|
Report Date : |
04.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
KPF CO., LTD. |
|
|
|
|
Formerly Known As : |
Korea Bolt
Industry Co., Ltd. |
|
|
|
|
Registered Office : |
1271-11, Sa 3-dong, Sangnok-gu, Ansan-si, Gyeonggi-do, Korea, Rm. 101, RIT Center, Gyeonggi Techno Park, Zip Code 426-901 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
30.06.2013 |
|
|
|
|
Date of Incorporation : |
01.10.1963 |
|
|
|
|
Com. Reg. No.: |
134-81-02988 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacturer of Metal Fasteners and Screw Products |
|
|
|
|
No. of Employees : |
373 |
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 |
KPF CO., LTD. (English Company
Name : KOREA PARTS & FASTENERS CO., LTD.) (Korean Company Name : “(주)케이피에프”) |
|
Registered
Address |
1271-11, Sa 3-dong, Sangnok-gu, Ansan-si,
Gyeonggi-do, Korea |
|
Building |
Rm.
101, RIT Center, Gyeonggi Techno Park |
|
Zip Code |
426-901 |
|
Tel |
+82-31-500-4800 |
|
Fax |
+82-31-500-4808 |
|
E-mail |
|
|
Website |
|
|
Trading Address |
Rm. 101, RIT Center, Gyeonggi Techno Park,
1271-11, Sa 3-dong, Sangnok-gu, Ansan-si, Gyeonggi-do, Korea (New Address System : 705, Haean-ro, Sangnok-gu, Ansan-si, Gyeonggi-do,
Korea) |
|
Tel |
+82-31-500-4800 |
|
Fax |
+82-31-500-4808 |
|
Other Address-Chungju Factory |
601, Yongtan-dong, Chungju-si, Chungcheongbuk-do, Korea |
|
Tel |
+82-43-849-1114 |
|
Fax |
+82-43-849-1234 |
|
Other Address-Seoul Branch |
Noksan Bldg., 106-8, Guro 5-dong, Guro-gu,
Seoul, Korea |
|
Tel |
+82-2-839-2173~4 |
|
Fax |
+82-2-864-2383 |
|
Other Address-Busan Branch |
651-96 Eomgung-dong, Sasang-gu, Busan,
Korea |
|
Tel |
+82-51-311-1650~3 |
|
Fax |
+82-51-311-1654 |
|
Type |
Export |
|
Industry |
Manufacture
of Metal Fasteners and Screw Products |
|
Main Business |
Bolts,
Nuts, Fastener, Washer, Screw, Hot Forging, Bearing Inner Race, Gear Blank,
Pinion Gear, Piston Ring, Gear Clutch, Sleeve Synchro, Pulley, Ring Slot,
Cold Forging |
|
Established
(mm/dd/yyyy) |
10/01/1963 |
The Subject owns the premises of registered
HQ address, Chungju Factory
and Busan Branch.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Nuts(31161700) |
|
Sell |
Bolts(31161600) |
|
Sell |
Bearings(31171500) |
|
Name |
Song
Moo-Hyun |
|
Date of Birth |
07/08/1948 |
|
Title |
President
& CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
7,443,321,000 |
|||||||||||||||
|
Employees |
373 |
|||||||||||||||
|
Formation |
Listed
Company (KOSDAQ : 024880) as of 12/29/1994 |
|||||||||||||||
|
Bank Details |
Citibank, Korea-HQ Branch |
|||||||||||||||
|
Corporate Registered No. |
130111-0010841 |
|||||||||||||||
|
Business Registered No. |
134-81-02988 |
|||||||||||||||
|
Permit & Licenses |
04/1997 EM Mark 09/28/1998 KS Mark 09/28/1998 KS Mark 01/13/2004 ISO 14001 08/31/2004 JIS 02/01/2005 QS9000 02/01/2005 ISO 9001 Int’l
Trade No.: 800688 |
|||||||||||||||
|
Shareholder Position |
|
|||||||||||||||
|
Company History |
10/01/1963 Incorporated as Korea Bolt
Industry Co., Ltd. 12/1988 Awarded US$ 10 Million Export Top
Prize 01/02/2006 Changed company name to the
present name 12/2008 Awarded US$ 50 Million Export Top
Prize |
|||||||||||||||
|
|
|
|
Job
Description |
Title |
Name |
Nationality |
Date of
Birth |
Education |
|
President
& CEO |
Mr. |
Song
Moo-Hyun |
Korean |
1948.07.08 |
Korea
University, Korea |
|
Vice
President |
Mr. |
Park
Ji-Ho |
Korean |
1955.02. |
Inha
University, Korea |
|
Director |
Mr. |
Jung
Yeon-Jik |
Korean |
1957.09. |
Daea
High School, Korea |
|
Outside
Director |
Mr. |
Park
Kyu-Il |
Korean |
1951.05. |
Chungnam
National University, Korea |
|
Auditor |
Mr. |
Kim
Yong-Seo |
Korean |
1948.11.17 |
Yonsei
University, Korea |
|
Year / Unit
: KRW |
Sales |
Assets |
Net Income |
|
135,124,455,749 |
361,535,404,023 |
7,536,014,012 |
|
|
2012 |
277,566,720,229 |
314,365,131,397 |
10,945,157,360 |
|
2011 |
247,332,110,365 |
244,197,068,138 |
10,134,206,949 |
|
2010 |
185,368,821,027 |
189,220,984,967 |
15,086,682,499 |
|
2009 |
134,904,562,020 |
149,663,623,690 |
9,293,886,400 |
|
2008 |
156,901,956,086 |
109,622,255,098 |
12,812,132,186 |
|
2007 |
117,541,174,520 |
89,497,713,768 |
5,741,130,747 |
|
2006 |
99,175,698,892 |
91,438,238,069 |
6,833,779,891 |
|
2005 |
97,968,882,495 |
94,329,073,664 |
5,914,293,078 |
(*)Figures are based
on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
25,600,000,000 |
|
Paid-Up Capital(KRW) |
7,443,321,000 |
|
Total Issues Shares |
14,886,642 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
01/01/2013~06/30/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Total Assets |
361,535,404,023 |
314,365,131,397 |
244,197,068,138 |
|
Current Assets |
164,643,646,208 |
132,237,281,974 |
129,683,167,347 |
|
Cash & Cash Equivalents |
18,965,803,533 |
2,625,472,553 |
1,974,243,349 |
|
Trade Receivables & Other
Receivables |
77,017,377,330 |
71,997,498,907 |
73,636,275,956 |
|
Derivatives |
7,290,409 |
784,762,339 |
379,164,750 |
|
Current Financial Instruments |
18,740,000,000 |
12,110,000,000 |
12,109,487,653 |
|
Current Non-Financial Instruments |
349,495,487 |
1,587,568,869 |
375,200,231 |
|
Inventories |
49,563,679,449 |
43,131,979,306 |
41,208,795,408 |
|
Non-Current Assets |
196,891,757,815 |
182,127,849,423 |
114,513,900,791 |
|
Non-Current Financial Instruments |
246,469,524 |
224,479,104 |
1,623,253,077 |
|
Marketable Financial Instruments |
3,303,141,875 |
3,259,999,411 |
- |
|
Tangibles |
78,363,259,043 |
76,397,926,300 |
65,439,351,068 |
|
Investment_Real Estates |
16,391,550 |
16,588,157 |
16,992,713 |
|
Intangibles |
1,242,070,234 |
1,242,070,234 |
1,244,160,234 |
|
Finance
Lease Assets |
6,945,721,286 |
7,455,095,040 |
8,557,303,237 |
|
Investment_Related Companies |
41,899,277,117 |
36,289,277,117 |
21,482,661,687 |
|
Long-Term Trade Receivables |
63,415,014,956 |
55,805,104,956 |
15,277,920,121 |
|
Long-Term Guarantees |
1,460,412,230 |
1,437,309,104 |
872,258,654 |
|
Total
Liabilities |
199,791,525,303 |
158,043,523,369 |
117,179,968,971 |
|
Current
Liabilities |
110,520,975,522 |
99,537,960,322 |
77,554,951,847 |
|
Trade Payables & Other
Payables |
32,667,227,025 |
26,403,287,163 |
26,524,946,997 |
|
Short-Term Borrowings |
53,486,038,368 |
53,552,585,181 |
37,360,575,937 |
|
Current Portion of Long-Term Debts |
18,236,159,510 |
8,647,091,190 |
5,520,889,680 |
|
Deferred Income Tax Credit |
1,187,246,813 |
2,646,692,260 |
1,954,585,566 |
|
Derivatives |
946,551,916 |
|
316,498,023 |
|
Other Financial Debts |
3,295,161,769 |
7,942,028,934 |
5,272,657,233 |
|
Other Non-Financial Debts |
551,609,422 |
195,294,295 |
468,943,306 |
|
Provision |
150,980,699 |
150,981,299 |
135,855,105 |
|
Non-Current
Liabilities |
89,270,549,781 |
58,505,563,047 |
39,625,017,124 |
|
Long-Term Borrowings |
77,200,612,760 |
45,895,441,100 |
23,454,029,870 |
|
Other Non-Current Financial Debts |
4,707,489,492 |
5,846,534,942 |
8,682,596,184 |
|
Provision for Severance &
Retirement |
1,887,041,134 |
1,779,734,751 |
2,543,431,235 |
|
Deferred Income Tax Credit |
5,475,406,395 |
4,983,852,254 |
4,944,959,835 |
|
Capital
Stock |
7,443,321,000 |
7,443,321,000 |
5,687,316,000 |
|
Capital Surplus |
29,361,671,392 |
29,361,671,392 |
11,352,909,527 |
|
Other General Accumulated Amounts |
-230,907,454 |
-230,907,454 |
14,505,730 |
|
Others |
7,695,072,161 |
7,637,712,168 |
7,822,029,299 |
|
Profit Surplus |
117,474,721,621 |
112,109,810,922 |
102,140,338,611 |
|
Total Equity |
161,743,878,720 |
156,321,608,028 |
127,017,099,167 |
|
Liab. & Shareholder’s Equity |
361,535,404,023 |
314,365,131,397 |
244,197,068,138 |
Income
Statement
|
|||
|
Unit : Korean Won |
01/01/2013~06/30/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Sales |
135,124,455,749 |
277,566,720,229 |
247,332,110,365 |
|
Cost of Sold Goods |
115,339,732,020 |
236,949,751,988 |
212,748,149,403 |
|
Gross Profit |
19,784,723,729 |
40,616,968,241 |
34,583,960,962 |
|
Selling & Admin.
Expenses |
12,062,569,894 |
19,414,652,649 |
16,825,574,832 |
|
Operating Income |
7,722,153,835 |
21,202,315,592 |
17,758,386,130 |
|
Other Income |
2,739,651,433 |
1,102,747,190 |
2,195,323,068 |
|
Other Expenses |
321,663,601 |
8,377,231,860 |
1,395,695,698 |
|
Finance Income |
7,917,169,615 |
10,487,605,238 |
4,986,767,958 |
|
Finance Expenses |
8,719,328,199 |
9,487,413,731 |
8,918,989,889 |
|
Other Income |
|
|
-504,095,966 |
|
Income Before Taxes |
9,337,983,083 |
14,928,022,429 |
14,121,695,603 |
|
Income Taxes Expenses |
1,801,969,071 |
3,982,865,069 |
3,987,488,654 |
|
Net Income |
7,536,014,012 |
10,945,157,360 |
10,134,206,949 |
Cash
Flows
|
|||
|
Unit : Korean Won |
01/01/2013~06/30/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Operating Activities Cash Flows |
4,840,314,052 |
8,054,710,064 |
-14,922,086,860 |
|
Cash Flows from Operating |
9,353,522,951 |
11,759,744,716 |
-7,111,646,502 |
|
Dividends Received |
53,398,000 |
99,750,000 |
119,500,000 |
|
Interests Received |
989,766,935 |
4,102,621,076 |
2,108,251,595 |
|
Interests Paid |
-2,786,513,457 |
-4,525,276,707 |
-2,922,243,903 |
|
Income Taxes |
-2,769,860,377 |
-3,382,129,021 |
-7,115,948,050 |
|
Cash Flows from Investing |
-18,426,887,671 |
-70,137,990,869 |
-13,602,475,429 |
|
Cash Flows from Financing |
29,926,904,599 |
62,739,642,024 |
22,676,986,789 |
|
Increase/Decrease in Cash |
16,340,330,980 |
656,361,219 |
-5,847,575,500 |
|
Cash at the Beginning of Year |
2,625,472,553 |
1,974,243,349 |
7,832,676,319 |
|
Cash at the End of Year |
18,965,803,533 |
2,625,472,553 |
1,974,243,349 |
|
Main Products & Services |
Bolts, Nuts, Fastener, Washer, Screw, Hot Forging, Bearing Inner Race,
Gear Blank, Pinion Gear, Piston Ring, Gear Clutch, Sleeve Synchro, Pulley,
Ring Slot, Cold Forging Brand
Name KPF |
|
Competitors |
SEUNG BO MECHA TECH CO., LTD. 269-1, GWANHO-RI, YAKMOK-MYEON,
CHILGOK-GUN, GYEONGSANGBUK-DO, KOREA TEL:+82-54-975-6526~7 FAX:+82-54-975-6530 JE-IL PRODUCTION CO., LTD. 889-1, DALSAN-RI, JEONGGWAN-MYEON,
GIJANG-GUN, BUSAN, KOREA TEL:+82-51-727-5525 FAX:+82-51-727-5528 JINHAP CO., LTD. RM. B-5,
INDUSTRIAL COMPLEX Ⅱ, 40-57, DAEHWA-DONG, DAEDEOK-GU, DAEJEON,
KOREA TEL:+82-70-7430-1800 FAX:+82-70-7442-7785 |
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
KPF INTERNATIONAL CO., LTD.(110111-3784215) (50.0% held by the subject company) KNP ENERGY CO., LTD.(131411-0217424) (51.0% held by the subject company) TMC
CO., LTD.(161511-0009378) 116 GASAN-RI, IPJANG-MYEON, CHEONAN-SI, CHUNGCHEONGNAM-DO, KOREA NAMKANG
CONSTRUCTION CO., LTD. 158-4 SOKCHANG-RI, SUSIN-MYEON, CHEONAN-SI, CHUNGCHEONGNAM-DO, KOREA NAMKANG
HEAVY INDUSTRY CO., LTD. 158-4 SOKCHANG-RI, SUSIN-MYEON, CHEONAN-SI,
CHUNGCHEONGNAM-DO, KOREA |
|
Overseas Office |
PT.
KPF INDONESIA (51.0% held by the subject company) THE ENERGY BUILDING 19FL LOT 11A, JL. JEND SUDIRMAN KAV.52-53, JAKARTA
SELATAN 12190 KPF USA (100.0% held by the subject company) 1701 E. LAKE AVE. #442 GLENVIEW, IL 60025 KPF
VINA (99.0% held by the subject company) KPF
ESPANOLA (100.0% held by the subject company) KPF (JINAN) BEARINGS (100.0% held by the subject company) |
(Activity & Markets)
|
Sales/ Unit
:Mil KRW |
03/2011 |
2010 |
2009 |
|
Export |
20,217 |
69,122 |
|
|
Domestic |
38,906 |
116,044 |
|
|
Total |
59,123 |
185,166 |
|
The Subject exports
to Australia, Japan and USA.
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.93 |
|
UK Pound |
1 |
Rs.100.44 |
|
Euro |
1 |
Rs.84.24 |
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.