MIRA INFORM REPORT
|
Report Date : |
20.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
KTURBO INC. |
|
|
|
|
Formerly Known As : |
Korea Turbo Machine, Inc. |
|
|
|
|
Registered Office : |
64-2, Haengjeong-ri, Gadeok-myeon, Cheongwon-gun, Chungcheongbuk-do,
Korea 363-852 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
12.08.1999 |
|
|
|
|
Com. Reg. No.: |
314-81-29619 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Manufacture of Pumps and Compressors |
|
|
|
|
No. of Employees : |
129 |
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 : |
No Complaints |
|
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 |
Basic
|
Company Name |
KTURBO INC. (English Name : Korea Turbo Machine, Inc.) |
|
Registered Address |
64-2, Haengjeong-ri, Gadeok-myeon, Cheongwon-gun, Chungcheongbuk-do,
Korea |
|
Zip Code |
363-852 |
|
Tel |
+82-43-275-7573 |
|
Fax |
+82-43-275-7581 |
|
E-mail |
www.kturbo.com |
|
Website |
www.kturbo.com |
|
Trading Address |
64-2, Haengjeong-ri, Gadeok-myeon, Cheongwon-gun, Chungcheongbuk-do,
Korea (New Address System : 242, Sangjangincharo,
Gaduk-myun, Chungwon-gun, Chungbuk, Korea) |
|
Tel |
+82-43-275-7573 |
|
Fax |
+82-43-275-7581 |
|
Other Address-Cheongwon Factory |
256, Gumho-ri, Buyong-myeon, Cheongwon-gun,
Chungcheongbuk-do, Korea |
|
Type |
Export/Import |
|
Industry |
Manufacture of Pumps and Compressors |
|
Main Business |
Turbo Blower, Turbo Compressor, Potable Flowmter, High Speed Motor, Precision
Cast Impeller, Data Acquisition System(DAS) |
|
Established (mm/dd/yyyy) |
12/08/1999 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Air compressors(40151601) |
|
Sell |
Blowers(40101601) |
|
Name |
Lee Heon-Seok |
|
Address |
Suite 201-702, 147, Baeul 1-ro, Yuseong-gu,
Daejeon, Korea |
|
Date of Birth |
06/05/1966 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
3,168,648,000 |
||||||||||||||||||||||||||||||
|
Employees |
129 |
||||||||||||||||||||||||||||||
|
Formation |
Co., Ltd by Shares Venture Business Foreign Direct Investment Corporation |
||||||||||||||||||||||||||||||
|
Bank Details |
Industrial Bank of Korea Shinhan Bank Hana Bank |
||||||||||||||||||||||||||||||
|
Corporate Registered No. |
160111-0090409 |
||||||||||||||||||||||||||||||
|
Business Registered No. |
314-81-29619 |
||||||||||||||||||||||||||||||
|
Permit & Licenses |
03/2004 ISO 9001 11/2004 EM 10/2006 ISO 14001 10/2007 CE Mark 12/2007 CE Mark Int’l Trade No.: 45304172 |
||||||||||||||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||||||||||||||
|
Company History |
12/1997 Established as Powertech Co.(Sole
Proprietorship) 12/08/1999 Incorporated as the present name 07/2002 Designated as an INNO-BIZ Company 11/15/2002 Designated as a Venture Business 05/15/2006 Increased the par value to 500
KRW from 100 KRW 05/09/2008 Registered as a Foreign Direct
Investment Corporation 07/08/2010 Designated as a Venture Business
again 11/23/2011 Moved to the present HQ address
from 631, Bugang-ri, Cheongwon-gun,
Chungcheongbuk-do, Korea 12/16/2011 Increased
capital to 3,168,648,000 KRW from 2,876,981,500 KRW |
||||||||||||||||||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Lee Heon-Seok |
Male |
Korean |
03/31/2004 |
|
Director |
Mr. |
Shim Kyu-Hwan |
Male |
Korean |
01/24/2011 |
|
Director |
Mr. |
Axel Chikon |
Male |
German |
01/24/2011 |
|
Director |
Mr. |
Seo Seung-Bum |
Male |
Korean |
06/15/2012 |
|
Outside Director |
Mr. |
Chang Seok-Joo |
Male |
Korean |
06/15/2012 |
|
Auditor |
Mr. |
Lee Cheol-Jong |
Male |
Korean |
01/24/2011 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
19,241,552,862 |
48,425,743,642 |
-7,864,989,343 |
|
|
2011 |
38,215,077,350 |
47,431,686,536 |
2,171,691,097 |
|
2010 |
24,150,468,216 |
37,147,126,873 |
3,129,069,082 |
|
Authorized Capital(KRW) |
25,000,000,000 |
|
Paid-Up Capital(KRW) |
3,168,648,000 |
|
Total Issued Shares |
6,337,296(Common : 4,704,630 / Preferable :
1,632,666) |
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Total Assets |
48,425,743,642 |
47,431,686,536 |
37,147,126,873 |
|
Current Assets |
21,831,246,059 |
23,951,767,118 |
22,368,653,902 |
|
-Quick Assets |
9,669,541,665 |
18,431,863,270 |
15,727,305,658 |
|
-Inventories |
12,161,704,394 |
5,519,903,848 |
6,641,348,244 |
|
Fixed Assets |
26,594,497,583 |
23,479,919,418 |
14,778,472,971 |
|
-Investment |
83,000,000 |
237,674,750 |
163,674,750 |
|
-Tangibles |
15,467,219,379 |
13,904,109,997 |
1,409,708,826 |
|
-Intangibles |
10,990,535,414 |
7,507,919,351 |
11,414,959,395 |
|
-Others |
53,742,790 |
1,830,215,320 |
1,790,130,000 |
|
Total Liabilities |
37,085,751,244 |
28,126,402,692 |
18,423,110,426 |
|
Current Liabilities |
23,238,221,597 |
9,583,739,118 |
16,431,320,347 |
|
Fixed Liabilities |
13,847,529,647 |
18,542,663,574 |
1,991,790,079 |
|
Capital Stock |
3,168,648,000 |
3,168,648,000 |
3,631,688,000 |
|
Capital Surplus |
23,229,664,993 |
23,229,664,993 |
14,250,001,993 |
|
Profit Surplus |
-4,305,021,443 |
3,660,270,003 |
1,488,578,906 |
|
Capital Adjustment |
-10,753,299,152 |
-10,753,299,152 |
-646,252,452 |
|
Total Equity |
11,339,992,398 |
19,305,283,844 |
18,724,016,447 |
|
Liab. & Shareholder’s Equity |
48,425,743,642 |
47,431,686,536 |
37,147,126,873 |
|
Current Liabilities |
23,238,221,597 |
9,583,739,118 |
16,431,320,347 |
|
Short-Term Borrowings |
12,327,518,971 |
5,089,173,236 |
8,007,801,146 |
|
Trade Payables |
5,941,516,242 |
2,592,025,733 |
4,051,671,266 |
|
Account Payables |
1,103,552,757 |
1,405,191,308 |
726,487,502 |
|
Accrued Expenses |
241,020,766 |
148,807,862 |
1,432,386,986 |
|
Withholdings |
55,371,654 |
93,771,979 |
43,731,634 |
|
Advance Receipts |
17,791,207 |
124,169,000 |
238,641,813 |
|
Short-Term Borrowings to Shareholders/ Executives/ Employees |
- |
- |
1,800,000,000 |
|
Current Portion of Long-Term Debts |
3,551,450,000 |
130,600,000 |
130,600,000 |
|
Fixed Liabilities |
13,847,529,647 |
18,542,663,574 |
1,991,790,079 |
|
Convertible Bonds |
5,563,106,682 |
5,228,565,319 |
- |
|
Long-Term Borrowings |
7,447,000,000 |
12,919,050,000 |
223,150,000 |
|
Provision for Sales Guarantee |
492,219,378 |
- |
- |
|
Provision for Severance & Retirement |
283,121,113 |
14,411,661 |
1,175,082,387 |
|
Long-Term Account Payables |
62,082,474 |
380,636,594 |
593,557,692 |
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Sales |
19,241,552,862 |
38,215,077,350 |
24,150,468,216 |
|
Cost of Sold Goods |
10,277,723,080 |
19,630,314,309 |
12,150,893,756 |
|
Gross Profit |
8,963,829,782 |
18,584,763,041 |
11,999,574,460 |
|
Selling & Admin. Expenses |
14,958,263,935 |
14,286,569,281 |
7,930,531,131 |
|
Operating Income |
-5,994,434,153 |
4,298,193,760 |
4,069,043,329 |
|
Non-Operating Income |
824,425,134 |
1,868,724,750 |
321,791,214 |
|
Non-Operating Expenses |
2,694,980,324 |
3,995,227,413 |
1,261,765,461 |
|
Income Before Taxes |
-7,864,989,343 |
2,171,691,097 |
3,129,069,082 |
|
Income Taxes Expenses |
- |
- |
- |
|
Net Income |
-7,864,989,343 |
2,171,691,097 |
3,129,069,082 |
|
Cash Flows |
|||
|
Unit : Million Korean Won |
As of 12/31/2012 |
As of 12/31/2011 |
As of 12/31/2010 |
|
Cash Flows from Operating |
-813,589,669 |
1,752,963,513 |
356,916,128 |
|
-Net Income |
-7,864,989,343 |
2,171,691,097 |
3,129,069,082 |
|
-Exp. without Cash Outflow |
8,262,035,577 |
2,770,871,404 |
581,720,583 |
|
-Revenue without Cash Inflows |
-265,314,421 |
-999,406,152 |
- |
|
-Changes in Asset/ & Liability |
-945,321,482 |
-2,190,192,836 |
-3,353,873,537 |
|
Cash Flows from Investing |
-6,106,178,228 |
-13,093,159,670 |
-2,612,884,878 |
|
-Cash Inflow from Investing |
281,818,182 |
2,813,636,538 |
- |
|
-Cash Outflows for Investing |
-6,387,996,410 |
-15,906,796,208 |
-2,612,884,878 |
|
Cash Flows from Financing |
5,381,745,735 |
12,654,069,823 |
2,703,244,815 |
|
-Cash Inflows from Financing |
14,336,768,971 |
28,889,717,433 |
3,558,800,000 |
|
-Cash Outflows from Financing |
-8,955,023,236 |
-16,235,647,610 |
-855,555,185 |
|
Increase/Decrease in Cash |
-1,538,022,162 |
1,313,873,666 |
447,276,065 |
|
Cash at the Beginning of Year |
2,150,856,456 |
836,982,790 |
389,706,725 |
|
Cash at the End of Year |
612,834,294 |
2,150,856,456 |
836,982,790 |
|
Main Products & Services |
Turbo Blower, Turbo Compressor, Potable Flowmter, High Speed Motor,
Precision Cast Impeller, Data Acquisition System(DAS) |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
|
|
Customers |
|
|
Competitors |
HALLA CLIMATE CONTROL CORPORATION 1689-1, SINIL-DONG, DAEDEOK-GU, DAEJEON,
KOREA TEL:+82-42-930-6114 FAX:+82-42-930-6129 CENTURY CORP. 345, BOCHE-RI, MIYANG-MYEON, ANSEONG-SI,
GYEONGGI-DO, KOREA TEL:+82-31-646-8000 FAX:+82-31-646-8100 SHINHUNG CO., LTD. 8TH FL., SINHEUNG BLDG., 10-3,
JUNGNIM-DONG, JUNG-GU, SEOUL, KOREA TEL:+82-2-6366-2000 FAX:+82-2-6366-2131 |
|
Affiliates |
TURBOMAN CO., LTD.(160111-0323462) |
|
Overseas Office |
|
|
Liaison Office |
|
|
Overseas Branch |
|
|
Joint Venture |
|
|
Subsidiary |
KTURBO USA, INC (100.0% held by the subject company) 1183 PIERSON DR, UNIT 118, BATAVIA, IL
60510 USA TEL: +1-630-406-1473 |
|
Corporate Ownership |
|
|
Major Shareholders |
|
|
Cooperative Enterprise |
AERZENER MASCHINEBFABRIK GMBH |
|
Sales/ Unit :Mil KRW |
2012 |
2011 |
2010 |
|
Export |
|
|
|
|
Domestic |
|
|
|
|
Total |
|
|
|
The Subject deals with the companies in China
and Japan.
Not Available
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.88 |
|
|
1 |
Rs.83.66 |
|
Euro |
1 |
Rs.70.58 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.