MIRA INFORM REPORT

 

 

Report Date :

22.11.2014

 

IDENTIFICATION DETAILS

 

Name :

INTECO STEEL CO., LTD.

 

 

Formerly Known As :

INTECO S&P CO., LTD.

 

 

Registered Office :

Rm. 401, Daeyeon Bldg., 17, Teheran-ro 86-gil, Gangnam-gu, Seoul - 135-845

 

 

Country :

South Korea

 

 

Date of Incorporation :

06.03.2002

 

 

Com. Reg. No.:

201-81-71771

 

 

Legal Form :

Co., Ltd by shares

 

 

Line of Business :

Wholesale of Basic Metals Steel, Tinplate Steel, Prepainted Steel, Aluminized Steel

 

 

No of Employees :

4

 

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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

 

 

Company Name

INTECO STEEL CO., LTD.

(Ex. Company Name : INTECO S&P CO., LTD.,)

(Korean Company Name : “(주)인테코스틸”)

Registered Address

17, Teheran-ro 86-gil, Gangnam-gu, Seoul, Korea

Building

Rm. 401, Daeyeon Bldg.

Zip Code

135-845

Tel

+82-2-564-8836

Fax

+82-2-564-8861

E-mail

skyoon1968@hotmail.com;yjinteco@yahoo.co.kr;hysijk@nate.com

Website

www.intecosteel.com

Trading Address

Rm. 401, Daeyeon Bldg., 17, Teheran-ro 86-gil, Gangnam-gu, Seoul, Korea

 

(Old Address System : Rm. 401, Daeyeon Bldg., 943-30, Daechi 3-dong, Gangnam-gu, Seoul, Korea)

Tel

+82-2-564-8836

Fax

+82-2-564-8861

Type

Export

Industry

Wholesale of Basic Metals

  Main Business

Steel, Tinplate Steel, Prepainted Steel, Aluminized Steel

  Sub Business

Synthetic Resin Proceeding

Established (mm/dd/yyyy)

03/06/2002

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Steel plate(30102204)

Sell

Pipe(40142100)

 

 

CEO’s

 

Name

Jeong Yong-Joon

Address

Rm.421-301, 92, Seohyeon-dong, Bundang-gu, Seongnam-si, Gyeonggi-do, Korea

Date of Birth

02/08/1963

Title

President & CEO

Sex

Male

Nationality

Korean

 

Profiles

 

Capital (KRW)

500,000,000

Employees

4

Formation

Co., Ltd by shares

Bank Details

Industrial Bank of Korea-Trade Center Branch

Corporate Registered No.

110111-2462846

Business Registered No.

201-81-71771

Permit & Licenses

Int’l Trade No.: 45130092

Shareholder Position

N/A

Company History

03/06/2002 Incorporated as KOTASCO CO., LTD.

10/31/2003 Changed company name to INTECO STEEL CO., LTD.

10/31/2003 Moved to the present HQ address from 169-2, Namchang-dong, Jung-gu, Seoul, Korea

12/04/2007 Increased the authorized shares to 100,000 shares from 40,000 shares

12/05/2007 Increased capital to 200,000,000 KRW from 50,000,000 KRW

10/08/2008 Changed company name to INTECO S&P CO., LTD.

12/19/2008 Increased capital to 350,000,000 KRW from 200,000,000 KRW

12/29/2008 Increased the authorized shares to 900,000 shares from 100,000 shares

12/30/2008 Increased capital to 500,000,000 KRW from 350,000,000 KRW

09/28/2009 Changed company name to the present name

11/2010 Awarded US$ 20 Million Export top Prize

11/2011 Awarded US$ 30 Million Export top Prize

 

 

 

 

Detailed Information

 

Management

 

Job Description

Title

Name

Sex

Nationality

Inauguration Date

President & CEO

Mr.

Jeong Yong-Joon

Male

Korean

06/07/2004

Director

M/S.

Kim Hye-Ryeon

Female

Korean

06/20/2013

Auditor

M/S.

Yoon Soo-Kyung

Female

Korean

03/12/2010

 

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

2013

 

 

 

2012

32,256,000,000

 

 

2011

41,750,000,000

 

-987,910,000

2010

41,800,000,000

 

356,880,000

2009

23,745,760,000

 

399,330,000

2008

15,429,270,000

7,332,000,000

242,750,000

2007

9,532,000,000

1,652,000,000

18,100,000

2006

14,571,000,000

1,728,000,000

25,000,000

2005

11,949,000,000

2,218,000,000

33,000,000

2004

9,875,000,000

 

 

2003

758,000,000

 

 

 

 

Financial Description

 

Authorized Capital(KRW)

4,500,000,000

Paid-Up Capital(KRW)

500,000,000

Total Issued Shares

100,000

 

 

Products, Technologies, Services Description

 

Main Products & Services

Steel

Tinplate Steel

Prepainted Steel

Aluminized Steel

Synthetic Resin Proceeding

Detailed Products Spec.

 

Technologies Acquired

 

 

 

Trade Partners & Competitors

 

Suppliers

 

Customers

 

Competitors

HIHO METAL CO., LTD.

8TH FL., DONGNAM BLDG., 588-19, SINSA-DONG, GANGNAM-GU, SEOUL, KOREA

TEL:+82-2-514-6671  FAX:+82-2-514-6489

 

DAEHAN METALS CO., LTD.

1769-2, SONGJEONG-DONG, GANGSEO-GU, BUSAN, KOREA

TEL:+82-51-974-6002  FAX:+82-51-831-9008

 

BUSAN STEEL CO., LTD.

720-4, HAKJANG-DONG, SASANG-GU, BUSAN, KOREA

TEL:+82-51-325-1131~4  FAX:+82-51-324-6440

 

Related Parties (Subsidiaries, Joint-Venture & Affiliates)

 

Affiliates

---

Overseas Office

---

Liaison Office

---

Overseas Branch

---

Joint Venture

---

Subsidiary

---

Corporate Ownership

---

Major Shareholders

---

Cooperative Enterprise

---

 

 

Sales by Region (Activity & Markets)

 

The Subject exports to China, Indonesia, Iran, Kazakhstan, Philippines and Singapore.

 

 

Court Action

 

Not Available.

 

 

News Clipping

 

---

---

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.85

UK Pound

1

Rs.97.01

Euro

1

Rs.77.62

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

SNT

 

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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