 06/2004 ISO 9001 Int’l Trade No.: 24015648 |
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Shareholder Position |
(*)The list is based as of 12/31/2010. |
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Company History |
03/06/1991 Incorporated as Hankuk Chulryuck
Co., Ltd. 12/12/1998 Designated as a Venture Business 03/06/2000 Changed company name to the
present name 12/2002 Designated as an INNO-BIZ Company 12/2003 Awarded US$ 3 Million Export Top
Prize 06/03/2006 Designated as a Venture Business
again 06/03/2009 Designated as a Venture Business
again 02/04/2010 Acquired YUSUNG Enterprises Co.,
Ltd.(211111-0009010) 03/31/2010 Increased capital to 500,000 shares from 160,000 shares 02/01/2011 Increased capital to 1,600,000,000 KRW from 1,200,000,000
KRW 08/17/2011 Moved to the present HQ address from 1506-2, Songjeong-dong, Gangseo-gu, Busan, Korea |
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Management
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Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Joo Kwang-Il |
Male |
Korean |
03/15/2002 |
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Director |
Mr. |
Jin Hyun |
Male |
Korean |
03/16/2009 |
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Director |
Mr. |
Jung Jin-Sub |
Male |
Korean |
12/18/2009 |
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Auditor |
Mr. |
Kang Maeng-Soo |
Male |
Korean |
12/28/2010 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
45,070,909,973 |
41,190,956,151 |
3,973,406,859 |
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2009 |
40,040,193,640 |
33,262,034,741 |
7,917,770,081 |
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2008 |
34,142,602,465 |
28,095,685,697 |
3,290,273,526 |
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2007 |
19,976,146,333 |
12,644,916,679 |
2,066,591,283 |
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2006 |
13,605,230,681 |
9,578,905,155 |
151,484,154 |
Financial Description
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Authorized Capital(KRW) |
2,500,000,000 |
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Paid-Up Capital(KRW) |
1,600,000,000 |
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Total Issued Shares |
320,000(Common :240,000 / Preferable : 80,000) |
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 |
41,190,956,151 |
33,262,034,741 |
28,095,685,697 |
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Current Assets |
24,935,503,971 |
20,964,996,119 |
18,239,186,996 |
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-Quick Assets |
21,930,610,768 |
17,658,979,301 |
15,017,435,092 |
|
-Inventories |
3,004,893,203 |
3,306,016,818 |
3,221,751,904 |
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Fixed Assets |
16,255,452,180 |
12,297,038,622 |
9,856,498,701 |
|
-Investment |
2,631,308,237 |
4,999,412,688 |
2,354,855,762 |
|
-Tangibles |
11,033,465,827 |
5,538,514,976 |
5,664,325,371 |
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-Intangibles |
13,910,787 |
20,866,118 |
27,821,449 |
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-Others |
2,576,767,329 |
1,738,244,840 |
1,809,496,119 |
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Total Liabilities |
22,383,111,142 |
17,611,791,866 |
19,963,212,903 |
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Current Liabilities |
21,462,671,740 |
15,731,718,108 |
17,794,287,872 |
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Fixed Liabilities |
920,439,402 |
1,880,073,758 |
2,168,925,031 |
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Capital Stock |
1,200,000,000 |
400,000,000 |
400,000,000 |
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Capital Surplus |
-15,804,725 |
- |
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Profit Surplus |
17,623,649,734 |
15,250,242,875 |
7,732,472,794 |
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Capital Adjustment |
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Total Equity |
18,807,845,009 |
15,650,242,875 |
8,132,472,794 |
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Liab. & Shareholder’s Equity |
41,190,956,151 |
33,262,034,741 |
28,095,685,697 |
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Current Liabilities |
21,462,671,740 |
15,731,718,108 |
17,794,287,872 |
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Trade Payables |
3,916,409,017 |
3,982,535,470 |
4,540,297,848 |
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Short-Term Borrowings |
9,595,620,000 |
2,883,974,000 |
3,090,835,000 |
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Account Payables |
566,477,344 |
1,055,817,587 |
762,054,505 |
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Accrued Expenses |
264,576,836 |
322,750,897 |
272,329,043 |
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Withholdings |
217,687,744 |
220,723,819 |
414,754,208 |
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Advance Receipts |
6,143,365,604 |
6,772,218,605 |
7,679,153,218 |
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Accrued Income Tax |
558,535,195 |
343,697,730 |
843,204,050 |
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Current Portion of Long-Term Debts |
200,000,000 |
150,000,000 |
191,660,000 |
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Fixed Liabilities |
920,439,402 |
1,880,073,758 |
2,168,925,031 |
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Long-Term Borrowings |
- |
200,000,000 |
350,000,000 |
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Long-Term Account Payables |
58,000,000 |
- |
- |
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Provision for Severance & Retirement |
1,961,070,568 |
2,605,562,468 |
2,121,285,419 |
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 |
45,070,909,973 |
40,040,193,640 |
34,142,602,465 |
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Cost of Sold Goods |
32,896,267,608 |
26,453,193,560 |
24,250,014,227 |
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Gross Profit |
12,174,642,365 |
13,587,000,080 |
9,892,588,238 |
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Selling & Admin. Expenses |
4,186,882,774 |
5,049,907,969 |
5,888,896,349 |
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Operating Income |
7,987,759,591 |
8,537,092,111 |
4,003,691,889 |
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Non-Operating Income |
1,110,326,000 |
1,252,617,602 |
1,322,356,021 |
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Non-Operating Expenses |
4,394,035,231 |
797,437,039 |
1,581,820,001 |
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Income Before Taxes |
4,704,050,360 |
8,992,272,674 |
3,744,227,909 |
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Income Taxes Expenses |
730,643,501 |
1,074,502,593 |
453,954,383 |
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Net Income |
3,973,406,859 |
7,917,770,081 |
3,290,273,526 |
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 |
6,649,195,957 |
2,578,584,345 |
7,861,301,548 |
|
-Net Income |
3,973,406,859 |
7,917,770,081 |
3,290,273,526 |
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-Exp. without Cash Outflow |
3,683,549,522 |
1,063,922,467 |
2,730,004,277 |
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-Revenue without Cash Inflows |
-1,225,569,242 |
-838,181,353 |
-336,810,745 |
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-Changes in Asset/ & Liability |
217,808,818 |
-5,564,926,850 |
2,177,834,490 |
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Cash Flows from Investing |
-12,293,095,185 |
-2,301,710,695 |
-6,957,765,651 |
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-Cash Inflow from Investing |
2,261,586,528 |
9,318,923,563 |
1,096,539,709 |
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-Cash Outflows for Investing |
-14,554,681,713 |
-11,620,634,258 |
-8,054,305,360 |
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Cash Flows from Financing |
5,487,480,000 |
8,110,767 |
222,428,531 |
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-Cash Inflows from Financing |
8,777,480,000 |
6,419,380,000 |
2,827,920,000 |
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-Cash Outflows from Financing |
-3,290,000,000 |
-6,411,269,233 |
-2,605,491,469 |
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Increase/Decrease in Cash |
5,118,772 |
284,984,417 |
1,125,964,428 |
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Cash at the Beginning of Year |
1,848,995,472 |
1,564,011,055 |
438,046,627 |
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Cash at the End of Year |
1,854,114,244 |
1,848,995,472 |
1,564,011,055 |
Products, Technologies, Services Description
|
Main Products & Services |
Hull Piping - High Velocity Pressure Vacuum Relief
Valve(With Gas Free Cover) - Anti Sloshing Device - Tank Cleaning Machine - Hold Cleaning Machine (for Bulk Carrier) - Portable Tank Measuring System - Eductor - Anti Heeling System - Water Spray System Machinery Outfitting - Water Mist Fire Fighting System Hull Outfitting - Emergency Towing Arrangement (Combined
with Escorting Pull Back System) - Hatch Cover - Lashing Bridge Offshore & Special Shop - Deluge Valve - Flame Arresters - Air Release & Vacuum Breaker Valve Surveillance & Security - Anti-Piracy Solution Jet Gun Industrial Applications - Motor Operation Valve(MOV) - Storage Tank Cleaning Machine |
Trade Partners & Competitors
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Customers |
HYUNDAI HEAVY INDUSTRIES CO., LTD.(181211-0000386) STX OFFSHORE & SHIPBUILDING CO., LTD.(180111-0002814) |
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Competitors |
DONGHEE INDUSTRIAL CO., LTD. 218, HWANGSEONG-DONG, NAM-GU, ULSAN, KOREA TEL:+82-70-7094-7262 FAX:+82-52-257-0162 INERGY AUTOMOTIVE SYSTEMS CO., LTD. 1056, WANGSIN-RI, GANGDONG-MYEON,
GYEONGJU-SI, GYEONGSANGBUK-DO, KORE TEL:+82-54-760-2114 FAX:+82-54-762-8759 SAMSUNG INDUSTRIAL CO., LTD. 4B-1L, NAMDONG INDUSTRIAL COMPLEX, 618,
NAMCHON-DONG, NAMDONG-GU, INCHEON, KORE TEL:+82-32-812-8711~8 FAX:+82-32-812-8719 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
BLUE MARINE SYSTEM CO., LTD.(180111-0473875) HANKUK CHULRYUCK CO., LTD.(195511-0058672) TOP SAFE CO., LTD.(195511-0074800) |
|
Overseas Office |
TANKTECH SHANGHAI OFFICE (CHINA) ROOM306, B BLOCK, FAR EAST BUILDING,
XIANXIA ROAD 319, SHANGHAI, 200-336, CHINA TEL: +86 21 6235 0185 FAX:+86 21 6235 0187 |
|
Subsidiary |
TKT CO., LTD.(211111-0025321) (97.09% held by the subject company) |
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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 |
0 |
8,211,978,168 |
8,283,665,611 |
|
Domestic |
0 |
13,271,928,876 |
12,243,709,165 |
|
Others |
0 |
18556286596 |
13615227689 |
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Total |
45,070,909,973 |
40,040,193,640 |
34,142,602,465 |
The Subject deals with
the companies in China, Japan and USA.
Court Action
No.
News Clipping
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.07 |
|
UK Pound |
1 |
Rs.79.16 |
|
Euro |
1 |
Rs.69.04 |
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.