|
Report Date : |
19.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
KOS LIMITED |
|
|
|
|
Registered Office : |
131-1, Yusan-dong, Yangsan-si, Gyeongsangnam-do |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
22.08.1969 |
|
|
|
|
Com. Reg. No.: |
606-81-02902 |
|
|
|
|
Legal Form : |
Co., Ltd by
shares |
|
|
|
|
Line of Business : |
Manufacture of Stainless Wire, Titan Wire, Heating Wire. |
|
|
|
|
No. of Employees : |
302 |
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 |
KOS LIMITED |
|
Registered
Address |
131-1, Yusan-dong, Yangsan-si, Gyeongsangnam-do, Korea (New Address System : 43, Eosil-ro, Yangsan-si,
Gyeongsangnam-do, Korea) |
|
Building |
|
|
Zip Code |
626-230 |
|
Tel |
+82-55-389-1050~6 |
|
Fax |
+82-55-389-1057 |
|
E-mail |
master@koswire.com;djyoo@koswire.com |
|
Website |
www.koswire.com |
|
Trading Address |
40-134, Hangangno 3-ga, Yongsan-gu, Seoul, Korea (P.O.BOX 863) |
|
Tel |
+82-2-3406-0114 |
|
Fax |
+82-2-2273-6358 |
|
Other Address-Samrak Factory |
121-6, Samnak-dong, Sasang-gu, Busan, Korea |
|
Tel |
+82-51-301-1617 |
|
Fax |
+82-51-301-1619 |
|
Other Address-Gamjeon Factory |
162-8, Gamjeon-dong,
Sasang-gu, Busan, Korea |
|
Tel |
+82-51-312-1617 |
|
Fax |
+82-51-312-1619 |
|
Other Address-Okmyeong Factory |
567, Okmyeong-ri, Daesong-myeon, Nam-gu, Pohang-si,
Gyeongbuk, Korea |
|
Tel |
+82-54-278-6083 |
|
Fax |
+82-54-278-6086 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Steel Wire |
|
Main Business |
Stainless Wire, Titan Wire, Heating Wire |
|
Established
(mm/dd/yyyy) |
08/22/1969 |
The Subject owns
the premises of registered HQ address.
|
Activity |
Detailed
Products (UNSPSC) |
|
Sell |
Wire rope(31151505) |
|
Sell |
Yarns(11151700) |
|
Sell |
Heating wire(26121501) |
|
Sell |
Mechanical wire(31151800) |
|
Name |
Hong Sung-Pyo |
|
Address |
Suite 85-702,
458, Apgujeong-dong, Gangnam-gu, Seoul, Korea |
|
Date of Birth |
12/21/1968 |
|
Title |
Co-President
& CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
1,701,395,000 |
|||||||||
|
Employees |
302 |
|||||||||
|
Formation |
Co., Ltd by
shares |
|||||||||
|
Bank Details |
Woori
Bank-Myung Dong Branch Shinhan Bank Citi Bank,
Korea |
|||||||||
|
Corporate
Registered No. |
180111-0025428 |
|||||||||
|
Business
Registered No. |
606-81-02902 |
|||||||||
|
Permit &
Licenses |
01/1996 ISO
9002 08/1996 ISO
9002 08/1997 JIS Int’l Trade
No.: 790877 |
|||||||||
|
Shareholder
Position |
|
|||||||||
|
Company
History |
08/22/1969 Incorporated as KOREA SANGSA CO., LTD., as a subsidiary of KISWIRE 09/01/2008 Acquired KOS FINE CO., LTD.(154211-0000652) 11/30/2008
Increased capital to 1,701,395,000 KRW from 4,950,000,000 KRW 11/30/2008
Decreased the authorized shares to 1,300,000 shares from 1,760,000 shares 12/01/2008 Established
KOS DEVELOPMENT CO., LTD., after spin off the subject company 07/01/2012
Changed Korean Company Name to the present name 07/02/2012 Acquired KOS TECH CO., LTD. |
|||||||||
|
|
|
Management
|
Job
Description |
Title |
Name |
Sex |
Nationality |
Inauguration
Date |
|
Co-President & CEO |
Mr. |
Hong Sung-Pyo |
Male |
Korean |
01/02/2006 |
|
Co-President & CEO |
Mr. |
Shin Dong-Sung |
Male |
Korean |
03/31/2010 |
|
Director |
Mr. |
Hong Wan-Pyo |
Male |
Korean |
03/28/2000 |
|
Director |
Mr. |
Hong Ho-Jeong |
Male |
Korean |
03/31/2001 |
|
Director |
Mr. |
Lee Sun-Jong |
Male |
Korean |
03/28/2003 |
|
Director |
Mr. |
Jung Yong-Kwon |
Male |
Korean |
03/29/2004 |
|
Director |
Mr. |
Lee Yoo-Woon |
Male |
Korean |
03/31/2013 |
|
Director |
Mr. |
Kwak Jae-Hyun |
Male |
Korean |
03/31/2013 |
|
Auditor |
Mr. |
Park Dae-Won |
Male |
Korean |
03/30/1999 |
Financials
|
Year / Unit :
KRW |
Sales |
Assets |
Net Income |
|
171,873,085,234 |
190,050,995,040 |
3,239,779,911 |
|
|
2011 |
143,520,159,166 |
169,176,144,403 |
3,639,817,952 |
|
2010 |
125,167,754,496 |
158,716,905,190 |
6,731,049,482 |
|
2009 |
96,110,544,155 |
141,895,881,849 |
1,281,405,398 |
|
2008 |
143,680,544,557 |
109,758,782,732 |
7,578,661,705 |
|
2007 |
138,689,576,729 |
128,641,897,315 |
7,828,184,033 |
|
2006 |
110,801,957,886 |
131,416,842,573 |
2,194,927,997 |
|
2005 |
96,403,931,015 |
133,311,424,258 |
1,520,845,001 |
|
2004 |
96,687,154,560 |
131,052,119,170 |
3,854,632,870 |
|
2003 |
98,503,929,743 |
129,983,655,886 |
2,096,507,509 |
|
Authorized
Capital(KRW) |
6,500,000,000 |
|
Paid-Up
Capital(KRW) |
1,701,395,000 |
|
Total Issues
Shares |
340,279 |
|
Unit : Korean
Won |
As of
12/31/2012 |
As of 12/31/2011 |
As of
12/31/2010 |
|
Total Assets |
190,050,995,040 |
169,176,144,403 |
158,716,905,190 |
|
Current Assets |
79,456,616,995 |
48,739,337,748 |
48,648,933,627 |
|
-Quick Assets |
39,565,957,598 |
19,427,084,329 |
17,750,417,143 |
|
-Inventories |
39,890,659,397 |
29,312,253,419 |
30,898,516,484 |
|
Fixed Assets |
110,594,378,045 |
120,436,806,655 |
110,067,971,563 |
|
-Investment |
13,378,192,823 |
43,107,759,622 |
38,244,792,963 |
|
-Tangibles |
85,612,932,032 |
67,690,383,842 |
61,960,896,244 |
|
-Intangibles |
4,596,116,926 |
4,889,486,091 |
5,182,855,256 |
|
-Others |
7,007,136,264 |
4,749,177,100 |
4,679,427,100 |
|
Total
Liabilities |
100,896,321,452 |
83,210,152,787 |
77,551,913,978 |
|
Current
Liabilities |
93,338,874,910 |
76,848,840,117 |
72,186,879,085 |
|
Fixed
Liabilities |
7,557,446,542 |
6,361,312,670 |
5,365,034,893 |
|
Capital Stock |
1,701,395,000 |
1,701,395,000 |
1,701,395,000 |
|
Capital
Surplus |
47,644,912,805 |
43,203,151,979 |
43,203,151,979 |
|
Profit Surplus |
39,645,966,446 |
36,406,186,535 |
31,623,737,458 |
|
Capital
Adjustment |
162,399,337 |
4,655,258,102 |
4,636,706,775 |
|
Total Equity |
89,154,673,588 |
85,965,991,616 |
81,164,991,212 |
|
Liab. &
Shareholder’s Equity |
190,050,995,040 |
169,176,144,403 |
158,716,905,190 |
|
Current
Liabilities |
93,338,874,910 |
76,848,840,117 |
72,186,879,085 |
|
Trade Payables |
10,059,593,046 |
4,723,386,339 |
8,916,125,358 |
|
Short-Term Borrowings |
52,311,232,400 |
42,544,300,000 |
42,792,200,000 |
|
Short-Term Borrowings-Foreign Currency |
24,704,804,381 |
26,285,600,300 |
17,244,140,596 |
|
Account Payables |
1,390,627,969 |
604,047,580 |
713,046,367 |
|
Accrued Expenses |
1,929,977,419 |
935,037,895 |
758,585,884 |
|
Advance Receipts |
55,578,140 |
95,094,180 |
22,624,928 |
|
Withholdings |
386,224,987 |
304,437,592 |
269,554,189 |
|
Guarantee Deposit Withhold |
210,880,000 |
223,000,000 |
243,000,000 |
|
Accrued Income Tax |
109,137,340 |
20,401,615 |
878,851,763 |
|
Current Portion of Long-Term Debts |
2,180,819,228 |
1,113,534,616 |
348,750,000 |
|
Fixed Liabilities |
7,557,446,542 |
6,361,312,670 |
5,365,034,893 |
|
Long-Term Borrowings |
5,664,138,456 |
2,844,957,684 |
2,202,342,633 |
|
Provision for Severance & Retirement |
10,252,365,928 |
6,641,890,073 |
5,872,741,236 |
|
Deferred Income Tax Credit |
- |
2,249,334,871 |
2,118,256,711 |
|
Long-Term Account Payables |
194,922,865 |
319,627,935 |
246,789,000 |
|
Unit : Korean
Won |
As of
12/31/2012 |
As of 12/31/2011 |
As of
12/31/2010 |
|
Sales |
171,873,085,234 |
143,520,159,166 |
125,167,754,496 |
|
Cost of Sold
Goods |
155,014,720,242 |
127,381,347,899 |
106,907,181,582 |
|
Gross Profit |
16,858,364,992 |
16,138,811,267 |
18,260,572,914 |
|
Selling & Admin.
Expenses |
15,070,702,377 |
13,786,020,349 |
13,669,724,839 |
|
Operating
Income |
1,787,662,615 |
2,352,790,918 |
4,590,848,075 |
|
Non-Operating
Income |
5,945,739,947 |
7,904,362,583 |
7,472,068,793 |
|
Non-Operating
Expenses |
6,675,890,905 |
6,234,184,011 |
4,511,917,591 |
|
Income Before
Taxes |
1,057,511,657 |
4,022,969,490 |
7,550,999,277 |
|
Income Taxes
Expenses |
-2,182,268,254 |
383,151,538 |
819,949,795 |
|
Net Income |
3,239,779,911 |
3,639,817,952 |
6,731,049,482 |
|
Unit : Korean
Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Cash Flows
from Operating |
12,016,299,369 |
-587,752,747 |
3,473,562,888 |
|
-Net Income |
3,239,779,911 |
3,639,817,952 |
6,731,049,482 |
|
-Exp. without
Cash Outflow |
9,127,797,662 |
7,065,292,369 |
5,590,110,903 |
|
-Revenue
without Cash Inflows |
-1,897,756,008 |
-3,800,912,670 |
-2,733,618,681 |
|
-Changes in
Asset/ & Liability |
1,546,477,804 |
-7,491,950,398 |
-6,113,978,816 |
|
Cash Flows
from Investing |
-11,098,797,644 |
-10,249,788,785 |
-11,552,082,478 |
|
-Cash Inflow
from Investing |
10,957,671,686 |
1,291,805,550 |
3,212,762,465 |
|
-Cash Outflows
for Investing |
-22,056,469,330 |
-11,541,594,335 |
-14,764,844,943 |
|
Cash Flows
from Financing |
63,259,803 |
9,559,000,692 |
9,010,957,434 |
|
-Cash Inflows
from Financing |
136,256,729,775 |
117,539,638,398 |
114,779,673,582 |
|
-Cash Outflows
from Financing |
-136,193,469,972 |
-107,980,637,706 |
-105,768,716,148 |
|
Increase/Decrease
in Cash |
980,761,528 |
-1,278,540,840 |
932,437,844 |
|
Cash at the
Beginning of Year |
2,578,875,890 |
3,857,416,730 |
2,924,978,886 |
|
Cash at the
End of Year |
3,559,637,418 |
2,578,875,890 |
3,857,416,730 |
|
Main Products
& Services |
Stainless
Steel Wire Stainless Wire
Rope Stainless
Metal Fiber Stainless Flat
Wire Nickel Coated
High Carton Wire Nickel Alloy
Wire Titan Wire |
|
Detailed
Products Spec. |
|
|
Technologies
Acquired |
|
|
Suppliers |
POSCO SPECIALTY STEEL CO., LTD.(194211-0025248) |
|
Customers |
|
|
Competitors |
DSR CORP. 1551-1,
SONGJEONG-DONG, GANGSEO-GU, BUSAN, KOREA TEL:+82-51-979-0500 FAX:+82-51-979-0600 KOWEL SPECIAL STEEL WIRE CO., LTD. 327-1,
SANMAK-DONG, YANGSAN-SI, GYEONGSANGNAM-DO, KOREA TEL:+82-55-383-1801~3
FAX:+82-55-383-1804 COSMO WIRE
LTD. 4-10,
GOYEON-RI, UNGCHON-MYEON, ULJU-GUN, ULSAN, KOREA TEL:+82-52-261-0478 FAX:+82-52-261-0480 |
|
Affiliates |
KOSWIRE CO., LTD.(180111-0285957) KORYO MG CO., LTD.(110111-2713744) KOS DEVELOPMENT CO., LTD.(110111-4009000) KORYO MG CO., LTD.(110111-2713744) JISAN MOTORS CO., LTD.(110111-3667297) SUBARU KOREA CO.,LTD.(110111-4121896) KOS DIES CO., LTD.(171711-0079119) (100.0% held
by the subject company) EDM PUNGJUN CO., LTD.(1647110-005907) (100.0% held
by the subject company) YEOUIJU CO., LTD.(1101110-114118) (49.0% held by
the subject company) YIYA KOREA CO., LTD.(1101113-824392) (20.0% held by
the subject company) KOSWIRE(S)
PTE. LTD. (100.0% held
by the subject company) KOS EUROPE
GMBH (100.0% held
by the subject company) KOS HK CO.,
LTD. (100.0% held
by the subject company) BEROUN FOREST S.R.O. (99.0% held by
the subject company) KOS AMERICA INC. KOSWIRE EUROPE S.R.O. |
|
Overseas
Office |
|
|
Liaison Office |
KOS LIMITED
SHENZHEN REPRESENTATIVE OFFICE |
|
Overseas
Branch |
KOS AMERICA
INC. KOS SHANGHAI |
|
Joint Venture |
|
|
Subsidiary |
KOS TECH CO.,
LTD.(174611-0007797) (100.00% held by the subject company) KOS JAPAN INC. (100.0% held
by the subject company) |
|
Corporate
Ownership |
|
|
Major
Shareholders |
|
|
Cooperative
Enterprise |
-Insured
Company SAMSUNG FIRE & MARINE INSURANCE CO., LTD.(110111-0005078) |
|
Sales/ Unit
:Mil KRW |
2012 |
2011 |
2010 |
|
Export |
|
|
|
|
Domestic |
|
|
|
|
Total |
|
|
|
The Subject exports to Germany, Japan and USA.
Court Action
|
Case No. |
Court |
Plaintiff(s)/ Creditor(s)/ Applicant(s) |
Defendant(s)/ Debtor(s)/ Respondent(s) |
Cause |
Amount
(Million KRW) |
Status |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
No.
News Clipping
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.14 |
|
UK Pound |
1 |
Rs.100.48 |
|
Euro |
1 |
Rs.84.37 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.