|
Report Date : |
03.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
KCW CORPORATION |
|
|
|
|
Registered Office : |
262, Seongseogongdanbuk-ro, Dalseo-gu, Daegu, Korea, Zip Code 704-901 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
30.09.2013 |
|
|
|
|
Date of Incorporation : |
08.01.1988 |
|
|
|
|
Com. Reg. No.: |
503-81-09421 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacturer of Blade, Arm, Linkage & Connector for Motor Vehicles |
|
|
|
|
No. of Employees : |
443 |
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 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 |
KCW CORPORATION (English Name : Kyung Chang
Wiper Corporation) (Trade Name : KCW) (Korean Company Name : “케이씨더블류(주)”) |
|
Registered Address |
262, Seongseogongdanbuk-ro, Dalseo-gu, Daegu, Korea |
|
Zip Code |
704-901 |
|
Tel |
+82-53-583-2333~5 |
|
Fax |
+82-53-581-2433 |
|
E-mail |
|
|
Website |
|
|
Trading
Address |
262, Seongseogongdanbuk-ro, Dalseo-gu,
Daegu, Korea (Old Address System : 400-86, Galsan-dong, Dalseo-gu, Daegu, Korea) |
|
Tel |
+82-53-583-2333~5 |
|
Fax |
+82-53-581-2433 |
|
Other
Address-2nd Factory |
358-86, Galsan-dong, Dalseo-gu, Daegu, Korea |
|
Type |
Export |
|
Industry |
Manufacturer
of Blade, Arm, Linkage & Connector for Motor Vehicles |
|
Established (mm/dd/yyyy) |
01/08/1988 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Windshield wipers(25171500) |
|
Name |
Son
Il-Ho |
|
Date of Birth |
07/12/1953 |
|
Title |
Chairman
& CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
2,720,000,000 |
|||||||||||||||
|
Employees |
443 |
|||||||||||||||
|
Formation |
Listed Company(KOSDAQ : 068060) as of 01/28/2003 Venture Business Foreign
Direct Investment Corporation |
|||||||||||||||
|
Bank Details |
Daegu Bank-Gwangjang Branch |
|||||||||||||||
|
Corporate Registered No. |
170111-0033093 |
|||||||||||||||
|
Business Registered No. |
503-81-09421 |
|||||||||||||||
|
Permit & Licenses |
12/2006 ISO14001(2004) Int’l
Trade No.: 888284 |
|||||||||||||||
|
Shareholder Position |
|
|||||||||||||||
|
Company History |
01/08/1988 Incorporated as Kyung Chang
Champion Corporation of JV between Champion Plug(USA) 05/1989 Registered as a Foreign Direct Investment Corporation 11/29/1991 Changed company name to Kyung Chang Wiper System Co., Ltd.,
by acquiring total 50% shares held by Champion Plug(USA) 09/10/2001 Designated as a Venture Business 12/28/2001 Changed company name to the present name 09/10/2011
Designated as a Venture Business again |
|||||||||||||||
|
|
|
|
Job
Description |
Title |
Name |
Nationality |
Date of
Birth |
Education |
|
Chairman
& CEO |
Mr. |
Son Il-Ho |
Korean |
1953.07.12 |
Chungang University, Korea |
|
President |
Mr. |
Son Duck-Soo |
Korean |
1959.08.24 |
Youngnam University, Korea |
|
Sr.
Executive Director |
Mr. |
Kim Kyung-Tae |
Korean |
1958.03.14 |
Jinju College, Korea |
|
Auditor |
Mr. |
Son Jeon-Ik |
Korean |
1954.08.15 |
Hanyang University, Korea |
|
Year / Unit :
KRW |
Sales |
Assets |
Net Income |
|
(*)09/2013 |
74,963,649,864 |
88,849,277,475 |
-626,125,336 |
|
(*)2012 |
101,406,171,826 |
87,870,712,838 |
2,411,599,547 |
|
(*)2011 |
93,672,865,499 |
86,224,049,561 |
3,785,184,286 |
|
2010 |
83,678,745,680 |
72,822,072,729 |
4,039,431,316 |
|
2009 |
57,441,976,630 |
64,929,014,065 |
1,318,642,058 |
|
2008 |
63,842,480,518 |
57,745,898,936 |
1,744,458,352 |
(*)Figures are based on
the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
50,000,000,000 |
|
Paid-Up Capital(KRW) |
2,720,000,000 |
|
Total Issued Shares |
5,440,000 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
01/01/2013~09/30/2013 |
As of 12/31/2012 |
As of
12/31/2011 |
|
Total Assets |
88,849,277,475 |
87,870,712,838 |
86,224,049,561 |
|
Current
Assets |
42,497,610,420 |
41,101,852,867 |
40,012,121,481 |
|
Cash & Cash Equivalents |
11,016,922,886 |
9,513,412,102 |
10,101,692,774 |
|
Finance Assets from this year's
Income |
201,438,000 |
0 |
0 |
|
Current Financial Instruments |
1,800,000,000 |
4,172,000,000 |
4,621,000,000 |
|
Trade Receivables |
19,760,563,027 |
17,739,493,704 |
17,157,730,319 |
|
Other Receivables |
916,979,610 |
524,260,677 |
660,005,575 |
|
Accrued
Income |
140,207,436 |
139,042,933 |
181,653,860 |
|
Advance Payments |
1,232,773,118 |
434,933,121 |
203,665,000 |
|
Prepaid Expenses |
56,068,403 |
95,937,054 |
89,373,085 |
|
Deferred Income Tax Assets |
107,815,859 |
193,574,774 |
0 |
|
Inventories |
7,264,842,081 |
8,289,198,502 |
6,997,000,868 |
|
Non-Current
Assets |
46,351,667,055 |
46,768,859,971 |
46,211,928,080 |
|
Non-Current Financial Instruments |
807,796,020 |
571,397,379 |
638,799,120 |
|
Marketable Financial Instruments |
743,111,650 |
436,904,845 |
396,397,165 |
|
Investment_Related Companies |
8,772,732,394 |
8,772,732,394 |
8,772,732,394 |
|
Long-Term
Trade Receivables |
28,300,000 |
92,100,000 |
79,700,000 |
|
Guarantees |
45,118,600 |
45,118,600 |
45,118,600 |
|
Tangibles |
31,892,207,914 |
32,904,522,591 |
32,627,886,617 |
|
Intangibles |
1,239,033,834 |
1,326,237,660 |
1,442,509,428 |
|
Deferred Income Tax Assets |
2,823,366,643 |
2,619,846,502 |
2,208,784,756 |
|
Total
Liabilities |
58,397,757,175 |
56,320,778,993 |
55,764,789,910 |
|
Current
Liabilities |
43,142,651,483 |
45,483,361,809 |
46,650,197,465 |
|
Short-Term Borrowings |
33,235,361,043 |
35,400,235,635 |
35,437,907,217 |
|
Trade
Payables |
4,509,609,847 |
4,132,382,502 |
4,492,642,638 |
|
Account Payables |
4,833,855,345 |
5,620,641,952 |
6,064,118,712 |
|
Accrued Expenses |
38,856,074 |
31,996,436 |
59,928,313 |
|
Advance Receipts |
196,618,534 |
61,366,934 |
3,843,334 |
|
Withholdings |
149,150,640 |
57,538,350 |
52,632,389 |
|
Deferred Income Tax Credit |
0 |
0 |
244,846,579 |
|
Derivatives |
0 |
0 |
159,878,283 |
|
Current Portion of Long-Term
Debts |
179,200,000 |
179,200,000 |
134,400,000 |
|
Non-Current
Liabilities |
15,255,105,692 |
10,837,417,184 |
9,114,592,445 |
|
Long-Term Borrowings |
3,313,600,000 |
448,000,000 |
672,000,000 |
|
Leasehold
Guarantees |
3,000,000 |
|
|
|
Confirmed Salaries |
11,938,505,692 |
10,389,417,184 |
8,442,592,445 |
|
Capital
Stock |
2,720,000,000 |
2,720,000,000 |
2,720,000,000 |
|
Capital Surplus |
3,923,512,271 |
3,923,512,271 |
3,923,512,271 |
|
Installments |
297,720,345 |
58,879,037 |
27,283,047 |
|
Profit Surplus |
23,510,287,684 |
24,847,542,537 |
23,788,464,333 |
|
Total Equity |
30,451,520,300 |
31,549,933,845 |
30,459,259,651 |
|
Liab. & Shareholder’s Equity |
88,849,277,475 |
87,870,712,838 |
86,224,049,561 |
Income
Statement
|
|||
|
Unit : Korean Won |
01/01/2013~09/30/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Sales |
74,963,649,864 |
101,406,171,826 |
93,672,865,499 |
|
Cost of Sold Goods |
68,345,727,598 |
87,166,677,756 |
78,956,000,640 |
|
Gross Profit |
6,617,922,266 |
14,239,494,070 |
14,716,864,859 |
|
Selling & Admin. Expenses |
8,078,553,601 |
10,364,263,822 |
10,751,444,938 |
|
Operating Income |
-1,460,631,335 |
3,875,230,248 |
3,965,419,921 |
|
Other Income |
1,917,135,222 |
2,972,926,848 |
2,383,069,844 |
|
Other Expenses |
384,679,081 |
1,117,631,191 |
484,323,088 |
|
Finance Income |
1,336,760,559 |
1,227,730,015 |
1,836,056,802 |
|
Finance Expenses |
2,202,401,005 |
4,653,189,149 |
2,740,859,338 |
|
Income Before Taxes |
-793,815,640 |
2,305,066,771 |
4,959,364,141 |
|
Income Taxes Expenses |
167,690,304 |
-106,532,776 |
1,174,179,855 |
|
Net Income |
-626,125,336 |
2,411,599,547 |
3,785,184,286 |
Cash
Flows
|
|||
|
Unit : Korean Won |
01/01/2013~09/30/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Operating
Activities Cash Flows |
2,890,455,424 |
7,241,368,420 |
6,532,870,164 |
|
Net Income |
-626,125,336 |
2,411,599,547 |
3,785,184,286 |
|
Income Taxes |
60,389,855 |
-485,458,557 |
-1,452,893,760 |
|
Adjustment |
6,760,858,547 |
9,693,298,483 |
8,641,931,225 |
|
Changes in Asset/ & Liability |
-3,304,667,642 |
-4,378,071,053 |
-4,441,351,587 |
|
Cash
Flows from Investing |
-157,287,391 |
-4,645,376,347 |
-10,097,586,221 |
|
Cash Inflow from Investing |
5,171,396,753 |
3,592,596,129 |
2,677,590,899 |
|
Cash Outflows for Investing |
-5,328,684,144 |
-8,237,972,476 |
-12,775,177,120 |
|
Cash
Flows from Financing |
-941,737,035 |
-2,504,363,595 |
6,227,172,428 |
|
Cash Inflows from Financing |
44,931,094,138 |
58,928,745,768 |
62,038,227,755 |
|
Cash Outflows from Financing |
-45,872,831,173 |
-61,433,109,363 |
-55,811,055,327 |
|
Increase/Decrease
in Cash |
1,791,430,998 |
91,628,478 |
2,662,456,371 |
|
Cash at
the Beginning of Year |
9,513,412,102 |
10,101,692,774 |
7,379,632,956 |
|
Cash at
the End of Year |
11,016,922,886 |
9,513,412,102 |
10,101,692,774 |
|
Main Products & Services |
Blade,
Arm, Linkage, Connector |
|
Suppliers |
SHILLA STEEL Co., Ltd.(170111-0007535) PYUNG
HWA CARBON MASTER BATCH Co., Ltd.(174111-0007101) |
|
Competitors |
KOREA WIPER BLADE CO., LTD. 17B-54L, BANWOL INDUSTRIAL COMPLEX, 506-2,
MONGNAE-DONG, DANWON-GU, ANSAN-SI, GYEONGGI-DO, KOREA TEL:+82-31-491-3191 FAX:+82-31-491-3190 FUKOKU KOREA CO., LTD. 605B-13, BANWOL INDUSTRIAL COMPLEX, 1061-4,
SINGIL-DONG, DANWON-GU, ANSAN-SI, GYEONGGI-DO, KOREA TEL:+82-31-494-9271~3 FAX:+82-31-491-9161 HST CO., LTD. RM. 302, BOKCHANG BLDG., 80, SOGONG-DONG,
JUNG-GU, SEOUL, KOREA TEL:+82-2-778-3701~4 FAX:+82-2-773-2051 |
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
KYUNG CHANG INDUSTRIAL CO., LTD.(170111-0007733) (0.39% held by the subject company) KYUNG CHANG PRECISION IND. CO., LTD.(170111-0031526) (16.67% held by the subject company) DAE
GYUNG AS CO., LTD.(170111-0242719) |
|
Subsidiary |
KYUNG CHANG TECHNOLOGY(JIANGYIN) CO., LTD(CHINA) (72.07% held by the subject company) |
(Activity & Markets)
Not Available.
No.
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.48 |
|
UK Pound |
1 |
Rs.102.95 |
|
Euro |
1 |
Rs.84.60 |
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.