MIRA INFORM REPORT

 

 

Report Date :

22.12.2014

 

IDENTIFICATION DETAILS

 

Name :

YOUNG POONG CORPORATION

 

 

Registered Office :

542, Gangnam-daero, Gangnam-gu, Seoul, Korea Youngpoong Bldg 135-749

 

 

Country :

South Korea

 

 

Financials (as on) :

30.06.2014

 

 

Date of Incorporation :

25.11.1949

 

 

Com. Reg. No.:

211-81-11275

 

 

Legal Form :

Listed Company

 

 

Line of Business :

Manufacture of Smelting, Refining and Alloys of Lead, Zinc and Tin

 

 

No. of Employees :

580

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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. South 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. South 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-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, dominance of large conglomerates (chaebols), and heavy reliance on exports, which comprise about half of GDP

 

Source : CIA

 

Basic Information

 

Basic

 

Company Name

YOUNG POONG CORPORATION

(Korean Company Name : “(주)영풍”)

Registered Address

542, Gangnam-daero, Gangnam-gu, Seoul, Korea

Building

Youngpoong Bldg.

Zip Code

135-749

Tel

+82-2-519-3314

Fax

+82-2-548-8505

E-mail

webmaster@ypzinc.co.kr

Website

www.ypzinc.co.kr

Trading Address

Youngpoong Bldg., 542, Gangnam-daero, Gangnam-gu, Seoul, Korea

(Old Address System : Youngpoong Bldg., 142, Nonhyeon 1-dong, Gangnam-gu, Seoul, Korea)

Tel

+82-2-519-3314

Fax

+82-2-548-8505

Other Address-Anseong Battery Factory

282, Naegacheon-ri, Wongok-myeon, Anseong-si, Gyeonggi-do, Korea

Tel

+82-31-656-6501~8

Fax

+82-31-656-6505

Other Address-Sukpo Zinc Refinery

555, Seokpo-ri, Seokpo-myeon, Bonghwa-gun, Gyeongsangbuk-do, Korea

Tel

+82-54-679-7200

Fax

+82-54-672-3815

Other Address-Branch

San 68-7, Sanha-ri, Wongok-myeon, Anseong-si, Gyeonggi-do, Korea

Tel

+82-31-611-5793

Fax

+82-31-611-5796

Type

Export/Import

Industry

Manufacture of Smelting, Refining and Alloys of Lead, Zinc and Tin

  Main Business

Zinc Ingot, Batteries, Sulfuric Acid, Alksline Battery, Ni-MH Battery

  Sub Business

Manufacture of Accumulators

Established (mm/dd/yyyy)

11/25/1949

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Cafeteria services(90101700)

Sell

Rechargeable batteries(26111701)

Sell

Inorganic acids(12352301)

Sell

Zinc ingots(30103404)

Sell

Chemicals including Bio Chemicals and Gas Materials(12000000)

Sell

Alkaline batteries(26111702)

Sell

Rechargeable batteries(26111701)

Sell

Dry cell batteries(26111705)

 

 

CEO’s

 

Name

Kim Myung-Soo

Address

 

Date of Birth

08/13/1952

Title

Vice President & CEO

Sex

Male

Nationality

Korean

 

Profiles

 

Capital (KRW)

9,210,200,000

Employees

580

Formation

Listed Company (Korea Stock Exchange : 000670) as of 06/13/1976

A Company of YOUNG POONG GROUP

Bank Details

Shinhan Bank-Nonhyun Dong Branch

Corporate Registered No.

110111-0003824

Business Registered No.

211-81-11275

Permit & Licenses

Int’l Trade No.: 670076

Shareholder Position

Name

Shares

%

CHANG SE-JOON

311,193

16.89

CHANG SE-HWAN

205,479

11.15

CHOI CHANG-YOUNG

76,299

4.14

CHOI CHANG-KEUN

68,700

3.73

CHOI CHANG-KYU

52,539

2.85

KYUNGWON CULTURAL FOUNDATION(114222-0000574)

13,965

0.76

YOUNG POONG DEVELOPMENT CO., LTD.(110111-0612914)

260,975

14.17

SORIN CORPORATION(110111-0365068)

190,820

10.36

YOUNG POONG PRECISION CORPORATION(110111-0342496)

80,850

4.39

TREASURY STOCK

121,906

6.62

OTHERS

459,314

24.94

TOTAL

1,842,040

100.00

Company History

11/25/1949 Incorporated as Young Poong Industry(Partnership Company)

10/1970 Changed company name to Young Poong Commerce, Co., Ltd.

02/1978 Changed company name to the present name

12/2008 Awarded US$ 500 Million Export Top Prize

 

 

 

Detailed Information

 

Management

 

Job Description

Title

Name

Nationality

Date of Birth

Education

Chairman & CEO

Mr.

Chang Hyung-Jin

Korean

1946.06.06.

Yonsei University, Korea

Vice President & CEO

Mr.

Kim Myung-Soo

Korean

1952.08.13

Kyungbuk University, Korea

Sr. Executive Director & CEO

Mr.

Min Kyung-Ryul

Korean

1954.03.

Korea University, Korea

Director

Mr.

Choi Chang-Gul

Korean

1941.11.11

Seoul National University, Korea

Sr. Executive Director

Mr.

Kang Sung-Doo

Korean

1959.11.

Seoul National University, Korea

Outside Director

Mr.

Chang Sung-Ki

Korean

1941.09.19

Kunkook University, Korea

Auditor

Mr.

Kim Jung-Won

Korean

1962.10.

Hanyang University, Korea

Auditor

Mr.

Sung Byung-Joon

Korean

1958.09.

-

 

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

(*)06/2014

479,689,906,626

2,117,442,596,662

31,642,020,425

(*)2013

1,054,283,881,050

1,980,714,663,210

71,428,566,104

(*)2012

1,106,795,683,457

1,994,976,031,372

104,130,469,571

(*)2011

1,036,692,168,293

1,975,179,569,166

54,676,295,949

2010

879,813,737,152

1,739,675,782,527

188,586,461,217

2009

669,989,894,563

1,497,046,652,997

143,815,215,647

2008

750,085,073,287

1,306,747,185,873

141,190,794,480

2007

904,109,352,670

1,276,075,609,330

165,073,011,820

2006

769,496,121,327

1,304,947,449,864

113,665,662,196

2005

410,585,587,289

970,866,998,934

32,488,156,007

2004

 367,943,059,994

 815,293,998,888

 51,384,055,063

(*)Figures are based on the K-IFRS Accounting System.

 

Financial Description

 

Authorized Capital(KRW)

35,000,000,000

Paid-Up Capital(KRW)

9,210,200,000

Total Issued Shares

1,842,040

 

 

Balance Sheet

Unit : Korean Won

01/01/2014~06/30/2014

As of 12/31/2013

As of 12/31/2012

Total Assets

2,117,442,596,662

1,980,714,663,210

1,994,976,031,372

Current Assets

392,070,592,802

266,782,383,639

331,762,021,872

Cash & Cash Equivalents

62,652,343,529

27,228,039,582

27,430,403,260

Other Financial Assets

21,284,210,675

38,768,266,256

78,198,524,222

Trade Receivables & Other Receivables

65,683,927,576

24,338,416,914

34,546,586,389

Other Current Assets

11,219,578,670

16,797,964,893

13,370,878,343

Inventories

231,230,532,352

159,649,695,994

178,215,629,658

Non-Current Assets

1,725,372,003,860

1,713,932,279,571

1,663,214,009,500

Marketable Financial Instruments

22,016,704,816

22,425,327,476

34,193,995,080

Other Financial Assets

7,514,790,239

7,424,075,303

7,312,308,847

Investment_Related Companies

774,402,428,278

774,402,428,278

748,530,898,448

Investment_Real Estates

479,131,312,774

480,617,241,930

483,589,100,247

Tangibles

434,545,835,824

421,315,234,555

384,851,686,463

Intangibles

7,585,542,075

7,506,477,629

4,337,244,817

Other Non-Current Assets

175,389,854

241,494,400

398,775,598

Total Liabilities

523,226,370,037

404,899,188,024

471,763,413,426

Current Liabilities

179,755,838,847

57,980,200,180

136,536,122,896

Trade Payables & Other Payables

75,379,540,638

43,637,061,562

52,528,565,846

Short-Term Borrowings

93,941,008,544

7,226,897,500

63,195,852,791

Other Current Financial Debts

1,159,768,279

1,634,984,053

1,620,197,258

Other Current Liabilities

2,357,561,650

1,815,828,159

1,080,178,417

Deferred Income Tax Credit

6,917,959,736

3,665,428,906

18,111,328,584

Non-Current Liabilities

343,470,531,190

346,918,987,844

335,227,290,530

Long-Term Borrowings

59,427,477,000

63,510,147,000

51,298,930,000

Other Non-Current Financial Debts

30,696,878,192

30,008,114,418

25,716,007,476

Provision for Severance & Retirement

4,388,847,320

3,518,466,163

5,706,908,446

Deferred Income Tax Credit

248,957,328,678

249,882,260,263

252,505,444,608

Capital Stock

9,210,200,000

9,210,200,000

9,210,200,000

Capital Surplus

1,807,717,500

1,807,717,500

1,807,717,500

Treasury Stock

-17,461,324,328

-17,461,324,328

-17,461,324,328

Profit Surplus

1,597,083,864,957

1,578,342,849,532

1,520,868,017,364

Others

3,575,768,496

3,916,032,482

8,788,007,410

Total Equity

1,594,216,226,625

1,575,815,475,186

1,523,212,617,946

Liab. & Shareholder’s Equity

2,117,442,596,662

1,980,714,663,210

1,994,976,031,372

 

Income Statement

Unit : Korean Won

01/01/2014~06/30/2014

As of 12/31/2013

As of 12/31/2012

Sales

479,689,906,626

1,054,283,881,050

1,106,795,683,457

Cost of Sold Goods

453,125,222,581

962,423,252,479

984,760,406,348

Gross Profit

26,564,684,045

91,860,628,571

122,035,277,109

Selling & Admin. Expenses

21,767,165,367

41,024,054,861

41,770,459,003

Operating Income

4,797,518,678

50,836,573,710

80,264,818,106

Other Income

7,719,719,560

15,823,273,120

18,061,596,543

Other Expenses

2,358,544,265

13,341,323,496

7,835,809,604

Finance Income

28,318,511,357

38,569,572,228

42,407,651,720

Finance Expenses

475,237,780

1,685,414,812

3,097,618,303

Income Before Taxes

38,001,967,550

90,202,680,750

129,800,638,462

Income Taxes Expenses

6,359,947,125

18,774,114,646

25,670,168,891

Net Income

31,642,020,425

71,428,566,104

104,130,469,571

 

Cash Flows

Unit : Korean Won

01/01/2014~06/30/2014

As of 12/31/2013

As of 12/31/2012

Operating Activities Cash Flows

-20,030,202,602

88,902,763,799

108,494,850,163

Net Income

31,642,020,425

71,428,566,104

104,130,469,571

Adjustment

2,071,462,476

40,352,970,754

38,355,786,243

Changes in Asset/ & Liability

-78,064,812,386

-5,651,322,990

-36,977,518,201

Interests Received

1,878,734,474

5,364,615,250

5,496,421,846

Interests Paid

-402,535,120

-1,653,532,187

-3,096,625,101

Dividends Received

26,768,642,315

25,914,168,650

31,655,345,650

Dividends Paid

 

-12,901,005,000

-15,051,172,500

Income Taxes

-3,923,714,786

-33,951,696,782

-16,017,857,345

Cash Flows from Investing

-15,791,561,224

-49,639,371,904

-139,245,279,587

Cash Inflow from Investing

37,001,000,000

175,146,366,904

26,120,945,177

Cash Outflows for Investing

-52,792,561,224

-224,785,738,808

-165,366,224,764

Cash Flows from Financing

71,246,075,772

-39,465,631,349

-52,744,713,171

Cash Inflows from Financing

172,007,089,562

65,504,176,800

76,398,401,220

Cash Outflows from Financing

-100,761,013,790

-104,969,808,149

-129,143,114,391

Increase/Decrease in Cash

35,424,311,946

-202,239,454

-83,495,142,595

Cash at the Beginning of Year

27,228,039,582

27,430,403,260

110,925,792,121

Cash at the End of Year

62,652,343,529

27,228,039,582

27,430,403,260

 

Products, Technologies, Services Description

 

Main Products & Services

Non-Ferrous Metal Refinery

-Zinc Ingot

-Zinc Alloy for Galvanizing

-Zinc Alloy for Die Casting

-Sulfuric Acid

-Cadmium Stick

-Copper Sulfate

 

Rechargeable Batteries

-Alkaline Battery

-Ni-MH Battery

-Manganese Battery

Detailed Products Spec.

 

Technologies Acquired

 

 

Trade Partners & Competitors

 

Suppliers

BAIKSAN METAL CO., LTD.(180111-0076091)

Customers

 

Competitors

POONG JEON NONFERROUS METAL CO., LTD.

8B-4L, 680-3, GYEONGSEO-DONG, SEO-GU, INCHEON, KOREA

TEL:+82-32-561-9111  FAX:+82-32-561-9118

 

SANGSHIN METALLIC CO., LTD.

4MA-402-2, SIHWA INDUSTRIAL COMPLEX, 701-3, SEONGGOK-DONG, DANWON-GU, ANSAN-SI, GYEONGGI-DO, KOREA

TEL:+82-31-499-4011  FAX:+82-31-499-4016

 

PJ ALTEK CO., LTD.

1B-4L, INCHEON WEST INDUSTRIAL COMPLEX, 682-3, GYEONGSEO-DONG, SEO-GU, INCHEON, KOREA

TEL:+82-32-561-0787  FAX:+82-32-561-0789

 

Related Parties (Subsidiaries, Joint-Venture & Affiliates)

 

Affiliates-Domestic

KOREA ZINC INC.(110111-0168404)

(26.91% held by the subject company)

 

KOREA NICKEL CORP.(110111-0529482)

(13.0% held by the subject company)

 

KOREA CIRCUIT CO., LTD.(130111-0026749)

(32.39% held by the subject company)

 

INTERFLEX CO., LTD.(135011-0042924)

(17.67% held by the subject company)

 

YOUNG POONG ELECTRONICS CO., LTD.(135011-0032106)

(100.0% held by the subject company)

 

YOUNG POONG BOOK STORE CO., LTD.(110111-0855530)

(34.0% held by the subject company)

 

SIGNETICS CORP.(110111-0070815)

(25.58% held by the subject company)

 

KG INTERNATIONAL CORPORATION(110111-4252807)

SORIN I & T CO., LTD.(110111-1260077)

KG GREENTECH CO.,LTD.(230111-0164077)

STI CORP.(115611-0019652)

CLEAN KOREA CO., LTD.(134711-0004996)

YOUNGPOONG CORPORATION(110111-0003824)

YOUNG POONG PRECISION CORPORATION(110111-0342496)

SEWON TEXTILE CO., LTD.(110111-0318760)

TERRANIX CO., LTD.(135011-0042950)

SORIN CORPORATION(110111-0365068)

YOUNG POONG DEVELOPMENT CO., LTD.(110111-0612914)

YOOMI DEVELOPMENT CO., LTD.(110111-0235542)

SORIN INVESTMENT DEVELOPMENT CORPORATION(110111-0074544)

KORYO HEAVY EQUIPMENT CO., LTD.(181211-0020558)

KG ENGINEERING CO., LTD.(110111-2102153)

ALANTUM CORPORATION(131111-0215078)

XMETECH CO., LTD.(131111-0238400)

Affiliates-Overseas

YP JAPAN CORP.(JAPAN)

(100.0% held by the subject company)

 

CHINA CIRCUIT(TIANJIN) CO., LTD.(CHINA)

KZ - PRANDA CO., LTD.(THAILAND)

KZ MINERALS BOLIVIA S.A.(BOLIVIA)

PAN PACIFIC METAL MINING CORP.(CANADA)

COLWELL KENNEDY AUSTRALIA PTY., LTD.(AUSTRALIA)

SUN METALS HOLDING PTY., LTD.(AUSTRALIA)

SUN METALS CORP., PTY., LTD.(AUSTRALIA)

ALANTUM EUROPE GMBH(GERMANY)

IATM(DALIAN) CO., LTD.(CHINA)

IATM(SHENYANG) CO., LTD.(CHINA)

ALANTUM ADVANCED MATERIAL AND TECHNOLOGY (SHANGHAI) CO.,LTD,

AATM(DALIAN) CO.,LTD.

AATM(SHENYANG) CO.,LTD.

KZI SINGAPORE PTE. LTD.

PT. KZI INDONESIA

Overseas Office

 

Liaison Office

 

Overseas Branch

 

Joint Venture

 

Subsidiary

YOUNG POONG ELECTRONICS CO., LTD.(135011-0032106)

(100.0% held by the subject company)

 

YOUNG POONG BOOK STORE CO., LTD.(110111-0855530)

(34.0% held by the subject company)

 

YOUNG POONG DEVELOPMENT CO., LTD.(110111-0612914)

 

SIGNETICS CORP.(110111-0070815)

(25.58% held by the subject company)

 

KOREA CIRCUIT CO., LTD.(130111-0026749)

(32.39% held by the subject company)

 

INTERFLEX CO., LTD.(135011-0042924)

(17.67% held by the subject company)

 

TERRANIX CO., LTD.(135011-0042950)

 

YP JAPAN CORP.(JAPAN)

(100.0% held by the subject company)

FL.8TH.KOGYO BLDG. KANDA, HIGASHI MATSUSHITA-CHO, CHIYODA-KU, TOKYO, JAPAN

 

CHINA CIRCUIT(TIANJIN) CO., LTD.(CHINA)

DAGANG ECONOMIC TECH-NOLOGY DEVELOPMENT AREA,TAINJIN, CHINA

Corporate Ownership

 

Major Shareholders

 

Cooperative Enterprise

-Insured Company

HANWHA GENERAL INSURANCE CO., LTD.(110111-0006456)

 

Sales by Region (Activity & Markets)

 

Sales/ Unit :Mil KRW

09/2011

2010

2009

Export

417,152

479,641

383,975

Domestic

357,800

400,173

286,015

Total

774,952

879,814

669,990

The Subject imports from Australia, Peru and USA.

 

Court Action

 

No.

 

 

News Clipping

 

--

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.07

UK Pound

1

Rs.98.73

Euro

1

Rs.77.46

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.