|
Report Date : |
08.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
KWANG SUNG CO., LTD. |
|
|
|
|
Registered Office : |
50, Seongseo-Ro 35-Gil, Dalseo-Gu, Daegu, Korea, Zip code 704-832 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
30.08.1983 |
|
|
|
|
Com. Reg. No.: |
514-81-11984 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Manufacturer of Synthetic Resin and Other Plastic Materials |
|
|
|
|
No. of Employees |
57 |
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 – 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 |
|
Company
Name |
KWANG SUNG CO.,
LTD. (Korean Company Name : “(주)광성”) |
|
Registered Address |
50, Seongseo-ro 35-gil, Dalseo-gu,
Daegu, Korea |
|
Zip Code |
704-832 |
|
Tel |
+82-53-582-1175~7 |
|
Fax |
+82-53-582-1178 |
|
E-mail |
|
|
Trading
Address |
50, Seongseo-ro
35-gil, Dalseo-gu, Daegu,
Korea (Old Address System : 1-55, Woram-dong, Dalseo-gu, Daegu, Korea) |
|
Tel |
+82-53-582-1175~7 |
|
Fax |
+82-53-582-1178 |
|
Type |
Export |
|
Industry |
Manufacturer
of Synthetic Resin and Other Plastic Materials |
|
Main Business |
PE
Tarpaulin |
|
Established (mm/dd/yyyy) |
08/30/1983 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Synthetic fabrics(11161800) |
|
Sell |
Tarpaulins(24141506) |
|
Name |
Ahn Yong-Ki |
|
Address |
Suite 102-2302, 380, Beomeo-dong, Suseong-gu, Daegu, Korea |
|
Date of Birth |
09/05/1958 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
1,100,000,000 |
|||||||||||||||||||||
|
Employees |
57 |
|||||||||||||||||||||
|
Formation |
Co.,
Ltd by Shares |
|||||||||||||||||||||
|
Bank Details |
Korea Exchange Bank |
|||||||||||||||||||||
|
Corporate Registered No. |
170111-0018748 |
|||||||||||||||||||||
|
Business Registered No. |
514-81-11984 |
|||||||||||||||||||||
|
Permit & Licenses |
Int’l
Trade No.: 407933 |
|||||||||||||||||||||
|
Shareholder Position |
|
|||||||||||||||||||||
|
Company History |
08/30/1983 Incorporated as the present name 01/21/2008 Increased the authorized shares
to 400,000 shares from 80,000 shares 01/23/2008 Increased capital to
1,100,000,000 KRW from 400,000,000 KRW |
|||||||||||||||||||||
|
|
|
In our research, we could not find the below
company;
OKS POLY CO., LTD.
50, SEONG SEO-RO
35GIL, DALSEO-KU DAEGU, 704-832 KOREA
TEL:+82-53-582-1175~7 FAX:+82-53-582-1178
However the contact
points are all same with the subject company. So we submit the report on the
subject company.
|
Job
Description |
Title |
Name |
Sex |
Nationality |
Inauguration
Date |
|
President
& CEO |
Mr. |
Ahn Yong-Ki |
Male |
Korean |
08/30/2009 |
|
Director |
Mr. |
Ahn Man-Oh |
Male |
Korean |
08/30/2000 |
|
Director |
Mr. |
Ahn Yong-Ho |
Male |
Korean |
08/30/2012 |
|
Auditor |
Mr. |
Ahn Yong-Soo |
Male |
Korean |
03/23/2000 |
|
Year / Unit
: KRW |
Sales |
Assets |
Net Income |
|
2012 |
54,315,635,256 |
35,903,373,568 |
651,199,945 |
|
2011 |
48,650,163,897 |
35,855,908,439 |
556,134,765 |
|
2010 |
62,188,966,640 |
33,243,461,641 |
1,529,868,315 |
|
2009 |
46,356,360,924 |
30,879,578,196 |
308,441,339 |
|
2008 |
65,104,198,759 |
30,837,152,992 |
627,612,815 |
|
2007 |
46,954,459,346 |
24,342,883,560 |
18,371,159 |
|
2006 |
44,894,692,929 |
22,146,525,967 |
1,121,189,137 |
|
Authorized Capital(KRW) |
2,000,000,000 |
|
Paid-Up Capital(KRW) |
1,100,000,000 |
|
Total Issues Shares |
220,000 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Total Assets |
35,903,373,568 |
35,855,908,439 |
33,243,461,641 |
|
Current Assets |
16,523,260,704 |
16,215,790,265 |
13,805,230,801 |
|
-Quick
Assets |
6,749,049,806 |
4,945,394,429 |
4,556,254,432 |
|
-Inventories |
9,774,210,898 |
11,270,395,836 |
9,248,976,369 |
|
Fixed
Assets |
19,380,112,864 |
19,640,118,174 |
19,438,230,840 |
|
-Investment |
12,189,071,444 |
12,904,565,083 |
12,239,757,399 |
|
-Tangibles |
7,069,120,036 |
6,557,831,707 |
7,076,552,057 |
|
-Intangibles |
121,921,384 |
177,721,384 |
121,921,384 |
|
Total Liabilities |
21,658,310,247 |
21,509,755,905 |
20,164,150,928 |
|
Current Liabilities |
21,215,199,690 |
20,553,446,263 |
18,727,757,313 |
|
Fixed Liabilities |
443,110,557 |
956,309,642 |
1,436,393,615 |
|
Capital Stock |
1,100,000,000 |
1,100,000,000 |
1,100,000,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
7,547,535,874 |
6,896,335,929 |
6,340,201,164 |
|
Capital Adjustment |
5,597,527,447 |
6,349,816,605 |
5,639,109,549 |
|
Total Equity |
14,245,063,321 |
14,346,152,534 |
13,079,310,713 |
|
Liab. & Shareholder’s Equity |
35,903,373,568 |
35,855,908,439 |
33,243,461,641 |
|
Current Liabilities |
21,215,199,690 |
20,553,446,263 |
18,727,757,313 |
|
Trade Payables |
5,168,694,504 |
4,949,086,619 |
4,519,866,628 |
|
Account Payables |
194,083,359 |
52,640,900 |
229,890,300 |
|
Withholdings |
18,746,770 |
14,796,470 |
13,163,025 |
|
Advance Receipts |
62,624,639 |
765,272,129 |
81,059,106 |
|
Accrued Expenses |
440,569,628 |
395,760,804 |
2,011,717,544 |
|
Accrued Income
Tax |
129,015,020 |
149,123,571 |
63,705,310 |
|
Accrued
Interests |
- |
- |
26,995,630 |
|
Short-Term
Borrowings to Shareholders |
235,265,770 |
247,265,770 |
324,465,770 |
|
Short-Term
Borrowings |
14,465,000,000 |
13,478,300,000 |
10,955,694,000 |
|
Current Portion
of Long-Term Debts |
501,200,000 |
501,200,000 |
501,200,000 |
|
Fixed Liabilities |
443,110,557 |
956,309,642 |
1,436,393,615 |
|
Long-Term
Borrowings |
280,900,000 |
782,100,000 |
1,283,300,000 |
|
Leasehold
Deposit Received |
- |
100,000,000 |
100,000,000 |
|
Provision
for Severance & Retirement |
167,801,330 |
79,800,415 |
58,684,388 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Sales |
54,315,635,256 |
48,650,163,897 |
62,188,966,640 |
|
Cost of Sold Goods |
50,540,470,301 |
45,401,091,022 |
58,095,784,342 |
|
Gross Profit |
3,775,164,955 |
3,249,072,875 |
4,093,182,298 |
|
Selling & Admin. Expenses |
1,706,962,726 |
1,624,826,453 |
1,972,171,685 |
|
Operating Income |
2,068,202,229 |
1,624,246,422 |
2,121,010,613 |
|
Non-Operating Income |
301,344,977 |
559,810,637 |
866,438,242 |
|
Non-Operating Expenses |
1,522,046,011 |
1,249,797,713 |
1,256,403,730 |
|
Income Before Taxes |
847,501,195 |
934,259,346 |
1,731,045,125 |
|
Income Taxes Expenses |
196,301,250 |
378,124,581 |
201,176,810 |
|
Net Income |
651,199,945 |
556,134,765 |
1,529,868,315 |
Cash Flows
|
|||
|
Unit : Korean Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Cash Flows from Operating |
2,741,330,849 |
-1,261,765,039 |
814,943,027 |
|
-Net Income |
651,199,945 |
556,134,765 |
1,529,868,315 |
|
-Exp. without Cash Outflow |
1,284,675,945 |
717,571,202 |
717,170,385 |
|
-Revenue without Cash Inflows |
-22,067,086 |
-194,253,329 |
-14,402,818 |
|
-Changes in Asset/ & Liability |
827,522,045 |
-2,341,217,677 |
-1,417,692,855 |
|
Cash Flows from Investing |
-3,374,666,905 |
67,387,546 |
-920,427,846 |
|
-Cash Inflow from Investing |
72,618,181 |
724,839,546 |
10,106,362 |
|
-Cash Outflows for Investing |
-3,447,285,086 |
-657,452,000 |
-930,534,208 |
|
Cash Flows from Financing |
373,500,000 |
1,944,206,000 |
-491,568,610 |
|
-Cash Inflows from Financing |
31,303,260,000 |
27,907,612,296 |
27,313,108,739 |
|
-Cash Outflows from Financing |
-30,929,760,000 |
-25,963,406,296 |
-27,804,677,349 |
|
Increase/Decrease in Cash |
-259,836,056 |
749,828,507 |
-597,053,429 |
|
Cash at the Beginning of Year |
805,496,730 |
55,668,223 |
652,721,652 |
|
Cash at the End of Year |
545,660,674 |
805,496,730 |
55,668,223 |
|
Main Products & Services |
PE
Tarpaulin |
|
Suppliers |
QINGDAO KWANG SUNG PLASTIC CO., LTD. Haibin Industrial Zone Jiaonan City, Qingdao China Tel:+86-532-8513-7838 Fax:+86-532-8513-7938 ICP Register No.: Shandong 09040748 |
|
Competitors |
SOONGWON
IND. CO., LTD. 632,
GEUMMAE-RI, HYORYEONG-MYEON, GUNWI-GUN, GYEONGSANGBUK-DO, KOREA TEL:+82-54-383-6166 FAX:+82-54-383-6199 SOYON
INDUSTRIAL CO., LTD. T1-507~508,
WESTERN TOWER, 867, JANGHANG 2-DONG ,ILSANDONG-GU ,GOYANG-SI, GYEONGGI-DO,
KOREA TEL:+82-31-931-5307/9 FAX:+82-31-931-5310 NEW PRIME
INC. RM. 1416,
GWANGHWAMUN OFFICIA, 163, SINMUNNO 1-GA, JONGNO-GU, SEOUL, KOREA TEL:+82-2-730-4228 FAX:+82-2-730-4229 |
(Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
QINGDAO KWANG SUNG PLASTIC CO., LTD.(CHINA) (93.0% held by the subject company) |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.95 |
|
UK Pound |
1 |
Rs.99.36 |
|
Euro |
1 |
Rs.82.15 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
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.