|
Report Date : |
03.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
ATLAS BX CO.,
LTD. |
|
|
|
|
Registered Office : |
185, Daejeon-ro 1331beon-gil, Daedeok-gu, (Old Address System : 40-42, Daehwa-dong, Daedeok-gu, |
|
|
|
|
Country : |
Korea
(South) |
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
18.02.1944 |
|
|
|
|
Com. Reg. No.: |
306-81-02598 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Accumulators |
|
|
|
|
No. of Employees : |
565 |
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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Korea (South) |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
KOREA (SOUTH) - 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 |
ATLAS BX CO.,
LTD. (Korean Company
Name : “(주)아트라스비엑스”) |
|
Registered Address |
185, Daejeon-ro 1331beon-gil, Daedeok-gu,
Daejeon, Korea (Old Address System : 40-42, Daehwa-dong,
Daedeok-gu, Daejeon, Korea) |
|
Zip Code |
306-802 |
|
Tel |
+82-42-620-4242 |
|
Fax |
+82-42-623-9380 |
|
E-mail |
|
|
Website |
www.atlasbx.co.kr |
|
Trading Address |
14th Fl., Taeseok Bldg., 275-5, Yangjae
2-dong, Seocho-gu, Seoul, Korea |
|
Tel |
+82-2-3498-0114 |
|
Fax |
+82-2-579-1050 |
|
Other Address-Jeonju Factory |
848-1, Yongam-ri, Bongdong-eup, Wanju-gun,
Jeollabuk-do, Korea |
|
Tel |
+82-63-260-7272 |
|
Fax |
+82-63-262-8824 |
|
Type |
Export |
|
Industry |
Manufacture of Accumulators |
|
Main Business |
Storage Battery |
|
Established (mm/dd/yyyy) |
02/18/1944 |
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Vehicle batteries(26111703) |
CEO’s
|
Name |
Kang Chang-Hwan |
|
Address |
|
|
Date of Birth |
01/12/1953 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
9,150,000,000 |
||||||||||||||||||
|
Employees |
565 |
||||||||||||||||||
|
Formation |
Listed Company (KOSDAQ : 023890) as of 11/16/1994 A Company of HANKOOK TIRE
GROUP |
||||||||||||||||||
|
Bank Details |
Woori Bank-Yangjae Central Branch |
||||||||||||||||||
|
Corporate Registered No. |
160111-0003486 |
||||||||||||||||||
|
Business Registered No. |
306-81-02598 |
||||||||||||||||||
|
Permit & Licenses |
12/1994 ISO 9001 01/1999 ISO 14001 08/1999 QS 9000 Int’l Trade No.: 801852 |
||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||
|
Company History |
02/18/1944 Incorporated as ISAN CO., LTD. 10/1946 Changed company name to CHOSUNG
BATTERY CO., LTD. 09/1992 Changed company name to HANKOOK
BATTERY CO., LTD. 03/20/2004 Changed company name to the
present name 11/2005 Awarded US$100 Million Export Top
Prize 12/2008 Awarded US$300 Million Export Top
Prize |
||||||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
President
& CEO |
Mr. |
Kang Chang-Hwan |
Korean |
1953.01.12 |
Hanyang University, Korea |
|
Sr.
Executive Director |
Mr. |
Ji Kwang-Jin |
Korean |
1958.01. |
Hankuk University of Foreign Studies,
Korea |
|
Executive
Director |
Mr. |
Seo
Hwak-Bong |
Korean |
1968.05. |
Shanghai
Traffic University, China |
|
Director |
Mr. |
Park Jong-Ho |
Korean |
1964.01. |
George Washington Univ., USA |
|
Outside
Director |
Mr. |
Park Sung-Hoon |
Korean |
1973.04. |
Seoul National University, Korea |
|
Outside
Director |
Mr. |
Lee Ho-Seok |
Korean |
1949.03. |
- |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
112,427,038,552 |
455,523,905,821 |
12,697,051,956 |
|
|
(*)2013 |
461,760,638,587 |
434,261,547,565 |
53,270,501,270 |
|
(*)2012 |
463,204,321,834 |
375,882,682,682 |
48,567,332,145 |
|
(*)2011 |
463,204,321,834 |
328,314,383,353 |
48,567,332,145 |
|
2010 |
438,437,865,574 |
269,635,494,389 |
56,234,412,001 |
|
2009 |
372,530,548,003 |
223,967,248,851 |
46,913,648,155 |
|
2008 |
407,860,977,665 |
181,806,411,248 |
62,335,266,596 |
|
2007 |
308,877,709,471 |
132,537,998,713 |
4,979,385,478 |
|
2006 |
212,445,911,123 |
102,818,272,684 |
2,734,807,894 |
|
2005 |
194,188,608,388 |
109,317,971,031 |
6,000,723,456 |
(*)Figures are
based on the K-IFRS Accounting System.
Financial
Description
|
Authorized Capital(KRW) |
36,600,000,000 |
|
Paid-Up Capital(KRW) |
9,150,000,000 |
|
Total Issues Shares |
9,150,000 |
|
Unit : Korean Won |
01/01/2014~03/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Total Assets |
455,523,905,821 |
434,261,547,565 |
375,882,682,682 |
|
Current Assets |
376,294,745,386 |
355,169,083,758 |
302,481,217,850 |
|
Cash & Cash Equivalents |
110,715,404,146 |
103,187,223,334 |
130,129,619,895 |
|
Other Current Non-Financial Instruments |
130,000,000,000 |
130,000,000,000 |
60,000,000,000 |
|
Trade Receivables & Other Receivables |
78,093,490,835 |
77,685,020,234 |
75,845,047,635 |
|
Inventories |
46,197,542,999 |
38,345,358,355 |
34,623,927,151 |
|
Other Current Assets |
11,288,307,406 |
5,951,481,835 |
1,882,623,169 |
|
Non-Current Assets |
79,229,160,435 |
79,092,463,807 |
73,401,464,832 |
|
Other Non-Current Financial Instruments |
1,820,527,194 |
1,978,893,509 |
1,936,498,969 |
|
Investment_Subsidiaries |
3,243,694,296 |
3,243,694,296 |
3,243,694,296 |
|
Tangibles |
72,687,852,395 |
72,323,008,165 |
65,677,420,608 |
|
Intangibles |
1,477,086,550 |
1,546,867,837 |
1,708,585,288 |
|
Deferred Income Tax Assets |
0 |
0 |
835,265,671 |
|
Total Liabilities |
99,828,602,991 |
84,808,599,006 |
76,142,634,188 |
|
Current Liabilities |
93,056,651,946 |
79,791,892,022 |
70,667,743,168 |
|
Short-Term Borrowings |
25,566,702,150 |
22,113,014,821 |
15,026,305,097 |
|
Trade Payables & Other Payables |
59,148,242,563 |
47,105,753,720 |
42,091,361,381 |
|
Deferred Income Tax Assets |
4,915,562,344 |
7,873,773,946 |
9,878,319,993 |
|
Other Current Liabilities |
3,426,144,889 |
2,699,349,535 |
3,671,756,697 |
|
Non-Current Liabilities |
6,771,951,045 |
5,016,706,984 |
5,474,891,020 |
|
Provision for Severance & Retirement |
3,911,673,976 |
2,266,929,528 |
3,498,248,389 |
|
Deferred Income Tax Assets |
448,342,075 |
422,285,239 |
0 |
|
Provisions |
2,411,934,994 |
2,327,492,217 |
1,976,642,631 |
|
Capital Stock |
9,150,000,000 |
9,150,000,000 |
9,150,000,000 |
|
Capital Surplus |
27,806,490,040 |
27,806,490,040 |
27,806,490,040 |
|
Others |
44,267,137 |
40,174,461 |
0 |
|
Profit Surplus |
318,694,545,653 |
312,456,284,058 |
262,783,558,454 |
|
Total Equity |
355,695,302,830 |
349,452,948,559 |
299,740,048,494 |
|
Liab. & Shareholder’s Equity |
455,523,905,821 |
434,261,547,565 |
375,882,682,682 |
|
Unit : Korean Won |
01/01/2014~03/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Sales |
112,427,038,552 |
461,760,638,587 |
463,204,321,834 |
|
Cost of Sold Goods |
-90,471,430,463 |
-358,191,218,630 |
-384,943,123,721 |
|
Gross Profit |
21,955,608,089 |
103,569,419,957 |
78,261,198,113 |
|
Selling & Admin. Expenses |
-7,751,410,018 |
-32,193,954,170 |
-18,879,282,736 |
|
Operating Income |
14,204,198,071 |
71,375,465,787 |
59,381,915,377 |
|
Finance Income |
2,625,520,013 |
9,214,431,118 |
9,924,693,020 |
|
Finance Expenses |
-1,165,790,700 |
-12,259,341,725 |
-7,143,720,823 |
|
Non-Operating Income |
636,161,538 |
3,159,081,336 |
2,958,706,853 |
|
Non-Operating Expenses |
-396,651 |
-319,552,327 |
-1,422,675,342 |
|
Income Before Taxes |
16,299,692,271 |
71,170,084,189 |
63,698,919,085 |
|
Income Taxes Expenses |
-3,602,640,315 |
-17,899,582,919 |
-15,131,586,940 |
|
Net Income |
12,697,051,956 |
53,270,501,270 |
48,567,332,145 |
|
Unit : Korean Won |
01/01/2014~03/31/2014 |
As of 12/31/2013 |
As of 12/31/2012 |
|
Operating Activities Cash Flows |
13,225,963,705 |
78,644,842,963 |
44,654,636,928 |
|
Cash Flows from Operating |
18,349,773,496 |
90,412,123,843 |
58,733,660,940 |
|
Net Income |
12,697,051,956 |
53,270,501,270 |
48,567,332,145 |
|
Adjustment |
5,847,460,900 |
32,244,358,519 |
26,294,541,714 |
|
Changes in Asset/ & Liability |
-194,739,360 |
4,897,264,054 |
-16,128,212,919 |
|
Interests Received |
1,443,570,721 |
4,669,492,156 |
4,033,637,405 |
|
Interests Paid |
-49,198,179 |
-380,343,375 |
-335,048,083 |
|
Income Taxes |
-6,518,182,333 |
-16,059,323,911 |
-17,784,514,984 |
|
Dividends Received |
0 |
2,894,250 |
6,901,650 |
|
Cash Flows from Investing |
-2,744,583,408 |
-49,211,608,976 |
-29,655,264,849 |
|
Cash Inflow from Investing |
0 |
20,080,388,181 |
238,959,957 |
|
Cash Outflows for Investing |
-2,744,583,408 |
-69,291,997,157 |
-29,894,224,806 |
|
Cash Flows from Financing |
-2,930,263,541 |
-10,215,133,928 |
-5,137,475,498 |
|
Cash Inflows from Financing |
3,474,736,459 |
0 |
0 |
|
Cash Outflows from Financing |
-6,405,000,000 |
-10,215,133,928 |
-5,137,475,498 |
|
Increase/Decrease in Cash |
7,528,180,812 |
19,198,256,939 |
10,072,201,145 |
|
Cash at the Beginning of Year |
103,187,223,334 |
110,931,362,956 |
100,859,161,811 |
|
Cash at the End of Year |
110,715,404,146 |
130,129,619,895 |
110,931,362,956 |
Products,
Technologies, Services Description
|
Main Products & Services |
Storage Battery |
Trade Partners
& Competitors
|
Competitors |
GLOBAL BATTERY
CO., LTD.(110111-0202765) SUNGWOO AUTOMOTIVE CO.,
LTD.(110111-0529490) DELKOR CORPORATION(110111-0409030) |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates-Domestic |
HANKOOK TIRE CO., LTD.(110111-0034233) DAEWHA ENGINEERING & MACHINERY CO., LTD.(160111-0029002) FRIXA CO., LTD.(204811-0001376) EMFRONTIER, INC(110111-2058778) SHINYANG TOUR DEVELOPMENT CO.,
LTD.(110111-0339815) HANYANG TIRE SALES CO.,
LTD.(110111-0423452) FWS ASSET MANAGEMENT CO.,
LTD.(110111-3317032) SHINYANG WORLD LEISURE CO.,
LTD.(110111-4069591) ANOTEN WTE CO., LTD.(110111-4038447) H2WTE CO.,LTD.(110111-4215657) ATLAS BX MOTOR SPORTS CO., LTD.(134511-0147791) ANOTEN GUMSAN CO., LTD.(164211-0019205) |
|
Affiliates-Overseas |
HANKOOK TIRE AMERICA CORP.(USA) HANKOOK TIRE CANADA CORP.(CANADA) HANKOOK TYRE U.K. LTD.(UK) HANKOOK TIRE JAPAN CORP.(JAPAN) HANKOOK TIRE EUROPE HOLDINGS
B.V.(NETHERLAND) HANKOOK REIFEN DEUTSCHLAND GMBH(GERMANY) HANKOOK TIRE FRANCE SARL(FRANCE) HANKOOK TIRE NETHERLANDS B.V.(NETHERLAND) HANKOOK TIRE NETHERLANDS SALES
B.V.(NETHERLAND) HANKOOK TIRE CHINA CO., LTD.(CHINA) JIANGSU HANKOOK TIRE CO., LTD.(CHINA) HANKOOK TIRE ITALIA SARL(ITALY) HANKOOK TYRE AUSTRALIA PTY.,
LTD.(AUSTRALIA) HANKOOK ESPANA S. A.(SPAIN) HANKOOK TIRE HUNGARY, LTD.(HUNGARY) OCEAN CAPITAL INVESTMENT (L)
LIMITED(MALAYSIA) HANKOOK TIRE CHINA REGIONAL
HEADQUARTERS(CHINA) DAEHWA ENG'&MACHINERY JIAXING CO.,
LTD.(CHINA) HANKOOK TIRE EUROPE GMBH(GERMANY) HANKOOK TIRE BUDAPEST KERESKEDELMI
KFT(HUNGARY) SHANGHAI SMILE AUTOMOBILE SERVICE CO.,
LTD(CHINA) CHONGQING HANKOOKTIRE CO., LTD.(CHINA) HANKOOK TIRE DE MEXICO, S.A. DE
C.V.(MEXICO) PT. HANKOOKTIRE INDONESIA(INDONESIA) |
|
Subsidiary |
FRIXA CO., LTD.(204811-0001376) (100.0% held by the subject company) ATRAS BX MOTOR SPORTS CO., LTD.(134511-0147791) (100.0% held by the subject company) |
|
Corporate Ownership |
HANKOOK TIRE CO., LTD.(110111-0034233) |
|
Major Shareholders |
HANKOOK TIRE CO., LTD.(110111-0034233) |
|
Cooperative Enterprise |
-Insured Company DONGBU INSURANCE CO., LTD.(110111-0095285) |
Sales by Region
(Activity & Markets)
|
Sales/ Unit :Mil KRW |
2010 |
2009 |
2008 |
|
Export |
356,210 |
309,812 |
352,913 |
|
Domestic |
82,228 |
62,718 |
54,948 |
|
Total |
438,438 |
372,530 |
407,861 |
The Subject exports
to Australia, Netherlands and USA.
Court Action
No.
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.61 |
|
|
1 |
Rs.100.48 |
|
Euro |
1 |
Rs.79.56 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PDT |
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.