|
Report Date : |
29.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
GOULDS PUMPS CO., LTD. |
|
|
|
|
Formerly Known as: |
GOULDS PUMPS KOREA CO., LTD. |
|
|
|
|
Registered Office : |
234-9, Nonhyeon 2-dong, Gangnam-gu, Seoul, Korea, Rm. 501, Deoksoo Bldg., Zip Code 135-830 |
|
|
|
|
Country : |
South korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
05.02.1991 |
|
|
|
|
Com. Reg. No.: |
301-85-06942 (Seoul Office : 211-86-42792) |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Manufacturer of Compressing Engines and Motors |
|
|
|
|
No. of Employees : |
109 |
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 : |
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 |
|
Company Name |
GOULDS
PUMPS CO., LTD. (Korean Company Name : “굴드펌프(주)”) |
|
Registered Address |
234-9, Nonhyeon 2-dong, Gangnam-gu, Seoul,
Korea |
|
Building |
Rm.
501, Deoksoo Bldg. |
|
Zip Code |
135-830 |
|
Tel |
+82-2-3444-4202 |
|
Fax |
+82-2-3444-4203 |
|
E-mail |
|
|
Website |
|
|
Trading
Address |
Rm. 501, Deoksoo Bldg., 234-9, Nonhyeon
2-dong, Gangnam-gu, Seoul, Korea |
|
Tel |
+82-2-3444-4202 |
|
Fax |
+82-2-3444-4203 |
|
Other
Address-Cheongju Branch |
160-1,
Mungok-ri, Buyong-myeon, Cheongwon-gun, Chungcheongbuk-do, Korea (New Address System : 285,
Bugangoecheon-ro, Bugang-myeon, Sejong-si, Korea) |
|
Tel |
+82-43-275-7051 |
|
Fax |
+82-43-275-9014 |
|
Type |
Export/Import |
|
Industry |
Manufacture
of Compressing Engines and Motors |
|
Main Business |
Pumps,
Compressors |
|
Established (mm/dd/yyyy) |
02/05/1991 |
The Subject owns
the premises of Cheongju Branch.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Pumps(40151500) |
|
Sell |
Chemical
Process Pump |
|
Name |
Kim Il-Kon |
|
Address |
Suite 1022, 386, Mannyeon-dong,
Seo-gu, Daejeon, Korea |
|
Date of Birth |
01/27/1961 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Australian |
|
Capital (KRW) |
3,999,590,000 |
|||||||||
|
Employees |
109 |
|||||||||
|
Formation |
Co., Ltd by shares Foreign
Direct Investment Corporation by USA |
|||||||||
|
Bank Details |
Korea Exchange Bank-Cheonju Branch |
|||||||||
|
Corporate Registered No. |
110111-0748173 |
|||||||||
|
Business Registered No. |
301-85-06942 (Seoul Office : 211-86-42792) |
|||||||||
|
Permit & Licenses |
Int’l
Trade No.: 498887 |
|||||||||
|
Shareholder Position |
(*)The list is based as of 12/31/2012. |
|||||||||
|
Company History |
02/05/1991
Incorporated as GOULDS PUMPS KOREA CO., LTD. 08/26/1996 Moved to the present address of
Head Office from 120, Namdaemunno 5-ga, Jung-gu, Seoul, Korea 06/17/1999 Changed company name to the
present name 03/20/2013 Increased the authorized shares
to 1,000,000 shares from 355,000 shares 02/18/2005 Changed financial closing date
from Nov. 30 to Dec. 24 according to the decision of the shareholders’
general meeting 05/03/2013 increased capital to
3,999,590,000 KRW from 2,899,590,000 KRW |
|||||||||
|
|
|
|
Job
Description |
Title |
Name |
Sex |
Nationality |
Inauguration
Date |
|
President
& CEO |
Mr. |
Kim Il-Kon |
Male |
Korean |
05/01/2011 |
|
Director |
Mr. |
Ko Lai Yong |
Male |
Singapore |
03/20/2013 |
|
Director |
Mr. |
Kim Yong-Hwan |
Male |
Korean |
02/28/2006 |
|
Director |
Mr. |
Michael Shutter |
Male |
USA |
05/01/2011 |
|
Director |
Mr. |
Georgia Budo Hana |
Male |
USA |
03/28/2012 |
|
Auditor |
Mr. |
Jung Woo-Jin |
Male |
Korean |
03/24/2009 |
|
Year / Unit
: KRW |
Sales |
Assets |
Net Income |
|
94,971,260,919 |
88,640,785,175 |
16,224,945,948 |
|
|
2011 |
91,152,572,432 |
65,017,859,288 |
15,976,566,437 |
|
2010 |
53,312,074,948 |
56,019,550,022 |
10,430,065,019 |
|
2009 |
101,390,635,778 |
62,055,131,774 |
27,897,278,903 |
|
2008 |
69,445,051,913 |
57,435,939,808 |
18,096,014,721 |
|
2007 |
55,599,083,275 |
41,325,833,033 |
11,559,061,529 |
|
2006 |
30,414,607,255 |
25,931,417,618 |
4,175,405,669 |
|
2005 |
24,108,308,414 |
24,118,726,536 |
2,147,575,721 |
|
2004 |
19,081,979,339 |
19,380,483,509 |
1,990,108,111 |
|
2003 |
18,647,719,036 |
17,864,932,018 |
1,524,623,302 |
|
Authorized Capital(KRW) |
10,000,000,000 |
|
Paid-Up Capital(KRW) |
3,999,590,000 |
|
Total Issued Shares |
399,959 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Total Assets |
88,640,785,175 |
65,017,859,288 |
56,019,550,022 |
|
Current Assets |
67,038,065,919 |
56,537,495,560 |
49,212,730,039 |
|
-Quick
Assets |
54,212,104,312 |
49,491,576,368 |
39,638,301,418 |
|
-Inventories |
12,825,961,607 |
7,045,919,192 |
9,574,428,621 |
|
Fixed
Assets |
21,602,719,256 |
8,480,363,728 |
6,806,819,983 |
|
-Investment |
1,500,000 |
1,500,000 |
2,201,920,000 |
|
-Tangibles |
20,663,247,359 |
7,776,075,138 |
4,045,263,955 |
|
-Intangibles |
937,971,897 |
702,788,590 |
559,636,028 |
|
Total Liabilities |
50,833,541,703 |
43,435,561,764 |
28,413,818,935 |
|
Current Liabilities |
47,338,991,446 |
40,464,035,310 |
25,637,453,946 |
|
Fixed Liabilities |
3,494,550,257 |
2,971,526,454 |
2,776,364,989 |
|
Capital Stock |
2,899,590,000 |
2,899,590,000 |
2,899,590,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
34,907,653,472 |
18,682,707,524 |
24,706,141,087 |
|
Capital Adjustment |
|
|
|
|
Total Equity |
37,807,243,472 |
21,582,297,524 |
27,605,731,087 |
|
Liab. & Shareholder’s Equity |
88,640,785,175 |
65,017,859,288 |
56,019,550,022 |
|
Current
Liabilities |
47,338,991,446 |
40,464,035,310 |
25,637,453,946 |
|
Trade Payables |
9,151,391,538 |
9,339,253,480 |
6,731,632,465 |
|
Account Payables |
19,365,123,580 |
10,446,694,388 |
5,657,015,701 |
|
Advance Receipts |
6,445,304,732 |
8,037,945,595 |
9,465,223,527 |
|
Withholdings |
3,270,494,363 |
3,305,369,874 |
99,942,600 |
|
Accrued Expenses |
5,544,624,029 |
4,612,419,903 |
1,856,254,975 |
|
Accrued Income Tax |
3,562,053,204 |
4,722,352,070 |
1,827,384,678 |
|
Fixed
Liabilities |
3,494,550,257 |
2,971,526,454 |
2,776,364,989 |
|
Long-Term Account Payables |
163,776,545 |
163,776,545 |
163,776,545 |
|
Provision for Severance & Retirement |
2,864,212,055 |
2,440,088,779 |
2,165,804,394 |
|
Provision for Repairing |
490,157,557 |
394,147,230 |
474,181,350 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Sales |
94,971,260,919 |
91,152,572,432 |
53,312,074,948 |
|
Cost of Sold Goods |
61,083,266,554 |
61,871,404,075 |
35,577,642,915 |
|
Gross Profit |
33,887,994,365 |
29,281,168,357 |
17,734,432,033 |
|
Selling & Admin. Expenses |
8,300,475,215 |
6,874,590,753 |
5,917,989,344 |
|
Operating Income |
25,587,519,150 |
22,406,577,604 |
11,816,442,689 |
|
Non-Operating Income |
2,927,314,687 |
7,088,268,856 |
5,138,924,570 |
|
Non-Operating Expenses |
7,124,136,596 |
7,358,210,426 |
3,213,533,372 |
|
Income Before Taxes |
21,390,697,241 |
22,136,636,034 |
13,741,833,887 |
|
Income Taxes Expenses |
5,165,751,293 |
6,160,069,597 |
3,311,768,868 |
|
Net Income |
16,224,945,948 |
15,976,566,437 |
10,430,065,019 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Cash Flows from Operating |
14,668,783,013 |
17,551,562,109 |
8,315,079,565 |
|
-Net Income |
16,224,945,948 |
15,976,566,437 |
10,430,065,019 |
|
-Exp. without Cash Outflow |
5,351,564,618 |
6,589,886,573 |
3,725,841,360 |
|
-Revenue without Cash Inflows |
-2,420,276,292 |
-5,391,086,740 |
-2,491,074,270 |
|
-Changes in Asset/ & Liability |
-4,487,451,261 |
376,195,839 |
-3,349,752,544 |
|
Cash Flows from Investing |
-14,822,068,045 |
15,751,204,008 |
-3,954,698,663 |
|
-Cash Inflow from Investing |
420,000 |
20,384,400,008 |
22,557,030,737 |
|
-Cash Outflows for Investing |
-14,822,488,045 |
-4,633,196,000 |
-26,511,729,400 |
|
Cash Flows from Financing |
- |
-22,000,000,000 |
-17,000,000,000 |
|
-Cash Inflows from Financing |
- |
- |
- |
|
-Cash Outflows from Financing |
- |
-22,000,000,000 |
-17,000,000,000 |
|
Increase/Decrease in Cash |
-153,285,032 |
11,302,766,117 |
-12,639,619,098 |
|
Cash at the Beginning of Year |
19,137,883,672 |
7,835,117,555 |
20,474,736,653 |
|
Cash at the End of Year |
18,984,598,640 |
19,137,883,672 |
7,835,117,555 |
|
Main Products & Services |
Distribution and Conditioning Systems and Equipment and Components Industrial
pumps and compressors |
|
Suppliers |
ITT RICHTER CHEMIE-TECHNIK GMBH ITT FLUID TECH ASIA PACIFIC - S'PORE ITT FLYGT SHENYANG (HK) ITT FLYGT AB ITT FLYGT ITALY |
|
Customers |
GOULDS PUMPS INC. GOULDS PUMPS SHANGHAI BOMBAS GOULDS DE MEXICO BOMBAS GOULDS DE VENEZUELA GOULDS PUMPS UNITED KINGDOM ITT FLUID TECH ASIA PACIFIC - S'PORE ITT FLUID TECH (THAILAND) CO., LTD. PUMPEN VOGEL |
|
Competitors |
FOOSUNG PRECISION CO., LTD. 584-1, GAJAE-RI, PALTAN-MYEON, HWASEONG-SI,
GYEONGGI-DO, KOREA TEL:+82-31-352-9111 FAX:+82-31-352-6361 SEI HWA MACHINERY CO., LTD. 90-25, ILSIN-DONG, BUPYEONG-GU, INCHEON,
KOREA TEL:+82-32-503-3036 FAX:+82-32-519-3645 HANDOL PUMPS LIMITED 20B-12L, NAMDONG INDUSTRIAL COMPLEX,
428-10, NONHYEON-DONG, NAMDONG-GU, INCHEON, KOREA TEL:+82-32-818-0105 FAX:+82-32-818-0109 |
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
BOMBAS GOULDS DE MEXICO BOMBAS GOULDS S.A.(ARGENTINA) GOULDS PUPMS LTD.(LOWARA UK) BLAKERS PUMP ENGINEERS ITT CORPORATION INDIA PRIVATE LTD. ITT FLUID TECH. INT'L (THAILAND) CO. LTD. ITT FLUID TECHNOLOGY ASIA PTE LTD. ITT LOWARA S.R.L.-ITALY ITT LOWARA DEUSHLAND GMBH ITT W & WW AB (ITT FLYGT AS (SWEDEN)) ITT W & WW AS (ITT FLYGT AS (NORWAY) ITT ITT WATER & WASTEWATER HK (ITT FLYGT HK) ITT (CHINA) INVESTMENT CO., LTD. SHANGHAI BRANCH. ITT(NANJING)CO., LTD. SHANGHAI BRANCH -CHINA PROSHOP ITT NANJING CO., LTD. ITT HONG KONG LTD. - CHINA OPERATION ITT HONG KONG LTD. - INDIA OPERATION SHANGHAI GOULDS PUMPS CO., LTD TT SAUDI CORPORATION ITT AUSTRIA GMBH (PUMPEN_VOGEL) ITT
CANNON KOREA CO.,LTD. |
|
Corporate Ownership |
ITT CORPORATION GOULDS
PUMPS INC. |
|
Cooperative Enterprise |
-Technical support from GOULDS PUMPS INC.(USA) -Insured Company HYUNDAI
MARINE & FIRE INSURANCECO., LTD.(110111-0035893) |
(Activity & Markets)
The Subject deals
with the companies in USA, Germany and Singapore.
The Subject has
applied for delaying the payment on taxes(4,144,000,000 KRW) imposed by Seoul District Tax Office.
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.74 |
|
UK Pound |
1 |
Rs.84.17 |
|
Euro |
1 |
Rs.72.03 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.