|
Report Date : |
28.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
KUMCHON CORPORATION |
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|
|
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Registered Office : |
16-4, Seongsu 1-ga 2-dong, Seongdong-gu, Seoul, Korea, Rm. 201, SK Bldg, Zip Code 133-710 |
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Country : |
South Korea |
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|
|
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Financials (as on) : |
31.12.2012 |
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|
|
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Date of Incorporation : |
20.07.1992 |
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Com. Reg. No.: |
201-81-46345 |
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|
|
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Legal Form : |
Co., Ltd by shares |
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|
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Line of Business : |
Wholesale of Leather and Fur Products such as Shoes Leathers, Handbag Leathers, Shoe & Handbag Materials, Components & Leather goods Making Machinery, CAD/CAM Software |
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|
|
No. of Employees : |
18 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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|
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Payment Behaviour : |
Slow but Correct |
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|
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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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
South korea |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 is
currently the world's 12th largest economy. 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. Korea''s export focused economy was hit hard by the 2008 global economic
downturn, but quickly rebounded in subsequent years, reaching 6.3% growth in
2010. The US-South Korea Free Trade Agreement was ratified by both governments
in 2011 and went into effect in March 2012. Throughout 2012 the economy
experienced sluggish growth because of market slowdowns in the United States,
China, and the Eurozone. The incoming administration in 2013, following the
December 2012 presidential election, is likely to face the challenges of
balancing heavy reliance on exports with developing domestic-oriented sectors,
such as services. 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 |
KUMCHON
CORPORATION (Korean Company Name : “(주)금천코퍼레이션”) |
|
Registered Address |
16-4, Seongsu 1-ga 2-dong, Seongdong-gu,
Seoul, Korea |
|
Building |
Rm.
201, SK Bldg. |
|
Zip Code |
133-710 |
|
Tel |
+82-2-497-1900 |
|
Fax |
+82-2-497-1800 |
|
E-mail |
|
|
Website |
|
|
Trading
Address |
Rm. 201, SK Bldg., 16-4, Seongsu 1-ga 2-dong,
Seongdong-gu, Seoul, Korea |
|
Tel |
+82-2-497-1900 |
|
Fax |
+82-2-497-1800 |
|
Type |
Export/Import |
|
Industry |
Wholesale
of Leather and Fur Products |
|
Main Business |
Shoes
Leathers, Handbag Leathers, Shoe & Handbag Materials, Components & Leather
goods Making Machinery, CAD/CAM Software |
|
Established (mm/dd/yyyy) |
07/20/1992 |
The subject occupies the premises of the
registered address by leasing.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Leathers(11162300) |
|
Sell |
Fabrics
and leather materials |
|
Sell |
Leather
goods Making Machinery |
|
Name |
Kang
Yeon-Koo |
|
Address |
11, Neungchon 2-gil, Gwangmyeong-si,
Gyeonggi-do, Korea |
|
Date of Birth |
02/15/1942 |
|
Title |
Representative Director |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
350,000,000 |
|||||||||||||||
|
Employees |
18 |
|||||||||||||||
|
Formation |
Co., Ltd by shares |
|||||||||||||||
|
Bank Details |
Industrial Bank of Korea Woori Bank-Susoo Dong
Branch Kookmin Bank-Sungsoo Dong Branch |
|||||||||||||||
|
Corporate Registered No. |
110111-0870760 |
|||||||||||||||
|
Business Registered No. |
201-81-46345 |
|||||||||||||||
|
Permit & Licenses |
04/2011 ISO 9001 Int’l Trade No.: 947620 |
|||||||||||||||
|
Shareholder Position |
|
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|
Company History |
12/26/1983 Established KUMCHON CORPORATION
CO.(Sole Proprietorship) 06/24/1992 Incorporated as the present
name 04/28/1999 Moved to the present address 12/06/2000 Increased the authorized shares
to 300,000 shares from 40,000 shares 12/22/2000 Increased capital to
350,000,000 KRW from 200,000,000 KRW 06/2003 Established KCC STUDIO in China 11/2010 Designated as an INNO-BIZ Company |
|||||||||||||||
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|
|
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Job
Description |
Title |
Name |
Sex |
Nationality |
Inauguration
Date |
|
Representative
Director |
Mr. |
Kang Yeon-Koo |
Male |
Korean |
06/24/1995 |
|
Year / Unit
: KRW |
Sales |
Assets |
Net Income |
|
3,549,615,000 |
4,130,745,000 |
227,285,000 |
|
|
2011 |
4,114,064,000 |
4,354,876,000 |
233,893,000 |
|
2010 |
4,013,395,000 |
4,621,667,000 |
234,800,000 |
|
2009 |
4,513,000,000 |
4,166,000,000 |
168,000,000 |
|
2008 |
5,065,915,000 |
4,493,422,000 |
12,154,000 |
|
2007 |
6,290,778,000 |
4,799,555,000 |
188,215,000 |
|
2006 |
6,300,000,000 |
N/A |
N/A |
|
2005 |
6,200,000,000 |
N/A |
N/A |
|
2004 |
6,145,000,000 |
3,704,000,000 |
195,000,000 |
|
2003 |
7,409,000,000 |
3,562,000,000 |
115,000,000 |
|
Authorized Capital(KRW) |
1,500,000,000 |
|
Paid-Up Capital(KRW) |
350,000,000 |
|
Total Issued Shares |
70,000 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of 12/31/2010 |
|
Total Assets |
4,130,745,000 |
4,354,876,000 |
4,621,667,000 |
|
Current Assets |
3,699,763,000 |
3,919,662,000 |
4,168,086,000 |
|
-Quick
Assets |
- |
- |
- |
|
-Inventories |
- |
- |
- |
|
Fixed
Assets |
430,982,000 |
435,214,000 |
453,581,000 |
|
-Investment |
- |
- |
- |
|
-Tangibles |
- |
- |
- |
|
-Intangibles |
- |
- |
- |
|
Total Liabilities |
2,747,109,000 |
2,798,844,000 |
3,134,878,000 |
|
Current Liabilities |
2,596,664,000 |
2,778,329,000 |
3,127,810,000 |
|
Fixed Liabilities |
150,445,000 |
20,515,000 |
7,068,000 |
|
Capital Stock |
350,000,000 |
350,000,000 |
350,000,000 |
|
Capital Surplus |
- |
- |
- |
|
Profit Surplus |
1,033,636,000 |
1,203,732,000 |
1,136,789,000 |
|
Capital Adjustment |
- |
- |
- |
|
Total Equity |
1,383,636,000 |
1,553,732,000 |
1,486,789,000 |
|
Liab. & Shareholder’s Equity |
4,130,745,000 |
4,352,576,000 |
4,621,667,000 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Sales |
3,549,615,000 |
4,114,064,000 |
4,013,395,000 |
|
Cost of Sold Goods |
2,544,873,000 |
2,890,808,000 |
2,805,653,000 |
|
Gross Profit |
1,004,742,000 |
1,223,256,000 |
1,207,742,000 |
|
Selling & Admin. Expenses |
649,915,000 |
922,744,000 |
924,853,000 |
|
Operating Income |
354,827,000 |
300,512,000 |
282,889,000 |
|
Non-Operating Income |
150,445,000 |
20,815,000 |
7,068,000 |
|
Non-Operating Expenses |
169,746,000 |
150,399,000 |
137,931,000 |
|
Income Before Taxes |
227,285,000 |
233,893,000 |
234,800,000 |
|
Income Taxes Expenses |
- |
- |
- |
|
Net Income |
227,285,000 |
233,893,000 |
234,800,000 |
|
Main Products & Services |
The Subject imports and exports the raw materials,
manufacturing machinery and software for making shoes. |
|
Suppliers |
TORIELLI
SPA-ITALY |
|
Customers |
|
|
Competitors |
DAE IL LEATHER CO., LTD. 1086-1, JANGNIM 1-DONG, SAHA-GU, BUSAN,
KOREA TEL:+82-51-262-9191~4 FAX:+82-51-262-9195 SEONG WON LEATHER IND. CO., LTD. 18B-45, BANWOL INDUSTRIAL COMPLEX, 617-7,
SEONGGOK-DONG, DANWON-GU, ANSAN-SI, GYEONGGI-DO, KOREA TEL:+82-31-491-0212~3 FAX:+82-31-491-0504 YONG SHIN LEATHER CO., LTD. 100, SAMBANG-DONG, GIMHAE-SI,
GYEONGSANGNAM-DO, KOREA TEL:+82-55-329-0871 FAX:+82-55-329-0874 |
(Activity &
Markets)
The Subject deals with the companies in China, Taiwan, France, Germany,
India, Indonesia, Italy, Japan, Pakistan and Spain. The Subject develops the
new materials for making women’s shoes domestically and from other countries,
and exports them to India, Italy, Japan and Indonesia, and imports the raw
materials from France, Italy, Spain, China and Brazil.
Not Available.
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.67 |
|
UK Pound |
1 |
Rs.102.20 |
|
Euro |
1 |
Rs.87.75 |
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.