|
Report Date : |
26.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
KYUNGBANG CO., LTD. |
|
|
|
|
Registered Office : |
442, Yeongdeungpodong 4-ga, Yeongdeungpo-gu, Seoul, Korea 150-034 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
15.10.1919 |
|
|
|
|
Com. Reg. No.: |
107-81-05232 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Cotton of Spinning |
|
|
|
|
No. of Employees : |
585 |
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 |
|
Payment Behaviour : |
Slow |
|
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 (31.03.2011) |
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 |
KYUNGBANG CO.,
LTD. (Korean Company
Name : “(주)경방”) |
|
Registered Address |
442, Yeongdeungpodong 4-ga,
Yeongdeungpo-gu, Seoul, Korea |
|
Zip Code |
150-034 |
|
Tel |
+82-2-2638-6000 |
|
Fax |
+82-2-2638-6109 |
|
E-mail |
shlee@kyungbang.co.kr |
|
Website |
www.kyungbang.co.kr |
|
Trading Address |
442, Yeongdeungpodong 4-ga, Yeongdeungpo-gu,
Seoul, Korea |
|
Tel |
+82-2-2638-6000 |
|
Fax |
+82-2-2638-6109 |
|
Type |
Export/Import |
|
Industry |
Cotton of Spinning |
|
Main Business |
Cotton Yarn, Cotton Fabric, Cotton Blended Fabrics |
|
Sub
Business |
Weaving of Cotton Fabrics |
|
Established (mm/dd/yyyy) |
10/15/1919 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Yarns(11151700) |
|
Sell |
Cotton fabrics(11161700) |
|
Sell |
Synthetic fabrics(11161800) |
|
Sell |
Acrylic yarn(11151704) |
|
Sell |
Wool fabrics(11161600) |
|
Sell |
Cotton yarn(11151702) |
|
Name |
Lee Choong-Hong |
|
Date of Birth |
03/25/1941 |
|
Title |
Chairman & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
10,400,000,000 |
|||||||||||||||||||||
|
Employees |
585 |
|||||||||||||||||||||
|
Formation |
Listed Company (Korea Stock Exchange : 000050) as of 03/03/1956 |
|||||||||||||||||||||
|
Bank Details |
Woori Bank Shinhan Bank |
|||||||||||||||||||||
|
Corporate Registered No. |
110111-0013287 |
|||||||||||||||||||||
|
Business Registered No. |
107-81-05232 |
|||||||||||||||||||||
|
Permit & Licenses |
Int’l Trade No.: 671769 |
|||||||||||||||||||||
|
Shareholder Position |
|
|||||||||||||||||||||
|
Company History |
10/15/1919 Incorporated as KYUNGSUNG
BANGJIK CO., LTD. 07/14/1970 Changed company name to the
present name |
|||||||||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Inauguration Date |
|
Chairman & CEO |
Mr. |
Lee Choong-Hong |
Korean |
1941.03.25 |
Berkeley University, USA |
|
President |
Mr. |
Kim Joon |
Korean |
1963.09.19 |
Brown University, USA |
|
Vice President |
Mr. |
Kim Dam |
Korean |
1965.04.07 |
Inha University, Korea |
|
Sr. Executive director |
Mr. |
Yeon Kwang-Heum |
Korean |
1947.09.10 |
Seoul National university, Korea |
|
Outside Director |
Mr. |
You Jong-Seob |
Korean |
1938.02.07 |
Yonsei University, Korea |
|
Outside Director |
Mr. |
Yoon Jae-Yeob |
Korean |
1954.08.07 |
Yonsei University, Korea |
|
Auditor |
Mr. |
Kang Soon-Tae |
Korean |
1962.03.19 |
Yonsei University, Korea |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
265,409,209,318 |
1,301,719,900,476 |
-7,074,187,172 |
|
|
2011 |
275,746,943,108 |
1,331,930,967,807 |
-1,822,387,658 |
|
2010 |
277,727,642,134 |
1,308,628,572,886 |
23,831,170,610 |
|
Authorized Capital(KRW) |
40,000,000,000 |
|
Paid-Up Capital(KRW) |
10,400,000,000 |
|
Total Issued Shares |
2,080,000 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total
Assets |
1,301,719,900,476 |
1,331,930,967,807 |
1,308,628,572,886 |
|
Current Assets |
101,710,997,108 |
122,350,806,719 |
99,553,615,418 |
|
Cash
& Cash Equivalents |
3,001,666,069 |
5,174,403,370 |
10,847,776,209 |
|
Current
Financial Instruments |
2,050,000,000 |
1,170,000,000 |
1,160,000,000 |
|
Trade Receivables |
31,453,366,031 |
32,135,931,920 |
35,159,314,775 |
|
Other Receivables |
6,585,248,417 |
9,213,046,644 |
9,504,178,601 |
|
Short-Term Receivables |
50,241,125 |
19,107,013 |
21,627,422 |
|
Advance
Payments |
524,416,576 |
451,973,570 |
256,218,641 |
|
Prepaid
Expenses |
826,404,618 |
1,197,082,571 |
1,290,954,661 |
|
Other
Current Assets |
1,444,354,982 |
1,628,379,299 |
1,739,637,607 |
|
Inventories |
50,300,747,280 |
71,422,892,375 |
39,669,780,545 |
|
Assets to be Sold |
5,869,270,635 |
- |
|
|
Non-Current Assets |
1,200,008,903,368 |
1,209,580,161,088 |
1,209,074,957,468 |
|
Marketable
Financial Instruments |
3,397,798,629 |
3,189,532,936 |
1,256,030,686 |
|
Investment_Related
Companies |
- |
267,906,543 |
267,906,543 |
|
Investment_Subsidiaries |
18,052,465,773 |
4,985,472,773 |
6,178,973,123 |
|
Other
Financial Assets |
16,000,000 |
16,000,000 |
16,000,000 |
|
Guarantee Deposit Withhold |
693,041,609 |
583,520,089 |
484,200,608 |
|
Tangibles |
301,773,722,975 |
307,701,501,251 |
298,730,388,933 |
|
Investment_Real
Estates |
872,915,619,749 |
889,477,870,578 |
900,219,893,575 |
|
Intangibles |
1,546,004,000 |
1,921,564,000 |
1,921,564,000 |
|
Confirmed Salary |
1,614,250,633 |
1,436,792,918 |
|
|
Total Liabilities |
631,984,459,642 |
655,306,746,435 |
628,563,065,353 |
|
Current Liabilities |
121,339,741,611 |
362,096,036,884 |
142,882,446,075 |
|
Short-Term
Borrowings |
81,369,628,034 |
135,849,109,823 |
90,040,825,088 |
|
Trade Payables |
3,879,239,456 |
1,642,635,517 |
2,505,684,566 |
|
Account
Payables |
4,641,405,589 |
5,375,186,071 |
9,803,101,859 |
|
Advance
Receipts |
480,889,574 |
320,132,056 |
289,034,956 |
|
Guarantee Deposit Withhold |
114,340,000 |
112,870,000 |
109,600,000 |
|
Withholdings |
32,919,780 |
51,524,050 |
49,946,300 |
|
Accrued
Expenses |
5,502,177,657 |
5,943,757,006 |
6,129,656,242 |
|
Current
Portion of Long-Term Debts |
18,312,473,062 |
206,068,191,324 |
12,076,808,569 |
|
Other
Current Debts |
6,065,519,474 |
6,264,589,843 |
21,346,285,830 |
|
Other
Current Liabilities |
941,148,985 |
468,041,194 |
531,502,665 |
|
Non-Current Liabilities |
510,644,718,031 |
293,210,709,551 |
485,680,619,278 |
|
Long-Term
Borrowings |
280,141,533,119 |
51,339,915,227 |
255,143,215,659 |
|
Guarantee Deposit Withhold |
139,698,119,000 |
147,121,432,000 |
147,072,432,000 |
|
Confirmed
Salaries |
|
|
891,489,369 |
|
Deferred
Income Tax Credit |
86,607,625,409 |
88,966,584,455 |
89,816,771,633 |
|
Advance
Receipts |
54,503,641,076 |
60,913,457,767 |
52,166,911,610 |
|
Capital Stock |
10,400,000,000 |
10,400,000,000 |
10,400,000,000 |
|
Capital
Surplus |
16,168,530,258 |
16,089,299,421 |
16,187,267,250 |
|
Profit
Surplus |
644,682,470,760 |
651,756,657,932 |
654,348,911,768 |
|
Installments |
-458,744,085 |
-644,150,719 |
382,780,798 |
|
Others |
-1,056,816,099 |
-977,585,262 |
-1,253,452,283 |
|
Total
Equity |
669,735,440,834 |
676,624,221,372 |
680,065,507,533 |
|
Liab.
& Shareholder’s Equity |
1,301,719,900,476 |
1,331,930,967,807 |
1,308,628,572,886 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
265,409,209,318 |
275,746,943,108 |
277,727,642,134 |
|
Cost
of Sold Goods |
250,600,102,650 |
246,411,496,427 |
222,076,043,951 |
|
Gross
Profit |
14,809,106,668 |
29,335,446,681 |
55,651,598,183 |
|
Selling
& Admin. Expenses |
6,568,490,665 |
6,758,633,084 |
7,277,952,090 |
|
Operating
Income |
8,240,616,003 |
22,576,813,597 |
49,768,260,090 |
|
Other
Operating Income |
8,151,183,714 |
6,448,939,331 |
5,953,420,915 |
|
Other
Operating Expenses |
2,662,002,669 |
7,621,081,462 |
4,558,806,918 |
|
Finance
Income |
179,010,910 |
283,014,994 |
1,518,086,776 |
|
Finance
Expenses |
23,354,484,368 |
22,477,572,353 |
25,623,494,366 |
|
Profits
from investment on Related Companies |
- |
-1,415,142,400 |
- |
|
Income
Before Taxes |
-9,445,676,410 |
-2,205,028,293 |
25,662,852,500 |
|
Income
Taxes Expenses |
-2,371,489,238 |
-382,640,635 |
1,831,681,890 |
|
Net
Income |
-7,074,187,172 |
-1,822,387,658 |
23,831,170,610 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Cash Flows from Operating |
27,341,666,333 |
-11,592,653,198 |
12,484,752,641 |
|
-Net Income |
-7,074,187,172 |
-1,822,387,658 |
23,831,170,610 |
|
-Changes in Asset/ & Liability |
17,625,469,386 |
-37,380,347,844 |
-38,666,490,744 |
|
Cash Flows from Investing |
-19,372,994,874 |
-26,435,986,150 |
-18,709,700,668 |
|
-Cash Inflow from Investing |
2,802,242,908 |
16,494,144,203 |
95,159,840,455 |
|
-Cash Outflows for Investing |
-22,175,237,782 |
-42,930,130,353 |
-113,869,541,123 |
|
Cash Flows from Financing |
-10,132,003,950 |
32,574,333,061 |
-19,274,270,508 |
|
-Cash Inflows from Financing |
490,195,849,753 |
257,086,370,370 |
129,229,180,733 |
|
-Cash Outflows from Financing |
-500,327,853,703 |
-224,512,037,309 |
-148,503,451,241 |
|
Increase/Decrease in Cash |
-2,172,737,301 |
-5,673,372,839 |
-25,556,842,698 |
|
Cash at the Beginning of Year |
5,174,403,370 |
10,847,776,209 |
36,404,618,907 |
|
Cash at the End of Year |
3,001,666,069 |
5,174,403,370 |
10,847,776,209 |
|
Main Products & Services |
Cotton Yarn, Cotton Fabric, Cotton Blended Fabrics |
|
Competitors |
CHONBANG CO., LTD. 12~13TH FI., CHUNGJEONG TOWER BLDG., 464,
CHUNGJEONGNO 3-GA, SEODAEMUN-GU, SEOUL, KOREA TEL:+82-2-2122-6000 FAX:+82-2-392-3923 DONGIL CORPORATION(110111-0019219) 8TH FL., JEONG-HEON BLDG., 944-1, DAECHI
3-DONG, GANGNAM-GU, SEOUL, KOREA TEL:+82-2-2222-3071 FAX:+82-2-2222-3280 ILSHIN SPINNING CO.,LTD(110111-0041717) ILSHIN BLDG., 15-15, YEOUIDO-DONG,
YEONGDEUNGPO-GU, SEOUL, KOREA TEL:+82-2-3774-0114 FAX:+82-2-786-5891~3 |
(Subsidiaries, Joint-Venture & Affiliates)
|
Subsidiary |
KYUNGBANG YUTONG CO., LTD. (100.0% held by the subject company) KYUNGBANG VIETNAM (100.0% held by the subject company) JEDI(JAPAN) (97.96% held by the subject company) |
|
Cooperative Enterprise |
-Insured Company LOTTE NON-LIFE INSURANCE CO., LTD.(110111-0014459) |
(Activity &
Markets)
|
Sales/ Unit :Thousand KRW |
2012 |
2011 |
2010 |
|
Export |
24,805,920 |
19,880,863 |
|
|
Domestic |
240,603,289 |
255,866,080 |
|
|
Total |
265,409,209 |
275,746,943 |
|
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.04 |
|
|
1 |
Rs.81.80 |
|
Euro |
1 |
Rs.71.41 |
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.