MIRA INFORM REPORT
|
Report Date : |
09.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
KWANGSHIN MACHINE INDUSTRY CO., LTD. |
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Registered Office : |
180-12, Ogok-ri, Chilwon-myeon, Haman-gun, Gyeongsangnam-do, Korea, Zip Code 637-924 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
05.12.1986 |
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Com. Reg. No.: |
608-81-04906 |
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Legal Form : |
Co., Ltd by shares |
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Line of Business : |
Manufacture of Fluid Power Equipment |
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No. of Employees
: |
145 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
KWANGSHIN
MACHINE INDUSTRY CO., LTD. (Korean Company Name : “광신기계공업(주)”) |
|
Registered Address |
180-12, Ogok-ri, Chilwon-myeon, Haman-gun,
Gyeongsangnam-do, Korea |
|
Zip Code |
637-924 |
|
Tel |
+82-55-589-8000 |
|
Fax |
+82-55-589-8040 |
|
E-mail |
|
|
Website |
|
|
Trading Address |
180-12, Ogok-ri, Chilwon-myeon, Haman-gun,
Gyeongsangnam-do, Korea |
|
Tel |
+82-55-589-8000 |
|
Fax |
+82-55-589-8040 |
|
Other Address |
37, Seosomun-dong, Jung-gu, Seoul, Korea |
|
Type |
Export/Import |
|
Industry |
Manufacture of Fluid Power Equipment |
|
Main Business |
Air Compressors, Turbo Compressors, CNG Compressors, Vacuum Pump,
Screw Compressor |
|
Established (mm/dd/yyyy) |
12/05/1986 |
The Subject owns
the premises of registered HQ address.
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Air compressors(40151601) |
|
Sell |
Vacuum pumps(40151502) |
|
Sell |
Screw compressors(40151609) |
|
Sell |
Turbo compressors(40151615) |
|
Sell |
Storage tanks(24111803) |
|
Sell |
Lubricating preparations(15121500) |
|
Sell |
Cooling(40101700) |
|
Sell |
Air dryers(23201202) |
CEO’s
|
Name |
Kwon Whan-Ju |
|
Address |
Suite A-103, 9, Hongmun-dong,
Masan-si, Gyeongsangnam-do, Korea |
|
Date of Birth |
08/08/1965 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
1,900,000,000 |
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Employees |
145 |
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Formation |
Co., Ltd by shares Foreign Direct Investment Corporation |
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Bank Details |
Gyungnam Bank-Seosung Dong Branch Industrial Bank of Korea Korea Exchange Bank |
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Corporate Registered No. |
190111-0006947 |
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Business Registered No. |
608-81-04906 |
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Permit & Licenses |
10/1996 ISO 9001 Int’l Trade No.: 371928 |
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Shareholder Position |
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Company History |
09/2002 Seoktab Industrial Award for CNG
compressor development 03/2002 Utility model patent registration
and patent application for Kwangshin CNG compressor 12/2001 Kwangshin GEO series CNG compressor
industrial operation launched 11/2000 With Hitachi Heavy Industry, Japan,
turbo compressor development and manufacturing contract signed 10/2000 Venture company appointment 02/2000 With interMech, New Zealand, joint
CNG fueling system business launched 07/1999 In collaboration with KIMM, turbo
compressor and blower development finished 12/28/1998 Registered as a Foreign Direct
Investment Corporation by the investment from Mikuni,
Japan 06/1998 Domestic assembly contract signed
for Sullair screw compressor 02/1997 Compressor Research Center'
established 12/1996 Indonesia branch established 10/1996 ISO9001 approved 07/03/1996 Acquired Kwangshin Compressor
Co., Ltd. 05/1996 Thrbo compressor technology
development contract signed with Samsung Air Inc. 10/1994 Presidential Award for GAS
compressor development 11/24/1992 Acquired Kwangshin Engineering
Co., Ltd. 05/1992 Domestic sales contract signed with
Sullair, USA 05/1989 Moved to Ham-an factory 12/05/1986 Incorporated as the present name |
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Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Kwon Whan-Ju |
Male |
Korean |
05/03/2007 |
|
Director |
Mr. |
Kwon Do-Hyun |
Male |
Korean |
05/03/2007 |
|
Director |
Mr. |
Hwang Chi-Myung |
Male |
Korean |
05/03/2007 |
|
Director |
Mr. |
Kwon Byung-Soo |
Male |
Korean |
05/03/2007 |
|
Outside Director |
Mr. |
Kwon Tae-Hoon |
Male |
Korean |
05/03/2010 |
|
Director |
Mr. |
Nisitato Siyaki |
Male |
Japanese |
11/22/2010 |
|
Auditor |
Mr. |
Choi Kyun-Sik |
Male |
Korean |
03/30/2005 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
43,416,875,200 |
49,028,808,637 |
626,353,277 |
|
|
2009 |
95,623,630,706 |
55,951,028,114 |
5,342,919,696 |
|
2008 |
94,256,112,745 |
72,381,587,726 |
6,475,066,185 |
|
2007 |
47,548,941,469 |
36,249,889,490 |
2,538,230,467 |
|
2006 |
38,738,982,655 |
32,283,146,598 |
1,396,642,905 |
|
2005 |
33,686,089,481 |
25,263,293,490 |
1,155,235,731 |
|
2004 |
27,734,229,717 |
21,600,052,505 |
1,284,552,461 |
Financial Description
|
Authorized Capital(KRW) |
4,100,000,000 |
|
Paid-Up Capital(KRW) |
1,900,000,000 |
|
Total Issued Shares |
190,000 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Total Assets |
49,028,808,637 |
55,951,028,114 |
72,381,587,726 |
|
Current Assets |
38,091,955,569 |
44,688,916,254 |
61,230,673,677 |
|
-Quick Assets |
18,183,355,322 |
25,262,797,511 |
34,755,567,597 |
|
-Inventories |
19,908,600,247 |
19,426,118,743 |
26,475,106,080 |
|
Fixed Assets |
10,936,853,068 |
11,262,111,860 |
11,150,914,049 |
|
-Investment |
367,222,449 |
222,517,931 |
291,551,931 |
|
-Tangibles |
8,512,215,781 |
8,680,577,588 |
9,352,808,712 |
|
-Intangibles |
1,340,227,999 |
1,625,928,539 |
821,252,367 |
|
-Others |
717,186,839 |
733,087,802 |
685,301,039 |
|
Total Liabilities |
29,314,612,968 |
36,578,185,722 |
58,066,665,030 |
|
Current Liabilities |
23,362,287,951 |
30,300,546,150 |
52,560,559,191 |
|
Fixed Liabilities |
5,952,325,017 |
6,277,639,572 |
5,506,105,839 |
|
Capital Stock |
1,900,000,000 |
1,900,000,000 |
1,900,000,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
17,814,195,669 |
17,472,842,392 |
12,414,922,696 |
|
Capital Adjustment |
|
|
|
|
Total Equity |
19,714,195,669 |
19,372,842,392 |
14,314,922,696 |
|
Liab. & Shareholder’s Equity |
49,028,808,637 |
55,951,028,114 |
72,381,587,726 |
|
Current Liabilities |
23,362,287,951 |
30,300,546,150 |
52,560,559,191 |
|
Trade Payables |
7,206,738,681 |
10,459,461,233 |
24,704,365,315 |
|
Short-Term Borrowings |
3,500,000,000 |
5,000,000,000 |
2,000,000,000 |
|
Account Payables |
1,255,283,358 |
1,844,538,989 |
2,184,859,037 |
|
Advance Receipts |
6,433,676,678 |
9,322,121,867 |
20,515,616,813 |
|
Withholdings |
24,705,770 |
30,598,837 |
113,895,960 |
|
Accrued Expenses |
471,364,472 |
394,732,433 |
452,564,996 |
|
Accrued Income Tax |
- |
252,377,436 |
1,740,642,771 |
|
Guarantee Deposit Withhold |
191,545,000 |
90,000,000 |
90,000,000 |
|
VAT Withhold |
- |
438,835,076 |
- |
|
Current Portion of Long-Term Debts |
4,267,470,846 |
2,400,000,000 |
693,000,000 |
|
Current Portion of Finance Lease Debts |
11,503,146 |
67,880,279 |
65,614,299 |
|
Fixed
Liabilities |
5,952,325,017 |
6,277,639,572 |
5,506,105,839 |
|
Long-Term Borrowings |
2,404,609,154 |
3,037,820,000 |
3,926,890,000 |
|
Debentures |
1,000,000,000 |
- |
|
|
Provision for Severance & Retirement |
2,679,511,017 |
3,370,749,242 |
1,697,949,935 |
|
Provision for Sales Guarantee |
420,294,822 |
420,294,822 |
341,388,452 |
|
Long-Term Finance Lease Debts |
- |
11,503,147 |
79,383,426 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Sales |
43,416,875,200 |
95,623,630,706 |
94,256,112,745 |
|
Cost of Sold Goods |
33,415,799,648 |
70,608,720,050 |
73,054,051,299 |
|
Gross Profit |
10,001,075,552 |
25,014,910,656 |
21,202,061,446 |
|
Selling & Admin. Expenses |
9,616,378,947 |
17,419,408,926 |
11,688,708,813 |
|
Operating Income |
384,696,605 |
7,595,501,730 |
9,513,352,633 |
|
Non-Operating Income |
1,551,512,466 |
2,220,443,465 |
3,157,316,739 |
|
Non-Operating Expenses |
1,309,855,794 |
3,505,112,271 |
4,262,450,026 |
|
Income Before Taxes |
626,353,277 |
6,310,832,924 |
8,408,219,346 |
|
Income Taxes Expenses |
- |
967,913,228 |
1,933,153,161 |
|
Net Income |
626,353,277 |
5,342,919,696 |
6,475,066,185 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Cash Flows from Operating |
-1,078,337,992 |
-6,299,091,450 |
16,776,076,235 |
|
-Net Income |
626,353,277 |
5,342,919,696 |
6,475,066,185 |
|
-Exp. without
Cash Outflow |
3,010,587,038 |
12,532,820,934 |
5,699,824,165 |
|
-Revenue
without Cash Inflows |
-606,951,529 |
-141,471,363 |
-442,802,853 |
|
-Changes in
Asset/ & Liability |
-4,108,326,778 |
-24,033,360,717 |
5,043,988,738 |
|
Cash Flows from
Investing |
-1,036,169,021 |
-2,928,000,173 |
-4,265,328,616 |
|
-Cash Inflow
from Investing |
352,981,235 |
771,789,975 |
2,125,358,005 |
|
-Cash
Outflows for Investing |
-1,389,150,256 |
-3,699,790,148 |
-6,390,686,621 |
|
Cash Flows
from Financing |
352,304,720 |
3,598,385,701 |
-4,724,165,274 |
|
-Cash
Inflows from Financing |
7,705,185,000 |
27,940,000,000 |
2,310,000,000 |
|
-Cash
Outflows from Financing |
-7,352,880,280 |
-24,341,614,299 |
-7,034,165,274 |
|
Increase/Decrease
in Cash |
-1,762,202,293 |
-5,628,705,922 |
7,786,582,345 |
|
Cash at the
Beginning of Year |
4,919,116,706 |
10,547,822,628 |
2,761,240,283 |
|
Cash at the End of Year |
3,156,914,413 |
4,919,116,706 |
10,547,822,628 |
Products, Technologies, Services Description
|
Main Products & Services |
Reciprocating Type Compressor Screw Type Compressor High-Pressure Compressor for PET Bottles CNG Fueling System GAS Turbo Compressor Vacuum Pump |
Trade Partners & Competitors
|
Suppliers |
DAESHIN METAL INDUSTRIES CO., LTD.(194211-0004383) |
|
Competitors |
HALLA CLIMATE CONTROL CORPORATION 1689-1, SINIL-DONG, DAEDEOK-GU, DAEJEON,
KOREA TEL:+82-42-930-6114 FAX:+82-42-930-6129 CENTURY CORP. 345, BOCHE-RI, MIYANG-MYEON, ANSEONG-SI,
GYEONGGI-DO, KOREA TEL:+82-31-646-8000 FAX:+82-31-646-8100 SHINHUNG CO., LTD. 8TH FL., SINHEUNG BLDG., 10-3,
JUNGNIM-DONG, JUNG-GU, SEOUL, KOREA TEL:+82-2-6366-2000 FAX:+82-2-6366-2131 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Cooperative Enterprise |
-Insured Company MERITZ FIRE & MARINE INSURANCE CO., LTD(110111-0013328) |
|
Cooperative Enterprise |
-Resellers CHINA CENTER SULLAIR ASIA LIMITED ZUO PAO TAI ROAD, CHIWAN SHENZHEN 518068,
CHINA TEL : +86-755-6851686 FAX : +86-755-6853473 CHINA CENTER TIANJIN OLIVE EQUIPMENT ENGINEERING
TECHNICAL CO.,LTD 12 GULYUAN, ROAD, HUANYUAN INDUSTRY PARK,
TIANJIN, CHINA TEL : +86-22-83710801 FAX : +86-22-23369400 MALAYSIA CENTER EVERCHEM CO(M) SDN. BHD UNIT 3A-01, LEVEL 3A, BLOCK B, PHILEO
DAMANSARA 2, J ALAN 16/11, OFF JALAN DAMANSARA, PJ, S,D,E TEL : +60-3-7956-0937 FAX : +60-3-51922168 THAILAND CENTER SIAM RAJATHANEE CO.,LTD 289/9 MOO 10, OIL RAILWAY ROAD, SAMRONG,
PHRAPRADAENG, SAMUTPRAKARM 10130 TEL : +66-2-743-5010 INDONESIA CENTER PT. PETROSS GAS GEDUNG PROMOTOR LT. 3B JI. SULTAN ISKANDAR
MUDA NO. 14, SIMPRUK, JAKARATA SELATAN 12220 TEL : +62-21-726-0630 FAX : +62-21-726-0448 PHILIPPINE CENTER ZYGOS INDUSTRIAL SYSTEMS, INC UNIT 902 RICHVILLE CORPORATE TOWERS
MADRIGAL BUSINESS PARK, ALABANG MUNTINLUPA CITY 1770 PHILIPPINES TEL : (632)8506894 FAX : (632)8508373 PAKISTAN CENTER GLOBAL PAKISTAN SUITE 314,3 FLOOR, 82-E1, EDEN TOWERS,
GULBERG, LAHORE PAKISTAN TEL : +92-42-575396 FAX : +92-42-5417333 |
|
Cooperative Enterprise |
-Resellers JORDAN CENTER ALGHANEM TRADING & CONTRACTING CO.,LTD P.O BOX : 7109 AMMAN 11118 JORDAN TEL : +962-6-42-5696500 FAX :
+962-6-5656750 QATAR CENTER INTRAMAS W.L.L P.O BOX 3471,DOHA,QATAR TEL : +974-426040 FAX : +974-426087 IRAN CENTER HAVAYAR 5TH FLOOR, NO.61, DR.FATEMI ST., TEHRAN TEL : +98-21-895-2139 FAX : +98-21-896-9826 EGYPT CENTER D.I.G LTD 35, EL-OBOUR DUILDINGS NASR CITY, CAIRO TEL : +20-2-403-8838 SINGAPORE CENTER WESTERN ENERGY TECHNOLOGY PTE LTD 10 KAKI BUKIT ROAD 1, #03-13 KB, INDUSTRIAL
BULIDING SINGAPORE 416175 TEL : +65-6278-3818 BANGLADESH CENTER INTRACO ENERGY LTD SUIT A2, HOUSE 11, ROAD 1, BARIDHRA.DHAKA TEL : +880-2-988-1887 FAX : +880-2-881-9921 INDIA
JYOTECH H-49A, KALKAJI, NEW DELHI - 110 019 TEL : +91-11-2644-7966 FAX :
+91-11-2648-2189 |
Sales by Region
(Activity & Markets)
|
Sales/ Unit :Mil KRW |
2010 |
2009 |
2008 |
|
Export |
20,050,146,633 |
58,166,306,353 |
66,948,953,243 |
|
Domestic |
20,257,264,216 |
34,807,527,448 |
25,277,143,957 |
|
Others |
3,109,464,351 |
2,649,796,905 |
2,030,015,545 |
|
Total |
43,416,875,200 |
95,623,630,706 |
94,256,112,745 |
The Subject deals
with the companies in Bangladesh, Brazil, Canada, India, Indonesia, Japan, New Zealand,
Pakistan, Thailand, and USA.
Court Action
No.
News Clipping
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.78 |
|
UK Pound |
1 |
Rs.81.79 |
|
Euro |
1 |
Rs.67.46 |
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.