|
Report Date : |
09.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
KISWEL CO., LTD. |
|
|
|
|
Registered Office : |
721-3, Hakjang-dong, Sasang-gu, Busan, Korea, Zip Code 617-843 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
10.09.1964 |
|
|
|
|
Com. Reg. No.: |
606-81-03615 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Manufacturer of Other Fabricated and Processed Metal Products |
|
|
|
|
No. of Employees : |
294 employees |
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 : |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
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 |
KISWEL CO., LTD. (Korean Company
Name : “고려용접봉(주)”) |
|
Registered Address |
721-3, Hakjang-dong, Sasang-gu, Busan,
Korea |
|
Zip Code |
617-843 |
|
Tel |
+82-51-317-3131~40 |
|
Fax |
+82-51-325-3627 |
|
E-mail |
|
|
Website |
|
|
Trading Address |
7FL., Heungkook Bldg., 43-1, Juja-dong,
Jung-gu, Seoul, Korea (P.O.BOX 8641) |
|
Tel |
+82-2-2270-9400 +82-2-2270-9468 |
|
Fax |
+82-2-2272-7233~4 +82-2-2275-2826 |
|
Other Address-Changwon Factory |
58-2, Seongju-dong, Changwon-si,
Gyeongsangnam-do, Korea |
|
Tel |
+82-55-269-7200 |
|
Fax |
+82-55-285-1655 |
|
Other Address-Busan Office |
667-1, Buam-dong, Busanjin-gu, Busan,
Korea |
|
Tel |
+82-51-806-3133 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Other Fabricated and Processed Metal Products n.e.c |
|
Main Business |
Welding Electrode, Flux Cored Wire |
|
Established (mm/dd/yyyy) |
09/10/1964 |
The Subject owns
the premises of registered HQ address and Changwon Factory.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Welding rods(23171512) |
|
Sell |
Welding wire(23171510) |
|
Name |
Hong Min-Chul |
|
Address |
8Ho, 330-356, Seongbuk-dong,
Seongbuk-gu, Seoul, Korea |
|
Date of Birth |
06/11/1951 |
|
Title |
Co-President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
990,000,000 |
||||||||||||
|
Employees |
294 |
||||||||||||
|
Formation |
Co., Ltd by shares Foreign Direct Investment Corporation |
||||||||||||
|
Bank Details |
Woori Bank-Myung-Dong Branch |
||||||||||||
|
Corporate Registered No. |
180111-0011261 |
||||||||||||
|
Business Registered No. |
606-81-03615 |
||||||||||||
|
Permit & Licenses |
10/29/1998 KS Mark 09/1999 QS 9000 09/22/1999 ISO 14001 by UKAS 02/2005 ISO/TS 16949 Int’l Trade No.: 741455 |
||||||||||||
|
Shareholder Position |
|
||||||||||||
|
Company History |
09/10/1964 Incorporated as the present name 12/13/1970 Moved to the present HQ address
from 21, Sogong-dong, Jung-gu, Seoul, Korea 11/26/1996 Awarded US$50 Million Export Top
Prize 12/2008 Awarded US$100 Million Export Top
Prize |
||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
Co-President & CEO |
Mr. |
Hong Min-Chul |
Male |
Korean |
03/23/2001 |
|
Co-President & CEO |
Mr. |
Lee Ki-Hong |
Male |
Korean |
09/25/2009 |
|
Director |
Mr. |
Ahn Joon |
Male |
Korean |
11/25/2008 |
|
Director |
Mr. |
Lee Young-Rang |
Male |
Korean |
03/24/2012 |
|
Auditor |
Mr. |
Choi Ho-Seok |
Male |
Korean |
03/24/2006 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
300,194,852,055 |
361,439,883,767 |
24,851,497,252 |
|
|
2010 |
232,608,544,974 |
325,256,195,932 |
35,610,480,538 |
|
2009 |
184,429,273,509 |
269,645,098,846 |
14,984,567,033 |
|
2008 |
240,267,484,538 |
260,596,073,245 |
29,403,304,006 |
|
2007 |
174,914,805,175 |
223,452,404,785 |
16,114,847,319 |
|
2006 |
162,174,931,673 |
199,120,057,270 |
12,149,157,022 |
|
2005 |
154,726,415,344 |
192,528,196,778 |
20,680,651,387 |
|
2004 |
143,137,784,279 |
169,976,489,352 |
11,874,881,749 |
|
Authorized Capital(KRW) |
1,500,000,000 |
|
Paid-Up Capital(KRW) |
990,000,000 |
|
Total Issued Shares |
198,000 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Total Assets |
361,439,883,767 |
325,256,195,932 |
269,645,098,846 |
|
Current Assets |
216,377,302,191 |
189,816,307,566 |
151,469,836,564 |
|
-Quick Assets |
172,365,301,153 |
155,468,579,243 |
120,676,943,175 |
|
-Inventories |
44,012,001,038 |
34,347,728,323 |
30,792,893,389 |
|
Fixed Assets |
145,062,581,576 |
135,439,888,366 |
118,175,262,282 |
|
-Investment |
82,655,977,021 |
77,906,382,411 |
60,460,296,396 |
|
-Tangibles |
57,534,871,988 |
53,332,304,504 |
54,279,732,933 |
|
-Intangibles |
4,871,732,567 |
4,201,201,451 |
3,435,232,953 |
|
Total Liabilities |
38,782,987,748 |
30,184,587,877 |
26,020,502,016 |
|
Current Liabilities |
35,942,969,417 |
27,086,316,762 |
23,289,889,575 |
|
Fixed Liabilities |
2,840,018,331 |
3,098,271,115 |
2,730,612,441 |
|
Capital Stock |
990,000,000 |
990,000,000 |
990,000,000 |
|
Capital Surplus |
44,965,971,981 |
44,965,971,981 |
44,965,971,981 |
|
Profit Surplus |
250,280,879,071 |
225,429,381,819 |
189,818,901,281 |
|
Capital Adjustment |
26,420,044,967 |
23,686,254,255 |
7,849,723,568 |
|
Total Equity |
322,656,896,019 |
295,071,608,055 |
243,624,596,830 |
|
Liab. & Shareholder’s Equity |
361,439,883,767 |
325,256,195,932 |
269,645,098,846 |
|
Current
Liabilities |
35,942,969,417 |
27,086,316,762 |
23,289,889,575 |
|
Trade Payables |
26,093,068,774 |
18,604,816,505 |
14,574,654,032 |
|
Account Payables |
6,094,872,602 |
4,937,467,789 |
6,977,389,258 |
|
Advance Receipts |
87,932,896 |
45,813,045 |
39,757,053 |
|
Withholdings |
68,694,108 |
104,722,821 |
176,575,651 |
|
Accrued Income Tax |
3,598,401,037 |
3,393,496,602 |
1,521,513,581 |
|
Fixed
Liabilities |
2,840,018,331 |
3,098,271,115 |
2,730,612,441 |
|
Provision for Severance & Retirement |
10,627,811,400 |
9,558,264,700 |
8,679,908,400 |
|
Guarantee Deposit Withhold |
170,000,000 |
180,000,000 |
150,000,000 |
Income Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Sales |
300,194,852,055 |
232,608,544,974 |
184,429,273,509 |
|
Cost of Sold Goods |
253,424,173,521 |
189,684,006,517 |
146,948,004,665 |
|
Gross Profit |
46,770,678,534 |
42,924,538,457 |
37,481,268,844 |
|
Selling & Admin. Expenses |
25,279,310,517 |
21,425,380,177 |
19,848,568,394 |
|
Operating Income |
21,491,368,017 |
21,499,158,280 |
17,632,700,450 |
|
Non-Operating Income |
14,877,113,866 |
26,059,198,922 |
10,643,370,529 |
|
Non-Operating Expenses |
4,976,421,962 |
5,800,478,442 |
8,005,811,371 |
|
Income Before Taxes |
31,392,059,921 |
41,757,878,760 |
20,270,259,608 |
|
Income Taxes Expenses |
6,540,562,669 |
6,147,398,222 |
5,285,692,575 |
|
Net Income |
24,851,497,252 |
35,610,480,538 |
14,984,567,033 |
Cash Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Cash Flows from Operating |
8,451,127,963 |
5,332,407,455 |
42,794,953,196 |
|
-Net Income |
24,851,497,252 |
35,610,480,538 |
14,984,567,033 |
|
-Exp. without Cash Outflow |
8,543,968,614 |
7,389,610,881 |
7,184,028,449 |
|
-Revenue without Cash Inflows |
-7,270,225,828 |
-18,958,277,743 |
-2,996,445,835 |
|
-Changes in Asset/ & Liability |
-17,674,112,075 |
-18,709,406,221 |
23,622,803,549 |
|
Cash Flows from Investing |
-18,663,617,907 |
11,159,504,027 |
-38,651,936,061 |
|
-Cash Inflow from Investing |
60,117,955,974 |
96,340,692,335 |
94,003,332,159 |
|
-Cash Outflows for Investing |
-78,781,573,881 |
-85,181,188,308 |
-132,655,268,220 |
|
Cash Flows from Financing |
19,000,000 |
116,650,000 |
- |
|
-Cash Inflows from Financing |
19,000,000 |
116,650,000 |
- |
|
-Cash Outflows from Financing |
- |
- |
- |
|
Increase/Decrease in Cash |
-10,193,489,944 |
16,608,561,482 |
4,143,017,135 |
|
Cash at the Beginning of Year |
34,554,332,433 |
17,945,770,951 |
13,802,753,816 |
|
Cash at the End of Year |
24,360,842,489 |
34,554,332,433 |
17,945,770,951 |
|
Main Products & Services |
Welding Electrode, Flux Cored Wire |
|
Customers |
SAMHWA STEEL CO., LTD.(180111-0085373) |
|
Competitors |
HYUNDAI WELDING CO., LTD. 16TH FL., ILSONG BLDG., 157-37, SAMSEONG
1-DONG, GANGNAM-GU, SEOUL, KOREA TEL:+82-2-6230-6010 FAX:+82-2-598-6928 CHOSUN WELDING CO., LTD. 865, JANGHEUNG-DONG, NAM-GU, POHANG-SI,
GYEONGSANGBUK-DO, KOREA TEL:+82-54-285-8221 FAX:+82-54-285-8543 PYUNGSAN METALS CO., LTD. 5-4, MULLAE-DONG 5-GA, YEONGDEUNGPO-GU,
SEOUL, KOREA TEL:+82-2-2635-5454 FAX:+82-2-2635-5453 |
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
KOREA HEAT TREATMENT CO., LTD.(180111-0025014) (46.56% held by the subject company) KOREAOMEGA INVESTMENT ADVISORY CO., LTD.(110111-1551955) (38.23% held by the subject company) |
|
Subsidiary |
KISWEL SDN BHD (100.0% held by the subject company) KISWEL JAPAN (100.0% held by the subject company) KISWEL USA (100.0% held by the subject company) KISWEL DALIAN (100.0% held by the subject company) KISWEL DALIAN TRADING (100.0% held by the subject company) KISWEL SINGAPORE PTE. LTD. (80.0% held by the subject company) |
|
Corporate Ownership |
HONG MIN-CHUL |
|
Major Shareholders |
HONG MIN-CHUL |
|
Cooperative Enterprise |
-Insured Company LIG INSURANCE CO., LTD.(110111-0017859) |
(Activity & Markets)
The Subject deals
with the companies in Japan, USA, Middle East and Europe.
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.21 |
|
UK Pound |
1 |
Rs.84.00 |
|
Euro |
1 |
Rs.67.75 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.