|
Report No. : |
338172 |
|
Report Date : |
22.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
TAE KWANG
CORPORATION |
|
|
|
|
Registered Office : |
117-12, Noksansaneop-daero, Gangseo-gu,
Busan, Korea, 46752 |
|
|
|
|
Country : |
South
Korea |
|
|
|
|
Financials (as on) : |
30.06.2015 |
|
|
|
|
Date of Incorporation : |
01.09.1982 |
|
|
|
|
Com. Reg. No.: |
603-81-07233 |
|
|
|
|
Legal Form : |
Listed Company (KOSDAQ : 023160) as of 09/07/1994 |
|
|
|
|
Line of Business : |
Manufacture of Pipes and Tubes, of
Non-cast Iron or Steel. |
|
|
|
|
No. of Employees : |
440 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 economic 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. A system of close government and
business ties, including directed credit and import restrictions, initially
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 7%
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 over 6%
growth in 2010. The US-Korea Free Trade Agreement was ratified by both
governments in 2011 and went into effect in March 2012. Between 2012 and 2014,
the economy experienced slow growth due to sluggish domestic consumption and
investment. The administration in 2015 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 the heavy reliance on exports, which comprise
about half of GDP. In an effort to address the long term challenges and sustain
economic growth, the current government has prioritized structural reforms,
deregulation, promotion of entrepreneurship and creative industries, and the
competitiveness of small and medium enterprises.
|
Source
: CIA |
|
Company Name |
TAE KWANG
CORPORATION (Trade Name : TK CORP.) (Korean Company Name : “(주)태광”) |
|
Registered Address |
117-12, Noksansaneop-daero, Gangseo-gu,
Busan, Korea |
|
Building |
|
|
Zip Code |
46752 |
|
Tel |
+82-51-970-6600 |
|
Fax |
+82-51-831-6969 |
|
E-mail |
tk@tkbend.co.kr |
|
Website |
www.tkbend.co.kr |
|
Trading Address |
117-12, Noksansaneop-daero, Gangseo-gu,
Busan, Korea (Old Address System : 1499-1,
Songjeong-dong, Gangseo-gu, Busan, Korea) |
|
Tel |
+82-51-970-6600 |
|
Fax |
+82-51-831-6969 |
|
Other Address-Seoul Office |
Rm.607, 25-4, Yeouido-dong, Yeongdeungpo-gu,
Seoul, Korea |
|
Tel |
+82-2-3775-3400 |
|
Fax |
+82-2-3775-3404 |
|
Other Address-Overseas Business Office |
Rm.801, Jungsun Bldg., 1270-1, Jwa-3 dong,
Haeundae-gu, Busan, Korea |
|
Tel |
+82-51-747-8103 |
|
Fax |
+82-51-747-8444~5 |
|
Type |
Export |
|
Industry |
Manufacture of Pipes and Tubes, of
Non-cast Iron or Steel |
|
Main Business |
Elbow, Tee, Reducer, Cap |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
09/01/1982 |
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Pipe fittings(40142300) |
|
Sell |
Tube fittings(40142600) |
|
Sell |
Valves(40141600) |
|
Sell |
Diaphragm valves(40141621) |
|
Buy |
Non ferrous alloy(11101711) |
|
Buy |
Nylon(13111010) |
|
Buy |
Steel(11101704) |
|
Buy |
Fluoropolymer resin(13111007) |
|
Buy |
Aluminum(11101705) |
|
Name |
Yoon Sung-Duk |
|
Address |
|
|
Date of Birth |
03/20/1958 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
13,250,000,000 |
|||||||||||||||||||||||||||||||||
|
Employees |
440 |
|||||||||||||||||||||||||||||||||
|
Formation |
Listed Company (KOSDAQ : 023160) as of 09/07/1994 |
|||||||||||||||||||||||||||||||||
|
Bank Details |
Woori Bank Korea Exchange Bank |
|||||||||||||||||||||||||||||||||
|
Corporate Registered No. |
180111-0045559 |
|||||||||||||||||||||||||||||||||
|
Business Registered No. |
603-81-07233 |
|||||||||||||||||||||||||||||||||
|
Permit & Licenses |
07/2011 ISO 14001 06/2009 OHSAS 18001 Int’l Trade No.: 966144 |
|||||||||||||||||||||||||||||||||
|
Shareholder Position |
|
|||||||||||||||||||||||||||||||||
|
Company History |
09/01/1982 Incorporated as TAEKWANG BEND IND.
CO., LTD. 03/23/2001 Changed company name to the present name 05/2001 Moved to the present HQ address from 534, Sinpyeong 1-dong,
Saha-gu, Busan, Korea 03/27/2015 Increased capital to 13,250,000,000
KRW from 12,500,000,000 KRW |
|||||||||||||||||||||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
President & CEO |
Mr. |
Yoon Sung-Duk |
Korean |
1958.03.20 |
Hanyang University, Korea |
|
Chairman |
Mr. |
Yoon Jong-Kyu |
Korean |
1930.04.23 |
Geoje High School, Korea |
|
Director |
Mr. |
Yoon Sang-Won |
Korean |
1963.01. |
Busan National University, Korea |
|
Outside Director |
Mr. |
Park Yoon-Seok |
Korean |
1949.03.02 |
Donga University, Korea |
|
Auditor |
Mr. |
Lee Kyu-Joong |
Korean |
1957.12.17 |
Donga University, Korea |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
133,285,957,901 |
467,250,301,319 |
6,438,970,065 |
|
|
(*)2014 |
271,572,718,962 |
466,624,793,870 |
8,839,454,462 |
|
(*)2013 |
310,840,197,499 |
468,623,315,691 |
28,533,425,380 |
|
(*)2012 |
356,879,822,600 |
449,366,566,433 |
33,191,972,374 |
|
(*)2011 |
258,887,936,233 |
422,467,427,180 |
27,564,143,895 |
|
2010 |
215,938,676,054 |
330,057,106,562 |
1,549,064,531 |
|
2009 |
262,239,513,248 |
342,788,652,044 |
44,441,080,525 |
|
2008 |
343,223,361,823 |
330,732,906,474 |
82,225,827,734 |
|
2007 |
286,998,723,584 |
228,736,345,577 |
44,868,838,500 |
|
2006 |
191,473,345,539 |
180,017,462,025 |
19,079,748,091 |
(*)Figures are based on
the K-IFRS Accounting System.
Financial
Description
|
Authorized Capital(KRW) |
15,000,000,000 |
|
Paid-Up Capital(KRW) |
13,250,000,000 |
|
Total Issued Shares |
26,500,000 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
01/01/2015~06/30/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Total
Assets |
467,250,301,319 |
466,624,793,870 |
468,623,315,691 |
|
Current Assets |
306,419,920,187 |
304,785,197,770 |
301,537,670,523 |
|
Cash
& Cash Equivalents |
40,630,399,543 |
21,930,309,526 |
33,651,496,220 |
|
Trade
Receivables & Other Receivables |
101,966,475,703 |
106,356,895,434 |
92,389,622,948 |
|
Other
Financial Assets |
14,124,371,668 |
17,078,118,840 |
32,060,152,565 |
|
Inventories |
149,271,452,205 |
159,041,498,421 |
143,034,448,051 |
|
Other
Current Assets |
427,221,068 |
378,375,549 |
401,950,739 |
|
Non-Current Assets |
160,830,381,132 |
161,839,596,100 |
167,085,645,168 |
|
Other Long-Term Receivables |
1,610,897,546 |
1,989,655,954 |
1,788,316,316 |
|
Other
Non-Current Financial Assets |
12,865,378,035 |
14,659,649,848 |
17,634,941,084 |
|
Tangibles |
145,218,006,954 |
144,026,347,853 |
146,283,266,943 |
|
Intangibles |
1,136,098,597 |
1,163,942,445 |
1,184,899,712 |
|
Other
Non-Current Assets |
|
|
194,221,113 |
|
Total Liabilities |
48,905,125,631 |
53,640,610,328 |
54,293,315,696 |
|
Current Liabilities |
33,766,474,390 |
39,855,103,966 |
42,433,760,944 |
|
Trade
Payables & Other Payables |
31,511,305,148 |
38,578,205,851 |
34,375,338,924 |
|
Other
Current Financial Debts |
136,660,490 |
304,172,383 |
18,002,272 |
|
Other
Current Liabilities |
804,036,360 |
340,346,488 |
4,748,465,480 |
|
Deferred
Income Tax Credit |
1,314,472,392 |
632,379,244 |
3,291,954,268 |
|
Non-Current Liabilities |
15,138,651,241 |
13,785,506,362 |
11,859,554,752 |
|
Provision
for Severance & Retirement |
4,031,313,732 |
2,794,337,578 |
|
|
Deferred
Income Tax Credit |
11,107,337,509 |
10,991,168,784 |
11,859,554,752 |
|
Capital Stock |
13,250,000,000 |
12,875,000,000 |
12,500,000,000 |
|
Capital
Surplus |
34,425,403,063 |
34,427,786,303 |
34,430,188,143 |
|
Others |
-11,222,622,405 |
-11,187,138,746 |
-4,727,128,418 |
|
Installments |
-1,628,391,597 |
-1,669,215,765 |
-108,227,394 |
|
Profit
Surplus |
383,520,786,627 |
378,537,751,750 |
372,235,167,664 |
|
Total
Equity |
418,345,175,688 |
412,984,183,542 |
414,329,999,995 |
|
Liab.
& Shareholder’s Equity |
467,250,301,319 |
466,624,793,870 |
468,623,315,691 |
|
Income Statement |
|||
|
Unit : Korean Won |
01/01/2015~06/30/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Sales |
133,285,957,901 |
271,572,718,962 |
310,840,197,499 |
|
Cost
of Sold Goods |
115,001,133,305 |
237,436,122,872 |
250,850,983,827 |
|
Gross
Profit |
18,284,824,596 |
34,136,596,090 |
59,989,213,672 |
|
Selling
& Admin. Expenses |
11,362,929,996 |
22,033,871,661 |
25,153,167,141 |
|
Operating
Income |
6,921,894,600 |
12,102,724,429 |
34,836,046,531 |
|
Other
Income |
733,433,311 |
1,378,928,917 |
1,317,280,319 |
|
Other
Expenses |
666,219,354 |
3,252,109,513 |
1,549,097,024 |
|
Finance
Income |
3,371,931,345 |
4,943,245,808 |
5,913,729,261 |
|
Finance
Expenses |
2,075,236,403 |
3,959,441,900 |
3,751,533,379 |
|
Income
Before Taxes |
8,285,803,499 |
11,213,347,741 |
36,766,425,708 |
|
Income
Taxes Expenses |
1,846,833,434 |
2,373,893,279 |
8,233,000,328 |
|
Net
Income |
6,438,970,065 |
8,839,454,462 |
28,533,425,380 |
|
Cash Flows |
|||
|
Unit : Korean Won |
01/01/2015~06/30/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Operating
Activities Cash Flows |
16,485,467,511 |
-17,799,299,451 |
50,592,406,403 |
|
Cash Flows from Operating |
16,568,121,758 |
-14,312,161,600 |
58,889,543,654 |
|
Interests Received |
630,772,309 |
1,271,125,452 |
1,171,558,896 |
|
Interests Paid |
-22,989,248 |
-44,973,433 |
-42,045,570 |
|
Income Taxes |
-690,437,308 |
-4,713,289,870 |
-9,426,650,577 |
|
Cash Flows from Investing |
2,080,721,750 |
12,861,308,532 |
-42,990,379,022 |
|
Cash Flows from Financing |
-34,301,099 |
-6,462,412,168 |
-72,224,698 |
|
Increase/Decrease in Cash |
18,700,090,017 |
-11,721,186,694 |
7,305,550,923 |
|
Cash at the Beginning of Year |
21,930,309,526 |
33,651,496,220 |
26,345,945,297 |
|
Cash at the End of Year |
40,630,399,543 |
21,930,309,526 |
33,651,496,220 |
|
Main Products & Services |
Elbow, Tee, Reducer, Cap |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
|
|
Customers |
DAEWOO SHIPBUILDING & MARINE ENGINEERING CO., LTD.(110111-2095837) HYUNDAI HEAVY INDUSTRIES CO., LTD.(181211-0000386) DOOSAN HEAVY INDUSTRIES & CONSTRUCTION CO., LTD.(194211-0000943) DAELIM INDUSTRIAL CO., LTD.(110111-0084915) SAMSUNG HEAVY INDUSTRIES CO., LTD.(110111-0168595) SHELL EXXON MOBILE ARAMCO BP |
|
Competitors |
TECTUBI(EUROPE) TECNOFORGE(EUROPE) SUNG KWANG BEND CO., LTD.(180111-0036425) |
|
Affiliates |
DAE SIN INTERNATIONAL.INC(180111-0390508) DAESHIN CO., LTD.(180111-0201391) TK BEND CO., LTD.(110111-2677122) |
|
Overseas Office |
|
|
Liaison Office |
|
|
Overseas Branch |
US BRANCH TK FITTING USA INC, 10575 KATY FREEWAY
SUITE #205, HOUSTON, TX 77024 TEL:+1-713-464-5100 FAX:+1-713-464-5105 |
|
Sales/ Unit : Thousand KRW |
06/2015 |
2014 |
2013 |
|
Export |
85,736,753 |
184,497,558 |
201,367,845 |
|
Domestic |
47,549,205 |
87,075,161 |
109,472,352 |
|
Total |
133,285,958 |
271,572,719 |
310,840,197 |
The Subject exports
to Europe.
No.
------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.83 |
|
|
1 |
Rs.103.39 |
|
Euro |
1 |
Rs.74.27 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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.