|
Report Date : |
28.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
KUKJE MACHINERY CO., LTD. |
|
|
|
|
Registered Office : |
11-1, Yangsu-ri, Okcheon-eup, Okcheon-gun,
Chungcheongbuk-do, Korea 373-802 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
12.03.1968 |
|
|
|
|
Com. Reg. No.: |
129-81-00751 |
|
|
|
|
Legal Form : |
Co., Ltd by
shares |
|
|
|
|
Line of Business : |
Manufacture of Agricultural and Forestry Machinery |
|
|
|
|
No. of Employees : |
385 |
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 : |
Usually 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 – 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 |
KUKJE MACHINERY CO., LTD. (Korean Company Name : “국제종합기계(주)”) |
|
Registered Address |
11-1, Yangsu-ri, Okcheon-eup, Okcheon-gun,
Chungcheongbuk-do, Korea |
|
Zip Code |
373-802 |
|
Tel |
+82-43-732-1151 |
|
Fax |
+82-43-732-1162 |
|
E-mail |
sam.kim@dongkuk.com;jungkyun.park@dongkuk.com |
|
Website |
www.kukje21.co.kr |
|
Trading Address |
11-1, Yangsu-ri, Okcheon-eup, Okcheon-gun,
Chungcheongbuk-do, Korea |
|
Tel |
+82-43-732-1151 |
|
Fax |
+82-43-732-1162 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Agricultural and Forestry Machinery |
|
Main Business |
Combine, Tractor, Engine, Golf Car |
|
Established (mm/dd/yyyy) |
03/12/1968 |
The Subject owns
the premises of registered HQ address.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Diesel engines(26101504) |
|
Sell |
Agricultural tractors(25101901) |
|
Sell |
Golf carts(25101904) |
|
Sell |
Combine harvesters(21101704) |
|
Sell |
Transplanters(21101602) |
|
Sell |
Agricultural machinery for soil preparation(21101500) |
|
Sell |
Lawnmowers(27112014) |
|
Sell |
Specialized and recreational vehicles(25101900) |
|
Sell |
Cultivators(21101503) |
|
Name |
Nam Young-Joon |
|
Address |
Suite 1-1104, 441-2, Poil-dong, Uiwang-si, Gyeonggi-do, Korea |
|
Date of Birth |
04/01/1953 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
137,000,000,000 |
|||||||||
|
Employees |
385 |
|||||||||
|
Formation |
Co., Ltd by shares A Company of DONGKUK STEEL MILL GROUP |
|||||||||
|
Bank Details |
SC First Bank of Korea-Sewoon Branch Hana Bank Korea Development Bank |
|||||||||
|
Corporate Registered No. |
131111-0000635 |
|||||||||
|
Business Registered No. |
129-81-00751 |
|||||||||
|
Permit & Licenses |
10/1995 ISO 9001 10/08/2001 EM 07/2002 GD 05/01/2007 ISO 9001 by Lioyd 11/19/2008 ISO 14001 by Lioyd Int’l Trade No.: 790059 |
|||||||||
|
Shareholder Position |
|
|||||||||
|
Company History |
03/12/1968 Incorporated as HANKUK
AGRICULTURAL MACHINERY CO., LTD. 03/1978 Changed company name to the present
name 04/30/2003 Moved to the present HQ address
from 517-7, Sangdaewon 1-dong, Jungwon-gu, Seongnam-si, Gyeonggi-do, Korea 12/24/2003 Increased capital to
122,000,000,000 KRW from 120,000,000,000 KRW |
|||||||||
|
|
|
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Nam Young-Joon |
Male |
Korean |
12/16/2011 |
|
Director |
Mr. |
Na Byung-Soo |
Male |
Korean |
03/21/2012 |
|
Director |
Mr. |
Hong Jae-Duck |
Male |
Korean |
01/18/2010 |
|
Auditor |
Mr. |
Park Kyu-Hong |
Male |
Korean |
01/24/2013 |
|
Supervisor |
Mr. |
Jang Ki-Ryong |
Male |
Korean |
01/22/2009 |
|
Supervisor |
Mr. |
Hyun Sung-Duck |
Male |
Korean |
12/16/2011 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
169,931,896,974 |
175,652,308,521 |
-19,935,071,669 |
|
|
(*)2010 |
171,135,543,559 |
194,733,638,526 |
-21,077,897,672 |
|
2009 |
199,813,993,877 |
219,479,077,706 |
-3,817,791,777 |
|
2008 |
200,421,282,690 |
208,150,014,652 |
391,459,483 |
|
2007 |
218,312,579,355 |
200,135,719,870 |
1,081,469,758 |
|
2006 |
206,265,439,320 |
198,157,474,769 |
890,355,031 |
|
2005 |
199,934,445,957 |
197,671,557,458 |
2,699,987,238 |
|
2004 |
184,224,025,733 |
211,122,947,246 |
3,516,983,975 |
|
2003 |
142,154,156,254 |
208,179,436,860 |
-31,942,768,917 |
(*)Figures are based
on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
300,000,000,000 |
|
Paid-Up Capital(KRW) |
135,000,000,000 |
|
Total Issued Shares |
27,400,000(Common : 27,000,000 / Preferable : 400,000) |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Total Assets |
175,652,308,521 |
194,733,638,526 |
|
|
Current
Assets |
94,541,537,528 |
108,774,529,482 |
|
|
Cash & Cash Equivalents |
149,493,430 |
514,129,489 |
|
|
Current Financial Instruments |
293,606,248 |
1,575,474,937 |
|
|
Trade Receivables |
47,938,747,525 |
65,316,470,945 |
|
|
Other Receivables |
881,757,830 |
1,654,836,592 |
|
|
Other Financial Assets |
8,820,000 |
10,000 |
|
|
Inventories |
42,828,176,253 |
39,339,727,961 |
|
|
Other Current Assets |
2,440,936,242 |
373,879,558 |
|
|
Non-Current
Assets |
81,110,770,993 |
85,959,109,044 |
|
|
Non-Current Financial Instruments |
4,000,000 |
4,000,000 |
|
|
Long-Term Trade Receivables |
2,869,864,432 |
2,021,734,549 |
|
|
Other Receivables |
216,726,327 |
333,673,147 |
|
|
Other Financial Assets |
33,750,000 |
42,485,000 |
|
|
Tangibles |
74,799,374,607 |
77,916,475,751 |
|
|
Intangibles |
1,934,742,875 |
3,175,918,718 |
|
|
Investment_Real Estates |
1,252,312,752 |
1,284,788,342 |
|
|
Investment_Subsidiaries |
- |
715,976,759 |
|
|
Other Non-Current Assets |
- |
464,056,778 |
|
|
Total Liabilities |
169,527,009,111 |
173,146,138,063 |
|
|
Current
Liabilities |
80,762,711,788 |
140,644,818,218 |
|
|
Trade Payables |
37,972,745,485 |
59,873,433,045 |
|
|
Short-Term Borrowings |
39,991,330,417 |
76,289,934,149 |
|
|
Other Payables |
2,490,220,639 |
3,759,983,297 |
|
|
Other Current Liabilities |
260,980,885 |
662,638,901 |
|
|
Provisions |
47,434,362 |
58,828,826 |
|
|
Non-Current
Liabilities |
88,764,297,323 |
32,501,319,845 |
|
|
Long-Term Borrowings |
70,141,994,549 |
10,775,700,000 |
|
|
Confirmed Salaries |
11,867,522,699 |
15,708,262,867 |
|
|
Deferred Income Tax Credit |
3,527,322,258 |
3,527,322,258 |
|
|
Other Payables |
1,484,064,942 |
1,102,502,542 |
|
|
Provisions |
1,743,392,875 |
1,387,532,178 |
|
|
Capital
Stock |
135,000,000,000 |
135,000,000,000 |
|
|
Profit Surplus |
-134,603,469,284 |
-119,141,268,231 |
|
|
Others |
5,728,768,694 |
5,728,768,694 |
|
|
Total Equity |
6,125,299,410 |
21,587,500,463 |
|
|
Liab. & Shareholder’s Equity |
175,652,308,521 |
194,733,638,526 |
|
Income
Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Sales |
169,931,896,974 |
171,135,543,559 |
|
|
Cost of Sold Goods |
146,972,537,623 |
151,351,646,248 |
|
|
Gross Profit |
22,959,359,351 |
19,783,897,311 |
|
|
Selling & Admin. Expenses |
25,675,434,203 |
32,999,108,803 |
|
|
Other Operating Income |
2,664,239,518 |
3,040,093,076 |
|
|
Other Operating Expenses |
1,399,712,492 |
3,135,413,979 |
|
|
Operating Income |
-1,451,547,826 |
-13,310,532,395 |
|
|
Profits from investment on
Related Companies |
15,327,976,759 |
- |
|
|
Finance Income |
5,909,620,808 |
669,895,500 |
|
|
Finance Expenses |
9,065,167,892 |
8,437,260,777 |
|
|
Income Before Taxes |
-19,935,071,669 |
-21,077,897,672 |
|
|
Income Taxes Expenses |
- |
- |
|
|
Net Income |
-19,935,071,669 |
-21,077,897,672 |
|
Cash
Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Operating
Activities Cash Flows |
-12,577,491,118 |
19,910,713,979 |
|
|
Cash Flows from Operating |
-4,928,858,720 |
27,891,176,113 |
|
|
Interests Received |
217,080,450 |
28,862,952 |
|
|
Interests Paid |
-7,865,346,418 |
-8,365,021,916 |
|
|
Income Taxes |
-366,430 |
355,696,830 |
|
|
Cash
Flows from Investing |
-15,917,041,674 |
-4,485,535,831 |
|
|
Cash Inflow from Investing |
4,228,669,462 |
3,251,862,240 |
|
|
Cash Outflows for Investing |
-20,145,711,136 |
-7,737,398,071 |
|
|
Cash
Flows from Financing |
28,129,896,733 |
-15,119,994,313 |
|
|
Cash Inflows from Financing |
311,940,026,009 |
173,075,778,091 |
|
|
Cash Outflows from Financing |
-283,810,129,276 |
-188,195,772,404 |
|
|
Increase/Decrease
in Cash |
-364,636,059 |
305,183,835 |
|
|
Cash at
the Beginning of Year |
514,129,489 |
208,945,654 |
|
|
Cash at
the End of Year |
149,493,430 |
514,129,489 |
|
|
Main Products & Services |
Tractor Combine Harvester Rice Transplater Cultivator Power Tiller Diesel Engine |
|
Competitors |
DAEDONG INDUSTRIAL CO., LTD(191111-0000104) TONGYANGMOOLSAN CO., LTD(110111-0032899) LS CABLE LTD.(110111-0003965) KAMCO CO., LTD.(134511-0039120) |
(Subsidiaries, Joint-Venture
& Affiliates)
|
Affiliates-Domestic |
DONGKUK STEEL
MILL CO., LTD.(110111-0031338) UNION STEEL CO., LTD.(110111-0041501) UNION COATING COMPANY
LIMITED(134811-0082462) INTERGIS CO., LTD.(Ex. DONGKUK
TRANSPORTATION CO., LTD, 180111-0001973) KUKJE TRANSPORTATION CO.,
LTD.(180111-0020345) DK UIL CO.,LTD(110111-0320955) FERRUM INFRA(110111-4199330) ILSHIN U& VENTURE INVESTMENT
ASSOCIATION DONGKUK CORPORATION BUSAN PORT PIER4 CO., LTD.(180111-0290047) DK S& CO.,LTD.(110111-3435660) DK UTECH CO.,LTD.(115611-0020526) DKUNC CO., LTD.(110111-1462524) |
|
Affiliates-Overseas |
BRANSON MASHINERY LLC. UNION STEEL CHINA DK UTECH (TIANJIN) CO., LTD. DK UIL (H.K.) LTD. DK UIL (TIANJIN) ELECTRONICS CO., LTD. IC&IG INVESTIMENTOS BR S.A. CEARA STEEL S.A. DKS & CORPORATION UNION STEEL MEXICO,S.A. DE C.V DK UIL VIETNAM CO., LTD. CSP IC&IG HOLDING (NL) B.V. DONGKUK INTERNATIONAL, INC(USA) |
|
Subsidiary |
BRANSON MACHINERY LLC (100% held by the subject company) KUKJE GYUNGJEON MACHINERY CO., LTD.(CHINA) (51.0% held by the subject company) |
|
Corporate Ownership |
DONGKUK STEEL
MILL CO., LTD.(110111-0031338) UNION COATING CO., LTD.(134811-0082462) |
|
Major Shareholders |
UNION COATING CO., LTD.(134811-0082462) |
|
Cooperative Enterprise |
BRANSON TRACTOR SOTRAC EMME EMME MODERN AGRICULTURE DOJIN GROUP HUALIAN MACHINERY XINGUANG GLOBAL TRACTOR & EQUIPMENT COMECA MARTYNS SUTOU MOROOKA COSMO ASSHI The Subject is supported from Yanmar-Japan
on the technical cooperation. -Insured Company HYUNDAI MARINE & FIRE INSURANCE CO., LTD.(110111-0035893) |
(Activity & Markets)
The Subject exports to USA, Portugal, Italy, China, Australia, Spain,
Ireland and Japan.
There is 1 case
filed as Defendant(s)/ Debtor(s)/ Respondent(s).
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.27 |
|
|
1 |
Rs.82.49 |
|
Euro |
1 |
Rs.69.88 |
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.