MIRA INFORM REPORT
|
Report Date : |
02.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
KISCO |
|
|
|
|
Registered Office : |
70, Sinchon-dong, Seongsan-gu, Changwon-si,
Gyeongsangnam-do, Korea 642-370 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
01.09.2008 |
|
|
|
|
Com. Reg. No.: |
609-81-84470 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Hot Rolled, Drawn and Extruded Iron or Steel
Products |
|
|
|
|
No. of Employees : |
551 |
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 : |
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 |
|
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 |
KISCO (Korean Company
Name : “한국철강(주)”) |
|
Registered Address |
70, Sinchon-dong, Seongsan-gu,
Changwon-si, Gyeongsangnam-do, Korea |
|
Zip Code |
642-370 |
|
Tel |
+82-55-260-0500 |
|
Fax |
+82-55-283-3429 |
|
E-mail |
june04@kisco.co.kr |
|
Website |
www.kisco.co.kr |
|
Trading Address |
9th Fl., Dabo Bldg., 140, Mapo-dong,
Mapo-gu, Seoul, Korea |
|
Tel |
+82-2-718-4551 |
|
Fax |
+82-2-718-4551 |
|
Other Address-Jeungpyeong Factory(Energy) |
1044, Miam-ri, Jeungpyeong-eup,
Jeungpyeong-gun, Chungcheongbuk-do, Korea |
|
Tel |
+82-43-820-9000 |
|
Type |
Export |
|
Industry |
Manufacture of Hot Rolled, Drawn and Extruded Iron or Steel Products |
|
Main
Business |
Steel Bar, Round Bar, Steel Pipe, Billet, Ingot, Industrial Gas, Thin
Film Solar Cell, Module |
|
Established (mm/dd/yyyy) |
09/01/2008 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Carbon steel pipe(40142101) |
|
Sell |
Iron bars(30101603) |
|
Sell |
Forgings(31130000) |
|
Sell |
Steel tubing(31231310) |
|
Sell |
Billets(30103300) |
|
Sell |
Ingots(30103400) |
|
Sell |
Steel(11101704) |
|
Buy |
Refining metal services(73121509) |
|
Buy |
Furnaces(40101805) |
|
Buy |
Tube and tubing(31231300) |
|
Buy |
Metal scrap(11191600) |
|
Buy |
Ferrous alloy(11101712) |
|
Buy |
Iron(11101713) |
|
Buy |
Non ferrous alloy(11101711) |
|
Buy |
Hydraulic presses(27121500) |
|
Buy |
Coke(15101604) |
|
Name |
Chang Sang-Don |
|
Address |
|
|
Date of Birth |
10/01/1937 |
|
Title |
Chairman & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
46,050,000,000 |
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|
Employees |
551 |
|||||||||||||||||||||
|
Formation |
Listed Company(Korea Stock Exchange : 104700) as of 09/29/2008 A Company of KISCO HOLDINGS CORP. (190111-0001872) |
|||||||||||||||||||||
|
Bank Details |
Korea Development Bank |
|||||||||||||||||||||
|
Corporate Registered No. |
194211-0094318 |
|||||||||||||||||||||
|
Business Registered No. |
609-81-84470 |
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|
Permit & Licenses |
09/2009 UL Mark 06/2010 ISO 14001 06/2010 OHSAS 18001 06/2010 KOSHA 18001 |
|||||||||||||||||||||
|
Shareholder Position |
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Company History |
09/01/2008 Incorporated as the present name |
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|
|
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
Chairman & CEO |
Mr. |
Chang Sang-Don |
Korean |
1937.10.01 |
Dongkuk University, Korea |
|
Vice Chairman |
Mr. |
Kim Man-Yeol |
Korean |
1942.01.12 |
Youngnam University, Korea |
|
Sr. Executive Director |
Mr. |
Chang Se-Hong |
Korean |
1966.10.01 |
California University, USA |
|
Vice President & CFO |
Mr. |
Jung Chan-Hyun |
Korean |
1946.03.02 |
Busan Commercial High |
|
Sr. Executive Director |
Mr. |
Moon Jong-In |
Korean |
1953.05.20 |
Kyungnam University, Korea |
|
Director |
Mr. |
Jung Cheol-Ki |
Korean |
1955.08.18 |
Korea University, Korea |
|
Director |
Mr. |
Lee Byung-Je |
Korean |
1959.07.29 |
Kyungnam University, Korea |
|
Director |
Mr. |
Lee Soo-Ha |
Korean |
1961.01.25 |
Busan National University, Korea |
|
Outside Director |
Mr. |
Kim Jo-Il |
Korean |
1944.11.10 |
Masan High School |
|
Outside Director |
Mr. |
Kwak Cheol-Yoon |
Korean |
1947.03.10 |
Sunggang High School |
|
Outside Director |
Mr. |
Ha Sung-Hae |
Korean |
1952.06.22 |
Hyupsung Commercial High |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
194,635,369,194 |
912,101,519,715 |
-10,125,687,691 |
|
|
(*)2012 |
987,039,948,435 |
936,810,385,294 |
18,485,336,818 |
|
(*)2011 |
1,020,601,374,388 |
1,015,150,137,441 |
-33,510,227,388 |
|
2010 |
879,924,338,630 |
947,286,728,297 |
15,461,258,461 |
|
2009 |
911,503,171,887 |
972,821,670,640 |
46,053,565,383 |
|
2008 |
316,051,876,212 |
904,562,483,962 |
49,290,877,098 |
(*)Figures are based
on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
150,000,000,000 |
|
Paid-Up Capital(KRW) |
46,050,000,000 |
|
Total Issued Shares |
9,210,000 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
01/01/2013~03/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Total Assets |
912,101,519,715 |
936,810,385,294 |
1,015,150,137,441 |
|
Current Assets |
438,277,552,994 |
460,604,367,248 |
503,714,730,886 |
|
Cash & Cash Equivalents |
49,573,279,454 |
79,683,117,304 |
56,596,124,887 |
|
Current Financial Instruments |
74,695,647,117 |
62,647,276,853 |
93,821,632,053 |
|
Trade Receivables |
174,468,636,214 |
187,457,153,055 |
189,301,953,103 |
|
Other Receivables |
2,014,804,009 |
1,810,730,596 |
1,718,522,416 |
|
Other Finance Assets |
48,120,000 |
48,120,000 |
13,105,000 |
|
Inventories |
136,945,356,561 |
128,162,060,860 |
153,898,968,524 |
|
Other Assets |
408,843,369 |
299,636,800 |
8,067,676,493 |
|
Deferred Income Tax Assets |
122,866,270 |
496,271,780 |
296,748,410 |
|
Non-Current Assets |
473,823,966,721 |
476,206,018,046 |
511,435,406,555 |
|
Non-Current Financial Instruments |
9,249,641,234 |
8,209,641,234 |
12,624,641,234 |
|
Other Receivables |
770,697,332 |
770,697,332 |
764,362,332 |
|
Other Financial Assets |
23,211,374,300 |
21,023,646,000 |
21,189,531,550 |
|
Tangibles |
437,356,934,759 |
443,092,458,126 |
474,059,180,960 |
|
Intangibles |
1,215,116,928 |
1,215,116,928 |
979,906,928 |
|
Investment_Related Companies |
2,020,202,168 |
1,894,458,426 |
1,817,783,551 |
|
Total
Liabilities |
247,929,207,619 |
255,990,254,603 |
341,129,622,152 |
|
Current
Liabilities |
225,618,170,381 |
229,638,716,231 |
324,967,234,512 |
|
Trade Payables |
149,842,162,522 |
165,933,645,261 |
210,009,924,469 |
|
Other Payables |
33,358,973,040 |
30,964,339,319 |
44,073,533,438 |
|
Short-Term Borrowings |
35,094,132,965 |
26,069,961,963 |
58,383,245,537 |
|
Other Current Liabilities |
7,322,901,854 |
6,670,769,688 |
12,500,531,068 |
|
Non-Current
Liabilities |
22,311,037,238 |
26,351,538,372 |
16,162,387,640 |
|
Provision for Severance &
Retirement |
2,627,624,208 |
2,563,118,866 |
2,674,770,471 |
|
Confirmed Salaries |
16,317,354,449 |
16,893,735,052 |
10,543,319,569 |
|
Deferred Income Tax Credit |
2,098,858,581 |
4,627,484,454 |
85,245,749 |
|
Other Payables |
1,267,200,000 |
2,267,200,000 |
2,859,051,851 |
|
Capital
Stock |
46,050,000,000 |
46,050,000,000 |
46,050,000,000 |
|
Capital Surplus |
552,548,163,966 |
552,548,163,966 |
552,548,163,966 |
|
Profit Surplus |
55,541,392,335 |
73,953,223,426 |
69,237,051,470 |
|
Installments |
10,194,310,240 |
8,430,297,744 |
6,346,854,298 |
|
Others |
-161,554,445 |
-161,554,445 |
-161,554,445 |
|
Total Equity |
664,172,312,096 |
680,820,130,691 |
674,020,515,289 |
|
Liab. & Shareholder’s Equity |
912,101,519,715 |
936,810,385,294 |
1,015,150,137,441 |
Income
Statement
|
|||
|
Unit : Korean Won |
01/01/2013~03/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Sales |
194,635,369,194 |
987,039,948,435 |
1,020,601,374,388 |
|
Cost of Sold Goods |
183,074,016,931 |
921,998,113,436 |
974,265,325,497 |
|
Gross Profit |
11,561,352,263 |
65,041,834,999 |
46,336,048,891 |
|
Selling & Admin. Expenses |
24,710,775,628 |
49,508,134,081 |
43,951,274,477 |
|
Operating Income |
-13,149,423,365 |
15,533,700,918 |
2,384,774,414 |
|
Other Income |
411,713,820 |
19,311,364,189 |
3,616,796,391 |
|
Other Expenses |
517,524,559 |
18,756,363,172 |
48,716,526,739 |
|
Equity Method Profits |
51,917,560 |
92,737,984 |
|
|
Finance Income |
1,190,564,137 |
10,894,688,996 |
5,758,444,880 |
|
Finance Expenses |
1,139,103,143 |
3,089,698,052 |
5,533,880,660 |
|
Income Before Taxes |
-13,151,855,550 |
23,986,430,863 |
-42,490,391,714 |
|
Income Taxes Expenses |
-3,026,167,859 |
5,501,094,045 |
-8,980,164,326 |
|
Net Income |
-10,125,687,691 |
18,485,336,818 |
-33,510,227,388 |
Cash
Flows
|
|||
|
Unit : Korean Won |
01/01/2013~03/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Operating
Activities Cash Flows |
-20,782,563,780 |
34,294,287,011 |
47,145,803,872 |
|
Cash Flows from Operating |
-21,963,224,048 |
30,668,148,849 |
48,780,821,556 |
|
Interests Received |
1,003,320,954 |
4,818,474,375 |
3,212,251,092 |
|
Interests Paid |
-196,066,196 |
-992,812,843 |
-1,476,710,598 |
|
Income Taxes |
373,405,510 |
-199,523,370 |
-3,370,558,178 |
|
Cash Flows from Investing |
-18,001,879,252 |
27,961,836,540 |
-118,166,035,530 |
|
Cash Flows from Financing |
8,676,218,547 |
-39,164,739,938 |
34,747,634,741 |
|
Increase/Decrease in Cash |
-30,109,837,850 |
23,086,992,417 |
-36,270,527,221 |
|
Cash at the Beginning of Year |
79,683,117,304 |
56,596,124,887 |
92,866,652,108 |
|
Cash at the End of Year |
49,573,279,454 |
79,683,117,304 |
56,596,124,887 |
|
Main Products & Services |
Steel Products Energy Business Brand Name : GET WATT |
|
Customers |
PUBLIC PROCUREMENT SERVICE, KOREA |
|
Competitors |
DONGKUK STEEL MILL CO., LTD.(110111-0031338) HYUNDAI STEEL COMPANY(120111-0001743) |
(Subsidiaries, Joint-Venture
& Affiliates)
|
Affiliates |
KISCO HOLDINGS CORP. (190111-0001872) KOREA STEEL SHAPES CO.,
LTD.(180111-0015362) YOUNG HEUNG IRON & STEEL CO.,
LTD.(194211-0000191) HWAN YOUNG STEEL IND.CO.,
LTD.(180111-0028026) DAE HEUNG INDUSTRIAL CO., LTD.(194311-0000660) SEORYUNG CO., LTD.(KOREA) DAE YU CORE CO., LTD.(110111-2224759) SEHWA EXPRESS CO., LTD.(190111-0001468) MASAN PORT 5 OPERATION CO.,
LTD.(190111-0035433) LABO CO., LTD.(145211-0002047) PYUNGRI MATERIAL CO., LTD.(190111-0063781) YOUNGHUNG(TAECHANG) KANGSASUNG CO.,
LTD.(CHINA) YOUNGWIRE VINA LABO JAPAN (14.0%% held by the subject company) JINIL INTERNATIONAL (41.0% held by the subject company) |
|
Cooperative Enterprise |
-Insured Company HANWHA GENERAL INSURANCE CO., LTD.(110111-0006456) |
(Activity &
Markets)
|
Sales/ Unit :Mil KRW |
03/2013 |
2012 |
2011 |
|
Export |
2,451 |
45,770 |
38,976 |
|
Domestic |
192,184 |
941,270 |
981,625 |
|
Total |
194,635 |
987,040 |
1,020,601 |
The Subject exports
to Australia, China, Japan and Russia.
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.14 |
|
|
1 |
Rs.90.05 |
|
Euro |
1 |
Rs.77.06 |
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.