|
Report Date : |
07.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
KSP CO., LTD. |
|
|
|
|
Registered Office : |
43, Noksansandan 381-ro 86beon-gil,
Gangseo-gu, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
30.06.2014 |
|
|
|
|
Date of Incorporation : |
28.06.2000 |
|
|
|
|
Com. Reg. No.: |
606-81-27539 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
·
Manufacture of Internal Combustion Piston Engines ·
Forging of Metal |
|
|
|
|
No of Employees : |
118 |
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 : |
Exist |
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 |
|
Company
Name |
KSP CO., LTD. (Ex. Co. Name : KOREA SPECIAL
PRECISION CO. “한국특수정밀”) (Korean Company
Name : “(주)케이에스피”) |
|
Registered Address |
43, Noksansandan 381-ro 86beon-gil,
Gangseo-gu, Busan, Korea |
|
Building |
|
|
Zip Code |
618-270 |
|
Tel |
+82-51-831-6270~9 |
|
Fax |
+82-51-831-6273 |
|
E-mail |
kspvalve@kspvalve.com |
|
Website |
www.kspvalve.com |
|
Trading Address |
43, Noksansandan 381-ro 86beon-gil,
Gangseo-gu, Busan, Korea (Old Address System : 1658-6,
Songjeong-dong, Gangseo-gu, Busan, Korea) |
|
Tel |
+82-51-979-5732 |
|
Fax |
+82-51-831-6273 |
|
Other Address-Logistics Center |
1540-4, Songjeong-dong, Gangseo-gu, Busan,
Korea |
|
Tel |
|
|
Fax |
|
|
Type |
Export/Import |
|
Industry |
Manufacture of Internal Combustion Piston Engines |
|
Main Business |
Forging of Metal |
|
Sub
Business |
Marine Engine Valve Spindle, Forging Products, Hardfacing Products,
Friction Welding |
|
Established (mm/dd/yyyy) |
06/28/2000 |
The Subject owns
the premises of registered HQ address.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Engine valves(26101743) |
|
Sell |
Metal forging services(73121606) |
|
Sell |
Welding and brazing and soldering
services(73181900) |
|
Sell |
Valves(40141600) |
|
Sell |
Pipe flanges(40142400) |
|
Sell |
Engine valves(26101743) |
|
Sell |
Steel bars(30101604) |
|
Sell |
Plate(30102200) |
|
Sell |
Stainless steel plate(30102205) |
|
Sell |
Steel bars(30101604) |
|
Name |
Ryu Heung-Mok |
|
Address |
|
|
Date of Birth |
11/05/1954 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
4,722,018,500 |
|||||||||||||||||||||
|
Employees |
118 |
|||||||||||||||||||||
|
Formation |
Listed Company (KOSDAQ : 073010) as of 12/17/2004 A Company of HANKOOK MACHINE TOOLS CO., LTD. |
|||||||||||||||||||||
|
Bank Details |
Busan Bank Industrial Bank of Korea Woori Bank Kookmin Bank |
|||||||||||||||||||||
|
Corporate Registered No. |
180111-0328550 |
|||||||||||||||||||||
|
Business Registered No. |
606-81-27539 |
|||||||||||||||||||||
|
Permit & Licenses |
09/1998 ISO 9002 by BVQI 12/2001 ISO 9002 by DAS 01/2006 ISO 9001 Int’l Trade No.: 12076349 |
|||||||||||||||||||||
|
Shareholder Position |
|
|||||||||||||||||||||
|
Company History |
12/2012 Awarded US$ 20 Million Export Top
Prize 11/15/2010 Finished the Corporate Revival Procedure
decided by Busan District Court 04/15/2010 Started the dealing of the
subject’s Stocks at KOSDAQ Market again 03/25/2010 Stopped the dealing of the
subject’s Stocks at KOSDAQ Market 04/09/2009 Decreased capital to
2,708,018,500 KRW from 5,907,672,500 KRW 01/2009 Approved of the Corporate Revival
Plan by Busan District Court 12/31/2008 Designated as ‘Watchable Stock
List’ by KOSDAQ Market 07/09/2008 Approved of the Corporate
Revival Procedure by Busan District Court 06/02/2008 Applied the Corporate Revival
Procedure to Busan District Court due to the financial struggling from
misappropriation of public money by the ex management 02/2004 Applied for a patent of shock
absorption system for forging (No.10-2004-0012356) 03/2004 Became supplier of HITACHI Shipping
(Korea Atomic Corporation) 07/2004 Approved of preliminary
registration examination (Korea Securities Dealers Association, 2004.7.21) 07/2004 Appointed as Good Manufacture
Technology Research Lab. (No.2004-33 of Ministry of Commerce, Industry and
Energy) 07/2004 Authorization of Good Quality
(No.2004-28 of Ministry of Commerce, Industry and Energy) 09/2004 Qualified for Forging Factory (BV) 12/2004 Listed to KOSDAQ 12/2003 Developed noise and vibration
reduction system for Hot Forging Technology (Korea Institute of Industrial
Technology) 03/2003 Won valve manufacture approval by
MAN B&W, and Sulzer 04/2003 Approved as forging factory (RINA,
LR) 06/2003 Registered as cooperator of Toshiba 07/2003 Approved of preliminary
registration examination (Korea Securities Dealers Association, 2004.7.21) 09/2003 Approved as Clean Workplace by
Korean Ministry of Labor 09/2003 Awarded 2003 Venture Enterpriser by
the Mayor of Busan Metropolitan City 11/2003 Selected as Excellent Techno-Enterprise
(Korea Technology Credit Guarantee Fund) 11/2003 Million Dollar Export Tower Award
(by the Korean President) 12/2003 Industrial Innovation Awards (by
Korean Ministry of Commerce, Industry and Energy) 12/2003 Certified as Innovation Business by
Small and Medium Business Administration |
|||||||||||||||||||||
|
Company History |
05/2002 Increase the capital from 2.65
billion won to 3.65 billion won 06/2002 Certification of KSP Metal
Technology Laboratory 10/2002 Registration of utility model of an
electrode for electrical upsetting preliminary molding process (No. 02903091) 10/2002 Appointed Promising Small and
Medium Sized Companies (Busan-Ulsan Small and Medium Business Center) 11/2002 Certification of Part and Material
Specializing Company (Ministry of Commerce, Industry and Energy) 11/2002 Certification of Venture Company
(New Technology Development section 01/2001 Receives Appreciation Plaque from
Hyundai Heavy Industry for Excellent Provider 01/2001 Registration of supplier of HSD
Engine 02/2001 Registration of utility model of
marine engine valve 05/2001 Registration of trademark (The
Korean Intellectual Property Office Reg. No. 0493834) 07/2001 Development of high corrosion
resistance martensite stainless steel forging manufacturing technology
(Ministry of Commerce, Industry and Energy) 08/2001 Expansion move of main office (to
1658-6 Songjusn-Dong Gangseo-Gu Busan Korea) 09/2001 Appointed Promising Small and
Medium Sized Companies (Busan Bank) 12/2001 Certification of ISO9001:2000 (DAS) 12/2001 Pass Military Safety Certification
for service contractors (Korean Army No. 8206) 06/28/2000 Incorporated as KSP Co., Ltd 09/01/1993 Changed company name to KOREA SPECIAL
PRECISION CO. 12/1991 Established as Korea Special
Welding Industry Co. |
|||||||||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
President & CEO |
Mr. |
Ryu Heung-Mok |
Korean |
1954.11.05 |
Hanyang University, Korea |
|
Director |
Mr. |
Sohn Byung-Young |
Korean |
1963.07.22 |
Busan National University, Korea |
|
Director |
Mr. |
Seo Jung-Chul |
Korean |
1962.01 |
Busan National University, Korea |
|
Outside Director |
Mr. |
Shim Kyu-Seok |
Korean |
1958.09.03 |
Busan Commercial High, Korea |
|
Auditor |
Mr. |
Koo Shin-Hoi |
Korean |
1964.11.10 |
- |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
18,294,971,866 |
105,984,573,292 |
-1,481,740,250 |
|
|
(*)2013 |
38,018,375,160 |
86,163,230,904 |
1,600,021,882 |
|
(*)2012 |
50,060,174,436 |
84,401,755,556 |
405,977,115 |
|
(*)2011 |
60,100,196,831 |
86,595,919,902 |
6,909,024,627 |
|
(*)2010 |
36,052,947,813 |
74,676,098,106 |
-692,700,369 |
|
2009 |
50,171,474,306 |
73,686,129,180 |
18,088,804,573 |
|
2008 |
67,067,438,569 |
69,322,711,255 |
-36,213,648,178 |
|
2007 |
46,162,695,816 |
65,402,632,677 |
-549,262,368 |
|
2006 |
30,602,804,029 |
44,808,876,901 |
5,873,365,447 |
|
2005 |
20,594,835,400 |
32,241,556,847 |
4,275,938,295 |
|
2004 |
14,752,365,470 |
22,297,733,198 |
2,894,948,971 |
|
2003 |
10,288,954,663 |
15,835,948,648 |
1,816,293,800 |
(*)Figures are based
on the K-IFRS Accounting System.
Financial Description
|
Authorized Capital(KRW) |
50,000,000,000 |
|
Paid-Up Capital(KRW) |
4,722,018,500 |
|
Total Issues Shares |
9,444,037 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
01/01/2014~06/30/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Total
Assets |
105,984,573,292 |
86,163,230,904 |
84,401,755,556 |
|
Current
Assets |
49,358,454,114 |
52,505,177,386 |
53,692,963,007 |
|
Cash
& Cash Equivalents |
2,007,753,342 |
14,910,694,974 |
13,020,833,870 |
|
National
Subsidy |
-123,672,704 |
-62,077,364 |
-145,628,685 |
|
Trade
Receivables |
10,790,293,179 |
11,199,889,801 |
10,109,595,311 |
|
Other
Current Financial Instruments |
10,251,151,811 |
1,006,819,119 |
268,101,827 |
|
Inventories |
23,422,766,202 |
24,939,412,058 |
26,556,228,803 |
|
Deferred
Income Tax Assets |
10,281,540 |
0 |
185,689,891 |
|
Other
Current Assets |
36,821,925 |
357,865,788 |
334,983,044 |
|
Advance
Payments |
2,963,058,819 |
152,573,010 |
3,363,158,946 |
|
Non-Current Assets |
56,626,119,178 |
33,658,053,518 |
30,708,792,549 |
|
Other
Non-Current Financial Instruments |
24,444,633,158 |
1,160,537,731 |
365,100,107 |
|
Tangibles |
29,537,928,865 |
29,890,091,142 |
27,892,103,811 |
|
Intangibles |
2,643,557,155 |
2,607,424,645 |
2,451,588,631 |
|
Total
Liabilities |
37,171,300,250 |
15,840,613,708 |
15,789,064,707 |
|
Current
Liabilities |
12,708,361,408 |
13,092,566,689 |
8,849,033,607 |
|
Trade
Payables |
7,346,039,320 |
5,480,449,108 |
4,921,653,909 |
|
Account
Payables |
4,980,395,202 |
6,391,150,794 |
1,459,986,572 |
|
Short-Term
Borrowings |
98,247,988 |
917,313,614 |
1,076,067,675 |
|
Other
Current Financial Debts |
126,606,154 |
83,055,558 |
79,627,353 |
|
Deferred
Income Tax Credit |
0 |
126,428,216 |
976,999,498 |
|
Other
Current Liabilities |
157,072,744 |
94,169,399 |
334,698,600 |
|
Non-Current
Liabilities |
24,462,938,842 |
2,748,047,019 |
6,940,031,100 |
|
Long-Term
Account Payables |
1,509,104,585 |
1,596,947,287 |
1,765,619,558 |
|
Long-Term
Borrowings |
22,322,000,000 |
322,000,000 |
322,000,000 |
|
Provision
for Severance & Retirement |
508,278,275 |
422,557,253 |
511,096,627 |
|
Provisions
for Court Action |
0 |
0 |
3,163,081,518 |
|
Deferred
Income Tax Credit |
123,555,982 |
406,542,479 |
1,178,233,397 |
|
Capital
Stock |
4,722,018,500 |
4,722,018,500 |
4,722,018,500 |
|
Capital
Surplus |
52,005,436,397 |
52,005,436,397 |
52,005,436,397 |
|
Capital
Adjustment |
-1,983,710,305 |
-1,983,710,305 |
-1,983,710,305 |
|
Profit
Surplus |
14,069,528,450 |
15,578,872,604 |
13,868,946,257 |
|
Total
Equity |
68,813,273,042 |
70,322,617,196 |
68,612,690,849 |
|
Liab.
& Shareholder’s Equity |
105,984,573,292 |
86,163,230,904 |
84,401,755,556 |
|
Income Statement |
|||
|
Unit : Korean Won |
01/01/2014~06/30/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Sales |
18,294,971,866 |
38,018,375,160 |
50,060,174,436 |
|
Cost
of Sold Goods |
18,190,672,623 |
34,817,992,440 |
46,248,215,378 |
|
Gross
Profit |
104,299,243 |
3,200,382,720 |
3,811,959,058 |
|
Selling
& Admin. Expenses |
1,398,758,889 |
2,808,543,349 |
2,915,880,290 |
|
Operating
Income |
-1,294,459,646 |
391,839,371 |
896,078,768 |
|
Other
Income |
37,444,653 |
1,214,167,269 |
1,058,117,068 |
|
Other
Expenses |
111,182,826 |
408,598,971 |
546,542,457 |
|
Finance
Income |
839,225,229 |
195,080,662 |
407,411,292 |
|
Finance
Expenses |
1,082,791,796 |
427,670,700 |
352,601,566 |
|
Income
Before Taxes |
-1,611,764,386 |
964,817,631 |
1,462,463,105 |
|
Income
Taxes Expenses |
-130,024,136 |
-635,204,251 |
1,056,485,990 |
|
Net
Income |
-1,481,740,250 |
1,600,021,882 |
405,977,115 |
|
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 |
471,112,199 |
5,519,012,550 |
4,201,755,730 |
|
Cash Flows from Operating |
1,172,192,645 |
6,176,377,537 |
4,119,623,875 |
|
Net Income |
-1,611,764,386 |
964,817,631 |
1,462,463,105 |
|
Adjustment |
1,529,090,224 |
1,841,617,907 |
1,652,037,992 |
|
Changes in Asset/ & Liability |
1,254,866,807 |
3,369,941,999 |
1,005,122,778 |
|
Interests Received |
71,073,953 |
188,275,183 |
420,882,516 |
|
Interests Paid |
-490,267,999 |
-13,273,417 |
-111,677,004 |
|
Income Taxes |
-281,886,400 |
-832,366,753 |
-227,073,657 |
|
Cash Flows from Investing |
-32,521,539,200 |
-3,715,754,372 |
-3,019,702,015 |
|
Cash Flows from Financing |
19,173,178,928 |
162,374,061 |
-3,114,059,364 |
|
Increase/Decrease in Cash |
14,910,694,974 |
13,020,833,870 |
14,929,463,751 |
|
Cash at the Beginning of Year |
-25,693,559 |
-75,771,135 |
23,375,768 |
|
Cash at the End of Year |
2,007,753,342 |
14,910,694,974 |
13,020,833,870 |
|
Main Products & Services |
Ship Engine Valve -Valve for middle-sized engine Forging -Flange -Ring Gear Hardfacing -Welding Repair -Axial Pump Sleeve -Cold Pilfering Roller -Seat Ring -Power Plant Turbine Sleeve -Valve Repair Welding -Gate Disc -Axial Pump Sleeve |
||||||||||||
|
Annual Production Capacity (Unit : EA) |
|
||||||||||||
|
Technologies Acquired |
|
|
Suppliers |
SAMSUNG CARD CO., LTD.(110111-0346901) provides CNC Turning Center 2EA
to the subject company by leasing base.
HYUNDAI CAPITAL SERVICES, INC.(110111-0995378) provides the vehicles leasing
service to the subject company. POSCO SPECIALTY STEEL CO., LTD.(194211-0025248) BAOSHAN IRON & STEEL(CHINA) BOHLER(AUSTRIA) ALLVAC(USA) SANDVIC ACCERARABA DELORO STELLITE GMBH |
|
Customers |
HYUNDAI HEAVY INDUSTRIES CO., LTD.(181211-0000386) DOOSAN HEAVY INDUSTRIES & CONSTRUCTION CO., LTD.(194211-0000943) DOOSAN INFRACORE CO., LTD.(120111-0234469) DOOSAN ENGINE CO., LTD.(194211-0038423) HYUNDAI-ROTEM COMPANY(194211-0036336) KOREA NAVY |
|
Competitors |
S&W CORPORATION(180111-0095637) KOREA FLANGE CO., LTD.(181211-0000443) DAECHANG FORGING CO., LTD(180111-0039396) NZK(JAPAN) NITTAN VALVE(JAPAN) MWH(GERMANY) DAIDO(JAPAN) BOHLER(AUSTRIA) |
|
Affiliates |
HANKOOK MACHINE TOOLS CO., LTD.(194211-0000464) HANKOOK PRECISION IND.CO.,LTD.( 190111-0011855) IL HEUNG METAL CO., LTD.(194311-0001014) HANKOOK MACHINE TOOLS SERVICES CO., LTD.(194211-0063157) RYU JIN WON DEVELOPMENT CO., LTD.(110111-0997572) |
|
Cooperative Enterprise |
-Insured Company DONGBU INSURANCE CO., LTD.(110111-0095285) HYUNDAIMARINE&FIREINSURANCECO., LTD.(110111-0035893) SAMSUNG FIRE & MARINE INSURANCE CO., LTD.(110111-0005078) |
|
Sales/ Unit :Mil KRW |
06/2014 |
2013 |
2012 |
|
Export |
3,001 |
6,186 |
18,271 |
|
Domestic |
15,294 |
31,832 |
31,789 |
|
Total |
18,295 |
38,018 |
50,060 |
The Subject deals
with the companies in Austria, China, Italy, Swiss, Japan and USA.
|
Case No. |
Court |
Plaintiff(s)/
Creditor(s)/ Applicant(s) |
Defendant(s)/
Debtor(s)/ Respondent(s) |
Cause |
Amount (KRW) |
Status |
|
|
Seoul Bukbu District Court |
Cha Sang-Min |
The Subject Company |
Cancellation of Fraud Action |
1,100,000,000 |
1st Round is proceeding. |
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.75 |
|
|
1 |
Rs.100.07 |
|
Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SMN |
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.