|
Report Date : |
25.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
ILJIN STEEL
CORPORATION |
|
|
|
|
Registered Office : |
1746, Hoguk-ro,
Imsil-eup, Imsil-gun, (Old Address System : 962, Ido-ri, Imsil-eup, Imsil-gun, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.1973 |
|
|
|
|
Date of Incorporation : |
16.05.1973 |
|
|
|
|
Com. Reg. No.: |
138-81-05333 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Manufacture of Cold Rolled, Drawn and Extruded Iron or Steel Products |
|
|
|
|
No. of Employees : |
528 |
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Korea (South) |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
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 |
Basic
|
Company Name |
ILJIN STEEL
CORPORATION (Ex. Company Name
: ILJIN
LIGHT METAL CO., LTD., “일진경금속(주)”) (Korean Company Name : “일진제강(주)”) |
|
Registered Address |
1746, Hoguk-ro,
Imsil-eup, Imsil-gun, Jeollabuk-do, Korea (Old Address
System : 962, Ido-ri, Imsil-eup, Imsil-gun, Jeonbuk, Korea) |
|
Zip Code |
566-805 |
|
Tel |
+82-63-730-4584~5 |
|
Fax |
+82-63-714-2029 |
|
E-mail |
dukyou.lee@iljin.co.kr |
|
Website |
www.iljinsteel.com |
|
Trading Address |
906-1, Hogye 2-dong, Dongan-gu, Anyang-si,
Gyeonggi-do, Korea |
|
Tel |
+82-31-452-4930~1 |
|
Fax |
+82-31-452-9660 |
|
Other Address-Suwon Factory |
446-1, Gwaerang-ri, Jeongnam-myeon, Hwaseong-si, Gyeonggi-do, Korea |
|
Tel |
+82-31-220-6900 |
|
Fax |
+82-31-220-6906 |
|
Type |
Export |
|
Industry |
Manufacture of Cold Rolled, Drawn and Extruded Iron or Steel Products |
|
Main Business |
Cold Drawn Steel Tubes, Division for Special Shaped Bars, Bobbin,
Seamless Tube |
|
Sub Business |
Manufacture of Hot Rolled, Drawn and Extruded Iron or Steel Products |
|
Established (mm/dd/yyyy) |
05/16/1973 |
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Pipe(40142100) |
|
Sell |
Bobbins or bobbin holders(53141606) |
|
Sell |
Mechanical wire(31151800) |
CEO’s
|
Name |
Kim Young-Chan |
|
Address |
Suite 411-1702, 9, Sinbong 3-ro 12beon-gil,
Suji-gu, Yongin-si, Gyeonggi-do, Korea |
|
Date of Birth |
07/02/1957 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
1,938,000,000 |
|||||||||||||||||||||
|
Employees |
528 |
|||||||||||||||||||||
|
Formation |
Co., Ltd by Shares A Company of ILJIN GROUP |
|||||||||||||||||||||
|
Bank Details |
Shinhan Bank-Mapo Branch Korea Exchange Bank Industrial Bank of Korea |
|||||||||||||||||||||
|
Corporate Registered No. |
134111-0008412 |
|||||||||||||||||||||
|
Business Registered No. |
138-81-05333 |
|||||||||||||||||||||
|
Permit & Licenses |
Int’l Trade No.: 520195 |
|||||||||||||||||||||
|
Shareholder Position |
|
|||||||||||||||||||||
|
Company History |
05/16/1973 Incorporated as ILJIN LIGHT
METAL CO., LTD. 06/23/2002 Decreased capital to
1,938,000,000 KRW from 2,000,000,000 KRW 08/01/2010 Changed company name to the
present name 03/30/2012 Moved to the present HQ address
from 906-1,
Hogye 2-dong, Dongan-gu, Anyang-si, Gyeonggi-do, Korea |
|||||||||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
President & CEO |
Mr. |
Kim Young-Chan |
Male |
Korean |
07/31/2014 |
|
Director |
Mr. |
Hwang Nam-Yeon |
Male |
Korean |
03/29/2006 |
|
Director |
Mr. |
Jung Hee-Won |
Male |
Korean |
07/31/2014 |
|
Auditor |
Mr. |
Sung Kyung-Hyun |
Male |
Korean |
03/25/2011 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
260,534,568,954 |
361,903,968,994 |
10,119,787,572 |
|
|
2012 |
165,003,599,722 |
338,187,958,587 |
16,358,338,465 |
|
2011 |
210,216,712,623 |
244,105,479,767 |
21,172,955,730 |
|
2010 |
157,320,594,497 |
178,230,980,207 |
11,321,538,821 |
|
2009 |
77,901,361,320 |
124,536,466,648 |
1,787,889,322 |
|
2008 |
102,480,933,756 |
98,168,646,257 |
820,133,335 |
|
2007 |
101,219,830,962 |
95,067,371,798 |
3,674,411,004 |
|
2006 |
71,114,507,984 |
80,304,714,989 |
4,641,915,738 |
Financial
Description
|
Authorized Capital(KRW) |
8,000,000,000 |
|
Paid-Up Capital(KRW) |
1,938,000,000 |
|
Total Issues Shares |
387,600 |
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Total Assets |
361,903,968,994 |
338,187,958,587 |
244,105,479,767 |
|
Current Assets |
95,368,575,266 |
58,332,919,568 |
76,496,082,280 |
|
-Quick Assets |
46,261,849,044 |
30,199,130,846 |
62,673,831,515 |
|
-Inventories |
49,106,726,222 |
28,133,788,722 |
13,822,250,765 |
|
Fixed Assets |
266,535,393,728 |
279,855,039,019 |
167,609,397,487 |
|
-Investment |
68,862,590,352 |
80,167,522,699 |
43,909,084,617 |
|
-Tangibles |
196,159,532,328 |
197,932,815,367 |
121,521,861,237 |
|
-Intangibles |
705,873,694 |
604,943,599 |
968,823,339 |
|
-Others |
807,397,354 |
1,149,757,354 |
1,209,628,294 |
|
Total Liabilities |
201,144,182,712 |
178,656,157,758 |
122,416,462,830 |
|
Current Liabilities |
150,262,078,875 |
116,561,708,514 |
104,146,601,971 |
|
Fixed Liabilities |
50,882,103,837 |
62,094,449,244 |
18,269,860,859 |
|
Capital Stock |
1,938,000,000 |
1,938,000,000 |
1,938,000,000 |
|
Capital Surplus |
9,671,714,708 |
9,671,714,708 |
9,671,714,708 |
|
Profit Surplus |
88,575,017,517 |
79,036,629,945 |
63,457,014,987 |
|
Capital Adjustment |
60,575,054,057 |
68,885,456,176 |
46,622,287,242 |
|
Total Equity |
160,759,786,282 |
159,531,800,829 |
121,689,016,937 |
|
Liab. & Shareholder’s Equity |
361,903,968,994 |
338,187,958,587 |
244,105,479,767 |
|
Current Liabilities |
150,262,078,875 |
116,561,708,514 |
104,146,601,971 |
|
Trade Payables |
36,653,778,310 |
28,353,104,429 |
29,620,715,302 |
|
Short-Term Borrowings |
54,362,591,063 |
50,170,633,823 |
5,431,655,727 |
|
Account Payables |
26,135,520,390 |
24,068,560,107 |
47,312,188,890 |
|
Finance Lease Debts |
599,059,032 |
562,611,775 |
- |
|
Withholdings |
228,957,501 |
516,721,189 |
202,568,570 |
|
Accrued Expenses |
2,162,036,159 |
2,242,487,097 |
3,391,923,470 |
|
Advance Receipts |
279,311,432 |
643,377,011 |
226,645,319 |
|
Advance Receipts-R&D |
|
|
391,419,776 |
|
Accrued Income Tax |
1,216,242,302 |
771,463,083 |
5,663,704,597 |
|
Current Portion of Long-Term Debts |
28,624,582,686 |
9,232,750,000 |
9,976,450,000 |
|
Derivatives |
|
|
1,929,330,320 |
|
Fixed Liabilities |
50,882,103,837 |
62,094,449,244 |
18,269,860,859 |
|
Long-Term Borrowings |
23,380,350,000 |
30,404,914,882 |
253,350,000 |
|
Long-Term Account Payables |
1,555,768,000 |
1,067,306,000 |
387,684,000 |
|
Finance Lease Debts |
5,919,992,693 |
6,519,051,725 |
- |
|
Leasehold Deposit Received |
145,000,000 |
130,000,000 |
130,000,000 |
|
Provision for Severance & Retirement |
5,442,905,267 |
4,060,961,401 |
3,187,818,800 |
|
Deferred Income Tax Credit |
14,550,380,948 |
20,028,954,012 |
14,475,322,684 |
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Sales |
260,534,568,954 |
165,003,599,722 |
210,216,712,623 |
|
Cost of Sold Goods |
228,087,593,840 |
139,213,087,059 |
165,535,290,830 |
|
Gross Profit |
32,446,975,114 |
25,790,512,663 |
44,681,421,793 |
|
Selling & Admin. Expenses |
22,047,706,558 |
14,345,733,204 |
14,457,500,703 |
|
Operating Income |
10,399,268,556 |
11,444,779,459 |
30,223,921,090 |
|
Non-Operating Income |
14,878,461,682 |
11,456,920,270 |
7,143,349,041 |
|
Non-Operating Expenses |
13,567,907,908 |
7,712,936,644 |
9,090,246,790 |
|
Income Before Taxes |
11,709,822,330 |
15,188,763,085 |
28,277,023,341 |
|
Income Taxes Expenses |
1,590,034,758 |
-1,169,575,380 |
7,104,067,611 |
|
Net Income |
10,119,787,572 |
16,358,338,465 |
21,172,955,730 |
|
Unit : Korean Won |
As of 12/31/2013 |
As of 12/31/2012 |
As of 12/31/2011 |
|
Cash Flows from Operating |
-1,522,561,518 |
2,069,986,569 |
35,361,324,508 |
|
-Net Income |
10,119,787,572 |
16,358,338,465 |
21,172,955,730 |
|
-Exp. without Cash Outflow |
17,313,430,047 |
10,423,213,420 |
8,584,216,113 |
|
-Revenue without Cash Inflows |
-7,367,869,016 |
-3,603,758,496 |
-1,305,009,884 |
|
-Changes in Asset/ & Liability |
-21,587,910,121 |
-21,107,806,820 |
6,909,162,549 |
|
Cash Flows from Investing |
-16,126,667,957 |
-79,673,719,293 |
-38,653,827,181 |
|
-Cash Inflow from Investing |
2,662,540,000 |
61,744,588,000 |
24,120,172,550 |
|
-Cash Outflows for Investing |
-18,789,207,957 |
-141,418,307,293 |
-62,773,999,731 |
|
Cash Flows from Financing |
17,149,222,154 |
76,212,367,063 |
754,257,600 |
|
-Cash Inflows from Financing |
373,363,835,627 |
147,967,167,063 |
5,323,807,600 |
|
-Cash Outflows from Financing |
-356,214,613,473 |
-71,754,800,000 |
-4,569,550,000 |
|
Increase/Decrease in Cash |
500,007,321 |
1,391,365,661 |
2,538,245,073 |
|
Cash at the Beginning of Year |
3,539,408,421 |
4,930,774,082 |
7,469,019,155 |
|
Cash at the End of Year |
3,039,401,100 |
3,539,408,421 |
4,930,774,082 |
Products,
Technologies, Services Description
|
Main Products & Services |
Cold Drawn Steel Tubes, Division for Special Shaped Bars, Bobbin,
ASWire, Seamless Tube |
Trade Partners
& Competitors
|
Suppliers |
POSCO SPECIALTY STEEL CO., LTD.(194211-0025248) HUSTEEL CO., LTD.(110111-0077283) |
|
Customers |
SEAH STEEL CORPORATION(110111-0118996) MANDO CORPORATION(131311-0030042) HYVA MECHANICS (YANGZHOU) CO., LTD. LUMPI-BERNDORF DRAHT-UND SEILWERK GMBH. VOLVO GROUP KOREA CO., LTD.(194211-0030164) ILJIN ELECTRIC CO., LTD(134811-0159279) |
|
Competitors |
BNGSTEEL CO.,LTD(110111-0065395) HYUNDAI STEEL COMPANY(120111-0001743) TAIHAN ELECTRIC WIRE CO.,LTD(110111-0035835) POONGSAN CORPORATION(120111-0018110) |
Related Parties
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates-Domestic |
ILJIN HOLDINGS CO., LTD.(120111-0011990) ILJIN DIAMOND CO., LTD.(154511-0029242) ILJIN ELECTRIC CO., LTD(134811-0159279) ILJIN DISPLAY CO., LTD.(154511-0006076) ILJIN COPPERFOIL CO., LTD.(214911-0003625) ILJIN STEEL CORP.(134111-0008412) ILJIN UNISCO CORP.(110111-0356455) JEONJO TELEVISION CO., LTD.(210111-0018260) ILJIN CAPITAL.CO., LTD(110111-0711279) ITEK INVESTMENT CO., LTD.(110111-1877658) SID CO., LTD(164811-0012679) ILJIN MOTOR COMPANY(110111-1267031) ILJIN PISA CO., LTD.(110111-1346489) ILJIN C2C, LTD(110111-2587660) ILJIN NETWORKS CO., LTD.(110111-2771677) MAGMA TOOL CO., LTD.(210111-0028889) ILJIN DSP CO., LTD.(131311-0074735) BTIH(110111-2977126) INITUS CO., LTD.(110111-1544687) BIMED SYSTEM CO., LTD.(170111-0331190) ILJIN DEVELOPMENT COMPANY CO.,
LTD(110111-3929077) ILJIN LIFESCIENCE CO., LTD.(110111-4444727) (72.99% held by the subject company) NUB INTERNATIONAL CO., LTD.(110111-2957425) (40.32% held by the subject company) |
|
Affiliates-Overseas |
HANAKA ILJIN JSC ILJIN GLOBAL LTD. ILJIN EUROPA S.R.L ILJIN NETWORKS CO., LTD.(110111-2771677) ILJIN STEEL AMERICA INC (100.0% held by the subject company) |
|
Cooperative Enterprise |
-Insured Company HYUNDAI MARINE & FIRE INSURANCE CO., LTD.(110111-0035893) HEUNGKUK FIRE & MARINE INSURANCE CO., LTD.(110111-0016728) |
Sales by Region (Activity & Markets)
Not Available.
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.02 |
|
|
1 |
Rs.99.99 |
|
Euro |
1 |
Rs.78.37 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
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.