|
Report Date : |
21.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
ENK CO., LTD. |
|
|
|
|
Registered Office : |
1172, Jisa-dong, Gangseo-gu, Busan, |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
27.01.2005 |
|
|
|
|
Com. Reg. No.: |
606-81-90406 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Manufacture of Installed Tanks and Reservoirs |
|
|
|
|
No. of Employees : |
75 |
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 : |
Slow but correct |
|
Litigation : |
Exist |
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 |
ENK CO., LTD. (Korean Company
Name : “(주)이엔케이”) |
|
Registered Address |
1172, Jisa-dong, Gangseo-gu, Busan, Korea |
|
Zip Code |
618-230 |
|
Tel |
+82-51-974-7711~4 |
|
Fax |
+82-51-974-1314 |
|
E-mail |
|
|
Website |
|
|
Trading Address |
1172, Jisa-dong, Gangseo-gu, Busan, Korea |
|
Tel |
+82-51-974-7711~4 |
|
Fax |
+82-51-974-1314 |
|
Other Address-Sinpyeong Branch |
370-27, Sinpyeong-dong, Saha-gu, Busan,
Korea |
|
Tel |
+82-51-200-0196 |
|
Type |
Export |
|
Industry |
Manufacture of Installed Tanks and Reservoirs |
|
Main Business |
CNG Cylinder, High Pressure Gas Cylinder, CNG High Pressure Gas
Cylinder, Hydrogen Gas Tank, Scuba
Container |
|
Established (mm/dd/yyyy) |
01/27/2005 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Air or gas tanks or cylinders(24111802) |
|
Name |
Park Yoon-So |
|
Address |
Suite 116-602, 176-30, Yongho-dong, Nam-gu,
Busan, Korea |
|
Date of Birth |
04/14/1941 |
|
Title |
Co-President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
29,743,930,000 |
||||||||||||||||||||||||||||||
|
Employees |
75 |
||||||||||||||||||||||||||||||
|
Formation |
Co., Ltd by shares A Company of NK CO., LTD. Venture Business Foreign Direct Investment Corporation |
||||||||||||||||||||||||||||||
|
Bank Details |
Busan Bank-Sinpyeong Branch Korea Exchange Bank Hana Bank |
||||||||||||||||||||||||||||||
|
Corporate Registered No. |
180111-0508838 |
||||||||||||||||||||||||||||||
|
Business Registered No. |
606-81-90406 |
||||||||||||||||||||||||||||||
|
Permit & Licenses |
06/2007 ISO 11439 (Natural Gas Vehicle Fuel Cylinder) 06/2007 ISO 9001: 2000 Int’l Trade No.: 45258613 |
||||||||||||||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||||||||||||||
|
Company History |
01/27/2005 Incorporated as NKCF CO., LTD., as
a JV with METAL SPINNING CONSULTANTS INC.-USA 02/17/2005 Registered as a Foreign Direct
Investment Corporation 12/20/2005 Increased the authorized shares to 3,000,000 shares from
101,600 shares 12/20/2005 Increased capital to 3,127,000,000
KRW from 127,000,000 KRW 12/30/2005 Increased capital to
4,651,160,000 KRW from 3,127,000,000 KRW 01/18/2006 Increased capital to
6,651,160,000 KRW from 4,651,160,000 KRW 09/13/2006 Increased capital to
7,277,260,000 KRW from 6,651,160,000 KRW 12/06/2006 Changed company name to the
present name 12/11/2006 Moved to the present HQ address
from 1 Block, 7 Lot, Busan Science Industrial Complex, Jisa-dong,
Gangseo-gu, Busan, Korea 01/30/2007 Increased the authorized shares to 20,000,000 shares from
3,000,000 shares 02/06/2007 Increased capital to
17,277,260,000 KRW from 7,277,260,000 KRW 02/17/2007 Increased capital to
20,610,595,000 KRW from 17,277,260,000 KRW 11/27/2007 Increased capital to
25,610,595,000 KRW from 20,610,595,000 KRW 10/17/2008 Increased capital to
29,743,930,000 KRW from 25,610,595,000 KRW |
||||||||||||||||||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
Co-President & CEO |
Mr. |
Park Yoon-So |
Male |
Korean |
05/25/2009 |
|
Co-President & CEO |
Mr. |
Lee Young-Sang |
Male |
Korean |
10/16/2009 |
|
Director |
Mr. |
Jung Se-Jin |
Male |
Korean |
01/27/2005 |
|
Director |
Mr. |
Tak In-Joo |
Male |
Korean |
01/27/2005 |
|
Auditor |
Mr. |
Lee Seung-Bok |
Male |
Korean |
12/14/2005 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
103,404,193,575 |
141,246,187,529 |
966,130,706 |
|
|
2010 |
107,614,437,005 |
145,084,136,759 |
-11,733,521,510 |
|
2009 |
42,363,555,995 |
145,064,320,928 |
-31,592,187,966 |
|
2008 |
|
|
|
|
2007 |
11,651,457,193 |
88,636,443,366 |
-5,535,396,255 |
|
2006 |
- |
38,269,317,494 |
-324,603,392 |
|
2005 |
- |
8,522,483,334 |
-68,492,734 |
Financial
Description
|
Authorized Capital(KRW) |
100,000,000,000 |
|
Paid-Up Capital(KRW) |
29,743,930,000 |
|
Total Issued Shares |
5,948,786 (Common: 5,615,452 / Preferable: 333,334) |
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Total Assets |
141,246,187,529 |
145,084,136,759 |
145,064,320,928 |
|
Current Assets |
68,195,291,730 |
63,904,820,578 |
64,976,067,821 |
|
-Quick Assets |
43,370,307,962 |
39,072,670,730 |
28,739,351,286 |
|
-Inventories |
24,824,983,768 |
24,832,149,848 |
36,236,716,535 |
|
Fixed Assets |
73,050,895,799 |
81,179,316,181 |
80,088,253,107 |
|
-Investment |
1,210,300 |
501,210,300 |
2,272,515,270 |
|
-Tangibles |
68,515,395,721 |
77,548,622,684 |
76,164,702,984 |
|
-Intangibles |
3,414,199,940 |
1,854,997,859 |
1,461,034,853 |
|
-Others |
1,120,089,838 |
1,274,485,338 |
190,000,000 |
|
Total Liabilities |
125,411,090,678 |
129,553,571,994 |
120,701,488,191 |
|
Current Liabilities |
114,350,716,172 |
104,654,038,880 |
81,698,860,593 |
|
Fixed Liabilities |
11,060,374,506 |
24,899,533,114 |
39,002,627,598 |
|
Capital Stock |
29,743,930,000 |
29,743,930,000 |
29,743,930,000 |
|
Capital Surplus |
27,599,952,991 |
27,599,952,991 |
27,599,952,991 |
|
Profit Surplus |
43,748,441,058 |
44,714,571,764 |
32,981,050,254 |
|
Capital Adjustment |
2,239,654,918 |
2,901,253,538 |
- |
|
Total Equity |
15,835,096,851 |
15,530,564,765 |
24,362,832,737 |
|
Liab. & Shareholder’s Equity |
141,246,187,529 |
145,084,136,759 |
145,064,320,928 |
|
Current Liabilities |
114,350,716,172 |
104,654,038,880 |
81,698,860,593 |
|
Trade Payables |
30,124,851,714 |
19,696,323,275 |
10,907,950,290 |
|
Short-Term Borrowings |
46,835,076,952 |
50,604,290,625 |
44,311,148,380 |
|
Account Payables |
1,485,239,166 |
985,163,527 |
560,191,964 |
|
Advance Receipts |
5,124,268,397 |
3,241,114,702 |
718,620,669 |
|
Accrued Expenses |
1,573,573,717 |
1,508,497,309 |
1,130,225,379 |
|
Withholdings |
526,186,854 |
520,749,524 |
24,931,134 |
|
Guarantee Deposit Withhold |
|
|
80,000,000 |
|
Current Portion of Long-Term Debts |
18,353,780,880 |
28,097,899,918 |
23,965,792,777 |
|
Current Portion of Convertible Bonds |
10,000,000,000 |
- |
- |
|
Fixed Liabilities |
11,060,374,506 |
24,899,533,114 |
39,002,627,598 |
|
Long-Term Borrowings |
5,515,490,880 |
14,563,234,200 |
29,026,297,307 |
|
Long-Term Account Payables |
659,400,000 |
439,600,000 |
471,800,000 |
|
Leasehold Deposit Received |
3,024,650,000 |
- |
|
|
Convertible Bonds |
1,800,000,000 |
10,000,000,000 |
10,000,000,000 |
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Sales |
103,404,193,575 |
107,614,437,005 |
42,363,555,995 |
|
Cost of Sold Goods |
89,666,491,101 |
104,527,322,779 |
42,627,591,887 |
|
Gross Profit |
13,737,702,474 |
3,087,114,226 |
-264,035,892 |
|
Selling & Admin. Expenses |
9,199,140,776 |
7,850,759,451 |
12,155,012,479 |
|
Operating Income |
4,538,561,698 |
-4,763,645,225 |
12,419,048,371 |
|
Non-Operating Income |
6,114,310,936 |
3,427,351,257 |
4,080,253,562 |
|
Non-Operating Expenses |
9,500,137,189 |
11,215,529,822 |
23,404,542,933 |
|
Income Before Taxes |
1,152,735,445 |
-12,551,823,790 |
31,743,337,742 |
|
Income Taxes Expenses |
186,604,739 |
-818,302,280 |
-151,149,776 |
|
Net Income |
966,130,706 |
-11,733,521,510 |
-31,592,187,966 |
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Cash Flows from Operating |
5,216,928,741 |
8,568,237,112 |
-11,517,707,414 |
|
-Net Income |
966,130,706 |
-11,733,521,510 |
-31,592,187,966 |
|
-Exp. without Cash Outflow |
9,215,478,496 |
9,498,672,413 |
13,939,937,688 |
|
-Revenue without Cash Inflows |
-3,140,141,143 |
-2,734,311,126 |
-2,505,271,726 |
|
-Changes in Asset/ & Liability |
-1,824,539,318 |
13,537,397,335 |
8,639,814,590 |
|
Cash Flows from Investing |
5,826,659,162 |
-6,673,050,068 |
-4,284,071,130 |
|
-Cash Inflow from Investing |
14,906,310,593 |
5,496,905,842 |
1,515,500,000 |
|
-Cash Outflows for Investing |
-9,079,651,431 |
-12,169,955,910 |
-5,799,571,130 |
|
Cash Flows from Financing |
-17,401,873,207 |
-3,407,647,873 |
12,848,558,648 |
|
-Cash Inflows from Financing |
33,297,157,861 |
40,382,765,834 |
117,418,818,390 |
|
-Cash Outflows from Financing |
-50,699,031,068 |
-43,790,413,707 |
-104,570,259,742 |
|
Increase/Decrease in Cash |
6,358,285,304 |
1,512,460,829 |
2,953,219,896 |
|
Cash at the Beginning of Year |
7,054,876,527 |
8,567,337,356 |
11,520,557,252 |
|
Cash at the End of Year |
696,591,223 |
7,054,876,527 |
8,567,337,356 |
Products,
Technologies, Services Description
|
Main Products & Services |
Gas cylinders for below usages; - New alternative energy - Medical industries - Aircraft systems - Scuba systems, and - Industrial gases |
Trade Partners
& Competitors
|
Suppliers |
NK CO., LTD.(180111-0054641) |
|
Competitors |
3G CORPORATION RM. 501-3, TIME PLAZA, 296-1, CHANG 5-DONG,
DOBONG-GU, SEOUL, KOREA TEL:+82-2-999-1389 FAX:+82-2-999-1605 KCR CO., LTD. 802-15, YONGAM-RI, BONGDONG-EUP, WANJU-GUN,
JEOLLABUK-DO, KOREA TEL:+82-63-263-1700 FAX:+82-63-261-2500 KOREA HIGH PRESSURE CYLINDER CO., LTD. 191-1, DANWOL-DONG, ICHEON-SI, GYEONGGI-DO,
KOREA TEL:+82-31-633-3615 FAX:+82-31-633-5894 |
Related Parties (Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
NK CO., LTD.(180111-0054641) NKO3 CO., LTD.(180111-0551580) METAL SPINNING CONSULTANTS INC. METRO LAND CO., LTD.(180111-0368539) NAMYANG PRESSURE CONTAINER TECHNOLOGY CO.,
LTD-CHINA SHANGHAI NK INTERNATIONAL TRADING NKTECH CO., LTD.(180111-01923000 541-3 WON-DONG, OSAN, GYEONGGI-DO, KOREA TEL :+82-31-377-3311/2 FAX :+82-31-372-3679 GESKO CO., LTD. (134811-0070151) 541-3, WON-DONG, OSAN, GYEONGGI-DO, KOREA TEL :+82-31-377-3311/2 FAX :+82-31-372-3679 |
|
Corporate Ownership |
NK CO., LTD.(180111-0054641) |
|
Major Shareholders |
NK CO., LTD.(180111-0054641) |
|
Cooperative Enterprise |
-Insured Company MERITZ FIRE & MARINE INSURANCE CO., LTD.(110111-0013328) |
The Subject exports
to Thailand.
|
Case No. |
Court |
Plaintiff(s)/
Creditor(s)/ Applicant(s) |
Defendant(s)/
Debtor(s)/ Respondent(s) |
Cause |
Amount (KRW) |
Status |
|
2010GAHAP 13803 |
|
East Gassys Industry Company |
The subject Company |
Claim for Compensation from Damages |
748,503,000 |
Proceeding |
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.05 |
|
|
1 |
Rs.83.44 |
|
Euro |
1 |
Rs.72.53 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.