MIRA INFORM REPORT
|
Report Date : |
19.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
NEXANS KOREA LTD. |
|
|
|
|
Registered Office : |
165, Sadong-ri, Nami-myeon, Cheongwon-gun, Chungcheongbuk-do, Korea, Zip Code 363-812 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
30.06.2012 |
|
|
|
|
Date of Incorporation : |
21.11.1960 |
|
|
|
|
Com. Reg. No.: |
127-81-00963 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Manufacturer of Other Insulated Wire and Cable |
|
|
|
|
No. of Employees : |
187 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 |
|
Maximum Credit Limit : |
USD 4300000 |
|
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 |
NEXANS KOREA
LTD. (Korean Company
Name : “넥상스코리아(주)”) |
|
Registered Address |
165, Sadong-ri, Nami-myeon, Cheongwon-gun,
Chungcheongbuk-do, Korea |
|
Zip Code |
363-812 |
|
Tel |
+82-43-270-0200 |
|
Fax |
+82-43-270-0219 |
|
E-mail |
|
|
Website |
|
|
Trading Address |
7th Fl., I`Park Tower, 160, Samseong 1-dong,
Gangnam-gu, Seoul, Korea |
|
Tel |
+82-2-2140-2400 |
|
Fax |
+82-2-2140-2419 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Other Insulated Wire and Cable |
|
Main Business |
Power Cable, Communication Cable, Optical Cable |
|
Established (mm/dd/yyyy) |
11/21/1960 |
The Subject owns
the premises of registered HQ address.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Telecommunications cable(26121616) |
|
Sell |
Power cable(26121629) |
|
Sell |
Fiber optic cable(26121607) |
|
Sell |
Electrical wire(26121500) |
|
Sell |
Automotive or aircraft wire(26121508) |
|
Buy |
Polyvinyl Chloride PVC(13102030) |
|
Buy |
Asynchronous transfer mode ATM network
equipment(43221805) |
|
Buy |
Copper clad aluminum wire(26121519) |
|
Buy |
Copper wire(26121517) |
|
Buy |
Polyethylene(13111016) |
|
Name |
Kang In-Koo |
|
Address |
Suite 302-1601, 435, Olympic-ro, Songpa-gu,
Seoul, Korea |
|
Date of Birth |
12/23/1956 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
17,707,074,000 |
|||||||||||||||
|
Employees |
187 |
|||||||||||||||
|
Formation |
Co., Ltd by Shares Foreign Direct Investment Corporation |
|||||||||||||||
|
Bank Details |
Shinhan Bank-Coex Corporate Finance Branch |
|||||||||||||||
|
Corporate Registered No. |
111511-0000798 |
|||||||||||||||
|
Business Registered No. |
127-81-00963 |
|||||||||||||||
|
Permit & Licenses |
06/16/1987 UL Mark 03/23/1992 ISO 9002 Int’l Trade No.: 812016 |
|||||||||||||||
|
Shareholder Position |
|
|||||||||||||||
|
Company History |
11/21/1960 Incorporated as Daesung Jeonup
Co., Ltd. 01/01/1972 Changed company name to Daesung
Electric Cable Co., Ltd. 03/13/1989 Listed at Korea Stock Exchange
(Code :003050) 07/01/1998 Acquired Daesung Cable Co., Ltd. 04/26/2001 Changed company name to the
present name 12/22/2004 Delisted from Korea Stock
Exchange 12/04/2006 Increased capital to
17,707,074,000 KRW from 19,000,000,000 KRW |
|||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education/Career |
|
President & CEO |
Mr. |
Kang In-Koo |
Korean |
1956.12.23 |
Seogang University, Korea |
|
Director |
Mr. |
Choi Byung-Cheol |
Korean |
1946.07.14 |
Seoul National University, Korea |
|
Director |
Mr. |
Nicholas Peter Ballas |
USA |
1960.07.27 |
Cabot Corporation Asia |
|
Director |
Mr. |
Francis Bailleux |
French |
1961.07.19 |
- |
|
Director |
Mr. |
Kumar Hingorani |
Canadian |
1971.02.07 |
- |
|
Auditor |
Mr. |
Lee Won-Wook |
Korean |
1955.07.05 |
Sungkyunkwan University, Korea |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
167,944,028,671 |
162,959,289,671 |
2,101,036,588 |
|
|
2011 |
356,327,042,896 |
160,497,967,457 |
-9,662,031,819 |
|
2010 |
252,658,338,747 |
166,903,519,881 |
2,217,998,241 |
|
2009 |
203,458,050,116 |
146,236,407,753 |
22,447,711,155 |
|
2008 |
222,420,928,566 |
142,847,080,956 |
-14,217,380,810 |
|
2007 |
199,979,371,858 |
145,839,560,588 |
4,140,901,391 |
|
2006 |
190,805,743,714 |
148,873,932,770 |
5,589,700,163 |
|
Authorized Capital(KRW) |
40,000,000,000 |
|
Paid-Up Capital(KRW) |
17,707,074,000 |
|
Total Issues Shares |
35,414,148 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
01/01/2012~06/30/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total Assets |
162,959,289,671 |
160,497,967,457 |
166,903,519,881 |
|
Current Assets |
124,002,094,416 |
121,385,692,883 |
126,377,005,332 |
|
-Quick Assets |
98,811,426,358 |
105,345,841,513 |
115,355,040,068 |
|
-Inventories |
25,190,668,058 |
16,039,851,370 |
11,021,965,264 |
|
Fixed Assets |
38,957,195,255 |
39,112,274,574 |
40,526,514,549 |
|
-Investment |
8,950,611,095 |
9,383,888,472 |
10,786,673,725 |
|
-Tangibles |
25,039,058,020 |
25,968,771,166 |
26,341,296,732 |
|
-Intangibles |
112,805,578 |
148,472,236 |
162,361,112 |
|
-Others |
4,854,720,562 |
3,611,142,700 |
3,236,182,980 |
|
Total Liabilities |
66,614,376,241 |
66,308,066,911 |
61,205,783,861 |
|
Current Liabilities |
63,501,328,913 |
64,972,914,879 |
59,640,122,924 |
|
Fixed Liabilities |
3,113,047,328 |
1,335,152,032 |
1,565,660,937 |
|
Capital Stock |
17,707,074,000 |
17,707,074,000 |
17,707,074,000 |
|
Capital Surplus |
64,678,934,174 |
64,678,934,174 |
64,678,934,174 |
|
Profit Surplus |
17,672,599,113 |
15,571,562,525 |
27,425,706,854 |
|
Capital Adjustment |
-3,713,693,857 |
-3,767,670,153 |
-4,113,979,008 |
|
Total Equity |
96,344,913,430 |
94,189,900,546 |
105,697,736,020 |
|
Liab. & Shareholder’s Equity |
162,959,289,671 |
160,497,967,457 |
166,903,519,881 |
|
Current
Liabilities |
63,501,328,913 |
64,972,914,879 |
59,640,122,924 |
|
Trade Payables |
38,294,100,297 |
42,512,343,257 |
43,271,428,858 |
|
Account Payables |
4,295,379,901 |
5,573,416,406 |
9,388,117,909 |
|
Advance Receipts |
1,832,506,151 |
801,375,374 |
1,155,019,721 |
|
Withholdings |
229,703,929 |
311,029,575 |
253,555,908 |
|
Accrued Expenses |
2,713,007,153 |
1,893,860,980 |
1,608,425,088 |
|
Accrued Income Tax |
466,920,887 |
77,400,555 |
- |
|
VAT Withhold |
- |
2,317,882,683 |
2,651,664,095 |
|
Accrued Dividends |
3,554,680 |
3,554,680 |
3,274,360 |
|
Short-Term
Borrowings |
12,710,504,299 |
5,273,393,621 |
- |
|
Derivatives |
2,955,651,616 |
6,208,657,748 |
535,148,959 |
|
Current Portion of Deferred Income Tax
Credit |
- |
- |
773,488,026 |
|
Fixed
Liabilities |
3,113,047,328 |
1,335,152,032 |
1,565,660,937 |
|
Derivatives |
1,024,461,355 |
0 |
0 |
|
Provision for Severance & Retirement |
6,491,063,303 |
5,684,413,727 |
4,909,885,842 |
|
Leasehold Deposit Received |
431,446,000 |
231,446,000 |
525,868,500 |
|
Provision for Severance & Retirement |
1,156,130,459 |
1,103,706,032 |
1,039,792,437 |
Income
Statement
|
|||
|
Unit : Korean Won |
01/01/2011~06/30/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
167,944,028,671 |
356,327,042,896 |
252,658,338,747 |
|
Cost of Sold Goods |
160,532,320,515 |
338,331,048,389 |
242,866,543,160 |
|
Gross Profit |
7,411,708,156 |
17,995,994,507 |
9,791,795,587 |
|
Selling & Admin. Expenses |
7,987,938,297 |
15,173,402,504 |
13,131,895,003 |
|
Operating Income |
-576,230,141 |
2,822,592,003 |
-3,340,099,416 |
|
Non-Operating Income |
12,604,266,934 |
16,208,636,893 |
15,758,237,214 |
|
Non-Operating Expenses |
9,639,843,817 |
30,694,371,951 |
10,533,599,311 |
|
Income Before Taxes |
2,388,192,976 |
-11,663,143,055 |
1,884,538,487 |
|
Income Taxes Expenses |
287,156,388 |
-2,001,111,236 |
-333,459,754 |
|
Net Income |
2,101,036,588 |
-9,662,031,819 |
2,217,998,241 |
Cash
Flows
|
|||
|
Unit : Korean Won |
01/01/2011~06/30/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Cash Flows from Operating |
-6,322,691,384 |
-13,726,607,283 |
3,794,440,819 |
|
-Net Income |
2,101,036,588 |
-2,330,392,689 |
2,217,998,241 |
|
-Exp. without Cash Outflow |
6,286,950,262 |
5,366,433,491 |
9,041,434,850 |
|
-Revenue without Cash Inflows |
-1,624,972,425 |
-2,953,335,234 |
-6,144,726,033 |
|
-Changes in Asset/ & Liability |
-13,085,705,809 |
-13,809,312,851 |
-1,320,266,239 |
|
Cash Flows from Investing |
-750,336,420 |
2,742,160,117 |
-12,862,396,741 |
|
-Cash Inflow from Investing |
61,084,806,437 |
68,345,081,848 |
51,931,793,850 |
|
-Cash Outflows for Investing |
-61,835,142,857 |
-65,602,921,731 |
-64,794,190,591 |
|
Cash Flows from Financing |
7,637,110,678 |
-2,486,254,692 |
-1,095,916,096 |
|
-Cash Inflows from Financing |
7,637,110,678 |
5,857,820 |
- |
|
-Cash Outflows from Financing |
- |
-2,492,112,512 |
-1,095,916,096 |
|
Increase/Decrease in Cash |
564,082,874 |
-13,470,701,858 |
-10,163,872,018 |
|
Cash at the Beginning of Year |
6,801,996,586 |
19,394,665,521 |
29,558,537,539 |
|
Cash at the End of Year |
7,366,079,460 |
5,923,963,663 |
19,394,665,521 |
|
Main Products & Services |
Power Cable, Communication Cable, Optical Cable |
|
Suppliers |
NEXANS DAEYOUNG CO., LTD.(115211-0012779) TAIHAN ELECTRIC WIRE
CO.,LTD(110111-0035835) |
|
Competitors |
LS CABLE LTD.(134111-0168357) 12TH FL., LS TOWER, 1026-6, HOGYE 1-DONG,
DONGAN-GU, ANYANG-SI, GYEONGGI-DO, KOREA TEL:+82-2-2189-9114 FAX:+82-2-2189-9259 TAIHAN ELECTRIC WIRE
CO.,LTD(110111-0035835) 113-119, SIHEUNG 1-DONG, GEUMCHEON-GU,
SEOUL 153-839 KOREA TEL:+82-2-890-9114 FAX: +82-2-892-9387 GAON CABLE CO.,LTD.(134111-0000567) 166, GEUMJEONG-DONG, GUNPO-SI, GYEONGGI-DO,
KOREA TEL:+82-31-459-6222 FAX:+82-31-454-1916 |
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
NEXANS VIETNAM POWER CABLE CO., LTD. (59.05% held by the subject company) KUKDONG ELECTRIC WIRE CO., LTD.(115211-0000609) |
|
Subsidiary |
NEXANS DAEYOUNG CO., LTD.(115211-0012779) (100.0% held by the subject company) |
|
Corporate Ownership |
NEXANS S.A. |
|
Major Shareholders |
NEXANS PARTICIPATIONS S.A. |
|
Cooperative Enterprise |
-Insured Company HYUNDAI MARINE & FIRE INSURANCE CO., LTD.(110111-0035893) -General Relations Agreement NEXANS S.A. |
(Activity & Markets)
|
Sales/ Unit :Mil KRW |
06/2012 |
2011 |
2010 |
|
Export |
34,954 |
60,801 |
34,827 |
|
Domestic |
132,990 |
295,526 |
217,831 |
|
Total |
167,944 |
356,327 |
252,658 |
The Subject deals
with the companies in Australia, France, Hong Kong, Japan and Vietnam.
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.96 |
|
UK Pound |
1 |
Rs.85.45 |
|
Euro |
1 |
Rs.69.46 |
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.