|
Report Date : |
06.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
KOREA PRINTING INK CO., LTD. |
|
|
|
|
Registered Office : |
271, Gangchon-ro, Danwon-gu, Ansan-si, Gyeonggi-do, Korea |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
08.11.1982 |
|
|
|
|
Com. Reg. No.: |
134-81-00414 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Manufacture of Printing Ink |
|
|
|
|
No. of Employees |
68 |
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 : |
Slow but 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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 and 2013 the economy experienced sluggish growth because of market slowdowns in the United States, China, and the Eurozone. The administration in 2014 is likely to face the challenge 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 about half of GDP
|
Source
: CIA |
Basic
|
Company Name |
KOREA PRINTING INK CO., LTD. (Korean Company Name : “한국신문잉크(주)”) |
|
Registered
Address |
271, Gangchon-ro, Danwon-gu, Ansan-si, Gyeonggi-do, Korea (Old Address System : 477-3, Mongnae-dong, Danwon-gu,
Ansan-si, Gyeonggi-do, Korea) |
|
Building |
|
|
Zip Code |
425-100 |
|
Tel |
+82-31-494-7781 |
|
Fax |
+82-31-491-0486 |
|
E-mail |
gyl6365@naver.com |
|
Website |
www.korink.com |
|
Trading Address |
11FL., Sambo Bldg., 275-6, Yangjae-dong, Seocho-gu, Seoul, Korea |
|
Tel |
+82-2-3272-4116 |
|
Fax |
+82-2-3272-6814 |
|
Other Address |
|
|
Tel |
|
|
Fax |
|
|
Type |
Export |
|
Industry |
Manufacture of Printing Ink |
|
Main Business |
Web Offset Ink, Heat-Set Ink, Sheet-Fed Ink |
|
Sub Business |
|
|
Established
(mm/dd/yyyy) |
11/08/1982 |
Detailed Products
|
Activity |
Detailed
Products (UNSPSC) |
|
Sell |
Printing and drawing inks(60121800) |
|
Sell |
Printing barens and brayers(60121713) |
CEO’s
|
Name |
Park Su-Man |
|
Address |
Suite 27-1702,
844, Sindang-dong, Jung-gu, Seoul, Korea |
|
Date of Birth |
11/27/1948 |
|
Title |
President
& CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
1,411,400,000 |
|||||||||||||||||||||||||||
|
Employees |
68 |
|||||||||||||||||||||||||||
|
Formation |
Co., Ltd by Shares |
|||||||||||||||||||||||||||
|
Bank Details |
Kookmin Bank Industrial
Bank of Korea-Shinchon Branch |
|||||||||||||||||||||||||||
|
Corporate
Registered No. |
130111-0010700 |
|||||||||||||||||||||||||||
|
Business Registered
No. |
134-81-00414 |
|||||||||||||||||||||||||||
|
Permit &
Licenses |
11/07/2008 ISO 9001 11/07/2008 ISO 14001 Int’l Trade No.: 483809 |
|||||||||||||||||||||||||||
|
Shareholder
Position |
|
|||||||||||||||||||||||||||
|
Company
History |
11/08/1982
Incorporated as the present name 01/15/2009
Designated as an INNO-BIZ Company 10/16/2009
Designated as a MAIN-BIZ Company |
|||||||||||||||||||||||||||
|
|
|
Management
|
Job
Description |
Title |
Name |
Sex |
Nationality |
Inauguration
Date |
|
President & CEO |
Mr. |
Park Soo-Man |
Male |
Korean |
03/22/2008 |
|
Outside Director |
Mr. |
Lee Hee-Joon |
Male |
Korean |
03/22/2005 |
|
Outside Director |
Mr. |
Cha Hyung-Ho |
Male |
Korean |
03/21/2007 |
|
Outside Director |
Mr. |
Kim Kyung-Soon |
Male |
Korean |
03/19/2013 |
|
Outside Director |
Mr. |
Park Jang-Hee |
Male |
Korean |
03/19/2013 |
|
Outside Director |
Mr. |
Jang Soon-Taik |
Male |
Korean |
03/19/2013 |
|
Auditor |
Mr. |
Kwon Moon-Han |
Male |
Korean |
03/21/2008 |
|
Auditor |
Mr. |
Kwon Hae-Keun |
Male |
Korean |
04/01/2011 |
Financials
|
Year / Unit :
KRW |
Sales |
Assets |
Net Income |
|
35,013,564,208 |
26,397,469,902 |
155,723,305 |
|
|
2012 |
36,179,924,452 |
28,658,424,151 |
580,871,114 |
|
2011 |
36,860,825,278 |
28,332,096,209 |
1,844,108,523 |
|
2010 |
31,940,219,228 |
24,258,316,216 |
112,705,988 |
|
2009 |
27,256,362,203 |
23,620,353,543 |
-677,267,542 |
|
Authorized
Capital(KRW) |
3,200,000,000 |
|
Paid-Up Capital(KRW) |
1,411,400,000 |
|
Total Issued
Shares |
14,114 |
|
Balance Sheet |
|||
|
Unit : Korean
Won |
As of
12/31/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Total Assets |
26,397,469,902 |
28,658,424,151 |
28,332,096,209 |
|
Current Assets |
16,282,149,443 |
17,974,556,108 |
22,265,112,281 |
|
-Quick Assets |
12,453,622,482 |
14,384,086,546 |
18,622,197,048 |
|
-Inventories |
3,828,526,961 |
3,590,469,562 |
3,642,915,233 |
|
Fixed Assets |
10,115,320,459 |
10,683,868,043 |
6,066,983,928 |
|
-Investment |
9,365,000 |
9,365,000 |
10,465,000 |
|
-Tangibles |
9,893,551,532 |
10,472,810,585 |
5,815,497,690 |
|
-Intangibles |
62,106,877 |
104,646,058 |
139,674,838 |
|
-Others |
150,297,050 |
97,046,400 |
101,346,400 |
|
Total
Liabilities |
12,579,530,152 |
14,996,207,706 |
15,049,330,558 |
|
Current
Liabilities |
8,215,963,293 |
10,613,482,206 |
12,126,908,363 |
|
Fixed
Liabilities |
4,363,566,859 |
4,382,725,500 |
2,922,422,195 |
|
Capital Stock |
1,411,400,000 |
1,411,400,000 |
1,411,400,000 |
|
Capital
Surplus |
|
|
|
|
Profit Surplus |
12,406,539,750 |
12,250,816,445 |
11,871,365,651 |
|
Capital
Adjustment |
|
|
|
|
Total Equity |
13,817,939,750 |
13,662,216,445 |
13,282,765,651 |
|
Liab. &
Shareholder’s Equity |
26,397,469,902 |
28,658,424,151 |
28,332,096,209 |
|
Current
Liabilities |
8,215,963,293 |
10,613,482,206 |
12,126,908,363 |
|
Trade Payables |
7,286,501,688 |
8,383,325,617 |
11,101,131,792 |
|
Account Payables |
342,830,155 |
1,094,008,243 |
341,345,042 |
|
Advance Receipts |
32,893,215 |
34,198,253 |
594,386 |
|
Withholdings |
66,218,710 |
65,023,560 |
37,737,830 |
|
Accrued Expenses |
187,519,525 |
221,470,521 |
2,414,466 |
|
Accrued Income Tax |
- |
178,456,012 |
7,530,795 |
|
Derivatives |
|
|
262,154,052 |
|
Current Portion of Long-Term Debts |
300,000,000 |
637,000,000 |
374,000,000 |
|
Fixed
Liabilities |
4,363,566,859 |
4,382,725,500 |
2,922,422,195 |
|
Long-Term Borrowings |
- |
300,000,000 |
937,000,000 |
|
Leasehold
Deposit Received |
73,000,000 |
73,000,000 |
- |
|
Long-Term
Account Payables |
1,661,237,800 |
1,901,044,650 |
- |
|
Provision for Severance & Retirement |
3,073,951,769 |
2,539,870,966 |
3,020,667,777 |
|
Income Statement |
|||
|
Unit : Korean
Won |
As of
12/31/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Sales |
35,013,564,208 |
36,179,924,452 |
36,860,825,278 |
|
Cost of Sold
Goods |
30,586,279,652 |
32,097,241,884 |
35,609,529,651 |
|
Gross Profit |
4,427,284,556 |
4,082,682,568 |
1,251,295,627 |
|
Selling &
Admin. Expenses |
3,916,080,071 |
3,380,256,598 |
3,240,364,475 |
|
Operating
Income |
511,204,485 |
702,425,970 |
-1,989,068,848 |
|
Non-Operating
Income |
220,251,495 |
300,081,135 |
4,536,372,005 |
|
Non-Operating
Expenses |
562,593,083 |
239,362,044 |
656,365,069 |
|
Income Before
Taxes |
168,862,897 |
763,145,061 |
1,890,938,088 |
|
Income Taxes
Expenses |
13,139,592 |
182,273,947 |
46,829,565 |
|
Net Income |
155,723,305 |
580,871,114 |
1,844,108,523 |
|
Cash Flows |
|||
|
Unit : Korean
Won |
As of
12/31/2013 |
As of 12/31/2012 |
As of
12/31/2011 |
|
Cash Flows
from Operating |
1,349,752,090 |
3,439,063,017 |
151,676,539 |
|
-Net Income |
155,723,305 |
580,871,114 |
1,844,108,523 |
|
-Exp. without
Cash Outflow |
2,495,788,812 |
1,852,917,278 |
2,190,583,473 |
|
-Revenue without
Cash Inflows |
-6,242,692 |
-56,381,426 |
-4,097,797,946 |
|
-Changes in
Asset/ & Liability |
-1,295,517,335 |
1,061,656,051 |
214,782,489 |
|
Cash Flows
from Investing |
239,251,004 |
-6,196,465,132 |
3,070,643,513 |
|
-Cash Inflow
from Investing |
1,150,531,818 |
1,755,209,091 |
10,764,704,267 |
|
-Cash Outflows
for Investing |
-911,280,814 |
-7,951,674,223 |
-7,694,060,754 |
|
Cash Flows
from Financing |
-637,000,000 |
-301,000,000 |
-662,404,744 |
|
-Cash Inflows
from Financing |
- |
73,000,000 |
1,900,000,000 |
|
-Cash Outflows
from Financing |
-637,000,000 |
-374,000,000 |
-2,562,404,744 |
|
Increase/Decrease
in Cash |
952,003,094 |
-3,058,402,115 |
2,559,915,308 |
|
Cash at the
Beginning of Year |
858,967,208 |
3,917,369,323 |
1,357,454,015 |
|
Cash at the
End of Year |
1,810,970,302 |
858,967,208 |
3,917,369,323 |
Products,
Technologies, Services Description
|
Main Products
& Services |
Web Offset Ink, Heat-Set Ink, Sheet-Fed Ink Brand Name :
KORINK |
|
Detailed
Products Spec. |
|
|
Technologies
Acquired |
|
Trade Partners &
Competitors
|
Suppliers |
GS-CALTEX CORPORATION(110111-0078819) |
|
Customers |
DONG-A
ILBO(110111-0013310) THE SEOUL
SHINMUN(110111-0013493) CHOSUN IIBO
CO., LTD.(110111-0015457) JOONGANG
ILBO(110111-0051493) HANKOOK ILBO(110111-0223810) THE KYUNGHYANG
DAILY NEWS(110111-0706501) |
|
Competitors |
DAIHAN INK
CO., LTD. 615, BAKDAL
2-DONG, MANAN-GU, ANYANG-SI, GYEONGGI-DO, KOREA TEL:+82-31-467-6321~3 FAX:+82-31-443-4192 DONG YANG INK
CO., LTD. 338-6,
GAGOK-RI, JINWI-MYEON, PYEONGTAEK-SI, GYEONGGI-DO, KOREA TEL:+82-31-660-9210 FAX:+82-31-667-4877 NAMYANG INK
CO., LTD. 153-4,
CHUNUI-DONG, WONMI-GU, BUCHEON-SI, GYEONGGI-DO, KOREA TEL:+82-32-664-3970 FAX:+82-32-664-1473 |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
|
|
Overseas
Office |
|
|
Liaison Office |
|
|
Overseas
Branch |
|
|
Joint Venture |
|
|
Subsidiary |
|
|
Corporate
Ownership |
|
|
Major
Shareholders |
|
|
Cooperative
Enterprise |
-Insured
Company SAMSUNG FIRE & MARINE INSURANCE CO.,
LTD.(110111-0005078) |
Sales by Region
(Activity & Markets)
The Subject
exports to Russia, Japan, China, Philippines and Hong Kong.
Court Action
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.32 |
|
|
1 |
Rs.100.04 |
|
Euro |
1 |
Rs.82.65 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.