MIRA INFORM REPORT
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Report Date : |
31.10.2011 |
IDENTIFICATION DETAILS
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Name : |
YK STEEL CORPORATION |
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Formerly Known As : |
YAMATO KOREA STEEL CO., LTD |
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Registered Office : |
90, Gupyeong-dong, Saha-gu, Busan, Korea, Zip Code 604-817 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
19.11.2002 |
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Com. Reg. No.: |
603-81-51627 |
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Legal Form : |
Co., Ltd by shares |
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Line of Business : |
Manufacture of Hot Rolled, Drawn and Extruded Iron or Steel Products |
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 |
YK STEEL CORPORATION (Korean Company Name : “와이케이스틸(주)”) |
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Registered Address |
90, Gupyeong-dong, Saha-gu, Busan, Korea |
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Zip Code |
604-817 |
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Tel |
+82-51-260-2114 |
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Fax |
+82-51-262-2294 |
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E-mail |
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Website |
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Trading Address |
175, Jamsil-dong ,Songpa-gu, Seoul, Korea |
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Tel |
+82-2- 2144-5501~22 |
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Fax |
+82-2- 2144-5524~5 |
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Other Address-Gwangju Office |
415-24, Nongseong-dong ,Seo-gu, Gwangju,
Korea |
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Tel |
+82-62-362-4460~1 |
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Fax |
+82-62-362-4462 |
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Type |
Export/Import |
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Industry |
Manufacture of Hot Rolled, Drawn and Extruded Iron or Steel Products |
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Main Business |
Concrete Reinforcing Bar, Billet, Angle, Round Bar |
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Established (mm/dd/yyyy) |
11/19/2002 |
Detailed Products
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Activity |
Detailed Products (UNSPSC) |
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Sell |
Steel Bar for Concrete |
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Sell |
Billet |
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Sell |
Angle |
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Sell |
Round Bar |
CEO’s
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Name |
Choi Chang-Dae |
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Address |
Suite 101-1703, 1515-2, U-dong,
Haeundae-gu, Busan, Korea |
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Date of Birth |
12/12/1955 |
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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) |
5,049,165,000 |
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Employees |
546 |
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Formation |
Co., Ltd by shares Foreign Direct Investment Corporation |
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Bank Details |
Kookmin Bank Woori Bank Hana Bank SC First Bank of Korea |
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Corporate Registered No. |
180111-0429539 |
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Business Registered No. |
603-81-51627 |
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Permit & Licenses |
08/23/2004 ISO 14001 08/23/2004 ISO 9001 Int’l Trade No.: 11051916 |
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Shareholder Position |
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Company History |
11/19/2002
Incorporated as YAMATO KOREA STEEL CO., LTD. 11/22/2002
Increased the authorized shares to 20,000,000 shares from 40,000 shares 11/26/2002
Registered as a Foreign Direct Investment Corporation 02/13/2003
Increased capital to 5,049,165,000 KRW from 3,029,500,000 KRW 06/30/2005
Changed company name to the present name 02/13/2008
Decreased the issued shares to 605,900 shares from 1,009,833 shares but same
capital 5,049,165,000 KRW |
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Management
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Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
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President & CEO |
Mr. |
Choi Chang-Dae |
Male |
Korean |
01/27/2003 |
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Director |
Mr. |
Hiroyuki Inouwe |
Male |
Japanese |
01/27/2003 |
|
Director |
Mr. |
Sigeo Kawada |
Male |
Japanese |
01/27/2003 |
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Director |
Mr. |
Cho Kyu-Il |
Male |
Japanese |
03/06/2008 |
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Director |
Mr. |
Choi Won-Bong |
Male |
Japanese |
03/06/2008 |
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Director |
Mr. |
Lee Young |
Male |
Japanese |
12/02/2008 |
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Director |
Mr. |
Takkahumi Yoshida |
Male |
Japanese |
03/09/2010 |
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Director |
Mr. |
Hidedakao Michi |
Male |
Japanese |
03/16/2006 |
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Auditor |
Mr. |
Kim Jin-Soo |
Male |
Korean |
03/09/2010 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
624,733,209,304 |
433,221,820,039 |
2,551,101,173 |
|
|
2009 |
701,212,237,351 |
452,703,033,970 |
56,382,139,458 |
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2008 |
866,958,892,095 |
447,589,142,942 |
82,066,211,213 |
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2007 |
583,674,764,522 |
397,181,252,265 |
30,284,248,164 |
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2006 |
468,895,519,153 |
386,484,410,782 |
31,296,733,827 |
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2005 |
484,560,583,017 |
376,017,805,613 |
40,863,814,809 |
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2004 |
448,707,716,859 |
316,600,563,472 |
32,109,222,958 |
|
2003 |
388,314,563,303 |
241,149,594,246 |
29,785,181,083 |
Financial Description
|
Authorized Capital(KRW) |
100,000,000,000 |
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Paid-Up Capital(KRW) |
5,049,165,000 |
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Total Issues Shares |
605,900 |
Balance
Sheet
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Unit : Korean Won |
As of 12/31/2009 |
As of 12/31/2008 |
As of 12/31/2007 |
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Total Assets |
433,221,820,039 |
452,703,033,970 |
447,589,142,942 |
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Current Assets |
267,150,086,545 |
278,876,069,417 |
281,595,579,534 |
|
-Quick Assets |
200,577,790,995 |
220,178,834,322 |
208,679,550,853 |
|
-Inventories |
66,572,295,550 |
58,697,235,095 |
72,916,028,681 |
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Fixed Assets |
166,071,733,494 |
173,826,964,553 |
165,993,563,408 |
|
-Investment |
6,080,000 |
16,200,000 |
8,000,000 |
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-Tangibles |
162,363,653,488 |
170,667,709,694 |
164,427,933,711 |
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-Intangibles |
436,505,936 |
467,871,632 |
499,237,328 |
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-Others |
3,265,494,070 |
2,675,183,227 |
1,058,392,369 |
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Total Liabilities |
149,479,736,647 |
171,512,051,751 |
222,755,976,208 |
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Current Liabilities |
136,417,089,837 |
159,693,879,681 |
212,032,324,828 |
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Fixed Liabilities |
13,062,646,810 |
11,818,172,070 |
10,723,651,380 |
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Capital Stock |
5,049,165,000 |
5,049,165,000 |
5,049,165,000 |
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Capital Surplus |
94,341,073,666 |
94,341,073,666 |
94,341,073,666 |
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Profit Surplus |
184,351,844,726 |
181,800,743,553 |
125,418,604,095 |
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Capital Adjustment |
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|
24,323,973 |
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Total Equity |
283,742,083,392 |
281,190,982,219 |
224,833,166,734 |
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Liab. & Shareholder’s Equity |
433,221,820,039 |
452,703,033,970 |
447,589,142,942 |
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Current Liabilities |
136,417,089,837 |
159,693,879,681 |
212,032,324,828 |
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Trade Payables |
90,747,655,644 |
82,531,788,716 |
95,261,632,962 |
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Short-Term Borrowings |
17,083,500,000 |
29,190,000,000 |
65,150,000,000 |
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Account Payables |
20,924,319,879 |
35,178,124,138 |
21,066,968,135 |
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Advance Receipts |
2,608,033,262 |
2,768,659,548 |
850,985,830 |
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Withholdings |
465,693,842 |
1,007,060,756 |
926,316,342 |
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Accrued Expenses |
1,948,221,222 |
1,912,991,744 |
4,527,472,626 |
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VAT Withhold |
1,958,731,761 |
1,833,754,779 |
4,248,948,933 |
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Current Portion of Long-Term Borrowings |
92,961,994 |
- |
20,000,000,000 |
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Derivatives |
587,972,233 |
5,271,500,000 |
- |
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Fixed Liabilities |
13,062,646,810 |
11,818,172,070 |
10,723,651,380 |
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Provision for Severance & Retirement |
12,922,646,810 |
11,678,172,070 |
10,723,651,380 |
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Long-Term Leasehold Deposit Received |
140,000,000 |
140,000,000 |
- |
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 |
624,733,209,304 |
701,212,237,351 |
866,958,892,095 |
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Cost of Sold Goods |
596,379,380,980 |
618,202,752,130 |
751,605,639,327 |
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Gross Profit |
28,353,828,324 |
83,009,485,221 |
115,353,252,768 |
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Selling & Admin. Expenses |
25,966,718,318 |
28,830,954,676 |
29,636,199,826 |
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Operating Income |
2,387,110,006 |
54,178,530,545 |
85,717,052,942 |
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Non-Operating Income |
3,098,926,283 |
10,827,127,598 |
9,232,484,537 |
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Non-Operating Expenses |
3,355,620,323 |
10,046,734,634 |
12,883,326,266 |
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Income Before Taxes |
2,130,415,966 |
54,958,923,509 |
82,066,211,213 |
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Income Taxes Expenses |
-420,685,207 |
-1,423,215,949 |
- |
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Net Income |
2,551,101,173 |
56,382,139,458 |
82,066,211,213 |
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 |
42,622,061,524 |
79,894,222,550 |
34,823,398,439 |
|
-Net Income |
2,551,101,173 |
56,382,139,458 |
82,066,211,213 |
|
-Exp.
without Cash Outflow |
20,559,611,102 |
24,333,633,732 |
25,170,472,924 |
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-Sale
without Cash Inflows |
-558,191,807 |
-7,581,136,900 |
-6,254,455,803 |
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-Changes in
Asset/ & Liability |
20,069,541,056 |
6,759,586,260 |
-66,158,829,895 |
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Cash Flows
from Investing |
-14,337,733,949 |
-16,489,843,077 |
-21,023,212,030 |
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-Cash Inflow
from Investing |
46,224,445,622 |
99,138,936,144 |
22,747,381,466 |
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-Cash
Outflows for Investing |
-60,562,179,571 |
-115,628,779,221 |
-43,770,593,496 |
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Cash Flows
from Financing |
-17,079,750,000 |
-44,067,203,095 |
-39,889,140,317 |
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-Cash
Inflows from Financing |
42,401,500,000 |
88,122,796,905 |
127,077,174,922 |
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-Cash
Outflows from Financing |
-59,481,250,000 |
-132,190,000,000 |
-166,966,315,239 |
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Increase/Decrease
in Cash |
11,204,577,575 |
19,337,176,378 |
-26,088,953,908 |
|
Cash at the Beginning of Year |
58,857,535,753 |
39,520,359,375 |
65,609,313,283 |
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Cash at the End of Year |
70,062,113,328 |
58,857,535,753 |
39,520,359,375 |
Products, Technologies, Services Description
|
Main Products & Services |
Concrete Reinforcing Bar, Billet, Angle, Round Bar |
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Annual Production Capacity |
Re-Bar : 1,025,000ton/year Billet : 1,127,000ton/year |
Trade Partners & Competitors
|
Competitors |
DYWIDAG SYSTEMS KOREA CO., LTD. 5TH FL., BOMNALACHIM BLDG., 249-2, YANGJAE
2-DONG, SEOCHO-GU, SEOUL, KOREA TEL:+82-2-3472-0141~4 FAX:+82-2-3472-0145 DAEHAN STEEL CO., LTD. 370-16, SINPYEONG 1-DONG, SAHA-GU, BUSAN,
KOREA TEL:+82-51-220-3300 FAX:+82-51-220-3398 KOREA STEEL SHAPES CO., LTD. 727-3, HAKJANG-DONG, SASANG-GU, BUSAN,
KOREA TEL:+82-51-323-2611 FAX:+82-51-325-5713 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
YAMATO KOGYO CO., LTD.-JAPAN NUCOR YAMATO STEEL COMPANY-USA ARKANSAS STEEL ASSOCIATES, LLC-USA YAMATO STEEL CO., LTD-JAPAN SIAM YAMATO STEEL CO., LTD.-THAILAND |
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Corporate Ownership |
YAMATO KOGYO CO., LTD(JAPAN) YAMATO KOGYO(U.S.A) CORPORATION |
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Major Shareholders |
YAMATO KOGYO(U.S.A) CORPORATION |
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Cooperative Enterprise |
-Insured Company HYUNDAI MARINE & FIRE INSURANCE CO., LTD.(110111-0035893) |
Sales by Region
(Activity &
Markets)
The Subject deals with the companies in Japan, Netherlands, USA and
Thailand.
Court Action
|
Case No. |
Court |
Plaintiff(s)/
Creditor(s)/ Applicant(s) |
Defendant(s)/
Debtor(s)/ Respondent(s) |
Cause |
Amount (KRW) |
Status |
|
|
|
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The Subject Company |
Claim for Registration Recovery |
13,910,000 |
1st round is proceeding |
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|
|
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The Subject Company |
Receivables |
264,800,000 |
1st round is proceeding |
News Clipping
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.82 |
|
UK Pound |
1 |
Rs.78.57 |
|
Euro |
1 |
Rs.69.29 |
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.