|
Report Date : |
29.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
PILS CO., LTD. |
|
|
|
|
Registered Office : |
132-7, Gamjeon-dong, Sasang-gu, Busan, Korea, Rm. 1208, Byucksan
Digital Valley, Zip Code 617-731 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
24.06.1998 |
|
|
|
|
Com. Reg. No.: |
603-81-35379 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Wholesaler of Transportation Equipment |
|
|
|
|
No. of Employees : |
21 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
|
(With Financials
) |
|
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 |
PILS CO., LTD. (Korean
Company Name : “(주)필스”) |
|
Registered Address |
132-7, Gamjeon-dong, Sasang-gu, Busan,
Korea |
|
Building |
Rm. 1208, Byucksan Digital Valley |
|
Zip Code |
617-731 |
|
Tel |
+82-51-320-0700 |
|
Fax |
+82-51-320-0730 |
|
E-mail |
|
|
Website |
|
|
Trading Address |
Rm. 1208, Byucksan Digital Valley, 132-7,
Gamjeon-dong, Sasang-gu, Busan, Korea |
|
Tel |
+82-51-320-0700 |
|
Fax |
+82-51-320-0730 |
|
Other Address- Gimhae Branch |
91-8, Bongnim-ri, Saengnim-myeon,
Gimhae-si, Gyeongsangnam-do, Korea |
|
Type |
Export/Import |
|
Industry |
Wholesale of Transportation Equipment |
|
Main Business |
Marine Equipment, Engineering |
|
Sub
Business |
Other Engineering Services |
|
Established (mm/dd/yyyy) |
06/24/1998 |
The Subject owns
the premises of registered HQ address(196.0㎡) and Gimhae Branch(11,807㎡).
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Naval architecture(81101506) |
|
Sell |
International trade services(80151600) |
|
Sell |
Transport arrangements(78141500) |
|
Sell |
Marine craft systems and
subassemblies(25111900) |
|
Name |
Kim Ju-Cheol |
|
Address |
Suite 102-3302, 268-2, Bugok-dong, Geumjeong-gu, Busan, Korea |
|
Date of Birth |
12/01/1959 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
100,000,000 |
|||||||||||||||||||||
|
Employees |
21 |
|||||||||||||||||||||
|
Formation |
Co., Ltd by shares |
|||||||||||||||||||||
|
Bank Details |
Industrial Bank of Korea-Noksan Industrial
Complex Branch Kookmin Bank Hana Bank Woori Bank Shinhan Bank |
|||||||||||||||||||||
|
Corporate Registered No. |
180111-0260488 |
|||||||||||||||||||||
|
Business Registered No. |
603-81-35379 |
|||||||||||||||||||||
|
Permit & Licenses |
Int’l Trade No.: 12085600 |
|||||||||||||||||||||
|
Shareholder Position |
|
|||||||||||||||||||||
|
Company History |
06/24/1998 Incorporated as the present name 01/21/2005 Moved to the present HQ address
from 1591-7, Songjeong-dong, Gangseo-gu, Busan, Korea |
|||||||||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Kim Ju-Cheol |
Male |
Korean |
03/23/2001 |
|
Director |
Mr. |
Kim Young-Sool |
Male |
Korean |
01/10/2009 |
|
Director |
Mr. |
Kim Sung-Ryong |
Male |
Korean |
06/11/2010 |
|
Auditor |
Mr. |
Jung Ho |
Male |
Korean |
06/11/2010 |
|
Supervisor of HQ |
Mr. |
Lee Hurn-Joon |
Male |
Korean |
08/25/2004 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
26,979,145,213 |
37,436,022,480 |
541,066,329 |
|
|
2010 |
61,509,982,749 |
32,341,087,921 |
655,275,171 |
|
2009 |
149,925,831,995 |
66,943,487,588 |
36,241,381 |
|
2008 |
112,296,596,332 |
63,670,919,989 |
200,374,032 |
|
2007 |
59,752,666,742 |
22,105,326,789 |
389,233,024 |
|
2006 |
46,467,775,963 |
13,514,620,900 |
402,453,411 |
|
2005 |
38,155,911,097 |
9,838,823,046 |
438,918,340 |
|
Authorized Capital(KRW) |
400,000,000 |
|
Paid-Up Capital(KRW) |
100,000,000 |
|
Total Issues Shares |
10,000 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Total Assets |
37,436,022,480 |
32,341,087,921 |
66,943,487,588 |
|
Current Assets |
29,770,095,359 |
27,041,879,122 |
60,714,304,515 |
|
-Quick Assets |
21,060,766,013 |
14,138,064,201 |
48,024,995,541 |
|
-Inventories |
8,709,329,346 |
12,903,814,921 |
12,689,308,974 |
|
Fixed Assets |
7,665,927,121 |
5,299,208,799 |
6,229,183,073 |
|
-Investment |
279,958,342 |
388,509,782 |
1,253,400,000 |
|
-Tangibles |
7,147,703,000 |
4,613,329,058 |
4,698,004,114 |
|
-Intangibles |
1,100,000 |
1,100,000 |
1,100,000 |
|
-Others |
237,165,779 |
296,269,959 |
276,678,959 |
|
Total Liabilities |
32,177,672,141 |
27,576,661,911 |
62,792,178,749 |
|
Current Liabilities |
30,401,231,328 |
26,966,381,393 |
61,896,901,631 |
|
Fixed Liabilities |
1,776,440,813 |
610,280,518 |
895,277,118 |
|
Capital Stock |
100,000,000 |
100,000,000 |
100,000,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
3,093,517,337 |
2,641,751,008 |
1,986,475,837 |
|
Capital Adjustment |
2,064,833,002 |
2,022,675,002 |
2,064,833,002 |
|
Total Equity |
5,258,350,339 |
4,764,426,010 |
4,151,308,839 |
|
Liab. & Shareholder’s Equity |
37,436,022,480 |
32,341,087,921 |
66,943,487,588 |
|
Current
Liabilities |
30,401,231,328 |
26,966,381,393 |
61,896,901,631 |
|
Trade Payables |
5,609,761,097 |
5,672,761,212 |
13,224,330,502 |
|
Short-Term Borrowings |
3,980,000,000 |
3,974,175,000 |
5,167,175,000 |
|
Account Payables |
1,738,507,168 |
1,669,536,547 |
8,860,835,469 |
|
Advance Receipts |
18,417,874,709 |
14,895,715,600 |
34,018,712,244 |
|
Withholdings |
182,471,424 |
140,486,924 |
96,353,100 |
|
Accrued Expenses |
101,407,361 |
159,471,326 |
132,024,783 |
|
Accrued Income Tax |
123,705,201 |
- |
55,357,797 |
|
Guarantee Deposit Withhold |
- |
34,000,000 |
134,000,000 |
|
Unearned
Income |
2,750,000 |
- |
- |
|
Current Portion of Long-Term Debts |
244,754,368 |
420,234,784 |
208,112,736 |
|
Fixed
Liabilities |
1,776,440,813 |
610,280,518 |
895,277,118 |
|
Long-Term Borrowings |
1,500,000,000 |
571,891,784 |
626,225,472 |
|
Provision for Severance & Retirement |
324,272,510 |
227,106,750 |
627,718,930 |
|
Leasehold Deposit Received |
196,000,000 |
46,000,000 |
36,000,000 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Sales |
26,979,145,213 |
61,509,982,749 |
149,925,831,995 |
|
Cost of Sold Goods |
22,612,943,110 |
56,596,093,628 |
132,268,613,667 |
|
Gross Profit |
4,366,202,103 |
4,913,889,121 |
17,657,218,328 |
|
Selling & Admin. Expenses |
3,457,903,475 |
5,701,716,459 |
9,077,400,000 |
|
Operating Income |
908,298,628 |
-787,827,338 |
-8,579,818,328 |
|
Non-Operating Income |
1,268,004,664 |
4,147,251,234 |
3,432,540,481 |
|
Non-Operating Expenses |
1,508,147,042 |
2,704,148,725 |
11,837,329,041 |
|
Income Before Taxes |
668,156,250 |
655,275,171 |
175,029,768 |
|
Income Taxes Expenses |
127,089,921 |
- |
138,788,387 |
|
Net Income |
541,066,329 |
655,275,171 |
36,241,381 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Cash Flows from Operating |
1,757,227,135 |
7,821,320,986 |
-5,093,220,765 |
|
-Net Income |
541,066,329 |
655,275,171 |
36,241,381 |
|
-Exp. without Cash Outflow |
277,349,499 |
365,868,455 |
788,963,844 |
|
-Revenue without Cash Inflows |
-272,331,896 |
-283,061,543 |
-119,402,529 |
|
-Changes in Asset/ & Liability |
1,211,143,203 |
7,083,238,903 |
-5,799,023,461 |
|
Cash Flows from Investing |
-2,437,425,327 |
1,437,327,999 |
744,538,011 |
|
-Cash Inflow from Investing |
868,125,775 |
1,609,043,253 |
4,294,446,571 |
|
-Cash Outflows for Investing |
-3,305,551,102 |
-171,715,254 |
-3,549,908,560 |
|
Cash Flows from Financing |
911,970,216 |
-8,302,920,658 |
3,821,588,580 |
|
-Cash Inflows from Financing |
2,692,158,000 |
720,460,208 |
9,404,510,380 |
|
-Cash Outflows from Financing |
-1,780,187,784 |
-9,023,380,866 |
-5,582,921,800 |
|
Increase/Decrease in Cash |
231,772,024 |
955,728,327 |
-527,094,174 |
|
Cash at the Beginning of Year |
2,369,793,468 |
1,414,065,141 |
1,941,159,315 |
|
Cash at the End of Year |
2,601,565,492 |
2,369,793,468 |
1,414,065,141 |
|
Main Products & Services |
Purchasing Material & Equipment International Trading -Spare Parts Dealing -Welding Material -Welding
Machine
-Mild & High tensile strength steel -Atmospheric Corrosion Resisting Steel
-Low Temperature Service Steel
-Low-Alloy Heat Resisting Steel Logistic Service -Warehouse & Utilities Service Inspection service Engineering Service -Ship Design -Superintend -Basic Engineering Service -Software -Lashing Bridge Engineering &
Fabrication |
|
Suppliers |
IL SUNG ENTERPRISE CO. SANGRIM TECHNOLOGY A.P.MOLLER ANANGEL SHIPPING ENTERPRISES S.A. AVRA SHIPMANAGEMENT S.A. BROSTROM TANKERS SA CERES HELLENIC SHIPPING ENTERPRISES LTD. CHEVRON SHIPPING COMPANY LLC CONOCO SHIPPING COMPANY COSTAMARE SHIPPING CO. S.A. KOC ELECTRIC CO., LTD ELETSON CORPORATION GRIMALDI GROUP HANSEATIC SHIPPING COMPANY LTD. DAI HAN ANCHOR CHAIN MFG. CO., LTD HAPAG - LLOYD CONTAINER LINIE GMBH KUWAIT OIL TANKER COMPANY S.A.K. MINERVA MARINE INC. MABA TRADING CO., LTD RICKMERS |
|
Customers |
DUBAI DRYDOKS-UAE SAMSUNG HEAVY INDUSTRIES CO.,
LTD.(110111-0168595) |
|
Competitors |
CENTRAL MARITIME CO., LTD. 1419-4, DAEJEO 1-DONG, GANGSEO-GU, BUSAN,
KOREA TEL:+82-51-971-0777 FAX:+82-51-972-0779 DONGKANG M-TECH CO., LTD. 7TH FL., YOUNGWON BLDG., 739-5, YEOKSAM
1-DONG, GANGNAM-GU, SEOUL, KOREA TEL:+82-2-553-0181 FAX:+82-2-553-0121 GOODSEN INTERNATIONAL CO., LTD. RM. 405, HANYEONG BLDG., 57-9,
SEOSOMUN-DONG, JUNG-GU, SEOUL, KOREA TEL:+82-2-756-3506 FAX:+82-2-6670-2265 AJAX MARITIME CO., LTD. 3RD FL., DAECHANG BLDG., 64, DAEGYODONG
1-GA, YEONGDO-GU, BUSAN, KOREA TEL:+82-51-417-8877 FAX:+82-51-417-8879 |
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
KOMAX CO., LTD.(180111-0642777) (10.0% held by the subject company) VINA SHIN KOREA CO., LTD.(180111-0551051) (24.0% held by the subject company) DK INDUSTRY CO., LTD.(180111-0403757) (14.0% held by the subject company) GJ GLOBAL CO., LTD. (18.0% held by the subject company) SPCU CO., LTD.(110111-2861262 ) (40.0% held by the subject company) |
|
Cooperative Enterprise |
-Insured Company SAMSUNG FIRE & MARINE INSURANCE CO.,
LTD(110111-0005078) |
(Activity & Markets)
|
Sales/ Unit : KRW |
2010 |
2009 |
2008 |
|
Export |
38,792,743,084 |
98,304,197,859 |
57,010,891,539 |
|
Domestic |
21,323,487,301 |
48,737,951,305 |
51,463,785,653 |
|
Others |
1,393,752,364 |
2,883,682,831 |
3,821,919,140 |
|
Total |
61,509,982,749 |
149,925,831,995 |
112,296,596,332 |
The Subject imports
from USA and Europe.
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.29 |
|
UK Pound |
1 |
Rs.83.88 |
|
Euro |
1 |
Rs.70.67 |
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.