|
Report Date : |
24.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
YG-1 CO., LTD. |
|
|
|
|
|
|
Registered Office : |
68, Cheongcheon 1-dong, Bupyeong-gu, Incheon, Korea 403-855 |
|
|
|
|
|
|
Country : |
South Korea |
|
|
|
|
|
|
Financials (as on) : |
30.09.2011 |
|
|
|
|
|
|
Date of Incorporation : |
25.09.1986 |
|
|
|
|
|
|
Com. Reg. No.: |
122-81-16515 |
|
|
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
|
|
Line of Business : |
Manufacture of Saws, Saw Blades and Interchangeable Tools |
|
|
|
|
|
|
No. of Employees : |
1,152 |
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 : |
Exist |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SOUTH KOREA - ECONOMIC OVERVIEW
South Korea over the past
four decades has demonstrated incredible growth and global integration to
become a high-tech industrialized economy. In the 1960s, GDP per capita was
comparable with levels in the poorer countries of Africa and Asia. In 2004,
South Korea joined the trillion dollar club of world economies, and currently
is among the world's 20 largest economies. Initially, a system of close
government and business ties, including directed credit and import
restrictions, made this success possible. The government promoted the import of
raw materials and technology at the expense of consumer goods, and encouraged
savings and investment over consumption. The Asian financial crisis of 1997-98
exposed longstanding weaknesses in South Korea's development model including
high debt/equity ratios and massive short-term foreign borrowing. GDP plunged
by 6.9% in 1998, and then recovered by 9% in 1999-2000. Korea adopted numerous
economic reforms following the crisis, including greater openness to foreign
investment and imports. Growth moderated to about 4% annually between 2003 and
2007. With the global economic downturn in late 2008, South Korean GDP growth
slowed to 0.3% in 2009. In the third quarter of 2009, the economy began to
recover, in large part due to export growth, low interest rates, and an
expansionary fiscal policy, and growth was 3.6% in 2011. In 2011, the US-South
Korea Free Trade Agreement was ratified by both governments and is projected to
go into effect in early 2012. The South Korean economy's long term challenges
include a rapidly aging population, inflexible labor market, and heavy reliance
on exports - which comprise half of GDP.
Source
: CIA
|
Company Name |
YG-1 CO., LTD. (Korean Company
Name : “(주)와이지-원”) |
|
Registered Address |
68, Cheongcheon 1-dong, Bupyeong-gu,
Incheon, Korea |
|
Zip Code |
403-855 |
|
Tel |
+82-32-526-0909 |
|
Fax |
+82-32-526-4373 |
|
E-mail |
yg-1@yg1.co.kr |
|
Website |
www.yg1.co.kr |
|
Trading Address |
68, Cheongcheon 1-dong, Bupyeong-gu,
Incheon, Korea |
|
Tel |
+82-32-526-0909 |
|
Fax |
+82-32-526-4373 |
|
Other Address-Ansan Factory |
5Ra-403, Sihwa Industrial Complex, 673-15,
Seonggok-dong, Danwon-gu, Ansan-si, Gyeonggi-do, Korea |
|
Tel |
+82-31-499-9541~5 |
|
Fax |
+82-31-498-7971 |
|
Other Address-Gwangju Factory |
621-4, Docheon-dong, Gwangsan-gu, Gwangju,
Korea |
|
Tel |
+82-62-951-9212 |
|
Fax |
+82-62-951-9222 |
|
Other Address-R&D Center |
7-7, Songdo-dong, Yeonsu-gu, Incheon, Korea |
|
Tel |
+82-32-858-0919~21 |
|
Fax |
+82-32-858-0922 |
|
Type |
Export |
|
Industry |
Manufacture of Saws, Saw Blades and Interchangeable Tools |
|
Main Business |
End Mill, Drill, Tap, Rotary Burr |
|
Established (mm/dd/yyyy) |
09/25/1986 |
The Subject owns
the premises of registered HQ address, Ansan Factory and Gwangju Factory.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Taps or dies(23153305) |
|
Sell |
Drills(23153301) |
|
Sell |
End mills(27112803) |
|
Sell |
Rotary burrs(23153310) |
|
Buy |
Tungsten carbide(31191518) |
|
Buy |
Steel(11101704) |
|
Name |
Song Ho-Keun |
|
Date of Birth |
01/15/1952 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
12,006,615,000 |
||||||||||||||||||
|
Employees |
1,152 |
||||||||||||||||||
|
Formation |
Listed Company (KOSDAQ : 019210) as of 08/06/1997 |
||||||||||||||||||
|
Bank Details |
Citibank, Korea SC First Bank of Korea Woori Bank |
||||||||||||||||||
|
Corporate Registered No. |
120111-0038639 |
||||||||||||||||||
|
Business Registered No. |
122-81-16515 |
||||||||||||||||||
|
Permit & Licenses |
06/1993 KS Mark 03/1997 EM Mark 03/31/1997 KS Mark 12/28/1999 ISO 9001 by TUV 07/2001 ISO 14001 by TUV 03/2005 ISO 9001 by DAS 03/2005 ISO 14001 by DAS Int’l Trade No.: 960975 |
||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||
|
Company History |
09/25/1986 Incorporated as YANGGEE 1 TOOLS
CO., LTD. 10/12/1999 Changed company name to the
present name 11/2001 Awarded US$30 Million Export Top
Prize 07/2004 Moved to the present HQ address
from 378,
Cheongcheon-dong, Bupyeong-gu, Incheon, Korea 11/2004 Awarded US$50 Million Export Top
Prize 11/2006 Awarded US$70 Million Export Top
Prize 11/2008 Awarded US$100 Million Export Top
Prize 02/28/2009 Acquired the patent on spherical tools
in India |
||||||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
President & CEO |
Mr. |
Song Ho-Keun |
Korean |
1952.01.15 |
Seoul National University, Korea |
|
Director / R&D |
Mr. |
Lee Young-Bae |
Korean |
1951.03.10 |
Dongah University, Korea |
|
Director |
Mr. |
Park Young-Koon |
Korean |
1958.01.27 |
Gyungnam University, Korea |
|
Outside Director |
Mr. |
Kim Jong-Hoon |
Korean |
1953.03.08 |
Seoul National University, Korea |
|
Auditor |
Mr. |
Lee Ho-Kil |
Korean |
1950.06.29 |
Seoul National University, Korea |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
201,932,660,443 |
513,551,899,061 |
15,993,696,071 |
|
|
(*)2011 |
257,472,360,293 |
408,336,611,946 |
20,586,778,811 |
|
(*)2010 |
163,176,034,832 |
300,619,867,700 |
-1,012,903,311 |
|
2009 |
115,507,427,989 |
190,838,235,591 |
-14,645,488,980 |
|
2008 |
174,829,352,201 |
177,677,235,137 |
7,670,371,069 |
|
2007 |
128,278,571,018 |
142,713,220,376 |
9,865,338,204 |
|
2006 |
105,483,007,771 |
119,862,120,219 |
7,231,213,257 |
|
2005 |
107,731,920,082 |
112,822,917,787 |
6,130,343,517 |
(*)Figures are based
on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
20,000,000,000 |
|
Paid-Up Capital(KRW) |
12,006,615,000 |
|
Total Issues Shares |
24,013,230 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
01/01/2011~09/30/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Total Assets |
513,551,899,061 |
408,336,611,946 |
300,619,867,700 |
|
Current
Assets |
313,036,484,756 |
236,659,301,254 |
164,638,136,546 |
|
Cash & Cash Equivalents |
423,923,320 |
586,100,208 |
2,690,852,419 |
|
Deposits |
65,093,626,372 |
10,007,576,795 |
10,968,230,000 |
|
Trade Receivables & Other Receivables |
137,066,493,427 |
124,229,401,024 |
76,933,847,094 |
|
Current
Financial Instruments |
2,925,000 |
5,550,000 |
6,065,000 |
|
Inventories |
96,370,460,840 |
92,911,343,892 |
68,852,329,548 |
|
Deferred
Income Tax Assets |
|
|
115,785,353 |
|
Other
Current Assets |
14,079,055,797 |
8,919,329,335 |
5,071,027,132 |
|
Non-Current Assets |
200,515,414,305 |
171,677,310,692 |
135,981,731,154 |
|
Deposits |
85,000,000 |
92,500,000 |
522,547,090 |
|
Investment_Subsidiaries |
55,611,503,094 |
48,686,887,079 |
41,164,925,337 |
|
Marketable
Financial Instruments |
1,234,500,000 |
126,393,317 |
391,948,361 |
|
Other Financial Instruments |
380,100,000 |
368,040,000 |
55,170,000 |
|
Trade Receivables & Other Receivables |
421,241,253 |
2,512,793,763 |
930,178,763 |
|
Tangibles |
141,473,395,897 |
118,403,582,115 |
91,173,861,661 |
|
Intangibles |
1,309,674,061 |
1,487,114,418 |
1,694,469,940 |
|
Other Non-Current Assets |
|
|
48,630,002 |
|
Total
Liabilities |
332,219,823,646 |
273,175,293,584 |
182,359,288,614 |
|
Current
Liabilities |
216,988,165,352 |
225,475,771,201 |
147,177,571,046 |
|
Borrowings |
159,181,369,058 |
166,080,337,794 |
116,086,512,081 |
|
Trade Payables & Other
Payables |
35,795,242,636 |
36,335,324,553 |
30,238,932,258 |
|
Debentures |
17,981,278,648 |
19,992,789,837 |
|
|
Provisions |
1,337,136,891 |
1,364,114,458 |
31,774,967 |
|
Deferred Income Tax Credit |
316,115,454 |
353,234,382 |
|
|
Others |
2,377,022,665 |
1,349,970,177 |
820,351,740 |
|
Non-Current
Liabilities |
115,231,658,294 |
47,699,522,383 |
35,181,717,568 |
|
Borrowings |
40,669,193,551 |
22,581,492,440 |
7,051,658,085 |
|
Debentures |
66,297,589,570 |
17,968,144,627 |
19,971,474,678 |
|
Finance Guarantee |
534,817,140 |
296,105,697 |
|
|
Confirmed Salary |
2,157,110,483 |
2,487,249,089 |
6,359,380,845 |
|
Deferred Income Tax Credit |
5,572,947,550 |
4,366,530,530 |
1,799,203,960 |
|
Capital Stock |
12,006,615,000 |
10,806,615,000 |
10,806,615,000 |
|
Others |
57,755,208,421 |
24,455,424,339 |
24,455,424,339 |
|
Profit Surplus |
111,570,251,994 |
99,899,279,023 |
82,998,539,747 |
|
Total Equity |
181,332,075,415 |
135,161,318,362 |
118,260,579,086 |
|
Liab. & Shareholder’s Equity |
513,551,899,061 |
408,336,611,946 |
300,619,867,700 |
Income
Statement
|
|||
|
Unit : Korean Won |
01/01/2011~09/30/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Sales |
201,932,660,443 |
257,472,360,293 |
163,176,034,832 |
|
Cost of
Sold Goods |
153,512,800,184 |
193,683,821,645 |
127,241,668,083 |
|
Gross
Profit |
48,419,860,259 |
63,788,538,648 |
35,934,366,749 |
|
Selling Expenses |
11,130,364,074 |
12,850,185,292 |
15,720,686,530 |
|
Admin. Expenses |
12,188,553,376 |
14,022,503,281 |
12,890,447,949 |
|
Other Operating Income |
25,100,942,809 |
36,915,850,075 |
7,323,232,270 |
|
Other Operating Expenses |
11,554,372,076 |
10,111,284,726 |
4,587,175,363 |
|
Operating
Income |
11,507,393,450 |
12,119,449,781 |
7,990,774,417 |
|
Finance Income |
5,203,945,867 |
4,542,731,113 |
5,225,053,988 |
|
Finance Expenses |
12,258,032,180 |
14,767,136,244 |
9,827,702,010 |
|
Income
Before Taxes |
18,093,835,122 |
24,683,279,889 |
-683,014,806 |
|
Income
Before Taxes |
2,100,139,051 |
4,096,501,078 |
329,888,505 |
|
Net
Income |
15,993,696,071 |
20,586,778,811 |
-1,012,903,311 |
Cash Flows
|
|||
|
Unit : Korean Won |
01/01/2011~09/30/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Operating
Activities Cash Flows |
12,404,803,915 |
-29,529,734,728 |
7,650,149,441 |
|
Cash Flows from Operating |
12,939,103,613 |
-28,709,099,321 |
7,361,229,410 |
|
Net Income |
15,993,696,071 |
20,586,778,811 |
-1,012,903,311 |
|
Adjustment |
22,975,094,245 |
24,285,802,106 |
23,048,450,872 |
|
Changes in Asset/ & Liability |
-26,029,686,703 |
-73,581,680,238 |
-14,674,318,151 |
|
Income Taxes |
-534,299,698 |
-820,635,407 |
288,920,031 |
|
Cash Flows from Investing |
-93,007,065,827 |
-43,525,760,175 |
-10,351,881,457 |
|
Cash Flows from Financing |
80,440,085,024 |
70,950,742,692 |
1,011,717,480 |
|
Increase/Decrease in Cash |
-162,176,888 |
-2,104,752,211 |
-1,690,014,536 |
|
Cash at the Beginning of Year |
586,100,208 |
2,690,852,419 |
4,380,866,955 |
|
Cash at the End of Year |
423,923,320 |
586,100,208 |
2,690,852,419 |
|
Main Products & Services |
End Mills, Taps, Drills |
|
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 |
(Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
QINGDAO NEW CENTURY TOOL CO. ,LTD.(CHINA) (90.6% held by the subject company) QINGDAO YG-1 TOOL CO., LTD.(CHINA) (100.0% held by the subject company) YG-1 EUROPE SAS(FRANCE) (100.0% held by the subject company) PREMIER CUTTING TOOLS. INC.(USA) (100.0% held by the subject company) REGAL CUTTING TOOLS. INC.(USA) (60.0% held by the subject company) YG-1 INDUSTRIES INDIA PVT. LTD.(INDIA) (100.0% held by the subject company) EUROPA TOOLS CO., LTD.(UK) (81.1% held by the subject company) YG-1 DEUTSCHLAND GMBH(GERMANY) (100.0% held by the subject company) YG-1 AUSTRALIA PTY. LTD.(AUSTRALIA) (100.0% held by the subject company) YG-1 TOOLS ASIA PTE. LTD.(SINGAPORE) (100.0% held by the subject company) YG-1 JAPAN(JAPAN) (90.0% held by the subject company) ALPHA TOOL CO.,LTD.(JAPAN) (48.0% held by the subject company) YG-1 LATIN AMERICA(BRAZIL) TEKNO TAKIM SAN. TIC. AS.(TURKEY) YG CUTTING TOOLS CORPORATION
PVT.LTD.(INDIA) CLARKSON OSBORN INTERNATIONAL LTD.(UK) MINICUT INTERNATIONAL. INC.(CANADA) NATIONAL TOOL HARDENING INC.(CANADA) YG-1 POLAND SP.ZOO(POLAND) YG-1 CANADA INC. YG-1 (HONG KONG) LIMITED YG-1 CORPORATION TRADING SRL (RUMANIA) YG-1 CHINA HOLDINGS LIMITED. YG-1 (THAILAND) CO, LTD. NEW SANKYO TOOL CO., LTD(JAPAN) (45.0% held by the subject company) |
|
Cooperative Enterprise |
-Insured company SAMSUNG FIRE & MARINE INSURANCE CO., LTD.(110111-0005078) |
(Activity &
Markets)
|
Sales/ Unit :Mil KRW |
09/2011 |
2010 |
2009 |
|
Export |
134,562 |
114,564 |
82,500 |
|
Domestic |
50,578 |
48,612 |
33,007 |
|
Total |
185,140 |
163,176 |
115,507 |
The Subject exports
to Australia, Germany, Japan, Singapore, UK and USA. It imports from Europe.
|
Case No. |
Court |
Plaintiff(s)/
Creditor(s)/ Applicant(s) |
Defendant(s)/
Debtor(s)/ Respondent(s) |
Cause |
Amount (Million KRW) |
Status |
|
|
|
- |
The Subject Company |
- |
US$1,201,000 |
Proceeding |
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.08 |
|
|
1 |
Rs.89.53 |
|
Euro |
1 |
Rs.72.77 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.